Federal Reserve Bulletin, 1944-06

FEDERAL RESERVE BULLETIN JUNE 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—Slowing Down of Credit Expansion. . 5X5~533 Proposal for Guarantee of Industrial Loans by Federal Reserve Banks. . 534—536 Fifth War Loan Drive.. 537—538 Current Events 538 Correspondence—Measurement of Factors Influencing the Volume of Deposits and Currency 539 National Summary of Business Conditions.... 540-541 Revised Index of Department Store Sales . 5 42.-5 61 Financial, Industrial, Commercial Statistics, U. S. (See p. 563 for list of tables)... 563-616 International Financial Statistics (See p, 617 for list of tables) 617-6x9 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 630 Senior Officers of Federal Reserve Banks; Managing Officers of Branches... 631 Map of Federal Reserve Districts Federal Reserve Publications QSee 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, £1 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 June 1944 NUMBER 6 SLOWING DOWN OF CREDIT EXPANSION Growth of bank deposits, which had time an increasing number of banks have been rapid for the previous two years, has found themselves without excess reserves slowed down appreciably since last fall. which they could invest. This reflected a marked reduction in the Many banks have resumed their practice rate of expansion of demand deposits, since of operating without a substantial amount time deposits increased even more rapidly of excess reserves. They have a considthan in earlier periods. Expansion of cur- erable supply of Treasury bills, which the rency continued at the same rate as last year. Reserve Banks stand ready to purchase at a Since last summer the larger part of the fixed rate, and they also hold other Govgrowth in deposits and currency has been ernment securities, for which there is a ready in holdings of individuals. Business firms market. A policy of investing all availappear to be following the policy of invest- able funds and being prepared to sell ing their free funds in Government securities some of their holdings of Government rather than adding further to their cash securities to Federal Reserve Banks in case balances, except temporarily between war of need was adopted by most banks in the loan drives. With amounts accumulated large financial centers nearly two years ago. since the end of the Fourth War Loan Drive, At that time excess reserves of other banks both business and individuals have substan- were still large, as were balances with city tial cash balances on hand on the eve of the correspondents; in many cases increases Fifth War Loan Drive, which begins June in reserve balances were more than sufficient to cover enlarged reserve requirements reiz. Increased purchases of United States sulting from expanding deposits. During Government securities by nonbank in- the past two years excess reserves of reserve vestors, with no change in the rate of city banks have declined but not as much growth of the public debt, have been the as in New York City and Chicago, and this dominant factor leading to a diminished year both excess reserves and balances with need for bank purchases of United States correspondents are declining at country Government securities and consequently a banks. Nonmember banks also are drawlessening in the rate of expansion of bank ing upon their correspondent balances. It deposits. Banks have been given less op- would appear, therefore, that all classes of portunity and have had less inducement to banks are making fuller use of the funds purchase Government securities; since last available to them and for current liquidity October the Treasury has made only small are depending on their holdings of Governdirect offerings of new Government securi- ment securities to a greater extent than on ties to commercial banks and at the same excess reserves or other idle balances. JUNE 1944 52-5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH CHANGES IN DEPOSITS Since bank holdings of private and local government debt have been declining, In the ten months from the middle of last fluctuations in total deposits and currency year to the end of April 1944, demand dehave, for the most part, reflected changes posits, other than United States Governin holdings of United States Government deposits, showed an increase of 6 ment securities by banks, including the billion dollars, about half of the growth Federal Reserve Banks. During each drive shown during the preceding year. Time period there has been a sharp growth of total deposits at commercial banks increased deposits, reflecting not. only Government substantially during the period, by nearly security purchases by banks but also expan- 3 billion dollars, and those at mutual savsion of loans made to finance the purchase of securities by customers. Between drives BANK DEPOSITSAND CURRENCY BILLIOS OF BILLI total deposits have tended to shrink some- DOLLAS S R DO 50 what, largely because of the currency outflow and the repayment of loans. Com- 125 mercial banks have reduced their holdings •OTAL / of securities in the periods between more recent drives, but most of the sales have 100 / been made to the Reserve Banks to meet / currency demands and other reserve needs, and total holdings of banks, including the 75 ^^ Reserve Banks, have shown little change. -" A/ V The composition of deposits has also 50 ADJUSTED DEMAND DEPOSITS^"^ varied considerably. During the period .--- of the drives private deposit accounts have _^ TIME DEPOSITS 25 ...—-"" gone down and those of the United States —A—• Government have increased sharply as the CURRENCY OUTSIDE BANKS result of payments for securities purchased 0 _ _1 . y^ U. S. GOVERNMENT by investors other than banks. These variations are shown in the chart. Because of the wide fluctuations in adjusted deposits include deposits in the Postal Savings System and in mutual savmgs banks. Figures for 1944 are preliminary: latest figures are for April. demand deposits, which include deposits of businesses, individuals, and local governings banks and the Postal Savings System ments and exclude those of the United also showed an accelerated growth. Money States Government and banks, it is difficult in circulation increased by 4 billion dollars, to detect broad trends. These- deposits continuing its previous rate of growth. at the opening of the Fifth Drive are prob- Changes in the volume of deposits and ably close to 64 billion. This represents currency in recent years are shown in the an increase of about 6 billion dollars since chart. the low point at the close of the Fourth War Fluctuations in the volume of deposits, Loan Drive in February, but is only slightly and particularly in their composition, dur- above peaks immediately preceding the ing the past two years have largely re- Third and Fourth Drives. This is a definite flected the influence of war loan drives. slowing down in deposit growth in conz6 5 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH trast to the latter half of 1942. and the first stantial holdings of deposits and cash. half of 1943 when demand deposits of busi- These accumulations of currency, demand nesses and individuals were expanding at a deposits, and savings deposits, may have rate of well over a billion dollars a month. amounted to nearly 15 billion dollars between the end of the Second War Loan OWNERSHIP OF DEPOSITS Drive in May 1943, and the beginning of the Fifth Drive in June 1944. It would appear, Information regarding the ownership of therefore, that individuals are in a position demand deposits was obtained by the Fedto increase their purchases of securities in eral Reserve Banks through special surveys the Fifth War Loan Drive. of a sample of banks, as of July 31, 1943, and February 1.^, 1944. Estimates of the REGIONAL CHANGES IN DEPOSITS distribution of deposits at all commercial banks, derived from these data and pub- Growth in deposits during 1943 was lished in the May BULLETIN, indicate that more evenly spread among the various the growth in demand deposits in this geographical areas than that which ocperiod was principally in personal accounts, curred during 1942., and changes during which comprise less than a third of all 1944 to date have shown no striking redemand deposits of businesses and individ- gional differences. In 1942. the districts uals. Some of the increase represented a with greatest relative increases in war seasonal growth in deposits in rural com- production and construction showed the munities. greatest relative deposit increases. This The decline in business accounts, which was particularly true of the south, the was concentrated in those of financial busi- southwest, and the west-coast areas. The nesses and of manufacturing and mining influence of increased farm income was also corporations, reflected to some extent the evident in many districts. The table on the fact that the February survey was made next page shows the relative changes in more closely following a war loan drive demand deposits and time deposits for the than the July survey. Business concerns, twelve Federal Reserve districts, with central which accounted for the major part of the reserve city banks shown separately. The deposit growth in 1942. and the first half of range between the lowest and highest per- 1943, have to an increasing extent followed centages, which in 1942. was from 4 per a practice of building up deposit balances cent in New York City to 37 per cent in between drives and drawing upon them to the Kansas City District, narrowed in 1943 purchase large amounts of securities during to a range of 15 to 3x per cent. In the first drives. Much of the 6 billion dollar in- four months of 1944 the changes in all discrease in adjusted demand deposits since tricts were relatively small. Similar trends February has no doubt been in business for i94x and 1943 are indicated by end-ofdeposits. year figures of demand and time deposits of It appears that individuals, notwith- individuals, partnerships, and corporations standing purchases of over iz billion dol- by Federal Reserve districts and States, lars of United States savings bonds during assembled by the Treasury Department and the past year and some purchases of other published in the table on page 616 of this issues, have continued to accumulate sub- BULLETIN. JUNE 1944 52-7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH DEPOSIT GROWTH BY FEDERAL RESERVE DISTRICTS for new issues. The only new offerings Percentage Changes1 available for bank purchase were a limited amount of securities purchasable during the Dec. 31, Dec. 31, Dec. 31, 1 1 6 9 - 4 3 3 0 - , A 1 p 94 r. 4 1 3 9 1 4 , 2 1 - 9 D 4 e 3 c. 1 3 9 1 4 , 1 1 -D 94 e 2 c. Fourth War Loan Drive by commercial banks with time deposits and beginning Central reserve city banks: New York City 2 17 H in May an increase in weekly offerings of Chicago 2 18 12 Treasury bills to 1.2. billion dollars, com- Reserve city and country banks: pared with maturing issues of 1.0 billion. Boston District -1 21 18 New York District 2 23 14 During the Fifth Drive banks with time Philadelphia District 4 15 10 Cleveland District 2 24 18 deposits again are being permitted to pur- Richmond District 3 19 25 Atlanta District 6 29 34 chase limited amounts of the new issues Chicago District 5 28 32 St. Louis District 4 18 25 offered; the terms and conditions are set Minneapolis District -1 23 31 forth in the description of the offerings Kansas City District 4 26 37 D Sa a n l la F s r a D n i c s i t s r c i o c t District -1 4 3 3 0 2 3 3 3 1 published on page 537 of this BULLETIN. United States total... 2 23 218 Recently commercial banks and the Fed- 1 Increase or decrease (—) in total of demand deposits—adjusted eral Reserve Banks together have taken a and time deposits of all member banks; U. S. Government and interbank deposits not included; end-of-year figures from call reports; fig- much smaller proportion of the increase ures for Apr. 16-30, 1944, are daily averages as reported for reserve purposes. in the public debt than in previous periods 2 Percentage increases tor all member banks in United States and in New York City adjusted to include deposits on Dec. 31, 1941, of one when the financing program called for large bank that became a member in 1942. periodic offerings of securities to banks. In the early months of the war, deposits In the first four months of this year, the in New York City grew relatively less than banking system increased its holdings by those in other parts of the country but an estimated 4.7 billion dollars of securities, recently New York has fared somewhat representing a little more than a fourth better. On balance, funds are no longer of the 17 billion dollar increase in the direct being drained from the New York market and guaranteed debt of the Government. as rapidly as formerly, particularly by During the full calendar year 1943 revised Treasury operations. In the first quarter figures show that commercial banks and the of 1944, for the first time in more than two Federal Reserve Banks increased their holdyears, Treasury operations resulted in a net ings of United States Government securities addition of funds to this center. Part of by 2.3.8 billion dollars, or 42. per cent of the this development was due to especially 57 billion increase in the debt. The corheavy cash redemptions of maturing Govern- responding percentage for i94i was 49 ment securities in the New York market per cent. and increased interest payments on Govern- These figures indicate that considerable ment securities. progress has been made through the war loan drives in the Government's program BANK INVESTMENT IN UNITED STATES to finance the war to the largest extent GOVERNMENT SECURITIES possible outside of the banking system. Since last October commercial banks have Thus, if the record of the first third of the obtained nearly all of their increased hold- year continues, or is improved upon, the ings of Government securities by purchases proportion of the increase in the debt taken in the market rather than by subscriptions by nonbank investors will have increased 5 z8 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH from about one-half of the total growth in have not varied as widely as those of the 1942. to approximately three-quarters. weekly reporting member banks and have Most of the recent additions to commer- shown a continued and more pronounced cial bank holdings of Government securities increase. It will be noted that most of the occurred during the Fourth War Loan current fluctuations in the reporting banks' Drive. Such purchases are associated in holdings are in Treasury bills. These part with the readjustment of investment changes reflect adjustments in reserve posipositions by individuals and nonbanking tions and correspond generally to opposite businesses, who sell outstanding issues movements in Reserve Banks' holdings of prior to entering subscriptions for new bills. Changes in holdings of bonds, notes, securities offered during drives. Some of and certificates reflect principally new ofFerthe securities that banks acquire during war loan drives come from the Federal HOLDINGS OF U- S. GOVERNMENT SECURITIES Reserve System open-market account or are MEMBER BANKS IN LEADING CITIES AND FEDERAL RESERVE BANKS bills which had previously been sold to the Reserve Banks on option account. The banks' reserve needs decline because of the shift of funds from customers' deposits, against which reserves are required, to reserve-exempt Government, war-loan deposit accounts. The banks put some of the free reserves to use by purchasing securities from the Reserve Banks. Following the Third and Fourth War Loan Drives the aggregate holdings of commercial banks and the Federal Reserve System have tended to be relatively constant. There has been, however, a shifting of securities from member banks to Federal Reserve System account. A part of this movement results from the growth in required reserves that accompanies the shift- NOTE.—Member bank figures are for weekly reporting banks in 101 leading cities. Latest figures are for May 17. ing of deposits from exempted war loan balances to private accounts, but the most ings, retirements of maturing issues, and important and persistent factor accounting market purchases at times of war loan for Federal Reserve purchases is the con- drives. The Reserve Banks have also tinued expansion of currency in circulation, gradually increased their certificate holdwhich draws both deposits and reserves ings in the past year. from banks. The increase in Government security Weekly fluctuations in holdings of vari- holdings by Federal Reserve Banks beous kinds of Government securities by tween the close of the Fourth War Loan member banks in leading cities and by Drive in February and the opening of the Federal Reserve Banks are shown in the Fifth War Loan Drive in June is in excess chart. Holdings of other banks not shown of 3 billion dollars, balancing increases JUNE 1944 52-9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH of 1.5 billion in currency and of almost as dealers, as well as to others, for purchasing much in required reserves of member banks and carrying United States Government and some decline in gold stock. During the securities increased sharply during the Fifth Drive, as in the Third and Fourth, drives and were reduced somewhat between member banks will again have increased drives. In addition, during the Third reserves available for temporary use and Drive last autumn, there were substantial will probably repurchase some bills from increases in commercial loans, as shown on the Reserve Banks or absorb a greater pro- the chart. The concentration of these inportion of the new bill issues. There will creases in the period of the drive suggests also be some increase in excess reserves. that they were associated to some extent In the Fourth War Loan Drive, Reserve with the drive. Whether they represented Bank holdings declined by more than half a billion dollars while excess reserves of LOANS AT MEMBER BANKS IN LEADING CITIES member banks temporarily increased by BILLIONS OF DOLLARS WEDNESDAY FIGURE about 300 million dollars. During the Second and Third Drives increases in excess reserves had been much larger. The magnitude of the changes during the Fifth War Loan Drive will depend on the extent to which banks employ the excess reserves that tend to pile up during that period. DECLINE IN BANK LOANS Bank loans, which increased in the early years of the defense program and declined in 1942. and early 1943, have shown rather wide fluctuations during the past year. The early increase was in commercial and industrial loans, made to finance business expansion not only in defense industries NOTE.—Weekly reporting member banks in 101 leading cities. Commercial loans include open-market paper. Other loans include but in industry and trade generally. The real estate loans and "other" loans. Total loans include loans to banks, not shown separately. Latest figures are for May 17. subsequent contraction of bank loans reflected a liquidation of about 6 billion dol- credit to replenish balances depleted by lars in nonwar loans, including both those heavy purchases of Government securities for business purposes and those made di- or were extended more or less directly for rectly or indirectly to finance consumer such purchases can not be determined, but credit. War loans have continued to in- these credits had not been liquidated to any crease, and in the past six months the de- extent by the year-end. cline in consumer credit has been much During the Fourth War Loan Drive there slower than previously. was no similar increase in commercial Most of the variations in loans during the loans and recently there has been a rather past year seem to have been associated with sharp decline in such credit. Loans both the war loan drives. Loans to brokers and to brokers and dealers and to others for 530 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OE THE MONTH purchasing and carrying Government se- ning of 1941 but they continued to hold curities increased over the drive but sub- substantial amounts of excess reserves until sequently virtually all of this advance recent months, and their balances with was wiped out. Loans to brokers and correspondents, which are a relatively imdealers prior to the opening of the Fifth portant part of their funds, did not begin War Loan Drive were below the early Janu- to decline materially until 1943. By the ary level and loans to others for these end of 1943, however, these banks had subpurposes had returned to about that level. This is the result presumably of consider- RESERVES AND INTERBANK DEPOSITS ably less speculative purchasing of securities MEMBER BANKS BY CLASS OF BANK CENTRAL RESERVE CITY BANKS during the Fourth War Loan Drive. Both types of these loans, however, continue "V higher than they were last summer. TOTAL V^RESERVE BALANCES FULLER INVESTMENT OF BANKS J r Vv The decline in excess reserves of member QU|RFD RESERVES banks, which has been in progress since early in 1941, continued into the first quar- ter of 1944. Not only are excess reserves lower but most banks have reduced their RESERVE CITY BANKS balances due from other domestic banks, particularly since the first of this year. " REQUIRED These changes show that banks are gradu- RESERVES ally moving toward a policy of fuller in- " """' BALANCE DUE FROM BANKS vestment. This movement has progressed , o by successive stages, with the largest money COUNTRY BANKS market banks having made the first complete move to this basis. The banks in other centers, as represented by reserve city banks, followed soon after, but only recently have country banks shown a clear movement in this direction. The chart NOTE.—Total reserves and required reserves are monthly averages shows changes in the holdings of reserves of daily figures. Balances due from banks are call date figures through December 1942 and monthly averages of daily figures thereafter. Reand of balances due from other banks for ciprocal bank balances and amounts due from private banks and American branches of foreign banks are included to June 1942 and excluded thereafter. Reserve-requirement percentages were raised for the important classes of banks. all classes of member banks on Nov. 1,1941, and were lowered at central reserve city banks on Aug. 20, Sept. 14, and Oct. 3,1942. U. S. Excess reserves at New York City banks Government war-loan deposits were exempted from reserve requirements on Apr. 13,1943. showed a sharp decline in 1941, and since early 1943 both New York City and Chi- stantially reduced their balances due from cago banks have been operating without other banks and in addition brought their excess reserves. New York City banks excess reserves to relatively low levels. have virtually no balances due from banks This movement has continued in 1944. and Chicago banks have only a moderate At country banks reserves held continued volume. Reserve city banks also reached to increase more rapidly than amounts their peak of excess reserves at the begin- required during 1942. and excess reserves JUNE 1944 531 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH reached their peak in the early months of available to other banks. Net withdrawals 1943. Balances maintained by country of funds from banks with excess reserves, banks with city correspondents, which had on the other hand, are likely to result in a increased sharply through the late 1930's, decline in bank reserves and no increase in continued to increase until the end of 1942.. Reserve Bank security holdings. During the later months of 1943 and early In recent weeks Treasury withdrawals 1944 excess reserves declined somewhat, but from war loan accounts and the growth in continued large relative to any period be- currency in circulation have made it necesfore 1940. Balances due from banks have sary for the Reserve Banks to increase their also declined, especially in 1944, but they security holdings in order to maintain reare still higher than at any time before serves of many banks at the required level. 1941. Comparisons of member bank figures At times, particularly at the end of March of amounts due to and amounts due from and again at the end of April, there were other domestic banks, show a decline in temporary sharp declines in excess reserves the net balance due to banks in recent associated with unexpectedly large income months, indicating that nonmember banks tax collections by the Treasury. These dealso are making fuller use of available funds. clines reflected losses of funds by banks Although member banks have steadily which had excess reserves and were in a increased their holdings of Government position to meet the withdrawals without securities and an increasing number of them selling securities to the Reserve Banks. have come to operate on a full investment The general trend in excess reserves through basis, a great many banks still have larger their various fluctuations has been toward cash holdings than banks customarily lower average levels. held before the past decade. This is no doubt in part a matter of policy on the part CREDIT POLICY AND WAR FINANCE of some banks, based on their appraisal It appears that in general bankers are of possible needs for cash. In part, how- coming to recognize that they can rely on ever, it is the result of the distribution of their portfolios of short-term Government funds throughout the country, whereby securities as liquid reserves, and are permitmany banks obtain new deposits and re- ting excess reserves and balances due from serves almost as fast as they can invest banks to decline. This development is them. consistent with the over-all objectives of Banks or their customers purchase war finance. While the primary object Government securities and when the funds has been to sell as large a part of the new are transferred elsewhere by Treasury calls Government debt as is possible to nonon war loan balances and subsequent ex- banking holders, it is nevertheless necespenditure, some banks recover more de- sary for banks to absorb the residual posits than they lose through Treasury calls amount. Credit policy in wartime is cirand currency demands and some recover cumscribed by the necessity, on the one less. Among those banks that recover less, hand, of providing sufficient reserves for the ones without excess reserves meet the banks to purchase such securities as are resulting drain on their reserves by selling not sold to other investors and, on the securities to the Reserve Banks. Through other, of restricting bank reserves so as not this process additional reserves are made to induce banks to be active competitors 532- FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH for the securities that might otherwise be debt, and business concerns have shown less purchased by nonbanking businesses and disposition to accumulate cash and deindividuals. It is necessary that banks be posits. Consequently there is a reasonable in a position to purchase out of funds on prospect that the financing requirements of hand or easily and assuredly accessible, and the Government will be met in still larger to hold, such United States obligations as part from individual and business savings are offered to them; at the same time it rather than through extension of bank is important to prevent excessive ease in credit. In this event, additional Governthe market conducive to unnecessary se- ment security purchases by the Reserve curity purchases by banks. Banks will be largely for the purpose of Both of these objectives seem to be well meeting currency demands rather than to within reach. Nonbanking investors have support further expansion in bank credit been taking an increasing proportion of the and deposits. JUNE 1944 533 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROPOSAL FOR GUARANTEE OF INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS The Baruch-Hancock Report on War and cash position, those who propose to change the Postwar Adjustment Policies of February 15, type of product previously manufactured, and those that have had no war contracts and have 1944, recommended "as a permanent source of suffered drastic curtailment during the war. credit for small and medium-sized enterprises on Again, some contractors, in order to avail thema basis of broader risks than banks can be ex- selves of a favorable opportunity for purchasing pected to assume, that the Federal Reserve Sys- Government-owned facilities and inventory, may require a larger amount of credit than can tem's authority to make industrial loans or be obtained upon terms customarily granted by commitments be expanded and liberalized. banks. Such situations may occur before settle- These loans should be made in such a way as to ment of canceled contracts as well as thereafter. supplement, not compete with, private invest- In these and other circumstances, some degree ment, for which enormous funds are available." of financial assistance from the Government will be necessary to encourage private financing insti- Companion bills, which would carry this tutions to extend the type of credit indicated if recommendation into effect, were introduced on the production of such businesses is not to be May 15, 1944, by Senator Wagner, Chairman of curtailed or entirely lost. It is important, therethe Committee on Banking and Currency of the fore, that some governmental agency be given Senate, and by Representative Spence, Chairman the authority now to facilitate the extension of credit in the situations indicated, during the of the Banking and Currency Committee of the period of cancellations of war contracts as well House of Representatives. In introducing the as during the reconversion period and theremeasure, Senator Wagner had an explanatory after. It would be highly preferable that the statement with respect to the plan inserted in agency so empowered should be permanent in the Congressional Record. The text of this character and should have no incentive to compete with private lending institutions. Agencies statement is as follows: which are set up for the exclusive purpose of In the shift of production from war goods to extending Government credit have a tendency to civilian goods, many business enterprises will maintain the volume of their business even after find themselves in need of additional funds to the need for such credit may have declined. finance their operations. This need is imminent Therefore, to guard against competition with since the changing requirements of the armed private financing institutions and to insure the services are necessitating a growing volume of tapering off of operations of the agency whencancellations and curtailments. The need will ever conditions warrant, it is proposed to give become much more extensive when the volume this responsibility to the Federal Reserve of production for war declines at the time of System, which has permanent functions other armistice, whether on one front or both fronts, than the loaning of money and is interested in and the volume of civilian production needs to maintaining private banking and credit on a be increased accordingly. While it can be ex- sound basis. pected that after the settlement of war contracts Limited authority of Federal Reserve Banks American business as a whole will have a greater under present law. Under section 13b of the volume of liquid assets than ever before, this Federal Reserve Act, the Federal Reserve Banks condition will not be uniform. Numerous en- are authorized to make credit available to busiterprises will not be able to resume peacetime ness enterprises, either directly when such credit operations without financial assistance, in many is not otherwise available or through participacases beyond that available from private sources tion with commercial banking institutions. upon terms which will meet the borrower's Such loans, however, may be made only for the requirements. Among such concerns will be purpose of providing working capital, must have those which have invested heavily in plant maturities not exceeding five years, and may be facilities and equipment in relation to their provided only for established businesses. Be- 534 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROPOSAL FOR GUARANTEE OF INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS cause of such restrictive provisions of the statute, Such guarantees would be available for any the Federal Reserve Banks have not been able types of loans made by financing institutions to to make credit available to many deserving busi- business and industry, to meet situations of the ness enterprises; nor would they be able to assist various kinds referred to in the first part of this to an important degree in financing such enter- statement. Such loans could be made on a shortprises henceforth. term or long-term basis and to provide either Authorization to Federal Reserve Banks to working capital or facilities. They would asguarantee loans. In order to remedy these de- sist both in the financing of the resumption of tects in the present law and to meet the need peacetime operations and thereafter in meeting described above, it is proposed that, in lieu of the the needs of deserving business enterprises which existing authority of the Federal Reserve Banks can not be adequately supplied by private credit to make loans to business and industry under agencies without some degree of assistance. the restrictions noted, these banks be authorized It is contemplated that the guarantees by the to guarantee financing institutions against loss Reserve Banks under this authority would not on loans made to business enterprises or to make exceed 90 per cent of the amount of the credits, commitments to purchase loans so made. Such since any enterprise which has reasonable prosguarantees and commitments by the Federal pects of successful operation should be able to Reserve Banks would be available in proper obtain financing in which its bank assumes at cases to any financing institution, whether or least 10 per cent of the risk under the loan. not a member bank of the Federal Reserve Sys- Fund for meeting losses. Being banks of tem. The procedure followed in making such issue, the Federal Reserve Banks could not be loans and guarantees would be generally similar expected to utilize any large proportion of their to that which has been used in financing war own funds in making credit of this kind availproduction under the V loan program. How- able without some protection against losses ever, a Federal Reserve Bank would execute the which might be incurred. There is, however, a guarantees as principal and not as fiscal agent of fund which can be made available for use in the Government. A borrower would be ex- meeting losses incurred by the Reserve Banks pected to apply for such a loan through his in guaranteeing loans, without any new apusual banking connection. The bank would in propriation by Congress. turn make application to the Federal Reserve The Secretary of the Treasury is authorized Bank of its district for the guarantee. General by existing law to pay to the Federal Reserve regulations governing the policy and procedure Banks approximately 139 million dollars (the relating to the program would be issued by the amount which these banks were required by Board of Governors of the Federal Reserve law in 1933 to subscribe for stock of the Federal System. Deposit Insurance Corporation) for the purpose Qualifications of the System for the task. of enabling the Reserve Banks to make loans to The twelve Federal Reserve Banks and their business and industry. This amount has altwenty-four branches are in a position to extend ready been appropriated by Congress for this this service economically and efficiently. The purpose. Under this existing authority apofficers and employees of the Federal Reserve proximately 2.7 million dollars has been paid. Banks have gained wide experience in adminis- The proposal would require the payment of the tering the V loan program, in addition to that remaining 112. million of this appropriation gained since 1934 in making loans to business to the Board of Governors and also would reenterprises under the existing provisions of the quire the Federal Reserve Banks to pay to the law. Financing institutions and borrowers Board the approximately 2.7 million which they alike are familiar with the services of the Federal have heretofore received from the Secretary of Reserve Banks in this field. The authority to the Treasury under the present authority. The guarantee loans to business enterprises, there- entire amount thus paid to the Board would confore, could be put into effect without delay and stitute a fund to be utilized to provide for losses the credits consummated expeditiously. More- incurred by the Federal Reserve Banks in conover the Federal Reserve System has important nection with loans to business and industry. responsibilities in the credit field and in the The Board would have authority to invest any supervision of banks and, since the loans in all part of this fund not currently needed in obligacases would be made by private banking institu- tions of the United States, and any income detions, the guaranteeing of such loans by the rived from such investments would be added Reserve Banks would not be competitive with to the fund and thus become available to meet the private banking system. losses on guaranteed loans. The stock of the JUNE 1944 535 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROPOSAL FOR GUARANTEE OF INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS Federal Deposit Insurance Corporation hereto- clude expenses to the extent not covered by fore subscribed for by the Federal Reserve Banks earnings) heretofore or hereafter incurred by would be transferred to the United States. Federal Reserve banks through operations under The use of this fund in this way, it is esti- this section. From time to time the Board shall mated, would permit guarantees of loans in an make payments out of such fund in such sums aggregate amount outstanding at any one time and to such Federal Reserve banks as the Board of at least one-half billion dollars. may deem necessary to provide for any such losses. The Board may deposit all or part of The bills S. 1918 and H.R. 4804, which were such fund with any Federal Reserve bank, subintroduced in the Senate and House ^respectively, ject to the Board's order, and may, in its discreon this subject, are identical. The text of these tion, invest any part of such fund not currently needed for the purposes of this section in obligabills is as follows: tions of the United States or obligations fully A BILL to amend section 13 b of the Fed- guaranteed by the United States as to principal eral Reserve Act, as amended. and interest; and any income derived from such Be it enacted by the Senate and House of Repre- investments shall be added to and become a part sentatives of the United States of America in Congress of such fund. The determination of the existassembled, That section 13b of the Federal Re- ence and amount of any loss incurred by a Federal serve Act, as amended, is amended to read as Reserve bank through operations under this follows: section shall be made by such bank with the "SEC. 13b. (a) Each Federal Reserve bank is approval of the Board. Whenever a payment authorized (1) to guarantee a financing institu- has been made under this section to a Federal tion against loss of principal or interest on any Reserve bank to reimburse it for any loss, any loan made to a business enterprise and (2.) to amount subsequently recovered by such bank make commitments to purchase and thereafter which reduces the amount of the loss for which to purchase from a financing institution any loan such bank has received reimbursement shall be made to a business enterprise. paid to the Board and shall become a part of "(b) Each Federal Reserve bank shall pay to such fund. the Board of Governors of the Federal Reserve "(c) The stock of the Federal Deposit In- System, upon request of the Board, the aggregate surance Corporation heretofore subscribed for amount which the Secretary of the Treasury by and issued to each Federal Reserve bank is has heretofore paid to such bank under the pro- hereby transferred to the United States. The visions of this section. The amount of certificates of stock of the Federal Deposit In- $139^99,557 (the amount which was paid by surance Corporation heretofore issued to the the Federal Reserve banks for stock of the Federal Reserve banks shall be surrendered and Federal Deposit Insurance Corporation), less all canceled and appropriate evidence of the owneramounts heretofore paid to the Federal Reserve ship of such stock by the United States shall be banks by the Secretary of the Treasury under the issued by the Corporation to the Secretary of provisions of this section, shall be paid by the the Treasury. Neither the Board nor any Secretary of the Treasury to the Board upon its Federal Reserve bank shall hereafter have any request; and for the purpose of enabling the obligation or liability to the United States or Secretary of the Treasury to make such payment, to the Secretary of the Treasury by reason of the unexpended balance of the appropriation this section, as heretofore or now existing, or by made by the last sentence of subsection (e) of this reason of any action pursuant thereto. section as originally enacted by the Act of June "(d) All actions and operations of the Federal 19, 1934, and now carried on the books of the Reserve banks under this section shall be subject Treasury under the title 'Payments to Federal to such regulations, limitations, and conditions Reserve banks for industrial loans (sec. 13b, as the Board of Governors of the Federal Reserve Federal Reserve Act, as amended)' is hereby System may from time to time prescribe. made available. All amounts paid to the Board "(0 The provisions of the Securities Act of under this section shall constitute a fund which 1933 shall not apply to any obligation evidencshall be utilized by the Board, on such basis as ing a loan all or part of which is guaranteed or the Board may deem proper, to provide for is the subject of a commitment pursuant to the losses (which may in the Board's discretion in- provisions of subsection (a) of this section." 536 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIFTH WAR LOAN DRIVE The Fifth War Loan Drive to raise funds from classes of nonbank investors. This is the first nonbank investors for the financing of the war time that Treasury notes have been offered in a will begin on June 12. and extend through war loan drive, and it is expected that they will July 8. The over-all goal for this drive has prove attractive to corporations for investment been set at 16 billion dollars, and the goal for of short-term funds. individuals at 6 billion. Both goals have been The three issues of savings bonds and the increased over those of previous drives. In the savings notes will be dated the first of the month Fourth Drive the total goal was 14 billion in which purchased. The marketable issues, dollars and the goal for individuals was 5.5 except the TJ/L per cent bonds, will be dated billion. June 2.6. The 2.3^2 per cent bonds were orig- Major emphasis throughout the drive will be inally issued in the Fourth Drive and were dated placed on raising funds from individuals. The February 1, 1944. These bonds sold during the total goal for the Fourth Drive was over-sub- Fifth Drive will constitute an additional offering scribed by 1.7 billion dollars, but individuals of the issue dated February 1, but will accrue subscribed for 100 million dollars less than the interest from June 2.6 and will have a special 5.5 billion goal at that time. Nevertheless, the coupon attached covering interest accruing goal for individuals in the Fifth Drive has been between June 2.6 and September 15, 1944. These increased to 6 billion dollars, which is 700 bonds are callable March 15, 1965, and mature million larger than total subscriptions by in- March 15, 1970. Commercial banks are not dividuals in the Fourth Drive. The increased permitted to own these bonds until February i, emphasis on sales to individuals and the estab- 1954, except for the limited investment of time lishment of higher goals call for greater efforts deposits. The 2. per cent bonds are callable on the part of everyone connected with the drive. June 15, 1952., and mature June 15, 1954. The Although subscriptions will be received from iM per cent notes mature March 15, 1947, and all nonbank investors during the entire period the Y% per cent certificates mature June 1, 1945. of the drive, from June 12. to June 2.6 reports on In order to avoid unnecessary transfers of the progress of the drive will cover only sales funds from one locality to another during the to individuals. From June 2.6 to July 8, the drive, the Treasury has again requested that all campaign to sell securities to individuals will be subscriptions by corporations and firms be supplemented by an intensive campaign for entered and paid for through banking institusubscriptions from all other nonbank investors. tions where the funds are located. Statistical A final report on the drive will not be available credit for subscriptions will be given to localuntil the close of July, since all subscriptions for ities that the subscribing corporations and firms savings bonds and savings notes processed by the may designate. Subscriptions by insurance Federal Reserve Banks and by the Treasury De- companies will be credited to the State of the partment during the two months of June and home office, as in the past. July will be accredited to the drive. This con- The Treasury has again asked the cooperation tinues the practice established in the Fourth of all banks in declining to make speculative Drive. loans for the purchase of Government securities The issues included in the drive consist of in order to minimize the amount of indirect Series E, F, and G savings bonds, Series C sav- participation by commercial banks in the Fifth ings notes, 2. and 1}^ per cent Treasury bonds, War Loan. One of the primary objectives of the 134 Per cent Treasury notes, and J/g per cent war loan drives is to obtain the largest amount certificates of indebtedness. The issues provide of funds possible outside the banking system for long- or short-term investment needs of all in order to reduce the amount of securities that JUNE 1944 537 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIFTH WAR LOAN DRIVE the Government will need to sell to commercial size of the investment firm, as most customers banks. The purchase of securities in war loan will have ample opportunity to subscribe during drives for the purpose of resale to commercial the drive. banks following the drives is not in keeping with Commercial banks have been excluded from this important objective of the Government's the drive. Concurrently with the drive, howfinancing program. On the other hand, the ever, but not counted against the goals, com- Treasury approves of bank loans to enable inmercial banks having time deposits will be vestors to purchase securities in anticipation of permitted to subscribe in limited amounts to the income, provided that the loans are on a short- 2. and z^ Per cent bonds and to Series F and G term or amortization basis and are to be fully savings bonds. The limit, including subscriprepaid within six months. tions to 2.J4 and iy/2 per cent bonds during the As in the case of the Fourth War Loan Drive, Fourth War Loan and purchases of Series F and dealers and brokers in securities are requested to G savings bonds on and after January 1, 1944, limit the amount of their subscriptions in the will be 2.0 per cent of the bank's savings deposdrive to the amount of securities which they will its and time certificates of deposits of individbe able to retail to customers, other than commercial banks, for investment after the drive has uals and nonprofit corporations and associations, closed, plus the amount required for the invest- but not more than $400,000 for any one bank. ment of their own funds. Generally speaking, Not more than $100,000 of such subscriptions the volume of purchases for subsequent resale may consist of Series F and G savings bonds to customers should be small regardless of the singly or in combination. CURRENT EVENTS Federal Reserve Meetings New York The Federal Open Market Committee met in Johnstown—The Peoples Bank of Johns- Washington on May 4, 1944. town, N. Y. A meeting of the Chairmen of the Federal Manlius—Bank of Manlius Reserve Banks was held in Washington on May Monroe—Citizens Bank of Monroe IO-II, 1944. Oyster Bay—North Shore Bank Trust Company The Federal Advisory Council held a meeting in Washington on May 14-15 and met with the Ohio Board of Governors on May 15, 1944. Oakwood—The Oakwood Deposit Bank Company Admissions of State Banks to Membership in the Federal Reserve System Pennsylvania The following State banks were admitted to Derry—Fidelity Deposit Bank of Derry membership in the Federal Reserve System during the period April 16, 1944, to May 15, 1944, Texas inclusive: Brownsville—Pan American State Bank Arkansas West Virginia Brinkley—Bank of Brinkley Mullens—The Peoples Bank of Mullens Kentucky Hopkinsville—First-City Bank & Trust Com- Wisconsin pany Racine—American Bank and Trust Company Missouri Wyoming Warsaw—Osage Valley Bank Webb City—Webb City Bank Hanna—Hanna State & Savings Bank 538 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CORRESPONDENCE Measurement of Factors Influencing the Volume of Deposits and Currency QUESTION: Since changes in bank deposits are the public and obtaining existing money (deinfluenced not only by changes in the volume of posits or currency) in exchange, or by selling loans and investments, but also by gold move- securities to, or borrowing from, certain of the ments, by advances and security sales and pur- agencies listed. chases by the Federal Reserve Banks, and by To compile such a statement in an accurate other factors, is it possible to set up a balancing and systematic fashion would not only be a statement showing the sources of the volume of large and detailed technical task but would also deposits and currency? presume a degree of accuracy in some of the ANSWER: It is possible to put together in a underlying statistics that does not in fact exist. comprehensive balanced statement figures repre- It is, however, possible to frame a simple statesenting the various items that affect the amount ment which covers the principal items that of bank deposits and currency. Such a state- account for most of the changes. ment would be based on a consolidation, with Such a statement follows. It covers two elimination of duplications, of statements of the periods: (i) 1938-1940, when the growth in Treasury, the Federal Reserve Banks, all com- bank deposits and currency was based more mercial banks, and possibly mutual savings largely on the gold inflow than on credit exbanks, and the Postal Savings System. These pansion; and (V) 1941-1943, when there was a include all agencies that accept deposits or issue large expansion in deposits and currency based currency. When other financial agencies ob- on credit expansion, or, more specifically, on tain funds they do so by selling securities to bank purchases of Government securities. DEPOSITS AND CURRENCY IN UNITED STATES AND PRINCIPAL FACTORS AFFECTING THEIR VOLUME [In millions of dollars] Change Change Item Dec. 31, 1937 Dec. 31, 1940 Dec. 31, 1943 Dec. 31, 1937- Dec. 31, 1940- Dec.31, 1940 Dec. 31, 1943 Expansive items (their expansion adds to, and their decline reduces, the volume of deposits and currency) 67,484 82,730 136,227 +15,246 +53,497 Monetary gold stock 12,760 21,995 21,938 +9,235 -57 Treasury currency outstanding 2,637 3,087 4,094 +450 +1,007 Loans and investments1 52,087 57,648 110,195 +5,561 +52,547 Contractive items (their expansion reduces, and their contraction increases, the volume of deposits and currency) 12,682 13,019 14,040 +337 +1,021 Treasury cash and deposits at Federal Reserve Banks 3,761 2,581 2,882 -1,180 +301 Nonmember deposits at Federal Reserve Banks 407 1,732 1,716 +1,325 -16 Bank capital (including Federal Reserve) 8,514 8,706 9,442 +192 +736 Total of expansive items minus total of contractive items2. 54,802 69,711 122,187 +14,909 +52,476 Deposits and currency 56,639 70,761 122,812 +14,122 +52,051 Currency outside banks 5,638 7,325 18,837 +1,687 +11,512 Demand deposits—adjusted 23,959 34,945 60,815 +10,986 +25,870 U. S. Government deposits in commercial banks 824 753 10,424 -71 +9,671 Time deposits: Commercial banks 14,779 15,777 19,213 +998 +3,436 Mutual savings banks 10,170 10,658 11,737 +488 + 1,079 Postal Savings System 1,269 1,303 1,786 +34 +483 1 Loans and investments of Federal Reserve Banks, commercial and mutual savings banks, and the Postal Savings System, less bank borrowing. 2 The difference between these net figures and the totals shown below result from several small unenumerated items, mainly miscellaneous bank assets and liabilities and differences between deposits due to and due from banks. JUNE 1944 539 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Compiled May 20, and released for publication May 25. Figures shown on charts may differ from preliminary figures used in text. Industrial production and employment at the farm machinery program continued to infactories and mines declined somewhat further crease and was reported at a rate above the in April, reflecting principally reduction in out- highest volume recorded in any peacetime year. put of metal industries. The number of in- Output of nondurable manufactured goods dustrial wage earners was about 6 per cent or showed little change in April. Activity at 800,000 less than in November 1943. cotton mills was maintained at the level of recent months, approximately 15 per cent below INDUSTRIAL PRODUCTION the peak level of April i94i. As a measure to The Board's seasonally adjusted index of out- increase production, a 48-hour work week was put in manufacturing and mining industries ordered in the cotton textile industry, effective was at 2.40 per cent of the 1935-39 average in May 14. April, as compared with z^± in March and 145 The number of animals slaughtered continued in February. at an exceptionally high level in April, and effective May 3 most meat products were re- INDUSTRIAL PRODUCTION moved from rationing. Output of dairy PER CENT PHYS CAL VOL ME SEASONALLYADJUSTED, POINTS products continued to rise seasonally and sup- 260} plies available for civilians increased.- 120 r JV rfACHINI RY a - 100 Mineral production was maintained in large 1- EQU \ volume in April. Production of both bitumi- 80 nous and anthracite coal for the year through 1- NONDURABLE MANURACTURES .60 May 6 was approximately 5 per cent more than 180 | / / A - 40 in the same period in 1943. 160 h- THER DURABLE Crude petroleum production in April con- J 20 tinued at a level about 12. per cent above a year 0 120 \-(-V ago. Mine production of iron ore showed a MINERALS 1 20 large seasonal rise, reflecting the opening on 80 L_ - 0 April 10 of the season for lake shipments. Federal Reserve indexes. Groups are expressed in terms of points DISTRIBUTION in the total index. Monthly figures, latest shown are for April. Department store sales declined in April and, Small declines in output of metals and metal after allowance for usual seasonal changes, were products continued to account for most of the about 10 per cent below the high level which decrease in industrial production. Electric steel prevailed in the first quarter of this year. In production decreased further in April to a level the first half of May sales were maintained and 5 per cent below the same month last year. Pro- were considerably larger than in the correspondduction of most nonferrous metals declined, re- ing period of 1943. flecting partly planned curtailments and partly Carloadings of railroad freight in April and the effects of labor shortages in mines and the first half of May were maintained in large smelters. A further curtailment of aluminum volume. Grain shipments continued to decline production was announced in May. Activity from the exceptionally high levels of January at plants producing munitions in the machinery and February. Ore loadings increased sharply and transportation equipment industries de- in April and were 60 per cent greater than a clined somewhat in April. Production under year ago. 540 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS COMMODITY PRICES they were before the Fourth War Loan Drive Wholesale prices of most commodities showed and loans to others for purchasing and carrying little change from the middle of April to the U. S. Government securities are down to about third week of May. Prices of farm products predrive levels. During the same period comand foods were slightly lower, while maximum mercial loans also declined rapidly. prices of some industrial commodities were Sales of U. S. Government securities by comraised. mercial banks were paralleled by equivalent pur- The cost of living index advanced one-half chases by the Federal Reserve System. System per cent from mid-March to mid-April, re- holdings are now about z.5 billion dollars flecting higher retail prices for foods and furni- larger than they were at the end of the Fourth ture and increased excise taxes effective April i. War Loan Drive. These purchases were made to supply member banks with reserve funds BANK CREDIT needed to meet a continued increase in currency From the end of the Fourth War Loan Drive in and the growth in required reserves which rethe second week of February through the middle sulted from shifts of deposits from Treasury of May, demand deposits of individuals and war-loan accounts to other accounts. Some of businesses at weekly reporting banks increased these needs have been met by a decline in excess by about 3 billion dollars. Time deposits also reserves. Sharp declines in excess reserves at increased appreciably. During the same period the end of March and April were associated with war-loan accounts at reporting banks declined unexpectedly large tax receipts and the building by more than 6.5 billion dollars. Holdings of up of Treasury balances at Reserve Banks. Cur- U. S. Government securities by these banks de- rency in circulation, which increased somewhat clined by about 1. billion dollars and loans con- less rapidly during the first quarter of 1944 tracted by more than 1.5 billion dollars. A than in the same period last year, renewed its large part of the loan decline was the liquidation rapid outflow late in April and during early of credits extended during the war loan drive. May. In the four weeks ending May 17 the Loans to brokers and dealers are now less than currency outflow was over 500 million dollars. WHOLESALE PRICES MEMBER BANK RESERVES AND RELATED ITEMS 1939 1940 1941 1942 1943 1944 1939 1940 1941 1942 1943 1944 Bureau of Labor Statistics* indexes. Weekly figures, latest shown are for week ending May 20. Wednesday figures, latest shown are for May 24. JUNE 1944 541 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEX OF DEPARTMENT STORE SALES The Federal Reserve System indexes of depart- lar basis and the national index has been computed by combining the twelve district indexes ment store sales have been revised for the period on the basis of the relative importance of sales from 1919 to date. This revision represents in each district in the base period. the joint work of the Board's Division of Re- 00 The average of the years 1935 to 1939, search and Statistics and the research depart- inclusive, has been used as the base period for ments of the twelve Federal Reserve Banks. these indexes. The principal features of the revision are: (3) The sample of reporting stores in each district has been enlarged, in some instances (1) Indexes for each of the twelve Federal considerably. Reserve districts have been compiled on a simi- (4) The district indexes, and consequently the national index as well, have been adjusted NOTE.—This revision of the national index of department store to conform to the changes indicated by comsales was conducted by Richard Youngdahl under the general supervision of John O. Bergelin, head of the Regional Research Section of the prehensive Census data for the years 192.9 and Board's Division of Research and Statistics. Mr. Youngdahl also worked closely with the Federal Reserve Banks in the development of 1939 and similar adjustments will be made in the the general procedures followed and in the revisions of the various future as benchmark data become available. district indexes. DEPARTMENT STORE SALES PER CENT 1935-39 AVERAGE = 100 PER 300 250 1 I I 1 j 200 h ll I •i ii i i i i 150 i i 1 !1 ! i . i i i i i ' i i : i 1 '1 , I; j! !! j 1 1 1 1 / I 1 | I, j i i f i i w 4 i i i i i i i I A III 1 i ii f (i i ,00. J it ;; \ i ,' IF I v ) I ! I i / ji if! l ! | /ii l 1 l ! ii I 1' i A i I 1 i 1 i li'i:i ii ll >l 1 [ l| J i i i / r I* if r 1' v ' I I I I ^ ' ') 1 i/ f V •; ii 50 1 0 1920 1922 1924 1926 1928 1930 1932 1934 I93& 1938 1940 1942 1944 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEX OF DEPARTMENT STORE SALES (5) The indexes have been adjusted for cus- these years but the quantities of food sold were tomary seasonal movements which, in the case largely maintained so that sales of food, measof department store sales, are extremely large. ured in dollar values, showed about the same Each district index has been computed by the decline as department store sales. Conversely, research department of the Federal Reserve in 1942. and 1943, when production of auto- Bank in that district, following a general pro- mobiles for civilians was discontinued and cedure worked out by Reserve System repre- gasoline rationing was instituted, sales at desentatives, and the national index has been partment stores showed a greater rise than total computed by the Board's Division of Research retail sales. In this period food prices increased and Statistics. The following sections discuss rapidly and the value of food sales rose more the general procedures followed, with particular than did department store sales so that the reference to the computation of the national difference between movements of department index. Detailed descriptive material for each store sales and those of total retail sales were of the district indexes has been prepared by the less marked than would otherwise have been the case. research departments of the various Federal Reserve Banks and may be obtained from them TOTAL RETAIL SALES AND DEPARTMENT STORE SALES upon request. Tables giving back figures and the seasonal adjustment factors used currently for the indexes are shown at the end of this article. 7 - DEPARTMENT STORE SALES IN RELATION TO TOTAL "OTA I / RETAIL SALES RETAIL SALES - Department store sales constitute approxi- // \ / J STORE SALES mately 10 per cent of total retail sales and, as A / is indicated in the accompanying chart, show / movements from year to year that are roughly - \ J similar to those of total retail sales. This gen- \\ / , eral correspondence in movement reflects the \ V fact that department stores carry a broad line of merchandise, including both durable and non- - durable consumers' goods. However, some items important in total retail trade, notably automobiles, building materials, and foods, are Total retail sales: Department of Commerce index. Figures for the years 1930-1932 and 1934 are not available. Department store barely represented in department store sales. sales: Federal Reserve index. Quantities and prices of these goods not sold at Another factor accounting for the greater department stores change quite differently in increase in department store sales in 1942. and some periods from those for department store 1943 has been that department stores have merchandise and, consequently, marked differ- been in a better position to shift from items ences develop between the levels of department such as household appliances and the like, store sales and those of retail sales generally. which are no longer obtainable in any sub- In the period from 19x9 to 1933, for example, stantial quantity, if at all, to other commodities, sales of automobiles and building materials which are still being manufactured. Ordinarily, decreased considerably more than department sales of women's and misses' apparel and acstores sales and this accounted in large measure cessories account for about 40 per cent of total for the greater decline shown by total retail department store sales; home furnishings, about sales. Food prices declined considerably in Z5 per cent; men's and boys' wear, about 10 JUNE 1944 543 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEX OF DEPARTMENT STORE SALES per cent; and other commodities, such as dry general level of department store sales over the goods, drugs and cosmetics, toys and sporting past decade or more, inasmuch as during that equipment, and the like, about 2.5 per cent of period these companies expanded their operathe total. In the past year or two these pro- tions generally throughout the country, openportions have changed as a result of wartime ing a number of stores whose sales increased developments. Sales of women's apparel and rapidly. This downward bias in the old index accessories have increased while those of house has been corrected in the present revision. furnishings and men's clothing have declined The sample of J. C. Penney Co., Montgomery appreciably in importance. Ward and Co., and Sears, Roebuck and Co. stores now reporting sales to the Federal THE REPORTING SAMPLE Reserve System appears to measure accurately the changes in the sales of all of the department According to the 1939 Census of Business, stores owned by these companies and to give there were in that year 4,051 department stores their total sales proportionate representation with total sales of over three and one-half in the new sample for each district. billion dollars.1 The • new Federal Reserve Although the number of small stores cur- System indexes are based on voluntary reports rently reporting sales to the Federal Reserve made by over 1,400 of these stores whose aggre- System is considerably larger than in earlier gate sales in 1939 amounted to over two and years, they are still under-represented in the one-half billion dollars, or more than 70 per present sample. This is evident from the fact cent of the total. that, while the stores included in the enlarged The sample of reporting stores has been exsample were but one-third of the total number panded to include the sales of a greater number of stores classified as department stores by the of independent stores, as well as those of a 1939 Census of Business, the sales by reporting representative group of the J. C. Penney Co. stores in that year comprised over 70 per cent stores and of the retail outlets (but not inof the total department store sales in the cluding the mail-order sales) of Montgomery country. However, the errors in the indexes Ward and Co. and Sears, Roebuck and Co. resulting from inadequate coverage of the small From the standpoint of its geographical disdepartment stores appear to be minor judging tribution, the present sample is well-balanced from the relatively small adjustments that inasmuch as reports are now obtained from were necessary to make the movements of sales stores in virtually every department store tradby the reporting sample of stores conform to ing area of importance. Moreover, the method those shown by Census data which included of computing the national index, i.e., by comthe small stores. Generally speaking, it apbining the twelve district indexes in accordpears that in any particular locality the sales ance with weights derived from comprehensive of these stores tend to move approximately as Census data, corrects for errors which might do the sales of the larger stores. arise as a result of disproportionate coverage The sample of reporting stores is consideras among the districts. ably larger than would ordinarily be needed to In the sample on which the old national and measure changes in department store sales on district indexes were based sales by the J. C. a national basis. It is necessary, however, for Penney Co. stores and by the retail outlets of the Board of Governors and the Federal Reserve Montgomery Ward and Co. and Sears, Roebuck Banks to study not only national but district and Co. were inadequately represented. These and local business developments as well and, indexes, therefore, tended to understate the in order to provide information on this basis, a much broader sample is required. 1 These totals exclude the central distribution outlets which handle only catalog sales on a mail-order basis. There were 23 such outlets In recent years, when there have been marked of 5 major companies included in published Census data for 1939. 544 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEX OF DEPARTMENT STORE SALES shifts in population, particularly in some of the as benchmarks for the monthly index of sales smaller centers, the larger sample has proved in the Twelfth Federal Reserve District. to be extremely useful in providing an accurate measure of changes in sales both regionally and COMPUTATION OF THE NATIONAL INDEX nationally. The larger sample also enables the The national index is an average of the twelve System to provide cooperating stores with re- district indexes, each weighted according to ports for areas in which they are particularly the relationship of total department store sales interested and to make information available in the district to the total for the country as a to local organizations which are engaged in whole in the base period. Actual sales data making economic surveys of their communities. for the base period years were not available but estimates were readily obtained by dividing ADJUSTMENT TO CENSUS DATA the daily average Census sales figures for 1939 for The twelve district indexes have been ad- each district by the corresponding 1939 annual justed, when necessary, to reflect the changes in index number which had the 193 5-1939 averdepartment store sales from 19x9 to 1939 as age as a base. The resulting estimates of daily indicated by Census data for those two years. average sales in the base period were then used A special tabulation of the department store to compute the percentage which the sales in sales data reported to the Bureau of the Census each district were of the national total in the was prepared for the Board of Governors of the base period. These percentages, shown in the table below, were used as weights throughout Federal Reserve System for this purpose. This the period covered by the index and will be tabulation showed sales by Federal Reserve used in carrying the index forward. This prodistricts, and by major cities within each discedure gives the same result as would be obtrict, excluding catalog sales by mail-order tained by deriving estimates of the daily average firms but including sales taxes so that the data dollar value of sales in each district in each would be comparable with those collected month, adding these to obtain national totals, weekly and monthly by the Federal Reserve and then computing an index from the national System. dollar value totals so obtained. It would have been desirable to establish benchmarks for years other than 192.9 and 1939. COMPUTATION OF WEIGHTS Unfortunately, adequate Census data for each Department store Federal Reserve district, with the exception of Department store sales in sales in 1935-1939 1939 period San Francisco, were not available for the interv w I n t e a i n t t m i h i o n o a n g u y a t l C b e a i e n n s d d u n e i s x o s p t y e r s e d o h a , p o rs o w h r a s o ti n w o a d n e a v v c t e e o e r r u y , l a d c t m h l n o o a o s t u e t n b t t c h e o e o r o r f e b r s e t w p v a o i i o s n n r e e k d d d . - Fede d ra is l t R ri e c s t erve o th f ( d o C T a d s u e a t o o s a n l t l e a , l s a s a n u l i r n d s s s ) t o h s a f o a v D d l u e e o a s r s l i a a l l g a n ( y i r e d n s s ) ( A = 1 i 9 n n 3 d n 1 5 e 0 u - 0 x a 3 ) l 9+ ( s a C d i a v n o s D o C n a e l l d a l o l . t r a e h a i s l r l . s ( o g y 2 s o e u ( ) ) f 3 - ) P a U a S e v d s g r e n t a a c e a r i l i e a t t e l o e e y n g s d f s e tence to Census levels for the years 1935 and (1) (2) (3) (4) (5) 1937, although not for 1933. In 1933 it ap- Boston 238,100 778 104.2 747 6.86 New York 545,903 1,784 101.1 1,765 16.21 pears that Census coverage was incomplete Philadelphia .... 241,984 791 104.1 760 6.98 Cleveland 394,360 1,289 106.4 1,211 11.13 owing,to the fact that reporting was not com- Richmond 234,165 765 108.9 703 6.46 Atlanta 165,517 539 112.5 479 4.40 pulsory but was on a voluntary basis in that Chicago 714,687 2,336 107.4 2,175 19.98 St. Louis 145,917 477 110.6 431 3.96 year. In the case of the San Francisco District Minneapolis 123,844 405 105.2 385 3.53 Kansas City 154,929 506 104.9 483 4.43 it was possible, through supplemental informa- Dallas 133,444 433 111.9 387 3.56 San Francisco... 453,307 1,481 108.8 1,362 12.50 tion obtained by the Federal Reserve Bank and United States ... 3,551,157 11,584 106.4 10,886 100.00 the use of various methods of correction, to NOTE.—The figures shown for total sales in 1939 include sales taxes obtain data for all of these Census years for use which were not included in Census figures previously published for that year. JUNE 1944 545 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEX OF DEPARTMENT STORE SALES COMPUTATION OF THE DISTRICT INDEXES but remained in business, the base was decreased by the percentage which the sales of that store The majority of the district indexes are com- bore to the total sales of the sample in the last puted directly from the sales of a sample of year for which its reports were obtained. department stores believed to be representative When a new reporting store was not previously in business and if the coverage of the of total department store sales in the district. sample in the area was such as to make it likely In some cases, however, district indexes are that sales of the new store were either new deobtained by combining separate indexes for the partment store sales or were sales which might various parts of the district. Generally speak- otherwise have been made by the other reing, the latter method is used when the eco- porting stores in the area, sales of this store were included in the current reporting sample and no nomic character and development of the differadjustments were made in the base. If the ent sections of a district vary greatly, and when, coverage of the sample was such as to make this therefore, it is particularly important that the procedure improper, i.e., if the coverage was department store sales experience of each area quite incomplete, an adjustment in the base was made in accordance with the best estimate of be proportionately represented in the total disthe statistician. Similarly, in cases where a trict index. In such cases the indexes are built reporting store went out of business, adjustup either from a number of individual city and ments in the base were made or not made, dearea indexes (Atlanta and San Francisco Dis- pending upon the individual circumstances. tricts), from separate State indexes (Richmond (3) The index so obtained was adjusted to District), or from a major city and an "all 1919 and 1939 Census levels where this seemed necessary and appropriate. other district" index (Philadelphia and Minne- (4) Seasonal adjustment factors were comapolis Districts). puted by the method generally used throughout The general procedure used in the computation the Federal Reserve System. This method was of the district indexes, or the component parts described in the Federal Reserve BULLETIN for of a district index, is as follows: June 1941. A special adjustment for the changing date of Easter, which has an important influence on department store sales, was also (i) The monthly sales of the stores included necessary. The method of determining this in the index sample were summed, and these adjustment is described in a separate section monthly totals were then divided by the numbelow. ber of trading days in the month to obtain daily average sales. (For a discussion of the treat- (5) Seasonally adjusted indexes were comment of trading days, see below.) puted by dividing the indexes obtained in (3) (x) The daily average sales were converted above by the appropriate seasonal adjustment to index numbers by dividing each by the daily factors. In most cases where the total district average sales during the base period, 1935-39. indexes were obtained by combining separate Where necessary, this base was adjusted for indexes for various cities or areas within the changes in the number of reporting stores as district, each of the component series was adfollows: justed for seasonal variation before being con- When a department store previously in busi- solidated into a district index. ness began reporting its sales to a Federal Reserve Bank, the base was increased by the per- TRADING DAY ALLOWANCES centage which the sales of the new reporting The Federal Reserve System's indexes of destore in the first reporting year were of the total partment store sales are measures of the level of sales of the old sample in that year. In the daily average sales rather than of total sales in future, sales data for a new reporting store of this type will be included in the indexes at once a given month or year. Through the use of if annual sales figures can be obtained for the daily average sales, obtained by dividing total previous year. If not, the store will be included sales for the period by the corresponding numin the sample as soon as it is believed that suffiber of trading days, the fluctuations in the cient data are available to make a proper adjustment in the base. volume of sales resulting from calendar irregu- When a reporting store discontinued reporting larities are largely eliminated. No single 546 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEX OF DEPARTMENT STORE SALES nation-wide pattern is followed in computing merce. This method is described in the Nothe number of trading days, because trading vember 1943 issue of the Survey of Current Business. habits and customs vary significantly from city In the Federal Reserve districts of Boston, to city and from district to district. In all Richmond, Chicago, St. Louis, Kansas City, districts, however, Sundays, New Year's Day, and San Francisco the evidence clearly indi- Memorial Day (except in the Atlanta and cated that particular days are of special im- Dallas Districts), Independence Day, Labor portance in the trading week, and appropri- Day (except in the Dallas District), Thanks- ate adjustments were made in the determinagiving, and Christmas are considered as non- tion of the number of trading days in each trading days. month. In most of these districts it was Throughout the country the days of the week found that Saturday is the most important vary in importance as trading days. In certain trading day, accounting for about one-fifth of districts, for example, an unusually large pro- the week's sales. Generally, adjustment for portion of a week's sales is made on Saturday. this was made simply by adding an extra one- In others various local trading practices, such third of a day to the actual number of trading as evening openings, and special buying habits days in months having five Saturdays. In the peculiar to the area result in an especially large Richmond and San Francisco Districts, however, fraction of the week's sales being made on days different allowances were used for each trading other than Saturday. Just as, because of calen- day of the week and the allowances varied also dar irregularities, the various months do not among the different areas in these districts for have an equal number of trading days, so too which separate indexes were computed. In the do the various months include a differing num- Federal Reserve districts of Atlanta and Dallas ber of the more important trading days. That it was apparent that no trading day was of such is, some months will have five Saturdays, which particular importance that a special allowance are generally of greater than average importance was necessary. In the remaining districts (New as a trading day, while others will have only York, Philadelphia, Cleveland, and Minnefour. Moreover, the number of such days in- apolis) it was known that shopping habits had cluded in any given month varies from year to altered radically from time to time but, beyear. This set of circumstances raises a special cause data on which to base changing adjustproblem inasmuch as the level of daily average ments were not available, no special trading day sales in months having a greater number of the allowances were. used. more important trading days will be overstated somewhat unless, in the determination of the EASTER ADJUSTMENT FOR DEPARTMENT STORE number of trading days in a month, a special SALES allowance is made for the varying importance Special adjustments have been made in the of the days of the week. March and April seasonal adjustment factors Two different methods were used to evaluate to allow for changes in the date of Easter. the trading importance of the various days of These adjustments, which were made individuthe week. In some districts the reporting stores ally for each Federal Reserve district, were furnished the Federal Reserve Bank with special determined in the following manner: tabulations which showed directly or from (1) Preliminary seasonal adjustment factors which could be determined the proportion of which eliminated, so far as possible, seasonal total weekly sales made on each day of the fluctuations other than those caused by changes week. In other districts the importance of in the date of Easter were computed by the particular days in the trading week was deter- method described in the Federal Reserve BULLE- TIN for June 194-1. mined by use of a method developed by the staff (i) A seasonally adjusted index was comof the Bureau of Foreign and Domestic Computed using these factors, and percentage JUNE 1944 547 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEX OF DEPARTMENT STORE SALES changes in sales from March to April as indi- of the year was upward and were raised slightly cated by this index were calculated for each when the general movement was downward. year. The changes, thus adjusted for short-term trend, were plotted according to the date of Easter, EASTER ADJUSTMENT IN DEPARTMENT STORE SALES as shown in the accompanying chart. KANSAS CITY DISTRICT (4) A freehand curve was drawn through the resulting scatter chart. This shows the upward progression in the change from March to April as the date of Easter advances from the latter part of March to the latter part of April. (5) For each year the percentage change which corresponded to the date of Easter in that year was read from the freehand curve and these figures were rounded to the nearest even whole number. (6) The preliminary seasonal adjustment factors previously derived for March and April in (1) above were then adjusted for changes in the date of Easter by subtracting (algebraically) half of the selected percentage change from the March seasonal adjustment factor and adding (algebraically) half of the selected percentage change to the April seasonal adjustment factor. The total of the March and April adjustment factors is not changed by the Easter adjustment. -15 I I 1 1 I 1 1 I I 1 I I l I 1 I I I I 1 I I I I I I I I I I I I I I -15 In 1943, for example, when Easter fell on April i5, the percentage change on the freehand curve, (3) These changes were adjusted for short- read to the nearest even number, was +4; conterm trend, i.e., they were lowered slightly sequently the seasonal adjustment factor for when the general movement or trend of the March was lowered by 2. points and that for seasonally adjusted index during the first half April was raised by 2. points. DEPARTMENT STORE SALES SEASONAL ADJUSTMENT FACTORS: 1943 Federal Reserve district Ja a n ry u- Fe a b ry ru- March! April1 May June July August te S m ep b . er O b c e t r o- No b v e e r m- De b c e e r m- Total Boston 81 78 86 106 99 95 69 77 109 111 117 172 1,200 New York 83 83 84 102 95 93 67 73 106 114 126 174 1,200 Philadelphia 77 79 90 102 96 90 69 78 102 113 126 178 1,200 Cleveland 80 80 87 108 99 95 73 87 106 107 120 158 1,200 Richmond2 73 76 90 102 100 90 70 83 108 111 117 177 1,197 Atlanta 80 86 92 108 98 84 75 89 104 105 117 162 1,200 Chicago 76 81 90 103 102 98 74 84 110 103 115 164 1,200 St. Louis 82 79 91 110 100 90 74 86 110 103 114 161 1,200 Minneapolis2 75 70 87 103 101 100 79 89 113 114 116 154 1,201 Kansas City 74 79 93 102 101 92 79 94 110 105 108 163 1,200 Dallas 86 83 91 99 100 83 73 88 110 108 119 160 1,200 San Francisco2 80 85 87 99 94 92 83 91 104 104 120 157 1,196 United States2 79 81 88 103 98 93 74 84 107 107 119 165 1,198 1 The factors for March and April vary considerably from year to year owing to changes in the date of Easter. The general method used in making this special adjustment is described in the text. More detailed information explaining how the adjustment is made in each Federal Reserve district may be obtained, upon request, from the Federal Reserve Bank in that district. 2 These seasonal factors are approximations obtained by dividing the unadjusted index for each month by the corresponding seasonally adjusted index and as a result may not total 1,200 for the year. Specific adjustment factors are not available because the seasonally adjusted index for each of these districts is a weighted average of seasonally adjusted indexes for various parts of the district and that for the United States is a weighted average of the twelve district indexes. The seasonal adjustment factors for the various city, State, or area indexes from which the district indexes are derived may be obtained, upon request, from the respective Federal Reserve Banks. Back figures.—Changing seasonal factors are used in the computation of all of the System indexes of department store sales. Back figures may be obtained, upon request, from the various Federal Reserve Banks or from the Board of Governors. 548 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE SALES [Index numbers; 1935-39 average = 100] UNITED STATES Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1919 65 64 71 82 79 81 64 65 82 95 108 146 83 1920 87 79 96 96 108 101 78 77* 94 109 118 153 99 1921 87 82 93 93 97 91 70 68 82 101 103 143 92 1922 77 73 80 96 94 90 69 70 91 107 113 162 94 1923 85 83 98 103 106 105 78 82 102 118 123 173 105 1924 91 90 94 109 104 103 76 79 103 112 125 175 105 1925 90 92 99 111 109 104 80 83 104 130 129 186 110 1926 95 93 102 109 116 106 83 88 112 127 132 193 113 1927 97 96 100 116 112 107 83 92 110 124 133 194 114 1928 96 94 103 111 113 108 86 87 120 124 132 203 115 1929 96 97 113 109 115 113 85 91 123 128 132 199 117 1930 92 94 99 116 112 104 77 83 109 118 119 175 108 1931 85 86 97 106 102 96 71 73 94 100 102 150 97 1932 69 69 75 80 77 71 51 54 77 82 79 115 75 1933 54 54 56 75 74 70 54 64 80 84 82 132 73 1934 62 65 81 81 85 77 57 67 88 90 93 148 83 1935 65 68 79 88 85 85 63 70 94 98 103 159 88 1936 69 73 86 97 101 96 75 80 106 116 119 180 100 1937 81 85 102 105 112 104 78 84 115 121 116 176 107 1938 78 79 88 100 95 92 71 77 106 110 114 177 99 1939 78 80 95 106 104 100 76 84 117 120 123 195 106 1940 82 84 103 105 110 108 82 96 127 124 135 208 114 1941 91 97 111 130 131 123 101 131 151 138 159 230 133 1942 124 117 140 141 133 124 107 127 161 170 187 261 149 1943 129 155 144 164 155 155 126 139 173 186 214 272 168 1944 137 142 170 172 Adjusted for seasonal variation 1919 73 77 78 79 77 81 85 87 89 85 91 92 1920 98 95 99 98 105 102 104 103 101 97 100 95 1921 100 98 96 95 94 92 93 89 87 91 88 89 1922 89 88 89 93 92 92 92 93 96 96 97 100 1923 98 99 104 105 105 107 105 106 106 107 105 106 1924 107 107 106 105 104 106 103 102 106 101 107 106 1925 106 109 108 109 108 107 108 108 107 118 111 112 1926 113 111 109 110 116 111 114 114 114 115 114 115 1927 115 114 113 112 112 112 113 118 111 113 115 115 1928 114 113 112 110 113 113 118 112 119 113 115 119 1929 117 117 119 112 115 118 118 117 120 116 116 117 1930 113 114 112 112 112 108 107 107 106 107 105 103 1931 105 104 104 107 102 101 99 94 91 91 90 88 1932 86 84 79 81 77 75 71 69 73 74 70 68 1933 68 67 63 72 73 73 75 82 75 76 73 77 1934 79 80 85 83 84 81 80 84 82 82 83 86 1935 84 85 89 85 84 89 88 88 89 88 91 92 1936 90 92 95 96 100 100 103 100 100 104 105 104 1937 106 108 107 108 111 109 108 106 108 108 103 102 1938 103 101 99 98 95 96 98 96 98 99 101 102 1939 102 102 104 106 105 105 105 104 108 109 109 113 1940 108 107 108 109 111 114 112 117 117 114 120 120 1941 118 122 124 128 132 131 138 157 140 128 138 136 1942 158 145 150 143 135 134 145 152 150 158 159 157 1943 164 192 163 159 158 167 171 165 162 173 181 165 1944 174 176 185 173 JUNE 1944 549 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE SALES [Index numbers; 1935-39 average = 100] BOSTON FEDERAL RESERVE DISTRICT AND THE UNITED STATES PER CENT 220 220 18 0 160 140 —'BOSTON ^-* '•/• N r f \ too / 60 • 60 A/is*— 1920 1922 1926 1928 1930 1932 1934 1936 1938 1940 1942 BOSTON FEDERAL RESERVE DISTRICT Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1919 72 69 78 95 95 95 69 73 91 Ill 119 165 95 1920 99 82 106 114 118 117 84 81 104 115 128 166 110 1921 104 87 110 108 114 114 75 74 96 118 119 173 108 1922 98 84 100 119 114 115 79 80 109 126 131 188 112 1923 99 92 109 122 122 125 86 89 114 128 139 201 119 1924 113 98 105 130 121 125 87 81 112 126 138 204 121 1925 107 99 109 128 123 125 89 84 115 141 142 213 123 1926 123 95 109 124 127 126 91 91 120 141 147 217 127 1927 128 101 110 132 125 130 89 96 123 135 149 214 128 1928 122 97 109 123 122 132 93 88 124 136 148 222 126 1929 117 99 119 118 130 132 91 94 127 147 146 218 128 1930 125 101 104 129 128 122 84 88 110 134 142 196 123 1931 112 90 111 122 117 112 77 78 115 121 125 175 114 1932 87 73 87 95 95 87 57 58 99 100 99 140 90 1933 64 57 61 86 86 81 57 68 95 97 96 146 84 1934 75 62 88 88 90 87 58 67 93 102 97 160 90 1935 71 64 77 94 90 91 62 67 105 105 104 168 92 1936 77 69 85 100 102 101 70 73 107 117 120 180 100 1937 89 78 94 105 107 105 69 73 115 119 115 174 104 1938 85 73 84 105 94 98 62 70 103 116 118 179 100 1939 83 74 87 106 102 103 67 74 119 119 121 194 104 1940 86 72 92 100 103 107 72 84 120 124 126 209 108 1941 89 89 99 126 124 122 89 115 145 134 147 228 126 1942 124 105 127 135 129 121 94 105 152 160 169 256 140 1943 116 125 130 155 145 138 102 110 152 161 184 255 148 1944 119 115 144 161 Adjusted for seasonal variation 1919 77 88 91 89 90 90 95 100 97 101 103 103 1920 105 104 113 115 112 111 115 111 111 105 111 104 1921 111 110 115 112 108 109 105 101 102 107 103 107 1922 105 107 114 114 111 110 110 109 115 114 114 115 1923 106 117 120 121 119 119 120 123 120 117 121 121 1924 122 125 122 122 120 121 120 114 118 116 120 121 1925 115 125 124 123 122 122 124 118 121 128 123 125 1926 130 122 117 126 126 124 126 128 126 128 128 128 1927 135 129 128 125 127 129 125 135 128 123 127 126 1928 128 125 121 120 123 130 133 124 128 124 127 130 1929 123 127 128 119 131 132 131 132 130 132 125 128 1930 132 129 121 122 128 124 124 124 110 121 122 116 1931 119 119 120 122 116 115 115 110 110 109 107 104 1932 100 99 93 96 94 89 86 82 90 87 84 83 1933 75 78 71 81 85 82 87 94 86 84 82 86 1934 88 86 93 91 89 88 88 93 84 89 86 91 1935 86 89 89 88 89 91 93 93 95 91 92 96 1936 93 96 97 96 101 101 105 101 97 102 106 103 1937 108 107 101 106 108 105 103 101 104 103 100 100 1938 102 100 98 99 95 98 96 98 94 101 102 101 1939 101 102 98 103 103 103 103 102 109 104 105 110 1940 106 99 99 101 104 107 110 109 110 111 109 118 1941 110 114 114 120 125 126 129 149 133 121 128 133 1942 153 134 138 135 131 128 136 136 140 144 144 149 1943 143 161 151 146 146 145 147 143 139 145 158 148 1944 148 148 162 157 55° FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE SALES [Index numbers; 1935-39 average = 100] NEW YORK FEDERAL RESERVE DISTRICT AND THE UNITED STATES PER CEl PER CENT 220 220 / NEW YCRK —**** / "u"s S4 \ \ —t/v 1940 1942 NEW YORK FEDERAL RESERVE DISTRICT Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1919 62 64 67 81 80 81 61 59 82 102 113 154 84 1920 92 83 97 96 113 101 75 68 89 112 122 157 100 1921 91 85 93 96 96 95 68 62 80 114 113 161 96 1922 85 82 87 101 96 95 68 66 92 119 121 174 99 1923 90 84 97 103 106 106 74 72 100 127 131 185 106 1924 98 92 95 110 107 108 76 69 108 128 137 190 110 1925 99 100 101 112 113 109 78 76 110 147 144 205 116 1926 107 102 103 112 119 113 82 84 117 146 147 214 120 1927 110 104 104 121 114 119 82 87 120 139 152 218 123 1928 106 104 106 116 118 122 85 80 130 141 152 234 124 1929 107 110 120 119 123 130 86 85 136 151 153 231 129 1930 110 110 112 131 129 124 83 82 127 143 148 209 126 1931 102 103 111 121 114 120 77 72 112 130 133 192 116 1932 86 84 87 94 89 89 56 58 92 105 104 148 91 1933 65 69 69 89 84 84 55 63 90 102 102 161 86 1934 70 73 90 88 90 88 56 63 92 107 109 171 91 1935 70 74 81 90 86 92 59 63 102 107 116 178 93 1936 77 78 87 96 98 98 69 67 106 121 129 191 101 1937 86 87 97 100 106 105 70 71 111 124 124 189 106 1938 &3 83 85 100 91 94 63 64 105 111 118 187 99 1939 73 77 88 99 96 97 65 68 114 116 126 194 101 1940 81 77 91 95 97 102 68 79 122 122 136 203 106 1941 86 88 96 114, 113 111 83 106 140 128 150 215 119 1942 116 105 118 120 112 103 84 96 133 149 161 229 127 1943 109 123 115 129 124 122 89 98 140 156 181 226 134 1944 112 114 138 136 Adjusted for seasonal variation 1 1 9 9 1 2 9 0 1 . 7 0 0 4 1 9 7 0 8 5 0 1 9 7 0 2 1 7 9 7 9 7 9 9 1 7 9 1 8 5 0 1 8 9 0 1 6 1 1 8 9 0 5 5 5 1 8 9 0 8 3 2 1 9 9 0 3 0 1 9 9 8 6 8 7 1 9 9 0 2 2 0 9 9 9 5 6 6 1921 102 96 95 100 96 97 97 98 102 102 99 103 1922 95 99 105 105 107 108 106 107 109 108 107 108 1 1 9 9 2 2 3 4 110110 109 108 108 110 110 110 103 116 110 112 110 1925 111 117 113 113 115 .111 115 114 116 126 118 118 1926 120 120 115 115 123 115 121 125 122 125 121 123 1927 124 122 119 121 119 121 123 130 122 119 125 125 1928 122 122 119 118 123 124 127 120 131 120 125 133 1929 124 130 131 124 128 132 130 127 135 129 126 131 1930 131 129 129 131 135 126 126 123 125 122 122 118 1 1 9 9 3 3 1 2 1 10 2 7 4 1 1 8 2 0 2 0 3 1 9 2 7 4 3 8 1 9 3 2 9 9 5 1 9 8 1 2 7 9 1 9 8 2 1 6 2 1 8 8 1 7 5 9 1 8 9 0 7 5 8 1 8 8 0 9 6 9 1 8 8 1 9 8 1 1 8 8 1 6 4 0 1 8 8 0 2 9 7 1 1 9 9 3 3 3 4 8 89 1 89 9 9 9 4 9 8 2 9 9 9 3 0 8 9 9 4 8 9 6 0 9 9 5 4 9 8 7 7 9 9 1 1 9 9 0 5 9 9 3 7 1 1 1 1 9 9 9 9 3 3 3 3 5 6 7 8 1 1 8 9 0 0 9 7 9 5 1 1 9 9 0 0 1 7 8 3 1 v Q 9 0 f o 5 9 t 1 1 9 0 0 8 6 0 1 1 9 0 1 5 2 0 1 1 9 0 0 7 0 7 1 1 9 0 0 6 7 6 1 1 9 0 0 3 0 6 1 1 9 0 0 8 1 6 1 1 9 0 0 6 3 6 1 1 9 0 0 7 6 2 1 1 1 0 0 0 5 3 1 1 1 1 9 9 9 3 4 4 9 1 0 1 1 9 0 0 3 2 7 1 9 9 0 5 4 7 1 1 9 0 1 9 0 0 1 1 1 0 0 1 1 1 5 1 1 1 0 0 1 1 3 9 1 1 1 0 0 1 6 0 8 1 1 1 0 0 2 1 4 4 1 1 9 1 4 9 1 5 1 1 1 0 3 1 7 1 4 1 1 1 0 0 1 1 7 3 1 1 1 0 1 2 4 2 2 1 1 1 0 1 2 5 0 0 1942 140 127 133 124 118 111 126 132 126 131 130 130 1943 132 148 137 127 130 131 133 134 132 136 144 130 1944 134 137 157 139 551 JUNE 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE SALES [Index numbers; 1935-39 average = 100] PHILADELPHIA FEDERAL RESERVE DISTRICT AND THE UNITED STATES PER CENT 220 / / PHIL;\DELFH1A /- f •^•^ A* ^^ s f •— U.S.> ^ \ / *£' / nn 1920 1922 1924 1926 1928 1930 1932 1934 1936 1938 1940 1942 PHILADELPHIA FEDERAL RESERVE DISTRICT Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 19191 106 19201 126 19211 120 19221 122 1923 Ill 116 131 124 134 138 104 109 115 146 171 227 135 1924 116 123 119 141 130 131 102 107 111 137 164 224 134 1925 112 118 123 136 130 129 99 108 111 154 170 229 135 1926 121 115* 128 129 143 129 107 109 118 155 168 238 138 1927 113 114 117 137 128 127 103 108 111 143 163 230 133 1928 99 102 119 121 123 123 100 93 123 139 151 233 127 1929 102 105 129 116 120 127 92 99 120 147 152 229 128 1930 99 101 106 125 119 113 82 89 105 138 142 198 118 1931 89 93 107 111 109 107 75 77 92 112 115 171 105 1932 73 75 83 90 87 80 56 56 71 96 90 133 83 1933 57 57 61 86 79 77 57 65 84 96 93 146 80 1934 61 62 91 84 92 89 61 68 83 101 100 162 88 1935 62 65 82 92 88 92 64 69 91 103 113 171 91 1936 66 71 92 98 106 99 73 79 101 120 128 191 102 1937 78 81 105 99 115 105 76 78 107 124 126 185 107 1938 73 77 84 96 88 89 67 68 97 110 117 185 96 1939 70 75 94 100 103 96 70 74 111 118 136 201 104 1940 75 77 101 96 110 108 75 90 117 128 144 214 111 1941 81 91 108 129 128 119 93 119 136 138 168 241 129 1942 117 117 141 134 131 119 95 114 144 161 181 263 143 1943 112 137 135 151 142 135 106 112 151 173 201 256 151 1944 122 124 162 158 Adjusted for seasonal variation 1019I 19201 19211 1i 92 y&2 L1. 1923 128 131 140 131 136 144 134 136 138 137 136 134 1924 135 139 139 137 132 137 131 135 133 127 132 132 1925 130 135 137 137 132 135 128 137 131 142 137 134 1926 144 135 139 133 146 134 139 138 138 141 137 138 1927 137 135 135 134 131 132 136 138 127 128 133 132 1928 123 123 131 122 125 127 133 120 136 125 124 133 1929 128 128 136 121 123 130 124 129 132 130 126 130 1930 126 126 122 120 120 115 111 116 115 120 118 112 1931 115 116 115 113 110 110 102 101 98 97 97 96 1932 97 96 85 94 87 81 77 74 75 83 77 75 1933 76 73 70 81 79 79 80 86 87 83 80 81 1934 83 81 93 88 91 91 86 90 86 87 85 90 1935 85 86 97 86 87 93 91 93 92 89 95 94 1936 91 94 101 97 104 101 104 106 102 105 107 105 1937 109 107 109 104 114 109 109 105 108 108 103 101 1938 102 103 95 95 86 93 97 91 95 96 95 101 1939 98 101 103 101 103 100 101 99 109 103 110 109 1940 106 104 105 102 110 113 108 120 114 113 116 116 1941 114 123 120 129 128 125 135 158 131 122 136 131 1942 152 148 147 140 136 132 137 148 141 142 143 147 1943 145 173 150 148 148 150 154 143 148 153 160 144 1944 158 157 173 162 1 Monthly data not available. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE SALES [Index numbers; 1935-39 average = 100] CLEVELAND FEDERAL RESERVE DISTRICT AND THE UNITED STATES J / w / / —* / :YEL/ND u.s / 1920 1922 1924 1926 1928 1930 1932 1934 1936 1940 1942 CLEVELAND FEDERAL RESERVE DISTRICT Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Yean Without seasonal adjustment 1919 66 63 70 82 80 83 67 72 82 92 106 143 84 1920 92 82 103 100 113 108 88 89 102 114 125 158 106 1921 99 90 101 99 102 93 71 68 77 98 97 137 94 1922 75 72 81 101 97 93 72 74 92 110 112 164 95 1923 84 85 107 110 113 113 82 89 105 119 121 173 108 1924 90 95 98 117 108 107 76 82 100 106 124 171 • 106 1925 89 94 102 116 112 105 80 85 98 127 119 179 109 1926 87 93 99 108 117 103 81 88 105 125 126 183 110 1927 91 93 98 120 114 103 84 93 102 118 121 184 110 1928 92 92 102 111 111 105 85 86 115 113 120 190 110 1929 92 96 113 112 116 116 87 97 119 126 124 194 116 1930 84 90 96 121 114 101 77 86 104 112 107 166 105 1931 81 82 93 109 102 93 71 74 87 91 90 139 93 1932 61 65 69 78 76 66 48 49 66 71 68 102 68 1933 48 49 46 75 71 67 54 69 77 77 73 121 69 1934 58 63 80 84 90 79 58 68 82 82 85 139 81 1935 67 62 77 90 85 86 63 71 90 92 96 151 86 1936 67 74 79 103 109 98 76 85 105 115 116 180 101 1937 80 92 108 115 123 110 84 93 123 122 110 171 111 1938 76 78 86 103 92 87 71 75 103 102 106 172 96 1939 76 80 94 109 107 98 76 86 114 117 123 197 106 1940 81 85 101 108 115 115 82 102 127 119 138 208 114 1941 88 99 114 141 140 130 107 148 156 135 164 234 138 1942 132 121 149 154 138 129 106 136 162 167 189 254 153 1943 133 157 146 163 156 155 126 143 168 182 214 262 167 1944 132 133 167 172 Adjusted for seasonal variation 1919 72 76 76 75 75 82 88 92 91 85 94 96 1920 103 98 104 98 107 108 116 113 112 105 110 104 1921 114 107 100 99 97, 93 94 85 84 90 86 89 1922 88 86 88 93 93 93 96 93 99 101 100 105 1923 100 100 108 110 108 113 108 111 112 110 107 109 1924 109 112 108 108 104 107 101 103 106 98 IK) 107 1925 109 110 110 109 108 106 106 105 103 117 106 111 1926 108 110 102 106 112 104 108 110 109 115 113 113 1927 114 110 109 111 109 104 112 115 105 109 110 113 1928 116 109 109 106 107 106 114 106 117 105 110 116 1929 117 115 115 113 111 117 116 118 120 117 114 117 1930 108 109 108 111 108 103 103 104 104 104 100 100 1931 104 100 99 106 97 95 95 90 86 84 85 83 1932 80 80 71 78 72 67 64 60 65 66 64 61 1933 62 61 52 69 66 68 73 82 75 72 69 72 1934 77 78 83 85 85 81 78 82 79 77 80 82 1935 89 78 88 83 80 88 85 85 86 86 91 89 1936 89 93 89 97 103 101 103 101 100 108 109 106 1937 107 116 113 116 116 114 114 110 116 115 103 100 1938 102 98 100 96 88 90 96 89 96 96 99 101 1939 102 101 105 105 103 102 103 101 106 111 114 115 1940 109 107 107 110 112 119 112 119 117 113 126 121 1941 120 124 131 132 137 136 146 171 142 128 144 141 1942 171 152 160 152 138 136 144 156 149 157 161 158 1943 167 196 166 152 157 164 171 164 158 170 178 166 1944 165 166 183 166 JUNE 1944 553 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE SALES [Index numbers; 1935-39 average = 100] RICHMOND FEDERAL RESERVE DISTRICT AND THE UNITED STATES ANNU PER CENT 220 220 200 / f I 80 // I 40 120 \U.S. 1 00 V- ***RICHMOND \ ./ 1 V V \ \ r 60 1920 1922 1926 1928 1930 1932 1934 1936 1940 1942 RICHMOND FEDERAL RESERVE DISTRICT Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1919 58 57 68 75 71 73 54 51 70 79 93 129 73 1920 63 60 83 78 82 84 64 61 74 91 100 145 81 1921 68 65 81 77 79 80 58 53 62 87 90 131 78 1922 58 59 67 80 75 74 53 52 70 88 95 141 75 1923 62 62 86 82 86 86 65 65 79 97 103 145 85 1924 70 69 79 93 85 87 63 61 85 96 104 153 87 1925 66 73 87 94 89 86 69 68 83 111 113 164 92 1926 74 75 93 93 98 89 69 75 87 109 116 173 96 1927 75 75 85 97 96 88 69 78 88 105 113 167 95 1928 74 75 92 92 94 85 71 70 94 107 116 171 95 1929 72 75 103 90 95 91 68 69 96 109 112 176 96 1930 70 77 86 101 97 88 64 66 86 111 104 161 92 1931 65 71 92 92 91 87 62 61 79 95 91 145 86 1932 55 59 73 69 73 65 44 46 71 78 75 111 68 1933 47 48 5$ 68 69 63 46 57 71 84 80 130 68 1934 54 57 83 75 85 75 55 63 80 97 94 153 81 1935 57 62 79 87 85 82 62 66 93 104 102 167 87 1936 62 65 87 94 102 93 76 73 100 119 118 187 98 1937 71 77 106 98 108 102 73 78 113 123 114 194 105 1938 73 76 92 101 97 93 71 76 109 119 114 191 101 1939 73 77 101 104 110 101 75 84 116 127 130 209 109 1940 77 83 111 105 119 110 84 97 137 140 145 235 120 1941 90 98 121 143 141 130 107 134 159 161 178 268 144 1942 128 126 164 159 152 140 124 144 182 200 220 306 170 1943 136 176 166 190 181 177 141 155 208 212 252 332 194 1944 152 159 203 193 Adjusted for seasonal variation 1919 71 72 74 73 71 74 76 75 77 69 76 73 1920 78 76 85 80 82 85 88 89 82 80 81 81 1921 84 81 83 79 79 81 80 78 69 76 73 73 1922 71 74 72 77 75 75 74 77 77 77 77 79 1923 79 77 86 83 86 89 88 89 84 87 85 84 1924 89 85 89 85 86 91 86 84 91 86 86 88 1925 85 90 92 92 90 90 94 92 89 96 94 94 1926 95 93 99 92 97 96 94 97 93 96 97 97 1927 97 95 96 91 95 95 94 100 93 93 95 94 1928 96 95 95 92 93 92 98 95 98 93 97 96 1929 95 95 100 94 94 98 95 95 100 94 95 98 1930 94 97 94 95 95 92 91 91 88 95 90 89 1931 89 91 95 92 89 90 89 83 80 81 80 81 1932 77 77 71 73 71 68 64 62 70 66 66 62 1933 66 63 58 65 67 66 66 75 70 71 70 73 1934 76 76 82 80 82 79 80 83 78 82 83 85 '' _ 1935 82 84 87 84 83 86 88 88 90 88 90 91 1936 89 89 90 96 99 97 109 97 96 101 105 101 1937 103 104 104 105 106 107 103 102 108 105 101 105 1938 106 103 101 99 96 99 100 98 103 103 101 103 1939 105 104 105 107 109 110 106 105 109 111 114 114 1940 109 111 110 114 118 120 118 120 128 124 126 129 1941 124 130 134 139 140 144 152 163 147 144 153 150 1942 174 165 171 164 152 155 177 174 169 179 187 173 1943 186 231 184 186 182 197 200 187 193 191 215 187 1944 208 209 212 198 554 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE SALES (Index numbers; 1935-39 average = 100] ATLANTA FEDERAL RESERVE DISTRICT AND THE UNITED STATES PE" CENT 220 / '->/ 160 / / > A -^ V ATLANTA // 1920 1922 1924 1926 1928 1930 1932 1934 1936 1940 1942 ATLANTA FEDERAL RESERVE DISTRICT Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. ^Nov. Dec. Year Without seasonal adjustment 1919 63 70 80 83 82 80 70 67 87 96 116 161 88 1920 86 81 100 109 112 102 84 83 98 126 125 162 105 1921 83 83 98 88 93 85 67 64 76 106 99 136 90 1922 68 69 72 90 83 78 63 63 79 101 103 148 85 1923 72 74 90 93 92 93 71 70 90 114 112 155 94 1924 76 80 83 95 92 87 64 65 87 105 107 152 91 1925 74 80 87 96 95 86 69 68 80 121 116 166 95 1926 82 87 92 98 105 93 71 74 85 115 118 167 99 1927 81 88 88 101 100 91 73 76 93 118 114 177 100 1928 81 87 98 98 101 90 74 76 98 110 110 173 100 1929 84 90 109 96 95 89 70 74 95 106 108 163 98 1930 74 88 89 98 92 81 62 72 87 104 96 143 91 1931 69 73 86 88 87 76 58 63 69 86 80 118 79 1932 55 58 64 64 60 52 41 45 61 69 60 88 60 1933 49 54 53 64 63 52 47 56 65 78 75 124 65 1934 61 71 87 79 77 67 54 59 78 85 89 143 78 1935 64 74 85 86 77 69 58 66 84 94 99 154 84 1936 68 80 89 95 92 83 69 80 99 114 112 176 97 1937 83 91 109 104 105 89 73 84 108 119 110 175 105 1938 81 92 99 105 96 82 73 82 105 118 115 184 103 1939 84 95 108 114 105 96 81 93 116 125 126 210 113 1940 84 100 126 115 116 104 87 104 135 132 151 227 123 1941 101 116 131 144 142 120 108 141 158 146 177 252 145 1942 126 128 1S6 154 145 124 116 143 171 186 208 287 162 1943 152 188 171 196 192 175 166 179 218 233 257 336 204 1944 179 194 219 228 > Adjusted for seasonal variation 1919 76 83 86 78 81 85 93 92 95 81 98 99 1920 104 96 101 108 111 109 112 114 107 107 106 100 1921 100 99 96 90 92 90 89 88 83 90 84 84 1922 83 82 76 86 82 83 85 86 86 86 87 90 1923 89 87 90 93 91 99 97 96 98 97 95 94 1924 94 93 89 89 91 93 89 89 95 90 91 92 1925 91 92 91 92 94 92 96 93 88 103 98 99 1926 101 99 93 97 104 101 99 101 93 98 101 99 1927 100 99 94 95 99 100 101 101 101 102 101 104 1928 100 98 100 96 100 100 103 100 102 96 100 102 1929 103 101 109 96 94 99 98 96 99 92 98 96 1930 91 99 96 91 91 90 89 91 90 90 88 84 1931 85 82 86 87 86 84 83 80 71 75 73 70 1932 67 64 62 65 60 58 58 57 64 60 55 52 1933 60 59 55 61 63 60 67 71 67 69 69 72 1934 74 78 87 79 77 78 76 74 80 76 81 82 1935 80 81 90 81 78 81 82 83 84 84 90 88 1936 86 88 92 90 94 97 99 99 99 102 102 101 1937 105 101 106 108 107 105 104 105 107 107 100 100 1938 102 103 104 100 98 98 104 101 102 106 104 105 1939 106 108 111 111 107 114 114 113 113 113 114 120 1940 106 115 121 119 119 124 120 124 130 125 131 133 1941 127 135 137 138 145 143 145 158 152 139 152 153 1942 158 148 158 152 147 147 155 161 164 177 178 177 1943 190 218 185 181 196 209 221 201 210 222 220 208 1944 224 225 225 222 JUNE 1944 555 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE SALES [Index numbers; 1935-39 average = 100] CHICAGO FEDERAL RESERVE DISTRICT AND THE UNITED STATES ANNUAL INDEXES PER 220 200 180 / 140 / J 120 J /- y 100 .y/- ^> / / CHICA6o\ \ 80 > 60 1920 1922 1924 1926 1928 1930 1932 1934 1936 1938 1940 1942 CHICAGO FEDERAL RESERVE DISTRICT Jan. Feb. Mar. Apr. May June July Aug. Sept. i Oct. Nov. Dec. Year Without seasonal adjustment 19191 19201 1921 71 70 79 81 86 78 66 62 76 84 87 117 80 1922 67 62 68 86 86 81 64 65 87 91 100 142 83 1923 79 76 90 99 99 99 71 79 98 . 110 113 157 98 1924 83 82 S6 103 95 94 68 73 97 97 118 159 96 1925 81 82 88 104 101 98 72 77 101 122 121 172 102 1926 84 85 96 101 112 103 81 83 113 115 122 180 106 1927 86 93 96 110 106 104 77 8S 108 117 127 182 108 1928 91 «92 100 110 113 108 85 88 127 122 132 199 114 1929 93 97 111 110 118 116 86 92 130 121 130 188 116 1930 84 88 92 114 107 99 71 80 107 105 109 162 101 1931 77 81 88 101 96 89 65 68 88 85 88 132 88 1932 61 62 67 74 73 67 47 49 71 70 69 98 67 1933 49 48 51 65 71 69 51 63 78 77 '74 116 68 1934 58 64 74 79 85 74 56 68 88 81 87 136 79 1935 63 69 79 88 86 85 62 70 92 92 99 149 86 1936 67 73 87 97 105 97 75 83 108 113 120 174 100 1937 82 88 104 111 118 110 82 88 119 120 116 167 109 1938 76 78 90 98 96 92 71 78 110 104 112 170 98 1939 78 80 98 107 107 105 76 87 120 118 122 191 107 1940 84 87 104 111 116 116 S3 99 131 121 140 206 116 1941 93 99 115 133 139 131 103 132 157 135 158 225 135 1942 126 119 143 143 135 130 107 126 163 165 181 256 149 1943 126 155 140 160 149 154 124 136 166 174 200 253 161 1944 133 133 161 169 _ ... - Adjusted for seasonal variation 19191 19201 1921 82 84 84 81 81 78 83 78 77 78 77 78 1922 78 74 76 82 82 81 83 83 87 84 87 92 1923 92 92 96 99 97 99 97 100 97 101 98 99 1924 99 99 97 97 93 94 93 94 95 90 102 98 1925 98 99 98 100 100 99 99 98 98 113 105 105 1926 104 102 102 101 111 105 111 106 109 107 106 109 1927 106 112 109 103 105 107 105 112 103 109 111 109 1928 112 111 110 106 111 111 117 112 119 116 117 119 1929 118 116 119 110 114 117 120 117 121 115 117 112 1930 107 106 105 108 104 100 98 101 99 100 98 96 1931 98 97 97 99 92 91 90 85 81 81 80 79 1932 •77 76 73 72 69 68 65 62 65 66 62 59 1933 62 59 57 63 67 71 71 78 71 73 67 71 1934 75 78 79 80 79 76 78 83 80 77 78 83 1935 83 85 SS 85 80 87 85 86 86 86 90 91 1936 88 91 95 96 99 99 103 101 101 105 108 106 1937 108 112 111 112 113 113 110 109 109 111 103 102 1938 101 100 98 96 94 94 96 97 99 97 100 102 1939 102 102 107 106 106 106 104 104 109 110 109 115 1940 111 112 111 112 114 117 114 118 118 115 124 123 1941 122 124 125 131 136 134 139 158 142 130 139 137 1942 166 147 154 143 133 132 145 150 148 160 158 156 1943 166 192 157 155 146 157 168 161 151 169 174 154 1944 175 164 175 167 1 Data not available. 55 6 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE SALES [Index numbers; 1935-39 average = 100J ST. LOUIS FEDERAL RESERVE DISTRICT AND THE UNITED STATES PER CENT ANNUAL INDEXES PER 220 | QQ / ^/ 160 /// t 140 sT LOUI9 -- * *^^ us, \ too V J \ V 80 60 1920 1922 1924 1926 1928 1930 1932 1934 1936 1940 1942 ST. LOUIS FEDERAL RESERVE DISTRICT Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 19191 19201 1921 89 88 105 100 113 102 78 78 106 117 125 163 105 1922 81 82 90 102 105 96 72 74 106 122 128 180 103 1923 87 95 111 115 115 116 83 84 128 128 133 186 115 1924 90 100 106 114 111 108 79 82 122 121 138 193 114 1925 97 101 111 127 115 107 82 89 120 150 137 201 120 1926 101 104 109 122 125 108 81 93 126 142 145 196 121 1927 95 102 105 120 116 106 80 101 117 142 143 202 119 1928 98 103 112 117 120 107 86 92 133 129 142 209 120 1929 93 106 124 113 120 112 86 94 147 128 140 195 122 1930 83 103 106 125 110 101 75 83 130 117 117 166 110 1931 77 86 95 111 103 93 67 77 103 97 107 147 97 1932 68 74 76 82 77 68 48 55 89 80 83 115 76 1933 53 55 56 77 70 66 50 66 77 80 85 127 72 1934 66 67 81 82 89 72 53 67 97 83 96 143 83 1935 62 69 82 81 83 79 62 68 92 92 100 148 85 1936 65 72 89 95 98 89 70 74 110 116 115 172 97 1937 75 83 106 111 112 100 77 83 122 121 111 164 106 1938 79 81 93 104 97 87 74 79 115 114 117 173 102 1939 82 82 102 112 112 99 81 90 123 125 127 191 111 1940 82 88 113 116 116 107 87 100 135 129 141 208 119 1941 97 101 123 145 140 125 111 140 162 155 170 240 143 1942 132 124 155 151 140 129 114 142 167 182 197 263 158 1943 137 172 153 172 164 166 137 152 188 194 224 277 179 1944 149 153 185 183 Adjusted for seasonal variation 19191 19201 1921 110 106 106 105 109 109 109 106 100 103 106 100 1922 100 98 97 98 103 105 102 102 100 108 109 110 1923 108 112 114 117 114 126 117 114 121 113 113 114 1924 111 116 119 107 110 117 113 112 117 107 117 117 1925 121 117 122 119 115 116 117 117 117 132 116 122 1926 126 121 116 119 125 119 116 119 122 126 124 118 1927 118 119 118 116 116 117 116 126 112 126 123 121 1928 124 119 122 117 120 117 125 115 123 116 122 125 1929 119 123 129 116 121 124 125 119 129 119 120 118 1930 110 120 123 116 111 111 109 106 112 109 100 100 1931 101 99 105 107 104 103 97 94 89 93 91 89 1932 88 87 83 80 77 75 70 66 77 76 72 70 1933 67 67 65 71 69 72 73 80 68 76 73 77 1934 82 82 83 85 87 79 77 82 86 78 84 86 1935 78 84 90 77 82 87 89 87 83 86 88 89 1936 84 88 93 93 96 97 98 96 98 107 102 103 1937 96 103 105 113 110 110 107 107 109 111 99 98 1938 101 99 99 99 95 96 103 102 102 104 105 103 1939 105 101 106 109 111 109 111 115 111 114 113 115 1940 103 111 113 116 116 119 119 123 122 120 124 127 1941 121 126 131 136 140 139 150 167 146 148 149 148 1942 162 158 159 145 140 143 154 165 152 176 173 163 1943 167 218 168 157 164 184 185 177 171 188 197 172 1944 182 194 195 173 1 Data not available. JUNE 1944 557 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE SALES [Index numbers; 1935-39 average = 100] MINNEAPOLIS FEDERAL RESERVE DISTRICT AND THE UNITED STATES 220 1 \ 200 180 160 / < z / ^ -^ u. s. // 100 ^^^1 >** / 4f MINNEAPOLIS > 80 * 60 1920 1922 1926 1928 1930 1932 1934 1936 MINNEAPOLIS FEDERAL RESERVE DISTRICT Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1919 101 89 110 117 113 118 90 95 110 119 125 161 113 1920 113 97 121 123 130 131 104 108 130 133 140 179 126 1921 109 97 117 130 124 118 95 97 114 122 123 154 117 1922 94 81 95 122 114 108 89 96 115 125 126 182 112 1923 100 89 109 132 125 118 93 105 124 129 131 181 120 1924 99 89 103 132 124 116 93 100 122 121 138 187 119 1925 103 98 111 133 128 118 92 104 124 147 132 192 124 1926 104 98 107 127 124 109 95 100 127 129 126 181 119 1927 101 99 106 122 113 109 92 106 116 128 125 183 117 1928 93 93 107 106 112 104 88 96 128 105 115 174 no 1929 100 87 102 104 106 110 86 92 125 117 116 167 no 1930 94 86 94 110 108 102 78 87 118 119 107 152 105 1931 93 81 102 109 102 95 74 83 99 106 98 135 98 1932 80 67 82 89 78 76 53 61 89 92 76 103 79 1933 62 54 66 85 76 75 55 71 86 89 75 121 76 1934 69 64 85 84 85 79 55 70 101 94 91 140 85 1935 63 65 78 89 89 93 70 79 103 109 109 140 90 1936 66 61 81 97 107 102 80 89 113 127 117 154 99 1937 75 73 97 98 109 106 82 88 123 128 115 152 104 1938 75 69 88 104 97 100 82 85 115 120 115 155 101 1939 78 69 91 107 103 101 84 92 128 126 114 176 106 1940 82 75 98 104 108 111 85 104 120 121 130 174 109 1941 84 80 101 119 123 118 97 125 142 134 142 196 122 1942 113 98 117 129 120 119 101 118 154 157 162 208 133 1943 108 127 124 151 139 144 117 132 166 168 192 224 149 1944 119 122 140 158 Adjusted for seasonal variation 1919 112 112 117 110 109 112 111 112 109 112 114 117 1920 125 123 122 122 125 127 129 127 129 126 127 127 1921 124 124 123 124 119 117 117 114 113 113 111 107 1922 109 107 107 110 109 108 111 113 114 116 115 121 1923 119 117 117 123 120 119 118 124 121 120 119 118 1924 118 116 116 119 119 119 118 118 120 112 126 122 1925 122 122 121 122 123 123 117 122 121 134 125 125 1926 124 121 113 121 119 116 120 117 123 117 118 118 1927 120 122 118 111 111 116 116 125 109 116 117 120 1928 110 115 115 99 111 110 112 114 117 96 109 114 1929 117 109 104 102 105 115 112 111 113 107 112 110 1930 107 109 102 102 107 106 104 104 106 105 103 102 1931 104 104 105 106 101 97 102 100 88 94 95 91 1932 90 86 85 87 77 77 74 73 78 82 74 69 - 1933 70 69 71 79 75 76 77 85 76 79 73 81 1934 78 82 87 82 85 80 78 85 89 83 89 94 1935 85 94 89 87 88 93 88 89 91 92 96 91 1936 88 87 91 95 105 102 100 100 100 108 104 101 1937 100 104 106 100 108 107 103 99 108 109 102 99 1938 100 100 101 102 95 100 103 96 102 102 102 101 1939 104 99 102 106 102 101 105 104 113 108 101 114 1940 110 108 107 106 107 111 107 117 106 106 112 113 1941 113 115 114 117 122 119 122 141 126 118 122 128 1942 151 142 131 128 118 119 127 133 136 138 140 135 1943 144 182 142 147 138 144 148 149 147 148 166 146 1944 160. 176 159 156 558 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE SALES [Index numbers; 1935-39 average = 100J KANSAS CITY FEDERAL RESERVE DISTRICT AND THE UNITED STATES KAN;5AS CJITY N -*- M \ y V 1920 1922 1924 1926 1926 1930 1932 1934 1936 KANSAS CITY FEDERAL RESERVE DISTRICT Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 19191 19201 19211 19221 19231 1924 105 101 106 118 114 112 89 93 125 124 136 197 119 1925 99 102 115 124 120 114 91 100 129 143 140 209 124 1926 101 101 111 120 121 115 90 97 132 132 145 208 123 1927 105 105 111 125 121 111 91 104 128 132 147 210 125 1928 98 96 109 115 116 101 89 100 131 127 136 206 119 1929 94 97 118 113 114 103 86 96 131 125 133 195 117 1930 86 95 104 114 112 100 81 93 121 119 122 180 111 1931 86 87 95 106 107 92 70 77 96 94 101 143 96 1932 66 69 76 77 77 64 50 57 84 79 76 106 74 1933 54 57 57 74 75 66 53 69 78 84 79 132 73 1934 61 67 83 84 87 72 58 73 101 87 92 148 85 1935 63 72 83 86 84 84 68 77 99 100 99 151 89 1936 68 72 91 96 103 94 74 82 107 115 111 170 99> 1937 75 83 101 107 115 98 80 89 117 119 111 165 107 1938 76 77 94 100 100 91 78 85 109 111 109 167 1(K> 1939 76 76 97 107 107 93 80 92 116 117 112 182 105. 1940 75 83 105 107 110 102 84 101 122 114 125 187 110- 1941 84 92 111 123 128 116 103 132 148 129 138 212 127 1942 112 106 133 135 127 121 112 139 173 174 190 259 14S> 1943 143 169 156 177 164 172 145 163 196 203 219 283 184 1944 145 160 182 183 Adjusted for seasonal variation 19191 19201 19211 19221 19231 1924 127 120 114 115 118 122 121 115 117 117 120 117 1925 119 122 122 122 124 124 125 123 120 135 122 124 1926 122 120 116 121 125 125 123 120 123 125 127 124 1927 127 125 119 123 125 125 125 126 119 125 129 124 1928 122 116 115 115 119 114 122 120 120 120 119 122 1929 118 119 122 115 115 116 118 116 121 116 117 115 1930 110 116 112 112 112 111 110 112 111 111 107 107 1931 110 106 100 106 105 102 97 93 88 87 89 85 1932 84 85 78 79 75 72 69 67 77 73 68 63 1933 70 69 61 74 72 74 74 82 71 77 73 78 1934 81 82 86 86 83 79 79 86 92 80 85 88 1935 85 88 89 85 81 91 91 91 90 91 92 91 1936 92 92 97 96 98 103 99 97 98 103 104 102 1937 102 106 104 109 110 106 105 105 106 107 103 99 1938 103 100 100 99 96 99 101 98 99 100 101 100 1939 103 99 104 106 104 102 104 105 106 106 103 109 1940 101 106 108 109 108 111 109 111 110 107 116 113 1941 114 117 118 122 127 126 130 141 134 123 128 130 1942 152 134 140 135 126 131 142 148 157 166 176 159 1943 194 214 168 173 163 187 183 174 179 194 203 174 1944 197 203 193 181 1 Data not available. JUNE 1944 559 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE SALES [Index numbers; 1935-39 average = 100] DALLAS FEDERAL RESERVE DISTRICT AND THE UNITED STATES P 2 E 2 R 0 CENT PER CENT 220 1I J I j N K **~ —s i •• • —^« •* DALI.AS 0 f \ I920 I922 I926 I928 I930 I932 I934 I936 I938 I940 I942 DALLAS FEDERAL RESERVE DISTRICT Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec Year Without seasonal adjustment 1919 73 70 90 83 85 86 66 68 101 106 120 165 93 1920 96 92 119 109 118 108 83 82 111 126 132 164 112 1921 88 87 99 90 98 91 68 61 87 104 99 137 92 1922 71 72 79 83 88 80 61 59 97 96 99 142 86 1923 74 72 87 85 97 85 65 61 102 108 108 149 91 1924 78 76 85 91 97 89 66 63 108 109 112 155 94 1925 84 88 96 97 102 88 66 68 100 119 111 162 98 1926 88 90 96 96 108 96 71 81 106 118 117 167 103 1927 84 86 94 102 109 88 68 72 102 117 117 177 101 1928 86 85 98 99 108 92 70 72 113 112 122 180 103 1929 83 84 107 96 102 93 69 74 105 114 124 173 104 1930 76 85 91 99 96 87 66 72 101 107 108 149 96 1931 70 77 83 88 89 75 55 61 75 83 86 121 81 1932 52 56 60 60 61 52 39 43 69 73 65 90 61 1933 41 46 48 62 60 52 45 55 64 78 73 119 62 1934 54 61 75 72 73 64 50 56 86 81 87 137 76 1935 58 65 76 78 75 72 58 63 91 89 94 144 80 1936 65 72 83 88 94 93 73 79 107 121 111 170 97 1937 76 84 94 100 106 94 75 86 119 125 120 177 105 1938 81 87 95 100 101 91 76 85 116 119 120 176 106 1939 84 89 101 111 110 97 82 90 121 129 124 200 112 1940 89 94 115 107 111 99 86 102 134 127 141 210 117 1941 100 105 119 128 140 119 105 141 156 143 166 234 138 1942 128 116 137 137 136 122 112 138 177 188 204 287 157 1943 158 204 168 193 191 183 160 183 232 250 269 343 212 1944 177 200 227 228 Adjusted for seasonal variation 1919 85 83 96 84 82 90 91 97 97 91 104 103 1920 113 109 122 115 115 112 114 117 107 108 114 102 1921 103 104 100 95 96 94 92 88 83 90 86 85 1922 84 86 84 84 85 85 85 86 91 83 86 89 1923 87 86 88 91 94 89 91 89 95 93 93 93 1924 91 90 90 92 94 94 94 92 101 94 96 97 1925 98 103 100 99 98 94 95 99 93 102 95 101 1926 102 106 98 100 103 106 104 117 99 102 101 102 1927 100 102 100 102 103 99 101 104 95 101 101 105 1928 105 100 101 102 103 103 * 104 103 105 99 105 106 1929 107 102 104 102 102 103 102 99 101 100 102 102 1930 98 102 98 97 96 96 97 95 95 93 90 88 1931 92 93 88 88 89 83 80 80 70 71 73 71 1932 68 68 62 62 61 59 57 55 64 60 57 53 1933 55 55 53 60 60 59 65 70 59 66 64 68 1934 72 73 77 74 73 73 72 71 78 73 77 79 1935 77 78 82 76 75 79 80 79 81 82 83 84 1936 86 87 90 89 94 102 100 99 96 106 99 101 1937 101 102 99 108 106 103 102 107 107 106 106 106 1938 107 105 107 101 102 102 103 103 104 104 106 104 1939 109 108 111 113 111 ' 110 110 108 110 115 109 116 1940 112 113 117 115 112 116 116 117 122 117 122 125 1941 125 126 129 130 140 140 144 157 141 132 143 142 1942 152 140 145 143 136 145 153 157 161 174 173 177 1943 184 246 185 195 191 220 220 208 211 231 227 215 1944 206 241 247 232 560 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE SALES [Index numbers; 1935-39 average = 100] SAN FRANCISCO FEDERAL RESERVE DISTRICT AND THE UNITED STATES ANNUAL INDEXES PEB6CNT 220 220 200 / 180 / / / 140 120 J.S. s 100 SAN FRANCISCO ^^ * 4 \ s >f 80 \\ 60 1920 1922 1924 1926 1928 1930 1932 1934 1936 SAN FRANCISCO FEDERAL RESERVE DISTRICT Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1919 49 50 54 60 62 63 56 61 72 78 77 121 67 1920 71 64 71 75 84 79 68 76 82 86 85 127 80 1921 73 67 70 70 77 71 61 67 75 78 77 115 75 1922 65 61 65 72 81 71 63 71 75 87 88 134 78 1923 76 74 83 84 94 85 78 83 89 101 99 152 91 1924 85 81 84 89 93 86 74 85 90 99 100 154 93 1925 83 82 89 95 100 90 82 91 97 108 110 166 99 1926 89 86 99 98 104 95 84 98 108 111 113 '184 106 1927 91 90 98 105 107 96 86 100 108 112 117 178 107 1928 95 92 97 108 108 96 92 101 113 118 116 190 110 1929 96 93 103 102 111 100 90 101 115 117 121 193 112 1930 92 93 98 106 104 96 84 94 104 106 106 167 104 1931 84 83 94 98 98 87 78 85 93 92 93 139 94 1932 68 68 74 70 70 65 55 64 71 74 66 109 71 1933 51 52 51 67 68 63 60 67 73 71 70 125 68 1934 58 63 72 70 72 65 59 71 82 83 84 141 77 1935 64 67 72 84 80 78 71 79 91 97 97 156 86 1936 71 74 85 93 93 94 87 92 109 109 109 178 100 1937 80 84 101 99 104 99 89 97 110 112 111 178 106 1938 79 78 86 98 98 92 83 93 98 104 113 175 100 1939 82 86 95 105 103 99 90 99 114 119 116 198 109 1940 87 90 106 106 111 106 98 110 125 122 131 211 117 1941 99 103 116 128 129 126 120 154 156 145 158 235 139- 1942 129 132 148 149 142 137 138 158 184 191 220 296 169 1943 150 184 171 188 181 184 165 180 197 219 254 324 200 1944 166 178 197 192 Adjusted for seasonal variation 1919 55 61 63 63 60 67 69 69 73 72 73 76 1920 80 78 78 83 82 84 83 84 84 80 80 80 1921 82 81 76 78 75 76 75 74 76 73 72 73 1922 73 73 74 75 79 76 77 77 77 82 83 84 1923 83 87 89 90 91 90 95 92 91 94 92 95 1924 95 94 93 91 91 92 91 93 91 93 93 93 1925 93 96 97 98 99 99 101 99 100 100 104 100 1926 101 101 105 105 104 106 104 106 107 104 105 110 1927 105 105 108 107 108 107 106 108 108 105 109 106 1928 108 109 105 113 109 107 111 111 110 112 109 112 1929 113 111 109 111 114 111 112 110 113 114 114 115 1930 110 112 110 108 106 107 104 103 103 102 101 99 1931 101 99 100 103 100 97 95 92 91 87 88 82 1932 83 81 78 75 73 72 68 69 69 71 63 63 1933 63 63 58 67 70 70 74 72 70 67 66 72 1934 72 75 77 74 75 72 72 76 78 78 78 80 1935 81 S3 82 84 83 85 86 86 88 92 91 91 1936 91 93 95 95 96 101 103 100 103 103 102 104 1937 103 106 109 106 108 107 107 105 106 107 105 104 1938 103 99 97 100 102 100 100 101 94 98 108 103 1939 107 108 105 110 107 108 108 108 109 113 110 116 1940 113 114 114 113 114 114 118 119 120 116 125 123 1941 128 131 * 130 132 134 136 144 168 149 138 151 138 1942 161 155 162 157 151 149 166 172 176 183 185 187 1943 188 217 197 190 192 200 199 198 189 211 212 206 1944 208 209 218 201 JUNE 1944 561 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.... 565 Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements 566 Federal Reserve Bank statistics 567-571 Guaranteed war production loans 571 Deposits and reserves of member banks 571-572. Money in circulation 573—574 Gold stock; bank debits and deposit turnover 574 Deposits and currency; Postal Savings System; bank suspensions. 575 All banks in the United States, by classes 57^-577 All insured commercial banks in the United States, by classes. 578-579 Weekly reporting member banks 580-583 Commercial paper, bankers' acceptances, and brokers' balances. . 584 Money rates and bond yields ,,,,,.., 585 Security markets.. .. . . 586-587 Corporate profits. . 588 Treasury finance 589-591 Government corporations and credit agencies.... 59Z Business indexes 595-602. Department store statistics. . 603-605 Consumer credit statistics. . 606-607 Wholesale prices 608 Current statistics for Federal Reserve chart book 609-610 Changes in number of banking offices in the United States. ... 611 Banks and branches—Number in operation on Dec. 31, 1943.. 612.-613 Group banking—Number, deposits, and branches of group banks, Dec. 31, 1943 614 Chain banking—Number, deposits', and branches of chain banks, Dec. 31, 1943 615 Distribution of deposits by Federal Reserve districts and States. 616 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 arc 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 are 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. June 1944 563 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 MONEY IN - CIRCULATION / 1938 1939 1940 1941 1942 1943 1944 Wednesday figures, latest shown are for May 24. See p. 565. 564 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 re s d a it e s s - - Non- O F t e h d e - r balances Date co D u i n s- ts s G to o c l k d re c n u c r- y i c n u c la ir - - c u a r s y h Fe w d i e t r h al b m er e m de - - e R r e a - i va a a n n d c d - es Total > 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 st o i a n u n g t d - - tion i h n o g l s d- B s a e R r n e v k - e s posits c s o e a u r c v n - e ts Total Excess2 ertificates Monthly averages of daily figures: 1943—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 Apr 14 6,372 3,345 3,026 373 6,758 22,511 4,002 16,448 2,231 276 1,296 303 12,717 1,949 1944—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 Apr 75 12,711 0,102 2,609 450 13,235 21,490 4,093 21,312 2,330 324 1,922 356 12,574 892 End of month figures: 1943—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 Apr. 30 13 6,455 3,028 3,427 378 6,846 22,473 4,012 16,660 2,235 557 1,369 306 12,204 2,315 1944—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 Apr. 29 118 13,220 10,614 2,606 462 13,800 21,429 4,092 21,552 2,328 400 2,007 356 12,684 773 Wednesday figures: 1943—July 7 34 7,676 5,448 2,228 407 8,117 22,388 4,085 17,607 2,278 773 1,492 332 12,108 1,229 July 14 10 7,645 5,419 2,226 495 8,150 22,362 4,086 17,658 2,267 616 1,466 331 12,260 1,310 July 21 9 7,577 5,378 2,199 447 8,033 22,347 4,084 17,706 2,271 293 1,544 331 12,319 1,188 July 28 13 7,951 5,752 2,199 453 8,418 22,334 4,090 17,799 2,272 559 1,571 331 12,309 1,020 Aug. 4 18 8,165 5,967 2,199 400 8,582 22,335 4,093 18,014 2,281 398 1,650 332 12,336 1,030 Aug. 11 24 8,317 6,119 2,199 377 8,718 22,306 4,091 18,101 2,281 295 1,651 331 12,456 1,199 Aug. 18 18 8,156 5,957 2,199 412 8,586 22,291 4,092 18,214 2,279 99 1,388 329 12,660 1,288 Aug. 25 40 8,777 6,572 2,205 320 9,137 22,292 4,098 18,303 2,282 304 1,605 331 12,702 1,106 Sept. 1 69 9,187 6,956 2,231 285 9,540 22,243 4,098 18,571 2,279 213 1,574 329 12,915 1,145 Sept. 8 71 9,336 7,084 2,252 336 9,742 22,223 4,090 18,740 2,255 6 1,374 329 13,351 1,438 Sept. 15 31 9,653 7,432 2,221 631 10,315 22,204 4,093 18,773 2,266 6 1,500 337 13,729 2,051 Sept. 22 22 9,204 6,983 2,221 491 9,717 22,205 4,094 18,714 2,266 549 1,662 338 12,487 1,893 Sept. 29. ... 13 9,168 6,947 2,221 362 9,543 22,175 4,096 18,818 2,274 682 1,649 337 12,054 1,810 Oct. 6 13 9,387 7,166 2,221 375 9,775 22,176 4,098 18,883 2,279 1,013 1,633 337 11,903 1,697 Oct. 13 18 9,062 6,841 2,221 282 9,362 22.155 4,099 18,978 2,281 380 1,621 335 12,021 1,608 Oct. 20 11 8,914 6,687 2,227 456 9,380 22,132 4,101 19,019 2,284 530 1,437 341 12,002 1,407 Oct. 27 13 9,291 7,056 2,235 381 9,686 22,132 4,103 19,090 2,295 530 1,659 342 12,005 1,062 Nov. 3 39 9,476 7,230 2,246 321 9,835 22,116 4,106 19,354 2,298 334 1,668 333 12,069 1,084 Nov. 10 22 9,865 7,611 2,254 344 10,231 22,096 4,100 19,514 2,297 369 1,716 333 12,198 1,080 Nov. 17 34 9,832 7,577 2,254 506 10,372 22,096 4,101 19,559 2,293 407 1,714 333 12,263 1,096 Nov. 24 48 10,364 8,101 2,263 381 10,792 22,081 4,101 19,726 2,295 479 1,739 333 12,402 1,044 Dec. 1 53 10,447 8,169 2,278 374 10,874 22,065 4,101 19,940 2,299 275 1,630 333 12,562 1,096 Dec. 8 108 11,016 8,720 2,296 417 11,540 22,044 4,102 20,135 2,301 686 1,664 331 12,569 918 Dec. 15 90 11,014 8,748 2,266 600 11,704 22,004 4,097 20,235 2,293 379 1,622 343 12,932 1,238 Dec. 22 70 11,551 9,260 2,291 837 12,459 22,004 4,097 20,382 2,325 967 1,864 344 12,677 919 Dec. 29 101 11,615 9,313 2,302 714 12,430 22,004 4,096 20,428 2,316 764 1,908 345 12,769 1,126 1944—Jan. 5 31 11,651 9,340 2,310 691 12,372 21,938 4,094 20,436 2,314 961 1,751 339 12,602 971 Jan. 12 47 11,855 9,543 2,312 413 12,315 21,938 4,092 20,404 2,318 638 1,845 339 12,801 1,128 Jan. 19 41 11,913 9,598 2,314 464 12,418 21,938 4,093 20,408 2,327 404 1,959 338 13,014 1,122 Jan. 26 24 12,026 9,711 2,315 334 12,385 21,928 4,093 20,387 2,331 351 1,994 340 13,002 1,023. Feb 2 24 11,781 9,162 2,618 327 12,132 21,910 4,093 20,534 2,322 175 1,916 342 12,847 1,538 Feb. 9 22 11,169 8,560 2,609 319 11,511 21,836 4,094 20,586 2,315 8 1,707 341 12,482 1,444 Feb. 16 32 11,394 8,782 2,612 534 11,961 21,802 4,093 20,610 2,335 360 1,968 340 12,244 1,269 Feb. 23 47 11,816 9,237 2,579 377 12,240 21,742 4,090 20,696 2,336 646 1,944 340 12,109 1,077 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 10,040 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 10,128 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 10,392 2,606 398 13,485 21,429 4,094 21,396 2,327 373 2,019 357 12,537 64ft May 3 85 13,292 10,679 2,613 353 13,730 21,375 4,092 21,614 2,334 229 1,973 357 12,690 794 May 10 136 13,249 10,636 2,613 328 13,713 21,375 4,097 21,725 2,333 214 1,826 356 12,729 771 May 17 152 13,808 11,196 2,613 421 14,382 21,354 4,099 21,846 2,298 397 1,953 355 12,986 936 May 24 227 13,989 11,376 2,613 309 14,525 21,324 4,100 21,911 2,333 389 1,960 355 13,000 764 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. JUNE 1944 565 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect May 31. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, Advances secured by or corporations other than member banks Advances secured by Government obligations secured by direct obligations of the U. S. Federal Reserve Bank G ca t o i l o v la n e b s r l n e m m i a n e t n u o t r n i o e n b g y li e o g a r a r - b m e a d y t i o u s n c r d i o n u o g n n t o e s r y o c e f a a l a r l n a a d b n l d e Other s [S ec e u c. r e 1 d 0 ( a b d )] vances (last par. Sec. 13) or less (Sec. 13) advances secured by eligible pj To nonmember banks To others (Sees. 13 an Rate Effective Rate Effective Rate Effective Rate Effective Rate Effective Boston Oct. 27, 1942 Sept. 1, 1939 IK Oct. 27, 1942 Sept. 1, 1939 Oct. 27, 1942 New York Oct. 30, 1942 Aug. 25, 1939 Oct. 30, 1942 Aug. 25, 1939 K Oct. 30, 1942 Philadelphia.. Oct. 17, 1942 Mar. 21, 1942 Oct. 17, 1942 Mar. 21, 1942 2 Oct. 17, 1942 Cleveland Y2 Oct. 27, 1942 Apr. 11, 1942 IK Sept. 12, 1942 Apr. 11, 1942 2 Oct. 27, 1942 Richmond Oct. 28, 1942 Mar. 14, 1942 Oct. 28, 1942 Mar. 14, 1942 2H Oct. 28, 1942 A C St h t . l i a c L n a o g t u a o is K O O O c c c t t t . . . 2 1 1 7 7 5 , , , 1 1 1 9 9 9 4 4 4 2 2 2 M M Fe a a b r r . . . 2 2 1 8 1 4 , , , 1 1 1 9 9 9 4 4 4 2 2 2 IK M O Au c a t g r . . . 2 1 1 9 4 5 , , , 1 1 1 9 9 9 4 4 4 2 2 2 S S S e e e p p p t t t . . . 1 1 1 6 6 , , , 1 1 1 9 9 9 3 3 3 9 9 9 V 2 2 O O O c c c t t t . . . 2 1 1 7 7 5 , , , 1 1 1 9 9 9 4 4 4 2 2 2 Minneapolis.. Oct. 30, 1942 Mar. 28, 1942 Oct. 30, 1942 Mar. 28, 1942 Oct. 30, 1942 Kansas City.. Oct. 27, 1942 Apr. 11, 1942 Oct. 27, 1942 Sept. 16, 1939 Oct. 27, 1942 Dallas ....... Oct. 17, 1942 Mar. 21, 1942 Oct. 17, 1942 Sept. 16, 1939 Oct. 17, 1942 San Francisco Oct. 28, 1942 Apr. 4, 1942 Oct. 28, 1942 Apr. 4, 1942 2 Oct. 28, 1942 1 Rates shown also apply to advances secured by obligations of Federal Intermediate Credit Banks maturing within.6 months. NNOOTTEE..——MMaaxxiimmuumm mmaattuurriittiieess ffoorr ddiissccoouunnttss aanndd aaddvvaanncceess tto member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guairanteed as to principal and interest by the United^ States, or by obligations of Federal Interparagraph of Section 13 is 90 days. Back figures—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK BUYING RATES ON BILLS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS AND COMMITMENTS UNDER SECTION 13b [Per cent per annum ] OF THE FEDERAL RESERVE ACT Maturities not exceeding five years Maturity R M a a t y e o 3 n 1 In g i e n ff n ec in t g b - e- Pre r v at i e ous [In effect May 31. Per cent per annum] Treasury bills1 :::: Apr. 30, 1942 To industrial or Bankers' acceptances :2 commercial To financing institutions 1- 90 days , .,„.... y% Oct. 20, 1933 1 businesses 91-120 days % Oct. 20,1933 1 121-180 days Oct. 20, 1933 1H Discounts or Federal Reserve purchases 1 Established rate at which Federal Reserve Banks stand ready to buy Bank a m i u h f l p a l a v o d t T e n u e r s r b e i i r r e t a e e y e s q d n u u a r e m b t y s y t t a b h d t b i e e h l e l e s s f s o a u o s m r b e e ff j e l e e l m e r c r e r t a , a d t t t . e w o u r e o r i r E f e t e y p f d f , u m e i r s c w a c c ti d h o o v e a u u e s l n e o d t A n . o u s p e c g S l o t . l i i n o 3 n b d n , c a i . e t c 1 i k o M 9 n 42 a b y , i t l h p ls 1 a u 5 t r , c o h f t 1 h a 9 e s l 4 i e 3 k s R , e e a o s l a f e l m r s v p o u e u u c r h n c t B h b a a a i n s l n e k l d s s , , lo ° a n ns1 co m m O e m n n t i s t- fo i p r n t i o s o O w r t n t i n h i t o u i i s c n - h m p O o a n r i n t r i i e o n - n g m O i n tm c e o n m ts - 2 Minimum buying rates on prime bankers' acceptances. obligated Back figures.—See Banking and Monetary Statistics, Table 117, pp. 443-445. 1 MEMBER BANK RESERVE REQUIREMENTS B N o ew st on York.... 2 2 3 ^ ^ - - 5 5 K K - - i lH K 34 l -1 [Per cent of deposits! Philadelphia. 234-5 K-IH Cleveland.... 234-5 Net demand deposits1 Time Richmond. 23^-5 deposits Atlanta 23^-5 C r b e e c s a n i e n t t r y k r v s a e l R b e c a s i n t e y k rv s e Co b u an n k tr s y m ba e n ( m a k l b s l e ) r M S C t h . i i n c L n a o e g a u o p is o . l .. is.... 2 2 23 3 K 4 ^ 5 - - 5 5 June 21, 1917-Aug. 15, 1936 13 10 7 3 K Da a l n l s a a s s City... 2 2 3 H 4- 5 5 K K - - l D H i 8 M Au a g r. . 16 1 , , 1 1 9 9 3 37 6 - - A Fe p b r . . 2 3 8 0 , , 1 1 9 9 3 3 7 7 2 19 2 3 ^ ^ 15 ioy2 San Francisco.. 234-5 K-iK May 1, 1937-Apr. 15, 1938 26 14 1 Including loans made in participation with financing institutions. Apr. 16, 1938-Oct. 31, 1941 22^ 12 5 2 Rate charged borrower less commitment rate. Nov. 1, 1941-Aug. 19, 1942 26 14 6 J Rate charged borrower. Aug. 20, 1942-Sept.l3, 1942 . 24 20 14 6 4 May charge same rate as charged borrower by financing institution, if Sept. 14, 1942-Oct. 2, 1942 22 20 14 6 lower. Effective Oct. 3, 1942 20 20 14 6 5 Financing institution is charged H per cent on undisbursed portion of loan under commitment. 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 REQUIREMENTSi the Board of Governors under provisions of Regulation Q [ Per cent of market value ] [ Per cent per annum ] P R re e s s c e r r i v b e e d S y b s y E t e B x m c o h a i a r n n d a g o c e f c o A G rd c o t a v n e o c r f e n o 1 w r 9 s 3 it o 4 h f t S he e c F u e ri 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 f o f 1 e 9 v c 3 . t 7 i 1 v , e Savings deposits N Ja o n v . . 3 1 1 , , 1 19 9 3 3 3 5 - D Fe e b c . . 2 3 1 K 1 ,1 ,1 9 9 3 3 5 5 - Ja E n f . f 1 ec ,1 ti 9 v 3 e 6 Postal savings deposits... 2K For extensions of credit by brokers and dealers on Other deposits payable: listed securities, under Regulation T 55 40 In 6 months or more 2K For short sales, under Regulation T A2) 50 In 90 days to 6 months. For loans by banks on stocks, under Regulation U.... 3 55 40 In less than 90 days 1 Regulations T and U limit the amount of credit that may be extended on NOTE.—Maximum rates that may be paid by insured nonmember banks a security by prescribing a maximum loan value, which is a specified as established^ by the F. D. I. C, effective Feb. 1, 1936, are the percentage of its market value at the time of the extension; the ''margin same as those in effect for member banks. Under Regulation Q the rate requirements" shown in this table are the difference between the market payable by a member bank may not in any event exceed the maximum value (100%) and the maximum loan value. rate payable by State^ banks or trust companies on like deposits under 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. 566 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 May 24 May 17 May 10 May 3 Apr. 26 Apr. 19 Apr. 12 Apr. 5 April Mar:h April Assets Gold certificates on hand and due from U. S. Treasury 18,801,12518,843,62518,889,92518,895,42518,972,92519,021,82019,012,47519,084,32518950,92519,134 32520,257 915 Redemption fund—F.R. notes.. 351,371 340,469 319,243 314,442 292,838 287,060 287,847 278,068 313,942 288 231 45 298 Other cash 274,404 267,237 264,396 273,686 287,205 285,240 287,309 295,535 280,743 313 430 353 263 Total reserves. 19,426,90019,451,33119,473,56419,483,55319,552,96819,594,12019,587,63119,657,92819545,61019,735 98620656476 Discounts and advances: For member banks 225,961 151,461 135,174 84,433 r88,833 86,694 54,864 43,460 117,788 62 215 13 163 For nonmember banks, etc. 600 550 550 550 r550 500 500 500 550 500 Total discounts and 226,561 152,011 135,724 84,983 89,383 87,194 55,364 43,960 118,338 62 715 13 163 advances Industrial loans 11,894 12,039 11,469 11,885 11,909 12,488 12,134 12,494 11,968 11485 12668 U. S. Government securities: Direct: Bills: Under repurchase option 4,073,188 4,145,843 3,827,597 4,025,322 3,815,104 3,584,284 3,624,609 3,581,617 4001,058 3397 752 1377 028 Other 4,209,460 4 007,182 3,775,907 ^640,199 3,608,563 3,536,493 3,407,673 3,134,533 3 640,199 3 134533 1052 573 Certificates: Special Other 3^093,490 3,042,940 3,032,940 3013,940 2,968,440 3,007,440 '3,007,440 3,003,040 "l 972,940 2970 240 997 375 Notes 1,161,264 1,162,493 1,161,264 1,161,264 1,156,264 1,156,264 1,157,264 1,158,764 1 156,264 1158 764 956 700 Bonds 1,447,496 1,446,267 1,447,496 1,447,496 1,445,496 1,445,496 1,447,496 1,450,196 1445,496 1450 196 2016 551 Guaranteed 3,771 3,771 3,771 3,771 3,771 3,771 3,771 3,771 3,771 3 771 54491 Total U. S. Government securities, including guaranteed securities. . 13,988,66913,808,49613,248,97513,291,99212,997,63812,733,74812,648,25312,331,92113219,72812115256 6454 718 Other Reserve Bank credit outstanding ... . • 297,438 409,392 316,633 340,701 385,800 496,256 390,067 377,226 450,244 381 150 365406 Total Reserve Bank credit outstanding 14,524,56214,381,93813,712,80113,729,56113,484,73013,329,68613,105,81812,765,60113,800,27812570 606 6845 955 Liabilities Federal Reserve notes.. 18,320,18718,212,75618,127,19618,032,11217,822,90217,761,60617,707,31717,635,73017,969,27417558,85913127,755 Deposits: Member bank—reserve account 13,000,14712,986,38112,729,49812,690,34712,536,61712,704,33112,603,93612,276,81512,683,62811889,44712,204,316 U. S. Treasurer—general account 388,761 396,691 214,415 228,906 372,598 203,542 273,735 426,330 399,530 603,101 556,867 Foreign 1,575,012 1,579,439 1,591,846 1,615,286 1,646,164 1,516,713 1,450,860 1,432,527 1,644,744 1617,506 899,756 Other deposits 384,739 373,995 234,326 357,646 373,236 456,031 372,218 368,601 362,335 367,491 469,704 Total deposits.. 15,348,65915,336,50614,770,08514,892,18514,928,61514,880,61714,700,74914,504,27315,090,23714477,54514 130,643 Ratio of total reserves to deposit and F.R. note liabilities combined (per cent). 57.7 58.0 59.2 59.2 59.7 60.0 60.4 61.2 59.1 61.6 ?5.8 r Revised. MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total Within 16 to 30 31 to 60 61 to 90 91 to d a 6 ys 6 m t o o nths 1 y to ear 2 y to ears Over 15 days days days days months 1 year 2 years 5 years 5 years Discounts and advances: Apr. 26 89,383 82,623 440 3,515 2,805 May 3 84,983 62,633 3,345 8,725 10,280 May 10 135,724 112,064 4,390 8,965 10,305 May 17 152,011 122,489 5,780 8,445 15,297 May 24 226,561 180,884 5,640 8,540 31,497 Industrial loans: Apr. 26 ... 11,909 11,036 9 44 276 142 271 85 46 Mav 3 11,885 11,005 23 76 253 132 270 80 46 May 10 11,469 10,614 31 60 244 131 264 80 45 May 17 12,039 10,764 19 481 264 124 262 80 45 May 24 11,894 10,652 9 483 262 104 260 79 45 U. S. Government securities including guaranteed securities: 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 3 13,291,992 1,366,444 1,266,772 2,566,941 3,049,204 993,400 1,904,600 17,800 970,245 1,156,586 May 10 13,248,975 1,442,393 1,190,149 2,673,614 2,881,188 1,009,400 1,907,600 17,800 970,245 1,156,586 May 17 13,808,496 1,667,689 1,233,361 2,807,435 3,028,380 1,011,400 1,915,600 17,800 970,245 1,156,586 May 24 13,988,669 1,648,431 1,237,418 2,904,121 3,097,518 1,030,700 1,925,850 17,800 970,245 1,156,586 JUNE 1944 567 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - Assets Gold ctf s. on hand and due from U.S.Treas.: Apr. 26 18,972,925 ,052,6945,285,2931,055,0811,479,118 1,027,796 999,876 3,546,178 560,578 338,766 710,364 490,281 ,426,900 May 3 18,895,425 ,068,374 ,160,4021,065,0941,533,5451,026,7351,004,2053,490,159 578,794 348,398 707,447 515,753 396,519 May 10 18,889,925 ,079,943 4,,925,8841,087,8611,504,4871,060,483 1,022,896 3,548,756 621,868 390,719 733,090 529,528 384,410 May 17 18,843,625 ,075,675 4,917,656 1,075,3721,540,9011,071,6351,014,604 3,426,297 614,327 386,413 742,662 535,295 442,788 May 24 18,801,125 ,065,458 4,,895,014 1,070,964 1,582,720 1,056,4971,011,9513,501,661 584,853 399,499 731,841 504,499 396,168 Redemption fund— F. R. notes: Apr. 26 292,838 26,943 30,499 24,213 30,718 25,420 19,925 44,732 29,106 11,096 11,841 9,331 29,014 May 3 314,442 26,897 50,355 24,650 30,666 25,067 19,872 44,654 29,080 11,091 11,825 11,314 28,971 May 10 319,243 26,807 51,532 24,546 30,576 24,578 19,609 44,552 29,041 11,082 11,804 11,295 33,821 May 17 340,469 26,680 71,071 24,409 30,482 25,850 19,424 48,415 29,000 11,369 11,764 11,251 30,754 May 24 351,371 26,600 75,807 26,782 30,391 25,156 19,318 48,316 28,971 11,361 11,740 11,225 35,704 Other cash: Apr. 26 287,205 20,802 80,643 22,125 21,218 16,022 19,068 43,477 11,762 6,430 11,338 9,563 24,757 May 3 273,686 20,591 77,576 21,888 21,701 14,560 15,706 41,061 11,465 6,554 11,065 8,287 23,232 May 10 264,396 20,960 75,257 21,106 19,270 14,102 16,489 38,762 10,560 6,450 10,951 7,657 22,832 May 17 267,237 20,786 77,558 21,500 20,005 13,179 17,094 37,524 11,421 6,629 10,828 8,913 21,800 May 24 274,404 20,696 77,058 21,907 19,503 14,716 19,533 38,114 11,935 6,071 12,018 9,273 23,580 Total reserves: Apr. 26 19,552,968 ,100,4395,396,435 1,101,419 1,531,0541,069,2381,038,869 3,634,387 601,446 356,292 733,543 509,175 480,671 May 3 19,483,553 ,115,8625,288,333 1,111,632 1,585,912 ,066,3621,039,783 3,575,874 619,339 366,043 730,337 535,354 ,448,722 May 10 19,473,564 ,127,7105,052, ,133, ,554,3331,099,1631,058,9943,632,070 661,469 408,251 755,845 548,480 ,441,063 May 17 19,451,331 ,123,1415,066,285 1,121,2811,591,388 1,110,6641,051,122 3,,512,236 654,748 404,411 765,254 555,459 ,495,342 May 24 19,426,900 ,112,7"54 5,047,879 1,119,653 1,632,6141,096,369 1,050,802 3,,588,091 625,759 416,931 755,599 524,997 ,455,452 Discounts and adv.: Secured by U. S. Govt. sec: Apr. 26 89,383 11,020 46,525 5,015 379 2,575 864 400 18,700 3,275 100 530 May 3 84,983 12,915 23,055 6,120 629 4,025 1,064 4,200 25,100 5,000 2,275 100 500 May 10 135,724 11,555 80,430 3,535 780 4,355 1,414 4,500 21,100 5,000 275 250 2,530 May 17 152,011 13,265 83,675 3,617 880 6,455 1,414 1,675 30,985 9,000 275 250 520 May 24 226,561 14,965 131,850 6,952 2,530 5,780 1,414 675 45,190 14,900 275 2,030 Other: Apr. 26 May 3 May 10 May 17 May 24 Total discounts and advances: Apr. 26 89,383 11,020 46,525 5,015 379 2,575 864 400 18,700 3,275 100 530 May 3 84,983 12,915 23,055 6,120 629 4,025 1,064 4,200 25,100 5,000 2,275 100 500 May 10 135,724 11,555 80,430 3,535 780 4,355 1,414 4,500 21,100 5,000 275 250 2,530 May 17 152,011 13,265 83,675 3,617 880 6,455 1,414 1,675 30,985 9,000 275 250 520 May 24 226,561 14,965 131,850 6,952 2,530 5,780 1,414 675 45,190 14,900 275 2,030 Industrial loans: Apr. 26 11,909 1,412 123 5,440 370 200 90 4 243 29 3,995 May 3 11,885 1,411 120 5,414 365 199 90 4 256 29 3,995 May 10 11,469 1,401 120 5,077 365 189 90 4 247 29 3,945 May 17 12,039 1,401 120 5,635 365 189 82 4 267 29 3,945 May 24 11,894 1,389 120 5,511 365 188 82 4 263 27 3,945 U. S. Govt. sec: Bills: Under repurchase option: Apr. 26 3,815,104 123,7841,791,559 149,270 152,438 79,982 21,708 858,462 219,922 106,345 46,808 25,764 239,062 May 3 4,025,322 105,7411,937,434 133,995 121,511 80,174 23,888 933,488 192,459 86,685 63,793 26,442 319,712 May 10 3,827,597 83,7061,949,033 124,380 125,224 60,974 18,038 877,474 158,735 46,510 43,729 26,367 313,427 May 17 4,145,843 94,9702,119,980 132,830 92,989 44,421 20,9381,041,372 160,625 50,295 30,624 17,902 338,897 May 24 4,073,188 94,1722,147,337 123,829 82,423 44,445 21,563 948,839 172,625 28,145 35,301 18,697 355,812 Other bills: 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 May 3 3,640,199 278,963 784,023 295,515 414,204 241,797 214,957 385,555 169,542 110,851 194,055 175,909 374,828 May 10 3,775,907 289,268 815,989 306,536 428,981 250,331 222,220 400,529 175,829 115,010 201,041 182,040 388,133 May 17 4,007,182 306,838 870,316 325,315 454,194 264,903 234,641 426,015 186,542 122,107 212,958 192,509 410,844 May 24 4,209,460 322,175 918,790 341,741 476,018 277,475 245,239 448,514 195,904 128,321 223,291 201,520 430,472 Certificates: 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 May 3 3,013,940 230,9.69 649,14: 244,676 342,944 200,200 177,974 319,225 140,378 91,776 160,671 145,645 310,340 May 10 3,032,940 232,354 655,433 246,219 344,569 201,075 178,494 321,719 141,233 92,386 161,481 146,219 311,758 May 17 3,042,940 233,009 660,889 247,036 344,908 201,156 178,177 323,501 141,657 92,722 161,713 146,190 311,982 May 24 3,093,490 236,763 675,212 251,143 349,819 203,917 180,222 329,611 143,963 94,301 164,098 148,091 316,350 Notes: Apr. 26 1,158,764 88,81 249,105 94,070 131,965 77,052 68,555 122,629 53,975 35,281 61,815 56,069 119,431 May 3 1,163,764 89,184 250,650 94,476 132,420 77,302 68,721 123,261 54,202 35,439 62,039 56,238 119,832 May 10 ,163,764 89,155 251,494 94,477 132,215 77,154 68,490 123,446 54,192 35,447 61,962 56,106 119,626 May 17 ,163,764 89,11" 252,75" 94,478 131,907 76,933 68,144 123,723 54,176 35,462 61,847 55,908 119,317 May 24 ,163,764 89,070 254,01: 94,479 131,602 76,712 67,800 123,998 54,160 35,476 61,732 55,713 119,010 Bonds: Apr. 26 ,446,767 110,89! 311,019 117,450 164,763 96,203 85,594 153,107 67,390 44,050 77,179 70,005 149,115 May 3 ,448,767 111,025 312,034 117,612 164,850 96,233 85,551 153,448 67,476 44,118 77,232 70,010 149,178 May 10 ,448,767 110,989 313,084 117,614 164,594 96,049 85,263 153,678 67,463 44,128 77,137 69,846 148,922 May 17 ,448,767 110,935 314,656 117,615 164,210 95,774 84,833 154,023 67,443 44,147 76,993 69,600 148,538 May 24 ,448,767 110,883 316,219 117,617 163,831 95,498 84,404 154,365 67,424 44,164 76,850 69,35 148,155 Total U. S. Govt. sec, incl. guar. sec: Apr. 26 12,997,638 827,6033,765,572 894,7151,198,186 690,577 564,962 1,830,226 647,649 385,926 536,658 470,0801,185,484 May 3 13,291,992 815,8823,933,283 886, 2"*7•4" 1,175,929 695,706 571,0911,914,977 624,057 368,869 557,790 474,2441,273,890 May 10.. 13,248,975 805,47f3,985,033 889,2261,195,583 685,583 572,5051,876,846 597,452 333,481 545,350 480,5781,281,866 May 17 13,808,496 834,864 4,,218,598 917,274 1,188,208 683,187 586,7332,068,634 610,443 344,733 544,135 482,1091,329,578 May 24 13,988,669 853,0634,311,570 928,809 1,203,693 698,047 599,228 2,005,327 634,076 330,407 561,272 493,3781,369,799 568 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 c S r is a a c n n o - Total loans and sec: Apr. 26 13,098,930 840,035 ,812,220 905,170 198,935 693,352 565,9161,830,630 666,349 386,169 539,962 470,183 190,009 May 3 13,388,860 830,2083,956,458 897,808 176,923 699,930 572,2451,919,181 649,157 374,125 560,094 474,346 278,385 May 10 13,396,168 818,4284,065,583 897,838 196,728 690,127 574,0091,881,350 618,552 338,728 545,654 480,830 288,341 May 17 13,972,546 849,5304,302,393 926,526 189,453 689,831 588,2292,070,313 641,428 354,000 544,439 482,361 334,043 May 24 14,227,124 869,4174,443,540 941,272 206,588 704,015 600,724 006,006 679,266 345,570 561,574 493,378 375,774 Due from foreign banks: Apr. 26 136 10 I49 12 12 6 4 17 4 3 4 4 11 May 3 136 10 149 12 12 6 4 17 4 3 4 4 11 May 10 136 10 I49 12 12 6 4 17 4 3 4 4 11 May 17 136 10 I49 12 12 6 4 17 4 3 4 4 11 May 24 136 10 I49 12 12 6 4 17 4 3 4 4 11 Federal Reserve notes of other banks: Apr. 26 70,313 1,327 11,929 2,180 3,883 7,782 6,905 7,798 5,398 1,646 3,644 3,205 14,616 May 3 68,044 1,298 12,009 1,955 3,329 8,373 6,428 7,192 4,525 1,586 4,298 3,344 13,707 May 10 66,848 1,182 11,042 1,997 3,494 7,263 6,458 6,725 4,670 1,747 4,115 2,507 15,648 May 17 70,554 1,398 12,791 2,088 3427 8,271 7,357 7,869 5,473 1,776 3,359 3,338 13,407 May 24 ' 72,990 1,210 12747 2 245 3 522 8,279 7,592 7,382 5,368 1,908 4,238 3,441 15,058 Uncollected items: Apr. 26 1,792,054 130,169 367 997 97 272 176339 141,847 129,354 270,773 70,438 33,246 104,618 76,303 193,698 May 3 1,652,139 117,334 359 605 99 621 160711 114,653 97,533 256,377 74,573 30,617 86,615 56,401 198,099 May 10 1,601,777 118,708 345 750 107974 149648 112,449 87,178 254,876 69,047 32,569 77979 56,027 189,572 May 17 1,940,097 139,229 457013 109497 190 198 119,199 98,298 322,808 76282 34,340 89 535 66,216 237,482 May 24 1,569,791 113,805 342 454 90 746 162874 103,903 89,400 263,839 68 885 34 261 78618 59,300 161,706 Bank premises: Apr. 26 34,928 1,652 9062 3 552 4 176 2908 1,640 2,924 2054 1273 2 719 970 1,998 Mav 3 34,883 1,647 9042 3 552 4 176 2908 1,639 2,923 2051 1271 2 713 963 1,998 May 10 34,882 1,647 9042 3 552 4 176 2908 1639 2,923 2050 1271 2 713 963 1,998 May 17 34,882 1,647 9,042 3 552 4 176 2908 1639 2,923 2050 1271 2 713 963 1,998 May 24 34,844 1,647 9,042 3 540 4 167 2901 1638 2,921 2050 1271 2 713 963 1,991 Other assets: Apr. 26 60,250 4,317 13171 4 536 7219 4 401 3 686 6,518 2 591 1754 3054 2,862 6,141 May 3 61,184 4,375 12948 4402 7374 4 423 3 752 6,984 2 711 1808 3 191 2,774 6,442 May 10 62,846 4,489 13745 4,523 7529 4 552 3 829 6,940 2 776 1832 3 258 2800 6 573 May 17 65,452 4,604 14243 4 651 7736 4 614 3 972 7,821 2 837 1906 3 326 3023 6,719 May 24 65,315 4,655 13688 4 739 7,533 4 732 4082 8,015 2 803 1922 3 285 2 988 6 873 Total assets: Apr. 26 34,609,579 2,077,9499,610 8632,114 1412,921 6181,919 5341,746 3745 753,0471,348 280 780383 1,387 5441,062 7023,887 144 May 3 34,688,799 2,070,7349,638 4442,118 9822,938 4371,896 6551,721 3845 768,5481,352 360 775453 1,387 2521,073 1863,947 364 May 10 34,636,221 2,072,1749,497 8842,149 4092,915 9201,916 4681,732 1115 784,9011,358 568 784401 1,389 5681,091 6113,943 206 May 17 35,534,998 2,119,5599,861 8162,167 6072,986 3901,935 4931,750 6215,923,987 1,382 822 797 707 1,408 6301,111 3644,089 002 May 24 35,397,100 2,103,4989,8693992,162 2073,017 3101,920 2051,754 2425,876,2711,384 135 801 866 1,406,0311,085 0714,016 865 Liabilities Federal Reserve notes: Apr. 26 17,822,902 1,190,5483,976,0801,197 3931,580 4181,172 4501,021 9803,340,722 760409 404039 654840 431 8002,092 223 May 3 18,032,112 1,198,0324,010 8891,206 4091,591 no11889491,048 6163,368,884 771900 406 679 667 135 446 9392,126 550 May 10 18,127,196 1,206,4004,025 1071,214,5451,603,9111,191 0871,048 1493,389,170 777 214 410 552 669 748 448 9932,142 320 May 17 18,212,756 1,212,2024,051 4221,221,2111,613,8971,195 1231,049 3193,409,749 780 189 411 552 668 598 447 8312,151 663 May 24 18,320,187 1,215,3804,101,0111,227,4361,620,8131,191 9101,048 4253,427,843 780952 412,425 669993 446 2852,177 714 Deposits: Member bank—reserve account: Apr. 26 12,536,617 602,66 4,204,648 620,961 981,175 502 263 542 5691,891,001 433 465 272419 572018 501 6531,411 784 May 3 12,690,347 613,8074,262,606 637,722 983,264 508892 518 7011,934,274 440 883 274820 577 730 505 8241,431 824 May 10 12,729,498 604,39 4,247,677 638,659 992,629 516624 540 5271,923,566 442 733 279576 581067 520 4651,441 584 May 17 12,986,381 621,4394,349,142 644,0631,002,267 518 714 537 7851,985,966 451400 288 612 590942 532 3751,463 676 May 24 13,000,147 629,4604,371,906 649,8571,016,742 526464 538 8961,964,981 447,753.283,086 586,844 520 4521,463 706 U. S. Treasurergeneral account: Apr. 26 372,598 25,136 81,632 26,821 22', 232 29923 23 114 57,929 21,758 20,667 21,377 11051 30 958 May 3 228,906 10,996 57,411 6,668 29,514 5938 6620 32,295 9,233 12,165 9,947 14 105 34014 May 10 214,415 19,12 67,251 10,735 11,724 11467 2 229 26,448 11,411 13,089 13,691 13 143 14 106 May 17 396,691 27,042 109,463 21,664 30,766 23 158 10317 43,578 16,855 13,837 15,195 17601 67 215 May 24 388,761 20,06 68,135 26,500 56;634 19459 19 136 38,312 25,522 25,642 26,453 11,762 51 145 Foreign: Apr. 26 1,646,164 111,77 2637,999 145,690 140,939 63343 50,675 196,365 49,091 34,839 45,924 45 924 123604 May 3 1,615,286 110,394 2627,514 142,599 137,949 61999 49 600 192,198 48,050 34,100 44,950 44 950 120983 May 10 1,591,846 108,890 2617,550 140,653 136,067 61 154 48 923 189,576 47,394 33,634 44,336 44 336 119333 May 17 1,579,439 107,859 2613,436 139,473 134,925 60 640 48 512 187,985 46,996 33,352 43,964 43 964 118333 May 24 1,575,012 106,11 2619,609 138,033 133,532 60 014 48011 186,045 46,511 33,008 43,510 43 510 117 112 Other deposits: Apr. 26 373,236 3,31 276,234 •5,693 8,267 6,866 5,264 5,065 10,992 10,453 5,156 1,899 34 030 May 3 357,646 3,36 264,398 5,640 6,883 8,638 2,224 5,576 9,906 10,638 3,206 2 699 34 476 May 10 234,326 2,726 121,449 10,526 6,844 21 164 4,535 4,282 9,036 10,418 4,738 3,179 35 429 May 17 373,995 2,890 274,537 10,098 7,385 6,286 6,294 3,982 10,729 9,822 2,651 2,915 36406 May 24 384,739 3,139 287,559 5,849 7,436 6,218 4,694 5,661 13,362 9,479 1,520 2,319 37503 Total deposits: Apr. 26 14,928,615 742,88 5,200,513 799,1651,152,613 602,395 621,6222,150,360 515,306 338,378 644,475 560,5271,600 376 May 3 14,892,185 738,5595,211,929 792,6291,157,610 585467 577,1452,164,343 508,072 331,723 635,833 567,5781,621 297 May 10 14,770,085 735,1285,053,927 800,5731,147,264 610409 596 2142,143,872 510,574 336,717 643,832 581 1231,610 452 May 17 15,336,506 759,2305,346,578 815,2981,175,343 608,798 602,9082,221,511 525,980 345,623 652,752 596 8551,685 630 May 24 15,348,659 758,77 5,347,209 820,2391,214,344 612,155 610,7372,194,999 533,148 351,215 658,327 578,0431,669 466 Deferred availability items: Apr. 26.. 1,406,390 114,03 281,131 78,086 145,881 124,317 85,884 203,707 57,558 25,791 73,553 55,921 160 523 May 3 1,311,574 103,630 262,308 80,602 146,955 101,968 78,239 176,694 57,322 24,874 69,509 44,179 165,294 May 10 1,285,280 100,06C 265,079 94,863 121,926 94,225 70,849 193,429 55,654 24,924 61,156 46,957 156 158 May 17 1,530,841 117,44 309,584 91,624 154,238 111,183 81,081 233,980 61,544 28,294 72,473 52,059 217 336 May 24 1,272,489 98,56 266,809 74,958 139,122 95,559 78,028 194,603 54,839 25,963 62,807 46,040 135,197 1 After deducting $87,000 participations of other Federal Reserve Banks. 2 After deducting $1,007,161,000 participations of other Federal Reserve Banks on Apr. 26; $985,790,000 on May 3; $972,342,000 on May 10; $964,183,000 on May 17; and $954,228,000 on May 24. JUNE 1944 569 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued ~~ [In thousands of dollars San Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S o t u . is M ap in o n li e s - K C an it s y as Dallas F ci r s a c n o - Other Ha. incl. ace. div.: Apr.26 9,071 758 2,589 830 974 445 387 1,262 329 260 291 306 640 May 3. . 9,318 768 2,601 623 934 312 850 1,395 304 247 305 251 728 May 10. 9,324 801 2,834 645 933 732 326 1,246 310 254 290 256 697 May 17. 9,696 840 3,072 628 940 313 693 1,339 293 260 305 303 710 May 24. 9,698 872 2,968 660 970 451 385 1,398 324 258 321 351| 740 Total liabilities: Apr.26. 34,166,978 2048,2299460,3132075,4742879,886 1899,607 729,8735696,051 333,602 768,468 1,373,1591048,554 3 853,762 May 3. 34,245,189 2040,9899487 7272080,263 2896,629 1876 696 704,8505,711,316 L337,598 763,523 1,372,7821058,947 3 913,869 May-10 34,191,885 2042,3899 3469472 110,6262874,034 1896453 L7155385,727 717 343,752 772,447 1,375,0261077,329 3 909,627 May 17 35,089,799 2089,717 9 7106562 128,7612944,418 191541717340015,866579 [368006 785,729 1,394,1281097,048 4 055,339 May 24.. 34,951,033 2073,5939 7179972 123,2932975,249 19000751 7375755,818 8431369 263 789,861 1,391 4481070,719 3 983,117 CapitalAccounts Capital paid in: | Apr.26 156,905 9,886 57 768 11,844 16,072 6 285 5571 18178 4 800 3,417 5099 4,839 13,146 May 3 157,037 9,886 57 769 11,844 16,073 6 285 5 571 18181 4808 3,417 5 113 4,914 13,176 May 10 157,112 9,888 57 788 11,845 16,073 6 290 5573 18 190 4 829 3 417 5 118 4,925 13,176 May 17 157,161 9,888 57 791 i 11,848 16,074 6 297 5582 18210 4 829 3 422 5 119 4,925i 13,176 May 24 157,175 9,888 57 799 11,849 16,075 6296 5583 18208 4829 3424 5 120 4,927! 13,177 Surplus (section 7): Apr.26 188,097 13,206 70012 17,859 16,026 5236 5 725 26490 6330 3 669 4 554 4,831 14,159 May 3 188,097 13,206 70012 17,859 16,026 5236 5 725 26490 6330 3 669 4 554 4,831 14,159 May 10 188,097 13,206 70012 17,859 16,026 5 236 5 725 26490 6330 3 669 4 554 4,831 14,159 May 17 188,097 13,206 70012 17,859 16,026 5 236 5 725 26490 6330 3 669 4 554 4,831! 14,159 May 24 188,097 13,206 70012 17,859 16,026 5236 5 725 26490 6 330 3 669 4 554 4,831: 14,159 Surplus (section 13b): Apr. 26 26,965 2,874 7092 4,421 1,007 3 290 749 1429 530 1000 1 137 1,307 2,129 May 3 26,965 2,874 7092 4,421 1,007 3 290 749 1429 530 1000 1 137 1,307 2,129 May 10 26,965 2,874 7092 4,421 1,007 3 290 749 1429 530 1000 1 137 1,307! 2,129 May 17 26,965 2,874 7092 4,421 1,007 3 290 749 1429 530 1000 1 137 1,3071 2,129 May 24 26,965 2,874 7092 4,421 1,007 3 290 749 1429 530 1000 1 137 1,307; 2,129 Other capital accounts: Apr.26 70,634 3,754 15678 4,^43 8,627 5 116 4 456 10899 3018 3 829 3 595 3,171 3,948 May 3 71,511 3,779 15844 4,595 8,702 5 148 4 489 11132 3094 3 844 3 666 3,187i 4,031 May 10 72,162 3,817 16.045 4 658 8,780 5 199 4 526 11075 3 127 3 868 3 733 3,2191 4,115 May 17 72,976 3,874 16265 4,718 8,865 5 253 4,564 11279 3 127 3 887 3 692 3,253 4,199 May 24 73,830 3,937 16499 4,785 8,953 5,308 4,610 11301 3,183 3 912 3 772 3,287 4,283 Total liabilities and I capital accounts: Apr.26 34,609,579 2077,9499,610 8632 114,1412,921,618 1,919,534 1,746,3745 753,047 1,348,280 780383 1,387 5441,062,702^3,887,144 May 3 34,688,799 2070,7349 6384442 118,982 2938,437 1896 6551,721 3845 7685481,352 360 775453 1,387 2521,073, 186 3,947,364 May 10 34,636,221 2072,1749 497 8842 149,4092915,920 19164681,732 1115 7849011,358,568 784401 1,389 568)1,091,611 3,943,206 May 17 35,534,998 2 119,5599 861 8162 167,607 2986,390 1935 4931,750,6215923,987 1,382,822 797 707 1,408,63011,111,364J4,089,002 May 24 35 397,100 2,103,498 9,869,3992,162,2073,017,310 1,920,205 1,754,2425 876,2711,384,135 801,866 1,406,031jl,085,071|4,016,865 Commit.—ind. loans: Apr.26 8,794 450 8 1,289 50 1,256 48 3,000 2,693 May 3 5,794 450 8 1,289 50 1,257 48 2,692 May 10 6,193 450 8 1,666 50 1,238 48 i 2,733 May 17 5,646 450 8 1,106 50 1,257 48 i 2,727 May 24 5,659 450 8 1,129 50 1,247 48 2,727 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total Boston Y N o ew rk d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - la A n t t - a Chicago 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 F. R. notes outstanding (issued to Bank by F. R. agent): Apr. 26 18,443,234 222, ,121,791 1,228,5071,613,658 1,204,534 1,087,429 3,405,070 795,779 412,615 680,245 466 2,204,577 May 3 18,585,081 226,566 4,,169,544 1,235,456 1,627,418 1,217,525 1,085,976 3,435,062 799,251 414,025 2,217,553 May 10 18,686,338 225,483 4,198,939 1,244,8401,642,0041,220,739 1' ,098,336 3,441,701 808,248 417,170 688, 668 474 2,225,848 May 17 18,804,547 246,757 4;,213, ,251,271 1,650,9511,225,4811,104,057 3,473,979 812,935 417,883 690,481475,152 2,241,612 May 24 18,943,878 ,243,554 4,258,273 1,258,787 1,661,832 1,226,076 1,115,359 3,488,574 812,667 420,469 6"9"8",1 '2"9 "478,446 2,281,712 Collateral held by agent as security for notes issued to Bank: Gold ctfs. on hand and due from U. S. Treas.: Apr. 26 13,100,000 744,000 3,545,000 755,000 1,015,000 775,000 7201,,000 2!,,57O,0 196,000 440,000 291,000 1,749,000 May 3 12,753,000 744,000 3,195,000 755,000 1,028,000 775,000 7201,,000 21,570,0 196,000 440,000 281,000 1, 749,000 May 10 12,728,000 744,000 3,195,000 770,000 1,043,000 775,000 730,0002,570,000 300,000 196,000 450,000 2•8•1,•0-0" 0 11,674,000 May 17 12,442,000 744,000 2;845,000 775,000 1,052,000 775,000 740,000 2,560,000 325 000 196,000 450,000 281,000 i;699;000 May 24 12,423,000 744,000 2845,000 733,000 1,065,000 775,000 750,000 2,560,000 300,000 196,000 450,000 281,000 1,724,000 Eligible paper: Apr. 26 87,110 11,020 46,525 5,015 2,575 18,700 3,275 May 3 78,490 12,915 23,055 6,120 4,025 25,100 5,000 2,275 May 10 126,250 11,555 80,430 3,535 4,355 21,100 5,000 275 May 17 147,272 13,265 83,675 3,617 6,455 30,985 9,000 275 May 24 219,912 14,965 131,850 6,952 5,780 45,190 14,900 275 U. S. securities: Apr. 26 5,604,922 500,000 600,000 475,000 600,000 450,000 375,000 900,000 544,922 225,000 250, 000185,000 500,000 May 3 6,017,459 500,000 1,000,000 475,000 600,000 475,000 375,000 900,,0000 517,459 225, ,000 200,000 500,000 May 10 6,108,735 500, ,000,000 475,000 600,000 475,000 375,000 900,,0000 508,735 225,000250, 000200,000 600,000 May 17 6,560,62.r 500,000 1,400,000 475,000 600,000 475,000 375,000 950,000 510,625225,000250,000 200,000 600,000 May 24 6,632,625 5001,,000 1,400,000 525,000 600,000 475,000 375,000 950,000 522,625 225,000250,000 210,000 600,000 Total collateral: Apr. 26 18,792,032 ,255,020 4,191,5251,235,0151,615;,,ooo 1,227,575 1,095,000 3,470,000 863,622 421, 275 476,(000 2,249,000 May 3 18,848,949 ,256,915 4,218,0551,236,1201,628J,.000 1,254,025 1,095,000 3,470,000 842 559 426,000 692 275 481,C000 2,249,000 May 10 18,962,985 ,255,555 4,275,430 1,248,535 1,643;,,000 1,254,355 1,,110055,,000 3,447700,,000 829 835 426,000 700,275 481,000 2,274,000 May 17 19,149,897 ,257,265 4!328,675 1,253,6171,652',000 1,256,455 1,115,0003,510,000 866 610 430,000700|275 481 ,000 2,299,000 May 24 19,275,537 ,258,965 4!376,850 1,264,952 1,665,000 1,255,780 1,125,000 3,510,000 867;815 435,900 700,2"7""5" t91,000 2,324,000 570 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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 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 A o t p v n - e o d t L o o u a t n - s C m om en m ts it- P pa a t r i t o i n c s i- BA [ N A K m S o u U nt N s D in E t R h ou R s E an G d U s L of A d T o I l O lar N s] V las p t e r d i a o y d ) of Number Amount (a p m c l o e o m t u e - d n 1 t) s (a ta m n o d u in n g t) 2 s (a ta m n o d u in n g t) ( s a t m an o d 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 a d m i d l i a o t b i u o le n n t a t l o borrowers 1934 984 49,634 20,966 13,589 8,225 1,296 Date under guar- 1935 1,993 124,493 11,548 32,493 27,649 8,778 Total Portion antee agree- 1936 2,280 139,829 8,226 25,526 20,959 7,208 Number Amount amount guaran- ments 1937 2,406 150,987 3,369 20,216 12,780 7,238 teed outstanding 1938 2,653 175,013 1,946 17,345 14,161 12,722 1939 2,781 188,222 2,659 13,683 9,220 10,981 1940 2,908 212,510 13,954 9,152 5,226 6,386 1942 1941 3,202 279,860 8,294 10,337 14,597 19,600 June 30 565 310,680 81,108 69,674 137,888 1942 Sept. 30 1,658 944,204 427,918 356,677 230,720 June 24 3,352 338,822 26,346 11,265 16,832 26,430 Dec. 31 2,665 2,688,397 803,720 632,474 1,430,121 Dec. 31 3,423 408,737 4,248 14,126 10,661 17,305 1943 1943 Jan. 30 3,432 434,638 6,672 12,897 12,160 23,915 Jan. 31 2,961 2,999,731 974,083 768,249 1,440,943 Feb. 27 3,440 446,319 5,882 13,717 12,117 23,177 Feb.28 3,198 3,479,172 1,040,828 828,221 1,706,849 Mar. 31 3,443 459,296 5,164 13,182 13,143 20,316 Mar. 31 3,534 3,725,241 1,245,711 999,394 1,865,618 Apr. 30 3,447 467,733 3,732 13,188 13,438 20,333 Apr. 30 3,773 4,058,731 1,339,078 1,073,972 2,018,818 May 31 3,448 473,399 3,045 13,378 12,950 20,166 May 31 4,002 4,554,278 1,415,777 1,150,040 2,076,998 June 30 3,452 475,468 3,203 13,044 12,132 19,070 June 30 4,217 4,718,818 1,428,253 1,153,756 2,216,053 July 31 3,455 477,681 2,883 12,258 11,832 18,832 July 31 4,404 4,900,905 1,536,296 1,269,416 2,388,721 Aug. 31 3,458 481,288 4,354 12,000 11,614 18,400 Aug. 31 4,599 5,153,941 1,646,921 1,366,178 2,482,875 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 1,511,847 2,586,563 Nov. 30 3,466 488,422 401 11,811 9,920 18,621 Nov. 30 5,123 6,234,047 1,798,272 1,495,910 2,798,283 Dec. 31 3,471 491,342 926 10,532 9,270 17,930 Dec. 31 5,347 6,563,048 1,914,040 1,601,518 3,146,286 1944 Jan. 31 3,475 495,738 1,808 10,369 10,146 18.247 1944 Feb. 29 3,478 497,875 835 10,198 10,292 18,531 Jan. 31 5,565 6,989,682 2,020,294 1,691,802 3,278,822 Mar. 31 3,481 503,330 1,408 11,774 9,069 18,267 Feb. 29 5,720 7,172,719 2,030,547 1,700,400 3,451,581 Apr. 29 3,482 505,726 276 12,250 8,744 17,137 Mar. 31 5,904 7,466,762 2,OOP,511 1,680,046 3,615,963 Apr. 30 6,079 7,647,180 1,990,996 1,666,185 3,684,568 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. 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,i APRIL 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 Chicago b c a i n t k y s ba^ks1 Federal Reserve district Demand Demand Total reserves held: d e e i x n p c t o e e s r p i - t t s de T p i o m s e its d e 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—Mar 13,255 4,001 892 5,319 3,042 bank2 bank2 Apr 12,717 3,657 814 5,191 3,054 1944—Mar 12,431 3,488 796 4,921 3,226 Apr 12,574 3,580 797 5,007 3,190 Total 12,499 4,864 7,553 3,411 Week ending (Friday): 1944—Mar. 31 12,268 3,464 772 4,874 3,158 Boston 1,753 572 255 149 Apr. 7 12,351 3,515 726 4,917 3,193 NewYork •. 2,496 1,255 726 686 Apr. 14 12,585 3,556 803 5,010 3,216 Philadelphia 911 454 623 533 Apr. 21 12,701 3,618 821 5,057 3,205 Cleveland 1,085 532 719 460 Apr. 28 12,627 3,622 821 5,020 3,164 May 5 12,696 3,632 828 5,032 3,204 Richmond 944 247 521 258 May 12 12,870 3,668 836 5,114 3,252 Atlanta 1,115 250 438 111 May 19 12,989 3,705 847 5,165 3,271 Chicago 1,602 760 1,066 504 Excess reserves: St. Louis 442 185 593 145 1943—Mar 1,884 96 34 852 903 Apr 1,949 51 29 886 982 Minneapolis 378 153 437 232 1944—Mar 988 16 -1 274 700 Kansas City ' 360 64 924 120 Apr 892 17 11 266 599 Dallas 626 70 859 39 Week ending (Friday): San Francisco 787 323 391 175 1944—Mar. 31 858 20 2 221 615 A A p p r r . . 1 7 4 9 9 3 3 7 3 2 1 3 5 1 7 4 2 2 6 7 3 4 6 6 3 3 7 7 1 Includes any banks in outlying sections of reserve cities which have Apr. 21 899 19 9 269 602 been given permission to carry the same reserves as country banks. All M Ap a r y . 2 5 8 784 1 1 3 0 6 7 2 2 3 1 8 8 p5 5 7 5 5 0 rese 2 r v T e h e c it s i e e r s i e h s a v p e u b a l i p sh o e p d u la th ti r o o n u g o h f m A o p r r e il t 1 h 9 a 4 n 3 1 i 5 n , c 0 l 0 u 0 d . ed interbank deposits. May 12 11 5 263 P603 The amount of such deposits for the current month at all country banks can May 19 ^891 11 6 269 ^606 be derived by comparison with the table on the following page; 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 P Preliminary. country banks in the table on the following page. 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. JUNE 1944 571 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS AND RESERVES OF MEMBER BANKS [Averages of daily figures. In millions of dollars] Gross demand deposits Reserves Demand Fed C e l r a a s l s R o e f s e b r a v n e k d a i n st d rict Total I b n a te n r k - w G m a o U r v . e S e l n o . r t n an - Other a D d d e e j p u m o s a t s e n i d t d s 2 p N m o e d s a t e i t n - s d d * e 5 - p T o d i s e m - it 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 e s i s c Held qu R i e r - ed Excess deposits1 First half of April 1944 All member banks 77,640 10,220 12,031 55,388 52,097 57,330 16,089 5,136 12,485 11,542 943 Central reserve city banks New York 22,628 3,525 4,297 14,806 13,876 17,337 883 83 3,539 3,520 19 Chicago 4,914 1,052 931 2,932 2,703 3,634 513 121 769 758 12 Reserve city banks 28,935 4,640 4,160 20,135 18,545' 21,530 6,456 1,708 4,971 4,693 277 Boston 2,094 286 456 1,352 1,270 1,508 111 51 316 308 8 New York 470 25 51 395 372 379 181 18 89 87 3 Philadelphia 2,239 289 392 1,557 1,453 1,674 143 68 353 343 9 Cleveland 3,738 466 576 2,696 2,512 2,809 843 172 639 612 26 Richmond 1,649 255 289 1,105 1,025 1,186 281 98 280 254 26 Atlanta 1,751 485 210 1,056 944 1,296 238 138 300 274 27 Chicago 3,769 417 547 2,805 2,617 2,762 1,073 279 652 617 36 St. Louis 1,676 478 224 974 875 1,238 201 118 267 260 8 Minneapolis. 937 251 164 523 467 663 99 55 141 138 3 Kansas City 2,288 779 225 1,284 1,149 .1,672 205 259 382 347 35 Dallas 1,706 392 171 1,144 1,058 1,262 174 192 302 263 39 San Francisco 6,617 517 855 5,245 4,804 5,081 2,907 261 1,248 1,191 58 Country banks 21,163 1,004 2,643 17,516 16,974 14,828 8,236 3,225 3,206 2,570 635 Boston 2,114 90 368 1,657 1,586 1,515 719 165 289 255 33 New York 3,311 72 546 2,692 2,586 2,409 1,933 256 536 453 83 Philadelphia ».. 1,564 11 218 1,336 1,293 1,138 982 170 265 218 47 Cleveland 1,837 21 236 1,580 1,540 1,292 986 271 314 240 74 Richmond 1,639 167 185 1,288 1,227 1,133 503 270 232 189 43 Atlanta 1,752 191 196 1,365 1,318 1,185 362 337 237 188 50 Chicago 2,751 68 352 2,332 2,284 1,911 1,254 448 434 343 91 St. Louis 1,165 129 101 936 907 815 328 223 168 134 34 Minneapolis 887 63 94 730 711 620 383 156 142 110 32 Kansas City 1,357 68 106 1,183 1,168 889 183 352 193 135 57 Dallas. 1,577 , 100 134 1,343 1,312 1,056 107 363 218 154 64 San Francisco 1,208 24 109 1,075 1,043 865 497 212 179 151 28 Second half of April 1944 All member banks 77,155 10,106 10,273 56,776 53,540 58,764 16,231 5,027 12,663 11,821 842 Central reserve citv banks: New York 22,325 3,582 3,636 15,106 14,226 17,767 886 62 3,622 3,607 15 Chicago 5,079 996 786 3,297 3,095 3,918 521 175 824 815 10 Reserve city banks 28,824 4,546 3,562 20,716 19,085 21,986 6,509 1,698 5,043 4,788 255 Boston.. 2,072 287 384 1,401 1,315 1,556 112 48 325 318 7 New York 466 25 44 397 374 382 183 17 89 87 2 Philadelphia 2,236 287 331 1,618 1,520 1,744 146 64 367 358 10 Cleveland 3,731 456 496 2,779 2,580 2,862 851 176 663 623 40 Richmond 1,634 250 246 1,139 1,058 1,215 282 96 278 260 18 Atlanta 1,746 472 178 1,096 982 1,318 241 142 295 278 17 Chicago 3,760 407 474 2,879 2,692 2,823 1,085 282 659 630 29 St. Louis 1,651 457 193 1,001 897 1,259 203 98 271 264 7 Minneapolis 911 240 140 531 479 665 100 54 141 139 2 Kansas City 2,283 767 194 1,321 1,180 1,695 207 256 377 351 26 Dallas 1,713 393 146 1,174 1,074 1,269 177 202 300 264 35 San Francisco 6,621 505 737 5,379 4,933 5,197 2,922 262 1,277 1,215 62 Country banks 20,927 982 2,289 17,656 17,133 15,093 8,315 3,093 3,174 2,612 562 Boston 2,081 89 312 1,679 1,607 1,541 724 161 289 259 30 New York 3,276 71 467 2,738 2,639 2,469 1,949 247 531 463 69 Philadelphia 1,527 11 191 1,325 1,285 1,138 991 161 264 219 45 Cleveland 1,813 21 205 1,587 1,547 1,313 997 258 313 244 70 Richmond 1,624 165 159 1,300 1,239 1,152 506 262 228 192 37 Atlanta 1,733 187 175 1,370 1,326 1,208 360 318 232 191 41 Chicago...., 2,720 67 308 2,345 2,300 1,944 1,274 430 430 349 81 St. Louis 1,155 122 86 947 919 829 332 214 167 136 31 Minneapolis 869 62 80 727 710 627 387 147 140 111 29 Kansas City 1,346 67 92 1,187 1,172 907 185 338 194 138 56 Dallas 1,588 97 118 1,374 1,342 1,082 111 364 205 158 47 San Francisco 1,194 23 95 1,077 1,047 883 500 193 180 154 26 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 Recounts. } 3 -Pf1?*1?*1 deP°sits 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. 572- 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 $1 $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 10 1934 5,536 4,292 452 423 32 771 1,288 1,326 1,254 337 577 112 216 5 7 10 1935 5,882 4,518 478 460 33 815 1,373 1,359 1,369 358 627 122 239 7 16 5 1936 6,543 5,021 517 499 35 906 1,563 1,501 1,530 399 707 135 265 7 18 8 1937 6,550 5,015 537 505 33 905 1,560 1,475 1,542 387 710 139 288 6 12 7 1938 6,856 5,147 550 524 34 946 1,611 1,481 1,714 409 770 160 327 17 32 5 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 2 1940 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 4 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942 15,410 11,576 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943—January 15,590 11,665 773 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 ,718 4,279 4,349 4,026 1,079 2,013 298 599 11 25 3 March 16,250 12,121 890 791 56 ,713 4,280 4,391 4,129 1,104 2,069 306 616 11 23 1 April 16,660 12,428 904 804 58 ,741 4,391 4,531 4,232 1,131 2,128 312 621 15 26 1 May 17,114 12,789 914 824 59 ,785 4,526 4,681 4,326 1,159 2,186 319 630 10 22 1 June 17,421 12,960 929 834 61 ,793 4,565 4,778 4,462 1,195 2,259 329 648 10 21 2 July 17,955 13,334 943 843 62 ,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 70 1,951 5,265 5,905 6,017 1,576 3,152 444 814 9 22 1 April 21,552 15,342 1,039 70 1,964 5,344 6,040 6,212 1,618 3,270 456 836 9 23 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 o in u g t- A c g e s a r o s t g s l i i d a e f l v i i c c a n e u a n r s r t t d i e t s y Tr c e a a s s h ury R F B e e a F a s d n e o n e d r r k r v a s e l B h F R a a e n e e g l d k s d e e s e n r r b t a v a s y n e l d Ap 19 r. 4 4 29, Ma 1 r 9 . 4 3 4 1, Ap 19 r. 4 3 30, agents Gold 21,429 19,319 22,110 Gold certificates 19,319 16,449 2,815" ' 54" 55 "57' Federal Reserve notes 18,524 48" 625 17,852 17,429 13,023 Treasury currency—total 34,092 1,777 166 281 3,646 3,632 3,580 Standard silver dollars 494 258 135 2 100 98 81 Silver bullion 1,520 1,520 Silver certificates and Treasury notes of 1890 1,778 226 1,552 1,544 1,668 Subsidiary silver coin 715 18" 15 682 676 593 Minor coin 270 8 6 257 255 230 United States notes 347 3 23 321 318 318 Federal Reserve Bank notes 617 1 9 608 613 557 National bank notes 128 1 1 127 127 133 Total—April 29, 1944 (4) 21,097 32,323 16,449 3,721 21,552 March 31, 1944 (4) 21,275 32,319 16,607 3,782 21,115 April 30, 1943 (4) 22,307 32,235 17,488 3,749 16,660 $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 3 Figures for total Treasury currency outstanding and for total Treasury cash by weeks and months are shown in the tabie on p. 565. 4 Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special signific and is not shown. See note for explanation of these duplications. as sei security tor outstanding silver certificates— silver in bullion and standard silver dollars of a monetary value equ~. ^ „„ ^^ ^^.v ~* ^^ ~ w tificates; 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 gpld 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 pledged as collateral may be counted as reserves. "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. JUNE 1944 573 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 OB SEASONAL VARIATION UNITED STATES [Outside Treasury and Federal Reserve Banks. In millions of dollars] [In millions of dollars] Amount— Amount— Change in Ear- Date f u o v n r a a r s d i e j a a u t s s i o o te n n d al ad v s j a e u 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 r o i s n e t a s e l 1 d ly Period of a s G t t p o o e e c l n r k d i d od I i n n s c t o r g e c o a k l s d e N im et p g o o r l t d g m o c o l r r a d e r : i a k n s d e - e d e- p D ti r c t o o i m o d g n u o e 1 c l s d - - End of year figures: crease (—) 1938 6,856 +306 1 1 1 1 1 9 9 9 9 9 4 4 3 4 4 2 0 9 3 1 2 1 1 8 0 7 5 1 , , , , , 4 7 4 1 5 4 3 1 6 9 9 0 2 0 8 • + + + + 5 4 2 1 + , , , , 0 2 4 1 7 3 5 2 3 4 9 0 8 4 2 1 1 1 1 1 9 9 9 9 9 3 3 3 3 3 8 7 6 5 42 3 3 1 1 1 1 2 1 8 0 4 , , , , , 7 2 2 1 5 6 5 2 1 3 0 8 5 2 8 4 1 1 1 1 , , , , , 2 5 8 1 7 0 0 8 3 5 2 2 7 2 1 . . . . . 5 5 2 5 5 1 1 1 1 1 , , , , , 5 7 1 1 9 8 3 3 1 7 5 9 3 3 6 . . . . . 5 0 9 6 6 - — 2 -8 3 0 8 3 5 0 2 3 . . . . 9 . 4 6 2 5 1 1 1 1 9 1 3 4 4 2 0 1 3 8 . . . . . 9 7 6 9 6 M f o i n g 1 t u h 9 r 4 l e y 3 s — : a J J M v u u e l n a r y y e ages of daily 1 1 1 7 7 6 , , , 2 6 8 1 8 1 7 1 5 1 1 1 6 7 7 , , , 3 9 7 0 3 1 4 4 6 + + +4 3 3 1 7 5 2 0 3 1 1 1 1 1 9 9 9 9 9 4 4 4 3 4 2 1 3 9 0 . . 2 2 2 2 1 1 2 2 1 7 , , , , , 7 9 7 9 6 3 3 2 9 4 7 8 6 5 4 4 3 -7 - , , 3 1 7 1 8 5 3 4 0 8 1 2 1 . . . . . 3 5 2 0 8 4 3 , , 7 5 ( ( 9 * 4 4 7 8 ) ) 4 4 2 . . . 2 5 4 - - - - - 4 6 5 8 4 0 4 3 0 5 7 4 4 3 8 . . . . . 7 7 4 6 4 1 1 1 1 4 7 2 6 6 7 0 5 1 9 . . . . . 8 2 4 7 1 August 18,196 18,287 +571 September 18,729 18,767 +480 1943—April 22,473 -103.1 -101.0 4.9 N O D o e c c t v o e e b m m e b r b e e r r 2 1 1 0 9 9 , , , 2 5 0 6 4 0 6 3 1 1 1 1 9 9 9 , , , 5 0 9 0 4 0 7 4 1 + + + 2 5 4 3 3 0 4 7 6 M J Ju u a l n y y e 2 2 2 2 2 2 , , , 4 3 3 2 3 8 6 5 8 - - - 3 4 52 8 6 . . . 7 9 3 — - - 5 6 4 1 3 5 . . 7 7 .1 4 3 3. . . 9 9 1 1944—January 20,428 20,367 +423 August 22,243 -92.0 -91.3 3.6 February 20,635 20,635 +268 September... 22,175 -67.8 -80.6 3.3 March 20,964 21,027 +392 October 22,116 -59.3 -40.6 3.8 April 21,312 21.484 +457 November ... 22,065 -51.0 —44.1 3.4 May 21,821 21,975 +491 December.... 21,938 -127.0 —87.0 3.5 1944—January 21,918 -19.6 -27.6 3.1 Wednesday figures: February.... 21,712 -206.6 11.5 3.4 1944—Apr. 1 5 2 2 21 1 , , 2 1 9 9 5 1 2 21 1 , , 4 3 4 4 5 0 + + 1 9 0 1 5 M Ap a r r i c l h 2 2 1 1 , , 6 4 0 2 0 9 - - 1 1 7 11 0 . . 7 7 5- - 7 4 0 8 . . 5 7 '2 2 . . 9 9 2 1 6 9 2 2 1 1 , , 3 3 9 3 6 4 2 2 1 1 , , 6 5 7 2 8 8 + + 1 8 5 3 0 Jan .-Apr 21,429 -508.6 5-135.4 pl2A May 3 21,614 21,766 +88 10 21,725 21,900 +134 v Preliminary. ' Figure carried forward. 17 21,846 22,089 +189 1 Annual figures through 1942 are estimates of the United States Mint. 24 21,911 22,155 +66 Annual figure for 1943 and monthly figures are those published in table 31 22,112 22,201 +46 on p. 619, adjusted to exclude Philippine Islands production received in United States. 1 For end of year figures, represents change computed on absolute 2 Figures based on rate of $20.67 a fine ounce in January 1934 and $35 a amounts in first column. fine ounce thereafter. NOTE.—For discussion of seasonal adjustment factors and for back 3 Includes gold in the Inactive Account amounting to 27 million dollars figures on comparable basis see September 1943 BULLETIN, pp. 822-826. on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937. Because of an apparent recent change in the seasonal pattern around the 4 The net gold import figures for months subsequent to December 1941 year end, adjustment factors have been revised somewhat for dates af- have not been released for publication. fected, beginning with December 1942; seasonally adjusted figures for 5 Gold held under earmark at Federal Reserve Banks for foreign account money in circulation, as shown in Banking and Monetary Statistics, Table amounted to 3,612.8 million dollars on Apr. 29, 1944. 111, p. 414, and described on p. 405, are based on an older series of adjust- NOTE.—For back figures, see Banking and Monetary Statistics, Table 156, ment factors. pp. 536-538, and for description of statistics see pp. 522-523 in the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of Debits to demand Annual rate of Debits to i t n o t t e a r l b d a e n p k o s a i c t c a o c u c n o t u s nts except tu d r e n p i o o n v s te e it r r s b o a e f n x k c t e o p ta t l e a d x n e d c p e o p G s t i o t i v n a e c t r e c n r o b m u a n e n n t k s t tur d n i e n o p t v e o e r s b r i t a o s n f e k x d c a e e m n p d a t nd Year and month Government Total, all New 140 other Other New 333 other New 100 other New 100 other re c p e o n r t t e i r n s g Y C o it r y k 1 centers1 r c e e p n o t r e t r i s n 2 g Y C o it r y k re c p e o n r t t e i r n s g Y C o it r y k le c a it d ie in s g Y C o it r y k le c a it d ie in s g 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 ri r e ie s3 s3 6 6 4 0 1 7 , , 7 0 7 7 8 1 2 22 1 6 0 , , 8 9 6 6 5 1 3 3 4 4 7 2 , , 8 4 3 3 7 0 5 67 3 , , 0 6 7 7 4 9 16.1 13.1 200,337 308,913 18.0 18.4 1943 792,937 296,368 419,413 77,155 16.5 11.7 258,398 369,396 20.5 17.4 1943—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 Februarv 70,709 27,592 36,490 6,627 17.7 11.3 22,887 31,566 24.0 18.5 March..'. r76,O77 29,644 r39,399 7,034 16.5 10.8 25,650 33,937 22.8 17.4 April 66,706 25,297 34,933 6,477 16.0 10.6 21,284 30,482 19.7 16.4 r Revised. 1 National series for which bank debit figures are available beginning with 1919. * 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 merhber 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. 574 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 dollarsl d T ep o o t s a i l ts d T em ot a a n l d United Time deposits adjusted deposits Total Demand States Currency End of month and adjusted deposits deposits Govern- outside currency and adjusted adjusted1 ment ' Com- Mutual Postal banks outside currency deposits2 Total mercial savings Savings banks outside banks3 4 banks4 System5 banks 1929—June 55,171 26,179 51,532 22,540 381 28,611 19,557 8,905 149 3,639 December 54,713 26,366 51,156 22,809 158 28,189 19,192 8,838 159 3,557 1933—June 41,680 19,172 36,919 14,411 852 21,656 10,849 9,621 1,186 4,761 December 42,548 19,817 37,766 15,035 1,016 21,715 11,019 9,488 1,208 4,782 1934—June 45,961 21,353 41,302 16,694 1,733 22,875 11,988 9 691 1,196 4,659 December 47,985 23,114 43,330 18,459 1,715 23,156 12,213 9,738 1,205 4,655 1935—June... 49,881 25,216 45,098 20,433 811 23,854 12,820 9,830 1,204 4,783 December . . 52,182 27 032 47 265 22,115 909 24,241 13,170 9,871 1,200 4,917 1936—June 55,052 29,002 49,830 23,780 1,142 24,908 13,706 9,971 1,231 5,222 December 57,351 30,999 51,835 25,483 991 25,361 14,046 10,056 1,259 5,516 1937—June 57,258 30,687 51,769 25,198 666 25,905 14,513 10,125 1,267 5,489 December 56,639 29,597 51 001 23,959 824 26,218 14,779 10,170 1,269 5,638 1938—June 56,565 29,730 51,148 24,313 599 26,236 14,776 10,209 1,251 5,417 December 58,955 31,761 53,180 25,986 889 26,305 14,776 10,278 1,251 5,775 1939—June... 60,943 33,360 54,938 27,355 792 26,791 15,097 10,433 1,261 6,005 December 64,099 36,194 57,698 29,793 846 27,059 15,258 10,523 1,278 6,401 1940—June.. 66,952 38,661 60,253 31,962 828 27,463 15,540 10,631 1,292 6,699 December 70,761 42,270 63,436 34,945 753 27,738 15,777 10,658 1,303 7,325 1941—June 74,153 45,521 65,949 37,317 753 27,879 15,928 10,648 1,303 8,204 December 78,231 48,607 68,616 38,992 1,895 27,729 15,884 10,532 1,313 9,615 1942—June 81,963 52,806 71,027 41,870 1,837 27,320 15,610 10,395 1,315 10,936 December 99,701 62,868 85,755 48,922 8,402 28,431 16,352 10,664 1,415 13,946 1943—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 1044 Tanuarvp 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 58100 17]600 33,600 19'800 11 900 1*900 19*200 March? 127,800 79,100 108,300 59,'600 14,'700 34,'000 20,'100 12^000 lj,900 19,'500 v Preliminary. 1 Includes demand deposits, other than interbank and United States Government, less cash items in process of collection. 2 Beginning with December 1938, includes United States Treasurer's time deposits, open account. 3 Excludes interbank time deposits and postal savings redeposited in banks. 4 Beginning with June 1941, the commercial bank figures exclude and the mutual savings bank figures include three member mutual savings banks. 5 Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions. NOTE.—Except on call dates, figures are rounded to nearest 100 million dollars. 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 Total, banks banks all Depos- U. S. Government banks ti N o a n - al State su I r n e - d2 in N s o u n re - d End of month i b to a r l- s' i C n a d s e h - securities C r a e s - h ances* Total posi- serve Number of banks suspended: tory Di- Guar- funds 1934 57 1 3 1 banks Total rect t a e n e - d etc.2 1 1 9 9 3 3 5 6. 3 4 4 4 4 1 4 2 0 2 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 1 1 9 9 3 3 9 8— — D D e e c c 1 1 , , 2 2 5 7 2 9 1 1, , 3 2 1 9 9 1 8 5 6 3 1 1 , , 1 1 3 9 2 2 1,0 9 4 6 6 5 1 1 4 6 6 6 7 7 3 4 1 1 9 9 4 4 3 4—Jan.-Apr 4 2 2 1940—Dec 1,304 1,348 36 1,224 1,078 146 88 1941—Dec 1,314 1,396 26 1\274 1,128 146 95 Deposits of suspended banks 1942—Dec 1,417 1,464 16 1,345 1,220 126 102 (in thousands of dollars) :3 1934 36,937 40 1,912 34,985 1943—May 1,546 1,596 12 1,500 1,449 51 83 1935 - 10,015 5,313 3,763 939 June 1,577 1,631 12 1,482 1,471 11 137 1936 11,306 507 10,207 592 July 1,620 1,678 11 1,527 1,527 140 1937 19,723 7,379 1,708 10,156 480 Aug 1,660 1,719 11 1,588 1,588 121 1938 13,012 36 211 11,721 1,044 Sept 1,683 1,739 10 1,631 1,631 97 1939 34,998 1,341 24,629 6,589 2,439 Oct 1,716 1,773 10 1,646 1,646 117 1940 5,943 256 5,341 346 N De o c v 1 1 , ,7 7 5 8 2 8 1 1 , , 8 8 1 4 2 3 1 1 0 0 1 1 , , 6 7 7 1 8 6 1 1, , 7 6 1 7 6 8 1 1 2 1 5 8 1 1 9 9 4 4 1 2 3 1 , ,7 7 0 2 2 6 3,144 1,3 5 7 0 5 3 32 7 7 9 1943 6,223 4 982 1,241 1944—Jan 1,833 1,891 9 1,719 1,719 162 1944—Jan.-Apr Feb 1,867 1,926 9 1,783 1,783 135 .. . .•::::::: Mar 1,906 1,964 9 1,823 1,823 132 1 Represents banks which, during the periods shown, closed temporarily Apr PI ,946 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- reported. 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. JUNE 1944 575 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 e S 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 46,435 4,560 19,527 22,348 15,929 1937—June 30 49,565 22,410 27,155 16,954 10,201 59,222 6,332 28,118 24,773 15,539 1940—June 29 51,336 22,340 28,996 19,666 9,330 70,770 10,188 34,336 26,246 14,955 December 31.... 54,170 23,751 30,419 20,983 9,436 75,963 10,941 38,518 26,504 14,895 1941—June 30 57,946 25,311 32,635 23,521 9,114 78,120 10,948 40,530 26,641 14,855 December 31.... 61,101 26,616 34,485 25,488 8,997 81,780 10,989 44,316 26,476 14,825 1942—June 30 64,009 25,081 38,928 30,301 8,627 82,706 10,287 46,357 26,062 14,775 December 31.... 78,137 23,915 54,222 45,932 8,290 99,796 11,318 61,395 27,083 14,682 1943—June 30 87,881 22,241 65,640 57,748 7,892 107,224 10,895 67,569 28,760 14,618 December 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 36,744 4,560 19,527 12,657 15,353 1937—June 30 39,472 17,432 22,040 14,563 7,477 49,097 6,332 28,118 14,648 14,976 1940—June 29 41,148 17,414 23,734 16,553 7,181 60,139 10,188 34,336 15,615 14,404 December 31.... 43,922 18,792 25,130 17,759 7,371 65,305 10,941 38,518 15,846 14,344 1941—June 30 47,625 20,353 27,272 20,095 7,177 67,472 10,948 40,530 15,993 14,305 December 31 50,722 21,711 29,011 21,788 7,223 71,248 10,989 44,316 15,944 14,277 1942—June 30 53,649 20,259 33,390 26,410 6,980 72,311 10,287 46,357 15,667 14,228 December 31 67,391 19,217 48,174 41,373 6,801 89,132 11,318 61,395 16,419 14,136 1943—June 30 76,633 17,660 58,974 52,458 6,516 96,083 10,895 67,569 17,619 14,073 December 31 ... 85,103 19,117 65,986 59,845 6,141 105,923 11,01" 75,574 19,337 14,034 All insured commercial banks: 1934—June 30 31,688 15,190 16,498 10,005 6,493 35,833 4,435 19,013 12,385 13,939 1937—June 30 38,218 17,041 21,177 13,964 7,213 47,824 6,146 27,240 14,438 13,883 1940—June 29 39,830 17,011 22,819 15,900 6,919 58,418 9,795 33,272 15,351 13,479 December 31 42,556 18,394 24,161 17,063 7,098 63,461 10,539 37,333 15,589 13,438 1941—June 30 46,186 19,909 26,276 19,370 6,907 65,608 10,545 39,320 15,742 13,422 December 31 49,288 21,258 28,030 21,046 6,984 69,411 10,654 43,061 15,697 13,426 1942—June 303 52,642 19,920 32,722 25,934 6,789 71,150 10,076 45,664 15,410 13,399 December 31 66,240 18,903 47,336 40,705 6,631 87,803 11,144 60,504 16,154 13,343 1943—June 30 75,270 17,390 57,880 51,534 6,347 94,563 10,681 66,509 17,374 13,298 December 31 83,507 18,841 64,666 58,683 5,983 104,094 10,705 74,309 19,081 13,270 All member banks: 1934—June 30 27,175 12,523 14,65: 9,413 5,239 31,012 4,355 16,976 9,681 6,375 1937—June 30 32,739 14,285 18,454 12,689 5,765 41,490 6,051 24,230 11,210 6,357 1940—June 29 34,451 13,969 20,48! 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 29,87: 24,098 5,774 63,404 9,971 41,311 12,122 6,647 December 31 59,263 16,088 43,17: 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 Deeocember 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 13,644 9,735 3,908 35,787 6,574 20,885 8,329 5,144 1941—June 30 25,818 10,897 14,922 11,111 3,811 37,273 6,589 22,302 8,382 5,130 December 31.. 27,571 11,725 15,84: 12,039 3,806 39,458 6,786 24,350 8,322 5,117 1942—June 30 29,464 10,""" 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 3,6U8 50,468 7,400 34,499 8,570 5,081 1943—June 30 42, 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 1 1 9 9 3 4 7 0 — — J J u u n n e e 3 2 0 9 1 1 1 2 , , 8 4 4 1 5 3 54, ,8•'1""3 6 7 , , 3 60 5 0 7 4 5 , , 4 6 8 2 3 7 1 1 , , 8 9 7 7 4 3 1 18 4 , , 7 7 1 7 5 4 3 2 , , 6 26 0 1 8 1 9 1 , , 0 4 6 09 8 3 3, , 6 4 9 4 9 6 1 1 , , 0 23 6 4 4 December 31 13,478 5,316 8,162 6, 2,074 20,642 3,849 12,944 3,849 1,342 1941—June 302, 14,840 5,832 9,008 6,967 2,041 21,238 3,847 13,423 3,969 1,426 December 31... 15,950 6,295 9,654 7,500 2,155 22,259 3,739 14,495 4,025 1,502 1942—June 303 17,336 6,048 11,288 9,220 2,068 22,871 3,474 15,451 3,946 1,546 December 31 21,687 5,905 15,783 13,802 1,980 27,808 3,600 20,024 4,184 1,598 1943—June 30 24,350 5,649 18,701 16,878 1,823 29,427 3,396 21,465 4,566 1,643 December 31 26,759 6,171 20,588 18," 1,705 32,302 3,397 23,833 5,072 1,698 * These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Comptroller of the CuLrrency and the Federal Deposit Insurance Corporation for national banks and insured banks respectively. ! Beginning June 30, 1942, excludes reciprocal bank balances which on that date aggregated 600 million dollars at all member banks and 614 million dollars at all insured commercial banks. 2 Beginning June 30, 1941, member bank figures and insured mutual savings bank figures both include 3 member mutual savings banks with total deposits of 8 million dollars in June 1941, which became members of the Federal Reserve System during 1941. These banks are not included in "commercial banks' and are included only once in "all banks." 3 Decreases in "noninsured nopmember 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. 6 57 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 r . n- 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 1 389 8 875 518 4,689 3,668 7 858 1941—June 30 6*973 3'627 3*, 346 2*018 1^328 8,'969 512 4*805 3*651 7* 752 December 31 7,208 3,693 3,515 2,251 1,264 9,539 464 5,470 3,605 7,661 1942—June 303 4 6,856 3 334 3,522 2 314 1,208 8 915 316 5,046 3,553 7,584 December 31 8,135 3] 132 5,003 31.829 1,174 10', 864 318 6,872 3,674 7,460 1943—June 30 9,486 2,840 6,647 5,482 1,165 12,076 343 7,899 3,834 7,373 December 31 10,855 2,832 8,022 6,902 1,120 13,671 457 9,135 4,079 7,299 Insured nonmember commercial banks: 1934—June 30 4,513 2,667 1,846 592 1,254 4,821 80 2,037 2,704 7,564 1937—June 30 5,479 2,756 2,723 1,275 1,448 6,334 96 3,010 3,228 7,526 1940—June 29 5,379 3 042 2,337 1 178 1,159 6 689 104 3 161 3,423 7,081 December 31 5,429 3*074 2*356 1*240 1,116 7] 032 116 3,'504 3,411 6,952 1941—June 30 5 534 3 183 2,350 1,293 1,057 7,104 110 3,595 3,400 6,869 December 31 5,774 3,241 2,533 1,509 1,025 7,702 129 4,215 3,358 6,810 1942—June 30 5,849 2,995 2,854 1,837 1,017 7,754 105 4,353 3,296 6,755 December 31 6,984 2,818 4,166 3,162 1,004 9,535 145 5,981 3,409 6,667 1943—June 30 8,123 2,570 5,553 4,557 996 10,557 129 6,839 3,589 6,598 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 ,054 510 544 303 241 911 125 514 272 1,414 1 19 9 4 3 0 7 — — J j uunnee 3 2 0 9 , , 2 3 5 1 4 8 4 3 0 9 3 1 9 8 1 6 5 3 5 6 9 5 9 3 2 26 6 2 4 1 1 , , 2 7 7 2 3 1 3 1 9 8 4 5 1,0 8 6 7 4 8 2 26 1 4 0 1,0 9 9 2 3 5 December 31 ,367 397 969 696 273 1,843 402 1,185 257 906 1941—June 30 ,439 444 996 725 271 1,865 402 1,210 251 883 December 31 ,434 452 982 742 239 1,837 335 1,255 247 851 1942—Tune 303 4 007 339 668 477 191 1,161 211 693 257 829 December 31 L151 314 837 667 170 1,329 173 891 265 793 1943—Tune 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 J 1 .^ 9 VJ 3 'T 7 : — J J U u .J n .1 e 1/ K 3 J\ 0 J '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 8,616 490 104-2 Tune 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. JUNE 1944 577 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES* LOANS AND INVESTMENTS [In millions of dollars] Loans1 Investments1 Loans for U. S. Government obligations Com- purchasing Obli- Total mer- or carrying gations C an la d s s c o a f ll b d a a n t k es s, m i t n l a e o v n n a e d n t s s t s 1 - Total1 o c m c p i l i i n u n e a a - g d n l r , - - - A t c u g a u r l r l - 1 - i- br T e s o e r o k s c - urit o i T t e o h s - R l t o e a e a s a t n - e l s - s l C u o m o a n n e - s r O lo t a h n e s r 1 Total Total- Bills o c C t f a i e f t i i r e n - D - s - ir N ec o t tes Bonds G t a u e n a e - r d - p S o a s t c l o a u n i a f t b t d l e i - - s O s r e i t c t h i u e e - r s p k a e p t er1 d a e n a d l- ers1 de ed b - t- s d i i o v n i s ers ness All insured commercial banks: 1934—June 30 ... 31,688 15,190 1,329 3,714 3,462 6,684 16,498 10,005 794 656 3,047 5,210 298 2,280 4,213 1937—June 30.... 38,218 17,041 1,566 3,150 3,583 8,744 21,177 13,964 827 4,637 6,386 2,115 2,684 4,530 1940—June 29... 39,830 17,011 6,502' M84 464 742 4,281 3,840 22,819 15,900 805 2,699 9,026 3,370 3,482 3,436 1941—June 30... 46,186 19,909 8,342 1,167 592 703 4,629 4,476 26,276 19,370 1,135 2,758 11,397 4,080 3,551 3,356 1942—June 30... 52,642 19,920 8,867 1,164 569 620 4,770 3,928 32,722 25,934 1,536 1^978 3,732 15,812 2,874 3,493 3,295 Dec. 31... 66,240 18,903 7,757 1,642 950 597 4,646 2,269 1,042 47,336 40,705 4,462 6,727 5,800 20,998 2,718 3,533 3,098 1943—June 30... 75,270 17,390 6,887 1,316 1,134 671 4,547 1,937 896 57,880 51,534 6,55710,314 5,716 26,286 2,661 3,440 2,907 Dec. 31.... 83,507 18,841 7,777 1,505 1,414 922 4,437 1,868 918 64,666 58,683 4,63613,218 7,672 30,656 2,501 3,287 2,696 Member banks, total 1934—June 30.... 27,175 12,523 1,290 3,309 2,357 5,568 14,652 9,413 791 637 2,871 4,838 276 1,851 3,388 1937—June 30.... 32,739 14,285 1,536 2,829 2,505 7,414 18,454 12,689 821 4,361 5,689 1,819 2,150 3,615 1940—June 29... 34,451 13,969 5 ^ 988 "736 447 668 3,069 3,062 20,482 14,722 797 2,543 8,261 3,121 2,888 2,873 1941—June 302... 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 1942—June 30... 46,800 16,928 8,383 726 554 562 3,501 3,203 29,872 24,098 1,509 M72 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 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 1944—April 13 ... 78,027 16 135 61,892 56,771 2,818 2,303 New York City:3 1934—June 30.... 7,666 3,401 938 882 156 1,425 4,265 3,210 607 347 1,084 1,015 157 425 630 1937—June 30.... 9,006 4,276 1,295 824 149 2,008 4,730 3,630 543 1,426 1,207 454 344 755 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 1941—June 30... 12,493 3,778 2,503 422 186 129 536 8,715 7,268 577 1,526 3,415 1,751 651 796 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 Dec. 31.... 19,994 4,428 2,515 24 1,054 323 107 252 153 15,566 14,563 1,328 3,409 1,829 7,014 984 444 558 1944—April 13... 20,805 4,594 16,211 15,175 487 548 Chicago:3 1934—.une 30.... 1,445 556 60 188 21 286 889 661 64 59 194 268 76 114 115 1937— une 30 1,969 675 51 145 13 465 1,295 1,001 3C 366 511 94 173 121 1940—!une 29.... 2,205 603 432 8 23 61 16 62 1,602 1,258 254 161 710 134 177 167 1941— une 30.... 2,707 846 630 36 55 20 101 1,861 1,483 417 125 803 138 190 188 1942-!une 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 Dec. 31.... 4,554 1,004 763 6 102 52 22 45 14 3,550 3,238 199 877 484 1,602 74 158 155 1944—April 13... 4,727 962 3,765 3,417 186 163 Reserve city banks: 1934—June 30 9,609 4,394 232 1,200 1,124 1,840 5,214 3,535 103 178 1,148 2,088 19 632 1,046 1937— une 30... 11,629 4,994 158 1,032 1,164 2,639 6,635 4,902 195 1,777 2,295 635 752 981 1940— une 29.... 12,160 5,365 2^290 176 87 210 L,372 1,230 6,795 4,947 87 839 3,052 969 981 868 1941— une 30... 14,013 6,498 3,081 175 100 198 1,477 1,466 7,515 5,700 73 606 3,858 1,162 979 836 1942— une 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 •)ec. 31... 20,915 6,102 2,957 290 97 153 1,486 808 312 14,813 13,038 1,441 2,253 1,723 6,810 811 954 821 1943—June 30... 24,677 5,533 2,652 205 107 157 1,465 670 276 19,144 17,417 2,626 3,529 1,828 8,576 857 942 785 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 1944—April 13... 28,676 5,997 22,680 21,009 933 737 Country banks: 1934—June 30.... 8,456 4,172 59 1,039 1,056 2,018 4,283 2,007 16 53 446 1,467 25 681 1,595 1937—June 30.... 10,134 4,340 33 828 1,179 2,301 5,794 3,155 52 792 1,676 635 880 1,759 1940—June 29.... 10,257 4,987 1,361 546 17 208 1,544 1,311 5,270 3,030 36 451 1,849 695 1,097 1,144 1941—June 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 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 Dec. 31... 22,188 4,654 1,084 713 25 197 1,725 528 381 17,534 15,465 1,032 3,094 2,096 8,705 538 1,214 855 1944—April 13... 23,819 4,582 19,238 17,170 1,212 855 Insured nonmember; commercial banks: 1934—June 30.... 4,513 2,667 40 405 1,105 1,116 1,846 592 4 20 175 372 21 429 824 1937—June 30... 5,479 2,756 30 321 1,078 1,329 2,723 1,275 6 276 697 296 534 914 1940—June 29.... 5,379 3,042 512 ' ' 448 17 74 1,212 778 2,337 1,178 8 156 765 249 595 563 1941—June 30... 5,534 3,183 534 429 18 68 1,267 865 2,350 1,293 8 127 918 241 568 489 1942—June 30... 5,849 2,995 485 439 15 57 1,273 726 2,854 1,837 27 106 185 1,329 189 561 456 Dec. 31.... 6,984 2,818 370 553 16 59 1,225 422 173 4,166 3,162 99 442 390 2,053 179 569 435 1943—June 30.... 8,123 2,570 333 463 14 68 1,199 397 96 5,553 4,557 278 896 465 2,744 174 565 431 Dec. 31.... 9,258 2,556 356 482 16 82 1,165 385 70 6,702 5,739 276 1,147 766 3,395 156 559 403 * These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Federal Deposit Insurance Corporation. 1 Classifications of loans and investments were revised as of Dec. 31, 1938, and consequently figures for some items prior to December 1938 are [not comparable with subsequent figures. For explanation see Banking and Monetary Statistics, pp. 64 and 69. 2 Beginning June 30, 1941, member bank figures include three 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 "all insured commercial banks." 3 Central reserve city banks. 578 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Interbank Re- Bal- De- deposits C an la d s s c a o l f l b d a a n te k s s, F s B e s e w e d R a r r i e v n e v t r h e k - 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 e - t h # i s s c 4 j p m u a o d s a d s t e n - e i - d t d s 5 m D es o t - ic4 F ei o g r n - m U G er e o . n S n v - . t - p v s S o i u a s l t n b i a i t o d t d i e c n i s - a s l c C h c e f o a e e e i t f n e c c f r r i d d . t s k - i ' s - a v p n a i s p I t d d i n r h o o t u i d r n n c p a a i e o s - s l - r , s r - - , I b n a t n er k - P U m G e o 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 o s a c n i b t l a o i e d 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 p r n d c a n a s e i o s l - - , r r s - - , r B in o o g w r s - - c C o t a a a u c l p n - i t - s ings All insured commercial banks: 1934—June 30.... 3,819 623 3,661 16,211 4,144 156 1,708 2,024 400 14,881 134 661 384 11,340 79 6,244 1937—June 30.... 6,897 844 4,495 24,340 5,379 618 651 3,165 802 22,623 149 132 346 13,929 35 6,395 1940—June 29.... 13,751 984 7,538 30,944 8,937 699 756 3,098 521 28,897 159 74 502 14,775 14 6,606 1941—June 30.. .. 12,959 1,2*2 8,296 36,167 9,700 682 666 3,534 792 34,328 163 65 475 15,203 11 6,772 1942—June 30.... 12,295 1,290 8,102 41,216 9,200 748 1,771 3,865 766 39,262 128 56 471 14,883 12 6,943 Dec. 31.... 13,072 1,305 9,080 48,221 10,234 813 8,167 3,996 1,219 47,122 97 61 397 15,698 10 7,055 1943—June 30.... 12,092 1,448 8,431 55,271 9,768 834 7,699 4,261 1,132 53,416 78 74 412 16,887 24 7,228 Dec. 31.... 12,834 1,445 8,445 59,921 9,743 893 9,950 4,352 1,669 58,338 68 124 395 18,561 46 7,453 Member banks, total 1934—June 30.... 3,819 473 2,760 14,261 4,070 155 1,658 1,598 372 13,349 130 585 333 8,763 40 5,105 1937—June 30... 6,897 629 3,207 21,401 5,298 615 628 2,577 752 20,272 137 100 292 10,818 17 5,339 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 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 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 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 1944—April 13... 12,497 1,265 5,266 53,255 9,263 937 11,468 3,613 1,058 52,126 60 113 347 15,645 100 6,627 New York City:3 1934—June 30... 1,417 64 97 4,800 1,592 135 802 167 154 4,894 8 69 12 649 1,632 1937—June 30... 2,749 60 105 6,733 2,014 575 306 368 427 6,934 12 17 767 3 1,598 1940—June 29... 7,072 88 119 10,235 3,840 646 67 258 147 10,283 5 29 732 1,599 1941—June 30... 5,857 136 131 11,619 3,948 618 32 319 306 11,895 6 27 778 1,625 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 ii 1,774 Dec. 31... 3,596 92 61 13,899 2,867 810 3,395 252 710 14,373 4 26 816 29 1,862 1944—April 13... 3,530 111 57 13,989 2,792 855 4,026 201 396 14,482 6 6 23 846 68 1,891 Chicago."5 1934—June 30... 436 40 162 1,077 391 2 47 174 15 944 1 1 361 228 1937—June 30... 596 27 156 1,509 536 6 41 208 22 1,409 452 245 1940—June 29... 1,187 39 242 1,898 949 7 79 199 17 1,782 5"" ... «£.. 489 260 1941—June 30... 1,062 41 262 2,205 1,010 8 95 213 33 2,109 5 17 480 279 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 2,588 453 304 1943—June 30... 786 39 173 3,002 1,032 13 506 202 36 2,981 2 477 312 Dec. 31... 821 38 158 3,050 972 14 713 174 44 3,097 2 i" 505 326 1944—April 13... 796 40 182 3,019 1,011 14 866 155 30 3,088 i 514 329 Reserve city banks 1934—June 30... 1,197 154 1,397 4,593 1,785 16 635 526 117 4,361 106 259 234 3,366 3 1,633 1937—June 30... 2,215 212 1,392 7,132 2,339 33 212 934 163 6,840 110 35 190 4,140 2 1,723 1940—June 29... 3,759 334 2,679 8,774 3,526 41 422 956 147 8,372 109 18 219 4,422 1,873 1941—June 30... 4,125 385 2,793 10,480 4,000 53 341 1,139 209 10,142 109 19 211 4,590 1,940 1942—June 30... 4,254 357 2,279 12,515 4,052 55 422 1,304 218 12,199 84 18 239 4,454 1,985 Dec. 31... 4,940 365 2,202 14,849 4,831 63 1,982 1,319 385 15,061 63 22 169 4,805 "2" 2,028 1943—June 30... 4,848 395 1,892 17,403 4,749 71 2,383 1,452 333 17,276 49 31 172 5,265 2,071 Dec. 31... 5,116 391 1,758 18,654 4,770 63 3,373 1,448 475 18,790 41 56 151 5,902 2,135 1944—April 13... 4,998 442 1,784 18,996 4,531 62 3,975 1,496 344 18,879 39 55 167 6,237 •"4" 2,186 Country banks: 1934—June 30... 769 215 1,104 3,792 303 1 174 731 85 3,150 15 256 87 4,388 36 1,612 1937—June 30... 1,337 330 1,554 6,027 409 2 69 1,067 139 5,089 15 64 85 5,459 13 1,774 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 1941—June 30... 1,914 437 3,106 8,374 652 2 151 1,269 190 7,282 30 31 143 6,049 3 1,956 1942—June 30... 2,306 533 3,168 10,360 747 3 237 1,429 196 9,141 27 31 143 6,042 3 2,014 Dec. 31... 2,842 542 3,699 13,265 957 4 1,090 1,558 272 11,989 20 32 140 6,397 3 2,042 1943—June 30... 2,987 616 3,462 15,009 928 4 1,527 1,619 277 13,604 17 37 148 6,886 7 2,094 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 1944—April 13... 3,173 671 3,242 17,251 929 6 2,601 1,761 288 15,677 15 52 156 8,048 28 2,221 Insured nonmember commercial banks 1934—June 30... 150 901 1,949 74 2 50 426 29 1,532 4 76 51 2,576 39 1,139 1937—June 30... 214 1,288 2,939 81 3 23 586 51 2,350 11 32 54 3 112 18 1,057 1940—June 29'.'.'. 194 1,788 3,066 84 3 45 570 46 2,500 17 15 92 3 316 10 998 1941—June 30... 242 2,004 3,488 90 1 47 594 54 2*900 18 10 77 3,312 g 973 1942—June 30... 268 2,333 4,250 89 2 47 635 55 3616 14 7 71 3*218 952 Dec. 31... 287 2,934 5,651 133 2 243 678 77 4^983 10 5 65 3', 341 5 955 1943—June 30... 307 2,853 6,314 120 2 463 740 83 3,554 7 4 71 3,514 6 977 Dec. 31.... 313 2,996 7,279 141 2 506 750 96 6,518 6 4 68 3,750 6 979 4 Beginning June 30, 1942, excludes reciprocal bank balances, which on that date aggregated 600 million dollars at all member banks and 614 million dollars at all insured commercial banks. 5 Demand deposits other than interbank and U. S. Government less cash items reported as in process of collection. For other footnotes, see opposite page. Back figures—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103, and 108-113. JUNE 1944 579 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars! Loans Investments U. S. Government obligations For purchasing Com- or carrying securities Total mer- Date or month in l a o v n a e d n 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 al t - e Lo to ans Other Total c C t a i e f t i e r - - s Guar- O se t c h u e - r ments t a a c u g u n r r d a l i - l - G U l o i o g . b v S a - t . - . O c s t u h e r - e i- r G U l o i o . g b v S a - t . - . O c t s u h e r - e i- r loans banks Total Bills o d n f e e e d b i s n - t s - - Notes Bonds t a e n e - d rities tions ties tions ties Total—101 Cities 1943—April 43,449 10,013 5,822 1,153 422 1,160 88 1,368 33,436 30,217 4,418 5,508 4,199 14,123 1,969 3,219 Dec 50,379 10,956 6,418 1,406 575 1,117 93 1,347 39,423 36,633 3,505 8,955 4,788 17,624 1,761 2,790 1944—Jan... 49,812 10,771 6,353 846 570 301 300 1,106 61 1,234 39,041 36,254 3,US 8,825 4,688 17,847 1,766 2,787 Feb 53,139 11,625 6,412 1,070 600 807 319 1,094 87 1,236 41,514 38,682 3,924 8,905 5,640 18,454 1,759 2,832 Mar 52,698 11,338 6 367 1,015 618 656 303 1,084 76 1,219 41,360 38,487 3,544 8,956 6,639 18,242 1,106 2,873 April 51,437 10,553 6,156 680 619 451 295 1,077 71 1,204 40,884 37,999 3,167 8,963 7,193 18,026 650 2,885 Mar. 1 53,290 11,535 6,394 1,042 625 759 302 1,089 102 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 1,085 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 6,396 1,079 616 635 307 1,083 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 1,082 59 1,218 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 1,081 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 1,078 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 1,076 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 1,077 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 1,078 82 1,197 40,701 37,834 2,981 8,960 7,159 18,087 647 2,867 May 3 50,674 10,256 6,035 653 600 334 295 1,074 62 1,203 40,418 37,613 2,773 8,968 7,126 18,105 641 2,805 May 10 50,611 10,167 6,015 593 616 303 306 1,074 57 1,203 40,444 37,635 2,818 8,963 7,110 18,104 640 2,809 May 17 50,319 10,236 5,990 620 553 299 307 1,072 55 1,340 40,083 37,232 2,441 8,938 7,110 18,111 632 2,851 May 24 50,240 10,189 5,906 672 570 287 310 1,072 39 1,333 40,051 37,184 2,433 8,886 7,094 18,138 633 2,867 New York City 1943—April 17,025 3,906 2,298 622 343 195 98 36 314 13,119 12,007 1,641 2,175 1,888 5,285 1,018 1,112 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 18,214 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 2,470 835 459 485 132 89 63 284 14,833 13,906 1,228 3,216 1,932 6,586 944 927 Mar 19,352 4,655 2,478 779 484 376 115 87 58 278 14,697 13,744 1,118 3,285 2,484 6,352 505 953 April 18,778 4,130 2,400 490 483 231 116 85 51 274 14,648 13,710 1, 178 3,367 2,740 6,213 212 938 Mar. 1. . . 19,671 4,783 2,477 806 486 458 113 89 75 279 14,888 13,946 1,244 3,287 1,922 6,573 920 942 Mar. 8. ... 19,470 4,822 2,472 937 477 406 114 88 52 276 14,648 13,709 1,029 3,256 1,952 6,559 913 939 Mar. 15 19,443 4,706 2,494 820 478 358 118 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 19,007 4,446 2,465 648 491 316 117 86 48 275 14,561 13,585 1,008 3,348 2,807 6,203 219 976 Apr. 5... . 18,990 4,279 2,427 542 487 283 117 85 62 276 14,711 13,757 1,208 3,353 2,778 6,198 220 954 Apr. 12 18,804 4,170 2,412 502 481 258 117 85 41 274 14,634 13,693 1,161 3,370 2,771 6,181 210 941 Apr. 19 18,781 4,052 2,402 419 490 224 118 85 40 274 14,729 13,794 1,272 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 1,070 3,373 2,681 6,261 212 920 May 3 18,355 3,949 2,351 479 455 144 116 84 44 276 14,406 13,542 1,011 3,386 2,668 6,268 209 864 May 10 18,297 3,933 2,348 448 478 127 127 84 47 274 14,364 13,499 987 3,375 2,646 6,284 207 865 May 17... . 18,161 3,964 2,326 480 423 123 127 83 44 358 14,197 13,294 813 3,337 2,626 6,314 204 903 May 24 18,108 3,952 2,279 532 430 115 128 83 30 355 14,156 13,247 780 3,293 2,630 6,338 206 909 Outside New York City 1943—April 26,424 6,107 3,524 188 227 1,062 52 1,054 20,317 18,210 2,777 3,333 2,311 8,838 951 2,107 Dec 31,939 6,697 4,003 309 294 1,023 19 1,049 25,242 23,324 2,274 5,753 3,096 11,351 850 1,918 1944—Jan 31,598 6,547 3,938 148 136 165 184 1,015 13 948 25,051 23,159 2,149 5,636 3,054 11,483 837 1,892 Feb 33,489 6,808 3,942 235 141 322 187 1,005 24 952 26,681 24,776 2,696 5,689 3,708 11,868 815 1,905 Mar 33,346 6,683 3,889 236 134 280 188 997 18 941 26,663 24,743 2,426 5,671 4,155 11,890 601 1,920 April 32,659 6,423 3,756 190 136 220 179 992 20 930 26,236 24,289 1,989 5,596 4,453 11,813 438 1,947 Mar. 1 33,619 6,752 3,917 236 139 301 189 1,000 27 943 26,867 24,952 2,604 5,756 3,805 11,968 819 1,915 Mar. 8 33,433 6,708 3,897 245 137 281 191 997 25 935 26,725 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 16 948 26,716 24,796 2,463 5,680 4,275 11,868 510 1,920 Mar. 22 33,233 6,658 3,889 227 129 275 186 996 15 941 26,575 24,652 2,323 5,639 4,470 11,784 436 1,923 Mar. 29 33,005 6,572 3,840 213 130 263 184 995 7 940 26,433 24,502 2,239 5,562 4,444 11,823 434 1,931 Apr. 5 32,643 6,491 3,788 203 130 250 181 993 12 934 26,152 24,204 1,929 5,580 4,452 11,809 434 1,948 Apr. 12 32,792 6,450 3,776 192 131 227 181 991 22 930 26,342 24,396 2,125 5,593 4,440 11,796 442 1,946 Apr. 19 32,672 6,406 3,749 186 137 208 179 992 26 929 26,266 24,316 1,992 5,621 4,443 11,823 437 1,950 Apr. 26 32,528 6,344 3,711 181 143 197 177 993 19 923 26,184 24,237 1,911 5,587 4,478 11,826 435 1,947 May 3..... 32,319 6,307 3,684 174 145 190 179 990 18 927 26,012 24,071 1,762 5,582 4,458 11,837 432 1,941 May 10... . 32,314 6,234 3,667 145 138 176 179 990 10 929 26,080 24,136 1,831 5,588 4,464 11,820 433 1,944 May 17 32,158 6,272 3,664 140 130 176 180 989 11 982 25,886 23,938 1,628 5,601 4,484 11,797 428 1,948 May 24 32,132 6,237 3,627 140 140 172 182 989 9 978 25,895 23,937 1,653 5,593 4,464 11,800 427 1,958 Back figures.—See Banking and Monetary Statistics, pp. 127-227. 580 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—Continued 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- Dom Date or month B s w F e e a R r e 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 i o c s t k t e - h i s s c j p m u a o d s a d t s e n e i - - t d d s 1 s p u p n v c h a o a a o e i n i r d r l p r r d s a t - - - s - , - , S p s d s a i t i o u c i a n o v l a b t d n i e i l t - s - - s c C c h o a e f e e e f i n t f e r r c c i d s t d . - k i ' - s m U G e e r . o n n v S t - - . s p p u a h n v c o a a n i o e i r r p d l d r r a t s - s - - - - , , S p s d s a i t i o u i c a o n v l a b t n d i i e l t - - s - s P m U G S o a e in a s r n e o . t n g S v n v d a s - - . t - l m D a e n b - d ank T s ime b F e a i o n g r k n - s B i r n o o g w r s - - co C a i u t a c a n p - l t - s B d a e it n b s k - 2 tions tions Total 101 Cities 1943—April 9,020 522 2,594 31,591 31,659 1,855 706 4,271 5,382 107 30 9,372 55 728 83 4,067 58,377 Dec 8,824 585 2,193 34,111 34,444 1,721 867 7,718 5,981 117 64 8,687 43 802 113 4,245 59,197 1944—Jan 8,908 557 2,216 34,429 34,574 1,758 776 6,556 6,138 120 54 8,890 43 821 56 4,285 58,743 Feb 8,500 542 2,251 31,747 32,094 1,671 738 12,356 6,184 126 59 8,706 41 817 58 4,309 54,453 Mar 8,521 535 2,108 32,814 33,049 1,707 889 10,829 6,266 126 58 8,365 41 847 69 4,327 59,587 April 8,659 547 2,034 33,853 33,936 1,848 779 8,651 6,370 128 56 8,102 40 869 83 4,356 51,766 Mar. 1 8,510 506 2,174 32,327 32,609 1,706 788 12,030 6,213 131 59 8,441 42 831 77 4,324 13,304 Mar. 8 8,529 519 2,107 32,778 32,863 1,661 782 11,024 6,264 126 57 8,492 41 857 36 4,323 12,061 Mar. 15 8,752 552 2,183 33,447 34,153 1,656 1,366 10,422 6,265 127 57 8,604 41 850 80 4,325 13,468 Mar. 22 8,521 549 2,074 32,860 32,970 1,727 836 10,435 6,282 125 58 8,294 41 849 69 4,332 14,044 Mar. 29 8,294 552 2,001 32,660 32,649 1,782 672 10,235 6,306 123 58 7,995 41 847 84 4,332 13,191 Apr. 5 8,448 518 2,006 32,872 32,789 1,841 811 9,635 6,330 124 59 8,122 41 853 67 4,349 13,817 Apr. 12 8,696 561 2,073 33,766 34,120 1,799 762 8,929 6,357 129 59 8,217 41 867 52 4,355 11,073 Apr. 19 8,799 550 2,070 34,248 34,438 1,802 846 8,303 6,386 130 58 8,208 40 873 103 4,358 12,715 Apr 26 8,692 559 1,987 34,524 34,398 1,949 696 7,737 6,407 130 48 7,863 40 882 109 4,362 12,191 May 3 8,767 533 1,957 34,649 34,357 2,005 780 7,196 6,445 129 48 7,914 40 890 75 4,377 13,151 May 10 8,792 551 1,999 34,932 34,784 1,963 642 6,692 6,491 128 48 8,054 40 894 110 4,384 11,076 May 17 8,992 547 2,050 35,362 35,440 1,947 645 6,056 6,527 131 48 8,165 40 891 123 4,386 12,107 May 24 9,056 559 2,033 35,969 35,670 2,004 684 5,472 6,556 129 48 8,026 38 885 200 4,389 11,412 New York City 1943—April 3,271 80 31 12,219 12,556 217 390 2,083 674 19 3,096 1 646 79 1,581 25,381 Dec. 3 250 98 29 12 592 12,969 211 487 3,213 726 20 5 2,752 1 722 76 1 665 24,446 1944—Jan 3^295 90 28 12^842 13,125 198 423 2,672 747 22 5 2,837 1 740 36 1,693 24,994 Feb 3,073 87 24 11,596 11,971 166 414 5,226 746 25 6 2,750 734 41 1,705 22,887 Mar 3,167 86 35 12,148 12,561 174 546 4,498 759 20 6 2,658 768 42 1,708 25,650 April 3,257 89 32 12,611 12,965 187 457 3,552 769 19 6 2,609 787 56 1,716 .21,284 Mar. 1 3,170 79 23 11,976 12,376 180 461 5,024 743 25 6 2,660 750 55 1,711 5,476 Mar. 8 3,170 84 23 12,174 12,513 172 472 4,582 757 20 6 2,699 778 16 1,709 5,301 Mar. 15 3,229 87 26 12,337 12,978 155 971 4,322 762 19 6 2,763 773 40 1,707 6,231 Mar. 22 3,151 86 25 12,062 12,423 180 492 4,331 763 19 6 2,672 770 42 1,708 6,065 Mar. 29 3,118 93 78 12,189 12,518 181 335 4,232 769 19 6 2,495 769 56 1,705 5,221 Apr. 5 3,188 85 43 12,397 12,695 169 497 3,965 765 19 6 2,577 1 773 53 1,714 5,757 Apr. 12 3,249 93 31 12,521 12,976 178 437 3,670 768 19 6 2,635 1 786 35 1,716 4,489 Apr. 19 3,296 88 27 12,715 13,131 172 513 3,406 773 19 6 2,664 1 793 68 1,717 5,217 Apr. 26 3,296 91 27 12,809 13,060 228 381 3,167 770 19 6 2,561 1 798 67 1,715 5,054 May 3 3,286 87 30 12,877 13,065 274 425 2,919 775 18 6 2,589 1 807 13 1,725 5,372 May 10 3,291 93 23 13,000 13,299 235 333 2,700 780 18 6 2,601 1 809 42 1,727 4,492 May 17 3,374 86 24 13,135 13,434 229 342 2,440 785 18 6 2,656 1 808 51 1,727 4,779 May 24 3,400 91 25 13,412 13,656 221 387 2,195 790 18 6 2,555 1 800 101 1,726 4,530 Outside Neiv York City 1943—April 5,749 442 2,563 19,372 19,103 1,638 316 2,188 4,708 88 30 6,276 54 82 4 2,486 32,996 Dec. 5,574 487 2,164 21,519 21,475 1 510 380 4,505 5,255 97 59 5,935 42 80 37 2,580 34,751 1944—Jan 5,613 467 2,188 21,587 21,449 1^560 353 3,884 5,391 98 49 6,053 42 81 20 2,592 33,749 Feb 5,427 455 2,227 20,151 20,123 1,505 324 7,130 5,438 101 53 5,956 40 83 17 2,604 31,566 Mar 5,354 449 2,073 20,666 20,488 1,533 343 6,331 5,507 106 52 5,707 40 79 27 2,619 33,937 April 5,402 458 2,002 21,242 20,971 1,661 322 5,099 5,601 109 50 5,493 39 82 27 2,640 30,482 Mar. 1 5,340 427 2,151 20,351 20,233 1,526 327 7,006 5,470 106 53 5,781 41 81 22 2,613 7,828 Mar. 8 5,359 435 2,084 20,604 20,350 1,489 310 6,442 5,507 106 51 5,793 40 79 20 2,614 6,760 Mar. 15 5,523 465 2,157 21,110 21,175 1,501 395 6,100 5,503 108 51 5,841 40 77 40 2,618 7,237 Mar. 22 5,370 463 2,049 20,798 20,547 1,547 344 6,104 5,519 106 52 5,622 40 79 27 2,624 7,979 Mar. 29 5,176 459 1,923 20,471 20,131 1,601 337 6,003 5,537 104 52 5,500 40 78 28 2,627 7,970 Apr. 5 5,260 433 1,963 20,475 20,094 1,672 314 5,670 5,565 105 53 5,545 40 80 14 2,635 8,060 Apr. 12 5,447 468 2,042 21,245 21,144 1,621 325 5,259 5,589 110 53 5,582 40 81 17 2,639 6,584 Apr. 19 5,503 462 2,043 21,533 21,307 1,630 333 4,897 5,613 111 52 5,544 39 80 35 2,641 7,498 Apr, 26 5,396 468 1,960 21,715 21,338 1,721 315 4,570 5,637 111 42 5,302 39 84 42 2,647 7,137 May 3 5,481 446 1,927 21,772 21,292 1,731 355 4,277 5,670 111 42 5,325 39 83 62 2,652 7,779 May 10 5,501 458 1,976 21,932 21,485 1,728 309 3,992 5,711 110 42 5,453 39 85 68 2,657 6,584 May 17 5,618 461 2,026 22,227 22,006 1,718 303 3,616 5,742 113 42 5,509 39 83 72 2,659 7,328 May 24 5,656 468 2,008 22,557 22,014 1,783 297 3,277 5,766 111 42 5,471 37 85 99 2,663 6,882 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. JUNE 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Loans Investments For purchasing or carry- U. S. Government obligations Total Com- ing securities loans merd F i e s d tr e i r c ( a 1 t l 9 a 4 R n 4 d e ) s d er a v te e m v a i e e n n n s d - t t - s Total t c d a r i i u n i n a a s d - l - l , , U a T n . o S d . b d r e o a k l e e r r s s U T .S o . others e R lo s e t a a a n t l s e - L ba o t n o a k n s s O lo t a h n e s r Total Total Bills C c e i a o n r t t f - e if s i- 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- ecur- obli- ecur- edtural ga- ities ga- ities ness tions tions Boston April 26 2,787 611 387 10 17 6 20 62 6 103 2,176 2,078 186 560 359 956 17 98 May 3 2,770 616 384 17 17 6 20 62 6 104 2,154 2,057 171 554 355 960 17 97 May 10 2,734 603 380 8 16 6 20 62 6 105 2,131 2,034 154 545 354 964 17 97 May 17 2,721 611 382 9 16 5 19 62 7 111 2,110 2,013 146 529 356 966 16 97 May 24 2,706 608 381 7 16 5 20 62 4 113 2,098 2,002 139 526 353 968 16 96 New York* April 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 May 3 20,116 4,305 2,515 482 462 161 139 163 44 339 15,811 14,870 1,086 3,641 2,945 6,970 228 941 May 10 20,074 4,281 2,511 450 485 139 150 163 47 336 15,793 14,852 1,076 3,641 2,922 6,986 227 941 May 17 19,926 4,309 2,488 483 428 135 150 161 44 420 15,617 14,637 893 3,607 2,902 7,012 223 980 May 24 19,885 4,300 2,440 534 441 126 151 161 30 417 15,585 14,599 876 3,562 2,906 7,030 225 986 Philadelphia April 26 2,219 441 250 5 32 3 9 38 1 103 1,778 1,602 139 287 244 900 32 176 May 3 2,215 445 246 2 36 3 9 38 8 103 1,770 1,595 138 282 235 908 32 175 May 10 2,201 435 248 1 32 3 9 38 1 103 1,766 1,590 138 277 236 907 32 176 May 17 2,181 428 244 1 31 3 9 38 1 101 1,753 1,578 129 277 233 907 32 175 May 24 2,191 430 243 1 33 3 9 38 2 101 1,761 1,586 141 281 225 907 32 175 Cleveland April 26 4,155 831 393 77 15 24 13 164 8 137 3,324 3,085 221 666 495 1,656 47 239 May 3 4,162 8,14 394 72 14 20 13 164 137 3,348 3,109 233 674 496 1,659 47 239 May 10 4,144 805 395 64 14 20 13 164 135 3,339 3,099 220 674 508 1,650 47 240 May 17 4,132 793 392 58 12 19 13 164 135 3,339 3,100 224 680 518 1,633 45 239 May 24 4,140 784 385 59 12 18 13 164 133 3,356 3,117 230 691 519 1,632 45 239 Richmond April 26 1,596 265 120 3 4 22 11 49 56 1,331 1,275 85 248 231 692 19 56 May 3 1,579 265 120 2 4 22 11 49 57 1,314 1,257 74 244 235 686 18 57 May 10 1,571 261 119 2 4 20 11 49 56 1,310 1,253 75 242 235 683 18 57 May 17 1,571 263 116 2 4 22 11 49 59 1,308 1,251 75 240 238 680 18 57 May 24 1,563 259 113 2 4 21 11 48 1 59 1,304 1,247 70 241 234 684 18 57 Atlanta April 26 1,530 301 180 6 18 6 27 2 62 1,229 1,119 74 265 279 476 25 110 May 3 1,511 297 175 '"i 6 17 5 27 2 64 1,214 1,104 59 264 278 478 25 110 May 10 1,519 294 173 l 6 16 6 27 1 64 1,225 1,116 69 265 279 478 25 109 May 17 1,522 295 173 5 17 6 27 1 66 1,227 1,118 66 269 279 479 25 109 May 24 1,518 290 171 5 16 6 27 65 1,228 1,119 66 269 273 486 25 109 Chicago* April 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 May 3 7,743 1,383 984 42 37 43 42 134 101 6,360 5,821 444 1,458 1,063 2,764 92 539 May 10 7,802 1,372 982 37 36 39 42 134 102 6,430 5,889 500 1,471 1,056 2,770 92 541 May 17 7,705 1,402 982 39 35 38 41 134 133 6,303 5,755 352 1,478 1,066 2,767 92 548 May 24 7,712 1,400 972 45 38 37 42 134 132 6,312 5,761 361 1,479 1,057 2,772 92 551 St. Louis April 26 1,542 372 215 5 15 6 64 1 66 1,170 1,062 51 263 220 506 22 108 May 3 1,539 367 208 5 15 6 63 1 69 1,172 1,065 57 266 213 508 21 107 May 10 1,556 364 204 4 15 6 63 1 71 1,192 1,083 74 267 213 508 21 109 May 17 1,550 372 208 4 15 6 63 1 75 1,178 1,069 58 269 212 509 21 109 May 24 1,542 369 204 4 15 6 63 1 76 1,173 1,065 52 260 222 510 21 108 Minneapolis April 26 965 176 99 1 2 8 5 19 1 41 789 745 18 204 129 382 12 44 May 3 967 175 100 1 2 7 5 19 1 40 792 748 23 204 128 381 12 44 May 10 960 170 96 1 2 6 4 19 1 41 790 746 21 204 128 381 12 44 May 17 956 174 97 1 2 5 5 19 1 44 782 739 15 204 128 381 11 43 May 24 959 173 97 1 1 5 4 20 1 44 786 742 17 203 128 382 12 44 Kansas City April 26 1 729 31 202 1 3 7 7 39 52 1,418 1,294 104 326 286 544 34 124 May 3.'.'.'.'..'. l]700 30 198 1 3 7 7 39 52 1,393 1,269 84 323 283 545 34 124 May 10 1,714 30 197 1 3 7 7 39 51 1,409 1,283 99 321 284 545 34 126 May 17 1,719 310 200 1 3 7 8 39 52 1,409 1,282 102 314 283 549 34 127 May 24 1,714 30 195 1 3 8 7 39 53 1,408 1,274 100 308 283 549 34 134 Dallas April 26 1,376 33 234 3 11 17 20 46 1,04 998 89 259 198 412 40 47 May 3 1,371 33 234 3 11 17 20 45 1,04 995 90 254 200 411 40 46 May 10 1,368 33 236 3 10 17 20 45 1,03 99 88 254 199 410 40 46 May 17 1,373 32 234 2 11 17 20 45 1,044 999 89 262 197 411 40 45 May 24 1,371 32 232 2 11 17 20 45 1,044 1,000 91 263 198 410 38 44 San Francisco April 26 5,047 95 478 36 11 21 18 297 94 4,092 3,765 355 798 692 1,845 75 327 May 3 5,001 95 477 33 11 22 21 296 92 4,049 3,723 314 804 695 1,835 75 326 May 10 4,968 94 474 28 11 22 21 296 94 4,022 3,699 304 802 696 1,822 75 323 May 17 4,963 950 474 26 11 22 22 296 99 4,013 3,691 292 809 698 1,817 75 322 May 24 4,939 94 473 22 11 22 24 296 95 3,996 3,672 290 803 696 1,808 75 324 City of Chicago* April 26 4,704 953 733 42 32 34 37 23 52 3,75 3,397 262 859 597 1,647 32 354 May 3 4,688 944 729 40 32 31 37 23 52 3,744 3,390 252 858 598 1,651 31 354 May 10 4,684 93 724 34 30 30 37 23 53 3,753 3,397 256 861 591 1,658 31 356 May 17 4,641 95 722 37 29 30 36 23 82 3,68 3,317 172 861 599 1,654 31 365 May 24 4,661 96 717 43 32 29 37 23 81 3,69 3,33 189 862 591 1,658 31 1 368 * Separate figures for New York City are shown in the immediately preceding table, and for the city of Chicago in this table. The figu res for the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively. 581 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic d F i e s d tr e i r c ( a 1 t 9 l 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 i a n u sh lt m b a w n a d e i n c o s t e - k t h , i s s c ' p m u o a d s a d e s t n - i e - t d d s 1 s p u p h v n c a o a a i i e o n p d l r r r r d s a s t - - - , - - , S p d s s a t i o i i u a c o n v l b a t i n d i e - l t - s - s c C h c o e a f e e e i f t n c f e c r r i d s . t k d - i ' s - U m G er o . e n S v n - . - t s p u p h n v c a a a o i o e i n l r p d r r r s d t a - s - - - , - , S p d s s a t i i o i u a c o n v l b a t n d i i e - l t - s s - P U m G S i o e a n a . o r e s n g S n v t v n 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 in o o g w r s - - c C o i a t u a c a p n - l - ts B d i a e ts b n 2 - k tions tions Boston (6 cities) April 26 424 59 103 2,028 1,999 117 28 533 290 3 271 17 8 264 692 May 3 415 55 103 2,035 2,005 111 33 490 291 3 278 16 8 265 679 May 10 415 58 102 2,028 1,996 115 27 454 293 3 283 17 8 266 592 May 17 431 59 109 2,075 2,054 117 27 412 294 3 287 16 10 266 613 May 24 442 59 104 2,112 2,073 119 27 371 295 3 278 16 11 266 561 New York (8 cities)* April 26 3,497 123 109 14,078 14,134 468 409 3,381 1,222 21 9 2,621 4 801 73 1,851 5,379 May 3 3,513 118 119 14,154 14,158 500 461 3,117 1,230 20 9 2,653 4 809 20 1,862 5,841 May 10 3,516 126 99 14,278 14,383 465 363 2,884 1,237 20 9 2,663 4 811 67 1,864 4,853 May 17 3,600 117 95 14,416 14,530 469 368 2,607 1,244 21 9 2,719 4 809 67 1,864 5,165 May 24 3; 647 123 100 14,746 14,740 499 413 2,346 1,250 21 9 2,615 4 802 121 1,864 4,860 Philadelphia (4 cities) April 26 377 28 69 1,657 1,653 91 13 368 169 9 294 6 3 230 506 May 3 387 27 71 1,676 1,671 94 13 337 170 9 310 6 5 231 580 May 10 394 28 69 1,687 1,677 99 17 311 170 9 320 6 2 231 477 May 17 392 28 71 1,710 U715 98 13 283 171 9 306 6 2 230 501 May 24 399 29 70 1,747 1,723 109 11 263 171 9 302 6 4 231 449 Cleveland (10 cities) April 26 683 70 191 2,831 2,862 121 44 519 861 56 436 8 2 1 437 824 May 3 688 68 188 2,818 2,840 126 51 513 866 56 454 8 4 438 916 May 10 687 68 192 2,840 2,849 127 43 477 871 55 448 8 4 438 756 May 17 697 70 207 2,883 2,926 121 47 434 874 55 460 8 4 439 882 May 24 710 69 199 2,937 2,953 125 44 392 878 54 ' 459 8 4 439 775 Richmond (12 cities) April 26 261 39 116 1,070 1,050 93 19 249 242 2 7 306 6 1 113 333 May 3 268 35 113 1,071 1,044 92 18 230 244 2 7 308 7 1 114 377 May 10 269 38 136 1,089 1,065 88 21 214 245 2 7 321 7 1 114 317 May 17 276 37 132 1,093 1,084 87 19 195 246 2 7 326 7 1 "2" 114 356 May 24 280 38 133 1,115 1,097 88 17 176 247 2 7 325 6 1 2 114 325 Atlanta (8 cities) April 26 286 26 144 1,037 973 154 9 172 264 2 5 412 2 5 2 110 312 May 3 284 25 148 1,033 959 167 10 158 267 2 5 410 1 5 5 107 372 May 10 298 26 155 1,061 980 167 11 147 269 2 5 421 1 6 110 307 May 17 298 25 160 1,073 1,010 165 9 136 271 3 5 426 1 5 111 339 May 24 302 27 154 1,094 1,027 156 8 124 272 2 5 413 1 5 112 332 Chicago (12 cities)* April 26 1,337 97 400 5,363 5,255 420 51 1,161 1,258 3 4 1,344 5 17 501 1,897 May 3 1,357 95 379 5,382 5,240 415 62 1,075 1,265 3 4 1,349 5 16 •••4" 503 2,058 May 10 1,351 95 378 5,448 5,337 397 51 1,024 1,279 3 4 1,375 5 15 4 504 1,714 May 17 1,408 95 376 5,495 5,426 391 52 910 1,286 3 4 1,393 5 16 1 505 1,984 May 24 1,391 97 382 5,576 5,458 396 53 821 1,292 3 4 1,396 5 17 505 1,835 St. Louis (5 cities) April 26 269 20 106 940 981 58 11 187 233 5 453 1 19 112 334 May 3 272 19 104 941 969 57 12 179 235 5 449 1 25 112 360 May 10 276 20 110 966 998 60 9 167 237 5 466 1 21 HI 316 May 17 277 19 109 961 998 60 10 151 238 5 469 1 31 111 368 May 24 274 21 104 941 971 60 11 136 239 5 475 1 45 111 356 Minneapolis (8 cities) April 26 158 11 68 593 566 75 8 154 138 1 243 6 75 214 May 3 157 10 74 600 578 66 9 144 139 1 246 7 •••5" 75 235 May 10 157 11 74 603 587 65 9 133 140 1 246 7 5 75 199 May 17 162 11 74 616 599 65 9 121 141 1 242 7 9 75 207 May 24 165 11 72 624 592 75 10 110 141 1 244 7 14 74 183 Kansas City (12 cities) April 26 363 22 245 1,146 1,124 131 16 187 186 1 3 715 5 3 128 393 May 3 369 21 231 1,129 1,102 135 16 176 187 1 3 704 5 2 128 415 May 10 369 22 245 1,156 1,134 132 16 164 189 1 3 717 5 128 362 May 17 376 22 254 1,180 1,170 132 15 151 190 1 3 727 5 128 426 May 24 376 22 263 1,206 J. 165 133 16 137 191 1 3 718 5 129 397 Dallas (9 cities) April 26 277 23 194 1,067 1,072 63 23 157 163 10 2 389 2 105 320 May 3 288 21 183 1,070 1,062 67 27 146 165 10 2 388 1 106 339 May 10 291 21 200 1,073 1,077 65 19 136 166 10 2 409 2 106 295 May 17 298 21 217 1,104 1,114 60 19 124 167 11 2 419 1 106 329 May 24 296 22 207 1,110 1,107 61 20 113 168 11 2 410 1 106 331 San Francisco (7 cities) April 26 760 41 242 2,714 2,729 158 65 669 1,381 26 9 379 10 24 436 987 May 3 769 39 244 2,740 2,729 175 68 631 1,386 26 9 365 10 24 436 979 May 10 769 38 239 2,703 2,701 183 56 581 1.395 26 9 385 10 24 "2" 437 888 May 17 777 43 246 2,756 2,814 182 57 532 1,405 26 9 391 10 25 437 937 May 24.. 774 41 245 2,761 2,764 183 54 483 1,412 26 9 391 9 25 "2 438 1,008 City of Chicago* April 26 812 41 193 3,170 3,195 165 24 758 536 952 15 326 1,046 May 3 810 42 174 3,191 3,196 165 23 697 538 953 13 328 1,223 May 10 830 41 175 3,223 3,243 151 23 652 546 978 12 328 1.012 May 17 866 41 180 3,272 3,318 154 23 586 548 988 13 329 1,130 May 24 861 42 178 3,343 3,357 163 24 526 550 989 14 329 1,064 * See note on preceding page. 1 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. JUNE 1944 583 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Commer- Held by Based on cial End of month sta p o n a u d p t i e - n r g1 sta T o n o u d t t i a - n l g Accept O i w n n g banks Bills Others2 I U m i n p n i o t 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 I States countries 1943—January 220 120 95 60 35 24 57 12 38 12 February 209 127 102 64 38 25 60 14 41 12 March 201 130 101 62 39 29 69 12 39 10 April 179 128 99 61 38 29 71 9 38 11 May 160 136 105 65 40 31 79 8 37 12 June 143 140 102 62 40 38 82 10 36 12 July 150 139 102 64 38 36 81 12 (3) 35 10 August 156 130 94 59 36 36 77 10 t3) 33 11 September 170 117 84 50 33 33 69 7 (3) 30 11 October 188 115 48 39 27 67 9 (3) 29 10 November 203 111 53 35 23 59 11 31 9 December 202 117 90 52 38 27 66 11 30 9 1944—January 209 120 94 55 38 27 71 12 I 29 February 214 135 106 57 49 29 83 12 32 March 195 129 100 52 48 30 79 12 31 April 172 126 96 51 45 29 77 12 30 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 Customers' bal D an e c b e i s t in bal D an e c b e i s t in Cash on credit balances1 Other credit balances b ( a d n l e a e b n t i ) c t 1 es a i # n n p a d v a c e c r t s t o r n t a u m e d n r e i t s n s n ' g t a in n a v d c e c f t i s o r r t m a u m d n e i t n s 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 c d p e c t s a o r t r u a m t n d n e t i e s n n r g t s' i a n a n v c d 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—Tune 1,489 55 161 214 1,217 266 92 25 13 397 December 985 34 108 232 688 278 85 26 10 355 1938— D J e un c e ember 9 7 9 7 1 4 2 3 7 2 1 8 0 8 6 2 1 1 9 5 0 4 7 9 5 5 4 2 24 5 7 8 8 6 9 0 2 2 2 2 11 3 2 0 9 5 8 1939—June 834 25 73 178 570 230 70 21 280 December 906 16 78 207 637 266 69 23 6 277 1940—June 653 12 58 223 376 267 62 22 269 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—April e670 e57O e330 May e740 e550 e330 June 761 9 190 167 529 334 66 15 7 212 July e78O e530 e340 August e740 e490 e340 September e820 e77O e320 October e830 e740 e330 November e78O e600 e340 December 788 11 188 181 557 354 65 14 5 198 1944—January e780 e560 e37O February e800 e650 e370 March e820 e630 e380 April e78O e600 e390 e Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of large firms. i Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. .--.---. ribes 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. 584 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] Prime Stock Government securities 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 d c n a e a c 9 c n r y e 0 s e k a p ' s - l t , - ch l n c a e o r a e l x a e a n w - - l n l g - e m b o i 3 l n - ls th 3 d 9 c m e - o e c b f r t o a o t t t n i i e e f n 1 t d i s h - 2 - - - 3 ta n - y x o t e o a t a e b r 5 s l - e 1935 average1 1 T 9 2 o . c 9 t i a 3 t l ies Y N C 1. o e i 7 t w r 6 y k 7 e E N r c a 3 n O o i s . t r 3 t i t a t e e 9 h h n s r e - n d r |! 1 W e 1 r c 3 n e i S . s t 7 i o t a e 6 e u n s r d t n hness 1936 average1 2.68 1.72 3.04 3.40 1937 average1 2.59 1.73 2.88 3.25 1941 average .54 .44 1.00 .103 .76 1938 average1 , 2.53 1.69 2.75 3.26 1 1 9 9 4 4 2 3 a a v v e e r r a a g g e e . . 6 6 6 9 . . 4 4 4 4 1 1 . . 0 0 0 0 . . 3 3 2 7 6 3 '"!75» 1 1 . . 1 3 3 1 1 1 9 9 3 4 9 0 a a v v e e r r a a g g e e 2 2 . . 6 7 3 8 2 2 . . 0 0 7 4 2 2 . . 8 5 7 6 3 3 . . 3 5 8 1 1943—April .69 .44 1.00 .373 .78 1.39 1941 average 2.54 1.97 2.55 3.19 May .69 .44 1.00 .373 .78 1.36 1942 average ,. „ 2.61 2.07 2.58 3.26 June .69 .44 1.00 .374 .70 1.32 1943 average 2.72 2.30 2.80 3.13 July .69 .44 1.00 .374 .68 1.30 1939—September „ 2.68 2.04 2.78 3.31 August .69 .44 1.00 .375 .75 1.29 December 2.59 1.96 2.59 3.32 N O D Se o c e p t c v o t e e e b m m m e b r b b e e e r r r .... . . . . 6 6 6 6 9 9 9 9 . . . . 4 4 4 4 4 4 4 4 1 1 1 1 . . . . 0 0 0 0 0 0 0 0 . . . . 3 3 3 3 7 7 7 7 5 5 5 5 . . . . 7 7 7 7 7 7 7 8 1 1 1 1 . . . . 3 2 3 3 1 9 0 1 1940— J D S M u e e n a p c e r t e c e m h m b b e e r r > „ 2 2 2 2 . . . . 5 6 6 5 9 5 8 9 2 2 2 2 . . . . 1 0 0 0 4 0 3 0 2 2 2 2 . . . . 4 6 5 5 9 7 6 3 3 3 3 3 . . . . 3 3 3 4 8 5 6 3 1944—January .69 .44 1.00 .374 .78 1.30 1941—March 2.58 2.06 2.53 3.25 February .69 .44 1.00 .375 .78 1.32 June 2.55 1.95 2.58 3.23 March .69 .44 1.00 .375 .80 1.36 September 2.60 1.98 2.62 3.29 April .69 .44 1.00 .375 4.78 1.36 December 2.41 1.88 2.45 2.99 Week A M M e M n p a a a d r y y y i . n 2 2 1 g 6 9 0 3 : z M H i I 1 1 1 1 . . . . 0 0 0 0 0 0 0 0 . . . . 3 3 3 3 7 7 7 7 5 5 5 4 . . . . 7 7 7 7 7 7 5 8 1 1 1 1 . . . . 3 3 3 3 5 5 5 4 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 3 2 8 2 2 2 1 . . . .8 2 0 0 5 8 9 7 2 2 2 2 . . . . 6 6 5 4 6 3 6 8 3 3 3 3 . . . . 2 3 2 2 5 4 6 0 May 27 1.00 .375 .79 1.35 1943—March 2.76 2.36 2.76 3.24 June ,..,»••<•........... ... 3.00 2.70 2.98 3.38 M September ... 2.48 2.05 2.71 2.73 i Monthly figures are averages of weekly prevailing rates. December .:;„,..-,. .„... 2.65 2.10 2.76 3.17 zThe 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 increased from 1 to 2 on Apr. 15. i Prior to March 1939 figures were reported monthly on a basis not strictly Back figures—See Banking and Monetary Statistics, Tables 120-123, pp. comparable with the current quarterly series. 448-462; for description, see pp. 424-426. Back figures.—See Banking and Monetary Statistics, Tables 124-125, pp. 463-464; for description, see pp. 426-427. BOND YIELDS 1 [Per cent per annum] U. S. Government Corporate (Moody}s)4 Yea o r r , w m e o ek nth, Pa t r a t x ia - lly Taxable M (h u ip i n g a i l c h - , C (h r o a i r g t p e h o- By rating x>y groups a 1 e n 5 x d e y o m 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)2 grade)* 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 2.05 2.10 2.67 3.34 2.77 2.94 3.30 4.33 2.95 3.95 3.11 1942 average 2.09 "JL93" "2^46" 2.36 2.75 3.34 2.83 2.98 3.28 4.28 2.96 3.96 3.11 1943 average 1.98 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—April 2.05 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 1.96 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 1.91 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 . . 1.91 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 1.92 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 1.90 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 1.90 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 1.94 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 1.95 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 1.95 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 1.93 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 1.91 1.95 2.48 1.84 2.64 3.09 2.74 2.82 3.10 3.70 2.83 3.48 2.97 April 1.94 1.95 2.48 1.85 2.61 3.08 2.74 2.82 3.09 3.68 2.83 3.45 2.97 Week ending: Apr. 29 1.95 1.96 2.49 1.88 2.60 3.08 2.73 2.82 3.09 3.67 2.83 3.44 2.97 May 6 1.95 1.95 2.49 1.88 2.60 3.08 2.73 2.82 3.08 3.66 2.83 3.43 2.97 May 13 1.95 1.95 2.49 1.87 2.59 3.07 2.73 2.82 3.08 3.65 2.82 3.42 2.97 May 20 1.95 1.95 2.49 1.86 2.58 3.06 7.13 2.81 3.07 3.64 2.82 3.41 2.96 May 27 1.94 1.95 2.49 1.85 2.57 3.05 i 2.72 2.81 3.07 3.61 2.80 3.40 2.96 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Standard and Poor's Corporation. 3 U. S. Treasury Department. 4 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 5 and 10 to 6 issues, respectively, and the railroad Aaa group from 10 to 5 issues. Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474. JUNE 1944 585 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 trading7 Year, month, or week u. s. Munic- (in thou- Gov- ipal Medium- and lower-grade Pre- sands of m em en - t2 g ( r h a i d g e h )3 H gr i a g d h e - Total Indus- Rail- Public fau D lt e e - d ferredS Total trial R ro a a il d - P u u ti b li l t i y c shares) 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—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.. c100.14 135.8 120.4 113.6 119.3 105.7 115.8 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 April 100.26 135.8 120.7 114.4 121.0 105.5 116.6 59.0 173.8 95 97 97 87 659 Week ending: 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 May 6.... 100.20 135.2 120.8 114.4 121.2 105.8 116.3 58.4 173.3 96 98 98 87 629 May 13 100.20 135.4 120.8 114.5 121.2 106.1 116.2 57.7 172.9 96 98 98 87 637 May 20 100.18 135.6 121.0 114.8 121.8 106.7 116.0 58.4 172.9 97 99 99 88 701 May 27 100.17 135.8 120.9 114.9 121.9 107.1 115.7 60.3 173.3 98 100 101 88 854 c Corrected. 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. 2 Average of taxable bonds due or callable in 15 years and over. 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 ( a f e d o n s o r d t - - ic Total S m a t n a u d t - e a F e g e r e a d n l - - Co B rp o o n r d a s te eign2 m ( a f e d o n s o r t d - - ic Total S a m t n a u t d - e a F e g e r e a d n l - - Co B r o p n o d ra s te e F ig o n r- 2 eign) nici- cies1 Total and Stocks eign) nici- cies1 Total and Stocks pal notes pal notes 1934. 2,160 1,386 1,386 803 405 178 144 35 774 765 136 317 312 312 9 1935 4,699 1,457 1,409 855 150 404 334 69 "48" 3,242 3,216 365 987 1,864 1,782 "si" 26 1936 6,214 1,972 1,949 735 22 1,192 839 352 23 4,242 4,123 382 353 3,387 3,187 200 119 1937 3,937 2,138 2,094 712 157 1,225 817 408 44 1,799 1,680 191 281 1,209 856 352 119 1938 4,449 2,360 2,325 971 481 873 807 67 35 2,089 2,061 129 665 1,267 1,236 31 28 1939 5,842 2,289 2,239 931 924 383 287 97 50 3,553 3,465 195 1,537 1,733 1,596 137 88 1 1 9 9 4 4 0 1 5 4 , ,8 5 0 4 3 6 2 1 , , 8 95 5 1 4 2 1 , , 8 94 5 8 2 5 7 1 5 8 1 1,2 4 7 6 2 1 1,0 7 6 3 2 6 8 6 8 0 9 1 1 13 7 5 3 2 1 2 2 , ,8 6 5 9 2 3 2 2 , , 6 8 8 5 9 2 4 4 3 8 5 2 3 6 4 9 4 8 2 1 , ,5 0 5 2 7 6 1 1 , , 8 4 3 3 4 0 1 12 9 6 3 ....„ 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 ""i" 1,532 1,442 259 497 685 603 82 "90 1943—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 ii 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 April 235 80 80 7 73 21 52 155 149 10 31 108 53 55 "6 1 Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of XT. 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. 586 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 proceeds'* 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 s and Pr s e t f o e c r k red other debt purposes 1 1 9 9 3 3 4 5 2,3 3 3 9 2 7 2,2 3 6 8 6 4 2 5 0 7 8 1 3 1 2 1 9 2 6 6 1,8 2 6 3 5 1 1,7 2 9 3 4 1 n"" 1 8 7 4 0 2 1 3 1 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 HI 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—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 M A Fe p a b r r i r c l u h ary 9 9 4 1 9 8 9 8 4 6 9 8 3 1 9 9 2 1 6 3 0 3 6 2 2 3 4 7 4 8 6 3 4 7 4 2 4 2 7"" 3 3 1 8 May 83 81 32 14 18 49 49 June 99 97 25 10 15 70 51 19 2 July 76 74 3 3 59 40 19 2 10 August 106 103 15 12'"" 3 80 79 1 8 September 69 68 11 6 5 50 42 9 5 2 October 130 127 3 3 101 97 4 22 1 November 200 197 122 91 31 69 64 5 6 December 103 100 14 3 10 79 75 4 3 "5" 1944—January 154 150 34 23 11 114 54 60 2 1 February 97 95 49 18 31 33 32 1 4 8 March 203 199 48 32 16 147 129 18 3 1 April 155 ' 150 53 24 28 93 55 38 1 3 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Railroad Public utility Industrial Other Year or month Total Retire- All Total Retire- All Total Retire- All Total Retire- All net New ment of other net New ment of other net New ment of other net New ment of other pro- money securi- pur- pro- money securi- pur- pro- money securi- pur- pro- money securi- purceeds ties poses* ceeds ties poses* ceeds ties poses4 ceeds ties 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—July 2 2 6 3 2 52 15 29 8 August 2 2 38 34 4 2 2 September 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 M Fe a b r r c u h ary 1 8 5 8 5 10 3 2 9 2 2 1 3 2 4 0 3 1 5 2 9 3 2 3 "18 •••• — April 3 3 58 1 55 3 27 5 22 A M J J u u u a n l g y y e u s . t 4 1 6 6 7 4 1 6 4 46 7 4 3 2 6 8 6 1 4 3 2 6 8 4 1 4 4 5 1 0 9 0 7 2 1 9 3 5 1 3 2 2 7 5 3 6 " 1 2 6 1 ' "" 1 i 3 2 " 7 4 2" 2 September 4 4 49 4 41 4 14 3 9 3 1 ....... 1 October 28 28 50 49 48 2 24 22 1 November 26 3 23 37 37 134 119 9 6 December 3 3 75 70 5 19 7 9 3 3 3 [944—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" April 28 28 118 49 65 3 4 ""3" 1 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. JUNE 1944 587 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS INDUSTRIAL CORPORATIONS [In millions of dollars] Net profits,1 by industrial groups Profits and dividends Year or quarter Total s I a t r e n o e d n l c M e h a r in y - - t b A o i u m l - e o s - e p O t m r t q o i a t e u o r h n t n i n e a s p t r - - - f m p e N u a r e r c r o n o t o t a d n d s u l - - s s O g d b t o u l r h o 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 p r r a e o i i O n n f n d i g g i d u n l c - - c I h c t n e a r d i l m u a s i s l - - g O d n o u t b o r o h l n a d e e - - s r s n c M e i e e c r i l o e v s l u - a s - s - pr N of e i t ts1 fe P D r r r i e e v - d ide C n o ds m- Number of companies. 629 47 69 68 77 75 49 45 30 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 '1,823 r2O5 r168 201 203 r128 r83 r163 r185 169 r144 r173 r902 86 555 Quarterly 1940—1 422 47 33 69 41 33 14 34 34 46 41 29 246 21 136 2 412 51 39 53 36 29 21 38 30 45 41 30 230 21 158 3 396 79 34 17 33 30 25 33 25 52 39 29 211 22 158 4 588 101 52 103 63 40 28 43 24 51 39 44 342 25 217 1941—1 510 86 44 79 53 39 23 36 29 49 44 29 286 22 150 2. 549 84 48 73 56 36 28 43 42 53 48 36 297 23 165 3 J 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—1 437 53 39 47 654 34 19 39 36 42 36 39 208 21 127 2 441 48 42 49 652 32 22 40 42 41 35 38 221 22 132 3 464 51 41 52 651 31 20 42 49 41 37 49 227 21 127 4 r481 r53 r46 53 646 r32 r23 r42 r58 46 r36 r47 r245 23 169 1944—1.. 460 48 41 657 23 38 48 45 39 38 219 20 141 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad2 Electric power Telephone3 Year or quarter O re p v i e n e r g n a u t e - i I b n n e t c c a f o o o x m m r 4 e e e All r N o e a t d s i nco ^ m " e1 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 e d D en iv d i s - 5 O re p v i e n e r n g a u t e - i . nc N o e m t e1 d D e i n v d i- s Number of companies... 28 28 28 32 32 32 1939 3,995 126 93 -102 126 692 159 137 116 1,067 191 175 1940 4,297 249 189 -73 159 735 177 142 118 1,129 194 178 1941 5,347 674 500 23 186 799 202 133 115 1,235 178 172 1942 7,466 1,658 902 147 202 848 226 118 98 1,362 163 163 1943 9,054 2,209 874 187 216 912 250 123 99 1,537 180 166 Quarterly 1940—1 986 -3 -12 -29 25 187 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 1944—1 2,273 458 148 27 31 248 74 33 18 400 42 42 r Revised. 1 "Net profits" and "net income" refer to income after all charges and taxes and before dividends. 2 Class I line-haul railroads. 3 Series excludes American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock holdings in the 32 companies. Dividend payments shown here include amounts paid to parent companies, as well as to the public. 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. 588 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 End of month T d g d i o r e r o t e b s a c t s l t i b n T d e d t i a o e r e r e r t b i a e c n t l s t g t- Totaiz Tre b a i s l u ls 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 S n d . g s s T t s r a n a e x v o a i t s n a e u s n g r d s y S i p ss e u c e ia s l i b n e N d t a e e o r r b i e n n t s - g t- s g t e b t e u c e e e u a r a d e r r r i a s i i t n t n n i - g e - - s 1940—June 42,968 42,376 34,436 1,302 6,383 26,555 3,166 2,905 4,775 591 5,498 Dec 45,025 44,458 35,645 1,310 6,178 27,960 3,444 3,195 5,370 566 5,901 1941—June 48,961 48,38.7 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—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 Apr 184,967 183,413 127,440 13,150 25,306 16,263 72,526 42,275 32,497 9,092 13,697 1,554 2,258 1 Including amounts held by Government agencies and trust funds, which aggregated $4,047,000,000 on Mar.31,1944, and $4,032,000,000 (preliminary) on Apr. 30,1944. 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 146-148, pp. 509-512. UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING, APRIL 30, 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 out- month tions Month standing Treasury bills Treasury bonds—Cont. a m t e o n n d t h o 1 f All Series Series Series All May 4, 1944 1,002 June 15, 1949-51 1,014 series E F G series May 11, 1944 1,006 Sept. 15, 1949-51 1,292 May 18, 1944 1,013 Dec. 15, 1949-51 2,098 1943—Feb 17,067 887 634 48 205 76 J J J J M J J J J J u u u u u u u u u a n n l n n n l l l y y y y y e e e e e 2 2 1 2 2 2 1 6 0 5 7 3 1 2 9 5 8 , , , , , , , , , , 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 4 4 4 4 4 4 4 4 4 4 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , 0 0 0 0 0 0 0 0 0 0 1 0 1 1 1 0 0 1 0 3 5 7 6 3 0 8 8 6 1 5 M J D D D S S S D S u e e e e e e e e a n p p p p c c c c r e t t t 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 5 5 4 5 5 5 5 5 5 9 1 1 9 1 0 0 0 1 1 - - - - - - - - - 5 - 5 5 5 5 5 5 5 5 5 2 5 3 3 4 2 2 2 5 3 4 7 1 1 1 1 1 , , , , , , , 1 6 1 9 7 9 9 5 4 7 1 2 8 8 6 3 8 1 9 5 8 7 6 6 3 9 6 0 1 5 M J N M J A S O A u u e o u c p a a n l p t v g r y y r e t ... 1 2 2 1 2 2 2 2 2 0 7 1 9 6 2 6 4 2 , , , , , , , , , 5 8 2 6 2 6 0 0 4 0 9 6 9 5 9 5 3 7 7 1 7 7 6 4 6 0 8 1 1 1 1 , , , , 4 3 9 7 9 8 8 8 7 3 7 2 0 4 7 0 9 9 5 0 7 8 4 6 2 0 8 1 1 1 , , , 0 3 4 6 9 7 6 6 6 0 4 0 8 9 2 6 9 6 7 0 0 3 5 0 5 6 1 1 1 4 9 8 3 2 2 3 3 1 4 3 6 5 8 3 8 9 0 3 2 3 2 1 1 1 1 1 8 7 5 0 5 8 1 4 6 7 5 4 9 3 0 2 4 9 1 1 1 1 1 1 1 1 1 7 4 5 5 0 3 4 3 0 0 4 5 2 4 1 1 8 3 Mar. 15, 1952-54 1,024 Dec 27,363 853 728 24 101 207 Ce M rt a , y o f 1 , i n 19 d 4 e 4 btedness 1,655 J J u u n n e e 1 1 5 5 , , 1 1 9 9 5 5 2 3 - - 5 5 5 5 1,5 7 0 2 1 5 1944—Jan 28,901 1,698 1,085 127 487 188 A O Se u c p t g . t . . 1 1 1 , , , 1 1 1 9 9 9 4 4 4 4 4 4 4 2 3 , , , 1 5 5 2 1 4 2 9 5 J M M u a a n r r e . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 5 5 5 4 5 6 - - - 5 6 5 6 0 8 2 1 , ,4 6 6 4 1 8 9 1 1 A F M e p a b r r 3 3 3 2 1 1 , , , 4 9 5 9 7 1 7 4 5 2,7 7 7 8 3 0 2 9 9 2,1 6 5 0 0 7 2 6 6 1 2 5 1 3 7 9 5 1 1 1 2 1 4 2 0 2 2 1 3 6 8 7 8 5 Dec. 1, 1944 3,540 Sept. 15, 1956-59 982 Feb. 1, 1945 5,048 Sept. 15, 1956-59 3,813 Amount Apr. 1, 1945 4,877 June 15, 1958-63 919 Maturity Date of issue outstanding, Treasury notes D Ju e n c e . 1 1 5 5 , , 1 1 9 9 6 6 0 2 - - 6 6 5 7 2 1 , ,4 1 8 1 5 8 Apr. 3011944 June 15, 1944 146 Dec. 15, 1963-68 2,831 Sept. 15, 1944 283 June 15, 1964-69 3,762 Series A—1945 From Mar. 1, 1935 178 Sept. 15, 1944 635 Dec. 15, 1964-69 3,838 Series B—1946 From Jan. 1, 1936 317 Mar. 1, 1945 2,127 Mar. 15, 1965-70 2,287 Series C—1947 From Jan. 1, 1937 406 Mar. 15, 1945 718 Sept. 15, 1967-72 2,716 Series C—1948 From Jan. 1, 1938 488 Mar. 15, 1945 1,606 Postal Savings bonds 117 Series D—1949 From Jan. 1, 1939 800 Dec. 15, 1945...: 531 Conversion bonds 29 Series D—1950 From Jan. 1, 1940 991 Mar. 15, 1946 503 Panama Canal loan 50 Series D—1951 From Jan. 1 to Feb. 28, 1941 333 Dec. 15, 1946 3,261 Total direct issues 127,440 Series D—1951 From Mar. 1 to Apr. 30, 1941 112 S S e e p p t t . . 1 5 15 ,1 , 9 1 4 9 7 48 2 3' ,7 7 4 0 6 7 Guaranteed securities S Se e r r i i e e s s E E — — 1 1 9 9 5 5 2 1 F F r r o o m m M Ja a n y . 1 1 , , 1 1 9 9 4 4 2 1 5 1 , ,2 4 4 0 3 2 Tr D e e a c s . u r 1 y 5 , b 1 o 94 n 4 d -5 s 4 1,037 F C e o F d m e . b m F a o I r d S m i t y 1 M 94 C o S r r t e g d a i g t e C C o o r r p p . . 412 S S S e e e r r r i i i e e e s s s E F G — — — 1 1 1 9 9 9 5 5 5 3 3 3 F F F r r r o o o m m m M M Ja a a n y y . 1 1 1 , , , 1 1 1 9 9 9 4 4 4 3 1 1 9 1 , ,2 1 2 2 1 2 2 3 0 D Se e p c t . . 1 1 5 5 , , 1 1 9 9 4 4 5 5-47 1,2 5 1 4 4 1 Ho M m a e y O 1 w 5, n 1 e 9 r 4 s' 4 - L 4 o 9 a 1 n Corp. 138 S S e e r ri i e e s s E F— — 1 1 9 9 5 5 4 4 F F r r o o m m J J a an n . 1 1 , , 1 1 9 94 4 2 4 3,7 6 1 2 4 1 M M J O D T u u c e a a n n t c r r e . e . . . 1 1 1 1 1 1 5 5 5 5 5 5 , , , , , , 1 1 1 1 1 1 9 9 9 0 9 9 4 4 * 4 4 4 7 4 7 6 8 6 - 6 - - - 5 - 4 5 4 5 2 8 0 9 6 1 1 , , 0 1 4 8 7 7 1 3 1 8 5 0 5 6 9 9 9 1 Fe M V J d T u e a a n o r r y e i a t o a l 1 u l 1 , s H , g 1 1 u o 9 9 a u 4 4 r s 4 5 a i - - n n 4 5 g t 7 2 e 1 e A d d i m ss i u n e . s 1,5 7 1 0 2 5 7 3 3 5 6 S S S S S e e e e e r r r r r i i i i i e e e e e s s s s s F G G F G — — — — — 1 1 1 1 1 9 9 9 9 9 5 5 5 5 5 5 6 5 4 6 F F F F F r r r r r o o o o o m m m m m J J J J J a a a a a n n n n n . . . 1 1 1 1 1 , , , , , 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 4 3 2 3 4 2 2 1, , , 2 4 5 3 7 0 1 6 1 1 5 2 4 9 6 Series unclassified 121 Mar. 15, 1948-51 1,223 Tune 15, 1948 3,062 TotaL.. 32,497 Sept. 15, 1948 451 Dec. 15, 1948-50 571 1 At current redemption value^except Series G, which is stated at par. Difference between "Funds received" and month to month changes in 1 Called for redemption, i " n A r m ed o e u m nt p s t i o o u n t s v t a a l n u d e i s n g an " d r e r p e r d e e s m en p t t s i o th n e s d o i f f f b e o re n n d c s e d b u e r t i w ng e e t n h e a c m cr o u n ed th . increases 589 JUNE 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [In millions of dollars] Held by U. S. Gov- Privately held1 ernment agencies Held End of month s i . e n b c e t u T e a r r o r i e i t t n i s a e t g l - s S is p a s e n u c d e i s a t l rust P f i u s u s n b u d l e s i s c F R B e e a b d s n y e e k r r v a s l e Total m b C e a o r n c m k ia s - l M s b 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 ie e r - - s M i a a s O s b r t u k l h e e e e s t r - inv m e N s a a t r o o b k r n l e e s - t - 5 , issues 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 3,446 7,202 117,959 52,458 5,290 12,800 19,000 28,400 August 146,655 11,907 3,424 9,088 122,236 55,200 5,100 12,700 19,200 30,000 September 161,018 11,717 4,073 8,919 136,309 58,500 5,900 14,200 24,800 32,900 October 167,701 11,868 4,125 9,354 142,354 61,900 6,000 14,400 25,400 34,700 November 168,935 12,278 4,157 10,348 142,152 61,300 6,000 14,500 24,900 35,500 December 168,732 12,703 4,231 11,543 140,255 59,845 6,096 14,700 24,100 35,500 1944—January 171,312 12,873 4,279 12,073 142,087 61,800 5,700 14,200 22,800 37,600 February 185,936 13,168 4,616 11,632 156,520 64,900 6,700 15,700 28,200 41,000 March 185,606 13,507 4,598 12,115 155,386 64,100 6,800 15,900 28,300 40,300 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. Gov- Gov- End of month s T t o i a o n u n g t t d a - l - m a e c a g i r n e e e n n d n s - t - B s F e R e a r e r n e a d v k - l - e s m b C a e o r n c m k ia s - 1 l b S i a n a n g v k s - : p I a c a n n o n s c m u i e r - e - s Other End of month T st o o i a n u n t g t a d - l - a m e c a g r i n e e e n d n n s - t - B s F e R e a e r r n e a v d - k l e - sb C m a c o n i e m a k r l s - b S i a n a n g v k s - s I p a c n a o n s n m c u i e e r - - s Other trust trust funds funds Total: 2 Treasury bonds: 1942—June 55,122 2,723 2,645 24,939 3,830 8,74812,23! Total: Dec 80,685 3,202 6,189 38,759 4,47110,76617,297 1942—June 38,085 2,321 1,61714,828 3,442 7,766 8,110 1943— N Ju o n v e 1 9 1 9 9, , 4 2 9 1 1 8r3 3 , , 3 7 1 7 9 41 7 0 , , 2 3 0 4 2 8 4 5 8 6 , , 6 7 6 6 5 1 5 6, , 1 1 0 6 0 11 1 2 4 , , 4 2 8 2 6 82 2 8 2 , , 2 3 8 8 0 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 , ,4 7 6 7 8 7 1 2 9 4 , , 4 2 4 2 5 6 4 4 , , 0 7 5 2 5 51 9 1 , , 9 4 4 4 4 2 1 1 0 2, , 6 3 1 0 5 8 Dec 118,813 3,78711,543 55,360 6,15214,38627,586 Nov 67,940 3,609 1,50827,913 5,66113,36715,882 1944—Jan 118,842 3,77612,073 56,983 5,77013,93226,307 Dec 67,944 3,614 1,55928,099 5,67113,389 15,613 Feb 129,640 4,03711,632 59,814 6,70315,43732,017 1944—Jan 67,94' 3,611 1,59228,835 5,40113,138115,368 Mar 129,623 4,05012,115 59,084 6,90015,57 31,898 Feb 73,882 3,854 1,61329,788 6,30614,603117,718 Treasury bills: Mar 72,813 3,858.1,450 29,123 6,43314,704 17,245 1942—June 2,508 243 1,557 28 91 590 Maturing within 5 years: Dec 6,627 1,010 4,497 10 26 1,073 1942—June 3,915 336 1,599 224 581 ,173 1943—June 11,864 3,815 6,502 21 154 1,361 Dec 5,830 754 2,565 253 726 ,531 Nov 13,074 6,163 5,643 9 19 1,232 1943—June ' 9,474 867 5,122 298 991 ,195 Dec 13,072 6,768 4,716 12 72 1,484 Nov 8,524 665 5,068 217 836! ,738 1944—Jan 13,101 6,941 4,904 11 15 1,209 Dec 8,524 665 5,040 216 8281 ,775 Feb 13,112 6,354 5,484 5 1,263 1944—Jan.... 8,524 671 5,127 202 770 ,755 Mar 13,147 6,532 4,606 1,983 Feb 8,524 604 5,230 198 683 1,807 Certificates: Mar 7,328 454 4,411 175 638 1,649 1942—June 3,096 66 1,971 74 191 782 Maturing in 5-10 years: Dec 10,534 1,041 6,470 129 180 2,696 1942—June 9,436 846 4,959 750 1,347 1,536 1943—June 16,561 1,092 9,823 184 305 5,106 Dec 17,080 1,574 9,353 1,129 2,101 2,920 Nov 23,103 1,908 13,159 189 280 7,520 1943—June 17,921 776 10,107 1,308 2,326 3,401 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 Mar 25,680 73 2,970 12,918 189 485 9,044 Feb 28,360 1,447 16,510 1,811 3,070 5,522 Treasury notes: Mar 29,384 1,495 16,910 2,176 3,160 5,640 1942—June 6,689 76 714 3,725 138 266 1,770 Maturing in 10-20 years: 9,863 92 1,324 5,670 167 283 2,327 1942—June 18,731 2,168 7,009 1,957 3,510 4,086 1943—June'.'.'.".'.'. 9,168 61 774 5,500 155 276 2,402 Dec 16,295 2,165 6,240 1,580 2,778 3,531 Nov 11,596 63 693 7,546 198 279 2,816 1943—June 17,214 1,645 7,611 1,405 2,896 3,657 Dec 11,175 66 665 7,383 204 275 2,583 Nov 17,214 1,591 7,96* 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 69 882 9,039 183 259 2,870 1944—Jan 14,310 1,257 6,108 1,278 2,519 3,144 Mar 16,244 74 1,159 11,389 257 293 3,072 Feb 18,035 1,335 6,479 2,242 3,172 4,809 Guaranteed security Mar 17,079 1,269 6,240 2,013 3,101 4,453 1942—June 4,549 281 5 2,847 148 433 835 Maturing after 20 years: 1943— D Ju e n c e 4 3 , , 1 9 9 0 6 8 3 1 1 1 1 6 3 5 7 4 2 2 , , 6 6 6 0 5 2 1 7 0 6 8 3 30 3 9 3 7 75 4 1 3 1942— D Ju e n c e 1 6 0 , , 0 0 0 65 2 1, 5 02 93 1 1 1 , , 2 2 5 8 8 6 1,0 5 9 1 5 2 2 4 , , 3 3 2 3 6 9 2 1 , ,3 3 1 2 5 3 Nov 3,583 12 76 2,486 42 282 684 1943—June 12,912 1,221 1,385 1.713 5,229 3,366 Dec 3,583 4 83 2,465 39 283 709 Nov 16,749 1,701 1,495 2,086 6,723 4,743 1944—Jan '3,583 3 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 Mar 1,544 3 1,032 13 408 Feb 18,963 2,083 1,568 2,056 7,678 5,579 Mar 19,022 2,087 1,561 2,068 7,804 5,499 p Revised. one ySr^ft'of^ total ^U6^!oMjmS Jn^U^^ ** TreaSUry hdd ^1.783.000.000 °f United StaterCovernment securities due or callable within 2 Including $196,000,000 of Postal'Savings and prewar bonds not shown separately below. 59° 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 I W h n e c i l t o d h m 2 - e O ta t x h e e s r 1 c n i r M n n e e n e u v t l i a o l e e s l e a u - 1 r - - s - S s t r a o e i x c c ty i u 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 ip 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- c T f o e t r e r a r a u t u s c c n n - s . t s t t o s - , p O t e u e t n h r x d e e - s i r - e b T x i 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, C f h a g b e u i a n a e r n n n l a c n - d g l e - e c g d r I r e e i n o n a b - s s t s e fiscal year ending: June 1942 7,960 3,847 1,194 666 13,668 12,799 1,260 26,011 381 4,745 32,397 19,598 -3,506 +358 23,461 June 1943 16,094 4,553 1,508 1,230 23,385 22,282 1,808 72,109 435 3,827 78,179 55,897 -1,861 +6,515 64,274 1943—April 1,000 346 50 159 1,555 1,514 89 6,974 38 366 7,466 5,952 +48 +8,438 14,342 May 940 359 282 160 1,742 1,480 42 7,092 1 300 7,435 5,955 -39 +70 6,064 June 3,803 353 57 356 4,569 4,569 609 7,469 1 247 8,327 3,758 -206 -3,180 784 July 19 1,236 512 48 234 2,048 2,007 68 6,432 344 269 7,112 5,105 -635 -912 4,828 August 548 1,016 729 310 403 3,005 2,721 46 ' 7,232 15 324 7,617 4,896 +131 -2,231 2,534 September 674 4,091 344 53 285 5,448 5,447 311 6,952 2 269 7,535 2,087 -410 +11,794 14,291 October... :.. 557 746 464 46 256 2,069 2,030 131 6,989 36 300 7,456 5,426 -132 +1,139 6,697 November 1,010 449 363 292 255 2,370 2,099 47 7,541 2 248 7,839 5,740 +290 -4,338 1,112 December... . 713 4,327 386 60 251 5,737 5,736 497 6,718 2 236 7,452 1,716 -667 -2,664 -281 1944—January 574 1,153 412 49 590 2,779 2,747 87 7,138 37 308 7,570 4,823 -14 -55 4,781 February 1,137 610 344 373 290 2,754 2,503 56 7,518 5 283 7,862 5,359 -173 +6,916 12,448 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 April. 560 1,915 421 39 183 3,119 3,087 117 7,346 40 355 7,859 4,772 +193 -4,327 252 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 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 d e - s i i c a n G i o g n m o u c e g v n h n e e a t e n c s r c c t i n e - o k - s - f ce R i e p - ts I m nv e e n s t t s - p t E e u n x r d e - i s - Total R F p e e D o s d i s e e n e i - r t r v s a e l d s p p e D o p e i s e n c o - i i s t a s i l - a O s t s h e e t r s l T i t a o i b e t i a s l l i- Total Waorkance Banks taries Fiscal year ending: June 1942 2,327 1,705 614 3,625 863 221 533 3,443 603 1,679 1,162 452 2,991 2,229 June 1943 2,810 2,350 456 2,194 1,117 655 133 10,149 1,038 7,667 1,444 643 9,507 8,744 1943—April 111 35 33 17 92 58 12 13,112 1,215 10,485 1,412 495 12,617 11,854 May 539 258 31 356 81 57 -41 13,152 651 11,117 1,383 465 12,687 11,924 June 169 428 31 -82 152 119 30 10,149 1,038 7,667 1,444 643 9,507 8,744 July 245 179 29 726 315 252 9 9,127 979 6,790 1,358 532 8,595 7,832 August 596 292 30 148 101 75 21 6,845 1,076 4,362 1,406 481 6,364 5,601 September. .. 32 296 30 146 116 72 14 18,734 1,538 15,676 1,519 576 18,158 17,395 October 109 50 29 199 139 86 16 19,838 1,095 17,280 1,462 541 19,297 18,534 November 562 in 29 -64 75 96 8 15,492 1,245 12,770 1,477 534 14,958 14,196 December 87 308 30 427 114 81 22 12,878 1,408 9,942 1,528 584 12,294 11,532 1944—-January 102 83 32 165 164 81 -80 12,873 1,098 10,314 1,461 634 12,239 11,476 February 514 350 33 331 121 59 35 19,726 1,172 17,095 1,460 571 19,155 18,392 March 46 172 35 2,002 94 102 35 17,270 1,540 14,306 1,424 664 16,606 15,844 April 110 51 34 87 202 75 -127 12,896 954 10,546 1,396 617 12,279 11,517 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 iinsurance 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 Alco- 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 ^ - V t t o a i r c x y - c r r a C o e t r u i n p o r t o - n - t B a a x c e k s p E t r x a o c x f e i e t s s s s p O t r a o t x h f e i e t s r s Total C st t t o a a a p c x l k i- E ta s a g x t n i a f e d t t s e b t h e a a o v x g l e e e i r c s - b t T a a x c o c - e o s S t t a a x m es p re t e t u a x a r n i c e l d i e r s s e r ' s' n t c M a e e x o l i l s e 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—April 1,008 362 298 73 73 200 1 345 1 37 113 77 5 49 64 May 753 103 381 89 74 103 3 373 46 109 71 5 60 80 June 4,026 1,800 5 970 41 1,203 7 329 29 115 80 5 39 61 July 1,231 527 333 142 33 186 10 652 136 48 125 87 4 59 193 August 814 55 1 438 111 44 162 3 595 188 25 129 90 5 56 103 September 4,192 1,963 1 6 877 103 1,228 15 394 35 28 117 86 4 53 71 October 1,644 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 59 76 April 2,809 1,427 804 152 43 370 12 424 56 169 72 5 51 70 1 Withheld by employers (Current Tax Payment Act of 1943). JUNE 1944 591 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Assets, other thaninteragency items Liabilities, other than 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 e c 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 i o t e e h v n s e t 1 - r . r c e o a o a A c b t u n h e c l d n e i e - v s t r s - p B n e r r e u o t s s p y s i - - P h e s f r a r e o o t l l r y p e d - O as t s h e e t r s a a g F n n u u b t d e a l y l e r d y - d ebe O nt t u h r e e r s * O lia t t i b h e i e s l r i- G in m o te v e r e n e r t s n t - i o v n w a te t n e r e l e y d st teed U.S. 1942—June 17,962 8,379 648 403 1,097 57 774 859 3,512 2,233 4,568 1,442 3,265 8,249 438 December. .. 21,715 8,127 620 553 1,272 33 1,085 1,020 5,187 3,818 4,301 1,414 4,630 10,931 439 1943—April 24,706 8,092 560 536 1,510 24 1,464 1,428 6,081 5,011 4,372 1,366 5,648 12,880 440 May 24,805 7,949 557 504 1,549 24 1,514 1,475 6,167 5,066 4,092 1,340 5,746 13,188 440 June 26,708 7,685 556 515 1,565 22 1,788 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 1,645 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 L,658 7,753 7,817 4,226 1,322 4,956 18,853 435 March 30,263 7,366 442 526 2,090 23 2,140 L,677 7,829 8,170 2,273 1,326 4,950 21,280 433 LOANS, OTHER THAN INTERAGENCY LOANS Home mor a t g g e a n g c e i e a s n 3 d housing F g a a r g m e m lo o an rt s - Other farm credit loans Recon- Rural struc- Elec- Ex- End of month l T o o a t n a s l 2 'n C t a F i o n o i r n c - p e . H C O L 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 a l e k n r e s - M p C R g a a o o F n g m r C y e t- - M A t g F i N o s a o e s a n g d r o - e a t . c - l . P H A F u o i u e b n u t d g l h s i . c . - F b l e a a a d n n l e k d r s - M F C F g a a o e o r g d r r m p e t . - . c b m i F n r a a e e e t n t e d d e d k r i i . s - t - f o B o t p i a r v e n r c e k a o s s - - m C C C o r o o e d r m d i p t i . y - t C F m A r a e i d r n d m - . it A S F d r e a i m c t r y u m in - . tr m A t i i f o i i d n c n - a . - p B p I o o m a r n r t - t - k Other 1942—June 8,379 1,473 1,676 193 82 216 384 1,706 562 289 101 231 258 460 342 113 293 December ... 8,127 1,557 1,568 129 94 211 366 ]1,603 507 238 145 242 237 446 346 122 316 1943—April 8,092 1,512 1,480 87 97 204 371 ,520 475 280 106 408 245 457 344 122 384 M Ju a n y e 7 7 , , 9 6 4 8 9 5 1 1 , , 4 4 8 8 7 3 1 1 , , 4 4 6 4 0 1 9 7 0 9 9 9 8 8 20 7 2 3 3 3 1 7 7 4 1 L 1, , 4 50 8 2 9 4 4 6 6 8 3 2 2 8 9 7 6 1 1 0 0 2 2 3 2 0 2 4 8 2 24 4 5 6 4 44 5 7 4 3 3 4 4 4 4 1 12 2 9 6 4 4 1 4 6 0 July 7,615 1,459 1,419 92 97 71 317 ,472 455 296 107 225 244 443 344 132 442 August 7,580 1,463 1,400 81 100 69 317 ,452 447 284 111 225 242 441 344 136 468 September... 7,557 1,460 1,383 130 99 67 317 1,431 437 269 148 222 237 433 345 136 443 October 7,487 1,432 1,366 127 100 66 317 ],406 423 251 189 228 232 427 345 140 438 November... 7,459 1,427 1,354 116 99 65 318 ,381 412 240 215 278 229 421 345 136 423 December... 7,444 1,413 1,338 110 101 65 318 ,358 403 243 235 330 226 416 347 136 405 1944—January 7,410 1,393 1,318 115 103 64 319 ,332 394 242 238 378 224 416 347 141 386 February 7,411 1,393 1,300 114 107 63 319 ,315 389 253 221 409 227 417 348 142 394 March 7,366 1,379 1,279 99 110 62 319 ,290 381 301 197 408 231 419 349 142 400 SELECTED ASSET ITEMS, OTHER THAN INTERAGENCY ITEMS Lo F a i n n s a b n y c e R C e o co rp n o s r tr a u ti c o t n ion Preferred stock held Acco r u e n ce ts i v a a n b d le o s ther Property held for sale End of month Loans Recon- Home Fed. land Com- Recon- Com- Home to fi- Loans struc- Owners' banks and modity struction War modity Owners' 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—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......... L,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... L.427 134 405 888 341 63 88 174 533 734 522 6,231 873 111 94 December ... l|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 March 1,379 113 392 874 325 47 70 153 607 656 724 6,915 757 66 91 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 1,927 million dollars on Mar. 31, 1944. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation! Construction Y m ea o r nt a h nd ' ( . 1 m I v = n 9 p a 3 e c a l o 5 n 1 u y - m 0 t e - 3 s 0 ) e 9 1 Tota In l (p d h u y 1 s 9 t s r i 3 i c 5 a a - D l l 3 9 u p v f M r a r o - = o c l a t u d u n 1 u m r u 0 N c e d e 0 - o t u s ) i n r o 3* - - n M er i a n l - s To a t w a 1 l a 9 c r 2 d 3 o e R - n d 2 t d i t e e 5 a r n s a ( l i - = v - c a ts l 1 u 0 o e 0 A t ) h 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 1 r 9 F t o 3 1 o a l 0 9 r c l y 0 - s = 4 F c 1 a = r 9 i r e n 3 l i o g 5 1 g a s - 0 h 3 * d 0 t 9 - D 1 e 9 m s ( s u p 3 t v a e e • 5 a o a l ) n • - r r l e * t 3 t - e s 5 1 9 - 00 p W m r c = i 1 h s o o c 9 a o d m e 1 2 l l e i s 0 6 e - 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 justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 106.8 106.2 120 83 138.6 124.5 1920 75 93 60 83 63 30 90 107.2 127.1 129 99 154.4 143.2 1921 58 53 57 66 56 44 65 82.1 82.0 110 92 97.6 127.7 1922 73 81 67 71 79 68 88 90.8 88.0 121 94 96.7 119.7 1923 88 103 72 98 84 81 86 103.9 111.6 142 105 100.6 121.9 1924 82 95 69 89 94 95 94 96.5 104.1 139 105 98.1 122.2 1925 90 107 76 92 122 124 120 99.9 109.7 146 110 103.5 125.4 1926 96 114 79 100 129 121 135 101.8 113.1 152 113 100.0 126.4 1927 95 107 83 100 129 117 139 99.6 111.0 147 114 95.4 124.0 1928 99 117 85 99 135 126 142 99.7 112.3 148 115 96.7 122.6 1929 122.9 110 132 93 107 117 87 142 106.0 106.1 119.8 152 117 95.3 122.5 1930 109.1 91 98 84 93 92 50 125 98.1 92.5 96.9 131 108 86.4 119.4 1931 92.3 75 67 79- 80 63 37 84 88.3 78.2 73.5 105 97 73.0 108.7 1932 70.6 58 41 70 67 28 13 40 77.6 66.4 50.7 78 75 64.8 97.6 1933 68.9 69 54 79 76 25 11 37 78.6 73.5 54.4 82 73 65.9 92.4 1934 78.7 75 65 81 80 32 12 48 86.3 85.8 70.0 89 83 74.9 95.7 1935 87.1 87 83 90 86 37 21 50 90.1 91.4 80.4 92 88 80.0 98.1 1936 101.3 103 108 100 99 55 37 70 96.8 99.1 93.0 107 100 80.8 99.1 1937 107.7 113 122 106 112 59 41 74 102.7 108.7 111.2 111 107 86.3 102.7 1938 98.5 89 78 95 97 64 45 80 95.1 91.0 85.1 89 99 78.6 100.8 1939 r105.4 109 109 109 106 72 60 81 100.0 100.0 100.0 101 106 77.1 99.4 1940 r113.5 125 139 115 117 81 72 89 r104.7 107.5 114.5 109 114 78.6 100.2 1941 r138.0 162 201 142 125 122 89 149 r117.5 132.1 167.5 130 133 87.3 105.2 1942 r173.6 199 279 158 129 166 82 235 r126.7 152.3 242.3 138 149 98.8 116.5 1943 P2U. 7 p360 P132 68 40 92 r130.7 168.7 316.4 137 168 103.1 123.6 1940 October.... 116.2 132 137 156 119 114 95 85 103 107.0 112.0 114.8 126.9 111 114 78.7 100.2 November.. 117.3 136 138 159 123 119 111 87 130 108.7 114.6 116.0 127.5 116 120 79.6 100.1 December.. r119.9 140 139 166 126 119 115 90 136 110.0 116.8 117.4 134.1 117 120 80.0 100.7 1941 January 121.3 143 139 172 127 120 103 . 84 117 110.8 118.8 116.9 132.6 120 118 100.8 February... r124.1 147 144 178 131 119 99 76 118 111.9 120.9 120.0 140.3 122 122 80.6 100.8 March r126.2 152 149 184 133 126 94 74 109 113.4 122.9 122.7 145.9 127 124 81.5 101.2 April 129.3 149 149 186 137 96 103 80 121 113.5 126.3 125.8 150.2 112 128 83.2 102.2 May 134.6 160 160 198 142 121 101 88 111 116.2 129.8 128.6 161.3 129 132 84.9 102.9 June 139.9 164 165 203 144 127 117 101 129 117.8 133.3 132.0 170.5 131 131 87.1 104.6 July 142.0 166 165 208 144 126 139 115 158 119.5 136.6 135.5 172.0 132 138 88.8 105.3 August 144.8 167 170 209 146 128 152 112 184 120.6 137.8 138.4 178.8 136 157 90.3 106.2 September.. r145.3 169 174 212 146 132 161 105 206 121.2 138.8 141.2 184.8 134 140 91.8 108.1 October r146.8 172 176 219 148 134 145 87 192 121.5 139.5 141.8 190.2 134 128 92.4 109.3 November.. 148.1 174 175 220 151 133 138 74 189 121.9 139.9 141.3 188.6 137 138 92.5 110.2 December.. r153.7 176 173 225 150 133 123 69 167 121.5 140.6 141.1 195.1 138 136 93.6 110.S 1942 January.... r156.2 181 177 235 152 133 118 82 147 122.1 141.6 139.8 200.7 140 158 96.0 112.0' February... r158.7 183 180 241 153 133 128 100 151 122.5 143.2 142.3 208.2 138 145 96.7 112.9' March 160.7 186 182 250 153 126 125 95 149 123.2 144.8 144.3 215.1 138 150 97.6 114.3. April 164.7 189 187 257 154 125 128 82 165 124.3 147.0 146.3 221.4 138 143 98.7 115.1 May r166.9 191 192 264 153 126 158 76 226 125.1 148.7 148.0 228.7 136 135 98.8 116.0 June r171.2 193 195 272 152 127 193 76 288 125.9 150.8 149.9 234.5 134 134 98.6 116.4 July 174.2 197 199 278 154 126 206 74 313 127.1 153.2 153.4 242.7 137 145 98.7 117.0 August r178.1 204 207 290 158 130 182 65 278 128.6 155.8 157.1 254.8 140 152 99.2 117.5 September.. r181.1 208 213 299 161 131 179 70 268 129.1 157.4 159.6 261.8 140 150 99.6 117.8 October r185.8 215 218 311 165 129 185 83 269 130.0 159.6 160.7 270.9 140 158 100.0 119.0 November.. r191.4 220 220 319 168 130 198 90 286 130.5 161.5 161.9 280.4 136 159 100.3 119.8 December.. r194.9 223 221 328 169 127 175 91 243 131.4 164.2 164.5 287.9 135 157 101.0 120.4 1943 January r197.7 227 224 337 171 125 145 79 198 131.6 165.8 164.8 290.9 135 164 101.9 120.7 February... r202.4 232 229 344 174 131 102 56 140 131.6 167.4 166.4 297.5 139 192 102.5 121.0 March r206.0 235 232 351 174 133 85 42 119 132.0 168.1 167.6 304.5 138 163 103.4 122.8 April r208.3 237 236 356 175 131 63 33 87 131.4 168.4 167.7 309.7 136 159 103.7 124.1 May r209.3 239 239 359 176 129 52 31 68 130.9 167.9 167.2 313.5 135 158 104.1 125.1 June r212.1 237 238 358 177 117 45 32 55 131.0 169.0 168.8 317.1 127 167 103.8 124.8 July r213.4 240 241 360 177 134 60 36 80 131.4 169.7 169.8 315.6 141 171 103.2 123.9 August r215.2 242 245 365 178 135 59 35 79 130.9 169.6 170.8 322.2 140 165 103.1 123.4 September.. r215.2 244 248 368 179 138 65 35 89 130.1 168.3 170.1 328.0 140 162 103.1 123.9 October r217.5 247 249 374 179 136 49 34 61 130.1 170.1 170.5 332.6 137 173 103.0 124.4 November.. r220.8 247 247 376 180 133 60 37 78 130.2 170.9 171.0 336.5 139 181 102.9 124.2 December... r222.9 241 239 365 174 137 61 < 35 81 130.1 169.1 169.4 328.2 144 165 103.2 124.4 1944 January r226.4 243 240 r369 176 139 55 29 76 130.0 "167.8 "166.9 327.9 145 174 103.3 124.2 February r231.1 244 241 368 177 142 45 21 64 129.6 166.9 165.9 '327.5 143 176 103.6 123.8 March 230.2 241 238 364 174 139 40 17 59 128.7 164.2 163.7 324.5 140 185 103.8 123.8 April ^229.6 ^239 2*237 ^360 *>36 ni 4^161.9 '161.2 138 173 103.9 124.5 May 139 e103.9 * Average per working day. p Preliminary. r Revised. 8 Estimated. 1 Department of Commerce series on value of payments to individuals. 2* Froorr iinnddeexxeess bbyy ggrroouuppss oorr iinndduussttrriieess,, sseeee pppp.. 559944--559977.. 3 Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 601 of this BULLETIN. 4 The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and cost of living are compiled by or based on data of the Bureau of Labor Statistics. Figures prior to 1939 for factory employment and pay rolls and nonagricultural employment are adjusted for level through 1937; the 1938 figures and the 1939 base period averages applied to earlier data are preliminary. Figures since 1939 are adjusted to Social Security data. Nonagricultural employment covers employees only and excludes personnel in the armed forces. 5 Revised series; see pp. 542-561 of this BULLETIN. For other department store data, see pp. 603-605. Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984; for factoryemployment and payrolls, October 1938, pp. 839-866, February 1941, p. 166, and January 1943, p. 13; for department store sales, see pp. 549-561 of this BULLETIN. JUNE 1944 593 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjusted jot Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1943 Industry Mar. Apr. May June July Aug. Sept. Oct. Nov. DecJan. Feb. Mar. Apr Industrial Production—Total. 235 237 239 237 240 242 244 247 247 241 243 244 241 P239 Manufactures—Total 253 256 258 25$ 259 261 263 266 268 260 262 262 259 V2S7 Durable Manufactures 351 356 359 358 360 365 368 374 376 365 r369 368 364 Iron and Steel. 210 209 208 201 204 210 214 215 210 200 208 212 214 p213 Pig iron 202 198 196 190 191 202 205 202 200 198 202 207 206 206 Steel 234 235 233 227 230 236 239 242 236 222 231 236 238 236 Open hearth. 188 186 184 177 181 185 190 191 186 178 186 188 191 192 Electric 559 580 584 583 577 598 593 607 592 536 r554 r578 r57O 549 Machinery 436 441 443 441- 440 445 451 458 463 453 •A61 460 452 Manufacturing Arsenals and Depots1. Transportation Equipment 692 717 729 743 754 762 780 786 "63 r754 r747 734 Automobiles. . 204 206 211 215 220 232 239 247 248 240 r244 r238 233 P229 (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1 Nonferreus Metals and Products.. 260 259 264 262 256 264 277 286 289 277 285 285 286 Smelting and refining 255 262 270 276 278 279 294 303 308 307 297 299 297 p288 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 257 262 257 247 258 270 279 282 266 280 r280 281 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)J Lumber and Products. 129 130 133 128 128 130 129 128 136 137 133 r131 129 P128 Lumber 119 121 126 118 118 119 118 115 127 131 125 122 119 Furniture.. 149 149 147 148 148 152 149 152 152 150 148 r150 149 p146 Stone, Clay, and Glass Products.. 175 175 175 175 173 173 168 171 168 169 168 168 167 P164 Glass products 146 153 159 158 162 162 159 169 165 169 171 172 175 Plate glass 35 39 43 41 45 49 53 47 54 55 54 58 59 59 Glass containers 185 194 200 199 203 202 196 212 204 209 213 212 216 Cement 154 135 130 127 119 114 112 107 98 101 86 88 83 Clay products 142 142 136 139 132 132 125 124 124 122 r129 r131 130 "128 Gypsum and plaster products.... 202 204 203 204 198 203 194 194 196 192 203 r199 194 Abrasive and asbestos products.. 308 313 320 325 326 327 321 326 329 319 319 r312 308 Other stone and clay products1.. Nondurable Manufactures .. 174 175 176 177 177 178 179 179 180 174 176 177 174 PI74 Textiles and Products. 158 157 159 155 148 145 150 152 152 143 149 152 151 P152 Textile fabrics 149 147 149 146 139 136 141 143 142 133 140 142 141 Cotton consumption 166 166 169 160 153 147 156 156 153 142 150 151 150 151 Rayon deliveries 181 181 185 183 183 177 181 186 191 189 186 187 191 197 Nylon and silk consumption1.. Wool textiles 163 157 158 160 146 150 151 154 154 142 154 159 155 Carpet wool consumption.. 40 38 32 30 24 33 29 37 39 36 42 r42 46 Apparel wool consumption. 228 214 222 226 207 210 206 201 205 186 210 r219 215 Woolen and worsted yarn.. 181 173 177 181 164 168 172 173 172 159 173 177 171 Woolen yarn 187 179 181 186 168 176 178 175 176 161 176 r181 173 Worsted yarn 172 165 171 174 159 158 163 171 166 156 168 r171 167 Woolen and worsted cloth.. 182 177 177 179 164 166 169 172 171 160 170 178 171 Leather and Products 119 112 110 110 105 108 112 PU2 Leather tanning 120 122 122 114 111 106 105 104 98 97 103 105 107 Cattle hide leathers 128 131 132 122 116 109 107 102 101 98 107 110 113 Calf and kip leathers 92 91 92 86 85 80 81 76 67 68 70 76 79 Goat and kid leathers 93 90 90 86 84 82 88 95 90 83 83 84 86 Sheep and lamb leathers... 160 166 164 162 169 174 164 173 146 162 r166 r161 155 Shoes 115 117 115 114 112 114 114 114 109 105 112 116 114 Manufactured Food Products.... 143 142 143 144 146 145 146 146 153 151 154 160 V158 155 Wheat flour 118 109 97 102 103 110 111 117 128 128 r139 114 ?113 Cane sugar meltings1 125 Manufactured dairy products. p137 P143 ^140 ^146 Butter 108 106 103 106 104 96 95 87 88 86 88 90 95 Cheese 147 147 145 150 154 150 150 144 143 147 149 146 151 Canned and dried milk 145 149 150 161 171 157 154 137 132 131 132 139 156 Ice cream Meat^ packing 151 147 162 159 186 182 178 168 185' 173 187" 215 '202' 198 Pork anndd lard 183 187 216 222 260 241 221 193 221 206 234 291 270 266 Beef 127 112 111 96 110 119 130 135 145 139 144 149 143 136 Veal 74 62 60 63 73 109 131 151 150 121 104 94 96 107 Lamb and mutton. 107 111 123 119 140 154 161 173 166 158 135 112 110 109 T Revised. v Preliminary. 1 Series included in total and group indexes but not available for publication separately. 594 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 == 1001 1943 1944 Industry Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Manufactured Food Products—Continued Other manufactured foods 146 146 '147 146 145 144 144 146 150 153 156 158 161 PI 60 Processed fruits and vegetables 125 129 130 130 126 128 127 135 135 142 140 143 158 O C t o h nf e e r c f t o i o o d n e p r r y oducts . 1 1 4 5 5 2 1 1 4 5 9 3 1 1 5 5 1 2 144 1 15 3 2 4 1 1 2 5 3 2 1 1 2 5 0 2 1 1 2 5 0 3 1 15 2 9 3 1 1 5 3 9 4 1 16 3 3 4 1 1 6 3 5 8 1 1 5 6 1 4 j P1 >1 5 6 3 3 150 Alcoholic Beverages 112 104 96 106 HI 135 130 141 143 131 126 137 123 106 W M h a i l s t k l e i y quor ... ... 13 0 3 12 0 4 11 0 3 127 12 0 7 13 0 1 16 0 4 15 0 5 16 0 9 17 0 2 16 0 0 14 0 8 16 0 7 14 0 6 Other distilled spirits 35 31 21 0 23 40 77 90 62 42 46 40 33 39 Rectified liquors .. 157 141 139 12424 144 157 156 158 178 189 162 182 173 172 Industrial Alcohol from Beverage Plants1 Tobacco Products 129 132 123 124 134 136 134 139 148 143 125 119 123 126 Cigars 93 103 104 102 99 96 101 100 101 90 86 92 92 89 Cigarettes 159 160 144 149 166 169 165 173 186 181 155 145 154 161 Other tobacco products 89 86 85 78 84 92 87 93 100 99 87 79 73 73 Paper and Paper Products.... 141 141 142 140 135 143 143 140 140 132 136 138 137 Paper and pulp 139 138 140 136 133 141 140 138 137 131 134 135 134 Pulp 148 150 154 143 141 153 150 153 147 142 147 148 148 Groundwood pulp 103 101 104 106 111 115 112 112 103 107 106 105 108 Soda pulp 94 93 92 84 87 93 93 93 93 103 96 r98 93 Sulphate pulp 203 204 211 184 193 214 211 213 212 196 213 212 205 Sulphite pulp 140 144 147 142 131 139 134 141 131 127 130 133 137 Paper 138 136 137 135 132 139 138 135 136 129 132 133 132 Paperboard 150 150 150 152 143 151 155 148 151 135 144 148 147 "152' Fine paper 129 130 133 123 126 135 124 127 126 116 119 121 120 Printing paper 126 124 122 122 117 126 125 124 122 122 119 119 116 Tissue and absorbent paper 174 167 168 176 158 169 174 163 160 163 156 r151 153 Wrapping paper 127 125 130 118 127 130 126 128 130 127 129 133 128 Newsprint m 90 88 89 91 91 90 88 83 86 83 79 74 77 Paperboard containers (same as Paperboard).. Printing and Publishing 112 113 112 112 111 115 HI 110 106 105 104 102 100 p100 Newsprint consumption 97 101 102 102 105 103 97 96 90 89 89 85 83 84 Printing paper (same as shown under Paper) Petroleum and Coal Products... 166 171 173 177 182 193 202 207 213 219 226 r229 232 Petroleum refining 166 171 174 180 185 196 206 212 221 226 234 r238 241 Gasoline 99 101 104 109 109 116 122 122 123 123 125 128 P128 Fuel oil . 137 144 137 138 145 153 156 151 159 159 159 161 163 Lubricating oil 118 114 116 120 121 123 123 134 137 120 128 126 130 Kerosene. 118 121 122 126 118 107 115 113 117 120 132 124 130 Other petroleum products1. Coke 169 169 166 157 162 170 "in" 169 163 "l72' "174' 176 174' By-product coke 158 159 157 152 153 159 158 155 161 164 166 165 Beehive coke 551 519 481 318 453 523 161 535 459 519 496 503 488 ^467 Chemical Products 370 382 389 399 402 404 538 397 390 365 364 r359 340 p337 Paints 126 129 130 135 139 140 395 138 140 137 140 140 140 pl39 Soap 124 124 122 123 120 124 123 120 129 131 133 134 133 p137 Rayon 204 210 214 213 222 223 213271 225 223 226 226 229 233 p235 Industrial chemicals 341 350 356 366 371 382 383 396 398 394 405 406 402 H02 Explosives and ammunition1 Other chemical products1 Rubber Products 222 222 224 230 229 227 231 234 241 240 r242 r244 242 Minerals—Total... 133 131 129 117 134 135 138 136 133 137 r139 r142 139 p139 Fuels !. . . 133 131 129 115 136 137 140 138 134 140 142 145 141 p142 Coal 154 146 139 97 150 148 150 141 125 147 153 158 148 Bituminous coal 161 151 143 103 155 153 155 144 131 156 161 162 155 p155 Anthracite 128 129 124 74 129 128 129 127 102 114 119 143 123 Crude petroleum 122 124 125 124 128 131 136 137 139 136 137 139 137 P138 Metals 131 130 129 128 128 123 124 123 r124 124 r124 r127 126 p124 Metals other than gold and silver 188 189 186 187 188 184 188 187 187 186 r185 190 189 Iron ore. P223 *>223 ^223 ?223 P223 P223 p223 2*223 (Copper* Lead* Zinc)1 G Si o l l v d er . ... 4 7 5 7 4 7 3 5 4 7 2 7 3 8 7 3 3 8 4 7 2 8 8 0 2 7 7 0 2 7 6 2 r 2 7 7 9 r 2 7 8 6 r 3 7 1 3 V 3 7 1 3 r Revised p Preliminary. x Series included in total and group indexes but not available for publication separately. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. JUNE 1944 595 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 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Industrial Production—Total.... 232 236 239 238 241 245 248 249 247 239 240 241 238 P237 Manufactures—Total 251 255 258 259 260 264 267 269 268 258 259 259 257 P255 Durable Manufactures ... 350 356 360 359 361 366 370 375 376 364 r367 r366 363 P360 Iron and Steel 210 209 208 201 204 210 214 215 210 200 208 212 214 213 Pig iron . 202 198 196 190 191 202 205 202 200 198 202 207 206 206 Steel 234 235 233 227 230 236 239 242 236 231 236 238 236 Open hearth 188 186 184 177 181 185 190 191 186 178 186 188 191 192 Electric ... 559 580 584 583 577 598 593 607 592 536 r554 r578 r57O 549 Machinery 436 441 443 441 440 445 451 458 463 453 461 460 452 P445 Manufacturing Arsenals and Depots1 Transportation Equipment 692 717 729 743 754 762 764 780 786 763 r754 r747 734 P724 Automobiles 204 206 211 215 220 232 239 247 248 240 r2U r238 233 P229 (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1 Nonferrous Metals and Products .. 260 259 264 262 255 264 277 286 289 278 285 285 286 Smelting and refining 255 262 270 275 277 279 294 303 309 307 297 299 297 *>288 (Copper smelting, Lead refining, Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating "262 "257 "262 "257 "247 "258 "270 "279 "282 "266 280 •'286 "281 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Tin consumption)1 Lumber and Products .. 123 130 136 135 135 137 136 133 133 126 121 r122 124 P127 Lumber 110 120 130 128 128 130 129 124 124 114 107 107 110 p\n Furniture .. 149 149 147 148 148 152 149 152 152 150 148 150 149 Stone, Clay, and Glass Products . 168 172 180 177 173 179 174 178 172 164 161 r161 163 P160 Glass products 146 153 169 157 156 168 162 174 166 158 168 167 175 Plate glass 35 39 43 41 45 49 53 47 54 55 54 58 59 ""59 Glass containers 185 194 214 197 195 210 200 218 206 195 208 205 216 Cement 126 128 137 136 131 129 130 124 106 92 70 67 68 Clay products 136 138 136 137 132 135 129 131 129 126 121 125 125 P\2S Gypsum and plaster products 196 202 205 208 198 204 198 199 198 196 196 192 188 Abrasive and asbestos products 308 313 320 325 326 327 321 326 329 319 319 r312 308 Other stone and clay products1 Nondurable Manufactures . 171 173 175 178 178 181 184 183 181 172 172 173 171 p\n Textiles and Products 158 157 159 155 148 145 150 152 152 143 149 152 151 P152 Textile fabrics 149 147 149 146 139 136 141 143 142 133 140 142 141 Cotton consumption 166 166 169 160 153 147 156 156 153 142 150 151 150 151 N Ra y y lo o n n a d n e d li v s e il r k ie s consumption1 181 181 185 183 183 177 181 186 191 189 186 187 191 197 Wool textiles 163 157 "158 " 160 " 146 150 151 154" ' 154 142 154 "l59 155 Carpet wool consumption 40 38 32 30 24 33 29 37 39 36 42 r42 46 Apparel wool consumption 228 214 222 226 207 210 206 201 205 186 210 r219 215 Woolen and worsted yarn 181 173 177 181 164 168 172 173 172 159 173 177 171 Woolen yarn 187 179 181 186 168 176 178 175 176 161 176 181 173 Wroo W le o n r s a t n e d d w ya o r r n sted cloth 1 1 7 8 2 2 1 17 6 7 5 1 17 7 7 1 1 1 7 7 4 9 1 1 5 6 9 4 1 1 5 6 8 6 1 16 6 9 3 1 1 7 7 1 2 1 1 6 7 6 1 1 1 5 6 6 0 1 1 7 6 0 8 1 1 7 7 1 8 1 1 6 7 7 1 Leather and Products ... 117 118 118 113 110 110 110 110 106 101 108 114 112 PI 12 Leather tanning 119 121 122 112 105 105 103 104 101 96 103 113 106 Cattle hide leathers 128 131 132 117 109 105 105 103 105 98 109 119 113 Calf and kip leathers 90 88 88 88 84 84 80 78 69 66 69 79 77 Goat and kid leathers 93 93 88 86 83 80 89 95 87 83 83 88 85 Sheep and lamb leathers 155 162 177 160 157 180 161 173 155 154 154 177 150 Shoes 115 117 115 114 112 114 114 114 109 105 112 114 .116 P\\6 Manufactured Food Products 128 130 137 144 155 164 165 156 154 147 144 143 142 P144 W Ca h n e e a t s u fl g o a u r r meltings1 116 105 93 98 102 109 121 124 129 126 r139 127 111 ^108 Manufactured dairy products "p\\s "p'm "^203 "P206 "^120 "^103 '"^83 '^113 Butter • 98 108 133 146 127 106 91 75 67 68 73 79 86 Cheese 132 153 194 213 189 167 153 130 107 106 110 120 136 Canned and dried milk 142 168 208 223 198 161 142 111 95 101 107 125 153 Ice cream Meat packing 140 "l36 " ' 162 "l58 " ' 170" ' 154 160 168 "206 "205 "225 207 187 183 Pork and lard 171 170 210 222 229 185 175 18 259 271 307 285 251 242 Beef 11 94 11 120 140 147 150 139| 147 137 130 128 Veal . 69 6 62 63 73 107 144 172 160 113 83 90 105 Lamb and mutton 105 10 126 11 134 15 173 180 166 155 143 113 108 105 T Revised. p Preliminary 1 Series included in total and group indexes but not available for publication separately. 596 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 Mar. Apr. May une uly Aug. Sept. Oct. Nov Jan. Feb. Mar. Apr Manufactured Food Products—Continued Other manufactured foods 130 130 133 137 151 168 172 163 156 149 143 143 Processed fruits and vegetables 69 79 84 100 164 243 249 174 125 111 91 90 Confectionery 135 127 117 107 110 133 155 157 145 135 138 139 P127 Other food products 146 143 148 152 155 155 155 161 166 162 157 157 Pi 56 Alcoholic Beverages 105 107 106 127 126 122 138 132 119 120 111 115 127 Malt liquor 123 130 129 161 159 150 166 144 130 137 131 133 153 Whiskey 0 0 0 0 0 0 0 0 0 0 0 0 0 Other distilled spirits 23 19 13 13 13 21 105 234 130 47 30 24 23 157 141 139 144 144 157 156 158 178 189 162 182 172 Rectified liquors Industrial Alcohol from Beverage Plants1 . 123 125 123 128 138 140 141 144 151 114 117 120 Tobacco Products 93 103 104 102 99 96 101 100 101 90 86 92 92 89 Cigars 148 149 144 156 175 177 176 179 190 167 155 136 143 150 Cigarettes 89 86 86 80 84 89 93 99 103 87 85 77 73 173 Other tobacco products 141 141 142 140 134 143 143 140 140 131 136 138 Paper and Paper Products .. 139 139 140 137 132 140 140 138 138 130 134 r136 134 150 152 155 143 140 151 148 152 148 142 r148 r149 149 Paper and pulp 110 112 113 107 99 101 99 104 109 108 111 109 11 Pulp 94 93 92 84 87 93 93 93 93 103 96 r9 93 Groundwood pulp 203 204 211 184 193 214 211 213 212 196 213 21 205 Soda pulp 140 144 147 142 131 139 134 141 131 12 130 133 13' Sulphate pulp 138 137 137 136 131 139 138 135 136 128 r132 r134 132 Sulphite pulp 150 150 150 152 143 151 155 148 151 135 144 148 14 152 Paper 129 130 133 123 126 135 124 127 126 116 119 121 120 Paperboard 126 124 122 122 117 126 125 124 122 122 119 119 116 Fine Paper 174 168 168 180 152 169 174 165 160 158 154 r157 153 Printing paper 127 125 130 118 127 130 126 128 130 127 129 133 128 Tissue and absorbent paper 90 89 90 92 89 89 88 83 87 79 74 77 Wrapping paper Newsprint Paperboard containers (same as Paperboard) 114 116 114 111 104 110 112 112 110 101 1*103 Printing and Publishing .. 101 107 106 101 91 93 98 101 98 Newsprint consumption Printing paper (same as shown under Paper). 166 171 173 177 182 193 202 207 213 219 22( 232 Petroleum and Coal Products .. 166 171 174 180 185 196 206 212 221 226 234 24 Petroleum refining 99 101 104 109 109 116 122 122 123 123 125 137 144 137 138 145 153 156 151 159 159 15! Gasoline 117 118 121 120 120 121 123 134 137 118 124 Fuel oil 120 124 124 119 110 102 114 113 120 124 134 Lubricating oil O K t e h ro er s e p n e e troleum products1 1 1 5 6 8 9 1 1 5 6 9 9 1 1 6 5 6 7 1 1 5 5 2 7 1 15 6 3 2 1 15 7 9 0 1 1 7 6 1 1 6 5 9 8 " 1 1 5 6 5 3 1 1 7 6 2 1 Coke By-product coke 551 519 48 318 453 523 53 535 459 519 P467 Beehive coke 372 384 38) 396 398 400 39 400 392 367 P338 Chemical Products Paints 12f 130 134 139 13 139 13 138 138 137 PI 40 Soap 124 12 119 120 119 126 12 12 130 131 7*134 Rayon 204 21 214 213 22 223 22 22 223 226| p235 Industrial chemicals .... 34 35 356 366 37 38 38 39 398 394 Explosives and ammunition1 Other chemical products1 22. 22 22 230 22 22 23 234 241 240 r24< F237 Rubber Products 127 127 132 121 140 140 143 140 132 132 r13t p138 Minerals—Total ... 13 13 12 lh 13 13 14 13 134 140 14: Fuels 15 14 13 9 15 14 15 14 125 147 15! PI 50 Coal 16 15 14 10 15 15 15 14 131 156 16: PI 55 Bituminous coal 12 12 12 7 12 12 12 12 102 114 14, PI 29 Anthracite 12 12 12 12 12 13 13 13 139 136 p138 Crude petroleum Metals .. 9 10 14 15 16 16 16 14 116 87 P112 Metals other than gold and silver .. . 12 14 22 24 25 24 24 22 170 121 P166 Iron ore 7 13 29 34 36 36 35 31 182 83 (Copper; Lead; Zinc)1 Gold ... • i 28 Silver 7 7 7 8 8 7 7 r80 r75 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. JUNE 1944 597 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 1944 Mar. Apr. Dec Jan. Feb. Mar. Apr, Feb. Mar. Apr. Dec. Jan. Feb. Mar Total ,...., 167.6 167.7 169.4 r166.9 165.9 163.7 161.2 297.5 304.5 309.7 328.2 327.9r327.5 324.5 Durable goods 224.3 225.6 232.7 r229.8 r228.2 225.0 221.5 410.6 421.0 430.4 461.2 r461.8 r459.9 454.9 Nondurable goods 122.9 122.0 119.5 r117.3 116.9 115.4 113.6 186.9 190.7 191.7 198.4 r196.9 r198.1 196.9 Iron and Steel and Products 174.1 174.4 175.1 173.6 172.9 170.6 168.2 291.2 297.6 301.7 316.7 317.9 318.- 314.1 Blast furnaces, steel works, etc 135 135 130 128 128 126 212 215 217 223 224 225 222 Steel castings. 281 284 267 267 266 261 476 492 500 483 488 487 478 Tin cans and other tinware 92 95 106 106 111 112 138 142 149 175 180 186 186 Hardware 124 125 134 133 134 132 227 232 239 266 270 266 271 Stoves and heating equipment 115 114 136 136 136 134 184 190 189 246 253 253 255 Steam, hot-water.heatingapparatus.... 195 196 198 197 194 190 336 341 360 369 350 366 357 Stamped and enameled ware 154 158 168 164 163 163 263 278 293 332 322 329 326 Structural and ornamental metal work. 198 198 209 210 211 208 343 350 355 397 411 415 417 Forgings 263 264 264 265 263 257 495 503 505 521 r525 528 515 Screw machine products 295 294 290 286 285 283 533 545 544 562 564 562 550 Electrical Machinery 267.4 268.4 289.8 288.7 290.4 289.4 286.1 441.6 453.7 454.7 500.0 509.7 512.7 513.2 Machinery, except Electrical 233.3 234.1 238.0 r236.5 r234.1 230.7 226.9 410.0 417.7 422.3 440.5 r445.3 r438.0 432.8 Machinery and machine shop products. 239 241 247 246 244 239 413 422 429 r443 r455 r447 441 Tractors 157 157 187 189 r191 192 239 239 243 289 298 r300 301 Agricultural, excluding tractors 124 126 154 159 162 166 215 228 238 295 309 322 332 Pumps 307 312 340 r345 r347 345 602 614 633 709 r744 r742 732 168 161 302 307 287 Refrigerators 149 150 167 159 237 250 244 283 Transportation Equipment, except Autos... 1,378.1,399.3 1,460.5 1,434.2 ,1422.2 ,394.3 ,371.8 2,486.5,583.32,692.9 2,901.1,859.92,854.5 2,819.1 186.7 r183.6 176.7 334.4 351.1 r341.0 Automobiles —.,.. 161.4 162.3 188.6 180.1 282.2 283.9 286.7 335.4 Nonferrous Metals and Products 1 19 7 1 8.8 1 19 7 5 9.2 2 1 1 8 7 3.3 1 21 8 3 1.8 2 1 0 8 7 0.0 2 1 0 7 2 7.1 173.1 3 3 0 0 2 8.6 3 31 1 3 2.1 3 32 1 9 8.5 3 3 8 3 5 5.4 3 3 7 3 8 7.8 3 37 3 1 5.7 3 3 6 3 5 0.0 Primary smelting and refining 124 123 126 126 124 124 240 238 236 244 250 253 253 Clocks and watches 112 113 128 128 128 124 187 192 198 223 226 229 223 Lighting equipment Lumber and Timber Basic Products 114.0 114.1 107.9 103.8 103.3 102.8 101.2 173.7 179.4 186.2 188.6 175.9 182.0 182.9 Sawmills _ 91 91 86 82 82 81 139 144 151 151 139 146 147 Planing and plywood mills 113 113 109 107 105 105 167 171 170 179 174 173 174 Furniture and Lumber Products 111.0 109.8 108.9 r108.0 107.3 106.3 104.6 171.1 174.9 177.9 188.9 r185.8 187.9 188.2 Furniture 107 106 105 105 104 103 166 170 172 183 181 184 183 Stone, Clay, and Glass Products 122.0 122.3 119.7 117.3 116.6 115.5 114.4 179.2 181.9 185.3 192.2 187.7 188.9 189.4 Glass 123 124 132 132 132 133 174 176 181 207 207 208 211 B C r e i m ck e , n t t . ile, and terra cotta 1 9 0 3 6 1 9 0 2 4 8 8 8 2 79 8 7 0 4 • 7 7 8 2 1 1 3 3 9 6 1 1 3 3 7 4 1 14 3 1 8 1 12 2 6 7 1 1 1 2 0 0 1 1 0 2 6 4 1 12 0 1 4 Pottery and related products 136 134 127 r124 127 127 186 189 193 185 r177 r188 193 Textile-Mill and Fiber Products 111.1 109.6 103.9 101.7 101.i 100.7 98.8 181.1 182.4 181.2 175.9 171.9 174.3 173.9 Cotton goods except small wares 127 126 120 116 116 115 217 217 217 207 199 202 202 Silk and rayon goods 82 81 79 78 78 78 132 134 135 139 136 139 138 Woolen and worsted manufactures... • 117 115 108 106 107 106 207 208 205 198 197 199 200 Hosiery • 77 75 71 70 70 69 108 111 108 110 107 110 109 Knitted underwear 114 112 102 100 99 98 184 184 185 177 r175 175 174 Dyeing and finishing textiles • 107 104 97 98 97 96 164 163 160 154 155 154 155 Carpets and rugs, wool • 94 93 82 81 82 81 148 150 147 134 135 137 135 Apparel and Other Finished Textiles • 114.4 112.6 103.2 102.3 102.7 102.3 99.1 167.5 177.5 174.8 163.5 167.5 17 5 A 178.5 Men's clothing, n.e.c. • 111 110 100 99 100 99 159 169 170 157 157 163 167 Shirts, collars, and nightwear • 90 89 79 78 78 78 134 136 139 134 129 133 137 Women's clothing, n.e.c • 93 92 85 84 84 85 137 148 144 133 141 148 153 Millinery 96 91 75 80 86 86 136 144 123 100 114 141 141 Leather and Leather Products..-. 101.9 99.8 90.2 89.3 89.8 90.1 157.4 158.1 155.9 147.2 147.3 r151.6 153.1 Leather 103 100 87 r86 87 87 154 152 151 141 140 145 145 Boots and shoes s.. 91 89 81 80 81 81 143 144 141 133 134 138 139 Food and Kindred Products 107.7 106.5 115.9 112.3 111.4110.1 110.0 150.7 151., 150.3 182.9 179.9 176.6 174.4 Slaughtering and meat packing 138 129 142 143 140 134 185 180 170 239 243 227 212 Flour >..,..,..,. 114 113 120" 121 120 117 169 172 165 196 200 191 184 Baking —, ,... 110 107 114 112 112 112 142 146 143 163 161 161 163 Sugar, beet „.„*......,. 38 40 133 52 36 35 70 57 59 175 76 57 52 Confectionery 117 110 122 119 119 119 164 167 161 190 188 187 191 Beverages, nonalcoholic 115 119 125 122 123 125 126 131 140 156 152 152 156 M Ca a n l n t i l n i g q u a o n rs d preservin . g . „..„ ,....., 1 6 1 0 8 1 6 2 7 1 1 8 3 1 0 1 r 3 71 1 1 r7 3 0 1 1 6 3 7 2 1 11 4 3 4 1 9 4 9 7 1 1 5 1 6 4 1 1 7 4 9 9 1 1 7 3 8 2 1 13 8 3 2 1 12 8 7 6 Tobacco Manufactures ,.... „..,..- 99.9 99.9 96.4 93.6 86.5 138.5 143.3 146.8 161.1 158.2 154.9 146.6 Cigarettes ,. .„ „. „...... 120 124 130 130 129 118 146 149 157 190 190 180 160 Cigars .......... .„... „. „ 91 89 78 75 75 75 136 143 144 143 138 142 143 Paper and Allied Products 118.0 117. 119.. 118., 117.6 116.9 115.6 171.3 173.1 175.5 183.: 183.3 185.. 185.6 Paper and pulp , , ,. 109 108 109 109 108 107 165 166 167 175 173 176 176 Paper goods, n.e.c 131 129 126 126 127 127 178 179 182 185 188 190 193 Paper boxes 119 120 124 121 120 119 167 172 176 186 185 183 183 r Revised. • 1941 and preliminary ita and data for indusirest middle of month and cover wage earners only. 598 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Caf//»« (Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics 1939 = 100] Factory employment Factory pay rolls Industry and group 1944 1943 1944 Mar. Apr. Dec. Jan. Feb. Mar. Apr. Feb. Mar. Apr. Dec. Jan. Feb. Mar. Printing and Publishing 101. 100.6 104.^ r103.3 r103.1 102.5 102.0 121.6 122.3 121.7 134.9 r134.7 r134.7 135.2 Newspaper periodicals 95 96 95 93 93 93' 107 108 110 116 r112 113 114 Book and job 105 101 109 108 108 107 129 128 124 144 r147 147 Chemical and Allied Products 254. 258.3 240.1 230.9 228.2 217.2 212.4 400.9 409.7 423.6 405.5 396.1 390.4 372.5 Paints, varnishes, and colors 103 102 106 105 106 106 140 141 147 159 160 162 164 Drugs, medicines, and insecticides 159 160 178 183 187 190 212 220 225 259 268 274 276 Rayon and allied products 107 107 110 108 108 108 151 154 157 168 169 169 172 Chemicals, n.e.c 162 162 177 176 175 173 250 255 262 294 298 296 294 Cottonseed oil 117 108 143 r134 r125 113 198 181 177 275 r252 r241 215 Fertilizers 162 158 118 125 141 148 229 272 299 227 248 274 305 Products of Petroleum and Coal 115.6 116.0 118.9 118.4 119.8 120.2 120.5 164.9 166.8 174.6 197.3 196.9 201.6 204.1 Petroleum refining 107 108 113 114 115 116 151 154 163 186 185 192 196 Coke and by-products 117 116 108 108 107 106 170 171 172 181 186 182 180 Rubber Products 153. 153.8 166.4 167.1 r167.1 165.7 162.; 238.3 246.2 248.1 285.5 r 293.0 294.3 Rubber tires and inner tubes 153 153 173 174 174 173 229 240 240 287 289 296 299 R R u u b b b b e e r r b g o o o o t d s s , a n o d th s e h r oes 1 1 4 4 0 6 1 1 4 4 7 0 1 1 4 4 7 6 1 14 4 8 4 rl 1 4 4 8 4 1 14 4 6 4 2 2 4 2 1 0 2 22 3 5 9 2 22 4 8 4 2 25 4 5 6 2 2 4 6 9 0 r2 2 6 5 1 3 2 2 5 5 5 8 Miscellaneous Industries 162. 164.9 164.2 162.2 160.3 158.8 157.8 270.6 283.3 290.3 300.1 r301.8 r301.9 301.3 Photographic apparatus 162 162 174 174 172 170 241 250 252 273 111 279 280 Games, toys, and dolls 81 82 85 86 85 134 140 141 150 157 161 160 r Revised. FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors,* 1939 =• 100} 1943 1944 Group Mar Apr. May June July Aug. Sept. Oct. Nov Dec. Jan Feb Mar Apr Total ... , . 168.1 168.4 167.9 169.0 169.7 169.6 168.3 170.1 170.0 169.1 r167 8 166.9 164 9 p 0 Durable 224.7 225.8 225.9 228.3 229.4 230.0 230.0 232.2 23.4.0 232.8 2303 228.8 225 3 .6 Nondurable 123.5 123.2 122.2 122.3 122.6 121.9 119.6 121.1 121.2 118.9 1184 118.1 1160 P Preliminary. r Revised. NOTE.—Indexes based on Bureau of Labor Statistics data. For back figures see p. 14 of January 1943 BULLETIN, 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 1944 1943 1944 Feb. Mar. Nov. Dec. Jan. Feb. Mar. Feb. Mar. Nov. Dec. Jan. Feb. Mar. All Manufacturing.. 44.5 44.7 45.5 44.8 45.2 45.3 45.3 92.4 93.4 99.6 99.5 100.2 100.3 100.6 Durable Goods 46.2 46.4 47.1 r46.6 r46.7 46.7 102.0 103.0 109.7 109.3 '109.9 110.0 110.2 Iron and Steel and Products 45.8 46.1 47.1 46.5 46.9 47.1 46.9 99.9 100.8 105.7 106.1 106.9 106.9 107.1 M El a e c c h tr i i n c e a r l y M E a x c c h e i p n t e r E y lectrical 4 4 6 9 . . 9 6 4 4 7 9. . 7 1 4 4 7 9 . . 1 6 4 4 6 8 . . 2 9 r4 4 9 6. . 9 4 r r4 4 9 6 . . 1 8 4 4 6 9 . . 8 1 1 9 0 4 3 . . 8 0 1 9 0 5 3 . . 4 8 1 9 0 8 9 . . 8 2 1 9 1 9 0 . . 5 1 r r1 1 1 0 0 0 . . 7 3 r1 1 0 1 0 0. . 6 5 1 1 0 1 1 0 . . 0 9 Transportation Equipment Except Automobiles 46.7 46.8 47.6 46.5 46.7 46.9 46.9 115.2 116.4 125.9 124.2 r124.0 r124.7 125.1 Automobiles 46.0 45.7 46.5 44.5 r46.9 r46.3 46.3 121.2 121.7 125.3 124.7 r125.5 "125.5 125.7 Nonferrous Metals and Products 45.9 46.6 47.1 46.3 47.0 r47.0 47.0 98.6 99.0 103.3 103.4 103.8 "104.0 104.3 Lumber and Timber Basic Products 41.9 42.4 43.4 42.8 41.2 r42.9 43.2 68.7 70.0 77.4 76.6 r77.1 r77.O 77.1 Furniture and Finished Lumber Products. 43.6 43.9 44.3 44.2 r43.4 r44.2 44.4 70.6 71.5 78.0 78.2 78.9 79.2 79.6 Stone, Clay, and Glass Products 41.8 42.1 43.5 43.0 42.6 43.2 43.6 82.2 82.8 87.8 87.5 r88.1 87.9 88.2 Nondurable Goods . 42.0 42.3 43.1 42.8 r43.0 43.2 43.2 77.3 78.2 82.9 83.2 r83.8 r84.2 84.6 Textiles—Mill and Fiber Products 41.5 41.6 41.8 41.7 r41.5 41.8 41.9 65.4 65.7 67.7 67.8 68.2 68.6 69.0 Apparel and other Finished Products .. 38.2 38.8 38.1 37.7 38.2 r38.7 38.9 67.3 70.0 74.0 74.3 75.9 77.8 78.9 Leather and Manufactures 40.2 40.4 39.8 40.2 40.5 r41.2 41.4 72.0 72.9 77.0 77.3 r77.4 r77.8 78.2 Food and Kindred Products 42.9 43.4 45.5 45.5 45.8 r45.4 45.4 77.1 77.7 82.9 83.4 83.9 r83.8 83.9 Tobacco Manufactures 38.5 39.5 42.5 42.1 42.1 r41.3 40.9 60.3 61.3 67.3 67.2 r67.5 r67.8 67.9 Paper and Allied Products 44.5 44.9 45.8 45.3 45.2 45.6 45.8 78.1 78.2 81.2 81.7 82.4 r82.8 83.2 Printing, Publishing, and Allied Industrie: 39.5 39.8 40.5 40.4 r40.7 r40.7 40.9 97.1 98.2 102.6 103.9 r104.4 '104.4 104.8 Chemicals and Allied Products 44.6 45.0 45.6 45.1 45.7 45.8 45.7 89.0 89.2 93.2 93.6 r93.9 r93.4 93.7 Products of Petroleum and Coal 42.4 42.6 46.0 46.0 45.6 46.5 46.7 109.2 109.1 114.8 115.3 116.2 116.1 116.8 Rubber Products 44.6 45.1 45.7 44.8 45.2 45.7 45.7 97.7 99.2 106.6 107.0 106.6 107.3 108.7 Miscellaneous Industries 46.0 46.6 46.5 45.6 46.0 r46.2 46.3 84.6 85.5 91.7 92.5 r92.9 93.8 94.2 r Revised. NOTE.—Data based on the classification of the 1939 Census of Manufactures. Back figures are available from the Bureau of Labor Statistics. JUNE 1944 599 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATED EMPLOYMENT IN NONAGRIGULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Thousands of persons] Transporta- Finance, Federai. Year and month Total M t a u n r u i f n a g c- Mining Construction ti p o u n b l a i n c d Trade an s d e r m vi i c sc e e , l- Sta l t o e c , a a l i.d • utilities laneous government 1939 30,353 10,078 845 1,753 2,912 6,618 4,160 3,988 1940 31,784 10,780 916 1,722 3,013 6,906 4,310 4.136 1941 35,668 12,974 947 2,236 3,248 7,378 4,438 4,446 1942 38,447 15,051 970 2,078 3,433 7,263 4,447 5.203 1943 39,728 16,924 891 1,259 3,619 7,030 4,115 5,890 SEASONALLY ADJUSTED 1939—January... 29,553 9,631 883 1,707 2,844 6,487 4,098 3,903 February .... 29,708 9,720 879 1,730 2,849 6,508 4,102 3,920 March 29,768 9,738 875 1,711 2 870 6 523 4 120 3,931 April 29,675 9*836 596 1* 765 2,'876 6*523 4,' 132 3,947 May 29,879 9,830 705 1,786 2,872 6,583 4,137 3,966 June 30,230 9,924 855 1,828 2,905 6,599 4,161 3,958 July.. 30,380 10,017 840 1,811 2,912 6,657 4,169 3,974 August . 30,438 10,067 849 1,800 2,903 6,646 4,181 3,992 September 30,834 10,334 874 1,794 2,935 6,670 4,210 4.017 October 31,147 10,517 917 1,763 2,987 6,702 4,200 4,061 November 31,234 10,640 934 1,681 2,994 6,703 4,188 4,094 December 31,259 10,641 923 1,603 2,990 6,791 4,219 4,092 1940—January 31,082 10,559 923 1,501 2,985 6,792 4,216 4,106 February 31,040 10,528 921 1,465 2,994 6,789 4,240 4,103 March 31,020 10,439 916 1,496 2,990 6,821 4,264 4,094 April 31,047 10,395 908 1,561 2,976 6,822 4,281 4,104 May 31,204 10,402 907 1,641 2 996 6,847 4,293 4 118 June 31,377 10,458 908 1,736 2*. 998 6*865 4*. 300 4^112 July 31,590 10,570 912 1,756 3 009 6,895 4,312 4 136 August 31,840 10,776 914 1,723 3*015 6*936 4*328 4*148 September 32,169 11,017 918 1,758 3,025 6,951 4,341 4,159 October 32,485 11,181 920 1,825 3,041 7,005 4,357 4,' 156 November 32,993 11,409 925 1,971 3,054 7,043 4,395 4,196 December 33,397 11,589 926 2,135 3 076 7 076 4,393 4 202 1941—January..* 33,638 11,720 938 2,243 3*072 7*. 065 4*366 4*, 234 February 33,973 11,934 935 2,256 3 082 7 123 4,374 4 269 March 34,406 12,174 943 2,260 3^131 7*192 4*, 397 4^309 April 34,441 12 456 643 2 133 3 161 7 266 4,438 4 344 May 35,269 12^ 776 949 2*. 176 3*. 224 7*,3O2 4*, 441 4*401 June 35,758 13,032 970 2,239 3,254 7,388 4,441 4,434 July 36,277 13,342 981 2,256 3,292 7,495 4,442 4,469 August . 36,597 13,473 997 2,258 3,330 7,579 4,458 4,' 502 September 36,774 13,580 1,000 2,327 3,331 7,548 4,454 4,534 October 36,892 13,642 1,003 2,295 3,355 7,537 4,472 4,588 November 36,991 13,752 1,004 2,248 3,369 7,526 4,479 4,613 December 36,864 13,748 1,002 2,115 3,367 7,487 4,493 4,652 1942—January 37,057 13,879 996 2,102 3,372 7,481 4,520 4,707 February 37,195 14,041 981 2,090 3,357 7,414 4,491 4,821 March 37,391 14,255 t 976 2,055 3,382 7,331 4,523 4,869 April.. 37,724 14,463 982 2,054 3,402 7,319 4,541 4,'963 May 37 981 14,649 982 2,048 3,419 7,280 4,521 5,082 June 38,204 14,865 981 2,057 3,419 7,206 4,532 5,144 July 38,581 15,143 982 2,077 3,433 7,210 4,520 5,216 August 39,042 15,442 973 2,101 3,448 7,222 4,518 5,338 September 39,171 15,644 962 2,077 3,448 7,227 4,382 5,431 October 39,452 15,798 954 2,136 3,484 7,224 4,330 5,526 November 39,597 16,048 944 2,095 3,503 7,132 4,255 5,620 December. 39,898 16,333 933 2,041 3,525 7,136 4,229 5,701 1943—January 39,934 16,506 927 1,899 3,540 7,133 4,146 5,783 February 39,935 16,682 924 1,734 3,556 7,064 4,146 5,829 March 40,066 16,831 915 1,604 3,574 7,110 4,121 5,911 April 39,891 16,858 908 1,476 3,588 7,006 4,110 5,945 May 39,740 16,837 893 1,358 3,597 6,988 4,102 5,965 June 39,775 16,908 893 1,263 3,620 7,017 4,112 5,962 July 39,876 17 059 888 1,164 3,634 7,061 4,127 5,943 August 39,737 17,097 878 1,082 3,639 7,015 4,110 5,916 September 39,475 17,051 876 1,020 3,633 7,006 4,079 5,810 October 39,486 17,108 869 936 3,671 7,006 4,078 5,818 November 39,526 17,152 859 891 3,683 7,000 4,119 5,822 December 39,479 16,995 863 864 3,687 6,962 4,127 5,981 1944—January 39,454 16,910 862 830 3,720 7,096 4,170 5,866 February 39,347 16 819 862 786 3,780 7 043 4 168 5,889 March 39,073 16*594 852 733 3,779 7,047 4,167 5,901 April... 38,681 16,342 849 707 3,757 6,973 4,148 5,905 UNADJUSTED 1943-April 39,724 16,774 903 1,402 • 3,570 7,041 4,089 5,945 May 39,674 16,753 889 1,385 3,597 6,953 4,102 5,995 June 39,859 16,908 889 1,288 3 656 6,982 4,174 5,962 July 39,921 17,059 888 1,222 3,689 6,920 4,230 5,913 August 39,860 17,182 882 1,169 3,694 6,875 4,172 5,886 September 39,678 17,136 880 1,091 3,688 6,936 4,079 5,868 October. 39,718 17,194 873 1,002 3,689 7,076 4,037 5,847 November 39,847 17,238 863 918 3,683 7,245 4,078 5,822 December 40,197 17,080 867 829 3,669 7,554 4,127 6,071 1944—Tanuarv 38,965 16,825 858 764 3,664 6,919 4,128 5,807 February 38,835 16,735 858 715 3,704 6,867 4,126 5,830 March 38,675 16,511 852 674 3,722 6,920 4,125 5,871 April 38,506 16,260 845 672 3,738 6,959 4,127 5,905 NOTE —Revised seasonally adjusted estimates of the Board of Governors based on revised Bureau of Labor Statistics data released in May 1944. Estimates include all full- and part-time wage and salary workers in nonagricultural establishments employed during the pay period ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, and personnel of the armed forces are excluded. April 1944 figures are preliminary. 6OO FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Nonresidential building Public works Month Total R b es u i i d ld e i n n t g ial Factories Commercial Educational Other a u nd ti li p t u ie b s lic 1943 1944 1943 1944 1943 1944 1943 1944 1943 1944 1943 1944 1943 1944 January.. 350.7 159.2 110.8 41.0 73.1 34.0 7.2 4.1 5.6 8.7 68.2 21.1 85.8 50.3 February 393.5 137.2 93.3 24.9 87.7 29.9 22.7 4.5 4.2 1-0.2 72.7 23.1 113.0 55.1 March 339.7 176.4 71.8 35.2 63.8 48.7 25.2 7.4 4.5 4.4 51.5 19.5 123.0 61.3 April.. 303.4 179.3 79.4 37.8 40.7 33.0 6.6 6.1 5.9 5.4 43.0 25.0 127.7 72.0 May. 234.4 63.3 24.2 9.3 5.3 36.5 95.8 lune. 229.6 61.5 53.7 6.9 7.9 26.3 73.3 July 183.7 71.8 31.9 5.3 4.8 19.9 50.0 August 413.8 67.5 234.8 7.4 4.2 26.4 73.4 September 175.1 54.1 31.1 5.1 5.8 29.0 50.1 October 213.5 69.7 34.5 11.2 5.7 28.9 63.5 November 184.4 58.4 29.0 7.9 3.3 26.9 59.0 December .... 252.2 66.2 62.0 6.0 5.1 45.7 .67.4 Year. 3,274.0 867.8 766.2 120.7 62.4 474.9 981.9 . 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 April March April January 317 351 159 198 316 122 119 35 37 Boston 7,467 5,962 7,567 February 434 394 137 310 364 109 123 30 28 New York 20,956 19,098 26,518 March 611 340 176 473 304 133 138 36 43 Philadelphia 12,484 7,219 17,572 April 499 303 355 253 144 50 Cleveland 13,589 14,413 26,446 May 674 234 569 192 105 42 Richmond . 41,081 27,238 37,278 J une 1,190 230 1,105 183 85 46 Atlanta 22,953 20,591 41,248 luly 944 184 876 122 68 61 Chicago 28,630 29,530 42,072 August 721 414 633 351 88 62 St. Louis 7,714 7,500 36,411 September... 723 175 661 120 62 56 Minneapolis 3,218 3,943 5,591 October .... 780 214 710 157 71 56 Kansas City 8,329 18,683 25,285 November. .. 654 184 592 135 62 50 Dallas 12,865 22,206 37,383 December ... 709 252 664 198 45 54 Total (lldistricts).. 179,286 176,383 303,371 Year 8,255 3,274 7,146 2,695 1,109 579 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION INSURED FHA HOME MORTGAGES (TITLE II) HELD IN [In millions of dollars] PORTFOLIO, BY CLASS OF INSTITUTION [In millions of dollars] Title I Loans Mortgages on Year or month Total p P m e r i r o m r o e t v n y - p e t - - S h s c t t o m i o r o m u n a n c - l e l - f h 1 ( a o - T m I u t i I o t s i ) l l e e y s 4- h R o ( g T e u a r I o n s i n I t ) i u t d l n a e p g l h ( o W T V u i a s t I l i r ) e ng Total b C m a c o n i e a m r k l - s - p In a s n u ie r- s j a F c e g i e r e e a d n s l - 1 - Other2 1936—Dec 365 228 1937—Dec 771 430 1935. 320 224 94 2 1938—Dec 1,199 634 1936. 557 246 309 r\ 1 1 1 9 9 9 3 3 3 7 8 9 9 4 6 5 9 9 4 5 4 2 1 0 6 6 8 0 0 2 1 5 3 4 6 4 7 6 2 3 9 4 4 5 1 8 1 1 1939— D Ju e n c e 1 1 , , 7 4 9 7 3 8 9 7 0 5 2 9 1 1 9 6 2 7 ! i 3 2 4 7l 2 | j 1 1 3 5 7 3 ! | 1 9 3 4 3 1940 1,026 251 26 736 13 1940—Mar... 1,949 971 90 201 392' 124 1 1 1 9 9 9 4 4 4 2 3 1 1 1, , 1 1 9 3 8 4 7 6 2 2 1 9 6 4 6 2 1 2 1 1 1 5 2 8 6 4 7 9 3 7 1 1 6 3 6 2 0 8 1 1 4 3 J D S u e e n p c e t 2 2 2 , , , 4 2 0 3 0 7 2 9 5 1 1 1, , , 1 0 0 6 9 2 2 3 6 1 1 1 3 0 1 0 0 1 2 2 2 2 1 0 4 6 8 4 5 4 4 8 3 2 0 2 | | j 2 1 18 9 0 2 0 l| 1 i 1 1 1 5 4 2 0 1 7 1943— M J j A u u p a n i r y y e .::.:::: 8 5 7 7 4 9 8 2 8 7 7 7 2 1 1 1 1 9 6 8 4 5 5 3 7 1 6 7 1941— D J S M u e e a n p c r e t 3 2 2 2 , , , , 1 9 7 5 0 4 5 9 7 2 5 8 L L L , , . , 4 4 3 2 6 0 1 4 5 0 8 6 1 1 1 1 8 7 5 4 6 1 7 6 2 2 2 2 5 4 3 3 4 6 7 0 6 7 6 7 0 8 2 6 6 9 2 8 ! 2 2 2 2 3 2 2 1 O 4 5 0| | 1 1 1 1 7 7 5 6 9 8 4 0 Aug 90 10 20 60 O Se c p t t 8 8 8 5 1 8 2 2 2 0 0 5 5 7 5 1942— J M u a n r e 3 3, , 4 3 9 0 1 7 1 1 , , 5 6 4 2 9 3 2 21 0 9 1 2 2 6 7 4 2 9 85 4 6 0 2 2 3 4 7 3 2 1 0 9 0 5 Nov. 92 10 21 60 Dec 3,620 ,669 236 276 1,032 245 163 Dec... 77 9 18 50 1944— F T e a b n . ... 7 7 9 5 16 6 1 1 4 9 5 5 0 0 1943— D Ju e n c e 3 3 , , 6 7 2 0 6 0 1 1 , , 7 7 0 0 5 0 2 2 5 5 2 6 2 2 9 8 2 4 1 1 , , 1 0 3 7 4 1 23 7 5 9 1 1 5 5 8 9 Mar 62 6 13 44 Apr 67 9 13 45 1 The RFC Mortgage Company, the Federal National Mortgage Association, the Federal Deposit Insurance Corporation, and the United States N * O L T es E s . — th F a i n g u $ r 5 e 0 s 0 r ,0 ep 00 re . sent gross insurance written during the period and Ho 2 u I s n in cl g u d C in o g rp o m r o a r ti t o g n ag . e companies, finance companies, industrial banks, do not take account of principal repayments on previously insured loans. endowed institutions, private and State benefit funds, etc. NOTE.—Figures represent gross amount of mortgages held, excluding terminated mortgages and cases in transit to or being audited at the Federal Housing Administration. JUNE 1944 601 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchmdise exports1 Merchandise imports2 Month 1940 1941 1942 1943 1944 1940 January 370 325 481 730 PI,192 242 February 347 303 480 719 PI,086 March 351 357 628 988 PI,159 April 323 387 717 P979 May 324 385 536 pl 085 June 350 330 648 Pi,002 July 317 365 650 Pi,261 August 351 460 703 Pi,202 September 295 425 732 Pi,235 October 344 666 801 PI,195 November., 328 492 787 Pi,072 December 322 653 873 Pi,244 January-March... 1,068 985 1,589 2,438 p3,437 ot O: Excess of exports 1941 1942 1943 1944 1940 1941 1942 1943 1944 229 254 229 P300 128 96 228 502 pg92 234 254 234 P313 147 69 226 485 P773 268 272 249 P359 134 89 355 739 P801 212 287 235 P258 111 100 482 P722 211 297 191 P281 112 88 345 211 280 215 P295 138 50 433 P7O7 232 278 213 P301 84 87 437 P960 221 282 186 P316 130 178 517 P887 195 262 196 P286 101 162 536 P949 207 304 200 P329 137 362 602 P866 224 281 168 P311 104 211 619 P761 253 344 358 P278 69 309 515 P966 659 730 779 712 P971 409 254 810 1,726 P2.466 P Preliminary. 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 s L t i o v c e k - pr e o s d t - Ore l e o a e n u l s e - - c l d . h c i a s .1 e n . - o r p r 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 l a o w t m a i e n y g i . n c N o e m t e Annual Annual 1939 101 102 107 96 100 110 101 97 1939 3,995 3,406 589 93 1940 109 137 101 96 114 147 110 96 1940 4,297 3,614 682 189 1941 130 168 112 91 139 183 136 100 1941 5,347 4,348 998 500 1942 138 181 120 104 155 206 146 69 1942 7,466 5,982 1,484 904 1943 137 186 146 117 141 192 145 63 1943 , 9,055 7,693 1,362 874 SEASONALLY SEASONALLY ADJUSTED ADJUSTED 1943—February 139 145 178 145 113 135 193 146 1943—January 713 597 116 73 March 138 144 187 142 117 133 193 145 February 726 620 106 64 April 136 133 186 140 118 138 163 145 March 737 628 109 66 May 135 132 181 140 112 138 163 143 _ April 746 630 116 73 June 127 100 166 137 113 140 192 142 May 753 639 114 73 July 141 146 184 143 113 150 202 146 June 756 642 115 73 August 140 145 191 147 117 148 208 145 July 763 648 115 74 September.... 140 152 195 137 114 139 209 143 August 768 653 114 74 October 137 140 195 167 119 137 191 140 September 767 651 116 75 November 139 127 186 161 132 150 191 147 October 769 654 115 76 December 144 147 192 153 122 154 209 148 November 769 662 107 69 December 782 680 102 67 1944—January 145 150 185 159 121 147 203 149 February 143 149 180 148 135 146 193 147 1944—January 786 662 124 85 March 140 140 185 136 131 141 174 149 February 774 671 102 65 April 138 141 190 123 120 141 190 146 March 779 695 85 2> UNADJUSTED UNADJUSTED 1943—January 671 566 105 63 1943— M M J A J N O D A S F u u e o p c e u e a a l n p t c y v r b g y r e o i t e c e r u l e b u m h m s m e a t b r b r b y e e e r r r.... 1 1 1 1 1 1 1 1 1 1 1 3 5 3 3 4 3 4 4 3 4 3 0 1 0 2 5 7 6 2 3 7 2 1 1 1 1 1 1 1 1 1 1 1 4 3 5 4 4 2 4 4 4 3 0 5 3 2 4 5 7 6 7 0 2 0 1 2 1 1 1 1 1 1 1 1 1 8 0 9 7 8 8 9 7 8 8 6 9 2 3 8 3 9 1 9 3 6 2 1 1 1 1 1 1 1 1 1 1 1 4 7 3 2 5 6 5 5 2 4 4 2 2 1 3 3 7 8 7 4 0 4 1 1 1 1 1 1 1 9 9 9 8 0 5 1 0 8 6 1 0 7 2 6 5 1 1 1 3 6 8 1 1 1 1 1 1 1 1 1 1 1 3 2 5 3 4 5 5 4 4 3 4 3 9 0 8 3 6 0 5 7 8 4 3 3 3 2 1 2 2 1 2 4 5 1 6 1 7 9 0 6 9 3 8 6 4 5 2 4 7 6 9 3 1 1 1 1 1 1 1 1 1 1 1 4 4 5 5 3 4 5 4 3 3 4 7 7 4 3 7 5 3 3 9 8 6 J A N M M J O D A S F u u e e o u c e p a a n l p b t c v g y r y r e o t i r e c e u e l b u m h m s m e a t b r b r b y e e e r r r 8 7 7 6 7 7 7 7 7 7 7 0 6 9 4 8 7 6 9 4 5 5 0 2 1 7 2 7 3 6 9 9 6 r 6 6 6 6 6 6 6 7 6 6 5 8 7 7 6 6 2 0 3 3 5 2 3 6 1 6 6 2 5 1 8 8 5 r1 1 1 1 1 1 1 1 1 9 7 3 1 2 2 1 1 2 2 0 6 7 1 3 1 5 0 0 7 8 6 6 3 8 7 8 7 7 8 8 6 8 3 5 6 1 4 0 6 5 3 2 2 1944— M F J e a a b n r u r c u h a a ry ry 1 1 1 3 3 3 3 3 2 1 1 1 4 5 4 9 0 0 1 1 1 9 9 8 1 4 7 1 1 1 4 2 5 5 5 9 1 1 1 0 0 1 8 3 6 1 1 1 3 4 4 3 1 0 4 5 5 8 1 1 1 1 1 3 4 3 8 2 6 1944— M F J e a a b n r r u c u h a a ry ry 7 7 7 9 4 3 7 1 5 6 6 7 5 0 5 1 5 8 9 8 8 3 3 4 4 4 6 5 April 135 141 186 108 107 141 168 144 P Preliminary. r Revised. NOTE.—Descriptive material and back figures may be obtained NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for from the Division of Research and Statistics. Basic data compiled June 1941. Based on daily average loadings. Basic data compiled by Associa- by the Interstate Commerce Commission. tion of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. 6O2. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on value figures] MONTHLY INDEXES OF SALES [1935-39 average = 100] Federal Reserve districts Year and month U S n t i a t t e e d s Boston Y N o e r w k d P e h l i p l h a i - a C l l a e n v d e- m Ri o c n h d - AtlantaChicago Lo S u t. i . s M a i p n ol n i e s - Ka C n i s t a y s Dallas F c S r i a a sc n n o - 1919 83 95 84 106 84 73 88 113 93 67 1920 99 110 100 126 106 81 105 126 112 80 1921 92 108 96 120 94 78 90 80 105 117 92 75 1922 94 112 99 122 95 75 85 83 103 112 86 78 1923 105 119 106 135 108 85 94 98 115 120 91 91 1924 105 121 110 134 106 87 91 96 114 119 119 94 93 1925 110 123 116 135 109 92 95 102 120 124 124 98 99 1926 113 127 120 138 110 96 99 106 121 119 123 103 106 1927 114 128 123 133 110 95 100 108 119 117 125 101 107 1928 115 126 124 127 110 95 100 114 120 110 119 103 110 1929 117 128 129 128 116 96 98 116 122 110 117 104 112 1930 . 108 123 126 118 105 92 91 101 110 105 111 96 104 1931 97 114 116 105 93 86 79 88 97 98 96 81 94 1932 75 90 91 83 68 68 60 67 76 79 74 61 71 1933 73 84 86 80 69 68 65 68 72 76 73 62 68 1934 83 90 91 88 81 81 78 79 83 85 85 76 77 1935 88 92 93 91 86 87 84 86 85 90 89 80 86 1936 100 100 101 102 101 98 97 100 97 99 99 97 100 1937 107 104 • 106 107 111 105 105 109 106 104 107 105 106 1938 99 100 99 96 96 101 103 98 102 101 100 106 100 1939 106 104 101 104 106 109 113 107 111 106 105 112 109 1940 114 108 106 111 114 120 123 116 119 109 110 117 117 1941 133 126 119 129 138 144 145 135 143 122 127 138 139 1942 149 140 127 143 153 170 162 149 158 133 149 157 169 1943 168 148 Io4 151 167 194 204 161 179 149 184 212 200 SEASONALLY ADJUSTED 1942—May 135 131 118 136 138 152 147 133 140 118 126 136 151 June 134 128 111 132 136 155 147 132 143 119 131 145 149 July 145 136 126 137 144 177 155 145 154 127 142 153 166 August 152 136 132 148 156 174 161 150 165 133 148 157 172 September 150 140 126 141 149 169 164 148 152 136 157 161 176 October 158 144 131 142 157 179 177 160 176 138 166 174 183 November 159 144 130 143 161 187 178 158 173 140 176 173 185 December 157 149 130 147 158 173 177 156 163 135 159 177 187 1943—January 164 143 132 145 167 186 190 166 167 144 194 184 188 February 192 161 148 173 196 231 218 192 218 182 214 246 217 March 163 151 137 150 166 184 185 157 168 142 168 185 197 April 159 146 127 148 152 186 181 155 157 147 173 195 190 May 158 146 130 148 157 182 196 146 164 138 163 191 192 June 167 145 131 150 164 197 209 157 184 144 187 220 200 July 171 147 133 154 171 200 221 168 185 148 183 220 199 August 165 143 134 143 164 187 201 161 177 149 174 208 198 September 162 139 132 148 158 193 210 151 171 147 179 211 189 October 173 145 136 153 170 191 222 169 188 148 194 231 211 November 181 158 144 160 178 215 220 174 197 166 203 227 212 December 165 148 130 144 166 187 208 154 172 146 174 215 206 1944—January 174 148 134 158 165 208 224 175 182 160 197 206 208 February 176 148 137 157 166 209 225 164 194 176 203 241 209 March 185 162 157 173 183 212 225 175 195 159 193 247 218 April 173 157 139 162 166 198 222 167 173 156 181 232 201 UNADJUSTED 1942—May 133 129 112 131 138 152 145 135 140 120 127 136 142 June 124 121 103 119 129 140 124 130 129 119 121 122 137 July 107 94 84 95 106 124 116 107 114 101 112 112 138 August 127 105 96 114 136 144 143 126 142 118 139 138 158 September 161 152 133 144 162 182 171 163 167 154 173 177 184 October 170 160 149 161 167 200 186 165 182 157 174 188 191 November 187 169 161 181 189 220 208 181 197 162 190 204 220 December 261 256 229 263 254 306 287 256 263 208 259 287 296 1943—January 129 116 109 112 133 136 152 126 137 108 143 158 150 February 155 125 123 137 157 176 188 155 172 127 169 204 184 March 144 130 115 135 146 166 171 140 153 124 156 168 171 April 164 155 129 151 163 190 196 160 172 151 177 193 188 May 155 145 124 142 156 181 192 149 164 139 164 191 181 June 155 138 122 135 155 177 175 154 166 144 172 183 184 July 126 102 89 106 126 141 166 124 137 117 145 160 165 August 139 110 98 112 143 155 179' 136 152 132 163 183 180 September 173 152 140 151 168 208 218 166 188 166 196 232 197 October 186 161 156 173 182 212 233 174 194 168 203 250 219 November 214 184 181 201 214 252 257 200 224 192 219 269 254 December 272 255 226 256 262 332 336 253 277 224 283 343 324 1944—January 137 119 112 122 132 152 179 133 149 119 145 177 166 February 142 115 114 124 133 159 194 133 153 122 160 200 178 March 170 144 138 162 167 203 219 161 185 140 182 227 197 April 172 161 136 158 172 193 228 169 183 158 183 228 192 NOTE.—For description and monthly indexes for back years, see pp. 542-561. JUNE 1944 603 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES, STOCKS, AND OUTSTANDING ORDERS WEEKLY INDEX OF SALES [As reported by 296 department stores in various Federal Reserve districts] [Weeks ending on dates shown. 1935-39 average = 100] Amount Index of stocks1 Without seasonal adjustment (In millions of dollars) (1935- = 3 9 1 a 0 v 0 e ) rage 1940 1941 1942 1943 Nov 9 122 Nov 8 139 Nov 7 166 N Out- 16 130 15 148 14 .167 13 191 m ( S t o f a o o n l t e r t a h s l ) m ( S o e t n n o d t c k h o s ) f ( o s e t r n i a d n d n e g d r o s - f a S d e j a a u l s l s o y t n ed - j U u n st a e d d - Dec. 3 2 1 0 7 3 4 .... . . .1 2 1 1 9 3 1 4 7 2 6 7 Dec. 2 2 1 2 6 9 3 . . . . . . . . . . . . . . . . . . 1 2 2 1 6 3 1 2 9 6 5 8 Dec. 2 2 1 5 1 2 8.... . . . 2 2 1 1 3 7 6 6 6 4 6 6 Dec. 1 2 2 4 1 0 7 .. . . . .2 9 ? 1 7 0 5 8 ; 1 1 8 i month) 21 258 20 277 19 .303 18 ?89 28 124 27 ....174 26 .199 25 .. 74.S 1939 average. 128 344 99 1941 1942 1943 1944 1940 average. 136 353 108 101 Jan 4 85 Jan. 3.... . 107 Jan. 2 .112 Jan. 1 10S 1941 average. 156 419 194 120 11 99 10 130 9 138 8 134 1942 average. 178 598 263 172 18 90 17 .. 131 16 .132 15 H7 1943 average. 203 505 530 145 25 89 24 119 23 119 22 136 Feb 1 94 31 ..121 30 .121 29 1S0 1942—July. .. 124 651 237 208 187 8 95 Feb 7 114 Feb. 6 136 Feb 5 ns Aug— 153 671 210 201 193 15 97 14 ..116 13..... .168 12 is? Sept.. . 188 661 222 183 190 22 88 21 110 20. .146 19 ^^^ Oct.... 210 651 251 168 187 29 101 28.... ..119 27 .150 26 H4 Nov.. . 212 624 254 155 179 Mir 8 97 Mar 7 125 Mar. 6 142 Mar 4 144 Dec... 323 480 254 147 138 15.... ..105 14.... ..131 13 .134 11... 148 22.... ..111 21.... .140 20 .137 18.... ,160 1943—Jan 157 466 347 150 134 29.... ..117 28.... ..147 27 .143 25.... 167 Feb 181 453 398 136 130 Apr. 5.... ..131' Apr. 4.... ..160 Apr. 3 .149 Apr. 1.... .196 Mar 187 472 441 133 135 12.... ..136 11.... ..120 10 .153 8.... 188 Apr 200 458 465 127 132 19.... ..117 18.... ..135 17 .154 15... 137 May 182 467 563 131 134 26.... ..114 25.... ..129 24 .166 22.... .148 June 187 474 665 143 136 Mav 3.... ..124 May 2.... ..134 May 1 .127 29.... .150 July 150 501 689 160 144 10.... ..128 9.... ..136 8 .152 May 6.... 165 Aug 165 559 624 167 160 17.... ..110 16.... ..115 15 .133 13.... 175 Sept 205 580 568 160 166 24.... ..117 23.... ..114 22 .137 20.... 158 Oct 229 592 550 152 170 31.... ..109 30.... .. 95 29 .136 27.... 151 Nov 259 575 560 143 165 June 7.... ..127 June 6.... ..135 June 5 .137 June 3 Dec 337 465 487 142 133 14.... ..120 13.... ..117 12 .151 10 21.... ..107 20......116 19 .148 17 1944—Jan 166 477 525 153 137 Feb 170 512 526 154 147 NOTE.—This index is based on reports from a smaller group of stores than Mar 226 524 488 147 150 that included in the monthly index. Apr 205 519 478 143 149 Back figures.—See BULLETIN for April 1941, p. 311, and subsequent issues. 1 The former index on a 1923-25 average base, recomputed on a 1935-39 average base. Back figures.—Division of Research and Statistics. SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] Apr. Mar. Four Apr. Mar. Four Apr. Mar. 1944 1944 mos. 1944 1944 mos. 1944 1944 1944 1944 United States. +2 +18 Boston +10 Cleveland—Cont. Chicago—Cont. Dallas +10 +34 New Haven +22 Erie -3 +16 +1 Fort Wayne.... -5 '+17 +2 Shreveport +17 +34 Portland -2 Pittsburgh +4 +21 +3 Indianapolis... +8 +22 +9 Dallas +16 +48 Boston +11 Wheeling +11 +26 +11 Terre Haute. .. -43 r+U -9 Fort Worth +4 +31 P S r p o ri v n i g d f e i n el c d e + + 1 6 7 -6 Richmond -2 +20 +4 D Si e o s u x M C o i i t n y es.... +7 +11 +7 H Sa o n u s A t n o t n o . n .. io + + 1 7 2 + + 3 2 2 4 Washington -5 +15 -2 Detroit -8 +14 -4 New York +1 +21 Baltimore -6 +23 +4 Flint 0 r 3 -5 San Francisco +2 +16 Bridgeport Winston-Salem... +3 +28 +12 Grand Rapids.. +12 r+31 +16 Phoenix +4 r+U N A e lb w a a n r y k +18 G C r h e a e r n le v s il t l o e n , , S S . . C C . + + 1 6 9 + + 3 1 2 6 + + 1 1 2 9 M La i n lw si a n u g kee + + 2 7 + + 1 4 5 + + 6 3 B Tu ak cs e o rs n field + + 1 1 2 + + 2 4 5 B Bu in ff g a h lo amton + +2 2 4 0 N Ly o n rf c o h l b k urg + + 3 9 + + 3 2 3 1 + + 1 1 0 7 Green Bay +2 +33 +12 L Fr o e n s g n o Beach + +1 2 2 6 + + 4 3 4 1 N El i m ag i a ra ra Falls.. r+ + 1 1 4 6 R C i h c a h r m le o st n o d n.W.Va. +8 e + + 2 9 5 +13 2 St. F o L r o t u i S s mith + + 1 4 1 + +2 2 1 2 + + 6 7 L O o a s k l A an n d g e a le n s d +5 +28 N Po e u w g h Y k o e r e k p s C ie it . y .. + + 2 2 3 3 +15 H Cl u a n r t k i s n b g u t r o g n + + 1 1 3 + + 2 4 7 3 + + 1 1 1 9 L Q i u t i t n le c y R . ock.... + + 1 4 8 + + 1 3 7 5 +20 0 Sa B cr e a r m ke e l n ey to + + 2 3 + + 1 1 7 2 U R S S y o c ti r h c c a h e a c e n u s e s t c e e t r ady.. +12 +4 At M B M la i n o o r t m b n a i t i l g n e o g m ha e m ry + + + - 2 1 6 7 2 5r+ + + - 3 3 1 2 9 3 + + + + 2 1 8 3 0 9 E L S Sp v o t. r u a i L n i n s s o g v v f u i i i l i e l l s l l e e d + + + - 1 4 9 1 4 + + + + 2 2 1 1 9 7 4 9 + + + + 1 2 5 4 0 3 S S S S a a a a n n n n ta F D J o r i R a s e e n g o c s o i a . sco + + + + 3 1 5 8 + + + + 1 1 1 2 2 7 7 1 Ph T L P R il r h a e a e n i a d n l c d a e t a i l d o n p s n e g t h e l i p r a hia... ' + + + + + 2 2 1 1 2 4 4 8 6 0 M J T A M a a t c i a l m a k c a m o s n p o n t a i a nville + + + + + 1 1 1 1 1 5 4 7 4 6 r+ + + + + 3 2 3 2 4 0 6 1 2 6 + + + + + 2 1 2 1 2 0 9 3 2 0 M Ka M in n n s e a e m a s p p C h o i l i s i t s y + + + 6 4 1 + + + 3 2 1 2 0 6 + + + 1 6 3 5 V B S P t o o a N o i l r c s l t a e e k l m j a t o a o n p n n d a a d nd Napa + + + — 4 9 7 9 + + + - 1 2 3 9 6 8 Wilkes-Barre.. +35 +15 Baton Rouge +3 +29 +4 Denver -4 +4 0 Salt Lake City.. -4 +6 York +28 +8 New Orleans +8 +37 +19 Hutchinson ... +4 +27 +12 Bellingham +1 +21 Jackson +13 +30 +17 Topeka +10 +26 +13 Everett +3 +8 Cleveland........ +1 Chattanooga.. .. +12 +31 +19 Wichita +1 +26 +12 Seattle -3 +4 A C C k i le n r v c o e i n n l a n n a d tim + + 18 9 -3 K N n as o h x v v i i l l l l e e + - 1 1 7 + + 6 3 4 5 + + 2 2 7 5 J K S o t a p . n l J i s o n a s s e p C h ity... - _ + 4 2 6 + + + 2 2 2 2 1 7 + + + 1 4 3 5 T S Y p a a c o k o k im m an a a e + -1 - 2 6 0 3 + - 2 6 8 Columbus +19 Chicago +1 +13 +/ Omaha +7 +13 +7 Toledo +19 Chicago +4 +12 +1 Oklahoma City +11 +29 +15 Youngstown... +27 Peoria +10 r+19 +9 Tulsa.... +6 +20 +5 r Revised. * Data not yet available. 604 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 March "eporting Mar. 1944Mar. 1944Mar. 1943Mar. 1944Mar. 1944Mar. 1943 from from from from from from 1944 1943 Mar. 1943 Feb.1944 Feb.1943 Mar. 1943 Feb.1944 Feb.1943 GRAND TOTAL—entire store. 351 +20 +33 +2 +11 +3 +5 2.4 2 6 MAIN STORE—total 351 +21 +33 +1 +11 +3 +4 2.5 2.7 Women's apparel and accessories 349 +26 +45 +1 +29 +1 +11 1.9 1.8 Women's and misses' coats and suits 328 +18 +62 -4 +45 -17 +10 1.0 0.8 Women's and misses' dresses 332 +22 +37 -2 +50 +6 +32 1.5 1.2 Blouses, skirts, sportswear, sweaters, knit apparel 310 +20 +30 _5 +71 +7 +20 2.5 1.3 Juniors' and girls' wear 293 +43 +82 +9 +68 0 +21 1.6 1.4 Infants' wear 302 +42 +41 +19 +52 +7 +5 2.0 1.9 Aprons, housedresses, uniforms 283 +5 +18 -3 +66 +10 +17 2,4 1.6 Women's underwear, slips, negligees 319 +20 +14 -7 +40 +16 +8 2.6 2.2 Corsets, brassieres 328 +21 +23 i -11 2 -4 1.9 2 6 Hosiery (women's and children's) 342 +7 +18 +8 -25 +2 +6 1.8 2.5 Gloves (women's and children's) 321 +29 +48 +18 0 +12 +6 2.4 3.2 Shoes (women's and children's) 241 +12 +57 +5 +8 +2 +6 3.4 3.6 Furs 261 +72 +60 -26 -8 —29 0 1.1 2.0 Men's and boys' wear 319 +10 +36 -4 +6 +7 +3 4 1 4.2 Men's clothing 229 +32 -12 -2 +2 -3 4.3 4.2 Men's furnishings, hats, caps 302 0 +14 -6 +7 +13 +5 4.8 4.4 Boys' clothing and furnishings 277 +54 +91 +17 +23 +3 +10 2.7 3.3 Men's and boys' shoes and slippers 173 +1 +29 -2 +1 +3 +6 6.5 6 6 Home furnishings 312 +6 +14 +1 -7 +5 -2 3.8 4.3 Furniture, beds, mattresses, springs 229 +8 +8 -15 0 +3 -3 3.8 4.1 Domestic floor coverings 235 +2 +21 +14 -32 +3 -3 3.2 4.8 Draperies, curtains, upholstery 289 +23 +26 +25 -9 +4 +2 3.0 4.1 Major appliances (refrigerators, washers, stoves, etc.) 188 -58 +3 +10 -58 +3 -10 3.8 3.8 Domestics, blankets, linens, etc 285 +18 V -8 +8 +13 0 3.6 3 9 China and glassware 218 +16 —7 -20 +4 +1 4.6 6.6 Housewares 218 -9 +28 +21 +9 +5 -2 4.6 3.8 Piece goods (dress and coat yard goods, all materials) 284 +22 +19 -13 +4 -4 +5 1.9 2.2 Cotton wash goods 118 +13 +11 — 11 -23 -2 +3 1,4 2.1 Small wares 330 +49 +32 +5 +18 +2 +6 2.6 3.3 Notions 219 +5 +18 +17 +35 +3 +3 3 6 2.8 Toilet articles, drug sundries, prescriptions 315 +78 +50 +2 +13 -3 +5 2.0 3.1 Jewelry and silverware 270 +58 +42 +7 +9 -1 +8 2.7 4.0 Miscellaneous 289 +25 +30 +11 +9 +4 +6 2.8 3.2 BASEMENT STORE—total... 215 +11 +39 +6 +14 +2 +6 2.4 2.4 Women's apparel and accessories 205 +17 +49 +7 +27 0 +11 1.8 1.6 Men's and boys' clothing and furnishings 166 -1 +34 +2 +10 +5 +3 4.1 3.7 Home furnishings 123 +5 +18 +8 -2 +3 -2 3.0 3.2 Piece goods 55 +20 +18 -9 -5 -1 +8 2.1 2.7 Shoes 134 -5 +30 +10 +4 +4 +11 5.1 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 = 100 Percentage of total sales Year and month Sales during month Ac at c o e u n n d t s o f r e m ce o i n va th ble Collec m ti o on n s th during Cash Instal- Chargesales ment account 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 sales 1943—March 119 146 66 99 51 78 91 105 59 5 36 April .... 128 159 75 103 49 78 85 106 60 5 35 May 117 145 61 96 45 75 79 105 60 4 36 June 120 150 56 100 42 76 72 100 60 4 36 July 96 125 53 72 39 64 70 103 r63 5 r32 August 107 138 64 82 38 63 67 85 62 5 33 September 131 167 70 104 38 74 67 84 61 5 34 October 147 187 84 115 40 81 75 104 61 5 34 November 166 210 93 130 44 90 81 116 61 5 34 December 217 290 99 159 48 109 82 121 64 4 32 1944—-January r107 140 53 79 44 82 77 143 64 4 32 February 109 * 140 57 84 41 72 72 107 63 4 33 March 144 183 74 114 40 79 78 r100 62 4 34 April 133 172 59 104 38 79 68 107 62 4] 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 preceding page. JUNE 1944 605 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 f y e m ar onth co c T n re s o u d ta m it l er ins T ta o l t m al ent Sale credit Loans1 p S a l i o y n a m g n l e s e 2 n - t a C c h co ar u g n e ts Service credit credit Total Automotive Other 1929 7,089 3,167 2,515 ,318 1,197 652 1,577 1,749 596 1930 6,341 2,706 2,032 928 1,104 674 1,451 1,611 573 1931 5,177 2,214 1,595 637 958 619 1,051 1,381 531 1932 3,846 1,515 999 322 677 516 726 1,114 491 1933 3,717 1,581 1,122 459 663 459 588 1,081 467 1934 4,159 1,846 1,317 576 741 529 659 1,203 451 1935 5,148 2,599 1,805 940 865 794 785 1,292 472 1936 6,396 3,466 2,436 1,289 1,147 1,030 991 1,419 520 1937 7,054 3,919 2,752 1,384 1,368 1,167 1,119 1,459 557 1938 6,618 3,539 2,313 970 1,343 1,226 1,069 1,487 523 1939 7,518 4,351 2,792 1,267 1,525 1,559 1,089 1,544 534 1940 8,767 5,434 3,450 1,729 1,721 1,984 1,123 1,650 560 1941 9,499 5,921 3,747 1,942 1,805 2,174 1,204 1,764 610 1942 6,165 2,932 1,494 482 1,012 1,438 1,072 1,513 648 1943 5,158 1,939 816 175 641 1,123 1,034 1,498 687 1943 Mar 5,368 2,338 1,071 287 784 1,267 1.031 1,343 656 Apr 5,262 2,244 1,020 260 760 1,224 1,029 1,331 658 May 5,103 2,139 955 235 720 1,184 1,027 1,275 662 June 5,095 2,075 896 208 688 1,179 1,014 1,338 668 July 4,883 1,993 838 196 642 1,155 994 1,222 674 Aug 4,810 1,939 807 190 617 1,132 996 1,198 677 Sept 4,909 1,917 786 186 600 1,131 1,038 1,275 679 Oct 5,010 1,891 777 181 596 1,114 1,073 1,366 680 Nov r5,ll4 1,882 778 177 601 1,104 1,084 1,466 r682 Dec 5,158 1,939 816 175 641 1,123 1,034 1,498 687 1944 jan r4,8l8 1,836 745 169 576 1,091 996 1,294 r692 Feb 4,662 1,785 707 167 540 1,078 962 1,218 697 Mar p4,836 pl,804 p696 p167 P529 PI,108 2*955 pl,376 *>701 Apr 2*4,775 pl,785 *>689 p171 ?518 pl,096 ?940 PI,346 ^704 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 the Board of Governors of the Federal Reserve System. CONSUMER INSTALMENT SALE CREDIT.IEXCLUDING CONSUMER INSTALMENT LOANS AUTOMOTIVE [Estimated amounts outstanding. In millions of dollars] [Estimated amounts outstanding. In millions of dollars] End o r o f y e m ar onth ex m T a c o o u lu t t t d i a o v i - l n , e g D s o m m e t a r p o a e n d r a i n d e e l r t r - s t- F s u t t o u r r r n e e i s - H a s h a t p o o n o p u r c l l s d e e i e s - - J s e t w o e re lr s y s r o t e t A o t h a r l e e l i r l s m E o y n n e d t a h o r f or Total m b C a e o n rc m k ia s - 1 l p S c l a m o o n a m i a n e l - l s | I b I p n a c t a n d r o n i k m u i a i e s l - n s - g u C n r i e o d n i s t M l l a e n i n s e d c o e e u r l s - s m i R l z o o e a a a d p n t n e i d a o s r i n n 2 r houses 1929 .... 652 43 263 219 32 95 1930 674 45 287 218 31 93 1931 619 39 289 184 29 78 1929 1,197 160 583 265 56 133 1932 516 31 257 143 27 58 1930 1,104 155 539 222 47 141 1933 459 29 232 121 27 50 1931 958 138 454 185 45 136 1934 529 39 246 125 32 60 " "27 1932 677 103 313 121 30 110 1935 794 71 267 156 44 79 177 1933 663 119 299 119 29 97 1936 1,030 130 301 191 66 102 240 1934 741 146 314 131 35 115 1937 1,167 215 350 221 93 125 163 1935 865 186 336 171 40 132 1938 1,226 248 346 230 113 117 172 1936 1,147 256 406 255 56 174 1939 1,559 380 435 257 147 96 244 1937 1,368 314 469 307 68 210 1940 1,984 586 505 288 189 99 317 1938 1,343 302 485 266 70 220 1941 2,174 687 535 298 217 102 335 1939 1,525 377 536 273 93 246 1942 1,438 370 424 202 141 91 210 1940 1,721 439 599 302 110 271 1943 1,123 273 372 165 110 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 Mar 1,267 312 387 184 127 87 170 1943 M Ap a r y 1 1, , 1 2 8 2 4 4 2 2 9 9 0 9 3 3 7 6 8 6 1 17 7 4 9 1 1 1 2 8 2 8 8 5 7 1 1 5 5 9 1 Mar 784 196 322 91 51 124 June 1,179 287 371 174 118 86 143 Apr 760 190 319 81 50 120 July 1,155 283 363 170 114 85 140 May 720 178 308 72 '48 114 Aug 1,132 278 357 168 112 84 133 June 688 168 301 64 47 108 Sept 1,131 277 358 169 113 85 129 July 642 155 286 55 45 101 Oct 1,114 273 354 167 111 84 125 JA. ug•* 617 149 279 48 44 97 Nov 1,104 270 355 165 109 84 121 Sept 600 148 272 42 44 94 Dec 1,123 273 372 165 110 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 1,078 266 "356 161 105 84 106 1944 Mar pl,108 276 369 164 109 *>86 p104 Jan 576 158 248 24 55 91 Apr ^1,096 279 363 164 106 *>85 Pgg Feb 540 147 236 21 51 85 Mar ^529 PI 44 ?231 P\g ?52 *>83 Apr ^518 ^141 P229 ns p48 PS2 p Preliminary. 1 These figures for amounts outstanding include only personal instalment cash loans and retail automotive direct loans, which are shown on the folp Preliminary. lowing page, and a small amount of other retail direct loans (10 million dollars at the end of April 1944), which are not shown separately. 2 See footnote 1 for table above. 606 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 c re h t t a h a s e i e l r , d e R m r a e n n o p i d d a z - i a r - i s m P n o e s e n t n r a a t - l l- Month or year Co b m a m nk e s r * cial c S o m m a p ll a n lo ie a s n c I o n b m d an u p k s a t i n r n i i g e a s l u C n r i e o d n i s t Pur- Direct and tion cash chased loans direct loans loans 1929 463 413 42 1930 503 380 41 1931 498 340 38 Outstanding at end of 1932 376 250 34 period: 1933 304 202 33 1939 1,020 210 160 150 220 280 1934 384 234 42 1940 1,340 300 230 210 260 340 1935 423 288 67 1941 1,588 396 303 279 246 364 1936 563 354 105 1942 787 136 122 143 154 232 1937 619 409 148 1943 469 54 82 67 86 180 1938 604 417 179 1939 763 489 257 1943—March 619 87 95 108 125 204 1940 927 536 320 April 580 77 91 100 117 195 1941 983 558 343 May 551 69 89 93 111 189 1942 705 798 408 215 J J u u n ly e 5 5 2 1 9 5 6 6 0 5 8 8 2 5 8 8 0 4 1 1 0 0 3 5 1 1 9 9 0 0 1943 524 809 364 193 August 498 58 82 74 98 186 1942 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 460 51 81 70 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 April 452 51 86 59 73 183 March 53 86 38 22 April 41 62 31 15 Volume extended during May 40 58 29 14 month: June 50 80 35 19 1943—March 13 9 5 39 July 44 62 30 15 April 12 10 5 28 August 45 64 99 15 May 12 11 6 27 September 47 70 32 18 June 13 12 8 35 October 43 67 28 16 July 13 9 7 30 November 42 70 29 15 August 14 8 7 30 December 48 95 32 20 September 14 9 7 33 October 13 11 7 29 1944 D N e o c v e e m m b b e e r r 1 1 4 3 1 1 3 2 6 5 3 2 2 8 J F a e n b u ru ar a y ry 4 4 4 2 6 5 0 3 2 27 9 1 1 6 3 March 63 94 38 23 1944—January 14 13 4 27 April 49 61 30 14 February 14 8 4 29 March 18 10 5 43 April 17 10 6 30 1 These figures for loans made include only personal instalment cash loans and retail automotive direct loans, which are shown elsewhere on 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 April 1944), which are not shown separately. October 1942, pp. 992-994, FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE* Percentage c P h e a r n c g e e n t f a ro g m e Instalment accounts a C cc h o a u r n ge ts Apr c . h p a m r n M e g o c e n a e r d th . f i r n o g m Feb. Ap p c r r o . e m r c r e e o M d s n p i t a n h o r g n . o d y f i e n F a g e r b. 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 o e re lr s y D s m t e o p e r a n e r t s t- 1944 •1944 1944 1944 1944 1944 1943 Net sales: March 31 19 18 30 62 Total +4 M-19 +9 —1 -1 April 31 20 18 31 63 C Ca re s d h it s s a a le le s s: +3 ^+16 +1 +4 +12 +12 J M u a n y e 3 2 0 9 2 2 2 1 2 2 0 1 3 3 3 3 6 6 3 2 Instalment +5 r+21 +13 -13 -6 -8 July 30 22 21 34 62 Charge account -8 M-15 +9 -12 M-4 +3 August 32 22 21 34 62 September 33 21 21 33 62 Accounts receivable, at end of October 37 22 22 31 65 month: November 37 23 23 39 66 Total 0 -2 e -25 -27 -28 December 35 22 22 55 63 Instalment -1 -3 -5' -26 -27 -27 1944 Collections during month: January 30 20 22 31 61 Total -2 +4 o -16 -14 -12 February 31 20 22 31 61 Instalment -3 +4 -17 -17 -15 March 36 23 26 r34 r65 Inventories, end of month, at -7 April 32 23 27 28 63 retail value 0 -1 -20 -24 -19 +1 1 R R e a v t i i s o e o d f . collections during month to accounts receivable at beginning Revised. of month. JUNE 1944 607 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 =100] Other commodities All com- Farm Year, month, or week m t o ie d s i- p u r c o t d s - Foods Total H p l i r d e o a e d s t u h a c e n t r s d p T ro e d xt u i c le ts m F li u a g e t h e l t r a i i n a n g l d s a p n M r d o e d m t u a e c ls t ts al m B a u t i e ld ri i a n l g s p c C r a a o h l l s d l e i u a m ed n c i t d - s i f n H u g r o n g u i o s s o h e- d - s l M an is e c o e u l s - 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 88.7 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.9 75.1 64.4 1933 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.1 75.8 62.5 1934 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.3 81.5 69.7 1935 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 79.0 80.6 68.3 1936 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 78.7 81.7 70.5 1937 86.3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95.2 82.6 89.7 77.8 1938 78.6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.0 86.8 73.3 1939 77.1 65.3 70.4 81.3 95.6 69.7 73.1 94.4 90.5 76.0 86.3 74.8 1940 78.6 67.7 71.3 83.0 100.8 73.8 71.7 95.8 94.8 77.0 88.5 77.3 1941 87.3 82.4 82.7 89.0 108.3 84.8 76.2 99.4 103.2 84.6 94.3 82.0 1942 98.8 105.9 99.6 95.5 117.7 96.9 78.5 103.8 110.2 97.1 102.4 89.7 1943 103.1 122.6 106.6 96.9 117.5 97.4 103.8 111.4 100.3 102.7 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 April 103.9 123.2 104.9 98.4 116.9 97.8 83.0 103.7 115.2 105.4 104.3 93.5 Week ending 1944—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 May 6 103.7 123.3 105.0 98.6 117.6 97.3 83.7 103.8 115.0 105.4 106.0 93.3 May 13 103.6 122.4 104.6 98.6 117.6 97.3 83.7 103.8 115.0 105.4 106.0 93.3 May 20 103.8 123.3 104.7 98.7 117.6 97.3 83.9 103.8 115.6 105.4 106.0 93.3 May 27 103.9 123.7 104.9 98.7 117.7 97.3 83.9 103.8 115.6 105.4 106.0 93.3 1943 1944 Subgroups Subgroups Apr. Jan. Feb. Mar. Apr. Apr. Jan. Feb. Mar. Apr. Farm Products: Metals and Metal Products: Grains 112.5 129.5 129.3 129.5 129.6 Agricultural implements... 96.9 97.0 97.0 97.1 97.2 Livestock and poultry 134.0 120.8 123.3 125.6 123.6 Farm machinery 98.0 98.1 98.1 98.2 98.3 Other farm products 120.0 119.5 119.3 119.9 120.3 Iron and steel 97.2 97.1 97.1 97.1 97.1 Foods: Motor vehicles 112.8 112.8 112.8 112.8 112.8 Dairy products 113.3 110.6 110.7 110.5 110.2 Nonferrous metals ^ 86.0 85.9 85.8 85.8 85.8 Cereal products 93.7 95.1 95.1 95.1 95.2 Plumbing and heating 90.4 91.8 91.8 91.8 91.8 Fruits and vegetables 123.2 118.4 120.7 123.3 126.5 Building Materials: Meats 115.8 106.0 106.0 106.0 106.2 Brick and tile 98.7 100.2 100.1 100.3 100.3 Other foods 96.0 96.1 93.5 92.7 92.2 Cement 94.2 93.6 93.6 93.6 93.9 Hides and Leather Products: Lumber ^ "136.8 "147.6 148.4 "150.7 153.4 Shoes 126.4 126.4 126.4 126.3 126.3 Paint and paint materials.. 102.5 103.5 103.9 104.4 104.4 Hides and skins 116.0 112.9 111.0 111.2 111.2 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... 101.6 102.8 102.8 102.8 102.8 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 112.6 112.9 113.4 113.6 113.9 Drugs and Pharmaceuticals 165.1 165.2 165.2 165.2 220.1 Hosiery and underwear 70.5 71.7 70.5 70.5 70.5 Fertilizer materials 80.0 81.3 81.4 81.4 81.4 Silk Mixed fertilizers 85.8 86.5 86.3 86.3 86.3 Rayon 30.3 30.3 30.3 '30.3 '30^3 Oils and fats 101.5 102.0 102.0 102.0 102.0 Woolen and worsted goods.. 112.5 112.5 112.5 112.5 112.5 Housefurnishing Goods: Other textile products 98.7 100.5 100.5 100.5 100.5 Furnishings 107.3 107.1 107.1 107.2 107.2 Fuel and Lighting Materials: Furniture 97.7 102.0 101.4 101.4 101.4 Anthracite 95.0 97.8 95.6 95.8 Miscellaneous: Bituminous coal U5.6 119.8 119.9 120.1 120.3 Auto tires and tubes 73.0 73.0 73.0 73.0 73.0 Coke .22.4 126.2 130.7 130.7 130.7 Cattle feed 150.9 159.6 159.6 159.6 159.6 Electricity 60.6 Paper and pulp 102.9 106.0 106.6 107.2 107.2 Gas 76.4 76.7 77.2 76.7 Rubber, crude 46.2 46.2 46.2 46.2 46.2 Petroleum products 62.0 63.5 64.0 64.0 64.0 Other miscellaneous 95.1 96.7 96.7 96.7 96.7 r Revised. Back figures.—Bureau of Labor Statistics, Department of Labor. 608 FEDERAL RESERVE BULLETIN 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 Chart book book page Apr. May May May May page Feb. Mar. Apr 26 3 10 17 24 WEEKLY FIGURES i In billions of dollars MONTHLY FIGURES In billions of dollars RESERVES AND CURRENCY RESERVES AND CURRENCY Reserve Bank credit: Reserve Bank credit 5 11.96 12.61 13.24 U. S. Govt. securities, total 2, 4 13.00 13.29 13.25 13.81 13.99 Gold stock 5 21.80 21.64 21.49 Billk 4 7.42 7.67 7.60 8.15 8.28 Money in circulation 5 20.63 20.96 21.31 Certificates 4 2.97 3.01 3.03 3.04 3.09 Treasury cash 5 2.33 2.34 2.33 Notes 4 1.16 1.16 1.16 1.16 1.16 Treasury deposits 5 .34 .39 .32 Bonds 4 1.45 1.45 1.45 1.45 1.45 Reserve balances 5, 8 12.35 12.43 12.57 Special certificates 4 Required reserves 8 11.19 11.44 11.68 Discounts and advances 2 ' !09 .08 .14 il5".23 Excess reserves, total 8, 9 1.16 .99 .89 G M o o l n d e y st o in c k c irculation 2 2 2 2 1 1 . . 4 4 3 0 2 21 1 . . 6 3 1 8 2 21 1 . . 7 3 3 8 2 2 1 1 . . 8 3 5 5 2 2 1 1 . . 3 9 2 1 N Ch ew ic a Y go o rk City 9 9 *32 .02 . . 0 0 2 1 Nonmember deposits 2 2.02 1.97 1.83 1.95 1.96 Reserve city banks 9 .34 .27 .27 Treasury deposits 2 .37 .23 .21 .40 .39 Country banks 9 .79 .70 .60 Member bank reserves 3 12.54 12.69 12.73 12.99 13.00 Money in circulation, total 10 20.82 21.12 21.55 Excess reservese 3 .64 .79 .77 .94 .76 Bills of $50 and over 10 5.82 6.02 6.21 Exce N ss e w re s Y e o rv rk es C (w ity e ekly average), totale 3 3 . .0 7 1 8 P. . 8 0 3 1 P. . 8 0 8 1 ^ . . 0 8 1 9 P p'. . 01 $ C 1 o 0 i n a s n , d $ 1 $ , 2 0 $ 2 b , i a ll n s d $5 bills 1 1 0 0 1 3 1 . . 9 0 2 9 1 3 1 . . 9 1 3 7 1 3 1 . . 9 3 6 8 Chicago 3 .01 .01 .01 .01 P.01 Reserve city banks 3 .22 .24 .26 .27 P. 27 ALL BANKS IN U. S. Country bankse 3 .55 P.58 P. 60 P. 61 P.58 Total deposits and currency 11 P128.5O P127.80 Demand deposits adjusted 11 P58.10 *>59.60 Time deposits 11 P33.60 P34.00 Currency outside banks 11 P19.20 P19.50 D T C B L U o o o r e . o a t m m S a n k N 1 l m . a s e 0 e n M r l G e 0 a w o d s r E n ' a o c c M n d d i l Y v i o a t s e B t i l o a i . p e E n n r s o R k v l o s o s — e b o B i a C s t l u A n s i t N t i g m s N s t a a e , y i K e d d w t t i S n j e o o u t t I n Y s s N a N s t l o e e L r d w k E A Y C DI o i N t r y G k CITIES 5 3 3 1 1 4 7 6 0 2 3 . . . . . . . . 0 8 5 0 7 3 3 9 6 3 2 7 1 6 6 7 5 3 3 1 0 7 4 6 2 3 0 . . . . . . . . 6 6 6 0 3 6 2 9 1 5 7 4 5 6 8 3 5 3 3 1 0 7 4 6 2 3 0 . . . . . . . . 6 0 9 3 6 6 1 9 1 2 3 4 5 7 7 3 5 3 3 1 7 0 5 5 3 0 2 . . . . . . . . 2 9 6 3 3 3 2 9 3 9 2 6 3 6 4 0 3 5 3 1 5 2 3 5 0 7 0 . . . . . . . . 6 9 2 9 9 2 1 1 1 3 8 7 6 4 8 9 Cons S I C S u n e i h m n s r a t v g e a r I I C i l g r n n c l e O m e e s s - c N p t t e r a a c a A S a e n c l U r l y d m u m e t c M m i d t o e t o c e E i , u e n t r m n R n n e t t t t o o t d s s C l t t i a l o a i R t o v l , l a E e a 4 e n t D n c o s s I r 4 T t e a d l4 i t, total 18, 1 1 1 1 1 1 1 1 8 9 8 8 9 8 9 9 4 1 1 1 . . . . . . . . 6 2 7 0 9 7 7 1 6 2 9 8 6 0 1 7 P P P P P P I 4 I P P i . . . . . . . . 1 9 1 8 3 8 7 7 1 6 4 7 8 0 0 0 P P P P P P P P 4 I I I . . . . . . . . 3 7 6 9 1 7 1 7 5 8 9 4 0 9 7 0 U. S N . e G w o v Y t. o r o k b l C ig i a ty ti , o t n o s t : al 13.60 13.54 13.50 13.29 13.25 Other 19 .54 P.53 P.52 Bonds 6.26 6.27 6.28 6.31 6.34 Notes and guar. securities 2.89 2.88 2.85 2.83 2. TREASURY FINANCE Certificates 3.37 3.39 3.38 3.34 3.29 U. S. Gbvt. obligations outstand- Bills 1.07 1.01 .99 .81 .78 ing, total interest-bearing 20 185.94 185.61 185.67 100 cities outside New York, total.. 24.24 24.07 24.14 23.94 23.94 Bonds (marketable Treasury).. 20 73.88 72.81 72.53 Bonds 11.83 11.84 11.82 11.80 11.80 Notes, cert., and bills, total ... 20 52.09 55.07 54.72 Notes and guar. securities 4.91 4.89 4.90 4.91 4.89 Notes 21 13.30 16.24 16.26 Certificates 5.59 5.58 5.59 5.60 5.59 Certificates 21 25.68 25.68 25.31 Bills 1.91 1.76 1.83 1.63 1.65 Bills 21 13.11 13.15 13.15 Savings bonds, tax notes, etc.. 20 42.37 41.76 42.27 Savings bonds 21 31.52 31.97 32.50 Per cent per annum Tax notes 21 10.22 9.12 9.09 Special issues 20 13.17 13.51 13.70 Holdings of U.S. Govt. obligations: T T r r e e a a s s u u r r y y b n i o l t ls e s M (n O ( e t N a w E x Y a i b ss l R e u A ) e T s) E S, ETC. 2 2 5 5 1 . . 3 3 7 5 4 1 . . 3 3 7 5 5 1 .3 . 7 3 5 4 i 3 . 7 3 5 5 1 .3 .3 7 5 5 F F C e e o d d m . e m r a a g e l r e R c n i c e a i s l e e s b r v a e n a n k B d s an tr k u s st funds 2 2 2 2 2 2 6 1 1 4 7 1 . . . 6 7 9 3 8 0 6 1 1 4 2 8. . . 1 1 1 1 2 0 P1 1 8 3. . 2 3 2 3 U C C . o o r r S p p P T . o o a a G r r r x a a t o a t t i v e e a b t l l . B l A e y b a a a o a t n a b b d x o o s - n n : e d x d e s s. , m ,, p ., t , * .... 2 2 5 5 , , 3 3 3 3 3 3 3 3 3 2 2 1 . . . . 9 7 4 6 5 3 9 7 3 2 1 2 . . . . 6 9 4 7 6 5 9 3 3 2 2 1 . . . . 6 9 4 7 5 5 9 3 3 2 1 2 . . . . 9 4 6 7 5 9 4 3 3 1 2 2 . . . . 9 6 7 4 4 1 2 9 Pr c iv o O M I a m n t t e m u s h u t e e u r r r h a a c i o l n i n a l c s v d l e a e e b v s r i s a t c n o n o g r k m s s o s , t , p b h t a o a t e n o t n r a i t k e l a s s l t han 2 2 2 2 2 3 3 3 9 6 1 1 6 9 5 . . . . 7 6 2 7 0 0 0 0 9 6 1 1 6 8 5 . . . . 8 0 6 9 0 0 0 0 Marketable issues 23 28.20 28.30 In unit indicated Per cent per annum MONEY RATES, ETC. Stoc T k o p t r a i l c es (1935-39 = 100)! 35 94.3 95.9 96.4 96.8 97.9 F. R. Bank discount rate, N. Y... 27 .50 .50 .50 Industrial. 35 95.7 97.5 98.1 98.5 99. Treasury bills (new issues) 27 .375 .375 .375 Railroad 35 95.9 97.7 98.4 98.6 100. Treasury notes (taxable) 27 1.32 1.36 1.36 Volu P m u e b l o ic f u tr t a il d i i t n y g (mill, shares) 3 3 5 5 86 . . 5 9 7 87 . . 6 2 3 87 . . 6 1 4 87 . . 7 7 0 C U o . m S P . m a G e r r t o c i v a ia t l . l l y b p o t a a n p x d e - r s e : xempt 3 2 3 9 1. . 9 6 3 9 1. . 9 6 1 9 1. . 9 6 4 9 Taxable 33 2.49 2.48 2.48 Corporate Aaa bonds 29, 33 2.74 2.74 2.74 Corporate Baa bonds 33 3.72 3.70 3.68 BUSINESS CONDITIONS Steel production (per cent of capacity).. 50 100.0 99.5 99.4 99.2 In unit indicated Electric power prod. (mill. kw. hrs.)... 50 4,336 4,234 4,238 4,246 Freight car loadings (thous. cars): Stock prices (1935-39 = 100): Total 51 851.9 837.0 868.3 871.1 869.9 Total 35 94.4 96.6 95.1 Miscellaneous 51 390.9 377.1 385.2 386.3 385.5 Industrial 35 95.8 98.2 96.5 Department store sales (1935-39 = 100)... 52 150 165 175 158 151 Railroad 35 96.1 98.7 97.3 F.H.A. home mortgages, new construc- Public utility 35 86.9 88.4 87.3 tion (thous.)2 52 Volume of trading (mill, shares)... 35 .81 1.12 .66 Wholesale prices (1926 = 100): Brokers' balances (mill, dollars): Total 63 103.7 103.7 103.6 103.8 103.9 Credit extended customers.... 37 e800 e820 e780 Farm products 63 123.1 123.3 122.4 123.3 123.7 Money borrowed 37 e650 e630 e600 Other than farm and food 63 98.5 98.6 98.6 98.7 Customers' free credit balances . 37 e370 e380 e390 For footnotes see following page. JUNE 1944 609 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued Chart book page Feb. Mar. Apr. MONTHLY FIGURES—Cont. In unit indicated MONTHLY FIGURES—Cont. BUSINESS CONDITIONS BUSINESS CONDITIONS—Cont. Income payments (mill, dollars), total:5 38 12,937 12,887 p12,853 Freight carloadings:5 Salaries and wages 38 r9,140 9,040 ^9,001 Total (1935-39 = 100) 57 Other 38 r3,797 3,847 p3,S52 Groups (points in total index) Cash farm income (mill, dollars), total. 39 1,421 1,510 PI,472 Miscellaneous 57 Livestock and products 39 921 996 981 Coal 57 Crops 39 422 437 H23 Allother 57 Govt. payments 39 78 77 Department stores (1935-39 = 100) ^ Industrial production:5 Sales7 59 T G o ro ta u l p s ( 1 ( 9 p 3 o 5 i r3 n 9 ts = in 1 to 00 ta ) l index) 41, 42 244 241 ^239 Expo S r t t o s c a k n s8 d . .^ i mports (mill, dollars): 59 Durable manufactures 41 r139.6 138.2 65 Exports 61 pl,O85. Machinery, etc 42 r97.4 95.9 p94.5 Imports 61 P312.7 Iron and steel 42 23.3 23.6 23.5 Excess of exports 61 p773.O Other durable 42 18.8 18.7 p18.5 Excluding Lend-Lease exports 61 6.2 Nondurable manufactures 41 82.8 81.7 ^81.3 Wholesale prices, total (1926 = 100)... 63 103.6 Textiles and leather 42 19.6 19.5 p19.7 Farm products 63 122.5 Paper and printing .. 42 10.9 10.7 p10.8 Other than farm and food 63 98.0 Foods, liquor, and tobacco 42 21.1 21.5 p21.1 Cost of living, all items (1935-39 = 100) 65 123.8 Other nondurable 42 r31.3 30.1 ?29.8 Food 65 134.5 Minerals . 41, 42 21.7 21.1 Clothing 65 135.2 Primary products (1935-39 = 100): Rent 65 108.1 Steel 43 236 238 Cement 43 88 83 Lumber 43 122 119 Coal 43 158 148 P150 Crude petroleum 43 139 137 p138 Cotton consumption 43 151 150 151 QUARTERLY FIGURES Wool yarn 43 177 171 Paper 43 133 132 Budget receipts and expenditures: L M e e a a t t h s e a r nd dairy products 4 4 3 3 1 1 0 7 5 3 1 1 7 0 0 7 Exp W en a d r i t a u c re ti s v , it t i o e t s a l 2 2 4 4 2 2 2 0 , , 2 6 6 16 4 2 21 2 , , 2 7 4 4 8 7 2 2 2 3, , 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 od ( s m ill, 43 158 161 p160 Inter N n e a t l r r e e c v e e i n p u ts e collections, total 2 2 4 4 1 7 0 , ,1 8 7 7 6 7 9 8 , , 8 8 6 9 6 0 1 1 1 0 , , 8 5 2 4 3 2 persons): Corporate income taxes 24 2,806 3,295 ,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 50 1 . . 3 2 5 5 0 1 . . 5 4 5 5 1 2 . . 3 1 M In i d s i c v . id in u t a e l r n in al c o r m ev e e n ta u x e e s 2 2 4 4 3 1 , ,6 4 4 3 0 1 4 1 , , 4 1 1 8 0 5 rl 5, , 0 1 2 2 9 2 Nonagricultural 44 43.6 43.6 43.8 Corporate security issues: Agricultural 44 6.7 6.9 7.5 Net proceeds 36 245 424 444 M Fe a m le a le 4 4 4 4 3 1 4 6 . . 0 3 3 1 4 6 . . 0 5 3 1 4 6 . . 4 9 New I n m d o u n s e t y ri , a l t otal 3 3 6 6 2 1 9 4 1 1 3 2 9 8 13 7 1 9 Nonagricultural employment (milL Railroad 36 10 7 46 pe M rs a o n n u s) f , a c to tu t r a i l n 5 g 6 and min # i ng 4 4 5 5 3 1 9 7 . . 3 7 3 1 9 7 . . 1 4 p p 3 1 8 7 . . 7 2 Public utility 36 Per 4 cent per 1 annum 6 Trade 45 7.0 7.0 p7.0 Fa ( c 1 t 9 T G C o 3 r r o o 9 y a n v n = s e s t r e p r n 1 m u o m 0 c r p 0 t t e l i a ) o n o : t t y n i o m n e n a t n d a u n t d il it p ie a s y rolls 4 4 4 5 5 5 3 0 5 . . . 8 9 8 3 0 5 . . . 8 9 7 P5.9 Bank T N O S o o e t r h w u a ta e t t h e r l Y , s e N r o 1 o n r o 9 n k r a c t c n C h i u t d e i i s e t r W y t n s o m e a s n e te d rs r n ' E l a o c s i a t t n i e e s r s n : cities 3 3 3 2 1 1 1 9 2 2 2 2 . . . . 0 4 7 7 5 8 3 1 3 2 2 2 . . . 1 6 7 l 7 5 6 o! 2 2 2 3. . . . 1 1 7 6 2 0 5 3 Pay rolls 47 r327.5 324.5 Employment 47 165.9 163.7 pl61.2 Oct. 18, Dec. 31, Apr. 13, Hours and earnings at factories: 1943 1943 1944 Weekly earnings (dollars) 48 45.44 45.62 CALL DATE FIGURES Hourly earnings (cents) 48 100.3 100.6 In billions of dollars Hours worked (per week) 48 r45.3 45.3 MEMBER BANKS New orders, shipments, and inventories Loans and investments, total 12 (1939 = 100): U. S. Govt. obligations 12 New orders, total 49 230 *>239 Other securities 12 Durable 49 295 P316 State and local obligations 13 Nondurable 49 181 ^181 Other domestic securities 13 Shipments, total 49 279 "273 Foreign securities 13 Durable 49 384 ^369 Loans, total 12 Nondurable 49 197 p198 Commercial loans 13 Inventories, total 49 178 mi Real-estate loans 13 Durable 49 209 p206 Street loans (brokers' loans) 13 Nondurable 49 151 P151 Holdings of U. S. Govt. securities: Residential contracts (mill, dollars):5 By classes of banks: Total 53 29 32 New York. City 16 Public 53 10 11 Chicago 16 Private, total 53 19 21 Reserve city banks 16 1- and 2-family dwellings 53 14 16 Country banks 16 Other 53 e e By kinds of securities: Construction contracts (3-mo. moving Bonds 16 av., mill, dollars):5 Notes 16 T R o e t s a id l ential 5 5 5 5 1 3 8 8 4 1 3 6 1 5 P n 14 \ 8 B C i e l r l t s i ficates 1 1 6 6 Other 55 146 134 P117 Guaranteed 16 e Estimated. p Preliminary. r Revised. c Corrected. 1 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 2 Publication discontinued. 3 Less than 5 million dollars. 4 Includes preliminary revisions for repair and modernization credit. 5 Adjusted for seasonal variation. 6 Revised series. For back figures see p. 600. 7 Revised series. For description and back figures see pp. 542-561. 8 Recomputed to a 1935-39 average base. For back figures see p. 603. 9 Figures available for June and December dates only. * Copies of the Chart Book may be obtained at a price of 50 cents each. 6io FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

.CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES [Figures for last date shown are preliminary] Mutual savings Commercial banks banks All banks Member banks Nonmember banks1 Total Insured Non- Total National m S e t m at b e er Total Insured2 in N su o r n e - d2 insured Number of Banks (Head Offices) December 31, 1933 15,029 14,450 6,011 5,154 857 8,439 139 519 December 31, 1934 16,063 15,484 6,442 5,462 3980 9,042 7,699 ' 1,343 68 511 December 31, 1941 14,825 14,277 36,619 5,117 3l,502 7,661 6,810 851 352 496 December 31, 1942 14,680 14,134 36,679 5,081 31,598 7,458 6,667 791 356 490 December 31, 1943 14,579 14,034 36,738 5,040 31,698 7,299 6,535 764 3184 361 March 31, 1944 14,569 14,024 36,760 5,042 31,718 7,267 6,509 758 3184 361 Number of Branches and Additional Offices4 December 31, 1933 2,911 2,786 2,081 1,121 960 705 7)5 I15 M D D D D e e e e a c c c c r e e e c e m m h m m b b b b 3 e e e e 1 r r r r , 1 3 3 3 3 9 1 1 1 1 4 , , , , 4 1 1 1 1 9 9 9 9 3 4 4 4 4 2 1 3 , 3 3 3 3 3 , , , , , 1 6 7 9 9 3 9 3 6 3 3 9 9 3 3 3 3 3 3 3 , , , , , 0 7 5 6 8 0 9 6 0 2 7 7 4 2 6 2 2 2 2 2 , , , , , 2 5 6 7 8 2 8 1 1 9 4 0 5 6 3 1 1 1 1 1 , , , , , 5 7 2 5 7 9 6 4 6 4 2 5 1 3 3 1 1 1 1 , , , , 0 0 0 0 9 5 1 5 2 8 2 5 3 3 1 1 1 , , 0 0 9 9 7 0 1 8 8 8 4 0 7 4 3 9 9 9 9 3 5 5 3 2 8 2 5 57 53 5 5 5 5 2 2 2 2 9 3 9 3 6 2 5 5 16 1 1 4 4 0 0 1 1 3 2 Analysis of Bank Changes Jan.l-Mar. 31, 1944 Increases in number of banks: Primary organizations (new banks)6 + 16 + 16 +1 +1 +15 +13 +2 Decreases in number of banks: Consolidations and absorptions -16 -16 -3 -1 -2 -13 -11 -2 Voluntary liquidations7 -10 -10 -10 -9 4 Inter-class bank changes: Conversions— National into State -1 -1 +1 +1 Fe S d t e a r t a e l i R n e to s e n rv a e ti o m n e a m l bership8— +3 +4 -i" -3 Admissions of State banks +24 +24 -24 -24 Fe W de i r t a h l d r d a e w p a o l s s i t o i f n s S u t r a a t n e c b e9 a — nks -2 +2 +2 Admissions of State banks +5 -5 Withdrawals of State banks Net increase or decrease in number of banks -10 -10 +22 +2 +20 -32 -26 -6 Analysis of Branch Changes Jan. 1- Mar. 31, 19444 Increases in number of branches' De novo branches +5 +4 +2 +1 +2 +2 +1 Banks converted into branches +6 +6 +4 +4 Decrease in number of branches: +2 Branches discontinued -7 y -3 -2 -2 -2 Branches and additional offices established -5 at military reservations +26 +26 +22 +2 +2 +2 Net increase or decrease in number of +24 branches +30 +29 +23 +22 +1 +6 +6 +1 1 Includes unincorporated (private) banks. 2 Federal deposit insurance did not become operative until Jan. 1, 1934. 3 The State member bank figures and the insured mutual savings bank figures both include three member mutual savings banks, which became members of the Federal Reserve System during 1941. These banks are not included in the total for "commercial banks" and are included only once in "all banks." 4 Covers all branches and other additional offices at which deposits are received, checks paid, or money lent. Offices established at military reservations (shown separately) include "banking facilities" provided through arrangements made by the Treasury Department with banks designated as depositaries and financial agents of the Government. Four of these banking facilities are in each case operated by two national banks, each bank having separate tellers windows; each of these facilities is counted as one banking office only. 5 Separate figures not available for branches of insured and noninsured banks. 6 Exclusive of new banks organized to succeed operating banks. 7 Exclusive of liquidations incident to the succession, conversion, and absorption of banks. 8 Exclusive of conversions of national banks into State bank members, or vice versa. Such changes do not affect Federal Reserve membership; they are included under "conversions." 9 Exclusive of insured nonmember banks converted into national banks or admitted to Federal Reserve membership, or vice versa. Such changes do not affect Federal Deposit Insurance Corporation membership; they are included in the appropriate groups under "inter-class bank changes." Back figures.—See Banking and Monetary Statistics',Tables 1 and 14, pp. 16-17 and 52-53, and descriptive text, pp. 13-14. JUNE 1944 611 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKS AND BRANCHES—NUMBER IN OPERATION ON DECEMBER 31, 1943 Number of banks Number of banks maintaining branches or additional offices1 Commercial banks Commercial banks Mutual Mutual [Geog a r n ap d h S ic t a d t i e vision All M b e a m nk b s er Non b m an e k m s ber s b a a v n in k g s, s All M b e a m n b k e s r Non b m an e k m s ber s b av an in k g s s banks banks Total Total ti N on a- al m S b t e e a m r te - su In re - d N su in o r - n ed - su In re - d s N u in o re - n d - ti N on a- al S m b t e e a m r te - su In re - d N su i o n re n - d - su In re - d s N u in o re - n d - United States 14,579 14,034 5,040 21,698 6,535 764 2184 361 1,177 1,097 303 191 572 31 49 New England 902 548 312 49 127 60 16 338 119 90 34 23 22 11 1 28 Maine 98 66 35 5 17 9 6 26 24 22 4 4 10 4 2 New Hampshire 107 65 52 1 4 8 42 3 2 1 1 1 Vermont 80 72 39 32 1 7 6 2 4 Massachusetts 384 193 124 '"30 35 4 191 66 42 20 16 6 '24' Rhode Island 34 25 11 2 2 10 9 12 11 3 2 1 1 Connecticut 199 127 51 11 37 28 70 7 7 4 1 1 Middle Atlantic 2,266 2,103 1,298 345 415 45 152 11 258 211 83 87 36 46 New York 839 707 409 177 108 13 132 146 106 38 49 17 40 New Jersey 380 356 222 70 55 9 13 11 56 53 20 24 9 2 Pennsylvania 1,047 1,040 667 98 252 23 7 56 52 25 14 10 4 East North Central. 3,006 22,995 883 2593 1,442 80 2 219 219 34 36 144 O In h d i i o ana 6 5 8 0 4 1 24 6 9 8 7 1 2 1 4 2 1 5 1 29 7 7 3 2 2 4 5 9 2 2 1 4 8 r 4 3 5 9 3 4 9 5 8 8 1 2 8 3 1 4 3 Illinois 828 828 345 119 353 11 3 3 3 Michigan 431 431 75 152 187 17 47 47 11 12 "21 Wisconsin 562 2558 97 252 401 10 85 85 4 4 76 West North Central. 3,262 3,261 752 245 1,901 363 165 165 13 146 M Iow in a nesota 6 6 7 4 3 3 6 6 7 4 2 3 1 1 8 0 5 1 2 6 4 1 4 4 2 2 8 6 3 5 5 5 11 2 5 11 2 5 2 'in Missouri 596 596 82 85 397 32 3 3 North Dakota 157 157 42 105 10 16 16 14 South Dakota 162 162 36 ''"23" 102 1 24 24 4 20 Nebraska 404 404 129 16 205 54 3 3 2 1 Kansas 627 627 177 36 238 176 2 2 2 South Atlantic 1,582 1,569 460 158 881 70 177 174 43 28 100 Delaware 43 41 13 4 23 1 7 6 "i" 2 4 M D Vi i a r s r g t y . i n l o a i f a n d Columbia.. 3 1 1 2 8 3 2 6 3 1 1 2 7 3 2 5 1 6 3 9 3 0 6 1 9 3 6 1 9 2 4 3 0 3 4 2 1 6 9 2 4 2 1 6 7 2 1 5 0 6 6 7 2 1 9 7 1 West Virginia 180 180 77 28 70 5 North Carolina 226 226 44 10 165 7 "40' South Carolina 146 146 22 6 89 29 3 Georgia 292 292 47 17 211 17 3 Florida 174 174 55 5 106 3 East South Central. 1,105 1,105 251 46 760 48 20 51 Kentucky 394 394 94 18 253 29 4 10 Tennessee 294 294 69 7 209 9 7 14 Alabama ' 216 216 66 18 127 5 7 1 Mississippi..... 201 201 22 3 171 5 2 [26 West South Central 1,572 1,572 720 127 662 63 38 38 Arkansas 211 211 51 12 141 7 4 15 Louisiana 147 147 30 8 108 1 7 23 Oklahoma 384 384 200 13 161 10 5 Texas 830 830 439 94 252 45 22 Mountain 473 473 205 94 167 19 14 Montana 110 110 41 28 41 Idaho 47 47 16 10 20 Wyoming 56 56 26 10 20 Colorado. 140 140 77 15 42 New Mexico 41 41 22 5 14 6 Arizona 12 12 5 2 5 2 3 Utah 57 57 12 22 23 3 3 Nevada 10 10 6 2 2 3 1 Pacific 411 408 159 41 180 28 19 21 Washington 131 129 41 15 69 4 7 2 Oregon 72 71 25 7 35 4 3 4 California 208 93 19 76 20 9 15 See following page for footnotes. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKS AND BRANCHES—NUMBER IN OPERATION ON DECEMBER 31, 1943-Continued Number of branches and additional offices1 Location of branches and additional offices except offices at military reservations Commercial banks Offices Geographic division Mutual savings Outside head office city at military and State b A an ll ks Total M N e a m - ber b S a t n a k te s N In o - n b m an em ks N b o er n- In- banks Non- h o c f e f I i a i n t c y d e - h of e I f n a ic d e c t I o i n g u u n c o o ti u n e s - s I ti n g c u o n o n o u - n s - re t s i e o r n v s ational member sured insured sured insured county counties United States. 3,933 3,797 1,741 1,052 952 52 95 41 1,703 850 483 664 233 New England 293 248 91 93 40 24 9 36 143 94 48 3 5 Maine 62 60 5 28 22 5 2 6 30 26 New Hampshire 3 2 1 1 1 3 Vermont 17 8 2 6 9 10 7 Massachusetts 155 124 69 46 9 31 114 35 2 4 Rhode Island 39 37 8 18 1 10 2 18 14 4 3 Connecticut 17 17 6 1 2 8 5 5 1 Middle Atlantic 955 880 268 511 95 6 73 2 812 96 25 3 19 N N e e w w J Y e o rs rk ey. 7 1 0 2 6 9 6 1 4 2 9 5 1 3 8 8 0 41 6 2 2 5 2 4 5 3 57 2 ...... 6 9 3 0 1 4 3 2 4 17 3 1 4 3 Pennsylvania . 120 106 50 37 16 3 14 91 20 7 2 East North Central 556 556 133 211 202 10 290 209 35 11 11 Ohio 170 170 38 111 21 119 45 5 1 Indiana 72 72 12 14 45 1 25 43 4 Illinois 3 3 3 3 Michigan 175 175 65 80 22 8 128 25 9 11 2 Wisconsin 136 136 15 6 114 1 18 96 21 1 West North Central 240 240 36 197 7 8 154 57 11 10 Minnesota 6 6 6 6 Iowa . .. ... 156 156 151 5 123 33 Missouri 4 4 4 4 North Dakota 23 23 21 2 13 10 South Dakota 46 46 22 24 18 14 11 3 Nebraska 3 3 2 1 2 1 Kansas 2 2 2 2 South Atlantic 457 442 121 91 226 4 12 3 134 90 105 70 58 Delaware 13 12 2 10 1 2 4 6 1 M Di a s r t y . l o an f d C olumb ; ia .... 9 3 7 3 8 3 3 3 1 1 2 7 4 1 1 5 30 1 12 2 5 3 2 0 17 19 6 3 3 Virginia 87 87 24 14 49 23 30 15 6 13 West Virginia North Carolina 147 147 8 10 127 2 11 36 57 35 8 South Carolina 30 30 26 1 3 4 1 3 16 6 Georgia 36 36 24 8 3 1 12 2 4 7 11 Florida 14 14 10 3 1 1 13 East South Central 168 168 71 16 81 43 59 24 22 20 Kentucky 35 35 21 4 10 21 8 2 4 Tennessee 56 56 23 11 22 19 18 6 S 5 Alabama 27 27 25 1 1 3 5 4 S 7 Mississippi 50 50 2 48 28 12 6 4 West South Central 113 113 62 5 46 23 43 6 2 39 Arkansas 21 21 4 17 13 4 1 3 Louisiana 64 64 30 5 29 23 30 2 8 Oklahoma 5 5 5 5 Texas 23 23 23 23 Mountain 118 118 96 3 19 3 18 38 38 21 Montana Idaho 42 42 40 2 3 12 24 3 Wyoming . . Colorado 5 5 5 5 New Mexico 6 6 6 3 2 1 Arizona 30 30 24 6 1 7 12 6 4 Utah 21 21 16 1 4 1 2 6 4 8 Nevada 14 14 11 2 1 1 3 6 3 1 Pacific 1,033 1,032 863 122 46 1 1 247 87 145 504 50 Washington 92 91 88 1 2 1 16 6 27 39 4 73 73 69 4 11 5 6 46 5 California ...... 868 868 706 121 40 1 220 76 112 419 41 1 Some State laws make a distinction between "branches" and certain other types of "additional offices." The table, however, covers all branches or additional offices within the meaning of Section 5155 U.S.R.S., which defines the term "branch" as "any branch bank, branch office, branch agency, additional office, or any branch place of business ... at which deposits are received, or checks paid, or money lent.'* Figures include "banking facilities" provided through arrangements made by the Treasury Department with banks designated as depositaries and financial agents of the Government. The table does not include "seasonal agencies" which are only in operation at certain periods of the year. 2 The figures for member (commercial) banks and those for mutual savings (noncommercial) banks both include one mutual savings bank in Indiana and two in Wisconsin. The total for "All banks," however, includes such banks only once; and they are not included in the total for "Commercial banks." Back figures.See Banking and Monetary Statistics, Table 1, pp. 16-17, and Tables 73-79, pp. 297-311, and descriptive text, pp. 14 and 294-295. JUNE 1944 613 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROUP BANKING1—NUMBER, DEPOSITS, AND BRANCHES OF GROUP BANKS, DECEMBER 31, 1943 Banks in groups Number of branches and additional offices of group Number Deposits3 (in thousands of dollars) b N e u r m- of b m an il k it s a , r e y x c r e e p se t r o v f a fi t c i e o s n s at group Num- Geographic Num- m N em on b - er Nonmember o b p a e n r k at s - Ou of t f s ic id e e c h it e y ad o b f e fi r c e o s f > division and ber of ing at State groups2 Na- S n b t e a e m r te s I e u n d r - - N s o e i u n d n - r - - Total National m S e t m at b e er su In r - ed s N u o i r n n e - - d b o t a r e i f a s o d fi n n d c o c e a i r - s h l - T ta o l - o h c f I i e f n i t a c y d e o c h o f I f e u n i a c n d e -c c t o o i I o g u n u n u n s - - - n c t o i I o o g u n n n u s - - m v r a i e l t s i i t e o a r n r - s y ty tie: coun' ties United States 383 45 104 12 12,407,28410,303,460 1,,663388,,7'76 433,988 31,060 62 818 47 102 446 57 New England 1,751,905 1,598,850 127,177 12,211 13,667 13 Maine 15,347 1,680 13,667 3 New Hampshire... 16,960 16^960 Vermont Massachusetts 1,719,598 1,581,890 127,177 10,531 Rhode Island Connecticut Middle Atlantic 2,227,137 843,,383 1,249,701134,053 17 New York 941,936 54,244 769,112118,580 12 New Jersey Pennsylvania 1,285^201 789,139 480,589 15,473 East North Central 814,452 798,325 13,666 1,148 1,313 25 Ohio 233,070 218,256 13,666 1,148 Indiana Illinois Michigan Wisconsin 581,382 580,069 1,313 West North Central 1,637,012 1,514,888 41,300 64,744 16,080 26 Minnesota 1,190,688 1,121,534 13,440 42,212 13,502 Iowa 118,010 118,010 Missouri 64,923 29,793 '27,'860 7,270 North Dakota 87,832 73,414 11,840 2,578 South Dakota 85,881 83,599 2,282 20 11 ! 2 Nebraska 89,678 88,538 1,140 Kansas South Atlantic . 818,364 684,491 88,262 45,611 14 Delaware Maryland District of Columbia Virginia West Virginia 13,015 9,734 2,448 833 North Carolina.. South Carolina... "63,922 63,922 Georgia 425,020 307,915 '85,814 31,291 Florida 316,407 302,920 13,487 East South Central 302,640 285,208 14,064 3,368 Kentucky 107,928 91,460 14,064 2,404 Tennessee 194,712 193,748 964 Alabama Mississippi West South Central 207,267 172,438 20,477 14,352 Arkansas Louisiana Oklahoma Texas 207,267 172,438 20,477 14,352 Mountain 558,313 448,459 56,276 53,578 Montana 160,439 102,960 46,25. 11,224 Idaho 75.82J 75,825 Wyoming.... 2,403 2,403 Colorado New Mexico. Arizona 53,13 46,398 6,739 Utah 186,412 148,921 10,021 27,470 Nevada 80,097 74,355 5,742 Pacific 4,090,194 3,957,418 27,853104,923 542 37 Washington.. 84,336 79,861 4,475 1 Oregon 370,43. 361,056 9,377 2 California... 3,635,425 3,516,501 27,853 91,071 495 34 1 The term "group banking" indicates the type of multiple office banking structure in which three or more independently incorporated banks are controlled directly or indirectly by a corporation, business trust, association, or similar organization. 2 A group operating in more than one State has been assigned to the State in which the principal office of the controlling interest is located, but each constituent bank has been assigned to the State in which it operates. 3 Included in the group figures are some banks which dominate the respective groups rather than being subsidiary banks; some of these are comparatively large banks. Back figures.—Sec Banking and Monetary Statistics, Tables 78-84, pp. 312-322, and descriptive text, pp. 295-296. 614 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIN BANKING1—NUMBER, DEPOSITS, AND BRANCHES OF CHAIN BANKS, DECEMBER 31, 1943 Banks in chains Number of branches and additional offices of chain banks, except offices at Number Deposits (in thousands of dollars) Number military reservations of chain Num- Geographic division Num- m N em on b - er Nonmember o b p a e n r k a s t- Ou o t f s fi i c d e e c h i e ty ad o b f e f r ic e o s f and State c b h e a r i n o s f 2 T ta o l - t N i a o a l n - -m S b t e a e m r te - s I e u n d r - - N s i e o u n d r n - - - Total National m S b t e e a m r te - su I r n e - d s N u i o n re n - d - b o r o t r a i f i n o f a n i c n c d g e h a d s e l i- s T ta o l - o h c f e I f i n a i t c y d e c h o o f e I f u n a ic n d e -c t c i o o g o I u u n u n s n - - - n c t o i I o o g u n n n u s - - - m v r a i e l t a s i i t e t o a r n r - y s ty ties counties United States 100 454 1% 40 197 21 2,859,059 1,969,968547,882314,80826,401 34 47 7 31 8 1 9 New England 1 4 2 1 1 12,627 5,802 4,857 1,968 2 2 1 1 Maine New Hampshire Vermont Massachusetts 1 4 2 1 1 12,627 5,802 4,857 1,968 2 2 1 1 Rhode Island Connecticut Middle Atlantic 4 14 6 7 1 107,678 47,124 59,718 836 3 9 3 6 New York 1 4 1 2 1 15,037 6,786 7,415 836 1 2 2 New Jersey 2 7 2 5 79,446 27,143 52,303 2 7 3 4 Pennsylvania 1 3 3 13,195 13,195 East North Central.... 6 22 7 1 14 232,804 218,347 607 13,850 6 7 5 1 1 Ohio Indiana M W Ill i i i c s n c h o o i i g n s a s n in 2 2 2 1 4 6 2 4 3 ..... "'5 9 ' 1 4 8 3 6 2 , , , 8 0 8 9 6 4 5 6 3 1 "3 8 5 2 , , ' 8 5 4 0 3 4 607 8 5 , , 3 4 9 5 1 9 3 3 3 4 1 1 1 4 West North Central... 43 211 69 12 111 19 1,217,522 651,346382,398172,43611,342 11 1 17 2 1 Minnesota 16 78 29 1 43 5 204,275 138,432 8,962 53,254 3,627 20 Iowa 5 23 5 17 1 57,468 27,272 29,476 720 7'" 14 Missouri 6 25 5 "3 15 2 484,.301 107,735346,700 29,558 308 14 "i" N So o u r t t h h D D a a k k o o t t a a 2 2 1 9 7 6 1 ...3. 1 5 1 3 8 4 , , 9 08 4 0 2 13 1 , ,5 4 8 55 7 4,053 2 3 0 , , 3 6 0 25 2 1 1 ••4 1 ' "3' 1 Nebraska 6 28 12 1 11 '•4' 167,154 143,553 2,225 20,125 1,251 2 1 "i" 1 ' Kansas 6 31 11 4 9 7 261,302 219,312 20,458 16,096 5,436 South Atlantic 8 43 17 1 25 385,800 304,681 13,017 68,102 3 4 Delaware Maryland 2 1 1 9,631 8,916 715 District of Columbia.. Virginia West Virginia " "i""'5' 5 9,617 9,617 North Carolina South Carolina Georgia I 6 ' 6 13,169 13,169 Florida 30 16' 1 353,383 295 ^ 76513,017 44,601 3" •4"" 5 13 East South Central.... 5 24,544 21,257 3,287 Kentucky 4 11 6 T A e l n ab ne a s m s a ee .^ •'"4" 5' 24,544 ' '21,257 "3,'287 Mississippi 11 West South Central.. 24 102 68 8 24 2 482,215 433,729 14,879 18,54815,059 3 3 Arkansas Louisiana O Te k x la a h s oma 1 1 3 1 "51 3 3 0 8 " 8' 1 1 3 1 ""2 2 22 5 8 3 , , 9 2 4 6 7 8 2 1 4 8 5 8 , , 4 31 1 6 3 14,879 1 "7 0 , , 8 6 5 9 5 315,059 2 1 2 1 51 Mountain 7 32 14 9 9 340,739 252,662 69,755 18,322 5 7 2 5 1 M Id o ah n o tana 1 1 5 5 2 1 2 3 2 2 1 2 8 , , 3 1 4 4 0 9 2 7 0, , 3 4 6 7 5 2 8,216 2 1 , , 4 9 6 7 1 5 2 " 4' r 3" Wyoming 2 2 18,967 18,967 "r Colorado . ... ""2" 12 7 "2 3 237,359 173,854 '50,' 598' 12,907 1 New Mexico A N U r e t i a v z h a o d n a a ""i 1 " 5 3 1 1 "3 2 ' r "'3 1 3 0 ,7 ,1 5 7 0 4 ' "27 4 , ,4 5 1 9 4 0 5 5 , , 1 7 8 6 1 0 979 2 "3' r "2" Pacific 3 15 8 1 55,130 35,020 2,651 17,459 1 2 2 Washington 1 6 2 4 10,537 6,077 4,460 Oregon . .. 1 1 ...... 1,702 1,702 California 2 8 5 2 42,891 27,241 2,651 12,999 ""2 "2" 1 The term "chain banking" indicates a type of multiple office banking structure in which the operations or policies of at least three independently incorporated banks are controlled by the same individual or individuals. 2 A chain operating in more than one State has been assigned to the State containing the "key" or largest bank or a majority of the constituent banks, but each constituent bank has been assigned to the State in which it operates. Back figures.—See Banking and Monetary Statistics, Tables 78-84, pp. 312-322, and descriptive text, pp. 295-296. JUNE 1944 615 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRIBUTION OF DEPOSITS BY FEDERAL RESERVE DISTRICTS AND STATES DEPOSITS OF INDIVIDUALS PARTNERSHIPS, AND CORPORATIONS [Dollar amounts in millions] Amount outstanding, Percentage increases or decreases ( —) Dec. 31,1943 Increase in total Area since Dec. 1942-1943 1941-1942 Tu" \ pcm in o 3 T*Ii rii u. Time Total 31, 1942 Demand Time Total Demand Time Total United States 59,075.2 30,501.3 89,579.5 15,388.5 24.0 14.9 20.7 26.7 2.4 16.8 By Federal Reserve districts Boston 3,337.3 4,731.5 8,068.8 1,005.4 21.2 9.8 14.2 22.0 2.4 9.3 New York 17,788.4 9,989.9 27,778.3 3,764.2 17.6 12.4 15.7 7.9 0.3 5.0 Philadelphia 3,136.6 2,057.4 5,194.1 691.6 18.2 11.3 15.4 21.9 -3.6 10.0 Cleveland 4,582.3 2,221.0 6,803.3 1,219.2 25.9 14.3 21.8 27.5 0.3 16.5 Richmond 2,846.0 1,292.5 4,138.5 672.4 22.8 12.6 19.4 37.4 3.4 23.9 Atlanta 2,742.1 741.5 3,483.6 803.0 32.9 20.3 30.0 50.4 4.4 36.5 Chicago 9,004.1 3,470.5 12,474.6 2,454.4 25.1 22.9 24.5 35.3 5.9 25.5 St. Louis 2,589.0 683.2 3,272.2 551.7 23.1 10.8 20.3 39.1 -0.2 27.7 Minneapolis 1,549.8 774.7 2,324.5 479.6 29.3 19.9 26.0 51.2 7.1 32.2 Kansas City 2,727.4 474.0 3,201.4 716.9 31.8 14.1 28.9 52.1 3.7 41.1 Dallas 2,591.2 284.1 2,875.3 693.9 34.1 14.0 31.8 46.6 -1.8 38.8 San Francisco 6,183.9 3,781.1 9,964.9 2,336.3 34.9 24.2 30.6 56.7 10.7 34.4 By States and Census areas New England 3,504.1 5,030.1 8,534.0 1,070.8 21.3 9.9 14.3 22.1 2.6 9.3 Maine _ 164.0 286.5 450.4 68.8 26.8 13.5 18.0 46.1 2.6 14.1 New Hampshire 83.6 248.8 332.3 32.6 22.6 7.4 10.9 23.8 0.3 4.8 Vermont 58.2 150.3 208.5 24.0 24.9 9.0 13.0 31.6 0.3 6.8 Massachusetts 2,132.7 2,811.7 4,944.4 599.9 20.6 9.1 13.8 19.3 2.2 8.5 Rhode Island 277.0 383.6 660.6 65.3 11.3 10.7 11.0 30.1 2.5 12.5 Connecticut. 788.6 1,149.2 1,937.8 280.2 25.8 11.5 16.9 22.1 4.6 10.6 Middle Atlantic 22,115.0 12,309.7 34,424.6 4,673.6 18.0 11.8 15.7 10.2 -1.0 5.8 New York 16,428.4 8,420.3 24,848.7 3,281.6 17.0 11.9 15.2 6.9 -0.3 4.3 New Jersey 1,469.6 1,456.5 2,926.0 503.2 26.1 15.8 20.8 24.3 2.8 12.1 Pennsylvania 4,217.0 2,432.9 6,649.9 888.8 19.4 9.2 15.4 20.5 -5.1 9.1 East North Central 11,538.5 4,987.7 16,526.2 3,264.3 25.6 22.5 24.6 34.8 5.7 24.3 Ohio 2,739.6 1,467.4 4,207.0 829.0 27.2 19.8 24.5 34.2 4.9 21.9 Indiana 1,104.7 455.7 1,560.4 325.6 28.8 20.7 26.4 46.8 2.6 29.7 Illinois 4,851.1 1,318.8 6,169.9 1,127.7 23.1 19.6 22.4 25.2 1.3 19.1 Michigan 1,940.9 1,112.9 3,053.8 665.3 26.1 31.0 27.9 56.8 11.9 37.2 Wisconsin 902.2 632.9 1,535.1 316.7 28.8 22.2 26.0 39.5 9.8 25.1 West North Central 4,650.5 1,411.2 6,061.8 1,191.3 27.5 15.3 24.5 46.7 4.6 33.2 Minnesota 897.0 513.0 1,410.0 280.5 27.7 20.1 24.8 45.3 7.2 28.1 Iowa 782.3 284.2 1,066.5 209.4 30.7 9.9 24.4 44.6 2.9 28.8 Missouri 1,488.7 361.5 1,850.1 268.6 17.8 13.6 17.0 33.6 1.8 25.7 North Dakota 180.2 45.4 225.7 62.4 42.1 25.0 1 38.2 76.0 8.7 54.5 South Dakota 150.4 38.1 188.5 44.1 35.4 14.4 | 30.5 74.1 7.1 52.2 Nebraska 509.1 77.6 586.7 149.0 37.0 17.7 34.0 68.3 6.5 54.7 Kansas 642.8 91.4 734.3 177.3 36.0 8.3 31.8 64.9 4.2 51.5 South Atlantic 4,398.7 1,713.7 6,112.3 1,132.3 26.2 14.7 22.7 38.3 3.4 25.6 Delaware 245.8 94.8 340.6 49.6 19.7 10.7 17.0 11.2 0.6 7.9 Maryland 680.6 526.0 1,206.6 203.2 24.2 15.5 20.3 28.7 3.9 16.1 District of Columbia 455.5 141.1 596.6 62.2 12.9 7.9 11.6 27.8 4.6 21.2 Virginia 603.5 321.7 925.1 131.0 21.9 7.6 16.5 42.9 3.1 24.7 West Virginia 287.1 137.1 424.2 82.2 29.3 14.3 24.0 26.4 -2.2 14.6 North Carolina 600.1 154.9 755.0 143.5 25.7 15.5 23.5 50.9 4.6 37.5 South Carolina 261.7 44.2 305.9 61.2 27.0 14.5 25.0 52.8 5.2 42.6 Georgia 652.2 162.8 815.0 178.7 30.2 20.4 28.1 54.2 3.4 39.6 Florida 612.2 131.1" 743.3 220.7 43.2 37.7 42.2 44.5 8.0 36.1 East South Central 2,041.4 555.0 2,596.5 528.7 30.3 10.8 25.6 47.7 * 32.4 Kentucky 636.9 128.2 765.2 157.2 31.7 3.0 25.9 39.5 -7.2 26.5 Tennessee 631.0 212.1 843.1 175.5 30.3 15.6 26.3 46.4 1.6 30.5 Alabama 485.2 139.0 624.2 130.6 30.5 14.2 26.5 52.5 8.7 38.7 Mississippi 288.3 75.7 364.0 65.4 26.9 6.0 21.9 62.4 -3.6 39.6 West South Central 3,769.1 484.0 4,253.1 958.5 31.7 11.6 29.1 46.1 -1.6 37.3 Arkansas 312.3 52.2 364.5 59.9 22.6 4.6 19.7 57.6 4.0 45.3 Louisiana 583.1 135.3 718.4 141.7 26.5 16.8 24.6 44.5 2.8 33.6 Oklahoma 537.1 65.7 602.8 129.8 31.7 0.7 27.4 42.3 -9.8 31.8 Texas 2,336.6 230.8 2,567.4 627.1 34.5 14.0 32.3 45.8 -2.4 38.7 Mountain 1,381.8 427.5 1,809.4 393.4 29.6 22.1 27.8 58.9 11.0 43.5 Montana 199.0 47.1 246.1 43.4 23.5 13.3 21.4 51.4 4.3 38.6 Idaho 166.0 47.5 213.5 59.6 40.9 31.7 38.7 74.4 8.4 52.7 Wyoming 80.7 24.3 105.0 19.8 27.9 10.0 23.2 44.7 0.5 29.9 Colorado 451.8 120.1 571.9 127.4 31.1 20.2 28.7 46.2 9.2 35.8 New Mexico 103.4 19.8 123.2 28.7 33.1 17.9 30.4 74.6 12.0 58.7 Arizona 139.0 44.6 183.6 39.9 27.6 28.2 27.8 77.1 15.2 56.5 Utah 188.0 98.0 286.1 61.9 28.1 26.8 27.6 72.7 17.7 48.6 Nevada 53.9 26.1 80.0 12.7 18.2 19.8 18.9 72.7 21.2 51.9 Pacific 5,679.1 3,582.4 9,261.5 2,175.7 35.3 24.0 30.7 55.1 10.5 33.2 Washington 910.3 421.7 1,332.0 313.8 31.0 30.4 30.8 68.1 19.2 48.7 Oregon 519.7 221.2 740.9 177.4 30.6 33.5 31.5 66.7 18.2 48.7 California 4,249.1 2,939.5 7,188.6 1,684.5 36.9 22.5 30.6 51.2 8.9 29.3 * Less than 0.05 per cent. NOTE.—Dollar amounts are rounded to nearest hundred thousand and do not necessarily add to totals. For back figures see July 1943 BULLETIN, pp. 599-603. 616 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.... 618 Gold production 619 Gold movements 619 Net capital movements to United States since January x 1935... 620 9 Central banks 6x1-614 6 e Money rates in foreign countries 615 Commercial banks 626 Foreign exchange rates..., 627 Price movements: Wholesale prices 628 Retail food prices and cost of living ... 619 Security prices... 629 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins; some data are reported to the Board directly. Figures on international capital transactions of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12., 1934. Back figures for all except price tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics. JUNE 1944 617 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month U St n a i t t e e s d g t A i e n n r- a - 1 g B iu e m l- Brazil B I r n i d ti i s a h B ga u r l i - a Canada Chile lom Co b - ia C v z s a e l k o c - i h a o- m De a n rk - Egypt France m G a er n - y Greece 1938—Dec 14,512 431 581 32 274 24 192 30 24 83 53 55 2,430 29 27 1939—Dec 17,644 466 609 40 274 24 214 30 21 56 53 55 2,709 29 28 1940—Dec 21,995 353 2 734 51 274 24 37 30 17 58 52 52 2,000 29 1941—Dec. 22,737 354 734 70 274 24 5 30 16 61 44 52 2,000 29 428 1942—Dec 22,726 735 115 274 25 6 36 25 61 44 52 2,000 29 1943—May 22,426 354 734 153 274 425 5 48 43 61 44 52 2,000 June 22,388 354 734 166 274 6 49 45 61 44 52 2,000 July 22,335 353 734 18'2 274 7 50 51 61 44 52 2,000 Aug 22,243 353 734 202 274 7 54 53 61 44 52 2,000 Sept 22,175 353 734 223 274 6 54 55 61 44 52 2,000 Oct 22,116 353 734 243 274 5 54 56 61 44 52 2,000 N D o ec v 2 2 2 1 , , 0 9 6 3 5 8 x354 7 7 3 3 4 4 2 2 5 5 4 4 2 2 7 7 4 4 5 7 5 5 1 1 5 5 8 9 6 6 1 1 4 4 4 4 5 5 2 2 2 2 , , 0 0 0 0 0 0 1944—Jan 21,918 363 734 254 274 6 51 76 61 44 52 2,000 :*::: Feb 21,712 368 734 255 7 51 77 61 44 52 2,000 Mar 21,600 371 734 5 80 61 44 Apr 21,429 4 End of month H ga u r n y - (P I e ra rs n ia) Italy Japan Java Mexico N la e n th d e s r- Ze N al e a w nd N w o a r y - Peru Poland Po g r a t l u- Ru n m ia a- A 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 4216 39 506 23 25 59 241 634 42 1943—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 91 1944—Jan 24 205 500 23 31 316 716 Feb 24 229 500 23 31 740 Mar 24 230 500 23 33 Apr. 227 34 Government gold reserves1 not included in previous figures End of month S d w en e- Sw la i n tz d er- T k u e r y - U K d n o i i n m t g e - d g U u r a u y - V zu e e n l e a - Y sl u av g i o a - B.I.S. c O tr o t i u h e n s e 9 - r End of month U St n a i t t e e s d U K d n o in i m t g e - d France g B iu el m - 1938—Dec 321 701 29 2,690 69 52 57 14 142 1938—Dec. ... 80 2759 331 44 1939—Dec 308 549 29 68 52 59 7 153 1939—Mar. ... 154 1,732 559 1940—Dec 160 502 88 1 90 29 82 12 145 May.... 477 1941—Dec 223 665 92 1 100 41 <83 12 142 June... 85 17 1942—Dec 335 824 114 1 89 68 21 160 Sept.... 164 3876 Dec 156 17 1943—May 346 866 158 1 96 80 25 185 1940—Mar. ... 145 June 347 867 158 1 101 80 26 185 June... 86 17 July 368 876 158 1 101 80 26 r197 Sept.... 105 Aug 371 880 161 1 103 84 26 r197 Dec. ... 48 292 17 Sept 374 887 161 1 108 84 26 r197 1941—Mar. ... 88 Oct 378 900 161 1 111 84 27 r197 June... 89 17 Nov 384 903 161 1 117 84 27 r198 Sept.... 24 4151 Dec 387 964 161 1 89 45 r199 Dec 25 17 1944—Jan 399 973 171 1 89 45 r200 1942—Mar.... 12 M Fe a b r 4 4 0 2 1 1 9 9 8 9 4 4 1 1 1 1 0 0 0 0 4 3 5 9 r r 2 2 0 0 2 0 J S u e n p e t. . . . . . . 8 7 17 Apr 426 pl,004 1 100 202 1943— D M ec ar.. .. 1 1 2 4 17 p 1 P Fi r g e u li r m es i n t a h r r y o . u gh r M R a e rc v h is e 1 d 9 . 40 anc[ figure for December 1942 and December 1943 include, in ad- J D S u e e n c p e t.... 4 1 3 7 1 17 dition to gold of the Central Bank he d 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, i 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 Jan. 31, 1943; Greece—Mar. 31, 1941; Java—Jan. 31 1942; Norway—Mar. 30, 1940; Poland— tund and Rentes Fund; Belgium—Treasury July 31, 1939; Yugoslavia—Feb. 28, 15 2 Figure for end of September. 5 Figure for December 1938 is that officially report.ed on Apr. 30,1938. Reported figure for total British gold reserves on J Figure for February 1941; beginiling 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. 8 Increase over reserves reported iit end of 1941 and1942 due primarily to inclusion for first time 4 Figure for Sept. 1. 1941. of gold held for Foreign Exchange Institute. 9 These countries are: Albania, A geria, Australia, PAustria through Mar. 7,1938, Belgian Congo, NOTE.—For certain back figures and for details Bolivia, China, Costa Rica beginning.Fuly 1943, Danzig through Aug. 31,1939, Ecuador, El Salvador, regarding special internal gold transfers affecting Estonia, Finland, Guatemala, Iceland,Ireland beginningFebruary 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 holdingsof Bank of England reduced to noininal amount by gold transfers to British Exchange Equalization Account duri]ig 1939. NOTE.—For back figures, see Beinking and Monehry Statistics, Tables 156-160, pp. 536-555, and for a description of figures, incluling details regarding special internal gold transfers affecting the reported data, see pp. 524-535 in the same publication. 618 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD PRODUCTION OUTSIDE U. S. S. R. [In thousands of dollars] Estimated Production reported monthly world Year or month production Total Africa North and South America Other U o .S ut . s S i . d R e .1 m re o p n o t r h te ly d A So fr u ic th a d R e h s o i - a A W fri e c s a t 2 B C e o l n g g i o an S U St n a i t t e e s d * Canada5|Mexico6 Chile I J N g ic u a a r 7 a- Au l s ia tr 8 a -1 I B I r n i d ti i s a h 9 $1= 15ft grains of gold j>0fine;i.e.,an ounce of fine gold = $35 1934. 823,003 708,453 | 366,795 24,264 12,153 6,549 108191 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 126325 114,971 23858 11,515 9,251 868 31,240 11,468 1936 971,514 833,895 396,768 28053 16,295 7,386 152509 131,181 26,465 13,632 9,018 807 40,118 11,663 1937 1,041,576 893,384 410,710 28296 20,784 8,018 168159 143,367 29591 15,478 9,544 848 46,982 11,607 1938 1,136.360 958,770 425,649 28532 24,670 8,470 178143 165,379 32306 18,225 10,290 1,557 54,264 11,284 1939 1,208,705 1,020,297 448,753 28009 28,564 8,759 196391 178,303 29426 19,951 11,376 3,506 56,182 11,078 1940 1,297,349 1,094,264 491,628 29155 32,163 3 8,862 210109 185,890 30878 22,117 11,999 5,429 55,878 10,157 1941 1,288,945 1,089,395 504268 27765 32,414 209175 187,081 27,969 22,961 9,259 7,525 51,039 9,940 1942 968,112 494439 26641 29,225 130963 169,446 630000 20,882 6,409 8,623 42525 8,960 1943 737,410 448153 23009 19,740 47783 127,829 19,789 6,081 7,715 28490 8,820 1943—Apr.. 63,548 37604 2004 1,645 4891 11,309 1,645 548 646 2450 805 May.. 62,984 38367 1987 1,645 4065 10,975 1,599 566 700 2345 735 June.. 62,107 37424 •1956 1,645 3945 11,442 1,540 455 724 2240 735 July.. 61,590 37,962 1907 1,540 3945 10,246 1,763 454 622 2380 770 Aug.. 6O,1S9 37,297 1,862 1,540 3,634 10,268 1,704 549 430 170 735 Sept.. 60,025 36,783 1,920 1,540 3,306 9,877 1,659 598 770 2835 735 Oct... 59,860 37,162 1,896 1,540 3,814 9,802 1,672 511 628 2100 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 2100 700 1944—Jan.... 2>57,113 36,169 /I,763 1,540 3,085 9,023 1,581 '501 756 n995 c700 Feb... p54,801 34,100 fplt763 ,1,540 3,429 8,988 pl,344 '501 651 n 855 c630 Mar... *>57,588 36,266 fplt763 f\,540 2,933 9,333 p2,056 '501 677/PI,855 ^665 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes, irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars;1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million. p Preliminary. * Figure carried forward. c Corrected. 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 a n r t o h r im To n p e t o a t r l ts U K d n o i i n m t g ed - France g B iu e m l- N l e a t n h d e s r- S d w en e- S er w la i n tz d - Canada Mexico Co b l i o a m- I P s p h la i i n l n i e d p s - t A ra u l s i - a A S f o r u ic t a h Japan B I r n i d ti i s a h 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 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 1,973,5651,208,728 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 1 1 1 9 9 9 3 4 4 9 0 1 3 4 , , 5 7 9 4 7 8 4 4 2 , , , 4 1 3 7 5 7 : * 1,8 6 2 3 6 3 3 , , , 7 4 0 7 0 8 9 3 3 24 3 1 , , 7 7 9 7 8 8 1 165,1 9 2 7 2 7 1 34 6 1 3 , , 6 2 1 6 8 0 1 2 6 8 1 1 , , , 7 7 4 4 1 8 7 5 9 8 9 6 0 , , 9 3 8 8 2 9 7 0 9 2, 6 4 6 1 1 2 2 2 2 , , , 9 0 3 4 5 3 9 6 0 3 2 1 3 9 6 , , , 6 8 79 1 8 1 0 0 2 2 2 3 3 4 , , , 2 9 4 3 9 4 9 9 8 4 3 3 2 8 5 , , , 6 6 6 2 7 3 7 8 6 1 7 6 0 4 7 3 , , , 2 4 7 5 9 7 0 2 7 2 1 2 9 8 2 2 4 , , , 8 8 7 6 5 9 2 6 3 1 1 6 1 9 5 1 , , , 4 6 7 4 0 3 4 5 9 5 4 0 9 9 , , , 9 9 6 5 8 6 6 9 5 5 3 4 1 1 3 0 0 8 2 0 8 , , , 4 4 4 8 6 0 5 8 4 1941 Jan 234,24! 37 1,746 563 46,876 1,147 3,168 3,185 149,735 6,085 4,501 6,062 Feb 108,605 1,218 337 81,529 814 11 2,772 96 615,093 Mar 118,56/ 817 95,619 866 2,232 3,984 2,788 3,046 2,951 Apr 171,992 21 20,216 1,147 2,934 3,587 132,261 313 6,793 May 34,83( 16,306 969 2,794 3 384 3,594 3,589 June 30,71 474 17,514 800 7 2,114 69 131 5,009 July 37,04: 542 19,224 1, 2,128 4,970 88 3,811 Aug 36,97: 79 10,842 843 2,230 5,098 137 i,'995 69,008 Sept 65,70: 250 42,56f 495 2,488 3,107 3,694 611,041 Oct 40,44( 55 16,072 1,020 2,107 3,141 200 2,327 69,365 Nov 50,37< 121 24,91 6,336 2,110 1,830 40 ^,039 Dec 52,89( 163 20,377 1,273 2,238 5,506 190 618,726 1 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. 2 Includes $31,830,000 from Argentina. 3 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, $10,077,000 from Chile, and $37,555,000 from other countries. 4 Includes $75,087,000 from Portugal, $59,072,000 from Argentina, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $26,178,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,802,000 from Chile, $10,775,000 from Brazil, $10,416,000 from Spain, $10,247,000 from Peru, and $28,935,000 from other countries. 5 Includes $44,920,000 from U.S.S.R., $10,963,000 from Central America, and $44,603,000 from other countries. 6 Includes imports from U. S. S. R. as follows: February—$11,236,000, August—$3,407,000, September—$5,652,000, October^-$5,550,000, November— $5,615,000, December—$13,460,000. NOTE.—Figures for months subsequent to December 1941 have not been released for publication. For back figures see Banking and Monetary Statistics, Table 158, pp. 539-541, and for description of statistics, see p. 524 in the same publication. 619 JUNE 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NFT CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [In millions of dollars] From Jan. 2, 1935, through— Total funds in : U ig . n S b . a D i b n e a c n U r k e . i a n S s g e . s F e R c o e u r t e r u i i t g r i n n es: s D I e n o c fl m u o r w e it s i t o e ic f s: b In ro fl k o e w ra g in e funds of U. S. foreign balances Total Official1 Other abroad funds funds 1935—Mar. (Apr. 3) 259.5 57.7 -2.0 59.7 155.0 31.8 -6.2 21.1 June (July 3) 616.0 213.8 6.1 207.7 312.8 43.7 15.8 29.8 Sept. (Oct. 2) 899.4 350.7 -4.5 355.2 388.6 40.1 90.3 29.8 Dec. (Jan. 1, 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 1,112.3 1,980.5 773.6 793.1 987.0 101.6 Dec. (Jan. 1, 1941) 5,727.6 3,159.0 1,200.8 1,958.3 775.1 803.8 888.7 100.9 1941—Mar. (Apr. 2) 5,526.5 3,148.8 1,307.7 1,841.0 767 A 812.7 701.8 95.9 June (July 2) 5,575.4 3,193.3 1,375.1 1,818.2 818.6 834.1 631.2 98.2 Sept. (Oct. 1) 5,510.3 3,139.5 1,321.7 1,817.7 805.3 841.1 623.5 100.9 Dec. 31 5,230.7 2,856.2 1,053.7 1,802.6 791.3 855.5 626.7 100.9 1942—Jan. 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—Tan. 31... 7,272.9 4,658.2 2,649.3 2,009.0 870.8 931.7 695.1 117.0 Feb. 29 7,418.6 34,833.2 32,815.7 32,017.5 3843.5 924.2 698.8 3118.9 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 Feb. 29, in millions of dollars: total foreign banking funds in United States 5,490.6, including official funds, 3,453.3, and other funds, 2,037.3; United States banking funds abroad, 292.0; and brokerage balances (net due "foreigners") 42.0. 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. 62.0 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS f issue ment Assets of banking department Liabilities of banking department Bank of England Note (Fig p u ou re n s d s in s t m er il l l i i n o g n ) s of Gold1 a O s t s h e e ts r 2 Cash reserves a c n o D d u i s n a - t d s - Se t c ie u i ri- ci t r i c o u n l 3 a- Deposits l O ia t b h i e l r i- Coin Notes vances Bankers' Public Other ties 1929—Dec. 25. 260.0 .2 26.3 22.3 84 9 379.6 71.0 8.8 35.8 17.9 1930—Dec. 31. 260.0 .6 38.8 49.0 104 7 368.8 132.4 6.6 36.2 18.0 1931—Dec. 30. 275.0 .6 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18.0 1932—Dec. 28. 275.0 8 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933—Dec. 27. 260.0 1.0 58.7 16.8 101.4 392.0 101.2 22.2 36.5 18.0 1934—Dec. 26. 260.0 .5 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935—Dec. 25. 260.0 .6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30. 200.0 .6 46.3 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29. 220.0 .8 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Dec. 28. 230.0 .8 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Dec. 27. 580.0 1.0 25.6 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940—Dec. 25. 5 630.0 .9 13.3 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941—Dec. 31. 5 780.0 .3 28.5 6.4 267.8 751.7 219.9 11.2 54.1 17.9 1942—Dec. 30. 5950.0 .9 26.8 3.5 267.9 923.4 223.4 9.0 48.8 17.9 1943—May 26. 1,000.0 .9 55.3 4.6 185.3 945.0 174.1 3.2 51.0 17.8 June 30. 1,000.0 .9 53.9 4.9 261.0 946.3 238.1 9.5 55.3 17.8 July 28. 1,000.0 1.3 32.1 7.3 208.4 968.1 169.9 6.6 54.6 17.9 Aug. 25. 1,000.0 1.4 25.3 3.4 218.3 974.9 166.8 7.2 56.6 18.0 Sept. 29 1,000.0 1.7 13.8 1.9 238.7 986.5 173.4 9.3 55.1 18.1 Oct. 27 61,050.0 1.8 51.8 1.6 211.3 998.5 190.3 5.4 53.1 17.7 Nov. 24 1,050.0 1.7 31.2 6.0 222.1 1,019.0 183.2 6.8 53.3 17.8 Dec. 29. 51,100.0 .9 11.6 2.5 307.9 1,088.7 234.3 10.3 60.4 17.9 1944—Jan. 26. 1,100.0 .6 33.0 4.4 229.0 1,067.3 187.8 8.5 52.7 17.9 Feb. 23. 1,100.0 .9 22.8 2.1 255.2 1,077.5 200.3 8.9 53.7 18.0 Mar. 29. 51,150.0 .4 45.6 15.4 212.7 1,104.6 188.8 7.1 60.2 18.1 Apr. 26. 1,150.0 .4 25.8 5.8 245.6 1,124.5 198.5 4.5 56.9 17.7 Assets Liabilities Bank of Canada Dominion and provincial government Deposits (Fi C g a u n re a s d i i a n n m d i o ll l i l o a n rs s ) of Gold an S d d S t o e t U l a r l l t a n i e n r i s s t g ed S t h e o rm rt s - 6 ecuritie O s ther a O s t s h e e ts r circ N ul o a t t e ion? Ch b a a r n te k r s ed D g o m o m v e e i n n r t n io - n Other li O ab th il e i r ties 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 13S.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—May 31 11.8 826.1 302.5 24.9 746.8 313.1 46.8 34.2 24.4 June 30 47.2 816.7 313.0 20.8 758.4 301.1 90.1 19.2 28.9 July 31 .5 800.7 333.1 22.1 776.1 295.0 48.4 13.2 23.7 Aug. 31 37.6 798.8 340.8 29.2 796.7 308.6 59.7 10.3 31.0 Sept. 30 31.0 786.7 360.7 19.0 815.1 305.7 36.2 11.4 29.1 Oct. 30 68.5 787.4 434.0 22.1 836.6 339.2 88.9 15.6 31.7 Nov. 30 26.5 797.1 466.7 30.6 844.6 360.6 66.1 16.1 33.6 Dec. 31 .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 1944—Jan. 31 .4 799.9 486.8 25.4 860.6 360.9 34.8 22.3 33.4 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 Apr. 29 .2 777.1 567.7 26.4 915.3 385.2 24.6 17.4 28.8 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until tSept. 6, 1939, when it was officially set at 168 shillings per fine ounce. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4 On Jan. 6,1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from Exchange Account to bank; on Sept. 6,1939,279 million pounds transferred from Bank to Exchange Account. 5 Fiduciary issue increased by 50million pounds on June 12,1940, Apr. 30, Aug. 30, and Dec. 3,1941, and Apr. 22 and July 28, 1942; by 70 million pounds on Dec. 2, 1942; and by 50 million pounds on Apr. 13, Oct. 6, and Dec. 8,1943, 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. JUNE 1944 62.I 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 (Figures in millions Foreign Government Note Other of francs) Gold1 ex- Other circula- liabilichange m O a p rk en et2 Special2 Other c F u c o p o r a s t t o i s c o 3 - n Other2 assets tion G m ov e e n r t n- C.A.R.4 Other ties 1929—Dec. 27 41,668 25,942 5,612 8,624 8,124 68,571 11,737 7,850 1,812 1930—Dec. 26 53,578 26,179 5,304 8,429 9,510 76,436 12,624 11,698 2,241 1931—Dec. 30 68,863 21,111 7,157 7,389 11,275 85,725 5,898 22,183 1,989 1932—Dec. 30 83,017 4,484 6,802 3,438 11,712 85,028 2,311 20,072 2,041 1933—Dec. 29 77,098 1,158 6,122 4,739 11,173 82,613 2,322 13,414 1,940 1934—Dec. 28 82,124 963 5,837 3,971 11,500 83,412 3,718 15,359 1,907 1935—Dec. 27 66,296 1,328 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. 28 697,267 112 11,273 2,345 5,149 34,673 20,094 151,322 1,914 14,751 2,925 1940—Dec. 26 684,616 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—Feb. 25 84,598 37 43,103 105 7,533 230,911 57,800 21,458 397,319 1,521 9,521 32,886 4,299 Mar. 25 84,598 37 42,938 23 6,108 230,740 69,250 20,181 405,416 698 8,429 33,776 5,556 Apr. 29 84,598 37 42,884 26 6,686 248,320 57,650 21,072 413,567 713 8,749 34,186 4,058 May 27. , 84,598 37 42,930 6 6,200 ' 260,919 56,900 21,768 419,530 734 10,166 37,750 5,177 June 24 84,598 37 42,998 1 5,573 260,927 63,550 21,042 426,974 837 14,670 29,574 6,669 July 29 84,598 38 43,261 6,456 271,371 61,150 21,472 440,291 754 11,170 31,864 4,267 Aug. 26 84,598 37 43,108 6,908 288,308 53,500 21,078 448,270 743 14,674 29,615 4,235 Sept. 30 84,598 37 43,412 4,968 295,807 69,500 23,519 468,015 821 15,450 33,199 4,355 Oct. 28 84,598 37 44,591 4,799 306,689 65,500 21,000 475,868 627 12,191 34,111 4,417 Nov. 25 84,598 37 44,860 35" 6,472 320,843 55,950 21,457 484;060 755 14,083 31,133 4,220 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 1944—Jan. 27 84,598 37 44,870 12 8,196 343,300 56,050 21,614 506,035 825 12,365 34,339 5,112 Assets. Liabilities Reichsbank Reserves of gold and Bills (and Securities (Figu r r e e i s c h in sm m a i r l k li s o ) ns of re T f s o o e r t r e a v i l e g s n exch G an o g ld e i T c n r h c e b e l a i u c l s k d l u s s i r n ) y , g Se lo cu an ri s ty E a c s li o g n v i o e b r t l e e Other O as t s h e e t r s ci N r t c i o o u t n l e a- Deposits l O ia t t i b h e i e s l r i- 1929—Dec. 31.. 2,687 2,283 2,848 251 92 656 5,044 755 736 1930—Dec. 31. . 2,685 2,216 2,572 256 102 638 4,778 652 822 1931—Dec. 31. 1,156 984 4,242 245 161 1,065 4,776 755 1,338 1932—Dec. 31.. 920 806 2,806 176 398 1,114 3,560 540 1,313 1933—Dec. 30.. 396 386 3,226 183 259 322 735 3,645 640 836 1934—Dec. 31.. 84 79 4,066 146 445 319 827 3,901 984 1,001 1935—Dec. 31.. 88 82 4,552 84 349 315 853 4,285 1,032 923 1936—Dec. 31.. 72 66 5,510 74 221 303 765 4,980 1,012 953 1937—Dec. 31.. 76 71 6,131 60 106 286 861 5,493 1,059 970 1938—Dec. 31.. 76 71 8,244 45 557 298 1,621 8,223 1,527 1,091 1939—Dec. 30.. 78 71 11,392 30 804 393 2,498 11,798 2,018 1,378 1940—Dec. 31.. 78 71 15,419 38 32 357 2,066 14,033 2,561 1,396 1941—Dec. 31.. 77 71 21,656 32 107 283 2,311 19,325 3,649 1,493 1942—Dec. 31 . 76 71 29,283 25 87 210 1,664 24,375 5,292 1,680 1943—Apr. 30.. 77 (6) 28,603 18 1 78 2,319 25,442 4,226 1,427 May 31 . 77 29,592 16 17 121 2,268 25,922 4,606 1,563 June 30.. 77 30,890 29 1 67 2,178 26,650 4,881 1,711 Tuly 31 . 77 32,317 34 1 100 2,003 27,597 5,199 1,735 Aug. 31.. 77 34,570 17 1 107 1,569 29,029 5,456 1,857 Sept. 30. 77 35,010 22 1 105 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 1 79 2,733 31,772 6,951 2,104 Dec. 31. 77 71 41,342 27 1 65 2,337 33,683 " 8,186 1,980 1944—Jan. 31.. 77 39,584 43 1 42 2,296 33,012 7,176 1,855 Feb. 29.. 77 39,269 26 1 66 2,360 33,508 6,636 1,654 Mar. 31.. 77 40,379 46 1 33 2,281 33,792 7,237 1,788 1 Gold revalued March 1940, November 1938, July 1937, and October 1936. For further details see»BuLLEiiN 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. 0 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. 6 In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization FundHo 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. 6xz FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1944 1943 Central Bank 1944 1943 (Figures as of last report (Figures as of last report date of month) Apr. Mar. Feb. Apr. date of month) Apr. Mar. Feb. Apr. Central Bank of the Argentine Re- National Bank of Denmark (millions pu O G O G R b o t e t o l h h d l i v d c e e i e s r r r c r ( n e m g a o m p o s u i s o l l n e d e l r i t n t t o e s e a t d n d n s s d p e s o c a e f f u p o p r e r p a i e r t r e i i a g s e t o n s e s l ) y e : xchange... 2 1, , 1 2 8 1 2 7 8 6 8 0 2 1 1 2 , , 1 2 8 1 1 4 8 5 7 6 2 3 1 1 , , 0 3 3 2 7 1 7 5 7 3 6 2 of F G L C S k o e o o l r e r c a l o e a d u n n i r r s g i e i n n t r a i g ) e n : e s a d x c c d c h i o a s u n c n g o t e u s n t ( s net) .. 2,20 9 2 2 7 0 7 7 2 1 2,10 9 4 7 2 0 5 0 7 2 1,30 9 3 6 1 5 6 1 9 7 Note circulation 1,986 1,964 1,641 Govt. compensation account3 85 125 125 Deposits—Member bank 1,367 1,312 805 Other assets 2,900 2,745 1,638 Government 515 504 438 Note circulation 1,414 1,362 1,001 Other 125 122 33 Deposits—Government 1,391 1,318 643 O Ce t G h rt e o i r f v i e c li r a a n t b e m s il e i n ti o t e f s s ec p u a r r i t t i i c e i s pation in 3 1 4 0 8 1 3 1 8 0 8 5 ioi Cen O tr t a h l e r B l a i n ab k i O l o it t f i h e E e s r cuador (thousands 2,2 3 2 7 1 6 (J 2 u , n 1 3 2 e 9 8 6 1 '3 3 0 3 0 7 Co ( m th Is o m s u u o s e G a n n o w d d l e d s e p a o a a l n t r f t h d m p o E B e u n n a n g t n : d li k s s ) h : o s f t e A rl u in s g tralia 45,543 43,043 35,141 of G L F s o o o u r a l c e d n r i . s e g s n a ) n : e d x c d h i a sc n o g u e n ( ts net) 1 1 < 8 2 9 ± 1 2 o 4 , , , 3 5 0 O ) 6 9 4 o 0 2 Z 1 1 8 O 4 2 8 4 , ,' 7 O 3 5 2 7 3 1 3 139,643 133,429 110,000 Other assets 64,310 56.211 OCCU.1I.L1CS. -*-.... Note circulation 200,076 182,832 Bank C L L i o o o n n a i g n n d , s o d b n e a u p n b l a l d a r io t l d a m n n i , s e c c n a e o t s n : u d n t c s ash 8 2 9 5 4 , , , 3 5 0 4 8 8 1 2 8 7 2 9 0 7 , , , 4 2 8 6 8 6 1 1 3 4 2 6 3 3 , , , 1 8 0 8 2 8 0 0 3 Nat O D io t e h n m e a r a l n l d ia B b d a i e l p n it o k ie s s its of Egypt5 (thou- 1 3 8 1 5 , , 3 1 8 5 0 8 1 2 7 9 9 , .3 1 9 3 5 d D Se e c p u o r s it i i t e s s . .... 2 1 5 8 1 9 , , 5 4 9 5 9 5 2 1 5 9 1 2 , , 4 4 6 3 4 5 2 1 1 7 1 8 , , 9 5 3 5 5 9 san G d o s l d o . f . pounds): 6,241 6,251 Note circulation 176,762 168,012 135,856 Foreign exchange 14,148 11,392 National Bank of Belgium and Bank Loans and discounts 5,002 3,663 of Issue of Brussels (millions of British, Egyptian, and other Govbelga) i1 ernment securities 217,285 163,204 Gold 4,331 4,331 4,332 Other assets 10,890 7,500 Foreign exchange 11,217 10,839 7,157 Note circulation 97,327 77,520 Credits to State and public bodies. 3,733 3,47 3,499 Deposits—Government 53,927 42,592 Credits to private economy 102 153 85 Other 89,867 59,152 Reichskreditkasse 763 75 725 Other liabilities 12,446 12,745 Other assets 651 60 544 Central Reserve Bank of El Salva- Note circulation 17,722 17,33 14,255 dor (thousands of colones): D Po e s m ta a l n d C h d e e c p k o i s n i g ts Office '. '.'.' '. 1 1 , , 1 5 8 1 4 5 1 1 , , 0 4 0 5 9 8 8 3 2 4 G Fo o r l e d i . gn exchange 3 2 5 7 , ,4 3 5 4 2 5 2 2 4 4 , ,2 3 3 6 1 5 Other liah'liHp*; 376 36 270 Loans and discounts ::.. .: 223 561 V_/L1JCL Ha. Dili LICS Government debt and securities... 6,587 6,775 NaMtioornaavli a B(manilklio nos fo fB koohreumnyi)a: and Other assets 1,011 654 Gold 1,515 1,51 1,515 Note circulation 43,659 32,453 Foreign exchange 775 77 738 Deposits 21,167 18,172 T^ i Qrr»i i n f" Q 1,945 1 1,90 944 Ban O k t o h f e r F i l n ia l b a i n li d ti 2 es 5,792 5,961 Other assets 36,568 33,49 "20,0i6 Bank of Greece2 Note circulation 24,523 24,00 15,939 National Bank of Hungary (millions Demand deposits 7,899 5,66 4,071 of pengo): A^Jflt.nare rl ioi iVa\lD1lfi fiaincies 8,381 8,03 3,203 Foreign exchange reserve 10 100 10 4 0 Central Bank of Bolivia (millions Discounts 4,07 3,35 2,116 of G b o o l l d i v a i t a n h o o s m ): e and abroad 55 512 Loans—To Treasury 55 55 714 Foreign exchange 41 433 To foreign countries 1,03 1,03 57& Loans and discounts 26 222 Other ... 21 6321 -vli Other assets 1,64 1,74 919 O oc t c h u e r r i x a i s c s s e tsO vj t r h ov e e r rnmenL.. . . . I 4 7 1 4 1 1 1 4 2 2 0 N De o m te a c n i d r c d u e la p t o io si n ts 4,9 7 6 9 4,3 7 7 0 3.0 5 1 4 5 7 Note circulation 1 1,088 901 Consolidated foreign credits of * Deposits 798 854 1931 1 1 18 Other liabilities ... 93 114 Other liabilities 1,64 1,70 871 National Bank of Bulgaria2 Reserve Bank of India (millions of Central Bank of Chile (millions rupees): of pesos)* Issue department: (Jan.) Gold 24? 229 Gold at home and abroad j 44 444 Discounts for member banks 252 46 Sterling securities j 7,44 5,015 Loans to Government 71() 785 Indian Govt. securities 58 1,277 Other loans and discounts 9L5 959 Rupee coin 15 162 Other assets 90.J 770 Note circulation... 8,53 6,776 Note circulation 2,30.> 2,039 Banking department: Deposits—Bank 32() 379 Notes of issue department — 122 Other 12<) 99 Balances abroad 811 Other liabilities 27L 271 Treasury bills discounted 4 Bank of the Republic of Colombia Loans to Government 6 (thousands of pesos): Other assets 11 88 Gold 138,45 134,955 72,665 Deposits 1,35 819 L Fo o r a e n i s g n a n e d x c d h is a c n o g u e nts 1 8 2 7 , , 0 42 8 8 2 3 , , 8 8 2 1 3 1 6 7 7 ,1 ,6 0 2 0 0 Central O B th a e n r k l o ia f b I il r it e i l e a s nd (thousands 1... 22 212 Government loans and securities.. 56,99 56,763 56,16 of pounds): u N t o n t e e r c a ir s c s u et l s ation ... 12 3 0 0 ^ 6 1 2 4 1 3 17 2 i 5 6 1 93 5 1 3 00 7 ^ ,7 7 0 48 G St o e l r d ling funds 2 2 5 , , 6 0 20 2 , , 6 6 7 4 2 6 O ue th p e o r s i l t i s abilities ! 13 6 0 3 ^ 5 9 1 5 1 6 2 3 9 ,' 7 4 6 0 4 9 9 41 8 , , ' 9 5 2 8 B B a a n n N k k o o o t f f e J J c a a ir v p c a u a 2 l n a 2 tion 27,6 23,318 on June 2 2 For last available repori iiwm Ull, ^uuui uolm U1 «ul(,u.... y^^.; "--,, „-.,__., ,,..„.., 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. 5 Items for issue and banking departments consolidated. 6z JUNE 1944 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank Central Bank 1944 1943 (Figures as of last report (Figures as of last report date of month) Apr. Mar. Feb. Apr. date of month) Apr. Mar. Feb. Apr. (Dec. Bank of Mexico (millions of pesos): Bank of Spain (millions of pesetas): 1943)3 Metallic reserve1 507 524 510 358 Gold 994 "Authorized" holdings of securi- Silver .•;•••• 624 ties, etc 1,371 1,404 1,403 1,020 Government loans and securities... 16,184 Bills and discounts 245 250 214 134 Other loans and discounts 2,878 Other assets 55 62 60 54 Other assets 3,625 Note circulation 1,176 1,166 1,149 864 Note circulation 16,381 Demand liabilities 853 928 889 569 Deposits—Government 1,803 Other liabilities . 149 145 148 134 Other 3,812 Netherlands Bank (millions of Other liabilities 2,308 guilders): Bank of Sweden (millions of kronor): Gold 932 932 886 Gold 940 929 884 758 Silver (including subsidiary coin).. 4 Foreign assets (net) 559 566 626 584 Foreign bills 3 ^ 783 3,578 2,191 Swedish Govt. securities and ad- Discounts 17 vances to National Debt Office5. 1,140 1,044 1,170 1,236 Loans " 136 "l35 153 Other domestic bills and advances. 74 68 59 136 Other assets.. 86 85 207 Other assets 967 948 916 814 Note circulation 3,937 3,804 2,507 Note circulation 2,158 2,163 2,127 1,923 Deposits—Government 103 174 697 Demand deposits—Government.... 616 608 576 884 Other 727 591 183 Other 272 152 277 151 Other liabilities 169 161 72 Other liabilities 634 631 674 570 Reserve Bank of New Zealand (thou- Swiss National Bank (millions of sands of pounds): francs): Gold 2, 2,802 2,802 Gold 4,343 4,299 4,259 3,717 Sterling exchange reserve 27,762 41,463 22,172 Foreign exchange 79 89 77 56 Advances to State or State under- Loans and discounts r279 188 111 takings 44,231 41,933 38,940 Other assets 6 86 170 182 368 Investments 11,960 10,322 10,295 Note circulation 2,962 2,980 2,919 2,605 Other assets 3,064 2,909 3,050 Other sight liabilities 1,428 1,581 1,509 1,370 Note circulation 36,253 36,326 31,685 Other liabilities 276 278 276 Demand deposits 49,896 59,502 41,809 Central Bank of the Republic of Other liabilities 3,670 3,602 3,765 Turkey (thousands of pounds): (Jan.); Bank of Norway2 Gold 214,166 180,948 Bank of the Republic of Paraguay Foreign clearing accounts 85,379 80,259 (millions of pesos): Loans and discounts 736,023 655,012 Gold 327 327 20 Securities 192,209 194,215 Foreign exchange 2,232 2,213 2,169 Other assets 39,036 15,811 Loans and discounts 145 128 80 Note circulation 821,276 726,517 Government loans and securities... 2,224 1,882 1,114 Deposits—Gold 79,358 79,358 Other assets 1,615 1,573 2,577 Other 165,631 149,029 Note circulation 2,467 2,424 2,231 Other liabilities 200,548 171,342 Demand deposits—Government.... 820 879 584 Bank of the Republic of Uruguay Other 2,297 cl,767 1,613 (thousands of pesos): (Nov. Other liabilities 958 cl,O52 1,532 Issue department: 1943)3 Central Reserve Bank of Peru (thou- Gold and silver 90,197 90,797 sands of soles): Note circulation 127,080 117,513 Gold and foreign exchange 154,981 112,976 Banking department: Discounts 13,845 9,846 Gold and silver 96,831 55,323 Government loans 351,025 298,883 Notes and coin 22,042 32,233 Other assets 27,584 20,965 Advances to State and to gov- Note circulation 349,970 294,381 ernment bodies 28,859 36,782 Deposits 170,744 128,694 Other loans and discounts 92,517 105,318 Other liabilities 26,721 19,592 Other assets 187,062 177,091 Bank of Portugal (millions of es- (Dec. Deposits 181,290 144,220 cudos): 1943) Other liabilities 246,022 262,628 Gold4 1,398 1,397 Central Bank of Venezuela (thou Other reserves (net) 4,142 3,456 sands of bolivares): Nonreserve exchange 7,903 6,605 Gold 307,208 307,208 307,208 233,144 Loans and discounts 227 216 Foreign exchange (net) 65,92' 45,347 32,802 37,025 Government debt 1,025 1,025 Credits to national banks 26,370 26,370 26,370 31,230 Other assets.. 1,105 955 Other assets 24,752 16,843 12,106 6,210 Note circulation 6,817 5,469 Note circulation—Central Bank... 251,208 253,552 250,808 201,075 Other sight liabilities 7,935 7,325 National banks. 24,198 24,582 25,211 34,269 Other liabilities 1,049 860 Deposits 132,646 89,215 96,591 65,681 National Bank of Rumania (millions Other liabilities 16,21)6 28,421 5,877 6,584 of lei): (Jan.)3 National Bank of the Kingdom of Gold 59,651 47,540 Yugoslavia2 Special exchange accounts 32,813 26,909 Bank for International Settlements Loans and discounts 54,953 37,749 (thousands of Swiss gold francs):7 Special loans (in liquidation) 139 288 Gold in bars 118,272 136,822 75,136 Government debt 20,470 20,854 Cash on hand and on current ac- Other assets. 70,106 54,405 count with banks 17,796 18,31; 29,572 Note circulation C162,283 122,338 Sight funds at interest 6,938 6,74 15,642 Demand deposits 47,336 40,394 Undiscountable bills and accept- Other liabilities 28,512 25,013 ances (at cost) 105,340 106,341 146,629 South African Reserve Bank (thou- Time funds at interest 21,067 21,075 20,935 sands of pounds): Sundry bills and investments 197,511 195,529 196,013 Gold 89,838 67,680 Other assets 332 # 33: 144 Foreign bills 14,701 8,675 Demand deposits (gold).; 29,551 48,801 38,989 Other bills and loans 1,621 315 Short-term deposits (various cur- Other assets.. 91,321 85,010 rencies) : Note circulation 48,390 43,135 Central banks for own account 7,036 6,413 16,068 Deposits 143,982 114,355 Other m 2,848 2,859 2,344 Other liabilities 5,108 4,190 Long-term deposits: Special accounts 228,909 229,001 229,001 Other liabilities... '' 198,911 198,082 197,669 c Corrected. r Revised. 1 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 2 For last available reports from the central banks of Norway (March 1940), and Yugoslavia (February 1941), see BULLETIN for March 1942, 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. G Figure not available. 7 See BULLETIN for December 1936, p. 1025. 614 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS {Per cent per annum] Central bank of— Date effective U K d n i o n i m t g e - d France m G a e n r- y g B iu e m l- N la e e n r t - d h s - S d w en e- S l w a e n r i - d tz- b C an e k n tr of a — l R M 3 a 1 a t y e ef D fe a ct t i e ve ba C n e k n t o r f a — l R M 3 a 1 a t y e ef D fe a ct t i e ve In effect Oct. 2, 1936 2 3 4 2 3 2 Albania Mar. 21, 1940 Italy May 18, 1936 Oct. 9 Argentina Mar. 1, 1936 Japan 3.29 Apr. 7, 1936 Oct. 16 2 Belgium 2 2 Jan. 25, 1940 Java 3 Jan. 14, 1937 O N c o t v . . 2 2 0 6 -2y2" "iy2" Bo M he o m ra ia v i a a n .. d .. Oct. 1, 1940 L L i a t t h v u ia ania. .. 5 6 F Ju e l b y . 1 1 5 7 , , 1 1 9 9 3 4 9 0 Dec. 3 "2 " " Jan. 28, 1937 4 June 15 6 July 7 5 Bolivia 6 Nov. 8, 1940 Mexico June 4, 1942 Aug. 4 4 British India.. 3 Nov. 28, 1935 Netherlands 2V6 June 27, 1941 Sept. 3 Bulgaria 5 Dec. 1, 1940 New Zealand July 26, 1941 Nov. 13 3 2 Canada Feb. 8, 1944 Norway 3 May 13, 1940 May 10, 1938 Chile 3-4*1 Dec. 16, 1936 Peru 5 Aug. 1, 1940 M M a a y y 3 1 0 3 "2y2" Colombia July 18, 1933 Portugal.... iy 2 Jan. 12, 1944 Sept. 28 3 Oct 27 . v/ Nov. 25 2 Denmark 4 Oct. 16, 1940 Rumania.... 3 Sept. 12, 1940 Jan. 4, 1939... 2 2 Ecuador 7 May 26, 1938 South Africa 3 June 2, 1941 Apr. 17 •4' El Salvador... 3 Mar. 30, 1939 Spain 4 Dec. 1, 1938 May 11 3 Estonia Oct. 1, 1935 Sweden 3 May 29,1941 July 6 Finland 4 Dec. 3, 1934 Switzerland. Nov. 26, 1936 Aug. 24 4 Aug 29 3 Sept. 28 3 Oct. 26 2 France Mar. 17, 1941 Turkey...... 4 July 1, 1938 Dec. 15 "3 '" Germany Apr. 9, 1940 United King- Jan. 25, 1940... 2 Greece 6 Mar. 1, 1942 dom 2 Oct. 26, 1939 Apr. 9 Hungary 3 Oct. 22, 1940 U.S. S. R... 4 July 1, 1936 May 17 Ireland Nov. 23, 1943 Yugoslavia. 5 Feb. 1, 1935 Mar. 17, 1941 \% \fotr 90 3 June 27 NOTE.—Changes since Apr. 30: none. In effect May 31, Ty 1944 2 2 2 3 OPEN-MARKET RATES [ Per cent per annum 1 Switzer- United Kingdom Germany Netherlands Sweden land Month ac 3 B c e a m p n o t k a n e n t r c h s e s ' s 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 w n ep k a o e n s r 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 t n h s s 3 d P i r s r i c a v o te a u t n e t 1929—Mar 5.33 5.30 4.51 6.31 6.97 4.64 5.05 1930—Mar 2.78 2.55 3.20 5.12 5.57 2.50 2.61 4-6 2.60* 1931—Mar 2.60 2.56 2.20 4.76 5.00 1.09 1.04 3-5 ,99 1932—Mar 2.59 2.28 2.40 6.10 7.76 1.22 1.06 5-7 1.5» 1933—Mar .62 .46 .64 3.88 4.97 .64 1.11 1.50 1934—Mar .95 .84 .88 3.88 4.89 1.24 1.07 1.50 1935—Mar .57 .50 .72 Y2 3.38 3.94 .60 1.00 Yr 1.50 1936—Mar .56 .52 .75 lA 3.00 2.99 1.11 1.68 2Y2-5 2.26 1937—Mar .55 .51 .75 Vi 3.00 3.10 .19 1.00 2Y2-5 1.00 1938—Mar .53 .50 .75 Yi 2.88 2.86 .13 .50 2Y2-5 1.00 1939—Mar .63 .70 .75 Y 2.88 2.70 .29 .50 2Y2-5 1.00 1940—Mar 1.03 1.02 .99 2.50 2.16 1.35 2.49 3-5 1.25 1941—Mar 1.03 1.01 1.00 2.25 1.83 2.07 2.75 3Y2T5Y2 1.25 1 1 9 9 4 4 2 3 — — M M a a r r 1 1 . . 0 0 3 3 1 1 . . 0 0 0 0 1. . 0 9 3 0 2 2 . . 1 1 3 3 1 1 . . 9 9 5 4 3-sy2 1 1 . . 2 2 5 5 3-5H 1943—Apr 1.03 1.01 1.03 2.13 1.81 1.25 May 1.03 1.00 1.07 2.13 1.91 3-5 1.25 June 1.03 1.00 1.06 2.13 1.90 1.25 July. 1.03 1.00 1.04 2.13 1.86 1.25 Aug 1.03 1.00 1.11 Yt 2.13 1.89 1.25 O Se c p t t 1 1. . 0 0 3 3 1 1 . . 0 0 0 0 1 1 . . 0 0 7 0 y 2 2 2 . . 1 1 3 3 1.93 1 1 . . 2 2 5 5 Nov 1.03 1.00 1.00 2.13 1.25 Dec 1.03 1.01 1.00 2.13 1.25 1944—Jan 1.03 1.01 1.08 2.13 1.25 Feb 1.03 1.00 1.13 2.13 1.25 Mar 1.03 1.00 1.13 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. JUNE 1944 615 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom1 Assets Liabilities (11 F L ig o p u n o r d u e o n s n d i s n c l s e m t a e i r r l i l l n i io n g n g b s ) a o n f ks. re C se a r s v h es M c n a o s l o n h l t e o i a y c r n t e a d t B co il u ls n t d e i d s- T r d e r e c e p e a i o s p u s t i r s t y ^ Securities c L u o s a to n m s e to rs a O s t s h e e t r s Total D D e e m po a s n i d ts 3 Time3 lia O b t i h li e ti r es 1936—December. 244 195 322 660 890 249 2,315 1,288 1,012 245 1937—December. 244 163 300 635 984 256 2,330 1,284 1,026 252 1938—December. 243 160 250 635 971 263 2,254 1,256 997 269 1939—December. 274 174 334 609 1,015 290 2,441 1,398 1,043 256 1940—December. 324 159 265 314 771 924 293 2,800 1,770 1,030 250 1941—December. 366 141 171 758 999 823 324 3,329 2,168 1,161 253 1942—December. 390 142 198 896 1,120 794 325 3,629 2,429 1,200 236 1943—April 375 142 128 964 1,137 767 268 3,545 2,350 1,195 235 May 377 158 154 924 L, 150 769 268 3,566 2,380 1,185 234 Tune 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 ,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 ,158 749 289 3,813 2,556 1,256 245 November. 403 155 184 1,187 ,167 732 283 3,865 2,588 1,277 245 December. 422 151 133 1,307 ,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 March 423 155 113 1,331 1,136 781 290 3,988 2,652 1,336 242 Assets Liabilities Canada Entirely in Canada Se lo c a u n ri s ty Deposits payable ir1 Canada (10 m c o o h f n a t C r h t a e f n r i e g a d u d r i e b a s n a n in d k o s m . l l i a l r E l s io ) n n d s of Cash Security O lo t a h n e s r d a a u n b e d r o f n r a o e d m t Securities O as t s h e e t r s ci N r ti c o o u t n e la- excluding interbank deposits •li O ab th il e i r tiei 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 1?43—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 Tune 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 1,085 229 2,950 674 ' 41 4,273 2,247 2,026 1,167 February.. 486 52 1,003 227 2,994 664 40 4,216 2,093 2,124 1,170 March 468 41 982 210 3,156 732 39 4,368 2,143 2,225 1,182 France Assets Liabilities <4 larg f e ig b u a r o e n f s k s i f n 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 d te i d s- Loans a O s t s h e e ts r Total D D e e p m o a s n it d s Time a a c O n c w c e e p n s t- lia O b t i h li e t r ies 1936—December. 3,100 2,975 17,582 7,631 1,957 28,484 27,955 529 473 4,289 1937—December. 3,403 4,116 18,249 7,624 2,134 30,348 29,748 600 661 4,517 1938—December. 3,756 4,060 21,435 7,592 1,940 33,578 33,042 537 721 4,484 1939—December . 4,599 3,765 29,546 7,546 2,440 42,443 41,872 571 844 4,609 1940—December4 6,258 3,546 44,243 7,984 1,999 58,890 58,413 477 535 4,604 1941—December.. 6,589 3,476 61,897 8,280 2,033 76,675 75,764 912 413 5,187 1942—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 ,017 32i 6,730 August 6,486 3,786 82,685 14,644 2,206 102,602 101,525 ,078 347 6 859 September. 6,935 3,832 85,079 14,084 2,228 104,830 103.657 ,173 341 6,987 October.... 7,133 3,877 88,289 14,215 2,448 108,368 107,100 ,268 411 7,182 November 7,203 3,960 86,754 14,361 2,653 107,200 105,811 ,390 404 7.32C 1 Through August 1939, averages of weekly figures; beginning September 1939, end-of-month figures, representing aggregates of figures reported by individual banks for days, varying from bank to bank, toward the end of the month. 2 Represent six-month loans to the Treasury at 1H per cent, callable by the banks in emergency at a discount equal to the Bank of England rate. 3 Through December 1937, excludes deposits in offices outside England and Wales which are included in total. 4 Figures for three banks only. Data for Credit Industriel et Commercial not available September 1940-March 1941. NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics,, Table 168, pp 648-655, and tor description oi statistics see pp. 566-571 in same publication. 62.6 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Australia Brazil Canada (dollar) Chile (peso) China Year or month (peso) (pound) g B iu e m l- (cruzeiro1) B I r n it d i i s a h g B a u r i i . a (yuan Official S E p x e p c o ia rt l Official Free belga) Official Free (rupee) (lev) Official Free Official Export S h h a a i n ) g- 1936 33.137 395.94 16.917 8.5681 25.8788 37.523 1.2958 99.913 5.1240 29.751 1937 32.959 393.94 16.876 8.6437 6.1983 37.326 1.2846 100.004 5.1697 84'.6666' 29.606 1 1 1 9 9 9 4 3 3 0 8 9 3 3 2 2 0 9 . . . 5 8 7 9 5 7 7 0 3 2322.80 3 3 30 8 5 5 9 3 . . . 1 5 3 6 5 8 21 1 1 6 6 6 . . . 8 8 85 9 8 2 4 0 5 6 6. . . 0 0 8 5 0 4 6 2 3 2 7 8 5 5 . A 0 2 2 A 1 8 4 3 3 3 6 3 0 . . . 5 2 1 9 7 5 2 9 5 ,21 1 . . 2 2 1 4 1 2 1 4 '290! 909' 9 8 9 5 6 9 . . . 1 0 4 4 1 1 1 9 8 5 5 5 . . . 1 1 1 6 7 7 6 2 1 8 7 6 4 4 4 . . . 0 0 0 0 0 0 0 0 0 0 0 0 2 1 6 1 1 . . . 0 3 8 0 6 7 0 0 9 1941 29.773 223!704' 322.80 321.27 6.0575 5.0705 30.137 90.909 87.345 25.1664 24.0000 25.313 1942 29.773 23.704 322.80 321.50 6.0584 5.1427 30.122 90.909 88.379 1943 29.773 24.732 322.80 2321.50 6.0586 5.1280 30.122 90.909 89.978 1943—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 Apr 29.773 25.125 322.80 6.0586 5.1275 30.122 90.909 89.969 Year or month Co b l i o a m- s C lo z v e a ch k o ia - m D a e r n k - F la i n n d - France m G a e n r- y G (d r r e a e c c h e - H K o o n n g g H ga u r n y - Italy Japan Mexico e N rl e a t n h d - s N Z e e w a- (peso) (koruna) (krone) (m k a a) rk- (franc) ( m re a i r c k h ) s- ma) (dollar) (pengo) (lira) (yen) (peso) (g e u r i ) ld- (p l o a u n n d d) 1936 57.083 4.0078 22.189 2.1903 6.1141 40.297 .9289 31.711 29.558 7.2916 29.022 27.760 64.481 398.92 1937 56.726 3.4930 22.069 2.1811 4.0460 40.204 .9055 30.694 19.779 5.2607 28.791 27.750 55.045 396.91 1938 55.953 3.4674 21.825 2.1567 2.8781 40.164 .8958 30.457 19.727 5.2605 28.451 22.122 55.009 392.35 1939 57.061 23.4252 20.346 1.9948 2.5103 40.061 .8153 27.454 19.238 5.1959 25.963 19.303 53.335 354.82 1940 57.085 219.308 1.8710 22.0827 40.021 2.6715 22.958 18.475 5.0407 23.436 18.546 253.128 306.38 1941 57.004 22.0101 239.968 224.592 219.770 25.0703 223.439 20.538 322.54 1942 57.052 20 569 322.78 1943 57.265 20.577 324.20 1943—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 Apr. 57.277 20.582 324.42 United Kingdom Uruguay Year or month N ( o k r ro 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 ia u) a- ( A S p o o fr u u i n c th d a ) ( S p p es a e i t n a) S S m (d t e o e r t l a n t l l a i t e t r s s - ) S ( w kr e o d n e a n ) S e (f r w r l a a i n t n c z d ) - Offici ( a p l ound F ) ree Con- (peso) N co o n n - - Y ( s d l u a in g v a o i r a - ) trolled trolled 1936 24.974 18.875 4.5130 .7382 491.65 12.314 58.258 25.626 30.189 497.09 79.874 2.2965 1937 24.840 18.923 4.4792 .7294 489.62 6.053 57.973 25.487 22.938 494.40 79.072 2.3060 1938 .. 24.566 18.860 4.4267 .7325 484.16 5.600 56.917 25.197 22.871 488.94 64.370 2.3115 1939 23.226 218.835 4.0375 .7111 440.17 10.630 51.736 23.991 22.525 443.54 62.011 236.789 2.2716 1940 222.709 3.7110 2.6896 397.99 9.322 46.979 23.802 22.676 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—May 398.00 403.50 65.330 52.710 June 398.00 403.50 65.830 52.829 July 398.00 403.50 65.830 52.866 Aug. .. 398.00 403.50 65.830 52.871 Sept 398.00 403.50 65.830 52.929 Oct 398.00 403.50 65.830 52.978 Nov. 398.00 403.50 65.830 53.003 Dec. 398.00 403.50 65.830 52.969 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 Apr 398.00 403.50 65.830 52.961 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. JUNE 1944 617 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES-ALL COMMODITIES [Index numbers] United United Nether- Switzer- Year or month States Canada Kingdom France Germany Italy Japan lands Sweden land (October (1926-30 (July 1914 (1926=100) (1926=100) (1930=100) (1913 = 100) (1913 = 100) (1928 = 100) (1900=100) = 100) (1935 = 100) = 100) 1926 100 100 » 124 695 134 237 106 i 126 144 1932 65 67 86 427 97 70 161 65 i 92 96 1933 66 67 86 398 93 63 180 63 i 90 91 1934 75 72 88 376 98 62 178 63 i 96 90 1935 80 72 89 338 102 68 186 62 100 90 1936 81 75 94 411 104 76 198 64 102 96 1937 86 85 109 581 106 89 238 76 114 111 1938 79 79 101 653 106 95 251 72 111 107 1939 77 ' 75 103 2 681 107 99 278 74 115 111 1940 79 83 137 110 116 311 3 88 146 143 1941 87 90 153 112 132 329 172 184 1942 99 96 159 114 189 210 1943 103 100 163 116 196 218 1943—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 D N e o c v e e m m b b e e r r 1 1 0 0 3 3 1 10 0 2 3 1 1 6 6 3 3 1 1 1 1 6 7 ' p ' 3 P 9 3 l 87"••• 1 1 9 9 5 5 2 2 2 2 0 0 1944—January 103 103 164 117 195 221 February 104 103 165 117 195 p221 March 104 103 165 117 195 April 104 ?! 03 2*166 p Preliminary. 1 Approximate figure, derived from old index (1913=100). 2 Average based on figures for 8 months; no data available since August 1939, when figure was 674. 3 Average based on figures for 5 months; no data available since May 1940, when figure was 89. Sources.—See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES-GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Germany (1926=100) (1926=100) (1930=100) (1913 = 100) Year or month pr F o a d r u m cts Foods co O m it t i h m e e s o r d- pr F o a d r u m cts R f m a g p a c o w a a t o r u n t d a r u ly s e n - d d F f u m c a g l h c o l a i y t o e n u f d a u r l s e y - n d d Foods pr I o n tr d d i u u a c l s- ts p A r g o tu r d i r u c a c u l t l s - a p t f n r r I i i d n o n a i d d l s s u h u e r e c a s m d - w ts i- p tr r I i i o s n a h d d l e u u f d c i s n - ts - 1926 100 100 100 100 100 100 129 130 150 1932 48 61 70 48 55 70 88 85 91 89 118 1933 51 61 71 51 57 70 83 87 87 88 113 1934 65 71 78 59 64 73 85 90 96 91 116 1935 79 84 78 64 66 73 87 90 102 92 119 1936 81 82 80 69 71 74 92 96 105 94 121 1937 86 86 85 87 84 81 102 112 105 96 125 1938 69 74 82 74 73 78 97 104 106 94 126 1939 65 70 81 64 67 75 97 106 108 95 126 1940 68 71 83 67 75 82 133 138 111 99 129 1941 82 83 89 71 82 89 146 156 112 100 133 1942 106 100 96 83 90 92 158 160 115 102 134 1943 123 107 97 96 99 93 160 164 119 102 135 1943—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 97 101 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 r105 105 94 158 168 121 103 136 April 123 105 98 ^104 ^105 P94 p Preliminary. r Revised. Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 6x8 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES , COST OF LIVING [Index numbers] [Index numbers] Year or month U ( S 1 = 9 n t a 3 1 i 5 t t 0 e e - 0 3 s d ) 9 (1 C = 9 a a 3 1 d n 0 5 a - 0 -3 ) 9 U K = d ( n 1 J i o 1 9 u i n 1 0 m t l g 0 e 4 y ) d - (1 m = G 9 1 1 a e 0 3 n r 0 - - y 1 ) 4 N (1 l = e a 9 t n 1 1 h 1 0 d e - 0 1 s r ) 3 -S e = r ( w 1 J l 9 a 1 u i 1 0 t n n 4 z 0 e d ) - Year or month ( U S 1 = 9 t n 1 a 3 i 0 5 t t 0 e e - ) 3 d s 9 (1 = C a 9 a 1 3 d 0 n 5 a 0 - -3 ) 9 U K = d ( 1 n J i o 9 1 u i n 1 0 t m l g e 0 4 y ) d - (1 m = G 9 a 1 1 e 0 3 n r 0 - y - 1 ) 4 N (1 l = a e 9 t 1 n 1 h 1 0 d e - 0 1 s r ) 3 - S e = ( r w 1 J l 9 1 u a i 1 0 t n n 4 0 z e d ) - 1933 84 85 120 113 120 117 1933 92 94 140 118 139 131 1934 . 94 93 122 118 124 115 1934 96 96 141 121 140 129 1935 100 95 125 120 118 114 1935 98 96 143 123 136 128 1936 101 98 130 122 120 120 1936 99 98 147 125 lm 130 1937 105 103 139 122 127 130 1937 103 101 154 125 137 1938 98 104 141 122 130 130 1938 101 102 156 126 137 137 1939 95 101 141 123 130 132 1939 99 102 158 126 139 138 1940 97 106 164 128 2140 146 1940 100 106 184 130 140 151 1941 106 116 168 129 175 1941 105 112 199 133 3148 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—April 141 129 165 ^133 210 1943—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 136 132 168 135 213 1944—January.... 124 119 199 13-9 206 February 135 131 168 135 February... 124 119 200 140 2*206 March 134 131 168 March 124 119 200 ^206 April 135 ^132 168 April 125 Pll9 200 p Preliminary. 1 Revised index from March 1936 (see BULLETIN for April 1937, p. 373). 2 Average based on figures for 3 months; no data available since March 1940, when figure was 141. 3 Average based on figures for 5 months; no data available since May 1940, when figure was 149. Sources— See BULLETIN for May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month U S n ta it t e e d s K U in n g i d te o d m France Germany Nether- U S n ta it t e e d s (1926=100) Nether- ( p d r e i r c i e v ) e * d ( 1 D 92 e 1 c e = m 1 b 0 e 0 r ) (1913 = 100) (a p v ri e c r e a ) g 2 e lands3 (1 = 9 3 1 5 0 - 0 3 ) 9 K U in n g i d te o d m France Germany (193 la 0 n = d 1 s 00) Number of issues 15 87 36 2 139 8 402 278 300 (4) 100 1926 . 90.1 110.0 57.4 105.6 100.0 100.0 100.0 1933 91.2 119.7 81.3 82.5 105.3 67.0 78.6 99.6 61.7 52 1934 98.2 127.5 82.1 90.7 11-3.4 76.6 85.7 83.3 71.1 55 1935 105.5 129.9 83.5 B95.1 107.8 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 l\\Q>.2 124.6 75.1 98.7 3101.8 117.5 96.3 97.4 102.6 104.2 1938 111.1 121.3 77.3 99.9 105.9 88.2 80.8 • 89.7 100.1 95.8 1939 113.8 112 3 83 9 99 0 90 9 94.2 75.9 98 3 94.1 89.7 1940 115.9 118.3 684.7 100.7 777.9 88.1 70.8 6120.6 114.6 895.0 1941 117.8 123 8 P98 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 H76 142.1 131.5 1943 120.3 127.8 91.9 84.5 145.0 151.0 1943—April 119.9 129.0 91.3 83.7 144.9 151.8 May 120.1 127.1 95.2 84.3 145.1 152.5 June 120.5 127 0 96.7 84.1 145.1 152.4 July 121.1 127 8 98.5 85 6 144.9 P151.9 August 121.1 127.2 94.4 86.0 144.6 "151.7 September 120.8 126.9 95.6 86.6 144.7 ^152.1 October 120 9 127 4 94.8 86.3 144.8 P152.1 November 120.4 127.1 91.4 85.0 145.0 pl52.2 December 120 0 127.2 91.8 85.3 145.1 p152.2 1944—January 120.5 127 A 94.6 86.2 February 120.4 127.6 94.4 86.9 145.3 March 120.5 96.6 145.6 April 120.7 95.1 p Preliminary. 1 Figures represent calculated prices of a 4 per cent 20-year bond offering a yield equal to the]monthly average yield for 15 high-grade corporate bonds for the series beginning 1937 and for a varying number of high-grade bonds for the series prior to that date. Thetyearly 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 43^ per cent. The series prior to that date is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent. 3 Indexes of reciprocals of average yields. For old index, 1929-1936, 1929 = 100; average yield in base year was 4.57 per cent. For new index beginning January 1937, Jan.-Mar. 1937 = 100; average yield in base period was 3.39 per cent. 4 This number, originally 329, has declined as the number of securities eligible for the index has diminished. In May 1941, it was down to 287. 5 Average Apr .-Dec. only. Average Jan.-Mar. on old basis was 95.9. 6 Average based on figures for 5 months; no data available June-Dec. 7 Average based on figures for 7 months; no data available May-Sept. 8 Average based on figures for 9 months; no data available May-July. 9 Average based on figures for 10 months; no data available Jan.-Feb. Sources.—See BULLETIN for November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121. JUNE 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman M. S. SZYMCZAK ERNEST G. DRAPER JOHN K. MCKEE R. M. EVANS LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT THURSTON, Special Assistant to the Chairman OFFICE OF THE SECRETARY DIVISION OF BANK OPERATIONS CHESTER MORRILL, Secretary EDWARD L. SMEAD, Director LISTON P. BETHEA, Assistant Secretary J. R. VAN FOSSEN, Assistant Director S. R. CARPENTER, Assistant Secretary J. E. HORBETT, Assistant Director FRED A. NELSON, Assistant Secretary DIVISION OF SECURITY LOANS CARL E. PARRY, Director LEGAL DIVISION WALTER WYATT, General Counsel DIVISION OF PERSONNEL ADMINISTRA- J. P. DREIBELBIS, General Attorney TION GEORGE B. VEST, Assistant General Attorney ROBERT F. LEONARD, Director DIVISION OF RESEARCH AND STATISTICS OFFICE OF ADMINISTRATOR FOR WAR E. A. GOLDENWEISER, Director LOANS COMMITTEE WOODLIEF THOMAS, Assistant Director EDWARD L. SMEAD, Administrator GARDNER L. BOOTHE, II, Assistant Administrator DIVISION OF EXAMINATIONS LEO H. PAULGER, Director FISCAL AGENT C. E. CAGLE, Assistant Director O. E. FOULK, Fiscal Agent WILLIAM B. POLLARD, Assistant Director JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL FEDERAL OPEN MARKET COMMITTEE ADVISORY COUNCIL MARRLNER 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. HtTNTINGTON, 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. KINCAED, 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 630 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman1 President Vice Presidents Bank of Deputy Chairman First Vice President Boston Albert M. Crcighton Ralph E. Flanders K. K. Carrick J. C. Hunter* Henry Sw Dennison William Willett E. G. Hult Carl B. Pitman New York. Bcardslcy 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. McCabc Alfred H. Williams W. J. Davis C. A. Mcllhcnny* Warren F. Whitticr Frank J. Drinncn E. C. Hill C. A. Sienkicwicz Cleveland G. C. Brainard M. J. Fleming Wm. H. Fletcher B. J. Lazar R. E. Klagcs R. B. Hays J. W. Kossin K. H. MacKcnzie A. H. Laning3 W. F. Taylor Richmond Robert Lassiter Hugh Leach J. G. Fry R. W. Mercer W. G. Wysor J. S. Waldcn,Jr. Gco. H. Kecscc2 Edw. A. Wayne Atlanta..... Frank H. Necly W. S. McLarin, Jr. V. K. Bowman H. F. Conniff J. F. Porter Malcolm H. Bryan L. M. Clark Allan M. Black* E. C. Harris Chicago Simeon E. Lcland C. S. Young Neil B. Dawcs John K. Langum W. W. Waymack H. P. Preston J. H. Dillard O. J. Netterstrom Charles B. Dunn A. L. Olson Alfred T. Sihlcr St. Louis Wm. T. Nardin Chester C. Davis O. M. Attebery Wm. E. Peterson Douglas W. Brooks F. Guy Hitt Henry H. Edmiston C. M. Stewart Minneapolis W. C. Coffey J. N. Peyton A. W. Mills* Sigurd Ueland Roger B. Shcpard O. S. Powell Otis R. Preston A. R. Upgren E. W. Swanson Harry I. Zicmcr Robert B. Caldwell H. G. Lcedy L. H. Earhart Jos. E. Olson Kansas City Robert L. Mchornay Henry O. Koppang Raymond W. Hall G. H. Pipkin C. O. Hardy D. W. Woollcy3 Jay Taylor R. R. Gilbert E. B. Austin W. O. Ford Dallas J. R. Partcn E. B. Stroud R. B. Colcman 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. Wiltse4 Minneapolis.... Helena R. E. Towle4 Cleveland Cincinnati B. J. Lazar* Pittsburgh J. W. Kossin* Kansas City Denver Jos. E. Olson5 Richmond Baltimore W. R. Milford4 Oklahoma City G. H. Pipkins Charlotte W. T. Clements* Omaha L. H. Earharts Atlanta Birmingham P. L. T. Beavers4 Jacksonville Geo. S. Vardeman, Jr.4 Dallas El Paso J. L. Hermann6 Nashville Joel B. Fort, Jr.4 Houston E. B. Austin^ New Orleans E. P. Paris4 San Antonio L. G. PondromB Chicago Detroit E. C. Harris6 San Francisco... Los Angeles W. N. Ambrose4 St. Louis Little Rock A. F. Bailey4 Portland D. L. Davis4 Louisville C. A. Schacht4 Salt Lake City W. L. Partner4 Memphis W. H. Glasgow4 Seattle C. R. Shaw4 1 Also Federal Reserve Agent. 2 Cashier. 3 Also Cashier. 4 Managing Director. * Vice President. 6 Manager* JUNE 1944 631 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ON FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES ^^ BOUNDARIES OF FEDERAL RESERVE DISTRICTS — BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ^fL 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 THL FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis