Federal Reserve Bulletin, 1944-03

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

^CONTENTS: Review of the Month—War Loan Drive and Banking Developments ii5-2.ii Possibilities of Postwar Inflation and Suggested Tax Action ZZZ-TJLJ The Farm Real Estate Market ziS-^z Occupational Currency in the Pacific 133 Correspondence—Money and Inflation Z34-2.36 Current Events Z37 National Summary of Business Conditions 2.38-2.39 Banking and Monetary Statistics—Announcement of New Book 2.40 Financial, Industrial, Commercial Statistics, U. S. (See p. 2.41 for list of tables).. . 2.41-2.SJ International Financial Statistics (See p, Z89 for list of tables) Z89-301 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 30Z Senior Officers of Federal Reserve Banks; Managing Officers of Branches - 303 Map of Federal Reserve Districts 304 Federal Reserve Publications (See inside of back cover) Subscription Price of Bulletin The Federal Reserve BULLETIN is issued Monthly by the Board of Governors of the Federal Reserve System. A 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 March 1944 NUMBER 3 WAR LOAN DRIVE AND BANKING DEVELOPMENTS Funds raised in the Fourth War Loan outside the drive was on a small scale Drive totaled 16.7 billion dollars—1.7 in contrast to earlier drives when banks billion more than the 14 billion dollar goal were permitted to subscribe for substanestablished for the drive. In addition, 1 tial amounts of new issues either during billion dollars was raised in January and or immediately after the drives. Bank February from sources not included in the holdings of Government securities, howdrive. These funds, together with amounts ever, increased considerably during the that will be currently raised through sales Fourth Drive. These additions were in of savings bonds and savings notes and part in response to offerings of short-term through taxation, appear to be sufficient to paper by investors, who wished to obtain take care of the Treasury's cash needs for funds with which to subscribe for new the next few months. issues, and in part represented purchases of Sales efforts in the Fourth War Loan bills by subscription from the Treasury as Drive even more than in preceding ones well as repurchases of bills previously sold were directed to obtaining funds from in- to Federal Reserve Banks. Nevertheless, dividuals. By obtaining funds from this during recent months the increase in bank source the Government wishes to accom- holdings of Government securities, inplish two important purposes: to effect as cluding both new subscriptions and market wide a distribution of the debt as possible, purchases, has been a smaller portion of the and to divert funds from the market for total increase in the public debt than was consumers' goods where they would exert the case during 194Z and a large part of an upward pressure on prices. In recogni- 1943. tion of an expected reduction in sales to Banking developments during the drive corporations and institutional investors, followed the general pattern established the total goal for the Fourth Drive was during the 1943 drives, but most of the smaller than that for the Third. Although changes were on a somewhat smaller scale. corporations and other institutional in- The decrease in deposits of individuals and vestors continued to take a large part of corporations and the increase in Governthe new offerings, sales to individuals in ment deposits, resulting from payments for the Fourth Drive were a somewhat larger securities purchased, were less than during proportion of the total than was the case the Third Drive when the Government was in previous drives. also receiving income tax payments. As a No bank purchases were included in consequence, the decline in required rethe drive and provision for such purchases serves of member banks resulting from the MARCH 1944 2.15 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH shift of funds from deposits against which individuals were higher in the Fourth reserves are required to reserve-exempt Drive. deposits was also less. In addition, a larger part of the reserve funds released was THIRD AND FOURTH WAR LOAN DRIVES [In millions of dollars] used by the banks to repurchase bills Fourth Third that they had previously sold to Reserve Drive Drive Banks and to buy other short-term Govern- By classes of investors: ment securities. Excess reserves, therefore, Individuals, partnerships, and personal trust accounts 5,309 5,377 showed only a small temporary increase. Insurance companies and savings banks. 3,403 4,128 Dealers and brokers . 433 894 Loans for the temporary carrying of Other corporations 7,585 7,915 Government securities bought during the Total 16,730 18,313 drive were somewhat smaller in the Fourth By classes of securities: Series E savings bonds 3,187 2,472 than in the Third Drive. Reflecting the Series F and G savings bonds 1,024 831 Savings notes 2,232 2,483 easing of the reserve position of banks and 2H per cent bonds 1,920 3,298 2 and 2}4 per cent bonds1 3,331 5,109 their repurchases of Treasury bills, the Certificates 5,036 4,120 Reserve Bank portfolio of Government Total2 . . 16,730 18,313 securities declined during the drive. Some 1 Two per cent bonds were sold in the Third Drive and 2% per cent bonds in the Fourth Drive. individuals used currency to purchase se- 2 Total for Fourth Drive does not include 968 million dollars sold outside the drive to Government agencies and trust funds and comcurities, with the consequence that the mercial banks, consisting of 269 million of series F and G savings bonds, 292 million of 2% per cent bonds, 396 million of 2\i per cent rate at which currency has been going into bonds, and 11 million of certificates. Total for Third Drive does not include 479 million dollars of 2% per cent bonds and 151 million of 2 circulation was appreciably slackened dur- per cent bonds sold outside the drive to Government agencies and trust funds. ing the drive. Individuals, partnerships, and personal THE FOURTH WAR LOAN DRIVE trust accounts purchased 5.3 billion dollars The drive opened on January 18 and ex- of securities, about the same amount as in tended through February 15, but all of the the Third Drive, but a larger portion of nonmarketable savings bonds and savings the total: About 3.2. billion dollars of this notes issued during the entire months of amount was in series E savings bonds. January and February were counted in the The number of individual series E bonds drive. The marketable securities offered of all denominations that were sold in the during the drive were dated February 1 and drive amounted to more than 60 million. the books remained open for subscriptions Insurance companies and mutual savings to February 15. Total sales of nonmarket- banks subscribed for 3.4 billion dollars of able securities amounted to 6.4 billion securities in the Fourth Drive—700 million dollars, and sales of marketable securities dollars less than in the previous drive. totaled 10.3 billion. The amounts taken by These purchases were principally in the the various groups of investors and the 2.3^ and %}/2 per cent bonds. Other amounts of the various issues sold in the corporations purchased 7.6 billion dollars, Third and Fourth Drives are shown in the also somewhat less than in the Third Drive. table. A large part of the corporate purchases Over-all State quotas were smaller in the consisted of certificates of indebtedness. Fourth Drive than in the Third in order to Brokers and dealers purchased less in the lessen the pressure on institutional investors Fourth than in the Third Drive. The chart and corporations to shift holdings in order shows the amount of subscriptions by the to subscribe in the drive, but the quotas for various groups of investors. 2.16 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH FOURTH WAR LOAN DRIVE Nonbank holders of the securities to be re- BY CLASSES OF INVESTORS funded may elect to exchange them into any of the three issues offered; exchanges by commercial banks are restricted to the 1Y2 per cent notes. With the completion of this large refunding operation, the Treasury will have no further maturities until September except for Treasury bills and certificates of indebtedness. GOVERNMENT SECURITY PURCHASES BY BANKS In view of the fact that many commercial banks accept savings deposits and perform in their own communities the same functions as those performed by other savings institutions, commercial banks with savings deposits were permitted during the drive INDIVIDUALS I S N A A S N V U I D N R G A M S N U C B T E U A N A C K L O S S. COR O P T O H R E A R TIONS D BR E A O A N L K E D E R R S S t F o a s n u d b s G cr ib s e a v f i o n r g s l im bo i n te d d s , a t m he o u i n ? t / s i o p f e r se c r e i n es t EXCHANGE OFFERINGS bonds of 1956-59, and the 2J/2 per cent In addition to new money raised during bonds of 1965-70. Each bank's subscripthe drive, the Treasury has also arranged tions were limited in total amount to 10 for refunding of a large amount of maturing per cent of its savings deposits or $2.00,000, issues. On February i a new issue of 13- whichever was less, of which no more than month Treasury notes was exchanged for $100,000 could consist of savings bonds. ±.2. billion dollars of certificates of in- Under this formula, commercial banks debtedness maturing on that date. On purchased 350 million dollars of the iJ/i March 2. the Secretary of the Treasury and 1-Y2 per cent bonds and 2.70 million announced an exchange offering for 4.7 dollars of series F and G bonds. These billion dollars of securities that mature amounts were not included in the 14 billion or have been called for payment between dollar goal for the drive or in the State and March 15 and June 15. The seven issues local quotas. to be refunded include Treasury notes due Weekly reporting member banks in 101 March 15 and June 15, Treasury bonds due leading cities, as shown by the chart, April 15, Federal Farm Mortgage Corpora- added almost 2..8 billion dollars to their tion bonds due March 15 and May 15, holdings of Government securities between Reconstruction Finance Corporation notes January 19 and February 16, in contrast to due April 15, and Home Owners' Loan about 2. billion added during the Third Corporation bonds due May 1. Offered in Drive, and 1.7 billion obtained by subscripexchange for these securities are \x/i per tion to new issues in October. Some of the cent Treasury notes to be dated March 15, increase in bank holdings represented re- 1944, and due September 15, 1948, and ad- purchases of Treasury bills from the Reserve ditional amounts of the two bond issues Banks, and, therefore, did not mean a net included in the Fourth War Loan Drive. increase in holdings by the banking system MARCH 1944 2.17 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH as a whole. During the four weeks ending BANK LOANS February 16 Reserve Bank holdings of Total loans of weekly reporting member Government securities decreased by over banks in the four-week period of the Fourth 500 million dollars as a result of maturities War Loan Drive increased by 1.1 billion and repurchases. dollars, most of which, as shown in the LOANS, INVESTMENTS, AND DEPOSITS table, were specifically for purchasing and REPORTING MEMBER BANKS WEDNESDAY FIGURES carrying Government securities. During the Third War Loan Drive total loans at weekly reporting member banks increased by about z^ billion dollars. Although exactly comparable statistics are not available for the earlier period, it appears that CHANGES IN LOANS AT WEEKLY REPORTING BANKS DURING THIRD AND FOURTH WAR LOAN DRIVES [In millions of dollars] 101Cities New York City 100 Cities Fourth Third Fourth Third Fourth Third Drive Drive Drive Drive Drive Drive Total loans +1,109+2,346 +740+1,215 +369+1,131 Loans for purchas- - 10 ing or carrying securities: To brokers and dealers: Government securities... . +3101 +195 +501 +1151 Other securi- \ +892* +322* ties +12J +5 +69 +7J To customers: NOTE.—Weekly reporting member banks in 101 leading cities. Government Demand deposits adjusted exclude U. S. Government and interbank securities.... +6131 +4141 +199} deposits and items in process of collection. U. S. Government obliga- Other securi- +774* +475* \ +299* tions include both direct and guaranteed issues. Latest figures are ties +55J +53J +2J for Feb. 23. Commercial, industrial, and agricultural +97 +512 +65 +162 +32 +350 In general, the securities acquired by All other +22 +168 +8 +8 +14 +160 banks during this drive were relatively * Breakdown not available prior to Jan. 5, 1944. NOTE.—The four weeks included in the Third Drive are Sept. 8 to shorter in term than in the previous drive. Oct. 6, 1943 and in the Fourth Drive, Jan. 19 to Feb. 16, 1944. Holdings of Treasury bills by member loans for purchasing and carrying Governbanks in leading cities increased by about ment securities may have increased by more 1 billion dollars and Treasury notes also in- than 1.5 billion. creased by 1 billion, representing largely an The smaller volume of loans for financing exchange of maturing certificates for a new security purchases during the Fourth Drive issue of notes. Notwithstanding this shift, followed a special request by the Treasury holdings of certificates increased by zoo that bank credit not be granted for the million dollars, indicating substantial pur- purchasing and carrying of Government chases in the market. Holdings of bonds securities unless the loans were to be reincreased by 650 million, of which prob- paid out of current income in accordance ably less than 100 million represented with the policy previously adopted by bank subscriptions by these banks for the longer- supervisory authorities. Likewise subterm bonds offered during the drive to banks scriptions of brokers and dealers, which are with savings deposits. large users of bank credit to carry 2.18 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH inventories of securities, were limited to The decline in adjusted demand deposits amounts that they would be able to sell to and the increase in Government deposits nonbank customers for investment and to were not as great as in the September drive, the amount required for investment of their when payments on income taxes coincided own funds. Speculative buying of the new with the drive. The way this operated in issues may also have been discouraged by practice was that income tax receipts provided the Treasury with funds with which the experience after the previous drive when to meet current expenditures, and the it was difficult to dispose of such securities Treasury did not need to make large calls at a profit. Loans made in connection upon its war loan deposit accounts until with the Third War Loan Drive.had not after the Third Drive. During the four been completely liquidated by the time the weeks of that drive Treasury calls upon Fourth War Loan Drive was initiated. The depositories amounted to only 1.3 billion amount of loans for purchasing and carrying dollars, whereas in the four weeks ending securities outstanding at the beginning of February 16 calls were made for 3 billion. each drive has been successively larger than Over longer periods of time during the at the beginning of the previous drive. war increases in bank deposits and currency During the Third War Loan Drive comhave corresponded closely to increases in mercial loans of weekly reporting member combined holdings of Government securibanks increased sharply, but in the Fourth ties by commercial banks and the Federal Drive there was comparatively little change Reserve Banks. In the year 1943 total in such loans. This may reflect fuller deposits at commercial banks and currency inquiry by banks into the purposes of outside banks increased by about zz billion loans made during the recent drive, al- dollars, while bank holdings of Governthough it may also reflect in part differ- ment securities increased by nearly Z5 ences in business needs for credit in the billion. two periods. By the end of February total deposits and currency had risen further to a new high BANK DEPOSITS AND CURRENCY level; a large part of this was temporarily Purchases of Government securities by in Government accounts, and deposits of individuals and businesses during the drive individuals and businesses were somewhat resulted in a sharp decline in deposits other smaller than at the end of the year, but than U. S. Government deposits and in a as the Treasury draws upon its balances to slackening in the rate of growth of cur- meet current expenditures, private deposits rency in circulation. From January 19 to will increase rapidly. During the last two February 16 adjusted demand deposits at weeks of February war loan deposits at member banks in leading cities declined member banks in leading cities were reby 3.4 billion dollars, while U. S. Govern- duced by about a billion dollars. In the ment deposits increased by 6.9 billion at same period adjusted demand deposits at these banks and by 9.5 billion at all banks. these banks increased by 82.0 million. In this period the currency outflow amounted to zoo million dollars, compared CHANGES IN BANK RESERVES with nearly 500 million in the same period Required reserves of member banks delast year. creased by about a billion dollars during MARCH 1944 "9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH the drive, as the result of the shift of declined by a billion dollars in the first 10 deposits. This was somewhat less than in days of February, and subsequently September because of the smaller decline in increased to 11.6 billion at the end of private deposits, explained in the previous February as shown in the accompanying section. The rise in excess reserves was chart. These changes in the System's holdmuch less than the decline in required ings reflected principally purchases and rereserves and was also smaller than in sales of Treasury bills by member banks in September. adjusting their reserve positions. There Excess reserves rose from I.I billion were also some purchases of certificates, dollars on January 19 to 1.5 billion in the which were in supply during the period as first few days of February, when the largest corporations and other investors were purchases of Government securities oc- selling them in the market to raise funds curred. This peak was temporary, however, and weekly averages were around GOVERNMENT SECURITY HOLDINGS OF FEDERAL RESERVE BANKS 1.3 billion, compared with a maximum WEDNESDAY FIGURES weekly average of more than 1.6 billion in September. Following the drive there was a decline in excess reserves and by the end of February the total for all member banks was about 1.1 billion dollars. While the increase in excess reserves early in the drive occurred both at reserve city and country banks, the subsequent decline was sharper at reserve city banks, which in the latter part of February had somewhat less excess reserves than they had held early in January. Banks in New York City and Chicago and to some extent those in reserve cities used funds made available to them by the reduction in rewith which to subscribe in the drive. quired reserves to purchase additional Scattered issues of Treasury bonds were also Government securities, and the reserve in supply on balance and the System purbalances of these banks declined along with chased a small amount of these issues. their required reserves, while total reserve The decrease in the Reserve System portbalances held by country banks showed folio during the war loan drive was little change in the period. temporary; banks will need additional PROSPECTIVE NEEDS FOR FEDERAL RESERVE reserve funds as reserve requirements in- CREDIT crease with the shift of deposits from war loan accounts to other accounts and as the Reflecting adjustments in the reserve currency demand continues. It is possible needs of member banks, holdings of Governthat with the leveling off of economic ment securities by the Federal Reserve activity the growth in bank deposits and Banks increased somewhat in January to currency may be smaller this year than last, ix. 1 billion dollars at the end of the month, FEDERAL RESERVE BULLETIN 12.O Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH but the amount of individual and. business probably come largely from the holdings income in excess of current needs will con- of commercial banks, with the result that tinue large and it is difficult to know how holdings by the banking system as a whole much of the consequent growth in liquid will show little change. assets will be held in the form of Govern- Until recently a large part of the expanment securities and how much in bank sion of the Federal Reserve System portdeposits and currency. The course of action folio has been in Treasury bills and to a pursued by the public in this matter will lesser extent in certificates. During the largely determine the amount of funds past few months the Reserve System has which the Reserve System will need to held on the average more then half of the supply during the year through purchases 13 billion dollars of Treasury bills outof Government securities. If demands con- standing. So long as the present volume tinue at the rate of recent months, such of bills outstanding remains substantially purchases may need to be as much as 3 unchanged it is probable that an increasing billion dollars in the few months before portion of future additions to the System's the next war loan drive. If there are no holdings will be in the form of certificates new offerings before the next drive, the or other securities, of which member banks increase in the System's portfolio will hold substantial amounts. MARCH 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SSIBILITIES OF POSTWAR INFLATION AND SUGGESTED TAX ACTION by MARRINER S. ECCLES* Your Chairman asked me to discuss taxation bution towards the promotion of those policies from the standpoint of controlling inflation in which should contribute to the successful finanthe postwar period. I feel that the subject cing of this war and to the maintenance therewould be incomplete unless I took account also after of the institutions which our armed forces of the importance of taxation as a means of con- are fighting to preserve. trolling deflation. Taxation is never neutral in Our home front fight against inflation will its economic effects, and since the war, it has have to continue for a considerable time after been more and more generally recognized that the war ends. The eventual answer to the ineven if levied ostensibly for revenue only, taxes flation problem must be found in the production have a direct influence on those basic factors of of goods in quantities sufficient to meet all the consumption, savings, and investment which, demand, but that will not be possible until by getting out of balance, produce economic ups industry has been able to resume full peacetime and downs. It is appropriate to discuss these production and has been able to supply the most matters in this forum. It is important to con- urgent backlog needs. In the meantime we sider what type and what amount of taxation will still be confronted with a situation in will best help to keep the economy moving which individual and business consumers, if ahead on an even keel when the war ends and permitted to buy freely, would in many fields looking to the longer future. try to purchase greatly in excess of what is At the same time, it is of paramount impor- available. Thus the pressure on many prices tance not to lose sight of the stark fact that we will continue. In order to assure orderly tranare still in the midst of this war. It is not yet sition to a high and stable level of production won. No man can say when it will end. No and employment in the postwar period, it is man can say what it will cost in blood and re- absolutely essential that further price increases sources before it ends. The imperative needs of be prevented. This can not be done without this hour are more determined and united effort, maintaining wartime taxes, wage controls and more manpower, more taxation, and more re- also rationing and price controls over essential straints. If in the discussions of the postwar goods until such time as the supply is sufficient world—in the debates going on all over this to meet demand. Also, control of goods for country about postwar plans and problems— export should be maintained for some time. we blind ourselves or others to the urgent neces- I shall not undertake to restate my views on sities of this war, if our will as a nation to exert war finance, but in discussing the problems of every effort to achieve an early victory is in any inflation control after the war, we must realize way weakened by thinking too much about our that the chances for success at that time will be dollars in the future and too little about our vitally affected by fiscal policies during the war. duties now, we will have done our country, and Our tax effort so far has been entirely inadequate ourselves, a grave disservice. in relationship to our huge wartime expendi- Proper fiscal policies are, of course, essential tures and it has lagged far behind that of our to the successful management of our war econ- allies. A family man with an income of $5,000, omy. They will be equally essential to a full for instance, pays $754 of income taxes in the utilization of our resources later on. In bring- United States (including State income tax at ing the problems of fiscal policy before the public the rate paid in New York State) as against your Institute is making an important contri- $1,655 *n tne United Kingdom or $1,747 in Canada. Not only is the present level of in- *An address at the Tax Institute Symposium in New York City, come taxes much higher in these two countries, Feb. 8,1944. ZZ2. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSSIBILITIES OF POSTWAR INFLATION AND SUGGESTED TAX ACTION but the increase over prewar taxes has also been 30 billion dollars of time deposits and the much sharper. In addition, the American many billions of U. S. Government securities pays considerably less in sales and excise taxes held by the public. This huge volume of liquid than does the taxpayer in either of the two funds is the basis for the inflationary problem other countries. in the transition period. A few illustrations will show the relationship In turning our attention to the transition of the current war financing program to post- problem, we would do well to remember what war developments. For every dollar of income happened after the last war. The collapse of currently received in the United States, less than Germany came unexpectedly. It was followed 65 cents worth of consumers' goods are cur- by an abrupt termination of war production. rently available for purchase, and for every Prompt abandonment of price controls after the dollar of disposable income which is left to the Armistice, record agricultural exports, heavy consumer after the payment of his personal inventory accumulations and high consumers' taxes, there are less than 75 cents worth of goods demand led to the sharp price advances of 1919 that can be bought. Our failure to accept a and 1910, which, in turn, paved the way for the substantial increase in taxes at this time thus postwar depression. This time the transition leaves us with an excess of consumers' income problem will be immensely greater. War exwhich greatly increases the difficulties of ef- penditures in 1918 amounted to only 16 billion fective rationing and of holding the line against dollars as against 90 billion dollars now. further wage and price increases. We should Then, only one-fourth of all goods produced strengthen in every way possible our stabiliza- by the economy were for war purposes; now, tion program during the war period, since it the war absorbs about one-half of our total will be impossible to do so after the war, when output. We need to be far more successful this the impulse of the people to return to normalcy time in solving the problem. Early resumption will make it very difficult even to maintain es- of peacetime production by some industries, if tablished controls. properly planned, could help to remove bottlenecks in the reconversion of other industries Another difficulty which will confront us in later on. A gradual demobilization of the the postwar period will arise from the huge services would greatly reduce the danger of amount of purchasing power held by the public. flooding the labor market in the earlier stages of This will largely be the result of our heavy reconversion. Should the Pacific war continue reliance upon borrowing in the financing of our for some time after the fall of Germany, a more war expenditures, and, in particular, upon borgradual tapering off of war production and derowing from the banks. In the two years from mobilization of the armed forces would, of January 1, i94i to January 1, 1944, the public course, be possible than would be the case if the debt increased by 105 billion dollars, and of this Axis were to collapse simultaneously on all increase the commercial banks and the. Federal fronts. Reserve Banks have absorbed 48 billion dollars. Of the total of 169 billion dollars of interest- But, we can not depend upon the Axis to time bearing U. S. Government securities outstanding its collapse to suit our economic convenience. at the end of 1943, 72. billions were held by the Rather, we must prepare for the most speedy commercial banks and the Federal Reserve. return of industry to peacetime production This extensive borrowing from the banks re- whenever military requirements permit. We sulted in a corresponding increase in our money must stand ready to meet inflationary pressures supply. Including currency as well as demand while this shift is being accomplished. A deposits, the total money supply held by the speedy conversion to peacetime production is the public at the close of the year amounted to most direct and effective way to cope with the over 80 billion dollars, or nearly twice as much inflation problem. On industry's part, this as two years ago. To this must be added over requires advance planning for the return to an MARCH 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSSIBILITIES OF POSTWAR INFLATION AND SUGGESTED TAX ACTION expanded production so that a high level of rapidly, the savings would be dissipated in employment can be maintained with the least higher prices and would undermine the foundapossible interruption. It is important that the tions of the economy. expansion of industry should be only in those There can be no doubt, therefore, that inflafields where it is justified by the promise of a tion controls should be maintained during this permanent market. Expansion should be transition period. Continued rationing and avoided where it would merely serve to meet a price controls will be needed in the domestic temporary high level of demand arising from market, and licensing control of exports should the huge backlog of deferred purchases. This be retained. Wartime taxes should be kept up, backlog should be met gradually. Otherwise, including the excess profits tax, although it excess capacity while being created would may be desirable to reduce the present 95 per accentuate the inflation danger during the transi- cent rate to, say, 75 per cent, in order to encourtion period and the danger of deflation later on. age efficiency, economy, and increased produc- On the Government's part, an orderly and ex- tion. The drastic reduction of expenditures peditious transition requires the setting up of which will take place will not justify a premaeffective machinery for the prompt termination ture reduction of taxes. On the contrary, every and payment of amounts due on outstanding attempt should be made to bring about a balcontracts, for the disposition of inventories and anced budget at the earliest possible date after Government-owned facilities needed in peace- the war. It is unlikely that the public will be time production and for assuring an ample credit absorbing additional Government securities supply. If claims against outstanding Govern- during that period, but will be tending to ment contracts are settled promptly, the credit sell on balance some of its holdings. Unless position of business on the whole will be very the budget is balanced, the banks would not strong. However, there are a few large enter- only have to absorb possible sales by nonbank prises and many small businesses which will be holders, but would also have to absorb the new in need of funds, either in the form of credit, issues needed to finance the deficit, thus aggraequity capital, or both. All necessary steps vating the inflationary situation by further should be taken to assure that these needs will increasing the already excessive supply of money. be met. The funds should be supplied as far as A balanced budget, on the other hand, will possible from private sources with such Govern- encourage the owners of Government bonds to ment assistance as may be required. retain their holdings because it will assure them Even though we may succeed in resuming that the purchasing power of their money, peacetime production rapidly, there will still invested in bonds, will be preserved. be a period of heavy inflationary pressures due After the war is won and industry has been to the desire of consumers to satisfy their de- fully readjusted to a peacetime basis, American ferred demands, and the requirements of business enterprise will meet its greatest challenge, for supplies to take care of deferred maintenance namely, to provide peacetime production on a and improvements and to restock inventories. scale commensurate with the enormous ability Heavy export demands will also continue. to produce which our economy has demonstrated It is most important that prices be held from the during the war years. This will mean the outset and that the public be confident of this employment of at least 55 million people, as policy. We must give assurance to the millions compared with 46 million in 1940, when more of bondholders that they will not lose by delay- people were employed than in any previous year. ing their purchases until ample supplies are At 1943 prices, this means a gross national again available. If wartime savings are used product of about 160 billion dollars, or close to gradually after industry has returned to a peace- 45 billion dollars more than in 1940. time basis, they can contribute greatly to the To meet this challenge, we must realize that a maintenance of prosperity. But if spent too high level of employment and income requires a 124 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSSIBILITIES OF POSTWAR INFLATION AND SUGGESTED TAX ACTION high level of expenditures, private or public. ever low the cost, will not induce expansion We have seen during the war years how greatly unless business is assured of a market for its our national product can be increased if there is increased production. On the other hand, the sufficient demand for the country's output. impact of fiscal policies on the spending stream After the transition has been made, we shall be is far more direct and powerful. Revenue measable to maintain a high level of output only if a ures and public expenditures can either increase vast increase in peacetime expenditures replaces or decrease the income stream. The Governa large part of the war outlays. Business will ment can so shape and time its tax and expendinot be able to supply a product of 160 billion ture policies as to offset variations in the income dollars unless there is a corresponding demand by stream due to variations in the volume of private the economy as a whole. Demand will not be expenditures. By wise policy, correctly timed, sufficient unless business distributes its income Government can thus be a balance wheel and a to the people, and unless the people return their stabilizing influence in helping to maintain a incomes to enterprise in the purchase of its goods high level of production and employment. and services. This means, first of all, main- Taxation, therefore, has become much more tenance of a high volume of wages. The aggre- than a problem merely of meeting the fiscal gate of buying power must be maintained, al- needs of the Treasury. It is also a major though some wages may have to be adjusted concern of national economic policy. downward and others upward. This buying There is much discussion currently about power must then be returned to the economy incentive taxation, as if it were a panacea. through a high level of consumption expendi- Every taxpayer, individual or corporate, is tures. Of course, not all income will be spent inclined to think that the best incentive would on consumption. There will be savings both be to reduce his own taxes. Thus, the argument by individuals and by business enterprises. for tax incentives readily develops into an argu- We can have saving and a high level of income ment for greatly reduced taxes for everybody. and employment if the savings are invested in Greatly reducing everybody's taxes, however, the improvement and expansion of our economy. is not the way to maintain a balanced budget, When savings are thus spent upon the production as we certainly should do when we have a high of new facilities of all kinds, they provide in- level of peacetime employment. It is likely that come and employment. But when savings are the Federal postwar budget will be well above 2.0 held idle, or used to bid up the prices of existing billion dollars annually. Therefore, wholesale assets, they are not returned to production and tax reductions are out of the question if we are to other dollars must take their place if employ- maintain a balanced budget, and such tax reducment is to be maintained. The basic condition tions as we can afford must be applied in a way for economic prosperity is thus a steady stream that will contribute most to the maintenance of of consumer, business, and public expenditures employment. at a volume sufficient to employ all who desire The question is not so much one of incentives to work. The more fully private enterprise as of objectives. If we are to have a high level succeeds in providing the necessary volume of of national income, then, as I have indicated, we income and expenditures, the less necessary it must have a high level of consumption outlays. will be for Government—Federal, State, and The most important consideration, therefore, is local—to provide supplementary employment. that taxes should interfere as little as possible The contribution which monetary policy can with the flow of consumer expenditures. The make to the goal of maximum production and first step towards this end is to reduce indirect employment is limited. The banking system taxes on consumption and, if necessary, to suband the capital market must provide adequate stitute direct taxes on income. Indirect taxes funds to meet the credit and capital needs of the are added to the price which the consumer must country. Merely making funds available, howpay. The greater the sales tax, the fewer goods MARCH 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSSIBILITIES OF POSTWAR INFLATION AND SUGGESTED TAX ACTION the customer can buy, and the less he can buy, those in the steel, oil, automobile, and chemical the less the business man can sell. That, in industries, among others. Present corporation turn, means less employment. At the same tax laws have given considerable postwar protime, sales taxes penalize those who consume a tection to those concerns which have made large share of their income. There is thus a excess profits by providing a postwar credit of strong case for a drastic reduction in Federal 10 per cent of their excess profits tax, as well as a sales and excise taxes just as soon as the supply provision for the carry-back and carry-forward of consumer goods on the whole begins to exceed for two years of unused excess profits credits and the demand. This condition is not likely to be of net operating losses. This is a tax incentive reached until the backlog of deferred consumer to business which already exists. demand has been met. The personal income tax The effect of taxes on many of the small entershould be the main source of Federal revenue in prises and on the establishment of new enthe postwar period because it is the most flexible terprises is another matter and needs to be given and equitable type of taxation, and because particular consideration. Perhaps the most consumption is less affected by it. important tax deterrent results from the fact Another important step in maintaining the that income is taxable under the corporation flow of consumption expenditures would be to income tax, and it is again taxable under the expand the social security program, including personal income tax when it is distributed as unemployment insurance, provision for old age, dividends to the owners. This procedure has a disability and other hazards. Coverage should number of harmful results. It places a premium be broadened, payments liberalized, and in the on fixed debt financing and a penalty upon equity case of unemployment insurance, the period of capital since the corporation may deduct interest payment should be lengthened. Providing an as a cost item in computing its taxable income, adequate old-age pension and extending it to while no such deduction is allowed for the return cover everyone would enable a great many more to stockholders on equity capital. It would people to retire, and this will assist in meeting greatly help to secure a less vulnerable business the unemployment problem. Through provi- structure if more financing were done with sions of this kind, a feeling of security is given equity capital and less with debt forms. Beto people generally and they are thus put in a cause of the existing situation, investors are position where they will feel free to spend a reluctant to supply equity funds, particularly to larger share of their current income, thereby small and new enterprises which are more risky contributing to the maintenance of employment. than the larger, well-established enterprises. Postwar tax policy will also have to be The personal income taxes upon dividends, parconcerned with the flow of capital expenditures. ticularly when subject to the higher surtaxes, In much of the current discussion, the deterrent are an inducement to stockholders with large effects of taxation upon business spending are incomes, who influence corporation policies, to exaggerated. Low taxes on business will not prevent distribution of corporate earnings. bring about a high level of capital expenditures This situation is likely to be detrimental to the if the demand for the products of business does maintenance of employment because corporanot justify such expenditures. If demand does tions are thus led to retain earnings beyond what justify the expenditures, even high taxes will is needed and, therefore, they are not returned not keep businesses from expanding to meet the to the spending stream. demand, unless they are subject to excessively Equity investment and the distribution of high tax rates. The existence of markets for corporate earnings would be greatly encouraged their products, rather than taxation, is the by adopting a plan somewhat similar to the decisive factor, particularly in the case of British method of dealing with dividend income. large and well established enterprises, such as One effective method would be to give a tax zi.6 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSSIBILITIES OF POSTWAR INFLATION AND SUGGESTED TAX ACTION credit to the person who receives the dividends. changes in the personal income tax which the A tax would be collected from the corporation limits of time do not permit me to consider. as now, but when dividends are distributed, the Our postwar tax structure must be flexible and stockholder would be permitted to take a credit adaptable to the changing requirements of fiscal on his personal income tax of some substantial policy. Tax policy must be recognized as part fixed percentage of his dividend income. An- of a flexible fiscal system and must be used wisely other method would be to give the corporation to supplement or curtail the flow of consumer a similar fixed percentage credit for that portion and business spending as conditions require. of its earnings which it distributes to stock- Underlying all that I have said is the fundaholders. Either method would greatly reduce mental purpose of avoiding either inflation or the amount of double taxation on equity capital deflation—in other words, what we would and would be a strong incentive to new equity all like to have is full and sustained production investments. and employment. The discussions before this I think we should consider whether it would Tax Institute—very properly—center around help in stabilizing the business structure to the role that taxation plays or should play in continue, after reconversion, some form of excess seeking this goal. I want to conclude what I profits tax, together with more liberal provision have to say with this observation—nothing for carry-forward and carry-back of the excess that can be done now or later to the tax strucprofits tax credit, and also make more liberal ture, nothing that we can do now or later in provision for carrying forward and carrying any way, will contribute as much to the control back losses than is now made in the tax law. of inflation—and what is infinitely more im- Such provisions would be particularly helpful portant, the saving of lives—as to unite all of to small and new enterprises. We must encour- our efforts and our energies to bring about vicage the establishment of new enterprises and tory in this war at the earliest possible moment. safeguard the great number of existing small That is why I undertook to emphasize at the enterprises if we are to obtain a flexible and outset the overwhelming importance of keeping competitive business structure and halt the always in the forefront of our vision our duties movement tending toward increasingly large now rather than our dollars later—for if we fail combines and monopolies. Another most im- in the performance of our duties now, if we fail portant step in this connection would be the to do all that each of us individually and collecestablishment of patent pools freely available tively as a nation can do to achieve an early to small and new enterprises as well as to others. victory, our plans and our hopes will never be There are numerous other problems, such as realized. MARCH 1944 2.27 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FARM REAL ESTATE MARKET by E. C. JOHNSON, Chief Economic and Credit Research Division, Farm Credit Administration Farm real estate prices have increased greatly tion of agriculture in the early 1930's, accenduring recent years, and in many sections of the tuated in some areas by severe droughts, and the United States a farm land boom is getting under resultant large supply of institutionally held way. There is a real danger that a rise in farm farms which have been available for sale and values such as occurred in World War I, only to which still are available in some areas. be followed by a break and great distress among The Bureau of Agricultural Economics index farmers, may be repeated during the present war of average value per acre of farm real estate inand postwar period. In the years 1917-2.0, many creased 9 per cent in the" year ended March 1, farmers purchased farms at highly inflated 1943, which represents the largest annual invalues and, generally speaking, those who went crease since 19x0. The rate of increase is practiheavily into debt to buy the farms found it very cally equal to the rates of increase during the difficult to pay financial obligations in years of years ended March 1, 1918, and March 1, 1919. low prices which followed. Distress was wide- Between March 1 and November 1, 1943, values spread and thousands of farmers lost their rose an additional 6 per cent. Data assembled farms. Farm tenancy increased, and under the by the Farm Credit Administration on actual pressure to pay debts many farmers were forced sales of farms indicate that during the first six to reduce living standards to low levels and months of 1943 the price of real estate in most deplete the soil by unwise cropping practices. of the important agricultural areas of the Unless increased efforts are made to prevent United States on the average was over 10 per inflation in farm real estate prices during the cent above the average sale price for the full present emergency, we may witness another farm year of 1942.. In some regions, sales prices were land boom which in the end can result only in 30 per cent above 1941. great hardship for many farmers. Developments in the farm real estate market FARM INCOME AT RECORD LEVEL since 1939 are strikingly similar to those which The basic cause for the substantial rise in occurred between 1914 and 1918. Farm real sales prices of farm real estate is the sharp estate values have advanced 2.5 per cent since increase in farm income. Both total cash in- 1939 compared with a similar advance of 2.5 come and net income to farm operators in 1942. per cent during the 1914-18 period; the average were higher than during any other prior year size of farm mortgages recorded has increased for which records are available. Compared sharply, especially those recorded by individual with 1917, the third year of World War I, total lenders and commercial banks; and the number cash income in 1942. was up 50 per cent, and net of mortgages recorded during the second and income to farm operators was up 35 per cent. third quarters of 1943 turned upward for the first The previous peaks of cash income and net intime in two years. It is true that farm real come in 1919 were exceeded in 1942. by 11 per estate values started the advance from a lower cent and 2. per cent, respectively. During the level during the present war period than during first 11 months of 1943 cash income, including World War I, and also, the total farm mortgage Government payments to farmers, amounted to debt has steadily declined during the present 17.9 billion dollars as compared with 14.5 bilwar in contrast to the increase in debt during lion dollars during the first 11 months of 1941, World War I. Both of these latter facts, how- or an increase of TJ\ per cent. The Bureau of ever, should be viewed in perspective, taking Agricultural Economics is estimating that total into consideration the severely depressed condi- cash income to farmers will approach zo billion 2.z8 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FARM REAL ESTATE MARKET dollars in 1943 compared with 16.2. billion dol- These facts indicate that many farmers are using lars in 1942. and that net income to farm opera- their surplus income to retire debts. tors approximated 12.. 5 billion dollars in 1943 On the other hand, while there is a large group against 9.5 billion dollars in 1941. If these of farmers who are paying off or reducing their estimates were realized, cash income in 1943 debts, there is another group that is going more exceeded the previous peak in 1919 by 35 per heavily into debt. According to data collected cent. The peak in farm income in the World quarterly by the Farm Credit Administration, War I period occurred during the first full year the average size of farm mortgages recorded by after the end of hostilities. all lenders during the first nine months of 1943 was 12. per cent higher than mortgages recorded INDEX NUMBERS OF THE VALUE OF FARM REAL ESTATE PER ACRE, AND AMOUNT OF CASH during the first nine months of 1942.. The FARM INCOME INCLUDING GOVERNMENT PAYMENTS, UNITEO STATES, 1910-43 average size of mortgages recorded during the first nine months of 1943 compared with the year 1940 increased from $1,310 to $3,060, an increase of 31 per cent. Thus it is obvious that the group of borrowers who are currently borrowing on farm mortgage security either to refinance an existing debt or are now recording a new loan are acquiring larger debts on the average than the group who borrowed during * Real estate index as of Mar. 1, except latest figure, which is as of Nov. 1, 1943; 1912-14 « 100. recent years. In addition to the larger average Source of data.—Bureau of Agricultural Economics. size of mortgages recorded, the number of farm mortgages recorded during the second quarter of TREND OF FARM MORTGAGE DEBT 1943 increased for the first time in two years The trend of farm mortgage debt was upward over the corresponding quarter of the preceding throughout the entire period of World War I year, the increase amounting to 8 per cent in and the postwar period, but since 192.3 the trend number and i£ per cent in amount. This upof farm mortgage debt has been downward. ward trend in the amount of farm mortgage The decline in the 1930's was largely the result recordings, which was continued during the of foreclosure and the transfer of farm mortgage third quarter, is another factor which will loans to farm real estate on the accounts of retard the downward trend of total farm mortlending institutions. More recently the decline gage debt. Moreover, there are indications in total farm mortgage debt has been the result that the rate of principal repayments on farm of farmers' paying off their debts, primarily mortgages may decline, owing to an increase from farm income, at a more rapid rate than in farmers' tax liability and costs and increased they are acquiring new debts. From January 1, war bond purchases. 1942., to September 30, 1943, the Federal land banks and Federal Farm Mortgage Corporation received principal payments on loans outstand- FARM MORTGAGE HOLDINGS BY TYPE OF ing in the amount of 605 million dollars, as LENDER compared with new loans closed amounting to An outstanding fact during the last war 150 million. Thus, for every $1.00 loaned by was the large increase in the amount of farm these two agencies, $4.03 was repaid. Of the mortgage loans held by individuals. Loans held total of 605 million dollars of principal pay- by individuals and others increased from about ments, 316 million represented loans paid 3.5 billion dollars in 1915 to over 7 billion in full, of which approximately 57 per cent was dollars in 1911. This period includes the years paid out of farm income. Principal payments of greatest increase in farm real estate values are also large on loans held by other lenders. which reached a peak in 1910, and it has been MARCH 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FARM REAL ESTATE MARKET said that the land boom following World War I greatest threat of inflation in farm real* estate was to a large extent financed by individuals. prices and overexpansion of farm debts. As holdings of individuals declined after 192.2., INVESTMENT DEMAND FOR FARMS insurance companies and the Federal land banks increased their holdings. In other words, many During the last two years, the investment of these loans originally made by individuals on demand for farms has increased substantially. the basis of inflated real estate values were In some areas, especially within reasonable disrefinanced during the early and middle 192.0's tances of large cities, buying by city investors is by institutional lenders. The total farm mort- reported to be the greatest within the memory of gage debt in the United States, which reached a persons familiar with the land market. Perpeak of nearly 11 billion dollars in 192.3, has haps this can be partially explained by the since declined to nearly 6 billion dollars. comparative attractiveness of alternate outlets Since 1940, there has been a rather sharp for investment funds. The return on long-term increase in the average size of mortgages re- Government bonds, corporate bonds, preferred corded by individual lenders and commercial stock, and interest rates on farm mortgage loans banks. Comparing the average size of farm has declined rather generally since the period mortgages recorded during the first nine months immediately following World War I. When of 1943 with the first nine months of 1940, it is compared with 1917, average yields in 1942. were found that those recorded by individuals in- down from 3.16 per cent to x.o2. per cent on creased 55 per cent; by commercial banks, 32. per long-term Government bonds, from 4.99 per cent; by miscellaneous lenders, 17 per cent; by cent to 2.-85 Per cent on corporate bonds, and insurance companies, 15 per cent; and by the from 6.42. per cent to 4.31 per cent on preferred Federal land banks, 3 per cent. stocks. Figures published recently1 indicate that yields on a group of industrial common The increase in average size of mortgages stocks stood at 9.78 per cent in 1917 as compared recorded by all lenders, and particularly the with 6.4 per cent in 1942.. Farm mortgages, relatively greater increase in average size of which were a haven for a large amount of funds mortgages recorded by individuals, is reminisby individual investors during the last war cent of the pattern during World War I. The period, show a return of less than 5 per cent, average size of loans made by all lenders in 1918 compared with 6.2. per cent in 1917. To sumwas 9 per cent larger than in 1917. By 1919, marize, it can be stated that the normal outlets * the average size had increased 31 per cent and by for investment funds are now comparatively less 192.0, 62. per cent above 1917. Comparing the attractive than they were in World War I, while average size of loans made by individuals with net farm income is at a record high level. This 1917, an increase of 16 per cent had occurred by has attracted city investors to farm land as an 1918, an increase of 40 per cent by 1919, and of 70 investment. However, many city investors who per cent by 1910 which were greater increases have purchased farms at inflated prices may find than for any other lenders. Increases in the that the net return over a period of years on their average size of loans by commercial banks for capital invested in farms will be comparasimilar periods were 5, 19, and 46 per cent. In tively low. this connection, it is worth while noting that the greatest increases in average size of mort- OTHER FACTORS gages recorded for all lenders during the World It should be pointed out that while many War I period occurred after the Armistice in factors are contributing to the rise in farm land 1918. Similarly, the years immediately followvalues, there also are some factors which are ing the close of the present war, when returning deterring the rise. The Federal land banks are soldiers will wish to acquire farms, are likely to be the period when there will be present the iMoody's Stock Service, Feb. 1,1943, p. 551. x 3 o FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FARM REAL ESTATE MARKET a stabilizing influence during the present war tion of stabilizing farm values. Colleges of period due to the operation of the normal value agriculture, the United States Department of policy in making appraisals. Another but less Agriculture, and farm organizations are engaged important factor in some areas is the holdings of in educational activities to caution people institutionally held real estate which is still against buying farms at values which can not unsold. However, these holdings are being be sustained by earnings from the farm over a sold rapidly. Also, farmers, remembering the period of years. Also institutional lenders as a distress during depression years, are less optimis- group are making an effort to hold farm morttic regarding the future of land values and less gage loans at levels which will not encourage eager to purchase farms than during World the purchase of farms by individuals at inflated War I. prices. The shortage of farm labor has been men- Over two years ago, the National Agricultioned as a deterrent to an increased demand tural Credit Committee was organized as an for farms, but this factor probably is of less informal, unofficial committee with representaimportance now than it was several months ago tives from farm organizations, life insurance owing to the deferred status given to certain companies, bankers' associations, the Board of agricultural workers by the Selective Service Governors of the Federal Reserve System, the regulations. On the other hand, reports from Farm Credit Administration, and other agencies the field indicate that there is a demand for farms of the Government concerned with problems of from purchasers who would be subject to mili- agricultural finance. This committee meets tary service if it were not for this deferment quarterly for a discussion of the current farm granted by the Selective Service. real estate situation and has been a means of More recently the War Production Board has encouraging the institutional lenders to hold provided for a substantial increase in the pro- farm mortgage loans to reasonable levels. duction of farm machinery as compared with the However, private individuals as previously sharp restriction which was in effect previously. mentioned are becoming more active as farm Therefore, the shortage of farm machinery will mortgage lenders, and their loans are larger in not be as severe as was anticipated several size than in former years. The activities of inmonths ago, with the result that there will be dividual lenders present a difficult problem in less reluctance on the part of farmers to expand efforts to avoid a land boom. their operations through the purchase of land Various sources have mentioned credit control than would be true if machinery were scarce. as one of the measures which could be used to prevent undue expansion in farm debts and infla- EFFORTS TO AVOID A FARM LAND BOOM tion in farm real estate. Credit controls are The analysis of the farm real estate market probably the only means by which individual indicates that factors are present which are lenders could be limited in their loan activities likely to cause a further upward movement in to a point where their loans would not be a farm values at an accelerated rate and a grave major factor in a land boom. Plans suggested threat of inflation in farm real estate prices and would set a limit on farm mortgage loans overexpansion of farmers' indebtedness through against individual farms to a ratio of a normal the purchase of farms at abnormally high values. appraised value or a sale price. While credit In view of the great distress which followed the controls would be difficult to administer, such land boom of the last war, it is generally agreed measures offer possibilities for preventing an that every effort should be made to avoid a increase in farm mortgage debt to levels which recurrence of farm land inflation during the could not be maintained without distress during present emergency. Already many steps have periods of lower prices for farm products. been taken which should operate in the direc- The inflation in farm real estate values which MARCH 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FARM REAL ESTATE MARKET occurred during and immediately following therefore would not penalize farmers who now World War I was in a large measure due to choose to sell their properties after operating speculative buying of farms. Speculators be- them over a period of years. Similarly, persons came important buyers and many farms were who purchase farms and hold them over six placed in a trading position and sold several years would not be subject to the tax. Howtimes as a means of obtaining a profit. Farmers ever, the speculator who buys a farm with the who desired to buy a farm for a home and a intent of selling it after a short period for a business were forced to pay the inflated prices speculative gain would find most of his profit established by speculators, and many of the taxed away. Such a tax would discourage farmers who went heavily into debt to acquire speculative buying of farms and removal of this the farms lost them when prices declined. speculative demand should be a stabilizing fac- As a means of stabilizing farm real estate tor in the farm real estate market. values by discouraging speculation in farms, a More drastic measures for control of farm land bill recently has been introduced in Congress inflation which have been mentioned include which makes provision for a farm land boom permits for the sale of farms and price ceilings, profits tax. Under this proposal, a tax would but it is doubtful if such measures would receive be levied on the net gain from the sale of agrigeneral public support. Voluntary measures at cultural real property purchased after November present play the important part in efforts to i, 1943, and prior to three years following the prevent a land boom, but legal controls will close of hostilities in the present war. The probably receive more consideration as the situarate of the tax proposed is progressively lower tion grows more serious. Meanwhile, farmers the longer the period which farms purchased individually can contribute to stability in the during this period are held. Thus if the farm farm real estate market by exercising caution in is held not over two years after purchase, a tax the purchase of farms. By using surplus farm equal to 90 per cent of the net gain would be income for the purchase of war bonds instead of paid. This rate declines to 45 per cent for farms bidding up farm real estate prices, farmers can held over four but not over five years and aid in stabilizing farm values and at the same there would be no tax if the property is held time build up financial reserves to carry them over six years. Such a tax would not apply through years of lower income which may to the first sale of a farm which had been held lie ahead. for a period prior to November 1, 1943, and 132. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCCUPATIONAL CURRENCY IN THE PACIFIC The Treasury, War, and Navy Departments issued currency, Hawaiian Series, could be held or the following joint statement on February p, 1944' used in Hawaii without a license from the Governor of the Territory of Hawaii. On the The American marines, sailors, and soldiers other hand, in order to effectuate the purposes who have been driving out the Japanese from of its issuance, the U. S. currency, Hawaiian their Central Pacific strongholds have brought Series, was kept from circulating on the mainwith them for their use and for the use of the land of the United States by virtue of a proinhabitants of these islands the "Hawaiian hibition on its export from Hawaii. dollar," i.e., the special Hawaiian Series of The distinctive characteristics of the "Ha- U. S. currency. waiian dollar" are of equal value for offensive The use of this Hawaiian currency emphasizes purposes as well as defensive. It is in the the marked change which has been brought interests of our Government to be able to about in the Central Pacific theater of operations identify easily the currency which is being used during the last year. The introduction of the in areas of combat, in order to facilitate the special "Hawaiian dollar" in July 1942. was isolation of this particular currency if it should taken as a step towards the complete economic fall into enemy hands. defense of Hawaii, while today the "Hawaiian It would have been possible, of course, to dollar" is being used to facilitate the offensive achieve practically all of the advantages of the against the Japanese-held islands thousands of use of the "Hawaiian dollar" by the use of the miles from Hawaii in the direction of Tokyo. yellow seal currency used in North Africa, When the "Hawaiian dollar" was introduced, Sicily, and Italy. It was felt, however, that the Japanese had been recently defeated in the since these Central Pacific islands have closer battle of Midway but had just landed forces on direct military and financial relations with the Island of Kiska and responsible American Hawaii than with the mainland and since the naval and military leaders were pointing out "Hawaiian dollar" has all the advantages of the that a threat to Hawaii still existed. It was yellow seal currency, it was preferable to use the against this background that measures were "Hawaiian dollar" in the Central Pacific taken by the U. S. Treasury for the withdrawal operations. of all regular U. S. currency in circulation in The rate of exchange that has been established the Territory of Hawaii and its replacement by for these .liberated islands of the Central Pacific a new series of U. S. currency. This new curis 10 Japanese military yen to one "Hawaiian rency consists of U. S. silver certificates and dollar." This rate was determined in the light Federal Reserve Bank notes bearing the distincof present prevailing circumstances in these tive overprint "Hawaii" in bold open-faced small island groups and will in no way be contype on each end of the face of the note and sidered a precedent for the rates that may be the word "Hawaii" in large open-faced type applied to other areas now occupied by the across the reverse side of the note. After Japanese. August 15, 194Z, no currency other than U. S. MARCH 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CORRESPONDENCE Money and Inflation Following are answers to questions enclosed been issued against it and turned over to the in a letter addressed to the Chairman of the Federal Reserve Banks in exchange for deposit Board: credits. These credits have been expended by i. What is "lawful money"? The term "law- the Treasury and can not be used again. A ful money'* is not defined by law. However, person who has deposited currency in a bank, the decisions of the courts indicate that the and then has drawn checks to the full amount of term includes those classes of money which are the deposit, has no further claim on the bank declared by the laws of the United States to be for the currency. This, in effect, is the relation legal tender. Legal tender is defined (U. S. of the Treasury to the gold at the Federal Code, Title 31, sec. 82.1) as follows: "All coins Reserve Banks. and currencies of the United States (including The Treasury has, however, in addition about Federal Reserve notes and circulating notes of 1,943 million dollars of gold in the Exchange Federal Reserve Banks and national banking Stabilization Fund and in its General Fund balassociations) . . . shall be legal tender for all ance that is available for such use as the Treasdebts, public and private, public charges, taxes, ury and the Congress may wish to put it. duties, and dues. . . ." 4. If certificates for it were issued, showing that 2.. Is there now buried at Fort Knox, Kentucky, gold has been deposited in the Treasury therefor, 25 billion dollars in gold2. If not, how much! Is would those certificates be "lawful money"? As this gold "lawful money'7. The total monetary indicated in the answer to question (2), certifigold stock in the United States was 2.1,938 mil- cates of the sort you refer to have in fact or in lion dollars at the end of 1943. On June 30, effect been issued by the Treasury to the Federal 194Z, the latest date for which public figures are Reserve Banks for the bulk of the gold now held available, 15,584 million of a total stock of by the Treasury. The certificates are lawful 2.2.,737 million was held in Fort Knox. The money but they are not in general circulation, remainder was held at other points throughout being held by the Reserve Banks as a portion of the country. the legal backing for their note and deposit Under existing laws gold may not circulate as liabilities. money. The Treasury, however, may issue 5. Could they be used to pay for purchases of war gold certificates against its gold and deposit material7 If not, why7. As indicated in the them with the Federal Reserve Banks, thereby answers to previous questions, these gold certifiobtaining a deposit credit upon which it can cates have already been used by the Treasury. draw or it can give the Reserve Banks a gold They were deposited with the Federal Reserve certificate credit in exchange for a deposit credit. Banks and the deposit credits obtained by the The Federal Reserve Banks in turn hold these Treasury have been expended. The certificates gold certificates and gold certificate credits as are now the property of the Federal Reserve reserves against their deposit liabilities and Banks, which are not permitted to pay them against Federal Reserve notes which they issue. into circulation, but can and do use them as the At the end of last year, 19,82.1 million dollars of basis of Federal Reserve note issues. gold was held as security against certificates. 6. If such certificates were issued, the gold could 3. Can it be used to -pay for -purchases of war ma- still remain at Fort Knox, could it not7. Whatever terial7. If not, why7. As indicated in the answer use may be made of any gold certificates issued, to question (2), most of this gold has already the gold that backs them would remain in the been put to use, in that gold certificates have vaults of the Treasury. FEDERAL RESERVE BULLETIN* Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CORRESPONDENCE 7. If so, could certificates be issued without ref- bring about pressure on markets for goods and erence to gold, (or silver), but acceptable by the rising prices; that would be inflation. Government for taxes, that would be ' 'lawful money' 7 10. Is it inflation when 100 billion dollars of If not, why7. The Constitution gives the Congress bonds are issued by the Government! If not, why! power to "coin money and regulate the value Does inflation consist of a surplus of buying power thereof." Congress has the power to order the over purchasable goods! If so, does such surplus issuance of any amount of any type of money, include bonds as well as currency! If so, does it also which it may deem "lawful money." Un- include bank credits! As indicated by the definilimited issuance of currency to finance the tion of inflation given above, an increase in the Government, however, has proved to be danger- purchasing power of the public is not in itself ous in the past because it has resulted in infla- inflation, but it is a force which, under circumtion. stances where this purchasing power substan- 8. Could the Government, by reducing the content tially exceeds goods available, leads to inflation. of the gold dollar to one-fourth its present weight, The issuance of bonds by the Government may increase that 25 billion dollars to 100 billion dollars! or may not increase the public's purchasing If so, would that be "lawful money'*! Could it be power. If securities are sold to individuals used to fay for war material! Under the Gold and businesses who pay for them out of funds Reserve Act of 1934, the President was given which might otherwise have been spent on the power to decrease the gold content of the goods, this clearly does not increase the public's dollar to 50 per cent of its previous content. purchasing power, but merely transfers purchas- The President on the authority of this provision ing power from the public to the Government. decreased the gold content of the dollar to about If, on the other hand, the bonds are sold to 59 per cent of the previous content (that is he banks which pay for them by deposit credit, this raised the Government buying price for gold increases the funds available to the Government from $10.67 to $35 a fine ounce). Last year without decreasing the public's buying power. the power of the President to make a further At any given time the purchasing power of reduction in the gold content of the dollar was the public consists of a wide variety of assets, rescinded by Congress. Congress, however, if including not only money but other assets, such it wished, could establish any gold content as Government securities, which may be fairly for the dollar (that is, any Government buying easily converted into money. On the other price for gold), and it could use the increment hand, the public virtually never attempts to in the value of the existing gold stock for such spend anything like its total supply of money purposes as it might wish. and money substitutes at once; some part of it 9. Would that be inflation? Such action would is held idle for various reasons, but it is available be inflationary. The most generally accepted for use. One of the major aims of current war definition of inflation is that it is an unde- financing is to induce the public to invest its sirably rapid rise in prices, reflecting an increase highly spendable money and bank deposits in in money payments relative to the volume of Government securities which are less apt to be goods available. Thus inflation is the rise in converted into money and spent until the war prices which may be brought about by an inflation danger has passed. increase in the money supply, and not the 11. Could the Government freeze all prices and increase itself. The sort of increase in the wages! Congress could, if it wished, enact a money supply you suggest would increase the law which would make it illegal for any price amount of money and the incomes of the public. or wage to be charged or paid above existing At a time when the volume of goods available levels. How effective such a law would be, is restricted by war needs, this would tend to would depend largely upon the public's MARCH 1944 2-35 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CORRESPONDENCE cooperation in observing it and the enforcement time direct controls over prices have made it machinery used. easier for people to get along without spending ii. Would that -prevent inflation7. If not, why'? all their incomes and have removed an induce- As you doubtless know, the anti-inflation pro- ment to buy more goods than are currently gram, which includes both direct price and wage needed or to speculate in goods in anticipation of controls and monetary and fiscal controls, has rising prices. As a matter of fact, much of the achieved a considerable degree of success. It is money that might have gone into bidding up difficult to tell which controls have played the prices has been paid out in taxes, invested in more important role in this success. Greatly bonds, or kept as savings. Direct price and increased taxes and sales of Government securiwage controls alone probably could not prevent ties to the public have held the volume of spendinflation under present circumstances, nor could able funds far below what it would otherwise any feasible tax and borrowing policy do the have been, and have thus decreased greatly the job alone. Under circumstances such as those inflationary pressure on prices which might now existing, both fiscal monetary measures otherwise have come. The wage control program has also helped to avoid an even greater to hold down purchasing power and direct increase in the public's spendable funds than controls are required if inflationary price preswould otherwise have occurred. At the same sures are to be minimized and resisted. 2.36 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS Absorption of Exchange Charges On February X9~March 1 a meeting of the In December 1943 the House Committee on Federal Open Market Committee was held at Banking and Currency held hearings regarding which Marriner S. Eccles was reelected as Regulation Q of the Board of Governors in its Chairman of the Committee and Allan Sproul relation to the absorption of exchange charges. as Vice Chairman. The representative members In January and early February hearings were held of the Committee elected by the Federal Reserve by the Committee on a bill (H.R. 3956) which Banks for the period of one year, beginning would specify that absorption of exchange March 1, 1944, are Allan Sproul, Hugh Leach, charges does not constitute payment of interest. C. S. Young, Chester C. Davis, and J. N. Pey- A companion bill (S. 1641) was the subject of a ton, Presidents of the Federal Reserve Banks report in the February 1944 issue of the Federal of New York, Richmond, Chicago, St. Louis, Reserve BULLETIN (page 12.6). Representatives and Minneapolis, respectively. The members of the Board of Governors were called on to of the executive committee are Marriner S. testify at the House Committee hearings on the Eccles, Chairman; Allan Sproul, Vice Chairman; general question of absorption of exchange John K. McKee, Ernest G. Draper, and Hugh charges and the proposed legislation. The Leach. hearings were concluded February 9, and on February 15 the Committee submitted a report Admissions of State Banks to Membership in the Federal Reserve System to the House in which both the majority and minority views of the members were presented. The following State banks were admitted to Copies of this report were distributed through membership in the Federal Reserve System durthe Federal Reserve Banks to all banks in the ing the period January 16, 1944, to February 15, United States. 1944, inclusive: Federal Reserve Meetings Louisiana The Federal Advisory Council met in New Orleans—Progressive Industrial Bank Washington on February 13-14. The annual organization meeting of the Council was held Michigan on February 13, at which Edward E. Brown, Middleville—Farmers State Bank of Middleville, President of the First National Bank of Chicago, Michigan was reelected as President, C. E, Spencer, Jr., President of the First National Bank of Boston, Minnesota was elected Vice President, and Walter Lichten- St. Paul—Liberty State Bank stein was reappointed Secretary. The Council met with the Board of Governors of the Federal New York Reserve System on February 14. Malverne—The Bank of Malverne A meeting of the Presidents of the Federal Reserve Banks was held February 2.6-x8, and on Oklahoma February 19 and March 1 the Presidents met with the Board of Governors. Buffalo—Oklahoma State Bank MARCH 1944 2-37 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Compiled February 25, and released for publication February 26. Figures shown on charts may differ from preliminary figures used in text. Industrial activity was maintained in January of 3,000 trucks was reported during the month following a decline from November to Decem- under the greatly enlarged civilian truck prober. Commodity prices were steady and retail gram for 1944 which calls for the production of sales continued in large volume in January and 9X,ooo medium weight and 31,500 heavy trucks the first three weeks of February. during the year. Output of textiles, shoes, and manufactured INDUSTRIAL PRODUCTION foods rose slightly in January, following small In January the Board's seasonally adjusted declines in December. Chemicals production index of industrial production stood at 2.42. per continued to decline, reflecting a further curtailcent of the 1935-39 average as compared with ment of small arms ammunition output. Outthe peak level of 2.47 in October and November put of petroleum and rubber products showed 1943. little change. Steel production increased 4 per cent in Janu- Production of coal increased and crude ary and continued to rise in the first three weeks petroleum output continued at a high level in of February, reflecting large military require- January and the early part of February. Sunday ments for landing craft and other invasion equip- work was instituted in anthracite mines during ment as well as increasing use of steel for farm February as a measure to increase production, machinery and railroad equipment. Aluminum and output for the week ending February 12. was production was curtailed in January from the 13 per cent higher than the preceding week. peak rate in the last quarter of 1943. The value of construction contracts awarded Activity in the transportation equipment in January, according to reports of the F. W. group was 5 per cent lower in January than at Dodge Corporation, declined to the lowest level the peak in November. The largest decline for the month since 1935. occurred in commercial shipyards, many of which were changing from the production of DISTRIBUTION Liberty ships to Victory and other types of Value of department store sales in January and ships. In the automobile industry production the first three weeks of February was main- INDUSTRIAL PRODUCTION WHOLESALE PRICES P2E6R QCE NT— — PHYSICAL VOLUME SEASONALLY ADJUSTED, 1935- 39-IOff - 240 - r 220 - I - 200 - / - 180 - - 160 / - - 140 - - 120 J - \ 100 - 80 —1 1937 1938 1939 1940 1941 1942 1943 1944 1942 1943 Federal Reserve index. Monthly figures, latest shown is for Bureau of Labor Statistics' indexes. Weekly figures, latest shown January. are for week ending Feb. 19. z 8 FEDERAL RESERVE BULLETIN 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS tained at a high level for this season of the year. in a release of required reserves of member banks Sales in January exceeded the large volume of a because funds were drawn from private deposit year ago by about 6 per cent but in February accounts, which require reserves, to the Governsales were somewhat smaller than last year ment war loan accounts, which are exempt from when a buying wave developed following the reserve requirements. As a consequence, memannouncement of shoe rationing. ber banks repurchased bills from the Reserve Freight carloadings declined less than usual Banks, and the latter's holdings of Governin January and the first half of February, owing ment securities declined by 520 million dollars. chiefly to the heavy volume of coal shipments. At reporting member banks in 101 leading Movement of grain continued at the high level cities, adjusted demand deposits decreased^by of last fall and livestock and lumber shipments 3.4 billion dollars in the four weeks ending were in large volume. February 16, while U. S. Government deposits increased by 6.9 billion, reflecting purchases of COMMODITY PRICES Government securities by bank customers during Wholesale prices of most commodities con- the war loan drive. Government security holdtinued to show little change in January and the ings at reporting member banks increased 2.8 early part of February. Maximum prices for billion dollars over the four weeks. coke, wood pulp, furniture, and certain other Loans to brokers and dealers increased by products were increased moderately. 320 million duririg the drive which was sub- The cost of living index of the Bureau of Labor stantially less than in either of the two previous Statistics declined from 124.4 per cent of the campaigns. Loans to others for purchasing or 1935-39 average in December to 124.1 in carrying Government securities rose by about January. 610 million, two-thirds of which was at New York City banks. Commercial loans, which BANK CREDIT had increased substantially during the Third Purchases of securities in the Fourth War Loan War Loan Drive, showed little increase during Drive by corporations and individuals resulted the current period. MEMBER BANK RESERVES MEMBER BANKS IN LEADING CITIES 1944 Breakdown between required and excess reserves partly estimated. Demand deposits (adjusted) exclude" U. S. Government and inter- Wednesday figures, latest shown are for Feb. 23. bank deposits and collection items. Government securities include direct and guaranteed issues. Wednesday figures, latest shown are for Feb. 23. MARCH 1944 139 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING AND MONETARY STATISTICS The Board of Governors of the Federal Re- which will guide the reader in the use of the serve System has ready for distribution a figures. The sections in Part I are as follows: volume entitled Banking and Monetary Statistics T. General Statistics of all Banks in the which has been published for the purpose of United States making available, in one place on a uniform 2.. Assets and Liabilities of all Member Banks basis, statistics of banking, monetary, and other 3. Assets and Liabilities of Insured Banks financial developments for past years. The 4. Assets and Liabilities of Weekly Reportstatistics given in the volume include data ing Member Banks in Leading Cities compiled by various agencies, governmental Bank Debits and Deposit Turnover and private, and cover the period ending in 5- 6. Bank Earnings 1941 and extending back in many cases to Bank Suspensions 1914 and in a few cases to earlier dates. Most 7- Branch, Group, and Chain Banking of the financial series for which current data Federal Reserve Banks are published in the Federal Reserve BULLETIN 9- Member Bank Reserves, Reserve Bank are included in this volume, and some series 10. Credit, and Related Items which are no longer shown in the BULLETIN Currency but which are of historical interest are also 11. Money Rates and Security Markets given. United States Government—Treasury Fi- Part I of the volume, covering 682. pages, nance and Government Corporations and contains statistics for the country as a whole Credit Agencies and is divided into 15 sections shown below, Gold and Part II, covering 257 pages, contains de- 14. International Financial Statistics tailed member bank statistics for each Federal Reserve district. The tables in each section Bound copies of the book may be obtained are preceded by an introductory text, which through the Board at a price of $1.50 per gives some indication of the purpose of the volume. Reprints of individual sections will data, the source of the figures, the history and be supplied at prices which will be quoted on methods of their compilation, and other facts request. 2.40 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.... 243 Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements 244 Federal Reserve Bank statistics 2.45-2.49 Guaranteed war production loans 249 Deposits and reserves of member banks Z50 Money in circulation 151-252. Gold stock; bank debits and deposit turnover 1*52. Deposits and currency; Postal Savings System; bank suspensions. 253 All banks in the United States, by classes 254-255 Condition of all member banks 256-257 Weekly reporting member banks 258-261 Commercial paper, bankers' acceptances, and brokers' balances.. 262 Money rates and bond yields 263 Security markets 264-265 Corporate profits 266 Treasury finance . 267-269 Government corporations and credit agencies .. 270 Business indexes 271-279 Department store statistics 280-281 Consumer credit statistics 282-283 Wholesale prices 284 Employment in nonagricultural establishments 285 Current statistics for Federal Reserve chart book 286-287 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System are derived from regular reports made to the Board; index numbers of production arc compiled by the Board on the basis of material collected by other agencies; figures for gola stock, money in circulation, Treasury finance, and operations of Government credit agencies arc 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. MARCH 1944 2.4 * 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 25 TREASURY GASH AND DEPOSITS 1938 1939 1940 1941 1942 1943 1944 Wednesday figures, latest shown are for Feb. 23. See p. 243. 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 v o a D a a n u n i d s c n d - - e ts s T U o . t a S l s . e G T cu r o a b u e r n v i r i a l d e t y l s i r s e - n s me o n A th t l e l r ot A h l e l r* Total s G to o c l k d T s r t e c r u o a i e n n u r u n a y g c r t d s - y - - - M i c n t u o i c o l n a i n e r - - y T c i h n r u a o e g r s l a y h s d s - - F u T B p r e w s y o r d R a e e i s r e n e d t a v i - h r k t e s a e s s - - l b p m N e o r e o s m n d it - e s - - c O s F o e e a R t e u r r h c v e d a n - e - e l - t r s Tot b a a l lan E ce x s cess2 certificates Monthly averages of daily figures: 1942—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 13,152 2,376 1943—Jan 8 5,953 1,852 4,102 360 6,321 22,706 3,724 15,399 2,192 310 1,250 256 13,344 2,132 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 1944—Jan 32 11,832 9,517 2,315 506 12,370 21,933 4,093 20,428 2,321 484 1,889 339 12,935 1,114 End of month figures: 1942—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 2,193 799 1,278 256 13,117 1,988 1943—Jan. 30 14 5,969 2,007 3,962 356 6,339 22,683 3,830 15,590 2,199 4 1,171 258 13,630 2,387 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 1944—Jan. 31 22 12,073 9,728 2,345 334 12,428 21,918 4,094 20,513 2,336 375 1,956 341 12,917 1,112 Wednesday figures: 1943—Apr. 7 13 6,549 3,516 3,033 286 6,848 22,541 3,994 16,353 2,229 213 1,175 302 13,110 1,976 Apr. 14 12 6,705 3,660 3,045 387 7,104 22,501 4,002 16,424 2,235 128 1,376 300 13,144 2,147 Apr. 21 11 6,329 3,302 3,027 375 6,715 22,482 4,008 16,500 2,236 471 1,372 307 12,318 2,293 Apr. 28 26 6,347 3,320 3,027 283 6,655 22,472 4,009 16,593 2,234 443 1,410 307 12,149 2,224 May 5 15 6,531 3,617 2,914 304 6,850 22,473 4,014 16,683 2,245 722 1,468 310 11,909 2,128 May 12...... 25 6,172 3,341 2,831 328 6,526 22,454 4,033 16,741 2,252 630 1,272 312 11,805 1,733 May 19 10 6,038 3,260 2,778 386 6,434 22,455 4,051 16,795 2,264 379 1,307 313 11,882 1,638 May 26 21 6,181 3,463 2,717 291 6,493 22,425 4,072 16,902 2,267 345 1,323 314 11,838 1,498 June 2 21 6,217 3,539 2,677 297 6,535 22,427 4,075 17,196 2,272 6 1,192 315 12,057 1,634 June 9 13 6,636 3,995 2,641 349 6,998 22,407 4,078 17,237 2,277 175 1,312 316 12,165 1,514 June 16 11 6,626 4,218 2,408 451 7,088 22,407 4,080 17,189 2,278 6 1,258 332 12,511 1,632 June 23 19 6,748 4,393 2,355 427 7,194 22,387 4,079 17,154 2,268 294 1,386 335 12,223 1,299 June 30 5 7,202 4,907 2,295 369 7,576 22,388 4,077 17,421 2,268 455 1,483 328 12,085 1,212 July 7 34 7,676 5,448 2,228 407 8,117 22,388 4,085 17,607 2,278 773 1,492 332 12,108 1,229 July 14 10 7,645 5,419 2,226 495 8,150 22,362 4,086 17,658 2,267 616 1,466 331 12,260 1,310 July 21 9 7,577 5,378 2,199 447 8,033 22,347 4,084 17,706 2,271 293 1,544 331 12,319 1,188 July 28 13 7,951 5,752 2,199 453 8,418 22,334 4,090 17,799 2,272 559 1,571 331 12,309 1,020 Aug. 4 18 8,165 5,967 2,199 400 8,582 22,335 4,093 18,014 2,281 398 1,650 332 12,336 1,030 Aug. 11 24 8,317 6,119 2,199 377 8,718 22,306 4,091 18,101 2,281 295 1,651 331 12,456 1,199 Aug. 18 18 8,156 5,957 2,199 412 8,586 22,291 4,092 18,214 2,279 99 1,388 329 12,660 1,288 Aug. 25 40 8,777 6,572 2,205 320 9,137 22,292 4,098 18,303 2,282 304 1,605 331 12,702 1,106 Sept. 1 69 9,187 6,956 2,231 285 9,540 22,243 4,098 18,571 2,279 213 1,574 329 12,915 1,145 Sept. 8 71 9,336 7,084 2,252 336 9,742 22,223 4,090 18,740 2,255 6 1,374 329 13,351 1,438 Sept. 15 31 9,653 7,432 2,221 631 10,315 22,204 4,093 18,773 2,266 6 1,500 337 13,729 2,051 Sept. 22 22 9,204 6,983 2,221 491 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 Jan. 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 4,093 20,387 2,331 351 1,994 340 13,002 1,023 Feb. 2 24 11,781 9,162 2,618 327 12,132 21,910 4,093 20,534 2,322 175 1,916 342 12,847 1,538 Feb. 9 22 11,169- 8,560 2,609 319 11,511 21,836 4,094 20,586 2,315 8 1,707 341 12,482 1,444 Feb. 16 32 11,394 8,782 2,612 534 11,961 21,802 4,093 20,610 2,335 360 1,968 340 12,244 1,269 Feb. 23 47 11,816 9,237 2,579 377 12,240 21,742 4,090 20,696 2,336 646 1,944 340 12,109 1,077 1 Includes industrial loans 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. MARCH 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect February 29. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, Advances secured by or corporations other than member banks Federal Reserve Bank A G d t o i v o v a n e n s r c n m e m s a e s t n u e t c r i u o n r b g e l d i o g r b a y - G b m o e v a d y e t i o r u s n n c r m d i o n u e o g n n n t t o e s r o y o b c e f a l a i a l r g l n a a a d b t n i l o d e ns Other s [S e e c c u . re 1 d 0 ( a b d )J vances secured by d ( i l r a e s c t t p o a b r l . i g S a e t c i . o 1 n 3 s ) of the U. S. callable in one year advances secured by or less (Sec. 13) eligible paper , (Sees. 13 and 13a)1 To nonmember banks To others Rate Effective Rate Effective Rate Effective Rate Effective Rate Effective Boston Oct. 27, 1942 Sept. 1, 1939 Oct. 27, 1942 Sept. 1, 1939 Oct. 27, 1942 New York Oct. 30, 1942 Aug. 25, 1939 Oct. 30, 1942 Aug. 25, 1939 Oct. 30, 1942 Philadelphia Oct. 17, 1942 Mar. 21, 1942 Oct. 17, 1942 Mar. 21, 1942 Oct. 17, 1942 Cleveland Oct. 27, 1942 Apr. 11, 1942 Sept.12, 1942 Apr. 11, 1942 Oct. 27, 1942 Richmond Oct. 28, 1942 Mar. 14, 1942 Oct. 28, 1942 Mar. 14, 1942 Oct. 28, 1942 Atlanta Oct. 15, 1942 Mar. 21, 1942 Oct. 15, 1942 Sept.16, 1939 Oct. 15, 1942 Chicago Oct. 17, 1942 Feb. 28, 1942 Aug. 29, 1942 Sept. 1, 1939 Oct. 17, 1942 St. Louis. Oct. 27, 1942 Mar. 14, 1942 Mar. 14, 1942 Sept.16, 1939 Oct. 27, 1942 Minneapolis Oct. 30, 1942 Mar. 28, 1942 Oct. 30, 1942 Mar. 28, 1942 Oct. 30, 1942 Kansas City Oct. 27, 1942 Apr. 11, 1942 Oct. 27, 1942 Sept.16, 1939 Oct. 27, 1942 Dallas.... Oct. 17, 1942 Mar. 21, 1942 Oct. 17, 1942 Sept.16, 1939 Oct. 17, 1942 San Francisco Oct. • 28, 1942 Apr. 4, 1942 Oct. 28, 1942 Apr. 4, 1942 Oct. 28, 1942 1 Rates shown also apply to advances secured by obligations of Federal Intermediate Credit Banks maturing within 6 months. NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal Interparagraph of Section 13 is 90 days. FEDERAL RESERVE BANK BUYING RATES ON BILLS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS AND COMMITMENTS UNDER SECTION 13b [Per cent per annum ] OF THE FEDERAL RESERVE ACT Maturities not exceeding five years Maturity Fe R b a ru te a r o y n 29 In g i e n ff n e i c n t g b - e- Pre ra v t i e ous [In effect February 29. Per cent per annum] 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 H 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 % Oct. 20,1933 1 121-180 days Oct. 20, 1933 IK Discounts or Federal Reserve purchases l 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 re f e f l e l m e re r a d , t . w ur e i E r t e y f f , m e c w a ti d o v e u e l d o A n s u e g c l o . l n 3 b d , a i c t 1 i k 9 o 4 n 2 b , i t l h p ls u a t r c o h f t 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 t B b a a i n l n l k d s , , lo O an n s , 1 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 2Minimum buying rates on prime bankers' acceptances. obligated MEMBER BANK RESERVE REQUIREMENTS Boston [Per cent of deposits] New York Philadelphia Cleveland Net demand deposits1 Time deposits Richmond C r b e c e a s i n e n t t r y k r v s a e l R b e c a s i n t e y k rv s e Co ba u n n k tr s y m ba e n ( m a k l b s l e ) r M C A St h t i . l n i a c L n n a e o g t a u a o p is olis () Kansas City June 21, 1917-Aug. 15, 1936 13 10 Dallas § Aug. 16, 1936-Feb. 28, 1937 19H 15 San Francisco M M a a y r. 1 1 , , 1 1 9 9 3 3 7 7 - - A A p p r r . . 3 1 0 5 , , 1 1 9 9 3 3 7 8 22M 20 14 J ( 2 ) Apr. 16, 1938-Oct. 31, 1941 26 12 1 Including loans made in participation with financing institutions. Nov. 1, 1941-Aug. 19, 1942 22% 14 2 Rate charged borrower less commitment rate. S A E e f u f p g e t c . . t 2 1 iv 0 4 e , , 1 1 O 9 9 c 4 4 t 2 2 . - - 3 S O , e c p 1 t. t 9 . 4 1 2 3 2 , , 1 1 9 9 4 4 2 2 2 2 2 2 4 6 2 2 2 0 0 0 1 1 1 4 4 4 lo 4 3 w 5 e M F R r i a . a n t y a e n c c c h h in a a r g r g g e e in d s s a b t m i o tu r e r t o i r o w a n t e e r i . a s s c h ch ar a g rg ed ed X A bo p r e r r o w ce e n r t b o y n f u in n a d n i c s i b n u g r se in d s t p it o u r t t i io o n n , o i f f 1 Gross demand deposits minus dema 2 n 0 d 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 e c c f o A G r c d o t a v n e o c r f e n o 1 w r 9 s 3 i t 4 o h f t S h e e c u F r e i d ti e e r s al O A 1 c 1 p 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 , Savings deposits N Ja o n v . . 3 1 1 , , 1 19 9 3 3 3 5 - F D e e b c . . 2 3 1 H 1 ,1 ,1 9 9 3 3 5 5 - Ja E n f . f 1 ec ,1 ti 9 v 3 e 6 Postal savings deposits... 2H For extensions of credit by brokers and dealers on Other deposits payable: listed securities, under Regulation T J 40 In 6 months or more.... 2H For short sales, under Regulation T 50 In 90 days to 6 months. For loans by banks on stocks, under Regulation U.... 40 In less than 90 days 2H 1 1 Regulations T and U limit the amount of credit that may be extended on NOTE.—Maximum rates that may be paid by insured nonmember banks a security by prescribing a maximum loan value, which is a specified as established by the F. D. I. C, effective Feb. 1, 1936, are the percentage of its market value at the time of the extension; the "margin same as those in effect for member banks. Under Regulation Q the rate requirements" shown in this table are the difference between the market payable by a member bank may not in any event exceed the maximum value (100%) and the maximum loan value. rate payable by State banks or trust companies on like deposits under' 2 Requirement under Regulation T was the margin "customarily re- the laws of the State in which the member bank is located. quired" by the broker. * 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. 2-44 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 Feb. 23 Feb. 16 Feb. 9 Feb. 2 Jan. 26 Jan. 19 Jan. 12 Jan. 5 January December January Assets Gold certificates on hand and due from U.S. Treasury 19,311,07519,374,576 19,417,57319,480,57519,498,57519,501,575 19.,500,570 19,512,58019,481,578 19,532,580 20,487,782 Redemption fund—F.R. notes. 263,791 263,991 262,893 265,114 258,853 258,574 261,433 251,291 264,112 233,671 32,677 Other cash 336,251 347,038 350,776 357,171 366,116 360,061 353,510 336,566 355,568 329,822 411,036 Total reserves... 19,911,117 19,985,605 20,031,242 20,102,860 20,123,544 20,120,21020,115,51320,100,437 20,101,258 20,096,073 20,931,495 Discounts and advances: For member banks 46,503 32,255 22,451 23,927 24,307 41,079 46,986 30,800 21,717 5,255 9,858 For nonmember banks, etc 4,000 Total discounts and advances 46,503 32,255 22,451 23,927 24,307 41,079 46,986 30,800 21,717 5,255 13,858 Industrial loans 10,167 10,374 9,939 9,939 10,116 10,404 10,542 10,169 10,080 10,134 12,373 U. S. Government securities: Direct: Bills: Under repurchase option 3,052,663 2,708,776 2,626,883 3,290,622 3,860,534 3,999,741 4,137,476 3,939,763 3,617,147 3,845,077 295,939 Other 3,511,375 3,408,641 3,346,206 3,322,741 3,173,731 3,020,061 2,890,301 2,923,191 3,323,741 2,923,191 393,508 Certificates: Special 202,000 Other 2,672,740 2,664,540 2,587,040 2,549,040 2,676,690 2,578,690 2,514,800 2,477,300 2,787,140 2,467,300 1,115,200 Notes 883.200 919,200 920,200 931,000 664,900 664,900 664,900 664,900 664,900 664,900 1,275,254 Bonds 1,608,391 1,605,334 1,600,899 1,599,363 1,564,430 1,563,930 1,562,390 1,561,165 1,592,196 1,559,465 2,637,104 Guaranteed 87,835 87,835 87,835 87,835 85,835 85,462 84,962 84,212 87,835 83,014 49,976 Total U. S. Government securities, including guaranteed securities. 11,816,204 11,394,32611,169,063 11,780,601 12,026,12011,912,78411,854,82911,650,531 12,072,959 11,542,947 5,968,981 Other Reserve Bank credit outstanding 366,793 524,070 309,266 317,445 324,059 454,619 402,351 680,624 323,698 680,877 344,056 Total Res'erve Bank credit outstanding 12,239,66' 11,961,025 11,510,719 12,131,912 12,384,60212,418,886 12,314,7' 12,428,45412,239.213 6,339,268 Liabilities Federal Reserve notes 17,186,597 17,114,13017,084,973 17,039,804 16,907,03916,905,671 16,896,319 16,908,109|17,024,216 16,906,359j12,265,372 Deposits: Member bank—reserve account 12,109,18712,243,79012,482,352 12,846,829 13,002,11613,013,603 12,801,259 12,601,75612,916,97012,885,984113,630,417 U. S. Treasurer—general account 646,288 359,661 8,419 174,6411 351,252 403,756 638,332 961,279 374,591 578,617 3,883 Foreign 1,591,761 1,551,4-75 1,524,936 1,558,482| 1,530,778 1,521,555 ,444,503 1,380,613 1,500,725 1,360,488 792,213 Other deposits 352,149 416,317 181,742 357,393| 462,936 438,307 400,477 371,025 455,573 355,936 378.703 Total deposits... 14,699,38514,571,243 14,197,449 14,937,345 15,347,08: 15,377,221 15,284,57115,314,673 15,247,859 15,181,025 14,805,216 Ratio of total reserves to deposit and F.R. note liabilities combined (per cent) 63.1 62.9 62.31 62.5 62.3 62.6 77.3 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Within L6 to 30 31 to 60 61 to 90 91 days 6months 1 year 2 years Over loiai 15 days days days days to 6 to to to 5 years months 1 year 5 years 2 years Discounts and advances: Jan. 26 24,307 18,525 375 2,820 2,587 Feb. 2 23,927 14,245 4,625 2,680 377 2,000 Feb. 9..'.'..'.'.'.'. ....'.'.'.'.'.'.'.'.'.'.'.'..'. 22,451 11,338 6,120 2,910 2083 Feb. 16 32.255 20,662 6,950 2,710 1933 Feb. 23 46,503 43,175 2,355 740 233 Industrial loans: Jan. 26 .. 10,116 8,254 17 955 184 137 388 108 73 Feb. 2 9,939 8,126 912 26 185 132 378 106 74 Feb. 9 9,939 8,130 898 25 200 136 373 106 71 Feb. 16 10,374 9,427 5 33 230 136 372 100 71 Feb. 23 10,167 9,193 6 25 262 90 358 131 102 U. S. Government securities, including guaranteed securities: Tan.26 12,026, 120 1587,633 1,241 526 2,545, 054 2,989 402 349, 400 1,398,840 223 200 489,771 1201, 294 Feb 2 11,780,601 1304, 912 1,240 067 3,115, 837 2,360 997 531, 640 1.009.850 488 100 497,421 1231, 777 Feb 9 11,169, 063 1338, 717 1.128017 3,014, 835 1,899 970 550 640 1,028,850 477 300 500,021 1230, 713 Feb 16.... 11,394 326 1569 218 1,221 191 3,040 760 1,694 698 562 640 1,099,350 471 300 500,021 1 235, 148 Feb 23.... 11,816 204 1743, 402 1,189 048 3,194 366 1,845 672 565 140 1,120,050 420 300 500,021 1238, 205 MARCH 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston Y N o ew rk d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F S r a a n ncisco Assets Gold certificates on hand and due from U. S. Treasury: Jan. 26 19,498,5751,163,4875,109,6361,134,6691,647 0681,085,709 I,014,1583,487,844 720,594435,205 769,325 564,6912,366,189 Feb. 2 19480,5751,167,9315,101,2411,132,8031,655,2161,089,386 L,011,4313,516,500 711,674416,465 769,380 552,6942,355,854 Feb. 9 19417,5731,061,5665,138,9611,112,0921,622,9631,096,0171,023,4793,610,432 716,488393,753 760,535 525,0422,356,245 Feb.16 19,374,5761,011,0725,266,6451,076,9881,569,0691,064,1541,018,8073,616,262 700,488408,697 748422 530,1092,363,863 Feb. 23 19311,0751,005,8895,266,7441,102,5241,579 1771,065,1061,011,5803,547,156 681,022405,439 752,332 538,1282,355,978 Redemption fund- Federal Reserve notes: Jan. 26 258,853 23,175 41,494 24,611 20590 22,751 18,442 37,311 19,598 8,595 12203 9,728 20,355 Feb. 2 265,114 23,094 41,217 24,474 20500 23,932 18,347 38,211 19,564 8,585 12 182 9,702 25,306 F F e e b b . . 16 9 2 2 6 6 2 3 , , 8 9 9 9 3 1 2 2 2 2, 9 9 9 0 5 8 4 40 0 , , 4 8 9 2 4 0 2 24 4 , ,3 1 0 4 4 9 2 2 0 03 2 8 8 0 1 2 24 2 , , 0 9 4 2 5 6 1 1 8 8 , , 2 1 3 3 6 8 3 38 8 , , 9 0 5 7 7 5 1 1 9 9 , , 5 4 2 9 4 1 8 8 , , 5 5 7 6 3 5 1 1 2 2 1 13 5 2 3 9 9 t , 6 6 7 4 1 4 2 25 5 ^ ,2 1 3 8 6 7 Feb. 23 263,791 22,841 40,189 24,519 20 189 23,252 18,050 39,859 19,464 8,556 12 112 9,622 25,138 Other cash: 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 Feb. 2 357,171 34,848 89,572 26,357 28 038 21,209 22 255 44,583 15,061 8,380 12822 11331 42,715 Feb. 9 350,776 34057 90,695 26,118 27 508 19,651 20,841 43,195 13,899 8,597 12585 10577. 43,053 Feb.16 347,038 33,907 88,822 26,572 26480 20,172 21,805 42,756 14,106 8,596 11980 10674 41,168 Feb. 23 336,251 30,755 88,120 25,326 26 179 18,709 21,804 40,654 13,969 8,300 11951 10060 40,424 Total reserves: Jan 26 20,123,5441,221,1745,241,9761,185,5861,695 1641,131,0621,057,1583,569,967 756,224452,106 795 214 586 9802,430,933 Feb. 2 20 102,8601,225 8735,232,0301,183,6341,703 7541,134,5271,052,0333,599,294 746,299433,430 794 384 573 7272,423,875 Feb. 9 20031,2421,118 6185,270,4761,162,5141,670 8511,138,5941,062 5563,691,702 749,911410,923 785 273 545 2902,424,534 Feb.16 19985,6051,067,8875,395,9611,127,7091,615 8301,108,3711,058,7503,697,975 734,085425,858 772 534 550 4272,430,218 Feb. 23 19,911,1171,059,4855,395,0531,152,3691,625 5451,107,0671,0514343,627,669 714,455422,295 776 395 557 8102,421,540 Discounts and advances: Secured by U. S. Government obligations, direct and guaranteed: Jan. 26 24,307 2478 14,042 1 135 640 1,380 50 50 3,510 522 500 Feb. 2 23,927 4 955 12,027 1,535 420 1,380 50 2,050 10 1000 500 Feb. 9 22.451 1825 14,268 2978 20 50 1,800 10 1000 500 Feb.16 32,255 1025 24,353 1045 20 2,130 50 1,800 10 1322 500 Feb. 23 46,503 510 20,608 3,313 125 2,830 500 1,500 15,295 1322 500 Other: Jan.26 Feb. 2 Feb. 9 Feb.16 Feb.23 Total discounts and advances: Jan.26 24,307 2478 14,042 1 135 640 1,380 50 50 3,510 522 500 Feb. 2 23,927 4 955 12,027 1535 420 1,380 50 2,050 10 1000 500 Feb. 9 22,451 1825 14,268 2 978 20 50 1,800 10 1000 500 Feb.16 32,255 1025 24,353 1045 20 '"2;i30 50 1,800 10 1322 500 Feb. 23 46,503 510 20,608 3 313 125 2,830 500 1,500 15,295 1322 500 Industrial advances: Jan. 26 10,116 387 126 4 107 390 231 120 4 184 30 12 4,525 Feb. 2 9,939 387 123 3 986 381 231 113 4 184 30 12 4,488 Feb. 9 9,939 384 123 3981 380 227 113 4 197 30 12 4,488 Feb.16 10,374 384 123 4 383 380 227 108 4 235 30 12 4,488 Feb. 23.!.!!! 10,167 379 123 4 159 380 '227 107 4 258 30 12 4,488 U. S. Government securities: Bills: Under repurchase AoTkpfiA J tH a i *o n n . . 26 3 860,534 80,9732,093,578 142994 82910 55,051 17057 924,158 88,869 33,610 30 640 21086 289,608 F F e e b b . . 9 2 3 26 2 2 9 6 0 , ,6 8 2 8 2 3 8 8 6 4 2 56 0 4 41 1, , 3 7 3 5 5 6 , , 2 1 1 8 9 6 1 9 0 8 55 3 5 2 4 9 4 5 8 65 55 5 2 8 3 2 0 8 , , 2 4 0 7 2 2 1 1 7 6 0 6 3 6 5 7 8 6 3 7 7 3 , , 9 2 7 8 4 2 6 6 9 3 , , 3 6 0 2 9 7 3 31 0 , ,2 6 7 2 0 6 2 2 9 6 3 7 6 5 2 7 2 2 3 0 3 1 3 7 0 2 2 1 4 9 8 9 , , 6 6 3 1 8 6 Feb.16 2 708,776 1000361,339,102 132044 54 182 42,602 19307 628,587 84,512 29 661 33 482 19920 225,341 Feb. 23 3 052,663 131 6101,406,120 138593 93 152 48,392 30 643 752,552 116,709 45,516 47 130 25 633 216,613 Other bills: Jan.26 3 173,731 243314 699,665 247 129 349339 213,621 178 214 339,811 156,259100,674 165904 149 641 330,160 Feb. 2 3 322,741 254 525 737,938 259 197 364 767 222,451 185303 356,952 163,150105,294 173274 155873 344,017 Feb. 9 3 346,206 256 289 743,989 261 101 367 189 223,838 186414 359,657 164,232106,021 174434 156 850 346,192 Feb.16 3408,641 260983 760,168 266 170 373 628 227,503 189350 366,865 167,105107,955 177 515 159443 351,956 Feb. 23 3 511,375 268 799 784,336 274301 384 661 234,086 194 762 378,196 172,040111,184 182 767 164062 362,181 Certificates: Jan. 26 2 676,690 205 208 590,087 208423 294 632 180,162 150302 286,597 131,788 84,909 139,918 126 208 278,456 Feb. 2 2 S49 040 195260 566,110 198844 279 828 170,652 142 155 273,833 125,157 80 775 132932 119 578 263,916 Feb. 9 2 587,040 198 146 575,199 201 862 283886 173,050 144 120 278,056 126,971 81 968 134863 121 267 267,652 Feb.16 2664,540 204,009 594,227 208065 292064 177,844 148017 286,783 130,629 84,384 138 762 124632 275,124 Feb.23 2 672,740 204 600 597,008 208 786 292 795 178,175 148245 287,873 130,948 84,626 139 120 124880 275,684 Notes: Jan 26 677,900 51,971 149,446 52 786 74618 45,629 38066 72,583 33,376 21 504 35 437 31 963 70,521 Feb. 2 944,000 72,311 209,650 73639 103631 63,199 52 645 101,411 46,351 29 915 49 228 44 284 97,736 Feb. 9 933,200 71475 207,486 72817 102403 62,424 51 988 100,302 45,801 29 567 48 647 43 743 96,547 Feb.16 932,200 71,374 207,892 72 793 102 180 62,218 51 784 100,331 45,700 29 524 48 547 43 604 96,253 Feb. 23 896,200 68 605 200,184 70010 98 176 59,745 49 709 96,526 43,909 28 377 46 647 41 873 92,439 ±46 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 l i p l h a i - a Cl la e n ve d - m Ri o c n h d - Atlanta Chicago Lo S u t i . s V a l p i o n l n i e s - Ka C n it s y as Dallas F c r S i a s a c n n o - Bonds: 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 Feb. 2 1,674198 128,245 371,818 130,599 183,792 112,084 93,367 179,854 82,205 53,054 87,306 78,538 173,336 Feb. 9 1,675,734 128,346 372,579 130,756 183,883 112,095 93,354 180,111 82,245 53,094 87,354 78,549 173,368 Feb. 16 1,680,169 128,642 374,698 131,199 184,167 112,139 93,333 180,833 82,369 53,213 87,500 78,592 173,484 Feb. 23 1,683,226 128,853 375,982 131,490 184,392 112,212 93,362 181,294 82,47053,298 87,612 78,645 173,616 Total U.S. Government securities, including guaranteed securities: Jan. 26 12,026,120 706,987 893,719 778,821 981,716 604,666 475,576 ,798,451 490,903292,633 457,485 406,095 139,068 Feb. 2 ll'780,601 736,545 641,702 767,833 988,576 598,588 490,505 ,750,024 486,172299,308 472,102 421,603 127,643 Feb. 9 11169,063 738,820 234,472 764,865 985,913 599,879 492543 ,591,408 482,876302,276 472,055 420,581 083,375 Feb. 16 11394,326 765,044 276,087 810,2711,006,221 622,306 501,791 ,563,399 510,315304,737 485,806 426,191 122,158 Feb. 23 11816,204 802,467 363,630 823,1801,053,176 632,610 516,721 ,696,441 546,076323,001 503,276 435,093 120,533 Total loans and secur J i a t n i . e s 2 : 6 12060543 709852<t907,887 784063 982,746 606,277 475746 ,798,505 494,413292,817 457,515 406,629 144,093 Feb. 2 11814467 741887;653,852 773354 989,377 600,199 490668 ,752,078 486,182299,492 472,132 422,615 132,631 Feb. 9 11201453 741029 248,863 771824 986,313 600,106 492706 ,593,212 482,886302,473 472,085 421,593 088,363 Feb.16 11436955 7664533300,563 8156991,006,621 624,663 501949 ,565,203 510,325304,972 485,836 427,525 127,146 Feb. 23 11872874 8033563384,361 8306521,053,681 635,667 5173281,697,945 561,371323,259 503,306 436,427 125,521 Due from foreign banks: Jan. 26 136 10 I49 12 12 6 4 17 4 3 4 4 11 Feb. 2 136 10 149 12 12 6 4 17 4 3 4 4 11 Feb. 9 136 10 149 12 12 6 4 17 4 3 4 4 11 Feb.16 136 10 i49 12 12 6 4 17 4 3 4 4 11 Feb. 23 136 10 149 12 12 6 4 17 4 3 4 4 11 Federal Reserve notes of other banks: Jan. 26 86307 1781 13325 2489 3489 14001 8115 8,521 6,002 2959 5,071 3,009 17,545 Feb 2 84616 1412 13925 2389 3249 13278 8539 9,224 5,663 3493 3,641 3,565 16,238 Feb. 9 81699 1393 13867 2189 2925 12726 7285 8,355 5,187 3036 4,803 3,115 16818 Feb. 16 79296 1480 12633 2049 2,980 12809 8412 7,826 5,313 2920 5,147 3,520 14207 Feb. 23 74916 1562 10947 2281 3538 12386 7357 6,928 4,818 3102 3,720 2,630 15,647 Uncollected items: Jan. 26 1645859 131556 340740 92756 182301 121513 95391 243,633 74,478 37058 88,736 59,003 178694 Feb. 2 1717819 128321 354330 102805 187723 121052 99571 252939 92,665 37202 89,578 58,321 193312 Feb. 9 1542618 124643 303257 86065 153326 104835 106917 242510 71,232 34726 87,866 59,640 167601 Feb. 16 2211079 168964 514224 123171 256,024 137261 118050 380851 87,261 41851 102,223 76,746 204453 Feb. 23 1689567 150,498 339956 105281 198089 115781 92980 246897 59638 36610 95,460 66,457 181920 Bank premises: Jan. 26 35172 1666 9121 3588 4205 2932 1650 2948 2064 1280 2,732 963 2023 Feb. 2 35112 1661 9101 3588 4204 2929 1650 2941 2062 1278 2726 956 2016 Feb. 9 35112 1661 9101 3588 4204 2929 1650 2941 2062 1278 2726 956 2016 Feb.16 35112 1661 9101 3588 4204 2929 1650 2941 2062 1278 2726 956 2016 Feb. 23 35095 1661 9 101 3588 4195 2922 1649 2941 2062 1278 2726 956 2016 Other assets: Jan. 26 64388 4583 14898 4434 7600 4178 3431 7120 2999 2206 3250 3241 6448 Feb. 2 63722 4519 14568 4454 7393 4084 3430 7167 3049 2215 3302 3151 6390 Feb. 9 65656 4572 15090 4518 7633 4700 3535 7096 3 145 2256 3291 3069 6751 Feb. 16 67275 4727 15396 4587 7947 4766 3737 7307 3020 2190 3386 3253 6959 Feb. 23 67823 4812 15705 4694 7870 4380 3821 7529 3053 2114 3455 3345 7045 f Total assets: Jan. 26 3401594920706229,5279962,0729282,8755171,879,9691,641 4955,6307111,336 1847884291,352 5221,059 8293,779747 Feb. 2 338187322,1036839,2778552,0702362,8957121,8760751,655 8955,6236601,335 9247771131,365 7671,0623393,774473 Feb. 9 329579\t1,99192C8,86070320307102,8252641,8638961,674,6535,5458331 3144?775469 S1 356,0481,033 6673,706094 Feb. 16...s 338154582,0111829,2479272,076,8152,8936181,8908051,692,5525,6621201,342070779,0721,371 8561,0624313,785010 Feb. 23 336515282,021,3849,1551722,0988772,8929301,8782091,6745735,5899261,345 4017886611,3850661,0676293,753700 Liabilities Federal Reserve notes: Jan. 26 16,9070391,146,9433,7529931,152,1551,5105691,132,200 947,1953,188,042 722708387,150 615775 4058701,945,439 Feb. 2 17,0398041,152,5953,7672481,155,1631,513 6091,142,644 969,8973,200,522 731216387,613 625647 4175091,976,141 Feb. 9 17,0849731,156,5253,7692351,1606441,520 1881139317 969,2813,214,933 732,015389,021 625979 4158401,991,995 Feb 16 17,1141301,156,8373,7844061,163,2841,5245871,141,180 964,3903,225,372 732198389,174 624610 4130441,995,048 Feb. 23 17,1865971,162,3793,8069891,169,8581,5330311,140,306 963,9763,245,140 732,510389,471 626,508 4125182,003,911 Deposits: Member bank—reserve account: Jan. 26 13,002,116 656,6754,352,378 645,838 997,744 535,708 527,7631,961,146 457,806294,151 580,925 522,6741,469,308 Feb. 2 12,846,829 680,8784,171,842 640,4051,038,433 530,590 535,2721,956,094 449,988286,514 582,105 530,1851,444,523 Feb. 9 1248?352 614,6044,021,703 620,864 986,440 551,265 558,1921,907,927 446,406283,163 589-959 511,7261,390,103 Feb. 16 12,243,790 573,3033,962,540 609,336 950,123 529,249 595,6811,864,202 443,160282,996 581,715 515,0961,396,389 Feb. 23. 12,109,18 571SOS4,022803 599,210 927,235 502,56: 509,3891,8-27,972 435,266281,742 572,633 495,2621,363,609 U. S. Treasurer— general account... Jan. 26 351,25 19,739 77,272 21,157 32,086 23,141 19,499 50,114 17,77 19,795 18,907 20,200 31,571 Feb. 2 174,64 5,080 63,619 4,753 5,595 12,686 1,190 16,972 14,088 12,747 17,301 9,370 11,240 Feb. 9 8.419 1,214 724 448 1,056 107 179 572 1,136 1,067 189 31 1,696 Feb. 16 359,66 32,569 77,960 21,784 24,405 26,633 32,262 38,609 20,625 15,356 12,208 14,668 42,582 Feb. 23 646,28 47,694 99,050 48,809 77,508 61,938 53,438 57,296 50,696 28,911 33,529 39,029 48,390 1 After deducting $87,000 participations of other Federal Reserve Banks. MARCH 1944 2-47 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 ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Foreign: Jan. 26 1,530,778 102,305 ^17,950 131,737 127,441 57,277 45,822 177,559 44,390 31,502 41,526 41,526 111,743 Feb. 2 1,558,482 104,399 !625,378 134,692 130,299 58,562 46,849 181,541 45,385 32,209 42,457 42,457 114,254 Feb. 9 1,524,936 101,109 1614,796 131,494 127,206 57,171 45,737 177,231 44,308 31,444 41,449 41,449 111,542 Feb.16 1,551,475 103,575 ^22,605 134,136 129,762 58,320 46,656 180,793 45,198 32,076 42,282 42,282 113,790 Feb. 23 1,591,761 110,110 ^07,986 141,999 137,368 61,739 49,391 191,389 47,847 33,956 44,760 44,760 120,456 Other deposits: Jan. 26 462,936 7,123 328,755 9,797 12,536 5,238 6,948 5,975 16,007 16,988 2,397 3,131 48,041 Feb. 2 357,393 4,062 224,442 14,851 10,251 6,240 8,232 8,826 16,062 18,215 2,712 4,905 38,595 Feb. 9 181,742 4,161 61,897 11,152 13,068 4,030 7,735 9,279 13,443 12,305 2,623 4,145 37,904 Feb. 16 416,317 4,270 277,728 9,894 9,374 6,033 8,821 28,464 14,565 13,014 2,665 3,497 37,992 Feb. 23 352,149 3,709 252,22' 7,520 5,413 3,699 8,052 5,723 14,060 10,791 1,590 2,994 36,371 Total deposits: Jan. 26 15,347, 785,8425,376,355 808,5291,169,807 621,364 600,032 ,194,794 535,974362,436 643,755 587,5311,660,663 Feb. 2 14,937,345 794,4195,085,281 794,7011,184,578 608,078 591,543 ,163,433 525,52."349,685 644,575 586,9171,608,612 Feb. 9 14,197,449 721,088 4,699,120 763,958 ,127,770 612,573 611,843 ,095,009 505,293327,979 634,220 557,3511,541,245 Feb. 16 14,571,243 713,7174,940,833 775,1501,113,664 620,235 623,420 ,112,068 523,548343,442 638,870 575,5431,590,753 Feb. 23 14,699,385 733,018 4,982,066 797,5381,147,524 629,937 620,270 ,082,380 547,869 3"5 5",400 652,512 582,0451,568,826 Deferred availability items: 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 Feb. 2 1,400,510 127,095 275,577 82,030 156,308 105,693 78,147 202,510 64,700 28,057 79,545 44,106 156,742 Feb. 9 1,233,488 84,727 242,348 67,689 135,989 92,341 77,065 178,933 62,609 25,898 79,471 46,586 139,832 Feb.16 1,687,145 110,940 372,294 99,956 213,991 109,714 88,367 267,544 71,835 34,653 91,813 59,896 166,142 Feb.23 1,322,910 96,194 215,418 92,908 170,859 88,211 73,863 205,243 50,449 31,933 90,987 59,047 147,798 Other liabilities including accrued dividends: Jan. 26 7,020 541 1,548 487 570 237 569 989 181 189 965 327 417 Feb. 2 7,264 549 1,317 503 521 260 196 998 191 159 1,999 148 423 Feb. 9 7,561 524 1,373 518 564 223 307 190 178 2,321 158 397 Feb. 16 7,922 596 1,586 491 570 201 190 799 191 173 2,545 192 Feb.23 6,936 635 1,692 554 635 227 247 212 196 981 235 Total liabilities: Jan. 26 33,583,0772,041,606 9,379,8322,035,128 ,834,9091,860,6081,625,428 ,574,717 ,321,923 76,874 ,338,5681,046,2173,747,267 Feb. 2 33,384,9232,074,658 9,129,4232,032,397 ,855,0161,856,6751,639,783 ,567,463 ,321,630765,514 ,351,7661,048,6803,741,918 Feb. 9 32,523,4711,962,8648,712, ,992,809 784,5111,844,4541,658,496 ,489,683 ,300,107743,076 ,341,9911,019,9353,673,469 Feb.16 33,380,440 ,982,0 9"0 9,099,1192,038,881 852,812 1,871,3301,676,367 ,605,783 ,327,772 67,442 ,357,8381,048,675 ,752,331 Feb. 23 33,215,8281,992, ,006,1652,060,858 852,049 1,858,6811,658,356 ,533,661 ,331,040 77,000 ,370,< 1,053,845 ,720,959 Capital Accounts: Capital paid in: 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 Feb. 2 155,793 9,863 57,580 11,766 15,849 6,254 5,495 18,063 4,762 3,387 5,068 4,713 12,993 Feb. 9 155,942 9,851 57,616 11,784 15,849 6,260 5,514 18,077 4,766 3,389 5,070 4,761 13,005 Feb.16 156,051 9,869 57,656 11,793 15,851 6,266 5,519 18,089 4,769 3,394 5,078 4,761 13,006 Feb. 23 156,149 9,871 57,687 11,811 15,858 6,266 5,520 18,122 4,770 3,395 5,080 4,761 13,008 Surplus (section 7): Jan. 26 188,09' 13,206 70,012 17,859 16,026 5,236 5,725 26,490 6,330 3,669 4,554 4,831 14,159 Feb. 2 188,097 13,206 70,012 17,859 16,026 5,236 5,725 26,490 6,330 3,669 4,554 4,831 14,159 Feb. 9 188,097 13,206 70,012 17,859 16,026 5,236 5,725 26,490 6,330 3,669 4,554 4,831 14,159 Feb. 16 188,097 13,206 70,012 17,859 16,026 5,236 5,725 26,490 6,330 3,669 4,554 4,831 14,159 Feb. 23 188,09' 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): 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 Feb. 2 26,968 2,874 7,092 4,421 1,007 3,290 749 1,429 530 1,003 1,137 1,307 2,129 Feb. 9 26,965 2,874 7,092 4,421 1,007 3,290 749 1,429 530 1,000 1,137 1,307 2,129 Feb. 16 26,965 2,874 7,092 4,421 1,007 3,290 74' 1,429 530 1,000 1,137 1,307 2,129 Feb. 23 26,965 2,874 7,092 4,421 1,007 3,290 749 1,429 530 1,000 1,137 1,307 2,129 Other capital accounts: 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 Feb. 2 62,951 3,082 13,748 3,793 7,814 4,620 4,143 10,215 2,67' 3,540 3,242 2, 3,274 Feb 9 63,441 3,131 13,907 3,837 7,871 4,656 4,169 10,154 2,694 3,561 3,296 2,833 3,332 Feb. 16 63;905 3,143 14,048 3,861 7,922 4,683 4,19: 10,329 2,669 3,56' 3,249 2,85 3,385 Feb. 23 64,489 3,207 14,216 3,928 7,990 4,736 4,223 10,224 2,731 3,597 3,307 2,885 3,445 Total liabilities and capital accounts: Jan. 26 34,015,94' 2,070,6229,527,9962,072,928 2,875,5171,879,9691,641,4955,630,7111,336,184788,429 ,352,5221,059,829 3,779,747 Feb. 2 33,818,7322,103,6839,277,8552,070,236 2,895,7121,876,07.1,655, 5,623,6601,335,924777,11. 365,7671,062,3393,774,473 Feb. 9 32,957,9161,991,9268,860,7032,030,710 2,825,2641,863,8961,674,6535,545,8331,314,42^754,695 ,356,0481,033,6673,706,094 Feb. 16 33,815,4582,011,1829,247,9272,076,81 2,893,6181,890,8051,692,5525,662,1201,342,070779,072 ,371,8561,062,4313,785,010 Feb. 23 33,651,5282,021,384 9,155,1722,098,877 2,892,9301,878,2091,674,5735.589,9261,345,401788,661 385,0661,067,6293,753,700 Commitments to make industrial advances: Jan. 26 10,13! 700 2,115 100 670 316 3,000 680 2,542 Feb. 2 10,28 700 2,226 100 670 316 3,000 680 2,580 Feb. 9 10.28: 700 2,229 100 670 316 3,000 680 2,578 Feb. 16 9,67 700 1,823 100 766 16 3,000 680 2,577 Feb. 23 9,94' 700 1,923 100 816 16 3,000 680 2,700 1 After deducting $910,704,000 participations of other Federal Reserve Banks on Jan. 26; $931,130,000 on Feb. 2; $909,024,000 on Feb. 9; $927,290,000 on Feb. 16; and $981,643,000 on Feb. 23. 148 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 t - a 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 outstanding (Issued to F.R. Bank by F.R. agent): Jan. 26 17,614,965 ,201,0653,889,9781,184,434 1,556,721 1,177,091 1,017,7413,260,595761,011396,171639,969 445,3512,084,838 Feb. 2 17,661,798 ,199,5653,899,2331,189,627 1,558,864 1,180,957 1,018,301 3,264,309 ,671396,563 647,288 447,546 2',094,874 Feb. 9 17,707,861 197,262 3,905,669 1,185,6851,560,758 1,182,387 1,016,574 3,279,528763,979 396,389 651007 446,5442,122,079 Feb. 16 17,717,063 192,393 3,911,9181,190,8'16 1,563, ,181,424 1,011,814 3,287,127 ,413396,742 648,013 443,5412,125,896' Feb. 23 17,770,074 8,9603,924,846 1,196,4811,569,439 1,177,405 1,029,349 3,301,294763,734 396,575 650519 446,7692,124,703 Collateral held by agent as security for notes issued to Bank: Gold certificates on hand and due from U. S. Treasury: Jan. 26 12,896,00C 761 ,115,000 715,0001,160,000 775,000 750),,000 2530,000 400,000230,000 400,000 336,0001,724,000 Feb. 2 12,831,000 761,000 3,115,000 715,0001,160,000 775,000 750, 530,000 400,000 230,000 410,000 336,0001,649,000 Feb. 9 13,036,000 761,0003,340,000 715,000 1,165,000 775,000 750,000 2,530,000 400,000 230,000 410,000311,0001,649,000 Feb. 16 13,066,000 761,0003.340.000 720, ,165,000 775,000 750,000 2.,530,000 400,000 230,000 410,000 311,000 1,674,000 Feb. 23 13,076,000 761,0003,340,000 725,0001,170,000 775,000 750),,000 2,530,000 400,000 230,000 410,000311,0001,674,000 Eligible paper: Jan. 26 22,545 2,478 14,042 1,135 1,380 3,510 Feb. 2 19,907 4,955 12,027 1.535 1,380 10 Feb. 9 19.081 1,825 14,268 2,978 10 Feb. 16 28,563 1,025 24,353 1,045 2,130 10 Feb. 23.. 42,556 510 20.608 3,313 2,830 15,295 U. S. securities: Jan 26 5,003,869 450,000 800,000 475,000 400,000 450,000 300,000 790,000 388,869 1751,000 250,000125,000 400,000 Feb. 2 5,109,309 450,000 800,000 475,000 400,000 450,000 300,000 790,000 394,309 175i,,000000 225500,,000000 125,000 500,000 Feb. 9 4,928,62' 450,000 600,000 475,000 400,000 450,000 300,000 790,000 388,6271751,,000 250,000150,000 500,000 F F e e b b . . 2 1 3 6 4 4 , , 9 9 8 4 1 9 , , 7 5 0 1 9 2 4 45 5 0 0 , , 0 0 0 0 0 0 6 6 0 0 0 0 , , 0 0 0 0 0 0 4 47 7 5 5 , , 0 0 0 0 0 0 4 40 0 0 0 , , 0 0 0 0 0 0 4 4 5 5 0 0 , , 0 0 0 0 0 0 3 3 0 0 0 0 , , 0 0 0 0 0 0 7 7 9 9 0 0 , , 0 0 0 0 0 0 4 4 4 0 1 9 , , 7 5 0 1 9 2 1 1 7 75 5 , ,0 0 0 0 0 0 2 2 5 5 0 0 0 0 ., ,, 0 00 0 00 0 00 1 1 5 5 0 0 , ,0 0 0 0 0 0 5 5 0 0 0 0 , , 0 0 0 0 0 0 Total collateral: Jan. 26 17,922,4141,213,478 3,929,042 1,191,1351,560,000 1,226i,,3380 1 >,000 3 320,000 792,379 405,000 650,000 461,000 2,124,000 Feb. 2 17,960,2161,215,955 3,927,0271,191,535 1,560, ,226,380 1 320,000 794,319 405,000 660,000 461,000 2,149,000 Feb. 9 17,983,7081,212,825 3,954,2681,192,978 1,565,000 1,225, 320,000 788,637 405,000 660,000 461,000 2,149,000 Feb. 16 18,044,0751,212,025 3,964,3531,196,045 1,565,000 1,227,130 320,000 809,522 405,000 660,000 461,000 2,174,000 Feb. 23 18,100,2651,211,510 ,960,6081,203,313 1,570,000 1,227,830 320,000 857,004 405,000 660,000 461,000 2,174,000 INDUSTRIAL LOANS 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 W D ed a n te e sd (l a a y s t or Ap a p p l p ic ro a v ti e o d ns b p u r A o t p v n - e o d t L o o u a t n - s C m om en m ts it- BA [ N A K m S o un U t N s D in E t R h ou R sa E n G ds U L of A T do I l O la N rs ] V las p t e r d i a o y d ) of Number Amount a p m c l o e o m t u e - d n 1 t) s ( t a a m n o d u in n g t) 2 s (a ta m o n u o d t u i - n n t g ) Gua a r u a t n h t o e r e i d z ed loans Gua o r u a t n st t a e n ed d in lo g ans A aO d iT d nY i oI t A i uI o Iini n i4 a " l available to borrowers 1934 984 49,634 20 966 13,589 8,225 Date under guar- 1935 1,993 124,493 11 548 32,493 27,649 Total Portion antee agree- 1 19 9 3 3 7 6 . 2 2 , , 2 4 8 0 0 6 1 15 3 0 9 , , 9 8 8 2 7 9 8 3 3 2 6 2 9 6 2 2 5 0 , , 5 2 2 1 6 6 2 1 0 2 , , 9 7 5 8 9 0 Number Amount amount gu te a e ra d n- out m st e a n n t d s ing 1938 2,653 175,013 1946 17,345 14,161 1939 2,781 188,222 2 659 13,683 9,220 1940 2,908 212,510 13954 9,152 5,226 1942 1941 3,202 279,860 8 294 10,337 14,597 June 30 565 310,680 81,108 69,674 137,888 1942 Sept 30 1,658 944,204 427,918 356,677 230,720 June 24 3,352 338,822 26 346 11,265 16,832 Dec. 31 2,665 2,688,397 803,720 632,474 1,430,121 Dec. 31 3,423 408,737 4 248 14,126 10,661 1943 1943 Jan. 30 3,432 434,638 6 672 12,897 12,160 Jan. 31 2,961 2,999,731 974,083 768,249 1,440,943 Feb. 27 3,440 446,319 5 882 13,717 12,117 Feb. 28 3,198 3,479,172 1,040,828 828,221 1,706,849 Mar. 31 3,443 459,296 5 164 13,182 13,143 Mar.31 3,534 3,725,241 1,245,711 999,394 1,865,618 Apr. 30 3,447 467,733 3 732 13,188 13,438 Apr.30 3,773 4,058,731 1,339,078 1,073,972 r2,018,818 May 31 3,448 473,399 3 045 13,378 12,950 May31 4,002 4,554,278 1,415,777 1,150,040 r2,076,998 June 30 3,452 475,468 3 203 13,044 12,132 June30 4,217 4,718,818 1,428,253 1,153,756r2,216,053 July 31 3,455 477,681 2 883 12,258 11,832 July 31 4 404 4,900,905 1,536,296 1,269,416 r2,388,721 Aug. 31 3,458 481,288 4 354 12,000 11,614 Aug.31 4,599 5,153,941 1,646,921 1,366,178 r2,482,875 Sept. 30 3,460 483,608 2 860 12,227 11474 Sept 30 4 787 5,452,498 1,708,022 1,413,159 r2,494,855 Oct. 30 3,464 486,098 305 12,409 9,978 Oct.31 4 948 5,546,555 1,815,162 1,511,847 r2,586,563 Nov. 30 3,466 488,422 401 11,811 9,920 Nov 30 5,123 6,234,047 1,798,272 1,495,910 r2,798,283 Dec. 31 3,471 491,342 926 10,532 9,270 Dec. 31 5 347 6,563,048 1,914,040 1,601,518 r3,146,286 1944 Jan. 31. 3,475 495,738 1808 10,369 10 146 18,247 1944 Jan. 31 5 565 6,989,682 2,020,294 1,691,802 3,278,822 1 Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant. r Revised. 2 Includes industrial loans past due 3 months or more, which are not in- NOTE.—The difference between guaranteed loans authorized and sum cluded in industrial loans outstanding in weekly statement of condition of of loans outstanding and amounts available to borrowers under guarantee Federal Reserve Banks. agreements outstanding represents amounts repaid, guarantees available NOTE.—The difference between amount of applications approved and the but not completed, and authorizations expired or withdrawn. sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or expired. MARCH 1944 249 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS AND RESERVES OF MEMBER BANKS, JANUARY 1944 [Averages of daily figures. In millions of dollars] Gross demand deposits Reserves Demand Total I b n a te n r k - w G m a U o r v e . e l S n o r . t n an - Other A d p d e o m j d s u i e a s t - t n s e 2 d d N p m o e d a s t e i n - t d d s e 3 - p T o d i s m e i - t e s4 d b o a m l f d a r u o n e e m s c t e i s c Held qu R i e r - ed Excess de- banks posits1 All member banks 76,172 10,934 8,489 56,749 53,287 58,900 15,469 5,501 12,935 11,821 1,114 Central reserve city banks: New York 22,022 3,750 3,023 15,249 14,267 17,984 867 55 3,668 3,649 19 Chicago 5,081 1,051 658 3,372 3,161 4,048 509 166 845 840 5 Reserve city banks—Total.. 28,591 5,061 3,030 20,499 18,794 22,088 6,197 1,834 5,133 4,789 344 Boston district 2,025 338 289 1,399 1 311 1,602 105 50 338 327 11 New York district 470 28 42 400 374 381 176 21 91 87 4 Philadelphia district 2,225 327 275 1,623 1,516 1,772 138 72 377 363 15 Cleveland district 3,657 496 416 2,746 2,540 2,859 818 181 676 621 55 Richmond district 1,651 311 202 1,138 1,056 1,257 273 113 298 268 30 Atlanta district 1,746 500 174 1.072 950 1,311 225 145 302 276 26 Chicago district 3,647 446 402 2,799 2,600 2,759 1,032 295 650 614 36 St. Louis district 1,731 571 171 989 879 1,339 194 115 289 279 9 Minneapolis district 941 266 117 558 501 708 95 60 151 147 4 Kansas City district 2,312 821 175 1,316 1,159 1,696 195 290 391 351 40 D Sa a n ll a F s r a d n i c s i t s r c ic o t distr # ict 6 1, , 6 4 9 8 9 5 4 5 2 3 0 8 6 1 3 3 2 5 5 1 , , 3 1 1 4 5 5 4 1 , , 8 05 5 4 4 5 1 , , 1 25 4 6 8 2,7 1 8 66 0 2 22 7 3 0 1,2 2 7 9 1 9 1,1 26 9 1 6 3 7 8 5 Country banks—Total 20,478 1,072 1,777 17,629 17,063 14,780 7,896 3,447 3,289 2,543 746 Boston district 2,077 100 228 1,748 1,670 1,583 695 195 316 263 52 New York district 3,179 77 357 2,745 2,639 2,446 1,855 278 552 454 98 Philadelphia district 1,498 12 163 1,323 1,283 1,123 955 177 273 215 58 Cleveland district 1,760 23 146 1,591 1,547 1,281 948 292 328 236 92 Richmond district 1,624 191 128 1,305 1,237 1,131 485 310 238 187 51 Atlanta district 1,628 185 134 1,309 1,258 1,126 342 333 234 178 56 Chicago district 2,652 73 260 2,319 2,271 1,869 1,193 482 448 333 115 St. Louis district 1,141 135 68 937 906 804 313 242 168 131 36 Minneapolis district 868 67 65 736 717 621 363 166 144 109 35 Kansas City district 1,314 73 71 1,170 1,154 869 178 366 192 132 59 Dallas district 1,543 108 83 1,353 1,321 1,052 105 386 215 154 61 San Francisco district 1,195 28 75 1,092 1,060 875 465 220 183 150 33 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 LARGER AND [Averages of daily figures. In millions of dollars] SMALL CENTERS,1 JANUARY 1944 [Averages of daily figures. In millions of dollars] Central reserve All city banks Re- Coun- In places of 15,000 In places of under m b e e m r - s c er it v y e try , population and over 15,000 population banks1 banks Chicago Federal Reserve districts Demand Demand Total reserves held: d e e i x n p c t o e e s r p i - t t s de T p i o m s e its d e e i x n p c t o e e s r p i - t ts de T p i o m s e its 1942—Dec 4,303 5,122 2,850 bank2 bank2 1943—Jan 4,352 5,190 2,905 Dec 3,601 837 5,083 3,228 1944-^an 3,668 845 5,133 3,289 Total 12,105 4,647 7,302 3,249 Week ending (Friday): 1943—Dec. 31 3,609 819 5,050 3,282 Boston 1,717 551 260 144 1944—Jan. 7 3,597 816 5,079 3,300 New York 2,418 1,201 684 655 Jan. 14 3,619 838 5,125 3,264 Philadelphia 893 443 593 512 Jan. 21 3,718 862 5,151 3,298 Cleveland 1,050 507 687 441 Jan.28 3,735 854 5,160 3,297 Feb. 4 3,569 832 5,113 3,340 Richmond 920 236 513 249 Feb. 11 3,391 806 4,956 3,308 Atlanta 1,035 239 408 103 Feb.18 3,364 799 4,861 3,257 Chicago 1,565 716 1,014 477 Excess reserves: St. Louis 425 175 581 138 1942—Dec 416 35 1,020 904 1943—Jan 337 22 913 860 Minneapolis 375 145 426 218 1943—Dec 28 6 302 712 Kansas City 352 62 889 116 1944-Jan 19 5 344 746 Dallas 583 66 852 38 Week ending (Friday): San Francisco 772 306 395 159 1943—Dec. 31 42 5 285 744 1944—Jan. 7 20 3 333 756 Jan.14 17 1 337 709 1 Includes any banks in outlying sections of reserve cities V/hich have Jan. 21 23 3 310 742 been given permission to carry the same reserves as country banks. All Jan 28 20 4 329 754 reserve cities have a population of more than 15,000. Feb. 4 33 8 432 2 The series published through April 1943 included interbank deposits. Feb.11 21 2 392 The amount of such deposits for the current month at all country banks can Feb.18 ,152 16 2 307 ^827 b c e e n d te e r r s i v h e e d l d b y 2 1 c 6 o m m i p ll a io ri n s o d n o l w la i r t s h d t u h r e i ng fi rs th t e t a la b s le t h a a b lf o v o e f ; A b p a r n i k l s 1 9 i 4 n 3 . t he F i s g m u a re ll s in thistable 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 z o FEDERAL RESERVE BULLETIN 5 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 small denomination currency2 Large denomination currency2 End of year and in cir- Unassorted month c ti u o l n a1- Total Coin $13 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 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 6,856 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 1,785 4,526 4,681 4,326 1,159 2,186 319 630 10 22 1 June 17,421 12,960 929 834 61 1,793 4 565 4,778 4,462 1 195 2 259 329 648 10 21 2 July 17,955 13,334 943 843 62 1,836 4J19 4,931 4,622 l',237 2', 347 341 667 10 20 2 August 18,529 13,715 960 858 64 1,878 4,853 5,102 4,816 1,293 2,453 353 687 9 22 2 September.... 18,844 13,891 970 866 64 1,887 4,893 5,211 4,951 1,327 2,535 360 698 11 20 2 October 19,250 14,135 987 872 65 1,902 4,962 5,347 5,118 1,366 2,636 373 713 11 20 3 November.... 19,918 14,598 1,006 886 68 1,950 5,127 5,561 5,323 1,416 2,761 388 729 10 19 2 December 20,449 14,871 1,019 909 70 1,973 5,194 5,705 5,580 1,481 2,912 407 749 9 22 2 1944—January 20,529 14,817 1,013 880 69 1,940 5,174 5,742 5,715 1,509 2,992 418 767 9 21 3 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3 Paper currency ,only; $1 silver coins reported under coin. Back fig^es.—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 o in u g t- A c g e s a r o s t g s l i i d a e f lv i c i c a n e u a n r s r t t d i e t s y 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 Jan 1 . 9 4 3 4 1, De 1 c 9 . 43 31, Ja 1 n 9 . 4 3 3 1, agents Gold 21 918 19 801 22 117 Gold certificates . . 32P 801 16,930 2 815 55 55 58 Federal Reserve notes 17,662 67 721 16,874 16,737 12,152 Treasury currency—total 44,091 1^810 136 356 3,598 3,657 3,379 Standard silver dollars . .. 494 290 107 2 96 95 77 Silver bullion 1,520 1,520 Silver certificates and Treasury notes of 1890 31,809 287 1^522 1 ^ 567 "1^701 Subsidiary silver coin 703 17 21 665 671 567 Minor coin . . . 264 6 7 252 254 226 United States notes 347 5 27 315 318 312 Federal Reserve Bank notes 634 12 621 624 362 National bank notes 129 1 128 129 135 Total—January 31 1944 343,671 321,610 42,320 16,930 3,892 20,529 December 31, 1943 S43,544 *21,658 42,303 16,950 3,8*2 20,449 January 31 1943 339,253 322,547 42,199 17,705 3,760 15,590 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 above, totals by weeks in table on p. 243, and seasonally adjusted figures in table on page 252. 2 Includes $1,800,000,000 Exchange Stabilization Fund, $143,808,421 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. 243. 5 Less than $500,000. 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 for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or, until June 30, 1945, of direct obligations of the United States if so authorized by a majority vote of the Board of Governors of the Federal Reserve System. Federal Reserve Banks must maintain a reserve in gold certificates# of at least 40 per cent, including the redemption fund which must be deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. MARCH 1944 2.51 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 d s i e j a u a t s s io 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 s d a e s ju 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 d k i d od I i n n s c t o r g e c o a k l s d e N im et p g o o rt ld g m o c o l r r a d e r : i a k n s d e - e d e- p D ti r c t o o i o m d g n u e o * c s ld - - End of year figures: crease (—) 1938 6,856 +306 1939 7,598 +742 19342 8,238 4,202.5 1,133.9 82.6 92.9 1940 8,732 +1,134 1935 10,125 1,887.2 1,739.0 .2 110.7 1 19 9 4 4 2 1 1 1 1 5 , , 1 4 6 1 0 0 + + 2 4 , ,2 4 5 2 0 8 1 19 9 3 3 7 6 3 3 1 12 1 , , 7 2 6 5 0 8 1 1 , , 1 5 3 0 2 2 . . 5 5 1 1, , 5 1 8 1 5 6 . . 5 6 -2 -8 0 5 0 . . 9 4 1 14 3 3 1 . . 9 6 1943 20,449 +5,039 1938 14,512 1,751.5 1,973.6 -333.5 148.6 Monthly averages of daily 1 1 9 93 4 9 0 2 1 1 7 , , 9 6 9 4 5 4 4 3 , , 3 1 5 3 1 2 . . 2 0 4 3 , , 7 5 4 74 4 . . 2 5 - - 6 5 4 3 4 4 . . 7 4 1 17 6 0 1 . . 2 7 figures: 1941 22,737 741.8 982.4 -407.7 169.1 1943—February 15,837 15,837 +484 1942 22,726 -10.3 -458.4 125.4 M Ap a r r i c l h 1 1 6 6 , , 1 4 4 4 8 8 1 1 6 6 , , 1 5 9 8 7 1 + + 3 3 6 8 0 4 1943 21,938 -788.5 -803.6 47.8 M J J u u a n ly y e 1 1 1 7 7 6 , , , 2 6 8 1 8 1 7 1 5 1 1 1 6 7 7 , , , 9 3 7 3 0 1 4 4 6 + + +4 3 3 1 7 5 2 0 3 1943— F J e an b u ru ar a y r y . . . . 2 22 2 , , 6 6 4 8 4 3 — -4 3 3 9 . . 3 3 - - 7 63 6 . . 4 1 4 4 . . 7 1 N O A Se o c u p t v g o t e u e b m s m e t r b b e e r r 1 1 1 1 8 8 9 9 , , , , 1 7 5 0 2 9 6 0 9 6 6 1 1 1 1 1 8 8 9 9 , , , , 2 7 5 0 8 6 0 0 7 7 7 1 + + + + 4 5 2 5 8 7 3 0 0 1 4 6 M J M A u p a a n r y r e i c l h 2 2 2 2 2 2 2 2 , , , , 5 4 4 3 7 2 7 8 6 6 3 8 - - 1 - - 6 3 4 0 8 8 6 3 . . . . 0 9 3 1 -1 - - - 5 5 4 0 9 1 5 1 . . . . 0 7 1 0 4 4 3 4 . . . . 9 9 5 1 1944— D Ja e n ce u m ar b y er 2 20 0 , , 4 2 2 4 8 3 2 1 0 9 , , 3 9 6 4 7 4 + + 4 4 3 2 7 3 J A u u ly gust. .. 2 2 2 2 , , 3 2 3 4 5 3 - - 5 9 2 2 . . 7 0 - - 9 63 1 . . 7 3 3 3 . . 9 6 February 20,635 20,635 +268 O Se c p t t o e b m e b r. e . r . 2 2 2 2 , , 1 1 1 7 6 5 - - 6 5 7 9 . . 8 3 - - 4 8 0 0 . . 6 6 3 3 . . 3 8 Wednesday figures: November 22,065 -51.0 -44.1 3.4 1944—Jan. 5 20,436 20,234 +187 1944— D J e an ce u m ar b y er .. . 2 2 1 1 , , 9 9 3 1 8 8 -1 -1 2 9 7 . . 6 0 5 - - 8 2 7 7 . . 0 6 3.5 12 20,404 20,363 +129 19 20,408 20,469 +106 26 20,387 20,531 +62 v Preliminary. Feb. 2 20,534 20,616 +85 1 Annual figures through 1942 are estimates of the United States Mint. 9 20,586 20,669 +53 Annual figure for 1943 and monthly figures are those published in table 16 20,610 20,714 +45 on p. 291, adjusted to exclude Philippine Islands production received in 23.. 20,696 20,800 +86 United States. 2 Figures based on rate of $20.67 a fine ounce in January 1934 and $35 a 1 For end of year figures, represents change computed on absolute fine ounce thereafter. amounts in first column. 3 Includes gold in the Inactive Account amounting to 27 million dollars NOTE.—For discussion of seasonal adjustment factors and for back on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937. figures on comparable basis see September 1943 BULLETIN, pp. 822-826. 4 The net gold import figures for months subsequent to December 1941 Because of an apparent recent change in the seasonal pattern around the have not been released for publication. year end, adjustment factors have been revised somewhat for dates af- 5 Gold held under earmark at Federal Reserve Banks for foreign account fected, beginning with December 1942. amounted to 3,505 million dollars on January 31, 1944. NOTE.—For back figures through 1937, see Annual Report for 1937 (table 29). BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of Debits to demand Annual rate of 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 d e a x n e d c p e o p s G t i t o i v n a e c t r e c n r o m b u a n e n n t k s t tur d n i e n o p t v e o e r s r b i t a s o n f k e x d a c e n e m p d a t nd Year and month Government T re c o p e t o a n r l t , t e i r a n s g ll I Y N C o e it w r y k 1 1 c 4 e 0 n o t t e h r e s1 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 0 a o d t i h n e g r Y N C o i e t r w y k 10 le c 0 a i t d o ie i t n s h g er 1935 402,718 184,006 190,165 28,547 178,498 175,902 31.5 22.7 1936 461,889 2D8,936 219,670 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 1 9 9 4 4 2 2 — — o n l e d w s s e e r r i i e e s s 3 3 6 6 0 4 7 1, , 7 0 7 7 8 1 2 2 1 2 0 6 , , 9 8 6 6 1 5 3 3 4 4 7 2 , , 8 4 3 3 7 0 5 6 3 7 , , 6 0 7 7 9 4 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 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 July 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 1944—January 71,888 27,031 37,950 6,908 17.1 11.9 24,994 33,749 22.9 17.9 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, have been reported since 1942 for 334 reporting centers; the deposits, from which rates of turnover have been computed, have likewise been reported by most banks and have been estimated for others. 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. 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 a c d o u d T e b u r j a p a o t u r n o s n e t s d i a s k n t d l i e s c e t d s y a c d d o u d T e b e u r j p a m a o u t r o n n s e t s a i d a s k n t d n l i e s c e t d d s y a d d T e j p o u o t s a s te l it d s a D d d e e j p m u o s a s t i n e t d s d1 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 s t n s - 2 Total b m a C e n T o r k i c m m s i 3 - a e l 4 dep M s b o a a s u v n i t i t k u s n s a g 4 l s S S P a y o v s s i t n t e a g m l s 5 C o u b u r a t r n s e i k n d s c e y 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 ,186 4,761 December... 42,548 19,817 37,766 15,035 1,016 21,715 11,019 9,488 ,208 4,782 1934—June 45,961 21,353 41,302 16,694 1,733 22,875 11,988 9,691 ,196 4,659 December ... 47,985 23,114 43,330 18,459 1,715 23,156 12,213 9,738 ,205 4,655 1935—June 49,881 25,216 45,098 20,433 811 23,854 12,820 9,830 ,204 4,783 December ... 52,182 27,032 47,265 22,115 909 24,241 13,170 9,871 ,200 4,917 1936—June 55,052 29,002 49,830 23,780 1,142 24,908 13,706 9,971 ,231 5,222 December ... 57,351 30,999 51,835 25,483 991 25,361 14,046 10,056 ,259 5,516 1937—June... 57,258 30,687 51,769 25,198 666 25,905 14,513 10,125 ,267 5,489 December ... 56,639 29,597 51,001 23,959 824 26,218 14,779 10,170 ,269 5,638 1938—June. 56,565 29,730 51,148 24,313 599 26,236 14,776 10,209 ,251 5,417 December ... 58,955 31,761 53,180 25,986 889 26,305 14,776 10,278 ,251 5,775 1939—June 60,943 33,360 54,938 27,355 792 26,791 15,097 10,433 ,261 6,005 December ... 64,099 36,194 57,698 29,793 846 27,059 15,258 10,523 ,278 6,401 1940—June 66,952 38,661 60,253 31,962 828 27,463 15,540 10,631 ,292 6,699 December ... 70,761 42,270 63,436 34,945 753 27,738 15,777 10,658 ,303 7,325 1941—June 74,153 45,521 65,949 37,317 753 27,879 15,928 10,648 ,303 8,204 December.. . 78,231 48,607 68,616 38,992 1,895 27,729 15,884 10,532 ,313 9,615 1942—June 81,963 52,806 71,027 41,870 1,837 27,320 15,610 10,395 ,315 10,936 December. 99,701 62,862 85,755 48,916 8,402 28,437 16,349 10,673 ,415 13,946 1943--January 100,900 65,500 86,800 51,400 6,600 28,800 16,600 10,800 ,400 14,100 February 102,000 68,700 87,400 54,100 4,200 29,100 16,800 10,800 ,500 14,600 March 102,100 69,800 87,300 55,000 3,000 29,300 16,900 10,900 ,500 14,800 April 107,400 67,100 92,300 52,000 10,800 29,500 17,000 11,000 ,500 15,100 May 110,900 69,600 95,300 54,000 11,400 29,900 17,300 11,100 ,500 15,600 June 110,161 71,853 94,347 56,039 8,048 30,260 17,543 11,141 ,576 15,814 July** 111,900 74,100 95,600 57,800 7,100 30,700 17,900 11,200 ,600 16,300 August3* 113,500 77,500 96,600 60,600 4,700 31,300 18,300 11,300 ,700 16,900 September**.. 120,600 72,800 103,400 55,600 16,300 31,500 18,400 11,400 ,700 17,200 October**.... 124,100 74,400 106,500 56,800 17,900 31,800 18,600 11,500 ,700 17,600 November*7.. 123,800 78,200 105,500 59,900 13,300 32,300 18,900 11,600 ,800 18,300 December*7.. 122,900 79,600 104,000 60,700 10,400 32,900 19,400 11,700 18,900 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 - d8 in N s o u n re - d End of month itors' Cash securities Cash bal- in de- reances1 Total posi- serve Number of banks suspended: tory Di- Guar- funds 1934 57 1 8 48 banks Total rect t a e n e - d etc.2 1 1 9 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 1,237 540 597 467 130 100 1939 42 4 3 25 10 1935—Dec 1,201 1,237 287 853 706 147 98 1940 22 1 18 3 1936—Dec 1,260 1,296 145 1,058 892 167 93 1941 8 4 3 1 1937—Dec 1,270 1,308 131 1,097 931 167 80 1942 . . 9 6 3 1938—Dec 1,252 1,291 86 1,132 965 166 73 1943 4 2 2 1939—Dec 1,279 1,319 53 1,192 1,046 146 74 1944—January 1940—Dec 1,304 1,348 36 1,224 1,078 146 88 1941—Dec 1,314 1,396 26 1,274 1,128 146 95 Deposits of suspended banks 1942—Dec 1,417 1,464 16 1,345 1,220 126 102 (in thousands of dollars) :3 1934 36,937 40 1,912 34,985 1943-Feb 1,468 1,517 14 1,378 1,270 109 125 1935 10,015 5,313 3,763 939 Mar 1,493 1,545 13 1,421 1,360 61 111 1936 11,306 507 10,207 592 Apr 1,517 1,569 12 1,450 1,389 61 107 1937 19,723 7,379 * i,7O8 10,156 480 May 1,546 1,596 12 1,500 1,449 51 83 1938 13,012 36 211 11,721 1,044 June 1,577 1,631 12 1,482 1,471 11 137 1939 34,998 1,341 24,629 6,589 2,439 July 1,620 1,678 11 1,527 1,527 140 1940 5,943 256 5,341 346 Aug 1,660 1,719 11 1,588 1,588 121 1941 3,726 3,144 503 79 Sept 1,683 1,739 10 1,631 1,631 97 1942 1,702 1,375 327 Oct 1,716 1,773 10 1,646 1,646 117 1943 6,223 " 4,982" 1,241 Nov 1,752 1,812 10 1,678 1,678 125 1944—January Dec pl,788 Represents banks which, during the per 1944—Jan pl 835 p 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 cl u 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 ta d m 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.—-See BULLETIN for August 1935, pp. 501-502. reported. Back figures.—See Annual Report for 1937 (table 76). MARCH 1944 2-53 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 Class of banks, and call dates Total Loans Total G m U ov . e e n S r t n . - Other Total1 I b n a te n r k - 1 Demand Time o N f u b m a b n e k r s obligations 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 303 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 302 40,659 16,729 23,930 18,078 5,85f 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 303 46,800 16,928 29,872 24,098 5,774 63,404 9,971 41,311 12,122 6,647 December 31 59,263 16,088 43,175 37,546 5,629 78,277 11,000 54,523 12,75' 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 5,84 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 13,64- 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 40,53* 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 8,570 5,081 1943—June 30 42,805 9,173 33,632 30,102 3,529 54,58f 7,155 38,205 9,229 5,060 State member banks: 1934—June 30 10,163 4,842 5,32 3,566 1,755 1,588 6,620 2,908 958 1937—June 30 ' 11,845 5,488 6,357 4,483 1,874 , 2,261 9,068 3,446 1,064 1940—June 29 12,4ir 4,813 7,60f 5,62' 1,973 14,77' 3,608 11,409 3,699 1,234 December 31 13,47i 5,316 8,16: 6,088 2,07' 18,71. 3,849 12,944 3,84r 1,342 1941—June 302 14,841 5,832 9,00? 6,967 2,04 20,642 3,847 13,423 3,965 1,426 December 31 15,95C 6,295 9,65- 7.50C 2,155 21,23? 3,739 14,495 4,02= 1,502 1 1 9 9 4 4 2 3 — — D J J u u e n n c e e e m 3 3 b 0 0 e 3 r 31 2 2 1 4 7 1 , , , 3 3 6 5 3 8 ^ i : 6 5 5 , , , 0 6 9 4 4 0 9 8 5 1 1 1 1 5 8 , , , 7 2 7 8 8 0 . * 1 1 9 3 6 . , , 2 8 8 2 0 7 C 2 * 2 1 1 , , ,8 0 "- 2 6 ^ 8 2 2 2 2 2 2 7 9 , , , , 2 8 8 4 5 0 7 2 ? ! 3 3 3 , , , 4 6 3 7 0 9 4 0 6 2 2 1 1 5 0 , , , 4 4 0 6 5 2 5 4 3 4, , 1 9 5 8 4 6 ' ( 1 1 1 , , , 5 5 6 4 9 4 6 8 3 1 Beginning June 30, 1942, excludes reciprocal bank balances which on that date aggregated 600 million dollars at all member banks and 614 million dollars at all insured commercial banks. 2 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. The^e banks are not included in "commercial banks" and are included only once in "sM banks." 3 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. 4 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. 2-54 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 OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of banks, and call dates Total Loans Total G o m U o b v l e . i n e g S r t a n . - - se O cu t r h i e ti r es Total1 I b n a te n r k - 1 Demand Time o N f u b m a b n e k r s 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 303 4 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 2,037 2,704 7,564 1937—June 30 5,479 2,756 2,723 1,275 1, 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 98 742 239 1,837 335 1,255 247 851 1942—June 3034 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 10,125 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 302 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, 51 December 31 1,655 637 1,018 548 470 1,818 1,818 53 \941—June 302 1,655 641 1,015 569 446 1,803 1,803 53 December 31 1,693 64: 1,050 629 421 1,789 1,789 52 1942—June 30 1,800 692 1,108 686 422 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 1,264 427 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 9,12' 4,508 4,616 2,139 2,477 9,123 9,123 507 1940—June 29 8,871 4,328 4,543 2,693 1,850 9,203 9,203 500 December 31 8,59 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 4,424 3,0.71 1,353 8,743 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 8,544 3,568 4,975 4,026 949 8,402 8,402 484 I For footnotes see opposite page. MARCH 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 Direct of Call date i m n a v e n e n d s ts t- Total o c p i l i n u n e - g d n - - A t c u a g u l r r l - - i- br T o o k- R l t o e e a a s a t - n e l s - s l C u o m o an n e s - r O lo th an e s r Total Total c C t a i e f t i r e - - s I G a u n a - r-p S o a t c l a n a i t t d l e i- s O s r e t i h c ti u e e r - s mar- ers To Bills of in- 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—Tune 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 bee 31.... 37,126 15,321 6,660 865 642 652 3,228 3,273 21,805 15,823 652 2.594 9,091 3, 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, '""2,934 2,840 Dec. 31... 59,263 16,088 7,387 1,089 934 538 3,423 1,847 870 43,17,r 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 52,33: 46,980 6,278 9,418 5,251 23,545 2,48f 2,876 2,476 Oct. 18 .... 78,112 17,716 60,397 55,255 2,818 2,324 Dec. 31.. . 74,258 16,288 7^421 1,023 1,398"839 3,'274 1,484 57,970 52,948 4,360 12,071 6,906 27,'265 2,345 2,729 2.294 New York City1 1938—Dec. 31.... 8,335 3,262 1,594 787 220 121 535 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 3014 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 ; 422 186 129 536 8,715 7,268 577 1,526 3,415 1,751 651 796 Dec. 31... 12,896 4072 2,807 8 412 169 123 554 8,823 7,26= 311 1,623 3,652 1,679 729 830 1942—June 30.... 14,019 4066 2,841 9 430 167 121 499 9,953 8,55( 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," " 12,54' 1,855 2,144 2,056 5,420 1,071 593 701 1943—June 30... 18,982 4009 2,274 24 955 240 113 264 140 14,974 13,88' 1,985 2,818 1,656 6,454 974 484 602 Oct. 18 .... 22,137 5 373 16,764 15,734 486 544 Dec. 31.... 19,994 4 428 2^515 " 24 1,054 323 '252' 153 15,566 14,563 1,328 3,409 1^829 9S4 444 558 City of Chicago1 1938—Dec. 31... 1,969 539 335 17 43 70 62 ,43C 1,11' 59 291 655 109 141 176 1939—June 30... 2,052 544 344 19 39 71 60 ,50' 1,17. 18: 234 621 135 154 179 Dec. 30... 2,105 569 383 6 41 66 60 ,53i 20. 153 176 701 172 162 170 1940—June 29... 2,205 603 432 { 23 61 62 ,602 251 254 161 710 134 177 167 Dec. 31... 2,377 696 492 5 42 54 84 ,68: 30' 297 752 112 188 186 1941—June 30... 2,707 846 630 36 55 101 ,86 48. 417 125 803 138 190 188 Dec. 31... 2,760 954 732 i 48 52 96 ,806 43C 256 153 903 119 182 193 1942—June 30... 3,116 906 712 29 50 90 2,210 85! 357 181 16: 1,068 90 164 188 Dec. 31... 3,973 832 658 34 32 3,14 2,78' 397 637 391 1,282 83 166 186 1943—June 30... 4,332 784 612 2 40 41 3,548 3,16: 473 795 399 1,424 75 209 172 Oct. 18... 5,045 1023 4,022 3,69; 164 165 Dec. 31 . . 4,554 1004 6 102 52 14 3,55! 3,23, 1,602 158 155 Reserve City Banks 1938—Dec. 31... 11,654 4 963 2,063 207 119 242 1,230 1,101 6,69 5,01 57 1,224 2,997 740 808 866 1939—June 30... 11,756 5004 2,022 234 115 221 1,284 1,128 6,75 4,99: 78 1,014 3,010 895 866 Dec. 30... 12,272 5,329 2,256 221 119 222 1,335 1,177 6,94^ 5,19' 63 819 3,339 972 890 860 1940—June 29... 12,160 5365 2,290 176 87 210 1,372 1,230 6,795 4,94 87 839 3,052! 969 981 868 Dec. 31... 13,013 5931 2,589 263 115 207 1,436 1,322 7,08: 5,20. 103 771 3,281j 1,049 984 893 1941—June 30... 14,013 6498 3,081 175 100 198 1,477 1,466 7,515 5,701 73 606 3,858! 1,162 979 836 Dec. 31... 15,347 7105 3,456 300 114 194 1,527 1,512 8,243 6,46' 295 751 4,2481 1,173 956 820 1942—June 30... 16,535 6564 3,318 152 78 177 1,524 1,315 9,97 8,18! 579 67' 981 5,149 806 925 858 Dec. 31... 20,915 6,102 2,957 290 97 153 1, 312 14,813 13,03! 1,441 2,253 1,72. 6,810 811 954 821 1943—June 30... 24,677 5 533 2,652 205 107 157 1,465 670 276 19,144 17,41' 2,626 3,529 1,828 8,576| 857 942 785 Oct. 18... 28,826 6 539 22,28' 20,61( 938 733 Dec. 31 . 27,521 6 201 3^058 "279 "217 267 M20 "658' 301 21,32 19,68: 1,802 4,69: 2,497 9,943 749 913 726 Country Banks 1938—Dec. 31... 10,113 4 444 1,186 483 25 243 1,353 1,154 5,669 3,23. 11 73? 1,893 597 982 1,453 1939—June 30... 10,109 4 605 1,235 531 22 229 1,402 1,186 5,504 3,12' 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 3,15! 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 -3,03C 36 451 1,849 695 1,097 1,144 Dec. 31... 10,826 5309 1,453 590 21 201 1,644 1,400 5,51' 3,265 45 433 2,081 710 1,146 1,102 1941—June 30... 11,446 5 607 1,593 555 17 195 1,739 1,507 5,83! 3,62' 60 374 2,404 788 1,165 1,047 Dec. 31... 12,518 5890 1,676 659 20 183 1,823 1,530 6,628 4,37' 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 7,73' 5,50: 171 355 657 3,696 624 1,222 1,013 Dec. 31... 16,419 5038 1,226 772 17 161 1,797 674 1 39311,380 9,17: 671 1,251 1,240 5,436 574 j1,252 956 1943—June 30... 19,164 4 497 1,017 623 17 164 1,750 555 371 14,66' 12,505 ,194 2,276 1,368 7,091 581 1,241 917 Oct. 18... 22,103 4 780 17,323 15,21: 1,229 882 Dec. 31.. 22,188 4 654 1,'O84 713 25 197 1,725 528 381 17,534 15,46. ,032| 3.094 2,096 8^705 538! 1,214 855 1 Central reserve city banks. Back figures—See Annual Report for 1937 (tables 52-58). 156 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 Re- Call date F s B s e e w e R d a r r i v n e e v t - r h e k e a s s l C va a in u sh lt m b a B w a n d e n a i o c s t l k - t e - h i s s c 1 j p m u a D o d s a d s e t e n - e i - - d t d s 2 m D e I s o d n t - e i t c e p 1 r o b s a i F e t n s 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 i n b a i t o d d t i e c n i- s a s l c C h c e f o a e e e i t f n e c c r f r i d . d s t k - i ' s - v p an a i s I p t d d i r h n o o t u i d n r n p c 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 e i S a n r . s a e o n n g t v n v d S - s a - t - l . S v p s i t a i u o s 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 I t d h d r i o n t i u o r p n d c a n a s e i o l s - - , r s r - , - B r i o n o w g r s - - c C o t a a a u 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 33,754 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,S78 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... 12,835 1,132 5,450 52,642 9,603 891 9,444 3,602 1,573 51,820 62 120 327 14,822 39 6,475 New York City3 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 46 653 586 Dec. 30. . 5,915 89 125 8,899 3,542 689 74 251 178 9,030 7 43 693 ,592 1940—June 29. . 7,072 88 119 10,235 3,840 646 67 258 147 10,283 5 29 732 L,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 L,625 Dec. 31... 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1942—June 30... 4,762 88 103 11,711 3,284 679 863 271 273 12,014 4 17 717 ""3" 1,698 Dec. 31... 4,388 72 82 11,899 3,209 733 4,186 263 448 12,501 3 23 711 1J727 1943—June 30.. . 3,473 92 52 13,543 2,939 744 2,820 249 404 14,001 4 21 755 11 1,774 Oct. 18. . 3,426 100 •71 12,750 2,914 757 6,566 215 438 13,149 4 '"'5'"' 26 768 120 1,808 Dec. 31... 3,596 92 61 13,899 2,867 810 3,395 252 710 14,373 4 5 26 816 29 1,862 City of Chicago6 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 17 471 270 Dec. 30... 993 42 283 1,739 879 9 80 167 24 1,676 3 10 483 250 1940—June 29... 1,187 39 242 1,898 949 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. 31... 821 38 158 3,050 972 14 713 174 44 3,097 2 ....... 505 326 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 ""2" 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 6 2,112 Dec. 31... 5,116 391 1,758 18,654 4,770 63 3,373 1,448 475 18,790 41 56 151 5,902 2 135 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. 31... 3,303 611 3,474 17,039 994 5 , 1,962 1,727 344 15,561 17 56 149 7,599 10 2,153 1 Beginning June 30,1942, excludes reciprocal bank balances which on that date aggregated $600,000,000. 2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 3 Central reserve city banks. Back figures—SQQ Annual Report for 1937 (tables 52-58). MARCH 1944 2-57 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 UF. S. Government obligations For purchasing Com- or carrying securities Total mer- Date or month in lo a v n a e n d s s t- Total i t n c r i d i a u a 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 s e ta a t l e - Lo t a o ns O lo t a h n e s r Total c C t a i e f t i e r - - s Guar- O se t c h u e - r ments t a a c u g u n r r l d a - i- l G u t l o i i o . o b g v - n a s t - s . O c t s u t i h e e r - s e i- r G U t l o i i o . o g b S v - n a . t - s . O c t s u t i e h e r - e s i- r loans banks Total Bills o d n f e e e d b i s n - t s - - Notes Bonds t a e n e - d rities Total—101 Cities 1943—Jan 41,383 9,826 6,183 604 360 1,191 33 1,455 31,557 28,270 4,226 5,012 4,113 12,999 1,920 3,287 Sept 48,839 10,679 5,966 1,566 621 1,142 68 1,316 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 11,44 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 95 6 418 1,406 575 1,117 93 1,347 39,423 36,633 3,505 8,955 4,788 17,624 1,761 2 790 1944—Jan 49,812 10,77 6,353 846 570 301 300 1,106 61 1,234 39,041 36,254 3,128 8,825 4,688 17,847 1,766 2,787 1943—Dec. 1 51,166 11,02 6,379 1,447 635 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 10,92 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 10,99 6,410 1,450 547 1,123 121 1,341 39,517 36,722 3,615 8,957 4,766 17,627 1,757 2,795 Dec. 22 49,950 10,99 6,486 1,393 531 1,108 111 1,368 38,95 36,169 3,198 8,844 4,733 17,636 1,758 2,784 Dec. 29 49,734 10,83 6,421 1,328 578 1,108 63 1,341 38,895 36,109 3,238 8,750 4,720 17,643 1,758 2,786 1944—Jan. 5.... 49,52 10,70 6,335 743 563 337 303 1,107 60 1,255 38,82 36,033 3,179 8,670 4,717 17,718 1,749 2,791 Jan. 12.... 49,539 10,71 6,360 827 543 298 296 1,104 51 1,237 38,82 36,044 3,090 8,777 4,692 17,745 1,740 2,779 Jan. 19.... 49,89 10,76 6,349 843 589 290 300 1,107 60 1,225 39,12 36,352 3,154 8,859 4,678 17,876 1,785 2,777 Jan. 26.... 50,28 10,90 6,369 971 583 278 301 1,106 73 1,22 39,38 36,585 3,089 8,995 4,664 18,049 1,788 2,801 Feb. 2 52,17 11,43 6,396 1,057 592 657 304 1,099 86 1,240 40,74 37,930 3,660 8,691 5,528 18,284 1,767 2,816 Feb 9.... 53,25 11,52 6,393 959 602 831 30 1,095 101 1,244 41,73 38,902 4,223 8,818 5,665 18,439 1,757 2,828 Feb. 16.... 53,85 11,87 6,446 1,153 601 903 355 1,092 92 1,230 41,98 39,139 4,125 9,036 5,688 18,530 1,760 2,843 Feb. 23.... 53,26 11,670 6,412 1,109 603 838 318 1,092 70 1,228 41,59 38,755 3,689 9,077 5,677 18,560 1,752 2,842 New York City 1943—Jan 16,409 3,54 2,428 486 161 99 32 339 12,86 11,703 1,976 2,074 1,890 4,768 995 1,161 Sept. 18,31 4 30 2 244 801 482 344 96 44 297 14,00 13,020 1,124 3,035 1,771 6,133 957 983 Oct 19,63 4 89 2 378 941 520 605 95 54 298 14,74 13,79 1,426 3,238 1,775 6,371 988 942 Nov 19,216 4,53 2,417 728 497 457 94 50 295 14,67 13,79 1,405 3,315 1,744 6,376 956 882 Dec 18,440 4 25 2 415 641 456 281 94 74 298 14,18 13,30 1,23 3,202 1,692 6,273 911 872 1944—Jan 18,214 4,22 2,415 698 434 136 116 91 48 286 13,99 13,09 979 3,189 1,634 6,364 929 895 1943—Dec. 1.... 18,78 4,28 2,402 667 456 319 95 54 294 14,49 13,63 1,39 3,301 1,734 6,292 917 863 Dec. 8.... 18,49 4,23 2,413 649 445 284 94 53 292 14,26 13,40 1,234 3,273 1,734 6,264 897 861 Dec. 15.... 18,45 4,30 2,403 637 497 263 94 111 296 14,15 13,27 1,23 3,200 1,678 6,254 909 878 Dec. 22... 18,25 4,29 2,438 646 449 252 93 101 315 13,95 13,07 1,116 3,123 1,659 6,266 915 878 Dec. 29... 18,21 4,18 2,418 607 431 287 93 53 295 14,03 13,15 1,179 3,115 1,653 6,287 917 8-79 1944—Jan. 5.... 18,16 4,11 2,388 597 424 162 117 91 46 288 14,04 13,15 1,114 3,131 1,663 6,336 909 895 Jan. 12.... 18,04 4,17 2,414 685 413 129 115 9 38 28 13,87 12,97 955 3,164 1,643 6,311 905 892 Jan. 19.... 18,29 4,22 2,414 696 450 126 116 9 51 284 14,06 13,17 1,038 3,203 1,620 6,371 945 887 Jan. 26.... 18,360 4,38 2,446 815 450 126 115 91 55 283 13,97 13,07 807 3,259 1,612 6,439 956 906 Feb. 2.... 19,299 4,67 2,461 843 456 374 114 89 55 28 14,62 13,69 1,15 3,123 1,919 6,539 964 926 Feb. 9.... 19,73 4,75 2,464 746 467 502 114 89 82 29 14,98 14,05 1,390 3,198 1,933 6,590 945 924 Feb. 16.... 19,93 4,96 2,479 831 455 540 169 89 65 28 14,97 14,03 1,264 3,276 1,943 6,619 936 932 Feb. 23.... 19,62 4,86 2,474 859 460 524 130 89 5 28 14,76 13,83 1,106 3,267 1,933 6,597 929 928 Outside New York City 1943—Jan.. 24,974 6,28 3,755 118 199 1,092 1,11 18,69 16,56 2,250 2,938 2,223 8,231 925 2,126 Sept 30,52 6,37 3,722 283 277 1,046 24 1,019 24,15 22,19 2,89 4,968 3,127 10,318 887 1,966 Oct 32,71 7,05 3,964 451 449 1,040 24 1,125 25,66 23,68 3,149 5,616 3,165 10,872 880 1,980 Nov 32,820 6,90 4,02 364 367 1,033 28 1,085 25,91 23,96 2,803 5,886 3,153 11,262 859 1,955 Dec 31,939 6,69 4,003 309 294 1,023 19 1,049 25,24 23,32 2,274 5,753 3,096 11,351 850 1,918 1944—Jan. 31 59 6 54 3 93 148 136 165 184 1,015 13 94 25,05 23,15 2 149 5,636 3 054 11 483 837 1 892 1943—Dec. 1.... 32,38 6,73 3,97 324 316 1,030 35 1,056 25,64 23,70 2,527 5,864 3,130 11,326 859 1,937 Dec. 8.... 32,04 6,69 3,98 317 291 1,029 30 1,04 25,34 23,42 2,320 5,785 3,123 11,333 860 1,925 Dec. 15.... 32,05 6,69 4,00 316 284 1,029 10 1,04 25,36 23,44 2,378 5,757 3,088 11,373 848 1,917 Dec. 22.... 31,69 6,70 4,04 298 279 1,015 10 1,053 24,99 23,09 2,082 5,721 3,074 11,370 843 1,906 Dec. 29.... 31,52 6,65 4,00 290 291 1,015 10 1,04 24,86 22,95 2,059 5,635 3,067 11,356 841 1,907 1944—Jan. 5.... 31,36 6,59 3,94 146 139 175 18 1,016 14 96 24,77 22,88 2,065 5,539 3,054 11,382 840 1,896 Jan. 12.... 31,49 6,54 3,94 142 130 169 18 1,013 13 950 24,95 23,06 2,135 5,613 3,049 11,434 835 1,887 Jan. 19.... 31,60 6,53 3,935 147 139 164 18 1,016 94 25,06 23,17 2,116 5,656 3,058 11,505 840 1,890 Jan. 26.... 31,92 6,52 3,923 156 133 152 18 1,015 18 93 25,40 23,51 2,282 5,736 3,052 11,610 832 1,895 Feb. 2.... 32,87 6,75 3,935 214 136 283 19 1,010 3 95 26,12 24,23 2,50 5,568 3,609 11,745 803 1,890 Feb. 9.... 33,52 6,77 3,929 213 135 329 18 1,00 19 95 26,75 24,84 2,83 5,620 3,732 11,849 812 1,904 Feb. 16.... 33,91 6,90 3,96 262 146 363 18 1,00 2 95 27,01 25,10 2,86 5,760 3,74. 11,911 824 1,911 Feb. 23.... 33,64 6,80 3,938 250 143 314 18 1,003 19 94 26,83 24,92 2,58 5,810 3,744 11,963 823 1,914 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 tor 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. 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 Re serves Bal- De- Indi- Indi- Domestic Date or month B s w F e e R a e r r i n e a v d t - 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 o i c s t - k t e h i s s c j p m u a o d s a d e s t - n - e it d d s 1 s p u p n v c h a o a a e o i n i r d l r p r r d s a t - - - s , - - , S p s d s a i t i o u c i a n o b v l a t d n i - e i l t - s - s c C c h o a e f e e e i f t n c f e r r c i d . s d t - k i ' - s m U G e e . r o n S n v - . t - s p p u h n v a c o a a n i e i o r r p d l r d r a t s - s - - - , - , S p s d s a i t o i u c i a n o v b l a t d n i - e i l t - s s - P m U G S o a e in . s a o n r e S n g t v n v d . a - s - t - l m D a e- n b d ank T s ime b F e a i p n g r k n - s B ro o w r- - co C i a u a t c a p - n - l ts B de a b n - k tions tions Total 101 Cities 1943—Jan 9,786 524 2,679 29,215 29,143 1,781 612 5,794 5,218 101 9,361 727 4,026 47,291 Sept 9,063 546 2,314 33,418 33,629 1,775 734 7,326 5,781 122 8,984 783 4,171 60,227 Oct 8,295 553 2,270 31,062 31,459 1,656 693 12,639 5,796 118 8,725 772 4,190 52,313 Nov 8,509 548 2,230 32,416 32,706 1,757 710 10,998 5,889 118 8,747 785 4,218 51,497 Dec 8,824 585 2,193 34,111 34,444 1,721 867 7,718 5,981 117 8,687 802 4,24559,197 1944—Jan 8,908 557 2,216 34,429 34,574 1,758 776 6,556 6,138 120 8,890 821 4,28558,743 1943—Dec. 1 8,785 545 2,194 33,651 33,970 1,766 951 9,068 5,929 114 8,710 792 4,23611,808 Dec. 8..... 8,789 575 2,155 34,075 34,147 1,717 721 7,921 5,957 119 8,668 801 4,24011,624 Dec. 15 8,983 593 2,284 34,750 35,287 1,708 920 7,280 5,982 117 8,843 782 4,25513,267 Dec. 22 8,788 610 2,171 34,185 34,521 1,716 831 7,088 6,003 116 8,667 809 4,24314,036 Dec. 29 8,776 601 2,163 33,895 34,297 1,696 912 7,231 6,037 118 8,549 4,24912,183 1944—Jan. 5 8,716 552 2,229 33,732 33,881 1,734 848 6,894 6,097 118 8,853 820 4,28114,314 Jan. 12 8,881 569 2,189 34,308 34,516 1,708 711 6,462 6,134 119 8,801 817 4,283 11,758 Jan. 19 9,003 544 2,198 34,862 34,985 1,740 781 6,198 6,153 121 8,922 825 4,282 12,675 Jan. 26 9,031 564 2,247 34,814 34,916 1,849 764 6,669 6,167 121 8,982 821 4,295 13,271 Feb. 2 8,810 536 2,276 31,873 32,006 1,741 792 11,462 6,169 123 8,817 814 4,305 18,675 Feb. 9 8,539 542 2,285 31,702 31,722 1,657 806 12,431 6,185 126 8,859 824 58 4,309 12,826 Feb 16 8,333 529 2,321 31,509 32,214 1,643 657 13,070 6,182 128 8,855 810 4,30813,184 Feb. 23 8,320 560 2,122 31,902 32,433 1,643 696 12,459 6,198 129 8,291 820 4,313 11,131 New York City 1943—Jan 3,973 11,091 11,370 216 349 3,326 656 3,161 651 1,566 19,519 Sept 3,362 12,548 12,899 205 371 3,196 698 2,899 704 1,632 24,377 Oct 3,021 11,431 11,790 195 379 5,444 696 2,753 695 1,637 20,923 Nov 3,115 11,917 12,257 254 402 4,639 710 2,742 709 1,649 20,759 Dec 3,250 12,592 12,969 211 487 3,213 726 2,752 722 76 1,665 24,446 1944—Jan 3,295 12,842 13,125 198 423 2,672 747 2,837 740 1,693 24,994 1943—Dec 1 3,210 12,387 12,823 236 585 3,794 712 2,759 713 1,656 4,770 Dec. 8 3,198 97 12,557 12,834 216 394 3,309 719 2,702 724 1,659 4,690 Dec. 15 3,323 100 12,809 13,235 212 503 3,023 730 2,794 704 1,676 5,544 Dec. 22 3,242 1C5 12,641 12,991 194 442 2,946 732 2,739 729 1,668 5,814 Dec. 29 3,275 99 12,566 12,964 194 510 2,992 737 2,764 740 1,668 4,974 1944—Jan. 5 3,183 12,521 12,794 207 443 2,849 744 2,832 737 1,690 6,174 Jan. 12 3,256 12,671 12,962 192 372 2,661 746 2,814 737 1,693 4,950 Jan. 19 3,365 13,090 13,345 185 440 2,548 746 2,844 744 1,693 5,307 Jan. 26 3,378 13,084 13,399 207 435 2,632 752 2,859 1,698 5,552 Feb. 2 3,144 11,568 11,920 181 460 4,882 750 2,829 730 1,704 8,221 Feb. 9 3,073 11,577 11,826 162 504 5,276 750 2,787 740 1,705 5,718 Feb. 16 3,006 11,500 11,967 161 327 5,520 743 2,777 727 1,705 5,376 Feb. 23 3,068 11,737 12,170 159 364 5,224 742 2,609 1,705 4,490 Outside New York City 1943—Jan 5,813 446 2,651 18,124 17,773 1,565 263 2,468 4,562 82 6,200 2,46027,772 Sept 5,701 461 2,290 20,870 20,730 1,570 363 4,130 5,083 100 6,085 2,539 35,850 Oct 5,274 464 2,244 19,631 19,669 1,461 314 7,195 5,100 97 5 972 2,553 31,390 Nov 5,394 455 2,204 20,499 20,449 1,503 308 6,359 5,179 95 6,005 2,569 30,738 Dec 5,574 4: 2,164 21,519 21,475 1,510 380 4,505 5,255 97 5,935 2,58034,751 1944—Jan 5,613 4i 2,188 21,587 21,449 1,560 353 3,884 5,391 98 6,053 2,592 33,749 1943—Dec. 1 5,575 457 2,169 21,264 21,147 1,530 366 5,274 5,217 94 5,951 2,580 7,038 Dec. 8 5,591 478 2,129 21,518 21,313 1,501 327 4,612 5,238 99 5,966 2,581 6,934 Dec. 15 5,660 493 2,252 21,941 22,052 1,496 417 4,257 5,252 97 6,049 2,579 7,723 Dec. 22 5,546 505 2,141 21,544 21,530 1,522 389 4,142 5,271 96 5,928 2,575 8,222 Dec. 29 5,501 502 2,129 21,329 21,333 1,502 402 4,239 5,300 97 5,785 2,581 7,209 1944—Jan. 5 5,533 464 2,205 21,211 21,087 1,527 405 4,045 5,353 97 6,021 2,591 8,140 Jan. 12 5,625 477 2,159 21,637 21,554 1,516 339 3,801 5,388 98 5,987 2,590 6,808 Jan. 19 5,638 456 2,170 21,772 21,640 1,555 341 3,650 5,407 97 6,078 2,589 7,368 Jan. 26 5,653 473 2,218 21,730 21,517 1,642 329 4,037 5,415 97 6,123 2,597 7,719 Feb. 2 5,666 453 2,255 20,305 20,086 1,560 332 6,580 5,419 98 5,988 2,60110,454 Feb. 9 5,466 453 2,264 20,125 19,896 1,495 302 7,155 5,435 101 6,072 2,604 7,108 Feb. 16 5,327 444 2,295 20,009 20,247 1,482 330 7,550 5,439 103 6,078 2,603 7,808 Feb. 23 5,252 468 2,094 20,165 20,263 1,484 332 7,235 5,456 104 5,682 23 2,608 6,641 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 2 Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S Government accounts. MARCH 1944 2-59 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- U. S.Government obligations Total Com- ing securities loans merd F i e s d tr e i r c ( a 1 t l 9 a 4 R n 4 d e ) s d er a v te e m v a i e e n n s n d - t t - s Total t c d a r i i u n i n a a s d - l l - , , U T an o . d S b . d r e o a k l e e r r s s U T . o S . 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- Notes Bonds 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- ities ness tions tions Boston Jan 26 2,727 630 394 26 14 4 21 65 3 103 2,097 2,010 194 599 209 955 53 87 Feb 2 2,840 647 398 35 15 5 21 65 5 103 2,193 2,107 227 555 312 962 51 86 Feb. 9 2,926 647 404 29 16 6 21 64 6 101 2,279 2,191 267 590 314 969 51 88 Feb. 16 2,946 658 408 33 19 7 21 64 7 99 2,288 2,202 264 600 317 973 48 86 Feb.23 2,925 654 407 31 17 6 22 64 7 100 2,271 2,184 245 598 322 973 46 87 New York* 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 Feb. 2 21,059 5,039 2,621 852 461 388 138 170 55 354 16,020 15,006 1,243 3,399 2,116 7,249 999 1,014 Feb. 9 21,569 5,127 2,628 754 475 520 138 170 82 360 16,442 15,431 1,533 3,470 2,140 7,306 982 1,011 Feb.16 21,774 5,340 2,643 900 463 559 193 170 65 347 16,434 15,415 1,403 3,554 2,149 7,336 973 1.019 Feb. 23 21,429 5,236 2,639 864 468 543 154 169 51 348 16,193 15,178 1,207 3,538 2,136 7,324 973 1,0.15 Philadelphia Jan. 26 2,228 453 254 5 31 1 9 39 10 104 1,775 1,600 170 323 152 884 71 175 Feb. 2 2,309 466 251 15 31 11 9 39 5 105 1,843 1,668 202 331 172 894 69 175 Feb. 9 2,338 472 257 16 31 11 9 38 4 106 1,866 1,692 200 338 180 905 69 174 Feb. 16 2,330 476 261 15 31 11 9 38 4 107 1,854 1,679 182 342 180 906 69 175 Feb. 23 2,313 469 262 17 31 6 8 38 107 1,844 1,667 171 337 180 910 69 177 Cleveland Jan 26 4,011 827 407 71 16 22 14 168 129 3,184 2,942 256 640 365 1,582 99 242 Feb. 2 4,096 875 405 81 14 36 15 168 15 141 3,221 2,980 278 593 425 1,598 86 241 Feb. 9 4,167 872 403 91 10 43 14 168 4 139 3,295 3,054 314 609 447 1,596 88 241 Feb. 16 4,246 910 [410 107 13 48 14 166 11 141 3,336 3,095 331 618 448 1,610 88 241 Feb. 23 4,232 899 410 101 13 45 14 166 8 142 3,333 3,093 290 632 451 1,632 88 240 Richmond Jan. 26 1,571 265 128 1 4 13 11 49 1 58 1,306 1,251 103 245 168 696 39 55 Feb 2 1,626 286 132 4 4 29 11 49 1 56 1,340 1,284 118 224 195 710 37 56 Feb. 9 .: 1,650 291 132 6 4 32 11 49 1 56 1,359 1,303 128 223 202 709 41 56 ~>Feb. 16 1,682 291 133 6 4 31 11 49 1 56 1,391 1,335 132 242 198 719 44 56 Feb. 23 1,683 287 131 5 4 29 11 49 1 57 1,396 1,340 142 248 198 708 44 56 Atlanta Jan. 26 1,512 342 212 2 4 20 6 28 1 69 1,170 1,058 83 252 191 483 49 112 Feb 2 1,541 356 214 2 5 30 6 28 1 70 1,185 1,075 88 229 222 487 49 110 Feb. 9 1,550 356 212 1 5 34 6 27 1 70 1,194 1,083 89 233 217 493 51 111 Feb 16 1,589 373 214 3 6 45 6 27 1 71 1,216 1,105 90 253 215 495 52 111 Feb 23 1,570 352 207 3 5 34 6 27 1 69 1,218 1,107 83 263 215 494 52 111 Chicago* 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 Feb. 2 8,007 1,478 1,026 50 38 75 47 138 1 103 6,529 6,034 735 1,522 914 2,670 193 495 Feb. 9 8,185 1,473 1,021 44 36 86 47 137 1 101 6,712 6,217 854 1,540 925 2,705 193 495 Feb. 16 8,276 1,491 1,028 58 38 82 45 137 1 102 6,785 6,277 877 1,569 921 2,710 200 508 Feb. 23 8,151 1,478 1,022 52 38 81 46 137 1 101 6,673 6,165 750 1,584 917 2,716 198 508 St. Louis Jan 26 1,591 407 249 5 15 9 64 1 64 1,184 1,074 90 271 146 521 46 110 Feb. 2 .". 1,615 411 247 1 5 21 8 63 2 64 1,204 1,094 96 260 172 524 42 110 Feb. 9 1,634 414 246 1 5 24 9 63 1 65 1,220 1,111 111 260 174 525 41 109 Feb.16 1,640 418 249 1 5 26 8 63 1 65 1,222 1,113 105 262 175 529 42 109 Feb. 23 1,624 410 245 1 5 22 8 64 ^ 64 1,214 1,104 92 265 175 530 42 110 Minneapolis Jan. 26 986 198 119 1 2 4 4 19 1 48 788 738 60 187 94 368 29 50 Feb. 2 1,018 206 117 4 2 12 4 19 1 47 812 759 59 194 106 373 27 53 Feb. 9 1,038 205 116 4 2 12 5 19 1 46 833 769 70 189 110 373 27 64 Feb.16 1,047 208 119 4 2 13 5 19 1 45 839 784 72 203 109 373 27 55 Feb 23 1,036 205 117 2 2 15 5 19 45 83 780 70 204 107 371 28 51 Kansas City Jan. 26 1,715 344 231 1 3 6 8 41 54 1,371 1,247 123 328 220 522 54 124 Feb 2 1,739 349 232 1 3 11 8 40 54 1,390 1,268 130 317 240 528 53 122 Feb. 9 1,769 347 22<: 1 3 12 7 40 55 1,422 1,300 140 328 240 539 53 122 Feb.16 1,794 351 230 1 3 14 8 40 55 1,443 1,318 146 331 245 543 53 125 Feb. 23 1,783 345 226 1 3 13 8 40 54 1,440 1,314 138 333 251 542 50 126 Dallas Jan. 26 1,329 324 223 1 3 14 16 20 47 1,005 955 82 278 142 40" 46 50 Feb. 2 1,344 330 225 1 2 18 16 20 48 1,014 964 82 263 164 410 45 50 Feb. 9 1,369 334 225 3 22 15 20 49 1,035 985 93 268 166 413 45 50 Feb.16 1,39 343 227 3 4 25 17 20 47 1,054 1,005 99 280 166 41o 47 49 Feb. 23.. 1,386 340 228 3 4 21 17 20 47 1,046 998 89 277 168 418 46 43 San Francisco Jan. 26 4,83 959 517 4 12 12 19 302 93 3,872 3,568 376 808 431 1,83" 116 304 Feb. 2 4,98 988 528 11 12 21 21 300 95 3,995 3,69 402 804 490 1,879 116 304 Feb. 9 •5,06 988 520 12 12 29 19 300 96 4,073 3,766 424 770 550 1,906 116 307 Feb. 16 5,13 1,01 524 22 13 42 18 299 95 4,120 3,81 424 782 565 1,923 117 309 Feb. 23 5,13 99 518 29 13 23 19 299 94 4,13 3,82 412 798 557 1,942 116 313 City of Chicago* Jan 26 4,74 96 762 33 29 25 40 23 1 50 3,784 3,473 404 896 485 1,624 64 311 Feb. 2 4,94 1,011 761 46 32 54 43 23 1 51 3,92 3,619 455 927 547 1,628 62 - 310 Feb. 9 5.07 1,010 759 41 31 64 42 23 1 49 4,06 3,75 540 963 549 1,637 62 311 Feb.16 5,11 1,025 765 53 32 60 41 23 1 50 4,08 3,76 537 987 544 1,63. 62 323 Feb. 23 5,02 1.014 760 49 32 59 41 23 1 49 4,00 3,68 • 447 997 537 1,639 62 324 * Separate figures for New York City are shown in the immediately preceding table, and for the city of C<hicago in this table. The figures for the Newv York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively. L6O 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 Reerves Bal- De- Indi- Indi- Domestic d F i e s d tr e i r c ( a 1 t l 9 a 4 R n 4 e d ) s e d r a v t e e s w F e R a e e r i n r e a t d v k h - l - e s C a i a n u sh lt m a w ) n d a e i c o n s t e - h t k s i s c p m u o a d s a d s e t n e i - - t d d s 1 s u p p v h n c a a o a i i e o n d p l r r r r d s a t - s - - , - , - p d s s t a i o i a i u c n o v l t a b i d n e i t l - - s - s C h c o a e f e e e i f n t c e f r r c i d t s k d - . i ' s - U m G e . r o e n n v S - t - . s u p p h v n c a a a o i i o e n l r p d r r s r d t a - s - - , - - , p d s s t a i o i a i u c n o v l t a b d n i e i l t - - s s - U G m S i e o a n r a o . e s n g n S v v n t d s - a - . - t l m D a e n b - d ank T s ime b e F a i o n g r n k - s B n o o g w r s - - C o i a t u a c a n p - l t - s d i l e a ts b n 2 - k tions tions Boston (6 cities) Jan. 26 462 59 120 2,084 2,061 101 44 419 278 2 343 18 262 726 Feb 2 479 57 131 1,856 1,845 98 33 837 279 289 18 8 263 1,266 Feb. 9 416 58 123 1,841 1,821 95 27 891 280 274 19 261 657 Feb.16 385 57 139 1,819 1,831 91 27 930 281 2 265 17 4 262 705 Feb.23 392 57 112 1,838 1,844 94 27 887 282 247 17 4 261 543 New York (8 cities)* Jan. 26 3,601 125 119 14,390 14,504 451 459 2,796 1,189 26 2,925 4 742 36 1,831 5,892 Feb. 2 3,394 115 128 12,821 12,967 422 493 5,178 1,187 26 9 2,895 4 732 44 1,838 8,797 Feb. 9 3,287 123 115 12,816 12,858 406 530 5,608 1,188 27 2,854 742 47 1,840 6,083 Feb. 16 3,236 116 124 12,739 12,999 417 355 5,873 1,179 29 2,845 729 47 1,839 5,760 Feb. 23 3,313 124 117 12,971 13,202 410 387 5,561 1,182 27 9 2,670 4 741 28 1,840 4,806 Philadelphia (4 cities) Jan. 26 392 30 83 1,664 1,712 54 16 322 168 389 6 228 566 Feb. 2 382 28 81 1,517 1,571 34 16 587 169 335 228 845 Feb. 9 366 29 76 1,510 1,559 34 14 600 168 341 6 229 480 Feb.16 362 28 84 1,488 1,577 33 20 619 167 342 6 228 574 Feb. 23 356 30 77 1,526 1,584 t3 27 584 167 308 229 444 Cleveland (10 cities) Jan. 26 686 71 228 2,777 2,841 108 44 458 834 48 493 10 427 892 Feb. 2 751 69 232 2,663 2,703 110 49 723 834 51 492 428 1,196 Feb. 9 692 67 222 2,598 2,626 102 46 784 83 54 490 10 428 875 Feb. 16 667 66 226 2,571 2,685 108 48 847 83 55 506 428 874 Feb. 23 643 70 221 2,599 2,694 11 49 821 83 5 465 10 428 746 Richmond (12 cities) Jan. 26 282 37 163 1,086 1,064 90 19 209 23 389 11 334 Feb. 2 272 35 164 1,013 l,00§ 79 17 36 23 360 112 474 Feb. 9 299 3 166 1,014 1,00 8 18 40 23 365 112 347 Feb.16 278 3 151 1,014 1,01 7 16 41 23 357 112 380 Feb. 23 262 3 14 1 035 1,02 7 28 39 23 328 112 321 Atlanta (8 cities) Jan. 26 297 2 146 1,017 94 15 12 16 24 45 10 368 Feb. 2 . . 28 2 15 95 89 15 24 25 459 10 417 Feb. 9 30 2 15 96 900 15 25 25 46 10 329 Feb.16 28 2 15 95 91 15 1 28 25 46 10 367 Feb. 23 27 2 14 96 91 15 27 25 43 10 329 Chicago (12 cities)* Jan. 26 1,39 9 40 5,35 5,29 39 5 1,03 1,21 1,50 1 49 2,081 Feb. 2 1,34 9 41 4,93 4,84 36 5 1,71 1,21 1,52 1 49 2,901 Feb. 9 1 32 9 39 4 92 4,86 32 5 1,83 1,21 1,53 1 49 1,785 Feb. 16 1,27 9 43 4,87 4,94 32 5 1,94 1,21 1,55 1 49 2,186 Feb. 23 1,27 9 38 4,90 4,94 32 5 1,86 1,21 1,44 1 49 1,841 St. J a L n o . ui 2 s 6 (5 cities) 29 2 11 94 99 6 1 17 22 56 u 369 Feb. 2 28 1 11 86 90 6 1 27 22 55 11 479 Feb. 9 27 1 11 85 90 29 22 56 11 340 Feb. 16 27 1 11 86 91 c 31 22 54 11 341 Feb. 23 27 1 10 86 91 1 29 22 51 1 11 311 Minneapolis (8 cities) Jan. 26 16 1 8 59 56 1 16 13 28 7 268 Feb. 2 16 1 8 53 53 24 13 28 317 Feb. 9 16 1 8 54 53 26 13 29 224 Feb. 16 15 1 8 55 54 26 13 28 234 Feb. 23 15 1 54 55 24 13 27 197 Kansas City Jan. 26 37 30 1,14 1,14 12 18 17 79 12 428 Feb. 2 36 30 1,06 1,07 12 27 17 79 12 527 Feb 9 37 32 1,09 1,07 12 29 17 81 12 406 Feb. 16 36 31 1,07 1,10 12 30 17 81 12 429 Feb. 23 36 2 29 1,09 1,11 12 28 17 79 12 398 Dallas (9 cities) Jan. 26 29 21 1,05 1,06 14 15 41 10 365 Feb. 2 30 21 1,00 1,01 6 21 15 41 10 374 Feb. 9 28 23 98 99 24 15 43 10 333 Feb. 16 29 \ 23 99 1,02 25 15 44 10 322 Feb. 23 27 22 99 1,02 24 15 41 10 315 San Francisco Jan. 26 79 2fc 2,69 2,72 17 58 1,31 \ 1 43 2 42 982 Feb 2 78 26 2,63 2,65 17 6 80 1,31 41 42 1,082 Feb. 9 75 26 2 57 2,58 15 95 1,32 42 42 967 Feb.16 74 26 2,56 2,65 15 1,01 1,32 42 42 1,012 Feb. 23 74 22 2,56 2,62 14 99 1,33 39 42 880 Cit J y a n o . f 2 6 Chicago* 85 r 3,22 3,25 16 \ 68 52 1,06 ; 31 1,224 Feb. 2 82 19 2,97 2,98 15 1,10 52 1,08 32 1,736 Feb. 9 82 18 2,96 2,99 13 1,20 52 1,1(K 32 1,038 Feb.16 81 2 2,93 3,03 13 1,30 52 1,09 32 1,263 Feb. 23 77 17 2,90 3,00 13 1,24 52 1,01 32 1,106 * 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. MARCH 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 st T a o n o u d t t a i - n l g Accept O in w g n banks Bills Others* 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 n or Total bills bought States States United Foreign States countries 1942—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 48 39 27 67 9 29 10 November 203 111 53 35 23 59 11 31 9 December 202 117 90 52 38 27 66 11 30 9 1944—January 209 120 94 55 38 29 1 As reported by dealers; includes some finance company paper sold in open market. 2 None held by Federal Reserve Banks. 8 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 Debit Debit cre C d u it s t b o a m la e n r c s' es1 Other credit balances Customers' balances in balances in Cash on ba ( d n l e a e b n t) i c t 1 es a i n n p a d v a c e r c s t t o n r t u m a e n d r e t s i s n n ' t g a in n a d v c e c fi s o t r t r m u m a n d e t i s n n t g a b h n a a d n n k d i s n bo M rr o o n w e e y d2 Free O (n th e e t) r i a I n n n a v d c p e c t a s 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 d I e n c s o t f r t u i m a r n d m e t i s n n t g I a n c ( c c n o a e u p t) n it t a s l 1936_ june . . .. 1,267 67 164 219 985 276 86 24 14 420 December 1,395 64 164 249 1,048 342 103 30 12 424 1937_june 1,489 55 161 214 1,217 266 92 25 13 397 December 985 34 108 232 688 278 85 26 10 355 1938—June 774 27 88 215 495 258 89 22 11 298 December 991 32 106 190 754 247 60 22 5 305 1939—June 834 25 73 178 570 230 70 21 6 280 December 906 16 78 207 637 266 69 23 7 277 1940—June 653 12 58 223 376 267 62 22 5 269 December 677 12 99 204 427 281 54 22 5 247 1941__june 616 11 89 186 395 255 65 17 7 222 December 600 8 86 211 368 289 63 17 5 213 1942—June 496 9 86 180 309 240 56 16 4 189 December 543 7 154 160 378 270 54 15 4 182 1943—January e540 e290 «280 February c55O *320 e310 March c610 e350 «320 April e67O «57O e330 May e740 e550 e330 June 761 9 190 ie>7 529 334 66 15 7 212 July «780 6530 6340 August «740 e490 e340 September e820 €77O e320 October e83O e740 e330 November 6 780 e600 e340 December 788 11 188 181 557 354 65 14 5 198 1944—January c78O e560 e37O 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). FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET MONEY RATES IN NEW YORK CITY COMMERCIAL LOAN RATES [Per cent per annum] AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES Yields on U.S. [Per cent per annum] mo Y w n e e th e a , k r , or m m 4 p P - c o a e r o n t p i r o m m c t e h i 6 r - e a , s - l l a a b P d c n a e r a c 9 c i n r y e m 0 e s k p s ' s - e l t , - c S h l n c a e o 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 - e c e b f r a o t n t t o t n i i e t e f n t d 1 i s h s - - 2 - e - cu 3 t r n a - y i x o t t e i o a t e a e b s r 5 s l - e 1935 average} 1 T 9 2 o . c 9 t i a 3 t l ies Y N C 1. e o 7 i w t r 6 y k 7 E e N r c a 3 n i O o s . t 3 r i t t a e e t 9 h h n s r e n - d r 1 W e 1 r c 3 n e i S . t s 7 i o a t 6 e e n u s r d t n hness 1936 average1 2.68 1.72 3.04 3.40 1937 average1 2.59 1.73 2.88 3.25 1941 average .54 .44 1.00 .103 .76 1938 average1 2.53 1.69 2.75 3.26 1 1 9 9 4 4 2 3 a a v v e e r r a a g g e e . . 6 6 6 9 . .4 4 4 4 1 1. . 0 0 0 0 . . 3 37 2 3 6 .75 1 1 . . 1 3 3 1 1 1 9 9 3 4 9 0 a a v ve e r r a a g g e e 2 2 . . 7 6 8 3 2 2 . . 0 0 4 7 2 2 . . 8 5 7 6 3 3 . . 3 5 8 1 1943—January .69 .44 1.00 .367 .76 1.29 1941 average 2.54 1.97 2.55 3.19 February .69 .44 1.00 .372 .73 1.24 1942 average 2.61 2.07 2.58 3.26 March .69 .44 1.00 .373 .75 1.33 1943 average 2.72 2.30 2.80 3.13 April .69 .44 1.00 .373 .78 1.39 1939—June 2.91 2.15 3.05 3.62 N J A O M D J S u u e o c u e a n l p t c v g y y e o t e e u e b m m s m e t b r b b e e e r r r .... . . . . . . . . 6 6 6 6 6 6 6 6 9 9 9 9 9 9 9 9 . . . . . . . . 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 1 1 1 1 1 1 1 1 . . . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 . . . . . . . . 3 3 3 3 3 3 3 3 7 7 7 7 7 7 7 7 5 5 5 5 5 4 4 3 . . . . . . . . 7 7 7 7 7 7 7 6 7 7 8 7 0 5 8 8 1 1 1 1 1 1 1 1 . . . . . . . . 2 3 2 3 3 3 3 3 9 0 9 1 1 2 6 0 1 1 9 9 4 4 0 1 — — J D D S S M M u e e e e n p p a a c c e r r t t e e c c e e m m h h m m b b b b e e e e r r r r 2 2 2 2 2 2 2 . . . . . . . 5 5 6 6 5 5 6 9 8 5 8 9 9 8 2 2 2 2 2 2 1 . . . . . . . 9 1 0 0 0 0 0 6 4 0 6 0 3 4 2 2 2 2 2 2 2 . . . . . . 5 5 5 5 6 7 4 3 6 3 9 7 8 9 3 3 3 3 3 3 3 . . . . . . . 3 2 3 4 3 3 3 6 5 8 3 5 2 1 1944—January .69 .44 1.00 .374 .78 1.30 J S u e n p e tember 2 2 . . 6 5 0 5 1 1 . . 9 9 8 5 2 2 . . 6 5 2 8 3 3. . 2 2 9 3 Week ending: December 2.41 1.88 2.45 2.99 Jan.29 I 1.00 .374 .79 1.32 1942—March 2.48 1.85 2.48 3.20 Feb. 5 1.00 .374 .78 1.32 June 2.62 2.07 2.56 3.34 Feb.12 1.00 .375 .77 1.32 September 2.70 2.28 2.66 3.25 Feb 19 1.00 .375 4.79 1.32 December 2.63 2.09 2.63 3.26 Feb.26 7A 1.00 .375 .79 1.32 1943—March 2.76 2.36 2.76 3.24 June 3.00 2.70 2.98 3.38 2 1 T M h o e n t a h v l e y r a f g ig e u r r e a s t e a r o e n a v 9 e 0 r - a d g a e y s s o t f o c w k e e e k x ly ch p a r n e g v e a i t l i i m ng e r l a o t a e n s s . was 1.25 per D Se e p c t e e m m b b e e r r 2 2 . . 4 6 8 5 2 2 . . 0 1 5 0 2 2. . 7 7 6 1 2 3. . 1 7 7 3 cent during the entire period. 3 Rate on new issues offered within period. Tax-exempt bills prior to March 1941; taxable bills thereafter. 1 Prior to March 1939 figures were reported monthly on a basis not strictly 4 Number of issues increased from 1 to 2 on Feb. 16. comparable with the current quarterly series. Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures Back figures.—See November 1939 BULLETIN, pp. 963-969 for description on Treasury bills and Treasury notes available on request. and for back figures. BOND YIELDS 1 [Per cent per annum] Corporate (Moody's)5 U.S. Government2 Munic- Corpo- Year, month, or week ipal rate By rating By groups (high, (high- Partially grade)d grade)4 Total ex ta e x m - pt Taxable Aaa Aa A Baa In tr d i u a s l - R ro a a il d - P ut u i b li l t i y c Number of issues 2-6 2 15 5 120 30 30 30 30 40 40 40 1941 average 1.95 2TlO 2~67 3.34 2.77 2.94 3^30 4.33 2.95 3.95 3.11 1942 average 2.02 2.35 2.36 2.75 3.34 2.83 2.98 3.28 4.28 2.96 3.96 3.11 1943 average 1.91 2.31 2.06 2.64 3.16 2.73 2.86 3.13 3.91 2.85 3.64 2.99 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 1944—January 1.86 2.34 1.92 2.65 3.11 2.72 2.83 3.11 3.76 2.83 3.51 2.99 Week ending: 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 Feb. 5 1.87 2.34 1.86 2.66 3.10 2.74 2.84 3.10 3.73 2.83 3.50 2.99 Feb.12 1.85 2.32 1.85 2.66 3.10 2.73 2.84 3.10 3.72 2.82 3.49 2.98 Feb.19 1.83 2.32 1.85 2.65 3.10 2.74 2.83 3.11 3.72 2.83 3.49 2.98 Feb. 26 1.80 2.32 1.85 2.64 3.10 2.74 2.83 3.10 3.73 2.83 3.49 2.98 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. 51 " • from 1 Back fi^i t . 21-24. Figures for U. S. Government bonds available on request. MARCH 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 trading? Year, month, or week m U G er e . o n n v S - t - 8 . g M ( r h i a u p i d n g a e i l h c ) - 3 H gr i a g d h e - Medi I u n m d u a s n - d lo R w a e i r l- -grad P e ublic fau D lte e d - fe P r r r e e - ds 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 (i s s n a h n a t d h r s e o s u o ) - f Total trial road utility Number of issues 2-6 50 20 20 354 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 82 1,032 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 1944—January 112.3 134.4 120.5 113.2 119.8 104.1 115.5 52.8 171.2 95 96 91 788 Week ending: Jan. 29 112.3 135.2 120.3 113.3 119.5 104.8 115.5 53.9 172.0 94 96 92 87 688 Feb. 5 112.1 135.6 120.3 113.3 119.4 104.9 115.6 55.4 172.0 95 96 95 87 790 Feb.12 112.4 135.8 120.5 113.5 119.2 105.5 115.7 57.0 172.4 94 95 93 87 702 Feb.19 112.7 135.8 120.4 113.8 119.3 106.2 115.9 59.1 173.3 94 96 97 87 Feb.26 113.2 135.8 120.5 113.7 119.1 106.1 115.9 59.9 172.9 95 96 100 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. 3 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 4 Prices derived from averages of median yields, as computed by Standard and Poor's Corporation. 5 Standard and Poor's Corporation. 6 Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 7 Average daily volume of trading in stocks on the New York Stock Exchange. •Back figures.—For United States Government bonds, see November 1940 BULLETIN. NEW SECURITY ISSUES [In millions of dollars] 7or new capital For refunding Total Domestic Domestic (new Total Total Year or month and (do- (dof i u r n n e g - d ) - m e a f e i o n g s r d n - ti ) c Total S n m a p t i n a c a u d i t l - - e a F c e g i e r e e a d n s l - 1 - Total Co B n r a o p o n n o t d e d r s a s te Stocks F ei o g r n - 2 m e a f e i o n g s r d n t - i ) c Total S n a m p t i n a c a u d l t i - - e a c F e g i e r e e a d n s l - 1 - Total Co B n r a o o p n n t o d e d r s s ate Stocks e F 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 "si" 26 1936 6,214 1,972 1,949 735 22 1,192 839 352 23 4,242 4,123 382 353 3,387 3,187 200 119 1937 3,937 2,138 2,094 712 157 1,225 817 408 44 1,799 1,680 191 281 1,209 856 352 119 1938 4,449 2,360 2,325 971 481 873 807 67 35 2,089 2,061 129 665 1,267 1,236 31 28 1939 5,842 2,289 2,239 931 924 383 287 97 50 3,553 3,465 195 1,537 1,733 1,596 137 88 1940 4,803 1,951 1,948 751 461 736 601 135 2 2,852 2,852 482 344 2,026 1,834 193 1941 5,546 2,854 2,852 518 1,272 1,062 889 173 1 2,693 2,689 435 698 1,557 1,430 126 4 1942 2,114 1,075 1,075 342 108 624 506 118 1,039 1,039 181 440 418 407 11 1943 2,143 611 609 176 59 374 282 92 ""2" 1,532 1,442 259 497 685 603 82 "96" 1943—January 176 7 7 4 3 3 170 80 45 27 8 8 90 February.... 102 58 58 47 11 11 44 44 11 32 2 2 March 200 90 87 33 55 47 7 2 110 110 17 55 38 32 7 April 158 36 36 10 7 19 15 4 122 122 13 35 75 73 2 May 157 44 44 12 3 29 25 4 114 114 25 44 45 42 2 June 203 41 41 10 1 30 22 8 162 162 41 43 78 67 11 July 169 31 31 7 4 19 6 13 139 139 42 31 66 65 1 August 145 29 29 7 22 14 8 116 116 22 15 79 69 10 September... 109 20 20 10 10 10 89 89 10 24 55 51 5 October 201 57 57 5 11 '41 33 7 144 144 11 46 87 59 27 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 1944—January 240 103 93 24 31 38 15 22 10 137 137 14 123 62 61 1 Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 Includes issues of noncontiguous U. S. Territories and Possessions. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures.—See Annual Report for 1937 (table 78). 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 dollars] Proposed uses of net proceeds Estimated Estimated Year or month gross net New money Retirement of securities Repayment proceeds2 proceeds3 of Other Total e P q l u a i n p t m a e n n d t W c o a r p k i i t n 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—April 135 132 75 20 55 21 21 36 May 124 123 57 25 32 14 14 51 1 June 152 149 75 57 1 61 56 5"" 10 3 July 61 60 20 17 31 31 8 August 43 42 38 33 4 4 S O e c p to te b m er ber 8 4 2 6 8 4 0 5 3 4 1 1 2 2 15 2 9 2 4 5 1 4 2 1 4 2 4 20 November 35 34 5 1 4 28 28 1 December 34 33 16 15 1 17 13 4 1943—January 9 8 1 1 6 6 2 February 49 49 12 10 2 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 n"" 3 59 40 19 2 10 A Se u p g t u e s m t ber 1 6 0 9 6 1 6 0 8 3 1 1 5 1 6 3 5 8 5 0 0 4 7 2 9 9 1 8 5 "2 1 " October 130 127 3 3 101 97 4 22 N D o ec v e e m m b b e e r r. 2 1 0 0 0 3 1 1 9 0 7 0 12 1 2 4 "9 3 1" 3 1 1 0 6 7 9 9 6 7 4 5 4 5 6 3 "5' 1944—January... 154 150 34 23 11 114 54 60 2 1 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Railroad Public utility Industrial Other Year or month Total Retire- All Total Retire- All Total Retire- All Total Retire- All net New ment of other net New ment of other net New ment of other net New ment of other pro- money securi- pur- pro- money securi- pur- pro- money securi- pur- pro- money securi- purceeds ties poses ceeds ties poses* ceeds ties poses4 ceeds ties poses4 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 ""is" 1,180 245 922 13 961 167 738 56 155 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" 1942—April 17 13 4 115 62 17 36 May 30 12 13 5 93 45 1 47 June Q 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 N O o ct v o e b m er ber 9 9" 2 1 9 7 i" 2 1 9 6 1 6 7 4 4 1 3 2 ""l" December 4 4 27 10 17 3 2 1 1943—Tanuary 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 J J A u u u n l g y e ust 46 6 7 "6 46 7 4 2 6 6 1 ...... 4 2 6 4 1 ...... 4 5 4 0 0 9 2 3 9 5 3 2 2 5 3 6 1 6 2 1 "2 3 1 " 2 2 September 4 4 49 41 14 3 9 3 "i" 1 N D O e o c c t v o e e b m m e b r b e e r r 2 2 3 6 8 ""3 3 " ""2 2 8 3 " 3 5 7 7 0 5 3 4 7 7 9 0 '"s" 1 4 3 1 8 4 9 11 2 7 9 2 9 9 4 2 6 3 2 3" ""3" 1944—January.. 8 8 61 61 81 26 53 2 1 Estimates of new issues sold for cash in the United States. Current figures subject to revision. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Estimated net proceeds are equal to estimated gross proceeds less cost of notation, 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. 165 MARCH 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 dollarsl 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 e n o e d n l c M e h r i a y n - - t b o A i m l u e - o s - p e O t m r t q o i t a e u r o h n t n n i e a s p t r - - - f m p e N u a r e r o c r n o t o t a d n 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 a v d e 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 a u s l s i- - O g d n o u b t o o h r l n e a d e - - r s s n c M e i e e c r l i o e v s l u a - s - s - pr N of e i t ts1 fe P D r r r e 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 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 J51 36 19 32 35 39 39 32 204 21 134 2 364 52 35 25 748 32 18 32 27 35 27 34 174 23 135 3 451 51 36 46 34 22 42 42 41 35 52 211 20 125 4 557 72 49 92 754 36 30 44 49 48 35 47 294 23 158 1943—1 442 53 39 47 I54 34 19 39 36 42 36 42 211 21 127 2 442 48 42 49 32 22 40 42 41 36 38 221 22 132 3 452 50 43 52 753 32 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 c c f o o o m m re 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 n g a u t e - i e n c N om et es- 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 rl,658 r902 r147 r202 848 226 118 98 1,362 163 163 Quarterly 1939—1 -38 -43 21 175 46 39 19 259 44 42 2 906 —43 -47 23 166 37 32 19 267 49 42 3 1,058 68 58 21 167 34 30 19 266 47 43 4 1,133 139 126 61 184 43 36 22 274 51 1940—1 986 -3 -12 -29 25 187 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 39 4.. 2,139 594 387 64 98 221 56 35 19 358 8o4 2 6 2 38 1943—1 2,091 513 209 52 28 229 71 34 19 366 42 40 2 2,255 605 239 56 49 221 62 29 18 383 44 42 3 2,368 653 249 55 39 225 60 29 19 389 45 43 r Revised Quarterly revisions not yet available. 1 "Net profits" and "net income" refer to income after all charges and taxes and before dividends. 2 Class I line-haul railroads. 3 Series excludes American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock-holdings in the 32 companies. Dividend payments shown here include amounts paid to parent companies, as well as to the public. 4 After all charges and taxes except Federal income and excess profits taxes. 5 Quarterly dividend data are not available for all companies in the group and, therefore, do not add to the yearly totals shown. 6 Not available. 7 Partly estimated. 8 Unlike other industrial groups in this table, deductions for Federal income and excess profits taxes in the first three quarters of 1942 were at rates specified in the Revenue Act of 1941. Most of the increase in taxes for the year is therefore reflected in the fourth quarter figure. Sources.—Interstate Commerce Commission for railroads; Federal Communications Commission for telephone companies; published reports for industrial and electric power companies. Figures for the current and preceding year subject to revision, especially for war producers whose contracts are under renegotiation. For description of data and back figures, see pp. 214-217 of the March 1942 BULLETIN. 2.66 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT-VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions cf dollarsl Total Total Marketable public issues1 Nonmarketable public issues Non- gu F a u r l a l n y - End of month d g d i r r e o e b s c t s t b d e d i a r e r e b i c n t t g 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 s f e o i d - f - Tr n e o a t s e u s ry Tr b e 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 n a e x v o a i t s a n e u n s g 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 t n 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 7425 9,565 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 l|219 4,350 Apr 129,849 128,643 91,392 10,044 16,154 9,797 55,201 27,456 19,267 7,783 9,795 1,206 4,363 May 135,913 134,675 95,382 10,853 16,561 9,797 57,975 29,095 20,507 8,163 10,198 1,238 4,082 June 136,696 135,380 95,310 11,864 16,561 9,168 57,520 29,200 21,256 7,495 10,871 1,316 4,092 July 141,524 140,238 98,613 12,460 16,561 11,875 57,520 30,169 22,030 7,678 11,456 1,286 3,782 Aug 144,059 142,721 99,935 12,846 17,497 11,875 57,520 30,879 22,694 7,703 11,907 1,338 3,934 Sept 158,349 157,053 111,426 13,054 21,136 11,596 65,444 33,910 24,478 8,851 11,717 1,296 3,964 Oct. 165,047 163,589 115,944 13,064 23,199 11,596 67,889 35,776 26,056 9,109 11,868 1,458 4,113 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 1944—Jan 170,659 167,043 115,259 13,101 22,843 11,175 67,944 38,911 28,901 9,384 12,873 43,616 4,269 1 Including amounts held by Government agencies and trust funds, which aggregated $3,783,000,000 on Dec. 31, 1943, and $3,784,000,000 (preliminary) on Jan. 31,1944. 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. including prepayments amounting to $2,193,000,000 on securities dated Feb. 1, 1944, sold in the Fourth War Loan Drive beginning Jan. 18, 1944. UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING, JANUARY 31, 1944 [In millions of dollars] lOn basis of daily statements of United States Treasury. In millions of dollarsl Amount Funds received from sales during Redemp- Issue Amount Issue Amount out- month tions Month standing Treasury bills Treasury bonds—Cont. a m t e o n n d t h o 1 f se A ri l e l s Se E ries Series Se G ries se A r l ie l s Feb. 3, 1944 1,003 June 15, 1949-51 1,014 Feb. 10, 1944 1,005 Sept. 15, 1949-51 1,292 Feb. 17, 1944 1,001 Dec. 15, 1949-51 2,098 1942—Oct 13,381 935 665 61 210 40 Feb. 24, 1944 1,009 Dec. 15, 1949-52 491 Nov 14,079 735 542 45 148 43 Mar. 2, 1944 1,006 Dec. 15, 1949-53 1,786 Dec. 15,050 1,014 726 66 222 55 Mar. 9, 1944 1,011 Mar. 15, 1950-52 1,963 Mar. 16, 1944 1,000 Sept. 15, 1950-52 1,186 1943—Jan 16,246 1,240 815 77 348 63 Mar. 23, 1944 1,006 Sept. 15, 1950-52 4,939 Feb 17,067 887 634 48 205 76 Mar. 30, 1944 1,011 June 15, 1951-54 1,627 Mar 17,891 944 720 44 180 131 Apr. 6,1944 1,015 Sept. 15, 1951-53 7,986 Apr 19,267 1,470 1,007 110 353 103 Apr. 13,1944 1,000 Sept. 15, 1951-55 755 May 20,507 1,335 995 86 254 104 Apr. 20, 1944 1,017 Dec. 15, 1951-53 1,118 June 21 256 876 696 35 144 141 Apr. 27, 1944 1,017 Dec. 15, 1951-55 510 July 22,030 890 683 38 169 138 Mar. 15, 1952-54 1,024 Aug 22,694 802 661 28 112 152 Cert, of indebtedness June 15, 1952-55 1,501 Sept 24,478 1,927 1,400 139 387 155 Feb. 1, 1944 2,211 June 15, 1953-55 725 Oct 26,056 1,708 1,340 93 275 144 Apr. 1, 1944 5,251 June 15, 1954-56 681 Nov 26,697 798 665 23 109 170 May 1, 1944 1,655 Mar. 15, 1955-60 2,611 Dec 27,363 853 728 24 101 207 Aug. 1, 1944 2,545 Mar. 15, 1956-58 1,449 Sept. 1, 1944 4,122 Sept. 15, 1956-59 982 1944—Jan 28,901 1,698 1,085 127 487 188 Oct. 1, 1944 3,519 June 15, 1958-63 919 Dec. 1, 1944 3,540 Dec. 15, 1960-65 1,485 Amount Tr M ea a s r u . r 1 y 5 , n 1 o 94 te 4 s 515 J J D u u e n n c e e . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 3 2 4 - - - 6 6 6 8 7 9 2 3 2 , , , 1 7 8 1 6 3 8 1 2 Maturity Date of issue J o a u n t . s 3 t 1 a , n d 19 in 4 g 4 June 15, 1944 416 Dec. 15, 1964-69 3,838 • M M S S e e a a p p r r t . . t . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 4 4 4 4 5 5 4 4 1,6 6 2 7 0 3 1 8 6 5 8 3 P C P o a o S n s n e t a v p a m t e l . r a s S 1 i 5 a C o , v n a 1 i n 9 n 6 b a g 7 l o s - 7 n l b o 2 d o a s n n ds 2,7 1 1 1 2 5 6 7 9 0 S S S e e e r r r i i i e e e s s s A C B — — — 1 1 1 9 9 9 4 4 4 6 7 5 F F F r r r o o o m m m M J J a a a n n r . . . 1 1 1 , , , 1 1 1 9 9 9 3 3 3 7 6 5 3 4 1 1 0 7 5 6 7 M De ar c . 1 1 5 5 , 1 1 9 Q 4 4 5 6 503 Total direct issues 115,259 S S e e r r i ie e s s D C— —1 1 9 9 4 4 S 8 F ]F r r o o m m J J a a n n . . 1 1 , , 1 1 9 9 3 3 8 9 4 8 8 0 8 1 Dec. 15, 1946 3,261 Series D—195C From Jan. 1, 1940 992 Sept. 15,1947 2,707 Guaranteed securities Series D—1951 From Jan. 1 to Feb. 28, 1941 333 Commodity Credit Corp. Series D—1951 From Mar. 1 to Apr. 30, 1941 112 Treasury bonds Feb. 15, 1945 412 Series E—1951 From May 1, 1941 1,252 M M J J O D D D M A " S J S D u u u e e e c e e p a a a n n e n p p c t c c r r r c r e e . e . t t . . . . . . . . 1 1 1 1 1 1 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 5 5 5 5 5 5 , , , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 9 9 4 4 4 4 4 4 4 4 4 4 4 4 4 4 7 7 8 5 4 6 4 8 8 6 8 6 8 5 - - - - - - - - - 5 - 5 4 5 4 5 4 5 5 4 2 4 8 0 9 6 0 6 1 7 1 3 1 1 1 1 1 1 , , , , , , , 0 0 2 5 1 2 0 4 4 8 5 5 7 7 3 3 1 1 2 1 6 5 8 1 7 4 5 0 6 7 9 5 3 4 2 1 9 9 1 1 9 1 H F F R Fe e e e o M M M V A F J J A d d d c m u a e . . e a u o p a a a n n b e r r F t n r y y r . e i a . h . . s o a O l 1 o 1 t 1 1 1 r u 1 P 1 r , m w r , 5 , 5 s , H 5 u u i 1 , , 1 t , 1 n c 1 b o y 9 M 9 1 9 1 t e 9 1 l 4 u 4 i 9 4 9 i r 4 9 o 5 c o s 4 4 4 4 s 5 4 n i ' r 4 - 4 . 4 - n 5 ^ t 4 - L - g g 4 2 F 6 7 o a 9 4 m H i a g n A n e o . d u C C C m si o o o i n r n r r g p p p . . . . 8 4 1 5 7 7 9 9 3 1 2 5 7 7 5 5 5 4 3 5 1 9 S S S S S S S S S S S S e e e e e e e e e e e e T r r r r r r r r r r r r i i i i i i i i i i i i o e e e e e e e e e e e e s s s s s s s s t s s s s a G G G E E F G F E F F l u — — — — — — — — — — n — c 1 1 1 1 1 1 1 1 1 1 l 1 a 9 9 9 9 9 9 9 9 9 9 9 s 5 5 5 5 5 5 5 5 5 5 5 s 4 6 2 4 5 4 3 3 5 3 6 ified F ] F F ] F F ] ] ] F F F F F F r r r r r r r r r r r o o o o o o o o o o o m m m m m m m m m m m J J M J M J J J J J T a a a a a a a a a a a n n n n n n n n n y y . . . . . . 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 4 4 4 4 4 4 4 4 4 4 4 2 2 2 3 4 3 4 4 3 1 1 2 5 9 2 2 1 8 , , , , , , 2 4 5 3 4 6 4 2 6 7 9 1 1 2 7 7 2 5 2 6 2 5 2 2 5 0 8 7 1 2 9 9 3 1 1 7 3 3 1 Total guaranteed issues 4,078 1 At current redemption values except Series G, which is stated at par. 1 Called for redemption on Apr. 15,1944. Difference between "Funds received" and month to month changes in "Amounts outstanding" represents the difference between accrued increases in redemption values and redemptions of bonds during the month. MARCH 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [In millions of dollars] Held by U. S. Gov- Privately held1 eminent agencies Held End of month s i e b n c T e t u e a o r r r i t e i t a n i s e l g t- s S is p a s e n u c e d i s a t l rust f P i u s u n s b u d l e s i s c F R B e e a b d s n y e e k r r v a s l e Total m b C e a o r n c m k ia s - l M sa b v u a i n t n u k g a s s l I p c a n a o n s n m u c i e e r - - s M i a a O ss b r t u k l h e e e e s t r - inv m e i s N s a a t s o r o b u k r n l e s e e - s t- 1940—June 47,874 4,775 2,295 2,466 38,338 16,553 3,113 6,500 9,400 2,800 December. . 50,360 5,370 2,250 2,184 40,556 17,759 3,224 6,900 9,600 3,100 1941—June 54,747 6,120 2,362 2,184 44,081 20,095 3,426 7,000 9,400 4,200 December.. 63,768 6,982 2,547 2,254 51,985 21,788 3,700 8,000 10,000 8,500 1942—June 76,517 7,885 2,726 2,645 63,261 26,410 3,891 8,900 11,100 13,000 December.. 111,591 9,032 3,207 6,189 93,163 41,373 4,559 11,000 15,100 21,100 1943—May 138,757 10,198 3,562 6,222 118,775 52,800 5,200 12,700 19,800 28,300 June 139,472 10,871 3,440 7,202 117,959 52,458 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 62,200 6,000 14,500 24.000 35,500 December.. 168,732 12,703 4,231 11,543 140,255 60,800 6,100 14,700 23,200 35,500 i Figures for insurance companies and other investors have been rounded to nearest 100 million dollars for all dates and figures for commercial banks and mutual savings banks have been rounded to nearest 100 millionj|dollars for all dates exeept June and December for which call report data are available. Back figures.—See July 1941 BULLETIN, p. 664. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES* [Public marketable securities. Par values in millions of dollars] U.S. U.S. Gov- Gov- End of month s T t o i a o n u n g t t d a - l - m a e c a g r i n e e e n n d n s - t - B s F e R e a r e r n e a d v - k l - e s m b C e a o r n c m k ia s - 1 l b M s i t a n u a n g v u a k s l - - s p I c a n a o n s n m c u i e e r - - s Other End of month s T t 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 n e a v d - k l e - s b 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 v u a k s l - - s p I a c n a o n s n m c u i e e r - - s Other trust trust funds funds Total:* Treasury bonds: 1942—June 55,122 2,723 2,645 24,939 3,830 8,74812,237 Total: Dec... ..... 80,685 3,202 6,189 38,759 4,47110,76617,297 1942—June 38,085 2,321 1,61714,828 3,442 7,766 8,110 1943—June 99,333 3,434 7,202 48,665 5,16112,48622,385 Dec 49,268 2,739 2,77719,445 4,055 9,94410,308 Aug 103,796 3,417 9,088 51,429 5,01612,42722,419 1943—June 57,520 3,045 ,468 24,226 4,72511,442 12,615 Sept 115,313 4,065 8,919 54,457 5,81113,95028,111 Aug 57,520 2,986 ,473 25,168 4,418 11,21112,264 Oct 119,867 4,118 9,354 57,468 5,86614,13428,927 Sept 65,444 3,614 ,50025,900 5,39313,100 15,936 Nov 119,867 4,15010,348 56,761 6,10014,22828,280 Oct 67,889 3,616 ,506 27,781 5,44713,28016,259 Dec 119,250 4,22411,543 55,360 6,15214,38627,586 Nov 67,940 3,609 ,50827,913 5,66113,36715,882 Treasury bills: # Dec.... 67,944 3,614 1,559 28,099 5,67113,389 15,613 1942—June 2,508 243 1,557 28 91 590 Maturing within 5 years 6,627 "ll 1,010 4,497 10 26 1,073 1942—June 3,915 336 1,599 224 581 1,173 1943—June.'.'.'.'.'.!".! 11,864 11 3,815 6.502 21 154 1,361 Dec 5,830 754 2,565 253 726 1,531 Aug 12,846 11 5,701 5,233 122 245 1,534 1943—June 9,474 867 5,122 298 991 2,195 Sept 13,054 2 5,351 6,448 9 3 1,242 Aug 9,474 851 5,272 266 927 2,156 Oct 13,064 6 5,547 6,227 10 2 1,272 Sept 9,925 853 5,831 226 860 2,151 Nov 13,074 8 6,163 5,643 9 19 1,232 Oct 8,524 668 5,074 214 839 1,728 Dec 13,072 20 6,768 4,716 12 72 L.484 Nov 8,524 665 5,068 217 836 1,738 Certificates: Dec 8,524 665 5,040 216 828 1,775 1942—June 3,096 11 66 1,971 74 191 782 Maturing in 5-10 years: Dec 10,534 17 1,041 6,470 129 180 2,696 1942—June 9,436 846 4,959 750 1,347 1,536 1943—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 Aug 17,497 38 1,160 11,000 183 315 4,801 1943—June 17,921 776 10,107 1,308 2,326 3,401 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 1,838 2,919 5,541 Nov 23,103 48 1,908 13,159, 189 280 7,520 Oct 25,430 1,162 13,153 1,908 3,024 6,183 Dec 22,843 50 2,467 12,684 226 367 7,050 Nov 25,453 1,160 13,390 1,968 3,067 5,866 Treasury notes: Dec 28,360 1,495 15,610 2,067 3,254 5,934 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 Aug 11,875 56 721 7,533 244 362 2,959 1943—June 17,214 1,645 7,611 1,405 2,896 3,657 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 Dec 11,175 66 665 7,383 204 275 2,583 Nov 17,214 1,591 7,961 1,390 2,740 3,534 Guaranteed securities: Dec 14,310 1,270 5,973 1,297 2,571 3,203 1942—June 4,549 281 5 2,847 148 433 835 Maturing after 20 years Dec 4,196 311 37 2,665 108 333 743 1942—June 6,002 593 1,258 512 2,326 1,315 1943—June 4,023 231 54 2,602 76 309 751 Dec 10,065 1,021 1,286 1,095 4,339 2,323 Aug 3,861 292 33 2,481 49 293 713 1943—June 12,912 1,221 1,385 1,713 5,229 3,366 Sept 3,888 318 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 Dec 4,020 441 83 2,465 39 283 709 Nov 16,749 1,701 1,495 2,086 6,723 4,743 Dec. 16,751 1,745 1,478 2,093 6,737 4,699 * Figures include only holdings by institutions or agencies from which reports are received; the number reporting varies slightly from month to month. Figures in column headed "other" include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total holdings (including relatively small amounts of nonmarketable issues) by all commerical banks, all mutual savings banks, and all insurance companies for certain dates are shown in the table above. 1 On Dec. 31, 1943, commercial banks reporting to the Treasury held $20,647,000,000 of United States Government securities due or callable within one year out of a total of $42,831,000,000 outstanding. 2 Including $196,000,000 of Postal Savings and prewar bonds not shown separately below. 2.68 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 r c n i 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 r ip 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 r a r a u t u s c n n c - s . s t t t o s - , Other e b T i x u t p o u d e t r g n a e e l 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 i n a e a r n n n c a n l d - e g l - e c g d r I r e e i n o n a b - s s t s e Fiscal year ending: June 1942 7,960 3,847 1,194 666 13,668 12,799 1,260 26,011 381 4,'745 32,397 19,598 3?50( +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 1943—January 306 365 52 100 824 788 54 5,947 35 337 6,372 5,584 -135 -2,819 2,899 February 380 352 343 115 1,190 955 35 5,770 2 312 6,119 5,164 -122 -2,331 2,954 March 4,732 374 50 51 5,207 5,206 262 6,744 1 347 7,354 2,147 -549 -1,213 1,483 April 1,000 346 50 159 1,555 1,514 89 6,974 38 366 7,466 5,952 +48 +8,438 14,342 May 940 359 282 160 1,742 1,480 42 7,092 1 300 7,435 5,955 -39 +70 6,064 June 3,803 353 57 356 4,569 4,569 609 7,469 1 4247 8,327 3,758 -3,180 784 July 19 1,236 512 48 234 2,048 2,007 68 6,432 344 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 2 169 7,535 2,087 -41C +11,794 14,291 October... : .. 557 746 464 46 256 2,069 2,030 131 6,989 36* 500 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 +29C -4,338 1,112 December 713 4,327 386 60 251 5,737 5,736 497 6,718 2 136 7,452 1,716 -667 -2,664 -281 1944—January 574 1,153 412 49 590 2,779 2,747 87 7,138 37 508 7,570 4,823 -14 -55 4,781 • Details of trust accounts, etc General fund of the Treasury (end of period) Social Security Balance in accounts Net ex- Other Assets general fund penditures Period in checkc N e r i e e p - t ts I m nv e e n s t t s - p t e u E n r x e d - s i c a G i o g n m o u e g v n n e a e t n c s r c i t n e - o - s f ce R i e p - ts I m nv e e n s t t s - p t E e u n x r d - e i s - Total R F p e e D o s d i s e n e e i r - t r v s a e l d s p p e D o p e i s n e c o i - i s t a s i l - O as t s h e e t r s ] T la t o i b e t i a s l l i- 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 1,679 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 1943—Tanuary 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 :,381 503 5,392 4,630 March 36 272 36 300 82 53 7 4,758 643 2,694 ,421 579 4,179 3,416 April 111 35 33 17 92 58 12 13,112 1,215 10,485 ,412 495 12,617 11,854 May 539 258 31 356 81 57 -41 13,152 651 11,117 ,383 465 12,687 11,924 June 169 428 31 -82 152 119 30 10,149 1,038 7,667 ,444 643 9,507 8,744 July.... 245 179 29 726 315 252 9 9,127 979 6,790 ,358 532 8,595 7,832 August 596 292 30 148 101 75 21 6,845 1,076 4,362 ,406 481 6,364 5,601 September. .. 32 296 30 146 116 72 14 18,734 1,538 15,676 ,519 576 18,158 17,395 October 109 50 29 199 139 86 16 19,838 1,095 17,280 ,462 541 19,297 18,534 November 562 277 29 -64 75 96 8 15,492 1,245 12,770 ,477 534 14,958 14,196 December.... 87 308 30 427 114 81 22 12,878 1,408 9,942 ,528 584 12,294 11,532 1944—January 102 83 32 165 164 81 -80 12,873 1,098 10,314 ,461 1 634 12,239 11,476 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 ofjlollars] Income taxes Miscellaneous internal revenue Manufac- Period Total v i C r i n d e u d n u r i t a - - l W he i l t d h * - 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 - t B a a x c e k s E p t r x a o c x f e e it s s s s p O t r a o t x h f e i e t s r s Total C s t t t a o a a p x c l k i- E ta s a g x t 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 re t e t t u a a a x r n x i c e l d i e e r s s s e r ' s' n t c 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 '086 4,137 557 5,064 84 4,571 329 447 1,423 924 45 670 732 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 1 37 113 77 5 49 64 May 753 103 381 89 74 103 373 46 109 71 5 60 80 June 4,026 1,800 5 970 41 1,203 329 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 44 162 595 188 25 129 90 5 56 103 September 4,192 1,963 1 6 877 103 1,228 \l 394 35 28 117 86 4 53 71 October 1,644 r74 1,006 3 181 r35 337 421 20 41 122 90 4 59 86 November 1,471 r46 1,087 2 84 r32 204 16 376 34 117 93 4 56 70 December 4,591 r2,158 14 1 rl,012 r49 rl,352 r5 388 36 120 87 4 64 76 1944—January 1,584 396 629 1 16 184 352 6 382 52 108 77 4 68 72 r Revised. 1 Withheld by employers (Current Tax Payment Act of 1943). 2.69 MARCH 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Assets, other than interagency items Liabilities, other than interagency items Securities Bonds, notes, u. s. Pri- End of month Total Loans f s e P t r o r r c e e k - d , Cash G d U i o r . e S v c . t t . O G t o h v e t r . c o o a A t n u h c d n e - t r s p B n r e u o s s p s i - - P h e f r r e o o t l r y p d - O as t s h e e t r s a g F n u u d a l l r d y - ebentures O lia t t i b h e i e s l r i- i G n m o te v e r e n e r t s n t - i v o n w a te t n e r e l e y d st etc. and agen- receiv- erty sale anteed Other1 guaran- cies1 ables by teed U.S. 1942—June 17,962 8,379 648 403 1,097 57 774 859 3,512 2,233 4,568 1,442 3,265 8,249 438 December. .. 21,715 8,127 620 553 1,272 33 1,085 1,020 5,187 3,818 4,301 1,414 4,630 10,931 439 1943—January 22,643 8,086 605 605 1,284 32 1,205 1,041 5,638 4,147 4,291 1,413 4,829 11,671 439 February 23,437 8,022 565 590 1,375 27 1,440 :1,359 5,883 4,176 4,332 1,383 5,076 12,206 440 March .... 24,151 8,003 562 597 1,424 26 1,303 1,408 6,074 4,754 4,365 1,375 5,109 12,860 441 April 24,706 8,092 560 536 1,510 24 1,464 1,428 6,081 5,011 4,372 1,366 5,648 12,880 440 May 24,805 7,949 557 504 1,549 24 1,514 1,475 6,167 5,066 4^092 1^340 5J46 13,188 440 June 26,708 7,685 556 515 1,565 22 1,788 1,674 6,310 5,343 4,101 1,333 6,022 14,812 440 July 25,555 7,615 524 538 1,638 16 1,514 1,561 6,750 5,399 3,936 1,276 5 757 14,146 441 August 26,435 7,580 498 539 1,691 11 1,450 1,966 7,019 5,681 4,046 1,271 5,'972 14,706 440 September... 26,284 7,557 497 501 1,722 7 1,487 1,470 7,234 5,809 4,081 1,274 5,560 14,929 441 October 27,218 7,487 493 486 1,784 6 1,850 1,602 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 1,611 7,309 6,622 4,180 1,308 5,788 16,073 439 December 28,625 7,444 486 524 1,895 23 1,926 1,624 7,512 7,191 4,239 1,342 5,874 16,732 438 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 - t loans End of month T lo o a t n a s l 2 R n s C t e t a F r i o c n o u i o r c - n c p n e - . - H O e o w r m s n ' e - F H e o a d m l er e - M R ga o F g r C e t- M t F i N o e o a n d r - a t . - l P H F u o e b u d l s i . c - F l e a a d n l e d r- M F F a e o r d r m t . - m i F n a e e t t e d e d r i . - - o f B o p a r e n c r k a o s - - m C C o r o e d m d it i y - t C F A r a e d r d m - it S F r e a i c t r y u m - t R r E m A t i u i f l i o e i d r n c c n a - a . - l - p B p E L o o a m x r n r t - t - - k Other C L o o r a p n . b L a o n a k n s p C a o n m y - A g s a s g o e c. A i u n t g h. banks C ga o g rp e . c b r a e n d k i s t tives Corp. min. Admin. 1942—June 8,379 1,473 1,676 193 82 216 384 1,706 562 289 m 231 258 460 342 113 293 December . 8,127 1,557 1,568 129 94 211 366 1,603 507 238 145 242 237 446 346 122 316 1943—January... 8,086 1,554 1,548 113 96 210 379 1,579 496 237 132 258 237 446 345 122 334 February.. 8,022 1,527 1,532 96 96 209 378 1,564 490 248 121 270 240 454 345 121 331 March 8,003 1,530 1,507 79 97 206 381 1,540 483 266 111 276 244 463 345 121 354 April 8,092 1,512 1,480 87 97 204 371 1,520 475 280 106 408 245 457 344 122 384 May 7,949 1,487 1,460 79 98 202 374 1,502 468 287 102 304 246 454 344 126 416 June 7,685 1,483 1,441 90 98 73 317 1,489 463 296 102 228 245 447 344 129 440 July 7,615 1,459 1,419 92 97 71 317 1,472 455 296 107 225 244 443 344 132 442 August 7,580 1,463 1,400 81 100 69 317 1,452 447 284 111 225 242 441 344 136 468 September. 7,557 1,460 1,383 130 99 67 317 1,431 437 269 148 222 237 433 345 136 443 October... 7,487 1,432 1,366 127 100 66 317 1,406 423 251 189 228 232 427 345 140 438 November. 7,459 1,427 1,354 116 99 65 318 1,381 412 240 215 278 229 421 345 136 423 December. 7,444 1,413 1,338 110 101 65 318 L,358 403 243 235 330 226 416 347 136 405 SELECTED ASSET ITEMS, OTHER THAN INTERAGENCY ITEMS Lo F an in s a b n y c e R C ec o o rp n o st r r a u ti c o t n ion Preferred stock held Acco r u e n c t e s i v a a n b d l e o s ther Property held for sale End of month Total n t L u i t a o n o t n i s a c o f t n i i i n - a s - s l L r r o o a t a a o il n d - s s Other F R i s C n t e t i o r c a o u r o n n p c n c . - e - O C H r L w a o o o t n r i m a p o e n o e n rs - ' Other F b M F e a e d n C o d . k r o . t s F g r l p a a a a . n g r n m d e d m C r C C a o o r t o r d e i m p o d i o t n i - y t - C p s w F t o R o r i r a r u e n a r p c c a t . o c t i n a i o o n o c n n r - e n d - s Other r c a W o ti r o a p r n o s - m C r C C a o o r t o r d e i m p o d i o n t i - y t - O C H L r w a o o o t n r m i a p o e n o e n rs - ' Other 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 December ... 1,413 131 398 884 338 63 85 168 488 728 542 6,423 897 96 96 1 Excluding Federal land bank bonds held by the Federal Farm Mortgage Corporation. 3 2 E E x x c c l l u u d d i i n n ng g g ii l nn o vv a ee n ss s tt mm by ee nn F tt e ss d ii e nn r a pp l rr ee s ff a ee v rrr i r n eed g d s ss a ttoo n cc d kk l ,, o tt a hh n ee a aa s mm so oo c uu i nn a tt t i oo o ff n s ww , hh w iicc h hh ic ii h ss ss a hh r oo e ww p nn ri v iinn a t tt e hh ly ee ll o oo w ww n ee e rr d ss ee i cc n tt s iioo ti nn tu co ti f o th n i s s u t n a d b e le r . the supervision of the Federal Home Loan Bank Administration. Loans by these institutions amounted to 1,916 million dollars on Dec. 31, 1943. xyo FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variationl In p c a o y m - e In (p d h u 1 y s 9 s tr 3 ic i 5 a a - l 3 l 9 p v r o = o lu d 1 m u 0 c e 0 t ) io 2* n aw 1 C 9 a o c 2 rd n 3 o e - s n 2 d t t r 5 r u ( a c = v c t a t i 1 s o lu 0 n e 0 )3 E 1 m 93 p 9 lo y = m 1 e 0 n 0 t4 F to a r c y - Freight D m s e t p o e a r n e r t t- W s h a o l l e e- Cost of Y m ea o r n a th nd ( 1 m v = 9 a 3 e l 5 1 u n 0 - e t 3 s 0 ) 9 i Total D ab u f l M a r e - c a tu n r u N e d - s u o r n - - M era in ls - Total R d ti e e a n s l i - - o A th l e l r N t a c u g o u r r l n a - i l - - Factory 1 r 9 o 3 1 l 0 9 ls 0 = 4 c 1 a = 9 i r n 3 lo g 1 5 0 a s -3 * d 0 9 - 19 ( u s 2 v a e 3 a l ) 1 e l - * 0 - 2 s 5 0 5 p m r = c i 1 o o c 9 d 1 e m 2 0 s i 6 t - 4 0 y 1 l = i 9 v 3 i 1 5 n 0 - g 3 0 4 9 able Ad- Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed 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 P211A P361 pl32 68 40 92 128.5 168.7 316.4 137 138 103.1 123.6 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 155.2 181 177 235 152 133 118 147 120.4 141.6 139.8 200.7 140 138 96.0 112.0 February 157.1 183 180 241 153 133 128 100 151 120.8 143.2 142.3 208.2 138 126 96.7 112.9 March 159.1 186 182 250 153 126 125 95 149 121.0 144.8 144.3 215.1 138 124 97.6 114.3 April 163.4 189 187 257 154 125 128 82 165 121.2 147.0 146.3 221.4 138 117 98.7 115.1 May 165.4 191 192 264 153 126 158 76 226 121.9 148.7 148.0 228.7 136 108 98.8 116.0 June 169.6 193 195 272 152 127 193 76 288 122.5 150.8 149.9 234.5 134 104 98.6 116.4 July 172.8 197 199 278 154 126 206 74 313 124.5 153.2 153.4 242.7 137 121 98.7 117.0 August 176 .-2 204 207 290 158 130 182 65 278 125.8 155.8 157.1 254.8 140 130 99.2 117.5 September 178.4 208 213 299 161 131 179 70 268 126.5 157.4 159.6 261.8 140 123 99.6 117.8 October 183.0 215 218 311 165 129 185 83 269 127.6 159.6 160.7 270.9 140 128 100.0 119.0 November 189.2 220 220 319 168 130 198 90 286 128.8 161.5 161.9 280.4 136 138 100.3 119.8 December 193.4 223 221 328 169 127 175 91 243 130.2 164.2 164.5 287.9 135 125 101.0 120.4 1943 January 196.5 227 223 336 171 125 145 79 198 r130.0 164.8 290.9 135 143 101.9 120.7 I February 200.6 232 229 344 174 131 102 56 140 r130.3 166.4 297.5 139 r167 102.5 121.0 March 204.4 235 232 351 174 133 85 42 119 129.8 167.6 304.5 138 136 103.4 122.8 April 207.3 237 235 356 175 131 63 33 87 129.3 167.7 309.7 136 128 103.7 124.1 May 208.7 238 239 359 176 129 52 31 68 r128.3 167.2 313.5 135 125 104.1 125.1 June 211.3 236 238 358 177 117 45 32 55 128.6 168.8 317.1 127 129 103.8 124.8 July 213.1 240 241 361 176 134 60 36 80 128.6 169.8 315.6 141 142 103.2 123.9 August 215.5 242 245 366 177 135 59 35 79 127.9 170.8 322.2 140 142 103.1 123.4 September.... 215.6 245 248 370 178 138 65 35 89 126.8 170.1 328.0, 140 132 103.1 123.9 October 218.0 247 249 375 179 136 49 34 61 127.5 170.5 P332.6 137 140 103.0 124.4 November.... 221.5 247 247 377 179 133 60 37 78 128.3 170.9 336.2 139 158 102.9 124.2 December ^224.8 241 239 367 173 137 61 35 81 128.2 169.3 328.5 144 r131 103.2 124.4 1944 January ^242 P238 p366 P56 P127.1 p167.3 ^166.4 145 152 103.3 124.1 February e148 e103.6 •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. 272-275. 3 Based on F. W. Dodge Corporation data; forldescription, see p. 358 of BULLETIN for July 1931; by groups, see p. 278 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. 280-281 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. MARCH 1944 2-71 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 1944 Industry Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec, Jan. Industrial Production—Total.. 223 227 232 235 237 238 236 240 242 245 247 247 241 P242 Manufactures—Total... 240 245 250 253 256 258 258 259 262 264 267 268 260 Durable Manufactures 328 336 344 351 356 359 358 361 366 370 375 377 367 Iron and Steel 200 204 208 210 209 208 201 203 209 213 214 r210 r200 208 Pig iron 197 198 200 202 198 196 190 191 202 205 202 200 198 200 Steel 221 226 231 233 235 233 227 229 235 239 241 r236 r222 231 Open hearth. 179 182 185 188 186 184 177 180 184 189 190 r186 r178 186 Electric 523. 542 560 559 580 584 583 577 598 593 607 592 536 556 Machinery 407 426 436 441 443 441'- 445 451 458 463 453 p450 Manufacturing Arsenals and Depots* Transportation Equipment. 630 651 671 692 718 728 743 756 763 767 r782 765 V748 Automobiles 191 198 203 204 206 211 215 220 232 239 r247 248 240 ^235 (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1 Nonferrous Metals and Products 242 r251 256 257 266 264 266 273 288 295 r294 *286 Smelting and refining ; ^ 241 255 262 270 275 278 279 294 303 308 p306 (Copper smelting; Lead refining; Zinc smelting; Fabri m c a A ti l n u g m inum; Magnesium; . _ Tin)1 243 r255 252 257 255 260 262 270 285 292 r289 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)x Lumber and Products 130 123 127 129 130 133 128 128 130 129 128 136 137 P133 Lumber 122 113 117 119 121 126 118 118 119 118 115 127 131 Furniture. 146 142 147 149 149 147 148 148 152 149 152 150 152 Stone, Clay, and Glass Products.. 173 180 178 175 175 175 175 173 173 168 171 169 P172 168 Glass products 136 150 149 146 153 159 158 162 162 159 169 169 Plate glass 35 35 36 35 39 43 41 45 49 53 47 165 55 "54 Glass containers 172 191 189 185 194 200 199 203 202 196 212 54 209 Cement 171 171 166 154 135 130 127 119 114 112 107 204 101 Clay products 144 148 144 142 142 136 139 132 132 125 124 98 122 Gypsum and plaster products 191 193 196 202 204 203 204 198 203 194 194 124 192 Abrasive and asbestos products.... 293 301 305 308 313 320 325 •326 327 321 326 196 319 Other stone and clay products1 329 Nondurable Manufactures 169 171 174 174 175 176 177 176 177 178 179 173 Textiles and Products... 157 158 162 158 157 155 148 145 150 152 152 143 P148 Textile fabrics 148 149 152 149 147 149 146 139 136 141 143 142 133 Cotton consumption 163 171 171 166 166 169 160 153 147 156 156 153 142 153 Rayon deliveries 178 180 181 181 181 185 183 183 177 181 186 191 189 186 Nylon and silk consumption1... Wool textiles 163 154 166 163 157 158 160 146 150 151 "154 f154 142 Carpet wool consumption... 44 29 39 40 38 32 30 24 33 29 37 39 36 Apparel wool consumption. 218 208 230 228 214 222 226 207 210 206 201 r205 186 Woolen and worsted yarn... 180 172 184 181 173 177 181 164 168 172 173 172 159 Woolen yarn 184 176 190 187 179 181 186 168 176 178 175 176 161 Worsted yarn 175 167 177 172 165 171 174 159 158 163 171 166 156 Woolen and worsted cloth.. 185 177 187 182 177 177 179 164 166 169 172 171 160 Leather and Products... 117 123 117 119 118 114 112 HI 110 110 r105 p105 Leather tanning 126 130 127 120 122 122 114 111 106 105 104 r98 96 Cattle hide leathers 141 141 139 128 131 132 122 116 109 107 102 101 97 Calf and kip leathers 93 95 93 92 91 92 86 85 80 81 76 67 68 Goat and kid leathers 84 89 89 93 90 90 86 84 82 88 95 r90 82 Sheep and lamb leathers.. 154 185 170 160 166 164 162 169 174 164 173 r146 162 Shoes 110 118 119 115 117 115 114 112 114 114 114 109 105 Manufactured Food Products.. 143 141 141 142 141 141 144 144 143 143 149 148 P150 Wheat flour > 120 134 126 118 109 97 102 110 117 128 128 P124 Cane sugar meltings1 Manufactured dairy products.. 145 2*134 2*146 P159' P139 Butter 103 103 107 108 106 103 106 104 96 95 87 88 86 Cheese 135 144 145 147 147 145 150 154 150 150 144 143 147 Canned and dried milk.... 143 137 141 145 149 150 161 171 157 154 137 132 131 Ice cream 176 Meat packing 156 143 154 151 147 162 159 186 182' 178 168 185 173 Pork and lard 189 168 183 183 187 216 222 260 241 221 193 221 206 2*229 Beef 119 123 131 127 112 111 96 110 119 130 135 145 139 Veal 108 79 76 74 62 60 63 73 109 131 151 150 121 Lamb and mutton 151 121 115 107 111 123 140 154 161 173 166 158 r Revised. p Preliminary. x Series included in total and group indexes but not available for publication separately. XJ2. 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 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Manufactured Food Products—Continued Other manufactured foods" 144 144 143 145 144 144 142 141 142 141 141 145 P152 Processed fruits and vegetables. 122 121 121 122 124 121 119 114 126 120 121 121 nn Confectionery 135 137 139 145 153 152 144 134 123 120 120 123 Other food products 152 151 149 150 148 148 148 149 150 150 150 155 Alcoholic Beverages. 111 105 121 112 104 96 106 106 111 135 130 141 143 131 Malt liquor 131 111 142 133 124 113 127 127 131 164 155 169 172 160 Whiskey 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other distilled spirits., 42 42 63 35 31 21 22 23 40 77 90 62 42 47 Rectified liquors 159 159 161 157 141 139 144 144 157 156 158 178 .189 162 Industrial Alcohol from Beverage Plants1 Tobacco Products .' 146 132 128 129 132 123 124 134 136 134 139 148 143 126 Cigars 154 103 101 93 103 104 102 99 96 101 100 101 90 87 Cigarettes.... 160 159 153 159 160 144 149 166 169 165 173 186 181 157 Other tobacco products.. 94 93 88 89 86 85 78 84 92 87 93 100 99 88 Paper and Paper Products... 133 135 140 141 141 142 140 135 143 143 140 140 131 Paper and pulp.. 132 135 139 139 138 140 136 133 141 140 138 137 131 Pulp 149 148 153 148 150 154 143 141 153 150 153 147 142 Groundwood pulp 107 103 107 103 101 104 106 111 115 112 112 103 107 Soda pulp 127 96 98 94 93 92 84 87 93 93 93 93 103 Sulphate pulp 192 201 206 203 204 211 184 193 214 211 213 212 196 Sulphite pulp 140 140 146 140 144 147 142 131 139 134 141 131 127 Paper 130 133 137 138 136 137 135 132 139 138 135 136 129 Paperboard 134 137 143 150 150 150 152 143 151 155 148 151 135 Fine paper 124 129 131 129 130 133 123 126 135 124 127 126 116 Printing paper 120 125 131 126 124 122 122 117 126 125 124 122 122 Tissue and absorbent paper 175 175 172 174 167 168 176 158 169 174 163 r160 163 Wrapping paper 120 125 129 127 125 130 118 127 130 126 128 130 127 Newsprint # 100 92 92 90 88 89 91 91 90 88 83 86 82 79 Paperboard containers (same as Paperboard).. Printing and Publishing. 111 115 112 113 111 115 111 110 106 105 P106 Newsprint consumption 103 104 101 97 101 102 105 103 97 96 90 89 Printing paper (same as shown under Paper)... Petroleum and Coal Products. 156 158 165 166 171 173 177 182 193 202 207 213 216 Petroleum refining 155 157 164 166 171 174 180 185 196 206 in 111 111 Gasoline 104 99 102 99 101 104 109 109 116 122 111 123 123 Fuel oil 137 137 143 137 144 137 138 145 153 156 151 159 159 Lubricating oil 113 111 114 118 114 116 120 121 123 123 134 137 120 Kerosene 99 104 117 118 121 122 126 118 107 115 113 117 120 Other petroleum products1. Coke 166 166 169 169 169 166 157 162 170 171 169 163 172 p174 By-product coke 156 157 158 158 159 157 152 153 159 161 158 155 161 Beehive coke 501 485 543 551 519 481 318 453 523 538 535 r459 519 Chemical Products., 344 355 361 370 382 389 399 402 404 395 390 365 P360 Paints 126 125 127 126 129 130 135 139 140 137 138 140 137 Soap 123 125 127 124 124 122 123 120 124 123 120 129 131 Rayon 196 196 200 204 210 214 213 222 223 221 225 223 226 PUS Industrial chemicals 319 332 332 341 350 356 366 371 382 383 396 398 394 Explosives and ammunition1.. Other chemical products1 Rubber Products 212 215 218 222 222 224 230 229 227 231 234 241 P240 Minerals—Total.. 127 125 131 133 131 129 134 135 138 136 133 137 Fuels 126 124 131 133 131 129 115 136 137 140 140 P142 Coal.. 136 136 151 154 146 139 97 150 148 150 125 P151 Bituminous coal. 143 145 157 161 151 143 103 155 153 155 131 P161 Anthracite 105 102 129 128 129 124 74 129 128 129 102 Crude petroleum 121 118 121 122 124 125 124 128 131 136 139 P137 Metals. 133 130 131 131 130 129 128 123 124 r125 P124 Metals other than gold and silver... 187 185 189 188 189 186 187 188 184 188 187 186 Iron ore 223 223 223 223 223 223 223 223 223 223 223 223 (Copper; Lead; Zinc)1 Gold 26 Silver r72 r Revised p Preliminary. 1 Series included in total and group indexes but not available for publication separately. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. MARCH 1944 2-73 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 1944 Industry Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. DecJan | Industrial Production—Total. 221 223 229 232 235 239 238 241 245 248 249 247 239 p238 Manufactures—Total... 239 242 247 251 255 258 259 260 264 267 269 268 258 p257 Durable Manufactures 327 334 342 350 356 360 359 362 367 371 376 377 366 Iron and Steel 200 204 208 210 209 208 201 203 209 213 214 r210 r200 208 Pig iron 197 198 200 202 198 196 190 191 202 205 202 200 198 200 Steel 221 226 231 233 235 233 227 229 235 239 241 r236 r222 231 Open hearth. 179 182 185 188 186 184 177 180 184 189 190 r186 r178 186 Electric 523 542 560 559 580 584 583 577 598 593 607 592 536 556 Machinery 407 417 426 436 441 443 441 440 445 451 458 463 453 p450 Manufacturing Arsenals and Depots1 ... Transportation Equipment 630 651 671 692 718 728 743 756 763 767 r782 765 V748 Automobiles . 191 198 203 204 206 211 215 220 232 239 r247 248 240, (Aircraft; Railroad cars; Locomotives; Shipbuilding —Private and Government)1 Nonferrous Metals and Products. 243 r251 252 256 257 266 264 266 273 288 295 r294 p286 Smelting and refining 242 241 253 255 262 271 275 276 279 294 308 P307 (Copper smelting, Lead refining Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 243 r255 252 257 255 264 260 262 270 285 f289' P27S (Copper products; Lead shipments; Zinc shipments; Aluminum products;Tin consumption)1 Lumber and Products... 120 112 119 123 130 136 135 135 137 136 133 133 p120 Lumber 106 96 104 110 120 130 128 128 130 129 124 124 114 Furniture 146 142 147 149 149 147 148 148 152 149 152 152 150 Stone, Clay, and Glass Products.... 169 170 166 168 172 180 177 173 179 174 178 172 P162 Glass products 127 147 145 146 153 169 157 156 168 162 174 166 158 Plate glass 35 35 36 35 39 43 41 45 49 53 47 54 55 Glass containers 160 187 184 185 194 214 197 195 210 200 218 206 195 Cement 156 139 126 126 128 137 136 131 129 130 124 r106 92 Clay products 149 139 137 136 138 136 137 132 135 129 131 129 126 mi A O G b y th r p e a s r s u i m s v t e o a n a n e n d d a n p a d l s a b s c e t l e s a r t y o p s p r p r o o r d o d u d u c u c ts t c s t 1 s 2 1 9 9 3 4 3 1 0 8 1 7 3 1 0 8 5 8 3 1 0 9 8 6 2 31 0 3 2 3 2 2 0 0 5 3 2 2 0 5 8 3 1 2 9 6 8 2 32 0 7 4 3 1 2 9 1 8 3 1 2 9 6 9 3 1 2 9 9 8 3 1 1 9 9 6 p P 1 3 9 l7 6 Nondurable Manufactures 168 168 171 171 173 175 177 177 180 182 182 180 172 Textiles and Products... 157 158 162 158 157 159 155 148 145 152 143 P148 Textile fabrics 148 149 152 149 147 149 146 139 136 141 143 142 133 Cotton consumption 163 171 171 166 166 169 160 153 147 156 156 153 142 153 Rayon deliveries 178 180 181 181 181 185 183 183 177 181 186 191 189 186 Nylon and silk consumption1... Wool textiles 163' 154' 166 163 157 158 160 146 150 151 154 r154 142 Carpet wool consumption... 44 29 39 40 38 32 30 24 33 29 37 39 36 Apparel wool consumption. 218 208 230 228 214 222 226 207 210 206 201 r205 186 Woolen and worsted yarn... 180 172 184 181 173 177 181 164 168 172 173 172 159 Woolen yarn 184 176 190 187 179 181 186 168 176 178 175 176 161 Worsted yarn 175 167 177 172 165 171 174 159 158 163 171 166 156 Woolen and worsted cloth.. 185 177 187 182 177 177 179 164 166 169 172 171 160 Leather and Products. 116 123 126 117 118 113 110 110 110 106 101 p104 Leather tanning 125 130 137 119 121 122 112 105 105 103 104 r10l 95 Cattle hide leathers 141 144 151 128 131 132 117 109 105 105 103 105 97 Calf and kip leathers 91 93 98 90 88 84 84 80 78 69 66 Goat and kid leathers 85 89 93 93 93 83 80 89 95 r87 83 Sheep and lamb leathers 146 172 188 155 162 177 160 157 180 161 173 r155 154 Shoes 110 118 119 115 117 115 114 112 114 114 114 109 mo Manufactured Food Products 139 131 127 128 128 135 141 152 159 160 152 151 145 Wheat flour 118 134 127 116 105 93 98 102 109 121 124 129 126 Cane sugar meltings1 Manufactured dairy products.. 95 ^87 P99 ^203 P179 H53 P120 Butter 81 86 94 98 108 133 146 127 106 91 75 67 68 Cheese .•••••-. 97 107 119 132 153 194 213 189 167 153 130 6107 106 Canned and dried milk — 110 111 127 142 168 208 223 198 161 142 111 95 101 Ice cream 98 Meat packing 186 171 147 140 136 162 158 170 154 160 168 206 '205 P219 Pork and lard 249 221 180 171 170 216 222 229 185 175 181 259 271 P300 Beef 119 126 121 115 105 111 94 111 120 140 147 150 139 PU0 Veal 101 73 67 69 61 62 63 73 107 144 172 160 113 ^107 Lamb and mutton 148 128 117 105 108 126 111 134 151 173 180 166 pUl r Revised. p Preliminary. c Corrected. 1 Series included in total and group indexes but not available for publication separately. 2-74 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 1944 Industry Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan Manufactured Food Products—Continued Other manufactured foods 142 133 130 129 128 130 134 146 161 165 157 151 PU6 Puo Processed fruits and vegetables 95 79 76 67 75 79 91 148 214 222 155 111 101 ^82 Confectionery 137 141 140 135 127 117 107 110 133 155 157 145 ^139 Other food products 155 145 142 144 142 146 149 152 153 153 158 163 158 Alcoholic Beverages. 94 90 110 105 107 106 127 126 122 •138 132 119 120 111 Malt liquor 105 100 128 123 130 129 161 159 150 166 144 130 137 131 Whiskey 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other distilled spirits 46 27 38 23 19 13 13 13 21 105 234 130 47 31 Rectified liquors 159 159 161 157 141 139 144 144 157 156 158 178 189 162 Industrial Alcohol from Beverage Plants1 Tobacco Products....... 137 132 122 123 125 123 128 138 140 141 144 151 132 126 Cigars .... 154 103 101 93 103 104 102 99 96 101 100* 101 90 87 Cigarettes 147 159 144 148 149 144 156 175 177 176 179 190 167 157 Other tobacco products 83 91 85 89 86 86 84 89 93 99 103 86 80 87 Paper and Paper Products... 132 135 140 141 141 142 134 143 143 140 140 140 131 Paper and pulp 132 135 140 139 139 140 132 140 140 138 138 Pulp 149 149 154 150 152 155 113473 140 151 148 152 148 113402 Groundwood pulp 108 107 111 110 112 113 107 99 101 99 104 109 108 Soda pulp 127 96 98 94 93 92 84 87 93 93 93 93 103 Sulphate pulp 192 201 206 203 204 211 184 193 214 211 213 212 196 Sulphite pulp 140 140 146 140 144 147 142 131 139 134 141 131 127 Paper . 129 133 138 138 137 137 136 131 139 138 135 136 128 Paperboard 134 137 143 150 150 150 152 143 151 155 148 151 135 144 Fine paper 124 129 131 129 130 133 123 126 135 124 127 126 116 Printing paper 120 125 131 126 124 122 122 117 126 125 124 122 122 Tissue and absorbent paper 170 173 179 174 168 168 180 152 169 174 165 r160 158 W Ne r w a s p p p r i i n n g t paper 1 9 2 8 0 1 9 2 2 5 1 9 2 2 9 1 9 2 0 7 1 8 2 9 5 1 9 3 0 0 1 9 1 2 8 1 8 2 9 7 1 8 3 9 0 1 8 2 8 6 1 8 2 3 8 1 8 3 7 0 1 8 2 2 7 79 Printing and Publishing 114 HI 115 114 116 114 111 104 no 112 112 110 108 P102 Newsprint consumption 108 97 98 101 107 106 101 91 93 98 101 98 93 83 Printins DaDer (same as shown under PaDer) Petroleum and Coal Products. 156 158 165 166 171 173 177 182 193 202 207 213 216 Petroleum refining 155 157 164 166 171 174 180 185 196 206 212 221 222 Gasoline 104 99 . 102 99 101 104 109 109 116 122 122 123 123 2*126 Fuel oil 137 137 143 137 144 137 138 145 153 156 151 159 159 Lubricating oil 112 108 113 117 118 121 120 120 121 123 134 137 118 Kerosene 102 106 123 120 124 124 119 110 102 114 113 120 124 Other petroleum products1 Coke 166 166 169 169 169 166 157 i62 170' 169 163 172 P174 By-product coke 156 157 158 158 159 157 152 153 159 161 158 155 161 ^164 Beehive coke 501 485 543 551 519 481 318 453 523 538 535 r459 519 P498 Chemical Products 346 354 362 372 384 389 396 398 400 396 400 392 367 P358 Paints 126 123 125 126 130 134 139 137 139 135 138 138 13*7 ^135 Soap 123 123 125 124 122 119 120 119 126 128 126 130 131 P\26 Rayon 196 196 200 204 210 214 213 222 223 221 225 223 226 ^225 Industrial chemicals 319 332 332 341 350 356 366 371 382 383 396 398 394 ^392 Explosives and ammunition1 Other chemical products1 Rubber Products 212 215 218 222 222 224 230 229 227 231 234 241 240 P240 Minerals—Total 119 119 125 127 127 132 121 140 140 143 140 132 131 P133 Fuels . .. 126 124 131 133 131 129 115 136 137 140 138 134 140 P142 Coal 136 136 151 154 146 139 97 150 148 150 141 125 147 P\S2 Bituminous coal 143 145 157 161 151 143 103 155 153 155 144 131 156 P\6\ Anthracite 105 102 129 128 129 124 74 129 128 129 127 102 114 P\\6 Crude petroleum 121 118 121 122 124 125 124 128 131 136 137 139 136 ^137 Metals 79 88 90 90 105 148 159 163 161 160 149 r116 78 *84 Metals other than gold and silver 93 114 121 121 147 223 243 250 249 247 228 170 106 P117 Iron ore .. 19 73 77 79 132 298 341 365 363 351 310 182 48 G Si o l l v d e ( r Conner* Tparl* 7inr^1 5 7 5 4 4 7 5 7 4 7 0 9 4 7 0 9 3 7 8 5 3 7 7 6 8 3 0 4 8 3 6 2 3 7 1 8 ' " 7 3 0 i r 3 7 1 2 8 3 3 1 r Revised. p Preliminary. x 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. 2-75 MARCH 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 1942 1943 Dec. Jan. I Sept. Oct. Nov.Dec. Jan. Nov. Dec. Jan. Sept. Oct. Nov. Dec. Total 164.5 164.8 170.1 170.5 r170.9 169.3 166.4 280.4 287.9 290.9 328.0 r332.6 336.2 328.5 Durable goods 215.5 218.1 230.4 232.3 r234.0 232.5 228.9 382.8 391.6 399.8 460.7 468.8 r474.0 461.6 Nondurable goods 124.3 122.9 122.6 121.7 121.2 119.5 117.1 180.3 186.4 184.5 198.3 199.6 201.4 198.2 Iron and Steel and Products 169.1 170.7 173.6 174.6, 175.9 175.1 172.9 270.1 278.7 283.5 312.8 318.6 320.1 316.7 Blast furnaces, steel works, etc 135 134 132 131 131 130 204 204 209 233 233 227 224 Steel castings 273 276 271 269 267 267 446 453 464 476 483 486 483 Tin cans and other tinware 89 89 111 107 105 106 128 134 132 178 175 169 175 Hardware 118 119 128 131 133 134 211 215 216 254 266 269 266 Stoves and heating equipment 113 113 124 128 132 136 170 179 181 219 232 239 246 Steam, hot-water heating apparatus.. 187 189 195 197 198 198 319 327 313 364 365 365 369 Stamped and enameled ware 139 143 165 168 170 168 231 247 256 315 331 340 332 Structural and ornamental metal work 192 194 202 204 208 209 314 320 326 372 384 395 394 Forgings _. 252 255 260 261 264 263 442 476 478 489 514 531 519 Screw machine products 290 292 289 289 291 290 507 516 519 549 561 570 562 Electrical Machinery 250.3 255.1 279.8 283.4 286.4 286.2 285.1 402 415.5 427.4 487.7 494.7 502.2 495.9 Machinery, except Electrical 225.1 227.5 236.2 237.6 239.0 238.0 236.4 381 392.9 400.2 435.2 441.4 445.7 440.5 Machinery and machine shop products 230 232 245 246 247 247 382 395 402 441 447 457 450 . Tractors 156 154 177 180 184 187 212 223 225 270 279 288 289 Agricultural, excluding tractors 110 114 145 148 151 154 172 181 196 284 288 294 296 Pumps 285 293 323 r325 r335 340 556 583 581 678 694 695 709 131 138 161 166 171 190 202 220 309 Refrigerators 173 288 296 306 Transportation Equipment, except Autos.. 1,259.2 1,302.2 1,448.16,464.3rl,472.4 l 460.5 1,427.92,275.92,348.02,406.0 2,933.12,947.6'3,020.6 2,901.1 Automobiles 152.5 156.7 182.5 186.7 189.5 189.4 185.2 261.4 255.1 277.9 339.3 359.5 356.2 339.7 Nonf L P C e r i r l g i o r m o h c u k t a i s s n r y g a M n s e e d m q t a u e w l i l s t p a i t a m n c n g h e d e n a s t P n r d o d re u f c in ts ing 1 1 1 1 1 2 5 7 0 7 2 6.7 1 1 1 1 2 0 5 7 7 8 4 8.1 1 1 1 1 2 2 6 8 5 4 9 1.8 1 1 1 1 2 3 7 8 3 0 0 4.3 1 1 1 13 2 7 8 1 5 2 5.6 1 1 1 1 2 7 2 8 8 2 6 3.3 183.7 2 2 2 1 2 3 8 9 8 2 3 2.2 3 2 2 1 3 0 3 8 2 4 3 9 .2 3 2 2 1 3 3 0 8 9 9 5 4 .8 3 3 2 2 0 2 4 3 5 3 2 6.8 3 3 2 2 0 2 4 3 1 7 2 8.2 3 3 2 2 0 4 3 4 6 9 3 3.9 3 3 2 2 0 4 2 3 0 6 3 5.7 Lumber and Timber Basic Products 122.5 116.3 111.0 110.2 110.1 107.9 103.5 188.7 181.9 166.9 197.7 200.9 197.4 188.6 Sawmills 98 92 89 88 88 86 153 144 131 162 164 160 151 Planing and plywood mills 119 115 108 109 110 109 174 177 167 176 182 181 179 Furniture and Lumber Products 111.4 108.6 109.4 r 110.1 108.9 107.8 165.0 170.6 165.9 183.2 191.0 191.1 189.3 Furniture 107 105 106 106 105 158 164 160 177 184 185 183 Stone, Clay, and Glass Products 125.4 123.2 119.8 119.3 119.5 119.7 116.5 179.2 181.2 178.5 194.0 195.2 192.2 Glass 118 119 128 129 131 132 161 166 168 193 202 r2O7 207 Cement 121 115 96 94 91 88 169 156 150 140 141 134 127 B Po ri t c t k e , r y t i a le n , d a r n e d l a t t e e r d r a p r c o o d tt u a cts 1 13 0 7 4 1 9 3 9 5 1 8 2 5 8 1 8 2 3 7 1 8 2 2 8 1 8 2 2 7 1 1 5 8 2 8 1 18 5 8 0 1 18 3 5 8 1 1 8 2 6 8 1 19 3 3 0 1 1 2 9 7 5 1 1 8 2 5 6 Textile-Mill and Fiber Products 112.5 111.3 103.6 103.8 104.0 103.9 101.5 175.4 180.8 179.6 172.0 174.4 176.2 175.9 Cotton goods except small wares 129 127 119 119 120 120 213 218 216 205 205 207 207 Silk and rayon goods 83 82 78 78 79 79 131 134 134 132 136 r138 139 Woolen and worsted manufactures... 119 118 107 108 108 108 201 208 208 195 198 199 198 Hosiery 78 77 71 71 71 71 105 107 106 105 109 110 110 Knitted underwear 117 116 102 103 103 102 179 184 185 172 177 180 177 Dyeing and finishing textiles 109 108 97 97 97 97 158 166 161 151 152 154 154 Carpets and rugs, wool 93 93 83 83 83 82 139 145 145 131 136 138 134 Apparel and Other Finished Textiles 112.2 112.2 104.6 104.2 103.2 152.7 154.0 155.9 163.4 164.1 165.6 163.5 Men's clothing, n.e.c. 108 108 102 101 100 145 146 150 154 158 162 157 Shirts, collars, and nightwear 92 91 80 80 79 143 138 130 130 134 135 134 Women's clothing, n.e.c 91 91 85 86 85 85 123 124 125 136 132 133 133 Millinery 73 83 80 77 73 75 76 76 103 114 106 92 100 Leather and Leather Products 104.9 104.5 90.8 90.5 90.9 90.2 153.4 159.5 160.0 143.1 143.2 146.1 147.3 Leather 106 105 89 88 87 87 153 158 154 135 135 r135 141 Boots and shoes 94 93 82 81 82 81 137 145 147 131 130 133 133 Food and Kindred Products 119.1 112.9 129.0 122.3 118.5 115.9 112.5 160.5 165.4 155.6 184.8 182.2 186.0 182.9 Slaughtering and meat packing 155 154 132 132 136 142 181 214 203 192 201 232 239 Flour... 108 111 117 120 121 120 148 155 169 180 r194 r197 197 Baking 114 112 109 112 114 114 144 149 144 155 159 164 163 Sugar, beet 219 82 74 167 195 126 379 300 110 100 206 283 162 Confectionery 129 121 108 115 121 122 182 184 164 164 178 189 190 Beverages, nonalcoholic 114 112 140 133 129 125 128 128 125 172 161 r160 157 Malt liquors 113 112 133 133 131 130 137 136 133 187 184 r182 179 Canning and preserving 85 71 184 127 92 81 163 138 115 304 224 164 149 Tobacco Manufactures 106.3 102.4 94.8 95.5 96.3 96.4 94.2 157.4 159.6 147.8 154.1 160.2 162.5 161.1 Cigarettes 130 126 126 128 130 131 179 182 172 180 191 196 190 Cigars 96 91 79 78 78 78 146 148 133 140 141 141 143 Paper and Allied Products 116.4 116.6 117.1 r118.0 r119.1 119.1 117.7 163.5 168.5 167.6 176.7 r 183.0 r184.8 183.7 Paper and pulp 110 110 108 108 109 109 161 164 162 168 174 175 175 Paper goods, n.e.c 127 129 126 127 127 126 166 173 175 179 187 187 185 Paper boxes 114 114 120 123 r124 124 154 162 160 177 r184 r188 186 r Revised. NOTE.—Figures for January 1944 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. 2.76 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued (Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics 1939 = 100] Factory employment Factory pay rolls Industry and group 1942 1943 1942 Dec. Jan. Sept. Oct. Nov. Dec. Jan. Nov. Dec. Jan. Sept. Oct. Nov. Dec. Printing and Publishing 104.3 102.2 100.7 r102.6 r104.2 104.4 122.4 126.5 121.0 128.9 131.0 r133.7 134.9 Newspaper periodicals 100 96 95 95 95 95 111 113 107 115 114 115 116 Book and job 106 105 102 r106 108 109 128 133 128 133 138 142 144 Chemical and Allied Products 243.7 248.0 256.1 256.9 253.0 238.9 232.1 365.3 383.4 391.2 438.4 H37.6 428.6 403.4 Paints, varnishes, and colors 103 103 105 106 106 106 135 139 137 156 160 161 159 Drugs, medicines, and insecticides 152 154 169 172 177 178 190 197 203 242 251 258 259 Rayon and allied products 106 106 109 110 107 110 141 149 149 170 169 166 168 Chemicals, n.e.c 160 160 171 173 174 173 236 241 247 286 290 292 289 Cottonseed oil 143 138 134 144 147 142 243 234 219 244 274 281 274 Fertilizers 109 115 105 107 113 118 164 173 185 214 216 223 227 Products of Petroleum and Coal 117.4 115.0 119.0 119.3 119.0 118.9 117.2 165.4 165.1 162.8 195.0 197.7 r196.3 197.3 Petroleum refining 107 106 113 113 113 113 151 152 149 182 186 r186 186 Coke and by-products 119 119 111 110 108 108 165 164 169 187 183 176 181 Rubber Products 149.0 151.6 161.2 161.3 164.9 167.1 167.2 213.3 228.6 234.6 273.4 278.0 287.7 285.5 Rubber tires and inner tubes .... 147 150 169 166 170 173 205 220 227 277 279 289 286 Rubber boots and shoes 145 148 144 143 146 146 222 238 241 247 244 252 246 Rubber goods, other 135 137 140 144 147 148 196 209 212 239 248 257 257 Miscellaneous Industries 156.7 757.0 165.1 166.0 166.7 164.2 161.7 247.6 261.3 263.1 297.1 301.3 307.6 300.8 Photographic apparatus 151 152 178 176 176 174 223 230 231 271 278 284 273 Games, toys, and dolls 79 75 84 91 129 134 124 142 158 156 150 r Revised. FACTORY EMPLOYMENT {Adju s ted for Sea sona I Va ria tion) [Index numbers of the Board of Governors, 1939 = 100] 1942 1943 1944 Group and year Dec. Jan. Feb. Mar. April May June July Aug. Sept. Oct. Nov. Dec. Jan. Total 164.2 165.8 167.4 168.1 168.4 167.9 169.0 169.7 169.6 168.3 170.1 r170.8 r169.0 ^167.3 Durable 215.5 218.6 222.1 224.7 225.8 225.9 228.3 229.4 230.0 230.0 232.2 r233.8 r232.6 ^229.4 Nondurable.. 123.7 124.1 124.3 123.5 123.2 122.2 122.3 122.6 121.9 119.6 121.1 121.2 r118.9 *>118.3 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 1942 1943 Nov. Dec. Aug. Sept. Oct. Nov. Dec. Nov. Dec Aug. Sept. Oct. Nov. Dec. All Manufacturing 44.0 44.4 45.1 44.7 45.4 45.5 44.9 90.5 90.7 96.5 99.3 r98.8 r99.6 99.5 Durable Goods 46.1 46.1 46.5 '47.2 '47.1 46.2 100.5 100.4 106.0 109.7 '108.6 '109.7 109.3 Iron and Steel and Products 44.8 45.3 46.6 46.1 47.1 47.1 46.6 98.4 98.6 103.7 106.6 r105.6 105.6 106.2 T E M r l a e a c c n h t s r i p i n c o e a r r l t y a M t E i a o x n c c h e i E p n t q e r u E y i l p e m ct e ri n c t a l Except 4 4 7 9 . . 0 5 4 4 7 9 . . 0 6 46.9 4 4 8 6. . 8 6 4 4 7 9 . . 1 6 4 4 7 9 . . 1 6 4 4 6 8 . . 2 9 1 9 0 4 0 . . 2 3 1 9 0 4 1 . . 3 1 1 9 0 7 6 . . 4 4 1 9 0 9 9 . . 3 5 1 9 0 8 8 . . 6 6 "1 9 0 9 9 . . 0 2 1 9 1 9 0 . . 6 0 Automobiles 47.7 47.5 47.0 47.1 47.5 r47.6 46.5 116.3 114.2 119.9 125.0 123.1 "126.0 124.1 Automobiles 45.5 45.5 47.1 46.3 r47.6 '46.5 44.6 120.2 119.8 121.9 126.2 '125.0 "125.2 124.6 Nonferrous Metals and Products 46.0 46.1 46.6 46.7 46.9 47.1 46.5 95.9 97.6 101.7 104.4 102.9 103.3 103.5 Lumber and Timber Basic Products... 41.7 41.3 45.2 43.5 44.2 "43.4 42.8 68.5 67.9 74.6 76.8 77.3 77.4 76.6 Furniture and Finished Lumber Products. 42.8 43.7 44.6 43.5 44.7 44.4 44.3 68.5 68.9 75.0 77.2 77.7 78.0 78.3 Stone, Clay, and Glass Products 41.4 41.8 43.4 42.4 43.8 43.6 43.0 81.0 81.0 85.4 87.3 r87.1 87.7 87.8 Nondurable Goods 41.3 42.1 42.6 42.2 42.7 r43.1 42.8 75.6 76.2 81.1 82.3 82.4 82.9 83.2 Textiles—Mill and Fiber Products 40.8 41.5 41.3 41.0 41.6 41.8 41.7 64.2 64.4 66.5 67.5 r67.4 r67.7 67.7 Apparel and other Finished Products .. 37.0 37.4 37.8 37.5 37.8 38.1 37.6 64.8 64.9 72.7 74.3 73.7 r74.0 74.4 Leather and Manufactures 39.0 40.3 40.0 39.2 39.5 r39.9 40.1 71.3 71.9 75.0 76.5 76.5 76.9 77.3 Food and Kindred Products 42.4 43.9 44.1 43.3 44.1 45.5 45.5 75.1 76.1 80.4 80.1 81.5 82.9 83.4 Tobacco Manufactures 40.6 41.2 41.1 41.3 42.6 42.5 42.1 61.1 61.3 65.8 67.0 67.0 67.3 67.2 Paper and Allied Products 44.0 44.9 45.6 44.6 45.7 45.8 45.3 77.2 77.1 80.4 81.1 r81.2 81.2 81.7 Printing, Publishing, and Allied Industrie; 39.5 40.2 40.6 40.4 40.2 40.5 40.5 97.6 98.0 100.2 103.3 "102.8 "102.6 103.7 Chemicals and Allied Products 43.9 44.7 45.6 45.6 45.8 r45.6 45.1 86.7 87.8 92.8 93.7 93.1 r93.2 93.7 Products of Petroleum and Coal 41.8 41.8 46.2 45.4 r46.4 46.0 46.0 109.3 109.2 113.7 115.5 r114.2 r114.8 115.3 Rubber Products 43.4 44.5 44.3 44.9 45.4 45.7 44.9 95.5 96.6 101.5 105.7 105.9 106.6 106.5 Miscellaneous Industries 45.3 46.1 45.8 45.6 46.1 '46.5 45.6 82.9 82.7 88.5 90.7 90.8 91.7 92.5 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. 285.) MARCH 1944 2-77 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Nonresidential building Public works Total Residential and public Month building Factories Commercial Educational Other utilities 1943 1944 1943 1944 1943 1944 1943 1944 1943 1944 1943 1944 1943 1944 January 350.7 110.8 73.1 7.2 5.6 68.2 85.8 February 393.5 93.3 87.7 22.7 4 2 72.7 113.0 March 339.7 71.8 63.8 25.2 4.5 51.5 123.0 April 303.4 79.4 40.7 6 6 5.9 43.0 127.7 May 234.4 63.3 24.2 9.3 5 3 36.5 95.8 June 229.6 61.5 53.7 6.9 7.9 26 3 73 3 July 183.7 71.8 31.9 5.3 4.8 19.9 50.0 August. 413.8 67.5 234.8 7.4 4 2 26.4 73.4 September 175.1 54.1 31.1 5 1 5 8 29.0 50.1 October 213.5 69.7 34.5 11.2 5 7 28.9 63.5 November 184.4 58.4 29.0 7 9 3 3 26.9 59.0 December 252.2 66.2 62.0 6.0 5 1 45.7 67.4 Year 3 274 0 867.8 766.2 120.7 62.4 474.9 981.9 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 1944 1943 Month Federal Reserve district 1942 1943 1944 1942 1943 1944 1942 1943 1944 January December January January 317 351 159 198 316 122 119 35 37 Boston 7 537 15,986 14,146 February.... 434 394 310 364 123 30 New York 16 091 20,052 28,992 March 611 340 473 304 138 36 Philadelphia 9,869 10,466 13,843 April 499 303 355 253 144 50 Cleveland 14 798 24 520 20,811 May 674 234 569 192 105 42 Richmond 32,500 35,324 42,327 June .... 1,190 230 1,105 183 85 46 Atlanta 16,220 34,401 59,423 July 944 184 876 122 68 61 Chicago 20,000 35,448 36,217 August 721 414 633 351 88 62 St. Louis 9 021 10,461 34,998 September... 723 175 661 120 62 56 Minneapolis 1,564 1,978 3,457 October ..... 780 214 710 157 71 56 Kansas City 14,816 24,883 17,526 November... 654 184 592 135 62 50 Dallas 16,822 38,704 78,921 December ... 709 252 664 198 45 54 159,238 252,223 350,661 Year 8,255 3,274 7,146 2,695 1,109 579 LOANS INSURED BY FEDERAL HO USING 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 P m e r i r o m r o e t v y - n p e - t - S s h c t t o m i o r o m u n a n - c l e - l h 1 f ( a - o T m I u t i I o t s ) i l l e e y 4 s - h R o ( g T e u a r I o n n I i s ) t i u d t l n a e p g l h ( W o T V u i a I s t r ) l i e ng End of month Total b C m a c o i n e a m k r l - s - b s i t a n a u n v g a k - s l s a a s l t i a s o i n n o o a g d c n n s i s - p I a c n a o n s n m c u i e e r - s - a c F e g i e r e e a d n s l - 1 - Other2 1936—Dec 365 228 8 56 41 5 27 * 1937—Dec 771 430 27 110 118 32 53 1935 320 224 94 1938—Dec 1,199 634 38 149 212 77 90 1936 557 246 309 2 1937 495 60 424 11 1939—June 1,478 759 50 167 271 137 94 1938 694 160 13 473 48 Dec 1,793 902 71 192 342 153 133 1939 954 208 25 669 51 1940 1,026 251 26 736 13 1940—Mar. 1,949 9X1 90 201 392 171 124 1941 1,186 262 21 877 13 13 June 2,075 1,026 100 208 432 182 127 1942 ; 1,137 141 15 691 6 284 Sept 2,232 1,093 111 216 480 190 141 Dec. 2,409 1,162 130 224 542 201 150 1943—Jan 80 7 31 42 Feb 64 5 20 39 1941—Mar. 2,598 1,246 146 230 606 210 160 Mar. 73 6 19 47 June 2,755 1,318 157 237 668 220 154 Apr 59 7 16 37 Sept 2,942 1,400 171 246 722 225 178 May 72 7 18 47 Dec 3,107 1,465 186 254 789 234 179 June 78 8 19 51 July 84 7 21 56 1942—Mar 3,307 1,549 201 264 856 237 200 Aug 90 10 20 60 June 3,491 1,623 219 272 940 243 195 Sept 88 12 20 55 Dec 3,620 1,669 236 276 1,032 245 163 Oct 85 8 20 57 Nov 92 10 21 60 1943—June 3,700 1,700 252 284 1,071 235 158 Dec 77 9 18 50 The RFC Mortgage Company, the Federal National Mortgage Association, the Federal Deposit Insurance Corporation, and the United States * Less than $500,000. Housing Corporation. NOTE.—Figures represent gross insurance written during the period and 2 Including mortgage companies, finance companies, industrial banks, do not take account of principal repayments on previously insured loans. endowed institutions, private and State benefit funds, etc. NOTE.—Figures represent gross amount of mortgages held, excluding terminated mortgages and cases in transit to or being audited at the Federal Housing Administration. 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 P730 178 242 229 254 P228 35 128 96 228 P502 February 219 347 303 480 P719 158 200 234 254 p234 61 147 69 226 P485 March 268 351 357 628 P988 190 217 268 272 P249 77 134 89 355 P739 April 231 323 387 717 P980 186 212 287 235 P258 45 111 100 482 P722 May 249 324 385 r535 pl,085 202 211 297 191 P281 47 112 88 r344 P804 June. 236 350 330 648 PI,002 179 211 280 215 P295 57 138 50 433 *706 July 230 317 365 650 PI,262 169 232 278 213 p300 61 84 87 437 P962 August 250 351 460 703 PI,204 176 221 282 186 P315 74 130 178 517 P888 September 289 295 425 732 PI,233 182 195 262 196 P285 107 101 162 536 P948 October 332 344 666 801 PI,193 215 207 304 200 P329 117 137 362 602 P864 November 292 328 492 787 PI,074 235 224 281 168 p317 57 104 211 619 P757 December 368 322 653 873 PI,249 247 253 344 358 r274 121 69 309 515 P974 Janua r y-D e cembe r3,177 4,021 5,147 8,035 P12.717 2,318 2,625 3,345 2,742 p3,365 859 1,396 1,802- 5,293 P9.352 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 L s i to v c e k - pr es od t - Ore cel- c d h is a e n- o r p a e i r l a w t a in y g e r x a p il e w n a s y es op r e ai r l a w t a in y g i . n N c e o t me ucts l.c.1. revenues income Annual Annual 1939 102 107 96 100 110 101 97 1939.. 3,995 3,406 589 93 1940 137 101 96 114 147 110 96 1940.. 4,297 3,614 682 189 1941 168 112 91 139 183 136 100 1941.. 5,347 4,348 998 500 1942 181 120 104 155 206 146 69 1942.. 7,466 5,985 1,481 959 1943 186 146 117 141 192 145 63 1943.. 9,055 7,693 1,362 P898 SEASONALLY ADJUSTED SEASONALLY ADJUSTED1 1942—November 139 186 126 114 140 190 145 December 132 184 139 118 137 190 144 1942— N O o c v to em be b r. e . r.. .. 6 7 6 2 1 2 5 5 3 6 3 3 1 15 2 9 8 1 8 2 1 1 1943—January 135 184 138 102 130 202 144 December.. 708 r549 r159 110 February 145 178 145 113 135 193 146 March 144 187 142 117 133 193 145 1943—January 710 577 134 92 April 133 186 140 118 138 163 145 February... 744 591 153 111 May 132 181 140 112 138 163 143 March 740 616 124 82 June 100 166 137 113 140 192 142 April 767 623 144 101 J O N D S A u e e c o u l p c t y v g o t e e u e b m m s m e t b r b b e e e r r r.... 1 1 1 1 1 1 4 5 4 4 2 4 6 2 7 5 7 0 1 1 1 1 1 1 9 9 8 9 8 9 1 5 4 5 6 2 1 1 1 1 1 1 4 4 3 6 6 5 3 7 7 1 7 3 1 1 1 1 1 1 1 1 1 3 1 2 3 7 4 2 9 2 1 1 1 1 1 1 5 3 4 3 5 5 0 9 8 7 0 4 2 2 2 2 1 1 0 0 0 0 9 9 9 2 8 9 1 1 1 1 1 1 1 1 4 4 4 4 4 4 5 6 3 7 0 8 J M JA N O S u u e u c o a n l p t g v y y e o t u e . e . . b . . s m m e . .t r b b e e r r . . . . 7 7 7 7 7 7 7 4 8 7 6 3 3 7 9 3 9 1 1 8 6 6 6 6 6 6 6 6 2 2 5 6 5 5 8 9 4 3 3 5 8 4 1 1 1 1 5 8 9 2 1 0 7 9 2 2 0 5 8 3 1 4 5 3 6 7 7 1 1 2 3 8 8 5 8 1944—January 150 185 159 121 147 203 December .. 786 736 50 Pll UNADJUSTED UNADJUSTED 1942— D N e o ce v m em be b r er.... 1 1 2 4 6 0 1 1 3 3 9 2 1 1 8 9 6 3 1 13 2 1 4 1 14 1 3 4 1 1 3 2 8 2 20 5 6 9 1 1 5 3 0 6 1942— N D O o e c c v to e e b m m e b r b e e r r . . . . . 6 7 7 0 9 4 3 0 6 r5 5 5 6 4 2 1 1 9 r1 1 1 7 8 4 4 5 9 1 1 1 1 3 3 1 7 6 1943— M F J e a a b n r r u c u a h a ry ry 1 1 1 3 2 3 0 4 0 1 1 1 3 4 4 5 5 4 1 1 1 8 9 8 9 3 9 1 1 1 4 3 3 2 8 1 9 9 0 2 1 1 1 2 3 1 9 3 7 4 5 5 8 0 6 1 1 1 3 3 3 7 2 8 1943— M F J e a a b n r u r c u a h r a y ry... 6 6 7 6 7 5 4 1 6 6 5 5 2 6 5 7 6 7 1 1 1 0 0 3 5 6 0 6 8 6 3 5 2 April 132 133 183 124 105 138 106 143 April 749 622 127 83 May 137 132 179 123 101 143 269 145 May... 759 631 128 86 J J O N D A S u u e c o u e l n p y t v g c e o t e u e e b m m s m e t r b b b e e e r r r . . . . . . . . 1 1 1 1 1 1 1 4 3 5 4 4 4 3 6 2 1 5 7 2 3 1 1 1 1 1 1 1 4 4 0 5 2 4 4 6 5 0 2 7 7 0 2 1 1 1 1 1 1 7 0 6 9 9 8 8 8 2 2 3 1 3 6 1 1 1 1 1 1 1 7 5 4 5 6 5 4 2 3 0 8 7 7 4 1 1 1 1 1 9 8 1 5 8 6 1 7 6 1 1 3 6 8 1 1 1 1 1 1 1 5 4 5 5 4 4 3 0 5 6 0 4 7 8 3 3 3 2 2 1 2 1 1 9 7 9 6 3 4 2 7 4 3 5 1 1 1 1 1 1 1 4 5 4 4 5 5 3 7 4 7 6 3 3 9 J J A N O S D u u e u c o e n l p t c y g v e o t e u e e b m s m m e t b r b b e e e r r r . . . . , 7 8 7 7 7 7 7 4 0 7 9 6 8 9 7 0 7 1 2 2 6 6 6 6 6 6 6 7 7 3 7 6 8 6 0 6 8 1 6 3 6 5 1 1 1 1 1 1 2 9 2 1 1 7 0 1 6 5 3 0 7 P 8 7 8 6 7 7 7 4 1 2 3 0 6 3 1944—January 194 159 116 133 136 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 1941. 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 MARCH 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS fBased on value figures] MONTHLY INDEXES OF SALES AND STOCKS WEEKLY INDEX OF SALES [Daily average sales; end-of-month stocks. 1923-25 average = 100] [Weeks ending on dates shown. 1935-39 average = 100] Seasonally adjusted Unadjusted Without seasonal adjustment 1941 1942 1943 . 1944 1940 1941 1942 1943 July 6 67 July 5.... .. 86 July 4.... .. 84 July 3.... .116 SALES 13... .. 78 12.... .. 93 11.... ..102 10.... .101 January 101 138 143 152 119 20... .. 72 19.... .. 89 18.... .. 93 17.... .111 February 103 126 r167 PH9 '27... .. 69 26.... .. 87 25.... .. 92 24.... .109 March 103 124 136 Aug. 3 81 Aug. 2......102 Aug. 1...... 96 31.... .107 April 104 117 128 10... .. 79 9.... ..116 8.... ..110 Aug. 1.... .117 May 105 108 125 17.... .. 81 16.... ..113 15.... ..113 14.... .118 June 104 104 129 24 92 23 119 22 . .116 21 132 July 115 121 142 31. ... 118 30 . .152 29 132 28.... .133 August 134 130 142 Sept. 7'.... ..109 Sept. 6 122 Sept. 5 ..153 Sept. 4 .154 September 116 123 132 14 123 13.. 133 12 . 129 11 142 October 105 128 140 21.... ..117 20.... ..131 19.... ..137 18 .161 November 116 138 158 28... . .120 27 148 26 ..155 25..... 158 December 111 125 r131 Oct. 5 125 Oct. 4 169 Oct. 3 173 Oct. 2 161 12.... ..115 11 ..130 10 ..159 9 .173 Year. 19.... ..123 18 ..131 17 ..152 16 .171 26.... ..121 25 ..130 24 ..153 23 .171 STOCKS Nov. 2.... ..117 Nov. 1 ..138 31 ..158 30 .174 January 95 102 ^104 9.... ..122 8.... .. 139 Nov. 7.... ..166 Nov. 6 .183 February 102 93 16... .130 15.... ..148 14.... ..167 13.... .191 March 109 91 23.... .116 22.... ..128 21..... ..166 20.... .201 April 118 87 30.... ..147 29.... ..169 28.... ..166 27.... .188 May 127 90 Dec. 7.... .197 Dec. 6.... ..215 Dec. 5.... ..236 Dec. 4 .251 June 136 98 14.. .232 13 ..236 12 274 11 .273 July 142 110 21.... .258 20 ..277 19 303 18 .289 August 138 114 28 124 27 ..174 26 199 25.... .245 September 125 110 October 115 104 1941 1942 1943 1944 November 106 98 Jan. 4.... . 85 Jan. 3.... ..107 Jan. 2.... ..112 Jan. 1.... .105 December 100 11.... . 99 10.... ..130 9.... ..138 8.... .134 18.... . 90 17.... ..131 16.... ..132 15.... .137 Year. 25.... .. 89 24.... ..119 23.... ..119 22.... .136 Feb. 1 94 31.... ..121 30.... ..121 29... .130 r Revised. 8 95 Feb 7 114 Feb 6 136 Feb 5 .138 p Preliminary. 15.... ...97 14.... .116 13.... ..168 12... .132 Back figures.—Sales, see BULLETIN for August 1936, p. 631, and subse- 22.... .. 88 21 ......110 20 ......146 19 .....133 quent issues. Stocks, see BULLETIN for March 1938, p. 232, and subsequent 29.... ..101 28 ......119 27 ......150 26.... .134 ssues. Mar. 8.... .. 97 Mar. 7 .... ..125 Mar. 6 ......142 Mar. 4.... 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] Jan. Dec. Year Jan. Dec. Year Jan. Dec. Year Jan. Dec. Year 1944 1943 1944 1943 1944 1943 1943 1944 1943 1943 United States.. +5 +4 +12 Boston +1 +6Cleveland—Cont. Chicago—Cont. Dallas :. +12 +21 +35 New Haven +2 Erie —2 +1 +10 Fort Wayne.... +6 +7 +6 Shreveport +24 +17 +17 Portland -3 +20 Pittsburgh 0 +3 +5 Indianapolis... +17 +9 +21 Dallas +17 +24 +43 Boston +3 +6 Wheeling +9 +16 +15 Terre Haute... +11 +11 +11 Fort Worth +13 +23 +41 Springfield -13 +5 Des Moines +7 +9 +17 Houston +9 +14 +30 Providence +5 +6*Uchmond +7 +3 +11 Sioux City +17 +23 +28 San Antonio +9 +25 +33 New York +2 +6 W Ba a l s ti h m in o g r t e on +10 0 + -1 3 + + 1 6 0 D Fl e i t n r t oit - - 4 9 + -6 3 '+ + 1 3 6 San Francisco +9 +7 +19 C Ph l U N B A B N N B E e T L P W Y P R R S S i v l o l y u h r r a i e e a t l c i o e o e m n i b i i e a w f n r u d w i h a l c r l c d f a a g l a n g k e k c g d h i a e a a g a c n n h l r a t a e h i l Y n e p d r a o e u d y o n r a s s k s k h e a n p e s o g t m - t i e c e e l o B e r a p e r F t k t r r a a o p t h a r d n s C i l r a y i l e i e s . . t . . . . . y . . . . . . . . + — + + + + + + + + + + - + + + - 4 + 1 1 2 1 1 1 6 6 1 - 6 3 5 3 2 5 1 9 7 0 1 9 5 2 1 6 6 o < r - + + + + + + 1 + + - - + + + + — 1 5 4 0 6 4 7 7 3 7 6 3 4 3 3 4 0 0 1 r+ + + + + + + + + + + + + - - — + + + + 2 1 1 1 1 1 1 1 1 2 6 2 7 9 6 3 5 9 4 1 1 3 0 6 2 0 6 9 4 Atl W G L N H R C C B M J M T C A M N J B C a a a y n i h a r h o i l u e a t h c i o i c a c r a e l n t m a w r a a n t n a k m c k a n a h r e o f r c m r s t k t o s o s n n t m p l n l i h t i t g o e O o n s e l v n i t a n o a b k a o s b o n n s i R n g g n r t u l n u t m v l o t h o - l o o e r d r e o i S n g a o e g n a u l , n l a . m r , n g g e W y S l s a e e . S . . . m . . V C C . a . . . . . . . + + + + + + + + + + + + + + + + + + - + - 2 2 1 2 1 2 1 2 2 2 2 1 1 2 2 1 4 5 7 3 4 2 2 5 0 0 3 7 0 3 6 2 1 4 3 2 4 6 8 " r + r ' + + - + + + + + + + + + + + + 1 r + + + + + + 2 1 1 2 1 1 2 1 1 1 2 1 1 2 - 3 1 i 8 3 0 6 7 9 2 0 6 8 5 1 2 9 9 0 8 3 1 y r+ + + + + + + + + + + + + + + + + + + |- 3 3 3 1 2 2 3 1 2 2 3 2 2 3 2 1 2 1 2 7 2 5 5 3 0 7 2 6 8 2 8 4 3 3 0 0 1 0 M K St a i W G M M . L F E L T G L Q D H S S n n o p o a v o t L n i r u r e s u i e i . t e n r a u r a e a p l o c n i t t m i e w t n L a n c s n l i s e h u n v e n s i c h p d p s k o i g a S i e n v s y t y C o i a h u u B f r R m g a i n i l i R l i k i i e i l s o a s l s t i s l e l e y o a t y c e d e h n p k ids- , + + + + + + + + + + + + + + + + + + 1 2 4 1 1 1 1 1 6 7 5 8 6 9 8 1 1 3 2 8 4 7 6 7 0 0 + + + + + r + + + + + r+ + + + + + + _ 1 1 2 1 1 3 1 1 1 1 4 9 2 2 1 7 6 9 2 2 6 8 0 6 6 3 4 2 0 + + + + + + + + + + + + + + + + + + + 2 1 1 2 2 2 1 1 2 1 2 2 2 1 2 1 2 7 1 2 7 5 8 8 7 3 4 7 1 0 7 5 3 9 8 3 L B T F S S V B P S S S L O P B E S S S a a a o r h a t u a o o o a a e a v e a N o e B n n n n n k o c l c i l s a l r k e t c s s l l g e t s t r e e a t e l r i e a n k l A t a D F o r J a n r n m e j L a l s o o t k m o a n B n e r g i n t i n f o a R x t p s e a e n d i h g e d n e a k e e l a g n d o a e a n e n l e a o c s d m l c y t d n e a o i h s C s d N c i o t a y . p « . . . a . . . + + + + + + + + + * * + + * + * + + - 1 1 2 2 1 1 1 1 2 2 5 5 2 2 2 4 0 5 7 1 1 6 4 1 r r+ + + + + + + + + + r r + + + + + 2 + 1 + + + 2 1 2 1 2 1 1 2 7 0 2 3 8 6 2 4 2 6 6 5 4 9 2 7 8 7 2 r r + + + + + + + + + + + + + + + + + + + + 1 1 3 1 2 2 3 1 4 2 1 1 3 3 1 2 1 2 1 1 7 9 2 4 9 4 4 8 1 1 4 5 5 5 6 1 6 6 3 4 Akron -4 +2 +14 Knoxville +54 +45 +34 Joplin +4 +5 +10 Spokane * r+4 +19 Cincinnati -1 +8 +11 Nashville.... +36 +35 +36 Kansas City +2 +5 +19 Tacoma * -1 +10 T C C o l o e l l e v u d e m o la b n u d s 3 + + 1 8 6 + + + 2 1 5 5 4 Ch C- ic h a "i g c o a . go + + 3 3 +2 0 r+ + S 8 O O St m k . l a J a o h h s a o e m p a h City + 4 + - 1 1 6 4 5 + r + + 1 2 9 2 5 + + + 2 2 4 7 2 5 Yakima +31 +32 +25 Youngstown... +4 +11 +14 Peoria +12r+10 +8 i Tulsa -3 +11 +25 r Revised. * Data not yet available. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS, BY MAJOR DEPARTMENTS Ratio of stocks Sales during month (value) Stocks at end of month (value) to sales Department o N f u s m to b r e e r s Percentage change Percentage change December reporting Dec. 1943 Dec. 1943 Dec. 1942 Dec. 1943 Dec. 1943 Dec. 1942 from from from from from from 1943 1942 Dec. 1942 Nov. 1943 Nov. 1942 Dec. 1942 Nov. 1943 Nov. 1942 GRAND TOTAL—entire store 351 +4 +30 +53 _3 -18 -22 1.4 1.6 MAIN STORE—total 351 +5 +32 +56 -4 -18 -22 1.4 1.6 Women's apparel and accessories 349 +14 +30 +47 +20 -22 -25 1.3 1.2 Women's and misses' coats and suits 326 +19 -25 -21 +46 -14 -11 2.2 1.8 Women's and misses' dresses ... . 331 +20 +9 +13 +49 -14 -21 1.1 0.9 Blouses, skirts, sportswear, sweaters, knit apparel 310 +19 +41 +56 +63 -17 +25 1.4 1.0 Juniors' and girls' wear 292 +21 +17 +29 +48 -23 -29 1.2 1.0 Infants' wear 300 +12 +21 +44 +18 -11 -28 1.2 1.1 Aprons, housedresses, uniforms 284 +13 +48 +66 +44 -16 -15 1.6 1.3 Women's underwear, slips, negligees 320 +12 +78 +125 0 -42 -44 0.6 0.7 Corsets, brassieres 327 +7 +2 +8 -23 0 -6 2.7 3.7 Hosiery (women's and children's) 343 +9 +54 +53 -15 -25 -16 1.1 1.4 Gloves (women's and children's) 322 +10 +55 +94 -29 -42 -38 0.7 1.1 Shoes (women's and children's) 241 Q +5 +32 +9 -4 -12 3.2 2.7 Furs . . . 258 +18 +5 +16 +30 -20 -16 1.6 1.4 Men's and boys' wear 319 0 +63 +101 -18 -25 -27 1.4 1.7 Men's clothing 229 —1 +12 +27 -24 -11 -13 3.0 3.9 Men's furnishings, hats, caps 302 -1 +96 +154 -20 -38 -36 0.9 1.1 Boys' clothing and furnishings in +13 +43 +66 -3 -21 -29 1.3 1.5 Men's aiid boys' shoes and slippers 173 -25 +43 +98 i -12 -21 2.8 2.2 Home furnishings 313 -8 +2 +21 -26 -6 -11 2.7 3.4 Furniture, beds, mattresses, springs 229 — 7 -11 +3 -15 +2 -5 3.8 4.2 Domestic floor coverings 237 -3 -26 -14 -48 -7 3.0 5.5 Draperies, curtains, upholstery 289 +1 -20 -7 -27 -7 -10 2.4 3.4 Major appliances (refrigerators, washers, stoves, etc.) 193 -69 -18 +9 -69 -7 -14 3.7 3.8 Domestics, blankets linens, etc. 284 +12 +21 +45 -27 -10 -9 1.9 2.9 China and glassware 219 +6 +41 +73 -26 -18 -16 2.0 2.9 Housewares 219 -27 +12 +35 -9 -4 -13 3.7 3.0 Piece goods (dress and coat yard goods, all materials) . . . 283 +26 -16 -2 -4 +2 -1 2.9 3.9 Cotton wash goods 118 +30 -13 +3 -24 +4 +10 2.5 4.4 Small wares 330 +9 +65 +106 +14 -24 -31 1.2 1.2 Notions 218 +3 +22 +38 +22 -10 -15 2.7 2.3 Toilet articles, drug sundries, prescriptions 314 +12 +95 +151 +13 -26 -36 1.0 1.0 Jewelry and silverware 269 +6 +73 +108 +10 -29 -33 1.2 1.1 Miscellaneous „ 293 -11 +40 +99 +10 -27 -43 0.9 0.8 BASEMENT STORE—total 215 —2 +27 +40 +4 -18 -22 1.6 1.4 Women's apparel and accessories 205 +4 +25 +37 +22 -21 -25 1.3 1.1 Men's and boys' clothing and furnishings 166 c +56 +77 -3 -22 -29 1.4 1.4 Home furnishings 123 -3 +3 +8 -24 -9 -11 2.2 2.8 Piece goods 54 +22 p +4 -7 -2 -3 2.4 3.2 Shoes 134 -33 +23 +46 +20 -7 -19 3.6 2.0 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 Total Sa C le a s s h during I m m ns e o t n n a t l t - h a C c h c a o r u g n e t I a m n t s e t e n a n t l d - of a m C c o h c n a o r t u h g n e t I m ns e t n a t l- mont a h C c h c a o r u g n e t C sa a l s e h s I m n sa s e l t e n a s t l- C ac h s c a a o l r e u g s n e- t 1942—November 135 162 90 115 62 84 95 113 58 6 36 December. . 208 262 112 166 64 109 103 117 61 5 34 1943—Jan uary 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 S3 September 131 167 70 104 38 74 67 84 61 5 34 October 147 187 84 115 40 81 75 104 61 5 34 November 166 210 92 130 44 90 81 116 61 5 34 December . 217 289 100 159 48 109 82 121 64 4 32 1944—January... P106 P144 *>52 p82 43 82 77 143 *>65 P4 *>31 p Preliminary. 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. MARCH 1944 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 cc h o ar u g n e ts Service credit credit Total Automotive Other 1929 7,089 3,167 2,515 1,318 1,197 652 1,577 1,749 596 1930 6,341 2,706 2,032 928 1,104 674 1,451 1,611 573 1931 5,177 2,214 1,595 637 958 619 1,051 1,381 531 1932 .... 3,846 1,515 999 322 677 516 726 1,114 491 1933 3,717 1,581 1,122 459 663 459 588 1,081 467 1934 4,159 1,846 1,317 576 741 529 659 1.203 451 1935 5,148 2,599 1,805 940 865 794 785 1,292 472 1936 6,396 3,466 2,436 1,289 1,147 ,030 991 1,419 520 1937 7,054 3,919 2,752 1,384 1,368 ,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 5,174 1,204 1,764 610 1942 6,155 2,922 1,494 482 1,012 ,428 1,072 1,513 648 1943 P5 095 pl,869 P816 P175 P641 V ,053 PI,034 PI,498 P694 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 L.275 1,038 1,333 655 Mar. . . 5,353 2,323 1,071 287 784 1,252 1,031 1,343 656 Apr 5,243 2,226 1,020 260 760 1,206 1,029 1,331 657 May 5,079 2,116 955 235 720 1,161 1,027 1,275 661 June 5,065 2,046 896 208 688 1,150 1,014 1,338 667 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 L.198 677 Sept 4,863 1,869 786 186 600 1,083 1,038 1,275 681 Oct r4,960 rl,837 r777 181 r596 ,060 1,073 1,366 684 Nov 5,059 1,821 778 177 601 1.043 1,084 L466 688 Dec P5.095 PI, 869 P816 PI 75 P641 PI,053 Pl.034 Pl,498 P694 1944 Jan. P4.747 PI,755 P742 P169 P573 PI,013 P985 PI,308 P699 P Preliminary. r Revised. 1 Includes repair and modernization loans. 2 An estimated total of noninstalment consumer loans; i.e., single-payment loans of commercial banks and loans by pawnbrokers. NOTE.—National estimates of consumer short-term credit for the period from January 1929 through August 1942 were prepared by the Bureau of Foreign and Domestic Commerce, United States Department of Commerce, and published in the November 1942 issue of the Survey of Current Business with a description of sources of data and methods of estimation. Later estimates, comparable with those formerly published by the Department of Commerce, were made at the Board of Governors of the Federal Reserve System. CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT LOANS AUTOMOTIVE [Estimated amounts outstanding. In millions of dollarsl [Estimated amounts outstanding. In millions of dollarsl End o r o f ye m a o r nth ex m T a c o u o lu t t t d o i a v i - l n , e g D s o m m e t a r o p a d e n r a i n d e e l r r t - s t- F s t u t u o r r r n e e i s - H a s h a t p o o n o p u r c l l s e d e i e s - - J s e t w or e e lr s y s r o e t t A o t h a r l e e l i r l s m E o y n n e d t a h r o f or Total m b C a e o n rc m k i s a - * l p S c l a m o o n a m i a n e l - l s b I p a n c t a n o d r n k i m u i a 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 27 1932 677 103 313 121 30 110 1935 794 71 267 ' 156 44 79 177 1933 663 119 299 119 29 97 1936 1,030 130 301 191 66 102 240 1934 741 146 314 131 35 115 1937 1,167 215 350 221 93 125 163 1935 865 186 336 171 40 132 1938 1,226 248 346 230 113 117 172 1936 1,147 256 406 255 56 174 1939 1,559 380 435 257 147 96 244 1937.. 1,368 314 469 307 68 210 1940 1,984 586 505 288 189 99 317 1938 1,343 302 485 266 70 220 1941 2,174 687 535 298 217 102 335 1939 1,525 377 536 273 93 246 1942 1,428 370 424 202 141 91 200 1940 1,721 439 599 302 110 271 1943 PI,053 r272 372 165 r110 P86 P48 1941 1,805 469 619 313 120 284 1942 1,012 254 391 130 77 160 1943 1943 P641 PI 74 P271 P29 P66 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 1,043 270 355 165 109 84 60 Sept 600 148 272 42 44 94 Dec PI,053 r272 372 165 r110 P86 P48 Oct r596 151 269 137 r45 94 Nov 601 160 266 32 48 95 1944 Dec P641 PI 74 P271 P29 P66 p101 Jan PI,013 266 360 161 106 P85 P35 Jan 1944 P573 P157 P247 P25 P54 P90 P 1 T P h re e l s i e m f i i n g a u r r y e . s fo r r R a e m v o is u e n d t . s outstanding include only personal instalment cash loans and retail automotive direct loans, which are shown on the fol- P Preliminary. r Revised. lowing page, and a small amount of other retail direct loans (9 million dollars at the end of January 1944), which are not shown separately. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued CONSUMER INSTALMENT CREDITS OF COMMERCIAL CONSUMER INSTALMENT LOANS MADE BY PRINCIPAL BANKS, BY TYPE OF CREDIT LENDING INSTITUTIONS [Estimates. In millions of dollars] [Estimates of volume made in period. In millions of dollars] 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 r e a n p n o i d a d z i a - r - i m s n P o s e e n t n r a a - t l l - Month or year Co b m a m nk e s rc 1 ial c S o m m a p l a l n l i o e 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 Ou p t e s 1 1 1 1 1 r t 9 9 9 i 9 9 a o 4 4 4 3 4 n d 1 3 2 9 0 d : ing at end of 1 1 1 , , , r 0 3 5 4 7 2 4 8 6 8 0 0 8 9 7 3 2 3 1 0 1 9 5 3 0 0 6 4 6 3 2 1 1 0 8 3 6 2 3 2 0 0 2 2 1 2 1 6 7 1 5 4 7 9 0 0 3 2 2 2 1 8 4 2 6 5 6 6 0 0 4 r1 3 2 3 2 8 4 8 6 3 0 0 0 4 2 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 3 3 3 3 3 3 3 3 7 8 6 5 4 2 3 1 6 3 4 5 6 4 3 3 1 0 6 2 8 7 9 0 9 4 3 3 4 6 8 4 4 3 4 2 3 2 2 2 1 0 5 8 0 3 4 5 7 9 4 8 2 4 0 0 1 1 1 4 6 3 7 3 3 4 0 2 7 3 9 8 4 8 5 1942—December 787 136 122 143 154 232 1 19 9 4 3 0 9 9 7 2 6 7 3 4 5 8 3 9 6 3 2 2 5 0 7 1943— M F J e a a b n r u r c u a h r a y ry 6 6 7 1 6 2 9 2 6 1 1 8 0 1 7 1 6 1 1 9 1 0 5 1 0 1 1 1 2 3 0 1 6 8 1 1 1 3 2 4 5 5 4 2 2 2 0 1 0 5 9 4 1 1 1 9 9 9 4 4 4 3 2 1 7 5 0 2 5 4 9 8 7 0 8 9 9 3 8 4 3 5 6 0 5 4 8 8 3 2 1 4 9 1 3 3 5 April 580 77 91 100 117 195 1942 A M O N D J S J u e u u e o c a n p c t g v l y e o t e u y e e b m m s m . e t . b r b . b e e e r r r r r4 4 4 4 4 5 5 5 7 6 8 9 8 1 2 5 0 9 0 8 9 5 9 1 6 5 5 5 5 6 5 6 0 8 7 7 5 5 4 9 8 8 8 8 8 8 8 8 2 2 2 2 2 2 9 5 9 8 6 6 8 6 7 7 3 0 6 7 4 7 0 4 1 1 1 9 9 8 8 9 0 1 0 2 5 9 6 8 3 1 5 r r 1 1 1 1 1 1 1 1 8 7 8 8 8 8 9 9 0 8 5 2 6 9 0 0 N J D O J A S u u e o e c u l n p c t v y g e o t e e u e b m m s m e t b r b b e e e r r r 3 4 4 4 6 5 5 7 9 4 3 4 8 2 6 6 6 6 5 5 8 3 0 8 0 9 9 2 3 3 3 3 3 3 2 0 6 4 3 1 1 5 2 1 1 1 1 1 0 4 8 6 6 4 1943 1944—January 459 82 176 January 36 45 25 11 Vo m lu o 1 m n 9 e 4 th 2 : — ex D te e n c d em ed b er during 32 M A M Fe p a a b r y r i r c l u h ary 4 4 3 5 1 0 5 3 6 5 8 5 2 8 6 0 3 3 2 2 1 8 9 6 2 1 1 1 2 5 3 4 1943— A M M J J F J u u e p a a a n l b n r y y r e i u r c l u a h a ry ry , 1 1 1 1 1 9 9 3 2 2 3 3 1 1 1 9 9 0 1 2 3 2 3 2 2 3 2 0 6 9 8 7 5 5 J J N D A O S u u e o e u c l n p c t v y g e o t e e u e b m m s m e t b b r b e e e r r r 4 4 4 5 4 4 4 4 7 3 0 5 2 8 8 9 6 6 6 7 7 0 5 2 4 7 0 0 3 2 3 3 3 2 2 2 9 2 5 0 8 9 2 1 1 1 1 1 1 0 5 6 5 9 5 8 A S O e u c p g to t u e b s m e t r ber 1 1 1 4 4 3 1 9 8 1 3 3 2 0 3 9 January. 1944 42 27 13 November 13 12 28 December 14 13 32 1 These figures for loans made include only personal instalment cash loans and retail automotive direct loans, which are shown elsewhere on 1944—January 14 13 27 this page, and a small amount of other retail direct loans (one million dollars in January 1944), which are not shown separately. r Revised. NOTE.—For descriptive material and back figures, see BULLETIN for October 1942, pp. 992-994. FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS 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 rg nt e s ch p a r n e g c e e d f i r n o g m corresponding Item month pre m ce o d n i t n h g o y f ear Month D m ep en ar t t- F t u u r r n e i- h H o o ld u s a e p - - Jewelry D m ep en ar t tstores stores pliance stores stores Jan. Dec. Nov. Jan. Dec. Nov. stores 1944 1943 1943 1944 1943 1943 1942 Net sales: October 29 18 15 30 65 Total -42 '+15 0 -2 +6 November 29 17 15 31 64 Cash sales —46 r+34 +8 +17 r+8 +22 December 31 18 15 45 65 Credit sales: Instalment —43 r+8 -15 — 1 1943 Charge account -35 r+13 -10 +11 January 28 17 16 31 60 February 28 17 16 30 61 Accounts receivable, at end of March 31 19 18 30 62 month: April 31 20 18 31 63 Total -9 +2 — 1 -29 -30 May 30 22 20 33 63 Instalment -9 +2 0 r-29 June 29 21 21 33 62 July 30 22 21 34 62 Collections during month: August 32 22 21 34 62 Total -3 r-4 -11 September 33 21 21 33 62 Instalment -6 r-5 -18 -14 October 37 22 22 37 65 November 37 23 23 r39 66 Inventories, end of month, at December 35 22 22 r55 63 retail value +1 r-9 -21 -22 -21 1944 r Revised. January 30 20 23 31 61 r Revised. 1 Ratio of collections during month to accounts receivable at beginning of month. MARCH 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 =100] Other commodities All Farm Year, month, or week m c t o o i m e d s i - - p u r c o t d s - Foods Total H p l i r d e o a e d s t u h c a e n t r s d p T ro e d xt u i c le ts m F li u a g t e h e l t r i a i n a n g l d s a p n M r d o e d m t u a e c ls t ts al m B a u t i e ld ri i a n l g s p c C r a a o l h l s l d e i u e m a d c n i t d - s i f n H u g r o n g u i o s s o h e- d - s l M an is e c o e u l s - 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 88.7 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.9 75.1 64.4 1933 65.9 51.4 60.5 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 1943 103.1 122.6 106.6 96.9 117.5 97.4 80.8 103.8 111.4 100.3 102.7 92.2 1943—January 101.9 117.0 105.2 96.0 117.8 97.3 79.3 103.8 109.8 100.2 102.5 90.7 February 102.5 119.0 105.8 96.2 117.8 97.3 79.8 103.8 110.2 100.3 102.6 90.9 March 103.4 122.8 107.4 96.5 117.8 97.3 80.3 103.8 110.4 100.0 102.6 91.4 April 103.7 123.9 108.4 96.6 117.8 97.4 80.6 103.8 110.3 100.1 102.6 91.6 May 104.1 125.7 110.5 96.7 117.8 97.4 80.8 103.8 110.5 100.2 102.7 91 9 June 103.8 126.2 109.6 96.8 117.8 97.4 81.0 103.8 110.6 100.0 102.8 91.8 July 103.2 125.0 107.2 96.9 117.8 97.4 81.0 103.7 110.7 100.1 102.6 92.3 August 103,1 123.5 105.8 97.1 117.8 97.4 80.9 103.7 112.2 100.2 102.6 92.6 September 103.1 123.1 105.0 97.2 117.8 97.5 81.0 103.7 112.5 100.3 102.6 93 0 October 103.0 122.2 105.1 97.3 117.8 97.6 81.0 103.7 112.7 100.4 102.6 93.1 November 102.9 121.4 105.8 97.4 116.5 97.7 103.8 113.1 100.3 102.8 93.2 December 103.2 121.8 105.6 97.6 117.0 97.7 2>g2 \ 103.8 113.4 100.4 102.8 93.3 1944—January 103.3 121.8 104.9 97.8 117.2 97.7 p82.3 103.7 113.5 100.4 104.5 93.2 Week ending 1943—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 o 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—January 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 January 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 January 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 January 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 January 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 February 5 103.1 122.1 104.2 98.0 \17.7 97.2 83.2 103.8 113.5 100.4 104.4 93.0 February 12 103.1 121.9 104.0 98.1 117.8 97.2 83.5 103.8 113.7 100.4 104.4 93.0 February 19 103.3 122.8 104.1 98.2 117.7 97.2 83.7 103.8 113.7 100.4 106.2 93.3 February 26 103.6 124.2 104.6 98.3 L17.5 97.2 83.7 103.8 113.7 100.4 106.2 93.3 Annual 1943 1944 Annual 1943 1944 Subgroups Subgroups 1942 1943 Jan. Dec. Jan. 1942 1943 Jan. Dec. Jan. Farm Products: Metals and Metal Products: Grains 92.9 116.3 107.3 1282 129.5 Agricultural implements... 96.9 96.9 96.9 969 97.0 Livestock and poultry 117.8 128.7 129-2 119 s 120.8 Farm machinery 98.0 98.0 98.0 Q81 98 1 Other farm products 101.6 119.8 111 S 6 119.5 Iron and steel 97.2 97.2 97.2 97 1 97.1 Foods: Motor vehicles 112.7 112.8 112.8 112.8 112.8 Dairy products 100.0 111.1 n: 4 1106 110.6 Nonferrous metals 85.7 86.0 86.0 86,0 85 9 Cereal products 89.2 93.7 90.6 1 95.1 Plumbing and heating 95.4 90.7 90.4 918 91.8 M Fr e u a i t t s s and vegetables 1 9 1 5 1 . . 5 8 1 11 2 0 1 .3 3 1 11 0 5 2 . . 5 6 1 1 1 0 9 5 3 Q 1 10 1 6 8 .4 0 Build B in r g ic k a M n a d t er ti ia le ls: 98.0 99.1 98.7 100o 100 2 Other foods 92.3 97.3 96.2 98 96.1 Cement 94.0 93.8 94.2 93 93 6 Hides and Leather Products: Lumber 132.8 138.5 133.3 144.0 144.1 Shoes 125.7 126.4 126.4 1264 126.4 Paint and paint materials.. 100.3 102.3 100.6 103.3 103.5 Hides and skins 117.6 114.7 116.0 1116 112.9 Plumbing and heating 95.4 90.7 90.4 91.8 91.8 Leather 101.3 101.3 101.3 1013 101.3 Structural steel 107.3 107.3 107.3 107.3 107.3 Other leather products 114.9 115.2 115.2 1152 115.2 Other building materials... 103.5 102.0 102.2 102.8 102.8 Textile Products: Chemicals and Allied Products: Clothing ... 106.9 107.0 107.0 1070 107.0 Chemicals 96.2 96.5 96.9 96.3 96.3 Cotton goods 112.4 112.7 112.5 1129 112.9 Drugs and Pharmaceuticals 133.8 165.2 165.4 165.2 165.2 Hosiery and underwear 70.5 70.8 70.5 717 71.7 Fertilizer materials 78.7 80.0 79.0 81.3 81.3 Silk... Mixed fertilizers 82 7 86.1 85.3 s 86 5 Rayon 30.3 30.3 30.3 30 ^ 30.3 Oils and fats 105.1 101.9 101.5 10?0 102 0 Woolen and worsted goods 110.4 112.5 112.4 1125 112.5 Housefurnishing Goods: Other textile products 97.9 98.8 Q' 7 100S 100.5 Furnishings 107.3 107.2 107.3 107 1 107.1 Fuel and Lighting Materials: Furniture 97.4 98.1 97.4 984 102.0 Anthracite . . . 85.5 90.4 .5 950 Miscellant7ous: Bituminous coal 109.7 116.1 IV .5 1188 P119!8 Auto tires and tubes 72.5 73.0 73.0 730 73.0 Coke 122.1 122.7 \T 1 124 S 126.2 Cattle •fppH 134 4 152 7 142 8 1 so 159 6 Electricity 63.8 62 Paper and pulp. 100.8 104.1 100.1 1060 106.0 Gas 78.4 76.5 72 Rubber crude 46 3 46 2 46 3 46 46 2 Petroleum products 59.8 62.5 6C.8 63.5 63.5 Other miscellaneous 93.4 95.8 94.9 96 7 96.7 Back figures.—Bureau of Labor Statistics, Department of Labor. 2.84 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATED EMPLOYMENT IN N ONAGRI CULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Thousands of persons] Transpor- Finance, Federal, Year and month Total M tu an ri u n f g ac- Mining Co t n io s n tr * uc- tat p io u n b li a c nd Trade a s n e d rv m ic i e s , - lo S c t a a l te g , o a v n e d rnutilities cellaneous ment SEASONALLY ADJUSTED 1943—January r38,678 r15,8l9 870 1,843 3,549 6,513 4,350 5,734 February r38,776 15,930 873 1,748 3,545 6,458 4,356 5,866 March r38,615 r16,002 864 1,564 3,551 6,424 4,347 5,863 April r38,472 r16,019 858 1,363 3,572 6,433 4,331 5,896 May r38,190 r15,966 842 1,213 3,577 6,357 4,302 5,933 June r38,282 r16,076 842 1,123 3,610 6,373 4,297 5,961 July 38,261 16,124 835 1.065 3,630 6,388 4.300 5,919 August 38,067 16,145 825 1,023 3,645 6,335 4,282 5,812 September r37,725 r16,030 817 957 3,641 6,248 4,258 5,774 October 37,942 16,171 810 910 3,626 6,345 4,300 5,780 November r38,175 r16,222 801 865 3,673 6,474 r4,310 r5,830 December 38,136 16,054 813 863 3,706 6,382 4,315 6,003 1944—January... 37,829 15,873 811 836 3,728 6,420 4,326 5,835 UNADJUSTED 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 38,273 16,205 819 974 3,705 6,419 4,300 5,851 November 38,298 16,229 809 871 3,687 6,569 4,272 r5,861 December 38,478 16,078 815 773 3,661 6,832 4,271 6,048 1944—January. 37,229 15,800 808 677 3,629 6,279 4,245 5,791 * Includes contractconstruction 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 January, 1944 are preliminary. Revised seasonally adjusted estimates for months prior to November 1941 are shown on p. 1156 of the November 1942 BULLETIN. MARCH 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 1944 Chart 1943 b p o a o g k e Jan. Feb. Feb. Feb. Feb. b p o a o g k e Nov. Dec Jan. 26 2 9 16 23 WEEKLY FIGURES1 In billions of dollars MONTHLY FIGURES In billions of dollars RESERVES AND CURRENCY RESERVES AND CURRENCY Reserve Bank credit: Reserve Bank credit 5 10.34 11.91 12.37 U. S. Govt. securities, total 2, 4 12.03 11.78 11.17 11.39 11.82 Gold stock 5 22.09 22.02 21.93 Bills 4 7.03 6.61 5.97 6.12 6.56 Money in circulation 5 19.57 20.24 20.43 Certificates 4 2.68 2.55 2.59 2.66 2.67 Treasury cash 5 2.29 2.31 2.32 Notes 4 .68 .94 .93 .93 .90 Treasury deposits 5 .34 .67 .48 Bonds 4 1.64 1.67 1.68 1.68 1.68 Reserve balances 5, 8 12.31 12.75 12.94 Special certificates 4 Required reserves 8 11.24 11.70 11.82 Discounts and advances 2 "!02 " !02 !02 "".03 .05 Excess reserves, total 8, 9 1.07 1.05 1.11 Gold stock 2 21.93 21.91 21.84 21.80 21.74 New York City 9 .02 .03 .02 Money in circulation 2 20.39 20.53 20.59 20.61 20.70 Chicago 9 .01 .01 <*) Nonmember deposits 2 1.99 1.92 1.71 1.97 1.94 Reserve city banks 9 .33 .30 .34 Treasury deposits 2 .35 .18 .01 .36 .65 Country banks 9 .71 .71 .75 Member bank reserves 3 13.00 12.85 12.48 12.24 12.11 Money in circulation, total.... 10 19.92 20.45 20.53 Excess reserves'5 3 1.02 1.54 1.44 1.27 1.08 Bills of $50 and over 10 5.32 5.58 5.71 Excess reserves (weekly average), totale 3 1.11 ^1.31 Pi. 28 Pi. 15 $\0 and $20 bills 10 10.69 10.90 10.92 New York City 3 .02 .03 .02 .02 Coins, $1, $2, and $5 bills 10 3.91 3.97 3.90 Chicago 3 <*) .01 C2) t2) Reserve city banks 3 .33 .43 .39 .31 ALL BANKS IN U. S. Country banks* 3 .75 P.84 P. 86 P.83 Total deposits and currency 11 123.80 p122.90 Demand deposits adjusted 11 P59.90 P60.70 Time deposits 11 P32.30 P32.90 Currency outside banks 11 P18.30 ^18.90 MEMBER BANKS IN LEADING CITIES CONSUMER CREDIT Loans and investments 14 50.29 52.18 53.26 53.85 53.27 Consumer credit, total 18 5.06 P5.10 P4.75 Demand deposits adjusted 14 34.81 31.87 31.70 31.51 31.90 Single-payment loans 18 1.08 PI.03 PI.00 U. S. Govt. obligations 14 36.59 37.93 38.90 39.14 38.76 Charge accounts 18 1.47 p1.50 PI.31 Total loans 14 10.90 11.43 11.53 11.87 11.67 Service credit 18 .69 P. 69 P.70 Commercial loans, total 15 6.37 6.40 6.39 6.45 6.41 Instalment credit, total 18, 19 1.82 PI.87 PI. 76 New York City 15 2.45 2.46 2.46 2.48 2.47 Instalment loans 19 1.04 PI.05 PI .01 100 cities outside New York 15 3.92 3.94 3.93 3.97 3.94 Instalment sale credit, total 19 .78 P.82 P.74 Brokers* loans—New York City 15 1.27 1.30 1.21 1.35 1.3: Automotive 19 .18 P.18 P.17 >U. S. Govt. obligations: Other 19 .60 P.64 P.57 New York City, total 15 13.07 13.70 14.06 14.04 13.83 B N o o n te d s s and guar. secur ; i v t ies 1 1 7 7 6 2 . . 4 5 4 7 6 2 . . 5 8 4 8 6 2 . . 5 8 9 8 6 2 . . 6 8 2 8 6 2 . . 6 8 0 6 TREASURY FINANCE Certificates 17 3.26 3.12 3.20 3.28 3.27 U. S. Govt. obligations outstand- Bills 17 .81 1.15 1.39 1.26 1.11 ing, total interest-bearing 20 168.93 168.73 171.31 100 cities outside New York, total.. 15 23.51 24.23 24.85 25.10 24.92 Bonds (marketable Treasury).. 20 67.94 67.94 67.94 Bonds 17 11.61 11.75 11.85 11.91 11.97 Notes, cert., and bills, total... 20 47.77 47.09 47.12 Notes and guar. securities 17 3.88 4.41 4.54 4.57 4.57 Notes 21 11.60 11.17 11.17 Certificates 17 5.74 5.57 5.62 5.76 5.81 Certificates 21 23.10 22.84 22.84 Bills 17 2.28 2.51 2.83 2.86 2.58 Bills 21^ 13.07 13.07 13.10 Savings bonds, tax notes, etc.. 20" 36.59 36.57 38.91 Savings bonds 21 26.70 27.36 28.90 Per cent per annum Tax notes 21 9.28 8.59 9.38 Special issues 20 12.28 12.70 12.87 Holdings of U.S. Govt. obligations: MONEY RATES, ETC. Fed. agencies and trust funds 22 16.44 16.93 P17.10 Treasury bills (new issues) 25 .374 .374 .375 .375 .375 Federal Reserve Banks 22 10.35 11.54 12.07 Treasury notes (taxable) 25 1.32 1.32 1.32 1.32 1.32 Commercial banks 22 62.20 60.80 V. S. Govt. bonds: Private holders other than Partially tax-exempt 25, 33 1.86 1.87 1.85 1.83 1.80 commercial banks, total 22 80.00 79.50 Taxable 25,33 2.34 2.34 2.32 2.32 2.32 Mutual savings banks 23 6.00 6.10 Corporate Aaa bonds 33 2.73 2.74 2.73 2.74 2.74 Insurance companies 23 14.50 14.70 Corporate Baa bonds 33 3.74 3.73 3.72 3.72 3.73 Other investors, total 23 59.50 58.70 Marketable issues 23 24.00 23.20 In unit indicated Per cent per annum MONEY RATES, ETC. Stock prices (1935-39 - 100): T In o d t u al s trial 3 3 5 5 9 9 4 5 . . 1 8 9 96 4 . . 1 6 9 9 5 3 . . 1 6 9 95 4 . . 7 4 9 96 4 . . 1 9 T F. r e R as . u B r a y n k b il d l i s s c ( o ne u w nt i r s a su te e , s ) N . Y.... 2 2 7 7 .3 . 7 5 5 0 .3 .5 7 0 5 .3 .5 7 0 4 Railroad 35 92.2 94.7 93.1 96.9 99.8 Treasury notes (taxable) 27 1.29 1.30 1.30 Public utility , 35 86.5 86.9 86.5 87.0 87.3 Commercial paper 29 .69 .69 .69 Volume of trading (mill, shares) 35 .69 .79 .70 .81 .90 U. S. Govt. bonds: Partially tax-exempt 33 1.85 1.86 1.86 Taxable 33 2.32 2.34 2.34 Corporate Aaa bonds 29, 33 2.71 2.74 2.72 Corporate Baa bonds 33 3.83 3.82 3.76 BUSINESS CONDITIONS Steel production (per cent of capacity)3. 50 96.5 96.8 97.2 97.7 97. In unit indicated Electric power prod. (mill. kw. hrs.)... 50 4,524 4,524 4,533 4,512 Freight carloadings (thous. cars): Stock prices (1935-39 = 100): Total 51 811.1 806.1 795.3 775.7 782.. Total 35 91.4 91.8 94.6 Miscellaneous 51 376.0 373.6 365.7 360.4 366.' Industrial 35 93.0 93.6 96.4 Department store sales (1935-39 = 100)... 52 130 138 132 133 13- Railroad 35 86.5 85.6 91.0 F.H.A. home mortgages, new construc- Public utility 35 85.1 85.2 86.7 tion (thous.)4 52 Volume of trading (mill, shares)... 35 .89 .81 .79 Wholesale prices (1926 = 100): Brokers' balances (mill, dollars): Total 63 103.1 103.1 103.1 103.3 103.6 Credit extended customers.... 37 e78O 788 c780 Farm products 63 122.6 122.1 121.9 122.8 124.2 Money borrowed...._ 37 e600 557 e560 Other than farm and food 63 98.0 98.0 98.1 98.2 98.3 Customers' free credit balances. 37 e340 354 €37O For footnotes see following page. z86 FEDERAL RESERVE BOIXETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued Chart 1944 Chart 1943 1944 book book page Nov. Dec. Jan. page Nov. Dec. Jan. MONTHLY FIGURES—Cont. In unit indicated. MONTHLY FIGURES—Cont. In unit indicated BUSINESS CONDITIONS BUSINESS CONDITIONS—Cont. Income payments (mill, dollars), total:5 38 12,402 p12,582 Freight car loadings:5 Salaries and wages 38 8,834 ^8,959 Total (1935-39 = 100)..._ 57 145 Other 38 3,568 ^3,623 Groups (points in total index) Cash farm income (mill, dollars), total. 39 2,043 1,741 Pi,653 Miscellaneous 57 80.6 80.9 81.8 Livestock and products 39 1,059 967 ^940 Coal 57 27.0 31.3 31.9 Crops 39 946 725 P644 All other 57 31.1 31.3 30.9 Indu G st o r v ia t. l p p a r y o m du e c n t t i s o n:5 39 38 49 P69 Dep S ar a t l m es e nt stores (1923-25 = 100) * 59 158 152 Total (1935-39 = 100) 41, 42 247 241 P242 Stocks 59 98 Groups (points in total index) Exports and imports (mill, dollars): Durable manufactures 41 r143.1 139.3 ^138.8 Exports 61 '1,073.6pl ,248.6 M Iro a n c h a in n e d r y st , e e el t c 4 4 2 2 r1 ' 0 2 0 3 . . 7 1 9 22 8 . . 0 2 ^ P 9 2 6 2. . 9 9 E Im xc p e o s r s t s o f exports 6 6 1 1 P p7 3 5 1 7 6 . . O 5 p P 9 2 7 7 4 4 . . 3 3 Other durable 42 r19.3 19.1 P19.0 Excluding Lend-Lease exports 61 Nondurable manufactures 41 84.1 81.1 P81.4 Wholesale prices, total (1926 = 100).... 63 102.9 103." 2 103.3 Textiles and leather 42 19.4 18.4 P19.0 Farm products 63 121.4 121.8 121.8 Paper and printing 42 11.2 10.9 *11.1 Other than farm and food 63 97.4 97.6 97.8 Foods, liquor, and tobacco 42 20.7 20.5 *»20.5 Cost of living, all items (1935-39 = 100) 65 124.2 124.4 124.1 Other nondurable 42 32.7 31.2 ^30.9 Food 65 137.3 137.1 136.1 Minerals 41,42 20.2 20.9 *>21.2 Clothing 65 133.5 134.6 134.5 Primary products (1935-39 = 100): Rent 65 108.0 108.1 Steel 43 r236 222 231 Cement 43 98 101 Apr.- July- Oct.- Lumber 43 127 131••^125 June Sept. Dec. Coal 43 125 147 ?152 1943 1943 1943 Crude petroleum 43 139 136 ?137 Cotton consumption 43 153 142 153 QUARTERLY FIGURES In millions of dollars W M P L a e o e p a o a t e l t h r s y e a r a n rn d dairy products 4 4 4 4 3 3 3 3 1 1 1 r 3 7 7 98 6 2 2 1 1 1 9 5 2 5 6 9 9 6 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 a s v , n it d t i o e e t s a x l p enditures: 2 2 4 4 2 2 3 1 , , 2 53 2 5 8 2 20 2 , , 6 2 1 6 6 4 2 2 2 1 , , 7 2 4 4 7 8 Labor fo O r t c h e e r a m nd a nu e f m ac p t l u o r y e m d e f n o t od (m s. i . l . l . , .. 43 145 *>148 " P152 Inte N rn e a t l r r e e c v e e i n p u t e s collections, total 2 2 4 4 6 7 , ,5 8 6 3 3 4 1 7 0, , 1 8 7 7 6 7 9 8 , , 8 8 6 9 6 0 persons) :6 Corporate income taxes 24 2,781 2,806 3,293 L E a m b p o N A l r o o g y f n r o m i a r c c g e u e r n l i t t c u , u r t a l o t l u ta r l a l 4 4 4 4 4 4 4 4 4 5 5 9 1 1 1 . . . . 5 3 9 8 Corp M N I o n e i r d s t a i c t v p e . i r i d o s n u e c t a c e e l u e r n d r i i n a s t l . c y o r m i e s v e s e u n t e a u s x e : e s 2 3 2 4 6 4 3 1 , , 0 0 2 4 0 6 6 7 6 3 1 , , 4 6 2 3 4 4 1 0 5 4 1 , , 4 1 4 1 8 2 2 5 4 Nonagric M F u e a l m t l u e a r l a e l employment (mill. 4 4 4 4 3 1 5 6 . . 3 0 New R I n m a d i o l u n r s o e t a y r d i , a t l otal 3 3 3 6 6 6 6 4 1 6 1 7 2 1 1 9 4 0 1 1 2 3 7 8 9 persons), total5 45 38.2 38.1 ^37.8 Public utility 36 1 4 1 Manufacturing and mining 45 17.0 16.9 P16.7 Per cent per annum Trade 45 6.5 6.4 ^6.4 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 1 m u o m 0 c r p 0 t t e l i a ) o n o : t t y n i o m n e n a t n d a u n t d i lit p i a e y s rolls 4 4 4 5 5 5 0 3 5 . . . 9 7 8 6 0 3 . . . 9 0 7 2 * P > 3 0 5 . . . 7 8 8 Bank T N O S o o e t r h w a u ta e t t e h l r Y , s e N 1 o r o n 9 r o n k r a c t c i n C h u t d i e i s e t r t W y s n o m e a s e n t r e d s* r n E l a o c s a it t n i e e s r s : n cities 3 3 3 2 1 1 1 9 2 3 2 3 . . . . 0 9 3 7 0 8 8 0 2 2 2 2 . . . . 7 0 4 7 3 5 8 1 3 2 2 2 . . . . 1 6 1 7 7 5 0 6 Pay rolls 47 336.2 328.5 Employment 47 170.9 169.3 P166.4 June 30, Oct. 18, Dec. 31, Hours and earnings at factories: 1943 1943 1943 Weekly earnings (dollars) 48 45.32 44.68 CALL DATE FIGURES Hourly earnings (cents) 48 99.6 99.5 In billions of dollars Hours worked (per week) 48 45.5 44.9 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 52.95 New orders, total 49 239 p239 Other securities 12 5.35 5.14 5.02 Durable 49 317 P323 State and local obligations 13 2.88 2.82 2.73 Ship N m o e n n d t u s, r a to b t le a l 4 4 9 9 2 1 7 83 0 ^ n 17 n 6 O Fo th r e e r i g d n o s m e e c s u t r i i c t i s e e s c urities 1 1 3 3 2.48 2.32 2.29 Durable 49 373 p371 Loans, total 12 14.82 17.72 16.29 Nondurable 49 189 P196 Commercial loans 13 7.41 0 8.44 Inventories, total 49 180 PI 79 Real-estate loans 13 3.35 © 3.27 Durable 49 213 *214 Street loans (brokers'loans) 13 .96 co 1.05 Nondurable 49 150 P148 Holdings of U. S. Govt. securities: Residential contracts (mill, dollars):6 By classes of banks: Total 53 60 74 49 New York City 16 13.89 15.73 14.56 Public 53 25 29 16 Chicago 16 3.17 3.69 3.24 Private, total 53 35 45 33 Reserve city banks 16 17.42 20.62 19.68 1- and 2-family dwellings 53 27 35 27 Country banks 16 12.51 15.21 15.47 Other 53 8 10 6 By kinds of securities: Co a n v s T R ., t o r e m u t s a c i i d l t l i l e , o n n d t i o a c l l o l a n r t s r ) a :5 cts (3-mo. moving 5 5 5 5 2 6 4 7 4 2 6 4 5 9 P * 2 > 3 5 0 5 N B B C o i o e l r n t l t s e d i s f s i cates 1 1 1 1 6 6 6 6 2 9 3 5 6 . . . . 4 2 2 5 2 5 8 5 0 / w 7\ 2 1 4 6 7 2 . . . . 9 3 2 0 1 6 7 7 Other 55 177 184 ms Guaranteed 16 2.49 /7\ 2.35 e Estimated. p 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 Figures for earlier weeks of 1944 have been revised as follows: Jan. 5,93.1; Jan. 12,96.7; Jan. 19, 96.1 per cent. 4 Publication discontinued. 5 Adjusted for seasonal variation. 6 Series in process of revision. 7 Figures available for June and December dates only. * Copies of the Chart Book may be obtained at a price of 50 cents each. March 1944 187 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments... 290 Gold production . . 291 Gold movements... . 291 Net capital movements to United States since January 2, 1935. . 291 Central banks 293-296 Money rates in foreign countries . . 297 Commercial banks. .. 298 Foreign exchange rates. . 299 Price movements: Wholesale prices... 300 Retail food prices and cost of living . . 301 Security prices... 301 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 arc reported to the Board directly. Figures on international capital transactions of the United States arc collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November n, 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. MARCH 1944 2.89 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 i e u l m - 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 »7 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. 22,726 735 115 274 25 6 36 25 61 44 52 2,000 29 1943—Feb. 22,644 354 734 121 274 425 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 2,000 Oct.. 22,116 353 734 243 274 5 54 56 61 52 2,000 Nov. 22,065 254 274 7 51 58 52 Dec, 21,938 254 5 59 1944—Jan. 21,918 6 76 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 Nor- 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 6525 1939—Dec... 24 26 144 164 90 32 692 23 94 20 4 84 69 152 249 1940—Dec... 24 26 120 164 140 47 617 23 484 20 59 158 367 1 1 9 9 4 4 2 1 — — D D e e c c . . . . . . 2 2 4 4 ,73 2 4 6 «164 42 2 1 3 6 5 3 4 9 7 5 5 0 7 6 5 2 2 3 3 2 2 5 1 5 5 9 9 2 1 4 8 1 2 6 3 3 6 4 6 4 4 2 2 1943—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 *500 23 26 P282 644 85 Oct... 200 P500 23 26 ^289 667 Nov.. 202 23 31 685 Dec... 203 23 31 1944—Jan... 205 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 ed - g U u r a u y - V zu e e n l e a - Y sl u av g i o a - B.I.S. c O tr o t i u h e n s e - 9 r End of month U St n a i t t e e s d U K n in it g e - d France2 Beldom 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 1129 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 Dec. ... 80 4 759 331 44 1939—Mar. ... 154 1,732 559 1943—Feb 342 842 124 1 89 70 24 12182 May.... 477 Mar 344 851 124 1 89 72 25 182 June... 85 17 Apr 344 859 145 1 89 76 25 184 Sept.... 164 5876 May 346 866 158 1 96 80 25 185 Dec 156 June 347 867 158 1 101 80 26 185 1940—Mar. ... 145 July 368 876 158 1 101 80 26 13192 June... 86 ii Aug 371 880 161 1 103 84 26 192 Sept.... 105 Sept 374 887 161 1 P108 84 26 192 Dec. ... 48 292 17 Oct 378 900 161 1 84 27 192 1941—Mar. ... 88 Nov 384 p903 1 84 27 193 June... 89 Dec P964 1 89 45 193 Sept.... 24 6151 1944—Jan ^973 1 193 Dec 25 1942—Mar.... 12 June... 8 p Preliminary. 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: Bulgaria- 1 Reported at infrequent intervals or on de- Tan. 31, 1943; Greece—Mar. 31, 1941; Java—Jan. 31, 1942; Norway—Mar. 30, 1940; Poland- layed basis: U. S.—Exchange Stabilization Fund July 31, 1939; Yugoslavia—Feb. 28, 1941. (Special A/c No. 1); U. K.—Exchange Equali- 5 Figure for December 1938 is that officially reported on Apr. 30, 1938. zation Account; France—Exchange Stabilization 6 Figure for February 1941; beginning Mar. 29,1941, gold reserves no longer reported separately. Fund and Rentes Fund; Belgium—Treasury. 7 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, Qosta 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, 5 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. Z9CX FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD PRODUCTION OUTSIDE U. S. S. R. [In thousands of dollars] Estimated Production reported monthly world Year or month production Total Africa North and South America Other outside reported South INicara- Austra- I British U.S.S.R.1 monthly Africa lia8 I India9 $1 = 15 A grains of gold fG fine; i.e.,an ounce of fine gold = $35 1934.. 823,003 708,453 366,795 24 264 12,153 6,549 108,191 104,023 23,135 12,045 8,350 1,166 30,559 11,223 1935.. 882,533 752,847 377,090 25 477 13,625 7,159 126,325 114,971 23,858 11,515 9,251 868 31,240 11,468 1936.. 971,514 833,895 396,768 28 053 16,295 7,386 152,509 131,181 26,465 13,632 9,018 807 40,118 11,663 1937.. 1,041,576 893,384 410,710 28 296 20,784 8,018 168,159 143,367 29,591 15,478 9,544 848 46, 982 11,607 1938.. 1,136,360 958,770 425,649 28 532 24,670 8,470 178,143 165,379 32,306 18,225 10,290 1,557 54,264 11,284 1939.. 1,208,705 1,020,297 448,753 28 009 28,564 8,759 196,391 178,303 29,426 19,951 11,376 3,506 56, 182 11,078 1940.. 1,297,349 1,094,264 491,628 29 155 32,163 3 8,862 210,109 185,890 30,878 22,117 11,999 5,429 55, 878 10,157 1941.. 1,288,945 1,089,395 504,268 27 765 32,414 209,175 187,081 27,969 22,961 9,259 7.525 51,039 9,940 1942.. 968,112 494,439 26 641 29,225 130,963 169,446 630,000 20,882 6,409 8,624 42,525 8,960 1943.. 2738,214 448,153 p23 252 ^19,775 47,783 127,833 p19,793 p6,415 7,699 p28,727 P8.785 1943—Jan 64,862 37,687 1985 2,135 4,654 11,708 2,055 440 672 2,827 700 Feb 63,904 38,835 1902 1,855 4,121 11,459 1,380 450 647 2,555 700 Mar 61,871 35,489 1987 1,610 4,520 12,169 1,661 558 622 2,450 805 Apr C63,548 37,604 2 004 1,645 4,891 11,309 cl,645 548 646 2,450 805 May 62,984 38,367 1987 1,645 4,065 10,975 1,599 566 700 2,345 735 June.... * 62,107 37,424 . i 956 1,645 3,945 11,442 1,540 455 724 2,240 735 July 61,590 37,962 1907 1,540 3,945 10,246 1,763 454 622 2,380 770 Aug 60,189 37,297 1862 1,540 3,634 10,268 1,704 549 430 2,170 735 Sept p60,060 36,783 1,920 1,540 3,306 r9,877 1,659 598 770 P2.870 735 Oct ?60,014 37,162 n,893 1,540 3,814 9,802 1,672 '598 628 P2.17O 735 Nov ^58,608 36,889 n,925 1,540 3,366 9,373 1,512 '598 605 *>2,135 665 Dec ^58,477 36,653 /PI 925 A, 540 3,520 9,205 ^1,603 '598 633 '*2,135 '665 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, "but data of percentage changes, irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million. ? Preliminary. ' Figure carried forward. c Corrected. r Revised. 1 Annual figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on estimates of American Bureau of Metal Statistics. 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 through 1942 are estimates of United States Mint. Annual figure for 1943 and monthly figures are estimates of the American Bureau of Metal Statistics. 5 Figures for Canada beginning 1943 are subject to official revision. 0 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. « Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production. ° Beginning December 1941, figures are those reported by American Bureau of Metal Statistics for total Australia. 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 e - d France g B i e u l m - N l e a t n h d e s r- S d w en e- S er w la i n tz d - Canada Mexico Co b l i o a m- I P s p h la i i n l n i e d p s - t A ra u l s i - a A S f o r u ic t a h Japan B I r n i d ti i s a h c o t o r t A h i u e l e n l s r - 19341 1,131,994 499,870 260,223 8,902 94,348 12,402 86,829 30,270 16,944 12,038 1,029 12 4 76,820 32,304 1935 1,739,019 315,727 934,243 3 227,185 968 95,171 13,667 10,899 15,335 3,498 65 75,268 , 46,989 1936 1,116,584 174,093 573,671 3,351 71,006 2 7,511 72,648 39,966 11,911 21,513 23,280 8 77,892 39,735 1937 1,585,503 891,531-13,710 90,859 6,461 6 54,452 111,480 38,482 18,397 25,427 34,713 181 246,464 50,762 29,998 1938 1,973,5691,208,728 81,135 15,488 163,049 60,146 1,363 76,315 36,472 10,557 27,880 39,162 401 168,740 16 159 267,97S 1939 3,574,151 1,826,403 3,798 165,122 341,618 28,715 86,987 612,949 33,610 23,239 35,636 74,250 22,862 165,605 50,956 3102, 404 1940 4,744,472 633,083 241,778 977 63,260 161,489 90,3202,622,330 29,880 23,999 38,627 103,777 184,756 111,739 49,989 4388,468: 1941 982,378 3,779 1 1 1,747 899 412,056 16,791 24,448 42,678 67,492 292,893 9,444 9,665 5100,485, 1941 Jan 234,242 37 1 1,746 563 46,876 1,147 3,168 3,185 11,136 149,735 6,085 4,501 6,062 Feb 108,609 1,218 337 81,529 814 11 2,772 6,738 96 615,093 Mar 118,567 817 95,619 866 2,232 3,984 6,262 2,788 3,046 2,951 Apr 171,992 21 20,216 1,147 2,934 3,587 4,720 132,261 313 6,793 May 34,830 2 16,306 969 2,794 3,384 4,194 3,594 3,589 June 30,712 474 i 17,514 800 7 2,114 4,593 69 131 5,009 July 37,041 542 19,224 1,080 2,128 4,970 5,199 88 3,811 Aug 36,973 79 10,842 843 2,230 5,098 6,742 137 1,995 69,008 Sept 65,702 250 42,562 495 2,488 3,107 2,064 3,694 611,041 Oct 40,440 55 16,072 1,020 2,107 3,141 6,151 200 2,327 69,365 Nov 50,374 121 24,917 6,336 2,110 1,830 5,980 40 69,039 Dec 52,896 163 20,377 1,273 2,238 5,506 3,713 190 711 618,726 1 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. 2 Includes $31,830,000 from Argentina. 3 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, $10,077,000 from Chile, and $37,555,000 from other countries. 4 Includes $75,087,000 from Portugal, $59,07>2,000 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. MARCH 1944 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.l) 5,510.3 3,139.5 1,321.7 1,817.7 805.3 841.1 623.5 100.9 Dec. 31 5,230.7 2,856.2 1,053.7 1,802.6 791.3 855.5 626.7 100.9 1942—Jan. 7 5,225.3 2,841.7 1,052.6 1,789.1 798.5 856.2 627.6 101.4 Jan.14 5,199.1 2,816.9 1,012.3 1,804.6 796.5 856.7 627.0 102.0 Jan. 21... 5,178.5 2,787.7 980.3 1,807.4 803.0 857.8 627.9 102.0 Jan. 28... 5,163.7 2,771.6 977.6 1,793.9 801.6 857.5 631.0 102.0 Feb. 4 5,098.2 2,703.5 936.7 1,766.8 803.5 858.8 630.2 102.1 Feb. 11.... 5,081.6 2,687.5 926.4 1,761.1 802.9 859.1 630.0 102.2 Feb. 18 5,035.7 2,646.2 866.1 1,780.2 806.8 855.9 624.5 102.4 Feb. 25 5,069.0 2,675.5 879.4 1,796.0 809.2 856.2 626.2 102.0 Mar. 4 5,105.8 2,706.1 941.0 1,765.1 814.6 855.4 627.0 102.6 Mar.11 5,112.1 2,714.6 955.6 1,759.0 815.8 852.7 626.6 102.4 Mar. 18 5,070.3 2,672.5 917.8 1,754.7 817.5 851.6 625.6 103.1 Mar. 25 5,051.7 2,654.4 908.1 1,746.3 817.2 851.4 625.0 103.7 Apr. 1 5,082.4 2,684.0 932.0 1,752.0 819.7 849.6 624.9 104.3 Apr. 8 5,079.5 2,675.1 918.2 1,756.9 827.3 847.2 625.2 104.7 Apr. 15 5,300.8 2,893.6 1,132.1 1,761.6 830.1 845.3 627.1 104.6 Apr. 22. 5,317.1 2,912.9 1,129.7 1,783.2 829.1 844.4 626.6 104.1 Apr. 29 5,309.6 2,906.1 1,106.7 1,799.4 829.8 843.2 626.6 103.9 May 6 5,375.2 2,971.0 1,160.1 1,811.0 831.2 841.9 627.2 104.0 May 13 5,358.6 2,951.4 1,140.1 1,811.3 834.3 841.4 626.5 105.0 May 20 5,358.4 2,948.5 1,153.3 1,795.2 836.4 841.7 626.9 104.8 May 27 5,384.8 2,974.7 1,153.5 1,821.2 836.5 840.9 627.3 105.4 June 3 5,413.4 2,996.8 1,144.0 1,852.8 839.8 843.2 629.0 104.6 June 10 5,456.4 3,039.1 1,193.0 1,846.0 841.7 840.9 630.0 104.8 June 17 5,497.8 3,077.9 1,210.3 1,867.6 842.8 840.7 631.1 105.2 June 24 5,515.3 3,095.9 1,220.0 1,875.9 843.7 839.1 631.6 105.0 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 3,471.1 1,536.6 1,934.5 761.3 678.5 107.0 Feb. 27 6,014.9 3,590.1 1,671.8 1,918.3 890.5 751.9 676.0 106.4 Mar. 31 6,147.1 3,643.4 1,723.1 1,920.3 898.7 810.5 685.9 108.6 Apr. 30 6,212.3 3,690.5 1,801.8 1,888.6 909.9 809.5 692.9 109.5 May 29 6,282.6 3,769.6 1,871.6 1,898.0 905.1 807.0 692.5 108.5 June 30 6,506.4 4,002.6 2,071.4 1,931.2 896.9 806.8 687.9 112.1 July 31 6,556.0 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 4,284.4 2,312.9 1,971.5 870.5 928.3 707.4 114.1 Nov. 30 7,073.6 34,435.7 S2,450.0 31,985.7 3882.6 929.8 710.1 3115.4 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 RRedp ortedf if iguresf f or capiitlal movement through July 1 have been adjusted to represent the movement through June 30 on the basis of ce:rrttaaii:n signifi- L ca E n T t I N mn tf oo o v r e J m an e u n a ts r y k n 1 o 94 w 3, n p to . 9 h 8 a . ve occurred on July 1. Subsequent figures are based upon new monthly statistical series. For further explanation, : BUL- 3 Amounts outstanding on Nov. 30, in millions of dollars: total foreign banking funds in United States 5,093.1, including official funds, 3,087.6, and other funds, 2,005.5; United States banking funds abroad, 252.9; and brokerage balances (net due "foreigners") 38.5. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. Data by countries and geographic areas through December 1941, have been publishedm earlier BULLETINS for all types of capital movement in the above table (except columns 3 and 4), and for outstanding short-term liabilities to and claims on foreigners as reported by banks and brokers. For description of the statistics, see BULLETIN for January 1943, p. 98: April 1939. pp. 284-296; and May 1937, pp. 394-431. 192. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS Assets of issue Assets of banking department Liabilities of banking department department Bank of England Note circula- (Fi p g o u u re n s d s in s m te i r l l l i i n o g n ) s of Gold1 a O ss th et e s r '1 C C oi a n sh rese N rv o e t s es a c v n o D a d n u i s c n - a e t d s s - Se t c ie u s ri- tion3 Bankers' D P e u p b o l s i i c ts Other O lia t t i h b e e i s l r i- 1929—Dec. 25 145.8 260.0 .2 26.3 22.3 84.9 379.6 71.0 8.8 35.8 17.9' 1930—Dec. 31 147 6 260.0 .6 38.8 49 0 104.7 368.8 132.4 6.6 36.2 18.0 1931—Dec. 30 120.7 275.0 .6 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18.0 1932—Dec. 28 119.S 275.0 .8 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933—Dec. 27 190.7 260.0 1.0 58.7 16.8 101.4 392.0 101.2 22.2 36.5 18.0 1934—Dec. 26 192.3 260.0 .5 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935—Dec. 25 200.1 260.0 .6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30 313.7 200.0 .6 46.3 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937— Dec. 29 326.4 220.0 .8 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Dec. 28 326.4 230.0 .8 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Dec. 27 4.2 580.0 1.0 25.6 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940—Dec. 25 .2 5 630.0 .9 13.3 4.0 199.1 616.9 135.7 12.5 51.2 17.9' 1941—Dec. 31 .2 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—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 1944—Jan. 26... .2 1,100.0 .6 33.0 4.4 229.0 1,067.3 187.8 8.5 52.7 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 s t s h e e ts r circ N ul o a t t e ion? Ch b a a r n te k r s ed D g o o m ve in rn io - n Other li O ab th il e i r ties ment 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 1940—Dec. 31 (8) 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec. 31 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec. 31 .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Feb. 27 .3 722.2 263.8 18.5 691.7 258.5 21.5 15.3 17.9 Mar. 31 . .3 752.5 276.4 16.2 719.1 261.0 21.2 24.7 19.4 Apr 30 .6 850.4 278.0 34.2 744.1 284.5 56.5 35.5 42.6 May 31.. 11.8 826.1 302.5 24.9 746.8 313.1 46.8 34.2 24.4 June 30 47.2 816.7 313.0 20.8 758 4 301 1 90 1 19.2 28.9 July 31 .5 800.7 333.1 22.1 776.1 295.0 48.4 13.2 23.7 Aug. 31 37.6 798.8 340.8 29.2 796.7 308.6 59.7 10.3 31.0 Sept. 30 31.0 786.7 360.7 19.0 815.1 305.7 36.2 11.4 29.1 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 1944—Jan. 31 .4 799.9 486.8 25.4 860.6 360.9 34.8 22.3 33.4 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 50million 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. 8 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). NOTE.—For further explanation of table for Bank of England see BULLETIN for February 1931, ppp. . 8811-8833.. TThhee hheeaaddiinnggss iinn tthhee ttaabbllee ffoorr the BBaannkk ooff CC anada corresppo nd to the items inn that Bank's statements, except that the headings "Other assets" aanndd " "OOththere rl ilaiabbiliiltiiteiess"" i innlc lude certain smlalll asset d libilit i h l i th tt and liability items shown separately in the statements. MARCH 1944 z 93 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Bank of France (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 r e k n et D 2 om Sp es e t c i i c a l b 2 ills Other c F u c o p o r A G a s t o t d o i s c v o v 3 - n a e n rn c m e O s e t n t h o t er2 a O s t s h e e ts r ci N r ti c o o u t n e la- G m ov e e n r t n- D C e . p A o . s R it . s 4 Other l O i t a i t b e h i s 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—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 34,111 4,417 Nov. 25 84,598 37 44,860 35" 6,472 320,843 55,950 21,457 484,060 755 14,083 31,133 4,220 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 an ri s ty E a c s l i 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 1,396 1941—Dec 31 77 71 21,656 32 107 283 2,311 19,325 3,649 1,493 1942—Dec. 31 76 71 29,283 25 87 210 1,664 24,375 5,292 1,680 1943—Jan. 30 77 (7) 26,270 22 51 185 2,477 23,664 3,892 1,526 Feb. 27 77 26,758 21 49 180 2,370 24,266 3,820 1,369 Mar. 31 77 27,869 18 41 85 2,345 24,697 4,340 1,397 Apr. 30 77 28,603 18 1 78 2,319 25,442 4,226 1,427 May 31 77 29,592 16 17 121 2,268 25,922 4,606 1,563 June 30 77 30,890 29 67 2,178 26,650 4,881 1,711 July 31 77 32,317 34 100 2,003 27,597 5,199 1,735 Aug. 31 77 34,570 17 1 107 1,569 29,029 5,456 1,857 Sept 30 77 35,010 22 105 2,436 30,099 5,601 1,951 Oct. 30 77 36,117 17 136 2,583 30,922 5,967 2,040 Nov. 30 77 37,870 66 79 2,733 31,772 6,951 2,104 Dec. 31.. 77 41,342 27 '. 65 2,337 33,683 8,186 1,980 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 Sept. 30, 1943, advances of 321,000 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. 7*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. 2-94 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1944 1943 Central Bank 1944 1943 (Figures as of last report (Figures as of last report date of month) Jan. Dec. Nov. Jan. date of month) Jan. Dec. Nov. Jan. Central Bank of the Argentine Re- National Bank of Denmark (millions public (millions of pesos): of kroner): Sept.)2 Gold reported separately 1,091 1,074 1,076 Gold 97 97 Other gold and foreign exchange... 2,026 1,977 1,036 Foreign exchange 20 18 Government securities 887 488 467 Clearing accounts (net) 1,658 1,168 Rediscounted paper Loans and discounts 46 37 Other assets 156 151 171 Securities 56 88 Note circulation 1,886 1,798 1,594 Govt. compensation account4 125 125 Deposits—Member bank 1,116 1,088 815 Other assets 2,065 1,407 Government 448 477 185 Note circulation 1,193 939 Other 106 107 30 Deposits—Government 833 1,124 Certificates of participation in Other 1,718 590 Government securities 444 99 26 Other liabilities 322 288 Other liabilities 160 120 99 Central Bank of Ecuador (thousands Commonwealth Bank of Australia of sucres): June)2 (thousands of pounds): Gold 148,652 136,712 Issue department: Foreign exchange (net) 122,092 69,034 Gold and English sterling 41,793 40,543 31,391 Loans and discounts 81,560 74,660 Securities , 130,422 123,927 102,056 Other assets 64,310 51,277 Banking department: Note circulation 200,076 168,857 Coin, bullion, and cash 6,798 7,823 6,128 Demand deposits 185,158 134,433 London balances 60,455 45,544 45,894 Other liabilities 31,380 28,393 Loans and discounts 17,880 17,761 21,916 National Bank of Egypt5 (thousands Securities 239,571 240,080 164,859 of pounds): Deposits 180,840 171,923 155,317 Gold 6,241 6,251 Note circulation 163,762 156,012 124,106 Foreign exchange 11,248 7,168 National Bank of Belgium and Bank Loans and discounts 5,470 5,713 of Issue of Brussels (millions of British, Egyptian, and other Gov belga):* (Oct.)2 vernment securities 202,639 143,427 Gold 4,331 4,332 Other assets * 10,998 5.231 Foreign exchange 9,130 5,774 Note circulation 94,161 74,487 Credits to State and public bodies. 3,503 4,126 Deposits—Government 58,043 28,255 Credits to private economy 193 148 Other 71,330 51,968 Reichskreditkasse 721 733 Other liabilities 13,061 13,080 Other assets 1,125 541 Central Reserve Bank of El Salva- Note circulation 16,135 13.S61 dor (thousands of colones): Demand deposits 1,123 756 Gold. 27,224 27,113 24,204 Postal Checking Office 1,413 811 Foreign exchange 25,551 24,876 15,274 Other liabilities 329 225 Loans and discounts 1,336 1,506 1,428 National Bank of Bohemia and Government debt and securities... 6,720 6,754 6,926 Moravia (millions of koruny): Sept.)2 Other assets 846 718 500 Gold 1,515 1,515 Note circulation 38,306 34,577 30,219 Foreign exchange 772 728 Deposits 17,484 20,467 12,346 Discounts 1,202 875 Other liabilities 5,886 5,924 5,767 Loans Bank of Finland3 Other assets 26,727 "17^084 Bank of Greece3 Note circulation 20,086 13,809 National Bank of Hungary (millions Demand deposits 4,392 3,524 of pengo): Other liabilities 5,738 2,869 Gold 100 100 100 Central Bank of Bolivia (millions Foreign exchange reserve 4 4 of bolivianos): Discounts 3,586 3,501 2,065 Gold at home and abroad 556 498 Loans—To Treasury 575 591 725 Foreign exchange 364 480 To foreign countries 1,035 954 500 Loans and discounts 372 216 Other 31 Securities—Government 533 538 Other assets 1,449 1,395 806 Other 4 42 Note circulation 4,392 4,170 2,973 Other assets 8 73 Demand deposits 912 1,009 480 Note circulation 1,029 827 Consolidated foreign credits of Deposits 83 858 1931 15 15 18 Other liabilities 8 161 Other liabilities 1,439 1,359 760 National Bank of Bulgaria3 Reserve Bank of India (millions of Central Bank of Chile (millions rupees): of pesos): Issue department: (Oct.)2 Gold 25 187 Gold at home and abroad 444 444 Discounts for member banks 10 276 Sterling securities 6,74 3,558 Loans to Government 72 725 Indian Govt. securities 58 1,894 Other loans and discounts 85 959 Rupee coin 13 146 Other assets 97 406 Note circulation... 7,82 5,932 Note circulation 2,11 1,874 Banking department: Deposits—Bank 31 279 Notes of issue department 9 109 Other 17 141 Balances abroad 1,40 852 Other liabilities. 29 259 Treasury bills discounted 19 Bank of the Republic of Columbia Loans to Government 4 (thousands of pesos): Other assets 10 93 Gold 132,62 103,60 100,95 47,339 Deposits 1,42 891 Foreign exchange 80,35 98,14 93,35 71,208 Other liabilities 17 186 Loans and discounts 1,78 4,75 2,37 16,813 Central Bank of Ireland (thousands Government loans and securities.. 56,82 56,87 56,51 55,448 of pounds):6 27,70 27,30 27,77 36,959 Gold 2,64 2,64 2,64 Note circulation 117,43 125,43 113,17 97,959 Sterling funds 24,79 26,05 24,91 Deposits 131,58 114,89 118,33 82,254 Note circulation 27,44 28,70 27,55 Other liabilities 50,27 50,37 49,45 47,554 Bank of Japan3 Bank of Java3 1 Separate figures for National Bank of Belgium not available. The Bank of Issue of Brussels was founded by the German Military Administration on June 27, 1940; it has no note issue, drawing its resources principally from advances from the National Bank and deposits by the Postal Checking Office. 2 Latest month for which report is available for this institution. 3 For last available 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. 5 Items for issue and banking departments consolidated. 6 The Central Bank of Ireland began operations on Feb. 1, 1943. The text of the Central Bank Act is given in the BULLETIN for February 1943, pp. 122-127. MARCH 1944 195 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1943 Central Bank 1944 1943 (Figures as of last report date of month) Jan. Dec. Nov. Jan. date of month) Jan. Dec. Nov. Jan Bank of Mexico (millions of pesos): Bank of Spain (millions of pesetas): Sept.)2 Metallic reserve1 456 295 Gold 927 "Authorized" holdings of securi- Silver 626 ties, etc 1,289 833 Government loans and securities... 16,117 Bills and discounts 163 126 Other loans and discounts 3,074 Other assets 65 66 Other assets 2,282 Note circulation 1,082 759 Note circulation 15,610 Demand liabilities 742 420 Deposits—Government 3,114 Other liabilities 149 141 Other 3,500 Netherlands Bank (millions of Other liabilities 802 guilders): Sept.)2 Bank of Sweden (millions of kronor): Gold 932 895 Gold 846 750 Silver (including subsidiary coin).. 1 4 Foreign asets (net) 609 535 F D o is re c i o g u n n t b s ills 2,778 1,8 2 1 4 7 4 Sw v e a d n i c s e h s G to o v N t a . ti s o e n cu al r i D tie e s b t a n O d ff ic a e d 6 - . 1,174 1,149 Loans " 139 160 Other domestic bills and advances 84 104 Other assets 76 239 Other assets 866 836 Note circulation 3,041 3,059 Note circulation 2,085 1,913 Deposits—Government 100 Demand deposits—Government... 734 514 Other 675 ''''231 Other 136 J92 Other liabilities , 110 71 Other liabilities 625 556 Reserve Bank of New Zealand (thou- Swiss National Bank (millions of sands of pounds'): francs): Gold. 2,802 2,802 2,802 Gold 4,211 4,173 3,908 3,599 Sterling exchange reserve 33,616 30,432 28,752 Foreign exchange 75 53 91 63 Ad t v ak an in c g es s to State or State under- 41,314 38,402 31,236 L O o th a e n r s a a s n s d e t d s iscounts fi116 6 ill 33 6 7 4 3 2 2 9 5 2 Investments 10,324 10,324 4,458 Note circulation 2,914 3,048 2,922 2,515 Other assets 3,444 2,062 1,846 Other sight liabilities 1.368 1,239 1,189 1,492 Note circulation 37,719 35,423 29,992 Other liabilities 289 274 Demand deposits 50,341 44,342 36,026 Central Bank of the Republic of Other liabilities 3,441 4,257 3,075 Turkey (thousands of pounds): Oct.)2 Bank of Norway3 Gold. 201,69: 155,539 Bank of the Republic of Paraguay Foreign claring accounts 75,032 76,281 (millions of pesos): Loans andediscounts 688,891 742,513 Gold 173 20 Securities 193,776 192,191 Foreign exchange 2,498 2,265 Other assets '. 23,379 41,645 Loans and discounts 110 112 Note circulation 760,422 699,787 Government loans and securities... 1,999 1,951 Deposits—Gold 79,358 79,358 Other assets 2,044 2,092 Other 171,368 239,438 Note circulation 2,599 2,531 Other liabilities 171,62" 189,586 Demand deposits—Government... . 876 620 Bank of the Republic of Uruguay Other 1,935 1,852 (thousands of pesos): Other liabilities 1,415 1,438 Issue department: (Oct.)2 Central Reserve Bank of Peru (thou- Gold and silver 90,19! 90,875 sands of soles): (Oct.)2 Note circulation 124,57 108,691 Gold and foreign exchange 141,994 121,289 Banking department: Discounts 11,002 15,604 Gold and silver 88,61 55,396 Government loans 336,610 261,096 Notes and coin 24,521 40,976 Other assets 20,490 22,336 Advances to State and to gov- Note circulation 329,686 283,261 ernment bodies 28,67 37,425 Deposits 155,650 119,725 Other loans and discounts. 93,08 104,037 Other liabilities 24,760 17,339 Other assets 186,02/ 125,997 Bank of Portugal (millions of es Deposits 173,16i 134,119 cudos): (June)2 Other liabilities 247,75' 229,762 Gold4 1,39 1,392 Central Bank of Venezuela (thou- Other reserves (net) 3,600 3,226 sands of bolivares): Nonreserve exchange 6,930 6,290 Gold 273,31' 257,864 208,424 Loans and discounts 23 218 Foreign exchange (net) 40,24' 42,325 26,571 Government debt 1,02 1,060 Credits to national banks 27,871 31,23C 31,230 Other assets 1,41 933 Other assets 10,72 14,58 10,690 Note circulation 5,67 5,289 Note circulation—Central Bank.... 246,01 234,06. 167,991 Other sight liabilities 7,60 6,983 National banks. 26,25! 26,81- 36,958 Nati O o t n h a e l r B li a ab n i k li t o ie f s R umania (mil ; l i . o . n . 1,31 846 D Ot e h p e o r s i l t i s abilities 7 6 3 , , 1 7 2 4 ! ! 7 7 7 , , 3 7 " 5; 6 6 5 , , 1 8 4 2 2 4 of lei): (Aug.) National Bank of the Kingdom of Gold 53,26 45,551 Yugoslavia3 Special exchange accounts 30,64 31,277 Bank for International Settlements Loans and discounts 46,44 37,699 (thousands of Swiss gold francs7): Special loans (in liquidation) 25 325 Gold in bars 137,14 81,49- 67,421 Government debt 20,75 20,961 Cash on hand and on current ac- Other assets.. 57,01 46,891 count with banks 20,ll< 22,72' 29,626 Note circulation 133,71 115,727 Sight funds at interest 6,97 38,88' IS,629 Demand deposits 50,09 41,116 Undiscountable bills and accept- Other liabilities 24,57 25,861 ances (at cost) 106,27' 126,2;? 145,653 South African Reserve Bank( thou- Time funds at interest 21,075 21,0' 21,017 sands of pounds): Sundry bills and investments 194,544 195,68 199,761 Gold 85,62 83,10 69,376 Other assets 296 107 Foreign bills 13,35 13,22 21,032 Demand deposits (gold) 50,56 49,9C 34,973 Other bills and loans 1,47 1,15 195 Short-term deposits (various cur- Other assets 92,68 88,65 64,784 rencies) : Note circulation 51,02 47,72 39,397 Central banks for own accoun 7,0 6,3( 16,505 Deposits 136,63 133,88 110,971 Other 2,9^ 3,0! 3,015 Other liabilities 5,48 4,52 5,020 Long-term deposits: Special accounts 229,00 229,00 229,001 Other liabilities 196,9 197,89 195,720 1 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 1 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. Valued at average cost beginning October 1940. 5 Includes small amount of non-Government bonds. 6 Figure not available. 7 See BULLETIN for December 1936, p. 1025. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank, of— Date effective U K d n i o n i m t g e - d France m G a e n r- y g B iu e m l- N la e e n r t d - h s - S d W en 2- S l w a e n r i - d tz- b C an e k n t o r f a — l R F 2 e a 9 b te . ef D fec a t t i e ve ba C n e k n t o r f a — l R F 2 e a 9 b te . ef D fe a ct t i e ve In effect Oct. 2, 1936 2 3 4 2 3 2 Albania Mar. 21, 1940 Japan 3.29 Apr. 7, 1936 Oct. 9 2% Argentina Mar. 1, 1936 Java 3 Jan. 14, 1937 Oct. 16 Belgium Jan. 25, 1940 Latvia 5 Feb. 17, 1940 Oct. 20 Bohemia and Lithuania. .. 6 July 15, 1939 Nov. 26 Moravia.... Oct. 1, 1940 Mexico June 4, 1942 Dec. 3 "2" Jan. 28, 1937 4 June 15 6 July 7 5 Bolivia 6 Nov. 8, 1940 Netherlands June 27, 1941 Aug. 4 4 British India.. 3 Nov. 28, 1935 New Zea- Sept. 3 Bulgaria 5 Dec. 1, 1940 land July 26, 1941 Nov. 13 Canada Feb. 8, 1944 Norway May 13, 1940 May 10, 1938 4 Chile Dec. 16, 1936 Peru 5 Aug. 1, 1940 M M a a y y 3 1 0 3 3 Colombia 4 July 18, 1933 Portugal.... 2y2 Jan. 12, 1944 Sept. 28 "3"" Oct. 27 . 2y Nov. 25 2 Denmark 4 Oct. 16, 1940 Rumania.... 3 Sept. 12, 1940 Jan. 4, 1939.. 2 4 Ecuador 7 May 26, 1938 South Africa 3 June 2, 1941 Apr. 17 El Salvador... 3 Mar. 30, 1939 Spain 4 Dec. 1, 1938 May 11 3 Estonia Oct. 1, 1935 Sweden 3 May 29,1941 July 6 Finland 4 Dec. 3, 1934 Switzerland. Nov. 26, 1936 Aug. 24 4 Aug. 29 3 Sept. 28 3 Oct. 26 2 France Mar. 17, 1941 Turkey 4 July 1, 1938 Dec. 15 3 Germany Apr. 9, 1940 United King- Jan. 25, 1940 2 " Greece. 6 2 Mar. 1, 1942 dom 2 Oct. 26, 1939 Apr. 9 Hungary 3 Oct. 22, 1940 U. S. S. R... 4 July 1, 1936 M M a a y r. 1 1 7 7, 1941 "w" sy 2 Italy May 18, 1936 Yugoslavia. 5 Feb. 1, 1935 May 29 3 June 27 NOTE.—Ch*mges since Jan. 31: Canada—Feb. 8, down from 2 A to \lA In effect Feb. 29, per cent. 1944 2 IK 2 3 Hi OPEN-MARKET RATES (Per cent per annum] Switzer- United Kingdom Germany Netherlands Sweden land Month ac 3 B c e a m p n o t k a n e n t r c h s e s ' s 3 T r m e b a i o l s l n u s t r h y s Da m y o -t n o e - y day o a n B l lo a d w n ep k a o e n r s c s i e t ' s d P i r s r i c a v o t a e u t n e t Da m y- o to ne -d y ay d P is r r i c a v o te a u t n e t 1 M m f o o o n r e n y th m u L p o o n a to t n h s s 3 d P i r s r i c a v o te a u t n e t 1929—Dec 4.76 4.75 4.23 6.98 8.14 3.52 3.87 5-7 3.15 1930—Dec 2.30 2.34 1.60 4.82 5.54 1.39 1.86 3H-5M 1.18 1931—Dec 5.85 5.60 4.27 7.33 8.45 1.57 1.59 6-73^ 1.75 1932—Dec 1.02 1.04 .81 3.88 4.91 .37 1.00 3H-5H 1.50 1933—Dec 1.06 1.15 .77 3.88 4.97 .52 1.00 2M-S 1.50 1934—Dec .57 .47 .70 3.50 4.28 .60 1.00 2H-4H 1.50 1935—Dec .71 .68 .75 3.00 3.15 3.20 3.08 2J4-5 2.50 1936—Dec I .83 .84 .78 3.00 3.05 .76 1.48 21/2-5 1.25 1937—Dec .75 .75 .75 2.88 2.96 .13 .50 1.00 1938—Dec .96 .93 .80 2.88 2.86 .13 .50 1.00 1939—Dec 1.23 1.24 .03 2.63 2.39 2.25 2.75 3-5 1.25 1 1 9 9 4 4 0 1 — — D D e e c c . .0 0 3 3 1 1 . . 0 0 1 1 . . 0 0 0 3 2 2 . . 1 2 3 5 1 1. . 9 9 8 5 2.25 2.75 3H-5V2 1 1 . . 2 2 5 5 1942—Dec .03 1.01 .00 2.13 1.96 1.25 1943—Jan .03 1.01 2.13 1.84 1.25 M Fe a b r . . 0 0 3 3 1 1 . . 0 0 0 0 . . 1 9 0 0 2 2 . . 1 1 3 3 1 1 . . 8 9 2 4 3-sy2 1 1 . . 2 2 5 5 Apr .03 1.01 .03 2.13 1.81 1.25 May .03 1.00 .07 2.13 1.91 1.25 June .03 1.00 .06 2.13 1.90 1.25 July .03 1.00 .04 2.13 1.86 1.25 Aug .03 1.00 .11 2.13 1.89 1.25 Sept .03 1.00 .07 2.13 1.93 1.25 Oct .03 1.00 .00 2.13 1.25 Nov .03 1.00 .00 2.13 1.25 Dec .03 1.01 .00 NOTE.—For figures for other countries and references to explanation of tables see BULLETIN for September 1940, p. 1018. MARCH 1944 2-97 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 r d 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 io n g n g b s ) a o n f ks. re C se a r s v h es M c n a o s l o n h l t e o i a y c r n e t d at B co il u ls n t d e i d s- T r d e r e e c p a e o s ip u s t i r s t y 2 Securities c L u o s a to n m s e to rs a O s t s h e e ts r Total D D e e m po a s n i d ts 3 Time3 lia O b t i h li e ti r es 1936—December. 244 195 322 660 890 249 2,315 1,288 1,012 245 1937—December. 244 163 300 635 984 256 2,330 1,284 1,026 252 1938—December. 243 160 250 635 971 263 2,254 1,256 997 269 1939—December. 274 174 334 609 1,015 290 2,441 1,398 1,043 256 1940—December. 324 159 265 314 771 924 293 2,800 1,770 1,030 250 1941—December. 366 141 171 758 999 823 324 3,329 2,168 1,161 253 1942—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 December. 422 151 133 1,307 1,154 761 349 4,032 2,712 1,319 245 Assets Liabilities Canada Entirely in Canada Se lo c a u n ri s ty Deposits payable in Canada (10 m c o o h f n a t C r h t a e f n r ig e a d u d r i e b a s n a n in d k o s m . l l i a l r E l s io n ) n d s of Cash Security O lo t a h n e s r d a a u n b e d r o f n r a o e d m t Securities O as t s h e e t r s ci N r ti c o o u t n e la- excluding interbank deposits li O ab th il e it r ies reserves loans a c n o d u d n i t s s - f b or a e n i k g s n Total Demand Time 1936—December. 240 114 791 161 1,384 554 103 2,303 755 1,548 837 1937—December. 255 76 .862 102 1,411 575 96 2,335 752 1,583 850 1938—December. 263 65 '940 166 1,463 535 88 2,500 840 ,660 843 1939—December. 292 53 1,088 132 1,646 612 85 2,774 1,033 ,741 963 1940—December. 323 40 1,108 159 1,531 570 80 2,805 1,163 ,641 846 1941—December. 356 32 1,169 168 1.759 653 71 3,105 1,436 ,669 962 1942—December. 387 31 1,168 231 2,293 657 60 3,657 1,984 ,673 1,049 1943—January... 347 29 1,100 242 2,302 582 58 3,494 1,772 ,723 1,050 February.. 357 29 1,044 239 2,380 589 57 3,533 1,738 ,796 1,048 March 377 24 1,003 223 2,689 599 54 3,816 1,927 ,890 1,044 April.. 400 25 971 218 2,818 660 52 3,984 2,058 ,926 1,056 May 442 33 1,224 212 2,728 632 50 4,152 2,419 ,732 1,068 June 421 42 1,214 204 2,687 665 49 4,101 2,31% ,782 1,084 July 406 36 1,194 185 2,652 626 48 3,959 2,133 ,826 1,094 August.... 434 35 1,121 242 2,681 641 46 3,978 2,062 ,916 1,131 September 427 34 1,045 198 2,881 679 46 4,085 2,096 1,989 1,133 October... 460 38 1,038 202 2,870 659 45 4,107 2,146 1,961 1,115 November. 496 44 1,259 233 2,938 669 43 4,454 2,572 1,883 1,141 December. 471 48 1,156 250 2,940 744 42 4,395 2,447 1,948 1,172 France Assets Liabilities (4 larg f e i g b u a r o n e f s k s i f n . r a m n E c i s n l ) l d io o n f s month re C se a r s v h es Du b e a n f k ro s m B c i o l u ls n d te i d s- Loans a O s t s h e e ts r 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 ti r es 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 \Y% 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. Z98 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certifiec noon buying rate5 in NewYork for cable transfers. !n cents per unit of foreign currency] Argentina Australia Brazil Canada (dollar) Chile (peso) China Year or month (peso) (pound) g B iu e m l- (cruzeiro1) B I r n it d i i s a h g B a u r l i - a S (y h u an an g- Official S E p x e p c o i r a t l Official Free (belga) Official Free (rupee) (lev) Official Free Official Export hai) 1936 33.137 395.94 16.917 8.5681 25.8788 37.523 1.2958 99.913 5.1240 29.751 1937 32.959 393.94 16.876 8.6437 6.1983 37.326 1.2846 100.004 5.1697 24.6666 29.606 1938 32.597 389.55 16.894 5.8438 36.592 1.2424 99.419 5.1716 4.0000 21.360 1939 30.850 353.38 16.852 6.0027 5^1248 33.279 96.018 5.1727 4.0000 11.879 1940 29.773 ' 2322I8O' 305.16 216.880 6.0562 5.0214 30.155 '290i909' 85.141 5.1668 4.0000 6.000 1941 . . 29.773 223!704 322.80 321.27 6.0575 5.0705 30.137 90.909 87.345 25.1664 24.0000 25.313 1942 29.773 23.704 322.80 321.50 6.0584 5.1427 30.122 90.909 88.379 1943 29.773 24.732 322.80 2321.50 6.0586 5.1280 30.122 90.909 89.978 1943—Feb 29.773 23.704 322.80 321.50 6.0586 5.1292 30.122 90.909 90.037 Mar 29.773 23.704 322.80 321.50 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 1944—Jan 29.773 25.125 322.80 6.0586 5.1275 30.122 90.909 89.554 Year or month Co b lo ia m-C sl z o e v c a h k o ia - m De a n rk - F la in n - d France m G a e n r- y G (d r r e a e c c h e - H K o on n g g H ga u r n y - Italy Japan Mexico e N rl e a t n h d - s N Z e e w a- (peso) (koruna) (krone) (m k a a) rk- (franc) ( m re a i r c k h ) s- ma) (dollar) (pengo) (lira) (yen) (peso) (g e u r i ) ld- (p l o a u n 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 239.968 224.592 219.770 25.0703 223.439 20.538 322.54 1942 57.052 20.569 322.78 1943 57.265 20.577 324.20 1943_Feb 57.220 20.573 323.30 Mar. 57.233 20 573 324.42 Apr 57.280 20.574 324.42 May 57.280 20.580 324.42 June 57.280 20.580 324.42 July 57.278 20.577 324.42 Aug 57.277 20.575 324.42 Sept 57 277 20 578 324.42 Oct 57.277 20.580 324.42 Nov 57.277 20.580 324.42 Dec 57.277 20.582 324.42 1944—Jan 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 o e r t l n a t la l i t e t r s 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 l u i a n g v a o 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 62.011 236^789 2.2716 1940 222.709 3.7110 2.6896 397.99 9.322 46.979 23.802 22.676 383.00 65.830 37.601 2.2463 1941 24 0023 398.00 29.130 47.133 223.829 223.210 403^50 403.18 65.830 43.380 22.2397 1942 398.00 246.919 403.50 403.50 65.830 52.723 1943 398.00 403.50 2403.50 65.830 52.855 1943—Feb 398.00 403.50 403.50 65.830 52.803 Mar 398.00 403.50 403.50 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 Tulv 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 1944—Jan 398.00 403.50 65.830 52.946 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 1944: Certified rates discontinued: none. 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 1944, see BULLETIN for February 1944, p. 209; 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. MARCH 1944 2-99 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES-ALL COMMODITIES [Indexnumbers] United United Nether- Switzer- Year or month States Canada Kingdom France Germany Jtaly Japan lands Sweden land (October (1926-30 (July 1914 (1926=100) (1926=100) (1930 = 100) (1913 = 100) (1913 = 100) (1928 = 100) (1900 = 100) = 100) (1935 = 100) =100) 1926 100 100 i 124 695 134 237 106 i 126 144 1932 . 65 67 86 427 97 70 161 65 l 92 96 1933 .... 66 67 86 398 93 63 180 63 i 90 91 1934 75 72 88 376 98 62 178 63 i 96 90 1935 80 72 89 338 102 68 186 62 100 90 1936 81 75 94 411 104 76 198 64 102 96 1937 86 85 109 581 106 89 238 76 114 111 1938 79 79 101 653 106 95 251 72 111 107 1939 77 75 103 2 681 107 99 278 74 115 111 1940 79 83 137 110 116 311 3 88 146 143 1941 . 87 90 153 112 132 329 172 184 1942 99 96 159 114 189 210 1943 103 100 163 196 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 P382 195 220 October 103 102 163 195 220 November 103 102 163 116 195 220 December 103 103 163 117 195 1944—January 103 ^164 195 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; aanndd OOccitober 1935, p. 678. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom (1926=100) [1926=100) (1930=100) Year or month Raw and Fully and pr F o a d r u m cts Foods co O m it t i h m e e s o r d- pr F o a d r u m cts f m a p c a a t r n u t u l r y e - d f m c a h c a i t e n u f u r l - y ed Foods goods goods 1926 100 100 100 100 100 100 1932 . 48 61 70 48 55 70 1933 51 61 71 51 57 70 1934 65 71 78 59 64 73 1935 79 84 78 64 66 73 1936 . . . 81 82 80 69 71 74 1937 86 86 85 87 84 81 1938 69 74 82 74 73 78 1939 65 70 81 64 67 75 1940 : 68 71 83 67 75 82 1941 82 83 89 71 82 89 1942 106 100 96 82 90 92 1943 123 107 97 96 99 93 1943—January 117 105 96 88 93 93 February 119 106 96 89 94 93 March 123 107 97 91 96 93 April 124 108 97 92 97 93 May 126 111 97 93 98 93 126 110 97 94 99 93 July 125 107 97 96 100 93 August 124 106 97 98 101 93 SeDtember 123 105 97 98 101 94 October 122 105 97 104 103 94 November 121 106 97 104 104 94 December 122 106 98 105 104 94 1944—January 122 105 98 OO OO OO OO ON O O> Germany (1913 = 100) Indus- p I ro n tr d d i u u al c s- ts p A r g t o u r d i r u c a u c l l t - s a p t f n r r i i d n o a i d l s s u h e r c a m e w t d s i- p tr r I i i o s n a h d d l e u u f d c s in - ts - 129 130 150 85 91 89 118 87 87 88 113 90 96 91 116 90 102 92 119 96 105 94 121 112 105 96 125 104 106 94 126 97 106 108 95 126 133 138 111 99 129 146 156 112 100 133 158 160 115 102 134 160 164 160 163 119 102 134 160 163 118 103 134 160 163 118 103 135 161 163 119 103 134 162 163 119 102 134 161 164 119 102 135 164 164 121 102 135 158 164 121 102 136 159 165 119 102 136 157 165 157 165 119 103 136 158 166 119 103 136 Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 3OO 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] United Can- U K n in it g e - d Ger- Nether-Switz- United Can- U K n i i n t g ed - Ger- Nether.Switz- Year or month States ada dom many lands (June Year or month States ada dom many lands (June (1 = 9 3 1 5 0 - 0 3 ) 9 (1 = 9 3 1 5 00 -3 ) 9 = (1J 9 1 u1 0 l4 0 y ) (1 = 9 1 1 3 0 - 0 1 ) 4 (1 = 9 1 1 1 0 - 0 1 ) 3 = 1 9 1 1 0 4 0) (1 = 9 1 3 0 5 0 -3 ) 9 (1 = 9 3 10 5 0 -3 ) 9 = ( 1 J 9 1 u 1 0 l 4 y 0) (1 = 9 1 1 3 0 - 0 1 ) 4 (1 = 9 1 1 1 0 - 0 1 ) 3 = 1 9 1 1 0 4 0) 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 H32 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 138 131 166 1943 124 118 199 ^203 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 138 133 168 132 212 October... 124 119 199 138 205 November... 137 133 168 133 213 November. 124 119 199 138 205 December... 137 133 168 December. 124 119 199 ?205 1944—January 136 ^132 168 1944—January... 124 P119 199 p Preliminary. 1 Revised index from March 1936 (see BULLETIN for April 1937, p. 373). 2 Average based on figures for 3 months; no data available since March 1940, when figure^was 141. 3 Average based on figures for 5 months; no data available since May 1940, when figure was 149. Sources.—See BULLETIN for May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month U ( S p d n r t e i a r i c i t t v e e e ) e d s 1 d ( K 1 D 9 U i 2 e n n 1 c g e i = t d m e 1 o d b 0 m e 0 r ) (1 F 91 r 3 a = n c 1 e 00) G ( e a p v r r m e ic r a a e g n )2 e y N la e n th d e s r 3 - ( U S 1 = 9 n t a 3 1 i 5 t 0 t e e 0 -3 d s ) 9 K U in n g it d e o d m (1 F 9 r 2 a 6= n 1 c 0 e 0) Germany (1 N 9 l 3 e a 0 t n h = d 1 e s 0 r 0 - ) Number of issues 15 87 36 2 139 8 402 278 300 (4) 100 1926 90.1 110.0 57.4 105.6 100.0 100.0 100.0 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 3 101.8 117.5 96.3 97.4 102.6 104.2 1938 111.1 121.3 77.3 99.9 105.9 88.2 80.8 89.7 100.1 95.8 1939 113.8 112.3 83.9 99.0 90.9 94.2 75.9 98.3 94.1 89.7 1940 115.9 118.3 6 84.7 100.7 7 77.9 88.1 70.8 6 120.6 114.6 8 95.0 1941 J17.8 123.8 P98.7 103 0 80 0 72.5 9 289.7 136.8 129.0 1942 118.3 127.3 6100.1 6103.3 69.4 75.3 p476 142.1 131.5 1943 120.3 127.8 91.9 84.5 1943—January 119.5 129.0 79.7 82.4 145.1 143.5 rebruary 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 May 120.1 127.1 95.2 84.3 145.1 157.5 June 120.5 127.0 96.7 84.1 145.1 July.... 121 1 127 8 98.5 85 6 144.9 p151.9 August 121.1 127.2 94.4 86.0 144.6 p151.7 September 120.8 126.9 95.6 86.6 144.7 p152A 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 1944—January 120.5 94.6 v 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. MARCH 1944 301 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman M. S. SZYMCZAK ERNEST G. DRAPER JOHN K. MCKEE R. M. EVANS LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT THURSTON, Special Assistant to the Chairman OFFICE OF THE SECRETARY DIVISION OF BANK OPERATIONS CHESTER MORRILL, Secretary EDWARD L. SMEAD, 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 CARL E. PARRY, Director LEGAL DIVISION 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 OPEN MARKET COMMITTEE ADVISORY COUNCIL MARRINER S. ECCLES, Chairman CHAS. E. SPENCER, JR., BOSTON DISTRICT ALLAN SPROUL, Vice Chairman Vice President CHESTER C. DAVIS JOHN C. TRAPHAGEN, NEW YORK DISTRICT ERNEST G. DRAPER R. M. EVANS WILLIAM F. KURTZ, PHILADELPHIA DISTRICT HUGH LEACH B. G. HUNTINGTON, CLEVELAND DISTRICT JOHN K. MCKEE J. N. PEYTON ROBERT V. FLEMING, RICHMOND DISTRICT RONALD RANSOM M. S. SZYMCZAK KEEHN W. BERRY, ATLANTA DISTRICT C. S. YOUNG EDWARD E. BROWN, CHICAGO DISTRICT President CHESTER MORRILL, Secretary S. R. CARPENTER, Assistant Secretary RALPH C. GUTORD, ST. LOUIS DISTRICT WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel LYMAN E. WAKEFIELD, MINNEAPOLIS DISTRICT E. A. GOLDENWEISER, Economist HENRY H. EDMISTON, Associate Economist A. E. BRADSHAW, KANSAS CITY DISTRICT E. A. KINCAID, Associate Economist JOHN K. LANGUM, Associate Economist ED. H. WINTON, DALLAS DISTRICT ARTHUR R. UPGREN, 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 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. Gidncy A. Phelan William I. Myers L. R. Rounds J. W. Jones J. M. Rice L. W. Knokc Robert G. Rouse Walter S Logan John H. Williams k V. Willis Philadelphia Thomas B. McCabe Alfred H. Williams W. J. Davis C. A. Mcllhenny* Warren F. Whittier Frank J. Drinnen E. C. Hill C. A. Sienkiewicz Cleveland G. 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 Robert Lassiter Hugh Leach J. G. Fry R. W. Mercer W. G. Wysor J. S. Walden, Jr. Geo. H. Keesec2 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. Lei and 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. Sihlcr 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. Ziemcr Robert B. Caldwell H. G. Leedy L. H. Earhart Jos. E. Olson Kansas City Robert L. Mehornay Henry O. Koppang Raymond W. Hall G. H. Pipkin C O. Hardy D. W. Woolley* Jay Taylor R. R. Gilbert E. B. Austin W. O. Ford Dallas J. R. Parten E. B. Stroud R. B. Coleman W. D. Gentry* W. J. Evans L. G. Pondrom San Francisco... Henry F. Grady Wm. A. Day C. E. Earhart H. N. Mangels* Harry R. Wellman 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. Kossin5 Kansas City.... Denver Jos. E. Olson5 Richmond Baltimore W. R. Milford4 Oklahoma City G. H. Pipkin* 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. MARCH 1944 303 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 I = BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ^L BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (§) FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY JANUARY 2. 1943 BOARD OF GOVERNORS OF THE. FEDERAL RESERVE SrSTEM 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 ixth of the month. The subscription price is $2_.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 12. 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. $1.15 per 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. £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. 5 Banking and Monetary Statistics—Statistics of banking, monetary, and other financial developments. November 1943. 979 pages. $1.50 per copy. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis