Federal Reserve Bulletin, 1944-04

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

EDITORIAL COMMITTEE ELLIOTT THURSTON E. A. GOLDENWEISER CARL E. PARRY The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for interpretations and opinions expressed, except in official statements and signed articles. CONTENTS PAOS Review of the Month—Consumer Incomes and Expenditures in Wartime 305-310 Establishment of Editorial Committee 311 Research and Policy, by E. A. Goldenweiser 3ix~3i7 Currency in Circulation, by G. L. Bach 318-3x8 Extension of Emergency Price Control Act of 194Z ^Srl^ Annual Report of the Bank of Canada 332.-337 Current Events 338 Law Department: Absorption of Exchange Charges—Avoidance of Expense to Member Bank.. 339 Consumer Credit: Amendment to Regulation W 339—342. Maximum Credit Values for Used 1941 Automobiles 341 Foreign Funds Control—Treasury Department Releases 34Z-348 National Summary of Business Conditions 349~~35° Financial, Industrial, Commercial Statistics, U.S. (Seep. 351 for list of tables) 35I~397 International Financial Statistics (See p. 399 for list of tables) 399~4IJ Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 411 Senior Officers of Federal Reserve Banks; Managing Officers of Branches 413 Map of Federal Reserve Districts 414 Federal Reserve Publications (See inside of back cover) Subscription Price of Bulletin A copy of the Federal Reserve BULLETIN 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 April 1944 NUMBER 4 CONSUMER INCOMES AND EXPENDITURES IN WARTIME Incomes of individuals have continued to dependents have increased further, incomes expand in recent months and for the first of railroad workers and other employees quarter of 1944 are estimated at an annual engaged in the distribution and service inrate of 154 billion dollars as compared with dustries and agricultural incomes have 144 billions last summer and 135 billions in shown less decline than is usual at this seathe first quarter of 1943. Recent increases son, and payments of interest and dividends to individuals have been larger. Pay rolls INDIVIDUAL INCOMES, EXPENDITURES, AND TAXES at factories, however, declined 3 per cent SEASONALLY ADJUSTED, ANNUAL BASIS QUARTERLY from November to February, reflecting decreases in employment in most industries, as well as some reductions in average hours worked in munitions plants and in shipyards. MAINTENANCE OF CIVILIAN SUPPLIES Although there has been a steady decline during the past year in employment in a number of industries producing consumer goods, aggregate supplies available for purchase by civilians have been maintained. That this has been possible, notwithstanding increased use of consumer goods in the armed forces, has been due to several different developments. In such industries as meatpacking and tobacco products, production 1940 1942 Department of Commerce data with estimates for first quarter of has increased, in spite of a decline in em- 1944 and minor changes in seasonal adjustments for consumer expenditures by Federal Reserve. Amounts indicated as "Savings" represent ployment, as the result of a lengthening of excess of individual incomes over consumer expenditures and taxes. working hours and some rise in output per have been substantial, although not as large man-hour. In some other industries like as in 1941, 1942., and the early part of 1943 those producing woolen goods and procwhen the physical output of industry was essed vegetables a larger share of producincreasing at a rapid pace. Since Novem- tion has recently become available for civilber payments to the armed forces and their ians as Government purchases have declined APRIL 1944 305 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH during this period. Manufacturers and dis- available supply of goods. This has been tributors of civilian products have also due principally to wartime controls over drawn on their inventories of materials and prices and purchases of goods, combined finished goods. with a public realization of the importance Output of consumer durable goods has of saving rather than spending. Cash, bank continued in small volume, although avail- deposits, and Government security holdings able supplies of metals have increased some- of individuals and unincorporated busiwhat in recent months. On account of nesses have increased by about 70 billion shortage of manpower and difficulty of ob- dollars in the past three years. taining component parts, output of these PRICE MOVEMENTS goods has been limited to replacement parts Prices generally have been fairly stable in and the more essential items. Continued recent months. Some commodities prerestriction on output of these goods has been viously in great demand for the war feasible because civilians have found it program have declined in price owing possible to use durable goods in their chiefly to greatly expanded supplies of new possession much longer than had been cusor substitute products. These commodities tomary before the war. Also, consumer stocks of these products had been built up COST OF LIVING in 1940 and 1941 before our entry into the PER war. 170 Production of nonmanufactured foods, 60 160 such as citrus fruit, potatoes, eggs, and 50 150 milk, has been in large volume during the 140 A 140 past year, though the supply of fluid milk FOODSy *V^ 130 130 has not been large enough to avoid some 120 CLOTHIN f G /^ ^ ^S / ^hW. ITEMS 120 limitations on its sale to civilians. In the 110 /*S 1 110 service, trade, and public transportation RENT 100 100 industries the volume of services available 90 90 to civilians has declined somewhat, but not 80 1 80 below the level of 1941, which was con- 1937 1938 1939 1940 1942 1943 1944 siderably above that of peacetime years. Bureau of Labor Statistics indexes. Last month in each calendar quarter through September 1940, monthly thereafter. Mid-month figures, latest shown are for February 1944. Groups not shown are fuel and lighting, housefurnishings, and miscellaneous. EXCESS BUYING POWER Incomes of individuals, after increased include mercury, secondary metals, used tax payments, have continued to be sub- machinery, and synthetic drugs. Prices of stantially in excess of the supply of goods some metals will be affected by the anand services available for purchase as is nounced reduction in Federal premium payshown on the chart on the preceding page. ments made for the purpose of encouraging During 1943 and the early part of 1944 this domestic production. In consumer markets surplus amounted to about 2.7 cents out of prices of some wartime substitute products every dollar of income after taxes. This have been reduced in anticipation of a larger surplus spending power has been added to production of regular peacetime products. the public's large holdings of liquid assets On the other hand, wholesale prices of and has not been used to bid actively for the wood pulp, furniture, lumber, farm 306 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH products, and low-priced clothing have in- % of services available to civilians may still creased recently. The cost-of-living index be as large as in 1941, the range of choices of the Bureau of Labor Statistics has shown has been restricted. Of total expenditures little change since last spring, as shown in for transportation, a much larger proportion the chart. Prices of foods have declined is now being made for public transportation, from the high level reached at that time, both local and intercity, than for private while prices of other goods and services, automobile travel. Increases in expendiexcept rents, have risen. tures for theater attendance have mofe than offset declines in expenditures for some SHIFTS IN CONSUMER EXPENDITURE other forms of amusement. Expenditures Total consumer expenditures, according for household utilities have shown relato estimates of the Department of Com- tively moderate increases in this period of merce, were at an annual rate of 93 billion dollars during the fourth quarter of 1943, CONSUMER EXPENDITURES SEASONALLY ADJUSTED, ANNUAL BASIS as shewn on the chart. During the first N3 OF DOLLARS QUARTERLY BILLIONS OF DOLLARS 1Z0 quarter of 1944 they advanced further to a rate 7 per cent higher than in the corre- sponding period of last year. The increase 100 since the first quarter of 1941, when consumer expenditures were at a rate of 71 TOrAL y' billion dollars a year, has been due mainly 80 to the rise in prices paid by consumers for /~ goods and services. The largest increases . ^ 60 in retail prices have been in nondurable goods. In the case of durable goods, price - NONDURABLE G( advances have been less marked, but pur- 40 chases of such goods, other than new -* houses, make up only a small part of con- , — SERVICE3 A • sumer expenditures—about 10 per cent in - 20 1939 and much less now. - „ DURABLE GOODS - Consumer expenditures for services have . — increased considerably since 1939 and about 0 one-half of the increase has reflected higher Department of Commerce data with estimates for first quarter of prices. These services, which include rent, 1944 and minor changes in seasonal adjustments for nondurable goods and total made by Federal Reserve. household maintenance, and payments for utilities, transportation, medical care, and high consumer incomes because utility rates recreation, represented a little over one- have been fairly stable and, with the volume third of total consumer outlays in 1939, but of services available restricted by existing owing to the subsequent sharp rise in capacity in many areas, steps have been expenditures for nondurable goods, they taken to discourage the use of electricity, were a smaller part of the total in 1943. gas, and telephone by civilians. Neverthe- Within the service group there have been less, kilowatt sales of electricity to residenwide shifts in expenditures during the war tial consumers were 7 per cent larger in 1943 period and, although the aggregate volume than in 1942. and 36 per cent larger than in 307 APRIL 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH 1939- Electricity sales to rural consumers rise in sales reflected mainly increased prices; were 53 per cent higher in 1943 than in 1939 the quantities sold generally remained unas a result of sharp expansion of rural in- changed or increased moderately. From comes and of special efforts to make avail- the first to the second quarter of 1943 prices able to farmers larger amounts of power for increased further but for a number of food production purposes, Enactment of Federal and clothing products the quantity sold deexcise taxes since 1939 on telephone charges clined. The margin shown on the chart and admission prices has also contributed to between incomes and the value of sales after increases in consumer expenditures for serv- the first quarter of 1943 is accounted for in ices. On April 1 a further increase in these part by this decline in the quantities sold. taxes became effective. Price controls for foods were broadened in Higher excise taxes for luxury durable May and maximum prices for meats and goods, especially jewelry, were also effec- butter were reduced in June by means of tive April 1. Retail sales by jewelry stores Federal subsidy payments. Another develin 1943 were 30 per cent higher than in 1942. opment that limited sales of food and clothand 170 per cent higher than in 1939. There ing during this period of further advances in has been a sharp reduction in stocks of consumer incomes was the sharp increase in quality silverware and other jewelry, while Federal income taxes paid by individuals supplies and sales of the trinket variety have beginning in the first quarter of 1943. The increased considerably. Production of large expenditures shown during that quarfurniture, housewares, and various house- ter reflected in part heavy purchases of food hold supplies was in fairly large volume but and clothing stimulated by the announceoften of low quality in 1943. The shorter ment of rationing programs. period of usefulness of many of these products and also of various nondurable prod- INCOME PAYMENTS AND SALES OF FOOD AND APPAREL ucts necessitates more frequent replacement PER CENT SEASONALLY ADJUSTED, 1935 - 39 10 0, PE purchases. 250 In recent months many consumers appear TOTAL INCOME PAYf to have become more selective in their buy- 200 A./1 ing of substitute goods and to have shown more resistance to higher prices. /' RETAIL SALES V* AT FOOD AND 150 rX/ APPAREL STORES EXPENDITURES FOR FOOD AND CLOTHING Purchases of most food and many clothing products are not easily deferable, with the 100 consequence that price increases in these lines usually have been accepted by the pub- 50 lic. As shown in the chart, from 1939 through the first quarter of 1943, changes in retail sales by food and apparel stores fol- 0 1939 1940 1941 1942 1943 1944 lowed closely changes in income payments Department of Commerce data; quarterly figures; first quarter of to individuals. During most of 1941 and 1944 estimated by Federal Reserve. Composite food and apparel series compiled by Federal Reserve ffom data on sales of retail stores with 1942. and also in the first quarter of 1943 the food store sales index weighted 3 and apparel store sales index weighted 1. Seasonal adjustments modified by Federal Reserve. 308 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE MONTH During the past six months sales of food took an important share of food products, and clothing products have advanced again, the average quantity of food consumed by as is shown in the chart. Marketings of civilians is estimated by the Department of livestock, especially hogs, have been excep- Agriculture as being 6 per cent higher per tionally large and ration points have been capita in 1943 than the 1935-39 average. lowered to permit larger consumption. Total production of apparel for civilians Production of fruits and vegetables has also reached a peak of about 130 per cent of the increased. Clothing production for civil- 1935-39 average during the summer of 1941 ians in recent months has been about as and averaged in. per cent for that year. large as a year ago and the retail value of Since that time, as shown in the table, clothing sold has increased, reflecting higher there has been a considerable reduction in prices. this total. Production of men's clothing for civilian use has declined sharply and in SUPPLIES OF FOOD AND CLOTHING 1943 was 16 per cent less than the prewar The large rise in retail prices of food and period, owing mainly to a decline in the clothing during the war period has been due number of men in the civilian population, in part to the difficulty of expanding and while production of women's clothing, as a maintaining output of these products to fill group, has been maintained in large volume. the large military requirements and to meet Increases in output of certain articles of increased civilian demands. Production of women's apparel have been offset by defood and clothing requires a considerable creases in output of other items and these utilization of labor—customarily low- changes have restricted the range of choice priced labor—initially in agriculture and considerably in some lines. secondarily in manufacturing. The effect of wartime changes in employment oppor- PRODUCTION OF CLOTHING FOR CIVILIANS [1935-39 average = 100] tunities and wage scales has been to increase production problems in these fields. Where 1939 1940 1941 1942 1943 labor shortages have not been a factor in the Total 108 105 122 111 106 raw material stages of production, they Garments: Women's and children's 110 108 124 127 131 have been important in the manufacturing Men's and boys' ... 108 105 124 102- 84 Shoes, hosiery, hats, and gloves.... 107 101 117 103 99 process. For example, there is an ample NOTE.—Indexes of Board of Governors. Production for civilians supply of raw cotton owing to carry-overs excludes production for the armed services and for lend-lease export. Garments include dresses, coats, suits, work clothing, and underwear. from earlier years and raw wool stocks are at exceptionally high levels but the declin- At the same time there have been large ing number of workers at textile mills and and widespread increases in consumer inin the apparel industry is a limiting factor comes—especially for people previously unin the production of clothing for civil- employed. Ais a result, lower income ian use. groups are often able to buy more clothing, Total agricultural production in 1943 was and also more food, and there is less availz8 per cent larger than in the 1935-39 able for those consumers formerly accusperiod and agricultural production of foods tomed to buy freely. These scarcities, was 32. per cent larger. Although require- reflecting largely increased demands, are ments for military and lend-lease purposes likely to continue to be an important APRIL 1944 309 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OP THE MONTH problem in maintaining price stability so pally to increased taxes, Government conlong as consumer incomes continue at pres- trols over prices and rationing, war loan ent levels and supplies are restricted. drives, pay roll savings plans, scarcity of To recapitulate, the supply of goods for many types of goods, and a public attitude civilians during the war period has been that has favored saving rather than spendmaintained and increases in expenditures for ing. It is important that the controls and goods and services have been moderate and the inducements to save be continued in full have reflected almost entirely price ad- force during the war period in order to revances . While funds available for spending duce the pressure of increased incomes and by civilians have increased enormously, a accumulated buying power on limited suplarge share of the increase has been added to plies of goods and services. The manner in the civilians' holdings of cash, deposits, and which the accumulated liquid assets will be Government obligations and has not been used after the war will have an important active in bidding for the limited stock of influence on economic conditions during the civilian goods. This has been due princi- period of readjustment. 310 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTABLISHMENT OF EDITORIAL COMMITTEE Publication of the monthly Federal Reserve staff an editorial committee which will direct BULLETIN by the Board was begun in May 1915 and supervise the preparation of the BULLETIN and has been continuous since that time. The and will carry the responsibility for all views BULLETIN has been used principally to keep expressed except in signed articles and in official member banks and the public informed of official Board statements. The members of the staff actions by the Board; to provide currently, in editorial committee are Elliott Thurston, E. A. comprehensive form, the statistical background Goldenweiser, and Carl E. Parry. of System policies; and to present in articles and Under the new arrangement the Board's reviews informative discussion of developments responsibility for the material published in the which give rise to questions of public policy in BULLETIN will be only of a general nature arising monetary, credit, fiscal, and related economic from its sponsorship of the publication. Except fields. where expressly stated, the Board will not be Some of the articles in the BULLETIN have been directly responsible for views expressed by the signed by the writers while others have been writers of signed or unsigned articles. unsigned. It has been the practice to indicate This policy with regard to the BULLETIN is in connection with signed articles that the views intended to encourage publication of articles on expressed arc those of the writers and not of the a wide range of subjects and to promote freedom Board. Recently the Board decided to apply of thought and vigor of expression by the the same practice to unsigned articles and other writers. It should make the BULLETIN more portions of the BULLETIN—with the exception of interesting and more significant in this crucial official statements and rulings of the Board. period of economic adjustment to war and post- The Board has accordingly appointed from its war conditions. APRIL 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESEARCH AND POLICY* by E. A. GOLDENWEISER President of the American Statistical Association in 1945 Research in a policy-making body is for the statistician. This function requires a redpurpose of shaping policy. It is the function blooded person full of energy and creative enof the research staff of such an organization to deavor. formulate policy, while the responsibility of the executives of the institution is to adopt or reject THE WHOLE IS GREATER THAN ALL ITS PARTS it. The executives must choose their research During the past quarter century the relationman, must back him while he works with them, ship between the research staff and the executive and let him go when they can back him no has developed markedly in the right direction. longer. This does not mean that they must It has made particularly rapid strides during the always follow his advice: they may modify it, war when tradition and prerogative have had to or reject it, without interfering with a satis- give way to accomplishment. There are, howfactory working relationship, but they must ever, inherent difficulties in the relationship. have confidence in his competence and integrity; Executives, even when they are not political when they lose that the partnership must be appointees, are likely to be drawn from among dissolved. men who have had much experience in success- This doctrine—stated baldly—may sound fully running their private businesses and little novel. It was not so long ago that a line was experience in public affairs. They have selfdrawn between research and policy making: confidence based on their success, and the best research was supposed to deal with facts alone, among them have qualities of decisiveness and laboriously compiled, noncommit tally pre- leadership. They are likely, however, to lack sented, with interpretation restricted to indicat- sufficient appreciation of the importance of basing the technical limitations of the evidence. ing national policies on broader grounds than Such an extreme view of the limits of the re- individual experiences. There is real danger search function could not be and in practice in experience. It often results in narrowing a never was enforced. But even its theoretical public man's approach to national problems to acceptance had bad effects. It discouraged considerations with which he has become familresponsible thinking in the research man, who iar in a particular and often not a representative needs all that he can muster, and encouraged the set of circumstances. He finds it difficult to dangerous but time-honored habit among execu- grasp the fundamental truth that in the national tives of making decisions on the basis of prac- economy the whole is far greater than the sum tical experience, horse sense, or some other of all its parts. euphemism for hunches or smokeroom gossip. In the business world there has developed over Practical policy in order to be sound must be the years a set of standards which have been based on technically competent analysis of tested by experience and found to be effective, available facts, leavened by imagination and particularly in highly competitive local enteractivated by courage. These are indispensable prises. These standards are a part of a philosoto the proper weighing of responsible decisions. phy the basic tenet of which is that profit is the Participation in the formulation of vital test of success. They are less applicable to policies is the lifeblood of constructive thinking. nation-wide organizations, whose success de- An intellectual eunuch, incapable of experienc- pends on sustained national prosperity, and arc ing the agony and thrill of vital decisions, can generally inapplicable in public service, where not be an effective interpreting economist or the test of success is the public welfare. It is difficult for an executive who steps from private * Reprinted, by permission, from the Journal of the American into public service promptly to discard habits of Statistical Association for March 1944. 311 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESEARCH AND POLICY thought that have brought success in the past petence. As a matter of fact, more often than and to substitute for them the entirely different not it is merely an affectation, a bad habit, standards appropriate to his new responsibilities. which covers up undigested thought. Fre- Directly and indirectly, sometimes bluntly and quently it is a substitute for clear thinking rather sometimes subtly, this conflict of standards is a than a means of implementing it. Clear underserious obstacle to effective cooperation between standing, a thought-out grasp of a problem, can the executive and the staff adviser. nearly always find expression in simple, direct, and non-technical language. SOUND THEORY IS SOUND PRACTICE But the difficulties confronting the staff man CONFUSING THE FOREIGNER are not all outside of himself. He is likely not Perhaps the clearest and most timely example to have had many occasions to make important of confusion created by terminology is in the decisions. In most cases he has not learned by so-called saving-investment analysis. The basic hard experience the difference between logical concepts in this analysis are both simple and deductions and motivating forces. Basically true. The theory is that income received by a there is no difference between sound theory and people must be disbursed again—either for good practice. Both must take into account consumption or for capital formation. Otherall relevant factors and their mutual relation- wise the income withheld will diminish the ships. The apparent difference between the two total income stream and on the next round there rests on the fact that, while both are apt to will be less income to distribute, and a deflaoverlook important considerations, those over- tionary spiral is likely to start. This is in looked by one are likely to be different from substance a sophisticated version of the element those overlooked by the other. The theorist, of truth contained in the time-honored popular for example, is likely to disregard human factors, saying that spending is a social virtue since it while the practical man is prone to underesti- puts money into circulation. Every student of mate or not to recognize potent but unfamiliar economics in his freshman year has been taught, objective influences. It must be the endeavor and I dare say is still taught in most classrooms, of the professional interpreter to grasp the force that this doctrine is fallacious. But then, this of the human equation, to make proper allow- is not the only thing taught to the freshman that ance for subjective friction in the derivation of the graduate student finds it necessary to discard motivating forces, just as the executive must or modify. The popular theory, which in its learn to measure and evaluate the objective homely garb has been excluded from the eleforces at work. mentary classroom, has been caparisoned in brand-new terminology and presented with a CLARITY IS NOT A VICE flourish to the advanced seminar. The staff man must learn to recognize his own There is nothing inherently complex in this limitations and those of his data. For one theory. The meaning of the terms saving and thing, facts by their very nature record the past, investment as used in everyday language is clear while decisions relate to the future. For an- enough. A person's savings are that part of his other, the professional jargon that inevitably income which he does not spend on consumption, develops in any much-explored subject is likely while his investments are the part of his saving to be unfamiliar to anyone outside of the clan. which he places in income-producing assets. The masonic grip of the economist should be What matters is whether the aggregate of inreserved for use within the lodge and should not vestment by all individuals and corporations, be introduced into the council chamber. The after allowance for liquidation of investments neophyte sometimes thinks that abstruse ter- wherever it may occur, is sufficient to absorb the minology is a necessary part of professional com- aggregate of all savings after allowance for APRIL 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESEARCH AND POLICY deficits that may be incurred by some. If it is not to officials simply and clearly, all too often they sufficient, there will b@ a remnant of national are stated in seemingly familiar terms without hoarding, which will exert a deflationary drag warning that the terms are not used in their and force income to a lower level. Emphasis on familiar sense. This results at worst in comthe term national hoarding as the crucial point plete misunderstanding and at best in unin the picture would be helpful; it is almost necessary confusion. Forcing words with wellself-explanatory and convincing, because hoard- established meanings into unaccustomed uses is ing is generally recognized as a reprehensible a good example of what Galsworthy calls (rehabit, while most people are brought up to ferring to the pronunciation of English names) believe that thrift is a noble virtue. the sound British custom of confusing the But the economist as a rule does not present foreigner. the problem in such simple terms, understandable to the layman and consistent with his usage. THE RICHER THE POORER The economist uses much more complex defini- The saving and investment analysis may also tions and each group of economists, if not each serve to illustrate a danger confronted by staff individual one, uses different definitions. Under men far greater than mere terminology, namely, the spell of these varying uses of terms, some the temptation to depend on a simple formula for maintain that the volume of savings must equal the cure of too many varied economic ills. The that of investments, and others that the two will saving-investment theorem, stated simply, is a never be the same. While each set of definitions formula which, like the quantity theory of may be logically consistent and as clear as day money, is little more than a truism. In fact, to its proponent, the debate moves into a rarified the great service that this formula has rendered atmosphere where the layman dare not pene- is to release the economist from his imprisontrate. ment within the walls of the equation of ex- Above all, what makes the doctrine unac- change. And yet, there is danger that it has ceptable to the layman is that it appears to con- only released him from confinement within one demn what he knows that he as an individual formula to imprison him within the terms of must practice for self-protection, namely, thrift. another. The great difficulty with the quantity He can not be expected to understand easily that, theory was that it was based on faith in the while thrift is a necessary protection against mechanical operation of monetary forces: its poverty for the individual, an excess of savings proponents believe that the volume of money by all may result in causing poverty for the controls prices, and that by controlling prices economy as a whole. In that case the individ- one can regulate the entire economy. Emphasis ual saver may lose far more through unemploy- on the income flow, as contrasted to the volume ment than he was able to save by the exercise of of money, represents progress towards a more thrift. Neither can he be expected to keep in realistic approach to economic problems, bemind that what is meant is not investment at cause it takes account of the behavior of humans. all, as the layman understands it, but only the But in applying the new doctrine, as the old, total outlay on capital goods. That the heart the economist should make allowance for the of the analysis and the threat to economic complexity and mobility of economic forces and stability lie in the relationship between ag- be on his guard against placing too much faith gregate saving by millions of individuals and in causal relationships between terms of a aggregate spending for capital goods, called formula. investment, is quite beyond the layman's power In its simplest terms the theory is that, if a to comprehend. part of the national income is hoarded, the in- While with a little more effort on the part of come flow diminishes and deflation results. But the staff man these thoughts could be presented frequently the argument goes further. From FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESEARCH AND POLICY past experience and from the analysis of social If people save more as income rises, outlets for trends, some conclude that there is a definite their savings must be found. While it is true relationship between the size of the national that past evidence suggests that savings habits income and the volume of savings which is do not change easily, there is no satisfactory likely to prevail in future years, a relationship basis for thinking that changed circumstances, according to which the proportion of income particularly a wider distribution of income and saved will rise as income increases. As our wealth and an increased sense of economic productive capacity and our national income security, may not change the ratio of savings to increase, there will be an ever-increasing volume income. Nor is there a basis for thinking that of savings. Also, estimates are made of the new outlets for investment or new means of avenues of investment which are likely to be spending larger amounts through old channels available into which these savings can be chan- will not be found. The amount of possible neled, and it is found that these outlets do not investment in the future is not dependent enadd up to the required total. Thus national tirely upon technical progress. It must be hoarding is an enemy constantly lurking behind viewed with reference to the entire economic the scene and preventing the growth of income setting in which business operates, including which our growing capacity would permit. prices, taxes, public controls, employer-em- Consequently our actual income will constantly ployee relationships, and numerous other factors lag behind our maximum capacity. The higher that must be taken into account before the our potential income, the further will we fall formula will be transmuted from a dead and short of utilizing our resources fully, and the barren phrase into live reality. greater the probable magnitude of unemployment. The richer we grow the poorer we get JOBS FOR ALL GOODS FOR ALL in terms of jobs for all. The only way out of A practical approach to the problem would this dilemma is then said to be compensatory be that, since unemployment must not be tolspending by Government. This diagnosis has erated in a modern economy, it must be eradibecome an argument for a course of action, an cated as soon as signs of it appear. It must not argument fashioned at a time when such a course be permitted to start a vicious cycle. Whether of action was desirable—and, it may be added, this will involve much action by the Governwas partially pursued but on an entirely difment will remain the great unknown in the equaferent basis. tion. Certainly, compensatory fiscal policy will There is agreement that national hoarding is be only one among many approaches which not consistent with the realization of the maxi- public policy will have to make towards mainmum level of economic activity and that, if it taining a high and stable level of economic occurs, it must be counteracted. However, activity. Yet, there can be no doubt that the statistical evidence now available is not suffi- Government must stand ready to provide such cient to be the basis of precise predictions as to employment as private industry does not supply, the future levels of saving and investment and and with this in view, it must have plans can not reflect all social changes which the future developed in advance and ready to be put into may bring. The assumption that savings will operation on short notice. be far in excess of investment outlets is a hypo- One thing is sure: we do not as yet approach thesis and as such it needs to be verified by fur- a volume of production sufficient to give everyther research and is subject to modification by one a decent minimum standard. Therefore, accumulated experience. Nothing in the his- the remedy must be sought not in the contory of similar forecasts in the past justifies the templation of increased leisure, but in concenacceptance of the assumption as the basis of tration on efforts to increase the output of goods responsible planning or definitive action. and to improve their distribution. APRIL 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESEARCH AND POLICY This somewhat lengthy detour was introduced BIASES ARE SIRENS to illustrate the kind of pitfalls an interpreting In presenting data to his principals the staff economist must avoid, but in the course of pres- man must avoid a great variety of biases which entation it developed into a statement of a like sirens strive to lure him from the journey position. Perhaps this.is an unconscious dem- to his goal. Some of them may be enumerated: onstration of how easy it is for an interpreter to 1. The bias of pessimism or optimism. What be diverted from his original purpose. he says should not be influenced by fearful ap- In addition to avoiding abstruse terminology prehension or by wishful thinking. He must and inadequately tested formulas, there arc other endeavor to face and appraise the facts no matter tests to which a staff adviser of a policy-making where they may lead. body must subject himself. He must be sure 2.. The bias of no bias. This somewhat to gather together, digest, and have command paradoxical bias is both real and common. of all available information bearing on the An excessive effort at being impartial often subject under discussion. He must be fully results in shrinking away from indicated and necessary conclusions. "Yes and no" answers aware of the limitations of this information, should have no place in a staff man's vocabulary. of the margin of error to which it is subject. 3. The bias of accuracy. Accuracy beyond The touchstone of a theory lies in quantitative the requirements of the case under discussion data, that is, in statistics. Statistics are the may not only delay decisions, confuse the liseconomist's conscience. His reliability stands teners, and burden them with unnecessary qualior falls by their verdict. When he disregards fications, but it may also prevent the reaching them, or misreads them, or improvises them, or of necessary conclusions within the applicable stretches them beyond the limits of their capacmargin of error. Careful abidance within this ity—he violates the trust imposed upon him margin, on the one hand, and willingness to by his training and by his responsibilities. venture to the limits permitted by it, on the other, are the outstanding characteristics of the POLICY MUST REST ON FORECASTS expert as contrasted with the amateur in eco- The staff man must ponder and comprehend nomic interpretation. the full import and implications of the problems 4. The bias of consistency. Just because he confronting his principals and of the policies has said one thing on a previous occasion the designed to meet these problems. He must be staff man should not hesitate to say the opposite prepared to venture a forecast of future events if circumstances have changed or if he has bein case a given policy or its alternative is adopted. come convinced that he was wrong. Many serious mistakes have been made by basing deci- Contrary to a commonly held opinion that resions on conditions that no longer prevailed. search must avoid forecasting as a deadly sin, Winning the last rather than the current war is a the basic ^purpose of economic and statistical habit not confined to generals. Consistency is analysis of social and economic events is to make not only the bugaboo of small minds but the forecasts. The French saying—to know, in rock on which essential flexibility of policy may order to foresee, in order to control (savoir, pour shatter. Vested interest in an opinion previprevoir, pour pouvoir)—is a wise one. Unwarously expressed is as dangerous in a staff man as ranted forecasts must be avoided, and there must vested property interests are in a judge or be full recognition of the fact that a forecast is a legislator. hypothesis and not a fact. But courage to make 5. The bias of cleverness. The Russian proas good a forecast as available facts and past verb: "Do not sacrifice your father for a wiseexperience warrant is an essential quality of crack" is well turned. Phrases help to punctueffective research staff work. ate a presentation and to fasten it in the listeners' FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESEARCH AND POLICY minds. But they carry a danger of sacrificing by more or less hazardous guesses have rightly clear and straight thinking to the desire to use undermined many a staff man's reputation for a telling phrase. reliability. 6. The bias of tact. It is essential for a staff man to be sensitive to the atmosphere of a meet- IMPORTANCE OF BEING AWAKE ing, but he must endeavor not to be dominated It has been said that an expert is a person who by it to the detriment of detachment in his knows more and more about less and less. The presentation. On the other hand, he should danger that confronts an economic and statistical avoid egotism and be willing to give equal interpreter is the opposite—he must strive weight to a competent judgment, whether it against knowing less and less about more and originates with him or with someone else. more. The subjects he must cover tend to 7. The bias of logic. Not infrequently a comprise the universe. It is essential for him to conclusion that flows logically from its premises keep informed about a great many things but may nevertheless be wrong—either because the not to spread himself so thin as not to know premises have not been adequately examined or enough about anything to be a dependable guide because the process of reasoning is too rarified for to policy. use in practical affairs. The human equation These are some of the biases and difficulties must be taken into account in all policy recom- that a staff man must avoid. There are many mendations. others. It is clear that he can not proceed in the 8. The bias of originality. Better be right rumored manner of a duke who dreamed that he in a conventional way than wrong in a highly was making a speech in the House of Lords, original way. and when he awoke found to his amazement that 9. The bias of expertness. Methods and de- he was. He must not be either too self-confivices are no better than the material and the dent or too reticent; he must be tactful but not understanding that go into them. Uncritical timid; and, above all, he must never be subcurve reading is as dangerous to sound conclu- servient. When a staff man begins to shape his sions as is a disregard of the sequence of past opinions in accordance with what he thinks his events. Particularly dangerous are curves that principals want his usefulness as a public servant have been corrected, by some device, for the is over. very thing which they are supposed to exhibit. It is not an unusual experience to see an inter- THE ANVIL CHORUS preter, who has adjusted two curves for ampli- In attempting to acquire the necessary virtues tude and direction of fluctuations and for level, and to avoid the threatening vices a research stand back and marvel at their close correlation. man has to depend, in addition to searching 10. The bias of omniscience, the gravest of self-analysis, on contact with his associates and them all. Some principals expect a staff man with fellow members of the profession inside to know everything, and staff men are likely to and outside of his immediate group. In the dread admitting that there is something they final analysis man is dominated largely by the do not know. It is wise, and it is a part of the subconscious. Since he can not be psychojob, to know as much as possible about all analyzed prior to every presentation—he must phases of the subject under discussion. It take care to subject his psyche to exposure to would not do not to know, or not to be in a others. Out of such contacts alone can emerge position quickly to find out, too many of the a sane appraisal of human problems. And ascertainable relevant facts. But neither would problems of economic policy are human problems it do not to be willing to say '1 don't know." whose solution depends on grasping human Attempts at covering up gaps in his information verities. APRIL 1944 3*7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENCY IN CIRCULATION by G. L. BACH* Division of Research and Statistics The public continues to demand coin and paper that part of deposits held by the public that is money in heavy volume. Extension of the covered by member bank reserve requirements. experience of recent months would indicate an It is because of these technical differences, which outflow of between 4 and 6 billion dollars in arise out of our fractional system of deposit 1944, roughly similar to the record 4 and 5 reserves, as well as because of the popular billion dollar drains of 1941 and 1943. The interest in the volume of money in circulation, rate of outflow so far in 1944 has been sub- that an analysis of the large currency outflow is stantially lower than in 1943, but the special appropriate. influence of the Fourth War Loan Drive in The following tentative conclusions may be January and February, together with the recent suggested: history of surprisingly large fluctuations in even 1. As to recent currency developments in the United the seasonally adjusted rate of outflow, makes States: any precise forecast out of the question. (a) The seasonally adjusted rate of outflow, With a continued currency outflow of large after rough allowance for the effect of recent magnitude in prospect, it may be profitable to special influences, is apparently around 400 milconsider how far our experience in this war is lion dollars monthly. "Random" fluctuations different from and how far it is similar to de- in the rate of outflow, however, have been velopments at home during the last war and in surprisingly wide. England and Canada during this war or last. (b) Currency expanded at roughly the same In so far as there is any reason to expect a repeti- rate as wages and salaries from the depression tion of the 1919-19x1 experience, such a com- through 194^, but recently has been increasing parison may also be of interest in suggesting more rapidly than such income payments. possible postwar currency developments. Since mid-1941, the rate of currency increase In analyzing currency developments, it should has far outdistanced that of consumer expendibe recalled that currency in circulation is only a tures, and this discrepancy has become especially part of the total volume of money held by the large during 1943 and 1944. These circumpeople, the other part being held in the form stances may point to some increase in the of bank deposits. From the broad monetary proportion of currency going into "holdings" point of view it makes little difference how as distinct from amounts needed for current much of its money the public chooses to hold in transactions and working balances. It seems currency and how much in deposits. This likely, however, that transactions needs continue choice, however, has an important influence on to account for a large.portion of the currency the reserve position of member banks, since increase. There is no evidence of general currency withdrawn by bank customers uses up "scare hoarding" of the sort which was widereserves of member banks dollar for dollar, spread in the early 1930's. while an increase in deposits increases the re- (c) The growth in currency was roughly proquirements only by a fractional amount. Simi- portional to that in demand deposits until 1^2.. larly, the choice affects the reserve position of More recently the currency growth has subthe Federal Reserve Banks, which have to carry stantially exceeded that in deposits. reserves (40 per cent) against all Federal (d) While dollarwise the bulk of the currency Reserve notes in the hands of the public, but outflow has been in notes of $10 and $2.0 deneed to carry reserves (35 per cent) against only nominations, since early 1943 there has been a pronounced tendency for more rapid increases * The author was assisted by Mary Gumbart and Mary Jane Harrington of the Division of Research and Statistics in the prepara- in the large denominations. Over one-third of tion of this article. 318 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENCY IN CIRCULATION the total currency outflow in 1943 was in de- last (reflecting presumably the better control of nominations of $50 or larger, compared with inflation). The Canadian outflow has been relaless than a fifth in 1942-, and this proportion has tively much larger during this war than in the since increased even further. If, as seems likely, last in spite of the more effective anti-inflation these larger denominations have limited use in controls now in force. current transactions, this denominational change 4. Following the war: may also point toward increased currency (a) In England and Canada following the last "holding." Some of the large denomination war somewhat over half the currency increase notes may be used in financing "black market" of the war and postwar boom periods returned transactions and for tax evasion. in the depression of the early agio's; in the (e) Currency in the hands of individuals, as United States somewhat less than half returned. distinct from that held by business (incor- If the postwar return flow should be relatively porated and unincorporated), is now probably similar this time, the amount of currency flowwell over $100 per capita, or around $450 per ing back in this country might total perhaps 5 to average family. It is clear that the average 10 billion dollars, with more than 15 billion family has no need of this volume of currency dollars remaining outstanding, even assuming an for transactions purposes. early peace. Postwar currency developments (f) Currency withdrawals continue to be will, however, depend on a wide variety of facheaviest in the large industrial and financial tors, critical among which will be the levels of centers, but the percentage increases have income and prices. generally been higher in the southern and (b) Recent currency and deposit developwestern districts, where agricultural activity is ments appear to indicate a clear tendency for relatively more important. demand deposits to be used as "business money" 2.. In comparison with our experience in World and for currency to be used as "personal money." War I: While these developments are partly traceable to (a) Dollarwise the currency increase since special war-period factors, they may also reflect 1939 has been vastly larger than during World a lasting increase in the volume of currency de- War I; percentagewise it has been less striking to manded by individuals in preference to demand date, but with continuation of recent trends this deposits. increase also will be vastly larger than in the last war. The denominational pattern of cur- RECENT DEVELOPMENTS IN CURRENCY IN rency outflow has been similar during the two CIRCULATION wars, as has been the relative growth of cur- At the end of March, currency in circulation rency and deposits. totaled 2.1.1 billion dollars. The monthly rate 3. In comparison with experience in Canada andof outflow, which had grown persistently since England: 1938, reached a peak of nearly 600 million dol- (a) The percentage increase in currency out- lars on a seasonally adjusted basis late last standing since 193 9 has been somewhat larger in summer. In September and October the Third Canada and somewhat smaller in England than War Loan Drive and the Federal income tax in the United States. The circumstances leading date apparently combined with other less ascerto the heavy outflow have apparently been simi- tainable factors to reduce the outflow. After lar in all three countries. In all three, increased adjustment for the usual autumn seasonal inwages and salaries together with other transac- crease the growth between September and tions needs appear to have been most important, October was only slightly over 100 million but increased currency "holding" is also prob- dollars, the lowest since early I94X. Following ably of considerable importance. this unusual period the adjusted rate exceeded (b) The British currency outflow has been 400 million a month until February, when with relatively less during this war than during the the Fourth War Loan Drive the increase was less APRIL 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENCY IN CIRCULATION than 300 million dollars. Should the adjusted been not far different from the average for the average for recent months continue, the outflow years 1942 and 1943 combined. for the year 1944 would be somewhat less than 5 billion dollars. CURRENCY USE AND OWNERSHIP The average monthly increase in circulation, There is little direct evidence as to the ownerseasonally adjusted, is shown in Chart 1 for the ship of the new currency flowing into the hands period since 1940. * The special influence of the of the public. Reports from a few corporations war loan drives, particularly those of December indicate that only a minor portion of the increase 1942., September 1943, and February 1944, is has probably gone into corporation holdings, immediately apparent. During these war loan and scattered information suggests that holdings drives the rate of currency increase slackened of unincorporated businesses are a comparatively CHART I MONTHLY INCREASE IN MONEY IN CIRCULATION MILLIONS OF DOLLARS SEASONALLY ADJUSTED SERIES MILLIONS OF DOLLARS 600 600 400 400 £00 200 ill 1941 1942 1943 1944 Month to month changes in monthly averages of daily figures adjusted for seasonal variation. Height of bar for each month shows increase in seasonally adjusted series over preceding month. substantially for all denominations, and the small part of the total. It appears that the drop was greatest in the smaller denominations. great bulk of the currency outstanding is in the The erratic behavior of the adjusted outflow, hands of individuals. even allowing for these war months, makes During the period from 1935 through i94i, it difficult to detect a trend that can be measured as is indicated by Chart x, a fairly close correwith and precision, much less projected with cer- lation persisted between the growth in money in tainty. It would appear that the adjusted rate circulation and that in wage and salary payof increase in recent months has been definitely ments. In the latter part of this period, howbelow the peaks of the fall and winter of 1942.- ever, there was an increasing disparity between 43 and the summer of 1943, but that it may have the rise in currency and that in consumer expenditures. Especially since the leveling off of 1 The figure charted for each month is the increase in the seasonally consumer expenditures early in 1942., when waradjusted monthly average of daily figures for that month over the cor- time scarcities limited the available supply of responding figure for the preceeding month. Methods of adjustment and adjusted monthly and weekly figures for recent years were pub- goods, money in circulation has risen increaslished in the September 1943 BULLETIN, pp. 822-826; the adjusted figures and their rates of increase are published regularly in the BULLE- ingly faster than both wage and salary payment TIN, for example on p. 362 of this issue. 32-0 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENCY IN CIRCULATION and consumer expenditures. As has been previ- public's preference between currency and deously suggested, the close relationship between posits. Undoubtedly part of both the new demoney in circulation, and wages and salaries posits and the new currency has gone into indicated at least a presumption that the cur- temporary "holdings" of individuals, while rency outflow reflected largely wage and salary part has been currently used for financing transpayments. But this rough parallel between actions. The dollar growth in deposits has, of currency outflow and growth in wage and salary course, far exceeded that in currency, but there payments does not itself necessarily tell any- is little doubt that a large portion of the new thing about what has happened to the currency deposits belong to businesses. once it is in the hands of the public. In fact, Because a large part of the new deposits go the growing discrepancy between the outflow of to businesses in contrast to accumulations of curcurrency and both consumer expenditures and rency by individuals, the currency growth probwages and salaries suggests that a rising portion ably represents over half of the entire growth in of the currency increase may be going into money held by individuals. The ratio of the money "holdings," i.e., the accumulation of currency increase to the excess of individual income over current expenditures and taxes has, stocks of idle money in the hands of individuals. however, generally been only between 10 and zo per cent since 1941. Thus, even if all new cur- CURRENCY. DEPOSITS, SALARIES AND WAGES, AND CONSUMER EXPENDITURES rency were saved in the form of "holdings," PCR CE INDEXES ADJUSTED FOR SEASONAL VARIATION, 1 PE currency savings would be a comparatively small 350 1 part of total individual savings during the war t 300 period. And while the increased currency hold- / ings may represent an important element of CLRRENCY 250 'iJd individual savings, held in this form in preference to bank deposits or war bonds, they are in Iff general quite different in motivation from the 150 DEMAND "hoarding" of the early 1930's. It should be SALARIES DEPOSITS^- emphasized, moreover, that notwithstanding the AND WAGES ^ EXPENDITURES 100 • ^ ^^ evidence of increased holdings of idle currency, rising incomes and prices have undoubtedly been 50 of great importance in expanding the need for currency for current transactions and working 0 balance purposes. The possibility should be Demand deposits adjusted to exclude U. S. Government and inter- noted that a moderate increase in the percentage bank deposits and float; estimated totals for all banks in United States on call report dates through 1942, and monthly in 1943, without adjust- of all consumer expenditures settled by currency ment for seasonal variation. Consumer expenditures and salaries and wages from Department of Commerce; consumer expenditures pre- could, even with little change in total consumer liminary for last two months. Deposits preliminary from July 1943. Latest figures are for January 1944. expenditures, account for a substantial increase in the dollar amount of currency. As indicated by the chart, both currency and deposits have grown very rapidly. Since 1942., There is little doubt that a major reason for however, the rate of growth in currency has the large currency growth has been the great outstripped the rise in deposits, which have war period income expansion of the lower and grown at roughly the same rate as wages and middle income groups, who have typically made salaries. The growth in the aggregate money little use of bank accounts, because of such consupply reflects the large amount of war ex- siderations as lack of accumulated funds, lack penditures financed by borrowing from the of experience with banks, and reluctance to pay banking system, while the relative growth in the bank service charges. Widespread population two forms of money depends directly on the shifts have also disrupted existing banking ar- APRIL 1944 3 ZI Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENCY IN CIRCULATION fangements for many people, and have retarded DENOMINATIONAL PATTERN OF CURRENCY INCREASE the establishment of banking connections for a Some presumptions as to currency uses may large number of civilians and members of the be drawn from the denominations demanded. armed forces. Through 1941 and 1942. increases in $10 and $2.0 Little evidence is available as to the extent bills were by far the most rapid of any denomiof currency use in financing *'black market" nation, and these bills accounted for about twoj transactions and in evading taxation. These thirds of the total increase in money in circulafactors are said to have been of substantial imtion. While $50 and $100 bills also rose rapidly, portance in some other countries, and they may very large denomination currency showed virtuaccount for a considerable dollar amount of ally no increase, following its sharp rise during currency drain here, especially in the larger the 1930's. In general there was a strong predenominations. Chester Bowles, O. P. A. sumption that the major portion of the currency Administrator, recently suggested that, '*. . . outflow was through wage and salary payments housewives today are paying 1.2. billion dollars and that its continuation outside the banks as tribute to the black market in food alone." could be attributed largely to needs for current While total "black market" transactions may transactions and normal working balances, even substantially exceed this figure, only a portion though there was a growing divergence as early of all such transactions can reasonably be exas 1941 between money in circulation and conpected to give rise to continued special currency sumer expenditures. demands, especially when it is remembered that Accompanying this growing disparity becurrency may be used many times per year. tween currency on the one hand and consumer When allowance is made for these factors, it expenditures and pay rolls on the other, there seems unlikely that the total currency outstandhas been in the last year or so a marked change ing specifically attributable to black market use in the denominational characteristics of the could approach a billion dollars. How much currency increase that provides added evidence may be held as a means of temporarily conof increased currency holding beyond normal cealing income in order to evade income, transworking balances and transactions uses. Alfer, and property taxes is difficult to guess. though the largest dollar increases have con- Scattered reports indicate that there may be tinued to be in $10 and $2.0 bills, in 1943 over a substantial amount of such holding, especially one-third of the total increase in money in cirby individuals in business for themselves.2 culation was in denominations of $50 and up- No figures are available as to the amount of ward, and in January and February of this year currency sent or carried outside the country in the proportion was nearly two-thirds; $100 bills connection with military operations. With have shown the largest percentage increase of perhaps 3.5 million men now serving outside any denomination. This contrasts with the the continental United States, even average cur- 1942. experience when only 19 per cent of the rency holdings of as much as $300 per man increase came in bills of $50 and up. Chart 3, would total only around one billion dollars, on the next page, compares the dollar and and this figure is probably too high, especially percentage growth in various denominations when allowance is made for pay roll deductions, during 194Z and 1943. The shifting demand arrangements for payments to families at home, toward larger denominations is clearly marked, etc. It is clear that the amount involved may be though its dollar importance should not be substantial, but it can hardly account for more overemphasized. than a small part of the 14 billion dollar increase With rising wages and prices there is reason since August 1939. to suppose that even without increased currency 2 Most difficult of all types of currency use to estimate is the amount "holdings" there would be some upward shiftused by foreign agents in subversive activities. Large amounts of currency have been found on captured foreign agents, but no indication ing in the denominational pattern. The steady is available as to the total dollar amount which may be involved. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENCY IN CIRCULATION rise in wages and salaries doubtless requires an rated,3 from the xi billion in currency outstandincreasing volume of fairly large bills, but there ing leaves some 16 billion dollars of currency is doubt that the increment required each week now in the hands of individuals. This comes to would consistently account for the currency well over $100 of currency for every man, outflow reported. Outside of special groups, woman, and child in the United States, or to such as wealthy individuals, people in travel around $450 for the average four-person family. status, and farmers in some areas, it does not It seems unlikely that any except the most unseem likely that $50 and larger bills are normally usual families use this amount of currency on the used to any great extent for consumer transac- average for normal transactions purposes, even tions. Even though wages and salaries should allowing for large transactions uses in a subbe widely received in larger denominations, ex- stantial number of special cases. On balance, it penditure of such bills would normally soon be seems evident that the public is doing subreflected in exchanges into smaller denomi- stantially more "banking on the hip" or "in nations which are more convenient for most the mattress" than has been customary in the transactions. past. During the late 1910's the amount of currency in circulation, other than vault cash of banks and businesses, averaged around $100 CHART 3 per family, and by the end of the 1930's the INCREASE IN CURRENCY, BY DENOMINATIONS 1 FROM DEC. 1941 TO DEC. 1942 | [FROM DEC. 1942 TO DEC. 1943 j average was still well under $xoo. AMOUNT OF INCREASE REGIONAL CHARACTERISTICS OF CURRENCY INCREASE Previous evidence has indicated that the bulk of the currency is flowing out in areas where industrial activity is heavy, especially in the war production centers, but that even larger percentage increases are occurring in some rural areas, particularly in the south and the west. Apparently this pattern of outflow is continuing PERCENTAGE INCREASE essentially unchanged. The largest dollar currency drains continue to be in the New York, Chicago, and San Francisco Districts, but the n percentage increases are far larger in the Atlanta FIhn n and Dallas Districts than anywhere else in the In i 11 country. These figures are shown in the table on the next page. Although the data are not included in the table, it is interesting to note that the interdistrict pattern of deposit growth • was *10 *zo *50 *100 *500 »5oo is quite similar to that for currency. AMOUNT OF CURRENCY PER CAPITA There appears to be a general similarity in all Some further evidence as to the possibility of districts in the denominations of currency which increased currency holding beyond immediate the public is demanding. In general the distransactions needs is provided by the per capita tricts showing large over-all percentage increases figures on money now in the hands of the public. report swelling demands for all denominations, Deduction of bank vault cash and a rough estimate of, say, 3 billion dollars for currency held 3 This is an extremely rough figure. It could easily be anywhere from 2 to perhaps as much as 5 billion. Substitution of either of these by all businesses, incorporated and unincorpo- extremes, however, would not substantially alter the general conclusion of the paragraph. :- APRIL 1944 32-3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENCY IN CIRCULATION while districts having more moderate increases with only about 2.-5 billion from August 1914 rank lower in all denominations. New York to the October 19x0 peak. and Chicago, while they show the largest dollar outflow for nearly all denominations, are con- DEMAND DEPOSITS AND CURRENCY sistently near the bottom of the list in per- ALL BANKS IN THE UNITED STATES centage increases,4 and the Atlanta, Dallas, 100 BILLIONS OF DOLLARS Richmond, and San Francisco increases are rela- 80 A /r tively largest for almost all denominations. >y by TOTAL^/ ./— FEDERAL RESERVE NOTES IN CIRCULATION1 [Amounts in millions of dollars] DJUSTED "V/~ Amount Increase in 1943 DE (IN M C A L N . D U . D S. E G P O O V S ' I T T ) S / outstanding December 31, 1943 Amount Per cent r All districts 16,906 4,713 38.7 B N o ew st o Y n ork ... 3 1 , , 7 15 6 5 7 9 2 6 7 7 3 3 3 1 4 . . 0 5 J rf / OU C TS U I R D R E F BANKS Philadelohia 1,150 301 35.5 Cleveland 1,496 362 31.9 Richmond 1,142 355 45.1 Atlanta 955 408 74.6 C St h ic L as o r u o is 3,1 7 6 2 3 6 7 21 4 2 3 3 4 0 1 . . 7 2 i i i i Minneanolis 386 83 27.4 Kansas Citv 614 185 43.1 Call report dates through 1942; end of month dates thereafter. Dallas . .. 416 164 65.1 Preliminary from July 1943. Latest figures are for Jan. 31,1944. San Francisco 1,937 658 51.4 1 Figures show Federal Reserve notes only, since these are the only Such evidence as is available indicates that, type of currency for which data are available by districts; it is likely as in the present war period, a large portion of that these figures correspond closely to the total currency outflow since virtually the entire increase has been in Federal Reserve notes. the currency outflow during World War I was used for transactions, primarily pay rolls and COMPARISON WITH CURRENCY DEVELOPMENTS consumer expenditures, and for "normal" work- DURING WORLD WAR I ing currency balances. There was, however, The percentage increase in money in circulation apparently a considerable amount of temporary to date during this war period has substantially currency "holding'* by war workers and some exceeded that during the World War I period currency "hoarding," stimulated by the fear of and if the present rate of outflow continues it inflation and intermittent rumors of Government will far outdistance the 1914-19x0 drain. The confiscation of deposits. Evidence of this increase in currency outside banks to the posthoarding was provided in 1919, following the war peak in 192.0 was about 145 per cent, war, when a substantial amount of currency in whereas in this war the growth is already apexcess of the estimated seasonal decline returned proaching 300 per cent. The relative growth in to the Reserve Banks in the form of gold and money supply (currency and deposits) over the gold certificates which were not commonly used two periods is shown on Chart 4, which is for transactions purposes.5 drawn on a ratio scale that indicates the general There is not, however, any satisfactory meassimilarity in rates of growth. In dollar terms, the ure of the portion of the increased currency increase in publicly-held currency during this which went into "hoarding" and the portion war has been tremendously larger than during which was used for more active purposes. The the previous war period, having already exceeded further rise in currency in circulation in late 13 billion dollars since August 1939, compared 6 Total currency outstanding declined somewhat in the first half of 4 Except that Chicago showed high percentage increases for very 1919, before resuming its sharp increase to the postwar boom period large denominations. peak of late 1920. 3M FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENCY IN CIRCULATION 1919 and 19x0 seems clearly to have reflected the in the United States,6 while the British increase great increase in consumer spending and specu- has been relatively somewhat less than ours. lation during this boom period, as well as high The Canadian and British experience during pay rolls. So far as can be judged from the World War I was also similar to ours at that figures for currency outstanding, including that time. England, however, experienced a relaheld by the Treasury and the Reserve Banks as tively more rapid increase in currency during well as that in the hands of the public, the that war than during this one, presumably due denominational pattern of the outflow was quite in considerable part to the much greater inflation similar to the present war. A large portion of in England during the previous war than has the currency increase centered in $10 and $xo occurred since 1939. In both countries, "holdbills, which also showed the most rapid per- ings" are thought to have accounted for an centage increase through the early part of the appreciable portion of the currency drain during war period. As the war progressed, however, the last war and during this one, although in the proportionate rise in $50 and $100 bills sub- both cases they are believed to have been of stantially exceeded that of smaller denomina- less importance than the need for currency for tions, and in the sharp postwar boom there was current transactions and working balances. a further rapid rise in these larger denominations. Chart 5 compares the percentage changes in The depression of 19x0-11 was accompanied currency in the United States, Canada, and by a return flow of about one-third of the cur- England during the two war periods. As is rency increase of the war and immediate postwar indicated by the left half of the chart, the rise period. It is presumed that the bulk of this in England during the last war was unusually return flow represented currency no longer rapid, reflecting both the substantial amount of needed for transactions, following the sharp inflation and fairly widespread fears of a capital decline in pay rolls and consumer expenditures, levy or Government seizure of deposits followtogether with an unknown amount which had ing the end of the war. This portion of the been in temporary currency reserve holdings. chart also shows that around half of the total Some of it reflected a return of currency from British and Canadian increase in currency in abroad. With falling prices, coins and small the hands of the public returned from circuladenomination bills became relatively more im- tion following the first war, compared to a subportant; $10 and $xo bills showed the sharpest stantially smaller return in the United States. relative declines. It is only possible to speculate The rapid growth in all three countries during on how much of this currency would have re- the present war is apparent in the right-hand turned if good times had continued. With the section of the chart, with the rate of growth return of prosperity in 192.2., currency rose substantially greater in the United States and gradually to the general level of around 4 billion Canada than in England. As indicated by comdollars which remained relatively stable through parison of the two periods, England has had a most of the 192.0's, notwithstanding a large in- relatively moderate currency outflow during the crease in the volume of deposits and of money present war compared with 1914-1910. From payments. December 1938 through 1943 the estimated increase in currency in the hands of the public was 580 million pounds, a rise of only 12.7 per cent CURRENCY DEVELOPMENTS IN CANADA AND compared to 540 per cent in the last war. The ENGLAND greatest percentage increases during this war Both Canada and England have experienced were in 1941 and 1942., while the absolute incurrency outflows similar to our own during the present war period. Currency has shown an even larger percentage increase in Canada than 6 Although in 1943 the Canadian increase was slightly less than that in the United States. APRIL 1944 32-5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENCY IN CIRCULATION crease was slightly larger in 1942. than in either Whatever the exact causes, there was virtually 1943 or 1941. no net currency drain for three months following In May 1943 an announcement was made by the announcement. More recently, however, the British Government that no more notes of currency has again been flowing out rapidly 10 pounds or over would be issued. This an- and the Treasury has had to ask for repeated nouncement was accompanied by considerable increases in the fiduciary note issue, bringing the publicity and speculation that ownership of total now authorized to 1,150 million pounds. large denomination notes might be interpreted In England, as in the United States, a variety as evidence of income tax evasion or black- of factors are suggested as causes of the submarket activities, and immediately thereafter stantial currency increase since 1939. Most the over-all increase in the circulation was important is the sharp rise in wage and salary CHART 5 CURRENCY OUTSIDE BANKS UNITED STATES, GREAT BRITAIN, AND CANADA 1915-1922 1939 TO DATE UNITED STATES (MILLIONS OF DOLLARS^X ...V - J\ RATIO SCALE 20000 10 000 _ 6000 - 4000 - 2000 GREAT BRITAIN 1000 (MILLIONS OF POUNDS)J 600 - 400 4>**~ CANADA - ^^ (MILLIONS OF 1 CANADIAN DOLLARS) 200 100 — - 1916 1918 1920 1922 1940 1942 1944 cheeked for about three months, with actual payments, especially to people who have typidecreases in several weeks. It is probably safe cally not held bank deposits. The proportion to presume that the return of outstanding large of the population having bank accounts has bills played an important role in this change, consistently been less in England than in this although outstanding large denomination notes country. Another important factor has been were not called in and no official statements the widespread disruption of normal banking were made that ownership of such notes was arrangements arising out of bombings, heavy considered unpatriotic or illegal. There are population shifts, and other war disturbances. reports that large denomination notes actually In this connection people have generally ensold at a discount during this period, but these deavored to build up currency holdings for such reports are unconfirmed and may be inaccurate. emergencies as air raids and, earlier, the possi- 3x6 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENCY IN CIRCULATION bility of invasion. In addition, it has been PROBABLE POSTWAR DEVELOPMENTS suggested that a substantial amount of currency Viewed in the light of developments at home may have been used for purposes of income tax during the last war and in Canada and England evasion and for black-market transactions. during both wars, the unprecedented outflow of Unlike England, Canada has experienced a currency into the hands of the public in the much greater percentage increase in currency United States during the past few years does not outstanding during this war than during the seem so surprising. Both the relative changes previous one, due partly to the much greater and the reasons for the outflow during this war rise in industrial activity and national income appear to be somewhat similar to World War I during this war. The currency rise is, however, and to the experiences in Canada and England attributed largely to the same causes as appear during both war periods, at least up to this to have been important in England and the time, though the dollar magnitudes involved United States—primarily increased incomes and during this war are vastly greater. greater needs for current transactions and work- Following the last war somewhat over half ing balances, together with increased currency of the currency increase returned from circulation holding as an alternative to deposits or war bonds. Rising service charges on checking ac- in England and Canada and somewhat less than counts, together with tightened bank restric- half in the United States. The United States tions on the use of notice deposits for checking currency increase since August 1939 has been purposes, have also been mentioned as an im- some 14 billion dollars. Even if the war should portant factor leading to substitution of currency end this year, the war-period increase might well for deposits as hand-to-hand money for the total between 15 and 2.0 billion dollars; with a lower and middle income groups.7 While some longer war much higher figures are possible. "scare hoarding" has been noted, this is not I/, as in the case of the last war, perhaps twothought to be of major importance. thirds of this increase should remain outstanding, the total amount of money ' 'normally'' in While both England and Canada actively circulation in the postwar period might well entered the war much earlier than the United remain in excess of 15 or 2.0 billion dollars. It States and approached their peak war production should be emphasized, however, that there is no levels much sooner, the rapid currency outflow necessary reason to suppose that the currency in both countries has continued with only a return flow following this war will be similar moderate slackening. Although the percentage to that of the early 192.0's. Much will depend growth in currency in the United States lagged on general economic developments during the somewhat behind the Canadian outflow in the rest of the war period and immediately thereearlier years of the war, it has consistently after. A postwar inflationary boom might well exceeded that in England and has surpassed that in Canada since 1941. In so far as the bring further large increases in currency in the earlier war development of Canada and England hands of the public, and maintenance of prices is significant in this respect, there is little in and incomes at a relatively high level following their experience to indicate that our currency the war would undoubtedly tend to keep a suboutflow will cease or slacken greatly as physical stantial portion of the increased currency outproduction levels off, even if we are relatively standing. Other portions would probably flow successful in checking inflation (as both Canada back to the banks with a return to more normal and England have been). conditions. Large scale unemployment, on the other hand, would decrease transactions needs and draw into use much currency now tem- 7 The importance of agriculture in the Canadian economy may be important in this respect; the largest percentage currency increases porarily being saved. Certainly the prospects in the United States have appeared in the more rural sections, and in Europe, where outright hoarding is prevalent, the peasant classes are for postwar currency developments hinge very said to be unusually inclined to currency holding. APRIL 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENCY IN CIRCULATION largely on the level and stability of national charges actually paid, will prove a continuing income, prices, and employment. barrier to large-scale use of demand deposits by Certain broad characteristics of the money- this group, in spite of the substantial benefits in using habits of the public are becoming increas- convenience and safety provided by checking ingly apparent, and the dramatic increase in facilities. The level of service charges that currency outstanding is clearly associated in banks may find it necessary to impose on checkpart with such basic habits as well as with ing accounts and the rate of interest that they special war-period influences. With sharply can afford to pay on time deposits will have a increased incomes in the hands of the lower and bearing on the public's demand for currency. middle income groups, who have typically not Additional evidence as to the relative use of relied heavily on checking accounts, it is natural demand deposits and currency is provided by that the demand of these groups for currency the recent Federal Reserve deposit ownership should rise rapidly. Increased currency holding surveys, which indicated that the volume of and using are also to be expected from wide- demand deposits held by individuals is subspread population shifts and from wartime fears stantially smaller than was previously suspected, and uncertainties. The latter of these factors and suggested that the total amount of demand may be expected to weaken in the postwar years, deposits owned by individuals with incomes of, and there may be some reversal of the upward say> $5,000 or less is probably under 3 billion shift in incomes which has been occurring in dollars. Demand deposits seem increasingly to the income scale. Moreover, lower and middle be "business money" and currency "personal income groups receiving larger incomes may money." There is every reason to suppose that gradually come to prefer deposits to currency. today currency holdings are much more im- It is likely, however, that such a shift would portant assets of the lower and middle income come only gradually, and it may well be that groups than are demand deposits. Whether the expense of maintaining a checking account, these tendencies will continue in the postwar cither in terms of balance required or service period remains to be seen. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXTENSION OF EMERGENCY PRICE CONTROL ACT OF 1942* STATEMENT BEFORE BANKING AND CURRENCY COMMITTEE OF THE SENATE, MARCH 7.4, 1944 Mr. Chester Bowles has made a most able and necessary, confidence can not be maintained in effective case for extension of the life of the the purchasing power of our money. Without price control statutes. I assume that this legis- that confidence, not only would the successful lation will be continued, and I would like to prosecution of the war be jeopardized, but an emphasize the importance of extending it with- orderly transition to a peacetime basis would be out hampering amendments and for a sufficient out of the question. time after the war to allow industry to get back Nearly all of our people have a direct interest to producing a supply of goods to meet the de- and stake in what the dollar will buy in the mand. Inflationary dangers can only be future. There are countless millions who have avoided if the powers of the administrator are invested in life insurance to be paid to them or in no way weakened. their beneficiaries. There are the countless Inflationary pressures are still increasing, and millions who own nearly 30 billions of savings will continue to increase until conversion from deposited in the banks of the country. There wartime production to peacetime production are the countless millions who have invested has been achieved and a balanced budget is in many billions of dollars in war savings bonds prospect. If the public is assured that the and other Government securities. There are Congress is determined to continue this legisla- the countless millions who are depending upon tion which has been so effective, the great future benefits from social security, civil service confidence which now exists in the purchasing retirement, and innumerable other pension power of the dollar will be maintained. systems, public and private. There are the It is the duty of all those charged with public churches, educational institutions, hospitals, responsibility for holding the line against the and numerous endowments and trust funds pressures for higher prices and higher wages to created for public benefit. Last, but not least, sec to it that nothing is done to impair this there are the ten million men and women in our public confidence in the future buying power of armed services who, in addition to their investthe dollars invested in Government securities, ments in war savings bonds, are buying the life life insurance, or other forms of saving. If that insurance made available to them by the Governhigh confidence were impaired, there would be ment. They cherish the hope that when this an increasing impulse to spend money instead war is over, they can use the money they have of saving it. That would seriously affect the saved and whatever is provided for them in Government credit and the financing of the war. discharge allowances to buy some of the ma- The stability of all credit, including Govern- terial comforts of life that will be available ment credit, depends upon maintaining faith in when industry has had time to get back into the purchasing power of the dollar. If the peacetime production. If this hope should turn public is assured by the extension of this legis- out to be only a mirage, those who are responsilation for a sufficient length of time, without ble for failure to protect the home front will crippling amendments, that the line will be face a dreadful retribution. held against inflationary forces, the problem of To extend this price control legislation merely financing the war and refunding the public debt for a year will not adequately meet the situawill continue to be met successfully. If the tion. Uncertainty would continue to exist as public is led to believe, however, that the price, to what action may be taken when the year wage, and rationing controls are going to be expires. There would be hesitancy about makweakened, or not continued as long as may be ing long-term plans or commitments. It would reinforce the faith of everyone in the stability * Statement by Marrincr S. Ecclcs, Chairman of the Board of Governors of of the dollar if provision is made to extend this the Federal Reserve System. APRIL 1944 32.9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMERGENCY PRICE CONTROL ACT legislation until two years after the war, unless improved by some amendments. However, Congress shall, by joint resolution, discontinue once you open the door to meet the criticisms it prior to that time. If it is not needed, it will of one group, you can not without difficulty not be used. If it is on the statute books, it will close it to other groups. To amend the Act in give confidence that inflation is not going to an attempt to achieve equity in wartime would happen here, and such confidence can not exist be to ignore the inevitable inequities which war without it. Price ceilings are effective only imposes. Those of us on the home front can when demand exceeds supply and the ceilings not possibly make a fraction of the sacrifice are necessary to prevent prices from rising. required of those on the battlefront. When supply exceeds demand, prices are likely These controls are a form of insurance against to fall below the ceilings. Rationing, likewise, economic disaster. No one can say with any is used only when there is a short supply of certainty exactly what economic conditions will essential goods. Nothing has been rationed confront us when the war ends or whether the where rationing could be avoided, and surely predominant forces will be inflationary. We rationing will not be undertaken in the future know, however, that the inflationary potential unless it is necessary to assure an equitable will be enormous. We know that there will be distribution of a short supply. a vast backlog of accumulated wants and an I have been most favorably impressed, as I unprecedented amount of purchasing power in am sure the members of this Committee have the hands of the public, which has resulted been, by the testimony of Mr. Bowles. He and largely from our heavy reliance upon borrowing his predecessors tackled one of the most complex in the financing of our war expenditures. and difficult tasks that men ever faced. I am The inflationary potential which, it is estisatisfied, as I think you must be, that there is no mated, will exist at the end of this fiscal year, desire whatsoever to keep any of these price or on June 30, 1944, measured by demand deposits rationing controls when they are no longer and currency, savings deposits in the banks and essential to protect all of us against the dangers Government securities held by business conof inflationary pressures. cerns and individually, but excluding Govern- There has been a good deal of discussion about ment securities held by life insurance companies the need for various amendments to this legis- and banks, will amount to 194 billion dollars; lation. The record of achievement under the 113 billions held by individuals and 81 billions existing legislation should be sufficient proof by business. This compares with liquid holdthat we had better let well enough alone. ings as of June 30, 1941, of 48 billions held by When you consider that the cost of living has individuals and 31 billions held by business, gone up only 2.6 per cent in the fifty-three a total of 79 billions. In other words, there months from August of 1939 to January of this will have been an increase in the three-year year, whereas, in the same period of the last period of 115 billion dollars. war it went up 65 per cent, and when you con- This tremendous volume of liquid holdings sider that war expenditures in this war so far of individuals and business constitutes the inflaare some six times the rate of expenditure in tionary potential, and this does not take acthe last war, and when you consider also that count of the billions of additional dollars that nearly half of our entire economy is devoted would be added if consumer credit and other to war now, whereas during the last war less forms of credit, which have been largely liqthan one-fourth of our economic effort was uidated during the war, were to expand. Our devoted to war, the achievement has been people have shown, and justifiably so, great phenomenal, beyond the hopes of the most confidence in the Government's credit by the optimistic. way they have responded in investing in Gov- I repeat, we had better let well enough alone. ernment securities. They must be given every Doubtless the Act is not perfect and it could be assurance that the safeguards restraining the 330 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMERGENCY PRICE CONTROL ACT premature use of their liquid holdings will be In closing I would like to remind the Commaintained. mittee of the interest that the Federal Reserve Inflations seldom get out of hand during war- System has in this legislation. As members of time, but the danger carries over after peace this Committee are aware, the Federal Reserve, comes and a war-weary people, tired of wartime through open-market operations, must stabilize controls and restraints, are eager to throw them the market for Government securities and prooff. That is just the time when it may be fatal vide the banks with the reserves necessary to to relax prematurely the controls of war-en- enable them to absorb that part of the debt gendered inflationary forces. That is why it which is not financed by taxation or borrowing is so important to extend the life of this legis- from the general public. The less we raise in lation for a sufficient period after the war to taxes and public borrowing, the more the banks enable the country to convert its enormous have to be relied upon to supply the funds to productive capacity to turning out for peacetime fight this war. And the more the banks buy, consumption a supply of goods comparable to the greater the pressure of dollars on the what it has shown itself capable of turning out economy. We know that the banks have for war purposes. bought many Government securities and that This enormous store of funds which so far they will have to buy more. We must make it exceeds the supply of goods available now, when possible for them to do so, for nothing must be nearly one-half of our production is going for permitted to clog the flow of money needed to war, could result in a ruinous inflation if pre- finance the war. But as the tide of money rises, maturely spent, but could be a source of infinite it becomes increasingly important to maintain benefit to the nation if held in restraint until the restraints that hold it in check. such time after the war as goods and services If we fail to sustain public faith in the dollar, become available in sufficient abundance to the liquidation, of securities which would result match the stored up buying power. Then it would inevitably force the Federal Reserve Syscan be a tremendous factor in helping to provide tem to absorb the bonds thus liquidated. This, and sustain production and employment. The in turn, would amount to pumping that much restraints in this legislation, if adequately more money into the economy, with increasextended without impairment, afford the best ingly perilous results. This must not happen, assurance that this unprecedented and growing but it could happen if we allowed the faith of accumulation of funds will be used for good our people to be undermined by a failure to hold instead of evil. this line against inflation. APRIL 1944 331 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK OF CANADA The Annual Report of the Bank of Canada for the increase in incomes arising out of employment in war industry, the large rise in farm income year 194$ was submitted to the Canadian Minister of and the growth of the armed services. Other Finance, the Honorable J. L. Ilsley, on February 10, factors, as well, have tended to bring about an 1944, by Mr. Graham F. Towers, Governor of the increase in the publicly-held note circulation. Bank. The text of the Report is given herewith:1 Many persons have been working at times and in places which made it inconvenient to use The major changes which took place in our branch banking facilities and therefore have various asset and liability accounts during the carried more currency than usual. Some people course of the year are indicated in the following receiving higher incomes during recent years table, which shows the effect of these changes on were not previously bank depositors and often the cash reserves of the chartered banks. have kept their savings in the form of bank notes. In addition, there may be some who [In millions of Canadian dollars] prefer to accumulate cash rather than put their Changes Changes savings into bank deposits or securities. producing producing Calendar year 1943 a decrease an increase Over the past year the increase in active note in charteredin chartered circulation has been somewhat less than in 1941 banks' cash banks' cash on both an absolute and a percentage compari- [ncrease in Dominion and Provincial Gov- son. This was to be expected in view of the ernment securities . 244.0 fact that the rate of increase in incomes slowed Increase in rest fund 1.6 Increase in active note circulation 179.0 .... _ „ down as we approached a position of virtually Decrease in Dominion Government deposits. Decrease in other assets less other liabilities. 6.4 full employment. 187.0 269.0 Deduct 187.0 INVESTMENTS Increase in chartered banks' cash reserves. 82.0 The Bank's holdings of Dominion and Provincial Government securities were NOTES IN CIRCULATION $1,160,3 75^5 2. on December 31 last, having risen by $243,974,530 during 1943. Our security pur- The Bank of Canada note issue was chases during the year were undertaken in order $874,395,312. on December 31 last, $180,777,381 to offset the effect upon the chartered banks' higher than on the same date a year before. cash reserves of the increase in active note The general public held 751.5 million dollars of circulation, and also to bring about some the total amount of our notes outstanding and the chartered banks the remaining 1x1.9 miUion increase in those cash reserves, for reasons which I shall refer to in a later section of this Report. dollars. The amount of Bank of Canada and On the basis of the Wednesday figures pubchartered bank notes in public hands at the end lished in our weekly statement, the Bank's total of each of the last five years has been as follows: investments averaged 365 million dollars more [In millions of Canadian dollars] in 1943 than in 1942.. Decem- Decem- Decem- Decem- December 31 ber 31 ber 31 ber 31 ber 31 BANK RATE 1939 1940 1941 1942 1943 Bank rate remained unchanged throughout 1943 at zj^ Per cent- Following the issue of Bank of Canada notes... 162.2 261.6 379.6 572.5 751.5 Chartered bank notes. .. 84.6 79.8 70.6 60.3 42.2 the Fourth and Fifth Victory Loans small credit Total 246.8 341.4 450.2 632.8 793.7 facilities were required for only brief periods. At a meeting of the Board of Directors on The expansion shown over the period as a February 7, 1944, it was decided to reduce the whole has undoubtedly been due chiefly to the bank rate to ij^ per cent, effective February 8, from the xj^ per cent level which had been 1 The full Report contains, in addition, notes on personnel matters maintained since the Bank's establishment in and a discussion of the profit and loss accounts of the Bank. Summary figures from the balance sheet are shown on p. 403 of this issue of the 1935. During the intervening period, there BULLETIN. For previous reports, see BULLETIN for March 1943, March had been a considerable reduction in interest 1942, May 1940, etc. 332. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK OF CANADA rates on short-term securities, and the bank dollars. In addition, total active note circularate was somewhat out of line with the current tion (including Bank of Canada notes) rose by market. However, this was not a matter of 161 million dollars, making the total expansion great importance because the lending facilities in the volume of money, therefore, 909 million of the Bank have been required on few occasions dollars during the year. and for rather small amounts. Dominion and Provincial Government securi- The change to a i}^ per cent rate does not ties held by chartered banks rose by 6x6 million mean that the Bank expects its credit facilities dollars during the year. Most of this increase to be needed on a much greater scale in the was accounted for by special short-term issues future than in the past. Nor does it mean that which were sold to the banks by the Dominion under existing war conditions there is any less Government. The outstanding amount of sixneed for people to save. The utmost effort to months deposit certificates bearing interest at maintain and increase our saving is still neces- three-quarters of one per cent per annum rose sary, and the first and foremost concern of by X75 million dollars during 1943, and on Sepfinancial policy must be with winning the war. tember 1 the banks bought xoo million dollars of The stage has now come, however, when many one and one-half per cent notes maturing July x, are also having to give thought to the economic 1945. In addition, a major part or the 60 problems which will arise after the war. million dollar net increase in Dominion Treasury One factor which will affect decisions is the bills outstanding went into chartered bank portprospective cost of borrowing. It therefore folios. seems appropriate that the Bank should, by Cash reserves of the chartered banks rose reducing its rate, signify its intention to con- 8i million dollars during the year, as shown in tinue the kind of monetary policy which has the table on page 33Z. Most of the expansion brought about the current level of interest rates. was necessary in order to maintain the cash ratio A policy aimed at higher interest rates would position of the chartered banks in view of the only become intelligible if, after war shortages 748 million dollar increase in their Canadian are over, consumers' expenditure and capital deposit liabilities referred to above. In the development were to proceed at a rate which latter part of the year the Bank of Canada also would overstrain our productive capacity. I took steps to increase bank cash by a moderate see no prospect of such a situation arising in a further amount. This leeway in regard to the form which would call for a policy of raising over-all cash position was needed in order to interest rates. prevent large temporary swings in the cash Admittedly, the rate of interest is only one of position of individual banks, which are caused many factors influencing Canada's economic by the unprecedented scale of the Government's position, and it is probably not as important an financial operations, from having an undesirable instrument of control as was once supposed. It effect. remains true, however, that the prospect of In last year's Annual Report I mentioned that unstable interest rates could make it exceedingly monetary expansion had not been necessary or difficult for business to formulate long-term desirable for some time except to meet wartime plans. Moreover, high borrowing costs would fiscal requirements. Again in 1943, credit hamper new investment in plant, equipment and expansion was entirely due to Government housing, would restrict the expansion of em- financing and attendant operations. Total Caployment, and would seriously complicate the nadian loans and investments of the chartered task of Government financing. Thefe can be banks, excluding Government securities and little doubt that the easy money policy which loans made to finance instalment purchases of has been pursued since 1935 assisted in pro- Victory Bonds, declined by 84 million dollars moting recovery from the depression and during the year. facilitated the adjustments which have been required during the war period. Indication SECURITY MARKETS that the Bank intends to continue this easy money policy should be helpful in making plans Medium- and long-term Dominion Governfor the future. ment bond prices rose moderately during 1943, and at the end of the year were about the same as CREDIT EXPANSION comparable averages for the first half of 1939. During 1943, the Canadian deposit liabilities Although gilt-edged prices in London receded of the chartered banks increased by 748 million several points from the peak reached in January APRIL 1944 333 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK OF CANADA 1943, they rose slightly in the last half of the Amount of cash year, and remain appreciably above the prewar Total applications level. number of by individuals applications (ex Special A table of new Canadian bond issues of all Names) categories, less retirements, is shown below. [In millions of Canadian dollars] ESTIMATED NET NEW BOND ISSUES OR RETIREMENTS 1st War Loan—Jan. 1940 178,000 132 [Par values in millions of Canadian dollars] 2nd " " —Sept. 1940 151,000 113 1st Victory Loan—June 1941 968,000 280 2nd " —Feb. 1942 1,681,000 336 Ca y le e n ar dar Total D C o . m a N n i . n d R io .1 n Provinces p M a u li n ti i e c s i- 2 c P o r t r i i p o v o n a r s t a e - 4 3 5 r t t h h d " " " " " — — — O A O c p c t t r . . . 1 1 1 9 9 9 4 4 4 3 2 3 3 2 2 , , , 0 6 0 3 6 3 3 8 2 , , , 0 0 0 0 0 0 0 0 0 * 3 6 5 7 0 3 5 4 0 Payable in Canada only These results are in part attributable to rising national income but are also a measure of the 1936 360 125 66 13 182 strenuous efforts which have been made to 1937 173 25 82 9 75 1938 172 91 59 9 31 achieve the widest possible distribution of the 1939 197 74 51 24 96 1940 474 434 75 14 21 Government's war borrowing. This is the most 1 19 9 4 4 2 1 1,7 6 8 6 9 6 1,8 7 3 3 3 1 9 3 4 2 2 3 1 3 1 effective kind of borrowing for purposes of 1943 2,563 2,606 12 30 25 combating inflation, and it is also highly desirable for broad social reasons that as many Payable abroad, only or optionally people as possible should have some reserve against emergencies. 1936 219 39 27 14 139 1937 141 14 24 16 87 For many individuals, Victory Bonds and War 1938 98 21 11 21 45 1939 209 96 29 15 127 Savings Certificates purchased during the war 1940 209 144 15 16 34 period represent the first significant backlog of 1941 256 195 18 14 29 1942 412 296 41 13 62 saving they have ever been able to build up, 1943 211 148 26 11 26 and it is apparent that some high-pressure promoters of dubious or worthless securities are Total attempting to exploit these savings. Security 1936 141 86 39 27 43 regulation is a Provincial responsibility, and 1937 32 11 58 25 12 1938 74 70 48 30 14 it is obviously not easy by means of legislation 1939 12 22 80 39 31 to prevent activities of a criminal character, 1940 265 290 60 30 55 1941 410 536 18 46 62 without at the same time hampering the 1942 1,377 1,537 32 55 73 1943 2,352 2,458 14 41 51 desirable flow of capital into legitimate risk enterprise. A satisfactory solution of this 1 Includes War Savings Certificates, but excludes Treasury bills, problem, where it exists, will require wholedeposit certificates and special short-term issues sold to banks, of which the amount outstanding increased (in millions of dollars) by hearted and vigilant cooperation from rer 5 e 7 s , p n e i c l, t i 5 v , e 2 l 0 y 0 . , 325, 290, 633 and 535 in the calendar years 1936 to 1943 sponsible members of the financial community, 2 The division of net municipal retirements between the domestic as well as Government administration of a and the foreign category is a rough approximation only. high order. Prices of Provincial Government bonds (par- Net new domestic issues taken up by the ticularly those of the Prairie Provinces) rose public during 1943, totaling 2.,563 million markedly during 1943. With Provincial revedollars, greatly exceeded the corresponding nues up by one-third from the prewar level and figure for any previous year. The major items protected by the Dominion-Provincial Tax were, of course, the Fourth Victory Loan in Agreements, and with capital expenditures April and the Fifth Victory Loan in October, restricted by material and labor shortages, the which produced cash applications for 1,309 Provinces have been able to reduce their debt in million dollars and 1,383 million respectively. each of the last three years. Municipalities and The following table shows the progressive in- corporations have continued to pay off debt on a crease which has taken place in the total considerable scale, as will be seen from the number of applications, and in the volume of table in the adjoining coluihn. war bonds sold to individuals of moderate means (as distinct from individuals of FEDERAL DEBT larger means included in the Special Names Can- Net Federal Government borrowing in Canada vass). since August 1939 has amounted to 7,654 million 334 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK OF CANADA dollars, or about half of the Government's total (1) C.N.R. interest which the Railway is cash requirements during the war to date. This able to pay out of its own net earnings,2 represents a quadrupling of the Government's and domestic debt over the period in question, but (2.) cash revenue received by the Federal taken by itself it gives an exaggerated impression Government on its investment in or of the extent to which the over-all Federal advances to other organizations such as debt burden has increased, because there are the Bank of Canada, the Foreign Exseveral important offsetting factors. change Control Board and the National For example, a considerable amount of the Harbours Board. Federal Government's domestic borrowing was used to redeem its own bonds payable in sterling, These offsets amounted to approximately 14 or was advanced to the Canadian National million dollars and 84 million in 1939 and 1943 Railway Company to enable it to redeem respectively. Net interest charges are therefore obligations outstanding in London. These now running at about 22.0 million dollars a year, operations, which were initiated in November as compared with about 145 million a year at the 1939 and largely completed by April 1942., were outbreak of war, which represents an increase of designed to assist the United Kingdom Govern- 52. per cent. ment to finance its war purchases in Canada. A The real burden of public debt charges defurther portion of the domestic borrowing was pends, of course, on the taxable capacity of the used to redeem certain Government issues economy. National income has approximately payable in U. S. dollars, and to enable the doubled since before the war, and taxable capac- C.N.R. to pay off nonsterling obligations which ity has increased a good deal more, because matured during this period. The effect of these surplus income over and above basic food, shelter offsets is shown in the table of total Federal and and clothing requirements has increased pro- C.N.R. debt which is given below. portionately more than total income. In rela- Another offsetting factor is the substantial tion to taxable capacity, therefore, the burden reduction which has taken place in the rate of of Federal and C.N.R. debt charges has declined interest payable on the combined Federal and substantially during the war period. It is also C.N.R. debt. As the table below shows, the less now, in relation to national income, than average coupon rate has fallen by more than it was io years ago, when net interest charges one-quarter during the war period. This was were about 135 million dollars a year and nanot caused by any significant reduction in market tional income was less than half its present level. rates of interest, which have shown little net In making these comments I do not wish to change since the middle of 1936. It has resulted suggest that public debt could be increased at the mainly from more complete conversion of the debt present rate for an indefinite period without to current rates through the continuing process placing intolerable strain on our economy. I do of maturities, refunding and new issues. feel, however, that the war debt, and the increases which will inevitably take place for a BONDED DEBT time after the war ends, can be handled without (Including Treasury bills and deposit certificates. In millions of serious embarrassment. The key to this prob- Canadian dollars] lem, as to many others, lies chiefly in the Amount out- maintenance of a high level of employment and standing at Inc o re r ase income. Aug. 31, Dec. 31, decrease GENERAL 1939 1943 The magnitude of the adjustments which Federal Government: Canada will face in maintaining high employ- Payable in Canada only 2,558 10,212 +7,654 Payable in London 406 12 -394 ment after the war can be indicated in simple Ca P n a a y d a i b an le N in a t N io e n w al Y R or a k ilways: 469 333 -136 terms. In 1939 about 4,000,000 Canadians were Payable in London 395 26 -369 gainfully occupied and at least 300,000 who were Other 865 719 -146 available for work were not employed. By the Total Federal and C.N.R 4,693 11,302 +6,609 end of 1943 the gainfully occupied population Average coupon rate (per cent) 3.61 2.69 had risen to approximately 5,100,000 but about Total annual interest payable 169 304 +135 1,900,000 of these were engaged in the armed forces, in supplying the weapons of war, or in In calculating the net interest burden, adjustment must be made for: 2 The calculation takes no account of the C.N.R. surplus (over and above debt charges) which is now accruing to the Federal Government. APRIL 1944 335 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK OF CANADA producing the food required for special wartime over, the specialized character of Canada's exports. The number available to meet civilian resources, and her relatively small internal marneeds had therefore fallen to about 3,100,000, but ket severely restrict the standard of living which at the same time the average standard of living she can achieve without the benefit of a large had risen materially and was probably higher export and import trade. Her choice will, howthan it had ever been. This increased output of ever, necessarily depend on whether other consumption goods by a smaller working force countries, too, are willing to give international can be accounted for in part by longer hours of trade a chance. work, favorable crop conditions and the One indication of the prospects in this regard abnormally small number now employed in will no doubt be found in the extent and characprivate capital development and maintenance ter of the international monetary arrangements work. Another important factor, however, which can be worked out by the United Nations. has been the improvement in production Three plans have been put forward by British, techniques worked out under the stress of war. American, and Canadian experts respectively, After the war, some of those who are now which are genuinely international in their apemployed will voluntarily withdraw from the proach. Though differences exist between these working force, and the armed services may be plans and need to be reconciled, the broad objecmaintained at a level considerably above their tive is the same in each case—viz., that countries prewar strength. It seems likely, however, should get together and provide credit on a colthat at least 4,700,000 workers will be available lective basis, within certain limits, in order to for employment in civilian jobs, or at least achieve a reasonable degree of exchange stability 1,500,000 more than the number employed in and promote the exchange of goods. that sector of the economy at the present time. No doubt these plans represent something less A working force of this size, at present rates of than perfection, and criticism should be welefficiency, will be able to produce a vastly comed. In the last analysis, however, they greater volume of civilian goods and services must be assessed against the practical alternathan Canada has ever known before. By the tives which are either: same token, a vastly increased volume of (a) no plans for the provision of external consumption and capital development will be credit at all, or necessary if this output is going to be fully (b) plans for the extension of trade credit diabsorbed and high employment maintained. rectly between individual countries on a The adjustments required will clearly be of bilateral basis. unprecedented magnitude, and bold planning on the part of labor, farm and business organiza- It would be unrealistic to assume that bilateral tions, as well as governments, is urgently credit would not sooner or later be accompanied needed. by trade discrimination in favor of the countries One of the many difficult problems to be faced extending credit. In the long run this would in this connection concerns the probable future hamper world trade almost as much as the abof international trade. Should this country sence of international credit, and would be even count on maintaining or expanding production more likely to promote economic imperialism in specialized lines where she has a competitive and international discord. advantage, with a view to increasing her exports The central provision of the international above the prewar level? This will only be pos- monetary proposals is the arrangement for the sible in the long run if Canada and other coun- extension of credit. It is important to realize, tries are willing to import more in lines where however, that the necessity for credit does not they are relatively less efficient. Or should arise out of these specific proposals but out of the Canada orient her economy further towards self- fact that countries* exports of goods and services sufficiency, deliberately building up high-cost are not necessarily equal to their imports at any industries which depend for their existence on particular time. The countries whose exports some form of subsidy from the community at exceed their imports should recognize that (exlarge? cept in so far as other countries have a stock of I believe this country has a greater interest gold or acceptable foreign exchange which they than almost any other in following the first are willing to deplete) a creditor country must course if it is in fact open to her. Internal ad- in all circumstances finance its export surplus. justments will be required under either alter- If it prefers to do so, it can make long-term loans native but they would undoubtedly be less abroad rather than extend credit through an fundamental and painful under the first. More- international institution as proposed in the mon- 336 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK OF CANADA etary plans. But if it is unwilling to extend tries, will presumably have no choice but to credit in any form, it has no alternative but to adopt increasingly nationalistic economic polieliminate its export surplus by increasing its cies. Growing economic and political friction imports or curtailing its exports. between countries would inevitably result, and An international monetary agreement would, it is hard to believe that any nation would deof course, be no more than a good start towards liberately choose such a course if all its implicaexpanding world trade and laying the economic tions were clear. On the other hand, it would foundations of a durable peace. Measures debe foolish to expect that any given country will signed to reduce tariff barriers, increase intermake and fulfill international commitments national investment and stabilize primary comunless it sees an interest in doing so. Self-intermodity prices are also needed; and the extent of est is indeed the only practical basis for durable such economic collaboration will no doubt international agreements. What we badly need, largely depend upon how far confidence in international political security can be established. therefore, is a hard-headed appraisal by each If sensible international arrangements can not country of what that self-interest really is in the be worked out, Canada, like most other coun- long run, and what is necessary to achieve it. APRIL 1944 337 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS Reappointment of Marriner S. Eceles Michigan as a Member of the Board and as Chairman Marriner S. Eceles was reappointed as a mem- Ypsilanti—Ypsilanti Savings Bank ber of the Board of Governors of the Federal Reserve System for a term of fourteen years from New Jersey February i, 1944. The President also desig- Clifton—Clifton Trust Company nated Mr. Eceles as Chairman of the Board of Governors of the Federal Reserve System, to New York serve as such for a term of four years, effective Freeport—The Freeport Bank of Freeport, New February 1, 1944. York Appointment of Branch Director Great Neck Plaza—Great Neck Trust Company The Board of Governors of the Federal Re- Johnstown—The Johnstown Bank serve System on March 15, 1944, announced the Phoenix—The Phoenix Bank appointment of Mr. William Howard Smith of Pennsylvania Prattville, Alabama, as a director of the Birmingham Branch of the Federal Reserve Bank of New Cumberland—New Cumberland Bank Atlanta for the unexpired portion of the term ending December 31, 1945. Mr. Smith is en- South Dakota gaged in farming. Lead—Miners and Merchants Savings Bank Death of Director Texas William G. Volkmann, Partner, A. Schilling and Company, San Francisco, California, who Houston—South Main State Bank had served as a Class B director of the Federal Reserve Bank of San Francisco since March 2., West Virginia 1937, died on March i3, 1944. Ripley—Bank of Ripley Admissions of State Banks to Membership in the Federal Reserve System Wisconsin The following State banks were admitted to membership in the Federal Reserve System dur- Boyd—State Bank of Boyd ing the period February 16, 1944, to March 15, Cadott—Citizens State Bank 1944, inclusive: West Salem—Union State Bank of West Salem 338 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material. Absorption of Exchange Charges evident, therefore, that the charges are not absorbed as compensation for the use of funds on Avoidance of Expense to Member Bank deposit but as a means of avoiding expense to The Board of Governors recently considered the bank. the case of a member bank which was absorbing In the opinion of the Board, therefore, the exchange charges in order to avoid the addi- absorption of the charges in the circumstances tional expense which would be involved in col- above indicated is not a payment to or for the lecting such charges. From the information account of any depositor as compensation for the presented in this case it was understood that the use of funds and, accordingly, is not a violation bank has no agreement or understanding, tacit or of the provisions of section 19 of the Federal otherwise, with any depositor with regard to the Reserve Act relating to the payment of interest absorption of any exchange or collection on deposits. It may be added, however, that if charges; and that such charges are absorbed only it appears from any understanding or agreement where the amount of the clerical or other expense between a bank and a depositor or from other that would be involved in collecting the charges evidence, such as the solicitation of deposits from the bank's depositors exceeds the amount upon the basis of a willingness to absorb such of the charges. exchange charges, that it is the intention to Under the Board's Regulation Q, interest is absorb the charges as compensation for the use denned as "any payment to or for the account of of the depositor's funds, then it would seem any depositor as compensation for the use of clear that such a bank is violating the provisions funds constituting a deposit." As pointed out of section 19 aforesaid, notwithstanding the fact in the Board's ruling published in the September that the cost of passing back the charges might 1943 Federal Reserve BULLETIN at page 817, two exceed the cost of absorbing them. questions arise under this definition: First, whether the absorption of the charges by the Consumer Credit bank constitutes a payment; and, second, Amendment to Regulation W whether such payment is made as compensation for the use of funds constituting a deposit. The Board of Governors, effective April 3, Since in practically every case the absorption of 1944, issued Amendment No. 11 to Regulation the charge results in a payment, it may be W, relating to Consumer Credit. The changes pointed out that most cases will turn upon a are technical or administrative, designed to determination of whether the charges are ab- improve the practical workings of the Regusorbed as compensation for the use of the funds lation. They will relieve both credit-grantors on deposit. In this case it appeared that and their customers from some detailed requirecharges are absorbed solely as a matter of operat- ments that are not now of sufficient importance ing efficiency where the cost of passing them to warrant the extra work which they someback would exceed the amount of the charges. times involve. There was no evidence that the bank in soliciting Although the Amendment makes about 15 new accounts or in maintaining existing ac- small changes in the Regulation, none of these counts offers to absorb such charges as an induce- requires the credit-grantor to do anything he ment to the maintenance of balances. It seems was not previously required to do. Most of 339 APRIL 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT them permit one credit-grantor or another to " 'Authorization' of Small Items" the words simplify his operations under the Regulation. "within 15 days from the date of sale" and in- One of the more important changes will serting in lieu thereof the words ' 'within 30 days permit banks and other cash-lenders to obtain from the date of sale." from the borrower on a form of their own the 5. By amending section 5^) so that it will information concerning the purposes of the loan read as follows: which they have heretofore had to obtain on a (g) Small Defaults.—A charge account shall form prescribed by the Board, but they may con- not be deemed to be "in default" within the tinue at their option to use the prescribed form. meaning of sections $(c) or ix(W) if the amount Other changes give merchants more latitude in in default is less than $10.00. handling small balances in charge accounts— 6. By amending section 6(d) so that it will viz., balances up to $10.00—and in handling read as follows: instalment sales of articles priced up to $10.00. 00 Statement of the Borrower.—No Regis- The Amendment is not intended to have any trant shall make any instalment loan, except material effect in the way of influencing either under the provisions of section io(a), unless he the expansion or the contraction of the total shall have accepted in good faith a signed volume of consumer credit outstanding. Statement of the Borrower as to the purposes The text of the Amendment is as follows: of the loan. Such Statement shall state whether or not any of the proceeds of the loan are to be AMENDMENT NO. II TO REGULATION W used to make a down payment on the purchase Regulation W is hereby amended in the fol- of a listed article or to be used to purchase any lowing respects, effective April 3, 1944: listed article having a cash price of $15.00 or 1. By amending section $Qa) entitled "Down more, and, if any of the proceeds of the loan are Payment" so that clause (3) will read as follows: to be so used, such Statement shall identify such (3) In the case of articles the cash price of listed article and shall state the cash price which is $10.00 or less, no down payment is thereof and the value of any trade-in. Such required. Statement shall state also whether or not any 2.. By adding to section ^(d) entitled "State- of the proceeds of the loan are to be used to ment of Transaction" the following sentence: reduce or retire any instalment sale or instal- The Statement of Transaction need not include ment loan, or any single-payment loan which is a description of the article if it is purchased by- subject to this regulation, or any charge account means of a coupon book or similar medium of arising in whole or in part from the sale of a instalment credit upon which a cash down pay- listed article, and, if any of the proceeds are ment of at least one-third of its purchase value to be so used, shall state the amount of such has been made. obligation and the terms of payment. If a 3. By adding at the end of section <>(d) en- Registrant relies in»good faith on the facts set titled "Curing Defaults" the following para- out by the obligor in such Statement, it shall be graph: deemed to be correct for the purposes of the In the case of any charge account obligation Registrant. (The Registrant, at his option, of any member or former member of the armed may use either his own form or the most recent forces of the United States incurred prior to his Statement of Borrower form prescribed by the induction into such service, a default may be Board.) cured by the purchaser entering into a written 7. By amending section y(c) entitled "Reagreement in good faith to make payment ac- newals and Extensions" so that clause (1) of cording to such terms as the Registrant shall numbered paragraph (3) will read as follows: deem it appropriate to require. (1) with respect to any obligation of any 4. By striking out of section $(f) entitled member or former member of the armed forces 340 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT of the United States incurred prior to his induc- content prescribed by the Board," from the tion into such service, second paragraph of section io(d) entitled 8. By amending section y(d) so that it will "Statement of Necessity to Prevent Undue read as follows: Hardship." (/) Statement of the Borrower.—No Regis- 13. By amending section n(/&) so that it will trant shall make any single-payment loan, read as follows: except under the provisions of section 7(0), (Jo) Preservation of Records.—Every Regisunless he shall have accepted in good faith a trant shall preserve for the life of the obligasigned Statement of the Borrower as to the tion to which they relate, such books of account, purposes of the loan. Such Statement shall records, and other papers (including any statestate whether or not any of the proceeds of the ments required by or obtained pursuant to this loan are to be used to make a down payment on regulation) as are relevant to establishing the purchase of a listed article or to be used to whether or not an extension of credit within purchase any listed article having a cash price the scope of this regulation was in conformity of $15.00 or more, and, if any of the proceeds with the requirements thereof, provided, howof the loan are to be so used, such Statement ever, that the Statement of the Borrower obshall identify such listed article and shall state tained pursuant to section 6(d) or j(/) shall be the cash price thereof and the value of any preserved for the life of the obligation to which trade-in. If a Registrant relies in good faith it relates or for one year, whichever period is on the facts set out by the obligor in such longer, and provided further that the Registrant Statement, it shall be deemed to be correct for may preserve photographic reproductions in the purposes of the Registrant. (The Registrant, lieu of such books of account, records, or at his option, may use either his own form or papers. the most recent Statement of Borrower form 14. By amending section 12.(0 so that it will prescribed by the Board.) read as follows: 9. By amending section 8 entitled "Excep- (i) Inspections and Production of Rections" so that clause (1) of subsection (m) will ords.—For the purpose of determining whether read as follows: or not there has been compliance with the (1) the conversion of heating equipment to requirements of this regulation, every person the use of any other fuel, the repair of heating required to be licensed under section 3 shall perequipment, or the replacement of heating equip- mit the Board or any Federal Reserve Bank, by ment if it is worn out, damaged beyond repair, its duly authorized representatives, to make such or destroyed, inspections of his business operations as the Board 10. By adding to section 8 entitled "Excep- or Federal Reserve Bank may deem necessary or tions" the following new subsection: appropriate, including inspections of books of Qp) Loans to Indians.—Any extension of account, contracts, letters or other relevant credit made in accordance with regulations of papers wherever located, and, for such purpose, the Secretary of the Interior for the economic shall furnish such reports as the Board or the development or rehabilitation of Indians. Federal Reserve Bank may require. When 11. By amending section io(V) entitled "Re- ordered to do so by the Board, every such newals or Revisions" so that clause (1) will person shall furnish, under oath or otherwise, read as follows: such information relative to any transaction (1) with respect to any obligation of any within the scope of the Executive Order as the member or former member of the armed forces Board may deem necessary or appropriate for of the United States incurred prior to his induc- such purpose, including the production of books tion into such service, of account, contracts, letters or other papers in 12.. By striking out the phrase "in form and the custody or control of such person. APRIL 1944 341 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 15. By adding to section 12. the following cash price or of the price ceiling, whichever is new subsection: lower in the particular case. (n) Mail Orders.—An instalment sale shall not be deemed to be in violation of section 4(0) Foreign Funds Control if the sale is made upon the receipt of a mail Treasury Department Releases order for one or more articles and the cash deposit received with the order fails by less The following releases relating to transactions than $1.00 to equal the sum of the down pay- in foreign exchange, etc., in addition to those ments required by this regulation for all of the heretofore published in the Federal Reserve articles included in the order. BULLETIN, have been issued by the Office of the Secretary of the Treasury under authority of the Maximum Credit Values for Used 1942 Executive Order of April 10, 1940, as amended, Automobiles and the Regulations issued pursuant thereto: This ruling relates to the establishment of Treasury Department maximum credit values for used 1942. model automobiles under Regulation W. Foreign Funds Control Amendment No. 12. to Revised Price Schedule January 15, 1944 RPS 85 of the Office of Price Administration GENERAL LICENSE NO. 84, AS AMENDED relating to New Passenger Automobiles, which was effective December 7, 1943, prescribes price Under Executive Order No. 8389, as Amended, Executive Order ceilings for used 1942. models that depend in No. 9193, Section j(b") of the Trading with the Enemy Act, as Amended by the First War Powers Act, 1941, Relating to part upon the length of time each particular Foreign Funds Control* automobile has remained in the possession • of General License No. 84 is hereby amended to read as any dealer pending sale. This means that there follows: may be a number of different ceiling prices for Exemption of certain United States securities from General the same make and model of automobile in each Ruling No. 5. A general license is hereby granted exempting from the provisions of General Ruling No. 5 the following locality. securities: It is our understanding that some guide book (a) United States Defense and War Savings Stamps and publishers have come to the conclusion that it Bonds of all series and designations; is inadvisable under the circumstances to attempt 00 All other securities issued on or after December 7, to publish "estimated average retail values" for 1941, which are direct obligations of the United States, including, but not limited to, bonds, notes, used 1942. automobiles. The Board has decided certificates of indebtedness, and Treasury bills, and that it will not discontinue the designation of interim certificates issued for any such securities. such guide books for purposes of sections i3(£) RANDOLPH PAUL, and 13(0 of Regulation W. Acting Secretary of the Treasury. Because "appraisal guide values" will not appear in some books and because other guide Treasury Department books that publish such values might be at a Foreign Funds Control competitive disadvantage if no action were January 15, 1944 taken, the Board has ruled that any Registrant may, until further notice, disregard with respect PUBLIC CIRCULAR NO. 14 to 1942. model automobiles the requirements of Under Executive Order No. 8389, as Amended, Executive Order sections 13OO and 13OO that the "appraisal No. 9193, Sections $(a) and sQf) of the Trading with the guide value" be taken into consideration in determining the down payment or maximum * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 loan for such an automobile. This means that Stat. 838; Ex. Order 8389, April 10,1940, as amended by Ex. Order 8785, June 14, 1941. Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9, the maximum credit will be two-thirds of the 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1942; Regulations, April 10,1940, as amended June 14,1941, and July 26,1941. 34^ FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Enemy Act, as Amended by the First War Powers Act, 1941, the beneficial interest is held by, a citizen of the Relating to Foreign Funds Control* United States who is the payee or a member of his household; and Elimination of Corsica from definition of ''enemy territory" (e) Such remittances are effected only by the payment in General Ruling No. 11. Reference is made to General of the dollar amount of the remittance to a domestic Ruling No. 11, as amended, and to the definition of "enemy bank for credit to a post-liberation blocked account territory" in paragraph (4XW thereof. in the name of "Bank of Sicily, Account AF." Corsica shall no longer be deemed to be "enemy territory" (2.) Duty of individuals and domestic banks acting under this within the meaning of that definition. Attention is directed, license. All individuals making such remittances and all however, to the fact that Corsica continues to be territory domestic banks effecting such remittances shall satisfy themof a blocked country. selves that the foregoing terms and conditions are complied RANDOLPH PAUL, with. Acting Secretary of the Treasury. (3) Reports by domestic banks effecting remittances. Domestic banks through which any such remittances originate shall Treasury Department execute promptly Section A of Form TFR-i3i with respect Foreign Funds Control to each such remittance. When so executed, Form TFR-i3i shall be forwarded promptly to the domestic bank ultimately February 7, 1944 transmitting abroad the payment instructions for such GENERAL LICENSE NO. 3iA remittances and the latter bank shall, upon receipt thereof, execute Section B of Form TFR-I3X and promptly file such Under Executive Order No. 8389, as Amended, Executive Order executed report with the appropriate Federal Reserve Bank. No. 9193, Section j(F) of the Trading with the Enemy Act, If the domestic bank through which any such remittance as Amended by the First War Powers Act, 1941, Relating to originates is also the bank ultimately transmitting abroad Foreign Funds Control^ the payment instructions for such remittance, then such (1) Certain remittances to Sicily for living expenses authorized. bank shall execute both Sections A and B of such report. A general license is hereby granted authorizing remittances No report on Form TFR-132. shall be deemed to have been by any individual through any domestic bank to any indi- filed in compliance with this general license unless both vidual within Sicily, and any domestic bank is authorized to Sections A and B thereof have been duly executed as herein effect such remittances, provided the following terms and prescribed. conditions are complied with: (4) Reports by domestic banks maintaining post-liberation (a) Such remittances are made only for the necessary blocked accounts. Domestic banks maintaining post-liberation living expenses of the payee and his household; blocked accounts in the name of "Bank of Sicily, Account (b) If the payee is not a citizen of the United States, the AF" shall report promptly the establishment of such actotal of all remittances to such payee and his house- counts, and the balances therein at the end of each calendar hold effected in any three month period under this month, to the appropriate Federal Reserve Bank. general license may not exceed $100; (5) Refunds. Domestic banks are authorized to refund (c) If the payee is a citizen of the United States, the total the amount of any remittance ordered pursuant to this general of all remittances to such payee and his household license when such domestic banks are advised that such effected in any one calendar month under this general remittance can not be effected. license may not exceed $75, except that additional (6) Waiver of General Ruling No. 11 and General Ruling No-, sums not exceeding $15 in any one calendar month 5A. Transactions authorized herein and communications may be remitted for each member of such payee's with persons in Sicily relating thereto are authorized nothousehold in addition to the payee who is a citizen withstanding General Ruling No. 11. Domestic banks are of the United States, provided that in no case shall a authorized, notwithstanding General Ruling No. 5A, to sum in excess of $150 per calender month be remitted send to and receive from the Bank of Sicily non-negotiable to any such payee and his household; bank payment orders covering remittances or refunds author- (d) Such remittances are not made from a blocked account ized herein. other than from an account in a banking institution (7) Definitions. As used in this general licenser within the United States in the name of, or in which (a) The term "household" shall mean: (i) those individuals sharing a common dwell- * Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as ing as a family; or amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, (ii) any individual not sharing a common dwell- 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as amended ing with others as a family. June 14, 1941, and July 26, 1941. t Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 (b) The term "post-liberation blocked account" shall Stat. 838; Ex. Order 8389, April 10,1940, as amended by Ex. Order 8785, mean a blocked account: June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 2*6, 1941; Ex. Order 9193, July 6, 1942; (i) which is established pursuant to this license Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. or any other license or other authoriza- APRIL 1944 343 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT tion expressly referring to a post-liberation credit, or accepting or paying drafts drawn, or blocked account; reimbursing themselves for payments made, under (ii) to which funds may be credited only pursuant letters of credit, or making any other payment or to this license or any other license or other transfer of credit, in connection with any importation authorization expressly referring to a post- or exportation pursuant to this general license, or liberation blocked account; and engaging in any other transaction herein authorized, (iii) with respect to which payments, transfers, shall satisfy itself (from the shipping documents or or withdrawals or other dealings may not otherwise) that: (i) any such transaction is incident be made or effected except pursuant to this to a bona fide importation or exportation and is license or any other license or other author- customary in the normal course of business, and that ization expressly referring to a post-liberatioa the value of such importation or exportation reasonblocked account. ably corresponds with the sums of money involved in RANDOLPH PAUL, financing such transaction; and (11) such importation Acting Secretary of the Treasury. or exportation is or will be made pursuant to all the terms and conditions of this license. 00 Subject to all other terms and conditions of this Treasury Department general license any national of a blocked country doing Foreign Funds Control business within the United States pursuant to a license is also hereby authorized, while so licensed, to engage in any February u, 1944 transaction referred to in paragraph (1) to the same extent that such national is licensed to engage in such transaction GENERAL LICENSE NO. 53, AS AMENDED involving persons within the generally licensed trade area Under Executive Order No. 8589, as Amended, Executive Order who are not nationals of a blocked country. No. 9193, Section j(fi) of the Trading with the Enemy Act as f Amended by the First War Powers Act, 1941, delating to (3) This General License shall also authorize any transac- Foreign Funds Control* tion engaged in by a bank within the generally licensed trade (1) A general license is hereby granted licensing all area pursuant to the order of or for the account of any transactions ordinarily incident to the importing and export- national of a blocked country within the generally licensed ing of goods, wares and merchandise between the United trade area to the same extent, and under the same circum- States and any of the members of the generally licensed trade stances, as though such transaction were solely for the area or between the members of the generally licensed trade account of such bank; provided, however, that this paragraph area if (i) such transaction is by, or on behalf of, or pursuant shall not be deemed to permit any payment, transfer or to the direction of any national of a blocked country within withdrawal from any blocked account; and provided further the generally licensed trade area, or (ii) such transaction that the following terms and conditions are complied with: involves property in which any such national has at any (a) Such transaction is not by, or on behalf of, or pursuant time on or since the effective date of the Order had any inter- to the direction of (i) any person whose name appears est, provided the following terms and conditions are complied on "The Proclaimed List of Certain Blocked Nawith: tionals," or (ii) any blocked country or national (a) Such transaction is not by, or on behalf of, or pursuant thereof not within the generally licensed trade area; to the direction of (i) any person whose name appears (b) Such transaction does not involve property in which on "The Proclaimed List of Certain Blocked Na- (i) any person whose name appears on "The Protionals," or (ii) any blocked country or national claimed List of Certain Blocked Nationals," or (ii) thereof not within the generally licensed trade area; any blocked country or national thereof not within (b) Such transaction does not involve property in which the generally licensed trade area, has at any time on or (i) any person whose name appears on "The Pro- since the effective date of the Order had any interest. claimed List of Certain Blocked Nationals," or (ii) (4) As used in this general license: any blocked country or national thereof not within (a) The term "generally licensed trade area" shall mean the generally licensed trade area, has at any time on or the following: since the effective date of the Order had any interest; (i) the American Republics, i.e., (1) Argentina, and (2.) Bolivia, (3) Brazil, (4) Chile, (5) Co- (c) Any banking institution within the United States, lombia, (6) Costa Rica, (7) Cuba, (8) The prior to issuing, confirming or advising letters of Dominican Republic, (9) Ecuador, (10) El Salvador, (11) Guatemala, (iz) Haiti, (13) Honduras, (14) Mexico, (15) Nicaragua, (16) • Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10,1940, as amended by Ex. Order 8785, Panama, (17) Paraguay, (18) Peru, (19) Uru- June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1942; guay, and (2.0) Venezuela; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, (ii) the British Commonwealth of Nations, i.e.. 1941. 344 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT (i) the United Kingdom (England, Wales, has at any time on or since the effective date of the Order Scotland and Northern Ireland), (z) the British had any interest, provided that: Dominions (Canada, Australia, New Zealand, (a) Such transaction is not by, or on behalf of, or pursuant the Union of South Africa and Newfoundland), to the direction of any blocked country or any (3) Eire, (4) the Isle of Man, (5) India, (6) national thereof, other than Sweden or any national of Egypt, (7) Anglo-Egyptian Soudan, (8) Iraq, Sweden; and (9) all colonies and protectorates under the (b) Such transaction does not involve property in which British Crown, and (10) all mandated terri- any blocked country or any national thereof, other tories administered by the United Kingdom or than Sweden or any national of Sweden, has at any by any British Dominion; time on or since the effective date of the Order had (iii) the Union of Soviet Socialist Republics; any interest; and (iv) the Faroe Islands; (c) If such transaction is not by, or on behalf of, or (v) the Netherlands West Indies; pursuant to the direction of the Government of (vi) the Belgian Congo and Ruanda-Urundi; Sweden or the Sveriges Riksbank, such transaction (yii) Greenland; shall not be effected until a representative in New (viii) Iceland;- York, New York, of the Swedish Legation, designated (ix) (1) Syria and Lebanon; and (2.) the New for such purpose by the Minister of Sweden to the Hebrides Islands; and United States, has certified in writing that the (x) (1) French Equatorial Africa, including the Government of Sweden has determined that such • Cameroons; (z) New Caledonia; (3) Tahiti; transaction complies with the conditions of para- (4) the French Establishments in India; graphs (a) and (b) above. Provided, however, that the term "generally (z) This license shall not be deemed to permit any paylicensed trade area" shall not include any territory ment, transfer or withdrawal from any blocked account which is controlled or occupied by the military, other than blocked accounts in the name of the Government naval or police forces or other authority of Japan, of Sweden or the Sveriges Riksbank, until the said representa- Germany, or Italy, or allies thereof. tive in New York, New York, of the Swedish Legation has (b) The term "member" of the generally licensed trade certified, with respect to the transaction, as provided in area shall mean any of the foreign countries or paragraph (i)(c) above. political subdivisions comprising the generally (3) This general license shall not apply with respect to licensed trade area. any national of Sweden who is also a national of any other (c) The term "The Proclaimed List of Certain Blocked blocked country. Nationals" shall mean "The Proclaimed List of (4) A report on Form TFR-149 shall be filed promptly in Certain Blocked Nationals" as amended and supple- duplicate with the appropriate Federal Reserve Bank by any mented promulgated pursuant to the proclamation of banking institution within the United States: July 17, 1941. (a) Ihrough which any remittance in excess of $5,000 originates; or RANDOLPH PAUL, Acting Secretary of the Treasury. (b) Which issues, confirms, or advises any letter of credit involving an amount in excess of $5,000; or Treasury Department (c) Which debits any blocked account in an amount in Foreign Funds Control excess of $5,000 for any single item under the authority of this general license. February zi, 1944 (5) As used in this general license, the "Government of GENERAL LICENSE NO. 49, AS AMENDED Sweden" shall include the government of any political sub- Under Executive Order No. 8589, as Amended, Executive Order division (territories, dependencies, possessions, states, No. 9193, Section /(£) of. the Trading with the Enemy Act, as departments, provinces, counties, municipalities, districts or Amended by the First War Powers Act, 1941, Relating to other places subject to the jurisdiction thereof), or any Foreign Funds Control* political agency or instrumentality of the government. (1) A general license is hereby granted licensing any RANDOLPH PAUL, transaction referred to in Section 1 of the Order, if (i) such Acting Secretary of the Treasury. transaction is by, or on behalf of, or pursuant to the direction Treasury Department of Sweden, or any national thereof, or (ii) such transaction Foreign Funds Control involves property in which Sweden, or any national thereof, February zi, 1944 • Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, GENERAL LICENSE NO. 5, AS AMENDED June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1942; Under Executive Order No. 8389, as Amended, Executive Order Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. No. 9193, Section /(£) of the Trading with the Enemy Act, APRIL 1944 345 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT as Amended by the First War Powers Act, 1941, Relating to are confirmed by the Banque Nationale Suisse; provided, Foreign Funds Control* however, that this authorization shall not be deemed to (1) A general license is hereby granted authorizing the authorize any payment or transfer of credit or transfer of payment from any blocked account to the United States or securities from a blocked account in which any national of a any agency or instrumentality thereof, or to any state, blocked country, other than Switzerland, has an interest, or territory, district, county, municipality, or political sub- has had an interest at any time on or since the effective date division in the United States, of customs duties, taxes, and of the Order. fees payable thereto by the owner of such blocked account. (4) This general license shall not apply with respect to RANDOLPH PAUL, any national of Switzerland who is also a national of any Acting Secretary of the Treasury. other blocked country. (5) A report on Form TFR-149 shall be filed promptly Treasury Department in duplicate with the appropriate Federal Reserve Bank by Foreign Funds Control any banking institution within, the United States: (a) Through which any remittance in excess of $5,000 February 2.1, 1944 originates; or GENERAL LICENSE NO. 50, AS AMENDED (b) Which issues, confirms, or advises any letter of credit involving an amount in excess of $5,000; or Under Executive Order No. 8389, as Amended, Executive Order 00 Which debits any blocked account in an amount in No. 9193, Section /(£) of the Trading with the Enemy Act, as excess of $5,000 for any single item under the author- Amended by the First War Powers Act, 1941, Relating to ity of this general license. • Foreign Funds Control* (6) As used in this general license, the "Government of (1) A general license is hereby granted licensing any Switzerland" shall include the government of any political transaction referred to in Section 1 of the Order, if such subdivision (territories, dependencies, possessions, states, transaction is by, or on behalf of, or pursuant to the direction departments, provinces, counties, municipalities, districts or of the Government of Switzerland or the Banque Nationale other places subject to the jurisdiction thereof), or any Suisse, provided that: political agency or instrumentality of the government. (a) Such transaction is not by, or on behalf of, or pursuant to the direction of any blocked country or any national RANDOLPH PAUL, thereof, other than Switzerland or a national of Acting Secretary of the Treasury. Switzerland; and (b) Such transaction does not involve property in which Treasury Department any blocked country or national thereof, other than Foreign Funds Control Switzerland or any national of Switzerland, has at any time on or since the effective date of the Order February 2.1, 1944 had any interest. GENERAL LICENSE NO, 52., AS AMENDED Any transaction engaged in by the Government of Switzer- Under Executive Order No. 8389, as Amended, Executive Order land or the Banque Nationale Suisse pursuant to the order or No. 9193, Section j(f) of the Trading with the Enemy Act, for the account of any other national of Switzerland is also as Amended by the First War Powers Act, 1941, Relating to hereby authorized to the same extent, and under the same Foreign Funds Control* circumstances, as though such transaction were solely for the (1) A general license is hereby granted licensing any account of the Government of Switzerland or the Banque transaction referred to in Section 1 of the Order, if (i) such Nationale Suisse. transaction is by, or on behalf of, or pursuant to the direction QL) This general license shall not be deemed to permit any of Spain, or any national thereof, or (ii) such transaction payment, transfer or withdrawal from any blocked account, involves property in which Spain, or any national thereof, other than blocked accounts in the name of the Government has at any time on or since the effective date of the Order had of Switzerland or the Banque Nationale Suisse, except as any interest, provided that: provided in paragraph (3) of this general license. (a) Such transaction is not by, or on behalf of, or pursuant (3) This general license also authorizes any payment or to the direction of any blocked country or any national transfer of credit or transfer of securities from a blocked thereof, other than Spain or any national of Spain; account in which any national of Switzerland has an interest and to a blocked account in a domestic bank in the name of the (b) Such transaction does not involve property in which Banque Nationale Suisse, if, prior to any such payment or any blocked country or any national thereof, other transfer, the instructions to effect such payment or transfer * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, Stat. 838; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1942; 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. 1941. 346 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT than Spain or any national of Spain, has at any time transaction is by, or on behalf of, or pursuant to the direction on or since the effective date of the Order had any of Portugal or any national thereof, or (ii) such transaction interest; and involves property in which Portugal, or any national thereof, (c) If such transaction is not by, or on behalf of, or has at any time on or since the effective date of the Order pursuant to the direction of the Instituto Espanol de had any interest, provided that: Moneda Extranjera, such transaction shall not be (a) Such transaction is not by, or on behalf of, or pursuant effected until the Instituto Espanol de Moneda Extran- to the direction of any blocked country or any najera has certified in writing that the Instituto Espanol tional thereof, other than Portugal or any national of de Moneda Extranjera has determined that such Portugal; transaction complies with the conditions of para- (b) Such transaction does not involve property in which graphs (a) and (b) above. any blocked country or any national thereof, other (2.) This general license also authorizes any payment or than Portugal or any national of Portugal, has at transfer from a blocked account in which any national of any time on or since the effective date of the Order Spain has an interest to a blocked account in a domestic bank had any interest; and in the name of the Instituto Espanol de Moneda Extranjera; (c) If such transaction is not by, or on behalf of, or provided, however, that this authorization shall not be pursuant to the direction of the Government of deemed to authorize any payment or transfer from a blocked Portugal or the Banco de Portugal, such transaction account in which any national of a blocked country, other shall not be effected until the Banco de Portugal has than Spain, has an interest, or has had an interest at any time certified in writing that the Banco de Portugal has on or since the effective date of the Order. ' determined that such transaction complies with the (3) Except as provided in paragraph (2.), this general conditions of paragraphs (a) and (b) above. license shall not be deemed to permit any payment, transfer (2.) This general license also authorizes any payment or or withdrawal from any blocked account other than blocked transfer from a blocked account in which any national of accounts in the name of the Instituto Espanol de Moneda Portugal has an interest to a blocked account in a domestic Extranjera, until the Instituto Espanol de Moneda Extranjera bank in the name of the Banco de Portugal; provided, howhas certified, with respect to the transaction, as provided in ever, that this authorization shall not be deemed to authorize paragraph (i)(0 above. any payment or transfer from a blocked account in which any (4) This general license shall not apply with respect to national of a blocked country, other than Portugal, has an any national of Spain who is also a national of any other interest, or has had an interest at any time on or since the blocked country. effective date of the Order. (5) A report on Form TFR-149 shall be filed promptly in (3) Except as provided in paragraph (2.), this general duplicate with the appropriate Federal Reserve Bank by any license shall not be deemed to permit any payment, transfer banking institution within the United States: or withdrawal from any blocked account other than blocked (a) Through which any remittance in excess of $5,000 accounts in the name of the Government of Portugal or the originates; or Banco de Portugal, until the Banco de Portugal has certified, (b) Which issues, confirms, or advises any letter of credit with respect to the transaction, as provided in paragraph involving an amount in excess of $5,000; or (iXO above. (c) Which debits any blocked account in an amount in (4) This general license shall not apply with respect to excess of $5,000 for any single item under the authority any national of Portugal who is also a national of any other of this general license. blocked country. RANDOLPH PAUL, (5) A report on Form TFR-149 shall be filed promptly in Acting Secretary of the Treasury. duplicate with the appropriate Federal Reserve Bank by any banking institution within the United States; (a) Through which any remittance in excess of $5,000 Treasury Department originates; or Foreign Funds Control (b) Which issues, confirms, or advises any letter of credit involving an amount in excess of $5,000; or February 2.1, 1944 (c) Which debits any blocked account in an amount in excess of $5,000 for any single item under the author- GENERAL LICENSE NO. 70, AS AMENDED ity of this general license. Under Executive Order No. 8389, as Amended, Executive Order (6) As used in this general license, the "Government of No. 9193, Section /(£) of the Trading with the Enemy Act, Portugal" shall include the government of any political as Amended by the First War Powers Act, 1941, Relating to * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, Foreign Funds Control* June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9, (1) A general license is hereby granted licensing any 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, transaction referred to in Section 1 of the Order, if (i) such APRIL 1944 347 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT subdivision (territories, dependencies, possessions, states, registered mail insurance, stationery and supplies, checkdepartments, provinces, counties, municipalities, districts or books, and other similar items. other places subject to the jurisdiction thereof), or any RANDOLPH PAUL, political agency or instrumentality of the government. Acting Secretary of the Treasury. RANDOLPH PAUL, Treasury Department Acting Secretary of the Treasury. Foreign Funds Control Treasury Department March 15, 1944 Foreign Funds Control AMENDMENT OF GENERAL LICENSE NO. 58 February n, 1944 Under Executive Order No. 8389, as Amended, Executive Order GENERAL LICENSE NO. 2., AS AMENDED Under Executive Order No. 8389, as Amended, Executive Order No. 919$, Section /(£) of the Trading with the Enemy Act, as No. 9193, Section /(£) of the Trading with the Enemy Act, Amended by the First War Powers Act, 1941, Relating to as Amended by the First War Powers Act, 1941, Relating to Foreign Funds Control* General License No. 58, as amended, is hereby amended Foreign Funds Control* in the following respects: (1) A general license is hereby granted: (1) by deleting the words "Stabilization Board of (a) Authorizing any banking institution within the China" in paragraphs (iXKXO, (iXcXO, OXc)G0> and United States to debit any blocked account with such (iXO thereof and substituting therefor the words "Combanking institution (or with another office within the mission for the Control of Foreign Exchange Assets, United States of such banking institution) in payment or Chungking, China,"; and reimbursement for normal service charges owed to such (z) by deleting the word "Board" in paragraph 6000 banking institution by the owner of such blocked account; thereof and substituting therefor the word "Commission." (b) Authorizing any banking institution within the RANDOLPH PAUL, United States to make book entries against any foreign Acting Secretary of the Treasury. currency account maintained by it with a banking institution in any blocked country for the purpose of responding Treasury Department to debits to such account for normal service charges in Foreign Funds Control connection therewith. (z) Any banking institution within the United States March 15, 1944 which during any quarterly period enters any single item in AMENDMENT OF GENERAL LICENSE NO. 75 excess of $500 to any account under the authority of this general license shall file with the appropriate Federal Reserve Under Executive Order No. 8389, as Amended, Executive Order Bank at the end of such quarterly period a report showing the No. 919$, Section /(£) of the Trading with the Enemy Act, as name of such account and the nature and amount of each item Amended by the First War Powers Act, 1941, Relating to in excess of $500 entered to such account under the authority Foreign Funds Control* of this general license during such quarterly period. General License No. 75, as amended, is hereby amended in (3) As used in this general license, the term "normal the following respects: service charges" shall include charges in payment or re- (1) by deleting the words "Stabilization Board of imbursement for interest due; cable, telegraph, or telephone China" in paragraph (4) thereof and substituting therefor charges; postage costs; custody fees; small adjustment the words "Commission for the Control of Foreign Excharges to correct bookkeeping errors; and, but not by way of change Assets, Chungking, China,"; and limitation, minimum balance charges, account carrying (z) by deleting the word "Board" in paragraph (4) charges, notary and protest fees, and charges for reference thereof and substituting therefor the word "Commission." books, photostats, credit reports, transcripts of statements, RANDOLPH PAUL, Acting Secretary of the Treasury. * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10,1940, as amended by Ex. Order 8785, Stat. 838; Ex. Order 8389, April 10,1940, as amended by Ex. Order 8785, * June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1942; 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. 348 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Compiled March 22, and released for publication March 2j. Figures shown on charts may differ from -preliminary figures used in text. Industrial activity was maintained at a high Federal inspection declined 6 per cent from the level in February and the early part of March. exceptionally high January level; a much larger Commodity prices and retail sales showed little decline is usual in this month. Chemical prochange. duction continued to decline as output of small arms ammunition and explosives was further INDUSTRIAL PRODUCTION curtailed. Output at factories and mines was at about the Fuel production rose slightly in February to same rate in February as in January and the a level 10 per cent above the same month last Board's seasonally adjusted index advanced 1 year. Output of bituminous coal and crude point to 243 per cent of the 1935-39 average. petroleum was maintained at a high level, and Steel production continued to advance in anthracite coal production increased 19 per cent February and in the first three weeks of March. as a result of a seven-day work week in effect for Output of nonferrous metals showed little change the month of February. as curtailment of aluminum production offset increases in output of other metals. Magnesium DISTRIBUTION production was ordered curtailed, beginning in Total retail sales in February continued about March, by approximately 3 billion pounds per as large as in January and exceeded somewhat month or 7 per cent of January output. Activity the volume of a year ago. At department in the machinery, transportation equipment, and stores sales in February were about 10 per cent other durable goods industries showed little smaller than last year when there was a buying change from January to February. wave in clothing. During the first three weeks Output of textile products was maintained at of March department store sales exceeded the the January level and production of most manu- volume of a year ago, reflecting in part the factured food products declined less than is earlier date of Easter this year. usual at this season. Butter and cheese produc- Freight carloadings, after allowance for tion continued to increase seasonally in Febru- seasonal changes, were maintained during Febary. The volume of hogs slaughtered under INCOME PAYMENTS TO INDIVIDUALS INDUSTRIAL PRODUCTION u BILLIONS OF DOLLARS ANNUAL RATES, SEASONALLY ADJUSTED BILLIONS OF DOLLARS PHYSICAL VOLUME SEASONALLY ADJUSTED. 1955-39-100 FOR TOTAL POINTS IN TOTAL 260 - - - 240 / 220 - *IACKINERY S - TOTAL/ / - f\ A S N A D L v A y R A I G ES E S/ / 200 1/ AY 80 / 180 - / r - M N A 4 O N N U D FA U " C R T A U B R L ' E E S - 60 - / - A 160 / **— 40 - / -^ - DURABLE 140 J 20 ^- -< X O Y T M H E E N R TS 120 0 100 MINERALS - «i'«' I... ."V~ 80 L~ 1940 1942 1940 1942 1940 1942 Based on Department of Commerce estimates. Wages and salaries Federal Reserve indexes. Groups are expressed in terms of points include military pay. Monthly figures raised to annual rates, latest in the total index. Monthly figures, latest shown are for February. shown are for January. APRIL 1944 349 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS ruary and the first two weeks in March in the Treasury deposits at the Reserve Banks. In the unusually large volume reached in December and four weeks ended March 15, Government January. security holdings of the Federal Reserve Banks rose by 710 million dollars, reflecting mainly COMMODITY PRICES substantial increases in bill holdings under Prices of cotton and livestock increased some- repurchase option; note and certificate holdings what from the middle of February to the middle also increased. of March while most other wholesale com- At reporting member banks in 101 leading modity prices showed little change. cities Government security holdings declined by Retail food prices declined i per cent from mid- 540 million dollars during the four weeks ended January to mid-February owing chiefly to sea- March 15. Holdings of notes rose by 1.5 billion sonal decreases in prices of eggs and citrus fruit. dollars while bonds and guaranteed obligations Retail prices of most other goods and services declined as the result of an exchange of maturing advanced slightly. and redeemable issues for a new 1^ per cent note issue. Holdings of bills also declined, reflecting BANK CREDIT principally sales to the Reserve Banks. Loans During the latter part of February and the to brokers, dealers, and others for purchasing or first half of March the average level of excess carrying Government securities, which had reserves at all member banks fluctuated around increased moderately during the Fourth War one billion dollars. Member bank reserve Loan Drive, fell by 340 million dollars in the requirements increased by about 400 million following four weeks. Commercial loans also dollars as the result of private deposit expansion declined somewhat. which, in turn, was the result of Treasury dis- Adjusted demand deposits rose by 1.9 billion bursements from war loan accounts which dollars during the four weeks ending March 15, require no reserves. Money in circulation inrepresenting a gain of more than half of the creased 400 millions and the gold stock declined funds withdrawn from such accounts during the by 130 millions. Funds to meet these demands drive. Government deposits at these banks fell were supplied by additions to Reserve Bank by 2.. 6 billion dollars in the month following the security holdings and a temporary decline in drive. MEMBER BANKS IN LEADING CITIES GOVERNMENT SECURITY HOLDINGS OF BANKS IN LEADING CITIES BILLIONS OF DOLLARS BILLIONS OF DOLLARS : : J BONOS t : 1 CERTFICATESy-"' 11* NOTES TO A : BILLS Demand deposits (adjusted) exclude U. S. Government and inter- 1939 1940 1942 1944 bank deposits and collection items. Government securities include Excludes guaranteed securities. Data not available prior to Feb. direct and guaranteed issues. Wednesday figures, latest shown are 8,1939; certificates first reported on Apr. 15,1942. Wednesday figures, for Mar. 22. latest shown are for Mar. 22. 35° FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAOB Member bank reserves, Reserve Bank credit, and related items.... 353 Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements 354 Federal Reserve Bank statistics 355—359 Guaranteed war production loans 359 Deposits and reserves of member banks 360 Money in circulation 361-361 Gold stock; bank debits and deposit turnover 361 Deposits and currency; Postal Savings System; bank suspensions. 363 All banks in the United States, by classes . 364-365 Condition of all member banks 366-367 Weekly reporting member banks 368-371 Commercial paper, bankers' acceptances, and brokers' balances. .. 371 Money rates and bond yields 373 Security markets 374-375 Corporate profits 376 Treasury finance 377~379 Government corporations and credit agencies 380 Business indexes 381-389 Department store statistics 39°~~39I Consumer credit statistics 392.-393 Wholesale prices 394 Employment in nonagricultural establishments 395 Current statistics for Federal Reserve chart book 396-397 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 are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned; data on money and security markets and commoditv prices and other series on business activity arc obtained largely from other sources. Back figures for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics; back figures for most other tables may be obtained from earlier BULLETINS. APRIL 1944 351 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 NONMEMBER DEPOSITS 15 10 10 1938 1939 1940 1941 1942 ,1943 1944 Wednesday figures, latest shown are for Mar. 22. See p. 353. 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 v c a D o a a n u n i d c s d n - - e t s s T U o . t a S l . s e G c t u o r b a u e r v n i i r a l e t y d l s i r s e - n s me o n A t t h l e l r ot A h l e l r1 Total s G to o c l k d T s r r t c u e o e i a u n n r u a n y g r c t s d - y - - - M i c n t u o io c l n a i n e r - - y T c i h r u n a o e r g s l a y h s d s - - u T r p B r e w s y o r d R a e e i s e r n d t e a i v r h k t - e s a e s s - - l b p m N e o r o e s m n d it - e s - - c O s F o e e R a t e u r r h c v d e a n - e - e l - r ts To b ta a l lan E ce x s cess2 certificates Monthly averages of daily figures: 1942—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 Feb 11 5,753 2,013 3,740 330 6,094 22,648 3,897 15,837 2,211 212 1,177 270 12,933 1,712 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 Feb 35 11,479 8,880 2,599 441 11,955 21,803 4,092 20,635 2,332 335 1,858 341 12,349 1,160 End of month figures: 1942—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 Feb. 27 16 5,871 2,264 3,607 410 6,296 22,647 3,946 16,088 2,221 131 1,111 269 13,067 1,925 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 4,091 20,529 2,320 375 1,956 341 12,917 1,112 Feb. 29 34 11,632 9,050 2,582 426 12,092 21,712 4,091 20,824 2,356 194 1,878 332 12,311 1,162 Wednesday figures: 1943—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 22^32 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 Mar. 1 37 11,624 9,043 2,581 381 12,042 21,712 4,091 20,823 2,350 140 1,815 337 12,380 1,215 Mar. 8 52 12,029 9,443 2,586 357 12,438 21,670 4,090 20,963 2,340 269 1,905 339 12,383 1,013 Mar. 15 65 12,110 9,507 2,603 467 12,643 21,670 4,089 21,006 2,342 77 1,922 352 12,705 1,263 Mar. 22. .. 65 12,243 9,637 2,606 415 12,722 21,600 4,090 20,934 2,333 495 1,893 352 12,405 926 1 Includes industrial loans shown separately in subsequent tables. 2 End of month and Wednesday figures estimated. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. APRIL 1944 353 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect March 31. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, Advances secured by or corporations other than member banks Advances secured by Government obligations secured by direct obligations of the U. S. Government obliga- maturing or callable (last par. Sec. 13) Federal Reserve Bank ca ti l o la n b s l e m i a n t u o r n in e g y e o a r r a b d e d v y i a o s n n c c d o e u o s n n s t e s e c y o u e f r a e a r d n a d b n y d Other [ s S e e c c u . r e 1 d 0 ( a b d )] vances 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 2 Oct. 27, 1942 New York Oct. 30, 1942 Aug. 25, 1939 Oct. 30, 1942 Aug. 25, 1939 V/2 Oct. 30, 1942 Philadelphia Oct. 17, 1942 Mar. 21, 1942 Oct. 17, 1942 Mar. 21, 1942 2 Oct. 17, 1942 Cleveland Oct. 27, 1942 Apr. 11, 1942 Sept.12, 1942 Apr. 11, 1942 2 Oct. 27, 1942 Richmond Oct. 28, 1942 Mar. 14, 1942 Oct. 28, 1942 Mar. 14, 1942 Oct. 28, 1942 Atlanta Oct. 15, 1942 Mar. 21, 1942 Oct. 15, 1942 Sept. 16, 1939 1* Oct. 15, 1942 Chicago Oct. 17, 1942 Feb. 28, 1942 Aug. 29, 1942 Sept. 1, 1939 Oct. 17, 1942 M St i . n L n o ea u p is olis O O c c t t . . 3 2 0 7 , , 1 1 9 9 4 4 2 2 M M a a r r . . 2 1 8 4 , , 1 1 9 9 4 4 2 2 M Oc a t r . . 3 1 0 4 , , 1 1 9 9 4 4 2 2 M Se a p r t . . 2 1 8 6 , , 1 1 9 9 4 3 2 9 • k 2 O O c c t t . . 3 2 0 7 , , 1 1 9 9 4 4 2 2 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 1 Apr. 4, 1942 Oct. 28, 1942 Apr. 4, 1942 2 Oct. 28, 1942 1 Rates shown also apply to advances secured by obligations of Federal Intermediate Credit Banks maturing within 6 months. NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mort' gage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal Intermediate Credit Banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or corporations made under the last paragraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK BUYING RATES ON BILLS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS [Per cent per annum ] AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT Maturities not exceeding five years Rate on In effect be- Previous Maturity March 31 ginning— rate [In effect March 31. 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 Vs 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 Vi Oct. 20, 1933 1 businesses 91-120 days % Oct. 20,1933 1 121-180 days Oct. 20, 1933 Discounts or Federal Reserve purchases 1 Established rate at which Federal Reserve Banks stand ready to buy Bank m h a u if l a p l a v o d t T e n u e r s r b e i i r r e t a e e y e s q d n u u a r e m b t y s y t t a b h d t b i e e h l e l e s s f s a o u o s m r b e e f j f e l e e l m e c r r e r t a , a d t t t . e w o u r e o r i E r e f t e y p f d f , u m e i r s c w c a c ti h d o o v a e u u e s l n e d o t A n . o s u p e c g l S t o l . i i n o 3 n b d n c , a i . e t c 1 i k o M 9 n 4 a 2 b y , i t l h p ls 1 a u 5 t r o , c h f t 1 h a 9 e s l 4 i e k 3 s R e , e a o s a l f e l m r s v p o u e u u c r n h c t B h b a a a i n s l n e k l d s s , , lo O an n s1 co m m O e m n n t i s t- fo i p r n t i o s o w O r t n i t h n t io u i i s c n - h m p O o a n r i n t r i i o e n - n g m O it n m c e o n m ts - 2 Minimum buying rates on prime bankers' acceptances. obligated Back figures.-—See Banking and Monetary Statistics, Table 117, pp. 443-445. MEMBER BANK RESERVE REQUIREMENTS Boston (3) New York.... V2-1H [Per cent of deposits] Philadelphia. Cleveland m Net demand deposits1 Time Richmond deposits Atlanta C r b e e c a s n i e n t t r y k r v s a e l R b e c a s i n t e y k rv s e Co b u an n k tr s y m ba e n ( m a k l b s l e ) r M S C t h i . n ic L n a o e g u a o p is olis.. V V r 2 - - V IH A § Kansas City.. June 21, 1917-Aug. 15,1936.. 13 10 7 3 Dallas........ XA-VA Aug. 16, 1936-Feb. 28,1937.. 15 10^ San Francisco M-Ui Mar. 1, 1937-Apr. 30, 1937.. 22M 12M May 1, 1937-Apr. 15,1938. 26 20 14 6 1 Including loans made in participation with financing institutions. Apr. 16, 1938-Oct. 31, 1941 . 22% 17^ 12 5 2 Rate charged borrower less commitment rate. Nov. 'I, 1941-Aug. 19. 1942. 26 20 14 6 3 Rate charged borrower. Aug. 20, 1942-Sept. 13,1942 . 24 20 14 6 4 May charge same rate as charged borrower by financing institution, if Sept. 14, 1942-Oct. 2,1942 . 22 20 14 6 lower. Effective Oct. 3, 1942.. 20 20 14 6 5 Financing institution is charged \i per cent on undisbursed portion of loan under commitment. •'•Demand deposits subject to reserve requirements; i.e. , demand de- Back figures.—See Banking and Monetary Statistics, Table 118, p. 446. posits other than war loan deposits, minus cash items in process of collection and demand balances due from domestic banks. MAXIMUM RATES ON TIME DEPOSITS Maximum rates that may be paid by member banks as established by MARGIN REQUIREMENTS1 the Board of Governors under provisions of Regulation Q [ Per cent of market value ] [ Per cent per annum ] P R re e s s c e r r i v b e e d S y b s y E t e B x m c o h a i a r n n d g a o e c f c o A G rd c o t a v n e o c r f n e o 1 r w 9 s 3 it o 4 h f t S h e e c F u e ri d ti e e r s al O A 1 c p 9 t r . 3 . 6 3 1 - 1 , , E N ff o 1 e 9 v c 3 . t 7 i 1 v , e N Ja o n v . . 3 1 1 , , 1 1 9 9 3 3 3 5 - F D e e b c. . 1 3 , 1 1 , 9 1 3 9 5 3 - 5 Ja E n f . f e 1 c , t 1 iv 9 e 36 1937 Savings deposits 3 VA Postal savings deposits... 3 2K For extensions of credit by brokers and dealers on Other deposits payable: listed securities, under Regulation T 55 40 In 6 months or more 3 2H For short sales, under Regulation T •8 50 In 90 days to 6 months. 3 For loans by ba^ks on stocks, under Regulation U.... 40 In less than 90 days 3 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 establishede by the F. D. I. C, effective Feb. 1, 1936, are the percentage of its market value at the time of the extension; the "margin same as those in effect for member banks. Under Regulation Q the rate requirements" shown in this table are the difference between the market payable by a member bank may not in any event exceed the maximum value (100%) and the maximum loan value. rate payable by State banks or trust companies on like deposits under 2 Requirement under Regulation T was the margin "customarily re- the laws of the State in which the member bank is located. quired" by the broker. 3 Regulation U became effective May 1, 1936. NOTE.—Regulations T and U also provide special margin requirements on "omnibus" accounts and loans to brokers and dealers. 354 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month 1944 1944 Mar. 22 Mar. 15 Mar. 8 Mar. 1 Feb. 23 Feb.16 Feb. 9 Feb. 2 February January February Assets Gold certificates on hand and due from U. S. Treasury 19,151,32519,235,32519,257,82519,303,570 19,,311,07519,374,576 19,417,573 19,480,57519,279,07019,481,57820,439,279 Redemption fund—F.R. notes., 278,850 269,839 246,419 242,142 263,791 263,991 262,893 265,114 257,144 264,112 36,591 Other cash 336,272 322,077 328,834 348,656 336,251 347,038 350,776 357,171 329,455 355,568 383,087 Total reserves... 19,766,44719,827,24119,833,07819,894,36819,911,11719,985,605 20,031,242 20,102,86019,865,66920,101,25820,858,957 Discounts and advances: For member banks 64,168 64,795 50,895 37,110 46,503 32,255 22,451 23,927 33,700 21,717 11,557 For nonmember banks, etc 500 500 1,000 4,000 Total discounts and advances 64,668 65,295 51,895 37,110 46,503 32,255 22,451 23,927 33,700 21,717 15,557 Industrial loans 9,858 10,294 9,780 9,919 10,167 10,374 9,939 9,939 9,912 10,080 13,192 U. S. Government securities: Direct: Bills: Under repurchase option 3,566,313 3,434,109 3,378,997 2,900,669 3,052,663 2,708,776 2,626,883 3,290,622 2,907,637 3,617,147 859,849 Other 3,185,565 3,225,670 3,338,735 3,446,382 3,511,375 3,408,641 3,346,206 3,322,741 3,446,382 3,323,741 615,423 Certificates: Special Other 2,884,640 2,847,640 2,725,040 2,696,240 2,672,740 2,664,540 2,587,040 2,549,040 2,696,240 2,787,140 788,875 Notes 1,158,764 1,158,764 876,700 881,700 883,200 919,200 920,200 931,000 881,700 664,900 1,190,125 Bonds 1,443,696 1,440,446 1,621,7 1,611,636 1,608,391 1,605,334 1,600,899 1,599,363 1,612,636 1,592,196 2,367,102 Guaranteed 3,771 3,771 87,835 87,835 87,835 87,835 87,835 87,835 87,835 87,835 49,476 Total U. S. Government securities, including guaranteed securities. . 12,242,74912,110,400 12,029,093 11,624,46211,816,204 394,326 11,169,063 11,780,601 11,632,43012,072,959 5,870,850 Other Reserve Bank credit outstanding 404,885 457,328 347,393{ 370,782 366,793 524,070 309,266 317,445 416,115 323,698 396,492 Total Reserve Bank credit outstanding 12,722,16012,643,31712,438,16112,042,27312,239,667 11,961,02511,510,71912,131,912 12,092,15712,428,454! 6,296,091 Liabilities Federal Reserve notes. 17,429,37217,491,10417,443,09917,338,94517,186,597 17,114,130 17,084,97317,039,804 17,315,525'17,024,21612,627,431 Deposits: Member bank—reserve account 12,405,07212,704,716 12,383,079 12,379,736"12,109,197 12,243,790 12,482,352 12,846,82912,310,79612,916,97013,066,513 U. S. Treasurer—general account 494,994 76,670! 268,814 140,055 646,288 359,661 8,419 174,641 194,331 374,591 130,596 Foreign 1,542,951 1,540,3321 1,568,034 1,574,476 1,591,761 1,551,475 1,524,936 1,558,482 1,569,657 1,500,725 826,581 Other deposits 350,170 381,827! 337,087 240,066 352,149 416,317 181,742 357,393 308,111 455,573 284,149 Total deposits... 14,793,18714,703,545;14, 557,01414,334,333 14,699,39514,571,24314,197,449 14,937,34514,382,89515,247,85914,307,839 Ratio of total reserves to deposit and F.R. note liabilities combined (per cent)... 61.6! r62.4 62.31 77.4 r Revised. MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Totai 1 W 5 i d th a i y n s 1 d 6 a t y o s 30 31 d a to y s 60 61 d t a o y 9 s 0 9 m 1 o to d n a 6 t y h s s 6 m I y o e n a t r hs 2 1 y y t e o e a a r r s 5 2 y y to e e a a r r s s 5 O y v e e a r rs Discounts and advances: Feb. 23 46,503 43,175 2,355 740 233 Mar. 1.... 37,110 31,872 2,390 1,190 1,658 Mar. 8.. 51,895 39,097 10,105 2,518 175 Mar. 15 65,295 49,997 12,190 2,433 675 Mar. 22 64,668 52,125 4,150 7,083 1,310 Industrial loans: Feb. 23 10,167 9,193 6 25 262 90 358 131 102' Mar. 1 9,919 8,934 19 36 262 149 355 118 46 Mar. 8 9,780 7,941 389 526 283 130 347 118 46 Mar. 15.. 10,294 8,458 388 517 290 132 346 117 46 Mar. 22. 9,858 8,421 19 515 274 132 335 116 46 U. S. Government securities, including gu M F a e r a a b r . n . te 2 e 3 1 d .. securities: H 11 , , 8 6 1 2 6 4 , , 2 46 0 2 4 1 1 , , 7 6 4 5 3 3 , , 4 5 0 4 2 3 1 1 , ,0 1 8 8 7 9 , , 7 0 2 4 0 8 3 3 , ,0 1 6 9 1 4 , , 2 3 6 6 8 6 1 1 , ,9 8 2 4 9 5 , ,6 5 7 9 2 0 5 8 6 2 5 4 2 1 7 4 0 0 1 1 , , 1 12 2 4 0 , ,0 6 5 0 0 0 4 2 2 0 0 2 , , 3 0 0 0 0 0 5 5 0 0 0 4 0 0 2 2 1 1 1 1 , , 2 2 3 3 8 7 , , 2 4 0 5 5 0 Mar. 8 12,029,093 1,679,275 1,929,177 2,529,893 2,061,401 821 190 1,133,100 197,000 529 971 1,148,086 Mar. 15 12, 110,400 1,613,699 1,768,115 2,232,567 2,159,248 921990 1,274,700 17,800 974 195 1,148,086 Mar. 22.... 12, 242,749 2,369,080 1,043,674 2, 186,552 2 266,422 947 190 1,286,500 17,800 977445 1,148,086 APRIL 1944 355 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 c S i r s a a c n n o - Assets Gold certificates on hand and due from U. F M S e a b . r . T . 2 re 3 1 asury: 1 1 9 9 , , 3 3 1 0 1 3 , , 0 5 7 7 5 0 ,0 9 0 8 5 3 , , 8 6 8 8 9 3 , , 2 4 6 7 6 3 , , 7 28 4 7 4 , , 1 0 0 5 2 1 , , 5 1 2 1 4 0 1 1 , , 5 5 7 7 9 9 , , 1 6 7 0 7 1 L , , 0 0 6 3 5 8 , ,0 1 0 0 5 61 1 , , 0 0 1 0 1 7 , , 5 6 8 0 0 9 3 3 , , 5 5 4 4 7 2 , , 1 3 5 1 6 5 6 6 8 5 1 1 , , 0 7 2 3 2 0 4 3 0 8 5 8 , , 4 8 3 3 9 3 7 7 5 1 2 1 , , 3 8 3 9 2 0 5 5 3 0 8 9 , , 1 1 2 6 8 9 2 2 , , 3 3 5 6 5 6 , , 9 3 7 3 8 8 Mar. 8 19,257,825 ,016,0045,350,0171,064,3251,573,6611,066,8131,040,1603,533,580 617,287 387,443 739,856 538,2902,330,389 Mar. 15 19,235,325 ,008,8225,531,4951,103,6291,557,4991,032,3061,008,6993,429,147 598,307 369,197 717,531 537,7472,340,946 Mar. 22 19,151,325 ,028,8995,353,2671,154,8591,605,8931,046,7171,015 7873,340,818 541,101 385 151 714,903 556,8372,407,093 Redemption fund- Federal Reserve notes: 263,791 22,841 40,189 24,519 20,189 23,252 18050 39,859 19,464 8 556 12,112 9,622 25,138 M Fe a b r . 23 1 242,142 22,741 21,254 24,364 20,082 24306 14,934 39,727 19,426 8 545 12,086 9,596 25,081 Mar. 8 246,419 22,675 21,016 24,755 20,005 23646 14855 39,643 24,400 8 787 12,066 9,574 24,997 Mar 15 269,839 23,575 35,666 24,607 25,382 24,712 16734 39,510 24,370 8 768 12,037 9,550 24,928 Mar! 22^ 278,850 23,449 35,271 24,425 25,272 23863 16590 48,378 24,323 8 755 12,008 9,500 27,016 Other cash: Feb. 23 336,251 30,755 88,120 25,326 26,179 18,709 21804 40,654 13,969 8 300 11,951 10,060 40,424 Mar. 1 348,656 31,243 87,425 24,395 24,621 18,253 19,208 62,388 13,151 7781 12,199 9,114 38,878 Mar. 8. 328,834 29,164 84,446 22,766 23,595 15,666 17,801 60,285 11,728 6 995 10,896 9,561 35,931 Mar. 15 322,077 29,765 80,263 21,804 22,614 16,997 20,096 57,689 11,625 6 600 11,299 10,093 33,232 Mar. 22 336,272 31,001 92,975 21,779 24,905 16,920 20302 56,290 12,039 6478 11,440 10,463 31,680 Total reserves: M peb a r. 23 1 1 1 9 9 , , 9 8 1 9 1 4 , ,3 1 6 1 8 71 1 , , 0 0 5 3 9 7, ,4 6 8 6 5 7 5 5, ,3 5 9 8 5 1, ,0 9 5 6 3 6 1 1, , 0 1 9 5 9 2 , ,3 8 6 6 9 91 1 , , 6 6 2 2 4 5 , , 3 54 04 51 1 , ,0 1 8 0 0 7 , ,0 5 6 6 7 4 1 1 , , 0 0 5 4 1 1, 4 7 3 5 4 13 3 , , 6 6 4 2 4 7 , , 4 6 3 6 0 9 6 7 8 1 4 4 , , 3 4 0 5 7 5 4 4 2 0 2 5 2 1 9 5 5 9 7 7 7 3 6 6 , , 3 1 9 7 5 5 5 5 5 2 7 7 , , 8 87 1 9 0 2 2 , , 4 4 3 2 0 1 , , 2 5 9 4 7 0 Mar. 8 19,833,0781,067 8435,455,4791,111 8461,617,2611,106 1251,072 8163,633,508 653,415 403 225 762,818 557,4252,391,317 Mar. 15 19,827,2411,062,1625,647,4241,150,0401,605,4951,0740151,045,5293,526,346 634,302 384 565 740,867 557,3902,399,106 Mar 22 19,7664471,083 3495,481,5131,201 0631,656,0701,0875001,052 6793,445,486 577,463 400 384 738,351 576,8002,465,789 Discounts and advances: Secured by XJ. S. Government obligations, direct and guaranteed: Feb. 23 46 503 510 20608 3 313 125 2830 500 1,500 15,295 1,322 500 Mar. 1 37 110 1090 16758 6 790 50 3430 500 1,500 4,070 2,422 500 Mar. 8 51 895 2010 28303 8 765 530 3 105 50 1,500 4,710 2,422 500 Mar 15 65295 2 285 20 783 17375 670 6,000 550 5,200 7,010 500 2^000 2,422 500 Mar 22 64 668 1610 43 238 1855 530 1250 550 5,000 7,510 500 2,125 500 Other: Feb. 23 Mar. 8 Mar.' 22!! Total discounts and ad F v e a b n . ce 2 s 3 : 46 503 510 20608 3 313 125 2 830 500 1,500 15,295 1,322 500 Mar 1 37 110 1090 16758 6 790 50 3 430 500 1,500 4,070 2,422 500 Mar 8 51895 2010 28303 8 765 530 3 105 50 1,500 4,710 2,422 500 Mar 15 65295 2285 20 783 17375 670 6,000 550 5,200 7,010 500 2,000 2,422 500 Mar 22 64 668 1610 43 238 1855 530 1250 550 5,000 7,510 500 2,125 500 Industrial loans: Feb. 23 10167 379 123 4 159 380 227 107 4 258 30 12 4,488 Mar 1 • • • 9919 369 123 3916 380 225 107 4 265 30 12 4,488 Mar. 8 9 780 367 123 3 784 375 224 107 4 266 30 12 4,488 Mar. 15 1029 359 123 4 305 375 217 106 4 275 30 12 4,488 Mar. 22 9 85 357 123 3888 375 217 105 4 259 30 12 4,488 U. S. Government securities: Bills: Under repurchase op F M ti e o a b n r . . : 23 1 3 2 , , 0 9 5 0 2 0,6 6 6 6 1 1 3 5 1 0,2 6 4 101 1 , , 4 25 0 7 6 ,9 1 4 2 8 0 1 1 3 5 8 3,6 5 7 9 3 3 9 6 3 2 , , 1 9 5 9 2 1 4 4 8 8 3 9 9 0 2 7 3 3 0 1 6 2 4 2 3 4 7 7 5 1 2 8 , , 5 3 5 3 2 9 1 1 1 2 6 6 , , 7 9 0 8 9 3 4 3 5 7 5 8 1 1 6 5 4 5 7 9 , , 1 7 3 6 0 4 3 2 6 5 , , 5 6 0 3 0 3 2 21 1 6 6 , , 2 6 7 1 7 3 Mar. 8 3,37899 123,50 1,545,197 158,863 100,476 51 107 16974 785,391 181,203 54065 64,932 32,433 264,852 Mar. 15 3,434 10 128,03 1,458,507 115,279 93,087 71965 26,099 928,601 192,347 61650 72,431 24,433 261,674 Mar. 22 3,566,31 131,15 1,487,112 111,338 74,377! 82,820 26,379 995,169 236,712 76210 69,794 29,510 245,740 Other bills: Feb. 23 3,511,37 268,79 784,336 274,301 384,661 234,086 194,762 378,196 172,040 111 184 182,767 164,062 362,181 Mar. 1 3,446,38 263,84 769,19 269,169 377,655 229,891 191,305 371,062 168,907 109 137 179,432 161,115 355,670 Mar. 8 3,338,73 255,65 744,027 260,665 366,065 222,961 185,597 359,221 163,725 105751 173,915 156,253 344,905 Mar. 15 3,225,67 246,98 719,225 251,870 353,598 215,323 179,218 347,144 158,148 102 160 167,996 150,903 333,105 Mar. 22 3,185,56 243,90 710,285 248,739 349,202 212,646 176,990 342,827 156,182 100890 165,907 149,024 328,964 Certificates: Feb. 23 2,672,74 204,60 597,008 208,786 292,795 178,175 148,245 287,873 130,948 84 626 139,120 124,880 275,684 Mar. 1 2,696,24 20641 601,77 210,581 295,456 179,850 149,664 290,294 132,141 85 383 140,379 126,051 278,250 Mar. 8 2,725,04 208'66 607,27 212,748 298,777 181,978 151,484 293,196 133,629 86 312 141,950 127,527 281,505 Mar. 15 2,847,64 218,03 634,93 222,352 312,156 190,089 158,219 306,460 139,614 90 191 148,308 133,216 294,066 Mar. 22 2,884,64 220,86 643,18 225,241 316,212 192,558 160,274 310,444 141,427 91,362 150,234 134,951 297,884 Notes: Feb. 23 896,20 68,60 200,184 70,010 98,176 59,745 49,709 96,526 43,909 28377 46,647 41,873 92,439 Mar. 1 894,70 68,49 199,686 69,878 98,041 59,681 49,664 96,330 43,849 28,333 46,582 41,826 92,334 Mar. 8 889,70 68,12 198,26 69,462 97,548 59,414 49,458 95,725 43,629 28 180 46,344 41,638 91,910 Mar. 15 1,161,26 88,91 258,926 90,675 127,298 77,518 64,520 124,974 56,934 36 778 60,480 54,326 119,920 Mar. 22 1,161,26 88,91 258,92 90,675 127,298 77,518 64,520 124,974 56,934 36,778 60,480 54,325 119,920 356 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] San Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F c r is a c n o - Bonds: Feb. 23 1,683,226 128,853 375,982 131,490 184,392 112,212 93,362 181,294 82,470 53,298 87,612 78,645 173,616 Mar. 1 1,686,471 129,113 376,400 131,717 184,804 112,496 93,614 181,577 82,654 53,405 87,804 78,841 174,046 Mar. 8 1,696,621 129,912 378,087 132,460 186,021 113,300 94,313 182,543 83,199 53,739 88,377 79,402 175,268 Mar. 15 1,441,717 110,388 321,458 112,574 158,041 96,239 80,102 155,156 70,684 45,661 75,086 67,446 148,882 Mar. 22 1,444,967 110,637 322,184 112,827 158,397 96,456 80,282 155,506 70,844 45,764 75,255 67,597 149,218 Total U. S. Government securities, including guaranteed securities: Feb. 23 11,816,204 802,4673,363,630 823,,180 1,053,176 632,610 516,7211,696,441 546,076 323,001 503,276 435,0931,120,533 Mar. 1 11,624,46: 818, 1•"2"4 "3,204,997 835,0181,018,947 630,825 515,4711,657,602 554,534 314,073 513,961 444,3331,116,577 Mar. 8 12,029,093 785,8543,472,849 834,198 1,048,887 628,760 497,8261,716,076 605,385 328,047 515,518 437,2531,158,440 Mar. 15 12,110,400 792,3513,393,053 792,750 1',044,180 651,134 508,1581,862,335 617,727 336,440 524,301 430,3"24 1,157,647 Mar. 22 12,242,749 795,4773,421,697 788,5,820 1,025,486 661,998 508,4451,928,920 662,099 351,004 521,670 435,4071,141,726 Total loans and securities: Feb. 23 11,872,874 803,3563,384,361 830,6521,053,681 635,667 517,328 1,697,945 561,371 323,259 503,306 436,427 ,125,521 Mar. 1 11,671,491 819,5833,221,878 845,7241,019,377 634,480 516,078 1,659,106 558,604 314,338 513,991 446,767 ,121,565 Mar. 8 12,090,768 788,2313,501,275 846,7471,049,792 632," 497,9831,717,580 610,095 328,313 515,548 439,687 ,163,428 Mar. 15 12,185, 794,9953,413,959 814, 430 1,045,225 657,351 508, 8•14 1,867,539 624,737 337,215 526,331 432,758 ,162,635 Mar. 22 12,317,275 797,444 3,465,058 794,5631,026,391 663,465 509,100 1,933,924 669,609 351,763 523,825 435,419 ,146,714 Due from foreign banks: Feb. 23 136 I49 11 Mar. 1 136 149 11 Mar. 8 136 49 11 Mar. 15 136 I49 11 Mar. 22 136 I49 11 Federal Reserve notes of other banks: Feb. 23 74,91 1,56: 10,947 2,281 3,538 12,386 7,357 6,928 4,818 3,102 3,720 2,630 15,647 Mar. 1 74,51 1,570 9,936 2,196 3,423 10,519 8,353 9,444 5,634 2,330 3,349 3,- 14,283 Mar. 8 67,586 1,235 11,934 2,508 2,440 7,552 7,816 7,474 4,999 2,380 3,683 2,813 12,752 Mar. 15 75,448 1,116 10,943 2,422 3,455 7,458 8,494 9,538 6,004 2,958 4,528 2,892 15,640 Mar. 22 86,02C 1,479 15,123 2,913 4,097 7,143 9,170 12,373 6,797 2,279 4,045 3,844 16,757 Uncollected items: Feb. 23 1,689,56' 150,498 339,956 105,281 198,089 115,781 92,980 248,897 59,638 36,610 95,460 66,457 181,920 Mar. 1 1,726,483 141,552 353,208 89,377 194,001 116,793 90,694 291,323 71,390 33,079 111,935 57,352 175,779 Mar. 8 1,561,63 144,205 312,844 90,521 139,244 117,844 103,080 239,658 67,841 33,672 95,689 60,195 156,838 Mar. 15 2,094,01: 172,346 492,837 120,731 231,608 148,122 126,933 313,738 85,434 44,080 98,636 71,311 188,236 Mar. 22 1,901,17 146,317 399,659 109,420 192,203 150,509 135,866 285,142 75,911 43,975 96,656 72,014 193,499 Bank premises: Feb. 23 35,09. 1,661 9,101 3,588 4,195 2,922 1,649 2,941 2,062 1,278 2,726 956 2,016 Mar. 1 35,02: 1,656 9,081 3,576 4,195 2,922 1,646 2,934 2,058 1,276 2,720 948 2,010 Mar. 8 35,02: 1,656 9,081 3,576 4,195 2,922 1,646 2,934 2,058 1,276 2,720 948 2,010 Mar. 15 35,02: 1,656 9,081 3,576 4,195 2,922 1,646 2,934 2,057 1,276 2,720 948 2,010 Mar. 22 35,01: 1,656 9,081 3,576 4,186 2,922 1,645 2,934 2,058 1,276 2,720 948 2,010 Other assets: Feb. 23 r67,832 4,812 15,705 4,694 7,870 4,380 3,821 7,529 3,053 r2,124 3,455 3,345 7,045 Mar. 1 69,77C 4,918 15,816 4,819 8,011 4,937 3,950 7,553 3,216 2,189 3,661 3,358 7,342 Mar. 8 74,66* 4,963 16,142 8,949 8,073 5,058 3,97. 7,652 3,255 2,151 3,650 3,392 7,408 Mar. 15 59,41 4,024 13,916 4,014 6,814 4,27 3,315 6,302 2,622 1,775 2,'" 3,403 6,069 Mar. 22 59,18S 4,153 13,741 4,133 6,924 4,248 3,343 6,434 2,655 1,682 2,830 2,784 6,263 Total assets: Feb. 23 r33,651,538 2,021,384 9,,155,17:2,098,877 2,892,993310 1,878,209 1,674,5735,589,9261,345,401 r788,6711,385,0661,067,629 3,753,700 Mar. 1 33,471,78' 2,006, ,191,934 "2,045,5732,853,323 1,850,2211,662,4765,614,8071,325,213 758,3741,371,8351,039,788 3,751,287 M M a a r r . . 1 8 5 3 3 3 4 , , 6 2 6 7 2 7 , , 8 2 8 5 " ' 2 2 , , 0 0 3 0 6 8 , ,1 3 4 0 3 99 9 , , 5 30 8 6 8, , 2 8 0 0 9 4 2 2 , ,0 0 6 9 4 5 , ,2 1 2 5 5 9 2 2 , , 8 8 9 2 6 1 , , 8 0 0 1 4 7 1 1 , , 8 8 9 7 4 1 , , 1 5 4 9 6 61 1, , 6 6 9 8 4 7 , , 7 3 3 2 5 05 5 , , 6 7 0 2 8 6 , , 8 4 2 1 3 4 1 1 , , 3 3 4 5 1 5 , , 6 1 6 6 7 0 7 7 7 7 1 1 , , 8 0 7 2 2 01 1 , , 3 3 8 7 4 5 , , 1 9 1 7 2 2 1 1, , 0 0 6 6 8 4 , , ~ 4 7"0 6 6 4 3 33, , 7 7 7 3 3 3 , , 7 7 0 6 7 4 Mar. 22 34,165,25C 2,034,408 9,384,2232,115,680 2,889,883 1,915,7931,711, 5,686,3101,334,497 801,3621,368,4311,091,8133,831,043 Liabilities Federal Reserve notes: Feb. 23 17,186,5971,162,3793,806,9891,169,8581,533,0311,140,306 963,976 3,245,140 732,510 3*89,471 626,508 412, ,003,911 Mar. 1 17,338,9451,166,337766 3,828,4381,175,4081,540,2021,153,934 986,199 3,256,118 741,566 391,864 638,925 425,7012,034,214 Mar. 8 17,443,09" 1,170,0283,863,3371,182,2041,550,9531,160,259 991,668 3,274,183 745,290 394,407 642,040 426, ",042,058 Mar. 15 17,491,10- 1,170,0913,875,2251,182,7881,553,9111,163,465 995,4273,275,565 747,367 396,081 642,223 426, 240 2,,062,721 Mar. 22 17,429,3721,164,0703,873,4721,177,4361,548,6251,158,320 992,9293,267,333 745,864 396,379 640,092 422,4982,042,354 Deposits: Member bank—reserve account: Feb. 23 '12,109,197 571,5054,022,80; 599,210 927,235 502,561 509,389 1,827,972 435,266 '281,752 572,633 495,272 1,363,609 Mar. 1 12,379,736 582,2964,140,94' 609,832 958,242 507,080 532,3271,857,685 441,497 281,912 572,572 510,310 1',385,036 Mar. 8 12,383,O7r 588,0354,099,981 613,597 956,078 501,933 547,6751,889,395 449,271 278,443 580,538 519, 1,358,235 Mar. 15 12,704,71i 609,216 4,218,070 641,017 977,866 523,821 535,1531,962,717 458,667 285,843 586,231 527,,764 1,378,351 Mar. 22 12,405,072 605/698 4,075,518 628,192 967,451 490,283 524,0411,881,207 435,741 279,533 567,752 525,571 1,424,085 U. S. Treasurergeneral account: Feb. 23 646,288 47,694 99,050 48,809 77,508 61,938 53,438 57,296 50,696 28,911 33,529 39,029 48,390 Mar. 1 140,05. 23,580 24,612 8,327 17,112 3,118 796 38,115 9,242 3,919 1,371 537 9,326 Mar. 8 268,814 18,336 77,225 15,049 13,455 24,661 11,305 17,601 19,185 18,668 18,453 13,007 21,869 Mar. 15 76,670 1,075 58,803 758 1,030 1,037 834 1,032 8,286 746 1,007 1,030 1,032 Mar. 22 494,994 25,674 130,206 38,426 27,404 59,205 21,674 67,328 19,061 36,574 18,138 26,045 25,259 r Revised. 1 After deducting $87,000 participations of other Federal Reserve Banks. APRIL 1944 357 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 i r s a a c n n o - Foreign: 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 Mar. 1 1,574,476 105,099 x628,065 136,740 132,280 59,452 47,562 184,301 46,075 32,699 43,103 43,103 115,997 Mar. 8 1,568,034 104,819 J631,874 135,119 130,713 58,747 46,998 182,117 45,529 32,311 42,592 42,592 114,623 Mar. 15 1,540,332 101,816 J621,290 132,825 128,493 57,750 46,200 179,024 44,756 31,762 41,869 41,869 112,678 Mar. 22 1,542,951 103,510 ^08,853 134,994 130,592 58,693 46,954 181,948 45,487 32,281 42,552 42,55: 114,535 Other deposits: Feb. 23 352,149 3,709 252,227 7,520 5,413 3,699 8,052 5,723 14,060 10,791 1,590 2,994 36,371 Mar. 1 240,066 3,715 145,919 5,245 5,953 4,203 6,977 6,330 10,978 9,782 2,823 3,370 34,771 Mar. 8 337,087 247,652 5,875 6,481 .4,087 4,983 2,738 9,919 10,002 3,192 2,799 35,673 Mar. 15 381,827 3,839 284,084 6,165 6,151 3,573 3,737 4,933 10,840 10,143 4,418 3,399 40,545 Mar. 22 350,170 3,687 254,074 6,169 7,613 2,541 3,598 5,626 9,617 10,828 3,994 2,387 40,036 Total deposits: Feb. 23 r14,699,395 733,018 4,,982,066 797,5381,147,524 629,937 620,270 ,082,380 547,869 r355,410 652,512 582,0451,568,826 Mar. 1 14,334,33. 714,690 4,,939,543 760,1441,113,587 573,853 587,662 ,086,431 507,792 328,312 619,869 557,3201,545,130 Mar. 8 14,557,014 714,8765,056,732 769,6401,106,727 589,428 610,961 ,091,851 523,904 339,424 644,775 578,2961,530,400 Mar. 15 14,703,545 715,9465,182,247 780,7651,113,540 586,181 585,924 147,706 522,549 328,494 633,525 574,0621,532,606 Mar. 22 14,793,187 738,5695,068,651 807,7811,133,060 610,722 596,267 ,136,109 509,906 359,216 632,436 596,5551,603,915 Deferred availability items: 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 Mar. 1 1,355,837 96,071 273,363 71,362 157,993 102,572 72,154 214,802 61,197 26,314 98,558 42,755 138,696 Mar. 8 1,214,374 93,330 235,477 69,633 121,630 102,050 67,899 185,339 57,698 25,257 82,673 45,440 127,948 Mar. 15 1,636,820 120,352 379,115 92,943 187,566 124,534 96,836 245,387 70,498 35,349 84,985 54,279 144,976 Mar. 22 1,496,422 101,750 290,354 91,635 166,205 126,770 105,640 225,111 63,901 33,766 81, " 58,576 151,286 Other liabilities, including accrued dividends: Feb. 23 6,936 635 1,692 554 635 227 247 212 196 981 235 424 Mar. 1 6,073 597 1,492 561 575 306 221 911 228 191 346 174 471 Mar. 8 11,008 615 1,917 4,506 647 257 510 927 287 210 415 181 536 Mar. 15 7,685 598 2,105 433 655 326 232 1,058 280 205 1,070 218 505 Mar. 22 7,479 636 2,042 465 759 289 617 1,130 301 227 248 248 517 Total liabilities: F M eb a . r . 2 1 3 r3 3 3 3 , , 2 0 1 3 5 5, , 1 8 8 3 8 8 , , 9 9 9 7 2 7 , , 2 7 2 3 6 4 9 9' ,; , 0 0 4 0 2 6 , , 8 1 3 6 6 5 , , 0 0 6 0 0 7 , , 8 47 5 5 8 8 8 5 1 2 2 , , 0 3 4 5 9 7 1 1 , , 8 8 5 3 8 0 , , 6 6 8 6 1 5 1 1, , 6 6 4 5 6 8 , , 2 3 3 5 6 6 , , 5 5 3 5 3 8 , , 6 2 6 6 1 2 1 1 , , 3 3 3 1 1 0 , , 0 7 4 8 0 3 r7 7 7 4 7 6 , ,6 0 8 1 1 0 , , 3 3 7 5 0 7 , ,698 1 1 , , 0 0 5 2 3 5 , , 8 9 4 5 5 03 3 , , 7 7 1 2 8 0 , , 5 9 1 5 1 9 Mar. 8 33,225,49. ,978,8499,157,463 ,025,983 779,9571,851,9941,671,038 ,552,3001,327,179 759,298 ,369,9031,050,5893,700,942 Mar. 15 •'• 33,839,154 ,006,9879,438,692 ,056,929 855,6721,874,5061,678,419 ,669,7161,340,694 760,129 ,361,8031,054,7993,740,808 Mar. 22 33,726,460 ,005,0259,234,5192,077,317 848,6491,896,1011,695,453 ,629,683 ,319,972 789,588 ,354,2041,077,8773,798,072 Capital Accounts Capital paid in: 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 Mar. 1 156,310 9,871 57,717 11,823 15,879 6,280 5,544 18,138 4,779 3,399 5,085 4,787 13,008 Mar. 8 156,378 9,872 57,744 11,828 15,890 6,265 5,549 18,151 4,790 3,404 5,090 4,787 13,008 Mar. 15 156,454 9,878 57,752 11,830 15,898 6,276 5,557 18,154 4,790 3,406 5,091 4,790 13,032 Mar. 22 156,533 9,878 57,758 11,828 15,930 6,277 5,563 18,163 4,792 3,410 5,092 4,791 13,051 Surplus (section 7): Feb. 23 188,097 13,206 70,012 17,859 16,026 5,236 5,725 26,490 6,330 3,669 4,554 4,831 14,159 Mar. 1 188,097 13,206 70,012 17,859 16,026 5,236 5,725 26,490 6,330 3,669 4,554 4,831 14,159 Mar. 8 188,097 13,206 70,012 17,859 16,026 5,236 5,725 26,490 6,330 3,669 4,554 4,831 14,159 Mar. 15 188,097 13,206 70,012 17,859 16,026 5,236 5,725 26,490 6,330 3,669 4,554 4,831 14,159 Mar. 22 188,097 13,206 70,012 17,859 16,026 5,236 5,725 26,490 6,330 3,669 4,554 4,831 14,159 Surplus (section 13b): 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 Mar. 1 26,965 2,874 7,092 4,421 1,007 3,290 749 1,429 530 1,000 1,137 1,307 2,129 Mar. 8 26,965 2,874 7,092 4,421 1,007 3,290 749 1,429 530 1,000 1,137 1,307 2,129 Mar. 15 26,965 2,874 7,092 4,421 1,007 3,290 749 1,429 530 1,000 1,137 1,307 2,129 Mar. 22 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 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 Mar. 1 65,227 3,271 14,277 3,995 8,054 4,750 4,222 10, •'"" 2,791 3,625 3,361 2,913 3,480 Mar. 8 65,954 3,342 14,493 4,068 8,137 4,811 4,259 10,453 2,838 3,649 3,428 2,950 3,526 Mar. 15 66,589 3,364 14,661 4,186 8,201 4,838 4,285 10,625 2,816 3,668 3,387 2,979 3,579 Mar. 22 67,195 3,425 14,842 4,255 8,271 4,889 4,317 10,545 2,873 3,695 3,444 3,007 3,632 Total liabilities and capital accounts: Feb. 23 r33,651,5382,021.,,384 9,155,,172 2,098,8772,892,9301,878,209 1,674,573 589,926 1,345,401 r788,6711,385,066 1,067,6293,753,700 Mar. 1 33,471,7872,006,956 9,191,934 2,,045,5732,853,3231,850,2211,662,476 614,8071,325,213 758,3741,371,8351,039,7883,751,287 Mar. 8 33,662,8892,008, ",306,8042,064,1592,821,0171,871,5"9"6 1,687,320 ,608,8231,341,667 771,0201,384,"1"1-2 11,064,4643,733,764 Mar. 15 34,277,2592,036,309 9,588,2092,095,2252,896,8041,894,1461,694,735 ,726,414 1,355,160 771,8721,375,9721,068,7063,773,707 Mar. 22 34,165,2502,034,408 9,384,2232,115,6802,889,8831,915,7931,711,807 ,686,3101,334,497 801,3621,368,4311,091,8133,831,043 Commitments to make industrial loans: Feb. 23 9,944 700 1,92; 100 816 3,000 680 2,700 Mar. 1 10,308 700 2,186 100 918 3,000 680 2,699 Mar. 8 10,433 700 2,314 90 928 3,000 680 2,696 Mar. 15 8,862 700 1,395 70 976 3,000 2,696 Mar. 22 9,231 700 1,709 65 1,051 3,000 2,695 1 After deducting $981,643,000 participations of other Federal Reserve Banks on Feb. 23; $945,287,000 on Mar. 1; $934,083,000 on Mar. 8; $918,223,000on Mar. 15; and $933,219,000 on Mar. 22. ( FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTES-FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total Boston Y N o ew rk d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - l A an t- ta Chica L S ou 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 Federal Reserve notes outstanding (Issued to F.R. Bank by F.R. agent): Feb. 23 17,770,0741,188,960 3,924,8461,196,4811,569,439 1,177,4051,029',,349 3,,301,294 763,734396,575650,519 446,769 2,124,703 Mar. 1 17,845,2801,196,294 3,946,3201,200,3141,575,0061,180,276 1,027,926 3!,315,795 769,167399,132656,224 451,790 2,127,036 Mar. 8 17,960,0341,193,9753,985,526 1,206,4571,582,751 ,186,770 1,034,978 3,330,749 775,809 401,261659,013 453,606 2,149,139 Mar. 15 18,064,9011,197,878 4,,010,2691,216,8071,597,1341,194,4991,041,673 3",339,629776,640 403j 112 661,199 456,308 2,169,753 Mar. 22 18,095,07' 1,196,354 4; ,018,9141,213,113 1,596i,,507 1,193,2821,050),,690 3",345,624774,603 404,065 662,898 459,173 2,179,851 Collateral held by agent as security for notes issued to Bank: Gold certificates on hand and due from U. S. Treasury: Feb. 23 13,076,000 761,000 3i, 340,000 725,000 1,170,000 775,000 750,000 2,530,000 400,000 230,000 410,000 311000 1,674,000 Mar. 1 13,312,000 751,000 31,575,000 725,000 1,176,000 775,000 750,000 2,560,000 400,000 230,000 410,000 286;000 1,674,000 Mar. 8 13,316,000 751,000 3,600,000 735,0001,185,000 775,000 7501,,000 2,590,1000 295,000 230,000 420,000 286,000 1,699,000 Mar. 15 13,054,000 751,000 3!, 420,000 740,0001,098,000 775,000 750>,,000 2,590,1000 295,000 230,000 420,000 286,000 1,699,000 Mar. 22 12,914,000 751,000 3i,445,000 740/000 1,098,000 775,000 750,000 2,395,(000 295,000 230,000 420,000 2910001,724,000 Eligible paper: Feb. 23 42,556 510 20,608 3,313 2,830 15,295 Mar. 1 32,138 1,090 16,758 6,790 3,430 4,070 Mar. 8 46,893 2,010 28,303 8,765 3,105 4,710 Mar. 15 53,953 2,285 20,783 17,375 6,000 7,010 500 Mar. 22 58,088 1,610 43,238 1,855 1,250 7,510 500 2,125 U. S. securities: Feb. 23 4,981,709 450,000 600,000 475,000 400,000 450,000 300,000 7901,,000 441,709175,000 250,000 150,000 500,000 Mar. 1 4,816,983 450,000 400,000 475,000 400,000 450,000 300,000 7901,,000 451,983175,000 250;000 175,000 500,000 Mar. 8 4,871,203 450,000 400,000 475,000 400,000 450,000 300,000 7901,,000 506,203175, 000 175,000 500,000 Mar. 15 5,182,347 450,000 600,000 475,000 500,000 450,000 300,000 7901,,000 517,347175,000 250,000 175,000 500,000 Mar. 22 5,431,712 450,000 600,000 475,000 500,000 450,000 325,000 970,000 561,712 175,000250,000 175,000 500,000 Total collateral: Feb. 23 18,100,2651,211,510 3!, 960,6081,203,3131,570),, 000 1,227,830 1,050,000 3,320,000 857,004405,000 660,000 461,000 2,174,000 M M a a r r . . 8 1 1 18 8 , , 2 1 3 6 4 1 , , 0 1 9 2 6 11 1, , 2 2 0 0 3 2 , ,090 31 t :, , 9 0 9 2 1 8 ,7 , 5 3 "8 0 31 1 , , 2 2 1 0 8 6 , , 7 7^ 6 9 5 0 1 1, ,5 57 8 6 5 > i , ,,0 ,0 0 0 0 0 1 1, ,2 2 2 2 8 8 , , 1 4 0 3 5 0 1 1 , ,0 0 5 5 0 0 , , 0 0 0 0 0 0. 3 3 , , 3 38 5 0 0 , , 0 0 0 0 0 0 8 8 5 0 6 5 , , 0 9 5 1 3 3 4 4. 0 0.. 5 5 , , 0 0 00 0 00 0 0 66 6 77 6 00 0 >, , 0 0 00 0 00 0 0 44 4 66 6 11t 1 , , 0 0 0 0 0 0 2 2 , , 1 1 9 7 9 4 , , 0 0 0 0 0 0 Mar. 15 18,290,3001,203,285 4:!, 040,7831,232,3751,598,000 1,231,000 1,050,000 3,380,000 819,357405,500 670,000 461,000 2,199,000 Mar. 22 18,403,8001,202,610 4:, 088,2381,216,8551,598,0001,226,250 1,075,000 3,365,000 864,222405,500 672,125 466,000 2,224,000 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 l e D a d s a p n t t e e e d r s i a o d ( y l d a a y ) o s t f or Nu A m p a b p p e l p r i r c o a A v ti e o m d n o s unt ( b a p p m c u r l A o e o t o p m t v n u e - e - o d n d t 1 t) s ( t a L a m o n o u o d a t u i n - n n s g t) 2 C s (a t m o a m o m n e u o d n m u t i - t n n s i g t t ) - ( s P a p t m a a a o r n t u o i t d o t u i - i c n n n i s t - g ) BA [ N G A K u m a a S r o u a u t n U n h t t o N e s r e i D d i z n e E l d t o R h a o n u R s s E an G d G U s u o L a o f A r u a d t T n s o t t I l a e l O a n e r d d N s i ] n lo g V ans a A v a d a m i d l i a o t b i u o l n e n t a t l o borrowers 1934 984 49,634 20,966 13,589 8,225 1,296 Date under guar- 1 1 1 9 9 9 3 3 3 5 7 6 .«... 2 2 1 , , , 2 4 9 8 0 9 0 6 3 1 1 1 2 5 3 4 0 9 , , , 9 8 4 8 2 9 7 9 3 1 8 3 1 , , , 3 2 5 6 2 4 9 8 6 3 2 2 2 5 0 , , , 5 2 4 2 1 9 6 6 3 2 2 1 7 0 2 , , , 6 9 7 4 5 8 9 9 0 8 7 7 , , , 2 2 7 0 3 7 8 8 8 Number Amount am To o t u a n l t g P u o te a r e r ti d a o n n - o an u t t m e s e t e a n a n g t d s r i e n e g - 1938 2,653 175,013 1,946 17,345 14,161 12,722 1939 2,781 188,222 2,659 13,683 9,220 10,981 1940 2,908 212,510 13,954 9,152 5,226 6,386 1942 1941 3,202 279,860 8,294 10,337 14,597 19,600 June 30 565 310,680 81,108 69,674 137,888 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 26,430 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 17,305 1943 1943 Jan. 30 3,432 434,638 6,672 12,897 12,160 23,915 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 23,177 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 20,316 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 20,333 Apr. 30 3,773 4,058,731 1,339,078 1,073,972 2,018,818 May 31 3,448 473,399 3,045 13,378 12,950 20,166 May 31 4,002 4,554,278 1,415,777 1,150,040 2,076,998 June 30 3,452 475,468 3,203 13,044 12,132 19,070 June 30 4,217 4,718,818 1,428,253 1,153,756 2,216,053 July 31 3,455 477,681 2,883 12,258 11,832 18,832 July 31 4,404 4,900,905 1,536,296 1,269,416 2,388,721 Aug. 31 3,458 481,288 4,354 12,000 11,614 18,400 Aug. 31 4,599 5,153,941 1,646,921 1,366,178 2,462,875 Sept. 30 3,460 483,608 2,860 12,227 11,474 18,928 Sept. 30 4,787 5,452,498 1,708,022 1,413,159 2,494,855 Oct. 30 3,464 486,098 305 12,409 9,978 18,616 Oct. 31 4,948 5,546,555 1,815,162 1,511,847 2,586,563 Nov. 30 3,466 488,422 401 11,811 9,920 18,621 Nov. 30 5,123 6,234,047 1,798,272 1,495,910 2,798,283 Dec. 31 3,471 491,342 926 10,532 9,270 17,930 Dec. 31 5,347 6,563,048 1,914,040 1,601,518 3,146,286 1944 Jan. 31 3,475 495,738 1,808 10,369 10,146 18.247 1944 Feb. 29 3,478 497,875 835 10,198 10,292 18,531 Jan. 31 5,565 6,989,682 2,020,294 1,691,802 3,278,822 Feb. 29 5,720 7,172,719 2,030,547 1,700,400 3,451,581 1 Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant. NOTE.—The difference between guaranteed loans authorized and sum 2 Includes industrial loans past due 3 months or more, which are not in- of loans outstanding and amounts available to borrowers under guarantee cluded in industrial loans outstanding in weekly statement of condition of agreements outstanding represents amounts repaid, guarantees available Federal Reserve Banks. but not completed, and authorizations expired or withdrawn. NOTE.—-The difference between amount of applications approved and the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or expired. APRIL 1944 359 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS AND RESERVES OF MEMBER BANKS, FEBRUARY 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 s n e 2 d d N p m o e d s a t e i n t - s d d ' e * - p T o d i s m e i - t e s* d b o a b m l f d a a r u o n n e e m k s c t e s i s c Held qu R i e r - ed Excess posits1 All member banks 79,775 10,766 15,464 53,545 50,093 55,508 15,609 5,522 12,349 11,188 1,160 Central reserve city banks: New York 23,330 3,650 5,686 13,994 12,986 16,608 865 51 3,395 3,374 21 Chicago 5,422 1,082 1,204 3,137 2,927 3,834 513 176 800 797 3 Reserve city banks—Total 29,680 4,981 5,326 19,372 17,694 20,906 6,272 1,832 4,899 4,558 341 Boston district 2,161 286 610 1,264 1,183 1,419 107 52 300 290 9 New York district 489 27 66 397 371 379 177 19 89 86 3 Philadelphia district 2,320 307 525 1,488 1,388 1,626 138 68 349 334 16 Cleveland district 3,824 495 735 2,594 2,387 2,692 831 193 649 588 61 Richmond district 1,732 280 370 1,082 1,002 1,176 276 112 287 252 36 Atlanta district 1,803 516 263 1,024 906 1,283 230 145 295 270 24 Chicago district 3,798 450 696 2,652 2,454 2,623 1,042 289 622 587 35 St. Louis district 1,768 540 297 931 822 1,264 196 101 273 265 8 Minneapolis district 987 272 224 490 433 645 96 61 139 135 4 Kansas City district 2,413 849 292 1,272 1,120 1,662 197 311 387 344 43 Dallas district 1,698 417 206 1,076 985 1,189 169 218 298 248 50 San Francisco district 6,685 541 1,043 5,101 4,643 4,947 2,812 263 1,211 1,158 53 Country banks—Total 21,343 1,053 3,248 17,042 16,486 14,160 7,959 3,463 3,254 2,460 795 Boston district 2,179 79 478 1,621 1,547 1,441 705 191 294 244 50 New York district 3,417 72 674 2,671 2,564 2,353 1,873 290 553 442 112 Philadelphia district 1,550 11 265 1,274 1,234 1,071 960 178 267 208 59 Cleveland district 1,834 25 280 1,529 1,487 1,220 958 295 319 228 91 Richmond district 1,667 181 233 1,253 1,191 1,082 490 301 233 181 52 Atlanta district 1,724 192 235 1,298 1,248 1,111 350 343 238 176 62 Chicago district 2,776 75 423 2,278 2,228 1,815 1,209 496 449 327 123 St. Louis district 1,169 134 123 912 881 781 316 238 167 128 39 Minneapolis district 901 69 114 718 699 601 369 170 145 106 38 Kansas City district 1,342 73 128 1,141 1,126 834 179 370 195 128 67 Dallas district 1,579 117 164 1,298 1,267 1,016 105 376 215 149 67 San Francisco district. . 1,205 25 131 1,049 1,017 836 444 213 179 144 36 1 Figures do not include certain other demand deposits of the U. S. Government with member banks and, therefore, differ from figures for U. S. Government deposits shown in other published banking data. See also footnote 2. 2 Preceding column minus so-called "float" (total cash items in process of collection) and estimate of U. S. Government deposits other than war loan accounts. 3 Demand deposits subject to reserve requirements; i.e., demand deposits other than war loan deposits, minus cash items in process of collection and demand balances due from domestic banks. 4 Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report. MEMBER BANK RESERVE BALANCES, BY CLASS OF BANKS DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND [Averages of daily figures. In millions of dollars] SMALL CENTERS,1 FEBRUARY 1944 [Averages of daily figures. In millions of dollars] Central reserve m A b e e l m r l - city banks s c e R r i e t v - y e C t o r u y n - , p I o n p u p l l a a t c i e o s n o a f n 1 d 5 , o 0 v 0 e 0 r I 1 n 5 , p 0 l 0 a 0 c e p s o o pu f l u a n ti d o e n r banks1 New banks l York Chicago Federal Reserve districts Demand Demand d e e x p c o e s p it t s Time d e e x p c o e s p i t ts Time Total reserves held: inter- deposits inter- deposits 1943—Jan 4,352 5,190 2,905 bank2 bank2 Feb 3,999 875 5,141 2,918 1944—Jan 3,668 845 5,133 3,289 Feb 3,395 800 4,899 3,254 Total 12,716 4,673 7,573 3,285 Week ending (Friday): 1944—Jan. 21 3,718 862 5,151 3,298 Boston 1,837 559 262 146 Jan. 28 3,735 854 5,160 3,297 New York 2,600 1,212 745 661 Feb. 4 3,569 832 5,113 3,340 Philadelphia..., 913 442 626 518 Feb. 11 3,391 806 4,956 3,308 Cleveland 1,092 513 717 445 Feb. 18 3,364 799 4,861 3,257 Feb. 25 3,364 784 4,806 3,176 Richmond 958 239 528 251 Mar. 3 3,426 800 4,849 3,195 Atlanta 1,089 244 443 106 Mar. 10 3,485 802 4,893 3,216 Chicago 1,638 727 1,063 482 Excess reserves: St. Louis 444 177 591 139 1946—Jan 337 22 913 860 Feb 97 10 784 820 Minneapolis 390 148 442 221 1944—Jan 19 5 344 746 Kansas City 360 62 909 116 Feb 21 3 341 795 Dallas 611 66 851 39 Week ending (Friday): San Francisco.. 783 282 396 162 1944—Jan. 21 23 3 310 742 Jan. 28 20 4 329 754 Feb. 4 33 8 432 843 1 Includes any banks in outlying sections of reserve cities which have Feb. 11 21 2 392 855 been given permission to carry the same reserves as country banks. All Feb. 18 16 2 307 815 reserve cities have a population of more than 15,000. Feb. 25 13 -2 255 718 2 The series published through April 1943 included interbank deposits. Mar. 3 12 3 266 ^727 The amount of such deposits for the current month at all country banks can Mar. 10 ^1,013 11 -2 274 be derived by comparison with the first table above; banks in the small centers held 216 million dollars during the last half of April 1943. Figures in this table include war loan deposits, shown separately for all country v Preliminary. banks in table above. 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. 36O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and small denomination currency2 Large denominationcurrency2 End of year and in cir- Unasmonth cula- sorted tion1 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 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 4,719 4,931 4,622 1,237 2,347 341 667 10 20 2 August.... 18,529 13,715 960 858 64 1,878 4,853 5,102 4,816 1,293 2,453 353 687 9 22 2 September. 18,844 13,891 970 866 64 1,887 4,893 5,211 4,951 1,327 2,535 360 698 11 20 2 October.... 19,250 14,135 987 872 65 1,902 4,962 5,347 5,118 1,366 2,636 373 713 11 20 3 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 ,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 February... 20,824 15,004 1,018 877 70 1,952 5,255 5,832 5,823 1,534 3,054 426 777 9 22 3 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. 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 l s i i d a f e l v i i c 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 e s e n r r b a t v a s y n e l d Feb 1 . 9 4 2 4 9, Ja 1 n 9 . 4 3 4 1, Fe 1 b 9 . 4 2 3 8, agents Gold 21,712 19,591 22,121 Gold certificates Z19 591 16,721 2 8115 55 55 58 Federal Reserve notes 17 819 67 577 17 176 16 874 12 523 Treasury currency—total 44,091 1,778 168 329 3,593 3,598 3,507 Standard silver dollars 494 258 138 2 97 96 78 Silver bullion 1 520 1,520 Silver certificates and Treasury notes of 1890 *1,778 270 1,507 1,522 1,703 Subsidiary silver coin 706 19 18 668 665 573 Minor coin 266 7 6 253 252 226 United States notes 347 3 24 320 315 317 Federal Reserve Bank notes 629 (5) 9 620 621 474 National bank notes 129 H 1 128 128 134 Total—February 29, 1944 S43 622 321,369 42 356 16 721 3,722 20,824 January 31, 1944 343,671 321,610 42,320 16,930 3,892 20,529 February 28, 1943 339,658 z 22,497 42,221 17,660 3,689 16J088 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. 353, and seasonally adjusted figures in table on page 362. 2 Includes $1,800,000,000 Exchange Stabilization Fund, $143,818,589 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. 353. 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 dpllar 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 under the terms of the Federal F Board of Governors of the Fedei ._. . „ # # 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. 361 APRIL 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY IN CIRCULATION WITH ADJUSTMENT FOR ANALYSIS OF CHANGES IN GOLD STOCK OF SEASONAL VARIATION UNITED STATES [Outside Treasury and Federal Reserve Banks. In millions of dollars] [In millions of dollars] Amount— Amount— Change in Ear- Date f u o v n r a a r s d i e j a 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 d s a e s ju o ri s n e t a s e l 1 d ly Period of a s G t t p o o e e c l n r k d i d od I i n n s c t o r g e c o a k l s d e N im et p g o o r l t d g m o c o l r r a d e r : a i k n s e d - e d e- p D ti r c t o o i m o d g n u o e 1 c s ld - crease (—0 End of year figures: 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 1 2;.'.'.'.'..' 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 1 3 4 1 3 . . 6 9 1943 20,449 +5,039 1938 14,512 1,751.5 1,973.6 -333.5 148.6 M f o i n g 1 t u h 9 r 4 l e y 3 s : — a M A M v p e a a r r y r a i c l g h es of daily 1 1 16 6 6 , , , 8 1 4 1 4 4 5 8 8 1 1 1 6 6 6 , , , 1 9 5 9 3 8 7 4 1 + + + 3 3 3 8 6 5 4 0 3 1 1 1 1 1 9 9 9 9 9 4 4 4 3 4 1 2 3 9 0 2 2 2 2 1 2 1 1 2 7 , , , , , 7 9 7 9 6 3 9 4 2 3 7 5 4 6 8 4 3 -7 , - , 3 1 7 1 8 5 3 4 0 8 1 2 1 . . . . . 3 5 2 0 8 3 4 , , 5 7 9 7 4 8 4 4 2 . . . 2 5 4 - - - — - 6 4 5 4 4 0 3 8 5 0 4 7 4 8 3 . . . . 7 7 4 . 4 6 1 1 1 1 4 6 7 2 6 7 1 0 5 9 . . . . . 8 7 2 4 1 J J A u u u n ly g e ust 1 1 1 7 8 7 , , , 2 1 6 1 9 8 7 6 1 1 1 18 7 7 , , , 2 3 7 8 0 1 7 4 6 + + + 4 3 5 1 7 7 2 0 1 1943— M A F p a e r r b i c l r h uary.. 2 2 2 2 2 2 , , , 6 5 4 4 7 7 4 6 3 - - - 1 6 3 0 8 9 3 . . . 0 3 1 — — - 6 1 5 3 0 9 1 .4 . . 0 0 4 4 4. . . 9 5 1 September 18,729 18,767 +480 May 22,426 -46.3 -45.1 4.1 October 19,001 19,001 +234 June 22,388 -38.9 -51.7 3.9 1944— N D J o e an c v e u e m a m r b y b e e r r 2 2 1 0 0 9 , , , 4 2 5 2 4 6 8 3 6 2 1 1 0 9 9 , , , 3 5 9 6 0 4 7 7 4 + + + 4 4 5 3 2 0 7 3 6 J A S u e u l p y g t u em st. b e .. r 2 2 2 2 2 2 , , , 3 2 1 3 7 4 5 5 3 - - - 5 9 6 2 2 7 . . . 7 0 8 - - - 9 6 8 3 1 0 . . . 7 3 6 3 3 3 . . . 9 6 3 M Fe a b r r c u h ary 2 2 0 0 , , 9 6 6 3 4 5 2 21 0 , , 0 6 2 3 7 5 + + 2 3 6 9 8 2 N O o c v to e b m e b r e .. r . 2 2 2 2 , , 1 0 1 6 6 5 - -5 5 1 9 . . 0 3 - - 4 4 0 4 . . 6 1 3 3 . . 4 8 Wed 1 n 9 e 4 s 4 d — ay F e fi b g . u r 9 2 es: 2 2 0 0 , , 5 5 3 8 4 6 2 20 0 , , 6 6 6 1 9 6 + + 8 5 5 3 1944— D F J e e a b n ce u ru m ar a b y r e y r . . . . 2 2 2 1 1 1 , , , 7 9 9 1 3 1 2 8 8 - - 1 2 -1 2 0 9 7 6 . . . 6 0 6 - - 8 2 51 7 7 1 . . . 0 6 5 4 3 : .5 1 16 20,610 20,714 +45 23 20,696 20,800 +86 Jan.-Feb.. 21,712 -226.2 ^6.2 Mar. 1 20,823 20,844 +44 8 20,963 21,026 +182 p Preliminary, f Figure carried forward. 15.: 21,006 21,175 +149 1 Annual figures through 1942 are estimates of the United States Mint. 22 20,934 21,188 +13 Annual figure for 1943 and monthly figures are those published in table 29 21,037 21,249 +61 on p. 401, adjusted to exclude Philippine Islands production received in United States. 1 For end of year figures, represents change computed on absolute 2 Figures based on rate of $20.67 a fine ounce in January 1934 and $35 a amounts in first column. fine ounce thereafter. NOTE.—For discussion of seasonal adjustment factors and for back 3 Includes gold in the Inactive Account amounting to 27 million dollars figures on comparable basis see September 1943 BULLETIN, pp. 822-826. on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937. Because of an apparent recent change in the seasonal pattern around the 4 The net gold import figures for months subsequent to December 1941 year end, adjustment factors have been revised somewhat for dates af- have not been released for publication. fected, beginning with December 1942; seasonally adjusted figures for 5 Gold held under earmark at Federal Reserve Banks for foreign account money in circulation, as shown in Banking and Monetary Statistics, Table amounted to 3,493.5 million dollars on Feb. 29, 1944. 111, p. 414, and described on p. 405, are based on an older series of adjust- NOTE.—For back figures, see Banking and Monetary Statistics, Table 156, ment factors. pp. 536-538, and for description of statistics see pp. 522-523 in the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] 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 A r e n n p i o n o n v u s te e a it r r l s b r o a e a f n x t k e c t e o o p t f a t l D a d e e n x e b d c p e i o t p G s s t i t o t i o v n a e c t d r e c n e r o m m b u a a n e n n n t k s d t tur d A n i e n o n p t v n e o e u r s r b i a t a l s o n f r k e a x d te c a e e n m o p d f a t nd Year and month Government T re o c p t e a o n l r t , t e i r a n s l g l Y N C e o i w t r y k 1 140) in oo te tthh r e s e 1 ir r c e e O p n o t t h r e t e i r r n s2 g Y N C o i e t r w y k r 3 e 3 c p e 3 o n o r t t e t i h r n s e g r Y N C o e it w r y k 1 l 0 e c 0 a i t d o ie i t n s h g er Y N C o i e t r w y k 10 le c 0 a i t d o i i e t n h s g er 1935 402,718 184,006 190,165 28,547 178,498 175,902 31.5 22.7 1936 461,889 208,936 219,670 33,283 204,831 202,267 31.4 22.4 1937 469,463 197 836 235,206 36,421 193,143 215,090 29.5 22.4 1938 405,929 168 778 204,745 32,406 164,945 186,140 25.1 19.9 1939 423,932 171 382 218,298 34,252 167,939 200,636 21.0 19.4 1940 445,863 171 582 236,952 37,329 167,373 217,744 17.1 18.6 1941 537,343 197 724 293,925 45,694 193,729 270,439 17.3 19.4 1 1 9 9 4 4 2 2 — — o n l e d w s s e e ri r e ie s s 3 3 6 6 0 4 7 1 , , 0 7 7 7 1 8 2 2 1 2 0 6 9 8 6 6 1 5 3 3 4 4 2 7 , , 4 83 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—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 %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 r71,894 27,031 37,950 r6,914 r17.3 r11.5 24,994 33,749 22.9 17.9 February 70,713 27,592 36,490 6,631 17.7 11.3 22,887 31,566 24.0 18.5 r Revised. 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 42 partly estimated. 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] Total Total demand Time deposits End of month a c d o u d b e u r j a p a t u r n o n s e s d i s k n t d i e s c e t d s y a c d o u d e b u r j p a a u t r o n n s e s d i s k n t d i e s c t e d s y a d d e T j p o u o t s s a t i l e t d s a D d d e e j p m u o s a s t i n e t d d s 1 d G U e S m o p n t v o a e i e t t s n e e r i t d s t n s - 2 Total b m a C e n o r k c m s i 3 - a l 4 M s b a a u v n t i k u n s a g 4 l s S S P a y o v s s i t n t e a m g l s 5 C o u b u r a t r n s e i k n d s c e y 1929—June 55,171 26,179 51,532 22,540 381 28,611 19,557 8,905 149 3,639 December 54,713 26,366 51,156 22,809 158 28,189 19,192 8,838 159 3,557 1933—June 41,680 19,172 36,919 14,411 852 21,656 10,849 9,621 1,186 4,761 December 42,548 19,817 37,766 15,035 1,016 21,715 11,019 9,488 1,208 4,782 1934—June 45,961 21,353 41,302 16,694 1,733 22,875 11,988 9,691 1,196 4,659 December 47,985 23,114 43,330 18,459 1,715 23,156 12,213 9,738 1,205 4,655 1935—June 49,881 25,216 45,098 20,433 811 23,854 12,820 9,830 1,204 4,783 December 52,182 27,032 47,265 22,115 909 24,241 13,170 9,871 1,200 4,917 1936—June 55,052 29,002 49,830 23,780 1,142 24,908 13,706 9,971 1,231 5,222 December 57,351 30,999 51,835 25,483 991 25,361 14,046 10,056 1,259 5,516 1937—June 57,258 30,687 51,769 25,198 666 25,905 14,513 10,125 1,267 5,489 December 56,639 29,597 51,001 23,959 824 26,218 14,779 10,170 1,269 5,638 1938—June 56,565 29,730 51,148 24,313 599 26,236 14,776 10,209 1,251 5,417 December 58,955 31,761 53,180 25,986 889 26,305 14,776 10,278 1,251 5,775 1939—June 60,943 33,360 54,938 27,355 792 26,791 15,097 10,433 1,261 6,005 December 64,099 36,194 57,698 29,793 846 27,059 15,258 10,523 1,278 6,401 1940—June 66,952 38,661 60,253 31,962 828 27,463 15,540 10,631 1,292 6,699 December 70,761 42,270 63,436 34,945 753 27,738 15,777 10,658 1,303 7,325 1941—June 74,153 45,521 65,949 37,317 753 27,879 15,928 10,648 1,303 8,204 December 78,231 48,607 68,616 38,992 1,895 27,729 15,884 10,532 1,313 9,615 1942—June 81,963 52,806 71,027 41,870 1,837 27,320 15,610 10,395 1,315 10,936 December 99,701 r62,868 85,755 r48,922 8,402 r28,431 r16,352 r10,664 1,415 13,946 1943—February 102,000 68,700 87,400 54,100 4,200 29,100 16,800 10,800 1,500 14,600 March 102,100 69,800 87,300 55,000 3,000 29,300 16,900 10,900 1,500 14,800 April 107,400 67,100 92,300 52,000 10,800 29,500 17,000 11,000 1,500 15,100 May 110,900 69,600 95,300 54,000 11,400 29,900 17,300 11,100 1,500 15,600 June 110,161 71,853 94,347 56,039 8,048 30,260 17,543 11,141 1,576 15,814 July23 111,900 74,100 95,600 57,800 7,100 30,700 17,900 11,200 1,600 16,300 August23 113,500 77,500 96,600 60,600 4,700 31,300 18,300 11,300 1,700 16,900 September** 120,600 72,800 103,400 55,600 16,300 31,500 18,400 11,400 1,700 17,200 October23 124,100 74,400 106,500 56,800 17,900 31,800 18,600 11,500 1,700 17,600 November23 123,800 78,200 105,500 59,900 13,300 32,300 18,900 11,600 1,800 18,300 December27 r122,800 79,600 "103,900 60,700 10,400 r32,800 r19,300 11,700 1,800 18,900 1944—January23 123,900 80,100 105,000 61,200 10,700 33,100 19,500 11,800 1,800 18,900 p Preliminary. r Revised. 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. See Banking and Monetary Statistics, p. 11, for description and Table 9, pp. 34-35, for back figures. POSTAL SAVINGS SYSTEM BANK> SUSPENSIONS1 [In millions of dollars] Member Nonmember Assets Total, banks banks all Depos- U. S. Government banks ti N o a n - al Staite su I r n e - d2 in N s o u n re - d End of month i b to al r - s' i C n a d s e h - securities C r a e s - h ances1 Total p to o r s y i- Di- Guars fu e n rv d e s dum 1 b 9 e 3 r 4 of banks suspended: 57 1 8 48 banks Total rect an- etc.2 1935 34 4 22 8 teed 1936 44 1 40 1937 .. . 59 4 2 47 6 1938 55 1 1 47 6 1934—Dec 1,207 :,237 540 597 467 130 100 1939 42 4 3 25 10 1935—Dec 1,201 ,237 287 853 706 147 98 1940 22 1 18 1936—Dec 1,260 ,296 145 1,058 892 167 93 1941 8 4 3 1 1937—Dec 1,270 ,308 131 1,097 931 167 80 1942 9 6 1938—Dec 1,252 ,291 86 1,132 965 166 73 1943 4 2 2 1939—Dec 1,279 ,319 53 1,192 1,046 146 74 1944—Jan .-Feb 1940—Dec 1,304 ,348 36 1,224 1,078 146 88 1941—Dec 1,314 ,396 26 1,274 1,128 146 95 Deposits of suspended banks 1942—Dec 1,417 :,464 16 1,345 1,220 126 102 (in thousands of dollars):3 1934 36 937 40 1,912 3498 S 1943—Mar 1,493 ,545 13 1,421 1,360 61 111 1935 10,015 5,313 3,763 939 Apr 1,517 L,569 12 1,450 1,389 61 107 1936 11,306 507 10,207 592 May 1,546 1,596 12 1,500 1,449 51 83 1937 19,723 7,379 i,708" 10,156 480 June 1,577 L,631 12 1,482 1,471 11 137 1938 13,012 36 211 11,721 1044 July 1,620 1,678 11 1,527 1,527 140 1939 34,998 1,341 24,629 6,589 2439 Aug 1,660 1,719 11 1,588 1,588 121 1940 5,943 256 5,341 346 Sept 1,683 1,739 10 1,631 1,631 97 1941 3,726 3,144 503 79 Oct 1,716 1,773 10 1,646 1,646 117 1942 1.702 1,375 VI Nov 1,752 1,812 10 1,678 1,678 125 1943 6 223 4,982 1,241 Dec 1,788 1,843 10 1,716 1,716 118 1944—Jan.-Feb 1944—Jan ^I^S 1 Represents banks which, during the periods shown, closed temporarily Feb pl,867 or permanently on account of financial difficulties; does not include banks whose deposit liabilities were assumed by other banks at the time of closing (in some instances with the aid of Federal Deposit Insurance Corporation p Preliminary. •'•Outstanding principal, represented by certificates of loans). dep 2 o s I i n t. c lu D d o es e s w n o o r t k i i n n c g l u c d a e sh 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 o rs r , o 5 u p ts e t r a n c d e i n n 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 6 F D e e d p e o r s a i l t s d o ep f 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 J e a m n 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 Banking and Monetary Statistics, p. 519; for descrip- reported. tion, see p. 508 in the same publication. Back figures.—See Banking and Monetary Statistics, pp. 283-292; f description, see pp. 281-282 in the same publication. APRIL 1944 363 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Number Class of banks, and call dates Total Loans G U ov . e S rn . - Other Total1 I b n a te n r k - 1 of banks Total o m bl e ig n a t - securities Demand Time tions All banks: 1934—June 30 42,552 21,306 21,246 11,278 9,968 46,435 4,560 19,527 22,348 15,929 1937—June 30 49,565 22,410 27,155 16,954 10,201 59,222 6,332 28,118 24,773 15,539 1940—June 29 51,336 22,340 28,996 19,666 9,330 70,770 10,188 34,336 26,246 14,955 December 31 54,170 23,751 30,419 20,983 9,436 75,963 10,941 38,518 26,504 14,895 1941—June 30 57,946 25,311 32,635 23,521 9,114 78,120 10,948 40,530 26,641 14,855 December 31 61,101 26,616 34,485 25,488 8,997 81,780 10,989 44,316 26,476 14,825 1942—June 30 64,009 25,081 38,928 30,301 8,627 82,706 10,287 46,357 26,062 14,775 December 31 78,137 23,915 54,222 45,932 8,290 99,796 11,318 61,395 27,083 14,682 1943—June 30 87,881 22,241 65,640 57,748 7,892 107,224 10,895 67,569 28,760 14,618 December 31e 98,000 23,650 74,350 66,900 7,450 117,500 10,900 75,550 31,050 14,579 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 December 31e 86,200 19,250 66,950 60,800 6,150 105,800 10,900 75,550 19,350 14,034 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 15,74: 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, 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 5,852 58,512 10,436 35,725 12,350 6,556 December 31 43,521 18,021 25,500 19,539 5,961 61,717 10,525 38,846 12,347 6,619 1942—June 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 12,754 6,679 1943—June 30 67,155 14,823 52,332 46,980 5,352 84,016 10,552 59,670 13,79' 6,703 December 31 74,258 16,288 57,970 52,948 5,022 92,262 10,556 66,438 15,268 6,738 All national banks: 1934—June 30 17,011 7,681 9,331 5,847 3,484 19,896 2,767 10,356 6,772 5,417 1937—June 30 20,893 8,796 12,097 8,206 3,891 26,716 3,790 15,162 7,764 5,293 1940—June 29 22,038 9,156 12,882 9,094 3,787 33,014 6,083 18,70! 8,228 5,164 December 31 23,648 10,004 13,644 9,735 3,908 35,787 6,574 20,885 8,329 5,144 1941—June 30 25,818 10,897 14,922 11,111 3,811 37,273 6,589 22,302 8,382 5,130 December 31 27,571 11,725 15,845 12,039 3,80b 39,458 6,786 24,350 8,322 5,117 1942—June 30 29,464 10,880 18,584 14,878 3,706 40,534 6,497 25,861 8,176 5,101 December 31 37,576 10,183 27,393 23,744 3,648 50,468 7,400 34,499 8,570 5,081 1943—June 30 42,805 9,173 33,632 30,102 3,529 54,589 7,155 38,205 9,229 5,060 December 31 47,499 10,116 37,382 34,065 3,316 59,961 7,159 42,604 10,196 5,040 State member banks: 1934—June 30 10,163 4,842 5,321 3,566 1,755 11,116 1, 6,620 2,908 958 1937—June 30 11,845 5,488 6,357 4,483 1,874 14,774 2,261 9,068 3,446 1,064 1940—June 29 12,413 4,813 7,600 5,627 1,973 18,715 3,608 11,409 3,699 1,234 December 31 13,478 5,316 8,162 6, 2,074 20,642 3,849 12,944 3,849 1,342 1941—June 302 14,840 5,832 9,008 6,967 2,041 21,238 3,847 13,423 3,969 1,426 December 31 15,950 6,295 9,654 7,500 2,155 22,259 3,739 14,495 4,025 1,502 1942—June 303 17,336 6,048 11,288 9,220 2,068 22,871 3,474 15,451 3,946 1,546 December 31 21,687 5,905 15,783 13,802 1,980 27,808 3,600 20,024 4,184 1,598 1943—June 30 24,350 5,649 18,701 16,878 1,823 29,427 3,396 21,465 4,566 1,643 December 31 26,759 6,171 20,588 18,883 1,705 32,302 3,397 23,833 5,072 1,698 e Estimated. Some of the figures have been rounded to the nearest 50 million. Consequently, the component items do not necessarily equal the total. 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. These banks are not included in "commercial banks" and are included only once in "all 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. Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. 364 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 Number Total Loans Total G m U ov e . n e S r t n . - Other Total1 I b n a te n r k - 1 Demand Time of banks obliga- securities tions AH 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 3034 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 December 31e 11,920 2,940 8,980 7,860 1,120 13,550 350 9,100 4,100 7,299 Insured nonmember commercial banks: 1934—June 30 4,513 2,667 1,846 592 1,254 4,821 80 2,037 2,704 7,564 1937—June 30 5,479 2,756 2,723 1,275 1,448 6,334 96 3,010 3,228 7,526 1940—June 29 5,37r 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 2,53, 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 91 653 262 1,721 394 1,064 264 925 December 31 1,367 397 969 696 273 1,""" 402 1,185 257 906 1941—June 30 1,439 444 996 725 271 1,865 402 1,210 251 883 December 31 1,434 452 982 742 239 1,837 335 1,255 247 851 1942—June 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 5,115 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 December 3le 11,800 4,400 7,400 6,100 1,300 11,700 11,700 545 Insured mutual savings banks: 1934—June 30 1,022 576 446 120 325 1,040 1,040 66 1937—June 30 969 470 499 252 247 1,002 1,002 56 1940—June 29 1,317 598 719 420 299 1,428 1,428 51 December 31 1,655 637 1,018 548 470 1,818 1,818 53 1941—June 302 1,655 641 1,015 569 446 1,803 1,803 53 December 31 1,693 642 1,050 629 421 1,789 1,789 52 1942—June 30 1,800 692 1,108 686 422 1,864 1,864 53 December 31 2,007 740 1,267 861 405 2,048 2/ 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 9,124 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 8,593 4,322 4,271 2,676 1,595 8,840 8,840 498 1941—June 30 8,666 4,317 4,348 2,857 1,491 8,845 8,845 497 December 31 8,686 4,263 4,424 3,071 1,353 8,743 8,743 496 1942—June 30 8,560 4,130 4,430 3,205 1,22." 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 For footnotes see opposite page. 365 APRIL 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 t t s - Total o e p i i l n n u e - g d n - - A t c u g a u r l r l - i - - br T o o k- R lo t e a e s a - t a n e l s - s l C o u o a m n n - er s O l t o h a e n r s Total Total c C t a i e f t r i - - es G a u n a - r- p S o a t c l a n i a t t d l i e - s U s r c e . i 1n c t u e i r - es mar- ers To Bills of in- Notes Bonds teed subket and others debt- divipaper deal- ed- sions ers ness Total—All Member Banks 1938—Dec. 31 32,070 13,208 5,179 712 973 775 2,716 2,853 18,863 13,222 286 3,389 7,208 2,340 2,448 ,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 ,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 1,959 1940—June 29 34,451 13,969 5,988 736 447 668 3,069 3 062 20,482 14,722 797 2,543 8,261 3,121 2,888 2,873 Dec. 31 37,126 15,321 6,'660 865 642 652 ,228 3,273 21,805 15,823 652 2,594 9,091 3,486 3,013 2,970 1941—June 30 40,659 16,729 7,807 738 575 635 ,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 I,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 2,501 3,203 29,872 24,098 1,509 1,872 3,546 14,485 2,685 2,934 2,840 Dec. 31 59,263 16,088 7,387 1,089 934 538 3,423 1,847 870 43,175 37,546 4,363 6,285 5,409 18,948 2,540 2,965 2,664 1943—June 30 67,155 14,823 6,554 854 1,120 603 ^,351 1,540 801 52,332 46,980 6,278 9,418 5,251 23,545 2,487 2,876 2,476 Oct. 18 78,112 17,716 60,397 55,255 2,818 2,324 Dec. 31 74,258 16,288 7,421 1,023 1,398 839 ,274 1,484 848 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 5 787 220 121 535 5,072 3,857 158 1,142 1,663 894 517 698 1939—June 30 8,688 2,988 1,602 555 215 130 481 5,700 4,483 168 908 2,284 1,123 480 736 Dec. 30 9,339 3,296 1,888 7 611 188 133 469 6,043 4,772 315 797 2,385 1,275 579 693 1940—June 29 ... 9,829 3,014 1,905 6 320 188 137 458 6,815 5,486 421 1,092 2,650 1,324 634 £95 Dec. 31 10,910 3,384 2,125 6 465 190 130 468 7,527 6,044 207 1,245 2,977 1,615 695 788 1941—June 30 12,493 3,778 2,503 3 422 186 129 536 8,715 7,268 577 1,526 3,415 1,751 651 796 Dec. 31 12,896 4,072 2,807 8 412 169 123 554 8,823 7,265 311 1,623 3,652 1,679 729 830 1942—June 30 14,019 4,066 2,841 9 430 167 121 499 9,953 8,550 402 663 1,746 4,572 1,166 623 781 Dec. 31 17,957 4,116 2,546 21 787 193 117 303 148 13,841 12,547 1,855 2,144 2,056 5,420 1,071 593 701 1943—June 30 18,982 4,009 2,274 24 955 240 113 264 140 14,974 13,887 1,985 2,818 1,656 6,454 974 484 602 Oct. 18 22,137 5,373 16,764 15,734 486 544 Dec. 31 .... 19,994 4,428 2^515' " " 24 1^054 "323' 107"'252' "153 15,566 14,563 1^328 3,409 1^829 7^014 '' 984 444 558 City of Chicago1 1938—Dec. 31 1,969 539 335 17 43 70 12 62 ,430 ,114 59 291 655 109 141 176 1939—June 30 2,052 544 344 19 39 71 12 60 L,5O7 ,175 185 234 621 135 154 179 Dec. 30 2,105 569 383 6 41 66 13 60 L,536 ,203 153 176 701 172 162 170 1940—June 29 2,205 603 432 8 23 61 16 62 L,602 ,258 254 161 710 134 177 167 Dec. 31 ... 2,377 696 492 e 42 54 19 84 1,681 ,307 297 145 752 112 188 186 1941—June 30 2,707 846 630 36 55 20 101 ,861 ,483 417 125 803 138 190 188 Dec. 31 ... 2,760 954 732 6 48 52 22 96 SOfi ,430 256 153 903 119 182 193 1942—June 30 3,116 906 712 29 50 22 90 2^210 .858 357 181 162 1,068 90 164 188 Dec. 31 3,973 832 658 6 34 32 23 62 18 3441 2^789 397 637 391 1,282 83 166 186 1943—June 30 4,332 784 612 2 40 41 23 51 15 3,548 3,167 473 795 399 1,424 75 209 172 Oct. 18 5,045 1,023 4 022 3 693 164 165 Dec. 31 4,554 1,004 763 6 102 52 22 45 14 3,550 3,238 199 877 484 1,602 74 158 155 Reserve City Banks 1938—Dec. 31 11,654 4,963 2,063 207 119 242 1,230 L, 101 6,691 5,018 57 1,224 2,997 740 808 866 1939—June 30 11,756 5,004 2,022 234 115 221 ,284 L,128 6,751 4,991 78 1,014 3,010 889 895 866 Dec. 30 12,272 5,329 2,256 221 119 222 1,335 1,177 6,943 5,194 63 819 3,339 972 890 860 1940—June 29 12,160 5,365 2,290 176 87 210 1,372 1,230 6,795 4,947 87 839 3,052 969 981 868 Dec. 31 13,013 5,931 2,589 263 115 207 1,436 1,322 7,081 5,204 103 771 3,281 1,049 984 893 1941—June 30 14,013 6,498 3,081 175 100 198 L,477 1,466 7,515 5,700 73 606 3,858 1,162 979 836 Dec. 31 15,347 7,105 3,456 300 114 194 1,527 1,512 8,243 6,467 295 751 4,248 1,173 956 820 1942—June 30 16,535 6,564 3,318 152 78 177 1,524 L.315 9,971 8,188 579 "*674 981 5,149 806 925 858 Dec. 31 20,915 6,102 2,957 290 97 153 1,486 808 312 14,813 13,038 1,441 2,253 1,723 6,810 811 954 821 1943—June 30..... 24,677 5,533 2,652 205 107 157 1,465 670 276 19,144 17,417 2,626 3,529 1,828 8,576 857 942 785 Oct. 18 28,826 6,539 22,287 20 616 938 733 Dec. 31. ... 27,521 6,201 3,058 279 217 267 1,420 658 301 21,321 19,'682 1,802 '4,691 2,497 9^943 "749 913 726 Country Banks 1938—Dec. 31 10,113 4,444 1,186 483 25 243 ,353 1,154 5,669 3,233 11 73? 1,893 597 Q89 1,453 1939—June 30 10,109 4,605 1,235 531 22 229 ,402 1,186 5,504 3,127 11 563 1,870 683 1,025 ,351 Dec. 30 10,224 4,768 1,314 495 20 224 ,477 1,238 5,456 3,159 31 431 1,972 725 1,061 1,236 1940—June 29 10,257 4,987 1,361 546 17 208 ,544 1,311 5,270 3,030 36 451 1,849 695 .,097 ,144 Dec. 31 10,826 5,309 1,453 590 21 201 ,644 1,400 5,517 3,269 45 433 2,081 710 ,146 ,102 1941—June 30 11,446 5,607 1,593 555 17 195 ,739 1,507 5,839 3,627 60 374 2,404 788 1,165 ,047 Dec. 31 12,518 5,890 1,676 659 20 183 ,823 1,530 6,628 4,377 110 481 2,926 861 1,222 ,028 1942—June 30 13,130 5,393 1,512 562 16 169 ,834 1,299 7,737 5,502 171'''355 657 3,696 624 1,222 ,013 Dec. 31 16,419 5,038 1,226 772 17 161 ,797 674 393 11,380 9,172 671 1,251 1,240 5,436 574 L.252 956 1943—June 30 19,164 4,497 1,017 623 17 164 ,750 555 371 14,667 12,509 1,194 2,276 1,368 7,091 581 1J241 917 Oct. 18 22,103 4,780 17,323 15,212 1,229 882 Dec. 31 22,188 4,654 1,084' "713 " " 25 197 1,725 "'528' "381' 17,534 15,465 1,032 3,094 2,096 8^705 "538 1,214 855 1 Central reserve city banks. Back figures—See Banking and Monetary Statistics, Tables 18-38, pp. 72-103. 366 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Interbank Re- Bal- De- deposits Call date F s e e w R d r i v e e t e h r - a s l C va a in u sh lt m a w n d e i o c s t e t - h i s c p m a o d a d s e n - i - d ts U G . o v S - . p S o a l t n i a t d t i e c s al C f o a e i f n e f r i d d t - i- v p i a I s d n r h t u d i n p a i e - s l r , s - , Inter- U m G er . o e n n v S - t - . S p t a o a n t l d i e t s - v p s i a I d h r n i u t d p n a s i e l - , r s - , B r i o n o w g r s - - co a u c n - ts B se a r n v k e s banks1 justed2 Do- For- m er e n n - t v s i u s b io d n i- s ch ce ec rs k ' s an p d o r c a o - r- bank Po a s n t d al s i u c b a d l i- an p d o r c a o - rmestic1 eign etc. tions Sav- visions tions ings 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 5,578 48,957 9,648 832 7,236 3,522 1,050 47,863 71 71 341 13,382 18 6,252 Oct. 18... 12,128 1,150 5,789 48,612 9,806 833 17,542 3,206 1,065 47,849 67 109 316 14,176 150 6,389 Dec. 31... 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 L,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 ,727 1943—June 30... 3,473 92 52 13,543 2,939 744 2,820 249 404 14,001 4 21 755 "ii" 1,774 Oct. 18... 3,426 100 71 12,750 2,914 757 6,566 215 438 13,149 4 ' ""s" 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 7 79 199 17 1,782 5 15 489 260 Dec. 31... 1,051 42 319 1,941 997 8 90 174 27 1,905 5 8 496 270 1941—June 30... 1,062 41 262 2,205 1,010 8 95 213 33 2,109 5 17 480 279 Dec. 31... 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1942—June 30... 973 43 220 2,379 1,028 10 201 226 24 2,292 460 293 Dec. 31... 902 39 164 2,557 1,105 12 665 178 38 2,588 2 453 304 1943—June 30... 786 39 173 3,002 1,032 13 506 202 36 2,981 2 477 312 Oct. 18... 785 39 170 2,885 1,104 13 1,241 187 28 2,901 2 497 317 Dec. 31... 821 38 158 3,050 972 14 713 174 44 3,097 2 1 505 326 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 L.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 L.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 L.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 2J014 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—See Banking and Monetary Statistics, Tables 18-38, pp. 72-103. APRIL 1944 367 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 For purchasing U.S. Government obligations Com- or carrying securities Total mer- Date or nlonth in lo a v n a e d n s s t- Total i t n c r i d i a a u 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 -' to Other Total c C t a i e f t i e r - - s Guar- O se t c ll u e - r ments t a a c u g u n r r d l a i - - l G U t l o i i o o . g b v S n - a t . - s . O c t t s u i h e e r - e s i- r G t l o i i o o g b v n a - t s - . O c t s t u i h e e r - s e i- r loans >anks Total Bills o d n f e e e d b i s - n t s - - Notes Bonds t a e n e - d rit es Total—101 Cities 1943—Feb. 41,475 9,724 6,097 624 350 1,180 56 1417 31,751 28,484 4,255 5,049 4,080 13,192 1,908 3,267 Oct. 52,346 11,944 6,342 1,912 1,054 1,135 78 1,423 40,402 37,480 4,575 8,854 4,940 17,243 1,868 2,922 Nov. 52,036 11,440 6,442 1,589 824 1,127 78 1,380 40,596 37,759 4,208 9,201 4,897 17,638 1,815 2,837 Dec. 50,379 10,956 6,418 1,406 575 1,117 93 1,347 39,423 36,633 3,505 8,955 4,788 17,624 1,761 2,790 1944—Jan.. 49,812 10,771 6,353 846 570 301 300 1,106 61 1234 39,041 36,254 3,128 8,825 4,688 17,847 1,766 2 787 Feb 53,139 11,625 6,412 1,070 600 807 319 094 87 1236 41,514 38,682 3,924 8,905 5,640 18,454 ,759 2(832 1943—Dec. 29 49,734 10,839 6,421 1,328 578 1,108 63 1341 38,895 36,109 3,238 8,750 4,720 17,643 1,758 2,786 1944—Jan. 5 49,527 10,703 6,335 743 563 337 303 1,107 60 1255 38,824 36,033 3,179 8,670 4,717 17,718 1,749 2,791 Jan. 12 49,539 10,716 6,360 827 543 298 296 1104 51 1237 38,823 36,044 3,090 8,777 4,692 17,745 1,740 2,779 Jan. 19 49,892 10,763 6,349 843 589 290 300 1107 60 1225 39,129 36,352 3,154 8,859 4,678 17,876 1,785 2,777 Jan. 26 50288 10,902 6,369 971 583 278 301 1106 73 1221 39 386 36,585 3089 8,995 4,664 18,049 1,788 2 801 Feb. 2 52 177 11,431 6,396 1,057 592 657 304 1099 86 1240 40 746 37,930 3 660 8,691 5,528 18,284 1,767 2 816 Feb 9 53 256 11,526 6,393 959 602 831 301 1095 101 1244 41 730 38,902 4 223 8,818 5,665 18,439 1,757 2 828 Feb. 16 53 854 11,872 6,446 1,153 601 903 355 1092 92 1230 41,982 39,139 4 125 9,036 5,688 18,530 1,760 2 843 Feb. 23 53 267 11,670 6,412 1,109 603 838 318 1092 70 1228 41597 38,755 3 689 9,077 5,677 18,560 1,752 2 842 Mar. 1 53 290 11,535 6394 1,042 625 759 302 1089 102 1222 41 755 38,898 3848 9,043 5,727 18,541 1,739 2857 Mar. 8 52903 11,530 6369 1,182 614 687 305 1085 77 1211 41 373 38,522 3 531 8,973 5,735 18,565 1,718 2851 Mar. 15 52884 11,431 6396 1,079 616 635 307 1083 87 1228 41453 38,601 3 608 8,976 7,195 18,073 749 2852 Mar. 22 52401 11,175 6,370 909 617 619 301 1082 59 1218 41 226 38,329 3488 8,877 7,290 18,004 670 2897 New York City 1943—Feb 16 163 3,556 2,430 506 158 98 38 326 12607 11,460 1851 2,010 1,821 4,794 984 1 147 Oct. 19631 4,891 2,378 941 520 605 95 54 298 14740 13,798 1426 3,238 1,775 6,371 988 942 Nov. 19216 4,538 2,417 728 497 457 94 50 295 14678 13,796 1405 3,315 1,744 6,376 956 882 Dec 18440 4,259 2,415 641 456 281 94 74 298 14 181 13,309 1231 3,202 1,692 6,273 911 872 1944—Jan. 18214 4,224 2415 698 434 136 116 91 48 286 13990 13,095 979 3,189 1,634 6,364 929 895 Feb. 19650 4,817 2470 835 459 485 132 89 63 284 14833 13,906 1228 3,216 1,932 6,586 944 927 1943—Dec. 29 18214 4,184 2,418 607 431 287 93 53 295 14030 13,151 1 179 3,115 1,653 6,287 917 879 1944—Jan. 5 18161 4,113 2,388 597 424 162 117 91 46 288 14048 13,153 1 114 3,131 1,663 6,336 909 895 Jan. 12 18042 4,172 2414 685 413 129 115 91 38 287 13870 12,978 955 3,164 1,643 6,311 905 892 Jan. 19 18292 4,228 2,414 696 450 126 116 91 51 284 14064 13,177 1038 3,203 1,620 6,371 945 887 Jan. 26 18360 4,381 2446 815 450 126 115 91 55 283 13979 13,073 807 3,259 1,612 6,439 956 906 Feb. 2 19299 4,677 2461 843 456 374 114 89 55 285 14622 13,696 1151 3,123 1,919 6,539 964 926 Feb. 9 19736 4,756 2464 746 467 502 114 89 82 292 14980 14,056 1390 3,198 1,933 6,590 945 924 Feb. 16 19938 4,968 2479 891 455 540 169 89 65 280 1497 14,038 1264 3,276 1,943 6,619 936 932 Feb. 23 19627 4,867 .2474 859 460 524 130 89 51 280 14760 13,832 1106 3,267 1,933 6,597 929 928 Mar. 1. .. 19671 4,783 2477 806 486 458 113 89 75 279 14888 13,946 1244 3,287 1,922 6,573 920 942 Mar. 8 19470 4,822 2472 937 477 406 114 88 52 276 14648 13,709 1029 3,256 1,952 6,559 913 939 Mar. 15 19443 4,706 2494 820 478 358 118 87 71 280 14737 13,805 1145 3,296 2,920 6,205 239 932 Mar. 22 19168 4,517 2481 682 488 344 115 86 44 277 14651 13,677 1165 3,238 2,820 6,220 234 974 Outside New York City 1943—Feb 2531 6,16 3 667 1]8 192 1082 18 1,09 19 144 17,024 2404 3,039 2,259 8,398 924 2 120 Oct. 32 715 7,05 3964 451 449 1040 24 1,125 25662 23,682 3 149 5,616 3,165 10,872 880 1980 Nov 32820 6,90 4025 364 367 1033 28 1,085 2591 23,963 2803 5,886 3,153 11,262 859 1955 Dec. 31939 6,69 4003 309 294 1023 19 1,049 2524 23,324 2274 5,753 3,096 11,351 850 1918 1944—Jan. 31598 6.54 3938 148 136 165 184 1015 13 948 2505 23,159 2 149 5,636 3,054 11,483 837 1892 Feb. 33489 6,80 3942 235 141 322 187 1005 24 95 2668 24,776 2696 5,689 3,708 11,868 815 1905 1943—Dec. 29.... 31 520 6,65 4 003 290 291 1,015 10 1,04 24 86 22,95 2059 5,635 3,067 11,356 841 1907 1944—Jan. 5.... 3136 6,59 394 146 139 175 186 ,016 14 96 24 77 22,880 2065 5,539 3,054 11,382 840 1896 Jan. 12.... 3149 6,54 3946 142 130 169 1811 ,1013 13 950 2495 23,06 2 135 5,613 3,049 11,434 835 1887 Jan. 19.... 31600 6,53 3935 147 139 164 184 ,016 94 2506 23,17 2 116 5,656 3,058 11,505 840 1890 Jan. 26.... 31928 6,52 3923 156 133 152 186 ,015 18 938 2540 23,51 2282 5,736 3,052 11,610 832 1895 Feb. 2.... 32878 6,75 3935 214 136 283 190 ,010 31 95 26 12 24,23 2509 5,568 3,609 11,745 803 1890 Feb. 9.... 33520 6,77 3 929 213 135 329 187 ,006 19 95 26 75 24,84 2833 5,620. 3,732 11,849 812 1904 Feb. 16.... 3391 6,90 396 262 146 363 186 ,003 27 95 27,01 25,10 286 5,760 3,745 11,911 824 1911 Feb. 23.... 33 640 6,80 3938 250 143 314 188 ,003 19 94 26,83 24,92 2583 5,810 3,744 11,963 823 1914 Mar 1.... 33,61 6,75 391 236 139 301 189 ,00 2 94 26,86 24,95 2,604 5,756 3,805 11,968 819 1,915 M M a a r r 1 8 5. . . . . . 3 3 3 3 , ,4 4 4 3 6 6, , 7 7 2 0 3 9 8 0 9 2 2 5 4 9 5 1 1 3 3 7 8 2 27 8 7 1 1 18 9 9 1 9 9 9 9 2 16 9 9 3 4 2 2 6 6 , , 7 7 2 1 2 2 4 4 , , 7 8 9 1 2 2 , , 5 4 0 6 2 3 5 5 , , 7 6 1 8 7 0 4 3 , , 2 7 7 8 5 3 1 1 1 2 , , 8 0 6 0 8 6 8 5 0 1 5 0 1 1, , 9 9 2 1 0 2 Mar 22.... 33,23 6,65 3889 227 129 275 186 99 15 94 26,57 24,65 2,323 5,639 4,470 11,784 436 1,923 Back figures .—See Banking and Monetary Statistics, pp. 127-227. 368 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic Date or month B s w F e R e a e r i r n e a t d v h k - l - e s v C a i a n u sh lt m b a w a n d e n i c o s t k - e t h i s s c j m p u a o d s a d s e t n e i - - d t d s 1 s p u p v n c h a o a a i e o n i d l r r p r r d s a t - - - s , - - , S p s d s a t i o i u c i a n o v l a t b d i n e i l - t s - - s c C c h a o e f e e e i f n t e f r r c c d i d t s k - . i ' - s m U G e e r . o n n S v - t . - s p p u v n h a c o a a i n e i o r r d l p d r r a s t - - s - - , - , S p s d s a t i o i u i a c n o v l a t b d n i i e l - t - s - s P U m G o S e a in s o a . r n e n S 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 o n g r k n - s B i r n o o g w r s - - c C o i a u t a c a n p - l t - s B d a e it n b s k - 2 tions tions Total 101 Cities 1943—Feb 9,412 516 2,557 30,412 30,290 1,854 577 4,240 5,284 108 28 9,204 59 729 35 4,042 42,165 Oct 8,295 553 2,270 31,062 31,459 1,656 693 12,639 5,796 118 58 8,725 49 772 58 4,190 52,313 Nov 8,509 548 2,230 32,416 32,706 1,757 710 10,998 5,889 118 61 8,747 45 785 56 4,218 51,497 Dec 8,824 585 2,193 34,111 34,444 1,721 867 7,718 5,981 117 64 8,687 43 802 113 4,245 59,197 1944—Jan 8,908 557 2,216 34,429 34,574 1,758 776 6,556 6,138 120 54 8,890 43 821 56 4,285 58,743 Feb.. 8,500 542 2,251 31,747 32,094 1,671 738 12,356 6,184 126 59 8,706 41 817 58 4,309 54,453 1943—Dec. 29 8,776 601 2,163 33,895 34,297 1,696 912 7,231 6,037 118 64 8,549 43 824 114 4,249 12,183 1944—Jan. 5...... 8,716 552 2,229 33,732 33,881 1,734 848 6,894 6,097 118 54 8,853 43 820 49 4,281 14,314 Jan. 12 8,881 569 2,189 34,308 34,516 1,708 711 6,462 6,134 119 54 8,801 44 817 54 4,283 11,758 Jan. 19 9,003 544 2,198 34,862 34,985 1,740 781 6,198 6,153 121 54 8,922 43 825 68 4,282 12,675 Jan. 26...... 9,031 564 2,247 34,814 34,916 1,849 764 6,669 6,167 121 55 8,982 43 821 55 4,295 13,271 Feb. 2 8,810 536 2,276 31,873 32,006 1,741 792 11,462 6,169 123 58 8,817 41 814 64 4,305 18,675 Feb. 9 8,539 542 2,285 31,702 31,722 1,657 806 12,431 6,185 126 60 8,859 42 824 58 4,309 12,826 Feb 16 8,333 529 2,321 31,509 32,214 1,643 657 13,070 6,182 128 59 8,855 41 810 57 4,308 13,184 Feb. 23...... 8,320 560 2,122 31,902 32,433 1,643 696 12,459 6,198 129 60 8,291 42 820 51 4,313 11,131 Mar. 1 8,510 506 2,174 32,327 32,609 1,706 788 12,030 6,213 131 59 8,441 42 831 77 4,324 13,304 Mar. 8 8,529 519 2,107 32,778 32,863 1,661 782 11,024 6,264 126 57 8,492 41 857 36 4,323 12,061 Mar. 15 8,752 552 2,183 33,447 34,153 1,656 1,366 10,422 6,265 127 57 8,604 41 850 80 4,325 13,468 Mar. 22..... 8,521 549 2,074 32,860 32,970 1,727 836 10,435 6,282 125 58 8,294 41 849 69 4,332 14,044 New York City 1943—Feb. . . 3,655 80 23 11,574 11,850 218 313 2,372 663 22 3,052 650 33 1,576 17,490 Oct 3,021 89 26 11,431 11,790 195 379 5,444 696 21 4 2,753 1 695 52 1,637 20,923 Nov 3,115 93 26 11,917 12,257 254 402 4,639 710 23 2,742 1 709 40 1,649 20,759 Dec 3,250 98 29 12,592 12,969 211 487 3,213 726 20 2,752 1 722 76 1,665 24,446 1944—Jan 3,295 90 28 12.842 13,125 198 423 2,672 747 22 2,837 1 740 36 1,693 24,994 Feb 3,073 87 24 11,596 11,971 166 414 5,226 746 25 2,750 1 734 41 1,705 22,887 1943—Dec. 29 3,275 99 34 12,566 12,964 194 510 2,992 737 21 2,764 1 740 70 1,668 4,974 1944—Jan. 5 3,183 88 24 12,521 12,794 207 443 2,849 744 21 2,832 1 737 19 1,690 6,174 Jan. 12 3,256 92 30 12,671 12,962 192 372 2,661 746 21 2,814 1 737 36 1,693 4,950 Jan. 19 3,365 88 28 13,090 13,345 185 440 2,548 746 24 2,844 1 744 52 1,693 5,307 Jan. 26...... 3,378 91 29 13,084 13,399 207 435 2,632 752 24 5 2,859 1 740 36 1,698 5,552 Feb. 2 3,144 -83 21 11,568 11,920 ' 181 460 4,882 750 25 6 2,829 1 730 44 1,704 8,221 Feb. 9 3,073 89 21 11,577 11,826 162 504 5,276 750 25 6 2,787 1 740 47 1,705 5,718 Feb. 16 3,006 85 26 11,500 11,967 161 327 5,520 743 25 6 2,777 1 727 47 1,705 5,376 Feb. 23 3,068 92 28 11,737 12,170 159 364 5,224 742 25 6 2,609 1 740 28 1,705 4,490 Mar. 1 3,170 79 23 11,976 12,376 180 461 5,024 743 25 6 2,660 1 750 55 1,711 5,476 Mar. 8 3,170 84 23 12,174 12,513 172 472 4,582 757 20 6 2,699 1 778 16 1,709 5,301 Mar. 15. . .. 3,229 87 26 12,337 12,978 155 971 4,322 762 19 6 2,763 1 773 40 1,707 6,231 Mar. 22 3,151 86 25 12,062 12,423 180 492 4,331 763 19 6 2,672 1 770 42 1,708 6,065 Outside New York City 1943—Feb 5,757 436 2,534 18,838 18,440 1,636 264 1,868 4,621 86 28 6,152 59 79 2 2,466 24,675 Oct 5,274 464 2,244 19,631 19,669 1,461 314 7,195 5,100 97 54 5,972 48 77 6 2,553 31,390 Nov 5,394 455 2,204 20,499 20,449 1,503 308 6,359 5,179 95 56 6,005 44 76 16 2,569 30,738 Dec 5,574 487 2,164 21,519 21,475 1,510 380 4,505 5,255 97 59 5,935 42 80 37 2,580 34,751 1944—Jan 5,613 467 2,188 21,587 21,449 1,560 353 3,884 5,391 98 49 6,053 42 81 20 2,592 33,749 Feb 5,427 455 2,227 20,151 20,123 1,505 324 7,130 5,438 101 53 5,956 40 83 17 2,604 31,566 1943—Dec. 29 5,501 502 2,129 21,329 21,333 1,502 402 4,239 5,300 97 59 5,785 42 84 44 2,581 7,209 1944-Jan. 5 5,533 464 2,205 21,211 21,087 1,527 405 4,045 5,353 97 49 6,021 42 83 30 2,591 8,140 Jan. 12 5,625 477 2,159 21,637 21,554 1,516 339 3,801 5,388 98 49 5,987 43 80 18 2,590 6,808 Jan. 19 5,638 456 2,170 21,772 21,640 1,555 341 3,650 5,407 97 49 6,078 42 81 16 2,589 7,368 Jan. 26 5,653 473 2,218 21,730 21,517 1,642 329 4,037 5,415 97 50 6,123 42 81 19 2,597 7,719 Feb. 2 5,666 453 2,255 20,305 20,086 1,560 332 6,580 5,419 98 52 5,988 40 84 20 2,601 10,454 Feb. 9 5,466 453 2,264 20,125 19,896 1,495 302 7,155 5,435 101 54 6,072 41 84 11 2,604 7,108 Feb.16 5,327 444 2,295 20,009 20,247 1,482 330 7,550 5,439 103 53 6,078 40 83 10 2,603 7,808 Feb. 23 . 5,252 468 2,094 20,165 20,263 1,484 332 7,235 5,456 104 54 5,682 41 80 23 2,608 6,641 Mar. 1. . 5,340 427 2,151 20,351 20,233 1,526 327 7,006 5,470 106 53 5,781 41 81 22 2,613 7,828 Mar. 8 5,359 435 2,084 20,604 20,350 1,489 310 6,442 5,507 106 51 5,793 40 79 20 2,614 6,760 Mar. 15. 5,523 465 2,157 21,110 21,175 1,501 395 6,100 5,503 108 51 5,841 40 77 40 2,618 7,237 Mar. 22 . 5,370 463 2,049 20,798 20,547 1,547 344 6,104 5,519 106 52 5,622 40 79 27 2,624 7,979 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. APRIL 1944 369 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 C m o e m r- - ing securities d F i e s d tr e i r c ( a 1 t l 9 a 4 R n 4 e d ) s d er a v te e m l v o a e i e a n n n s n d - t t s - s \rfal t c d a r i u i n i n a s a d - - l l , , U T an . o S d . b d ro ea k l e e r r s s U T .S o . others e R l s o e t a a a n l t 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- ^otes 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 ities ities ness Boston Feb. 23 2,925 654 407 31 17 22 64 100 2,271 2,184 245 598 322 973 46 87 Mar. 1 2,892 648 404 27 15 20 64 104 2,244 2,156 218 596 321 975 46 88 Mar. 8 2,89. 642 407 26 11 21 63 101 2,251 2,161 247 592 316 961 45 90 Mar. 15 2,87' 642 409 16 17 20 63 103 2,237 2,145 232 587 354 949 23 92 Mar. 22 2,877 635 405 15 15 19 63 105 2,242 .2,149 232 585 361 954 17 93 New York* Feb. 23 21,42' 5,236 2,639 864 468 543 154 169 348 16,193 15,178 ,207 3,538 2,136 7,324 973 1,015 Mar. 1 21,464 5,148 2,640 811 493 477 13 169 346 16,316 15,288 ,34: 3,550 2,127 7,301 968 1,028 Mar. 8 21,27: 5,181 2,636 940 482 426 137 168 340 16,091 15,071 ,145 3,517 2,159 7,290 960 1,020 Mar. 15 21,25< ,067 2,660 822 485 377 141 167 16,192 15,179 ,263 3,559 3,200 6,899 258 1,013 Mar. 22 20,96' 4,877 2,646 687 492 363 138 166 16,090 15,035 ,266 3,500 3,107 6,910 252 1,055 Philadelphia Feb. 23 2,315 469 26: 17 31 6 38 1,844 1,667 171 337 180 910 69 177 Mar. 1 2,295 468 259 15 31 6 38 108 1,825 1,651 152 332 177 921 69 174 Mar. 8 2,285 46' 259 13 30 6 37 108 1,822 1,648 148 329 177 925 69 174 Mar. 15 2,30. 475 260 26 30 6 38 106 1,828 1,654 183 316 214 908 33 174 Mar. 22 2,29S 464 262 12 27 6 38 110 1,835 1,661 184 309 229 906 33 174 Cleveland Feb. 23 4,23: 899 410 101 13 45 166 142 3,333 3,093 290 •632 451 1,632 88 240 Mar. 1 4,27 907 416 98 13 44 166 141 3,370 3,131 332 625 453 1,633 88 239 Mar. 8 4,24' 907 412 96 23 41 166 142 3,337 3,100 293 641 438 1,647 81 237 Mar. 15 4,25: 906 415 97 18 41 165 148 3,34i 3,108 296 641 484 1,630 57 238 Mar. 22 4,268 899 417 95 16 44 165 140 3,369 3,131 30: 637 513 1,621 53 238 Richmond M Fe a b r . . 2 1 3 1 1 , , 6 6 8 7 5 ' 2 28 8 2 ' 1 1 3 3 1 0 4 4 2 2 9 8 4 4 9 9 5 5 7 6 l 1 , , 3 3 9 9 i 2 1 1 , , 3 3 4 3 0 6 14: 2 24 4 5 8 1 1 9 9 8 8 7 7 0 0 8 6 4 4 4 3 5 5 6 6 Mar. 8 1,67' 27< 127 26 49 56 1,398 1,342 144 244 198 711 40 56 Mar. 15 1,66: 27? 129 25 4< 57 1,384 1,328 14! 244 217 712 26 56 Mar. 22 1,65, 27 128 26 4! 56 1,37; 1,32: 129 244 229 713 56 Atlanta 116 Feb. 23 l,57i 35: 20' 34 2 69 1,21* 1,107 263 21 494 52 111 Mar. 1 1,565 34< 201 36 27 6: 1,21' 1,106 79 262 215 49i 52 111 M M M a a a r r r . . . 2 1 8 2 5 1 1 1. , , 5 5 5 6 5 5 C 2 3 3 3 3 2 2 C 3 8 1 1 1 9 8 9 ' 8 4 2 2 2 8 7 7 2 2 2 7 7 7 6 6 5 6 1 1 1 , , , 2 2 2 3 3 2 4 2 : 1 1 1 , , , 1 1 1 2 2 1 5 5 : 8 8 8 1 3 3 2 2 2 6 6 6 5 6 4 2 2 2 7 4 1 3 2 4 4 4 4 8 9 9 1 2 9 4 2 5 0 5 2 1 1 1 0 1 0 9 0 9 Chicago* 6; Feb. 23 8,15 1,47* 1,022 137 6,675 6,165 750 1,584 917 2,71 19! 508 Mar. 1 8,21 1,45S 1,020 io: 6,75f 6,24: 811 1,559 942 2,733 197 515 M M M a a a r r r . . . 2 1 8 2 5 8 8 7 , , , 1 0 9 2 8 5 4 5 4 1 1 1 , , , 4 4 4 6 7 5 5 . 1 1 1 , , , 0 0 0 2 3 3 5 5 ' 135 1 1 9 0 0 ? C 0 6 6 6, , , 6 6 4 0 6 9 . 5 4 6 5 6 , , , 1 9 0 5 6 8 5 * . 6 6 7 2 9 4 5 4 2 1 l 1 , , , 5 4 5 0 6 2 £ 2 ( 1 1 , , 0 0 9 5 3 2 9 9 6 2 2 2 , , , 7 7 7 3 5 2 7 8 3 2 1 0 0 9 1 7 3 5 5 5 1 2 2 6 0 6 St. M M M M F e a a a a L b r r r r o . . . . . u 2 i 2 1 s 8 3 1 2 5 1 1 1 1 1 , , , , , 6 5 5 6 5 1 9 9 2 7 2 5 5 . ; 4 4 4 3 3 1 0 9 9 0 C 7 9 ( 4 2 2 2 2 2 3 3 4 4 4 ' = 2 5 4 6 6 6 6 6 4 4 4 4 4 10 6 6 6 6 6 0 4 ! 4 4 . 1 1 1 1 1, , , , , 1 1 2 2 1 7 1 9 0 9 5 6 6 1 1 1 1 1, , , , , 0 0 0 1 0 7 8 0 9 8 1 5 4 8 5 7 7 ' 7 8 2 2 2 2 2 6 6 6 7 7 5 5 5 i : 2 2 1 1 1 1 0 7 7 7 ' 4 5 5 5 5 5 5 5 5 3 3 0 2 1 C C 3 3 5 4 4 4 2 2 2 1 0 3 C 1 1 1 1 1 0 0 0 1 0 7 8 7 0 8 Minneapolis Feb. 23 1,03* 205 11 1! 4. 83: 78i 7C 204 107 37 28 51 M M M M a a a a r r r r . . . . 2 1 8 1 2 5 1 1 1 1 , , , , 0 0 0 0 0 2 2 3 4 0 / / 1 1 1 1 9 9 9 9 : 7 6 ' 1 1 1 H 0 1 1 i 5 1 1 1 1 ! ! ! ! 4 4 : 4 8 8 8 8 3 1 4 2 C 1 e 7 7 7 7 6 9 7 7 5 C . 4 6 6 7 3 5 0 9 2 2 2 2 0 0 0 0 3 4 4 4 1 1 1 1 2 0 2 0 9 5 2 6 3 3 3 3 7 7 7 7 4 ' 2 9 2 2 1 1 3 3 4 , 4 5 5 5 9 1 3 3 Kansas City Feb. 23 1,78= 34= 22i 4! 1.44C 1,31 138 33. 25 54: 5C 126 Mar. 1 1.7SC 34C 22. 4C 1.44C 1,31 122 339 252 55. 5C 125 Mar. 8 1,77: 331 22: 3 1,43/ 1,31 12 339 253 549 5 124 Mar. 15 l,78i 33. 221 3! 1,44 1,32, 34! 270 55 44 124 Mar. 22 1,77: 33 21J 3' 1,44: 1,31 34C 284 54. 35 125 Dallas Feb. 23 1,38« 341 22, l,04i 99* 27 168 41J 46 48 Mar. 1 l,39i 34; 231 1,047 995 27, 169 42 4' 48 Mar. 8 1,39 34! 23C 1.05C 1,002 265 17 42, 4' 48 Mar. 15 1,40. 331 22/ 1,06= 1,01 267 190 42 4. 48 Mar. 22 1.38. 33i 22( 1,04: 99 26; 202 41: 32 48 San Francisco Feb. 23 5,13. 99; 4,135 3,82; 79! 55 1,94. Hi 313 Mar. 1 5 09 99: 4,10C 3,786 79 595 1,89 11 314 Mar. 8 5,06 99i 501 4,071 3,756 77i 60: l,90C 105 315 Mar. 15 5,08 99: 500 4,09. 3,777 77; 655 1," 318 Mar. 22 5,08' 98: 496 4,10 3.79C 78; 69C 1, 317 City of Chicago* Feb. 23 5,021 1,01. 76C 4,006 3,68: 99! 53 1,639 324 Mar. 1 5,05< 1,00: 75 4,054 3,72: 97! 55( 1,646 333 Mar. 8 4,97 1,001 76: 3,97 3,64. 95C 571 1,650 334 Mar. 15 4,99. 1,025 77: 3,97: 3,63. 925 61, 1,634 337 Mar. 22 4,8' 1,00* 77. 3,86. 3,52: 611 1,629 343 ** Sseeppaarraattee ffiigguurreess tfoorr JNNeeww YYoorrkk CCiittyy aarree sshhoowwnn iinn tthhee iimmmmeeddiiaatteellyy pprreecceeddiinngg ttaabbllee,, aanndd ftoorr tthhee cciittyy ooft CIhicago in this table. The figures for the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively. 370 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS RESERVES AND LIABILITIES [In millions of dollars) Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic d F i e s d tr e i r c ( a 1 t l 9 a 4 R n 4 e ) d s e d r a v t e e B s w F e R a e e r i n r e a t d v k - h l - e s C va i a n u sh lt m b a w n a d e i n c o s t - e k t h i s s c j p u m o a d s a d s t e n e i - - t d d s 1 s u p p h v n c a o a a i i e o n d p l r r r r d s a t - s - - , - , - S p d s s a t i o i i u a c n o v l t b a i d n i e t l - - s - s [ c C h c o e a f e e e i f t n e f c r r c i d t s d k . - i ' s - U m G er . e o n S n v - . t - s p u p h v n c a a a o o i i e n r l p d r r r s d t a s - - - - , - , S p d s s a t i o i i u a c n o v l a b t d n i i e l - t - s s - P U m G S i e o a n a r . o e n s g n S v n v 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 r i o n o g w r- s - c C o i a u t a c a p n - l - ts B d i a e ts n b 2 - k tions tions Boston (6 cities) Feb. 23 392 57 112 1,838 1,844 94 27 887 282 2 247 17 4 261 543 Mar. 1 400 56 117 1,841 1,836 94 30 854 282 2 255 17 4 262 699 Mar. 8 396 55 108 1,888 1,868 100 25 779 283 2 267 17 4 262 572 Mar. 15 420 59 127 1,935 1,935 102 29 734 284 2 288 16 5 263 618 Mar. 22 417 57 118 1,933 1,914 102 27 734 . 285 3 273 16 263 661 New York (8 cities)* 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 Mar. 1 3,415 109 111 13,201 13,423 396 491 5,354 1,182 29 9 2 723 4 752 55 1,846 5,922 Mar. 8 3,381 115 109 13,401 13,562 383 495 4,885 1,199 23 9 2,760 4 779 16 1,844 5,638 Mar. 15 3,447 121 Ii7 13,606 14,075 375 1,003 4,610 1,202 •*•' 23 9 2,825 4 774 40 1 843 6,590 Mar. 22 3,355 119 107 13,281 13,460 399 520 4,618 1,207 21 9 2,733 4 772 47 1,843 6,448 Philadelphia (4 cities) Feb. 23 356 30 77 1,526 1,584 31 27 584 167 •j 308 229 444' Mar. 1 365 26 80 1,519 1,587 36 14 562 166 <• 323 i 230 535 Mar. 8 369 27 73 1,562 1,606 38 14 517 167 318 i 230 48? Mar. 15 376 28 80 1,599 1,684 40 20 487 167 328 14 229 538. Mar. 22 378 28 75 1,604 45 18 493 166 320 •< 229 615 Cleveland (10 cities) Feb. 23 643 70 221 2,599 2,694 111 49 821 839 57 465 10 428 746 Mai. 1 672 64 215 2,653 2,708 112 48 795 840 58 494 9 3 429 883 Mai. 8 668 65 214 2,698 2,712 108 48 729 844 58 479 9 428 712 Mai. 15 676 72 237 2,760 2,845 109 52 689 844 57 498 9 430 818 Mai.22 678 71 202 2,754 2,795 113 47 692 846 58 474 9 431 872 Richn ond (12 cities) Feb.23 262 37 145 1,035 1,022 77 28 394 235 2 7 328 7 1 112 321 Mai. 1 264 33 143 1,026 1,019 77 20 385 236 r * 333 8 j r 111 374 Mai. 8 263 34 137 1,037 L,029 73 17 353 237 1 7 349 7 1 2 111 330 Mai. 15 278 35 127 1,051 1,050 75 27 335 237 7 345 7 1 i 111 333 Mai. 22 251 35 125 1,028 1,010 82 19 334 238 2 7 326 7 1 112 377 Feb. 23 272 27 140 960 912 153 9 271 252 2 c 433 1 4 109 329 Mar. 1 290 23 157 986 918 161 10 261 253 t 438 1 4 109 337 Mar. 8 298 24 165 999 935 156 8 241 255 r c 448 1 4 109 311 Mar. 15 288 25 159 1,005 955 157 12 229 255 5 444 1 4 } 109 354 Mar. 22 282 25 150 1,000 922 172 12 228 256 r 431 I 4 109 374 Chicago (12 cities)* Feb. 23 1,272 99 383 4,904 4,944 328 54 1,860 1,219 4 1,442 c 16 2 493 1,841 Mar. 1 1,280 90 405 5,000 4,975 358 55 1,796 1,219 t 1,498 15 'A 495 2,135 Mar. 8 1,316 92 388 5,088 5,019 340 54 1,644 1,224 4 1,486 E 15 't 496 1,755 Mar. 15 1,382 98 387 5,195 5,184 336 88 1,555 1,224 -, / 1,491 e 16 i 494 1 958 Mar. 22 1,304 97 398 5,040 4,962 354 65 1,561 1,225 ] 4 1,427 17 i 496 2',295 St. Louis (5 cities) Feb. 23 274 20 107 867 913 58 11 298 224 5 519 1 15 111 311 Mar. 1 276 17 106 879 909 67 11 287 225 c 516 1 i 111 349 Mar. 8 281 19 108 901 935 58 9 263 226 c 511 ] i 111 304 Mar. 15 287 19 115 926 980 60 12 249 227 e 504 112 337 Mar. 22 271 20 114 906 937 61 10 249 228 c 482 1 8 112 372 Minneapolis (8 cities) Feb. 23 157 11 77 549 555 60 9 249 133 1 278 6 74 197 Mar. 1 160 10 83 563 545 72 8 240 133 1 281 75 265 Mar. 8 160 9 84 579 551 72 9 220 134 1 276 6 74 222 Mar 15 162 10 80 587 572 66 10 207 134 1 270 74 227 Mar. 22 158 11 69 559 542 67 9 207 135 1 266 6 74 218 Kansas City (12 cities) Feb. 23 366 22 298 1,094 1,117 120 17 288 177 1 791 c 127 398 Mar. 1 363 19 296 1,096 1,091 132 22 279 178 1 785 c 127 457 Mar. 8 371 20 289 1,119 1,107 129 16 257 179 1 775 1 127 390 Mar. 15 376 22 276 1,144 1,144 131 17 247 179 1 762 c 128 435 Mar. 22 355 22 266 1,114 1,097 134 16 247 181 1 '. 747 c r 128 462 Dallas (9 cities) Feb. 23 273 22 222 997 1,022 56 20 247 157 9 : 413 101 315 Mar. 1 292 19 211 1,026 1,027 59 16 236 157 9 \ 404 101 317 Mar. 8 299 20 205 1,027 1,030 62 16 218 158 10 421 102 292 Mar. 15 298 21 207 1,042 1,062 60 20 209 159 10 \ 428 102 312 Mar. 22 295 22 200 1,031 1,040 59 25 208 159 10 412 103 358 San Francisco (7cities) Feb. 23 740 41 223 2,562 2,624 145 58 999 1,331 25 21 197 10 23 428 880 Mar. 1 733 40 250 2,537 2,571 142 63 981 1,342 25 20 391 10 23 428 1,031 Mar. 8 727 39 227 2,479 2,509 142 71 918 1,358 25 18 402 10 23 429 1,048 Mar. 15 762 42 271 2,597 2,667 145 76 871 1,353 25 19 421 10 22 430 948 Mar. 22 777 42 250 2,610 2,645 139 68 864 1,356 25 19 403 10 22 432 992 City of Chicago* Feb. 23 773 42 176 2,904 3,004 131 25 1,245 525 1,017 13 322 1,106 Mar. 1 794 38 184 2,970 3,028 147 26 1,203 523 1,056 13 324 1,213 Mar. 8 818 38 185 3,017 3,055 131 26 1,097 525 1,060 13 325 1,057 Mar. 15 847 39 160 3,100 3,168 129 47 1,036 525 1,058 13 322 1,125 Mar. 22 782 39 188 2,981 3,019 134 24 1,037 522 1,014 13 323 1,461 * See note on preceding page. } 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. APRIL 1944 371 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Commer- Held by Based on cial End of month sta p o n a u d p t i e - n r g1 sta T o n o u d t t a i - n l g Accepting banks Others2 Im in p t o o rts Ex fr p o o m rts Dollar G s o h o i d p s p p o e s d i t n o t b r s e e d i t n w i e n e o n r Total O bi w lls n b B ou il g ls ht U S n ta it t e e d s U St n a i t t e e s d exchange United Foreign States countries 1942—November 261 116 90 61 29 26 57 6 8 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 27 71 12 29 February 214 135 106 57 49 29 83 12 32 1 As reported by dealers; includes some finance company paper sold in open market. 2 None held by Federal Reserve Banks. 3 Less than $500,000. Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. 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 Customers' End of month Debit Debit credit balances1 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 in n p a d v a c e r c t s t o r n t a u m e d n r e i t s n s n ' g t a in n a d v c e c fi t s o r r t m u a m n d e i ts n n g t a b h n a a d n n k d i s n bo M rr o o n w ey ed2 Free O (n th e e t) r i a I n n n a v d c p e c s a t 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 n a v c I d e n c s t o f t r u i m a r n d m e t i s n n t g I a n c ( c c n o a e u p t) n 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—Tune 496 9 86 180 309 240 56 16 4 189 December 543 7 154 160 378 270 54 15 4 182 1943—February e55O e320 e310 March c610 c350 e320 April e670 c570 e330 May c740 e550 e330 June 761 9 190 167 529 334 66" 15 7 212 July c780 e530 e340 August e740 «490 e340 September e82O e77O e32O October e830 e740 e330 November e78O e600 e340 December 788 11 188 isi 557 354 65 14 5 198 1944—January e78O e560 e37O February e800 e650 e370 . e Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' 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 Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data in detail at semiannual dates prior to 1942. 372- 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 a e , 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 r 6 - 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 l c - - n l g k - e m b G o i 3 o l n - l v s t 3 h ern d m 9 c m e - o e c e b f r t o a n o t t t n i i t e e n f 1 t d s i 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 r 5 s s l - e 1935 average1 1 T 9 2 o . c 9 t i a 3 t l ies Y N 1 C . o e i 7 w t r y 6 k 7 e E N r c a 3 n o O i s . t r 3 t i a t t e e 9 h n h s r e - d n r 1 W e 1 r c 3 n e S i . s t o 7 i a t e 6 u e n s r t d n h- 1936 average 2.68 1.72 3.04 3.40 ness 1937 average1 2.59 1.73 2.88 3.25 1938 average1 2.53 1.69 2.75 3.26 1941 average . .54 .44 1.00 .103 .76 1942 average .66 .44 1.00 .326 1.13 1939 average 2.78 2.07 2.87 3.51 1943 average .69 .44 1.00 .373 .75 1.31 1940 average 2.63 2.04 2.56 3.38 1943—February .69 .44 1.00 .372 .73 1.24 1941 average 2.54 1.97 2.55 3.19 March .69 .44 1.00 .373 .75 1.33 1942 average 2.61 2.07 2.58 3.26 April .69 .44 1.00 .373 .78 1.39 1943 average 2.72 2.30 2.80 3.13 May .69 .44 1.00 .373 .78 1.36 1939—September 2.68 2.04 2.78 3.31 June .69 .44 1.00 .374 .70 1.32 December 2.59 1.96 2.59 3.32 July .69 .44 1.00 .374 .68 1.30 1940—March 2.65 2.03 2.67 3.35 August .69 .44 1.00 .375 .75 1.29 June, 2.59 2.00 2 49 3.38 September .69 .44 1.00 .375 .77 1.31 September 2.68 2.14 2.56 3.43 October .69 .44 1.00 .375 .78 1 31 December 2.59 2.00 2.53 3.36 N D o ec v e e m m b b e e r r .... . . 6 6 9 9 . . 4 4 4 4 1 1 . .0 0 0 0 . . 3 3 7 7 5 5 . . 7 7 7 7 1 1 . . 2 3 9 0 1941— J M un a e rch 2 2 . . 5 5 8 5 2 1 . . 0 9 6 5 2 2 . . 5 5 3 8 3 3 . . 2 2 5 3 1944—January .69 .44 1.00 .374 .78 1.30 September 2.60 1.98 2.62 3.29 February .69 .44 1.00 .375 .78 1.32 December 2.41 1.88 2.45 2.99 Week M M F en e a a d b r r i . . . n 2 1 g 6 4 : 1 %~% 7 % A 1 1 1 . . . 0 0 0 0 0 0 . . . 3 3 3 7 7 7 5 5 5 4. . . 8 7 7 0 9 9 1 1 1 . . . 3 3 3 2 3 3 1942— D J S M u e e n a p c e r t e c e m h m b b e e r r 2 2 2 2 . . . . 7 6 6 4 0 2 3 8 2 2 2 1 . . . . 0 0 2 8 9 7 8 5 2 2 2 2 . . . . 4 6 5 6 8 3 6 6 3 3 3 3 . . . . 2 3 2 2 5 4 6 0 M M a a r r . . 2 1 5 8 % hA ~ r% % 7A 1 1 . . 0 0 0 0 . . 3 3 7 7 5 5 . . 8 8 1 0 51 1 . . 3 3 8 9 1943— J M un a e rch 3 2 . . 0 7 0 6 2 2. . 7 3 0 6 2 2 . . 9 7 8 6 3 3. . 3 2 8 4 September 2.48 2.05 2.71 2.73 1 Monthly figures are averages of weekly prevailing rates. December 2.65 2.10 2.76 3.17 2 The average rate on 90-day stock exchange time loans was 1.25 per cent during the entire period. 1944—March.. P2.63 2.10 3.12 3 Rate on new issues offered within period. Tax-exempt bills prior to Ma 4 r N ch u m 1 b 94 er 1 ; o t f a x is a s b u l e e s b i i n l c ls l ud th e e d r e d a e f c t r e e r a . sed from 2 to 1 on Mar. 1. p Preliminary. 5 Number of issues increased from 1 to 2 on Mar. 15. i Prior to March 1939 figures were reported monthly on a basis not strictly Back figures.—See Banking and Monetary Statistics, Tables 120-123, pp. comparable with the current quarterly series. 448-462; for description, see pp. 424-426. Back figures.—See Banking and Monetary Statistics, Tables 124-125, pp. 463-464; for description, see pp. 426-427, BOND YIELDS * [Per cent per annum] U.S. Corporate (Moody *s)5 Government2 Munic- Corpo- Year, month, or week (h i f p g a h l rate By rating By groups Partially grade)3 grade)4 Total ex ta e x m - pt Taxable Aaa Aa A Baa In tr d i u a s l - R ro a a il d - P ut u i b li l t i y c Number of issues 5 120 30 30 30 30 40 40 40 1941 average 2.05 2.10 2.67 3.34 2.77 2.94 3.30 4.33 2.95 3.95 3.11 1942 average 2.09 2.46 2.36 2.75 3.34 2.83 2.98 3.28 4.28 2.96 3.96 3.11 1943 average 1.98 2.47 2.06 2.64 3.16 2.73 2.86 3.13 3.91 2.85 3.64 2.99 1943—February 2.11 2.46 2.22 2.68 3.23 2.77 2.89 3.17 4.08 2.88 3.78 3.02 March 2.12 2.48 2.21 2.70 3.20 2.76 2.88 3.14 4.01 2.87 3.73 3.00 April 2.06 2.48 2.20 2.68 3.19 2.76 2.88 3.14 3.96 2.87 3.69 3.01 May 1.96 2.46 2.13 2.65 3.16 2.74 2.87 3.13 3.91 2.86 3.64 3.00 June 1.93 2.45 2.07 2.63 3.14 2.72 2.85 3.11 3.88 2.84 3.61 2.98 July 1.91 2.45 1.97 2.58 3.11 2.69 2.82 3.09 3.81 2.80 3.56 2.95 August 1.92 2.46 1.91 2.57 3.10 2.69 2.81 3.08 3.81 2.79 3.55 2.96 September 1.90 2.48 1.92 2.59 3.11 2.69 2.82 3.10 3.83 2.82 3.56 2.96 October 1.90 2.48 1.88 2.60 3.11 2.70 2.83 3.10 3.82 2.82 3.55 2.96 November 1.94 2.49 1.90 2.61 3.13 2.71 2.84 3.11 3.83 2.85 3.56 2.98 December 1.95 2.49 2.00 2.63 3.14 2.74 2.87 3.13 3.82 2.86 3.56 3.00 1944—January 1.95 2.49 1.92 2.65 3.11 2.72 2.83 3.11 3.76 2.83 3.51 2.99 February 1.93 2.49 1.85 2.65 3.10 2.74 2.83 3.10 3.72 2.83 3.49 2.98 Week ending: Feb.26 1.90 2.49 1.85 2.65 3.10 2.74 2.83 3.10 3.73 2.83 3.49 2.98 Mar. 4 1.89 2.49 1.84 2.66 3.10 2.74 2.83 3.10 3.72 2.84 3.49 2.98 Mar. 11 1.90 2.49 1.84 2.64 3.10 2.74 2.83 3.10 3.71 2.83 3.48 2.97 Mar. 18 1.91 2.49 1.84 2.64 3.10 2.74 2.83 3.10 3.71 2.83 3.48 2.97 Mar. 25 1.93 2.48 1.84 2.63 3.09 2.73 2.82 3.09 3.70 2.83 3.47 2.96 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Revised series. Average of yields on all outstanding issues due or callable in more than 15 years. 3 Standard and Poor's Corporation. 4 U. S. Treasury Department. 5 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 4 and 10 to 6 issues, respectively, and the railroad Aaa and Aa groups from 10 to 5 and 10 to 9 issues, respectively. Back figures—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474. APRIL 1944 373 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS1 Bond prices Stock prices5 Volume Corporate4 Common (index, 1935-39 = 100) of trad- Year, month, or week U.S. Munic- Gov- ipal Medium and lower-grade Pre- (in thoum er e n n - t4 g ( r h a i d g e h )3 H gr i a g d h e - Indus- Rail- Public m D l e- ted ferrede 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 s s a h n a d r s e s o ) f Total trial road utility Number of issues. 2-6 50 10 20 20 402 354 20 28 1941 average 111.0 130.9 117.8 98.9 103.9 86.9 106.1 21.9 171.9 80 71 81 629 1942 average 109.9 126.2 118.3 100.1 109.1 86.6 104.8 27.2 162.4 69 71 66 61 466 1943 average 111.5 131.8 120.3 109.5 117.0 97.6 114.0 44.0 172.7 92 94 89 82 1,032 1943—February... 109.4 128.6 120.0 106.4 115.9 92.0 111.4 33.5 170.8 85 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 87 788 February.. 112.6 135.8 120.4 113.6 119.3 105.7 115.8 58.1 172.7 94 96 96 87 807 Week ending: Feb. 26.... 113.2 135.8 120.5 113.7 119.1 106.1 115.9 59.9 172.9 95 96 100 87 903 Mar. 4... 113.2 136.0 120.3 113.5 119.4 105.4 115.8 59.6 172.9 95 96 98 88 749 Mar. 11... 113.2 136.0 120.4 113.5 119.4 105.3 115.8 59.4 172.9 97 97 89 1,188 Mar. 18... 8 136.0 120.5 113.7 119.5 105.6 116.0 60.0 173.7 98 100 100 89 1,386 Mar. 25 ... 136.0 120.6 113.8 120.3 105.4 115.8 60.8 173.7 98 99 101 89 1,240 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 yyeears on basis of a 2% per cent 16-year bond. Prices expressed in decimals. a «£?4 per cent io-yetu uuxiu. jrnce& expresscu in uecmiais. 3 Prices derived from average yields, as computed by Standard and Poor''ss Corporation, on basis of a 4 per cent 20-year bond. 4 5 P S r t i a c n e d s a d rd e ri a v n e d d P fr o o o m r' s a v C e o ra rp g o es ra o ti f o m n. edian yields, as computed by Standar:d and Poor's Corporation. 6 Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annuuaal dividend. 7 Average daily volume of trading in stocks on the New York Stock Exchange. 8 Series discontinued. New series will be available next month. Back figures.—See Banking and Monetary Statistics, Tables 129, 130, 133, 134, and 136, pp. 472, 475, 479,482, and 486, respectively. NEW SECURITY ISSUES [In millions of dollars] 7 or new capital For refunding T (n o e t w al Domestic Domestic Total Total Year or month f a i u r n n n e d - g) d- m e ( a f e i d o n s g d o r- - t n) ic Total S n m a p t i n a c d a u t i e l - - a F c e g i e r e e a d l n - s - 1 Total Co B n r a p o o n o n t d e r d s a s te Stocks F ei o g r- n'5 m e e a ( f i s o d n g d r t o - n - ) ic Total S n a m p t i n a c a d u l - i t - e a c F e g i e r e e a d l - n s1 - Total Co B n r a o o p n n t d o e d r s s ate Stocks e F i o gn 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 90 1943 —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 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 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 February.... 246 99 99 37 63 59 4 146 146 26 ""25* 96 93 3 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 Banking and Monetary Statistics, Table 137, p. 487. 374 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 Year or month Est g i r m o a ss ted Esti n m e a t ted 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 it i a n l g Total Bo n n o d t s e s and Pr s e t f o e c r k red 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—May. 124 123 57 25 32 14 14 51 1 June 152 149 75 57 18 61 56 "5"" 10 3 July 61 60 20 17 4 31 31 8 August 43 42 38 33 5 4 4 September 82 80 31 12 19 25 24 2 4 20 October 46 45 4 2 2 41 41 November 35 34 5 1 4 28 28 1 December 34 33 16 15 1 17 13 4 1943—January 9 8 1 1 6 6 2 February 49 49 12 10 2 34 34 3 March 98 96 39 6 32 48 42 7 1 g April 91 88 9 3 6 76 74 2 3 May 83 81 32 14 18 49 49 June 99 97 25 10 15 70 51 19 2 July 76 74 3 3 59 40 19 2 10 August 106 103 15 12" 3 80 79 1 8 September 69 68 11 6 5 50 42 9 5 2 October 130 127 3 3 101 97 4 22 1 November 200 197 122 91 31 69 64 5 6 December 103 100 14 3 10 79 75 4 3 5 1944—January 154 150 34 23 11 114 54 60 2 1 February 97 95 49 18 31 33 32 1 4 8 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Railroad Public utility Industrial Year or month Total Retire- All Total Retire- All Total Retirenet New ment of other net New ment of other net New ment of pro- money securi- pur- pro- money securi- pur- pro- money securiceeds ties poses ceeds ties poses4 ceeds ties 1934 172 21 120 31 130 11 77 42 62 25 1935 120 57 54 10 1,250 30 1,190 30 774 74 1936 .... 774 139 558 77 L,987 63 1,897 27 1,280 439 1937 338 228 110 1 751 89 611 50 1,079 616 1938 54 24 30 1,208 180 943 86 831 469 1939 182 85 97 1,246 43 1,157 47 584 188 1940 . .. 319 115 186 1,180 245 922 13 961 167 1941 361 253 108 :::»• 1.340 317 993 30 828 244 1942 47 32 15 464 145 292 27 527 293 1943 159 46 113 439 8 414 17 468 219 1942—May 30 12 13 5 93 45 June 9 3 6 70 17 50 3 70 55 July 2 2 6 3 2 52 15 August 2 2 38 34 4 2 2 September 1 1 40 6 25 9 38 23 October 9 9 29 29 6 4 November 17 1 16 17 4 December 4 4 27 10 17 3 2 I943—jan uary 8 1 February 8 8 39 2 34 3 2 2 March 15 5 10 22 1 20 1 59 33 3 3 58 1 55 3 27 5 May 14 14 38 38 17 11 June 46 46 1 1 50 25 July 7 7 26 24 1 40 3 August 6 6 46 46 49 9 September 4 4 49 ••••4" 41 ""4" 14 3 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 8 6 ""3 3 " 2 2 8 3 3 5 7 7 0 5 4 3 7 9 7 0 "5" 1 4 3 1 8 4 9 11 2 7 9 1944—January 8 8 61 61 81 26 February 9 9 30 30 55 40 oC nC s3 Other All Total other net pur- proposes4 ceeds 2 150 80 373 90 226 136 353 43 738 56 463 121 89 146 187 62 1 47 6 10 29 8 15 3 12 1 1 6 2 18 8 22 7 23 2 26 11 35 6 9 3 24 22 9 6 9 3 53 2 3 12 ot ot 0 0 ot O Retire- All New ment of other money securi- purties poses* 19 46 72 4 218 152 20 71 57 7 7 16 8 7 1 102 9 88 5 155 42 9 104 94 55 18 21 4 4 23 12 7 3 1 1 12 7 4 2 2 3 "i" 2 1 1 l" "3 3 1 Estimates of new issues sold for cash in the United States. Current figures subject to revision. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Estimated net proceeds are equal to estimated gross proceeds less cost of notation, i.e., compensation to underwriters, agents, etc., and expenses. 4 Includes repayment of other debt and other purposes. . Source.—Securities and Exchange Commission; for compilations of back figures, see Banking and Monetary Statistics (Table 138, p. 491), a publication of the Board of Governor^. APRIL I944 375 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS INDUSTRIAL CORPORATIONS [In millions of dollars] Net profits,1 by industrial groups P d r i o v f i i d ts e n a d n s d Year or quarter Total s I a t r n e o d e n l c M e h r i a y n - - t b o A i m l u e - o s - p e O t m r t q o i a t e u o r h n t n i n 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 n d d s u l - - s s O g d b o u t l h o r e a d e - r s t F o b a a o b e g n o a v e d d c e s c s r , - , o pr r a e o i i O n n f n d i g g i d n u l - c- c I h n c tr e a d i m l u a s l s i- - g O d n o u b o t o h r l n e a d e - - s r s n c M e i e e c r i l o e v s l u - a s - - s pr N of e i t ts1 fe P D r r r e e i - v d ide C n m d o o s m n - Number of companies... 629 47 69 15 68 77 75 49 45 30 80 74 152 152 152 1939 1,465 146 115 223 102 119 70 151 98 186 134 122 847 90 564 1940 1,818 278 158 242 173 133 88 148 112 194 160 132 1,028 90 669 1941 2,169 325 193 274 227 153 113 159 174 207 187 159 1,144 92 705 1942 1,792 226 159 209 202 138 90 151 152 164 136 165 883 88 552 Quarterly 1939_1 284 13 20 64 23 25 8 31 14 36 28 24 173 21 114 2 311 14 25 61 21 22 16 36 21 40 29 27 185 22 119 3 320 35 26 12 20 30 23 44 26 45 32 29 167 21 125 4 550 85 44 86 39 42 23 41 37 66 45 42 321 26 207 1940—1 422 47 33 69 41 33 14 34 34 46 41 29 246 21 136 2 412 51 39 53 36 29 21 38 30 45 41 30 230 21 158 3 396 79 34 17 33 30 25 33 25 52 39 29 211 22 158 4 588 101 52 103 63 40 28 43 24 51 39 44 342 25 217 1941—1 510 86 44 79 53 39 23 36 29 49 44 29 286 22 150 2 549 84 48 73 56 36 28 43 42 53 48 36 297 23 165 3 560 81 46 60 56 38 30 44 56 52 49 46 284 23 170 4 550 72 55 61 62 40 32 37 46 52 46 48 276 24 221 1942—1 419 52 38 46 651 36 19 32 35 39 39 32 204 21 134 2 364 52 35 25 648 32 18 32 27 35 27 34 174 23 135 3 451 51 36 46 649 34 22 42 42 41 35 52 211 20 125 4 557 72 49 92 654 36 30 44 49 48 35 47 294 23 158 1943—1 442 53 39 47 654 34 19 39 36 42 36 42 211 21 127 2 . .. 442 48 42 49 652 32 22 40 42 41 36 38 221 22 132 3 452 50 43 52 653 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 t c c a f o o o x m r m 4 e e e All r N o e a t d s income1 d D e i n v d i- s r O e p v i e e n r n g a u t e - I i b n n t e c c a f o o x o m m 4 re e e inc N o e m t e1 d D en iv d i s - 5 Opera t- i . n N co e m t e1 d D e i n v d i- s Number of companies. 28 28 28 32 32 32 1939 3,995 126 93 -102 126 692 159 137 116 1,067 191 175 1940 4,297 249 189 -73 159 735 177 142 118 1,129 194 178 1941 5,347 674 500 23 186 799 202 133 115 1,235 178 172 1942 7,466 1,658 902 147 202 848 226 118 98 1,362 163 163 1943 9,054 2,209 874 187 216 912 250 123 99 1,537 180 166 Quarterly 1940—1 986 -3 -12 -29 25 187 48 41 19 274 49 44 2 ,010 15 3 -33 29 176 42 34 19 281 50 44 3 ,130 92 71 -14 29 177 41 31 19 281 45 44 4 ,171 145 127 3 78 194 47 37 20 294 50 46 1941—1. ,152 96 69 -5 28 201 43 18 295 43 44 2. ,272 145 103 0 36 191 33 24 308 44 45 3. ,468 267 189 23 34 196 46 25 18 311 45 44 4. ,454 166 138 5 87 211 50 34 19 321 46 40 1942—1. 1,483 r178 90 12 r24 216 63 33 19 324 r41 44 2. 1,797 r390 r198 37 r46 202 53 25 19 r337 r41 42 3. 2,047 r556 r286 60 r30 208 55 26 19 r342 r39 39 4. 2,139 r534 r327 r38 r101 221 56 35 19 r359 r43 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 4. 2,340 438 177 25 100 237 58 31 20 400 48 41 r Revised. 1 "Net profits" and "net income" refer to income after all charges and taxes and before dividends. 2 Class I line-haul railroads. 3 Series excludes American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock holdings in the 32 companies. Dividend payments shown here include amounts paid to parent companies, as well as to the public. 4After 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 Partly estimated. , , 1 . uv u J r Sources.—Interstate Commerce Commission for railroads; Federal Communications Commission for telephone companies; published reports tor 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. 376 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT-VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] End of month T d g d i o r r e o t e b s a c t s l t i b n T d e d t i a o e r e r t r e b i a e c n t l s t g t- Total2 Tre b a M i s ll u a s r ry keta in b c C d l a e e n e t r e e b p t s s i t u s f e o i b d - f l - ic T is r s n e u o a e t s s e u 1 s ry Tr b e o a n s d u s ry N T o o n t m al a 2 rket s a b a I b v o L l i n e S n d . g s p s ubl T i t s c r a n a e x v o i a s i t s n a s e u u s n g r d e s y s S is p s e u c e ia s l i b n N e d te a e o r r b i n e n t s - g t- s g t e b t e u c e e F e a u r a d u e r r r l a s i i i l t n t n n y i - g - e - s 1940-June 42,968 42,376 34,436 1,302 6,383 26,555 3,166 2,905 4,775 591 5,498 Dec 45,025 44,458 35,645 1,310 6,178 27,960 3,444 3,195 5,370 566 5,901 1941—June 48,961 48,387 37,713 1,603 5,698 30,215 4,555 4,314 6,120 574 6,360 Dec 57,938 57,451 41,562 2,002 5,997 33,367 8,907 6,140 2,471 6,982 487 6,317 1942—June 72,422 71,968 50,573 2,508 3,096 6,689 38,085 13,510 10,188 3,015 7,885 454 4,548 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—Feb 114,024 112,851 78,726 8,232 11,161 9,863 49,273 24,560 17,067 7,125 9,565 L,173 4,275 Mar 115,507 114,287 79,662 9,234 11,161 9,797 49,273 24,622 17,891 6,346 10,004 1,219 4,350 Apr 129,849 128,643 91,392 10,044 16,154 9,797 55,201 27,456 19,267 7,783 9,795 L,206 4,363 May 135,913 134,675 95,382 10,853 16,561 9,797 57,975 29,095 20;507 8,163 10,198 L,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 ,338 3,934 Sept 158,349 157,053 111,426 13,054 21,136 11,596 65,444 33,910 24,478 8,851 11,717 ,296 3,964 Oct 165,047 163,589 115,944 13,064 23,199 11,596 67,889 35,776 26,056 9,109 11,868 ,458 4,113 Nov 166,158 164,781 115,909 13,074 23,103 11,596 67,940 36,595 26,697 9,278 12,278 ,377 4,154 Dec 165,877 164,508 115,230 13,072 22,843 11,175 67,944 36,574 27,363 8,586 12,703 ,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 5,616 4,269 Feb 183,107 181,709 126,171 13,112 25,680 13,302 73,882 42,370 31,515 10,220 13,168 1,398 4,227 1 Including amounts held by Government agencies and trust funds, which aggregated $3,773,000,000 on Jan. 31,1944, and $4,008,000,000 (preliminary) on Feb. 29,1944. 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. 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. Back figures—See Banking and Monetary Statistics, Tables 146-149, pp. 509-512. UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING, FEBRUARY 29, 1944 [In millions of dollars] [On basis of daily statements of United States Treasury. In millions of dollarsl Amount Funds received from sales during Redemp- Issue Amount Issue Amount Month sta o n u d t i - ng month tions Tr M ea a s r. u ry 2 , b 1 i 9 l 4 l 4 s 1,006 Tr J e u a n s e u r 1 y 5 , b 1 o 9 n 49 d - s 5 — 1 Cont. .... 1,014 a m t e o n n d t h o 1 f se A rie ll s Se E ries Se F ries Se G ries se A ri ll es Mar. 9, 1944 1,011 Sept. 15, 1949-51 1,292 Mar. 16, 1944 1,000 Dec. 15, 1949-51 2,098 1942—Nov. 14079 735 542 45 14S 43 Mar. 23, 1944 1,006 Dec. 15, 1949-52 491 Dec 15050 1,014 726 66 222 55 Mar. 30, 1944 1,011 Dec. 15, 1949-53 1,786 Apr. 6,1944. 1,015 Mar. 15, 1950-52 1,963 1943—Jan 16246 1,240 815 77 34S 63 Apr. 13, 1944 1,000 Sept. 15, 1950-52 1,186 Feb 17067 887 634 48 205 76 Apr. 20, 1944 1,017 Sept. 15, 1950-52 4,939 Mar 17891 944 720 44 180 131 Apr. 27, 1944 1,017 June 15, 1951-54 1,627 Apr 19267 1,470 1,007 110 353 103 May 4, 1943 1,002 Sept. 15, 1951-53 7,986 May 20507 1,335 995 86 254 104 May 11, 1943 1,006 Sept. 15, 1951-55 755 June 21256 876 696 35 144 141 May 18, 1943 1,013 Dec. 15, 1951-53 1,118 July 22030 890 683 38 165 138 May 25, 1943 1,008 Dec. 15, 1951-55 510 Aug 22694 802 661 28 112 152 Mar. 15, 1952-54 1,024 Sept 24478 1,927 1,400 139 387 155 Cert, of indebtedness June 15, 1952-55 1,501 Oct 26,056 1,708 1,340 93 275 144 Apr. 1, 1944 5,251 June 15, 1953-55 725 Nov 26697 798 665 23 109 170 May 1, 1944 1,655 June 15, 1954-56 681 Dec 27363 853 728 24 101 207 Aug. 1, 1944 2,545 Mar. 15, 1955-60 2,611 Sept. 1, 1944.. 4,122 Mar. 15, 1956-58 1,449 1944—Jan 28,901 1,698 1,085 127 487 188 Oct. 1, 1944 3,519 Sept. 15, 1956-59 982 Feb 31 515 2,781 2,102 157 522 185 Dec. 1, 1944 3,540 Sept. 15,1956-59 3,725 Tr F e e a b s . u 1 r , y 1 9 n 4 o 5 tes 5,048 J D J u u e n n c e e . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 5 6 0 8 2 - - - 6 6 6 5 3 7 1 2 , , 4 1 9 8 1 1 5 8 9 Maturity Date of issue ou A ts m ta o n u d n i t ng Mar. 15, 1944 515 Dec. 15, 1963-68 2,831 Feb. 29 1944 June 15, 1944 416 June 15, 1964-69 3,762 S S e e p p t t . . 1 1 5 5 , , 1 1 9 9 4 4 4 4 6 2 3 8 5 3 M De a c r . . 1 15 5 , , 1 1 9 9 6 6 5 4 - - 7 6 0 9.... 3 2 , , 8 2 3 13 8 Series A—194= From Mar 1, 1935 177 Mar. 1, 1945 2,127 Sept. 15, 1967-72 2,716 Series B—1946 From Jan.1, 1936 316 Mar. 15, 1945 718 Postal Savings bonds 117 Series C—1942 From Jan.1, 1937 406 Mar. 15, 1945 1,606 Conversion bonds 29 Series C—19485 From Jan. 1, 1938 488 Dec. 15, 1945 531 Panama Canal loan. 50 Series D—1949 From Jan. 1, 1939 801 M D Se e a p c r t . . 1 1 1 5 5 5 , , 1 1 1 9 9 9 4 4 4 7 6 6...: 3 2 ,7 2 0 6 7 1 Guar T an o t t e a e l d d ir s e e c c t u i r s i s t u ie e s s 126,171 S S S S e e e e r r r r i i i i e e e e s s s s D D D E— — — — 1 1 1 1 9 9 9 9 5 5 5 5 1 0 L I F F F ]" r r r r o o o o m m m m M J M J a a a a n n y r . . . 1 1 1 1 , , t 1 t 1 o o 9 9 4 F 4 A 0 1 e p b r . . 2 3 8 0 , . 1 1 9 9 4 4 1 1 1 9 3 2 1 9 3 4 1 2 4 9 2 Treasury bonds Commodity Credit Corp. Series E—1952 ]rrom Jan. 1, 1942 5452 M A D J J M D S O D M u u e p e e e c a a a n n p c c c t r r r r e e . . t . . . . . . . 1 1 1 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 5 5 5 , , , , , , , , , , , 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 7 5 7 4 4 6 6 8 6 8 5 - - - - - - - - 5 - 5 4 4 4 5 5 5 4 2 4 8 9 6 0 6 1 7 1 1 1 1 1 1 1 , , , , , , 0 5 2 0 1 2 4 5 8 7 7 3 1 1 3 1 2 8 4 1 5 0 7 9 4 6 5 3 9 1 9 9 1 H F R F e e o e M M M F J A J d d c m u a e . e p o a a a n n e b r F r y y n r . e . a . . a s O l 1 1 t 1 1 1 r 1 1 r m w , 5 5 , 5 , H u 5 , , 1 , n 1 c , 1 o 9 M 1 1 9 1 e t 9 1 4 u 9 i 9 4 9 r 4 9 o 5 o 4 s 4 4 s 4 5 4 n i ' 5 r 4 - 4 - 4 n 5 t 4 - L . - g g 4 2 F 6 7 o a 9 4 < i g a A n n e . d C C C m o o o i r r n r p p p . . . . 4 8 5 5 7 7 1 3 9 7 7 7 5 2 5 5 1 0 9 5 S S S S S S S S S S S e e e e e e e e e e e r r r r r r r r r r r i i i i i i i i i i i e e e e e e e e e e e s s s s s s s s s s s F F F E G E G G G F u — — — — — — — — — n — c 1 1 1 1 1 1 1 1 1 l 1 9 9 a 9 9 9 9 9 9 9 9 5 5 s 5 5 5 5 5 5 5 5 4 s 5 6 3 4 : 4 5 3 6 ified ] ] ] ] ] ] " ? " ? " 7 ? 7 7 ? r r r r r r r r r r o o o o o o o o o o m m m m m m m m m m M M J J J J J J J J a a a a a a a a a a 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 9 9 9 9 9 9 9 9 9 9 4 4 4 4 4 4 4 4 4 4 2 2 3 3 4 3 4 4 1 1 9 2 2 1 2 ,3 6 2 2 6 4 9 7 5 2 1 8 2 8 2 0 2 2 7 2 7 4 9 5 2 1 8 6 3 5 0 8 3 June 15, 1948 3,062 23 Sept. 15, 1948 451 Total guaranteed issues 4,039 Total 31,515 Dec. 15, 1948-50 571 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. APRIL 1944 377 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 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 s i l e t g - s S i e s p a r s e n n u c m d e i s a e t l n ru t s a t g f e P i u n s u n s c b u d ie l e s i s s c F R B H e e a d s e n e e l k d r r v a s l e Total m b C e a o r n c m k ia s - l M s b a a v u n i t k n u g s a 2 s l I p c n a a o n s n m u c i e e r - - s M i a a s O b s r t u k l h e e e e s t r - inv m es N a a t r o o b k r n l s e e - tissues 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-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 1944—January 171,312 12,873 4,279 12,073 142,087 62,800 5,700 14,200 21,800 37,600 l 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 million dollars for all dates except June and December for which call report data are available. 2 Including stock savings banks beginning with November 1943. Back figures—See Banking and Monetary Statistics, Table 149, p. 512. 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 n o u n g t t d a - l - m a e c a g r n i e e e n d n n s - t - B s F e R e a r e r n e a d v k - l - e s m b C a e o n r m c k i s - a 1 l b M i s t a n u a n g u v a k s - - l sp I a c n a o n s n m c u i e e r - - s Other End of month s T t o i 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 sb C m a c o n i e m a k r l - s - b M s i t a n u a n g u v a k s - l - s p I c a n a o n s n m c u i e e r - - s Other trust trust funds funds Total: 2 Treasury bonds: 1942—June 55,122 2,723 2,645 24,939 3,830 748 12,237 Total: Dec 80,685 3,202 6,189 38,759 4,471 766 17,297 1942—June 38,085 2,321 1,61714,828 3,442 7,766 8,110 1943—June 99,333 3,434 7,202 48,665 5,161 486 22,385 Dec 49,268 2,739 2,77719,445 4,055 10,308 Sept 115,313 4,065 8,919 54,457 5,811 950 28,111 1943—June 57,520 3,045 ,468 24,226 4,725 11,442 12,615 Oct 119,867 4,118 9,354 57,468 5,866 14134 28,927 Sept 65,444 3,614 ,500 25,900 5,39313",100 15,936 Nov 119,867 4,15010,348 56,761 6,100 14228 28,280 Oct 67,889 3,616 ,506 27,781 5,44713,28016,259 Dec 119,250 4,22411,543 55,360 6,152 14386 27,586 Nov 67,940 3,609 ,508 27,913 5,661 15,882 1944—Jan 119,337 4,27112,073 56,983 5,770 932 26,307 Dec 67,944 3,614 ,559 28,099 5,671 ,389 15,613 Treasury bills: 1944—Jan 67,944 3,611 ,592 28,835 5,40113138 15,368 1942—June 2,508 243 1,557 28 91 590 Maturing within 5 years Dec 6,627 1,010 4,497 10 26 1,073 1942—June 3,915 336 1,599 224 581 1,173 1943—June 11,864 3,815 6,502 21 154 1,361 Dec 5,830 754 2,565 253 726 1,531 Sept....: 13,054 5,351 6,448 9 3 1,242 1943—June 9,474 867 5,122 298 991 2,195 Oct 13,064 5,547 6,227 10 2 1,272 Sept 9,925 853 5,831 226 860 2,151 Nov 13,074 6,163 5,643 9 19 1,232 Oct 8,524 668 5,074 214 839 1,728 Dec 13,072 6,768 4,716 12 72 1,484 Nov 8,524 665 5,068 217 836 1,738 1944—Jan 13,101 6,941 4,904 11 15 1,209 Dec 8,524 665 5,040 216 828 1,775 Certificates: 1944—Jan 8,524 671 5,127 202 770 1,755 1942—June 3,096 66 1,971 74 191 782 Maturing in 5-10 years: Dec 10,534 1,041 6,470 129 180 2,696 1942—June 9,436 846 4,959 750 1,347 1,536 1943—June 16,561 1,092 9,823 184 305 5,106 Dec 17,080 1,574 9,353 1,129 2,101 2,920 Sept 21,136 1,347 11,936 169 271 7,373 1943—June 17,921 776 10,107 1,308 2,326 3,401 Oct 23,199 1,565 13,357 172 277 7,777 Sept 21,883 974 10,606 1,838 2,919 5,541 Nov 23,103 1/ 13,159 189 280 7,520 Oct 25,430 1,162 13,153 1, 3,024 6,183 Dec 22,843 2,467 12,684 226 367 7,050 Nov 25,453 1,160 13,390 1,968 3,067 5,866 1944—Jan 22,843 2,787 13,335 146 299 6,236 Dec 28,360 1,495 15,610 2,067 3,254 5,934 Treasury notes: 1944—Jan 28,360 1,485 16,105 1,883 3,141 5,749 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 Sept 11,596 57 687 7,603 198 288 2,762 1943—June 17,214 1,645 7,611 1,405 2,896 3,657 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 2,816 Oct 17,214 1,587 8,015 1,303 2,761 3,547 Dec 11,175 66 665 7,383 204 2,583 Nov 17,214 1,591 7,961 1,390 2,740 3,534 1944—Jan 11,17. 66 665 7,366 178 258 2,642 Dec 14,310 1,270 5,973 1,297 2,571 3,203 Guaranteed securities: 1944—Jan 14,310 1,257 6,108 1,278 2,519 3,144 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 Sept 3,88: 318 33 2,556 42 287 651 1943—June 12,912 1,221 1,385 1,713 5,229 3,366 Oct 3,92, 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 1944_jan 4,078 498 2,528 35 223 707 Dec 16,751 1,745 1,478 2,093 6,737 4,699 1944—Jan.... 16,750 1,790 1,495 2,036 6,711 4,718 * 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 Jan. 31, 1944, commercial banks reporting to the Treasury held $21,594,000,000 of United States Government securities due or callable within one year out of a total of $43,354,000,000 outstanding. 2 Including $196,000,000 of Postal Savings and prewar bonds not shown separately below. 37$ FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Treasury. In millions of dollars) Period W I h n e c i l t o d h m 2 - e O ta t x h e e s r 1 c n r i M n n e n e e u v t l a o i e l e s l e u a 1 - r - - s - S t s r a o e i x c c ty e u ia s - l Other c T e r o i e p t - a t l s ce N ip e t t s3 I d n e o e t s n e b t t r- ac W t t i i e a v s r i- T c f o e t r e a r r u a t u s c n n c - s . t s t t o s - , Other e b T i x u t p o u d e t r g a n e e l s d t - D c e i f t i- c T o e a r u t c u c n - . s t 4 t s, Ch f a g b e u a i n a e r n n n c a l n d - g e 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 _3,50c +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 +6,615 64 ,'2 74 1943—February 380 352 343 115 1,190 955 35 5,770 2 312 6,119 5,164 -122 -2,331 2,954 March 4,732 374 50 51 5,207 5,206 262 6,744 1 347 7,354 2,147 -545 -1,213 1,483 April 1,000 346 50 159 1,555 1,514 89 6,974 38 366 7,466 5,952 +48 +8,4-38 14,342 May 940 359 282 160 1,742 1,480 42 7,092 1 300 7 435 5,955 —35 +70 6 064 T 3,803 353 57 356 4,569 4,569 609 7,469 1 247 8,327 3,758 -206 -3,180 '784 JJuulnye 19 1,236 512 48 234 2,048 2,007 68 6,432 344 269 7,112 5,105 -635 -912 4,828 August 548 1,016 729 310 403 3,005 2,721 46 7,232 15 324 7,617 4,896 +131 -2,231 2,534 September.... 674 4,091 344 53 285 5,448 5,447 311 6,952 2 269 7,535 2,087 -410 +11,794 14,291 October... :.. 557 746 464 46 256 2,069 2,030 131 6,989 36 300 7,456 5,426 — 132 +1,139 6,097 November 1,010 449 363 292 255 2,370 2,099 47 7,541 2 248 7,839 5.740 +29( -4,338 1,112 December 713 4,327 386 60 251 5,737 5,736 497 6,718 2 236 7,452 1,716 -667 -2,664 -281 1944—-January 574 1,153 412 49 590 2,779 2,747 87 7,138 37 308 7,570 4,823 -14 — 55 4,781 February 1,137 610 344 373 290 2,754 2,503 56 7,518 5 283 7,862 5,359 -173 +6,916 12,448 Details of trust accounts, etc. General fund of the Treasury (end of period) Soc a ia c l c o S u e n c t u s rity Net ex- Other Assets g B en a e la ra n l c e f u i n n d penditures Period in in c g h a e c c - k- De- De- Total c N e r i e e p - t ts I m nv e e n s ts t- p t e u E n r x e d - s i- c a G o g m o u e v n n e e t c n s r i t n e o - s f ce R i e p - ts I m nv e e n s ts t- p t E e u n x r d e - i s - Total R F p e e o s d i s e n e i r t r v s a e l d s p p e o e p i s n c o i i s t a s i l - a O s t s h e e ts r la ti b e i s li- Total W a b o i n n a r c g l k - e - Banks taries Fiscal year ending: June 1942 2,327 1,705 614 3,625 863 221 533 3,443 603 1,679 1,162 452 2,991 2,229 June 1943 2,810 2,350 456 2,194 1,117 655 133 10,149 1,038 7,667 L,444 643 9,507 8,744 1943—February 498 230 35 370 52 40 -3 5,895 623 3,892 1,381 503 5,392 4,630 March 36 272 36 300 82 53 7 4,758 643 2,694 1,421 579 4,179 3,416 April 111 35 33 17 92 58 12 13,112 1,215 10,485 1,412 495 12,617 11,854 May 539 258 31 356 81 57 -41 13,152 651 11,117 L,383 465 12,687 11,924 June 169 428 31 -82 152 119 30 10,149 1,038 7,667 1,444 643 9,507 8,744 July 245 179 29 726 315 252 9 9,127 979 6,790 1,358 532 8,595 7,832 August 596 292 30 148 101 75 21 6,845 •L,076 4,362 1,406 481 6,364 5,601 September. .. 32 296 30 146 Ii6 72 14 18,734 1,538 15,676 1,519 576 18,158 17,395 October 109 50 29 199 139 86 16 19,838 1,095 17,280 1,462 541 19,297 18,534 November 562 277 29 -64 75 96 8 15,492 1,245 12,770 1,477 534 14,958 14,196 December 87 308 30 427 114 81 22 12,878 1,408 9,942 1,528 584 12,294 11,532 1944—January 102 83 32 165 164 81 -80 12,873 1,098 10,314 1,461 634 12,239 11,476 February 514 350 33 331 121 59 35 19,726 1,172 17,095 1,460 571 19,155 18,392 1 Details on collection basis given in table below. 2 Withheld by employers (Current Tax Payment Act of 1943). 3 Total receipts less social security employment taxes, which are appropriated directly to the Federal old-age and survivors insurance trust fund. 4 Excess of receipts (+) or expenditures (—). INTERNAL REVENUE COLLECTIONS [On basis of reports of collections. In millions of dollars] Income taxes Miscellaneous internal revenue Manufac- Period Total v i C r i n d e u d u n 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 p E t r x a o c x f e i e t s s s s p O t r a o t x h f e i e t s r s Total s C t t t o a a a p c x l k i- E ta s g a t x n i a f e d t t s e b A t h e a a o l v x g c l e e e o ic r 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 x a 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 o l i l e s u a - s - s Fiscal year ending: June 1942 8,007 3,108 2,764 460 1,618 57 3,838 282 433 1,048 781 42 852 401 June 1943 16,299 5,771 686 4,137 557 5,064 84 4,571 329 447 1,423 924 45 670 732 1943—February 434 167 95 55 113 4 331 29 128 68 4 51 50 March 4,868 1,951 2 1,026 79 1,791 21 379 62 121 80 4 47 65 April 1,008 362 298 73 73 200 1 345 i 37 113 77 5 49 64 May 753 103 381 89 74 103 373 46 109 71 5 60 80 June 4,026 1,800 5 970 41 1,203 7 329 29 115 80 5 39 61 July 1,231 527 333 142 33 186 10 652" " 136 48 125 87 4 59 193 August 814 55 "l 438 111 44 162 3 595 188 25 129 90 5 56 103 September 4,192 1,963 1 6 877 103 1,228 15 394 35 28 117 86 4 53 71 October 1,644 74 1,006 3 181 35 337 9 421 20 41 122 90 4 59 86 November 1,471 47 1,087 2 84 32 204 16 376 34 117 93 4 56 70 December 4,591 2,158 14 1 1,012 49 1,352 5 388 36 120 87 4 64 76 1944—January 1,584 396 629 1 16 184 352 6 382 52 108 77 4 68 72 February 2,477 221 1,844 1 64 41 300 5 339 38 108 67 4 63 58 1 Withheld by employers (Current Tax Payment Act of 1943). Back figures—See Banking and Monetary Statistics, Tables 150-151, pp. 513-516. APRIL 1944 379 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Liabilities, other than Assets, other than interagency items interagency items Securities Bonds, notes, U.S. Pri- End of month Pre- U.S. co A u c n - ts Busi- Prop- and debentures Other G m ov e e n r t n- v ow at n e e ly d Total Loans f s e t e r o t r c c e . k d , Cash G d a i o r n e v d c t. t O G ag t o e h v n e t - r . re o a c t n h e d i e v r - p n e r r e o t s p y s - e h s f r e a o t l l r y d e O as t s h e e t r s a g F n u u t a e ll r e y - d Other1 lia ti b e i s li- interest interest 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—February 23,437 8,022 565 590 1,375 27 1,440 1,359 5,883 4,176 4,332 1,383 5,076 12,206 440 March 24,151 8,003 562 597 1,424 26 1,303 1,408 6,074 4,754 4,365 1,375 5,109 12,860 441 April 24,706 8,092 560 536 1,510 24 1,464 1,428 6,081 5,011 4,372 1,366 5,648 12,880 440 May 24,805 7,949 557 504 1,549 24 1,514 1,475 6,167 5,066 4,092 1,340 5,746 13,188 440 June 26,708 7,685 556 515 1,565 22 1,788 1,674 6,310 5,343 4,101 1,333 6,022 14,812 440 July 25,555 7,615 524 538 1,638 16 1,514 1,561 6,750 5,399 3,936 1,276 5,757 14,146 441 August 26,435 7,580 498 539 1,691 11 1,450 1,966 7,019 5,681 4,046 1,271 5,972 14,706 440 September... 26,284 7,557 497 501 1,722 7 1,487 1,470 7,234 5,809 4,081 1,274 5,560 14,929 441 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 1944—January.... 29,508 7,410 470 580 1,942 23 1,951 1,645 7,588 7,899 4,277 1,332 5,247 18,216 435 LOANS, OTHER THAN INTERAGENCY LOANS Home mor a t g g e a n g c e ie a s n 3 d housing F g a a r g m e m lo o an rt s - Other farm credit loans Recon- Rural struc- Elec- Ex- End of month T lo o a t n a s l 2 n C t a F i o n o i r c n - p e . H C L O e o o o w r r m a s p n ' n e . - F H b L e a o o d a n m a l e k n r e s - M p C R g a a o o F n g m r C y e t- - M A t g F i N o s a o e s a n g d r o - e a t . c - l . P H A F u i o u e b n u t d g l h s i . c . - F b l e a a a d n n l e k d r s - M F C F g a a o o e r g r d r m p e t . - . b c m i F r n a a e e e n t t e d d e d k r i i . s - t - f o B o t p a i r e v n c r e k a o s s - - m C C C o r o o e d r d m i p t i . - y t C F m A r a e i d r n d m - . it A S F d r e a i m c t r y u m in - . tr m t A i i f o i i d n c n - a . - p B p I o o m a r r n t - t - k Other 1942—June 8,379 1,473 1,676 193 82 216 384 1,706 562 289 101 231 258 460 342 113 293 December ... 8,127 1,557 1,568 129 94 211 366 1,603 507 238 145 242 237 446 346 122 316 1943—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 1,358 403 243 235 330 226 416 347 136 405 1944—January 7,410 1,393 1,318 115 103 64 319 1,332 394 242 238 378 224 416 347 141 386 SELECTED ASSET ITEMS, OTHER THAN INTERAGENCY ITEMS Lo F an in s a b n y c e R C ec o o rp n o st r r a u ti c o t n ion Preferred stock held Acco r u e n ce ts i v a a n b d le o s ther Property held for sale End of month Total n t L u i a to 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 a e e n d o C d . k r o . t s F g r l p a a a a . n g n rm d e d m C r C C a o o r t o r d e i p m o d i o t n i - y - t C s w F o t R r i a r e u n p r c c a . o c t n a i o n c o n r - e n - d Other r c a W o ti r o a p r n o s - m C r C C a o o r t o r d e i m p o d i o n t i - y t - O C H r L w a o o o t n r m i a p e o n o e r n s - ' Other porations 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—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 1944—January 1,393 129 396 868 334 54 82 161 575 702 513 6,582 827 85 94 1 2 E E x x c c l l u u d d i i n n g g i F n e v d e e s r tm al e l n an ts d < i n b p a r n e k f e b rr o e n d d s s t h o e c l k d , b th y e t a h m e o F u e n d t e o ra f l w F h a i r c m h i M s s o h r o tg w a n g e in C th o e r p lo o w ra e t r i o s n e . ction of this table. 3 Excluding loans by Federal savings and loan associations, which are privately owned institutions under the supervision of the Federal Home Loan Bank Administration. Loans by these institutions amounted to 1,916 million dollars on Dec. 31, 1943. 380 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Y m ea o r n a th nd ( I 1 m v n = 9 p a c 3 e l a o 1 5 n u y 0 - m e t - 3 s 0 ) e 9 i Tota I l n (p d h u y 1 s 9 s tr 3 i i c 5 a a - D a l 3 l b u 9 p v f l r M a r o - e = o a c l t d u n 1 u u m u 0 r N c - d e e 0 o t u s ) i n r 2 o - * - n M er i a n l - s To a ta w 1 C : a 9 o r 2 c n d 3 o s - R e n d t t 2 t d i r e e a 5 r u n s l a ( i c - = - c v t t a i 1 l s o 0 u o n e 0 A t ) h l 3 e l r N t a c u g u o r l r n a - i l E - - 1 m 9 p 39 lo = y F m a 1 c e 0 t n o 0 t r 4 y 1 r 9 F t o p 3 1 o a l 0 a 9 r c l y y 0 - s4 = F c 1 a t = 9 i r e n 3 l i o g 1 5 g a s 0 - h 3 * d 0 t ! - D 19 m s = ( e s u v 2 t a p e o e a 3 l 1 a ) l e r n - * - 0 r 2 e s t _ t ° 0 5 - W p m r = c i 1 h s o o c 9 a o d e m 1 2 l l s i e 0 6 e - t 4 0 y - C 1 l = i 9 o v 3 s i 1 5 t n 0 - g o 3 0 4 f 9 able Ad- Ad- Unad Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justec justed justed justed justed justed justed justed justed justed justed justed 1919. 72 84 62 71 63 44 106.8 106.2 120 138.6 124.5 1920 75 93 60 83 63 30 107,2 127.1 129 154.4 143.2 1921 58 53 57 66 56 44 82.1 82.0 110 97.6 127.7 1922 73 81 67 71 79 68 90.8 88.0 121 96.7 119.7 1923 103 72 98 84 81 103.9 111.6 142 100.6 121.9 1924 82 95 69 89 94 95 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 *>360 PI 76 p132 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 r133 123 69 167 120.3 140.6 141.1 195.1 138 111 93.6 110.5 1942 January 155.2 181 177 235 152 133 118 82 147 120.4 141.6 139.8 200.7 140 138 96.0 112.0 February... 157.1 183 180 241 153 133 128 100 151 120.8 143.2 142.3 208.2 138 126 96.7 112.9 March 159.1 186 182 250 153 126 125 95 149 121.0 144.8 144.3 215.1 138 124 97.6 114.3 April 163.4 189 187 257 154 125 128 82 165 121.2 147.0 146.3 221A 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 r224 r337 171 125 145 79 198 130.0 165.8 164.8 290.9 135 143 101.9 120.7 February... 200.6 232 229 344 174 131 102 56 140 130.3 167.4 166.4 297.5 139 167 102.5 121.0 March 204.4 235 232 351 174 133 85 42 119 129.8 168.1 167.6 304.5 138 136 103.4 122.8 April 207.3 237 r236 356 175 131 63 33 87 129.3 168.4 167.7 309.7 136 128 103.7 124.1 May 208.7 r239 239 359 176 129 52 31 68 128.3 167.9 167.2 313.5 135 125 104.1 125.1 June 211.3 r237 238 358 177 117 45 32 55 128.6 169.0 168.8 317.1 127 129 103.8 124.8 July 213.1 240 241 r360 r177 134 60 36 80 128.6 169.7 169.8 315.6 141 142 103.2 123.9 August 215.5 242 245 r365 r178 135 59 35 79 127.9 169.6 170.8 322.2 140 142 103.1 123.4 September.. 215.6 r244 248 r368 r179 138 65 35 89 126.8 168.3 170.1 328.0 140 132 103.1 123.9 October 218.0 247 249 r374 179 136 49 34 61 127.5 170.1 170.5 332.6 137 140 103.0 124.4 November. . 221.5 247 247 r376 r180 133 60 37 78 128.3 "170.9 171.0 r336.5 139 158 102.9 124.2 December... 224.8 241 239 r365 r174 137 61 35 81 128.2 169.1 169.4 r328.2 144 131 103.2 124.4 1944 January ^227.5 243 240 368 175 139 55 29 76 127.2 167.6 166.7 327.2 145 r153 103.3 124.1 February D368 ^175 2*142 H3 p63 '126.5 '166.6 165.7 143 151 103.6 123.7 March e140 '103.9 * Average per working day. ? Preliminary. r Revised. * Estimated. 1 Department of Commerce series on value of payments to individuals. 2 For indexes by groups or industries, see pp. 382-385. 3 Based on F. W. Dodge Corporation data; fo^description, see p. 358 of BULLETIN for July 1931; by groups, see p. 388 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. 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. 381 APRIL 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjustedfor Seasonal Variation) [Index numbersof the BoarcI of Governors. 1935-39 average = 1001 1943 1944 Industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jar. Feb. Industrial Production—Total... 227 232 235 237 r239 r237 240 242 r244 247 247 241 243 p243 Manufactures—Total. 245 250 253 256 258 258 259 r261 r263 r266 268 260 261 P261 Durable Manufactures... r337 344 351 356 359 358 r360 r365 r368 r374 r376 '365 368 p368 Iron and Steel 204 r207 210 209 208 201 r204 r210 r214 r215 210 200 208 212 Pig iron . ... ... . 198 200 202 198 196 190 191 202 205 202 200 198 r202 206 Steel 226 231 r234 235 233 227 r230 r236 239 '242 236 222 231 236 Open hearth 182 185 188 186 184 177 181 185 190 191 186 178 186 188 Electric 542 560 559 580 584 583 577 598 593 607 592 536 556 580 Machinery... 417 426 436 441 443 441' 440 445 451 458 463 453 461 ^460 Manufacturing Arsenals and Depots1. . Transportation Equipment. r653 r673 692 r7l7 r729 743 r754 r762 T764 r780 r786 r763 751 P749 Automobiles 198 203 204 206 211 215 220 232 239 247 248 240 240 P23S (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1 Nonferrous Metals and Products. . r255 T257 r260 r259 r264 r262 r256 r264 r277 r286 r289 277 283 P282 Smelting and refining 241 r252 255 262 r270 r276 278 279 294 303 308 307 297 P295 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1. Fabricating r260 r259 r262 r257 r262 r257 r247 r258 r270 r279 r282 266 277 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption) * Lumber and Products , 123 127 129 130 133 128 128 130 129 128 136 137 133 P131 Lumber 113 117 119 121 126 118 118 119 118 115 127 131 125 P\23 Furniture 142 147 149 149 147 148 148 152 149 152 152 150 148 2*146 Stone, Clay, and Glass Products 180 178 175 175 175 175 173 173 168 171 168 169 168 P168 Glass products 150 149 146 153 159 158 162 162 159 169 165 169 171 Plate glass 35 36 35 39 43 41 45 49 53 47 54 55 54 58 Glass containers 191 189 185 194 200 199 203 202 196 212 204 209 213 Cement 171 166 154 135 130 127 119 114 112 107 98 101 86 88 Clay products 148 144 142 142 136 139 132 132 125 124 124 122 128 Gypsum and plaster products 193 196 202 204 203 204 198 203 194 194 196 192 203 ^202 Abrasive and asbestos products 301 305 308 313 320 325 326 327 321 326 329 319 319 P3U Other stone and clay products1 Nondurable Manufactures 171 174 174 175 176 177 177 178 179 179 180 174 175 P175 Textiles and Products.. 158 162 158 157 159 155 148 145 150 152 752 143 149 P150 Textile fabrics 149 152 149 147 149 146 139 136 141 143 142 133 139 Cotton consumption 172 172 166 166 169 160 153 147 156 156 153 142 c150 151 Rayon deliveries 180 181 181 181 185 183 183 177 181 186 191 189 186 188 Nylon and silk consumption1 Wool textiles... 154 166 163 157 158 160 146 150 151 154 154 142 153 Carpet wool consumption 29 39 40 38 32 30 24 33 29 37, 39 36 39 Apparel wool consumption 208 230 228 214 222 226 207 210 206 201 205 186 209 Woolen and worsted yarn 172 184 181 173 177 181 164 168 172 173 172 159 172 Woolen yarn 176 190 187 179 181 186 168 176 178 175 176 161 176 Worsted yarn 167 177 172 165 171 174 159 158 163 171 166 156 168 Woolen and worsted cloth 177 187 182 177 177 179 164 166 169 172 171 160 168 Leather and Products.... 123 123 117 119 118 114 112 111 no 110 105 r102 108 P110 Leather tanning 130 127 120 122 122 114 111 106 105 104 98 r97 103 Cattle hide leathers 141 139 128 131 132 122 116 109 107 102 101 r9S 107 Calf and kip leathers 95 93 92 91 92 86 85 80 81 76 67 68 70 Goat and kid leathers 89 89 93 90 90 86 84 82 88 95 90 r83 82 Sheep and lamb leathers 185 170 160 166 164 162 169 174 164 173 146 162 169 Shoes 118 119 115 117 115 114 112 114 114 114 109 105 111 ^114 Manufactured Food Products... 141 r142 r143 r142 r143 r144 r146 r145 r146 r146 r153 r151 154 PI 57 Wheat flour .. 134 126 118 109 97 102 103 110 111 117 128 128 130 PUS Cane sugar meltings1 Manufactured dairy products p139 P143 ^146 P139 ^126 Butter 103 107 108 106 103 106 104 96 95 87 88 86 89 Cheese 144 145 147 147 145 150 154 150 150 144 143 147 148 Canned and dried milk , 137 141 145 149 150 161 171 157 154 137 132 131 132 Ice cream Meat packing 143 154 151 147 162 159 186 182 178 168 185 173 " 187" 215 Pork and lard 168 183 183 187 216 222 260 241 221 193 221 206 234 291 Beef 123 131 127 112 111 96 110 119 130 135 145 139 144 149 Veal .. . 79 76 74 62 60 63 73 109 131 151 150 121 104 94 Lamb and mutton 121 115 107 111 123 119 140 154 161 173 166 158 135 112 r Revised. p Preliminary. c Corrected. Series included in total and group indexes but not available for publication separately. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued {Adjustedfor Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1943 1944 Industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan Feb Manufactured Food Products—Continued Other manufactured foods 144 r145 r146 r146 r147 r146 r145 r144 r144 r146 r150 r153 Processed fruits and vegetables.. r122 r123 r125 r129 r130 r130 r126 r128 r127 r135 r135 r142 140 Confectionery 137 139 145 153 152 144 134 123 120 120 123 134 *>132 Other food products r152 r152 r149 r151 r150 r152 r152 r152 r153 r159 r159 163 Alcoholic Beverages. 105 121 104 106 111 135 130 141 143 131 Malt liquor 122 142 133 124 113 127 127 131 164 155 169 172 160 148 Whiskey 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other distilled spirits.... 42 63 35 31 21 22 23 40 77 90 62 42 C46 40 Rectified liquors 159 161 157 141 139 144 144 157 156 158 178 189 162 182 Industrial Alcohol from Beverage Plants1... Tobacco Products 132 128 129 132 123 124 134 136 134 139 148 143 C125 119 Cigars 103 101 93 103 104 102 99 96 101 100 101 90 C86 92 Cigarettes 159 153 159 160 144 149 166 169 165 173 186 181 C155 145 Other tobacco products 93 86 85 78 84 92 87 93 100 99 C87 79 Paper and Paper Products 135 141 142 140 135 143 143 140 140 r132 136 Paper and pulp 135 139 139 138 140 136 133 141 140 138 137 131 134 - Pulp 148 153 148 150 154 143 141 153 150 153 147 142 147 Groundwood pulp 103 107 103 101 104 106 111 115 112 112 103 107 106 Soda pulp 96 98 94 93 92 84 87 93 93 93 93 103 89 Sulphate pulp 201 206 203 204 211 184 193 214 211 213 212 196 213 Sulphite pulp 140 146 140 144 147 142 131 139 134 141 131 127 130 Paper 133 137 138 136 137 135 132 139 138 135 136 129 132 Paperboard 137 143 150 150 150 152 143 151 155 148 151 135 144 Fine paper 129 131 129 130 133 123 126 135 124 127 126 116 120 Printing paper 125 131 126 124 122 122 117 126 125 124 122 122 119 Tissue and absorbent paper 175 172 174 167 168 176 158 169 174 163 160 163 154 Wrapping paper 125 129 127 125 130 118 127 130 126 128 130 127 129 Newsprint 92 92 90 89 91 91 90 83 83 79 Paperboard containers (same as Paperboard). Printing and Publishing 115 116 112 113 112 115 111 110 106 105 104 Newsprint consumption 104 101 97 101 102 105 103 97 96 90 89 89 85 Printing paper (same as shown under Paper) Petroleum and Coal Products.. 158 165 166 171 173 177 182 193 202 213 r219 224 Petroleum refining 157 164 166 171 174 180 185 196 206 212 221 r226 232 Gasoline 99 102 99 101 104 109 109 116 122 122 123 123 125 Fuel oil 137 143 137 144 137 138 145 153 156 151 159 159 159 Lubricating oil 111 114 118 114 116 120 121 123 123 134 137 120 128 Kerosene 104 117 118 121 122 126 118 107 115 113 117 120 132 Other petroleum products1. Coke 166 169 169 169 166 157 162 170 169 163 172 174 BBy-product coke 157 158 158 159 157 152 153 159 161 158 155 161 164 BBeheihvie coke 485 543 551 519 481 318 453 523 538 535 459 519 498 ^505 Chemical Products 355. 361 370 382 389 399 402 404 395 397 390 365 P355 Paints 125 127 126 129 130 135 139 140 137 138 140 137 PI 39 Soap 125 127 124 124 122 123 120 124 123 120 129 131 133 Rayon 196 200 204 210 214 213 222 223 221 225 223 226 226 ^226 E In x d p u lo st s r i i v a e l s c a h n e d m a ic m a m ls unition1. 332 332 341 350 356 366 371 382 383 396 398 394 397 P399 Other chemical products1.... Rubber Products 215 218 222 222 224 230 227 231 234 241 240 243 P243 Minerals—Total. 125 131 133 131 129 117 134 135 138 136 133 137 139 $142 Fuels 124 131 133 131 129 115 136 137 140 138 134 140 142 P144 Coal 136 151 154 146 139 97 150 148 150 141 125 147 153 Bituminous coal.. 145 157 161 151 143 103 155 153 155 144 131 156 161 Anthracite 102 129 128 129 124 74 129 128 129 127 102 114 119 Crude petroleum 118 121 122 124 125 124 128 131 136 137 139 136 137 Metals 130 131 131 130 129 128 128 123 124 123 125 124 124 P126 Metals other than gold and silver 185 189 189 186 187 188 184 188 187 187 186 185 Iron ore 2*223 ^223 P223 (Copper; Lead; Zinc)1 Gold Silver r Revised P Preliminary. c Corrected. 1 Series included in total and group indexes but not available for publication separately. NOTE.—For description and back figures see BULLETIN fpr October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. APRIL 1944 383 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] Annual 1943 1944 Industry 1943 1942 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. 1 Dec. Jan. Industrial Production—Total"... P239 199 229 232 r236 239 238 241 245 248 249 247 239 240 p240 Manufactures—Total P258 212 r248 251 255 258 259 260 264 267 269 268 258 259 p258 Durable Manufactures 279 Z42 350 356 360 359 r361 r366 r370 r375 r376 r364 366 p366 Iron and Steel 208 199 r207 210 209 208 201 r204 r210 r214 r215 210 200 Pig iron 198 193 200 202 198 196 190 191 202 205 202 200 198 r202 206 Steel 232 218 231 r234 235 233 227 r230 r236 239 r242 236 222 231 236 Open hearth . 184 179 185 188 186 184 177 r181 r185 r190 r191 r186 rl78 186 188 Electric 576 495 560 559 580 584 583 577 598 593 607 592 536 556 580 Machinery P443 340 426 436 441 443 440 445 451 458 463 453 461 p460 Manufacturing Arsenals and Depots1 Transportation Equipment* P735 464 r673 692 T717 r729 743 r754 r762 r764 r780 r786 r763 751 p749 Automobiles mi 155 203 204 206 211 215 220 232 239 247 248 240 240 p235 (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1.... Nonferrous Metals and Products* 267 214 r257 r260 r259 r264 r262 r255 r264 r277 r286 r289 278 283 Smelting and refining 277 205 r252 255 262 r270 275 r277 279 294 303 r309 307 297 ^295 (Copper smelting, Lead refining, Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating* 218 r259 r262 r257 r262 r257 r247 r258 r27O r279 r282 266 277 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Tin consumption)1 „ Lumber and Products p129 134 119 123 130 136 135 135 137 136 133 133 126 121 p122 Lumber. .. mo 130 104 110 120 130 128 128 130 129 124 124 114 107 09 Furniture.. 142 147 149 149 147 148 148 152 149 152 152 150 148 ^146 149 Stone, Clay, and Glass Products. 168 166 168 172 180 177 173 179 174 178 172 161 p160 pl73 Glass products 158 134 145 146 153 169 157 156 168 162 174 166 158 168 Plate glass 44 37 36 35 39 43 41 45 49 53 47 54 55 54 58 Glass containers 199 169 184 185 194 214 197 195 210 200 218 206 195 208 Cement 125 172 126 126 128 137 136 131 129 130 124 106 92 70 Clay products 154 137 136 138 136 137 132 135 129 131 129 126 119 P'l 21 Gypsum and plaster products 186 188 196 202 205 208 198 204 198 199 198 196 196 n93 Abrasive and asbestos products.. .. 236 305 308 313 320 325 326 327 321 326 329 319 319 P3U Other stone and clay products1 Nondurable Manufactures... 158 171 171 173 175 r178 r178 r181 r184 r183 r181 172 172 Textiles and Products. 157 162 158 157 159 155 148 145 150 152 143 149 p150 Text C ile o tt f o a n b ri c c o s n sumpti ; on* 1 1 4 5 4 9 1 17 4 1 8 r1 1 7 5 2 2 1 1 6 4 6 9 1 1 4 6 7 6 1 1 4 6 9 9 1 1 4 6 6 0 1 15 3 3 9 1 14 3 7 6 1 1 4 5 1 6 1 1 4 5 3 6 1 15 4 3 2 1 1 4 3 2 3 c1 1 5 3 0 9 Rayon deliveries 183 173 181 181 181 185 183 183 177 181 186 191 189 186 Nylon and silk consumption1... Wool textiles 154 156 166 163 157 158 160 146 150 151 154 154 142 153 Carpet wool consumption.. 34 45 39 40 38 32 30 24 33 29 3' 39 36 39 Apparel wool consumption. 21 199 230 228 214 222 226 207 210 206 201 205 186 209 Woolen and worsted yarn.. 173 170 184 181 173 177 181 164 168 172 17; 172 159 172 Woolen yarn 178 173 190 187 179 181 186 168 176 178 17: 176 161 176 Worsted yarn 167 167 177 172 165 171 174 159 158 163 171 166 156 168 Woolen and worsted cloth.. 173 178 187 182 177 177 179 164 166 169 172 171 160 168 Leather and Products... 114 122 126 117 118 118 113 110 110 110 110 106 101 108 p113 Leather tanning 113 128 137 119 121 122 112 105 lOi 103 104 101 r96 103 Cattle hide leathers 119 143 151 128 131 132 117 109 105 103 105 r98 109 Calf and kip leathers 84 92 98 90 88 88 84 84 80 78 69 66 69 Goat and kid leathers 88 96 93 93 93 86 83 80 89 95 87 83 82 Sheep and lamb leathers.. 166 150 188 155 162 177 160 157 180 161 173 155 154 158 Shoes. 114 119 119 115 117 115 114 112 114 114 114 109 105 111 Manufactured Food Products... p145 134 r129 128 r130 r137 r144 r155 r164 r165 r156 r154 r147 144 p143 Wheat flour 107 127 116 105 93 98 102 109 121 124 129 126 130 p\2(> Cane sugar meltings1 'pm Manufactured dairy products. P139 ^203 "^206 2*103 pS3 Butter 100 104 94 98 108 133 146 127 106 91 71 67 68 74 Cheese 148 168 119 132 153 194 213 189 167 153 130 107 106 110 Canned and dried milk 149 168 12' 142 168 208 223 198 161 142 111 95 101 107 Ice cream Meat packing 165 l48 l47 140 136 162 158 170 154 160 168 206 205 225 207 Pork and lard 207 169 180 171 170 216 222 229 185 175 181 259 271 307 285 Beef 123 131 121 11. 105 111 94 111 120 140 147 150 139 147 137 Veal 97 108 67 69 61 62 63 73 107 144 17: 160 113 97 83 Lamb and mutton 138 127 117 105 108 126 111 134 151 173 180 166 155 143 113 r Revised. p Preliminary. e Corrected. 1 Series included in total and group indexes but not available for publication separately. * Revised indexes for January 1943: transportation equipment 653; nonferrous metals and products 255; nonferrous metals fabricating 260; cotton consumption 172. 384 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] Annual 1943 Industry 1943 1942 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec Jan. Feb. Manufactured Food Products—Continued Other manufactured foods 146 134 •131 r130 r137 r151 r168 r172 r163 r156 PU2 P C r o o n c f e e s c s t e i d o n f e r r u y its and vegetables.. 1 1 2 3 9 4 1 1 2 2 6 7 r 14 7? 0 1 r6 3 9 5 127 117 r1 1 0 0 0 7 r1 1 6 1 4 0 r2 1 4 3 3 3 r2 1 4 5 9 5 r1 1 7 5 4 7 r1 1 2 4 5 5 2*136 Other food products* 153 138 r146 r143 r152 155 r155 r155 r161 r166 r162 157 P156 r148 Alcoholic Beverages. 117 110 105 107 127 126 122 138 132 119 120 111 115 106 Malt liquor 138 125 128 123 130 161 159 150 166 144 130 137 131 133 Whiskey 0 50 0 0 0 129 0 0 0 0 0 0 0 0 0 Other distilled spirits 56 62 38 23 19 0 13 13 21 105 234 130 47 c30 24 Rectified liquors 157 181 161 157 141 13 1 9 3 144 144 157 156 158 178 189 162 182 Industrial Alcohol from Beverage Plants1... 133 122 123 125 123 128 138 140 141 144 151 132 C124 114 Tobacco Products 99 119 101 93 103 104 102 99 96 101 100 101 90 92 Cigars 164 150 144 148 149 144 156 175 177 176 179 190 167 C155 136 Cigarettes 94 89 86 80 84 89 93 99 103 87 C85 77 Other tobacco products P139 142 140 141 141 142 143 143 140 131 136 Paper and Paper Products... 143 140 139 139 140 137 132 140 140 138 138 130 134 PU9 174 154 150 152 155 143 140 151 148 152 148 142 147 Paper and pulp P107 120 111 110 112 113 107 99 101 99 104 109 108 111 Pulp 139 98 94 93 92 84 87 93 93 93 93 103 89 Groundwood pulp ^204 227 206 203 204 211 184 193 214 211 213 212 196 213 Soda pulp 16. 146 140 144 147 142 131 139 134 141 131 127 130 Sulphate pulp H35 138 138 138 137 137 136 131 139 138 135 136 128 131 Sulphite pulp P14' 141 143 150 150 150 152 143 151 155 148 151 135 144 148 Paper 138 131 129 130 133 123 126 135 124 127 126 116 120 Paperboard ^124 127 131 126 124 122 122 117 126 125 124 122 122 119 Fine Paper ^168 169 179 174 168 168 180 152 169 174 165 160 158 153 Printing paper ^127 137 129 12' 125 130 118 12 130 126 128 130 127 129 Tissue and absorbent paper 105 92 90 89 90 92 89 89 83 82 79 74 Wrapping paper Newsprint Paperboard containers (same as Paperboard) PH. 115 114 116 104 110 112 1L 110 108 101 P101 Printing and Publishing... Newsprint consumption 99 103 98 101 107 106 91 93 98 101 98 93 < 83 Printing paper (same as shown under Paper) Petroleum and Coal Products... P18. 165 166 173 17: 181 193 20; 207 r219 224 Petroleum refining 144 164 166 171 174 180 185 196 206 212 221 r226 232 Gasoline in 110 102 99 101 104 109 109 116 122 122 123 123 125 Fuel oil 146 129 143 137 144 137 138 145 153 156 151 159 159 159 Lubricating oil 121 121 11 117 118 121 120 120 121 123 134 137 118 124 O K t e h r e o r s e p n e e troleum products1 116 109 123 120 lZ 124 119 110 102 114 113 120 124 134 Cokkee 167 164 169 169 169 166 157 162 170 171 169 163 172 174 By-product coke 15 154 158 158 159 157 152 153 159 161 158 155 161 164 pl66 BBeeehhiivv e cokke 493 51 543 551 519 318 453 523 538 535 459 519 498 P505 Chemical Products 278 362 372 38' 389 396 398 400 396 400 392 367 360 P356 Paints 130 125 126 130 134 139 139 135 138 138 137 137 Soap 2*124 126 125 124 122 119 120 126 128 126 130 131 13 PU0 Rayon 185 200 204 210 21 213 222 223 221 225 223 226 22i P226 Industrial chemicals 2*367 286 332 341 350 356 366 37 382 383 396 39S 394 397 P399 Explosives and ammunition1 Other chemical products1 Rubber Products p228 172 218 222 222 224 230 22'. 227 231 234 241 240 24. P243 Minerals—Total P132 129 125 127 121 132 121 140 140 143 140 132 r132 133 p136 Fuels 132 125 131 133 131 12\ 115 137 140 138 140 PI 44 Coal 140 139 15: 154 139 97 148 150 14 14' P158 Bituminous coal.. 147 145 16 15 143 103 153 155 144 156 P162 Anthracite 118 \\\ 15' 128 129 124 74 128 129 127 114 PU2 Crude petroleum 12S 11* 122 124 12. 13 136 137 131 P137 12: Metals... 141 101 148 16- 161 16C 141 P85 9L Metals other than gold and silver. 19C 111 24< 24' 22* I ( r C o o n p o p r e e r; Lead; Zinc)1 P22 22! 12 7 29! 36; 35: 31' Gold Silver * Revised index for January 1943; other food products 146. r Revised. p Preliminary. c Corrected. 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. APRIL 1944 385 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 Annual 1943 1944 Annual 1943 1942 1943 Feb. Nov. Dec Jan. Feb, 1942 1943 Jan. Feb. Nov. Dec, Jan. Total 152.3 168.7 166.4 r171.0r169.4 166.7 165.7 242.3 316.4 290.9 297.5 r336.5 "328.2 327.2 Durable goods 191.5 227.8 221.5 r234.2 r232.7 229.5 227.7 321.3 441.1 399.8 410.6 r474.6 r461.2 461.0 Nondurable goods. 121.4 122.1 123.0 121.2 119.5 117.2 116.8 164.9 194.4 184.5 186.9 201.4 198-2 196.4 Iron and Steel and Products 161.1 173.7 173.0 175.9 175.1 173.6 172.1 244.3 304.8 283.5 291.2 320.1 316.7 317.9 Blaast t furnua,ces, steel works, etc 138.5 133.0 135 131 130 128 194.6 222.3 209 212 227 r223 224 SSlt eel casitings 248.2 275.8 279 267 267 267 391.4 484.4 464 476 486 483 488 Tin cans and other tinware 112.5 102.0 92 105 106 106 147.1 161.6 132 138 169 175 180 Hardware 125.5 127.1 122 133 134 133 204.2 245.8 215 227 269 266 270 Stoves and heating equipment 104.9 120.6 113 132 136 136 147.0 206.9 181 184 239 246 253 Steam, hot-waterheatingapparatus..., 167.3 195.6 193 198 198 197 279.0 353.8 313 337 365 369 350 Stamped and enameled ware 136.5 160.5 149 170 168 164 210.7 300.6 256 263 340 332 322 Structural and ornamental metal work 173.4 200.0 198 208 209 210 267.7 365.3 326 343 r397 r397 411 Forgings 228.6 261.2 259 264 r264 265 386.2 497.6 478 495 r533 r521 524 Screw machine products 264.5 292.9 297 291 290 286 440.2 548.0 519 533 570 562 564 Electrical Machinery 214.1 273.9 260.8 r289.9 r289.8 288.1 290.3 336.1 468.9 427.4 441.6 r506.2 r500.0 509.6 Machinery, except Electrical 205.5 235.2 230.8 239.0 238.0 236.2 234.2 337.9 426.0 400.2 410.0 445.7 440.5 446.0 Machinery and machine shop products 207.9 242.4 236 247 247 246 335.6 432.0 402 413 457 450 457 Tractors 144.5 167.5 155 184 187 189 195.8 256.7 225 239 288 289 298 Agricultural, excluding tractors 124.3 135.7 120 151 154 159 182.7 256.0 196 215 294 296 310 Pumps 265.4 317.0 299 335 340 338 500.3 648.8 581 602 695 709 732 108.2 155.9 168 155.8 264.5 Refrigerators 145 171 173 220 237 306 309 307 941.3 1,418.9 1 1,434.2, 1,415.5 1,694.12,757.5 Transportation Equipment, except Autos.. ',343.11,472.41,460.5 2,406.0,486.5r3,039.12,901.1,859.9 126.3 172.4 185.4 181.8 205.5 313.1 Automobiles 159.5 r188.9 r188.6 277.9 282.2 r351.3 r334.4 344.9 166.4 181.0 179.6 185.6 183.3 181.8 181.8 259.1 324.4 305.8 308.6 343.9 r335.4 337.8 Nonferrous Metals and Products r159.6 204.3 r190 r217 r217 213 r230.2 353.9 r297 r302 r391 r385 378 PCrliomckasr ya nsmd \elting and refining 129.6 124.2 129 125 126 126 217.5 238.4 239 240 r248 r244 250 Lighting e1q uwipamtchenest. 109.8 118.9 111 131 128 128 167.3 207.2 184 189 233 223 226 Lumber and Timber Basic Products 129.4 113.0 113.8 110.1 107.9 103.5 103.3 181.0 190.6 166.9 173.7 197.' 188.6 174.6 Sawmills 105.3 90.1 90 88 86 82 148.9 154.3 131 139 160 151 138 Planing and plywood mills 120.5 111.7 114 110 109 T06 160.2 175.9 167 167 181 179 172 Furniture and Lumber Products 115.5 109.7 111.0 r110.0 108.9 108.2 107.0 161.5 180.7 165.9 171.8 191.1 r188.9 186.3 Furniture 110.8 105.7 107 106 105 105 156.1 174.3 160 166 185 183 181 Stone, Clay, and Glass Products... 126.7 121.3 122.4 119.5 119.7 117.3 116.6 168.1 187.4 178.5 179.2 195.2 192.2 187.7 Glass 121.1 126.0 121 131 132 132 156.2 187.6 168 174 207 207 207 Cement 122.0 100.7 109 91 88 79 155.3 141.2 150 139 134 127 110 Brick, tile, and terra cotta.... 113.6 88.9 95 82 82 81- 150.1 133.5 138 136 127 126 120 Pottery and related products. 135.9 130.6 135 128 127 123 174.3 188.6 185 186 195 185 175 Textile-Mill and Fiber Products 112.7 107.2 111.5 104.0 103.9 101.7 102.0 163.7 177.4 179.6 181. 176.2 175.9 171.9 Cotton goods except small wares... 127.8 122.9 128 120 120 116 198.4 210.8 216 217 207 207 199 Silk and rayon goods 85.2 79.9 82 79 79 78 126.0 134.5 134 134 138 139 136 Woolen and worsted manufactures. 120.9 111.9 117 108 108 106 189.2 202.2 208 207 199 198 197 Hosiery 80. 73.6 77 71 71 70 97.5 107.7 106 108 110 110 107 Knitted underwear 116.8 108.6 116 103 102 100 166.3 180.2 185 184 180 177 173 Dyeing and finishing textiles 105.3 101.6 108 97 97 98 142.9 156.3 161 164 154 154 155 Carpets and rugs, wool 92.8 88.3 94 83 82 81 128.6 141.2 145 148 138 134 135 Apparel and Other Finished Textiles. 115.2 108.2 113.9 104.2 103.2 102.7 103.3 149.0 164.9 155.9 167.5 165.6 163.5 168.0 Men's clothing, n.e.c. 113.3 105.1 110 101 100 100 147.4 158.7 150 159 162 157 157 Shirts, collars, and nightwear... 97.3 84.6 90 80 79 78 137.8 134.0 130 134 135 134 129 Women's doming, n.e.c 93.6 88.0 93 85 85 84 119.0 134.4 125 137 133 133 142 Millinery 85.7 81.3 94 73 75 93.5 109.5 103 136 92 100 114 Leather and Leather Products. 107.6 96.1 103.3 90.9 90.2 89.3 150.7 150.7 158.9 157.4 146.1 r147.2 147.3 Leather 107.0 95.6 104 87 87 37 145.6 144.7 154 154 135 141 141 Boots and shoes 97.2 85.7 92 82 81 80 139.4 136.7 147 143 133 133 134 Food and Kindred Products 117.2 115.7 109.5 118.5 115.9 112.3 111.1 146.5 169.5 155.6 150.7 186.0 182.9 179.9 Slaughtering and meat packing . 142.9 136.6 147 136 142 143 170.5 200.1 203 185 232 239 243 Flour 101.9 115.2 113 121 120 121 130.2 177.6 169 169 197 r196 200 Baking 108.4 110.1 109 114 114 112 131.6 151.8 144 142 164 163 161 Sugar, beet 100.3 80.3 48 195 133 52 134.7 110.6 110 70 283 r175 76 Confectionery 112.9 112.8 117 121 122 119 144.8 166.4 164 164 189 190 188 Beverages, nonalcoholic 113.4 127.4 112 129 125 122 127.1 153.9 124 126 r159 r156 152 Malt liquors 114.2 126.3 115 131 130 131 136.2 170.1 134 144 182 179 178 Canning and preserving 111.3 99.3 67 r93 81 70 164.4 171.2 115 113 164 149 132 Tobacco Manufactures 102.1 97.3 100.2 96.3 96.4 94.2 136.7 151.1 147.8 138.5 162.5 161.1 158.2 Cigarettes 112.3 123.8 121 130 130 130 148.7 172.0 172 146 196 190 190 Cigars 99.1 83.9 90 78 78 75 132.0 139.7 133 136 141 143 138 Paper and Allied Products.. 117.8 118.2 117.8 119.1 119.1 118. 117.5 154.5 177.7 167.6 171. 184.8 183.7 183.3 Paper and pulp 114.7 108.9 109 109 109 109 155.5 169.9 162 165 175 175 173 Paper goods, n.e.c 121.9 128.4 132 127 126 126 149.9 182.2 175 178 187 185 188 Paper boxes 110.7 120.5 117 124 124 121 139.8 176.8 160 167 188 186 185 r Revised. • NOTE.—Figures for February 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, 386 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES-Gwtf/»*<^ (Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics 1939 = 100] Factory employment Factory pay rolls Industry and group Annual 1943 1944 Annual 1943 1944 1942 1943 Feb. Nov. Dec. Jan. Feb. 1942 1943 Jan. Feb. Nov. Dec. Jan. Printing and Publishing 101.3 102.3 103.0 104.2 104.4 103.1 114.2 126.8 121.1 121.6 133.7 134.9 134.0 Newspaper periodicals 98.4 95.2 95 95 95 93 107.4 111.7 107 107 115 116 113 Book and job 101.7 104.9 107 108 109 108 115.9 132.6 128 129 142 144 146 Chemical and Allied Products 210.7 254.1 251.9 253.0 238.9 229.7 225.0 308.9 422.1 391.2 400.9 428.6 403.4 394.0 Paints, varnishes, and colors 107.9 104.8 104 106 106 105 135.1 152.9 137 140 161 159 160 Drugs, medicines, and insecticides 137.5 166.1 156 177 178 183 167.2 233.4 203 212 258 259 268 Rayon and allied products 107.0 107.9 106 107 110 108 142.4 162.5 149 151 166 168 169 Chemicals, n.e.c 158.3 167.7 161 174 173 172 219.2 273.5 247 250 292 289 292 Cottonseed oil 104.9 116.7 128 147 142 133 147.0 201.5 219 198 281 274 250 Fertilizers 114.7 120.9 141 113 118 125 168.7 225.0 185 229 223 227 248 Products of Petroleum and Coal 118. 117.8 115.4 119.0 118.9 118.' 119.1 152.7 184.3 162.8 164.9 196.3 197.3 196.9 Petroleum refining 108.5 110.6 106 113 113 113 138.4 172.3 149 151 186 186 185 Coke and by-products 122.1 113.6 118 108 108 108 158.6 177.4 169 170 176 181 186 Rubber Products 128.5 157.9 152.8 164.9 167.1 167.6 167.9 176.8 260.1 234.6 238.3 287.7 285.5 Rubber tires and inner tubes 121.3 160.2 151 170 173 174 163.3 256.3 227 229 289 286 288 Rubber boots and shoes 129.9 147.1 150 146 146 145 186.2 246.4 241 241 252 246 254 Rubber goods, other 123.3 141.3 139 147 148 149 174.6 234.5 212 220 257 257 261 Miscellaneous Industries 147.2 164.3 159.5 166.7 164.2 162.2 161.4 215.9 291.3 263.1 270.6 307.6 300.8 296.9 Photographic apparatus 137.8 168.9 157 176 174 174 194.1 261.8 231 241 284 273 277 Games, toys, and dolls 99.6 83.8 79 91 85 136.3 142.8 124 134 156 150 157 FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939 = 100] 1943 1944 Group and year Jan. Feb. Mar. April May JUne July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Total 165.8 167.4 168.1 168.4 167.9 169.0 169.7 169.6 168.3 170.1 r170.9 r169.1 167.6 P166.6 Durable 218.6 222.1 224.7 225.8 225.9 228.3 229.4 230.0 230.0 232.2 r234.0 r232.8 230.1 P228.3 Nondurable 124.1 124.3 123.5 123.2 122.2 122.3 122.6 121.9 119.6 121.1 121.2 118.9 118.4 ^•118.0 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 BULiN, and p. 1187 of December 1943 BULLETIN. HOURS AND EARNINGS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES [Compiled by the Bureau of Labor Statistics] Average hours worked per week Average hourly earnings (cents per hour) Industry and group 1942 1943 1944 1942 1943 1944 Dec. Jan. Sept. Oct. Nov. Dec. Jan. Dec. Jan. Sept. Oct. Nov. Dec. Jan. All Manufacturing.. 44.4 44.2 44.7 45.4 45.5 r44.8 45.1 90.7 91.9 99.3 98.8 99.6 99.5 100.1 Durable Goods 46.1 45.9 46.5 47.2 47.1 46.2 46.6 100.4 101.7 109.7 108.6 109.7 109.3 109.9 Iron and Steel and Products 45.3 45.0 46.1 47.1 47.1 r46.5 46.9 98.6 99.8 106.6 105.6 '105.7 '106.1 106.9 Electrical Machinery 47.0 47.0 46.8 47.1 47.1 46.2 47.0 94.3 95.1 99.3 98.6 r98.8 r99.4 100.4 Machinery Except Electrical 49.6 49.6 48.6 49.6 49.6 48.9 49.7 101.1 102.2 109.5 108.6 109.2 110.0 110.3 Transportation Equipment Except Automobiles 47.5 46.9 47.1 47.5 47.6 46.5 46.7 114.2 114.4 125.0 123.1 r125.9 r124.2 124.0 Automobiles 45.5 45.7 46.3 47.6 46.5 r44.5 46.3 119.8 122.2 126.2 125.0 r125.3 r124.7 125.8 Nonferrous Metals and Products .... 46.1 46.0 46.7 46.9 47.1 r46.4 47.0 97.6 98.5 104.4 102.9 103.3 r103.4 103.8 Lumber and Timber Basic Products.. 41.3 39.8 43.5 44.2 43.4 42.8 41.1 67.9 68.1 76.8 77.3 77.4 76.6 77.0 Furniture and Finished Lumber Products. 43.7 42.8 43.5 44.7 r44.3 r44.2 43.4 68.9 69.6 77.2 77.7 78.0 78.3 79.0 Stone, Clay, and Glass Products 41.8 41.7 42.4 43.8 r43.5 43.0 42.5 81.0 81.9 87.3 87.1 r87.8 87.8 88.4 Nondurable Goods 42.1 41.8 42.2 42.7 43.1 42.8 42.9 76.2 76.8 82.3 82.4 82.9 83.2 83.7 Textiles—Mill and Fiber Products ... 41.5 41.3 41.0 41.6 41.8 41.7 41.4 64.4 65.2 67.5 67.4 67.7 67.7 68.1 Apparel and other Finished Products ... 37.4 37.4 37.5 37.8 38.1 37.6 38.0 64.9 65.5 74.3 73.7 74.0 74.4 76.1 Leather and Manufactures 40.3 40.3 39.2 39.5 r39.8 r40.2 40.5 71.9 72.1 76.5 76.5 r77.O 77.3 77.5 Food and Kindred Products 43.9 43.2 43.3 44.1 45.5 45.5 45.9 76.1 76.9 80.1 81.5 82.9 83.4 83.9 Tobacco Manufactures 41.2 39.6 41.3 42.6 42.5 42.1 42.0 61.3 61.3 67.0 67.0 67.3 r67.3 67.7 Paper and Allied Products 44.9 44.2 44.6 45.7 45.8 45.3 45.2 77.1 77.4 81.1 81.2 81.2 81.7 82.3 Printing, Publishing, and Allied Industries 40.2 39.8 40.4 40.2 40.5 40.5 40.5 98.0 97.3 103.3 102.8 102.6 103.7 103.8 Chemicals and Allied Products 44.7 44.5 45.6 45.8 • 45.6 45.1 45.7 87.8 88.6 93.7 93.1 93.2 93.7 94.0 Products of Petroleum and Coal 41.8 41.1 45.4 46.4 46.0 46.0 45.7 109.2 110.5 115.5 114.2 114.8 115.3 116.2 R M u is b c b e e l r l a P n r e o o d u u s c I t n s dustr ; ies 4 4 4 6 . . 5 1 4 45 4 . . 7 4 4 4 4 5 . . 9 6 4 4 5 6 . . 4 1 4 4 5 6 . . 7 5 4 4 5 4. . 9 6 4 4 5 5 . . 6 3 9 8 6 2. . 7 6 9 83 7 . . 8 1 1 9 0 0 5 . . 7 7 1 9 0 0 5 . . 8 9 1 9 0 1 6 . . 7 6 1 9 0 2 6 . . 5 5 1 9 0 2 6 . . 5 2 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. 395.) 387 APRIL 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Total R b e u si i d ld e i n n t g ial Nonresidential building P a u n b d l ic p u w b o li r c ks Month Factories Commercial Educational Other utilities 1943 1943 1944 1943 1944 1943 1943 1944 1943 1944 1943 1944 January 350.7 159.2 110.8 41.0 73.1 34.0 7.2 4.1 5.6 8.7 68.2 21.1 85.8 50.3 February 393.5 137.2 93.3 24.9 87.7 29.9 22.7 4.5 4.2 !-0.2 72.7 23.1 113.0 55.1 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. 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 1 Negative because of revision of a prior month's entry. 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 Privale ownership 1944 1943 Month Federal Reserve district 1942 1943 1944 1942 1943 1944 1942 1943 1944 February January February January 317 351 159 198 316 122 119 35 37 Boston 5,288 7,537 39,962 February ... 434 394 310 364 123 30 New York 22 295 16 091 31 709 March. 611 3*0 473 304 138 36 Philadelphia 5,914 9,869 25,217 April 499 303 355 253 144 50 Cleveland 5,942 14,798 16,401 May 674 234 569 192 105 42 Richmond 24 840 32 500 59 639 June 1,190 230 1,105 183 85 46 Atlanta 24,218 16,220 58,801 July 944 184 876 122 68 61 Chicago 20,147 20,000 26,836 August 721 414 633 351 88 62 St. Louis 5,771 9,021 14,846 September... 723 175 661 120 62 56 Minneapolis 2,212 1,564 1,869 October 780 214 710 157 71 56 Kansas City 11,828 14,816 44,739 November... 654 184 592 135 62 50 Dallas 8,791 16,822 73,498 December ... 709 252 664 198 45 54 Total (lldistricts).. 137,246 159,238 393,517 Year 8,255 3,274 7,146 2,695 1,109 579 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION INSURED FHA HOME MORTGAGES (TITLE II) HELD IN [In millions of dollars] PORTFOLIO, BY CLASS OF INSTITUTION [In millions of dollars] Title I Loans Mortgages on Year or month Total p P m e r i r o m r e o t v n y p - e t - - S s h c t t o m i o r o m u n a n c - l e l - f h 1 ( a - o T m I u t i D o t s i l l e e y 4 s - h R o ( g T e u a r I o n i s n D t i u t d l n a e p g l h ( W o T V u i a s t I r l ) i e ng End of month Total b C m c a o i n e a m r k l - s - b s M i t a n u a n g v u a k s l - - s a a s S l t i a s o n i a n o o a g v d c n n s - i s - p I c a n a o n s n m c u i e e r - - s a F c e g i e r e e a d n s l - 1 - Others 1936—Dec 365 228 8 56 41 5 27 1937—Dec 771 430 27 110 118 32 53 1 1 9 9 3 3 6 5. 5 3 5 2 7 0 2 2 4 2 6 4 30 9 9 4 2 2 1938—Dec : 1,199 634 38 149 212 77 90 1937 495 60 424 11 1939—June 1,478 759 50 167 271 137 94 1938 694 160 13 473 48 Dec. 1,793 902 71 192 342 153 133 1939 954 208 25 669 51 1940 1,026 251 26 736 13 1940—Mar. 1,949 971 90 201 392 171 124 1941 1,186 262 21 877 13 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 1943 942 96 1 243 601 Dec. 2,409 1,162 130 224 542 201 150 1943—Feb 64 5 * 20 * 39 1941—Mar 2,598 1,246 146 230 606 210 160 Mar 73 6 1 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 Dec 3,626 1,705 256 292 1,134 79 159 1944—Jan 75 6 19 50 Feb 79 16 14 50 1 The RFC Mortgage Company, the Federal National Mortgage Association, the Federal Deposit Insurance Corporation, and the United States Housing Corporation. * Less than $500,000. . . . 2 Including mortgage companies, finance companies, industrial banks, ISTOXE.—Figures represent gross insurance written duping the period and endowed institutions, private and State benefit futads, etc. do not take account of principal repayments on previously insured loans. NOTE.—Figures represent gross amount of mortgages held, excluding terminated mortgages and cases in transit to or being audited at the Federal Housing Administration. 388 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 1940 1941 1942 1943 1940 1942 1943 1940 1941 1942 1943 1944 January 370 325 481 242 229 254 P229 p310 128 96 228 P502 February 347 303 480 200 234 254 P234 147 69 226 P485 March 351 357 628 217 268 272 P249 134 89 355 P739 April 323 387 717 980 212 287 235 P258 111 482 P722 May 324 385 r536 pl,085 211 297 191 P281 112 344 P804 June 350 330 648 ^1,002 211 280 215 P295 138 50 433 P7O7 July 317 365 650 Pi,262 232 278 213 p301 84 87 437 P961 August 351 460 703 ^1,204 221 282 186 P315 130 178 517 P889 September. 295 425 732 pl,236 195 262 196 P286 101 162 536 P950 October 344 666 801 PI,195 207 304 200 P328 137 362 602 P867 November. 328 492 787 pl,073 224 281 168 P310 104 211 619 P763 December.. 322 653 873 PI,241 253 344 358 p276 69 309 515 P966 January-December 4,021 5,147 r8,036 P12,715 2,625 3,345 2,742 P3,361 1,396 1,802 r5,295 P9.355 p Preliminary. r Re vi sed. 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 Net Total Coal Coke Grain L st i o v c e k - p u r e c o s t d t s - Ore l e o a e u n l e s - - c l d . h c i a s . n e l. - o r r p e a v e i e r l a w n t u a in e y g s e r x a T p i o l e w t n a a s l y es o r i p n a e c i r l o w a m t a in e y g in N co e m t e Annual Annual 1939 101 98 102 107 96 100 110 101 97 1939.. 3,995 3,406 589 93 1940 109 111 137 101 96 114 147 110 96 1940.. 4,297 3,614 682 189 1941 130 123 168 112 91 139 183 136 100 1941. 5,347 4,348 998 500 1942 138 135 181 120 104 155 206 146 69 1942.. 7,466 r5,982 rl,484 r904 1943 137 138 186 146 117 141 192 145 63 1943.. 9,055 7,693 1,362 874 SEASONALLY ADJUSTED SEASONALLY 1942—December. 135 132 184 139 118 137 190 144 ADJUSTED1 1942—November.. 722 563 159 121 1943—January... 135 135 184 138 102 130 202 144 December.. 708 549 159 r114 February.. 139 145 178 145 113 135 193 146 March 138 144 187 142 117 133 193 145 1943—January.... 710 577 134 92 April 136 133 186 140 118 138 163 145 February... 744 591 153 111 May 135 132 181 140 112 138 163 143 March 740 616 124 82 J J N D O A S u u e o e c u l n p y c v t g e t o e e e u m b m m s e b b t b r . e e . e . . r r . r . . . . 1 1 1 1 1 1 1 4 2 4 4 3 3 4 1 7 0 0 9 7 4 1 1 1 1 1 1 1 4 4 0 5 4 2 4 5 6 0 2 7 7 0 1 1 1 1 1 1 1 6 9 9 8 8 9 9 6 5 1 6 4 5 2 1 1 1 1 1 1 1 3 4 4 3 6 6 5 7 7 3 7 1 7 3 1 1 1 1 1 1 1 1 1 1 1 3 1 2 3 7 3 4 2 9 2 1 1 1 1 1 1 1 5 4 4 3 3 5 5 0 8 0 9 7 0 4 2 2 2 1 2 1 1 0 0 0 9 0 9 9 9 2 8 2 9 1 1 1 1 1 1 1 1 1 4 4 4 4 4 4 4 5 6 3 2 8 7 0 J J A M A N O S u u e p u c o a n l p t y g r v y o e i t u e l e b . s m m e t r b b e e r r . . . . 7 7 7 7 7 7 7 7 6 4 6 7 8 3 3 7 7 9 1 9 3 1 8 6 6 6 6 6 6 6 6 6 2 2 5 2 6 5 5 8 9 3 3 4 3 5 8 4 1 1 1 1 1 8 9 4 5 2 7 1 0 2 2 4 9 0 3 5 8 1 1 4 3 6 5 0 7 1 7 1 3 8 2 1 5 8 8 1944—January... 145 150 185 159 121 147 203 149 December . 786 736 50 14 February.. 143 149 180 148 135 146 193 147 1944—January.. 783 672 111 UNADJUSTED UNADJUSTED 1942—December. 126 132 193 131 114 122 59 136 1942—November.. 690 541 149 111 1943—January... 124 135 193 138 98 117 50 132 December .. 703 529 174 r81 February.. 130 145 189 142 90 129 48 137 1943—January 671 566 105 63 March 130 144 189 131 92 133 56 138 February... 664 557 106 62 April 132 133 183 124 105 138 106 143 March 756 627 130 85 May 137 132 179 123 101 143 269 145 April 749 622 127 83 June 132 100 162 140 86 145 297 146 May 759 631 128 86 July 146 146 178 172 97 150 323 147 June 747 638 110 71 August 145 145 183 158 111 156 312 147 July 791 671 121 82 September. 151 152 193 153 151 150 314 154 August 800 676 125 84 October... 147 140 191 167 183 144 274 153 September. 777 666 110 70 November. 142 127 186 157 166 147 193 153 October. .. 796 683 113 76 December. 133 147 202 144 118 138 65 139 November.. 762 666 96 63 December . 782 705 77 35 1944—January... 133 150 194 159 116 133 51 136 February. 133 149 191 145 108 140 48 138 1944—January.. 741 658 83 P45 NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for p Preliminary. r Revised. June 1941. Based on daily average loadings. Basic data compiled by Associa- 1 Series in process of revision. tion of American Railroads. Total index compiled by combining indexes for classes NOTE.—Descriptive material and back figures may be obtained with weights derived from revenue data of the Interstate Commerce Commission. from the Division of Research and Statistics. Basic data compiled by the Interstate Commerce Commission. APRIL 1944 389 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 seasortal adjustment 1941 1942 1943 19441941 1942 1943 1944 1940 1941 1942 1943 Sept. 1.... .109 Sept. 6... ..122 Sept. 5.... ..153 Sept. 4. .154 January SALES 101 138 143 r153 79 108 111 119 2 14 1.... .1 1 1 2 7 3 2 13 0.... . . 1 .1 3 3 1 3 1 1 2 9.... ..1 1 3 2 7 9 1 is 1 !.'!!!!l 1 6 4 1 2 F M M J A T u e u p a a l b n y r r y r i e c l u h ary 1 1 1 1 1 1 0 1 0 0 0 0 3 5 3 5 4 4 1 1 1 1 1 1 1 0 2 2 2 0 7 8 4 6 1 4 1 1 1 1 1 1 2 6 3 4 2 2 5 7 6 2 9 8 151 1 1 1 8 9 0 7 0 0 2 3 5 9 6 0 1 1 1 1 9 8 1 0 1 0 9 3 5 8 8 0 1 1 1 1 1 9 2 3 2 3 2 8 1 2 5 3 4 120 O N c o t v . . 2 2 1 1 2 5 8 6 2 9 . . . '. . . '. . " . . . ' . . . '. . . . 1 1 1 1 1 1 1 1 2 2 2 2 7 5 1 3 5 0 O N c o t v . . 2 2 1 1 1 5 4 7 1 8 ..!. .1 1 1 1 1 1 6 3 3 4 3 3 9 0 8 8 1 0 Oct. 3 2 2 1 1 4 6 0 3 7 1. . . . . . . . . . ' . . . 1 1 1 1 1 1 5 7 5 5 5 5 8 3 3 2 9 5 Oct. 2 3 2 1 2 5 0 9 3 6 . . . .. . . . . . ' 1 .1 1 1 1 1 7 6 5 7 7 7 1 1 8 4 3 1 A O N D Se u c e o p t c g v o e t u e b e m s m e m t b r b b e e r e r r . . . . . . 1 1 1 1 1 0 1 1 1 3 5 1 6 6 4 1 1 1 1 1 2 2 3 3 2 5 3 8 0 8 1 1 1 1 1 3 3 4 4 5 1 2 0 2 8 1 1 1 1 1 2 0 1 3 9 5 6 2 3 7 2 1 1 1 1 0 2 5 3 3 3 2 7 3 7 2 1 1 1 1 3 4 5 1 8 1 3 0 2 0 Dec. 3 2 1 7 9 0 6 3 . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 2 3 4 1 9 2 0 7 6 7 Dec. 2 1 2 8 2 5 9 6 . . . . . . . . . . . . . . . . 1 1 2 1 1 3 2 1 4 6 9 8 5 8 9 N De o c v . . 2 2 1 1 8 7 4 5 . . . . . . . . . . . 2 1 1 1 1 3 6 6 6 6 6 6 6 7 6 N De o c v . . 2 2 1 4 6 0 3 7 . ! . ! . ! . . . !! . . 2 1 2 1 1 5 9 0 8 8 1 1 1 3 8 14.... ..232 13.... ..236 12.... 274 11... . .273 Year. 110 124 138 21 258 20 .. 277 19 .. 303 18 2S9 28.... .124 27.... ..174 26.... ..199 25! !' '.'.245 Januar S y TOCKS 95 102 105 64 85 1941 1942 1943 1944 February 102 93 69 97 Jan. 4 .. 85 Jan. 3 .... 107 Jan. 2 112 Jan. 1... . .105 March 109 91 75 111 93 11... .. 99 10.... ..130 9.... 138 8!!! ! ! 134 April 118 87 76 123 90 18 90 17 131 16 132 15... .137 May 127 90 75 130 92 25 .... . 89 24 119 23 119 22 136 June 136 98 73 130 93 Feb. 1.... ...94 31.... ..121 30.... ..121 29.'. .'.130 July 142 110 74 128 99 8 . 95 Feb. 7 ..114 Feb. 6 . 136 Feb. 5 .138 August 138 114 84 132 110 15.... ..97 14.... ..116 13.... ..168 12. ...132 September.... 125 110 95 130 114 22.... .. 88 21.... ..110 20 ..146 19 .....133 October ...... 115 104 108 128 116 29.... ..101 28 ..119 27.... ..150 26... ..134 November 106 98 110 123 113 Mar. 8.. .. .. 97 Mar. 7......125 Mar. 6 ..142 Mar. 4... ..144 December 100 97 87 94 91 15.. ..105 14... .131 13.... ..134 11... ..148 22.... . Ill 21... . .140 20.... ..137 18. . .160 Year 82 118 99 29.... ..117 28.... . .147 27.... .143 25... ..167 Apr. 5.... ..131 Apr. 4.... . .160 Apr. 3 ..149 Apr. 1... r Revised. 12.... ..136 11. .. ..120 10.... ..153 8. .. p Preliminary. 19... . .117 18.... . .135 17.... ..154 15. Back figures.—Sales, see BULLETIN for August 1936, p. 631, and subsequent issues. Stocks, see BULLETIN for March 1938, p. 232, and subsequent Back figures.—See BULLETIN for April 1941, p. 311, and subsequent issues. issues. SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] F 19 e 4 b 4 . J 1 a 94 n 4 . Two F 19 e 4 b 4 . J 1 a 94 n 4 . m T 19 w o 4 s o 4 . F 19 e 4 b 4 . J 1 a 94 n 4 . m T 19 w o 4 s o 4 . F 19 e 4 b 4 . J 1 a 9 n 44 . m T 19 w o 4 s o 4 . United States.. -6 r+6 -1 Boston —5 r+2 -2 Cleveland—Cont. Chicago—Cont. Dallas +1 +12 +6 New Haven -4 r+12 +3 Erie -9 -2 -5 Fort Wayne.... +6 -2 Shreveport +11 +24 + 17 P B o o r s t t l o a n nd — -5 11 +3 - - 1 7 W Pit h t e s e b l u in rg g h - - 1 3 4 +9 0 + -8 3 T In e d rr i e a n H a a p u o t l e is . . . . . . -10 + + 1 1 1 7 + + 2 1 F D o a r l t l a W s orth + +5 7 + + 1 1 7 3 + + 1 9 1 Springfield -16 — 13 -14 Des Moines.... +7 +3 Houston +4 +9 +6 Providence 0 +5 +2 Richmond —8 +7 -2 Sioux City +17 San Antonio -14 +9 Ne N B N B N A B U E P R S S w o y u l r e i e c l i t o m b i a i n f r u w w h c d c Y f a g a g g a h i e a g a c o n a r l h h n e Y r e u a o r y r s k a k e p a k s o t m c e e o e r F e t r k r a t t p a o d s C l n y i l e s . i . . t . . . . y . . . . . . . - - - - - + - - - + — 1 + 1 1 1 1 8 2 3 4 2 5 1 1 8 5 2 6 + - + i + + + + - + - 1 1 1 8 2 6 3 2 6 1 9 6 5 l + - + + - - + - - 1 - 1 2 7 1 9 4 9 1 5 3 8 0 0 . At G N H W B W L R C C C B M la y i a h o l r i h u n c o a i a r e n l a r a n n m h s t t r n e f r c i r a s k h t o m n t l m l i h i t g e s i e l n n v o n b k b s o o o s g g i n t g u n u t m l r o h t - o l t r e r d o e S n o a g e n g , n . m n a r , W y l S e S . . m V . C . C a . . . . . - - - + + + + + + + + + + 1 + 1 1 1 4 1 1 8 3 4 4 1 5 7 7 3 1 0r+ + + + + + + + + + + + - 2 2 1 1 1 2 2 2 1 2 4 3 2 7 2 0 5 0 3 0 7 0 2 0 + + + + + + + + + + - - + 1 1 1 1 1 8 8 6 9 9 8 7 4 1 9 1 5 2 9 St. D G F L M G F L Q L E S S l o a p t o L i v r u e r i i . t e n a r r u l a n t o i t w i e t n r n L s l n i n t u e o n s i c d a s g o S n i v i y v s u f u t B g m R i i R i k l i e l l a s o e i l l e a t y e d e c h p k id .. s . . . . + - - - + - - 1 1 2 1 5 3 5 0 0 4 0 + r + + + + - + + + + + + - + 1 3 1 2 4 1 4 5 7 8 8 2 6 9 1 1 4 7 1 - + - — + + - 1 + + 1 3 1 1 2 0 7 6 5 2 0 2 0 6 2 S<> P a B L T F O S S S L S S n h r o a a u a a a a o a e B F o n n n n k n c c s k s r e s e r g t e l n a a a o A n F r D J a r n s o m k o n i n B r c n f i x R a e s e d i i g e e e s e n l g o c e n a e l c o a o d s c l y t i e n a o h s s d co + + + + - - - - - - - - - 2 3 2 1 5 6 7 6 3 2 6 1 3 7 r+ + + + + + + + + + + + \ 1 1 2 1 2 1 3 5 5 8 1 2 4 5 0 9 2 1 0 + + + + + + + + + + - — 2 1 1 3 2 6 8 2 5 0 3 6 0 1 3 Philadelphia -6 r+8 +1 Jacksonville +16 +23 +20 Memphis +1 +13 +7 Stockton -5 +12 +3 T L P W R h a r e e i n i a l n l c d k a t a i e o d n s s n e g t - e l B p r a h r i r a e .. . . . . . + - - - 7 9 7 1 2 + + + + 1 1 6 7 2 1 + + 4 2 M T A M B a a t i a l m t a c a o m o n p n n t a i a Rouge + + - + 1 2 1 2 0 3 3 2 r+ + + + 2 - 2 2 1 5 4 6 3 1 + + + + - 2 1 1 9 3 0 8 3 K t a i D n n n e s n e a a v s e p C r o i l t i y s - - 7 5 0 + + + 8 6 6 +2 0 0 V B P Sa o o a N l i r l t s l t a e l e m a j L o a n a p n d k a a d n e d C N it a y p . a . + - - - 1 9 9 8 ' + + + - 2 2 4 9 1 + -i S York -4 + + 2 1 0 1 N Ja e c w ks o O n rleans + + 1 4 7 + + 1 2 4 2 + + 1 1 5 2 T H o u p tc e h k i a nson + + 4 7 + + 1 1 0 0 + + 8 7 B Ev el e li r n e g tt ham + +6 4 + + 16 7 - + 11 5 Cleveland -12 -7 Chattanooga.. . +13 +22 +18 Wichita +7 +17 +12 Seattle -6 +17 +4 Akron -17 -11 Knoxville +24 +54 +32 Joplin , -6 +4 -1 Spokane -9 +3 —3 Cincinnati -7 -4 Nashville +16 +36 +25 Kansas City... -2 +2 0 Tacoma -12 +3 —5 Cleveland -15 -10 St. Joseph +15 +14 +14 Yakima +27 +31 +29 Columbus +1 +4 +3 Chicago.... — 13 r+4 c Omaha +3 +6 +4 Toledo -4 +10 +2 Chicago. -15 +3 -7 Oklahoma City +5 -4-15 +10 Youngstown -10 +4 Peoria... 5'+15 +5 Tulsa +2 -1 r Revised. * Data notyet available. 390 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS, BY MAJOR DEPARTMENTS Ratio of stocks Sales during month (value) Stocks at end of month (value) to sales Number Department of stores Percentage change Percentage change January reporting Jan. 1944 Jan. 1944 Jan. 1943 Jan. 1944 Jan. 1944 Jan. 1943 from from from from from from 1944 1943 Jan. 1943 Dec. 1943 Dec. 1942 Jan. 1943 Dec. 1943 Dec. 1942 GRAND TOTAL—entire store 350 +6 -50 -51 +2 +1 -3 3.0 3.1 MAIN STORE—total 350 +6 -51 -52 +1 +2 -3 3.1 3.2 Women's apparel and accessories 348 +12 -47 -47 +22 +3 +1 2.4 2.2 Women's and misses' coats and suits 327 +7 +9 +21 +38 -10 -5 1.8 1.4 Women's and misses' dresses 331 +26 -18 -22 +44 +15 +19 1.6 1.4 Blouses, skirts, sportswear, sweaters, knit apparel 309 +22 -43 -45 +60 +8 +10 2.6 2.0 Juniors' and girls' wear 291 +27 -49 -51 +60 +14 +6 2.6 2.1 Infants' wear 299 +26 -49 -54 +31 +9 -2 2.5 2.4 Aprons, housedresses, uniforms 282 +7 -30 -26 +44 +2 +2 2.3 1.7 Women's underwear, slips, negligees 319 +16 -73 -74 +7 +8 0 2.4 2.5 Corsets, brassieres 326 +9 +14 +11 -19 -1 -5 2.4 3.2 Hosiery (women's and children's) 342 +4 -57 -55 -23 -10 0 2.3 3.1 Gloves (women's and children's) 320 +17 -72 -74 -15 +10 -9 2.8 3.8 F Sh u o rs es (women's and children's) 2 2 5 4 9 2 -1 _ 74 - - 4 2 0 8 — -1 3 5 2 + +2 1 7 0 - + 11 2 + -9 1 4 2 . . 4 4 3 1 . . 9 6 Men's and boys* wear 318 -8 -70 -68 -11 0 -8 4.6 4.7 Men's clothing 228 -18 -39 -26 -20 -7 -12 4.6 4.7 Men's furnishings, hats, caps 301 -5 -80 -79 -13 +2 -6 4.3 4.7 Boys' clothing and furnishings 276 +19 -68 -70 +11 +7 -6 4.4 4.7 Men's and boys' shoes and slippers 172 -24 -62 -63 +3 0 -4 7.6 5.6 Home furnishings 311 ^ -28 -30 -20 +1 -6 3.8 4.5 Furniture, beds, mattresses, springs 228 -3 -18 -22 -12 +1 -3 4.7 5.2 Domestic floor coverings 236 -6 -20 -17 -42 +8 -3 4.0 6.5 Draperies, curtains, upholstery 288 +22 -28 -40 -15 +14 2 3.9 5.6 Major appliances (refrigerators, washers, stoves, etc.) 188 -59 -15 -35 -69 -6 -7 4.1 5.4 Domestics, blankets, linens, etc 284 -7 -12 +6 -15 -3 -16 2.1 2.3 China and glassware. 218 +12 -59 -61 -23 -1 -4 4.8 7.1 Housewares 217 -16 -34 -43 -6 -1 -5 5.5 4.9 Piece goods (dress and coat yard goods, all materials) 282 +26 +17 +17 -1 +8 +4 2.7 3.4 Cotton wash goods 116 +34 +34 +30 -24 +11 +10 2.1 3.7 Small wares 329 +14 -65 -67 +17 -1 -3 3.4 3.4 Notions 217 +5 -34 -35 +27 -2 -6 4.0 3.3 Toilet articles, drug sundries, prescriptions 314 +13 -66 -67 +17 +3 0 3.2 3.1 Jewelry and silverware 269 +13 -74 -75 +10 -4 -3 4.3 4.4 Miscellaneous 291 +11 -75 -80 +7 -4 1 3.7 3.8 BASEMENT STORE-total 213 +2 -44 -46 +4 -1 -1 2.8 2.7 Women's apparel and accessories 204 +5 -45 -45 +19 0 +4 2.3 2.1 Men's and boys' clothing and furnishings 165 -5 -66 -67 -3 -4 -4 4.2 4.1 Home furnishings 122 -6 -25 -22 -17 +3 -7 3.0 3.4 Piece goods 54 +20 -6 -4 -4 +2 -1 2.6 3.3 Shoes 134 -3 -22 -46 +11 -8 0 4.2 3.7 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 ie e:nd 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 Year and month Total Sa C le a s s h during I m n m s e o t n a n l t t - h a C c h c a o r u g n e t A I m a c n t c s e o t e n a u n t l n d - t s o f r e a m c C c e h c o iv a o n r a u t g h b n e l t e C I m n o s e l t l n a e t l c - m tio o n n s t a h C c d h c u a o r r u i g n n e g 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—December... 262 64 34 1943—January 100 123 r62 82 58 83 96 142 59 36 February 116 139 70 98 55 r79 89 109 58 37 March 119 146 66 99 51 77 91 105 59 36 April 128 159 75 103 49 78 85 106 60 35 May 117 145 61 96 45 75 79 105 60 36 June 120 150 56 100 42 76 72 100 60 36 July 96 125 53 72 39 64 70 103 62 33 August 107 138 64 82 38 63 67 85 62 33 September 131 167 70 104 38 ' 74 67 84 61 34 October 147 187 84 115 40 81 75 104 61 34 November 166 210 r93 130 44 90 81 116 61 34 December 217 r290 r99 159 48 109 82 121 64 32 1944—January 106 140 53 79 44 82 77 143 64 32 February 109 141 57 84 41 72 72 107 63 33 r Revised. NOTE.—These data are based on reports from a smaller group of department stores than that included in the monthly index of sales shown on the preceding page. APRIL 1944 391 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 onfeh co c T n re o su d ta m i l t1 er ins T ta o l t m al ent Sale credit Loans1 2 p S a lo i y n a m g n l e s e 3 n - t a C c h co ar u g n e ts Service credit credit1 Total Automotive Other 1929 7,089 3,167 2,515 1,318 1,197 652 1,577 1.740 596 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 L,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 L,292 472 1936 6,396 3,466 2,436 1,289 1,147 1,030 991 1,419 520 1937 7,054 3,919 2,752 1,384 1,368 1,167 1,119 1,459 557 1938 6,618 3,539 2,313 970 1,343 1,226 1,069 L,487 523 1939 7,518 4,351 2,792 1,267 1,525 1,559 1,089 1,544 534 1940 8,767 5,434 3,450 1,729 1,721 1,984 1,123 1,650 560 1941 9,499 5,921 3,747 1,942 1,805 2,174 1 204 1,764 610 1942 r6,165 r2,932 1,494 482 1,012 rl,438 1,072 1,513 648 1943 5,166 1,939 816 175 641 1,123 1,034 1,498 695 1943 Jan. r5,715 r2,672 1,314 404 910 1,358 j.oss L 333 652 Feb r5,505 r2,479 1,190 351 839 rl,289 1,038 1,333 655 Mar. r5,368 r2,338 1,071 287 784 rl,267 L 031 1 343 656 Apr r5,261 r2,244 1,020 260 760 1,224 1,029 ,331 657 May r5,102 r2,139 955 235 720 '"1,184 1,027 1,275 661 June r5,094 r2,O75 896 208 688 rl,179 1,014 1 MR 667 July r4,881 1,993 838 196 642 1,155 994 1,222 672 Aug r4,810 1,939 807 190 617 rl,132 996 1,198 677 Sept r4,911 1,917 786 186 600 rl,131 1 038 1 275 681 Oct r5,014 rl,891 777 181 596 rl,114 1,073 1,366 684 Nov r5,120 rl,882 778 177 601 rl,104 1,084 1,466 688 Dec 5,166 1,939 816 175 641 1,123 1,034 1,498 695 1944 Tan ^4,826 pl,836 p745 ^169 P576 pl,091 P996 PI,294 p700 Feb ^4,674 PI,785 P7O7 P167 p540 PI,078 P967 PI,218 P7O4 P Preliminary. r Revised. 1 Estimates for repair and modernization credit have been revised for the period from the end of 1941 to date. These revisions are preliminary and subject to change. 2 Includes repair and modernization loans. 3 An estimated total of nonins NOTE.—National estimates of c and Domestic Commerce, United S , . . _, ^ „ description of sources of data and methods of estimation. Later estimates, comparable with those formerly published by the Department of Commerce, were made at the Board of Governors of the Federal Reserve System. CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT LOANS AUTOMOTIVE [Estimated amounts outstanding. In millions of dollars] [Estimated amounts outstanding. In millions of dollars] End o r o f y e m a o r nth x m T a c o u o lu t t t d o a iv - i l, n e g D s o m m e t a r o p a e n d r a i n d e e l r t r - s t- F s t u t u o r r r n e e i s - H a s a h t p o o n o p u r c l l s d e e i e s - - J s e t w or e e lr s y s o r t e t A o h ta r l e l e i r l s m E o y n n e d t a h o r f or Total1 m b C e a o r n c m k i s a - 2 l p S c l a m o o n a m a i n e l - l s b I p a n c t a n o d r n k i m u i a i e s l n - s - g u C n r i e o d n i s t M l l a e n i n s e d c o e e u r l s - s m R i l z o o e a a d a p n t e n i d a o r s i n 1 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 rl,438 370 424 202 141 91 r210 1940 1,721 439 599 302 110 271 1943 rl,123 r273 372 165 110 86 117 1941 1,805 469 619 313 120 284 1942 1,012 254 391 130 77 160 1943 1943 641 174 271 29 66 101 Jan rl,358 345 403 193 132 89 196 M J F a e a n b r . 19 .. 43 9 8 7 1 3 8 0 9 4 2 2 1 1 2 9 0 8 6 3 3 3 5 2 3 9 2 8 1 1 9 1 0 1 6 3 6 5 5 4 6 1 1 1 1 3 4 2 2 3 4 M M F A T e u p a a b n r y r e r 1 r r r l l l l , , , , , 2 2 1 1 2 8 6 7 8 2 9 7 9 4 4 3 3 2 2 2 1 1 9 9 8 9 2 9 0 7 3 3 3 3 3 8 8 7 7 6 7 7 8 1 6 1 1 1 1 1 8 8 7 7 7 5 4 9 4 4 1 1 1 1 1 2 2 2 1 1 6 7 2 8 8 8 8 8 8 8 8 7 7 5 6 1 1 1 1 1 8 7 5 5 4 4 0 9 1 3 Apr. 760 190 319 81 50 120 July rl,155 283 363 170 114 85 140 May 720 178 308 72 48 114 Aug rl,132 278 357 168 112 84 133 June 688 168 301 64 47 108 Sept rl,131 277 358 169 113 85 129 JT. ul*v 642 155 286 55 45 101 Oct rl,114 273 354 167 111 84 125 Aug 617 149 279 48 44 97 Nov. rl,104 270 355 165 109 84 121 Sept 600 148 272 42 44 94 Dec 1,123 r273 372 165 110 86 117 Oct 596 151 269 37 45 94 Nov 601 160 266 32 48 95 1944 Dec 641 174 271 29 66 101 Jan PI,091 r267 360 161 106 P85 PI 12 Feb PI,078 266 356 161 105 P84 P106 1944 Jan P576 P158 P248 P24 P55 P91 Feb P540 P147 P236 P21 P51 P85 P Preliminary. r Revised. 1 See footnote 1 for table above. p Preliminary. 2 These figures for amounts outstanding include only personal instalment cash loans and retail automotive direct loans, which are shown on the following page, and a small amount of other retail direct loans (11 million dollars at the end of February 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 vear Total Aut r o e m t o ai t l ive O c re p h t t u a h a s r e i - e l r , d R e m e r a n p n o i a d 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 er s c 1 ial c S o m m a p ll a n lo ie a s n c I o n b m d an u p k s a t i n r n i i g e a s l u C n r i e o d n i s t Pur- Direct and tion cash chased loans direct loans loans 1929.... 463 413 42 1930.... 503 380 41 1931.... 498 340 38 Outstanding at end of 1932.... 376 250 34 period: 1933.... 304 202 33 1939 1,020 210 160 150 220 280 1934.... 384 234 42 1940 1,340 300 230 210 260 340 1935.... 423 288 67 1941 1,588 396 303 279 246 364 1936.... 563 354 105 1942 787 136 122 143 154 232 1937.... 619 409 148 1943 469 54 82 67 86 180 1938.... 604 417 179 1939.... 763 489 257 1943—January 726 116 111 136 144 219 1940.... 927 536 320 February 662 101 100 121 135 205 1941.... 983 558 343 M A M p a a r y r i c l h 5 6 55 8 1 1 0 9 8 7 6 7 7 9 9 9 8 5 1 9 1 1 9 0 0 3 0 8 1 1 11 2 1 1 5 7 2 1 1 0 9 8 4 5 9 1 1 9 9 4 42 3 . . . . . . . . 7 52 0 4 5 798 4 3 0 6 8 4 2 19 1 3 5 June 529 65 85 84 105 190 1942 A O N J S D u e u c e o l p t g c y v o e u t e b e m s m e m t b r b e b r e e r r . . . .. . . . 4 4 5 4 4 4 7 6 1 8 9 8 0 9 5 0 8 9 6 5 5 5 5 5 0 8 7 7 5 4 8 8 8 8 8 8 2 2 2 2 2 2 8 6 6 6 7 7 0 7 6 7 4 0 1 9 9 9 8 8 0 5 8 2 9 6 3 1 1 1 1 1 1 8 8 9 7 8 8 0 6 0 8 2 5 N J D A O S u e o u c e l p t y g c v o t e u e e b m s m m e t r b b b e e e r r r . . . . . . . . . 5 4 3 5 4 4 8 9 7 2 4 3 6 6 6 5 5 8 3 0 0 9 9 2 3 3 3 3 3 2 4 3 1 0 1 5 1 1 1 1 1 1 8 6 4 8 6 4 1944—January 459 51 81 69 82 176 1943 February 448 51 81 64 78 174 January 36 45 25 11 February 35 50 26 13 Volume extended durin; March 53 86 38 22 month: April 41 62 31 15 1943— A M A M J F J S J u u e p e a u a a n l b n r p g y y r e i u r c u t l u e a h s a r t m y ry ber.... 1 1 1 1 1 1 1 9 9 2 3 4 4 3 2 3 1 1 1 1 9 9 9 8 8 0 4 1 2 4 4 5 5 7 6 8 7 7 2 3 2 3 3 3 2 2 3 8 3 6 9 0 0 5 7 5 M N J A D J O S u u e o e u c a l n p c v t y g y e o e t e u b e m m s m e t b b r b e e r r er— '. 4 4 4 4 4 5 4 4 4 7 5 3 0 0 2 8 8 6 6 6 9 5 7 7 0 2 4 7 5 8 0 0 3 3 2 3 2 3 2 2 0 2 9 2 9 5 9 8 1 2 1 1 1 1 1 1 5 0 5 4 9 8 6 5 D N O e c o c t v o e e b m m e b r b er er.... 1 1 1 3 4 3 1 1 1 1 3 2 6 7 5 3 2 2 2 9 8 J F a e n b u ru a a ry ry 1944 4 4 4 2 5 5 9 3 2 2 9 7 1 1 6 3 1944—January 14 13 27 February 14 29 1 These figures for loans made include only personal instalment cash loans and retail automotive direct loans, which are shown elsewhere on this page, aHd a small amount of other retail direct loans (one million NOTE.—For descriptive material and back figures, see BULLETIN for dollars in February 1944), which are not shown separately. October 1942, pp. 992-994. FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE1 Percentage c P h e a r n c g e e n t f a ro g m e Instalment accounts a C cc h o a u r n ge ts change from corresponding Item Feb. p m re J o c a n e n d t . h ing Dec. Fe p b r . e m ce o J d n a i t n n h . g o y f e D a e r c. Month D s m e to p e r n a e t r s t- F s t t u u o r r r n e e i s - h H p s o l t o l i o d a u r n s e a c e s p e - - J s e t w o e re lr s y D s m t e o p e r a n e r t s t- 1944 1944 1944 1944 1943 1943 Net sales: January 28 17 16 31 60 T C o as ta h l sales +9 0 r- - 4 4 8 2 + +3 1 4 5 + - 1 2 1 r+~16 + — 8 7 F M e a b r r c u h ary 2 3 8 1 1 1 7 9 1 1 6 8 3 3 0 0 6 6 1 2 Credit sales: April 31 20 18 31 63 I C n h s a t r a g l e m e a n c t count + + 1 9 2 r- - 3 4 4 3 + + 1 8 3 + -8 3 r- + 10 3 -15 >i J M u a n y e 3 2 0 9 2 2 2 1 2 2 1 0 3 3 3 3 6 6 3 2 July 30 22 21 34 62 Accounts receivable, at end of August 32 22 21 34 62 month: September 33 21 21 33 62 Total -5 -9 +2 -29 -29 -29 October 37 22 22 37 65 Instalment -5 -9 +2 -28 r-29 -29 November 37 23 23 39 66 December 35 22 22 55 63 Collections during month: Total * -3 -12 r-14 -16 1944 Instalment -7 -6 1 -5 -16 r-17 -18 January 30 20 r22 31 61 February 31 19 22 32 61 Inventories, end of month, at retail value 0 +1 -9 -20 r-19 -22 T Revised. 1 Ratio of collections during month to accounts receivable at beginning r Revised. of month. APRIL 1944 393 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 =100] Other commodities Year, month, or week m c t A o o i m e l d l s i - - F p u a r c o r t m d s - Foods Total H p i l r d e o a e d s t u h a c e n t r s d p T ro ex d t u i c le ts m F li u a g e t h e l t r a i i n n a 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 d l e i u a e m d n c i t d - s i f n H u g r o n g u i o s s o h e- - ds l M an is e c o e u l s - 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 88.7 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.9 75.1 64.4 1933 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.1 75.8 62.5 1934 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.3 81.5 69.7 1935 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 79.0 80.6 68.3 1936 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 78.7 81.7 70.5 1937 86.3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95.2 82.6 89.7 77.8 1938 78.6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.0 86.8 73.3 1939 77.1 65.3 70.4 81.3 95.6 69.7 73.1 94.4 90.5 76.0 86.3 74.8 1940 78.6 67.7 71.3 83.0 100.8 73.8 71.7 95.8 94.8 77.0 88.5 77.3 1941 87.3 82.4 82.7 89.0 108.3 84.8 76.2 99.4 103.2 84.6 94.3 82.0 1942 98.8 105.9 99.6 95.5 117.7 96.9 78.5 103.8 110.2 97.1 102.4 89.7 1943 103.1 122.6 106.6 96.9 117.5 97.4 103.8 111.4 100.3 102.7 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 81.2 103.8 113.1 100.3 102.8 93.2 December 103.2 121.8 105.6 97.6 117.0 97.7 82.1 103.8 113.4 100.4 102.8 93.3 1944—January 103.3 121.8 104.9 97.8 117.2 97.7 82.3 103.7 113.5 100.4 104.5 93.2 February 103.6 122.5 104.5 98.0 116.9 97.7 83.1 103.7 113.6 100.4 104.2 93.4 Week ending 1943—December 4 102.8 121.8 105.6 97.6 117.5 97.2 82.1 103.9 113.1 100.4 104.2 93.0 December 11 102.9 122.0 105.9 97.8 117.5 97.2 82.4 103.9 113.4 100.3 104.2 93.0 December 18 102.9 121.8 105.7 97.8 117.9 97.2 82.6 103.9 113.4 100.3 104.4 93.0 December 25 102.9 122.0 105.7 97.8 117.9 97.2 82.6 103.9 113.5 100.3 104.4 93.0 1944—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 98.0 117.7 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 98.3 117.5 97.2 83.7 103.8 113.7 100.4 106.2 93.3 March 4 103.4 123.2 104.5 98.3 117.6 97.3 83.7 103.8 113.7 100.4 105.9 93.3 March 11 103.4 123.4 104.6 98.2 117.6 97.3 83.6 103.8 113.7 100.4 105.9 93.3 March 18 103.6 124.5 104.6 98.2 117.6 97.3 83.6 103.8 113.8 100.4 105.9 93.3 March 25 103.7 124.6 104.5 98.3 117.5 97.3 83.6 103.8 114.6 100.4 105.9 93.3 1943 1944 Subgroups Subgroups Feb. Nov. Dec. Jan. Feb. Feb. Nov. Dec. Jan. Feb. Farm Products: Metals and Metal Products: Grains 108.6 123.2 128.2 129.5 129.3 Agricultural implements... 96.9 96.9 96.9 97.0 97.0 Livestock and poultry 132.8 120.5 119.5 120.8 123.3 Farm machinery 98.0 98.1 98.1 98.1 98.1 Other farm products 112.6 120.5 120.6 119.5 119.3 Iron and steel 97.2 97.1 97.1 97.1 97.1 Foods: Motor vehicles 112.8 112.8 112.8 112.8 112.8 Dairy products 113.3 110.9 110.6 110.6 110.7 Nonferrous metals 86.0 86.0 86.0 85.9 85.8 Cereal products 92.2 94.7 95.1 95.1 95.1 Plumbing and heating 90.4 91.8 91.8 91.8 91.8 Fruits and vegetables 108.5 118.5 119.3 118.4 120.7 Building Materials: Meats 115.5 106.3 105.9 106.0 106.0 Brick and tile 98.6 100.0 100.0 100.2 100.1 Other foods 94.5 99.5 98.5 96.1 93.5 Cement 94.2 93.6 93.6 93.6 93.6 Hides and Leather Products: Lumber 134.6 143.9 144.0 144.1 144.5 Shoes 126.4 126.4 126.4 126.4 126.4 Paint and paint materials.. 101.2 103.2 103.3 103.5 103.9 Hides and skins 116.0 108.5 111.6 112.9 111.0 Plumbing and heating 90.4 91.8 91.8 91.8 91.8 Leather 101.3 101.3 101.3 101.3 101.3 Structural steel 107.3 107.3 107.3 107.3 107.3 Other leather products 115.2 115.2 115.2 115.2 115.2 Other building materials... 102.2 102.2 102.8 102.8 102.8 Textile Products: Chemicals and Allied Products: Clothing 107.0 107.0 107.0 107.0 107.0 Chemicals 96.9 96.3 96.3 96.3 96.3 Cotton goods 112.6 112.9 112.9 112.9 113.4 Drugs and Pharmaceuticals 165.5 165.2 165.2 165.2 165.2 Hosiery and underwear 70.5 71.7 71.7 71.7 70.5 Fertilizer materials 79.0 81.3 81.3 81.3 81.4 Silk Mixed fertilizers 85.8 85.8 86.5 86.5 86.3 Rayon '30.3 30.3 30.3 30.3 30.3 Oils and fats 101.5 102.0 102.0 102.0 103.0 Woolen and worsted goods 112.4 112.5 112.5 112.5 112.5 Housefurnishing Goods: Other textile products 97.7 100.5 100.5 100.5 100.5 Furnishings 107.3 107.1 107.1 107.1 107.1 Fuel and Lighting Materials: Furniture 97.7 98.4 98.4 102.0 101.4 Anthracite 89.7 90.6 95.0 95.0 97.8 Miscellaneous: Bituminous coal 113.9 116.6 118.8 119.8 119.9 Auto tires and tubes 73.0 73.0 73.0 73.0 73.0 Coke.. 122.3 124.1 124.5 126.2 130.7 Cattle feed 142.1 159.6 159.6 159.6 159.6 Electricity 63.0 58.3 Paper and pulp 101.1 105.8 106.0 106.0 106.6 Gas 75.8 77.0 77.0 76.7 Rubber, crude 46.3 46.2 46.2 46.2 46.2 Petroleum products 61.2 63.5 63.5 63.5 Other miscellaneous 94.9 96.5 96.7 96.7 96.7 Back figures.—Bureau of Labor Statistics, Department of Labor. 394 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Thousands of persons] Transpor- Finance, Federal, Year and month Total M tu an ri u n f g ac- Mining Co t n io s n tr * uc- tat p io u n b li a c nd Trade a s n e d rv m ic i e s , - lo S c t a a l t g e, o v an er d nutilities cellaneous ment SEASONALLY ADJUSTED 1943—February 38,776 15,930 873 ,748 3,545 6,458 4,356 5,866 March 38,615 16,002 864 564 3,551 6,424 4,347 5,863 April 38,472 16,019 858 ,363 3,572 6,433 4,331 5,896 May 38,190 15,966 842 213 3,577 6,357 4,302 5,933 June 38,282 16,076 842 ,123 3,610 6,373 4,297 5,961 July 38,261 16,124 835 065 3,630 6,388 4,300 5,919 August 38,067 16,145 825 ,023 3,645 6,335 4,282 5,812 September 37,725 16,030 817 957 3,641 6,248 4,258 5,774 October 37,942 16,171 810 910 3,626 6,345 4,300 5,780 November 38,175 16,222 801 865 3,673 6,474 r4,310 5,830 December 38,143 16,054 813 863 3,706 6,382 4,315 r6,010 1944—January 37,860 15,901 813 846 3,741 6,395 4,329 5.835 February 37,657 15,806 812 796 3,729 6,366 4,340 5,808 UNADJUSTED 1943—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 5,861 December 38,485 16,078 815 773 3,661 6,832 4,271 r6,055 1944—January 37,257 15,827 811 685 3,640 6,255 4,248 5,791 February 37,047 15,731 638 3,626 6,201 4,262 5,781 * 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 February 1944 are preliminary. Revised seasonally adjusted estimates for months prior to November 1941 are shown on p. 1156 of the November 1942 BULLETIN. APRIL 1944 395 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 1944 b p o a o g k e F 2 e 3 b . M 1 a r. M 8 a r. M 1 a 5 r. Ma 22 r. b p o ag o e k Dec. Jan. Feb. WEEKLY FIGURES i In billions of dollars MONTHLY FIGURES In billions of dollars RESERVES AND CURRENCY RESERVES AND CURRENCY Reserve Bank credit: Reserve Bank credit 5 11.91 12.37 11.96 U. S. Govt. securities, total 2, 4 118211.62 120312.11 12.24 Gold stock 5 22.02 21.93 21.80 Bills 4 656 6.35 672 666 6.75 Money in circulation 5 20.24 20.43 20.63 Certificates 4 267 2.70 273 285 2. Treasury cash 5 2.31 2.32 2.33 N Bo o n te d s s 4 4 1 9 6 0 8 1. . 6 8 9 9 1 8 7 9 0 1 14 1 4 6 1 1 . . 1 4 6 4 T R r e e s a e s r u v r e y b d a e la p n o c s e i s ts 5, 5 8 12. . 7 6 5 7 12. . 9 4 4 8 12 . . 3 35 4 Special certificates 4 Required reserves 8 11.70 11.82 11.19 Gold D s is to c c o k u nts and advances 2 2 21 0 7 5 421. ; 7 0 1 4 21 0 6 5 72ll 0 67 7 21.60 Exce N ss e w re s Y e o rv rk e s C , t i o ty t al 8, 9 9 1. . 0 0 5 3 1. . 1 0 1 2 1. . 1 0 6 2 Money in circulation 2 207020.82 2096210120.9, Chicago 9 .01 (2) (2) Nonmember deposits 2 194 1.81 1.91 192 1.89 Reserve city banks 9 .30 .34 .34 T M E E r x x e e c c m a e e N s s s b u s s e e r w r r r y e e b s s Y d a e e e o n r r v p v r k k e o e s s s r * C e i ( t s s i w e t y r e v e e k s l y average), total* 3 2 3 3 3 1 1 2 6 0 9 0 1 5 8 8 1 1 P 12 1 \ . . . . # 2 3 0 1 o 2 8 1 4 in 1 1 2 0 0 0 3 2 1 1 1 8 7 P 1 1 I 2 0 0 0 2 7 9 8 2 6 112 . . . 5 4 9 0 1 3 Mon | C B C e 1 y i o o 0 l i u l i n s a n n s n t o , r d c f y | i 1 r # $ c b , 2 5 u $ a 0 0 l 2 n a a b , k t n i i a s l o d n ls n d o , v $ t e o S r t b a i l lls 1 1 1 1 0 9 0 0 0 2 1 5 3 0 0 . . . . . 5 9 4 9 7 8 7 5 0 1 2 1 3 5 0 0 . . . . . 7 9 5 9 7 1 0 3 2 5 2 1 5 0 3 1 . . . . . 8 8 9 7 0 2 2 2 9 9 Chicago 3 Reserve city banks 3 26 .27 27 30 ALL BANKS IN U. S. Country banks6 3 72 P. 13 p73 p78 Total deposits and currency 11 122.80 ^123.90 Demand deposits adjusted 11 P60.70 *61.20 Time deposits. 11 P32.80 P33.10 Currency outside banks 11 *18.90 P18.90 MEMBER BANKS IN LEADING CITIES CONSUMER CREDIT Loans and investments 14 532753.29 5290528952.40 Consumer credit, total6 18 5.17 p4.83 Demand deposits adjusted 14 319032.33 3278334532.86 Single-payment loans 18 1.03 ^1,00 U. S. Govt. obligations 14 387638.90 3852386038.33 Charge accounts 18 1.50 P\ ,29 Total loans 14 116711.54 1153114311.18 Service credit 18 .70 p.70 P.70 Commercial loans, total 15 641 6.39 637 640 6.37 Instalment credit, total6 18, 19 1.94 P1.84 P1.79 New York City 15 247 2.48 247 2.49 2.48 Instalment loans6 19 1.12 P\ 09 ^1.08 Brok 1 e 0 r 0 s ' c l i o ti a e n s s — ou N ts e id w e Y N o e r w k Y C o it r y k 1 1 5 5 3 1 9 3 4 2 3 1 . . 9 2 2 9 3 1 .9 4 0 1 3 1 9 3 0 0 3 1 . .1 8 7 9 Insta A lm ut e o n m t o s t a i l v e e c redit, total 1 1 9 9 . . 8 1 2 8 * P \ . 7 1 5 7 P P . .1 7 7 1 U. S N . e G w o v Y t. o r o k b l C ig i a ty ti , o t n o s t : al 15 138313.95 1371138113.68 Other 19 .64 P.5S P.54 100 c B N B B N B C C i o i o t i o e e o l l i n r r n t l l e t t s t e s e d d s i i s f s f s s i i o c c a a u a a n n t t t d s d e e i s s d g g e u u a N a r r e . . w s s e e Y c c u u o r r r i i k t t i i , e e s s t o tal.. 1 1 1 1 1 1 1 1 1 7 7 7 7 5 7 7 7 7 2 1 6 2 3 4 5 1 2 4 1 . . . . . . . . 6 8 1 2 9 8 9 5 5 0 6 1 7 2 1 6 8 7 2 1 6 2 3 4 4 1 5 1 2 . . . . . . . . . 5 2 8 6 2 7 9 9 6 7 9 4 2 4 6 5 7 0 2 1 6 2 3 4 2 1 5 2 4 . . . . . . . 5 8 0 0 8 2 5 7 5 1 6 7 3 1 6 9 2 0 2 1 3 6 3 1 4 5 2 4 1 . . . . . . . . . 2 1 1 8 8 3 7 6 4 1 6 5 0 7 0 9 8 6 2 1 6 3 4 3 4 1 5 1 2 . . . . . . . . . 6 2 0 1 2 6 9 3 7 1 7 2 5 4 4 1 2 8 U. i n S g B N . S , G a o o t v n t o o e i d N B T t v n C s s a R t , g i o e l . l s E ( c r t l i s m t A e o e n i b s S b r f t a o t i U e l r c . i n r , R k g a e d Y e t a a s e s t t n t , s a i - F d o b b t I n l e N a b e s a x i A l T r N l o n i s r C n u o , e g E t t t a s e o s t s a t , u n a r e d l y t . - c ) . . . . . . 2 2 2 2 2 2 2 0 0 0 0 1 1 1 1 6 4 3 2 6 1 1 7 7 6 8 2 3 1 . . . . . . . 0 5 7 9 0 1 8 9 7 3 7 4 7 4 1 4 6 2 3 7 1 1 7 8 7 1 2 1 3 . . . . . . . 9 1 3 1 9 1 8 1 2 1 7 4 0 4 1 5 4 7 2 1 1 8 2 2 3 5 3 3 5 . . . . . . . 0 3 8 6 3 9 1 9 7 8 8 0 4 1 Savings bonds 21 27.36 28.90 31.52 Per cent per annum Tax notes 21 8.59 9.38 10.22 Special issues 20 12.70 12.87 13.17 Holdings of U.S. Govt. obligations: MONEY RATES, ETC. Fed. agencies and trust funds 22 16.93 17.15 ^17.68 T T r r e e a a s s u u r r y y b n i o l t ls e s (n (t e a w xa i b ss le u ) e s) 2 2 5 5 1 . . 3 3 7 2 5 i 3 . 7 3 5 3 1 . . 3 3 7 3 5 31 . . 3 3 7 8 5 i 3 . 7 3 . < F C e o d m e m ra e l r R ci e a s l e b rv a e n k B s anks 2 2 2 2 6 1 0 1 . . 8 5 0 4 6 1 2 2 . .0 8 7 0 11.63 U. S P . a G r o ti v a t l . l y b o t n a d x s - : exempt4 25, 33 1.90 l.89 1.90 1.91 1.9, Pr c iv o a m te m er h c o ia ld l e b rs a nk o s t , h t e o r tal than 22 79.50 79.30 Taxable4 25, 33 2.49 2.49-2.49 2.49 2Ai Mutual savings banks 23 6.10 5.70 Corporate Aaa bonds 33 2.74 2.74 2.74 2.74 2.7. Insurance companies 23 14.70 14.20 Corporate Baa bonds 33 3.73 3.72 3.71 3.71 3.7( Other investors, total 23 58.70 59.40 Marketable issues 23 23.20 21.80 In unit indicated Per centper annum MONEY RATES, ETC. S V t o o l c u T P R I k m n u o a d p e b t il r a u l r i o i l s c o c f t e a r u s d t i r a t a ( i l 1 l d i 9 i t 3 n y 5 g - 3 ( 9 m = il l, 1 s 0 h 0 a ): res) .. 9 9 8 9 7 4 6 9 . . . . . 9 3 9 1 8 0 9 9 8 9 8 6 5 7 . . . . . 7 2 2 7 0 5 9 9 8 9 1. 8 6 8 7 1 . . . . 9 9 8 4 0 9 9 8 9 1 9 8 . 7 9 3 . . . . 9 5 7 9 5 1 9 8 9 1 0 9 . 8 7 1 2 . . . . . - : i i T F T U C . r r . o e e R m S a a P . . s s m a u u B G e r r r a t r y y o i c n v a i k b n a l t l . i o l y l d b t l p e s i o t s a s a c n p ( x n o d ( e - e t u r s a e w : n x x t a e i b r m s a s le p u te ) e t 4 , s ) N . Y.... 2 3 2 2 2 7 3 7 7 9 1 1 . . . 3 . . 9 3 7 5 6 5 0 5 0 9 1 1 . . . . 3 . 9 3 7 5 6 5 0 4 0 9 1 1 . . . 3 . . 9 3 7 6 5 3 2 5 9 0 Taxable4 33 2.49 2.49 2.49 Corporate Aaa bonds 29, 33 2.74 2.72 2.74 Corporate Baa bonds 33 3.82 3.76 3.72 BUSINESS CONDITIONS Steel production (per cent of capacity).. 97.7 97.5 98.8 99.1 99.2 In unit indicated Electric power prod. (mill. kw. hrs.)... 4,445 4,465 4,426 4,400 4,409 Freight carloadings (thous. cars): Stock prices (1935-39 == 100): Total 782.5 788.3 781.5 786.4 778. < Total 91.8 94.6 94.4 Miscellaneous 366.7 376.0 373.0 377.1 372.' Industrial 93.6 96.4 95.8 Department store sales (1935-39 = 100)... 134 144 148 160 16' Railroad 85.6 91.0 96.1 F.H.A. home mortgages, new construc- Public utility 85.2 86.7 86.9 tion (thous.)8 Volume of trading (mill, shares)... .81 .79 .81 Wholesale prices (1926 = 100): Brokers' balances (mill, dollars): Total 103.6 103.4 103.4 103.6 103. Credit extended customers 788 e78O e800 Farm products 124.2 123.2 123.4 124.5 124. Money borrowed 557 e560 e650 Other than farm and food 98.3 98.3 98.2 98.2 98.^ Customers' free credit balances . 354 e370 e37O For footnotes see following page. 396 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued Chart 1943 Chart 1943 1944 book book page Dec. Jan. | Feb. page Dec. Jan. Feb. MONTHLY FIGURES—Cont. In unit indicated In unit indicated MONTHLY FIGURES-Cont. BUSINESS CONDITIONS BUSINESS CONDITIONS—Cont. Income payments (mill, dollars), total:7 38 12,582 12,735 Freight car loadings:7 Salaries and wages 38 8,959 ^9,015 Total (1935-39 = 100) 57 144 145 143 Other 38 3,623 2*3,720 Groups (points in total index) Cash farm income (mill, dollars), total. 39 1,741 1,605 1,412 Miscellaneous 57 80.9 81. 80.7 Livestock and products 39 967 932 912 Coal 57 31.3 31.9 31.8 Indu G C st r o r o v i p a t s . l p p a r y o m du e c n t t i s o n:7 3 3 9 9 7 4 2 9 5 6 6 0 9 4 42 7 2 8 Dep S ar a t l m es A e l n l t o s t t h o e r r e s (1923-25 = 100) :7 5 5 7 9 3 1 1 3 .3 1 3 r1 0 5 . 3 9 30 1 . 5 1 1 Total (1935739 = 100) 41, 42 241 243 2*243 Stocks 59 97 105 2*105 Groups (points in total index) Exports and imports (mill, dollars): Durable manufactures 41 r138.6 139.6 2*139.6 Exports 61 2*1,241.2 2*1,083.9 Machinery, etc 42 r97.7 97.9 2*97.6 Imports 61 2*275.6 2*309.6 Iron and steel 42 22.0 22.9 2*23.3 Excess of exports 61 2*965.6 2*774.3 Other durable 42 r18.9 18.8 2*18.7 Excluding Lend-Lease exports 61 2*59.9 Nondurable manufactures 41 r81.5 82.1 2*82.0 Wholesale prices, total (1926 = 100)... 63 103.2 "103.3 103.6 Textiles and leather 42 18.4 19.2 P19.3 Farm products 63 121.8 121.8 122.5 Paper and printing 42 10.9 11.0 2*10.9 Other than farm and food 63 97.6 97.8 98.0 Foods, liquor, and tobacco 42 r20.9 20.7 2*21.0 Cost of living, all items (1935-39 = 100) 65 124.4 124.1 123.7 Other nondurable 42 r31.3 31.2 2*30.8 Food 65 137.1 136.1 134.5 Minerals 41,42 20.9 21.2 P21.5 Clothing 65 134.6 134.5 134.8 Primary products (1935-39 = 100): Rent 65 108.1 Steel 43 222 231 236 Cement 43 101 86 88 July- Oct.- Jan.- Lumber 43 131 125 2*123 Sept. Dec. Mar. Coal 43 147 153 2*158 1943 1943 1944 Crude petroleum 43 136 137 2*137 Cotton consumption 43 142 c150 151 QUARTERLY FIGURES In millions of dollars Wool yarn 43 159 172 P L a e p a e t r h er... 4 4 3 3 r 1 9 2 7 9 1 10 3 3 2 Bud E ge x t p r e e n c d e i i t p u t r s e s a , n t d o e ta x l p enditures: 24 22,264 22,747 La p b e o L r r s a o b n f o M O o s r r ) t c e : h f 8 e a o e t r r s c a e m a n n a d d n u d e f a m a ir c p y t l u o p r y r e m o d d e f u n o c t o ts d ( s m ill. 4 4 4 3 3 4 1 1 5 5 3 6 1 1 5 5 5 8 2* 1 1 7 5 3 6 Inter N C I n n o e a d t r l i p W v r r o e i e a d r v c a r u e e t a i n e a p l u c t i e t i s n n i c v c c o o i o t m l m i l e e e e s c t t t a i a o x x n e e s s s , total 2 2 2 2 2 4 4 4 4 4 2 1 0 3 0 7 2 , , , , , 4 6 8 8 1 3 1 0 7 7 1 6 6 7 6 2 r r 3 4 9 8 1 , , , , , 2 4 8 8 2 9 1 6 4 9 5 0 8 6 0 Employment, total 44 Misc. internal revenue 24 1,640 1,185 Nonagricultural 44 Corporate security issues: Agricultural 44 Net proceeds 36 245 424 Male 44 New money, total 36 29 139 Female 44 Industrial 36 14 128 Nonagricultural employment (mill. Railroad 36 10 7 persons), total7 45 38.1 37.9 2*37.7 Public utility 36 4 1 Manufacturing and mining 45 16.9 16.7 2*16.6 Per cent per annum Fa ( c 1 t 9 T T G C o 3 r r r o o 9 y a a n v d n s = e 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 y t n i o m n e n a t n d a u n t d il it p ie a s y rolls 4 4 4 4 5 5 5 5 0 6 6 3 . . . . 9 0 4 7 6 0 5 3 . . . . 4 8 8 7 2 2 2 2 * * * * 6 3 5 0 . . . . 4 7 8 8 Bank T N O S o o e t r h w u t a a e t t h l e r Y , s e N r 1 o o n 9 r o n k r a c t c n i C h t u d i e i e s t r W y t s n o m e a s n e te r d s r n ' E l o a c s a it t n i e e s r s : n c ; i . ti . e . s 3 3 3 2 1 1 1 9 2 2 2 2 . . . . 0 7 4 7 5 3 8 1 2 3 2 2 . . . . 1 1 6 7 7 0 5 6 2 P2 * 2 3 2 . . . 6 1 . 1 7 3 2 0 2 4 Pay rolls 47 r328.2 327.2 Hou E rs m a p n l d o y e m ar e n n i t n gs at factori ; e s: 47 r169.4 166.7 2*165.7 Ju 1 n 9 e 4 3 3 0,Oc 1 t 9 . 4 1 3 8, De 1 c 9 . 43 31, Weekly earnings (dollars) 48 r44.58 45.15 CALL DATE FIGURES Hourly earnings (cents) 48 99.5 100.1 In billions of dollars Hours worked (per week) 48 r44.8 45.1 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 49 241 2*237 Other securities 12 5.35 5.14 5.02 Durable 49 325 2*317 State and local obligations 13 2.88 2.82 2.73 Ship N m o e n n d ts u , r a to b t l a e l 4 4 9 9 2 1 7 8 6 0 2 P * i 2 7 6 8 0 O Fo th re e i r g d n o s m e e c s u t r i i c t i s e e s curities 1 1 3 3 2.48 2.32 2.29 Durable 49 380 ^364 Loans, total 12 14.82 17.72 16.29 Nondurable 49 194 pm Commercial loans 13 7.41 (9) 8.44 Inventories, total 49 179 2*181 Real-estate loans 13 3.35 (9) 3.27 Durable 49 213 2*216 Street loans (brokers' loans) 13 .96 (9) 1.05 Nondurable 49 149 2*151 Holdings of U.S. Govt. securities: Residential contracts (mill, dollars):7 By classes of banks: Total 53 74 49 New York City 16 13.89 15.73 14.56 Public 53 29 16 Chicago 16 3.17 3.69 3.24 Private, total 53 45 33 Reserve city banks 16 17.42 20.62 19.68 1- and 2-family dwellings 53 35 27 Country banks 16 12.51 15.21 15.47 Other 53 10 6 By kinds of securities: Construction contracts (3-mo. moving Bonds 16 23.55 (9) 27.27 av., mill, dollars):7 Notes 16 5.25 v) 6.91 Total 55 249 224 2*176 Certificates 16 9.42 (9\ 12.07 Residential 55 65 53 2*35 Bills 16 6.28 (9) 4.36 Other 55 184 171 2*141 Guaranteed 16 2.49 (9) 2.33 e Estimated. p Preliminary. r Revised. c Corrected. 1 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 2 Less than 5 million dollars. 3 Number of issues included increased from 1 to 2 on Mar. 15. 4 Effective Mar. 15, 1944, the yield averages of long-term Treasury bonds, both taxable and partially tax-exempt, were revised to include all bonds not due or callable for 15 years. Revised figures for earlier dates may be found on p. 373. 5 Publication discontinued. 6 Includes preliminary revisions for repair and modernization credit. 7 Adjusted for seasonal variation. 8 Series in process of revision. 9 Figures available for June and December dates only. * Copies of the Chart Book may be obtained at a price of 50 cents each. APRIL 1944 397 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments... 400 Gold production .. 401 Gold movements =,.... 401 Net capital movements to United States since January 2., 1935.., 402. Central banks , 403-406 Money rates in foreign countries .. 407 Commercial banks 408 Foreign exchange rates... 409 Price movements: Wholesale prices 410 Retail food prices and cost of living ... 411 Security prices... . .. 411 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins; some data are reported to the Board directly. Figures on international capital transactions of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12., 1934. Back figures for all except price tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics. APRIL 1944 399 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS t [In millions of dollars] End of month U St n a i t t e e s d g t A e in n r- a - 1 g B iu e m l- Brazil B I r n i d ti i s a h B ga u r l i - a Canada Chile lom Co b , ia C v z s a e l k o c - i h a o- m D a e r n k - Egypt France m G a e n r- y Greece 1938—Dec. 14,512 431 581 32 274 24 192 30 24 83 53 55 2,430 29 27 1939—Dec 17,644 466 609 40 274 24 30 21 56 53 55 2,709 29 28 1940—Dec... 21,995 353 2 734 51 274 24 30 17 58 52 52 2,000 29 28 1941—Dec 22,737 354 734 70 274 24 5 30 16 61 44 52 2,000 29 428 1942—Dec 22,726 2658 735 115 274 25 6 36 25 61 44 52 2,000 29 1943—Mar 22,576 354 734 127 274 425 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 44 52 2,000 Nov 22,065 354 734 254 274 7 51 58 61 44 52 2,000 Dec 21,938 359 734 254 274 5 51 59 61 2 000 1944—Jan 21,918 6 76 Feb 21,712 7 End of month H ga u r n y - (P I e r r a s n ia) Italy Japan Java Mexico N l e a t n h d e s r- Ze N al e a w nd N w o a r y - Peru Poland Po g r a t l u- Ru n m ia a- A S f o r u ic th a Spain 1938—Dec 37 26 193 164 80 29 998 23 94 20 85 69 133 220 5525 1939—Dec 24 26 144 164 90 32 692 23 94 20 4 84 69 152 249 1940—Dec 24 26 120 164 140 47 617 23 4 84 20 59 158 367 1941—Dec 24 26 6164 235 47 575 23 21 59 182 366 ••"42" 1942—Dec 24 734 4216 39 506 23 25 59 241 634 42 1943—Mar 24 59 110 496 23 25 59 246 537 Apr 24 59 126 .496 23 25 59 252 558 May 24 59 125 496 23 26 59 261 571 June 24 126 496 23 26 59 262 583 868 July 24 125 ^500 23 26 59 271 611 Aug 24 174 P500 23 26 59 282 628 Sept 24 200 23 26 59 289 644 85 Oct 24 200 ^500 23 26 60 302 667 Nov 24 202 23 31 685 Dec 24 203 23 31 706 1944—Jan 205 23 31 P716 Feb 229 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 t o r 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 d n i o n i m t g e - d France2 g B iu e m l- 1938—Dec 321 701 29 2,690 69 52 57 14 142 1937—-June ... 169 3 934 115 1939—Dec 308 549 29 68 59 7 153 Dec. 4 1,395 81 1940—Dec... 160 502 88 1 90 "29 82 12 145 1938--Mar. 1,489 1941—Dec 223 665 92 1 100 41 483 12 142 June... 44 62 1942—Dec 335 824 114 L 89 68 21 160 Dec. ... 80 4 759 331 44 1939--Mar. ... 154 1,732 559 1943—Mar 344 851 124 89 72 25 182 May 477 Apr 344 859 145 89 76 25 184 June... 85 17 May.. 346 866 158 96 80 25 185 Sept.... 164 "'6876' June 347 867 158 101 80 26 185 Dec 156 July 368 876 158 101 80 26 12192 1940--Mar. ... 145 Aug 371 880 161 103 84 26 192 June... 86 17 Sept 374 887 161 P108 84 26 192 Sept.... 105 Oct 378 900 161 84 27 192 Dec. ... 48 292 17 Nov 384 903 161 84 27 193 1941--Mar. ... 88 Dec 387 964 161 89 45 193 June... 89 1944—Jan p973 89 45 193 Sept.... 24 6151 Feb p401 p984 100 193 Dec 25 17 1942--Mar.... 12 1 p F P i r g e u li r m es i n th ar r y o . ugh March 1940 and figure for December 1942 include, in addition to gold of the J D S u e e n p c t e . . . . . . . 1 8 7 2 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 Con- ?old held by Minister of Finance. J Ju an ly . 4 3 3 F 1 1 i , g , 1 u 1 9 r 3 9 e 9 4 s ; 3 Y ; r e u l G a g t r o e e j e s c l t a o e v — l i a a M s — t a F o r. f e f b i 3 c . i 1 a 2 , l 8 1 , r 9 e 1 4 p 9 1 o 4 ; r 1 t J . d a a v t a e -- s J f a o n r . th 3 e 1 , r e 1 s 9 p 4 e 2 c ; t i N ve o r c w o a u y n — tri M es a , r a . s f 3 o 0 ll , o 1 w 9 s 4 : 0; B u P lg o a l r a i n a— d- l ( a S y l p e e R d c e ia p b l o a r s A t i e s d / : c U N a . t o S . . i — n 1 f ) r ; E e x U q c u . h e a n n K t g . e — i nt E S e x t r a v c b h a i l a l s i n z g a e o t i r o n E o n q F u u a d n l e i d - - 5 Figure for I)ecember 1938 is that ofEcally reported on Apr. 30, 1938. zation Account; France—Exchange Stabilization J Figure for Fesruary 1941; beginning Mai-. 29,1941, gold reserves no longer reported separately, Fund and Rentes Fund; Belgium—Treasury. 7 Beginning December 1942, inc udes goldreserves abroad, formerly not reported. 2 For complete monthly series from October 1938- ? Increase overreserves 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 countriesare: Albania, Algeria, Aijstralia, Austria through Mar. 7,1938, Belgian Congo, 3 Figure for end of March 1937, first date reported. Bolivia, China, Costa Rica beginning July 1943, Danzig through Aug. 31,1939,Ecuador, El Salvador, 4 Figure for end of September. Estonia, Finland, Guatemala, Iceland, Ireland beginning February 1943, Latvia, Lithuania, Morocco, Reported figure for total British gold reserves on and Thailand (Siani). 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. 11 Beginning December 1940, figures refer 1to gold reserves of new Central Bank only, NOTE.—For details regarding special gold 12 Beginning Ju y 1943, figure also includesgold reserves of National Bank of Costa Rica. transfers in 1939-40 between the British E. E. A. and the Bank of England, and between the French NOTE.—For back figures, see Banking atid Monetary Statistics, Tables 156-160, pp. 536-555, E. S. F. and the Bank of France, see BULLETIN and for a descripti(>n of figures, including detatils regarding special internal gold transfers affecting for September 1940, p. 926. the reported data, see pp. 522-535 in the same1 publication. 400 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD PRODUCTION OUTSIDE U. S. S. R. [In thousands of dollars] Estimated Production reported monthly world Year or month production Total Africa North and South America Other U o . u S t . s S i . d R e .1 m re o p n o t r h te ly d A So fr u ic th a d R e h s o ia - I I A W fri e c s a t ^ I | B C e o l n g g ia o n S U St n a i t t e e s d * I | r Canaanri aa5 da |M & < [ > M x e i x ro ic 6 o | C | olo b m ia " I [ I I N i g c u a a r 7 a- Au l s ia tr 8 a -1 I B In ri d ti i s a h ^ 1 1 9 9 3 3 5 4 8 8 8 2 2 3 , , 5 0 3 0 3 3 7 7 5 0 2 8 , , 8 4 4 5 7 3 3 3 6 7 6 7 , , 7 0 9 9 5 0 $ 2 2 1 5 4 = , , 4 2 7 6 i 7 4 5 2 5i g 1 1 r 3 2 a , , i 6 1 n 2 5 s 5 3 of g 6 7 o , , l 5 1 d 5 4 9 f 9 fi 1 1 n 2 0 e 6 ; 8 , , 3 1 i 2 9 .e 5 1 .,an 1 1 0 1 o 4 4, , u 9 0 n 7 2 c 1 3 eof 2 2 f 3 3 in 8 1 e 5 3 8 6 gold 1 1 1 2 = , , 5 0 $ 1 4 3 5 5 5 8 9, , 2 3 5 5 1 0 1, 8 1 6 6 8 6 3 3 0 1 , , 5 2 5 4 9 0 1 1 1 1 , , 4 22 6 3 8 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 29426 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 77 969 22,961 9,259 7,525 51, 039 9,940 1942 968,112 494,439 26,641 29,225 130,963 169,446 630,000 20,882 6,409 8,623 42,525 8,960 1943 ^737,553 448,153 p23,002 19,740 47,783 127,829 19,789 p6081 7,699 P28,657 8,820 1943-Feb 63,904 38,835 1.902 1,855 4,121 11,459 1,380 450 647 2,555 700 Mar 61,871 35,489 1,987 1,610 4,520 12,169 1,661 558 622 2,450 805 Apr 63,548 37,604 2,004 1,645 4,891 11,309 1,645 548 646 2,450 805 May 62,984 38,367 1,987 1,645 4,065 10,975 1,599 566 700 2,345 735 June '62,107 37,424 1,956 1,645 3,945 11,442 1,540 455 724 2,240 735 July 61,590 37,962 1,907 1,540 3,945 10,246 1,763 454 622 2,380 770 Aug •60,189 37,297 1,862 1,540 3,634 10,268 1,704 549 430 2,170 735 Sept ^60,060 36,783 1,920 1,540 3,306 9,877 1,659 598 770 P2,870 735 Oct ^59,927 37,162 PI ,893 1,540 3,814 9,802 1,672 511 628 p2,170 735 Nov ^58,288 36,889 pl,788 1,540 3,366 9,373 1,512 450 605 ^2,100 665 Dec ^58,224 36,653 /1,811 1,505 3,520 r9,201 1,600 501 633 'P2.100 700 1944—Jan ^57,231 36,169 'PI,811 '1,505 3,085 9,023 1,581 '501 756 'P2,100 '700 percentage changes, estimating annual figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on Metal Statistics. 2 Beginning April 1941, figures are those reported by American Bureau of Metal Statistics. 33 BBeeggiinnnniinngg MMaayy 11994400 , mmoonntthhllyy ffiigguurreess n noo l loonnggeerr rreeppootretde d. AAnnnnuuaal lf ifgiguurer ef ofor r1 9149400 eesstitmiattded 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. 6 Beginning April 1942, figures no longer reported. Annual figure for 1942 is rough estimate based on reported production of $7,809,000 in first three months of year. 1 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. a Beginning May 1940, figures are those reported by American Bureau of Metal Statistics. and N B O a T nk E i . n — g F a or n d e x M p o la n n e a ta ti r o y n S t o a f t is t t a i b cs le , s p . a n 5 d 24 s . ou F r o ce r s a , n s n e u e a B l U e L s L ti E m T a IN te s f o c r o F m e p b i r l u ed a ry b y 1 9 t 3 h 9 e , p U . n 1 i 5 t 1 ed ; Ju S l t y a t 1 es 9 3 M 8, i p n . t 6 f 2 o 1 r ; J t u h n e e se 1 9 a 3 n 8 d , p o . t h 54 er 0 ; c A o p u r n il t r 1 ie 9 s 3 3 i ? n p p th . e 233 p - e 2 r 4 io 5 d ; 1910-1941, see Banking and Monetary Statistics, pp. 542-543. GOLD MOVEMENTS UNITED STATES [In thousands of dollars at approximately $35 a fine ounce] Net imports from or net exports (—) to: Y m e o a n r t o h r im To n p t e o a t r l ts U K d n o i i n m t g ed - France g B iu e m l- N l e a t n h d e s r- S d w en e- S er w la i n tz d - Canada Mexico Co b l i o a m- 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 16,159 267,975 1939 3,574,151 1,826,403 3,798 165,122 341,618 28,715 86,987 612,949 33,610 23,239 35,636 74,250 22,862 165,605 5O',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 6100,485 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 30,71 474 1 17,514 800 7 2,114 4,593 69 131 5,009 July 37,04 542 19,224 1,080 2,128 4,970 5,199 88 3,811 Aug 36,973 79 10,842 843 2,230 5,098 6,742 137 1,995 69,008 Sept 65,70 250 42,562 495 2,488 3,107 2,064 3,694 611,041 Oct 40,440 55 16,072 1,020 2,107 3,141 6,151 200 2,327 69,365 Nov 50,374 121 24,917 6,336 2,110 1,830 5,980 40 69,039 Dec 52,89 163 20,377 1,273 2,238 5,506 3,713 190 711 618,726 1 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. 2 Includes $31,830,000 from Argentina. 3 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, $10,077,000 from Chile, and $37,555,000 from other countries. 4 Includes $75,087,000 from Portugal, $59,072,000 from Argentina, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $26,178,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,802,000 from Chile, $10,775,000 from Brazil, $10,416,000 from Spain, $10,247,000 from Peru, and $28,935,000 from other countries. 5 Includes $44,920,000 from U.S.S.R., $10,963,000 from Central America, and $44,603,000 from other countries. 6 Includes imports from U. S. S. R. as follows: February—$11,236,000, August—$3,407,000, September—$5,652,000, October—$5,550,000, November— $5,615,000, December—$13,460,000. NOTE.—Figures for months subsequent to December 1941 have not been released for publication. For back figures see Banking and Monetary Statistics, Table 158, pp. 539-541, and for description of statistics, see p. 524 in the same publication. APRIL 1944 401 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 ,155.3 57.8 Sept. 28 3,472.0 1,180.2 187.0 993.2 477.2 625.0 ,125.4 64.1 Dec. (Jan. 4, 1939)... 3,844.5 1,425.4 238.5 1,186.9 510.1 641.8 ,219.7 47.6 1939—Mar. 29 4,197.6 1,747.6 311.4 1,436.2 550.5 646.7 ,188.9 63.9 June 28 4,659.2 2,111.8 425.3 1,686.5 607.5 664.5 ,201.4 74.0 Sept. 27 5,035.3 2,479.5 552.1 1,927.3 618.4 676.9 ,177.3 83.1 Dec. (Jan. 3, 1940).. 5,021.2 2,430.8 542.5 1,888.3 650.4 725.7 1,133.7 80.6 1940—Mar. (Apr. 3) 5,115.9 2,539.0 539.1 1,999.9 631.6 761.6 1,095.0 88.7 June (July 3) 5,440.7 2,830.1 922.3 1,907.8 684.1 785.6 1,042.1 98.9 Sept. (Oct. 2) 5,748.1 3,092.8 1,112.3 1,980.5 773.6 793.1 987.0 101.6 Dec. (Jan. 1, 1941). 5,727.6 3,159.0 1,200.8 1,958.3 775.1 803.8 888.7 100.9 1941--Mar. (Apr. 2)... 5,526.5 3,148.8 1,307.7 1,841.0 767.4 812.7 701.8 95.9 June (July 2).. 5,575.4 3,193.3 1,375.1 1,818.2 818.6 834.1 631.2 98.2 Sept. (Oct. 1).. 5,510.3 3,139.5 1,321.7 1,817.7 805.3 841.1 623.5 100.9 Dec. 31 5,230.7 2,856.2 1,053.7 1,802.6 791.3 855.5 626.7 100.9 1942—Jan. 7.. 5,225.3 2,841.7 1,052.6 1,789.1 798.5 856.2 627.6 101.4 Jun. 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 ,129.7 1,783.2 829.1 844.4 626.6 104.1 Apr. 29.... 5,309.6 2,906.1 ,106.7 1,799.4 829.8 843.2 626.6 103.9 May 6. .. 5,375.2 2,971.0 ,160.1 1,811.0 831.2 841.9 627.2 104.0 May 13. .. 5,358.6 2,951.4 ,140.1 1,811.3 834.3 841.4 626.5 105.0 May 20. .. 5,358.4 2,948.5 ,153.3 1,795.2 836.4 841.7 626.9 104.8 May 27 . .. 5,384.8 2,974.7 ,153.5 1,821.2 836.5 840.9 627.3 105.4 June 3 5,413.4 2,996.8 ,144.0 1,852.8 839.8 843.2 629.0 104.6 June 10 5,456.4 3,039.1 ,193.0 1,846.0 841.7 840.9 630.0 104.8 June 17 5,497.8 3,077.9 ,210.3 1,867.6 842.8 840.7 631.1 105.2 June 24 5,515.3 3,095.9 ,220.0 1,875.9 843.7 839.1 631.6 105.0 June302 5,495.3 3,075.9 ,211.7 1,864.2 842.3 838.8 632.0 106.2 Tuly 31 5,542.6 3,121.4 ,242.7 1,878.7 854.9 829.3 633.3 103.7 Aug. 31 5,599.9 3,184.8 ,293.1 1,891.7 839.9 828.6 642.7 103.9 Sept. 30 5,654.9 3,212.6 ,339.1 1,873.5 858.2 830.5 646.1 107.5 Oct. 31 5,694.7 3,204.2 ,341.1 1,863.2 890.0 842.1 654.3 104.1 Nov. 30 5,761.6 3,250.2 ,366.1 1,884.1 901.6 844.8 661.0 104.1 Dec. 31 5,835.0 3,320.3 ,412.0 1,908.3 888.8 848.2 673.3 104.4 1943—Jan. 30.... 5,907.7 3,471.1 ,536.6 1,934.5 761.3 678.5 107.0 Feb. 27.... 6,014.9 3,590.1 ,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 4,435.7 2,450.0 1,985.7 -882.6 929.8 710.1 115.4 Dec. 31... 7,118.6 h, 496.3 32,461.5 32,034.8 3877.6 925.9 701.1 3H7.8 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 bank's maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.). 2 Reported figures for capital movement through July 1 have been adjusted to represent the movement through June 30 on the basis of certain significanitt mmoovveemmeennttss kknnoowwnn ttoo hhaavvee ooccccuurrrreedd oonn JJuullyy 11.. SSuubbs equent' f"i gures are 'b ased' upon new mont.,h l,y s.t at.i^s ti.c.ia l_ _s_e.-r.i_e s. -rF. o..r* .f.u_r.t,h. er exp1l.a.n..a.t.i.o..n, see BUL- LETI3N Afomr oJuanntusa royu t1s9t4a3n, dpi.n 9g8 .on Dec. 31, in millions of dollars: total foreign banking funds in United States 5,153.7, including official funds, 3,099.1, and other funds, 2,054.6; United States banking funds abroad, 257.9; and brokerage balances (net due "foreigners") 40.9. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. Data by countries and geographic areas through December 1941, have been published in earlier BULLETINS for all types of capital movement in the above table (except columns 3 and 4), and for outstanding short-term liabilities to and claims on "foreigners" as reported by banks and brokers. For back figures, see Banking and Monetary Statistics, Tables 161-163, pp. 574-^37, and for full description of statistics see pp. 558-560 in same publication. 401 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 (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 s t s h e e ts r 2 C C oi a n sh rese N rv o e t s es a c v n o D a d n u i c n s a - e t d s s - Se t c ie u s ri- ci t r i c o u n l 3 a- Bankers' D P e u p b o l s i i c ts Other l O ia t t i b h e i e s l r i- 1929—Dec. 25 145 8 260.0 .2 26.3 22.3 84.9 379.6 71.0 8.8 35.8 17.9 1930—Dec. 31 147.6 260.0 .6 38.8 49.0 104.7 368.8 132.4 6.6 36.2 18.0 1931—Dec. 30 120.7 275.0 .6 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18.0 1932—Dec. 28 119.8 275.0 .8 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933—Dec. 27 190.7 260.0 1.0 58.7 16.8 101.4 392.0 101.2 22.2 36.5 18.0 1934—Dec. 26 192.3 260.0 .5 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935—Dec. 25 200.1 260.0 .6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30 313.7 200.0 .6 46.3 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29 326.4 220.0 .8 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Dec. 28 . . 326.4 230.0 .8 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Dec. 27 .... 4.2 580.0 1.0 25.6 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940—Dec. 25 .2 5 630.0 .9 13.3 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941—Dec. 31 .2 6 780.0 .3 28.5 6.4 267.8 751.7 219.9 11.2 54.1 17.9 1942—Dec. 30 .2 6950.0 .9 26.8 3.5 267.9 923.4 223.4 9.0 48.8 17.9 1943—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 Feb. 23 .2 1,100.0 .9 22.8 2.1 255.2 1,077.5 200.3 8.9 53.7 18.0 Assets Liabilities Bank of Canada Dominion and provincial government Deposits (F C ig 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 it r ies 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 A 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—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 A Feb. 29 .2 789.2 508.9 31.3 875.4 362.7 40.1 31.5 19.& 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when it was officially set at 168 shillings per fine ounce. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4 On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12,1939, 20 million pounds transferred from Exchange Account to bank; on Sept. 6,1939, 279 million pounds transferred from Bank to Exchange Account. 5 Fiduciary issue increased by 50 million pounds on June 12,1940, Apr. 30, Aug. 30, and Dec. 3,1941, and Apr. 22 and July 28, 1942; by 70 million pounds on Dec. 2, 1942; and by 50 million pounds on Apr. 13, Oct. 6, and Dec. 8,1943. 6 Securities maturing in two years or less. 7 Includes notes held by the chartered banks, which constitute an important part of their reserves. 8 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, ' NOTE.—For back figures on Bank of England and Bank of Canada, see Banking and Monetary Statistics, Tables 164 and 166, pp. 638-640 and pp. 644-645, respectively; for description of statistics see pp. 560-564 in same publication. APRIL 1944 403 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Bank of France Domestic bills A G d o v v a e n rn c m es e t n o t Deposits (Figu o re f s f i r n a n m c i s l ) lions Gold1 F c o h e r a e x n i - g g e n m O a p rk en et2 Special2 Other c F u c o p o r a s o t t i s c o 3 - n Other2 a O s t s h e e ts r ci N r t c i o o u t n e la- G m ov e e n r t n- C.A.R.4 Other l O i t a t i b h es i e l r i- 1929—Dec. 27 41,668 25,942 5,612 8,624 8,124 . 68,571 11,737 7,850 1,812 1930—Dec. 26 53,578 26,179 5,304 8,429 9,510 76,436 12,624 11,698 2,241 1931—Dec. 30 68,863 21,111 7,157 7,389 11,275 85,725 5,898 22,183 1,989 1932—Dec. 30 83,017 4,484 6,802 3,438 11,712 85,028 2,311 20,072 2,041 1933—Dec. 29 77,098 1,158 6,122 4,739 11,173 82,613 2,322 13,414 1,940 1934—Dec. 28 82,124 963 5,837 3,971 11,500 83,412 3,718 15,359 1,907 1935—Dec. 27 66,296 1,328 5,800 9,712 11,705 81,150 2,862 8,716 2,113 1936—Dec. 30 60,359 1,460 5,640 1,379 8,465 17,698 12,642 89,342 2,089 13,655 2,557 1937—Dec. 30 58,933 911 5,580 652 10,066 31,909 11,733 93,837 3,461 19,326 3,160 1938—Dec. 29 87,265 821 7,422 1,797 7,880 20,627 18,498 110,935 5,061 25,595 2,718 1939—Dec. 28 597,267 112 11,273 2,345 5,149 34,673 20,094 151,322 1,914 14,751 2,925 1940—Dec. 26. 584,616 42 43,194 661 3,646 72,317 63,900 23,179 218,383 984 4i,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 23,519 468,015 821 15,450 33,199 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) Total Gold i T n r c e b l a i u l s d l u s i r n y g Se lo cu an ri s ty E a c s li o g n v i o e b t r 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—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 17 107 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 1944—Jan. 31... 77 39,584 43 42 2,296 33,012 7,176 1,855 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 Gold not shown separately in weekly Reichsbank statement after June 15,1939. NOTE.—For back figures on Bank of France and Reichsbank, see Banking and Monetary Statistics, Tables 165 and 167, pp. 641-643 and pp. 645-647, respectively; for description of statistics see pp. 562-565 in same publication. 404 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) Feb. Jan. Dec. Feb. date of month) Feb. Jan. Dec. Feb. Central Bank of the Argentine Re- National Bank of Denmark (millions public (millions of pesos): of kroner): (Nov.)3 Gold reported separately 1,091 1,077 Gold 97 97 Other gold and foreign exchange... 2,026 1,090 Foreign exchange 21 18 Government securities 887 365 Clearing accounts (net) 1,841 1,194 Rediscounted paper Loans and discounts 36 39 Other assets 156 '""246 Securities 63 81 Mrifp pirpn la firm 1,886 1,609 Govt. compensation account^ 125 125 l D lU e L p v o s V i ^ t X s l — l-'U.X M CL e l'l m WlJ b er bank - - . . 1,116 799 Other assets 2,283 1,472 Government 448 237 Note circulation 1,285 950 Other 106 31 Deposits—Government 907 588 Certificates of participation in Other 1,931 1,215 Government securities 444 2 Other liabilities 342 273 Other liabilities 160 100 Central Bank of Ecuador (thousands Commonwealth Bank of Australia of sucres): (June)3 (thousands of pounds): Gold 148,652 137,093 Issue department: Foreign exchange (net) 122,092 86,383 Gold and English sterling 41,793 41,793 32,641 Loans and discounts 81,560 81,227 Securities 129,939 130,422 103,796 Other assets 64,310 52,461 Banking department: Note circulation 200,076 172,701 Coin, bullion, and cash 7,023 6,798 5,164 Demand deposits 185,158 150,239 London balances 54,310 60,455 45,357 Other liabilities 31,380 34,225 Loans and discounts 25,642 17,880 26,814 Central Reserve Bank of El Salva- Securities 248,824 239,571 191,139 dor (thousands of colones): Deposits 181,537 180,840 172,834 Gold 27,289 27,224 24,206 Note circulation 163,262 163,762 127,106 Foreign exchange 31,908 25,551 20,460 National Bank of Belgium and Bank Loans and discounts 306 1,336 928 of Issue of Brussels (millions of Government debt and securities. 6,697 6,720 6,765 belga) y Other assets 718 846 678 , Gold 4,331 4,332 Note circulation 42,003 38,306 32,312 Foreign exchange 10,254 6,322 Deposits 19,016 17,484 15,047 Credits to State and public bodies 3,346 4,117 Other liabilities 5,899 5,886 5,678 Credits to private economy 189 132 Bank of Finland (millions of markka) (Aug.)3 Reichskreditkasse 713 786 Gold 172 172 Other assets 661 415 Foreign assets (net) -1,108 -58 Note circulation 16,642 14,196 Loans and discounts 15,713 15,946 Demand deposits 1,098 867 Domestic securities 649 694 Postal Checking Office 1,408 815 Other assets 1,024 667 Other liabilities 347 226 Note circulation 9,301 9,796 National Bank of Bohemia and Deposits 1,299 940 Moravia (millions of koruny): Foreign clearing accounts 2,298 3,415 Gold 1,515 1,515 Other liabilities... 3,550 3,269 Foreign exchange 775 729 Bank of Greece2 Discounts 1,420 882 National Bank of Hungary (millions Loans of pengo): Other assets 34,158 17^561 Gold 100 100 Note circulation 24,073 14,508 Foreign exchange reserve 4 3 Demand deposits 5,859 3,261 Discounts 3,586 2,213 Other liabilities 7,936 2,918 Loans—To Treasury 575 721 Central Bank of Bolivia (millions To foreign countries 1,035 488 of bolivianos): Other 8 30 Gold at home and abroad 556 498 Other assets 1,449 824 Foreign exchange 400 431 Note circulation 4,392 2,958. Loans and discounts 387 224 Demand deposits 912 63 L Securities—Government 528 535 Consolidated foreign credits of O N t o h t e e r c a ir s c s u e l t a s O ti t o h n er 1,07 4 68 8 4 9 4 2 8 2 Rese O r t v 1 h 9 e e 3 r 1 B l a ia n b k il i o ti f e s India (millions of 1,43 1 9 5 77 1 2 8 : Deposits 80 812 rupees): Other liabilities 10 173 Issue department: (Oct.)3 National Bank of Bulgaria2 Gold at home and abroad 444 444 Central Bank of Chile (millions Sterling securities 6,748 3,857 of pesos): Indian Govt. securities 583 1,825 Gold 26 204 Rupee coin 135 136 Discounts for member banks 21 168 Note circulation 7,821 6,144 Loans to Government 71 725 Banking department: Other loans and discounts 89 950 Notes of issue department 90 119 Other assets 86 538 Balances abroad 1,404 913 Note circulation 2,26 1,903 Treasury bills discounted 10 Deposits—Bank 30 308 Loans to Government Other 13 114 Other assets 100 92 Other liabilities 24 260 Deposits 1,424 948 Bank of the Republic of Colombi Other liabilities 175 187 (thousands of pesos): Central Bank of Ireland (thousands Gold 134,95 132,62 103,60 49,757 of pounds) :5 Foreign exchange 86,89 80,35 98,14 77,377 Gold 2,64( 2,646 2,646 Loans and discounts 2^ 82 1,7£ 4,75 15,462 Sterling funds 24,794 26,05 20,143 Government loans and securities. 56,' 76^ 56,82 56^87 55* 213 Note circulation 27.44C 28,70 22,789 Other assets 29^43 27^70 27J30 36,153 Bank of Japan2 Note circulation 117,69 117,43 125,43 98,977 Bank of Java2 Deposits 129,76 131,58 114,89 88,105 Other liabilities 63,40 50,27 50,37 46,882 LETIN for March 1944, p. 295; 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. 3 Latest month for which report is available for this institution. 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 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. 405 APRIL 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank Central Bank 1943 (Figures as of last report (Figures as of last report date of month) Feb. Jan. Dec. Feb. date of month) Feb. Jan. Dec. Feb. Bank of Mexico (millions of pesos): Bank of Spain (millions of pesetas): (Sept.)3 Metallic reserve1 495 476 Gold 927 "Authorized" holdings of securi- Silver 626 ties, etc 1,379 1,334 867 Government loans and securities... 16,117 Bills and discounts 204 179 131 Other loans and discounts 3,074 Other assets 58 54 65 Other assets , 2,282 Note circulation 1,145 1,171 790 Note circulation 15,610 Demand liabilities 835 732 457 Deposits—Government 3,114 Other liabilities 155 140 127 Other 3,500 Netherlands Bank (millions of Other liabilities 802 guilders): Bank of Sweden (millions of kronor): (Nov.)3 Gold : 932 887 Gold 846 753 Silver (including subsidiary coin).. 4 Foreign asets (net) 609 554 Foreign bills 3,2U 1,943 Swedish Govt. securities and ad- Discounts 120 vances to National Debt Office5. 1,174 1,132 Loans 135 176 Other domestic bills and advances. 84 119 Other assets. 79 258 Other assets 866 802 Note circulation 3,478 3,163 Note circulation 2,085 1,916 Deposits—Government 102 Demand deposits—Government... 734 653 Other 638 "155 Other 136 211 Other liabilities 142 71 Other liabilities 625 579 Reserve Bank of New Zealand (thou- Swiss National Bank (millions of sands of pounds): francs): Gold 2,802 2,802 2,802 Gold 4,259 4,211 4,173 3,642 Sterling exchange reserve 35,830 33,616 31,262 Foreign exchange 76 75 r83 47 Ad ta v k an in c g e s s to State or State under- 41,318 41,314 34,217 L O o th a e n r s a a s n s d e t d s iscounts g188 6 116 r1 2 1 1 2 1 3 2 4 9 5 4 Investments 10,324 10,324 4,458 Note circulation 2,919 2,914 3,048 2,532 Other assets 2,875 3,444 2,393 Other sight liabilities 1,509 1,368 1,239 1,522 Note circulation 36,576 37,719 30,033 Other liabilities 291 274 Demand deposits 53,025 50,341 41,967 Central Bank of the Republic of Other liabilities 3,547 3,441 3,131 Turkey (thousands of pounds): Bank of Norway2 Gold 201,698 155,539 Bank of the Republic of Paraguay Foreign clearing accounts 95,271 89,866 (millions of pesos): Loans and discounts 721,349 734,483 Gold 173 Securities 193,019 193,752 Foreign exchange 2,498 Other assets 26,243 23,626 Loans and discounts .•-.•••• 110 Note circulation 805,626 702,587 Government loans and securities... 1,999 Deposits—Gold 79,358 79,358 Other assets 2,044 Other 166,739 239,814 Note circulation 2,599 Other liabilities 185,857 175,508 Demand deposits—Government.... 876 Bank of the Republic of Uruguay > Other 1,935| (thousands of pesos): Other liabilities 1,415 Issue department: (Oct.)3 Central Reserve Bank of Peru (thou- Gold and silver 90,197 90,797 sands of soles): Note cir<*ulation 124,571 114,733 Gold and foreign exchange 150,830 118,660 Banking department: Discounts 11,328 18,182 Gold and silver 88,612 55,414 Government loans 342,817 275,746 Notes and coin 24,520 34,995 Other assets 21,412 25,865 Advances to State and to gov- Note circulation 343,017 285,981 ernment bodies 28,675 40,602 Deposits 158,406 132,748 Other loans and discounts 93,086 105,898 Other liabilities 24,963 19,687 Other assets 186,027 138,286 Bank of Portugal (millions of es- Deposits....._ 173,166 140,944 cudos): :Sept.)3 Other liabilities 247,754 234,252 Gold4 1,398 1,394 Central Bank of Venezuela (thou- Other reserves (net) 3,836 3,362 sands of bolivares): Nonreserve exchange 7,365 6,491 Gold 307,208 273,314 214,604 Loans and discounts 233 218 Foreign exchange (net) 32,802 40,244 24,534 Government debt 1,025 1,025 Credits to national banks 26,370 27,870 31,230 Other assets 1,072 959 Other assets 12,106 10,721 7,785 Note circulation 6,128 5,291 Note circulation—Central Bank 250,808 246,015 191,648 Other sight liabilities V" 7,298 National banks. 25,211 26,258 35,497 Other liabilities 995 861 Deposits 96,591 73,748 44,869 National Bank of Rumania (millions Other liabilities 5,877 6,128 6,139 of lei): (Oct.)3 National Bank of the Kingdom of Gold 56,992 45,593 Yugoslavia2 Special exchange accounts 32,272 25,675 Bank for International Settlements Loans and discounts 53,215 37,813 (thousands of Swiss gold francs7): Special loans (in liquidation) 222 306 Gold in bars 137,876 137,144 73,581 Government debt 20,753 20,960 Cash on hand and on current ac- Other assets 58,955 51,770 count with banks 18,663 20,119 30,658 Note circulation 144,939 117,519 Sight funds at interest 6,622 6,977 15,306 Demand deposits 50,031 38,894 Rediscountable bills and accept- Other liabilities 27,439 25,704 ances (at cost) 105,864 106,274 146,255 South African Reserve Bank (thou- Time funds at interest 21,075 21,075 20,938 sands of pounds): Sundry bills and investments 195,450 194,544 195,044 Gold 86,908 85,625 63,533 Other assets 324 296 112 Foreign bills 14,254 13,353 5,619 Demand deposits (gold) 50,544 50,567 38,728 Other bills and loans 1,510 1,470 167 Short-term deposits (various cur- Other assets 94,500 92,689 83,022 rencies) : Note circulation 49,012 51,022 40,333 Central banks for own account 6,101 7,015 15,097 Deposits 142,885 136,631 106,448 Other ^ 2,739 2,932 2,660 Other liabilities 5,275 5,485 5,560 Long-term deposits: Special accounts 229,001 229,001 229,001 Other liabilities 197,489 196,915 196,408 r Revised. 1 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 2 For last available reports from the central banks of Norway (March 1940), and Yugoslavia (February 1941), see BULLETIN for March 1942, pp. 281-282. 3 Latest month for which report is available for this institution. 4 Valued at average cost beginning October 1940. 5 Includes small amount of non-Government bonds. 6 Figure not availabL 7 See BULLETIN for DIecember 1936, p. 1025. 4O6 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 el m - N la e e n r t d h - s - S d w en e- S l w a e n r i - t d z- b C an e k n t o r f a — l M R 3 a a 1 t r e . ef D fe a ct t i e ve ba C n e k n t o r f a — l M R 3 a a 1 t r e . ef D fe a c t ti e ve In effect Oct. 2, Oc 1 t 9 . 3 9 6 2 3 4 2 3 2 A A r lb g a e n n i t a ina M Ma a r r . . 21 1 , , 1 1 9 9 4 3 0 6 J J a a v p a an 3 3 .29 A Ja p n r . . 14 7 , , 1 1 9 9 3 3 7 6 Oct. 16 Belgium 2 2 Jan. 25, 1940 Latvia 5 Feb. 17, 1940 Oct. 20 2H Bohemia and Lithuania. .. 6 July 15, 1939 Nov. 26 "Hi" Moravia Oct. 1, 1940 Mexico June 4, 1942 Dec. 3 2 Jan. 28, 1937 4 June 15 6 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 3 May 13, 1940 May 10, 1938 4 Chile 3-43J Dec. 16, 1936 Peru 5 Aug. 1, 1940 May 13 Colombia July 18, 1933 Portugal.... Jan. 12, 1944 May 30 3 Sept. 28 3 Oct 27 Nov. 25 Denmark 4 Oct. 16, 1940 Rumania.... 3 Sept. 12, 1940 Jan. 4, 1939 2* 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 Dec. 3, 1934 Switzerland. Nov. 26, 1936 Aug. 24 4 Aug. 29 3 4 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 IK Mar. 1, 1942 dom 2 Oct. 26, 1939 Apr. 9 Hungary Oct. 22, 1940 U. S. S. R... 4 July 1, 1936 M M a a y r. 1 1 7 7, 1941 IK sy 2 Italy 3 6 May 18, 1936 Yugoslavia.. 5 Feb. 1, 1935 May 29 3 June 27 V/i NOTE.—Changes since Feb. 29: none. In effect Mar. 31, 1944 2 IK 2 3 OPEN-MARKET RATES [Per cent per annum] Switzer- United Kingdom Germany Netherlands Sweden land Month ac 3 B c a e m n p o t k a n e n t r h c s e s ' s 3 T r m e b a i o l s l n u s t r h y s Da m y- o t n o e - y day o a n B l l d o an e w p k a o e n s r c i s e t ' s d P i r s r i c a v o t a e u t n e t Da m y- o to ne -d y ay d P i r r s a i c v o te a u t n e t 1 M m f o o o n r n ey th m u L p o o n a to t n h s s 3 d P is r r i c a v o t a e u t n e t 1929—Jan 4.32 4.29 3.41 5.80 5.13 4.20 4.46 3.28 1930—Jan 4.07 4.04 3.62 6.33 6.03 2.99 2.85 2.97 1931—Jan 2.25 2.24 1.74 4.75 4.93 1.38 1.55 1.17 1932—Jan 5.52 4.94 4.20 6.94 7.86 2.24 2.37 1.68 1933—Jan .87 .76 .73 3.88 4.98 .37 1.00 1.50 1934—Jan 1.01 .90 .86 3.88 4.74 .50 1.00 1.50 1935—Jan .36 .26 .66 3.51 3.82 .59 1.00 1.50 1936—Jan .56 .53 .75 3.00 2.81 2.21 2.29 2.48 1937—Jan .56 .54 .75 3.00 2.54 .52 1.01 .25 1938—Jan .54 .51 .75 2.88 2.98 .13 .50 .00 1939—Jan .55 .53 .75 2.88 2.46 .13 .50 .00 1940—Jan .10 1.09 1.02 2.50 2.03 1.85 2.64 .25 1941—Jan .03 1.01 1.00 2.25 1.73 2.25 2.75 .25 1942—Jan .03 1.01 1.04 2.13 1.92 .25 1943—Jan .03 1.01 1.08 2.13 1.84 .25 1943—Feb .03 1.00 1.10 2.13 1.82 .25 Mar .03 1.00 .90 2.13 1.94 .25 Apr .03 1.01 1.03 2.13 1.81 .25 May .03 1.00 1.07 2.13 1.91 .25 June .03 1.00 1.06 2.13 1.90 .25 July .03 1.00 1.04 2.13 1.86 .25 Aug .03 1.00 1.11 2.13 1.89 .25 Sept .03 1.00 1.07 2.13 1.93 .25 Oct .03 1.00 1.00 2.13 .25 Nov .03 1.00 1.00 2.13 .25 Dec .03 1.01 1.00 1944—Jan 1.03 1.01 1.08 N0TE _For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172, pp. 656-666, and for description of statistics see pp. 571-572 in same publication. 407 APRIL 1944 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 i o g n n g b s ) a o n f ks. re C se a r s v h es M c n a o s l o n h l t e o i a y c r n e t d at B co il u ls n d te i d s- T r d e r e e c a p e s o i u p s r t i y s t 2 - Securities c L u o s a to n m s e t r o s 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 bi t l h i 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 ,161 253 1942—December. 390 142 198 896 1,120 794 325 3,629 2,429 ,200 236 1943—February.. 373 154 148 933 1,109 775 272 3,525 2,324 ,201 237 March 377 139 173 884 1,132 789 283 3,542 2,362 ,180 235 April 375 142 128 964 1,137 767 268 3,545 2,350 ,195 235 May 377 158 154 924 1,150 769 268 3,566 2,380 ,185 234 June 387 165 236 859 1,159 758 305 3,630 2,432 ,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 1944—January... 416 157 138 1,305 1,149 3,962 2,650 1,312 245 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 la il r E l s io n ) n d s of Cash Security O lo t a h n e s r d a a u n b e d r o f n r a o e d m t Securities O as t s h e e t r s ci N r ti c o o u t n e la- excluding interbank deposits li O ab th il e it r ies reserves loans and dis- foreign Total Demand Time counts banks 1936—December. 240 114 791 161 1,384 554 103 2,303 755 1L,548 837 1937—December. 255 76 862 102 1,411 575 96 2,335 752 ,583 850 1938—December. 263 65 940 166 1,463 535 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 L,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 1,673 1,049 1943—February.. 357 29 1,044 239 2,380 589 57 3,533 1,738 1,796 1,048 March 377 24 1,003 223 2,689 599 54 3,816 1,927 ,890 1,044 April..... 400 25 971 218 2,818 660 52 3,984 2,058 1,926 1,056 May 442 33 1,224 212 2,728 632 50 4,152 2,419 ,732 1,068 June 421 42 1,214 204 2,687 665 49 4,101 2,319 1,782 1,084 July 406 36 1,194 185 2,652 626 48 3,959 2,133 ,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 ,961 1,115 November. 496 44 1,259 233 2,938 669 43 4,454 2,572 L,883 1,141 December. 471 48 1,156 250 2,940 744 42 4,395 2,447 1,948 1,172 1944—January... 491 53 1,085 229 2,950 674 41 4,273 2,247 2,026 1,167 France Assets Liabilities (4 larg f e ig b u a r o e n f s k s i f n . r a m n E c i n s ll ) 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 . * 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. I Represent six-month loans to the Treasury at 1H per cent, callable by the banks in emergency at a discount equal to the Bank of England rate. • 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 back figures and figures on German commercial banks, see Banking and Monetary Statistics, Table 168, pp. 648-655, and for description of statistics see pp. 566-571 in same publication. 408 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. tn cents per unit of foreign currency] Year or month Ar ( g p e e n so ti ) na A ( u p s o t u ra n l d i ) a g B iu e m l- (c B ru r z a e z ir il o1) B I r n it d i i s a h g B a u r i i - a Canada (dollar) Chile (peso) C (y h u in an a Official S E p x e p c o ia rt l Official Free (belga) Official Free (rupee) (lev) Official Free Official Export S h h a a i n ) g- 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 24.666o 29.606 1938 32.597 389.55 16.894 5.8438 36.592 1.2424 99.419 5.1716 4.0000 21.360 1 1 1 9 9 9 3 4 4 9 0 1 3 2 2 0 9 9 . . . 8 7 7 5 7 7 0 3 3 223!704' 2 3 3 2 2 2 2 . . 8 8 0 0 3 3 32 5 0 3 5 1 . . 3 1 2 8 6 7 21 1 6 6 . .8 8 5 8 2 0 6 6 6 . . 0 0 0 0 5 5 2 6 7 7 2 5 5 5 5 ^ . . 0 0 1 2 7 2 1 0 4 4 5 8' 3 3 3 3 0 0 . . . 2 1 1 7 5 3 9 5 7 2 9 9 0 0 . . 9 9 0 0 9 9 9 8 8 6 5 7 . . . 0 1 3 1 4 4 8 1 5 25 5 5 . . . 1 1 1 7 6 6 2 6 6 7 8 4 24 4 4 . . . 0 0 0 0 0 0 0 0 0 0 0 0 1 2 6 5 1 . . . 0 3 8 0 1 7 0 3 9 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—Mar. 29.773 23.704 322.80 6.0586 5.1275 30.122 90.909 89.923 Apr 29.773 24.332 322.80 6.0586 5.1275 30.122 90.909 90.199 May ' 29.773 25.188 322.80 6.0587 5.1276 30.123 90.909 90.137 June 29.773 25.188 322.80 6.0586 5.1275 30.122 90.909 90.099 July 29.773 25.188 322.80 6.0586 5.1275 30.122 90.909 90.585 Aug 29.773 25.188 322.80 6.0586 5.1275 30.122 90.909 90.638 Sept 29.773 25.147 322.80 6.0586 5.1275 30.122 90.909 90.150 Oct 29.773 25.125 322.80 6.0586 5.1275 30.122 90.909 89.426 Nov 29.773 25.125 322.80 6.0586 5.1275 30.122 90.909 89.422 Dec... 29.773 25.125 322.80 6.0586 5.1275 30.122 90.909 89.404 1944—Jan... 29.773 25.125 322.80 6.0586 5.1275 30.122 90.909 89.554 Feb 29.773 25.125 322.80 6.0586 5.1275 30.122 90.909 89.586 Year or month C ( o p b l e i o s a m o) -C s ( l k z o o e v r c u a h n k o a ia - ) ( m D kr e a o n r n - k e) ( F l m k a i a a n n r ) d - k- F ( r fr a a n nc c ) e ( m m G re a a e i r c n r k h - y ) s- G (d r m r e a a e c ) c h e - ( H K do o o l n l n a g g r) ( H p g e a u n r n g y - o) I (l t i a r l a y ) J ( a y p en an ) M (p e e x s i o c ) o e N ( r g l e e u a r t i n ) h ld d - - s (p N Z l o a e e u n w a n d - d) 1936 57.083 4.0078 22.189 2.1903 6.1141 40.297 .9289 31.711 29.558 7.2916 29.022 27.760 64.481 398.92 1937 56.726 3.4930 22.069 2.1811 4.0460 40.204 .9055 30.694 19.779 5.2607 28.791 27.750 55.045 396.91 1938 55.953 3.4674 21.825 2.1567 2.8781 40.164 .8958 30.457 19.727 5.2605 28.451 22.122 55.009 392.35 1939 57.061 23.4252 20.346 1.9948 2.5103 40.061 .8153 27.454 19.238 5.1959 25.963 19.303 53.335 354.82 1940 57.085 219.308 1.8710 22.0827 40.021 2.6715 22.958 18.475 5.0407 23.436 18.546 253.128 306.38 1941 57.004 22.0101 239.968 224.592 219.770 25.0703 223.439 20.538 322.54 1942 57.052 20.569 322.78 1943 57.265 20.577 324.20 1943—Mar. .. . 57.233 20 573 324.42 Apr 57.280 20.574 324.42 May 57.280 20.580 324.42 j une 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 Feb 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 e t e o r t l n a t l l a i t e t s r - s ) S ( w kr e o d n e a n ) S e (f r w r l a a i n t n c z d ) - Offici ( a p l ound F ) ree t C ro o l n le - ( d peso t N ) r c o o o l n l n e - - d Y ( s d u l i a n g v a o i r - a ) 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 2403.50 383.00 65.830 37.601 2.2463 1941 24.0023 398.00 29.130 47.133 223.829 223.210 403.50 403.18 65.830 43.380 22.2397 1942 398.00 246.919 403.50 403.50 65.830 52.723 1943 398.00 403.50 2403.50 65.830 52.855 1943—Mar. 398.00 403.50 65.830 52.805 Apr 398 00 403.50 65.830 52.749 May 398.00 403.50 65.830 52.710 June 398 00 403.50 65.830 52.829 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 Feb 398.00 403.50 65.830 52.945 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.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics see pp. 572-573 in same publication, and for further information concerning developments affecting the averages during 1942 and 1943 see BULLETIN for February 1943, p. 201, and February 1944, p. 209. There are no developments to record for 1944. APRIL 1944 409 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] United United Nether- Switzer- Year or month States Canada Kingdom France Germany Italy ( J O a ct p o a b n er ( l 19 a 2 n 6 d - s 30 Sweden (Ju l l a y n 1 d 914 (1926=100) (1926=100) (1930=100) (1913 = 100) (1913 = 100) (1928=100) (1900=100) = 100) (1935 = 100) = 100) 1926. 100 100 U24 695 134 237 106 U26 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 99 278 115 111 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—February 103 98 162 116 P365 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 *>381 195 218 September 103 101 163 116 *>382 195 220 October 103 102 163 195 220 November 103 102 163 116 195 220 December 103 103 163 117 195 1944—January 103 103 164 117 195 February 104 * Preliminary. 1 Approximate figure, derived from old index (1913 = 100). 2 Average based on figures for 8 months; no data available since August 1939, when figure was 674. 3 Average based on figures for 5 months; no data available since May 1940, when figure was 89. Sources— See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Germany (1926=100) (1926=100) (1930=100) (1913=100) Year or month pr F o a d r u m cts Foods co O m it t i m h e e s o r d- pr F o a d r u m cts R f m a g p a c o w a a t o r n u t d a u r ly s e n - d d F f u m c a g l h c o l a i y t o e n u f d u r a l s e y - n d d Foods pr I o n tr d d i u u a c l s- ts p A ro g tu r d i r u c a c u l t l s - a p t f n r r I i i o d n n a i d d l s s u u e r h a c m s 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 i c s n - ts - 1926 100 100 100 100 100 129 130 1932 48 61 70 55 70 85 91 89 118 1933 51 61 71 51 57 70 83 87 87 88 113 1934 65 71 78 59 64 73 85 90 96 91 116 1935 79 84 78 64 66 73 87 90 102 92 119 1936 81 82 80 69 71 74 92 96 105 94 121 1937 86 86 85 87 84 81 102 112 105 96 125 1938 69 74 82 74 73 * 78 97 104 106 94 126 1939 65 70 81 64 67 75 97 106 108 95 126 1940 68 71 83 67 75 82 133 138 111 99 129 1941 82 83 89 71 82 89 146 156 112 100 133 1942 106 100 96 82 90 92 158 160 115 102 134 1943 123 107 97 96 99 93 160 164 1943—February.. 119 106 96 89 94 93 160 163 118 103 134 March 123 107 97 91 96 93 160 163 118 103 135 April 124 108 97 92 97 93 161 163 119 103 134 May 126 111 97 93 98 93 162 163 119 102 134 June 126 110 97 94 99 93 161 164 119 102 135 July 125 107 97 96 100 93 164 164 121 102 135 August. . . 124 106 97 98 101 93 158 164 121 102 136 September 123 105 97 98 101 94 159 165 119 102 136 October... 122 105 97 104 103 94 157 165 November. 121 106 97 104 104 94 157 165 119 103 136 December. 122 106 98 105 104 94 158 166 119 103 136 1944—January... 122 105 98 104 104 94 159 166 119 103 136 February.. 123 105 98 Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 4IO FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] Year or month U ( S 1 n t 9 i a 3 1 t t 5 0 e - e 0 3 d s ) 9 ( C 1 = a 9 a 3 1 d n 5 0 a - - 0 3 ) 9 U K = d ( n 1 J i o 9 1 i n u 1 m 0 t l g 0 e 4 y - d ) (1 m G 9 a 1 1 e 3 0 n r - 0 - y 1 ) 4 N (1 l e a 9 t 1 n 1 h 1 0 d e - 0 s 1 r ) 3 ,S e = r w ( 1 J l 1 9 a u i 0 1 t n n 0 z 4 e d ) - Year or month U ( S 1 = n t 9 1 a 3 i 0 t 5 t 0 e e -3 ) d s 9 (1 = C a 9 a 1 3 d 0 n 5 a 0 - -3 ) 9 U K = d ( n 1 J i o 1 9 i u n 1 0 m t l g e 0 4 y d - ) ( m 1 = G 9 a 1 1 e 0 3 n r 0 - y - 1 ) 4 N (1 l = e a 9 t 1 1 n h 0 1 d 0 e - s 1 ) r 3 , S e = ( r w 1 J l 1 9 u a i 0 1 t n n 0 4 z e d ) - 1933 84 85 120 113 120 117 1933 92 94 140 118 139 131 1934 94 93 122 118 124 115 1934 96 96 141 121 140 129 1935 100 95 125 120 118 114 1935 98 96 143 123 136 128 1936 101 98 130 122 120 120 1936 99 98 147 125 *132 130 1937 105 103 139 122 127 130 1937 103 101 154 125 137 137 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—February . 134 127 164 132 210 1943—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 2*205 1944—January... 136 132 168 1944—January 124 119 199 February.. 135 February... 124 ^200 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 e v e e ) e d s 1 d ( K 1 D 9 U i 2 e n n c 1 g e i = t d m e o 1 d b 0 m e 0 r ) (1 F 9 r 1 a 3 n = c 1 e 00) G ( e a p r v r m e ic ra 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 0 5 t t 0 e - e 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 8 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 6120.6 114.6 8 95.0 1941 117.8 123.8 *>98.7 103.0 80.0 72.5 9289.7 136.8 129.0 1942 118.3 127.3 6100.1 6103.3 69.4 75.3 p476 142.1 131.5 1943 120.3 127.8 91.9 84.5 1943—February 120.0 128.9 84.8 82.2 145.3 r151.4 March 119.8 128.8 88.2 82.6 145.1 r150.0 April 119.9 129.0 91.3 83.7 144.9 r151.8 May 120.1 127.1 95.2 84.3 145.1 r152.5 June 120.5 127.0 96.7 84.1 145.1 r152.4 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 p152.1 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 • 145.1 1944—January 120.5 127.4 94.6 86.2 February 120.4 94.4 v Preliminary. r Revised. 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. Thetyearly average for 1937 is the same for both series. Source.—Standard and Poor's Corporation; for compilations of back figures OH prices of both bonds and common stocks in the United States see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479. 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. 411 APRIL 1944 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 LEGAL DIVISION CARL E. PARRY, Director WALTER WYATT, General Counsel DIVISION OF PERSONNEL ADMINISTRA- J. P. DREIBELBIS, General Attorney TION GEORGE B. VEST, Assistant General Attorney ROBERT F. LEONARD, Director DIVISION OF RESEARCH AND STATISTICS OFFICE OF ADMINISTRATOR FOR WAR E. A. GOLDENWEISER, Director LOANS COMMITTEE WOODLIEF THOMAS, Assistant Director EDWARD L. SMEAD, Administrator GARDNER L. BOOTHE, II, Assistant Administrator DIVISION OF EXAMINATIONS LEO H. PAULGER, Director FISCAL AGENT C. E. CAGLE, Assistant Director O. E. FOULK, Fiscal Agent WILLIAM B. POLLARD, Assistant Director JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL FEDERAL OPEN MARKET COMMITTEE ADVISORY COUNCIL MARRINER S. ECCLES, Chairman CHAS. E. SPENCER, JR., BOSTON DISTRICT ALLAN SPROUL, Vice Chairman Vice President CHESTER C. DAVIS JOHN C. TRAPHAGEN, NEW YORK DISTRICT ERNEST G. DRAPER R. M. EVANS WILLIAM F. KURTZ^ PHILADELPHIA DISTRICT HUGH LEACH JOHN K. MCKEE B. G. HUNTINGTON, CLEVELAND DISTRICT 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. GIFFORD, 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 412. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman1 President Vice Presidents Bank of Deputy Chairman First Vice President Boston Albert M. Creighton W. W. Paddock K. K. Carrick J. C. Hunter2 Henry S#. Dennison William Willctt E. G. Hult Carl B. Pitman New York. Beardsley Ruml Allan Sproul R. M. Gidney A. Phelan William I. Myers L. R. Rounds J. W. Jones J. M. Rice L. W. Knoke Robert G. Rouse Walter S. Logan John H. Williams V. Willis Philadelphia Thomas B. McCabc Alfred H. Williams W. J. Davis C. A. Mcllhcnny* Warren F. Whitticr Frank J. Drinnen E. C. Hill C. A. Sienkicwicz Cleveland G. C. Brainard M. J. Fleming Wm. H. Fletcher B. J. Lazar R. E. Klagcs R. B. Hays J. W. Kossin K. H. MacKcnzie A. H. Laning3 W. F. Taylor Richmond Robert Lassitcr Hugh Leach J. G. Fry R. W. Mercer W. G. Wysor J. S. Waldcn, Jr. Geo. H. Kcescc2 Edw. A. Wayne Atlanta Frank H. Nccly 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. Lcland C. S. Young Neil B. Dawes John K. Langum W. W. Waymack H. P. Preston J. H. Dillard O. J. Netterstrom Charles B. Dunn A. L. Olson Alfred T. Sihler St. Louis Wm. T. Nardin Chester C. Davis O. M. Attebcry C. M. Stewart Douglas W. Brooks F. Guy Hitt Henry H. Edmiston W. C. Coffcy J. N. Peyton A. W. Mills2 Sigurd Ueland Minneapolis Roger B. Shcpard O. S. Powell Otis R. Preston A. R. Upgrcn E. W. Swanson Harry I. Zicmcr 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. Woolley3 Jay Taylor R. R. Gilbert E. B. Austin W. O. Ford Dallas J. R. Partcn E. B. Stroud R. B. Coleman W. D. Gentry3 W. J. Evans L. G. Pondrom San Francisco Henry F. Grady Wm. A. Day C. E. Earhart H. N. Mangels2 Harry R. 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. Wiltse* Minneapolis.... Helena R. E. Towle* Cleveland Cincinnati B. J. Lazar5 Pittsburgh J. W. Kossin5 Kansas City Denver Jos. E. Olson* Richmond Baltimore W. R. Milford* Oklahoma City G. H. Pipkin5 Charlotte W. T. Clements* Omaha L. H. Earhart5 Atlanta Birmingham P. L. T. Beavers* Jacksonville Geo. S. Vardeman, Jr.* Dallas El Paso J. L. Hermann6 Nashville Joel B. Fort, Jr.* Houston E. B. Austin* New Orleans E. P. Paris* San Antonio L. G. Pondrom5 Chicago Detroit E. C. Harris* San Francisco... Los Angeles W. N. Ambrose* St. Louis Little Rock A. F. Bailey* Portland D. L. Davis* Louisville C. A. Schacht* Salt Lake City W. L. Partner* Memphis W. H. Glasgow* Seattle C. R. Shaw* 1 Also Federal Reserve Agent. 2 Cashier. 3 Also Cashier. * Managing Director. 5 Vice President. 6 Manager. APRIL 1944 4*3 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 ss=e 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 BOARO OF GOVERNORS OF THL FEDERAL RESERVE SrSTEM S Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis