Federal Reserve Bulletin, 1944-08

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

EDITORIAL COMMITTEE ELLIOTT TBURSTON 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—War Finance and Banking . 743-751 Law Department: Consumer Credit—Partial Payments in Charge Account. .. 753 Contract Settlement Act of 1944 753-766 Foreign Funds Control—Treasury Department Releases 766-768 Current Events , _ , 769 Bretton Woods Agreement , 769 s National Summary of Business Conditions 770-771 Financial, Industrial, Commercial Statistics, U. S. (Sec p. 773 for list of tables)... 773-8x1 International Financial Statistics (Sec p. 823 for list of tables) 813-835 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 836 Senior Officers of Federal Reserve Banks; Managing Officers of Branches 837 Map of Federal Reserve Districts 838 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 August 1944 NUMBER WAR FINANCE AND BANKING In the Fifth War Loan Drive the Treasury quently liquidated, and thus did not involve raised ii billion dollars of new funds, com- a permanent addition to bank credit. The pared with a goal of 16 billion. These securities purchased by banks during drives funds, together with a billion dollars ob- continue to be held by the banking system, tained from special sales of securities to that is, by commercial banks and Federal banks and Government agencies and trust Reserve Banks, but between drives Treasury funds not included in the drive and with bills are gradually shifted to Reserve amounts to be obtained from current sales Banks in order to provide additional reof savings bonds and notes, appear to be serves. Since last October there have sufficient to take care of the Treasury's cash been only limited offerings of securities needs until late this year. The total that banks may purchase by direct subamount raised in this drive exceeds that of scription and nearly all increases in bank any of the previous war loan drives. Sales holdings have occurred through market to individuals increased, but sales to cor- purchases of outstanding securities during porations continued to dominate and were drives. a larger proportion of the total than in It should be emphasized that, while bank previous drives. The continued large sales credit was used to a larger extent in the last to corporations reflect in part the policy drive than in the Fourth Drive, the amount being followed by many corporations of of funds raised from individual and corpoinvesting in Government securities a large rate savings during the last drive was the portion of their growing liquid assets. largest on record. During drives banks Purchases of outstanding issues by banks have more funds with which to purchase and bank loans to finance subscriptions securities than at other times. This results appear to have been larger than in previous from the fact that war loan accounts are drives. The financing of purchases through exempt from reserve requirements, and as these means, after being particularly large bank customers use their deposits to purin the Third Drive, declined in the Fourth, chase Government securities their deposits, but increased again in the Fifth Drive. which are subject to reserve requirements, These differences appear to reflect in large are transferred to the reserve-free war loan part the types of issues offered—in the accounts. Consequently, the banks' own Fourth Drive there were fewer issues required reserves temporarily decline, and eligible for subsequent purchase by com- reserves are released. Banks use some of mercial banks than in the other two. these available funds to buy securities in the Substantial portions of the loans made by market or to repurchase Treasury bills previbanks during previous drives were subse- ously sold to the Reserve Banks under AUGUST 1944 743 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH repurchase options, and some are held as ex- The increase of I.I billion dollars in sales cess reserves. In the Fifth Drive there was to individuals, partnerships, and personal as usual a substantial decline in required trusts during the Fifth Drive as compared reserves, but the increase in excess reserves with the Fourth was in the newly-included was larger than in the Fourth Drive. I/€ Per cent 3-year notes and in z per cent There was a particularly large increase in 8-10 year bonds. The combined total of excess reserves at country banks and at some subscriptions by this group of purchasers city banks—presumably banks which did for these two issues exceeded their subnot fully utilize available funds to purchase scriptions for z per cent bonds during the securities from customers or in the market. Third Drive; during the Fourth Drive no issues of these maturities were offered. THE FIFTH WAR LOAN DRIVE Following the Third Drive, a considerable part of the z per cent bonds sold was Sales of securities by the Treasury to ultimately purchased and held by commernonbank investors during the last three cial banks, resulting in the same amount of drives, classified by groups of purchasers expansion in bank credit as if these particuand types of issues are shown in the followlar securities had been sold to commercial ing table: banks in the first instance. Sales of 3 billion dollars of Series E savings bonds, WAR LOAN DRIVE SALES which are sold largely to individuals in the [In billions of dollars] middle- and lower-income groups and Fifth Fourth Third which can not be resold to the banking By classes of nonbank investors: system, were slightly smaller than such Individuals, partnerships, and personal trust accounts 6.4 5.3 5.4 sales during the Fourth Drive. Insurance companies 2.8 2.1 2.6 Mutual savings banks 1.5 1.3 1.5 Corporations and associations 8.2 6.7 7.0 Sales to other groups of nonbank inves- Dealers and brokers .5 .4 .9 State and local governments 1.3 .8 .8 tors showed much the same pattern as in Total1.. 20.6 16.7 18.9 previous drives. Sales to insurance com- By issues to nonbank investors: panies, aided by a provision permitting de- Series E savings bonds 3.0 3.2 2.5 Series F and G savings bonds .8 1.0 .8 Savings notes 2.6 2.2 2.5 ferred payments as late as September 30, Certificates 4.8 5.0 4.1 Treasury notes 1.9 reached a new record of z.8 billion dollars Intermediate-term Treasury bonds 5.2 3.3 5.3 2\ per cent Treasury bonds 2.3 1.9 3.8 and were concentrated largely in the long- 1 Totals and figures by issues include subscriptions by U. S. Govern- term 1J/2 per cent bonds. Insurance comment agencies and trust accounts not shown separately, which amounted to 712 million dollars in the Third Drive, to 49 million in the Fourth panies have generally concentrated their Drive, and to 32 million in the Fifth Drive. drive purchases in the long-term bonds, Sales in the Fifth Drive to individuals, since they expect to hold investments for a partnerships, and personal trusts exceeded long period and can take advantage of the the goal of 6 billion dollars and also ex- highest rate of interest. Sales to mutual ceeded sales to this group during previous savings banks totaled 1.5 billion dollars, drives. From the point of view of avoiding and as is generally the case were conceninflation, sales of securities to individuals trated in the intermediate-term securities, are most important since they constitute which in the Fifth Drive were z per cent the group most likely to use their increased bonds. Sales to dealers and brokers totaled income in bidding up the prices of goods about 500 million dollars and were concenand services. trated largely in certificates, notes, and z 744 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH per cent bonds. Sales to corporations and ment accounts and about 760 million of 2. associations reached a new high level of and T-Yz per cent and savings bonds to com- 8.2. billion dollars. Since corporations mercial banks. At the time of the Fourth wish to keep their funds in liquid form in Drive, sales to Treasury investment accounts order to have them readily available for totaled 350 million dollars and to commerfuture use in connection with reconversion, cial banks about 6xo million. The sales plant expansion, inventory increases, and to commercial banks were limited by a other needs in the early postwar period, formula based on time deposits and were their largest purchases were as usual in made for the purpose of enabling comshort-term certificates and savings notes, mercial banks, many of which hold a large but they also purchased substantial amounts proportion of time to total deposits, better of 3-year notes and intermediate-term bonds. to compete with mutual savings banks and By types of issues, the largest sales were other savings institutions, which are per- 5.x billion dollars of 2. per cent bonds. mitted to purchase the higher-rate securities. This amount approximated sales of 2. per Beginning May 11 the Treasury has sold cent bonds during the Third Drive and was each week 1.2. billion dollars of Treasury considerably in excess of the amount of i.l/i bills, an increase of zoo million over current per cent bonds sold during the Fourth weekly maturities. By the end of July it Drive. Sales of certificates totaled 4.8 had raised z.4 billion dollars of additional billion dollars, thereby nearly equaling funds through this source. This increase the amount sold during the Fourth Drive. in bills outstanding was fully absorbed by Sales, of 2-}/2 per cent bonds totaled z.3 an increase in Reserve Bank holdings until billion dollars, which is more than during the drive period when member banks had the Fourth Drive, when the shorter-term available excess reserves and added to their 7-}4r per cent issue was offered, but consider-bill holdings. ably less than during the previous drives. Sales of the newly-included 1% per cent BANKING DEVELOPMENTS DURING DRIVE notes totaled 1.9 billion dollars. Sales Bank credit has expanded during each of savings notes, which had declined during of the last three drives notwithstanding the the Fourth Drive, increased again and fact that banks were not directly included exceeded the Third Drive record. Sales of in the drives. To some extent this has Series F and G savings bonds were below reflected bank purchases of outstanding the Fourth Drive total, probably reflecting securities sold by investors to enable them the fact that during the Fourth Drive, to subscribe for the new issues. These which was shortly after the beginning of shifts are partly in response to pressures for the calendar year, many investors pur- attaining local quotas and partly in rechased the full annual limit of $100,000 of sponse to demands of commercial banks for these bonds. additional securities in order to employ temporarily available funds. In addition OTHER SALES OF SECURITIES to selling securities to banks, many pur- In addition to the xo.6 billion dollars of chasers borrow from banks in order to buy securities sold as a part of the Fifth Drive, securities during the drive; these loans are the Treasury also sold about 590 million generally paid off in subsequent months of 2.3^2 Per cent bonds to Treasury invest- either out of current income or through AUGUST 1944 745 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH liquidation of the securities. Some of the million during the Fourth Drive and of less bank purchases during drives represent re- than 800 million in the Third Drive. purchase of Treasury bills from the Reserve Many of these loans were made in antici- Banks and increased subscriptions for cur- pation of future income and on a short-term rent issues of bills. or amortization basis; in accordance with Fluctuations in holdings of Government the joint statement adopted by banking securities, security loans, and deposits of supervisory authorities in November 1942., member banks in leading cities since the such loans are not subject to criticism. It beginning of 194.x are shown in the follow- seems likely, however, that a considerable ing chart. amount of the loans made during the recent drive were obtained with the view to subse- WEEKLY REPORTING MEMBER BANKS quent sale of the securities. Such loans are WEDNESDAY FtGURES in contravention of the request made by the Treasury before the drive. It seems also that in some cases subscriptions have been made by nonbank purchasers with an understanding that banks would subsequently take over the securities. This is . JL. //-——Ji.7 DEMAND DEPOSITS contrary to the objective of the drive which /- rJ ADJUSTED is to sell securities to nonbank purchasers who intend to hold them as investments. Purchases of Government securities by commercial banks during the Fifth Drive were reflected in an increase of 4.9 billion dollars in holdings by reporting member banks in leading cities between June 7 and July ix, and there was a further increase of 194? 1943 1944 500 million in the following week. This Latest figures are for July 19. compares with an increase of about 3 billion During the Fifth Drive holdings of Gov- dollars at reporting banks during the Fourth ernment securities and loans on securities Drive. by weekly reporting banks showed much Holdings of bills by reporting banks greater increases than during previous increased during the drive period by 1.3 drives. In June there was an increase of billion dollars, reflecting subscriptions for 750 million dollars in loans on Government new bill issues. As shown in the chart, securities to brokers and dealers, to finance holdings of certificates by reporting banks dealers' purchases of securities. This was increased by 2-3 billion dollars, and there followed by a decline of 350 million dollars were smaller increases in notes and bonds. in the first three weeks of July. Commer- Most of the additions, therefore, were in cial banks, in addition, made large loans short-term bills and certificates indicating on Government securities to others than the maintenance of a high degree of librokers and dealers. These loans increased quidity in the banking system. Since the between June 14 and July 5 by 1.3 billion increase in funds that enabled some of the dollars, compared with increases of 600 banks to make these purchases is only 746 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH temporary in character, many banks will certificates, and the loan increase was need to liquidate a part of their holdings in largely in loans on Government securities. coming months. For the commercial banks Weekly reporting banks outside of New as a group, however, the subsequent liqui- York City and Chicago increased their dation which will need to be made to the loans by about 700 million dollars, practi- Reserve Banks to provide additional re- cally all of which was in loans on Governserves will be considerably less than the ment securities, and their holdings of recent expansion in holdings. Government securities by 2.-5 billion, of which 1.8 billion was in bills and certifi- HOLDINGS OF U S. GOVERNMENT SECURITIES cates. Current figures are not available MEMBER BANKS IN LEADING CITIES AND FEDERAL RESERVE BANKS EDNESDAY FIGURES for loans and investments of country banks, but it appears from figures for June 30 that increases in both loans and investments at country banks during the drive were much smaller than those at city banks. EFFECT ON BANK RESERVES For some banks, particularly the large city banks, funds were made available for the increase in bank loans and investments by the decline in required reserves resulting from the shift of deposits. During the Fifth Drive, war loan deposit accounts, against which banks are not required to hold reserves, increased by nearly 16 billion dollars. Because of the coincident increase in bank loans and investments, other deposits at banks did not decline by anything like the same amount; other deposits 1942 1943 1944 1942 1943 1944 at member banks declined by around 6 Latest figures are for week ended July 19. billion dollars, resulting in a decrease of New York City banks increased their 1.1 billion in required reserves. During holdings of Government securities by 1.7 the drive there was a further increase in billion dollars and their loans by 1.3 billion. currency in circulation, but the growth Of their increase in Government security slackened to a rate of 2.50 million dollars holdings, 1.2. billion dollars was in cer- a month as compared with an average tificates and bills. The increased loans growth of 400 million a month during the were principally for purchasing or carrying past year. This would indicate that some Government securities. Weekly reporting outstanding currency may have been used banks in Chicago increased their holdings for the purchase of securities during the of Government securities by about 700 drive. million dollars and their loans by about xoo Some of the reserve funds released by the million. Again, the increase in Govern- decline in required reserves were used by ment securities was principally in bills and banks to obtain additional currency, to pay AUGUST 1944 747 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH off borrowings, and to repurchase Treasury and these banks as a group showed an inbills from the Reserve Banks, and as a con- crease in excess reserves from about X5o sequence total reserve balances of member million dollars early in June to about 400 banks declined by about 800 million dol- million the second week of July. The lars during the drive. The increase in latter amount equaled 9 per cent of required bank loans and investments not only in- reserves for these banks. At country banks creased deposits and curtailed the decline reserves held showed little change, while in required reserves but also resulted in required reserves declined by nearly 300 some redistribution of reserves among million dollars. As a result, excess rebanks. Many banks permitted excess re- serves at country banks rose to a billion serves to accumulate and, as shown in the dollars, or about 40 per cent of requirements. Excess reserves of these banks had EXCESS RESERVES OF MEMBER BANKS previously been that large only for a short BILLIONS OF DOLLARS BILLIONS OF DOLLARS time last year during the Second Drive. FEDERAL RESERVE OPERATIONS Federal Reserve holdings of Government securities, which during the four-month period between the end of the Fourth and the beginning of the Fifth Drive increased by 4 billion dollars, declined somewhat in the first half of July. Purchases in the interdrive period were made for the purpose of supplying member banks with reserves needed to meet increases of 1.7 billion dollars in currency in circulation and of about 1.5 billion in member bank required reserves and a decline in the country's monetary gold stock. As shown in the chart on page 747, most of the 1942 1943 increase occurred in holdings of Treasury Latest figures are for week ended July 21. bills and the remainder largely in certifichart, the total for all member banks cates. System purchases of bills increased doubled during the drive to a figure of most sharply after May 11 when the about 1.4 billion dollars. Treasury increased its weekly bill offerings As the result of the increase in loans and from 1.0 to 1.2. billion dollars; these purinvestments at New York and Chicago chases, which were made largely in the banks and an accompanying drain of funds market, supplied additional reserves to from these cities during the drive, reserves member banks, and bills held under reof these banks continued close to their re- purchase option agreements showed little quirements. At reserve city banks, where further increase. In recent months a numloans and investments were also substan- ber of member banks, mostly city banks, tially increased, reserve balances declined have obtained needed reserves by borrowbut not by as much as required reserves, ing from the Federal Reserve Banks, and 748 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH bills discounted at Reserve Banks rose to not likely on any substantial scale in the Z40 million dollars early in June; this is next few months, member bank needs for the largest amount borrowed at any time reserves to meet the growth in requirements since June 1933. and the currency demand may amount to During the period of the drive required as much as 4 billion dollars during the next reserves declined sharply; some part of the four months, as during the last inter drive reserves released was absorbed by an in- period. This is a much larger amount crease in money in circulation, a part by a than could be supplied from the existing decline in Reserve Bank holdings of Gov- widely scattered excess reserves of 1.4 bilernment securities, and there was some in- lion dollars, and as a result Federal Reserve crease in excess reserves. Reserve Bank Bank holdings of Government securities security holdings increased to a peak of 15.2. may be expected to continue to increase at a billion dollars late in June and then de- rate close to that of recent months and clined to 14.6 billion in July. All of the there may also be an increase in borrowings. decrease occurred in Treasury bills held Substantial changes in the volume of Treasunder repurchase option, reflecting in large ury expenditures or in the demand for curpart maturities of existing holdings in the rency would correspondingly alter this absence of additional offerings to the Re- projection. serve Banks. Other holdings of Treasury bills by the Reserve Banks continued to in- FOUR YEARS OF DEFENSE AND WAR crease but at a much slower rate, as member FINANCING banks increased their subscriptions for the At the close of the fiscal year on June 30, weekly offerings of bills. Bills discounted four years had elapsed since the beginning declined by about zoo million dollars from of the national defense program. During the high level reached early in June. the fiscal year that ended on June 30, 1940, In coming months, as required reserves the last on a peacetime basis, national deagain increase and the currency demand fense expenditures totaled 1.7 billion dolcontinues, country banks and a number of lars. During the fiscal year just ended, reserve city banks will be able to meet war expenditures totaled 90 billion dollars. their requirements by permitting excess Total expenditures during the four-year reserves to decline without seeking addi- period increased from 9 to 95 billion dollars. tional reserves. At the same time, many Interest on the debt increased during this large city banks will need to liquidate se- period, while other budget expenditures curities or to borrow to maintain their re- declined, reflecting largely the practical serves at the required level. All banks in elimination of unemployment relief as the this position no doubt have adequate short- country reached a full employment basis. term securities that can be liquidated with- Treasury receipts also increased as a reout difficulty and also have collateral for sult of both the growth in national income borrowing. Member banks may borrow and additional revenue legislation that infrom the Reserve Banks on short-term creased rates, lowered exemptions, and Government securities at a discount rate of added new taxes. During the 1940 fiscal Y2 per cent. year receipts totaled 5.4 billion dollars; Unless there should be a further expansion during the last fiscal year they totaled in bank loans and investments, which is 44 billion dollars. The largest increase AUGUST 1944 749 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH occurred in income tax collections, which increased during the past four years by 153 rose from 2. billion to 35 billion dollars. billion dollars, from 48 to zoi billion. The latter figure includes xo billion dollars Of this increase, 42 billion dollars was in of income taxes collected from individuals bills and certificates, which are held chiefly and 15 billion from corporations. Mis- by commercial banks, the Federal Reserve cellaneous internal revenue increased from Banks, and corporations. Treasury notes, x«3 to 5.3 billion dollars, and there was all of which mature within five years, insome increase in social security taxes, re- creased by 11 billion dollars and Treasury flecting increased employment, and a large bonds by 53 billion. Most of the Treasury increase in other receipts, principally as a bonds issued during this period have been result of the renegotiation of war contracts. 2. per cent issues, callable in no more than eight and maturing in no more than ten TREASURY RECEIPTS AND EXPENDITURES years, and long-term xj^ Per cent bonds [In billions of dollars] that commercial banks are not permitted ?iscal years ending June 30 to purchase or to hold for a period of years, except for very limited subscriptions based 1940 1941 1942 1943 1944 on time deposits. Savings bonds increased War expenditures1 1.7 6.7 28.3 75.1 89.7 Interest 1.0 1.1 1.3 1.8 2.6 by 3Z billion dollars and savings notes by Other budget expenditures 6.3 5.3 5.1 4.3 4.1 10 billion. Special issues sold to Govern- Trust accounts, etc.2 -.1 .6 -.6 -1.6 -1.2 ment agencies and trust funds also increased Total expenditures 8.9 13.7 34.1 79.6 95.2 Receipts 5.4 7.6 12.8 22.3 44.1 by 10 billion dollars. Excess of expenditures... 3.5 6.1 21.3 57.3 51.1 Increase in interest-bearing direct and guar- OWNERSHIP OF THE PUBLIC DEBT anteed debt 2.5 6.9 21.8 63.0 61.6 The Government's objective in financing 1 Including war expenditures by the Reconstruction Finance Cor" this huge increase in debt has been to sell poration, which are included by Treasury reports in trust accounts* etc. 2 Including transactions in checking accounts other than war ex- the largest practicable amount outside of penditures by the Reconstruction Finance Corporation, but excluding changes in interest-bearing guaranteed debt. the banking system, having due regard to NOTE.—Difference between excess of expenditures and increase in interest-bearing direct and guaranteed debt represents changes in the needs of an expanding economy for an general fund balance and in noninterest-bearing debt. increased money supply. Changes in the The excess of expenditures, resulting ownership of the debt by principal holders from the budget deficit and other transac- since 1940 are shown in the following table: tions, increased from 3.5 billion dollars in OWNERSHIP OF THE PUBLIC DEBT the fiscal year 1940 to 57 billion in 1943 [In billions of dollars] and was 51 billion in the fiscal year that Increase in fiscal years ending Outstandjust closed. Because of the increased June 30 ing on June 30, amount of transactions, the Treasury is 1941 1942 1943 1944 1944 keeping a larger working balance than it Nonbank investors, total &* 3.6 15.0 32.3 37.9 117.7 kept before the beginning of the national Government agencies defense program. The general fund bal- and trust funds 1.4 2.1 3.7 4.8 19.1 Mutual savings banks .3 .5 1.4 2.0 7.3 ance increased from 2. to zo billion dollars, Insurance companies .5 1.9 3.9 4.0 16.8 Other investors 1.4 10.5 23.3 .• 27.1 74.5 reflecting both this policy and the fact that Banking system, total. 3.3 6.8 30.6 23.7 83,4 the last fiscal year closed during a war loan Commercial banks... 3.5 6.3 26.0 16.0 68.5 drive. In meeting the deficit and increas- Federal Reserve Banks -.3 .5 4.6 7.7 14.9 ing the Treasury's cash balance, the in- Total interest-bearing direct and guaranterest-bearing direct and guaranteed debt teed debt 6.9 21.8 63.0 61.6 201.1 750 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH In this period mutual savings banks, in- Government securities in the past four surance companies, and Government agen- years. This increase in bank holdings has cies and trust funds have invested practi- provided the basis for a doubling of the cally all available funds in Government volume of bank deposits and currency. A securities, including not only new funds larger money supply has been needed with obtained but also amounts received from the growing volume of business, increased liquidation of other assets. As the growth incomes, and wide dislocations that have in the debt accelerated, bank participation occurred in established practices and ways increased, but in the past year reliance upon of living. The increase in bank deposits banks has diminished. As growing in- and currency, therefore, represents in part comes in excess of expenditures resulted in the needs of businesses and individuals for a growth of business and individual savings, cash, but to a great extent it represents these groups rapidly increased their pur- their preference for cash as a means of holdchases of Government securities. In the ing their liquid assets and their savings. fiscal year 194Z-43 nearly half of the in- Success of the controls over prices, as well crease in the debt was represented by as the various pressures exerted in war loan additions to Government security holdings drives, have an influence in diminishing of commercial banks and Federal Reserve these preferences. To the extent that non- Banks, but in the past year this proportion bank investors purchase Government sedeclined to 38 per cent. curities rather than hold deposits or currency the amount of securities that banks Of the total debt of zoi billion dollars need to purchase is reduced. outstanding, Government agencies and trust funds now hold about 10 per cent, commer- Purchases of securities by commercial cial banks and the Federal Reserve Banks banks and the accompanying expansion of together about 40 per cent, and half is deposits and currency increased the reserve held by various groups of other investors. needs of these banks. The growth in de- Insurance companies and mutual savings posits resulted in larger amounts of required banks hold iz per cent of the total, and reserves, and in order to obtain currency business corporations have a larger amount. banks had to draw upon their reserve bal- A relatively small amount is owned by ances at the Federal Reserve Banks. In State and local governments. Individuals, June 1940 banks had excess reserves of 7 partnerships, and personal trusts as a group billion dollars, an amount more than suffiappear to hold somewhat more than zo cient to meet the increase of 4 billion in per cent of total, or over 40 billion dollars. required reserves since that time. Currency More than three-fourths of this amount is in circulation expanded by nearly 15 billion held in the form of savings bonds that are dollars in the period. In order to supply generally redeemable on demand. the needed reserves the Federal Reserve Banks have made large purchases of Gov- EFFECT ON THE BANKING SYSTEM ernment securities, increasing their hold- Although purchases of Government se- ings from z to 15 billion dollars. curities by various groups of nonbank in- In order to assure an orderly market and vestors have been very large, the banking to diminish speculative fluctuations in system has nevertheless been called upon to prices of Government securities that might add 64 billion dollars to its holdings of interfere with Treasury financing, the AUGUST 1944 751 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH Federal Reserve System, in conjunction with change in the war situation, it may be exsupplying reserves, has maintained yields pected that both expenditures and receipts on the various types of Government se- will continue during coming months at curities at substantially the levels prevailing close to the level of recent months, with a early in 194Z. By maintaining the estab- corresponding deficit. In view of the curlished pattern of rates, the System has pro- rently large Treasury cash balance, borrowvided the Treasury with a stable market and ing needs should be somewhat smaller in reasonable rates in selling an unprecedented the fiscal year now beginning than in the amount of securities. In 1941, the Federal one just ended—probably about 50 billion Reserve maintained the pattern by pur- dollars on the present basis of spending, chasing large amounts of newly-issued as compared with 6x billion last year. bonds and notes. During 1943, however, With an early end of any phase of the war as investors became aware that a pattern of this amount would be reduced. rates would be maintained, the market National income will also presumably demand was so great that despite large continue at close to the existing level, if offerings of new securities by the Treasury, prices do not rise. The excess of income, the System reduced its holdings of notes after paying taxes, over available supplies and bonds by almost as large an amount of consumers' goods and services will as the 1942. increase. During the first half likewise remain large. Liquid funds of of 1944, the System's holdings of notes and businesses and individuals will continue bonds showed only a relatively small in- to increase and, in view of their already crease. During 1943 and the first half of large cash holdings and the leveling off of 1944 reserves were supplied to banks prin- national income, there will not be a correcipally by Federal Reserve purchases of sponding increase in cash needs. These Treasury bills, which the System stood groups, therefore, should have even larger ready to buy at an established buying rate amounts available for the purchase of with an option to resell to the seller at his Government securities than they have used request. for that purpose in the past. Federal Reserve policy will continue to THE NEW FISCAL YEAR be directed toward maintaining stability Rapid expansion of Government expendi- in the Government security market and tures and also of receipts, which has char- assuring that member banks have adequate acterized the war period, has apparently reserves to enable them to participate to the come to an end. In absence of some drastic extent necessary in financing the war. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material. Consumer Credit "Contract Settlement Act of 1944" to provide for the settlement of claims arising from termi- Partial Payments in Charge Account nated war contracts. The text of the Act is as The Board has previously, ruled that it was follows: not objectionable, under Regulation W, for a [PUBLIC LAW 395—78TH CONGRESS] customer making a purchase in a charge account to choose to make occasional payments before [CHAPTER 358—ID SESSION] the due date, but it was pointed out that if [S. 1718] there is an understanding, agreement, or other AN ACT arrangement indicating that partial payments To provide for the settlement of claims arising from are to be made so that the transaction would terminated war contracts, and for other purposes. involve "instalment credit," the transaction Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled^ would have to comply with section 4 of the regulation covering instalment sales". OBJECTIVES OF THE ACT The Board has been asked for a clarification of SECTION I. The Congress hereby declares that the objectives of this Act are— this ruling as applied to the following case: A (a) to facilitate maximum war production during the Registrant makes a sale on credit under an agreewar, and to expedite reconversion from war production to ment which does not expressly provide for civilian production as war conditions permit; instalment payments by the customer. The (b) to assure to prime contractors and subcontractors, customer has previously made partial, divided, small and large, speedy and equitable final settlement of claims under terminated war contracts, and adequate inor serial payments in his account, or, regardless terim financing until such final settlement; of previous practice, indicates an intention to (c) to assure uniformity among Government agencies in do so in this instance. However, there is no basic policies and administration with respect to such bilateral understanding between the customer termination settlements and interim financing; and the Registrant that the customer is re- (d) to facilitate the efficient use of materials, manpower, and facilities for war and civilian purposes by proquired to make payment in such manner; and viding prime contractors and subcontractors with notice the transaction is otherwise in conformity with of termination of their war contracts as far in advance of the applicable provisions of the regulation cover- the cessation of work thereunder as is feasible and coning "charge sales," particularly in that a date sistent with the national security; for full payment has in good faith been specified (e) to assure the expeditious removal from the plants of prime contractors and subcontractors of termination inthat is within the maximum maturity for a ventory not to be retained or sold by the contractor; "charge sale." (f) to use all practicable methods compatible with the The question is whether this transaction foregoing objectives to prevent improper payments and to must be classified as an "instalment sale" and detect and prosecute fraud. consequently treated as required by section 4. SURVEILLANCE BY CONGRESS The Board has ruled that, in this case, the trans- SEC. 2.. (a) To assist the Congress in appraising the adaction need not be treated as an "instalment ministration of this Act and in developing such amendments sale." or related legislation as may further be necessary to accomplish the objectives of the Act, the appropriate committees Contract Settlement Act of 1944 of the Senate and the House of Representatives shall study each report submitted to the Congress under this Act and The President of the United States on July 1, shall otherwise maintain continuous surveillance of the 1944, approved an Act of Congress known as the operations of the Government agencies under the Act. AUGUST 1944 753 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT (b) In January, April, July, and October of each year, the (i) The term "interim financing" includes advance pay- Director shall submit to the Senate and House of Representa- ments, partial payments, loans, discounts, advances, and comtives a quarterly progress report on the exercise of his duties mitments in connection therewith, and guaranties of loans, and authority under this Act, the status of contract termina- discounts, advances, and commitments in connection theretions, termination settlements, and interim financing and such with and any other type of financing made in contemplation other pertinent information on the administration of the Act of or related to termination of war contracts. as will enable the Congress to evaluate its administration and (j) The term "Director" means the Director of Contract the need for amendments and related legislation. Settlement. (k) The term "person" means any individual, corpora- DEFINITIONS tion, partnership, firm, association, trust, estate, or other entity. SEC. 3. As used in this Act— (1) The term "termination inventory" means any mate- (a) The term "prime contract" means any contract, agreerials (including a proper part of any common materials), ment, or purchase order heretofore or hereafter entered into by properly allocable to the terminated portion of a war cona contracting agency and connected with or related to the prosecution of the war; and the term "prime contractor" tract, except any machinery or equipment subject to a sepameans any holder of one or more prime contracts. rate contract specifically governing the use or disposition thereof. (b) The term "subcontract" means any contract, agree- (m) The term "final and conclusive", as applied to any ment, or purchase order heretofore or hereafter entered into to perform any work, or to make or furnish any material to settlement, finding, or decision, means that such settlement, the extent that such work or material is required for the finding, or decision shall not be reopened, annulled, modified, performance of any one or more prime contracts or of any one set aside, or disregarded by any officer, employee, or agent of or more other subcontracts; and the term "subcontractor" the United States or in any suit, action, or proceeding except means any holder of one or more subcontracts. as provided in this Act. (c) The term "war contract" means a prime contract or a subcontract; and the term "war contractor" means any holder DIRECTOR OF CONTRACT SETTLEMENT of one or more war contracts. SEC. 4. (a) There is hereby established the Office of Con- (d) The terms "termination", "terminate", and "termi- tract Settlement which shall be headed by the Director of nated" refer to the termination or cancelation, in whole or Contract Settlement. The Director shall be appointed by the in part, of work under a prime contract for the convenience President, by and with the advice and consent of the Senate, or at the option of the Government (except for default of the and shall receive compensation at the rate of $11,000 per year, prime contractor) or of work under a subcontract for any and shall serve for a term of two years. reason except the default of the subcontractor. (b) In order to insure uniform and efficient administration (e) The term "material" includes any article, commodity, of the provisions of this Act, the Director, subject to such machinery, equipment, accessory, part, component, assembly, provisions, by general orders or general regulations— work in process, maintenance, repair, and operating supplies, (1) shall prescribe policies, principles, methods, proand any product of any kind. cedures, and standards to govern the exercise of the au- (f) The term "Government agency" means any executive thority and discretion and the performance of the duties department of the Government, or any administrative unit and functions of all Government agencies under this Act; or subdivision thereof, any independent agency or any cor- and poration owned or controlled by the United States in the (2.) may require or restrict the exercise of any such auexecutive branch of the Government, and includes any con- thority and discretion, or the performance of any such tracting agency. duty or function, to such extent as he deems necessary to (g) The term "contracting agency" means any Govern- carry out the provisions of this Act. ment agency which has been or hereafter may be authorized (c) The exercise of any authority or discretion and the perto make contracts pursuant to section zoi of the First War formance of any duty or function, conferred or imposed on any Powers Act, 1941, and includes the Reconstruction Finance Government agency by this Act, shall be subject to such Corporation and any corporation organized pursuant to the orders and regulations prescribed by the Director pursuant to Reconstruction Finance Corporation Act (47 Stat. 5), as subsection (b) of this section. Each Government agency amended, the Smaller War Plants Corporation, and the War shall carry out such orders and regulations of the Director Production Board. expeditiously, and shall issue such regulations with respect (h) The term "termination claim" means any claim or to its operations and procedures as may be necessary to carry demand by a war contractor for fair compensation for the out the policies, principles, methods, procedures, and standtermination of any war contract and any other claim under a ards prescribed by the Director. Any Government agency terminated war contract, which regulations prescribed under may issue such further regulations not inconsistent with the this Act authorize to be asserted and settled in connection general orders or regulations of the Director as it deems neceswith any termination settlement. sary or desirable to carry out the provisions of this Act. 754 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT (d) The Director may, within the limits of funds which as practicable, to the accounting systems used by war conmay be made available, employ and fix the compensation of tractors, if consistent with recognized commercial accounting necessary personnel in accordance with the provisions of the practice. civil-service laws and the Classification Act of 19x3 and make (c) Any contracting agency may settle all or any part of expenditures for supplies, facilities, and services necessary for any termination claim under any war contract by agreement the performance of his functions under this Act. Without with the war contractor, or by determination of the amount regard to the provisions of the civil-service laws and the due on the claim or part thereof without such agreement, or Classification Act of 192.3, he may appoint a Deputy Director by any combination of these methods. Where any such and may employ certified public accountants, qualified cost ac- settlement is made by agreement, the settlement shall be countants, industrial engineers, appraisers, and other experts, final and conclusive, except (1) to the extent otherwise agreed and fix their compensation, and contract with certified public in the settlement; (V) for fraud; (3) upon renegotiation to accounting firms and qualified firms of engineers in the dis- eliminate excessive profits under the Renegotiation Act, charge of the duties imposed upon him and in furtherance of unless exempt or exempted under that Act; or (4) by mutual the objectives and policies of this Act. The Director shall agreement before or after payment. Where any such settleperform the duties imposed upon him through the personnel ment is made by determination without agreement, it shall and facilities of the contracting agencies and other established likewise be final and conclusive, subject to the same excep- Government agencies, to the extent that this does not intertions as if made by agreement, unless the war contractor fere with the function of the Director to insure uniform and appeals or brings suit in accordance with section 13 of this efficient administration of the provisions of this Act. Act: Provided, That no settlement agreement hereunder in- (e) All orders and regulations prescribed by the Director volving payment to a war contractor of an amount in excess or any Government agency under this Act shall be published of $50,000 (or such lesser amount as the Director may from in the Federal Register. time to time determine) shall become binding upon the Government until the agreement has been reviewed and ap- CONTRACT SETTLEMENT ADVISORY BOARD proved by a settlement review board of three or more mem- SEC. 5. There is hereby created a Contract Settlement Adbers established by the contracting agency in the bureau, visory Board, with which the Director shall advise and condivision, regional or district office, or other unit of the consult. The Board shall be composed of the Director, who tracting agency authorized to make such settlement, or in the shall act as its Chairman, and of the Secretary of War, the event of disapproval by the settlement review board, unless Secretary of the Navy, the Secretary of the Treasury, the approved by the head of such bureau, division, regional or Chairman of the Maritime Commission, the Administrator district office, or other unit. Failure of the settlement review of the Foreign Economic Administration, the chairman of board to act upon any settlement within thirty days after its the board of directors of the Reconstruction Finance Corporasubmission to the board shall operate as approval by the tion, the Chairman of the War Production Board, the chairboard. The sole function of settlement review boards shall man of the board of directors of the Smaller War Plants Corbe to determine the over-all reasonableness of proposed poration, and the Attorney General or any alternate or represettlement agreements from the point of view of protecting sentative designated by any of them. The Director shall the interests of the Government. In determining, for purrequest other Government agencies to participate in the poses of this subsection, whether review of any settlement deliberations of the Board whenever matters specially affectagreement is required because of the amounts involved, no ing them are under consideration. deduction shall be made on account of credits for property SEC. 6. (a) It is the policy of the Government, and it shall chargeable to the Government or for advance or partial paybe the responsibility of the contracting agencies and the Diments, but amounts payable under such settlement agreement rector, to provide war contractors with speedy and fair comfor completed articles or work at the contract price and for pensation for the termination of any war contract, in accordthe discharge of the termination claims of subcontractors ance with and subject to the provisions of this Act, giving shall be deducted. priority to contractors whose facilities are privately owned (d) Except as hereinafter provided, the methods and or privately operated. Such fair compensation for the termistandards established under subsection (b) of this section for nation of subcontracts shall be based on the same principles determining fair compensation for termination claims which as compensation for the termination of prime contracts. (b) Each contracting agency shall establish methods and are not settled by agreement shall be designed to compensate standards, suitable to the conditions of various war contrac- the war contractor fairly for the termination of the war con- . tors, for determining fair compensation for the termination of tract, taking into account— war contracts on the basis of actual, standard, average, or (1) the direct and indirect manufacturing, selling and estimated costs, or of a percentage of the contract price based distribution, administrative and other costs and expenses on the estimated percentage of completion of work under the incurred by the war contractor which are reasonably necesterminated contract, or on any other equitable basis, as it sary for the performance of the war contract and properly deems appropriate. To the extent that such methods and allocable to the terminated portion thereof under recogstandards require accounting, they shall be adapted, so far nized commercial accounting practices; and AUGUST 1944 755 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT (2.) reasonable costs and expenses of settling termina- ticable to do so without impeding expeditious settlements, tion claims of subcontractors related to the terminated the Director shall require the contracting agencies to take portion of the war contract; and into account the factors enumerated in subsection (d) above (3) reasonable accounting, legal, clerical, and other in establishing methods and standards for determining fair costs and expenses incident to termination and settlement compensation in the settlement of termination claims by of the terminated war contract; and agreement. (4) reasonable costs and expenses of removing, pre- (f) Each contracting agency shall allow and pay interest serving, storing and disposing of termination inventories; on the amount due and unpaid from time to time on any and termination claim under a prime contract at the rate of 2.\ (5) such allowance for profit on the preparations made per centum per annum for the period beginning thirty days and work done for the terminated portion of the war con- after the date fixed for termination and ending with the tract as is reasonable under the circumstances; and date of final payment, except that (1) if the prime contractor (6) interest on the termination claim in accordance with unreasonably delays the settlement of his claim, interest shall subsection (f) of this section; and not accrue for the period of such delay, (2.) if interest for the (7) the contract price and all amounts otherwise paid or period after termination on any advance payment or loan, payable under the contract. made or guaranteed by the Government, has been waived The following shall not be included as elements of cost: for the benefit of the contractor, the amount of the interest (i) Losses on other contracts, or from sales or exchanges so waived allocable to the terminated contract or the termiof capital assets, fees and other expenses in connection nated part of the contract shall be deducted from the interest with reorganization or recapitalization, antitrust or Fed- otherwise payable hereunder, and (3) if after delivery of eral income-tax litigation, or prosecution of Federal findings by a contracting agency, the contractor appeals or income-tax claims or other claims against the Government sues as provided in section 13, interest shall not accrue after (except as provided in paragraph (3) above); losses on the thirtieth day following the delivery of the findings on any investments; provisions for contingencies; and premiums amount allowed by such findings, unless such amount is inon life insurance where the contractor is the beneficiary. creased upon such appeal or suit. In approving, ratifying, (it) The expense of conversion of the contractor's facili- authorizing, or making termination settlements with subties to uses other than the performance of the contract. contractors, each contracting agency shall allow interest on (iii) Expenses due to the negligence or willful failure of the termination claim of the subcontractor on the same basis the contractor to discontinue with reasonable promptness and subject to the same conditions as are applicable to a prime the incurring of expenses after the effective date of the contractor. termination notice. (g) Where any war contract does not provide for or pro- (iv) Costs incurred in respect to facilities, materials, or vides against such fair compensation for its termination, the services purchased or work done in excess of the reasonable contracting agency, either before or after its termination, quantitative requirements of the entire contract. shall amend such war contract by agreement with the war The failure specifically to mention in this subsection any contractor, or shall authorize, approve, or ratify an amenditem of cost is not intended to imply that it should be allowed ment of such war contract by the parties thereto, to provide or disallowed. The Director may interpret the provisions of for such fair compensation. this subsection (d) and may provide for the inclusion or SEC. 7. (a) Where, in connection with the settlement of exclusion of other costs in accordance with recognized com- any termination claim by a contracting agency, any war conmercial accounting practice. tractor makes settlements of the termination claims of his Where the small size of claims or the nature of production subcontractors, the contracting agency shall limit or omit or performance or other factors make it impracticable to its review of such settlements with subcontractors to the apply the principles stated in this subsection (d) to any class maximum extent compatible with the public interest. Any of settlements which are subject to this subsection (d), the contracting agency (1) may approve, ratify, or authorize such contracting agencies may establish alternative methods and settlements with subcontractors upon such evidence, terms, standards for determining fair compensation for that class and conditions as it deems proper; (2.) shall vary the scope of termination claims. The aggregate amount of compensa- and intensity of its review of such settlements according to tion allowed in accordance with this subsection (excluding the reliability of the war contractor, the size, number, and amounts allowed under paragraphs (3) and (4) above) shall complexity of such claims, and other relevant factors; and (3) not exceed the total contract price reduced by the amount of shall authorize war contractors to make such settlements payments otherwise made or to be made under the contract. with subcontractors without review by the contracting (e) In order to carry out the objectives of this Act, termi- agency, whenever the reliability of the war contractor, the nation claims shall be settled by agreement to the maximum amount or nature of the claims, or other reasons appear to extent feasible and the methods and standards established the contracting agency to justify such action. Any such under subsection (b) of this section shall be designed to facili- settlement of a subcontract approved, ratified, or authorized tate such settlements. To the extent that he deems it prac- by a contracting agency shall be final and conclusive as to the 7S6 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT amount due to the same extent as a settlement under sub- INTERIM FINANCING section (c) of section 6 of this Act, and no war contractor SEC. 8. (a) It is the policy of the Government, and it shall shall be liable to the United States on account of any amounts be the responsibility of the contracting agencies and the Dipaid thereon except for his own fraud. rector, in accordance with and subject to the provisions of (b) Whenever any contracting agency is satisfied of the this Act, to provide war contractors having any termination inability of a war contractor to meet his obligations it shall claim or claims, pending their settlement, with adequate exercise supervision or control over payments to the war interim financing, within thirty days after proper application contractor on account of termination claims of subcontractors therefor. of such war contractor to such extent and in such manner as (b) Each contracting agency shall, to the greatest extent it deems necessary or desirable for the purpose of assuring the it deems practicable, make available interim financing receipt of the benefit of such payments by the subcontractors. through loans and discounts, and commitments and guaran- (c) The Director shall prescribe policies and methods for ties in connection therewith, in contemplation of or related the settlement as a group, or otherwise, by any contracting to termination of war contracts. Where interim financing agency of some or all of the termination claims of a war conis made by advance payments or partial payments, it shall, tractor under war contracts with one or more (i) bureaus or insofar as practicable, consist of the following: divisions within a contracting agency, (i) contracting agen- (1) An amount equal to 100 per centum of the amount cies, or (3) prime contractors and subcontractors, to the payable, at the contract price, on account of acceptable items extent he deems such action necessary or desirable for expedicompleted prior to the termination date under the terms of tious and equitable settlement of such claims. After conthe contract, or completed thereafter with the approval of sulting with the contracting agencies concerned, the Director the contracting agency; plus may provide for assigning any war contractor to a contracting (2.) An amount equal to 90 per centum of the cost of raw agency for such settlement, and such agency shall have materials, purchased parts, supplies, direct labor, and manuauthority to settle, on behalf of any other contracting agency, facturing overhead allocable to the terminated portion of the some or all of the termination claims of such war contractor. war contract; plus (d) Any contracting agency may settle directly termina- (3) A reasonable percentage of other allowable costs, intion claims of subcontractors to the extent that it deems such cluding administrative overhead, allocable to the terminated action necessary or desirable for the expeditious and equitable portion of the war contract not included in the foregoing; settlement of such claims. In making such termination plus settlements any contracting agency may discharge the claim (4) Such additional amounts, if any, as the contracting of the subcontractor by payment or may purchase such claim, agency deems necessary to provide the war contractor with and may agree to assume, or indemnify the subcontractor adequate interim financing. against, any claims by any person in connection with such (5) In lieu of the costs referred to in clauses (1) and (3) claim or the termination settlement. Any contracting of this subsection, where a detailed ascertainment of such agency undertaking to settle the termination claim of any costs is not suitable to the conditions of any war contractor subcontractor shall deliver to the subcontractor and the war contractor liable to him written notice stating its acceptance and is apt to cause delay in the obtaining of interim financing of responsibility for settling his claim and the conditions by him, that portion of such interim financing shall be equal applicable thereto, which may include the release, or assign- to an amount not greater than 90 per centum of the estimated ment to the contracting agency, of his claim against the war costs which are allocable to the terminated part or parts of contractor liable to him; upon consent thereto by the sub- the war contract or group of war contracts, and are ascercontractor, the Government shall become liable for the tained in accordance with such methods and standards as settlement of his claims upon the conditions specified in the the Director shall prescribe. notice. (6) There shall be deducted from the amount of such (e) Any contracting agency may make settlements with interim financing any unliquidated balances of advance and subcontractors in accordance with any of the provisions of partial payments theretofore made to such war contractor, this Act without regard to any limitation on the amount pay- which are allocable to the terminated war contract or the able by the Government to the prime contractor. terminated part of the war contract. (f) If any contracting agency determines that in the cir- (c) The Director shall prescribe (1) the types of estimates, cumstances of a particular case equity and good conscience certificates, or other evidence to be required to support such require fair compensation for the termination of a war con- interim financing; (V) the terms and conditions upon which tract to be paid to a subcontractor who has been deprived of such interim financing shall be made including the use of and cannot otherwise reasonably secure such fair compensa- standard forms for agreements with respect to such interim tion, the contracting agency concerned may pay such com- financing to the extent practicable; (3) the classes of cases in pensation to him although such compensation already has which such interim financing shall be refused; and (4) such been included and paid as part of a settlement with another methods of supervision and control over such interim financwar contractor. ing as he deems necessary or desirable to assure adequate and AUGUST 1944 757 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT speedy interim financing to subcontractors of the war amount finally determined to be due on the termination claim contractor. shall be treated as a loan from the Government to the war (d) In case of an overstatement by any war contractor of contractor receiving it, and shall be payable upon demand the amount due on his termination claim or claims in connec- together with a penalty computed at the rate of 6 per centum tion with any interim financing under this Act, such con- per annum, for the period from the date such excess advance tractor shall pay to the United States, as a penalty, an amount or partial payment is received to the date on which such equal to 6 per centum of the amount of the overstatement, but excess is repaid or extinguished. Where the advance or the Director may suspend or modify any such penalty if in his partial payment was made by a war contractor and authoropinion the imposition thereof would be inequitable. Any ized, approved, or ratified by any contracting agency, the war penalty may be deducted from any amounts due the war con- contractor making it shall not be liable for any such excess tractor upon such termination claim or claims, or otherwise, payment in the absence of fraud on his part and shall receive or may be collected from the war contractor by suit. The payment or credit from the Government for the amount of obligation to pay any penalty imposed and to repay any such excess payment. interim financing made or assumed by the United States under SEC. 10. (a) Any contracting agency is authorized— this Act shall constitute a debt due to the United States (1) to enter into contracts with any Federal Reserve within the meaning of Revised Statutes, section 3466 (31 bank, or other public or private financing institution, U.S.C., sec. 191). guaranteeing such financing institution against loss of (e) Any contracting agency may allow any advance pay- principal or interest on loans, discounts, or advances or ments, previously made or authorized by it in connection on commitments in connection therewith, which such with the performance of a war contract, to be used for pay- financing institution may make to any war contractor ments and expenses related to the termination settlement of or to any person who is or has been engaged in performing such contract, upon such terms and conditions as it deems any operation deemed by such contracting agency to be necessary or appropriate to protect the interest of the connected with or related to war production, for the pur- Government. pose of financing such war contractor or other person in (f) No interim financing shall be made by any contracting connection with or in contemplation of the termination of agency under this Act unless the terms of such financing one or more such war contracts or operations; and provide for the liquidation by the war contractor of all loans, (2.) to make, enter into contracts to make, or to particidiscounts, advance payments, or partial payments thereunder pate with any Government agency, any Federal Reserve not later than the time of final payment of the amount due bank or public or private financing institution in making on the settlement of the termination claim or claims of the loans, discounts, or advances, or commitments in connecwar contractor involved or such time thereafter as the con- • tion therewith, for the purpose of financing any such war tracting agency deems necessary for the liquidation of such contractor or other person in connection with or in coninterim financing in an orderly manner. templation of the termination of such war contracts or (g) Any contracting agency may settle, upon such terms operations. and conditions as it deems proper, any claim or obligation Ob) Any such loan, discount, advance, guaranty, or comdue by or to the Government arising from or related to any mitment in connection therewith may be secured by assigninterim financing made, acquired, or authorized by it. Any ment of, or covenants to assign, some or all of the rights of interim financing made, acquired, or authorized by any con- such war contractor or other person in connection with the tracting agency before the effective date of this Act shall be termination of such war contracts or operations, or in such valid to the extent it would be authorized under the provi- other manner as the contracting agency may prescribe. sions of this Act if made after its effective date. (c) Subject to such regulations as the Board of Governors SEC. 9. (a) Any contracting agency may make advance or of the Federal Reserve System may prescribe with the appartial payments to any war contractor on account of any proval of the Director, any Federal Reserve bank is authorized termination claim or claims, and may authorize, approve, to act, on behalf of the contracting agencies, as fiscal agent or ratify any such advance or partial payments by any war of the United States in carrying out the purposes of this Act. contractor to his subcontractors, upon such conditions as it (d) This section shall not limit or affect any authority of deems necessary to insure compliance with the provisions of any contracting agency, under any other statute, to make subsection (b) of this section. Each contracting agency shall loans, discounts, or advances, or commitments in connection make final payments from time to time on partial settlements therewith or guaranties thereof. or on settlements fixing a minimum amount due before com- ADVANCE NOTICE plete settlement, or as tentative payments before any settlement of the claim or claims. SEC. 11. (a) In order to facilitate the efficient use of mate- (V) Where any such advance or partial payment is made rials, manpower, and facilities for war and civilian purposes, to any war contractor by any contracting agency or by each contracting agency— another war contractor under this section, except a final pay- (1) shall provide its prime contractors with notice of ment on a partial settlement, any amount in excess of the termination of their prime contracts as far in advance of 758 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT the cessation of work thereunder as is feasible and con- mined not to be allocable to the terminated war contract sistent with the national security without permitting or contracts. unneeded production or performance; (d) Upon the failure of the Government so to arrange for (x) shall establish procedures whereby prime contrac- storage by the war contractor or to remove any termination tors shall provide affected subcontractors with immediate inventory within the period specified under subsection (c) of notice of termination; and this section, the war contractor, subject to regulations pre- (3) shall permit the continuation of some or all of the scribed under this Act, may remove some or all of such work under a terminated prime contract whenever the termination inventory from his plant or plants and may store agency deems that such continuation will benefit the it on his own premises or elsewhere for the account and at the Government or is necessary to avoid substantial injury risk and expense of the Government, using reasonable care for to the plant or property. its transportation and preservation. If any war contractor (b) Whenever a contracting agency hereafter directs a intends so to remove any claimed termination inventory, he prime contractor to cease or suspend all or a substantial part shall deliver to the Government agency concerned written of the work under a prime contract, without terminating the notice of the date fixed for removal and a statement showing contract, then, unless the contract provides otherwise, (1) the quantities and condition of the materials so to be rethe contracting agency shall compensate the contractor for moved, certified on behalf of the war contractor to have been reasonable costs and expenses resulting from such cessation prepared in accordance with a concurrent physical inventory or suspension, and (2.) if the cessation or suspension extends of such materials. Such notice and statement shall be defor thirty days or more, the contractor may elect to treat it livered at least twenty days in advance of the date fixed for as a termination by delivering written notice of his election removal and may be delivered before or after the expiration of so to do to the contracting agency, at any time before the the period specified under subsection (c) of this section. If contracting agency directs the prime contractor to resume the Government agency fails to check such materials, at or work under the contract. before the time of their removal by the war contractor, a (c) The Director shall have no authority under this Act certificate of the war contractor specifying the materials to regulate or control the classes of contracts to be terminated shown on such statement which were so removed, and filed by the contracting agencies. with the Government agency concerned within thirty days after the date fixed for removal, shall constitute prima facie REMOVAL AND STORAGE OF MATERIALS evidence against the United States as to the quantities and SEC. 12.. (a) It is the policy of the Government, upon the condition of the materials so removed, and the fact of their termination of any war contract, to assure the expeditious removal. removal from the plant of the war contractor of the termina- (e) Notwithstanding any other provisions of law, but tion inventory not to be retained or sold by the war con- subject to subsection (h) of this section, the contracting tractor. agency concerned or the Director, or any Government agency (b) Any war contractor may submit to the contracting designated by him, on behalf of the United States, may, by agency concerned or to any other Government agency desig- the exercise of any contract rights or otherwise, acquire and nated by the Director, one or more statements showing the take possession of any termination inventory of any war materials which such war contractor claims to be termination contractor, and any materials removed by the Government inventory under one or more war contracts and desires to or stored for its account under subsections (c) and (d) of this have removed by the Government. Such statements shall section, whether or not such materials are finally determined be prepared in such form and detail, shall be submitted in not to constitute termination inventory. With respect to such manner, through the prime contractor or otherwise, and any such materials, the Government shall be liable to any war shall be supported by such certificates or other data, as may contractor concerned only for their return to such war conbe prescribed under this Act. tractor or for their disposal value at the time of their removal (c) Within sixty days after the submission of any such or for the proceeds realized by the Government from their statement by a war contractor, or such shorter period as may disposal, at the election of the Government agency concerned, be prescribed under this Act, or within such longer period as unless the Government agency and the war contractor agree the war contractor may agree, the Government agency con- or have agreed on a different basis. Any amount so paid or cerned (1) shall arrange, upon such terms and conditions as payable to a war contractor for materials allocable to a may be agreed, for the storage by the war contractor on his terminated war contract shall be credited against the termiown premises or elsewhere of all such claimed termination nation claim under such contract but shall not otherwise inventory which the war contractor does not retain or dispose affect the amount due on the claim, unless the Government of, except any part which may be determined not to be agency concerned and the war contractor agree or have allocable to the terminated war contract or contracts, or agreed otherwise. Any materials to which the Director (2.) shall remove from the plant or plants of the war con- takes title under this section shall be delivered for disposal tractor all of such claimed termination inventory not re- to any appropriate Government agency authorized to make tained, disposed of, or stored by the war contractor or deter- such disposal. AUGUST 1944 759 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT (f) No contracting agency shall postpone or delay any war contractor within ninety days after the receipt by the termination settlement beyond the period specified in sub* agency of such demand. In preparing such findings, the section (c) of this section for the purpose of awaiting disposal contracting agency may require the war contractor to furnish by the war contractor or the Government of any termination such information and to submit to such audits as may be inventory reported in accordance with subsection (b) of this reasonably necessary for that purpose. Within thirty days section. after the delivery of any such findings, the contracting agency (g) Whenever any war contractor no longer requires, for shall pay to the war contractor at least 90 per centum of the the performance of any war contract, any Government-owned amount thereby determined to be due, after deducting the machinery, tools, or equipment installed in his plant for the amount of any outstanding interim financing applicable performance of one or more war contracts, the Government thereto. agency concerned, upon written demand by the war contrac- (b) Whenever any war contractor is aggrieved by the findtor, and within sixty days after such demand or such other ings of a contracting agency on his claim or part thereof or period as may be prescribed under this Act, and upon such by its failure to make such findings in accordance with subconditions as may be so prescribed, shall remove or provide section (a) of this section, he may, at his election— for the removal of such machinery, tools, or equipment from (1) appeal to the Appeal Board in accordance with subsuch plant, unless the Government agency concerned and the section (d) of this section; or war contractor, by facilities contract or otherwise, have made (2.) bring suit against the United States for such claim or make other provisions for the retention, storage, mainte- or such part thereof, in the Court of Claims or in a United nance, or disposition of such machinery, tools or equipment. States district court, in accordance with subsection (xo) of The Government agency concerned may waive or release on section 2.4 of the Judicial Code (2.8 U. S. C. 41 (xo)), except behalf of the United States any obligation of the war con- that, if the contracting agency is the Reconstruction tractor with respect to such machinery, tools, or equipment Finance Corporation, or any corporation organized purupon such terms and conditions as the agency deems appro- suant to the Reconstruction Finance Corporation Act (47 priate. Upon the failure of the Government so to remove Stat. 5), as amended, or any corporation owned or conor provide for removal of any such machinery, tools, or trolled by the United States, the suit shall be brought equipment, the war contractor, subject to regulations pre- against such corporation in any court of competent jurisscribed under this Act, may remove all or part of such diction in accordance with existing law. machinery, tools, or equipment from his plant and may (c) Any proceeding under subsection (b) of this section store it on his own premises or elsewhere, for the account shall be governed by the following conditions: and at the risk and expense of the Government, using reason- (1) When any contracting agency provides a procedure able care for its transportation and preservation. within the agency for protest against such findings or for (h) Nothing in this Act shall limit or affect the authority other appeal therefrom by the war contractor, the war conof the War Department, Navy Department, or Maritime Com- tractor, before proceeding under subsection (b) of this secmission, respectively, to take over any termination inven- tion, (i) in his discretion may resort to such procedure within tories and to retain them for their use for any purpose or to the time specified in his contract or, if no time is specified, dispose of such termination inventories for the purpose of within thirty days after the delivery to him of the findings; war production, or to authorize any war contractor to retain and (ii) shall resort to such procedure for protest or other or dispose of such termination inventories for the purpose of appeal to the extent required by the Director, but failure of war production. the contracting agency to act on any such required protest or (i) Nothing in this section shall be construed to prevent appeal within thirty days shall operate as a refusal by the the removal and storage of any termination inventory by any agency to modify its findings. Any revision of the findings war contractor, at his own risk, at any time after termination by the contracting agency, upon protest or appeal within the of any war contract to which it is allocable. agency, shall be treated as the findings of the agency for the purpose of appeal or suit under subsection (b) of this section. Notwithstanding any contrary provision in any war contract, SEC. 13. (a) Whenever the contracting agency responsible no war contractor shall be required to protest or appeal from for settling any termination claim has not settled the claim such findings within the contracting agency except in accordby agreement or has so settled only a part of the claim, (1) the ance with this paragraph. contracting agency at any time may determine the amount due (2.) A war contractor may initiate proceedings in accordon such claim or such unsettled part, and prepare written ance with subsection (b) of this section (i) within ninety findings indicating the basis of the determination, and deliver days after delivery to him of the findings by the contracting a copy of such findings to the war contractor, or (2.) if the agency, or (ii) in case of protests or appeal within the agency, termination claim has been submitted in the manner and within ninety days after the determination of such protest or substantially the form prescribed under this Act, the con- appeal, or (iii) in case of failure to deliver such findings, tracting agency, upon written demand by the war contractor within one year after his demand therefor. If he does not for such findings, shall determine the amount due on the claim initiate such proceedings within the time specified, he shall or unsettled part and prepare and deliver such findings to the be precluded thereafter from initiating any proceedings in 760 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT accordance with subsection (b) of this section, and the find- within ninety days after such decision he may bring suit on ings of the contracting agency shall be final and conclusive, the claim or unsettled part thereof in accordance with subor if no findings were made, he shall be deemed to have section (b) CO of this section. Such suit shall proceed as if waived such termination claim. no appeal had been taken under subsection (b) of this section. (3) Notwithstanding any contrary provision in any war All costs of such suit shall be borne by the war contractor contract, the Appeal Board or court shall not be bound by unless the court awards such contractor an amount in excess the findings of the contracting agency, but shall treat such of that allowed by the Appeal Board or panel. Upon failure findings as prima facie correct, and the burden shall be on the of the war contractor so to sue within such period, the deciwar contractor to establish that the amount due on his claim sion of the Appeal Board or panel shall be final and conor part thereof exceeds the amount allowed by the findings clusive. of the contracting agency. Whenever the Appeal Board or (3) The Director or, if authorized by him, the Appeal court finds that the war contractor failed to negotiate in Board shall prescribe the practice and procedure to govern good faith with the contracting agency for the settlement of proceedings for the Appeal Board. The Appeal Board or any his claim or part thereof before appeal or suit thereon, or panel thereof shall have power to administer oaths to witfailed to furnish to the agency any information reasonably nesses and to compel by subpena the attendance of witnesses, requested by it regarding his termination claim or part and the production of books, papers, documents, and other thereof, or failed to prosecute diligently any protest or records. All provisions of law (including penalties and proappeal required to be taken under subsection (c) (1) (ii) of visions relating to self-incrimination) applicable with respect this section, the Appeal Board or court (i) may refuse to to subpenas issued under the Federal Trade Commission Act receive in evidence any information not submitted to the shall be applicable with respect to subpenas issued by the contracting agency; (ii) may deny interest on the claim or Appeal Board insofar as such provisions are not inconsistent part thereof for such period as it deems proper; or (iii) may with the provisions of this Act. remand the case to the contracting agency for further pro- (e) The contracting agency responsible for settling any ceedings upon such terms as the Appeal Board or court may claim and the war contractor asserting the claim, by agreeprescribe. Unless the case is remanded, the Appeal Board or ment, may submit all or any part of the termination claim court shall enter the appropriate award or judgment on the to arbitration, without regard to the amount in dispute. basis of the law and facts, and may increase or decrease the Such arbitration proceedings shall be governed by the proviamount allowed by the findings of the contracting agency. sions of the United States Arbitration Act to the same extent (4) Any such proceedings shall not affect the authority of as if authorized by an effective agreement in writing between the contracting agency concerned to make a settlement of the the Government and the war contractor. Any such arbitratremination claim, or any part thereof, by agreement with tion award shall be final and conclusive upon the United the war contractor at any time before such proceedings are States to the same extent as a settlement under subsection (c) concluded. of section 6, but shall not be subject to approval by any (d) (1) The Director shall appoint an Appeal Board, com- settlement review board. posed of such number of members as he deems necessary from (f) Whenever any dispute exists between any war contime to time to hear appeals under this section. The mem- tractor and a subcontractor regarding any termination claim, bers of the Appeal Board shall be qualified and experienced either of them, by agreement with the other, may submit the attorneys, engineers, accountants, or persons possessing suffi- dispute— cient business experience or professional skill. He shall, (1) to the Appeal Board in accordance with subsection without regard to the provisions of the civil-service laws (d) of this section; and the Classification Act of 192.3, appoint and fix the com- (2.) to a contracting agency for mediation or arbitration pensation and term of office of the members of the Appeal whenever authorized by the agency or required by the Board: Provided, That no member shall receive compensation Director. at a rate in excess of $10,000 per annum nor be appointed Any award or decision in such proceedings shall be final for a term longer than two years. and conclusive as to the parties so submitting any such dis- (2.) Panels of one or more members may act for the Appeal pute and shall not be questioned by the United States in Board and shall sit from time to time in localities through- settling any related claim, in the absence of fraud or collusion. out the country, reasonably convenient for war contractors having proceedings before them. A panel of one member COURT OP CLAIMS of the Appeal Board may hear any appeal whenever (i) the SEC. 14. (a) For the purpose of expediting the adjudicaamount in controversy in the appeal is $2.5,000 or less; or tion of termination claims, the Court of Claims is authorized (ii') the amount in controversy exceeds $2.5,000, but the war to appoint not more than ten auditors and not more than contractor taking the appeal fails to demand a panel of three twenty commissioners in addition to those provided for by members at the time of filing his appeal. If the war contrac- the Act of February 2.4, 192.5 (ch. 301, 43 Stat. 964), as tor is aggrieved by the decision of the Appeal Board or panel amended by the Act of June 2.3, 1930 (ch. 573, 46 Stat. 799), (other than an order remanding the case to the contracting and the provisions of said Act shall apply to such additional agency under subsection (c) (3) (iii) of this section), then commissioners in all respects as if they had been appointed AUGUST 1944 761 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT thereunder without limitation as to nature of duties which PERSONAL FINANCIAL LIABILITY they may be called upon to perform. SEC. 15. (a) Whenever any payment is made from Gov- (b) The Court of Claims, on motion of either of the par- ernment funds to any war contractor or other person as an ties, or on its own motion, may summon any and all persons advance, partial or final payment on any termination claim, with legal capacity to be sued to appear as a party or parties or pursuant "to any loan, guaranty, or agreement for the in any suit or proceeding of any nature whatsoever pending purchase of any loan, or any commitment in connection in said court to assert and defend their interests, if any, in therewith, entered into by the Government, no officer or such suits or proceedings, within such period of time prior other Government agent authorizing or approving such payto judgment as the Court of Claims shall prescribe. If the ment or settlement, or certifying the voucher for such payname and address of any such person is known or can be ascer- ment, or making the payment in accordance with a duly tained by reasonable diligence, and if he resides within the certified voucher, shall be personally liable for such payment, jurisdiction of the United States, he shall be summoned to in the absence of fraud on his part. In settling the accounts appear by personal service; but if any such person resides of any disbursing officer the General Accounting Office shall outside of the jurisdiction of the United States, or is unallow any such disbursements made by him notwithstanding known, or if for any other good and sufficient reason appearany other provisions of law. ing to the court personal service cannot be had, he may be (b) For the purpose of making termination settlements or summoned by publication, under such rules as the court may interim financing any Government agency is authorized to adopt, together with a copy of the summons mailed by regisrely upon such certificates of war contractors as it deems tered mail to such person's last known address. The Court of proper and to permit war contractors and other persons to Claims may, upon motion of the Attorney General, in any rely upon such certificates without financial liability in the suit or proceeding where there may be any number of persons absence of fraud on their part. having possible interests therein, notify such persons to appear to assert and defend such interests. Upon failure THE GENERAL ACCOUNTING OFFICE so to appear, any and all claims or interests in claims of any SEC. 16. (a) Any other provision of law notwithstanding, such person against the United States, in respect of the subject the function of the General Accounting Office with respect matter of such suit or proceeding, shall forever be barred and to any termination settlement made, authorized, ratified, or the court shall have jurisdiction to enter judgment pro approved by a contracting agency shall be confined to deterconfesso upon any claim or contingent claim asserted on mining, after final settlement, (1) whether the settlement behalf of the United States against any person who, having payments to the war contractor were made in accordance been duly served with summons, fails to respond thereto, to with the settlement, and (2.) whether the records transmitted the same extent and with like effect as if such person had to it, or other information, warrant a reasonable belief that appeared and had admitted the truth of all allegations made the settlement was induced by fraud. For this purpose the on behalf of the United States. Upon appearance by any General Accounting Office shall have the authority to person pursuant to any such summons or notice, the case as examine any records maintained by any contracting agency to such person shall, for all purposes, be treated as if an or by any war contractor relating to any termination independent proceeding had been instituted by such person settlement. pursuant to section 145 of the Judicial Code, as amended, (b) Whenever the Comptroller General is convinced that and as if such independent proceeding had then been conany settlement was induced by fraud, he shall so certify, solidated, for purposes of trial and determination, with the together with all the facts relating thereto, to the Department case in respect of which the summons or notice was issued, of Justice, to the Director, and to the contracting agency except that the United States shall not be heard upon any concerned. Upon receipt of such certificate (1) the Departcounterclaims, claims for damages or other demands whatment of Justice shall make an investigation to determine soever against such person, other than claims and contingent whether such settlement was induced by fraud, and (2.) until claims for the recovery of money hereafter paid by the United the Department of Justice notifies the contracting agency States in respect of the transaction or matter which constithat in its opinion the facts do not support the belief that tutes the subject matter of such case, unless and until such the settlement was induced by fraud, the contracting agency, person shall assert therein a claim, or an interest in a claim, by set-off or otherwise, may withhold, from amounts owing against the United States, and the Court of Claims shall have to the war contractor by the United States under such settlejurisdiction to adjudicate, as between any and all adverse ment or otherwise, the amount of the settlement, or the claimants, their respective several interests in any matter in portion thereof, which, in the opinion of the Comptroller suit and to award several judgments in accordance therewith. General as stated in his certificate, was affected by the fraud. (c) The jurisdiction of the Court of Claims shall not be In any such case the Department of Justice shall take such affected by this Act except to the extent necessary to give action as it deems appropriate to recover payments made to effect to this Act, and no person shall recover judgment on such war contractor. The General Accounting Office shall any claim, or on any interest in any claim, in said court which not suspend credit to any disbursing officer on any disbursesuch person would not have had a right to assert in said ments made by him under such settlement in the absence of court if this section had not been enacted. fraud on his part. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT (c) The Comptroller General may investigate the settle- RECORDS, FORMS, AND REPORTS ments completed by each contracting agency for the purpose SEC. 18. (a) The Director shall establish policies for of reporting to the Congress from time to time ori— such supervision and review within the contracting agencies (i) whether the settlement methods and procedures em- of termination settlements and interim financing as he deems ployed by such agency are of a kind and type designed to necessary and appropriate to prevent and detect fraud and to result in expeditious and fair settlements in accordance assure uniformity in administration and to provide for exwith and subject to the provisions of this Act and the peditious settlements. For this purpose he shall prescribe (1) orders and regulations of the Director; such records to be prepared by the contracting agencies and (2.) whether such methods and procedures are followed by war contractors as he deems necessary in connection with by such agency with care and efficiency; and such settlements and interim financing; and (V) the records (3) whether such methods and procedures adequately in connection therewith to be transmitted to the General protect the interest of the Government. Accounting Office. He shall seek to reduce the amount of If in any such report the Comptroller General shall find record keeping, reporting, and accounting in connection with that the settlement methods and procedures fail to meet the the settlement of termination claims and interim financing foregoing standards, he shall make suggestions and recom- to the minimum compatible with the reasonable protection mendations to such agency for the improvement of such of the public interest. Each contracting agency shall premethods and procedures and to the Congress for any addi- scribe forms for use by war contractors in connection with tional legislation needed to carry out the policies of this Act. termination settlements and interim financing to the extent At least thirty days before filing any such report with the it deems necessary and feasible. Congress, the Comptroller General shall deliver a copy (b) The Director shall require the Government agencies thereof to the agency concerned and the Director, shall for- performing functions under this Act to prepare such informaward to the Congress together with such report any com- tion and reports regarding terminations of war contracts, ments of such agency with respect thereto. settlements of termination claims, and interim financing, as (d) The jurisdiction of the Comptroller General of the he deems necessary to assist him in appraising their opera- United States shall not be affected by this Act except to the tions or to assist him or other Government agencies in perextent necessary to give effect to the specific provisions forming their functions under this Act, and may prescribe thereof. the terms and conditions upon which such information and reports shall be made available to other Government agencies. DEFECTIVE, INFORMAL, AND QUASI CONTRACTS The Director may require any Government agency to furnish such information under its control as he deems necessary for SEC. 17. (a) Where any person has arranged to furnish the performance of his functions under this Act, but any or furnished to a contracting agency or to a war contractor such agency, in its discretion, may furnish any such informaany materials, services, or facilities related to the prosecution tion deemed by it to affect the national security only to the of the war, without a formal contract, relying in good faith Director himself. upon the apparent authority of an officer or agent of a con- (c) The Director, by regulation, shall provide for making tracting agency, written or oral instructions, or any other available to any interested Government agency such advance request to proceed from a contracting agency, the contracting notice and other information on cut-backs in war production agency shall pay such person fair compensation therefor. resulting from terminations or failures to renew or extend (b) Whenever any formal or technical defect or omission war contracts, as he deems necessary and appropriate. in any prime contract, or in any grant of authority to an (d) The Director shall make such investigations as he officer or agent of a contracting agency who ordered any deems necessary or desirable in connection with termination materials, services, and facilities might invalidate the con- settlements and interim financing. For this purpose he may tract or commitment, the contracting agency (1) shall not utilize the facilities of any existing agencies and if he detertake advantage of such defect or omission; (2.) shall amend, mines that the facilities of existing agencies are inadequate, confirm, or ratify such contract or commitment without con- he may establish a unit in the Office of Contract Settlement sideration in order to cure such defect or omission; and (3) to supplement and facilitate the work of existing agencies. shall make a fair settlement of any obligation thereby created He shall report to the Department of Justice any information or incurred by such agency, whether expressed or implied, received by him indicating any fraudulent practices, for apin fact or in law, or in the nature of an implied or quasi propriate action. (e) Whenever any contracting agency or the Director contract. believes that any settlement was induced by fraud, the agency (c) Where a contracting agency fails to settle by agreeor Director shall report the facts to the Department of Justice. ment any claim asserted under this section, the dispute shall Thereupon, (1) the Department of Justice shall make an inbe subject to the provisions of section 13 of this Act. vestigation to determine whether such settlement was in- (d) The Director shall require each contracting agency to duced by fraud, and (2.) until the Department of Justice formalize all such obligations and commitments within such notifies the contracting agency that in its opinion the facts period as the Director deems appropriate. do not support the belief that the settlement was induced AUGUST 1944 763 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT by fraud, the contracting agency, by set-off or otherwise, may any war contractor or Government agency, shall be suswithhold, from amounts owing to the war contractor by the pended until three years after the termination of hostilities United States under such settlement or otherwise, the amount in the present war as proclaimed by the President or by a of the settlement, or the portion thereof, which, in its concurrent resolution of the two Houses of Congress. This opinion, was affected by the fraud. In any such case the section shall apply to acts, offenses, or transactions where the Department of Justice shall take such action as it deems ap- existing statute of limitations has not yet fully run, but it propriate to recover payments made to such war contractor. shall not apply to acts, offenses, or transactions which are already barred by provisions of existing law." PRESERVATION OF RECORDS; PROSECUTION OF FRAUD (c) (1) Every person who makes or causes to be made, or SEC. 19. (a) It shall be unlawful for any person willfully presents or causes to be presented to any officer, agent, or to secrete, mutilate, obliterate, or destroy, or cause to be employee of any Government agency any claim, bill, receipt, secreted, mutilated, obliterated, or destroyed— voucher, statement, account, certificate, affidavit, or deposi- (i) any records of a war contractor relating to the tion, knowing the same to be false, fraudulent, or fictitious negotiation, award, performance, payment, interim or knowing the same to contain or to be based on any false, financing, cancelation or other termination, or settlement fraudulent, or fictitious statement or entry, or who shall of a war contract of $15,000 or more; or cover up or conceal any material fact, or who shall use or (ii) any records of a war contractor and any purchaser engage in any other fraudulent trick, scheme, or device, for relating to any disposition of termination inventory in the purpose of securing or obtaining, or aiding to secure or which the consideration received by any war contractor obtain, for any person any benefit, payment, compensation, or any Government agency is $5,000 or more, allowance, loan, advance, or emolument from the United until (1) five years after such disposition of termination in- States or any Government agency in connection with the ventory by such war contractor or Government agency, or termination, cancelation, settlement, payment, negotiation, (2.) five years after the final settlement of such war contract, renegotiation, performance, procurement, or award of a conor (3) five years after the termination of hostilities in the tract with the United States or with any other person, and present war as proclaimed by the President or by a con- every person who enters into an agreement, combination, or current resolution of the two Houses of Congress, whichever conspiracy so to do, (1) shall pay to the United States an applicable period is longer. amount equal to 15 per centum of any amount thereby sought As used in this subsection, the term "records" includes, to be wrongfully secured or obtained but not actually rebut is not limited to, books, ledgers, checks and check stubs, ceived, and (V) shall forfeit and refund any such benefit, pay-roll data, vouchers, memoranda, correspondence, inspec- payment, compensation, allowance, loan, advance, and tion reports and certificates. Any corporation violating any emolument received as a result thereof and (3) shall in addiprovision of this subsection shall be fined not more than tion pay to the United States the sum of $1,000 for each $50,000 and any natural person violating any provision of such act, and double the amount of any damage which the this subsection shall be fined not more than $10,000, or im- United States may have sustained by reason thereof, together prisoned for not more than five years, or both: Provided, how- with the costs of suit. ever, That the Director, by regulation, may authorize the (2.) The several district courts of the United States, the destruction of such records upon such terms and conditions District of Columbia, the several district courts of the Terrias he deems appropriate, which may include the making and tories of the United States, within whose jurisdictional retaining of photographs or microphotographs. Photo- limits the person, or persons, doing or committing such act, graphs or microphotographs of any records made in com- or any one of them, resides or shalfbe found, shall, wheresopliance with such regulations of the Director shall have the ever such act may have been done or committed, have full same force and effect as the originals thereof would have power and jurisdiction to hear, try, and determine such suit, and shall be treated as originals for the purpose of admis- and such person or persons as are not inhabitants of or found sibility in evidence. within the district in which suit is brought may be brought (b) The first section of the Act of August 24, 1942. (56 in by order of the court to be served personally or by pub- Stat. 747; title 18, U. S. C, Supp. II, sec. 590a), is amended to lication or in such other reasonable manner as the court may read as follows: direct. "The running of any existing statute of limitations ap- (d) The provisions of section 35-A of the Criminal Code plicable to any offense against the laws of the United States (18 U. S. C, sec. 80) shall apply to any statement, repre- (1) involving defrauding or attempts to defraud the United sentation, bill, receipt, voucher, roll, account, claim, certif- States or any agency thereof whether by conspiracy or not, icate, affidavit, or deposition made or used or caused to be and in any manner, or (V) committed in connection with the made or used for any purpose under this Act or under any negotiation, procurement, award, performance, payment for, regulations pursuant to this Act. interim financing, cancelation or other termination or settle- (e) It shall be unlawful for any person employed in any ment, of any contract, subcontract, or purchase order which Government agency, including commissioned officers assigned is connected with or related to the prosecution of the present to duty in such agency, during the period such person is war, or with any disposition of termination inventory by engaged in such employment or service, to prosecute, or to 764 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT act as counsel, attorney, or agent for prosecuting, any claim Such advice, aid, or assistance shall not constitute a violation against the United States, or for any such person within two of section 109 of the Criminal Code (18 U. S. C. 198) or of years after the time when such employment or service has any other law, provided the officer or employee does not receased, to prosecute, or to act as counsel, attorney, or agent ceive therefor benefit or compensation of any kind, directly for prosecuting, any claim against the United States in- or indirectly, from any war contractor. volving any subject matter directly connected with which (g) The Smaller War Plants Corporation is hereby such person was so employed or performed duty. Any person directed— violating any provision of this subsection shall be fined not (1) to disseminate information among small business more than $10,000 or imprisoned for not more than one year, concerns with respect to interim financing, termination or both. settlements, removal and storage of termination inventories pursuant to the provisions of this Act and the regu- GENERAL PROVISIONS lations of the Director; and SEC. IO. (a) Each contracting agency shall have au- (2.) to assist small business concerns in connection with thority, notwithstanding any provisions of law other than the securing of interim financing and the preparation of contained in this Act, (1) to make any contract necessary applications for such interim financing, the effecting of and appropriate to carry out the provisions of this Act; (z) termination settlements, and the removal and storage of to amend by agreement any existing contract, either before termination inventories, and to make interim loans and or after notice of its termination, on such terms and to such guaranties, in order to assure that small business concerns extent as it deems necessary and appropriate to carry out the receive fair and equitable treatment from prime contractors provisions of this Act; and (3) in settling any termination and intermediate subcontractors in connection with the claim, to agree to assume, or indemnify the war contractor termination of war contracts. against, any claims by any person in connection with such termination claims or settlement. This subsection shall not OTHER FUNCTIONS OF THE DIRECTOR limit or affect in any way any authority of any contracting SEC. 11. In addition to his other functions under this agency under the First War Powers Act, 1941, or under any Act, the Director shall— other statute. (a) promote the training of personnel for termination (b) Any contracting agency may prescribe the amount settlement and interim financing by contracting agencies, and kind of evidence required to identify any person as a war war contractors, and financing institutions; contractor, or any contract, agreement, or purchase order (b) collaborate with the Smaller War Plants Corporaas a war contract for any of the purposes of this Act. Any tion in protecting the interests of smaller war contractors determination so made that any person is a war contractor, in obtaining fair and expeditious termination settlements or that any contract, agreement, or purchase order is a war and interim financing; contract, shall be final and conclusive for any of the purposes (c) promote decentralization of the administration of of this Act. termination settlements and interim financing by fostering (c) There are hereby authorized to be appropriated such delegation of authority within contracting agencies and sums as may be necessary for administering the provisions to war contractors, to the extent he deems necessary and of this Act. feasible; and (d) All policies and procedures relating to termination of (d) consult with war contractors through advisory war contracts, termination settlements, and interim financing committees or such other methods as he deems apprescribed by the Director of War Mobilization or any con- propriate. tracting agency, in effect upon the effective date of this Act, and not inconsistent with this Act, shall remain in full force USE OF APPROPRIATED FUNDS and effect unless and until superseded by the Director in ac- SEC. 2.2.. Any contracting agency is authorized— cordance with this Act, or by regulations of the contracting (a) to use for interim financing, the payment of claims, agency not inconsistent with this Act or the policies pre- and for any other purposes authorized in this Act any scribed by the Director. funds which have heretofore been appropriated or (e) Nothing in this Act shall be deemed to impair or allocated or which may hereafter be appropriated or almodify any war contract or any term or provision of any located to it, or which are or may become available to it, war contract or any assignment of any claim under a war for such purposes or for the purposes of war production contract, without the consent of the parties thereto, if the or war procurement; war contract, or the term, provision, or assignment thereof, (b) to use any such funds appropriated, allocated, or is otherwise valid. available to it for expenditures for or in behalf of any (f) Any contracting agency may authorize or direct its other contracting agency for the purposes authorized in officers and employees, as a part of their official duties, to this Act; and advise, aid, and assist war contractors in preparing and pre- (c) to determine by agreement, joint estimate, or any senting termination claims, in obtaining interim financing, other method authorized by the Director, the part of any and in related matters, to such extent as it deems desirable. expenditure made pursuant to subsection (b) hereof to be 765 AUGUST 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT paid by each contracting agency concerned and to make SHORT TITLE transfers of funds between such contracting agencies ac- SEC. 2.7. This Act may be cited as the "Contract Settlecordingly. Transfers of funds between appropriations ment Act of 1944". carried upon the books of the Treasury shall be made by Approved July 1, 1944. the Secretary of the Treasury in accordance with joint requests of the contracting agencies involved. Foreign Funds Control Treasury Department Releases DELEGATION OF AUTHORITY The following releases relating to transac- SEC. 2.3. (a) The Director may delegate any authority and tions in foreign exchange, etc., in addition to discretion conferred upon him by this Act to any Deputy those heretofore published in the Federal Reserve Director, and may delegate such authority and discretion, upon such terms and conditions as he may prescribe, to the BULLETIN, have been issued by the Office of the head of any Government agency to the extent necessary to Secretary of the Treasury under authority of the the handling and solution of problems peculiar to that Executive Order of April 10, 1940, as amended, agency. and the Regulations issued pursuant thereto: (b) The head of any Government agency may delegate any authority and discretion conferred upon him or his Treasury Department agency by or pursuant to this Act to any officer, agent, or Foreign Funds Control employee of such agency or to any other Government agency, and may authorize successive redelegations of such authority Amended June 30, 1944 and discretion. GENERAL LICENSE NO. 32., AS AMENDED (c) Any two or more Government agencies may exercise Under Executive Order No. 8389, as Amended, Executive Order jointly any authority and discretion conferred upon each No. 9193, Section j(Jf) of the Trading with the Enemy Act, as of them individually by or pursuant to this Act. Amended by the First War Powers Act, 1941, Relating to (d) Nothing in this Act shall prevent the Director from Foreign Funds Control * exercising any authority conferred upon him by any other statute. (1) A general license is hereby granted authorizing remittances by any individual through any domestic bank to APPLICABILITY any individual who is a national of a blocked country and who is within any foreign country, and any domestic bank is SEC. 2.4. (a) This Act shall become effective twenty days authorized to effect such remittances, provided the following after the date of its enactment. With the exception of the terms and conditions are complied with: provisions of paragraphs (b), (c), (d), and (e) of section 12., "00 Such remittances are made only for the necessary and of sections 6, 7, 8, 9, 10, and 13, this Act shall be appliliving expenses of the payee and his household and do not cable in the case of any terminated war contract which has exceed $500 in any one calendar month to any one housebeen finally settled at or before the effective date of this Act. hold; provided, however, that if the payee is within Portugal, (b) Nothing in this Act shall limit or affect any authority Spain, Sweden or Switzerland and such payee is a national conferred by the Act of March 11, 1941 (55 Stat. 31), as of any blocked country other than Portugal, Spain, Sweden amended, or Acts supplemental thereto. or Switzerland, the total of all remittances effected in SEC. 2.5. Subject to policies prescribed by the Director, any any calendar month under this general license may not contracting agency may exempt from some or all of the proexceed $100 to such payee and his household, except that visions of this Act (a) any war contract made or to be peradditional sums not exceeding $15 in any one calendar formed outside the continental limits of the United States or month may be remitted for each member of such payee's in Alaska, or (b) any termination inventory situated outside household in addition to the payee, provided that in no of the continental limits of the United States or in Alaska, or case shall a sum in excess of $100 per calendar month be (c) any modification of a war contract pursuant to its terms remitted to any such payee and his household;" for the purpose of changing plans or specifications applicable (b) Such remittances are not made from a blocked acto the work without substantially reducing its extent. count other than from an account in a banking institution within the United States in the name of, or in which the SEPARABILITY OF PROVISIONS beneficial interest is held by, the payee or members of his household; SEC. 2.6. If any provision of this Act, or the application of such provision to any person or circumstance, is held invalid, * Sec. 5 (b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 the remainder of this Act or the application of such provision Stat. 838; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, to persons or circumstances other than those as to which it Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as amended June 14,1941, is held invalid, shall not be affected thereby. and July 26, 1941. 766 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT (c) If the payee is within any blocked country, the General Ruling No. 11 is hereby amended to read as remittance may be effected only: follows: (i) By the payment of the dollar amount of the re- Regulations Relating to Trade or Communication with or by an mittance to a domestic bank for credit to a blocked Enemy National. account in the name of a banking institution within such country; or (1) Trade and Communication with an Enemy National Pro- (ii) By the acquisition of foreign exchange from a hibited. Unless authorized by a license expressly referring to person in the United States having a license specifically this general ruling, no person shall, directly or indirectly, authorizing the sale of.such exchange. enter into, carry on, complete, perform, effect, or otherwise (d) If the payee is within any foreign country other engage in, any trade or communication with an enemy nathan a blocked country the remittance may be effected in tional, or any act or transaction which involves, directly or the same manner that such remittance would be effected indirectly, any trade or communication with an enemy if the payee were not a national of a blocked country. national. (2.) All individuals making such remittances and all (i) Acts and Transactions by an Enemy National Prohibited. domestic banks effecting such remittances shall satisfy them- Unless authorized by a license expressly referring to this selves that the foregoing terms and conditions are com- general ruling, no enemy national who is within the United plied with. States shall, directly or indirectly, enter into, carry on, com- (3) Domestic .banks through which any such remittances plete, perform, effect, or otherwise engage in, any financial, originate shall execute promptly Section A of Form TFR-132. business, trade, or other commercial act or transaction. in triplicate with respect to each such remittance. When so (3) Certain Transactions Licensed Under Section 3(0). Every executed, such copies of Form TFR-132. shall be forwarded act or transaction prohibited by section 3(a) of the Trading promptly to the domestic bank ultimately transmitting with the enemy Act, as amended, is hereby licensed thereabroad (by cable or otherwise) the payment instructions for under unless such act or transaction is prohibited by parasuch remittance and the latter bank shall, upon the receipt graph (1) or paragraph (2.) hereof or otherwise prohibited thereof, execute Section B of such copies of Form TFR-132. pursuant to section 5(b) of that Act and not licensed by the and promptly file such executed report in triplicate with the Secretary of the Treasury. Attention is directed to the fact appropriate Federal Reserve Bank. If the domestic bank that the General License under section 3(a) of the Act, issued through which any such remittance originates is also the by the President on December 13, 1941, does not license any bank ultimately transmitting abroad the payment instruc- act or transaction not authorized hereunder. tions for such remittance, then such bank shall execute both (4) Definitions. As used in this general ruling and in Sections A and B of such report. No report on Form TFR-132. any other rulings, licenses, instructions, etc.: shall be deemed to have been filed in compliance with this (a) The term "enemy national" shall mean the following: general license unless both Sections A and B thereof have been (i) The Government of any country against which duly executed as herein prescribed. the United States has declared war (Germany, (4) As used in this general license the term "household" Italy, Japan, Bulgaria, Hungary, and Rumania) shall mean: and any agent, instrumentality, or representa- (a) those individuals sharing a common dwelling as a tive of the foregoing Governments, or other family; or person acting therefor, wherever situated (in- (b) any individual not sharing a common dwelling with cluding the accredited representatives of other others as a family. governments to the extent, and only to the ex- HERBERT E. GASTON, tent, that they are actually representing the interests of the Governments of Germany, Acting Secretary of the Treasury. Italy, and Japan and Bulgaria, Hungary, and Treasury Department Rumania); Foreign Funds Control (ii) The government of any other blocked country having its seat within enemy territory, and any Amended June 30, 1944 agent, instrumentality, or representative thereof, GENERAL RULING NO. II, AS AMENDED or other person acting therefor, actually situated Under Executive Order No. 8389, as Amended, Executive Order within enemy territory; No. 9193, Sections 3(0) and /(£) of the Trading with the Enemy (iii) Any individual within enemy territory, except Act, as Amended by the First War Powers Act, 1941, Relating any individual who is with the armed forces of to Foreign Funds Control.* any of the United Nations in the course of his * Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 service with such forces or who is accompanying Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as such armed forces in the course of his employamended 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; ment by any of the Governments of the United Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. Nations or organizations acting on their behalf; AUGUST 1944 76? Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT (iv) Any partnership, association, corporation or (d) The term "trade or communication with an enemy other organization to the extent that it is national" shall mean any form of business or comactually situated within enemy territory; mercial communication or intercourse with an enemy (v) Any person whose name appears on The Pro- national after March 18, 1941, including, without claimed List of Certain Blocked Nationals, and limitation, the sending, taking, obtaining, conany person to the extent that he is acting, di- veying, bringing, transporting, importing, exporting, rectly or indirectly, for the benefit or on behalf or transmitting, or the attempt to send, take, obtain, of any such person; -provided that no person so convey, bring, transport, import, export, or transmit, acting shall be deemed to be an enemy national (i) Any letter, writing, paper, telegram, cablegram, if he is acting pursuant to license issued under wireless message, telephone message, or other the Order or expressly referring to this general communication, whether oral or written, of a ruling; and financial, commercial, or business character; or (vi) Any person to the extent that he is acting, di- (ii) Any property of any nature whatsoever, including rectly or indirectly, for the benefit or on behalf any goods, wares, merchandise, securities, curof an enemy national (other than a member of rency, stamps, coin, bullion, money, checks, the armed forces of the United States captured by drafts, proxies, powers of attorney, evidences of the enemy) if such enemy national is within ownership, evidences of indebtedness, evidences any country against which the United States has of property, or contracts; declared war; provided that no person so acting directly or indirectly to or from an enemy national shall be deemed to be an enemy national if he after March 18, 1941; provided, however, that with is acting pursuant to license issued under the respect to any government or person becoming an Order or expressly referring to this general enemy national after March 18, 1941, the date upon ruling. which such government or person became an enemy (b) The term "enemy territory" shall mean the following: national shall be substituted for the date March 18, (i) The territory of Germany, Italy, Japan, Bulgaria, 1941. Hungary, and Rumania; and HERBERT E. GASTON, (ii) The territory controlled or occupied by the Acting Secretary of the Treasury. military, naval, or police forces or other authority of Germany, Italy, or Japan. The territory so controlled or occupied shall Treasury Department be deemed to be the territory of Albania; Austria; Foreign Funds Control that portion of Belgium within continental Europe; Bulgaria; that portion of Burma oc- July 12., 1944 cupied by Japan; that portion of China occupied PUBLIC INTERPRETATION NO. 16 by Japan; Czechoslovakia; Danzig; that portion of Denmark within continental Europe; Estonia; Under Executive Order No. 8389, as Amended, Executive Order that portion of France within continental No. 9193, Sections 5(<z) and /(&) of the Trading with the Europe, including Monaco and Corsica; French Enemy Act, as Amended by the First War Powers Act, 1941, Indo-China; Greece; Hong Kong; Hungary; Relating to Foreign Funds Control. Latvia; Lithuania; Luxembourg; British Malaya; that portion of the Netherlands within Subject: Application of General Ruling No. 11, as continental Europe; that portion of the Nether- amended, to Diplomatic Representatives of the Finnish lands East Indies occupied by Japan; Norway; Government. that portion of the Philippine Islands occupied Inquiry has been made as to whether diplomatic represenby Japan; Poland; Rumania; San Marino; Thai- tatives of the Finnish Government, wherever situated, are land; that portion of the Union of Soviet enemy nationals within the meaning of General Ruling No. Socialist Republics occupied by Germany; 11, as amended. Yugoslovia; Finland; and any other territory The Treasury Department has replied in the affirmative. controlled or occupied by Germany, Italy or The Finnish Government and its representatives, wherever situated, are deemed to be acting for the Government of (c) The term "The Proclaimed List of Certain Blocked Germany within the meaning of section (4)(a)(0 of General Nationals" shall mean The Proclaimed List of Certain Ruling No. 11, as amended, and therefore are enemy Blocked Nationals, as amended and supplemented, nationals. promulgated pursuant to the President's Proclamation ORVIS A. SCHMIDT, of July 17, 1941. Acting Director. 768 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS Election of Class B Director Indiana The Federal Reserve Bank of Boston on July Chrisney—Chrisney State Bank 6, 1944, announced the election of Mr. Roy L. Pierceton—Pierceton State Bank Patrick, President, Rock of Ages Corporation, Shoals—The Martin County Bank Barre, Vermont, as a Class B director of the Bank to fill the unexpired portion of the term Iowa ending December 31, 1946. Mr. Patrick succeeds Mr. Ralph E. Flanders who became Presi- Pocahontas—The Commercial State Bank dent of the Federal Reserve Bank of Boston on May 1, 1944. Montana Admissions of State Banks to Membership in the Glendive—Exchange State Bank of G lendive Federal Reserve System The following State banks were admitted to Oklahoma membership in the Federal Reserve System during the period June 16, 1944 to July 15, 1944, Comanche—The Security State Bank inclusive: Illinois Wisconsin Windsor—Windsor State Bank Laona—Laona State Bank BRETTON WOODS AGREEMENT Copies of the Final Act of the United Nations Articles of Agreement of the International Bank Monetary and Financial Conference, which met for Reconstruction and Development and other at Bretton Woods from July i-July ix, 1944, conclusions reached at the Conference for subwill be available for distribution in pamphlet mission to the Governments of the nations repform late in August. This pamphlet will con- resented there. The Board of Governors will tain the full text of the Articles of Agreement be glad to furnish copies to readers of the BULof the International Monetary Fund and the LETIN upon request. AUGUST 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Compiled July 21, and released for publication July 26. Figures shown on charts may differ from preliminary figures used in text. Employment and production at factories con- tained in June. Meatpacking activity declined tinued to decline slightly in June; output of further from the exceptionally high level in the minerals was maintained in record volume. first quarter, but output of most other food Retail trade and commodity prices showed little products continued to rise seasonally. Refinery change in June and the early part of July. output of gasoline advanced further and reached the earlier record level of December 1941. Ac- INDUSTRIAL PRODUCTION tivity in cotton textile mills and in the chemical The Board's seasonally adjusted index of in- and rubber industries showed little change dustrial production was 2.35 per cent of the in June. 1935-39 average in June as compared with 237 Mine production of metals and coal was in May and 243 in the first quarter. maintained in large volume and crude petroleum Steel production declined 4 per cent from the production continued to rise to new record rate in May, reflecting partly manpower short- levels. ages. Output of nonferrous metals dropped 8 per cent, largely owing to the continued planned DISTRIBUTION curtailment of aluminum and magnesium pro- Department store sales declined more than duction. The lifting on July 15 of some of the seasonally in June, following a considerable inrestrictions on use of these metals was the crease in May, and the Board's index was 175 initial step in a program to prepare for limited per cent of the 1935-39 average as compared with reconversion to peacetime output. Activity in 183 in May and an average of 177 in the first the machinery and transportation equipment four months of this year. Value of sales in the industries in June was maintained at the level first half of 1944 was 7 per cent greater than in of the preceding month. Increasing emphasis the first half of 1943. In the early part of July was reported on output of heavy artillery and sales were 9 per cent larger than a year ago. artillery shells and of tanks. Lumber produc- Railroad freight carloadings showed little tion continued to decline and was approximately change in June and the first three weeks of July 10 per cent below June 1943. after allowance for seasonal movements. Production of nondurable goods was main- INDUSTRIAL PRODUCTION DEPARTMENT STORE SALES AND STOCKS 1940 1942 1944 1940 1942 1944 1937 1938 1939 1940 1941 1942 1943 1944 Federal Reserve indexes. Groups are expressed in terms of points Federal Reserve indexes. Monthly figures, latest shown are for n the total index. Monthly figures, latest shown are for June. June. 770 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS COMMODITY PRICES rose by around 400 million. Reserve funds were absorbed through declines in Reserve Bank Legislation extending Federal price controls holdings of Government securities, by a moderfor one year was enacted June 30; certain ate increase in currency, and by temporary inrestrictive provisions were relaxed, especially creases in Treasury deposits at the Reserve those relating to prices of cotton products. Banks. Over the four weeks ending July 12., Prices of most commodities in wholesale and money in circulation rose by i^o million dollars, retail markets have recently shown little change. which is a smaller rate of growth than prevailed AGRICULTURE in recent months, reflecting the influence of the Well over a billion bushels of wheat and war loan drive. almost 3 billion bushels of corn were in prospect During the Fifth Drive, between June 14 and on July 1. This is an improvement over June 1 July 11, Government security holding at reprospects and aggregate crop production in 1944 porting member banks in 101 leading cities inmay be about the same as in 1943 and larger than creased by 4.7 billion dollars. Additions to any year prior to 1942.. bank holdings resulted from purchases of se- The number of chickens raised this year was curities from investors who were adjusting 19 per cent smaller than last year; the spring pig their positions prior to subscriptions during the crop was 14 per cent smaller and the fall crop drive, from increased purchases of Treasury may be a third smaller than in 1943. Market- bills, and from subscriptions to new securities ings of cattle, however, have been normal in in limited amounts. relationship to the numbers and unless market- Loans for purchasing and carrying Governings are increased during the rest of this year no ment securities increased by 1.8 billion dollars material reduction of the large numbers of over the Fifth War Loan, an increase larger than cattle on farms will occur. that of any other drive. Of the total amount advanced by banks in 101 cities, loans to brokers BANK CREDIT and dealers accounted for 500 million and loans As payments for securities purchased during to others for 1.3 billion. the Fifth Drive transferred funds from private Accompanying purchases of securities during deposits to reserve-exempt Government ac- the Fifth Drive, adjusted demand deposits decounts, the average level of required reserves at clined by 4.7 billion dollars at banks in 101 all member banks declined by close to i}4 billion cities. Government deposits at these same dollars. Reserve balances were reduced by banks increased by 10.5 billion dollars. The about 800 million dollars and excess reserves difference reflected the effect of the increase in bank loans and investments. MEMBER BANKS IN LEADING CITIES MEMBER BANK RESERVES - / - DEMAND DEPOSITS . </r^ fr u. S. GOV*T /> SECURITIES [ - -^ ,_^.^. LOANS Al . U. S. GOV^ DEPOSITS *~**4l>\/fyV 1940 1941 1942 1943 Demand deposits (adjusted) exclude U. S. Government and interbank deposits and collection items* Government securities include direct and guaranteed issues. Wednesday figures, latest shown are Breakdown between required and excess reserves partly estimated. for July 19. Wednesday figures, latest shown are for July 26. AUGUST 1944 771 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 775 Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements 776 Federal Reserve Bank statistics 777-781 Guaranteed war production loans 781 Deposits and reserves of member banks 781 Money in circulation 783-784 Gold stock; bank debits and deposit turnover 784 Deposits and currency; Postal Savings System; bank suspensions. 784 All banks in the United States, by classes 786-787 All insured commercial banks in the United States, by classes. 788-789 Weekly reporting member banks 790-793 Commercial paper, bankers' acceptances, and brokers' balances.... 794 Money rates and bond yields 795 Security markets 796 Corporate profits 797-798 Treasury finance 799-801 Government corporations and credit agencies 801 Business indexes 803-811 Department store statistics 813-815 Consumer credit statistics 816-817 Wholesale prices : 818 July crop report, by Federal Reserve districts 819 Current statistics for Federal Reserve chart book 810-82.1 Earnings and expenses of Federal Reserve Banks for the six months ended June 30, 1944 82.2. 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 de to the Her c - , „ „ . . , . ioi 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. AUGUST 1944 773 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 25 MONEY IN "I CIRCULATION / 10 1938 1939 1940 1941 1942 1943 1944 Wednesday figures, latest shown are for July 26. See p. 775. 774 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Member bank reserve , U. S s . e G cu o r v i e ti r e n s ment Tr u e r a y s- Money Treas- u T p ry o re s d a it e s s - - Non- O F t e h d e - r balanc Date v c a D o a a n u n i d c s n d - - e t s s Total T a b r u n e i r l a d y l s s - o A th l e l r ot A h l e l r1 Total s G to o c l k d s r t c e o i a n n u u n g c r t d - y - - i c n t u i c o la i n r - - c i h n u a o g r s l y h s d- F B e w s d R a e i r e n e t v h r k - a e s l b p m e o r e s m i d t - s e- c s o e R a u r c v e n - - e ts Total Excess2 certificates Monthly averages of daily figures: 1943—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 M ayj 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 JTune 14 6,631 4,135 2,496 425 7,070 22,406 4,078 17,217 2,271 148 1,301 326 12,293 1,461 1944—Apr. 75 12,711 10,102 2,609 450 13,235 21,490 4,093 21,312 2,330 324 1,922 356 12,574 892 May 160 13,716 11,103 2,614 387 14,264 21,343 4,097 21,821 2,326 318 1,922 355 12,962 868 June 155 14,920 12^ 279 2^641 420 15,495 21,214 4,104 22,295 2,335 347 1,953 364 13,518 1,081 End of month figures: 1943—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 June 30 5 7,202 4,907 2,295 369 7,576 22,388 4,077 17,421 2,268 455 1,483 328 12,085 1,212 1944—Apr. 29 118 13,220 10,614 2,606 462 13,800 21,429 4,092 21,552 2,323 400 2,007 356 12,684 773 May 31 236 14,251 11,613 2,638 272 14,759 21,264 4,101 22,160 2,310 307 1,946 355 13,046 711 June 30 13 14,901 12,254 2,647 358 15,272 21,173 4,104 22,504 2,296 650 1,870 364 12,866 1,306 Wednesday figures: 1943—Sept. 1 69 9,187 6,956 2,231 285 9,540 22,243 4,098 18,571 2,279 213 1,574 329 12,915 1,145 Sept. 8 71 9,336 7,084 2,252 336 9,742 22,223 4,090 18,740 2,255 6 1,374 329 13,351 1,438 Sept. 15 31 9,653 7,432 2,221 631 10,315 22,204 4,093 18,773 2,266 6 1,500 337 13,729 2,051 Sept. 22 22 9,204 6,983 2,221 491 9,717 22,205 4,094 18,714 2,266 549 1,662 338 12,487 1,893 Sept. 29. ... 13 9,168 6,947 2,221 362 9,543 22,175 4,096 18,818 2,274 682 1,649 337 12,054 1,810 Oct. 6 13 9,387 7,166 2,221 375 9,775 22,176 4,098 18,883 2,279 1,013 1,633 337 11,903 1,697 Oct. 13 18 9,062 6,841 2,221 282 9,362 22,155 4,099 18,978 2,281 380 1,621 335 12,021 1,608 Oct. 20 11 8,914 6,687 2,227 456 9,380 22,132 4,101 19,019 2,284 530 1,437 341 12,002 1,407 Oct. 27 13 9,291 7,056 2,235 381 9,686 22,132 4,103 19,090 2,295 530 1,659 342 12,005 1,062 Nov. 3 39 9,476 7,230 2,246 321 9,835 22,116 4,106 19,354 2,298 334 1,668 333 12,069 1,084 Nov. 10 22 9,865 7,611 2,254 344 10,231 22,096 4,100 19,514 2,297 369 1,716 333 12,198 1,080 Nov. 17 34 9,832 7,577 2,254 506 10,372 22,096 4,101 19,559 2,293 407 1,714 333 12,263 1,096 Nov. 24 48 10,364 8,101 2,263 381 10,792 22,081 4,101 19,726 2,295 479 1,739 333 12,402 1,044 Dec. 1 53 10,447 8,169 2,278 374 10,874 22,065 4,101 19,940 2,299 275 1,630 333 12,562 1,096 Dec. 8 108 11,016 8,720 2,296 417 11,540 22,044 4,102 20,135 2,301 686 1,664 331 12,569 918 Dec. 15 90 11,014 8,748 2,266 600 11,704 22,004 4,097 20,235 2,293 379 1,622 343 12,932 1,238 Dec. 22 70 11,551 9,260 2,291 837 12,459 22,004 4,097 20,382 2,325 967 1,864 344 12,677 919 Dec. 29 101 11,615 9,313 2,302 714 12,430 22,004 4,096 20,428 2,316 764 1,908 345 12,769 1,126 1944—Jan. 5 31 11,651 9,340 2,310 691 12,372 21,938 4,094 20,436 2,314 961 1,751 339 12,602 971 Jan. 12 47 11,855 9,543 2,312 413 12,315 21,938 4,092 20,404 2,318 638 1,845 339 12,801 1,128 Jan. 19 41 11,913 9,598 2,314 464 12,418 21,938 4,093 20,408 2,327 404 1,959 338 13,014 1,122 Jan. 26 24 12,026 9,711 2,315 334 12,385 21,928 4,093 20,387 2,331 351 1,994 340 13,002 1,023 Feb 2 24 11,781 9,162 2,618 327 12,132 21,910 4,093 20,534 2,322 175 1,916 342 12,847 1,538 Feb. 9 22 11,169 8,560 2,609 319 11,511 21,836 4,094 20,586 2,315 8 1,707 341 12,482 1,444 Feb. 16 32 11,394 8,782 2,612 534 11,961 21,802 4,093 20,610 2,335 360 1,968 340 12,244 1,269 Feb. 23 47 11,816 9,237 2,579 377 12,240 21,742 4,090 20,696 2,336 646 1,944 340 12,109 1,077 Mar. 1 37 11,624 9,043 2,581 381 12,042 21,712 4,091 20,823 2,350 140 1,815 337 12,380 1,215 Mar. 8 52 12,029 9,443 2,586 357 12,438 21,670 4,090 20,963 2,340 269 1,905 339 12,383 1,013 Mar. 15 65 12,110 9,507 2,603 467 12,643 21,670 4,089 21,006 2,342 77 1,922 352 12,705 1,263 Mar. 22 65 12,243 9,637 2,606 415 12,722 21,600 4,090 20,934 2,333 495 1,893 352 12,405 926 Mar. 29 83 12,297 9,685 2,613 369 12,749 21,600 4,092 21,037 2,329 753 1,918 351 12,053 630 Apr. 5.... 44 12,332 9,719 2,613 389 12,766 21,540 4,093 21,191 2,347 426 1,801 356 12,277 859 Apr. 12 55 12,648 10,040 2,609 402 13,106 21,479 4,093 21,295 2,327 274 1,823 356 12,604 986 Apr. 19 87 12,734 10,128 2,606 508 13,330 21,469 4,093 21,334 2,321 204 1,967 362 12,704 927 Apr. 26 89 12,998 10,392 2,606 398 13,485 21,429 4,094 21,396 2,327 373 2,019 357 12,537 640 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 i 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 31 236 i 14,251 11,613 2,638 272 14,759 21,264 4,10.1 22,160 2,310 307 1,946 355 13,046 711 June 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 June 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 ,059 June 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 ,213 June 28 52 15,081 12,434 2,647 291 15,423 21,193 4,107 22,421 2,314 561 1,978 369 13,081 ,239 July 5 22 14,738 12,091 2,647 325 15,085 21,133 4,107 22,598 2,296 219 1,861 364 12,987 ,470 July 12 45 14,816 12,174 2,642 374 15,236 21,114 4,107 21,114 2,303 517 1,863 364 12,849 ,563 July 19 39 14,556 12,037 2,519 403 14,999 21,047 4,109 22,531 2,348 360 1,798 364 12,754 ,462 July 26.. .. 37 ! 14,802 12,309 2,493 285 15,124 20,996 4,111 22,584 2,313 403 1,773 365 12,793 ,280 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. AUGUST 1944 775 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect July 31. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, Advances secured by or corporations other than member banks Federal Reserve Bank A G c d a t o i v l o l v a a n e n b s r c l n e m e m s i a n e s t n u e o t c r n i u o e n r b g e y l d i e o g a r b a r y - G b m o e v a d y e t i o r u s n n c r m d i o n u e o g n n n t t o e s r o y o c b e f a l a i l a r g l n a a a d b t n i l o e d ns Other [ s S e e c c u . r e 1 d 0 ( a b d )l vances secured by d ( i l r a e s c t t p o a b r l . i g S a e t c io . n 1 s 3 ) of the U. S. or less (Sec. 13) advances secured by (Sees. 13 and 13a)1 To nonmember banks To others Rate Effective Rate Effective Rate Effective Rate Effective Rate Effective Boston Oct. 27, 1942 Sept. 1, 1939 Oct. 27, 1942 Sept. 1, 1939 Oct. 27,1942 New York Oct. 30, 1942 Aug. 25, 1939 Oct. 30, 1942 Aug. 25, 1939 f Oct. 30, 1942 Philadelphia Oct. 17, 1942 Mar 21, 1942 Oct. 17, 1942 Mar. 21, 1942 Oct. 17, 1942 Cleveland Oct. 27, 1942 Apr. 11, 1942 Sept. 12, 1942 Apr. 11, 1942 b Oct. 27, 1942 Richmond.. Oct. 28, 1942 Mar. 14, 1942 Oct. 28, 1942 Mar. 14, 1942 Oct. 28, 1942 Atlanta Oct. 15, 1942 Mar. 21, 1942 Oct. 15, 1942 Sept. 16, 1939 Oct. 15, 1942 Chicago Oct. 17, 1942 Feb. 28, 1942 Aug. 29, 1942 Sept. 1, 1939 Oct. 17, 1942 St. Louis Oct. 27, 1942 Mar. 14, 1942 Mar. 14, 1942 Sept. 16, 1939 2 Oct. 27, 1942 Minneapolis Oct. 30, 1942 Mar. 28, 1942 Oct. 30, 1942 Mar. 28, 1942 2 Oct. 30, 1942 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 Oct. 28, 1942 1 Rates shown also apply to advances secured by obligations of Federal Intermediate Credit Banks maturing within 6 months. NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal Intermediate Credit Banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or corporations made under the last paragraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK BUYING RATES ON BILLS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS [Per cent per annum ] AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT Maturities not exceeding five years Maturity R Ju a l t y e 3 o 1 n In g i e n f n fe in ct g — be- Pre r v at i e ous [In effect July 31. Per cent per annum] Treasury bills1 H Apr. 30, 1942 I To industrial or Bankers' acceptances :2 commercial To financing institutions 1- 90 days lA Oct. 20, 1933 1 businesses 91-120 days H Oct. 20,1933 1 121-180 days Oct. 20, 1933 Discounts or Federal Reserve purchases Bank m ha a v t e u r b i e ty e n a m t a ti d ic e s s a u m bj e e c ic t ti t c o u re i p U u I& rc IA h J a U s U e I .. o p o ti n o n n - . c xi lo O an n s , 1 co m m O e m n n t i s t- fo i p r n t i o s o w O r t n i t h n i t i o u i s c n - h m p O o a n r i n t r i i o e n - n g m O it n m c e o n m ts - 2 Minimum buying rates on prime bankers' acceptances. obligated Back figures.—See Banking and Monetary Statistics, Table 117, pp. 443-445. MEMBER BANK RESERVE REQUIREMENTS Boston (3) [Per cent of deposits] N Ph e i w la d Y e o lp rk hia V xA 2 r - ^ I A H ( (3 3) ) Cleveland V2-W4. (3) Net demand deposits1 de T p i o m s e its R A i t c la h n m ta ond ( 02) C r b e e c s a n i e n t t r y k r v s a e l R b e c a s i n t e y k rv s e Co b u an n k tr s y m ba e n ( m a k l b s l e ) r M C St h i . n ic L n a o e g u a o p is olis V2-W4. Kansas City June 21, 1917-Aug. 15, 1936 13 10 7 3 Dallas Aug. 16, 1936-Feb. 28, 1937 19H 15 10H 4H San Francisco (3) Mar. 1, 1937-Apr. 30, 1937 22% 17^ 12M 5X 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 3 Rate charged borrower. Aug. 20, 1942-Sept. 13, 1942 24 20 14 6 4 May charge same rate as charged borrower by financing institution, if Sept. 14, 1942-Oct. 2, 1942 22 20 14 6 lower. Effective Oct. 3, 1942 20 20 14 6 5 Financing institution is charged XA 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 REQUIREMENTS1 the Board of Governors under provisions of Regulation Q [ Per cent of market value ] [ Per cent per annum ] P R re e s s c e r r i v b e e d S y b s y E t e x B m c o h a i a r n n d g a o e c c f o A G rd o c a v t n e o c r e n f o 1 w r 9 s 3 i t 4 o h f t S h e e c u F r e i d ti e e r s al O A 1 c 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 19 9 3 3 3 5 - F D e e b c . . 3 1 1 ,1 ,1 9 9 3 3 5 5 - Ja E n f . f e 1 c , t 1 i 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 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 1 Regulations T and U limit the amount of credit that may be extended on NOTE.—Maximum rates that may be paid by insured nonmember banks a security by prescribing a maximum loan value, which is a specified as established by the F. D. I. C, effective Feb. 1, 1936, are the percentage of its market value at the time of the extension; the "margin same as those in effect for member banks. Under Regulation Q the rate requirements" shown in this table are the difference between the market payable by a member bank may not in any event exceed the maximum value (100%) and the maximum loan value. rate payable by State banks or trust companies on like deposits under 2 Requirement under Regulation T was the margin "customarily re- the laws of the State in which the member bank is located. quired" by the broker. 3 Regulation U became effective May 1, 1936. NOTE.—Regulations T and U also provide special margin requirements on "omnibus" accounts and loans to brokers and dealers. 776 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month 1944 1944 1943 July 26 July 19 July 12 July 5 June 28 June 21 June 14 June 7 June May June Assets Gold certificates on hand and due from U. S. Treasury 18,399,125 18,453,125 18,528,12518,551,87518,619,375 18,646,370 18,663,37518,687,125 18,599,375 18,741,12520,170,716 Redemption fund—F.R. notes., 425,735 423,915 420,533 417,450 411,813 386,804 381,584 359,386 410,317 355,674 53,673 Other cash 290,304 286,656 276,023 271,256 280,560 278,491 268,903 259,467 277,364 265,076 357,587 Total reserves. 19,115,16419,163,69619,224,681 19,240,581 19,311,74819,311,665 19,313,86219,305,978 19,287,056 19,361,875 20,581,976 Discounts and advances: For member banks 36,265 38,030 44,225 21,095 51,398 171,357 172,552 238,950 12,530 236,027 4,990 For nonmember banks, etc 920 900 900 900 150 150 100 600 150 600 Total discounts and advances 37,185 38,930 45,125 51,548 171,507 172,652 239,550 236,627 4,990 Industrial loans 10,749 10,945 11,176 .11,067 11,163 11,513 11,130 11,791 12,676 U. S. Government securities: Direct: Bills: Under repurchase option 3,522,649 3,353,682 3,519,732 3,492,099 3,856,797 4,177,585 4,174,912 4,101,763 3,655,233 4,093,385 2,809,728 Other 5,404,568 5,301,433 5,272,628 5,217,183 5,195,143 5,068,305 4,902,400 4,629,513 5,217,183 4,372,283 1,005,507 Certificates: Special Other 3,381,990 3,381,990 3,381,990 3,381,990 3,381,990 3,292,990 3,284,990 3,240,490 3,381,990 3,147,490 1,091,700 Notes 1,130,571 1,135,371 1,180,035 1,180,035 1,180,035 1,180,035 1,187,535 1,187,535 1,180,035 1,186,264 773,900 Bonds 1,359,936 1,381,396 1,459,096 1,464,096 1,464,096 1,458,496 1,448,996 1,447,496 1,464,096 1,447,496 1,467,732 Guaranteed 2,500 2.500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 3,771 53,616 Total U. S. Government securities, including guaranteed securities. . 14,802,21414,556,37214,815,981 14,737,90315,080,561 15,179,911 15,001,333 14,609,29714,901,03714,250,689 7,202,183 Other Reserve Bank credit outstanding. 273,712 392,395 363,301 314,434 279,697 423,707 420,103 322,584 347,317 260,150 355,923 Total Reserve Bank credit outstanding 15,123,860 14,998,642 15,235,58315,085,47715,422,873 15,786,28815,605,601 15,182,561 15,272,11814,759,257 7,575,772 Liabilities Federal Reserve notes. 18,995,287 18,980,88418,958,74918,971,663 18,832,32218,715,801 18,738,090 18,649,22718,898,96018,531,796 13,872,422 Deposits* Member bank—reserve account 12,792,593 12,754,049 12,849,30712,986,913 13,080,75413,757,866 13,715,085 13,357,76712,865,82613,045,57512,084,540 U. S. Treasurer—general account 402,698 359,740 516,761 219,248 560,567 334,124 153,626 262,102 650,457 307,484 455,178 Foreign 1,414,721 1,461,908 1,487,693 1,470,508 1,577,080 1,580,333 1,533,787 1,515,629 1,507,511 1,553,508 1,114,099 Other deposits 358,354 335,756 375,130 390,528 400,514 419,572 493,917 417,976 362,493 392,739 368,480 Total deposits 4,968,366 14,911,453 15,228,891 15,067,197 15,618,915 16,091,895 15,896,415 15,553,47415,386,287 15,299,30614,022,297 Ratio of total reserves to deposit and F.R. note liabilities combined (per cent) 56.3 56.5 56.1 55.5 55.8 56.4 57.2 73.8 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total 1 W 5 i d th a i y n s 16 d 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 t o d n a 6 t y h s s 6m 1 o y to e n a th r s 2 1 y y e e a a r r s 5 2 y y t e o e a a r r s s 5 O y v e e a r rs Discounts and advances: June 28 51,548 40,531 525 2822 7,670 July 5 21,995 10,975 400 675 9,945 July 12 45,125 36,955 450 705 7,015 July 19 38,930 21,465 4,670 805 11,990 July 26 37,185 25,375 1,175 2440 8,195 Industrial loans: June 28 11,067 10,404 19 23 219 172 120 79 31 July 5 11,145 10,050 11 447 240 202 87 77 31 July 12 11,176 10,081 1 472 227 224 64 76 31 July 19 10,945 9,882 6 466 210 212 64 74 31 July 26 10,749 9,685 18 464 196 210 70 75 31 U. S. Government securities, including guaranteed securities: June 28 15,080,561 1,769,811 1,198,259 3,484 554 3, 728,606 1,035,000 1,704,371 17,800 1,021,926 1,120,234 July 5 14,737,903 1,611,084 1,647,766 3, 720 716 3,476,756 417,250 1,704,371 17,800 1,021,926 1,120,234 July 12 14,815,981 1,563,721 1,789,110 3,810 228 3,376,341 417,250 1,704,371 17,800 1,021,926 1,115,234 July 19 14,556,372 2,012,700 1,342,481 3,905 357 3, 141,617 417,250 1,704,371 17,800 964,762 1,050,034 July 26 14,802,214 2,087,090 1,482,772 3,883 563 3,220,832 417,250 1,704,371 17,800 957,302 1,031,234 AUGUST 1944 777 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - Assets Gold ctfs. on hand and due from U.S.Treas.: June 28 18,619,3751,136, ,413,5251,037,5481,531,525 1,070,8451,009,057 3,,567,665 710,488 390,382 721,674 482,6752,547,628 July 5 18,551,8751,036,7314,617,207 964,3201,539,098 1,034,344 954,575 3,,604,372 675,473 372,325 732,954 523,846 2,496,630 July 12 18,528,12: 1,059,6214,529,712 979,5401,484,720 1,051,045 961,748 3,629,999 692,537 374,148 719,660 544,0712,501,324 July 19 18,453,1251,047,117 4.,748,043 950,8351,464,272 999,018 925,5383,592,642 649,651 354,907 702,844 506,233 2:;,512,025 July 26 18,399,125 985,617 4,,830,996 940,370 1,490,601 990,634 909,9713,577,449 614,162 359,790 687,581 494,8112,517,143 Redemption fund— F. R. notes: June 28 411,813 26,191 101,306 30,397 35,911 27,411 22,759 54,726 28,794 11,309 14,577 13,078 45,354 July 5 417,450 26,098 100,982 35,218 35,791 26,728 25,117 54,616 28,748 11,289 14,541 13,051 45,271 July 12 420,533 26,015 100,484 35,589 35,658 28,040 25,899 55,872 28,713 11,527 14,514 13,019 45,203 July 19 423,915 25,898 100,119 35,457 35,563 27,318 25,758 55,736 28,663 11,514 14,479 12,978 50,432 July 26 425,735 27,796 99,764 35,291 35,428 28,413 25,622 55,589 28,612 11,495 14,442 12,941 50,342 Other cash: June 28 280,560 18,328 77,602 21,497 22,931 15,394 18,303 41,581 12,929 5,644 12,097 9,301 24,953 July 5 271,256 17,092 70,425 20,119 21,116 17,456 19,941 40,030 13,262 6,010 13,440 8,496 23,869 July 12 276,023 18,757 73,131 21,072 22,328 16,619 18,583 41,005 12,738 5,854 12,581 8,500 24,855 July 19 286,656 20,613 73,042 22,261 21,427 19,350 21,318 41,317 13,024 6,304 12,805 8,956 26,239 July 26 290,304 19,714 73,254 21,995 23,414 18,443 21,238 41,619 13,367 6,467 13,272 9,182 28,339 Total reserves: June 28 19,311,7481,180,882 4,592,4331,089,442 590,3671,113,650 1,050,119 3,663,972 752,211 407,335 748,348 5051,,054 2,,617,935 July 5 19,240,5811,079,921 4,788,6141,019,657 596,0051,078,528 999,633 3,699,018 717,483 389,624 760,935 545,,393 2,,565,770 July 12 19,224,6811,104,393 4,703,3271,036,201 542,7061,095,7041,006,230 3,726,876 733,988 391,529 746,755 565,,590 2,571,382 July 19 19,163,6961,093,628 4,921,2041,008,553 521,2621,045,686 972,6143,689,695 691,338 372,725 730,128 528,,167 2,!588,696 July 26 19,115,1641,033,1275,004,014 997,656 549,4431,037,490 956,8313,674,657 656,141 377,752 715,295 516,934 2,595,824 Discounts & advances: Secured by U. S. Govt. securities: June 28 51,548 5,835 31,205 1,553 300 2,775 50 9,100 230 500 July 5 21,995 2,225 9,125 1,015 1,475 925 3,000 4,000 230 July 12 45,125 3,870 28,375 1,100 250 1,375 925 3,000 4,000 2,230 July 19 38,930 3,670 17,585 2,545 250 1,525 925 6,000 6,200 230 July 26 37,185 2,275 19,615 4,200 1,720 925 3,300 4,820 330 Other: June 28 :... July 5 July 12 July 19 July 26 Total discounts and advances: June 28 51,548 5,835 31,205 1,553 300 2,775 50 9,100 230 500 July 5 21,995 2,225 9,125 1,015 1,475 925 3,000 4,000 230 July 12 45,125 3,870 28,375 1,100 250 1,375 925 3,000 4,000 2,230 July 19 38,930 3,670 17,585 2,545 250 1,525 925 6,000 6,200 230 July 26 37,185 2,275 19,615 4,200 1,720 925 3,300 4,820 330 Industrial loans: June 28 11,067 1,439 91 4,754 360 187 40 226 25 3,945 July 5 11,145 1,439 89 4,822 355 187 35 248 25 3,945 July 12 11,176 1,535 89 4,747 355 188 35 232 25 3,970 July 19 10,945 1,535 89 4,545 355 187 33 206 25 3,970 July 26 10,749 1,533 89 4,359 355 187 33 198 25 3,970 U. S. Govt. securities: Bills: Under repurchase option: June 28.. 3,856,797 51,5222,414,164 118,624 36,930 36,570 32,747 864,150 46,157 38,210 21,340 19,683 176,700 July 5.. .. 3,492,099 58, ,231,206 97,684 28,891 26,243 31,480 764,283 42,030 34,640 17,188 13,908 145,790 July 12 3,519,732 50,746 2,235,581 112,979 61,891 16,002 31,134 699,088 53,466 37,260 23,778 12,687 185,120 July 19 3,353,682 44,4551,958,159 132,154 78,006 27,136 24,638 710,594 68,061 41,625 40,485 22,884 205,485 July 26 3,522,649 94,9772,003,993 141,056 65,526 38,132 32,574 744,591 100,761 27,025 47,245 18,834 207,935 Other bills: June 28 5,195,143 396,7691,158,922 421,788 581,399 338,063 295,817 559,013 241,455 158,649 273,296 244,805 525,167 July 5 5,217,183 395,1341,095,384 429,019 583,495 344,157 320,293 580,777 251,969 154,888 272,347 235,509 554,211 July 12 5,272,628 399,3231,108,101 433,552 589,511 347,661 323,381 587,028 254,594 156,565 275,179 237,938 559,795 July 19 5,301,433 401,5251,112,140 435,969 593,077 349,852 325,736 590,086 256,080 157,368 276,798 239,376 563,426 July 26 5,404,568 409,315 1,135,467 444,412 604,323 356,415 331,581 601,691 260,981 160,472 282,086 243,919 573,906 Certificates: June 28 3,381,990 258,295 754,444 274,581 378,484 220,079 192,570 363,916 157,182 103,276 177,920 159,364 341,879 July 5 3,381,990 256,142 710,075 278,106 378,244 223,103 207,625 376,483 163,333 100,406 176,544 152,668 359,261 July 12 3,381,990 256,134 710,764 278,094 378,124 223,000 207,425 376,536 163,300 100,421 176,510 152,623 359,059 July 19 3,381,990 256,147 709,481 278,116 378,347 223,186 207,803 376,438 163,368 100,384 176,578 152,709 359,433 July 26 3,381,990 256,142 710,536 278,095 378,166 223,031 207,489 376,518 163,315 100,415 176,522 152,635 359,126 Notes: June 28 1,182,535 90,314 263,798 96,009 132,340 76,951 67,335 127,244 54,961 36,112 62,208 55,723 119,540 July 5 1,182,535 89,562 248,281 97,242 132,256 78,007 72,598 131,640 57,112 35,107 61,731 53,381 125,618 July 12 1,182,535 89,559 248,523 97,236 132,215 77,973 72,527 131,658 57,100 35,114 61,716 53,364 125,550 July 19 1,137,871 86,181 238,704 93,574 127,295 75,090 69,914 126,653 54,964 33,777 59,410 51,378 120,931 July 26 1,133,071 85,813 238,051 93,171 126,697 74,723 69,516 126,145 54,715 33,643 59,139 51,138 120,320 Bonds: June 28 1,464,096 111,817 326,608 118,868 163,850 95,273 83,367 157,541 68,047 44,711 77,020 68,991 148,003 July 5 1,464,096 110,886 307,397 120,395 163,746 96,581 89,884 162,983 70,710 43,466 76,429 66,091 155,528 July 12 1,459,096 110,505 306,645 119,977 163,136 96,208 89,489 162,449 70,454 43,326 76,150 65,845 154,912 July 19 1,381,396 104,626 289,791 113,601 154,538 91,161 84,877 153,759 66,727 41,005 72,125 62,374 146,812 July 26 1,359,936 102,995 285,714 111,826 152,064 89,684 83,435 151,402 65,670 40,379 70,980 61,377 144,410 Total U.S. Govt. sec, incl. guar. sec: June 28 15,080,561 908,7174,917,9361,029,870 1,293,003 766,936 671,8362,071,864 567,802 380,958 611,784 548,566 1,311,289 July 5 14,737,903 910,480 ,592,3431,022,446 1286,632 768,091 721,8802,016,166 585,154 368,507 604,239 521,5571,340,408 July 12 14,815,981 906,2674,609,6141,041, ,324,877 760,844 723,9561,956,759 598,914 372,686 613,333 522,4571,384,436 July 19 14,556,372 892,934 ,308,2751,053,414 1,331,263 766,425 712,9681,957,530 609,200 374,159 625,396 528,7211,396,087 July 26 14,802,214 949,242 4, ; 373,7611,068,560 1,326,776 781,985 724,595 2,000,347 645,442 361,934 635,972 527,9031,405,697 778 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] San Total Boston Y N o e r w k d P e h l i p l h a i - a C l l a e n ve d - m Ri o c n h d - Atlanta Chicago Lo S u t i . s M a i p n o n li e s - ] Ka C n it s y as Dallas F c r i a sc n- o Total loans and sec: June 28 15,143,176 915,991 949,232 036,177 293,663 769,898 671,926 071,864 576,902 381,184 612,039 548,566 315,734 July 5 14,771,043 914,144 601,557[028283 286,987 769,753 722,840 019,166 589,154 368,755 604,494 521,557 344,353 July 12 14,872,282 911,672 638,078 047,685 325,482 762,407 724,916 959,759 602,914 372,918 615,588 522, 388,406 July 19 14606247 898,139 325,949 060,504 331868 768,137 713,926 963,530 615,400 374,365 625,651 528,721 400,057 July 26... 14,850,148 953,050 393,465[077,119 327,131 783,892 725,553 003,647 650,262 362,132 636,327 527,903 409,667 Due from foreign banks: June 28 136 10 I49 12 12 6 4 17 4 3 4 4 11 July 5 136 10 I49 12 12 6 4 17 4 3 4 4 11 July 12 136 10 I49 12 12 6 4 17 4 3 4 4 11 July 19 . ... 136 10 I49 12 12 6 4 17 4 3 4 4 11 July 26 136 10 I.149 12 12 6 4 17 4 3 4 4 11 Federal Reserve notes of other banks: une 28 86128 1,649 14,812 2,899 3,037 10,430 7,537 9,545 5,926 2,769 6,567 3,030 17,927 uly 5 76,814 1,611 11.491 2,976 3,781 8,958 6,254 8,617 5,763 3,581 4,854 2,350 16,578 uly 12 91,100 1,630 16,461 3,305 3,866 11,248 7,485 9,865 6,570 3,883 7,187 2,984 16,616 uly 19 93,969 1,969 18,133 3,310 3,373 10,356 9,006 9,817 6,577 4,345 6,571 3,626 16,886 uly 26 89,398 1,850 15,385 3,140 3,549 10,957 7,197 9,399 5,625 4,773 7,149 3,550 16,824 Uncollected items: June 28 1,709,758 134,559 350,373 103,466 200,623 125,279 92,690 282,649 63,515 34,433' 572,20 60,933 204,018 July 5 1,564,089 114,440 292,946 102,894 169,229 115,032 96,875 242,874 67,782 38,044 88,013 59,889 176,071 July 12 1,810,313 142,241 377,775 110,647 185,292 128,910 102,342 296,218 74,656 40,940 98,065 70,635 182,592 July 19 1,864,847 143,383 393,665 106,950 219,057 132,287 96,118 277,111 78,321 40096 97,490 70,728 209,641 July 26 1,621,251 113,421 329,626 96,849 159757 115,594 86365 272,302 65,915 36248 79,602 71,110 194,462 Bank premises: June 28 34,739 1,638 9,022 3,528 4158 2,894 1632 2,912 2,043 1266 2,706 955 1,985 July 5 34,704 1,638 9,002 3,528 4,158 2,894 1632 2,912 2,042 1266 2,70Q 947 1,985 July 12 34,705 1,638 9,002 3,528 4158 2,894 1632 2,912 2043 1266 2,700 947 1,985 July 19 34,704 1,638 9,002 3,528 4158 2,894 1632 2,912 2,042 1266 2,700 947 1,985 July 26 34,665 1,638 9,002 3,516 4148 2,887 1629 2,912 2041 1266 2,700 947 1979 Other assets: une 28... 59,355 4209 12,543 4575 6974 4,314 3331 6,440 3071 1857 3,075 2694 6272 uly 5 61,136 4'380 12,080 4477 7145 4,407 3678 7094 3100 1912 3,293 2665 6905 uly 12 63,083 4452 12,701 4647 7325 4,543 3771 7476 3149 1883 3,363 2715 7058 uly 19 63,438 4524 12,499 4682 7519 4,469 3754 7,540 3172 1942 3,315 2868 7154 uly 26 64601 4582 13,087 4765 7500 4570 3816 7837 3239 1892 3247 2972 7094 Total assets: June 28 3t,3450402,238,938992846422400993,0988342,0264711,82723960373991,403672 8288471,4299591,121 2364163882 July 5 35,7485032,11614497157392,1618273,0673171,9795781,83091659796981,385328 8031851,4642931,1328054,111673 July 12 3t,0963002,16603697573932,2060253,0688412,005712,84638060031231,423324 8124221,4736621,1653324,168050 July 19 35,8270372,1432919,6805012,1875393,0872491,9638351,79705459506221,396854 7947421,4658591,1350614,224430 July 2o... 35,7753632,10767897646282,1830573,0515401,9553961,78139559707711,383227 7840661,4443241,1234204,225861 Liabilities Federal Reserve notes: June 28 U,8323221,2408874,2070361,2574231,6633181,2248631,0927993486678 797650 418932 691211 4664482,285077 July 5 IS,9716631,2496624,2496641,2658551,6730441,2311061,0995193506239 804385 420716 695693 4728772,302903 July 12 lfc,9587491,2463244,2317651,2654301,6788921,2338141,0967983508713 804604 420571 697272 4703442,304222 July 19 18,9808841,24169842370241, 2650931,6803011,2347601,0921773515313 802941 419947 697423 4669992,327208 July 26... IS,995,2871,24063142477071,2663281,6857131,2302771,0889563524019 800014 420592 697703 4648022,328545 Deposits: Member bank—reserve account: June 28.... k,080754 6297454,322204 6420631,022351 553659 5530202003975 442964 291813 594057 5269001,498003 July 5 12,986913 6088494,266083 6430031,044046 550052 5623461993887 440623 285887 604067 5299441,458126 July 12... \i,849307 6253434,145519 6424581,004583 547626 5736161951306 455451 285591 589763 5617031,466348 July 19... \i,754049 6216834,113208 6311781,018933 521760 5406111975594 437622 283947 600846 5361161,472551 July 26.. 1-.792593 6105794,197007 6354761,015086 518824 5264741964959 445506 281301 601454 5268851,469042 U.S. Treasurergeneral account: June 28... 560,56 94012 98769 62224 57005 47220 29449 70282 26603 37188 5115 15172 17528 July 5 21924 18670 16039 610 17192 7429 21276 42972 13463 15052 22529 15786 28230 July 12 51676 28109 119753 25897 48983 30784 24,946 76236 28565 25454 29722 16205 62,107 July 19... 35974 17744 98681 23225 34552 14795 16,010 22584 16787 13,742 21121 15238 65,261 July 26... 402698 22572 106982 25700 41481 23606 23,765 35711 10969 8,965 13988 13576 75383 Foreign: June 28.... ,57708 1072182605034 140562 135978 61114 48,891 189454 47363 33,613 44308 44308 119,237 July 5.... ,47050 101061 2554785 132408 128090 57569 46,055 178463 44616 31,663 41737 41737 112324 July 12 ,48769 103091 2559 220 134151 129776 58326 46,661 180812 45203 32,079 42286 42287 113801 July 19... ,46190 100322 2552925 131432 127147 57145 45,716 177148 44,287 31,429 41430 41,430 111,497 July 26... 1,41472 97,569 2538922 12648f 122,362 54994 43,995 170481 42,620 30,247 39871 39,871 107,303 Other deposits: June 28... 40051 528 279793 12,598 7,158 6032 11,411 7207 17,827 7,665 3656 4,293 37,593 July 5 39052 4523 289696 7,679 6,926 7223 8,590 6,539 11,769 5,241 2,616 3,947 35,779 July 12 37513 4,486 272784 8,313 10,837 3953 4,969 7,045 11,694 4,974 3,961 5,545 36,569 July 19 33575 3,650 242567 9,241 8,208 2681 4,504 5,704 14,153 3,143 2,379 4,437 35,089 July 26... 35835 4,156 255780 9,122 8,423 4226 7,217 12,993 10,840 3,001 1,949 4,204 36,443 Total d i3*""^' *^ • une 28. 15,61891 836,2565,305800 857,4471,222,492 668025 642,7712,270,918 534.757 370,279 647,136 590,6731,672,361 uly 5. j 15,06719 733,1035,126603 7837001,196,254 622273 638,2672,221,861 510,471 337,843 670949 591,4141,634,459 uly 12... 15,22889 761,0295,097276 8108191,194,179 640689 650,1922215,399 540,913 348,098 665732 625,7401,678,825 July 19 14,911,45 743,3995,007381 795,0761,188,840 596381 606,8412,181,030 512,849 332,261 665,776 597,2211,684,398 July 26 14,968,36 734,8765,098691 796,7841,187,352 601650 601,4512,184,144 509,935 323,514 657262 584,5361,688,171 Deferred availability items. une 28.. 1,430,19 130,34 259,228 85,060 169,278 112,756 73,830 220,080 55,681 27,192 76,267 49,088 171,395 uly 5 1,249,79 102,36 184,359 72,260 154,665 105,521 75,398 192,268 55,170 32,268 82363 53,665 139,487 uly 12 1,447,14 127,61 272754 89,641 152,216 110446 81,587 219,486 62,433 31,337 95,212 54,312 150,105 uly 19 1,472,58 126,98 280332 87,142 174,377 111827 80,577 194,573 65,672 30,072 87379 55,827 177,828 uly 26 1,347,67 100,78 262057 79,568 134,607 102,513 73,130 202,750 57,764 27,434 74,085 58,976I174,007 1 After deducting $87,000 participations of other Federal Reserve Banks. 2 After deducting $971,710,000 participations of other Federal Reserve Banks on June 28; $915,343,000 on July 5; $927 389,000 on July 12; $908 598 000 on July 19; and $874,403,000 on July 26. AUGUST 1944 779 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS-Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h l i p l h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S o t u . is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Other liabilities, including accrued div.: June28 12,208 1,184 3,590 888 1,182 434 885 1,452 535 297 527 408 826 July 5 6,979 674 1,805 462 672 245 713! 923 216 177 402 189 501 JJ T uu ll 1 yy 1 19 2 6 7 , , 7 4 8 8 6 4 6 7 5 1 1 1 2 1 , , 0 8 3 0 2 6 4 5 8 0 0 7 7 7 4 6 9 9 ! 2 2 7 5 0 3 2 7 7 0 7 3 | 8 9 9 7 4 1 2 22 3 2 5 1 1 8 8 6 7 3 5 7 2 4 9 2 2 3 5 2 1 4 48 9 5 6 July 26 7,546 780 1,959 526 791 284 6161 1,022 281 219 273 294 501 Total liabilities- June 28 35, 893,6422,208,6699 775.6542,200, 8183056, 2702,006, 0781810,2855,979, 128 1,388, 623 816, 7001.415,1411,106,6174, 129, 659 July 5 35, 295,6302,085,8069 562,4312, 122, 2773024, 6351,959, 145 il 813, 8975,921, 2911,370, 242 791, 0041,449, 4071 m5,1454,077, 350 July 12 35, 642,2722,135,6239 603,8272, 166, 3973026, 0361985, 219 1829, 280 5,944, 4921,408, 185 800, 1921,458, 7451 150,6284, 133, 648 July 19 35, 371,7112,112,7909 526,543? 147, 79l|3 044, 287 1,943, 221J1 779, 872 5,891, 887|1,381, 684 782, 4671,450,9521 120,2984, 189, 919 July 26 35, 318,8742,077,0719 610,4142,143, 2063008, 463 1,934, 7241,764,1535,911, 9351,367, 994 771, 7591,429, 3231 106,6084, 191, 224 Capital Accounts Capital paid in: June 28 158,160 9,910 57, 849 11,861 16, 156 6331 5,661 18, 666 4,833 3,427 5, 130 AL,989 13347 July 5 158.740 9,922 58, 085 12071 16 180 6 341 5,685 18, 704 4 837 3,429 5, 139 LL997 13350 Tuly 12 158,922 9,936 58 098 12076 16209 6 347 5,709 18, 726 4 857 3,451 5 146 5,005 13362 T 1 19 159,110 9,942 58 115 12084 16216 6 374 5,711 18825 4 867 3454 5 153 5,005 13364 JJuullyy 26 159,182 9,947 58 123 12 106 16224 6376 5, 713 18, 830 4 868 3,458 5 155 5,012 13370 Surplus (section 7): I June28 188,097 13,206 70012 17859 160261 5 236 5,725 26490 6 330 3 669 4 554 4,831 14 159 July 5 188,097 13,206 70012 178591 16,026 5.236 5, 725 26490 6 330 3 669 4 554 4,831 14 159 July 12 188,097 13,206 70012! 17859 16026 5236 5,725 26490 6 330 3 669 4 554 4,831 14 159 July 19 188,097 13,206 70012 17.859 16026 5 236 5,725 26490 6 330 3 669 4 554 4,831 14 159 July 26 188,097 13,206 70, 012 17. 859 16026 5 236 5 725 26490 6330 3 669 4 554 4,831 14 159 Surplus (section 1,3b): June 28 26,965 2,874 70921 4 421 1007 3 2901 749 1429 530 1000 1 137 1,307 2 129 J T u l 1 y 1 5 2 2 2 6 6 , , 9 9 6 6 5 5 2 2 , , 8 8 7 7 4 4 7 7 7 , 0 0 9 9 2 2 4 4 4 4 2 2 1 1 1 1 0 0 0 0 7 7 3 3 2 2 9 9 0 0 j 7 7 4 4 9 9 1 1 4 4 2 2 9 9 5 5 3 3 0 0 1 1 0 0 0 0 0 0 1 1 1 1 3 3 7 7 L L , , 3 3 O O 7 7 2 2 1 1 2 2 9 9 JJuullyy 19 26,965 2,874 7092 4 42lj 1007 3 290 749 1429 530 1000 1 137 1,307 2 129 July 26 26,965 2,874 7092 4 4211 1007 3 290 749 1429 530 1000 1 137 L,3O7 2 129 Other capital accounts: i 1 June28 78,176 4,279 17857 5 140 9 375 .5536 4 819| 11686 3 356 4 051i 3 997 3,492 4 588 July 5 79,071 4,336 18 119 5 199 9 469 5 566 4 860 11784 3 389 4 083 4 056 3.525! 4 685 July 12 80,044 4,397 18 364 5 272 9 563 5620 4 917! 11986 3422 4 110 4 080 3,561 4 752 July 19, , 81,154 4,479 18 739 5 384 9 713 5 714 4 997 11991 3443 4 152 4 063 3,620 4 859 July 26 82,245 4,580 18987! 5465 9 820 5 770 5055 12087 3 505 4 180 4 155 3,662 4979 Total liabilities and capital accounts: June 28 36 345,0402,238,9389 928 4642 240099 3,098 8342026 4711827 2396037 3991403672 828 8471429 9591,121,23614 163 882 July 5 35 748,5032,116,1449 715 7392 161 827 3,067 3171,979 ,578 1,830 916|5 979 698 1 385 328 803 1851464,293 1,132,805 4 111 673 July 12 36 096,3002,166,0369,757 393 2 206 025 3,068 ,841 2,005 ,71211,846 3806003 1231,423 ,324 812 4221,473,662 1,165,3324,168,050 July 19 35 827,0372,143,2919,680 5012,187 539 3,087 ,249 1,963 ,835 1,797 0545950 6221,396 ,854 794,742 1,465,859 1,135,0614,224,430 July 26 35 775,3632,107,6789,764 6282 183057 3,051 ,540 1,955 ,396 1,781 3955970,771 1, 383,227 784,066 1,444,324 1,123,4204,225,861 Commitments to make industrial loans: June 28 4,199 375 8 1,682 42 1,132 48 912 July 5 3,965 375 8 1,590 42 991 481 911 July 12 3,915 275 8 1,665 42! 991 48!. 886 July 19 4,101 275 8 1,854 50 988 4S 878 July 26 3,648 275 8 2,005 50 959 4? 303 FEDERAL RESERVE NOTES-FEDERAL RESERVE AGENTS1 ACCOUNTS, BY WEEKS [In thousands of dollars] Total Boston Y N o ew rk d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - l A an t- ta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Federal Reserve notes outstanding (issued to Bank): June 28 .9,501,413 ,277,15' 4,387,242 1,291,1991,711,882 1,261,979 145,9633,563,665 834,338 428,828 715,825 496,522 2,386,813 July 5 .9,549,378 ,274, ,411,343 1,295,0561,712,713 1,261,494 145,259 3,577,601 832,975 428,9"4 2'" 771144,834|499,996 2,394,331 July 12 .9,616,036 ,284, 641 4,416,902 1,301,0701,719,08611,269,423 149,346 3,583,626 843,8521430, 716,9421499,193 2,401,802 July 19 .9,671,449 ,287,4514,416,967 1,305,0241,721,462 1,271,351 146,166 3,582,758 841,025 429,663 772211,348|498,618J2,449,616 July 26 .9,703,192 ,283, 6'7"5 4,,423,899 1,300,9121,727,117 1,271,324 152,674 * 598,716 840,480 430,315 725,126J499,61112,449,343 Collateral held against notes outstanding: i Gold certificates: June 28 11,873,000 779, 000 2,395,000 695,000 1,013,000 775,000 725,000 2,500,000 375,000 206,000 4300,,0(00 256,000 1,724,000 July 5 11,768,000 779, 000 2,420,000 600, 000 1,018,000 775,000 685,000 2,500,000 375,OOOi206,000 4300,,0(00 256,000 1,724,000 July 12 11,842,000 786, 000 2,470,000 605,000 1,025,000 775,000 660,000 2,520,000 375,000J216,000 430,000 256,000 11,724,000 July 19 12,187,000 776, 000 2,770,000 610, 000 1,025,000 775,000 660,000 2,520,000 375,000 216,000 430,000 256,000 11,,777744,,000000 July 26 12,155,000 741, 000 2,770,000 610,0001,028,000 775,000 660,000 2,520,000 375,000 216,000 430,000 256,000 11, 7"7"4,000 Eligible paper: June 28 50,698 5,835 31,205 1,553 2,775 9,100 230 July 5 18,070 2,225 9,125 1,015 1,475 4,000 230 July 12 40,950 3,870 28,375 1,100 1,375 4,000 2,230 July 19 31,755 3,670 17,585 2,545 1,525 6,200 230 July 26 32,960 2,275 19,615 4,200 1,720 4,820 330 U. S. Govt. securities: June 28 7,771,157 500,0002,000,000 600,000 700,000 500,000 425,000 100,000 471 157 225,000 300,000 250,000 700,000 July 5 8,042,030 500,0002,000,000 700,000 700,000 500,000 475,000 100,000 492030 225,000 300,000 250,000 800,000 July 12 8,203,466 600,0002,000,000 700,000 700,000 525,000 500,000 , 100,000 503,""4 626 2252,50,0000 300 300,0000 250,000 800,000 July 19 7,918,061 600,0001,700,000 700,000 700,000 525,000 500,000 100,000 518,061225,000 300,000 250,000 800,000 July 26 7,950,761 600,0001,700,000 700,000 700,000 525,000 500,000 100,000 550,761225,000 300,000j250,000 800,000 Total collateral: June 28 19,694,8551,284,8354,426,205 1,296,553 1,713,000 1,277,775 1501,,000 3,,600, 000 855,257 431,000 730,230 506,00012,424,000 J J u u l l y y 1 5 2 2 1 0 9 , , 0 8 8 2 6 8 , , 4 1 1 0 6 01 1 , , 2 3 8 8 1 9 , , 2 8 2 7 5 0 4 4 , , 4 4 2 9 9 8 , , 1 3 2 7 5 5 1 1 , ,3 30 0 1 6 , , 0 1 1 00 5 1 1, , 7 7 1 2 8 5 , , 0 0 0 0 0 0 1 1, , 2 3 7 0 6 1 , , 4 3 7 7 5 5 1 1 6 6 0 0 1, , ,0 0 0 0 0 0 3 3 , ,: , 6 66 0 22 0 0 , 0, 0 0 0 0 0 0 8 8 7 8 1 2 , , 0 4 3 6 0 6 4 4 3 4 1 l , | 0 0 0 0 0 0 7 7 3 3 0 2 , ^ 2 2 3 3 0 0 5 5 0 0 6 6 , , 0 0 0 0 0 0 1 ,2 2 , , 5 5 2 2 4 4 , , 0 0 0 0 0 0 July 19 20,136,8161,379,6704,487,585 1,312,545 1,725,0001,301,525 160, ,620, ,000 2,574,000 July 26 20,138,72 1,343,2754,489,615 1,314,200 1,728,000 1,301,720 160,000 3,,662200,,000 930,581 441,000 730,330 506,000 2,574,000 780 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 r d s i a d o (l y d a a y ) o s t f or Nu A m p a b p p e l r p i r c o a A v ti e o m d n o s unt (a b p p m c u r l A o e o t o m t P v n u e - e - o d n d t 1 t) s ( t a L a m o n o u o d a t u i n - n n s g t) 2 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 u o i d t o u t i - i n n c n s t i g ) - BA [ N G 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 a o f A r u a d t T n s o t t I l a e l O n e a d r d N s i ! n lo g V ans a A v a d a m i d la i o t b i u o l n e n t a t l o borrowers 1934 984 49,634 20,966 13,589 8,225 1,296 Date under guar- 1 1 1 9 9 9 3 3 3 5 6 7 2 2 1 , , , 2 4 9 8 0 9 0 6 3 1 1 1 2 3 5 4 9 0 , , , 8 4 9 2 8 9 9 7 3 1 8 3 1 , , , 3 2 5 6 2 4 9 8 6 3 2 2 2 5 0 , , , 5 4 2 2 1 9 6 6 3 2 2 1 7 0 2 , , , 6 9 7 4 5 8 9 9 0 8 7 7 , , , 2 7 2 3 0 7 8 8 8 Number Amount am To o t u a n l t g P u t o e a r e r t d i a o n n - o a u nt t m e s e t e a n a n g t d s r i e n e g - 1938 2,653 175,013 1,946 17,345 14,161 12,722 1939 2,781 188,222 2,659 13,683 9,220 10,981 1940 2,908 212,510 13,954 9,152 5,226 6,386 1942 1941 3,202 279,860 8,294 10,337 14,597 19,600 June 30 565 310,680 81,108 69,674 137,888 1942 Sept. 30 1,658 944,204 427,918 356,577 230,720 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 A N M J J S O J A D M F u u a e e u o p c e a a l n n p b y g c t v r y r e . . t . . . . . . . 3 3 2 1 3 3 3 3 3 3 3 3 3 0 9 1 7 1 1 0 0 0 0 1 0 1 44 3 3 3 3 3 3 3 3 3 3 3 3 , , , , , , , , , , , , 4 4 4 4 4 4 4 4 4 4 4 4 6 4 5 5 4 4 6 5 6 3 7 4 0 8 8 5 0 7 4 2 6 2 1 3 4 4 4 4 4 4 4 4 4 4 4 4 8 9 7 8 7 8 6 8 7 4 3 5 8 1 3 1 5 6 7 6 3 7 4 9 , , , , , , , , , , , , 4 3 3 3 2 4 0 7 6 2 6 6 2 4 9 1 8 3 9 3 6 9 0 8 2 2 9 9 8 8 6 3 8 8 8 1 3 4 6 5 5 3 3 2 2 , , , , , , , , , 0 8 3 1 6 7 8 2 8 4 9 3 8 4 6 5 7 3 6 0 8 2 0 0 2 5 4 4 2 2 0 3 3 6 1 5 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 0 3 3 2 2 3 2 3 3 , , , , , , , , , , , , 8 7 2 0 5 3 4 8 0 2 1 1 1 1 2 0 3 0 9 7 4 5 8 8 1 7 7 0 2 9 7 8 4 8 2 8 1 1 1 1 1 1 1 1 1 9 9 9 1 2 1 2 2 1 2 3 3 , , , , , , , , , , , , 9 9 2 6 9 1 8 1 4 1 4 1 2 7 7 1 1 5 3 3 7 6 3 4 0 8 0 4 7 0 2 2 4 0 8 3 2 2 2 2 1 2 1 1 1 1 1 1 0 0 8 0 3 3 8 7 8 8 8 9 , , , , , , , , , , , , 1 4 1 3 3 9 6 9 9 6 8 0 6 7 0 1 2 3 3 1 2 1 7 3 6 7 0 6 1 2 0 5 8 6 0 3 J A J S O N D J M A M F u u a e e u c e o p a n a n l p b t c g y r v y e r . . t . . . . . . . 2 3 3 3 3 3 3 3 3 3 3 3 8 1 0 1 1 0 0 1 1 0 1 1 . 4 3 4 4 4 3 4 4 5 2 3 5 , , . , , , , , , , , , 5 1 5 0 4 7 1 2 9 3 7 9 3 9 9 8 2 0 4 0 1 4 7 6 4 8 9 7 3 2 7 4 7 8 3 1 3 4 4 3 4 4 5 6 2 5 5 6 , , , , , , , , , , , , 4 1 2 5 0 7 5 9 7 4 5 9 5 7 3 4 5 2 5 5 0 1 6 9 3 4 9 6 5 2 4 8 0 3 8 9 , , , , , , , , , , , , 9 0 1 5 4 2 0 9 2 8 7 7 4 4 7 5 9 4 4 0 7 1 3 3 1 7 2 5 8 1 8 5 8 8 1 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , . 0 2 3 4 4 6 5 7 8 9 7 9 4 4 3 1 2 3 4 0 1 1 9 7 0 5 5 9 6 8 8 5 6 8 4 4 , , , , , , , , , , , , 8 7 7 0 2 0 1 2 9 0 2 0 7 2 1 9 7 2 6 8 5 7 2 4 7 8 1 3 6 8 2 2 3 2 1 0 1 1 i 1 1 1 1 , , , , , , , , , 2 9 6 0 1 5 4 1 3 4 8 7 6 9 0 7 5 1 9 5 2 6 1 6 9 9 1 3 0 1 8 5 3 6 3 8 , , , , , , , , , , , , 4 3 5 9 0 2 8 9 7 2 1 1 1 9 1 7 4 2 4 1 4 5 7 5 6 4 8 2 0 1 9 7 0 6 8 9 2 2 3 2 2 2 2 1 2 2 1 1 , , , , , , , , , , , , 4 1 2 0 0 4 3 5 7 4 7 8 8 4 1 1 7 9 8 8 9 0 4 6 2 6 6 8 6 4 8 6 8 6 5 0 , , , , , , , , , , , , 8 2 0 8 9 8 7 5 2 8 6 9 7 8 1 9 5 5 2 6 8 4 1 4 5 6 8 8 3 5 1 3 3 9 8 3 M J A J M F u a e p a a n n b r y r e . . . . 2 3 3 3 3 2 9 0 1 1 1 9 3 3 3 3 3 3 , , , , , , 4 4 4 4 4 4 7 7 8 8 8 8 5 8 2 1 3 3 4 4 5 5 5 5 9 9 0 1 0 0 5 7 5 0 3 8 , , , , , , 7 8 8 3 7 1 5 7 3 3 2 7 7 5 8 0 6 0 1 1 , , 8 4 2 8 2 0 0 4 0 3 7 8 8 5 8 5 6 1 1 1 1 1 1 0 2 2 1 0 1 , , , , , , 3 2 3 1 0 7 6 5 6 9 7 7 9 0 6 8 4 3 1 1 9 8 3 4 0 0 , , , , , , 0 9 7 0 2 1 6 5 4 4 9 4 9 6 8 2 4 6 1 1 1 1 1 1 8 8 1 1 7 8 . , , , , , 2 1 2 5 0 3 4 3 6 3 6 2 7 7 7 1 3 1 M J M F A a e p a a n b r y r . . . . 3 3 3 2 3 1 0 1 1 9 1 . 9 .. 4 ' 4 5 5 5 6 6 , , , , , 5 9 7 0 2 6 0 2 7 8 5 4 0 9 3 6 7 7 7 7 , , , , , 9 6 1 7 4 8 4 7 9 6 9 7 2 6 7 , , , , , 6 7 1 7 4 8 6 8 1 0 2 2 0 9 0 2 2 2 2 1 , , , , , 0 0 0 0 9 2 3 3 0 9 3 0 0 9 0 , , , , , 5 2 5 5 9 7 9 4 1 9 9 4 7 1 6 1, , , , , 6 7 6 7 6 9 0 6 0 8 1 0 6 6 0 , , , , , 8 1 4 4 0 0 8 0 2 4 2 5 0 1 6 r r r r r 3 3 3 3 3 , , , , , 2 6 7 6 4 7 8 9 1 5 8 4 5 5 1 , , , , , 8 5 5 9 5 2 6 5 6 8 2 8 8 3 1 June 30 6,433 8,046,672 2,064,318 ,735,777 3,810,797 1 Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant. r Revised. 2 Includes industrial loans past due 3 months or more, which are not in- NOTE .—The difference between guaranteed loans authorized and sum cluded in industrial loans outstanding in weekly statement of condition of of loans outstanding and amounts available to borrowers under guarantee Federal Reserve Banks. agreements outstanding represents amounts repaid, guarantees available NOTE.—The difference between amount of applications approved and the but not completed, and authorizations expired or withdrawn. sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or expired. MEMBER BANK RESERVE BALANCES, BY CLASS OF BANKS DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND [Averages of daily figures. In millions of dollarsl SMALL CENTERS,1 JUNE 1944 [Averages of dailyfigures. In millions of dollars] Central reserve All city 1aanks Re- Coun- In places of 15,000 In places of under mem- serve population and over 15,000 population ba b n e k r s1 N Y e o w rk Chicago b c a i n t k y s banks1 Federal Reserve district Demand Demand Total reserves held: d e e i x n p c t o e e s r p i - t t s de T p i o m s e its d e e i x n p c t o e e s p r i - t ts de T p i o m s e its 1943—May 12,024 3,373 785 4,894 2,973 bank2 bank2 June 12,293 3,501 816 4,983 2,993 1944— J M un ay e 1 1 2 3 , , 9 5 6 1 2 8 3 3 , , 7 8 0 5 6 9 8 8 7 4 6 8 5 5 , , 1 3 5 3 2 9 3 3 , , 4 2 4 5 4 6 TotaJ 12,534 5,097 7,673 3,551 Week ending (Friday): 1944—June 2 13,172 3,790 862 5,233 3,287 Boston 1,740 590 260 157 June 9 13,460 3,869 877 5,332 3,382 New York . . . 2,463 1,303 726 715 June 16 13,704 3,932 901 5,428 3,443 Philadelphia * 910 472 627 551 June 23 13,742 3,949 891 5,406 3,496 Cleveland 1,106 555 729 481 June 30 13,255 3,702 847 5,221 3,485 July 7 13,003 3,526 842 5,128 3,507 Richmond 957 259 534 268 July 14 12,927 3,505 842 5,112 3,467 Atlanta 1,109 272 441 116 July 21 12,841 3,516 835 5,097 3,394 Chicago 1,626 810 1,083 529 Excess reserves: St. Louis 445 194 612 152 1943—May 1,730 49 14 738 930 June 1,461 22 7 589 843 Minneapolis 390 161 439 242 1944—May 868 12 6 257 594 Kansas City 369 67 947 125 June 1,081 20 3 312 746 Dallas 627 73 884 39 Week ending (Friday): San Francisco 792 341 391 174 1944—June 2 852 13 5 246 588 June 9 940 10 6 274 650 1 Includes any banks in outlying sections of reserve cities which have J J u u n n e e 2 1 3 6 1 1 , , 1 0 3 2 5 4 2 1 3 4 8 5 3 3 0 1 7 6 6 7 9 9 6 1 been given permission to carry the same reserves as country banks. All J J J u u u l l n y y e 3 1 7 0 4 1 1 1 , , , 3 3 3 0 8 5 5 5 8 3 2 2 8 1 7 ' i 1 o 2 4 4 3 3 0 9 3 5 3 8 9 9 1 7 2 6 0 5 r in es t e 2 h r v e In e t c a c l b i u t l d i e e e s o s n h w a t a v h r e e a l f o o p a l n o lo p w d u e i l n a p g t o i o s p i n t a s g o , e f s . m ho o w re n th se a p n a r 1 a 5 t , e 00 ly 0 . for all country banks July 21 2*1,258 14 2 353 ^889 p Preliminary. 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. AUGUST 1944 781 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS AND RESERVES OF MEMBER BANKS [Averages of daily figures. In millions of dollars] Gross demand deposits Reserves Demand Fed C e l r a a s l s R o e f s e b r a v n e k d a i n s d trict Total I b n a te n r k - w G m a U o r v . e S e l n o . r t n an - Other a D d d e e j p u m o s a t s e n i d t d s 2 N p m o e a s t i n t d d s e 3 - p T o d i s e m - it e s4 d b o a b l m d f a a r u o n n e e m k c st e s i s c Held qu R i e r - ed Excess deposits1 First half of June 1944 All member banks 76,398 10,503 5,506 60,389 57,135 62,532 16,823 5,257 13,514 12,566 949 Central reserve city banks: New York 21,875 3,657 1,858 16,360 15,463 19,080 918 61 3,884 3,871 13 Chicago • 5,032 1,039 407 3,586 3,383 4,222 538 201 881 877 4 Reserve city banks 28,633 4,792 1,968 21,873 20,264 23,392 6,746 1,716 5,352 5,083 268 Boston 2,026 313 194 1,519 1,438 1,703 116 49 356 348 9 New York. 476 26 25 425 400 406 190 20 95 93 2 Philadelphia 2,252 312 166 1,774 1,680 1,927 147 64 403 394 8 Cleveland 3,742 491 274 2,977 2,788 3,099 869 183 715 672 43 Richmond 1,628 274 128 1,225 1,143 1,307 291 114 304 279 25 Atlanta 1,729 463 94 1,171 1,062 1,395 252 135 318 294 24 Chicago 3,731 437 271 3,023 2,841 3,004 1,134 281 699 669 30 St. Louis 1,573 517 130 926 826 1,248 209 97 270 262 8 Minneapolis 907 248 78 581 526 716 103 59 152 149 3 Kansas City 2,275 788 112 1,375 1,236 1,770 215 259 400 367 33 Dallas..... 1,731 423 78 1,229 1,133 1,361 185 200 320 283 36 San Francisco 6,564 499 418 5,647 5,191 5,453 3,035 257 1,320 1,273 47 Country banks 20,857 1,015 1,273 18,569 18,025 15,838 8,621 3,279 3,398 2,735 663 Boston 2,034 98 172 1,764 1,691 1,627 746 167 313 273 41 New York 3,186 74 252 2,860 2,754 2,581 2,014 255 555 482 73 Philadelphia 1,514 13 109 1,393 1,352 1,189 1,019 179 283 228 55 Cleveland 1,823 21 119 1,682 1,640 1,389 1,032 275 346 256 90 Richmond 1,628 165 85 1,379 1,317 1,204 525 288 247 200 47 Atlanta 1,717 192 96 1,430 1,383 1,261 387 329 246 200 46 Chicago 2,733 71 184 2,478 2,433 2,041 1,333 469 464 366 98 St. Louis 1,173 130 48 994 963 874 346 223 180 143 37 Minneapolis 883 60 42 781 762 664 402 160 150 117 33 Kansas City 1,373 67 50 1,256 1,240 963 192 351 201 146 54 Dallas..... 1,592 101 62 1,429 1,397 1,121 HI 385 224 164 60 San Francisco 1,202 24 53 1,125 1,094 926 513 198 189 160 28 Second half of June 1944 All member banks .. 79,782 10,956 9,657 59,169 55,495 61,056 16,906 5,530 13,522 12,308 1,214 Central reserve city banks: New York 23,091 3,896 3,145 16,051 14,909 18,761 910 61 3,834 3,807 27 Chicago 5,246 1,100 667 3,479 3,256 4,185 540 172 871 869 2 Reserve city banks . 29,836 4,924 3,503 21,409 19,679 22,817 6,781 1,832 5,326 4,970 356 Boston 2,169 335 354 1,480 1,384 1,668 116 52 358 341 17 New York 487 26 43 417 391 397 191 20 94 91 3 Philadelphia 2,339 331 301 1,707 1,594 1,852 146 74 394 379 15 Cleveland 3,909 513 514 2,882 2,665 2,985 871 195 698 649 49 Richmond 1,715 282 243 1,190 1,102 1,266 292 122 310 271 39 Atlanta 1,806 478 179 1,149 1,037 1,371 254 147 314 289 25 Chicago 3,875 453 495 2,927 2,735 2,894 1,139 300 689 647 42 M St i . n L n o e u a i p s o l . its 1, 9 66 63 6 4 2 8 4 2 6 2 1 1 5 0 6 9 56 7 1 4 8 5 6 0 3 3 1, 6 24 8 6 7 2 1 1 0 1 4 1 6 0 2 1 2 1 7 4 2 9 2 1 6 4 2 4 1 5 0 Kansas City 2,364 811 201 1,353 1,195 1,727 216 282 400 358 42 Dallas 1,767 434 154 1,179 1,085 1,315 185 209 310 274 36 San Francisco 6,776 532 653 5,591 5,126 5,409 3,057 268 1,337 1,265 72 Country banks 21,609 1,036 2,342 18,230 17,652 15,293 8,675 3,464 3,491 2,662 829 Boston 2,165 101 343 1,721 1,637 1,541 749 202 321 261 61 New York 3,340 74 442 2,824 2,705 2,500 2,024 286 593 472 122 Philadelphia 1,586 12 194 1,380 1,334 1,157 1,026 192 288 224 64 Cleveland 1,891 22 216 1,653 1,608 1,343 1,041 289 359 251 108 Richmond 1,684 165 171 1,348 1,280 1,149 529 306 246 193 54 Atlanta 1,773 199 180 1,393 1,348 1,219 388 342 251 194 57 Chicago 2,829 72 319 2,438 2,391 1,970 1,344 499 482 356 126 M St. i n L n o e u a i p s o l . i ; s 1, 8 2 9 0 6 2 1 6 3 2 0 9 8 4 2 9 7 7 5 8 2 9 7 4 3 9 3 8 6 5 3 6 4 4 3 0 4 4 7 2 1 2 6 6 3 1 1 7 5 9 0 1 1 4 1 1 3 3 3 9 7 Kansas City 1,393 67 96 1,230 1,215 927 193 361 203 141 62 D Sa a n l l F as r . a n .. c .t isco 1 1, , 2 6 1 3 7 3 1 2 0 9 2 1 8 1 6 9 1 1 , , 4 1 1 0 2 2 1 1, , 0 3 7 8 1 2 1, 9 08 0 9 7 5 1 1 1 7 3 4 1 0 9 1 8 2 1 2 8 8 9 1 1 5 5 9 8 6 3 9 1 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 otrjier 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. 7 8z FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and small denomination currency2 Large denomination currency2 End of year and in cir- Unasmonth cula- sorted tion1 Total Coin $13 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1933 5,519 4,167 442 402 33 719 1,229 1,342 1,360 364 618 125 237 10 1934 5,536 4,292 452 423 32 771 1,288 1,326 1,254 337 577 112 216 5 7 10 1935 5,882 4,518 478 460 33 815 1,373 1,359 1,369 358 627 122 239 7 16 5 1936 6,543 5,021 517 499 35 906 1,563 1,501 1,530 399 707 135 265 7 18 8 1937 6,550 5,015 537 505 33 905 1,560 1,475 1,542 387 710 139 288 6 12 7 1938 6,856 5,147 550 524 34 946 1,611 1,481 1,714 409 770 160 327 17 32 5 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 2 1940 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 4 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942 15,410 11,576 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943—January. . 15,590 11,665 869 773 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 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 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 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 Ma*rch 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 June 22,504 15,925 1,065 906 72 2,010 5,544 6,326 6,581 1,699 3,458 481 912 9 22 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 Total out- For held by s J t u a 1 n n 9 e d 4 i 3 4 n 0 g , A g s a o s g s l i d a e l v c in a e u r s n r t d ity Tr c e a a s s h ury R F B e e a a s d n e n e d r k r v a s e l B F R a a n e e g d k s e e e s n r r t v a a s n l e d Ju 1 n 9 e 4 4 30, M 1 a 9 y 4 4 31, Ju 1 n 9 e 4 3 3 0, certificates agents Gold 21,173 19,064 22,110 Gold certificates 19,064 16,194 2,815 " "54' 54 57' Federal Reserve notes 19,528 59 719 18,750 18,395 13,747 Treasury currency—total, 34,104 * 1,815 126 277 3,700 3,711 3,618 Standard silver dollars 494 295 94 2 103 102 84 Silver bullion 1,520 1,520 Silver certificates and Treasury notes of 1890 3'1,815 226 1,589' 1,603 1,650" Subsidiary silver coin 734 20 " 14 700 693 610 Minor coin 277 9 4 263 260 236 United States notes 347 2 22 322 324 322 Federal Reserve Bank notes 605 1 7 597 603 584 National bank notes 127 (5) 1 126 126 132 Total—June 30, 1944 (4) 20,879 2,296 16,194 3,812 22,504 May 31, 1944 , \) 20,971 2,310 16,281 3,693 22,160 June 30, 1943 () 22,199 2,268 17,409 3,770 17,421 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. 775, and seasonally adjusted figures in table on p. 784. 2 Includes $1,800,000,000 Exchange Stabilization Fund, $143,886,546 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. 8 Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United State; as security for Treasury notes of 1890—an equal dollar amount in standard silver d< , ^ security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal I. . .. .. tificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or, until June 30, 1945, of direct obligations of the United States if so authorized by a majority vote of the Board of Governors of the Federal Reserve System. Federal Reserve Banks must maintain a reserve in gold certificates of at least 40 per cent, including the redemption fund which must be deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates 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. AUGUST 1944 783 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY IN CIRCULATION WITH ADJUSTMENT FOR ANALYSIS OF CHANGES IN GOLD STOCK OF SEASONAL VARIATION UNITED STATES [Outside Treasury and Federal Reserve Banks. In millions of dollars] [In millions of dollars] Amount- Amount- Change in Ear- Date f u o v n r a a r s d i e j a a u t s s i o o te n n d al ad v s j a e u r a s i s t a e o t d n i o a n l for s a e s d a e s ju r o i s n e t a s e l 1 d ly Period of a s G t t p o o e e c l n r k d i d od I i n n s c t o r g e c o a k l s d e N im et p g o o r l t d g m o c o l r r a d e r i : a k n s d e - e d e- p D ti r c t o o i m o d g n u o e 1 c s ld - crease (—) End'of year figures: 1938 6,856 +306 1939 7,598 -j-742 19342 8,238 4,202.5 1,133.9 82.6 92.9 1940 8,732 +1,134 1935 10,125 1,887.2 1,739.0 .2 110.7 1941 11,160 +2,428 1936 311,258 1,132.5 1,116.6 -85.9 131.6 1942 15,410 +4,250 1937.. 312,760 1,502.5 1,585.5 -200.4 143.9 1943 20,449 +5,039 1938 14,512 1,751.5 1,973.6 -333.5 148.6 1939 17,644 3,132.0 3,574.2 -534.4 161.7 Monthly averages of daily 1940 21,995 4,351.2 4,744.5 —644.7 170.2 fig 1 u 9 r 4 e 3 s: — A Ju u l g y ust 1 1 7 8 , ,1 6 9 8 6 1 1 18 7 , , 2 7 8 1 7 6 + + 4 5 1 7 2 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 - 7 1 8 4 0 8 1 . . . 3 5 8 8 982.4 - - - 4 8 4 0 5 0 7 8 3 . . . 7 4 6 1 r 1 4 6 2 8 9 5 . . . 3 4 1 September 18,729 18,767 +480 October 19,001 19,001 +234 1943—June 22,388 -38.9 -51.7 r4.0 November 19,566 19,507 +506 July 22,335 -52.7 -63.7 r4.0 December 20,243 19,944 +437 August 22,243 -92.0 -91.3 r3.7 1944—January 20,428 20,367 +423 September... 22,175 -67.8 -80.6 r3.4 February 20,635 20,635 +268 October 22,116 -59.3 -40.6 r3.9 March 20,964 21,027 +392 November ... 22,065 -51 0 -44.1 r3.4 April 21,312 21.484 +457 December.... 21,938 -127.0 -87.0 r3.6 May 21,821 21,975 +491 1944—January 21,918 -19.6 -27.6 3.1 June 22,295 22,407 +432 February... . 21.712 -206.6 11.5 3.4 July 22,581 22,626 +219 March 21,600 —111.7 -48.7 2.9 April 21.429 -170.7 -70.5 2.9 Wednesday figures: May 21,264 —165.5 -93.1 2.9 1944—May 31 22,112 22,201 +46 June 21,173 -90.7 5-6.4 H.9 June 7 22,255 22,300 +99 14 22,333 22,445 +145 Jan.-June... 21,173 -764.7 5-234.9 p18.1 21 22,293 22,473 +28 28 22,421 22,556 +83 July5 22,598 22,530 -26 p Preliminary. r Revised. ^ Figure carried forward. 12 22,561 22,606 +76 1 Annual figures are estimates of the United States Mint. Monthly 19 22,531 22,667 +61 figures are those published in table on p. 825, adjusted to exclude Philippine 26 22,584 22,812 +145 Islands production received in United States. 2 Figures based on rate of $20.67 a fine ounce in January 1934 and $35 a amo 1 u F nt o s r in e n f d i rs o t f c y o e lu a m r n f . igures, represents change computed on absolute fin 3 e I o n u c n lu c d e es t h g e o r l e d a f i t n e r t . he Inactive Account amounting to 27 million dollars figu N re O s T o E n . — c F o o m r pa d r is a c b u le s si b o a n s is o f s e s e e a S so ep n t a e l m a b d er j us 1 t 9 m 43 e n B t U f L a L ct E o T r I s N , a n p d p . f 8 o 2 r 2- b 8 a 2 c 6 k . on 4 D T e h c e . 3 n 1 e , t 1 g 9 o 3 l 6 d , a im nd p o 1 r ,2 t 2 f 8 ig m ur i e ll s i o f n o r o n m D on e t c h . s 3 1 s , u 1 b 9 s 3 e 7 q . uent to December 1941 y B e e a c r a u e s n e d o , f a a d n ju a s p tm pa e r n e t nt f a r c e t c o e r n s t h c a h v a e n g b e e e in n t r h ev e is s e e d a so s n o a m l e p w a h t a t t e r f n o r a r d o a u t n e d s t a h f e - ha 5 v e G o n l o d t h b e e l e d n u r n e d le er a s e e a d r m fo a r r k p a u t b l F i e c d at e i r o a n l . Reserve Banks for foreign account fected, beginning with December 1942; seasonally adjusted figures for amounted to 3,712.3 million dollars on June 30, 1944. money in circulation, as shown in Banking and Monetary Statistics, Table NOTE.—For back figures, see Banking and Monetary Statistics, Table 156, 111, p. 414, and described on p. 405, are based on an older series of adjust- pp. 536-538, and for description of statistics see pp. 522-523 in the same ment factors. publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of Debits to demand Annual rate of Debits to i t n o t t e a r l b d a e n p k o s a i c t c a o c u c n o t u s nts except tu d r e n p i o o n v s te e it r r s b o a e f n x k c t e o p ta t l a e d n x e d c p e o p G s t i o t i v n a e c t r e c n r o b m u a e n n n t k s t tur d n i e n o p t v e o e r s r b i t a s o n f k e x d a c e n e m p d a t nd Year and month Government T re 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 w r 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 3 c p e 3 o n o r t t e t i h r n s e g r Y N C o e it w r y k 1 l 0 e c 0 a i t d o ie i t n s h g er Y N C o i e t r w y k 10 le c 0 a i t d o i i e t n h s g er 1935 402,718 184,006 190,165 28,547 178,498 175,902 31.5 22.7 1936 461,889 208,936 219,670 33,283 204,831 202,267 31.4 22.4 1937 469,463 197,836 235,206 36,421 193,143 215,090 29.5 22.4 1938 405,929 168,778 204,745 32,406 164,945 186,140 25.1 19.9 1939 423,932 171,382 218,298 34,252 167,939 200,636 21.0 19.4 1940 445,863 171,582 236,952 37,329 167,373 217,744 17.1 18.6 1941 537,343 197,724 293,925 45,694 193,729 270,439 17.3 19.4 1 19 9 4 4 2 2 — — n o e ld w s s e e ri r e i s e 3 s3... 6 6 0 4 7 1 , , 0 7 7 7 1 8 2 2 1 2 0 6 , , 9 8 6 6 1 5 3 34 4 7 2 , , 8 4 3 3 7 0 5 6 3 7 , , 6 0 7 7 9 4 16.1 13.1 200,337 308,913 18.0 18.4 1943 792,937 296,368 419,413 77,155 16.5 11.7 258,398 369,396 20.5 17.4 1943—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 21,592 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 66,707 25,297 34,933 6,478 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 June 83,866 33,563 42,613 7,689 19.7 11.8 28,988 38,024 24.3 18.7 * National series for which bank debit figures are available beginning with 1919. 22 AAnnnnuual figures for 1935-1942 (old series) include 133 centers; annual figures for 1942 (new series) and 1943, and monthly figures, include i1 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. 784 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS AND CURRENCY—ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS [Figures partly estimated. In millions of dollars] Total Time deposits deposits United adjusted Total Demand States Currency End of month and deposits deposits Govern- outside currency adjusted adjusted1 ment Com- Mutual Postal banks outside deposits2 Total mercial savings Savings banks banks3 4 banks4 System8 1929—June ,. 55,171 51,532 22,540 381 28,611 19,557 8,905 149 3,639 December 54,713 51,156 22,809 158 28,189 19,192 8,838 159 3,557 1933—June 41,680 36,919 14,411 852 21,656 10,849 9,621 1,186 4,761 December 42,548 37,766 15,035 1,016 21,715 11,019 9,488 1,208 4,782 1934—June 45,961 41,302 16,694 1,733 22,875 11,988 9,691 1,196 4,659 December 47,985 43,330 18,459 1,715 23,156 12,213 9,738 1,205 4,655 1935—June.. 49,881 45,098 20,433 811 23,854 12,820 9,830 1,204 4,783 December 52,182 47,265 22,115 909 24,241 13,170 9,871 1,200 4,917 1936—June 55,052. 49,830 23,780 1,142 24,908 13,706 9,971 1,231 5,222 December 57,351 51,835 25,483 991 25,361 14,046 10,056 1,259 5,516 1937—June 57,258 51,769 25,198 666 25,905 14,513 10,125 1,267 5,489 December, 56,639 51.001 23,959 824 26,218 14,779 10,170 1,269 5,638 1938—June 56,565 51i148 24,313 599 26,236 14,776 10,209 1,251 5,417 1939— D Ju e n c e ember c 5 6 8 0 , , 9 9 5 4 5 3 5 5 3 4 , , 1 93 8 8 0 2 2 5 7 , , 9 35 8 5 6 8 7 8 9 9 2 2 2 6 6 , , 3 7 0 9 5 1 1 1 4 5 , , 7 09 7 7 6 1 1 0 0 , , 2 4 7 3 8 3 1 1 , , 2 2 5 6 1 1 5 6 , , 7 0 7 0 5 5 December 64,099 57,698 29,793 846 27,059 15,258 10,523 1,278 6,401 1940—June 66,952 60.253 31,962 828 27,463 15,540 10,631 1,292 6,699 December 70,761 63,436 34,945 753 27,738 15,777 10,658 1,303 7,325 1941—June 74,153 65,949 37,317 753 27,879 15,928 10,648 1,303 8,204 December 78,231 68,616 38,992 1,895 27,729 15,884 10,532 1,313 9,615 1942—June 81,963 71,027 41,870 1,837 27,320 15,610 10,395 1,315 10,936 December 99,701 85,755 48,922 8,402 28,431 16,352 10,664 1,415 13,946 1943—June 110,161 71,853 94,347 56,039 8,048 30,260 17,543 11,141 1,576 15,814 July 112,900 75,000 96,500 58,600 7,100 30,800 18,000 11,200 1,600 16,400 August 114,500 78,500 97,600 61,600 4,700 31,300 18,300 11,300 1,700 16,900 September 119,800 72,000 102,600 54,800 16,300 31,500 18,400 11,400 1,700 17,200 October 123,700 74,000 106,100 56,400 17,900 31,800 18,600 11,500 1,700 17,600 November 123,500 77,900 105,200 59,600 13,300 32,300 18,900 11,600 1,800 18,300 December 122,812 79,652 103,975 60,815 10,424 32,736 19,213 11,737 1,786 18,837 1944—January? 125,200 81,400 106,300 62,500 10,700 33,100 19,500 11,800 1,800 18,900 February2* 128,500 77,300 109,300 58,100 17,600 33,600 19,800 11,900 1,900 19,200 March? 127,800 79,100 108,300 59,600 14,700 34,000 20,100 12,000 1,900 19,500 April? 127,400 82,000 107,500 62,100 10,900 34,500 20,500 12,100 1,900 19,900 May? 127,800 85,600 107,300 65,100 7,100 35,100 20,900 12,200 2,000 20,500 ? Preliminary. J Includes demand deposits, other than interbank and United States Government, less cash items in process of collection. 1 Beginning with December 1938, includes United States Treasurer's lime deposits, open account. 3 Excludes interbank time deposits and postal savings redeposited in banks. 4 Beginning with June 1941, the commercial bank figures exclude and the mutual savings bank figures include three member mutual savings banks. 5 Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions. NOTE.—Except on call dates, figures are rounded to nearest 100 million dollars. See Banking and Monetary Statistics, p. 11, for description and Table 9, pp. 34-35, for back figures. POSTAL SAVINGS SYSTEM BANK SUSPENSIONS^ [In millions of dollars] Member Nonmember Assets Total, banks banks all UU.. iS. Government banks ti N on a- al State su I r n e - d2 in N s o u n re - d End of month Cash securities Cash in de- re- Total a p t a o o n r s k y i- s Total r D ec i- t G t a u e n e a - d r- f s e u e t n r c v d .2 e s Num 1 1 1 b 9 9 9 e 3 3 3 r 5 6 4 of banks suspended: 5 4 3 4 4 7 4 1 1 4 2 8 0 2 48 8 3 1937 59 4 2 47 6 1938 55 1 1 47 6 1934—Dec 1,207 1,237 540 597 467 130 1939 42 4 3 25 10 1935—Dec ,201 1,237 287 853 706 147 1940 22 1 18 3 1936—Dec ,260 1,296 145 1,058 892 167 93 1941 8 4 3 1 1937—Dec ,270 1,308 131 1,097 931 167 80 1942 9 6 3 1938—Dec ,252 1,291 86 1,132 965 166 73 1943 4 2 2 1 1 9 9 3 4 9 0 — -D De e c o , ,3 2 0 7 4 9 1 1 , , 3 3 1 4 9 8 5 3 3 6 1 1 , , 1 2 9 2 2 4 1 1 , , 0 0 4 7 6 8 1 1 4 4 6 6 8 7 8 4 1944—»Jan -June 1 1 1941—Dec ,314 1,396 26 1,274 1,128 146 95 Deposits of suspended banks 1942—Dec ,417 1,464 16 1,345 1,220 126 102 (in thousands of dollars):3 1934 36,937 40 1,912 34,985 1943—July ,620 1,678 11 1,527 1,527 140 1935. 10,015 5,313 3,763 939 Aug ,660 1,719 11 1,588 1,588 121 1936 11,306 507 10,207 592 Sept ,683 1,739 10 1,631 1,631 97 1937. 19,723 7,379 i,708 10,156 480 Oct ,716 1,773 10 1,646 1,646 117 1938 13,012 36 211 11,721 1,044 Nov ,752 1,812 10 1,678 1,678 125 1939 34,998 1,341 24,629 6,589 2,439 Dec ,788 1,843 10 1,716 1,716 118 1940. . . . 5,943 256 5,341 346 1941 3,726 3,144 503 79 1944—Jan ,833 1,891 9 1,719 1,719 162 1942 1,702 1,375 327 Feb ,867 1,926 9 1,783 1,783 135 6,223 4,982 1,241 M Ap a r r , ,9 9 4 0 7 6 2 1 , , 0 9 0 6 8 4 9 9 1 1 , , 8 8 7 2 0 3 1 1, , 8 8 7 2 0 3 1 12 3 9 2 1944—Jan.-June 405 405 May ,994 2,053 9 1,912 1,912 132 1 Represents banks which, during the periods shown, closed temporarily June ?2,033 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 ? Preliminary. 1 Outstanding principal, represented by certificates of loans). dep 2 o s I i n t. c lu D de o s e s w n o o r t k i i n n g c lu c d as e h a c w c i r t u h e d p o i s n t t m er a e s s t t e r o s r , o 5 u p ts e t r a n c d en in t g r e s s a e v r i v n e g s f u s n ta d m a p n s d . 2 3 D Fe e d p e o r s a i l t s d o e f p o m s e it m i b n e s r u r b a a n n c k e s b a e n c d a m in e s u o r p e e d r a n t o iv n e m e J m an b . e 1 r , b 1 a 9 n 3 k 4 s . suspended are miscellaneous working funds with Treasurer of United States, accrued as of dates of suspension, and deposits of noninsured nonmember banks interest on bond investments, and accounts due from late postmasters. are based on the latest data available at the time the suspensions were Back figures.—See 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. AUGUST 1944 785 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES* LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of banks, and call dates Total Loans G U ov .S e . rn- Other Total1 I b n a te n r k - 1 o N f u m ba b n e k r s Total o m bl e ig n a t - securities Demand Time tions All banks: 1934—June 30 42,552 21,306 21,246 11,278 9,968 46,435 4,560 19,527 22,348 15,929 1937—June 30 49,565 22,410 27,155 16,954 10,201 59,222 6,332 28,118 24,773 15,539 1940—June 29 51,336 22,340 28,996 19,666 9,330 70,770 10,188 34,336 26,246 14,955 December 31 54,170 23,751 30,419 20,983 9,436 75,963 10,941 38,518 26,504 14,895 1941—June 30 57,946 25,311 32,635 23,521 9,114 78,120 10,948 40,530 26,641 14,855 December 31 61,101 26,616 34,485 25,488 8,997 81,780 10,989 44,316 26,476 14,825 1942—June 30 64,009 25,081 38,928 30,301 8,627 82,706 10,287 46,357 26,062 14,775 December 31 78,137 23,915 54,222 45,932 8,290 99,796 11,318 61,395 27,083 14,682 1943—June 30 87,881 22,241 65,640 57,748 7,892 107,224 10,895 67,554 28,775 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 67,554 17,634 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 3,80b 39,458 6,786 24,350 8,322 5,117 1942—June 30 29,464 10,"" 18,584 14,878 3,706 40,534 6,497 25,861 8,176 5,101 December 31 37,576 10,183 27,393 23,744 3,648 50,468 7,400 34,499 8,570 5,081 1943—June 30 42,805 9,173 33,632 30,102 3,529 54,589 7,155 38,205 9,229 5,060 December 31 47,499 10,116 37,382 34,065 3,318 59,961 7,159 42,605 10,196 5,040 State member banks: 1934—June 30 10,163 4,842 5,321 3,566 1,755 11,116 1,588 6,620 2,908 958 1937—June 30 11,845 5,488 6,357 4,483 1,874 14,774 2,261 9,068 3,446 1,064 1940—June 29 12,413 4,813 7,600 5,62r 1,973 18,715 3,608 11,409 3,699 1,234 December 31 13,478 5,316 8,162 6,088 2,074 20,642 3,849 12,944 3,849 1,342 1941—June 302 14,840 5,832 9,008 6,96: 2,041 21,238 3,847 13,423 3,969 1,426 December 31 15,950 6,295 9,65' 7,500 2,155 22,25' 3,739 14,495 4,025 1,502 1942—June 303 17,336 6,048 11,288 9,220 2,068 22,871 3,474 15,451 3,946 1,546 December 31 21,687 5,905 15,783 13,80!' 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 5,07:" 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. 1 Beginning June 30, 1942, excludes reciprocal bank balances which on that date aggregated 600 million dollars at all member banks and 614 million dollars at all insured commercial banks. 2 Beginning June 30, 1941, member bank figures and insured mutual savings bank figures both include 3 member mutual savings banks with total deposits of 8 million dollars in June 1941, which became members of the Federal Reserve System during 1941. These banks are not included in "commercial banks" and are included only once in "all banks." 3 Decreases in "noninsured nonmember commercial banks" and "all nonmember commercial banks" figures (with corresponding increases in member bank and all insured commercial bank figures) reflect principally the admission to membership in the Federal Reserve System of one large bank with total loans and investments aggregating 472 million dollars on June 30, 1942. 4 Beginning June 30, 1942, includes Bank of North Dakota, a nonmember bank not previously included in these statistics; on Dec. 31, 1941, its deposits, excluding interbank deposits, were 33 million dollars and its loans and investments 26 million dollars. Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. 786 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES—Continued LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of banks, and call dates Number Total Loans Total G o m U b o l v e . i n e g S r t a n . - - se O cu t r h i e ti r e: Total1 I b n a te n r k - 1 Demand Time of banks tions All nonmember commercial banks: 1934—June 30 5,567 3,177 2,390 895 1,495 5,732 205 2,551 2,976 8,978 1937—June 30 6,733 3,147 3,586 1,874 1,712 7,607 281 3,888 3,438 8,619 1940—June 29 6,697 3,445 3,252 1,831 1,421 8,410 498 4,225 3,687 8,006 December 31 6,796 3,471 3,325 1,936 1,389 8,875 518 4,689 3,668 7,858 1941—June 30 6,973 3,627 3,346 2,018 1,328 8,969 512 4,805 3,651 7,752 December 31 7,208 3,693 3,515 2,251 1,264 9,539 464 5,470 3,605 7,661 1942—June 3034 6,856 3,334 3,522 2,314 1,208 8,915 316 5,046 3,553 7,584 December 31 8,135 3,132 5,003 3,829 1,174 10,864 318 6,872 3,674 7,460 1943—June 30 9,486 2,840 6,647 5,482 1,165 12,076 343 7,884 3,849 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 6,689 104 3,161 3,423 7,081 December 31 5,429 3,074 2,356 1,240 1,116 7,032 116 3,504 3,411 6,952 1941—June 30 5,534 3,183 2,350 1,293 1,057 7,104 110 3,595 3,400 6,869 December 31 5,774 3,241 2,533 1,509 1,025 7,702 129 4,215 3,358 6,810 1942—June 30 5,849 2,995 2,854 1,837 1,017 7,754 105 4,353 3,296 6,755 December 31 6,984 2,818 4,166 3,162 1,004 9,535 145 5,981 3,409 6,667 1943—June 30 8,123 2,570 5,553 4,557 996 10,557 129 6,839 3,589 6,598 December 31 9,258 2,556 6,702 5,739 962 11,842 149 7,870 3,823 6,535 Noninsured nonmember commercial banks: 1934—June 30 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 3034 1,007 339 668 477 191 1,161 211 693 257 829 December 31 1,151 314 837 667 170 1,329 173 891 265 793 1943—June 30 1,363 270 1,094 925 169 1,519 214 1,045 260 775 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 1,69; 642 1,050 629 421 1,789 1,789 52 1942—June 30 1,800 692 1,108 686 422 1,864 1,864 53 December 31 2,007 740 1,267 861 405 2,048 2,048 56 1943—June 30 2,704 1,013 1,691 1,264 427 2,739 2,739 61 December 31 7,525 3,073 4,452 3,844 608 7,534 7,534 184 Noninsured mutual savings banks: 1934—June 30 8,788 5,030 3,758 851 2,908 8,651 8,651 510 1937—June 30 9,124 4,508 4,616 2,139 2,477 9,123 9,123 507 1940—June 29 8,871 4,328 4,543 2,693 1,850 9,203 9,203 500 December 31 8,593 4,322 4,271 2,676 1,595 8,840 8,840 498 1941—June 30 8,666 4,317 4,348 2,857 1,491 8,845 8,845 497 December 31 8,686 4,263 4,424 3,071 1,353 8,743 8,743 496 1942—June 30 8,560 4,130 4,430 3,205 1,225 8,531 8,531 494 December 31 8,739 3,958 4,781 3,698 1,084 8,616 8,616 490 1943—June 30 8,544 3,568 4,975 4,026 949 8,402 8,402 484 December 31 4,343 1,405 2,937 2,252 685 4,203 4,203 361 For footnotes see opposite page. 787 AUGUST 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 U. S. Government obligations Com- purchasing Obli- Total mer- or carrying gations C an la d s s c o al f l b d 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 c m p i i l i n n u e a a - g d n l r , - - - A t c u g a u r l r l - 1 i - - br T e s o e r o k s c - urit o i T e t o h 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 t f i e f i i r n - D - - 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 a u n a i f t b t d l e i - - s O s r t e i h t c i e u 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,'^44 21,177 13,964 827 4,637 6,386 2,115 2,684 4,530 1940—June 29... 39,830 17011 6 502 1484 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 19909 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 19920 8 867 1,164 569 620 4,770 3,928 32 722 25,934 1,536 i978 3,732 15,812 2,874 3 493 3,295 1943—June 30.... 75,270 17 390 6 887 1,316 1,134 671 4,547 1,937 896 57880 51,534 6,557 10,315 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 4,636 13218 7,672 30,656 2,501 3 287 2,696 Member banks, total 1934—June 30.... 27,175 12,523 1,290 3,309 2,357 5, 568 14652 9,413 791 637 2,871 4 838 276 1851 3,388 1937—June 30.... 32,739 14,285 1,536 2,829 2,505 114 18454 12 689 821 4,361 5 689 1,819 2 150 3,615 1940—June 29... 34,451 13,969 "5 988' "736 447 668 3,069 3,062 20 482 14 722 797 2,543 8 261 3,121 2 888 2,873 1941—June 302... 40,659 16 729 7807 738 575 635 3,365 3,609 23 930 18,078 1,127 2,631 10 481 3,839 2 984 2,867 1942—June 30.... 46,800 16,928 8 383 726 554 562 3,501 3,203 29 872 24,098 1,509 i 872 3,546 14 485 2,685 2934 2,840 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 7421 1,023 1,398 839 3,274 1,484 848 57 970 52 948 4,360 12 071 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 June 3&>. . 83,564 18,079 65 485 60 322 2 831 2,332 New York City* 1 19 9 3 3 7 4 — — J J uunne e 3 3 0 0 . . . . . . . . 9 7 , , 0 6 0 6 6 6 4 3, ,2 4 7 0 6 1 1,2 9 9 3 5 8 8 8 8 2 2 4 1 14 5 9 6 2 1 , 0 4 0 2 8 5 4 4 2 7 6 3 5 0 3 3 2 6 1 3 0 0 6 5 0 4 7 3 347 1 1, 0 4 8 2 4 6 1 1 0 2 1 0 5 7 4 1 5 5 4 7 4 3 2 4 5 4 6 7 3 5 0 5 1940—June 29... 9,829 3,014 "i905' 6 320 188 137 158 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 7268 577 1,526 3 415 1,751 651 796 1942—June 30... 14,019 4,066 2 841 9 430 167 121 199 9 953 8 550 402 663 1,746 4 572 1,166 623 781 1943—June 30.... 18,982 4,009 2 274 24 955 240 113 264 140 14974 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 June 30P... 22,669 5,479 17 190 16 157 456 577 Chicago* 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 13 165 1295 1001 30 366 511 94 173 121 1940—June 29.... 2,205 603 432' 8 23 61 16 62 1602 1258 254 161 710 134 177 167 1941—June 30.... 2,707 846 630 5 36 55 20 101 1861 1483 417 125 803 138 190 188 1942—June 30.... 3,116 906 712 3 29 50 22 90 2 210 1858 357 181 162 1068 90 164 188 1943—June 30.... 4,332 784 612 2 40 41 23 51 15 3 548 3 167 473 795 399 1424 75 209 172 Dec. 31.... 4,554 1,004 763 6 102 52 22 45 14 3 550 3 238 199 877 484 1602 74 158 155 1944—Apr. 13 4,727 962 3 765 3 417 186 163 June 30*\.. 5,124 1,064 4 060 3 688 204 169 Reserve city banks: 1934—June 30.... 9,609 4,394 232 1,200 1,124 1,540 5 214 3 535 103 178 1 148 2 088 19 632 1046 1937—June 30.... 11,629 4,994 158 1,032 1,164 2,639 6 635 4 902 195 1 777 2 295 635 752 981 1940—June 29.... 12,160 5,365 "2290' " ' i76 87 210 1,372 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 1,477 1,166 7515 5 700 73 606 3 858 1,162 979 836 1942—June 30.... 16,535 6,564 3 318 152 78 177 1,524 1,315 9,971 8 188 579 674 981 5 149 806 925 858 1943—June 30.... 24,677 5,533 2 652 205 107 157 1,465 670 276 19 144 17417 2 626 3 529 1828 8 576 857 942 785 Dec. 31.... 27,521 6,201 3 058 279 217 267 1,420 658 301 21 321 19 682 1,802 691 2 497 9 943 749 913 726 1944—Apr. 13 28,676 5 997 22 680 21 009 933 737 June 30p... 30,947 6,761 24 186 22 488 963 736 Country banks: 1934—June 30.... 8,456 4,172 59 1,039 1 056 2, )18 4 283 2 007 16 53 446 1467 25 681 4 595 1937—June 30.... 10,134 4,340 33 828 l[179 2,301 5 794 3 155 52 792 1 676 635 880 ..' 759 1940—June 29.... 10,257 4,987 1361 546 17 208 1,544 1,311 5 270 3 030 36 451 1849 695 1097 l' 144 1941—June 30.... 11,446 5,607 1 593 555 17 195 1,739 1,507 5 839 3 627 60 374 2 404 788 1 165 1,047 1942—June 30.... 13,130 5,393 1 512 562 16 169 1,834 - 1,299 7737 5 502 171 355 657 3 696 624 1222 1,013 1943—June 30.... 19,164 4,497 1017 623 17 164 1,750 555 371 14667 12 509 1 194 2 276 1368 7091 581 1241 917 Dec. 31... 22,188 4,654 1084 713 25 197 1,725 528 381 17534 15465 1032 3 094 2 096 8 705 538 1 214 855 1944—Apr. 13.... 23,819 4,582 19 238 17 170 1 212 855 June 30p... 24,824 4,775 20 049 17 989 1 209 850 Insured nonmember commercial banks: 1 1 9 9 3 3 4 7 — — J J u u n n e e 3 3 0 0 . .. . . . . . 4 5 , ,4 5 7 1 9 3 2 2 , , 6 7 6 5 7 6 4 3 0 0 4 3 0 2 5 1 1 10 1 7 0 8 5 1 1 ? ,3 L 2 1 9 6 2 1,8 7 4 2 6 3 1 5 2 9 7 2 5 4 6 20 2 1 7 7 6 5 3 6 7 9 2 7 29 2 6 1 4 5 2 3 9 4 8 9 2 1 4 4 1940—June 29.... 5,379 3,042 512' "*448 17 74 1212 778 2,337 1 178 8 156 765 249 595 563 1941—June 30.... 5,534 3,183 534 429 18 68 1267 865 2,350 1293 8 127 918 241 568 489 1942—June 30.... 5,849 2,995 485 439 15 57 1273 726 2,854 1837 27 106 185 1329 189 561 456 1943—June 30.... 8,123 2,570 333 463 14 68 1 199 3971 96 5,553 4 557 278 896 465 2 744 174 565 431 Dec. 31... 9,258 2,556 356 482 16 82 1 165 385| 70 6,702 5,739 276 1,147 766 3,395 156 559 403 p Preliminary. * 1 aese 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. 788 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 C an la d s s c a o l f l b d a a n te k s s, F s B e s e w e R d R a r r e i n v e e v t r - e h k - e a s s l C va a in u sh lt m b a B w a d n e n a i o c s t k l - e t h - i s s c 4 j p m u a D o s d a d t s e e n - e i - - t d d s 5 m D es o d t - i e c p 4 osi F e t i o s g r n - m U G er e . o n n v S - t - . p v s S o i u a s l t b i n a i t o d d t i e n c i s - a s l c C h c e f o a e e e t i f n e c c r f r i d d t s k . - i ' s - a v p n i a p t I s d i d n r h o o t u d i r n n c p a a i s e o - s - l r , r s - - , I b n a t n er k - P m U G i o S e a n r a s o . e n g n v S t v n d a - s - . - t l S v p s i t i a u s o a c n i b t l a o e d i d l t n s - i s -a v p n s a i p I t h d d r i n o o i t u p n r d c n a a s e i o l s - - , r s r - - , B r in o o g w r s - - co a u c n - ts All insured commercial banks: 1934—June 30.... 3,819 623 3,661 16,211 4,144 156 1,708 2,024 400 14,881 134 661 384 11,340 79 6,244 1937—June 30.. .. 6,897 844 4,495 24,340 5,379 618 651 3,165 802 22,623 149 132 346 13,929 35 6,395 1940— une 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— une 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— une 30.... 12,295 1,290 8,102 41,216 9,200 748 1,771 3,865 766 39,262 128 56 All 14,883 12 6,943 1943— une 30.... 12,092 1,448 8,431 55,271 9,768 . 834 7,699 4,261 1,132 53,416 78 74 All 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— une 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— une 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— une 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— une 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— une 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 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 June 30^ 50,755 New York City:* 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 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 June 30^ 13,740 Chicago:3 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 15 489 260 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 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 1 505 326 1944—Apr. 13 . 796 40 182 3,019 1,011 14 866 155 30 3,088 1 514 329 June 30^... 3,040 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 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 June 30*\ .. 18,368 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 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 June 30P 15,607 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 1943—June 30 307 2,853 6 314 120 2 463 740 83 5,554 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. 789 AUGUST 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 lo a v n a e n d s s t- Total i t n c r d i i a a u l l s , , - a T n o d b d r e o a k l e e r r s s To others e R s e t a a l t - e Lo t a o ns O lo t a h n e s r Total c C t a i e f t i e r - - s Guar- O se t c h u e - r ments and loans banks Total Bills of in-Notes Bonds an- rities agri- U. S. Other U. S. Other debt- teed cul- Govt. Govt. se- edtural ob- curi- ob- curi- ness liga- ties liga- ties tions tions Total—101 Cities 1943—June 46,589 9,593 5,606 998 450 1,151 59 1,329 36,996 33,927 5,368 6,938 4,023 15,720 1,878 3,069 1944—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 June 51,656 10,746 5,938 904 606 529 311 1,072 48 1,338 40,910 38,008 2,491 9,329 7,164 18,409 615 2,902 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 June 28 55,036 12,164 6,027 1,380 652 1,295 321 1,073 53 1,363 42,872 39,917 2,94210,341 7,262 18,743 629 2,955 July 5 56,262 12,283 6,037 1,159 664 1,575 344 1,069 92 1,343 43,979 41,048 3,54910,755 7,302 18,814 628 2,931 July 12 57,211 12,331 6,040 1,242 653 1,575 332 1,070 74 1,345 44,880 41,917 3,62311,098 7,421 19,153 622 2,963 July 19 57,304 11,999 6,068 1,019 636 1,399 326 1,072 127 1,352 45,305 42,424 3,90711,093 7,504 19,300 620 2,881 July 26 57,065 11,727 6,088 880 609 1,318 346 1,070 84 1,332 45,338 42,460 3,82111,135 7,503 19,378 623 2,878 New York City 1943—June 17,748 3,708 2,172 396 454 236 97 40 313 14,040 13,067 2,092 2,539 1,654 5,859 923 973 1944—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 June 18,672 4,293 2,306 719 460 214 128 81 33 352 14,379 13,460 670 3,405 2,651 6,553 181 919 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 June 28 20,061 4,971 2,337 1,016 502 520 130 80 30 356 15,090 14,145 786 3,738 2,711 6,722 188 945 July 5 20,717 5,049 2,316 899 510 695 131 80 68 350 15,668 14,726 1,136 3,966 2,733 6,704 187 942 July 12 21,092 5,239 2,293 977 503 850 136 81 57 342 15,853 14,872 1,071 4,039 2,758 6,806 198 981 July 19 21,111 5,081 2,303 111 505 804 133 81 121 357 16,030 15,092 1,358 3,979 2,735 6,823 197 938 July 26 20,905 4,874 2,323 668 473 759 148 80 74 349 16,031 15,097 1,299 4,012 2,739 6,848 199 934 Outside New York City 1943—June 28,841 5,885 3,434 148 214 1,054 19 1,016 22,956 20,860 3,276 4,399 2,369 9,861 955 2,096 1944—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 June 32,984 6,453 3,632 185 146 315 183 991 15 986 26,531 24,548 1,821 5,924 4,513 11,856 434 1,983 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 5,579 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 June 28 34,975 7,193 3,690 364 150 775 191 993 23 1,007 27,782 25,772 2,156 6,603 4,551 12,021 441 2,010 July 5 35,545 7,234 3,721 260 154 880 213 989 24 993 28,311 26,322 2,413 6,789 4,569 12,110 441 1,989 July 12 36,119 7,092 3,747 265 150 725 196 989 17 1,003 29,027 27,045 2,552 7,059 4,663 12,347 424 1,982 July 19 36,193 6,918 3,765 242 131 595 193 991 6 995 29,275 27,332 2,549 7,114 4,769 12,477 423 1,943 July 26 36,160 6,853 3,765 212 136 559 198 990 10 983 29,307 27,363 2,522 7,123 4,764 12,530 424 1,944 Back figures.—See Banking and Monetary Statistics, pp. 127-227. 79° 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- Date or month B s w F e e R a e r i r n a e t d v h k l - - e s v C a i a n u s l h t m b a w a n d e n i c o s t k e t - h i s s c j p m u a o d s a d s t e n e i - - t d d s 1 s p u p v n c h a o a a i e o n i d r l r p r r d s a t - - - s , - - , S p s d s a i t i o u c i a o n v l a b t n d i e i l t - s - - s c C c h o a e f e e e f i n t f e r r c c i d t s d . k - i ' - s m U G e e r o . n n S v - t . - s p p u h v a n c o a a n i i e o r r p d l d r r a t s - - s - - - , , S p s d s a t i i o u i c a o n v l a t b n d i i e l t - s - s - P U m G S o a i e n a s o n r e . g n S 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 c a a n - l p ts - B d i e a ts b n 2 - k tions tions Total 101 Cities 1943—June 8,678 527 2,358 32,199 32,254 1,806 682 6,557 5,504 119 35 8,839 51 762 48 4,117 52,642 1944—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 June 9,313 575 2,179 35,886 35,969 1,911 798 6,622 6,636 125 47 8,688 38 877 146 4,405 67,012 May 3 8,767 533 1,957 34,649 34,357 2,005 780 7,196 6,445 129 48 7,914 40 890 75 4,377 13,151 May 10 8,792 551 1,999 34,932 34,784 1,963 642 6,692 6,491 128 48 8,054 40 894 110 4,384 11,076 May 17 8,992 547 2,050 35,362 35,440 1,947 645 6,056 6,527 131 48 8,165 40 891 123 4,386 12,107 May 24 9,056 559 2,033 35,969 35,670 2,004 684 5,472 6,556 129 48 8,026 38 885 200 4,390 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 June 28 8,952 595 2,267 33,008 33,180 1,755 907 12,589 6,643 119 48 8,759 37 867 65 4,403 21,041 July 5 8,826 548 2,373 32,561 32,668 1,696 892 13,917 6,663 117 46 9,051 36 881 76 4,420 14,051 July 12 8,719 586 2,425 32,481 33,041 1,650 981 14,755 6,685 118 46 9,231 37 878 64 4,424 14,491 July 19 8,686 561 2,287 32,945 33,313 1,609 774 14,472 6,720 118 46 8,825 37 886 148 4,417 13,940 July 26 8,761 556 2,280 33,503 33,748 1,680 712 13,989 6,751 119 45 8,617 36 894 79 4,422 12,596 New York City 1943—June 3,157 82 25 12,086 12,426 205 355 3,006 690 17 2,869 1 677 40 1.610 22,022 1944—Feb 3,073 87 24 11,596 11,971 166 414 5,226 746 25 6 2,750 1 734 41 L,7O5 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 June 3,484 93 25 13,436 13,806 191 441 2,563 793 17 6 2,831 1 792 73 1,732 28,989 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 L, 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 L,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 L.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 June 28. 3,291 97 25 12,141 12,489 176 534 4,998 783 15 7 2,903 1 783 49 L,728 9,517 July 5 3,230 95 25 11,863 12,182 144 483 5,715 785 15 7 3,031 1 796 62 1,734 6,417 July 12 3,134 95 26 11,768 12,221 151 616 6,067 783 14 7 3,084 1 797 32 1,735 6,373 July 19 3,116 88 26 11,949 12,368 140 419 5,934 792 14 7 2,920 1 802 123 1,734 6,002 July 26 3,221 88 27 12,197 12,608 147 382 5,739 798 15 7 2,825 1 810 56 1,732 5,487 Outside New York City 1943—June 5,521 445 2,333 20,113 19,828 1,601 327 3,551 4,814 102 35 5,970 50 85 8 2,507 30,620 1944—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 June 5,829 482 2,154 22,450 22,163 1,720 357 4,059 5,843 108 41 5,857 37 85 73 2,673 38,023 May 3 5,481 446 1,927 21,772 21,292 1,731 355 4,277 5,670 111 42 5,325 39 83 62 2,652 7,779 May 10 5,501 458 1,976 21,932 21,485 1,728 309 3,992 5,711 110 42 5,453 39 85 68 2,657 6,584 May 17 5,618 461 2,026 22,227 22,006 1,718 303 3,616 5,742 113 42 5,509 39 83 72 2,659 7,328 May 24 5,656 468 2,008 22,557 22,014 1,783 297 3,277 5,766 111 42 5,471 37 85 99 2,664 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 June 28 5,661 498 2,242 20,867 20,691 1,579 373 7,591 5,860 104 41 5,856 36 84 16 2,675 11,524 July 5 5,596 453 2,348 20,698 20,486 1,552 409 8,202 5,878 102 39 6,020 35 85 14 2,686 7,634 July 12 5,585 491 2,399 20,713 20,820 1,499 365 8,688 5,902 104 39 6,147 36 81 32 2,689 8,118 July 19 5,570 473 2,261 20,996 20,945 1,469 355 8,538 5,928 104 39 5,905 36 84 25 2,683 7,938 July 26 5,540 468 2,253 21,306 21,140 1,533 330 8,250 5,953 104 38 5,792 35 84 23 2,690 7,109 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. AUGUST 1944 791 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [ In millions of dollars] Loans Investments For purchasing or carry- U.S. Government obligations Total C m o e m r- - ing securities loans cial, d F i e s d tr e i r c a t l a R nd es d er a v te e m v a i e e n n n s d - t t - s Total t d a r i u n i n a s d - - l, U T an . o S d . b d ro ea k l e e r r s s U T .S o . others e R lo s e t a a a n t l s e - L ba o t n o a k n s s O lo t a h n e s r Total Total Bills C c e i a o n r t t f - e if s i- Notes Bonds Gu a a n r - - r O s i t e t c h i u e e - s r agri- Govt.Other Govt.Other debt- teed cul- obli- secur- obli- secur- edtural ities ga- ities ness tions Boston iune28 3,037 684 411 39 18 13 20 62 3 118 2,353 2,255 276 616 358 990 15 98 uly 5 3,089 678 411 32 18 15 20 62 5 115 2,411 2,312 294 632 359 1,012 15 99 uly 12 3,136 682 412 35 19 14 20 63 4 115 2,454 2,355 309 649 361 1,021 15 99 uly 19 3,162 673 415 29 17 13 20 63 2 114 2,489 2,391 319 667 357 1,033 15 98 uly 26 3,131 669 414 25 19 11 20 62 5 113 2,462 2,365 271 672 359 1,048 15 97 NewlYork* *une28 21,915 5,337 2,498 1,025 506 548 153 158 31 418 16,578 15,556 855 4,066 2,996 7,427 212 022 uly 5 22,579 5,420 2,477 910 515 725 154 158 69 412 17,159 16,144 1,210 4,285 3,027 7,409 213 015 July 12 23,003 5,615 2,455 989 507 884 159 158 58 405 17,388 16,334 1,158 4,370 3,059 7,523 224 054 July 19 23,000 5,455 2,465 792 508 834 156 158 122 420 17,545 16,534 1,424 4,297 3,051 7,539 223 011 luly 26 22,804 5,237 2,485 672 477 789 171 157 75 411 17,567 16,560 1,378 4,335 3,056 7,566 225 007 Ph'Madelphia June28 2,347 441 239 37 9 36 103 1,906 1,732 179 373 227 898 55 174 July 5 2,431 448 242 37 9 36 102 1,983 1,810 213 397 230 916 54 173 July 12 2,450 457 245 38 36 10 104 1,993 1,820 212 400 233 920 55 173 July 19 2,428 440 242 33 36 2 103 1,988 1,818 203 402 234 925 54 170 July 26. 2,416 439 241 33 36 2 103 1,977 1,808 194 398 234 928 54 169 Cleevveellaannd June28 4,540 1,029 397 163 19 124 164 136 3,511 3,273 271 793 517 1,647 45 238 July 5 4,487 917 392 62 22 124 164 132 3,570 3,336 299 817 519 1,656 45 234 July 12 4,489 887 392 60 15 109 164 134 3,602 3,369 290 846 518 1,670 45 233 July 19 4,513 396 61 13 110 164 132 3,624 3,392 286 855 519 1,688 44 232 July 26 4,552 401 64 13 105 164 129 3,663 3,428 310 858 518 1,697 45 235 Richmond June29 ,723 331 113 4 93 50 58 1,392 1,335 81 300 235 703 16 57 July 5 ,772 351 112 4 109 50 58 1,421 1,365 92 312 236 709 16 56 July 12 ,829 349 113 5 103 51 57 1,480 1,424 115 318 254 721 16 56 July 19 ,841 328 112 4 85 51 58 1,513 1,458 119 329 257 737 16 55 July 26 ,838 319 111 4 77 50 59 1,519 1,463 120 331 263 733 16 56 Atlanta June 28 ,692 418 169 142 26 67 1,274 1,164 73 299 274 494 24 110 July 5 ,712 438 172 159 26 65 1,274 1,164 77 297 274 492 24 110 July 12 ,673 346 163 71 26 71 1,327 1,216 80 312 288 512 24 111 July 19 1,712 314 164 42 26 70 1,398 1,288 81 338 312 533 24 110 July 26 1,736 311 164 39 26 69 1,425 1,311 93 347 313 534 24 114 Chicago* June 28 8,418 1,565 985 138 134 133 6,853 6,294 510 1,815 1,070 2,807 92 559 July 5 8,621 1,587 997 163 132 132 7,034 6,486 611 1,892 1,070 2,821 92 548 July 12 8,873 1,631 1,015 183 132 129 7,242 6,709 670 2,016 1,076 2,871 76 533 July 19 8,827 1,592 1,018 158 133 127 7,235 6,723 708 1,975 1,095 2,869 76 512 July 26 8,801 1,581 1,018 150 133 127 7,220 6,710 1,955 1,096 2,876 76 510 St. Louis June 28 ,639 411 206 45 64 1,228 1,118 67 295 226 509 21 110 July 5 ,660 428 211 56 64 81 1,232 1,122 67 297 226 511 21 110 July 12 ,690 421 215 44 64 81 1,269 1,160 81 314 228 516 21 109 July 19 ,694 409 219 31 64 80 1,285 1,177 69 328 230 529 21 108 July 26 ,686 409 221 28 65 81 1,277 1,169 51 332 230 535 21 108 Minneapolis June 28 ,064 200 99 21 23 44 864 798 31 228 145 382 12 66 July 5 ,089 206 103 21 23 46 883 813 42 239 137 383 12 70 July 12 ,113 199 103 20 23 43 914 843 57 241 144 389 12 71 July 19 ,114 193 103 14 23 46 921 853 62 239 151 390 11 68 July 26 ,119 188 99 14 23 45 931 863 70 240 151 391 11 68 Kansas City June 28 334 198 29 38 58 1,470 1,342 120 332 289 566 35 128 July 5 ,852 349 203 40 38 55 1,503 1,375 130 351 291 568 35 128 July 12 ,885 350 210 32 37 58 1,53." 1,407 130 359 297 586 35 128 July 19 ,892 344 214 23 38 56 1,548 1,420 132 365 297 589 37 128 July 26 345 218 21 38 56 1,541 1,414 125 369 297 586 37 127 Dallas June 28 ,479 370 240 44 20 47 1,109 1,065 87 312 208 433 25 44 July 5 ,525 389 245 58 20 47 1,136 1,092 99 324 209 435 25 44 July 12 ,547 373 250 39 20 45 1,174 1,130 103 333 214 458 22 44 July 19 ,565 364 252 29 20 44 1,201 1,157 120 346 210 461 20 44 July 26 ,572 360 249 27 20 42 1,212 1,168 125 348 215 460 20 44 San Francisco June 28 5,378 1,044 472 90 298 101 4,334 3,985 392 912 717 1,887 77 349 July 5 5,445 1,072 472 104 296 98 4,373 4,029 415 912 724 1,902 76 344 July 12 5,523 1,021 467 67 296 103 4,50: 4,150 418 940 749 1,966 77 352 July 19 5,556 998 468 52 296 102 4,558 4,213 384 952 791 2,007 79 345 July 26 5,524 980 467 51 296 97 4,544 4,201 377 950 771 2,024 79 343 City of Chicago* 5,079 1,071 723 90 23 4,008 3,632 291 1,040 595 1,675 31 376 5,231 1, 732 104 23 4,148 3,782 367 1,109 594 1,681 31 366 5,424 1,117 744 120 23 4,307 3,956 394 1,224 599 1,708 31 351 July 19.. 5,386 1,084 747 100 23 4,302 3,971 444 1,186 614 1,696 31 331 July 26.. 5,359 1, 751 99 23 4,277 3,948 43' 1,166 614 1,701 30 329 * 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. 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 Red F i e s d tr e i r c a t l a R n e d s e d r a v t e e s B s ew F e R a e r e r i n v r e a t d v - k eh l - e s s C va a u sh lt m b a w B n a d e i a n c o s t l e - k h t - , i s s c j p u m D o a d s a e e d s t - - n e i - t d d s 1 s p I u p v h n c a n o a a i i e o n d d p l r r r r d s a t i - s - - , - - - , S p d s s a t i o i u i a c n o v l b t a d i n - i e l t - s - s c C h c o e a f e e e i f t n e c f c r r i d . d t s k - i ' s - U m G er . o e n S n v - . t - s I p u p h v n c n a a a o i o i e n d r l p d r r r s d t i a s - - - - - , - , S p d s s a t i o i i u a c n o v l b a t d n i - i e l t - s s - P U m G S i e o a n a . r o e s n g S n v t n v d s . a - - t - l m D D a e n - b o d m an e k s T s ti i c me b e F a i o g n r n k - s i r B n o o g w r s - - c C o i a t a u c a p n - l - ts B d i a e t b n s - 2 k tions tions Boston (6 cities) June 28 . 430 59 130 1,888 1,866 110 33 909 300 3 290 16 3 264 1 243 July 5 408 56 136 1,869 1*849 108 32 961 301 3 290 17 2 264 683 July 12 416 61 138 1,900 1 892 99 36 987 303 3 297 15 3 264 679 July 19 421 58 117 1,947 l[932 101 32 962 304 3 278 16 4 264 655 July 26 413 58 118 1,944 1,923 102 24 933 305 3 270 16 2 265 633 New York (8 cities)* June 28 3,525 130 116 13,373 13,550 386 562 5,335 1,253 18 9 2,967 4 785 49 1,867 10,066 July 5 3,467 127 121 13,066 13,228 335 517 6,090 1,257 17 9 3,099 4 798 62 1,873 6,908 July 12 . 3,361 130 113 12,976 13,280 342 646 6,450 1,256 16 9 3 153 4 799 52 1 874 6 710 July 19 3,343 121 110 13,152 13,439 310 448 6,307 1,267 16 9 2^985 4 804 133 1^873 6^459 July 26 3,448 120 105 13,416 13,677 330 409 6,100 1,275 17 9 2,888 4 812 66 1,870 5,796 Philadelphia (4 cities) June 28 382 30 84 1,542 1,606 45 19 580 171 6 1 344 6 . 229 954 July 5 380 27 96 1,563 1,613 42 17 639 171 6 1 356 6 ' T 230 520 July 12 376 30 87 1,560 1,626 45 17 643 172 9 1 361 6 230 558 July 19 369 29 75 1,554 1,608 41 16 625 172 9 1 341 7 '"i" 230 582 July 26 376 28 77 1,569 1,621 44 19 606 172 9 1 340 7 3 230 506 Cleveland (10 cities) June 28 698 76 234 2,714 2,747 119 62 987 891 49 498 8 4 4 440 1,777 July 5 726 68 234 2,709 2,728 118 60 945 895 48 512 8 4 4 441 871 July 12 693 75 241 2,674 2,736 122 49 959 898 48 518 8 4 441 975 July 19 701 73 228 2,727 2,771 126 43 942 902 48 499 8 4 441 881 July 26 700 71 230 2,799 2,832 128 42 915 905 48 488 8 5 441 790 Richmond (12 cities) June 28 293 41 184 1,045 1,047 77 21 460 253 2 7 340 6 2 116 577 July 5 285 34 205 1,037 1,027 86 26 507 253 2 7 357 5 1 115 372 July 12 291 37 193 1,054 1,056 74 22 541 254 2 7 363 5 2 115 389 July 19 273 35 185 1,034 1,027 77 20 558 255 2 7 349 5 1 115 354 July 26 262 36 193 1,077 1,059 83 18 515 256 2 7 339 5 1 115 341 Atlanta (8 cities) June 28 311 28 155 1,026 968 149 12 354 278 2 5 429 5 110 464 July 5 296 25 196 1,014 965 135 19 376 279 3 4 463 4 111 352 July 12 317 28 237 1,006 986 127 11 403 281 3 4 463 1 4 111 368 July 19 298 27 194 1,021 984 126 13 394 282 3 4 437 1 4 110 360 July 26 286 27 164 1,024 977 133 9 384 284 3 3 426 4 111 330 Chicago (12 cities)* June 28 1,385 103 401 5,171 5 052 420 72 1,767 1,309 3 4 t, 543 5 17 515 2,951 July 5 1,377 97 406 5,152 5^002 434 87 1,959 1,315 3 4 1,560 5 18 516 2^048 July 12 1,341 102 407 5,088 5,030 418 77 2,196 1,320 3 4 1,605 5 17 3 516 2,344 July 19 1,375 98 389 5,154 5,040 407 76 2,155 1,326 3 4 1,540 5 17 3 513 2,218 July 26 1,363 96 409 5,251 5,131 429 60 2,083 1,333 3 4 1,491 5 17 3 515 1,920 St. Louis (5 cities) June 28 272 21 111 883 912 62 16 316 242 5 488 1 9 112 486 July 5 262 19 122 851 889 60 14 356 243 5 503 1 4 112 366 July 12 273 21 123 865 919 60 10 366 244 5 521 1 4 113 365 July 19 264 20 121 879 927 59 11 355 245 5 1 6 112 361 July 26 273 20 120 899 931 61 13 340 246 5 50"2 1 5 113 337 Minneapolis (8 cities) June 28 168 12 97 588 566 70 10 281 144 253 6 76 327 July 5 160 10 98 583 563 73 9 300 145 255 6 " 76 219 July 12 159 11 93 585 573 71 9 322 146 250 5 76 248 July 19 157 11 86 598 576 70 9 317 146 233 6 76 223 July 26 157 11 84 610 591 68 12 307 146 233 6 77 211 Kansas City (12 cities) June 28 376 24 279 1,095 1,100 118 17 306 194 1 3 763 5 130 539 July 5 378 22 281 1,064 1,078 121 17 347 195* 1 3 803 5 129 410 July 12 369 24 308 1,088 1,123 115 16 364 196 1 3 8U 5 2 130 457 Julv 19 376 23 289 1,110 1,135 115 15 353 198 1 3 795 5 130 470 July 26 377 23 286 1,127 1,133 122 16 340 199 1 3 781 5 130 448 Dallas (9 cities) June 28 300 25 225 1,027 1,047 45 16 294 172 12 2 436 1 109 407 July 5 295 22 222 1,013 1,032 47 21 330 172 12 2 449 2 107 311 July 12 326 23 231 1,041 1,077 47 18 350 173 11 2 465 2 107 319 July 19 300 23 230 1,053 1,077 49 21 344 174 11 2 449 2 107 365 July 26 296 24 231 1,070 1,092 49 22 333 175 11 2 447 1 108 311 San Francisco (7 cities) June 28 812 46 251 2,656 2,719 151 70 1,000 1,436 26 9 408 9 24 435 1,250 Julv 5 792 41 256 2,640 2,694 137 73 1,107 1,437 25 8 404 9 24 446 991 July 12 797 44 254 2,644 2,743 130 70 1,174 1,442 25 8 423 9 23 447 1,079 July 19 809 43 263 2,716 2,797 128 70 1,160 1,449 25 8 412 9 24 446 1,012 July 26 810 42 263 2,717 2,781 131 68 1,133 1,455 25 8 412 9 24 447 973 Citv of Chicago* June 28 864 43 184 3,095 3,085 204 38 1,072 554 1,101 15 338 1,784 July 5 851 44 182 3,078 3,028 223 53 1,220 557 1,111 15 339 1,262 July 12 836 44 193 3,023 3,048 214 45 1,418 558 1,156 14 339 1,504 July 19............ 851 41 183 3,063 3,058 199 37 1,393 560 1,102 14 335 1,354 July 26 849 42 186 3,122 3,107 209 27 1,346 561 1,068 14 337 1,119 * 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, AUGUST 1944 793 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 paper Total Accepting banks Goods stored in or sta o n u d t i - ng1 sta o n u d t i - ng Others2 Im in p t o o rts Ex fr p o o m rts Dollar ship p p o ed in t b s e i t n ween Total O bi w lls n b B ou il g ls ht U S n ta it t e e d s U St n a i t t e e s d exchange United Foreign States countries 1943—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 (3) 30 11 October 188 115 48 39 27 67 9 (3) 29 10 N D o e v ce e m m b b e e r r 2 20 0 2 3- 1 11 1 1 7 90 5 5 2 3 3 3 8 5 2 2 7 3 5 6 9 6 1 1 1 1 8 3 3 1 0 9 9 1944—January 209 120 94 55 38 27 71 12 29 9 February 214 135 106 57 49 29 83 12 32 8 March 195 129 100 52 48 30 79 12 31 7 April 172 126 96 51 45 29 77 12 30 7 May 151 113 90 49 41 24 71 10 28 4 June 137 112 87 44 43 25 74 11 24 3 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.—Sec Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars! Debit balances Credit balances Customers' End of month Debit Debit credit balances1 Other credit balances Customers' balances in balances in Cash on debit partners' firm hand Money ba (n la e n t) c 1 es a in n a v d 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 v d c e c t s o r t u a m d n e i ts n n g t a b n a d n k in s borrowed2 Free O (n th e e t) r i a I n n n a v d c p e c a t s o r r t 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 I d e n c s t o f r t u i m a r n d m e t i s n n t g I a n c ( c c n o a e u p t) n it t a s l 1936—June 1,267 67 164 219 985 276 86 24 14 420 December 1,395 64 164 249 1,048 342 103 30 12 424 1937—june 1,489 55 161 214 1,217 266 92 25 13 397 December 985 34 108 232 688 278 85 26 10 355 1938—June 774 27 88 215 495 258 89 22 11 298 December 991 32 106 190 754 247 60 22 305 1939—June 834 25 73 178 570 230 70 21 6 280 December 906 16 78 207 637 2b6 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 IS 4 182 1943—Tune 761 9 190 167 529 334 66 15 7 212 July e78O e530 *340 August e740 e490 September e820 e77O e320 October 6830 e74O «330 November e780 e600 December 788 188" 181 557 354 65 14 5 198 " 1944—January e780 e560 e37O February e800 c650 e37O March e820 c630 6380 April e780 e600 c390 May e79O e55O e400 June 887 5 253"" 196" 618 424 95 15 11 216 e Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of large firms. l 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. to be tak _ e n - o as representing the actuFa l net , capita „ l of the reporting firms. Back figures—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data in detail at semiannual dates prior to 1942. 704 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET MONEY RATES IN NEW YORK CITY COMMERCIAL LOAN RATES [Per cent per annum] AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES Yields on U.S. [Per cent per annum] Stock Government securities mo Y w n e e th a e , k r , or m m 4 p P - c o a e r o n t p i r o m m c t e h i - r 6 e a , s - l l a a b P d c n a e r a c 9 c i n r y e m 0 s e k s p ' s i - e t , - ch l n c a e o r a e a l x e a n w l - - n l g - e m b o i 3 l n - ls th 3 d 9 c m - e o e c b f r o t a o t t t n i i e e f n t 1 d i s h - - 2 - - 3 ta n - y x o t e o a t a e b r 5 s l - e 1935 average1 1 T 9 2 o . c 9 t i a 3 t l ies Y N C 1. o e i 7 t w r 6 y k 7 e E N r c a 3 n o O i s . t r 3 i t t a t e e 9 h h n s r e - n d r 1 W e 1 r c 3 n e S i . s t o 7 i a t e 6 u e n s r t d n 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 1 1 9 9 4 4 2 3 a a v v e e r r a a g g e e . .6 6 9 6 . . 4 4 4 4 1 1 . . 0 0 0 0 . . 3 3 2 7 6 3 .75 L 1. . 3 1 1 3 1 1 9 9 3 4 9 0 a a v v e e r r a a g g e e 2 2 . . 7 6 8 3 2 2 . .0 0 7 4 2 2 . . 8 5 7 6 3 3 . . 5 3 1 8 1943—June .69 .44 1.00 .374 .70 L.32 1941 average 2.54 1.97 2.55 3.19 July .69 .44 1.00 .374 .68 1.30 1942 average 2.61 2.07 2.58 3.26 August .69 .44 1.00 .375 .75 L.29 1943 average 2.72 2.30 2.80 3.13 September .69 .44 1.00 .375 .77 L.31 1939—December.. 2.59 1.96 2.59 3.32 N O o ct v o e b m er ber .... . . 6 6 9 9 . . 4 4 4 4 1 1 . . 0 0 0 0 . . 3 3 7 7 5 5 . . 1 7 1 8 L L. . 2 3 9 1 1940—March 2 2. . 5 6 9 5 2 2. . 0 0 0 3 2 2 . . 6 4 7 9 3 3 . . 3 3 5 8 December .69 .44 1.00 .375 .11 L.30 June 2.68 2.14 2.56 3.43 1944— F J e an b u ru ar a y ry . . 6 6 9 9 . . 4 4 4 4 1 1 . . 0 0 0 0 . . 3 3 7 7 5 4 . . 7 7 8 8 L L. . 3 3 2 0 D Se e p c t e e m m b b e e r r . . . 2 2. . 5 5 8 9 2 2. . 0 0 6 0 2 2 . . 5 5 3 3 3 3 . . 3 2 6 5 March .69 .44 1.00 .375 .80 L.36 1941—March 2.55 1.95 2.58 3.23 April .69 .44 1.00 .375 .78 L.36 June 2.60 1.98 2.62 3.29 May .75 .44 1.00 .375 .11 L.35 September.. 2.41 1.88 2.45 2.99* June .75 .44 1.00 .375 .79 L.34 December.. 2.48 1.85 2.48 3.20 2.62 2.07 2.56 3.34 Week J J e u u n l l d y y i ng 8 1 : 8 I 1 1 . . 0 0 0 0 . . 3 3 7 7 4 5 , 4 . .7 7 9 8 L L. 3 3 4 2 1942-M J S u e a n p r e t c e h mber.. 2 2 . .7 6 0 3 2 2 . . 0 2 9 8 2 2 . . 6 6 3 6 3 3 . .2 2 5 6 July 15 8 1.00 .375 4.78 L.31 December.. July 22 8 1.00 .375 .77 .31 1943—March 2.76 2.36 2.76 3.24 July 29 1.00 .375 .76 L.31 June 3.00 2.70 2.98 3.38 September.. 2.48 2.05 2.71 2.73 December... 2.65 2.10 2.76 3.17 | Monthly figures are averages of weekly prevailing rates. zThe average rate on 90-day stock exchange time loans was 1.25 per 1944—March 2.63 2.10 2.75 3.12 cent during the entire period. June 2.63 2.23 2.54 r3.18 3 Rate on new issues offered within period. Tax-exempt bills prior to Ma 4 r N ch u m 19 b 4 e 1 r ; o t f a x is a s b u l e e s b d i e ll c s r e t a h s e e r d e a f f r t o e m r. 2 to 1 on July 1 and increased to 2 on r Revised. July 10. l Prior to March 1939 figures were reported monthly on a basis not strictly Back figures.—See Banking and Monetary Statistics, Tables 120-123, pp. comparable with the current quarterly series. 448-462; for description, see pp. 424-426. Back figures.—See Banking and Monetary Statistics, Tables 124-125, pp. 463-464; for description, see pp. 426-427. BOND YIELDS l [Per cent per annum] U. S. Government Corporate (Moody's)4 Year, month, Long-term Taxable Mu ip n a i l c- C r o a r t p e o- By rating By groups or week p e a x t r a e t x i m a l p ly t y 7 e t a o r s 9 15 o a v y n e e d r ars g ( r h a i d g e h ) 2n g ( r h a ig d h e)3 Total Aaa Aa A Baa In tr d ia u l s- R ro a a i d l- P u u ti b li l t i y c Number of issues 1-5 1-5 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 >.O9 1.93 2^46 2.36 2.75 3.34 2.83 2.98 3.28 4.28 2.96 3.96 3.11 1943 average '..98 1.96 2.47 2.06 2.64 3.16 2.73 2.86 3.13 3.91 2.85 3.64 2.99 1943—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 2.9& July '.. ;.91 1.92 2.45 1.97 2.58 3.11 2.69 2.82 3.09 3.81 2.80 3.56 2.95 August .92 1.95 2.46 1.91 2.57 3.10 • 2.69 2.81 3.08 3.81 2.79 3.55 2.96 September .90 1.97 2.48 1.92 2.59 3.11 2.69 2.82 3.10 3.83 2.82 3.56 2.96 October .90 1.98 2.48 1.88 2.60 3.11 2.70 2.83 3.10 3.82 2.82 3.55 2.96 November .94 2.00 2.48 1.90 2.61 3.13 2.71 2.84 3.11 3.83 2.85 3.56 2.98 December L.95 2.00 2.49 2.00 2.63 3.14 2.74 2.87 3.13 3.82 2.86 3.56 3.00 1944—January L.95 1.99 2.49 1.92 2.65 3.11 2.72 2.83 3.11 3.76 2.83 3.51 2.99 February L.93 1.96 2.49 1.85 2.65 3.10 2.74 2.83 3.10 3.72 2.83 3.49 2.98 March L.91 1.95 2.48 1.84 2.64 3.09 2.74 2.82 3.10 3.70 2.83 3.48 2.97 April L.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 L.94 1.95 2.49 1.86 2.58 3.06 2.73 2.81 3.07 3.63 2.81 3.41 2.97 June L.91 1.95 2.49 1.87 2.58 3.05 2.73 2.81 3.07 3.59 2.79 3.40 2.96 Week ending: July 1 L.89 1.95 2.49 1.86 2.59 3.04 2.72 2.81 3.06 3.58 2.78 3.39 2.96 July 8 L.89 1.95 2.49 1.86 2.59 3.04 2.72 2.80 3.05 3.57 2.78 3.38 2.96 July 15 L.88 61.95 2.49 1.84 2.60 3.04 2.72 2.80 3.05 3.57 2.78 3.37 2.95 July 22 L.89 1.95 2.49 1.82 2.59 3.03 2.72 2.80 3.05 3.57 2.78 3.37 2.95 July 29 .90 1.95 2.49 1.82 2.60 3.04 2.72 2.81 3.05 3.56 2.80 3.36 2.94 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. 6 Number of issues included increased from 4 to 5 on July 10. Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474. AUGUST 1944 795 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS1 Bond prices Stock prices^ Volume Corporate4 Common (index, 1935-39 = 100) of trading7 Year, month, or week. m U G er e . o n S n v - . t - g M ( ra i h u p d i n e a g i ) l c * h - * , g H r i a g d h e - Tot M al ediu In m n tr du i - u a s a s l n - d lo R r w o a a e i d l r - -gra P d u e t u i b li l t i y c fau D lt e e - d fe P r r r e e - ds Total In tr d i u a s l - R ro a a il d - P ut u i b li l t i y c (i s s n a h n a t d h r s e o s u o ) - f Number of issues.. 1-6 15 50 20 20 402 354 20 28 1941 average.. 130.9 117.8 98.9 103.9 86.9 106.1 21.9 171.9 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—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 88 730 June 100.16 135.5 120.9 114.5 121.5 106.2 115.9 61.2 175.8 102 104 101 90 1,598 Week ending: July 1.... 100.15 135.6 121.0 114.2 121.2 105.6 116.0 61.8 176.8 103 106 103 91 1,839 July 8.... 100.15 135.6 121.3 114.4 120.8 106.2 116.3 61.8 177.3 105 107 104 92 1,783 July 15.... 100.19 136.0 121.3 114.8 121.2 106.8 116.4 62.5 178.1 106 108 107 92 1,386 July 22.... 100.23 136.4 121.4 114.9 121.3 107.2 116.3 61.5 178.1 104 107 106 91 1,391 July 29.... 100.20 136.4 121.3 114.8 121.0 107.2 116.3 59.7 176.8 102 104 104 91 769 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. 2 Average of taxable bonds due or callable in 15 years and over. 3 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 4 Prices derived from averages of median yields, as computed by Standard and Poor's Corporation. 5 Standard and Poor's Corporation. 6 Prices derived from averages of median yields on noncallable high-grade stocks"on~basis of a $7 annual dividend. 7 Average daily volume of trading in stocks on the New York Stock Exchange. Back figures— See Banking and Monetary Statistics, Tables 130,133, 134, and 136, pp. 475,479,482, and 486, respectively. NEW SECURITY ISSUES [In millions of dollars] For new capital For refunding Total Domestic Domestic (new Total Total Year or month and (do- (dof i u r n n e g - d ) - m a f e o n s r d t - ic Total S m a t n a u d t - e a F e g e r e a d n l - - Co B rp on o d ra s te eign2 m a f e o n s r d t - ic Total S a m t n a u d t - e a F e g e r e a d n l - - Co B r o p n o d r s ate e F ig o n r 2 eign) nici- cies1 Total and Stocks eign) nici- cies1 Total and Stocks pal notes pal notes 1934 2,160 1,386 1,386 803 405 178 144 35 774 765 136 317 312 312 9 1935 4,699 1,457 1,409 855 150 404 334 69 "is" 3,242 3,216 365 987 1,864 1,782 'si " 26 1936 6,214 1,972 1,949 735 22 1,192 839 352 23 4,242 4,123 382 353 3,387 3,187 200 119 1937 3,937 2,138 2,094 712 157 1,225 817 408 44 1,799 1,680 191 281 1,209 856 352 119 1938 4,449 2,360 2,325 971 481 873 807 67 35 2,089 2,061 129 665 1,267 1,236 31 28 1 19 9 4 3 0 9 5 4, ,8 8 4 03 2 2 1 , , 2 95 8 1 9 2 1 , ,9 2 4 3 8 9 9 7 3 5 1 1 9 4 2 6 4 1 3 7 8 3 3 6 6 28 0 7 1 1 9 3 7 5 5 2 0 3 2 t , 5 8 5 5 3 2 3 2 , , 4 8 6 5 5 2 4 1 8 9 2 5 1,5 3 3 4 7 4 2 1 , , 0 73 2 3 6 1 1 , , 8 5 3 9 4 6 1 13 9 7 3 88 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 r2,174 r642 r640 176 r90 374 282 92 ""i" 1,532 1,442 259 497 685 603 82 90 1943—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 .. r140 r5i r51 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— F J e a b n r u u a a ry ry r2 2 2 4 0 0 1 r7 0 3 3 r7 9 3 3 r24 31 3 6 8 3 5 1 9 5 2 4 2 10 1 1 3 4 7 6 1 1 3 4 7 6 2 1 6 4 "'25' 1 9 2 6 3 9 6 3 2 6 3 1 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 M Ju a n y e 4 2 1 1 8 3 4 5 2 3 5 4 3 2 2 2 1 3 ""i" 3 1 3 5 1 1 4 1 1 5 9 3 1 6 7 5 0 3 1 5 7 6 0 13 8 9 3 8 3 3 18 7 4 9 16 7 9 6 1 3 5 9 r Revised. * Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 Includes issues of noncoatiguous U. S. Territories and Possessions. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures.—See Banking and Monetary Statistics, Table 137, p. 487. 796 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES1 PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Estimated Estimated Year or month pro g c r e o e s d s s2 pro n c e e t eds3 New money Retirement of securities Repay o m f ent Other Total e P q l u a i n p t m a e n n d t W c o a r p k i i t n al g Total Bo n n o d t s e s and Pr s e t f o e c r k red other debt purposes 1934 397 384 57 32 26 231 231 84 11 1935 2,332 2,266 208 111 96 1,865 1,794 71 170 23 1936 4,572 4,431 858 380 478 3,368 3,143 226 154 49 1937 2,310 2,239 991 574 417 1,100 911 190 111 36 1938 2,155 2,110 681 504 177 1,206 1,119 87 215 7 1939 2,164 2,115 325 170 155 1,695 1,637 59 69 26 1940 2,677 2,615 569 424 145 1,854 1,726 128 174 19 1941 2,667 2,623 868 661 207 1,583 1,483 100 144 28 1942 1,062 1,043 474 287 187 396 366 30 138 35 1943. 1,112 1,089 285 156 129 721 651 70 54 28 1942— O Se c p to te b m er b . er 8 4 2 6 8 4 0 5 3 4 1 1 2 2 1 2 9 2 4 5 1 4 2 1 4 2 4 20 November 35 34 5 1 4 28 28 1 December 34 33 16 15 1 17 13 4 1943—January 9 8 1 1 6 6 2 February 49 49 12 io"" 2 34 34 3 March 98 96 39 6 32 48 42 7 1 8*'" April 91 88 9 3 6 76 74 2 3 May 83 81 32 14 18 49 49 June 99 97 25 10 15 70 51 19 2 A Ju u l g y ust 1 7 0 6 6 10 7 3 4 1 3 5 n"" 3 3 8 5 0 9 4 7 0 9 19 1 2 8 1 i 0 " O Se c p to te b m er ber 1 6 3 9 0 1 6 2 8 7 1 3 1 6 5 3 1 5 0 0 1 9 4 7 2 9 4 2 5 2 i November 200 197 122 91 31 69 64 5 6 "s" December 103 100 14 3 10 79 75 4 3 l 1944—January 154 150 34 23 11 114 54 60 2 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 M Ju a n y e 1 1 6 4 3 8 1 1 6 4 0 6 2 2 3 3 1 8 7 1 6 5 1 1 1 2 7 0 1 1 0 1 3 5 1 5 3 1 3 8 f " 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 1937 338 228 110 1 751 89 611 50 1,079 616 373 90 71 57 7 7 1938 54 24 30 1,208 180 943 86 831 469 226 136 16 8 7 1 1939 182 85 97 1,246 43 1,157 47 584 188 353 43 102 9 88 5 1940 . 319 115 186 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—September 1 1 40 6 25 9 38 23 15 O No ct v o e b m e b r. er 9 9 2 1 9 7 i 2 1 9 6 1 6 7 4 4 1 3 2 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 A M p a r r i c l h 1 3 5 3 5 10 5 2 8 2 1 2 5 0 5 3 1 2 5 7 9 3 5 3 2 1 2 8 8 May 14 14 38 1 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 1 9 4 1 8 4 3 2 2 9 4 2 3 2 1 1 1 November 26 3 23 37 37 134 119 9 6 December 3 3 75 70 "5 " 19 7 9 3 3 3 [944— January 8 8 61 61 81 26 53 2 February 9 9 30 30 55 40 3 12 March 29 29 140 6 134 28 14 11 4 "2" ""2" April 28 28 118 49 65 3 4 3 1 May.. 2 2 58 58 85 19 62 4 1 1 June... 45 4 41 24 23 1 58 17 22 19 33 2 31 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. Source.—Securities and Exchange Commissionf ^compilations of back figures, see Banking and Monetary Statistics (Table 138, p. 491), a publication of the Board of Governors. AUGUST 1944 797 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS INDUSTRIAL CORPORATIONS [In millions of dollars] Net profits,1 by industrial groups P d ro i f v i i t d s e n a d n s d Year or quarter Total s I a t r n e o d e n l c M e h r i a y n - - t b o A i m u le - o s - p e O t m r t q o i a t e u o r h n t n i n e a s p t r - - - f m p e N u a r e r o r c n o t o t a 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 s r , - , o pr r a e o i i O n n f n d i g g i d n u l - c- c I h n c tr e a d i m l a u s l s i- - O g d n o u b t o o h r l n e a d e - - r s n s c M e e i e i l r c o s l v e u - a - s s - pr N of e i t t , s1 fe P D r r i r e e v - d ide C n o ds m- Number of companies.. 629 47 69 15 68 77 75 49 45 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 90 151 152 164 136 165 883 552 1943 1,823 205 168 201 203 128 83 163 185 169 144 173 902 555 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 «54 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 23 38 38 219 20 141 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad2 Electric power Telephone3 Year or quarter O re p v i e n e r g n a u t- e i I b n n e t c c a f o o o x m m r 4 e e e All r N o e a t d s inc I o n m s r o o e l 1 a v d e s nt d D e i n v d i- s O re 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 * re e e i . nc N o e m t e1 d D en iv d i s - 5 O re p v i e n e r n g a u t e - in N co 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 -3 -12 -29 25 187 48 41 19 274 49 44 2 1,010 15 3 -33 29 176 42 34 19 281 50 44 3 1,130 92 71 -14 29 177 41 31 19 281 45 44 4 1,171 145 127 3 78 194 47 37 20 294 50 46 1941—1 1,152 96 69 -5 28 201 59 43 18 295 43 44 2 1,272 145 103 0 36 191 48 33 24 308 44 45 3 1,468 267 189 23 34 196 46 25 18 311 45 44 4 1,454 166 138 5 87 211 50 34 19 321 46 40 1942—1 1,483 178 90 12 24 216 63 33 19 324 41 44 2 1,797 390 198 37 46 202 53 25 19 337 41 42 3 2,047 556 286 60 30 208 55 26 19 342 39 39 4 2,139 534 327 38 101 221 56 35 19 359 43 38 1943—1 2,091 513 209 52 28 229, 71 34 19 366 42 40 2 2,255 605 239 56 49 221 62 29 18 383 44 42 3 2,368 653 249 55 39 225 60 29 19 389 45 43 4... 2,340 438 177 25 100 237 58 31 20 400 48 41 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 not add to the yearly totals shown. 6 Partly estimated. Sources —Interstate Commerce Commission for railroads; Federal Communications Commission for telephone companies; published reports for industrial and electric power companies. Figures for the current and preceding year subject to revision, especially for war producers whose contracts are under renegotiation. For description of data and back figures, see pp. 214-217 of the March 1942 BULLETIN. 798 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars ] Marketable public issues1 Nonmarketable public Issues Fully Total Total . Non- guaran- End of month d g d i r e r o e b s c t s t i b n d e d t i a e r e r e r b i e c n t s t g t- Totaiz Tre b a i s ll u s ry in c C d a e n e t r e e b t s s i t s f e o i d - f - Tr n e o a t s e u s ry Tr b e o a n s d u s ry Total2 sa b U v o . i n n S d g . s s T t s a r n a e x v o a i t s a n e u n s g r d s y S is p s e u c e i s al i b n e d t a e e r r b i e n t s g t- s t e b t e c e e e u r a d e r r i s i i t n t n i - g e - s 1 1 1 9 9 9 4 4 4 2 1 0 — — -J D D D J J u u u e e e n n n c c c e e e 1 4 4 4 5 7 0 8 2 7 5 2 8 , , , , , , 4 9 0 9 1 9 2 7 3 2 6 6 2 0 8 5 8 1 1 4 4 4 5 7 0 8 2 4 7 1 7 , , , , , , 3 3 4 4 9 3 8 7 5 5 6 0 7 6 8 1 8 8 3 3 4 5 3 7 4 1 5 0 7 6 , , , , , , 5 4 6 5 4 7 6 4 3 8 7 1 2 5 6 8 3 3 2 2 6 1 1 1 , , , , , , 6 0 5 3 3 6 2 0 1 0 0 0 7 2 8 0 2 3 1 3 0 , , 0 5 9 3 6 4 5 6 9 6 6 5 , , , , , , 1 6 6 9 8 3 7 9 9 8 6 8 8 7 8 9 3 3 3 3 4 2 2 3 8 9 0 7 6 3 , , , , , , 0 9 2 5 2 3 6 8 5 6 6 1 0 5 5 8 7 5 2 1 3 3 4 8 1 3 , , , , , , 1 4 9 5 7 5 6 4 0 5 8 1 6 4 5 7 8 0 1 1 3 4 2 6 5 0 , , , , , , 1 1 3 9 0 1 9 4 1 0 5 8 5 0 4 5 0 8 3 6 2 , , , 0 3 4 1 7 8 5 1 4 4 5 6 9 6 7 , , , , . , 1 0 7 3 9 8 2 3 7 7 8 8 0 5 2 2 0 5 8 4 4 5 5 5 6 8 5 7 6 9 2 7 4 4 6 1 4 4 5 5 6 6 , , , , , , 2 3 9 5 3 4 8 1 0 4 6 9 7 3 1 8 0 8 1943—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 D A O N S Ju e u e o c l p c t g v y t 1 1 1 1 1 1 6 6 6 5 4 4 5 6 5 8 4 1 , , , , , , 8 1 0 0 3 5 7 5 4 5 4 2 7 8 7 9 9 4 1 1 1 1 1 1 6 6 5 6 4 4 4 4 7 3 2 0 , , , , , , 5 7 5 0 7 2 0 8 8 5 2 3 8 1 9 3 1 8 1 1 1 1 9 9 1 1 1 1 9 8 5 5 1 5 , , , , , , 9 9 2 6 9 4 0 3 3 4 1 2 9 0 5 4 3 6 1 1 1 1 1 1 3 3 3 3 2 2 , , , , , , 0 0 0 0 8 4 7 7 5 6 4 6 2 4 4 4 6 0 2 2 2 2 1 1 3 3 2 1 7 6 , , , , , , 1 1 8 1 4 5 0 9 9 4 3 6 3 9 7 3 6 1 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , 1 5 5 5 8 8 7 9 9 9 7 7 5 6 6 6 5 5 6 6 6 6 5 5 7 7 5 7 7 7 , , , , , , 9 9 4 8 5 5 4 4 8 4 2 2 0 4 9 4 0 0 3 3 3 3 3 3 6 6 3 5 0 0 , , , , , , 5 5 9 7 8 1 9 7 1 7 7 6 5 4 0 6 9 9 2 2 2 2 2 2 7 6 4 6 2 2 , , , , , , 6 4 3 0 6 0 9 7 6 5 9 3 7 8 3 6 4 0 9 9 8 8 7 7 , , , , , , 1 8 2 5 7 6 5 0 7 8 0 7 1 9 8 6 3 8 1 1 1 1 1 1 2 2 1 1 1 1 , , , , , , 2 7 7 9 8 4 7 1 0 0 6 5 8 7 7 3 8 6 1 1 1 1 1 1 , , , , , , 3 3 4 2 3 2 7 7 5 9 3 8 7 0 8 6 8 6 4 4 3 3 4 3 , , , , , , 1 2 9 9 1 7 5 2 3 6 1 8 4 5 3 4 4 2 1944— M J A M F J u a e p a a n n b r y r e 2 1 1 1 1 1 0 8 7 8 8 8 1 6 4 3 0 4 , , , , , , 9 0 3 1 7 6 6 6 0 1 0 5 7 6 7 5 3 9 1 1 1 1 1 1 9 8 8 8 6 8 9 3 3 4 7 1 , , , , , , 5 3 4 8 7 0 4 4 1 0 7 4 3 8 3 9 4 3 1 1 1 1 1 1 4 2 2 2 2 1 0 8 7 8 6 5 , , , , , , 0 4 4 0 1 2 2 4 8 0 7 5 9 0 0 1 1 9 1 1 1 1 1 1 4 3 3 3 3 3 , , , , , , 7 7 1 1 1 1 3 4 5 6 1 0 4 7 0 6 2 1 2 2 2 2 2 2 8 5 5 5 5 2 , , , , , , 8 3 2 6 6 8 2 0 6 8 8 4 2 6 6 0 0 3 1 1 1 1 1 1 7 6 6 6 3 1 , , , , , , 4 2 2 2 3 1 0 4 6 6 0 7 5 4 5 3 2 5 7 7 6 7 7 7 2 9 2 3 2 7 , , , , , , 5 2 5 8 8 9 3 2 4 8 1 4 7 6 4 2 3 4 4 4 4 4 4 3 2 4 2 1 2 8 , , , , , , 2 8 7 7 3 9 7 5 6 2 7 1 5 5 2 4 0 1 3 3 3 3 2 3 2 2 1 4 1 8 , , , , , , 4 9 5 9 6 9 9 8 7 1 0 0 7 7 4 5 6 1 1 9 9 9 9 9 0 , , , , , , 5 1 0 0 3 2 1 5 9 5 8 2 6 7 2 0 4 0 1 1 1 1 1 1 3 4 3 4 3 2 , , , , , , 2 6 1 5 1 8 8 2 9 0 7 6 7 2 7 7 3 8 33 1 1 1 1 1 , , , , , , 6 4 5 4 3 3 6 9 5 6 1 9 7 2 4 0 6 8 4 4 2 2 1 1 , , , , , , 2 2 5 2 2 5 2 6 2 5 5 1 7 9 8 8 9 6 I Tune]^^^ eW ^ Government aSencies and trust funds» which aggregated $4,054,000,000 on May31,1944, and $4,658,000,000 (preliminary) 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, JUNE 30, 1944 [In millions of dollars] (On basis of daily statements of United States Treasury. In millions of dollars] Amount Funds received from sales during Redemp- Issue and couponrate Amount Issue and coupon rate Amount Month sta o n u d t i - ng month tions Treasury bills1 Treasury bonds—Cont. at m e o n n d t h of All Series Series Series All July 6, 1944.... 1,008 June 15, 1949-51.. .2 1,014 series E F G series July 13, 1944.... 1,015 Sept. 15, 1949-51.. 2 1,292 J J A A A A A S S S u u e e e u u u u u l l p p p y y g g g g g t t t . . . . . . . . 2 2 3 2 1 2 1 1 7 0 7 4 1 3 1 0 7 4 , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 L 1 1 L 1 1 , , , , , , , , , , 0 2 0 2 2 0 2 2 2 2 1 1 1 0 1 O 1 0 O 1 6 2 3 1 7 4 6 5 3 7 J M D S S D S S D D u e e e e e e e e a n p p p p c c c c r e t t t t . . . . . . . . . 1 1 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 5 5 , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 5 5 4 5 4 4 5 5 5 5 1 9 1 0 9 9 1 1 0 0 - - - - - - - - 5 5 5 - 5 5 5 5 5 5 5 3 4 2 3 5 2 1 3 2 2 . . . . . . . . . . . . . . . . . . .. . . • • . . . . 2 2 . . 2 . . 2 / X . 2 2 . ' H % 3 1 2 2 A 4 7 1 1 1 1 1 2 , , , , , , , , 9 6 1 9 1 9 7 0 4 7 2 1 3 8 8 6 8 9 5 9 7 9 8 6 6 3 6 1 8 5 1943— N S M O D J J A A u u e o e c u a l p n p v c t g y y t r e . . . . . . . . . . . . . . . . . . . . . . 1 2 2 2 2 2 2 2 2 0 9 6 6 2 4 7 1 2 , , , , , , , , , 5 2 0 6 6 4 2 3 0 0 6 5 9 9 5 7 6 3 7 7 6 4 7 6 8 3 0 1 1 1 1 , , , , 3 4 9 7 8 8 8 7 8 3 7 2 0 7 0 9 9 5 5 0 7 8 6 2 8 0 3 1 1 1 , , , 0 4 3 9 6 6 6 6 7 0 4 0 9 8 6 6 9 2 7 0 0 5 3 5 1 6 8 1 1 9 8 3 2 2 2 3 3 1 3 6 5 3 4 8 9 8 0 3 3 2 2 1 1 1 1 1 8 7 0 5 5 1 0 4 6 7 5 9 4 3 2 1 4 9 2 1 1 1 1 1 1 1 1 0 4 5 7 5 0 3 4 0 7 4 5 0 2 4 8 1 3 Ce A O S D S r e e u c e t p p , t g c . t t . o . . . f 2 1 1 1 1 i 8 , , , , n , 1 1 1 1 d 1 9 9 9 9 e 4 9 4 4 4 b 4 4 4 4 4 t 4 . e . . . . . . . . d . . . . ne • s • s • • • V V A k k 8 4 3 2 3 1 , , , , , 1 5 5 5 2 2 1 4 4 0 2 9 5 8 0 M J J J M J D u u u u e a a n n n n c r r e e e e . . . 1 1 1 1 1 1 1 5 5 5 5 5 5 5 , , , , , , , 1 1 1 1 1 1 1 9 9 9 9 9 9 9 5 5 5 5 5 5 5 2 2 1 2 4 3 5 - - - - - - - 5 5 5 5 5 5 6 5 4 5 4 6 5 0 . . . .. .. .. . . . • . . . • 2 . 2 . . . 2 % . . 2 % 2 2 H . H 2 4 2 1 1 , , , , 0 2 6 5 5 6 7 2 0 0 1 1 8 2 7 4 1 0 1 1 5 1944— A F M M J J u e p a a a n b n r r y e . . . . . . . . . . . . . . . , 3 3 2 3 3 3 1 2 2 1 8 4 , , , , , , 4 5 9 9 9 6 9 1 8 7 0 0 7 5 7 4 6 1 2 1 1 , , , 8 6 7 7 7 7 4 9 8 3 5 0 2 8 2 9 1 9 2 1 1 , , , 1 0 3 6 5 6 8 5 0 0 2 7 5 0 2 6 4 6 1 1 1 2 2 5 1 1 1 3 7 7 9 5 5 4 5 3 1 1 1 7 2 8 1 1 1 2 7 4 1 0 7 2 2 2 2 1 1 3 4 6 7 8 8 7 8 8 9 5 8 Feb. 1, 1945 - • • V% 5,048 Mar. 15, 1956-58. .. • 2% 1,449 A M p a r y . 1 1 , , 1 1 9 9 4 4 5 5.... • •% 4 1 , , 8 61 7 5 7 S S e e p p t t . . 1 1 5 5 , , 1 19 9 5 5 6 6 - - 5 5 9 9 . .. • •2 % 2% 3,8 9 2 82 3 Maturities and amounts outstanding, June 30, 1944 Tr J e u a n s e u r 1 y , n 1 o 9 t 4 e 5 s ... "••% 3,557 J J D u u e n n c e e . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 5 6 6 2 8 0 - - - 6 6 6 7 3 5 . . • • • 2 2 2 % % V2 2 1 , , 1 4 9 1 8 1 8 5 9 Year of maturity se A ri l e l s S A er - i D es Ser E ies Se F ries Se G ries Sept. 15, 1944... .. ..1 283 Dec. 15, 1963-68. • 2lA 2,831 Sept. 15, 1944... 635 June 15, 1964-69. 2]/2 3,762 M M a a r r . . 1 1 5 , , 1 1 9 94 4 5 5 . . . . . . • •. . • . 9• • 0•% M 2,1 7 2 1 7 8 M De a c r . . 1 1 5 5 , , 1 1 9 9 6 6 4 5 - - 6 7 9 0 . . • 2 2 i V y 2 3 4 , , 8 78 3 9 8 1 19 9 4 45 6 ... 1 31 7 9 9 3 1 1 7 9 9 M De a c r . . 1 1 5 5 , , 1 19 9 4 4 5 5 . . . . . . .'.'.' i . } .% /i 1,6 5 0 3 6 1 P S o e s p t t a . l 15 S , a 1 v 9 i 6 n 7 g - s 7 2 bonds.2^ 2,7 1 1 1 6 7 1 1 9 9 4 4 7 8 4 4 0 8 6 8 4 48 0 8 6 M M S D e e a a p c r r t . . . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 4 4 4 4 7 7 5 6 . . . . . . . .. i 1 /i H j 3 2 1 , , , 2 2 7 5 8 6 0 0 6 1 7 3 C Pa o n n a v T m e o r a s t a i C l o n a d n ir a b e l c o t l n o i d s a s s n . ues . : . . . . . 3 3 uoTio 2 5 9 0 T 1 1 1 1 9 9 9 9 5 4 5 5 1 9 0 2 5 1 , , 3 6 8 9 5 8 0 9 1 4 0 0 9 8 4 9 0 4 0 0 3 5 1 , , 3 2 5 4 1 1 Sept. 15, 1948. . 3,748 Guaranteed securities 1953 10,343 8,906 219 1,217 Treasury bonds Commodity Credit Corp. 1954 8,486 5,467 618 2,401 S D D e e e p c c t . . . 1 1 1 5 5 5 , , , 1 1 19 9 9 4 4 4 5 5 4- - 5 4 . 4 7 .. • .. 2% 4 1 1 , , 0 2 5 3 1 4 7 4 1 H Fe o J F d m u e e n b e r e a . O l 1 1 w 5 , H , n 1 o 1 9 e u 9 4 r s 4 s 5 i 5 ' n r4 L g 7 o a A n d m C V o 1 in / r ) % p 4 . 4 7 1 5 2 5 U 1 1 9 9 n 5 5 c 5 6 lassified. 3 2 , , 2 1 1 6 4 6 1 0 0 4 7 4 1 9 0 2 1, , 6 5 9 5 2 0 J M u a n r e . 1 1 5 5 , , 1 1 9 9 4 4 6 6 - - 4 5 8 6 . . .3 1,0 4 3 8 6 9 Various 24 Total. . 34,606 3,625 20,965 1,996 7,861 June 15, 1946-49 819 Total guaranteed issues 1,190 Oct. 15, 1947-52 759 Dec. 15, 1947. . . 2 701 Mar. 15, 1948-50 2 1,115 Mar. 15, 1948-51 V.2K 1.223 June 15, 1948.. 3,062 Sept. 15, 1948. .. • -2H 451 Dec. 15, 1948-50 571 1 Sold on discount basis, See table on Open-Market Money Rates, p. 795. AUGUST 1944 799 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [In millions of dollars] Held by U. S. Gov- Privately held1 ernment agencies Held Total and trust funds by Other investors End of month s i e b n c e t u e a r r r i e i t n s ie t g - s • S is p s e u c e i s al P is u s b u l e i s c R F B e e a d s n e e k r r s v al e Total m b C e a o r n c m k ia s - l M s b a a v u n i t n u k g a s s l I p c n a a o n s n m u c i e r e - - s M i a s a s b r u k le e e s t- m i N s a a s r o b u k n l e e e - s t- 1941-June 54,747 6,120 2,362 2,184 44,081 20,095 3,426 7,000 9,400 4,200 December.. 63,768 6,982 2,547 2,254 51,985 21,788 3,700 8,000 10,000 8,500 1942-June 76,517 7,885 2,726 2,645 63,261 26,410 3,891 8,900 11,100 13,000 December.. 111,591 9,032 3,207 6,189 93,163 41,373 4,559 11,000 15,100 21,100 1943-June 139,472 10,871 3,44G 7,202 117,959 52,458 5,290 12,800 19,000 28,400 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 May 186,403 14,122 4,243 14,251 153,787 63,200 6,700 16,000 26,700 41,200 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 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- Total m er e n n - t F er e a d l - Com- M u u al t- Insur- Total m er e n n - t F e e ra d l - Com- M ua u l t- Insur- End of month out- agen- Re- mercial sav- ance Other End of month out- agen- Re- mer- sav- ance Other stand- cies serve banks1 ings com- stand- cies serve cial ings coming and Banks banks panies ing and Banksbanks banks panies trust trust funds funds Total:2 Treasury bonds: 1942—Dec 80.685 3,202 6,189 38,759 4,471 10,76617,297 Total: 1943_june #> e 99,218 3,319 7,202 48,665 5,161 12,48622,385 1942—Dec 49,268 2,739 2,77719,445 4,055 9,94410,308 Dec. 118,813 3,78711,543 55,549 5,96214,38627,586 1943—June 57,520 3,045 1 46824,226 4,72511,44212,615 1944—Jan 118,842 3,77612,073 57,174 5,57913,93226,307 Dec 67,944 3,614 1,55928,264 5,50613,38915,'613 Feb 129,640 4 03711 632 60,029 6,48815,43732,017 1944—Jan. 67,944 3,611 1,59229,001 5,23513,13815 368 Mar 129,623 4,'05012*115 59,358 6,62615,57731,898 Feb 73,882 3,854 1,61329',976 6*11814,603n',718 Apr. 128,944 4,05013,220 59,117 6,67015,62030,267 Mar 72,813 3,858 1,45029,357 6,199 14,70417,245 May 129,218 4,056 14,251 58,634 6,59315,64930,035 Apr 72,526 3,842 1,44529,501 6,20714,71816*,814 Treasury bills: May 72,537 3,846 1,44729,601 6,08814,71816,838 1942—Dec. 6,627 11 1,010 4,497 10 26 1,073 Maturing within 5 years: 19*43—June 11,864 11 3,815 6,502 21 154 1,361 1942—Dec 5,830 754 2 565 253 726 1,531 Dec 13,072 20 6,768 4,716 12 72 1,484 1943—June 9,474 867 5,122 298 991 2,195 1944—Jan 13,101 21 6 941 4,904 11 15 1,209 Dec 8,524 <365 5,044 211 828 1 775 Feb. : 13,112 6 6*354 5,484 5 1,263 1944—Jan 8,524 371 5J31 197 770 1*755 Mar 13,147 8 6,532 4,606 8 10 1,983 Feb 8,524 604 5,231 197 683 1,807 Apr. 13,150 12 7*641 4 137 9 3 1,347 Mar 7,328 454 4*414 172 638 1 *649 May 13,766 24 8,466 3,627 10 8 1,630 Apr 7,005 449 4,299 179 624 1,452 Certificates: May 7,005 149 4,265 183 629 1,480 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 Dec 22,843 50 2,467 12,701 208 367 7,050 1943—June 17,921 776 10,107 1,308 2,326 3,401 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 13,049 159 382 9,325 1944—Jan. . 28,360 1,485 16,139 1,848 3,141 5 749 Mar 25,680 73 2*970 12,944 163 485 9,044 Feb 28,360 1,447 16',545 1,774 3*070 5 *522 Apr 25,306 84 2,973 12,979 171 518 8,581 Mar 29,384 1 i195 16,961 2,125 3,160 5,640 May 25,266 82 3,147 12,950 210 557 8,320 Apr 29,384 j i196 17,161 2 124 3,098 5,505 Treasury notes: May 29,384 1,<198 17,294 2,051 3,089 5*453 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 Dec 11,175 66 665 7,389 197 275 2,583 1943—June 17,214 1,545 7*611 1,405 2,'896 3,'657 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 May 16,265 69 1,186 11,499 274 301 2,935 Apr 17,099 1,252 6,389 1,919 3,154 4*383 Guaranteed securities: May 17,109 1,256 6,384 1,891 3,162 4,412 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 Dec 3,583 4 83 2,466 38 283 709 1943—June 12,912 1,221 1,385 1.713 5,229 3,366 1944—Jan '3,583 3 88 2,529 34 223 707 Dec 16,751 1,745 1,526 2,046 6,737 4,699 M Fe a b r . . 3 1 , , 4 5 6 4 9 4 3 3 8 4 8 2 1 , , 4 0 5 3 9 3 3 1 0 2 1 8 9 4 3 6 4 9 0 6 8 1944 j F an eb. 1 1 8 6 , ,7 9 5 6 0 3 2 1 , 7 3 9 8 0 3 1 1* 5 62 4 3 3 2 1 , , 0 9 0 9 1 0 6 7 ,6 7 7 1 8 1 4 5 , ,5 7 7 1 5 8 Apr 1,503 3 4 999 12 81 404 Mar. 19,022 2,W7 1*627 2,002 7',804 5,'495 May 1,190 3 4 944 10 64 166 Apr 19,037 2 OS? 1,646 1,983 7 844 5 476 May 19,039 2,088 l*.66O 1*963 7*835 5*493 * 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 banks. On May31,1944, commercial banks reporting to the Treasury held $20,750,000,000 of United States Government securities due or callable within one year out of a total of $46,112,000,000 outstanding. 2 Including $196,000,000 of Postal Savings and prewar bonds not shown separately below. 800 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Treasury. In millions of dollars] Period W I h n e c i l t o d h m 2 - e O ta t x h e e s r 1 c n i r M n n e n e e u v t l i a o s l e e e l 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- T c f o e t r e a r r u a t u s c c n n - s . t s t t o s - , p O t e u e t n h r x d e e - s i r - e b T x i u t p o u d e t r g 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, C f h a g b e u i n a a e r n n n c a l n - 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 1,808 72,109 435 3,827 78,179 55,897 — 1,861 +6,515 64,274 June 1944 8,393 26,262 5,291 1,751 3,711 45,408 44.149 2,609 87,039 556 3,540 93,744 49,595 -4,051 +10,662 64,307 1943—June 3,803 353 57 356 4,569 4,569 609 7,469 1 247 8,327 3,758 —206 —3,180 784 July .. 19 1,236 512 48 234 2,048 2,007 68 6,432 344 269 7,112 5,105 -635 -912 4,828 August 548 1,016 729 310 403 3,005 2,721 46 7,232 15 324 7,617 4,896 +131 -2,231 2,534 September... 674 4,091 • 344 53 285 5,448 5,447 311 6,952 2 269 7,535 2,087 -410 +11,794 14,291 October .. :. 557 746 464 46 256 2,069 2,030 131 6,989 36 300 7,456 5,426 -132 +1,139 6,697 November ... 1,010 449 363 292 255 2,370 2,099 47 7,541 2 248 7,839 5,740 +290 -4,338 1,112 December.... 713 4,327 386 60 251 5,737 5,736 497 6,718 2 236 7,452 1,716 -667 -2,664 -281 1944—January 574 1,153 412 49 590 2,779 2,747 87 7,138 37 308 7,570 4,823 -14 -55 4,781 February 1,137 610 344 373 290 2,754 2,503 56 7,518 5 283 7,862 5,359 -173 +6,916 12,448 March 750 5.161 375 69 220 6,576 6,573 449 7,726 7 343 8,525 1,952 -2,205 -2,549 1,608 April 560 1,915 421 39 183 3,119 3,087 117 7,346 40 355 7,859 4,772 +193 -4,327 252 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 June 746 4,495 422 75 511 6,249 6,247 747 7,567 40 271 8,625 2,378 -613 +11,646 14,637 Details of trust accounts, etc. General fund of the Treasury (end of period) Social Security Balance in accounts Net ex- Other Assets general fund penditures Period c N e r i e e p - t ts I m nv e e n s ts t- p t e u E n r x e d - s i- c a G i o l g n m o u g c e v n h n e e t a e c n s r c c i t n e - o k - 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 D o s d i s e n e e i r - t r v s a e l d s p p e D o e p i s e c n o i - i s t a s i l - O as t s h e e t r s [ T lia t o i b e ta i s l l i- Total W a b i o n a r c l g k - e - Banks taries Fiscal year ending: June 1942 2,327 ! 1,705 I 614 3,625 863 221 533 3,443 603 1,679 452 2,991 2,229 June 1943....... 2,810 | 2,350 ' 456 2,194 1,117 655 133 10,149 1,038 7,667 643 9,507 8,744 June 1944 3,202 j 2,816 380 4,403 1,851 1,313 192 20,775 1,442 18,007 607 20,169 19,406 1943—June 169 428 31 -82 152 119 30 10,149 1,038 7,667 643 9,507 8,744 July 245 179 ! 29 726 315 252 9 9,127 979 6,790 ,358 532 8,595 7,832 August 596 292 | 30 148 101 75 21 6,845 1,076 4,362 ,406 481 6,364 5,601 September. .. 32 296 30 146 116 72 14 18,734 1,538 15,676 ,519 576 18,158 17,395 October 109 50 29 199 139 86 16 19,838 1,095 17,280 ,462 541 19,297 18,534 November 562 277 29 -64 75 96 8 15,492 1,245 12,770 1,477 534 14,958 14,196 December.... 87 308 30 427 114 81 22 12,878 1,408 9,942 1,528 584 12,294 11,532 1944—-January 102 83 1 165 164 81 12,873 1,098 10,314 1,461 634 12,239 11,476 February 514 350 33 331 121 59 35 19,726 1,172 17,095 1,460 571 19,155 18,392 March 46 172 35 2,002 94 102 35 17,270 1,540 14,306 1,424 664 16,606 15,844 April 110 51 34 87 202 75 -127 12,896 954 10,546 1,396 617 12,279 11,517 May 584 269 34 148 179 103 24 9,144 942 6,766 1,436 622 8,522 7,759 June.... ^_ 213 489 34 88 231 231 215 20,775 1,442 18,007 1,327 607 20,169 19,406 1 Details on collection basis given in table below. 2 Withheld by employers (Current Tax Payment Act of 1943). 3 Total receipts less social security employment taxes, which are appropriated directly to the Federal old-age and survivors insurance trust fund. 4 Excess of receipts (+) or expenditures ( —). Back figures,—See Banking and Monetary Statistics, Tables 150-151, pp. 513-516. INTERNAL REVENUE COLLECTIONS [On basis of reports of collections. In millions of dollars! Income taxes Miscellaneous internal revenue Period Total v i C i r n d e u d u n r i a t - - l W he i l t d h 1 - V t t o a ic r x y - c r r a C o e t r u i n p o r t o - n - t B a a x c e k s E p t r x a o c x f e e it s s s s p O t r a o t x h f e i e t s r s Total C st t t a o a a p x c l k i- E ta s a g t x n i a f e d t t s e b A t h e a a o l v x g c l e e e o ic r s - - b t T a ac x 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 c t M a e e x l o i l s e u a - s - s taxes Fiscal year ending: June 1942 8,007 3,108 2,764 460 1,618 57 3,838 282 433 1,048 781 42 852 401 June 1943 16,299 5,771 '"686 4,137 557 5,064 84 4,571 329 447 1,423 924 45 670 732 June 1944 33,028 10,254 '^038 785 4,763 705 9,345 137 5,353 381 511 1,619 988 51 729 1,075 1943—June 4,026 1,800 5 970 41 1,203 329 29 115 80 5 39 61 July 1,231 527 333 142 33 186 10 652 " " 136 48 125 87 4 59 193 August 814 55 1 438 111 44 162 595 188 25 129 90 5 56 103 September .... 4,192 1,963 1 6 877 103 1,228 11 394 35 28 117 86 4 53 71 October 1,644 74 1,006 3 181 35 337 All 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 16 184 352 382 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 1C 483 42 182 81 4 77 97 June 4,568 1,245 38 1,044 49 2,174 19 499 1 50 196 81 4 64 102 1 Withheld by employers (Current Tax Payment Act of 1943). AUGUST 1944 801 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES (Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Liabilities, other than Assets, other than interagency items interagency items Securities Bonds, notes, u. s. Pri- End of month Total Loans f s e P to r r r e c e - k d , Cash d G U i o r . e S v c . t t . G O o th v e t r . c o o a A t n u h c d n e - t r s p B n r e u o s s p s i - - P h e 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 i i- i G n m o te v e r e n e r t s n t - i o v n w a te t n e r e l e y d st etc. gu a a n r d an- a c g i e e n s1 - re a c b e le iv s - erty sale an b te y ed Other1 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 L, 414 4,630 10,931 439 1943—June 26,708 7,685 556 515 1.565 22 1.788 1,674 6,310 5,343 4,101 1,333 6,022 14,812 440 July 25,555 7,615 524 538 1,638 16 L,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 ,274 5,560 14,929 441 October 27,218 7,487 493 486 1,784 6 L,850 1,602 7,115 6,395 4,125 ,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 ,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 ,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 ,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 ,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 ,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 ,302 5,589 21,484 435 May 31,153 7,220 436 628 1,750 6 2,379 1,685 8,042 9,007 1,672 ,427 5,623 21,996 435 LOANS, OTHER THAN INTERAGENCY LOANS Home mortgage and housing Farm mortagencies3 gage loans Other farm credit loans Recon- Rural struc- Elec- Ex- End of month Total 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 m r s a 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 t F g i N o a e o a n g d r - a e t . - l P H A F u i o u e b n u t d g l h s i . c . - F b l e a a a d n n l e k d r s - M F C F g a a o e o r g d r r m p e t . - . o f B o t p a i r v e n r c e k a o s s - - m C C C o r o o e d r m d i p t i - y t C F m A r a e i d r n d m - . it A S F d r e a i m c t r y u m in - . tr m i t A f io i i d c n n - a . - p B p I o m o a r r n t - t - k Other Assoc. 1942—June 8,379 1,473 ,676 193 82 216 384 1,706 562 101 231 258 460 342 113 293 December.. 8,127 1,557 ,568 129 94 211 366 1,603 507 145 242 237 446 346 122 316 1943—June 7,685 1,483 ,441 90 98 73 317 1,489 463 102 228 245 447 344 129 440 July 7,615 1,459 ,419 92 97 71 317 1,472 455 107 225 244 443 344 132 442 August 7,580 1,463 ,400 81 100 69 317 1,452 447 111 225 242 441 344 136 468 September.. 7,557 1,460 ,383 130 99 67 317 1,431 437 148 222 237 433 345 136 443 October.... 7,487 ,432 ,366 127 100 66 317 1,406 423 189 228 232 427 345 140 438 November.. 7,459 ,427 ,354 116 99 65 318 1,381 412 215 278 229 421 345 136 423 December.. 7,444 ,413 1,338 110 101 65 318 1,358 403 235 330 226 416 347 136 405 1944—January.... 7,410 ,393 1,318 115 103 64 319 1,332 394 238 378 224 416 347 141 386 February... 7,411 ,393 1,300 114 107 63 319 1,315 389 221 409 227 417 348 142 394 March 7,366 ,379 1,279 99 110 62 319 1,290 381 197 408 231 419 349 142 400 April 7,304 ,355 1,260 83 110 61 320 1,274 376 171 400 233 408 350 217 384 May 7,220 ,348 1,240 72 112 61 318 1,258 370 152 391 233 400 350 220 398 SELECTED ASSET ITEMS, OTHER THAN INTERAGENCY ITEMS Lo F an in s a b n y c e R C ec o o rp n o st r r a u ti c o t n ion Preferred stock held Acco r u e n ce ts i v a a n b d l e o s ther Property held for sale End of month Total n t L u t i a o o n t n i s a c o f t n i i i n s a - - s l L r r o o a t a a o il n d - s s Other F R i s C n e t t i o r c a o u r o n n p c n c . - - e O C H r L w a o o o t n r i m a p e o n e o n rs - ' Other F b M F e a e n d o C d . k r . o t s F g r l p a a a a . n g r n m d e d m C r C C a o o r t o r d e i m p o d i o t n - i y - t C s w F t R o r i a r e u n r p c c a . o c t n a i o n o c n - r e n d - Other r c a W o ti r o a p r n o s - m C r C C a o o r o t r d e i m p o d i o t n - i y t - O C H L r w a o o o t n r m i a p e o n o e r n s - ' Other porations 1942—June 1,473 144 472 857 378 167 103 225 96 151 302 2,041 1,068 262 141 December. .. 1,557 167 460 930 366 152 102 207 57 531 290 3,469 1,363 227 128 1943—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 88 187 196 832 111 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 May 1,348 99 381 868 319 47 70 148 587 622 1,022 7,184 720 47 91 1 Excluding Federal land bank bonds held by the Federal Farm Mortgage Corporation^ 2 Excluding investments in preferred stock, the amount of which is shown in the lower section of this table. 3 Excluding loans by Federal savings and loan associations, which are privately owned institutions under the supervision of the Federal Home Loa Bank Administration. Loans by these institutions are reported quarterly and amounted to 1,927 million dollars on Mar. 31, 1944. 8oz FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted " refer to adjustment of monthly figures for seasonal variation] Construction Y m ea o r n a th nd ( I 1 m v n = 9 p a c e 3 a l o 5 n 1 u y m - 0 t e - 3 s 0 ) e 9 1 Tota In l (p d h u y 1 s 9 t s r i 3 i c 5 a a - D l l 3 u 9 p v f M r a r o - = c o l a t u d u n 1 u m r u 0 N c e d - 0 e s t u o ) i 2 o r n * - n - M er i a n ls - To a t w a 1 l a 9 r 2 c d 3 o e R - d n t 2 d i e e t 5 a r n s a l ( i - = v - c a ts l 1 u 0 o e 0 A t ) h l e l r N t a c u g o u r r l n a - i E - l - 1 m 9 p 3 l 9 o y = F m a 1 c e 0 t n o 0 t r * y 19 r F t o 3 o 1 a l 9 0 r l c 0 y s - 4 = c F 1 a = r 9 i r e n 3 l i 1 o g 5 g 0 s a - h 3 * d 0 t 9 - D 19 m s = ( s u e 3 v t a e p o e 5 a l 1 ) a - r e n l * 0 - 3 e s r t 5 9 0 t- p W m r = c i 1 h s o o c 9 a o d e m 1 2 l l i e s 0 6 e - t 4 - y 0 C 1 l = i 9 o v 3 s i 5 1 t n 0 - g 3 o 0 4 9 f able able Ad- Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 106.8 106.2 120 83 138.6 124.5 1920 75 93 60 83 63 30 90 107.2 127.1 129 99 154.4 143.2 1921 58 53 57 66 56 44 65 82.1 82.0 110 92 97.6 127.7 1922 73 81 67 71 79 68 88 90.8 88.0 121 94 96.7 119.7 1923 88 103 72 98 84 81 86 103.9 111.6 142 105 100:6 121.9 1924 82 95 69 89 94 95 94 96.5 104.1 139 105 98.1 122.2 1925 90 107 76 92 122 124 120 99.9 109.7 146 110 103.5 125.4 1926 96 114 79 100 129 121 135 101.8 113.1 152 113 100.0 126.4 1927 95 107 83 100 129 117 139 99.6 111.0 147 114 95.4 124.0 1928 '. 99 117 85 99 135 126 142 99.7 112.3 148 115 96.7 122.6 1929 122 9 110 132 93 107 117 87 142 106.0 106.1 119.8 152 117 95.3 122.5 1930.'.'.'.'.'.'.'.'.'.'. 109.1 91 98 84 93 92 50 125 98.1 92.5 96.9 131 108 86.4 119.4 1931 92.3 75 67 79 80 63 37 84 88.3 78.2 73.5 105 97 73.0 108.7 1932 70.6 58 41 70 67 28 13 40 77.6 66.4 50.7 % 78 75 64.8 97.6 1933 68.9 69 54 79 76 25 11 37 78.6 73.5 54.4 82 73 65.9 92.4 1934 78 7 75 65 81 80 32 12 48 86.3 85.8 70.0 89 83 74.9 95.7 1935 87.1 87 83 90 86 37 21 50 90.1 91.4 80.4 92 88 80.0 98.1 1936 101.3 103 108 100 99 55 37 70 96.8 99.1 93.0 107 100 80.8 99.1 1937 107* 7 113 122 106 112 59 41 74 102.7 108.7 111.2 111 107 86.3 102.7 1938 98.5 89 78 95 97 64 45 80 95.1 91.0 85.1 89 99 78.6 100.8 1939 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 1911.'.'.'.'.'..'..'.'. 138!o 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 19A3........... 21ll7 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 June 139.9 164 165 203 144 127 117 101 129 117.8 133.3 132.0 170.5 131 131 87.1 104.6 July 142.0 166 165 208 144 126 139 115 158 119.5 136.6 135.5 172.0 132 138 88.8 105.3 August 144.8 167 170 209 146 128 152 112 184 120.6 137.8 138.4 178.8 136 157 90.3 106.2 September 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 J F a e n b u ru ar a y ry 2 2 2 3 6 1 . . 4 1 2 2 4 4 3 4 2 2 4 4 0 0 3 3 6 6 9 7 1 1 7 7 6 7 1 1 3 4 9 2 4 5 5 5 2 2 9 1 7 6 6 4 1 1 3 2 0 9 . . 0 6 1 1 6 6 6 7 . . 9 8 1 1 6 6 6 5 . . 9 9 3 3 2 2 7 7 . . 9 6 1 1 4 4 5 3 r1 1 7 7 5 4 1 1 0 0 3 3 . . 3 6 1 1 2 24 3 . . 2 8 March 230.2 241 238 364 175 139 40 17 59 128.7r164.1 r163.6 324.4 140 185 103.8 123.8 April 229.4 239 237 361 r171 140 36 17 52 128.1 161.5 160.8 318.2 138 r172 103.9 r124.6 May . .. p230.7 237 237 357 169 143 33 16 46 127.4 159.6 159.0 318.3 138 r181 104.0 r125.1 June P236 V353 P169 ^143 m 2*127.0^158.6 P158.4 139 175 104.3 125.4 July e143 p104.3 * Average per working day. p Preliminary. r Revised. e Estimated. 1 Department of Commerce series on value of payments to individuals. 2 For indexes by groups or industries, see pp. 804-807. 3 Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 811 of this BULLETIN. 4 The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and cost of living are compiled by or based on data of the Bureau of Labor Statistics. Figures prior to 1939 for factory employment and pay rolls and nonagricultural employment are adjusted for level through 1937; the 1938 figures and the 1939 base period averages applied to earlier data are preliminary. Figures since 1939 are adjusted to Social Security data. Nonagricultural employment covers employees only and excludes personnel in the armed forces. 5 For indexes by Federal Reserve districts and other department store data, see pp. 813-815. Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp.p . 958-98;4 ; for factoyry employment and pay rolls, October 1938, pp. 839-866, February 1941, p. 166, and January 1943, p. 13; for department store sales, June 194149, 4p4 p. 5495-546915.61 803 AUGUST 1944 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 May June July Aug. Sept. Oct. Nov. DecJan. Feb. Mar. Apr. May June Industrial Production—Total. 239 237 240 242 244 247 247 241 243 244 241 239 237 p235 Manufactures—Total 258 258 259 261 263 266 268 260 262 262 259 r2S6 253 p251 Durable Manufactures 359 358 360 365 368 374 376 365 369 367 364 361 357 ^353 Iron and Steel 208 201 204 210 214 215 210 200 208 212 214 213 210 204 Pig iron 196 190 191 202 205 202 200 198 202 207 206 206 203 198 Steel 233 227 230 236 239 242 236 222 231 236 238 236 234 225 Open hearth 184 177 181 185 190 191 186 178 186 188 191 192 188 183 Electric 584 583 577 598 593 607 592 536 554 578 570 549 559 526 Machinery 443 441 440 445 451 458 463 453 461 458 453 445 440 P439 Manufacturing Arsenals and Depots1. Transportation Equipment 729 743 754 762 (164 780 786 763 754 746 734 r730 728 P721 Automobiles 211 215 220 232 239 247 240 244 238 233 r232 229 (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1 Nonferrous Metals and Products. 264 262 256 264 277 286 289 277 285 285 287 292 279 Smelting and refining ; # 270 276 278 279 294 303 308 307 297 299 297 289 p252 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating ; 262 257 247 258 270 279 282 266 280 283 281 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)2 Lumber and Products 133 128 128 130 129 128 136 137 133 131 129 126 124 P118 Lumber 126 118 118 119 118 115 127 131 125 122 119 118 115 2*106 Furniture. 147 148 148 152 149 152 152 150 150 149 142 148 Stone, Clay, and Glass Products... 175 175 173 173 168 171 168 169 168 167 165 161 P166 168 Glass products 159 158 162 162 159 169 165 169 172 175 183 173 187 Plate glass 43 41 45 49 53 47 54 55 171 58 59 59 66 65 Glass containers 200 199 203 202 196 212 204 209 54 212 216 227 210 230 Cement 130 127 119 114 112 107 98 101 213 88 83 78 76 Clay products 136 139 132 132 125 124 124 122 86 131 131 125 122 Gypsum and plaster products 203 204 198 203 194 194 196 192 129 198 194 183 180 Abrasive and asbestos products 320 325 326 327 321 326 329 319 203 312 308 297 300 J>291 Other stone and clay products1 319 Nondurable Manufactures .. 176 177 177 178 179 179 180 174 176 177 175 r171 169 Textiles and Products 159 155 148 145 150 152 152 143 149 152 151 151 147 P146 Textile fabrics 149 146 139 136 141 143 142 133 140 142 141 141 137 Cotton consumption 169 160 153 147 156 156 153 142 150 151 150 151 142 140 Rayon deliveries 185 183 183 177 181 186 191 189 186 187 191 196 195 196 Nylon and silk consumption1... Wool textiles 158' 160 "iso" 151 154 154 U2 154' 159' '153 152 W W A Ca p o o r p o o p W W a l l e e e r t n e n o o l o r w a a s l w e o n t n e n o o d d d o l y w w l y c a o c o o a r o n r r r n s n s n s t t s u e e u d d m m p c y p t l a i t o o i r t o n n h n . . . . . . . . . 2 1 1 1 1 3 7 2 7 8 7 2 1 2 7 1 7 2 1 1 1 1 3 8 2 7 8 7 0 1 6 9 6 4 2 1 1 1 1 0 5 6 6 2 6 7 9 8 4 4 4 2 1 1 1 1 3 1 6 7 6 5 3 0 6 6 8 8 2 1 1 1 1 2 0 6 7 6 7 9 6 9 8 3 2 2 1 1 1 1 3 0 7 7 7 7 7 1 1 3 2 5 2 1 1 1 1 3 0 7 6 7 7 9 5 1 6 2 6 1 1 1 1 1 8 3 6 6 5 5 6 6 0 1 6 9 2 1 1 1 1 4 1 7 7 6 7 2 0 0 3 8 6 2 1 1 1 1 4 1 7 7 7 8 2 9 1 7 8 1 2 1 1 1 1 4 1 7 7 7 6 6 6 1 4 2 7 1 r1 2 1 1 6 6 1 5 7 6 3 8 3 1 1 7 2 1 1 1 1 6 5 6 1 6 6 6 3 9 2 4 7 Leather and Products 118 110 110 105 102 108 111 112 P114 Leather tanning 122 114 111 106 105 104 98 97 103 105 107 117 110 Cattle hide leathers 132 122 116 109 107 102 101 98 107 110 113 125 118 Calf and kip leathers 92 86 85 80 81 76 67 68 70 76 79 r88 86 Goat and kid leathers 90 86 84 82 88 95 90 83 83 84 86 79 86 Sheep and lamb leathers 164 162 169 174 164 173 146 162 166 161 155 168 136 Shoes 115 114 112 114 114 114 109 105 112 114 116 116 114 ?! 18 Manufactured Food Products 143 144 146 145 146 146 153 151 154 158 159 157 154 P153 Wheat flour 102 103 110 111 117 128 128 139 125 114 114 Cane sugar meltings1 Manufactured dairy products. ^146 p126 2*135' 37 B C C u h an e tt e n e s e r e d and dri ; e • d •• m ••. ilk 1 1 1 4 0 5 5 3 0 1 1 16 0 5 1 6 0 1 1 1 0 5 7 4 4 1 1 1 9 5 5 6 0 7 1 1 9 5 5 5 0 4 1 1 8 3 4 7 7 4 1 1 4 3 3 2 1 1 8 3 4 6 1 7 1 1 4 3 9 2 1 1 9 3 4 0 9 6 1 1 5• 5 )2 6 6 1 r 1 9 6 5 2 9 5 1 1 9 5 7 3 1 3 Mea B I V P L t c o e a e p e e r m a a k f l c c b r k a e i a n a n n m d g d la m rd utton 2 1 1 1 6 1 1 6 2 0 6 1 2 3 2 1 1 9 6 2 5 1 6 3 2 9 9 2 1 1 1 6 8 7 1 4 0 6 3 0 0 2 1 1 1 1 4 8 1 0 5 1 2 9 9 4 2 1 1 1 1 2 7 6 3 3 1 8 1 0 1 1 1 1 1 1 6 5 9 3 7 8 1 3 5 3 2 1 1 1 1 2 8 4 5 6 1 5 5 0 6 2 1 1 1 1 0 7 2 3 5 6 3 1 9 8 2 1 1 1 1 3 8 4 3 0 4 7 4 5 4 2 2 1 1 1 9 9 4 1 5 1 4 9 2 ' ' 2 1 1 2 9 7 4 0 1 2 6 0 3 0 ' 2 1 1 1 1 6 9 3 0 0 6 8 6 7 9 2 1 1 1 1 3 8 2 1 0 9 0 4 3 0 2 1 1 1 1 2 7 2 2 1 5 3 1 5 7 r Revised. p Preliminary. 1 Series included in total and group indexes but not available for publication separately. 804 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—G>»//»//^ {Adjustedfor Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1943 1944 Industry May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Manufactured Food Products—Continued Other manufactured foods 147 146 145 144 144 146 150 153 156 157 160 158 P154 Processed fruits and vegetables. 130 130 126 128 127 135 135 142 140 140 155 150 145 Confectionery 152 .144 134 123 120 120 123 134 134 138 147 154 n54 Other food products 151 150 152 152 152 153 159 159 163 165 164 161 160 Alcoholic Beverages. 96 106 106 111 135 130 141 143 131 126 137 123 116 w Malt liquor 113 127 131 164 155 169 172 160 148 167 146 135 140 W Ot h h i e s r k e d y is . t . i . lled spirits., 2 0 1 2 0 2 2 0 3 4 0 0 7 0 7 9 0 0 6 0 2 4 0 2 4 0 6 4 0 0 3 0 3 3 0 9 34 0 31 0 Rectified liquors 139 144 144 157 156 158 178 189 162 182 173 172 174 177 Industrial Alcohol from Beverage Plants1 Tobacco Products 123 124 134 136 134 139 148 143 125 119 123 126 124 121 Cigars 104 102 99 96 101 100 101 90 86 92 91 89 89 Cigarettes 144 149 166 169 165 173 186 181 155 145 154 161 154 151 Other tobacco products 85 78 92 87 93 100 99 87 79 73 73 80 79 Paper and Paper Products.... 142 140 135 143 143 140 140 132 136 138 137 138 142 Paper and pulp 140 136 133 141 140 138 137 131 134 135 134 134 137 Pulp 154 143 141 153 150 153 147 142 147 151 150 151 151 Groundwood pulp „ 104 106 111 115 112 112 103 107 106 110 108 110 108 Soda pulp 92 84 87 93 93 93 93 103 96 98 93 97 92 Sulphate pulp 211 184 193 21*4 211 213 212 196 213 217 209 213 217 Sulphite pulp 147 142 131 139 134 141 131 127 130 133 137 136 135 Paper 137 135 132 139 138 135 136 129 132 133 132 131 135 Paperboard 150 152 143 151 155 148 151 135 144 148 147 152 159 156 Fine paper 133 123 126 135 124 127 126 116 119 121 120 117 115 Printing paper 122 122 117 126 125 124 122 122 119 119 117 119 115 Tissue and absorbent paper 168 176 158 169 174 163 160 163 156 151 154 156 159 Wrapping paper 130 118 127 130 126 128 130 127 129 133 128 120 127 Newsprint 89 91 91 90 83 86 83 79 74 77 73 76 Paperboard containers (same as Paperboard). Printing and Publishing 112 112 111 115 111 110 106 105 104 102 100 101 2>100 Newsprint consumption 102 102 105 103 97 96 90 85 83 84 Printing paper (same as shown under Paper). Petroleum and Coal Products 173 277 182 193 202 207 213 219 226 230 234 231 236 Petroleum refining 174 180 185 196 206 212 221 226 234 238 243 r242 246 Gasoline 104 109 109 116 122 122 123 123 125 128 129 129 130 P137 Fuel oil 137 138 145 153 156 151 159 159 159 161 163 161 162 Lubricating oil 116 120 121 123 123 134 137 120 128 126 130 120 118 Kerosene 122 126 118 107 115 113 117 120 132 124 130 125 126 Other petroleum products1. Coke 166 157 162 170 171 169 163 172 174 176 174 175 172 By-product coke 157 152 153 159 161 158 155 161 164 166 165 167 166 164 Beehive coke 481 318 453 523 538 535 459 519 496 503 487 r463 470 463 Chemical Products. 389 399 402 395 397 390 365 364 359 341 r323 325 i>324 Paints 130 135 139 140 137 138 140 137 140 140 140 138 137 Soap 122 123 120 124 123 120 129 131 133 134 133 137 137 Rayon 214 213 222 223 221 225 223 226 226 229 233 232 235 Industrial chemicals 356 366 371 382 383 396 398 394 405 406 405 408 410 Explosives and ammunition1. Other chemical products1 Rubber Products 224 230 229 227 231 234 241 240 242 244 242 231 230 Minerals—Total 129 117 134 135 138 136 133 137 139 142 139 140 143 p143 Fuels 129 115 136 137 140 138 140 142 145 141 143 146 ?>146 Coal....... 139 97 150 148 150 141 125 147 153 158 148 150 154 P152 Bituminous coal., 143 103 155 153 155 144 131 156 161 162 155 155 159 P158 Anthracite 124 74 129 128 129 127 102 114 119 143 123 129 134 Crude petroleum 125 124 128 131 136 137 139 136 137 139 138 139 142 P144 Metals 129 128 128 123 124 123 124 124 124 127 126 r122 121 Metals other than gold and silver 186 187 188 184 188 187 187 186 185 190 189 184 182 Iron ore ^223 P223 P223 (Copper; Lead; Zinc)1 Gold Silver r Revised p Preliminary. 1 Series included in total and group indexes but not available for publication separately. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. AUGUST 1944 805 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 May June July Aug. Sept. Oct. Nov. Dec,Jan. Feb. Mar. Apr. May June Industrial Production—Total.... 239 238 241 245 248 249 247 239 240 240 238 237 237 P236 Manufactures— Total 258 259 260 264 267 269 268 258 259 259 257 255 253 Durable Manufactures 360 359 361 366 370 375 376 364 367 366 363 361 358 Iron and Steel 208 201 204 210 214 215 210 200 208 212 214 210 204 Pig iron 196 190 191 202 205 202 200 198 202 207 206 206 203 198 Steel 233 227 230 236 239 242 236 222 231 236 238 236 234 225 Open hearth 184 177 181 185 190 191 186 178 186 188 191 192 183 Electric 584 583 577 598 593 607 592 536 554 578 570 549 559 526 Machinery 443 441 440 445 451 458 46. 453 461 458 453 445 440 P439 Manufacturing Arsenals and Depots1 . Transportation Equipment . 729 743 754 762 764 780 786 76. 754 746 734 r730 728 p721 A (A u i t r o c m ra o f b t; i le R s a ilroad cars; Locomot;i ves; Sh _ ipbuild- 211 215 220 232 239 248 240 238 233 r232 229 p2Tl ing—Private and Government)1 Nonferrous Metals and Products . 264 255 264 277 289 278 285 287 292 Smelting and refining 270 277 279 294 303 309 307 297 297 289 (Copper smelting, Lead refining, Zinc smelting; Aluminum; Magnesium; Tiri1 Fabricating _ ; 262 257 247 270 279 282 266 280 280 283 293 281 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products 136 135 135 137 136 133 133 126 121 122 124 125 126 p124 Lumber 130 128 128 130 129 124 124 114 107 107 110 116 119 Furniture 147 148 148 152 149 152 152 150 150 149 142 141 PU2 148 Stone, Clay, and Glass Products . 180 177 173 179 174 178 164 161 163 165 p166 161 Glass products 169 157 156 168 162 174 166 158 167 175 183 184 186 Plate glass . 43 41 45 49 53 47 54 55 168 58 59 59 66 65 Cem G en la t ss containers 2 1 1 3 4 7 1 13 9 6 7 1 13 9 1 5 2 1 1 2 0 9 2 1 0 3 0 0 2 1 1 2 8 4 2 1 0 0 6 6 1 9 9 2 5 2 5 0 4 8 20 6 5 7 2 6 1 8 6 22 7 7 4 22 7 5 9 228 Clay products 136 137 132 135 129 131 129 126 70 125 126 122 121 P123 Gypsum and plaster products 205 208 198 204 198 199 198 196 121 191 188 r181 182 z>180 Abrasive and asbestos products 320 325 326 327 321 326 329 319 196 312 308 297 300 ^297 Other stone and clay products1 319 Nondurable Manufactures .. 175 178 178 181 184 183 181 172 172 173 171 r169 168 H70 Textiles and Products . 159 155 148 145 150 152 152 143 149 152 151 151 147 p146 Textile fabrics 149 146 139 136 141 143 142 133 140 142 141 141 137 Cotton consumption 169 160 153 147 156 156 153 142 150 151 150 151 142 140 Rayon deliveries 185 183 183 177 181 186 191 189 186 187 191 196 196 Nylon and silk consumption1 Wool textiles 158 160 146 150 151 154 154 142 154 159 " 155 152 A Ca p r p p a e r t e l w w o o o o l l c o co n n su su m m p p ti t o io n n 2 3 2 2 2 2 3 2 0 6 20 2 7 4 2 3 1 3 0 2 2 0 9 6 20 3 1 7 20 3 5 9 1 3 8 6 6 2 4 1 2 0 2 4 1 2 9 2 4 1 6 6 21 5 3 1 53 Woolen and worsted yarn 177 181 164 168 172 173 172 159 173 177 171 167 Woolen yarn 181 186 168 176 178 175 176 161 176 181 174 171 169 Worsted yarn 171 174 159 158 163 171 166 156 168 171 167 r163 164 Woolen and worsted cloth 177 179 164 166 169 172 171 160 170 178 172 r168 166 Leather and Products 113 110 110 110 110 108 112 116 112 P113 Leather tanning 122 112 105 105 103 104 101 96 103 113 106 110 Cattle hide leathers 132 117 109 105 105 103 105 98 109 119 113 125 118 Calf and kip leathers 84 78 69 66 69 79 77 85 83 Goat and kid leathers 83 95 87 83 83 88 86 81 84 Sheep and lamb leathers 177 i 160 157 180 161 173 155 154 154 177 150 165 147 Shoes 115 114 112 114 114 114 109 105 112 114 116 116 114 PI 18 Manufactured Food Products 137 144 155 164 165 156 154 147 145 143 142 143 147 P153 Wheat flour 102 109 121 129 126 139 127 111 106 ^104 Cane sugar meltings1 Manufactured dairy products p203 P206 ^153 ^103 PU3 ^186' Butter 133 146 127 106 91 75 67 68 73 79 87 94 121 Cheese 194 213 189 167 153 130 107 106 110 120 137 161 203 Canned and dried milk 198 161 142 111 95 101 107 125 153 240 Ice cream ... Meat packing 162 158! 170 ' 154 160 168 "206 205 225 207 187 183 180 172 Pork and lard 216 222 229 185 175 181 259 271 307 285 251 242 239 225 Beef 111 94 111 120 140 147 150 139 147 137 130 124 118 Veal ., 62 63 73 107 144 172 160 113 97 83 90 105 104 117 Lamb and mutton 126 111 134 151 173 180 166 155 143 113 108 105 115 116 r Revised. p Preliminary. * Series included in total and group indexes but not available for publication separately. 806 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued {Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average = 100] 1943 1944 Industry May June July Aug. Sept. Oct. ^"ov. Dec. Jan. Feb. | Mar. Apr. May June Manufactured Food Products—Continued Other manufactured foods 133 137 151 168 172 163 156 149 143 142 142 140PU\ PUS Processed fruits and vegetables 84 100 164 243 249 174 125 111 91 89 85 92 94 P]QO Confectionery 117 107 110 133 155 157 145 135 138 139 137 128^118 p\n Other food products 152 155 155 155 161 166 162 157 157 157 154 157 Alcoholic Beverages .. 106 127 126 122 138 132 119 120 111 115 128 127 127 143 Malt liquor 129 161 159 150 166 144 130 137 131 133 155 153 154 177 Whiskey o o o o 0 0 0 0 0 0 0 0 0 0 Other distilled spirits ... 13 13 13 21 105 234 130 47 30 24 21 23 21 19 Rectified liquors 139 144 144 157 156 158 178 189 162 182 173 172 174 177 Industrial A Icohol from Beverage Plants1 .. Tobacco Products .. 123 128 138 140 141 144 151 132 124 114 117 120 124 126 Cigars 104 102 99 96 101 100 101 90 86 92 92 89 89 89 Cigarettes 144 156 175 177 176 179 190 167 155 136 143 150 154 158 Other tobacco products 86 80 84 89 93 99 103 87 85 77 73 73 81 80 Paper and Paper Products .. 142 140 134 143 143 140 140 131 136 139 137 138 142 Paper and pulp .... 140 137 132 140 140 138 138 130 134 136 134 134 137 Pulp 155 143 140 151 148 152 148 142 148 151 150 153 152 Groundwood pulp 113 107 99 101 99 104 109 108 111 115 115 121 117 Soda pulp 92 84 87 93 93 93 93 103 96 98 93 97 92 Sulphate pulp 211 184 193 214 211 213 212 196 213 217 209 213 217 Sulphite pulp 147 142 131 139 134 141 131 127 130 133 137 136 135 Paper 137 136 131 139 138 135 136 128 131 134 132 132 135 Paperboard 150 152 143 151 155 148 151 135 144 148 147 152 159 156 Fine paper 133 123 126 135 124 127 126 116 119 121 120 117 115 Printing paper 122 122 117 126 125 124 122 122 119 119 117 119 115 Tissue and absorbent paper 168 180 152 169 174 165 160 158 154 157 154 157 159 Wrapping paper 130 118 127 130 126 128 130 127 129 133 128 120 127 Newsprint 90 92 89 89 88 83 87 82 79 74 77 75 77 80 Paperboard containers (same as Paperboard) Printing and Publishing .. 114 111 104 no 112 112 110 108 101 101 101 104 100 P100 Newsprint consumption 106 101 91 93 98 101 98 93 83 83 86 89 84 84 Printing paper (same as shown under Paper). Petroleum and Coal Products 173 177 182 193 202 207 213 219 226 230 234 233 237 Petroleum refining 174 180 185 196 206 212 221 226 234 238 243 r242 246 Gasoline 104 109 109 116 122 122 123 123 125 128 129 129 130 P137 Fuel oil 137 138 145 153 156 151 159 159 159 161 163 161 162 Lubricating oil 121 120 120 121 123 134 137 118 124 124 128 125 123 Kerosene 124 119 110 102 114 113 120 124 134 130 132 127 127 Other petroleum products1 Coke 166 157 162 170 171" ' 169 163 172 "l74 176 "l74 176 175' "172 By-product coke 157 152 153 159 161 158 155 161 164 166 165 167 166 164 Beehive coke 481 318 453 523 538 535 459 519 496 503 487 r463 470 463 Chemical Products .. 389 396 398 400 396 400 392 367 362 360 343 r325 324 p321 Paints 134 139 137 139 135 138 138 137 137 139 140 140 142 ^142 Soap 119 120 119 126 128 126 130 131 131 133 133 134 132 P132 Rayon 214 213 222 223 221 225 223 226 226 229 233 232 235 P237 Industrial chemicals 356 366 371 382 383 396 398 394 405 406 405 408 410 P410 Explosives and ammunition1 Other chemical products1 Rubber Products .. 224 230 229 227 231 234 241 240 242 244 242 231 230 P231 Minerals—Total . 132 121 140 140 143 140 132 132 133 136 133 138 146 p147 Fuels . 129 115 136 137 140 138 134 140 142 145 141 143 146 P146 Coal 139 97 150 148 150 141 125 147 153 158 148 150 154 P\S2 Bituminous coal 143 103 155 153 155 144 131 156 161 162 155 155 159 Anthracite 124 74 129 128 129 127 102 114 119 143 123 129 134 P128 Crude petroleum 125 124 128 13 136 137 139 136 137 139 138 139 142 P\ 44 Metals .. 148 159 16. 16 160 14) 11 8 82 85 86 rU2 145 V149 Metals other than gold and silver 22 24o 250 249 247 22 17 12 113 119 120 r168 226 Iron ore 29 34 36 36 351 310 18 83 70 72 76 188 313 (Copper; Lead; Zinc)1 Gold 3 34 3 ""'3 31 3 3 2 29 2 ""2 25 Silver 7 80 8 7 7C 7 8 7 74 74 7 73 r Revised. p Preliminary. x Series included in total and group indexes but not available for publication separately. NOTE.—For description and back figures, see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. AUGUST 1944 807 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 May June Feb. Mar. Apr. May June Apr. May June Feb. Mar. Apr. May Total 167.2 168.8 165.9 r163.6 160.8 159.0 158.4 309.7 313.5 317.1 327.6 324.4 318. 318.3 Durable goods 225.9 228.5 228.2 224.9 220.9 218.4 216.6 430.4 437.1 441.6 459. 454.8 r447.9 445.7 Nondurable goods 121.0 121.7 116.9 115.4 113.4 112.2 112.5 191.7 192.6 195.4 198. 196.9 191.4 193.7 Iron and Steel and Products 173., 173.4 172.9 170.6 167.8 167.0 167., 301.7 30 3. 304.6 318.4 314.1 308.0 308.6 Blast furnaces, steel works, etc 135 134 128 126 125 124 217 222 224 225 222 221 221 Steel castings 279 279 266 261 256 251 500 495 497 487 478 463 461 Tin cans and other tinware 98 104 111 112 114 118 149 156 166 186 186 189 196 Hardware 125 128 134 132 131 128 239 242 249 266 271 266 260 Stoves and heating equipment 115 117 136 134 133 134 189 194 199 253 254 r248 253 Steam, hot-water heating apparatus.... 196 198 194 190 188 187 360 359 363 366 357 352 354 Stamped and enameled ware 160 162 163 163 160 159 293 299 299 329 326 313 313 Structural and ornamental metal work. 196 195 r215 r212 214 355 356 362 r419 r424 '415 435 Forgings 262 263 263 257 250 243 505 501 494 528 515 487 473 Screw machine products 294 298 285 283 278 275 544 553 547 562 550 538 536 Electrical Machinery 268.3 271.1 290.4 289 285.2 282.1 279.4 454.7 458.9 463.9 512.7 513.2 502.0 501.0 Machinery, except Electrical 235.2 236.7 234.1 230 226.1 223.7 223.2 422.3 427.2 428.0 438.0 432., 424.3 420.4 Machin ery and machine shop products. 243 243 244 239 235 234 429 433 435 447 441 .429 432 Tractors 158 162 191 192 191 191 243 245 248 300 301 298 298 Agricultural, excluding tractors 129 136 162 166 164 162 238 247 265 321 331 333 333 Pumps 315 319 347 345 r340 333 633 645 647 742 732 769 703 156 154 151 150 r276 r269 Refrigerators 151 153 244 250 255 283 269 122.2 1,394.3 1,370.,1346.2 1,.315.0 ,819.12,798.0 Transportation Equipment, except Autos...1,412.0 ,1441.6 1 ,692.9,736.7 ,768.0 ,854.5 ,784.3 183.6 180.1 176.6 173.6 170.7 335.4 r330.0 Automobiles 164.0 167.9 286.7 297.1 305. 341.0 322.6 178.1 180.9 180.0 176.2 171.5 169.1 168.2 318.5 322.0 325.0 335.7 328.4 318.3 314.8 Nonferrous Metals and Products 200 206 207 196 190 185 329 346 357 371 356 352 342 Primary smelting and refining 121 124 124 124 122 122 236 234 236 253 253 250 253 Clocks and watches 115 116 128 124 122 123 198 205 204 229 223 218 222 Lighting equipment Lumber and Timber Basic Products 114.0 114.8 103.3 102.8 101.4 101.2 102.0 186.2 196.1 200.8 182.0 182.9 184.5 186.9 Sawmills 91 92 82 81 80 81 151 160 164 146 147 149 152 Planing and plywood mills 112 113 105 105 102 100 170 176 181 173 174 171 170 Furniture and Lumber Products 108.6 109.1 107.3 p106.0 r103.7 102.3 103.0 177.9 178.9 181.1 187.9 188.2 r182.0 183.6 Furniture 105 105 104 103 100 98 172 172 174 184 183 175 175 Stone, Clay, and Glass Products 121.5 122.5 116.6 115.5 114.3 112.9 113.1 185.. 187.7 189.6 188.9 189.4 187.3 187.7 Glass 125 127 132 133 133 131 181 183 185 208 211 209 208 Cement 103 102 74 72 72 71 141 145 146 106 104 108 109 Brick, tile, and terra cotta 90 91 80 78 76 75 138 136 138 124 121 117 119 Pottery and related products 132 129 127 127 126 125 193 191 190 188 193 193 193 Textile-Mill and Fiber Products 108.3 107.8 101.8 100.7 98.7 97.2 96.4 181.2 180.7 178.7 174.3 173.9 170.0 171.2 Cotton goods except small wares 124 123 116 115 113 111 217 216 211 202 202 201 202 Silk and rayon goods 80 80 78 78 76 75 135 135 135 139 138 135 136 Woolen and worsted manufactures.... 114 113 107 106 104 102 205 205 207 199 200 193 193 Hosiery 74 74 70 69 67 67 108 108 108 110 109 103 106 Knitted underwear 111 110 99 98 95 94 185 184 184 175 174 169 167 Dyeing and finishing textiles 103 103 97 96 94 93 160 157 157 154 155 152 152 Carpets and rugs, wool 91 91 82 81 80 79 147 147 144 137 135 131 132 Apparel and Other Finished Textiles • 109.6 108.0 102.7 102.3 99.3 97.0 96.8 174.1 164.3 161.7 175.4 178.5 161.3 162.5 Men's clothing, n.e.c • 107 106 100 99 98 97 170 163 159 163 167 158 166 Shirts, collars, and nightwear • 86 86 78 78 77 76 139 136 138 133 137 130 134 Women's clothing, n.e.c • 89 88 84 85 82 79 144 131 131 148 153 132 128 Millinery 80 70 86 86 80 77 123 97 80 141 141 109 102 Leather and Leather Products 97.0 96.0 89.8 90.1 89.4 88.4 155.9 153.0 150.8 151.6 153.1 152.3 153.5 Leather 99 98 87 87 86 86 151 150 149 145 145 147 147 Boots and shoes 86 85 81 81 80 80 141 137 134 139 138 138 138 Food and Kindred Products 106.9 111.5 111. 4 110.1 110.1 110.5 113.4 150.3 158.5 167.4 176.6 174.4 173.8 179.9 Slaughtering and meat packing 128 132 140 134 130 128 170 191 201 227 212 206 217 Flour 111 113 120 117 113 112 165 164 171 191 184 181 180 Baking 107 109 112 112 111 110 143 148 152 161 163 160 164 Sugar, beet 42 46 36 35 40 42 59 60 66 57 52 61 Confectionery 107 105 119 119 116 114 161 158 159 187 191 183 183 Beverages, nonalcoholic 125 134 123 125 127 131 140 149 166 152 156 160 170 M Ca a n lt n i l n i g q u a o n rs d preservi # ng 1 6 2 8 4 1 8 3 1 0 13 7 1 0 1 6 3 7 2 1 7 3 3 4 13 7 9 3 1 1 5 1 6 4 1 1 6 1 5 7 1 1 8 3 2 7 1 1 8 3 2 3 1 12 8 7 6 1 1 9 4 2 0 2 1 0 4 2 1 Tobacco Manufactures 96.3 95.7 93.6 89.5 89.5 88.3 146.8 144.4 149.3 154.9 146.6 142.8 152.9 Cigarettes 118 118 129 118 123 121 157 155 159 180 160 164 182 Cigars 86 85 75 75 73 71 144 141 148 142 143 133 138 Paper and Allied Products 117.7 119.0 117.7 117.0 115.4 114.2 114.0 175.5 178.0 180.9 185.9 186.4 183.6 184.7 Paper and pulp 108 109 108 107 106 105 167 170 173 176 176 175 177 Paper goods, n.e.c 126 128 127 127 126 124 182 183 189 195 198 195 195 Paper boxes , 121 122 120 119 116 115 176 179 180 183 183 177 177 r Revised. NOTE.—Figures for June 1944 are preliminary. Indexes for major groups and totals have been adjusted to final data for 1941 and preliminary data for the second quarter of 1942 made available by the Bureau of Employment Security of the Federal Security Agency. Back data and data for industries not here shown are obtainable from the Bureau of Labor Statistics. Underlying figures are for pay roll period ending nearest middle of month and cover wage earners only. 808 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES-Contmued (Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, 1939 = 100] Factory employment Factory pay rolls Industry and group 1943 1944 1943 1944 May June Feb. Mar. Apr. May June Apr. May June Feb. Mar. Apr. May Printing and Publishing 100.4 101.8 103.1 102.5 101.3 100.3 101.1 121.7 123.0 126.4 134.7 135.2 133.7 135.0 Newspaper periodicals , 96 96 93 93 ?93 93 110 111 112 113 114 114 116 Book and job 101 103 108 107 105 104 124 126 131 147 147 144 145 Chemical and Allied Products 256.4 257.7 228.2 r216.8 208.8 205.6 202.9 423.6 425.2 432.5 390.4 372.5 359.1 360.2 Paints, varnishes, and colors ... 103 106 106 106 106 106 147 155 161 162 164 164 167 Drugs, medicines, and insecticide; 161 167 187 190 189 186 225 228 234 274 276 268 271 Rayon and allied products 108 109 108 108 108 107 157 163 167 169 172 171 174 Chemicals, n.e.c 163 166 175 173 173 173 262 265 274 296 294 295 297 Cottonseed oil 93 83 125 113 102 88 177 151 140 241 215 194 170 Fertilizers 133 102 141 148 139 120 299 253 195 274 305 286 269 Products of Petroleum and Coal 117.3 118.5 119.8 120.2 121.1 122.8 125.0 173.9 182.3 187.5 201.6 204.1 r206.6 212.6 Petroleum refining 110 111 115 116 118 120 163 171 175 192 196 r200 205 Coke and by-products 115 116 107 106 105 106 172 180 180 182 180 179 183 Rubber Products 153.9 156.4 167.1 165.7 161.4 159.7 160.4 248.1 250.9 264.0 293.0 294.3 278.8 280.8 Rubber tires and inner tubes... 154 157 174 173 169 167 240 244 257 296 299 280 283 Rubber boots and shoes 147 150 144 144 136 140 244 248 260 253 255 243 249 Rubber goods, other 139 141 148 146 143 141 228 229 241 261 258 249 248 Miscellaneous Industries 166.0 166.3 160.3 158.8 r157.0 155.1 154.9 290.3 297.1 298.2 301.9 301.3 r296.7 295.8 Photographic apparatus 163 172 172 170 169 169 252 257 271 279 280 271 274 Games, toys, and dolls 84 84 86 85 84 83 141 149 143 161 160 160 160 r Revised. FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939 => 100] 1943 1944 Group May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Total 167.9 169.0 169.7 169.6 168.3 170.1 170.9 169.1 167.8 166.9 r164.1 161.5 159.6 p158.6 Durable 225.9 228.3 229.4 230.0 230.0 232.2 234.0 232.8 230.3 228.8 225.3 r221.0 218.4 P216.4 Nondurable. 122.2 122.3 122.6 121.9 119.6 121.1 121.2 118.9 118.4 118.1 116.0 114.5 113.3 P113.0 p Preliminary. rRevised. 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 Apr. Ma.V Jan. Feb Mar. Api May Apr. May Jan. Feb. Mar. Apr. May All Manufacturing 45.0 45.2 45.2 45.3 r45.3 45.0 45.4 94.4 95.3 100.2 100.3 100.6 r101.3 Durable Goods 46.8 46.9 46.6 46.7 46.7 46.6 46.8 104.0 105.0 109.9 110.0 r110.3 r111.0 Iron and Steel and Products 46.2 46.4 46 9 47.1 46.9 46 5 46.8 101.9 102.6 106.9 106.9 r107.0 107.7 Electrical Machinery 47 0 47 3 46 9 468 46.7 462 46 3 96.1 96.5 100.3 100.5 101.0 101.5 Machinery Except Electrical 49 8 49 7 49 4 49 1 r49.1 488 48 8 104.7 105.6 110.7 110.7 r111.0 111.5 Transportation Equipment Except Automobiles 47 5 47 5 46 7 46 9 47.0 r47 1 475 117.4 118.5 124.0 124.7 125.1 r126.1 Automobiles 459 46 3 46 9 46 3 46.3 r46 4 46.2 121.5 123.1 125.5 125.7 r126.1 r126.4 Nonferrous Metals and Products 46 8 47 1 47.0 470 r46.9 466 46 6 100.1 101.4 103.8 104.0 r104.4 104.5 Lumber and Timber Basic Products 43 1 43 8 41 2 429 43.2 43 2 43 4 71.5 73.7 77.1 77.0 77.1 78.8 Furniture and Finished Lumber Products. 44 5 44 6 43 4 44 2 r44.5 r43 7 44 4 72.2 73.4 78.9 79.2 r79.7 r79.9 Stone, Clay, and Glass Products 42 7 42.9 42 6 433 43.6 432 43 7 83.3 84.3 88.1 87.9 S8.2 r89.1 Nondurable Goods 42 5 42 s 43.0 43 7 43.2 42.5 43 79.0 79.6 83.8 84.2 84.6 85.0 85.8 Textiles—Mill and Fiber Products . 41.7 41.9 41.5 418 41.9 41 2 41.6 66.0 66.4 68.2 68.6 69.0 70.1 71.0 Apparel and other Finished Products ... 39.0 38.4 38.2 38 7 38.9 373 38 2 70.4 69.3 75.9 77.8 78.9 77.0 77.2 Leather and Manufactures . 40.2 40.1 40.5 41 2 41.4 41 1 41 2 73.9 74.7 77.4 77.8 78.2 79.0 80.1 Food and Kindred Products 43.3 44.6 45.8 45 5 r45.3 44 8 45 8 78.8 79.7 83.9 83.8 83.9 r84.5 85.4 Tobacco Manufactures .... 40.0 40.2 42.1 41.3 40.9 39.0 42.0 62.0 62.9 67.5 67.8 67.9 69.1 69.8 Paper and Allied Products 45.3 45.6 45.2 45.6 45.8 45.5 46.0 79.0 79.4 82.4 82.9 83.4 83.7 84.2 Printing, Publishing, and Allied Industrie; 39.8 39.9 40.7 40.7 r40.8 r40 6 40.9 98.8 99.8 104.4 104.4 r104.9 r105.9 107.2 Chemicals and Allied Products 45.5 45.7 45.7 45.7 45.8 45.6 46.0 90.1 90.9 93.9 93.5 93.8 94.4 95.5 Products of Petroleum and Coal 43.5 44.5 45.6 46.5 r46.6 46.3 47.0 111.1 112.2 116.2 115.9 r116.3 r117.5 117.6 Rubber Products 45.1 45.4 45.2 45.7 r45.6 44.7 45.1 99.8 100.5 106.6 107.2 108.6 r107.5 108.9 Miscellaneous Industries 46.4 46.4 46.0 46.2 46.3 45.9 46.2 87.0 88.2 92.9 93.8 94.2 94.7 95.1 r Revised. NOTE.—Data based on the classification of the 1939 Census of Manufactures. Back figures are available from the Bureau of Labor Statistics. AUGUST 1944 809 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 Ma t n u u ri f n a g c Mining Construction' ti p o u n b l a ic nd Trade an s d e r m v i i s c c e e , ] Sta l t o e c , a l and 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 39,728 116,924 891 1,259 3,619 7,030 4,115 5,890 SEASONALLY ADJUSTED 1940—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 39,352 16,819 862 786 3,780 7,043 4,173 5,889 March 39,079 16,592 852 737 3,780 7,046 4,171 5,901 April r38,868 r16,394 848 r719 r3,763 r6,982 r4,257 5,905 May 38,675 16,240 841 675 3,771 6,996 4,250 5,902 June 38,550 16,109 839 681 3,759 6,992 4,277 5,893 UNADJUSTED 1943—May 39,674 16,753 1,385 3,597 6,953 4,102 5,995 June 39,859 16,908 1,288 3,656 6,982 4,174 5,962 July 39,921 17,059 1,222 3,689 6,920 4,230 5,913 August 39,860 17,182 882 1,169 3,694 6,875 4,172 5,886 September 39,678 17,136 880 1,091 3,688 6,936 4,079 5,868 October 39,718 17,194 873 1,002 3,689 7,076 4,037 5,847 November 39,847 17,238 863 918 3,683 7,245 4,078 5,822 December 40,197 17,080 867 829 3,669 7,554 4,127 6,071 1944—January. 38,965 16,825 858 764 3,664 6,919 4,128 5,807 February 38,840 16,735 858 715 3,704 6,867 4,131 5,830 March 38,681 16,509 852 678 3,723 6,919 4,129 5,871 April r38,692 r16,312 844 r683 r3,744 r6,968 r4,236 5,905 May 38,598 16,159 837 688 3,771 6,961 4,250 5,932 June 38,627 16,109 835 695 3,797 6,957 4,341 5,893 * 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. June 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. 8io 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] Residential ^ Nonresidential building Public works Total building and public Month Factories Commercial Educational Other utilities 1943 1944 1943 1944 1943 1944 1943 1944 1943 1944 1943 1944 1943 1944 J F a e n b u ru ar a y ry 3 3 9 5 3 0 . . 5 7 1 1 3 5 7 9 . . 2 2 1 9 1 3 0 . . 3 8 4 2 1 4 . . 0 9 8 7 7 3 . . 7 1 3 2 4 9 . . 0 9 2 7 2 . . 2 7 4 4 . . 5 1 4 5 . . 2 6 , 8-7 6 72 8 . . 7 2 2 2 1 3 . . 1 1 1 8 1 5 3 . . 8 0 5 55 0 . . 1 3 March 339.7 176.4 71.8 35.2 63.8 48.7 25.2 7.4 4.5 4.4 51.5 19.5 123.0 61.3 April 303.4 179.3 79.4 37.8 40.7 33.0 6.6 6.1 5.9 5.4 43.0 25.0 127.7 72.0 May 234.4 144.2 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 229.6 163.9 61.5 30.6 53.7 24.4 6.9 8.7 7.9 10.5 26.3 18.9 73.3 70.7 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 en n 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 June May June January 317 351 159 198 316 122 119 35 37 Boston 4,927 6,991 7,313 February.... 434 394 137 310 364 109 123 30 28 New York 22,002 11,603 23,256 March....... 611 340 176 473 304 133 138 36 43 Philadelphia 12,921 10,282 10,215 April 499 303 179 355 253 133 144 50 46 Cleveland 11,938 14,611 23,534 May 674 234 144 569 192 98 105 42 46 Richmond 27,904 21,631 36,961 June 1,190 230 1,105 183 85 46 Atlanta 18,694 20,399 40,423 July 944 184 876 122 68 61 Chicago 24.647 27,673 38,310 August 721 414 633 351 88 62 St. Louis 8,997 5,317 10,172 September... 723 175 661 120 62 56 Minneapolis 5,377 3,134 6,748 October 780 214 710 157 71 56 Kansas City 16,370 12,622 18,978 November. .. 654 184 592 135 62 50 Dallas 10,089 9,939 13,689 December ... 709 252 664 198 45 54 Total (11 districts) .. 163,866 144,202 229,599 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 [ID millions of dollars] PORTFOLIO, BY CLASS OF INSTITUTION [In millions of dollars] Title I Loans Mortgages on Sav- Com- Mu- ings Insur- Fed- Year 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 o m i o r o m u n a n c - l e l - 1 h f ( a o - T m I u t i I o t s i ) l l e e y s 4- h R o ( g T e u a r I o n s i I n t ) i u t d l n a e p g l h ( W o T V u i a s t I l r i ) e ng End of month Total b m c a i n e a r k l - s b s t a u a n v a k l - s a a s l t a s o i n o o a d c n n i s - p a c a o n n m c i e e - s a c e g i r e e a n s l 1 - Other2 1936—Dec 365 228 8 56 41 5 27 1937—Dec 771 430 27 110 118 32 53 1935 320 224 94 2 1938—Dec 1,199 634 38 149 212 77 90 1936 557 246 309 2 1937 495 60 424 11 1939—June 1,478 759 50 167 271 137 94 1938 694 160 13 473 48 Dec 1,793 902 71 192 342 153 133 1939 954 208 25 669 51 1940 1,026 251 26 736 13 1940—Mar. 1,949 971 90 201 392 171 124 1941 1,186 262 21 877 13 13 June 2,075 1,026 100 208 432 182 127 1942 1,137 141 15 691 6 284 Sept 2,232 1,093 111 216 480 190 141 1943 942 96 1 243 601 Dec 2,409 1,162 130 224 542 201 150 1943—June 78 8 19 51 1941—Mar 2,598 1,246 146 230 606 210 160 July 84 7 21 56 June 2,755 1,318 157 237 668 220 154 Aug 90 10 20 60 Sept 2,942 1,400 171 246 722 225 178 Sept 88 12 20 55 Dec 3,107 1,465 186 254 789 234 179 Get 85 8 20 57 Nov 92 10 21 60 1942—Mar 3,307 1,549 201 264 856 237 200 Dec 77 9 18 50 June 3,491 1,623 219 272 940 243 195 Dec 3,620 1,669 236 276 1,032 245 163 1944—Jan... 75 6 19 50 Feb... 79 16 ' 14 50 1943—June 3,700 1,700 252 284 1,071 235 158 M Ap a r r. 6 6 2 7 6 9 1 1 3 3 4 4 4 5 Dec 3,626 1,705 256 292 1,134 79 159 May. 69 9 18 42 June.. 63 9 18 36 1 The RFC Mortgage Company, the Federal National Mortgage Association, the Federal Deposit Insurance Corporation, and the United States Housing Corporation. * Less than $500,000. 2 Including mortgage companies, finance companies, industrial banks, NOTE.—Figures represent gross insurance written during the period and endowed institutions, private and State benefit funds, etc. do not take account of principal repayments on previously insured loans. NOTE.—Figures represent gross amount of mortgages held, excluding terminated mortgages and cases in transit to or being audited at the Federal Housing Administration. AUGUST 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports1 Merchandise imports2 Excess of exports Month 1940 1941 1942 1943 1944 1940 1941 1942 1943 1944 1940 1941 1942 1943 1944 January 370 325 481 730 PI,091 242 229 254 229 P300 128 96 228 502 P791 February 347 303 480 719 PI,085 200 234 254 234 P313 147 69 226 485 P773 March 351 357 628 r989 PI,158 217 268 272 249 P359 134 89 355 739 P799 April 323 387 717 979 PI,192 212 287 235 258 P359 111 100 482 722 P832 May 324 385 536 1,085 PI,421 211 297 191 281 P386 112 88 345 804 pl 036 June 350 330 648 pl,002 211 280 215 P295 138 50 433 P7O7 July 317 365 650 pl,261 232 278 213 P302 84 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 pl,O72 224 281 168 P3U 104 211 619 P761 December 322 653 873 pl,244 253 344 358 P278 69 309 515 P966 January-May 1,715 1,757 2,841 4,502 ^5,947 1,083 1,315 1,205 1,251 PI,717 632 442 1,636 3,251 p4,230 P Preliminary. r Revised. 1 Including both domestic and foreign merchandise, 2 General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source.—Department of Commerce. Back figures.—See BULLETIN for April 1940, p. 347; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. FREIGHT CARLOADINGS, BY CLASSES REVENUES, EXPENSES, AND INCOME OF CLASS I [Index numbers; 1935-39 average=100] RAILROADS [In millions of dollars] Total Coal Coke Grain L st i o v c e k - p F u e r o c o s t r t d s - - Ore l M c o a e u n i l s s e - - - c l d . h c i . s a 1 e n . - o r r p e T a v e i o e r l a w t n a t u a i l n e y s g e r x & T p i o l e w t n a & s l e v s o r i p n a e N c i r l o w a e m t t a in e y g i m n c N o e n t 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—April 136 133 186 140 118 138 163 145 1943—March.... 737 628 109 66 May 135 133 181 140 113 138 163 144 April 746 630 116 73 June 127 100 166 137 113 r139 192 142 May 753 639 114 73 July 141 146 184 143 113 150 202 146 June 756 642 115 73 August 140 145 191 147 117 148 208 145 July 763 648 115 74 September 140 152 195 137 114 139 209 143 August.. 768 653 114 74 October 137 140 195 167 119 137 191 140 September.. 767 651 116 75 November 139 127 186 161 132 150 191 147 October... 769 654 115 76 December 144 147 192 153 122 154 209 148 N D o ec v e e m m b b e e r r . .. 7 7 6 8 9 2 6 6 6 8 2 0 1 1 0 0 7 2 6 6 7 9 1944— M M F A J e a p a a b n r y r i r u c l u a h a ry ry 1 1 1 1 1 4 4 3 4 3 0 5 8 3 8 1 1 1 1 1 4 4 5 4 4 7 1 0 0 9 1 1 1 1 1 9 9 8 8 8 0 0 5 5 0 1 1 1 1 1 2 5 2 4 3 3 9 8 8 6 1 1 1 1 1 2 1 2 3 3 0 8 1 5 1 1 1 1 1 1 4 4 4 4 4 1 0 1 7 6 2 1 1 1 1 9 9 7 0 9 5 5 4 3 3 1 1 1 1 1 4 4 4 4 4 4 6 9 9 7 1944— M A F J e p a a b r n r i c r u l u h a a ry ry .. ... r r r 7 7 7 7 8 7 7 8 2 8 5 0 r r 6 6 6 6 9 8 6 7 0 9 2 1 r r 1 1 r r 9 9 1 0 1 2 6 3 r r r r 6 5 5 79 6 4 3 June 139 148 194 135 121 148 187 143 May 779 688 91 P53 UNADJUSTED UNADJUSTED 1943—March 756 625 131 87 1943—April 132 133 183 124 105 138 106 143 A M p a r y il .. 7 7 5 4 9 9 r6 6 3 2 0 0 r1 1 2 2 9 9 r8 8 6 6 M J J u u a n ly y e 1 1 1 3 4 3 7 6 2 1 1 1 3 4 0 3 6 0 1 1 1 7 7 6 8 9 2 1 1 1 2 7 4 3 2 0 1 9 0 8 7 2 6 1 1 1 5 4 4 0 3 5 3 2 2 2 9 6 3 7 9 1 1 1 4 4 4 7 5 6 J J A u u u n l g e y u . s .. t.. 8 7 7 4 0 9 7 0 1 6 6 6 7 3 7 6 8 1 1 1 1 1 2 2 0 5 1 8 7 8 4 1 2 A O N D Se c u e o p t g c v o t e u e e b m m s m e t r b b b e e e r r r . . . . . . .: . 1 1 1 1 1 5 4 4 4 3 1 5 2 7 3 1 1 1 1 1 5 4 4 4 2 2 5 0 7 7 2 1 1 1 1 0 8 9 9 8 2 3 3 1 6 1 1 1 1 1 5 5 6 5 4 8 3 7 7 4 1 1 1 1 1 1 5 6 1 8 1 1 6 8 3 1 1 1 1 1 5 4 5 4 3 0 7 6 4 8 3 3 2 1 1 1 7 6 9 4 2 4 5 3 1 1 1 1 1 5 4 5 3 5 4 7 3 9 3 N O D Se e o c p c v t t e o e e m b m m e b b b r e e . e r . r r . . . . . . . . 7 7 7 7 6 7 8 9 2 7 2 6 6 6 6 7 8 6 6 0 3 6 6 5 1 1 9 7 1 1 6 7 3 0 6 3 7 7 3 5 0 6 1944—January 133 150 194 159 116 133 51 136 1944— F J e a b n r u u a a ry ry .. ... 7 73 4 5 1 6 6 5 5 8 1 8 8 3 4 4 4 6 5 M A M Fe p a a b r y r i r c l u h ary 1 1 1 1 3 4 3 3 5 1 2 3 1 1 1 1 4 4 4 4 7 9 1 0 1 1 1 1 8 9 8 8 6 1 7 8 1 1 1 1 4 0 2 1 5 8 5 3 1 1 1 1 0 0 0 0 7 3 6 8 1 1 1 1 4 4 4 4 6 1 1 0 1 2 4 6 5 8 8 8 1 1 1 1 1 1 4 3 4 4 4 8 5 2 M A M p a a r y r i c l h 8 7 7 0 6 9 4 0 7 6 7 7 7 0 0 2 6 5 8 9 9 8 9 3 P 4 5 5 8 9 4 June 144 148 191 137 100 154 291 147 P Preliminary. r Revised. r Revised N 1 O I T n E cl . u — de D s e s r c e r d ip is t t i r v i e b u m ti a o t n e r o ia f l w a a n g d e a b c a c c ru k a l f s i g i u n r 1 es 9 43 m . ay be obtained NOTE.—For description and back data, see pp. 529-533 of the BULLETIN forfrom the Division of Research and Statistics. Basic data compiled June 1941. Based on daily average loadings. Basic data compiled by Associa-by the Interstate Commerce Commission. tion of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. 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 ta i t te 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 - Atlanta Chicago Lo S u t is 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 95 84 106 84 73 88 113 93 67 1920 99 110 100 126 106 81 105 126 112 80 1921 92 108 96 120 94 78 90 80 105 117 92 75 1922 94 112 99 122 95 75 85 83 103 112 86 78 1923 105 119 106 135 108 85 94 98 115 120 91 91 1924.... 105 121 110 134 106 87 91 96 114 119 119 94 93 1925 110 123 116 135 109 92 95 102 120 124 124 98 99 1926 113 127 120 138 110 96 99 106 121 119 123 103 106 1927 114 128 123 133 110 95 100 108 119 117 125 101 107 1928 115 126 124 127 110 95 100 114 120 110 119 103 110 1929 117 128 129 128 116 96 98 116 122 110 117 104 112 1930 108 123 126 118 105 92 91 101 110 105 111 96 104 1931 97 114 116 105 93 86 79 88 97 98 96 81 94 1932 75 90 91 83 68 68 60 67 76 79 74 61 71 1933 73 84 86 80 69 68 65 68 72 76 73 62 68 1934 83 90 91 88 81 81 78 79 83 85 85 76 77 1935 88 92 93 91 86 87 84 86 85 90 89 80 86 1936..... 100 100 101 102 101 98 97 100 97 99 99 97 100 1937 107 104 106 107 111 105 105 109 106 104 107 105 106 1938 99 100 99 96 96 101 103 98 102 101 100 106 100 1939 106 104 101 104 106 109 113 107 111 106 105 112 109 1940 114 108 106 111 114 120 123 116 119 109 110 117 117 1941 133 126 119 129 138 144 145 135 143 122 127 138 139 1942 149 140 127 143 153 170 162 149 158 133 149 157 169 1943 168 148 134 151 167 194 204 161 179 149 184 212 200 SEASONALLY ADJUSTED 1942—June 134 128 111 132 136 155 147 132 143 119 131 145 149 July 145 136 126 137 144 177 155 145 154 127 142 153 166 August 152 136 132 148 156 174 161 150 165 133 148 157 172 September 150 140 126 141 149 169 164 148 152 136 157 161 176 October 158 144 131 142 157 179 177 160 176 138 166 174 183 November 159 144 130 143 161 187 178 158 173 140 176 173 185 December 157 149 130 147 158 173 177 156 163 135 159 177 187 1943—January 164 143 132 145 167 186 190 166 167 144 194 184 188 February 192 161 148 173 196 231 218 192 218 182 214 246 217 March 163 151 137 150 166 184 185 157 168 142 168 185 197 April 159 146 127 148 152 186 181 155 157 147 173 195 190 May 158 146 130 148 157 182 196 146 164 138 163 191 192 June 167 145 131 r151 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 r135 158 165 208 224 r172 182 160 r207 206 208 February r175 148 137 157 166 209 225 r162 194 176 203 241 209 March 185 162 157 173 183 212 225 r173 195 159 193 247 218 April r172 157 r138 162 166 199 222 '165 173 157 181 232 201 May r181 164 149 168 181 211 233 r167 197 158 r192 228 216 June 175 151 142 160 166 203 237 163 189 151 192 245 210 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 r123 142 156 181 192 149 164 139 165 191 181 June 155 138 122 r136 155 175 154 166 144 172 183 184 July 126 102 89 106 126 141 166 124 137 117 145 160 165 August 139 110 98 112 143 155 179 136 152 132 163 183 180 September. 173 152 140 151 168 208 218 166 188 166 196 232 197 October 186 161 156 173 182 212 233 174 194 168 203 250 219 November 214 184 181 201 214 252 257 200 224 192 219 269 254 December 272 255 226 256 262 332 336 253 277 224 283 343 324 1944—January... 137 119 112 122 132 152 179 r131 149 119 r153 177 166 February 142 115 114 124 133 159 194 rl31 153 122 160 200 178 March 170 144 138 162 167 203 219 r159 185 140 182 227 197 April r172 161 136 159 172 193 228 rl66 183 159 183 228 192 May r178 162 r14l r161 179 210 228 r170 197 160 r194 228 203 June 162 144 132 144 157 182 199 160 170 151 177 203 193 r Revised. NOTE.—For description and monthly indexes for back years, see pp. 542-561 of BULLETIN for June 1944. AUGUST 1944 813 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES, STOCKS, AND OUTSTANDING ORDERS WEEKLY INDEX OF SALES [As reported by 296 department stores in various Federal Reserve districts] [Weeks ending on dates shown. 1935-39 average = 100] Amount ( I 1 n 9 d 3 e 5 x -3 o 9 f a s v t e o r c a k g s e 1 Without seasonal adjustmen (In millions of dollars) = 100) 1940 1941 1942 1943 Dec. 21 .258 Dec. 20 277 Dec 19 303 Dec. 18. .2S9 Out- 28 124 27 174 26 199 25.... .245 m ( S o t f o a n o l t r e t a h s l ) m ( S e o t n o n d c t k h o s ) f ( s o e t r n i a d n d n e g d r o s - f a S d e j a a u l s l s o y t n ed - j U u n st a e d d - Jan. 1 4 1 1 . 9 . 4 .. 1 9 8 9 5 Jan. 10 3 19 . 4 . 2 ... .1 1 0 3 7 0 Jan. 9 2 1943 1 1 1 3 2 8 Jan. 1 8 1 9 . 4 .. 4 .. . . 1 1 0 3 5 4 month) 18. .. . 90 17 ... .131 16 ...'.132 15.... .137 25.... . 89 24 .119 23 119 22.... .136 1 1 1 1 1 9 9 9 9 9 4 4 4 4 3 0 2 3 1 9 a a a a a v v v v v e e e e e r r r r r a a a a a g g g g g e e e e e 1 2 1 1 1 7 0 5 2 3 8 3 6 8 6 3 3 4 5 5 4 5 9 0 1 4 3 8 5 9 5 2 1 1 3 6 0 9 0 3 8 4 1 1 1 1 7 9 4 2 0 2 9 5 0 1 M Fe a b r . . 2 2 1 8 9 2 8 1 5 .... . . . . 1 .9 . 0 9 9 8 9 5 1 4 7 8 7 M Fe a b r . . 3 1 2 2 7 7 1 4 8 1 . . . . 1 1 1 1 1 1 2 2 1 1 1 1 5 1 0 4 9 6 M Fe a b r . 3 2 2 1 0 6 6 7 3 0. . .'.. . . . .'1 1 1 1 1 1 4 2 5 6 3 4 2 1 0 8 6 6 M Fe a b r . . 2 1 2 1 6 4 9 9 5 2 . .. . . . . . . ! . . 1 1 1 1 1 l3 3 3 4 3 3 8 3 2 4 0 4 1942— O N D S c o e e p t c v t 2 3 2 1 1 1 2 8 0 2 3 8 4 6 6 6 8 2 6 5 0 4 1 1 2 2 2 2 5 5 2 5 4 4 2 1 1 1 1 14 5 6 8 7 5 8 3 1 1 1 1 7 3 8 9 9 8 7 0 Apr. 2 1 2 1 5 9 2 2 5 . . . . . . . . . . . . . 1 1 1 1 1 3 3 1 0 1 6 1 7 5 1 Apr. 2 2 1 1 4 8 1 1 4 . . . . . 1 1 1 1 1 2 4 6 4 3 0 7 0 0 1 Apr. 2 2 1 1 3 7 0 0 3 1 1 1 1 1 4 5 4 3 3 3 3 9 7 4 Apr. 2 1 1 8 1 1 5 8 . . . . . . . . . .. . . . . . . . . . . . . . 1 1 1 1 1 6 6 8 9 4 0 7 8 6 8 1943— M M F A J J N D A O S J u u e a e u p o e c a a l n b n p c g r y t v y r e . t 3 2 2 2 2 1 1 1 1 1 1 1 3 5 0 2 0 8 8 8 5 5 8 6 7 9 0 9 5 8 7 2 7 0 1 5 4 4 4 4 4 4 5 5 4 5 5 5 7 6 6 5 7 8 7 6 5 0 7 9 2 2 6 3 5 0 1 5 9 1 5 2 3 4 3 4 6 5 6 6 5 5 4 5 9 4 4 6 6 8 7 8 2 6 5 6 8 1 7 1 0 9 1 7 4 8 0 3 r1 1 1 1 1 1 1 1 1 1 1 1 3 5 3 2 3 6 6 6 5 4 4 4 2 0 6 8 3 7 0 0 2 3 3 2 r1 1 1 1 1 1 1 1 1 1 1 1 3 6 3 3 3 6 3 3 4 7 6 3 5 0 4 0 5 5 6 3 4 0 6 3 M J J u u a l n y y e 1 2 2 1 3 2 2 1 1 1 5 2 3 7 4 4 8 1 1 7 0 6 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 1 1 1 1 1 1 0 0 1 2 2 2 1 1 2 0 1 9 8 9 7 0 7 4 0 7 4 8 9 7 3 6 M J J u u a n ly y e 2 2 3 1 1 1 2 2 1 4 2 9 3 5 0 1 8 6 7 6 0 3 . . . . . . . . . . . . 1 1 1 1 1 1 1 1 1 1 1 3 3 1 3 3 0 2 1 1 0 1 9 8 4 5 5 5 6 2 9 7 6 0 4 5 4 M J J u u a n l y y e 2 2 2 1 1 1 2 1 1 2 8 1 4 9 3 7 5 0 6 5 2 9 1 1 1 1 1 1 1 1 1 1 1 1 1 3 5 6 5 2 3 5 3 4 3 1 0 1 7 4 6 2 7 7 1 3 8 6 8 1 6 M J J u u a n l y y e 1 2 2 2 2 1 2 1 1 0 6 3 8 7 1 5 2 9 4 3 7 0 ' . . . . . . . . . . . . ' . . . . . . . . . . . . . ' . . . . . . . . . . . . . . . . . . . . . . '. . . . . . . . . . . . . . 1 1 1 1 1 1 1 1 1 1 1 1 1 3 4 5 6 7 5 5 5 5 3 4 3 0 7 8 0 5 5 4 8 1 2 0 7 5 4 1944— M M F A J J u a e p a a n n b r r y e 2 2 2 1 1 1 2 2 0 7 9 6 0 6 5 0 9 6 4 5 5 5 5 5 2 7 1 2 2 1 4 7 6 4 4 2 4 4 5 5 5 5 7 8 2 2 9 2 5 8 5 6 2 1 r1 1 1 1 1 1 4 4 4 5 5 5 7 5 7 3 5 4 r1 1 1 1 1 1 5 3 5 5 4 4 1 7 0 0 7 8 Aug. 2 1 2 3 1 2 6 9 9 0 3 6 . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 0 1 1 5 1 8 8 2 6 3 2 9 9 7 Aug. 2 1 2 2 1 1 5 8 8 2 5 9.... . . . . . . . 1 1 1 1 1 1 3 1 9 9 9 0 6 2 3 2 6 3 Aug. 3 2 1 2 1 2 1 4 7 7 1 4 8 1 1 1 1 1 1 1 0 0 1 1 1 3 3 7 9 1 7 8 2 3 Aug. 1 1 2 2 2 1 5 2 6 9 2 9 5 . . . . . . . . . . . . . . . . . . . . . . 1 1 1 2 2 1 7 1 9 1 r T R h e e v i f s o e r d m . er index on a 1923-25 average base, recomputed on a 1935-39 th N at O i T n E cl . u — d T ed h is i n i n t d h e e x m is o n b t a h s l e y d i o n n d r e e x p . orts from a smaller group of stores than 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] J 1 u 94 n 4 eM 19 a 4 y 4 m 1 S 9 o i 4 x s 4 . m 1 S 9 o i 4 x s. 4 United States. +5 +18 +7 Boston +4 +14 +4 Cleveland—Cont. Chicago—Cont. Dallas +11 +23 +15 New Haven +1 +10 +6 Erie +18 +3 Fort Wayne.... +4 +22 +6 Shreveport +16 +26 +21 P B o o r s t t l o a n nd + -3 5 + + 1 1 9 0 + -1 6 W Pit h t e s e b l u in r g gh + + 9 4 + +2 2 2 8 + + 1 6 4 T In e d rr i e a n H ap a o u l t i e s . .. . . . + -1 1 + +3 2 5 4 +10 0 D Fo a r l t l a W s orth + + 1 8 7 + + 3 1 6 7 + + 2 1 3 3 Ne B N A B B E P S w r p l u r i l e o m n b i r f w d Y i v f g a n i a g o a i n h r g l d e r a r o y a f k e k p i m n e o l c t r d o e t n + + + + + - - - 1 1 1 7 6 9 3 2 9 0 + + + + + + + + + 1 1 1 1 1 1 9 1 2 9 5 4 4 4 9 + + + + + + - - - 1 7 2 6 9 6 5 7 8 Ri G N W B W L R C ch y a i o r h a i c m e n l r a n s h t e f c r o i s h o m n m l h t n i e l v o n b k o d o s i n g u n l t r - l o t r e d e S o g n , n a , l S e S . m . C C .. . . . + + + + + + + + 1 1 2 1 1 8 0 6 6 6 + + + + + + + + + 2 1 1 2 2 1 1 2 1 7 2 5 2 4 6 8 1 6 + + + + + + + + + 1 1 1 1 1 1 1 6 5 2 4 8 9 1 3 St. L M G D G D F S i a l L r e r e o i i e n a l s o n t u w e n s r u t x n o i M d a i n i s u B C g t o R k i a i e t a n y y e p e i s d . s .. . . . + + + + * + + - 1 1 9 4 3 6 3 8 2 r+ + + + + + + + 1 2 1 1 3 2 2 2 2 5 9 8 5 1 1 4 + + + + + + + 1 1 5 9 2 8 7 5 9 0 Sa H P B L T F S L n h r o a u a o o F e n o k n c s u s r e e s g s n A a o A r n t o s n n o i B n n f x c n i g t e e i o e a s l n d c l c e i o h o s + + + + + + + - 1 1 1 1 8 5 0 6 7 8 1 0 r+ + + + + + + + + 1 1 1 1 1 2 1 3 1 0 8 9 4 7 3 6 5 3 + + + + + + + + + 1 1 1 2 1 9 5 3 7 5 5 1 9 4 Niagara Falls.. -1 +10 +1 Charleston.W.Va, -2 +2 Fort Smith +10 +53 +15 Oakland and New York City +12 +23 +11 Clarksburg 0 +15 +10 Little Rock.... +3 +15 +3 Berkeley +5 +13 +6 C P l h U e T L P R Y A P W S R C S i v o l y h a r c o t e k i o e a e i i n n u r i h l a c r r c l d a a n l c o k c k g d h e a a n e c t i n a e i h e n d o n l u d n s p s s k e n e n s g t - t h e c e e l e a B p e i r t r t a a a i p h d r s i r a i y e e . . . . . . . . . + + + + + + + + + - - + - - 1 1 1 3 4 2 3 9 3 2 5 2 5 4 1 0 8 0 r r r + + + + + + + + + + + + + + + 1 2 l 1 1 2 1 1 1 1 2 1 1 1 5 5 9 5 9 9 4 2 8 3 4 2 3 8 9 + + + + + + - + + + + + + + - 1 1 1 3 2 4 6 8 6 6 5 8 4 7 9 4 6 8 At H B M M M T l J B N K A M J N C a a a a i u a e n h a t n o c o i c a r l m a w t n s o m t a k b c k n a o a m h t x t o i s s n t p n i i ^ t l v g o o v O n n n e i t a a i a o n n i g n g R l r l m l v l l h t o e o e e o i a o e u a l n m l r g n g e y s a e .. .. + + + + + + + + + + + + + + + + 1 1 2 1 1 1 1 1 3 1 1 6 9 9 7 9 2 7 7 8 7 3 4 2 6 2 5 + + + + + + + + + + + + + + + + 2 2 2 1 2 3 2 3 1 2 2 2 5 2 3 2 4 4 4 1 4 4 7 1 3 0 7 3 8 7 3 7 + + + + + + + + + + + + + + + + 2 1 2 1 2 1 1 2 1 1 4 2 2 2 2 8 0 6 3 1 9 7 3 0 3 7 0 1 3 2 0 ' M Ka i M W Q E L S S P H T J D K n n o p u t o v o u n u e a e s . i p r u e a p i n c e a t n m i l n L c b n i n e a h v i s s s c n h p s l o g k p a i e v o y v t C i h f u a s r o i a n i i l i i e l i l l s s s i t C l l e s o y e d n it y . . . . . . + + + - + + + + + + + - + + 1 1 1 2 2 4 3 7 8 7 5 7 0 1 8 6 1 0 j + + + + + + + + + + + + + + 1 2 2 3 2 2 2 2 2 3 1 2 2 9 5 7 4 0 6 8 3 4 1 6 6 4 8 + + + + + + + + + + + 1 1 2 1 1 + + + + 6 2 1 1 1 5 1 9 4 3 0 7 2 7 6 1 3 4 5 B S V S S S S S B E T S S S P a a a t a a o a p e a a v o e o N n n n n c i l c a o l l r e s c t l l r t o t t a k i e r e a k a t l n F J D m m e a L l a j t m o a e g o r n t o n i a R t a p a n s h e a e n e d k e n a g d o a n n e c o m s d t i a o s C c N o it a y p . a . + + + + + + - - - + + - 1 1 1 3 2 7 5 2 7 5 8 8 0 8 6 0 0 + + + + + + + + + + + + + + 1 2 1 1 1 2 1 1 1 4 9 4 9 4 0 4 2 1 8 1 5 5 8 + + + + + + + + + + - - - 1 1 1 1 2 1 9 7 5 3 5 0 3 7 4 7 Cleveland — 1 +17 0 St. Joseph 0 +30 +15 Yakima +25 +37j +28 Columbus +3 +27 +11 Chicago +4 +17 +5 Omaha -1 +22 +8 Toledo +4 +23 +9 Chicago +5 +16 +4 Oklahoma City +9; +33 +17 Youngstown... +6 +23 +9 Peoria +1 r+35 +11 Tulsa + 2! +22 +8 r Revised. * Data not yet available. *• Five months 1944. 814 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 Sales during month (value) Stocks at end of month (value) Rati t o o o s f a l s e t s ocks Number Department of stores Percentage change Percentage change May reporting May 1944 May 1944 May 1943 May 1944 | May 1944 May 1943 from from from from from from 1944 1943 May 1943 Apr. 1944 Apr. 1943 May 1943 Apr. 1944 Apr. 1943 GRAND TOTAL—entire store 351 +20 +7 -9 +10 0 +2 2.5 2.8 MAIN STORE-total 351 +20 +6 -8 +10 0 +2 2.6 2.9 Women's apparel and accessories 349 +26 +1 -17 +18 -1 +4 2.0 2.1 Women's and misses' coats and suits 328 +5 -45 -47 +7 -15 i 1.7 1.6 Women's and misses' dresses 331 +41 +32 +8 +15 -10 +3 1.0 1.2 Blouses, skirts, sportswear, sweaters, knit apparel 309 +35 +16 i +40 +1 +16 2.3 2.2 Juniors' and girls' wear 294 +35 -10 -33 +45 —5 +6 1.8 1.7 Infants' wear 303 +38 -8 -26 +61 +3 +1 2.4 2.1 Aprons, housedresses, uniforms 283 +41 +59 +31 +28 -15 -2 1.2 1.3 Women's underwear, slips, negligees 318 +39 +36 +20 +40 +1 -1 2.0 2.0 Corsets,' brassieres 327 +30 +3 -12 2 -2 1.7 2.6 Hosiery (women's and children's) 342 +13 -3 -14 -19 +4 -7 1.7 2.4 Gloves (women's and children's). 321 +21 -32 -46 +25 +13 0 3.4 3.4 Shoes (women's and children's). 241 +21 -4 -17 +7 4 -2 3.0 3.4 Furs 253 -74 -25 -49 -34 +8 +47 25.2 9.8 Men's and boys' wear.... 320 +21 +4 -14 +7 +2 +4 3.8 4.4 Men's clothing 229 +18 +16 0 -4 -4 2 3.3 4.1 Men's furnishings, hats, caps 303 +20 +16 -3 +8 +6 +8 4.1 4.6 Boys' clothing and furnishings. 278 +37 -23 -45 +30 +4 +4 3.4 3 6 Men's and boys' shoes and slippers 173 -17 -12 -1 +1 +1 6.4 6.4 Home furnishings 313 +10 +17 +9 -3 -2 -3 3.2 3.6 Furniture, beds, mattresses, springs 230 +16 +19 +8 +5 -3 -5 3.1 3.4 Domestic floor coverings 235 +2 +15 + 10 -28 -7 -5 2.4 3.4 Draperies, curtains, upholstery 290 +18 +20 +12 -9 -6 -5 2.2 2.8 Major appliances (refrigerators, washers, stoves, etc.) 188 -50 +25 -28 -49 -8 -11 2.8 2.7 Domestics, blankets, linens, etc.... 286 +14 +19 +24 +12 +2 0 3.5 3.6 China and glassware 218 +18 +15 +12 -15 +1 +1 4.4 6.1 Housewares 219 +9 +18 +4 +7 -3 -3 3.4 3.4 Piece goods (dress and coat yard goods, all materials) 285 +37 +9 0 _ x 0 0 2.1 2.9 Cotton wash goods 119 +28 +28 +24 -19 -2 n 1.1 1.8 Small wares 331 +12 +16 +4 +23 +5 +5 3.7 3.4 Notions 219 +15 +21 +12 +25 -3 +1 2.8 2.5 Toilet articles, drug sundries, prescriptions 317 +2 +23 +6 +26 +9 +6 4.1 3.3 Jewelry and silverware.. 270 +3 +30 +5 +14 +6 +6 4.2 3.8 Miscellaneous 290 +29 +12 -9 +12 +5 +5 3.0 3.4 BASEMENT STORE—total.. 215 +24 +8 -14 +9 —2 +4 2.2 2.5 Women's apparel and accessories 205 +29 +4 -19 +19 -3 +4 1.7 1.8 Men's and boys' clothing and furnishings... 166 +19 +2 -20 +7 +2 +7 3.7 4.1 Home furnishings 122 +11 +23 +13 +2 -4 -3 2.3 2.5 Piece goods 54 +43 +19 +8 -16 -3 +8 2.1 3.5 Shoes 134 +25 +12 -21 -3 -2 +1 3.6 4.7 NOTE.—Group totals include sales in departments not shown separately. Figures for basement store are not strictly comparable with those for main store owing chiefly to inclusion in basement of fewer departments and somewhat different types of merchandise. The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1941 average = 100 Percentage of total sales Year and month Sales during month A a c t c o e u n n d t s o f r e m ce o iv n a th ble Collec m tio o n n s th during Cash Instal- Charge- Instal- Charge Instal- Charge Instal- Charge sales m sa e le n s t ac s c a o le u s nt Total Cash ment account ment account ment account 1943—May 117 145 61 96 45 75 79 105 60 36 June r121 150 r55 100 42 r77 72 100 60 36 July 96 125 53 72 39 64 70 103 63 32 August 107 138 64 82 38 63 67 85 62 33 September 131 167 70 104 38 74 67 84 61 34 October 147 187 84 115 40 81 75 104 61 34 November 166 210 93 130 44 90 81 116 61 34 December 217 289 99 159 48 109 82 121 65 31 1944—January 106 140 53 79 44 82 77 143 64 32 February 109 140 57 84 41 72 72 107 63 33 March 144 182 r73 114 40 79 78 100 62 34 April 132 171 59 104 38 79 67 107 62 34 May 141 180 58 112 36 82 67 109 62 34 June 127 165 50 99 34 78 61 111 63 34 r Revised. NOTE.—These data are based on reports from <smaller group of department stores than that included in the monthly index of sales shown on a preceding page. AUGUST 1944 815 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 of month Total Single- Charge or year co c n re su d m it er ins T ta o l t m al ent Sale credit Loans1 pa lo y a m n e s2 nt accounts 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 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 ,123 1,034 1,498 687 1944 Jan 4,818 1,836 745 169 576 ,091 996 1,294 692 Feb 4,662 1,785 707 167 540 078 962 1,218 697 Mar 4,836 1,804 696 167 529 1,108 955 1,376 701 Apr. 4,801 L,785 689 171 518 1,096 966 1,346 704 May p4,898 V1,801 ^700 P181 p519 pl,101 ^997 PI,390 P710 June ^4,952 V1,825 p706 *>192 P514 Pi,119 pl,041 PI,370 P716 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 subiect to change. .e., single-payment loans of commercial banks and loans by pawnbrokers. CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT LOANS AUTOMOTIVE [Estimated amounts outstanding. In millions of dollars] [Estimated amounts outstanding. In millions of dollars] End o r o f y e m a o r nth ex m T a c u o o lu t t t d o i a v - i l n , e g D s o m m e t a r o p a n e d r a i n d e e l r r t - s t- F s t u t u o r r r n e e i s - H a s a h t p o o n o p u r c l l s e d e i e s - - J s e t w or e e lr s y s o r t e t A o h ta r l e e l i r l s m E o y n n e d t a h o r f or Total m b C a e n o rc k m i s a - 1 l p S c l a o m o n a m i a n e l - s l b I p a c n a t n o d r n k i u m i i a s e - n l - s g Credit l M l e a n n is d e c o e e u r l s - sm i R l z o o e a a a d p n t n e i d a o r s i n 2 n r houses 1929 652 43 263 219 32 95 1930 674 45 287 218 31 93 1931 619 39 289 184 29 78 1929 1,197 160 583 265 56 133 1932 516 31 257 143 27 58 1930 1,104 155 539 222 47 141 1933 459 29 232 121 27 50 1931 958 138 454 185 45 136 1934 529 39 246 125 32 60 ""27" 1932 677 103 313 121 30 110 1935 794 71 267 156 44 79 177 1933 663 119 299 119 29 97 1936 1,030 130 301 191 66 102 240 1934 741 146 314 131 35 115 1937 1,167 215 350 221 93 125 163 1935 865 186 336 171 40 132 1938 1,226 248 346 230 113 117 172 1936 1,147 256 406 255 56 174 1939 . 1,559 380 435 257 147 96 244 1937 1,368 314 469 307 68 210 1940 1,984 586 505 288 189 99 317 1938 1,343 302 485 266 70 220 1941 2,174 687 535 298 217 102 335 1 1 9 9 3 4 9 0 1 1 , , 5 7 2 2 5 1 3 43 7 9 7 5 59 3 9 6 3 2 0 7 2 3 1 9 1 3 0 2 2 4 7 6 1 1 1 9 9 4 4 2 3 . 1 1 , , 1 4 2 3 3 8 3 2 7 7 0 3 4 37 2 2 4 2 1 0 6 2 5 1 14 1 1 0 8 9 6 1 2 1 1 1 0 7 1941 1,805 469 619 313 120 284 1942 1,012 254 391 130 77 160 1943 1943. 641 174 271 29 66 101 May 1,184 290 366 174 118 85 151 June 1,179 287 371 174 118 86 143 1943 July 1,155 283 363 170 114 85 140 May 720 178 308 72 48 114 Aug 1,132 278 357 16« 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 Aug 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 Jan 576 158 248 24 55 91 Apr 1,096 279 363 164 106 85 99 M Fe a b r 5 5 4 2 0 9 1 1 4 4 7 4 2 2 3 3 6 1 2 1 1 9 5 5 1 2 8 8 5 3 M Ju a n y e P PI I , , 1 1 0 1 1 9 2 29 8 4 5 3 36 6 5 2 1 1 6 6 9 5 1 1 0 0 5 7 P P 8 8 5 5 P P 9 9 9 9 Apr. .... 518 141 229 18 48 82 May P519 P141 P235 P16 P45 June p514 P137 P237 P15 P44 P81 P Preliminary. 1 These figures foramounts outstanding include only personal instalment cash loans and retail automotive direct loans, which are shown on the fol- P Preliminary. lowing page, and a small amount of other retail direct loans (12 million dollars at the end of June 1944), which are not shown separately. 2 See footnote 1 for table above. 8l6 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] Aut r o e m ta o il tive r O e t t h a e il r , R m e a p n o d a d i - r i s n P o s e n t r a a - l l Month or year Co b m a m nk er s c 1 ial S co m m a p ll a n lo ie a s n In ba d n u k st i r n i g al u C n r i e o d n i s t Month or year Total chased erniza- ment companies Pur- Direct and tion cash chased loans direct loans loans 1929 463 413 42 1930... 503 380 41 1931 498 340 38 Outstanding at end of 1932 376 250 34 period: 1933 .. 304 202 33 1939 1,020 210 160 150 220 280 1934 384 234 42 1940 1,340 300 230 210 260 340 1935 423 288 67 1941 1,588 396 303 279 246 364 1936 563 354 105 1942 787 136 122 143 154 232 1937 619 409 148 1943 469 54 82 67 86 180 1938 .. 604 417 179 1939 763 489 257 1943—May. 551 69 89 93 111 189 1940 . 927 536 320 June 529 65 85 84 105 190 1941 983 558 343 July 515 60 82 80 103 190 1942 705 798 408 215 August 498 58 82 74 98 186 1943 524 809 364 193 September 489 57 82 70 95 185 October 480 57 82 67 92 182 1942 November 470 55 82 66 89 178 November 37 59 25 14 December... 469 54 82 67 86 180 December 43 82 31 18 1944—January 460 51 81 70 82 176 1943 February 448 51 81 64 78 174 January 36 45 25 11 March 452 50 83 60 76 183 February 35 50 26 13 April 452 51 86 59 73 183 March 53 86 38 22 May 459 52 • 90 60 73 184 April 41 62 31 15 June — 471 54 92 62 73 190 May 40 58 29 14 June 50 80 35 19 Volume extended during July 44 62 30 15 month: August 45 64 29 15 1943—May 65 9 12 11 6 27 September 47 70 32 18 June 77 9 13 12 8 35 October 43 67 28 16 July 67 8 13 9 7 30 November 42 70 29 15 August 68 9 14 8 7 30 December 48 95 32 20 September 72 9 14 9 7 33 October 68 8 13 11 7 29 1944 November 66 7 13 12 6 28 January 42 53 27 13 December. r72 7 14 13 5 r33 February 44 60 29 16 March 63 94 38 23 1944—January r65 6 14 13 4 r28 April 49 61 30 14 February r62 6 14 8 4 r30 May r58 72 35 17 March r85 8 18 10 5 r44 June 61 75 38 19 April r73 9 17 10 6 r31 M Ju a n y e. r r 9 8 0 8 1 10 0 2 19 0 1 1 2 4 8 7 r3 4 7 1 r Revised. 1 These figures for loans made include only personal instalment cash, r Revised. l t o h a is n s p a a g n e d , r a e n ta d i l a a s u m to a m ll o a t m iv o e u d n i t r e o c f t o lo th a e n r s , re w t h a i il c h d i a r r e e c t sh l o o w an n s e ( l o s n ew e h m er i e ll i o o n n NOTE.—For descriptive material and back figures, see BULLETIN for dollars in June 1944), which are not shown separately. October 1942, pp. 992-994. FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE* Percentage c P h e a r n c g e e n t f a ro g m e Instalment accounts a C cc h o a u r n ge ts change from corresponding Item June p m r M e o c a n e y d th ing Apr. Ju p n r e e m ce o M d n i t a n h y g o y f e A a p r r. Month D s m e to p e r n a e r t s t- F s t t u u o r r r n e e i s - h H p s o l t o l i o d a u r n a s e c e s p e - - J s e t w o e re lr s y D s m t e o p e r a n e r t s t- 1944 1944 1944 1944 1944 1944 1943 Net sales: May 30 22 20 33 63 Total -9 +17 +4 +3 -7 June 29 21 21 33 62 Cash sales -11 r+18 +3 +11 -$ +5 July 30 22 21 34 62 Credit sales: August 32 22 21 34 62 Instalment -8 +17 +5 0 r-l -13 September 33 21 21 33 62 Charge account -10 r+17 -7 r+3 -11 October 37 22 22 37 65 November 37 23 23 39 66 Accounts receivable, at end of December 35 22 22 55 63 month: Total 0 +3 0 -19 r-22 -25 1944 Instalment 0 +1 -1 -19 -23 -26 January 30 20 22 31 61 February 31 20 22 31 61 Collections during month: March 36 23 26 34 65 T In o s t t a a l lment - - 2 3 + + 8 9 -2 - - 1 1 1 1 r- - 1 1 2 4 - -1 1 7 5 M Ap a r y il 3 3 1 3 2 2 5 3 r2 2 6 6 3 2 0 8 6 6 3 4 June. 31 23 28 30 63 Inventories, end of month, at retail value -2 -1 0 -17 -18 -21 r Revised. 1 Ratio of collections during month to accounts receivable at beginning Revised. of month. AUGUST 1944 817 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 =100] Other commodities All Farm Year, month, or week m c t o o i m e d s i - - p u r c o t d s Foods Total p li l r d e o a e d s t u h c a e t n 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 i a i n a n g l d s a p n M r d o e d m t u a e c ls t t a s l m B a u t i e ld ri i a n l g s p c C r a a o l h l s l d e i u e a m d n c i t d - s i f n H u g r o n g u i o s s o h e- d - s l M an is e c o e u l s - 1929 95.3 104.9 Q9Q 91 6 109.1 90.4 83.0 100.5 95.4 94.0 94. 82.6 1930 86.4 88.3 90.S 85 ? 100.0 80.3 78.5 92.1 89.9 88.7 92.7 77.7 1931 73.0 64.8 746 750 86.1 66.3 67.5 84.5 79.2 79.3 84. 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.?. 80.9 64.8 66.3 79.8 77.0 72.1 75. 62.5 1934 74.9 65.3 70.S 784 86.6 72.9 73.3 86.9 86.2 75.3 81.S 69.7 1935 80.0 78.8 83.7 779 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 8S s 8S 104.6 76.3 77.6 95.7 95.2 82.6 89.7 77.8 1938 78.6 68.5 736 81 7 92.8 66.7 76.5 95.7 90.3 77.0 86.8 73.3 1 1 9 9 3 4 9 0 . . .. 7 78 7 . . 6 1 6 67 5 . . 7 3 7 7 0 1 4 ^ 8 8 1 S0 •\ 1 9 0 5 0 . . 6 8 6 7 9 3 . . 7 8 7 71 3 . . 7 1 9 9 5 4. . 4 8 9 9 4 0 . . 8 5 7 7 7 6 . . 0 0 8 8 6 8 . . • S \ 7 7 4 7 . . 8 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 98.8 105.9 99.6 9S 117.7 96.9 78.5 103.8 110.2 97.1 102.\ 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 1074 06 s 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 ms0 97 ? 117.8 97.5 81.0 103.7 • 112.5 100.3 102.6 93 0 October 103.0 122.2 10S1 *)7 117.8 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 OH 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 OH <? 117.0 97.8 C83.2 103.7 115.7 105.4 104.% 93 5 June 104.3 125.0 106.5 98.5 116.4 97.8 83.3 103.7 115.9 105.2 104.3 93.5 Week ending: 1944—April 15 103.8 124.5 105.0 9?.5 117.6 97.3 83.6 103.8 114.7 105.4 106.0 93.3 April 22 103.6 122.5 104.4 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 20 103.8 123.2 104.7 98.7 117.6 97.3 83.9 103.8 115.6 105.4 106.0 93.3 May 27 103.9 123.; 104.9 98.7 117.7 97.3 83.9 103.8 115.6 105.4 106.0 93.3 June 3 103.9 123.5 105.2 98.7 117.7 97.3 83.7 103.8 115.7 105.3 106.0 93.3 June 10 104.0 125. C 105.4 98.7 117.7 97.3 83.7 103.8 115.8 105.3 106.0 93.3 June 17 103.7 122.5 104.9 98 7 117.7 97.3 83.7 103.8 115.8 105.3 106.0 93.3 June 24 103.7 123.C 1049 98.7 117 7 97.3 83.8 103.8 115.9 105.3 106.0 93.3 July 1 104.1 125.= 1067 98.7 116.8 97.3 83.8 103.8 115.9 105.3 106.0 93.3 July 8 103.9 124.1 1060 98.7 116.8 97.3 83.8 103.8 115.8 105.4 106.0 93.3 July 15 103.9 124.2 1056 98.6 116.8 07.3 83.8 103.8 115.8 105.2 1060 93.3 July 22 103.9 124.1 1060 98.7 116.8 97.4 83.9 103.8 115.9 105.2 1060 93.3 July 29 103.9 124.1 1053 98.7 116.8 97.4 83.9 103.8 115.9 105.2 1060 93.3 1943 1944 1943 1944 Subgroups Subgroups June Mar. Apr. May June June Mar. Apr. May June Farm Products: Metals and Metal Products: Grains 113.8 129.5 129.6 1297 127.2 Agricultural implements... 96.9 97.1 97.2 97.2 97.2 Livestock and poultry... 128.6 125.6 123.6 1226 123.0 Farm machinery 98.0 98.2 98.3 98.4 98.4 Other farm products.... 127.2 119.9 120.3 1?04 124.7 Iron and steel 97.3 97.1 97.1 97-1 97 1 Foods: Motor vehicles 112.8 112.8 112.8 112.8 112.8 Dairy products 109.5 110.5 110.2 110 110.3 Nonferrous metals 86 0 85 8 85 8 85 85 8 Cereal products 93.6 95.1 95.2 050 94.7 Plumbine and heatiner 90.4 91.8 91.8 0? 4 92.4 Fruits and vegetables.... 143.6 123.3 126.5 1268 137.7 Building Materials: Meats 111.6 106.0 106.2 1066 106.1 Brick nnrl tilp 99 0 100 3 100 3 100 s 100 6 Other foods 97.0 92.7 92.2 919 93.0 Cement . . . 93.6 93.6 93.9 96 4 96.4 Hides and Leather Products: Lumber 138.8 150.7 153.4 154.0 154.0 Shoes . 126.4 126.3 126.3 126.3 126.3 Paint and paint materials 102.0 104.4 104.4 104.7 105.7 Hides and skins 116.0 111.2 111.2 111.9 108.4 Plumbing and heating 90.4 91.8 91.8 92.4 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 101.7 102.8 102.8 103.0 103.0 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 96.2 Cotton goods 112.6 113.6 113.9 113.9 113.9 Drugs and Pharmaceuticals.... 165.2 165.2 220.1 220.1 220.1 Hosiery and underwear.. 70.5 70.5 70.5 70.5 70.6 Fertilizer materials 78.6 81.4 81.4 81.4 79.9 Silk 85 8 86 3 86 3 86 1 86 3 Rayon 30.3 30.3 30.3 SOT, 30.3 Oils and fats 10? 0 102 0 102 0 \\V 0 102 0 Woolen and worsted goods 112.5 112.5 112.5 1125 112.5 Ilousefurnishing Goods: Other textile products 98.7 100.5 100.5 1005 100.5 Furnishings 107.3 107.2 107.2 107 ? 107.2 Fuel and Lighting Materials: Furniture 98.1 101.4 101.4 101.4 101.4 Anthracite 89.5 95.6 95.8 964 95.5 Miscellaneous: Bituminous coal 116.4 120.1 120.3 vo 4 120.4 Auto tirpc and tnhpc 73 C 73 0 73 0 730 73 0 Coke 122.4 130.7 130.7 130 7 130.7 Cattle feed 150. t 159.6 159.6 159 6 159.6 Electricity 58.8 59.0 Paper and pulp 104.: 107.2 107.2 107.2 107.2 Gas 79.1 76.7 "ii'.i' 784' Rubber, ciude 46.2 46.2 46.2 46.2 46.2 Petroleum products 62.6 64.0 64.0 640, 64^0 Other miscellaneous 94.5 96.7 96.7 96.8 96.7 c Corrected. Back figures.—Bureau of Labor Statistics, Department of Labor. 818 FEDERAL RESFRVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of the Department 3f Agriculture,by States, as of July 1, 1944. In thousands of units] Corn Total wheat Winter wheat Spring wheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1943 July 1, 1944 1943 July 1, 1944 1943 July L 1944 1943 July 1, 1944 Bushels Bushels Bushels Bushels Bushels Bushels Bushels Bushels Boston 7,383 8,008 48 40 48 40 New York 26,008 31 297 5 144 9,842 5,098 9,770 46 72 Philadelphia 43,147 54,402 12,194 17,509 12,066 17,386 128 123 Cleveland 214,444 229,333 30,161 52,025 30,115 51,974 46 51 Richmond 133,876 128,876 20,538 33,889 20,538 33,889 Atlanta 179,025 152,714 5,958 9,495 5,958 9,495 Chicago 1 287 286 1 180 420 32 898 57,731 31,987 56,810 911 921 St. Louis 362,072 374,058 28,050 52,881 28,034 52,867 16 14 Minneapolis 342,268 351,324 279,173 314,136 26,240 30,944 252,933 283,192 Kansas City 369,806 383,414 276,206 370,416 271,457 365,331 4,749 5,085 Dallas 102,083 78,792 37,253 73,958 37,142 73,872 111 86 San Francisco 8,761 7,498 108,675 135,900 60,971 90,748 47,704 45,152 Total. 3,076,159 2,980,136 836,298 1,127,822 529,606 793,086 306,692 334,736 Oats Tame hay Tobacco White potatoes Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1943 July 1, 1944 1943 July 1, 1944 1943 July 1, 1944 1943 July 1, 1944 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston 5 007 5 848 3 421 2 111 28 277 31 698 83 826 68 958 New York 10,726 27,093 6,498 5,699 997 1,171 35,542 35,644 Philadelphia . 9,434 15,711 2,467 2,316 40,014 48,762 20,846 22,780 Cleveland 36,014 49,693 5,491 5,269 110,402 113,758 15,730 14,438 Richmond 25,250 29,467 4,605 4,485 768,814 807,113 29,364 18,427 Atlanta 21,458 27,380 4,196 3,932 154,509 175,884 18,749 14,456 Chicago 418,048 404,667 18,362 18,636 28,152 29,686 42,261 33,619 M St i . n L n o ea u p is o . l . i t s 3 6 2 5 8 , ,7 9 7 6 9 9 37 5 3 1 , , 5 5 3 9 4 5 1 7 1 , , 9 3 2 32 7 1 8 0 , , 4 14 4 7 3 26 2 2 , , 2 4 2 1 9 6 26 2 9 , , 3 4 3 4 2 7 5 1 8 3 , , 0 2 8 5 5 4 4 9 8 , , 8 65 9 0 8 Kansas City 161,135 116,551 7,756 8,458 4,125 4,643 39,374 34,540 Dallas. . . 26,111 47,945 2,018 2,051 7,504 5,653 San Francisco 35,936 33,752 13,191 13,376 100,121 92,053 Total. 1,143,867 1,183,236 87,264 85,524 1,399,935 1,484,494 464,656 399,116 NOTE.—1943 figures for tobacco are as revised in July 1944. 819 AUGUST 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK* ON BANK CREDIT, MONEY RATES, AND BUSINESS 1944 Chart 1944 Chart book book une July July July July page Apr. May June page 5 12 19 26 WEEKLY FIGURES i In billions of dollars MONTHLY FIGURES In billions oj dollars RESERVES AND CURRENCY RESERVES AND CURRENCY R M T G N M E E e r x x o o o e e s c c l n m n a d e e e m D U e N C s r s s b y v u s s s e h . i e e e r s t m w i r o y S r c r i c N B n S B e e C c B o b a . b s k s p Y g e u o i e d o a G e a e l c e r o r n n n e l t o r n r t c i s o e v d p t k v i r r k i s s v f d k c e s o a e i t s e u l c s s c . r p 6 l i a C e a r c a t ( o t s s e s n i e w t e e e s t d i r d s y c o r i e t i t v u i n t e s a f : e r k i d i s c l t v y a i a e te n s a s , c v e e t s o r a ta g l e ), total* 2, 2 4 4 4 4 3 2 2 4 3 2 3 2 3 3 4 2 2 1 1 9 3 1 1 1 1 1 1 2 5 3 . . . . . . . . . . . . . 1 4 3 9 0 2 3 1 0 4 0 5 0 8 8 6 4 8 1 5 9 2 8 8 6 4 2 2 1 1 8 3 1 1 1 1 2 1 4 1 2 . . . . . . . . . . . . . . 3 1 8 4 4 7 3 7 1 9 6 2 0 0 S 8 6 7 6 1 9 4 3 9 0 2 1 3 2 2 1 1 '" 8 3 1 1 1 1 1 4 2 2 1 . . . . . . . . . . . 0 . . . . 7 1 4 3 5 3 8 1 8 5 5 0 0 5 9 8 6 8 6 6 2 1 5 6 2 2 1 P 2 2 1 1 8 3 1 2 1 1 I 4 1 1 2 2 . . . . . . . . . . . . . 1 6 3 3 2 8 4 5 0 0 5 0 7 3 1 4 6 6 8 8 0 6 5 6 3 4 5 6 2 2 1 1 8 3 1 1 2 1 4 1 1 2 . . . . . . . . . . . . 9 1 7 3 3 2 0 8 5 7 0 4 3 3 7 8 6 8 0 0 8 9 4 0 T M T G R E R R M r r x e e e o o e e o c s s q l n a a d e n e e u N C s e R C B # C s r r e s i u y 1 v u v s y s r h e i e o o r e 0 e e r l t w s i u y i o l y d r i c i n s e a c n e n n B a b r s k s Y n o t v g c d , a a r r c e c a d e o f l e n y e o $ i r i a s p r s k v r r $ 1 $ n h c c e c k o b 5 e 2 , c u i r u s c a s 0 t $ 0 e v l i y l ^ C r , n a 2 s t e a e a s t b t k , i s t t o b i d n t i i s . o a y t l o i a d l n a t n n n s l o d k , v s t $ e o 5 r t a b l ills...... 8 5 , , 1 1 1 1 8 5 5 5 8 9 9 9 5 5 9 0 0 0 0 2 2 2 1 1 1 1 2 6 1 3 1 1 2 3 1 1 . . . . . . . . . . . . . . . . 3 2 2 3 9 5 3 4 5 6 0 2 6 8 3 0 2 2 7 3 0 1 9 1 1 6 7 9 5 4 8 8 2 2 1 2 1 1 1 2 4 1 6 2 1 4 2 2 1 . . . . . . . . . . . . . . . • 8 3 4 0 3 2 1 0 9 2 0 5 8 7 0 3 2 6 3 1 9 7 3 3 4 1 6 6 9 6 0 2 2 2 1 1 1 2 1 4 2 ( 1 6 1 2 5 3 2 2 1 2 . . . . . . . . . . . . . . . ) 0 3 0 4 5 2 3 5 4 5 3 0 8 3 7 8 4 5 9 8 1 0 2 4 0 5 2 7 1 5 Reserve city banks 3 .39 .43 .41 .35 ALL BANKS IN U. S. Country bankse * 3 Pi. 00 .92 P. 89 Total deposits and currency P127.40 Pi27.80 Demand deposits adjusted P62.10 P65.10 Time deposits. P34.50 2*35.10 ^urrency outside banks ^19.90 P20.50 MEMBER BANKS IN LEADING CITIES CONSUMER CREDIT D L U T o o . e a t m S a n l . a s n l G a d o n o an d v d s e t i . p n o v o s e b i s l ts i t g m a a e d ti n j o u t n s s s t ed 1 1 1 1 4 4 4 4 5 3 3 1 5 3 9 2 . . . . 0 0 9 1 4 1 2 6 5 4 3 1 6 1 2 2 . . . . 2 0 5 2 6 5 6 8 5 3 4 1 7 1 2 2 . . . . 2 9 4 3 1 2 8 3 4 5 3 1 2 7 2 2 . . . . 3 4 9 0 0 2 5 0 5 3 4 1 7 3 2 1 . . . . 0 5 4 7 7 0 6 3 Cons S S C u i e m h n r a v g e r i l r g c e e e - c p r a a c e c y r d e c m i d o t e i , u t n n t t t o s t l a o l a 5 ns 1 1 1 1 8 8 8 8 4 1 . . . . 8 3 9 7 7 0 5 0 P P P p 4 I I. . . . n 0 9 3 0 0 9 P P P P 4 I I . . . . 3 7 9 0 2 7 5 4 Com N m e e w rc i Y al o rk lo a C n i s ty , total 1 1 5 5 6 2 . . 0 3 3 4 6 2 . . 0 3 4 2 6 2 . . 0 2 4 9 6 2 . . 0 30 6 2 . . 0 3 9 2 Insta I l n m st e a n lm t e c n re t di l t o , an t s o 5 t . al5... 18, 1 1 9 9 1 1 . . 7 1 9 0 P P I I . . 8 1 0 0 P P i I . . 8 1 3 2 Brok 1 e 0 r 0 s ' c l i o ti a e n s s — ou N ts e i w de Y N o e r w k Y C o it r y k 1 1 5 5 3 1 . .5 6 2 9 3 1 . .4 7 1 2 3 1 . .4 7 8 5 3 1 . . 7 2 7 8 3 1 . . 7 1 7 4 Insta A lm ut e o n m t o s t a iv le e credit, total 1 1 9 9 . . 1 6 7 9 P P . . 7 1 0 8 P P . .1 7 9 1 U. S N . e G w o v Y t. o r o k b l C ig it a y t , i o t n o s ta : l 15 14.14 14.73 14. 15.09 15.10 Other 19 .52 P. 52 P.51 Bonds 17 6.72 6.70 6.81 6.82 6.85 Notes and guar. securities 17 2.90 2.9: 2.96 2.93 2.94 TREASURY FINANCE Certificates 17 3.74 3.97 4.04 3.98 4.0: U. S. Govt. obligations outstand- Bills 17 .79 1.14 1.07 1.36 1.3C ' lg, total interest-bearing 20 185.67 186.40 201.06 100 cities outside New York, total.. 15 25.11 26.32 27.05 27.33 27.3( Bonds (marketable Treasury).. 20 72.53 72.54 79.24 Bonds 17 12.02 12.11 12.35 12.48 12.5, Notes, cert., and bills, total... 20 54.72 55.30 60.96 Notes and guar. securities 17 4.99 5.01 5.09 5.19 5.15 Notes 21 16.26 16.26 17.40 Certificates 17 6.60 6.79 7.06 7.11 7.1 Certificates 21 25.31 25.27 28.82 Bills 17 2.16 2.41 2.55 2.55 2.5 Bills 21 13.15 13.77 14.73 Savings bonds, tax notes, etc.. 20 42.27 42.72 44.85 Savings bonds 21 32.50 32.99 34.61 Per cent per annum Tax notes 21 9.09 9.05 9.56 Special issues 20 13.70 14.12 14.29 Holdings of U.S. Govt. obligations: MONEY RATES, ETC. Fed. agencies and trust funds 22 18.35 18.37 P19.13 Treasury bills (new issue) 25 375 .374 .375 375 .37; Federal Reserve Banks 22 13.22 14.25 14.90 Treasury notes (taxable) 25 i.34 1.32 1.31 i.31 1.3: Commercial banks 22 63.80 . 63.20 U. S. Govt. bonds: Private holders other than Partially tax-exempt 25, 33 l.89 1.89 1.88 l.89 1.9C commercial banks, total 22 90.30 90.60 Taxable 25,33 2.49 2.49 2.49 2.49 2.4? Mutual savings banks 23 6.80 6.70 Corporate Aaa bonds 33 2.72 2.72 2.72 2.72 2.7: Insurance companies 23 15.90 16.00 Corporate Baa bonds 33 3.58 3.57 3.57 3.57 3.5i Other investors, total 23 67.60 67.90 Marketable issues 23 26.8 26.60 In unit indicated Per cent per annum MONEY RATES, ETC. Stock prices (1935-39 = 100): Total 103.4 104.9 105.7 104.4 102. F. R. Bank discount rate, N. Y.... 27 .50 .50 .50 P I R n u a d b i u l l r i s o c t a r u d ia ti l lity 1 1 9 0 0 0 5 3 . . . 9 9 4 1 1 9 0 0 2 7 4 . . . 2 4 3 1 1 9 0 0 1 8 6 . . . 6 4 8 1 1 9 0 0 1 6 6 . . . 0 4 8 1 1 9 0 0 0 3 4 . . . T T C r r o e e m a a s s m u u e r r r y y c i b n a i l o l t l p e s a s p (n ( e t e r a w xa b is l s e u ) es) 2 2 2 7 9 7 1 .3 . . 3 6 7 6 9 5 1 .3 . . 3 7 7 5 5 5 1 .3 . . 3 7 7 4 5 5 Volume of trading (mill, shares) 1.84 1.78 1.39 1.39 U. S P . a G rt o i v al t. l y b o ta n x d - s e : xempt 33 1.94 1.94 1.91 Taxable 33 2.48 2.49 2.49 Corporate Aaa bonds 29, 33 2.74 2.73 2.73 Corporate Baa bonds 33 3.68 3.63 3.59 BUSINESS CONDITIONS S E t l e e e c l t r p ic r od p u o c w ti e o r n p ( r p o e d. r c ( e m n i t l l o . f k w ca . p h ac rs it . y )3 ) . . . 4 9 ,3 5 2 .7 7 3 9 ,9 4 4 .3 1 4 9 ,3 5 7 .7 7 4 9 ,3 7 8 .1 1 4,39 In unit indicated Freight carloadings (thous. cars): Stock prices (1935-39 = 100): Total 897.8 745.1 904.8 903.0 910. Total 35 95.1 97.2 101.5 Miscellaneous 397.6 338.7 396.2 400.7 400. Industrial 35 96.5 99.0 103.9 Department store sales (1935-39 = 100).. 130 104 127 121 11 Railroad 35 97.3 99.3 100.8 F.H.A. home mortgages, new construc- Public utility 35 87.3 87.8 89.6 tion (thous.)4 Volume of trading (mill, shares)... 35 .66 .73 1.60 Wholesale prices (1926 = 100): Brokers' balances (mill, dollars): Total 104.1 103.9 103.9 103.9 Credit extended customers 37 *780 *790 887 Farm products 125.5 124.1 124.2 124.1 Money borrowed 37 e600 e550 618 Other than farm and food—.... 98.7 98.6 98.7 Customers' free credit balances. 37 c390 "400 424 For footnotes see following page. 8zo FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued Chart 1944 Chart 1944 book book page Apr. May I June page Apr. May June MONTHLY FIGURES-Cont. In unit indicated In unit indicated MONTHLY FIGURES-Cont. BUSINESS CONDITIONS BUSINESS CONDITIONS—Cont. Income payments (mill, dollars), total:6 38 12,843 *>12,914 Freight car loadings:6 Salaries and wages 38 9,015 ^9,038 Total (1935-39 = 100) 57 138 138 139 Other 38 3,828 p3,S76 Groups (points in total index) Cash farm income (mill, dollars), total. 39 1,470 1,546 1,559 Miscellaneous 57 80.1 78.7 78.1 Livestock and products 39 979 1,049 998 Coal.. 57 29.9 31.3 31.5 Crops 39 423 403 507 All other 57 28.3 28.5 29.2 Govt. payments 39 68 94 54 Department stores (1935-39 = 100) :6 Indu T s o tr t i a a l l ( p 1 r 9 o 3 d 5u 3 c 9 t io = n : 1 6 00) 41, 42 239 237 P235 S S a to le c s k s 5 5 9 9 1 1 7 4 2 5 r r1 W 81 1 1 7 5 5 5 Groups (points in total index) Exports and imports (mill, dollars): Durable manufactures 41 r137.0 135.4 P133.8 Exports 61 PI,421.4 Machinery, etc 42 r94.8 94.1 ^93.6 Imports 61 P359.4 P385.9 Iron and steel 42 23.5 23.1 ^22.4 Excess of exports 61 2*832.2 I,035.5 Non O du th ra e b r le d u m ra a b n l u e f actures 4 4 2 1 r8 1 0 8 . . 4 7 7 18 9 . . 1 4 Wholesal E e x p c r lu ic d e i s n , g to L t e a n l d ( - 1 L 9 e 2 a 6 s e = ex 1 p 0 o 0 r ) t . s .. 6 6 3 1 P-1 1 1 0 0 3 . . 6 9 ioi.o 104.3 Textiles and leather 42 r19.7 19.0 Farm products 63 123.2 122.9 125.0 Paper and printing 42 10.8 10.8 no. 9 Other than farm and food 63 98.4 98.5 98.5 Mine O F r o t a h o ls e d r s , n l o i n q d u u o r r, a b a l n e d tobacco 41, 4 4 4 2 2 2 r2 2 2 8 1 1 . . . 2 8 0 2 2 2 9 0 1 . . . 1 5 7 ^ ^ 2 2 9 0. . 4 0 Cost F C o o l f o o t d l h i v in in g g , all items (1935-39 = 100) 6 6 6 5 5 5 r r 1 1 1 2 3 3 4 7 4 . , . 6 l 6 r r 1 1 1 3 2 3 7 5 5 . . . 4 1 5 1 1 1 2 3 3 5 5 8 . . . 4 7 0 Primary products (1935-39 = 100): Rent 65 108.1 108.1 108.1 Steel 43 236 234 L C u e m m b en er t 4 4 3 3 1 7 1 8 8 1 7 1 6 5 O D c ec t. . - M Ja a n r. .- J A u p n r e .- Coal 43 150 154 nsi 1943 1944 1944 C C r o u tt d o e n p c e o tr n o s l u e m um pt ion 4 4 3 3 1 1 3 5 9 1 1 1 4 4 2 2 P144 QUARTERLY FIGURES In millions of dollars La p b e o L E r r s a m o b f n p o W M P L O N M o A F s l r r o a e ) e t o g c o a e : h p y m f a e n r o l a o e t e m e i l a t a h r c r r s c g y l e e u a e e m a r r n a l n i t n r t a c d u , n d n u r t a u l d e o t l f a m u t a i a r r c p l a y t l l u o p r y r e m o d d e u f n o c t o ts d ( s m ill, « 4 4 4 4 4 4 4 4 4 4 4 3 3 4 3 4 4 4 3 3 4 4 4 5 3 5 1 1 3 2 1 4 1 1 1 1 6 7 . . 3 5 . . . . 6 1 6 1 8 3 9 4 1 8 5 7 7 9 4 5 3 5 1 3 1 4 2 1 1 8 2 1 1 7 . . . 6 . 3 5 . . 1 6 4 5 8 0 5 6 1 5 7 0 7 4 5 5 3 1 9 1 3 3 4 5 8 4 . . . . . . 6 2 2 0 6 2 0 B I C n u o t d e rp r g N N E M N C I n o n e x o e e e a i t r d w t p s t r a l i p c r W e t v R I r p r e e . o n n m e e i r c a i d a r d c d v o s e n i o a r u e i e l u c e i t t n t r i a p e e n c e s a u p o e l e t u t r u c r s t a y r n i d r s e e t i d n i , i i n s a a s a t v c c l , c t y l n o i o o o t d t r m l t i m o i e l a e s e e e v t l s e s a c x e u l t t p n t # a i e a o u e x s x e n n : e e s d s s , i t tu o r ta e l s : 2 2 3 2 2 2 2 2 3 3 3 4 4 6 4 4 4 4 4 6 6 6 2 2 9 3 4 1 2 8 1 , , , , , , , 8 2 4 4 2 8 7 1 1 1 6 9 1 8 9 4 4 2 3 2 6 5 0 8 7 5 0 7 4 9 8 2 2 1 1 3 4 2 1 5 0 1 , , , , , , , 9 3 8 4 5 3 0 1 1 5 8 2 4 4 2 4 9 7 3 2 7 2 3 4 2 9 6 0 9 1 2 2 2 1 1 4 2 4 5 2 1 1 , , , , , , , 2 7 7 4 3 2 0 4 7 7 9 5 9 8 9 8 7 0 5 9 5 6 5 2 6 4 2 2 6 No p n e a M r g s a o ri n n c u s u ) f , l a t t c u o t r u t a a r l l i 6 n g em an p d lo m ym ; i n . e i # n n g t (mill. 4 4 5 5 r3 1 8 7 . . 9 2 3 1 8 7. . 1 7 P P1 38 6 . . 6 9 Public utility 36 Per 1 cent per 6 annum Trade 45 7.0 7.0 ^7.0 Bank rates on customers' loans: Government 45 5.9 5.9 P5.9 Total, 19 cities 29 2.65 2.63 2.63 Transportation and utilities 45 3.8 3.8 P3.8 New York City 31 2.10 2.10 2.23 Construction 45 0.7 0.7 Other Northern and Eastern cities 31 2.76 2.75 2.54 Factory employment and pay rolls Southern and Western cities 31 3.17 3.12 r3.18 (1939 = 100): Pay rolls 47 318.2 318.3 Dec. 31,Apr.13,June 30, Employment 47 160.8 159.0 ^158.4 1943 1944 1944 Hours and earnings at factories: Weekly earnings (dollars) 48 45.56 46.13 CALL DATE FIGURES Hourly earnings (cents) 48 r101.3 101.7 In billions of dollars New H o o r u d r e s r s w , o sh rk ip ed m e ( n p t e s r , w an ee d k i ) n ventories 48 45.0 45.4 Loans and in M v EM es B t E m R e B n A t N s K , S total 12 74.26 78.03 p83.56 (1939 = 100): U. S. Govt. obligations. 12 52.95 56.77 ^60.32 New orders, total 49 246 "258 Other securities 12 5.02 5.12 *5.16 Durable 49 326 P3SS State and local obligations 13 2.73 2.82 Nondurable 49 188 p186 Other domestic securities 13 2.29 2.30 Shipments, total 49 281 nn Foreign securities 13 N D o u n ra d b u l r e a ble 4 4 9 9 3 1 8 9 7 8 p P 3 1 7 9 O 7 Loan C s o , m to m ta e l r cial loans 1 1 2 3 1 8 6 . . 4 2 4 9 © 16.13 ^18.08 Inve D nt u o r r a i b e l s e , total 4 4 9 9 1 2 7 0 5 5 P p2 I 0 7 4 4 S R t e r a e l e - t e l s o ta a t n e s lo (b a r n o s k ers' loans) 1 1 3 3 3 1 . .0 2 5 7 ((7) 7) Nondurable 49 149 ^148 Holdings of U. S. Govt. securities: Resi T d o en ta t l i al contracts (mill, dollars):6 53 34 31 29 By c N la e s w se s Y o o r f k b C an it k y s : 16 14.56 15.18 ^16.16 Public 53 13 12 10 Chicago 16 3.24 3.42 P3.69 Private, total 53 21 19 19 Reserve city banks 16 19.68 21.01 ^22.49 1- and 2-family dwellings 53 16 14 10 Country banks 16 15.47 17.17 2*17.99 Other 53 c; 9 By kinds of securities: Construction contracts (3-mo. moving Bonds 16 27.27 av., mill, dollars):6 Notes 16 6.91 Total 55 147 134! P132 Certificates.. 16 12.07 Residential 55 31 29 p28 Bills 16 4.36 Other 55 117 105 Guaranteed 16 2.35 e Estimated. p Preliminary. r Revised. r , j • , , , • u n • J 1 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 2 Less than 5 million dollars. ..... 3 Figure for June 21, published on p. 723 of the July BULLETIN, should be corrected to read 4,325. 4 Publication discontinued. 6 Includes preliminary revisions for repair and modernization credit. 6 Adjusted for seasonal variation. 7 Figures available for June and December dates only. • Copies of the Chart Book may be obtained at a price of 50 cents each. AUGUST 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS FOR THE SIX MONTHS ENDED JUNE 30, 1944 Total Boston New York d P e h lp il h a i - a Cleveland Richmond Atlanta Chicago St. Louis M ap in o n li e s - K C an it s y as Dallas Fra S n a c n isco Current Earnings Discounted bills £237,656 $18,427 $132,668 $11,539 $2,275 $7,217 $2,662 $6,364 $42,390 $7,285 $2,210 $2,675 $1,944 U. S. Govt. securities, System account 39 611,166 3,033,335 8,703,591 3 156,806 4,421,204 2,632,505 2,265,073 4,233,942 1,891,172 1,229,724 2,085,742 1,880,497 4,077,575 Other U. S. Govt. securities 6916,235 201,235 3,519,433 256,853 171,471 101,823 46,122 1,636,785 272,655 99,268 82,932 49,552 478,106 Industrial advances 182,636 15,196 2,743 83,923 6,951 4,885 2,218 70 3,433 869 166 62,182 Commitments to make industrial advances.. 13,255 285 67 55 306 3,710 313 478 8,041 All other 271,324 6\875 45,583 3,972 35,106 2,805 8,335 64,844 9,895 2,660 83,323 4,574 3,352 Total current earnings.. 47 232,272 3,275,353 12,404,085 3 513,148 4,637,313 2,752,945 2,324,410 5,942,005 2,216,425 1,342,370 2,255,076 1,937,942 4,631,200 Current Expenses Operating expenses: Salaries: Officers 1,327,935 76,165 275,215 68,999 103,212 85,072 76,745 160,266 88,530 80,566 88,320 78,314 146,531 Employees 23,399,852 1,321,117 4,957,373 1,380,864 2,373,305 1,281,591 1,212,316 3,778,730 1,250,293 684,988 1,162,780 1,180,342 2,816,153 Retirement System contributions for current service 1,976,494 101,333 417,118 112,235 176,495 112,810 116,753 333,898 120,060 64,363 109,120 110,460 201,849 Legal fees 12,853 300 3 9,415 2,500 106 200 107 178 44 Directors' fees and expenses 65,691 5,675 5,622 4,572 7,119 4,745 7,225 5,236 "3,346 4,828 7,249 4,583 5,491 Federal Advisory Council fees and expenses. 10,360 950 636 715 636 315 350 1,185 850 1,304 689 1,850 Traveling expenses (other than of directors and members of Federal Advisory Council) 228,112 15,448 32,913 10,074 20,913 19,150 20,190 37,076 19,334 10,989 10,982 14,540 16,503 Postage and expressage 4,124,789 358,390 571,504 298,452 416,037 323,271 296,014 533,319 237,691 137,854 242,255 225,344 484,658 Telephone and telegraph 344,544 15,302 57,067 17,586 32,120 18,052 30,441 31,986 28,762 13,156 28,362 23,846 47,864 Printing, stationery, and supplies 1,901,624 141,616 328,293 127,743 245,826 80,855 130,857 302,844 100,808 48,761 91,873 93,526 208,622 Insurance on currency and security shipments 121,056 15,885 17,571 7,911 9,531 12,016 9,433 12,454 3,575 3,159 5,880 6,039 17,602 Other insurance 120,892 7,368 28,787 7,723 10,719 7,844 5,641 11,507 7,426 1,446 8,979 7,219 16,233 Taxes on bank premises 760,197 66,000 232,953 45,718 67,156 40,946 31,181 109,295 25,732 32,580 45,994 16,322 46,320 Depreciation on bank building 534,984 27,916 118,475 71,638 56,238 41,581 21,274 40,481 22,241 14,423 37,442 45,859 37,416 Light, heat, power, and water 281,554 17,407 65,762 18,280 35,411 20,991 16,333 34,538 16,077 12,534 10,941 15,528 17,752 Repairs and alterations to bank building... 125,069 4,255 16,631 1,871 25,888 4,570 14,205 16,809 9,479 5,358 18,053 4,695 3,255 Rent ' 478,450 13,943 76,749 14,520 83,672 4,318 37,606 133,473 12,564 8,531 13,517 11,060 68,497 Furniture and equipment 419,483 32,054 71,041 16,797 27,085 46,507 34,677 39,392 27,487 2,086 35,023 29,338 57,996 All other 930,021 65,075 103,404 75,460 83,128 35,303 64,977 213,593 54,390 24,626 58,342 51,407 100,316 Total operating expenses.. 37,163,960 2,286,199 7,377,117 2,290,573 3,776,991 2,140,043 2,126,418 5,796,189 2,028,645 1,151,306 1,976,416 1,919,111 4,294,952 Less i eimbursements for certain fiscal agency and other expenses 17,530,303 929,545 2,906,204 884,737 1,860,538 8,939 1,121,333 3,134,071 946,528 593,364 898,859 1,033,395 2,352,790 Net operating expenses.. 19,633,657 1,356,654 4,470,913 1,405,836 1,916,453 1,251,104 1,005,085 2,662,118 1,082,117 557,942 1,077,557 885,716 1,962,162 Assessment for expenses of Board of Governors 1,266,240 88,758 461,485 116,503 111,836 50,306 40,907 157,216 39,668 27,114 36,770 37,029 98,648 Federal Reserve currency: Original cost 3,793,498 193,028 835,698 240,354 337,164 218,165 340,848 628,390 158,784 65,598 113,345 83,637 578,487 220,681 8,674 36,513 11,566 16,769 17,721 26,781 32,643 15,646 2,911 9,430 14,319 27,708 Cost of redemption 24,914,076 1,647,114 5,804,609 1,774,259 2,382,222 1,537,296 1,413,621 3,480,367 1,296,215 653,565 1,237,102 1,020,701 2,667,005 Total current expenses... 22,318,196 1,628,239 6,599,476 1,738,889 2,255,091 1,215,649 910,789 2,461,638 920,210 688,805 1,017,974 917,241 1,964,195 Current net earnings Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAOE Gold reserves of central banks and governments 814 Gold production 815 Gold movements , 815 Net capital movements to United States since January i, 1935 8z6 Central banks 817-830 Money rates in foreign countries .. 831 Commercial banks.. 832. Foreign exchange rates. . 833 Price movements: Wholesale prices.. 834 Retail food prices and cost of living .. 835 Security prices 835 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 are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November n, 1934. Back figures for all except price tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics. AUGUST 1944 813 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 S n ta i t t e e s d g t A i e n n r- a - 1 g B iu e m l- Brazil B I r n i d ti i s a h Bul- 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 1 1 1 9 9 9 4 4 3 0 1 9 — — — D D D e e e c c c . . . 2 1 2 1 7 2 , , , 9 7 6 9 3 4 5 7 4 4 3 3 5 6 5 3 6 4 2 6 7 7 0 3 3 9 4 4 4 5 7 0 1 0 2 2 2 7 7 7 4 4 4 2 2 2 4 4 4 2 S 1 7 5 4 3 3 3 0 0 0 2 1 1 1 7 6 5 5 6 6 8 1 4 5 5 4 2 3 5 5 5 5 2 2 2 2 2 , , , 0 7 0 0 0 0 0 9 0 2 2 2 9 9 9 4,2 2 2 8 8 8 1942—Dec. 22,726 735 115 274 25 6 36 25 61 44 52 2,000 29 1943—July. 22,335 353 734 182 274 425 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 29 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 79 61 44 52 2,000 Apr.. 21,429 381 734 276 274 4 56 80 61 44 May. 21,264 386 274 6 82 June 21,173 6 End of month H ga u r n y - T I e r r a s n ia) Italy Japan Java Mexico N l e a t n h d e s r- Ze N al e a w nd N w o a r y - ! Peru Poland Po g r a t l u - I R n u i m a a- A So fr u ic th a Spain 1938—Dec. 37 26 193 164 29 998 23 94 20 85 69 133 220 6525 1939—Dec. 24 26 144 164 90 32 692 23 94 20 4 84 69 152 249 1940—Dec. 24 26 120 164 140 47 617 23 4 84 20 59 158 367 1941—Dec.. 24 26 6164 235 47 575 23 21 59 182 366 42 1942—Dec. 24 734 4216 39 506 23 25 59 241 634 42 1943—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 59 289 644 85 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 60 740 Mar. 24 230 500 23 33 728 Apr.. 24 227 500 23 34 727 98" May. 226 23 34 741 June. 224 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 ed - g U u r a u y - V zu e e n l e a - Y sl u av g i o a - B.I.S. c O t o r t i u h e n s e - 8 r End of month U St n a i t te e d s U K n in it g e - d France g B iu e m ldom 1938—Dec 321 701 29 2,690 69 52 57 14 142 1938—Dec. ... 80 2759 331 44 1939—Dec 308 549 29 68 52 59 7 153 1939—Mar. ... 154 1,732 559 1940—Dec 160 502 88 1 90 29 82 12 145 May.... 477 1941—Dec 223 665 92 1 100 41 483 12 142 June... " "*85 17 1942—Dec 335 824 114 1 89 68 21 160 Sept— 164 3876' Dec 156 17 1943—July 368 876 158 1 101 80 26 197 1940—Mar. ... 145 Aug 371 880 161 103 84 26 197 June... 86 Sept 374 887 161 1 108 84 26 197 Sept.... 105 Oct 378 900 161 1 111 84 27 197 Dec ... 48 292' 17 Nov 384 903 161 1 117 84 27 198 1941—Mar. ... 88 Dec 387 964 161 1 121 89 45 199 June... 89 17 1944—Jan 399 973 171 1 89 45 200 Sept.... 24 4151 Feb 401 984 171 1 100 45 200 Dec 25 17 Mar 421 994 191 1 100 39 202 1942—Mar.... 12 A M p a r y 4 4 3 2 0 6 pl 1 , , 0 0 1 0 0 4 1 1 1 1 0 1 0 0 3 3 9 9 2 20 0 7 3 J S u e n pt e . . . . . . . 8 7 17 June PI,023 1 207 Dec 12 17 1943—Mar.... 14 p 1 F P i r g e u li r m es i n t a h r r y o . ugh March 1940 and figure for December 1942 and December 1943 include, in ad- J D S u e e n c p e t. . . . . . . . 4 1 3 7 1 ""ii dition to gold of the Central Bank held at home, gold of the Central Bank held abroad and gold be- 1944—Mar.. . . 14 longing to the Argentine Stabilization Fund. 2 Change from previous December due largely to inclusion of gold formerly not reported. 3 On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Con- 1 Reported at infrequent intervals or on detrol Board. Gold reported since that time is gold held by Minister of Finance. layed basis: U. S.—Exchange Stabilization Fund 4 Figures relate to last official report dates for the respective countries, as follows: Bulgaria— (Special A/c No. 1); U. K.—Exchange Equali- Jan. 31, 1943; Greece—Mar. 31, 1941; Java—Jan. 31, 1942; Norway—Mar. 30, 1940; Poland— zation Account; France—Exchange Stabilization uly 31, 1939; Yugoslavia—Feb. 28, 1941. Fund and Rentes Fund; Belgium—Treasury. 5 Figure for December 1938 is that officially reported on Apr. 30,1938. 2 Figure for end of September. J Figure for February 1941; beginning Mar. 29,1941, gold reserves 110 longer reported separately. 3 Reported figure for total British gold reserves on Aug. 31,1939, less reported holdings of Bank of Engian Congo, land on that date. Boli Salvador, 4 Figure for Sept. 1, 1941. Estonia,,, Finland, Guatemala, Iceland, Ireland beginning February 1943, Latvia,Lithuania, Morocco, and Thaaiiland (Siam). Figures for certain of these countries have been carried forward from last NOTE.—For certain back figures and for details previous official report. regarding special internal gold transfers affecting 9 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British the British and French institutions, see Banking and Monetary Statistics, p. 526. Exchange Equalization Account during 1939 NOTE.—For back figures, see Banking and Monetary Statistics, Tables 156-160, pp. 536-555, and for a description of figures, including details regarding special internal gold transfers affecting the reported data, see pp. 524-535 in the same publication. 814 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 Year or month production Total Africa North and South America Other U o . u S t . s S i . d R e .1 m re o p n o t r h te ly d A So fr u ic th a 1 I R de h s o ia - A W fri e c s a t 2 B C e o l n g g ia o n 3 S| Canada* Mexico6 Co b l i o a m- Chile |N^f- Au li s a tr 8 a- B I r n i d ti i s a h 9 $1 = 15Agrains of gold f<jfine; i.e.,an ounceof fine goId = $35 1934 823,003 708,453 366 795 24,264 12,153 6,549 108,191 104,023 23 135 12,045 8,350 1,166 30,559 11,223 1935 882,533 752,847 377 090 25,477 13,625 7,159 126,325 114,971 23 858 11,515 9,251 868 31,240 11,468 1936 971,514 833,895 396 768 28,053 16,295 7,386 152,509 131,181 26,465 13,632 9,018 807 40, 118 11,663 1937 1,041,576 893,384 410 710 28,296 20,784 8,018 168,159 143,367 29 591 15,478 9,544 848 46, 982 11,607 1938 1,136,360 958,770 425 649 28,532 24,670 8,470 178,143 165,379 32 306 18,225 10,290 1,557 54, 264 11,284 1939 1,208,705 1,020,297 448 753 28,009 28,564 8,759 196,391 178,303 29 426 19,951 11,376 3,506 56, 182 11,078 1940 1,297,349 1,094,264 491 628 29,155 32,163 38,862 210,109 185,890 30 878 22,117 11,999 5,429 55, 878 10,157 1941 1,288,945 1,089,395 504 268 27,765 32,414 209,175 187,081 27,969 22,961 9,259 7,525 51, 039 9,940 1942 968,112 494 439 26,641 29,225 130,963 169,446 630,000 20,882 6,409 8,623 42,525 8,960 1943..... r738,505 448 153 23,009 19,740 r48,808 127,829 19,789 6,081 7,715 r28,560 8,820 1943—June. r62,192 37 424 1,956 1,645 '"4,030 11,442 1,540 455 724 2,240 735 July.. r61,675 37 962 1,907 1,540 r4,031 10,246 1,763 454 622 2,380 770 Aug.. r60,275 37,297 1,862 1,540 r3,72O 10,268 1,704 549 430 2,170 735 Sept.. r60,110 36,783 1,920 1,540 r3,392 9,877 1,659 598 770 2,835 735 Oct .. r59,946 37 162 1,896 1,540 r3,899 9,802 1,672 511 628 2,100 735 Nov.. r58,375 36 889 1,790 1,540 r3,452 9,373 1,512 450 605 2,100 665 Dec. . r58,312 36,653 1,814 1,505 r3,605 9,201 1,600 501 633 2,100 700 1944—Jan... ^57,289 36,169 "1,763 1,540 3,085 9,023 1,581 676 756 "1,995 700 Feb... "54,863 34,100 "1,709 1,540 3,429 8,988 "1,344 617 651 "1,855 630 Mar.. "57,817 36,266 "1,706 '1,540 2,933 9,333 "2,056 "577 677 "2,065 665 Apr. . "55,657 34,879 {"1,706 '1,540 2,936 8,568 '"2,056 '"577 665 '"2,065 '665 May.. "58,093 36,921 '"1,706 '1,540 2,881 8,989 '"2,056 '"577 693 '"2,065 '665 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes,' irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars;1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million. " Preliminary. r Revised. ' 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 are estimates of the United States Mint. Monthly figures represent estimates of American Bureau of Metal Statistics, those for 1943 haying been revised by adding to each monthly figure $85,455 so that aggregate for 1943 is equal to annual estimate for the year compiled by Bureau of Mint in cooperation with Bureau of Mines. 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 ounce] Net imports from or net exports (—) to: Y m e o a n r t o h r im To n p e t o a t r l ts U K d n o i i n m t g e - d France g B iu e m l- N l e a t n h d e s r- S d w en e- S er w la i n tz d - Canada Mexico Co b l i o a m- I P s p h la i i n l n i e d p s - t A ra u l s i - a A S f o r u ic t a h Japan B I r n i d ti i s a h o co t A h u l e n l r tries 19341 1,131,994 499,870 260,223 8,902 94,348 12,402 86,829 30,270 16,944 12,038 1,029 12 4 76,820 32,304 1935 1,739,019 315,727 934,243 3 227,185 968 95,171 13,667 10,899 15,335 3,498 65 75,268 46,989 1936 1,116,584 174,093 573,671 3,351 71,006 2 7,511 72,648 39,966 11,911 21,513 23,280 8 77,892 39,735 1937 1,585,503 891,531-13,710 90,859 6,461 6 54,452 111,480 38,482 18,397 25,427 34,713 181'246,464 50,762 29,998 1938 1,973,5691,208,728 81,135 15,488 163,049 60,146 1,363 76,315 36,472 10,557 27,880 39,162 401 168,740 16,159 267,975 1939 3,574,151 1,826,403 3,798 165,122 341,618 28,715 86,987 612,949 33,610 23,239 35,636 74,250 22,862 165,605 50,956 3102, 404 1940 4,744,472 633,083 241,778 977 63,260 161,489 90,3202,622,330 29,880 23,999 38,627 103,777 184,756 111,739 49,989 4388,468 1941 982,378 3,779 1 1 1,747 899 412,056 16,791 24,448 42,678 67,492 292,893 9,444 9,665 5100,485 1941 Jan 234,242 37 1 1,746 563 46,876 1,147 3,168 3,185 11,136 149,735 6,085 4,501 6,062 Feb 108,609 1,218 337 81,529 814 11 2,772 6,738 96 615,093 Mar 118,567 817 95,619 866 2,232 3,984 6,262 2,788 3,046 2,951 Apr 171,992 21 20,216 1,147 2,934 3,587 4,720 132,261 313 6,793 May 34,830 2 16,306 969 2,794 3,384 4,194 3,594 3,589 June 30,712 474 1 17,514 800 7 2,114 4,593 69 131 5,009 July 37,041 542 19,224 1,080 2,128 4,970 5,199 88 3,811 Aug 36,973 79 10,842 843 2,230 5,098 6,742 137 1,995 69,008 Sept 65,702 250 42,562 495 2,488 3,107 2,064 3,694 611,041 Oct 40,440 55 16,072 1,020 2,107 3,141 6,151 200 2,327 69,365 Nov 50,374 121 24,917 6,336 2,110 1,830 5,980 40 69,039 Dec 52,896 163 20,377 1,273 2,238 5,506 3,713 190 711 618,726 1 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. 2 Includes $31,830,000 from Argentina. 3 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, $10,077,000 from Chile, and $37,555,000 from other 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. 8z AUGUST 1944 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [In millions of dollars] Increase in foreign banking Decrease Foreign Domestic funds in U. S. in U. S. securities: securities: Inflow in From Jan. 2, 1935, through— Total banking Return Inflow of brokerage funds of U. S. foreign balances Total Official1 Other abroad funds funds 1935—Mar. (Apr. 3) 259.5 57.7 —2.0 59.7 155.0 31.8 -6.2 21.1 June (July 3) • 616.0 213.8 6.1 207.7 312.8 43.7 15.8 29.8 Sept. (Oct. 2) 899.4 350.7 -4.5 355.2 388.6 40.1 90.3 29.8 Dec. (Jan. 1, 1936) 1,412.5 603.3 9.8 593.5 361.4 125.2 316.7 6.0 1936—Mar. (Apr. 1) 1,511.1 578.4 44.4 534.0 390.3 114.4 427.6 .4 June (July 1) 1,949.2 779.0 35.9 743.1 449.0 180.5 524.1 16.5 Sept. 30 2,283.3 898.5 37.4 861.1 456.2 272.2 633.3 23.2 Dec. 30 2,608.4 930.5 81.1 849.4 431.5 316.2 917.4 12.9 1937—Mar. 31.. 2,931.4 1,121.6 62.8 1,058.8 411.0 319.1 1,075.7 4.1 June 30.. 3,561.9 1,612.4 • 215.3 1,397.1 466.4 395.2 1,069.5 18.3 Sept. 29. 3,911.9 1,743.6 364.6 1,379.0 518.1 493.3 1,125.1 31.9 Dec. 29.. 3,410.3 1,168.5 243.9 924.6 449.1 583.2 1,162.0 47.5 1938—Mar. 30 3,207.2 949.8 149.9 799.9 434.4 618.5 1,150.4 54.2 June 29 3,045.8 786.2 125.9 660.4 403.3 643.1 1,155.3 57.8 Sept. 28 3,472.0 1,180.2 187.0 993.2 477.2 625.0 1,125.4 64.1 Dec. (Jan. 4, 1939). 3,844.5 1,425.4 238.5 1,186.9 510.1 641.8 1,219.7 47.6 1939—Mar. 29 4,197.6 1,747.6 311.4 ,436.2 550.5 646.7 1,188.9 63.9 June 28 4,659.2 2,111.8 425.3 ,686.5 607.5 664.5 1,201.4 74.0 Sept. 27 5,035.3 2,479.5 552.1 ,927.3 618.4 676.9 1,177.3 83.1 Dec. (Jan. 3, 1940) 5,021.2 2,430.8 542.5 ,888.3 650.4 725.7 1,133.7 80.6 1940—Mar. (Apr. 3) 5,115.9 2,539.0 539.1 ,999.9 631.6 761.6 1,095.0 88.7 June (July 3) 5,440.7 2,830.1 922.3 ,907.8 684.1 785.6 1,042.1 98.9 Sept. (Oct. 2) 5,748.1 3,092.8 1,112.3 ,980.5 773.6 793.1 987.0 101.6 Dec. (Jan. 1, 1941). 5,727.6 3,159.0 1,200.8 ,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—Tan. 28 5,163.7 2,771.6 977.6 1,793.9 801.6 857.5 631.0 102.0 Feb.25 5,069.0 2,675.5 879.4 1,796.0 809.2 856.2 626.2 102.0 Mar. (Apr. 1) . 5,082.4 2,684.0 932.0 1,752.0 819.7 849.6 624.9 104.3 Apr. 29 5,309.6 2,906.1 ,106.7 ,799.4 829.8 843.2 626.6 103.9 May (June 3) . 5,413.4 2,996.8 ,144.0 ,852.8 839.8 843.2 629.0 104.6 June 302 5,495.3 3,075.9 ,211.7 ,864.2 842.3 838.8 632.0 106.2 July 31.... 5,542.6 3,121.4 ,242.7 ,878.7 854.9 829.3 633.3 103.7 Aug. 31.... 5,599.9 3,184.8 ,293.1 ,891.7 839.9 828.6 642.7 103.9 Sept. 30... 5,654.9 3,212.6 ,339.1 ,873.5 858.2 830.5 646.1 107.5 Oct. 31.... 5,694.7 3,204.2 ,341.1 ,863.2 890.0 842.1 654.3 104.1 Nov. 30.... 5,761.6 3,250.2 ,366.1 ,884.1 901.6 844.8 661.0 104.1 Dec. 31 . . 5,835.0 3,320.3 ,412.0 ,908.3 888.8 848.2 673.3 104.4 1943—Jan. 30.... 5,907.7 3,471.1 ,536.6 ,934.5 761.3 678.5 107.0 Feb. 27.... 6,014.9 3,590.1 ,671.8 ,918.3 890.5 751.9 676.0 106.4 Mar. 31... 6,147.1 3,643.4 ,723.1 ,920.3 898.7 810.5 685.9 108.6 Apr. 30.... 6,212.3 3,690.5 ,801.8 ,888.6 909.9 809.5 692.9 109.5 May 29. .. 6,282.6 3,769.6 ,871.6 ,898.0 905.1 807.0 692.5 108.5 June 30... 6,506.4 4,002.6 2,071.4 ,931.2 896.9 806.8 687.9 112.1 July 31 6,556.0 4,056.4 2,103.4 ,953.0 901.9 792.9 692.3 112.6 Aug. 31 6,726.3 4,107.9 2,122.6 ,985.3 909.4 907.8 687.0 114.3 Sept. 30 6,771.3 4,130.6 2,190.9 ,939.7 888.6 929.3 708.1 114.8 Oct. 30 6,904.6 4,284.4 2,312.9 ,971.5 870.5 928.3 707.4 114.1 Nov. 30 7,073.6 4,435.7 2,450.0 ,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 2,009.0 870.8 931.7 695.1 117.0 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 4,885.4 2,856.0 2,029.4 868.0 904.1 685.8 119.6 Apr. 29 7,464.3 34,881.0 32,780.5 32,100.6 3873.4 905.4 686.2 3118.3 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 ggovernment 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 fforeign 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 significatint movements known to have occurred on July 1. Subsequent figures are based upon new monthly statistical series. For further explanation, see BUL- LECTTII:N for January 1943, p. 98. 3 Amounts outstanding on Apr. 29, in millions of dollars: total foreign banking funds in United States 5,537.9, including official funds, 3,418.1, and other funds, 2,119.9; United States banking funds abroad, 262.1; and brokerage balances (net due "foreigners") 41.1. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. Data by countries and geographic areas through December 1941, have been published in earlier BULLETINS for all types of capital movement in the above table (except columns 3 and 4), and for outstanding short-term liabilities to and claims on "foreigners" as reported by banks and brokers. For back figures, see Banking aann"d' Monetary S"t' ati's t"ic*s , T~a b"l "e s 161-163, pp. 5-74..-6-3--7, and for full description of statistics see pp. 558-560 in the same publication. 8x6 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS Assets of issue Assets of banking department Liabilities of banking department department Bank of England Note circula- (Fi p g o u u re n s d s in s m ter il l l i i n o g n ) s of Gold1 Other 2 C C oi a n sh rese N rv o e t s es a c v n o D a d u n i c n s a e t d s s - Se t c ie u s rition3 Bankers' D P e u p b o l s i i c ts Other O li t a t i h b e e i s l r i- 1929—Dec. 25. 145.8 260.0 .2 26.3 22.3 84.9 379.6 71.0 8.8 35.8 17.9 1930—Dec. 31. 147.6 260.0 .6 38.8 49.0 104.7 368.8 132.4 6.6 36.2 18.0 1931—Dec. 30. 120.7 275.0 .6 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18.0 1932—Dec. 28 119.8 275.0 .8 23.6 18.5 120.1 371.2 102.4 8.9 33.S 18.0 1933—Dec. 27. 190.7 260.0 1.0 58.7 16.8 101.4 392.0 101.2 22.2 36.5 18.0 1934—Dec. 26. 192.3 260.0 .5 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935—Dec. 25. 200.1 260.0 .6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30. 313.7 200.0 .6 46.3 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29. 326.4 220.0 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Dec. 28.. 326.4 230.0 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 5630.0 .9 13.3 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941—Dec. 31.. .2 578O.O .3 28.5 6.4 267.8 751.7 219.9 11.2 54.1 17.9 1942—Dec. 30.. .2 .9 26.8 3.5 267.9 923.4 223.4 9.0 48.8 17.9 1943—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 61,100.0 .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 A 45.6 15.4 212.7 1,104.6 188.8 7.1 60.2 18.1 Apr. 26.. .2 1,150.0 A 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 June 28 .2 1,150.0 .9 19.4 1.2 282.2 1,130.9 217.7 12.5 55.6 17.9 Assets Liabilities Bank of Canada Dominion and provincial government Deposits (Fi C g a u n re a s d i i a n n m d i o ll l i l o a n rs s ) of Gold an S d S t e t U a rl t n i e n i s g ted securities a O s t s h e e ts r circ N ul o a t t e ion7 li O ab th il e it r ies dollars S t h er o m rt f - i Other Ch b a a r n te k r s ed D g o o m ve in rn io - n Other 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—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 June 30 .2 803.5 576.1 39.9 920.5 414.7 8.2 22.0 54.3 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. 6 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. AUGUST 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilitie (F B ig a u n r k es o in f m Fr il a li n o c n e s Foreign Domestic bills G A o d v v e a r n n c m es e n to t Note Deposits Other of francs) Gold1 ex- Other circula- liabilichange m O a p rk en et2 Special2 Other c F u c o p o r a s t o t i s c o 3 - n Other2 assets tion G m ov e e n r t n- C.A.R.4 Other ties 1929—Dec. 27.. 41,668 25,942 5,612 8,624 8,124 68,571 11,737 7,850 1,812 1930—Dec. 26.. 53,578 26,179 5,304 8,429 9,510 76,436 12,624 11,698 2,241 1931— Dec. 30.. 68,863 21,111 7,157 7,389 11,275 85,725 5,898 22,183 1,989 1932—Dec. 30.. 83,017 4,484 6,802 3,438 11,712 85,028 2,311 20,072 2,041 1933—Dec. 29.. 77,098 1,158 6,122 4,739 11,173 82,613 2,322 13,414 1,940 1934—Dec. 28.. 82,124 963 5,837 3,971 11,500 83,412 3,718 15,359 1,907 1935—Dec. 27.. 66,296 1,328 5,800 9,712 11,705 81,150 2,862 8,716 2,113 1936—Dec. 30.. 60,359 1,460 5,640 1,379 8,465 17,698 12,642 89,342 2,089 13,655 2,557 1937—Dec. 30.. 58,933 911 5,580 652 10,066 31,909 11,733 93,837 3,461 19,326 3,160 1 1 1 9 9 9 4 3 3 0 8 9 — — — D D D e e e c c c . . . 2 2 2 6 8 9 . . . . . . 6 5 8 9 8 4 7 7 , , , 6 2 2 6 1 6 7 6 5 8 1 2 4 1 1 2 2 4 1 3 7 1 , , , 4 1 2 2 9 7 2 4 3 2 1 , , 6 3 7 6 9 4 1 7 5 7 5 3 , , , 1 8 6 4 8 4 9 0 6 72,317 6 2 3 3 0 4 , , , 6 6 9 2 7 0 7 3 0 2 2 1 3 0 8 , , , 1 0 4 7 9 9 9 8 4 2 1 1 1 1 5 8 0 1 , , , 3 9 3 3 8 2 5 3 2 5 1 , , 0 9 9 6 8 1 4 1 4 41,400 2 2 1 5 7 4 , , , 5 7 2 9 5 0 5 1 2 2 3 2 , , ,9 7 5 2 1 8 5 8 6 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—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 Mar. 30.. 84,598 37 44,359 19 8,349 351,000 69,800 21,570 530,174 786 9,063 35,100 4,608 Assets Liabilities Reichsbank Reserves of gold and Bills (and Securities (Figures in millions of foreign exchange checks), Note Other reichsmarks) re T s o e t r a v l es Gold i T n r c e b l a i u l s d l u s i r n y g Se l c o u a r n i s ty E a c s l i o g n v i o e b r t l e e Other O as t s h e e t r s cir t c io u n la- Deposits lia ti b e i s li- 1929—Dec. 31. 2,687 2,283 2,848 251 92 656 5,044 755 736 1930—Dec. 31. 2,685 2,216 2,572 256 102 638 4,778 652 822 1931—Dec. 31. 1,156 984 4,242 245 161 1,065 4,776 755 1,338 1932—Dec. 31. 920 806 2,806 176 398 1,114 3,560 540 1,313 1933—Dec. 30. 396 386 3,226 183 259 322 735 3,645 640 836 1934—Dec. 31. 84 79 4,066 146 445 319 827 3,901 984 1,001 1935—Dec. 31. 88 82 4,552 84 349 315 853 4,285 1,032 923 1936—Dec. 31. 72 66 5,510 74 221 303 765 4,980 1,012 953 1937—Dec. 31. 76 71 6,131 60 106 286 861 5,493 1,059 970 1938—Dec. 31. 76 71 8,244 45 557 298 1,621 8,223 1,527 1,091 1939—Dec. 30. 78 71 11,392 30 804 393 2,498 11,798 2,018 1,378 1940—Dec. 31. 78 71 15,419 38 32 357 2,066 14,033 2,551 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—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 May 31. 77 42,159 28 1 23 2,096 35,229 7,240 1,915 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 Mar. 23, 1944, advances of 381,000 million francs were authorized to meet the costs of the German army of occupation. 4 Central Administration of the Reichskreditkassen. 5 In each of the weeks ending Apr. 20 and Aug. 3,1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank of France; in week ending Mar. 7,1940, 30,000 million francs of gold transferred from Bank of France to Stabilization Fund. 6 Gold not shown separately in weekly Reichsbank statement after June 15,1939. NOTE.—For back figures on Bank of France and Reichsbank, see Banking and Monetary Statistics, Tables 165 and 167, pp. 641-643 and pp. 645-647, respectively; for description of statistics see pp. 562-565 in same publication. 8x8 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) June May Apr. June date of month) June May Apr. June Central Bank of the Argentine Re- National Bank of Denmark (millions public (millions of pesos): of kroner): Gold reported separately 1,173 1,157 1,074 Gold 97 97 Other gold and foreign exchange-.. 2,229 2,228 1,506 Foreign exchange 22 20 Government securities 889 889 349 Clearing accounts (net) 2,272 1,474 Rediscounted paper Loans and discounts 29 35 Other assets . 162 164 251 Securities 72 62 Note circulation 2,032 2,008 1,692 Govt. compensation account** 85 125 Deposits—Member bank 1,253 1,281 873 Other assets 3,076 1,825 Government 642 628 429 Note circulation 1,455 1,058 Other 122 133 77 Deposits—Government 1,478 696 Certificates of participation in Other 2,314 1,573 Government securities 235 221 Other liabilities 406 311 Other liabilities 168 168 109 Central Bank of Ecuador (thousands Commonwealth Bank of Australia of sucres): (thousands of pounds): Gold, 148,652 Issue department: Foreign exchange (net) 122,092 Gold and English sterling...... 49 293 48 043 46,793 35,141 Loans and discounts 81,560 Securities 48,602 144,867 144,879 112,477 Other assets 64,310 Banking department: Note circulation 200,076 Coin, bullion, and cash 10,600 10,285 10,142 7,583 Demand deposits 185,158 L L o on an d s o n a n b d a l d a i n s c c e o s unts 2 1 7 8 , ,9 6 2 3 8 6 1 2 0 3 3 , , 7 22 4 0 5 8 2 7 0 , , 3 9 5 5 8 3 4 2 5 1 , , 3 9 1 7 0 6 Nat O io th n e a r l lia B b a il n it k ie s of Egypt4 (thou- 31,380 Securities 41,943 235,559 244,799 213,959 sands of pounds): Deposits 03 244 179 823 176,643 175 692 Gold. 6,241 6,241 Note circulation 89 512 184 512 183,262 138,356 Foreign exchange .. 14,148 12,856 National Bank of Belgium and Bank Loans and discounts 2,343 3,700 of Issue of Brussels (millions of British, Egyptian, and other Govbelga) :* ernment securities. 228,803 179,006 Gold 4,331 4,331 Other assets 14,480 7,222 Foreign exchange . . .. 11,575 7,835 Note circulation 98,563 82,363 Credits to State and public bodies. 3,391 3,270 Deposits—Government 62,820 48,866 Credits to private economy 186 85 Other .91,262 65,011 Reichskreditkasse 762 717 Other liabilities. 13,369 12,785 Other assets... 704 508 Central Reserve Bank of El Salva- Note circulation 17,857 14,760 dor (thousands of colones): Demand deposits 1,140 845 Gold.. 32,711 32,612 24,218 Postal Checking Office. 1,568 851 Foreign exchange 36,698 36,390 27,684 Other liabilities 384 291 Loans and discounts 713 438 463 National Bank of Bohemia and Government debt and securities... 6,341 6,340 6,802 Moravia (millions of koruny): Other assets 1,269 1,324 682 Gold 1,515 1 515 Note circulation 43,314 43,412 32,062 Foreign exchange 774 746 Deposits 28,240 27,779 21,832 Discounts 2,578 944 Other liabilities 6,178 5,914 5,955 Loans Bank of Finland2 Other assets 36,845 22,611 Bank of Greece2 Note circulation. . „ .... 24,833 17,450 National Bank of Hungary (millions Demand deposits 8,030 4,311 of pengo): Other liabilities 8,848 4,055 Gold 100 100 Central Bank of Bolivia (millions Foreign exchange reserve 6 5 of bolivianos): Discounts 4,436 2,183 Gold at home and abroad 579 578 554 Loans—To Treasury 546 690 Foreign exchange 363 432 377 To foreign countries 979 653 Loans and discounts 295 290 297 Other 6 15 Securities—Government 630 632 545 Other assets 1,497 928 Other 41 41 41 Note circulation 5,191 3,201 Other assets 82 99 69 Demand deposits 906 454 Note circulation 1,160 1,136 980 Consolidated foreign credits of Deposits 744 851 807 1931 12 18 Other liabilities 86 85 96 Other liabilities .. 1,462 900 National Bank of Bulgaria2 Reserve Bank of India (millions of Central Bank of Chile (millions rupees): of pesos): Issue department: (Mar.) Gold 273 240 Gold at home and abroad 444 444 Discounts for member banks... T.. 146 44 Sterling securities 7,798 5,545 Loans to Government 719 773 Indian Govt. securities 58 1,197 Other loans and discounts 98 939 Rupee coin 123 161 Other assets 1,07 874 Note circulation 8,82 7,234 Note circulation 2,32 2,090 Banking department: Deposits—Bank 44 363 Notes of issue department 12 114 Other 15 153 Balances abroad 1,66 872 Other liabilities 28 263 Treasury bills discounted 8 Bank of the Republic of Colombia Loans to Government (thousands of pesos): Other assets 13 121 Gold 146,89 144,05 140,68 78,122 Deposits 1,67 889 Foreign exchange 109,68 107,88 96,85 74,893 Other liabilities 25 226 Loans and discounts 2,94 2,39 1,38 12,456 Central Bank of Ireland (thousands Government loans and securities.. 56,65 56,66 56,85 55,925 of pounds): Other assets 29,67 30,78 31,29 34,374 Gold 2,64 2,64 2,646 Note circulation 137,06 129,01 125,65 108,495 Sterling funds 25,52 25,79 20,518 Deposits 139 56 145 83 136 13 92,190 Note circulation 28,17 28,43 23,164 Other liabilities 69,21 66,94 65,28 55,084 Bank of Japan2 Bank of Java2 .. _ eport from the central bank ot Bulgaria (January 1V4JJ, see BULLETIN for July 1943, LETIN for April 1944, p. 405; of Greece (March 1941) and Japan (September 1941), see BULLETIN for March:h 1942, p. 281; and of Java (January 1942), see BULLETIN for March 1943, p. 278. . 3 Represents Bank's claim on the Government for the Bank's foreign exchange losses resulting from the revaluation of the krone on Jan. 23, 1942. 4 Items for issue and banking departments consolidated. 5 Latest month for which report is available for this institution. 82.9 AUGUST 1944 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) June May Apr. June date of month) June May Apr. June Bank of Mexico (millions of pesos): Bank of Spain (millions of pesetas): Metallic reserve1 527 514 507 387 Gold 1,074 749 "Authorized" holdings of securi- Silver 621 627 ties, etc 1,352 1,370 1,371 1,101 Government loans and securities... 16,043 15,766 Bills and discounts 290 256 245 139 Other loans and discounts 2,765 3,350 Other assets 95 71 55 57 Other assets 2,178 2,250 Note circulation 1,195 1,192 1,176 915 Note circulation 16,161 15,192 Demand liabilities 912 865 853 634 Deposits—Government 1,966 3,250 Other liabilities 157 155 149 135 Other 4,023 3,532 Netherlands Bank (millions of Other liabilities 530 768 guilders): Bank of Sweden (millions of kronor): Gold 932 886 Gold 949 940 766 Silver (including subsidiary coin).. 4 Foreign assets (net) 564 559 627 Foreign bills 3," 910 2,292 Swedish Govt. securities and ad- Discounts vances to National Debt Office5. 1,087 1,140 1,047 Loans 134 140 Other domestic bills and advances. 74 74 85 Other assets 84 256 Other assets 955 967 795 Note circulation 4 021 2 596 Note circulation 2,157 2,158 1,969 Deposits—Government 'l08 '569 Demand deposits—Government 532 616 563 Other 754 340 Other 307 272 181 Other liabilities 176 73 Other liabilities 632 634 606 Reserve Bank of New Zealand (thou- Swiss National Bank (millions of sands of pounds): francs): Gold. 2,802 2,802 2,802 Gold. 4,427 4,372 4,343 3,750 Sterling exchange reserve 30,687 29,766 29,685 Foreign exchange 82 93 79 62 Advances to State or State under- Loans and discounts 64 69 106 takings 43,132 38,279 43,216 Other assets 162 346 Investments 11*. 734 11'743 10*311 Note circulation 3,004 2,945 2,962 2,642 Other assets 2,397 2,584 3,464 Other sight liabilities 1,432 1,449 1,428 1,351 Note circulation 37,031 37,026 32,360 Other liabilities (°) 280 271 Demand deposits 50,433 44,464 53,775 Central Bank of the Republic of Other liabilities... 3,287 3,684 3,343 Turkey (thousands of pounds): (Mar.)3 Bank of Norway2 Gold 238,650 197,955 Bank of the Republic of Paraguay Foreign exchange and foreign (millions of pesos): clearings 96,360 64,860 Gold. 326 327 20 Loans and discounts 748,226 659,311 Foreign exchange 2,322 2,232 2,077 Securities 190,913 193,454 Loans and discounts 149 145 111 Other assets 18,841 18,645 Government loans and securities... 2,257 2,224 1,829 Note circulation 868,446 736*, 297 Other assets 1617 1,615 2 166 Deposits—Gold 85,139 79 ,*358 Note circulation 2*550 2^467 2*331 Other 138*076 151*317 Demand deposits—Government.... 834 820 560 Other liabilities 201,329 167,253 Other 2,335 2,297 cl,778 Bank of the Republic of Uruguay Other liabilities 951 958 cl,533 (thousands of pesos) : (Dec. Central Reserve Bank of Peru (thou- Issue department: 1943)3 sands of soles): (Mar.)3 Gold and silver 120,343 90,197 Gold and foreign exchange 157,261 136,591 Note circulation 140,711 119,715 Discounts 11,148 10,807 Banking department: Government loans 358,836 305,748 Gold and silver 72,323 73,266 Other assets 27,122 21,458 Notes and coin 38,279 29,182 Note circulation 357,748 311,153 Advances to State and to gov- Deposits 171,902 142,983 ernment bodies 234,478 37,987 Other liabilities 24,717 20,469 Other loans and discounts 92,785 100,394 Bank of Portugal (millions of es- Other assets 185,648 162 490 cudos): (Jan.)3 Deposits 174,373 155*, 756 Gold4 1 400 1 398 Other liabilities 238,139 247,563 Other reserves (net) 4*. 272 3*. 600 Central Bank of Venezuela (thou- Nonreserve exchange 8,096 6,930 sands of bolivares): Loans and discounts 227 232 Gold . . 338,108 338,108 307,208 245,504 Government debt . .. 1,023 1,025 Foreign exchange (net) 31*,906 32,733 65,927 33,640 Other assets 1 030 c1070 Credits to national banks 26*370 26*370 26,370 36,230 Note circulation 6,103 5*. 679 Other assets 29^ 721 29'444 24,752 5,203 Other sight liabilities 8,367 7,607 Note circulation—Central Bank 262,865 266,971 251,208 224,028 Other liabilities 978 C969 National banks.. 22,795 23,318 24,198 32,048 National Bank of Rumania (millions Deposits 133*390 128*469C132,646 52 570 of lei): (Jan.)3 Other liabilities 7,'056 7] 897 16,206 6,931 Gold... 59,651 49,394 National Bank of the Kingdom of Special exchange accounts 32,813 31,401 Yugoslavia2 Loans and discounts ; 54,953 38,783 Bank for International Settlements Special loans (in liquidation) 139 271 (thousands of Swiss gold francs):7 Government debt 20,470 20,762 Gold in bars 118,873 118,180 78,499 Other assets 70,106 54,348 Cash on hand and on current ac- Note circulation 162,283 122,450 count with banks 18,180 14,674 25,065 Demand deposits 47,336 47,952 Sight funds at interest 6,945 6,699 16,247 Other liabilities 28,512 24,557 Rediscountable bills and accept- South African Reserve Bank (thou- ances (at cost) 104,870 107,168 148,381 sands of pounds): Time funds at interest 21,075 21,075 21,395 Gold 89,891 88,213 70,695 Sundry bills and investments. 197,306 198,483 196,757 Foreign bills 21,598 21,826 10,548 Other assets 366 361 147 Other bills and loans 2,011 1,792 599 Demand deposits (gold) 28,579 28,765 39,387 Other assets 85,140 85,025 87,148 Short-term deposits (various cur- Note circulation 51,027 51,988 43,077 rencies): Deposits 142,760 140,481 121,246 Central banks for own account 7,600 6,993 16,839 Other liabilities 4,854 4,387 4,668 Other 2,798 2,799 2,312 Long-term deposits: Special accounts 229,001 229,001 229,001 Other liabilities 199,636 199,082 198,951 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. 6 Figure not available. 7 See BULLETIN for December 1936, p. 1025. 830 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— Date effective U K d n i o i n m t g e - d France m G a e n r- y g B iu e m l- N la e e n r t d - h s - S d w en e- S l w a e n r i - t d z- b C an e k n t o r f a — l R Ju 3 a 1 l t y e ef D fe a ct t i e ve ba C n e k n t o r f a — l R Ju 3 a 1 l t y e ef D fe a ct t i e ve In effect Oct. 2, 1936 2 3 4 2 3 2 Albania Mar. 21, 1940 Italy May 18, 1936 Oct. 9 2H Argentina Mar. 1, 1936 Japan 3.29 Apr. 7, 1936 Oct. 16 Belgium 2 2 Jan. 25, 1940 Java 3 Jan. 14, 1937 Oct. 20 Bohemia and Latvia 5 Feb. 17, 1940 N De o c v . . 3 26 "2" "iy2" Moravia.... Oct. 1, 1940 Lithuania. .. 6 July 15, 1939 Jan. 28, 1937 4 June 15 6 July 7 5 Bolivia 6 Nov. 8, 1940 Mexico June 4, 1942 Aug. 4 4 British India.. 3 Nov. 28, 1935 Netherlands June 27, 1941 Sept. 3 Bulgaria 5 Dec. 1, 1940 New Zealand 1*1 July 26, 1941 Nov. 13 • —••• Canada Feb. 8, 1944 Norway 3 May 13, 1940 May 10, 1938 Chile 3-4j| Dec. 16, 1936 Peru 5 Aug. 1, 1940 M M a a y y 3 1 0 3 "2H" "3 Colombia 4 July 18, 1933 Portugal.... Jan. 12, 1944 Sept. 28 3 O N c o t v . . 2 2 7 5 2X "2y2" Denmark 4 Oct. 16, 1940 Rumania.... 3 Sept. 12, 1940 Jan. 4, 1939 Ecuador 7 May 26, 1938 South Africa 3 June 2, 1941 Apr. 17 El Salvador... 3 Mar. 30, 1939 Spain 4 Dec. 1, 1938 May 11 3 Estonia Oct. 1, 1935 Sweden 3 May 29,1941 July 6 Finland 4 2 Dec. 3, 1934 Switzerland. Nov. 26, 1936 Aug. 24 •"4""' Aug 29 3 Sept. 28 3 Oct. 26 2 France Mar. 17, 1941 Turkey 4 July 1, 1938 Dec. 15... 3 Germany Apr. 9, 1940 United King- Jan. 25, 1940 2 Greece 6 2 Mar. 1, 1942 dom 2 Oct. 26, 1939 Apr. 9 Hungary 3 Oct. 22, 1940 U.S. S. R... 4 July 1, 1936 M Ma a y r. 1 1 7 7, 1941 "W" 3H Ireland Nov. 23, 1943 Yugoslavia.. 5 Feb. 1, 1935 Mav 29 3 June 27 NOTE.—Changes since June 30: none. In effect July 31, 1944 2 "iH 2 3 "iH OPEN-MARKET RATES [ Per cent per annum J United Kingdom Germany Netherlands Sweden Sw la it n z d er- Month ac B c a e n pt k a e n r c s' es Tre b a il s l u s ry Day-to-day a B ll a o n w k a e n r c s e ' d P i r s i c v o a u t n e t Day-to-day d P i r s i c v o a u t n e t M f o o n r ey u L p o a to n s 3 d P is ri c v o a u t n e t 3 months 3 months money on deposits rate money rate 1 month months rate 1929—May 5.21 5.21 4.67 7.49 9.32 5.37 5.88 4M-6H 3.34 1930—May 2.16 2.11 1.93 1 3.89 3.62 2.29 2.53 31^-51^ 2.44 1931—May 2.24 2.21 1.87 1 4.65 5.38 1.39 1.55 3-5 1.12 1932—May 1.44 1.10 1.29 4.87 5.91 .60 1.03 1.50 1933—May .50 .37 .58 lA 3.88 5.24 2.11 1.69 VA-hy^ 1.50 1934—May .91 .85 .85 3.88 4.72 1.33 1.22 23/2~5 1.50 1935—May .59 .51 .75 A 3.09 3.17 3.78 2.96 2}/2r^A 2.39 1936—May .55 .54 .75 A 2.92 2.76 2.15 1.82 2}/2r5 2.25 1937—May .55 .51 .75 3^2 2.88 2.69 .17 1.00 2V£-5 1.00 1938—May .53 .51 .75 2.88 2.66 .13 .50 2^-5 1.00 1939—May .73 .70 .75 2.77 2.46 .72 .80 2*£-5 1.00 1940—May 1.03 1.02 1.00 yj. 2.38 1.98 12.20 13.21 3//2~5}/2 1.41 1941—May 1.03 1.00 1.00 yi 2.25 1.78 1.93 2.36 3-5 A 1.25 1942—May 1.03 1.00 1.03 V2. 2.13 1.71 3-5H 1.25 1943—May 1.03 1.00 1.07 2.13 1.91 1.25 1943—June 1.03 1.00 1.06 2.13 1.90 3-5H 1.25 July. 1.03 1.00 1.04 2.13 1.86 3-53/6 1.25 Aug 1.03 1.00 1.11 2.13 1.89 1.25 Sept 1.03 1.00 1.07 2.13 1.93 3-5*6 1.25 Oct 1.03 1.00 1.00 1/ 2.13 1.25 Nov 1.03 1.00 1.00 1/ 2.13 1.25 Dec 1.03 1.01 1.00 1/ 2.13 1.25 1944—Jan 1.03 1.01 1.08 Yi 2.13 1.25 Feb 1.03 1.00 1.13 2.13 1.25 Mar 1.03 1.00 1.13 il 2.13 1.25 Apr 1.03 1.01 1.13 Vi 2.13 1.25 May. 1.03 1.00 1.13 il 1.25 * Figures are for period May 1-9, inclusive. 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. AUGUST 1944 831 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom1 Assets Liabilities (11 F L ig o p u n o r d u e o n s n d i s n c l s e m t a e i r r l i l l n i io n g n g b s ) a o n f ks. re C se a r s v h es M c n a o s l o n h l t e o a i y c n r e t d at B co il u ls n t d e i d s- T r d e r e c e p e a o i s p s u t i r s t y Securities Loans to a O s t s h e e t r s Total D D e e m po a s n i d ts 3 Time3 lia O b t i h li e 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 ,030 250 1941—December 366 141 171 758 999 823 324 3,329 2,168 ,161 253 1942—December 390 142 198 896 1,120 794 325 3,629 2,429 ,200 236 1943—June 387 165 236 859 1,159 758 305 3,630 2,432 ,199 238 July 375 160 244 900 ,162 753 279 3,628 2,428 ,200 245 August 383 156 232 957 ,162 739 285 3,670 2,456 ,214 244 September 389 148 209 1,045 ,160 741 293 3,737 2,504 ,233 248 October 394 151 181 1,135 ,158 749 289 3,813 2,556 ,256 245 November 403 155 184 ,187 ,167 732 283 3,865 2,588 ,277 245 December 422 151 133 ,307 ,154 761 349 4,032 2,712 ,319 245 1944—January 416 157 138 ,305 ,149 754 288 3,962 2,650 1,312 245 February 414 150 124 ,264 ,141 761 287 3,897 2,583 1,314 243 March 423 155 113 ,331 ,136 781 290 3,988 2,652 1,336 242 April 430 164 149 ,314 ,1 2 762 285 4,017 2,672 1,3*5 240 Mav .. 418 173 174 1,310 ,161 765 292 4,051 2,704 1,347 242 Assets Liabilities Canada i Entirely in Canada Se lo c a u n ri s ty Deposits payable in Canada (10 m c o o h f n a t C r h t a e f n r ig e a d u d r i e b a s n a n i d n 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 fr n a o e d m t Securities O as t s h e e t r s ci N r ti c o o u t n e la- excluding interbank deposits li O ab th il e it r ies 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 1,641 846 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 1,673 1,049 1943—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 A O Se c u p t g t o e u b m s e t b r . . . e . . r . . 4 4 4 3 2 6 4 7 0 3 3 3 5 8 4 1 1 1 , , , 1 0 0 3 4 2 8 5 1 2 2 1 0 4 9 2 2 8 2 2 2 , , , 8 6 8 7 8 8 0 1 1 6 6 6 4 5 7 1 9 9 4 4 4 6 5 6 3 4 4 , , , 1 0 9 0 8 7 7 5 8 2 2 2, , , 1 0 0 4 6 9 6 2 6 1 1 1 , , , 9 9 9 1 8 6 6 9 1 1 1 1 , , , 1 1 1 1 3 3 5 1 3 November. 496 44 1,259 233 2,938 669 43 4,454 2,572 1,883 1,141 December. 471 48 1,156 250 2,940 744 42 4,395 2,447 1,948 1,172 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,J98 May 525 81 1,175 275 3,374 712 37 4,850 2,756 2,094 1,256 France Assets Liabilities (4 large banks. End of month Deposits Own figur o e f s f in ra m nc i s ll ) ions 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 t d e i d s- Loans a O s t s h e e ts r Total Demand Time a a c n c c e e p s t- lia O b t i h li e t r ies 1936—December. . 3,100 2,975 17,582 7,631 1,957 28,484 27,955 529 473 4,289 1937—December.. 3,403 4,116 18,249 7,624 2,134 30,348 29,748 600 661 4,517 1938—December. . 3,756 4,060 21,435 7,592 1,940 33,578 33,042 537 721 4,484 1939—December .. 4,599 3,765 29,546 7,546 2,440 42,443 41,872 571 844 4,609 1940—December4. 6,258 3,546 44,243 7,984 1,999 58,890 58,413 477 535 4,604 1941—December... 6,589 3,476 61,897 8,280 2,033 76,675 75,764 912 413 5,187 1942—December... 7,810 3,458 73,917 10,625 2,622 91,549 91,225 324 462 6,422 1943—January 7,538 3,672 76,928 11,054 1,525 94,996 94,665 331 451 5,270 February... 6,710 3,835 73,478 11,749 1,435 91,792 91,452 340 433 4,982 March 6,813 3,803 74,664 15,245 1,536 96,431 95,783 648 426 5,205 April 6,720 3,665 77,922 15,043 1,650 99,152 98,419 733 387 5,461 May 7,132 3,750 81,620 14,980 1,750 103,272 102,437 836 397 5,563 June 6,632 3,851 80,276 15,518 1,869 102,047 101,118 929 383 5,716 July 6,770 3,795 83,362 14,696 2,024 103,596 102,578 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 i 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 T» _„_*. _:_ _«,»_4.u i~~~~ <..«. ti>« T-.,,.„.._.. -* n/ ~~_ _«_*. ^_n«>ui« u»r *u« w«~i,,-.;», am»naQQy ^ a, discount eciual to the Bank of England rate. statistics see ] 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] I Argentina Australia Brazil Canada (dollar) Chile (peso) China Year or month (peso) (pound) b g B e i l u e g m l a - ) (cruzeiro1) B ( I r r u n i p t d i e i s e a h ) g B ( a l u e r l v i - a ) ! S (y h u an an gg* Official Free Official Free Official Free Official Export hai) 1936 33.137 395.94 16.917 8.5681 25.8788 37.523 1.2958 99.913 5.1240 29.751 1937 32.959 393.94 16.876 8.6437 6.1983 37.326 1.2846 100.004 5.1697 24.0000 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 "5AUS 33.279 2 96.018 5.1727 4.0000 11.879 1940 29.773 2322^80' 305.16 216.880 6.0562 5.0214 30.155 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—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.in 25.125 322.80 6.0586 5.1275 30.122 90.909 90.507 June. 25.125 322.80 6.0587 5.1275 30.122 90.909 90.403 29.773 Golom- Czecho- i Ger- Greece Hong Hun- | Neth- New Year or month (p b e i s a o ) j S (k lo o v ru a n k a ia ) (r£?• F ( r fr a a n nc c ) e| ( m m re a a i r c n k h y ) s- (d m ra a c ) h- ( K do o ll n a g r) (p s e a n ry go) I ( t li a r l a y ) J ( a y p en a ) n M (p e e x s i o c ) o je ( r g l e u a r i n )) ld d - s j ( Z l p a e o n a u d - nd) 1936... 57.083 4.0078 2.1903 6.1141 40.297 .9289 31.711 29.558 7.2916 29.022 27.760 64.481 I 398.92 1937... 56.726 3.4930 2.1811 4.0460 40.204 .9055 30.694 19.779 5.2607 28.791 27.750 55.045 I 396.91 1938... 55.953 3.4674 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 1.9948 2.5103 40.061 .8153 27.454 19.238 5.1959 25.963 19.303 53.335 354.82 1940... 57.085 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—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 June. 57.277 20.582 324.42 United Kingdom Uruguay Year or month JN (k o r r o w n a e) y l P ( o z l l a o n t d y) ( P e o s g c r a u t l u d - o)| I R ( u n le m ia u a ) -i i ( A S p f o o r u u ic n th a d ) j K jr g S P . p e a" s \ e . ta) I S S m (d e t e o r t a l n t l l i a t e t s r s - ) S ( w kr e o d n e a n ) S e (f r w r l a a i n t n c z d ) - Offici ( a p l ound F ) ree t C ro o ll n e - ( d peso t ) N r c o o o l n l n e - - d Y ( s d l u i a n g v a o i r a - ) 1936 24.974 18.875 4.5130 .7382 491.65 12.314 58.258 25.626 30.189 497.09 79.874 2.2965 1937 24.840 18.923 4.4792 .7294 489.62 6.053 57.973 25.487 22.938 494.40 79.072 2.3060 1938 24.566 18.860 4.4267 .7325 484.16 5.600 56.917 25.197 22.871 488.94 64.370 2.3115 1939 23.226 218.835 4.0375 .7111 440.17 10.630 51.736 23.991 22.525 443.54 62.011 236.789 2.2716 1940 222.709 3.7110 2.6896 397.99 9.322 46.979 23.802 22.676 2403.50 383.00 65.830 37.601 2.2463 1941 24.0023 398.00 29.130 47.133 223.829 223.210 403.50 403.18 65.830 43.380 22.2397 1942 398.00 246.919 403.50 403.50 65.830 52.723 , 1943 398.00 403.50 2403.50 65.830 52.855 j ! 1943—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 June. 398.00 403.50 65.830 52.962 T 1 Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis." 2 Average of daily rates for that part of the year during which quotations were certified. ,.j 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. AUGUST 1944 833 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES-ALL COMMODITIES [Index numbers] United United Nether- Switzer- Year or month States Canada ! Kingdom France Germany Italy ( J O a c p to a b n er ( l 19 a 2 n 6 d - s 30 Sweden (Ju l l a y n d 1914 (1926=100) I (1926=100) | (1930=100) (1913 = 100) (1913 = 100) (1928 = 100) (1900 = 100) = 100) (1935 = 100) = 100) 1926. 100 100 U24 695 134 237 106 U26 144 1932 65 67 427 97 70 161 65 i 92 96 1933 66 67 398 93 63 180 63 i 90 91 1934 75 72 376 98 62 178 63 i 96 90 1935 80 72 89 338 102 68 186 62 100 90 1936 81 75 94 411 104 76 198 64 102 96 1937 86 85 109 581 106 89 238 76 114 111 1938 79 79 101 653 106 95 251 72 111 107 1939 77 75 103 2 681 107 99 278 115 111 1940 79 83 137 110 116 311 3 88 146 143 1941 87 90 153 112 132 329 172 184 1942 99 96 159 114 189 210 1943 103 100 163 116 196 218 1943—June 104 100 163 116 197 218 July 103 100 164 117 196 218 August 103 100 162 117 195 218 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 p391 195 220 1944—January 103 103 164 117 *>396 195 221 February 104 103 165 117 P398 195 221 March 104 103 165 117 H00 195 223 April 104 103 166 118 195 223 May 104 103 166 ^118 197 June 104 P103 166 ? 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 Stat Canada United Kingdom Germany (1926=100) 1926=100) (1930=100) (1913 = 100) Year or month pr F o a d r u m cts Foods co O m it t i h m e e s o r d- pr F o a d r u m cts R f m a g p a c o w a a t o r n u t d a u r ly s e n - d d F f u m c a g l h c o l a i y t o e n u f d a u r l s e y - n d d Foods p I r n o tr d d i u u al c s- ts p A r g t o u r d r i u c a u l ct l- s a p t f n r r I i i n d n o a i d d l s s h u u e ra e m c s d - w t i s - p tr r I i i s o n a h d d l e u u f d i c s n - ts - 1926 100 100 100 100 100 100 129 130 150 1932 48 61 70 48 55 70 88 85 91 89 118 1933 51 61 71 51 57 70 83 87 87 88 113 1934 65 71 78 59 64 73 85 90 96 91 116 1935 79 84 78 64 66 73 87 90 102 92 119 1936 81 82 80 69 71 74 92 96 105 94 121 1937 86 86 85 87 84 81 102 112 105 96 125 1938 69 74 82 74 73 78 97 104 106 94 126 1939 65 70 81 64 67 75 97 106 108 95 126 1940 . 68 71 83 67 75 82 133 138 111 99 129 1941 82 83 89 71 82 89 146 156 112 100 133 1942 106 100 96 83 90 92 158 160 115 102 134 1943 123 107 97 96 99 93 160 164 119 102 135 IQ42 Tiinp 126 110 97 94 99 93 161 164 119 102 135 j uly 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 98 104 105 94 158 169 122 103 136 Mav 123 105 99 102 104 94 158 170 122 103 136 June 125 107 99 p102 ?104 P94 158 170 p Preliminary. Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 834 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] Year or month ( U S 19 n ta 3 i 5 t t e e -3 d s 9 (1 C 9 a a 3 d n 5 a - - 39 U K d ( n J i o i u n m t l g e y d - (1 m G 91 a e 3 n r - - 1 y 4 N (1 l e a 9 t 1 n h 1 d e - s 1 r- 3 S er w ( 1 J l 9 a u i 1 t n n z 4 e d - Year or month ( U S 19 n ta 3 it 5 t e e - d 3 s 9 (1 C a 9 a 3 d 5 n a - - 39 U K d ( n J i o u i n m t l g e y d - (1 m G 9 a 1 e 3 n r - y 1 - 4 N (1 l e a 9 t 1 n h 1 d e - s 1 r- 3 S e ( r w J l u a it n n z e d - = 100) = 100) 1914 = 100) = 100) = 100) = 100) = 100) 1914 = 100) = 100) =1 0110 04.) = 100) = 100) 1933 84 85 120 113 120 117 1933 92 94 140 118 139 131 1934 94 93 122 118 124 115 1934 96 96 141 121 140 129 1935 100 95 125 120 118 114 1935 98 96 143 123 136 128 1936 101 98 130 122 120 120 1936 99 98 147 125 h32 130 1937 105 103 139 122 127 130 1937 103 101 154 125 137 137 1938 98 104 141 122 130 130 1938 101 102 156 126 139 137 1939 95 101 141 123 130 132 1939 99 102 158 126 140 138 1940 97 106 164 128 2140 146 1940 100 106 184 130 3148 151 1941 106 116 168 129 175 1941 105 112 199 133 174 1942 124 127 161 132 200 1942 117 117 200 137 193 1943 138 131 166 134 211 1943 ... 124 118 199 139 203 1943-Tune.. 142 131 165 136 211 1943—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 135 132 168 138 215 April 125 119 200 140 207 May 136 132 168 138 May 125 119 200 141 p208 June. 136 "131 168 139 June. j 125 200 142 i p Preliminary. 1 Revised index from March 1936 (see BULLETIN for April 1937, p. 373). 2 Average based on figures for 3 months; no data available since March 1940, when figure was 141. 3 Average based on figures for 5 months; no data available since May 1940, when figure was 149. Sources.—See BULLETIN for May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month U S n ta it t e e d s K U in n g it d e o d m France Germany Nether- U S n ta it t e e d s (1926=100) Nether- ( p d r e i r c iv e e )1 d ( 1 D 92 ec 1 e = m 1 b 0 e 0 r ) (1913 = 100) price)2 lands3 (1 = 9 3 1 5 0 - 0 3 ) 9 K U in n g i d te o d m France Germany (1930=100) Number of issues 15 87 36 2 139 8 402 278 300 (4) 100 1926... 90.1 110.0 57.4 105.6 100.0 100.0 100.0 1933 91.2 119.7 81.3 82.5 105.3 67.0 78.6 99.6 61.7 52 1934 98.2 127.5 82.1 90.7 113.4 76.6 85.7 83.3 71.1 55 1935 105.5 129.9 83.5 595.1 107.8 82.9 86.3 79.7 82.9 55 1936 109.5 131.2 76.3 95.8 109.1 117.5 97.0 77.2 91.6 66 1937 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 1940 115.9 118.3 684.7 100.7 777.9 88.1 70.8 6120.6 114.6 8 95.0 1941 117.8 123.8 *>98.7 103.0 84.3 80.0 72.5 9289.7 136.8 129.0 1942 118.3 127.3 6100.1 6103.3 94.7 69.4 75.3 *>476 142.1 131.5 1943 120.3 127.8 91.9 84.5 145.0 151.0 1943—June 120.5 127 0 100.0 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 Nov ember 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 May 120.9 127.0 97.2 88.0 145.8 June. 120.9 127.2 101.5 89.3 p Preliminary. l 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 f b o o r th tL hI s e e r s_ i e„ e _r s ;i: . e„ s„ S bK o e u «g r _i c :n e n .— i•n g S ta <1 n 9A d 3T a *7 r ? d a ndj a n fi*o d r P a o v o a r r 's y i C zn o g r n p . u o m ra b1 ti e o r^ n o ; ^ f£ f o h!_ r i•— g c 1h_ o - m g—r p ._a i dJ lA e a t ' i bL o o~ n _n~ s dJ « o s f £f «o b «r. a c i-ti k h e f i «s g ~e u _r r ti^ e e« s s o p« n r,*i o p r. r i •t c *.„o e . s t4 o -h1* f a^ t4 b - o dA t a~ h t4 e- b ^. on T d Th s M e a n y d ea c rl o yi m _ _ m av o e n r a s g to e c f k or s *r _ i n 1^ 9 t n3 h i7T e U i•s n t i ^h t i e e d s a S m ta e t e f s ot*r— see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479. 2 Since Apr. 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at 4^ per cent. The series prior to that date^is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent. 0 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 193.5, p. 394; and February 1932, p. 121. AUGUST 1944 835 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. PAULGER, Director FISCAL AGENT C. E. CAGLE, Assistant Director O. E. FOULK, Fiscal Agent WILLIAM B. POLLARD, Assistant Director JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL FEDERAL ADVISORY COUNCIL OPEN MARKET COMMITTEE MARRINER S. ECCLES, Chairman CHAS. E. SPENCER, JR., BOSTON DISTRICT ALLAN SPROTJL, 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. GUTORD, ST. LOUIS DISTRICT WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel LYMAN E. WAKEFIELD, MINNEAPOLIS DISTRICT E. A. GOLDENWEISER, Economist HENRY H. EDMISTON, Associate Economist A. E. BRADSHAW, KANSAS CITY DISTRICT E. A. KINCAID, Associate Economist JOHN K. LANGUM, Associate Economist ED. H. WINTON, DALLAS DISTRICT ARTHUR R. UPGREN, Associate Economist JOHN H. WILLIAMS, Associate Economist GEORGE M. WALLACE, SAN FRANCISCO DISTRICT ROBERT G. ROUSE, Manager of System Open Market Account WALTER LICHTENSTEIN, Secretary 836 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman1 President Vice Presidents Bank of Deputy Chairman First Vice President Boston Albert M. Creighton Ralph E. Flanders E. G. Hult Carl B. Pitman Henry SL Dcnnison William Willctt J. C. Hunter2 New York. Beardslcy Ruml Allan Sproul R. M. Gidney A. Phclan William I. Myers L. R. Rounds J. W. Jones J. M. Rice L. W. Knoke Robert G. Rouse Walter S. Logan John H. Williams V. Willis Philadelphia Thomas B. McCabc Alfred H. Williams W. J. Davis C. A. Mcllhcnny* Warren F. Whitticr Frank J. Drinnen E. C. Hill C. A. Sienkicwicz Cleveland G. C. Brainard M. J. Fleming Wm. H. Fletcher B. J. Lazar R. E. Klagcs Reuben B. Hays J. W. Kossin K. H. MacKcnzie A. H. Laning* W. F. Taylor Richmond Robert Lassiter Hugh Leach J. G. Fry R. W. Mercer W. G. Wysor J. S. Waldcn,Jr. Geo. H. Keeicc2 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. Black2 E. C. Harris Chicago Simeon E. Lcland C. S. Young Neil B. Dawcf John K. Langum W. W. Waymack H. P. Preston J. H. Dillard O. J. Ncttcrstrom Charles B. Dunn A. L. Olson Alfred T. Sihler St. Louis Wm. T. Nardin Chester C. Davis O. M. Attcbcry Wm. E. Peterson Douglas W. Brooks F. Guy Hitt Henry H. Ed mis ton C. M. Stewart W. C. Coffcy J. N. Peyton A. W. Mills2 Sigurd Ucland Minneapolis Roger B. Sbcpard O. S. Powell Otis R. Preston A. R. Upgrcn E. W. Swanson Harry I. Zicmcr Robert B. Caldwell H. G. Lecdy 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. Woollcy1 Jay Taylor R. R. Gilbert E. B. Austin W. O. Ford Dallas J. R. Partcn E. B. Stroad R. B. Colcman W. D. Gentry' W. J. Evans L. G. Pondrom San Francisco Henry F. Grady Wm. A. Day C. E. Earhart H. N. Mangels Harry R. Wcllman Ira Clerk J. M. Leisncr* H. F. Slade OFFICERS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BAMtS Federal Reserve Federal Reserve Branch Chief Officer Branch Chief Officer Bank of Bank of New York Buffalo R. B. Wiltse* Minneapolis Helena R. E. Towle* Cleveland Cincinnati B. J. Lazar6 Pittsburgh J. W. Kossins Kansas City Denver Jos. E. Olson* Oklahoma City G. H. Pipkin* Richmond Baltimore W. R. Milford* Omaha L. H. Earhart* Charlotte W. T. Clements* Atlanta Birmingham P. L. T. Beavers* Jacksonville Geo. S. Vardcman, Jr.* Dallas El Paso J. L. Hermann6 N N a ew sh v O il r l l e eans J E o . e P l . B P . a F r o is r * t, Jr.* S H a o o u s A to n n tonio E L . . B G . . A P u o s n t d in r * om5 Chicago Detroit E. C. Harris* San Francisco... Los Angeles W. N. Ambrose* St. Louis Little Rock A. F. Bailey* Portland D. L. Davis* Louisville C. A. Schacht* Salt Lake City W. L. Partner* Memphis W. H. Glasgow* Seattle C. R. Shaw* 1 Also Federal Reserve Agent. 2 Cashier. 3 Also Cashier. < Managing Director, • Vice President. 6 Manager, 837 AUGUST 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GO OO FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES t sssss BOUNDARIES OF FEDERAL RESERVE DISTRICTS — BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ^f. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM © FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY JANUARY 2. 1943 WARD Of GOVERNORS OF THE FEDERAL RESERVE SrSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis