Federal Reserve Bulletin, 1944-05

FEDERAL RESERVE BULLETIN MAY 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 PAGE Review of the Month—Manpower for War. . 415-4x3 Jobs after the War, by E. A. Goldenweiser and Everett E. Hagen. . 4x4-431 Changes in Ownership of Bank Deposits. 43Z-435 Current Events. 435 Postwar International Monetary Stabilization. . 436-441 Revisions of Series of Yields and Prices of Government Securities. . 44Z-446 Member Bank Earnings in 1943. . 447-448 National Summary of Business Conditions 449-450 Financial, Industrial, Commercial Statistics, U. S. (See p. 451 for list of tables)... 453-508 International Financial Statistics (See p, 509 for list of tables) 510-5x1 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 52.2. Senior Officers of Federal Reserve Banks; Managing Officers of Branches... 5x3 Map of Federal Reserve Districts 5x4 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 May 1P44 NUMBER 5 MANPOWER FOR WAR Demands by the armed forces for addi- expansion of 1941 occurred in an atmosphere tional physically fit young men from among of peacetime boom psychology described by the relatively small number remaining in the phrase "business as usual." This psyindustry and agriculture has intensified chology changed with the attack on Pearl interest in manpower policies and their Harbor and there was a large-scale converrelation to the functioning of the economy. sion of existing plant, equipment, and man- The current withdrawal of occupationally- power to war purposes in 1942-. During deferred young men for armed service is the these two years, unemployment declined latest in a long series of steps which have sharply as one bottleneck after another was been taken in the manpower field. These broken in the production and flow of masteps have achieved the mobilization of an terials and in the organization and training armed strength of nearly 11 million, while of workers. Women, students, older workproduction for war was being pushed to ers, and others were attracted into the labor unprecedented heights, and production for market in unusual numbers; and millions of civilian consumption was being maintained people pulled up stakes and migrated to at a high level. These things have not booming war centers. been accomplished without great diffi- In 1943 the situation was somewhat culties; and many problems remain before changed, especially after midyear. The victory is won. The country, however, drive for over-all war production was being has been able to meet the situation without achieved and increasing attention was being hardship for civilians generally, and with- devoted to balancing the structure of proout serious inflation. duction. The change in emphasis was A startling change occurred in the man- made possible by the fact that the new power problem between 1940, when it was plants and equipment were largely comstill one of unemployment, and 1941 and pleted, and the channels through which 1942., when rapid expansion of war produc- the materials of war flowed to depots tion was rapidly absorbing all the available scattered around the world were largely labor. More of everything was needed— filled. By the end of the year, problems of and still more. This was true of manpower reconversion to civilian production were as well as of production of raw materials being given serious consideration by those and finished products, of construction of concerned with national policy. plants and equipment, of cantonments and A declining trend of employment began shore establishments; it was true of govern- in the summer of 1943 and has continued ment and of industry and agriculture. The in 1944 even though over-all war production MAY 1944 415 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH requirements for this year are above the CIVILIAN MANPOWER CHANGES SINCE 1940 levels reached at the end of 1943. In 1944 At the end of March 1940, when the better utilization of manpower, rather than population census was taken, almost 8 its expansion, will become increasingly the million workers were unemployed or on key to success of the whole program. emergency work projects and 45 million While increases in manpower required for were employed in civilian activities. Of the armed forces and war industries this the employed, 8.5 million were in agriyear are much smaller than in either of the culture and the remainder were in nontwo years preceding, the problems of agricultural activities of all kinds. Only a meeting these required increases may be few hundred thousand men were in the more difficult. The slack in the labor armed forces. The civilian labor force, emreserves has been taken up and each new ployed and unemployed, totaled 53 million, change in manpower schedules requires a of whom 13 million were women. Average new fitting of the parts into the whole with hours of work were low, less than 38 a week compensating adjustments all down the in all manufacturing taken as a whole. line. In addition, cut-backs in production About 10.4 million employees were engaged of some war items are already creating local in all manufacturing industries, and an adpools of unemployment and increasing the ditional 5.1 million were at work in mining, difficulty of maintaining in war jobs and construction, transportation, and public at top efficiency workers, some of whom utilities. The remaining ui million nonwould like to shift to jobs offering greater agricultural workers were engaged in prepeacetime promise or, in the case of some dominantly service activities—trade, govmarried women, to withdraw completely ernment, finance, service establishments, from the labor force. self-employment, domestic service, and mis- The table below shows by broad catecellaneous fields. For the year 1940, nagories the changes which have occurred tional income was at what now seems a since 1940 in the distribution of the labor relatively low figure of 77.6 billion dollars, force. The figures are for March of each of which 48.6 billions represented wages year, and hence do not show the large and salaries. seasonal movements from winter to sum- Since 1940 phenomenal changes have mer in the civilian labor force and in occurred not only in the numbers employed employment, particularly agricultural emand unemployed, but in distribution of ployment. employment among industry groups and DISTRIBUTION OF THE LABOR FORCE, 1940-1944 between the sexes. From mid-1940, when [Millions of persons] the national defense program began, to the 1940 1941 1942 1943 1944 March March March March March spring of 1943 employment increased and unemployment decreased almost without Total labor force 53.3 53.3 56.1 60.1 62.2 Armed forces 0.3 1.3 2.7 7.8 10.8 interruption. By the spring of 1943, un- Civilian labor force. 53.0 52.0 53.4 52.3 51.4 employment was down to a total of 1 mil- Unemployment 8.0 6.0 3.2 1.1 0.9 Employment 45.0 46.0 50.2 51.2 50.5 lion, a level heretofore thought impossible Agricultural 8.5 7.6 7.7 7.2 6.9 to achieve. Agricultural employment was Nonagricultural .. 36.5 38.4 42.5 44.0 43.6 1.3 million below that three years earlier SOURCE.—Revised estimates of Bureau of the Census adjusted to include Federal Reserve estimates of the armed forces based on un- but nonagricultural employment had inofficial interpolations from official figures for scattered other dates. See Bureau of the Census, Monthly Report on the Labor Force, No. 22, creased by 7.5 million. Average hours Apr. 26,1944. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH worked per week had increased substan- 400,000 below a year ago. Employment in tially and in manufacturing averaged 45, the metal, metal working, chemical, and which with allowance for absenteeism and rubber manufacturing groups has been depart-time work indicates that average clining since its peak in November 1943; scheduled hours were around 47. The num- although in March 1944 it was still someber of men in the civilian labor force had what larger than a year earlier. In conbeen reduced by 4 million as withdrawals struction the number employed was down for the armed forces more than offset the to 700,000, compared with 1.5 million a year number of new entrants, but the number of ago and a peak of x.6 million reached in the women had increased by 3.3 million. fall of 1941. In mining, employment was About 6.3 million workers had been added 7 per cent below March 1943, continuing to the 10.4 million previously working in the steady reduction started at the end of manufacturing industries with nearly all of the increase concentrated in the metal, metal EMPLOYEES IN NONAGR1CULTURAL ESTABLISHMENTS working, rubber, and chemical industries 20 20 which were producing munitions. Employ- MANUFACTURING ment in mining was about the same in the spring of 1943 as in 1940, while that in 15 15 transportation and public utilities was substantially larger. In construction, employ- 10 10 ment was moderately above March 1940 but was greatly below that in the two intervening years. Civilian employment in Govern- 5 5 AND PUBLIC UTILITIES ment was 1.8 million higher, reflecting .__ -* 1 " %_^-~ ^C l^ O 1 NSTR . UCTION mostly increase in those at work in the 0 | """ MINING —— 0 War and Navy Departments and in Govern- 10 10 ment arsenals, shipyards, and other direct Tn/inr production activities. Employment in trade ~ ^ _ -"—"""GOVER'NMETTT" ' -J-J^.-^*aJ°=-^- {EXCLUDING ARMED FORCES ) 5 was somewhat higher than in 1940, and in FINANCE, SERVICES AND MISCELLANEOUS finance, service, and miscellaneous industries, there was a small decline. Self- 0 0 1940 194! 1942 1943 1944 employment and domestic service employ- SOURCE—Bureau of Labor Statistics, Department of Labor. ment were substantially lower than three years earlier. 1941. In coal mines the loss of manpower, Since September 1943, employment has even with the substantially longer hours of fallen below comparable months of the work this year, is threatening to prevent preceding year. The tendency to level out by an important margin the attainment of or decline has been especially pronounced scheduled goals for coal production. In since the end of last year when declines transportation and public utilities, embegan to appear even in many war in-ployment has been fairly steady at a level dustries in which production was still about 100,000 or 5 per cent above a year ago rising. In March 1944, total employment but railroads are faced with serious diffiwas 700,000 less than in March 1943 with culties in recruiting the workers required the decline shared by both the agricul- for replacements and expansion this year. tural and nonagricultural segments. Em- Government employment has leveled off in ployment in manufacturing was almost recent months. Trade is slightly below, MAY 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH while finance, service establishments, and cotton textiles. Heavy seasonal requiremiscellaneous industries are a little above a ments in farming and in canning and food year ago. Average hours of work in manu- processing will also be difficult to meet. facturing are somewhat higher than a Although the current shortages are uryear ago. gent, the Chairman of the War Manpower National income reached a record level Commission stated recently before the of 147.9 billion dollars in 1943, a gain of Special Committee on Draft Deferment of 7.1. per cent over i94x and 90 per cent above the House Committee on Military Affairs 1940; the total wage and salary bill reached that, "labor shortages are causing less 102. billions in 1943, more than double the damage to production now than at any time level of 1940. Increases in numbers em- since the early months of 1943." In part, ployed and in hours of work account for a this favorable aspect of the situation is large portion of the rise in pay rolls since attributable to increased efficiency. Labor 1940, although shifts to high-wage war turnover, while high in terms of prewar industries and occupations, overtime pay- standards, has been reduced somewhat in ments and other premiums, and increases in most war industries. Labor hoarding, bad wage rates are also important factors. scheduling, poor personnel policies, dis- Larger Government pay rolls, due primarily criminatory hiring practices, and other to the rapid expansion of the armed forces, restrictions on efficient manpower utilizaaccounted for almost two-fifths of the in- tion have all been materially reduced. crease in total wages and salaries between Additional equipment and more effective 194Z and 1943. utilization of existing equipment have also been contributory factors. In some CURRENT SHORTAGES lines output per man-hour has shown Although the major war programs are on striking increases. For example, in July schedule, critical manpower shortages are 1939, it required 2.x.8 man-hours to produce still limiting production of some key war a Garand rifle. By July 1941, only 12..1. products. War programs most seriously man-hours were required and by January affected by manpower shortages include 1944 this had been cut to 5.9 man-hours. radar, high-octane gasoline, synthetic rub- The cost of a heavy bomber was reduced from ber, landing vessels, heavy trucks, anti- $139,000 in February 1942. to $139,000 in friction bearings, mica mining, fractional December 1943, owing largely to greater horsepower motors, and foundries and forge productive efficiency. Studies of Governshops. The aggregate number of additional ment-owned and contractor-operated plants workers required in these industries is not show increases in productivity during 1943 large in terms of the numbers already en- of over 33 per cent in shell and bombgaged in war industries, but many of these loading industry; of 45 per cent since April lines need manpower with specialized train- 1943 in the TNT industry. ing or experience often found only among young men. In terms of the number of MOBILIZATION OF LABOR RESERVES workers needed for expansion or for replace- The entrance into the military and civilment even to maintain current schedules, the ian labor force of nearly 6.5 million workers most serious situations are in such industries who under peacetime conditions would reas railroads, coal mines, aircraft, shipbuild- main outside the regular labor force is one ing and repair, lumber and logging, and of the major achievements of manpower 418 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH mobilization. Except for students under ferment from service were dependency and 18 and men over 65, practically all men able parenthood. In November 194X, the Tydto work are either in the civilian labor force ings Amendment to the Selective Training or the armed forces. In December 1943 the and Service Act was passed requiring the total labor force included nearly 3.5 million occupational deferment of all men necessary men who are usually outside the labor to and regularly engaged in essential agriculmarket. As might be expected, more than ture, and for whom no suitable replacement two-fifths of these "extra" male entrants can be obtained, regardless of dependency have come from among those under xo years status. As the supply of single and childof age. Less than 10 per cent have come less married men declined and the requirefrom among the group 65 and over. More- ments of war production increased, increasover, about 3 million more women were in ing emphasis was given to occupational the labor force than would be working or essentiality in granting deferments outside seeking jobs in normal times. A surpris- of agriculture. In order to encourage men ingly large number of them are in the age to shift into essential industries, the War group 45 and over—about 700,000—while Manpower Commission established early in 1 million are under xo. 1943 a list of nondeferable occupations and industries from which pre-Pearl Harbor GROWTH OF THE ARMED FORCES fathers could be drafted contrary to the In early 1940, less than half a million then general regulation against drafting men were in the armed forces and even at fathers. The nondeferable list was abolthe time of Pearl Harbor hardly more than ished by law toward the end of 1943. x million men were in service. Since then, The supply of nonfathers, except in key both the Army and the Navy have ex- jobs in agriculture and industry, was virtupanded at unprecedented rates. By early ally exhausted by the fall of 1943 and parent- April 1944 the Army had reached its goal hood was largely eliminated as a basis for of 7.7 million and the Navy was about deferment. Since that time, the 6,500 un- 400,000 from its goal of 3.6 million sched- paid Selective Service local boards, acutely uled to be reached in September 1944. At conscious of the social problems occasioned the beginning of 1944, about one-third of by drafting fathers, have had difficulty in the Army wTas outside the country and by meeting their quotas. The goal for the the end of this year, it is expected that this Army, originally set at 8.x million, was proportion will be doubled. Over 1 mil- reduced to 7.7 million, but even the lower lion men have already been discharged from figure was not reached by December 1943 the armed forces because of normal attri- as scheduled. tion, over-age, disabilities, and battle casu- In amending the Selective Training and alties, and currently the number being Service Act in December 1943, Congress discharged is at a rate of 50,000 to 60,000 called for the review of physical, mental, a month. and moral standards established for armed The total in the armed forces has been ob- service as a possible means of minimizing tained primarily from among the xx.x mil- the number of pre-Pearl Harbor fathers to lion men 18 through 37 years of age subject to be drafted. A commission of outstanding registration and induction under the Selec- medical authorities was appointed by the tive Training and Service Act. Until the President to re-examine the standards and to end of 194X5 the major criteria governing de- recommend changes which might be made MAY 1944 419 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH without impairing efficiency of the services. War Manpower Commission established an The Commission reached the general con- Inter-Agency Committee on Draft Deferclusion that no further lowering of stand- ments to determine which war programs are ards for general service is advisable and that so critical as to warrant exceptional treatthe number of additional civilians the Army ment. The Inter-Agency Committee is can absorb for limited service is small. composed of representatives of the main With training and headquarters establish- procurement and other Government agenments already staffed and men moving over- cies having jurisdiction over particular seas in increasing numbers, the needs for programs. In early April, the Committee limited service men can be met largely by issued a list of activities in which deferment men already in service who have become of some physically fit men under 2.6 is to be unfit for general service but who are able permitted. Each individual deferment is to render limited service. further subject to the recommendation of Unable to obtain any large numbers for the State Selective Service Director and the armed forces from the physically-dis- usually must carry the endorsement of the qualified and limited-service groups, it has Government agency responsible for that been necessary to re-examine other sources activity. The list is strictly limited and of manpower. The basic need is for young includes only those men engaged in prophysically vigorous men for use as replace- duction or service of end products or comments in the Army Ground Forces and for ponents so critical that output is insufficient sea service in the Navy. The Army itself to supply immediate war objectives, plus has made several important internal adjust- restricted classifications of professional, ments designed to fill this need. The Air technical, and scientific students and in- Forces, which comprise about one-third of ternes and a few others. Outside of the the total Army personnel, have released for Merchant Marine and the Army Transporassignment to other branches 36,000 of their tation Corps most of the men to be detrainees. Reassignment, largely to the ferred are in war industries, such as elec- Ground Forces, of 110,000 men in the Army tronics, synthetic rubber, and high-octane Specialist Training Program has been or- gasoline, in which the technology is so dered. This leaves in the program in col- new that few older men are qualified for the leges only 35,000 men, principally those key positions. taking advanced courses in medicine, den- Increased pressure is also being exerted tistry, and engineering. on agriculture to release some of its younger men even at the expense of some loss of food REVIEW OF DEFERMENTS production. Selective Service has withdrawn the war unit plan for measuring On February 2.6, the President sent a farm activity and has ordered review of memorandum to Selective Service calling classifications of those deferred in agriculfor prompt and searching review of all ture. For men under x6, the requirements occupational deferments and particularly of the Tydings Amendment are to be interthose held by younger men. This was at preted strictly and local boards are asked to first interpreted as a general prohibition keep in mind the extreme need of the armed against deferment of all men under 2.6 years forces for young physically fit men. For of age. However, in order to retain in war men z6 through z.y, interpretations are to production the relatively few key young be less strict, and for those men 30 and over, men who are absolutely irreplaceable, the they are to be comparatively liberal. 410 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH STATUS OF REGISTRANTS are already engaged in essential activities, and hence eligible for classification into On April i, 1944, the XL.T. million Selecoccupationally-deferred classes. Those not tive Service registrants in the ages 18 engaged in essential activities, especially through 37 were classified in the following those under x6, are being urged to transfer main classes: already inducted or enlisted to war work. through Selective Service were 9.6 million Several bills have been introduced to remen; 3.8 million had been examined and quire those rejected for physical reasons to rejected for physical deficiencies; 3.8 million accept Government direction to work in were deferred as necessary men in nonagriprivate industry. The proposals take sevcultural activities; 1.7 million were deferred eral forms, one of which would establish a in agriculture; and nearly 3.3 million were labor battalion in the Army into which awaiting induction, preinduction examimen failing to accept governmental direcnation, were on appeal, were being retion would be drafted. These proposals are classified from dependency deferred classes, still receiving consideration, along with a or were classified in miscellaneous catenational service law placing legal responsigories. The statistics for March 1 show bility for civilian service on all men and only 574,000 in nonagricultural activities women of working age. The Army and and 613,000 in agriculture as being under Navy are strongly urging adoption of such x6 years of age and deferred as necessary legislation and the President has recommen. In addition to those listed above, mended it with certain qualifications. there are about 7 million men 38 to 45 years Among members of Congress, civilian agenof age, subject to Selective Service, but concies, and private organizations, there are sidered by the services to be too old for substantial differences of opinion about the duty. need and timeliness of such legislation. Although the major goals of military mobilization have been substantially CIVILIAN MANPOWER CONTROLS achieved, pressure on the male civilian labor force will remain heavy because of Until the fall of 1942., priorities and other the necessity for providing replacements restrictions on materials for production estimated for the remainder of the year at and better wages were largely relied upon to 750,000 for the Army and about 2.50,000 reduce labor requirements in the less essenfor the Navy. In addition, the Navy needs tial industries and to attract workers into about 400,000 to reach its scheduled goal. those areas, occupations, and industries About 60,000 of the men required each most essential to the war program. Howmonth for replacements and expansion will ever, as the inflationary influences in the come from among those turning 18 years of economy increased, it became impossible to age. The remainder must come from among continue to place heavy reliance on the those under 38 listed above, and primarily restriction of materials and on favorable from the men under 30 years of age. wage differentials to determine the flow In order to provide direction previously of manpower. When manpower became lacking over those disqualified by physical generally short, such wage differentials deficiency for general or limited service, caused restlessness among workers and draft boards are reclassifying those who stimulated undesirable turnover in search qualify into occupational deferment classes. of higher pay. Employers would bid work- It is estimated that a large proportion of ers away from other employers frequently the 3.8 million rejected as physically unfit engaged in work of equal importance in- MAY 1944 42.1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH stead of improving their manpower situ- Classification of labor market areas has ation by providing adequate training and had significant results in reducing the heavy upgrading machinery or eliminating unde- concentration of war contracts in a relasirable utilization practices. The imposi- tively small number of areas. Procurement tion of broad restrictions on wage increases agencies are giving increasing weight to by the passage of the act to amend the the manpower supply situation as indicated Emergency Price Control Act in the fall of by labor market classifications in awarding 194:1 met the situation to a limited extent, and renewing contracts. The classification but the wage differentials already prevailing program has also facilitated the application continued to encourage shifts among work- of manpower controls on a step-by-step ers. In order to organize efficiently and to basis easily understood by those affected allocate the limited manpower supplies and more readily administered with limited available, the War Manpower Commission staffs of trained people. Thus progressively has had to develop nonwage types of con- stronger controls have been adopted in the trol over manpower. tight manpower areas as conditions required them and such controls have not LABOR MARKET AREAS been established in areas where they have One of the programs established by the not been necessary. War Manpower Commission is the classification of important labor market areas into THE 48-HouR WORK WEEK four groups in order of the adequacy of In order to utilize more fully manpower manpower supplies available or in sight. already available, a minimum 48-hour work In January 1943, 272. labor market areas week was ordered in February 1943 for all were so classified and 31 of them were establishments with eight or more emplaced in the category of current acute ployees, with some exceptions, in the 32. shortage (Group I). Throughout most of Group I areas. Since then the 48-hour 1943, increasing numbers of areas were week has been extended and in October shifted into the current acute shortage 1943, the War Manpower Commission (Group I) and stringent labor supply ordered the adoption of a minimum 48-hour (Group II) categories; and at the same time week in all Group I areas and urged that additional labor markets came under the serious consideration be given its adoption classification program. Since November in Group II areas. In April 1944, 137 areas 1943, mixed changes have occurred, with were on minimum 48-hour week schedules. some areas moving into Groups I and II, In addition, the order has been applied on while others moved out of these groups a nation-wide basis to three industries— into the slight labor reserve classification logging and lumbering, nonferrous metal (Group III) or the substantial labor reserve mining, and iron and steel blast furnaces, classification (Group IV). On May 1, steelworks, and rolling mills. Effective 354 areas were classified, of which 68 were May 14, the cotton textile industry has been areas of acute shortage, 112. were areas of ordered to adopt a minimum 48-hour week. stringent supply, 131 were classified as having a slight labor reserve, and 43 as having CONTROLS OVER HIRING a substantial labor reserve. Since Novem- A series of other nonwage indirect conber 1943, the number of Group I areas has trols over manpower have been established been reduced by 9. by the War Manpower Commission. These FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH controls have been established largely on a Employment Service or with the consent local or regional basis with a substantial of the Employment Service. Its purpose is amount of community participation and to make sure that workers are directed, with only loose coordination and direction in so far as possible, to essential activities. from the central staff. Consequently the Certain classes of workers, such as those controls vary substantially in stringency, included in the list of critical occupations, standards of operation, and coverage among are subject to controlled referral on a areas depending upon the problems to be nation-wide basis. faced. In ix regions over 300 local area management-labor committees are assisting OTHER MEASURES OF MANPOWER CONTROL and advising manpower authorities. In Declining numbers of workers in the some 48 areas, Manpower Priorities Comcivilian labor force have placed increasing mittees, composed of representatives of the emphasis upon effective manpower utiliza- War Manpower Commission, War Production, particularly in critical labor market tion Board, and procurement agencies, have areas. The War Manpower Commission been established to provide lists of comhas established a Bureau of Manpower Utilipanies and industries in the order of their zation in which industrial consultants importance to the war and their need for conduct studies of the utilization practices manpower to meet war production schedof specific plants. These studies have often ules. These lists, or priorities, determine been the basis for a reduction in employthe order in which the United States Emment ceilings and for other changes which ployment Service refers workers to job have resulted in substantial savings in openings. In some of the areas, Production manpower. More than 4,000 such utili- Urgency Committees are also established to zation studies have been completed. advise the Manpower Priorities Committees Other measures adopted to encourage the about the relative urgency of the need for movement of workers into essential activioutput of specific war products being proties and out of less essential ones, to stabilize duced in the area. employment, and to guide Selective Service As of March 1944 employment ceilings deferment policies, include: the designation were established in 72. labor shortage areas. of 181 critical occupations covering skills These ceilings set permissive limits on total most urgently needed; the designation of employment in designated establishments 35 broad categories of essential war and or activities, or in all activities, within a war-supporting activities for the nation as particular area. The standards and proa whole; and designation of "locally cedures followed in any area are adopted in needed'* activities for industries and estabthe light of manpower problems in that lishments in which manpower shortages area and vary somewhat from place to are restricting necessary civilian activities place. in particular local areas. Area manpower All workers in 18 shortage areas, all male directors have already designated over workers in ix areas, and all workers in 900 activities as locally needed. Those essential activities in 71 areas are subject most frequently included are: laundries, to controlled referral. Controlled referral means the requirement that specified groups fuel distribution, dry cleaning, restaurants, of workers, or all workers, may be hired ice distribution, hotels, milk distribution, only upon referral by the United States and other food distribution. MAY 1944 42-3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JOBS AFTER THE WAR by E. A. GOLDENWEISER and EVERETT E. HAGEN Division of Research and Statistics Maintenance of employment is the principal This article undertakes to indicate the amount single economic objective that will have to be and character of national output that will have achieved if the existing economic system is to to be maintained after the war, if serious unemsurvive. It epitomizes most of the other eco- ployment is to be avoided. No attempt is nomic aims that have to be accomplished. If made to suggest how this goal is to be achieved. POSTWAR PRODUCTION NEEDED TO AVOID UNEMPLOYMENT BILL 10NS OF DOLLARS s ( I I *>NES: S P E R R O I D O U U C S T I U O N N EKPLOYMENT GROSS NATIONAL PRC>OUCT ^ ^^ f 1 60 / • • m / / 120 y . y 8 0 • • • • • • ROSS NATIONAL PRC)DUCT 160 120 B flO UNEMPLOYME INEMPLOYMENT V+l V+2 activity after the war is kept at the rate neces- REQUIRED PRODUCTION sary to give employment to substantially all High-level employment after the war will reemployables, the goods produced will be suffi- quire a volume of production unprecedented in cient to make it possible for all the people to peacetime. The top line on the chart shows the maintain a reasonably high standard of living. gross national product, or the total amount of The choice is between high production, high all goods and services produced in a year after employment, and general prosperity—and fall- eliminating the principal duplications. At the ing production, serious unemployment, wide- present time gross national product is approachspread misery, and danger to our institutions. ing 2.00 billion dollars a year. Projections 414 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JOBS AFTER THE WAR A and B on the top line show the course of pro- PERMISSIBLE CONTRACTION duction, at the 1943 level of prices, A if high One hundred and seventy billion dollars of production is maintained after the war and B if output (at 1943 prices) would represent a conproduction is permitted to decline to the prewar traction of 30 billions from the wartime volume level (after allowance for the price advance of product. It is estimated that a contraction from 1939 to 1943). The lower line on the chart of this magnitude, which amounts to about 15 shows unemployment, which at the present per cent, can occur without producing unemtime is less than a million, and projections A' ployment in excess of the 2. million minimum. and B' indicate the probable course of unem- There are several reasons for this estimated ployment under the two assumptions with remargin. (1) Hours of labor are likely to despect to production. If prices advance, the cline from the abnormally high level reached national product, which is measured in dollars, during the war. This does not imply that the will have to be correspondingly higher than problem of employment can be solved by a reshown on the chart in order to produce the same duction in hours beyond the correction of wardegree of employment; if prices decline, a smaller time expansion. Production to provide for total will represent the same amount of activity. adequate living standards must be maintained. If production follows the course of line A, un- (2.) Because of age or of family responsibilities, employment will be at a low level after the war. many persons now employed in industry or This line indicates a gross national product of serving in the armed forces may return to nonioo billion dollars during the peak year of the gainful occupations. (3) The average volume war, a decline during the transition period, and of output per man-hour may decrease. This a level of 170 billion dollars in the year Vwould result from the fact that a larger proporplus-2.—the second year after final victory. It tion of workers will be engaged in trade and is assumed that reconversion will begin during service occupations, and in industries in which the last war year and end during the year V-plusoutput per man-hour is much less than in highly 1, so that V-plus-i will be the first post-transimechanized fields like the production of mution year. If production approximates the 170 nitions. billion dollar level after the completion of reconversion, unemployment will be about 2. mil- THE LABOR FORCE lions, probably as low a figure as can be achieved The reason that an output far above prewar in peacetime. It consists mainly of what levels will be necessary to maintain employment economists call "frictional" unemployment and is that there will be a larger labor force as the does not include any significant number of able result of the growth of population and a higher and willing workers out of jobs for any length output per worker. Also, postwar employment of time. to be adequate must provide jobs for many who If, however, national product were to fall as were unemployed before the war. In 1940 some low as 108 billion dollars (line B), which is the 54 million persons, not including seasonal 1939 level with allowance for the increase in workers, were seeking gainful employment, and prices through 1943, we would have unemployless than 46 millions of them found work. In ment of between 15 and xo million (line B'). Our economic destiny may lie between the two the year V-plus-2., the number seeking employsets of lines, A and A7 and B and B'. The nearer ment may be estimated at 60 millions. If unwe come to achieving the production and em- employment is to be held to 2. millions, apployment reflected in the A lines, the greater proximately 58 millions must be employed, an will be our national prosperity; the closer we increase of ii millions from the number get to the levels of the B lines, the darker will employed in 1940. These figures include perbe our economic future. sons in the armed services. MAY 1944 42-5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JOBS AFTER THE WAR INCREASED OUTPUT PER MAN-HOUR or less participation by the Government would change this figure, but it is contemplated that The Department of Commerce has estimated the bulk of the output of industry after the war that between 1919 and 1941 gross national prodwill be for the use of private customers. Prinuct per man-hour increased by "O/^ per cent per cipal types of goods are consumer goods and year, compounded. There was good reason, services, housing, and business inventories, before we entered the war, to expect this rate plant, and equipment. of increase to continue during peacetime years. For example, if war had not intervened, and if CONSUMER GOODS hours of work were as long in 1947 as in 1940, we would have expected output per worker to It may be estimated that of the 140 billion increase by almost one-fifth between 1940 and dollar output for private use about 113 billions 1947. may be taken off the market by consumers, to If the year V-plus-2. is a prosperous year, be used in the ordinary course of living. The hours of work will probably be as long as the only way to estimate the amount of consumer fairly short average work week of 1940 when goods and services to be produced for private we had not yet fully recovered from the de- consumption is to measure the amount that is pression. But because wartime technical ad- likely to be consumed or at least taken off the vances may not be immediately carried over market. This can be done by examining figures into peacetime production, the rate of increase of probable income of individuals and the proin output per worker on civilian goods may be portion of that income that is likely to go into retarded. Therefore, it has been assumed that consumer goods and services. the increase in output per worker between 1940 With a gross national product of 170 billion and V-plus-2. will be only 10 per cent, or little dollars, the income of individuals remaining more than one-half of the normal increase dur- after taxes may be expected to be about ixy ing a seven-year period. Even with this allow- billion. Data for the relationship between conance for retardation, a gross national product sumer income and consumer expenditures for of 170 billion dollars will be needed to furnish 192.9-1941—the only prewar period for which employment for 58 million workers. If output we have fairly accurate estimates—form a rough per man-hour increases by more than 10 per cent, basis for estimating what consumer demand may and hours are not reduced accordingly, a larger be in the year V-plus-2. on the basis of 12.7 national product will be necessary to furnish the billions in income after taxes. However, there required employment. are two factors which will be operative after the war that were not present in the earlier COMPOSITION OF THE OUTPUT period. One is that after income has risen Outlets for the 170 billion dollars worth of steadily for many years people may spend more goods and services that will have to be produced out o£ a given annual income than they would in order to maintain a high level of employment have out of the same income a decade or so will determine the composition of output after earlier. Such estimates as are available indicate reconversion has been completed. When the that as income increased in the United States stimulus of war requirements is removed, the during the 50 years preceding the depression of Federal Government will no longer be taking the 1930's, consumption habits followed along. almost half of the national product. One pos- People purchased more in a given year than they sible assumption is that production for the ac- would have out of the same total income 10 count of Federal, State, and local governments years earlier. will total 30 billion dollars in the year V-plus-2.. The second additional factor which must be This will leave 140 billion dollars of goods and taken into account in estimating consumer deservices to be produced for private use. Greater mand in the year V-plus-2. is the effect of the war. 4x6 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JOBS AFTER THE WAR Accumulation of large amounts of savings dur- be sold in quantities which on the average will ing the war may encourage individuals and be 50 per cent larger than in 1941. families to use their current income for purchases It should be pointed out that the estimate of more freely after the war than in the past. Re- 113 billion dollars of consumer purchases asinforced by the need to replace items which were sumes that in the year V-plus-2. individual inunobtainable during the war, this should result comes after taxes will be almost one-fourth in unusually high demand for some years after greater than in 1941 (after allowance for the the war for automobiles, refrigerators, radios, price rise to 1943). At this level most families some types of furniture, etc. would have incomes much higher than they had On the basis of past relationships, and with previously experienced in peacetime. It should allowance for change in consumption habits, it be remembered also that the public will have a is estimated that, if consumers have \TJ billion large accumulation of liquid savings and a great dollars of income after taxes in the year V-plus-2., deferred demand for many durable goods. The they may take no billion dollars worth of impressive total of 18 billion dollars of estimated goods and services off the market. To allow for purchases of durable consumer goods allows for backlog demand accumulated during the war, a boom level purchases, plus 3 billion dollars of figure of 113 billions may be taken as an upper additional purchases to replace worn-out items estimate at the level of income indicated. This unobtainable during the war. does not include the construction of new homes, which are grouped with nonconsumption goods. NONCONSUMPTION GOODS Next there is the question of how the esti- If the demand for consumer goods and services mated 113 billion dollars might be divided reaches a level of 113 billion there will still have among durable goods, other goods, and services. to be a demand for 2.7 billion dollars of other This distribution may take many patterns. For goods for private individuals and businesses. illustrative purposes it may be assumed that Without that the national output needed to about 35 billion dollars will be absorbed in the maintain high-level employment would not be form of services—electricity, gas, and telephone achieved. It is not possible to estimate the service for the home, rent, private education, volume of capital or nonconsumption goods that and personal and professional services; about 60 will be produced, but some idea of the potential billion dollars in food, clothing, and the whole level of output may be obtained from a conrange of consumption goods other than durable sideration of the forces that will affect the degoods; and 18 billion dollars in durable consumer mand for them. The chief outlets will be busigoods—such things as household equipment and ness inventories, surplus of exports, housing automobiles. These assumptions provide, after construction, and business plant and equipment. allowance is made for the difference in prices, for Merchants and some manufacturers will be purchases by the people of nondurable goods at restocking consumer goods inventories which a rate of about 12.0 per cent of that in 1941, a were depleted during the war and, in connection high year; of services at a rate of about 130 per with doing a larger volume of business, will be cent of that year; and of durable goods at 150 carrying larger inventories than they did before per cent of the 1941 amount. In 1941, over 3.7 the war. As long as this process goes on, they million passenger automobiles were produced. will be purchasing more goods than they are Sales of other consumer durable goods included selling, and this will provide an outlet for goods 13.7 million radio sets, 3.5 million household and therefore will tend to sustain employment. refrigerators, and not far from 2. million electric During the year V-plus-2, this increase in invenwashing machines—to mention only the larger tories may possibly absorb 3 billion dollars of items. To reach the total of 18 billion dollars output. Perhaps a net export surplus of 2. bilof sales, consumer durable goods will have to lion dollars, privately financed, may occur. MAY 1944 42-7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JOBS AFTER THE WAR (Exports for foreign rehabilitation, financed by to be illustrative of a possible pattern of ecothe Federal Government, are included in the nomic activity that would give the desired retotal Government purchases of goods and serv- sult. If production for any one of the three ices of 30 billion dollars.) major types of demand were smaller than indi- Housing will be scarce in many communities. cated, there would have to be a corresponding If a residential boom has reached full swing by expansion in the other types. the' year V-plus-2, there may conceivably be 7 billion dollars of residential construction (1.4 INFLATIONARY AND DEFLATIONARY DANGERS million housing units at an average cost of Demand for goods and services from private $5,000). This would be an extremely large and public sources, which must equal 170 billion housing boom, far exceeding that of any year of dollars in the year V-plus-2 to provide outlets the 1920's, when the peak number of units built for sufficient production and employment, must in one year was under one million. not substantially exceed this amount unless out- If national income and consumer purchases put increases correspondingly. A demand larare at record peacetime levels in the year V-plus- ger than that needed to purchase all the goods 2, business investment in plant and equipment and services that can be produced would be also may be expected to reach record peacetime inflationary. levels. If it amounts to 15 billion dollars, it One of the factors that will exert an important will complete the required total of 27 billions of influence in this respect will be the urgency with nonconsumption goods. With allowance for which consumers will desire to buy goods that the difference in prices, this would provide they were unable to acquire during the war. about the same volume as in 1941, when increas- There is no way of knowing definitely how raping orders for munitions stimulated investment idly the replacement of worn-out durable goods in new plant and equipment. It is to be hoped will be undertaken or how much pressure may that an expanded peacetime market may be as be exerted on the supply of semidurable congreat a stimulus to investment as were war de- sumer goods. If consumers attempt to buy at mands in 1941. The expansion furthermore once all of the goods for which they have been would not be out of line with previous experi- waiting, considerable inflationary pressure will ence since annual business investment, in rela- result. Also, businesses may attempt to replace tion to consumer expenditures, would be smaller rapidly their depleted inventories of consumer than in 1925-1930, and only slightly larger than goods and to increase these inventories quickly in 193 6-1939. to serve a higher volume of demand. Inventory To sum up this section, if inventories increase accumulation may be on a larger scale than has by 3 billion dollars; if exports exceed imports by been estimated. If consumer demand is high, 2 billions; if residential construction totals 7 speculation that prices may rise may cause addibillions; and if new plant and equipment absorb tional inventory accumulation. Deferred main- 15 billions; then the required 27 billion dollar tenance—in manufacturing and in railroads— total of nonconsumption goods will be reached. may not have been completely made good during Innumerable other combinations of these the Victory year and the following year, and amounts are possible; the principal thing is the may still be going on in the year V-plus-2. aggregate amount. This amount, together with Wartime expenditures may not have contracted Government purchases of 30 billions and con- as much as indicated above. sumer purchases of 113 billions, would be suffi- If normal consumer purchases, housing concient to bring the total national product up to struction, and business investment in plant and the 170 billions necessary to sustain a high level equipment reach approximately the totals indiof employment. cated, and if in addition some combination of de- As already stated, these figures are intended ferred consumer demand, inventory purchases, 42.8 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JOBS AFTER THE WAR deferred maintenance, and Government expendi- consumer durable goods or the accumulation of tures swells demand, expenditures in the year inventories, housing construction too may de- V-plus-z may be so large as not only to provide cline in volume after some years. for practically full employment but also to cause It is not the purpose of this article to discuss sharp inflationary pressure. While this danger the measures and policies that need to be purmay not be as great as in the years V and V- sued by Government and by business to keep up plus-i, it may still exist. the volume of national output needed to main- On the other hand, if demand does not reach tain employment. It is only intended to point the necessary level, there will be a grave danger out here that a volume of output of approxiof deflation and unemployment. Deflationary mately the size indicated is essential if disaster trends once started accumulate momentum. is to be averted. It is a formidable prospect. If large-scale unemployment develops during But there is no occasion for discouragement, the period immediately after the war, con- only for determination. It is a challenge to sumer purchases two years after the war may our economy. When a couple of years ago the be much lower than 113 billions. Consumers President laid out a program of war production, may remain fearful of the future, and there- this program was considered fantastic and was fore cautious, even after the transition is com- hailed by the enemy as the delusion of a fatuous pleted. In that case consumer purchases may nation. And yet this program has not only not reach the level shown in the year V-plus-x. been met—it has been exceeded. With our If consumers anticipate reductions in prices, de- natural and financial resources, our competent ferred demand for consumer durables may be labor force, our expanded productive plant, our spread over a period of years. If so, purchases ingenuity, and our organizing ability, can we of this sort may not reach a total of 3 billion not hope to do as well for peace as we have done dollars in the year V-plus-x. Accumulation of for war? inventories too may be spread over some years, APPENDIX so that they do not bulk large in any one year. Businessmen may not invest as much as 15 bil- By EVERETT E. HAGEN lion dollars in plant and equipment. If private Gross national product is the value added to purchases are lower than the estimated require- all privately-produced goods and services at ment for several or all of these reasons, and if various stages of production, that is, it com- Government purchases do not compensate for prises the value of raw materials and such addithe deficiency, total demand will not be large tions to their value as they acquire during the enough to maintain employment. Then defla- process of manufacture and distribution. It intion will get under way. cludes goods produced to replace worn-out or obsolete equipment, plus the value (measured LONGER-TERM PROSPECTS by cost to the Government) of public construc- Whatever may happen shortly after the war, tion and all public services. purchases of certain types of goods and services The data presented on the chart concerning are likely to decline within a few years. When gross national product and unemployment in the the shortages caused by the war have been made year V-plus-z were calculated on the assumption good, deferred demand for consumer durable that the year V-plus-2. will be 1947. It should goods may come to an end. Accumulation of be clearly understood that this assumption is inventories may end also; after merchants and made not as a forecast but because quantitative manufacturers have built up inventories to the presentation necessitates the use of some condesired size, they may reduce their purchases or crete date. No forecast concerning the end of production to the level of their sales. Finally, the war is intended. Perhaps 1948 or 1949 will though the residential construction boom may be the year V-plus-i. If so, the general appearcontinue longer than the deferred demand for ance of the chart, and the conclusions reached MAY 1944 42-9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JOBS AFTER THE WAR in this article, would not be materially changed. when gross national product falls, employment For example, it would still be true that gross (measured in man-hours) usually falls by a somenational product will dip sharply during the what smaller percentage. This is because unyears V and V-plus-i, and must rise gradually employment hits the capital goods and durable thereafter if we are to maintain high-level em- goods industries more heavily than other inployment. However, the labor force will be dustries. The value of output per worker in somewhat larger in the year V-plus-z if that these industries is higher than the average elseyear is 1948 or 1949 instead of 1947, and output where. Hence, when output falls in these inper man-hour and gross national product may dustries, the resulting percentage fall in gross also be larger. Wherever specific quantities national product is greater than the percentage are used below, those estimated for 1947 will be fall in total employment. presented. The reader should keep in mind Given an estimate of gross national product that they will be altered somewhat if the year and of total taxes, an estimate of the income of V-plus-z is a later year. individuals remaining after taxes is derived as The labor force estimate (in millions) is derived follows: as follows: Billions of dollars Labor force, July 1, 1940 53.5 Gross national product 17o Normal increase, 1940-1947 4.5 Less: Depreciation, depletion, and other business Additional war workers 6.5 reserves —11 Less withdrawals 4.0 2.5 Business taxes —17 —28 Total for 1947. 60.5 National income 142 Less: Undistributed corporate profits —4 From this total, after allowance for casualties, Social security taxes —4 Plus: Social security payments and payments to and after rounding, the estimate of 60 millions veterans +4 —4 is derived. It should be noted that the figures Income payments to individuals 138 Less: Personal taxes —11 do not include seasonal workers who come into Individual income remaining after taxes ... 127 the labor force only during the summer months It remains to indicate how the assumed figures (farm family members, students, etc.). for the volume of goods and services purchased The estimate of gross national -product at full by Government and for the volume of goods and employment in the year V-plus-z is derived in the services purchased by individuals were derived. following manner. All dollar figures are in The derivation of the assumed figures for non- 1943 prices. consumption expenditures is explained in the Billions Gross national product, 1940, in 1943 prices.. ... $119 body of the article. Less: Interest on Federal debt 1 The 30 billion dollars of Government purchases of goods and services might include State and Average employment, 1940, including seasonal workers local expenditures of 10 billions, and Federal (in millions) 46.5 Gross national product per worker, 1940 $2,540 expenditures of zo billions. The Federal ex- Gross national product per worker, V + 2 (Assumed increase in output per worker, 1940 to V + 2, 10 per penditures might be composed as follows: civil, cent) $2,800 Average employment at the full employment level, V + z billion dollars; military, 6 billions; interest on 2, including seasonal workers (in millions) 58.7 Gross national product at full employment, V + 2, excluding public debt, 5.5 billions; expenditures for eduinterest on the Federal debt ($2,800 X 58,700,000) 164.4 Plus: Interest on Federal debt 5.5 cation, care, etc., of veterans (excluding bonus Gross national product at full employment, 1947 $169.9 payments and dismissal wages), z billions; other Interest on the Federal debt is eliminated from (including aid to agriculture, public works, forthe calculations concerning output per worker eign investment and relief, regular departmental because it is unrelated to the rise in productivity. expenses), 4.5 billions. The estimate of the level of unemployment If, as assumed, Federal expenditures for social which would accompany a fall in gross national prods-ecurity payments plus veterans' bonus and disuct to 108 billion dollars reverses the preceding missal wage payments total 4 billion dollars, calculation and also allows for the fact that and social security revenues total 4 billions, 43° FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JOBS AFTER THE WAR these sums would offset each other. If the and upswing, which may affect the relationship Federal budget were balanced, except for the somewhat. For these reasons, the figure of no borrowing from social security reserves, Federal billion dollars of consumer expenditures, out of taxes other than social security taxes would 12.7 billions of disposable income in 1947, is retotal 10 billions. It has been assumed that x garded as a rough and fairly liberal estimate, billion dollars of State and local expenditures rather than as a precise forecast. An estimate will be covered by bond issues. This assump- based upon the relationship between consumer tion is made because a large part of State and expenditures and national income, over the 50local expenditures for schools, roads, etc., are year period 1879-1918, yielded a figure of aptypically financed in this way. State and local proximately no billions as the maximum probtaxes would then be 8 billion dollars and total able value of consumer expenditures in 1947 out taxes other than social security taxes 18 bilof 117 billions of income remaining after taxes. lions. It is assumed that n billions will be To allow for the accumulation of savings and obtained through personal taxes and 17 billions backlog demand during the war, the figure of through business taxes. no billion dollars was raised to 113 billions. Use of the round figure of 30 billion dollars The figures illustrating a division of consumer for Government expenditures for goods and expenditures between durable goods, nondurable goods, services, and of 2.8 billions for taxes other than and services, arc based upon multiple linear corresocial security taxes, does not imply that Govlations over the period 1919-1940; but the figures ernment expenditures or taxes ought to be derived were rounded to avoid giving the immaintained at this particular level in the year pression that a precise estimate was being made. V-plus-i. It is merely one possible level se- Acknowledgment is due to the following lected for purposes of illustration. sources of data: All employment and labor Possible consumer expenditures at a level of inforce totals for past years are based on Bureau of dividual income after taxes of 1x7 billion dollars the Census data. All data for gross national in the year V-plus-x were estimated by a mulproduct, individual incomes after taxes, and con tiple linear correlation between total consumer sumer expenditures for past years, are Depart expenditures, individual income after taxes, and ment of Commerce estimates. The estimate time, over the years 1919-1940. The regression of increase in output per man-hour during line was then extrapolated. This relationship 1919-1941 is from "Postwar Manpower and is subject to the following technical comments: Its Capacity to Produce," an article by S. Morris (1) A period of rising prices is included, and the Livingston in the Survey of Current Business rise in prices is implicitly projected in the extrafor April 1943. Data concerning national inpolation, to approximately the 1943 level by come and consumer expenditures over the period 1947. (1) The year 1941 is omitted in the re- 1879-1918 are in Occasional Paper 6 of the gression. In this year consumer expenditures National Bureau of Economic Research, by were somewhat lower, relative to individual Simon Kuznets. Data for 1941 sales of conincome remaining after taxes, than is indicated sumer durables are from the January 1943 issue by the relationship for the years 1919-1940. of Electrical Merchandising. (3) The years used cover a cyclical downswing MAY 1944 43* Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN OWNERSHIP OF BANK DEPOSITS The third survey by the Federal Reserve is drawn between the aggregate estimates for System of the ownership of bank deposits these two dates. points to the conclusion that the balances of individuals have increased since last summer ESTIMATED OWNERSHIP OF DEMAND DEPOSITS OF INDIVIDUALS while business deposits, which previously had AND BUSINESSES AT ALL BANKS FEBRUARY 2.9, 1944, AND JULY 31, 19431 been growing, have declined slightly. This [In billions of dollars]2 conclusion appears valid, notwithstanding the Amounts held fact that some of the changes may have been Type of depositor Changes seasonal and some due to the fact that the Feb. 29, July 31, 1944 1943 survey followed closely upon the Fourth War Domestic business—total 36.5 36.8 -.3 Loan Drive. Nonfinancial business—total 30.9 31.0 -.1 SYSTEM DEPOSIT SURVEY Manufacturing and mining 16.2 16.4 -.2 Public utilities 3.7 3.7 In order to find what groups have been most Trade 7.9 7.7 +.2 Other nonfinancial 3.2 3.2 active in accumulating deposits in banks, the Financial business—total 5.6 5.8 -.2 Federal Reserve System has conducted several Personal. . . 18.2 16.4 +1.8 Nonprofit institutions 1.5 1.4 +.1 surveys of the ownership of bank deposits; the Foreign .9 .9 third and most recent of these was made as of Total demand deposits of individuals, partnerships, and February 2.9,1944. The first survey, which was corporations 57.1 55.6 +1.5 conducted in the second quarter of 1943, covered 1 Figures for July 31, 1943, have been revised. 2 Figures have been rounded to hundreds of millions, and will two dates, December 31, 1941, and March 31, not necessarily add to totals. 1943. In this survey only a relatively small The most striking fact revealed by this comnumber of banks was covered. The second parison is that personal deposits, which insurvey, relative to the situation on July 31, 1943, creased by nearly 2. billion dollars, or 11 per was improved in form and extended to a subcent, are the only ones to have shown an apprestantially larger number of banks. This survey ciable gain in the seven-month period. The comprehended about 12. per cent of the comdeposits of financial business declined between mercial banks of the country having about threethe two dates by a sizable amount and the fourths of the deposits of all commercial banks. deposits of nonfinancial business also declined. Although the surveys were in general limited to Business concerns engaged in retail and wholethe larger-sized deposits, the second survey sale trade were the only class of nonfinancial yielded data which permitted estimation of business depositors to show an appreciable gain. aggregate deposit ownership for the important Earlier surveys had shown that nonfinancial economic subdivisions of individuals, partnerbusiness owned the large share of demand deships, and corporations. posits and had accounted for a very large part of The recently completed third survey has the the increase in deposits over the war period. same general character as the second survey but Supplementary information confirmed these findfor the first time it allows a reasonably accurate ings. The records of corporate cash balances comparison of deposit ownership between two had shown that the deposits of manufacturing dates—in this case February Z9, 1944, and July and trade corporations had about doubled from 31, 1943.1 In the following table a comparison 1941 to 1943, while those of railroads and public utilities increased substantially. The only class 1 Although the basic surveys were conducted in about the same way, certain refinements of methodology have been introduced, and of corporate deposits that had not increased was the aggregate estimates for July 31, 1943, presented in the Federal Reserve BULLETIN for October 1943, pp. 917-922 and 930-936, have that of financial concerns. It is also presumed been revised. 432- FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN OWNERSHIP OF BANK DEPOSITS that the deposits of unincorporated business had Drive. The distribution of deposits shown on increased rather substantially, particularly those February x$, 1944, was adjusted roughly by of trade concerns which bulk large in the field adding to the deposits of nonfinancial business of unincorporated business enterprise. On the net purchases of securities in the drive (gross other hand, the deposits of individuals, while subscriptions less market sales and redemptions); increasing, apparently had not been accumulat- by making similar adjustments in deposits of ing as rapidly nor had they accounted for a very financial business (together with an added allarge part of the increase in demand deposits. lowance for a greater share of bank loans to This survey would indicate, however, that in purchase and carry securities offered during the recent months the deposits of business have not drive), and also in personal deposits (excluding been expanding, while those of individuals have the part paid for by pay roll deduction and curcontinued to grow. These differences may be rency), and then making an allowance for the accounted for in part by special factors. influence of Treasury disbursements. The resulting rough estimates2 of deposit levels prior EFFECT OF WAR LOAN DRIVE to the drive show that personal deposits in- Deposit ownership on the two dates is not creased about as much as business deposits in wholly comparable because the July 31, 1943, dollar amounts and by much more in percentage deposit survey was at a point representing two- terms. thirds of the increase in deposits between the Growth in personal demand deposits in the Second and Third War Loan Drives, while the period covered by the survey is indicated also by recent survey followed immediately after the the fact that individual incomes continued dur- Fourth War Loan Drive. For the past two ing the period in excess of consumer expendiyears the movement of total deposits of in- tures and tax payments. After allowance for dividuals, partnerships, and corporations has purchases of war bonds, the continued increase been generally upwards, but there have been in currency in circulation, the growth in savings temporary decreases over the period of each war deposits, and other forms of liquid savings, loan drive and also over certain tax collection there remained a substantial amount of this dates. The decreases in deposits over the excess which presumably went into demand deperiods of war loan drives have been far less posits at banks. than the volume of securities sold, because of SIGNIFICANCE OF FINDINGS bank buying of Government securities from nonbank holders, because of bank loans made during A slackening or a cessation of the growth of the drive to provide the short-term carrying of business deposits while personal deposits consecurities offered in the drive, and because of tinued to grow would not be surprising. The Treasury disbursements during the periods of level of business ^ctiyity while high has been drives which tended to increase the deposits relatively stable for several months. With a of individuals and business. In addition some great volume of short-term Government securiof the securities have been sold for paper or ties available, business concerns may have no metallic currency or through pay roll deduction allowances, neither of which shows up as a 2 Adjustments and estimates of this sort are, of course, very rough. The Treasury figures of subscriptions to securities by individuals inspecial drain on current deposit levels. clude unincorporated business enterprise, which in the deposit survey is included with business. _ They also include subscriptions of personal Such evidence as can be marshaled allowing trust accounts, shown in the deposit survey as financial deposits. Furthermore, estimates of market sales by various groups can be made for the influence of the war loan drive suggests only in the roughest fashion by reference to the monthly Treasury figures of Government security ownership. Likewise, the accretion of that personal deposits have increased more than various classes of deposits of Treasury disbursements can not be approximated on any reliable basis. A proportionate distribution was business deposits in recent months. This is assumed here. Still another uncertainty is the effect on deposit levels of loans during the drive by banks for the purchase and carrying of indicated by a rough reconstruction of probable newly offered Government securities. It was assumed that a large part of these loans were made to financial businesses (brokers and deposit ownership prior to the Fourth War Loan dealers mainly) and that most of the remainder was to nonfinancial business. MAY 1944 433 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN OWNERSHIP OF BANK DEPOSITS incentive for accumulating much more cash than which case they are reflected in a growth either they now hold. of deposits or of currency held by individuals Individuals, on the other hand, probably do and businesses. Demand deposits, which are not make their choice between cash and invest- the subject of this survey, represent that portion ment in Government securities as carefully as do of the growth in debt that has been taken by business concerns. Notwithstanding patriotic the banks and the proceeds of which are not appeals and contrary to rational self-interest held in the form of time deposits or currency. some may prefer cash to Government securities. It may be said that, while the total growth in To overcome that preference may be the chief liquid assets is a product of Government war problem of future war loan drives. finance policy, the particular form of liquid If the growth in the money supply from now assets held by the public is a matter of the on will be in larger part in the hands of individ- public's choice. uals, the need for keeping a tight rein on the During the past two years between threeprice level through inflationary controls is all fifths and two-thirds of the Government exthe more important. The growth of business penditures have been met by debt expansion. cash during the wartime has a relatively small Roughly one-half of the debt has been absorbed inflationary potential since the alternatives open by businesses and individuals. The remainder to businessmen for capital expansion are effec- was raised from banks because businesses and tively limited by direct controls and so far there individuals preferred to hold their funds in the has been no tendency to distribute the added form of time deposits, demand deposits, or profits in dividends. In the postwar period currency in circulation. The expansion of business cash might contribute to inflationary these other forms of liquid assets, in turn, was developments through capital outlays but the made possible by the sale of the other half of motives for such outlays would probably depend the public debt to the banking system (commeron the level of current spending for consumption. cial or Federal Reserve banks). On the other hand, the growth of cash in the Federal Reserve participation in holdings of hands of individuals might be helpful if a time United States Government securities has been should come in the postwar period when the equal roughly to the growth in the demand for cash will be needed to support the general level money in circulation plus the increase in member of business activity. bank reserve requirements. In so far as businesses and individuals elect to BASIS OF DEPOSIT GROWTH hold either currency or demand deposits, they In considering the growth and distribution of are holding a type of liquid asset that is immedeposits it should be kept in mind that they are diately available for expenditure. While Govonly a part of the total liquid assets in the hands ernment securities are also liquid assets, they of the public. The other important kinds of are one step, through sale or redemption, liquid assets are currency and United States removed from being available for spending. Government obligations. The total growth It also makes a difference what proportion of of all liquid assets held by businesses and cash and of public debt is held by businesses individuals at a time like the present when the and what proportion by individuals, since aggregate of private debt is not changing mate- opportunities and motives for expenditures rially is roughly equal to the expansion of the differ in the two cases. The deposit survey public debt. This is for the reason that funds shows that the disposition of businesses to take borrowed by the Government are either obtained securities or hold cash has not been the same as from individuals and businesses, in which case that of individuals and it has followed a different they are represented by Government security course through the various phases of war holdings, or they are obtained from banks, in financing. The extent to which this is true has 434 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN OWNERSHIP OF BANK DEPOSITS important implications for future economic expansion is necessarily limited and some kinds policy as well as for the conduct of war financing. of inventories can be drawn down. Employ- It might be argued that in the long run indi- ment is already being expanded as much as viduals can not spend away all of their savings or possible and wage rates are being held so far as deplete their cash holdings. Increased conpossible as a matter of national policy. The sumer spending has the effect of increasing current disposition of individuals to save or to business spending in the form of capital exspend can make a difference as to whether the pansion, fuller employment, and higher wages. increased liquid assets are retained by indi- Even if the profits of business are increased they viduals or lodged with business. Individuals do not necessarily remain undistributed but may can also choose to put their savings in Governresult in added income. Thus increased spendment securities or to hold cash. If they elect to ing results in the income flowing right back to individuals. This is true as a long-run proposi- hold cash, the likelihood of spending during or tion but the exigencies of war finance are not following the war certainly must be greater than long-run matters in the ordinary sense. Capital if they hold securities. CURRENT EVENTS Retirement of Mr. Paddock Arkansas and Appointment of Mr. Flanders as President of the Federal Reserve Bank of Boston Smackover—Smackover State Bank After more than 15 years' service in the Federal Reserve System, Mr. William W. Connecticut Paddock availed himself of the privilege of Bridgeport—The Black Rock Bank and Trust retiring under the provisions of the Retirement Company System of the Federal Reserve Banks and retired as President of the Federal Reserve Bank Illinois of Boston on May 1, 1944. He was succeeded Mansfield—People's State Bank of Mansfield as President by Mr. Ralph E. Flanders of Springfield, Vermont, President of Jones & Lam- Indiana son Machine Co., who has served as a Class B English—English State Bank director of the Federal Reserve Bank of Boston since August 1941. Mr. Flanders resigned as a Missouri Class B director on April 19, 1944. Hermann—The Hermann Bank Death of Director Pacific—Citizens Bank of Pacific L. E. Phillips, Phillips Petroleum Company, Texas Bartlesville, Oklahoma, who had served as a Class B director of the Federal Reserve Bank of Houston—The Industrial State Bank of Hous- Kansas City since January 1, 19x7, died on April ton, Texas 16, 1944. Virginia Admissions of State Banks to Membership in the Federal Reserve System Strasburg—Massanutten Bank of Strasburg The following State banks were admitted to Wisconsin membership in the Federal Reserve System during the period March 16,1944, to April 15,1944, Hurley—Iron Exchange Bank inclusive: Kiel—The Citizens State Bank MAY 1944 435 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL MONETARY STABILIZATION On April 2.1, 1944, Secretary Morgenthau ap- those on Foreign Affairs, Ways and Means, peared before Committees of the Senate and the Banking and Currency, Coinage, Weights and House of Representatives and presented them Measures, and the Special Committee on with a Joint Statement by Experts on the Postwar Economic Policy and Planning. The Establishment of an International Monetary text of the statement made by Secretary Morgen- Fund. The Senate Committees before which thau before these Committees and the text of the Secretary appeared were those on Foreign the Joint Statement by Experts on the Establish- Relations, Banking and Currency, and the Special Committee on Postwar Economic Policy ment of an International Monetary Fund are and Planning; and the House Committees were given below. STATEMENT BY SECRETARY MORGENTHAU I am happy to tell you today that technical have talked are inclined to look favorably upon experts of the United Nations have agreed upon the principle of cooperation to maintain stable a set of basic principles for an International and orderly exchange rates. Informed opinion Monetary Fund. This is a great step forward. seems to point to private investment on a world- It is of greatest importance to all of us who wide basis as vital to postwar recovery and rebelieve that the nations of the world can co- construction; and the stabilization of currencies operate in dealing with international economic among the United Nations through the medium problems. of an international fund, is generally believed Technicians representing some of these thirty to be a necessary prerequisite to this investment. nations have prepared a joint statement of the I believe we can not expect American businessprinciples which are agreed upon. This state- men, nor businessmen of any nation, to take ment does not, of course, bind any government major financial risks, immediately upon the to participate in the International Monetary heels of a catastrophic global war, without Fund, though it does mean that the Fund will some assurance that steps have been taken be recommended to each of the governments as to prevent their investments from being jeopa practical means of meeting postwar monetary ardized by unduly fluctuating money values and problems. severe exchange restrictions. I want to call particular attention to some of Having studied the world picture after the the facts contained in this joint statement, but last war, we are all agreed that an effort must before I do that, I should like to review with be made to prevent, in so far as possible, harmyou some of the things that have happened ful fluctuations of currency; and to prohibit since I appeared before these Committees on deliberate manipulation of currencies in an effort October 5 of last year. At that time, I told to secure unfair competitive advantage in world you I would like to keep you informed of prog- trade. ress, and accordingly I appreciate this oppor- When I was here on October 5, I spoke of a tunity to bring you up to date. projected international bank for reconstruction Since I last talked to you, we have discussed and development. the principles of the international stabilization Because discussions on the Bank were initiated and investment program with bankers, labor somewhat later they are not yet completely representatives, and other interested groups in finished. I can tell you, however, that there Washington, Chicago, Boston, Philadelphia, is considerable support for the general principles New York, and other cities. Out of these embodied in the World Bank, and that good meetings came helpful suggestions, many of progress has been made. which were incorporated in our plans. Those with whom we have discussed the The vast majority of those with whom we problem of reviving postwar international 436 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL MONETARY STABILIZATION investment regard the Bank as essential to the exchange restrictions which hamper the expansion of international trade and the main- growth of world trade. tenance of a high level of business activity. (6) To shorten the periods and lessen the de- They believe it necessary to take steps to en- gree of disequilibrium in the international courage and aid private investors in providing balance of payments of member countries. an adequate volume of long-term investment The Joint Statement recommends that all of capital for productive purposes. the United and Associated Nations subscribe The discussions we have had contemplate the approximately 8 billion dollars to the Fund in establishment of a Bank for Reconstruction and the form of gold and local currency. The re- Development to facilitate long-term investment sources of the Fund would be available under capital through private financial agencies by adequate safeguards to help member countries guaranteeing and participating in loans made to maintain exchange stability and to correct by private investors. The Bank would also maladjustments in their balance of payments. supplement investment of private financial Member countries would be able to buy foreign agencies if this becomes necessary, by lending for exchange from the Fund with their own currenproductive purposes from its own resources cies, to the extent of their quotas, in order to when private capital is otherwise not available meet international payments consistent with the on reasonable terms. purposes of the Fund. A full statement of recommendations on the The par value of currencies of member counestablishment of such a Bank and of the princi- tries would be expressed in gold and could be ples on which such a Bank should be based is changed only at the request of member countries still in preparation by technicians. It is my after consultation and approval of the Fund. hope that this statement will soon be completed The Fund would approve a requested change in and that it will be issued later. Before it is parity only if it were essential to correct a published, I shall fully inform your Committees. fundamental disequilibrium. Prompt consid- Now I should like to explain briefly some of eration would be given to requests for necessary the principles upon which the technicians are adjustment of exchange rates. Member counagreed in connection with the International tries would not allow their exchange rates to Monetary Fund. fluctuate outside a narrow range based on the Here are the purposes and policies as set forth agreed gold parity. in the Joint Statement: Voting power in the Fund would be closely (i) To promote international monetary co- related to quotas. A member country could operation through a permanent institu- withdraw from the Fund immediately by giving tion which provides the machinery for notice in writing, and obligations would be consultation on international monetary liquidated within a reasonable time. problems. During the period of transition following the QL) TO facilitate the expansion and balanced war, member countries would be permitted to growth of international trade and to con- retain their exchange controls with the expectatribute in this way to the maintenance of tion that these would gradually be relaxed. a high level of employment and real in- I am frank to say that in my opinion the come, which must be a primary objective agreement of the technical experts to these of economic policy. principles constitutes a long step on the way (3) To give confidence to member countries toward preventing a breakdown of currencies by making the Fund's resources available and the imposition and retention of restrictive to them under adequate safeguards, thus and discriminatory exchange measures after the giving members time to correct malad- war. Through international cooperation now, justments in their balance of payments we can assure a stable and orderly pattern of without resorting to measures destructive postwar exchange rates. of national or international prosperity. The purposes set forth in this Joint Statement (4) To promote exchange stability, to main- have long been the international monetary tain orderly exchange arrangements policies of the United States. For years it has among member countries, and to avoid been our objective to have these policies adopted competitive exchange depreciation. by other countries. We know of no better way (5) To assist in the establishment among of assuring general adherence to these policies member countries of multilateral pay- than through international cooperation in an ments facilities on current transactions International Monetary Fund. and to aid in the elimination of foreign We believe that it is of the greatest importance MAY 1944 437 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL MONETARY STABILIZATION that all of the United Nations are in agreement production. The establishment of an Interon the best means to deal with these interna- national Monetary Fund and a Bank for Recontional financial problems after the war. This is struction and Development are important steps concrete evidence that the United Nations can in the attainment of the objectives of this broad and will work together in establishing a peace- program. ful and prosperous world just as they are now I want to emphasize again that the discussions fighting together to destroy tyranny and op- up to now have all been of a technical nature pression. and exploratory in character. Whatever has International cooperation on monetary and been done represents the views of the technical financial matters is the keystone of successful experts of this country and of other countries cooperation on all international economic probthat have been studying these questions. The lems. Unless we agree to expand world trade United States is not in any way committed until and develop the world economy, few other Congress has taken action. economic agreements which we might make It is my hope that after studying the recomwill or can be effective. mendations of the technical experts, the govern- The tentative proposals that have been under ments of the United Nations will come to discussion by the technical experts are part of a the conclusion that there is sufficient basis of program for cooperation on international ecoagreement at a technical level to warrant the nomic problems among the United Nations. convening of a formal conference. The objectives of this program are the expansion and development of international trade, the I am happy to say that the President has restoration of international investment for pro- authorized me to state that if a conference is ductive purposes, the maintenance of stable and held, it is his intention to invite direct conorderly exchanges. Through these means we gressional participation in the work of the can contribute to a high level of employment and United States Delegation. JOINT STATEMENT BY EXPERTS ON THE ESTABLISHMENT OF AN INTERNATIONAL MONETARY FUND Sufficient discussion of the problems of inter- in this way to the maintenance of a high level national monetary cooperation has taken place of employment and real income, which must be at the technical level to justify a statement of a primary objective of economic policy. principles. It is the consensus of opinion of the 3. To give confidence to member countries experts of the United and Associated Nations by making the Fund's resources available to who have participated in these discussions that them under adequate safeguards, thus giving the most practical method of assuring inter- members time to correct maladjustments in their national monetary cooperation is through the balance of payments without resorting to establishment of an International Monetary measures destructive of national or international Fund. The principles set forth below are de- prosperity. signed to constitute the basis for this Fund. 4. To promote exchange stability, to main- Governments are not asked to give final approval tain orderly exchange arrangements among to these principles until they have been em- member countries, and to avoid competitive bodied in the form of definite proposals by the exchange depreciation. delegates of the United and Associated Nations 5. To assist in the establishment of multimeeting in a formal conference. lateral payments facilities on current transactions among member countries and in the elimi- I. PURPOSES AND POLICIES OF THE INTERNATIONAL nation of foreign exchange restrictions which MONETARY FUND hamper the growth of world trade. The Fund will be guided in all its decisions 6. To shorten the periods and lessen the degree by the purposes and policies set forth below: of disequilibrium in the international balance of i. To promote international monetary co- payments of member countries. operation through a permanent institution which provides the machinery for consultation II. SUBSCRIPTION TO THE FUND on international monetary problems. 1. Member countries shall subscribe in gold x. To facilitate the expansion and balanced and in their local funds amounts (quotas) to be growth of international trade and to contribute agreed, which will amount altogether to about 438 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL MONETARY STABILIZATION 8 billion dollars if all the United and Associated Transactions provided for under 4 and 7, below, Nations subscribe to the Fund (corresponding are not subject to this limitation. to about 10 billion dollars for the world as a 4. The Fund will be entitled at its option, whole). with a view to preventing a particular member's z. The quotas may be revised from time to currency from becoming scarce: time but changes shall require a four-fifths vote (a) To borrow its currency from a member and no member's quota may be changed without country; its assent. (b) To offer gold to a member country in ex- 3. The obligatory gold subscription of a mem- change for its currency. ber country shall be fixed at 2.5 per cent of its 5. So long as a member country is entitled to subscription (quota) or 10 per cent of its hold- buy another member's currency from the Fund ings of gold and gold-convertible exchange, in exchange for its own currency, it shall be prewhichever is the smaller. pared to buy its own currency from that member with that member's currency or with gold. III. TRANSACTIONS WITH THE FUND This shall not apply to currency subject to re- 1. Member countries shall deal with the strictions in conformity with IX, 3 below, or to Fund only through their Treasury, Central holdings of currency which have accumulated Bank, Stabilization Fund, or other fiscal agen- as a result of transactions of a current account cies. The Fund's account in a member's cur- nature effected before the removal by the memrency shall be kept at the Central Bank of the ber country of restrictions on multilateral clearmember country. ing maintained or imposed under X, 2. below. z. A member shall be entitled to buy another 6. A member country desiring to obtain, member's currency from the Fund in exchange directly or indirectly, the currency of another for its own currency on the following conditions: member country for gold is expected, provided (a) The member represents that the currency that it can do so with equal advantage, to demanded is presently needed for making acquire the currency by the sale of gold to the payments in that currency which are con- Fund. This shall not preclude the sale of newlysistent with the purposes of the Fund. mined gold by a gold-producing country on any (b) The Fund has not given notice that its market. holdings of the currency demanded have 7. The Fund may also acquire gold from membecome scarce in which case the provi- ber countries in accordance with the following sions of VI, below, come into force. provisions: (c) The Fund's total holdings of the currency (a) A member country may repurchase from offered (after having been restored, if be- the Fund for gold any part of the latter's low that figure, to 75 per cent of the holdings of its currency. member's quota) have not been increased (b) So long as a member's holdings of gold by more than 15 per cent of the member's and gold-convertible exchange exceed its quota during the previous twelve months quota, the Fund in selling foreign exand do not exceed zoo per cent of the change to that country shall require that quota. one-half of the net sales of such exchange (d) The Fund has not previously given appro- during the Fund's financial year be paid priate notice that the member is suspended for with gold. from making further use of the Fund's (c) If at the end of the Fund's financial year a resources on the ground that it is using member's holdings of gold and gold-conthem in a manner contrary to the pur- vertible exchange have increased, the poses and policies of the Fund; but the Fund may require up to one-half of the Fund shall not give such notice until it increase to be used to repurchase part of has presented to the member concerned the Fund's holdings of its currency so a report setting forth its views and has long as this does not reduce the Fund's allowed a suitable time for reply. holdings of a country's currency below The Fund may in its discretion and on terms 75 per cent of its quota or the member's which safeguard its interests waive any of the holdings of gold and gold-convertible conditions above. exchange below its quota. 3. The operations on the Fund's account will be limited to transactions for the purpose of IV. PAR VALUES OF MEMBER CURRENCIES supplying a member country on the member's 1. The par value of a member's currency shall initiative with another member's currency in be agreed with the Fund when it is admitted to exchange for its own currency or for gold. membership, and shall be expressed in terms of MAY 1944 439 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL MONETARY STABILIZATION gold. All transactions between the Fund and may not use its control of capital movements to members shall be at par, subject to a fixed charge restrict payments for current transactions or to payable by the member making application to delay unduly the transfer of funds in settlement the Fund, and all transactions in member cur- of commitments. rencies shall be at rates within an agreed percentage of parity. VI. APPORTIONMENT OF SCARCE CURRENCIES x. Subject to 5, below, no change in the par 1. When it becomes evident to the Fund that value of a member's currency shall be made by the demand for a member country's currency the Fund without the country's approval. may soon exhaust the Fund's holdings of that Member countries agree not to propose a change currency, the Fund shall so inform member in the parity of their currency unless they con- countries and propose an equitable method of sider it appropriate to the correction of a funda- apportioning the scarce currency. When a curmental disequilibrium. Changes shall be made rency is thus declared scarce, the Fund shall only with the approval of the Fund, subject to issue a report embodying the causes of the the provisions below. scarcity and containing recommendations de- 3. The Fund shall approve a requested change signed to bring it to an end. in the par value of a member's currency, if it is x. A decision by the Fund to apportion a essential to the correction of a fundamental dis- scarce currency shall operate as an authorization equilibrium. In particular, the Fund shall not to a member country, after consultation with reject a requested change, necessary to restore the Fund, temporarily to restrict the freedom of equilibrium, because of the domestic social or exchange operations in the affected currency, political policies of the country applying for a and in determining the manner of restricting the change. In considering a requested change, the demand and rationing the limited supply among Fund shall take into consideration the extreme its nationals, the member country shall have uncertainties prevailing at the time the parities complete jurisdiction. of the currencies of the member countries were initially agreed upon. VII. MANAGEMENT 4. After consulting the Fund, a member coun- 1. The Fund shall be governed by a board on try may change the established parity of its which each member will be represented and by currency, provided the proposed change, incluan executive committee. The executive comsive of any previous change since the establishmittee shall consist of at least nine members ment of the Fund, does not exceed 10 per cent. including the representatives of the five countries In the case of application for a further change, with the largest quotas. not covered by the above and not exceeding 10 x. The distribution of voting power on the per cent, the Fund shall give its decision within board and the executive committee shall be two days of receiving the application, if the closely related to the quotas. applicant so requests. 3. Subject to II, x and IV, 5, all matters shall 5. An agreed uniform change may be made in be settled by a majority of the votes. the gold value of member currencies, provided 4. The Fund shall publish at short intervals a every member country having 10 per cent or statement of its position showing the extent of more of the aggregate quotas approves. its holdings of member currencies and of gold V. CAPITAL TRANSACTIONS and its transactions in gold. 1. A member country may not use the Fund's resources to meet a large or sustained outflow of VIII. WITHDRAWAL capital, and the Fund may require a member 1. A member country may withdraw from the country to exercise controls to prevent such use Fund by giving notice in writing. of the resources of the Fund. This provision is x. The reciprocal obligations of the Fund and not intended to prevent the use of the Fund's the country are to be liquidated within a reasonresources for capital transactions of reasonable able time. amount required for the expansion of exports or 3. After a member country has given notice in in the ordinary course of trade, banking or other writing of its withdrawal from the Fund, the business. Nor is it intended to prevent capital Fund may not dispose of its holdings of the movements which are met out of a member country's currency except in accordance with the country's own resources of gold and foreign ex- arrangements made under 2., above. After a change, provided such capital movements are country has given notice of withdrawal, its use in accordance with the purposes of the Fund. of the resources of the Fund is subject to the x. Subject to VI below, a member country approval of the Fund. 440 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR INTERNATIONAL MONETARY STABILIZATION IX. THE OBLIGATIONS OF MEMBER COUNTRIES means which will not unduly encumber its facilities with the Fund. I. Not to buy gold at a price which exceeds z. During this transition period member the agreed parity of its currency by more than a countries may maintain and adapt to changing prescribed margin and not to sell gold at a price circumstances exchange regulations of the charwhich falls below the agreed parity by more acter which have been in operation during the than a prescribed margin. war, but they shall undertake to withdraw as i. Not to allow exchange transactions in its soon as possible by progressive stages any remarket in currencies of other members at rates strictions which impede multilateral clearing on outside a prescribed range based on the agreed current account. In their exchange policy they parities. shall pay continuous regard to the principles and 3. Not to impose restrictions on payments for objectives of the Fund; and they shall take all possible measures to develop commercial and current international transactions with other financial relations with other member countries member countries (other than those involving which will facilitate international payments capital transfers or in accordance with VI, and the maintenance of exchange stability. above) or to engage in any discriminatory cur- 3. The Fund may make representations to any rency arrangements or multiple currency pracmember that conditions are favorable to withtices without the approval of the Fund. drawal of particular restrictions or for the general abandonment of the restrictions inconsistent X. TRANSITIONAL ARRANGEMENTS with IX, 3 above. Not later than three years 1. Since the Fund is not intended to provide after coming into force of the Fund any member facilities for relief or reconstruction or to deal still retaining any restrictions inconsistent with IX, 3 shall consult with the Fund as to their with international indebtedness arising out of further retention. the war, the agreement of a member country to 4. In its relations with member countries, provisions III, 5 and IX, 3 above, shall not bethe Fund shall recognize that the transition come operative until it is satisfied as to the period is one of change and adjustment, and in arrangements at its disposal to facilitate the deciding on its attitude to any proposals presettlement of the balance of payments differences sented by members it shall give the member during the early postwar transition period by country the benefit of any reasonable doubt. MAY 1944 441 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISIONS OF SERIES OF YIELDS AND PRICES OF GOVERNMENT SECURITIES The Bulletin of the Treasury Department for bonds have been issued in large amount during March 1944 included a revision of the Treasury's the period of war financing. The other is a average yield series of long-term taxable and price index of the long-term taxable bonds inpartially tax-exempt Treasury bonds. In de- cluded in the Treasury's new yield series. This scribing the new series, the Treasury stated that new series is a straight average of the market the series of long-term taxable bonds consists prices of the bonds included in the Treasury of all taxable issues not due or callable for 15 index. The previous price series of the Board years or more, whereas the old average consisted was of partially tax-exempt bonds and was not of only those issues that were available for an average of actual market quotations, which purchase by all classes of investors and that were varied widely because of differences in coupon not due or callable for ix years or more. Yields rates and maturities of the issues included. It of bonds that commercial banks are not permit- was computed from yields on long-term partially ted to hold for a time, which were first issued tax-exempt bonds on the basis of a x% per cent in 1942., were not included in the previous aver- 16-year bond. These new series are also shown age yield series, but since these restricted issues in the following tables. have come to be the typical long-term taxable Attention is called to a few minor corrections Treasury bond, it seemed desirable to revise the in the text and tables on money rates and average. Inasmuch as the market appears to security markets shown in Banking and Monetary make little distinction in terms of yield between Statistics. On page 4x5, the statement that the the long-term restricted bonds and the unre- average yield on 3- to 6-month Treasury notes stricted bonds of comparable maturity, the new and certificates was discontinued, because the average is composed of all long-term issues yields were continuously negative after 1933, without regard to restrictions. should be revised, since the yields in January, The yield series of long-term partially tax- February, and March 1934 were o.X5, 0.08, and exempt bonds was revised similarly to consist 0.01 per cent, respectively. On the same page, of only those securities having 15 years or more the date the first taxable Treasury notes were to the earliest call date. Since June 1943, there offered should be changed from December 18, has been only one issue in this group. 1940, to December 11, 1940. These notes were The revisions are shown in the accompanying dated the eighteenth, but offered on the tables. The tables also show other series of eleventh. The yields on Treasury bills shown yields of Government securities, which will on page 460 pertain to tax-exempt bills prior to bring up to date similar series published in March 1, 1941, and taxable bills thereafter. Banking and Monetary Statistics. On page 473, the week ended March 2.7, 1937, Two new averages of Government securities is erroneously stated as November 2.7. On page have been computed at the Board. One is an 474, the yield on high-grade corporate bonds for average of yields on Treasury bonds having 7 the week ended September 7, 1940, should read to 9 years to the earliest call date. These x.75 instead of x.74 per cent. 44Z FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISIONS OF SERIES OF YIELDS AND PRICES OF GOVERNMENT SECURITIES U. S. GOVERNMENT SECURITY YIELDS AND PRICES AND HIGH-GRADE CORPORATE BOND YIELDS1 [Yields in per cent per annum] Monthly and Annual Figures Yields on U. S. Government securities Price of Yield on Period 3-month 9- to 12-month Tr 3 e - a t s o u r 5 y - y n e o a t r es ta P x a - r e t x ia e l m ly pt Taxable bonds Gov U e . r n S m . ent h c i o g r h p - o g r r a a t d e e Treasury certificates of bonds 15 bonds bonds bills indebtedness ex T e a m x- pt Taxable yea o r v s e r and 7 y e to a rs 9 a 1 n 5 d y o e v a e rs r 1942 average. .326 1.13 2.09 1.93 2.46 100.72 2.75 1943 average. .373 1.31 1.98 1.96 2.47 100.50 2.64 1941—Oct .049 .41 .72 1.98 2.34 2.61 Nov .242 .57 .90 1.95 2.34 103.15 2.57 Dec... .298 .64 1.02 2.06 2.47 100.52 2.68 1942-—Jan.... .214 .47 .96 2.10 1.86 2.48 100.35 2.76 Feb .250 .44 .93 2.17 1.89 2.48 100.44 2.80 Mar.... .212 .44 .93 2.10 1.85 2.46 100.80 2.80 Apr .299 .98 2.07 1.83 2.44 101.09 2.77 May... .364 1.03 2.06 1.93 2.45 100.90 2.76 June... .363 1.15 2.04 1.90 2.43 101.22 2.75 July... .368 1.20 2.04 1.96 2.46 100.76 2.74 Aug.... .370 1.25 2.06 1.98 2.47 100.61 2.73 Sept.... .370 .76 1.27 2.08 1.97 2.46 100.78 2.73 Oct .372 .75 1.28 2.09 1.98 2.45 100.82 2.72 Nov .371 .80 1.28 2.10 1.98 2.47 100.58 2.71 Dec... .363 1.34 2.13 1.98 2.49 100.24 2.72 1943—Jan.. .367 .76 1.29 2.11 1.93 2.46 100.67 2.70 Feb.. .372 .73 1.24 2.11 1.93 2.46 100.60 2.68 Mar. .373 .75 1.33 2.12 1.98 2.48 100.41 2.70 Apr.. .373 .78 1.39 2.05 1.99 2.48 100.36 2.68 May. .373 .78 1.36 .96 1.95 2.46 100.68 2.65 June. .374 .70 1.32 .91 1.93 2.45 100.79 2.63 July. .374 .68 1.30 .91 1.92 2.45 100.75 2.58 Aug. .375 .75 1.29 .92 1.95 2.46 100.53 2.57 Sept. .375 .77 1.31 .90 1.97 2.48 100.35 2.59 Oct.. .375 .78 1.31 1.90 1.98 2.48 100.39 2.60 Nov. .375 .77 1.29 1.94 2.00 2.48 100.24 2.61 Dec. .375 .77 1.30 1.95 2.00 2.49 100.19 . 2.63 1944—Jan.. .374 .78 1.30 1.95 1.99 2.49 100.18 2.65 Feb.. .375 .78 1.32 1.93 1.96 2.49 100.14 2.65 Mar. .375 .80 1.36 1.91 1.95 2.48 100.26 2.64 Weekly Figures Week ended— 1941—Oct.25 .067 .73 1.97 2.35 102.99 2.61 Nov. 1 .151 .45 .78 1.93 2.34 103.17 2.59 8 .200 .48 .85 1.94 2.33 103.36 2.57 15 .258 .57 .90 1.95 2.33 103.27 2.56 22 .267 .63 .93 1.96 2.35 103.02 2.57 29 .242 .60 .94 1.96 2.35 102.92 2.58 Dec. 6 .293 .61 .98 1.98 2.40 102.00 2.59 13 295 .68 1.05 2.08 2.50 100.08 2.65 20 2.295 .64 1.02 2.07 2.50 100.11 2.71 27 2.310 .64 1.04 2.12 2.50 100.04 2.74 1942—Jan. 3 2.304 .58 1.02 2.10 2.50 100.04 2.72 10 .119 .48 .99 2.07 2.49 100.17 2.72 17 .196 .46 .97 2.09 1.88 2.49 100.24 2.75 24 .231 .46 .94 2.11 1.86 2.47 100.51 2.78 31 .220 .46 .92 2.13 1.84 2.47 100.58 2.80 Feb. 7 .250 .45 .93 2.14 1.86 2.47 100.54 2.79 14 .263 .43 .93 2.17 1.89 2.48 100.41 2.78 21 .266 .43 .94 2.19 1.92 2.48 100.37 2.80 28 .222 .44 .94 2.18 1.91 2.48 100.45 2.81 Mar. 7 .229 .43 .93 2.14 1.89 2.48 100.49 2.80 14 .195 .44 .94 2.11 1.86 2.47 100.54 2.80 21 3.203 .94 2.09 1.84 2.46 100.80 2.80 28 3.221 .93 2.06 1.82 2.43 101.25 2.79 Apr. 4 3.264 .95 2.06 1.82 2.43 101.26 2.77 11 .281 .97 2.06 1.81 2.43 101.32 2.77 18 .317 .97 2.06 1.80 2.44 101.23 2.76 25 .335 1.00 2.07 1.84 2.46 100.89 2.76 For footnotes see p. 445. MAY 1944 443 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISIONS OF SERIES OF YIELDS AND PRICES OF GOVERNMENT SECURITIES U. S. GOVERNMENT SECURITY YIELDS AND PRICES AND HIGH-GRADE CORPORATE BOND YIELDS*—Continued Yields on U. S. Government securities Week ended T 3 r - e m b a i o l s l n u s t r h y . 9 c i - n e r d to t e i f b 1 i t c 2 e a - d m te n s o e n s o t s f h 3 T - t t r a o e x a 5 a s - b u y l r e e y ar ta y P b x e o a - a r n e r t x d s i a s e a l m 1 n ly 5 d pt 7 T t a o x 9 able b 1 o 5 n y d e s ars P G ri o ce v b s e o r o n n f d m s U e . n S t . h c Y i o g b i r h e o p - l n g o d d r r a s a o d t n e e notes over years and over 1942—May 2 .358 1.02 2.08 1.90 2.47 100.67 2 77 9 .368 1.04 2.07 1.95 2.47 100.63 2.76 16 . . .365 1.04 2.08 1.94 2.46 100.78 2 76 23 .365 1.04 2.06 1.93 2.44 101.11 2 76 30 .365 1.03 2.04 1.90 2.44 101.21 2.75 June 6 .366 1.08 2.04 1.91 2.43 101.24 2 76 13 .365 1.17 2.04 1.90 2.43 101.30 2 76 20 4.362 1.17 2.04 1.89 2.43 101.32 2 75 27 .360 1.17 2.05 1.91 2.44 101.10 2.75 *Tulv 4 ... ,365 1.17 2.04 1.91 2.44 101.06 2 75 l*:::....::.:: .365 1.19 2.04 1.95 2.46 100.70 2.74 18 .368 1.20 2.04 1.97 2.46 100.76 2 74 25 .370 1.21 2.04 1.97 2.46 100.75 2 75 Aug 1 .372 1.22 2.04 1.98 2.46 100.66 2 74 8 .372 1.24 2.06 1.98 2.48 100.46 2.74 15 .372 1.25 2.06 1.98 2.48 100.48 2 73 22 .369 .83 1.26 2.06 1.98 2.47 100.68 2.73 29 .367 .78 1.26 2.06 1.97 2.46 100.79 2.73 Sept. 5 .368 .76 1.26 2.07 1.97 2.46 100.80 2.73 12 .369 .77 1.27 2.07 1.96 2.46 100.79 2.72 19 .370 .76 1.27 2.08 1.96 2.46 100.79 2.73 26 .373 .77 1.28 2.08 1.97 2.46 100.78 2.73 Oct. 3 .369 .78 1.28 2.10 1.98 2.46 100.73 2.72 10 .373 .77 1.28 2.10 1.98 2.46 100.77 2 72 17 . . .373 .76 1.28 2.09 1.98 2.45 100.87 2.71 24 .373 .73 1.28 2.09 1.99 2.44 100.95 2.71 31 .373 .72 1.28 2.09 1.99 2.46 100.74 2.72 Nov. 7 .373 .81 1.28 2.09 1.99 2.46 It>0.72 2.71 14 .371 .80 1.28 2.09 1.99 2.46 100.70 2.70 21 .370 .80 1.27 2.09 1.98 2.47 100.63 2 70 28 .368 .79 1.27 2.12 1.98 2.48 100.33 2.71 Dec. 5 .367 .79 1.28 2.13 1.98 2.49 100.26 2.72 12 .364 .79 1.28 2.13 1.98 2.49 100.21 2 73 19 .363 .78 1.36 2.13 1.98 2.49 100.20 2.73 26 .365 .82 1.39 2.13 1.98 2.49 100.21 2.72 1943—Jan 2 .357 .81 1.39 2.13 1.97 2.48 100.39 2.72 9 .363 .80 1.33 2.12 1.94 2.46 100.64 2.72 16 .366 .76 1.30 2.11 1.93 2.46 100.69 2.70 23 .370 .75 1.27 2.11 1.93 2.46 100.67 2.70 30 .369 .72 1.26 2.11 1.93 2.46 100.70 2.69 Feb 6 .372 .73 1.24 2.11 1.93 2.46 100.72 2.69 13 .373 .75 1.24 2.11 1.93 2.46 100.67 2.68 20 .374 .72 1.25 2.11 1.94 2.47 100.50 2.68 27 .369 .73 1.25 2.10 1.94 2.47 100.50 2.68 Mar. 6. .. .371 .75 1.25 2.12 1.95 2.47 100.45 2.71 13 .373 .75 1.25 2.12 1.96 2.48 100.42 2.70 20 .373 .75 1.39 2.12 2.01 2.48 100.42 2.70 27 .374 .74 1.39 2.12 2.01 2.48 100.37 2.69 Apr. 3 .... .374 .75 1.39 2.10 2.01 2.48 100.34 2.70 10 .373 .79 1.40 2.08 2.00 2.48 100.33 2.69 17 .371 .79 1.39 2.05 2.00 2.48 100.33 2.69 24 .. .372 .77 1.38 2.03 1.98 2.48 100.39 2 68 May 1 . .. .373 .78 1.39 2.03 1.99 2.48 100.43 2.68 8 . .372 .81 1.39 1.99 1.97 2.47 100.49 2 67 15 .373 .80 1.38 1.96 1.96 2.46 100.65 2.65 22 .373 .77 1.34 1.94 1.94 2.46 100.75 2.65 29 .374 .74 1.33 1.93 1.92 2.45 100.86 2.65 June 5 .374 .73 1.32 1.91 1.92 2.45 100.83 2 64 12 .374 .71 1.33 1.90 1.94 2.45 100.78 2.64 19 .374 .72 1.33 1.92 1.94 2.45 100.79 2.63 26 .374 .67 1.32 1.92 1.93 2.45 100.78 2.62 July 3 .375 .68 1.29 1.90 1.91 2.46 100.78 2.61 10 ,374 .68 1.28 1.89 1.91 2.45 100.81 2.59 17 .374 .69 1.32 1.90 1.91 2.45 100.80 2.58 24 .374 .69 1.31 1.92 1.92 2.46 100.74 2.56 31 .374 .68 1.31 1.93 1.94 2.46 100.65 2.57 For footnotes see p. 445. 444 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISIONS OF SERIES OF YIELDS AND PRICES OF GOVERNMENT SECURITIES U. S. GOVERNMENT SECURITY YIELDS AND PRICES AND HIGH-GRADE CORPORATE BOND YIELDS1—Continued Yields on U. S. Government securities Week ended T 3- r m e b a i o l s l n u s t r h y 19 c - e i r n t t o d i f e i 1 b c 2 a t - n t m e e s o s s n o t f h 3- T t t r a n o e x o a 5 a t s e b - u y s l r e e y ar t y a P b e x o a a - o n r e r t v d s x i e s a e a r l m 1 n l 5 y d pt 7 y T e t a a o x r s 9 able a b 1 n o 5 d n y d o e s v a e rs r P G ri o ce v b s e o r n o n d f m s U en . t S. h c Y i o g b i r h e o p - l n d o g d r r o s a a t n d e e 1943—Aug. 7 .374 .74 1.30 1.93 1.95 2.46 100.60 2.56 14 .375 .73 1.28 1.92 1.95 2.46 100.59 2.56 21 .374 .75 1.29 1.93 1.95 2.47 100.51 2.58 28 .375 .79 1.31 1.92 1.95 2.47 100.47 2.58 Sept. 4 .375 .79 1.31 1.92 1.97 2.48 100.40 2.57 11 .374 .77 1.32 1.91 1.97 2.48 100.37 2.58 18 .374 .75 1.32 1.90 1.98 2.48 100.33 2.59 25 .375 .77 1.31 1.90 1.98 2.48 100.34 2.60 Oct. 2 .375 .77 1.32 1.89 1.97 2.48 100.34 2.61 9 .375 .76 1.31 1.89 1.97 2.47 100.47 2.60 16 .375 .81 1.32 1.91 1.98 2.48 100.35 2.60 23 .375 .79 1.31 1.91 1.98 2.48 100.38 2.59 30 .375 .79 1.30 1.91 1.98 2.48 100.35 2.59 Nov. 6 .376 .78 1.30 1.93 1.99 2.48 100.26 2.59 13 .375 .77 1.30 1.93 1.99 2.48 100.25 2.61 20 .376 .77 1.29 1.95 2.00 2.49 100.23 2.61 27 .375 .75 1.29 1.95 2.00 2.48 100.24 2.61 Dec. 4 .375 .78 1.29 1.95 2.00 2.49 100.21 2.62 11 .375 .77 1.29 1.95 2.00 2.49 100.19 2.62 18 .375 .77 1.31 1.96 2.00 2.49 100.18 2.63 25 . .375 .76 1.31 1.95 2.00 2.49 100.19 2.65 1944—Jan. 1 .373 .77 1.31 1.96 2.00 2.49 100.19 2.65 8 .374 .76 1.29 :.95 1.99 2.49 100.20 2.64 15 .374 .77 1.29 .95 1.99 2.49 100.20 2.63 22 .374 .78 1.31 L.95 1.99 2.49 100.16 2.65 29 .374 .79 1.32 L.95 1.99 2.49 100.14 2.67 Feb. 5 .374 .78 1.32 .96 1.98 2.49 100.13 2.66 12 .375 .77 1.32 .94 1.95 2.49 100.13 2.65 19 .375 .79 1.32 .93 1.96 2.49 100.13 2.65 26 375 .79 1.32 90 1.96 2 49 100 16 2 65 Mar. 4 .375 .80 1.33 .90 1.95 2.49 100.18 2.66 11 .375 .79 1.33 .90 1.95 2.49 100.24 2.65 18 .375 .81 1.38 .91 1.95 2.48 100.26 2.64 25 .375 .80 1.39 .93 1.95 2.48 100.30 2.63 Apr. 1 .375 .80 1.39 .94 1.94 2.48 100.28 2.62 8 .375 .80 1.37 .93 1.95 2.48 100.25 2.61 15 .375 .78 1.36 .93 1.95 2.48 100.27 2.62 22 .375 .77 1.35 1.93 1.95 2.48 100.28 2.62 29 .374 .77 1.35 1.95 1.96 2.49 100.23 2.60 1 Data are averages of daily figures, except for Treasury bills, which are average rates on new issues offered within the period. 2 Bills maturing about Mar. 16, 1942. 3 Bills maturing about June 16, 1942. 4 Bills maturing on Sept. 17, 1942. MAY 1944 445 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISIONS OF SERIES OF YIELDS AND PRICES OF GOVERNMENT SECURITIES YIELDS ON PARTIALLY TAX-EXEMPT U. S. TREASURY BONDS DUE OR CALLABLE IN 15 YEARS OR MORE* [Per cent per annum] Monthly Figures Month 1935 1936 1937 1938 1939 1940 1941 January 2.88 2.81 2.56 2.69 2.54 2.30 2.12 February 2.79 2.78 2.54 2.68 2.51 2.32 2 22 March 2.77 2.73 2.66 2.68 2.43 2.26 2.12 April 2.74 2.70 2.83 2.66 2.38 2.26 2.07 May 2.72 2.68 2.80 2.56 2.27 2.39 2 04 June 2.72 2.69 2.81 2.58 2.22 2.40 2.01 July 2.69 2.68 2.78 2.58 2.23 2.30 1.98 August . 2.76 2.64 2.78 2.57 2.27 2.31 2.01 September 2.85 2.65 2.82 2.63 2.67 2.25 2.02 October . .. 2.85 2.68 2.82 2.55 2.60 2.21 1.98 November 2.83 2.60 2.78 2.56 2.46 2.09 1.95 December 2.84 2.59 2.73 2.56 2.35 2.01 2.06 Average 2.79 2.69 2.74 2.61 2.41 2.26 2.05 Weekly Figures Week ended— 1936-Om/. 1937—Cont. 1938—Coni. 1939—Cont. 1940—Cont. 1935 Dec. 5 2.58 Dec. 4 2.75 Dec. 3 2.58 Dec. 2 2.38 Dec. 7 2.05 Dec. 1 7 4 . . 2 2 . . 8 8 4 4 1 1 2 9 . 2 2 . . 5 6 8 0 1 1 1 8 2 2 . . 7 7 4 3 1 1 0 7 2 2 . . 5 5 6 6 1 9 6 2 2 . . 3 4 7 0 2 1 1 4 2 1 . . 0 9 2 9 21 . 2.84 26 2.61 25 2.71 24 2.55 23 2.32 28 2.01 28 . 2.83 31 2.55 30 2.30 1941 1937 Jan. 4 2.04 1936 Jan. 2 2.57 Jan. 1. 2.71 1939 1940 11 2.09 Jan. 4 . 2.82 9 2.55 2.70 Jan. 7 2.54 Jan 6 2.28 18 2.11 11 . 2.81 16 2.55 15 2.69 14 2.54 13 2.28 25 2.15 2 1 5 8 . . 2 2 . . 7 8 9 1 2 3 3 0 2 2 . . 5 5 6 6 2 2 9 2. 2 2 . .6 7 7 0 2 2 1 8 . . 2 2 . . 5 5 2 5 2 2 0 7 ... 2 2 . . 3 3 1 2 Feb. 1 2.17 8 2.21 Feb. 1 8 2 2. . 8 8 0 1 Feb. 1 6 3 2 2 . . 5 5 5 5 Feb. 1 5 2 . . . . 2 2 . . 6 6 9 9 Feb. 1 4 1 2 2 . . 5 5 2 2 Feb. 1 3 0 2 2 . . 3 3 3 2 2 1 2 5 2 2 . . 2 2 4 3 2 1 2 5 2 2 . . 7 7 6 8 2 2 0 7., 2 2 . . 5 5 3 5 2 1 6 9 . . . . 2 2 . . 6 6 6 8 2 1 5 8 2 2 . . 5 5 0 0 2 1 4 7 2 2 . . 3 3 2 1 Mar. 1 8 2 2 . . 1 1 8 7 Mar. 2 1 9 7 4 . 2 2 2 . . . 7 7 7 4 6 4 Mar. 2 1 6 0 3 2 2 2 . . . 5 5 6 4 9 8 Mar. 1 1 5 9 2 . . . . . . 2 2 2 . . . 6 6 6 9 6 5 Mar. 1 1 4 8 1 2 2 2 . . . 4 4 4 8 4 3 Mar. 1 2 9 6 2 2 2 . . . 3 2 2 3 5 8 2 2 1 9 2 5 2 2 2 . . . 1 0 1 0 8 1 2 2 1 8 2 2 . . 7 7 1 3 27 2.77 26.. 2.68 25 2.43 3 2 0 3 2 2 . .2 2 4 6 Apr. 1 5 2 2 2 . . 1 1 2 3 Apr. 3 2.83 Apr. 2.. 2.71 Apr. 1. 2.39 19 2.08 Apr. 2 1 1 4 5 1 8 2 2 2 2 . . . . 7 6 7 7 0 9 1 1 2 1 1 0 4 7 2 2 2 . . . 8 8 8 4 1 1 3 2 1 9 0 3 6 . . . . . . . . 2 2 2 2 . . . . 6 6 6 7 0 2 9 1 2 2 1 2 9 5 2 2 2 2 . . . . 3 3 4 3 6 9 1 8 Apr. 2 2 1 6 3 0 7 . . . . . . . . . . . 2 2 2 2 . . . . 2 2 2 2 9 1 9 6 May 2 1 3 6 0 2 2 2 . . . 0 0 0 2 2 4 May 3 2 1 0 9 2 3 6 2 2 2 2 2 . . . . . 6 6 6 7 7 8 8 7 0 0 May 2 2 1 1 9 2 5 . . . . . . . . . 2 2 2 2 2 . . . . . 8 8 7 8 7 1 1 9 3 9 May 2 2 1 7 8 1 4 . . . . . . . . 2 2 2 2 . . . . 5 5 5 5 6 7 6 6 May 2 2 1 6 0 7 3 2 2 2 2 . . . . 2 2 2 3 4 5 8 4 May 2 1 1 4 5 1 8 . . . . . . . . . . . . 2 2 2 2 . . . . 4 4 2 2 7 4 9 6 June 2 3 1 1 7 4 1 4 7 2 2 2 2 2 . . . . . 0 0 0 0 0 3 2 6 2 4 June 1 ... 2.49 21 2.02 June 6 2.69 June 5 ... 2.80 June i 4. 2,55 June 3 2.21 8 ... 2.49 28 1.99 13........ 2.69 12 ... 2.81 2.57 10 2.20 15 ... 2.43 20 2.69 19 ... 2.82 18.. 2.59 17 2.23 22 ... 2.35 July 5 1.98 27 2.70 26 2.82 25.. 2.60 24 2.23 29 ... 2.33 12 1.99 19 1.99 July 2 1 1 4 5 8 1 2 2 2 2 . . . . 6 6 6 6 8 8 9 7 July 2 3 1 1 3 4 1 7 0 . . . . . . . . . . . 2 2 2 2 2 . . . . . 7 7 8 7 7 5 7 1 9 9 July 2 2 2 2 2 . . . . . 5 6 5 5 5 8 0 8 7 8 July 2 2 1 1 9 2 5 . .. 2 2 2 2 2 . . . . . 2 2 2 2 2 5 5 2 3 1 July 2 2 1 6 7 0 3 . . . . . . . 2 2 2 2 . . . 3 3 3 3 0 1 1 1 Aug. 2 1 2 9 6 6 2 1 2 1 . . . . 9 0 9 0 7 4 8 1 23 2.02 Aug. 1 2.67 Aug. 3 ... 2.30 30 2.00 8 2.67 Aug. 7 ... 2.74 Aug. 6 2.57 Aug. 5 . 2.21 10 ... 2.31 15 2.65 14 ... 2.76 13 2.56 12 2.24 17 2 34 Sept. 6 1.99 22 2.63 21 2.79 20 2.56 19 2.24 24 ... 2.31 13 2.01 29 2.62 28 ... 2.83 27 2.57 26 2.34 31 ... 2.30 20 2.03 27 2.03 Sept. 5 2.60 Sept. 4 ... 2.84 Sept. 3 .. 2.59 Sept 2 2.38 Sept. .7 ... 2.27 12 2.61 11 ... 2.85 10 2.59 9 2.59 14 ... 2.27 Oct. 4 2.01 19 2.66 18 ... 2.81 17 2.66 16 2.66 21 ... 2.24 11 2.00 26 2.68 25 2.81 24 2.64 23 2.74 28 ... 2.22 18 2.00 30 2.74 25 1.97 Oct. 3 2 1 1 3 1 4 0 7 2 2 2 2 2 . . . . . 6 6 6 6 6 8 8 9 8 8 Oct. 3 2 1 2 0 9 3 6 . . . . . . . . . . . . . . . 2 2 2 2 2 . . . . . 8 8 8 8 8 2 2 2 1 2 Oct. 2 2 1 1 9 2 5 . 2 2 2 2 2 . . . . . 5 6 5 5 5 6 4 5 4 4 Oct. 2 2 1 1 8 7 4 2 2 2 2 . . . . 5 7 5 6 4 2 1 6 Oct. 2 1 1 5 6 9 2 2 2 2 2 . . . . 2 2 2 2 1 1 2 2 Nov. 2 2 1 1 8 2 9 5 1 1 1 1 1 . . . . . 9 9 9 9 9 3 6 6 5 4 Nov. 2 2.20 Nov. 7 2.65 Nov. 6 ... 2.79 Nov. 5 2.55 Nov. 4 2.52 9 2.12 Dec. 6 1.98 14 2.60 13 ... 2.80 12 2.55 11 2.51 16 2.08 13 2.08 21 2.58 20 ... 2.77 19 2.57 18 2.47 23 2.07 20 2.07 28 2.58 27 2.76 26 2.57 25. .. 2.40 30- 2.06 27 2.12 1 Monthly and weeklyy ffiigguures are: averagesof daily figures. 446 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS IN 1943 Net profits of member banks increased sub- Since expenses did not increase nearly as stantially in 1943. They reached a level slightly much as gross earnings, net current earnings at above that for 192.9, the previous peak year, all classes of banks were considerably higher and were 8.8 per cent of capital accounts, the in 1943 than in 1942.. For all member banks, same as in 192.9, as compared with 6.4 per cent they were higher than in any year since 1931, but in 1941. All classes of member banks partici- smaller by nearly a third than in 192.9. Salaries pated in the increase, although not to the same and taxes were the principal items in increased expenses. Dividends were 3.3 per cent of total extent. This is shown in the table below. capital accounts, about the same as in other All classes of member banks reported much recent years. larger total earnings and earnings on securities Net profits showed even greater improvement in 1943 than in 1942., partially offset by reducthan net current earnings at New York City and tions in earnings on loans. For the first time country banks, because of substantial increases earnings on securities exceeded interest and in net recoveries, profits on securities sold, etc. discount on loans. Holdings of securities in- At reserve city banks the increase in net profits creased at all classes of banks; the rate of return was about the same as the increase in net curon these securities, however, declined further rent earnings. Central reserve city banks in to 1.4 per cent, as compared with 1.7 per cent Chicago reported lower net profits in 1943 than in 1942.. Loans outstanding showed slight in 1942., as a result of considerably larger losses increases at central reserve city banks and suband charge-offs. stantial decreases at reserve city and country The largest increase in the rate of net profits banks, and rates of return were lower at all to total capital accounts was in New York, classes of banks. from 6.1 to 10.3, but country banks showed a MEMBER BANK EARNINGS, BY CLASS OF BANK, 1943 AND 1942. [Amounts in millions of dollars] All Central reserve city banks Reserve city Country member banks banks banks Item New York Chicago 1943 1942 1942 1942 1943 1942 Earnings 1,650 1,487 343 303 618 551 598 557 Interest and dividends on securities 766 540 185 138 283 189 246 175 Interest and discount on loans 552 640 94 212 249 231 274 All other earnings 332 307 70 123 113 122 108 Expenses 1,154 1,069 221 198 435 400 439 421 Salaries and wages 487 461 98 94 183 173 184 172 Interest on deposits 124 128 3 3 46 47 69 73 Taxes 200 149 49 30 80 59 57 51 All other expenses 344 331 71 71 127 120 130 125 Net current earnings 496 418 123 105 183 151 159 136 Recoveries, profits on securities, etc 312 188 127 41 81 71 87 66 251 223 65 44 86 79 77 91 Losses and charge-offs 557 383 185 102 179 143 169 112 Net profits... Ratios: To total capital accounts: 7.9 7.0 6.8 6.2 10.0 7.6 7.5 6.8 Net current earnings 6.4 10.3 6.1 7.8 9.1 7.2 8.0 5.5 Net profits Total earnings to total assets 1.7 2.0 1.4 1.4 1.6 1.6 1. 2.1 2.1 2.7 Interest on securities to securities 1.4 1.7 1.2 1.3 1.5 1.7 1.5 1.8 1.6 2.1 Interest on loans to loans 3.4 3.7 2.0 2.3 2.4 2.5 3.5 3.7 4.9 5.0 MAY 1944 447 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS IN 1943 sizable increase from 5.5 to 8.0. The rates of A comparison of earnings for selected years total earnings on total assets, interest on securi- is given in the accompanying table. Detailed ties, and interest on loans declined; as in previ- figures of earnings and related items, together ous years, these rates were lowest at central with selected ratios, appear on pages 500-508 reserve city banks and highest at country banks. of this BULLETIN. MEMBER BANK EARNINGS, SELECTED YEARS, 192.9-1943 [Amounts in millions of dollars] Item 1929 1932 1934 1935 1936 1937 1938 1939 1941 1942 1943 Earnings 2,399 1,554 1,244 1,207 1,271 1,321 1,274 1,296 1,323 1,417 1,487 1,650 Interest and dividends on securities 473 458 474 467 487 481 448 444 431 445 540 766 Interest and discount on loans. 1,563 851 540 498 513 553 544 560 595 665 640 552 Service charges on deposit accounts () C1) 28 36 39 45 51 54 59 65 68 76 All other earnings 363 245 202 205 231 243 232 237 238 242 239 256 Expenses2 1,684 1,143 849 833 872 902 890 895 921 988 rl ,069 1,154 S I I n n a t t l e e a r r r e i e e s s s t t o a o n n n d i t n i w t m e a r e g b e a d s n e k p o d s e i , p ts o 3 s .. its .. 4 4 4 6 5 4 3 3 3 0 5 5 2 7 3 2 2 2 3 7 7 3 1 3 9 3 4 6 3 1 5 7 2 2 5 3 1 7 7 2 2 4 380 3 ,1 3 59 88 3 ,1 4 47 00 3 4 1 2 4 6 0 3 4 1 6 2 1 8 3 ,1 4 24 87 Interest on demand deposits (excluding interbank) 246 98 12 9 7 5 ) ) ) ) () ) T A a ll x e o s ther expenses2 3 1 4 1 8 2 2 6 8 7 5 21 6 6 2 2 6 2 4 6 25 8 5 1 2 8 6 6 3 25 8 7 2 2 8 6 5 2 2 1 7 0 3 0 2 1 9 2 3 9 r3 1 3 4 1 9 2 3 0 4 0 4 Net current earnings2 715 394 374 399 419 384 401 402 429 r418 496 410 Recoveries, profits on securities, etc. 137 254 376 508 256 279 327 303 278 188 312 Losses and charge-offs2 295 113 873 538 442 338 398 380 356 318 r223 251 Net profits.. 557 778 -225 212 465 337 265 347 349 390 383 557 Cash dividends declared4 387 -255 173 187 199 201 198 207 210 211 203 208 Number of banks5 8,522 6,821465 ! 6,442 6,387 6,376 6,341 6,338 6,362 6,486 6,619 6,679 6,738 r Revised; see footnote 2. 1 Included in "all other earnings." 2 Recurring depreciation on real estate, amounting to 33 million dollars in both 1942 and 1943, is included in expenses in those years and in losses and charge-offs in prior years. 3 Beginning with 1938 "interest on time deposits" comprises all interest on deposits except interest (if any) on demand deposits. 4 Includes interest on capital notes and debentures. 5 At end of year. NOTE.—The amounts in this table are rounded to the nearest million and consequently do not balance exactly. For prior figures see p. 500 of the June 1943 BULLETIN and pp. 262-263 of Banking and Monetary Statistics. 448 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Compiled April 21^ and released for publication April 26. Figures shown on charts may differ from preliminary figures used in text. Industrial activity declined slightly in March. cent in March. This decline was due largely to Retail sales were maintained at an exceptionally the continued drop in small arms ammunition high level and commodity prices were relatively production. Manufactured food production stable. was 11 per cent greater than in March of last year. INDUSTRIAL PRODUCTION Coal production declined 6 per cent in March Output of manufactures and minerals was from the exceptionally high rate in February slightly smaller in March than in the previous due partly to the return to a six-day work week two months and the Board's index of total in- in anthracite mines and partly to a continuation dustrial production declined 2. points to 242. per of manpower shortages in both hard and soft cent of the 1935-39 average. coal mines. Output of crude petroleum and Steel production advanced somewhat further metals was maintained in large volume. in March and the first three weeks of April. The value of construction contracts awarded Output of lumber was maintained at the level in March, according to reports of the F. W. of the first two months of the year and produc- Dodge Corporation, was slightly greater than tion in the first quarter is indicated to be 3 per in January and February, but was still lower cent larger than in the first quarter of 1943. than in any corresponding month since 1935. The number of aircraft delivered increased DISTRIBUTION about 4 per cent above the level of the preceding Department store sales increased more than four months to a new high of 9,118 planes. seasonally in March and continued at a high Deliveries of merchant ships continued to rise level in the first half of April. Sales in Marchfrom the low January rate and in March were were about 18 per cent larger than in the correat approximately the level of a year ago. Outsponding month last year, reflecting in part the put of other products in the machinery and earlier date of Easter this year and the heavy transportation equipment industries declined buying of jewelry, cosmetics, furs, and other somewhat in March. items before higher tax rates became effective Output of nondurable manufactures, as meason April 1. ured by the Board's index, declined about 1 per COST OF LIVING INDUSTRIAL PRODUCTION 1- 260 240 - J - - / - / / - - - - J -' \ - \ l 1938 1939 1940 1942 1943 1937 1938 1939 1940 194! 1942 1943 1944 Bureau of Labor Statistics' indexes. Last month in each calendar quarter through September 1940, monthly thereafter. Mid-month Federal Reserve index. Monthly figures, latest shown is for March. figures latest shown are for March. MAY 1944 449 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Freight carloadings declined slightly in March ix.7 billion dollars .on April 19, after increasing from the high level of earlier months, owing by half a billion in the preceding four weeks. chiefly to a drop in the movement of coal and Most of the growth was in holdings of Treasury grain products. Total loadings were main- bills. tained in the first half of April. Reporting member banks in 101 leading cities reduced their holdings of Treasury bills by 32.5 COMMODITY PRICES million dollars in the four weeks ending April The general level of wholesale commodity i2_, while holdings of other Government securiprices advanced slightly from the middle of ties showed little change. The greater part of March to the middle of April. Federal maxi- the decline in bill holdings in the four-week mum prices for cement, lumber, and various period occurred at banks outside New York and other industrial commodities were increased. Chicago, but there were wide fluctuations with- Retail food prices showed little change from in the period, reflecting transactions at Chicago February to March, while retail prices of most banks associated with the April 1 personal other commodities continued to advance property tax assessment date in Illinois. Loans slightly. for purchasing or carrying Government securities continued to decline, as repayments were BANK CREDIT made on funds advanced during the Fourth War Continued growth in currency and the trans- Loan Drive; these loans to brokers and dealers fers from Treasury war-loan deposits to deposits have fallen by 450 million dollars since the end subject to reserve requirements resulted in a of the drive and are now less than at any time decline in excess reserves of member banks and in recent months; loans to others, which rose in substantial purchases of Government securi- by 600 million during the drive have subseties by the Reserve Banks during March and the quently declined by 400 million. Commercial first three weeks of April. Owing to special loans declined by 2.10 million over the month. factors, excess reserves declined to a low point Adjusted demand deposits, which declined of 600 million dollars at the end of March but somewhat in the latter half of March, increased increased in April and on April 19 were about during the first half of April, bringing the total 900 million dollars, somewhat less than had outstanding to about a billion less than the level generally been held in recent months. prior to the opening of the drive. Government Federal Reserve Bank holdings of U. S. Gov- deposits at these same banks fell by 1.5 billion ernment securities were at a new high level of dollars during the four weeks ended April 12.. MEMBER BANK RESERVES MEMBER BANK RESERVES AND RELATED ITEMS 1939 1940 1941 1942 1943 1944 Breakdown between required and excess reserves partly estimated. Wednesday figures, latest shown are for Apr. 26. Wednesday figures, latest shown are for Apr. 26. 45° FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES Member bank reserves, Reserve Bank credit, and related items.... 453 Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements 454 Federal Reserve Bank statistics 455-459 Guaranteed war production loans 459 Deposits and reserves of member banks 460 Money in circulation 461-462. Gold stock; bank debits and deposit turnover 461 Deposits and currency; Postal Savings System; bank suspensions. 463 All banks in the United States, by classes 464-465 Condition of all member banks 466-467 Weekly reporting member banks 468-471 Commercial paper, bankers' acceptances, and brokers' balances... /yyz Money rates and bond yields 473 Security markets 474-475 Corporate profits 476 Treasury finance 477-479 Government corporations and credit agencies 480 Business indexes 481-489 Department store statistics 490-491 Consumer credit statistics 49i~493 Wholesale prices 494 Employment in nonagricultural establishments 495 Current statistics for Federal Reserve chart book 496-497 All member banks—Assets and liabilities on Dec. 31, 1943, by classes of banks 498 Assets and liabilities of insured commercial banks in United States and possessions, Dec. 31 and June 30, 1943, Dec. 31, 1942- 499 Member bank earnings, 1943 . 500-508 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System arc derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned; data on money and security markets and commodity prices and other 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. MAY 1944 45 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 1938 1939 1940 1941 1942 1943 1944 Wednesday figures, latest shown are for Apr. 26. See p. 453. 452- 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 U. S s . e G cu o r v i e ti r e n s ment Tr u e r a y s- Money Treas- u T p ry o r e s d a it e s s - - Non- O F t e h d e - r balmces Date c v o a D a a n u n i d c n s d - - e t s s Total Tr b a u e n i r a l d y l s s - o A th l e l r ot A h l e l r1 Total s G to o c l k d s r t c e o i a n u n u n g r c t d - y - - i c n t u i c o la i n r - - c i h n u a o g r s l y h s d- F B e s w d a R e i n r e t e v h r k - e a s l b p m e o r e s m d it e s - - c s o e R a u r c v e n - - e ts Total Excess2 certificates Monthly averages of daily figures: 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 Mar 10 6,105 2,871 3,234 372 6 487 22,618 3,975 16,148 2 217 8 1,164 287 13 255 1 884 1944—Jan 32 11,832 9^517 2^315 506 121,370 21,933 4,093 20,428 2,321 484 1^889 339 12', 935 l',114 Feb 35 11,479 8,880 2,599 440 11,954 21,803 4,092 20,635 2,332 335 1,858 340 12,349 1,160 Mar.. 63 12,099 9,512 2,587 449 12,611 21,641 4,090 20,964 2,336 393 1,873 346 12,431 988 End of month figures: 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 22,644 3,946 16,088 2,221 131 1,111 269 13,067 1,925 Mar.31 13 5,919 2,936 2,983 260 6,191 22,576 3,989 16,250 2,224 55 1,166 303 12,759 1,518 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 Mar. 31 63 12,115 9,503 2,613 393 12,571 21,600 4,091 21,115 2,319 603 1,985 350 11,889 512 Wednesday figures: 1943—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 1,606 Oct. 20 11 8,914 6,687 2,227 456 9,380 22,132 4,101 19,019 2,284 530 1,437 341 12,002 1,407 Oct. 27 13 9,291 7,056 2,235 381 9,686 22,132 4,103 19,090 2,295 530 1,659 342 12,005 1,062 Nov. 3 39 9,476 7,230 2,246 321 9,835 22,116 4,106 19,354 2,298 334 1,668 333 12,069 1,084 Nov. 10 22 9,865 7,611 2,254 344 10,231 22,096 4,100 19,514 2,297 369 1,716 333 12,198 1,080 Nov. 17 34 9,832 7,577 2,254 506 10,372 22,096 4,101 19,559 2,293 407 1,714 333 12,263 1,096 Nov. 24 48 10,364 8,101 2,263 381 10,792 22,081 4,101 19,726 2,295 479 1,739 333 12,402 1,044 Dec. 1 53 10,447 8,169 2,278 374 10,874 22,065 4,101 19,940 2,299 275 1,630 333 12,562 1,096 Dec. 8 108 11,016 8,720 2,296 417 11,540 22,044 4,102 20,135 2,301 686 1,664 331 12,569 918 Dec. 15 90 11,014 8,748 2.266 600 11,704 22,004 4,097 20,235 2,293 379 1,622 343 12,932 1,238 Dec. 22 70 11,551 9,260 2,291 837 12,459 22,004 4,097 20,382 2,325 967 1,864 344 12,677 919 Dec. 29 101 11,615 9,313 2,302 714 12,430 22,004 4,096 20,428 2,316 764 1,908 345 12,769 1,126 1944—Jan. 5 31 11,651 9,340 2,310 691 12,372 21,938 4,094 20,436 2,314 961 1,751 339 12,602 971 Jan. 12 47 11,855 9,543 2,312 413 12,315 21,938 4,092 20,404 2,318 638 1,845 339 12,801 1,128 Jan. 19 41 11,913 9,598 2,314 464 12,418 21,938 4,093 20,408 2,327 404 1,959 338 13,014 1,122 Jan. 26 24 12,026 9,711 2,315 334 12,385 21,928 4,093 20,387 2,331 351 1,994 340 13,002 1,023 Feb 2 24 11,781 9,162 2,618 327 12,132 21,910 4,093 20,534 2,322 175 1,916 342 12,847 1,538 Feb. 9 22 11,169 8,560 2,609 319 11,511 21,836 4,094 20,586 2,315 8 1,707 341 12,482 1,444 Feb. 16 32 11,394 8,782 2,612 534 11,961 21,802 4,093 20,610 2,335 360 1,968 340 12,244 1,269 Feb. 23 47 11,816 9,237 2,579 377 12,240 21,742 4,090 20,696 2,336 646 1,944 340 12,109 1,077 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 Mar. 29 83 12,297 9,685 2,613 369 12,749 21,600 4,092 21,037 2,329 753 1,918 351 12,053 630 Apr. 5 44 12,332 9,719 2,613 389 12,766 21,540 4,093 21,191 2,347 426 1,801 356 12,277 859 Apr. 12 55 12,648 0,040 2,609 402 13,106 21,479 4,093 21,295 2,327 274 1,823 356 12,604 986 Apr. 19 87 12,734 0,128 2,606 508 13,330 21,469 4,093 21,334 2,321 204 1,967 362 12,704 927 Apr. 26 89 12,998 0,392 2,606 398 13,485 21,429 4,094 21,396 2,327 373 2,019 357 12,537 640 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. MAY 1944 453 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect April 30. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, Advances secured by or corporations other than member banks Federal Reserve Bank A G c d a t o i l v o l v a a n e n b s r c l n e m e m s i a n e s t n u e o t c r n i u o n e r b g e y l d i e o g a b r a r y - G b o m e v a d y e t i o r u s n n c r m d i o n u e o g n n n t t o e s r o y o c b e f a l a i l a r g l n a a a b d t n i l o d e ns Other [ s S e e c c u . re 1 d 0 ( a b d )] vances secured by d ( i l r a e s c t t p o a b r l . i g S a e t c io . n 1 s 3 ) of the U.S. or less (Sec. 13) advvaanncceess sseeccuured by (Se e e llii s gi . ib 1 bl 3 le a p n a i a d ] . p ' e 1 r 3a)1 To nonmember banks To others Rate Effective Rate Effective Rate Effective Rate Effective Rate Effective Boston Oct. 27, 1942 Sept. 1, 1939 IY2 Oct. 27, 1942 Sept. 1, 1939 T2 Oct. 27, 1942 New York Oct. 30, 1942 Aug. 25, 1939 Oct. 30, 1942 Aug. 25, 1939 Oct. 30, 1942 Philadelphia..... Oct. 17, 1942 Mar. 21, 1942 Oct. 17, 1942 Mar. 21, 1942 b Oct. 17, 1942 Cleveland Oct. 27, 1942 Apr. 11, 1942 Sept. 12, 1942 Apr. 11, 1942 Oct. 27, 1942 Richmond Oct. 28, 1942 Mar. 14, 1942 Oct. 28, 1942 Mar. 14, 1942 Oct. 28, 1942 Atlanta Oct. 15, 1942 Mar. 21, 1942 Oct. 15, 1942 Sept. 16, 1939 Oct. 15, 1942 Chicago Oct. 17, 1942 Feb. 28, 1942 Aug. 29, 1942 Sept. 1, 1939 2 Oct. 17, 1942 St. Louis Oct. 27, 1942 Mar. 14, 1942 Mar. 14, 1942 Sept. 16, 1939 2 Oct. 27, 1942 Minneapolis Oct. 30, 1942 Mar. 28, 1942 Oct. 30, 1942 Mar. 28, 1942 Oct. 30, 1942 Kansas City Oct. 27, 1942 Apr. 11, 1942 Oct. 27, 1942 Sept. 16, 1939 2H Oct. 27, 1942 Dallas Oct. 17, 1942 Mar. 21, 1942 Oct. 17, 1942 Sept. 16, 1939 Oct. 17, 1942 San Francisco Oct. 28, 1942 Apr. 4, 1942 Oct. 28, 1942 Apr. 4, 1942 2 Oct. 28, 1942 1 Rates shown also apply to advances secured by obligations of Federal Intermediate Credit Banks maturing within 6 months. NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal Intermediate Credit Banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or corporations made under the last paragraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. PEDERAL RESERVE BANK BUYING RATES ON BILLS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS AND COMMITMENTS UNDER SECTION 13b [Per cent per annum ] OF THE FEDERAL RESERVE ACT Maturities not exceeding five years Maturity A R p a r t i e l o 3 n 0 In g i e n f n f i e n c g t — be- Pre ra v t i e ous [In effect April 30. Per cent per annum] Treasury bills1 % Apr. 30, 1942 To industrial or Bankers' acceptances*^ commercial To financing institutions 1*- 90 days V2 Oct. 20, 1933 1 businesses 91-120 days % Oct. 20,1933 1 121-180 days Oct. 20, 1933 134 Discounts or Federal Reserve purchases 1 Established rate at which Federal Reserve Banks stand ready to buy Bank a i u f l p l o d T n e r s e i r r a e e s q d u u r e b y s y t b t b i h l e l e s f o o s r e f e f l e l m e re r, a d t . w ur e i E r t e y f f , m e c w a ti d o v e u e l o d A n s u e c g l o . l n 3 b d , a i t c 1 i k o 9 n 4 2 bi , t l h ls p a t u o rc t f h h a e li s k e R e s e s o a e m f r v o s e u u c n h B t a a b n n i k l d l , s, lo O an n s1 co m m O e m n n t i s t- fo p r o w O rt h n io ic n h On re- m O it n m c e o n m ts maturity at the same rate of discount. Since May 15, 1943, all purchases institu- maining have been made subject to repurchase option. tion is portion 2 Minimum buying rates on prime bankers' acceptances. obligated Back figures.—See Banking and Monetary Statistics, Table 117, pp. 443-445. MEMBER BAN [ K P er R c E e S n E t R of V d E e p R os E it Q s] UIREMENTS N P B h o e i w s l t a o d Y n e o lp rk hia 2 2 2 J ^ ^ 4 - - - 5 5 5 X-lX ( O ( 2 2 4 ) ( ( ( 3 3 3) ) ) Cleveland.... 2H-5 X~^A (3) #& Net demand deposits1 Time Richmond 2H-5 4 3 ^r-VA deposits Atlanta 2H-5 Vr-VA ( ) hxArVA Central (all Chicago 2^-5 Vz-VA 2H-5 VT-VA r b e c a s i n e t r k y v s e R b e c a s i n t e y k rv s e Co ba u n n k tr s y m ba e n m k b s e ) r M K St a i . n n L n sa o e s a u p i C s o i l t i y s 2 2 2 3 ^ ^ ^ - - - 5 5 5 Y X X - - r i l - X X VA i-iy (2 2 ) ( 03) J A u u n g e . 2 1 1 6 , , 1 1 9 9 1 3 7 6 - - A F u e g b . . 1 2 5 8 , , 1 1 9 9 3 3 6 7 1 19 3 3^ 1 1 0 5 D Sa a n ll a F s rancisco 2 2H ^- - 5 5 V X- 2 i - X VA ( ( 2 ? ) ) (!) \ 5 X V - 2 1 - X l}4 M M a a y r. 1 1 , , 1 1 9 9 3 3 7 7 - - A A p p r r . . 3 1 0 5 , , 1 19 9 3 3 8 7...... 2 26 2% 2 1 0 7^ 14 1 Including loans made in participation with financing ins ( t 3 i ) tutions. N A A S E e f o u p f p g r v e t . c . . . t 2 i 1 1 v 0 1 4 6 e , , , , 1 1 1 O 1 9 9 9 9 c 4 4 4 3 t 1 2 2 8 . - - - - A 3 S O O , e u c c p 1 g t t . t . 9 . . 4 1 1 3 2 3 9 2 1 , , , , 1 1 1 1 9 9 9 9 4 4 4 4 2 2 2 1 2 2 2 2 2 0 6 4 2 2^ 2 2 2 2 1 0 7 0 0 0 H 1 1 1 1 1 2 4 4 4 4 l l o o 2 3 4 a w 5 n M R e F R r u i a a . n a n t t a y e e d n e c c c c r h h h i n a a a c r r g r o g g g m e e e in d d m s s a b b t i m i t o o t m r u r e r r t e o o i r n o w w a t n t . e e e r r i . s a le s c s h s c h a c r a o g r m g ed e m d } i • t b £ m o p e r e r n o r t w c r e e a r n t e t b . o y n f u in n a d n i c s i b n u g r s i e n d s t p it o u r t t i i o o n n , o if f 1 Demand deposits subject to reserve requirements; i.e. , demand de- Back figures.—See Banking and Monetary Statistics,Table 118, pp. 446-447. 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 x B m c o h a i a r n n d g a o e c c f o A G rd c o a t v n e o c r f e n o 1 w 9 rs 3 i 4 t o h f t S h e e c u F r e i d ti e e r s al O A 1 c p 1 9 t 9 r 3 . 3 . 6 3 7 - 1 1 , , E N ff o 1 e 9 v c 3 . t 7 i 1 ve , Savings deposits N Ja o n v .3 . 1 1 , ,1 1 9 9 3 3 3 5 - F D e e b c . . 3 1 1 ,1 , 9 1 3 93 5 5 - Ja E n ff . e 1 c ,1 ti 9 v 3 e 6 Postal savings deposits... For extensions of credit by brokers and dealers on Other deposits payable: listed securities, under Regulation T 40 In 6 months or more /2 T F Fo o r r l s o h a o n r s t b sa y l e b s a , n u k n s d e o r n R st e o g c u k l s a , t i u o n n d T er Regulation U.... 3 55 4 5 0 0 I I n n l 9 e 0 ss d a th y a s n t o 9 0 6 d m ay o s nths. 2X 1 Regulations T and U limit the amount of credit that may be extended on NOTE.—Maximum rates that may be paid by insured nonmember banks a security by prescribing a maximum loan value, which is a specified as established by the F. D. I. C, effective Feb. 1, 1936, are the percentage of its market value at the time of the extension; the "margin same as those in effect for member banks. Under Regulation Q the rate requirements" shown in this table are the difference between the market payable by a member bank may not in any event exceed the maximum value (100%) and the maximum loan value. rate payable by State banks or trust companies on like deposits under 2 Requirement under Regulation T was the margin "customarily re- the laws of the State in which the member bank is located. quired" by the broker. 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. 454 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 1943 Apr. 26 Apr. 19 Apr. 12 Apr. 5 Mar. 29 Mar. 22 Mar. 15 Mar. 8 March February March Assets Gold certificates on hand and due from U. S. Treasury 18,972,92519,021,82019,012,47519,084,32519,134,32519,151,32519,235,32519,257,82519,134,32519,279,07020,371,412 Redemption fund—F.R. notes.. 292,838 287,060 287,847 278,068 290,535 278,850 269,839 246,419 288,231 257,144 41,990 Other cash 287,205 285,240 287,309 295,535 317,769 336,272 322,077 328,834 313,430 329,455 371,270 Total reserves.. 19,552,96819,594,12019,587,63119,657,92819,742,62919,766,44719,827,24119,833,07819,735,98619,865,66920,784,672 Discounts and advances: For member banks 88,883 86,694 54,864 43,460 82,428 64,168 64,795 50,895 62,215 33,700 10,221 For nonmember banks, etc. 500 500 500 500 500 500 500 1,000 500 2,500 Total discounts and advances 89,383 87,194 55,364 43,960 82,928 64,668 65,295 51,895 62,715 33,700 12,721 Industrial loans 11,909 12,488 12,134 12,494 9,976 9,858 10,294 9,780 11,485 9,912 12,658 U. S. Government securities: Direct: 1 Bills: | Under repurchase option 3,815,104 3,584,284 3,624,609 3,581,617 3,607,869 3,566,313 3,434,109 3,378,997 3,397,752 2,907,637 1,240,286 Other 3,608,563 3,536,493 3,407,673 3,134,533 3,125,507 3,185,565 3,225,670 3,338,735 3,134,533 3,446,382 846,227 Certificates: Special Other 2^968^440 3,007,440 3,007,440 3,003,040 2,951,340 2,884^640 2,847,640 2,725,040 2,970,240 2,696,240 849,675 Notes 1,156,264 1,156,264 1,157,264 1,158,764 1,158,764 1,158,764 1,158,764 876,700 1,158,764 881,700 957,100 Bonds 1,445,496 1,445,496 1,447,496 1,450,196 1,450,196 1,443,696 1,440,446 1,621,786 1,450,196 1,612,636 1,983,651 Guaranteed 3,771 3,771 3,771 3,771 3,771 3,771 3,771 87,835 3,771 87,835 42,191 Total U. S. Government securities, including guaranteed securities. . 12,997,63812,733,74812,648,25312,331,92112,297,44712,242,74912,110,40012,029,09312,115,25611,632,430 5,919,130 Other Reserve Bank credit outstanding 385,800 496,256 390,067 377,226 358,818 404,885 457,328 347,393 381,150 416,115 246,942 Total Reserve Bank credit outstanding 13,484,73013,329,68613,105,81812,765,60112,749,16912,722,16012,643,31712,438,16112,570,60612,092,157 6,191,451 Liabilities Federal Reserve notes. . 17,822,902 17,761,60617,707,31717,635,73017,498,70217,429,37217,491,10417,443,09917,558,85917,315,52512,758,496 Deposits: Member bank—reserve account 12,536,61712,704,33112,603,93612,276,81512,053,24412,405,07212,704,71612,383,07911,889,44712,310,79612,759,300 U. S. Treasurer—general account 372,598 203,542 273,735 426,330 753,087 494,994 76,670 268,814 603,101 194,331 54,843 Foreign 1,646,164 1,516,713 1,450,860 1,432,527 1,564,387 1,542,951 1,540,332 1,568,034 1,617,506 1,569,657 879,395 Other deposits 373,236 456,031 372,218 368,601 353,121 350,170 381,827 337,087 367,491 308,111 287,085 Total deposits. 14,928,61514,880,61714,700,74914,504,27314,723,83914,793,18714,703,54514,557,01414,477,54514,382,89513,980,623 Ratio of total reserves to deposit and F.R. note liabilities combined (per cent) 59.7 60.0 60.4 61.2 61.3 61.3 61.6 62.0 61.6 1 62.7 | 77.7 i ) MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total 1 W 5 i d th a i y n s 1 d 6 a t y o s 30 31 d a to y s 60 61 d t a o y 9 s 0 9 m 1 t o d o n a t 6 y h s s 6 1 m t y o o e n a t r hs 2 1 y y t e o e a a r r s 5 2 y y t e o e a a r r s s 5 O y v e e a r rs Discounts and advances: Mar. 29 82,928 71,985 610 7,183 3,150 Apr. 5 43,960 28,055 11,555 975 3,375 Apr. 12 55,364 39,594 11,300 1,015 3,455 Apr. 19 87,194 81,794 880 1,665 2,855 Apr. 26 89,383 82,623 440 3,515 2,805 Industrial loans: Mar. 29 9,976 8,538 507 294 171 277 Apr. 5 12,494 11,092 505 311 130 296 Apr. 12 12,134 10,754 506 294 110 290 Apr. 19 12,488 11,586 4 305 147 275 Apr. 26 11,909 11,036 9 276i 142 271 U. S. Government securities including guaranteed securities: Mar. 29 12,297,447 1,999,614 1,077,232 2,398,469 2,371,911 986,990 1,313,400 17,800 977,445 1,154,586 Apr. 5 12,331,921 1,274,505 1,233,043 2,127,225 2,378,377 1,568,340 1,600,600 17,800 977,445 1,154,586 Apr. 12 12,648,253 1,481,575 1,212,531 2,190,406 2,444,770 1,568,740 1,604,600 17,800 973,245 1,154,586 Apr. 19 12,733,748 1,537,612 1,002,406 2,440,246 2,432,813 1,573,440 1,604,600 17,800 970,245 1,154,586 Apr. 26 12,997,638 1,594,569 1,090,770 2,474,596 2,540,732 1,558,740 1,595,600 17,800 970,245 1,154,586 MAY 1944 455 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicagi 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 o hand and due froi U. S. Treasury: Mar. 29 19,134,3: 1,065,95 5,238,3? 1,140,9 1,665,69C1,020,98 1,044,4 3,441,7! 515,6 377,82' 729,34: 536,06 2,357,278 Apr. 5 19,084,3! 1,015,3' 5,755,4<" 1,049,02 1,472,4031,020,65! 982,95 3,300,821 553,74: 362,66 701,23' 519,50. 2,350,422 Apr. 12 19,012,4' 990,26! 5,332,73 1,056,51: ,418,1081,020,0: 1,002,50, 3,660,90: 573,2 359,20 705,221 536,861 2,356,898 Apr. 19 19,021,8: 996,8' 5,420,3. 1,063,241 1,443,6411,019,57' 995,04. 3,590,42. 548,20. 346,85 710,66: 504,481 2,382,463 Apr. 26 18,972,9: 1,052,69' 5,285,29. 1,055,08!1,479,118 1,027,791 999,87. 3,546,171 560,57: 338,76. 710,36 490,28 2,426,900 Redemption fund- Federal Reserve notes: Mar. 29 290,5. 23,30. 34,82 24,25 25,152 24,72 16,35 53,21' 29,25 8,74C 11,95 9,44: 29,304 Apr. 5 278,061 23,19 19,41' 24,08i 25,017 23,62 19,21. 55,054 29,21i 8,7f 11,91. 9,40' 29,213 Apr. 12 287,84' 24,08! 31,06 24,43. 30,890 24,786 19,09. 44,942 29,16 8,96. 11,88. 9,37 29,149 Apr. 19 287,06( 24,01' 30,80J 24,32. 30,80! 24,143 19,00 44,832 29,13 9,705 11,86 9,35: 29,070 Apr. 26 292,83 26,94; 30,49! 24,21, 30,718 25,42( 19,92; 44,73: 29,10i 11,09* 11,84: 9,33: 29,014 Other cash: Mar. 29 317,76' 26,9: 88,10' 21,46 22,747 17,05 19,115 53,53: 11,90 6,631 11,32; 10,761 28,209 Apr. 5 295,53. 24,33 85,21' 21,09 22,807 15,90 16,944 44,54: 12,37 6,26. 10,98; 24,920 Apr. 12 287,30< 20,36 81,95 21,97. 20,646 15,68' 17,745 44,15! 12,23 6,161 11,140 9,'65 25,600 Apr. 19 285,24C 18,75: 82,11J 22,088 22,059 15,02: 17,64( 43,52 12,52' 6,225 11,508 9,58! 24,189 Apr. 26 287,20= 20,80; 80,64. 22,125 21,218 16,02: 19,06? 43,47' 11,76: 6,43C 11,338 9,56: 24,757 Total reserves: Mar. 29 19,742,62" ,116,182 ,3Q,31i ,186,631 ,713,589 ,062,754 1,079.94C3,548.55C 556,77. 393,20! 752,621 556,27: 414,791 Apr. 5 19,657,921 062,91 ,860,13;; ,094,198 ,520,227 ,060,191 ,019,1153,400,41f 595,32. 377,65: 724,134 539,05 404,555 Apr. 12 19,587,631 034,71 ,445,75C ,102,921 ,469,644 ,060,48; ,039,3443,750,005 614,63 374,33: 728,253 555,89. 411,647 Apr. 19 19.594.12C 039,64 ,533,263 ,109,661 ,496,507 ,058,73S ,031,6973,678,77? 589,861 362,78! 734,03 523,42 435,722 Apr. 26 19,552,965 100,43! ,396,435 ,101,41 ,531,054 ,069,238 ,038,86< 3,634,38! 601,4 356,29: 733,54, 509,17. 480,671 Discounts and advances : Secured by U. S. Goyernment obligations, direct and guaranteed: Mar. 29 82,92? 2,695 59,66* 1.91C 63C 65C l,00C 5.00C 7,5OC 3,375 500 Apr. 5 43,960 V" 30,775 5,530 ioo 551 80C 50C 125 500 Apr. 12 55,364 39.60C 7,155 81- 60C 225 515 Apr. 19 87,194 6,155 56,371 1,840 l,00C 864 400 13,00C 1,22. 530 Apr. 26 89,383 11,965 46,525 5,015 379 2,575 864 400 18,7OC 3,275 100 530 11,020 Other: Mar. 29 Apr. 5 Apr. 12 Apr. 19 Apr. 26 Total discounts and advances: Mar. 29 82,928 2695 59,668 1,910 630 650 1,000 5,000 7,500 3,375 500 Apr. 5 43,960 5180 30,775 5,530 550 800 500 125 500 Apr. 12 55,364 6,155 39,600 7,155 300 814 600 225 515 Apr. 19 87,194 11,965 56,370 1,840 1,000 864 400 13,000 1,225 530 Apr. 26 89,383 11.020 46,525 5,015 379 2,575 864 400 18,700 3,275 100 530 Industrial loans: Mar. 29 9,976 352 123 3,999 375 217 105 278 30 4,488 Apr. 5 12,494 1,427 123 5,476 370 216 97 260 30 4,488 Apr. 12 12,134 1,422 123 5,147 370 200 94 253 30 4,488 Apr. 19 12,488 1,421 123 5,499 370 200 90 274 29 4,475 Apr. 26 11,909 1,412 123 5,440 370 200 90 243 29 3,995 U. S. Goyernment securities: Bills: Under repurchase option: Mar. 29 3,607,869 136,123 626,207 149,573 75,446 81,055 34,449 761,719 261,210 78,195 63,930 35,827 304,135 Apr. 5 3,581,617 120,319 374,580 137,386 137,176 87,500 41,675 927,291 244,541 90,605 74,180 37,114 309,250 Apr. 12 3,624,609 139,006 695,190 135,526 170,486 89,267 31,050 673,702 221,148 94,520 56,490 20,082 298,142 Apr. 19 3,584,284 135,722 598,251 125,571 160,407 70,999 18,930 778,301 226,022 98,635 53,671 24,278 293,497 Apr. 26 3,815,104 123,784 791,559 149,270 152,438 79,982 21,708 858,462 219,922 106,345 46,808 25,764 239,062 Other bills: Mar. 29. 3,125,507 239,301 697,085 244,065 342,584 208,593 173,609 336,408 153,222 98,985 162,764 146,189 322,702 Apr. 5 3,134,533 240,488 666,947 254,458 358,653 209,641 187,335 330,207 146,098 95,359 167,845 152,749 324,753 Apr. 12 3,407,673 261,280 729,889 276,635 388,734 227,063 202,337 360,038 158,764 103,723 182,031 165,306 351,873 Apr. 19 3,536,493 271,083 759,688 287,096 402,891 235,258 209,382 374,133 164,737 107,668 188,711 171,209 364,637 Apr. 26 3,608,563 276,589 775., 751 292,947 410,958 239,951 213,490 381,883 168,087 109,870 192,502 174,608 371,927 Certificates: Mar. 29. 2,951,340 225,969 658,239 230,466 323,491 196,974 163,937 317,657 144,682 93,470 153,694 138,039 304,722 Apr. 5. 3,003,040 230,401 638,969 243,780 343,610 200,849 179,476 316,356 139,965 91,362 160,801 146,339 311,132 Apr. 12. 3,007,440 230,593 644,167 244,144 343,072 200,393 178,571 317,755 140,121 91,542 160,648 145,887 310,547 Apr. 19. 3,007,440 230,529 646,038 244,143 342,617 200,069 178,056 318,164 140,098 91,565 160,476 145,598 310,087 Apr. 26. 2,968,440 227,521 638,138 240,978 338,062 197,389 175,615 314,145 138,275 90,380 158,354 143,634 305,949 Notes: Mar. 29. 1,161,264 88,911 258,998 90,681 127,285 77,502 64,503 124,990 56,929 36,777 60,474 54,316 119,898 Apr. 5. 1,161,264 89,094 247,087 94,270 132,872 77,667 69,403 122,333 54,125 35,328 62,182 56,590 120,313 Apr. 12. 1,159,764 88,924 248,410 94,150 132,301 77,279 68,863 122,535 54,033 35,301 61,952 56,260 119,756 Apr. 19. 1,158,764 88,823 248,919 94,070 132,011 77,084 68,606 122,588 53,977 35,278 61,833 56,098 119.477 Apr. 26 1,158,764 88,817 249,105 94,070 131,965 77,052 68,555 122,629 53,975 35,281 61,815 56,069 119,431 456 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F S ra a n n - Bonds: Mar. 29 1,451,467 111,130 323,722 113,342 159,094 96,869 80,623 156,226 71,155 45,968 75,587 67,890 149,861 Apr. 5 1,451,467 111,359 308,834 117,829 166,077 97,076 86,747 152,905 67,651 44,157 77,722 70,731 150,379 Apr. 12 1,448,767 111,083 310,311 117,611 165,270 96,536 86,023 153,069 67,498 44,098 77,390 70,280 149,598 Apr. 19 1,446,767 110,899 310,786 117,450 164,822 96,243 85,657 153,056 67,393 44,047 77,201 70,041 149,172 Apr. 26 1,446,767 110,892 311,019 117,450 164,763 96,203 85,594 153,107 67,390 44,050 77,179 70,005 149,115 Total U. S. Government securities, including guaranteed securities: Mar. 29 12,297,447 801,,434 3,564,251 828,1271,027,900 660,993 517,1211,697,000 687,198 353,395 516,449 442,2611,201,318 Apr. 5 12,331,921 791,6613,236,417 847,772233 11,138,388 672,733 564,636 ,849,092 652,380 356,811 542,730 463,5231,215,827 Apr. 12 12,648,253 830,886 ,627,967 868,066 1,199,863 690,538 566,844 1,627,099 641,564 369,184 538,511 457,8151,229,916 Apr. 19 12,733,748 837,056 ,563,682 868,330 1,202,748 679,653 560,6311,746,242 652,227 377,193 541,892 467,2241,236,870 Apr. 26 12,997,638 827,603 3,765,572 894,715 1,198,186 690,577 56t4,9,6"2 1,830,226 647,649 385,926 536,658 470,080 1,185,484 Total loans and securities: Mar. 29 12,390,351 804,4813,624,042 834,036 1,028,905 661,860 518,226 1,702,004 694,698 353,673 519,854 442,266 1,206,306 Apr. 5 12,388,375 798,268 33,267,315 858,729 1,138,758 672,949 565,283 1,849,896 652,880 357,071 542,885 463,526 1,220,815 Apr. 12 12,715,751 838,4633,667,690 880,368 1,200,533 690,738 567,752 1,627,703 641,564 369,437 538,766 457,8181,234,919 Apr. 19 12,833,430 850,442 3,620,175 875,669 1,203,118 680,853 561,585 1,746,646 665,227 377,467 543,146 467,2271,241,875 Apr. 26 13,098,930 840,035 3:,812,220 905,170 1,198,935 693,352 565,916 1,830,630 666,349 386,169 539,962 470,1831,190,009 Due from foreign banks: Mar. 29 49 11 Apr. 5 I49 11 Apr. 12 49 11 Apr. 19 I49 11 Apr. 26 I49 11 Federal Reserve notes of other banks: Mar. 29 82,364 14,107 2,211 4,177 7,269 6,264 10,233 5,217 2,390 5,476 3,388 20,076 Apr. 5 72,133 11,799 2,074 3,228 6,482 7,063 8,512 5,310 1,333 4,749 3,099 17,427 Apr. 12 70,732 12,358 2,424 3,203 6,817 5,847 9,333 5,191 1,671 4,273 3,283 15,217 Apr. 19 75,057 13,640 2,361 4,120 6,955 7,561 8,358 4,423 2,097 4,367 3,671 15,811 Apr. 26 70,313 11,929 2,180 3,883 7,782 6,905 7,798 5,398 1,646 3,644 3,205 14,616 Uncollected items: Mar. 29 1,781,852 140,088 392,342 105,839 190,229 122,814 106,494 280,892 68,515 34,777 86,444 66,960 186,458 Apr. 5 1,642,254 154,195 357,088 94,380 155,368 102,546 93,884 263,750 64,498 31,232 89,242 48,418 187,653 Apr. 12 1,828,217 150,128 393,875 107,203 187,319 124,490 107,417 288,809 75,144 41,103 101,867 64,392 186,470 Apr. 19 2,007,174 154,347 467,166 109,642 210,097 136,533 118,807 291,767 82,965 39,380 110,470 78,456 207,544 Apr. 26 1,792,054 130,169 367,997 97,272 176,339 141,847 129,354 270,773 70,438 33,246 104,618 76,303 193,698 Bank premises: Mar. 29 34,974 1,652 9,081 3,564 4,186 2,915 1,643 2,931 2,054 1,276 2,720 2,004 Apr. 5 34,966 1,652 9,062 3,564 4,186 2,915 1,643 2,929 2,054 1,273 2,714 970 2,004 Apr. 12 34,966 1,652 9,062 3,564 4,186 2,915 1,643 2,929 2,054 1,273 2,714 970 2,004 Apr. 19 34,971 1,652 9,062 3,564 4,186 2,915 1,643 2,929 2,054 1,273 2,719 970 2,004 Apr. 26 34,928 1,652 9,062 3,552 4,176 2,908 1,640 2,924 2,054 1,273 2,719 970 1,998 Other assets: Mar. 29 61,138 4,304 14,468 4,285 7,189 4,491 3,448 6,387 2,741 1,762 2,948 2,867 6,248 Apr. 5 57,650 4,014 12,869 4,127 7,089 4,273 3,434 6,139 2,530 1,604 2,874 2,612 6,085 Apr. 12 58,431 4,355 13,206 4,205 6,929 4,383 3,497 6,236 2,489 1,636 2,948 2,572 5,975 Apr. 19 58,929 4,218 13,000 4,218 7,131 4,369 3,595 6,398 2,536 1,709 2,981 2,713 6,061 Apr. 26 60,250 4,317 13,171 4,536 7,219 4,401 3,686 6,518 2,591 1,754 3,054 2,862 6,141 Total assets: Mar. 29 34,093,44- 2,068,274 9,415,4072,136, ,948,2871,862,1091,716,019 5,551,0141,330,002 787,0881,370,0671,072,7053,835,894 Apr. 5 33,853,4422,022,114 9,518,3152,057,084 2,828,8"6"8 1,849,3621,690,426 5,531, ,322,602 770,173 ,366,6021,057,6873,838,550 Apr. 12 34,295,8642,030,438 9,541,990 '2,100,6972,871,826 ,889,834 ,725,504 5,685,036 1,341,083 789,4541,378,8251,084,9343,856,243 Apr. 19 34,603,8172,052,009 9,656,3552,105,1272,925,1711,890,3701,724,892 5,734,8931,347,070 784,^716 1,397,718 1,076,4683,909,028 Apr. 26 34,609,5792,077,949 9,610,863 2,114,1412,921,618 1,919,534 1,746,374 5,753,0471,348,280 780,3831,387,5441,062,702 3,887,144 Liabilities Federal Reserve notes: Mar. 29 17,498,7021,163,689 3,897,,470 1,180,3431,552,3371,160,9521,011,825 3,254,646 749,582 397,399 647,530 428 198 21,054,731 Apr. 5 17,635,7301,174,255 3,927,,110 1,188,9551,559,8591,170,6991,021,277 3,282,198 756,233 400,726 652,752 433 739 21,067,927 Apr. 12 17,707,3171,179,273 3,938,668 1,190,4291,566,3131,174,8911,022,375 3,309,326 758,899 401,787 654,154 433 140 21,078,062 Apr. 19 17,761,6061,187,422 3,958,781 ,193,6141,570,1421,173,6331,019,938 3,326,639 760,137 402,824 654,574 431873 21,082,029 Apr. 26 17,822,9021,190,548 3,976,080 1,197,3931,580,418 1,172,450 1,021,980 3,340,722 760,409 404,039 654,840 431800 21,092,223 Deposits: Member bank—reserve account: Mar. 29 12,053,244 581,596 4,042,125 596,581 942,908 469,497 503,649 1,759,952 429,328 276,107 553,344 500,4411,397,716 Apr. 5 12,276,815 592,9314,128,222 606,590 943,588 505,328 520,584 1,762,116 428,687 282,245 571,693 514,3061,420,525 Apr. 12 12,603,936 604, ,202,018 616,086 958,742 520,819 552,2011,891,997 437,324 285,938 577,246 531,064 11,425,562 Apr. 19 12,704,331 609,582 4,259,097 634,988 987,872 498,782 531,6071,913,436 435,795 284,310 581,075 513,0691,454,718 Apr. 26 12,536,617 602,661 4,204,648 620,961 981,175 502,263 542,569 1,891,001 433,465 272,419 572,018 501.,,653 1,411,784 U. S. Treasurergeneral account: Mar. 29 753,087 76,413 161,869 84,994 104,197 44,475 46,696 65,335 21,803 31,426 37,653 33,773 44,453 Apr. 5 426,330 25,336 211,418 18,288 31,141 10,176 12,506 51,481 15,998 9,570 8,997 9,941 21,478 Apr. 12 273,735 6,862 96,769 18,449 28,825 7,390 7,251 31,910 13,205 17,464 13,816 11,694 20,100 Apr. 19 203,542 24,558 32,130 9,575 18,838 13,226 10,435 33,580 10,706 12,746 11,670 13,051 13,027 Apr. 26 372,598 25,136 81,632 26,821 22,232 29,923 23,114 57,929 21,758 20,667 21,377 11,051 30,958 1 After deducting $87,000 participations of other Federal Reserve Banks. MAY 1944 457 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars ] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S o t u .. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - Foreign: Mar. 29 1,564,387 105,349 ^14,616 137,243 132,767 59,670 47,736 184,979 46,244 32,819 43,261 43,261 116,442 Apr. 5 1,432,527 98,251 2567,413 124,636 120,571 54,189 43,352 167,987 41,997 29,804 39,287 39,287 105,753 Apr. 12 1,450,860 96,655 1576,O27 126,475 122,350 54,989 43,991 170,466 42,616 30,244 39,867 39,867 107,313 Apr. 19. 1,516,713 100,631 J604,154 131,961 127,657 57,374 45,899 177,860 44,465 31,556 41,596 41,596 111,964 Apr. 26 1,629,104 111,771 X637,999 145,690 140,939 63,343 50,675 196,365 49,091 34,839 45,924 45,924 106,544 Other deposits: Mar 29 353,121 3,261 259,517 6,724 7,307 3,633 4 483 4,292 9,427 10 536 4 873 2 145 36,923 Apr. 5 368,601 2,855 276,892 5,623 6,415 4,039 3,593 3,793 9,724 10,775 3^035 3^429 38^428 Apr. 12 372,218 2,810 278,271 8,520 5,538 6,717 3,188 3,877 10,402 10,694 3,268 2,283 36,650 Apr. 19 456,031 3,327 350,044 8,65& 7,961 9,006 3,044 9,130 11,220 10,675 4,044 2,452 36,470 Apr. 26 390,296 3,317 276,234 5,693 8,267 6,866 5,264 5,065 10,992 10,453 5,156 1,899 51,090 Total deposits: Mar. 29 14,723,839 766,6195,078,127 825,5421,187,179 577,275 602,5642,014,558 506,802 350,888 639,131 579,6201,595,534 Apr. 5 14,504,273 719,3735,183,945 755,1371,101,715 573,732 580,0351,985,377 496,406 332,394 623,012 566,9631,586,184 Apr. 12 14,700,749 711,2665,153,085 769,5301,115,455 589,915 606,6312,098,250 503,547 344,340 634,197 584,9081,589,625 Apr. 19 14,880,617 738,0985,245,425 785,1821,142,328 578,388 590,9852,134,006 502,186 339,287 638,385 570,1681,616,179 Apr. 26 14,928,615 742,8855,200,513 799,1651,152,613 602,395 621,6222,150,360 515,306 338,378 644,475 560,5271,600,376 Deferred availability items: Mar. 29 1,423,170 107,794 287,631 91,743 166,608 103,692 84,918 223,861 58,689 26,748 68,859 50,603 152,024 Apr. 5 1,265,164 98,353 255,169 73,970 125,043 84,875 72,075 206,061 55,016 24,984 76,221 42,745 150,652 Apr. 12 1,438,286 109,579 297,604 101,545 147,669 104,789 79,750 219,391 63,671 31,228 75,840 52,569 154,651 Apr. 19 1,511,054 95,928 299,197 87,179 170,234 118,169 96,878 216,078 69,811 30,490 90,163 60,045 176,882 Apr. 26 1,406,390 114,038 281,131 78,086 145,881 124,317 85,884 203,707 57,558 25,791 73,553 55,921 160,523 Other liabilities including accrued dividends: Mar. 29 8,009 717 2,309 529 847 457 327 1,137 323 250 245 287 581 Apr. 5 8,016 656 2,079 556 881 282 649 1,199 345 241 264 206 658 Apr. 12 8,503 785 2,465 650 937 415 321 1,093 333 237 269 251 747 Apr. 19 8,979 987 2,605 550 933 302 625 1,228 292 230 282 270 675 Apr. 26 9,071 758 2,589 830 974 445 387 1,262 329 260 291 306 640 Total liabilities: Mar. 29 33,653,7202,038,8199,265,5372,098,1572,906,9711,842,3761,699,6345,494,202 1,315,396 775,2851,355,7651,058,7083,802,870 Apr. 5 33,413,1831,992,6379,368,3032,018,6182,787,4981,829,5881,674,0365,474,835 1,308,000 758,3451 352,2491,043,6533,805,421 Apr. 12 33,854,8552,000,9039,391,8222,062,1542,830,3741,870,0101,709,0775,628,060 1,326,450 777,5921,364,4601,070,8683,823,085 Apr. 19 34,162,2562,022,4359,506,0082,066,5252,883,6371,870,4921,708,4265,677,9511,332,426 772,8311,383,4041,062,3563,875,765 Apr. 26 34,166,9782,048,2299,460,3132,075,4742,879,8861,899,6071,729,8735,696,0511,333,602 768,4681,373,1591,048,5543,853,762 Capital Accounts Capital paid in: Mar. 29 156,587 9,879 57,751 11,827 15,948 6,275 5,564 18,166 4,793 3,413 5,097 4,823 13,051 Apr. 5 156,645 9,879 57,754 11,828 15,959 6,276 5,564 18,171 4,795 3,417 5,097 4,827 13,078 Apr. 12 156,727 9,879 57,747 11,843 15,963 6,278 5,567 18,174 4,798 3,417 5,098 4,827 13,136 Apr. 19 156,765 9,880 57,752 11,843 15,963 6,284 5,570 18,176 4,800 3,417 5,099 4,839 13,142 Apr. 26 156,905 9,886 57,768 11,844 16,072 6,285 5,571 18,178 4,800 3,417 5,099 4,839 13,146 Surplus (section 7): Mar. 29 188,097 13,206 70,012 17,859 16,026 5,236 5,725 26,490 6,330 3,669 4,554 4,831 14,159 Apr. 5 188,097 13,206 70,012 17,859 16,026 5,236 5,725 26,490 6,330 3,669 4,554 4,831 14,159 Apr. 12 188,097 13,206 70,012 17,859 16,026 5,236 5,725 26,490 6,330 3,669 4,554 4,831 14,159 Apr. 19 188,097 13,206 70,012 17,859 16,026 5,236 5,725 26.490 6,330 3,669 4,554 4,831 14,159 Apr. 26 188,097 13,206 70,012 17,859 16,026 5,236 5,725 26,490 6,330 3,669 4,554 4,831 14,159 Surplus (section 13b): Mar. 29 26,965 2,874 7,092 4,421 1,007 3,290 749 1,429 530 1,000 1,137 1,307 2,129 Apr. 5 26,965 2,874 7,092 4,421 1,007 3,290 749 1,429 530 1,000 1,137 1,307 2,129 Apr. 12 26,965 2,874 7,092 4,421 1,007 3,290 749 1,429 530 1,000 1,137 1,307 2,129 Apr. 19 26,965 2,874 7,092 4,421 1,007 3,290 749 1,429 530 1,000 1,137 1,307 2,129 Apr. 26 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: Mar. 29 68,075 3,496 15,015 4,314 8,335 4,932 4,347 10,727 2,953 3,721 3,514 3,036 3,685 Apr. 5 68,552 3,518 15,154 4,358 8,378 4,972 4,352 10,734 2,947 3,742 3,565 3,069 3,763 Apr. 12 69,220 3,576 15,317 4,420 8,456 5,020 4,386 10,883 2,975 3,776 3,576 3,101 3,734 Apr. 19 69,734 3,614 15,491 4,479 8,538 5,068 4,422 10,847 2,984 3,799 3,524 3,135 3,833 Apr. 26 70,634 3,754 15,678 4,543 8,627 5,116 4,456 10,899 3,018 3,829 3,595 3,171 3,948 Total liabilities and capital accounts: Mar. 29 34,093,4442,068,2749,415,4072,136,5782,948,2871,862,1091,716,0195,551,014 1,330,002 787,0881,370,0671,072,7053,835,894 Apr. 5 33,853,4422,022,1149,518,3152,057,0842,828,8681,849,3621,690,4265,531,659 1,322,602 770,1731,366,6021,057,6873,838,550 Apr. 12 34,295,8642,030,4389,541,9902.100,6972,871,8261,889,8341,725,5045,685,0361,341,083 789,4541,378,8251,084,9343,856,243 Apr. 19 34,603,8172,052,0099,656,3552;105,1272,925,1711,890,3701,724,8925,734,893 1,347,070 784,7161,397,7181,076,4683,909,028 Apr. 26 34,609,5792,077,9499,610,8632,114,1412,921,6181,919,5341,746,3745,753,0471,348,280 780,3831,387,5441,062,7023,887,144 Commitments to make industrial advances: Mar. 29 11,165 700 9 3,597 52 1,115 2 3,000 2,690 Apr. 5 8,878 450 8 1,485 52 1,193 3,000 2,690 Apr. 12 9,159 450 8 1,779 52 1,181 3,000 2,689 Apr. 19 8*710 450 8 1,234 50 1,221 48 3,000 2*699 Apr. 26 8,794 450 8 1,289 50 1,256 48 3,000 2,693 1 After deducting $948,763,000 participations of other Federal Reserve Banks on Mar. 29; $861,611,000 on Apr. 5; $874,325,000 on Apr. 12; $912,250,000 on Apr. 19; and $1,007,161,000 on Apr. 26. 458 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 debars] Total Boston Y N o ew rk d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - la A n t t - a Chicago 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): Mar. 29 18,143,1651,193, t, 040,3391,212,7521,595,2141,196,3741,062,1513,343,483789,107 405,356 668,397 458,998 2,177,336 Apr. 5 18,194,7171,200,046 4[, 062,326, 2114,1791,599,3541,198,2451,063, 4"5"5 3,360,206 788,594 407052 670,088 458,847 2,172,325 Apr. 12 18,297,0811,203, [, 095,2914,219,8721,605,0351,204,4481,065,4483,383,569 791,165 410134 675,214 458,263 2,185,507 Apr. 19 18,360,8061,213, 1,107,1371,223,5141,611,1201,204,1671,068,9203,397,646 791 161 409,879 676,780 461,249 2,196,210 Apr. 26 18,443,2341,222,620 4t, 121,7911,228,5071,613,6581,204,5341,087,4293,405,070 795779 412,615680,245 466,409 2,204,577 Collateral held by agent as security for notes issued to Bank: Gold certificates on hand and due from U. S. Treasury: Mar. 29 12,811,000 751,000 3,445,000 740,000 1,098,000 775,000 7501,,000 2,295,000 290,000 232,000420,000291,000 1,724,000 Apr. 5 13,120,000 761,000 31,770,000 740,0001,100,000 775,000 710,0002,295,000 290,000 234,000430,000291,0001,724,000 Apr. 12 12,980,000 744,000 3,495,000 745,000 1,010,000 775,000 710,0002,530,000 290,000 236,000430,000291,0001,724,000 Apr. 19 13,038,000 744,000 3,520,000 750,000 1,013,000 775,000 710,000 2,550,000 300,000 221,000440,000291,0001,724,000 Apr. 26 13,100,000 744,000 3.,545, 755;000 1,015,000 775,000 720,000 2,570,000 300,000 196,000440\ 000 291,000 ,749,000 Eligible paper: Mar.29 75,798 2,695 59,668 1,910 7,500 3,375 Apr. 5.. 42,110 5,180 30,775 5,530 500 125 Apr. 12 53,135 6,155 39,600 7,155 225 Apr. 19 85,400 11,965 56,370 1,840 1,000 13,000' 1,225 Apr. 26 87,110 11,020 46,525 5,015 2,575 18,700 3,275 U. S. securities: Mar.29 5,656,210 450,000 600,000 475,000 500,000 450,000 325,0001,170,000 586,.210175,000250,000175,000 500,000 Apr. 5 5,389,541 450,000 300,000 475,000 500,000 450,000 375,0001,170, ,541175,000250,000175,000 500,000 Apr. 12 5,516,148 500,000 600,000 475,000 600,000 450,000 375,000 870, ,,148175,000250,000175,000 500,000 Apr. 19 5,546,022 500,000 600,000 475,000 600,000 450,000 375,000 870,000551,022200,000250,000175,000 500,000 Apr. 26 5,604,922 500,000 600,000 475,000 600,000 450,000 375,000 900,000 544,922225,000250,000185,000 500,000 Total collateral: Mar. 29 18,543,0081,203,695 4[, 104,6618,216,910 1,598,000 1,225,650 1,075,000 3,465,000 883,710 407,000673,375 466,000 ,224,000 Apr. 5 18,551,6511,216,180 4[, 100,7715,220,5301,6001,,000 1,225,000 1,085,0003,465,000 860,041409,000680,125 466,,000 ,224,000 Apr. 12 18,549,2831,250,155 4I, 134,600" ,1227,1551,6101,,000 1,225,000 1,085,000 3,400,000 836,148 41"1,000680,225 466,000 ,224,000 Apr. 19 18,669,4221,255,965 4[, 176,3710,226,8401,613,0001,226,0001,085,0003,420,000 864,022 421,000691,225 466,000 ,224,000 Apr. 26 18,792,0321,255,020 4191, 52—5 1,2355,,'0 1'5 ^1,615>,, 00"0 1,227,5"75 1,0950,0"0 3,470,000 863622 421,000693,275 476,000 ,249,000 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 Ap- BANKS UNDER REGULATION V We D d a n t e e sd (l a a y s t or Ap a p p l p i r c o a v ti e o d ns b p u r t o v n e o d t L o o u a t n - s C m om en m ts it- P pa a t r i t o i n c s i- [Amounts in thousands of dollars] las p t e d ri a o y d ) of Number Amount (a p m c l o e o m t u e - d n 1 t) s ( t a a m n o d u in n g t) 2 s (a ta m o n u o d t u i - n n g t) ( s a t m a o n u o d t u - i n n t g ) Gua a r u a t n h t o e r e i d z e l d oans Gua o r u a t n st t a e n ed d in lo g ans a A v a 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 7 5 6 2 2 1 , , , 9 2 4 9 8 0 3 0 6 1 1 1 2 5 3 0 4 9 , , , 9 8 4 8 2 9 7 9 3 1 3 8 1 , , , 3 2 5 6 2 4 9 6 8 3 2 2 5 0 2 , , , 5 2 4 2 1 9 6 6 3 2 2 1 7 0 2 , , , 6 9 7 5 8 4 9 0 9 8 7 7 , , , 2 7 2 3 0 7 8 8 8 Number Amount am To o t u a n l t g P u o te a r e r t d i 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 1,658 944,204 427,918 356,677 230,72O< Tune 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 2,482,875 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 L,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 ,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 1L,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 Mar. 31 3,481 503,330 1,408 11,774 9,069 18,267 Feb. 29 5,720 7,172,719 2,030,547 ],700,400 3,451,581 Mar. 31 5,904 7,466,762 2,009,511 1,680,046 3,615,963 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. MAY 1944 459 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS AND RESERVES OF MEMBER BANKS, MARCH 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 d r v e . e e l S n - o r . t n an - Other A d p d e o m j d s u i a e s t t % n s e 2 d d p N m o e s a t i n ts d d * e 5 - p T o d i s e m i - t e s4 d b o a b m l f d a a r u o n n e e m k s c t s e i s c Held qu R i e r - ed Excess posits1 All member banks ... 78,991 10,458 13,783 54,749 51,468 56,826 15,861 5,259 12,431 11,443 988 Central reserve city banks: New York 23,075 3,601 4,970 14,504 13,534 17,096 873 60 3,472 16 Chicago 5,249 1,052 1,069 3,128 2,927 3,831 512 148 796 797 -1 Reserve city banks 29,330 4,785 4,738 19,807 18,225 21,328 6,370 1,740 4,921 4.648 274 Boston 2,127 281 531 1,316 1,238 1,468 109 51 309 300 9 New York 483 25 58 400 376 380 179 21 89 87 3 Philadelphia 2,284 302 450 1,532 1,435 1,674 137 63 353 343 10 Cleveland 3,829 490 660 2,679 2,490 2,803 837 180 643 611 32 Richmond 1,700 266 332 1,102 1,022 1,196 278 97 275 256 19 Atlanta 1,782 496 238 1,048 937 1,298 234 140 294 274 21 Chicago 3,804 432 612 2,760 2,564 2,714 1,057 289 642 606 36 St. Louis.. 1,716 493 258 966 863 1,255 198 104 271 263 8 Minneapolis 956 260 189 507 453 657 98 57 140 137 3 Kansas City 2,361 811 255 1,295 1,151 1,690 200 276 383 350 33 Dallas 1,725 399 196 1,130 1,043 1,250 171 197 299 260 39 San Francisco 6,562 531 959 5,072 4,653 4,942 2,872 264 1,221 1,161 60 Country banks... 21,337 1,020 3,006 17,311 16,783 14,571 8,106 3,310 3,226 2,526 700 Boston 2,151 86 422 1,643 1,573 1,495 711 169 288 252 36 New York 3,368 70 622 2,675 2,578 2,386 1,907 269 539 449 91 Philadelphia 1'569 11 246 1,312 1,270 1,109 971 177 269 214 55 Cleveland 1,859 23 265 1,571 1,531 1,271 972 286 321 236 85 Richmond 1,657 173 212 1,272 1,210 1,115 498 280 229 186 43 Atlanta 1,742 192 230 1,321 1,275 1,142 351 339 238 181 57 Chicago 2,781 73 390 2,319 2,273 1,887 1,231 466 443 338 105 St. Louis 1,167 127 114 925 897 803 320 224 168 132 36 Minneapolis 893 65 108 720 702 609 374 160 143 108 35 Kansas City 1,352 71 121 1,159 1,142 858 181 362 192 131 61 Dallas..... 1,595 104 155 1,336 1,304 1,044 106 372 217 153 64 San Francisco 1,203 23 123 1,058 1,028 850 482 207 180 148 32 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 MARCH 1944 [Averages of daily figures. In millions of dollars] Central reserve All city banks Re- Coun- In places of 15,000 In places of under mem- serve population and over 15,000 population ba b n e k r s1 N Yo ew rk Chicago b c a i n t k y s banks1 Federal Reserve districts Demand Demand Total reserves held: d e e i x n p c t o e e s r p i - t t s de T p i o m s e its d e e i x n p c t o e e s r p i - t ts de T p i o m s e its 1943—Feb 12,933 3,999 875 5,141 2,918 bank2 bank2 Mar 13,255 4,001 892 5,319 3,042 1944—Feb 12,349 3,395 800 4,899 3,254 Mar , 12,431 3,488 796 4,921 3,226 Total... 12,687 4,777 7,631 3,329 Week ending (Friday): 1944—Mar 3 12 270 3 426 800 4,849 3,195 Boston 1,805 564 260 147 Mar. 10 12^396 3^485 802 4^893 3,216 New York 2,551 1,232 746 674 Mar. 17 12,621 3,527 817 4,991 3,286 Philadelphia 924 450 634 521 Mar 24 12 498 3 495 797 4 953 3,253 Cleveland 1,107 521 728 451 Mar. 31 12',268 3^464 772 4^874 3,158 Apr. 7 12,351 3,515 726 4,917 3,193 Richmond 956 244 528 254 Apr. 14 12,585 3,556 803 5,010 3,216 Atlanta 1,113 246 438 105 Apr. 21 12,701 3,618 821 5,062 3,200 Chicago 1,631 740 1,078 491 Excess reserves: St. Louis 446 180 594 140 1943—Feb 1,712 97 10 784 820 Mar 1,884 96 34 852 903 Minneapolis 386 150 442 225 1944—Feb 1,160 21 3 341 795 Kansas City 364 63 917 118 Mar 988 16 —1 274 700 Dallas 621 67 870 39 Week ending (Friday): San Francisco 784 318 396 164 1944—Mar. 3 1,000 12 3 266 719 M M a a r r . . 1 1 0 7 1,0 9 7 99 3 1 1 1 8 — 1 2 2 2 9 7 6 4 7 75 1 9 5 1 Includes any banks in outlying sections of reserve cities which have Mar. 24 977 19 256 702 been given permission to carry the same reserves as country banks. All M Ap a r r . . 3 7 1 8 93 5 7 8 2 2 0 3 1 2 4 2 26 2 3 1 6 63 1 7 5 rese 2 r v T e h c e i t s i e e r s i e h s a v p e u b a l i p s o h p ed u la th ti r o o n u g o h f m A o p r r e il th 19 a 4 n 3 1 i 5 n , c 0 l 0 u 0 d . ed interbank deposits. Apr. 14 933 15 7 274 637 The amount of such deposits for the current month at all country banks can Apr. 21 *>902 19 9 274 ^600 be derived by comparison with the first table above; banks in the small centers held 216 million dollars during the last half of April 1943. Figures in this table include war loan deposits, shown separately for all country P Preliminary. banks in table above. 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. 46O 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 denomination currency2 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 8 1934 5,536 4,292 452 423 32 771 1,288 1,326 1,254 337 577 112 216 5 7 10 1935 5,882 4,518 478 460 33 815 1,373 1,359 1,369 358 627 122 239 7 16 5 1936 6,543 5,021 517 499 35 906 1,563 1,501 1,530 399 707 135 265 7 18 8 1937 6,550 5,015 537 505 33 905 1,560 1,475 1,542 387 710 139 288 6 12 7 1938 6,856 5,147 550 524 34 946 1,611 1,481 1,714 409 770 160 327 17 32 5 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 2 1940 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 4 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942 15,410 11,576 880 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943—January. . 15,590 11,665 869 773 54 1,678 4,107 4,183 3,928 1,047 1,962 293 592 10 25 3 February. 16,088 12,065 877 786 56 1,718 4,279 4,349 4,026 1,079 2,013 298 599 11 25 3 March.... 16,250 12,121 890 791 56 1,713 4,280 4,391 4,129 1,104 2,069 306 616 11 23 1 April 16,660 12,428 904 804 58 1,741 4,391 4,531 4,232 1,131 2,128 312 621 15 26 1 May 17,114 12,789 914 824 59 1,785 4,526 4,681 4,326 1,159 2,186 319 630 10 22 1 June 17,421 12,960 929 834 61 1,793 4,565 4,778 4,462 1,195 2,259 329 648 10 21 -2 July 17,955 13,334 943 843 62 1,836 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 1,973 5,194 5,705 5,580 1,481 2,912 407 749 9 22 2 1944—January .. 20,529 14,817 1,013 880 69 1,940 5,174 5,742 5,715 1,509 2,992 418 767 9 21 3 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 March 21,115 15,100 1,029 881 70 1,951 5,265 5,905 6,017 1,576 3,152 444 814 9 22 1 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 i o n u g t- A c g e s a r o s t g l s i i d a f e l i v 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 t a v a s y n l e d Ma 1 r 9 . 4 3 4 1, Fe 1 b 9 . 4 2 4 9, Ma 19 r. 4 3 31, agents Gold 21,600 19,477 22,123 Gold certificates *19,477 16,607 2,815 55 55 57 Federal Reserve notes 18,131 50 653 17,429 17,176 12,643 Treasury currency—total 44,091 i,798 146 313 3,632 3,593 3,549 Standard silver dollars 494 278 116 2 98 97 79 Silver bullion 1,520 1,520 Silver certificates and Treasury notes of 1890 3'1,7'98 254 1,544 1,507 1,675 Subsidiary silver coin 711 19 16 676 668 583 Minor coin 267 7 £ 255 253 228 United States notes 347 3 318 320 316 Federal Reserve Bank notes 624 10 613 620 534 National bank notes 129 (5) l 127 128 134 Total—March 31 1944 343,823 Z21,275 42,319 16,607 3,782 21,115 February 29 1944 343,622 Z21,369 42,356 16,721 3,722 20,824 March 31, 1943 339,879 222,429 42,224 17,598 3,808 16,250 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. 453, and seasonally adjusted figures in table on page 462. 2 Includes $1,800,000,000 Exchange Stabilization Fund, $143,845,759 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. 453. 6 Less than $500,000. NOTE.—There is maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or, until June 30, 1945, of direct obligations of the United States if so authorized by a majority vote of the Board of Governors of the Federal Reserve System. Federal Reserve Banks must maintain a, reserve in gold certificates of at least 40 per cent, including the redemption fund which must be deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. MAY 1944 461 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 i o o te n n d al ad v s j a u e r a s i s t a e o t d n i o a n l for s a e d s a e s ju o ri s n e t a s e l 1 d ly Period a s G t t o o e c l n d k d I i n n s c to 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 l r a d e r : a k s e d e d e- p D ti r c o o m d g u e o c s ld - of period or in- tion* End of year figures: crease (—) 1938 6,856 +306 1 1 9 9 3 4 9 0 7 8 ,7 5 3 9 2 8 +1 + ,1 7 3 4 4 2 1 19 9 3 3 5 42 1 8 0 , , 2 12 3 5 8 4 1 , , 2 8 0 8 2 7 . . 5 2 1 1 , , 1 7 3 3 3 9 . . 9 0 82. . 6 2 1 9 1 2 0 . . 9 7 1 1 1 9 9 94 4 4 2 3 1 2 1 1 0 5 1 , , , 4 4 1 4 1 6 9 0 0 + + + 5 4 2 , , , 0 2 4 3 5 2 9 0 8 1 1 1 9 9 9 3 3 3 7 8 6 3 3 1 1 1 2 1 4 , , , 7 2 5 6 5 1 0 8 2 1 1 1 , , , 5 1 7 0 3 5 2 2 1 . . . 5 5 5 1 1 1 , , , 5 9 1 8 7 1 5 3 6 . . . 6 5 6 - - 2 3 -8 0 3 5 0 3 . . . 9 4 5 1 1 1 4 3 4 3 1 8 . . . 9 6 6 M f o i n g 1 u th 9 re 4 ly s 3 : — a M J A v u e a p n r y r e a il ges of daily 1 1 1 7 6 6 , , , 2 8 4 1 1 4 7 5 8 1 1 1 6 7 6 , , , 9 3 5 3 0 8 4 4 1 + + + 3 3 3 7 5 8 0 3 4 1 1 1 1 19 9 9 9 9 4 3 4 4 4 2 9 3 1 0 2 2 2 2 1 2 2 1 1 7 , , , , , 7 7 9 9 6 3 9 2 3 4 7 5 6 8 4 3 4 -7 - , , 3 1 7 1 8 5 3 4 0 8 1 2 1 . . . . . 3 5 2 0 8 3 4 , , 5 7 9 (4 7 4 8 ) 4 4 2 . . . 2 5 4 - - - - - 4 5 6 4 8 0 3 4 5 0 7 4 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 July 17,681 17,716 +412 1944— N A O D S J e o a e u c p n c v g t t o e u e u e m a b m s m r t e b y b b r e e . e r . r r . 2 2 1 1 1 1 0 0 8 8 9 9 , , , , , , 4 1 7 2 5 0 9 2 2 4 6 0 6 8 9 3 6 1 2 1 1 1 1 1 0 8 8 9 9 9 , , , , , , 2 3 7 5 9 0 8 6 6 0 4 0 7 7 7 7 4 1 + + + + + + 5 4 2 4 4 5 7 8 3 3 0 2 1 0 4 7 6 3 1943— M J J A A M u u p u a l n a y r g y r e i c u l h st 2 2 2 2 2 2 2 2 2 2 2 2 , , , , , , 5 4 4 2 3 3 7 2 7 3 4 8 6 6 3 5 3 8 - — 1 - - - - 3 4 5 9 0 6 8 2 2 6 3 8 . . . . . . 9 7 0 3 1 0 -1 - - - - - 5 5 4 9 6 0 9 1 5 1 3 1 . . . . . . 0 7 1 0 7 3 4 4 4 3 3 3 . . . . . . 5 9 6 9 9 1 February 20,635 20,635 +268 September... 22,175 -67.8 -80.6 3.3 October 22,116 -59.3 -40.6 3.8 M Ap a r r i c l h 2 21 0 , , 3 9 1 6 2 4 2 2 1 1 , , 0 4 2 8 7 4 + + 3 4 9 5 2 7 N D o ec v e e m m b b e e r r ... 2 2 2 1 , , 0 9 6 3 5 8 -1 -5 2 1 7 . . 0 0 - - 8 4 7 4 . . 0 1 3 3 . . 4 5 Wednesday figures: 1944—January 21,918 -19.6 -27.6 3.1 February... . 21,712 -206.6 11.5 3.4 1944—Mar. 8 1 2 2 0 0 , , 8 9 2 6 3 3 2 2 1 0 , , 0 8 2 4 6 4 + + 1 4 8 4 2 March 21,600 -111.7 5-48.7 2.9 1 22 5 2 2 0 1 , , 9 0 3 0 4 6 2 2 1 1 , , 1 17 8 5 8 + + 1 1 4 3 9 Jan .-Mar.. . . 21,600 -337.9 B-64.8 9.4 29. 21,037 21,249 +61 April 5 21,191 21,340 +91 1 Annual figures through 1942 are estimates of the United States Mint. 12 21,295 21,445 +105 Annual figure for 1943 and monthly figures are those published in table 19 21,334 21,528 +83 on p. 511, adjusted to exclude Philippine Islands production received in 26 21,396 21,678 +150 United States. 2 Figures based on rate of $20.67 a fine ounce in January 1934 and $35 a 1 For end of year figures, represents change computed on absolute fine ounce thereafter. amounts in first column. 3 Includes gold in the Inactive Account amounting to 27 million dollars NOTE.—For discussion of seasonal adjustment factors and for back on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937. figures on comparable basis see September 1943 BULLETIN, pp. 822-826. 4 The net gold import figures for months subsequent to December 1941 Because of an apparent recent change in the seasonal pattern around the have not been released for publication. year end, adjustment factors have been revised somewhat for dates af- 5 Gold held under earmark at Federal Reserve Banks for foreign account fected, beginning with December 1942; seasonally adjusted figures for amounted to 3,542.2 million dollars on Mar. 31, 1944. money in circulation, as shown in Banking and Monetary Statistics, Table NOTE.—For back figures, see Banking and Monetary Statistics, Table 156, 111, p. 414, and described on p. 405, are based on an older series of adjust- pp. 536-538, and for description of statistics see pp. 522-523 in the same ment factors. publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of Debits to demand Annual rate of Debits to total deposit accounts except turnover of total deposit accounts turnover of demand interbank accounts deposits except except interbank ueposits except interbank and Government interbank and Year and month Government Total, all New Other New 333 other New 100 other New 100 other reporting York 140 otner reporting York reporting York leading York leading centers City1 centers1 centers2 City centers City cities City cities 1935 402,718 184,006 190,165 28,547 178,498 175,902 31.5 22.7 1936 461,889 208,936 219,670 33,283 204,831 202,267 31.4 22.4 1937 469,463 197,836 235,206 36,421 193,143 215,090 29.5 22.4 1938 405,929 168,778 204,745 32,406 164,945 186,140 25.1 19.9 1939 423,932 171,382 218,298 34,252 167,939 200,636 21.0 19.4 1940 445,863 171,582 236,952 37,329 167,373 217,744 17.1 18.6 1941 537,343 197,724 293,925 45,694 193,729 270,439 17.3 19.4 1 19 9 4 4 2 2 — — n o e ld w s s e e r r ie ie s s 3 3 6 6 4 0 1 7 , , 7 0 7 7 8 1 2 22 1 6 0 , , 8 9 6 6 5 1 3 34 4 7 2 , , 8 4 3 3 7 0 5 67 3 , , 0 6 7 7 4 9 ""\6.i 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—March 65,782 24,062 35,261 6,459 16.6 12.3 20,988 31,443 18.3 17.1 April 73,661 29,193 37,683 6,784 19.4 13.2 25,381 32,996 23.3 18.7 May 64,246 25,737 32,602 5,908 17.2 11.2 22,732 29,281 23.3 17.6 June 66,894 25,464 34,959 6,472 16.7 11.5 22,022 30,620 20.5 16.8 July 65,347 23,976 34,954 6,417 16.2 11.4 21,261 30,750 19.2 16.4 August .... .... 60,614 21,221 33,359 6,034 14.3 10.6 18,500 29,130 16.0 15.2 September 75,758 27,913 40,452 7,393 18.2 13.0 24,377 35,850 22.7 19.6 October 66,266 23,990 35,614 6,663 14.3 10.5 20,923 31,390 20.5 17.4 November 65,025 23,327 35,215 6,483 15.2 11.1 20,759 30,738 21.1 17.8 December 76,499 28,936 40,155 7,409 17.8 11.8 24,446 34,751 21.8 17.7 1944—January 71,894 27,031 37,950 6,914 17.3 11.5 24,994 33,749 22.9 17.9 February .... r70,709 27,592 36,490 r6,627 17.7 11.3 22,887 31,566 24.0 18.5 March 76,089 29,644 39,411 7,034 16.5 10.8 25,650 33,937 22.8 17.4 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 1942 partly estimated. NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported since 1942 for 334 reporting centers; the deposits, from which rates of turnover have been computed, have likewise been reported by most banks and have been estimated for others. Debits to demand deposit accounts, except interbank and United States Government, and the deposits from which rates of turnover have been computed have been reported by member banks in 101 leading cities since 1935; yearly turnover rates in this series differ slightly from those shown in Banking and Monetary Statistics, Table 55, p. 254, due to differences in method of computation. 462. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS AND CURRENCY-ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS [Figures partly estimated. In millions of dollars] End of month c a d o u d T b e u r j a p a o t u r n o s n e t s d i a s k n t d l i e s c e t d s y a c d d o u d T e b e u r j p a m a o u t r n o n s e t s a d i a s k n t d n l i e s c e t d d s y a d d T e j p o u o t s a s te l it d s a D d d e e j p m u o s a s t n i e t d s d1 d G U e S m o p n t v o a e i e t t s n e e i r t d t s n s - 2 Total b m a C e n T o r k c m i s m i 3 - a e l 4 dep M s b o a a s u v n i t i t k u n s s a g 4 l s S S P a y o v s s i t n t e a g m l s 5 C o u b u r a t r n s e i k n d s c e y 1929—June 55,171 26,179 51,532 22,540 381 28,611 19,557 8,905 149 3,639 December 54,713 26,366 51,156 22,809 158 28,189 19,192 8,838 159 3,557 1933—June 41,680 19,172 36,919 14,411 852 21,656 10,849 9,621 1,186 4,761 December 42,548 19,817 37,766 15,035 1,016 21,715 11,019 9,488 1,208 4,782 1934—June 45,961 21,353 41,302 16,694 1,733 22,875 11,988 9,691 1,196 4,659 December 47,985 23,114 43,330 18,459 1,715 23,156 12,213 9,738 1,205 4,655 1935—June 49,881 25,216 45,098 20,433 811 23,854 12,820 9,830 1,204 4,783 December 52,182 27,032 47,265 22,115 909 24,241 13,170 9,871 1,200 4,917 1936—June 55,052 29,002 49,830 23,780 1,142 24,908 13,706 9,971 1,231 5,222 December 57,351 30,999 51,835 25,483 991 25,361 14,046 10,056 1,259 5,516 1937—June 57,258 30,687 51,769 25,198 666 25,905 14,513 10,125 1,267 5,489 December •56,639 29,597 51,001 23,959 824 26,218 14,779 10,170 1,269 5,638 1938—June 56,565 29,730 51,148 24,313 599 26,236 14,776 10,209 1,251 5,417 December 58,955 31,761 53,180 25,986 889 26,305 14,776 10,278 1,251 5,775 1939—June 60,943 33,360 54,938 27,355 792 26,791 15,097 10,433 1,261 6,005 December 64,099 36,194 57,698 29,793 846 27,059 15,258 10,523 1,278 6,401 1940—June 66,952 38,661 60,253 31,962 828 27,463 15,540 10,631 1,292 6,699 December 70,761 42,270 63,436 34,945 753 27,738 15,777 10,658 1,303 7,325 1941—June 74,153 45,521 65,949 37,317 753 27,879 15,928 10,648 1,303 8,204 December 78,231 48,607 68,616 38,992 1,895 27,729 15,884 10,532 1,313 9,615 1942—June 81,963 52,806 71,027 41,870 1,837 27,320 15,610 10,395 1,315 10,936 December...' 99,701 62,868 85,755 48,922 8,402 28,431 16,352 10,664 1,415 13,946 1943—March 102,100 69,800 87,300 55,000 3,000 29,300 16,900 10,900 1,500 14,800 April 107,400 67,100 92,300 52,000 10,800 29,500 17,000 11,000 1,500 15,100 May 110,900 69,600 95,300 54,000 11,400 29,900 17,300 11,100 1,500 15,600 June 110,161 71,853 94,347 56,039 8,048 30,260 17,543 11,141 1,576 15,814 July 112,900 75,000 96,500 58,600 7,100 30,800 18,000 11,200 1,600 16,400 August 114,500 78,500 97,600 61,600 4,700 31,300 18,300 11,300 1,700 16,900 September 119,800 72,000 102,600 54,800 16,300 31,500 18,400 11,400 1,700 17,200 October 123,700 74,000 106,100 56,400 17,900 31,800 18,600 11,500 1,700 17,600 November 123,500 77,900 105,200 59,600 13,300 32,300 18,900 11,600 1,800 18,300 December 122,812 79 652 103,975 60,815 10,424 32,736 19,213 11,737 1,786 18,837 1944—January? 125,200 81,400 106,300 62,500 10,700 33,100 19,500 11,800 1,800 18,900 February? 128,500 77,300 109,300 58,100 17,600 33,600 19,800 11,900 1,900 19,200 p Preliminary. 1 Includes demand deposits, other than interbank and United States Government, less cash items in process of collection. 2 Beginning with December 1938, includes United States Treasurer's time deposits, open account. 3 Excludes interbank time deposits and postal savings redeposited in banks. 4 Beginning with June 1941, the commercial bank figures exclude and the mutual savings bank figures include three member mutual,savings banks. 6 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 SUSPENSIONS^ [In millions of dollars] Member Nonmember Assets To a t l a l l, banks banks End of month D i e to p r o s s ' - Cash U.S. se G cu o r v i e ti r e n s ment Cash banks ti N o a n - al State su I r n e - d2 in N s o u n re - c an ba c l e - s1 Total b in p t a o o n d r s k y e i- s - Total r D ec i- t G t a e u n e a - d r- f s e u e r t n r e c v - d .2 e s Num 1 1 1 b 9 9 9 e 3 3 3 r 4 6 5 . of banks suspended: 4 5 3 7 4 4 4 1 1 4 2 g 0 2 48 8 3 1937 59 4 2 47 6 1938 55 1 1 47 6 1934—Dec 1,207 1,237 540 597 467 130 100 1939 42 4 3 25 10 1935—Dec. 1,201 1,237 287 853 706 147 98 1940 22 1 18 3 1936—Dec 1,260 1,296 145 1,058 892 167 93 1941 8 4 3 1 1937—Dec 1,270 1,308 131 1,097 931 167 80 1942 9 6 3 1938—Dec 1,252 1,291 86 1,132 965 166 73 1943 4 2 2 1939—Dec. 1,279 1,319 53 1,192 1,046 146 74 1944—Jan.-Mar 1940—Dec 1,304 1,348 36 1,224 1,078 146 88 1941—Dec 1,314 1,396 26 1,274 1,128 146 95 Deposits of suspended banks 1942—Dec 1,417 1,464 16 1,345 L,220 126 102 (in thousands of dollars):3 1934 36,937 40 1,912 34,985 1943—Apr 1,517 1,569 12 1 450 1,389 61 107 1935.. 10,015 5,313 3,763 939 May 1,546 1,596 12 1,500 ,449 51 83 1936 11,306 507 10,207 592 June 1,577 1,631 12 1,482 1,471 11 137 1937 19,723 7,379 i,708 10,156 480 July 1,620 1,678 11 1,527 1,527 140 1938 13,012 36 211 11,721 1,044 Aug 1,660 1,719 11 1,588 1,588 121 1939 34,998 1,341 24,629 6,589 2,439 Sept 1,683 1,739 10 1,631 1,631 97 1940 5,943 256 5,341 346 Oct 1,716 1,773 10 1,646 1,646 117 1941 3,726 3,144 503 79 Nov 1,752 1.812 10 1,678 1,678 125 1942 1,702 1,375 327 Dec 1,788 1,843 10 1,716 1,716 118 1943 6,223 "4^982" 1,241 1944—Jan.-Mar 1944—Jan 1,833 1,891 9 1,719 1,719 162 Feb. 1,867 1,926 9 1,783 1,783 135 1 Represents banks which, during the periods shown, closed temporarily Mar.. 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. 1 Outstanding principal, represented by certificates of loans). deposit. Does not include accrued interest or outstanding savings stamps. 2 Federal deposit insurance became operative Jan. 1, 1934. 2 Includes working cash with postmasters, 5 per cent reserve fund and 3 Deposits of member banks and insured nonmember banks 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- reperted. tion, see p. 508 in the same publication. Back figures.—See Banking and Monetary Statistics, pp. 283-292; for description, see pp. 281-282 in the same publication. MAY 1944 463 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Number Class of banks, and call dates Total Loans Total G o m U o b v l . e i S e g n . r a t n - - se O cu th r e it r ies Total* I b n a te n r k - 1 Demand Time of banks tions All banks: 1934—June 30 42,552 21,306 21,246 11,278 9,968 46,43. 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 51,33i 22,340 28,996 19,666 9,330 70,770 10,188 34,336 26,246 14,955 December 31 54.17C 23,751 30,41' 20,983 9,436 75,963 10,941 38,518 26,504 14,895 1941—June 30 57,94( 25,311 32,635 23,521 9,114 78,120 10,948 40,530 26,641 14,855 December 31 61,10 26,616 34,485 25,488 8,997 81,780 10,989 44,316 26,476 14,825 1942—June 30 64,005 25,081 38,928 30,301 8,627 82,706 10,28' 46,35" 26,06r 14,775 December 31 78,13 23,915 54,22! 45,932 8,290 99,796 11,318 61,395 27,083 14,682 1943—June 30 87,88 22,241 65,64C 57,748 7,892 107,22' 10,895 67,569 28,760 14,618 December 31 96,971 23,596 73,375 65,941 7,434 117,659 11,012 75,574 31,073 14,579 All commercial banks: 1934—June 30 32,742 15,700 17,042 10,307 6,735 36,74 4,560 19,527 12,65' 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 29,01 21,788 7,223 71,248 10,989 44,316 15,944 14,277 1942—June 30 53,643 20,259 33,390 26,410 6,980 72,311 10,287 46,357 15,667 14,228 December 31 67,39 19,217 48,17' 41,373 6,801 89,132 11,318 61,395 16,419 14,136 1943—June 30 76,633 17,660 58,97- 52,458 6,516 96,083 10,895 67,569 17,619 14,073 December 31 85,103 19,117 65,986 59,845 6,141 105,923 11,012 75,574 19,33" 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 47,82- 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 4 4 6 9 , , 1 2 8 8 6 8 2 1 1 9 , , 2 9 5 0 8 9 2 2 6 8 , , 2 0 7 3 ( 0 2 1 1 9 , , 0 3 4 7 6 0 6 6 , , 9 9 0 8 7 4 6 69 5 , , 4 6 1 0 1 8 1 1 0 0 , , 5 6 4 5 5 4 3 43 9 , , 0 3 6 2 1 0 1 1 5 5 , , 6 7 9 4 7 2 1 1 3 3 , , 4 4 2 2 2 6 December 31 52,642 19,920 32,722 25,934 6,789 71,150 10,076 45,664 15,410 13,399 1942—June 303 66,240 18,903 47,336 40,705 6,631 87,803 11,144 60,504 16,154 13,343 December 31 75,270 17,390 57,880 51,534 6,347 94,563 10,681 66,509 17,374 13,298 1943—June 30 83,507 18,841 64,666 58,683 5,983 104,094 10,705 74,309 19,081 13,270 December 31 All member banks: 1934—June 30 27,175 12,523 14,652 9,413 5,239 31,012 4,355 16,976 9,681 6,375 1937—June 30 32,739 14,285 18,45' 12,689 5,765 41,490 6,051 24,230 11,210 6,357 1940—June 29 34,45 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 13,794 6,703 December 31 74,258 16,288 57,970 52,948 5,022 92,262 10,555 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 18,702 8,228 5,164 December 31 23,648 10,004 13,64' 9,735 3,908 35,787 6,574 20,885 8,329 5,144 1941—June 30 25,818 10,897 14,922 11,111 3,811 37,273 6,589 22,302 8,382 5,130 December 31 27,571 11,725 15,845 12,039 3,806 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 3,318 59,961 7,159 42,605 10,196 5,040 State member banks: 1934—June 30 10,163 4,842 5,321 3,566 1,755 11,116 1,588 6,620 2,908 958 1937—June 30 11,845 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 6,088 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 1 Beginning June 30, 1912, 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. 464 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 G U ov . e S rn . - Other Total1 I b n a te n r k - 1 of banks Total ment securities Demand Time obligations All nonmember commercial banks: 1934—June 30 5,567 3,177 2,390 895 1,495 5,732 205 2,551 2,976 8,978 1937—June 30 6,733 3,147 3,586 1,874 1,712 7,607 281 3,888 3,438 8,619 1940—June 29 6,697 3,445 3,252 1,831 1,421 8,410 498 4,225 3,687 8,006 December 31 6,796 3,471 3,325 1,936 ,389 8,875 518 4,689 3,668 7,858 1941—June 30 6,973 3,627 3,346 2,018 ,328 8,969 512 4,805 3,651 7,752 December 31 7,208 3,693 3,515 2,251 ,264 9,539 464 5,470 3,605 7,661 1942—June 3034 6,856 3,334 3,522 2,314 ,208 8,915 316 5,046 3,553 7,584 December 31 8,135 3,132 5,003 3,829 ,174 10,864 318 6,872 3,674 7,460 1943—June 30 9,486 2,840 6,647 5,482 ,165 12,076 343 7,899 3,834 7,373 December 31 10,855 2,832 8,022 6,902 ,120 13,671 457 9,135 4,079 7,299 Insured nonmember commercial banks: 1934—June 30 4,513 2,667 1,846 592 ,254 4,821 80 2,037 2,704 7,564 1937—June 30 5,479 2,756 2,723 1,275 ,448 6,334 96 3,010 3,228 7,526 1940—June 29 5,379 3,042 2,337 1,178 ,159 6,689 104 3,161 3,423 7,081 December 31 5,429 3,074 2,356 1,240 ,116 7,032 116 3,504 3,411 6,952 1941—June 30 5,534 3,183 2,350 1,293 ,057 7,104 110 3,595 3,400 6,869 December 31 5,774 3,241 2,533 1,509 ,025 7,702 129 4,215 3,358 6,810 1942—June 30 5,849 2,995 2,854 1,837 ,017 7,754 105 4,353 3,296 6,755 December 31 6,984 2,818 4,166 3,162 ,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 December 31 9,258 2,556 6,702 5,739 962 11,842 149 7,870 3,823 6,535 Noninsured nonmember commercial banks: 1934—June 30 1,054 510 544 303 241 911 125 514 272 1,414 1937—June 30 1,254 391 863 599 264 1,273 185 878 210 1,093 1940—June 29 1,318 403 915 653 262 1,721 394 1,064 264 925 December 31 1,367 397 969 696 273 1,843 402 1,185 257 906 1941—June 30 1,439 444 996 725 271 1,865 402 1,210 251 883 December 31 1,434 452 982 742 239 1,837 335 1,255 247 851 1942—June 303 4 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 December 31 1,596 276 1,320 1,162 158 1,829 307 1,265 256 764 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 31 11,868 4,479 7,389 6,096 1,293 11,737 11,737 545 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 2,048 56 1943—June 30 2,704 1,013 1,691 1,264 427 2,739 2,739 61 December 31 7,525 3,073 4,452 3,844 608 7,534 7,534 184 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 1,225 8,531 8,531 494 December 31 8,739 3,958 4,781 3,698 1,084 8,616 8,616 490 1943—June 30 8,544 3,568 4,975 4,026 949 8,402 8,402 484 December 31 4,343 1,405 2,937 2,252 685 4,203 4,203 361 For footnotes see opposite page. MAY 1944 465 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS [In millions of dollars] Loans Investments Loans for U. S. Government obligations Com- purchasing Obli- Total mer- or carrying gations loans cial, securities Direct of Call date i m n a v e n e n d s ts t- Total o c p i i l n n u e - g d n - - A t c u a g u l r r l - i - - br T o o k- R l t o e a e a s t a n - e l s - s l C u o m a o n n e s - r O lo th an e s r Total Total C ti e fi r - - G a u n a - r- p S o a t c l a n a i t t d l e i- s O s r e t i h c ti u e e r - s mar- ers To Bills of in- Notes Bonds teed subket and others debt- divipaper deal- ed- sions ers ness Total—All Member Banks 1938—Dec. 31 32,070 13,208 5,179 712 973 775 2,716 2,853 18,863 13,222 286 3,389 7,208 2,340 2,448 3,192 1939—June 30 32,603 13,141 5,203 788 731 736 2,828 2,855 19,462 13,777 441 2,720 7,786 2,831 2,554 3,131 Dec. 30 33,941 13,962 5,841 730 790 700 2,957 2,944 19,979 14,328 563 2,223 8,398 3,144 2,692 2,959 1940— Tune 29 34,451 13,969 5,988 736 447 668 3,069 3,062 20,482 14,722 797 2,543 8,261 3,121 2,888 2,873 Dec. 31 37,126 15,321 6,660 865 642 652 3,228 3,273 21,805 15,823 652 2,594 9,091 3,486 3,013 2,970 1941—June 30 40,659 16,729 7,807 738 575 635 3,365 3,609 23,930 18,078 1,127 2,631 10,481 3,839 2,984 2,867 Dec. 31 43,521 18,021 8,671 972 594 598 3,494 3,692 25,500 19,539 971 3,007 11,729 3,832 3,090 2,871 1942—June 30 46,800 16.928 8,383 726 554 562 3,501 3,203 29,872 24,098 1,509 "l,872 3,546 14,485 2,685 2,934 2,840 Dec. 31 59,263 16,088 7,387 1,089 934 538 3,423 1,847 870 43,175 37,546 4,363 6,285 5,409 18,948 2,540 2,965 2,664 1943—June 30 67,155 14,823 6,554 854 1,120 603 3,351 1,540 801 52,332 46,980 6,278 9,418 5,251 23,545 2,487 2,876 2,476 Oct. 18 78,112 17,716 60,397 55,255 2,818 2,324 Dec. 31 74,258 16,288 7^421 1,023 1,398 "839' 3^274 1,484 848 57,970 52,948 4,36012,071 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 5 555 215 130 481 5,700 4,483 168 908 2,284 1,123 480 736 Dec. 30 9,339 3,296 1,888 7 611 188 133 469 6,043 4,772 315 797 2,385 1,275 579 693 1940—June 29 9,829 3,014 1,905 6 320 188 137 458 6,815 5,486 421 1,092 2,650 1,324 634 695 Dec. 31 10,910 3,384 2,125 6 465 190 130 468 7,527 6,044 207 1,245 2,977 1,615 695 788 1941—June 30 12,493 3,778 2,503 3 422 186 129 536 8,715 7,268 577 1,526 3,415 1,751 651 796 Dec. 31 12,896 4,072 2,807 8 412 169 123 554 8,823 7,265 311 1,623 3,652 1,679 729 830 1942—June 30 14,019 4,066 2,841 9 430 167 121 499 9,953 8,550 402 663 1,746 4,572 1,166 623 781 Dec. 31 17,957 4,116 2,546 21 787 193 117 303 148 13,841 12,547 1,855 2,144 2,056 5,420 1,071 593 701 1943—June 30 18,982 4,009 2,274 24 955 240 113 264 140 14,974 13,887 1,985 2,818 1,656 6,454 974 484 602 Oct. 18 22,137 5,373 16,764 15,734 *"• 486 544 Dec. 31 19,994 4,428 2,515 ""24 1,054 "323' 107 "252' "153' 15,566 14,563 1,328 3J409 1J829 "7,014 "984 444 558 City of Chicago1 1938—Dec. 31 1,969 539 335 17 43 70 12 62 1,430 1,114 59 291 655 109 141 176 1939—June 30 2,052 544 344 19 39 71 12 60 1,507 1,175 185 234 621 135 154 179 Dec. 30 2,105 569 383 6 41 66 13 60 1,536 1,203 153 176 701 172 162 170 1940—June 29 2,205 603 432 8 23 61 16 62 1,602 1,258 254 161 710 134 177 167 Dec. 31 2,377 696 492 5 42 54 19 84 1,681 1,307 297 145 752 112 188 186 1941—June 30 2,707 846 630 5 36 55 20 101 1,861 1,483 417 125 803 138 190 188 Dec. 31 2,760 954 732 6 48 52 22 96 L.806 1,430 256 153 903 119 182 193 1942—June 30 3,116 906 712 3 29 50 22 90 2,210 1,858 357 181 162 1,068 90 164 188 Dec. 31 3,973 832 658 6 34 32 23 62 18 3,141 2,789 397 637 391 1,282 83 166 186 1943—June 30 4,332 784 612 2 40 41 23 51 15 3,548 3,167 473 795 399 1,424 75 209 172 Oct. 18 5,045 1,023 4,022 3,693 164 165 Dec. 31 4,554 1,004 "763' 6 "lO2 "'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 1,101 6,691 5,018 57 1,224 2,997 740 808 866 1939—June 30 11,756 5,004 2,022 234 115 221 1,284 1,128 6,751 4,991 78 1,014 3,010 889 895 866 Dec. 30 12,272 5,329 2,256 221 119 222 L,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 2 589 263 115 207 436 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 l]466 7,'515 5,'700 73 606 3,858 1,162 979 836 Dec. 31 15,347 7,105 3,456 300 114 194 1,527 1,512 8,243 6,467 295 751 4,248 1,173 956 820 1942—June 30 16,535 6,564 3,318 152 78 177 1,524 1,315 9,971 8,188 579 "674 981 5,149 806 925 858 Dec. 31 20,915 6,102 2,957 290 97 153 1,486 808 312 14,813 13,038 1,441 2,253 1,723 6,810 811 954 821 1943—Tune 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? 1,893 597 982 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 1,351 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 1,097 1,144 Dec. 31 10,826 5,309 1,453 590 21 201 ,644 1,400 5,517 3,269 45 433 2,081 710 1,146 1,102 1941—Tune 30 11,446 5,607 1,593 555 17 195 1,739 1,507 5,839 3,627 60 374 2,404 788 1,165 1,047 Dec. 31 12,518 5,890 1,676 659 20 183 1,823 1,530 6,628 4,377 110 481 2,926 861 1,222 1,028 1942—June 30 13,130 5,393 1,512 562 16 169 1,834 1,299 7,737 5,502 171"355 657 3,696 624 1,222 1,013 Dec. 31 16,419 5,038 1,226 772 17 161 1,797 674 393 11,380 9,172 671 1,251 1,240 5,436! 574 1,252 956 1943—June 30 19,164 4,497 1,017 623 17 164 1,750 555 371 14,667 12,509 1,194 2,276 1,368 7,091 581 1,241 917 Oct. 18 22,103 4,780 17,323 15,212 1,229 882 Dec. 31 22,188 4,654 1,'O84' "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. 466 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] Demanc deposits Time deposits Interbank Re- deposits Bal- De- Call date F s B e s e w e d R a r r e i n v e v t r - k h e e a s s l C va a in u sh lt m b a w a n d e n i o c s t k - t e h i s s c 1 j m p m u o s d a a s t e d n e i - - t d d s 2 m D es o t - ic1 F ei o g r n - m U G er e . o n n v S - t - . p v s S o i u a s l t b n i a i t o d d t i e n c i s - a s l c C h c e f o a e e t e i f n c e c r f r . i d d s k t - i ' s - v p an i a s p t I d i d r n h o o t u i d r n n p c a a i e s o s - l - r , s r - - , I b n a t n e k r- P m U G o e S a r . s a e o n n t v n v S d a - - t - l . S v p s i t a i u s o a c n i b l t a o i d e d l t n s - i s - v p a s n a i p I t h d d r i o n i t u o r p n d c n a a s e i o s l - - , r s r - , - B r i o n o w g r s - co t a a u c l n - ts 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 1,586 Dec. 30... 5,915 89 125 8,899 3,542 689 74 251 178 9,030 7 43 693 1,592 1940—June 29... 7,072 88 119 10,235 3,840 646 67 258 147 10,283 5 29 732 1,599 Dec. 31... 7,057 102 122 11,062 4,032 641 48 370 471 11,357 5 51 768 1,615 1941—June 30... 5,857 136 131 11,619 3,948 618 32 319 306 11,895 6 27 778 1,625 Dec. 31... 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 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 1,727 1943—June 30... 3,473 92 52 13,543 2,939 744 2,820 249 404 14,001 4 21 755 11 1,774 Oct. 18... 3,426 100 71 12,750 2,914 757 6,566 215 438 13,149 4 5 26 768 120 1,808 Dec. 31... 3,596 92 61 13,899 2,867 810 3,395 252 710 14,373 4 5 26 816 29 1,862 City of Chicago3 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 .i.«..«... 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 s 17 480 279 Dec. 31... 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1942—June 30... 973 43 220 2,379 1,028 10 201 226 24 2,292 460 293 Dec. 31... 902 39 164 2,557 1,105 12 665 178 38 2,588 2 453 304 1943—June 30... 786 39 173 3,002 1,032 13 506 202 36 2,981 2 477 312 Oct. 18... 785 39 170 2,885 1,104 13 1,241 187 28 2,901 2 497 317 Dec. 31... 821 38 158 3,050 972 14 713 174 44 3,097 2 505 326 Reserve City Banks 1938—Dec. 31... 2,354 321 1,940 7,214 2,719 53 424 796 170 7,034 113 17 269 4,233 1.777 1939—June 30... 2,735 318 2,210 7,654 2,920 63 415 917 160 7,331 121 19 233 4,320 .,812 Dec. 30... 3,118 348 2,485 8,176 3,516 50 435 813 190 8,002 120 14 240 4,362 ,828 1940—June 29... 3,759 334 2,679 8,774 3,526 41 422 956 147 8,372 109 18 219 4,422 .,873 Dec: 31... 4,027 396 2,741 9,581 3,919 49 327 995 228 9,468 107 19 226 4,506 ,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 .,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 L. 98.S 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 L.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—Tune 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 ,184 187 6,846 29 33 150 5,917 3 1,909 1941—June 30... 1,914 437 3,106 8,374 652 2 151 ,269 190 7,282 30 31 143 6,049 3 1,956 Dec. 31... 2,210 526 3,216 9,661 790 2 225 ,370 239 8,500 30 31 146 6,082 4 1,982 1942—June 30... 2,306 533 3,168 10,360 747 3 237 ,429 196 9,141 27 31 143 6,042 3 2,014 Dec. 31... 2,842 542 3,699 13,265 957 4 1,090 ,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 ,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 ,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. 6 Central reserve city banks. Back figures—See Banking and Monetary Statistics, Tables 18-38, pp. 72-103. MAY 1944 467 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 month in lo a v n a e n d s s t- Total i t n c r d i 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 - jO to ans Other Total c C t a i e f t i e r - - s Guar- O se th cu e - r loans ments and lo£ins banks Total Bills of in-Notes Bonds an- rities agri- U.S. Other U.S. Other debt- teed cul- Govt. se- Govt. se- edtural ob- curi- ob- curi- ness liga- ties liga- ties tions tions Total—101Cities 1943—Mar. 41,784 9,502 5,981 574 339 1,170 58 1,380 32,282 29,021 4,340 5,006 4,146 13,602 1,927 3,261 Nov. 52,036 11,440 6,442 1,589 824 1,127 78 ,380 40,596 37,759 4,208 9,201 4,897 17,638 1,815 2,837 Dec. 50,379 10,956 418 1,406 575 1,117 93 ,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 1,234 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 1094 87 L,236 41,514 38,682 3,924 8,905 5,640 18,454 1,759 2^832 Mar. 52,698 11,338 367 1,015 618 656 303 1084 76 ,219 41,360 38,487 3,544 8,956 6,639 18,242 1,106 2,873 Feb. 2 52 177 11,431 6,396 1,057 592 657 304 1099 86 ]L,240 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 1,244 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 1,230 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 1,228 41,597 38,755 3,689 9,077 5,677 18,560 1,752 2,842 Mar. 1 53,290 11,535 6,394 1,042 625 759 302 1089 102 1,222 41,755 38,898 3,848 9,043 5,727 18,541 1,739 2,857 Mar. 8 52,903 11,530 6,369 1,182 614 687 305 1085 77 1,211 41,373 38,522 3,531 8,973 5,735 18,565 1,718 2,851 Mar. 15 52,884 11,431 6396 1,079 616 635 307 1083 87 1,228 41,453 38,601 3,608 8,976 7,195 18,073 749 2,852 Mar.22 52 401 11,175 6 370 909 617 619 301 1082 59 ,218 41,226 38,329 3 488 8,877 7,290 18,004 670 2,897 Mar.29 52 012 11,018 6,305 861 621 579 301 1081 55 1,215 40,994 38,087 3,247 8,910 7,251 18,026 653 2,907 Apr. 5 51,633 10,770 6,215 745 617 533 298 1078 74 1,210 40,863 37,961 3,137 8,933 7,230 18,007 654 2,902 Apr.12 51,596 10,620 6 188 694 612 485 298 1076 63 1,204 40,976 38,089 3,286 8,963 7,211 17,977 652 2,887 Apr.19 51,453 10,458 6 151 605 627 432 297 1077 66 1,203 40,995 38,110 3,264 8,994 7,173 18,034 645 2,885 Apr.26 51,064 10,363 6,069 676 619 355 287 078 82 1,197 40,701 37,834 2,981 8,960 7,159 18,087 647 2,867 New York City 1943—Mar. 16,230 3,441 2 379 456 146 98 44 318 12,789 11,635 1,814 1,966 1,845 5,010 1,000 1,154 Nov. 19,216 4 538 2,417 728 497 457 94 50 295 14,678 13,796 1,405 3 315 1,744 6,376 956 882 Dec. 18,440 4,259 2,415 641 456 281 94 74 298 14,181 13,309 1,231 3,202 1,692 6,273 911 872 1944—Jan.. 18214 4,224 2 415 698 434 136 116 91 48 286 13,990 13 095 979 3 189 1,634 6,364 929 895 Feb. 19,650 4,817 2470 835 459 485 132 89 63 284 14,833 13,906 1228 3,216 1,932 6,586 944 927 Mar. 19352 4,655 2478 779 484 376 115 87 58 278 14,697 13,744 1 118 3,285 2,484 6,352 505 953 Feb. 2 19 299 4,677 2 461 843 456 374 114 89 55 285 14,622 13,696 1 151 3,123 1,919 6,539 964 926 Feb. 9 19 736 4,756 2464 746 467 502 114 89 82 292 14,980 14,056 1390 3,198 1,933 6,590 945 924 Feb. 16 19938 4,968 2479 891 455 540 169 89 65 280 14,970 14,038 1264 3,276 1,943 6,619 936 932 Feb. 23 19627 4,867 2474 859 460 524 130 89 51 280 14,760 13,832 1,106 3,267 1,933 6,597 929 928 Mar. 1. . . 19671 4,783 2477 806 486 458 113 89 75 279 14,888 13,946 1244 3,287 1,922 6,573 920 942 Mar. 8 19470 4,822 2472 937 477 406 114 88 52 276 14,648 13,709 029 3,256 1,952 6,559 913 939 Mar.15 19443 4,706 2494 820 478 358 118 87 71 280 14,737 13,805 1 145 3,296 2,920 6,205 239 932 Mar.22 19 168 4,517 2 481 682 488 344 115 86 44 277 14,651 13,677 1 165 3,238 2,820 6,220 234 974 Mar 29 19007 4,446 2465 648 491 316 117 86 48 275 14,561 13,585 1008 3,348 2,807 6,203 219 976 Apr. 5 18990 4,279 2427 542 487 283 117 85 62 276 14,711 13,757 1208 3,353 2,778 6,198 220 954 Apr.12 18804 4,170 2412 502 481 258 117 85 41 274 14,634 13,693 1 161 3,370 2,771 6,181 210 941 Apr.19 18 781 4,052 2402 419 490 224 118 85 40 274 14,729 13,794 1272 3,373 2,730 6,211 208 935 Apr.26 18 536 4,019 2 358 495 476 158 110 85 63 274 14,517 13,597 1070 3,373 2,681 6,261 212 920 Outside New York City 1943—Mar. 25 554 6,061 3 602 118 193 1072 14 u,062 19,493 17,386 2526 3,040 2,301 8,592 927 2,107 Nov 32 820 6 90? 4 025 364 367 1033 28 1,085 25,918 23,963 2803 5,886 3,153 11,262 859 1,955 Dec. 31 939 6 697 4 003 309 204 1023 19 i,049 25,242 23 324 2 27^ 5 753 3 096 11 351 850 1918 1944—Jan. 31 598 6.547 3 938 148 136 165 184 1015 13 948 25,051 23', 159 2 149 5', 636 3',054 11',483 837 l',892 Feb 33 489 6,808 3 942 235 141 322 187 005 24 952 26,68 24,776 2696 5,689 3,708 11,868 815 1,905 Mar. 33 346 6,683 3 889 236 13-- 280 188 997 18 94 26^66, 24,743 2426 5^67] 4^155 11^890 601 1^920 Feb. 2 32,878 6,754 3935 214 136 283 190 1,010 31 955 26,124 24,234 2 509 5,568 3,609 11,745 803 1,890 Feb. 9 33 520 6,770 3,929 213 135 329 187 1,006 19 952 26,750 24,846 2833 5,620 3,732 11,849 812 1,904 Feb. 16 33 916 6,904 3 967 262 146 363 186 1,003 27 950 27,012 25,10 2 861 5,760 3,745 11,911 824 1,911 Feb. 23 33,640 6,803 3938 250 143 314 188 1,003 19 948 26,83 24,923 2 583 5,810 3,744 11,963 823 1,914 Mar 1.... 33,619 6,75 3,917 236 139 301 189 1,000 27 94 26,86 24,95 2 604 5,756 3,805 11,968 819 1,915 Mar 8 33,433 6,708 3 897 245 137 281 191 997 25 93 26,72 24,813 2 502 5,717 3,783 12,006 805 1,912 Mar 15 33,441 6,725 3 902 259 138 277 189 996 16 94 26,71 24,79 2463 5,680 4,275 11,868 510 1,920 Mar 22 33,233 6,658 3,889 227 129 275 186 996 15 94 26,57 24,65 2323 5,639 4,470 11,784 436 1,923 Mar 29.... 33,005 6,57 3,840 213 130 263 184 995 94 26,43 24,50 2 239 5,562 4,444 11,823 434 1,931 Apr. 5.... 32,643 6,49 3,788 203 130 250 181 993 12 93 26,15 24,20 1929 5,580 4,452 11,809 434 1,948 Apr. 12.... 32,79 6,450 3,776 192 131 227 18 991 2 93 26,34 24,39 2 125 5,593 4,440 11,796 442 1,946 Apr. 19.... 32,672 6,40 3,749 186 137 208 179 992 26 92 26,26 24,31 1992 5,621 4,443 11,823 437 1,950 Apr. 26.... 32,528 6,344 3,711 181 143 197 177 993 19 92 26,18 24,23 1911 5,587 4,478 11,826 435 1,947 Back figures .—See Banking and Monetary Statistics, pp. 127-227. 468 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic Date or month B s w F e e R a e r r i n e a t d v k - h l - e s v C a i a n u s l h t m b a w a d n e n o i c s t k - t e h i s s c j p m u o a d s a d s e t n e i - - t d d s 1 s p p u n v c h a o a a o e i n i r d l r p r r d s a t - - - s , - - , S p s d s a i t i o u i c a n o v l b a t d n i i e - l t - s - s c C c h o a e f e e e f i t n f e c r c r d i s . d t k - i ' m U G e e r o . n n S v - t . - s p p u a h n v c o a a n i o e i r r p l d d r r a t s - s - - - - , , S p d s a t i o u i c a n v l b a t d i i e - l t - - s P m U G S o a e in . a s n o r e g n v t n d v S a s - - t - . l m D a e n b - d ank T s ime b F e a i o n g r k n - s B i r n o o g w r s - - co C a i u t a c a n p - l - ts B de a i b t n s - k 2 tions tions Total 101 Cities 1943—Mar 9,476 519 2,589 31,956 31,837 1,861 626 2,708 5,344 96 9,448 739 4,054 52,431 Nov 8,509 548 2,230 32,416 32,706 1,757 710 10,998 5,889 118 8,747 785 4,218 51,497 Dec 8,824 585 2,193 34,111 34,444 1,721 867 7,718 5,981 117 8,687 802 4,245 59,197 1944—Jan 8,908 557 2,216 34,429 34,574 1,758 776 6,556 6,138 120 8,890 821 4,285 58,743 Feb 8,500 542 2,251 31,747 32,094 1,671 738 12,356 6,184 126 8,706 817 4,309 54,453 Mar 8,521 535 2,108 32,814 33,049 1,707 10,829 6,266 126 8,365 4,327 59,587 Feb. 2 8,810 536 2,276 31,873 32,006 1,741 792 11,462 6,169 123 8,817 814 4,305 18,675 Feb. 9 8,539 542 2,285 31,702 31,722 1,657 806 12,431 6,185 126 8,859 824 58 4,309 12,826 Feb 16 8,333 529 2,321 31,509 32,214 1,643 657 13,070 6,182 128 8,855 810 4,308 13,184 Feb.23 8,320 560 2,122 31,902 32,433 1,643 696 12,459 6,198 129 8,291 4,313 11,131 Mar. 1.... 8,510 506 2,174 32,327 32,609 1,706 788 12,030 6,213 131 8,441 4,324 13,304 Mar. 8.... 8,529 519 2,107 32,778 32,863 1,661 782 11,024 6,264 126 8,492 857 4,323 12,061 Mar. 15. ... 8,752 552 2,183 33,447 34,153 1,656 1,366 10,422 6,265 127 8,604 850 4,325 13,468 Mar. 22.... 8,521 549 2,074 32,860 32,970 1,727 836 10,435 6,282 125 8,294 849 4,332 14,044 Mar. 29.... 8,294 552 2,001 32,660 32,649 1,782 672 10,235 6,306 123 7,995 847 4,332 13,191 Apr. 5 8,448 518 2,006 32,872 32,789 1,841 811 9,635 6,330 124 8,122 853 4,349 13,817 Apr. 12 8,696 561 2,073 33,766 34,120 1,799 762 8,929 6,357 129 8,217 867 4,355 11,073 Apr. 19 8,799 550 2,070 34,248 34,438 1,802 846 8,303 6,386 130 8,208 873 4,358 12,715 Apr. 26 8,692 559 1,987 34,524 34,398 1,949 696 7,737 6,407 130 7,863 882 109 4,362 12,191 New York City 1943—Mar 3,610 12,444 12,748 217 319 1,436 3,101 657 1,578 20,988 Nov 3,115 11,917 12,257 254 402 4,639 710 2,742 709 1,649 20,759 Dec 3,250 12,592 12,969 211 487 3,213 726 2,752 722 1,665 24,446 1944—Jan 3,295 12,842 13,125 198 423 2,672 747 2,837 740 1,693 24,994 Feb 3,073 11,596 11,971 166 414 5,226 746 2,750 734 1,705 22,887 Mar 3,167 12,148 12,561 174 546 4,498 759 2,658 768 1,708 25,650 Feb. 2 3,144 11,568 11,920 181 460 4,882 750 2,829 730 1,704 8,221 Feb. 9 3,073 11,577 11,826 162 504 5,276 750 2,787 740 1,705 5,718 Feb. 16 3,006 11,500 11,967 161 327 5,520 743 2,777 727 1,705 5,376 Feb. 23 3,068 11,737 12,170 159 364 5,224 742 2,609 740 1,705 4,490 Mar. 1.... 3,170 11,976 12,376 180 461 5,024 743 2,660 750 1,711 5,476 Mar. 8.... 3,170 12,174 12,513 172 472 4,582 757 2,699 778 1,709 5,301 Mar. 15 .... 3,229 12,337 12,978 155 971 4,322 762 2,763 773 1,707 6,231 Mar. 22.... 3,151 12,062 12,423 180 492 4,331 763 2,672 770 1,708 6,065 Mar. 29.... 3,118 12,189 12,518 181 335 4,232 769 2,495 769 1,705 5,221 Apr. 5 3,188 12,397 12,695 169 497 3,965 765 2,577 773 1,714 5,757 Apr. 12 3,249 12,521 12,976 178 437 3,670 768 2,635 786 1,716 4,489 Apr. 19 3,296 12,715 13,131 172 513 3,406 773 2,664 793 1,717 5,217 Apr. 26 3,296 12,809 13,060 228 381 3,167 770 2,561 798 1,715 5,054 Outside New York City 1943—Mar 5,866 441 2,551 19,512 19,089 1,644 1,272 4,671 78 6,347 2,476 31,443 Nov 5,394 455 2,204 20,499 20,449 1,503 308 6,359 5,179 95 6,005 2,569 30,738 Dec 5,574 487 2,164 21,519 21,475 ,510 380 4,505 5,255 97 5,935 2,580 34,751 1944—Jan 5,613 467 2,188 21,587 21,449 ,560 353 3,884 5,391 98 6,053 2,592 33,749 Feb 5,427 455 2,227 20,151 20,123 ,505 324 7,130 5,438 101 5,956 2,604 31,566 Mar 5,354 449 2,073 20,666 20,488 ,533 343 6,331 5,507 106 5,707 2,619 33,937 Feb. 2.. 5,666 453 2,255 20,305 20,086 ,560 332 6,580 5,419 98 5,988 2,601 10,454 Feb. 9.. 5,466 453 2,264 20,125 19,896 ,495 302 7,155 5,435 101 6,072 2,604 7,108 Feb. 16.. 5,327 444 2,295 20,009 20,247 ,482 330 7,550 5,439 103 6,078 2,603 7,808 Feb. 23.. 5,252 468 2,094 20,165 20,263 ,484 332 7,235 5,456 104 5,682 2,608 6,641 Mar. 1. 5,340 427 2,151 20,351 20,233 ,526 327 7,006 5,470 106 5,781 2,613 7,828 Mar. 8. 5,359 435 2,084 20,604 20,350 ,489 310 6,442 5,507 106 5,793 2,614 6,760 Mar. 15. 5,523 465 2,157 21,110 21,175 ,501 395 6,100 5,503 108 5,841 40 2,618 7,237 Mar. 22. 5,370 463 2,049 20,798 20,547 ,547 344 6,104 5,519 106 5,622 2,624 7,979 Mar. 29. 5,176 459 1,923 20,471 20,131 ,601 337 6,003 5,537 104 5,500 2,627 7,970 Apr. 5.. 5,260 433 1,963 20,475 20,094 ,672 314 5,670 5,565 105 5,545 2,635 8,060 Apr. 12.. 5,447 468 2,042 21,245 21,144 ,621 325 5,259 5,589 110 5,582 2,639 6,584 Apr. 19.. 5,503 462 2,Q43 21,533 21,307 1,630 333 4,897 5,613 111 5,544 2,641 7,498 Apr. 26.. 5,396 468 1,960 21,715 21,338 1,721 315 4,570 5,637 111 5,302 84 2,647 7,137 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. MAY 1944 469 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Loans Investments For purchasing or carry- U. S. Government obligations Total Com- ing securities 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 e a rv te e m l v o a i e e n a n s n d n - t t - s s Total m t c d a r i i u n i n e a a s d r - l l - - , , U T an o . d S b . d r e o a k l e e r r s s U T . o S . others e R lo s e t a a a n t l s e - L ba o t n o a k n s s O lo t a h n e s r Total Total Bills C c e i a o n r t t f - e if s i- Notes Bonds G a u n a - r- r O s i e t t i c h e u e s - r agri- Govt.Other Govt.Other debt- teed cul- obli- secur- obli- secur- edtural ga- ities ga- ities ness tions tions Boston Mar. 29 2,857 629 399 14 15 7 20 63 6 105 2,228 2,133 218 583 356 959 17 95 Apr. 5 . 2 842 619 393 14 15 7 20 63 4 103 2,223 2,127 222 575 356 957 17 96 Apr. 12 2,815 618 393 13 16 6 20 63 4 103 2,197 2,101 200 570 356 9S8 17 96 Apr. 19 2,797 614 391 10 16 6 20 63 5 103 2,183 2,085 183 572 357 956 17 98 Apr. 26 2,787 611 387 10 17 6 20 62 6 103 2,176 2,078 186 560 359 956 17 98 New York* Mar 29 20,798 4,804 2,629 650 497 335 140 166 48 339 15,994 14,938 1,114 3,607 3,082 6,897 238 1,056 Apr. 5 20,775 4,633 2,589 545 492 303 140 164 62 338 16,142 15,108 1,303 3,619 3,052 6,895 239 1.034 Apr. 12 20,583 4,523 2,574 504 486 277 141 164 41 336 16,060 15,040 1,259 3,628 3,043 6,881 229 1,020 Apr. 19 20,562 4,406 2,563 422 496 242 142 164 40 337 16,156 15,142 1,370 3,632 3,002 6,911 227 1,014 Apr. 26 20,328 4,374 2,522 498 483 175 133 164 63 336 15,954 14,955 1,175 3,629 2,957 6,963 231 999 Philadelphia Mar. 29 2,252 460 260 10 31 6 9 38 106 1,792 1,617 142 303 234 905 33 175 Apr. 5 2,245 452 259 7 31 4 9 38 104 1,793 1,619 147 305 224 910 33 174 Apr. 12 2,263 463 259 7 33 3 9 38 io 104 1,800 1,626 157 303 223 910 33 174 Apr. 19 2,259 456 256 5 32 3 9 38 8 105 1,803 1,628 166 297 223 910 32 175 Apr 26 2,219 441 250 5 32 3 9 38 1 103 1,778 1,602 139 287 244 900 32 176 Cleveland Mar. 29 4,257 881 413 96 13 39 14 163 143 3,376 3,138 309 635 492 1,651 51 238 Apr. 5 4,217 873 406 92 12 39 14 163 4 143 3,344 3,103 239 668 494 1,650 52 241 Apr. 12 4,169 862 404 86 13 36 13 163 4 143 3,307 3,068 208 664 495 1,649 52 239 Apr. 19 4,160 848 401 83 15 25 13 163 8 140 3,312 3,072 216 663 493 1,649 51 240 Apr. 26 4,155 831 393 77 15 24 13 164 8 137 3,324 3,085 221 666 495 1,656 47 239 Richmond Mar. 29 1,636 274 127 2 4 24 11 49 57 1,362 1,306 105 244 230 708 19 56 Apr. 5.....'..'. l',605 270 125 2 3 24 11 49 56 1,335 1,279 90 248 234 688 19 56 Apr. 12 1,605 269 124 3 3 23 11 49 56 1,336 1,280 91 248 235 687 19 56 Apr. 19 1,609 269 123 3 4 23 11 49 56 1,340 1,284 97 247 231 690 19 56 Apr 26 1,596 265 120 3 4 22 11 49 56 1,331 1,275 85 248 231 692 19 56 Atlanta Mar. 29.. 1,539 317 186 2 5 24 6 28 1 65 1,222 1,113 74 265 276 472 26 109 Apr. 5 1,534 314 186 1 5 23 6 28 2 63 1,220 1,111 69 274 276 467 25 109 Apr. 12 1,529 307 183 1 5 20 6 28 2 62 1,222 1,112 71 274 276 466 25 110 Apr. 19 1,531 303 182 1 5 18 6 28 2 61 1,228 1,118 74 266 278 475 25 110 Apr 26 1,530 301 180 6 18 6 27 2 62 1,229 1,119 74 265 279 476 25 110 Chicago* Mar. 29 7,921 1,446 1,022 46 31 47 135 101 6,475 5,948 652 1,413 1,051 2,739 93 527 Apr. 5 7,676 1,425 1,005 44 35 63 42 135 101 6,251 5,720 434 1,386 1,070 2,737 93 531 Apr. 12 7,888 1,405 1,001 42 33 53 42 134 100 6,483 5,949 627 1,425 1,068 2,736 93 534 Apr. 19 7,841 1,399 996 41 35 50 42 134 101 6,442 5,904 538 1,456 1,068 2,750 92 538 Apr. 26 7,790 1,395 989 45 38 45 42 135 101 6,395 5,856 484 1,455 1,069 2,755 93 539 St. Louis Mar. 29 1,541 388 231 1 4 18 6 64 64 1,153 1,046 37 261 227 499 22 107 Apr. 5 1,537 381 224 1 4 16 6 64 1 65 1,156 1,049 49 253 223 502 22 107 Apr 12 1 564 377 222 4 16 6 63 1 65 1,187 1,080 81 252 219 506 22 107 Apr. 19 1,547 370 216 4 15 6 63 1 65 1,177 1,069 60 262 219 506 22 108 Apr. 26 1,542 372 215 5 15 6 64 1 66 1,170 1,062 51 263 220 506 22 108 Minneapolis Mar. 29 1,004 188 107 1 2 12 5 19 42 816 765 45 203 131 374 12 51 Apr. 5 998 185 106 2 2 9 5 19 i 41 813 759 38 203 128 378 12 54 Apr. 12 992 181 103 1 2 8 5 19 l 42 811 759 38 203 129 377 12 52 Apr. 19 983 181 102 1 2 8 5 19 2 42 802 755 32 205 128 379 11 47 Apr. 26 965 176 99 1 2 8 5 19 1 41 789 745 18 204 129 382 12 44 Kansas City Mar. 29 1,745 325 214 1 2 8 8 39 53 1,420 1,295 109 327 287 538 34 125 Apr. 5 1,726 317 207 1 2 7 8 39 53 1,409 1 285 100 328 285 538 34 124 Apr. 12 1,743 318 208 1 2 7 8 39 53 1,425 1,300 112 328 287 539 34 125 Apr. 19 1,734 315 204 1 3 7 7 39 54 1,419 1,295 107 328 284 542 34 124 Apr. 26 1,729 311 202 1 3 7 7 39 52 1,418 1,294 104 326 286 544 34 124 Dallas Mar. 29 1,375 336 228 2 3 20 17 20 46 1,039 991 83 264 200 412 32 48 Apr. 5 1,371 334 230 3 16 18 20 47 1,037 989 81 261 200 415 32 48 Apr. 12 1,383 333 232 2 15 18 20 46 1,050 1,002 93 259 196 414 40 48 Apr. 19 1,377 334 234 3 14 18 20 45 1,043 996 87 257 198 415 39 47 Apr. 26 1,376 331 234 3 11 17 20 46 1,045 998 89 259 198 412 40 47 San Francisco Mar. 29 5,087 970 489 36 14 22 18 297 94 4,117 3,797 359 805 685 1,872 76 320 Apr. 5 5,107 967 485 36 13 22 19 296 96 4,140 3,812 365 813 688 1,870 76 328 Apr. 12 5,062 964 485 36 13 21 19 296 94 4,098 3,772 349 809 684 1,854 76 326 Apr. 19 5,053 963 483 38 12 21 18 297 94 4,090 3,762 334 809 692 1,851 76 328 Apr. 26 5,047 955 478 36 11 21 18 297 94 4,092 3,765 355 798 692 1,845 75 327 City of Chicago* Mar. 29 4,802 995 761 41 25 50 42 23 53 3,807 3,464 374 830 599 1,629 32 343 Apr. 5 4,552 981 749 40 29 50 37 23 53 3,571 3,223 151 810 599 1,631 32 348 Apr. 12 4,766 964 745 39 27 41 37 23 52 3,802 3,452 342 851 597 1,630 32 350 Apr. 19 4,751 958 740 39 29 37 37 23 53 3,793 3,439 314 856 596 1,641 32 354 Apr. 26 4,704 953 733 42 32 34 37 23 52 3,751 3,397 262 859 597 1,647 32 354 * Separate figures for New York City are shown in the immediately preceding table, and for the city of Chicago in this table. The figures for the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively. 470 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 dollarsJ 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 4 n e ) d s e d r a v t e e B s w F e R a e e r n i r e a t d v - k h l - e s C va a i u s n l h t m b a w e a n d i s c n o t t - e k h i , s s c j p u m a o d s a d e t s e n - i - t d d s 1 s p u p h v n c a o a a i i e o n p d r l r r r d s a s - t - - , - - , S p d s s a t i o i u i a c o n v l b a t n i d i e - t l - s - s c C h c o e a f e e e t f i n c c f e r r i d . s k t d - i ' s - U m G e . r o e S n n v . - t - s p u p h n c v a a a o o i n e i l r p d r r r d s t a s - - - - , - , S p d s s a t i i o i u a c o n v b l a t n d i i e - l t - s s - P U m G S i o e a n a . r o s e n g n v t n S v 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 w g r s - - c C o i a u t a c a n p - l - ts B d i e a t b s n - 2 k tions tions Boston (6 cities) Mar. 29 400 112 1,912 1,888 106 718 286 265 16 262 652 Apr. 5 408 110 1,933 1,909 110 672 287 278 17 263 664 Apr. 12 416 116 1,972 1,963 110 622 288 277 18 263 605 Apr. 19 416 11 1, 1,969 113 580 289 282 17 263 622 Apr. 26 42- 103 2,028 1,999 117 533 290 271 17 264 692 New York (8 cities)* Mar. 29 3,330 158 13,412 13,553 405 4,514 1,214 2,553 771 1,841 5,564 Apr. 5 3,418 11' 123 13,640 13,747 397 523 4,231 1,212 2,639 774 1,850 6,213 Apr. 12 3,465 126 108 13,759 14,038 397 462 3,917 1,215 2,697 788 1,852 4,821 Apr. 19 3,516 121 104 13,969 14,194 397 540 3,636 1,224 2,726 795 1,853 5,587 Apr. 26 3,497 123 109 14,078 14,134 468 409 3,381 1,222 2,621 801 1,851 5,379 Philadelphia (4 cities) Mar. 29 359 30 75 1,567 1,606 59 13 483 167 305 228 539 Apr. 5 366 29 76 1,584 1,606 65 13 455 170 306 230 625 Apr. 12 370 30 74 1,634 1,670 73 16 422 170 304 230 439 Apr. 19 388 28 72 1,667 1,682 81 15 391 168 319 230 521 Apr. 26 377 28 69 1,657 1,653 91 13 368 169 294 230 506 Cleveland (10 cities) Mar. 29 661 73 198 2,745 2,771 114 46 681 849 461 431 844 Apr. 5 665 69 187 2,743 2,746 123 4< 637 853 454 434 877 Apr. 12 671 69 203 2,752 2,810 119 50 595 856 458 434 757 Apr. 19 688 70 204 2,809 2,854 116 555 859 448 43' 907 Apr. 26 683 70 191 2,831 2,862 121 44 519 861 436 43' 824 Richmond (12 cities) Mar. 29 241 39 114 1,017 997 84 19 32 239 310 113 325 Apr. 5 263 34 126 1,023 1,002 15 308 240 316 113 341 Apr. 12 275 38 144 1,062 1,04: 17 286 241 330 113 296 Apr. 19 259 36 131 1,060 1,04: 19 266 242 322 113 335 Apr. 26 261 39 116 1,070 1,050 19 249 242 306 113 333 Atlanta (8 cities) Mar. 29 279 27 148 999 919 165 10 224 258 415 110 330 Apr. 5 281 25 150 994 923 15' 10 213 259 42' 110 339 Apr. 12 304 26 156 1,016 964 159 10 199 261 44: 110 292 Apr. 19 29' 25 158 1,033 993 13' 11 184 26: 433 110 354 Apr. 26 286 26 144 1,037 973 154 172 264 41: 110 312 Chicago (12 cities)* Mar. 29 1,206 29: 4,770 4,689 383 1,532 1,228 1,468 497 2,324 Apr. 5 1,201 340 4,659 4,582 403 1,446 1,235 1,459 499 2,525 Apr. 12 1,332 368 5,194 5,166 387 1,344 1,241 1,413 499 1,725 Apr. 19 1,348 38' 5,275 5,167 401 1,249 1,249 1,404 500 1,993 Apr. 26 1,337 400 5,363 5,255 420 1,161 1,258 1,344 501 1,897 St. Louis (5 cities) Mar. 29 270 134 921 953 59 243 228 461 112 323 Apr. 5 262 140 920 952 56 230 230 47: 112 353 Apr. 12 274 119 950 999 57 213 231 479 112 309 Apr. 19 272 113 933 975 57 198 232 471 112 373 Apr. 26 269 106 940 981 58 187 233 453 112 334 Minneapolis (8 cities) Mar. 29 159 69 575 552 69 202 135 258 74 219 Apr. 5 163 73 584 566 64 191 136 259 75 217 Apr. 12 166 74 594 579 73 177 137 262 75 217 Apr. 19 162 72 598 574 72 164 138 252 75 232 Apr. 26 158 68 593 566 75 154 138 243 75 214 Kansas City (12 cities) Mar. 29 352 257 1,108 1,083 132 243 181 719 128 400 Apr. 5 356 252 1,088 1,074 128 230 183 731 128 412 Apr. 12 359 261 1,121 1,116 123 213 184 744 128 376 Apr. 19 361 256 1,129 1,125 129 201 185 736 128 442 Apr. 26 363 245 1,146 1,124 131 187 186 715 128 393 Dallas (9 cities) Mar. 29 278 189 1,025 1,013 64 204 160 385 103 313 Apr. 5 292 189 1,030 1,021 70 193 161 395 103 311 Apr. 12 303 202 1,056 1,063 66 180 162 418 104 292 Apr. 19 293 215 1,066 1,075 62 168 163 415 103 362 Apr. 26 277 194 1,067 1,072 63 157 163 389 105 320 San Francisco (7'cities) Mar. 29 759 255 2,609 2,625 142 864 1,361 395 433 1,358 Apr. 5 773 240 2,674 2,661 181 829 1,364 386 432 940 Apr. 12 761 248 2,656 2,705 148 761 1,371 393 435 944 Apr. 19 799 244 2,727 2,783 150 711 1,375 400 434 987 Apr. 26 760 242 2,714 2,729 158 669 1,381 379 436 987 City of Chicago* Mar. 29 702 79 2,673 2,705 149 1,017 523 1,062 324 1,445 Apr. 5 692 129 2,542 2,587 167 954 525 1,045 325 1,641 Apr. 12 800 169 3,034 3,097 158 885 527 1,001 325 984 Apr. 19 819 186 3,107 3,134 159 820 532 1,006 325 1,136 Apr. 26 812 193 3,170 3,195 165 758 536 952 326 1,046 * See note on preceding page. * Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. - Debits to demand deposit accounts except interbank and U. S. Government accounts. MAY 1944 471 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 g sta T o n o u d t t i a - n l g Accept O in w g n banks Bills Others2 I U m i n n p i t o t o e r d ts E U x f n r p o i o t m e r d ts ex D c o h l a l n ar ge G s o h o i d p 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 n or Total bills bought States States United Foreign States countries 1942—December 230 118 93 60 34 25 57 38 14 1943—January... 220 120 95 60 35 24 57 12 38 12 M Fe a b r r c u h ary.. 2 20 0 1 9 1 1 2 3 7 0 1 10 0 1 2 6 6 2 4 3 3 8 9 2 2 9 5 6 6 9 0 1 1 4 2 I() 3 4 9 1 1 1 2 0 April 179 128 99 61 38 29 71 9 38 11 J M u a n y e 1 1 4 6 3 0 1 1 4 3 0 6 1 10 0 5 2 6 6 2 5 4 4 0 0 3 3 8 1 8 7 2 9 1 8 0 I 3 3 6 7 1 1 2 2 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 w 29 10 N D o ec v e e m m b b e e r r. 2 2 0 0 3 2 1 1 1 1 7 1 90 5 5 3 2 3 3 5 8 2 2 7 3 5 6 9 6 1 1 1 1 (3) 3 3 1 0 9 9 1944—January... 209 120 94 55 38 27 71 12 29 9 February.. 214 135 106 57 49 29 83 12 32 8 March 195 129 100 52 48 30 79 12 31 7 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 s t t o n r t u m a e d n r e i t s n s n ' t g a in n a v d c e c f t i s o r r t m u a m d n e i ts n n g t a b h n a a d n n k d in s bo M rr o o n w e e y d2 Free O (n th e e t) r i a I n n n a v d c p e c a t s o r t r u a m t n d n e t i e s n n r g t s' i a n n a v d c I e n c s t o f r t u i m a r n d m e t i s n n t g I a n c ( c c n o a e u p t n ) it t a s l 1936— June 1,267 67 164 219 985 276 86 24 14 420 December 1,395 64 164 249 1,048 342 103 30 12 424 1937—June 1,489 55 161 214 1,217 266 92 25 13 397 December 985 34 108 232 688 278 85 26 10 355 1938—June 774 27 88 215 495 258 89 22 11 298 December 991 32 106 190 754 247 60 22 5 305 1939—June 834 25 73 178 570 230 70 21 6 280 December 906 16 78 207 637 266 69 23 7 277 1940—June 653 12 58 223 376 267 62 22 5 269 December • 677 12 99 204 427 281 54 22 5 247 1941—June 616 11 89 186 395 255 65 17 7 222 December 600 8 86 211 368 289 63 17 5 213 1942—June 496 9 86 180 309 240 56 16 4 189 December 543 7 154 160 378 270 54 15 4 182 1943—March c610 e350 6320 April c670 e570 6330 May e740 €550 e330 June 761 9 190 167 529 334 66 15 7 212 July "780 e530 e340 August e740 c490 c340 September e820 e77O e320 October e830 e740 e330 November 6 780 e600 c340 December 788 "'"if"" 188*" 181 557 354 65 14 5 198 1944—January 6780 e560 e37O February e800 e650 e370 March e820 e630 e380 e Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of large firms. 1 Excluding balances with reporting firms (l),of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. • 2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.—See 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. 47X 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 s e k p s ' s - e l t , - c S h l n c e a t o r a e o a l x e a s n w c l - - n 2 l g k - e m G b o i 3 o l n - l v s th 3 ern d m 9 c m e - o e c e n b f r o t a n e o t t t n i s i t e e n f s 1 t d s i h s - 2 - - e - cu 3 t r a n - y i x o t t e o i a t e a e b r s 5 s l - e 1 1 1 9 9 9 3 3 3 7 5 6 a a a v v v e e e r r r a a a g g g e e e 1 1 1 1 T 9 2 2 2 o . . . c 9 6 5 t i a 3 8 9 t l ies Y N C 1 1 1 o . . . e i 7 7 7 t w r y 2 6 3 k 7 e E N r c a 3 3 2 n o O i s . . . t r 0 3 8 t i a t t e e 4 9 8 h n h s r e - d n r 1938 average1 2.53 1.69 2.75 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 1943 averaue .69 .44 1.00 .373 .75 1.31 1940 average 2.63 2.04 2.56 1943— A M M p a a r y r i c l h . . . 6 6 6 9 9 9 . . . 4 4 4 4 4 4 1 1 1 . . . 0 0 0 0 0 0 . . . 3 3 3 7 7 7 3 3 3 . . . 7 7 7 5 8 8 1 1 1 . . . 3 3 3 9 6 3 1 1 19 9 9 4 4 4 2 1 3 a a a v v v e e e r r r a a a g g g e e e 2 2 2. . . 7 5 6 2 4 1 2 2 1 . . . 0 3 9 7 0 7 2 2 2 . . . 8 5 5 0 8 5 June .... .69 .44 1.00 .374 .70 1.32 1939—September 2.68 2.04 2.78 July .69 .44 1.00 .374 .68 1.30 December 2.59 1.96 2.59 August .69 .44 1.00 .375 .75 1.29 1940—March 2.65 2.03 2.67 September .69 .44 1.00 .375 .77 1.31 June 2.59 2.00 2 49 October .69 .44 1.00 .375 .78 1.31 September 2.68 2.14 2.56 November — .69 .44 1.00 .375 .77 1.29 December 2.59 2.00 2.53 December .69 .44 1.00 .375 .77 1.30 1941—March 2.58 2.06 2.53 1944—January .69 .44 1 00 .374 .78 1.30 June 2.55 1.95 2.58 February .69 .44 1.00 .375 .78 1.32 September 2.60 1.98 2.62 March .69 .44 1.00 .375 4.80 01.36 December 2.41 1.88 2.45 Week A A e A n p p p d r r r i . . . n 1 g 8 1 5 : . . . . V % % s - - -U % % 1 1 1 . . . 0 0 0 0 0 0 . . . 3 3 3 7 7 7 5 5 5 6. . . 8 7 8 0 8 0 1 1 1 . . . 3 3 3 6 9 7 1942— D J S M u e e n p a 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 . . . . 5 6 4 6 6 3 8 6 A A p p r r . . 2 2 2 9 % 1 1 . . 0 0 0 0 . . 3 3 7 7 5 4 . . 7 7 7 7 1 1 . . 3 3 5 5 1943— J M un a e rch 3 2 . . 0 7 0 6 2 2. . 3 7 6 0 2 2 . . 9 7 8 6 September 2.48 2.05 2.71 1 Monthly figures are averages of weekly prevailing rates. December 2.65 2.10 2.76 2 The average rate on 90-day stock exchange time loans was 1.25 per cent during the entire period. 1944—March.. •2.63 2.10 2.75 3.12 3 Rate on new issues offered within period. Tax-exempt bills prior to March 1941; taxable bills thereafter. 4 Number of issues decreased from 2 to 1 on Mar. 1. 1 Prior to March 1939 figures were reported monthly on a basis not strictly 5 Number of issues increased from 1 to 2 on Mar. 15. comparable with the current quarterly series. 6 Number of issues increased from 1 to 2 on Apr. 1. Back figures.—See Banking and Monetary Statistics, Tables 124-125, pp. Back figures—See Banking and Monetary Statistics, Tables 120-123, pp. 463-464; for description, see pp. 426-427. 448-462; for description, see pp. 424-426. BOND YIELDS * [Per cent per annum] U. S. Government2 Corporate (Moody's)5 Yea o r r , w m e o e n k th, Pa t r a t x ia - lly Taxable M (h u i i p n g a i h l c- C (h r o a i r g t p e h o- By rating By groups a 1 e n 5 x d e y m o e v a p e r t s r , y 7 e t a o r s 9 15 o a v y n e e d r ars grade)3 grade)4 Total Aaa Aa A Baa In tr d ia u l s- R ro a a i d l- P u u ti b li l t i y c Number of issues 15 5 120 30 30 30 30 40 40 40 1941 average >.05 2.10 2.67 3.34 2.77 2.94 3.30 4.33 2.95 3.95 3.11 1942 average .09 1^93 "2A6" 2.36 2.75 3.34 2.83 2.98 3.28 4.28 2.96 3.96 3.11 1943 average 1.98 1.96 2.47 2.06 2.64 3.16 2.73 2.86 3.13 3.91 2.85 3.64 2.99 1943—March M2 1.98 2.48 2.21 2.70 3.20 2.76 2.88 3.14 4.01 2.87 3.73 3.00 April >.05 1.99 2.48 2.20 2.68 3.19 2.76 2.88 3.14 3.96 2.87 3.69 3.01 May .96 1.95 2.46 2.13 2.65 3.16 2.74 2.87 3.13 3.91 2.86 3.64 3.00 June .91 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 .91 1.92 2.45 1.97 2.58 3.11 2.69 2.82 3.09 3.81 2.80 3.56 2.95 August .92 1.95 2.46 1.91 2.57 3.10 2.69 2.81 3.08 3.81 2.79 3.55 2.96 September .90 1.97 2.48 1.92 2.59 3.11 2.69 2.82 3.10 3.83 2.82 3.56 2.96 October .90 1.98 2.48 1.88 2.60 3.11 2.70 2.83 3.10 3.82 2.82 3.55 2.96 November .94 2.00 2.48 1.90 2.61 3.13 2.71 2.84 3.11 3.83 2.85 3.56 2.98 December .95 2.00 2.49 2.00 2.63 3.14 2.74 2.87 3.13 3.82 2.86 3.56 3.00 1944—January L.95 1.99 2.49 1.92 2.65 3.11 2.72 2.83 3.11 3.76 2.83 3.51 2.99 February L.93 1.96 2.49 1.85 2.65 3.10 2.74 2.83 3.10 3.72 2.83 3.49 2.98 March L.91 1.95 2.48 1.84 2.64 3.09 2.74 2.82 3.10 3.70 2.83 3.48 2.97 Week ending: Apr. 1 1.94 1.94 2.48 1.83 2.62 3.09 2.74 2.83 3.10 3.70 2.84 3.47 2.97 Apr. 8 1.93 1.95 2.48 1.83 2.61 3.09 2.74 2.83 3.09 3.70 2.84 3.47 2.97 Apr. 15 1.93 1.95 2.48 1.84 2.62 3.08 2.74 2.82 3.09 3.68 2.83 3.45 2.97 Apr. 22 L.93 1.95 2.48 1.86 2.62 3.08 2.74 2.82 3.08 3.68 2.83 3.44 2.97 Apr. 29 L.95 1.96 2.49 1.88 2.60 3.08 2.73 2.82 3.09 3.67 2.83 3.44 2.97 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Revised series. For explanation and back figures see pp. 442-446. 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. MAY 1944 473 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- ing7 ipal Medium andlower-grade Pre- (in thoum Ge e ron n v- t - * grafe)3 H gr i a g d h e - Total Indus- Rail- Public fau D lt e e - d ferred6 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 cS s ot h lrlli a vn r lCS e s Of ) \iI trial road utility Number of issues 1-6 15 15 50 10 20 20 15 15 402 354 20 28 1941 average 130.9 117.8 98.9 103.9 86.9 106.1 21.9 171.9 80 80 71 81 629 1942 average 100.72 126.2 118.3 100.1 109.1 86.6 104.8 27.2 162.4 69 71 66 61 466 1943 average 100.50 131.8 120.3 109.5 117.0 97.6 114.0 44.0 172.7 92 94 89 82 1,032 1943—March 100.41 128.7 119.8 108.0 116.7 95.3 112.1 39.9 171.5 88 91 86 76 1,504 April 100.36 129.1 119.9 109.2 116.3 97.8 113.4 44.7 171.5 91 94 93 79 1,485 May 100.68 130.4 120.1 110.0 116.1 100.1 113.7 49.1 172.1 95 97 98 84 1,593 June 100.79 131.5 120.5 109.9 116.6 98.7 114.4 47.6 173.8 97 99 94 85 992 July 100.75 133.4 121.1 110.8 116.6 100.4 115.3 48.1 175.9 99 101 97 88 1,145 August 100.53 134.6 121.1 110.4 117.0 98.6 115.6 44.2 176.4 94 96 91 86 604 September. 100.35 134.4 120.8 110.4 117.1 98.4 115.7 46.4 175.9 96 98 91 87 663 October 100.39 135.2 120.9 110.6 117.9 98.6 115.4 49.9 175.1 95 97 92 87 633 November. 100.24 134.9 120.4 111.3 118.9 99.8 115.2 45.4 172.6 91 93 87 85 886 December.. 100.19 132.8 120.0 112.1 119.4 101.7 115.1 46.9 169.1 92 94 86 85 807 1944—January 100.18 134.4 120.5 113.2 119.8 104.1 115.5 52.8 171.2 95 96 91 87 788 February.. 180.14 135.8 120.4 113.6 119.3 105.7 115.8 58.1 172.7 94 96 96 87 807 March 100.26 136.0 120.5 113.7 119.8 105.3 115.9 60.1 173.4 97 98 99 88 1,124 Week ending: Apr. 1 100.28 136.2 120.6 113.8 120.3 104.9 116.3 60.7 173.7 96 97 98 88 916 Apr. 8.... 100.25 136.2 120.7 114.1 120.6 105.2 116.6 59.9 173.7 96 98 99 88 718 Apr. 15 100.27 136.0 120.8 114.4 120.8 105.8 116.6 60.0 174.6 96 98 100 88 629 Apr. 22 100.28 135.6 120.7 114.6 121.4 105.8 116.6 58.7 173.7 94 95 95 87 724 Apr. 29 100.23 135.2 120.8 114.4 ' 121.3 105.4 116.6 57.3 173.3 94 96 96 87 567 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. 2 Revised series. Average of taxable bonds due or callable in 15 years and over. For further explanation and back figures see pp. 442^146. 3 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 4 Prices derived from averages of median yields, as computed by Standard and Poor's Corporation. 5 Standard and Poor's Corporation. 6 Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 7 Average daily volume of trading in stocks on the New York Stock Exchange. Back figures—See Banking and Monetary Statistics, Tables 130,133, 134, and 136, pp. 475,479,482, and 486, respectively. NEW SECURITY ISSUES [In millions of dollars] For new capital For refunding Total Domestic Domestic (new Total Total Year or month f a i u r n n n e g - d d ) - m e ( a f d e i o n g o s r d - n t - i ) c Total S n m a p t i n a c a u d i t l - - e a F c e g i e r e e a d n s l - 1 - Total Co B n r a p o o n o n t d e r d s a s te Stocks F e . i ° g r- n22 m e ( a f e i d o n g s o r d n t - - i ) c Total S n a m p t i n a c a u d t i l - e - a F c e g i e r e e a d n s l - 1 - Total Co B n r a o p o n n o t d e d r s a s te Stocks e F ig o n r 2 - 1934 2,160 1,386 1,386 803 405 178 144 35 774 765 136 317 312 312 9 1935 4,699 1,457 1,409 855 150 404 334 69 48 3,242 3,216 365 987 1,864 1,782 81 26 1936 . . . 6,214 1,972 1,949 735 22 1,192 839 352 23 4,242 4,123 382 353 3,387 3,187 200 119 1937 3,937 2,138 2,094 712 157 1,225 817 408 44 1,799 1,680 191 281 1,209 856 352 119 1938 4,449 2,360 2,325 971 481 873 807 67 35 2,089 2,061 129 665 1,267 1,236 31 28 1939 5,842 2,289 2,239 931 924 383 287 97 50 3,553 3,465 195 1,537 1,733 1,596 137 88 1940 4,803 1,951 1,948 751 461 736 601 135 2 2,852 2,852 482 344 2,026 1,834 193 1941 5,546 2,854 2,852 518 1,272 1,062 889 173 1 2,693 2,689 435 698 1,557 1,430 126 4 1942 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-March 200 90 87 33 55 47 7 2 110 110 17 55 38 32 7 April 158 36 36 10 7 19 15 4 122 122 13 35 75 73 2 May 157 44 44 12 3 29 25 4 114 114 25 44 45 42 2 June 203 41 41 10 1 30 22 8 162 162 41 43 78 67 11 July 169 31 31 7 4 19 6 13 139 139 42 31 66 65 1 August 145 29 29 7 22 14 8 116 116 22 15 79 69 10 September .. 109 20 20 10 10 10 89 89 10 24 55 51 5 October 201 57 57 5 11 41 33 7 144 144 11 46 87 59 27 November... 357 165 165 21 23 121 87 34 192 192 15 107 70 58 12 December... 163 33 33 10 10 14 8 6 130 130 8 39 83 77 7 1944—January 240 103 93 24 31 38 15 22 10 137 137 14 123 62 61 February 246 99 99 37 63 59 4 146 146 26 25 96 93 3 March 178 58 58 13 45 28 17 120 120 12 30 78 59 19 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. 474 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES1 PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Estimated Estimated Year or month gross net New money Retirement of securities Repayment proceeds2 proceeds3 of Other Total e P q l u a i n p t m a e n n d t W c o a r p k it in al g Total Bo n n o d t s e a s nd 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—June 152 149 75 57 18 61 56 5 10 3 July 61 60 20 17 4 31 31 8 August 43 42 38 33 5 4 4 September 82 80 31 12 19 25 24 2 4 20 October 46 45 4 2 2 41 41 November 35 34 5 1 4 28 28 1 December 34 33 16 15 1 17 13 4 1943—January 9 8 1 1 6 6 2 February 49 49 12 10 2 34 34 3 March 98 96 39 6 32 48 42 7 1 8 "" April 91 88 9 3 6 76 74 2 3 May 83 81 32 14 18 49 49 June 99 97 25 10 15 70 51 19 2 July 76 74 3 3 59 40 19 2 10 August 106 103 15 12 3 80 79 1 8 September 69 68 11 6 5 50 42 9 5 2 October 130 127 3 3 101 97 4 22 1 November 200 197 122 91 31 69 64 5 6 December 103 100 14 3 10 79 75 4 3 "s" 1944—January 154 150 34 23 11 114 54 60 2 1 February 97 95 49 18 31 33 32 1 4 8 March 203 199 48 32 16 147 129 18 3 1 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Railroad Public utility Industrial Other Year or month Total Retire- All Total Retire- All Total Retire- All Total Retire- All net New ment of other net New ment of other net New ment of other net New ment of other pro- money securi- pur- pro- money securi- pur- pro- money securi- pur- pro- money securi- purceeds ties poses ceeds ties poses4 ceeds ties poses* ceeds ties poses* 1934 172 21 120 31 130 11 77 42 62 25 34 2 20 19 1935 120 57 54 10 1,250 30 1,190 30 774 74 550 150 122 46 72 4 1936 774 139 558 77 1,987 63 1,897 27 1,280 439 761 80 390 218 152 20 1937 338 228 110 1 751 89 611 50 1,079 616 373 90 71 57 7 7 1938 54 24 30 1,208 180 943 86 831 469 226 136 16 8 7 1 1939 182 85 97 1,246 43 1,157 47 584 188 353 43 102 9 88 5 1940 319 115 186 is " 1,180 245 922 13 961 167 738 56 155 42 9 104 1941 361 253 108 1 340 317 993 30 828 244 463 121 94 55 18 21 1942 47 32 15 464 145 292 27 527 293 89 146 4 4 1943 159 46 113 439 8 414 17 468 219 187 62 23 12 7" 3 1942—June 9 3 6 70 17 50 3 70 55 6 10 1 1 July 2 2 6 3 2 52 15 29 8 August 2 2 38 34 4 2 2 September 1 1 40 6 25 9 38 23 15 October 9 9 29 29 6 4 3 November 17 1 16 17 4 12 1 December 4 4 27 10 17 3 2 1 1943—January 8 1 6 2 February 8 8 39 2 34 3 2 2 March 15 5 10 22 1 20 1 59 33 18 8 April 3 3 58 1 55 3 27 5 22 May 14 14 38 38 17 11 7 12 7 4 June 46 "46 1 1 50 25 23 2 July 7 7 26 24 1 40 3 26 11 2 2 August 6 " 6 46 46 49 9 35 6 3 " "2 September 4 4 49 ••••-• 41 •"•4" 14 3 9 3 1 T D O N e c o 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 " 5 3 7 0 7 5 4 3 7 9 7 0 '"s" 1 4 3 1 8 4 9 11 2 7 9 2 9 9 4 2 6 3 2 3 1 '"•3 1 ' 1944—January 8 8 61 61 81 26 53 2 February 9 9 30 30 55 40 3 12 March 29 29 140 6 134 28 14 11 4 ""2" "2" 1 Estimates of new issues sold for cash in the United States. Current figures subject to revision. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, 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 Governors. MAY 1944 475 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS INDUSTRIAL CORPORATIONS [In millions of dollars] Profits and Net profits,1 by industrial groups dividends Year or quarter Total s I a t r 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 O e t m r t o q t a i e r u h o n t n n e i a s p t r - - - f m e N p u a r e r o r c n o t o n a t d d s u - l - s s O d g b u o t l h o r e a e d - r s t F b o a a o e b g n o v a e d d e c s s r c , - , o pr r o a e i i O n n n f d i i g g d u l n- c- c I h n t c r e a d i m l a u s l s i- - O g d n o u b o t o h r l n e a d e - - r s s n c M e i e e c r l i o v e s l u a - s - - s pr N of e it t s , 1 fe P D r r r e i e - v d ide C n m d o o s m n - Number of companies... 629 47 69 15 68 77 75 49 45 30 80 74 152 152 152 1939 1,465 146 115 223 102 119 70 151 98 186 134 122 847 90 564 1940 1,818 278 158 242 173 133 88 148 112 194 160 132 1,028 90 669 1941 2,169 325 193 274 227 153 113 159 174 207 187 159 1,144 92 705 1942 1,792 226 159 209 202 138 90 151 152 164 136 165 883 88 552 1943 1,822 203 169 201 203 127 85 162 183 169 147 172 895 86 555 Quarterly 1940—i 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 r437 53 39 47 654 34 19 39 36 42 36 r39 r208 21 127 2 r441 48 42 49 652 32 22 40 42 41 r35 38 221 22 132 3 r464 r51 r41 52 r31 r20 r42 49 r41 r37 r49 r227 21 127 4 479 51 47 53 646 31 25 41 56 46 39 46 238 23 169 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad2 Electric power Telephone8 Year or quarter O re p v i e n e r g n a u t e - i I b n n e t c c a f o o o x m m 4 re e e All r N o e a t d s inc I o n m s r o o e l 1 a v d e s nt d D e i n v d i- s r O e p v i e e n r n g a u t e - I i b n n t e c c a f o o x o m m 4 re e e inc N o e m t e1 d D e i n v d i s - 5 O re p v i e n e r g n a u t e - inc N o e m t e1 d D e i n v d i s Number of companies... 28 28 28 28 32 32 32 1939 3,995 126 93 -102 126 692 159 137 116 1,067 191 175 1940 4,297 249 189 -73 159 735 177 142 118 1,129 194 178 1941 5,347 674 500 23 186 799 202 133 115 1,235 178 172 1942 7,466 1,658 902 147 202 848 226 118 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 1,010 15 3 -33 29 176 42 34 19 281 50 44 3 1,130 92 71 -14 29 177 41 31 19 281 45 44 4 1,171 145 127 3 78 194 47 37 20 294 50 46 1941—1 1,152 96 69 -5 28 201 59 43 18 295 43 44 2 1,272 145 103 0 36 191 48 33 24 308 44 45 3 1,468 267 189 23 34 196 46 25 18 311 45 44 4 1,454 166 138 5 87 211 50 34 19 321 46 40 1942—1 1,483 178 90 12 24 216 63 33 19 324 41 44 2 1,797 390 198 37 46 202 53 25 19 337 41 42 3 2,047 556 286 60 30 208 55 26 19 342 39 39 4 2,139 534 327 38 101 221 56 35 19 359 43 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* CCllaassss II lliinnee--hhaauull rraaiillrrooaaddss.. 33 SSei ries exclldud es AAmi erican TTelephone and Telegraph Company, the greater part of whose income consists of dividends received on stock holdings in the 32 companies. Dividend payments shown here include amounts paid to parent companies, as well as to the public. 4 After all charges and taxes except Federal income and excess profits taxes. 5 Quarterly dividend data are not available for all companies in the group and, therefore, do not add to the yearly totals shown. 6 Partly estimated. Sources.—Interstate Commerce Commission for railroads; Federal Communications Commission for telephone companies; published reports for industrial and electric power companies. Figures for the current and preceding year subject to revision, especially for war producers whose contracts are under renegotiation. For description of data and back figures, see pp. 214-217 of the March 1942 BULLETIN. 476 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT-VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars! Marketable public issues1 Nonmarketable public issues Fully Total Total Non- guarangross interest- Special interest- teed in- End of month d d i e re b c t t b d e d i a e r r e b i c n t t g Total2 Tre b a i s ll u s ry in c C d a e n e t r e e b t s s i t s f e o i d - f - Tr n e o a t s e u s ry Tr b e o a n s d u s ry Total2 sa b U v o . i n n S d g . s s T t s r a a n e x v o a i t a s n e u n s g r d s y issues be d a e r b in t g se b t c e e u r a e r r i s i t n t i - g es 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—Mar 115,507 114,287 79,662 9,234 11,161 9,797 49,273 24,622 17,891 6,346 10,004 1,219 4,350 Apr 129,849 128,643 91,392 10,044 16,154 9,797 55,201 27,456 19,267 7,783 9,795 1,206 4,363 May 135,913 134,675 95,382 10,853 .16,561 9,797 57,975 29,095 20,507 8,163 10 198 1,238 4,082 June 136,696 135,380 95,310 11,864 16,561 9,168 57,520 29,200 21,256 7,495 10,871 1,316 4,092 July 141,524 140,238 98,613 12,460 16,561 11,875 57,520 30,169 22,030 7,678 11,456 1,286 3,782 Aug 144,059 142,721 99,935 12,846 17,497 11,875 57,520 30,879 22,694 7,703 11,907 1,338 3,934 Sept.. 158,349 157,053 111,426 13,054 21,136 11,596 65,444 33,910 24,478 8,851 11,717 1,296 3,964 Oct 165,047 163,589 115,944 13,064 23,199 11,596 67,889 35,776 26,056 9,109 11,868 1,458 4,113 Nov 166,158 164,781 115,909 13,074 23,103 11,596 67,940 36,595 26,697 9,278 12,278 1,377 4,154 Dec. 165,877 164,508 115,230 13,072 22,843 11,175 67,944 36,574 27,363 8,586 12,703 1,370 4,225 1944—Jan , 170,659 167,043 115,259 13,101 22,843 11,175 67,944 38,911 28,901 9,384 12,873 33,616 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 Mar 184,715 183,348 128,080 13,147 25,680 16,244 72,813 41,762 31,974 9,116 13,507 1,367 2,258 1 Including amounts held by Government agencies and trust funds, which aggregated $4,034,000,000 on Feb.29,1944, and $4,028,000,000 (preliminary) on Mar. 31,1944. 2 Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service and depositary bonds not shown separately. 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, MARCH 31, 1944 [In millions of dollars] [On basis of daily statements of United States Treasury. In millions of dollars] Amount Funds received from sales during Redemp- Issue Amount Issue Amount Month sta o n u d t i - ng month tions Tr A ea p s r. u ry 6 , b 19 il 4 ls 4 1,015 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 at m e o n n d t h o 1 f se A ri l e l s Se E ries Se F ries Se G ries se A r l i l es Apr. 13,1944.. 1,000 Sept. 15, 1949-51 1,292 Apr. 20, 1944 1,017 Dec. 15, 1949-51 2,098 1942—Dec 15,050 1,014 726 66 222 55 Apr. 27, 1944 1,017 Dec. 15, 1949-52 491 May 4, 1943 1,002 Dec. 15, 1949-53 1,786 1943—Jan 16,246 1,240 815 77 348 63 May 11, 1943 1,006 Mar. 15, 1950-52 1,963 Feb 17,067 887 634 48 205 76 May 18, 1943 1,013 Sept. 15, 1950-52 1,186 Mar 17,891 944 720 44 180 131 May 25, 1943 1,008 Sept. 15, 1950-52 4,939 Apr 19,267 1,470 1,007 110 353 103 June 1, 1944 1,007 June 15, 1951-54 1,627 May 20,507 1,335 995 86 254 104 June 8,1944 1,035 Sept. 15, 1951-53 7,986 June 21,256 876 696 35 144 141 June 15, 1944 1,016 Sept. 15, 1951-55 755 July 22,030 890 683 38 169 138 June 22, 1944 1,001 Dec. 15, 1951-53 1,118 Aug 22,694 802 661 28 112 152 June 29, 1944 1,010 Dec. 15, 1951-55 510 Sept 24,478 1,927 1,400 139 387 155 Mar. 15, 1952-54 1,024 Oct 26,056 1,708 1,340 93 275 144 Cert, of indebtedness June 15, 1952-55 1,501 Nov 26,697 798 665 23 109 170 Apr. 1, 1944 5,251 June 15, 1953-55 725 Dec 27,363 853 728 24 101 207 May 1, 1944 1,655 June 15, 1954-56 681 Aug. 1, 1944 2,545 Mar. 15, 1955-60 2,611 1944—Jan 28,901 1,698 1,085 127 487 188 Sept 1 1944 4,122 Mar 15 1956-58 1,449 Feb 31,515 2,782 2,102 157 522 185 Oct. 1, 1944 3,519 Sept. 15, 1956-59 982 Mar. . 31,974 709 576 23 110 268 Dec. 1, 1944 3,540 Sept. 15, 1956-59 3,793 Feb. 1, 1945 5,048 June 15, 1958-63 919 Dec. 15, 1960-65 1,485 Amount Treasury notes June 15, 1962-67 2,118 Maturity Date of issue outstanding, June 15, 1944 147 Dec. 15, 1963-68 2,831 Mar. 31,1944 Sept. 15, 1944 283 June 15, 1964-69 3,762 Sept. 15, 1944 635 Dec. 15, 1964-69 3,838 Mar. 1, 1945 2,127 Mar. 15, 1965-70 2,272 Series A—1945 From Mar. 1, 1935 178 Mar. 15, 1945 718 Sept. 15, 1967-72 2,716 Series B—1946 From Jan. 1, 1936 316 Mar. 15, 1945 1,606 Postal Savings bonds 117 Series C—1947 From Jan. 1, 1937 406 Dec. 15, 1945 531 Conversion bonds 29 Series C—1948 From Jan. 1, 1938 488 Mar. 15, 1946 503 Panama Canal loan...... 50 Series D—1949 From Jan. 1, 1939 800 D Se e D c. t 1 1 5 5 , 1 1 9 9 4 46 7 3 2 , 2 7 6 0 1 7 Total direct issues.. .. 128,080 S S e e r r i i e e s s D D — — 1 1 9 9 5 5 0 1 F F r r o o m m J J a a n n . . 1 1 , to 1 9 F 4 e 0 b. 28,1941 9 3 9 3 2 4 Sept. 15, 1948 3,726 Series D—1951 From Mar. 1 to Apr. 30,1941 111 Guaranteed securities Series E—1951 From May 1, 1941 1,246 Treasury bonds Commodity Credit Corp. Series E—1952 From Jan. 1, 1942 5,425 M J A D D O D S M T u e u p e e e c a a n p n c c c t r r r e . . e t . . . . . . 1 1 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 5 5 , , , , , , , , , , 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 7 4 4 5 7 6 6 6 8 5 - - - - - - - 5 - 5 4 4 5 4 5 4 2 4 6 9 6 8 0 7 1 1 1 1 1 , , , , 0 2 0 1 3 4 5 8 7 7 3 1 3 1 2 8 1 4 5 0 7 4 6 5 3 9 9 1 9 1 H F R F e e o e M F M J A V d d c m u e . e a p o a a n b e F r r y r y n e . i a . a s o O l 1 1 1 1 r t 1 u r m w 5 5 5 , H , s u , , , 1 n 1 c o M 1 1 1 9 e 9 t u 9 9 9 i 4 r 4 o o s 4 4 4 s 4 5 i n ' r 4 4 5 - - n t 4 5 L 1 - g g 4 F 7 2 o a 9 1 > i a g 1 A n n e . d C C C m o o o in r r r p p p . 4 1 7 1 1 5 5 8 1 2 5 9 2 4 S S S S S S S S S S e e e e e e e e e e r r r r r r r r r r i i i i i i i i i i e e e e e e e e e e s s s s s s s s s s F E E F F G G F G G — — — — — — — — — — 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 5 5 5 5 5 5 5 5 5 5 4 5 3 6 4 3 4 3 5 6 F F F F F F F F F F 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 4 3 2 3 4 3 4 1 1 9 3 2 1 2 1 , , , , , , 2 1 2 5 4 0 6 3 2 7 2 6 2 1 7 9 0 2 1 2 4 9 7 5 0 0 3 7 0 1 Mar. 15, 1948-51 1,223 Total guaranteed issues 1,54243 Series unclassified 122 June 15, 1948 3,062 Sept. 15, 1948 451 Total. 31,974 Dec. 15, 1948-50 571 1 At current redemption values except Series G, which is stated at par. 1 Called for redemption. 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. MAY 1944 477 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 d u ie l s e i s s c F R B H e e a b d s e n y 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 n u k g a s s l I p c n a a o n s n m u c i e e r - - s M i a s a O s b r u t k l h e e e e s t r - inv m e i s N s a a t s r o o b u k r n l e s e e - s t- 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 r54,200 r5,400 12,800 r19,300 29,300 August 146,655 11,907 3,425 9,088 122,235 r55,200 5,100 12,700 '19,200 30,000 September 161,018 11,717 4,073 8,919 136,309 r58,500 5,900 14,200 r24,800 32,900 October 167,701 11,868 4,125 9,354 142,354 r61,900 6,000 14,400 r25,400 34,700 November 168,935 12,278 4.157 10,348 142,152 r61,300 6,000 14,500 r24,900 35,500 December 168,732 12,703 4,231 11,543 140,255 r59,845 6,096 14,700 r24,100 35,500 1944—January 171,312 12,873 4,279 12,073 142,087 r61,800 5,700 14,200 r22,800 37,600 February 185,936 13,168 4,616 11,632 156,520 r64,900 6,700 15,700 r28,200 41,000 r Revised. i Figures for insurance companies and other investors have been rounded to nearest 100 million dollars for all dates and figures for commercial banks and mutual savings banks have been rounded to nearest 100 million dollars for all dates except June and December for which call report data are available. 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. End of month s T t o i a o n u n g t t d a - l - m a G e c a g r i n o e e e n n d v n s - t - - B s F e R e a r e r n e a v d - k l e - s m b C e a o r n c m k i s a - 1 l b M s i 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 T st o i o a n u n t g t a d - l - a m G e c a g r i n o e e e n d v n n s - - t - B s F e R e a e r r n e a v d - k l e - s b C m a c o n i e a m k r l - s - b M t a u n u a k l - p I c a n a o n s n m c u i e e r - - s Other trust trust 2 funds funds Total: 3 Treasury bonds: 1942—June 55,122 2,723 2,645 24,939 3,830 8,748 12,237 Total: Dec 80,685 3,202 6,189 38,759 4,47110,766 17,297 1942—June 38,085 2,321 1,61714,828 3,442 8,110 1943—June r1 r9 1 9 9 , , 2 5 1 2 8 7 r r 3 3 , , 7 3 7 1 8 9 9 7 , , 3 2 5 0 4 2 4 5 8 7 , , 6 4 6 6 5 8 5 5 , , 1 8 6 6 1 6 1 1 2 4 , ,1 4 3 8 4 6 2 28 2 , , 9 3 2 8 7 5 1943— D Ju e n c e 4 5 9 7 , , 2 5 6 2 8 0 2 3, , 0 7 4 3 5 9 2 1 , , 7 4 7 6 7 8 1 2 9 4 , , 4 2 4 2 5 6 4 4 , , 0 7 5 2 5 5 11,442 1 1 2 0 , , 6 3 1 0 5 8 Nov ""119,491r3,774 10\,348 56,761 6,10014,22828,280 Oct 67,889 3,616 1,506 27,7815,44713,28016,259 Dec 118,813r3,787 11,543 55,360 6,15214,386 27,586 Nov 67,940 3,609 1,508 27,9135,66113,36715,882 1944—Jan r118,842 r3,776 12,073 56,983 5,77013,93226,307 Dec 67,944 3,614 1,559 28,0995,67113,389 15,613 Feb 129,640 4,037 11,632 59,814 6,703 15,437 32,017 1944—Jan 67,944 3,611 1,592 28,8355,40113,13815,368 Trea 1 su 9 r 4 y 2 - b J i u ll n s e : 2,508 243 1,557 28 91 590 Maturi # n g F e w b ithin 5 years: 73,882 3,854 1,61329,788 6,306 14,60317,718 Dec 6,627 1,010 4,497 10 26 1,07. 1942-June 3,915 336 1,599 224 581 1,173 1943—June 11,864 11 3,815 6,502 21 154 1,361 Dec 5,830 754 2,565 253 726 1,531 Oct 13,064 6 5,547 6,227 10 2 1,272 1943—June 9,474 867 5,122 298 991 2,195 Nov 13,074 8 6,163 5,643 9 19 1,232 8,524 668 5,074 214 839 1,728 Dec 13,072 20 6,768 4,716 12 72 1,484 Nov.'..'.'.'.'.'/.'.'.'.'. 8,524 665 5,068 217 836 1,738 1944—Jan 13,101 21 6,941 4,904 11 15 1,209 Dec 8,524 665 5,040 216 828 1,775 Feb 13,112 6 6,354 5,484 5 1,263 1944—Jan 8,524 671 5,127 202 770 1,755 Certificates: Feb 8,524 604 5,230 198 683 1,807 1942—June 3,096 11 66 1,971 74 191 782 Maturing in 5-10 years: 10,534 17 1,041 6,470 129 180 2,696 1942—June 9,436 846 4,959 750 1,347 1,536 1943—June'.'.'.'.'.'.'. 16,561 51 1,092 9,823 184 305 5,106 Dec 17,080 1,574 9,353 1,129 2,101 2,920 Oct 23,199 51 1,565 13,357 172 277 7,777 1943—June 17,921 776 10,107 1,308 2,326 3,401 Nov 23,103 48 1,908 13,159 189 280 7,520 25,430 1,162 13,153 1,908 3,024 6,183 Dec 22,843 50 2,467 12,684 226 367 7,050 Nov 25,453 1,160 13,390 1,968 3,067 5,866 1944—Jan 22,843 40 2,787 13,335 146 299 6,236 Dec 28,360 1,495 15,610 2,067 3,254 5,934 Feb 25,680 69 2,696 13,030 179 382 9,325 1944—Jan 28,360 1,485 16,105 1,883 3,141 5,749 Treasury notes: Feb 28,360 1,447 16,510 1,811 3,070 5,522 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 16,295 2,165 6,240 1,580 2,778 3,531 Oct 11,596 58 686 7,569 195 289 2,797 1943—June.'.'.'.!.";!;'.'/. 17,214 1,645 7,611 1,405 2,896 3,657 Nov 11,596 63 693 7,546 198 279 2,816 Oct 17,214 1,587 8,015 1,303 2,761 3,547 Dec 11,175 66 665 7,383 204 275 2,583 Nov 17,214 1,591 7,961 1,390 2,740 3,534 1944—Jan 11,175 66 665 7,366 178 258 2,642 Dec 14,310 1,270 5,973 1,297 2,571 3,203 Feb 13,302 69 9,039 183 2,870 1944—Jan 14,310 1,257 6,108 1,278 2,519 3,144 Guaranteed securities: Feb 18,035 1,335 6,479 2,242 3,172 4,809 1942—June 4,549 281 2,847 148 433 835 Maturing after 20 years: Dec 4,196 311 2,665 108 333 743 1942—June 6,002 593 1,258 512 2,326 1,315 1943—June r3,908 r116 2,602 76 309 751 Dec 10,065 1,021 1,286 1,095 4,339 2,323 Oct r3,583 r12 2,521 42 284 673 1943—June r 12,912 1,221 1,385 1,713 5,229 3,366 Nov r3,583 12 2,486 42 282 684 Oct 16,720 1,704 1,538 2,020 6,658 4,802 Dec r3,583 r4 2,465 39 283 709 Nov 16,749 1,701 1,495 2,086 6,723 4,743 1944—Jan r3,583 r3 2,528 35 223 707 Dec 16,751 1,745 1,478 2,093 6,737 4,699 Feb 3,469 3 2,458 31 193 696 1944—Jan 16,750 1,790 1,495 2,036 6,711 4,718 Feb 18,963 2,083 1,568 2,056 7,678 5,579 r Revised. * 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 Feb. 29, 1944, commercial banks reporting to the Treasury held $22,283,000,000 of United States Government securities due or callable within one year out of a total of $46,005,000,000 outstanding. 2 Including stock savings banks beginning with November 1943. 3 Including $196,000,000 of Postal Savings and prewar bonds not shown separately below. 47 8 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 s t r a o e i x c c ty u i e a s - l c O e r t i e h p - e ts r c T e r o i e t p - a t l s ce N r i e p e - t t s3 I d n e o e t s e n b t r t - ac W t t i i e a v s r i- T c f o e t r e r a r a u t u s c n c n - s . s t t t o s - , p O t e u e t n h r x d e e ; s i r - 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 b g e u a i n a e r n n n c l a 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 —3,50e +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 -1,86] +6,515 64,274 1943—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 +4S +8,438 14,342 May 940 359 282 160 1,742 1,480 42 7,092 1 300 7,435 5,955 -35 +70 6,064 June 3,803 353 57 356 4,569 4,569 609 7,469 1 247 8,327 3,758 -20^ -3,180 784 July 19" 1,236 512 48 234 2,048 2,007 68 6,432 344 269 7,112 5,105 -635 -912 4,828 August 548 1,016 729 310 403 3,005 2,721 46 7,232 15 324 7,617 4,896 +131 —2,231 2,534 September... 674 4,091 344 53 285 5,448 5,447 311 6,952 2 269 7,535 2,087 -41C +11,794 14,291 October... :.. 557 746 464 46 256 2,069 2,030 131 6,989 36 300 7,456 5,426 —132 +1,139 6,697 November 1,010 449 363 292 255 2,370 2,099 47 7,541 2 248 7,839 5,740 +29C -4,338 1,112 December 713 4,327 386 60 251 5,737 5,736 497 6,718 2 236 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 -U -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 March 750 5,161 375 69 220 6,576 6,573 449 7,726 7 343 8,525 1,952 -2,205 -2,549 1,608 Details of trust accounts, etc. General fund of the Treasury (end of period) Social Security Balance in accounts Net ex- Other Assets general fund penditures Period in checking ac- 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 t t s - p t E e u n x r d e - i s - Total R F p e e o s d i s e n e i r t r v s a e l d s p p e o p e i s n c o i i s t a s i l - O as t s h e e t r s 1ia 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 ,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 ,444 643 9,507 8,744 1943—March ' . 36 272 36 300 82 53 7 4,758 643 2,694 ,421 579 4,179 3,416 April 111 35 33 17 92 58 12 13,112 1,215 10,485 ,412 495 12,617 11,854 M JT u a n yJ e 5 1 3 6 9 9 4 2 2 5 8 8 3 3 1 1 - 3 8 5 2 6 1 8 5 1 2 1 5 1 7 9 — 3 4 0 1 1 1 3 0 , , 1 1 5 4 2 9 1,0 6 3 5 8 1 11 7 , ,6 1 6 1 7 7 , , 3 4 8 4 3 4 4 6 6 4 5 3 1 9 2 , , 5 68 0 7 7 1 8 1 , , 7 9 4 24 4 July 245 179 29 726 315 252 9 9,127 979 6,790 ,358 532 8,595 7,832 August 596 292 30 148 101 75 21 6,845 1,076 4,362 ,406 481 6,364 5,601 September. .. 32 296 30 146 116 72 14 18,734 1,538 15,676 1,519 576 18,158 17,395 October 109 50 29 199 139 86 16 19,838 ,095 17,280 1,462 541 19,297 18,534 November 562 277 29 -64 75 96 8 15,492 ,245 12,770 1,477 534 14,958 14,196 December 87 308 30 427 114 81 22 12,878 ,408 9,942 1,528 584 12,294 11,532 1944—January 102 83 32 165 164 81 -80 12,873 ,098 10,314 1,461 634 12,239 11,476 February ? 514 350 33 331 121 59 35 19,726 ,172 17,095 1,460 571 19,155 18,392 March 46 172 35 2,002 94 102 35 17,270 ,540 14,306 1,424 664 16,606 15,844 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 (—). Back figures.—See Banking and Monetary Statistics, Tables 150-151, pp. 513-516. INTERNAL REVENUE COLLECTIONS [On basis of reports of collections. In millions of dollars] Income taxes Miscellaneous internal revenue Manufac- Period Total v i C i r n d e u d u n r i t a - - l W he i l t d h 1 - V t t o a i r c x y - r c r a C o e t r u i n p o r t o - n - B ta a x c e k s E p t r x a o c x f e e it s s s s p O t r a o t x h f e e it s r s Total C st t t a o a a p x c l k i- E t s a g a t x i n 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 u a x a r n c i e l d i e s r e s r ' s' n t c M a e e x o l i l e s u a - s - s taxes Fiscal year ending: June 1942 8,007 3,108 2,764 460 1,618 57 3,838 282 433 1,048 781 42 852 401 June 1943 16,299 5,771 "'686 4,137 557 5,064 84 4,571 329 447 1,423 924 45 670 732 1943—March , 4,868 1,951 2 1,026 79 1,791 21 379 62 121 80 4 47 65 April 1,008 362 298 73 73 200 1 345 i 37 113 77 5 49 64 May 753 103 381 89 74 103 3 373 46 109 71 5 60 80 June 4,026 1,800 5 970 41 1,203 7 329 29 115 80 5 39 61 July 1,231 527 333 142 33 186 10 652" """136 48 125 87 4 59 193 August 814 55 i 438 111 44 162 595 188 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 1,352 388 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 41 300 339 38 108 67 4 63 58 March 5,358 1,833 70 994 63 2,370 28 401 60 124 77 5 59 76 1 Withheld by employers (Current Tax Payment Act of 1943). MAY 1944 479 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 Total Loans f s e P t e r o r t r c c e e . k - d , Cash g d G U u a i a o r n . r e S v d a c . t n t . - G a O c g o t i e h e v n s e t 1 - r . r c e o a o a A c b t n u h e c l d n e i e - v s t r s - p B n e r e u r o t s s p y s i - - P e h s r f r a e o o t l l r y p e d - O as t s h e e t r s a a g F n n u u b d te a l y l e r d y - d ebe O nt t u h r e e r s 1 O lia t t i b h e i e s l r i- i G n m o te v e r e n e r t s n t - i v o n w a te t n e r e l e y d st teed U.S. 1942—June 17,962 8,379 648 403 ,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—March 24,151 8,003 562 597 L,424 26 1,303 1L,408 6,074 4,754 4,365 L,375 5,109 12,860 441 April 24,706 8,092 560 536 ,510 24 1,464 1,428 6,081 5,011 4,372 L,366 5,648 12,880 440 May... 24,805 7,949 557 504 L,549 24 1,514 L.475 6,167 5,066 4,092 1,340 5,746 13,188 440 June 26,708 7,685 556 515 L,565 22 1,788 L,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 L,645 7,588 7,899 4,277 1,332 5,247 18,216 435 February.... 29,791 7,411 452 516 2,099 23 2,062 1,658 7,753 7,817 4,226 1,322 4,956 18,853 435 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 End of month T lo o a t n a s l 2 R s n C t e t a F r i o c n o u i o r - c n c p n e - . - H C L O e o o o w r m r a s p n ' n e . - F H b L e a o o a d n m l a 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 F g 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 . - . c b m i F r n a a e e e t n t e d d e d k r i . i s - t - o f B o t p a i r e v n r c e k a o s s - - m C C C o r o o e d r 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 - . t R r E m t A i u i f l o i e i d r n c c n a - a . - l - p B p E I o o m a x r n r t - - t - k Other 1942—June 8,379 L.473 1,676 193 82 216 384 1,706 562 289 101 231 258 460 342 113 293 December ... 8,127 L,557 1,568 129 94 211 366 1,603 507 238 145 242 237 446 346 122 316 1943—March. 8,003 L,530 ,507 79 97 206 381 1,540 483 266 111 276 244 463 345 121 354 April 8,092 1,512 ,480 87 97 204 371 1,520 475 280 106 408 245 457 344 122 384 May 7,949 1,487 1,460 79 98 202 374 1,502 468 287 102 304 246 454 344 126 416 June 7,685 1,483 1,441 90 98 73 317 1,489 463 296 102 228 245 447 344 129 440 July 7,615 1,459 ,419 92 97 71 317 1,472 455 296 107 225 244 443 344 132 442 August 7,580 1,463 ,400 81 100 69 317 1,452 447 284 111 225 242 441 344 136 468 September... 7,557 1,460 L,383 130 99 67 317 1,431 437 269 148 222 237 433 345 136 443 October 7,487 1,432 ,366 127 100 66 317 1,406 423 251 189 228 232 427 345 140 438 November... 7,459 1,427 L.354 116 99 65 318 1,381 412 240 215 278 229 421 345 136 423 December... 7,444 1,413 ,338 110 101 65 318 1,358 403 243 235 330 226 416 347 136 405 1944—January 7,410 L.393 1,318 115 103 64 319 1,332 394 242 238 378 224 416 347 141 386 February 7,411 L,393 1,300 114 107 63 319 1,315 389 253 221 409 227 417 348 142 394 SELECTED ASSET ITEMS, OTHER THAN INTERAGENCY ITEMS Loans by Reconstruction Preferred stock held Accounts and other Property held for sale Finance Corporation receivables End of month L to o a f n i- s Loans R s e tr c u o c n - - O H w o n m e e rs' t F > e an d k . s l a a n n d d m C o o d m it - y st R ru ec c o ti n o - n War m C o o d m it - y O H w o n m e e rs' Total nancial to Other tion Loan Other Fed. Farm Credit Finance Other corpo- Credit Loan Other insti- rail- Finance Corpo- Mortgage Corpo- Corp- and rations Corpo- Corpotutions roads Corp. ration Corp. ration war cor- ration ration porations 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—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 February.... 1,393 127 395 871 329 47 76 160 553 665 684 6,789 795 76 93 1 Excluding Federal land bank bonds held by the Federal Farm Mortgage Corporation. 2 Excluding investments in preferred stock, the amount of which is shown in the lower section of this table. 3 Excluding loans by Federal savings and loan associations, which are privately owned institutions under the supervision of the Federal Home Loan Bank Administration. Loans by these institutions are reported quarterly and amounted to 1,916 million dollars on Dec. 31, 1943. 480 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 6gures for seasonal variation] Construction Y m ea o r n a th nd 1 t m v n = 9 p a c 3 e l a o 5 u n 1 y m - 0 e t - 3 s ) 0 e 9 * Tota In l (p d h u 1 y s 9 t s r 3 i i c 5 a a - D l 3 l 9 u p v f M a r r o = - o c l a t d u 1 u n u m 0 r u N c e d 0 - e t s u o i ) o 2 r n * - n - M era in ls - To a t w a 1 l a 9 r 2 c d 3 o e R - d n 2 t d i e t e 5 a r n s ( a l i - « v - c = a ts lu 1 o e 0 A t ) h 0 3 l e l r N t a c u g u o r l r n a - i E - l - 1 m 9 p 39 lo y = F m a 1 c e 0 t n o 0 t r 4 y 9 r F t o p 3 o 1 a l a 0 9 r l c y y 0 s - 4 = c 1 a r 9 i r e n 3 l i g o 5 1 g s a - 0 h 3 * d 0 t 9 - D 19 m s ( s e u 2 t v a p e o e 3 a l ) a 1 n r e - l * 0 e r 2 s - t 6 t 0 5 - W p m r c = i 1 h s o o c 9 a o d m e 1 2 l l e i s 0 e 6 - t 4 0 y - C 1 l = i 9 o v 3 s i 5 1 t n - 0 g 3 o 0 4 9 f able able Ad- Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed usted justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 106.8 106.2 120 78 138.6 124.5 1920 75 93 60 83 63 30 90 107.2 127.1 129 94 154.4 143.2 1921 58 53 57 66 56 44 65 82.1 82.0 110 87 97.6 127.7 1922 73 81 67 71 79 68 88 90.8 88.0 121 88 96.7 119.7 1923 88 103 72 98 84 81 86 103.9 111.6 142 98 100.6 121.9 1924 82 95 69 89 94 95 94 96.5 104.1 139 99 98.1 122.2 1925 90 107 76 92 122 124 120 99.9 109.7 146 103 103.5 125.4 1926 96 114 79 100 129 121 135 101.8 113.1 152 106 100.0 126.4 1927 95 107 83 100 129 117 139 99.6 111.0 147 107 95.4 124.0 1928 99 117 85 99 135 126 142 99.7 112.3 148 108 96.7 122.6 1929 122.9 110 132 93 107 117 87 142 106.0 106.1 119.8 152 111 95.3 122.5 1930 109.1 91 98 84 93 92 50 125 98.1 92.5 96.9 131 102 86.4 119.4 1931 92.3 75 67 79 80 63 37 84 88.3 78.2 73.5 105 92 73.0 108.7 1932 70.6 58 41 70 67 28 13 40 77.6 66.4 50.7 78 69 64.8 97.6 1933 68.9 69 54 79 76 25 11 37 78.6 73.5 54.4 82 67 65.9 92.4 1934 78.7 75 65 81 80 32 12 48 86.3 85.8 70.0 89 75 74.9 95.7 1935 87.1 87 83 90 86 37 21 50 90.1 91.4 80.4 92 79 80.0 98. t 1936 101.3 103 108 100 99 55 37 70 96.8 99.1 93.0 107 88 80.8 99.1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 4 3 3 3 4 4 4 0 8 9 7 2 3 1 ^2 1 1 1 1 1 9 1 0 0 1 3 7 8 1 5 7 3 1 7 . . . . . . . 5 4 5 7 9 8 3 P2 1 1 1 1 1 8 3 1 0 2 6 9 9 3 9 9 5 2 9 p3 2 2 1 1 1 6 0 7 3 2 7 0 0 1 8 9 2 9 9 p1 1 1 1 1 1 7 9 0 1 0 4 5 6 5 6 5 9 2 8 p1 1 1 1 1 1 3 9 1 0 2 1 2 2 7 2 6 5 7 9 1 1 6 5 8 6 7 6 2 4 9 1 8 2 6 2 4 4 6 8 8 4 7 1 5 0 9 2 0 2 2 1 8 3 7 8 8 9 4 0 5 4 1 9 2 9 1 1 1 1 1 1 9 0 0 0 2 2 1 5 2 0 4 4 8 5 . . . . . . . 1 7 0 2 5 2 6 1 1 1 1 1 1 9 0 0 0 5 3 6 1 8 0 7 2 7 8 . . . . . . . 0 7 0 5 3 7 1 3 1 1 2 1 1 8 1 1 0 4 1 6 5 6 1 0 2 4 7 . . . . . . . 1 4 2 0 3 5 5 1 1 1 1 1 1 8 1 0 0 3 3 3 9 1 1 9 8 0 7 1 1 1 9 9 9 8 3 1 2 2 0 4 5 8 0 4 1 8 9 7 8 7 7 0 6 8 8 7 8 7 3 . . . . . . . 3 6 8 6 3 1 1 1 1 1 1 1 1 9 0 0 0 0 2 1 9 0 2 0 5 3 6 . . . . . . . 4 8 7 2 2 5 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.., 144.4 169 174 212 146 132 161 105 206 138.8 141.2 184.8 134 116 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... 153.9 176 173 225 150 133 123 69 167 120.3 140.6 141.1 195.1 138 111 93.6 110.5 1942 January 155.2 181 177 235 152 133 118 82 147 120.4 141.6 139.8 200.7 140 138 96.0 112.0 February 157.1 183 180 241 153 133 128 100 151 120.8 143.2 142.3 208.2 138 126 96.7 112.9 March 159.1 186 182 250 153 126 125 95 149 121.0 144.8 144.3 215.1 138 124 97.6 114.3 April 163.4 189 187 257 154 125 128 82 165 121.2 147.0 146.3 221.4 138 117 98.7 115.1 May 165.4 191 192 264 153 126 158 76 226 121.9 148.7 148.0 228.7 136 108 98.8 116.0 June 169.6 193 195 272 152 127 193 76 288 122.5 150.8 149.9 234.5 134 104 98.6 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 196.5 227 224 337 171 125 145 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 207.3 237 236 356 175 131 63 33 87 129.3 168.4 167.7 309.7 136 128 103.7 124.1 May 208.7 239 239 359 176 129 52 31 68 128.3 167.9 167.2 313.5 135 125 104.1 125.1 June 211.3 237 238 358 177 117 45 32 55 128.6 169.0 168.8 317.1 127 129 103.8 124.8 July 213.1 240 241 360 177 134 60 36 80 128.6 169.7 169.8 315.6 141 142 103.2 123.9 August 215.5 242 245 365 178 135 59 35 79 127.9 169.6 170.8 322.2 140 142 103.1 123.4 September.. 215.6 244 248 368 179 138 65 35 89 126.8 168.3 170.1 328.0 140 132 103.1 123.9 October 218.0 247 249 374 179 136 49 34 61 127.5 170.1 170.5 332.6 137 140 103.0 124.4 November. 221.5 247 247 376 180 133 60 37 78 128.3 170.9 171.0 336.5 139 158 102.9 124.2 December... 224.8 241 239 365 174 137 61 35 81 128.2 169.1 169.4 328.2 144 131 103.2 124.4 1944 January 226.1 243 240 368 176 140 55 29 76 127.2 167.7 166.8 327.9 145 153 103.3 r124.2 February... 230.9 244 241 368 177 143 45 21 64 126.8 166.9 165.9 327.6 143 151 103.6 r123.8 March ^229.5 P366 pns P139 *>125.5 ?164.0 P163.6 140 154 103.8 123.8 April *>138 e103.9 * Average per working day. p Preliminary. r Revised. 6 Estimated. * Department of Commerce series on value of payments to individuals. * For indexes by groups or industries, see pp. 482-485. * Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 488 of this BULLETIN. 4 The unadiusted indexes of emnlovment and nav rolls, wholpcnlp rrtmrnr»rlii-\r rn-ir^c >*r,A ™c* nf li^incr ot-o /•v-^^iio/i w^ nr u*caA nn Ae the Bureau of Labor gh 1937; the 1938 figures and the 1939 base pej iata. Non- For sales comparisons by cities and by departments see pp. 490491 of this BULLETIN. Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984; for factory employment and pay rolls, October 1938, pp. 839-866, February 1941, p. 166, and January 1943, p. 13; for department store sales, October 1938, p. 918, and January 1941, p. 65. MAY 1944 481 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjustedfor Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100J 1943 1944 Industry Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Industrial Production—Total 232 235 237 239 237 240 242 244 247 247 241 243 244 V242 Manufactures—Total 250 253 256 258 258 259 261 263 266 268 260 r262 262 p260 Durable Manufactures 344 351 356 359 358 360 365 368 374 376 365 368 368 P366 Iron and Steel . 207 210 209 208 201 204 210 214 215 210 200 208 212 214 Pig iron 200 202 198 196 190 191 202 205 202 200 108 202 r207 206 Steel 231 234 235 233 227 230 236 239 242 236 222 231 236 238 Open hearth 185 188 186 184 177 181 185 190 191 186 178 186 188 191 Electric .... . .... 560 559 580 584 583 577 598 593 607 592 536 556 580 572 Machinery 426 436 441 443 441- 440 445 451 458 463 453 461 460 H56 Manufacturing Arsenals and Depots1 Transportation Equipment. .. . .. 673 692 717 729 743 754 762 >\764 780 786 763 751 749 P740 Automobiles 203 204 206 211 215 220 232 239 247 248 240 240 235 p231 (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government) * Nonferrous Metals and Products 257 260 259 264 262 256 264 277 286 289 277 r285 285 P286 Smelting and refining.. . 252 255 262 270 276 278 279 294 303 308 307 297 299 P297 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1. Fabricating 259 262 257 262 257 247 258 270 279 282 266 r280 279 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products 127 129 130 133 128 128 130 129 128 136 137 133 130 P126 Lumber 117 119 121 126 118 118 119 118 115 127 131 125 122 Furniture 147 149 149 147 148 152 149 152 152 150 148 146 PUS 148 Stone, Clay, and Glass Products 178 175 175 175 175 173 168 171 168 169 168 168 P164 173 Glass products . 149 146 153 159 158 162 159 169 165 169 171 172 Plate glass 36 35 39 43 41 162 49 53 47 54 55 54 58 59 Glass containers 189 185 194 200 199 24053 202 196 212 204 209 213 212 Cement . . 166 154 135 130 127 119 114 112 107 98 101 86 88 Clay products 144 142 142 136 139 132 132 125 124 124 122 128 126 P125 Gypsum and plaster products 196 202 204 203 204 198 203 194 194 196 192 203 202 ^198 Abrasive and asbestos products 305 308 313 320 325 326 327 321 326 329 319 319 314 p302 Other stone and clay products1 Nondurable Manufactures 174 174 175 176 177 177 178 179 179 180 174 175 177 W5 Textiles and Products 162 158 157 159 155 148 145 150 152 152 143 149 152 P153 Textile fabrics 152 149 147 149 146 139 136 141 143 142 133 r140 142 Cotton consumption. .. . . 172 166 166 169 160 153 147 156 156 153 142 150 151 150 Rayon deliveries 181 181 181 185 183 183 177 181 186 191 189 186 r187 191 Nylon and silk consumption1 : Wool textiles. 166 163 157 158 160 146 150 151 154 154 142 r154 159 Carpet wool consumption 39 40 38 32 30 24 33 29 37 39 36 41 Apparel wool consumption 230 228 214 222 226 207 210 206 201 205 186 r210 218 Woolen and worsted yarn 184 181 173 177 181 164 168 172 173 172 159 r173 177 Woolen yarn 190 187 179 181 186 168 176 178 175 176 161 176 180 Worsted yarn 177 172 165 171 174 159 158 163 171 166 156 168 173 Woolen and worsted cloth 187 182 177 177 179 164 166 169 172 171 160 r170 178 Leather and Products 123 117 119 118 114 112 111 110 110 105 102 108 111 Pill Leather tanning 127 120 122 122 114 111 106 105 104 98 97 103 105 Cattle hide leathers 139 128 131 132 122 116 109 107 102 101 98 107 110 Calf and kip leathers 93 92 91 92 86 85 80 81 76 67 68 70 76 Goat and kid leathers.. 89 93 90 90 86 84 82 88 95 90 83 r83 84 Sheep and lamb leathers 170 160 166 164 162 169 174 164 173 146 162 169 160 Shoes 119 115 117 115 114 112 114 114 114 109 105 r112 114 P115 Manufactured Food Products... 142 143 142 143 144 146 145 146 146 153 151 154 158 P159 W Ca h n e e a t s u fl g o a u r r melting . s1 . . 126 118 109 97 102 103 110 111 117 128 128 130 125 Manufactured dairy products p134 P143 ^140 P139 PI 35 Butter 107 108 106 103 106 104 96 95 87 88 86 r88 90 95 Cheese 145 147 147 145 150 154 150 150 144 143 147 r149 146 151 Canned and dried milk 141 145 149 150 161 171 157 154 137 132 131 132 139 156 Ice cream Meat packing 154 151 147 162 159 186 182 178 168 185 173 187 215 202 Pork and lard... 183 183 187 216 222 260 241 221 193 221 206 234 291 270 Beef 131 127 112 111 96 110 119 130 135 145 139 144 149 143 Veal 76 74 62 60 63 73 109 131 151 150 121 104 94 96 Lamb and mutton . 115 107 111 123 119 140 154 161 173 166 158 135 112 110 T Revised. p Preliminary. * Series included in total and group indexes but not available for publication separately. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued {Adjustedfor Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] Industry Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan Feb. Mar. Manufactured Food Products—Continued Other manufactured foods 145 146 146 147 146 145 144 144 146 150 153 156 Processed fruits and vegetables 123 125 129 130 130 126 128 127 135 135 142 140 Confectionery 139 145 153 152 144 134 123 120 120 123 134 134 Other food products 152 149 151 150 152 152 152 153 159 159 163 Alcoholic Beverages 121 112 104 96 106 135 130 141 143 131 126 P138 Malt liquor 142 133 124 113 127 127 131 164 155 169 172 160 148 167 Whiskey... 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other distilled spirits 63 35 31 21 22 23 40 77 90 62 42 46 40 33 Rectified liquors 161 157 141 139 144 144 157 156 158 178 189 162 182 Industrial Alcohol from Beverage Plants1 Tobacco Products 128 129 124 134 136 134 139 148 143 125 119 123 Cigars 101 93 103 104 102 99 96 101 100 101 90 92 92 Cigarettes 153 159 1 8 6 6 0 1 8 4 5 4 14 7 9 8 1 8 6 4 6 1 9 6 2 9 1 8 6 7 5 1 9 7 3 3 1 1 0 8 0 6 1 9 8 9 1 1 8 5 7 5 14 7 5 9 1 7 5 3 4 Other tobacco products 140 141 141 142 135 143 143 140 140 132 136 138 Paper and Paper Products... 139 139 138 140 136 133 141 140 138 137 131 134 135 Paper and pulp 153 148 150 154 143 141 153 150 153 147 142 147 148 P P a u p lp e G P F T S S P S r o a i u r u i r n s i p o d l l n s e p p a u e u t h h r n i e p p b i a n d a t u o t g e w a p e l a n p e o p p r p r d d o u a u d p a l l p p e b p r s u o l r p bent paper 1 2 1 1 1 1 1 1 1 9 0 0 3 4 4 7 3 2 3 8 7 6 7 6 3 2 1 9 1 1 2 1 1 1 1 1 1 1 9 0 0 2 4 3 5 2 2 7 4 3 3 9 0 8 0 7 6 4 1 2 1 1 1 1 1 1 1 9 0 0 3 4 3 5 2 6 2 3 1 4 0 4 6 0 5 7 4 1 2 1 1 1 1 1 1 1 9 1 0 4 3 3 5 3 2 6 2 1 4 7 7 3 0 0 2 8 1 1 1 1 1 1 1 1 1 8 0 3 4 5 2 8 2 7 1 4 6 5 2 2 3 4 2 6 8 1 1 1 1 1 1 1 1 1 8 1 9 3 3 4 2 2 5 1 7 1 3 1 2 3 6 7 8 7 1 1 2 1 1 1 1 1 1 9 3 1 5 3 1 3 2 3 6 3 5 5 1 9 4 9 6 0 9 2 1 1 1 1 1 1 1 1 9 1 1 2 5 3 2 2 3 7 3 1 2 4 5 8 5 6 4 4 1 2 1 1 1 1 1 1 1 9 1 1 2 3 4 4 6 2 2 3 2 3 7 5 8 1 3 4 8 2 1 1 1 1 1 1 1 1 9 0 5 1 2 3 3 6 3 2 3 3 1 2 6 1 6 0 0 2 1 1 1 1 1 1 1 1 1 1 0 0 3 2 2 6 2 2 9 1 7 3 5 9 7 3 2 7 6 6 r r1 1 2 r 1 1 1 1 1 U 9 5 9 1 0 3 4 3 1 2 6 5 3 6 2 4 0 9 9 2 1 1 1 1 1 1 1 1 9 1 0 3 2 3 3 4 1 4 0 2 5 3 1 3 3 8 9 8 147 Wrapping paper 92 90 91 91 90 83 86 83 79 74 Newsprint Paperboard containers (same as Paperboard). Printing and Publishing 116 112 113 111 115 111 110 106 105 104 102 P101 Newsprint consumption 101 97 101 102 105 103 97 96 90 89 85 83 Printing paper (same as shown under Paper) Petroleum and Coal Products 165 166 173 177 193 202 207 213 219 r226 228 Petroleum refining 164 166 171 174 180 185 196 206 212 221 226 r234 Gasoline 102 99 101 104 109 109 116 122 122 123 123 125 128 P131 Fuel oil 143 137 144 137 138 145 153 156 151 159 159 159 161 Lubricating oil 114 118 114 116 120 121 123 123 134 137 120 128 126 Kerosene 117 118 121 122 126 118 107 115 113 117 120 132 124 Other petroleum products1.. Coke 169 169 169 166 157 162 170 171 169 163 172 174 176 P173 By-product coke 158 158 159 157 152 153 159 161 158 155 161 164 166 *>164 Beehive coke 543 551 519 481 318 453 523 538 535 459 519 496 503 ^478 Chemical Products., 361 370 382 389 399 402 404 395 397 390 365 r364 360 P343 Paints 127 126 129 130 135 139 140 137 138 140 137 rl40 Soap 127 124 124 122 123 120 124 123 120 129 131 133 134 P133 Rayon 200 204 210 214 213 222 223 221 225 223 226 226 229 P231 Industrial chemicals 332 341 350 356 366 371 382 383 396 398 394 r405 ^404 Explosives and ammunition1. Other chemical products1 Rubber Products 218 222 222 224 230 229 227 231 234 241 240 243 243 P242 Minerals—Total. 131 133 131 129 117 134 135 138 136 133 137 r140 143 P140 Fuels. 131 133 131 129 115 136 137 140 138 134 145 P141 Coal....... 151 154 146 139 97 150 148 150 141 125 147 153 158 PUS Bituminous coa 157 161 151 143 103 155 153 155 144 131 156 161 162 P155 Anthracite 129 128 129 124 74 129 128 129 127 102 114 119 143 p123 Crude petroleum... 121 122 124 125 124 128 131 136 137 139 136 137 139 P137 Metals.. 131 130 129 128 128 123 124 123 125 124 r125 128 P127 Metals other than gold and silver. 189 188 189 186 187 188 184 188 187 187 186 r186 Iron ore ^223 P223 ^223 P223 P223 ^223 P223 P223 (Copper; Lead; Zinc)1 Gold 28 Silver r Revised p Preliminary. 1 Series included in total and group indexes but not available for publication separately. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. MAY 1944 483 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] 1943 1944 Industry Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec Jan. Feb. | Mar Industrial Production—Total... 229 232 236 239 238 241 245 248 249 247 239 240 241 P239 Manufactures—Total 248 251 255 258 259 260 264 267 269 268 258 259 259 Durable Manufactures 342 350 356 360 359 361 366 370 375 376 364 366 367 Iron and Steel .. 20: 210 209 208 201 204 210 214 215 210 200 208 222 214 Pig iron 200 202 198 196 190 191 202 205 202 200 198 202 r2O7 206 Steel 231 234 235 23. 227 230 236 239 242 236 222 231 236 238 Open hearth 185 188 186 184 177 181 185 190 191 186 178 186 188 191 Electric 560 559 580 584 583 577 598 593 607 592 536 556 580 572 Machinery 426 436 441 44. 441 440 445 451 458 463 453 461 460 P456 Manufacturing Arsenals and Depots1 ... Transportation Equipment .. 673 69< 717 729 743 754 762 764 780 786 763 751 749 P740 Automobiles 203 204 206 211 215 220 232 239 247 248 240 240 235 p231 (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)^ Nonferrous Metals and Products 257 260 259 264 262 255 264 277 28, 289 278 r285 285 p286 Smelting and refining 252 255 262 270 275 277 279 294 303 309 307 297 299 (Copper smelting, Lead refining, Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 259 262 257 262 257 247 258 270 279 282 266 r280 279 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Tin consumption)! Lumber and Products . 119 123 130 136 135 135 137 136 133 133 126 121 120 v120 Lumber . . 104 110 120 130 128 128 130 129 124 124 114 107 107 Pi 08 Furniture . 147 149 149 147 148 148 152 149 152 152 150 148 146 Stone, Clay, and Glass Products . 166 168 172 180 177 173 172 164 161 160 P157 Glass products 145 146 153 169 157 156 168 162 174 166 158 168 167 Plate glass 36 35 39 43 41 45 49 53 47 54 55 54 58 " 59 Glass containers 184 185 194 214 197 195 210 200 218 206 195 208 205 Cement 126 126 128 137 136 131 129 130 124 106 92 70 67 Clay products 137 136 138 136 137 132 135 129 131 129 126 119 121 PH9 Gypsum and plaster products 188 196 202 205 208 198 204 198 199 198 196 196 193 Abrasive and asbestos products .. 305 313 320 325 326 327 321 326 329 319 319 314 P302 Other stone and clay products1 .. Nondurable Manufactures .. 171 171 173 175 178 178 181 184 183 181 172 172 173 mi Textiles and Products . . 162 158 157 159 155 148 145 150 152 152 143 149 152 P153 Textile fabrics 152 149 147 149 146 139 136 141 143 142 133 rl40 142 Cotton consumption 172 166 166 169 160 153 147 156 156 153 142 150 151 150 Rayon deliveries . 181 181 181 185 183 183 177 181 186 191 189 186 r187 191 Nylon and silk consumption1 .. Wool textiles 166 163 157 158 160 146 150 151 154 154 142 r154 159 Carpet wool consumption .. 39 40 38 32 30 24 33 29 37 39 36 r42 41 Apparel wool consumption . 230 228 214 222 226 207 210 206 201 205 186 r210 218 Woolen and worsted yarn .. 184 181 173 177 181 164 168 172 173 172 159 r173 177 Woolen yarn 190 187 179 181 186 168 176 178 175 176 161 176 180 Worsted yarn 177 172 165 171 174 159 158 163 171 166 156 168 173 Woolen and worsted cloth . 187 182 177 177 179 164 166 169 172 171 r170 178 Leather and Products . 126 117 118 118 113 110 110 110 106 101 108 114 Leather tanning 137 119 121 122 112 105 105 103 104 101 96 103 113 Cattle hide leathers 151 128 131 132 117 109 105 105 103 105 98 109 119 Calf and kip leathers 98 90 88 88 84 84 80 78 69 66 69 79 Goat and kid leathers .... 93 93 93 86 83 80 89 95 87 83 r83 88 Sheep and lamb leathers . 188 155 162 177 160 157 180 161 173 155 154 158 177 Shoes 119 115 117 115 114 112 114 114 114 109 105 r112 114 Manufactured Food Products 129 128 130 137 144 155 165 156 154 147 144 143 W Ca h n e e a t s u f g lo a u r r meltings1 127 116 105 93 98 102 121 124 129 126 130 127 Manufactured dairy products . ^203 2*206 '^120 ^83 •P94 Butter 94 98 108 133 146 127 106 91 75 67 68 r73 79 86 Cheese 119 132 153 194 213 189 167 153 130 107 106 110 r120 136 Canned and dried milk * .. 127 142 168 208 223 198 161 142 111 95 101 107 125 153 Ice cream Meat packing 140 136 162 ' 158* 170 154 160 168 206 205 225 207 187 Pork and lard 171 170 216 222 229 185 175 181 259 271 30? 285 251 Beef 121 115 105 111 94 111 120 140 147 150 139 147 137 130 Veal 67 69 61 62 63 73 107 144 172 160 113 97 83 90 Lamb and mutton 117 105 108 126 111 134 151 173 180 166 155 143 113 108 r Revised. p Preliminary 1 Series included in total and group indexes but not available for publication separately. 484 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] 1943 1944 Industry Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov Dec. Jan. Feb. Mar. Manufactured Food Products—Continued Other manufactured foods 131 130 130 133 137 151 168 172 163 156 149 143 PU3 Processed fruits and vegetables 77 69 79 84 100 164 243 249 174 125 111 91 90 Confectionery 140 135 127 117 107 110 133 155 157 145 135 138 ^143 Other food products 144 146 143 148 152 155 155 155 161 166 162 157 *>156 Alcoholic Beverages .. 110 105 107 106 127 126 122 138 132 119 120 111 115 P132 Malt liquor . 128 123 130 129 161 159 150 166 144 130 137 131 133 155 Whiskey 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other distilled spirits 38 23 19 13 13 13 21 105 234 130 47 30 24 21 Rectified liquors 161 157 141 139 144 144 157 156 158 178 189 162 182 Industrial Alcohol from Beverage Plants1 . Tobacco Products 122 123 125 123 128 138 140 141 144 151 132 124 114 117 Cigars 101 93 103 104 102 99 96 101 100 101 90 86 92 92 Cigarettes 144 148 149 144 156 175 177 176 179 190 167 155 136 143 Other tobacco products 85 89 86 86 80 84 89 93 99 103 87 85 77 73 Paper and Paper Products 140 141 141 142 140 134 143 143 140 140 131 136 138 Paper and pulp 140 139 139 140 137 132 140 140 138 138 130 134 135 Pulp 154 150 152 155 143 140 151 148 152 148 142 147 148 Groundwood pulp 111 110 112 113 107 99 101 99 104 109 108 111 109 Soda pulp 98 94 93 92 84 87 93 93 93 93 103 r96 90 Sulphate pulp 206 203 204 211 184 193 214 211 213 212 196 213 212 Sulphite pulp 146 140 144 147 142 131 139 134 141 131 127 130 133 Paper 138 138 137 137 136 131 139 138 135 136 128 131 133 Paperboard 143 150 150 \50 152 143 151 155 148 151 135 144 148 147 Fine Paper 131 129 130 133 123 126 135 124 127 126 116 r119 121 Printing paper 131 126 124 122 122 117 126 125 124 122 122 119 119 Tissue and absorbent paper 179 174 168 168 180 152 169 174 165 160 158 r154 154 Wrapping paper 129 127 125 130 118 127 130 126 128 130 127 129 133 Newsprint 92 90 89 90 92 89 89 88 83 87 82 79 74 Paperboard containers (same as Paperboard) . .. Printing and Publishing 115 114 116 114 111 104 110 112 112 110 108 101 101 P103 Newsprint consumption 98 101 107 106 101 91 93 98 101 98 93 83 83 86 Printing paper (same as shown under Paper) . Petroleum and Coal Products .. 165 166 171 173 177 182 193 202 207 213 219 r226 228 Petroleum refining 164 166 171 174 180 185 196 206 212 221 226 r234 236 Gasoline 102 99 101 104 109 109 116 122 122 123 123 125 128 P131 Fuel oil 143 137 144 137 138 145 153 156 151 159 159 159 161 Lubricating oil 113 117 118 121 120 120 121 123 134 137 118 124 124 Kerosene 123 120 124 124 119 110 102 114 113 120 124 134 130 Other petroleum products1 Coke 169 169 169 166 157 162 170 171 169 163 172 174 176 p\n By-product coke 158 158 159 157 152 153 159 161 158 155 161 164 166 PI 64 Beehive coke 543 551 519 481 318 453 523 538 535 459 519 r496 503 p478 Chemical Products ... 362 372 384 389 396 398 400 396 400 392 367 r363 360 P346 Paints 125 126 130 134 139 137 139 135 138 138 137 137 138 p138 Soap 125 124 122 119 120 119 126 128 126 130 131 131 133 P\33 Rayon 200 204 210 214 213 222 223 221 225 223 226 226 229 p23l Industrial chemicals 332 341 350 356 366 371 382 383 396 398 394 r405 406 ^404 Explosives and ammunition1 Other chemical products1 Rubber Products 218 222 222 224 230 229 227 231 234 241 240 243 243 P242 Minerals—Total . 125 127 127 132 121 140 140 143 140 132 132 133 137 p133 Fuels ... 131 133 131 129 115 136 137 140 138 134 140 142 145 p141 Coal 151 154 146 139 97 150 148 150 141 125 147 153 158 PUS Bituminous coal 157 161 151 143 103 155 153 155 144 131 156 161 162 P155 Anthracite 129 128 129 124 74 129 128 129 127 102 114 119 143 P\23 Crude petroleum 121 122 124 125 124 128 131 136 137 139 136 137 139 p137 Metals 90 90 105 148 159 163 161 160 149 116 87 r83 87 P86 Metals other than gold and silver 121 121 147 223 243 250 249 247 228 170 121 113 120 Iron ore 77 79 132 298 341 365 363 351 310 182 83 70 72 (Copper* Lead; Zinc)1 . ""40 " 40""38 ""'37 ""34 ""32 ""31 31 31 31 28 29 Silver 79 79 75 76 80 86 78 70 72 83 82 87 r Revised. p Preliminary. * Series included in total and group indexes but not available for publication separately. NOTE.—For description and back figures, see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. MAY 1944 485 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 1943 1944 1943 Feb. Mar. Nov. Dec Jan. Feb. MarJan. Feb. Mar. Nov. DecJ.an. Feb Total 166.4 167.6 171.0 169.4 r166.8 165.9 163.6 290.9 297.5 304.5 336.5 328.2 r327.9 327.6 Durable goods 221.5 224.3 234.2 232.7 r229.7 228.1 224.9 399.8 410.6 421.0 474.6 461.2 r462.3 460.1 Nondurable goods 123.0 122.9 121.2 119.5 117.2 116.9 115.2 184.5 186.9 190.7 201.4 198.4 r196.5 198.0 Iron and Steel and Products 173.0 174.1 175.9 175.1 173.6 172.9 170.5 283.5 291.2 297.6 320.1 316.7 317.9 318.4 Blast furnaces, steel works, etc 135 135 131 130 128 128 209 212 215 227 223 224 225 Steel castings 279 281 267 267 267 266 464 476 492 486 483 488 487 Tin cans and other tinware 92 92 105 106 106 111 132 138 142 169 175 180 186 Hardware 122 124 133 134 133 134 215 227 232 269 266 270 266 Stoves and heating equipment 113 115 132 136 136 136 181 184 190 239 246 253 253 Steam, hot-water heating apparatus... 193 195 198 198 197 194 313 336 341 365 369 350 366 Stamped and enameled ware 149 154 170 168 164 163 256 263 278 340 332 322 329 Structural and ornamental metal work 198 198 208 209 210 211 326 343 350 397 397 411 415 Forgings—_ 259 263 264 264 265 263 478 495 503 533 521 524 528 Screw machine products 297 295 291 290 286 285 519 533 545 570 562 564 562 Electrical Machinery 260.8 267.4 289.9 289.8 r288.7 290.4 290. 427.4 441.6 453.7 506.2 500.0 509.7 512.7 Machinery, except Electrical 230.8 233.3 239.0 238.0 236.2 233.9 230.1 400.2 410.0 417.7 445.7 440.5 447.1 Machinery and machine shop products 236 239 247 247 246 244 402 413 422 457 450 461 454 Tractors 155 157 184 187 189 192 225 239 239 288 289 298 301 Agricultural, excluding tractors 120 124 151 154 159 162 196 215 228 294 295 309 322 Pumps 299 307 335 340 r34l 344 581 602 614 695 709 737 735 r167 r167 168 r298 287 Refrigerators 145 149 161 220 237 250 302 307 Transportation Equipment, except Autos.. 1,345.11,378.1 1,472.41,460.51,434. ',422.2 1,393.0 2,406.0',486.52,583.3 r3,039.1 2,901.12,859.9 2,854.5 Automobiles 159.5 161.4 188.9 188.*6 186.7 183.4 179.9 277.9 282.2 283.9 351.3 334.4 351.1 339.9 179.6 178.8 185.6 183.. 181.8 180.0 177.6 305.8 308.6 312.1 343.9 335.4 337.8 335.7 Nonferrous Metals and Products 190 191 217 217 213 207 297 302 313 391 385 378 371 Primary smelting and refining 129 124 125 126 126 125 239 240 238 248 244 250 253 Clocks and watches 110 112 131 128 128 128 184 187 192 233 223 226 229 Lighting equipment Lumber and Timber Basic Products 113.8 114.0 110.1 107.9 r103.8 103.3 102.3 166.9 173.7 179.4 197.4 188.6 175.9 182.0 Sawmills 90 91 88 86 82 82 131 139 144 160 151 139 146 Planing and plywood mills 114 113 110 109 r107 105 167 167 171 181 179 174 172 Furniture and Lumber Products 111.0 111.0 110.0 108.9 108.2 107.3 106.6 165.9 171.8 174.9 191.1 188.9 186.3 187.9 Furniture 107 107 106 105 105 104 160 166 170 185 183 181 184 Stone, Clay, and Glass Products 122.4 122.0 119.5 119.7 117.3 116.6 115.3 178.5 179.2 181.2 195.2 192.2 187.7 Glass 121 123 131 132 132 132 168 174 176 207 207 207 Cement 109 106 91 88 79 74 150 139 137 134 127 110 106 Brick, tile, and terra cotta 94 93 82 82 81 80 138 136 134 127 126 120 124 Pottery and related products 135 136 128 127 123 127 185 186 189 195 185 175 186 Textile-Mill and Fiber Products 111.. 111.1 104.0 103.9 101.7 101.8 100.6 179.6 181.1 182.4 176.2 175.9 171.9 174.3 Cotton goods except small wares 128 127 120. 120 116 116 216 217 217 207 207 199 202 Silk and rayon goods 82 82 79 79 78 78 134 132 134 138 139 136 139 Woolen and worsted manufactures.... 117 117 108 108 106 107 208 207 208 199 198 197 199 Hosiery 77 77 71 71 70 70 106 108 111 110 110 107 109 Knitted underwear 116 114 103 102 100 99 185 184 184 180 177 173 176 Dyeing and finishing textiles 108 107 97 97 98 97 161 164 163 154 154 155 154 Carpets and rugs, wool 94 94 83 82 81 82 145 148 150 138 134 135 137 Apparel and Other Finished Textiles 113.: 114.4 104.2 103.2 r102.3 102.7 102.3 155.9 167.5 177.5 165.6 163.5 167.5 175.4 Men's clothing, n.e.c 110 111 101 100 r99 100 150 159 169 162 157 157 163 Shirts, collars, and nightwear 89 90 80 79 78 78 130 134 136 135 134 129 133 Women's clothing, n.e.c 93 93 85 85 84 84 125 137 148 133 133 141 148 Millinery 94 96 73 75 80 86 103 136 144 92 100 114 141 Leather and Leather Products 103.. 101.9 90.9 90.2 89.3 89.8 90.2 158.9 158.1 146.1 147.2 147.3 151.9 Leather 104 103 87 87 87 154 154 152 135 141 141 146 Boots and shoes 92 91 82 81 81 147 143 144 133 133 134 138 Food and Kindred Products 109.5 107.7 118.5 115.9 112.3 111.4 110.0 155.6 150.7 151. 186.0 182.9 179.9 176.6 Slaughtering and meat packing 147 138 136 142 143 140 203 185 180 232 239 243 227 Flour 113 114 121 120 121 120 169 169 172 197 196 200 191 Baking 109 110 114 114 112 112 144 142 146 164 163 161 161 Sugar, beet 48 38 195 133 52 36 110 70 57 283 175 76 57 Confectionery 117 117 121 122 119 119 164 164 167 189 190 188 187 Beverages, nonalcoholic 112 115 129 125 122 123 124 126 131 159 156 152 152 Malt liquors 115 118 131 130 131 131 134 144 147 182 179 178 182 Canning and preserving 67 60 93 81 70 69 115 113 99 164 149 132 133 Tobacco Manufactures 100.2 99.9 96.3 96.4 94.2 93.6 89.6 147., 138.5 143.3 162.5 161.1 158.2 154.9 Cigarettes 121 120 130 130 130 129 172 146 149 196 190 190 180 Cigars 90 91 78 78 75 75 133 136 143 141 143 138 142 Paper and Allied Products 117. 118.0 119.1 119.1 118.2 117.6 116.7 167.6 171.3 173.1 184.8 183.7 183.3 185.1 Paper and pulp 109 109 109 109 109 108 162 165 166 175 175 173 176 Paper goods, n.e.c 132 131 127 126 126 126 175 178 179 187 185 188 190 Paper boxes 117 119 124 124 121 120 160 167 172 188 186 185 183 r Revised. . . NOTE.—Figures for March 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, r 486 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTVLIES-Contmued (Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics 1939 = 100] Factory employment Factory pay rolls Industry and group 1943 1944 1943 1944 Feb. Mar. Nov. Dec. Jan. Feb. Mar. Jan. Feb. Mar. Nov. Dec. Jan. Feb. Printing and Publishing 103.0 101.8 104.2 104.4 103.1 102.9 102.8 121.8 121.6 122.3 133.7 134.9 1"133.5 133.6 Newspaper periodicals 95 95 95 95 93 93 107 107 108 115 116 113 113 Book and job 107 105 108 109 108 108 128 129 128 142 144 rl44 144 Chemical and A Hied Products .. 251.9 254.8 253.0 r240.1 r230.9 228.2 214.2 391.2 400.9 409.7 428.6 r405.5 r396.1 390.4 Paints, varnishes, and colors 104 103 106 106 105 106 137 140 141 161 159 160 162 Drugs, medicines, and insecticides. 156 159 177 178 183 187 203 212 220 258 259 268 274 Rayon and allied products 106 107 107 110 108 108 149 151 154 166 168 169 169 Chemicals, n.e.c 161 162 r177 r177 r176 175 247 250 255 r297 r294 r298 296 Cottonseed oil 128 117 147 r143 133 124 219 198 181 281 r275 250 240 Fertilizers , 141 162 113 118 125 141 185 229 272 223 227 248 274 Products of Petroleum and Coal. 115. 115.7 119.0 118.9 118.4 119.8 121.4 162.8 164.9 167.3 196.3 197.3 196.9 201.6 Petroleum refining 106 107 113 113 r114 115 149 151 154 186 186 185 192 Coke and by-products 118 117 108 108 108 107 169 170 171 176 181 186 182 Rubber Products 152.8 153.8 164.9 r166.4 r167.1 167.4 166.8 234.6 238.3 246.2 287.7 285.5 288. 293.7 R R R u u u b b b b b b e e e r r r b t g i o o re o o s t d s s a , a n n o d d t h i n s e h n r o er e s tubes 1 1 1 5 5 3 0 1 9 1 1 1 5 4 4 3 6 0 1 1 14 4 7 7 6 0 r1 1 1 4 7 4 7 3 6 r r 1 1 1 4 4 7 8 4 4 1 1 1 7 4 4 4 9 4 2 2 2 2 4 1 7 1 2 2 2 2 2 4 2 9 1 0 2 2 2 4 3 2 0 9 5 2 2 2 8 5 5 9 2 7 r r 2 2 2 8 5 4 7 5 6 r r 2 2 2 8 4 6 9 9 0 2 2 2 5 9 6 3 6 2 Miscellaneous Industries 159. 162.8 166.7 r164.2 162.2 160.3 159.0 263.1 270.6 283.3 307.6 300.8 296.9 300.8 Photographic apparatus 157 162 176 174 174 172 231 241 250 284 273 277 279 Games, toys, and dolls 79 81 91 85 86 124 134 140 156 150 157 161 r Revised. FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939 = 100] 1943 1944 Group Feb. Mar. April May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Total 167.4 168.1 168.4 167.9 169.0 169.7 169.6 168.3 170.1 170.9 160.1 167.7 166.9 2*164.0 Durable 222.1 224.7 225.8 225.9 228.3 229.4 230.0 230.0 232.2 234.0 232.8 230.3 228.8 *>225.2 Nondurable 124.3 123.5 123.2 122.2 122.3 122.6 121.9 119.6 121.1 121.2 118.9 118.4 118.1 P115.8 p Preliminary. NOTE.—Revised indexes based on new Bureau of Labor Statistics data released in February 1943. For back figures see p. 14 of January 1943 BUL- LETIN, and p. 1187 of December 1943 BULLETIN. HOURS AND EARNINGS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES [Compiled by the Bureau of Labor Statistics] Average hours worked per week Average hourly earnings (cents per hour) Industry and group 1943 1944 1943 1944 Jan. Feb. Oct. Nov. Dec. Jan. Feb. Jan. Feb. Oct. Nov. Dec. Jan. Feb. All Manufacturing 44.2 44.5 45.4 45.5 44.8 r45.2 45.4 91.9 92.4 98.8 99.6 99.5 r100.2 100.3 Durable Goods 45.9 46.2 47.2 47.1 46.2 r46.7 46.8 101.7 102.0 108.6 109.7 109.3 r110.0 110.0 Iron and Steel and Products 45.0 45.8 47.1 47.1 46.5 46.9 47.1 99.8 99.9 105.6 105.7 106.1 106.9 106.9 Electrical Machinery 47.0 46.9 47.1 47.1 46.2 r46.9 46.9 95.1 94.8 98.6 98.8 r99.5 100.4 100.6 Machinery Except Electrical 49.6 49.6 49.6 49.6 48.9 49.7 49.4 102.2 103.0 108.6 109.2 r110 1 r110.8 110.8 Transportation Equipment Except Automobiles 46.9 46.7 47.5 47.6 46.5 46.7 46.9 114.4 115.2 123.1 125.9 124.2 r124.1 124.6 Automobiles 45.7 46.0 47.6 46.5 44.5 r47.0 46.4 122.2 121.2 125.0 125.3 124.7 r125.4 125.2 Nonferrous Metals and Products 46.0 45.9 46.9 47.1 r46.3 47.0 47.2 98.5 98.6 102.9 103.3 103.4 103.8 103.7 Lumber and Timber Basic Products 39.8 41.9 44.2 43.4 42.8 r41.2 42.8 68.1 68.7 77.3 77.4 76.6 r77.2 77.1 Furniture and Finished Lumber Products. 42.8 43.6 44.7 44.3 44.2 r43.5 44.0 69.6 70.6 77.7 78.0 r78.2 r78.9 79.2 Stone, Clay, and Glass Products 41.7 41.8 43.8 43.5 43.0 r42.6 43.2 81.9 82.2 87.1 87.8 r87.5 r88.2 87.9 Nondurable Goods 41.8 42.0 42.7 43.1 42.8 42.9 43.2 76.8 77.3 82.4 82.9 83.2 83.7 84.1 Textiles—Mi 11 and Fiber Products 41.3 41.5 41.6 41.8 41.7 41.4 41.8 65.2 65.4 67.4 67.7 r67.8 r68.2 68.6 Apparel and other Finished Products ... 37.4 38.2 37.8 38.1 r37.7 r38.2 38.8 65.5 67.3 73.7 74.0 r74.3 r75.9 77.8 Leather and Manufactures 40.3 40.2 39.5 39.8 40.2 40.5 41.3 72.1 72.0 76.5 77.0 77.3 77.5 77.9 Food and Kindred Products 43.2 42.9 44.1 45.5 45.5 r45.8 45.5 76.9 77.1 81.5 82.9 83.4 83.9 83.7 Tobacco Manufactures 39.6 38.5 42.6 42.5 42.1 r42.1 41.r 61.3 60.3 67.0 67.3 r67.2 r67.6 68.0 Paper and Allied Products 44.2 44.5 45.7 45.8 45.3 45.2 45.6 77.4 78.1 81.2 81.2 81.7 r82.4 82.7 Printing, Publishing, and Allied Industries 39.8 39.5 40.2 40.5 r40.4 r40.4 40.5 97.3 97.1 102.8 102.6 r103.9 r104.0 104.1 Chemicals and Allied Products 44.5 44.6 45.8 45.6 45.1 45.7 45.8 88.6 89.0 93.1 93.2 r93.6 r93.8 93.5 Products of Petroleum and Coal 41.1 42.4 46.4 46.0 46.0 r45.6 46.5 110.5 109.2 114.2 114.8 115.3 116.2 116.1 Rubber Products 44.4 44.6 45.4 45.7 r44.8 r45.2 45 7 97.1 105.9 106.6 r107.0 r106.6 107.3 Miscellaneous Industries 45.7 46.0 46.1 46.5 45.6 r46.0 46.3 83.8 84." 6 90.8 91.7 92.5 r92.8 93.8 r Revised. NOTE.—Revised data based on the classification of the 1939 Census of Manufactures. Back figures are available from the Bureau of Labor Statistics. (Table of "Estimated Employment in Nonagricultural Establishments by Industry Division" appears on p. 495.) MAY 1944 487 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] Residential Nonresidential building Public works Total building and public Month Factories Commercial Educational Other utilities 1943 1944 1943 1944 1943 1944 1943 1944 1944 1943 1944 1943 1944 J M F a e a n b r u r c u a h r a y ry 3 3 3 5 9 3 0 3 9 . . . 7 7 5 1 1 5 3 9 7 . . 2 2 1 9 7 1 3 1 0 . . . 3 8 8 4 2 1 4 . . 0 9 8 7 6 7 3 3 . . . 7 1 8 3 2 4 9 . . 0 9 2 2 7 2 5 . . . 7 2 2 4 4 . . 1 5 5 4 4 . . . 2 5 6 1x- 0. 8 2-7 6 5 7 8 1 2 . . . 2 5 7 2 2 1 3 . . 1 1 1 1 8 1 2 5 3 3 . . . 8 0 0 5 5 0 5 . . 3 1 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. 31.9 5.3 4.8 19.9 50.0 August 413.8 67.5 234.8 7.4 4.2 26.4 73.4 September 175.1 54.1 31.1 5.1 5.8 29.0 50.1 October 213.5 69.7 34.5 11.2 5.7 28.9 63.5 November 184.4 58.4 29.0 7.9 3.3 26.9 59.0 December 252.2 66.2 62.0 6.0 5.1 45.7 67.4 Year 3,274.0 . 867.8 766.2 120.7 . 62.4 ... 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 Private ownership 1944 1943 Month Federal Reserve district 1942 1943 1944 1942 1943 1944 1942 1943 1944 March February March January 317 351 159 198 316 122 119 35 37 Boston. . ... 5,962 5,288 7,424 February 434 394 137 310 364 109 123 30 28 New York . 19,098 22,295 27,376 March 611 340 176 473 304 133 138 36 43 Philadelphia 7,219 5,914 24,740 April 499 303 355 253 144 50 Cleveland 14,413 5,942 28,211 May 674 234 569 192 105 42 Richmond 27 238 24 840 60 621 June 1,190 230 1,105 183 85 46 Atlanta ... 20,591 24,218 43,078 July 944 184 876 122 68 61 Chicago 29,530 20,147 58,207 August 721 414 633 351 88 62 St. Louis 7,500 5,771 21,604 September... 723 175 661 120 62 56 Minneapolis 3,943 2,212 1,619 October 780 214 710 157 71 56 Kansas City .. 18,683 11,828 50,821 November... 654 184 592 135 62 50 Dallas 22,206 8,791 15,997 December ... 709 252 664 198 45 54 Total (lldistricts) 176,383 137,246 339,698 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 Sav- Year or month Total p P m e r i r o r m o e t v y n p - e t - - S h s c t t o m i o r o m u n a n c - l e l - 1 f h ( 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 n o s n i D t i t u d l n a e p l g h ( o W 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 l i a t s o n i n o o a g d c n n s i s - I p a c n a n o s n c m u i e e r - - s a F c e g i e r e e a d n s l - 1 - Other* 1936— Dec... 365 228 8 56 41 5 27 1937—Dec... 771 430 27 110 118 32 53 1 1 9 9 3 3 5 6 3 55 2 7 0 2 2 2 4 4 6 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 1 1 9 9 3 3 8 9 9 6 5 9 4 4 2 16 0 0 8 ' 1 2 3 5 4 6 7 6 3 9 4 5 8 1 Dec... 1,793 902 71 192 342 153 133 1 1 1 1 9 9 9 9 4 4 4 4 2 0 3 1 1 1 1 , , , 1 0 1 9 3 2 8 4 7 6 6 2 2 2 1 9 6 5 4 6 2 1 1 2 2 1 6 1 1 5 7 8 6 2 7 3 4 9 7 6 3 1 1 1 6 3 3 6 2 0 8 1 1 4 3 1940— J D S M u e e n p a c e r t . . . . . . . . . . 2 2 2 1 , , , ,9 4 2 0 4 3 7 0 9 2 5 9 1 1 1 , , ,1 0 0 9 6 2 9 7 2 6 3 1 1 1 1 9 0 3 1 0 0 0 1 2 2 2 2 2 0 1 0 4 8 6 1 4 4 3 5 3 8 4 9 2 0 2 2 1 1 2 18 9 7 0 2 0 1 1 1 1 1 1 2 4 2 5 7 1 4 0 1943— M A J J M u u p a n l a r y y r e 5 8 7 7 7 9 4 2 8 3 8 6 7 7 7 1 2 1 1 1 1 1 9 6 8 9 3 4 5 4 5 7 7 1 7 6 1941— J D S M u e e n p a c e r t . . . . . . . . . . 3 2 2 2 , , , , 1 9 7 5 0 4 5 9 7 2 5 8 L , , , . 4 3 4 2 0 1 6 4 0 8 5 6 1 1 1 1 7 4 5 8 1 6 7 6 2 2 2 2 5 4 3 3 4 6 7 0 6 6 7 7 0 6 2 8 6 8 2 9 2 2 2 2 2 3 1 2 5 4 0 0 1 1 1 17 6 7 5 9 0 8 4 N A O Se o u c p t v g t 9 8 9 8 0 5 2 8 1 1 1 8 0 2 0 2 2 2 2 0 0 0 1 6 6 5 5 0 0 5 7 1942— J D M u e a n c r e .. . . . . . 3 3 3 , , , 4 3 6 9 0 2 1 7 0 1 L , , , 6 6 5 6 2 4 9 3 9 2 2 2 1 0 3 9 1 6 2 2 2 6 7 7 4 2 6 1,0 9 8 3 4 5 2 0 6 2 2 2 3 4 4 7 3 5 2 1 1 0 9 6 0 5 3 Dec. 77 9 18 50 1943—June.. 3,700 1,700 252 284 1,071 235 158 1944—Jan 75 6 19 50 Dec... 3,626 1,705 256 292 1,134 79 159 Feb 79 16 14 50 Mar 62 6 13 44 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, NOTE.—Figures represent gross insurance written during the period and endowed institutions, private and State benefit funds, 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. 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 1944 1940 1941 1942 1943 1944 1940 1941 1942 1943 1944 January 370 325 481 730 PI,090 242 229 254 229 P310 128 96 228 502 P781 February 347 303 480 719 PI,086 200 234 254 234 P313 147 69 226 485 P773 March 351 357 628 988 217 268 272 249 134 89 355 739 April 323 387 717 P979 212 287 235 P258 111 100 482 P722 May 324 385 536 Pi,085 211 297 191 P281 112 88 r345 P804 June 350 330 648 pl>002 211 280 215 P295 138 50 433 P7O7 July 317 365 650 pl,261 232 278 213 p301 84 87 437 p960 August 351 460 703 Pi,202 221 282 186 P316 130 178 517 P887 September 295 425 732 pl,235 195 262 196 P286 101 162 536 P949 October 344 666 801 pl,195 207 304 200 P332 137 362 602 P863 November 328 492 787 pl,072 224 281 168 P311 104 211 619 P761 December 322 653 873 Pi,244 253 344 358 P278 69 309 515 P966 January-February 717 628 961 1,450 P2.176 442 462 507 463 P622 275 166 454 987 PI,554 P Preliminary. r Revised. 1 Including both domestic and foreign merchandise. 2 General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source.—Department of Commerce. Back figures.—See BULLETIN for April 1940, p. 347; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. FREIGHT CARLOADINGS, BY CLASSES REVENUES, EXPENSES, AND INCOME OF CLASS I [Index numbers; 1935-39 average=100] RAILROADS [In millions of dollars] For- Mis- Mer- Total Net Total Coal Coke L st i o v c e k - p u r e c o s t t d s - Ore l e a e n l e - - c I d . h C is a . e I n . - o r r p e a v e i r e l a w n t u a in e y s g e r x a T p i o l e w t n a a s l y es op r i e a n r i c a l o t w m i a e n y g i . n c N o e m t e Annual Annual 1939 102 107 96 100 110 101 97 1939.. 3,995 3,406 589 93 1940 137 101 96 114 147 110 96 1940.. 4,297 3,614 682 189 1941 168 112 91 139 183 136 100 1941.. 5,347 4,348 998 500 1942 181 120 104 155 206 146 69 1942.. 7,466 5,982 1,484 904 1943 186 146 117 141 192 145 63 1943.. 9,055 * 7,693 1,362 874 SEASONALLY SEASONALLY ADJUSTED ADJUSTED1 1943—January 135 135 184 138 102 130 202 144 1942—December... 711 560 151 February 139 145 178 145 113 135 193 146 March 138 144 187 142 117 133 193 145 1943—January 713 597 116 73 April 136 133 186 140 118 138 163 145 February 726 620 106 64 May 135 132 181 140 112 138 163 143 March 737 628 109 66 June 127 100 166 137 113 140 192 142 April 746 630 116 73 J N S O A D u e o u e c l p y c v g t t o e u e e b m m s m t e b b b r e e e .. r r r . . . . . . . . 1 1 1 1 1 1 4 4 4 3 3 4 0 0 1 7 9 4 1 1 1 1 1 1 4 5 4 4 2 4 6 2 5 0 7 7 1 1 1 1 1 1 9 8 9 9 8 9 5 4 1 5 6 2 1 1 1 1 1 1 4 3 4 6 6 5 3 7 7 1 7 3 1 1 1 1 1 1 1 1 1 1 3 2 3 7 4 9 2 2 1 1 1 1 1 1 5 4 3 3 5 5 0 8 9 7 0 4 2 2 2 2 1 1 0 0 0 0 9 9 9 2 8 9 1 1 1 1 1 1 1 1 4 4 4 4 4 4 5 3 6 7 0 8 M J J N A O S u u e u o c a n l p y y g v t e t o u e e b s m m t e b b r e . e . r r . . . . . . 7 7 7 7 7 7 7 5 6 5 6 6 6 6 3 3 6 8 7 9 9 6 6 6 6 6 6 6 3 4 4 5 5 5 6 9 2 8 3 1 4 2 1 1 1 1 1 1 1 1 1 1 1 1 1 0 5 4 5 4 6 5 7 7 7 7 7 7 6 7 3 3 4 4 5 9 6 1944—January 145 150 185 159 121 147 203 149 December.. 782 680 102 67 February... 143 149 180 148 135 146 193 147 March 140 140 185 136 131 141 174 149 1944—January- • • • 786 662 124 85 February... 774 671 102 P65 UNADJUSTED UNADJUSTED 1943—January.... 124 135 193 138 98 117 50 132 1942—December .. 703 174 81 M F M J D A J N A O S u u e e p e o u c a a l n b p c y r g v t y r e i t o r e c u e l e u h m b m s m a t e b b r b r e y e . e r . . r r . . . . . . . . . . 1 1 1 1 1 1 1 1 1 1 1 3 3 5 3 4 3 3 4 3 4 4 0 0 1 3 6 2 7 5 2 7 2 1 1 1 1 1 1 1 1 1 1 1 4 4 3 4 5 4 4 3 2 0 4 5 4 3 6 2 7 5 2 7 0 0 2 1 1 1 1 1 1 1 1 1 1 0 8 8 7 8 9 7 8 9 6 8 2 9 9 8 3 3 9 6 1 2 3 1 1 1 1 1 1 1 1 1 1 1 4 2 7 5 3 2 5 4 5 6 4 2 3 2 3 1 4 7 0 8 7 4 1 1 1 1 1 1 1 9 9 9 8 5 0 1 0 8 6 1 7 0 2 6 1 5 1 1 3 6 8 1 1 1 1 1 1 1 1 1 1 1 5 2 3 5 4 4 5 3 4 3 4 0 9 3 0 3 5 6 8 7 8 4 3 3 3 2 2 2 1 1 4 2 5 1 1 6 6 9 7 9 0 8 3 6 4 2 5 9 7 4 3 6 1 1 1 1 1 1 1 1 1 1 1 4 5 3 4 4 5 3 5 3 4 4 7 4 7 3 5 3 8 3 9 7 6 1943— M M J F A A N J O S J u u e e a p u o c a a n l p b n r y g v y t r e i t u o r c u e l e u a h b s m m r a t e y b r b r y e . e . . r r . . . . . . . . r6 6 7 8 7 7 7 7 7 7 7 6 7 4 5 0 5 9 6 4 7 9 1 7 6 0 3 9 1 2 9 7 6 r 6 6 6 5 6 6 6 6 6 6 5 7 3 7 2 2 8 3 6 6 5 6 6 1 1 7 2 3 8 6 6 6 8 1 1 1 1 1 1 1 1 1 1 9 2 1 2 1 2 2 1 3 0 0 6 1 0 7 3 8 5 0 0 5 6 6 8 6 8 6 8 8 7 7 7 8 3 4 3 5 2 3 6 0 6 1 2 1944—January 133 150 194 159 116 133 51 136 December .. 782 705 77 35 M Fe a b rc r h uary.. 1 1 3 3 3 2 1 1 4 4 9 0 1 1 9 8 1 7 1 1 4 2 5 5 1 1 0 0 8 3 1 14 4 1 0 4 5 8 1 1 1 3 4 8 2 1944— F J e a b n r u u a a r r y y . . . . . . . 7 7 4 3 1 5 6 65 5 1 8 8 8 3 5 P4 4 6 5 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 revised back to January 1937; wage accruals in 1943 redistion of American Railroads. Total index compiled by combining indexes for classes tributed prior to seasonal adjustment. with weights derived from revenue data of the Interstate Commerce Commission. NOTE.—Descriptive material and back figures may be obtained from the Division of Research and Statistics. Basic data compiled by the Interstate Commerce Commission. MAY 1944 489 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 = 100j Seasonally adjusted Unadjusted Without seasonal adjustment 1941 1942 1943 1944 1941 1942 1943 1944 1940 1941 1942 1943 Oct. 19 ..123 Oct. 18 131 Oct. 17.... ..152 Oct. 16 171 SALES 26 ...121 25 130 24.... ..153 23 .... 171 January 101 138 143 153 79 108 111 119 Nov. 2.... ..117 Nov. 1 ..138 31.... ..158 30 .174 February 103 126 167 151 82 99 132 120 9 122 8 139 Nov. 7 .. 166 Nov 6. ... 183 March 103 124 136 154 93 118 121 143 16 . .130 15 148 14.... ..167 13^ '.'.'..191 April 104 117 128 106 115 133 PI 40 23 116 22 . .128 21 166 20' ... 201 May 105 108 125 105 108 125 30 147 29 169 28 .:...166 27 . 188 June 104 104 129 100 100 124 Dec. 7.... ..197 Dec. 6......215 Dec. 5... ..236 Dec. 4.'!.. .251 July 115 121 142 79 83 98 14.... ..232 13.... ..236 12.... ..274 11 .273 August 134 130 142 106 103 112 21 ..258 20 ..277 19 303 18 ....289 September 116 123 132 125 133 143 28 ..124 27 174 26.... ..199 25.... .245 October 105 128 140 112 137 150 November 116 138 158 133 157 180 1941 1942 1943 1944 December 111 125 131 197 222 231 Jan. 4.... .. 85 Jan. 3.... ..107 Jan. 2.... ..112 Jan. 1.... .105 11 99 10 130 9 138 8.... .134 Year. 110 124 138 18 90 17 131 16 132 15 '.'....137 25.!.! 89 24 " 119 23 119 22.... !l36 STOCKS Feb. 1 94 31 121 30 121 29 .130 January 95 102 105 64 85 92 94 8.... ...95 Feb. 7.... ..114 Feb. 6.... ..136 Feb. 5 ....138 February 102 93 105 69 97 89 101 15 97 14 ..116 13 168 12 .132 March 109 91 noi 75 111 93 22 88 21 110 20 146 19 .133 April 118 87 76 123 90 29 . .101 28 119 27 150 26......134 May 127 90 75 130 92 Mar. 8 97 Mar 7 125 Mar 6 142 Mar. 4 144 June 136 98 73 130 93 15'......105 14.... ..131 13.... ..134 11V.'.'.'.'148 July 142 110 74 128 99 22... ..111 21.... ..140 20.... ..137 18.... .160 August 138 114 84 132 110 29.... ..117 28.... ..147 27.... ..143 25.... .167 September 125 110 95 130 114 Apr. 5.... ..131 Apr. 4.... ..160 Apr. 3 ..149 Apr. 1.... .196 October 115 104 108 128 116 12... ..136 11... ..120 10.... ..153 8.... .188 November 106 98 110 123 113 19.... ..117 18.... ..135 17.... ..154 15... .137 December 100 97 87 94 91 26.... ..114 25.... ..129 24.... ..166 22.... .148 May 3.... ..124 May 2.... ..134 May 1.... ..127 29.... .150 Year. 82 118 99 10... ..128 9.... ..136 8.... ..152 May 6 17... .110 16.... ..115 15.... ..133 13.... p Preliminary. 24.... ..117 23.... ..114 22.... ..137 20.... Back figures. -Sales, see BULLETIN for August 1936, p. 631, and subse- 31.... ..109 30.... .. 95 29.... ..136 27.... quient issues. Stocks, see BULLETIN for March 1938, p. 232, and subsequent issues. Back figures.—See BULLETIN for April 1941, p. 311, and subsequent issues. SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] M 19 a 4 r 4 . F 19 e 4 b 4 .T m 1 h 9 o r 4 s e . 4 e M 19 a 4 r 4 . 1 F 9 e 4 b 4 . 1 T m 1 h 9 o r 4 s e . 4 e M 19 a 4 r 4 . Feb. T m 1 h 9 o r 4 e s 4 . e M 19 a 4 r 4 . F 19 e 4 b 4 . T m 1 h 9 o 4 r s e 4 . e United States.. +18 -6 +6 Boston +10 _5 ++22 Cleveland—Cont. Chicago—Cont. Dallas +34 +1 +16 New Haven +22 —4 +10- Erie +16 -9 +2 Fort Wayne..., +15 +4 Shreveport +34 +11 +23 Portland 2 — 11 -5 Pittsburgh +21 — 14 +3 Indianapolis... +22 +9 Dallas +48 +7 +23 Boston +11 -5 +3 Wheeling +26 -3 +11 Terre Haute... +10 +4 Fort Worth.... +31 +5 +16 Ne N B N A P B B E S w r p l u r i l e i o m n b i a r f w d Y i v f g g a n i a g o a i n h a r g l d r e a r o y r a f k e k p a i m n e o l F c t r d o e t a n lls.. + + + + + + + + + + 1 1 2 1 1 2 1 2 6 4 7 3 0 6 8 4 6 1 — - - - - - + - 1 1 — 1 1 3 8 4 5 2 1 1 5 0 6 6 + + + + + - + - - 1 1 8 7 3 8 5 7 0 8 0 Ri W G L N c W B C R C h y h a i o r h m i a c e n l a r n a s h t e f o r c r i s h o m l n n m l h t e i e l o v d n b k s o o s n i t g u n t l r o - o l t r e d S e n o g n , . n a , W S le S . . m V . C C . a . . . . . + + + + + + + + + + 3 1 3 1 2 2 2 2 2 9 2 5 3 6 3 1 5 8 0 - — - + + + + + + 1 - 1 8 4 1 3 8 1 5 4 7 4 1 + + + + + + + - + 1 2 1 1 1 1 1 9 0 5 7 6 0 5 5 0 •t G M D F D G L F S . l i o a L r r e e o i i e n a r l s n o t u w e t r n s t u x n o M i d a i S n i s u B t C m g o R k a i i i e t a n y t y e h p e i s d .. s . . . . + + + + + + + + + 2 1 2 1 3 1 2 1 4 0 4 1 5 3 1 2 r- - r 1 + 1 - - - 9 5 2 6 7 8 + + + - - + + + 1 1 3 6 6 5 6 3 6 7 Stia P B L T F H O S L n h r o a u a o o a e F o n k n c s k u s e e s g r l s n A a o A n r a t o s n n i o n B n f n x c n d i g e i e t s o e a l a c d l c n n o e h i s d o... , + + + + + + + + + 3 2 2 4 2 1 3 1 2 4 5 4 4 8 3 1 6 + - + + + - - - 1 2 3 6 2 4 r 3 4 6 7 0 + + + + + + + + + 1 1 1 1 3 5 6 3 5 4 6 6 8 3 C Ph le U T L N C W P R Y A C C P R S S i v l r y h o a o c e e l a i o k e o t e i e n n i r w l u a i h d l r r c l a n v c a l u c o k c d k e g h e a n c e a t m i l n a i e h n e Y d d o n p u l n . s s s a k e h n b . e n s g t o . - t n c e e e i u l a e B r a p d r t e k s t r a i a h p d r s i C r a y i e e i . . t . . . . y . . . . . . . + + + + + + + + + + + + + + + + + + 2 3 2 1 2 1 2 1 2 1 2 1 1 1 2 1 5 9 3 5 4 5 4 9 4 8 8 2 3 1 1 8 0 5 - r r - - - r - — - 1 + + + + — 1 1 1 - - - — l - - 6 6 2 5 1 7 2 1 7 5 8 1 1 2 8 4 7 + + + + + + + + + - + + + + + + - - 1 1 2 1 1 1 2 3 6 9 4 9 7 5 4 8 1 3 6 4 0 0 1 2 At H M B l C M T M A M B N K N J J C a a a a i l u a e n a t n h o c c i a o r a l m t w a s n o t m a c k k b a n r o a h m k t x o t s n s i p t n i i t v l g o O o s v n n n t a i e a i b a o n i n g R g n l r l u m l v l l h t o e o e e r o i a o e g u a l n m l r n g g e y s e a.. .. + + + + + + + + + + + + + + + + + - 2 2 3 2 2 4 4 3 3 3 6 3 3 3 3 1 1 9 2 7 7 9 6 6 3 1 0 3 4 1 5 1 3 3 r r + - + + + + + + - + - 1 + + + + + + 1 - 1 2 2 1 1 1 1 1 1 3 2 2 4 1 3 3 2 0 3 7 1 4 7 6 6 3 0 + + + + + + + + + + + + + + + + + + 2 2 1 2 2 1 2 4 1 1 2 2 2 2 4 9 2 6 8 2 0 3 1 6 2 2 9 8 3 1 9 1 K M a W M T J i L D H L Q E O S S K S n n o p o t o t v i e m u u n a s e . i p . t r p u a n c a i n t e t m i l n a L J c l n i e h n v i s a s e s o h n c h k p s o g a i e p v y s a t C i v a h s f r u R o a i n e i i l i i i e l p s l l o s C s t i l l e y o s h c e d i n k ty , , , + + + + + + + + + + + + + + + + + 2 1 2 2 3 1 2 2 1 2 2 3 1 2 1 2 4 7 7 7 2 5 4 6 6 9 9 7 2 3 1 6 0 + + - + + + + + - + - - - - 1 - 1 1 7 6 3 5 2 5 0 3 5 7 4 7 1 4 5 + + + + + + + + 3 + + + + + - + + 3 1 2 1 1 2 1 1 1 2 7 9 5 5 7 7 7 7 1 5 1 6 4 V B S S S S T S B S P E S S Y S a a a p t a a o a e o a v a e a N o B n n n n l o c a c i l l r k e t s c l l t o t r t k e a e i r i e l a t k a F D n J m r m m e a j a L l m o t k o a e g r n t n i o a a R a t p a s e n e h e d e n k a e l n a g d o a n e e n c o m s y t d i a o s C c N i o ty a .. , . p + + + + + + + + + + * + + - - * - 2 2 1 1 1 1 2 1 3 6 3 9 4 6 8 1 8 7 7 7 6 1 2 + r — r r r r - - - - + + + + - — - 2 — - l - 7 6 _ 2 9 6 3 7 7 1 8 6 4 1 7 9 5 2 * + + + + + + + + + + + + + - - - 1 1 1 2 3 5 3 8 9 1 4 2 7 8 6 6 9 5 2 0 Toledo +19 -4 +8 Chicago +12 -15 0 Oklahoma City, +29 +5 Youngstown... +27 -10 +7 Peoria +18 r-3 +7 Tulsa +20 +2 +16 +5 r Revised. * Data not yet available. ** Two months 1944. 490 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 February rc|-Hj r ring Feb. 1944 Feb.1944 Feb.1943 Feb.1944 Feb.1944 Feb.1943 from from from from from from 1944 1943 Feb.1943 Jan.1944 Jan.1943 Feb. 1943 Jan. 1944 Jan.1943 GRAND TOTAL—entire store 352 -8 +1 +16 +13 +7 -4 3.2 2.6 MAIN STORE-total 352 n +2 +17 +12 +7 —4 3.2 2.7 Women's apparel and accessories 350 -12 +1 +28 +41 +10 -4 2.7 1.7 Women's and misses' coats and suits 329 -30 -2 +50 +91 +4 -24 2.0 0.7 Women's and misses' dresses 333 -13 -1 +42 +88 +22 -7 2.0 0.9 Blouses, skirts, sportswear, sweaters, knit apparel 311 -13 -5 +34 +92 +14 -5 3.1 1.4 Juniors' and girls' wear 293 -15 +6 +58 +105 +22 -5 3.0 1.3 Infants' wear 303 +20 +6 +12 +50 +14 0 2.7 2.1 Aprons, housedresses, uniforms 284 -14 -2 +22 +76 +13 -8 2.7 1.3 Women's underwear, slips, negligees 320 -3 +5 +25 +31 +14 -6 2.6 1.9 Corsets, brassieres 329 -3 -3 +9 -13 -1 -8 2.4 2.7 Hosiery (women's and children's) 343 -2 +13 +21 -22 0 -2 2.0 2.5 Gloves (women's and children's) 323 +3 +1 +12 -5 +16 +5 3.3 3.6 Shoes (women's and children's) 241 -25 -11 +15 +13 +7 +4 5.3 3.5 Furs... 262 -20 —12 o +29 -11 -12 2.4 1.5 Men*s and boys* wear 320 -23 -5 +14 +2 +10 -5 5.3 4.0 Men's clothing 230 -37 — 14 +11 +5 -10 5.6 3.8 Men's furnishings, hats, caps 303 -17 -2 +12 -1 +11 -3 4.8 4.0 Boys' clothing and furnishings 278 -6 +6 +34 +30 +20 +2 5.0 3.6 Men's and boys' shoes and slippers 172 -23 -4 -5 +3 +2 +3 8.1 6.1 Home furnishings 313 -6 -3 -3 -13 +4 -4 4.1 4.4 Furniture, beds, mattresses, springs 230 -15 +15 +33 -5 -2 -9 4.0 3.6 Domestic floor coverings 236 -5 +15 +13 -36 +9 -2 3.8 5.7 Draperies, curtains, upholstery 290 +22 +15 +15 —11 +9 +4 3.7 5.0 Major appliances (refrigerators, washers, stoves, etc.) 187 -55 +13 +3 -64 +2 -12 3.7 4.6 Domestics, blankets, linens, etc 286 +3 -32 —39 -5 +5 -6 3.3 3.6 China and glassware 220 +4 +1 +10 -22 -3 -5 4.6 6.1 Housewares 219 -14 +4 +2 +2 +5 -3 5.6 4.7 Piece goods (dress and coat yard goods, all materials) 284 -11 +17 +65 +13 0 -12 2.3 1.8 Cotton wash goods ., 116 -9 +18 +73 -19 -9 -15 1.6 1.8 Small wares 331 +19 +9 +5 +23 +6 0 3.4 3.3 Notions 219 +5 +2 +2 +35 +5 -1 4.1 3.2 Toilet articles, drug sundries, prescriptions 315 +21 +9 +2 +23 +4 -2 3.1 3.0 Jewelry and silverware , , 270 +19 +24 +17 +18 +13 +5 3.9 4.0 Miscellaneous „. , 290 +7 +12 +16 +12 +6 +1 3.4 3.4 BASEMENT STORE—total. ....... 214 -15 -6 +12 +19 +11 -2 3.3 2.4 Women's apparel and accessories 204 -16 -1 +24 +41 +14 -4 2.7 1.6 Men's and boys' clothing and furnishings 165 -25 -9 +14 +8 +12 +1 5.2 3.6 Home furnishings 122 A -6 -8 -7 +7 -5 3.4 3.5 Piece goods 55 -7 +6 +37 +3 0 -6 2.4 2.2 Shoes 134 -19 -28 -13 +11 +8 +8 6.3 4.6 NOTE.—Group totals include sales in departments not shown separately. Figures for basement store are not strictly comparable with those for main store owing chiefly to inclusion in basement of fewer departments and somewhat different types of merchandise. The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. — SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1941 average : Percentage of total sales Year and month Sales during month A a c t c o e u n n d t s o f r e m ce o iv n a th ble Collec m tio o n n s th during Cash Instal- Charge- Total Cash I m ns e t n a t l- a C c h c a o r u g n e t I m ns e t n a t l- a C c h c a o r u g n e t I m ns e t n a t l- a C c h c a o r u g n e t sales m sa e l n es t ac s c a o le u s nt 1943—January 100 123 62 82 58 83 96 142 59 36 February 116 rl40 r69 98 55 79 89 109 58 37 \ March 119 146 66 99 51 r78 91 105 59 36 X 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 93 130 44 90 81 116 61 34 December 217 290 99 159 48 109 82 121 64 32 1944—January 106 140 53 79 44 82 77 143 64 32 February 109 rl40 57 84 41 72 72 107 63 33 March 144 183 74 114 40 79 78 99 62 34 r Revised. NOTE.—These data are based on reports from a smaller group of department stores than that included in the monthly index of sales shown on the preceding page. MAY 1944 491 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars] Instalment credit End o r o y f e m ar onth co c T n re s o u d ta m it l er ins T ta o l t m al ent Sale credit Loans1 p S a lo i y n a m g n l e s e 2 n - t a C c h co ar u g n e ts Service credit credit Total Automotive Other 1929 7,089 3,167 2,515 1,318 1,197 652 1,577 1,749 596 1930 6,341 2,706 2,032 928 1,104 674 1,451 1,611 573 1931 5,177 2,214 1,595 637 958 619 1,051 1,381 531 1932 3,846 1,515 999 322 677 516 726 1,114 491 1933 3,717 1,581 1,122 459 663 459 588 1,081 467 1934 4,159 1,846 1,317 576 741 529 659 1,203 451 1935 5,148 2,599 1,805 940 865 794 785 1,292 472 1936 6,396 3,466 2,436 1,289 1,147 ,030 991 1,419 520 1937 7,054 3,919 2,752 1,384 1,368 ,167 1,119 1,459 557 1938 6,618 3,539 2,313 970 1,343 ,226 1,069 1,487 523 1939 7,518 4,351 2,792 1,267 1,525 ,559 1,089 1,544 534 1940 8,767 5,434 3,450 1,729 1,721 ,984 1,123 1,650 560 1941 9,499 5,921 3,747 1,942 1,805 ,174 1,204 1,764 610 1942 6,165 2,932 1,494 482 1,012 ,438 1,072 1,513 648 1943 r5,158 1,939 816 175 641 ,123 1,034 1,498 r687 1943 Feb 5,505 2,479 1,190 351 839 ,289 1,038 1,333 655 Mar 5,368 2,338 1,071 287 784 ,267 1,031 1,343 656 Apr r5,262 2,244 1,020 260 760 ,224 1,029 1,331 r658 May r5,103 2,139 955 235 720 ,184 1,027 1,275 r662 June r5,095 2,075 896 208 688 ,179 1,014 1,338 r668 July r4,883 1,993 838 196 642 ,155 994 1,222 r674 Aug 4,810 1,939 807 190 617 ,132 996 1,198 677 Sept r4,909 1,917 786 186 600 ,131 1,038 1,275 r679 Oct r5,010 1,891 777 181 596 ,114 1,073 1,366 r680 Nov r5,123 1,882 778 177 601 ,104 1,084 1,466 r691 Dec r5,158 1,939 816 175 641 ,123 1,034 1,498 r687 1944 Jan 4,828 1,836 745 169 576 1,091 996 1,294 702 Feb p4,663 PI,785 P7O7 *167 *540 PI,078 P962 PI,218 p698 Mar ^4,836 PI,803 ^695 P167 P528 Pi,108 pl,376 P7O2 P Preliminary. r Revised. ^ 1 Includes repair and modernization loans. A revision of repair and modernization estimates was shown on p. 392 of the Bulletin for April 1944. This revision is preliminary and subject to change. 2 An estimated total of noninstalment consumer loans; i.e., single-payment loans of commercial banks and loans by pawnbrokers. NOTE.—National estimates of consumer short-term credit for the period from January 1929 through August 1942 were prepared by the Bureau of Foreign and Domestic Commerce, United States Department of Commerce, and published in the November 1942 issue of the Survey of Current Business with a description of sources of data and methods of estimation. Later estimates, comparable with those formerly published by the Department of Commerce, were made at tht Board of Governors of the Federal Reserve System. CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT LOANS AUTOMOTIVE [Estimated amounts outstanding. In millions of dollarsl [Estimated amounts outstanding. In millions of dollars) Indus- Repair End o r o f y e m a o r nth ex m T a c o o u l t t u t i a d o l v i - , e ng D s e o m m t a p r a e o n d a i n r e d r l e t r t - s - F s u t t r u o n r r i e e - s H a s o a h p t u o p n o l l r s c i e d e e - s - J s e t w o e r l e r s y s o r t e t A t o h l a r e i e l r l s m E o y n n e d t a h o r f or Total m b e C a r o n c m k i - a s l 1 p c a o n m ie - s b p a c a t n o r n k i m i i a e - n l s g u C n r i e o d n i s t M l l i a e s n n c e d e e o l r u - s sm i l o z o d a a a e n t n i r d s o n 2 n houses 1929 652 43 263 219 32 95 1930 674 45 287 218 31 93 1931 619 39 289 184 29 78 1929 . 1 197 160 583 265 56 133 1932 516 31 257 143 27 58 1930 1,104 155 539 222 47 141 1933 459 29 232 121 27 50 1931 958 138 454 185 45 136 1934 529 39 246 125 32 60 27 1932 677 103 313 121 30 110 1935 794 71 267 156 44 79 177 1933 663 119 299 119 29 97 1936 ,030 130 301 191 66 102 240 1934 . 741 146 314 131 35 115 1937 ,167 215 350 221 93 125 163 1935 865 186 336 171 40 132 1938 ,226 248 346 230 113 117 172 1936 1 147 256 406 255 56 174 1939 ,559 380 435 257 147 96 244 1937 1,368 314 469 307 68 210 1940 ,984 586 505 288 189 99 317 1938 1,343 302 485 266 70 220 1941 M74 687 535 298 217 102 335 1939 . . 1,525 377 536 273 93 246 1942 ,438 370 424 202 141 91 210 1940 1,721 439 599 302 110 271 1943 ,123 273 372 165 110 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 Feb.. ,289 319 387 185 126 88 184 1943 M Ap a r r , , 2 2 6 2 7 4 2 3 9 1 9 2 3 3 7 8 8 7 1 17 8 9 4 1 1 2 2 7 2 8 8 7 7 1 1 5 7 9 0 Feb. 839 210 338 103 56 132 May ,184 290 366 174 118 85 151 Mar. . . 784 196 322 91 51 124 June ,179 287 371 174 118 86 143 Apr. 760 190 319 81 50 120 July ,155 283 363 170 114 85 140 May 720 178 308 72 48 114 Aug ,132 278 357 168 112 84 133 June 688 168 301 64 47 108 Sept ,131 277 358 169 113 85 129 Tulv 642 155 286 55 45 101 Oct ,114 273 354 167 111 84 125 Aug 617 149 279 48 44 97 Nov ,104 270 355 165 109 84 121 Sept 600 148 272 42 44 94 Dec :,123 273 372 165 110 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 1,091 267 360 161 106 85 112 Feb P:,078 266 356 161 105 P84 P106 1944 Mar ,108 276 369 164 109 P86 P104 Jan 576 158 248 24 55 91 Feb P540 P147 P236 P21 P51 P85 Mar P528 P144 P231 P19 P51 P83 p Preliminary. 1 These figures for amounts outstanding include only personal instalment cash loans and retail automotive direct loans, which are shown on the fol- P Preliminary. lowing page, and a small amount of other retail direct loans (10 million dollars at the end of March 1944), which are not shown separately. 2 See footnote 1 for table above. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued CONSUMER INSTALMENT CREDITS OF COMMERCIAL CONSUMER INSTALMENT LOANS MADE BY PRINCIPAL BANKS, BY TYPE OF CREDIT LENDING INSTITUTIONS [Estimates. In millions of dollars] [Estimates of volume made in period. In millions of dollars] Month or year Total Aut r o e m ta o il tive O re p t t u h a r e i - l r , R m e a p n o d a d i - r i s n P o s e n t r a a - l l- Month or year Co b m a m nk er s c 1 ial S co 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 chased erniza- ment 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—February.... 662 101 100 121 135 205 1940 927 536 320 March 619 87 95 108 125 204 1941 983 558 343 April 580 77 91 100 117 195 1942 705 798 408 215 M Ju a n y e 5 5 5 2 1 9 6 6 5 9 8 8 9 5 9 8 3 4 1 1 1 0 1 5 1 1 8 9 9 0 1943 524 809 364 193 July 515 60 82 80 103 190 1942 August 498 58 82 74 98 186 August 52 60 33 16 September. . 489 57 82 70 95 185 September 49 60 31 16 October 480 57 82 67 92 182 October 44 59 30 14 November. . 470 55 82 66 89 178 November 37 59 25 14 December... 469 54 82 67 86 180 December 43 82 31 18 1944—January r460 51 81 r70 82 176 1943 February... 448 51 81 64 78 174 January 36 45 25 11 March 452 50 83 60 76 183 February 35 50 26 13 March 53 86 38 22 Volume extended during April 41 62 31 15 month: May 40 58 29 14 1943—February 25 June 50 80 35 19 March 39 July 44 62 30 15 April 28 August 45 64 29 15 May 27 September 47 70 32 18 June 35 October 43 67 28 16 July 30 November 42 70 29 15 August 30 December 95 32 20 September 33 October 29 1944 November 28 January... 42 53 27 13 December 32 February. 44 r60 29 16 March.... 63 94 38 23 1944—January 27 February 29 March 43 r Revised. 1 These figures for loans made include only personal instalment cash loans and retail automotive direct loans, which are shown elsewhere on r Revised. this page, and a small amount of other retail direct loans (two million NOTE.—For descriptive material and back figures, see BULLETIN for dollars in March 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 r g o e m Instalment accounts a C cc h o a u rg n e ts Item Ma c r. h p a m r n F e g o c e e n e b d t . h f i r n o g m Jan. Ma p c r r o . e m r c r o e e F s d n p e i t n h o b g . n o d y f i e n J a g a r n. Month D s m e to p e r n a e r t s t- F s t t u u o r r r n e e i s - h H p s o l t o l i o d a u r n s e a c e s p e - - J s e t w or e e lr s y D s m t e o p e r a n e r t s t- 1944 1944 1944 1944 1944 1944 1943 Net sales: February 28 17 16 30 61 T C o a t s a h l sales . ... ... + + 2 1 0 7 r+ + l 9 — -4 4 8 2 + — 12 1 r+ r- 1 l 2 + - 1 2 6 A M p a r r i c l h 3 3 1 1 2 1 0 9 1 1 8 8 3 3 0 1 6 6 2 3 Cred I C i n t h s a s t r a a g l l e e m s : e a n c t count ... + + 2 1 2 3 r+ + 1 9 3 — —3 4 4 3 -6 0 + — 3 8 - + 10 3 A J J M u u u a l n y g y e ust 3 3 2 3 0 0 9 2 2 2 2 2 2 1 2 2 2 2 2 2 0 1 1 1 3 3 3 3 3 3 4 4 6 6 6 6 3 2 2 2 Accounts receivable, at end of September 33 21 21 33 62 mo T n o t t h a : l —2 -5 -9 -27 r-28 -29 O N c o t v o e b m er ber 3 3 7 7 2 2 2 3 2 2 2 3 3 3 7 9 6 6 5 6 Instalment.. -3 -5 -9 -27 r-27 -29 December 35 22 22 55 63 Collections during month: 1944 Total +4 r-8 —3 -14 -12 -14 January 30 20 22 31 61 Instalment +4 >j -6 -17 r-15 -17 February 31 r20 22 r31 61 March 36 23 26 35 64 Inventories, end of month, at retail value -1 r+l +1 -24 r-19 -19 r Revised. 1 Ratio of collections during month to accounts receivable at beginning r Revised. of month. MAY 1944 493 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 c A om ll - Farm Year, month, or week m t o ie d s i- p u r c o t 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 c C a a h l l s l e i a m ed n i d - i f n H u g r o n g u i o s s o h e d - - s l M an is e c o e u l s products 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 88.7 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.9 75.1 64.4 1933 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.1 75.8 62.5 1934 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.3 81.5 69.7 1935 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 79.0 80.6 68.3 1936 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 78.7 81.7 70.5 1937 86.3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95.2 82.6 89.7 77.8 1938 78.6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.0 86.8 73.3 1939 77.1 65.3 70.4 81.3 95.6 69.7 73.1 94.4 90.5 76.0 86.3 74.8 1940 78.6 67.7 71.3 83.0 100.8 73.8 71.7 95.8 94.8 77.0 88.5 77.3 1941 87.3 82.4 82.7 89.0 108.3 84.8 76.2 99.4 103.2 84.6 94.3 82.0 1942 98.8 105.9 99.6 95.5 117.7 96.9 78.5 103.8 110.2 97.1 102.4 89.7 1943 103.1 122.6 106.6 96.9 117.5 97.4 80.8 103.8 111.4 100.3 102.7 92.2 1943—January 101.9 117.0 105.2 96.0 117.8 97.3 79.3 103.8 109.8 100.2 102.5 90.7 February... 102.5 119.0 105.8 96.2 117.8 97.3 79.8 103.8 110.2 100.3 102.6 90.9 March 103.4 122.8 107.4 96.5 117.8 97.3 80.3 103.8 110.4 100.0 102.6 91.4 April 103.7 123.9 108.4 96.6 117.8 97.4 80.6 103.8 110.3 100.1 102.6 91.6 May 104.1 125.7 110.5 96.7 117.8 97.4 80.8 103.8 110.5 100.2 102.7 91.9 June 103.8 126.2 109.6 96.8 117.8 97.4 81.0 103.8 110.6 100.0 102.8 91.8 July 103.2 125.0 107.2 96.9 117.8 97.4 81.0 103.7 110.7 100.1 102.6 92.3 August 103.1 123.5 105.8 97.1 117.8 97.4 80.9 103.7 112.2 100.2 102.6 92.6 September.. 103.1 123.1 105.0 97.2 117.8 97.5 81.0 103.7 112.5 100.3 102.6 93.0 October.... 103.0 122.2 105.1 97.3 117.8 97.6 81.0 103.7 112.7 100.4 102.6 93.1 November.. 102.9 121.4 105.8 97.4 116.5 97.7 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 March 103.8 123.6 104.6 98.1 116.9 97.8 83.0 103.7 114.2 100.4 104.3 93.5 Week ending 1944—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 April 1 103.6 123.9 104.2 98.3 117.5 97.3 83.6 103.8 114.6 100.4 105.9 93.3 April 8 103.7 124.1 105.0 98.5 117.6 97.3 83.6 103.8 114.7 105.4 105.9 93.3 April 15 103.8 124.5 105.0 98.5 117.6 97.3 83.6 103.8 114.7 105.4 106.0 93.3 April 22 103.6 122.9 104.4 98.5 117.6 97.3 83.7 103.8 114.6 105.4 106.0 93.3 April 29 103.7 123.1 104.7 98.5 117.6 97.3 83.7 103.8 114.7 105.4 106.0 93.3 1943 1944 Subgroups Subgroups Mar. Dec. Jan. Feb. Mar. Mar. Dec. Jan. Feb. Mar. Farm Products: Metals and Metal Products: Grains 112.2 128.2 129.5 129.3 129.5 Agricultural implements.. 96.9 96.9 97.0 97.0 97.1 Livestock and poultry 135.7 119.5 120.8 123.3 125.6 Farm machinery 98.0 98.1 98.1 98.1 98.2 Other farm products 1.17.1 120.6 119.5 119.3 119.9 Iron and steel 97.2 97.1 97.1 97.1 97.1 Foods: Motor vehicles 112.8 112.8 112.8 112.8 112.8 Dairy products 113.2 110.6 110.6 110.7 110.5 Nonferrous metals 86.0 86.0 85.9 85.8 85.8 Cereal products 93.5 95.1 95.1 95.1 95.1 Plumbing and heating 90.4 91.8 91.8 91.8 91.8 Fruits and vegetables 115.6 119.3 118.4 120.7 123.3 Building Materials: Meats 115.5 105.9 106.0 106.0 106.0 Brick and tile 98.7 100.0 100.2 100.1 100.3 Other foods 96.3 98.5 96.1 93.5 92.7 Cement 94.2 93.6 93.6 93.6 93.6 Hides and Leather Products: Lumber 134.6 144.0 144.1 144.5 146.3 Shoes 126.4 126.4 126.4 126.4 126.3 Paint and paint materials. 102.2 103.3 103.5 103.9 104.4 Hides and skins , 116.0 111.6 112.9 111.0 111.2 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.. 102.0 102.8 102.8 102.8 102.8 Textile Products: Chemicals and Allied Products: Clothing 107.0 107.0 107.0 107.0 107.0 Chemicals 96.4 96.3 96.3 96.3 96.3 Cotton goods 112.6 112.9 112.9 113.4 113.6 Drugs and pharmaceutical: 165.0 165.2 165.2 165.2 165.2 Hosiery and underwear 70.5 71.7 71.7 70.5 70.5 Fertilizer materials 79.0 81.3 81.3 81.4 81.4 Silk Mixed fertilizers 85.8 86.5 86.5 86.3 86.3 Rayon 30^3 30^3 "30^3" 30^3 30^3 Oils and fats 101.5 102.0 102.0 c102.0 102.0 Woolen and worsted goods 112.4 112.5 112.5 112.5 112.5 Eousefurnishing Goods: Other textile products 97.5 100.5 100.5 100.5 100.5 Furnishings 107.3 107.1 107.1 107.1 107.2 Fuel and Lighting Materials: Furniture 97.7 98.4 102.0 101.4 101.4 Anthracite 89.8 95.0 95.0 97.8 95.6 Miscellaneous: Bituminous coal 115.2 118.8 119.8 119.9 120.1 Auto tires and tubes 73.0 73.0 73.0 73.0 73.0 Coke 122.4 124.5 126.2 130.7 130.7 Cattle feed 148.2 159.6 159.6 159.6 159.6 Electricity 60.2 Paper and pulp 102.7 106.0 106.0 106.6 107.2 Gas 75.6 77^0 " 76.7 ' 77.2' Rubber, crude 46.3 46.2 46.2 46.2 46.2 Petroleum products 61.5 63.5 63.5 64.0 64.0 Other miscellaneous 94.9 96.7 96.7 96.7 96.7 c Corrected. Back figures.—Bureau of Labor Statistics, Department of Labor. 494 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 a e n r d nutilities cellaneous ment SEASONALLY ADJUSTED 1943—March 38,615 16,002 864 1,564 3,551 6,424 4,347 5,863 April .... 38,472 16,019 858 1,363 3,572 6,433 4,331 5,896 May 38,190 15,966 842 1,213 3,577 6,357 4,302 5,933 June 38,282 16,076 842 1,123 3,610 6,373 4,297 5,961 July 38,261 16,124 835 1.065 3,630 6,388 4,300 5,919 August 38,067 16,145 825 1,023 3,645 6,335 4,282 5,812 September 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 4,310 5,830 December.. 38,143 16,054 813 863 3,706 6,382 4,315 6,010 1944—January 37,860 15,901 813 846 3,741 6,395 4,329 5.835 February 37,735 15,815 816 800 3,764 6,362 4,338 5,840 March 37,340 15,551 811 716 3,753 6,308 4,339 5,862 UNADJUSTED 1943—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 Tune 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 6,055 1944—January 37,257 15,827 811 685 3,640 6,255 4,248 5,791 February 37,123 15,738 812 641 3,663 6,19/ 4,259 5,813 March 36,946 15,512 808 617 3,667 6,214 4,274 5,854 " 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, domXelsVtliJci. s e\Jm UCpLVlJo.J yUOeldtU laCitLnO/ VpAJJr.XiJLvjJiJ.tAaJ.t eUy hJJoUmltueU s,U l pXuJCbLUlKiJcL keJlmcm.eOlrllg'Oe* ncJLyJ3L JJe.XXmCH.tpD l^oAyl/leUUebs [ J(iWU^iPlCAtU,l ONUl YUJAJ.iiJ,.V aAJnJ.lJdV/ iaC.CtUC UCUO)lU,C OaOntOd, OCpil-eCrllsl^olVnJ^nCvel l IJ'in the armed forces. Ffiigguurreess ffoorr March 1944 are preliminary. Revised seasonally adjusted estimates for months prior to November 1941 are shown on p. 1156 of the Novemberr 1199442 2B BUULLLLEETIN. MAY 1944 495 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 1944 b p o a o g k e M 2 a 9 r . A 5 p r. A 1 p 2 r . Ap 1 r 9 . Ap 2 r 6 . b p o ag o e k Jan. Feb. Mar WEEKLY FIGURES^ In billions of dollars MONTHLY FIGURES In billions of dollars RESERVES AND CURRENCY RESERVES AND CURRENCY Reserve Bank credit: Reserve Bank credit 5 12.37 11.96 12.61 U. S N B B S C . p o i e o G l e r n t l t o c s e d i i s v f s a i t l c . a c s t e e e r c s t u if r i i c t a ie te s, s total 2, 4 4 4 4 4 4 1 6 2 2 1 1 . . . 9 3 4 7 1 0 5 5 3 6 1 6 3 2 1 1 . . . . . 0 3 4 7 1 0 3 5 2 6 1 3 2 7 1 1 . . . 0 0 4 6 1 1 3 5 5 6 1 3 7 1 1 2 . 0 4 1 7 1 6 1 5 3 2 1 2 7 1 3 1 . . . . . 4 9 0 1 4 2 7 0 6 5 M T T G R R r r e o e o e e s q l n a a d e u e s s r i y u u v s r t e r e r o y i y d n c b k c d r a c e a l e i a s s r p h e n c o r u c s v e l i a e s ts s t i on 5, 5 8 5 5 5 8 2 2 1 1 2 0 1 2 1 . . . . . . 3 4 9 8 9 4 2 3 3 2 4 8 2 2 1 1 0 2 1 1 2 . . . . . . 6 3 8 1 3 3 3 0 3 9 5 4 2 2 1 1 0 2 1 2 1 . . . . . . 3 9 6 4 4 3 4 6 4 3 4 9 Gold D s i t s o c c o k u nts and advances 2 2 21. 0 6 8 02K5 0 4 4 21 0 4 6 821 0 4 9 721.43 Exce N ss e w re s Y e o rv rk e s, C t i o ty ta . l 8, 9 1. . 1 02 1 1. . 1 0 6 2 . . 9 0 9 2 T M N M E E r x x o o e e c c n m n a e e m N e s s s b y u s s e e e r w m r i r r y n e e b b s s Y d e a e e c e r o n r r i v p v r r k d c k e o e e u s s s r p C * e l i a ( t o s s w i t e s t i y r o i e v t e n s e k s l y average), total* 3 2 2 3 3 2 3 2 L 1 1 2 0 9 0 0 7 6 8 4 2 5 2 5 3 6 2 1 1 2 1 . . ! 8 4 2 8 9 0 1 0 3 8 6 3 2 92 1 1 1 2 3 8 0 2 6 9 9 0 2 2 7 0 9 3 2 1 1 1 1 2 9 3 9 0 2 9 7 0 3 7 2 0 3 0 2 1 2 1 2 . . . . . 0 4 5 3 6 ' : 0 4 4 M I . A o n R C C | B C e 1 y e h o i o 0 l s i u i l c i n e s a n n a r s n t o v g , r c d e o f y | i 1 r | | c 2 c 5 , b i u 0 $ 0 a t l y 2 n a b a , k t i n b a i s l o d a l n s n n d o , k v s $ t e 5 o r t b a i l lls 2 1 3 5 0 0 . . . . . . ( 9 7 5 9 7 3 ? 0 1 3 2 5 4 ) 2 1 0 5 3 1 . . . . . . 8 8 9 0 7 3 2 9 2 2 9 4 2 1 6 3 1 1 . . . . . . 0 9 1 1 2 7 2 3 2 7 7 0 Chicago 3 (2) 01 01 01 Reserve city banks 3 22 26 27 27 ALL BANKS IN U. S. Country banks6 3 62 64 64 p60 Total deposits and currency. '125.20 P128.50 Demand deposits adjusted... P62.50 P58.10 Time deposits. V.10 P33.60 Currency outside banks P19.20 MEMBER BANKS IN LEADING CITIES CONSUMER CREDIT Loans and investments 14 52.01 5163516051.4551.06 Consumer credit, total5 18 4.83 P4.66 P4.84 Demand deposits adjusted 14 32663287337734.2534.52 Single-payment loans 18 1.00 P.96 P.96 U. S. Govt. obligations 14 38093796380938.1137.83 Charge accounts 18 1.29 PI. 22 PI. 38 Total loans 14 1102 107710.6210.4610.3! Service credit 18 .70 P. 70 P. 70 Commercial loans, total 15 6.31 622 619 6.15 6.07 Instalment credit, total5 18, 19 1.84 PI. 79 PI. 80 New York City 15 2.43 243 2.41 2.40 2.3< Instalment loans5 19 1.09 PI. 08 PI. 11 100 cities outside New York 15 3.84 3.79 378 3.75 3.71 Instalment sale credit, total 19 .75 P. 71 P.70 Brokers' loans—New York City 15 1.14 103 .98 .91 .9: Automotive 19 .17 P.17 P.17 U. S N . G ew o v Y t. o r o k b l C ig i a ty ti , o t n o s t : al 15 13.5913.7613.6913.7913.60 Other 19 .58 P.54 P.53 B N o o n te d s s and guar. securities 1 1 7 7 6 3 . . 2 0 0 3 6 3. . 0 2 0 0 6 2 . . 1 9 8 8 6 2 . . 2 9 1 4 6 2. . 8 2 < 6 TREASURY FINANCE 100 c B B N B C C it i i o e e o i l l r r n l l e t t t s s e s d i i s f f s o i i c c a u a a n t t t s d e e i s s d g e u N ar e . w se Y cu o r r i k ti , e t s o tal.. 1 1 1 1 1 1 1 5 7 7 7 7 7 7 2 1 3 4 5 2 1 4 1 . . . . . . . 3 0 5 8 8 5 2 5 1 0 8 2 6 4 2 1 3 4 5 1 1 4 1 . . . . . . . 3 2 2 8 8 5 9 5 0 1 9 1 8 3 2 1 3 4 1 5 2 4 1 . . . . . . . 3 4 1 8 1 8 5 7 0 6 0 3 8 9 2 1 3 4 5 1 1 4 1 . . . . . . . 3 3 2 8 8 9 6 7 2 7 2 8 9 2 2 1 3 4 4 1 5 1 1 . . . . . . . 3 5 2 0 9 9 8 ' ' 4 7 3 : U. i n S g B N S . , a o G o t v n t o o e i d N B C n t v s s a g , i e o t l l . s r ( c l t i s t e m e o n i b s f r b t a i o t e c l r . n i r , a k g e d t e a a e s s t n t t s , a i - d o b b t n l a e b e s x a i l T r l o n i s r n u o , e g t t a s t e o t s s a u , t n a e r d y t l - c . ) . . . . . . 1 4 6 2 3 7 1 1 7 8 1 7 2 3 1 . . . . . . . 3 9 1 1 9 1 8 1 1 2 0 4 7 4 1 4 5 2 7 8 1 1 2 2 5 3 3 5 3 . . . . . . . 0 1 8 3 6 3 9 9 1 8 7 8 0 4 1 4 5 8 2 7 1 1 1 5 5 5 2 3 6 . . . . . . . 6 8 7 6 0 1 2 1 1 6 8 7 5 4 Savings bonds. 28.90 31.52 31.97 Per cent per annum Spec T ia a l x i s n s o u t e e s s 1 9 2 . . 3 8 8 7 1 13 0 . . 1 2 7 2 1 9 3 . . 1 51 2 Holdings of U.S. Govt. obligations: MONEY RATES, ETC. Fed. agencies and trust funds 17.15 17.78 18.11 Treasury bills (new issues) 25 .375 .375 .375 .375 .37. Federal Reserve Banks 12.07 11.63 12.12 Treasury notes (taxable) 25 1.39 1.37 1.36 1.35 Commercial banks 61.80 64.90 U. S. Govt. bonds: Private holders other than Partially tax-exempt3 25, 33 1.94 1.93 1.93 1.93 1.9J commercial banks, total 80.30 91.60 Taxable3 25, 33 2.48 2.48 2.48 2.48 2.4! Mutual savings banks 5.70 6.70 Corporate Aaa bonds 33 2.74 2.74 2.74 2.74 2.7; Insurance companies 14.20 15.70 Corporate Baa bonds 33 3.70 3.70 3.68 3.68 3.6' Other investors, total 60.40 69.20 Marketable issues 22.80 28.20 In unit indicated Per cent per annum MONEY RATES, ETC. Stoc T k I P R n u o a d p b i t r u l a l i r i s c l o c t . e a r . s . u d i a t ( l i 1 li 9 t 3 y 5 -39 = 100): 3 3 3 3 5 5 5 5 9 9 9 8 5 7 7 7 . . . . 7 2 9 6 9 9 9 8 6 7 8 7 . . . . 1 5 6 6 9 9 9 8 6 7 9 7 . . . . 1 5 5 8 9 9 9 8 5 4 5 6 . . . . 1 3 0 7 T F T C . r r o e e R m a a . s s m u u B e r r a r y y c n i k b n a i l o l d t l p i e s s a s c p ( o n ( e t u e r a n w x t a i r b s a s le t u e ) e , s ) N . Y.... 2 2 2 2 7 7 7 9 1 . . 3 . . 3 7 5 6 0 4 0 9 1 . . 3 . . 3 7 5 6 2 5 0 9 61 .3 . . . 3 5 6 7 6 0 9 5 Volume of trading (mill, shares) 35 .92 .72 .63 .72 U. S P . a G rt o i v a t l . l y b o ta n x d - s e : xempt3 33 1.95 1.93 1.91 Taxable3 33 2.49 2.49 2.48 Corporate Aaa bonds 29, 33 2.72 2.74 2.74 Corporate Baa bonds 33 3.76 3.72 3.70 BUSINESS CONDITIONS Steel production (per cent of capacity).. 50 99.1 99.5 98.7 99.5 100.1 In unit indicated Electric power prod. (mill. kw. hrs.)... 50 4,409 4,361 4,307 4,344 4,3: Freight carloadings (thous. cars): Stock prices (1935-39 = 100) i Total 787.5 789.3 800.0 840.0 Total 35 94.6 94.4 96.6 Miscellaneous 51 383.8 375.8 373.4 385.7 Industrial 35 96.4 95.8 98.2 Department store sales (1935-39 = 100)... 52 196 188 137 148 Railroad 35 91.0 96.1 98.7 F.H.A. home mortgages, new construc- Public utility 35 86.7 86.9 88.4 tion (thous.)4 Volume of trading {mill, shares)... 35 .79 .81 1.12 Wholesale prices (1926 = 100): Brokers' balances (mill, dollars): Total 63 103.6 103.7 103.8 103.6 Credit extended customers 37 e780 e800 e820 Farm products 63 123.9 124.1 124.5 122.9 Money borrowed 37 *560 c650 e630 Other than farm and food 63 98.3 98.5 98.5 98.5 Customers' free credit balances. 37 6370 e370 e380 For footnotes see following page. 496 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 1944 Chart 1944 book book page Jan. Feb. Mar. Jan. Feb. Mar. MONTHLY FIGURES—Cont. In unit indicated In unit indicated MONTHLY FIGURES—Cont. BUSINESS CONDITIONS BUSINESS CONDITIONS—Cont. Income payments (mill, dollars), total:7 38 12,657 12,926 ^12,847 Freight carloadings:7 O Sa th la e r r i es and wages 3 3 8 8 8 3 , , 9 66 9 7 0 3 9 , ,1 7 4 7 7 9 2 P3 *9 ,7 ,0 8 6 6 1 T G o ro ta u l p s ( 19 (p 3 o 5- i 3 n 9 ts = in 1 t 0 o 0 ta ) l index) 57 145 143 140 Cash farm income (mill, dollars), total. 39 1,605 1,421 pl,485 Miscellaneous 57 81.8 80.7 81.9 Livestock and products 39 932 921 P97I Coal 57 31.9 31.8 29.8 Indu C G st r o r o y 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 6 6 0 9 4 42 7 2 8 *>437 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 30 1 . 5 9 3 30 1 . 5 1 1 28.7 Total (1935-39 = 100) 41, 42 243 244 Stocks 59 105 105 Groups (points in total index) Exports and imports (mill, dollars): Durable manufactures 41 139.6 139.7 pl38.6 Exports 61 1,090.42*1,085 7 Machinery, etc 42 97.9 97.6 p96.6 Imports 61 2*309.6 hn.i Iron and steel 42 22.9 23.3 23.5 Excess of exports 61 £780.8 2*773.1 Other durable 42 18.8 18.8 Excluding Lend-Lease exports 61 Nondurable manufactures 41 82.4 82.8 Wholesale prices, total (1926 = 100)... 63 103'.3" 103.6 103.8 Textiles and leather 42 19.2 19.6 Farm products 63 121.8 122.5 123.6 Paper and printing 42 11.0 10.9 Other than farm and food 63 97.8 98.0 98.1 Foods, liquor, and tobacco 42 20.7 21.1 2A Cost of living, all items (1935-39 = 100) 65 r124.2 r123.8 123.8 Other nondurable 42 31.4 31.2 ^30.2 Food 65 136.1 134.5 134.1 Minerals 41,42 21.2 21.7 Clothing 65 r134.7 r135.2 136.7 Primary products (1935-39 = 100): Rent 65 108.1 108.1 108.1 Steel 43 231 236 238 Cement 43 86 88 July- Oct.- Jan.- Lumber 43 125 122 Sept. Dec. Mar. Coal 43 153 158 148 1943 1943 1944 Crude petroleum 43 137 139 137 Cotton consumption 43 150 151 150 QUARTERLY FIGURES In millions of dollars W P L M a e o e p a o a t e l t h r s y e a r a n rn d dairy products 4 4 4 4 3 3 3 3 r 1 1 1 1 5 7 0 3 3 7 3 2 1 1 1 1 3 7 7 0 3 3 7 5 Budg E e x t p r W e e n c a d e r i i t p a u t c r s e t i s a v , n it d t i o e t e s a x l p enditures: 2 2 4 4 2 2 2 0 , , 2 6 6 1 4 6 2 2 2 1 , , 7 2 4 4 7 8 2 2 3 2 , , 9 3 5 8 7 2 Labor f O or t c h e e r a m n a d n u e f m ac p t l u o r y e m d e f n o t o d ( s m ill. 43 '156 158 Inter N n e a t l r r e e c v e e i n p u t e s collections, total 2 2 4 4 10 7 , ,8 1 7 7 7 6 9 8 , , 8 8 6 9 6 0 1 1 1 0 , , 8 5 2 4 3 2 persons):8 Corporate income taxes 24 2,806 3,295 4,390 L E a m b p o l r o y fo m rc e e n t, total 4 4 4 4 5 5 1 0 . . 4 4 5 5 1 0 . . 2 3 5 5 0 1 . . 5 4 M In i d s i c v . id in u t a e l r n in al c ome taxe r s e venue 2 2 4 4 3 1 , , 4 6 3 4 1 0 4 1 , , 4 1 1 8 0 5 5 1 , , 0 1 2 2 9 3 M N A o g a n r le i a c g u r l i t c u u ra lt l u ral 4 4 4 4 4 4 4 3 3 4 6. . . 8 0 6 4 3 3 4 6. . . 6 0 7 4 3 6 3 4 . . . 9 6 0 Corp N N o e e r w t a t p e m r o s o c e n e c e e u y d r , i s t t y o t i a s l s ues: 3 3 6 6 2 2 4 9 5 4 1 2 3 4 9 4 1 4 3 4 1 Nonagric F u e l m tu a r l a e l employment (mill. 44 16.4 16.3 16.5 R In a d il u r s o t a r d ia l 3 3 6 6 1 1 4 0 12 7 8 4 7 6 9 persons), total7 45 37.9 37.7 p37.3 Public utility 36 4 1 6 Manufacturing and mining 45 16.7 16.6 Per cent per annum Trade 45 6.4 6.4 Fa ( c 1 t 9 G T C o 3 r r o o 9 y a v n n = e s s t r e p r n m 1 u o m 0 c r p 0 t e t l i a ) n o o : t t y n i o m n e n a t n d a u n t d i lit p i a es y rolls 4 4 4 5 5 5 5 3 0 . . . 8 8 7 5 0 3 . . . 8 8 8 *> 5 3 . .8 Bank T N O S o o e r th a w t u a e t t e l h r , Y s e N 1 o r o n 9 r o n k r c a t c i n C h t u d i e i s e t r t W s y n o m e a s e n t r e d s r ' n E l o a c s a it t n i e e s r s : n ci . tie „ s . 3 3 3 2 1 1 1 9 2 2 2 2 . . . . 4 0 7 7 8 5 3 1 2 2 3 2 . . . . 6 1 1 7 5 0 7 6 2 2 2 3 . . . . 1 1 6 7 0 2 3 5 Pay rolls 47 r327.9 327.6 Employment 47 166.8 165.9 ^163.6 June 30,Oct. 18, Dec. 31, Hours and earnings at factories: 1943 1943 1943 Weekly earnings (dollars) 48 r45.25 45.54 CALLSDATE FIGURES Hourly earnings (cents) 48 r100.2 100.3 In billions of dollars Hours worked (per week) 48 r45.2 45.4 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 49 243 *>243 Other securities 12 5.35 5.14 5.02 Durable 49 332 2*323 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 6 7 6 7 2*281 O Fo th r e e r ig d n o s m e e c s u t r i i c t i s e e s c urities 1 1 3 3 2.48 2.32 2.29 Durable 49 368 2*388 Loans, total 12 14.82 17.72 16.29 Nondurable 49 186 2*197 Commercial loans 13 7.41 (9) 8.44 Inventories, total 49 179 2*178 Real-estate loans 13 3.35 (9) 3.27 Durable 49 212 2*208 Street loans (brokers* loans).... 13 .96 (») 1.05 Nondurable 49 150 2*151 Holdings of U. S. Govt. securities: Residential contracts (mill, dollars):7 By classes of banks: Total 53 49 29 New York City 16 13.89 15.73 14.56 Public 53 16 10 Chicago 16 3.17 3.69 3.24 Private, total 53 33 19 Reserve city banks 16 17.42 20.62 19.68 1- and 2-family dwellings 53 27 14 Country banks 16 12.51 15.21 15.47 Construc O ti t o h n e r contracts (3-mo. moving 53 6 5 By k B in o d n s d s o f securities: 16 23.55 0 27.27 av., mill, dollars):7 Notes 16 5.25 / 9\ 6.91 Total 55 224 184 Certificates 16 9.42 12.07 Residential 55 53 3S Bills 16 6.28 \ ) 4.36 Other 55 171 146 P130 Guaranteed 16 2.49 (9) 2.35 c Corrected. nder the Wednesday included in the weekly period. r explanation and back figures see pp. 442-446. "* .f ublication discontinued. " inciuaes preliminary revisions for repair and modernization credit. 6 Number of issues included increased from 1 to 2 on Mar. 15. 7 Adjusted for seasonal variation. 8 Revised series. Monthly figures back to March 1940 may be obtained from the Bureau of the Census. 9 Figures available for June and December dates only. * Copies of the Chart Book may be obtained at a price of 50 cents each. MAY 1944 497 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS—ASSETS AND LIABILITIES ON DECEMBER 31, 1943, BY CLASSES OF BANKS [Amounts in thousands of dollars] N C ew e m n Y t e r m a o l r b k r e e r s e b r a C v n e h k i s c c 1 a it g y o m R b e e a c s m n i e t k b y rv s e 1 e r C m b o e a u m n n k b t s e r 1 y r m b e A a m n ll k b s er n m a b e t A a m i n o l b k l n e s a r l m b S e A a m t n a ll b k te e s r ASSETS Loans and investments 19,994,040 4,554,104 27,521,471 22,187,988 74,257,603 47,498,601 26,759,002 L U o n a it n e s d ( S in t c a l t u e d s in G g o v o e v r e n r m dr e a n f t t s) d irect obligati > ons 1 4 3 , , 4 5 2 7 8 9 , , 4 2 5 8 3 1 3 1 , , 1 0 6 0 3 4, , 2 1 2 0 0 1 1 6 8 , , 2 9 0 3 0 2 , , 7 8 9 9 4 1 1 4 4 , , 6 9 5 2 4 7 , , 0 3 5 8 3 4 5 1 0 6 , , 6 2 0 8 2 7 , , 6 5 5 2 7 0 3 1 2 0 , , 4 1 5 1 0 6 , , 7 2 7 7 0 3 1 6 8 , . 1 1 7 5 1 1 , , 2 88 4 7 7 Obligations guaranteed by United States Government... 983,898 74,453 748,976 537,811 2,345,138 1,614,001 731,137 Obligations of States and political subdivisions. 444,267 157,767 913,092 1,213,526 2,728,652 1,928,627 800,025 Other bonds, notes, and debentures 453,834 134,121 607,543 777,353 1,972,851 1,239,869 732,982 Corporate stocks (including Federal Reserve Bank stock). 104,307 20,442 118,175 77,861 320,785 149,061 171,724 Reserves, cash, and bank balances 5,197,227 1,283,017 9,326,844 7,982,946 23,790,034 16,017,030 7,773,004 Reserve with Federal Reserve Banks 3,595,906 820,622 5,115,643 3,303,078 12,835,249 8,323,142 4,512,107 Cash in vault. 91,734 37,929 391,403 611,106 1,132,172 790,411 341,761 Demand balances with banks in United States (except private banks and American branches of foreign banks). 59,451 156,050 1,740,548 3,451,410 5,407,459 4,119,804 1,287,655 Other balances with banks in United States 1,250 1,605 17,232 22,421 42,508 33,646 8,862 Balances with banks in foreign countries 13,265 1,557 3,626 1,660 20,108 14,588 5,520 Cash items in process of collection 1,435,621 265,254 2,058,392 593,271 4,352,538 2,735,439 1,617,099 Due from own foreign branches 320 9,399 9,719 9,399 320 Bank premises owned and furniture and fixtures 191,943 17,527' 297,491 354,292' 861,253 545,472 315,781 Other real estate owned 11,315 30,207 39,132 80,654 33,989 46,665 Investments and other assets indirectly representing bank premises or other real estate 6,141 256 54,391 16,376 77,164 47,275 29,889 Customers' liability on acceptances 26,454 1,403 13,187 3,015 44,059 26,070 17,989 Income accrued but not yet collected 54,872 13,740 70,360 31,191 170,163 101,257 68,906 Other assets • • •.- 16.189 6,236 35,302 23,239 80,966 47,419 33,547 Total assets. 25,498,501 5,876,283 37,358,652 30,638,179 99,371,615 64,326,512 35,045,103 LIABILITIES Demand deposits .. 22,405,993 5,014,608 28,918,894 20,592,852 76,932,347 49,721,222 27,211,125 Individuals, partnerships, and corporations 14,372,713 3,097,107 18,789,624 15,560,718 51,820,162 33,184,313 18,635,849 United States Government: War loan accounts 3,359,941 711,557 3,278,163 1,836,224 9,185,885 5,601,356 3,584,529 Other 35,112 1,929 95,322 125,454 257,817 213,462 44,355 States and political subdivisions 251,716 174,420 1,448,418 1,727,291 3,601,845 2,678,747 923,098 "Banks in United States 2,866,938 971,649 4,770,008 994,222 9,602,817 6,691,842 2,910,975 Banks in foreign countries 809,833 13,800 62,798 4,639 891,070 423,999 467,071 Certified and officers' checks, cash letters of credit and travelers' checks, etc 709,740 44,146 474,561 344,304 1,572,751 927,503 645,248 Time deposits 850,496 507,971 6,150,644 7,820,902 15,330,013 10,239,446 5,090,567 Individuals, partnerships, and corporations 815,914 505,071 5,902,177 7,598,575 14,821,737 9,859,093 4,962,644 United States Government.. .• 5,199 2,250 55,381 52,635 115,465 93,844 21,621 Postal savings 901 3,751 4,652 3,912 740 States and political subdivisions 25,688 150,826 149,390 326,554 239,583 86,971 Banks in United States 1,145 650 39,859 16,551 57,555 38,964 18,591 Banks in foreign countries 2,550 1,500 4,050 4,050 Total deposits 23,256,489 35,069,538 28,413 754 92,262,360 59,960,668 32,301,692 D Bi u l e ls t p o a y o a w b n l e f , o r r e e d ig i n sc o b u ra n n ts c , h a e n s d other liabilities for borrowed 203,508 5,522,579 203,508 168,189 35,319 money.. . . 29,200 10,110 39,310 8,155 31,155 Acceptances outstanding 33,577 1,630 16,091 3,024 54,322 31,476 22,846 Dividends declared but not yet payable 17,036 1,130 12,288 8,259 38,713 23,733 14,980 Income collected but not yet earned 6,039 1,611 17,886 10,456 35,992 23,875 12,117 Expenses accrued and unpaid 55,941 19,140 79,815 30,659 185,555 118,273 67,282 Other liabilities— 34,926 4,586 28,386 8,723 76,621 42,079 34,542 Total liabilities .. 23,636,716 5,550,676 35,224,004 28,484,985 92,896,381 60,376,448 32,519,933 CAPITAL ACCOUNTS Capital 570,667 131,000 785,156 929,551 2,416,374 1,527,715 888,659 Surplus 979,570 130,350 889,242 770,615 2,769,777 1,616,996 1,152,781 Undivided profits 235,441 25,147 283,489 321,916 865,993 541,171 324,822 Other capital accounts : 76,107 39,110 176,761 131,112 423,090 264,182 158,908 Total capital accounts 1,861,785 325,607 2,134,648 2,153,194 6,475,234 3,950,064 2,525,170 Total liabilities and capital accounts. 25,498,501 5,876,283 37,358,652 30,638,179 99,371,615 64,326,512 35,045,103 MEMORANDA Par or face value of capital—total 570,667 131,000 785,156 930,708 2,417,531 1,528,296 889,235 Capital notes and debentures 322 17,877 14,232 32,431 32,431 First preferred stock 8,426 73,752 97,656 179,834 117,941 61,893 Second preferred stock 850 12,461 13,311 9,551 3,760 Common stock 561,919 131,000 692,677 806,359 2,191,955 1,400,804 791,151 Retirable value of capital: First preferred stock 20,887 102,279 142,974 266,140 159,791 106,349 Second preferred stock 850 18,257 19,107 11,258 7,849 Net demand deposits subject to reserve 17,550,980 3,882,112 21,843,036 14,713,806 57,989,934 37,264,965 20,724,969 Demand deposits adjusted2 . . . 13,898,548 3,050,419 18,654,211 17,039,042 52,642,220 34,055,124 18,587,096 Number of banks .* 37 13 357 6,331 6,738 5,040 1,698 sect] for are located. 2 Demand deposits other than interbank and United States Government, less cash items reported as in process of collection. 498 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OF INSURED COMMERCIAL BANKS IN UNITED STATES AND POSSESSIONS DECEMBER 31, AND JUNE 30, 1943, DECEMBER, 31, 1942 December 31, 1943 June 30, 1943 December 31, 1942 Banks not Banks not Banks not All insured members All insured members All insured members commercial Federal commercial Federal commercial Federal banks1 Reserve banks* Reserve banks1 Reserve System System System ASSETS Loans and investments 83,521,587 9,272,818 75,282,280 8,135,477 66,251,123 6,995,148 Loans (including overdrafts) 18,843,488 2,558,557 17,392,157 2,572,435 18,906,869 2,821,594 United States Government direct obligations 56,192,119 5,593,893 48,880,543 4,391,166 37,993,299 2,989,208 Obligations guaranteed by United States Government.... 2,501,430 156,537 2,661,305 174,546 2,718,398 178,979 Obligations of States and political subdivisions 3,287,646 560,165 3,441,027 565,769 3,533,486 569,511 Other bonds, notes, and debentures 2,342,211 369,731 2,520,385 393,530 2,680,163 393,870 Corporate stocks (including Federal Reserve Bank stock). 354,693 33,935 386,863 38,031 418,908 41,986 Reserves, cash, and bank balances 27,191,292 3,403,597 25,537,614 3,229,786 27,593,375 3,315,229 Reserve with Federal Reserve Banks 12,834,452 12,092,461 13,071,533 Cash in vault 1,447,018 314,971 1,449,901 308,272 1,306,806 288,307 Demand balances with banks in United States (except private banks and American branches of foreign banks) 8,382,578 2,976,257 8,360,056 2,830,965 8,984,740 2,901,563 Other balances with banks in United States 68,615 26,332 76,252 27,972 100,282 38,111 Balances with banks in foreign countries 20,398 290 19,381 304 13,255 302 Cash items in process of collection 4,438,231 85,747 3,539,563 62,273 4,116,759 86,946 Due from own foreign branches 9,719 3,580 362 Bank premises owned and furniture and fixtures 994,269 133,089 1,022,511 139,810 1,047,535 143,48i Other real estate owned 122,728 42,116 164,306 55,115 198,800 64,026 Investments and other assets indirectly representing bank premises or other real estate 84,285 7,130 92,488 7,728 101,911 8,990 Customers' liability on acceptances 44,625 566 54,207 303 40,808 301 Income accrued but not yet collected 179,435 9,272 153,958 7,939 133,493 7,206 Other assets 98,051 17,085 94,520 18,443 91,704 17,817 Total assets 112,245,991 12,885,673 102,405,464 11,594,601 95,459,111 10,552,198 LIABILITIES Demand deposits 84,956,088 8,023,741 77,120,379 6,969,805 71,559,350 6,123,658 Individuals, partnerships, and corporations 58,346,160 6,525,998 53,423,385 5,560,854 47,128,273 4,989,037 United States Government: W Ot a h r e r loan accounts 9,6 2 6 8 5 5 , , 3 3 6 4 8 3 4 2 7 7 9 , , 5 4 2 8 6 3 7,4 2 4 5 1 8 , , 2 3 8 83 8 4 2 3 8 5 , , 3 0 9 6 3 3 i 8,167,459 244,035 States and political subdivisions .... 4,353,497 751,652 4,262,454 740,594 3,996,701 678,712 Banks in United States 9,743,462 140,645 9,768,487 119,999 10,234,297 132,991 Banks in foreign countries 893,382 2,312 834,043 2,093 813,479 2,040 Certified and officers' checks, cash letters of credit and travelers' checks, etc 1,668,876 96,125 1,132,339 82,809 1,219,141 76,843 Time deposits 19,159,689 3,839,857 17,462,079 3,605,892 16,261,077 3,428,769 Individuals, partnerships, and corporations 18,572,406 3,760,845 16,897,124 3,524,134 15,706,335 3,349,068 United States Government 117,206 1,741 65,265 300 47,875 200 Postal savings 7,097 2,445 9,254 3,379 13,364 4,801 States and political subdivisions 395,059 68,510 412,022 70,795 396,792 64,866 Banks in United States 63,861 6,306 73,600 7,276 91,892 9,826 Banks in foreign countries 4,060 10 4,814 8 4,819 8 Total deposits 104,115,777 11,863,598 94,582,458 10,575,697 87,820,427 9,552,427 Due to own foreign branches 203,508 174,769 216,952 Bills payable, rediscounts, and other liabilities for borrowed money .. 45,679 6,369 24,470 6,287 9,748 4,941 Acceptances outstanding 55,006 684 61,260 320 46,478 303 Dividends declared but not yet payable 41,695 2,982 41,732 1,436 39,915 2,429 Income collected but not yet earned 45,449 9,457 49,198 9,927 58,030 11,516 Expenses accrued and unpaid 197,759 12,207 166,515 11,059 127,390 10,643 Other liabilities 87,392 10,802 75,722 11,534 83,937 13,584 Total liabilities 104,792,265 11,906,099 95,176,124 10,616,260 88,402,877 9,595,843 CAPITAL ACCOUNTS Capital 2,874,548 458,234 2,841,304 464,764 2,848,630 470,036 Surplus 3,089,817 320,953 2,886,829 309,323 2,801,594 303,315 Undivided profits... 1,006,406 140,485 1,039,182 142,431 972,042 125,314 Other capital acounts.. 482,955 59,902 462,025 61,823 433,968 57,690 Total capital accounts 7,453,726 979,574 7,229,340 978,341 7,056,234 956,355 Total liabilities and capital accounts 112,245,991 12,885,673 102,405,464 11,594,601 95,459,111 10,552,198 MEMORANDA Demand deposits adjusted2 59,930,302 7,288,028 55,278,615 6,321,984 48,227,356 5,657,646 Reciprocal bank balances (excluded from assets and liabilities) .... . (3) (3) 490,528 12,058 525,324 12,153 Number of banks.. 13,274 6,539 13,302 6,602 13,347 6,671 1 Excludes three mutual savings banks; State bank members of the Federal Reserve System, which are included in member bank figures on opposite 2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 3 Figures not reported. MAY 1944 499 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1943 ALL MEMBER BANKS, BY CLASSES [Amounts in thousands of dollars] All member banks1 nat A io ll nal S A ta ll te ci C ty e n m tr e a m l b r e e r s e b r a v n e ks Re c s i e t r y ve C m o e u m n b tr e y r Item m b e a m n b k e s r m b e a m nk b s er New York Chicago m b e a m nk b s er banks 1940 1941 1942 1943 Year 1943 Earnings 1,323,049 1,416,866 1,486,734 1,650,170 1,058,267 591,903 343,328 90,251 618,338 598,253 Interest and dividends on securities 431,233 445,281 539,673 765,828 502,305 263,523 185,019 52,343 282,887 245,579 Interest and discount on loans 595,411 665,152 639,721 552,128 364,724 187,404 87,524 21,951 212,081 230,572 Service charges on deposit accounts.... 59,262 64,869 68,177 76,407 53,334 23,073 7,363 942 28,031 40,071 O Se th rv e i r c e c h c a h r a g r e g s e , s c a o n m d m fe is e s s i o o n n s , l o fe a e n s s , etc.. 33,292 37,799 3 9 6 , , 0 2 4 71 0 4 1 5 0 , , 1 8 3 4 7 9 2 6 9 , , 5 4 4 4 1 8 1 4 5 , , 3 6 0 89 8 3 6, , 1 3 7 8 0 5 9 5 6 6 0 3 1 4 6 , , 1 9 9 3 9 6 2 2 1 , , 3 4 0 68 5 Trust department 92,320 93,116 91,925 96,333 34,305 62,028 35,065 8,774 34,219 18,275 Other current earnings 111,531 110,649 101,927 103,488 67,610 35,878 18,802 4,718 39,985 39,983 Expenses2 921,021 987,917rl,069,086 1,154,278 743,708 410,570 220,714 58,732 435,369 439,463 Salaries—officers 155,466 163,264 169,912 174,877 114,322 60,555 27,434 6,691 54,434 86,318 Salaries and wages—mother 244,834 262,639 290,625 312,125 193,309 118,816 70,448 15,726 128,358 97,593 Directors' and committee members' fees. 7,690 8,169 8,539 8,706 5,r~ 2,838 966 124 1,737 5,879 Interest on time deposits 147,470 139,930 128,289 123,707 83,846 39,861 3,310 5,124 46,097 69,176 Interest on borrowed money 124 124 110 353 169 184 205 2 43 103 Taxes 100,402 128,967 148,790 199,773 131,252 68,521 48,716 14,552 79,654 56,851 Recurring depreciation on banking house, furniture, and fixtures2 33,434 33,472 23,714 9,758 4,525 731 12,380 15,836 Other current expenses 265,035 284,824 289,387 301,265 191,228 110,037 65,110 15,782 112,666 107,707 Net current earnings2.. 402,028 428,949 r417,648 495,892 314,559 181,333 122,614 31,519 182,969 158,790 Recoveries, profits on securities, etc 302,750 278,339 188,466 312,333 187,264 125,069 127,408 16,201 81,494 87,230 Recoveries on securities 63,819 63,989 48,301 81,812 59,640 22,172 38,444 5,290 18,121 19,957 Profits on securities 159,141 128,956 59,911 93,854 54,112 39,742 37,484 3,640 26,679 26,051 Recoveries on loans 55,294 58,905 55,903 72,533 52,847 19,686 17,450 5,462 22,874 26,747 All other 24,496 26,489 24,351 64,134 20,665 43,469 34,030 1,809 13,820 14,475 Losses and charge-offs2.. 355,669 317,525 r223,050 250,972 152,119 98,853 64,709 23,121 85,838 77,304 On securities 163,958 137,731 102,691 101,559 65,968 35,591 21,673 11,224 36,333 32,329 On loans 90,408 83,590 64,770 63,360 43,072 20,288 21,055 877 19,482 21,946 All other2 101,303 96,204 r55,589 86,053 43,079 42,974 21,981 11,020 30,023 23,029 Net profits 349,109 389,763 383,064 557,253 349,704 207,549 185,313 24,599 178,625 168,716 Gash dividends declared.. 210,480 210,618 203,007 208,368 131,147 77,221 65,987 11,950 72,394 58,037 On preferred stock3 12,728 12,745 11,090 10,828 6,153 4,675 841 27 4,201 5,759 On common stock 197,752 197,873 191,917 197,540 124,994 72,546 65,146 11,923 68,193 52,278 Loans 14,298,000 16,,699,000 17,218,00016,229,00010,058,000 6,171,000 4,482,000 911,000 6,094,000 4,742,000 U.S. Government obligations. 14,823,000 17,753,000 25;,408,000 48",182,00030,879,00017,303,00014,183,000 3,222,000 17,688,00013,090,000 Other securities 5,799,000 5,994,000 5,842,000 5,286,000 3,471,000 1,816,000 1,104,000 344,000 1,703,000 2,136,000 Real-estate assets 1,303,000 1,229,000 1,167,000 1,071,000 658,000 414,000 216,000 19,000 407,000 430,000 Cash assets 21,484,000 23!,062,000 22"1,705,000 23,243,00015,681,000 7,562,000 5,116,000 1,270,000 9,107,000 7,751,000 Total assets.. 58,025,000 65,044,000 72,610,000 94,299,00060,918,00033,381,00025,193,000 5,786,000 35,117,000 28,203,000 Time deposits 12,055,00012,458,000 12,413,000 14,,176,000 9,487,000 4,689,000 793,000 486,000 5,643,000 7,254,000 Total deposits 51,919,000 5188,717,000 66,,110033,,000 87,381,00056,657,000 3100,,723,00023,028,000 5,447,000 32,!881,000 26,024,000 Total capital accounts.. 5,597,000 5,798,000 5,977,000 6,304,000 3,851,000 2,453,000 1,793,000 315,000 2,087,000 2,110,000 Number of officers 35;369 36,476 35,604 36,398 25,788 10,610 2,451 564 8,467 24,916 Number of employees. 163,783 176,466 182,023 190,354 121,092 69,262 36,573 ,232 74,262 71,287 Number of banks 6,486 6,619 6,679 6,738 5,040 1,698 357 6,331 r Revised; see footnote 2. 1 Figures for 1941 and subsequent years are for all member banks at the end of the year submitting reports of earnings, expenses and dividends, plus the national banks which reported for the first half of the year only. Figures for 1940 represent the totals of the two semiannual reports, including all banks reporting for either or both six-month periods. 2 Recurring depreciation on banking house, furniture, and fixtures is included in expenses in 1942 and 1943 and in losses and charge-offs in prior years. 3 Includes interest on capital notes and debentures. , NOTE.—The figures of assets, deposits, and capital accounts are averages of the amounts reported for each call date in the current year and the final call date in the preceding year. The number of officers and employees and number of banks are as of the end of the year. Real-estate assets are comprised of banking house and equipment, other real estate owned, and items indirectly representing bank premises or other real estate. Cash assets are comprised of cash, balances with other banks (including reserve balances), and cash items in process of collection. Total capital accounts are comprised of the aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, and other capital reserves. 5OO FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 19^—Continued ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item New Phila- Cleve- St. Minne- Kansas San Boston York delphia land Atlanta ChicaS° Louis apolis City Dallas Francisco Earnings 96,574 471,760 110,629 142,764 74,557 73,114 232,968 59,023 43,228 65,540 60,829 219,184 Interest and dividends on securities 41,932 242,378 53,285 67,908 32,739 31,018 120,307 25,415 18,326 24,514 21,808 86,198 Interest and discount on loans 32,053 132,979 34,770 46,954 27,363 24,176 68,942 22,368 14,754 27,290 26,004 94,475 Service charges on deposit accounts 4,524 15,437 3,338 6,036 4,425 4,708 11,509 2,863 2,544 4,754 4,003 12,266 Service charges and fees on loans 503 3,948 437 835 218 392 2,156 268 276 197 166 1,453 Other charges, commissions, fees, etc 2,072 8,610 1,582 2,986 2,678 4,578 5,907 2,906 3,529 2,244 2,427 5,618 Trust department 7,536 39,924 10,384 7,822 3,234 2,229 11,868 1,765 1,273 1,707 1,003 7,588 Other current earnings 7,954 28,484 6,833 10,223 3,900 6,013 12,279 3,438 2,526 4,834 5,418 11,586 Expenses 69,809 315,136 75,324 100,361 55,746 51,160 161,873 42,253 31,210 46,754 45,010 159,642 Salaries—officers 11,036 43,109 11,397 14,122 9,142 7,975 23,420 7,578 6,263 10,083 9,263 21,489 Salaries and wages— others 18,107 93,998 19,504 24,695 13,309 12,420 43,279 10,100 7,154 11,166 10,778 47,615 Directors' and committee members' fees 731 2,143 1,156 814 531 366 973 389 335 390 365 513 Interest on time deposits... 7,528 19,327 9,685 14,705 6,906 4,573 21,813 4,326 4,226 3,040 2,006 25,572 Interest on borrowed money 12 234 9 9 9 40 5 23 2 4 3 Taxes.. 11,911 58,771 12,021 18,617 10,504 8,559 26,904 7,079 4,073 7,260 8,506 25,568 Recurring depreciation on banking house, furniture, and fixtures 2,256 7,964 2,807 3,286 1,768 1,957 3,588 1,119 807 1,544 1,475 4,901 Other current expenses 18,228 89,590 18,745 24,113 13,577 15,270 41,891 11,639 8,350 13,267 12,614 33,981 Net current earnings .. .. 26,765 156,624 35,305 42,403 18,811 21,954 71,095 16,770 12,018 18,786 15,819 59,542 Recoveries, profits on securities, etc 15,241 151,758 20,267 19,614 9,821 8,448 34,142 7,953 7,308 10,311 7,728 19,742 Recoveries on securities.... 2,603 44,055 7,612 4,396 2,393 768 8,579 1,467 2,204 3,060 1,120 3,555 Profits on securities 5,235 46,305 7,235 6,708 3,029 3,735 9,064 2,668 763 1,973 1,420 5,719 Recoveries on loans 4,752 25,016 3,545 5,739 2,387 2,068 9,417 2,220 3,357 3,527 3,253 7,252 Allother 2,651 36,382 1,875 2,771 2,012 1,877 7,082 1,598 984 1,751 1,935 3,216 Losses and charge-offs 18,783 88,811 25,089 18,876 7,782 9,605 36,517 6,736 4,336 5,409 5,940 23,088 On securities 6,112 29,630 11,158 8,251 3,397 3,883 17,239 3,539 2,442 3,250 2,403 10,255 On loans 6,318 28,804 6,050 3,680 1,392 2,757 2,893 1,448 956 1,356 1,711 5,995 Allother 6,353 30,377 7,881 6,945 2,993 2,965 16,385 1,749 938 803 1,826 6,838 Net profits 23,223 219,571 30,483 43,141 20,850 20,797 68,720 17,987 14,990 23,688 17,607 56,196 Gash dividends declared .. 13,092 76,243 15,846 14,862 8,415 7,298 23,084 4,212 7,146 7,635 23,647 On preferred stock8 635 3,489 835 1,165 335 561 1,148 292 110 162 206 1,890 On common stock 12,457 72,754 15,011 13,697 6,737 21,936 6,596 4,102 6,984 7,429 21,757 Loans 952,000 5,503,000 875,000 1,230,000 659,000 639,000 2,029,000 616,000 371,000 638,000 612,000 2,104,000 U. S. Government obligations 2,683,000 17,214,000 2,502,000 31,690,000 2,010,000 1,738,000 7,467,000 ,512,0001,136,0001,608,0001,372,000 5,250,000 Other securities 230,000 1,507,000 468,000 515,000 169,000 257,000 902,000 225,000 107,000 215,000 143,000 549,000 Real-estate assets 72,000 329,000 115,000 107,000 58,000 57,000 84,000 31,000 21,000 29,000 44,000 124,000 Cash assets 1,193,000 6,319,000 1,165,000 1,845,000 1,171,000 1,229,000 3,524,000 956,000 614,000 1,411,0001,299,000 2,517,000 Total assets 5,151,00030,984,000 5,145,000 7,404,000 4,078,000 3,932,00014,044,000 3,347,000 2,254,000 3,908,000 3,475,00010,577,000 Time deposits 744,000 2,662,0001,037,000 1,630,000 707,000 513,000 2,468,000 469,000 421,000 345,000 246,000 2,934,000 T T o o t t a a l l c d a e p p i o t s a i l t s accounts 4, 4 7 1 0 4 7 , , 0 0 0 0 0 0! 2 8 , , 2 3 4 5 2 4 , , 0 ~ 0 " 0 , 4 6 8 3 7 9 , , 000 ., 6 7 3 4 4 5 , ,0 0 00 0 00 0 0 3, 2 8 6 04 0 , , 0 0 0 0 0 0 3, ;2 6 2 9 1 6 , , 0 0 0 0 0 013, 7 2 5 4 5 7 , ,0 0 000 0 00 0 31, 1 1 9 3 9 9 , ,0 0 "0 0 " 0 02,1 13 0 9 8 ,0 0, 0 0" 0 0 3,, 2 6 2 7 2 9 , , 0 00 0 0 0 3,, 1 27 9 1 6 , , 0 0 0 0 0 0 9,9 5 9 3 2 6 , , 0 0 0 0 0 0 Number of officers 2,025 6,077 2,701 3,173 2,161 1,814 4,729 2,016 1,783 2,878 2,541 4,500 Number of employees 11,472 51,940 12,003 14,784 9,166 8,944 26,637 7,418 5,313 8,135 7,942 26,600 Number of banks .. 346 806 646 707 465 316 953 456 454 741 575 273 For footnote, see p. 500. MAY 1944 501 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1943—Continued RESERVE CITY MEMBER BANK,* BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item San 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 ci r s a c n o - Earnings 38,919 13,817 49,109 82,908 32,446 36,034 67,904 30,825 16,112 34,693 29,591 185,980 Interest and dividends on securities 16,325 5,762 26,148 42,264 16,796 15,392 35,733 14,061 7,917 15,451 12,281 74,757 Interest and discount on loans 12,801 4,543 11,637 23,646 8,946 11,748 20,023 10,999 4,824 12,347 11,139 79,428 Service charges on deposit accounts 814 886 980 2,586 1,662 1,700 4,820 887 804 1,692 1,100 10,100 Service charges and fees on loans 383 96 270 576 72 282 852 174 119 70 49 1,256 Other charges, commissions, fees, etc 934 274 503 1,511 1,094 2,173 2,328 1,533 638 717 847 4,38 Trust department 4,068 470 7,271 6,292 1,901 1,499 1,181 1,468 1,033 1,457 811 6,768 Other current earnings 3,594 2,300 6,033 1,975 3,240 2,967 1,703 777 2,959 9,287 1,786 3,364 26,275 9,958 31,308 55,705 24,730 24,938 49,012 21,938 11,051 24,239 21,801 134,414 Salaries—officers 3,613 1,116 3,971 6,057 3,231 3,067 5,625 2,969 1,417 3,435 3,028 16,905 Salaries and wages—others... 7,525 3,401 10,583 15,647 6,577 6,179 15,369 5,981 3,414 6,731 5,659 41,292 Directors' and committee members' fees 115 46 194 213 163 132 223 101 54 111 70 315 Interest on time deposits 874 1,143 816 6,277 1,927 1,787 7,452 1,546 738 1,171 1,149 21,217 Interest on borrowed money.. 1 2 6 1 12 2 14 3 1 Taxes 6,083 913 6,002 [11,835 5,903 4,849 6,245 4,326 1,913 4,278 ' 4,869 22,438 Recurring depreciation on banking house, furniture, and fixtures 827 359 738 1,610 710 989 957 485 179 708 736 4,082 Other current expenses 7,237 2,978 8,998 14,065 6,218 7,923 13,139 6,516 3,336 7,802 6,290 28,164 Net current earnings 12,644 3,859 17,801 27,203 7,716 11,096 18,892 8,887 5,061 10,454 7,790 51,566 Recoveries, profits on securities, etc. 5,354 3,178 9,963 10,356 5,520 4,264 7,780 4,448 3,724 6,076 4,057 16,774 Recoveries on securities 379 593 4,047 1,925 1,512 286 1,094 712 1,234 2,223 841 3,275 Profits on securities 2,151 964 3,903 4,172 1,899 1,718 2,608 1,640 226 1,603 934 4,861 Recoveries on loans 1,671 1,533 1,451 3,034 907 1,207 1,140 1,248 1,833 1,393 1,297 6,160 All other 1,153 562 1,225 1,202 1,053 2,938 431 857 985 2,478 Losses and charge-offs 8,978 3,867 12,236 11,677 4,284 5,640 6,592 3,954 2,136 3,104 3,090 20,280 On securities 1,813 903 5,902 4,928 2,103 2,128 2,467 1,942 1,614 2,095 1,303 9,135 On loans 3,406 810 2,663 2,194 288 1,650 804 839 240 660 779 5,149 Allother 3,759 2,154 3,671 4,555 1,893 1,862 3,321 1,173 282 349 1,008 5,996 Net profits 9,020 3,170 15,528 25,882 8,952 9,720 20,080 9,381 6,649 13,426 8,757 48,060 Cash dividends declared 6,844 652 8,738 9,475 3,978 3,902 4,832 4,060 1,854 3,258 3,678 21,123 On preferred stock3 36 138 125 729 143 409 565 106 37 98 113 1,702 On common stock 6,808 514 8,613 8,746 3,835 3,493 4,267 3,954 1,817 3,160 3,565 19,421 Loans 498,000 126,000 400,000 783,000 264,000 373,000 576,000 382,000 167,000 383,000 316,000 1,825,000 U. S. Government obligations.. 1,189,000 331,000 1,292,000 2,469,i ,091,000 898,000 2,488,000 911,000 566,0001,091,000 834,000 4,;529,000 Other securities 52,000 28,000 187,000 243,000 55,000 121,000 231,000 112,000 29,000 128,000 47,000 471,000 Real-estate assets 25,000 17,000 42,000 62,000 30,000 29,000 26,000 16,000 9,000 17,000 28,000 105,000 Cash assets 522,000 147,000 610,000 1 128,000 538,000 588,0001,232,000 512,000 272,000 853,000 650,000 2,055,000 Total assets 2,300,000 654,000 2,546,000 4,698,0001,984,000 2,018,000 4,565,000 1,938,000 1,045,000 2,477,000 1,877,000 9,014,000 Time deposits 97,000 160,000 129,000 765,000 258,000 203,000 916,000 183,000 89,000 176,000 146,000 2,521,000 Total deposits 2,099,000 609,i ,334,"- ,272,000l,866,r ,902,000 4,350, ,829,000 >821,,000000 22,347,""" ,774,000 8,517,000 Total capital accounts 182,000 44,000 198,000 405,000 112,000 106,000 203,000 103,000 58,000 125,000 98,000 452,000 Number of officers 456 174 468 707 453" 473 851 419 190 534 448 3,294 Number of employees 4,364 2,052 5,705 ,287 4,134 4,188 9,223 3,975 2,133 4,313 3,763 22,125 Number of banks 24 36 50 32 * Not including central reserve city banks. For other footnote, see p. 500. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1943—Continued COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item Boston Y N o ew rk d P el h p i h la ia - C la le n v d e- m R o i n ch 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 r i S s a a c n n o - Earnings 57,655 114,615 61,520 59,856 42,111 37,080 74,813 28,198 27,116 30,847 31,238 33,204 Interest and dividends on securities 25,607 51,597 27,137 25,644 15,943 15,626 32,231 11,354 10,409 9,063 9,527 11,441 Interest and discount on loans.. 19,252 40,912 23,133 23,308 18,417 12,428 26,968 11,369 9,930 14,943 14,865 15,047 Service charges on deposit accounts 3,710 7,188 2,358 3,450 2,763 3,008 5,747 1,976 1,740 3,062 2,903 2,166 Service charges and fees on loans 120 467 167 259 146 110 344 94 157 127 117 197 Other charges, commissions, fees, etc 1,138 2,166 1,079 1,475 1,584 2,405 3,016 1,373 2,891 1,527 1,580 1,234 Trust department 3,468 4,389 3,113 1,530 1,333 730 1,913 297 240 250 192 820 Other current earnings 4,360 7,896 4,533 4,190 1,925 2,773 4,594 1,735 1,749 1,875 2,054 2,299 Expenses • 43,534 84,464 44,016 44,656 31,016 26,222 54,129 20,315 20,159 22,515 23,209 25,228 Salaries—officers 7,423 14,559 7,426 8,065 5,911 4,908 11,104 4,609 4,846 6,648 6,235 4,584 Salaries and wages—other 10,582 20,149 8,921 9,048 6,732 6,241 12,184 4,119 3,740 4,435 5,119 6,323 Directors' and committee members' fees 616 1,131 962 601 368 234 626 288 281 279 295 198 Interest on time deposits 6,654 14,874 8,869 8,428 4,979 2,786 9,237 2,780 3,488 1,869 857 4,355 Interest on borrowed money .. 11 27 3 8 8 28 1 9 2 1 3 2 Taxes 5,828 9,142 6,019 6,782 4,601 3,710 6,107 2,753 2,160 2,982 3,637 3,130 Recurring depreciation on banking house, furniture, and fixtures 1,429 3,080 2,069 1,676 1,058 968 1,900 634 628 836 739 819 Other current expenses 10,991 21,502 9,747 10,048 7,359 7,347 12,970 5,123 5,014 5,465 6,324 5,817 Net current earnings 14,121 30,151 17,504 15,200 11,095 10,858 20,684 7,883 6,957 8,332 8,029 7,976 Recoveries, profits on securities, etc. 9,887 21,172 10,304 9,258 4,301 4,184 10,161 3,505 3,584 4,235 3,671 2,968 Recoveries on securities 2,224 5,018 3,565 2,471 881 482 2,195 755 970 837 279 280 Profits on securities 3,084 7,857 3,332 2,536 1,130 2,017 2,816 1,028 537 370 486 858 Recoveries on loans 3,081 6,033 2,094 2,705 1,480 861 2,815 972 1,524 2,134 1,956 1,092 All other 1,498 2,264 1,313 1,546 810 824 2,335 750 553 894 950 738 Losses and charge-offs 9,805 20,235 12,853 7,199 3,498 3,965 6,804 2,782 2,200 2,305 2,850 2,808 On securities 4,299 7,054 5,256 3,323 1,294 1,755 3,548 1,597 828 1,155 1,100 1,120 On loans 2,912 6,939 3,387 1,486 1,104 1,107 1,212 609 716 696 932 846 All other 2,594 6,242 4,210 2,390 1,100 1,103 2,044 576 656 454 818 842 Net profits 14,203 31,088 14,955 17,259 11,898 11,077 24,041 8,606 8,341 10,262 8,850 8,136 Cash dividends declared 6,248 9,604 7,108 5,387 4,437 3,396 6,302 2,828 2,358 3,888 3,957 2,524 On preferred stock3 599 2,510 710 436 192 152 556 186 73 64 93 188 On common stock 5,649 7,094 6,398 4,951 4,245 3,244 5,746 2,642 2,285 3,824 3,864 2,336 Loans 454,000 895,000 474,000 447,000 394,000 266,000 542,000 233,000 204,000 256,000 296,000 280,000 U. S. Government obligations... 1,494,0002,700,0001211,0001,221,000 919,000 840,0001757,000 601,000 570,000 517,000 538,000 721,000 Other securities 178,000 375,000 281,000 273,000 114,000 136,000 327,000 113,000 78,000 87,000 97,000 78,000 Real-estate assets 46,000 96,000 73,000 45,000 28,000 27,000 39,000 15,000 12,000 11,000 16,000 19,000 Cash assets 671,0001,056,000 555,000 717,000 633,000 641,0001022,000 444,000 342,000 559,000 649,000 462,000 Total assets 2,851,0005,137,0002 599,0002,707,0002,094,0001,915,0003 693,0001409,0001,209,0001,431,0001,597,0001,562,000 Time deposits 648,0001,709,000 908,000 865,000 449,000 310,0001066,000 285,000 331,000 168,000 100,000 414,000 Total deposits 2,607,0004,717,0002 305,0002,473,0001,938,0001,794,0003450,0001310,0001,126,0001,332,0001,497,0001,474,000 Total capital accounts 232,000 405,000 288,000 229,000 148,000 115,000 237,000 96,000 81,000 97,000 98,000 83,000 Number of officers 1,569 3,452 2,233 2,466 1,708 1,341 3,314 1,597 1,593 2,344 2,093 1,206 Number of employees 7,108 13,315 6,298 6,497 5,032 4,756 9,182 3,443 3,180 3,822 4,179 4,475 Number of banks.. 335 758 622 674 429 294 869 435 445 691 538 241 For footnotes, see p. 500. MAY 1944 503 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1943—Continued ALL MEMBER BANKS, BY SIZE OF BANK [Amounts in thousands of dollars] Size group—total deposits (in thousands of dollars) Item Total1 500 and 750- 1,000- 2,000- 5,000- 10,000- Over under 500-750 1,000 2,000 5,000 10,000 50,000 50,000 Earnings 1,645,882 3,508 8,783 12,576 61,284 129,600 116,274 264,382 1,049,475 Interest and dividends on securities 764,839 953 2,675 4,064 21,390 49,745 47,859 112,767 525,386 Interest and discount on loans 551,520 2,036 4,697 6,413 29,419 56,105 44,244 91,787 316,819 Service charges on deposit accounts 76,244 191 485 784 3,948 9,801 8,979 19,375 32,681 Service charges and fees on loans 10,842 13 39 42 285 560 476 1,274 8,153 Other charges, commissions, fees, etc..'. 45,047 187 518 750 3,217 5,352 4,151 7,925 22,947 Trust department 94,033 1 4 20 237 1,268 3,109 11,748 77,646 Other current earnings 103,357 127 365 503 2,788 6,769 7,456 19,506 65,843 Expenses 1,150,806 2,744 6,720 9,504 45,575 95,932 86,259 195,770 708,302 Salaries—officers 174,163 1,027 2,231 3,038 12,585 21,984 16,126 31,099 86,073 Salaries and wages—other 311,183 239 678 1,074 6,582 18,305 20,077 52,550 211,678 Directors' and committee members' fees 8,685 54 136 213 944 1,717 1,139 1,788 2,694 Interest on time deposits 123,491 359 1,120 1,655 8,254 16,943 14,421 25,891 54,848 Interest on borrowed money 353 1 1 8 8 25 63 247 Taxes 199,324 "319 762 1,032 5,301 11,386 10,223 26,317 143,934 Recurring depreciation on banking house, furniture, and fixtures 33,442 102 234 347 1,591 3,618 3,201 6,401 17,948 Other current expenses 300,165 644 1,558 2,094 10,310 21,971 21,047 51,661 190,880 Net current earnings. . 495,076 764 2,063 3,072 15,709 33,668 30,015 68,612 341,173 Recoveries, profits on securities, etc 311,772 483 1,140 1,582 8,193 18,260 17,344 40,640 224,130 Recoveries on securities 81,668 74 229 362 1,975 4,249 4,397 10,200 60,182 Profits on securities 93,743 77 203 314 1,793 4,984 5,074 13,600 67,698 Recoveries on loans 72,427 261 492 633 3,017 5,812 4,771 10,475 46,966 All other 63,934 71 216 273 1,408 3,215 3,102 6,365 49,284 Losses and charge-offs.. 250,686 386 755 1,134 6,429 15,252 ' 15,643 36,311 174,776 On securities 101,346 86 215 396 2,561 6,705 7,056 15,036 69,291 On loans 63,318 181 310 460 2,125 4,384 3,824 10,107 41,927 All other 86,022 119 230 278 1,743 4,163 4,763 11,168 63,558 Net profits 556,162 861 2,448 3,520 17,473 36,676 31,716 72,941 390,527 Cash dividends declared. 207,787 368 895 1,311 6,238 12,868 11,041 23,647 151,419 On preferred stock2 10,816 27 46 80 353 941 1,187 2,530 5,652 On common stock 196,971 341 849 1,231 5,885 11,927 9,854 21,117 145,767 L U o . a S n . s Government obligat ; ions. 5 1 2 6 , , 8 2 6 7 7 0 , , 6 1 9 5 1 5 4 2 8 9, , 8 6 0 0 : 6 1 7 4 4 6 , , 9 65 3 8 4 2 1 2 0 2 1 , , 3 9 6 2 1 9 1,2 5 1 0 8 1 , , 4 6 9 1 2 0 2 1 , , 9 0 0 1 6 2 , ,5 3 2 8 9 6 2,9 8 2 5 3 8 , , 5 1 4 8 4 6 2 7 , , 1 4 1 4 3 0 , , 3 1 9 9 4 2 3 1 7 1 , , 9 5 6 7 1 7 , , 4 7 5 7 2 1 Other securities 5,016,474 8,523 24,069 38,310 208,736 503,942 433,383 848,733 2,950,778 Real-estate assets 1,017,646 1,653 4,024 5,567 32,150 75,366 78,455 199,482 620,949 Cash assets 23,757,125 50,594 118,419 175,780 836,570 1,722,410 1,507,014 3,709,268 15,637,070 Total assets 99,233,630 139,218 368,214 544,162 2,799,433 6,226,006 5,808,869 14,346,590 69,001,138 Time deposits 15,298,507 27,323 90,940 142,226 766,921 1,802,673 1,707,668 3,230,766 7,529,990 Total deposits 92,147,378 122,359 330,911 493,784 2,563,188 5,737,764 5,366,513 13,390,689 64,142,170 Total capital accounts. 6,452,967 16,701 36,705 49,428 232,964 478,378 429,772 915,536 4,293,483 Number of officers 36,24: 642 1,217 1,489 5,198 7,166 3,987 5,642 10,901 Number of employees.. 189,60! 402 918 1,317 6,471 14,571 14,383 35,007 116,538 Number of banks included 6,715 321 526 568 1,779 1,849 777 230 * Totals are for all banks which submitted reports covering the entire year, except 4 trust companies and 2 national banks having no deposits. 2 Includes interest on capital notes and debentures. NOTE.—The figures for assets, deposits, capital accounts, number of officers and employees, and number of banks are as of the end of the year. See te on p. 500 regarding the composition of real estate assets, cash assets and total capital accounts. 504 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 19^-Continued NATIONAL BANKS, BY SIZE OF BANK [Amounts in thousands of dollars] Size group—total deposits (in thousands of dollars) Item Total1 5 u 0 n 0 d a e n r d 77c5nU -ii, ununon 1 2 , QQ 0 Q 00- 2 5 , Q 0 0 0 Q 0- 5 lQ , Q 0 Q 0 Q 0- 10,000- 5 O 0, v 0 e 0 r 0 Earnings ,056,677 2,830 6,435 9,029 47,448 99,658 85,710 171,134 634,433 Interest and dividends on securities 501,664 778 2,014 2,985 17,083 39,738 36,663 76,525 325,878 Interest and discount on loans 364,194 1,637 3,411 4,537 22,318 41,929 31,522 57,069 201,771 Service charges on deposit accounts 53,175 155 351 561 3,042 7,534 6,662 13,284 21,586 Service charges and fees on loans 6,534 11 29 32 217 388 310 868 4,679 Other charges, commissions, fees, etc 29,382 150 361 539 2,438 4,126 3,154 5,034 13,580 Trust department 34,215 3 7 162 730 1,948 5,409 25,956 Other current earnings 67,513 99 266 368 2,188 5,213 5,451 12,945 40,983 Expenses 742,486 2,201 4,914 6,786 35,209 73,462 63,403 126,104 430,407 Salaries—Officers 114,094 833 1,621 2,166 9,622 16,712 11,936 20,121 51,083 Salaries and wages—others 193,017 191 498 784 5,189 14,096 14,794 33,766 123,699 Directors' and committee members' fees 5,862 45 101 155 745 1,342 845 1,186 1,443 Interest on time deposits . 83,631 280 820 1,146 6,344 12,771 10,393 15,536 36,341 Interest on borrowed money 169 1 7 6 13 35 107 Taxes 131,143 253 552 779 4,107 8,898 7,420 17,207 91,927 Recurring depreciation on banking house, furniture, and fixtures 23,688 85 180 257 1,283 2,871 2,395 4,312 12,305 Other current expenses 190,882 514 1,142 1,498 7,912 16,766 15,607 33,941 113,502 Net current earnings... 314,191 629 1,521 2,243 12,239 26,196 22,307 45,030 204,026 Recoveries, profits on securities, etc. 186,892 379 869 1,141 6,365 13,778 12,799 24,423 127,138 Recoveries on securities 59,500 44 180 246 1,539 3,191 3,119 5,592 45,589 Profits on securities 54,017 67 171 226 1,470 3,970 3,699 8,148 36,266 Recoveries on loans 52,746 218 383 484 2,350 4,405 3,736 7,172 33,998 All other 20,629 50 135 185 1,006 2,212 2,245 3,511 11,285 Losses and charge-offs... 151,852 337 593 837 5,345 11,932 11,599 20,371 100,838 On securities 65,768 74 165 253 2,123 5,319 5,540 9,593 42,701 On loans 43,030 159 265 368 1,781 3,366 2,780 5,175 29,136 All other 43,054 104 163 216 1,441 3,247 3,279 5,603 29,001 Net profits 349,231 671 1,797 2,547 13,259 28,042 23,507 49,082 230,326 Cash dividends declared. 131,073 303 686 1,020 5,021 10,288 8,290 15,482 89,983 On preferred stock 6,141 22 39 69 277 549 845 1,255 3,085 On common stock 124,932 281 647 951 4,744 9,739 7,445 14,227 86,898 Loans 10,100,560 23,611 54,430 72,148 378,502 760,437 608,566 1,337,629 6,865,237 U. S. Government obligations. 33,996,877 37,829 104,515 155,109 940,788 2,261,220 2,213,083 5,021,612 23,262,721 Other securities 3,312,566 7,413 18,757 28,310 167,516 393,549 329,547 585,666 1,781,808 Real-estate assets 625,431 1,386 3,206 4,249 26,304 57,390 57,059 123,208 352,629 Cash assets 15,987,068 40,596 83,125 125,204 645,928 1,346,115 1,161,180 2,647,498 9,937,422 Total assets... 64,206,411 110,870 264,124 385,191 2,160,517 4,822,822 4,375,517 9,736,676 42,350,694 Time deposits 10,208,482 20,392 65,416 96,433 582,766 1,349,607 1,226,428 2,020,794 4,846,646 Total deposits 59,849,204 97,035 235,463 347,647 1,972,716 4,439,697 4,048,014 9,120,739 39,587,893 Total capital accounts 3,941,847 13,689 28,115 36,870 185,236 375,427 319,249 589,941 2,393,320 Number of officers 25,719 516 874 1,061 3,992 5,515 3,000 3,699 7,062 Number of employees.. 120,748 324 666 948 5,066 11,202 10,673 22,821 69,048 Number of banks included... 5,026 254 376 400 1,365 1,431 587 461 152 For footnotes, see p. 500. MAY 1944 505 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1943—Continued STATE MEMBER BANKS, BY SIZE OF BANK [Amounts in thousands of dollars] Size group—total deposits (in thousands of dollars) Item Total1 500 and 1,000- 2,000- 5,000- 10,000- Over under i ana 2,000 55,00000 10,000 5500,000 50,000 Earnings 589,205 678 2,348 3,547 13,836 29,942 30,564 93,248 415,042 Interest and dividends on securities 263,175 175 661 1,079 4,307 10,007 11,196 36,242 199,508 Interest and discount on loans 187,326 399 1,286 1,876 7,101 14,176 12,722 34,718 115,048 Service charges on deposit accounts 23,069 36 134 223 906 2,267 2,317 6,091 11,095 Service charges and fees on loans 4,308 2 10 10 68 172 166 406 3,474 Other charges, commissions, fees, etc 15,665 37 157 211 779 1,226 997 2,891 9,367 Trust department 59,818 1 1 13 75 538 1,161 6,339 51,690 Other current earnings 35,844 28 99 135 600 1,556 2,005 6,561 24,860 Expenses 408,320 543 1,806 2,718 10,366 22,470 22,856 69,666 277,895 Salaries—officers 60,069 194 610 872 2,963 5,272 4,190 10,978 34,990 Salaries and wages—others 118,166 48 180 290 1,393 4,209 5,283 18,784 87,979 Directors' and committee members' fees 2,823 9 35 58 199 375 294 602 1,251 Interest on time deposits 39,860 79 300 509 1,910 4,172 4,028 10,355 18,507 Interest on borrowed money 184 1 1 2 12 28 140 Taxes 68,181 210 303 1,194 2,803 9,110 52,007 Recurring depreciation on banking house, furniture, and fixtures 9,754 17 54 90 747 806 2,089 5,643 Other current expenses. 109,283 130 416 596 2,398 5,205 5,440 17,720 77,378 Net current earnings. . 180,885 135 542 829 3,470 7,472 7,708 23,582 137,147 Recoveries, profits on securities, etc 124,880 104 271 441 1,828 4,482 4,545 16,217 96,992 Recoveries on securities 22,168 30 49 436 1,058 1,278 4,608 14,593 "• Profits on securities :.. 39,726 10 32 323 1,014 1,375 5,452 31,432 Recoveries on loans 19,681 43 109 667 1,407 1,035 3,303 12,968 All other 43,305 21 81 402 1,003 857 2,854 37,999 Losses and charge-offs 98,834 49 162 297 1,084 3,320 4,044 15,940 73,938 On securities 35,578 12 50 143 438 1,386 1,516 5,443 26,590 On loans 20,288 22 45 92 344 1,018 1,044 4,932 12,791 All other 42,968 15 67 62 302 916 1,484 5,565 34,557 Net profits 206,931 190 651 973 4,214 8,634 8,209 23,859 160,201 Cash dividends declared 76,714 65 209 291 1,217 2,580 2,751 8,165 61,436 On preferred stock2 4,675 5 7 11 76 392 342 1,275 2,567 On common stock 72,039 60 202 280 1,141 2, 2,409 6,890 58,869 Loans 6,169,595 6,191 20,504 29,781 123,108 252,092 249,620 775,765 4,712,534 U. S. Government obligations.. 18,870,814 10,777 42,143 67,252 277,704 645,166 710,461 2,418,580 14,698,731 Other securities 1,703,908 1,110 5,312 10,000 41,220 110,393 103,836 263,067 1,168 970 Real-estate assets 392,215 267 818 1,318 5,846 17,976 21,396 76,274 268,320 Cash assets 7,770 057 9,998 35,294 50,576 190,642 376,295 345,834 1,061,770 5,699,648 Total'assets 35,027,219 28,348 104,090 158,971 638,916 1,403,184 1,433,352 4,609,914 26,650,444 Time deposits 5,090,025 6,931 25,524 45,793 184,155 453,066 481,240 1,209,972 2,683,344 Total deposits 32,298,174 25,324 95,448 146,137 590,472 1,298,067 1,318,499 4,269,950 24,554,277 Total capital accounts 2,511,120 3,012 8,590 12,558 47,728 102,951 110,523 325,595 1,900,163 Number of officers 10,523 126 343 428 1,206 1,651 987 1,943 3,839 Number of employees 68,859 78 252 369 1,405 3,369 3,710 12,186 47,490 Number of banks included 1,689 For footnotes, see p. 500. 5O6 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1943—Continued RATIOS BY CLASSES OF BANKS AND FEDERAL RESERVE DISTRICTS [Ratios computed from aggregates, expressed as percentages] Central reserve All member banks nat A io ll nal S A ta ll te city b m an e k m s ber Re c s it e y rve C m o e u m n b tr e y r Item m b e a m n b k e s r m b e a m nk b s er New Chicago m b e a m n b k e s r banks York 1940 1941 1942 1943 Year 1943 Ratios to total earnings: Interest and dividends on securities. 32.6 31.4 36.3 46.4 47.5 44.5 53.9 58.0 45.7 41.0 Interest and discount on loans 45.0 47.0 43.0 33.5 34.5 31.7 25.5 24.3 34.3 38.6 Other current earnings 22.4 21.6 20.7 20.1 18.0 23.8 20.6 17.7 20.0 20.4 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 30.3 30.0 31.0 29.5 29.1 30.3 28.5 24.8 29.6 30.7 Interest on time deposits 11.1 9.9 8.6 7.5 7.9 6.7 1.0 5.7 7.4 11.6 Other current expenses 28.2 29.8 r32.3 32.9 33.3 32.4 34.8 34.6 33.4 31.2 Total expenses : 69.6 69.7 r71.9 69.9 70.3 69.4 64.3 65.1 70.4 73.5 Ratios to total capital accounts: Net current earnings 7.2 7.4 r7.0 7.9 8.2 7.4 6.8 10.0 8.8 7.5 Net profits 6.2 6.7 6.4 10.3 7.8 8.6 8.0 Cash dividends declared 3.8 3.6 3.4 3'.3 3 A 3.'l 3.7 3.8 3.5 2.8 Ratios to total assets: Total earnings 2.3 2.2 2.0 1.7 1.7 1.7 1.4 1.6 1.8 2.1 Total expenses 1.6 1.5 r1.5 1.2 1.2 1.2 1.0 1.2 1.6 Net current earnings .7 .7 .6 .5 .5 .5 !5 .6 .6 .5 Net profits .6 .6 .5 .6 .6 .6 .7 .4 .5 .6 Ratios to loans: Interest and discount on loans 4.2 4.0 3.7 3.4 3.6 3.0 2.0 2.4 3.5 4.9 Recoveries on loans .4 .4 .3 .4 .5 .3 A .6 .4 .6 Losses on loans .6 .5 .4 .4 .3 .5 .1 .3 .5 Ratios to securities: Interest and dividends on securities. 2.1 1.9 1.7 1.4 1.5 1.4 1.2 1.5 1.5 1.6 Recoveries on securities .3 .3 .2 .2 .2 .1 .3 .1 .1 .1 Profits on securities sold .8 .5 .2 .2 .2 .2 .2 .1 .1 .2 Losses on securities .8 .6 .3 .2 .2 .2 .1 .3 .2 .2 Other ratios: Interest on time deposits to time deposits 1.2 1.1 1.0 .9 .9 .9 .4 1.1 .8 1.0 Time deposits to total deposits 23.2 21.2 18.8 16.2 16.7 15.3 3.4 8.9 17.2 27.9 Total capital accounts to loans, securities, and real-estate assets 15.5 13.9 12.0 8.9 8.5 9.5 9.0 7.0 8.1 10.3 Loans to total assets 24.6 25.7 23.7 17.2 16.5 18.5 17.8 15.7 17.4 16.8 U. S. Government obligations to total assets 25.5 27.3 35.0 51.1 50.7 51.8 56.3 55.7 50.4 46.4 Other securities to total assets 10.0 9.2 8.0 5.6 5.7 5.4 4.4 5.9 4.8 7.6 Cash assets to total assets 37.0 35.5 31.3 24.6 25.7 22.7 20.3 21.9 25.9 27.5 All member banks, by Federal Reserve districts Item Boston Y N o e r w k P p d h h e i i l l a - a- C la le n v d e- m Ri o c n h d - la A n t t - a Chi- Lo S u t. is M ap in o n li e s - K C an it s y as F c S i r s a a c n n o - Ratios to total earnings: Interest and dividends on securities 43.4 51.4 48.2 47.6 43.9 42.4 51.6 43.1 42.4 37.4 35.9 39.3 Interest and discount on loans 33.2 28.2 31.4 32.9 36.7 33.1 29.6 37.9 34.1 41.6 42.7 43.1 Other current earnings 23.4 20.4 20.4 19.5 19.4 24.5 18.8 19.0 23.5 21.0 21.4 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100 !o Salaries and wages 30.2 29.1 27.9 27.2 30.1 27.9 28.6 30.0 31.0 32.4 32.9 31.5 Interest on time deposits 7.8 4.1 8.8 10.3 9.3 6.3 9.4 7.3 9.8 4.6 3.3 11.7 Other current expenses 34.3 33.6 31.4 32.8 35.4 35.8 31.5 34.3 31.4 34.3 37.8 29.6 Total expenses 72.3 66.8 68.1 70.3 74.8 70.0 69.5 71.6 72.2 71.3 74.0 72.8 Ratios to total capital accounts: Net current earnings 6.5 7.0 7.2 6.7 7.2 9.9 9.4 8.4 8.6 8.5 8.1 11.1 Net profits 5.6 9.8 6.3 6.8 8.0 9.4 9.1 9.0 10.8 10.7 9.0 10.5 Cash dividends declared 3.2 3.4 3.3 2.3 3.2 3.3 3.1 3.5 3.0 3.2 3.9 4.4 Ratios to total assets: Total earnings 1.9 1.5 2.2 1.9 1.8 1.9 1.7 1.8 1.9 1.7 1.8 2.1 Total expenses 1.4 1.0 1.5 1.3 1.4 1.3 1.2 1.3 1.4 1.2 1.3 1.5 Net current earnings .5 .5 .7 .6 .4 .6 .5 .5 .5 .5 .5 .6 Net profits .5 .7 .6 .6 .5 .5 .5 .5 .7 .6 .5 Ratios to loans: Interest and discount on loans 3.4 2.4 4.0 3.8 4.2 3.4 3.6 4.0 4.3 4.2 4.5 Recoveries on loans .5 .5 .4 .5 .4 .3 .5 .4 .9 .6 .5 .3 Losses on loans .7 .5 .7 .3 .4 .1 .2 .3 .2 .3 .3 Ratios to securities: Interest and dividends on securities 1.4 1.3 1.8 1.6 1.5 1.6 1.5 1.3 1.4 1.5 Recoveries on securities .1 .2 .3 .1 .04 .2 .2 Profits on securities sold .2 .2 .2 '.2 .1 .2 .2 .1 .1 !l A Losses on securities .2 .2 .2 .2 .2 .2 .2 .2 .2 Other ratios: Interest on time deposits to time deposits 1.0 .7 .9 .9 1.0 .9 .9 .9 1.0 .9 .8 .9 Time deposits to total deposits 15.8 9.4 22.4 24.2 18.6 13.9 18.6 14.9 20.0 9.4 7.5 29.4 Total capital accounts to loans, securities, and real-estate assets 10.5 9.1 12.3 11.4 9.0 8.2 7.2 8.3 8.5 8.9 9.0 6.7 Loans to total assets 18.5 17.8 17.0 16.6 16.2 16.3 14.4 18.4 16.5 16.3 17.6 19.9 U. S. Government obligations to total assets 52.1 55.6 48.6 49.8 49.3 44.2 53.2 45.2 50.4 41.1 39.5 41.2 Other securities to total assets 4.5 4.9 9.1 7.0 4.1 6.5 6.4 6.7 4.7 5.5 4.1 5.2 Cash assets to total assets 23.2 20.4 22.6 24.9 28.7 31.3 25.1 28.6 27.2 36.1 37.4 23.8 r Revised; see footnote 2 on p. 500. NOTE.—The ratios in these tables were computed from the dollar aggregates shown in preceding tables. Many of these ratios vary substantially from the average of individual bank ratios, which will be published in a subsequent issue, in which each bank's figures—regardless of size or amount—are weighted equally and in general have an equally important influence on the result. In the ratios based on aggregates, presented here, the experience of those banks in each group whose figures are largest have a much greater influence than that of the many banks with smaller figures. (For example, the 100 largest member banks have total earnings which, combined, are approximately equal to those of all the other member banks, numbering about 6,600.) Ratios based on aggregates show combined results for the banking system as a whole and, broadly speaking are the more significant for purposes of general analyses of credit and monetary problems, while averages of individual rati•o" "«"- O.11VX, U'IU O*U 1J *OpC dJi-"lllg , ttlC L'1 1C111U1C" a iglllJ-H~CH.il, *1V-H ." tios are useful primarily to those interested in studying the financial results of operations of individual banks. MAY 1944 507 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1943—Continued RATIOS BY CLASSES OF BANKS AND FEDERAL RESERVE DISTRICTS [Ratios computed from aggregates, expressed as percentages] Reserve city member banks,* by Federal Reserve districts Item Boston N Y e o w rk P p d h h e i l l i - a a - C l l a e n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is M ap i o n l n i e s - K C an it s y as' Dallas F c S i r s a a c n n o - Ratios to total earnings: Interest and dividends on securities 41.9 41.7 53.2 51.0 51.8 42.7 52.6 45.6 49.1 44.5 41.5 40.2 Interest and discount on loans 32.9 32.9 23.7 28.5 27.6 32.6 29.5 35.7 30.0 35.6 37.6 42.7 Other current earnings 25.2 25.4 23.1 20.5 20.6 24.7 17.9 18.7 20.9 19.9 20.9 17.1 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 28.6 32.7 29.6 26.2 30.2 25.6 30.9 29.0 30.0 29.3 29.4 31.3 Interest on time deposits 2.2 8.3 1.7 7.6 5.9 5.0 11.0 5.0 4.6 3.4 3.9 11.4 Other current expenses 36.7 31.1 32.5 33.4 40.1 38.6 30.3 37.1 34.0 37.2 40.4 29.6 Total expenses 67.5 72.1 63.8 67.2 76.2 69.2 72.2 71.1 68.6 69.9 . 73.7 72.3 Ratios to total capital accounts: Net current earnings 6.9 8.8 [9.0 6.7 6.9 10.5 9.3 8.6 8.7 8.4 7.9 11.4 Net profits 5.0 7.2 7.8 6.4 8.0 9.2 9.9 9.1 11.5 10.7 8.9 10.6 Cash dividends declared 3.8 1.5 4.4 2.3 3.6 3.7 2.4 3.9 3.2 2.6 3.8 4.7 Ratios to total assets: Total earnings • .• 1.7 2.1 1.9 1.8 1.6 1.7 1.5 1.6 1.6 1.4 1.6 2.1 Total expenses 1.2 1.5 1.2 1.2 1.2 1.2 1.1 1.1 1.1 1.0 l!2 1.5 Net current earnings .5 .6 .7 .6 A .5 A .5 .5 .4 .6 Net profits A .5 .6 .6 .5 .5 A .5 .6 .5 .5 .5 Ratios to loans: Interested discount on loans 2.6 3.6 2.9 3.0 3.4 3.1 3.5 2.9 2.9 3.2 3.5 4.4 Recoveries on loans .3 1.2 .4 .4 .3 .3 .2 .3 1.1 .4 .4 .3 Losses on loans .7 .6 .7 .3 .1 .4 .1 .2 .1 .2 .2 .3 Ratios to securities: Interest and dividends on securities 1.3 1.6 1.8 1.6 1.5 1.5 1.3 1.4 1.3 1.3 1.4 1.5 Recoveries on securities .03 .2 .3 .1 .1 .03 .04 .1 .2 .2 .1 .1 Profits on securities sold .2 .3 .3 .2 .2 .2 .1 .2 .04 .1 .1 .1 Losses on securities .1 .3 .4 .2 .2 .2 .1 .2 .3 .2 .1 .2 Other ratios: Intereston time deposits to time deposits... .9 .7 .6 .8 .7 .9 .8 .8 .8 .7 .8 .8 Time deposits to total deposits 4.6 26.3 5.5 17.9 13.8 10.7 21.1 10.0 9.1 7.5 8.2 29.6 Total capital accounts to loans, securities, and real-estate assets 10.3 8.8 10.3 11.4 7.8 7.5 6.1 7.2 7.5 7.7 8.0 6.5 Loans to total assets 21.7 19.3 15.7 16.7 13.3 18.5 12.6 19.7 16.0 15.5 16.8 20.2 U. S. Government obligations to total assets 51.7 50.6 50.7 52.6 55.0 44.5 54.5 47.0 54.2 44.0 44.4 50.2 Other securities to total assets 2.3 4.3 7.3 5.2 2.8 6.0 5.1 5.8 2.8 5.2 2.5 5.2 Cash assets to total assets 22.7 22.5 24.0 24.0 27.1 29.1 27.0 26.4 26.0 34.4 34.6 22.8 Country member banks, by Federal Reserve districts Item Boston Y N o e r w k P p d h h e i i l l a - a- C l l a e n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S o t u . is M ap i o n l n i e s - K C an it s y as Dallas F c S r is a a c n n o - Ratios to total earnings: Interest and dividends on securities 44.4 45.0 44.1 42.8 37.9 42.1 43.1 40.3 38.4 29.4 30.5 34.5 Interest and discount on loans 33.4 35.7 37.6 39.0 43.7 33.5 36.0 40.3 36.6 48.4 47.6 45.3 Other current earnings 22.2 19.3 18.3 18.2 18.4 24.4 20.9 19.4 25.0 22.2 21.9 20.2 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 31.2 30.3 26.6 28.6 30.0 30.1 31.1 31.0 31.6 35.9 36.4 32 9 Interest on time deposits 11.6 13.0 14.4 14.1 11.8 7.5 12.4 9.8 12.9 6.1 2.7 13.1 Other current expenses 32.7 30.4 30.5 31.9 31.9 33.1 28.9 31.2 29 8 31.0 35 2 30 0 Total" expenses 75.5 73.7 71.5 74.6 73.7 70.7 72.4 72.0 74.3 73.0 74.3 76^0 Ratios to total capital accounts: Net current earnings 6.1 7.4 6.1 6.6 7.5 9.4 8.7 8.2 8.6 8.6 8.2 9 6 Net profits 6.1 7.7 5.2 7.5 8.0 9.6 10.1 9.0 10.3 10.6 9.0 9!8 Cash dividends declared 2.7 2.4 2.5 2.4 3.0 3.0 2.7 2.9 2.9 4.0 4.0 3.0 Ratios to total assets: Total earnings 2.0 2.2 2.4 2.2 2.0 1.9 2.0 2.0 2.3 2.2 2.0 2.1 Total expenses 1.5 1.6 1.7 1.6 1.5 1.3 1.4 1.4 1.7 1.6 1.5 1.6 * Net current earnings .5 .6 .7 .6 .5 .6 .6 .6 .6 .6 .5 .5 Net profits .5 .6 .6 .6 .6 .6 .7 .6 .7 .7 .6 .5 Ratios to loans: Interest and discount on loans 4.2 4.6 4.9 5.2 4.7 4.7 5.0 4.9 4.9 5.8 5.0 5.4 L R o e s c s o e v s e r o i n e s l o o a n n s loans . . 7 6 . .8 7 . .4 7 . . 3 6 A .3 . . 4 3 . . 2 5 . . 4 3 A .7 " . . 3 8 . .3 7 . # 3 4 Ratios to securities: Interest and dividends on sfccurities 1.5 1.7 1.8 1.7 1.5 1.6 1.5 1.6 1.6 1.5 1.5 1.4 Recoveries on securities .1 .2 .2 .2 .1 .05 .1 .1 .1 .1 .04 .04 Profits on securities sold .2 .3 .2 .2 .1 .2 .1 .1 .1 .1 .1 .1 Losses on securities ... .3 .2 .4 .2 .1 .2 .2 .2 .1 .2 .2 .1 Other ratios: Interest on time deposits to time deposits... 1.0 .9 1.0 1.0 1.1 .9 .9 1.0 1.1 1.1 .9 1.1 Time deposits to total deposits 24.9 36.2 39.4 35.0 23.2 17.3 30.9 21.8 29.4 12.6 6.7 28.1 Total capital accounts to loans, securities, and real-estate assets 10.7 10.0 14.1 11.5 10.2 9.1 8.9 10.0 9.4 11.1 10.3 7.6 Loans to total assets 15.9 17.4 18.2 16.5 18.8 13.9 14.7 16.5 16.9 17.9 18.5 17.9 U. S. Government obligations to total assets 52.4 52.6 46.6 45.1 43.9 43.9 47.6 42.7 47.1 36.1 33 7 46 2 Other securities to total assets. 6.2 7.3 10.8 10.1 5.4 7.1 8.9 8.0 6.5 6.1 6!l 5*.O Cash assets to total assets 23.5 20.6 21.4 26.5 30.2 33.5 27.7 31.5 28.3 39.1 40.6 29.6 * Not including central reserve city banks. 508 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments... 510 Gold production ... .. 511 Gold movements 511 Net capital movements to United States since January i, 1935... 512. Central banks .. 513-516 Money rates in foreign countries ... 517 Commercial banks 518 Foreign exchange rates... 519 Price movements: Wholesale prices 5x0 Retail food prices and cost of living ... 5x1 Security prices... 52.1 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 11, 1934. Back figures for all except price tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics. MAY 1944 509 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS tin 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 - h ia o- m D a en rk - 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 30 16 61 44 52 2,000 29 428 1942—Dec, 22,726 J658 735 115 274 25 36 25 61 44 52 2,000 29 1943—Apr- 22,473 355 734 143 274 425 47 42 61 44 52 2,000 May. 22,426 354 734 153 274 48 43 61 44 52 2,000 June. 22,388 354 734 166 274 49 45 61 44 52 2,000 July. 22,335 353 734 182 274 50 51 61 44 52 2,000 Aug.. 22,243 353 734 202 274 54 53 61 44 52 2,000 Sept, 22,175 353 734 223 274 54 55 61 44 52 2,000 Oct.. 22,116 353 734 243 274 54 56 61 44 52 2,000 Nov. 22,065 354 734 254 274 51 58 61 44 52 2,000 Dec. 21,938 359 734 254 274 51 59 61 44 2,000 1944—Jan. 21,918 363 734 254 274 51 76 61 44 2,000 Feb.. 21,712 368 734 255 77 61 44 Mar. 21,600 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- Z N ea e la w nd N w o a r y - Peru Poland Po g r a t l u- Ru n m ia a- A So fr u ic th a Spain 1938—Dec... 37 26 193 164 80 29 998 23 94 20 85 69 133 220 6525 1939—Dec... 24 26 144 164 90 32 692 23 94 20 4 84 69 152 249 1940—Dec... 24 26 120 164 140 47 617 23 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—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 July.. 24 125 500 23 26 59 271 611 Aug... 24 174 500 23 26 59 282 628 Sept.. 24 200 500 23 26 59 289 644 85 Oct... 24 200 500 23 26 60 302 667 Nov.. 24 202 500 23 31 60 305 685 Dec... 24 203 500 23 31 316 706 1944—Jan... 24 205 500 23 31 316 716 Feb... 24 229 500 23 31 Mar.. 230 33 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 go ia - 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 n i i n t g e - d France g B iu el m dom 1938—Dec 321 701 29 2,690 69 52 57 14 142 1938—Dec. ... 80 2759 331 44 1939—Dec 308 549 29 «*1 68 52 59 7 153 1939—Mar. ... 154 1,732 559 1 1 1 1 9 9 9 9 4 4 4 4 1 0 3 2 — — — — M A D D D p e e e a c c c r y 3 3 3 1 2 3 4 4 2 6 6 4 5 3 0 5 8 6 8 8 0 6 5 2 6 9 6 2 5 4 1 1 1 8 9 1 4 5 8 2 4 5 8 1 9 8 9 0 0 9 6 0 2 4 6 8 7 9 1 8 0 6 82 2 2 1 1 2 1 5 2 2 5 1 1 1 1 1 4 6 4 8 8 5 0 2 4 5 1940— M D J S J M u u e e a a n p c n y r t e . e . . . . . . . . . . . . . . . . . "'" 1 1 1 8 6 8 5 4 5 4 6 6 5 " 3876 477 1 1 1 7 7 7 J J A u u u l n y g e 3 3 3 4 6 7 7 8 1 8 8 8 7 6 8 6 7 0 1 1 1 5 5 6 8 8 1 1 1 1 0 0 0 1 1 3 8 8 8 0 0 4 2 2 2 6 6 6 1 1 1 9 8 9 2 5 2 1941— D S M e e a c p r . t . . . . . . . . . . . 1 4 8 0 8 8 5 "'292' 17 Sept 374 887 161 108 84 26 192 June... 89 O No ct v 3 3 7 8 8 4 9 9 0 0 0 3 1 1 6 6 1 1 111 8 8 4 4 2 2 7 7 1 1 9 9 2 3 S D e e p c t.... 2 2 4 5 4151 17 Dec 387 964 161 89 45 193 1942—Mar.... 12 1944—Jan 399 973 171 89 45 193 June... 8 Feb 401 984 100 193 Sept.... 7 Mar 421 P994 100 193 Dec 12 1943—Mar.. .. 14 p 1 F P i r g e u li r m es i n t a h r 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 e t.... 4 1 3 1 7 Central Bank held at home, gold of the Central Bank held abroad and gold belonging to the Argentine Stabilization Fund. 2 Change from previous December due largely to inclusion of gold formerly not reported. 1 Reported at infrequent intervals or on de- 3 On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Con- layed basis: U. S.—Exchange Stabilization Fund trol Board. Gold reported since that time is gold held by Minister of Finance. (Special A/c No. 1); U. K.—Exchange Equali- 4 Figures relate to last official report dates for the respective countries, as follows: Bulgaria- zation Account; France—Exchange Stabilization Tan. 31, 1943; Greece—Mar. 31, 1941; Java—Jan. 31, 1942; Norway—Mar. 30, 1940; Poland- Fund and Rentes Fund; Belgium—Treasury. July 31, 1939; Yugoslavia—Feb. 28, 1941. * Figure for end of September. 5 Figure for December 1938 is that officially reported on Apr. 30, 1938. Reported figure for total British gold reserves on 6 Figure for February 1941; beginning Mar. 29,1941, gold reserves no longer reported separately. Aug. 31,1939, less reported holdings of Bank of Eng- 7 Beginning December 1942, includes gold reserves abroad, formerly not reported. land on that date. of go 8 l I d n c h r e e ld as e fo o r v F er o r r e e i s g e n r v E es x c r h e a p n o g rt e e d I n a s t ti e t n u d t e o . f 1941 and 1942 due primarily to inclusion for first time 4 Figure for Sept. lr 1941. 9 These countries are: Albania, Algeria, Australia, Austria through Mar. 7,1938, Belgian Congo, NOTE.—For certain back figures and for details Bolivia, China, Costa Rica beginning July 1943, Danzig through Aug. 31,1939, Ecuador, El Salvador, regarding special internal gold transfers affecting Estonia, Finland, Guatemala, Iceland, Ireland beginning February 1943, Latvia,Lithuania, Morocco, the British and French institutions, see Banking and and Thailand (Siam). Figures for certain of these countries have been carried forward from last Monetary Statistics, p. 526. previous official report. 10 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British Exchange Equalization Account during 1939. NOTE.—For back figures, see Banking and Monetary Statistics, Tables 156-160, pp. 536-555, and for a description of figures, including details regarding special internal gold transfers affecting the reported data, see pp. 524-535 in the same publication. 510 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 Afric; North and South America Other outside reported South Rho- Wes I Nicara- Austra- British U.S.S.R.1 monthly Africa desia Afric Canada6|Mex:co° Chile I gua7 lia8 India9 $1 = 15h grains of gold f0fine; i.e.,an ounce if fine gold = $35 1934.. 823,003 708,453 366,795 24,264 12,153 6,549 108,191 104,023 23.135 12,045 8,350 1,166 30,559 11,223 1935.. 882,533 752,847 377,090 25,477 13,625 7,159 126,325 114,971 23,858 11,515 9,251 868 31,240 11,468 1936.. 971,514 833,895 396,768 28,053 16,295 7,386 152,509 131,181 26,465 13,632 9,018 807 40,118 11,663 1937.. 1,041,576 893,384 410,710 28,296 20,784 8,018 168,159 143,367 29,591 15,478 9,544 848 46, 982 11,607 1938.. 1,136,360 958,770 425,649 28,532 24,670 8,470 178,143 165,379 32,306 18,225 10,290 1,557 54, 264 11,284 1939.. 1,208,705 1,020,297 448,753 28,009 28,564 8,759 196,391 178,303 29,426 19,951 11,376 3,506 56, 182 11,078 1940.. 1,297,349 1,094,264 491,628 29,155 32,163 38,862 210,109 185,890 30,878 22,117 11,999 5,429 55, 878 10,157 1941.. 1,288,945 1,089,395 504,268 27,765 32,414 209,175 187,081 27 969 22,961 9,259 7,525 51, 039 9,940 1942.. 968,112 494,439 26,641 29,225 130,963 169,446 630,'000 20,882 6,409 8 623 42,525 8,960 1943.. 737,410 448,153 23,009 19,740 47,783 127,829. 19,789 6,081 r7, 715 28,490 8,820 1943—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 60,025 36,783 1,920 1,540 3,306 9,877 1,659 598 770 2,835 735 Oct 59,860 37,162 1,896 1,540 3,814 9,802 1,672 511 628 2,100 735 Nov 58,289 36,889 1,790 1,540 3,366 9,373 1,512 450 605 2,100 665 Dec 58,226 36,653 1,814 1,505 3,520 9,201 1,600 501 633 2,100 700 1944—Jan P57,319 36,169 A, 814 1,540 3,085 9,023 1,581 ^501 756 '2,100 750 Feb p55,l47 34,100 A, 814 1,540 3,429 8,988 pl,344 ^501 651 '2.100 680 1 Annual figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on estimates of American Bureau of Metal Statistics. 2 Beginning April 1941, figures are those reported by American Bureau of Metal Statistics. 3 Beginning May 1940, monthly figures no longer reported. Annual figure for 1940 estimated at three times production for first four months of the year. 4 Includes Philippine Islands production received in United States. Annual figures through 1942 are estimates of United States Mint. Annual figure for 1943 and monthly figures are estimates of the American Bureau of Metal Statistics. 5 Figures for Canada beginning 1943 are subject to official revision. 6 Beginning April 1942, figures no longer reported. Annual figure for 1942 is rough estimate based on reported production of $7,809,000 in first three months of year. 7 Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production. 8 Beginning December 1941, figures are those reported by American Bureau of Metal Statistics for total Australia. 9 Beginning May 1940, figures are those reported by American Bureau of Metal Statistics. NOTE.—For explanation of tables and sources, see BULLETIN for February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; April 1933, pp. 233-235; and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 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 ar n t o h r im To n p t e o a t r l ts U K d n o i i n m t g e - d 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 l i a i n l n i e d p s - t A ra u l s i - a A S f o r u ic t a h Japan B I r n i d ti i s a h o co t A h u l e n l r tries 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 50,956 3102, 404 1940 4,744,472 633,083 241,778 977 63,260 161,489 90,3202,622,330 29,880 23,999 38,627 103,777 184,756 111,739 49,989 4388,468 1941 982,378 3,779 1 1 1,747 899 412,056 16,791 24,448 42,678 67,492 292,893 9,444 9,665 5100,485 1941 Jan 234,242 37 1 1,746 563 46,876 1,147 3,168 3,185 11,136 149,735 6,085 4,501 6,062 Feb 108,609 1,218 337 81,529 814 11 2,772 6,738 96 615,093 Mar 118,567 817 95,619 866 2,232 3,984 6,262 2,788 3,046 2,951 Apr 171,992 21 20,216 1,147 2,934 3,587 4,720 132,261 313 6,793 May 34,830 2 16,306 969 2,794 3 384 4,194 3,594 3,589 June 30,712 474 1 17,514 800 7 2,114 4,593 69 131 5,009 July 37,041 542 19,224 1,080 2,128 4,970 5,199 88 3,811 Aug 36,973 79 10,842 843 2,230 5,098 6,742 137 1,995 69,008 Sept 65,702 250 42,562 495 2,488 3,107 2,064 3,694 6ll,041 Oct 40,440 55 16,072 1,020 2,107 3,141 6,151 200 2,327 69,365 Nov 50,374 121 24,917 6,336 2,110 1,830 5,980 40 69,039 Dec 52,896 163 20,377 1,273 2,238 5 506 3,713 190 711 618,726 1 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. 2 Includes $31,830,000 from Argentina. 3 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, $10,077,000 from Chile, and $37,555,000 from other countries-. 4 Includes $75,087,000 from Portugal, $59,072,000 from Argentina, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R.f $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. MAY 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [In millions of dollars] Increase in foreign banking Decrease Foreign Domestic funds in U. S. in U. S. securities: securities: Inflow in From Jan. 2, 1935, through— Total banking Return Inflow of brokerage funds of U. S. foreign balances Total Official1 Other abroad funds funds 1935—Mar. (p 259.5 57.7 -2.0 59.7 155.0 31.8 -6.2 21.1 (July 3 616.0 213.8 6.1 207.7 312.8 43.7 15.8 29.8 (Oct. 2) 899.4 350.7 -4.5 355.2 388.6 40.1 90.3 29.8 1936) 1,412.5 603.3 9.8 593.5 361.4 125.2 316.7 6.0 1936—Mar. (Apr. 1) 1,511.1 578.4 44.4 534.0 390.3 114.4 427.6 .4 June (July 1) 1,949.2 779.0 35.9 743.1 449.0 180.5 524.1 16.5 Sept. 30 2,283.3 898.5 37.4 861.1 456.2 272.2 633.3 23.2 Dec. 30 2,608.4 930.5 81.1 849.4 431.5 316.2 917.4 12.9 1937—Mar. 31 2,931.4 1,121.6 62.8 1,058.8 411.0 319.1 1,075.7 4.1 June 30 3,561.9 1,612.4 215.3 1,397.1 466.4 395.2 1,069.5 18.3 Sept. 29 3,911.9 1,743.6 364.6 1,379.0 518.1 493.3 1,125.1 31.9 Dec 29 3,410.3 1,168.5 243; 9 924.6 449.1 583.2 1,162.0 47.5 1938—Mar. 30 3,207.2 949.8 149.9 799.9 434.4 618.5 1,150.4 54.2 June 29 3,045.8 786.2 125.9 660.4 403.3 643.1 1,155.3 57.8 Sept. 28 3,472.0 1,180.2 187.0 993.2 477.2 625.0 1,125.4 64.1 Dec. (Jan. 4, 1939) 3,844.5 1,425.4 238.5 1,186.9 510.1 641.8 1,219.7 47.6 1939—Mar. 29 4,197.6 1,747.6 311.4 1,436.2 550.5 646.7 1,188.9 63.9 June 28 4,659.2 2,111.8 425.3 1,686.5 607.5 664.5 1,201.4 74.0 Sept. 27 5,035.3 2,479.5 552.1 1,927.3 618.4 676.9 1,177.3 83.1 Dec. (Jan. 3, 1940) 5,021.2 2,430.8 542.5 .1,888.3 650.4 725.7 1,133.7 80.6 1940—Mar. (Apr. 3) 5,115.9 2,539.0 539.1 1,999.9 631.6 761.6 1,095.0 88.7 June (July 3) 5,440.7 2,830.1 922.3 1,907.8 684.1 785.6 1,042.1 98.9 Sept. (Oct. 2) 5,748.1 3,092.8 ,112.3 1,980.5 773.6 793.1 987.0 101.6 Dec. (Jan. 1, 1941) 5,727.6 3,159.0 ,200.8 1,958.3 775.1 803.8 888.7 100.9 1941—Mar. (Apr. 2) 5,526.5 3,148.8 ,307.7 1,841.0 767.4 812.7 701.8 95.9 June (July 2) 5,575.4 3,193.3 ,375.1 1,818.2 818.6 834.1 631.2 98.2 Sept.(Oct. 1) 5,510.3 3,139.5 ,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. 28 5,163.7 2,771.6 977.6 1,793.9 801.6 857.5 631.0 102.0 Feb.25 5,069.0 2,675.5 879.4 1,796.0 809.2 856.2 626.2 102.0 Mar. (Apr. 1) 5,082.4 2,684.0 932.0 1,752.0 819.7 849.6 624.9 104.3 Apr. 29 5,309.6 2,906.1 1,106.7 1,799.4 829.8 843.2 626.6 103.9 May (June 3) 5,413.4 2,996.8 1,144.0 1,852.8 839.8 843.2 629.0 104.6 June 302 5,495.3 3,075.9 1,211.7 1,864.2 842.3 838.8 632.0 106.2 July 31 5,542.6 3,121.4 1,242.7 1,878.7 854.9 829.3 633.3 103.7 Aug. 31 5,599.9 3,184.8 1,293.1 1,891.7 839.9 828.6 642.7 103.9 Sept. 30 5,654.9 3,212.6 1,339.1 1,873.5 858.2 830.5 646.1 107.5 Oct. 31 5,694.7 3,204.2 1,341.1 1,863.2 890.0 842.1 654.3 104.1 Nov. 30 5,761.6 3,250.2 1,366.1 1,884.1 901.6 844.8 661.0 104.1 Dec. 31 5,835.0 3,320.3 1,412.0 1,908.3 848.2 673.3 104.4 1943—Jan. 30 5,907.7 3,471.1 1,536.6 1,934.5 889.8 761.3 678.5 107.0 Feb. 27 6,014.9 3,590.1 1,671.8 1,918.3 890.5 751.9 676.0 106.4 Mar. 31 6,147.1 3,643.4 1,723.1 1,920.3 898.7 810.5 685.9 108.6 Apr. 30 6,212.3 3,690.5 1,801.8 1,888.6 909.9 809.5 692.9 109.5 May 29 6,282.6 3,769.6 1,871.6 1,898.0 905.1 807.0 692.5 108.5 June 30 6,506.4 4,002.6 2,071.4 1,931.2 896.9 806.8 687.9 112.1 July 31 6,556.0 4,056.4 2,103.4 1,953.0 901.9 792.9 692.3 112.6 Aug. 31 6,726.3 4,107.9 2,122.6 1,985.3 909.4 907.8 687.0 114.3 Sept. 30 6,771.3 4,130.6 2,190.9 1,939.7 888.6 929.3 708.1 114.8 Oct. 30 6,904.6 4,284.4 2,312.9 1,971.5 870.5 928.3 707.4 114.1 Nov. 30 7,073.6 4,435.7 2,450.0 1,985.7 882.6 929.8 710.1 115.4 Dec. 31 7,118.6 4,496.3 2,461.5 2,034.8 877.6 925.9 701.1 117.8 1944—Jan. 31... 7,272.9 34,658.2 32,649.3 32,009.0 3870.8 931.7 695.1 3117.0 1 This category made up as follows: through Sept. 21,1938, funds held by foreign central banks at the Federal Reserve Bank of New York; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.). 2 Reported figures for capital movement through July 1 have been adjusted to represent the movement through June 30 on the basis of certain significant movements known to have occurred on July 1. Subsequent figures are based upon new monthly statistical series. For further explanation, see BUL- LETIN for January 1943, p. 98. 3 Amounts outstanding on Jan. 31, in millions of dollars: total foreign banking funds in United States 5,315.7, including official funds, 3,286.9, and other funds, 2,028.8; United States banking funds abroad, 264.7; and brokerage balances (net due "foreigners") 40.2. 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. 574-637, and for full description of statistics see pp. 558-560 in same publication. FEDERAL RESERVE BOIXETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS A d ss e e p t a s r o tm f e is n s t ue Assets of banking department Liabilities of banking department Bank of England Note (Fi p g o u u re n s d s in s t m er il l l i i n o g n ) s of Gold1 a O s t s h e e ts r 2 C C oi a n sh rese N rv o e t s es a c v n o D a d u n is n c 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 5 950.0 .9 26.8 3.5 267.9 923.4 223.4 9.0 48.8 17.9 1943—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 h, IOO.O .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 Mar. 29 .2 51,150.0 .4 45.6 15.4 212.7 1,104.6 188.8 7.1 60.2 18.1 Assets Liabilities Bank of Canada Dominion and provincial government Deposits (Figures in millions of Gold an S d t e U rl n in it g ed securities Other Note Other Canadian dollars) d S o t l a l t a e r s s S t h e o rm rt 6 - Other assets circulation* Ch b a a r n te k r s ed D g o o m ve in rn io - n Other liabilities ment 1935—Dec. 31 180.5 4.2 30.9 83.4 8.6 99.7 181.6 17.9 .8 7.7 1936—Dec. 31 179.4 9.1 61.3 99.0 8.2 135.7 187.0 18.8 2.1 13.4 1937—Dec. 31 179.8 14.9 82.3 91.6 21.7 165.3 196.0 11.1 3.5 14.4 1938—Dec. 31 185.9 28.4 144.6 40.9 5.2 175.3 200.6 16.7 3.1 9.3 1939—Dec. 30 225.7 64.3 181.9 49.9 5.5 232.8 217.0 46.3 17.9 13.3 1940—Dec. 31 (8) 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec. 31 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec. 31 .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—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 3i .4 799.9 486.8 25.4 860.6 360.9 34.8 22.3 33.4 Feb 29 .2 789.2 508.9 31.3 875.4 362.7 40.1 31.5 19.8 Mar 31 .3 788.9 557.0 44.0 897.9 359.2 65.8 22.8 44.5 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, and on Mar. 7,1944. 6 Securities maturing in two years or less. 7 Includes notes held by the chartered banks, which constitute an important part of their reserves. 8 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). NOTE.—For 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. MAY 1944 5*3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Bank of France Domestic bills Advances to 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 G a s t t o o i s c v o 3 - n ernm O e t n h t er2 a O s t s h e e ts r ci N r ti c o o u t n e la- G m ov e e n r t n- C.A.R.4 Other l O i t a t i b h es i e l r i- 1929—Dec. 27 41,668 25,942 5,612 8,624 8,124 68,571 11,737 7,850 1,812 1930—Dec. 26. 53,578 26,179 5,304 8,429 9,510 76,436 12,624 11,698 2,241 1931—Dec. 30 68,863 21,111 7,157 7,389 11,275 85,725 5,898 22,183 1,989 1932—Dec. 30 83,017 4,484 6,802 3,438 11,712 85,028 2,311 20,072 2,041 1933—Dec. 29 77,098 1,158 6,122 4,739 11,173 82,613 2,322 13,414 1,940 1934—Dec. 28 82,124 963 5,837 3,971 11,500 83,412 3,718 15,359 1,907 1935—Dec. 27 66,296 1,328 5,800 9,712 11,705 81,150 2,862 8,716 2,113 1936—Dec. 30 60,359 1,460 5,640 1,379 8,465 17,698 12,642 89,342 2,089 13,655 2,557 1937—Dec. 30 58,933 911 5,580 652 10,066 31,909 11,733 93,837 3,461 19,326 3,160 1938—Dec. 29 87,265 821 7,422 1,797 7,880 20,627 18,498 110,935 5,061 25,595 2,718 1939—Dec. 28 597,267 112 11,273 2,345 5,149 34,673 20,094 151,322 1,914 14,751 2,925 1940—Dec. 26 584,616 42 43,194 661 3,646 72,317 63,900 23,179 218,383 984 41,'400 27,202 3,586 1941—Dec. 31 84,598 38 42,115 12 4,517 142,507 69,500 22,121 270,144 1,517 64,580 25,272 3,894 1942—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 6,6"86 248,320 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 Dec. 30 84,598 37 44,699 29 7,543 326,973 64,400 21,420 500,386 578 10,724 33,137 4,872 Assets Liabilities Reichsbank Reserves of gold and Bills (and Securities (Figu r r e e i s c h in s m m a i r l k li s o ) ns of T fo o r t e a i l gn exchange i T c n r h c e e l a u c s k d u s i r n ) y , g Se l c o u a r n i s ty E as li g n i o b t l e e Other O as t s h e e t r s ci N r t c i o o u t n e la- Deposits l O ia t t i b h e i s e l r ireserves Gold bills cover 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 25<) 322 735 3,645 640 836 1934—Dec: 31 84 79 4,066 146 44. 319 827 3,901 984 1,001 1935—Dec. 31 88 82 4,552 84 34<• 315 853 4,285 1,032 923 1936—Dec. 31 72 66 5,510 74 22 303 765 4,980 1,012 953 1937—Dec. 31 76 71 6,131 60 10( 286 861 5,493 1,059 970 1938—Dec. 31 76 71 8,244 45 55'j 298 1,621 8,223 1,527 1,091 1939—Dec. 30 78 71 11,392 30 80^1 393 2,498 11,798 2,018 1,378 1940—Dec. 31 78 71 15,419 38 3:1 357 2,066 14,033 2,561 1,396 1941—Dec. 31 77 71 21,656 32 10j 283 2,311 19,325 3,649 1,493 1942—Dec. 31 76 71 29,283 25 81 210 1,664 24,375 5,292 1,680 1943—Mar. 31 77 (6) 27,869 18 4L 85 2,345 24,697 4,340 1,397 Apr. 30 77 28,603 18 r1L 78 2,319 25,442 4,226 1,427 May 31 77 29,592 16 J 121 2,268 25,922 4,606 1,563 June 30 77 30,890 29 L 67 2,178 26,650 4,881 1,711 Tuly 31 77 32,317 34 1L 100 2,003 27,597 5,199 1,735 Aug. 31 77 34,570 17 L 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 1 136 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 Feb. 29 77 39,269 26 66 2,360 33,508 6,636 1,654 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 Dec. 16,1943, advances of 351,000 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. 514 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1943 Central Bank 1944 1943 (Figures as of last report (Figures as of last report date of month) Mar. Feb. Jan. Mar. date of month) Mar. Feb. Jan, Mar. Central Bank of the Argentine Re- National Bank of Denmark (millions public (millions of pesos): of kroner): Gold reported separately 1,117 1,102 1,076 Gold 97 97 97 Other gold and foreign exchange... 2,246 2,131 1,192 Foreign exchange 22 21 18 Government securities 882 882 368 Clearing accounts (net) 2,100 2,058 1,244 Rediscounted paper Loans and discounts 45 42 38 Other assets 153 152 "240 Securities , 70 73 71 Note circulation 1,964 1,904 1,624 Govt. compensation account3 125 125 125 Deposits—Member bank 1,312 1,190 827 Other assets 2,745 2,571 1,554 Government 504 480 285 Note circulation 1,362 1,328 964 Other 122 110 37 Deposits—Government 1,318 1,270 645 Certificates of participation in Other 2,128 1,999 1,264 Ot G he o r v e li r a n b m il e it n i t e s securities 3 1 8 0 8 5 4 1 2 5 3 8 10 2 1 Cen O tr t a h l e r B a li n a k b il o i f t ie E s cuador (thousands 396 June 391 274 Commonwealth Bank of Australia of sucres): 943)4 (thousands of pounds): Gold 148,652 137,140 Issue department: Foreign exchange (net) 122,092 92,437 Gold and English sterling 43,043 41,793 33,891 Loans and discounts 81,560 80,437 Securities 133,429 129,939 106,779 Other assets 64,310 58,160 Banking department: Note circulation 200,076 175,151 Coin, bullion, and cash 9,463 7,023 6,360 Demand deposits 185,158 163,472 L L o o n an d s o n a n b d a l d a i n s c c e o s unts 7 2 0 7 , , 2 8 6 8 1 1 5 2 4 5 , , 3 6 1 4 0 2 4 2 7 8 , , 5 8 9 6 5 4 Nat O io th n e a r l lia B bi a li n ti k es of Egypt5 (thou- ( 3 N 1 o ,3 v 8 . 0 29,552 Securities 251,464 248,82- 207,160 sands of pounds): 1943)4 Deposits 192,435 181,537 188,187 Gold.. 6,241 6,251 Note circulation 168,012 163,262 131,356 Foreign exchange 11,248 10,852 National Bank of Belgium and Bank Loans and discounts 5,470 4,949 of Issue of Brussels (millions of British, Egyptian, and other Govbelga):1 ernment securities 202,639 157,422 Gold 4,331 4,33 4,332 Other assets 10,998 5,460 Foreign exchange 10,839 10,54 6,744 Note circulation 94,161 75,253 Credits to State and public bodies, 3,470 3,349 3,960 Deposits—Government 58,043 35,499 Credits to private economy 153 18 103 Other 71,330 60,661 Reichskreditkasse 755 73 726 Other liabilities 13,061 13,522 Other assets 605 64* 293 Central Reserve Bank of El Salva- Note circulation 17,334 16,99; 14,033 dor (thousands of colones): Demand deposits 1,000 1,028 1,055 Gold 27,452 27,289 24,202 Postal Checking Office 1,456 1,41 827 Foreign exchange 35,345 31,908 21,911 Other liabilities 363 345 244 Loans and discounts 223 306 766 National Bank of Bohemia and Government debt and securities... 6,587 6,69: 6,824 Moravia (millions of koruny): Other assets 1,011 718 522 Gold 1,515 1,51. 1,515 Note' circulation 43,659 42,003 32,815 Foreign exchange 775 77. 726 Deposits 21,167 19,016 15,688 Discounts 1,908 1,85' 896 Other liabilities 5,792 5,899 5,721 Loans Bank of Finland2 Other assets. 33,496 ' 32^51. 19^687 Bank of Greece2 Note circulation 24,001 23,30^ 15,408 National Bank of Hungary (millions Demand deposits 5,663 5,602 4,400 of pengo): Other liabilities 8,031 7,756 3,016 Gold 100 100 100 Central Bank of Bolivia (millions Foreign exchange reserve 4 of bolivianos): Discounts 3,35' 3,389 2,196 Gold at home and abroad 556 462 Loans—To Treasury 554 561 718 Foreign exchange 412 419 To foreign countries 1,030 1,026 471 Loans and discounts 265 39 220 Other 6 30 Securities—Government 632 53C 539 Other assets.. 1,746 1,533 885 Other 4 41 42 Note circulation 4,370 4,376 2,976 Other assets 74 7' 146 Demand deposits 706 729 565 Note circulation 1,088 1,05; 870 Consolidated foreign credits of Deposits 798 86 867 1931 12 13 18 Other liabilities 91 84 Other liabilities 1,709 1,504 844 National Bank of Bulgaria2 Reserve Bank of India (millions of Central Bank of Chile (millions rupees): of pesos): Issue department: Gold 245 25C 222 Gold at home and abroad 444 444 Discounts for member banks 25: 21 150 Sterling securities 7,448 4,217 Loans to Government 71< 71 725 Indian Govt. securities 583 1,745 Other loans and discounts 91. 91« 952 Rupee coin 15. 145 Other assets.. 90; 86' 679 Note circulation 8,537 6,436 Note circulation 2,30! 2,21 2,000 Banking department: Deposits—Bank 32' 361 335 Notes of issue department 92 115 Other 125 120 Balances abroad 1,331 873 Other liabilities 27 273 Treasury bills discounted 34 7 Bank of the Republic of Colombia Loans to Government 2 (thousands of pesos): Other assets 111 81 Gold 134,95( 132,625 52,653 Deposits 1,35: 880 Foreign exchange r83,81 r77,O19 78,701 Other liabilities 22: 199 Loans and discounts 2,82^ 1,781 11,331 Central Bank of Ireland (thousands Government loans and securities... 56,763 56,828 56,223 of pounds) :6 Other assets.. r32,51. r31,042 36,280 Gold_ 2,64i 2,64i 2,646 Note circulation 117,698 117,439 98,524 Sterling funds 25,002 24,794 20,329 Deposits 129,764 131,584 92,503 Note circulation 27,648 27,440 22,975 Other liabilities 63,409 50,273 44,162 Bank of Japan2 Bank of Java2 1 Separate figures for National Bank of Belgium not available. The Bank of Issue of Brussels was founded by the German Military Administration on June 27, 1940; it has no note issue, drawing its resources principally from advances from the National Bank and deposits by the Postal Checking Office. 2 For last available report from the central bank of Bulgaria (January 1943), see BULLETIN for July 1943, p. 697; of Finland (August 1943), see BUL- LETIN for April 1944, p. 405; of Greece (March 1941) and Japan (September 1941), see BULLETIN for March 1942, p. 281; and of Java (January 1942), see BULLETIN for March 1943, p. 278. 3 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. 4 Latest month for which report is available for this institution. 8 Items for issue and banking departments consolidated. 6 The Central Bank of Ireland began operations on Feb. 1, 1943. The text of the Central Bank Act is given in the BULLETIN for February 1943, pp. 122-127. MAY 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1944 Central Bank 1944 1943 (Figures as of last report (Figures as of last report date of month) Mar. Feb. Jan. Mar. date of month) Mar. Feb. Jan, Mar. (Sept. Bank of Mexico (millions of pesos): Bank of Spain (millions of pesetas): 1943)3 Metallic reserve1 52' 51 495 33 Gold 92 "Authorized" holdings of securi- Silver 62i ties, etc..^ 1,404 1,40c 1,379 939 Government loans and securities.. 16,11 Bills and discounts 250 21 204 131 Other loans and discounts 3,07' Other assets 62 6( 58 71 Other assets 2,28: Note circulation 1,16* 1,145 1,145 824 Note circulation 15,611 Demand liabilities 92* 88' 835 523 Deposits—Covernment 3,11 Other liabilities 14. 14 155 131 Other 3,50C Netherlands Bank (millions of Other liabilities 802 guilders): Bank of Sweden (millions of kronor): Gold 93: 932 886 Gold 929 884 87! 757 Silver (including subsidiary coin). 1 4 Foreign asets (net) 566 626 621 567 Foreign bills '3^57! 3,405 2,091 Swedish Govt. securities and ad- Discounts 131 vances to National Debt Office5 1,044 1,171 1,202 1,176 Loans 13. 137 141 Other domestic bills and advances, 68 5! % 128 Other assets 85 80 252 Other assets 943 91i 9V 808 Note circulation 3,804 3,620 2, Note circulation 2,163 2,12: 2,14! 1,931 Deposits—Government 174 112 Demand deposits—Government... 60* 57< 53: 653 Other 59: 668 437 Other 15: 27 39; 244 Other liabilities 16: 152 71 Other liabilities 63: 674 64 608 Reserve Bank of New Zealand (thou- Swiss National Bank (millions of sands of pounds): francs): Gold 2,802 2,802 2,802 2,802 Gold. 4,29? 4,25r9 4,21 3,682 Sterling exchange reserve 27,762 41,463 35,830 22,231 Foreign exchange 8S 7, 56 Advances to State or State under- Loans and discounts cf8 188 Hi 110 takings 44,23: 41,933 41,318 32,444 Other assets 182 I6i 313 Investments 11,960 10,322 10,324 10,458 Note circulation 2,919 2,914 2,579 Other assets 3,064 2,909 2,875 2,350 Other sight liabilities 2,980 1,509 1,368 1,308 Note circulation 36,253 36,326 36,576 30,348 Other liabilities 1,581 278 28' 274 Demand deposits 49,89') 59,502 53,025 36,757 Central Bank of the Republic of 6 Other liabilities 3,670 3,602 3,547 3,180 Turkey (thousands of pounds): Bank of Norway2 Gold 214,166 155,539 Bank of the Republic of Paraguay Foreign clearing accounts 85,379 104,141 (millions of pesos): Loans and discounts 736,023 719,890 Gold 327 173 20 Securities 192,209 194,449 Foreign exchange 2,213 2,321 2,115 Other assets 39,036 25,326 Loans and discounts ^ 128 120 77 Note circulation 821,276 714,977 Government loans and securities... 1, 1,930 1,102 Deposits—Gold 79,358 79,358 Other assets 1,573 1,337 2,301 Other 165,631 222,771 Note circulation 2,424 2,461 2,231 Other liabilities 200,548 182,240 Demand deposits—Government 879 864 588 Bank of the Republic of Uruguay Other 1,865 1,791 1,361 (thousands of pesos): (Oct. Other liabilities 955 766 1,435 Issue department: 1943)3 Central Reserve Bank of Peru (thou- (Dec. Gold and silver 90,197 90,797 san G d o s l d o f a n so d l e fo s) r : e # ign exchange 1 1 5 9 0 4 , 3 8 ) 3 3 0 119,215 Bank N in o g te d c e ir p c a u r l t a m ti e o n n t: 124,571 114,332 Discounts 11,328 13,649 Gold and silver 88,612 55,367 Government loans 342,817 285,189 Notes and coin 24,520 35,265 Other assets. 21,412 21,055 Advances to State and to gov- Note circulation 343,017 287,843 ernment bodies 28,675 39,785 D Ot e h p e o r s l i i t a s b .. il .. i t . i m es 1 2 5 4 8 , , 9 4 6 0 3 6 1 1 3 8 2 , , 6 6 5 1 3 2 O O t t h he e r r a lo s a s n et s s and discounts.... 1 9 8 3 6 , , 0 02 8 7 6 1 14 0 6 5 , , 8 8 0 0 1 1 Bank of Portugal (millions of es- (Dec. Deposits 173,166 146,351 cudos): 1943)3 Other liabilities... 247,754 236,668 Gold4 1,398 1,394 Central Bank of Venezuela (thou- Other reserves (net) 4,142 3,402 sands of bolivares): Nonreserve exchange 7,903 6,563 Gold ..„. 507,208 307,208 273,314 220,784 Loans and discounts 227 213 Foreign exchange (net) 45,347 32,802 51,533 32,091 Government debt 1,025 1,025 Credits to national banks 26,370 26,370 26,370 31,230 Other assets 1,105 984 Other assets 16,843 12,106 10,804 6,492 Note circulation ' 6,817 5,440 Note circulation—Central Bank 253,552 250,808 246,430 201,339 Other sight liabilities 7,935 7,265 National banks. 24,582 25,211 25,650 34,616 Other liabilities 1,049 877 Deposits 89,215 96,591 83,728 48,139 National Bank of Rumania (millions Other liabilities 28,421 5,877 6,213 6,503 of lei): National Bank of the Kingdom of Gold 59,651 46,397 Yugoslavia2 Special exchange accounts 32,813 26,551 Bank for International Settlements L Sp o e a c n i s a l a l n o d a n d s i sc (i o n u l n i t q s u ; i . d . a .; tion) 54,9 1 5 3 3 9 37,8 2 4 9 3 4 (th G o o u l s d a n in d s b a o r f s Swiss gold francs):7 136,822 137,876 75,136 Government debt 20,470 20,946 Cash on hand and on current ac- Other assets 70,106 53,425 count with banks 18,313 18,663 28,675 Note circulation 62,283 118,963 Sight funds at interest 6,745 6,622 15,390 Demand deposits 47,336 40,831 Rediscountable bills and accept- Other liabilities 28,512 25,662 ances (at cost) 106,341 105,864 147,238 South African Reserve Bank (thou- Time funds at interest 21,075 21,075 20,929 sands of pounds): Sundry bills and investments 195,529 195,450 195,891 F G o o r l e d ign bills 8 1 9 4 , , 8 7 3 0 8 1 8 1 6 4 , , 9 2 0 5 8 4 6 6 5 , , 8 1 1 5 0 9 D O e th m e a r n a d s s d e e t p s o .. s .# its (gold) 48,8 3 0 3 1 2 50, 3 5 2 4 4 4 39,7 1 1 2 2 3 Other bills and loans 1,621 1,510 372 Short-term deposits (various cur- Other assets 91,321 94,500 81,558 rencies) : Note circulation 48,390 49,012 39,057 Central banks for own account 6,413 6,101 15,217 Deposits 143,982 142,885 109,270 Other 2,859 2,739 2,539 Other liabilities 5,108 5,275 5,572 Long-term deposits:Special aci Ot c h o e u r n l t i s abilities... ' 2 1 2 9 9 8 , , 0 0 0 8 1 2 2 1 2 9 9 7 , , 0 4 0 8 1 9 2 1 2 9 8 7 , , 9 0 0 0 9 6 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, p. 282. 3 Latest month for which report is available for this institution. 4 Valued at average cost beginning October 1940. 5 Includes small amount of non-Government bonds. 6 Figure not available. 7 See BULLETIN for December 1936, p. 1025. 516 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 o in i m t g e - d France m G a e n r- y g B iu e m l- N la e e n r t d h - s - S d w en e- S l w a e n r i - t d z- b C an e k n tr of a — l R A 3 a p 0 t r e . ef D fec a t t i e ve ba C n e k n tr o a f— l R A 3 a p 0 t r e . ef D fe a ct t i e ve In effect Oct. 2, 1936 2 4 2 3 V4 2 Albania 5'4 Mar. 21, 1940 Italy May 18, 1936 O Oc c t t . . 9 16 A Be r l g g e i n u t m ina sy 2 J M a a n r . . 25 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. 20 Bohemia and 2 Latvia 5 Feb. 17, 1940 Nov. 26 Moravia Oct. 1, 1940 Lithuania. .. 6 July 15, 1939 Dec. 3 2 Jan. 28, 1937.. .. 4 June 15 6 July 7 5 Bolivia Nov. 8, 1940 Mexico June 4, 1942 Aug. 4 4 British India. Nov. 28, 1935 Netherlands June 27, 1941 Sept. 3 Bulgaria Dec. 1, 1940 New Zealand July 26, 1941 Nov. 13 . 3 Canada Feb. 8, 1944 Norway May 13, 1940 May 10, 1938 4 Chile Dec. 16, 1936 Peru Aug. 1, 1940 M M a a y y 1 3 3 0 2y 2 " 3" Colombia July 18, 1933 Portugal.... Jan. 12, 1944 Sept. 28 3 Oct 27 23^ Nov. 25 Denmark Oct. 16, 1940 Rumania. Sept. 12, 1940 Jan. 4, 1939 . . 2 Ecuador May 26, 1938 South Africa June 2, 1941 Apr. 17 •4' El Salvador. Mar. 30, 1939 Spain Dec. 1, 1938 May 11 3 Estonia Oct. 1, 1935 Sweden May 29,1941 July 6 Finland Dec. 3, 1934 Switzerland. Nov. 26, 1936 Aug. 24 4 Aug. 29 " 3" Sept. 28 3 Oct. 26 2 France Mar. 17, 1941 Turkey...... July 1, 1938 Dec. 15 3 Germany.... Apr. 9, 1940 United King- Jan. 25, 1940 2 Greece Mar. 1, 1942 dom Oct. 26, 1939 Apr. 9 . . • -• Hungary Oct. 22, 1940 U.S. S. R... July 1, 1936 May 17 3H Ireland Nov. 23, 1943 Yugoslavia. Feb. 1, 1935 Mar. 17, 1941 1% May 29 3 June 27 T NOTE.—Changes since Mar. 31: none. In effect Apr. 30, 1944 2 2 3 OPEN-MARKET RATES {Per cen t per annum ] United Kingdom Germany Netherlands Sweden Sw la it n z d er- Month ac 3 B c a e m p n o t k a n e n t r c h s e ' s s T 3 r m e b a i o l s l n u s t r h y s Da m y- o t n o e - y day o a n B l lo a d n w e k p a o e n r s c s i e t ' s d P i r s r i c a v o t a e u t n e t Da m y- o to ne -d y ay d P is r r i c a v o te a u t n e t 1 M m f o o n o r e n y th m u L p o o n a to n th s s 3 d P i r s r i c a v o t a e u t n e t 1929—Feb.. 5.05 4.96 4.33 5.80 6.33 4.39 4.78 3.31 1930—Feb.. 3.82 3.72 3.76 3 -2. 5.53 6.01 2.80 2.94 434-6 2.71 1931—Feb.. 2.56 2.37 2.29 4.88 5.49 1.12 1.05 3-5 .00 1932—Feb.. 4.63 4.08 3.84 4 -3 6.67 7.81 1.87 1.69 .52 1933—Feb.. .83 .78 .73 3.88 4.86 .37 1.00 .50 1934—Feb.. .95 .86 .88 3.88 4.78 .78 1.00 .50 1935—Feb.. .38 .28 .63 3.41 3.83 .58 1.60 .50 1936—Feb.. .55 .53 .75 3.00 2.77 1.19 1.63 .37 1937—Feb.. .55 .53 .75 3.00 2.47 .28 1.00 .18 1938—Feb.. .53 .50 .75 2.88 2.73 .13 .50 2H-5 .00 1939—Feb.. .53 .51 .75 2.88 2.53 .13 .50 2H-5 .00 1940—Feb.. 1.04 1.02 1.00 2.50 2.08 1.58 2.50 3-5 .25 1941—Feb.. 1.03 1.02 1.00 2.25 1.68 2.25 2.75 .25 1942—Feb.. 1.03 1.00 1.04 2.13 1.75 3-53^ .25 1943—Feb.. 1.03 1.00 1.10 2.13 1.82 3-5K .25 1943—Mar. 1.03 1.00 .90 2.13 1.94 3-5^ .25 Apr.. 1.03 1.01 1.03 2.13 1.81 .25 May. 1.03 1.00 1.07 2.13 1.91 .25 June. 1.03 1.00 .06 2.13 1.90 .25 July- 1.03 1.00 .04 2.13 1.86 3-5^ .25 Aug.. 1.03 1.00 .11 2.13 1.89 .25 Sept. 1.03 1.00 .07 2.13 1.93 .25 Oct.. 1.03 1.00 .00 2.13 .25 Nov. 1.03 1.00 .00 2.13 .25 Dec. 1.03 1.01 .00 2.13 .25 1944—Tan.. 1.03 1.01 .08 2.13 .25 Feb.. 1.03 1.00 .13 1.25 NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172, pp. 656-661, and for description of statistics see pp. 571-572 in same publication. MAY 1944 5*7 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 n o g n g b s ) a o n f ks. re C se a r s v h es M c n a o s l o n h l t e o i a y c r n e t d at B co il u ls n t d e i d s- T r d e r e c e p e a o i s p u s t i r s t y 2 Securities c L u o s a to n m s e to rs a O s t s h e e ts r Total D D e e m po a s n i d ts 3 Time3 lia O b t i h li e ti r es 1936—December. 244 195 322 660 890 249 2,315 1,288 1,012 245 1937—December. 244 163 300 635 984 256 2,330 1,284 1,026 252 1938—December. 243 160 250 635 971 263 2,254 1,256 997 269 1939—December. 274 174 334 609 1,015 290 2,441 1,398 1,043 256 1940—December. 324 159 265 314 771 924 293 2,800 1,770 1,030 250 1941—December. 366 141 171 758 999 823 324 3,329 2,168 1,161 253 1942—December. 390 142 198 896 1,120 794 325 3,629 2,429 1,200 236 1943—March 377 139 173 884 1,132 789 283 3,542 2,362 1,180 235 April 375 142 128 964 1,137 767 268 3,545 2,350 1,195 235 May 377 158 154 924 1,150 769 268 3,566 2,380 1,185 234 June 387 165 236 859 1,159 758 305 3,630 2,432 1,199 238 July 375 160 244 900 1,162 753 279 3,628 2,428 1,200 245 August 383 156 232 957 1,162 739 285 3,670 2,456 1,214 244 September 389 148 209 1,045 1,160 741 293 3,737 2,504 1,233 248 October... 394 151 181 1,135 1,158 749 289 3,813 2^556 1,256 245 November. 403 155 184 1,187 1,167 732 283 3,865 2,588 1,277 245 December. 422 151 133 1,307 1,154 761 349 4,032 2,712 1,319 245 1944—January... 416 157 138 1,305 1,149 754 288 3,962 2,650 1,312 245 February.. 414 150 124 1,264 1,141 761 287 3,897 2,583 1,314 243 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 h rt a e f n r i e g a d u d r i e b a s n a n in d k o s m . l l m i a l r l E 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 1,548 837 1937—December. 255 76 862 102 1,411 575 96 2,335 752 1,583 850 1938—December. 263 65 940 166 1,463 535 88 2,500 840 1,660 843 1939—December. 292 53 ,088 132 1,646 612 85 2,774 1,033 1,741 963 1940—December. 323 40 ,108 159 1,531 570 80 2,805 1,163 1,641 846 1941—December. 356 32 ,169 168 1,759 653 71 3,105 1,436 1,669 962 1942—December. 387 31 ,168 231 2,293 657 60 3,657 1,984 1,673 1,049 1943—March 377 24 ,003 223 2,689 599 54 3,816 1,927 1,890 1,044 April. 400 25 971 218 2,818 660 52 3,984 2,058 1,926 1,056 May 442 33 ,224 212 2,728 632 50 4,152 2,419 1,732 1,068 June 421 42 ,214 204 2,687 665 49 4,101 2,319 1,782 1,084 July 406 36 ,194 185 2,652 626 48 3,959 2,133 1,826 1,094 August 434 35 ,121 242 2,681 641 46 3,978 2,062 1,916 1,131 September 427 34 ,045 198 2,881 679 46 4,085 2,096 1,989 1,133 October... 460 38 ,038 202 2,870 659 45 4,107 2,146 1,961 1,115 November. 496 44 ,259 233 2,938 669 43 4,454 2,572 1,883 1,141 December. 471 48 ,156 250 2,940 744 42 4,395 2,447 1,948 1,172 1944—January... 491 53 ,085 229 2,950 674 41 4,273 2,247 2,026 1,167 February.. 486 52 ,003 227 2,994 664 40 4,216 2,093 2,124 1,170 France Assets Liabilities (4 larg f e ig b u a r o e n f s k s f in . r a n m E c i s n l ) l d io o n f s month re C se a r s v h es Du b e a n f k ro s m B c i o l u ls n t d e 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—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 February 6,710 3,835 73,478 11,749 1,435 91,792 91,452 340 433 4,982 March 6,813 3,803 74,664 15,245 1,536 96,431 95,783 648 426 5,205 April 6,720 3,665 77,922 15,043 1,650 99,152 98,419 733 387 5,461 May 7,132 3,750 81,620 14,980 1,750 103,272 102,437 836 397 5,563 June 6,632 3,851 80,276 15,518 1,869 102,047 101,118 929 383 5,716 July 6,770 3,795 83,362 14,696 2,024 103,596 102,578 1,017 321 6,730 August 6,486 3,786 82,685 14,644 2,206 102,602 101,525 1,078 347 6,859 September... 6,935 3,832 85,079 14,084 2,228 104,830 103,657 1,173 341 6,987 3 Through December 1937, excludes deposits in offices outside England and Wales which are included in total. 4 Figures for three banks only. Data for Credit Industriel et Commercial not available September 1940-March 1941. NOTE.—For 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. 518 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES lAverageS of certified noon buying rates in New York for cable transfers. [n cents per unit offoreign currency] Argentina Australia Brazil Year or month Officia ( l pes S o E ) p x e p c o i r a t l Offic ( ia p l ound F ) ree (b g B e iu l e g m l a - ) Offi ( c c i r a u l zeir F o r 1 e ) e B ( I r r u n i p t d i e i s e a h ) g B ( a l u e r l v i - a ) C Of a fi n c a ia d l a (d F ol r l e a e r) O C ffi h ci i a l l e (p E e x so p ) ort C S ( h h y h a a u i i n n a ) g n a - 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 24.66oo 29.606 1938 32.597 389.55 16.894 5.8438 36.592 1.2424 99.419 5.1716 4.0000 21.360 1939 30.850 353.38 16.852 6.0027 5^1248 33.279 21.2111 96.018 5.1727 4.0000 11.879 1940 29.773 ' 2322!80' 305.16 216.880 6.0562 5.0214 30.155 290^909 85.141 5.1668 4.0000 6.000 1941 29.773 322.80 321.27 6.0575 5.0705 30.137 90.909 87.345 25.1664 24.0000 25.313 1942 29.773 23.704 322.80 321.50 6.0584 5.1427 30.122 90.909 88.379 1943 29.773 24.732 322.80 2321.50 6.0586 5.1280 30.122 90.909 89.978 1943—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 Mar. 29.773 25.125 322.80 6.0586 5.1275 30.122 90.909 89.326 Year or month C ( o p b l e o i 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 a k i a a n n r ) d - k- F (f r r a a n nc c ) e ( m m G re a a e i r c n r k h - y ) s- G (d m r r e a a e c ) c h e - ( H K do o o ll n n a g g r) ( H p g e a u n r n g y - o) I (l t i a r l a y ) J ( a y p en a ) n M (p e e x s i o c ) o e N ( r g l e e a u 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—Apr 57.280 20.574 324.42 May 57.280 20.580 324.42 June 57.280 20.580 324.42 July 57.278 20.577 324.42 Aug 57.277 20.575 324.42 Sept 57.277 20.578 324.42 Oct. 57.277 20.580 324.42 Nov 57.277 20.580 324.42 Dec 57.277 20.582 324.42 1944—Jan 57.277 20.582 324.42 Feb 57.277 20.582 324.42 Mar 57.277 20.582 324.42 United Kingdom Uruguay Year or month N ( o kr 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 o e r t l a n t l l i a t e t r s s - ) S (k w r 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 l u a in 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—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 Mar.. 398.00 403.50 65.830 52.954 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. MAY 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES-ALL COMMODITIES [Index numbers] United United Nether- Switzer- States Canada Kingdom France Germany Italy Japan lands Sweden land Year or month (October (1926-30 (July 1914 (1926=100) (1926=100) (1930=100) (1913=100) (1913 = 100) (1928=100) (1900=100) = 100) (1935 = 100) =100) 1926 100 100 i 124 695 134 237 106 U26 144 1932 65 67 86 427 97 70 161 65 i 92 96 1933 66 67 86 398 93 63 180 63 i 90 91 1934 75 72 88 376 98 62 178 63 i 96 90 1935 80 72 89 338 102 68 186 62 100 90 1936 81 75 94 411 104 76 198 64 102 96 1937 86 85 109 581 106 89 238 76 114 111 1938 79 79 101 653 106 95 251 72 111 107 1939 . . 77 75 103 2 681 107 99 278 74 115 111 1940 79 83 137 110 116 311 3 88 146 143 1941 87 90 153 112 132 329 172 184 1942 99 96 159 114 189 210 1943 103 100 163 116 196 218 1943—March 103 99 162 116 197 217 April 104 99 163 116 197 218 May 104 99 163 116 197 218 June 104 100 163 116 197 218 July 103 100 164 117 196 218 August 103 100 162 117 P381 195 218 September 103 101 163 116 *>382 195 220 October 103 102 163 116 195 220 November 103 102 163 116 *>387 195 220 December 103 103 163 117 P391 195 220 1944—January 103 103 164 117 195 221 February 104 103 165 117 195 *>221 March 104 *103 P165 195 * Preliminary. 1 Approximate figure, derived from old index (1913=100). 2 Average based on figures for 8 months; no data available since August 1939, when figure was 674. 3 Average based on figures for 5 months; no data available since May 1940, when figure was 89. Sources.—See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES-GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Germany (1926=100) (1926=100) (1930=100) (1913=100) Year or month Raw and Fully and Induspr F o a d r u m cts Foods co O m it t i h m e e s o r d- pr F o a d r u m cts f m a p c a a t r n u t u r ly e - d f c m a h c a i t e n u f u r l e y - d Foods p I r n o tr d d i u u al c s- ts p A r g o tu r d i r u c a u c l t l s - a t f n r i i d n a i l s s e h ra m e w d igoods goods products 1926. 100 100 100 100 100 100 129 130 1932.. 48 61 70 48 55 70 88 85 91 89 118 1933.. 51 61 71 51 57* 70 83 87 87 88 113 1934.. 65 71 78 59 64 73 85 90 96 91 116 1935.. 79 84 78 64 66 73 87 90 102 92 119 1936.. 81 82 80 69 71 74 92 96 105 94 121 1937.. 86 86 85 87 84 81 102 112 105 96 125 1938.. 69 74 82 74 73 78 97 104 106 94 126 1939.. 65 70 81 64 67 75 97 106 108 95 126 1940.. 68 71 83 67 75 82 133 138 111 99 129 1941.. 82 S3 89 71 82 89 146 156 112 100 133 1942.. 106 100 96 r83 90 92 158 160 115 102 134 1943.. 123 107 97 96 99 93 160 164 119 102 135 1943—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 r97 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 94 157 165 119 103 136 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 98 104 105 94 159 167 119 103 136 March 124 105 • 98 P105 P Preliminary. r Revised. Sources— See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. zo FEDERAL RESERVE BULLETIN 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] Year or month U ( S 1 = 9 n t a 3 1 i 5 t 0 t e e 0 -3 d s ) 9 ( C 1 = a 9 a 3 d 1 n 5 0 a - - 0 3 ) 9 U K = d ( n 1 i J o 9 1 i n u m 1 t 0 l g 4 e 0 y - d ) (1 m G 91 a 1 e 3 0 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 1 0 t n n z 0 4 e d - ) Year or month ( U S 1 = 9 n t 1 a 3 i 0 5 t t 0 e e -3 d ) s 9 (1 = C a 9 1 a 3 d 0 5 n a 0 - - 3 ) 9 U K = d ( n 1 J i o 9 i 1 u n m 1 t 0 l g e 4 y 0 - d ) (1 m = G 9 a 1 1 e 3 n 0 r - 0 y - 1 ) 4 N (1 l = e a 9 t 1 n 1 h 1 0 d 0 e - s 1 ) r 3 . S e = ( r w 1 J l 9 1 u a i 1 0 t n n 4 z 0 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 138 131 166 134 211 1943 124 118 199 139 203 1943—March 137 128 165 133 210 1943—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.. 137 133 168 134 213 December. 124 119 199 139 205 1944—January 136 132 168 213 1944—January 124 119 199 206 February... 135 131 168 135' February... 124 119 200 140 March 134 March 124 PH9 ^200 p Preliminary. 1 Revised index fronf 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. 8 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 1 c g e i = t d m e 1 o 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 5 t t 0 e e - 0 3 d s ) 9 K U in n g it d e o d m (1 F 9 r 2 a 6 n = c 10 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 83.5 595.1 107.8 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 124.6 75.1 98.7 3101.8 117.5 96.3 97.4 102.6 104.2 1938 . . . lll!l 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 115.9 118.3 684.7 100.7 777.9 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 84.5 145.0 151.0 1943—March... 119 8 128 8 88.2 82.6 145.1 150.0 April . 119.9 129.0 91.3 83.7 144.9 151.8 J M u a n y e 1 12 2 0 0. 1 5 1 1 2 2 7 7 1 0 9 9 6 5 . . 7 2 8 8 4 4 .3 1 1 1 4 4 5 5 . . 1 1 1 1 5 5 2 2 . . 4 5 July 121.1 127 8 98.5 85.6 144.9 P151.9 August 121 1 127.2 94.4 86.0 144.6 nsi.7 September 120.8 126.9 95.6 86.6 144.7 P152A October 120.9 127.4 94.8 86.3 144.8 November .... 120 4 127.1 91.4 85.0 145.0 p152.2 December 120.0 127.2 91.8 85.3 145.1 *152.2 1944—January 120.5 127.4 94.6 86.2 February 120.4 127.6 94.4 86.9 March 120.5 96.6 P Preliminary. 1 Figures represent calculated prices of a 4 per cent 20-year bond offering a yield equal to thejmonthly average yield for 15 high-grade corporate bonds for the series beginning 1937 and for a varying number of high-grade bonds for the series prior to that date. The'yearly average for 1937 is the same for both series. Source.—Standard and Poor's Corporation; for compilations of back figures on 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. 6 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. MAY 1944 52-1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman M. S. SZYMCZAK ERNEST G. DRAPER JOHN K. MCKEE R. M. EVANS LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT THURSTON, Special Assistant to the Chairman OFFICE OF THE SECRETARY DIVISION OF BANK OPERATIONS CHESTER MORRILL, Secretary EDWARD L. SMEAD, Director LISTON P. BETHEA, Assistant Secretary J. R. VAN FOSSEN, Assistant Director S. R. CARPENTER, Assistant Secretary J. E. HORBETT, Assistant Director FRED A. NELSON, Assistant Secretary DIVISION OF SECURITY LOANS CARL E. PARRY, Director LEGAL DIVISION WALTER WYATT, General Counsel DIVISION OF PERSONNEL ADMINISTRA- J. P. DREIBELBIS, General Attorney TION GEORGE B. VEST, Assistant General Attorney ROBERT F. LEONARD, Director DIVISION OF RESEARCH AND STATISTICS OFFICE OF ADMINISTRATOR FOR WAR E. A. GOLDENWEISER, Director LOANS COMMITTEE WOODUEF 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 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 5 xz FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERSiOF FEDERAL RESERVE BANKS Federal Reserve Chairman1 President Vice Presidents Bank of Deputy Chairman First Vice President Boston Albert M. Creighton Ralph E. Flanders K. K. Carrick J. C. Hunter2 Henry S> Dennison William Willctt E. G. Hult Carl B. Pitman New York. Beardsley Ruml Allan Sproul R. M. Gidncy A. Phelan William I. Myers L. R. Rounds J. W. Jones J. M. Rice L. W. Knokc Robert G. Rouse Walter S> Logan John H. Williams V. Willis Philadelphia Thomas B. McCabe Alfred H. Williams W. J. Davis C A. Mcllhcnny* Warren F. Whittier Frank J. Drinnen E. C. Hill C. A. Sienkiewicz Cleveland G. C. Brainard M. J. Fleming Wm. H. Fletcher B. J. Lazar R. E. Klages R. B. Hays J. W. Kossin K. H. MacKenzie A. H. Laning3 W. F. Taylor Richmond Robert Lassiter Hugh Leach J. G. Fry R. W. Mercer W. G. Wysor J. S. Waldcn, Jr. Geo. H. Kecsce2 Edw. A. Wayne Atlanta Frank H. Necly W. S. McLarin, Jr. L. M. Clark H. F. Conniff J. F. Porter Malcolm H. Bryan Allan M. Black2 E. C. Harris Chicago Simeon E. Leland C. S. Young Neil B. Dawes John K. Langum W. W. Waymack H. P. Preston J. H. Dillard O. J. Netterstrom Charles B. Dunn A. L. Olson Alfred T. Sihler St. Louis Wm. T. Nardin Chester C. Davis O. M. Attebery C. M. Stewart Douglas W. Brooks F. Guy Hitt Henry H. Edmiston W. C. Coffey J. N. Peyton A. W. Mills2 Sigurd Ueland Minneapolis Roger B. Shepard O. S. Powell Otis R. Preston A. R. Upgren E. W. Swanson Harry I. Ziemcr Robert B. Caldwell H. G. Leedy L. H. Earhart Jos. E. Olson Kansas City Robert L. Mehornay Henry O. Koppang Raymond W. Hall G. H. Pipkin C. O. Hardy D. W. Woollcy3 Dallas Jay Taylor R. R. Gilbert E. B. Austin W. O. Ford J. R. Parten E. B. Stroud R. B. Coleman W. D. Gentry3 W. J. Evans L. G. Pondrom San Francisco Henry F. Grady Wm. A. Day C. E. Earhart H. N. Mangels2 Harry R. Wellman Ira Clerk W. M. Hale 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. Lazar6 Pittsburgh J. W. Kossin* Kansas City.... Denver Jos. E. Olson5 Richmond Baltimore W. R. Milford* Oklahoma City G. H. Pipkin* 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. Austin5 New Orleans E. P. Paris* San Antonio L. G. Pondrom5 Chicago Detroit E. C. Harris5 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. MAY 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES I = BOUNDARIES OF FEDERAL RESERVE DISTRICTS — BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ^ BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM <§) FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY JANUARY 2, 1943 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis