Federal Reserve Bulletin, 1944-07

FEDERAL RESERVE BULLETIN JULY 1944 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 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—Business Finance in the War . . 633-644 Status of Banks as War Activities . 645-647 Retail Credit Survey—1943 648-654 British White Paper on War Finance. . 655-669 Law Department: Consumer Credit—Amendments to Regulation W .. 670 Reserves—Withheld Income Taxes as Deposits 670-671 Foreign Funds Control—Treasury Department Releases .. 671-673 Current Events '..... 674 National Summary of Business Conditions .... 675-676 Financial, Industrial, Commercial Statistics, U. S. (See p. 677 for list of tables)... 677-7x5 International Financial Statistics (See p, 7x7 for list of tables) 72-7-739 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 740 Senior Officers of Federal Reserve Banks; Managing Officers of Branches 741 Map of Federal Reserve Districts 741 Federal Reserve Publications (See inside of back cover) Subscription Price of Bulletin A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price in the United States and its possessions, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela, is $2.00 per annum, or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions for 10 or more copies, in the United States, 15 cents per copy per month, or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME 30 July 1944 NUMBER 7 BUSINESS FINANCE IN THE WAR Viewed in the perspective of four years of larly bank deposits and holdings of Governexpanding production for war, the financial ment securities, have shown a rapid expanside of business experience has been charac- sion in the war period, and it appears from terized by rapid expansion in sales and oper- the rather limited data available that uninating revenues, generally higher profits after corporated businesses have also considerably paying much higher taxes, and large in- increased their holdings of such assets. In creases in holdings of liquid assets. Expan- the earlier years of war preparation, the sion in plant and equipment and in working growth in liquid and other current assets capital needed to produce the tremendous accompanied increases in current liabilities output of war goods has been financed al- and in working capital needs arising from most as much by the use of Government the expanding volume of business. More funds as by the internal funds of business recently, the trends of production and sales enterprises. New financing obtained from have leveled off and the rate of increase in banks or through security markets has been current liabilities has slackened, while in relatively small volume. holdings of liquid assets have continued to Broadly speaking, the financial position expand; in some lines this development has of business concerns has been strengthened reflected the liquidation of other assets. by increased earnings derived from the These accumulated liquid resources will growing volume of business, in both war be of help to business in meeting the proband civilian activities. Dividend payments lems of conversion from war to peace to stockholders have not increased appreci- activities. It should not be concluded, ably and a large proportion of earnings, however, that they are adequate to meet all after payment of taxes, has been retained by needs in the postwar period, either in the business. In addition increased allowances aggregate, or in particular industries or for depreciation have recently been well in firms. A considerable portion of them may excess of the declining amounts of private be required to reduce current liabilities, such capital expenditures, and many corporations as accrued taxes and accounts payable, have also set up large reserves for postwar which have likewise grown. In terminatcontingencies. Even among those busi- ing Government war contracts, procedures nesses which have experienced a reduction followed with respect to payment of in volume of sales during the war, many amounts due and to disposition of Governhave been able to contract their operations ment-owned inventories and equipment will on favorable terms and have resources avail- have an important bearing on the financial able for resumption of more active business needs of business in the transition period. when wartime restrictions are removed. The subsequent capital and credit needs Liquid assets of corporations, particu- of business will depend to a large extent on JULY 1944 633 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH the volume and nature of the demand for its construction, and also to provide Govproducts. If production and sales are in ernment funds to manufacturers who might sufficient volume to maintain reasonably full be unable or unwilling to secure funds employment, demand for peacetime prod- through the usual private channels. The ucts will be much above prewar levels. In Second Revenue Act of 1940 included a prothis event many businesses are likely to find vision authorizing war contractors to their resources inadequate and will need amortize for income tax purposes the origioutside financing to expand their facilities. nal cost of new war plants and equipment over a five-year period; this is a shorter GOVERNMENT FINANCING OF WAR PLANT period than is customarily permitted for CONSTRUCTION During the period of the defense program CAPITAL EXPENDITURES IN MANUFACTURING AND MINING INDUSTRIES prior to this country's entry into the war, extending formally from June 1940 to December 1941, business finance in the manufacturing field reflected the continuance of business as usual—in an upward direction— together with the beginnings of a Government construction and financing program that was later to gain momentum and to dominate the manufacturing field to an increasing extent. Expansion of manufacturing output in this period was chiefly among established industries, and in 1941 privately-financed plant construction in manufacturing and mining reached a level of 4 billion dollars, exceeding the previous peak year of 19x9 by 10 per cent. In that same year the Government financed about z.2. billion of plant facilities for more 1936 1937 1938 1939 1940 1941 1942 1943 specialized war production. War Production Board data for publicly-financed expenditures; esti- During 1942. and 1943 increasing difficulty mates of Board of Governors for privately-financed expenditures. of business in obtaining materials, coupled peacetime plants. This authorization was with reluctance of private business to own not widefy used until after the law was modspecialized war plants, led to substantial ified in 1941, but by April 1944 nearly 6 reduction in privately-financed capital ex- billion dollars of privately-financed plant penditures. As a result, however, of the and equipment had been financed under this expansion in publicly-financed facilities, arrangement. About one-third of this total the total of all industrial construction in- was in industries other than manufacturing creased rapidly. This shift in source of and mining. financing is shown in the chart. For specialized plant facilities with Early in the defense period a number of limited peacetime use, other arrangements financial arrangements were worked out to were worked out whereby more of the encourage private financing of war plant responsibility and risk for future utilization 634 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH was assumed by the Government. By April facturer has financed the initial construction 1944 about 7.5 billion dollars, or 45 per cent and is being reimbursed by the War or Navy of all Government-financed industrial and Department over a 60-month period, after public utility construction, had been pro- which title will pass to the Government. vided by the Defense Plant Corporation, Facilities built under both of these plans which was set up in August 1940 as a sub- have amounted to about 660 million dollars, sidiary of the Reconstruction Finance Cor- mostly during 1940 and 1941. poration. Under this arrangement con- GOVERNMENT FINANCING OF tracts for construction were sponsored by a procurement agency, and responsibility for WORKING CAPITAL preparation of plans and actual construction Government funds have also been made was left with the prospective operators, available in several forms for working capisubject to supervision by the Defense Plant tal. Direct advances on supply contracts Corporation. The cost of the projects was in the form of a revolving fund have been excovered directly by the Defense Plant Cor- tended to prime contractors. The amount of poration, and the finished plants were leased these outstanding approached 1 billion dolto the operators for the duration of the war. lars by the end of 1941 and a peak of z.5 bil- Under this arrangement has been built a lion in the middle of 1943; it was somewhat large part of the Government facilities for lower at the end of May 1944. Under two producing aircraft, steel and nonferrous types of cost-plus-fixed-fee contracts, workmetals, machinery, petroleum, and syn- ing capital has also been supplied directly thetic rubber. Most of the plants carry by furnishing materials and meeting pay options for postwar purchase by the present rolls or, where these items have been met in operator. the first instance by the operators' funds, Most of the remainder of Government- billing for the expenditures has been alfinanced industrial facilities, about 7.7 lowed as the work progresses, before shipbillion dollars by April 1944, has been ments are actually made. These arrangefinanced directly by the War and Navy ments have operated to conserve the amount Departments and the Maritime Commis- of private funds needed for expanding cursion. A small proportion of these have rent working capital, and in more recent been operated directly by the military pro- periods have frequently resulted in freeing curement agencies, and the major part by funds, of which some have been used to private industry on a fixed-fee basis. This retire outstanding debt or to provide needed type of financing has been used mainly for equipment, and some invested in Governshipbuilding and repair and for specialized ment securities. war products such as combat vehicles, other The Government has also played an imordnance, and war chemicals. portant role in helping business secure In addition to these widely used arrange- needed bank credit under a system of guaranments for Government financing, some war teed loans administered by the Federal plants have been financed by methods in Reserve System. Beginning in April 1942. which private borrowers acquired immedi- with guarantees on loans for war producate title to the plants. One of these has tion, the program was broadened in Septembeen loans from the Reconstruction Finance ber 1943 to make available at the time of Corporation, while under another the manu- contract termination guaranteed loans for JULY I944 635 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH the purpose of replacing such private funds for 159 large manufacturing companies in as might be tied up pending contract settle- selected war and nonwar industries, reprement. By the end of May 1944, 6,2.83 guar- senting about 45 per cent of all manufacturanteed loans amounting to 7.8 billion dol- ing and mining operating assets. In the lars had been approved. Loans were out- three years 1941-1943, these companies standing on May 31 in the amount of 2..0 spent for plant and equipment about 4.5 billion dollars—of which 1.7 billion was billion dollars and increased their various guaranteed—and additional credit of 3.8 current assets by 10.7 billion, the latter billion was available to borrowers under about equally divided between the total of existing guarantee agreements. inventories and receivables and the total of From the standpoint of the war program cash and marketable securities. the provision of Government funds to NET USES AND SOURCES OF FUNDS FOR 259 LARGE finance new plant, equipment, and working MANUFACTURING AND MINING COMPANIES capital has enabled the procurement agen- [In billions of dollars] cies to place contracts more widely than Amounts Amounts outstanding would otherwise have been possible, by Account spent or received, freeing producers from concern about post- 1941-1943 Dec. Dec. 1940 1943 war utilization of specialized equipment and Uses of funds to increase assets: by bridging some of the difficulties many Net property1 4.49 12.50 13.13 Cash and special deposits 1.53 3.32 4.85 firms would otherwise have had in arrang- Marketable securities 3.81 0.71 4.52 Receivables 3.08 2.29 5.37 ing financing. It has also speeded up the Inventories 2.25 4.68 6.93 construction and installation of needed Net uses of funds.. 15.16 Sources of funds from increasing facilities by assuming the extra cost incurred liabilities: Bank loans 0.50 0.40 0.90 in rapid planning and construction. More- Government advances 0.85 0.51 1.36 Income tax liabilities 3.09 0.64 3.73 over, it has avoided possible disturbances in Other current liabilities 3.19 2.09 5.28 Securities outstanding -0.07 16.50 16.43 the new securities markets which might Source of funds from current operations: have arisen if large demands from private Revenue earmarked for: Depreciation and depletion 3.86 borrowers had conflicted with the program Other reserves 1.40 Profits retained 2.35 of Treasury war finance. Net sources of funds 15.16 1 Net property outstanding is net of accrued depreciation reserves. SOURCES OF BUSINESS FINANCING Figures for use of funds represent gross capital expenditures; the net addition to property over the three years (0.63 billion dollars) Although these Government arrange- consists of gross capital expenditures less depreciation charges as shown under "Sources." ments have been of great importance they NOTE.—Compiled by the Board of Governors from published financial statements of companies whose 1943 assets exceeded 10 million have in the aggregate provided for less than dollars, in the food, textile, chemical, rubber, petroleum, steel, nonferrous metals, machinery, electrical equipment, auto, aircraft, shipbuilding, and rail equipment industries. Minor accounts not inhalf of the wartime expansion in business cluded in this tabulation are investments in affiliates, other investments, deferred income, and deferred charges. assets. Most of the remainder has been provided by business from its internal For these companies revenue earmarked sources—retained earnings, sales revenue set for depreciation has provided about oneaside for depreciation and other reserves, quarter of the new funds absorbed on baland various increases in current liabilities. ance in the period, and an additional fourth The character of the expansion in assets has been provided by further revenue alloby manufacturing companies, and the cated to postwar reserves and by profits sources from which this expansion was retained after dividends. The Government financed, are illustrated in the table by data aid previously described is reflected in a net 636 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH increase in Government advances and pre- on balance by the Z59 industrial companies payments of 850 million dollars; this in- from bank loans and new security iscludes a reduction of about one-fourth from sues, although at times during the period, the amount obtained through 1942.. Gov- and for some companies, bank loans have ernment funds have also been provided indi- been an important means of financing. rectly through the allowance of nearly 12. The over-all total of commercial and inmonths in which to pay increased tax lia- dustrial loans by all banks to all business bilities, which were 3 billion dollars higher reached its peak for recent years around the at the end of the period than at the begin- end of 1941, when civilian goods output was ning. The latter two items account for still unrestrained and new plant construcabout a fourth of total sources of funds. tion was mainly privately financed. Loans Government-owned plant and equipment for war purposes, of which a substantial operated by these companies is not reflected amount was placed outside the manufacturin the figures, but the provision of such ing field, subsequently expanded from about facilities has obviated additional private one and a quarter billion dollars at the end expenditures for new plants, that would of 1941 to three and a half billion at the otherwise have been required, and has end of 1943, most of the increase occurring thereby reduced the amount of private in 1942.. About 90 per cent of the increased financing necessary to attain current levels amount outstanding has been for working of output. capital purposes. As pointed out earlier, Another important source of funds for increased bank lending for war production manufacturing companies during the war has been facilitated for many borrowers by has been the increase in other current liabili- the Government program for guaranteeing such loans. ties; this consists of accounts payable and of various other funds conserved for periods Bank loans to business for nonwar purranging from a few days to several months, poses—mainly to trade, service, and finance through the fact that amounts due to others companies—declined from an estimated 8 for materials, wages, interest, rent, etc., are billion dollars at the end of 1941 to 4.3 paid on an intermittent basis. These items billion at the close of 1943. This reducaccount for about a fifth of the total tion was made possible partly by increased sources of funds shown in the table; they profits, partly by unexpended funds made approximately balance the increase in re- available through depreciation allowances, ceivables, which in many cases represent and partly by liquidation of inventories and offsetting items between various companies consumer credit, especially in trade lines. in the group. In the sample of 1.^ large industrial companies, shown in the table, food and textile companies repaid in 1942. and 1943 BANK LOANS AND SECURITY FLOTATIONS nine-tenths of the bank borrowing which With Government and internal business they had consummated in 1941. In the war funds financing most of the expansion in industries also, increasing liquidity has manufacturers* assets since 1941, demands for enabled some reduction in bank loans; this financing through banks and public security occurred in 1^2. for steel, petroleum, airmarkets have declined. Only a small craft, and rail equipment groups, and amount of wartime funds has been obtained continued in 1943 for many of the larger JULY 1944 637 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH companies in the chemical, rubber, steel, amounts of funds obtained from available nonferrous metals, and auto groups. sources. In general, the less rapidly ex- On balance only a small amount of funds panding war producers have drawn on varihas been raised during the war by busi- ous sources of funds in much the same proness firms through issues of new securities. portion as nonwar producers. Those which As shown in the table, offerings of securities have expanded more rapidly, however, have to raise new money increased sharply during derived relatively less funds from internal the defense period of 1940-1941. Public sources, such as retained profits and allocautilities were responsible for 40 per cent of tion of revenue for depreciation purposes, the 1.4 billion total raised in the two years, and have relied more on external sources, and xy per cent went to industrial com- especially bank loans, Government adpanies. Subsequently, the rate of offerings vances, and increases in other current liabilifor new money declined sharply. In the ties. These tendencies are illustrated on two and one-half years ending June 1944 the chart which shows the percentage disonly about 1 billion dollars of new securities were offered for new money, of which MAJOR SOURCES OF WARTIME FINANCING FOR two-thirds were for industrial companies. LARGE COMPANIES IN SELECTED INDUSTRIES PERCENTAGE DISTRIBUTION CORPORATE SECURITY ISSUES FOR NEW MONEY [In millions of dollars] Major groups of issuers Total R ro a a i d l- P ut u i b li l t i y c In tr d i u a s l - Other 1939 325 85 43 188 9 1940 569 115 245 167 42 1941 868 253 317 244 55 1942 474 32 145 293 4 1943 285 46 219 12 1944—Jan .-June 219 52 154 5 SOURCE.—Securities and Exchange Commission estimates of net proceeds of new issues intended for plant, equipment, and working capital. Figures for the first half of 1944 include estimates for June. At the same time cash retirements of out- AIRCRAFT AUTOS OTHER FOOD standing securities have offset a considerable AND MACHINERY AND WAR AND SHIPBUILDING PARTS INDUSTRIES TEXTILES part of the funds obtained from new issues, Figures for the years 1941-1943 for 259 large companies. Clear area at top of some columns represents other sources not shown separately. with the result that outstanding long-term debt has declined in many fields, including tribution of sources of financing for large railroad, public utility, and manufacturing. companies in five manufacturing groups. In the sample of X59 large industrial com- These groups are arranged on the chart in panies net declines in outstanding securities order of their percentage increases in sales over the war period have occurred in the during the war, that is, from the largest food, rubber, petroleum, steel, industrial increase for aircraft and shipbuilding to the machinery, rail equipment, and shipbuild- smallest for food and textiles. ing groups. In the more rapidly expanding groups the smaller amount of financing through depre- PATTERN OF FINANCE AMONG WAR ciation allowances appears attributable to PRODUCERS the fact that the bulk of the plant expansion Companies in various war industries have has been Government financed, thus obviatshown considerable diversity in the relative ing the inclusion in sales prices of large 638 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH allowances for depreciation. The relatively manufacturing capacity in 1941 and of idle small proportion of funds coming from transportation capacity in 1941 limited the retained profits reflects the tendency, in possibilities of further reductions in unit cases of very rapid expansion, for excess costs. Other factors which have tended to profits taxes and renegotiation procedures raise earnings in different lines and in varyto restrict the percentage of profit allowed ing degree were profits from the liquidation on sales. of inventories, cost-reducing technological The larger proportion of funds from other improvements, and some price increases. current liabilities, shown on the chart for Tending in the opposite direction have been the aircraft and automobile groups, repre- higjier tax rates, especially on excess profits, sents in part amounts due Government agen- increases in pay roll costs per man-hour, and cies on account of renegotiation of war con- write-offs of property held in enemy territracts and in part larger trade accounts, tory. For firms holding war contracts, which in turn reflect the prevalence of sub- earnings have also been affected by liberal contracting in these industries. The some- allowances on early Government contracts, what lower proportion of funds obtained renegotiation of profits on completed confrom Government advances in the aircraft tracts, and downward adjustments of prices group as compared with machinery and in later contracts. Some of these factors automobile companies reflects the retire- have reflected recognition by the Government during 1943 of about half the amounts ment that limitation of business profits in obtained in the previous two years. wartime is an essential part of the over-all stabilization program. INCREASED BUSINESS EARNINGS One of the sources of funds which has ac- NET INCOME OF LEADING CORPORATIONS [Indexes, 1940 = 100] crued to many nonwar, as well as war producers, has been a higher level of business Industry 1939 1940 1941 1942 earnings during the war. Since 1939, ag- Manufacturing and mining 80 100 121 War industries1 77 100 122 gregate net income (after taxes) of all cor- Nonwar industries 90 100 117 Railroads 50 100 266 porations has increased each year, with the Other transportation 72 100 151 Public utilities 95 100 95 exception of a slight decline in 194.x. Ac- Trade and service 100 100 115 cording to Department of Commerce esti- Total for leading companies 84 100 120 mates corporate earnings, after taxes, reached a peak of 8.9 billion dollars in 1943, compared with 8.5 billion in 1941 and 4.x billion in 1939. Currently in 1944, earnings are running close to 1943 levels. Much of the rise in business earnings during 1940 and 1941 appears to have reflected a decline in unit overhead costs resulting from fuller utilization of facilities. This factor enabled earnings before taxes to increase more rapidly than the volume of business and in many lines the increase more than offset the higher taxes on incomes for these years. Rapid absorption of idle JULY 1944 to iri vo oc 1943 110 112 104 491 230 254 85 89 117 123 120 125 1 In order to bring out differences in trend during the war, industries whose output has gone largely into war uses have been grouped together as "war industries"; these include iron and steel, nonferrous metals, machinery, transportation equipment, chemicals, petroleum, and rubber products. Other manufacturing and mining industries have been designated as "nonwar." NOTE.—Indexes constructed from data published by the National City Bank. Number of companies in 1940: manufacturing and mining, 1622; railroads, 136; other transportation, 102; public utilities, 137; trade and service, 242. As a result of various differences in definition of profits, these figures show less increase than those used as a basis for the Department of Commerce estimates quoted in the text. Differences in the incidence and timing of the above factors for individual industries have resulted in somewhat different year-toyear movements in the volume of business and of profits. For leading companies in major industries these movements are compared in the table, which shows indexes of 639 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH net income for the years 193 9-1943. The liability was incurred late in 1942. and earnfigures are computed on a different basis ings in that year have proved so far to be the from those of the Department of Commerce wartime peak for this industry. In 1943 previously quoted; changes are similar in higher operating costs coupled with heavy direction although not in extent. excess profits taxes reduced net income Manufacturing and mining.—Manufactur- somewhat below the 1942. level, and the ing, mining, and construction companies decline has continued in 1944. For other were the first to feel the effects of the grow- transportation groups, except water and ing defense program in 1940 and 1941, and motor carriers, the wartime growth in their earnings increased rapidly. Substan- traffic has also brought larger earnings. In tially higher excess profits tax rates in 1942-, the case of water and motor carriers, high together with large conversion costs in some earnings in the defense period have been lines and increasing deductions for contin- followed by lower levels more recently. gency reserves, reduced i94x earnings below Among other public utility industries the 1941 peak level. In 1943 and the early additional earnings after 1940 were subject part of 1944 profits in most war lines in- to excess profits taxes, and net income has creased somewhat over 1942., as increases in shown no increase during the war. For experience and efficiency more than offset electric power and telephone companies net additional labor costs. These tendencies income declined in 1941 and 1942. and since were more pronounced in war industries then has been 5 to 10 per cent below 1939 than in civilian goods industries where levels. many producers were faced with higher In trade and service lines as a whole there wage costs without the benefit of expanding has been little expansion in physical volume business. As a consequence several nonwar of operations and some increase in labor lines have shown lower profits during the costs. Net income, however, has continued war period than in 1939 and 1940. to move ahead during the war largely be- Nonmanufacturing activities.—Among pub- cause of price advances, with book profits lic utility and transportation industries the on liquidated inventories as a transient volume of business for most groups has re- influence. sponded to the stimulus of war demands. Retained earnings.—For the most part, the Year-to-year changes in net earnings, how- proportion of wartime earnings paid out as ever, have reacted differently, partly because dividends to the owners of business has not of differences in prewar levels and in the increased since 1941. Among large indusconsequent impact of excess profits taxes. trial companies dividend payments have In 1939 and 1940 the railroad industry was recently been lower than in 1941, while the still operating at less than 50 per cent of decline in dividends of public utility comcapacity, and a substantial proportion of the panies has paralleled the decline in net incompanies showed deficits. Rapid expan- come. Dividends have risen appreciably in sion of traffic during the war brought fuller trade lines, but have comprised a smaller utilization of capacity and outstanding proportion of net earnings, so that the gains in earnings, which were not subject to amount retained in the business has inhigh excess profits taxes so long as they were creased. Railroad companies have paid out still low relative to invested capital. With in dividends only about one-fourth of their continuance of the rise, excess profits tax wartime earnings. 640 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH able through depreciation allowances has WARTIME INCREASE IN LIQUIDITY been important in the manufacturing and In addition to expanding their war railroad groups. A third factor in the picplants, inventories, and receivables, corture, which has precluded larger increases in porations have also shown a substantial rise liquid assets but which has nevertheless in liquid assets, that is, in cash and marketreflected a strengthening of financial posiable securities. For all corporations in the tion, has been that many firms accumulating United States, the Securities and Exchange excess funds have used them for retiring Commission has estimated an increase of debt, with the result that the excess has 157 per cent in the total of these assets from been reflected only temporarily, if at all, in December 1940 to December 1943. There their financial statements. has been, however, considerable variation in rates of increase in liquid assets among Increased liquidity and the level of business.— In order to gain a rough notion of the extent the various industries. Among selected to which business liquidity has risen above companies registered with the Securities operating needs, a comparison may be made and Exchange Commission, those engaged between liquid assets and the level of busiin railroad transportation, trade, and war ness activity at the end of 1940 and of 1943. manufacturing have experienced the largest This can not be considered as a precise guide increases, as shown in the table. because needs for liquid assets do not neces- INCREASE IN CASH AND MARKETABLE SECURITIES FOR sarily vary directly with volume of sales, LARGE COMPANIES IN SELECTED INDUSTRIES but it gives an indication of changing rela- [Dollar figures in billions] tionships. Such a comparison for large Cash and market- Number able securities Percent- manufacturing companies and for Class I Industry of com- age panies Dec. Dec. increase railroads appears in the table. In the 1940 1943 manufacturing group, this comparison Manufacturing 602 4.42 9.20 108 shows that, relative to sales, liquid assets War 296 2.58 6.04 134 Tr N ad o e nwar 30 8 6 1 0 1 . . 2 8 7 4 0 3 . . 8 1 5 6 21 7 4 2 were slightly below the 1940 level in 1941 Public utility 54 0.62 1.07 73 Railroad 85 0.76 2.74 262 and i94x, but rose somewhat in 1943. This experience appears to have characterized SOURCE.—Securities and Exchange Commission, compiled from data received from registered companies. both war and nonwar producers as broad These increases appear to reflect at least groups. two major factors. One has been the increase in liquid assets required to en- COMPARISON OF CASH AND MARKETABLE SECURITIES WITH SALES FOR LARGE MANUFACTURING AND RAILROAD able larger disbursements for materials, COMPANIES pay rolls, tax liabilities, and other business [Dollar figures in billions] purposes. A second factor has been the 1940 1941 1942 1943 accumulation of idle funds not needed in 259 Manufacturing companies: connection with current operations. Such Cash and marketable securities. 4.03 4.92 7.06 9.38 Sales in December 1.98 2.65 3.52 4.04 Ratio of cash and marketable funds have accrued through liquidation of securities to sales 2.04 1.86 2.01 2.32 current or long-term assets and through 136 Railroad companies (Class I): Cash and marketable securities. 1.03 1.37 2.23 3.39 higher levels of retained profits. Liquida- Operating revenue in December. 0.38 0.48 0.70 0.78 Ratio of cash and marketable tion of inventories and receivables has been securities to operating revenue 2.71 2.85 3.19 4.35 especially important in many lines of trade, NOTE.—Figures for liquid assets are as of end of year; sales and while inability to spend funds made avail- operating revenue are for month of December, partly estimated. Railroad data are from Interstate Commerce Commission. JULY 1944 64I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH Among individual industries there has periods of unusual disbursements. To some been considerable variation in the growth extent companies with large excess profits of liquidity relative to sales. In the case of tax liability appear to have adopted a policy some civilian goods industries, such as of funding their income tax liabilities by foods, the larger companies have exhibited placing an equivalent amount of funds in little change in the relation of liquid assets short-term Government securities. Howto sales; other civilian groups, such as tex- ever, since corporate holdings of Governtiles, appear to have increased their liquid- ment securities have recently increased by ity relatively more than sales. In most of larger amounts than accrued tax liabilities, the war industries, liquid assets have risen it would appear that business is to an appreciably more than sales, with the larg- increasing extent following a policy of inest relative increases occurring in the rub- vesting in Government securities any cash ber, machinery, and steel groups. An in excess of current needs. important exception has been the transportation equipment group, in which liquid FINANCIAL EXPERIENCE OF SMALL COMPANIES assets of many large companies have risen Most of the information currently availless rapidly than sales. This difference may able on business finance has related to large reflect the unusual degree of subcontracting companies. For small- and medium-sized which has arisen during wartime; the in- industrial and trade concerns, the Robert crease in number of plants through which Morris Associates have recently obtained aircraft and similar munitions pass in the and made available to the Federal Reserve course of production has raised considerably Banks and the Board of Governors a set of the number of times that component parts new data which permit comparison of the are included in sales figures for the industry. wartime financial experience of such com- Thus aggregate sales figures have risen more panies with that of larger companies. rapidly than the value of final product. While these data are still quite limited in In the case of railroads, liquid assets have coverage, preliminary tabulations suggest increased sharply in relation to volume of that trends of profitability and liquidity for operating revenue. Rising earnings, as the smaller concerns compare quite favorcapacity has been more fully utilized, have ably with those of large companies. As been the main factor in the steady increase indicated by the table, it appears that smallin liquid assets during the war and have and medium-sized manufacturing companies more than offset substantial uses of funds in most war industries have had somewhat for retiring debt. higher percentage increases in sales, as com- For most of the large companies in these pared with 1940, than have the large comgroups, there has been a tendency to panies; this does not seem to have been accumulate marketable securities more rap- true in nonwar industries. However, in idly than cash. In fact, cash alone has all of the major manufacturing groups risen considerably less than the volume of shown in the table profits have risen relabusiness during the period. This willing- tively more among the smaller concerns ness or ability to get along with lower cash than among the larger ones. The smaller ratios may evidence a tendency to regard concerns have also made larger additions to marketable securities as a "secondary re- plant than the large companies in all major serve," which may be drawn upon in groups except chemicals, and have shown 642. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH considerably greater increases in liquid - that the major differences described above assets. appear also when small firms with assets below 1 million dollars are compared with WARTIME INCREASES IN SELECTED FINANCIAL ITEMS or LARGE AND SMALL MANUFACTURERS medium-sized firms with assets between 1 IN 8 SELECTED INDUSTRIAL GROUPS and 10 million; that is, sales, profits, and Percentage increase, December liquidity of the firms with assets below 1 No. 1940 to December 1943, in— of Industry com- million dollars have increased more than panies Sales P fi r t o s - p N la e n t t B lo a a n n k s L as iq s u et i s d the respective items of medium-sized firms. The relative standing of small and large Food: Large companies 31 82 11 -3 97 72 concerns in the field of trade appears, on the Small companies 33 68 59 1 39 197 Textile: basis of limited data, to have been similar to Large companies 27 104 2 4 42 146 Small companies 92 99 109 1 -47 290 that indicated for manufacturing. Sales of Chemical: the smaller trade firms have moved ahead Large companies 15 75 -14 5 446 95 Small companies 25 66 7 -35 7 74 faster than those of larger firms, with the Petroleum: greatest increase occurring among small food Large companies 26 61 59 14 -7 72 Small companies 5 109 129 17 -70 158 distributors. The advance in profits during Steel: the war period has also been more rapid Large companies 17 99 -30 -5 -64 142 Small companies 36 118 26 20 190 373 among the smaller firms. After appreciable Electrical equipment: Large companies 9 195 -10 19 1,835 299 declines in retail inventory investment in Small companies 10 251 139 52 2,123 803 1943, the level was still about Z5 per cent Other machinery: Large companies 55 183 18 4 567 324 above 1940 for small firms, and 35 to 45 per Small companies 23 191 90 102 -11 401 cent higher for larger ones. From the Aircraft, auto, etc.: Large companies 48 246 -3 -4 1,468 123 standpoint of use of funds, this difference Small companies 10 377 101 30 169 905 was only partially offset by larger retire- NOTE.—Data for large companies compiled by Board of Governors from published statements; those for smaller companies secured from ments of bank loans by the smaller firms. Robert Morris Associates. Large companies include those with assets above 10 million dollars For both small and large firms, holdings of in 1943; smaller companies include those with assets less than 10 million dollars, of which 102 were under 1 million. cash and marketable securities rose much Ratios of liquid assets to sales of smaller more than sales over the three-year period, companies also increased more than those which suggests the ownership of considerof the large companies in all groups except able amounts of idle balances. Further chemicals. The difference is especially analysis of changes in current assets and noticeable in the transportation equipment liabilities of firms engaged in retail trade group where smaller concerns increased during 1943 is given in the summary of the their liquidity relative to sales very sharply 1943 Retail Credit Survey, published elseover the three-year period, while large where in this BULLETIN. manufacturers experienced a sharp decline. Further emphasis on the difference in situa- SIGNIFICANCE OF WARTIME LIQUIDITY FOR tions is indicated by the much smaller in- POSTWAR PERIOD crease in bank borrowing and by the in- Analysis of the ways in which manucrease in plant expansion made by the facturing companies have financed their smaller companies in this group. wartime expansion of assets suggests that While the smaller firms represented in the the process of adjustment back to civilian table include those with assets up to 10 production will result, for all companies in million dollars, further analysis indicates the aggregate, in a release of considerable JULY 1944 643 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH amounts of funds. It is hardly to be outstanding aspect of wartime business expected that this release will proceed finance. More important from the longsmoothly or without some need for addi- run standpoint, however, has been an tional financing, except for very strongly increase in underlying business strength as situated firms. The preparation of claims represented by larger equity positions. This and other supplementary procedures in strengthening has come mainly from higher terminating war contracts may well extend levels of retained earnings, which have been over a period of months, during which reflected in debt retirement and enlargement of operating property, as well as in larger continued disbursements will be needed for net working capital. In the case of some rebuilding peacetime inventories, meeting war producers the underlying position may pay rolls, financing customer credit and be further improved after the war by other expenses, before revenue from renewed opportunities to purchase Government propcivilian sales is resumed. At the same time erties at lower cost than would be required many firms will be initiating rehabilitation for comparable facilities on a new basis, and expansion projects that will absorb and by the remission of taxes for various funds released from the reconversion adjustwar costs and losses already provided for ment and perhaps require additional in published earnings reports. financing. The full extent of any net gain by business In the process of passing through the from wartime experience can not be finally reconversion adjustment to subsequent exassayed until some time after the war is pansion, the liquid assets accumulated over. In a real sense wartime and early during the war will prove useful, though postwar experience should be viewed as a their adequacy for particular firms will single accounting period; the allocations of necessarily be qualified by the circumstances many gains and losses to individual years in which such firms end the war period. are highly provisional since they involve These circumstances will include such various estimates as to what the entire factors as the condition of operating war and its settlement will bring. It is in properties, the situation with respect to the nature of managerial responsibility that civilian markets, the assets to be replaced, these estimates lean on the conservative the character of liabilities that may have side—that is, they tend to underestimate to be retired, and the existence of banking gains and to overestimate losses. This arrangements to finance the various require- tendency suggests that the final accounting ments. Because of these qualifications, the is likely to show somewhat more improveability of individual businesses to finance ment in business positions as a result of the their reconversion needs can not be meas- war experience than has yet been indicated ured solely by the extent to which liquidity in published statements, but this prospect has increased or declined. could be changed by developments of an Increase in liquid assets has been the unfavorable nature. 644 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATUS OF BANKS AS WAR ACTIVITIES The War Manpower Commission has added Interdepartmental Committee on Essential Acbanks to the limited list of trades and services tivities had decided to continue the exclusion that can be designated as "locally needed" of banking activities from the list of essential activities by Regional and Area Manpower activities, the War Manpower Commission on Directors without further action by national May i£ had added operations of commercial headquarters in Washington. For employment and savings banks to the list of trades and servstabilization purposes and recruitment, banks so ices that might be granted locally needed desigdesignated have the same standing under United nations by Regional and Area Directors without States Employment Service programs as ac- further action from headquarters. tivities included in the national list of essential Significant parts of the correspondence follow. activities. In identical letters dated April 2.4, 1944, from Public discussions in the spring about pro- the Board of Governors to Mr. McNutt, Chairposals to direct employment into essential ac- man of the War Manpower Commission, and tivities emphasized the need that the essential General Hershey, Director, Selective Service contribution of the banking system to the System, Chairman Eccles wrote: economic life of the country and the war effort "I am transmitting the request of the Federal be recognized in the framing of policies and pro- Advisory Council of the Federal Reserve System grams relating to civilian employment. The that in framing policies and programs relating need of such recognition, in order to enable the to civilian employment the essential contribution of the banking system to the economic life banks to obtain and maintain sufficient personof the country and the war effort be recognized, nel to perform the functions expected of them, and that in the hiring and retention of employees was discussed at a meeting of the Board of not eligible for military service, banks be re- Governors with the Federal Advisory Council garded as an essential or 'war-supporting' in April and the Council requested the Board activity. to present the case to the appropriate author- "In discussions with the Board of Governors regarding this matter, the Federal Advisory ities. Council emphasized that it is not asking any The Board, after enlisting the cooperation of special consideration with respect to the deferthe Treasury, the Comptroller of the Currency, ment of bank employees from military service and the Federal Deposit Insurance Corporation and that its request pertains solely to policies and programs relating to employment plans for and obtaining their endorsement to the request, civilian personnel and to the utilization of men wrote identical letters to Mr. McNutt, Chairnot physically acceptable for military service. man of the War Manpower Commission, and to "The Federal Advisory Council is a body General Hershey, Director of the Selective Serv- created by law to confer with the Board and ice System, urging that banking be regarded make recommendations on various matters pertaining to the banking system. It consists as an essential or "war-supporting" activity of a representative from each of the 12. Federal so far as civilian employment policies, as dis- Reserve districts. tinguished from calls for military service, are ' 'The matter has been discussed with the Treasconcerned. ury, the Comptroller of the Currency, and the In a letter dated May 15, General Hershey Chairman of the Federal Deposit Insurance Corporation, all of whom concur in the endorseexpressed the opinion that the broadened occument of the request. pational policies which had been put into effect "Thus, the Treasury and the three Federal would provide the relief needed so far as bank- agencies charged with the supervision of ing institutions are concerned. Mr. McNutt, banks, join in asking that banking be regarded in a letter dated June 6, stated that, while the as an essential or 'war-supporting' activity so 645 JULY 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATUS OF BANKS AS WAR ACTIVITIES far as civilian employment policies, as dis- retention of employees not eligible for comtinguished from calls for military service, are batant military service, the banks be treated on a concerned. parity with those industries regarded as essential "On behalf of the Board of Governors, I even though not directly engaged in the producstrongly urge that this request be granted." tion of war material, so that the banks may retain and acquire personnel in order to be able to The request of the Federal Advisory Council, continue to function in the public interest. referred to in the foregoing letter, stated: "The Council does not feel it is necessary to explain to the Board the essential part which ' 'The Federal Advisory Council desires to call banks play in the general economy of the counto the attention of the Board of Governors the try, and the impossibility of this general econdifficulty which the banks of the country are omy functioning without banks. While the experiencing in connection with obtaining and Board is familiar with the various services maintaining sufficient personnel to perform both which the banks are contributing to the war their normal functions and the war services they effort, nevertheless, a memorandum is attached render to the Government. Banks as a whole listing the more important activities for the have lost a very large proportion of their male purpose of ready reference." employees to the armed services and due to the drafting of fathers, heretofore deferred, are cer- In the memorandum referred to the Advisory tain to lose more in the near future. They Council summarized the wartime services of the have replaced these male employees with women banks in connection with the sale of United to the extent they have been able and have spent States bonds, ration banking, foreign funds much effort in training new employees. The control, war factory pay rolls, banking services situation has been acute and will inevitably become more acute. at military posts, the financing of war produc- "The Council has been informed by the press tion, including food production, and credit and otherwise of various experiments and pro- controls as part of the economic stabilization posals to direct the flow of employment, of program. proposed new restrictions to be placed upon the In a letter of May 2., General Hershey sughiring of employees, and of the possibility of gested that the request be addressed also to the transferring employees in industries not classified as essential to industries regarded as essen- War Manpower Commission, and Chairman tial. This is a matter entirely distinct from Eccles, in a reply on May 8, wrote to General drafting people capable of performing combatant Hershey: service. The Council feels that, under some of the proposals now being advocated, the banks 4 'Thank you for your letter of May x in reply are in danger of being unable to secure replace- to my letter of April Z4 requesting that in the ments or to hold present employees with the hiring and retention of employees not eligible result that the banking system might be unable for military service, banks be regarded as an to perform the duties required of it. essential or 'war-supporting' activity. "In the past banking has not been classified "I appreciate your suggestion that such a as an essential activity. The Council feels request should be addressed to the Chairman strongly that banking is essential both to the of the War Manpower Commission, and as economic life of the country and to the main- Colonel Keesling was informed when the letter tenance of the war effort. It, therefore, urges was delivered to him in your absence, a similar strongly that the Board of Governors of the letter was being sent to Mr. McNutt. The Federal Reserve System impress upon the War purpose in sending the similar letters was to Manpower Commission, the Selective Service lay before both the Selective Service System and System, and any other body which may have to the War Manpower Commission the employdo with directing the flow of labor under ment problem facing the banks and to request present or future legislation or regulation the each agency in shaping its policies affecting need of recognizing the essentiality and neces- civilian employment, as distinguished from sity of the banking service to the economic life calls for military service, to give due recognition of the country, and to the war effort. It desires to the essential contribution being made by the this to be done to the end that in the hiring and banking system. 646 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATUS OF BANKS AS WAR ACTIVITIES "In view of public discussions regarding pro- "Your letter of April 14 relative to the essengrams contemplated to direct and divert into tiality of banks was forwarded to me by General essential sLCtivities men not physically accept- Hershey of the Selective Service System on May able for military service, it was felt that the 2. As indicated in our letter of May 13 to Mr. employment situation and needs of the banks Leonard, your request that consideration be should be brought directly to the attention of given to the essentiality of recognized banks the Selective Service System in order particu- would be reviewed by the Interdepartmental larly that they might be given due consideration Essential Activities Committee. in any program of your agency, or upon which "After very careful consideration the Interyour agency might be asked for advice, with departmental Committee on Essential Activities respect to the utilization of men not physically has decided to continue to exclude banking acceptable for military service. activities from the List and Index of Essential "I trust that our request may have your Activities on the grounds that these activities earnest consideration." do not meet the standards and criteria for inclusion in the List. For your convenience we Under date of May 15, General Hershey re- are enclosing a copy of the List and Index of plied as follows: Essential Activities. The criteria referred to are briefly outlined on page 1. "This acknowledges your letter of May 8, "You may be interested, however, in the 1944, in reply to mine of May 2 in further refer- action of the Commission of May 2.6 in adding ence to the inclusion of banks in the list of essen- the operations of commercial and savings banks tial activities. to the list of trades and services that might be "Prior to pursuing the matter further, I am granted locally needed designations by regional attaching hereto Local Board Memorandum No. and area directors without further action by 115, as amended May 12, 1944. I call your par- headquarters. I am enclosing copies of Field ticular attention to Parts IV, V, and VI of the Instruction No. 2, dated September 10, 1943, memorandum. It is believed that the broadened Field Instruction No. 387, dated May 12, and occupational deferment policies now in effect Supplement No. 1 to Field Instruction No. 387, will provide the relief needed in so far as bank- dated May 26,1944. For employment stabilizaing institutions are concerned. However, the tion purposes and recruitment and referral of officer representing this Headquarters on the workers by the United States Employment Serv- Essential Activities Committee has presented ice, locally needed designations have the same your request to the Committee, which will no recognition as activities included on the nadoubt take action in the near future." tional list. Locally needed designations are also used as guides by local boards of the Selec- The Chairman of the War Manpower Com- tive Service System in consideration of defermission, in his reply, dated June 6, said: ments beyond the age of 25." JULY 1944 647 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RETAIL CREDIT SURVEY-1943 Credit sales in 1943 were about two per cent retailers were in a highly liquid condition. smaller than in 1942., according to the 1943 Ratios of current assets to current liabilities Retail Credit Survey conducted by the Federal were higher at the end of 1943 than a year earlier Reserve System, and were almost Z3 per cent for almost all trade lines and for stores of every below the peak in 1941. Instalment sales size. The principal exception was department showed a further decline, about 14 per cent in stores, which showed about the same ratio on 1943, from the low level of 1942.. The dollar both dates. volume of credit sales in 1943, notwithstanding declines in recent years, was about the same as RETAIL SALES in 1939 and was well above any year in the • LIONS OF DOLLARS BILLIONS OF DOLL/ middle or late 1930's. As in the preceding year, the expansion in total sales in 1943 was wholly one of cash business. TABLE 1. ESTIMATED RETAIL SALES, BY TYPEOF TRANSACTION Sales(In billions of dollars) Percentage of total sales Total Cash a C cc h o a u rg n e t I m ns e t n a t l- Cash a C c h co ar u g n e t I m ns e t n al t - 1939 42.0 27.2 9.9 4.9 65 23 12 1940 46.4 29.9 10.7 5.8 64 23 13 1941 55.6 36.4 12.4 6.8 66 22 12 1942 57.8 42.7 12.3 2.8 74 21 5 1943 63.3 48.5 12.4 2.4 77 19 4 NOTE.-—Estimates of total retail sales compiled by the Bureau of Foreign and Domestic Commerce, United States Department of Commerce. Sales by type of transaction are based on data from the Census of American Business for 1939, projected according to data from the Retail Credit Survey for subsequent years with appropriate allowances in cash sales to adjust for bias in the Survey sample. Retailers' balance sheets at the end of 1943 Viewed as a proportion of total retail sales reflected this growth of cash sales and the in 1943, the volume of credit sales appears quite mounting difficulties in obtaining goods. Besmall, amounting to less than one-fourth of the cause of the large volume of cash sales and total instead of one-third or more, as was the improved collections of customers' accounts, case in 1941 and earlier years. Cash sales thus retailers liquidated a large part of their bank have increased from less than two-thirds to indebtedness and at the same time built up submore than three-fourths of total sales. This stantial cash balances and reserves of marketable shift in proportion is particularly significant, securities. Year-end statements show that resince 1943 retail sales were larger than those of tailers were substantial buyers of United States any previous year by a sizeable margin. Or- Government securities in the war loan drives. dinarily, when total sales are large, credit Consequently at the beginning of 1944 most transactions not only increase proportionately, but often more rapidly; that is, credit sales make NOTE.—This is the second Retail Credit Survey conducted by the Federal Reserve System. Data for the 1943 Survey were collected and up a larger part of the total in years of active district tabulations prepared by the twelve Federal Reserve Banks. The national tabulations and the analysis were prepared in the Division trade than in those of shrinking volume. Estiof Research and Statistics of the Board of Governors of the Federal Reserve System. Prior to 1942 the Retail Credit Survey was conducted mates of cash and credit sales for the years 1939 by the United States Department of Commerce but in that year it was transferred along with other consumer credit series to the Federal to 1943, prepared from the data reported in the Reserve System. Copies of the 1943 Survey, containing separate data for sixteen Retail Credit Survey, and their relations to trade lines, may be obtained on request from the Correspondence and Publications Section, Board of Governers of the Federal Reserve Sys- total sales are shown in Table 1. tem, Washington 25, D. C. 648 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RETAIL CREDIT SURVEY 1943 The total dollar volume of credit sales in 1943 Total retail sales in 1943 were up considerwas actually quite high in view of various de- ably in most lines of trade except those dealing velopments that are conducive to a decline in principally in consumers' durable goods. Here such sales. Income payments were at record curtailed production and shortages of essential levels and individual savings far above those of materials made it impossible to maintain sales any previous year. Money in circulation in- at the 1942. level. Of these groups, household creased at a rapid rate affording the foundation appliance stores and heating and construction for a large cash sale volume. Consumers' material dealers were most seriously affected. durable goods, which normally account for a The exceptionally sharp decline in sales at housesizeable fraction of the credit sales, were limited hold appliance stores in the reporting sample in supply by the allotment to war production of may be explained in part by the fact that a nummetals and other scarce materials. A large ber of them are affiliated with utility companies volume of charge-account sales was to be ex- which have not replaced their dwindling stocks pected, since such credit is primarily a con- of appliances with other lines of merchandise. venience to customers. Instalment sales were Credit sales in all trades comprised a smaller definitely low but, except for two circumstances, percentage of the 1943 total than in the precedmight have dropped further. In the first place, ing year, but their relative importance varies durable goods of wood, ceramic, and to some widely between trades. The percentage change extent substitute metals have appeared on the from 1941 to 1943 for each type of sale and a market in fair volume. Jewelry stores enjoyed percentage distribution of 1943 sales are shown by far the best sales year on record. Secondly, in Table 2.. the spread of instalment selling to semidurable At all types of retail stores the amount of lines such as clothing, which was under way in credit outstanding was reduced much more the late 1930's, has continued although curbed rapidly than the volume of credit sales. By somewhat by the war. The basic change in the end of 1943 consumers owed 45 per cent less retail credit business has been not so much a on retail instalment accounts than a year earlier reduction in initial credit transactions as a although instalment sales during the year were much faster settlement of the obligations only 14 per cent below the 1941 level. More created. This is true not only in retail trade than two-thirds of the total decline in shortbut also in the consumer instalment loan field. term consumer indebtedness during 1943, esti- TABLE 2. SALES BY TYPE OF TRANSACTION AND BY KIND OF BUSINESS Percentage change, 1942-1943 Percentage of total sales, 1943 Number Kind of business of stores reporting T sa o l t e a s l s C a a l s e h s a C c h s c a a o l r e u g s n e t - I m n sa s e l t e n a s t l- Cash a C c h c a o r u g n e t - I m ns e t n al t - Department stores 574 +14 +25 +3 -13 61 34 5 Men's clothing stores 202 +11 +29 -6 -37 58 41 1 Women's specialty stores 191 +30 +49 +16 +30 48 50 2 Men's and women's apparel stores .. 116 +20 +51 -5 +14 54 42 4 Shoe stores 93 +23 +42 74 Furniture stores 637 +3 +27 +2 -3 20 16 64 Household appliance stores. 332 -42 -15 -38 -61 37 35 28 Jewelry stores 187 +25 +56 +16 +2 46 24 30 Lumber and building material dealers 571 -15 +32 -20 -25 15 84 1 Heating and plumbing equipment dealers 78 -12 -5 -12 -32 16 82 2 Hardware stores 283 -5 +7 -13 -39 49 49 2 Automobile dealers 318 +8 +22 +2 -8 47 31 22 Automobile tire and accessory stores. 618 +28 +46 +25 -9 40 51 9 Coal, fuel oil, and wood dealers 852 +7 +22 4s -36 36 64 (2) Grocery stores 252 +18 +30 61 Milk dealers 151 +20 +31 l_|_19 15 X85 1 Includes a negligible amount of instalment business. 2 Less than .5 of one per cent. 649 JULY 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RETAIL CREDIT SURVEY 1943 TABLE 3. CREDIT TRANSACTIONS Percentage change in Average period accounts Instalment paper sold accounts outstanding outstanding as percentage of during 1943 instalment sales Kind of business a C cc h o a u rg n e ts In m s e ta n l t - ( a i C n c c h d o a a u r y n g s e ts )1 ( I i n n s m ta o l n m th en s) t 2 1943 1942 Department stores () -22 48 3.1 2.9 Men's clothing stores -10 -48 65 None sold Women's specialty stores +13 +14 58 0.2 I 0.2 Men's and women's apparel stores.. l -1 57 None sold Shoe stores 47 Furniture stores -16 -30 48 9 2.4 2.5 Household appliance stores.. -41 -67 48 23 3.4 16.0 Jewelry stores +5 -26 45 4 None sold Lumber and building material dealers -21 -49 51 15 51.4 51.2 Heating and plumbing equipment dealers., -33 -46 51 10 35.1 30.4 Hardware stores -27 -54 46 5.9 17.6 Automobile dealers -7 -44 37 50.0 51.2 Automobile tire and accessory stores. +7 -46 42 0.1 0.4 Coal, fuel oil, and wood dealers. -72 40 14.7 9.3 Grocery stores 34 Milk dealers 4+3 22 1 Derived by formula: 360 (average of quarterly receivables -i- annual sales). 2 Derived by formula: 24 (average of quarterly receivables 4- annual sales less paper sold) —1. 3 Less than .5 of one per cent. 4 Includes a negligible amount of instalment business. mated at about one billion dollars, resulted from CHARGE-ACCOUNT SALES AND RECEIVABLES liquidation of instalment obligations arising Charge-account sales in 1943 showed very from sale of commodities. The dollar volume little change in total from the previous two of charge-account sales in 1943 was somewhat years. Regulation of the period over which above that of 1942. but year-end receivables charge-account indebtedness for a number of were down slightly. listed articles should be liquidated, effective Repayment of both instalment and charge since the middle of 1941, probably contributed accounts was more prompt in 1943 than at any to some extent toward retarding the rate of extime since measures to accelerate collections pansion for charge-account sales in 1943, a year were imposed. By the end of 1943 the average of large consumer purchasing power. Volume repayment period for charge accounts had been of sales of this type was somewhat greater shortened to less than 50 days in nearly all lines in 1943 than in 1942. for most kinds of business, and at grocery stores and milk dealers to around except those seriously affected by merchandise 34 and Z2. days respectively. Many apparel shortages or rationing, but the increases were stores and construction material and equipment small in comparison with those shown by cash dealers, particularly the smaller ones, continued sales. It is interesting to note that for automoto collect their accounts more slowly than other bile dealers and automobile tire and accessory kinds of business but the average repayment stores, charge-account sales, which declined period was noticeably shorter than in the two sharply in 1942., were in somewhat greater preceding years. Instalment accounts were volume in 1943. This expansion was probably repaid on the average in considerably less than due to larger expenditures for services and retwelve months at most stores except those deal- pairs, gradual easing of priorities on automotive ing principally in household appliances and parts, and efforts of dealers to maintain sales building materials. One explanation for the volume by adding nonautomotive merchandise slower rate of reduction in instalment accounts to customary lines. There was also a subof these stores lies in the fact that some of them stantial increase in charge-account sales by milk still held three- to five-year paper written before dealers, representing an increase in total sales, September 1941. most of which are on a charge basis. 650 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RETAIL CREDIT SURVEY 1943 Charge accounts receivable at the end of 1943 duction has stemmed from curtailed credit purwere lower than on the corresponding date of chases of commodities such as new automobiles, 1942. except for those kinds of business which refrigerators, and the major electrical appliances, have been able to maintain sufficient stocks to which have been wartime casualties, but a submeet unusually heavy demands. Even in such stantial proportion may be attributed to some trades as jewelry and women's apparel, the in- shift to cash buying and to more rapid liquidacreases in accounts outstanding were far less tion of instalment indebtedness. marked than those in credit sales, and in trades An examination of percentage changes from showing a reduction in volume of charge-ac- 1942. to 1943 for instalment sales and accounts count sales, accounts receivable declined more receivable shows that the movements have been sharply. Charge accounts receivable in all similar for most kinds of business but that the lines have declined as a proportion of sales of rate of decline has been much faster for receivthis type and the average period over which ables. In general, the reduction in accounts charge accounts were collected was even shorter outstanding was largest for dealers in household than in 1942., though the length of time accounts appliances, hardware, lumber and building were outstanding tended to level off during the material, and heating and plumbing equipment, latter part of 1943. many of which had formerly extended credit for periods longer than the regulatory maxi- INSTALMENT SALES AND RECEIVABLES mum. A few dealers in these lines reported Instalment sales in all kinds of business exthat the instalment credit carried on their books cept jewelry and women's apparel decreased in at the end of 1943 was quite heavily weighted 1943. Demand for men's clothing was not so with three- to five-year paper written prior great as for women's apparel, and many merto September 1941. Accounts outstanding at chants became reluctant to sell on the customary women's specialty shops in 1943, as in 1942., instalment terms as more men were faced with were above the year-ago level but the 14 per cent immediate induction into the armed forces. Instalment sales at men's clothing stores increase in instalment receivables was comparaamounted to only about five-eighths of the vol- tively small in view of the 30 per cent increase ume in 1942.. The declines shown by retailers in their instalment sales. in construction materials and electrical appli- Retailers' practices in selling instalment paper ances were even greater than in the preceding have varied only slightly from 1942. to 1943 for year when comprehensive restrictions had al- most kinds of business. Practices in the past ready been placed on production and sale of two years, however, differ greatly from those many of the lines customarily handled. Earlier of prewar years when dealers in automobiles, and more drastic cuts had been made in manu- household appliances, and other durable goods facture of automobiles and automobile tires of high unit cost sold the bulk of their instaland accessories and since supplies of these com- ment paper. Many dealers financed substanmodities in 1943 as in i94x were extremely small, tially all of their instalment credit sales in 1943. there was little further reduction in instalment Lumber and building material and automobilesales. dealers sold approximately one-half of their Since instalment accounts receivable were paper while heating and plumbing equipment placed under regulation in September 1941 with dealers disposed of somewhat more than onerequirements for specified down payment and a third, about 5 per cent more than in 1942.. Coal, maximum liquidation period for the commod- fuel oil, and wood dealers also increased the ities usually comprising the bulk of consumer proportion sold. In 1943 household appliance instalment purchases, there has been a drastic and hardware stores sold a much smaller proand continuous reduction in the amount out- portion of their instalment paper than in the standing on these accounts. Much of this re- preceding year. JULY 1944 651 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RETAIL CREDIT SURVEY 1943 CASH SALES the year-period marketable securities almost doubled in relative importance while accounts Cash sales, as shown in Table 2., increased receivable declined from one-quarter to onesharply at all retail establishments except at fifth of total current assets. Although invendealers in household appliances and heating and tories declined, they represented more than twoplumbing equipment. The largest increases fifths of current assets at the year-end. were reported by jewelry and apparel stores where sufficient merchandise was obtainable to TABLE 4. SELECTED BALANCE SHEET ITEMS satisfy the increased demand of those individuals [Weighted total for sixteen kinds of business1] enjoying larger than usual incomes. The basic Percent- Percentage of total factor that produced a generally larger volume age current assets change of cash sales was increased purchasing power. 1942-1943 1943 1942 Individuals were able to increase their savings in Current assets: 1943 and pay off debt even though spending about M Ca a s r h k e a t n a d b l b e a s n e k c u d r e i p ti o e s s its + + 1 3 1 0 8 2 1 5 3 20 7 6 billion dollars more in retail channels than in A In c v c e o n u t n o t r s i e r s eceivable -1 -9 7 4 1 3 9 4 2 9 4 the preceding year. Part of the greater expendi- Total +5 100 100 ture represented price advances and "trading Current liabilities: up," but it is estimated by the Department of Notes payable to banks -34 4 6 Other current liabilities -3 24 26 Commerce that the physical volume of goods Total -8 28 32 sold at retail increased. Current ratio2 +16 3.6 3.1 BALANCE SHEET POSITION 1 Reported figures for individual trade lines were weighted in accordance with the relative importance of the total business of each in 1943. Information obtained for the first time in the 2 Ratio of current assets to current liabilities. 1943 Survey submitted by approximately 4,000 Increases in liquid assets, combined with restores, indicates that retailers materially payment of debts, resulted in considerably strengthened their current financial position higher ratios of current assets to current liabilduring 1943. Current indebtedness declined ities for most kinds of retail business and for all sharply as many merchants completely liqui- size groups within each trade.1 Higher ratios, dated or substantially reduced their bank loans. however, were more frequent among small and A majority of retailers reported a marked ex- medium firms than for large establishments. pansion in cash and bank deposits and in hold- Ratios for department stores, women's specialty ings of marketable securities. Bank loans were shops, and apparel stores showed only slight substantially reduced by all lines of trade and a majority of the lines also curtailed other current 1 Reporting firms are classified as small, medium, and large, on the basis of 1943 annual sales volume. These classifications have different liabilities. Those trades reporting increased meanings for the various kinds of business. The size range for each is indicated below: indebtedness in 1943 usually showed relatively Kind of business Small Medium Large larger increases in current assets. A study of Department stores Under 1,000 1,000to 10,00010,000 and over individual trade lines reveals that retailers Men's clothing stores. 250 250to 1,000 Women's specialty- 1,000 " " whose inventories and accounts receivable have stores 250 250 to 1,000 Men's and women's 1,000 " " declined most sharply tend to hold a larger apparel stores 250 250to l,G00 Shoe stores 100 100to 500 1,000 " " proportion of their current assets in the form of Furniture stores 200 200to 500 500 " " marketable securities than do trade lines that Ho s u to s r e e h s old appliance 100 100 250 5 2 0 5 0 0 " " " " have experienced less difficulty in maintaining J L e u w m e b lr e y r s a t n o d re s building 100 100 500 500 " " stocks. He m a a ti t n e g ri a a n l d d e p a lu le m rs b . i . n . g . 250 250 to 1,000 1,000 " " Balance sheet data reported by the sixteen Ha e r q d u w ip a m re e s n t t o d re e s alers. . 1 5 0 0 0 1 5 0 0 0 t t o o 5 25 0 0 0 250 " " trades, as summarized in Table 4, show that Automobile dealers. .. 250 250to 500 500 " " Automobile tire and cash and bank deposits at the end of 1943 com- accessory stores 50 50 to 100 500 " " Coal, fuel oil, and wood prised a larger proportion of total current assets dealers 100 100to 500 100 " " Grocery stores 100 100to 500 than on the corresponding date of 1942.. Over Milk dealers 250 250to 500 500 " " 500 " " 500 " " FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RETAIL CREDIT SURVEY 1943 TABLE" 5. RATIO OF CURRENT ASSETS TO CURRENT LIABILITIES Size of individual concern (based on 1943 sales volume) Kind of business Total1 Small* Medium2 Large2 1943 1942 1943 1942 1943 1942 1943 1942 Department stores 3.3 3.4 6.6 6.7 3.8 3.7 3.2 3.3 Men's clothing stores 4.2 3.2 7.3 4.5 4.8 3.1 4.3 5.1 Women's specialty stores 3.0 3.1 5.2 4.2 3.8 3.4 2.9 3.2 Men's and women's apparel stores 2.8 2.8 6.0 4.8 5.0 4.1 3.8 3.8 Shoe stores 4.8 3.8 5.8 3.8 5.7 3.8 4.1 4.4 Furniture stores 6.9 5.7 12.6 8.4 10.3 7.6 6.6 5.5 Household appliance stores. 6.4 5.8 5.4 4.8 5.3 4.6 5.1 6.7 Jewelry stores 5.7 5.4 5.9 3.8 6.2 5.6 4.7 4.9 Lumber and building material dealers 4.9 4.4 6.3 4.9 5.0 4.2 3.8 3.4 Heating and plumbing equipment dealers . 5.2 4.1 5.3 5.2 7.5 6.6 2.5 2.4 Hardware stores 7.8 6.4 11.6 8.2 8.3 7.0 7.2 4.4 Automobile dealers 3.4 2.3 4.1 2.6 4.1 2.7 2.8 1.9 Automobile tire and accessory stores.. 3.9 3.6 8.7 8.2 5.2 6.0 3.7 3.6 Coal, fuel oil, and wood dealers. 2.1 1.9 3.9 2.6 3.4 2.9 1.7 1.8 Grocery stores 3.7 2.9 8.4 6.4 5.2 3.4 5.4 4.6 Milk dealers 1.6 1.4 1.3 1.0 1.7 1.3 1.8 1.4 1 Includes data from some firms not classified by size. 2 For basis of size classification, see footnote 1 on preceding page. changes from 1942., presumably because these lines were added to supplement small stocks of stores were more successful than other trades scarce items but the total value of inventories, in maintaining inventories and, therefore, prob- nevertheless, declined substantially during the ably did not reduce their indebtedness to sup- year, and with larger sales, turnover was more pliers to the same extent as other retailers. rapid than in 1942.. Inventories of coal, fuel Enlarged cash and security holdings are ex- oil, and wood dealers were particularly difficult plained in large part by the gradual conversion to replace and substitute merchandise was not of inventories and accounts receivable to liquid readily available, so that these merchants were form. This development was particularly forced to draw quite heavily on existing stocks noticeable in durable goods lines where replace- to fulfill demand. There were also sharp dement was especially difficult. It was least clines in inventories held by automobile dealers, marked in women's specialty and food stores, and household appliance and furniture stores. lines in which inventories increased. As a Scare or anticipatory buying by consumers, group, however, retailers entered 1944 in a very a frequent occurrence in 1942., dwindled in imliquid condition. This favorable financial posi- portance after the first quarter of 1943. In the tion will provide a firm basis for obtaining credit latter part of the year retailers discontinued to build up depleted stocks, when additional many of their usual special sales events and supplies become available, and to finance essen- directed more of their advertising toward protial capital expenditures in the postwar period. motion of war bond sales and publicizing salvage and charitable drives. By avoiding these peri- INVENTORIES odic heavy drains on stocks, stores were better In view of the large volume of sales and re- able to forecast their inventory requirements ported shortages of goods, reductions in inven- but in many cases they had difficulty in fulfilling tories were comparatively small in most lines them. Merchants from small towns and meof trade. Changes in inventory position and dium-sized cities were forced to depend almost rate of turnover for each kind of business are entirely on frequent trips to city markets or on shown in Table 6. Merchandise carried by the aid of city buying organizations as the numwomen's specialty stores, which easily lends it- ber of road salesmen decreased. It has been self to substitution, was about one-fifth larger reported from several trade shows that orders in 1943, somewhat less than the increase in booked were limited only by the wholesalers' sales. In several other kinds of business new ability to accept additional commitments. JULY 1944 653 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RETAIL CREDIT SURVEY 1943 TABLE 6. INVENTORIES BY KIND OF BUSINESS about 4,000 of which supplied data for selected balance sheet items. Totals include a number of Percent- Inventory Kind of business age turnover1 multi-unit firms which submitted consolidated change 1942-1943 1943 1942 reports and, therefore, could not be classified Department stores -2 5.2 4.4 by size of business or, in some cases, by geo- Men's clothing stores -25 3.4 2.4 Women's specialty stores +19 5.9 5.3 graphical region. The Survey covers only Men's and women's apparel stores -13 5.3 3.8 Shoe stores -4 3.8 2.9 credit-granting stores, and, therefore, stores Furniture stores -26 3.3 2.3 operating wholly or mostly on a cash basis are Household appliance stores -34 3.4 3.2 Jewelry stores -3 2.0 1.5 not represented. Lumber and building material dealers -9 4.9 5.1 Coverage varies widely among the several Heating and plumbing equipment dealers. -9 6.0 6.1 Hardware stores -15 3.7 3.3 trades, ranging from more than 50 per cent of Automobile dealers -38 4.9 2.9 total 1943 sales for department stores to less Automobile tire and accessory stores. -15 5.5 4.2 than 5 per cent for household appliance, shoe, Coal, fuel oil, and wood dealers. -22 16.3 11.1 Grocery stores +7 9.4 8.9 and grocery stores. In addition to department Milk dealers +62 10.8 14.4 stores, the samples for a number of trades, such 1 Number of times a year, based on inventories (at retail) at end of as furniture, apparel, construction material and year and sales during year. equipment, coal and fuel oil, and milk, are Substantial changes have been apparent in the quite adequate while others are clearly too thin merchandise stocked and sold by many retailers to indicate more than general trends. The in 1943. As consumer incomes rose, there was a inadequacy of the grocery sample may be atmarked increase in demand for luxury items and tributed in part to a shift from credit to cash at quality merchandise. At the same time shorta number of chain and independent outlets ages began to develop in many lines of lowwhich automatically eliminated them from this priced merchandise and, because of the difficulty Survey. As in any survey of credit-granting in obtaining replacements and the tendency of stores, the proportion of cash sales for indicustomers toward "trading up," some of the cheaper lines were abandoned. Some items vidual trades is undoubtedly understated. The which had become scarce in the early months of estimates of total sales, given in Table 1, have the war were replaced by "victory" models, but, been derived by methods designed to make alafter the middle of 1943, more optimistic views lowances as much as possible for divergence in on the progress of the war led customers to as- the reporting sample from actual conditions. sume that better selections would soon be avail- A disproportionate number of city stores may able and demand for these substitute models have introduced some bias in reported data. slackened. Nevertheless, the Survey gives a reasonably accurate picture of the most important credit COVERAGE OF SURVEY and financial developments in retail trade during The 1943 Retail Credit Survey includes reports from nearly 5,500 credit-granting stores, the year. 654 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE There is given below the text of a British Govern- A. THE SOURCES OF WAR FINANCE ment White Paper (Cmd. 6520) presented to Parlia- [In millions of pounds] ment on April 2$ by the Financial Secretary to the 1941 1942 1943 British Treasury under the title l'An Analysis of the (1) Central government expenditure [93] 4,626 ^HO 5,782 Sources of War Finance and Estimates of the NationalLess (2) Overseas disinvestment [13] -797 -635 -655 Income and Expenditure in the Years 1938 to 1943 " (3) Expenditure requiring domestic finance... 3,829 4,475 5,127 This document is the fourth of a series initiated in Less (4) Central government revenue [77 + 81 + 85]-1,836 -2,344 -2,876 1941 j the texts of the earlier White Papers were pub- 1,993 2,131 2,251 lished in the BULLETINfor August 1943, pages J29-J40,Less (5) Surpluses of extra-budgetary funds and June 1942, pages S39S49> and July 1941, pages 633- local authorities2 [48 + 49] -220 -223 -191 638. These documents, which are presented in con- 1,773 1,908 2,060 Less nection with the annual budget speech in Parliamen(t6) Compensation received in respect of claims under war risks insurance schemes and by the Chancellor of the Exchequer^ are prepared in the War Damage Act, Part II3 [50] -219 -154 -136 the British Central Statistical Office with the collabo- 1,554 1,754 1,924 Less ration of the Treasury. (7) Private saving, including reserves against taxation [46 + 47] -1,472 -1,614 -1,749 PREFACE (8) Residue of central government expenditure not covered by the above sources of finance [10 + 11] 82 140 175 In previous years, attention has been drawn to the continuing nature of the enquiries which 1 Excluding expenditure equivalent to the Canadian contribution of £225,000,000. This sum is also excluded from lines (2) and (4). form the basis of the following tables. This 2 Excluding the Exchange Equalisation Account, changes in which are already included in overseas disinvestment. year has brought with it several new sources of 3 See the explanation of this item under (/) below. information not previously available and the This residue, which is numerically equal to the sum of items 10 and n of Table I, has been treatment of the main categories of national provided from the following sources:— income and expenditure has been re-examined to (a) Sales to public authorities of fixed capital ensure that the methods adopted make use of assets (such as sites, buildings, and stocks the figures and other evidence available with as of goods) previously owned privately; much consistency as possible. The effect of the (b) Depletion of stocks and work in progress held under private finance (apart from consequent changes is set out in section H below. sales under (a) above) measured by the In Table I, item 11 (domestic investment) is reduction in their value as reckoned in the the balancing figure obtained by difference, and calculation of profits; not (except in 1938) by direct estimation. In (c) Additions to depreciation, obsolescence, and similar funds held by firms, institu- Table II, item 34 (net personal saving) is the tions, and persons; balancing figure. Tables III and IV are mainly Less based on actual figures taken from the Public (d) New investment financed out of privately- Accounts, etc., apart from items repeated from owned funds, including investment of a Tables I and II. temporary nature due to work in respect of government contracts ulti- In all the tables that follow, annual figures mately recoverable from the Exchequer. relate to the United Kingdom and to the calendar Such temporary investment is shown sepaand not the financial or fiscal year except where rately in item 10 of Table I; otherwise stated. (e) Replacements, renewals, etc., charged to The numbers in square brackets refer to items depreciation and similar funds; (/) Replacements of war losses actually carin the main tables, pages 663 to 668. These ried out other than those for which comnumbers are intended solely for reference purpensation is paid under Part I of the War poses and no account is taken of the sign of the Damage Act. These replacements of war corresponding item in the main tables. losses must be deducted because credit has JULY 1944 655 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE been taken in the table above for the revision of the greater part of retail sales other whole of the compensation received in than food, drink, and tobacco has been underrespect of war risks and war damage taken during the last year by the Board of claims (other than those arising under Trade. Part I of the War Damage Act, item 12. of Taken together, these revisions have led to a Table I, which do not appear in line (6) redistribution of expenditure between the difbecause substantially all of these arise ferent items without, however, a significant only where actual work is put in hand), change in the aggregate. The only important whether or not it has been applied to change compared with the figures given in Cmd. replacement. 6438 is due to a considerable increase in the In comparison with the definitions used in estimate for "other services," where further Cmd. 6438, the coverage of the residue in line research indicates expenditure some 5 to 10 per (8) has been restricted by the exclusion of certain cent greater than had been traced previously. expenditures now shown separately in items 8 and 12. of Table I. [In millions of pounds] Attention is drawn to the statement under (#) above that the net change in stocks and work in 1938 1941 1942 1943 progress is measured by the change in their (1) Food . . 1,198 1,260 1,320 1,264 value as reckoned in the calculation of profits. (2) Drink and tobacco 442 750 906 1,053 While the practice in this respect is not uniform, (3) Rent, rates, and water charges 491 512 511 51C (4) Fuel and light 203 231 242 240 the measure given here will approximate more (5) Other household goods 274 244 216 184 closely to the change in the value of stocks than ( ( 6 7 ) ) T C r l a o v th e i l n , g including privately-owned 447 453 485 447 to the value of the quantitative change. In vehicles and their running expenses. 289 202 217 227 (8) Other services 490 502 512 52C other words, the calculation of profits takes (9) Other goods including the income isaccount of changes in the value rather than in sued in kind to H.M. Forces and Auxiliary Services 238 403 448 536 the quantity of stocks. While information is (10) Personal expenditure on consumpnot' available that would make possible the tion at market prices [7] 4,072 4,557 4,857 4,981 measurement of the adjustment required to correct the difference between the net change in stocks as implied here and a measure based on In interpreting this table, the following definithe value of the quantitative change, there can tions should be borne in mind. In general, be little doubt that this adjustment would be these figures relate to expenditure met out of considerable in the earlier part of the war, espe- personal income, including that of charities and cially in 1940 and 1941. On the other side of other nonprofit-making bodies as well as of indi- Table I an equivalent adjustment would be viduals. The figures include purchases by civilrequired to the figures of profits. ians and by members of the Forces out of their Since part of the residue is obtained by differ- pay and cash allowances, but for recent years ence, it absorbs the errors in all the other items may be subject to some revision later as more of Table I in so far as they do not cancel out. exact information becomes available of expendi- It is therefore a very precarious figure and will ture by British troops abroad and by United remain so until information is available which States, Dominion, and Allied troops in this enables the whole of it to be measured directly. country. Expenditure on consumers' goods and On the other hand, apart from changes of services by businesses and public authorities is, definition, the sum of the balancing items in as far as possible, excluded except in certain Tables I and II (items 11 and 34) is compara- cases where the object purchased is resold to pertively stable. The reason can be seen from a sons as part of a composite product or service. consideration of the left hand side of Table III. Thus, personal expenditure on meals in restau- For when these two balancing items are taken rants and hotels is spread over several categories: together with items which are known fairly the cost to the establishment of the food used accurately, they add up to the deficit of the appears in group (i), food; the rent of the buildcentral government, which is accurately known. ing in group (3), rent, rates, and water charges; the chinaware and cooking utensils purchased B. THE COMPOSITION OF PERSONAL in group (5), other household goods, and an EXPENDITURE ON CONSUMPTION allowance for the purely service and managerial Further investigations have brought about element of expense in group (8), other services. numerous revisions in detail, new information The figures represent the expenditure of conhaving become available which greatly improves sumers in the above sense on goods and services the reliability of the estimates. In particular a of all kinds whether these are provided out of 656 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE new production or from stock. In the case of [In millions of pounds] second-hand goods an allowance is made in "other services" for the costs, including profit, 1938 1941 -1942 1943 of handling and reconditioning exclusive of the (1) Personal expenditure on consumption sums paid to original owners. at market prices [7] 4,072 4,557 4,857 4,981 Plus The composition of the nine sub-groups is set (2) Subsidies [14]... 15 140 175 190 out below. The descriptions have been ex- 4,087 4,697 5,032 5,171 panded somewhat in the interests of clarity but, Less (3) Indirect taxes specifically on conwith the single exception that repair work to sumption [15] -439 -777 -939 -1,073 clothing now appears in "other services," the (4) Personal expenditure on consumpcomposition of each item is substantially the tion thus adjusted [27] 3,648 3,920 4,093 4,098 same as in Cmd. 6438. The study of the average change in the retail (1) Food—comprises purchases of food, inmarket price of goods and services has been cluding such beverages as tea, coffee, and cocoa, revised and continued. The results are given in by households together with the cost of food the table below. The method adopted in calcuused in canteens, restaurants, and hotels. lating the figure for 1943, say, was to take the (z) Drink and tobacco—comprises expenditure average of the change between 1938 and 1943 in on beer, wine, spirits, other alcoholic beverages, the cost at market prices of buying the collecand tobacco. tions of goods and services entering into personal (3) Kent, rates•, and water charges—includes an expenditure on consumption (item 7 of Table I) allowance in respect of buildings occupied by in 1938 and 1943 respectively.1 Since the divernonprofit-making bodies, hotels, boarding sion to war purposes of resources used in peacehouses, etc., in addition to private dwelling time for the satisfaction of consumers' needs has houses. necessitated a considerable change in the struc- (4) Fuel and light—includes coal, coke, gas, ture of consumers' purchases, it might have been electricity, and paraffin. expected that the two components of the final (5) Other household goods—includes new furniaverage would differ somewhat widely. This, ture, furnishings, household linens, blankets, however, is not in fact the case, the proporetc., hardware, soap, cleaning materials, etc. tionate increase between 1938 and 1943 in the (6) Clothing—includes dress materials, milcost of purchasing each collection being almost linery and haberdashery, boots and shoes, and the same. The two percentage changes are all forms of men's, women's, and children's sufficiently close to one another for their average wear. The expense of making-up customers' to afford a reasonable measure of market price materials, but not altering or repairing old garchanges applicable to personal expenditure on ments, is included here. consumption. (7) Travel—includes travel paid for out of per- By adjusting the figures of personal expendisonal income, and therefore the travel of memture on consumption for changes in the level of bers of the Forces when at their own expense, in prices, an indication is obtained of the moveall public conveyances, together with the purment in the quantum of consumers' purchases. chase of vehicles by persons and the running The resulting series are as follows:— expenses incidental to their use. (8) Other services—includes such services as [1938 = 100] post, telegraph and telephone, medical, under- 11938 1941 1942 1943 taking, domestic, hotel and restaurant, entertainment, and repairs to household goods, (1) Personal expenditure on consumption clothing and footwear, watches, etc. at market prices, including indirect taxes and excluding subsidies.... 100 112 119 122 (9) Other goods—includes all goods not appear- (2) Personal expenditure on consumption, excluding specific indirect taxes and ing above, together with the income issued in increased by subsidies 100 107 112 112 (3) Personal expenditure on consumption kind to H.M. Forces and Auxiliary Services. in terms of constant prices 100 82 81 79 (4) Retail prices, excluding specific indirect taxes and increased by subsi- C PERSONAL EXPENDITURE ON CONSUMP- dies 100 131 138 141 TION AT CURRENT AND CONSTANT PRICES The series in this table have been revised and, in particular, the price series shown in line (4) Personal expenditure on consumption at market prices and after adjustment for subsidies and 1 The figures were obtained not by a direct comparison between 1938 and, say, 1943, but by linking together direct comparisons of adjacent indirect taxes is estimated to have changed as intermediate periods. Where a commodity which was on sale in one follows between 1938 and 1943:— period was not available in the other, it had, of course, to be left out of the comparison. JULY 1944 657 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE shows a slightly greater rise than was estimated large exclusion is represented by expenditure on in Cmd. 6438. It is important that this price highways and bridges, the inclusion of which series should not be confused with the Ministry would have raised the estimates in line (3) of Labour's Cost of Living Index, since the above to 710 million, 390 million, and 3x0 former covers the expenditure of all classes of million pounds respectively. the community and includes luxuries as well as It has not been possible to provide an indenecessaries. Further precautions in interpreting pendent estimate of the change in the value of these figures given in Cmd. 6438 are not re- stocks, and the figure given in brackets in line peated here. (2.) is accordingly subject to revision. The series given above of personal expenditure Gross investment and allowances for mainteon consumption in terms of constant prices indi- nance, depreciation, etc., are treated here in a cates the position of the community as a whole, narrow sense in that they exclude, except in the but not necessarily that of any particular class case of buildings, the greater part of outlays for or individual. Any measure of price changes current repair work. A wider treatment of obtained by dividing either series of money these outlays would, of course, leave the figures values by the series in terms of constant prices, for net investment unaffected since the first two should not be used for other purposes such as columns of the table would be increased to the the reduction of the net national income or the same extent. Outlays for land have been exexpenditure of public authorities on goods and cluded throughout since they represent mainly services to terms of constant prices. Price a transfer of ownership of capital within the movements in other sections of the economy community. have been very different from those applicable The composition of item (1) above is as to consumers' expenditures, but it is not at pres- follows:— ent possible to provide any numerical measure (1) (a) Public utilities—includes expenditure of them. on contracting and civil engineering work, and D. PRIVATE INVESTMENT AT HOME IN 1938 on the acquisition and installation of new plant and machinery including railway vehicles, by Private net investment at home forms the the main line railway companies, the London residual item in Table I below except in 1938 for Passenger Transport Board, tramway, light railwhich year a direct estimate of this item was way and trolley vehicle undertakings, dock and made. The figures given below show in broad harbour authorities, canal undertakings, water outline the way in which the totals of both supply authorities, electricity and gas undergross and net investment were divided between takings, and the Post Office. The expenditure the main categories of expenditure. of both public authorities and companies has lln millions of pounds] been included. Allow- (Ji) (i) Buildings—includes all housebuild- Gross ances for Net ing, but in the case of other buildings excludes in m v e e n s t t- d m n ep a a n r i e n c c t e i e , a - - in m v e e n s t t- work done for public utilities and public authortion, etc. ities. The estimate for housebuilding is intended to include the expense connected with (1) Fixed capital, works, etc. foundations, construction, wiring, etc., fittings, (a) Public utilities 145 80 65 (b) Other branches of activity, in- and certain incidental charges but to exclude cluding housebuilding (i) Buildings 360 105 255 the cost of land, roads, main drainage, and ( ( ii i i i ) ) O Pl t a h n e t r a fi n x d e d m c a a c p h i i t n a e l, r y etc.... 1 6 2 5 0 10 5 0 5 2 1 0 0 charges of a legal and financial nature. The fig- (2) Change in the value of stocks and ure for gross investment includes expenditure on work in progress as implied in the calculation of profits (-45) (-45) repairs as well as on new work. (ii) Plant and machinery—comprises (3) Private investment at home 645 340 305 expenditure on replacing and extending plant and As in the case of the figures in item 11 of machinery by all undertakings outside the public Table I, these estimates include, as well as purely authority and public utility field. The figure private investment, the capital outlays of the of allowances for maintenance, depreciation, Post Office and the housing and trading services etc., represents the amount of wear and tear of local authorities. In general also they in- and obsolescence allowances, as computed for clude any increase in work in progress on gov- income tax purposes, which were due in the year ernment account for which payment was not made in the period. All other capital expendi- (iii) Other fixed capital, etc.—consists in ture by public authorities is excluded, being the main of expenditure on merchant ships and included in item 9 of Table I. A particularly fishing'vessels, road goods vehicles, and public i 658 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON 'WAR FINANCE service vehicles, together with expenditure on The series in line (11), i.e. the sum of lines private cars bought by businesses and therefore (5) and (8) above, has been obtained indirectly not included in personal expenditure on con- by deducting direct estimates of personal consumption. Capital expenditure on farm roads, sumption and taxes met out of private income soil improvement, afforestation, etc., is also from direct estimates of private income. Net included here. impersonal saving has then been estimated separately and the remainder allocated to personal E. PRIVATE SAVING saving, which here includes the saving of chari- The table below brings together the informaties and nonprofit-making bodies. There is, tion on private saving, personal and impersonal, however, no very precise line between "percontained in Table II. sonal" and "impersonal." Impersonal saving in PERSONAL SAVING the present context is intended to include not [In millions of pounds] only the net undistributed profits of companies 1938 1941 1942 1943 but also the saving arising in the business accounts of traders, farmers, and other indi- (1) Gross personal saving, including al- viduals. For saving made to extend farm equiplowance for accrued taxation [32 + 33 + 34] 259 1,081 1,369 1,594 ment or to repay business mortgages and other Less debts can not reasonably be regarded as personal. (2) Death duties, etc. [32] -90 -94 -100 -104 Great precision can not be achieved in the esti- (3) Gross personal saving after allowance for death duties, etc. [33 + mation of the last-mentioned kinds of imper- . 34] : 169 987 1,269 1,490 sonal saving, since in these cases there is not Less (4) Increase in allowance to meet accrued the line between distributed and undistributed taxation1 [33] -11 -37 -196 -83 profits that exists in the case of companies. Any (5) Net personal saving after allowance revision of the item of impersonal saving would for accrued taxation [34] 158 950 1,073 1,407 require an equal and opposite change in the IMPERSONAL SAVING estimate of personal saving. (6) Gross impersonal saving, including The figures for personal saving have been allowance for accrued taxation [40 + 41] 182 485 345 259 raised in comparison with those given in Cmd. (7) Increase in allowance to meet accrued 6438 as a result of the revision of the estimates taxation1 [40] -12 -290 -145 -49 of income and expenditure which are discussed (8) Net impersonal saving after allow- in section H below. A change of treatment ance for accrued taxation [41] 170 195 200 210 introduced as a result of the "pay as you earn" NET PRIVATE SAVING (PERSONAL AND IMPERSONAL) scheme is also described in section H. (9) Net personal saving after allowance The estimates given last year of the distribufor accrued taxation [34] 158 950 1,073 1,407 (10) Net impersonal saving after allow- tion of bank deposits, provided by the courtesy ance for accrued taxation [41] 170 195 200 210 of the Clearing Banks, are continued in the (11) Aggregate net private saving after following table:— allowance for accrued taxation [46].. 328 1,145 1,273 1,617 [In millions of pounds] 1 This item shows the excess of the liability for direct taxes accruing on current incomes at current rates of taxation over current direct 1941 1942 1943 tax payments. The allowance to meet accrued income tax in Dec. June Dec. June Dec. 31 30 31 30 31 each year is the excess of tax liabilities accrued during the year, on the assumption that there (1) Total deposits held by Clearing Banks 3,329 3,263 3,629 3,630 4,032 will be no change in the rate of tax, over total Less (2) Advances to customers and payments during the year in respect both of tax other accounts -807 -800 -773 -744 -743 currently due and of arrears. Thus in order to (3) Total deposits (net) 2,522 2,463 2,856 2,886 3,289 obtain the total amount required at the end of (4) Personal deposits (net) 692 704 820 859 972 (5) Other deposits (net) 1,830 1,759 2,036 2,027 2,317 1943 to meet the taxation accrued and unpaid, though not necessarily due, at that date on per- Net personal deposits in line (4) exclude the sonal income, the figures in line (4) must be accounts of businesses, financial institutions, added together; that is to say, the aggregate at public authorities, and also, for example, those that date was 405 (= 11 + . . . + 83) plus the of individual traders, shopkeepers, farmers, and amount accrued and unpaid at the end of 1937, professional men where the accounts are known plus or minus any adjustment due to changes in to be used for the purpose of business. Nonthe rate of tax between the dates of earning and resident deposits and sundry accounts are also of assessment. The same applies to the in- excluded. No attempt has been made to adjust creases in allowances to meet accrued taxation for the amount of bank accommodation obtained on impersonal income shown in line (7). by the discounting of bills. JULY 1944 659 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE The figures in line (5) have been obtained by ments between those to be met out of private subtracting those in line (4) from those in line income and those which represent transfers (3). Thus line (5) includes nonresident de- within the public authority sector. The figures posits and sundry accounts as well as the busi- given in line (4) represent approximate orders ness deposits of which it is mainly made up. of magnitude, but it is unlikely that any inaccuracy they contain perceptibly affects the per- F. PROPORTION OF PRIVATE INCOME centages in line (7). (PERSONAL AND IMPERSONAL) DEVOTED TO TAXATION G. DISTRIBUTION OF PRIVATE INCOME BY [In millions of pounds] RANGES OF INCOME SHOWING THE EFFECT OF CHANGES IN INCOME TAX 1938 1941 1942 1943 AND SURTAX, 1938 AND 1942 1938 (1) Private income [43] 5,038 7,326 8,059 8,703 (2) Direct taxes, social insurance contri- Proportion ( ( 3 4 ) ) O In t A b o e d h n t u i c e c r t t r c . e i , o o c i m c n n n t o s s d e u n t t i a o r m t o x r e f u i p e c b e t s t t u m i o o t t a f a p i n n o x p l o l d n e r e y s i s s v , e r s a a e e a s t t s t u n e e , c s b d W i . n s , i c s m d a p p o i r r e m e e e D c s t m e i o f a [ i i [ 2 m u c u 8 9 a t m 0 a l ] l g o ] . s y . . e f , . . . . 4 5 2 4 4 9 1,2 6 3 3 0 7 1,5 7 2 6 0 4 1,9 8 0 8 5 3 Range of i t n a c x ome before b N e i u r n m - o - f i m A b n e c g g f o g a o m r t r e e e e - a s A f u t t e i g r a n r t g x a c r x i o e n a m g c n a a o e d t— t m e e a b t f o a r t e f e x t e f i r t o e o i a n s r n d i e c a n e o o t e t d — m f a d u x e cprivate income 165 230 210 180 comes tax (5) Excess of tax liabilities over payments 1938 [33 + 40].. 23 327 341 132 1938- 1942- 1938- 1942- 39 43 39 43 (6) Total tax liabilities in respect of pri- rates1 rates rates rates vate income, i.e. (2) + (3) + (4) + (5) 1,161 2,424 2,835 3,100 th ( o In u- (IniTrillion3 Of (Percent) (7) Line (6) as a percentage of line (1).... 23 33 35 36 sands) Pounds) Private income at the disposal of individuals This table shows the proportion of private which can be allocated to different ranges— income devoted to direct and indirect taxation, Under 250 2,681 2,676 2,616 99.8 97.6 rates, compulsory contributions to social insur- 5 25 0 0 0 - - 5 1 0 ,0 0 00 1,7 5 4 0 5 0 3 5 5 9 0 5 3 5 1 7 1 8 4 2 9 4 9 4 8 9 8 7 . . 9 1 6 8 9 3 . . 7 9 ance and war risks insurance schemes, and con- 1,000-2,000 195 270 224 160 83.0 59.3 2,000-10,000 97 360 256 170 71.1 47.2 tributions and premiums (almost all of which 10,000 and over 8 170 84 35 49.4 20.6 are compulsory) under the War Damage Act, Other private income 2612 506 82.7 abated by the amount of subsidies. The figures Total private income 5,038 4,635 92.0 relate not only to taxes falling on personal income, but also to those which fall on other 1942 private income, e.g. National Defence Contribu- Proportion tion and Excess Profits Tax. Aggregate of income The reduction in the percentages in line (7) Aggre- afte in r c i o n m co e me b r e e f t o a r i e n e ta d x compared with the corresponding figures in Num- gate tax and after reduc- Range of income before ber of income surtax at— tion of Cmd. 6438 is due in part to the removal of in- tax in- before taxes at— comes tax come tax accruals on incomes assessed under 1942 Schedule E from line (5) and in part to the 1938- 1942- 1938- 1942- 39 43 39 43 upward revision of income in line (1). The rates rates rates rates reasons for these changes are explained in section H below. s t a h ( n o I d n u s - ) (Ini F n o i u ll n i d o s n ) 3 Of (Percent) The figures in line (4) are estimates of that Private income at the dispart of the sum of items 16 and 17 of Table I posal of individuals which is met out of private income, i.e. which which can be allocated to different ranges— does not appear in the expenditure by public Under 250 3,356 3,348 3,254 99.8 97.0 250-500 5,500 1,854 1,803 1,584 97.3 85.4 authorities on goods and services at market 500-1,000 1,110 740 664 533 89.7 72.0 prices. Consideration of Table IV below will 1,000-2,000 295 413 343 253 83.1 61.3 2,000-10,000 102 366 263 176 71.9 48.1 show that the remaining part of these taxes and 10,000 and over 8 170 84 35 49.4 20.6 compulsory payments represents transfers within Other private income 2l,160 508 43.8 the public authority sector and is, therefore, Total private income 8,059 6,343 78.7 self-financing. It does not have to be met out of private income. 1 All rates used in this table are the rates current in the fiscal years 1938-39 and 1942-43. It is not possible to estimate accurately the 2 Including all liabilities for National Defence Contribution and Excess Profits Tax, which are deducted together with income tax in division of these taxes and compulsory pay- arriving at retained income. 660 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE These tables, which relate to income received comparatively little affected except where later in 1938 and 1942., show the amount of private information from a source already in use has income at the disposal of individuals, which can provided revised figures. So far as the main be allocated to different ranges. The category items-are concerned, the position may be sumof "other private income" is not the same as marised as follows:— impersonal income shown in item 37 of Table II (1) The principal changes in the components since while the undistributed profits of com- of the national income occur in the case of panies and all liabilities for National Defence profits and, to a less extent, salaries. Contribution and Excess Profits Tax are com- Rent, wages, and the income of the armed mon to both, the figure in this table contains in forces have not been much affected though addition all personal income (including the the estimate for the latter in 1941 has income of nonprofit-making bodies) which can been somewhat increased. The main reanot be allocated to ranges of income. Examples sons for the revisions are as follows:— are the investment income of charities, the (a) Profits as assessed to taxation have increase in assurance funds and certain allow- been revised in the most recent years ances and income in kind the precise distribution and in particular for 1940 and 1941. of which is unknown. On the other hand, im- One of the consequences of this revipersonal income includes, while "other private sion is an increase in the excess of income" excludes, the business saving of traders, direct tax liabilities over payments farmers, and other individuals. on impersonal income, item 40 of As in the case of income tax assessment, the Table II. incomes of a husband and wife are reckoned as (fi) Certain adjustments are necessary beone income. Further, in the table relating to cause for income tax purposes deduc- 194X5 for example, the aggregate net income at tions are sometimes made from a gross 1942.-43 rates is the amount which would have figure of receipts which are inapproresulted if all taxpayers had during that year priate in the present context. Some paid the full tax liability at 1942.-43 rates on the of these adjustments have been made income actually received by them in that year. for the first time. An instance arises The figures in the corresponding column headed in the case of the expenses of financial 1938-39 do not relate to the income of that year, institutions met out of their interest but to the income that would have remained earnings for which an adjustment has after tax in 1942., if the taxation of 1938-39 had been made to render the estimate of been in force in that year. The figures of income income generated in these branches tax liabilities included in Table II fall short of of activity consistent with the corthe full liability in the present sense owing to responding entry in expenditure. the adjustment described in section H (7). (c) An increase has been made in the The whole of transfer payments other than allowance for income not brought National Debt interest has been included in the under assessment to income tax inincomes below 2.50 pounds. cluding income in kind. No adequate correction for this source of H. A COMPARISON WITH Cmd. 6438 deficiency was made previously, al- As stated in the preamble, new sources of in- though farming income, which used to formation have become available in the course be assessed at a figure only indirectly of the last year and the main categories of the related to current earnings, has alnational income and expenditure have been re- ways been independently estimated. examined in the light of all the figures and other The rise in the estimate for salaries evidence obtained. As a result, a further im- in so far as it is not due to revised provement has been made in the accuracy of figures from sources already in use is many of the components of the tables. accounted for by an increase in the The main feature of the comparison between allowance of the kind just mentioned. this year's figures and last year's is a further These adjustments, which have been upward revision of income and to a much less put at what are considered moderate extent of personal expenditure on consumption figures, are reasonable even if the estiwith a consequent change in the balancing items mates of income are regarded in isolation. of Tables I and II. At the same time, as is But, in addition, the revised estimates of shown below, the relative movements of income personal expenditure on consumption and and personal expenditure on consumption are private net investment at home indicate JULY 1944 661 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE that in 1938 (the only year for which at under (a) Section G, of Cmd. 6438 which 9 present an independent estimate of the is now shown separately as item 10 of latter can be made) the magnitude of these Table I. It comprises the increase in work items was greater than was previously in progress on government account held supposed. Moreover, there are indica- under private finance and is shown sepations that even now it would if anything rately since it does not form part of private be easier to justify a higher than a lower net investment at home in the ordinary figure so that when expenditure estimates sense of the term. Unless separately are taken into account a further reason is accounted for, it necessarily appears in apparent for regarding the previous esti- the balancing item since there is included mates of income as too low. in the national income all income accruing (2.) The basis of the estimates for a large sec- as a result of current activity in producing tion of personal expenditure on consump- goods and services on government account tion, especially retail sales other than whereas in the national expenditure the food, drink, and tobacco, has been thor- counterpart appears as the payments by oughly revised in the light of additional public authorities for goods and services information that has accumulated in war- which fall short of the income generated time and has recently become available. by the amount of the increase in work in It is now known that the previous figures progress held under private finance. underestimated certain items, especially a The figures given for this item represent group of service items of which repair only the approximate order of magnitude work to clothing and footwear, the in respect of work for the main departmaking-up of customers' materials, and ments. It is therefore subject to revision the expenses, including profit, of dealing should more precise information become . in second-hand goods are examples. available. Any error here is absorbed in item 11 of Table I. (3) Personal expenditures involved in the (7) Some of the revisions of the income estiacquisition and transfer of property and mates have a counterpart in changes in the life assurance previously included in the estimates of direct tax liabilities and residue, have been brought together and therefore in the figuresg iven for the excess are shown separately in item 8 of Table I. of direct tax liabilities over payments. These forms of expenditure occupy a special position and it is thought to be less Apart from revisions there is another misleading if they are distinguished from type of adjustment which affects item 33 both consumption and investment. On and inversely, as a consequence, item 34. balance, the estimates under these head- As a result of the introduction of the * 'pay ings have been considerably increased but as you earn" scheme for Schedule E init is probable that certain expenses which comes, a part of these incomes earned in can not readily be separated from the value the calendar year 1943 does not fall due of new construction are still included in for assessment. As a consequence, tax private net investment. liabilities in respect of these incomes would appear unusually low and net per- (4) The new estimates of private net investsonal saving unusually high in 1943. In ment at home in 1938, as set out in more order to avoid the discontinuity which detail in section D above, are also conwould otherwise be introduced into the siderably higher than previously. This is figures, the excess of income tax liabilities particularly true in the case of new over payments in respect of Schedule E buildings. incomes has been removed from item 33 of (5) As a consequence of the changes in the Table II year by year as it occurred and estimates of income and expenditure, there has been transferred to item 34. In this is a further decline in the balancing item way a large discontinuity in the figuresi s in Table I taken together with the new avoided. item (10 of Table I) which is discussed The preceding paragraphs have been confurther in the next paragraph. These cerned with the absolute differences between the changes also require a corresponding rise new series and the old. The table below sets in saving, including allowances for ac- out a comparison of the relative movements of crued taxation. some of the main series from which it can be (6) An attempt has been made to put into seen that the relative position is affected to a quantitative terms the item mentioned very much smaller extent. 662. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE [1938 = 100] The general effects of the revisions, so far as 1938 1941 1942 1943 they affect the balancing items in Tables I and II are to increase the estimates of saving and to Net national income at factor cost [6] 100 150 165 177 as given in Cmd. 6438 100 147 164 diminish those of domestic disinvestment as Personal expenditure on consumption at market prices [7] 100 112 119 122 defined in Cmd. 6438. They therefore show the as given in Cmd. 6438 100 112 119 Private saving including allowance for ac- position to have been more favourable than was crued taxation [46 + 47] 100 419 460 498 as given in Cmd. 6438 100 397 453 originally supposed. TABLE I ESTIMATES OF NET NATIONAL INCOME AND EXPENDITURE IN 1938, 1941, 1942, AND 1943 [In millions ofpounds] 1938 1941 1942 1943 1938 1941 1942 1943 1. Rent of land and buildings 380 385 384 384 7 Personal expenditure on consump- 2. Interest and profits, including tion at market prices 4,072 4,557 4,857 4,981 farming profits and professional 8 Personal expenditure involved in earnings 1,317 2,126 2 321 2,427 the acquisition and transfer of 3. Salaries 1,099 1,309 1 337 1,366 property and life assurance 66 67 68 68 4. Wages 1,728 2,412 2 701 2,909 9 Expenditure at home and abroad, 5. Pay and allowances (in cash and by public authorities, on goods kind"! of members of H.M. Forces and services at market prices 837 4,203 4,594 5,187 and Auxiliary Services 80 653 861 1,086 10 Increase in work in progress on government account held under private finance 305 100 100 75 11. Private net investment at home and other war losses made good. . j (-182) (-240) (-250) 12. Expenditure incurred in making good war damage to buildings.... . 29 61 49 13. private and government net investment abroad -55 -797 —635 —655 14. Subsidies 15 140 175 190 Less 15. Indirect taxes and rates specifically on consumption -439 -777 -939 -1,073 16. Other indirect taxes, rates, etc -197 -216 -238 -248 17.War risks insurance premiums -239 -199 -152 6. Net national income 4,604 6,885 7,604 8,172 18. Net national expenditure 4,604 6,885 7,604 8,172 (food, lodging, etc.) of, e.g. domestic servants. The esti- 1. This item represents the income from the ownership of mate of personal expenditure on consumption at market lands, houses, etc., after allowance has been made for main- prices (item 7) includes a similar allowance. tenance and repair. It includes incomes from these sources 5. This item includes the pay and cash allowances of, below the effective income tax exemption limit and also and the value of issues in kind to, members of H.M. Forces when received by nonprofit-making bodies, e.g. charities, and Auxiliary Services and the pensions and retired pay of colleges, etc. former members of the armed forces other than pensions 2. Aggregate profits here are net, i.e. after current business awarded for death or disability attributable to wTar service. losses have been deducted. Also, as before, this item ex- These appear as a transfer payment in item 22 of Table II. cludes interest on the national debt and income due to An amount equal to the value of issues in kind (food, clothforeigners, but includes miscellaneous government income ing, etc.) is included in the estimate of personal expenditure (such as trading profits and certain receipts from abroad). on consumption at market prices (item 7). The item includes profit and interest not brought into assess- 6. This item is the sum of items 1 to 5 and is an estimate ment, including income in kind and the amounts received of the incomes received by factors of production in, or only by persons below the income tax exemption limit or by non- temporarily absent from, the United Kingdom in the course profit-making bodies, and also incomes whether below the of producing the current output of goods and services of all income tax exemption limit or not accruing to persons work- kinds. These incomes are "before tax," since all taxes, ing on their own account. The description of this item in direct and indirect, falling on them, whether paid directly in the table has been made fuller than in Cmd. 6438 solely in by individuals (including nonprofit-making bodies) or the interests of clarity and not because of any change of through businesses or public authorities, will be paid out of definition. them. The item is "net" in the sense that the sums shown 3. Aggregate salaries include: Qa) the whole of the earn- in items 1 and 2 exclude that part of gross receipts which is ings of shop assistants, (P) small salaries below the income set aside in the calculation of net rent and profit for the maintax exemption limit, (c) allowances of salary earners not tenance and repair or replacement of all existing capital brought under assessment to income tax. equipment (such as houses, machinery, and stocks) which is 4. This item includes an allowance for the income in kind currently worn out or used up. JULY 1944 663 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE 7. This item shows the money value of all consumption work in progress on government account held under private goods and services either bought by individuals and non- finance, now shown separately in item 10. profit-making bodies or received by them as income in kind. It has been impossible to make a direct estimate of the The figures shown here are therefore at prices which include constituents of this item for the war years. The figures in those indirect taxes, rates, etc., and war risks insurance pre- brackets have been obtained by subtracting the sum of items miums that appear in the market price of these goods and 7 to 10 and 12 to 17 from item 6 and are therefore dependent services. They exclude costs which, being met by govern- on the accuracy of these estimates. ment subsidies, do not enter into market prices. 12. Equal to the amount of compensation paid under 8. Expenditure out of personal income on the factors of Part I of the War Damage Act, substantially all of which production taken up in providing life assurance and facili- arises only where actual work is put in hand. This work tating the acquisition and transfer of property. In Cmd. includes a small amount of equipment other than buildings. 6438 this expenditure was not shown separately but was 13. This item is an estimate of the net increase (or, when contained in the residual figure of private net investment negative, decrease) in the overseas assets of the United Kingat home. dom and is equal to the United Kingdom balance of pay- 9. This item excludes expenditure by public authorities ments on current account. This balance represents the excess which does not arise from a direct demand for goods and of payments over receipts on current account and is required services. Thus it excludes (i) transfer payments, (ii) claims here since receipts for exports and similar services which paid in respect of war losses, (iii) loan repayments, payments give rise to income in this country do not appear elsewhere to sinking funds, etc., (iv) subsidies. Further, Post Office in expenditure, whilst payments for imports and similar expenditure and the expenditure of local authorities on services which do not give rise to such income appear in housing and trading services are excluded. Thus, (a) Post items 7 to 12 and have, therefore, to be deducted. Any Office new capital expenditure is included in net investment liability incurred as a result of Lend-Lease assistance is not at home (item 11), (f) personal expenditure on postal taken into account in this item just as the value of the goods services appears in personal expenditure on consumption and services received in this way is not included in item 9 (item 7), and (V) business expenditure on these services is above. included as a cost of production in the price of the other 14. This item is restricted to the following classes of paygoods and services enumerated in items 7 to 12. ments made by the central government to meet the costs of Lend-Lease assistance and, in 1942, expenditure equivalent goods and services bought by the public: (i) agricultural to the Canadian contribution are excluded from this item. subsidies such as the beet sugar subsidy, milk subsidy, wheat Thus, in so far as goods have been received under Lend-Lease deficiency payments and grants in respect of fertilisers, grassor have been paid for out of the Canadian contribution, this land ploughing, and field drainage, (^ii) acreage payments, series is not a consistent measure of the value of the total (iii) losses incurred on the commercial accounts of the amount of goods and services currently at the disposal of Ministry of Food and the Ministry of War Transport, (iv) public authorities since it includes overseas resources ob- subsidies in respect of coal paid by the Ministry of Fuel and tained by borrowing or disinvestment, but not those obtained Power, and (v) certain subsidies, e.g. in respect of clothing under Lend-Lease provisions or as a result of the Canadian and fertilisers, met by the Ministry of Supply. This item contribution. is included here since it represents payments in respect of 10. In Cmd. 6438 this item was not shown separately but costs not appearing in the market value of goods and services. was subsumed in the figure of private net investment at home. 15. This and the two items following require to be de- The figures given here represent orders of magnitude and are ducted from the sum of items 7 to 13 (wrhich equals the net described in section H (6) above. national income at market prices) since they appear in 11. This item is composed of Qa) gross expenditure on market prices but do not appear in any of items 1 to 6. The fixed capital and its upkeep, i.e. new investment and replace- item includes (i) certain customs and excise duties and (ii) ment and repairs (whether normal or resulting from war local rates on dwelling houses, etc. damage, with the exception of the sums shown separately 16. This item includes (i) compulsory contributions of employers to social insurance, (ii) motor vehicle duties on in item 12 below) actually made good, provided that it is vehicles owned by businesses, (iii) stamp duties other than financed privately or forms part of the capital expenditure those on the transfer of property, and (iv) customs and of the Post Office or the housing and trading services of local excise duties and local rates not included in item 15 above. authorities, less (£) maintenance and depreciation allowances 17. This item shows the premiums paid under the comwhich have been set aside in the calculation of rent and modities and marine war risks insurance schemes, but not profits in items 1 and 2, less (c) receipts from the sale to contributions and premiums under the War Damage Act, public authorities of existing privately-owned capital assets, which are treated like direct taxes. such as land, buildings or stocks, -plus (/) the increase in 18. This item is the sum of items 7 to 17 and is an estimate stocks, excluding (e) below, held under private finance (as of expenditure on the factors of production in, or only temvalued for the calculation of profits in item 2) plus (*) stocks porarily absent from, the United Kingdom. It is, therefore, replaced to make good war losses, less (/) the increase in by definition equal to item 6. 664 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE TABLE II ESTIMATES OF PRIVATE INCOME AND OUTLAY IN 1938, 1941, 1942, AND 1943 [In millions of pounds] Personal Income 1938 1941 1942 1943 1938 1941 1942 1943 19. Rent of land and buildings, inter- 27. Personal expenditure on consumpest (including National Debt tion adjusted for subsidies and interest and interest accrued on specific indirect taxes, rates, etc.. 3,648 3,920 4,093 4,098 National Savings Certificates) 28. Personal expenditure involved in and profits received by persons.. 1,594 1,763 1,926 2,059 the acquisition and transfer of 20. Wages and salaries 2,827 3,721 4,038 4,275 property and life assurance 66 67 68 68 21. Pay and allowances (in cash and 29. Excess of indirect taxes and rates kind) of members of H.M. Forces specifically on consumption over and Auxiliary Services 80 653 861 1,086 subsidies 424 637 764 883 22. Pension payments 131 178 201 221 30. Direct tax payments including War 23. Payments in respect of unemploy- Damage Act contributions and ment and the relief of poverty. . 113 30 20 17 premiums met out of personal in- 24. Health payments 34 33 40 44 come, but excluding income tax 25. Other transfer payments 29 11 6 payments due for repayment after the war and death duties, etc 382 692 678 895 31. Income tax payments due for repayment after the war 10 125 170 32. Death duties and stamps on the transfer of property 90 94 100 104 33. Excess of direct tax liabilities on personal income over payments... 11 37 196 83 34. Net personal saving after setting aside the excess of direct tax liabilities over payments (158) (950)(1,073) (1,407) 26. Personal income before tax 4,779 6,407 7,097 7,708 35. Personal outlay 4,779 6,407 7,097 7,708 Impersonal Income 36. Impersonal income before tax 259 919 962 995 38. National Defence Contribution and Excess Profits Tax payments 15 231 348 483 39. Other direct tax payments including War Damage Act contributions and premiums met out of impersonal income 62 203 269 253 40. Excess of direct tax liabilities on impersonal income over payments 12 290 145 49 41. Net impersonal saving after setting aside the excess of direct tax liabilities over payments 170 195 200 210 37. Impersonal income before tax 259 919 962 995 42. Impersonal outlay 259 919 962 995 Private Income 43. Private income before tax (sum of 44. Private outlay (sum of items 35 and items 26 and 37) 5,038 7,326 8,059 8,703 42) 5,038 7,326 8,059 8,703 NOTES 25. Certain transfer payments, e.g. billeting allowances 19. This item is composed of items 1 and 2 of Table I plus arising out of the war. National Debt interest received by the private sector of the The sum of items 22 to 25 plus that part of the National economy and accrued interest on National Savings Certifi- Debt interest and interest accrued on National Savings cates less impersonal private income (item 37) less miscel- Certificates which is included in item 19 above is equal to laneous income from public property, etc. (item 88 of Ta- the total of transfer payments shown in item 108 of Table IV. ble IV). 26. This item is the sum of items 19 to 25 and shows the 20. The sum of items 3 and 4 of Table I. total of disposable income received by persons (including 21. The same as item 5 of Table I. nonprofit-making bodies). 22. This item is composed of noncontributory and con- 27. This item is equal to item 7 of Table I less item 29 tributory old age pensions, other contributory pensions, sup- of Table II. plementary pensions, and cash payments in respect of war 28. The same as item 8 of Table I. pensions and service grants. 29. Numerically equal to item 15 of Table I less item 14 23. This item is composed of unemployment insurance of Table I. benefits, unemployment allowances, and outdoor relief paid 30. This item includes payments of (i) income tax in by local authorities. respect of private income (other than that paid by businesses 24. Cash and medical benefits under the National Health in respect of business savings, which appears in item 39, Insurance Scheme. and the sums due for repayment after the war which are JULY 1944 665 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE shown in the immediately succeeding item), (ii) surtax, (iii) savings. Since this list is exhaustive the item is by definition employees' contributions to social insurance, (iv) War Dam- equal to item 26. age Act contributions and premiums met out of personal 36. This item is equal to that part of the net national income, (v) motor vehicle duties on vehicles owned by income before tax (item 6 of Table I above) which is neither persons. paid out to persons (in which case it enters, together with 31. The amount of income tax payments for which post- transfer payments, into item 26) nor accrues to public auwar credits are due. thorities as miscellaneous income from public property, 32. Together with items 30 and 31 makes up the total trading, etc., item 88 of Table IV. of direct tax, etc., payments met out of personal income. 37. See preceding note. 33. This item shows the excess of the liability for the 38. Equal to the total payments of National Defence direct taxes included in items 30 to 32 accruing on current Contribution and Excess Profits Tax. income at current rates of taxation over current direct tax 39. This item is composed of other direct taxes such as payments. It relates particularly to income tax and surtax, income tax and War Damage Act contributions and presince in these cases liabilities in respect of current incomes miums met out of impersonal private income. Together (payable in the future) differ considerably from current paywith items 30,31,32 and 38, it is equal to item 80 of Table IV. ments at times when money incomes or rates of taxation 40. This item shows the excess of the liability for the are changing. The reduction in these figures compared with direct taxes included in items 38 and 39 accruing on current the corresponding ones in Cmd. 6438 is mainly due to the income at current rates of taxation over the current payments removal of income tax accruals in respect of income assessed of these taxes. As explained in the note to item 33, accruals under Schedule E for reasons explained in section H (7). of this kind are payable in the future in so far as current The figures in item 34 are correspondingly increased. payments are made in respect of assessments based on the 34. This item represents the excess of personal income over income earned in an earlier period. outgoings for consumption and liability for taxes, compulsory 41. An estimate of impersonal private saving; intended contributions, etc., including death duties. It has been to include not only the net undistributed profits of companies obtained throughout by subtracting the sum of items 27 but also the saving arising in the business accounts of traders, to 33 from item 26; it therefore depends on the accuracy of farmers, and other individuals. these items. 42. The sum of items 38 to 41 and by definition equal to 35. This item is the sum of items 27 to 34, which show item 37. the various ways in which personal income is disposed of. Current income may be either (a) spent on consumption, 43. The sum of items 26 and 37; equal to item 6 of Table T etc., (f) paid away in taxes and the like, (V) set temporarily plus item 108 of Table IV less item 88 of Table IV. aside against increased liabilities to tax, or (/) added to past 44. The sum of items 35 and 42. 666 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE TABLE III CENTRAL GOVERNMENT EXPENDITURE AND THE SOURCES FROM WHICH IT WAS FINANCED IN 1938, 1941, 1942, AND 1943 [In millions of pounds] 1938 1941 1942 1943 1938 1941 1942 1943 45. Central government revenue 883 1,836 2,344 2,876 56. Central government revenue 883 1,836 2,344 2,876 46. Net private saving after setting 57. Unemployment Fund -1 64 74 74 aside the excess of direct tax li- 58. National Health Funds 8 12 9 abilities over payments 328 1,145 1,273 1,617 59. Local Loans Fund — 2 9 10 10 47. Excess of direct tax liabilities on 60. Other extra-budgetary receipts inprivate income over payments... 23 327 341 132 cluding war risks insurance and 48. Surplus on extra-budgetary funds.. 22 154 152 120 certain War Damage Act receipts, 49. Local authority surplus 7 66 71 71 Exchange Equalisation Account, 50. Compensation received in respect and reduction in Exchequer balof claims under the marine and ance 257 72 —58 -155 commodities war risks insurance 61. Reconstruction Finance Corporaschemes and the War Damage tion loan ; 87 4 -7 Act, Part II 219 154 136 62. Canadian Government interest-free Less loan 157 -4 51. Increase in work in progress on 63. Receipts from capital transactions government account held under included in miscellaneous revenprivate finance -100 -100 -75 ue, and appropriations in aid aris- 52. Private net investment (or plus —305 ing from capital transactions 5 12 15 16 disinvestment) at home and Less other war losses made good 182 240 250 64. Sinking funds -11 -17 -13 -15 53. Private and government net in- 65. Other expenditure (net) 4 13 -1 15 vestment (or plus disinvestment) abroad 55 797 635 655 66. Finance through government agencies 252 248 200 -57 67. Post Office and Trustee Savings Banks 1 214 234 301 68. National Savings Certificates including increase in accrued interest 3 214 232 297 69. Defence Bonds 174 134 121 70. Other public issues (net) 53 1,020 1,037 1,050 71. Increase in fiduciary issue 10 150 170 150 72. Increase in Treasury bills held outside government departments and Bank Ways and Means -189 279 151 433 73. Treasury deposit receipts 474 155 434 74. Tax reserve certificates 17 453 177 54. Central government deficit 130 2,790 2,766 2,906 75. Public borrowing at home -122 2,542 2,566 2,963 55. Central government expenditure... 1,013 4,626 5,110 5,782 76. Central government expenditure.... 1,013 4,626 5,110 5,782 NOTES 48. Item 90 of Table IV with its sign changed. The cur- 45. This item, the sum of items 77, 81, and 85 of Table IV, rent account of extra-budgetary funds as a whole has shown is composed of total ordinary revenue (including throughout an excess of income over expenditure. the period the receipts from wireless licences but excluding 49. Item 91 of Table IV with its sign changed. See note receipts under the War Damage Act, which appear in extra- to item 48 above. budgetary funds, and the Canadian contribution) -plus receipts 50. The whole of the compensation received by claimants from classes which may be appropriated in aid of Votes under the war risks insurance schemes and the War Damage corresponding to gifts, taxes, and income from property, less Act, Part II appears here as available to finance the deficit, receipts from the Post Office Fund, which is treated as an since allowance is made for outgoings on making good war extra-budgetary fund, less Post Office Vote of Credit expendi- losses of this type in item 52 below. Claims under Part I ture (since the Post Office is treated as part of the private of the War Damage Act are excluded, since substantially all sector of the economy; see note to item 9 of Table I), less of them are paid only when work is actually put in hand and receipts from capital transactions included in miscellaneous expenditure on making good this war damage (item 12 of revenue, which are properly regarded as a part of the finance Table I) is excluded from item 52 below. of the deficit, less transfers between public authorities in- 51. 52, and 53. Items 10, 11, and 13 respectively of cluded in miscellaneous revenue, less departmental receipts Table I. in excess of those appropriated in aid of Votes, since these 54. The sum of items 46 to 53, which show the economic appear in miscellaneous revenue and also, so far as they sources from which the central government deficit is financed, are relevant, in receipts from classes which may be appro- and the same as item 89 of Table IV. priated in aid of Votes corresponding to gifts, taxes, and 55. The sum of items 45 and 54 of this table and the same income from property. as item 93 of Table IV. 46. The sum of items 34 and 41 of Table II. 57, 58, and 59. Net increase in these funds available for 47. The sum of items 33 and 40,of Table II. loan to the Exchequer. JULY 1944 66 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE 60. The net increase in government securities held by 67. The increase in investments from the net deposits in other extra-budgetary funds including the Exchange Equali- the Post Office Savings Bank and Trustee Savings Bank. sation Account, certain receipts in respect of war risks 68 and 69. The net receipts after deduction of repayments. insurance and the War Damage Act, and the reduction in 70. Receipts from public issues, e.g. National War Bonds Exchequer balance. and Savings Bonds, and Other Debt (net) less securities 63. These items appear here since they are not included redeemed and excluding purchases of government securities in revenue. (war or prewar issues) by public departments. 65. This item includes net issues under various Acts, e.g. 72. The increase in bills held by the market or by Empire North Atlantic Shipping Act, 1934, Tithe Act, 1936, Anglo- Funds and in Bank Ways and Means Advances. Turkish (Armaments Credit) Agreement Act, 1938, Overseas 73. Receipts less repayments. Trade Guarantees Act, 1939. 75. The sum of items 67 to 74 showing the amount of 66. The sum of items 57 to 65; represents the total of sums public borrowing at home. The sum of item 66 and this used to finance the central government deficit which is item shows the financial sources from which the central received from government funds and similar sources as government deficit is financed and is equal to item 54. opposed to loans from the public. 76. The sum of items 56, 66, and 75; equal to item 55. TABLE IV THE INCOME, DEFICIT, AND EXPENDITURE OF PUBLIC AUTHORITIES IN 1938, 1941, 1942, AND 1943 [In millions of pounds] 1938 1941 1942 1943 1938 1941 1942 1943 Direct taxes, War Damage Act Contributions, etc. Subsidies 77. Central government 494 1,088 1,383 1,781 97. Central government 15 140 175 190 78. Extra-budgetary funds 55 142 137 124 98. Extra-budgetary funds 79. Local authorities 99. Local authorities 80. Total.... 549 1,230 1,520 1,905 100. Total 15 140 175 190 Payments in respect of claims under the marine and commodities war risks Indirect taxes, rates, war risks insurance schemes and the War Damage insurance premiums, etc. Act 81. Central government 371 707 885 1,026 101. Central government 82. Extra-budgetary funds 54 304 271 224 102. Extra-budgetary funds 248 215 185 83. Local authorities 211 221 220 223 103 Local authorities 84 Total 636 1,232 1,376 1,473 104. Total 248 215 185 Miscellaneous income from public property, trading, etc. Transfer payments 85. Central government 18 41 76 69 105. Central government 319 394 442 509 86 Extra-budgetary funds 106. Extra-budgetary funds 136 101 105 108 87. Local authorities 26 27 '"'28' ""'28' 107. Local authorities 23 14 12 11 88. Total 44 68 104 97 108. Total 478 509 559 628 Deficit Expenditure on goods and services 89. Central government 130 2,790 2,766 2,906 109. Central government 447 3,742 4,140 4,735 90. Extra-budgetary funds -22 -154 -152 -120 110. Extra-budgetary funds 14 13 14 13 91. Local authorities -7 -66 -71 -71 111. Local authorities 376 448 440 439 92. Total 101 2,570 2,543 2,715 112. Total 837 4,203 4,594 5,187 Total expenditure, excluding transfers to other authorities but including payments out of transfers from other Income plus deficit authorities 93. Central government 1,013 4,626 5,110 5,782 113. Central government 781 4,276 4,757 5,434 94. Extra-budgetary funds 87 292 256 228 114. Extra-budgetary funds 150 362 334 306 95. Local authorities 230 182 177 180 115. Local authorities 399 462 452 450 96 Total 1,330 5,100 5,543 6,190 116. Total 1,330 5,100 5,543 6,190 NOTES local authorities and not to the central government. In This table is a combined statement of the income, deficit, addition, in contrast to the treatment adopted in Cmd. 6438, and expenditure of public authorities in the United Kingdom. expenditure incurred by local authorities and reimbursed Transfers between one public authority and another, such as by the central government is here shown as expenditure of Exchequer grants to local authorities, similar contributions local authorities. to extra-budgetary funds, and payments by public authori- Expenditure on goods and services is here net in the sense ties of direct taxes and local rates, are excluded from the that it is after deduction of goods and services sold by public income of the receiving authority and from the expenditure authorities to the general public, which are included either of the authority making the transfer. Thus, expenditure in personal expenditure on consumption or in private investby local authorities from Exchequer grants is attributed to ment at home. 668 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE 77. Includes income tax, after deduction of the small monies held by funds such as the Unemployment and National amount paid by public authorities in respect of their income Health Insurance Funds and in various accounts managed from property, surtax, National Defence Contribution, Ex- by the National Debt Commissioners, etc. cess Profits Tax, and other Inland Revenue duties with the 91. In ascertaining this item, capital expenditure on exception of those stamp duties included in item 81. Certain housing and trading services, which appears in private net appropriations-in-aid or receipts appearing in miscellaneous investment (item 11 of Table I), is excluded. Subject to this, revenue which correspond to gifts Qe.g. sundry contributions the item is a net figure representing the excess of capital towards the cost of the war) or direct taxes are also included. expenditure over savings represented by debt repayments, The receipts from wireless licences are here treated as direct undistributed profits of trading undertakings, etc. taxes as also are motor vehicle duties on vehicles owned by 93. The sum of items 77, 81, 85, and 89; items 94 and 95 persons. are obtained similarly. 78. Composed of employees' contributions to social in- 97. This item has been fully described in the note to surance and War Damage Act contributions and premiums. item 14 of Table I. 80. The sum of items 77 to 79; equal to the sum of items 102. The value of all claims paid under the commodities 30, 31,32,38, and 39 of Table II. and marine war risks insurance schemes and the War Damage 81. Composed of customs and excise duties, motor vehicle Act, Parts I and II. Equal to the sum of item 12 of Table I duties not included in item 77 above, stamp duties other than and item 50 of Table III. those on the transfer of property and appropriations-in-aid 105. This item includes (i) National Debt interest paid corresponding to indirect taxes. to persons and businesses, (ii) interest accrued on National 82. Composed of employers' contributions to social insur- Savings Certificates, (iii) contributory and noncontributory ance and premium payments under the commodities and old age pensions, (iv) cash payments in respect of war penmarine war risks insurance schemes. sions and service grants, (v) supplementary pensions, (vi) 83. Composed of local rates with the exception of water unemployment allowances, (vii) billeting allowances. rates, which are treated as current receipts from trading 106. Unemployment and National Health Insurance services. benefits and contributory pensions. 84. The sum of items 81 to 83; numerically equal to the 107. Public assistance (out-relief) in money and kind. sum of items 15 to 17 of Table I. 108. The sum of items 105 to 107; equal to the sum of 85. Post Office net receipt less Post Office Vote of Credit items 22 to 25 of Table II plus that part of National Debt expenditure, receipts from Crown Lands and from Sundry interest and interest accrued on National Savings Certificates Loans, certain items appearing in miscellaneous revenue, which is included in item 19 of Table II. such as contributions towards the cost of the war received 109. This item differs from the corresponding item in from colonial governments and peoples, and certain appro- Cmd. 6438 by the exclusion of reimbursements to local aupriations-in-aid, such as receipts under the Railway Agree- thorities for expenditure incurred by them. A corresponding ment. Interest on National Debt owned by public depart- addition has been made to item 111. ments, etc., is excluded. 110. This item is composed of fees paid to agents under 87. An estimate of the profits from trading services and the war risks insurance schemes and War Damage Act and corporation estates treated in such a way that (i) central of contributions towards administration costs made by the government grants to local authority trading services, but Unemployment and National Health Insurance Funds, etc. not transfers from rate fund accounts in aid of deficiencies, 111. See note to item 109. and (ii) contributions from local authority trading services 112. The same as item 9 of Table I. to the rate fund accounts are included. 113. This item excludes net transfers made by the central 89. The excess of central government expenditure over government to extra-budgetary funds and local authorities revenue; the same as item 54 of Table III. The sources from which, in so far as they are spent, appear in items 114 and which this deficit is financed are set out in Table III. 115. It therefore differs from item 93 (which also appears 90. This item shows the decumulation of the commodities as items 55 and 76 and item (1) of section A above) which and marine war risks insurance schemes' monies, and of includes such transfers. JULY 1944 669 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material. Consumer Credit in or in both forms) shall be one-third of the cash price. Amendments to Regulation W 2.. By amending section 13(0) entitled "Maxi- The Board of Governors of the Federal Reserve mum Amount of Loan" so that the last para- System has adopted Amendments Nos. ix and 13 graph will read as follows: to its Regulation W, relating to Consumer A loan to purchase a new or used automobile Credit. Amendment No. 12. became effective or a new or used motorcycle shall not exceed July 10, 1944, and Amendment No. 13 became two-thirds of the cash price. effective June TL 1944. 9 Amendment No. 12. was occasioned by the AMENDMENT NO. 13 TO REGULATION W adoption of price ceilings for used automobiles Regulation W is hereby amended effective by the Office of Price Administration and was June 2.2., 1944, by striking out subsection (£) of made effective on the same date that the price section n and substituting the following: ceilings became effective. Prior to this Amend- (F) Extension of Credit for Mixed Purposes. ment, credits for the purpose of purchasing used —In case an extension of credit is partly subject to automobiles could not exceed two-thirds of the one section of this regulation and partly subject cash price or two-thirds of the average retail to another section, the amount and terms of such value as published in an automobile appraisal extension of credit shall be such as would result guide, whichever was lower. Since July 10, if the credit were divided into two or more parts reference to appraisal guides is no longer reand each part were treated as if it stood alone. quired. A provision already in the regulation In case an extension of credit is partly subject limits instalment sale credits to no more than to this regulation and partly not subject to the two-thirds of the ceiling price. regulation, the amount and terms of such exten- Amendment No. 13 clarifies the way in which sion of credit shall be such as would result if the mixed credits consisting in part of credit subject credit were divided and the part subject to the to the regulation and in part of credit not subject regulation were treated according to the applito the regulation shall be handled. Terms for cable provisions of the regulation; the part not the mixed credits must be such that the requiresubject to the regulation may be treated as if ments of the regulation for the part subject to it the regulation did not exist. are satisfied, but the part not subject may be treated in any way the creditor may choose. Reserves The text of the Amendments is as follows: Withheld Income Taxes as Deposits AMENDMENT NO. 12. TO REGULATION W In a ruling published in the 1942. BULLETIN, Regulation W is hereby amended in the fol- page 531, the Board ruled that deductions of lowing respects, effective July 10, 1944: Social Security taxes by a bank from salaries of 1. By amending section 13(0 entitled "Down its employees should be treated as "Other Lia- Payment on Automobiles and Motorcycles" so bilities" in condition reports and not as deposits that it will read as follows: for reserve purposes. The Board has recently (c) Down Payment on Automobiles and Mo- been asked whether the same principle applies torcycles.—For a new or used automobile or a with respect to (1) State income taxes withheld new or used motorcycle, the down payment from salaries of a bank's own employees who (which may be in cash or in the form of a trade- reside outside the State, and (2.) Federal income 670 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT taxes withheld from payments made by a bank While section 3661 of the Internal Revenue Code as disbursing agent for dividends, bond interest, provides that the amount of any tax collected or etc., where withholding at source is required withheld from another person shall be held to under the Revenue Act. be a special trust for the United States, it appears With respect to withholdings under State in- that, under this section, failure of a withholding come tax law, it appeared that the Tax Law of agent to pay to the United States any tax dethe State involved requires every withholding ducted and withheld by it would subject such agent to deduct and withhold certain amounts withholding agent to penalties for nonpayment from all salaries, wages, etc., except as to resi- of taxes. dent taxpayers who file a certificate of residence Accordingly, for present purposes, there apand nonresident taxpayers who file a certificate pears to be no difference in principle between of exemption in accordance with the provisions the withholding of Social Security taxes conof the law. It appeared further that each with- sidered by the Board in 1942. and the withholdholding agent required to deduct and withhold ing of taxes in the two cases here presented. any tax under the law is required to pay the The Board expressed the view, therefore, that tax deducted and withheld to the Tax Commis- taxes withheld by a bank under the State income sion and is expressly made liable for the pay- tax law from salaries of its nonresident emment of such tax. ployees and taxes withheld by a bank as dis- With respect to Federal income taxes with- bursing agent under sections 143 and 144 of the held by a bank as disbursing agent for dividends, Federal Internal Revenue Code for dividends, bond interest, etc., the pertinent provisions of bond interest, etc., are not to be regarded as section 143 of the Internal Revenue Code require deposits for reserve purposes, but should be any withholding agent which has control, re- shown in condition reports as "Other Liaceipt, etc., of such dividends, bond interest, etc., bilities." to deduct and withhold a specified tax in cases Foreign Funds Control in which such income is payable to any nonresident alien individual or partnership. Each Treasury Department Releases withholding agent so required to withhold and The following releases relating to transactions deduct such tax is required to pay the tax to the in foreign exchange, etc., in addition to those official of the United States Government au- heretofore published in the Federal Reserve thorized to receive it and is expressly made BULLETIN, have been issued by the Office of the liable for such tax. Section 144 of the Internal Secretary of the Treasury under authority of the Revenue Code requires the withholding and Executive Order of April 10, 1940, as amended, payment in the same manner of taxes similarly and the Regulations issued pursuant thereto: derived from income payable to foreign cor- Treasury Department porations. Foreign Funds Control The Board's ruling in the 1942. BULLETIN, page April 2.1, 1944 53Z, with respect to the withholding of Social PUBLIC CIRCULAR NO. 7B Security taxes, was based principally upon the fact that in such case the bank is required to Under Executive Order No. 8389, as Amended, Executive Order No. 9193, Sections jj(V) and j(J?) of the Trading with the Enemy deduct the amount of the tax from the salary Act, as Amended by the First War Powers Act, 1941, Relating of its employee and is then itself legally liable to Foreign Funds Control* for the payment of such tax. As above indi- Remittances to Switzerland under General License No. 32, cated, it appears that, both as to the taxes with- (1) Reference is made to General License No. 32. relating held under the State law in question from income to remittances for necessary living expenses. of nonresidents and taxes withheld under the Internal Revenue Code from income payable to * Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as alien nonresidents, the withholding agent is amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; made legally liable for the payment of the tax. Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as amended June 14,1941, and July 26,1941; Special Regulation No. 1, June 1,1943. 671 JULY 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT CO Notwithstanding the provisions of paragraph 0X0 regarded as held for the national in whose name the entire of General License No. 3x, any remittance pursuant to such account is maintained. general license to a payee within Switzerland may be effected HERBERT E. GASTON, only by the payment of the dollar amount of the remittance Acting Secretary of the Treasury. to a domestic bank for credit to a blocked account in the name of a banking institution within Switzerland. Treasury Department JOHN L. SULLIVAN, Foreign Funds Control Acting Secretary of the Treasury. June 1, 1944 Treasury Department PUBLIC INTERPRETATION NO. 15 Foreign Funds Control Under Executive Order No. 8389, as Amended, Executive Order April x6, 1944 No. 9193, Sections $Qa) and $(1)) of the Trading with the Enemy Act, As Amended by the First War Powers Act, 1941, Relating PUBLIC CIRCULAR NO. 14, As AMENDED to Foreign Funds Control Under Executive Order No. 8589, as Amended, Executive Order No. 9193, Sections $(a) and 5Q?) of the Trading with the Enemy Subject: Application of General Ruling No. 11, as amended, Act3 as Amended by the First War Powers Act, 1941, Relating to Diplomatic Representatives of the Vichy Government. to Foreign Funds Control* Inquiry has been made as to whether diplomatic repre- Public Circular No. 14 is hereby amended to read as fol- sentatives of the Vichy Government, wherever situated, arc lows: Limitations on Acquisitions of Securities for Blocked enemy nationals within the meaning of General Ruling No. Accounts. 11, as amended. CO Acquisitions of Securities Not Authorised in Certain Cases. The Treasury Department has replied in the affirmative. No license or other authorization now outstanding or here- It considers that the Vichy Government and its representaafter issued, unless expressly referring to this public circular, tives, wherever situated, are acting for the Government of shall be deemed to authorize any blocked country or any Germany within the meaning of section C4) 00 CO of Gennational thereof to acquire, directly or indirectly, securities eral Ruling No. 11, as amended, and therefore are enemy of any one issue of a corporation if the securities so acquired nationals. together with the aggregate of all other securities held, OR vis A. SCHMIDT, directly or indirectly, by such blocked country or national, Acting Director. constitute more than three percent of the outstanding securities of that issue. Banking institutions shall not effect any Treasury Department such acquisitions if they have reasonable cause to believe Foreign Funds Control that the terms hereof are being violated. CO Reports Required on Form TFR-14. Beginning with the June 1, 1944 quarter ending June 30, 1944, banking institutions shall file GENERAL LICENSE NO. 32.A, AS AMENDED quarterly reports on Form TFR-14 with respect to securities Under Executive Order No. 8389, as Amended, Executive Order of domestic corporations held for any blocked country or No. 9193, Section jQi) of the Trading with the Enemy Act, as national thereof which aggregate, at the end of the quarter, Amended by the First War Powers Act, 1941, Relating to one percent or more of the outstanding securities of the issue Foreign Funds Control* of which they form a part. A separate report for each blocked country or national shall be filed in duplicate with CO Certain remittances to specified liberated areas for living the appropriate Federal Reserve Bank on or before the end expenses authorized. A general license is hereby granted auof the month following the calendar quarter. This reporting thorizing remittances by any individual through any dorequirement shall be deemed to be in lieu of that required mestic bank to any individual within the liberated areas under any license now outstanding or hereafter issued so far specified in paragraph C8) of this general license, and any as such license requires the filing of reports with respect to domestic bank is authorized to effect such remittances, prosecurities held for any blocked account or to the acquisition vided the following terms and conditions are complied with: or sale of securities for any blocked account, unless such Ca) Such remittances are made only for the necessary license specifically requires reports notwithstanding this living expenses of the payee and his household; circular. Cb) If the payee is not a citizen of the United States, the C3) Sub-account Regarded as Fart of Entire Account. For the total of all remittances to such payee and his housepurposes of this circular, securities in a sub-account shall be * Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as Stat. 838; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9, 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1942; Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as amended Regulations, April 10, 1940, as amended June 14, 1941, and July 26, June 14, 1941, and July 26, 1941. 1941. 6 7 z FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT hold effected in any one calendar month under this (4) Reports by domestic banks maintaining -post-liberation this general license may not exceed $50; blocked accounts. Domestic banks maintaining post-libera- (c) If the payee is a citizen of the United States, the total tion blocked accounts pursuant to this general license shall of all remittances to such payee and his household report promptly the establishment of such accounts, and effected in any one calendar month under this general the balances therein at the end of each calendar month, to license may not exceed $75, except that additional the appropriate Federal Reserve Bank. sums not exceeding $2.5 in any one calendar month (5) Refunds. Domestic banks are authorized to refund may be remitted for each citizen of the United States, the amount of any remittance ordered pursuant to this in addition to the payee, who is a member of such general license when such domestic banks are advised that payee's household, provided that in no case shall a such remittance can not be effected. sum in excess of $150 per calendar month be remitted (6) Waiver of General Ruling No. 11 and General Ruling No. to any such payee and his household; jA. Transactions authorized herein and communications (d) Such remittances are not made from a blocked account with persons in the areas specified in paragraph (8) hereof other than from an account in a banking institution relating thereto are authorized notwithstanding General within the United States in the name of, or in which Ruling No. 11. Domestic banks are authorized, notwiththe beneficial interest is held by, a citizen of the standing General Ruling No. 5A, to send to and receive United States who is the payee or a member of his from the banks referred to in paragraph (1) (e) hereof nonhousehold; and negotiable bank payment orders covering remittances or (e) Such remittances are effected only by the payment of refunds authorized herein. the dollar amount of the remittance to a domestic (7) Definitions. As used in this general license: bank for credit: (a) The term "household" shall mean: (i) When the remittance is to any individual within (i) those individuals sharing a common dwelling the area specified in paragraph (8) (a) hereof, to a as a family; or post-liberation blocked account in the name of (ii) any individual not sharing a common dwelling "Bank of Sicily, Account AF." with others as a family. (ii) When the remittance is to any individual within (b) The term "post-liberation blocked account" shall y to a».x post-liberation blocked account in the name of (i) which is established pursuant to this license or "Bank of Naples, Account AF." any other license or other authorization expressly (x) Duty of individuals and domestic banks acting under this referring to a post-liberation blocked account; license. All individuals making such remittances and all (ii) to which funds may be credited only pursuant to domestic banks effecting such remittances shall satisfy them- this license or any other license or other auselves that the foregoing terms and conditions are complied thorization expressly referring to a post-liberawith. tion blocked account; and (3) Reports by domestic banks effecting remittances. Domestic (iii) with respect to which payments, transfers, or banks through which any such remittances originate shall withdrawals or other dealings may not be made execute promptly Section A of Form TFR-13Z with respect to or effected except pursuant to this license or each such remittance. When so executed, Form TFR-I3X any other license or other authorization exshall be forwarded promptly to the domestic bank ultimately pressly referring to a post-liberation blocked transmitting abroad the payment instructions for such remit- account. tances and the latter bank shall, upon receipt thereof, execute (8) Designation of liberated areas to which remittances may be Section B of Form TFR-I3X and promptly file such executed effected. The liberated areas covered by this general license report with the appropriate Federal Reserve Bank. If the are: domestic bank through which any such remittance originates (a) Sicily; is also the bank ultimately transmitting abroad the payment (b) Sardinia and the following provinces of Italy: Coinstructions for such remittance, then such bank shall exe- senza, Reggio Calabria, Potenza, Foggia, Bari, cute both Sections A and B of such report. No report on Brindisi, Catanzaro, Matera, Avallino, Taranto, Form TFR-I3X shall be deemed to have been filed in com- Lecce, Naples, Salerno, and Benevento. pliance with this general license unless both Sections A D. W. BELL, and B thereof have been duly executed as herein prescribed. Acting Secretary of the Treasury. JULY 1944 673 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS Election of Class B Directors Ferguson as a director of the Oklahoma City The Federal Reserve Bank of San Francisco Branch of the Federal Reserve Bank of Kansas on June 6, 1944, announced the election of Mr. City. Major Ferguson had served the Branch St. George Holden, Realtor, San Francisco, as a director since January 1, 1941. California, as a Class B director of the Bank to The Board of Governors of the Federal Reserve fill the unexpired portion of the term ending System on June 2.1,1944, announced the appoint- December 31, 1944. Mr. Holden succeeds Mr. ment of Mr. W. Bratten Evans, President, Ten- William G. Volkmann, deceased. nessee Enamel Manufacturing Company, Nash- Mr. Holden served as a Class C director of the ville, Tennessee, as a director of the Nashville Bank from April 6, 1938, to December 31, 1943. Branch of the Federal Reserve Bank of Atlanta He was appointed Deputy Chairman on May 2.3, for the unexpired portion of the term ending 1938. December 31, 1946. The Federal Reserve Bank of Kansas City on June x8, 1944, announced the election of Mr. Staff Appointment L. C. Hutson, President and General Manager, Effective July 1, Bonnar Brown was appointed Chickasha Cotton Oil Company, Chickasha, Assistant Director of the Division of Security Oklahoma, as a Class B director of the Bank Loans. Mr. Brown has been a member of the to fill the unexpired portion of the term ending staff of the Division of Security Loans since December 31, 1944. Mr. Hutson succeeds Mr. October 1, 1937, and for two years prior to that L. E. Phillips, deceased. had been on the staff of the Federal Reserve Appointment of Class C Director Bank of San Francisco. The Board of Governors of the Federal Re- Admissions of State Banks to Membership in the serve System on July 5, 1944, announced the Federal Reserve System appointment of Mr. Brayton Wilbur, President, The following State banks were admitted to Wilbur-Ellis Company, Importers and Exmembership in the Federal Reserve System durporters, San Francisco, California, as a Class C ing the period May 16, 1944, to June 15, 1944, director of the Federal Reserve Bank of San inclusive: Francisco for the unexpired portion of the term ending December 31, 1946. Kansas Death of Director Ransom—The Farmers State Bank Mr. Edward J. Frost, President and Director of Wm. Filene's Sons Company, Boston, Massa- Missouri chusetts, who had served as a Class B director of the Federal Reserve Bank of Boston since Urich—Bank of Urich January 1, 1933, died on June 6, 1944. Wisconsin Resignation and Appointment of Branch Directors On June 19, 1944, the Board of Governors Orfordville—Farmers & Merchants Bank of accepted the resignation of Major Phillip C. Orfordville 674 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Compiled June 20 ^ and released for publication June 23. Figures shown on charts may differ from preliminary figures used in text. Industrial activity and employment declined Output of lumber and of stone, clay, and glass slightly further in May. Value of retail trade products declined further in May. Additional was maintained in May and the first three weeks Federal control was established over lumber of June and commodity prices showed little consumption, effective in the third quarter, in change. order to assure sufficient supplies for essential requirements. INDUSTRIAL PRODUCTION Production of most nondurable goods was Industrial production continued to decline in likewise somewhat lower in May than in April. May and the Board's seasonally adjusted index Cotton consumption declined 6 per cent from the was 2.37 per cent of the 1935-39 average as comrate prevailing earlier this year to a level 16 pared with Z39 in April. Small declines in per cent below May 1943. Output of manuoutput of metal products and nondurable goods factured dairy products showed a large seasonal accounted for most of the decrease in the total rise in May while manufacture of most other index. food products declined somewhat, after allow- INDUSTRIAL PRODUCTION ance for seasonal changes. HYSICAL VOLUME SEASONALLY ADJUSTED, I935-39"IOO 260 260 Output of crude petroleum and coal continued 240- 240 to rise and iron ore production reached an exceptionally high level for this season of the year. 220 - i / 220 -200 DISTRIBUTION -180 Department store sales in May were main- - / 160 tained at the April level, and the Board's season- 140 ally adjusted index, as recently revised, was 173 - M 120 per cent of the 1935-39 average. During the first half of June sales continued at about the - 100 April-May rate and were 4 per cent larger than — 80 in the corresponding period last year. 1937 1938 1939 1940 1941 1942 1943 1944 Railroad freight traffic was maintained at a Federal Reserve index. Monthly figures, latest shown is for May. high level during May and the early part of Steel production was maintained at a high June. rate. Supplies of aluminum and magnesium continued to exceed military requirements after COMMODITY PRICES further curtailment of output in May, and re- Wholesale commodity prices continued to laxation of restrictions on the use of these metals show little change in May and the early part of in civilian products was announced on June June. Retail prices showed a further slight in- 18. Activity in munitions industries declined crease in May. The wholesale price index and slightly in May. Aircraft production was at ap- the cost of living index of the Bureau, of Labor proximately the same daily average rate as in the Statistics were both at the same level as they preceding month. Deliveries of merchant ships were in May 1943. declined somewhat from the April rate, reflecting curtailment of Liberty ship construction; AGRICULTURE the number of Victory ships delivered rose fur- Crop prospects on June 1 were better than on ther in May. the same date in the last 10 years except 1942.. JULY 1944 675 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS The total wheat crop appeared likely to exceed a During the Drive, purchases of Government billion bushels as compared with a harvest of securities by businesses and individuals will 836 million bushels in 1943 and 974 million in shift deposits to reserve-exempt Government 1941. Prospects for other grains, however, war-loan accounts and reduce the amount of were not as favorable and, with grain stocks reserves that member banks are required to hold. reduced, it is expected that total supplies avail- This will result in some further increase in exable to meet food, feed, and industrial needs cess reserves and some repurchases of Governwill continue short. In recent months the feed ment securities by member banks from the Resituation has been eased by generally good con- serve Banks. dition of the hay crops and pastures. Adjusted demand deposits at member banks in leading cities have risen by about 5% billion BANK CREDIT dollars since the end of the Fourth Drive and are more than z34 billion dollars above the level In the five months from the beginning of the prevailing prior to that Drive. Time deposits Fourth War Loan Drive to the beginning of the also increased steadily. Fifth Drive, Federal Reserve Bank holdings of Government security holdings at reporting U. S. Government securities increased by more banks declined by close to z billion dollars bethan 3 billion dollars. Member bank borrowtween mid-February and mid-June, following an ings at Federal Reserve Banks also increased increase of around 3 billion during the Fourth somewhat during the period, and at times ex- Drive. Bill holdings declined substantially, ceeded zoo million dollars for the first time in paralleling increases in such holdings at the more than a decade. These additions to Re- Reserve Banks. Loans to brokers and dealers serve Bank credit supplied the market with in securities, which by the end of May had defunds to meet a growth of nearly z billion clined well below their early January levels, dollars in money in circulation, an increase of increased somewhat in the first two weeks of 700 million in member bank required reserves, June preparatory to the Drive. Other loans for and a loss of gold of 700 million. Excess rehandling Government securities are close to serves, which declined to as low as 600 million their pre-Fourth Drive level. Again in the dollars during the period, amounted to 1.1 Fifth Drive, as in the previous one, borrowings billion on June 14. for speculative purchases will be discouraged. MEMBER BANKS IN LEADING CITIES INCOME PAYMENTS TO INDIVIDUALS BILLIONS OF DOLuARS 1 r 7 / / / SALARIES / / AND V,AGES/ - / J / y - / . »•' OTHER PiYMENTS - 1940 1942 1944 1940 1942 1944 Based on Department of Commerce estimates. Wages and salaries include military pay. Monthly figures raised to annual rates, latest shown are for April. 676 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items.... 679 Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements 680 Federal Reserve Bank statistics 681-685 Guaranteed war production loans 685 Deposits and reserves of member banks 685-686 Money in circulation 687-688 Gold stock; bank debits and deposit turnover 688 Deposits and currency; Postal Savings System; bank suspensions. 689 All banks in the United States, by classes 690-691 All insured commercial banks in the United States, by classes. 691-693 Weekly reporting member banks 694-697 Commercial paper, bankers' acceptances, and brokers' balances. . 698 Money rates and bond yields 699 Security markets 700-701 Corporate profits 701 Treasury finance 703-705 Government corporations and credit agencies 706 Business indexes 707-716 Department store statistics 717-719 Consumer credit statistics 710-711 Wholesale prices . 711 Current statistics for Federal Reserve chart book 713-714 All member banks—Assets and liabilities on April 13, 1944, by classes of banks 715 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 or the Federal Reserve System arc derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned; data on money and security markets and commodity prices and other series on business activity 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. 677 JULY 1944 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 20 15 10 10 1938 1939 1940 1941 1942 1943 1944 Wednesday figures, latest shown are for June 21. See p. 679. 6 8 7 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 v c a D o a a n n u i d s c d n - - e t s s U. S. s e G c P u o b r u r e v i r i l a e y t l s i r s e - n s me A nt ll ot A h l e l r1 Total s G t o oc l k d T s r r t e c u o i a e n n u r u n a y g c r t s d - - y - - M i c n t u i o o c l n a n i e r - - y T i c h n r u a o e g r s l a y s h d s - - F u T B p r e s w y o r d a R e e i s n r e e d t a v i r h k - t e s e a s s - - l b p m N e o r o e s m n i d t - e - s - c O s F o e e a R t u e r r c h e v d a - n - e e l - t r s Tot b a a l lan E ce x s cess2 and other ertificates Monthly averages of daily figures: 1943—Mar 10 6,105 2,871 3,234 372 6,487 22,618 3,975 16,148 2,217 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 May 18 6,276 3,299 2,977 387 6,681 22,451 4,041 16,815 2,252 433 1,336 312 12,024 1,730 1944—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 May 160 13,716 1,103 2,614 387 14,264 21,343 4,097 21,821 2,326 318 1,922 355 12,962 868 End of month figures: 1943—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 3,427 3,028 378 6,846 22,473 4,012 16,660 2,235 557 1,369 306 12,204 2,315 May 31... 31 6,222 3,541 2,681 394 6,647 22,426 4,069 17,114 2,257 62 1,366 313 12,031 1,728 1944—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 0,614 2,606 462 13,800 21,429 4,092 21,552 2,323 400 2,007 356 12,684 773 May 31. 237 14,251 1,613 2,638 271 14,759 21,264 4,101 22,160 2,310 307 1,946 355 13,046 711 Wednesday figures: 1943—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 ,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 ,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 13,7,29 :,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 ,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 ,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 ,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 ,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 ,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 ,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 ,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 ,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 ,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 ,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 2,316 764 345 12,769 1,126 1944—Jan. 5 31 11,651 9,340 2,310 691 12,372 21,938 4,094 20,436 2,314 961 1,751 339 12,602 971 Jan. 12. ... 47 11,855 9,543 2,312 413 12,315 21,938 4,092 20,404 2,318 638 1,845 339 12,801 1,128 Jan. 19. ... 41 11,913 9,598 2,314 464 12,418 21,938 4,093 20,408 2,327 404 1,959 338 13,014 1,122 Jan. 26. ... 24 12,026 9,711 2,315 334 12,385 21,928 4,093 20,387 2,331 351 1,994 340 13,002 1,023 Feb 2 .... 24 11,781 9,162 2,618 327 12,132 21,910 4,093 20,534 2,322 175 1,916 342 12,847 1,538 Feb. 9 .... 22 11,169 8,560 2,609 319 11,511 21,836 4,094 20,586 2,315 8 1,707 341 12,482 1,444 Feb. 16 .... 32 11,394 8,782 2,612 534 11,961 21,802 4,093 20,610 2,335 360 1,968 340 12,244 1,269 Feb. 23 .... 47 11,816 9,237 2,579 377 12,240 21,742 4,090 20,696 2,336 646 1,944 340 12,109 1,077 Mar. 1 37 11,624 9,043 2,581 381 12,042 21,712 4,091 20,823 2,350 140 1,815 337 12,380 1,215 Mar. 8 52 12,029 9,443 2,586 357 12,438 21,670 4,090 20,963 2,340 269 1,905 339 12,383 1,013 Mar. 15 65 12,110 9,507 2,603 467 12,643 21,670 4,089 21,006 2,342 77 1,922 352 12,705 1,263 Mar. 22 . .. . 65 12,243 9,637 2,606 415 12,722 21,600 4,090 20,934 2,333 495 1,893 352 12,405 926 Mar. 29 83 12,297 9,685 2,613 369 12,749 21,600 4,092 21,037 2,329 753 1,918 351 12,053 630 Apr. 5... 44 12,332 9,719 2,613 389 12,766 21,540 4,093 21,191 2,347 426 1,801 356 12,277 859 Apr. 12... . 55 12,648 0,040 2,609 402 13,106 21,479 4,093 21,295 2,327 274 1,823 356 12,604 986 Apr. 19... 87 12,734 10,128 2,606 508 13,330 21,469 4,093 21,334 2,321 204 1,967 362 12,704 927 Apr. 26 12,998 10,392 2,606 398 13,485 21,429 4,094 21,396 2,327 373 2,019 357 12,537 640 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 May 31.... 237 14,251 11,613 2,638 271 14,759 21,264 4,101 22,160 2,310 307 1,946 355 13,046 711 Tune 7... 240 14,609 11,972 2,638 334 15,183 21,212 4,101 22,255 2,330 262 1,934 357 13,358 818 Tune 14... 173 15,001 12,362 2,639 431 15,606 21,211 4,104 22,333 2,332 154 2,028 359 13,715 1,059 Tune 21. 172 15,180 12,539 2,641 435 15,786 21,201 4,107 22,293 2,339 334 2,000 369 13,758 1,213 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. 679 JULY 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect June 30. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, Advances secured by or corporations other than member banks Government obligations secured by direct obligations of the U. S. Advances secured by maturing or callable (last par. Sec. 13) Federal Reserve Bank G ca t o i l o l v a n e b s r l n e m m i a n e t n u o t r n i o n e b g y l e i o g a r a r - be d y i o s n c d o u o n n t e s y o e f a a r n a d nd Other s [S e e c c u . re 1 d 0 ( a b d )] vances or less (Sec. 13) advances secured by (Se e e li s g . i 1 b 3 le a p n a d p e 1 r 3 a) , 1 To nonmember banks To others Rate Effective Rate Effective Rate I Effective Rate Effective Rate Effective Boston Y2 Oct. 27, 1942 Sept. 1, 1939 Oct. 27, 1942 1 Sept. 1, 1939 2 Oct. 27, 1942 New York Oct. 30, 1942 Aug. 25, 1939 Oct. 30, 1942 1 Aug. 25, 1939 Oct. 30, 1942 Philadelphia.... Oct. 17, 1942 Mar. 21, 1942 Oct. 17, 1942 1 Mar. 21, 1942 2 Oct. 17, 1942 Cleveland Oct. 27, 1942 Apr. 11, 1942 Sept. 12, 1942 1 Apr. 11, 1942 2 Oct. 27, 1942 Richmond Oct. 28, 1942 Mar. 14, 1942 Oct. 28, 1942 1 Mar. 14, 1942 2YL Oct. 28, 1942 Atlanta Oct. 15, 1942 Mar. 21, 1942 Oct. 15, 1942 1 Sept. 16, 1939 2 Oct. 15, 1942 Chicago Oct. 17, 1942 Feb. 28, 1942 Aug. 29, 1942 Sept. 1, 1939 2 Oct. 17, 1942 M St. i n L n o e u a i p s o . l ; is O O c c t t . . 3 2 0 7 , , 1 1 9 9 4 4 2 2 M M a a r r . . 2 1 8 4 , , 1 1 9 9 4 4 2 2 M Oc a t r . . 1 3 4 0 , , 1 1 9 9 4 4 2 2 M Se a p r t . . 2 1 8 6 , , 1 1 9 9 4 3 2 9 2 2Yi O O c c t t . . 2 3 7 0 , , 1 1 9 9 4 4 2 2 Kansas City.... Oct. 27, 1942 Apr. 11, 1942 Oct. 27, 1942 Sept. 16, 1939 2 Oct. 27, 1942 Dallas Oct. 17, 1942 Mar. 21, 1942 Oct. 17, 1942 Sept. 16, 1939 2 Oct. 17, 1942 San Francisco... Oct. 28, 1942 Apr. 4, 1942 Oct. 28, 1942 Apr. 4, 1942 2H Oct. 28, 1942 1 Rates shown also apply to advances secured by obligations of Federal Intermediate Credit Banks maturing within 6 months. NOTTEE —Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the federal Farm Mortgage Co•irporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal Intermediate Credit Banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or corporations made under the last paragraph of Section 13 is 90 days. Back figures—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK BUYING RATES ON BILLS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS AND COMMITMENTS UNDER SECTION 13b [Per cent per annum ] OF THE FEDERAL RESERVE ACT Maturities not exceeding five years Maturity J R u a n t e e 3 o 0 n In g e in ff n ec i t n b g- e- Pre r v at i e ous [In effect June 30. Per cent per annum] Treasury bills1 H Apr. 30, 1942 To industrial or Bankers' acceptances:2 commercial To financing institutions 1- 90 days H Oct. 20, 1933 1 businesses 91-120 days Oct. 20,1933 1 121-180 days % Oct. 20, 1933 IK Discounts or Federal Reserve purchases 1 Established rate at which Federal Reserve Banks stand ready to buy Bank a i u f l p l o d T n e r s e i r r a e e s q d u u r e b y s y t b t i b h l e l e s f o o s r e f e f l e l m e re r, a d t . w u e ri E r t e f y f , m e c w a t d i o v e u e l o d A n u s c e g o l . l n 3 b d , a it c 1 i k o 9 n 4 2 b , t i l h p ls a u t r c o t h f h a e s l i e k s R e e o s a f e m r s v o u e u c h n B t b a a i n l n k l d s , , lo O an n s , 1 co m m O e m n n t i s t- fo p r o O w rt n h i o ic n h j On re- m O i n tm c e o n m ts maturity at the same rate of discount. Since May 15, 1943, all purchases institu- maining have been made subject to repurchase option. tion is portion 2 Minimum buying rates on prime bankers' acceptances. obligated Back figures.—See Banking and Monetary Statistics, Table 117, pp. 443-445. MEMBER BANK RESERVE REQUIREMENTS Boston Y2-I New York.... Y2-VA [Per cent of deposits] Philadelphia.. Cleveland Net demand deposits1 Time Richmond 8 deposits Atlanta C r b e e c a s n i e n t t r y k r v s a e l R b e c a s i n t e y k rv s e Co b u an n k tr s y m ba e ( n m a k l b s l e ) r M C St h i . n i L c n a o e g u a o i p s olis.., 2Y2-5 Kansas City.. June 21, 1917-Aug. 15, 1936 13 10 7 3 Dallas Aug. 16, 1936-Feb. 28, 1937 19H 15 San Francisco Mar. 1, 1937-Apr. 30, 1937 22M 12M May 1, 1937-Apr. 15, 1938 26 20 14 6 1 Including loans made in participation with financing institutions. Apr. 16, 1938-Oct. 31, 1941 22^ 17H 12 5 2 Rate charged borrower less commitment rate. Nov. 1, 1941-Aug. 19, 1942 26 20 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 8 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 REQUIREMENTS^ 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 o ct a v n e o c r f n e o 1 w r 9 s 3 it 4 o h f t S h e 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 ff o 1 e 9 v c 3 . t 7 i 1 v , e N Ja o n v . . 3 1 1 , , 1 1 9 9 3 3 5 3- F D e e b c . . 1 3 , 1 , 1 1 9 9 3 3 5 5 - Ja E n ff .1 ec ,1 ti 9 v 3 e 6 Savings deposits Postal savings deposits... For extensions of credit by brokers and dealers on Other deposits payable: listed securities, under Regulation T 55 40 In 6 months or more 2Y2 For short sales, under Regulation T 50 In 90 days to 6 months. For loans by banks on stocks, under Regulation U.... 3 55 40 In less than 90 days 2Y* 1 1 Regulations T and U limit the amount of credit that may be extended on NOTE.—Maximum rates that may be paid by insured nonmember banks a p e s rc e e c n u t r a it g y e b o y f i p ts re m sc a r r i k bi e n t g v a a lu m e a a x t i m th u e m ti l m oa e n o f v t a h lu e e e , xt w e h n i s c i h o n; i s t h a e " s m pe a c r i g fi i e n d a sa s m e e s t a a s b l t i h s o h s e e d # i n b e y f fe t c h t e fo F r . m D em . b I e . r C b , a nk ef s f . ect U iv n e d er F e R b e . g u 1 l , a t 1 io 9 n 3 6 Q , a t r h e e t r h a e te 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. 680 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERift RESERVE BANKS [In thousands of dollars] Wednesday figures End of month 1944 1943 June 21 June 14 June 7 May 31 May 24 May 17 May 10 May 3 May April May Assets Gold certificates on hand and due from U. S. Treasury 18,646,37018,663,37518,687,12518,741,12518,801,12518,843,62518,889,92518,895,42518,741,12518,950,92520,209,415 Redemption fund—F.R. notes. 386,804 381,584 359,386 355,674 351,371 340,469 319,243 314,44: 355,674 313,942 51,557 Other cash 278,491 268,903 259,467 265,076 274,404 267,23' 264,396 273,686 265,076 280,743 353,078 Total reserves. 19,311,66519,313,86219,305,97819,361,87519,426,90019,451,33119,473,56419,483,55319,361,87519,545,61020,614,050 Discounts and advances: For member banks 171,357 172,552 238,950 236,027 225,961 151,461 135,174 84,433 236,027 117,788 30,718 For nonmember banks, etc 150 100 600 600 600 550 550 550 600 550 Total discounts and advances 171,50 172,652 239.55C 236,627 226,561 152,011 135,724 84,98 236,627 118,338 Industrial loans 11,163 11,51, 11.13C 11,791 11,894 12,039 11,469 11,88. 11,791 11,968 U. S. Government securities: Direct: Bills: Under repurchase option 4,177,585 4,174,912 4,101,763 4,093,385 4,073,188 4,145,843 3,827,597 4,025,322 4,093,385 4,001,058 1,530,645 Other 5,068,305 4,902,400 4,629,513 4,372,283 4,209,460 4,007,182 3,775,907 3,640,199 4,372,283 3,640,199 911,353 Certificates: Special Other 3,292,99C 3,284,990 3,240,490 3,147,490 3,093,490 3,042,940 3,032,940 3,013,940 3,147,490 2,972,940 1,099,200 Notes 1,180,035 1,187,535 1,187,535 1,186,264 1,161,264;1,161,264 1,161,264 1,161,264 1,186,264 1,156,264 918,800 Bonds 1,458,496 1,448,996 1,447,496 1,447,496 1,447,496 :1,447,496 1,447,496 1,447,496 1,447,496 1,445,496 1,708,132 Guaranteed 2,500 2,500 2,500 3,771 3,771 3,771 3,771 3,771 3,771 3,771 53,616 Total U.S. Government securities, including guaranteed securities. 15,179,91115,001,33314,609,29714,250, 3,988,669 13,,808,49613,248,97513,291,99214,250,68913,219,728 6,221,746 Other Reserve Bank credit outstanding 423,707 420,103 322,584 260,150 297,438 409,392 316,633 340,701 260,150 450,244 381,217 Total Reserve Bank credit outstanding 15,786,28815,605,60115,182,56114,759,25714,524,56214,381,938 13,712,80113,729,56114,759,25713,800,27$ 6,646,691 Liabilities Federal Reserve notes. 18,715,80118,738,09018,649,22718,531,796 18,320,18718,212,756 18,127,196 18,032,112 18,531,79617,969,274 13,539,465 Deposits: Member bank—reserve account 3,757,866 3,715,08513,357,76713,045,57513,000,14712,986,38112,729,49812,690,34713,045,57512,683,62812,031,166 U. S. Treasurer—general account 334,124 153,626 262,102 307,484 388,761 396,691 214,415 228,906 307,484 399,530 61,523 Foreign 1,580,333 1,533,787 1,515,629 1,553,508 1,575,012 1,579,439 1,591,846 1,615,286 1,553,508 1,644,744 961,761 Other deposits 419,572 493,917 417,976 392,739 384,739 373,995 234,326 357,646 392,739 362,335 404,132 Total deposits 6,091,895 5,896,415 5,553,47415,299,30615,348,659 5,336,50614,770,08514,892,18515,299,30615,090,23713,458,582 Ratio of total reserves to deposit and F.R. note liabilities combined (per cent) 55.5 56.4 57.2 59.2 57.2 59.1 76.4 B Corrected. MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total 1 W 5 i d th ay in s 1 d 6 a t y o s 30 31 d a to y s 60 61 d t a o y 9 s 0 9 m 1 o to d n a 6 t y h s s 6 1 m t y o o e n a t r hs 2 l y y t e e o a a r rs 5 2 y y to e e a a r r s s 5 O y v e e a r rs Discounts and advances: May 24 226,561 180,884 5,640 8,540 31,497 May 31 236,627 181,200 10,340 8,11 36,972 June 7 239,550 179,888 8,790 9,572 41,300 June 14 172,652 140,150 8,655 6,717 17,130 June 21 171,507 140,140 3,290 20,397 7,680 Industrial loans: May 24 11,894 10,652 9 483 262 104 260 May 31 11,791 10,996 17 30 271 93 259 > June 7 11,130 10,042 419 24 205 74 256 79 June 14 11,513 10,839 11 24 214 61 255 78 June 21 11,163 10,514 il 22 199 187 121 78 U. S. Government securities, including guaranteed securities: May 24 13,988,669 1,648,431 ,237,418 2,904,121 3,097,518 1,030,700 1,925,850 17,800 970,245 1,156,586 May 31 14,250,689 1,540,733 294,375 2,866,481 3,368,919 1,060,700 1,974,850 17,800 970,245 1,156,586 June 7 14,609,297 1,483,566 403,036 3,289,880 3,580,184 1,076,400 1,632,871 17,800 968,974 1,156,586 June 14. 15,001,333 1,626,104 439,383 3,336,482 3,712,233 1,088,400 1,653,871 17,800 968,974 1,158,086 June 21 15,179,911 1,786,998 339,171 3,423,238 3,791,773 1,029,000 1,655,371 17,800 ,021,926 1,114,634 681 JULY 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston Y N o ew rk d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - Assets Gold ctfs. on hand and due from U. S. Treas.: May 24 18,801,125 1,065,4584,895,0141,070,9641,582,7201,056,4971,011,9513,501,661 584,853 399,499 731,841 504,4992,396,168 May 31 18,741,125 1,040,3384,878,0021,050,7891,553,7761,057,0591,001,9933,502,511 612,173 392,504 722,866 495,8802,433,234 Tune 7 18,687,125 1,041,1534,753,8061,055,9531,557,4501,052,048 990,0723,518,659 544,586 390,509 721,292 491,6912,569,906 June 14 18,663,375 1,031,9674,646,9291,044,0731,522,3501,043,158 993,8713,513,407 684,484 387,410 706,928 508,6602,580,138 June 21 18,646,370 1,038,0564,842,2221,023,4161,506,8831,028,337 989,0653,540,760 649,345 365,987 689,177 450,4922,522,630 Redemption fund— F. R. notes: 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 May 31 355,674 26,518 75,539 26,654 30,294 26,397 21,211 50,214 28,936 11,351 11,717 11,199 35,644 June 7 . 359,386 26,433 75,222 27,022 30,188 25,644 23,091 52,099 28,901 11,342 11,690 12,169 35,585 June 14 381,584 26,349 86,945 30,660 30,108 27,009 22,991 55,012 28,871 11,329 14,668 12,139 35^503 June 21 386,804 26,273 86,658 30,530 36,009 26,239 22,882 54,899 28,837 11,319 14,632 13,111 35,415 Other cash: 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 May 31 265,076 16,676 78,394 20,168 21,745 13,320 17,354 36,373 12,875 7,246 10,862 8,727 21,336 June 7 259,467 18,023 77,464 20,111 19,504 13,768 17,163 35,805 12,058 6,001 10,587 7,932 21,051 June 14 268,903 19,397 79,179 19,303 21,386 13,551 18,350 36,437 12,411 5,979 10,531 8,494 23,885 June 21 278,491 20,122 78,593 20,507 20,680 15,754 19,231 39,286 12,658 5,991 12,084 8,851 24,734 Total reserves: May 24 19,426,900 1,112,7545,047,8791,119,6531,632,6141,096,3691,050,8023,588,091 625,759 416,931 755,599 524,9972,455,452 May 31 19,361,875 1,083,5325,031,9351,097,6111,605,8151,096,7761,040,5583,589,098 653,984 411,101 745,445 515,8062,490,214 June 7 19,305,978 1,085,6094,906,4921,103,0861,607,1421,091,4601,030,3263,606,563 585,545 407,852 743,569 511,7922,626,542 June 14 19,313,862 1,077,7134,813,0531,094,0361,573,8441,083,7181,035,2123,604,856 725,766 404,718 732,127 529,2932,639,526 June 21 19,311,665 1,084,4515,007,4731,074,4531,563,5721,070,3301,031,1783,634,945 690,840 383,297 715,893 472,4542,582,779 Discounts & advances: Secured by U. S. Govt. securities: May 24 226,561 14,965 131,850 6,952 2,530 5,780 1,414 675 45,190 14,900 275 2,030 May 31 236,627 15,450 98,680 5,907 2,630 10,480 1,755 2,250 81,200 15,300 475 2,500 June 7 239,550 12,960 120,570 5,447 1,630 4,930 1,491 1,750 79,767 10,030 475 500 June 14 172,652 19,335 93,260 4,987 1,430 2,955 1,150 75 36,525 10,030 405 2,500 June 21 171,507 13,035 101,535 1,942 1,480 2,955 850 1,075 37,700 10,030 405 500 Other: May 24 May 31 June 7 June 14 June 21 Total discounts and advances: May 24 226,561 14,965 131,850 6,952 2,530 5,780 1,414 675 45,190 14,900 275 2,030 May 31 236,627 15,450 98,680 5,907 2,630 10,480 1,755 2,250 81,200 15,300 475 2,500 June 7 239,550 12,960 120,570 5,447 1,630 4,930 1,491 1,750 79,767 10,030 475 500 June 14 172,652 19,335 93,260 4,987 1,430 2,955 1,150 75 36,525 10,030 405 2,500 June 21 171,507 13,035 101,535 1,942 1,480 2,955 850 1,075 37,700 10,030 405 500 Industrial loans: May 24 11,894 1,389 120 5,511 365 188 82 4 263 27 3,945 May 31 11,791 1,389 120 5,399 365 188 82 4 272 27 3,945 June 7 11,130 1,378 91 4,899 360 188 62 205 27 3,920 June 14 11,513 1,378 91 5,262 360 188 48 214 27 3,945 June 21 11,163 1,451 91 4,855 360 188 40 206 27 3,945 U. S. Govt. securities: Bills: Under repurchase option: 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 May 31 4,093,385 127,2452,210,315 129,766 77,858 44,485 34,636 977,969 60,482 26,795 44,552 39,470 319,812 June 7 4,101,763 123,4482,352,734 121,789 88,539 46,790 35,864 925,922 119,904 27,335 37,490 35,358 186,590 June 14 4,174,912 123,3472,456,286 125,642 85,259 47,664 29,573 982,504 51,457 32,320 30,507 30,038 180,315 June 21 4,177,585 104,2852,503,149 125,188 61,029 43,964 24,199 941,653 65,143 30,625 38,032 35,723 204,595 Other bills: 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 May 31 4,372,283 334,493 958,623 354,964 493,386 287,456 253,549 466,802 203,425 133,333 231,538 208,641 446,073 June 7 4,629,513 353,9591,021,238 375,852 520,899 303,275 266,762 495,631 215,314 141,246 244,591 219,948 470,798 June 14 4,902,400 374,6321,087,058 398,016 550,236 320,166 280,942 526,076 227,932 149,636 258,494 232,035 497,177 June 21 5,068,305 387,2081,126,907 411,486 568,111 330,464 289,613 544,554 235,605 154,730 266,968 239,407 513,252 Certificates: 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 May 31 3,147,490 240,790 690,092 255,530 355,171 206,931 182,520 336,045 146,438 95,982 166,676 150,198 321,117 June 7 3,240,490 247,761 714,832 263,088 364,608 212,284 186,721 346,922 150,707 98,868 171,206 153,951 329,542 June 14 3,284,990 251,038 728,414 266,698 368,697 214,536 188,257 352,514 152,730 100,265 173,217 155,478 333,146 June 21 3,292,990 251,579 732,177 267,354 369,111 214,708 188,167 353,804 153,080 100,537 173,449 155,550 333,474 Notes: May 24 1,163,764 89,070 254,012 94,479 131,602 76,712 67,800 123,998 54,160 35,476 61,732 55,713 119,010 May 31 1,188,764 90,944 260,637 96,510 134,145 78,155 68,936 126,917 55,309 36,251 62,952 56,727 121,281 June 7 1,190,035 90,987 262,513 96,614 133,899 77,958 68,572 127,404 55,347 36,308 62,873 56,539 121,021 June 14 1,190,035 90,940 263,878 96,617 133,567 77,719 68,197 127,703 55,330 36,323 62,748 56,326 120,687 June 21 1,182,535 90,343 262,930 96,008 132,551 77,104 67,572 127,055 54,971 36,102 62,289 55,858 119,752 Bonds: May 24 1,448,767 110,883 316,219 117,617 163,831 95,498 84,404 154,365 67,424 44,164 76,850 69,357 148,155 May 31 1,448,767 110,835 317,642 117,618 163,485 95,249 84,014 154,676 67,405 44,180 76,721 69,134 147,808 June 7 1,447,496 110,671 319,307 117,516 162,868 94,824 83,408 154,967 67,322 44,163 76,476 68,771 147,203 June 14 1,448,996 110,729 321,300 117,641 162,632 94,631 83,038 155,492 67,370 44,228 76,403 68,582 146,950 June 21.. 1,458,496 111,426 324,288 118,412 163,484 95,097 83,341 156 705 67,800 44,526 76,825 68,894 147,698 rotal U. S. Govt. sec, incl. guar. sec: May 24 13,988,669 853,0634,311,570 928,8091,203,693 698,047 599,2282,005,327 634,076 330,407 561,272 493,3781,369,799 May 31 14,250,689 904,3074,437,309 954,3881,224,045 712,276 623,6552,062,409 533,059 336,541 582,439 524,1701,356,091 June 7 14,609,297 926,8264,670,624 974,8591,270,813 735,131 641,3272,050,846 608,594 347,920 592,636 534,5671,255,154 June 14 15,001,333 950,6864,856,9361,004,6141,300,391 754,716 650,0072,144,289 554,819 362,772 601,369 542,4591,278,275 June 21 15,179,911 944,8414,949,4511,018,4481,294,286 761,337 652,8922,123,771 576,599 366,520 617,563 555,4321,318,771 68x FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. 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 - Total loans and sec: May 24 14,227,124 869,4174,443,540 941,272 206,588 704,015 600,724 2,006,006 679,266 345,570 561,574 493,3781,375,774 May 31.. 14,499,107 921,1464,536,109 965,694 227,040 722,944 625,492 2,064,663 614,259 352,113 582,941 524,1701,362,536 June 7 14,859,977 941,1644,791,285 985,205 272,803 740,249 642,880 2,052,596 688,361 358,155 593,138 534,56 259,574 June 14.. 15,185,498 971,3994,950,2871,014,863 302,181 757,859 651,205 2,144,364 591,344 373,016 601,801 542,4591,284,720 June 21 15,362,581 959,3275,051,0771,025,245 296,126 764,480 653,782 2,,124,846 614,299 376,756 617,995 555,4321,323,216 Due from foreign banks May 24 136 10 l49 12 12 6 4 17 4 3 4 4 11 May 31 136 10 l49 12 12 6 4 17 4 3 4 4 11 June 7, 136 10 }49 12 12 6 4 17 4 3 4 4 11 June 14 136 10 I49 12 12 6 4 17 4 3 4 4 11 June 21 136 10 I49 12 12 6 4 17 4 3 4 4 11 Federal Reserve notes of other banks: May 24. 72,990 1,210 12,747 2,245 3,522 8,279 7,592 7,382 5,368 1,908 4,238 3,441 15,058 May 31. 64,416 1,278 10,067 2,640 3,385 6,568 5,912 7,169 4,772 1,380 3,732 2,505 15,008 June 7. 71,518 1,164 12,223 2,202 3,117 7,079 7,846 8,698 5,751 1,516 4,103 2,675 15,144 June 14 74,088 1,587 12,966 2,550 3,030 7,937 7,378 8,810 4,887 2,131 4,683 3,147 14,982 June 21 79,327 1,564 14,200 2,691 3,837 9,349 6,687 9,265 5,803 1,786 5,250 2,685 16,210 Uncollected items: May 24 1,569,791 113,805 342,454 90,746 162,874 103,903 89,400 263,839 68,885 34,261 78,618 59,300 161,706 May 31 1,513,898 98,375 319,761 89,891 158,817 112,771 82,297 242,676 64,299 29,603 78,150 55,907 181,351 June 7 1,551,149 118,145 319,426 98,932 142,671 107,140 96,245 258,582 74,253 32,715 83,874 66,360 152,806 June 14 2,033,894 158,940 460,112 96,575 219,910 150,491 115,740 344,288 86,545 41,939 85,342 70,197 203,815 June 21 2,111,984 160,198 429,788 118,829 254,138 171,133 125,422 324,671 86,048 43,297 100,821 72,297 225,342 Bank premises: May 24 34,844 1,647 9,042 3,540 4,167 2,901 1,638 2,921 2,050 1,271 2,713 963 1,991 May 31 34,801 1,642 9,022 3,540 4,167 2,901 1,636 2,919 2,047 1,268 2,713 955 1,991 June 7 .. 34,794 1,642 9,022 3,540 4,167 2,901 1,636 2,919 2,047 1,268 2,706 955 1,991 June 14 34,793 1,642 9,022 3,540 4,167 2,901 1,636 2,919 2,046 1,268 2,706 955 1,991 June 21 34,784 1,642 9,022 3,540 4,158 2,901 1,636 2,919 2,046 1,268 2,706 955 1,991 Other assets: May 24 65,315 4,655 13,688 4,739 7,533 4,732 4,082 8,015 2,803 1,922 3,285 2,988 6,873 May 31 68,233 4, 13,530 5,519 8,224 4,779 4,236 8,291 2,983 2,013 3,476 3,051 7,245 June 7 66,479 4,902 13,369 4,983 7,566 4,739 4,041 8,332 3,185 2,007 3,462 2,999 6,894 June 14 71,369 4,804 14,196 9,165 7,793 4,853 3,836 7,907 3,243 2,045 3,502 2,987 7,038 June 21 57,196 4,047 11,837 4,341 6,747 4,158 3,330 6,392 2,722 1,803 2,994 2,616 6,209 Total assets: May 24 35,397,100 2,103,498 9,869,399 2,162,207 3,,017,310 1,920,205 1,754,2425,876,2711,384,135 801,866 1,406,0311,085,0714,016,865 May 31 35,542,466 2,110,869 9,920,473 2,164,907 3,,007,4601,946,745 1,760,1355,914,833 '1,342,348 797,4811,416,4611,102,3"9'8 4,058,356 June 7 35,890,031 2,152,636 10,051,866 2,197,960 3,,037, 47"8 1,953,5741,782,978 5,,937,7071,359,146 8031,,516 1,430,856 1,119,352 4,062,962 , June 14 36,713,640 2,216,095 10,259,685 2,220,7413,110,937 2,007,765 1,815,0116,113,1611,413,835 825,,120 1,430,165 1,149,042 4,152,083 June 21 36,957,673 2,211,239 10,523,446 2,229,1113,128,590 2,022,3571,822,039 •,103,0551,401,762 808,,210 1,445,663 1,106,443 4:,, 155,758 Liabilities Federal Reserve notes: May 24 18,320,187 ,215,3804,101,0111,227,436 1,620,813 1,191,9101,048,,4253,427,843 780,952 412,425 669,993 446,2852,177,714 May 31 18,531,796 1,224,372 4,162,9431,239,157 1,633,463 1,207,116600 11,073,838 3;,437,055 793,561 415,175 682,356 460,8292,201,887 June 7 18,649,227 1,233,104 4,;182,0771,245,9021,643,965 1,217,8781,081,3153,466,747 796,274 417,860 684,907 462,8132,216,385 June 14 18,738,090 1,235,805 4,,203,7771,255,193 1,654,518 1,222,994455 1,080, 17"7 3",,485,143 796,910 419,370 685,999 461,7892,236,464 June 21 18,715,801 1,235,8604,199,3011,253,070 1,656,790 1,220,2971,077,2023,485,328 794,840 419,680 683,551 458,8"7"9 2,231,003 Deposits: Member bank—reserve account: May 24 13,000,147 629,460 4,371,906 649,857 1,016,742 526,464 538,896 1,964,981 447,753 283,086 586,844 520,4521,463,706 May 31 13,045,575 638, ,385,508 655i,,490 1,020,823 535,769 536,488 2,,002,299 400,356 290,900 588,647 511,444 1,479,835 June 7 13,357,767 666,0964,488,023 6801,,893 1,059,615 549,267 558,7922,013,913 408,396 297,396 604,681 539,236 1,491,459 June 14 13,715,085 683,8534,598,940 695i,,859 1,068,291 543,302 565, 22"3 2',109,322 461,335 307,108 600,620 552,9531,528,279 June 21 13,757,866 686,809 4,639,254 694,5841,066,493 561,538 566,7752,108,547 455,501 302,366 604,708 527,328 1,543,963 U. S. Treasurergeneral account: May 24 388,761 20,061 68,135 26,500 56,634 19,459 19,136 38,312 25,522 25,642 26,453 11,762 51,145 May 31 307,484 15,244 104,902 12,479 30,867 8,931 10,306 23,057 24,008 13,586 17,459 17,375 29,270 June 7 262,102 14,595 90,810 12,456 22,657 9,074 5,473 24,238 20,284 14,269 14,750 6,429 27,067 June 14 153,626 11,681 27,109 10,054 15,339 19,470 2,197 7,030 8,388 11,197 7,591 13,947 19,623 June 21 334,124 512 322,741 1,180 545 579 1,080 582 537 1,057 1,279 533 3,499 Foreign: May 24 1,575,012 106,117 2619,609 138,033 133,532 60,014 48,011 186,045 46,511 33,008 43,510 43,510 117,112 May 31 1,553,508 107,318 2598,628 137,753 133,261 59,892 47,914 185,666 46,417 32,941 43,422 43,422 116,874 June 7 1,515,629 103,899 2580,604 135,081 130,676 58,731 46,985 182,066 45,516 32,302 42,580 42,580 114,609 June 14 1,533,787 104,292 2588,661 136,482 132,246 59,436 47,549 184,252 46,063 32,690 43,091 43,091 115,934 June 21 1,580,333 108,029 2605,543 140,876 136,283 61,250 49,000 189,877 47,469 33,688 44,407 44,407 119,504 Other deposits: 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 37,503 May 31 392,739 3,803 299,464 7,129 6,918 6,487 4,130 6,471 11,023 5,822 1,434 2,444 37,614 June 7 417,976 3,827 324,035 5,105 6,921 7,207 4,492 5,127 11,359 4,345 1,284 3,007 41,267 June 14 493,917 6,972 365,210 5,430 12,181 12,899 6,801 11,356 14,756 8,823 3,493 3,721 42,275 June 21 419,572 5,855 307,069 8,630 9,301 5,515 6,526 6,518 14,422 6,708 5,977 3,121 39,930 Total deposits: May 24 15,348,659 758,7775,347,209 820,239 1,214,344 612,155 610,7372,194,999 533,148 351,215 658,327 578,043 ,669,466 May 31 . •. 15,299,306 764,3815,388,502 812,8511,191,869 611,079 598, ,217,493 481,804 343,249 650,962 574,^ 1,663,593 June 7 15,553,474 788,4175,483,472 833,5"3"5 1,219,869 624,279 615,7422,225,344 485,555 348,3! 663,295 591,2521,674,402 June 14 15,896,415 806,7985,579,920 847,8251,228,057 635,107 621,770 2,311,960 530,542 359,8: 654,795 613,7121,706,111 June 21 16,091,895 801,2055,874,607 845,2701,212,622 628,882 623,3812,305,524 517,929 343,819 656,371 575,3891,706,896 Deferred availability items: May 24. 1,272,489 98,564 266,809 74,958 139,122 95,559 78,028 194,603 54,839 25,963 62,807 46,040 135,197 May 31. 1,253,884 91,145 214,378 72,674 139,012 107,998 70,408 201,208 51,695 26,767 68,139 52,189 158,271 June 7. 1,228,701 99,935 231,064 78,725 130,271 90,717 68,806 186,599 61,979 25,012 67,568 50,541 137,484 June 14. 1,613,927 142,279 320,140 73,700 184,809 128,992 95,435 256,389 71,007 33,556 74,218 58,684 174,718 June 21 1,688,413 142,864 293,582 90,799 215,598 152,335 104,166 252,646 73,628 32,312 90,377 57,227 182,879 1 After deducting $87,000 participations of other Federal Reserve Banks. 2 After deducting $954,228,000 participations of other Federal Reserve Banks on May 24; $952,289,000 on May 31; $933,820,000 on June 7; $944,816,000 on June 14; and $973,884,000 on June 21. JULY 1944 683 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 ol n i e s - K C an it s y as Dallas F c S i r s a a c n n o - Other liabilites, including accrued div.: May 24 9,698 872 2,968 660 970 451 385 324 258 321 351 740 May 31 10,140 924 2,952 1,204 945 350 350 333 251 349 283 755 June 7 10,752 1,116 3,365 729 1,076 510 385 360 271 386 307 763 June 14 15,745 1,056 3,642 4,887 1,160 473 858 365 285 410 328 781 June 21 11,282 1,115 3,444 762 1,099 515 411 358 282 626 370 821 Total liabilities: May 24 34,951,033 2,073,5939,717,9972,123,293 2,975,249 1,900,075 ,737,5755,818,8431,369,263 789,861 ,391,448 ,070,7193,983,117 May 31 35,095,126 2,080,""" ",768,775 ,125,8862,965,289 1,926,587 ,743,4345,857,2001,327,393 785,442 ,401,806 ,087," ,024,506 June 7 35,442,154 2,122,5729,899,978 2,,158,891",995,1811,933,384 ,766,2485,880,1741,344,168 791,455 ,416,156 ,104,913 4,;029,034 June 14 36,264,177 2,185,938 10,107,479 2:;, 181,6035,068,5"4"4 1,987,517 1,798,2406,054,9921,398,824 813,029 ,415,422 ,134, ,118,074 June 21 36,507,391 2,181,044 10,370,934 2.,189,9013,086,1092,002,029 1,805,1606,044,9771,386,755 796,093 ,430,925 ,091,,865 4,,121,599 Capital Accounts Capital paid in: May 24 157,175 9,888 57,799 11,849 16,075 6,296 5,583 18,208 4,829 3,424 5,120 4,927 13,177 May 31 157,271 9,887 57,800 11,865 16,074 6,298 5,592 18,213 4,830 3,424 5,121 4,928 13,239 June 7 157,372 9,887 57,802 11,864 16,150 6,298 5,598 18,214 4,830 3,424 5,121 4,929 13,255 June 14 157,878 9,887 57,819 11,864 16,156 6,299 5,598 18,639 4,829 3,425 5,121 4,978 13,263 June 21 158,100 9,889 57,847 11,861 16,155 6,325 5,656 18,649 4,830 3,426 5,128 4,987 13,347 Surplus (section 7): May 24 188,097 13,206 70,012 17,859 16,026 5,236 5,725 26,490 6,330 3,669 4,554 4,831 14,159 May 31 188,097 13,206 70,012 17,859 16,026 5,236 5,725 26,490 6,330 3,669 4,554 4,831 14,159 June 7 188,097 13,206 70,012 17,859 16,026 5,236 5,725 26,490 6,330 3,669 4,554 4,831 14,159 June 14 188,097 13,206 70,012 17,859 16,026 5,236 5,725 26,490 6,330 3,669 4,554 4,831 14,159 June 21 188,097 13,206 70,012 17,859 16,026 5,236 5,725 26,490 6,330 3,669 4,554 4,831 14,159 Surplus (section 13b): May 24 26,965 2,874 7,092 4,421 1,007 3,290 749 1,429 530 1,000 1,137 1,307 2,129 May 31 26,965 2,874 7,092 4,421 1,007 3,290 749 1,429 530 1,000 1,137 1,307 2,129 June 7 26,965 2,874 7,092 4,421 1,007 3,290 749 1,429 530 1,000 1,137 1,307 2,129 June 14 26,965 2,874 7,092 4,421 1,007 3,290 749 1,429 530 1,000 1,137 1,307 2,129 June 21 26,965 2,874 7,092 4,421 1,007 3,290 749 1,429 530 1,000 1,137 1,307 2,129 Other capital accounts: May 24 73,830 3,937 16,499 4,785 8,953 5,308 4,610 11,301 3,183 3,912 3,772 3,287 4,283 May 31 75,007 4,080 16,794 4,876 9,064 5,334 4,635 11,501 3,265 3,946 3,843 3,346 4,323 June 7 75,443 4,097 16,982 4,925 9,114 5,366 4,658 11,400 3,288 3,968 3,888 3,372 4,385 June 14 76,523 4,190 17,283 4,992 9,204 5,423 4,699 11,611 3,322 3,997 3,931 3,413 4,458 June 21 77,120 4,226 17,561 5,069 9,293 5,477 4,749 11,510 3,317 4,022 3,919 3,453 4,524 Total liabilities and capital accounts: May 24 35,397,100 1035,,498 9,869, 399 2 162,207 3,017,3101,920,2051,754,2425,876,2711,384,135 801,866 1,406,0311,085,0714,016,865 May 31 35,542,466 110,869 9;,920, 473 2164,:,9O7 3.,007,4601,946,7451,760,1355,914, 833" 1,342,348 797,4811,416,4611,102,398 4.,058,356 June 7 35,890,031 152,636 10,051,866 2,197,,960 3;,037,4781,953,574 1,782,9785,937,7071,359,146 803,516 1,430,8"56 1,119,352 4;,062,962 June 14 36,713,640 216,095 10,259,685 2,220,7413,110,937 2:, 007,7651,815,0116,113,1611,413,835 825,1201,430,1651,149,042 4,152,083 June 21 36,957,673 211,239 10,523,446 2,229,1113,128,5902,022,3571,822,039 6,103,0551,401,762 808,210 1,445, 66"3 1,106,4434,155,758 Commitments to make industrial loans- May 24 5,659 450 1,129 1,24' 2,727 May 31 3,956 450 1,212 1,261 927 June 7 4,469 450 1,686 1,280 951 June 14 3,981 450 1,323 1,185 925 June 21 4,150 375 1,580 1,17: 925 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 o t u .# is M ap in o n li e s -K C an it s y as Dallas F S r a a n ncisco Federal Reserve notes outstanding (issued to Bank): May 24 18,943,878 ,243, ,258, ,258,7871,661,832 1,226,076 1,115,3593,488,574 812,66'420,469698,129478,4462,281,712 May 31 19,079,8081,250,155 4,,302, 153 1,265,814 ,678,0801,232!,, 40"6 1' 119,6173,511,054 825;,256421,920701,483482,0892,289,781 19,194,7781,261,093 4;,329, 882 1,273,046 1,685,1411,243[,,903 1120,5833,544,169833,159 424, 766705,016482,8862,291,134 19,320,9971,267, ,361, 559 1,282, ,690,9921,252!,,449 1128,4773,560,051833, 700 427,000709,146487,3102,319,850 19,388,6891,278,375 4,,377, 229 1,288,790 1,698,7191,252,876 1 140,8343,558,934831,634 428,911709,412 485,8582,337,117 Collateral held against notes outstanding: Gold certificates: May 24 12,423,000 744,000 2,,845,000 733,000 1,065,000 775,000 750,000 560,000300,000196,000 450,000281,0001,724,000 May 31 12,490,000 744,000 2,870,000 740,0001,080,000 775,000 735,000 560,000 325,,000 196,000 460,000281,0001,724,000 June 7 12,485,000 759,000 2,895,000 745,0001,090,000 775,000 710,000 530,000 325,000 206,000 460,000266,0001,724,000 June 14 12,194,000 759, ,645,000 682,000 1,092,000 775,000 710,000 530,000 375,000 206, 266,0001,724,000 June 21 12,140,000 769,000 2,695,000 692,000 1,003,000 775,000 725,000 500,000 375,000 206,000 430,000246,0001,724,000 Eligible paper: May 24 219,912 14,965 131,850 6,952 5,780 45,190 14,900 275 May 31 227,492 15,450 98,680 5,907 10,480 81,200 15,300 475 June 7 234,179 12,960 120,570 5,447 4,930 79,767 10,030 475 June 14 167,497 19,335 93,260 4,987 2,955 36,525 10,030 405 June 21 167,602 13,035 101,535 1,942 2,955 37,700 10,030 405 U. >. Govt. securities: May 24 6,632,625 500,000 1,400,000 525,000 600,000 475,000 375,000 950,000522,625225,000250,000210,000 600,000 May 31 6,620,482 500,000 1,400,000 525,000 600,000 475,000 400,000 ,000,000 435,,482225,000250,000210,000 600,000 6,844,904 500,000 1,400,000 525,000 600,000 500,000 425,000 ,050, ,904225,000250,000225,000 600,000 7,301,457 500,000 1,700,000 600,000 600,000 500,000 425,000 ,050,000 476.;,457225,000300,000225,000 700,000 7,490,143 500,000 1,700,000 600,000 700,000 500,000 425,000 ,100,000 490'.,143225,000300,000250,000 700,000 Total collateral: May 24 19,275,537 ,258, ,376>,,850 1,264,,952 1,6655,,000 1,255,780 ,125,000 ,510,000 867815 435,900 '00,275491,000 ;, 324,000 J M u a n y e 3 7 1 1 1 9 9 , , 3 5 3 6 7 4 , , 9 0 7 8 4 3 , , 2 2 5 7 9 1 , , 4 9 5 6 0 0 4 4 ., ,. 3 4 6 1 8 5 !, , , 5 6 7 8 0 0 1 1, , 2 2 7 7 0 5 , , 9 4 0 4 7 7 1 1 , , 6 6 8 9 0 0 ), , , 0 00 0 0 0 1 1,,226709,•," 4 •9 8 3 0 0 1 1 , , 1 1 3 3 5 5 , , 0 0 0 00 0 , , 5 5 6 8 0 0 , , 0 0 0 0 0 0 8 9 4 4 1 9, 6 67 8 1 2 4 4 3 4 6 1 , , 3 0 0 3 0 0 1 1 0 0 , , 4 4 7 7 5 5 4 4 9 9 1 1 , , 0 0 0 0 0 0 : : , , 3 3 2 2 4 4 , , 0 0 0 0 0 0 June 14 19,662,954 ,278, 335 4,438, ,286,987 1,692,0001,277,9551,135,000 ,580,000 887,982 441,030 r30,405491,0002,424,000 June 21 19,797,745 ,282, 035 4,496,5351,293,942 1,703,0001,277,9551,150,000 ,600,000902,843 441,030 ?30,405496,0002,424,000 684 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 W l e D a d s a p n t t e e e d r s i a d o ( y l d a a y ) o s t f or Nu A m p b a p e p r l p ic ro a v t A i e o m d n o s unt (a b p p m u c r l A o e o t o m t v p u e n - e - n d o d 1 t t ) s (a t L a m o n o u o d a t u i n - n n s g t) 2 s C (a t m o a m o n m e u o d n m t u i - t n n s i g t t ) - ( s a P p t m a a a o n t r o u i t d o u t i - i n n c n s t i g ) - BA [ G N A u K m a a S r o u a u t n U n h t t o e N s r e i D d i z n e E l d t o R h a o n u R s s E an G d G s U u o L o a f r A u a d t T n s o t t l I a l e a O n e r d d N s i ] n lo g V ans A a d m di o ti u o n n t al available to borrowers 1934 984 49,634 20,966 13,589 8,225 1,296 L_te under guar- 1 1 9 9 3 3 5 6 . 2 1, , 9 2 9 8 3 0 1 13 2 9 4 , , 8 4 2 9 9 3 1 8 1 , , 2 5 2 4 6 8 3 2 2 5, , 5 4 2 9 6 3 2 20 7 , , 9 6 5 4 9 9 8 7 , , 7 20 7 8 8 Number Amount Total g P u o a r r ti a o n n - ant m ee e n a t g s ree- 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 A Se u p g t . . 3 3 1 0 3 3 , , 4 4 6 5 0 8 4 4 8 8 3 1 , ,2 6 8 0 8 8 4 2 , ,8 3 6 5 0 4 1 1 2 2 , , 0 2 0 2 0 7 1 1 1 1 , , 6 4 1 7 4 4 1 1 8 8 , , 4 9 0 2 0 8 A Se u p g t . . 3 3 1 0 4 4 , , 5 78 9 7 9 5 5 , , 1 4 5 5 3 2 , , 9 4 4 9 1 8 1 1 , , 6 7 4 0 6 8, , 0 9 2 2 2 1 1 1 , , 3 4 6 1 6 3 , , 1 1 7 5 8 9 2 2 , , 4 4 8 9 2 4 , , 8 8 7 5 5 5 N O o ct v . . 3 3 0 0 3 3 , , 4 4 6 6 6 4 4 48 8 8 6 , , 4 0 2 9 2 8 4 30 0 5 1 1 11 2 , , 8 4 1 0 1 9 9 9 , , 9 9 2 7 0 8 1 18 8 , , 6 6 2 1 1 6 N O o ct v . . 3 3 1 0 4 5, , 1 9 2 4 3 8 6 5 , , 2 5 3 4 4 6 , , 0 5 4 5 7 5 1 1 , , 8 7 1 9 5 8 , , 1 2 6 7 2 2 1 1 , , 5 4 1 9 1 5 , , 8 9 4 1 7 0 2 2 , , 7 5 9 8 8 6 . , 2 5 8 6 3 3 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 2,009,511 1,680,046 3,615,963 May 31 3,483 508,170 208 12,073 3,956 11,321 Apr. 30 6,079 7,647,180 1,990,996 1,666,185 3,684,568 May 31 6,283 7,797,400 2,033,579 1,706,421 3,794,158 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 npt 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,1 MAY 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 b m a be n em k r s - 1 N Y e o w rk Chicago b sce a ri n tv k ye s banks1 Federal Reserve district p D o e p m ul a a n t d ion and over D 1 e 5 m ,0 a 0 n 0 d population deposits deposits except Time except Time Total reserves held: inter- deposits inter- deposits 1943—Apr 12,717 3,657 814 5,191 3,054 bank2 bank2 May 12,024 3,373 785 4,894 2,973 1944—Apr 12,574 3,580 797 5,007 3,190 May 12,962 3,706 848 5,152 3,256 Total. 12,243 4,987 7,505 3,481 Week ending (Friday): 1944—Apr. 28 12,627 3,622 821 5,020 3,164 Boston 1,687 583 252 152 May 5 12,696 3,632 828 5,032 3,204 New York 2,442 1,280 714 705 May 12 12,870 3,668 836 5,114 3,252 Philadelphia 880 465 610 540 May 19 12,988 3,705 847 5,165 3,271 Cleveland 1,066 542 715 473 May 26 13,073 3,742 863 5,205 3,263 June 2 13,172 3,790 862 5,233 3,287 Richmond 933 253 520 263 June 9 13,460 3,869 877 5,332 3,382 Atlanta 1,089 262 431 112 June 16 13,704 3,932 901 5,428 3,443 Chicago 1,575 787 1,059 518 Excess reserves: St. Louis 439 190 599 149 1943—Apr 1,949 51 29 886 982 May V30 49 14 738 930 Minneapolis 374 157 428 236 1944—Apr 17 11 r259 599 Kansas City 359 66 925 123 Week en M di a n y g (Friday): 868 12 6 257 594 D Sa a n l l F as r . a n .. cisco 6 7 2 7 3 5 33 7 1 3 8 3 6 8 6 5 1 3 7 8 1 1944—Apr. 28 784 10 7 218 550 M M a a y y 1 5 2 8 8 3 9 9 1 1 1 3 1 6 5 2 2 3 6 8 3 6 5 1 8 3 1 1 Includes any banks in outlying sections of reserve cities which have May 19 894 11 6 269 608 been given permission to carry the same reserves as country banks. All M Ju a n y e 2 2 6 865 1 1 2 3 6 5 2 2 6 4 5 6 P 5 5 8 8 0 6 rese 2 r v I e n c c l i u ti d e e s s h w av ar e a lo p an op d u e la p t o io si n t s o , f s m ho o w re n th se a p n a 1 r 5 a , t 0 e 0 l 0 y . for all country banks June 9 ^943 10 6 274 *'653 in the table on the following page. June 16 ^1,025 14 8 307 P697 p Preliminary. r Revised. 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. 685 JULY 1944 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 Class of bank and G U ov .S e . rn- D de e p m o a s n it d s N m e a t n d d e- T d i e m - e bal d a u n e ces Federal Reserve district Total I b n a te n r k - w m ar e l n o t an Other adjusted2 posits* posits4 do b m f a ro n e m k st s ic Held qu R i e r - ed Excess po d s e" i ' t i s1 First half of May 1944 All member banks.. . 76,215 10,057 8,832 57,325 54,208 59,431 16,437 4,979 12,838 11 958 879 Central reserve city banks: New York 21,950 3,585 3,089 15,276 14,435 17,990 890 50 3,667 3,651 16 Chicago.. . 5,009 975 667 3,367 3,176 3,988 530 164 832 829 3 Reserve city banks. 28,494* 4,527 3,103 20,865 19,304 22,222 6,598 1,658 5,094 4,840 254 Boston 2,035 293 323 1,418 1,340 1,588 113 47 331 324 6 New York 464 26 38 400 376 384 186 18 89 88 1 Philadelphia 2,217 291 279 1,647 1,552 1,778 147 65 373 364 8 Cleveland 3,705 464 450 2,790 2,605 2,898 858 174 671 631 40 Richmond 1,603 252 211 1,140 1,064 1,226 285 94 285 262 22 Atlanta 1,723 463 151 1,108 998 1,328 245 138 302 280 22 Chicago 3,723 405 415 2,903 2,722 2,858 1,102 277 671 638 33 St. Louis 1,633 455 171 1,006 908 1,269 206 97 274 266 8 Minneapolis 892 237 121 534 484 665 101 56 142 139 3 Kansas City 2,247 758 168 1,320 1,187 1,704 210 245 387 353 34 Dallas 1,686 391 127 1,169 1,083 1,289 179 189 302 269 33 San Francisco. . 6,567 490 648 5,428 4,983 5,233 2,966 260 1,267 1,225 43 Country banks.. 20,761 971 1,973 17,817 17,293 15,231 8,418 3.107 3,244 2,637 607 Boston 2,047 90 267 1,690 1,621 1,557 731 160 293 262 31 New York 3,245 71 401 2,773 2,670 2,493 1,976 255 541 468 74 Philadelphia... 1,510 12 165 1,334 1,294 1,144 1,001 166 268 220 47 Cleveland 1,803 20 183 1,600 1,561 1,326 1,009 258 323 246 76 Richmond 1,617 163 137 1,318 1,256 1,158 513 271 236 193 43 Atlanta 1,718 185 150 1,383 1,336 1,221 374 315 239 193 45 Chicago 2,699 69 272 2,358 2,313 1,956 1,293 432 440 351 89 St. Louis 1,161 123 74 963 934 844 337 217 171 138 33 Minneapolis 862 59 68 735 718 634 392 145 141 112 29 Kansas City 1,349 66 78 1,205 1,190 921 188 341 193 140 53 Dallas 1,563 88 97 1,377 1,349 1,085 109 360 219 158 61 San Francisco.. 1,186 23 81 1,081 1,051 893 496 188 181 155 26 Second half of May 1944 All member banks. 75,982 10,140 7486 58,656 55,536 60,769 16,635 5,035 13,078 12,220 Central reserve city banks: New York 21,804 3,571 2,490 15,742 14,873 18,404 904 58 3,743 3,735 Chicago 5,021 994 541 3,485 3,289 4,109 535 176 862 854 Reserve city banks. 28,471 4,595 2,533 21,343 19,785 22,727 6,680 1,697 5,206 4,946 260 Boston 2,013 291 260 1,462 1,384 1,628 114 48 337 332 5 New York 462 25 31 406 381 388 188 18 91 89 2 Philadelphia 2,218 291 224 1,703 1,609 1,836 148 63 385 376 9 Cleveland 3,728 470 365 2,892 2,701 2,992 867 181 691 650 41 Richmond 1,617 263 171 1,183 1,104 1,268 288 101 297 271 26 Atlanta 1,729 460 124 1,145 1,039 1,363 248 140 306 287 18 Chicago 3,702 416 343 2,942 2,766 2,915 1,119 273 682 650 32 St. Louis 1,604 483 139 981 885 1,276 208 95 276 268 8 Minneapolis 886 235 98 553 505 687 102 54 145 143 2 Kansas City 2,266 766 138 1,362 1,230 1,744 212 256 395 362 34 Dallas 1,701 396 102 1,203 1,120 1,315 182 205 304 274 30 San Francisco. . 6,545 499 536 5,510 5,060 5,315 3,003 261 1,296 1,243 52 Country banks 20,687 1,622 18,085 17,588 15,529 8,515 3,104 3,266 2,685 581 Boston 2,012 91 220 1,701 1,636 1,579 737 153 296 265 31 New York 3,210 70 326 2,815 2,714 2,552 1,995 237 539 477 62 Philadelphia 1,496 12 140 1,344 1,307 1,160 1,009 162 269 223 46 Cleveland 1,801 20 150 1,631 1,592 1,353 1,021 261 329 251 78 Richmond 1,613 162 112 1,340 1,282 1,179 519 274 236 196 40 Atlanta 1,695 188 125 1,382 1,338 1,225 374 314 234 194 40 Chicago 2,707 70 227 2,410 2,368 1,999 1,315 444 449 359 91 St. Louis 1,161 123 61 977 950 859 340 217 173 141 32 Minneapolis 860 59 55 746 730 645 395 146 144 114 29 Kansas City 1,351 66 62 1,223 1,209 943 190 338 195 143 52 Dallas 1,599 96 78 1,425 1,398 1,132 112 369 220 165 55 San Francisco. .. 1,180 23 66 1,091 1,064 903 507 189 180 157 23 1 Figures do not include certain other demand deposits of the U. S. Government with member banks and, therefore, differ from figures for U.S. Government deposits shown in other published banking data. See also footnote 2. 2 Preceding column minus so-called "float" (total cash items in process of collection) and estimate of U. S. Government deposits other than war loan accounts 3 Demand deposits subject to reserve requirements; i.e., demand deposits other than war loan deposits, minus cash items in process of collection and demand balances due from domestic banks. 4 Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report. 686 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 dollarsl Total Coin and small denomination currency2 Large denomination currency2 End of year and in cir- Unasmonth c ti u o l n a1- Total Coin $13 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 sorted 1933 5,519 4,167 442 402 33 719 1,229 1,342 1,360 364 618 125 237 8 10 8 1934 5,536 4,292 452 423 32 771 1,288 1,326 1,254 337 577 112 216 5 7 10 1935 5,882 4 518 478 460 33 815 1,373 1,359 1,369 358 627 122 239 7 16 5 1936 6,543 5,021 517 499 35 906 1,563 1,501 1,530 399 707 135 265 7 18 8 1937 6,550 5,015 537 505 33 905 1,560 1,475 1,542 387 710 139 288 6 12 7 1938 6,856 5,147 550 524 34 946 1,611 1,481 1,714 409 770 160 327 17 32 5 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 2 1940 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 4 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942. . 15,410 11,576 880 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943—January 15,590 11,665 869 773 54 1,678 4,107 4,183 3,928 1,047 1,962 293 592 10 25 3 February 16,088 12,065 877 786 56 1,718 4,279 4,349 4,026 1,079 2,013 298 599 11 25 3 March 16,250 12,121 890 791 56 1,713 4,280 4,391 4,129 1,104 2,069 306 616 11 23 1 April. ... 16,660 12,428 904 804 58 1,741 4,391 4,531 4,232 1,131 2,128 312 621 15 26 1 May 17,114 12,789 914 824 59 1,785 4,526 4,681 4,326 1,159 2,186 319 630 10 22 1 June... 17,421 12,960 929 834 61 1,793 4,565 4,778 4,462 1,195 2,259 329 648 10 21 2 July. 17,955 13,334 943 843 62 1,836 4,719 4,931 4,622 1,237 2,347 341 667 10 20 2 August 18,529 13,715 960 858 64 1,878 4,853 5,102 4,816 1,293 2,453 353 687 9 22 2 September 18,844 13,891 970 866 64 1,887 4,893 5,211 4,951 1,327 2,535 360 698 11 20 2 October 19,250 14,135 987 872 65 1,902 4,962 5,347 5,118 1,366 2,636 373 713 11 20 3 November. . . 19,918 14,598 1,006 886 68 1,950 5,127 5,561 5,323 1,416 2,761 388 729 10 19 2 December 20,449 14,871 1,019 909 70 1,973 5,194 5,705 5,580 1,481 2,912 407 749 9 22 2 1944—January 20,529 14,817 1,013 880 69 1,940 5,174 5,742 5,715 1,509 2,992 418 767 9 21 3 February 20,824 15,004 1,018 877 70 1,952 5,255 5,832 5,823 1,534 3,054 426 777 9 22 3 March 21,115 15,100 1,029 881 70 1,951 5,265 5,905 6,017 1,576 3,152 444 814 9 22 1 April 21,552 15,342 1,039 885 70 1,964 5,344 6,040 6,212 1,618 3,270 456 836 9 23 1 May. 22,160 15,731 1,055 903 72 2,003 5,498 6,198 6,431 1,668 3,371 473 887 9 23 2 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3 Paper currency .only; $1 silver coins reported under coin. Back figures—See 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 M o ta t 1 a a n 9 y l d 4 o i 4 3 n u 1 g , t- A g s a o s g s l i d a e l v i c a n e u n r s r t d ity Tr c e a a s s h ury R F B e e F s a d e o n e 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 e s n r r b t v a a s y e l nd M 1 a 9 y 4 4 31, Ap 19 r. 4 4 29, Ma 1 y 9 4 3 3 1, certificates and agents Gold. .... .. 21,264 19,151 22,113 Gold certificates 19,151 16,281 2,8i5 " 54 ' 54'"' 57 Federal Reserve notes 19,080 72" 612 18,395 17,852 13,440 Treasury currency—total 34,101 '3Y,820'" 125 265 3,711 3,646 3,616 Standard silver dollars 494 300 90 2 102 100 82 Silver bullion 1,520 1,520 Silver certificates and Treasury notes of 1890 31,820 ' 218 1,603 ' 1,552'' 1,672 Subsidiary silver coin 727 2l" 13 693 682 600 Minor coin 273 8 4 260 257 232 United States notes 347 2 21 324 321 324 N Fe a d ti e o r n al a l R b e a s n e k rv e n o B te a s nk notes 6 1 1 2 2 8 ft3 6 1 6 1 0 2 3 6 6 1 0 2 8 7 5 1 7 3 4 3 Total—May 31, 1944. 0 20,971 2,310 16,281 3,693 22,160 M Ap a r y i l 3 2 1 9 , 1 1 9 9 4 4 3 4 (4) 2 2 1 2 , , 0 2 9 4 7 6 2 2 , , 2 3 5 2 7 3 1 1 7 6 , ,4 4 4 4 9 6 3 3 , , 7 6 2 5 1 5 21,'552" 17,114 1 Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States; totals for other end-of-month dates shown in table above, totals by weeks in table on p. 679, and seasonally adjusted figures in table on p. 688. 2 Includes $1,800,000,000 Exchange Stabilization Fund, $143,872,752 balance of increment resulting from reduction in weight of the gold dollar, and $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 3 To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. 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 significance and is not shown. See note for explanation of these duplications. 5 Less than $500,000. NOTE.—There are maintained in the Treasury-(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold cectificates 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. JULY 1944 687 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY IN CIRCULATION WITH ADJUSTMENT FOR ANALYSIS OF CHANGES IN GOLD STOCK OF SEASONAL VARIATION UNITED STATES [Outside Treasury and Federal Reserve Binks. In millions of dollars [In millions of dollars] Amount— Amount— Change in Ear- Date f u o v n r a a r d s i e j a u a t s s io o te n n d al ad v s j a u e r a s i s t a e o t d n i o a n l for s a e d s a e s ju o ri s n e t a s e l 1 d ly Period of a s G t t p o o e e c l n r k d i d od I i n n s c t o r g e c o a k l s d e N im et p g o o rt ld g m o o c l r r a d e r : i a k n s d e - e d e- p D ti r c t o o i o m d g n u o e ^ c s ld - - End of year figures: crease (—) 1938 6,856 +306 1 1 1 1 1 9 9 9 9 9 4 4 3 4 4 0 2 9 3 1 2 1 1 8 0 7 1 5 , , , , , 4 7 1 4 5 4 3 1 6 9 9 0 0 2 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 1 8 7 0 0 3 8 5 2 2 2 7 1 . . . . . 5 5 5 2 5 1 1 1 1 1 , , , , , 5 1 7 1 9 8 3 3 1 7 5 3 9 6 3 . . . . . 5 9 0 6 6 - - 2 3 -8 0 3 8 5 0 3 2 . . . . . 9 4 5 6 2 1 1 1 1 9 1 4 3 4 2 0 3 1 8 . . . . . 9 7 9 6 6 Monthly averages of d<lily 1939 17,644 3,132.0 3,574.2 -534.4 161.7 1940 21,995 4,351.2 4,744.5 -644.7 170.2 fig 1 u 9 r 4 es 3 : — J A J u u u l n y g e ust 1 1 1 7 8 7 , , , 2 1 6 1 9 8 7 6 1 1 1 1 7 7 8 , , , 3 7 2 0 8 1 4 7 6 + + + 4 3 5 1 7 7 2 0 1 1 1 1 9 9 9 4 4 4 2 1 3 2 2 2 2 2 1 , , , 7 7 9 3 2 3 7 6 8 -7 -1 7 8 4 0 8 1 . . . 3 5 8 ( 9 ( 4 4 8 ) ) 2.4 - - - 4 4 8 0 5 0 7 8 3 . . . 7 4 6 1 1 4 6 2 7 5 9 , . . 8 4 1 September.... 18,729 18,767 +480 O N c o t v o e b m er ber.... 1 19 9 , , 5 0 6 0 6 1 1 1 9 9, , 5 0 0 0 7 1 + + 2 5 3 0 4 6 1943—M Ju ay ne 2 2 2 2 , , 4 3 2 8 6 8 - - 3 4 8 6 . . 9 3 - -5 4 1 5 . . 7 1 4 3. . 9 1 December 20,243 19,944 +437 July 22,335 -52.7 -63.7 3.9 1944—January 20,428 20,367 +423 August 22,243 -92.0 -91.3 3.6 - F M e a b r r c u h ary 2 20 0 , , 9 6 6 3 4 5 2 21 0 , , 0 6 2 3 7 5 + +3 2 9 6 2 8 O Se c p to t b e e m r ber... 2 2 2 2 , , 1 1 1 7 6 5 - - 5 6 9 7 . . 3 8 - - 4 8 0 0 . . 6 6 3 3 . . 3 8 April 21,312 21.484 +457 November ... 22,065 -51.0 -44.1 3.4 J M u a n y e 2 2 1 2 , ,2 8 9 2 5 1 2 2 2 1 , , 4 9 0 7 7 5 + + 4 4 3 9 2 1 1944— D Ja e n ce u m ar b y er 2 2 1 1 , , 9 9 3 1 8 8 — -1 1 9 27 .6 .0 - - 8 2 7 7 . . 0 6 3 3 . . 5 1 February... . 21,712 -206.6 11 5 3.4 Wednesday figures: March 21,600 -111.7 -48.7 2.9 1944—May 1 3 0.... 2 2 1 1 , , 6 7 1 2 4 5 2 2 1 1 , , 7 9 6 0 6 0 + + 1 8 3 8 4 A M p a r y il 2 2 1 1 , , 4 2 2 6 9 4 - - 1 1 7 6 0 5 . . 7 5 5- - 9 7 3 0 . . 1 5 '2 2 . . 9 9 2 1 4 7 2 2 1 1 , , 8 9 4 1 6 1 2 2 2 2 , , 1 0 5 8 5 9 + + 1 6 8 6 9 Jan.-May ... 21,264 —674.1 5-228.5 ^15.3 31 22,112 22,201 +46 June 7 22,255 22,300 +99 v Preliminary. ? Figure carried forward. 14 22,333 22,445 +145 1 Annual figures through 1942 are estimates of the United States Mint. 21 22,293 22,473 +28 Annual figure for 1943 and monthly figures are those published in table 28 22,421 22,556 +83 on p. 729, 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 3,705.9 million dollars on May 31, 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] Year and month Debits to i t n o t t e a r l b d a e n p k o s a i c t c a o c u c n o t u s nts except tu d A r e n n p i o n o n v u s te i e a t r r l s b r o a e a f n x t k e c t e o o p t f a t l D a e d e x n e b d c p e i o t p G s s t i t o t i o v n a e c t d r e c n e r o m m b u a a e n n n n t k s d t tur d A n i e n G o n p t v n o e o e u r v s r b a i e t a l r s o n n f r k m e a x d t e e a c e n n e m o t p d f a t nd T re o c p t e a o n l r t , t e i a r n s l g l Y N C o e it r w y k 1 1 c 4 e 0 n o te th rs e 1 r r c e e O p n o t t h r e t e r i r s n 2 g Y N C o i e t r w y k r 3 e c 3 p e 3 o n o r t t e t i h r n s e g r Y N C o i e t w r y k 1 l 0 e c 0 a i t d o ie i t n s h g er Y N C o i e t r w y k 10 le c 0 a i t d o ie i t n h s g er 1935 402,718 184,006 190,165 28,547 178,498 175,902 31.5 22.7 1936 461 889 208 936 219 670 33,283 204,831 202,267 31.4 22.4 1937 469,463 197,836 235,206 36,421 193,143 215,090 29.5 22.4 1938 405,929 168,778 204,745 32,406 164,945 186,140 25.1 19.9 1939 423 932 171 382 218 298 34,252 167,939 200,636 21.0 19.4 1940 445,863 171,582 236,952 37,329 167,373 217,744 17.1 18.6 1941 537 343 197 724 293 925 45,694 193,729 270,439 17.3 19.4 1 1 9 9 4 4 2 2 — — o n l e d w s s e e ri r e ie s3 s3 6 6 4 0 1 7 , , 7 0 7 71 8 . 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—May .. 64,246 25,737 32,602 5,908 17.2 11.2 22,732 29,281 23.3 17.6 June 66,894 25,464 34,959 6,472 16.7 11.5 22,022 30,620 20.5 16.8 July 65,347 23,976 34,954 6,417 16.2 11.4 21,261 30,750 19.2 16.4 August 60,614 21,221 33,359 6,034 14.3 10.6 18,500 29,130 16.0 15.2 September 75,758 27,913 40,452 7,393 18.2 13.0 24,377 35,850 22.7 19.6 October 66,266 23,990 35,614 6,663 14.3 10.5 20,923 31,390 20.5 17.4 November 65,025 23,327 35,215 6,483 15.2 11.1 20,759 30,738 21.1 17.8 December 76,499 28,936 40,155 7,409 17.8 11.8 24,446 34,751 21.8 17,7 1944—January 71,894 27,031 37,950 6,914 17.3 11.5 24,994 33,749 22.9 17.9 February 70,709 27,592 36,490 6,627 17.7 11.3 22,887 31,566 24.0 18.5 March 76,077 29,644 39,399 7,034 16.5 10.8 25,650 33,937 22.8 17.4 April r66,707 25,297 34,933 r6,478 16.0 10.6 21,284 30,482 19.7 16.4 May 67,276 24,708 36,067 6,502 15.5 10.4 20,927 31,105 17.9 15.5 r Revised. 1 National series for which bank debit figures are available beginning with 1919. 2 Annual figures for 1935-1942 (old series) include 133 centers; annual figures for 1942 (new series) and 1943, and monthly figures, include 193 centers. 3 See p. 717 of August 1943 BULLETIN for description of revision beginning with May 1942; deposits and debits of new series for first four months of 1942 partly estimated. NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported since 1942 for 334 reporting centers; the deposits, from which rates of turnover have been computed, have likewise been reported by most banks and have been estimated for others. Debits to demand deposit accounts, except interbank and United States Government, and the deposits from which rates of turnover have been computed have been reported by member banks in 101 leading cities since 1935; yearly turnover rates in this series differ slightly from those shown in Banking and Monetary Statistics, Table 55, p. 254, due to differences in method of computation. 688 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 End of month c a d u d T e r j a p o u r n o e t s d s a n t i l e c t d y s a d d d e T e j p a m o u o n t s a d s a t n i l e t d d s a d d T e j p o u o t s a s te i l t d s a D d d e e j p m u o s a s t n i e t d s d1 G U S m o n t v a e i e t t n e e r t d s n- C T om im - e dep M o u si t t u s al Postal C o u b u r a t r n s e i k n d s c e y outside currency deposits 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 ,208 4,782 1934—June 45,961 21,353 41,302 16,694 1,733 22,875 11,988 9,691 ,196 4,659 December 47,985 23,114 43,330 18,459 1,715 23,156 12,213 9,738 ,205 4,655 1935—June 49,881 25,216 45,098 20,433 811 23,854 12,820 9,830 ,204 4,783 December 52,182 27,032 47,265 22,115 909 24,241 13,170 9,871 ,200 4,917 1936—June 55,052 29,002 49,830 23,780 1,142 24,908 13,706 9,971 ,231 5,222 December 57,351 30,999 51,835 25,483 991 25,361 14,046 10,056 ,259 5,516 1937—June 57,258 30,687 51,769 25,198 666 25,905 14,513 10,125 ,267 5,489 December 56,639 29,597 51,001 23,959 824 26,218 14,779 10,170 ,269 5,638 1938—June 56,565 29,730 51,148 24,313 599 26,236 14,776 10,209 ,251 5,417 December 58,955 31,761 53,180 25,986 889 26,305 14,776 10,278 ,251 5,775 1939—June 60,943 33,360 54,938 27,355 792 26,791 15,097 10,433 ,261 6,005 December 64,099 36,194 57,698 29,793 846 27,059 15,258 10,523 ,278 6,401 1940—June 66,952 38,661 60,253 31,962 828 27,463 15,540 10,631 ,292 6,699 December 70,761 42,270 63,436 34,945 753 27,738 15,777 10,658 ,303 7,325 1941—June 74,153 45,521 65,949 37,317 753 27,879 15,928 10,648 ,303 8,204 December 78,231 48,607 68,616 38,992 1,895 27,729 15,884 10,532* ,313 9,615 1942—June 81,963 52,806 71,027 41,870 1,837 27,320 15,610 10,395 ,315 10,936 December 99,701 62,868 85,755 48,922 8,402 28,431 16,352 10,664 ,415 13,946 1943—May 110,900 69,600 95,300 54,000 11,400 29,900 17,300 11,100 ,500 15,600 June 110,161 71,853 94,347 56,039 8,048 30,260 17,543 11,141 ,576 15,814 July 112,900 75,000 96,500 58,600 7,100 30,800 18,000 11,200 ,600 16,400 August 114,500 78,500 97,600 61,600 4,700 31,300 18,300 11,300 ,700 16,900 September 119,800 72,000 102,600 54,800 16,300 31,500 18,400 11,400 ,700 17,200 October 123,700 74,000 106,100 56,400 17,900 31,800 18,600 11,500 ,700 17,600 November 123,500 77,900 105,200 59,600 13,300 32,300 18,900 11,600 ,800 18,300 December 122,812 79,652 103,975 60,815 10,424 32,736 19,213 11,737 ,786 18,837 1944—January? 125,200 81,400 106,300 62,500 10,700 33,100 19,500 11,800 ,800 18,900 February** 128,500 77,300 109,300 58,100 17,600 33,600 19,800 11,900 ,900 19,200 March? 127,800 79,100 108,300 59,600 14,700 34,000 20,100 12,000 ,900 19,500 April? 127,400 82,000 107,500 62,100 10,900 34,500 20,500 12,100 1,900 19,900 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. 6 Inclu'des 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 nil 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 - c End of month itors' Cash securities Cash bal- in de- reances1 Total posi- serve Number of banks suspended: tory Di- Guar- funds 1934 . 57 1 8 48 banks Total rect an- etc.2 1935.. 34 4 22 8 teed 1936 44 1 40 3 1937 59 4 2 47 6 1938 55 1 1 47 6 1934—Dec 1,207 1,237 540 597 467 130 100 1939 42 4 3 25 10 1935—Dec 1,201 1,237 287 853 706 147 98 1940.. .. . 22 1 18 3 1936—Dec 1,260 1,296 145 1,058 892 167 93 1941 8 4 1 1937-Dec 1,270 1,308 131 1,097 931 167 80 1942 9 6 3 1938-Dec 1,252 1,291 86 1,132 965 166 73 1943 4 2 2 1939—Dec 1,279 1,319 53 1,192 1,046 146 74 1944—Jan.-May 1 1 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—June 1,577 1,631 12 1,482 1,471 11 137 1935 10,015 5,313 3,763 939 Tuly 1,620 1,678 11 1,527 1,527 140 1936 11,306 507 10,207 592 Aug 1,660 1,719 11 1,588 1,588 121 1937 19,723 7,379 1,708 10,156 480 Sept 1,683 1,739 10 1,631 1,631 97 1938 13,012 36 211 11,721 1,044 Oct 1,716 L,773 10 1,646 1 646 117 1939 34,998 1,341 24,629 6,589 2,439 Nov 1,752 1,812 10 1,678 1,678 125 1940 5,943 256 5,341 346 Dec 1,788 1,843 10 1,716 1,716 118 1941 3,726 3,144 503 79 1942 1,702 1,375 327 1944—Tan 1,833 1,891 9 1,719 1,719 162 1943 6,223 4^982 1,241 Feb 1,867 1,926 9 1,783 1,783 135 1944—Jan.-May 405 405 Mar 1,906 1,964 9 1,823 1,823 132 Apr 1,947 2,008 9 1,870 1,870 129 1 Represents banks which, during the periods shown, closed temporarily May v\ 1994 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. JULY 1944 689 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES* LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of banks, and call dates U. S. Inter- o N f u b m a b n e k r s Total Loans Govern- Other Total* bank1 Total ment securities Demand Time obligations All banks: 1934—June 30. 42,552 21,306 21,246 11,278 9,968 46,435 4,560 19,527 22,348 15,929 1937—June 30 49,565 22,410 27,155 16,954 10,201 59,222 6,332 28,118 24 773 15,539 1940—June 29 51,336 22,340 28,996 19,666 9,330 70,770 10,188 34,336 26,246 14,955 December 31 54,170 23,751 30,419 20,983 9,436 75,963 10,941 38,518 26,504 14,895 1941—June 30 57,946 25,311 32,635 23,521 9,114 78,120 10,948 40,530 26,641 14,855 December 31 61,101 26,616 34,485 25,488 8,997 81,780 10,989 44,316 26,476 14,825 1942—June 30 64,009 25,081 38,928 30,301 8,627 82,706 10,287 46,357 26,062 14,775 December 31 78,137 23,915 54,222 45,932 8,290 99,796 11,318 61,395 27,083 14,682 1943—June 30 87,881 22,241 65,640 57,748 7,892 107,224 10,895 r67,554 r28,775 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 r67,554 r17,634 14,073 December 31 . 85,103 19,117 65,986 59,845 6,141 105,923 11,012 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 14,652 9,413 5,239 31,012 4,355 16,976 9,681 6,375 1937—June 30 32,739 14,285 18,454 12,689 5,765 41,490 6,051 24,230 11,210 6,357 1940—June 29 34,451 13,969 20,482 14,722 5,761 51,729 9,690 30,111 11,928 6,398 December 31 37,126 15,321 21,805 15,823 5,982 56,430 10,423 33,829 12,178 6,486 1941—June 302 40,659 16,729 23,930 18,078 5,852 58,512 10,436 35,725 12,350 6,556 December 31 43,521 18,021 25,500 19,539 5,961 61,717 10,525 38,846 12,347 6,619 1942—June 303 46,800 16,928 29,872 24,098 5,774 63,404 9,971 41,311 12,122 6,647 December 31 59,263 16,088 43,175 37,546 5,629 78,277 11,000 54,523 12,754 6,679 1943—June 30 67,155 14,823 52,332 46,980 5,352 84,016 10,552 59,670 13,794 6,703 December 31.. 74,258 16,288 57,970 52,948 5,022 92,262 10,555 66,438 15,268 6,738 All national banks: 1934—June 30.. 17,011 7,681 9,331 5,847 3,484 19,896 2,767 10,356 6,772 5,417 1937—June 30. 20,893 8,796 12,097 8,206 3,891 26,716 3,790 15,162 7,764 5,293 1940—June 29- 22,038 9,156 12,882 9,094 3,787 33,014 6,083 18,702 8,228 5,164 December 31.... 23,648 10,004 13,644 9,735 3,908 35,787 6,574 20,885 8,329 5,144 1941—June 30 25,818 10,897 14,922 11,111 3,811 37,273 6,589 22,302 8,382 5,130 December 31. 27,571 11,725 15,845 12,039 3,800 39,458 6,786 24,350 8,322 5,117 1942—June 30 29,464 10,880 18,584 14,878 3,706 40,534 6,497 25,8611 8; 176 5,101 December 31. 37,576 10,183 27,393 23,744 3,648 50,468 7,400 34,499 8,570 5,081 1943—June 30 42,805 9,173 33,632 30,102 3,529 54,589 7,155 38,205 9,229 5,060 December 31. 47,499 10,116 37,382 34,065 3,318 59,961 7,159 42,605 10,196 5,040 State member banks: 1934—June 30 10,163 4,842 5,321 3,566 1,755 11,116 1,588 6,620 2,908 958 1937—June 30 11,845 5,488 6,357 4,483 1,874 14,774 2,261 9,068 3,446 L,064 1940—June 29 12,413 4,813 7,600 5,627 1,973 18,715 3,608 11,409 3,699 L,234 December 31 13,478 5,316 8,162 6,088 2,074 20,642 3,849 12,944 . 3,849 1,342 1941—June 302 14,840 5,832 9,008 6,967 2,041 21,238 3,847 13,423 3,969 1,426 December 31. 15,950 6,295 9,654 7,500 2,155 22,259 3,739 14,495 4,025 L,502 1942—June 303 17,336 6,048 11,288 9,220 2,068 22,871 3,474 15,451 3,946 1,546 December 31.. 21,687 5,905 15,783 13,802 1,980 27,808 3,600 20,024 4,184 1,598 1943—June 30 24,350 5,649 18,701 16,878 1,823 29,427 3,396 21,465 4,566 1,643 December 31 26,759 6,171 20,588 18,883 1,705 32,302 3,397 23,833 5,072 1,698 * 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 Currency and the Federal Deposit Insurance Corporation for national banks and insured banks respectively. r Revised. 1 Beginning June 30, 1942, excludes reciprocal bank balances which on that date aggregated 600 million dollars at all member banks and 614 million dollars at all insured commercial banks. 2 Beginning June 30, 1941, member bank figures and insured mutual savings bank figures both include 3 member mutual savings banks with total deposits of 8 million dollars in June 1941, which became members of the Federal Reserve System during 1941. These banks are not included in "commercial banks" and are included only once in "all banks." 3 Decreases in "noninsured nonmember commercial banks" and "all nonmember commercial banks" figures (with corresponding increases in member bank and all insured commercial bank figures) reflect principally the admission to membership in the Federal Reserve System of one large bank with total loans and investments aggregating 472 million dollars on June 30, 1942. 4 Beginning June 30, 1942, includes Bank of North Dakota, a nonmember bank not previously included in these statistics; on Dec. 31, 1941, its deposits, excluding interbank deposits, were 33 million dollars and its loans .ma ivestments 26 million dollars. Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23 , or .escription, see pp. 5-15 in the same publication. 69O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES—Continued LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of banks, and call dates Number Total Loans G U ov . e S rn . - Other Total1 I b n a te n r k - 1 of banks Total o m bl e i n ga t - securities Demand Time tions All nonmember commercial banks: 1934—June 30 5,567 3,177 2,390 895 1,495 5,732 205 2,551 2,976 8,978 1937—June 30 6,733 3,147 3,586 1,874 1,712 7,607 281 3,888 3,438 8,619 1940—June 29 6,697 3,445 3,252 1,831 1,421 8.41C 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 3,62 3,346 2,018 1,328 8,969 512 4, 3,651 7,752 December 31 7,208 3,693 3,515 2,251 1,264 9,539 464 5,470 3,605 7,661 1942—June 3034 6,856 3,334 3,522 2,314 1,208 8,91 316 5,046 3,553 7,584 December 31 8,135 3,132 5,003 3,829 1,174 10,864 318 6,872 3,674 7,460 1943—June 30 9,486 2,840 6,647 5,482 1,165 12,076 343 r7,884 r3,849 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, 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 1,054 510 544 303 241 911 125 514 272 1,414 1937—June 30 1,254 391 863 599 264 1,273 185 878 210 1,093 1940—June 29 1,318 403 915 653 262 1,721 394 1,064 264 925 December 31 1,367 397 969 696 273 1,843 402 1,185 257 906 1941—June 30 1,439 444 996 725 271 1,865 402 1,210 251 883 December 31 1,434 452 982 742 239 1,837 335 1,255 247 851 1942—June 303 4 1,007 339 668 477 191 1,161 211 693 257 829 December 31 1,151 314 837 667 170 1,329 173 891 265 793 1943—June 30 1,363 270 1,094 925 169 1,519 214 rl,045 r260 775 December 31 1,596 276 1,320 1,162 158 1,829 307 1,265 256 764 All mutual savings banks: 1934—June 30 9,810 5,606 4,204 971 3,233 9,691 9,691 576 1937—June 30 10,093 4,978 5,115 2,391 2,724 10,125 10,125 563 1940—June 29 10,188 4,926 5,262 3,113 2,149 10,631 10,631 551 December 31 10,248 4,959 5,289 3,224 2,065 10,658 10,658 551 1941—June 302 10,321 4,958 5,363 3,426 1,937 10,648 10,648 550 December 31 10,379 4,905 5,474 3,700 1,774 10,532 10,532 548 1942—June 30 10,360 4,822 5,538 3,891 1,647 10,395 10,395 547 December 31 10,746 4,698 6,048 4,559 1,489 10,664 10,664 546 1943—June 30 11,248 4,581 6,666 5,290 1,376 11,141 11,141 545 December 31 11,868 4,479 7,389 6,096 1,293 11,737 11,737 545 Insured mutual savings banks: 1934—June 30 1,022 576 446 120 325 1,040 1,040 66 1937—June 30 969 470 499 252 247 1,002 1,002 56 1940—June 29 1,317 598 719 420 299 1,428 1,428 51 December 31 1,655 637 1,018 548 470 1,818 1,818 53 1941—June 302 1,655 641 1,015 569 446 1,803 1,803 53 December 31 1,693 642 1,050 629 421 1,789 1,789 52 1942—June 30 1,800 692 1,108 686 422 1,864 1,864 53 1943— D D Ju e e n c c e e e m m 3 b b 0 e e r r 3 3 1 1 2 2 7 , , , 0 7 5 0 0 2 7 4 5 3 1 , , 0 7 0 7 4 1 0 3 3 4 1 1 , , , 4 6 2 9 6 5 1 7 2 3 1 , , 8 8 2 6 4 6 1 4 4 4 4 6 0 2 0 5 7 8 2 2 7 , , , 7 0 5 3 4 3 9 8 4 2 2 7 , , , 7 0 5 3 4 3 9 8 4 1 5 6 8 6 1 4. 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 1 1 9 9 4 4 3 2 — — D D D J J u u e e e n n c c c e e e e e m m m 3 3 b b 0 b 0 e e e r r r 3 3 3 1 1 1... 8 8 4 8 8 , , , , , 5 7 3 5 6 4 3 4 6 8 3 4 9 0 6 4 3 3 4 1 , , , , ,4 1 2 9 5 0 3 6 5 6 5 0 3 8 8 4 4 4 4 2 , , , , , 9 4 7 9 4 7 2 3 8 3 . 4 7 1 0 3 4 3 3 2 , , , , , 0 0 6 2 2 7 2 5 9 0 1 2 6 8 5 1 1 1 , , , 9 6 3 2 0 4 8 5 2 8 9 5 3 5 4 8 8 8 8 4 , , , , , 5 6 4 2 7 3 1 0 0 4 1 6 2 3 3 8 8 8 8 4 , , , , , 6 5 7 4 2 1 3 0 4 0 6 1 3 2 3 4 4 4 4 3 8 9 6 9 9 4 0 1 6 4 For footnotes see opposite page. 691 JULY 1944 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 . S. Government obligation Com- purchasing Obli- Total mer- or carrying gations C an la d s s c o a f l H b l a a n t k es s, m in l a e o v n n a e d n t s s s t 1 - Total1 o c m c p i l i i• n n u e a a - g d n ii r , - - - A t c u a g u r l r l - 1 i - - b j r T s e o e o k r c s - urit o i T t e h o s - R l t o e a e a s t a 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 e a - d r- p S o s a t c l o u a 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 1,184 464 742 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 1 1 9 9 3 3 4 7 — — J J u u n n e e 3 3 0 0 . . . . . . . . 3 2 2 7 , ,1 7 7 3 5 9 1 14 2 , , 2 5 8 2 5 3 1 1 , , 2 5 9 3 0 6 3 2, , 8 3 2 0 9 9 2 2 , , 3 5 5 0 7 5 5 7 , ,4 5 1 6 4 8 1 1 8 4 ,4 6 5 5 4 2 1 9 2 , , 4 6 1 8 3 9 8 7 2 9 1 1 637 4 2 , , 3 8 6 7 1 1 4 5 , , 8 6 3 8 8 9 1, . 8 2 1 76 9 2 1 , , 1 8 5 5 0 1 3 3, , 6 3 1 8 5 8 1 19 9 4 4 1 0 — — J J u u n n e e 2 30 92. .. . . . 4 3 0 4 , , 6 4 5 5 9 1 1 1 3 6 , , 9 7 6 2 9 9 5 7 ^ ,8 9 0 8 7 8' "7 7 3 3 6 8 4 5 4 7 7 5 6 6 3 6 5 8 3 3 , , 0 3 6 6 9 5 3 3 , , 0 6 6 0 2 9 2 2 0 3 , , 4 9 8 3 2 0 1 1 8 4 , , 0 72 7 2 8 1,1 7 2 9 7 7 2 2 , , 5 6 4 3 3 1 1 8 0 , , 2 4 6 8 1 1 3 3 , , 1 8 2 3 1 9 2 2 , , 9 88 8 8 4 2 2 , , 8 8 6 7 7 3 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—Apr. 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 i 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 3 422 186 129 536 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—Apr. 13. ... 20,805 4,594 16 211 15 175 487 548 Chicago:3 1934—June 30.... 1,445 556 60 188 21 286 889 661 64 59 194 268 76 114 115 1937—June 30.... 1,969 675 51 145 13 465 1,295 1,001 30 366 511 94 173 121 1940—June 29.... 2,205 603 432 8 23 61 16 62 1,602 1,258 254 161 710 134 177 167 1941—June 30.... 2,707 846 630 5 36 55 20 101 1,861 1,483 417 125 803 138 190 188 1942—June 30.... 3,116 906 712 3 29 50 22 90 2,210 1,858 357 181 162 1,068 90 164 188 Dec. 31.... 3,973 832 658 6 34 32 23 62 18 3,141 2,789 397 637 391 1,282 83 166 186 1943—June 30.... 4,332 784 612 2 40 41 23 51 15 3,548 3,167 473 795 399 1,424 75 209 172 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—Apr. 13.... 4,727 962 3,765 3,417 186 163 Reserve city banks: 1934—June 30... 9,609 4,394 232 1,200 ,124 1,840 5,214 3,535 103 178 1,148 2,088 19 632 1,046 1937—June 30... 11,629 4,994 158 1,032 L.164 2,639 6,635 4,902 195 1,777 2,295 635 752 981 1940—June 29... 12,160 5,365 2-290 "l76 87 210 ,372 1,230 6,795 4,947 87 839 3,052 969 981 868 1941—June 30... 14,013 6,498 3,081 175 100 198 L,477 1,466 7,515 5,700 73 606 3,858 1,162 979 836 1942—June 30... 16,535 6,564 3,318 152 78 177 L,524 1,315 9,971 8,188 579 "674 981 5,149 806 925 858 Dec. 31... 20,915 6,102 2,957 290 97 153 1,486 808 312 14,813 13,038 1,441 2,253 1,723 6,810 811 954 821 1943—June 30.... 24,677 5,533 2,652 205 107 157 1,465 670 276 19,144 17,417 2,626 3,529 1,828 8,576 857 942 785 Dec. 31.... 27,521 6,201 3,058 279 217 267 L,420 658 301 21,321 19,682 1,802 4,691 2,497 9,943 749 913 726 1944—Apr. 13.... 28,676 5,997 22,680 21,009 933 737 Country banks: 1934—June 30.... 8,456 4,172 59 1,039 ,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 L, 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 ,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 ,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—Apr. 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 ,105 1,116 1,846 592 4 20 175 372 21 429 824 1937—June 30... 5,479 2,756 30 321 ,078 1,329 2,723 1,275 6 276 697 296 534 914 1940—June 29... 5,379 3,042 "'512' 448 17 74 ,212 778 2,337 1,178 8 156 765 249 595 563 1941—June 30... 5,534 3,183 534 429 18 68 ,267 865 2,350 1,293 8 127 918 241 568 489 1942—June 30.... 5,849 2,995 485 439 15 57 ,273 726 2,854 1,837 27" ' 106 185 1,329 189 561 456 Dec. 31... 6,984 2,818 370 553 16 59 ,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 ,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 ,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. 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 U.S. C an la d s s c a o l f l d ba a n te k s s, F s B s e e w e R a d r r i n e v e v t - r h k e e a s s l v C a a in u sh lt m b a w a d n e n i o c s t k e - t h i s s c 4 j p m u a o s d a d s t e n - e i - t d d s 5 m D es o ti:c4 F e o ig ,r n - m U G er e . o n n v S - t - . p v s S o i u a s l t n i b a i t o d d t i e c n i s - a s l c C h c e o f a e e e t i f n e c c r f r i d d s . t k - i ' s - a p v n a i s p I t d d i h r n o o t u i d r n n c p a a i e s o s - - l r , s r - - , I b n a t n e k r- P m G i e S o a n r a s n o e n g v t v n d a - s - - t l S v p s i t a i u s o a c n i b l t a o d i e d l t n s - i s -a v p s n a i p I t h d d r i o n i t u o r p n d c n a a s e i o s l - - , r s r - - , r B in o o g w r s - - c C o t a a a u c l p n - i t - s AH 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 1,242 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—Apr. 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:5 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 11 1,774 Dec. 31... 3,596 92 61 13,899 2,867 810 3,395 252 710 14,373 4 ""5" 26 816 29 1,862 1944—Apr. 13.... 3,530 111 57 13,989 2,792 855 4,026 201 396 14,482 6 6 23 846 68 1,891 Chicago? 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" "l5" 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 2 453 304 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—Apr. 13.... 796 40 182 3,019 1,011 14 866 155 30 3,088 1 514 329 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—Apr. 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—Apr. 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 8 973 1942—June 30.... 268 2,333 4,250 89 2 47 635 55 3,616 14 7 71 3,218 6 952 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 C5,554 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. 693 JULY 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans Investments For purchasing U. S. Government obligations 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 t a a l t - e Lo to ans O lo t a h n e s r Total c C t a i e f t i e r - - s Guar- O se t c h u e - r ments t a c a u g u n r r l a d - i l - G U t l o i i o o g b . v S - n a t . - s . O c t t s u i h e e r - e s i- r G U t l o i i o o g . b v S n a - t - . s . O c t t s u i h e e r - e s i- r loans banks Total Bills o d n f e e e d b s i - n t s - - Notes Bonds t a e n e - d rities Total—101 Cities 1943—May 46,958 10,261 5 757 1,334 565 1,154 91 1,360 36,697 33,609 5,334 6,821 4,189 15,437 1,828 3,088 1944—Jan 49,812 10,771 6,353 846 570 301 300 1,106 61 1,234 39,041 36,254 3,128 8,825 4,688 17,847 1,766 2,787 Feb. . 53,139 11,625 6,412 1,070 600 807 319 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 Apr 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 May 50,366 10,186 5,958 632 582 300 306 1,073 54 1,281 40,180 37,338 2,553 8,928 7,107 18,118 632 2,842 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 May 31 49,988 10,081 5,846 622 570 279 310 1,073 55 1,326 39,907 37,029 2,299 8,886 7,094 18,134 616 2,878 June 7 50,032 10,155 5,870 696 565 272 303 1,071 53 1,325 39,877 37,027 2,285 8,834 7,097 18,203 608 2,850 June 14 50,405 10,249 5,913 736 576 265 309 1,072 49 1,329 40,156 37,259 2,357 8,911 7,111 18,275 605 2,897 June 21 51,152 10,416 5,939 812 623 285 311 1,072 38 1,336 40,736 37,832 2,381 9,231 7,185 18,416 619 2,904 New York City 1943—May 18,272 4,156 2,248 718 414 314 98 49 315 14,116 13,130 2,019 2,500 1,858 5,818 935 986 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 Apr 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 May 18,178 3,938 2,311 486 443 124 125 83 43 323 14,240 13,351 867 3,337 2,637 6,306 204 889 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 May 31 17,972 3,893 2,250 494 429 111 127 82 49 351 14,079 13,175 744 3,294 2,614 6,330 193 904 June 7 18,004 3,979 2,279 568 432 110 122 82 36 350 14,025 13,128 648 3,255 2,613 6,432 180 897 June 14 18,168 4,057 2,300 610 439 107 128 82 41 350 14,111 13,194 665 3,269 2,611 6,475 174 917 June 21 18,455 4,164 2,311 681 466 119 129 81 26 351 14,291 13,372 582 3,359 2,666 6,583 182 919 Outside New York City 1943—May 28,686 6,105 3,509 202 251 1,056 42 1,045 22,581 20,479 3,315 4,321 2,331 9,619 893 2,102 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 Apr 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 May 32,188 6,248 3,647 146 139 176 181 990 11 958 25,940 23,987 1,686 5,591 4,470 11,812 428 1,953 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 May 31 32,016 6,188 3,596 128 141 168 183 991 6 975 25,828 23,854 1,555 5,592 4,480 11,804 423 1,974 June 7.... 32,028 6,176 3,591 128 133 162 181 989 17 975 25,852 23,899 1,637 5 S7Q 4,484 11 771 428 1,953 June 14 32,237 6,192 3,613 126 137 158 181 990 8 979 26,015 24,065 1,692 5,642 4,500 11,800 431 1,980 June 21.... 32,697 6,252 3,628 131 157 166 182 991 12 985 26,445 24,460 1,799 5,872 4,519 11,833 437 1,985 Back figures .—See Banking and Monetary Statistics, pp. 127-227. 694 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- Domestic Date or month B s w F e e R a e r r i n e a t d v - k h l - e s v C a i a n u s l h t m b a w a d n e n o i c s t k - t e h , i s s c j p m u o a d s a d s t e n e i - - t d d s 1 s p p u n v h c a o a a e i o n i r d l r p r r d s a - t - - s - , - , S p s d s a i t i o u i c a n o v l a b t d n i i e l - t s - - s c C c h o a e f e e e f i t n e f c r r c d i d t s . k - i ' - s m U G e e r . o n n v S - t - . s p p u h a n v c o a a n i e o 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 n . e r o S g n v t n d v a . s - - t - l m D a e n - b d ank T s ime b F e a i o n g r k n - s B i r n o o g w r s - - co C a i u t a c a n p - l - ts B d a e it b n s - k 2 tions tions Total 101 Cities 1943—May. 8,381 520 2,516 30,354 30,377 1,783 721 8,748 5,419 117 31 8,897 54 738 86 4,095 52,013 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 Apr 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 May 8,934 543 2,031 35,424 35,289 1,993 684 6,070 6,519 129 48 8,053 39 891 139 4,388 52,031 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 r4,390 11,412 May 31 9,060 526 2,118 36,208 36,194 2,044 667 4,934 6,575 130 48 8,108 38 896 188 4,403 10,861 June 7.. 9,282 539 2,059 36,879 36,659 1,952 620 4,149 6,623 127 47 8,409 38 882 210 4,406 11,582 June 14. .. . 9,526 588 2,189 37,229 37,579 1,902 751 4,263 6,639 127 47 8,713 38 877 152 4,402 12,676 June 21.. .. 9,493 580 2,202 36,426 36,457 2,033 913 5,486 6,639 126 47< 8,872 38 882 159 4,411 16,093 New York City 1943—May 3,038 80 30 11,387 11,670 222 455 4,130 672 18 2,904 1 655 74 1,596 22,732 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 1 734 41 1,705 22,887 Mar 3,167 86 35 12,148 12,561 174 546 4,498 759 20 6 2,658 1 768 42 1,708 25,650 Apr 3,257 89 32 12,611 12,965 187 457 3,552 769 19 6 2,609 1 787 56 1,716 21,284 May.. 3,347 90 32 13,202 13,484 237 362 2,443 784 18 6 2,590 1 807 49 1,728 20,927 Mar. 29. 3,118 93 78 12,189 12,518 181 335 4,232 769 19 6 2,495 1 769 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 1-2,809 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 May 31 . 3,384 91 58 13,586 13,968 226 325 1,960 791 19 6 2,547 1 810 36 1,735 4,440 June 7. 3,503 89 26 13,905 14,170 196 315 1,630 799 19 6 2,654 1 795 96 1,733 4,786 June 14. 3,568 96 27 13,985 14,428 197 389 1,626 799 19 6 2,818 1 793 66 1,732 5,297 June 21. .. . 3,573 90 25 13,715 14,137 197 525 1,996 792 17 6 2,947 1 797 82 1,734 6,822 Outside New York City 1943—May 5,343 440 2,486 18,967 18,707 1,561 266 4,618 4,747 99 31 5,993 53 83 12 2,499 29,281 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 Apr 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 May 5,587 453 1,999 22,222 21,805 1,756 322 3,627 5,735 111 42 5,463 38 84 90 2,660 31,104 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 71,144 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 37 111 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 ill 42 5,471 37 85 99 r2,664 6,882 May 31.. 5,676 435 2,060 22,622 22,226 1,818 342 2,974 5,784 111 42 5,561 37 86 152 2,668 6,421 June 7. . 5,779 450 2,033 22,974 22,489 1,756 305 2,519 5,824 108 41 5,755 37 87 114 2,673 6,796 June 14 5,958 492 2,162 23,244 23,151 1,705 362 2,637 5,840 108 41 5,895 37 84 86 2,670 7,379 June 21... . 5,920 490 2,177 22,711 22,320 1,836 388 3,490 5,847 109 41 5,925 37 85 77 2,677 9,271 i T Revised. 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. JULY 1944 695 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 e d ) s e d r a v t e e m v a i e e n n s n - d t t - s Total t d c a r i i u n n i a a s - d l - l , , U T an . o S d b . d r e o a k l e e r r s s U T .S o . others e R l s o t e a a a n t l s e - L ba o t n a o k n s s O lo t a h n e s r Total Total Bills C c e i a o n r t f t - e if s i- Notes Bonds G a u n a - r- r O s i e t t c i h e u e s - r agri- Govt.Other Govt.Other debt- teed cul- obli- secur- obli- secur- edtural ga- ities ities ness tions tions Boston May 24 2,706 608 381 7 16 5 20 62 4 113 2,098 2,002 139 526 353 968 16 96 May 31 2,666 609 378 10 16 5 20 62 4 114 2,057 1,961 107 520 352 966 16 96 June 7 2,675 613 384 8 16 5 20 62 3 115 2,062 1,967 122 510 353 . 967 15 95 June 14 2,717 626 393 12 17 5 20 62 3 114 2,091 1,995 151 511 349 968 16 96 June 21 2,831 647 403 21 17 5 20 63 3 115 2,184 2,087 195 551 353 973 15 97 New York* 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 May 31 19,772 4,236 2,408 496 437 123 150 160 49 413 15,536 14,555 866 3,564 2,890 7,023 212 981 June 7 19,741 4,323 2,436 570 441 122 145 160 37 412 15,418 14,445 697 3,526 2,894 7,129 199 973 June 14 19,910 4,400 2,457 612 449 118 151 160 41 412 15,510 14,516 711 3,542 2,892 7,1^4 197 994 June 21 20,215 4,504 2,468 683 473 130 152 160 26 412 15,711 14,716 633 3,645 2,950 7,282 206 995 Philadelphia May 24 2,191 430 243 1 33 3 9 38 2 101 1,761 1,586 141 281 225 907 32 175 May 31 2,190 425 242 1 32 3 9 37 101 1,765 1,589 138 287 225 905 34 176 June 7 2,205 427 241 1 32 3 8 37 4 101 1,778 1,606 155 283 226 898 44 172 June 14 2,210 428 241 2 32 3 8 37 3 102 1,782 1,609 154 285 226 900 44 173 June 21 2,229 431 240 2 3ZA 4 9 36 6 102 1,798 1,625 164 289 226 892 54 173 Cleveland May 24 4,140 784 385 59 12 18 13 164 133 3,356 3,117 230 691 519 1,632 45 239 May 31 4,132 780 383 57 12 18 13 165 132 3,352 3,111 219 688 528 1,631 45 241 June 7 4,147 784 381 60 13 14 13 165 "6 132 3,363 3,124 214 718 518 1,630 44 239 June 14 4,148 772 387 48 13 14 13 165 132 3,376 3,138 210 735 518 1,630 45 238 June 21 4,197 770 389 45 13 14 13 164 132 3,427 3,190 244 752 517 1,632 45 237 Richmond May 24 1,563 259 113 2 4 21 11 48 1 59 1,304 1,247 70 241 234 684 18 57 May 31 1,575 257 114 1 4 20 11 48 59 1,318 1,261 82 241 229 692 17 57 June 7 1,566 256 114 1 4 20 10 48 1 58 1,310 1,253 75 241 234 686 17 57 June 14 1,566 258 114 3 4 19 10 49 1 58 1,308 1,251 67 246 238 685 15 57 June 21 1,590 259 113 3 4 22 10 49 58 1,331 1,274 72 262 241 683 16 57 Atlanta May 24 1,518 290 171 5 16 6 27 65 1,228 1,119 66 269 273 486 25 109 May 31 1,515 288 170 5 16 6 27 64 1,227 1,118 65 266 272 490 25 109 June 7 1,515 285 167 5 17 6 27 63 1,230 1,118 62 270 271 489 26 112 June 14 1,528 284 166 5 17 6 27 63 1,244 1,134 73 275 in 491 24 110 June 21 1,536 284 164 5 17 6 27 65 1,252 1,143 77 111 213 492 24 109 Chicago* 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 May 31 7,625 1,386 958 43 42 36 42 135 130 6,239 5,687 291 1,478 1,058 2,768 92 552 June 7 7,704 1,381 964 44 32 36 41 134 130 6,323 5,771 395 1,459 1,059 2,766 92 552 June 14 7,705 1,394 973 46 34 35 41 134 131 6,311 5,755 366 1,468 1,058 2,771 92 556 June 21 7,847 1,399 975 43 38 36 42 134 131 6,448 5,887 400 1,552 1,059 2,784 92 561 St. Louis May 24 1,542 369 204 4 15 6 63 1 76 1,173 1,065 52 260 222 510 21 108 May 31 1,542 366 199 4 14 6 63 2 78 1,176 1,060 41 262 225 510 22 116 June 7 1,539 366 198 4 14 7 63 2 78 1,173 1,064 50 259 225 511 19 109 June 14 1,549 362 196 4 13 7 63 1 78 1,187 1,080 60 263 225 510 22 107 June 21 1,556 368 197 " i 5 14 7 64 3 77 1,188 1,081 46 111 226 510 22 107 Minneapolis May 24 959 173 97 l 1 5 4 20 1 44 786 742 17 203 128 382 12 44 May 31 964 173 97 l 2 5 4 21 43 791 745 20 203 132 378 12 46 June 7 957 172 95 2 5 5 21 44 785 740 19 198 134 377 12 45 June 14 988 173 96 2 5 5 21 44 815 754 22 198 144 379 11 61 June 21. 996 171 97 2 4 4 21 43 825 764 30 198 144 380 12 61 Kansas City May 24... 1,714 306 195 l 3 8 7 39 53 1,408 1,274 100 308 283 549 34 134 May 31 1,696 303 193 l 3 7 7 39 53 1,393 1,258 86 306 283 549 34 135 June 7 1, 706 301 191 I 3 7 7 39 53 1,405 1,272 94 307 284 553 34 133 June 14 1,726 301 190 l 3 8 7 38 54 1,425 1,291 103 313 286 555 34 134 June 21 1,727 306 195 i 3 6 7 38 56 1,421 1,294 89 324 286 561 34 127 Dallas. May 24 1,371 327 232 2 11 17 20 45 1,044 1,000 91 263 198 410 38 44 May 31 1,367 326 231 2 11 17 19 46 1,041 997 77 273 204 411 32 44 June 7 1,376 329 233 2 12 17 19 46 1,047 1,003 82 274 204 411 32 44 June 14 1,382 328 233 2 11 17 20 45 1,054 1,010 89 276 203 412 30 44 June 21 .# 1,394 331 234 2 13 17 20 45 1,063 1,019 85 289 208 413 24 44 San Francisco May 24 4,939 943 473 22 11 22 24 296 95 3,996 3,672 290 803 696 1,808 75 324 May 31 4,944 932 473 12 11 21 25 297 93 4,012 3,687 307 798 696 1,811 75 325 June] 7 4,901 918 466 11 11 17 24 296 93 3,983 3,664 320 789 695 1,786 74 319 June 14 4,976 923 467 12 11 17 24 296 96 4,053 3,726 351 799 701 1,800 75 327 June 21 5,034 946 464 13 29 20 24 296 100 4,088 3,752 346 815 702 1,814 75 336 City of Chicago* May 24 4,661 962 717 43 32 29 37 23 81 3,699 3,331 189 862 591 1,658 31 368 May 31 4,576 952 707 41 36 29 36 23 80 3,624 3,255 128 852 591 1,653 31 369 June 7 4,599 950 715 41 26 29 36 23 80 3,649 3,280 185 822 591 1,651 31 369 June 14 4,667 962 722 44 28 29 36 23 80 3,705 3,332 225 830 590 1,656 31 373 June 21 4,684 966 725 41 33 28 37 23 79 3,718 3,340 212 843 591 1,663 31 378 * Separate figures for New York City are shown in the immediately preceding table, and for the city of Chicago in this table. The figures for the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively. 696 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 l 9 a 4 R 4 n ) d es e d r a v t e e B s w F e R a e e r n i r e a d t v k - h l - e s v C a i a n u sh lt m b a w e a n d i s n c o t t e - k h i s s c j p u m o a s d a t d s e e n i - - t d d s ] s u p h v n c a a a i o i e n p d l r r r d s s t - - - - , , S p d s a t i o i u c a n v l b a t d i i e t - l - - s c C h c o a f e e e f i n c f e r r d i s t k d - i ' s - m U G er o e . n S n v - . t - s p u h c v n a a a o i e i n p d l r r r d s t - - - s - , , S p d s a i t o i u c a n v l b a t i d i e t l - - - s P U m G S e o a a r o n . e s n v S t n v d a - - . t - l m D a e n b - d ank T s ime b e F a i o g n r k n - s i r B n o o g w r s - - c C o i a t u a c a p n - l t - s B d i e t a s b n 2 - k pora- sions etc. pora- ings tions tions Boston (6 cities) May 24 442 59 104 2,112 2,073 119 371 295 278 16 11 266 561 May 31 451 56 102 2,117 2,094 119 328 297 281 17 12 267 517 June 7 464 58 104 2,167 2,133 114 275 298 310 16 10 267 561 June 14 476 61 118 2,180 2,169 119 304 299 327 15 15 265 697 June 21 473 62 127 2,183 2,163 119 400 300 336 16 10 266 789 New York (8 cities)* May 24 3,647 123 100 14,746 14,740 499 413 2,346 1,250 2,615 4 802 121 1,864 4,860 May 31 ! 3,627 122 139 14,954 15,079 528 352 2,096 1,254 2,608 4 812 55 1,874 4,753 June 7 3,733 122 106 15,225 15,303 421 339 1,746 1,267 2,717 4 797 104 1,871 5,196 June 14 3,814 131 110 15,309 15,592 408 416 1,750 1,268 2,883 3 795 84 1,871 5,683 June 21 3,824 125 111 15,033 15,273 416 551 2,151 1,261 3,010 4 799 100 1,873 7,247 Philadelphia (4 cities) May 24 399 29 70 1,747 1,723 '109 11 263 171 302 6 4 231 449 May 31 403 28 71 1,772 1,758 114 13 232 170 309 7 6 232 425 June 7 417 29 74 1,826 1,791 116 16 194 171 328 7 3 232 473 June 14 420 29 80 1,831 1,829 115 13 193 171 339 6 4 232 428 June 21 421 30 1,780 1,770 114 19 250 171 351 6 1 229 721 Cleveland (10 cities) May 24 710 69 199 2,937 2,953 125 392 878 459 8 1 439 775 May 31 719 67 208 2,979 3,039 129 353 881 460 8 1 439 713 June 7 742 70 202 3,047 3,055 133 296 887 478 8 3 439 756 June 14 750 74 233 3,066 3,143 129 301 498 8 1 438 842 June 21 739 76 212 2,957 3,006 129 426 492 8 1 439 1,139 Richmond (12 cities) May 24 280 38 133 1,115 1,097 176 247 325 6 2 114 325 May 31 281 36 150 1,161 1,145 90 157 248 324 6 2 114 300 June 7. 294 36 140 1,162 1,136 90 133 250 340 6 1 115 331 June 14 283 37 157 1,161 1,164 80 132 252 347 7 115 353 June 21 300 38 155 1,167 1,114 121 169 252 342 6 116 434 Atlanta (8 cities) May 24 302 27 154 1,094 1,027 156 124 272 413 1 112 332 May 31 301 25 148 1,094 1,026 161 111 274 413 1 112 320 June 7 317 25 153 1,105 1,039 159 94 276 435 1 112 318 June 14 320 27 170 1,135 1,093 147 94 277 440 1 111 332 June 21 302 27 164 1,095 1,045 146 125 278 430 1 112 406 Chicago (12 cities)* May 24 1,391 97 382 5,576 5,458 396 821 1,292 1,396 5 505 1,835 May 31 1,431 76 440 5,666 5,589 404 734 1,296 1,382 5 507 1,642 June 7 1,425 87 410 5,740 5,583 416 622 1,304 1,465 5 508 1,806 June 14 1,500 103 412 5,732 5,671 416 660 1,306 1,525 5 512 [,992 June 21 1,481 101 405 5,594 5,395 501 875 1,307 1,538 5 514 2,440 St. Louis (5 cities) May 24 274 21 104 941 971 60 136 239 475 111 356 May 31 226 20 89 713 742 54 153 238 573 110 542 June 7 232 20 94 825 859 59 126 240 509 111 333 June 14 285 21 108 960 1,007 65 129 241 493 112 375 June 21 282 20 114 919 954 63 179 242 489 112 441 Minneapolis (8 cities) May 24 165 11 72 624 592 75 110 141 244 r75 183 May 31 166 11 70 636 625 59 98 141 246 76 168 June 7 172 10 87 657 637 67 83 143 260 76 202 June 14 175 12 80 668 630 75 104 144 256 76 243 June 21 172 11 80 642 602 77 132 143 257 76 265 Kansas City (12 cities) May 24 376 22 263 1,206 1,165 133 137 191 718 5 129 397 M J J J u u u a n n n y e e e 3 2 1 7 1 1 4 3 3 3 3 7 8 8 8 3 1 4 3 2 2 2 2 1 1 4 3 2 2 2 2 4 5 6 6 2 3 9 6 1 1 1 1 , , , , 1 1 1 2 9 6 4 1 2 9 2 3 1 1 1 1 , , , , 1 2 1 1 0 3 7 6 7 9 1 4 1 1 1 1 3 3 3 2 1 4 0 4 1 1 1 1 3 1 1 6 2 1 8 9 1 1 1 1 9 9 9 9 1 3 4 4 7 7 7 7 1 4 4 7 7 4 9 1 5 5 5 5 1 1 1 1 2 2 2 3 9 9 9 0 4 3 3 5 0 9 8 4 9 0 2 8 Dallas (9 cities) May 24 296 22 207 1,110 1,107 61 113 168 410 106 331 May 31 293 22 211 1,120 1,128 67 100 169 408 106 272 June 7 312 21 198 1,114 1,127 63 92 170 432 108 309 June 14 321 23 215 1,125 1,153 53 98 170 450 107 340 June 21 298 23 218 1,080 1,108 46 138 .171 443 109 423 San Francisco (7 cities) May 24 774 41 245 2,761 2,764 183 483 1,412 391 9 438 1,008 M J J J u u u a n n n y e e e 2 3 1 7 1 1 4 8 8 7 7 0 8 9 1 1 9 0 8 4 4 4 4 2 0 6 4 2 2 2 2 4 3 4 6 8 8 0 7 2 2 2 2 , , , , 8 8 8 8 2 1 4 3 7 9 9 4 2 2 2 2 , , , , 8 8 8 9 3 2 2 6 0 5 1 3 1 1 1 1 8 8 6 7 5 3 5 7 4 3 4 3 7 4 7 8 7 0 2 0 1 1 1 1 , , , , 4 4 4 4 2 2 3 1 4 9 1 6 3 3 4 4 8 9 0 1 7 1 6 3 9 9 9 9 4 4 4 4 3 3 3 3 5 8 7 4 1, 9 8 9 2 0 2 8 4 7 7 2 0 City of Chicago* May 24 861 42 178 3,343 3,357 163 526 550 989 329 1,064 May 31 861 23 240 3,377 3,405 168 468 549 972 331 946 June 7 892 33 209 3,417 3,398 184 392 552 1,038 332 1,091 June 14 923 43 191 3,446 3,484 190 409 552 1,083 336 1,181 June 21 926 43 183 I 3,321 3,293 214 523 553 1,091 336 1,478 r Revised. * See note on preceding page. 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 2 Debits to demand deposit accounts except interbank and U. S. Government accounts. 697 JULY 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS* ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Commer- Held by Based on cial End of month sta p o n a u d p t i e - n r g sta T o n o u d t t a i - n l g Total Accep O t b i i n w l g ls n banks b B ou il g ls ht Others2 I U m S i n t n p a i t o t t o e e r d s ts E U S x f t n r p a o i t t o m e e r s d ts ex D c o h l a l n a g r e G U s o h n o i i d p te p s p d o e s d i t n o t b r s e e F i d t n w o i r e n e e i n g o n r States countries 1943—February 209 127 102 64 38 25 60 14 41 12 March 201 130 101 62 39 29 69 12 39 10 April 179 128 99 61 38 29 71 9 38 11 May 160 136 105 65 40 31 79 8 37 12 June 143 140 102 62 40 38 82 10 36 12 July 150 139 102 64 38 36 81 12 35 10 August 156 130 94 59 36 36 77 10 33 11 September 170 117 84 50 33 33 69 7 30 11 October 188 115 48 39 27 67 9 29 10 November 203 111 53 35 23 59 11 31 9 December 202 117 90 52 38 27 66 11 30 9 1944—January 209 120 94 55 38 27 71 12 29 9 February 214 135 106 57 49 29 83 12 32 8 March 195 129 100 52 48 30 79 12 31 7 April 172 126 96 51 45 29 77 12 30 7 May 151 113 90 49 41 24 71 10 28 4 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 Lnd of month Debit Debit cre C d u it s b to a m la e n r c s e ' s1 Other credit balances Customers' balances in balances in Cash on debit partners' firm hand Money ba (n la e n t) c 1 es a in n a d v c e c t s o r t a u m d n e i t n s n g t a in n a d v c e c t s o r t u a m n d e t i s n n g t a b n a d n k i s n borrowed2 Free O (n th e e t) r a i I n n n a v d c p e c t a s o r t r u a m t n d n e t i e s n n r g t s' i a n a n v c d I e n c s t o t r f u m i a r n d m e t i s n n t g I a n c ( c c n o a e u p t) n it t a s l 1936—June 1,267 67 164 219 985 276 86 24 14 420 December 1,395 64 164 249 1,048 342 103 30 12 424 1937—June 1,489 55 161 214 1,217 266 92 25 13 397 December 985 34 108 232 688 278 85 26 10 355 1938—JUne 774 27 88 215 495 258 89 22 11 298 December 991 32 106 190 754 247 60 22 5 305 1939—June 834 25 73 178 570 230 70 21 6 280 December 906 16 78 207 637 266 69 23 7 277 1940—June 653 12 58 223 376 267 62 22 5 269 December 677 12 99 204 427 281 54 22 5 247 1941—June 616 11 89 186 395 255 65 17 7 222 December 600 8 86 211 368 289 63 17 5 213 1942—June 496 9 86 180 309 240 56 16 4 189 December 543 7 154 160 378 270 54 15 4 182 1943—May "740 e550 e330 June 761 9 190 167 529 334 66 15 7 212 Tulv e780 e530 e340 e740 e490 «340 September e820 c77O e320 October e830 «740 «330 November e78O e600 *340 December 788 11 188 181 557 354 65 14 5 198 1944—January e78O e560 e37O February e800 e650 e370 March e820 6630 e380 April e78O 6600 e390 May c790 e550 e400 e Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of large firms. 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. . 2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. # , ™ ,, ... CA? t A • i -i 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. 698 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 annuml AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES Yields on U.S. [Per cent per annum] mo Y w n e t e h 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 - 6 r e a s , - l l a a b P d c n a e r a c c 9 i n r y e e m 0 s k s p s ' - > e i t- c S h l n c a e o t r a e o x a l e a n w - l c - n l g k - e m G b o i 3 o l n - l v s th 3 ern d m 9 c m e o - c e e b f r a o t n o t t t n i t i e e f n t 1 d i s h s - - 2 - e - cu 3 ta r n - y i x o t t e i o a t a e e b S r s 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 y 6 k 7 e E N r c a 3 n o O i s . t r 3 t i a t t e e 9 h n h s r e - d n r 1 W e 1 r c 3 n e S i . s t o 7 i a t e u 6 e n s r t d n hness 1936 average1 2.68 1.72 3.04 3.40 1937 average1 2.59 1.73 2.88 3.25 1938 average1 2.53 1.69 2.75 3.26 1941 average. .54 .44 1.00 .103 .76 1942 average .66 .44 1.00 .326 1.13 1939 average 2.78 2.07 2.87 3.51 L943 average .69 .44 1.00 .373 "".75" 1.31 1940 average 2.63 2.04 2.56 3.38 1943—May .69 .44 1.00 .373 .78 1.36 1941 average 2.54 1.97 2.55 3.19 June .69 .44 1.00 .374 .70 1.32 1942 average 2.61 2.07 2.58 3.26 July .69 .44 1.00 .374 .68 1.30 1943 average 2.72 2.30 2.80 3.13 August .69 .44 1.00 .375 .75 1.29 1939—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 . . . . 2 3 3 3 9 1 0 1 1940— J S M u e n a p r e t c e h mber. 2 2 2 2 . . . . 6 5 6 5 5 9 8 9 2 2 2 2 . . . . 0 1 0 0 3 4 0 0 2 2 2 2 . . . . 4 6 5 5 9 7 6 3 3 3 3 3 . . . . 3 3 4 3 5 8 3 6 1944—January .69 .44 1.00 .374 .78 1.30 December. 2.58 2.06 2.53 3.25 February .69 .44 1.00 .375 .78 1.32 1941—March 2.55 1.95 2.58 3.23 March .69 .44 1.00 .375 .80 1.36 June 2.60 1.98 2.62 3.29 April .69 .44 1.00 .375 4.78 1.36 September. 2.41 1.88 2.45 2.99 May .75 .44 1.00 .375 .77 1.35 December . 2.48 1.85 2.48 3.20 Week J M e u n a n d y e i n 2 g 7 3 : 8 I 1 1 . . 0 0 0 0 . . 3 3 7 7 5 5 . .7 7 9 9 1 1. . 3 3 4 5 1942— J S M u e n p a e r t c e h mber. 2 2 2 . . . 7 6 6 0 2 3 2 2 2 . . . 0 0 2 9 7 8 2 2 2 . . . 5 6 6 6 3 6 3 3 3 . . . 3 2 2 4 5 6 p Pr J e J J u u u li n n n m e e e in 2 1 1 4 a 7 0 ry. 8 H I 1 1 1 . . . 0 0 0 0 0 0 . . . 3 3 3 7 7 7 5 5 5 . . . 7 7 7 9 9 9 1 1 1 . . . 3 3 3 5 4 3 1943— J D S D M u e e e n a p c c e r t e e c e m m h m b b b e e e r r r . . . . 3 2 2 2 . . . . 6 0 4 7 5 0 8 6 2 2 2 2 . . . . 0 7 1 3 5 0 0 6 2 2 2 2 . . . . 7 9 7 7 1 8 6 6 3 3 3 2 . . . . 1 2 3 7 7 4 8 3 1 Monthly figures are averages of weekly prevailing rates. 1944—March 2.63 2.10 2.75 3.12 2 The average rate on 90-day stock exchange time loans was 1.25 per June *>2.63 2.23 3.20 cent during the entire period. M 3 a r R ch a te 1 : 9 4 o 1 n ; t n a e x w a b ii l s e s u b e i s ll s o f t f h er e e r d e af w te it r h . in period. Tax-exempt bills prior to p Preliminary. 4 Number of issues increased from 1 to 2 on Apr. 1. 1 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; lor 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 l [Per cent per annum] U. S. Government Corporate (Moody's)4 Yea o r r , w m e o e n k th, L p o a n r g t - ia te l r ly m Tax*ible M (h u ip i n g a i h l c- C r o a r t p e o- By rating ]iy groups tax- 7 to 9 15 years grade)2 grade)3 Total exempt years and Aaa Aa A Baa Indus- Rail- Public over trial road utility dumber of issues 1-5 1-4 1-6 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 1.93 2^46 2.36 2^75 3.34 2^8 4'.28 2 ".96 3^96 1943 average 1.98 1.96 2.47 2.06 2.64 3.16 2.73 2.86 3!l3 3.91 2.85 3.64 2.99 1943—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 .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 May 1.94 i.95 2.49 .86 2.58 3.06 2.73 2.81 3.07 3.63 2.81 3.41 2.97 Week ending: May 27 1.94 1.95 2.49 .85 2.57 3.05 2.72 2.81 3.07 3.61 2.80 3.40 2.96 June 3 1.92 1.95 2.49 .85 2.57 3.05 2.72 2.81 3.07 3.60 2.80 3.40 2.96 June 10 1.92 1.95 2.49 1.86 2.58 3.05 2.73 2.82 3.07 3.60 2.80 3.40 2.97 June 17.. 1.92 1.95 2.49 1.87 2.58 3.05 2.73 2.82 3.07 3.60 2.79 3.40 2.97 June 24 1.90 1.95 2.49 1.87 2.59 3.05 2.73 2.81 3.06 3.59 2.78 3.39 2.97 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. JULY 1944 699 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS1 Bond prices Stock prices3 Volume Corporate4 Common (index, 1935-39 = 100) of trading? Year, month, or week m U G er e o . n n S v - t . - ^ g M ( r h i u a p i d n g a e i l h c ) - 3 H gr i a g d h e - Mediu In m d - u a s- n d lo R w ai e l r - - gra P de ublic fau D lt e e - d fe P r r r e e - ds Total In tr d i u a s l - R r a o i a l d - P u u ti b li l t i y c (i s s n a h n a t d h r s e o s o u ) f trial road utility Number of issues 1-6 50 20 20 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—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 100.14 135.8 120.4 113.6 119.3 105.7 115.8 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 May 100.19 135.6 120.9 114.7 121.5 106.5 116.0 58.9 173.2 97 99 99 730 Week ending: May 27... 100.17 135.8 120.9 114.9 121.9 107.1 115.7 60.3 173.3 98 100 101 854 June 3... 100.17 135.8 121.0 115.0 122.0 107.2 115.8 61.5 173.7 99 101 101 89 998 June 10... 100.17 135.6 120.9 114.5 121.9 106.0 115.7 60.0 174.6 99 101 98 89 1,100 June 17... 100.16 135.4 120.9 114.6 121.5 106.5 115.8 61.0 175.9 101 104 100 2,119 June 24 .. 100.16 135.4 120.9 114.4 121.2 105.9 116.0 61.9 175.9 103 105 102 1,601 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 dollarsl "or new capital For refunding Total Domestic Domestic (new Total Total Year or month and (do- (dof i u r n n e g - d ) - m e a f e i o n g s r d n t - i ) c Total S n m a p t i n a c a u d l t i - e - a F c e g i e r e e a d n s l - 1 - Total Co B n r a p o o n n o t d e d r s a s te Stocks F ei o g r n - 2 m e a f e i o n g s r d t n - i ) c Total S n a m p t i n a c a u d l t i - e - a F c e g i e r e e a d n s l - 1 - Total Co B n r a o o p n n t o d e d r s s ate Stocks e F ig o n r 2 - 1934 2,160 1,386 1 386 803 405 178 144 35 774 765 136 317 312 312 9 1935 4,699 1,457 1,409 855 150 404 334 69 48 3,242 3,216 365 987 1,864 1,782 81 26 1936 6,214 1,972 1,949 735 22 1,192 839 352 23 4,242 4,123 382 353 3,387 3,187 200 119 1937 3,937 2,138 2,094 712 157 1,225 817 408 44 1,799 1,680 191 281 1,209 856 352 119 1938 4,449 2,360 2,325 971 481 873 807 67 35 2,089 2,061 129 665 1,267 1,236 31 28 1939 5,842 2,289 2,239 931 924 383 287 97 50 3,553 3,465 195 1,537 1,733 1,596 137 88 1940 4,803 1,951 1 948 751 461 736 601 135 2 2 852 2 852 482 344 2 026 1 834 193 1941 5,546 2,854 2,852 518 1,272 1,062 889 173 1 2,693 2,689 435 698 1,557 1,430 126 4 1942 2,114 1,075 1,075 342 108 624 506 118 1 039 1 039 181 440 418 407 11 1943 .. . 2,143 611 609 176 59 374 282 92 2 1,532 1,442 259 497 685 603 82 90 1943—May 157 44 44 12 3 29 25 4 114 114 25 44 45 42 2 June 203 41 41 10 1 30 22 8 162 162 41 43 78 67 11 July 169 31 31 7 4 19 6 13 139 139 42 31 66 65 1 August 145 29 29 7 22 14 8 116 116 22 15 79 69 10 September .. 109 20 20 10 10 10 89 89 10 24 55 51 5 October 201 57 57 5 11 41 33 7 144 144 11 46 87 59 27 November... 357 165 165 21 23 121 87 34 192 192 15 107 70 58 12 December... 163 33 33 10 10 14 8 6 130 130 8 39 83 77 7 1944—January 240 103 93 24 31 38 15 22 10 137 137 14 123 62 61 February 246 99 99 37 63 59 4 146 146 26 25 96 93 3 March 178 58 58 13 45 28 17 120 120 12 30 78 59 19 April 235 80 80 7 73 21 52 155 149 10 31 108 53 55 6 May 418 53 53 21 33 14 19 365 356 139 33 184 169 15 9 1 Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 Includes issues of noncontiguous U. S. Territories and Possessions. Source.—For domestic issues, Commercial and Financial Chronicle\\iox foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures.—See Banking and Monetary Statistics, Table 137, p. 487. 7OO FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES1 PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollarsl Proposed uses of net proceeds Year or month Est g i r m o a ss ted Esti n m et ated New money Retirement of securities Repayment proceeds2 proceeds3 of Other Total e P q l u a i n p t m a e n n d t W c o a r p k it i a n l g Total Bo n n o d t s e s and Pr s e t f o e c r k red other debt purposes 1934 397 384 57 32 26 231 231 n"" 84 11 1935 2,332 2,266 208 111 96 1,865 1,794 170 23 1936 4,572 4,431 858 380 478 3,368 3,143 226 154 49 1937 2,310 2,239 991 574 417 1,100 911 190 111 36 1938 . 2,155 2,110 681 504 177 1,206 1,119 87 215 7 1939 2,164 2,115 325 170 155 1,695 1,637 59 69 26 1940 2,677 2,615 569 424 145 1,854 1,726 128 174 19 1941 2,667 2,623 868 661 207 1,583 1,483 100 144 28 1942 1,062 1,043 474 287 187 396 366 30 138 35 1943 1,112 1,089 285 156 129 721 651 70 54 28 1942—August 43 42 38 33 5 4 4 September 82 80 31 12 19 25 24 2 4 20 October 46 45 4 2 2 41 41 November 35 34 5 1 4 28 28 1 December 34 33 16 15 1 17 13 4 1943—January 9 8 1 1 6 6 2 February 49 49 12 10 2 34 34 3 March 98 96 39 6 32 48 42 7 1 8 April 91 88 9 3 6 76 74 2 3 May 83 81 32 14 18 49 49 J J u u n ly e 9 7 9 6 9 7 7 4 25 3 10 1 3 5 5 7 9 0 4 5 0 1 1 1 9 9 i" 1 2 0 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 May 148 146 23 17 6 120 115 5 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 poses4 ceeds ties poses4 ceeds ties poses* ceeds ties poses* 1934 172 21 120 31 130 11 77 42 62 25 34 2 20 19 1935 120 57 54 10 1,250 30 1,190 30 774 74 550 150 122 46 72 4 1936 774 139 558 77 1,987 63 1,897 27 1,280 439 761 80 390 218 152 20 1937 338 228 110 1 751 89 611 50 1,079 616 373 90 71 57 7 1 1938 54 24 30 1,208 180 943 86 831 469 226 136 16 8 7 I 1939 182 85 97 1,246 43 1,157 47 584 188 353 43 102 9 88 5 1940 319 115 186 18 1,180 245 922 13 961 167 738 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—August 2 2 38 34 4 2 2 September 1 1 40 6 25 9 38 23 15 October. . . . 9 9 29 29 6 4 3" November. 17 i 16 17 4 12 1 December 4 4 27 10 17 3 2 1 1943—January 8 1 6 2 February 8 8 39 2" 34 3 2 2 March 15 5 10 22 1 20 1 59 33 18 8 April 3 3 58 1 55 3 27 5 22 May 14 14 38 38 17 11 7 12 7 4 June 46 46 1 1 ....... 50 25 23 2 July 7 7 26 24 40 3 26 11 ""2 2 August 6 6 46 46 49 9 35 6 3 2 O Se c p to te b m er ber 2 4 8 4 28" 4 5 9 0 "4" 4 4 9 1 4 1 8 4 3 2 2 9 4 22 3 1 1 i 1 N De o c v e e m m b b e e r r 26 3 ""3" 3 23 3 7 7 5 3 7 7 0 '"'5" 13 1 4 9 119 7 9 9 6 3 3 3 1944—January 8 8 61 61 81 26 53 2 M A Fe p a b r r i r c l u h ary 2 9 9 2 9 9 1 2 3 4 8 0 0 6" 1 3 2 3 0 8 4' 1 5 1 2 5 8 8 4 4 1 0 9 4 6 1 3 5 1 1 4 3 2 ""2" 4 3 ""2" 1 May 2 2 58 58 85 19 62 4 1 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. JULY 1944 701 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS INDUSTRIAL CORPORATIONS [In millions of dollars] Profits and Net profits,1 by industrial groups dividends Year or quarter Total s I a t r n e o e d n l c M e h r i a y n - - t b o A i m l u e - o s - p e O t m r t q o i t a e u o r h n t n n i e a s p t r - - - f m p e N u a r e r o r c n o t o a t n d d s u l - - s s O d g b o u t l h o r e a d e - r s t F o b a a o b e g n o v a e d d c e s c r s , - , o p r r a e o i i O n n f n d i g g i d n u l - c- c I h n c tr e a d i m l a u s l s i- - O g d n o u b t o o h r l n e a d e - - r s n s c M e e i e c r l i o v e s l u a - s - s - pr N of e it t s , 1 fe P D r r r e e iv - d ide C n m d o o s m n - Number of companies... 629 47 69 15 68 77 75 49 45 30 80 74 152 152 152 1939 1,465 146 115 223 102 119 70 151 98 186 134 122 847 90 564 1940 1,818 278 158 242 173 133 88 148 112 194 160 132 1,028 90 669 1941 .. . 2,169 325 193 274 227 153 113 159 174 207 187 159 1,144 92 705 1942.. 1,792 226 159 209 202 138 90 151 152 164 136 165 883 88 552 1943 1,823 205 168 201 203 128 83 163 185 169 144 173 902 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 3 560 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 4 481 53 46 53 646 32 23 42 58 46 36 47 245 23 169 1944—1.... 460 48 41 54 657 29 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 4 re e e All r N o e a t d s inc In o s m r ° e o 1 avr d D e i n v d i- s r O e p v i e e n r n g a u t e - I i b n n t e c c a f o o x o m m 4 re e e inc N o e m t e1 d D en iv d i s - 5 O re p v i e n e r g n a u t e - inc N o e m t e1 d D e i n v d i s - Number of companies... 28 28 28 28 32 32 32 1939 .... 3,995 126 93 -102 126 692 159 137 116 1,067 191 175 1940 4,297 249 189 -73 159 735 177 142 118 1,129 194 178 1941 5,347 674 500 23 186 799 202 133 115 1,235 178 172 1942 .... 7,466 1,658 902 147 202 848 226 118 98 1,362 163 163 1943 9,054 2,209 874 187 216 912 250 123 99 1,537 180 166 Quarterly 1940—l 986 -12 -29 25 187 48 41 19 274 49 44 2 1,010 15 3 -33 29 176 42 34 19 281 50 44 3 1,130 92 71 -14 29 177 41 31 19 281 45 44 4 1,171 145 127 3 78 194 47 37 20 294 50 46 1941—1 1,152 96 69 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 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 noit 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. 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] j Marketable public issues1 Nonmarketable public issues Fully End of month T d g d i r o 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 r e t b i a e c n t l s t g t- Total2 Tre b a i s ll u s ry in c C d a e n e te r e b t s s i t f s e o i d - f - Tr n e o a t s e u s ry T b re o a n s d u s ry Total2 sa b U v o . i n n S d g . s s T s ta r a n e x v o a i t a s n e u n g s 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 a u r a d e r r r a i s i i t n n t n i - e g - - s 1940—June 42,968 42,376 34,436 1,302 6,383 26,555 3,166 2,905 4,775 591 5,498 Dec 45,025 44,458 35,645 1,310 6,178 27,960 3,444 3,195 5,370 566 5,901 1941—June 48,961 48,387 37,713 1,603 5,698 30,215 4,555 4,314 6,120 574 6,360 Dec 57,938 57,451 41,562 2,002 5,997 33,367 8,907 6,140 " 2,471" 6,982 487 6,317 1942—June 72,422 71,968 50,573 2,508 3,096 6,689 38,085 13,510 10,188 3,015 7,885 454 4,548 Dec 108,170 107,308 76,488 6,627 10,534 9,863 49,268 21,788 15,050 6,384 9,032 862 4,283 1943—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 May 186,366 184,874 128,029 13,766 25,266 16,265 72,537 ' 42,724 32,987 9,050 14,122 1,492 1,529 1 Including amounts held by Government agencies and trust funds, which aggregated $4,050,000,000 on Apr. 30, 1944, and $4,050,000,000 (preliminary) on May 31, 1944. 2 Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service and depositary bonds not shown separately. including prepayments amounting to $2,193,000,000 on securities dated Feb. 1, 1944, sold in the Fourth War Loan Drive beginning Jan. 18, 1944. Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512. UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING, MAY 31, 1944 [In millions of dollars] (On basis of daily statements of United States Treasury. In millions of dollars] Amount Funds received from sales during Redemp- Issue Amount Issue Amount out- month tions Month standing Tr J e u a n s e u ry 1, b 1 i 9 l 4 ls 4 1,007 Tr J e u a n s e u r 1 y 5 , b 1 o 9 n 4 d 9- s 5 — 1 Cont. 1,014 at m e o n n d t h o 1 f se A ri l e l s Se E ries Se F ries Se G ries se A ri l e l s June 8, 1944 1,035 Sept. 15, 1949-51 1,292 June 15, 1944 1,016 Dec. 15, 1949-51 2,098 1943—Apr 19,267 1,470 1,007 110 353 103 J J J J J J A A u u u u u u u u l n n l l l y y y g y g e e . . 2 1 2 2 2 3 1 6 0 3 7 9 2 0 , , , , , , , , 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 1 1 1 1 1 1 1 1 , , , , , , , , 0 2 0 0 0 0 0 0 0 1 1 1 1 0 1 0 7 7 6 5 3 8 0 1 J M S S S D S D u e e e e e e a n p p p p c c r e t t t t . . . . . . . 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 , , , , , , , , 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 4 5 4 5 5 5 5 5 9 1 9 0 0 1 1 0 - - - - - - - - 5 5 5 5 5 5 5 5 2 4 3 2 2 5 3 2) 4 7 1 1 1 1 , , , , , , 9 9 6 1 9 7 4 7 3 2 6 8 8 8 9 5 9 7 3 6 6 6 1 5 M N J S D O J A u u e o e c u a n l p c t v g y y t e 2 2 2 2 2 2 2 2 0 1 2 6 4 6 7 2 ' , , , , , , , , 5 6 6 4 0 0 3 2 0 9 9 7 5 3 6 5 7 7 4 8 6 0 3 6 1 1 1 , , ' , 3 9 8 7 8 8 8 7 3 2 0 7 0 9 9 5 5 7 8 6 2 0 8 3 1 1 , , 4 3 6 9 6 6 6 7 4 0 9 8 6 9 6 2 0 0 5 3 5 6 1 8 1 9 8 3 2 2 2 3 3 3 6 5 3 8 4 9 8 3 2 2 1 1 1 1 1 8 7 5 1 0 4 0 6 7 5 4 2 9 4 1 9 2 1 1 1 1 1 1 1 0 0 7 5 5 4 4 3 7 4 0 5 2 4 1 8 Aug. 17, 1944 1,206 Dec. 15, 1951-53 1,118 Aug. 24, 1944 1,214 Dec. 15, 1951-55 510 1944—Jan 28,901 1,698 1,085 127 487 188 Ce O A S r e u c t p , t g . t o . . f 1 1 1 , , , i n 1 1 1 9 d 9 9 4 4 4 e 4 4 4 b . t . edness 4 3 2 , , , 1 5 5 2 1 4 2 9 5 M J J J M u u u a a n n n r r e e e . . 1 1 1 1 1 5 5 5 5 5 , , , , , 1 1 1 1 1 9 9 9 9 9 5 5 5 5 5 2 4 3 2 5 - - - - - 5 5 5 5 6 5 6 5 4 0 2 1 1 , , , 0 6 5 6 7 2 0 1 8 2 1 4 1 1 5 M M A Fe p a a b r r y. 3 3 3 3 1 2 2 1 , , , , 4 9 5 9 9 8 7 1 7 7 4 5 2,7 7 7 7 8 5 0 3 2 1 9 9 2,1 6 6 5 0 2 0 7 2 4 6 6 15 2 1 1 7 3 9 5 5 1 1 1 2 1 1 1 2 4 0 1 2 2 2 1 3 6 7 8 7 8 9 5 Dec. 1, 1944 3,540 Mar. 15, 1956-58 1,449 Feb. 1, 1945 5,048 Sept. 15, 1956-59 982 Amount Apr. 1, 1945 4,877 Sept. 15,1956-59 3,823 Maturity Date of issue outstanding, May 1, 1945 1,615 June 15, 1958-63 919 May 31,1944 Dec. 15, 1960-65 1,485 Treasury notes June 15, 1962-67 2,118 June 15, 1944 146 Dec. 15, 1963-68 2,831 Series A—1945 From Mar. 1, 1935 178 Sept. 15, 1944 283 June 15, 1964-69 3,762 Series B—1946 From Jan. 1, 1936 317 Sept. 15, 1944 635 Dec. 15, 1964-69 3,838 Series C—1947 From Jan. 1, 1937 406 Mar. 1, 1945 2,127 Mar. 15, 1965-70 2,289 Series C—1948 From Jan. 1, 1938 487 Mar. 15, 1945 718 Sept. 15, 1967-72 2,716 Series D—1949 From Jan. 1, 1939 800 Mar. 15, 1945 1,606 Postal Savings bonds... 117 Series D—1950 From Jan. 1, 1940 990 Dec. 15, 1945 531 Conversion bonds 29 Series D-^1951 From Jan. 1 to Feb. 28, 1941 332 M D S S e e e a p p c r t t . . . . 1 1 1 1 5 5 5 5 , , , 1 , 1 1 9 1 9 9 4 9 4 4 7 4 6 6 8 3 2 3 , , , 2 7 7 5 6 0 4 0 1 7 3 8 P G a u n a a r m T an o a t t a e C l e d d a i n r s a e e l c c t l u o i r s i a s t n u ie e . s . s.. 12870 5 2 0 9" S S S S e e e e r r r r i i i i e e e e s s s s D E E E — — — — 1 1 1 1 9 9 9 9 5 5 5 5 2 1 3 1 F F F F r r r r o o o o m m m m M M J J a a a a n n y . r . . 1 1 1 1 , , , 1 1 t 1 9 o 9 9 4 4 4 A 2 3 1 pr. 30. 1941 5 8 1, , , 2 9 3 1 4 9 7 1 1 3 3 2 Tr M J D D S e u e e e a a n p c c s r e . . t . u . r 1 1 1 1 y 1 5 5 5 5 5 , , , , , b 1 1 1 1 1 o 9 9 9 9 9 4 4 4 4 n 4 4 6 5 6 5 d - - - - 5 4 5 s 4 4 8 6 7 1 1 1 , , , 0 2 0 4 5 3 1 3 8 4 7 4 6 9 1 H F C e o o r J V d m m e u e a t n e m r r ) e a . i o o O l 1 u 1 d w 5 s H i , , t n 1 y o 1 e 9 u 9 4 r C s 4 s 5 i ' 5 r - n 4 e L g 7 d o i a t A n d C C m o o r i p n rp . . . 4 7 1 5 2 2 5 3 S S S S S S S e e e e e e e r r r r r r r i i i i i i i e e e e e e e s s s s s s s G G G F E F F — — — — — — — 1 1 1 1 1 1 1 9 9 9 9 9 9 9 5 5 5 5 5 5 5 5 4 3 4 5 3 4 F F F F F F F r r r r r r r o o o o o o o m m m m m m m M M Ja a a a a a a n n n n n y y . . . . 1 1 1 1 1 1 1 , , , , , , , 1 1 1 1 1 1 1 9 9 9 9 9 9 9 4 4 4 4 4 4 4 4 1 2 2 3 3 1 4 2 1 2 , , , , 2 4 2 5 2 6 7 1 0 5 5 2 1 1 9 7 7 6 0 9 3 June 15, 1946-49 819 Total guaranteed issues 1,190 Series F—1956 From an. 1, 1944 334 Oct. 15, 1947-52 759 Series G—1956 From an. 1, 1944 1,315 Dec. 15, 1947 701 Series unclassified 116 Mar. 15, 1948-50 1,115 Mar. 15, 1948-51 1,223 Total.. 32,987 Tune 15, 1948 3,062 Sept. 15, 1948 451 Dec. 15, 1948-50 571 1 At current redemption values except Series G, which is stated at par. Difference between "Funds received" and month-to-month changes in "Amounts outstanding" represents the difference between accrued increases in redemption values and redemptions of bonds during the month. 703 JULY 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 held* ernment agencies Held End of month s i e n b c T e t u e a o r r r i t e i t a n s i l e t g - s S is p a s e n u c d e i s a t l rust f P i u s u n s b d u l s e i s c L F R B e e d s a e e n r r k 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 u v n t i u n k g a s l s I p c n a a o n s n m u c i e r e - - s M i a a O s b r s t k u l h e e e e s t r - inv m es N a a to r o b k r n l s e e - tissues 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 April 185,670 13,697 4,649 13,220 154,104 63,800 6,800 15,900 26,800 40,800 1 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 a o u n t t d a - l - m a e c g r i e e e n n n s - t - s F e R e r e r e a v d - l e - m b C e a o r n c m k i - s a 1 l M s i u n a a u g v l t s - - I a c n o n s m c u e r - - Other End of month s T t o a o u n t t a d - l - a m e c g r i e e e n n n s - t - s F e R e r e r e a v d - l e - b C m a c o n i e a m k r l - s - M s i u n a u a g v l t s - - I c a n o n s m c u e r - - Other ing and Banks o banks panies ing and Banks banks panies trust (r trust funds funds Total: 2 Treasury bonds: 1942—Dec 80,685 3,202 6,189 38,759 4,471 ,766 17,297 Total: 1943—June 99,218 3,319 7,202 48,665 5,161 ,486 22,385 1942—Dec 49,268 2,739 2,77719,445 4,055 9,94410,308 Nov 119,491 3,77410,348 56,951 5,911 228 28,280 1943—June 57,520 3,045 ,46824,226 4,725 11,44212,615 Dec 118,813 3,78711,543 55,549 5,962 386 27,586 Nov 67,940 3,609 ,508 28,076 5,49713,36; 15,882 1944—Jan 118,842 3,77612,073 57,174 5,57913,932 26,307 Dec 67,944 3,614 ,559 28,264 5,50613,389 15,613 Feb 129,640 4,037 11,632 60,029 6,488 1i5,43732,017 1944—Jan 67,944 3,611 ,592 29,001 5,23513,13815,368 Mar 129,623 4,050 12,115 59,358 6,626 1;5,57731,898 Feb 3,854 ,61329,976 6,118 14,60317,718 Apr 128,944 4,050 1:3,220 59,117 6,670 15,620 30,267 Mar 72,'813 3,858 ,45029,357 6,199 14,70417,245 Treasury bills: Apr 72,526 3,842 ,44529,501 6,20714,71816,814 1942—Dec 6,627 11 1,010 4,497 26 1,073 Maturing within 5 years: 1943—June 11,864 11 3,815 6,502 154 1,361 1942—Dec 5,830 754 2,565 253 726 1,531 Nov 13,074 8 6,163 5,643 19 1,232 1943—June 9,474 867 5,122 298 991 2,195 Dec 13,072 20 6,768 4,716 72 1,484 Nov 8,524 665 5,072 213 836 1,738 1944—Jan 13,101 21 6,941 4,904 15 1,209 Dec 8,524 665 5,044 211 828 1,775 Feb 13,112 6 6,354 5,484 1,263 1944—Jan 8,524 671 5,131 197 770 1,755 Mar 13,147 8 6,532 4,606 1,983 Feb 8,524 604 5,231 197 683 1,807 Apr 13,150 12 7,641 4,137 1,347 Mar 7,328 454 4,414 172 638 1,649 Certificates: Apr 7,005 449 4,299 179 624 1,452 1942—Dec 10,534 17 1,041 6,470 129 180 2,696 Maturing in 5-10 years: 1943—June 16,561 51 1,092 9,823 184 305 5,106 1942—Dec 17,080 1,574 9,353 1,129 2,101 2,920 Nov 23,103 48 1,908 13,177 171 280 7,520 1943—June 17,921 776 10,107 1,308 2,326 3,401 Dec 22,843 50 2,467 12,701 208 367 7,050 Nov 25,453 1,160 13,414 1,944 3,067 5,866 1944—Jan 22,843 40 2,787 13,352 128 299 6,236 Dec 28,360 1,495 15,642 2,030 3,254 5,934 Feb 25,680 69 2,696 13,049 150 382 9,325 1944—Jan 28,360 1,485 16,139 1,848 3,141 5,749 Mar 25,680 73 2,970 12,944 163 9,044 Feb 28,360 1,447 16,545 1,774 3,070 5,522 Apr 25,306 84 2,973 12,979 171 8,581 Mar 29,384 1,495 16,961 2,125 3,160 5,640 Treasury notes: Apr 29,384 1,496 17,161 2,124 3,098 5,505 1942—Dec 9,863 92 1,324 5,670 167 283 2,327 Maturing in 10-20 years: 1943—June 9,168 61 774 5,500 155 276 2,402 1942—Dec 16,295 2,165 6,240 1,580 2,778 3,531 Nov 11,596 63 693 7,552 192 279 2,816 1943—June 17,214 1,645 7,611 1,405 2,896 3,657 Dec 11,175 66 665 7,389 197 275 2,583 Nov 17,214 1,591 8,048 1,303 2,740 3,534 1944—Jan 11,175 66 665 7,372 171 258 2,642 Dec 14,310 1,270 6,051 1,219 2,571 3,203 Feb 13,302 69 882 9,046 175 259 2,870 1944—Jan 14,310 1,257 6,186 1,201 2,519 3,144 Mar 16,244 74 1,159 11,402 244 293 3,072 Feb 18,035 1,335 6,575 2,145 3,172 4,809 Apr 16,263 76 1,156 11,486 271 300 2,974 Mar 17,079 1,269 6,352 1,901 3,101 4,453 Guaranteed securities: Apr 17,099 1,252 6,389 1,919 3,154 4,383 1942—Dec 4,196 311 37 2,665 108 333 743 Maturing after 20 years: 1943—June 3,908 116 54 2,602 76 309 751 1942—Dec 10,065 1,021 1,286 1,095 4,339 2,323 Nov 3,583 12 76 2,487 41 282 684 1943—June 12,912 1,221 1,385 1,713 5,229 3,366 Dec 3,583 4 83 2,466 38 283 709 Nov 16,749 1,701 1,542 2,038 6,723 4,743 1944—Jan "3,583 3 2,529 34 223 707 Dec 16,751 1,745 1,526 2,046 6,737 4,699 Feb 3,469 3 2,459 30 193 696 1944—Jan 16,750 1,790 1,543 1,990 6,711 4,718 Mar 1,544 3 1,033 12 84 408 Feb 18,963 2,083 1,623 2,001 7,678 5,579 Apr 1,503 3 999 12 81 404 Mar 9,022 2,087 1,627 2,002 7,804 5,499 Apr 19,037 2,087 1,646 1,983 7,8*4 5,476 r Revised. * Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings banks, and the residual "other" are not entirely comparable from month to month. Since June 1943, the coverage by the survey of commercial banks has been expanded. Figures in column headed "other" include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total holdings (including relatively small amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table above. 1 Including stock savings bankson Apr. 30,1944, commercial banks reporting to the Treasury held $21,339,000,000 of United States Government securities due or callable within one year out of a total of $45,850,000,000 outstanding. 2 Including $196,000,000 of Postal Savings and prewar bonds not shown separately below. 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 n e e u t v l i a o e e l s l e u a 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 p t - a t l s ce N ip e t t s3 I d n e o e t s n e b t r t - ac W t t i i e a v s r i- c T f o e t r e a r r u a t u s c n n c - s . s t t t o s - , p O t e u e t n h r x d e - e s i r - e b T i x u t p o u d e t r g n a e e l s d t - D c e i f t i- c T o e a r u t c u c n - . s t 4 t s, Ch f a b g e u a i n a e r n n n c a n l d - e l g - e c g d r I r e e i n o n a b - s s t s e Fiscal year ending: June 1942 7,960 3,847 1,194 666 13 668 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 l)808 72^109 435 3)827 78)179 55)897 -l)861 +6,515 64)274 1943—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 7,469 247 8,327 3 758 206 3 JgQ 784 July .. 19 1,236 512 48 234 2', 048 2) 007 68 6)432 344 269 7J112 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 May 1,104 1,063 520 337 232 3,256 2,950 52 7,879 26 334 8,292 5,342 +185 -3,757 +1,399 Details of trust accounts, etc. General fund of the Treasury (end of period) Soc a ia c l c o S u e n c t u s rity Net ex- Other Assets g B en a e l r a a n l c e f u i n n d penditures Period in checking ac- De- De- l T ia o b t i a l l ic 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- c a G o g m o u e v n n e e t c n s r i t n e o s - f ce R i e p - ts I m nv e e n s ts t- p t E e u n x r d - e , i s - Total R F p e e o s d i s e n e i r t r v s a e l d s p p e o p e i s n c o i i s t a s i l - O as t s h e e t r s ties Total W a b o i n n a r c g l k e - - Banks taries Fiscal year ending: June 1942 2,327 1,705 614 3,625 863 221 533 3,443 603 1,679 1,162 . 452 2,991 2,229 June 1943 2,810 2,350 456 2,194 1,117 655 133 10,149 1,038 7,667 1,444 643 9,507 8,744 1943_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 7667 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 L,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 L,462 541 19,297 18,534 November.... 562 277 29 -64 75 96 8 15,492 1,245 12,770 L,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 L,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 May 584 269 34 148 179 103 24 9,144 942 6,766 L,436 622 8,522 7,759 1 Details on collection basis given in table below. 2 Withheld by employers (Current Tax Payment Act of 1943). 3 Total receipts less social security employment taxes, which are appropriated directly to the Federal old-age and survivors insurance trust fund. 4 Excess of receipts (+) or expenditures ( —). Back figures.—See Banking and Monetary Statistics, Tables 150-151, pp. 513-516. INTERNAL REVENUE COLLECTIONS [On basis of reports of collections. In millions of dollarsl Income taxes Miscellaneous internal revenue Period Total v i C i r n d e u d u n r i t a - - l W he i l t d h 1 - V t t o a i r c x y - c r r a C o e t r u i n p o r t o - n - B ta a x c e k s E p t r x a o c x f e i e t s s s s p O t r a o t x h f e i e t s r s Total C st t t a o a a p x c l i k - E t s a g a t x n i a f d e t t s e b A t h e a a o l v g x c l e e e o ic r s - - b t T a a x c o c - e o s S t t a a x m es p M re t e a t u a a x n r n i c u e l d i e f r s a s e r ' c s' - n t c M a e e x o l i l u e s 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—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 44 162 595 188 25 129 90 5 56 103 September 4,192 1,963 1 6 877 103 1,228 15 394 35 28 117 86 4 53 71 October 1,644 74 1,006 3 181 35 337 9 421 20 41 122 90 4 59 86 November.. .. 1,471 47 1,087 2 84 32 204 16 376 34 117 93 4 56 70 December 4,591 2,158 14 1 1,012 49 1,352 388 36 120 87 4 64 76 1944—January 1,584 396 629 1 16 184 352 6 382 52 108 77 4 68 72 February 2,477 221 1,844 1 64 41 300 339 38 108 67 4 63 58 March 5,358 1,833 70 994 63 2,370 28 401 60 124 77 5 59 76 April 2,809 1,427 804 152 43 370 12 424 56 169 72 5 51 70 May 2,289 309 1,545 86 28 312 10 483 42 182 81 4 77 97 1 Withheld by employers (Current Tax Payment Act of 1943). JULY 1944 7O5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES (Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Assets, other than interagency items Liabilities, other than interagency items Securities Bonds, notes, U. S. Pri- End of month Total Loans f s e P t r o r r c e e k - d , Cash G d U i o r . e S v c t . . t O G t o h v e t r . c o o a A t u n h c d n e - t r s p B n r e u o s s p s i - - P h e r f r e o o t l r y p d - O as t s h e e t r s a g F n u u d a l l r d y - ebentures O lia t t i b h e i e s l r i- 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 e ly d st etc. and agen- receiv- erty sale anteed Other1 guaran- cies1 ables by teed U.S. 1942—June 17,962 8,379 648 403 1,097 57 774 859 3,512 2,233 4,568 1,442 3,265 8,249 438 December. .. 21,715 8,127 620 553 1,272 33 1,085 1,020 5,187 3,818 4,301 1,414 4,630 10,931 439 1943—May 24,805 7,949 557 504 1,549 24 1,514 1,475 6,167 5,066 4,092 1,340 5,746 13,188 440 June 26,708 7,685 556 515 1,565 22 1,788 1,674 6,310 5,343 4,101 ,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 ,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 ,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 1,658 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 1,677 7,829 8,170 2,273 1,326 4,950 21,280 433 April 31,083 7,304 439 518 2,161 23 2,455 1,671 7,985 8,527 2,274 1,302 5,589 21,484 435 LOANS, OTHER THAN INTERAGENCY LOANS Home mor a t g g e a n g c e i e a s n 3 d housing F g a a r g m e m lo o an rt s - Other farm credit loans Recon- Rural struc- Elec- Ex- End of month T lo o a t n a s l 2 n C t a F i o n o i r c n - p e . H C L O e o o o w r r m a s p n n ' e . - F H b L e a o o d a n m a l e k n r e s - M p C R g a a o o F n g m r C y e t- - M A t g F i N o s a o e s a n g d r o - e t a . - c l . P H A F u i o u e n b u t d g l h s i . c . - F b l e a a a d n n l e k d r s - M C F F g a a o o e g r r d r m e p 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 - o B fo t p a i r e v n r c e k a o s s - - m C C C o r o o e d r 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 t A i i f o i i d n c n - a . - p B p I o m o 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 L,568 129 94 211 366 1,603 507 238 145 242 237 446 346 122 316 1943—May 7,949 1,487 1,460 79 98 202 374 1,502 468 287 102 304 246 454 -344 126 416 June 7,685 1,483 1,441 90 98 73 317 1,489 463 296 102 228 245 447 344 129 440 July 7,615 1,459 ,419 92 97 71 317 1,472 455 296 107 225 244 443 344 132 442 August 7,580 1,463 ,400 81 100 69 317 1,452 447 284 111 225 242 441 344 136 468 September... 7,557 1,460 ,383 130 99 67 317 1,431 437 269 148 222 237 433 345 136 443 October 7,487 1,432 ,366 127 100 66 317 1,406 423 251 189 228 232 427 345 140 438 November... 7,459 1,427 ,354 116 99 65 318 1,381 412 240 215 278 229 421 345 136 423 December... 7,444 1,413 ,338 110 101 65 318 1,358 403 243 235 330 226 416 347 136 405 1944—January 7,410 1,393 ,318 115 103 64 319 1,332- 394 242 238 378 224 416 347 141 386 February 7,411 1,393 ,300 114 107 63 319 1,315 389 253 221 409 227 417 348 142 394 March 7,366 1,379 :,279 99 110 62 319 1,290 381 301 197 408 231 419 349 142 400 April 7,304 1,355 i,260 83 110 61 320 1,274 376 302 171 400 233 408 350 217 384 SELECTED ASSET ITEMS, OTHER THAN INTERAGENCY ITEMS Lo F a i n n s a b n y c e R C ec o o 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 L to o a f n i s - Loans R s e tr c u o c n - - O H w o n m e e rs' b F a e n d k . s l a a n n d d m C o o d m it - y s R tru ec c o ti n o - n War m C o o d m it - y O H w o n m e e rs' Total nancial to Other tion Loan Other Fed. Farm Credit Finance Other corpo- Credit Loan Other insti- rail- Finance Corpo- Mortgage Corpo- Corp. and rations Corpo- Corpotutions roads Corp. ration Corp. ration war cor- ration ration porations 1942—June 1,473 144 472 857 378 167 103 225 96 151 302 2,041 1,068 262 141 December. .. 1,557 167 460 930 366 152 102 207 57 531 290 3,469 1,363 227 128 1943—May 1,487 . 150 434 903 355 109 93 192 187 763 372 4,703 1,153 203 108 June 1,483 148 426 909 354 108 94 193 350 800 445 4,963 1,045 191 111 July 1,459 145 423 891 351 80 93 192 210 825 287 5,241 1,223 182 104 August 1,463 141 423 899 346 64 88 193 177 790 290 5,528 1,220 169 102 September... 1,460 138 423 899 345 64 88 187 196 832 272 5,784 1,196 152 102 October 1,432 136 406 890 343. 63 87 186 489 778 397 6,016 865 136 98 November... 1,427 134 405 888 341 63 88 174 533 734 522 6,231 873 111 94 December ... 1,413 131 398 884 338 63 85 168 488 728 542 6,423 897 96 96 1944—January 1,393 129 396 868 334 54 82 161 575 702 513 6,582 827 85 94 February.... 1,393 127 395 871 329 47 76 160 553 665 684 6,789 795 76 93 March 1,379 113 392 874 325 47 70 153 607 656 724 6.915 757 66 91 April 1,355 104 384 867 322 47 70 153 615 652 1,035 7,094 741 57 93 1 Excluding Federal land bank bonds held by the Federal Farm Mortgage Corporation. 2 Excluding investments in preferred stock, the amount of which is shown in the lower section ofJJhis 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. 7O6 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variationl In p c a o y m - e In (p d h u 1 y s 9 t s r 3 i i c 5 a a - l 3 l 9 p v r o = o l d u 1 u m 0 c e 0 ti ) o 1* n aw 1 C a 9 o r c 2 d n 3 o e s - n 2 t d t r 5 r u a ( c = v c t a t i s o 1 lu n 0 e 0 )3 Em 19 p 3 l 9 o y = m 1 e 0 n 0 t4 F to a r c y - Freight D m s e t p o e a r n e r t t- Wh sa o l l e e- Cost of Y m ea o r n t a h nd ( 1 m v = 9 a 3 e l 5 1 n u - 0 t e 3 s 0 ) 9 1 Total D ab u f l M a r e - c a tu n r u N e d a - s u o b r n le - - erals Total R d ti e e a n s l i - - o A th l e l r N t a c u g o u r r n l a i - - l - Factory 1 r 9 o 3 1 f 0 9 l 0 s4 = c 1 a = 9 i r n 3 l g o 1 5 s 0 a -3 * d 0 9 - 19 - ( s u 3 v a e 5 a l ) 1 e - l * 0 3 s - 5 0 9 p m r = c i 1 o o c 9 d m e 1 2 i s 0 6 t - 4 y 0 1 l = i 9 v 3 i 5 1 n 0 - g 3 0 4 9 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 105.4 109 109 109 106 72 60 81 100.0 100.0 100.0 101 106 77.1 99.4 1940 113.5 125 139 115 117 81 72 89 104.7 107.5 114.5 109 114 78.6 100.2 1941 138.0 162 201 142 125 122 89 149 117.5 132.1 167.5 130 133 87.3 105.2 1942 173.6 199 279 158 129 166 82 235 126.7 152.3 242.3 138 149 98.8 116.5 1943 211 7 p239 PI 76 P132 68 40 92 130.7 168.7 316.4 137 168 103.1 123.6 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 119.9 140 139 166 126 119 115 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 80.8 100.8 February 124.1 147 144 178 131 119 99 76 118 111.9 120.9 120.0 140.3 122 122 80.6 100.8 March . 126.2 152 149 184 133 126 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 J"M uJne 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 145.3 169 174 212 146 132 161 105 206 121.2 138.8 141.2 184.8 134 140 91.8 108.1 October 146.8 172 176 219 148 134 145 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 153.7 176 173 225 150 133 123 69 167 121.5 140.6 141.1 195.1 138 136 93.6 110.5 1942 January 156.2 181 177 235 152 133 118 82 147 122.1 141.6 139.8 200.7 140 158 96.0 112.0 February 158.7 183 180 241 153 133 128 100 151 122.5 143.2 142.3 208.2 138 145 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 166.9 191 192 264 153 126 158 76 226 125.1 148.7 148.0 228.7 136 135 98.8 116.0 June 171.2 193 195 272 152 127 193 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 178.1 204 207 290 158 130 182 65 278 128.6 155.8 157.1 254.8 140 152 99.2 117.5 September 181.1 208 213 299 161 131 179 70 268 129.1 157.4 159.6 261.8 140 150 99.6 117.8 October 185.8 215 218 311 165 129 185 83 269 130.0 159.6 160.7 270.9 140 158 100.0 119.0 November 191.4 220 220 319 168 130 198 90 286 130.5 161.5 161.9 280.4 136 159 100.3 119.8 December 194.9 223 221 328 169 127 175 91 243 131.4 164.2 164.5 287.9 135 157 101.0 120.4 1943 January 197.7 227 224 337 171 125 145 79 198 131.6 165.8 164.8 290.9 135 164 101.9 120.7 February 202.4 232 229 344 174 131 102 56 140 131.6 167.4 166.4 297.5 139 192 102.5 121.0 March 206.0 235 232 351 174 133 85 42 119 132.0 168.1 167.6 304.5 138 163 103.4 122.8 April 208.3 237 236 356 175 131 63 33 87 131.4 168.4 167.7 309.7 136 159 103.7 124.1 May 209.3 239 239 359 176 129 52 31 68 130.9 167.9 167.2 313.5 135 158 104.1 125.1 June... 212.1 237 238 358 177 117 45 32 55 131.0 169.0 168.8 317.1 127 167 103.8 124.8 July... 213,4 240 241 360 177 134 60 36 80 131.4 169.7 169.8 315.6 141 171 103.2 123.9 August 215.2 242 245 365 178 135 59 35 79 130.9 169.6 170.8 322.2 140 165 103.1 123.4 September. .. 215.2 244 248 368 179 138 65 35 89 130.1 168.3 170.1 328.0 140 162 103.1 123.9 October 217.5 247 249 374 179 136 49 34 61 130.1 170.1 170.5 332.6 137 173 103.0 124.4 November. .. 220.8 247 247 376 180 133 60 37 78 130.2 170.9 171.0 336.5 139 181 102.9 124.2 December.. 222.9 241 239 365 174 137 61 35 81 130.1 169.1 169.4 328.2 144 165 103.2 124.4 1944 January 226.4 243 240 369 176 139 55 29 76 130.0 167.8 166.9 327.9 145 174 103.3 124.2 February 231.1 244 r240 r367 177 142 45 21 64 129.6 166.9 165.9 r327.6 143 176 103.6 123.8 March 230.2 241 238 364 r175 139 40 17 59 128.7 164.2 163.7 r324.4 140 185 103.8 123.8 April 229.4 239 237 361 172 140 36 17 52 127.4 161.5 160.8 318.2 138 173 103.9 124.5 May P23O.7 P237 #237 ^356 PI 70 7*143 #31 ^16 H2 p126.1p159.4 p158.8 138 183 104.0 125.0 June e139 e104.0 * Average per working day. p Preliminary. r Revised. 6 Estimated. J Department of Commerce series on value of payments to individuals. 2 For indexes by groups or industries, see pp. 708-711. 3 Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 715 of this BULLLETIN. 4 The unaadjjussttde d nin dexes of emppyl oymenat andp apya y rlolsl,l sw, hwohleosleaslea lceo cmommmodoitdyit yp rpicreicse, sa,n adn dc ocsot sot fo lfi vliivnign gar aer ce ocommppdil ed yb y ora db asoend data of the Bureau of LLaabboorr SSttaattiissttiiccss . FFiigguurreess pprriioorr ttoo 11993399 ffoorr ffaaccttoorryy eemmppllooyymmeentt aadn d ppaa yr orolllsls a anndd n noonnaaggrriiccullttruarla le mempploloyymmenent ta raer ea dadjujustsetded foforr level through 1937; the 1938 figures and the 1939 base period averages applied to earlier data are preliminary. Figures since 1939 are adjusted to Social Security data. Nonagricultural employment covers employees only and excludes personnel in the armed forces. 5 For indexes by Federal Reserve districts and other department store data, see pp. 717-719. Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984; for factory employment and pay rolls, October 1938, pp. 839-866, February 1941, p. 166, and January 1943, p. 13; for department store sales, June 1944, pp. 549-561. JULY 1944 707 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES {Adjustedfor Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1943 1944 Industry Apr. May June July Aug. Sept. Oct. Nov. DecJan. Feb. Mar. Apr. May Industrial Production—Total. 237 239 237 240 242 244 247 247 241 243 244 241 239 P237 Manufactures—Total... 256 258 258 259 261 263 266 268 260 262 262 259 257 P254 Durable Manufactures 356 359 358 360 365 368 374 376 365 369 r367 364 361 Iron and Steel 209 208 201 204 210 214 215 210 200 208 212 214 213 210 Pig iron 198 196 190 191 202 205 202 200 198 202 207 206 206 203 Steel 235 233 227 230 236 239 242 236 222 231 236 238 236 234 Open hearth. 186 184 177 181 185 190 191 186 178 186 188 191 192 Electric 580 584 583 577 598 593 607 592 536 554 578 570 549 559 Machinery 441 443 441' 440 445 451 463 453 461 r458 r453 445 p440 Manufacturing Arsenals and Depots1.. Transportation Equipment 717 729 743 762 •\764 786 763 754 r746 734 728 P722 Automobiles 206 211 215 232 239 248 240 244 238 233 P223 (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1 Nonferrous Metals and Products... 259 264 262 264 286 289 285 r287 292 Smelting and refining ; m ; 262 270 276 279 303 308 297 297 289 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 257 262 257 247 258 279 282 266 f283 293 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)x Lumber and Products... 130 133 128 128 130 129 128 136 137 133 131 129 126 Lumber 121 126 118 118 119 118 131 125 122 119 118 Furniture 149 147 148 148 152 149 150 150 149 142 148 Stone, Clay, and Glass Products 175 175 175 173 173 168 169 165 *159 168 Glass products 153 159 158 162 162 159 169 165 169 172 175 183 173 Plate glass 39 43 41 45 49 53 47 54 55 171 58 59 59 66 Glass containers 194 200 199 203 202 196 212 204 209 54 212 216 227 210 Cement 135 130 127 119 114 112 107 98 101 213 88 83 78 G Cl y a p y s u p m ro d a u n c d t s plaster products....... 2 1 0 4 4 2 2 1 0 3 3 6 2 1 0 3 4 9 1 1 3 9 2 8 2 1 0 3 3 2 1 1 2 9 5 4 1 1 2 9 4 4 1 1 2 9 4 6 1 1 2 9 2 2 1 8 2 6 9 r1 1 9 3 8 1 1 1 3 9 1 4 1 18 2 3 5 7 P * I 1 7 22 9 ' Abrasive and asbestos products 313 320 325 326 327 321 326 329 319 203 312 308 ^290 Other stone and clay products1 319 Nondurable Manufactures 175 176 177 177 178 179 179 180 174 176 177 r175 172 Textiles and Products 157 159 155 148 145 150 152 152 143 149 152 151 P147 Textile fabrics 147 149 146 139 136 141 143 142 133 140 142 141 141 Cotton consumption 166 169 160 153 147 156 156 153 142 150 151 150 151 142 N Ra y y lo o n n a d n e d li v s e il r k ie s c onsumpt;ion1... 181 185 183 183 177 181 186 191 189 186 187 191 r196 196 Wool textiles 157 158 160 146 150 151 154 154 142 154 159 155 153 Carpet wool consumption... 38 32 30 24 33 29 37 39 36 42 42 46 51 Apparel wool consumption.. 214 222 226 207 210 206 201 205 186 210 219 r216 213 Woolen and worsted yarn... 173 177 181 164 168 172 173 172 159 173 177 171 167 Woolen yarn 179 181 186 168 176 178 175 176 161 176 181 r174 171 Worsted yarn 165 171 174 159 158 163 171 166 156 168 171 167 162 Woolen and worsted cloth.. 177 177 179 164 166 169 172 171 160 170 178 r172 167 Leather and Products., 119 118 114 112 111 110 110 105 108 112 Leather tanning 122 122 114 111 106 105 104 98 97 103 105 107 117 Cattle hide leathers 131 132 122 116 109 107 102 101 98 107 110 113 125 Calf and kip leathers 91 92 86 85 80 81 76 67 68 70 76 79 89 Goat and kid leathers 90 90 86 84 82 88 95 90 83 83 84 86 79 Sheep and lamb leathers.. 166 164 162 169 174 164 173 146 162 166 161 155 168 Shoes 117 115 114 112 114 114 114 109 105 112 114 116 116 Manufactured Food Products. 142 143 144 146 145 146 146 153 151 154 158 r159 157 Wheat flour 109 97 102 103 110 111 117 128 128 139 125 114 Cane sugar meltings1 Manufactured dairy products.. P129 ^143 P159 pl26 P128 Butter 106 103 106 104 96 95 88 86 88 90 r96 93 Cheese 147 145 150 154 150 150 143 147 149 146 r152 155 Canned and dried milk.... 149 150 161 171 157 154 132 131 132 139 156 169 Ice cream Meat packing 147 162 159 186 182 178 168 185 l73 187 215 202 198 181 Pork and lard 187 216 222 260 241 221 193 221 206 234 291 270 266 240 Beef 112 111 96 110 119 130 135 145 139 144 149 143 136 126 Veal 62 60 63 73 109 131 151 150 121 104 94 107 92 Lamb and mutton 111 123 119 140 154 161 173 166 158 135 112 109 119 r Revised. p Preliminary. * Series included in total and group indexes but not available for publication separately. 708 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 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. :Apr. May Manufactured Food Products—Continued Other manufactured foods 146 147 146 145 144 144 146 150 153 156 157 160 158 ^156 Processed fruits and vegetables 129 130 130 126 128 127 135 135 142 140 140 155 150 2*150 Confectionery 153 152 144 134 123 120 120 123 134 134 138 147 154 2*154 Other food products 149 151 150 152 152 152 153 159 159 163 165 164 161 P159 Alcoholic Beverages 104 96 106 106 111 135 130 141 143 131 126 137 123 p123 Malt liquor 124 113 127 127 131 164 155 169 172 160 148 167 146 Whiskey o 0 0 0 0 0 0 0 0 0 0 0 0 0 Other distilled spirits 31 21 22 23 40 77 90 62 42 46 40 33 39 34 Rectified liquors 141 139 144 144 157 156 158 178 189 162 182 173 172 174 Industrial Alcohol from Beverage Plants1 Tobacco Products 132 123 124 134 136 134 139 148 143 125 119 123 126 124 Cigars 103 104 102 99 96 101 100 101 90 86 92 92 89 89 Cigarettes 160 144 149 166 169 165 173 186 181 155 145 154 161 154 Other tobacco products 86 85 78 84 92 87 93 100 99 87 79 73 73 80 Paper and Paper Products. 141 142 140 135 143 143 140 140 132 136 138 137 138 Paper and pulp 138 140 136 133 141 140 138 137 131 134 135 134 134 Pulp 150 154 143 141 153 150 153 147 142 147 151 150 151 Groundwood pulp 101 104 106 111 115 112 112 103 107 106 110 108 110 Soda pulp 93 92 84 87 93 93 93 93 103 96 98 93 97 Sulphate pulp 204 211 184 193 214 211 213 212 196 213 r217 r209 213 Sulphite pulp . .... 144 147 142 131 139 134 141 131 127 130 133 137 136 Paper 136 137 135 132 139 138 135 136 129 132 133 132 131 Paperboard 150 150 152 143 151 155 148 151 135 144 148 147 152 159 Fine paper 130 133 123 126 135 124 127 126 116 119 121 120 117 Printing paper 124 122 122 117 126 125 124 122 122 119 119 117 119 Tissue and absorbent paper 167 168 176 158 169 174 163 160 163 156 151 154 156 Wrapping paper 125 130 118 127 130 126 128 130 127 129 133 128 120 Newsprint 88 89 91 91 90 88 83 86 83 79 74 77 73 76 Paperboard containers (same as Paperboard) Printing and Publishing 113 112 112 111 115 111 110 106 105 104 102 100 101 P100 Newsprint consumption 101 102 102 105 103 97 96 90 89 89 85 83 84 81 Printing paper (same as shown under Paper) Petroleum hnd Coal Products 171 173 177 182 193 202 207 213 219 226 r230 r234 231 Petroleum refining 171 174 180 185 196 206 212 221 226 234 238 r243 240 Gasoline ... 101 104 109 109 116 122 122 123 123 125 128 129 129 2*130' Fuel oil 144 137 138 145 153 156 151 159 159 159 161 163 161 Lubricating oil 114 116 120 121 123 123 134 137 120 128 126 130 120 Kerosene 121 122 126 118 107 115 113 117 120 132 124 130 125 Other petroleum products1. Coke 169 166 157 162 170 171 169 163 172 174 176 174 176 By-product coke 159 157 152 153 159 161 158 155 161 164 166 165 167 Beehive coke 519 481 318 453 523 538 535 459 519 496 503 r487 464 P466 Chemical Products 382 389 399 402 404 395 397 390 365 364 359 r342 331 P330 Paints 129 130 135 139 140 137 138 140 137 140 140 140 138 2*136 Soap 124 122 123 120 124 123 120 129 131 133 134 133 137 2*137 Rayon 210 214 213 222 223 221 225 223 226 226 229 233 232 2*233 I E n x d p u lo st s r i i v a e l s c a h n e d m a ic m a m ls unition1 350 356 366 371 382 383 396 398 394 405 406 r405 408 2*410 Other chemical products1 . Rubber Products 222 224 230 229 227 231 234 241 240 242 244 242 231 P226 Minerals—Total 131 129 117 134 135 138 136 133 137 139 142 139 140 *143 Fuels.... 131 129 115 136 137 140 138 134 140 142 145 141 143 P145 Coal....... 146 139 97 150 148 150 141 125 147 153 158 148 150 ^154 Bituminous coal 151 143 103 155 153 155 144 131 156 161 162 155 155 2*159 Anthracite 129 124 74 129 128 129 127 102 114 119 143 123 129 2*133 Crude petroleum 124 125 124 128 131 136 137 139 136 137 139 138 139 2*141 Metals..,. 130 129 128 128 123 124 123 r124 124 124 127 126 124 p127 Metals other than gold and silver 189 186 187 188 184 188 187 187 186 185 190 189 184 pl90 Iron ore P223 P223 P223 P223 p223 P223 p223 (Copper; Lead; Zinc)1 Gold 43 42 37 34 28 27 26 27 28 31 31 31 Silver 75 77 S3 87 80 70 72 79 76 73 73 75 r Revised p Preliminary. 1 Series included in total and group indexes but not available for publication separately. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. JULY 1944 709 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 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. j Apr. May Industrial Production—Total 236 239 238 241 245 248 249 247 239 240 r240 238 237 ^237 Manufactures—Total 255 258 259 260 264 267 269 268 258 259 259 257 255 P253 Durable Manufactures 356 360 359 361 366 370 375 376 364 367 366 363 361 P357 Iron and Steel 209 208 201 204 210 214 215 210 200 208 212 214 213 110 Pig iron 198 196 190 191 202 205 202 200 198 202 207 206 206 203 Steel 235 233 227 230 236 239 242 236 222 231 236 238 236 234 Open hearth 186 184 177 181 185 190 191 186 178 186 188 191 192 188 Electric 580 584 583 577 598 593 607 592 536 554 578 570 549 559 Machinery 441 443 441 440 445 451 458 463 453 461 r458 r453 445 p440 Manufacturing Arsenals and Depots1 .. Transportation Equipment .. 717 729 743 754 762 764 780 786 763 754 r746 734 728 P722 Automobiles 206 211 215 220 232 239 247 248 240 244 238 233 230 P223 (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1 Nonferrous Metals and Products . 25 9 264 262 255 264 277 286 289 278 285 285 r287 292 Smelting and refining 270 275 277 279 294 303 309 307 297 299 297 289 P274 (Copper smelting, Lead refining, Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 257 262 "257 247 "258 270 279 282 266 280 280 r283 "'293 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Tin consumption)1 Lumber and Products ... 130 136 135 135 137 136 133 133 126 121 122 124 125 P123 Lumber 120 130 128 128 130 129 124 124 114 107 107 110 116 nu Furniture 149 147 148 148 152 149 152 152 150 148 150 149 142 PI 39 Stone, Clay, and Glass Products . 172 180 177 173 179 174 178 172 164 161 161 163 164 P162 Glass products .... 153 169 157 156 168 162 174 166 158 168 167 175 183 184 Plate glass 39 43 41 45 49 53 47 54 55 54 58 59 59 66 Glass containers 194 214 197 195 210 200 218 206 195 208 205 216 227 225 Cement 128 137 136 131 129 130 124 106 92 70 67 68 74 Clay products 138 136 137 132 135 129 131 129 126 121 125 r126 122 p'm Gypsum and plaster products 202 205 208 198 204 198 199 198 196 196 r191 188 182 P180 O A t b h r e a r s iv st e o n a e n d a n a d s b c e l s a t y o s p p ro ro d d u u c c ts t 1 s 313 320 325 326 327 321 326 329 319 319 312 308 297 P29Q Nondurable Manufactures 173 175 178 178 181 184 183 181 172 172 173 171 170 P\69 Textiles and Products . 157 159 155 148 145 150 152 152 143 149 152 151 151 P147 Textile fabrics 147 149 146 139 136 141 143 142 133 140 142 141 IS Cotton consumption 166 169 160 153 147 156 156 153 142 150 151 150 142 N Ra y y lo o n n a d n e d li v s e il r k ie s consumption1 181 185 183 183 177 181 186 191 189 186 187 191 r196 196 Wool textiles 157 " 158 160 146" ' 150 151" ' 154 154 142'"l54 159 155 153 Carpet wool consumption 38 32 30 24 33 29 37 39 36 42 42 46 51 Apparel wool consumption 214 222 226 207 210 206 201 205 186 210 219 r216 213 Woolen and worsted yarn 173 177 181 164 168 172 173 172 159 173 177 171 167 Woolen yarn 179 181 186 168 176 178 175 176 161 176 181 r174 171 Worsted yarn 165 171 174 159 158 163 171 166 156 168 171 167 162 Woolen arM worsted cloth 177 177 179 164 166 169 172 171 160 170 178 r172 167 Leather and Products . 118 118 113 110 110 110 110 106 101 108 114 112 116 PUS Leather tanning 121 122 112 105 105 103 104 101 96 103 113 106 116 Cattle hide leathers 131 132 117 109 105 105 103 105 98 109 119 113 125 Calf and kip leathers 88 88 88 84 84 80 78 69 66 69 79 77 85 Goat and kid leathers 93 88 86 83 80 89 95 87 83 83 88 r86 81 Sheep and lamb leathers 162 177 160 157 180 161 173 155 154 154 177 150 165 Shoes 117 115 114 112 114 114 114 109 105 112 114 116 116 PU3 Manufactured Food Products 130 137 144 155 164 165 156 154 147 r145 143 142 143 P147 W Ca h n e e a t s u fl g o a u r r meltings1 105 93 98 102 109 121 124 129 126 139 127 111 110 Pill Manufactured dairy products ' 'PU3 "nil 2>203"*>206 ^179 ' ^153 p120 ^103 '' J>90 '''^83 ' ' P94 '*113 ' '*>143 Butter 108 133 146 127 106 91 75 67 68 73 79 r87 94 Cheese 153 194 213 189 167 153 130 107 106 110 120 r137 161 Canned and dried milk 168 208 223 198 161 142 111 95 101 107 125 153 191 xcc crcdiii , • Meat packing 136 162 158 "l70 " ' 154" 160 168 "206 205 225 "207 "l87 183 182 Pork and lard 170 216 222 229 185 175 181 •259 271 307 285 251 242 240 Beef 105 111 94 111 120 140 147 150 139 147 137 130 128 126 Veal 61 62 63 73 107 144 172 160 113 97 83 90 105 96 Lamb and mutton 108 126 111 134 151 173 180 166 155 143 113 108 105 122 i r Revised. v Preliminary. 1 Series included in total and group indexes but not available for publication separately. 710 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 =* 1001 1943 1944 Industry Apr. May June July Aug. Sept Oct. Nov Dec. Jan. Feb. | Mar. i Apr. May Manufactured Food Products—Continued Other manufactured foods 130 133 137 151 168 172 163 156 149 143 142 142 140 v 141 Processed fruits and vegetables 79 84 100 164 243 249 174 125 111 91 r89 r85 '92 P97 Confectionery 127 117 107 110 133 155 157 145 135 138 139 r137i 128 Other food products 143 148 152 155 155 155 161 166 162 157 157 157i 154 Alcoholic Beverages .. 106 127 122 138 132, 120 115 128 12', Malt liquor 130 129 161 159 150 166 144 130 137 131 1331 155 153 Whiskey 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other distilled spirits 19 13 13 13 21 105 234 130 47 30 24 21 23 21 Rectified liquors 141 139 144 144 157 156 158 178 189 162 182 173 172 174 Industrial Alcohol from Beverage Plants1 , Tobacco Products 125 128 138 140 141 132 124 114 117 120 124 Cigars 103 104 102 99 96 101 100 101 90 86 92 92 i 89 89 Cigarettes 149 144 156 175 177 176 179 190 167 155 136 143 150 154 Other tobacco products . 86 86 84 93 99 103 85 77 73 73 81 Paper and Paper Products ... 141 142 140 134 143 143 140 140 131 136 r139 137 138" Paper and pulp 139 140 137 132 140 140 138 138 130 134 136 134 134 .... Pulp 152 155 143 140 151 148 152 148 u: 148 r151 r150! 153j Groundwood pulp 112 113 107 99 101 99 104 109 111 r115 115! 121|. ... Soda pulp : 93 92 84 87 93 93 93 93 108 96 98 93 j 97j Sulphate pulp 204 211 184 193 214 211 213 212 103 213 r217 r209 213! Sulphite pulp 144 147 142 131 139 134 141 131 196 130 133 137 136 j Paper 137 137 136 131 139 138 135 136 127 r131 134 132! Paperboard 150 150 152 143 151 155 148 151 128 14 148 147! 152! 159' Fine Paper 130 133 123 126 135 124 127 126 135 119 121 1201 117: Printing paper 124 122 122 117 126 125 124 122 116 119 119 r117 1191 Tissue and absorbent paper 168 168 180 152 169 174 16J 160 122 IS- 15 r154 1571 .. Wrapping paper 125 130 118 127 130 126 128 130 158 129 133 128 120! Newsprint 89 90 92 88 12' 74 Paperboard containers (same as Paperboard) Printing and Publishing 116 114 104 110 112 108 101 101\ 10 4\ 1*102 Newsprint consumption 107 106 101 101 93 83 89 84 Printing paper (same as shown under Paper).. 173 177 182 193 202 207 21c r230 r234 231 Petroleum and Coal Products 171 174 180 185 196 206 212 226 234 238 243 240 Petroleum refining 101 104 109 10! 116 122 122 123 125 128 129 129 ^130 Gasoline 14' 137 138 14. 153 156 15 15< 15' 16 163 161 Fuel oil 118 121 120 12C 12 123 134 111 124 124 128 125 Lubricating oil 12 124 11 IK 102 114 113 12 134 13 132 127 Kerosene Other petroleum products1 169 166 157 16: 17 165 17: 174 1741 CokeBy-product coke 159 157 152 15. 161 15! 16: 164 165| BBBedhehiviv e cokke 51' 48: 318 45. 53. 53. 5r 49< 464 i ^466 Chemical Products 39C 39i 40C 36. r344\ 333 V329 Paints 130 13- 13! 13. 138 13 140! 140 7'14O Soap 122 II1 12C 12, 126 13 133| 134 p\33 Rayon 210 21 213 22 22. 22 233: 232; P233 Industrial chemicals 350 356 366 38- 39( 40. r405| 408i P410 Explosives and ammunition1 . Other chemical products1 Rubber Products 222 224 22\ 24. 242 23V- J>226 Minerals—Total . 127 132 140 143 140 132 132 133 133\ 138 V146 Fuels 131 12$ 115 137 14\ 145 141\ 145 V145 Coal 146 139 97 148 14 14' 158 148 Bituminous coal 15 143 103 153 144 15i 162 115555 155i r159 Anthracite 129 124 74 128 12' 11 143 123 120 pl33 Crude petroleum 124 125 124 13 13' 13' r138 139 PI41 Metals . 105 86\ 113 Metals other than gold and silver 14' 120: 169 ^238 Iron ore 13: 76j 188; ^338 (Copper: Lead: Zinc)1 Gold '"3! 27;. Silver 7. 77 . r Revised. p Preliminary. 1 Series included in total and group indexes but not available for publication separately. NOTE.—For description and back figures, see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. JULY 1944 711 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 Apr. May Jan. Feb. Mar. Apr. May Mar. Apr. May Jan. Feb. Mar. Total 167.7 167.2 166.9 165.9 163. 160.8 158.8 304.5 309. 313.5 327.9 r327.6 r324.4 318.2 Durable goods 225.6 225.9 229.8 228.2 r224.9 220.9 217. 421.0 430.4 437.1 461.8 459.9 r454.8 448.1 Nondurable goods 122.0 121.0 117.3 116.9 115.4 113.4 112.3 190. 191.7 192.6 196.9 r198.2 196.9 191.3 Iron and Steel and Products 174.4 173.2 173.6 172.9 170.6 167.8 166.8 297.6 301. 303.5 317.9 318.4 314.1 308.0 Blast furnaces, steel works, etc 135 135 128 128 126 125 215 217 111 224 225 222 221 Steel castings 284 279 267 266 261 256 492 500 495 488 487 478 463 Tin cans and other tinware 95 98 106 111 112 114 142 149 156 180 186 186 189 Hardware 125 125 133 134 132 131 232 239 242 270 266 271 266 Stoves and heating equipment 114 115 136 136 134 133 190 189 194 253 253 r254 247 Steam, hot-waterheatingapparatus... 196 196 197 194 190 188 341 360 359 350 366 357 352 Stamped and enameled ware 158 160 164 163 163 160 278 293 299 322 329 326 313 Structural and ornamental metal work 198 196 210 211 208 208 350 355 356 411 415 417 408 Forgings 264 262 265 263 257 250 503 505 501 525 528 515 487 Screw machine products 294 294 286 285 283 278 545 544 553 564 562 550 538 Electrical Machinery — 268.4 268.3 288.7 290.4 289.4 285.2 282.6 453.7 454.7 458.9 509.7 512.7 513.2 502.0 Machinery, except Electrical 234.1 235.2 236.5 234.1 230.7 226.1 223.0 417.7 422.3 427.2 445.3 438.0 432.8 424.3 Machin ery and machine shop products. 241 243 246 244 239 235 All 429 433 455 447 441 429 Tractors 157 158 189 191 192 191 239 243 245 298 300 301 298 Agricultural, excluding tractors 126 129 159 162 166 164 228 238 247 309 r321 r331 333 Pumps 312 315 345 347 345 339 614 633 645 744 742 732 769 Refrigerators 150 151 168 r156 r155 154 250 244 250 307 r283 r279 279 Transportation Equipment* except Autos... ,399.3 ,412.0 ,434.2 422.21,394.3 1,370.1 ,353.1 ,583.3 ,692.92,736.7 859.9\854.52,819.1 ,798.0 183.6 180.1 167.8 351.1 341.0 335.4 Automobiles 162.3 164.0 186.7 176.6 283.9 286.7 297.1 331.4 Nonferrous Metals and Products.... 179.2 178.8 181.8 180.0 T176.2 171.5 169.2 312.1 318.5 322.0 337.8 335.7 r328.4 318.3 Primary smelting and refining. 195 200 213 207 rl96 190 313 329 346 378 371 r356 352 Clocks and watches 123 121 126 124 124 122 238 236 234 250 253 253 250 Lighting equipment 113 115 128 128 124 122 192 198 205 226 229 223 218 Lumber and Timber Basic Products. 114.1 114.0 103.8 103.3 102.8 101.4 99.6 179.4 186.2 196.1 175.9 182.0 182.9 184.5 Sawmills 91 91 82 82 81 80 144 151 160 139 146 147 149 Planing and plywood mills 113 112 107 105 105 102 171 170 176 174 173 174 171 Furniture and Lumber Products. 109.8 108.6 108.0 107.3 106.3 103.9 102.5 174.9 177.9 178.9 185.8 187.9 188.2 181.7 Furniture 106 105 105 104 103 100 170 111 172 181 184 183 175 Stone, Clay, and Glass Products... 122.3 121.5 117.3 116.6 115.5 114.3 112.8 181.9 185.3 187.7 187.7 188.9 189.4 187.3 Glass 124 125 132 132 133 133 176 181 183 207 208 211 209 Cement 104 103 79 74 72 72 137 141 145 110 106 104 108 Brick, tile, and terra cotta.... 92 90 81 80 78 76 134 138 136 120 124 121 117 Pottery and related products. 134 132 124 127 127 126 189 193 191 177 188 193 193 Textile-Mill and Fiber Products 109.6 108.3 101.7 101.8 100.7 98.7 97.1 12,2.4 181.2 180.7 171.9 174.3 173.9 170.0 Cotton goods except small wares... 126 124 116 116 115 113 217 217 216 199 202 202 201 Silk and rayon goods 81 80 78 78 78 76 134 135 135 136 139 138 135 Woolen and worsted manufactures. 115 114 106 107 106 104 208 205 205 197 199 200 193 Hosiery 75 74 70 70 69 67 111 108 108 107 110 109 103 Knitted underwear 112 111 100 99 98 95 184 185 184 175 175 174 169 Dyeing and finishing textiles 104 103 98 97 96 94 163 160 157 155 154 155 152 Carpets and rugs, wool 93 91 81 82 81 150 147 147 135 137 135 131 Apparel and Other Finished Textiles. 112.6 109.6 102.3 102. 102. 99.3 177.5 174.8 164.3 167.5 175.4 178.5 161.3 Men's clothing, n.e.c 110 107 99 100 99 98 169 170 163 157 163 167 158 Shirts, collars, and nightwear... 89 86 78 78 78 77 136 139 136 129 133 137 130 Women's clothing, n.e.c 92 89 84 84 85 82 148 144 131 141 148 153 132 Millinery 91 80 86 80 144 123 97 114 141 141 109 Leather and Leather Products. 99.8 97.0 89.3 90.1 158.1 155.9 153.0 147.3 151.6 153.1 152.3 Leather 100 99 86 87 87 86 152 151 150 140 145 145 147 Boots and shoes 89 81 81 80 144 141 137 134 138 139 138 Food and Kindred Products 106.5 106.9 112. 111.4 110.. 110.1 151. 150.3 158.5 179.9 176.6 174.4 173.8 Slaughtering and meat packing . 129 128 143 140 134 130 180 170 191 243 227 212 206 Flour 113 111 121 120 117 113 172 165 164 200 191 184 180 Baking 107 107 112 112 112 111 146 143 148 161 161 163 160 Sugar, beet 40 42 52 36 35 40 57 59 60 76 57 52 61 Confectionery 110 107 119 119 119 116 167 161 158 188 187 191 183 Beverages, nonalcoholic 119 125 122 123 125 127 131 140 149 152 152 156 160 Malt liquors 121 124 131 131 132 134 147 156 165 178 182 186 192 Canning and preserving 67 68 71 70 67 73 99 114 117 132 133 127 140 Tobacco Manufactures 99.9 96.3 94. 93.6 89.5 143. 146.8 144.4 158.2 154.9 146.6 142.8 Cigarettes 124 118 130 129 118 123 149 157 155 190 180 160 164 Cigars 75 75 75 73 143 144 141 138 142 143 133 Paper and Allied Products. 117.7 117. 118. r117.7 r117.0 115.4 173. 175.5 178.0 183.3 r185.9 r186.4 183.6 Paper and pulp 108 108 109 108 107 106 166 167 170 173 176 176 175 Paper goods, n.e.c r126 126 126 127 127 126 179 182 183 r194 rl95 r198 195 Paper boxes 120 121 121 120 119 116 172 176 1/9 185 183 183 177 r Revised and cover wage earners only, 711 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES-Co»//»»^ (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 Apr. May Jan. Feb. Mar. Apr. May Mar. Apr. May Jan Feb. Mar. Apr. Printing and Publishing 100.6 100.4 103 3 103 1 102 5 101 3 100.4 122.3 121.7 123.0 134 7 134.7 135.2 133.7 Newspaper periodicals . 96 96 93 93 93 93 108 110 111 112 113 114 114 Book and job 101 101 108 108 107 105 128 124 126 148 147 147 144 Chemical and Allied Products 258.3 256.4 230.9 228.2 217.2 208.8 204.6 409.7 423.6 425.2 396.1 390.4 372.5 359 A Paints, varnishes, and colors 102 103 105 106 106 106 141 147 155 160 162 164 164 Drugs, medicines, and insecticides 160 161 183 187 190 189 220 225 228 268 274 276 268 Rayon and allied products 107 108 108 108 108 108 154 157 163 169 169 172 171 Chemicals, n.e.c 162 163 176 175 173 173 255 262 265 298 296 294 295 Cottonseed oil 108 93 134 125 113 102 181 177 151 252 241 215 194 Fertilizers 158 133 125 141 148 139 272 299 253 248 274 305 286 Products of Petroleum and Coal .... 116.0 117.3 118 4 119 8 120 2 121 1 122 3 166.8 173.9 182.3 196 9 201.6 204.1 205.9 Petroleum refining 108 110 114 115 116 118 154 163 171 185 192 196 199 Coke and by-products. . 116 115 108 107 106 105 171 172 180 186 182 180 179 Rubber Products 153.8 153.9 167.1 167.1 165.7 161.4 158.2 246.2 248.1 250.9 288.4 293.0 294.3 278.8 Rubber tires and inner tubes 153 154 174 174 173 169 240 240 244 289 296 299 280 Rubber boots and shoes 147 147 144 144 144 136 239 244 248 249 253 255 243 Rubber goods, other 140 139 148 148 146 143 225 228 229 260 261 258 249 Miscellaneous Industries 164.9 166.0 162.2 160.3 158.8 156.4 154.9 283.3 290.3 297.1 301.8 301.9 301.3 295.7 Photographic apparatus 162 163 174 172 170 169 250 252 257 277 279 280 271 Games, toys, and dolls 82 84 85 86 85 84 140 141 149 157 161 160 160 FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939 = 100] 1943 1944 Group Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Total 168.4 167.9 169.0 169.7 169.6 168.3 170.1 170.9 169.1 167.8 166.9 164.2 161.5 P159.4 Durable 225.8 225.9 228.3 229.4 230.0 230.0 232.2 234.0 232.8 230.3 228.8 225.3 221.1 nii.i Nondurable 123.2 122.2 122.3 122.6 121.9 119.6 121.1 121.2 118.9 118.4 118.1 116.0 114.5 ^113.5 p Preliminary. 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 1943 1944 1943 1944 Mar. Apr. Dec. Jan. Feb. Mar. Apr. Mar. Apr. Dec. Jan. Feb. Mar. Apr. All Manufacturing 44.7 45.0 44.8 45.2 45.3 r45.4 45.0 93.4 94.4 99.5 100.2 100.3 100.6 101.2 Durable Goods 46.4 46.8 46.2 46.6 46.7 46.7 46.6 103.0 104.0 109.3 109.9 110.0 110.2 110.9 Iron and Steel and Products 46.1 46.2 46.5 46.9 47.1 46.9 46.5 100.8 101.9 106.1 106.9 106.9 107.1 107.7 Electrical Machinery 47.1 47.0 46.2 46.9 46.8 r46.7 46.2 95.4 96.1 99.5 100.3 100.5 101.0 101.5 Machinery Except Electrical 49.7 49.8 48.9 49.4 49.1 r49.2 48.8 103.8 104.7 110.1 110.7 r110.7 110.9 111.5 Transportation Equipment Except Automobiles 46.8 47.5 46.5 46.7 46.9 r47.0 47.2 116.4 117.4 124.2 124.0 124.7 125.1 125.7 Automobiles 45.7 45.9 44.5 46.9 46.3 46.3 46.6 121.7 121.5 124.7 125.5 r125.7 r125.8 126.2 Nonferrous Metals and Products 46.6 46.8 46.3 47.0 47.0 47.0 46.6 99.0 100.1 103.4 103.8 104.0 104.3 104.5 Lumber and Timber Basic Products.... 42.4 43.1 42.8 41.2 42.9 43.2 43.2 70.0 71.5 76.6 •77.1 77.0 77.1 78.8 Furniture and Finished Lumber Products 43.9 44.5 44.2 43.4 44.2 44.4 43.6 71.5 72.2 78.2 78.9 79.2 79.6 79.8 Stone, Clay, and Glass Products 42.1 42.7 43.0 42.6 r43.3 43.6 43.2 82.8 83.3 87.5 88.1 87.9 88.2 89.0 Nondurable Goods 42.3 42.5 42.8 43.0 43.2 43.2 42.5 78.2 79.0 83.2 83.8 84.2 84.6 85.0 Textiles—Mill and Fiber Products 41.6 41.7 41.7 41.5 41.8 41.9 41.2 65.7 66.0 67.8 68.2 68.6 69.0 70.1 Apparel and other Finished Products .. 38.8 39.0 37.7 38.2 38.7 38.9 37.3 70.0 70.4 74.3 75.9 77.8 78.9 77.0 Leather and Manufactures 40.4 40.2 40.2 40.5 41.2 41.4 41.1 72.9 73.9 77.3 77.4 77.8 78.2 79.0 Food and Kindred Products 43.4 43.3 45.5 45.8 r45.5 45.4 44.8 77.7 78.8 83.4 83.9 83.8 83.9 84.6 Tobacco Manufactures 39.5 40.0 42.1 42.1 41.3 40.9 39.0 61.3 62.0 67.2 67.5 67.8 67.9 69.1 Paper and Allied Products 44.9 45.3 45.3 45.2 45.6 45.8 45.5 78.2 79.0 81.7 82.4 r82.9 r83.4 83.7 Printing, Publishing, and Allied Industrie 39.8 39.8 40.4 40.7 40.7 40.9 40.5 98.2 98.8 103.9 104.4 104.4 104.8 105.8 Chemicals and Allied Products 45.0 45.5 45.1 45.7 r45.7 r45.8 45.6 89.2 90.1 93.6 93.9 r93.5 r93.8 94.4 Products of Petroleum and Coal 42.6 43.5 46.0 45.6 46.5 46.7 46.3 109.1 111.1 115.3 116.2 r115.9 r116.4 116.9 Rubber Products 45.1 45.1 44.8 45.2 45.7 45.7 44.7 99.2 99.8 107.0 106.6 r107.2 r108.6 107.6 Miscellaneous Industries 46.6 46.4 45.6 46.0 46.2 46.3 45.9 85.5 87.0 92.5 92.9 93.8 94.2 94.7 r Revised. NOTE.—Data based on the classification of the 1939 Census of Manufactures. Back figures are available from the Bureau of Labor Statistics. JULY 1944 713 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, Federal, Year and month Total M t a u n r u in fa g c- Mining Construction* ti p o u n b a li n c d rrade an s d e r m vi i c sc e e , l- Sta l t o e c , a a l nd 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 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 7,302 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 14,255 976 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 r39,352 16,819 862 786 3,780 7,043 r4,173 5,889 March r39,079 r16,592 852 r737 r3,780 r7,046 r4,171 5,901 April 38,668 16,305 848 696 3,760 6,983 4,171 5,905 May 38,276 16,104 843 637 3,749 6,879 4,163 5,901 UNADJUSTED 1943—April 39,724 16,774 903 ,402 3,570 7,041 4,089 5,945 May 39,674 16,753 ,385 3,597 6,953 4,102 5,995 June 39,859 16,908 ,288 3,656 6,982 4,174 5,962 July 39,921 17,059 ,222 3,689 6,920 4,230 5,913 August 39,860 17,182 882 ,169 3,694 6,875 4,172 5,886 September 39,678 17,136 880 091 3,688 6,936 4,079 5,868 October 39,718 17,194 873 002 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—January. 38,965 16,825 858 764 3,664 6,919 4,128 5,807 February r38,840 16,735 858 715 3,704 6,867 r4,131 5,830 March r38,681 r16,509 852 r678 r3,723 r6,919 r4,129 5,871 April 38,493 16,223 844 661 3,741 6,969 4,150 5,905 May 38,200 16,023 839 650 3,749 6,845 4,163 5,931 * Includes Contract Construction and Federal Force Account Construction. r Revised. 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. May 1944 figures are preliminary. For back seasonally adjusted estimates, see BULLETIN for June 1944, p. 600. Back unadjusted data are available from the Bureau of Labor Statistics. 714 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 I Public works Month Total R b e u si i d ld e i n n t g ial Factories Commercial Educational Other a u n t d i l p it 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 i 8.7 68.2 21.1 85.8 50.3 February 393.5 137.2 93.3 24.9 87.7 29.9 22.7 4.5 4.2 !-0.2 72.7 23.1 113.0 55.1 March t 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 234.4 144.2 63.3 34.5 24.2 27.1 9.3 5.8 5.3 3.8 36.5 17.1 95.8 55.8 June 229.6 61.5 53.7 6.9 7.9 26.3 73.3 July 183.7 71.8 31.9 5.3 4.8 19.9 50.0 August 413.8 67.5 234.8 7.4 4.2 26.4 73.4 September 175 1 54 1 31 1 5.1 5.8 29.0 50.1 October 213.5 69.7 34.5 11.2 5.7 28.9 63.5 November 184.4 58.4 29.0 7.9 3.3 26.9 59.0 December 252.2 66.2 62.0 6.0 5.1 45.7 67.4 Year 3,274.0 867.8 766.2 120.7 62.4 474.9 981.9 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 May April May January 317 351 159 198 316 122 119 35 37 Boston 6,991 7,467 16,339 February.... 434 394 137 310 364 109 123 30 28 New York 11,603 20,956 13,917 March 611 340 176 473 304 133 138 36 43 Philadelphia 10,282 12,484 8,175 April 499 303 179 355 253 133 144 50 46 Cleveland 14,611 13,589 26,271 May 674 234 144 569 192 98 105 42 46 Richmond 21,631 41,081 27,546 June 1,190 230 1,105 183 85 46 Atlanta 20,399 22,953 39,065 July 944 184 876 122 68 61 Chicago 27,673 28,630 31,042 August 721 414 633 351 88 62 St. Louis 5,317 7,714 13,705 September... 723 175 661 120 62 56 Minneapolis 3,134 3,218 8,128 October 780 214 710 157 71 56 Kansas City 12,622 8,329 24,690 November. .. 654 184 592 135 62 50 Dallas 9,939 12,865 25,548 December ... 709 252 664 198 45 54 Total (11 districts) 144,202 179,286 234,426 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 ILoans Mortgages on Sav- Yeai or month Total p P m e r i r o m r o e t v n y p - e t - - S s h c t t m o i o r o m u n a n c - l e l - 1 f h ( a - o T m I u t i D o t s i l l e e y 4 s - h R o ( g T e u a r I o n s i n D t i u t d l n a e p g l h ( W o T V u i a s t I l i r ) e ng End of month Total b C m c a o i n e a m r k l - s - b K s M t a u i a n n v u a i k s l - - s a a s l t i a s o n i n o o a g d c n n s i s - p I c a n a o n s n m c u i e e r - - s a c F e g i e r e e a d n s l - 1 - Other2 1936—Dec 365 228 8 56 41 5 27 1937—Dec 771 430 27 110 118 32 53 1 1 9 9 3 3 5 6 3 5 2 5 0 7 2 2 4 2 6 4 30 9 9 4 2 2 1938—Dec 1,199 634 38 149 212 77 90 1937 495 60 424 11 1939—June 1,478 759 50 167 271 137 94 1938 694 160 13 473 48 Dec. 1,793 902 71 192 342 153 133 1939 . ... 954 208 25 669 51 1940 1,026 251 26 736 13 1940—Mar 1,949 971 90 201 392 171 124 1941 1,186 262 21 877 13 13 June 2,075 1,026 100 208 432 182 127 1 1 9 94 4 2 3 1,1 9 3 4 7 2 1 9 4 6 1 15 1 6 2 9 4 1 3 6 6 2 0 8 1 4 D Se e p c t 2 2 , , 4 23 0 2 9 1 1 , , 1 0 6 9 2 3 1 1 3 1 0 1 2 2 2 1 4 6 4 5 8 4 0 2 2 1 0 9 1 0 1 1 5 4 0 1 1943— J J M u u n l a y y e 8 7 7 2 4 8 8 7 7 2 1 1 8 1 9 4 5 5 7 6 1 1941— J S M u e n a p r e t 2 2 2 , , , 9 7 5 4 5 9 2 5 8 1 1 1 , , , 4 3 2 0 1 4 0 8 6 1 1 1 5 4 7 7 6 1 2 2 2 3 3 4 7 0 6 6 6 7 6 0 2 8 6 2 2 2 2 2 1 2 5 0 0 1 1 1 5 6 7 4 0 8 Aug 90 10 20 60 Dec 3,107 1,465 186 254 789 234 179 Sept 88 12 20 55 Oct 85 8 20 57 1942—Mar 3,307 1,549 201 264 856 237 200 N D o ec v 9 7 2 7 1 9 0 2 1 1 8 6 5 0 0 J D u e n c e 3 3 , , 4 6 9 2 1 0 1 1 , ,6 6 6 2 9 3 2 2 3 1 6 9 2 2 7 7 2 6 1,0 9 3 4 2 0 2 24 4 5 3 1 1 9 6 5 3 1944— Jan 75 6 19 50 1943—June 3,700 1,700 252 284 1,071 235 158 M Fe a b r 6 7 2 9 16 6 1 1 4 3 4 5 4 0 Dec 3,626 1,705 256 292 1,134 79 159 Apr 67 9 13 45 May 69 9 18 42 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 e 0 p 0 re . sent gross insurance written during the period and Ho 2 u I s n in c g lu d C in o g rp o m r o a r ti t o g n a . ge 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. JULY 1944 715 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports1 Merchandise imports2 Excess of exports Month 1940 1941 1943 1942 1943 1940 1941 1942 1943 1944 January 370 325 481 730 I,091 242 229 254 229 P300 128 96 228 502 P791 February 347 303 480 719 I,085 200 234 254 234 P313 147 69 226 485 P772 March 351 357 628 I,160 217 268 272 249 P359 134 89 355 739 P801 April 323 387 717 979 I,192 212 287 235 258 P359 111 100 482 722 P833 May 324 385 536 PI,085 211 297 191 P281 112 88 345 P804 June 350 330 648 PI,002 211 280 215 P295 138 50 433 P7O7 July 317 365 650 PI,261 232 278 213 P301 87 437 P960 August 351 460 703 PI,202 221 282 186 P316 130 178 517 P887 September 295 425 732 PI,235 195 262 196 P286 101 162 536 P949 October 344 666 801 PI,195 207 304 200 P329 137 362 602 P866 November.... 328 492 787 PI,072 224 281 168 104 211 619 P761 December 322 653 873 PI,244 253 344 358 P278 69 309 515 P966 January-April. 1,391 1,372 2,306 3,417 P4.528 871 1,018 1,014 970 pl,331 1,292 2,447 P3,197 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 Grain L s i to v c e k - pr es od t - Ore l c a e n l e - - c d h i a s n e o r p a e i r l a w t a in y g e r x a T p i o l e w t n a a s l y es o r p a e i r l a w t a in y g in N co e m t e ucts ous I.C.I. revenues income Annual Annual 1939 101 98 102 107 96 100 110 101 97 1939 3,995 3,406 589 93 1940 109 111 137 101 96 114 147 110 96 1940 4,297 3,614 682 189 1941 130 123 168 112 91 139 183 136 100 1941 5,347 4,348 998 500 1942 138 135 181 120 104 155 206 146 69 1942 7,466 5,982 1,484 904 1943 137 138 186 146 117 141 192 145 63 1943 9,055 7,693 1,362 874 SEASONALLY SEASONALLY ADJUSTED ADJUSTED1 1943—March 138 144 187 142 117 133 193 145 61 1943—February 726 620 106 64 April 136 133 186 140 118 138 163 145 62 March 737 628 109 66 May 135 r133 181 140 r113 138 163 r144 62 April 746 630 116 73 June 127 100 166 137 113 140 192 142 63 May 753 639 114 73 July 141 146 184 143 113 150 202 146 64 June 756 642 115 73 August 140 145 191 147 117 148 208 145 63 July 763 648 115 74 September 140 152 195 137 114 139 209 143 63 August 768 653 114 74 October 137 140 195 167 119 137 191 140 64 September 767 651 116 75 November 139 127 186 161 132 150 191 147 67 October 769 654 115 76 December 144 147 192 153 122 154 209 148 68 November 769 662 107 69 December 782 680 102 67 1944—January 145 150 185 159 121 147 203 149 67 February 143 149 180 148 135 146 193 147 67 1944—January 786 662 124 85 March 140 140 185 136 131 141 174 149 67 February 774 671 102 65 April 138 141 190 123 120 141 r195 146 67 March 779 695 85 46 May,. 138 147 190 128 118 140 195 144 67 April 780 681 60 UNADJUSTED UNADJUSTED 1943—February 663 558 106 62 1943— A M M J J O N D A S p u c u a e e o u a r l t p n r g c v y i y t o e c u e e . l e b s h m . m m e t . b b b r e e e r r r ..... 1 1 1 1 1 1 1 1 1 1 3 3 4 5 4 3 4 3 4 3 0 2 6 1 5 7 2 3 7 2 r1 1 1 1 1 1 1 1 1 1 3 3 4 4 4 5 2 4 4 0 3 3 4 5 6 2 7 7 0 0 1 1 1 2 1 1 1 1 1 1 8 8 7 7 8 0 9 9 6 8 9 3 8 9 3 2 1 3 2 6 1 1 1 1 1 1 1 1 1 1 3 2 7 2 5 5 5 4 6 4 1 4 2 3 3 8 7 0 7 4 r1 1 1 1 1 1 1 9 9 0 8 0 1 5 8 6 1 2 7 2 6 5 1 1 3 6 8 1 1 1 1 1 1 1 1 1 1 3 5 3 4 5 5 4 4 3 4 3 0 8 5 6 0 3 7 8 4 3 3 3 2 2 2 1 1 2 5 1 6 1 6 9 7 0 9 3 6 4 5 2 9 7 4 6 3 1 1 1 1 1 1 1 1 1 1 4 4 4 3 4 5 5 5 4 3 7 7 3 9 5 3 4 3 6 8 6 6 6 6 6 6 6 6 6 6 3 4 2 3 6 6 8 5 2 3 M J A N M J O D A S u u e u c e p o a a l n p t c y g r v y r e o t i e c u l e e b m h s m m e t b r b b e e e r r r.... 8 7 7 7 7 7 7 7 7 7 0 6 8 9 4 7 9 5 4 5 0 2 2 1 7 7 6 9 9 6 r6 6 6 6 6 6 6 7 6 6 2 7 8 6 6 0 3 7 2 3 0 6 3 6 6 5 8 1 5 1 r1 1 1 1 1 1 1 1 2 9 7 1 1 2 1 2 3 2 9 6 7 0 0 5 3 1 1 8 r8 3 6 8 8 8 7 8 7 7 7 5 3 4 3 2 6 6 1 0 1944—J F M A a p e a n r b r i u r c l a u h r a y ry 1 1 1 1 3 3 3 3 3 5 3 2 1 1 1 1 4 4 5 4 9 1 0 0 1 1 1 1 9 9 8 8 1 4 6 7 1 1 1 1 4 2 5 0 5 5 9 8 1 1 1 1 0 0 1 0 3 8 6 7 1 1 1 1 3 4 4 4 3 1 0 1 1 4 5 5 6 8 1 1 8 1 1 1 1 3 3 4 4 8 6 2 4 6 6 6 6 4 4 8 7 1944— M A F J e a p a b n r r i u r c l u h a a ry ry 7 7 7 7 6 9 3 4 0 7 5 1 6 6 6 7 7 5 0 5 2 1 5 8 9 8 8 3 3 4 P5 4 4 5 5 6 4 0 May 141 147 188 113 106 146 281 145 67 P Preliminary. r Revised. 1 Includes redistribution of wage accruals in 1943. NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for NOTE.—Descriptive material and back figures may be obtained June 1941 Based on daily average loadings. Basic data compiled by Associa-from the Division of Research and Statistics. Basic data compiled tion of American Railroads. Total index compiled by combining indexes for classesby the Interstate Commerce Commission, with weights derived from revenue data of the Interstate Commerce Commission. 716 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 district 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 ho 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 "ll9" 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... 168 148 134 151 167 194 204 161 179 149 184 212 200 SEASONALLY ADJUSTED 1942—Tune 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 15g 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 M arch 185 162 157 173 183 212 225 175 195 159 193 247 218 April 173 157 139 162 166 r199 222 167 173 r157 181 232 201 May 183 164 149 168 181 211 233 175 197 158 184 228 216 UNADJUSTED 1942—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 r165 191 181 Tune * 155 138 122 135 155 177 175 154 166 144 172 183 184 J«3y 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 r173 161 136 r159 172 193 228 169 183 r159 183 228 192 May 180 162 142 162 179 210 228 178 197 160 186 228 203 ' Revised NOTE.—For description and monthly indexes for back years, see pp. 542-561 of BULLETIN for June 1944. JULY 1944 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 = 1001 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 23 .116 Nov.22 . .128 Nov 21 166 N 20. .. . .201 Out- 30..... .147 29 169 28 .166 27... . .188 m ( S t o f o a o n l t e r t a h s l ) m ( S e o t n o n d c t 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 e - d j U u n s a te d d - Dec. 2 2 1 1 7 4 8 . .. . . . .. .. . . . . 1 1 2 2 9 2 5 3 7 4 8 2 Dec. 2 2 1 6 7 0 3.... ..2 2 2 1 3 7 1 7 6 7 5 4 Dec. 2 1 1 5 6 9 2 . . 1 2 2 3 9 7 3 0 9 4 6 3 Dec. 2 1 1 4 5 1 8 . . . .. . . . . . . . . . . . . 2 2 2 2 8 7 5 4 9 3 1 5 month) 1941 1942 1943 1944 Jan. 4 85 Jan. 3 107 Jan. 2 112 Jan. 1... .105 1939 average 128 344 99 11 99 10 . .130 9 138 8... 134 1940 average 136 353 108 101 18 '. 90 17.... 131 16 132 15... . .137 1941 average 156 419 194 120 25 89 24 119 23 119 22. ... .136 1942 average 178 598 263 172 Feb. 1 94 31 121 30 . .. 121 29 ..130 1943 average 203 505 530 145 .^95 Feb. 7.... ..114 Feb. 6 .136 Feb. 5 ...138 15 .97 14 ..116 13 168 12 ..132 1942—Aug 153 671 210 201 193 22..... . 88 21 110 20 .146 19 ... .133 Sept 188 661 222 183 190 29 .101 28 119 27 150 26. 134 Oct 210 651 251 168 187 Mar. 8.'.'.'.'.'. 97 Mar. 7.... ..125 Mar. 6 .142 Mar. £.... '.'.144 Nov. 212 624 254 155 179 15 .105 14.... .131 13 .134 11. .148 Dec 323 480 254 147 138 22 111 21. .. .. .140 20 .137 18. ...160 29 .117 28.... ..147 27 .143 25. .167 1943—Jan 157 466 347 150 134 Apr. 5 .131 Apr. 4. .. ..160 Apr. 3 .149 Apr. 1. .196 Feb 181 453 398 136 130 12 .136 11. .. .. .120 10. ... .153 8. .188 Mar 187 472 441 133 135 19 .117 18.... ..135 17 .154 15. .137 Apr 200 r462 r461 r128 r133 26 .114 25 129 24... ..166 22. .. .148 May 182 467 r566 131 134 May 3 .124 May 2.... ..134 May 1 .127 29.. .150 Tune 187 474 665 143 136 10 .128 9.... ..136 8 .152 May 6... .165 July 150 501 689 160 144 17 .110 16.... ..115 15 .133 13... .175 Aug 165 559 624 167 160 24 .117 23.... ..114 22 .137 20.. .158 Sept 205 580 568 160 166 31 .109 30.... .. 95 29 .136 27... .151 Oct 229 592 550 152 170 June 7 .127 June 6 . .135 June 5 .137 June 3. .147 Nov 259 575 560 143 165 14 .120 13.... . .117 12 .151 10... . .154 Dec 337 465 487 142 133 21 .107 20.... .116 19.. ..148 17. . .. .152 28 .109 27.... ..100 26 .118 24. ....135 1944—Jan 166 477 525 153 137 July 5 . 86 July 4.... . . 84 July 3 .116 July 1. . Feb. 170 512 526 154 147 12 . 93 11.... ..102 10 .101 8. .. Mar. 226 524 488 147 150 19 . 89 18.... .. 93 17 .111 15... Apr 205 r524 r475 rl45 r150 26 . 87 25.... .. 92 24 .109 22... May 220 520 523 146 149 Aug. 2 .102 Aug. 1.... . . 96 31 .107 29. .. r Revised. NOTE.—This index is based on reports from a smaller group of stores than 1 The former index on a 1923-25 average base, recomputed on a 1935-39 that included in the monthly index. average base. Back figures.—See BULLETIN for April 1941, p. 311, and subsequent issues. Back figures.—Division of Research and Statistics. SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] M 19 a 4 y 4 A 19 p 4 r 4 . Five M 19 a 4 y 4 A 19 p 4 r 4 . F m 1 i 9 o v 4 s e 4 . 1 M 94 a 4 y A 19 p 4 r 4 . F m 1 i 9 o v 4 s e 4 . M 19 a 4 y 4 I 1 A 9 p 4 r 4 . m F 19 i o 4 v s 4 e . United States.. +18 +2 +8 Boston +14 +1 +4 Cleveland—Cont. Chicago—Cont. Dallas +23 +10 +16 New Haven +10 +7 Erie +18 3 +4 Fort Wayne.... +22 -5 +6 Shreveport +26 +17 +22 Portland +10 +1 Pittsburgh +22 +4 +7 Indianapolis... +24 +8 +12 Dallas +36 +16 +24 Boston +19 +4 +7 Wheeling +28 +11 +15 Terre Haute... +35 -43 0 Fort Worth +17 +4 +14 P Sp ro ri v n i g d f e i n el c d e + + 1 9 4 +6 Richmond +16 —2 +7 D Si e o s u x M C oi i n ty es + * 22 + * 7 +1 * 0 H Sa o n u s A to n n tonio + + 1 1 9 8 + + 1 7 2 + + 1 8 5 N C P l e h e U T L N Y A B N W C N A B P R C B E P R S S w i v l a h o r y u l r c e i l e e k o t l e i o i a m i e e n i b i a n l n f h r w u a i w r r c l c d a d Y f v n a l a g c o k k c d g e g h a i a n a e g a o c e n t i a r n a n e i l h d h e l Y n o d r e a u l n r o y r s p s e a s k k a n n k p a e s g t o - h c t n e m e e a l o B e r t i d p r F e t a r k a r a i t h t p d a o r s i y C l r n a l i e e i s . . . . t . . . . . . y . . . . . . . . . + + + + + + + + + + + + + + + + + + + + + + + + + 2 1 1 3 1 1 1 1 1 2 1 1 1 2 1 1 1 1 1 1 1 1 2 7 3 - 1 5 5 0 9 0 9 9 4 4 6 8 3 6 2 2 4 3 4 9 8 9 + + - r+ + + + + + + + + + - - 1 — - - - - 1 1 1 4 4 3 4 4 4 4 5 9 5 6 9 4 1 3 0 1 1 2 1 + + + + + + + + + + + + + + + + + + + + - - - 1 1 1 2 6 4 1 6 6 1 7 7 5 9 6 8 9 7 9 8 6 6 5 1 8 8 0 8 Atl H W G N M T W B M L R C B M J A N J K N C M B C C a a a n a y a h r i o u h l e a i n a h t c c i a o i a o c a e t r l m l n a a r t w n a n s o a a k k s c a b n t h m r e o f r h m c r s t h i x o t k s s n i o n p t l m n l i m t t h v l g o o e i v n i O s e a l v t n e a o i n n k b i o a o s b n n i o s n i l g R n l r g t u ! g l m l n u t v l r l o o - t l e o t o e e e d r r h o e i S o n o g e g l n u a , n a n l a . r g , n g e W y m S l a s e e S . . . m . . . V . C ! C . a . . . . . . . . + + + + + + + + + + + + + + + + + + + + + + + + + + 2 2 2 2 3 2 1 2 2 2 3 5 2 1 1 2 2 2 2 1 1 1 1 2 3 2 7 7 7 4 4 0 2 4 4 4 1 8 7 5 5 3 4 2 1 6 8 1 3 7 3 r r+ + + + + + + + + + + + + + + + + + + + + 5 - + - - l 1 1 2 1 1 1 1 1 1 1 1 5 6 5 7 r 2 3 3 6 3 8 1 8 9 7 7 4 2 9 3 5 6 2 0 7 3 4 + + + + + + + + + + + + + + + + + + + + + + + + + - 1 1 1 1 1 2 1 2 2 1 5 2 1 2 2 1 2 2 2 1 2 1 1 6 8 9 6 2 2 2 8 4 4 0 2 3 0 4 4 0 2 9 1 1 6 8 2 S M K t a . W i L M G F L T J D F Q E M H G L S D K S S n n o o a l p o t L i v o t r u n u r e e a s i e . i p i . t e n r a r p u a l o c a n i n t e n t t m i l w t e n L J r s l c n n i e n h u a s i t v s e n s o o i n c h d k s p o g a a i p i S e n v y s s i t v i C a s u h f u r o R B t m g a i e . n i i R . l k i i l e i p l o s l s a s i C t i e l l e s a y o h t c y e d e h p i n k t i y d . . s . . . . . . + + + + + + + + + + + + + + + + + + + + + + + + 1 2 3 2 3 2 2 2 2 1 2 5 2 3 1 1 1 3 2 1 2 2 2 9 5 4 0 7 4 6 6 8 9 5 6 3 3 0 8 8 3 1 1 5 1 4 4 + + + + + '+ + + + + + + + + + - - + + + + - - 1 1 1 1 1 4 4 4 2 1 6 4 9 2 6 1 4 4 1 4 1 4 0 8 1 2 2 o ! + + + + + + + + + + + + + + + + + + + + + - + 1 2 1 1 1 2 1 1 1 1 1 1 1 1 3 8 3 6 9 8 6 6 5 4 4 4 6 9 0 1 5 8 6 7 8 0 0 . ! San S S S V B L S S P T B F T B E S Y O S S L P S a a a a t h o r u o a p a a e o a v a e o a n a n o N F e n n B o n k c c l i s o a l c l e r k k c s t s l l r g t e e o s t t a k r e i r i e e l a a k n F t l A D n o r n a m J m m e a r a l L a j o n s t n r o g m k a e i B o n n t n o i n f c x a a a t a R p n h e s e d i a e i g n e d e k n e s e l a g a d n o e a n c e l e c a o m d s d l y o c t i n e o a h s C s d c N i o t a . y p .. . a . . + + + + + + + + + + + + + + + + + + + + + + 1 2 1 1 1 1 3 1 1 1 1 1 2 2 1 1 4 5 9 4 4 9 4 2 3 2 7 5 1 8 8 5 6 1 5 3 4 3 r + + + - - + + + - + + 1 + + + + + + 2 1 + 2 1 f 0 1 3 4 1 4 3 9 6 2 2 3 1 8 4 7 2 * * * + + + + + + + + + + + + + + - - + + + + + + - 1 1 1 1 1 3 1 2 4 2 2 9 9 6 7 9 7 7 2 6 4 7 4 2 4 2 0 5 2 7 0 7 Columbus +27 +8 + 1 Chicago +17 +1 +4 Omaha +22 +7 +10 T Y o o l u e n d g o stown + + 2 2 3 3 + + 3 6 + + + 1 1 1 2 0 0 P C e h o ic ri a a go + +3 1 4 6 r+ + H 4 + + 1 4 1 O Tu k l l s a a homa City + +2 3 2 3 + + 1 6 1 + + 1 8 8 r Revised. * Data not yet available. •* Four months 1944. 718 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS, BY MAJOR DEPARTMENTS Ratio of stocks Sales during month (value) Stocks at end of month (value) to sales Department o N f u s m to b r e e r s Percentage change Percentage change April reporting Apr. 194- Apr. 1944 Apr. 1943Apr. 1944 Apr. 1944 Apr. 1943 from from from from from from 1944 1943 Apr. 1943 Mar. 1944 Apr. 1943 Mar. 1944 Mar. 1943 GRAND TOTAL—en tire store.. 352 +3 -9 +6 +12 -1 -1 2.7 2.4 MAIN STORE-total 352 +4 +5 +11 0 -1 2.8 2.6 Women's apparel and accessories 350 +4 -12 +7 +25 -4 2 2.0 1.7 W W o o m m e e n n ' ' s s a a n n d d m m i i s s s s e e s s ' ' d co re a s t s s e a s nd suits 3 3 3 2 2 9 +1 -2 + 5 1 - + 13 8 + + 3 2 2 5 -1 -6 9 -8 1 1 . . 4 1 0 1. . 2 9 Blouses, skirts, sportswear, sweaters, knit +14 apparel 310 +15 —2 +2 +60 +2 +8 2.7 1.9 Juniors' and girls' wear 294 +2 -16 +19 +63 -11 -8 1.7 1.1 Infants' wear 303 +10 -11 +15 +57 -2 -5 2.2 1.5 Aprons, housedresses, uniforms 284 +15 +8 +48 9 +11 2.3 1.8 Women's underwear, slips, negligees 320 +23 +3 0 +37 +6 +8 2.7 2.4 Corsets, brassieres 328 +24 +1 -2 -12 —5 -4 1.8 2.6 H G Sh o lo o s v e ie s e r s y ( w (w ( o w m o o m e m n e ' e n s n 's ' a s n a a n d n d d c h c c h il h i d l i d r ld e r n e re n 's n ' ) s 's ) ) 3 3 2 2 4 4 2 4 1 +5 0 9 + + + 1 1 2 2 1 + + + 1 4 9 9 7 + -2 + 1 7 6 1 - - - 6 6 6 -1 — -3 6 3 2 2 1 . . . 1 9 6 2 2 1 . . . 2 9 8 Furs 261 -82 -94 -38 -9 +3 +4 17.7 3.4 Men's and boys' wear 320 +1 +7 +17 +8 +1 -1 3.9 3.6 Men's clothing 229 +2 +6 -1 -2 -2 -2 4.0 4.2 Men's furnishings, hats, caps 303 +1 +10 +10 +10 +5 +2 4.5 4.2 Boys' clothing and furnishings 278 -2 0 +57 +31 -4 -10 2.6 1.9 Men's and boys' shoes and slippers 174 +4 +22 +19 -2 -1 +2 5.3 5.6 Home furnishings 313 +2 +1 +4 -4 0 -3 3.8 4.0 Furniture, beds, mattresses, springs 230 +5 +1 +3 +2 -2 -4 3.7 3.8 Domestic floor coverings 235 x +6 +12 -27 -3 -9 3!o 3.9 Draperies, curtains, upholstery 290 +10 +7 +19 -8 —3 -4 2.7 3.3 Major appliances (refrigerators, washers, stoves, etc.) . 187 -71 0 +47 -50 0 -16 3.8 2.2 Domestics, blankets, linens, etc 285] +20 -10 -11 +9 +4 +2 4.1 4.4 China and glassware 218 +U -3 -2 -16 +6 0 5.0 6.8 Housewares 219 -4 +9 +3 +7 -1 4.1 3.7 Piece goods (dress and coat yard goods, all materials) 285 +26 -19 -21 -1 -1 +4 2.3 2.9 Cotton wash goods 120 +24 -3 -11 -25 +1 +3 1.4 2.4 Small wares 331 0 -32 +1 +22 +6 +3 4.1 3.4 Notions 219 +6 +2 +2 +31 -1 +2 3.4 2.8 Toilet articles, drug sundries, prescriptions 317 -13 -52 -1 +22 +14 +6 4.7 3.3 Jewelry and silverware 270 -17 -42 +9 +14 +7 +2 5.1 3.7 Miscellaneous. 290 +5 +11 +12 +4 +2 3.2 3.0 BASEMENT STORE—total .. 215 -1 x +9 +15 -4 -5 2.4 2.1 Women's apparel and accessories 205 0 -7 +8 +29 —7 -8 1.8 1.4 Men s and boys' clothing and furnishings... 166 -6 +9 +15 +12 2 —3 3.7 3.1 Home furnishings 123 +3 0 +2 +3 0 -5 3.0 3.0 Piece goods 55 +28 -13 -18 -7 +7 +8 2.6 3.5 Shoes 134 -13 +17 +28 0 -4 ° 1 4.2 3.6 bydi 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 A a c t c o e u n n d t s o r f e m ce o iv n a th ble Collec m ti o on n s th during Cash Instal- Chargesales ment account Total Cash Instal- Charge Instal- Charge Instal- Charge sales sales ment account ment account ment account 1943—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 63 5 32 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 D N e o c v e e m m b b e e r r 2 1 1 6 7 6 r2 2 8 1 9 0 9 9 3 9 1 1 5 3 9 0 4 4 4 8 1 9 0 0 9 8 8 1 2 1 12 1 1 6 r6 6 5 1 5 4 ' 3 3 4 1 1944—January r106 140 53 79 44 82 77 143 64 4 32 February 109 140 57 84 41 72 72 107 63 4 33 March 144 r182 74 114 40 79 78 100 62 4 34 April.. ,.. . . r132 r171 59 104 38 79 r67 107 62 4 34 May 141 180 58 112 36 82 67 109 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 a preceding page. JULY 1944 719 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars] Instalment credit End o r o y f e m ar onth co c T n r s e o u d ta m it l er instalment Sale credit Loans1 p S a l i o y n a m g n l e s e 2 n - t a C c h co ar u g n e ts Service credit credit Total Automotive Other 1929 7,089 3,167 2,515 1,318 1,197 652 1,577 1,749 596 1930 6,341 2,706 2,032 928 1,104 674 1,451 1,611 573 1931 5,177 2,214 1,595 637 958 619 1,051 1,381 531 1932 3,846 1,515 999 322 677 516 726 1,114 491 1933 3,717 1,581 1,122 459 663 459 588 1,081 467 1934 4,159 1,846 1,317 576 741 529 659 1,203 451 1935 5,148 2,599 1,805 940 865 794 785 1,292 472 1936 6,396 3,466 2,436 1,289 1,147 ,030 991 1,419 520 1937 7,054 3,919 2,752 1,384 1,368 ,167 1,119 1,459 557 1938 6,618 3,539 2,313 970 1,343 ,226 1,069 1,487 523 1939 7,518 4,351 2,792 1,267 1,525 ,559 1,089 1,544 534 1940 8,767 5,434 3,450 1,729 1,721 ,984 1,123 1,650 560 1941 9,499 5,921 3,747 1,942 1,805 ,174 1,204 1,764 610 1942 6,165 2,932 1,494 482 1,012 ,438 1,072 1,513 648 1943 5,158 1,939 816 175 641 ,123 1,034 1,498 687 1943 Apr 5,262 2,244 1,020 260 760 ,224 1,029 1,331 658 May 5,103 2,139 955 235 720 ,184 1,027 1,275 662 June 5,095 2,075 896 208 688 ,179 1,014 1,338 668 July 4,883 1,993 838 196 642 ,155 994 1,222 674 Aug 4,810 1,939 807 190 617 ,132 996 1,198 677 Sept 4,909 1,917 786 186 600 ,131 1,038 1,275 679 Oct 5,010 1,891 777 181 596 ,114 1,073 1,366 680 Nov 5,114 1,882 778 177 601 ,104 1,084 1,466 682 Dec 5,158 1,939 816 175 641 1,123 1,034 1,498 687 1944 Jan 4,818 1,836 745 169 576 1,091 996 1,294 692 Feb 4,662 1,785 707 167 540 1,078 962 1,218 697 Mar 4,836 1,804 696 167 529 1,108 955 1,376 701 Apr P4,800 P688 PI 71 pl,096 P966 Pi,346 May H,S1S PI ,'800 P518 PI,390 P Preliminary. 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, EXCLUDING CONSUMER INSTALMENT LOANS AUTOMOTIVE [Estimated amounts outstandirig. In millions of dollars] [Estimated amounts outstanding. In millions of dollars] End o r o f y e m a o r nth x m T a c o l u o u t t t d a i o v i - l n , e g D s m o m e t a r o p e n a d r a n i d e e l r t r - s t- F s u t t u o r r r n e e i s - H a s h a t p o o n o p u r c l l s d e e i e s - - J s e t w o e re lr s y s o re t t A o h ta r l e l e i r l s m E o y n n e d t a h o r f or Total m b C a e n o rc k m i s a - * l p S c l a m o o n a m a i n e l - l s b I p a n c t a n o d r n k i m u i a i e s n l - - s g u C n r i e o d n i s t M l i e a n i n s d e c o e e u r l s - s m R i l z o o e a a a d p n t n e i d a o r s 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 Apr 1,224 299 378 179 122 87 159 1943 M Ju a n y e 1 1 , , 1 1 8 7 4 9 2 2 9 8 0 7 3 3 6 7 6 1 1 1 7 7 4 4 1 1 1 1 8 8 8 8 5 6 1 1 5 4 1 3 760 190 319 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 •A!"u••g* 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 1,108 276 369 164 109 86 104 J F a e n b 5 54 7 0 6 1 1 4 5 7 8 2 2 3 4 6 8 2 2 4 1 5 5 5 1 9 8 1 5 A M p a r y p P l I , , 0 1 9 0 6 1 2 2 7 8 9 5 3 36 6 2 3 1 1 6 6 4 5 1 1 0 0 6 5 Pg5 P P 9 9 9 9 Mar 529 144 231 19 52 S3 M Ap a r y P ^5 5 1 1 8 7 P141 P *> 2 2 2 3 9 5 P18 * H > 5 48 p P 8 8 2 1 p 1 T P h re e l s i e m f i i n g a u r r y es . for amounts outstanding include only personal instalment cash loans and retail automotive direct loans, ^ivhich are shown on the fol- P Preliminary. lowing page. and a small amount of other retail direct loans (11 million dollars at the end of May 1944), which are not shown separately. 2 See footnote 1 for table above. 72.0 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued CONSUMER INSTALMENT CREDITS OF COMMERCIAL CONSUMER INSTALMENT LOANS MADE BY PRINCIPAL BANKS, BY TYPE OF CREDIT LENDING INSTITUTIONS [Estimates. In millions of dollars] [Estimates of volume made in period. In millions of dollars] Month or year Total Aut r o e m ta o il tive O r c e p h t t a u h a s r e i - e l r , d R e m r e a n p n o i d a d z i - a r - i m s n P o s e e n t n r a a - t l l- Month or year Co b m a m nk er s c 1 ial c S o m m a p ll a n lo ie a s n c I o n b m d an u p k s a t i n r n i i g e a s l u C n r i e o d n i s t Pur- Direct and tion cash chased loans direct loans loans 1929 463 413 42 1930 503 380 41 Outstanding at end of 1931 498 340 38 period: 1932 376 250 34 1 1 1 1 1 9 9 9 9 9 4 4 4 4 3 2 1 0 3 9 1 1 1 , , , 0 3 5 7 4 2 4 8 8 6 0 0 8 7 9 3 2 3 1 0 1 9 3 5 0 0 6 6 4 3 1 2 1 0 6 3 2 8 3 0 0 2 2 2 2 1 1 7 6 1 4 5 9 7 0 3 0 2 2 2 1 2 4 6 8 5 0 6 0 6 4 2 3 3 2 1 6 4 8 8 3 4 0 0 0 2 1 1 1 1 1 1 9 9 9 9 9 9 3 3 3 3 3 3 5 4 7 6 8 3 . ... 4 6 3 3 5 6 1 2 0 8 6 0 9 3 4 4 3 4 4 3 4 2 2 2 0 1 5 3 8 0 9 7 4 4 8 2 1 1 1 3 4 6 0 4 7 3 2 7 5 8 9 1943—April 580 77 91 100 117 195 1 1 9 9 4 3 0 9 . 9 7 2 6 7 3 4 5 8 3 9 6 3 25 2 * 0 May 551 69 89 93 111 189 1941 983 558 343 June 529 65 85 84 105 190 1942 705 798 408 215 July 515 60 82 80 103 190 1943 524 809 364 193 August 498 58 82 74 98 186 September 489 57 82 70 95 185 1942 October 480 57 82 67 92 182 October 44 59 30 14 N De o c v e e m m b b e e r r 4 4 7 6 0 9 5 5 5 4 8 8 2 2 6 6 6 7 1 1 8 7 0 8 N D o ec v e e m m b b e e r r 3 4 7 3 5 8 9 2 2 3 5 1 1 1 8 4 1944—January 460 51 81 70 82 176 1943 M Fe a b r r c u h ary 4 4 4 5 8 2 5 5 1 0 8 8 1 3 6 6 0 4 7 7 6 8 1 1 8 7 3 4 J F a e n b u ru ar a y ry 3 3 6 5 4 5 5 0 2 2 5 6 1 1 1 3 M Ap a r y il 4 4 5 5 9 2 5 5 1 2 9 8 0 6 6 5 0 9 7 7 3 3 1 1 8 8 4 3 M Ap a r r i c l h 4 5 1 3 6 8 2 6 3 3 8 1 2 1 2 5 Volume extended during M Ju a n y e . 4 50 0 8 5 0 8 3 2 5 9 1 1 4 9 month: July 44 62 30 15 1943—April 64 9 12 10 28 August 45 64 29 15 May 65 9 12 11 27 September 47 70 32 18 June 77 9 13 12 35 October 43 67 28 16 July 67 8 13 9 30 November 42 70 29 15 August 68 9 14 8 30 December 48 95 32 20 September 72 9 14 9 33 October 68 8 13 11 29 1944 November 66 7 13 12 28 January 42 53 27 13 December 71 7 14 13 32 February 44 60 29 16 March 63 94 38 23 1944—January 64 6 14 13 27 April 49 61 30 14 M Fe a b r r c u h ary 6 8 1 4 6 8 1 1 4 8 1 8 0 4 2 3 9 May 57 72 35 17 April 72 9 17 10 30 May 87 10 20 14 36 NOTE.—For descriptive material and back figures, see BULLETIN for tills yJ<*rii**y diivJ. CL ania-ii aiuuuui ui uuiti iv/iau un^vi October 1942, pp. 992-994. dollars in May 1944), which are not shown separately. FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE1 Percentage c P h e a r n c g e e n t f a ro g m e Instalment accounts a C cc h o a u rg nt e s change from corresponding preceding month of Month month preceding year D m ep en a t rt- F t u u r r n e i- h H o o ld u s a e p - - Jewelry D m ep e a n r t tstores stores pliance stores stores May j Apr. j Mar. stores 1944 I 1944 1943 Net sales: April 31 20 18 31 63 Total +17 +4 May 30 22 20 33 63 Cash sales +17 +3 June 29 21 21 33 62 Credit sales: i July 30 22 21 34 62 Instalment +17 August 32 22 21 34 62 Charge account +18 September 33 21 21 33 62 October 37 22 22 37 65 Accounts receivable, at end of November 37 23 23 39 66 month: December 35 22 22 55 63 Total +3 0 Instalment +1 -1 1944 January 30 20 22 31 61 Collections during month: February 31 20 22 31 61 Total +9 -2 March 36 23 26 34 65 Instalment , +8 -3 A M p a r y il r3 3 1 3 2 2 5 3 r2 2 6 5 3 2 0 8 6 6 3 4 Inventories, end of month, at retail value -1 0 -1 r Revised. 1 Ratio of collections during month to accounts receivable at beginning ' Revised, of month. JULY 1944 72.I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 =100] Other commodities Year, month, or week m c A t o o i m e l d l s i - - F p u a r c o r t m d s - Foods Total H p l i r e d o a e d s t u h a c e n t r s d p T ro ex d t u i c le ts m F li u a g 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 l h 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- - ds l M an is e c o e u l s - 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 88.7 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.9 75.1 64.4 1933 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.1 75.8 62.5 1934 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.3 81.5 69.7 1935 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 79.0 80.6 68.3 1936 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 78.7 81.7 70.5 1937 86.3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95.2 82.6 89.7 77.8 1938 78.6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.0 86.8 73.3 1939 77.1 65.3 70.4 81.3 95.6 69.7 73.1 94.4 90.5 76.0 86.3 74.8 1940 78.6 67.7 71.3 83.0 100.8 73.8 71.7 95.8 94.8 77.0 88.5 77.3 1941 87.3 82.4 82.7 89.0 108.3 84.8 76.2 99.4 103.2 84.6 94.3 82.0 1942 98.8 105.9 99.6 95.5 117.7 96.9 78.5 103.8 110.2 97.1 102.4 89.7 1943 103.1 122.6 106.6 96.9 117.5 97.4 80.8 103.8 111.4 100.3 102.7 92.2 1943—January... 101.9 117.0 105.2 96.0 117.8 97.3 79.3 103.8 109.8 100.2 102.5 90.7 February.. 102.5 119.0 105.8 96.2 117.8 97.3 79.8 103.8 110.2 100.3 102.6 90.9 March 103.4 122.8 107.4 96.5 117.8 97.3 80.3 103.8 110.4 100.0 102.6 91.4 April 103.7 123.9 108.4 96.6 117.8 97.4 80.6 103.8 110.3 100.1 102.6 91.6 May 104.1 125.7 110.5 96.7 117.8 97.4 80.8 103.8 110.5 100.2 102.7 91.9 June 103.8 126.2 109.6 96.8 117.8 97.4 81.0 103.8 110.6 100.0 102.8 91.8 July 103.2 125.0 107.2 96.9 117.8 97.4 81.0 103.7 110.7 100.1 102.6 92.3 August.... 103.1 123.5 105.8 97.1 117.8 97.4 80.9 103.7 112.2 100.2 102.6 92.6 September 103.1 123.1 105.0 97.2 117.8 97.5 81.0 103.7 112.5 100.3 102.6 93.0 October... 103.0 122.2 105.1 97.3 117.8 97.6 81.0 103.7 112.7 100.4 102.6 93.1 November. 102.9 121.4 105.8 97.4 116.5 97.7 81.2 103.8 113.1 100.3 102.8 93.2 December. 103.2 121.8 105.6 97.6 117.0 97.7 82.1 103.8 113.4 100.4 102.8 93.3 1944—January. .. 103.3 121.8 104.9 97.8 117.2 97.7 82.3 103.7 113.5 100.4 104.5 93.2 February.. 103.6 122.5 104.5 98.0 116.9 97.7 83.1 103.7 113.6 100.4 104.2 93.4 March 103.8 123.6 104.6 98.1 116.9 97.8 83.0 103.7 114.2 100.4 104.3 93.5 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 May 104.0 122.9 105.0 98.5 117.0 97.8 83.1 103.7 115.7 105.4 104.3 93.5 Week ending 1944—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 June 3 103.9 123.9 105.2 98.7 117.7 97.3 83.7 103.8 115.7 105.3 106.0 93.3 June 10.... 104.0 125.0 105.4 98.7 117.7 97.3 83.7 103.8 115.8 105.3 106.0 93.3 June 17... 103.7 122.9 104.9 98.7 117.7 97.3 83.7 103.8 115.8 105.3 106.0 93.3 June 24.... 103.7 123.0 104.9 98.7 117.7 97.3 83.8 103.8 115.9 105.3 106.0 93.3 1943 Subgroups Subgroups May Feb. Mar. Apr. May May Feb. Mar. Apr. May Farm Products: Metals and Metal Products: Grains 113.1 129.3 129.5 129.6 129.7 Agricultural implements 96.9 97.0 97.1 97.2 97.2 Livestock and poultry 130.5 123.3 125.6 123.6 122.6 Farm machinery 98.0 98.1 98.2 98.3 98.4 Other farm products 125.2 119.3 119.9 120.3 120.4 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 113.1 110.7 110.5 110.2 110.3 Nonferrous metals 86.0 85.8 85.8 85.8 85.8 Cereal products. 93.6 95.1 95.1 95.2 95.0 Plumbing and heating 90.4 91.8 91.8 91.8 92.4 Fruits and vegetables 137.7 120.7 123.3 126.5 126.8 Building Materials: Meats 115.9 106.0 106.0 106.2 106.6 Brick and tile 98.9 100.1 100.3 100.3 100.5 Other foods 96.4 93.5 92.7 92.2 91.9 Cement 93.9 93.6 93.6 93.9 96.4 Hides and Leather Products: Lumber 138.1 148.4 150.7 153.4 154.0 Shoes 126.4 126.4 126.3 126.3 126.3 Paint and paint materials... 102.2 103.9 104.4 104.4 104.7 Hides and skins 116.0 111.0 111.2 111.2 111.9 Plumbing and heating 90.4 91.8 91.8 91.8 92.4 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 101.6 102.8 102,8 102.8 103.0 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 112.6 113.4 113.6 113.9 113.9 Drugs and Pharmaceuticals. 165.1 165,2 165.2 220.1 220.1 Hosiery and underwear 70.5 70.5 70.5 70.5 70.5 Fertilizer materials 80.0 81,4 81.4 81.4 81.4 Silk Mixed fertilize 85.8 86.3 86.3 86.3 86.3 Rayon 30.3 30.3 30.3 30.3 30.3 Oils and fats 102.0 102.0 102.0 102.0 102.0 Woolen and worsted goods 112.5 112.5 112.5 112.5 112.5 House furnishing Goods: Other textile products 98.7 100.5 100.5 100,5 100.5 Furnishings 107.3 107.1 107.2 107.2 107.2 Fuel and Lighting Materials: Furniture 98.0 101.4 101..4 101.4 101.4 Anthracite 89.7 97.8 95.6 95.8 96.4 Miscellaneous: Bituminous coal 116.1 119.9 120.1 120.3 120.4 Auto tires and tubes.. 73.0 73.0 73.0 73.0 73.0 Coke.... 122.4 130.7 130.7 130.7 130.7 Cattle feed 150.6 159.6 1596 159.6 159.6 Electricity 59.5 60.1 59.0 Paper and pulp 104.3 106.6 107 2 107.2 107.2 Gas 77.5 77.2 76.7 Rubber, crude 46.2 46.2 46.2 46.2 46.2 Petroleum products 62.5 64.0 64.0 64.0 64.0 Other miscellaneous. . 95.2 96.7 96.7 96.7 96 8 Back figures.—Bureau of Labor Statistics, Department of Labor. 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 1944 Chart Chart b p o a o g k e M 2 a 4 y M 3 a 1 y Jun 7 e Ju 1 n 4 e Ju 2 n 1 e . b p o ag o e k Mar. Apr. May WEEKLY FIGURES^ In billions of dollars MONTHLY FIGURES In billions of dollars RESERVES AND CURRENCY RESERVES AND CURRENCY Reserve Bank credit Reserve Bank credit 5 12.61 13.24 14.26 U S Govt. securities, total 2, 4 13.99 14.25 14.61 15.00 15.18 Gold stock... 5 21.64 21.49 21.34 Bills 4 8.28 8.47 8.73 9.08 9.25 Money in circulation 5 20.96 21.31 21.82 Certificates 4 3.09 3.15 3.24 3.28 3.29 Treasury cash 5 2.34 2.33 2.33 Notes. ,. „. 4 1.16 1.19 1.19 1.19 1.18 Treasury deposits 5 .39 .32 .32 Bonds „ 4 1.45 1.45 1.45 1.45 1.46 Reserve balances 5, 8 12.43 12.57 12.96 Special certificates 4 Required reserves 8 11.44 11.68 12.09 Discounts and advances „ 2 .23 .24 .24 .17 .17 Excess reserves, total 8, 9 .99 .89 .87 Gold stock 2 21.32 21.26 21.21 21.21 21.20 New York City 9 .02 .02 .01 Money in circulation 2 21.91 22.16 22.26 22.33 22.29 Chicago 9 (3) .01 .01 Nonmember deposits 2 1.96 1.95 1.93 2.03 2.00 Reserve city banks 9 .27 .27 .26 Treasury deposits 2 .39 .31 .26 .15 .33 Country banks 9 .70 .60 .59 Member bank reserves 3 13.00 13.05 13.36 13.72 13.76 Money in circulation, total 10 21.12 21.55 22.16 Excess reserves* 3 .76 .71 .82 1.06 1.21 Bills of $50 and over 10 6.02 6.21 6.43 Excess reserves (weekly average). total* 3 .87 P.S5 *\94 p1.03 $10 and |20 bills 10 11.17 11.38 11.70 New York City 3 .01 .01 .01 .01 Coins, $1, $2, and $5 bills 10 3.93 3.96 4.03 Chicago 3 .01 .01 .01 .01 Reserve city banks 3 .27 .25 .27 .31 ALL BANKS IN U. S. Country bankse 3 .58 P. 59 *\65 p.70 Total deposits and currency 11 P127.80 p127.4O Demand deposits adjusted 11 P59.60 P62.10 Time deposits 11 P34.00 p34.50 Currency outside banks 11 ^19.50 P19.90 MEMBER BANKS IN LEADING CITIES B U T C D U L o o o r . . e o a m t m S S a k n N N 1 . l . m a e s 0 e e n G r l 0 G e w w a o s d r o n ' a o c c v d Y n d l i Y i v o a t t s e t i . o a o l i . e p n r n r o s o k k l v o s b o s — e b o l a i C C s i l u t n i g s N t i t i g m s t a s t y e a a , y i t e w d d t , i t i o n j e o o t u n t o t n Y s s N s a t s t : a o l e e l r d w k . . Y C o it r y k 1 1 1 1 1 1 1 1 1 5 5 4 4 4 4 5 5 5 5 3 3 1 1 3 5 2 5 0 7 3 0 . . . . , . . . . 6 9 2 9 2 1 2 1 9 3 1 8 7 4 8 5 6 9 4 3 3 1 1 3 5 2 9 7 6 3 0 . . . . . . . . . 6 8 2 9 1 0 2 0 9 0 5 2 5 9 8 3 1 8 5 3 3 1 1 3 5 2 1 6 0 7 3 0 . . . . . . . . . 0 8 5 2 8 1 0 0 1 0 7 9 8 8 3 3 3 6 3 1 5 3 1 3 5 2 1 7 3 0 7 0 . . . . . . . . . 0 6 3 9 1 2 4 2 2 5 1 0 1 9 6 1 3 5 5 3 3 1 1 3 5 2 1 3 1 6 7 0 . . . . . . . . . 1 6 9 3 3 4 1 4 8 5 3 4 7 1 2 5 3 3 Cons S S I C u n e i h m n s r a t v g e a r I I C i l g r n c l n e O m e e s - s c N p t t e r a a c a A S a O e n c l r U l y d m u m e t t c M m h i d t o t e o c e e E i , e u n t r r n m R n n e t t t t o o t d s s C t l t i l a o a i R t o v l , l a e E a 4 e n t D n c o s I s r T 4 t e a d l4 i t, total 18, 1 1 1 1 1 1 1 1 1 8 9 9 9 8 8 8 9 9 4 1 1 1 . . . . . . . . . 3 8 1 8 7 1 9 5 7 8 0 1 4 0 7 6 3 0 ^ ^ n n P 4 p P P 1 P . . . . . . . . 7 . 9 1 6 i 8 3 S 7 7 7 9 o 8 0 5 2 0 * P P P > P p P P P I I I . 4 . . . . . . . 9 7 1 . 5 8 3 1 7 8 8 1 8 2 0 9 0 0 8 Bonds 17 6.34 6.33 6.43 6,48 6.58 Notes and guar. securities 17 2.84 2.81 2.79 2.79 2.85 TREASURY FINANCE Certificates 17 3,29 3.29 3.26 3.27 3.36 U. S. Govt. obligations outstand- Bills 17 .78 .74 .65 .67 .58 ing, total interest-bearing 20 185.61 185.67 186.40 100 cities outside New York, total.. 15 23.94 23.85 23.90 24.07 24.46 Bonds (marketable Treasury).. 20 72.81 72.53 72.54 Bonds 17 11.80 11.80 11.77 11.80 11.83 Notes, cert., and bills, total ... 20 55.07 54.72 55.30 Notes and guar. securities 17 4.89 4.90 4.91 4.93 4.96 Notes 21 16.24 16.26 16.26 Certificates 17 5.59 5.59 5.58 5.64 5.87 Certificates 21 25.68 25.31 25.27 Bills 17 1.65 1.56 1.64 1.69 1.80 Bills 21 13.15 13.15 13.77 Savings bonds, tax notes, etc.. 20 41.76 42.27 42.72 Savings bonds 21 31.97 32.50 32.99 Per cent per annum Tax notes 21 9.12 9.09 9.05 Special issues 20 13.51 13.70 14.12 Holdings of U.S. Govt. obligations: MONEY RATES, ETC. Fed. agencies and trust funds 22 18.11 18.35 p18.36 Treasury bills (new issue) 25 .375 375 .375 375 .375 Federal Reserve Banks 22 12.12 13.22 14.25 Treasury notes (taxable) 25 1.35 i.34 1.33 i.34 1.35 Commercial banks 22 64.10 63.80 U. S. Govt. bonds: Private holders other than Partially tax-exempt 25, 33 1.94 1.92 1.92 1.92 1.90 commercial banks, total 22 r91.30 90.30 Taxable 25, 33 2.49 2.49 2.49 2.49 2.49 Mutual savings banks..... 23 6.80 6.80 Corporate Aaa bonds 33 2.72 2.72 2.73 2.73 2.73 Insurance companies..".. 23 15.90 15.90 Corporate Baa bonds 33 3.61 3.60 3.60 3.60 3.59 Other investors, total 23 68.60 67.60 Marketable issues.... 23 28.30 26.80 In unit indicated Per cent per annum Stock prices (1935-39 = 100): MONEY RATES, ETC. Total 35 97.9 99.1 98.8 101.0 102.8 F. R. Bank discount rate, N. Y.... 27 .50 .50 .50 Industrial 35 99.7 101.0 100.8 103.5 105.4 Treasury bills (new issues) 27 .375 .375 .375 Railroad 35 100.7 101.3 97.9 99.8 102.2 Treasury notes (taxable) 27 1.36 1.36 1.35 Public utility 35 88.0 89.2 88.6 88.9 90.0 Commercial paper 29 .69 .69 .75 Volume of trading (mill, shares) 35 .85 1.00 1.10 2.12 1.60 U. S. Govt. bonds: Partially tax-exempt 33 1.91 1.94 1.94 Taxable 33 2.48 2.48 2.49 Corporate Aaa bonds 29, 33 2.74 2.74 2.73 Corporate Baa bonds 33 3.70 3.68 3.63 BUSINESS CONDITIONS Steel production (per cent of capacity).. 50 98.4 97.5 97.8 97.1 97.3 In unit indicated Electric power prod. (mill. kw. hrs.)... 50 4,292 4,144 4,265 4,287 437.5 Freight car loadings (thous. cars): Stock prices (1935-39 = 100): Total 51 869.9 810.8 874.2 879.2 881.3 Total... 35 96.6 95.1 97.2 Miscellaneous 51 385.5 360.3 383.4 387.4 389.2 Industrial 35 98.2 96.5 99.0 Department store sales (1935-39 = 100)... 52 147 152 135 Railroad 35 98.7 97.3 99.3 F.H.A. home mortgages, new construc- Public utility 35 88.4 87.3 87.8 tion (thous.)2 52 Volume of trading (mill, shares)... 35 1.12 .66 .73 Wholesale prices (1926 = 100): Brokers' balances (mill, dollars): Total 63 103.9 103.9 104.0 103.7 103.7 Credit extended customers 37 e820 e780 c790 Farm products 63 123.7 123.9 125.0 122.9 123.0 Money borrowed 37 e630 e600 e550 Other than farm and food 63 98.7 98.7 98.7 98.7 98.7 Customers' free credit balances. 37 e380 e390 e400 For footnotes see following page. JULY 1944 7x3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued Chart Chart 1944 book book page Mar. | Apr. May page Mar. Apr. May MONTHLY FIGURES—Gont. In unit indicated MONTHLY FIGURES—Cont. In unit indicated BUSINESS CONDITIONS BUSINESS CONDITIONS—Cont. Income payments (mill, dollars), total:5 12,1 12,843 ^12,914 Freight carloadings:5 S O a t l h a e r r ies and wages 9 3 , , 0 8 3 5 9 0 9 3 , , 0 8 1 2 5 8 2 ^ * 3 9 ,8 ,0 7 3 6 8 T G o ro ta u l ps ( 1 ( 9 p 3 o 5- i 3 n 9 ts = in 1 t 0 o 0 t ) a l index) 57 140 138 138 Cash farm income (mill, dollars), total. 1,510 1,470 pl,514 Miscellaneous 57 81.9 80.1 78.7 Livestock and products 996 979 PI,061 Coal 57 29.8 29.9 31.3 Crops 437 423 All other 57 28.7 28.3 28.5 Govt. payments 77 68 Department stores (1935-39 = 100) :5 Industrial production^ Sales 59 185 173 183 Total (1935-39 = 100) 41, 42 241 239 Stocks ...m 59 147 r145 146 Groups (points in total index) Exports and imports (mill, dollars): Durable manufactures 41 138.2 136.9 *>135.2 Exports 61 1,159.7 1,192.3 Machinery, etc 42 95.9 94.7 P93.8 Imports 61 P358.6 P359.5 Iron and steel 42 23.6 23.5 P23.1 Excess of exports 61 P801.1 2*832.9 Other durable 42 r18.8j 18.7 ns.2 Excluding Lend-Lease exports 61 -111.8 N M o in n T e P O d F r u a e o t a h p r x o l a s e e t d b i r r l s l e , e n a s l n o i m d a n q n d u a p d o u n r r r u i l , a n e f b a a t a l i c t n e n h t d g u e r r t e o s b . a .. cco 41,4 4 4 4 4 4 2 2 2 2 1 2 r r r 8 3 2 2 1 1 1 0 1 1 9 0 . . . . . . 8 2 4 7 5 1 l 8 2 2 2 1 10 0 1 1 9 9 . . . . . . 8 0 2 3 6 P ^ * P ^ > 1 1 7 2 2 0 9 9 9 0 . . . . . 3 9 9 1 7 W Co h s o t F O F C le o o a l t s f o h r o a m d t l e l h i e r v i p i n t p r n h g r o g a i d , c n u e a s c l f , l a t s r i t m t o e t m a a l s n d ( ( 1 1 f 9 9 o 2 3 o 6 5 d - = 39 1 = 0 0 1 ) 0 . 0 .. ) 6 6 6 6 6 6 3 3 5 3 5 5 1 1 1 1 1 9 0 2 3 2 3 8 3 3 6 3 4 . . . . . . 1 8 8 7 6 1 1 1 1 1 1 9 2 0 3 2 3 8 3 3 6 4 4 . . . . . . 4 2 9 9 5 6 1 1 1 1 1 9 0 3 2 2 3 8 4 7 2 5 5 . . . . . . 5 0 0 9 0 5 Primary products (1935-39 = 100): Rent 65 108.1 Steel 43 238 236 Cement 43 83 78 Oct.- Jan.- Apr.- Lumber 43 119 118 Dec. Mar. June Coal 43 148 150 PI 54 1943 1944 1944 Crude petroleum 43 138 139 Cotton consumption 43 150 151 142 QUARTERLY FIGURES In millions of dollars Labor f W L M P O or a e t c o e h p a e o a e t e l t h r r s y e a m a r a n n r d a n d n u d e f a m a i c r p y t l u o p r y e r m o d d e f u n o c t o t d s ( s mill, 4 4 4 4 4 3 3 3 3 3 r1 1 1 1 1 6 0 3 7 7 7 0 2 0 1 ' 1 1 1 1 1 5 6 1 6 3 8 7 7 9 1 P156 B In u t d er N g E n e e x a t t p l r W e r r e n e e a c d c v r e e i e i t i p n a u p t u c r t s e t s e i s a v c , n i o d t t l i o l e e e t s a c x l t p io en n d s, i t t u o r t e a s l : 2 2 2 2 4 4 4 4 2 2 2 1 9 8 , , , , 8 8 7 2 6 4 9 4 6 7 0 8 2 2 1 1 3 2 1 0 , , , , 9 8 3 5 5 2 8 4 7 3 2 2 persons): Corporate income taxes 24 3,295 4,390 L E a m b p o l r o y fo m rc e e n t, total t 5 5 1 0 . . 4 5 5 5 2 1 . . 1 3 5 5 2 2 . . 8 0 M In i d s i c v . id in u t a e l r n in a c l o r m ev e e n ta u x e e s 2 2 4 4 4 1 , , 4 1 1 8 0 5 5 1 , , 0 1 2 2 9 2 N A o g n ri a c g u r l i t c u u ra lt l ural 4 6 3 . . 9 6 43 7. . 5 8 4 8 3 . . 6 4 Corp N o e r t at p e r o se c c e u ed ri s t y issues: 36 424 444 Male 34.0 34.4 34.5 New money, total 36 139 131 Female 16.5 16.9 17.5 Industrial 36 128 79 Nonagricultural employment (mill. Railroad 36 7 46 persons), total5 39.1 38.7 P38.3 Public utility 36 1 6 Manufacturing and mining 17.4 17.2 p16.9 Per cent per annum Trade 7.0 7.0 P6.9 Fa ( c 1 t 9 T G C o 3 r r o o 9 y a n v n s = e s t r e p r n m u 1 o m c 0 r p t 0 t e l i a ) n o o t : t y n io m n e n a t n d a u n t d i lit p i a e y s rolls 0 5 3 . . . 7 9 8 0 5 3 . . . 7 8 9 1 i P P P 5 3 Q . . . 9 T 6 Bank T N O S e o o t r w h u t a a e t t h l e r Y , s e N r 1 o o n 9 r o n k r a c t c n i C h t u d i e i e s t r W s t y n o m e a s n e t d e rs r n ' E l o a c s a it t n i e e s r s : n cities 3 3 3 2 1 1 1 9 3 2 2 2 . . . . 1 1 6 7 7 0 5 6 3 2 2 2 . . . . 1 7 6 1 2 5 3 0 p P 2 3 2 2 6 2 5 2 3 3 4 0 P E a m y p l r o o y ll m s ent 3 1 2 6 4 3 . . 4 7 3 1 1 6 8 0 . . 2 8 P158.8 Oct. 18, Dec. 31,Apr.13, Hours and earnings at factories: 1943 1943 1944 Weekly earnings (dollars).. 45.63 45.56 CALL DATE FIGURES Hourly earnings (cents) 100.6 101.2 In billions of dollars Hours worked (per week) r45.4 45.0 MEMBER BANKS New orders, shipments, and inventories Loans and investments, total 12 78.11 74.26 78.03 (1939 = 100): U. S. Govt. obligations 12 55.25 52.95 56.77 New orders, total 49 239 ^247 Other securities 12 5.14 5.02 5.12 Ship N D m o u e n r n a d t b s u l , r e a t b o l t e al.. 4 4 4 9 9 9 3 2 1 1 7 8 0 3 5 ^187 O S F t o t a h r t e e e r i g a d n n o d m s e l e c o s u c t r a i i c l t i s o e e s b c l u ig ri a t t i i e o s n s 1 1 1 3 3 3 2 2 . . 8 3 2 2 2 2 . . 7 2 3 9 2 2 . . 8 3 2 0 N D o u n ra d b u l r e able 4 4 9 9 3 1 6 9 9 7 ^387 Loan C s, o m to m ta e l rcial loans 1 1 2 3 1 (6 7. ) 72 1 8 6 . . 4 2 4 9 16.13 Inventories, total 49 177 Real-estate loans 13 w 3.27 8 Durable '. 49 207 i P204 Street loans (brokers'loans).... 13 (6) 1.05 Nondurable 49 150 PUg Holdings of U. S. Govt. securities: Residential contracts (mill, dollars):5 By classes of banks: Total 53 32 34 New York City 16 15.73 14.56 15.18 Public 53 11 13 Chicago 16 3.69 3.24 3.42 Private, total 53 21 21 Reserve city banks 16 20.62 19.68 21.01 1- and 2-family dwellings 53 16 16 Country banks 16 15.21 15.47 17.17 Other 53 5 By kinds of securities: Construction contracts (3-mo. moving Bonds 16 (6) 27.27 av., mill, dollars):5 Notes 16 0 6.91 Total 55 165 147 P126 Certificates 16 (6) 12.07 Residential 55 31 31 Bills 16 (6) 4.36 Other 55 134 117 Guaranteed 16 (6) 2.35 e Estimated. p Preliminary. r Revised. 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 Figures available for June and December dates only. * Copies of the Chart Book may be obtained at a price of 50 cents each. 7M FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS—ASSETS AND LIABILITIES ON APRIL 13, 1944, BY CLASSES OF BANKS [Amounts in thousands of dollars] Ce m nt e r m al b r e e r se b r a v n e k c s1 ity Re c s i e ty rve C m o e u m n b t e ry r me A m l b l er nat A io ll nal S A ta l t l e New York Chicago m b e a m nk b s e 1 r banks1 banks m b e a m nk b s er m b e a m n b ks er ASSETS Loans and investments 20,804,669 4,727,038 28,676,257 23,819,253 78,027,217 49,954,854 28,072,363 Loans (including overdrafts) 4,594,165 962,192 5,996,691 4,581,728 16,134,776 9,934,013 6,200,763 United States Government direct and guaranteed obligations 15,175,448 3,416,672 21,009,053 17,169,955 56,771,128 36,595,036 20,176,092 Obligations of States and political subdivisions 486,789 185,671 933,375 1,212,344 2,818,179 1,992,046 826,133 Other bonds, notes, and debentures 446,608 143,147 621,469 779,249 1,990,473 1,287,573 702,900 Corporate stocks (including Federal Reserve Bank stock 101,659 19,356 115,669 75,977 312,661 146,186 166,475 Reserves, cash, and bank balances 4,799,556 1,275,241 8,951,778 7,562,585 22,589,160 15,339,879 7,249,281 Reserve with Federal Reserve Banks 3,529,593 795,794 4,998,317 3,173,415 12,497,119 8,132,732 4,364,387 Cash in vault 111,147 40,443 442,409 671,180 1,265,179 877,259 387,920 Demand balances with banks in United States (except private banks and American branches of foreign banks) 55,977 181,263 1,766,336 3,221,809 5,225,385 3,981,592 1,243,793 Oilier balances with banks in United States 1,250 1,602 17,911 19,818 40,581 32,059 8,522 Balances with banks in foreign countries 11,427 1,795 3,770 1,640 18,632 14,090 4,542 Cash items in process of collection 1,090,162 254,344 1,723,035 474,723 3,542,264 2,302,147 1,240,117 Due from own foreign branches 313 11,768 12,081 11,768 313 Bank premises owned and furniture and fixtures 190,351 17,345 294,543 352,993 855,232 540,459 314,773 Other real estate owned 10,310 26,170 34,457 70,937 30,762 40,175 Investments and other assets indirectly representing bank premises or other real estate 5,739 245 53,057 16,173 75,214 49,374 25,840 Customers' liability on acceptances 30,490 2,568 17,665 3,514 54,237 32,553 21,684 Income accrued but not yet collected 52,162 14,607 73,332 28,991 169,092 102,152 66,940 Other assets 24,263 7,061 35,830 23,119 90,273 47,317 42,956 Total assets 25,917,853 6,044,105 38,140,400 31,841,085 01,943,443 66,109,118 35,834,325 LIABILITIES Demand deposits 22,753,266 5,164,420 29,286,986 21,261,286 78,465,958 50,789,712 27,676,246 Individuals, partnerships, and corporations 14,482,435 3,088,305 18,878,574 15,677,123 52,126,437 33,483,411 18,643,026 United States Government: War loan accounts 3,990,741 864,862 3,886,049 2,470,727 11,212,379 6,843,976 4,368,403 Other 35,750 1,484 88,521 129,901 255,656 212,568 43,088 States and political subdivisions 201,358 155,459 1,495,731 1,760,747 3,613,295 2,683,708 929,587 Banks in United States 2,791,869 1,010,713 4,531,385 929,319 9,263,286 6,476,540 2,786,746 Banks in foreign countries 855,436 13,568 62,435 5,560 936,999 467,597 469,402 Certified and officers' checks, cash letters of credit and travelers' checks, etc 395,677 30,029 344,291 287 909 1,057,906 621,912 435,994 Time deposits 881,329 514,711 6,497,902 8,270,912 16,164,854 10,807,044 5,357,810 Individuals, partnerships, and corporations 846,294 514,061 6,236,991 8,047,780 15,645,126 10,421,386 5,223,740 United States Government 6,211 53,906 48,550 108,667 92,062 16,605 Postal savings 825 3,399 4,224 3,637 587 States and political subdivisions 22,829 650 167,177 156,163 346,819 249,690 97,129 Banks in United States 1,145 37,503 15,020 53,668 36,219 17,449 Banks in foreign countries 4,850 1,500 6,350 4,050 2,300 Total deposits 23,634,595 5,679,13i 35,784,888 29,532,198 94,630,812 61,596,756 33,034,056 Due to own foreign branches 180,943 180,943 153,644 27,299 Bills payable, rediscounts, and other liabilities for borrowed money 67,800 3,700 28,155 99,655 56,600 43,055 Acceptances outstanding 34,536 2,751 21,753 3,550 62,590 37,806 24,784 Dividends declared but not yet payable 200 1,085 3,399 1,360 6,044 4,848 1,196 Income collected but not yet earned 6,158 1,706 17,915 10,799 36,578 24,467 12,111 Expenses accrued and unpaid 63,675 23,102 97,964 34,625 219,366 138,570 80,796 Other liabilities 39,376 7,203 24,563 9,025 80,167 40,786 39,381 Total liabilities 24,027,283 5,714,978 35,954,182 29,619,712 95,316,155 62,053,477 33,262,678 CAPITAL ACCOUNTS Capital 581,085 131,000 788,325 934,418 2,434,828 1,543,980 890,848 Surplus 969,325 130,550 901,245 782,921 2,784,041 1,625,799 1,158,242 Undivided profits 255,070 25,631 313,475 372,449 966,625 611,994 354,631 Other capital accounts 85,090 41,946 183,173 131,585 441,794 273,868 167,926 Total capital accounts.. 1,890,570 329,127 2,186,218 2,221,373 6,627,288 4,055,641 2,571,647 Total liabilities and capital accounts. . 25,917,853 6,044,105 38,140,400 31,841,085 101,943,443 66,109,118 35,834,325 MEMORANDA Par or face value of capital 581,085 131,000 788,325 935,476 1,544,498 891,388 Capital notes and debentures 322 17,442 14,052 31,816 First preferred stock 8,010 70,862 92,637 110,309 61,200 Second preferred stock 550 11,726 8,645 3,631 Common stock 572,753 131,000 699,471 817,061 1,425,544 794,741 Retirable value of capital: First preferred stock.. . 20,025 98,823 138,553 151,335 106,066 Second preferred stock. 550 17,526 10,356 7,720 Net demand deposits subject to reserve 17,616,386 3,864,535 21,912,526 15,095,402 58,488,849 37,662,562 20,826,287 Demand deposits adjusted2 d. 13,989,308 3,019,449 18,995,561 17,251,056 53,255,374 34,486,884 18,768,490 Number of banks 37 13 357 6,357 6,764 5,042 1,722 are located. 2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. JULY 1944 72-5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAOB Gold reserves of central banks and governments 72.8 Gold production ... 729 t Gold movements 719 Net capital movements to United States since January z, 1935 730 Central banks 731-734 Money rates in foreign countries 735 Commercial banks , - -,, 736 Foreign exchange rates 737 Price movements: Wholesale prices 738 Retail food prices and cost of living 739 Security prices 739 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins; some data arc reported to the Board directly. Figures on international capital transactions of the United States arc collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 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, JULY 1944 727 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 el m - Brazil B I r n i d ti i s a h B ga u r l- ia Canada Chile lom Co b - ia C v z s a e lo k c - i h a o- m D a e r n k - Egypt France m G a e n r- y Greece 1938—Dec. 14,512 431 581 32 274 24 192 30 24 83 53 55 2,430 29 27 1939—Dec. 17,644 466 609 40 274 24 214 30 21 56 53 55 2,709 29 28 1 1 9 9 4 4 0 1 — — D D e e c c . . 2 2 1 2 , , 9 7 9 3 5 7 3 3 5 5 3 4 2 7 7 3 3 4 4 5 7 1 0 2 2 7 7 4 4 2 2 4 4 37 5 3 3 0 0 1 1 7 6 5 6 8 1 5 4 2 4 5 5 2 2 2 2 , , 0 0 0 0 0 0 2 2 9 9 42 2 8 8 1942—Dec. 22,726 J658 735 115 274 25 6 36 25 61 44 52 2,000 29 1943—June. 22,388 354 734 166 274 425 6 49 45 61 44 52 2,000 July. 22,335 353 734 182 274 7 50 51 61 44 52 2,000 Aug.. 22,243 353 734 202 274 7 54 53 61 44 52 2,000 Sept. 22,175 353 734 223 274 6 54 55 61 44 52 2,000 Oct.. 22,116 353 734 243 274 5 54 56 61 44 52 2,000 Nov. 22,065 354 734 254 274 7 51 58 61 44 52 2,000 Dec. 21,938 *939 734 254 274 5 51 59 61 44 52 2,000 1944—Jan.. 21,918 363 734 254 274 6 51 76 61 44 52 2,000 Feb.. 21,712 368 734 255 274 7 51 77 61 44 52 2,000 Mar. 21,600 371 734 255 274 5 56 c79 61 44 Apr.. 21,429 276 274 4 80 May. 21,264 6 82 End of month H ga u r n y - (P I e r r a si n a) Italy Japan Java Mexico Ne l t a h nd er s - Z N ea e l w and N w o ay r- Peru Poland Po g r a t l u- Ru n m ia a- A S f o r u ic th a Spain 1938—Dec... 37 26 193 164 80 29 998 23 20 85 69 133 220 5525 1939—Dec... 24 26 144 164 90 32 692 23 94 20 4 84 69 152 249 1940—Dec... 24 26 120 164 140 47 617 23 4 84 20 59 158 367 1941—Dec... 24 6164 235 47 575 23 21 59 182 366 42 1942—Dec... 24 734 4216 39 506 23 25 59 241 634 42 1943—June.. 24 66 126 496 23 26 59 262 583 July.. 24 66 125 500 23 26 59 271 611 Aug... 24 66 174 500 23 26 59 282 628 Sept.. 24 76 200 500 23 26 59 289 6*4 Oct... 24 78 200 500 23 26 60 302 667 Nov.. 24 80 202 500 23 31 60 305 685 Dec... 24 92 203 500 23 31 60 316 706 91 1944—Jan... 24 92 205 500 23 31 60 316 716 Feb... 24 229 500 23 31 740 Mar.. 24 230 500 23 33 Apr... 227 34 May.. 226 34 Government gold reserves1 not included in previous figures End of month S d w e e n - Sw la i n tz d er- T k u e r y - U K d n o i i n m t g e - d g U u r a u y - V zu e e n l e a - Y sl u a g v o i - a B.I.S. c O t o t r u i h e n e s - r 9 End of month U St n a i t t e e s d U K d n i o i n 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 1° 68 52 59 7 153 1939—Mar. ... 154 1,732 559 1940—Dec 160 502 88 90 29 82 12 145 May.... 477 1941—Dec 223 665 92 100 41 483 12 142 June... ""85" 1942—Dec 335 824 114 89 68 21 160 Sept.... 164 3876 ....... Dec 156 1943—June 347 867 158 101 80 26 185 1940—Mar. ... 145 July 368 876 158 101 80 26 .197 June... 86 Aug 371 880 161 103 84 26 197 Sept.... 105 Sept 374 887 161 108 84 26 197 Dec. ... 48 292 17 Oct 378 900 161 111 84 27 197 1941—Mar. ... 88 Nov 384 903 161 117 84 27 198 June... 89 17 Dec 387 964 161 89 45 199 Sept.... 24 "•"4i5i' 1944—Jan 399 973 171 89 45 200 Dec 25 17 Feb 401 984 171 100 45 200 1942—Mar.... 12 M Ap a r r 4 4 2 2 6 1 , 9 0 9 0 4 4 191 1 1 0 0 0 0 39 r2 2 0 02 3 J S u e n p e t. . . . . . . 8 7 17 May ,010 110 207 Dec 12 17 1943—Mar.. .. 14 p 1 P F r ig e u li r m es i n t a h r r y o . u gh r M R a e r v c i h s e 1 d 9 . 4 0 an c d C f o i r g r u e r c e t e fo d. r December 1942 and December 1943 include, in ad- J D S u e e n p c e t.... 4 1 3 1 7 17 dition to gold of the Central Bank held at home, gold of the Central Bank held abroad and gold belonging to the Argentine Stabilization Fund. 2 Change from previous December due largely to inclusion of gold formerly not reported. 1 Reported at infrequent intervals or on de- 3 On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Con- layed basis: U. S.—Exchange Stabilization Fund trol Board. Gold reported since that time is gold held by Minister of Finance. (Special A/c No. 1); U. K.—Exchange Equali- 4 Figures relate to last official report dates for the respective countries, as follows: Bulgaria— zation Account; France—Exchange Stabilization Jan. 31, 1943; Greece—Mar. 31, 1941; Java—Jan. 31, 1942; Norway—Mar. 30, 1940; Poland- Fund and Rentes Fund; Belgium—Treasury. July 31, 1939; Yugoslavia—Feb. 28, 1941. 2 Figure for end of September. 5 Figure for December 1938 is that officially reported on Apr. 30, 1938. Reported figure for total British gold reserves on 6 Figure for February 1941; beginning Mar. 29,1941, gold reserves no longer reported separately. Aug. 31, 1939, less reported holdings of Bank of Eng- 7 Beginning December 1942, includes gold reserves abroad, formerly not reported. land on that date. 8 Increase over reserves reported at end of 1941 and 1942 due primarily to inclusion for first time 4 Figure for Sept. 1, 1941. of gold held for Foreign Exchange Institute. NOTE.—For certain back figures and for details regarding special internal gold transfers affecting the British and French institutions, see Banking and Monetary Statistics, p. 526. CtilVl JL 11 <X I lCLLlKl \ 010,111 I . 1 Ig Ul CD 1U1 LCI Id. Ill Ul Lllt'Ot- LUUllLlltD liav^ UtCll l^ailXC-U A \JL W O*X \-l ±L\J±LX laot previous official report. 10 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British Exchange Equalization Account during 1939. tics, Tables 156-160, pp. 536-555, al internal gold transfers affecting FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD PRODUCTION OUTSIDE U. S. S. R. [In thousands of dollars] Estimated Production reported monthly world Year or month production Total Africa North and South America Other outside reported South I Nicara- Austra-1 British U.S.S.R.1 monthly Africa 7 lia8 I India9 $1 = 15,5i grains of gold fQfine; i.e.,an ounceof fine gold = $35 1934 823,003 708,453 366,795 24,264 12,153 6,549 108,191 104,023 23,135 12,045 8,350 1,166 30, 559 11,223 1935 882,533 752,847 377,090 25,477 13,625 7,159 126,325 114,971 23,858 11,515 9,251 868 31,240 11,468 1936 971,514 833,895 396,768 28,053 16,295 7,386 152,509 131,181 26,465 13,632 9,018 807 40, 118 11,663 1937 1,041,576 893,384 410,710 28,296 20,784 8,018 168,159 143,367 29,591 15,478 9,544 848 46, 982 11,607 1938 1,136,360 958,770 425,649 28,532 241,670 8,470 178,143 165,379 32,306 18,225 10,290 1,557 54, 264 11,284 1939 1,208,705 1,020 297 448,753 28,009 28,564 8,759 196,391 178,303 29,426 19,951 11,376 3,506 56, 182 11,078 1940 1,297,349 1,094 264 491,628 29,155 32,163 38,862 210,109 185,890 30,878 22,117 11,999 5,429 55, 878 10,157 1941 1,288,945 1,089 395 504 268 27,765 32,414 209,175 187,081 27,969 22,961 9,259 7.525 51, 039 9,940 1942 968 112 494 439 26,641 29,225 130,963 169,446 630,000 20,882 6,409 8,623 42,525 8,960 1943 737 410 448 153 23,009 19,740 47,783 127,829 19,789 6,081 7,715 28,490 8,820 1943—May 62984 38 367 1,987 ,645 4,065 10,975 1,599 566 700 2,345 735 June.... '62 107 37 424 1,956 ,645 3,945 11,442 1,540 455 724 2,240 735 July 61 590 37 962 1,907 ,540 3,945 10,246 1,763 454 622 2,380 770 Aug.... •'60 189 37 297 1,862 ,540 3,634 10,268 1,704 549 430 2,170 735 Sept 60025 36 783 1,920 ,540 3,306 9,877 1,659 598 770 2,835 735 Oct 59 860 37 162 1,896 ,540 3,814 9,802 1,672 511 628 2,100 735 Nov.... 5$289 36 889 1,790 ,540 3,366 9,373 1,512 450 605 2,100 665 Dec 58,226 36 653 1,814 :,505 3,520 9,201 1 600 501 633 2,100 700 1944—Jan. 113 36,169 pl, 763 1,540 3,085 9,023 1,581 '501 756 PI,995 700 Feb p54!747 34,100 pl,709 1,540 3,429 8,988 n, 344 {501 651 PI,855 630 Mar P57,741 36,266 /1,706 *\,540 2,933 9,333 p2,056 '501 677 P2,065 .665 Apr P55,580 34,879 •^1,706 h,540 2,936 8,568 /p2,056 /soi 665 '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. 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 table 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 ouncel Net imports from or net exports (—) to: Y m e o a n r th or im T n o p e t o a t r l ts U K d n o i i n m t g e - d France g B iu el m - N l e a t n h d e s r- S d w en e- S er w la i n tz d - Canada Mexico Co b l i o a m- I P s p h la i i n l n i e d p s - t A ra u l s i - a A S f o r u ic t a h Japan B I r n i d ti i s a h c o o t A h u l e n l r tries 19341 1,131,994 499 870 260,223 8,902 94,348 12 402 86,829 30,270 16,944 12,038 1,029 12 4 76,820 32,304 1935 1,739,019 315 727 934,243 3 77.7,185 968 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 7511 72,648 39,966 11,911 21,513 23,280 8 77,892 39,735 1937.. . 1,585,503 891 531 -13 ,710 90,859 6,461 6 54 452 111,480 38,482 18,397 25,427 34,713 181 246,464 50,762 29,998 1938 1,973,5691,208 728 81,135 15,488 163,049 60,146 1363 76,315 36,472 10,557 27,880 39,162 401 168,740 16,159 267,975 1939 ,574,151 1,876 403 3,798 165,177 341,618 78,715 86 987 612,949 33,610 23,239 35,636 74,250 22862 165,605 50,956 3102, 404 1940 4,744,472 633 083 241,778 977 63,260 161,489 90 3202,622,330 29,880 23,999 38,627 103,777 184 756 111,739 49,989 4388, 468 1941 982,378 3 779 1 1 1,747 899 412,056 16,791 24,448 42,678 67,492 292 893 9,444 9,665 6100,485 1941 Jan 234,242 37 1 1,746 563 46,876 1,147 3,168 3,185 11,136 149 735 6,085 4,501 6,062 Feb 108,609 1 718 81,529 814 11 2,772 6,738 96 615,093 Mar 118,567 817 95,619 866 2,232 3,984 6,262 2 788 3,046 2,951 Apr 171,992 21 20,216 1,147 2,934 3,587 4,720 132 261 313 6,793 May 34,830 2 16,306 969 2,794 3,384 4,194 3 594 3,589 June 30,712 474 1 17,514 800 7 2,114 4,593 69 iii 5,009 July 37,041 S4? 19,224 1,080 2,128 4,970 5,199 88 3,811 Aug 36,973 79 10,842 843 2,230 5,098 6,742 137 1,995 69,008 Sept 65, 702 250 42,562 495 2,488 3,107 2,064 3 694 611,041 Oct 40,440 55 16,072 1,020 2,107 3,141 6,151 200 2,327 69,365 Nov 50,374 1?1 24,917 6,336 2,110 1,830 5,980 40 69,039 Dec 52,896 163 .... 20,377 1,273 2,238 5,506 3,713 190 711 618,726 1 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. 2 Includes $31,830,000 from Argentina. 3 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, $10,077,000 from Chile, and $37,555,000 from other 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. JULY 1944 72-9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 lln millions of dollars] Increase in foreign banking Decrease Foreign Domestic funds in U. S. in U S. securities: securities. Inflow in From Jan. 2, 1935, through— Total banking Return Inflow of brokerage funds of U. S. foreign balances Total Official1 Other abroad funds funds 1935—Mar. (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 3614 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 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 :,841.0 767.4 812.7 701.8 95.9 June (July 2) 5,575.4 3,193.3 1,375.1 ,818.2 818.6 834.1 631.2 98.2 Sept.(Oct. 1) 5,510.3 3,139.5 1,321.7 ,817.7 805.3 841.1 623.5 100.9 Dec. 31 5,230.7 2,856.2 1,053.7 ,802.6 791.3 855.5 626.7 100.9 1942—Jan. 28 5,163.7 2,771.6 977.6 ,793.9 801.6 857.5 631.0 102.0 Feb.25 5,069.0 2,675.5 879.4 ,796.0 809.2 856.2 626.2 102.0 Mar. (Apr. 1) 5,082.4 2,684.0 932.0 ,752.0 819.7 849.6 624.9 104.3 Apr. 29 5,309.6 2,906.1 1,106.7 ,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 June302 5,495.3 3,075.9 1,211.7 ,864.2 842.3 838.8 632.0 106.2 July 31 5,542.6 3,121.4 1,242.7 ,878.7 854.9 829.3 633.3 103.7 Aug. 31 5,599.9 3,184.8 1,293.1 ,891.7 839.9 828.6 642.7 103.9 Sept. 30 5,654.9 3,212.6 1,339.1 ,873.5 858.2 830.5 646.1 107.5 Oct. 31 5,694.7 3,204.2 1,341.1 ,863.2 890.0 842.1 654.3 104.1 Nov. 30 5,761.6 3,250.2 1,366.1 ,884.1 901.6 844.8 661.0 104.1 Dec. 31 5,835.0 3,320.3 1,412.0 ,908.3 888.8 848.2 673.3 104.4 1943—Jan. 30 5,907.7 3,471.1 1,536.6 ,934.5 889.8 761.3 678.5 107.0 Feb. 27 6,014.9 3,590.1 1,671.8 ,918.3 890.5 751.9 676.0 106.4 Mar. 31 6,147.1 3,643.4 1,723.1 ,920.3 898.7 810.5 685.9 108.6 Apr. 30 6,212.3 3,690.5 1,801.8 ,888.6 909.9 809.5 692.9 109.5 May 29 6,282.6 3,769.6 1,871.6 ,898.0 905.1 807.0 692.5 108.5 June 30 6,506.4 4,002.6 2,071.4 1,931.2 896.9 806.8 687.9 112.1 July.31 6,556.0 4,056.4 2,103.4 1,953.0 901.9 792.9 692.3 112.6 Aug 31 6,726.3 4,107.9 2,122.6 1,985.3 909.4 907.8 687.0 114.3 Sept. 30 6,771.3 4,130.6 2,190.9 1,939.7 888.6 929.3 708.1 114.8 Oct. 30 6,904.6 4,284.4 2,312.9 1,971.5 870.5 928.3 707.4 114.1 Nov. 30..., 7,073.6 4,435.7 2,450.0 1,985.7 882.6 929.8 710.1 115.4 Dec. 31 7,118.6 4,496.3 2,461.5 2,034.8 877.6 925.9 701.1 117.8 1944—Jan. 31 7,272.9 4,658.2 2,649.3 >,009.0 870.8 931.7 695.1 117.0 Feb. 29 7,418.6 4,833.2 2,815.7 2,017.5 843.5 924.2 698.8 118.9 Mar. 31 7,462.9 34,885.4 32,856.0 3-5,029.4 3868.0 904.1 685.8 3119.6 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 Mar. 31, in millions of dollars: total foreign banking funds in United States 5,542.3, including official funds, 3,493.6, and other funds, 2,048.7; United States banking funds abroad, 267.5; and brokerage balances (net due "foreigners") 42.7. Figures for "total foreign banking funds in U. S." and "other funds" not strictly comparable to the corresponding figures for preceding months, owing to a change in reporting practice. The cumulative figures have been adjusted to exclude the unreal movements introduced into the data by this factor. 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 baek figures, see Banking and Monteettaarry Statistics, Tables 161-163, pp. 574-637, and for full description of statistics see pp. 558-560 in same publication. 73° FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS A d ss e e p ts a r o tm f i e s n s t ue Assets of banking department Liabilities of banking department Bank of England Note circula- (Figures in millions of Cash reserves Dis- tion8 Deposits Other pounds sterling) Gold1 a O s t s h e e ts r 2 Coin Notes a c v n o a d u n c n a e t d s s - Se t c ie u s ri- Bankers' Public Other lia ti b e i s li- 1929—Dec 25 145.8 260.0 .2 26.3 22.3 84.9 379.6 71.0 8.8 35.8 17.9 1930—Dec. 31 147.6 260.0 .6 38.8 49.0 104.7 368.8 132.4 6.6 36.2 18.0 1 19 9 3 3 2 1 — — D D e e c c 3 2 0 8 1 1 2 1 0 9 . . 7 8 2 2 7 7 5 5 . . 0 0 . . 6 8 3 2 1 3 . . 6 6 2 1 7 8 U .5 3 1 1 3 2 3 0 . . 0 1 3 3 6 7 4 1. . 2 2 1 1 2 0 6 2 . . 4 4 8 7 . . 9 7 3 4 3 0 . . 8 3 1 1 8 8 . . 0 0 1933—Dec. 27 190.7 260.0 1.0 58.7 16.8 101A 392.0 101.2 22.2 36.5 18.0 1934—Dec. 26 192.3 260.0 .5 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935—Dec. 25 . . 200.1 260.0 .6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30 313.7 200.0 .6 46.3 17.5 155.6 467.4 150.6 12.1 .39.2 18.0 1937—Dec. 29 326.4 220.0 .8 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Dec. 28 326.4 230.0 .8 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Dec. 27 4.2 580.0 1.0 25.6 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940—Dec. 25 .2 8 630.0 .9 13.3 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941—Dec. 31 .2 & 780.0 .3 28.5 6.4 267.8 751.7 219.9 11.2 54.1 17.9 1942—Dec. 30 .2 5950.0 .9 26.8 3.5 267.9 923.4 223.4 9.0 48.8 17.9 1943—June 30 .2 1,000.0 .9 53.9 4.9 261.0 946.3 238.1 9.5 55.3 17.8 July 28 .2 1,000.0 1.3 32.1 7.3 208.4 968.1 169.9 6.6 54.6 17.9 Aug 25 .2 1,000.0 1.4 25.3 3.4 218.3 974.9 166.8 7.2 56.6 18.0 Sept 29 .2 1,000.0 1.7 13.8 1.9 238.7 986.5 173.4 9.3 55.1 18.1 Oct. 27 .2 51,050.0 1.8 51.8 1.6 211.3 998.5 190.3 5.4 53.1 17.7 Nov 24 .2 1,050.0 1.7 31.2 6.0 222.1 1,019.0 183.2 6.8 53.3 17.8 Dec .29 .2 51,100.0 .9 11.6 2.5 307.9 1,088.7 234.3 10.3 60.4 17.9 1944—Jan .26 .2 1,100.0 .6 33.0 4.4 229.0 1,067.3 187.8 8.5 52.7 17.9 Feb 23 .2 1,100.0 .9 22.8 2.1 255.2 1,077.5 200.3 8.9 53.7 18.0 Mar 29 .2 51 150.0 .4 45.6 15.4 212.7 1,104.6 188.8 7.1 60.2 18.1 Apr. 26 .2 1,150.0 .4 25.8 5.8 245.6 1,124.5 198.5 4.5 56.9 17.7 May 31 .2 1,150.0 .7 14.7 1.0 239.8 1,135.5 165.1 15.0 58.2 17.8 i Assets Liabilities Bank of Canada i Dominion and provincial government Deposits Sterling securities (Figures in millions of and United Other Note Other Canadian dollars) Gold d S o t l a l t a e r s s S t h e o rm rt 6 - Other assets circulation7 Ch b a a r n te k r s ed D g o o m ve in rn io - n Other liabilities ment 1935—Dec. 31 180.5 4.2 30.9 83.4 8.6 99.7 181.6 17.9 .8 7.7 1936—Dec. 31 179.4 9.1 61.3 99.0 8.2 135.7 187.0 18.8 2.1 13.4 1937—Dec. 31 179.8 14.9 82.3 91.6 21.7 165.3 196.0 11.1 3.5 14.4 1938—Dec. 31 185.9 28.4 144.6 40.9 5.2 175.3 200.6 16.7 3.1 9.3. 1939—Dec. 30 225.7 64.3 181.9 49.9 5.5 232.8 217.0 46.3 17.9 13.3- 1940—Dec. 31 (8) 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec. 31 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec 31 .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—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 May 31 .3 879.0 548.7 23.8 911.5 377.7 101.8 26.6 34.1 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when it was officially set at 168 shillings per fine ounce. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4 On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from Exchange Account to bank; on Sept. 6,1939, 279 million pounds transferred from Bank to Exchange Account. 5 Fiduciary issue increased by 50 million pounds on June 12,1940, Apr. 30, Aug. 30, and Dec. 3,1941, and Apr. 22 and July 28, 1942; by 70 million pounds on Dec. 2, 1942; and by 50 million pounds on Apr. 13, Oct. 6, and Dec. 8, 1943, and on Mar. 7,1944. 6 Securities maturing in two years or less. 7 Includes notes held by the chartered banks, which constitute an important part of their reserves. 8 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). NOTE.—For back figures on Bank of England and Bank of Canada, see Banking and Monetary Statistics, Tables 164 and 166, pp. 638-640 and pp. 644-645, respectively; for description of statistics see pp. 560-564 in same publication. JULY 1944 73 * Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Bank of France Domestic bills A G d o v v a e n rn c m es e n to t Deposits (Figures in millions Foreign Other Note Other Gold1 ex- circula- liabilichange m O a p r e k n et2 Special2 Other c F u c o p o r a s t o t i s c o 3 - n Other2 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 i7,698 12,642 89,342 2,089 13,655 2,557 1937—Dec. 30 58,933 911 5 580 652 10 066 31 909 11 733 93,837 3,461 19,326 3 160 1938—Dec. 29 87,265 821 7,422 1,797 7,880 20,627 18 498 110,935 5,061 25,595 2,718 1939—Dec. 28 . .. 597 267 112 11 273 2,345 5 149 34 673 20 094 151 322 1 914 14,751 2 925 1940—Dec. 26 584,616 42 43,194 661 3,646 72,317 63,900 23,179 218,383 984 41,400 27,202 3,586 1941—Dec. 31 84,598 38 42,115 12 4,517 142,507 69,500 22,121 270,144 1,517 64,580 25,272 3,894 1942—Dec. 31 84 598 37 43 661 169 5 368 210 965 68 250 21 749 382 774 770 16 857 29 935 4 461 1943—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 Feb. 24 84,598 37 45,018 3 8,469 351,000 60,500 20,598 514,323 749 13,905 35,359 5,887 i Assets Liabilities Reichsbank Reserves of gold and Bills (and Securities (Figures in millions of foreign exchange checks), Note Other reichsmarks) Total i T n r c e l a u s d u i r n y g Se lo cu an ri s ty E as li g n i o b t l e e I j Other O as t s h e e t r s cir t c io u n la- Deposits lia ti b e i s lireserves Gold bills cover 1929—Dec. 31 2,687 2,283 2,848 251 92 656 5,044 755 736 1930—Dec. 31 2,685 2,216 2,572 256 102 638 4,778 652 822 1931—Dec. 31 1,156 984 4,242 245 161 1,065 4,776 755 1,338 1932—Dec. 31 920 806 2,806 176 398 1,114 3,560 540 1,313 1933—Dec. 30 396 386 3,226 183 259 322 735 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—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 July 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 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 Apr. 29 77 40,909 38 1 31 2,525 34,569 7,179 1,833 1 Gold revalued March 1940, November 1938, July 1937, and October 1936. For further details see BULLETIN for May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. 2 For explanation of this item, see BULLETIN for July 1940, p. 732. 3 By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25, 1940, through.Dec. 16, 1943, advances of 351,000 million irancs were authorized to meet the costs of the German army of occupation. 4 Central Administration of the Reichskreditkassen. 5 In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund:to Bank of France; in week ending Mar. 7, 1940, 30,000 million francs of gold transferred from Bank of France to Stabilization Fund. 6 Gold not shown separately in weekly Reichsbank statement after June 15, 1939. NOTE.—For back figures on Bank of France and Reichsbank, see Banking and Monetary Statistics, Tables 165 and 167, pp. 641-643 and pp. 645-647, respectively; for description of statistics see pp. 562-565 in same publication. 732- 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) May Apr. Mar. May date of month) May Apr. Mar. May Central Bank of the Argentine Re- National Bank of Denmark (millions public (millions of pesos): of kroner): Gold reported separately 1,128 1 074 Gold 97 97 Other gold and foreign exchange... 2,270 1 408 22 20 882 379 Clearing accounts (net) 2,200 1,367 Rediscounted paper Loans and discounts 27 36 Other assets 161 251 Securities 71 66 Note circulation 1,986 1,648 Govt compensation account^. 85 125. Deposits—Member bank 1,367 844 Other assets 2,900 1.721 Government 515 467 Note circulation 1,414 1,022 Other 125 49 Deposits—Government 1,391 634 Certificates of participation in Other 2,221 1,468 Government securities 348 Other liabilities 376 3oa Other liabilities 101 104 Central Bank of Ecuador (thousands (June Commonwealth Bank of Australia of sucres): 1943)4 (thousands of pounds): Gold 148,652 148,531 Issue department: Foreign exchange (net) 122,092 108,752 Gold and English sterling 46 793 45,543 35,141 Loans and discounts 81,560 80,659 Securities 144,879 139,643 112,483 Other assets 64,310 58,534 Banking department: Note circulation 200,076 190,762 Coin, bullion, and cash 10,142 9,341 7,399 Demand deposits 185,158 173,799 London balances 87,358 85,588 45,419 Other liabilities 31,380 31,915 Loans and discounts 20,953 24,082 20,548 National Bank of Egypt5 (thou- Securities 244,799 251,599 215,534 sands of pounds): Deposits 176,643 189,455 176,917 Gold.. 6,241 6,241 6.251 Note circulation 183,262 176,762 138,356 Foreign exchange 14,148 14,148 11,285 National Bank of Belgium and Bank Loans and discounts 2,343 2,647 3,399 of Issue of Brussels (millions of British, Egyptian, and other Govbelga):1 ernment securities 228,803 223,932 170,390 Gold 4,331 4,331 Other assets 14,480 12,881 6,125 Foreign exchange 11,217 7,586 Note circulation 98,563 97,346 78,862 Credits to State and public bodies. 3,733 3,267 Deposits—Government 62,820 58,061 46,960 Credits to private economy 102 75 Other 91,262 91,755 59,435 Reichskreditkasse 763 730 Other liabilities.. 13,369 12,687 12,193 Other assets 651 510 Central Reserve Bank of El Salva- Note circulation 17,722 14,508 dor (thousands of colones): Demand deposits 1,184 878 Gold 32,612 32, 590 24,230 Postal Checking Office 1,515 831 Foreign exchange 36,390 35, 077 25,397 Other liabilities 376 283 Loans and discounts 438 371 401 National Bank of Bohemia and Government debt and securities... 6,340 6,384 6,821 Moravia (millions of koruny): Other assets 1,324 869| 568 Gold 1,515 1,515 Note circulation 43,412 43, 543 31,661 Foreign exchange 775 741 Deposits 27,779 25, 762 19,849 Discounts 1,945 944 Other liabilities 5,914 5,986 5,908 Loans 1 Bank of Finland2 Other assets 36,568 21,586 Bank of Greece2 Note circulation 24,523 16,642 National Bank of Hungary (millions Demand deposits 7,899 4,541 of pengo): Other liabilities 8,381 3,604 Gold 100 100 100 Central Bank of Bolivia (millions Foreign exchange reserve 6 6 4 of bolivianos): Discounts 4,436 4,070 2,130) Gold at home and abroad 578 557 554 Loans—To Treasury .... 546 550 714 Foreign exchange 432 424 375 To foreign countries 979 1,036 624 Loans and discounts 290 260 232 Other 6 6 IS Securities—Government 632 633 542 Other assets 1,497 1,647 945 Other 41 41 42 Note circulation 5,191 4,963 3,084 Other assets 99 100 130 Demand deposits 906 794 519 Note circulation 1,136 1,112 945 Consolidated foreign credits of Deposits 851 808 837 1931 12 12 18 Other liabilities 85 95 92 Other liabilities 1,462 1,646 910 National Bank of Bulgaria2 Reserve Bank of India (millions of Central Bank of Chile (millions rupees): of pesos): Issue department: Gold 273 233 Gold at home and abroad. 444 444 Discounts for member banks 179 37 Sterling securities 7,798 5,325 Loans to Government 720 785 Indian Govt. securities 583 1,207 Other loans and discounts 952 947 Rupee coin 123 176 Other assets 995 822 Note circulation 8,825 7,041 Note circulation 2,311 2,018 Banking department: Deposits—Bank 393 413 Notes of issue department 124 111 Other : 141 115 Balances abroad 1,662 823 Other liabilities 274 in Treasury bills discounted 2 7 Bank of the Republic of Colombia Loans to Government 3 (thousands of pesos): Other assets 138 116 Gold 144,058 140,685 138,457 75,486 Deposits 1,671 850 Foreign exchange 107,884 96,852 87,427 74,505 Other liabilities 257 208 Loans and discounts 2,396 1,385 2,082 3,854 Central Bank of Ireland (thousands Government loans and securities... 56,665 56,858 56,992 55,925 of pounds): Other assets 30,783 31,292 30,144 37,519 Gold. 2,646 2,646 2,646 2,646 Note circulation 129,010 125,656 120,628 104,702 Sterling funds 25,527 25,790 25,524 20,515 D Ot e h p e o r s i l t i s abilities 1 6 4 6 5 , , 9 8 4 3 6 0 1 6 3 5 6 , , 2 1 8 3 1 5 1 6 3 3 0 , , 9 5 5 1 4 9 1 4 0 2 0 , , 1 4 7 0 7 9 B Ba a n n N k k o o o te f f J J c a a ir v p c a u a 2 l n a 2 tion 28,173 28,436 28,170 23,161 1 Separate figures for National Bank of Belgium not available. The Bank of Issue of Brussels was founded by the German Military Administration on June 27, 1940; it has no note issue, drawing its resources principally from advances from the National Bank and deposits by the Postal Checking Office. 2 For last available report from the central bank of Bulgaria (January 1943), see BULLETIN for July 1943, p. 697; of Finland (August 1943), see BUL- LETIN for April 1944, p. 405; of Greece (March 1941) and Japan (September 1941), see BULLETIN for March 1942, p. 281; and of Java (January 1942), see BULLETIN for March 1943, p>. 278. J 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. 6 Items for issue and banking departments consolidated. JULY 1944 733 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) May Apr. Mar. May date of month) May Apr. Mar. May (Dec. Bank of Mexico (millions of pesos): Bank of Spain (millions of pesetas): 1943)3 Metallic reserve1 507 524 374 Gold 994 "Authorized" holdings of securi- Silver 624 ties, etc 1,371 1,404 1,055 Government loans and securities... 16,184 Bills and discounts 245 250 138 Other loans and discounts 2,878 Other assets 55 62 61 Other assets 3,625 Note circulation 1,176 1,166 896 Note circulation 16,381 Demand liabilities 853 928 599 Deposits—Government 1,803 Other liabilities 149 145 133 Other 3,812 Netherlands Bank (millions of Other liabilities. . 2,308 guilders!: Bank of Sweden (millions of kronor): Gold.. 932 886 Gold 949 940 929 762 Silver (including subsidiary coin).. 4 Foreign assets (net) 564 559 566 596 Foreign bills 3^783 2,250 Swedish Govt. securities and ad- Discounts vances to National Debt Office**. 1,087 1,140 1,044 1,183 Loans .. . 136 140 Other domestic bills and advances. 74 74 68 89 Other assets 86 235 Other assets 955 967 948 816 Note circulation 3,937 2,482 Note circulation 2,157 2,158 2,163 1,918 Deposits—Government 103 589 Demand deposits—Government 532 616 608 685 Other 111 370 Other 307 272 152 293 Other liabilities 169 73 Other liabilities 632 634 631 549 Reserve Bank of New Zealand (thou- Swiss National Bank (millions of sands of pounds): francs): Gold 2,802 2,802 2,802 Gold 4,372 4,343 4,299 3,746 Sterling exchange reserve 29,766 27,762 26,789 Foreign exchange 93 79 89 53 Advances to State or State under- Loans and discounts 69 86 279 107 takings 38,279 44,231 42,671 Other assets (6) 170 381 Investments 11,743 11,960 10,298 Note circulation 2,945 2,962 2,980 2,603 Other assets 2,584 3 064 2,956 Other sight liabilities 1,449 1,428 1,581 1,413 Note circulation 37,026 36,253 31,812 Other liabilities 276 272 Demand deposits 44,464- 49,896 50,372 Central Bank of the Republic of Other liabilities 3,684 3,670 3,332 Turkey (thousands of pounds): Bank of Norway5* Gold 238,650 197,956 Bank of the Republic of Paraguay Foreign clearing accounts 96*360 65,873 (millions of pesos): Loans and discounts 748,226 655,461 Gold 326 327 20 Securities „ 190,913 193,413 Foreign exchange 2,322 2,232 2,127 Other assets.. 18,841 18,977 Loans and discounts 149 145 81 Note circulation 868,446 738,667 Government loans and securities... 2,257 2,224 1,552 Deposits—Gold 85,139 79,358 Other assets.. 1,617 1,615 2,226 Other 138,076 148,201 Note circulation 2,550 2,467 2,231 Other liabilities 201,329 165,454 Demand deposits—Government... 834 '820 '494 Bank of the Republic of Uruguay Other 2,335 2,297 cl,633 (thousands of pesos): (Nov. Other liabilities 951 958 cl,648 Issue department: 1943)3 Central Reserve Bank of Peru (thou- Gold and silver .... 90,197 90,797 sands of soles): (Feb.)3 Note circulation .... 127,080 116,576 Gold and foreign exchange 154,981 119,914 Banking department: Discounts 13,845 15,458 Gold and silver 96 831 65,132 Government loans.. 351\ 025 299,136 Notes and coin 22,042 32,910 Other assets 27,584 21,122 Advances to State and to gov- Note circulation 349'970 302^906 ernment bodies 28,859 35,114 Deposits 170,744 131,796 Other loans and discounts 92,517 101,797 Other liabilities 26 721 20 928 Other assets 187 062 167,128 Bank of Portugal (millions of es- (Dec. Deposits 181',290 153!203 cudos'i: 1943)3 Other liabilities 246,022 248,877 Gold4 1,398 1,398 Central Bank of Venezuela (thou- Other reserves (net) 4,142 3,509 sands of bolivares): Nonreserve exchange 7,903 6,762 Gold. 338,108 307,208 307,208 245,503 Loans and discounts 227 227 Foreign exchange (net) 32,733 65,927 45,347 26,831 Government debt 1,025 1,025 Credits to national banks 26,370 26,370 26,370 31,230 Other assets 1,105 1,035 Other assets 29,444 24,752 16,843 5,232 Note circulation 6,817 5,502 Note circulation—Central Bank.... 266,971 251,208 253,552 212,452 Other sight liabilities 7,935 7,560 National banks.. 23,318 24,198 24,582 33, 704 Other liabilities 1,049 893 Deposits 128,469 132,640 89,215 55,988 National Bank of Rumania (millions Other liabilities 7,897 16,206 28,421 6,654 of lei): (Jan.)3 National Bank of the Kingdom of Gold 59,651 49,166 Yugoslavia2 Special exchange accounts 32,813 30,524 Bank for International Settlements Loans and discounts 54,953 37,651 (thousands of Swiss gold francs):7 Special loans (in liquidation) 139 281 Gold in bars 118,272 75,824 Government debt 20,470 20,853 Cash on hand and on current ac- Other assets 70,106 55,566 count with banks 17,796 27,874 Note circulation 162,283 120,954 Sight funds at interest 6,938 15,575 Demand deposits 47,336 49,024 Rediscountable bills and accept- Other liabilities 28,512 24,064 ances (at cost) 105,340 149,034 South African Reserve Bank (thou- Time funds at interest 21,067 20,936 sands of pounds): Sundry bills and investments 197,511 194,692 Gold 89,891 88,213 88,349 69,355 Other assets..^ 332 147 Foreign bi^ls 21 598 21 826 22,531 9,655 Demand deposits (gold) 29,551 38,953 Other"bills and loans 2,011 1^792 1,840 500 Short-term deposits (various cur- Other assets.. 85,140 85,025 85,919 85,886 rencies): Note circulation 51 027 51,988 51,169 44,191 Central banks for own account 7,036 15.226 Deposits 142,760 140^481 142,316 116,598 Other % 2,848 2,539 Other liabilities 4,854 4,387 5,154 4,606 Long-term deposits: Special accounts .... 228,909 229,001 Other liabilities. 198,911 198,362 c Corrected. 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. J Figure not available. 7 See BULLETIN for December 1936, p. 1025. 734 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 iPer cent per annum] Central bank of— Date effective U K d n i o i n m t g e - d France m G a e n r y g B i e u l m - N la e e n r t d h s - S d w en e- S l w a e n r i - t d z- b C an e k n t o r f a — l R Ju 3 a n 0 te e eff D ec a t t i e ve ba C n e k n t o r f a — l R Ju 3 a n 0 te e ef D fe a ct t i e ve In effect Oct 2, O O O c c c 1 t t t . 9 3 2 9 1 6 0 6, . . . . . . . . . , . . . . . . . . . . . .. „ . 2 3 4 2 3 2H 2y2 2 B B A A o e l r b g h lg a e e n i m n u i t a i m i a n a ., and s 2 s y y 2 2 J M M an a a r . r . . 2 2 1 5 1 , , , 1 1 1 9 9 9 4 4 3 0 0 6 L J J It a a a a v p t l v a a y n ia 4 3 5 3 3 .2 ^ 9 J A F M a e p a b n r y . . . 1 1 1 4 7 7 8 , , , , 1 1 1 1 9 9 9 9 3 3 3 4 6 6 7 0 D N e o c v 3 26..,. ,. 2 ' \y 2 Moravia.... 3H Oct. 1, 1940 Lithuania. .. 6 July 15, 1939 Jan. 28, 1937,., = .. . •4 •• June 15.......... 6 N J A S u e u o l p g v y t 7 4 1 3 . . 3 . . . . . .. .. 4 I 5 * B B C B u o a ri n l l t i g i a v s a d i h r a a i a India.. 5 3 6 D N N Fe e o o b c v v . . , . 2 8 1 8 8 , , , , 1 1 1 1 9 9 9 9 4 4 4 3 4 0 0 5 M N N N o e e e w r x t w h i c e a Z o r y l e a a n la d n s d 3 4 2 iy H V 2 2 M J J J u u u a l n n y y e e 2 1 2 4 3 7 6 , , , 1 1 1 1 9 9 9 9 4 4 4 4 2 1 1 0 May 10, 1938 4 Chile 3-4^ Dec. 16, 1936 Peru 5 Aug. 1, 1940 M M a a y y 3 1 0 3 "2V2 y" Colombia 4 July 18, 1933 Portugal.... 2y2 Jan. 12, 1944 Sept. 28 Oct. 27 ... "3 Nov 25. Denmark 4 Oct. 16, 1940 Rumania.... 3 Sept, 12, 1940 J M A T u a p a l n r y y 6 4 1 1 , 1 7 1939.. ..... " 3 2 "4 H " E E F E i l s c n t u o l S a a n a d n i l o d a v r ador... 3 7 M O D M e c a a c t r y . . , 2 3 6 0 1 3 , , , , 1 1 1 1 9 9 9 9 3 3 3 3 8 5 4 9 S S S S o w w p u a e i i t t d n h z e e n rl A an fr d ic . a 3 4 3w 2 N J M D u o e a n c y v e . 2 2 2 1 6 9 , , , . 1 1 1 1 9 9 9 9 4 3 4 3 1 6 1 8 Aug 24 4 Aug. 29 .. „.. "3 "" 4 Sept. 28 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 Mar. 1, 1942 dom 2 Oct. 26, 1939 M Ap a r y . 1 9 7 "3H" "3y2" H Ire u l n a g n a d ry sy2 O N c o t v . . 2 2 3 2 , , 1 1 9 9 4 4 3 0 Y U. u g S o . s S la . v R ia . . . . . 4 5 F Ju eb ly . 1 1 , , 1 1 9 9 3 3 6 5 Mar. 17, 1941 1M 6 M J In u a n y e e f 2 2 f 9 e 7 ct June 30, "2y2" 3 NOTE.—-Changes3 2 y s 2 ince May 31: none 1944 2 3H 2 2H 3 iH OPEN-MARKET RATES [Per cent per annum] United Kingdom Germany Netherlands Sweden *££«- Month ac 3 B c e a m p n o t k a n e n t r c h s e s ' s 3 T r m e b a i o l s l n u s t r h y s Da m y- o t n o e - y day o a n B l lo a d w n e k p a e o n r s c s i e t ' s d P i r s r i c a v o t a e u t n e t Da m y- o to ne -d y ay d P is r r i c a v o te a u t n e t 1 M m f o o n o r e n y th m u L p o o n a to n th s s 3 d P i r s * i c a v o t a e u t n e t 1929—Apr 5.21 5.18 i.43 3H 6.63 6.85 5.36 5.81 4^-6H 3.45 1930—Apr 2.48 2.49 2.28 4.46 4.40 2.52 3.08 sysy 2.61 1931—Apr 2.58 2.57 2.17 4.65 5.67 1.50 1.61 2 2 1.06 1 1 9 9 3 3 3 2 — — A A p p r r 2. . 1 5 9 9 2. . 0 5 7 0 1. . 9 6 1 1 134-1 Y) 3 5 . . 8 1 8 2 5 6 . . 0 1 5 7 1. . 0 6 2 6 1. . 0 9 0 4 3 5 - - 5 7 1 1. . 5 5 0 0 1934—Apr .96 .89 .88 3.88 4.76 2.07 1.85 3K-5K 1.50 1935—Apr .59 .51 .75 il 3.38 3.64 3.65 3.26 2M-5 1.80 1936—Apr .55 .52 .75 Y 3.00 2.83 1.07 1.27 2H-4H 2.25 1 1 9 9 3 3 7 8 — — A A p p r r . . 5 5 3 5 . . 5 5 1 3 . . 7 7 5 5 {A 2 2 . .9 8 0 8 3 2 . . 0 5 4 5 . . 1 1 9 3 1. . 0 5 0 0 2 2 M H- - 5 5 1 1 . . 0 0 0 0 1 1 9 9 4 3 0 9 — — A Ap pr r- 1 1 . . 4 0 0 3 1 1. . 0 3 3 6 L . O 7 O 6 Vi 2 2 . . 3 8 8 8 2 1. . 9 3 0 6 1 1. . 6 1 8 1 2 1 . .2 7 4 5 2 2 H H - - 5 5 1 1 . . 0 2 0 5 1941—Apr 1.03 1.01 LOO 2.25 1.67 2.06 2.75 3-5 1.25 1 19 9 4 4 3 2 — — A A p p r r 1 1 . . 0 0 3 3 1 1 . . 0 0 1 1 L L O .0 O 3 }i 2 2 . . 1 1 3 3 1 1 . . 8 9 1 6 33 s s ^ s s -5 y y H 2 1 1 . . 2 2 5 5 2 1943—May 1.03 1.00 L07 y2 2.13 1.91 3-5H 1.25 J J u u l n y e 1 1 . . 0 0 3 3 1 1 . . 0 0 0 0 L L0 0 4 6 % 2 2 . . 1 1 3 3 1 1 . . 8 9 6 0 S 3- -5 53 y ^ 2 1 1 . . 2 2 5 5 N A O Se u o c p t g v t 1 1 1 1 . . . . 0 0 0 0 3 3 3 3 1 1 1 1 . . . . 0 0 0 0 0 0 0 0 1 L L L O . O . 1 0 O O 7 1 y y 2 2 2 2 2 2 . . . . 1 1 1 1 3 3 3 3 1 1 . . 8 9 9 3 3 3- - 5 s 3 y ^ 2 1 1 1 1 . . . . 2 2 2 2 5 5 5 5 Dec 1.03 1.01 LOO H 2.13 1.25 1944— F Ja e n b 1 1 . . 0 0 3 3 1 1. . 0 0 0 1 1 L . 1 0 3 8 H 2 2 . . 1 1 3 3 1 1 . . 2 2 5 5 Mar 1.03 1.00 L13 i.,, 2.13 1.25 Apr 1.03 1.01 1.13 y2 ...••;:::::: 1.25 NOTE .—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172, pp. 656-661, and for description of statistics see pp. 571-572 in same publication. JULY 1944 735 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom1 Assets Liabilities (11 F L ig o p u n o r d u e o n s n d i s n c l s e m t a e i r r l i l l n i i n o g g n b ) s a o n f ks. re C se a r s v h es M ca n o s l o n h l t e o a i y c r n t e d at B co il u ls n d te i d s- T r d e r e e c p a e o i s p u s t i r t s y 2 Securities c L u o s a to n m s e to rs a O s t s h e e ts r Total D D e e m po a s n i d ts 3 Time3 lia O b t i h li e t r ies 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—May 377 158 154 924 1,150 769 268 3,566 2,380 1,185 234 June . .... 387 165 236 859 1,159 758 305 3,630 2,432 1,199 238 July 375 160 244 900 1,162 753 279 3,628 2,428 1,200 245 August .... 383 * 156 232 957 1,162 739 285 3,670 2,456 1,214 244 September 389 148 209 1,045 1,160 741 293 3,737 2,504 1,233 248 October 394 151 181 1,135 1,158 749 289 3,813 2,556 1,256 245 November 403 155 184 1,187 1,167 732 283 3,865 2,588 1,277 245 December 422 151 133 1,307 1,154 761 349 4,032 2,712 1,319 245 1944—January 416 157 138 1,305 1,149 754 288 3,962 2,650 1,312 245 February 414 150 124 1,264 1,141 761 287 3,897 2,583 1,314 243 March 423 155 113 1,331 1,136 781 290 3,988 2,652 1,336 242 April 430 164 149 1,314 1,152 762 285 4,017 2,672 1,345 240 Assets Liabilities Canada Entirely in Canada Se lo cu an ri s ty Deposits payable in Canada (10 m c o o h f n a t C r h t a e f n r ig e a d u d r i e b a s n a n in d k o s m . l la il r E l s io n ) n d s of Cash Security O lo t a h n e s r d a a u n b e d r o f n r a o e d m t Securities O as t s h e e t r s ci N r ti c o o u t n e la- excluding interbank deposits li O ab t i h l e i r ties 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 1,088 132 1,646 612 85 2,774 1,033 1,741 963 1940—December 323 40 1,108 159 1,531 570 80 2,805 1,163 L,641 846 1941—December 356 32 1,169 168 1,759 653 71 3,105 1,436 1,669 962 1942—December 387 31 1,168 231 2,293 657 60 3,657 1,984 ,673 1,049 1943—May 442 33 1,224 212 2,728 632 50 4,152 2,419 L,732 1,068 June 421 42 1,214 204 2,687 665 49 4,101 2,319 1,782 1,084 July 406 36 1,194 185 2,652 626 48 3,959 2,133 1,826 1,094 August 434 35 1,121 242 2,681 641 46 3,978 2,062 ,916 1,131 September 427 34 1,045 198 2,881 679 46 4,085 2,096 1,989 1,133 October 460 38 1,038 202 2,870 659 45 4,107 2,146 1,961 1,115 November 496 44 1,259 233 2,938 669 43 4,454 2,572 L.883 1,141 December. 471 48 1,156 250 2,940 744 42 4,395 2,447 1,948 1,172 1944—January 491 53 1,085 229 2,950 674 41 4,273 2,247 2,026 1,167 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 April 510 42 920 212 3,390 669 38 4,506 2,253 2,254 1,198 France Assets Liabilities (4 larg f e i g b u a re o n s f k s i f . n r a m n E c i n s l ) l d i o o n f s month re C se a r s v h es Du b e a n f k r s om 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 7f,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 ,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 Tune 6,632 3,851 80,276 15,518 1,869 10?,047 101,118 929 383 5,716 Tuly 6,770 3 795 83 362 14,696 2,024 103,596 102,578 1,017 321 6,730 August 6,486 3,786 82,685 14,644 .2,206 102,602 101,525 1,078 347 6,859 September 6,935 3,832 85,079 14,084 2,228 104,830 103,657 1,173 341 6,987 October 7,133 3 877 88,289 14,215 2.448 108,368 107,100 1,268 411 7,182 November 7,203 3,960 86,754 14,361 2,653 107,200 105,811 1,390 404 7,326 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 ty% per cent, callable by the banks in emergency at a discount equal lo the Bank of England rate. 3 Through December 1937, excludes deposits in offices outside England and Wales which are included in ™tal 4 Figures for three banks only. Data for Credit Industriel et Commercial not available September 1940-Mj rch 1941 NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Table 168, pp. 648-655, and for description of statistics see pp. 566-571 in same publication. 736 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] Ar ( g p e e n so t ) ina A ( u p s o t u r n a d li ) a Bel- (c B ru r z a e z ir i o l 1) British Bui- Canada (dollar) Chile (peso) C (y h u i a n n a Year or month gium India garia Shang- Official Special Official Free (belga) Official Free (rupee) (lev) Official Free Official Export hai) Export 1936 33.137 395.94 16.917 8.5681 25.8788 37.523 1.2958 99.913 5.1240 29.751 1937 32.959 393.94 16.876 8.6437 6.1983 37.326 1.2846 100.004 5.1697 24.0000 29.606 1938 32 597 389.55 16 894 5.8438 36.592 1.2424 99.419 5.1716 4.0000 21.360 1939 30.850 353.38 16.852 6.0027 5.1248 33.279 96.018 5.1727 4.0000 11.879 1940 29.773 2322.80 305.16 216.880 6.0562 5.0214 30.155 '290i909' 85.141 5.1668 4.0000 6.000 1941 29.773 '223.704' 322.80 321.27 6.0575 5.0705 30.137 90.909 87.345 25.1664 24.0000 25.313 1942 29.773 23.704 322.80 321.50 6.0584 5.1427 30.122 90.909 88.379 1943 29.773 24.732 322.80 2321.50 6.0586 5.1280 30.122 90.909 89.978 1943—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 May 29.773 25.125 322.80 6.0586 5.1275 30.122 90.909 90.507 Year or month C ( o p b l e i o s a m o) -C s ( l k z o o e v r c u a h n k o a i - a ) ( m D kr e a o n r n k - e) ( F l m k a i a a n n ) r d - k- F ( r fr a a n nc c ) e ( m m G re a a e i r c n r k h - y ) s- G (d r m r e a a e c ) c h e - ( H K do o o l n l n a g g r) ( H p g e a u n r n g y - o) I (l t i a ra ly ) J ( a y p en a ) n M (p e e x s i o c ) o e N ( r g l e e a u r t i n ) h ld d - - s (p N Z l o a e e u n w a n d - d) 1936 57.083 4.0078 22.189 2.1903 6.1141 40.297 .9289 31.711 29.558 7.2916 29.022 27.760 64.481 398.92 1937 56.726 3.4930 22.069 2.1811 4.0460 40.204 .9055 30.694 19.779 5.2607 28.791 27.750 55.045 396.91 1938 55.953 3.4674 21.825 2.1567 2.8781 40.164 .8958 30.457 19.727 5.2605 28.451 22.122 55.009 392.35 1939 57.061 23.4252 20.346 1.9948 2.5103 40.061 .8153 27.454 19.238 5.1959 25.963 19.303 53.335 354.82 1940 57.085 219.308 1.8710 22.0827 40.021 2.6715 22.958 18.475 5.0407 23.436 18.546 253.128 306.38 1941 57.004 22.0101 239.968 224.592 219.770 25.0703 223.439 20.538 322.54 1942 57.052 20.569 322.78 1943 57.265 20.577 324.20 1943—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 May 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 i u a ) a- ( A S p o o fr u u i n c th d a ) ( S p p es a e i t n a) S S m (d t e e o r t l n a t l l a i t e t s r s - ) S ( w kr e o d n e a n ) S e (f r w r l a a i n t n c z d ) - Offici ( a p l ound F ) ree Con- (peso) N co o n n - - Y ( s d l u i a n g v a o i r a - ) trolled trolled 1936 24.974 18.875 4.5130 .7382 491.65 12.314 58.258 25.626 30.189 497.09 79.874 2.2965 1937 24.840 18.923 4.4792 .7294 489.62 6.053 57.973 25.487 22.938 494.40 79.072 2.3060 1938 24.566 18.860 4.4267 .7325 484.16 5.600 56.917 25.197 22.871 488.94 64.370 2.3115 1939 23.226 218.835 4.0375 .7111 440.17 10.630 51.736 23.991 22.525 443.54 62.011 236.789 2.2716 1940 222.709 3.7110 2.6896 397.99 9.322 46.979 23.802 22.676 2403.50 383.00 65.830 37.601 2.2463 1941 24.0023 398.00 ^.lSO 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—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 May 398.00 403.50 65.830 52.964 1 Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis." -1 -M 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. JULY 1944 737 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 i 124 695 134 237 106 M26 144 1932 65 67 86 427 97 70 161 65 1 92 96 1933 66 67 86 398 93 63 180 63 1 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 83 137 110 116 311 146 143 1941. 87 90 153 112 132 329 172 184 1942 99 96 159 114 189 210 1943.. 103 100 163 116 196 218 1943-May 104 99 163 116 197 218 June 104 100 163 116 197 218 July 103 100 164 117 196 218 August 103 100 162 117 P381 195 218 September 103 101 163 116 195 220 October 103 102 163 116 195 220 November 103 102 163 116 p387 195 220 December....... 103 103 163 117 ^391 195 220 1944—January 103 103 164 117 195 221 February., 104 103 165 117 195 221 March 104 103 .165 117 195 223 April 104 103 166 118 195 May.... 104 P166 P Preliminary. 1 Approximate figure, derived from old index (1913=100), 2 Average based on figures for 8 months; no data available since August 1939, when figure was 674, 3 Average based on figures for 5 months; no data available since May 1940, when figure was 89 Sources— See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES-GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Germany (1926=100) (1926=100) (1930=100) (1913 = 100) Year or month Raw and Fully and Indus- Induspr F o a d r u m cts Foods co O m it t i m h e e s o r d- pr F o a d r u m cts f m a p g c o a a t o r n u t d u l r y s e - d f m c a g h c o a i t o e n u f d u r l s e y - d Foods pr I o n tr d d i u u al c s- ts p A r g t o u r d i r u c a u c l t l s - a p t f n r r i i d n o a i d l s s u e h ra m c e w t d s i- p tr r i i o s a h d l e u f d c in ts - 1926 100 100 100 100 100 100 129 130 150 1932 48 61 70 48 55 70 8S 85 91 118 1933 51 61 71 51 57 70 83 87 87 113 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—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 98 105 105 94 158 168 121 103 136 April 123 105 98 p105 158 169 122 103 136 May 123 105 99 ^104 p Preliminary. Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 738 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 j [Index numbers] Year or month U ( S 19 t n : a 3 i 1 5 t t 0 e - e 0 3 d s ) 9 ( C 1 = a 9 a 3 1 d n 5 0 a - - 0 3 ) 9 U K = d ( n 1 J i o 9 1 i u n 1 m t 0 l g 4 e 0 y - ) d ( m 1 = G 9 a e 1 1 n r 3 0 - - y 0 1 ) 4 N (1 l = e a 9 t n 1 1 h 1 0 d e - 0 1 s r ) 3 -S er = w ( 1 J l 1 9 a u i 1 0 t n n 0 z 4 e d ) - \ear or month ( U S 1 = 9 t n a 3 1 i 0 5 t t e 0 e -3 ) d s 9 (1 = C a 9 a 3 1 d 0 n 5 a 0 - - 3 ) 9 U K = d ( n 1 J i o 9 1 u n i 1 t m 0 l g e 4 y 0 d - ) (1 m = G 9 a 1 1 e 3 n 0 r - 0 y - 1 ) 4 N (1 l = e a 9 t 1 n 1 h 1 0 d e - 0 1 s ) r 3 . S e = ( r w 1 J l 9 u 1 a i 1 0 n t 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 *132 130 1937 . 105 103 139 122 127 130 1937 103 101 154 125 137 137 1938 .. 98 104 141 122 130 130 1938 101 102 156 126 139 137 1939 95 101 141 123 130 132 1939 99 102 158 126 140 138 1940 .. ..... 97 106 164 128 2140 146 1940 100 ICJ 184 130 3148 151 1941 106 116 168 129 175 1941 105 112 199 133 174 1942 124 127 161 132 200 1942 117 117 200 137 193 1943 138 131 166 134 211 1943 ...... 124 118 199 139 203 1943-May* 143 130 165 134 210 1943-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 .. 124 119 199 139 206 February. 135 131 168 135 214 February.. 124 119 200 140 206 March. 134 131 168 136 214 March. 124 119 200 140 206 April 135 p132 168 138 April. .. 125 P119 200 140 May. 136 p132 May . . 125 P119 P200 SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month U ( S p d r n t s i a r i c i t t e v e e ) e d s 1 d ( K 1 D 9 U i 2 e n n 1 c g e i = d t m e 1 o b d 0 m e 0 r ) (1 F 91 r 3 a = n c 1 e 00) G ( e a p r v r m i e c r a e a ) n r 2 e y N la e n th d e s r 3 - ( U S 1 = 9 n t a 3 1 i 5 t 0 t e - e 0 3 d ) s 9 K U in n g it d e o d m (1 F 9 r 2 a 6= n 1 c 0 e 0) Germany (1 N 9 l 3 e a 0 t n h = d 1 e s 0 r- 0) Number of issues 15 87 36 2 139 8 402 278 300 (4) 1C0 1926 90.1 110.0 57.4 105.6 100.0 100.0 100.0 1933 91.2 119.7 81.3 82.5 105.3 67.0 78.6 99.6 61.7 52 1934 98.2 127.5 82.1 90.7 113.4 76.6 85.7 83.3 71.1 55 1935 105.5 129.9 83.5 595.1 107.8 82.9 86.3 79.7 82.9 55 1936 109.5 131.2 76.3 95.8 109.1 117.5 97.0 77.2 91.6 66 1937 HlO.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 1910 . 115.9 118.3 684.7 100.7 777.9 88.1 70.8 6120.6 114.6 8 95.0 1941 117.8 123.8 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 p476 142.1 131.5 1943 120.3 127.8 91.9 84.5 145.0 151.0 1943—Mav 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 85.6 144.9 151.9 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 86.3 144.8 152.1 November 120.4 127.1 91.4 85.0 145.0 152.2 December 120.0 127.2 91.8 85.3 145.1 152.2 1944—January 120.5 127.4 94.6 86.2 145.2 February 120.4 127 6 94.4 86 9 145.3 March 120.5 127.3 96.6 87.1 145.6 April 120.7 127.1 95.1 87.2 145.8 Mav. ... . 120.9 97.2 p Preliminary . 1 Figures represent calculated prices of a 4 per cent 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds for the series beginning 1937 and for a varying number of high-grade bonds for the series prior to that date. The yearly average for 1937 is the same for both series. Source.—Standard and Poor's Corporation; 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 jH 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 percent. 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. JULY 1944 739 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 BONNAR BROWN, Assistant Director WALTER WYATT, General Counsel J. P. DREIBELBIS, General Attorney DIVISION OF PERSONNEL ADMINISTRA- GEORGE B. VEST, Assistant General Attorney TION 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. PATJLGER, Director FISCAL AGENT C. E. CAGLE, Assistant Director O. E. FOULK, Fiscal Agent WILLIAM B. POLLARD, Assistant Director JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL FEDERAL OPEN MARKET COMMITTEE ADVISORY COUNCIL MARRINER S. ECCLES, Chairman CHAS. E. SPENCER, JR., BOSTON DISTRICT ALLAN SPROUL, Vice Chairman Vice President CHESTER C. DAVIS JOHN C. TRAPHAGEN, NEW YORK DISTRICT ERNEST G. DRAPER R. M. EVANS WILLIAM F. KURTZ, PHILADELPHIA DISTRICT HUGH LEACH JOHN K. MCKEE B. G. HUNTINGTON, CLEVELAND DISTRICT J. N. PEYTON ROBERT V. FLEMING, RICHMOND DISTRICT RONALD RANSOM M. S. SZYMCZAK KEEHN W. BERRY, ATLANTA DISTRICT C. S. YOUNG EDWARD E. BROWN, CHICAGO DISTRICT President CHESTER MORRILL, Secretary S. R. CARPENTER, Assistant Secretary RALPH C. GEFFORD, ST. LOUIS DISTRICT WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel LYMAN E. WAKEFLELD, MINNEAPOLIS DISTRICT E. A. GOLDENWEISER, Economist HENRY H. EDMISTON, Associate Economist A. E. BRADSHAW, KANSAS CITY DISTRICT E. A. KINCAID, Associate Economist JOHN K. LANGUM, Associate Economist ED. H. WINTON, DALLAS DISTRICT ARTHUR R. UPGREN, Associate Economist JOHN H. WILLIAMS, Associate Economist GEORGE M. WALLACE, SAN FRANCISCO DISTRICT ROBERT G. ROUSE, Manager of System Open Market Account WALTER LICHTENSTEIN, Secretary 740 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. Hunter2 E. G. Hult Carl B. Pitman Henry S». Dennison William Willctt New York. Beardsley Ruml Allan Sproul R. M. Gidney A. Phelan William I. Myers L. R. Rounds J. W. Jones J. M. Rice L. W. Knoke Robert G. Rouse Walter S. Logan John H. Williams V. Willis Philadelphia Thomas B. McCabe Alfred H. Williams W. J. Davis C. A. Mcllhcnny3 Warren F. Whittier Frank J. Drinnen E. C. Hill C. A, Sienkiewicfc Cleveland G. C. Brainard M. J. Fleming Wm. H. Fletcher B. J. Lazar R. E. Klagcs R. B. Hays J. W. Kossin K. H. MacKcnzic A. H. Laning8 W. F. Taylor Richmond Robert Lassiter Hugh Leach J. G. Fry R. W. Mercer W. G. Wysor J. S. Waldcn,Jr. Geo. H. Kecsce2 Edw. A. Wayne . Atlanta Frank H. Ncely W. S. McLarin, Jr. V. K. Bowman H. F. Conniff J. F. Porter Malcolm H. Bryan L. M. Clark Allan M. Black8 E. C. Harris Chicago Simeon E. Leland 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 W. C. Coffcy J. N. Peyton A. W. Mills2 Sigurd Ueland Minneapolis Roger B. Shepard O. S. Powell Otis R. Preston A. R. Upgren E. W. Swanson Harry I. Zicmcr Robert B. Caldwell H. G. Lccdy 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. WooUcy* Jay Taylor R. R. Gilbert E. B. Austin W. O. Ford Dallas J. R. Parten E. B. Stroud R. B. Coleman W. D. Gentry* W. J. Evans L. G. Pondrom San Francisco Henry F. Grady Wm. A. Day C. E. Earhart J. M. Leisner2 Harry R. Wcllman Ira Clerk W. M. Hale H. N. Mangels OFFICERS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Federal Reserve Branch Chief Officer Branch Chief Officer Bank of Bank of New York Buffalo R. B. Wiltse* Minneapolis.... Helena R. E. Towle* Cleveland Cincinnati B. J. Lazar5 Pittsburgh J. W. Kossin5 Kansas City Denver Jos. E. Olson5 Richmond Baltimore W. R. Milford* Oklahoma City G. H. Pipkin5 Charlotte W. T. Clements* Omaha L. H. Earhart5 Atlanta Birmingham P. L. T. Beavers* Jacksonville Geo. S. Vardcman, Jr.* Dallas El Paso J. L. Hermann6 Nashville Joel B. Fort, Jr.* Houston E. B. Austin5 New Orleans E. P. Paris* San Antonio L. G. Pondrom5 Chicago Detroit E. C. Harris5 San Francisco... Los Angeles W. N. Ambrose* St. Louis Little Rock A. F. Bailey* Portland D. L. Davis* Louisville C. A. Schacht* Salt Lake City W. L. Partner* Memphis W. H. Glasgow* Seattle C. R. Shaw* 1 Also Federal Reserve Agent. 2 Cashier. -3 Also Cashier. 4 Managing Director. • Vice President. 6 Manager. JULY 1944 741 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES sssss BOUNDARIES OF FEDERAL RESERVE DISTRICTS — BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ^ BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM <§) FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY JANUARY 2. 1943 a BOARD OF GOV£RNO*$ Of THL FLOIRAL RESERVE SrSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis