Federal Reserve Bulletin, 1944-09

FEDERAL RESERVE BULLETIN SEPTEMBER 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 TRURSTON 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—Wartime Production and Incomes 839-849 Bretton Woods Agreements, by E. A. Goldenweiser and Alice Bourneuf . 850-870 Commercial Banking after the War, by E. A. Goldenweiser. . 871-873 Revised Weekly Index of Department Store Sales . , 874-875 Law Department: Financing of War Production and War Contract Termination: General Regulation No. 1 of Director of Contract Settlement . 876-877 Revision of Regulation V 877-878 Schedule of Guarantee and Commitment Fees and Maximum Interest Rate.. 879 Amendment to Regulation A. 879 Current Events 880 National Summary of Business Conditions 881-882. Financial, Industrial, Commercial Statistics, U. S. (Sec p. 883 for list of tables)... 883-93 5 International Financial Statistics (See p. 937 for list of tables) 937~949 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 950 Senior Officers of Federal Reserve Banks; Managing Officers of Branches... 951 Map of Federal Reserve Districts 951 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

ERAL RESERVE BULLETIN VOLUME 30 September 1944 NUMBER 9 WARTIME PRODUCTION AND INCOMES Economic activity has been maintained total volume of goods and services available this year close to the peak level reached in to consumers during the peak period of war the autumn of 1943. This has been accom- production has been much larger than was plished with a declining labor force result- expected two years ago. It has, nevertheing from further expansion of the armed less, been small in comparison with sharply services by over a million men. With ac- expanded consumer incomes. tivity on the fighting fronts constantly Total employment has been reduced durchanging and expanding, the aggregate de- ing the past year by more than a million mand for munitions and war supplies has workers, and production has been maincontinued at maximum levels. The con- tained close to peak levels through struction phase of the war production pro- improved utilization of manpower. Addigram, however, has been reduced further by tional plants have been brought into operaa substantial amount and is now about one- tion in 1944 and in many industries econthird what it was in 1942.. omies in operation have been achieved as Most activities supplying civilian needs output has been stabilized at a high level. have shown little change this year. In- Important increases have also occurred since creased availability of certain raw ma- 1939 in output per worker on farms and in terials has permitted expansion in manu- other activities outside of industry. facture of some civilian goods, but in most Increases since the beginning of the war in cases shortages of other materials, compo- basic wage rates and in overtime pay have nent parts, and manpower have continued to brought about a more rapid increase in inrestrict output. In agriculture, where dustrial wage and salary payments than in about three-fourths of current output goes the physical volume of industrial producto civilians and one-fourth to the armed tion. Business profits have also increased, forces and lend-lease, production has con- and agricultural incomes have expanded tinued in large volume. Early forecasts greatly. Rapid increases in the pay rolls of indicate that crops this year will be larger the Federal Government, including the than last year. The physical volume of armed forces, have added substantially to services rendered consumers has been re- individual incomes. In recent months total duced somewhat further, as a result prima- income has been maintained partly by furrily of labor shortages. ther increases in Government pay rolls, In general, with the exception of automo- while gross earnings of factory workers biles and certain other durable products, the have declined with decreasing employment. 839 SEPTEMBER 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH PROSPECTIVE INCREASE IN OUTPUT OF Government, and there have been substan- CIVILIAN GOODS tial increases in some uncontrolled prices. Important illustrations of the latter are On August 14 the Chairman of the War rural and urban land and property values. Production Board announced the removal Farm real-estate values, which are usually of direct production controls from a variety slow to respond to price influences and did of simple items which can be produced from not rise much until 1942., are now about 40 idle and excess quantities of materials held per cent higher than before the war. Valby manufacturers, where manpower not ues of urban properties have risen consideraneeded in war production is available. bly but probably not as much as this in most Any expansion in output resulting from this localities. change is likely to be limited and gradual as long as manpower shortages continue, In general, a remarkable degree of stabut the new policy will make possible more bility has been achieved in the whole econeffective utilization of available resources in omy at high wartime levels of production specific cases. and incomes. Federal price and rationing controls have contributed to this stability, It has also been announced by the War and in June they were extended for another Production Board that after the defeat of year, with some modifications. The rela- Germany production of munitions may be tively orderly character of developments curtailed by about 40 per cent. This deduring the past year will make the postcrease in war production will release manwar adjustments less difficult; nevertheless, power and other resources, a part of which great and widespread problems of readjustwill be used to expand production of ment lie ahead, as may be readily seen from civilian goods. Some of these resources consideration of the great changes which will not be adaptable to civilian use and have occurred in the economy since 1939 in some may be absorbed by a shortening of production, employment, and income. working hours, the desire of some temporary workers not to seek other employment, SHIFTS IN INDUSTRIAL PRODUCTION and a release of various other pressures that have made possible a high level of perform- Since the early part of 1943 output at facance. The extent and timing of the subse- tories, where wartime production is conquent increase in civilian goods output will centrated, has been at a level more than two depend upon the nature of the reconversion and a half times the average for the years process and the adaptability of the released 193 5-1939 and probably three times the resources to other uses, as well as upon the highest level reached during the first world public's demand for more goods and serv- war. This exceptional level of activity has ices. been reached in large part by utilizing idle resources and by shifting and expanding STABILITY OF PRICES facilities to turn out products not previously Prices of farm products and manufactured made on a large scale in either the prSwar commodities have been fairly stable during period or during the previous war. the past year, much more so than at any Munitions and -producers equipment.—War other time since the beginning of 1941. In production x6 years ago consisted mainly of many cases, however, commodity prices are output of foodstuffs, industrial materials, higher now than a year ago, reflecting the and ammunition to supply our Allies and a granting of somewhat higher ceilings by the relatively large shipbuilding program. 840 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH The peak rate at which this country pro- Output of munitions—planes, ships, comduced highly fabricated munitions then was bat vehicles, and ordnance—during 1943 not as high as that already reached by the constituted about one-third of total industime of Pearl Harbor. It is the large rise trial production, or about 80 of the no or in the manufacture of finished munitions so points shown on the chart for the proplus the increase in output of other products ducers equipment and munitions group. A involved in their manufacture that accounts large part of the remaining production in mostly for the present high level of producthat group was equipment to be used in tion at factories and mines. The great improducing munitions. The sharply inportance of the rise in output of munitions creased level shown in the chart for output and producers equipment, largely for war of materials at mines and factories was also purposes, is shown on the chart, which also required mostly to supply the materials used indicates the extent to which changes in to produce this new equipment and muni- INDUSTRIAL PRODUCTION tions. The increase in output of materials, POINTS SEASONALLY ADJUSTED. 1935-39 AVERAGE FOR TOTAL- 100 however, has not been as great as that of the more highly fabricated products made from them. Since the autumn of 1943 output of munitions has declined somewhat and there has been a greater decline in output of equipment for their manufacture. This has made possible some increase in output of producers equipment for other purposes. Agricultural machinery, for example, is now being made in large volume and locomotive plants have been largely reconverted to their peacetime product. It is highly uncertain how large output of producers equipment will be in the postwar period as compared with that in 1939, "Producers equipment and munitions" includes the iron and steel when such output accounted directly for group, exclusive of pig iron and the steel subgroup; machinery; manufacturing arsenals and depots; transportation equipment; and explo- about one-fifth of the total activity represives and ammunition; prior to February 1942, however, the automobile industry was included in the consumer goods group. "Consumer sented by the Board's index. Production of goods" includes furniture; the textile group, exclusive of fabrics; shoes; manufactured foods; alcoholic beverages; tobacco products; fine and such equipment as machinery, commercial tissue paper; printing and publishing; soap; drugs and i osrnetics; rubber products; anthracite; and, for the period from 1939 up to February 1942, automobiles. All other series are in the "materials" group; leading aircraft, railroad cars and locomotives, and items in this group are shown in the table on p. 843. The weights are those of the industrial production index. Latest month shown is iron and steel products in 1939 was 10 per July 1944. cent higher than the average for the 1935output of consumer goods and of materials 1939 period but was below the 1919 peak. have accounted for changes in total indus- During 1940 and most of 1941 output trial production. The data from which the of equipment for use in civilian produclines are drawn are expressed as points,in tion was in large volume; and part of the the total index and thus the sum of the equipment produced for war uses during three groups shown is equivalent to the those years, and also in the three years since total index. SEPTEMBER 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH then, will be useable for civilian purposes. goods and are included in the consumer Since the end of 1941 output of equipment goods group shown on the chart. On the for use directly in civilian production, how- other hand, the requirements of the war ever, has been restricted. program have resulted in an enforced reduc- At the same time the use of most new and tion in output of various consumer goods. old equipment has been at an unusually high Among the consumer goods going to the rate. Also, lend-lease exports of both old armed forces or lend-lease in important voland new industrial equipment have been of ume are manufactured foods, clothing, some importance. Over-all, however, it is shoes, paper products, soap, drugs, cigcertain that the country's stock of producers arettes, tires, and camp equipment. Altoequipment available almost immediately at gether the war use of these products the end of the war for peacetime production probably accounts for about one-fourth of will be considerably larger than in 1939. total consumer goods production at fac- How much of the remainder of the equip- tories and mines. Since total output of ment will be adaptable to civilian uses can consumer goods has increased by one-fifth, not be predicted accurately. productive activity engaged in the out- Even though stocks of equipment have put of consumer goods available to civilians been augmented during the war, there are is smaller than in 1939 by about 10 per cent. likely to be important demands for addi- This lower level of output for civilians is tional new equipment after the war. The accounted for chiefly by the conversion to expansion during the war has been highly war production in the early part of 194Z of selective and there are many lines in which automobile plants and most other plants new machinery and other equipment have producing consumer durable goods, except not been available to make replacements or furniture. The sharp drop in output of to undertake expansions. Output of vari- consumer goods shown on the chart for ous consumer goods has been re- February 1942. reflects the transfer of the stricted or discontinued during the war automobile industry to the producers equipperiod and it is expected that the resump- ment and munitions group. tion of production of these goods in large On balance, output at factories and mines volume after the war will also require new of other consumer goods, such as food, producers equipment. Moreover, the pur- clothing, and household fuels, available for chase of new equipment will be stimulated civilian use is at about the same rate as in by the interest of producers of all types of 1939, although substantially less than in goods in applying the many new techniques 1941. During the past two years there has and engineering improvements that have been little change in the output of such been developed during the war. goods for civilian use. Consumer goods.—The effect of the war on These are approximate figures but they the level and make-up of industrial suggest the general magnitude of some of production is not fully accounted for by the the shifts which have occurred in industrial rise in activity in the industries producing production of consumer goods. They also munitions and the materials and equipment suggest the size of the postwar readjustused in munitions manufacture. There is ments involved if consumer goods output in addition the output for the armed serv- is to be expanded from current levels on such ices and lend-lease export of those manufac- a scale as to provide much more employment tures which are essentially consumer type in those lines than there is at present or 84X FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH there was before the war. If output of very wide range of changes, as shown in consumer durable goods should be 50 per the table, which lists materials accounting cent larger than in 1941, which would be for three-fourths of total materials producmore than double the 1935-39 level* and tion at factories and mines. In the first output of nondurable goods should con- group are listed manufactured materials tinue at the present high rate, the total which have shown decreases in output since industrial output of consumer goods would December 1941; these materials have also be 60 per cent larger than the average for shown the smallest increases in output comthe years 1935 to 1939. Since the manufac- pared with the 193 5-193 9 base period. The ture of consumer nondurable goods for war second group includes those that have conpurposes will be greatly curtailed after the tinued to increase since December 1941. war, maintenance or expansion of nondurable consumer goods from the present INDUSTRIAL OUTPUT OF LEADING MATERIALS [Seasonally adjusted] advanced level—45 per cent above the 1935- Percentage change to July 1944 39 average—will necessitate considerably increased output for civilians in this From 1935-39 From Decemaverage ber 1941 country or elsewhere. Manufactured materials: Materials.—In the materials group shown Cement -16 -50 Lumber +14 -12 Leather +14 -11 on the chart most of the current output of Paper and pulp +36 -13 Cotton consumption +39 -17 metals and some other materials is con- Woolen and worsted yarn. +63 -6 sumed in the output of munitions. In addi- Coke +72 +7 Rayon +120 +21 tion, during the early stages of the war pro- Steel . +122 +8 Copper deliveries +169 +17 gram most of the building materials like Industrial chemicals +311 +68 Aluminum. +536 +120 lumber, cement, and steel shapes were used Aviation gasoline +1,000 to construct war plants and military in- Minerals: Crude petroleum. +44 +12 stallations. Finally, substantial amounts B Ir i o t n u m o i r n e ous coal.. + + 1 5 2 1 3 + + 5 9 of such materials as textile yarns, leather, NOTE.—Based on Federal Reserve production indexes. Monthly figures for aviation gasoline are confidential; the change shown is rubber, and wood pulp have been used to for 100-octane grade based on published statements of the Petroleum Administration foi War. produce the consumer goods purchased by the armed services or for lend-lease export. During 1940 and 1941 there were consid- In general, production of materials is not of erable and widespread increases in output a specialized character and the capacity of of materials in response to large demands these industries can readily be used for from civilian goods industries and rising peacetime purposes. war production requirements. Since that Wartime changes in production of ma- time demand generally has continued large terials have been quite diverse, depending and output of many materials has increased partly on their importance to the war pro- further. Owing largely to difficulty in obgram and the nature of the resources on taining workers, however, production of which their production depends. Output lumber, pulpwood, and cotton and woolen of materials currently accounts for 8z, or materials has been at reduced levels. Emabout a third, of the 2.33 points in the total ployee earnings in these industries have industrial production index, as compared recently ranged between $2.5 and $35 per with 46 out of 100 in the 1935-1939 period. week as contrasted to $40 to $55 in most of This rise of 80 per cent is an average of a the other industries listed in the table. In 843 SEPTEMBER 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH the case of leather, output has been at a Changes in employment numbers have lower level since the early part of 1942. been extraordinary, too, but not so great as because of a reduction in imports of hides. changes in production, owing chiefly to Production of cement and various other increases in average hours worked per embuilding materials, which remained at a ployee and to a continued rise in output per high level throughout 1942., has been cur- man-hour. Employment of wage earners tailed sharply since that time, owing to the at factories and mines increased from an decline in war construction. average of 9 million in 1939 to a peak of Increases since December 1941 in output about 15 million last autumn, a rise of of other leading manufactured materials, around 70 per cent. Since last autumn which have been needed for war purposes, employment has declined by about 1 million have been made possible by large plant ex- and the latest figure for July 1944 is 14 pansions completed since that time. Avia- million, as shown in the table. In addition gasoline is now 10 times as great as at tion to employment figures, the table shows that time and its output is still rising average hours and earnings for selected sharply. Aluminum output, which had dates summarized by the same three major already been greatly expanded by Decem- groups of industries described earlier for ber 1941, is now 110 per cent higher, al- industrial production. At the present time though reduced about a third from the employment in the consumer goods induspeak of last autumn. Synthetic rubber tries is slightly smaller than before the production is now at an annual rate of war, while employment in the industries 800,000 tons as compared with only a few producing materials is 10 per cent larger and experimental tons per year before the war. in the producers equipment and munitions There has also been a substantial growth industries is 4 times as large as in 1939. in industrial chemicals, while increases INDUSTRIAL EMPLOYMENT AND EARNINGS in output of rayon and of metals other than a e l r u a m te. inum and magnesium have been mod- d A us ll t ri in es - e m P q r u u o n i a d p i n u t m d i c o e e n r n s s t s g C u o m o o n d e - s r Materials The growth in bituminous coal produc- Employment, in millions of wage earners tion has been accomplished largely by 1939, average. . 8.9 1.6 3.4 3.9 December 1941 12.4 3.5 3.9 5.0 increasing average working hours per week July 1944 14.1 6.4 3.3 4.4 by about 40 per cent since 1941, while em- Average hours per week ployment has declined. In the case of metal 1939, average .... 37.2 38.9 36.9 36.7 December 1941 40.5 45.3 38.3 38.9 mining there have been increases in hours July 1944 45.4 47.3 42.7 44.6 and also large additions to equipment. Average hourlyearnings 1939, average.... $.65 $.74 $.64 $.62 December 1941... .80 .91 .75 .74 RISE IN INDUSTRIAL PAY ROLLS July 1944 1.03 1.17 .87 .93 Average weeklyearnings The unusual increases and shifts in war- 1939 average $24.30 $28.30 $23.80 $23.00 time industrial production have been ac- December 1941 32.40 41.10 28.80 29.10 July 1944 46.60 55.10 37.10 41.40 companied by even greater changes in in- NOTE.—Bureau of Labor Statistics data for wage earners at factories dustrial pay rolls. This difference is due and mines; Federal Reserve grouping as described in the subscript to the chart on p. 841, except that data for Government arsenals and shipyards are not included. Earnings in the consumer goods industries chiefly to increases in wage rates and longer in July 1944 would average 92 cents per hour and $40 per week if an allowance for present earnings in the automobile industry were inhours with more overtime work requiring cluded. All July 1944 figures for hours and earnings are assumed to be the same as reported for June 1944; the employment figures for July premium payments. 1944 are adjusted by Federal Reserve to ta&e into account recent revisions in employment totals published by the Bureau of Labor Statistics. 844 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH The average hours worked per week in with most workers outside of manufacturindustry is shown as having increased from ing and mining. In 1939 the average differ- 37 hours in 1939 to 45 at the present time, ence between earnings in the consumer or a rise of about zo per cent. In most con- goods industries and in the producers sumer goods industries, however, average equipment industries was $4 per week. The hours worked per week have increased less present widened differential, together with than 15 per cent since 1939, while in other the increased employment in the higherindustries average hours have risen more paid lines, has been an important factor in than zo per cent. the rapid rise in industrial pay rolls. As a result of these changes in employment and average hours, total man-hours INDUSTRIAL PAYROLLS SILUONS OF worked in each of the three major groups of MONTHLY FIGURES IN TERMS OF ANNUAL RATES DOLLARS 1 r 3 6 industries have moved similarly to produci r tion in those industries since 1939. In- L - r\ creases in man-hours, however, have been smaller than in production, reflecting a TOTAL continued general rise in output per manhour. Exceptionally large increases in - output per man-hour have occurred during /v / this period in such industries as tobacco J \ / products, small arms ammunition, and EQUI P P R . O £k D U M C U E N R T S IO NS / / industrial chemicals. Practically all of the rise of 5 million - - 1 f wage earners .at factories and mines has been 1 I / 1 concentrated in the producers equipment 1 I and munitions industries, as shown in the / 1 table. Some of these workers have been / 1 I drawn from the consumer goods industries - j and industries producing materials, others MATERIAL from the trade and service industries, and r\ others were formerly unemployed or not in l\ CONSUMER l\ GOODS the labor force. i / 1 ^.> Hourly earnings, which in 1939 were 1 higher in producers equipment than in con- i sumer goods industries, have shown an increased spread, and as a consequence the NOTE.—Federal Reserve groupings of wage and salary payments in manufacturing and mining, as described in the subscript to the chart differential in average weekly earnings has on p. 841, except that Government arsenals and shipyards are not included here. Based on Department of Commerce and Bureau of widened greatly. Workers in the producers Labor Statistics data. Latest month shown, Federal Reserve estimates for July. equipment and munitions industries now have average earnings of $55 per week, The accompanying chart shows the which is about $15 greater than average dominant influence on total industrial pay earnings in the consumer goods industries— rolls of the rise in pay rolls at producers including an allowance for the present high equipment and munitions plants. In addiearnings in the automobile industry—and tion, part of the pay rolls at plants producthe differential is even greater as compared ing materials and consumer goods are SEPTEMBER 1944 8 45 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH generated directly by the war program. peak 1941 level, which was 8 per cent above These different industrial developments the prewar average. have greatly influenced wartime changes Total agricultural production, including in employment opportunities, production feed grains, hay, cotton, wool, and tobacco, costs, prices, and consumer incomes and as well as foods, has risen less than food savings, and will in turn influence the read- production, owing chiefly to a reduction justment problems in the postwar period. in the size of the cotton crop. The war- In general, it is apparent that war produc- time rise in total production has neverthetion has been largely responsible for the less been exceptionally great when compresent level of consumer incomes, which is pared with changes during the past three far in excess of the supply of goods and decades, as shown in the chart. services available for consumer purchases. The rise in industrial pay rolls, including AGRICULTURAL PRODUCTION AND PRICES all wage and salary payments to employees ANNUAL, 1935-39 AVERAGE-!OO at factories and mines, has accounted for nearly 40 per cent of the increase in total r income payments to individuals since 1939. Income payments have been at an annual 1 1 r rate of over 150 billion dollars in recent 160 1 5 ••• / PRICES 1 1 11 160 140 z 140 months as compared with 71 billions in 1 \/j 1939. Government pay rolls have more 120 1 v' / 120 than tripled, reflecting increased payments 100 vv— / _ 100 to the armed forces and to workers in Gov- 80 S/PRODUCTION ernment arsenals and shipyards, and now constitute more than 15 per cent of total income payments. The remaining relatively large increase in income since 1939 has been received by agriculture, especially as net income of farm operators. Dividends re- Department of Agriculture data; 1944 figures partly estimated by Federal Reserve. ceived by individuals have shown little change although corporate profits after The sharp rise in domestic agricultural taxes have more than doubled. production and food consumption is in contrast to developments during the first ADVANCED LEVEL OF AGRICULTURAL world war. During that period output of PRODUCTION livestock products increased only about iz The volume of agricultural production per cent above the prewar average, comof foods this year is expected by the De- pared with a rise of 39 per cent during this partment of Agriculture to be 38 per cent war. Unfavorable weather conditions relarger than the 1935-39 average and 5 per duced grain and forage crop yields during cent larger than in 1943. All of the in- some of the years in World War I and, as crease in output over last year is likely to during the current war period, cotton probe taken for war purposes, but the volume duction declined. Although the harvested of food available for civilian consumption acreage in principal crops was expanded on a per capita basis is expected to be at the from an average of 310 million acres in 846 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH 1910-14 to over 340 million in 1918 and production were the existence before the 1919, crop production showed only a small war of large areas of under-utilized manincrease. Harvested acreage of those same power, production techniques, and farm crops has been about the same since 1941 as land—the latter partly due to Government in 1910-14 and crop yields per acre have measures designed to limit crop surpluses. been about one-fifth larger than at that During the war period production was time, reflecting in part improvements in stimulated by large increases in demand cultivation methods and in seed used. Over and a sharp rise in prices of farm products. the same period labor requirements per unit Finally, and of considerable importance, of crop harvested have declined con- were the steps taken by Federal agencies siderably. and local committees to encourage produc- During the present war the increase in tion in the war period by a variety of output of livestock products has been about measures. twice as large as that for crops, as shown in Changes in wartime production within the table. The fact that a large part of the groups of agricultural commodities have increase has occurred in livestock operations varied considerably. The large rise for where labor requirements per unit of output oil seeds shown in the table reflects the are relatively greater than in crop producsharp expansion in production of peanuts, tion is noteworthy, considering that agriflaxseed, and soybeans to replace the loss of cultural employment has declined about 10 foreign vegetable oil supplies. Increased per cent since 1939 while agricultural acreages planted in these crops contributed production was rising 2.5 per cent. Some to some curtailments of acreage for cotton part of the expansion shown in livestock and tobacco. The decreases shown for production was made possible by the large cotton and sugar crops are due partly to the stocks of feed grains on hand at the begindifficulty of maintaining this type of proning of the war. Favorable weather has duction in a period of labor shortages. The contributed to high crop yields and to good figures shown for cotton production in 1943 pasture conditions but accounts only in part and 1944 overstate the decline in output as for the sharp increase in output per worker compared with most years before the war on farms. owing to the huge crop in 1937. AGRICULTURAL PRODUCTION Within the animal group, hog market- [1935-1939 = 100] ings are expected to be larger this year than 1944 1943 1939 in 1943 and 80 per cent above the prewar Total. 132 129 106 average, but this year the pig crop is ex- Livestock and products. 139 138 106 pected to be about one-fourth smaller than Meat animals 155 150 109 Poultry and products . 150 152 102 Dairy products 113 113 108 last year, reflecting the development during Crops 121 114 107 the past season of a feed shortage. With Oil seeds 260 336 143 Grains and hay 144 120 112 some easing of the feed situation in recent Fruits and vegetables.. 125 116 107 Tobacco HI 96 129 months, owing partly to imports of grain Cotton and cottonseed. 84 87 89 Sugar 83 80 106 and prospects of a record wheat crop of over NOTE.—Department of Agriculture data regrouped by Federal Re- a billion bushels, livestock numbers on serve. Figures for 1944 are estimated. farms have been kept at a level considerably Additional factors which made posabove that before the war, although reduced sible the recent large rise in agricultural SEPTEMBER 1944 847 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH in the case of hogs and chickens from the price support programs have been authorpeak reached at the end of 1943. ized for many other agricultural commodities and various other Federal measures FARM PRICES AND INCOMES have been proposed relating to agricultural Although production has increased much foreign trade relationships and production more during this war than during the last, controls to handle the prospective readjustprices received by farmers have risen by ment problems in agriculture after the war. about the same amount as during the The actual execution of these programs previous war period, excluding the imme- will be dependent upon appropriations by diate postwar rise. As a result, the growth Congress of the necessary funds at the in farm income has been greater than ever proper time. before. Cash income from marketings amounted to 19 billion dollars in 1943 and RECONVERSION TO PEACETIME may increase to over zo billion this year, PRODUCTION as compared with 8 billion in the years War demands have required a tremendous 1935 to I939- Cash farm income increased expansion in output and major shifts in the from 6 billion dollars in 1914 to 13.5 billion distribution of manpower and resources in 1918 and 14.6 in 1919 and then declined in the production of various types of goods to around 8 billion by 1911. Total Govand services. The period of expansion ernment payments to farmers have inseems to have ended and most of the needed creased somewhat during the past year, adjustments have been made. As the war as new subsidies to prevent further price approaches an end, consideration is being increases have more than offset declines in given to the problems of readjustment that soil conservation and parity payments. will be faced in the period of reconversion Values of home-consumed products and frcm a wartime to a peacetime basis. farm home rentals have also increased War has demonstrated that our economy sharply. Gross farm income totaled 2.2..J has tremendous productive capacity. In billion dollars in 1943 and, with producthe early years of peace it is not to be tion expenses showing a much smaller expected that production will continue at increase since prewar than gross incomes, the wartime peak; although the number of net income of farm operators this year is people to be employed, including most of likely to aggregate over iz billion dollars, those now in the armed forces, will be as compared with 4.7 billion in 1935-1939. larger, hours of work will be shorter, and Reflecting current increases in earning many pressures for maximum effort will power, farm land values have advanced cease. But to provide jobs for all those considerably in most commercial farming areas. seeking employment and to provide the high standard of living that the economy is Existing legislation provides that for a capable of producing, output will need to two year period beginning with the Janube much larger than it was in any prewar ary first following the end of the war year. Federal loans will be made to farmers on cotton at 9z}^ per cent of parity and loans This should mean, first of all, a considerat somewhat lower levels will be made on ably higher production level for con-, other basic crops. In addition, Federal sumer goods and services than existed 848 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH during either the war or prewar period. at much above prewar levels. Output of In the early postwar years it may be ex- materials should not decline as much after pected that consumer durable goods will be the end of the war as the output of finished in great demand and the volume of residen- products, because peacetime products gential building and other types of construction erally are not as highly fabricated as warwill be much larger than at present. For a time products. There will be available, stable economy it would be necessary for however, foreign sources of supply for some consumption of nondurable goods and serv- materials that were restricted during the ices to increase and to be maintained above war. At the same time it is to be hoped any previous level. that consumption in other countries will It may be expected that output of indus- also be at a relatively high level, and that tries making producers equipment will be these countries will be in a position to buy much less than their output, including increased amounts of our products in exmunitions, during the war period, but if the change for theirs, thereby supplementing resources of these important industries are greatly increased domestic demand for our to be adequately utilized, they must operate products. 849 SEPTEMBER 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRETTON WOODS AGREEMENTS by E. A. GOLDENWEISER and ALICE BOURNEUF Division of Research and Statistics In July of this year there was held in Bretton purpose of making long-term productive foreign Woods, New Hampshire, a United Nations loans to member countries out of its own funds Monetary and Financial Conference. At this or out of funds borrowed from private investors, meeting there were representatives of forty-four and of guaranteeing such loans made through United and Associated Nations'* In addition the investment market. All members would the Danish Minister to the United States was share the risks in proportion to their participapresent in his personal capacity. Agreement tion. It is intended to assure funds for the rewas reached on the establishment of an Inter- construction of devastated countries and for the national Monetary Fund and of an International development of resources in all member countries. Bank for Reconstruction and Development. The two institutions would be mutually sup- There were also agreements on certain other plementary. The operations of the Fund would matters. All the agreements are in draft form reduce the exchange risks involved in internato be submitted to the various governments, tional investment, and the Bank would provide none of which is bound to accept them. help to countries in developing their economies The International Monetary Fund aims at the in such a way as to be able to keep their interrestoration of conditions under which transac- national payments in balance. They would not tions arising out of foreign trade could be settled and do not aspire to provide all the elements smoothly with the elimination of unnecessary necessary for the re-establishment of sustained risks and harmful pressures on the economies of international trade and prosperity. In particuparticipating countries. The Fund is not in- lar, they could not take the place of the detended to correct economic maladjustments in velopment of sound domestic policies nor of the the different countries, but to exert an influence adoption of rational commercial policies shaped on members to undertake corrective action and in accordance with the position of various to afford them time to make such action effec- countries as creditors or debtors in their intertive. It proposes to promote exchange stability national relationships. and to offer facilities for orderly adjustment of In addition to what was accomplished at exchanges when necessary to the correction of Bretton Woods, much more will have to be done basic maladjustments. to rehabilitate the countries devastated by the The proposed International Bank for Recon- war and to eliminate disruptive tendencies that struction and Development is designed for the were operative before the war. INTERNATIONAL MONETARY FUND Revival and expansion of international trade practices which interfered with the flow of is the central objective of the International world trade before the war, such as indiscrimi- Monetary Fund. The Agreement aims to elimi- nate exchange restrictions, multiple currency nate unnecessary exchange risks by promoting practices, and bilateral clearing agreements, and exchange stability and establishes a procedure to assure member countries that the proceeds of for the orderly adoption of such changes in sales to any one member can be used for the exchange rates as may be agreed to be necessary. purchase of goods from any other member. The Fund also aims to eliminate the destructive In order to assist member countries to maintain stable exchange rates and avoid harmful restrictions on trade, a pool of resources NOTE.—Reprints of this article may be obtained upon request. 85O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRETTON WOODS AGREEMENTS contributed by all member countries would be es- difference between the gold standard world and tablished. The Fund's resources would be used the one visualized under the International to give member countries faced with an inter- Monetary Fund is that such adjustments as national drain a breathing spell during which might have to be made in exchange rates are they could make necessary adjustments. The intended to be orderly, systematic, noncompeti- Fund is intended to be a revolving fund from tivc, and to be taken in the light of full informawhich members could meet temporary shortages. tion and consultation with an impartial body. After a reasonable time a member country would They should not involve a breakdown of estabbe expected to cease to be dependent on the lished machinery, as they did under the gold Fund in order to enable it to continue to serve standard. Another important difference is that others. such borrowing of short-term funds as was done By providing for alterations in exchange rates under the gold standard was entirely unconwhen necessary and by giving member countries trolled and consequently subject to uncertain time in which to take corrective action the conditions prevailing in the short-term money Fund would aim to eliminate the harmful pres- market, while under the Fund there would be sures on the economies of individual countries facilities available for obtaining temporarily the which otherwise might have adverse effects use of foreign currencies on reasonable and equal not only on the country concerned but on other terms for all countries, regardless of pressures countries as well. that might exist in money markets. The result Each country's original contribution would of these differences is that under the Internabe definite and its commitment to the Fund tional Monetary Fund the violent domestic adwould be limited to that amount. If the Fund justments at times required by the gold standard wished to obtain more of a member's currency would be avoided both because the Fund would it could do so only by buying it with gold or by enable a country to tide over a bad situation and borrowing it with the member's consent. Since would exert its influence to cause proper adjustthe Fund would deal only with central authori- ments to be made and because a change of exties and would handle only net balances not change rates would be permitted when it cleared in the market, the Fund's operations became necessary. would in no way interfere with the regular In the following pages there is presented a exchange market. description of the proposed Fund's mechanism. A question arises about the similarities and Full details are given in the published text the differences between the functioning of the of the Agreement. proposed International Monetary Fund and the I. EXCHANGE RATES functioning of the gold standard. The fundamental forces at work would be the same under Exchange rates and members1 obligations in both systems. Under the gold standard, as respect to them are a central feature of the under the Fund, each country ultimately must Fund agreement. After the par value of a find means of paying for its foreign purchases by member's currency has been established, in the sale of its goods and services. Under both accordance with an agreed procedure, the Fund arrangements temporary deficits can be met by will prescribe a margin above and below par ' gold shipments and by credit, and under neither value for transactions in gold by that member of the arrangements can these methods offer and the member is not allowed to buy gold at a permanent solutions. price above par value by more than that margin The Fund proposes to re-establish international or sell it at a price below par value by more than currencies on a gold basis, but to eliminate or that margin. Members undertake to permit moderate the disturbing rigidities which char- exchange transactions between their currencies acterized the gold standard. One important and other member currencies only at rates within SEPTEMBER 1944 851 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRETTON WOODS AGREEMENTS a prescribed range. This range in the case of necessary to correct a fundamental disequilibspot exchange transactions is one per cent above rium. This places on the Fund the responsiand below par. A member whose monetary bility for acting impartially and rationally on authorities freely buy and sell gold for the settle- such proposed changes as may come before it. ment of international transactions within the It is recognized that the postwar transition prescribed margin of parity for such transactions period will be one of change and adjustment is considered to be fulfilling the undertaking and that during this period the Fund must give not to permit exchange transactions outside the members the benefit of any reasonable doubt in prescribed range. In substance, then, a member deciding on their requests. It is certain that undertakes to maintain, if necessary by freely during the immediate postwar period more than buying or selling gold, the established rate of ordinary flexibility in exchange rates will be exchange between its currency and foreign required. It would be impossible for the Fund currencies, except as methods for orderly and to act immediately after the war with such necessary changes are provided by the Agree- wisdom as to provide rates of exchange that ment. would in all cases continue to be appropriate The Fund's purpose is to promote exchange as the process of reconstruction proceeds. stability as an important means for the restora- The question may be raised whether these tion of world trade, but it recognizes that certain provisions would go a long way toward dichanges in rates may become necessary. No minishing the hoped-for stability of exchange change in a member's rate can be made except rates. Their purpose is to accomplish the opon its own proposal and members agree not to posite. Stability does not mean rigidity and propose a change except to correct a fundamental rigidity in the past has resulted in extreme indisequilibrium. Member countries are given stability. A country which finds that its the right, after consultation with the Fund but domestic economy is suffering greatly from inwithout obtaining its concurrence, to alter the ability to balance its international transactions par value of their currencies by 10 per cent from at its existing exchange rate and which finds it that initially established. For any proposed impossible to correct the situation by other adchanges beyond 10 per cent the Fund has a right justments without seriously harmful conseto concur or object, but on changes which do not quences, has no alternative but to change its exceed a further 10 per cent the Fund must either rate. Persistence in attempts to maintain the concur or object within ji. hours if the member existing rate is likely to have important disturbso requests. There is a special proviso that a ing effects both at home and abroad and to result member may change the par value of its currency in the necessity of larger and more frequent without the concurrence of the Fund if the changes in rates when the changes are eventually change does not affect the international transac- made than would have been necessary had the tions of members of the Fund. It is difficult to country acted promptly. The provision for conceive of such a situation. orderly changes in rates at such times, in con- In order to protect member countries from sultation with the Fund and with its concurrence, deflationary pressures resulting from inability to is, therefore, expected to result in the long run adjust exchange rates to world conditions, it is in mere rather than less stability of exchange provided that the Fund must concur in a pro- rates. Stability, however, is viewed not as an posed change if it is satisfied that the change is end in itself but as a means of promoting trade, necessary to correct a fundamental disequilib- and, through trade, a high level of employment rium. Also it must not reject such a change on and income. Insistence on stable rates, irrespecaccount of the domestic, social, or political tive of the effects of those rates on employment policies of the proposing member. It is for the and income, might have meant losing sight of Fund to determine whether or not a change is this objective. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRETTON WOODS AGREEMENTS If a country changes its rate by more than 10 so in a manner which does not restrict payments per cent from the initial rate without the Fund's for current transactions or unduly delay transfers concurrence, the Fund has authority to declare of funds in settlement of commitments. the country ineligible to use the Fund's re- Besides the general obligation to avoid resources. In such cases, if the Fund and the strictions on current transactions, members are member do not come to an agreement on the rate obliged not to engage in any discriminatory curwithin a reasonable period, the Fund can require rency arrangements or multiple currency practhe country to withdraw from membership in tices without the approval of the Fund. If a the Fund. member is engaged in such practices when the There is a special arrangement whereby the Fund Agreement comes into force, it must Fund may decide to make a uniform proportion- consult with the Fund as to their progressive ate change in the par values of all member removal. currencies. The decision to make such a uni- Exception to the general rule is made in respect form change requires the approval of a majority to scarce currencies, which are discussed later. of the total votes plus the approval of each There are also provisions by which members may country having 10 per cent or more of the quotas, avail themselves of special arrangements made i.e., the United States, United Kingdom, and for the postwar transitional period. Members the Union of Soviet Socialist Republics. Any intending to avail themselves of these arrangecountry, however, may refuse to accept such a ments must notify the Fund. Under these change in respect to its own currency provided special arrangements members may maintain and it notifies the Fund within 72. hours. Such a adapt to changing circumstances restrictions on uniform change in par values would result in no payments and transfers for current international change in the world pattern of exchange rates. transactions. However, members which main- Values of currencies in gold would change, but tain restrictions in accordance with this arrangevalues in terms of other currencies would remain ment must take all possible measures to facilitate the same. international payments and must withdraw such restrictions as soon as they believe that they will II. EXCHANGE RESTRICTIONS be able, without the restrictions, to settle their Member countries undertake the obligation balances of payments without being forced to not to impose restrictions on the making of pay- draw too heavily on the resources of the Fund. ments and transfers for current international Starting three years after the Fund begins transactions without the approval of the Fund. operations the Fund must issue an annual report Payments for current transactions are defined in on the restrictions still in force under these the Agreement as including payments due in transitional arrangements. After the fifth year, connection with trade, service, and normal any member still imposing such restrictions short-term banking and credit activities, pay- must consult with the Fund. The Fund may ments of interest on loans and of net income indicate to a member that it is in a favorable from other investments, payments in moderate position to withdraw any or all of its restrictons amount for amortization of loans or for de- and, after a suitable time, may require a member preciation of direct investments, and moderate to withdraw from the Fund if it continues to remittances for family living expenses. In par- maintain those restrictions. ticular, current transactions do not include The reason for these exemptions is that it payments for the purpose of transferring capital. would be impossible to require all member The Fund is empowered to determine whether countries immediately to remove all restrictions specific transactions are current or capital trans- on current transactions. If that were done, actions. Each member has a right to control some members would be forced to rely heavily international capital movements provided it does on the Fund with the consequence that the SEPTEMBER 853 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRETTON WOODS AGREEMENTS Fund's resources would be used increasingly in and hence it can at its own discretion relieve financing deficits in international payments in- itself at any time of this second obligation. curred by countries which are as yet in no There are other limitations to both obligaposition to take advantage of the Fund's tempo- tions. In the example given, England will not rary assistance to balance their trade with the be obliged to purchase the sterling balances if rest of the world without such restrictions. On at that time England is, for any reason, not enthe other hand, all member countries are com- titled to purchase foreign currencies from the mitted gradually to abandon restrictions, and Fund. The obligations in this special form after five years the Fund has the power to refuse apply only when England is in a position to the use of its resources to, or require the with- fulfill them through purchase of the required drawal of, a member which is not eliminating currency from the Fund. The obligations lapse, its restrictions as rapidly as the Fund believes also, if the currency needed for making the this should be done. purchase, in this case francs, has been declared In addition to the obligations to avoid restric- scarce. If francs have been declared scarce, tions on current transactions and discriminatory England may be able to obtain a certain amount currency practices just described there is a special of francs from the Fund but she is authorized convertibility provision. Subject to specified to restrict franc transactions as she sees fit and exceptions this provision assures a member (i.e., therefore can not be forced to convert sterling a government and its agencies as distinct from balances into francs. Similarly, the obligations the general public) that it can bring home the do not apply if England has obtained the apbalances it holds in another member country (i) proval of the Fund to restrict payments due on if the balances have been recently acquired as a current transactions or if the balances have been acquired contrary to England's exchange regularesult of current transactions or (2.) if their tions. Finally, the obligations do not apply to conversion is needed for making payments for sterling balances accumulated during the transicurrent transactions. The first part of this protional period if England has availed herself of vision assures a member that the proceeds of the special transitional arrangements. merchandise exports and other current transac- Although the special convertibility obligations can be brought home at the parity rate— tions are tied up to the Fund mechanism and an assurance that is implicitly given to the lapse when a member is for any reason no longer general public as well elsewhere in the Agreeentitled to purchase foreign currencies from the ment. If, for instance, the French authorities Fund, the general obligation not to impose have recently acquired sterling balances as a restrictions on the making of payments and result of current transactions, France can require transfers for current international transactions England to convert the balances into francs (or, without permission of the Fund is binding on all at England's option, into gold which is readily member countries, irrespective of whether or not convertible into francs). they are entitled at any particular time to draw The second part of the provision applies to on the resources of the Fund. balances acquired at an earlier period or from other than current account transactions. The III. SUBSCRIPTIONS TO THE FUND principle adopted is that these balances, too, which are part of the monetary reserves of the Member countries subscribe to the Fund in countries concerned, should be convertible for gold and national currencies. Each member making payments for current transactions. subscribes its assigned quota, the gold part of Since each member is free, however, to regulate the subscription being a minimum of Z5 per cent international capital movements, it is free to of its quota or 10 per cent of its net official restrict the use of balances of this character; holdings of gold and United States dollars, 854 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRETTON WOODS AGREEMENTS whichever is the smaller.1 Table I shows the brought out in the statement on the purposes of quotas of the countries represented at the United the Fund which says that the Fund is to assist Nations Monetary and Financial Conference, in the establishment of a multilateral system totaling 8.8 billion dollars, the amount of the of payments in respect of current transactions. required United States gold contribution, and a TABLE I rough estimate of the required gold contribu- INTERNATIONAL MONETARY FUND QUOTAS AND tions of the other countries. ESTIMATED GOLD SUBSCRIPTIONS OF MEMBERS The Fund's gold will be held in the central REPRESENTED AT THE UNITED NATIONS MONETARY AND FINANCIAL CONFERENCE banks or other designated depositories of mem- [In millions of United States dollarsl ber countries. At the outset, one-half of the Quotas Fund's gold will be held in the Federal Reserve Australia 200 Belgium 225 System and 40 per cent in the central banks of Bolivia 10 Brazil 150 the United Kingdom, the Union of Soviet So- Canada 300 Chile 50 cialist Republics, China, and France. China 550 Colombia 50 The currency subscription of a member coun- Costa Rica 5 Cuba 50 try, and any subsequent acquisitions by the Fund Czechoslovakia 125 Denmark (*) of the currency of a member country, will be held Dominican Republic 5 Ecuador 5 by the Fund in that member country's central Egypt 45 El Salvador 2.5 bank or designated depository. Presumably in Ethiopia 6 France 450 most countries the Fund will have a deposit Greece 40 Guatemala 5 account at the Central Bank. Under the terms Haiti 5 Honduras 2.5 of the Agreement a member can substitute non- Iceland 1 India 400 interest bearing demand obligations of the Iran 25 Iraq 8 government for any part of its currency which Liberia .5 Luxembourg *. 10 the Fund does not consider it necessary to hold Mexico 90 Netherlands 275 as an operating or working balance. New Zealand 50 Nicaragua 2 The gold value of the Fund's assets will be Norway 50 Panama .5 maintained irrespective of changes in the par or Paraguay 2 Peru 25 foreign exchange value of a member's currency. Philippine Commonwealth 15 Poland 125 Each member is obligated to compensate the Union of South Africa 100 Union of Soviet Socialist Republics 1,200 Fund for any fall in the gold value of its currency United Kingdom 1,300 United States 2,750 held by the Fund. The Fund, in turn, must Uruguay ... 15 Venezuela 15 reimburse the member for any rise in the gold Yugoslavia 60 value of its currency held by the Fund. The Total 8,800 Fund may waive this obligation if a uniform Estimated Gold Subscription s United States 687.5 proportionate change is made in the par values Others 2955.5 of all currencies. Total 1,643 1 The quota of Denmark shall be determined by the Fund after the IV. PURPOSES FOR WHICH MEMBER COUNTRIES Danish Government has declared its readiness to sign this Agreement but before signature takes place. CAN USE THE FUND 2 Figure based on gross official gold and dollar holdings at the end of March 1944. In cases where gold reserves are not reported officially Member countries can use the resources of the the figures have been estimated and are subject to revision. In general, gold confiscated in invaded countries is attributed to those coun- Fund, in general, only to finance current transac- tries since their claims will presumably be honored after the war. To the extent that there have been net transfers of such gold to other tions with other member countries. This is accounts there is double counting. 1 Holdings are measured as of the date on which the Fund notifies It is also brought out in the section of the Agreemembers that it will soon be able to begin exchange transactions. For this purpose net official holdings of gold and United States dollars ment which states that members may not make means a member's official holdings after deducting central holdings of its currency by other countries and such holdings of its currency net use of the Fund's resources to meet large or by banks and other institutions in other countries which carry specified rights of conversion into gold or United States dollars. The sustained outflows of capital, and that the Fund meaning of official holdings and central holdings is explained in a later section of this paper dealing with the definition of monetary may request a member to exercise controls to reserves. SEPTEMBER 1944 855 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRETTON WOODS AGREEMENTS prevent such use of the resources of the Fund and own currency, it, in effect, borrows these foreign declare a member ineligible to use the Fund if it currencies and gives the Fund, in exchange, does not exercise appropriate controls. demand obligations which constitute a claim on The Fund is not intended to enable member its goods and services. Currencies are obtained countries to meet all deficits arising from current from the Fund only for immediate use in making transactions. The Agreement says that the payments in other countries, whereas currencies Fund is not intended to provide facilities for paid into the Fund in exchange are claims held relief or reconstruction or to deal with interna- by the Fund for use when and if a demand for tional indebtedness arising out of the war and them develops. The transaction has elements it is made clear that members are not intended of a loan by the Fund to the country which to use the Fund as a source of permanent financ- purchases exchange from it, notwithstanding ing. The Fund is to be a revolving fund which the fact that the currency paid into the Fund for makes its resources available to members over the foreign exchange is money in its own reasonably short periods of time to provide them country. This is the explanation of the fact with an opportunity to correct balance of pay- that throughout the Fund Agreement a country's ments maladjustments. use of the Fund's resources at a given time is The Fund may limit a member's use of the measured by the amount of its currency in the resources of the Fund if it is of the opinion that Fund's possession in excess of its original the member is using them in a manner contrary contribution. to the Fund's purposes. When the Fund so limits It is also essential to an understanding of the a member's use of the Fund it must issue a report Fund's operations to realize that the Fund must to the member. If the member does not make maintain a balance in its holdings of various a satisfactory reply to the report, the Fund may currencies. Certain currencies will be much continue to limit the member's use of the Fund more in demand by member countries than others or declare it ineligible to use the Fund. and the Fund would be seriously handicapped if its holdings of such currencies became very small V. MANNER OF USING THE FUND and its holdings of currencies which are not in Dealings between the Fund and member coun- demand became too large. It is for this reason, tries can take place only through the treasuries, particularly, that measures are provided in the central banks, stabilization funds, or similar Agreement to encourage replacement in the Fund fiscal agencies of member countries. Ordinary of currencies purchased from it. transactions in exchange by nationals of member Members may also buy foreign currencies from countries will continue to be effected through the Fund with gold. Such purchases would not the usual channels. Only when a shortage of constitute a drain on the Fund. Any member foreign currencies develops will the market wishing to buy the currency of another member come to the central authorities, which in turn with gold is expected, if it can do so with equal will apply to the Fund. advantage, to acquire the foreign currency The essential feature of the Fund arrangement through the sale of gold to the Fund. In this is that member countries are entitled to obtain way the Fund's holdings of gold, with which it currencies of other member countries from the can buy any member's currency, will be steadily Fund in exchange for their own currencies. In replenished. The repurchase provisions dethe Fund, a country's currency is an obligation scribed later also tend to replenish the Fund's of that country, a claim on its resources. It is supply of gold or of currencies in demand. important to an understanding of the Fund's operations to recognize that a country's VI. QUANTITATIVE LIMITS ON USE OF FUND currency, as such, is good only in the issuing A member may not increase the Fund's holdcountry, and that when it acquires foreign cur- ings of its own currency by an amount larger rencies from the Fund and pays for them in its than one-quarter of its quota in any 11-month 856 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRETTON WOODS AGREEMENTS period, except by special permission, or when For these purposes a member whose reserves the Fund's holdings of its currency had previ- are in excess of its quota is required at the end ously fallen below 75 per cent of its quota. In of each financial year to examine changes in its the aggregate, it can not purchase foreign reserve position in relation to its use of the currencies with its own currency in an amount Fund's resources and to make adjustment in that would bring the Fund's holdings of its accordance with the following rules. If the currency to more than 2.00 per cent of its quota, member's reserves have not changed, it must use except by special permission. This means that, its reserves to the extent necessary to reduce by if a country's quota is ico million dollars, of one-half the year's increase in the Fund's holdwhich 15 million is contributed in gold and 75 ings of its currency. If its reserves have inmillion in currency, the country's net purchases creased, then it must use its reserves as in the of foreign exchange from the Fund with its own previous case and, in addition, must use half of currency could total 125 million, this being the the increase in its reserves to reduce the Fund amount that would bring the Fund's holdings holdings of its currency whenever acquired. If of the purchasing member's currency to zco the country's reserves have decreased but are million dollars or 2.00 per cent of its quota. This still in excess of its quota, it must use enough of general limit of 100 per cent of a member's quota its reserves to make the decrease of its reserves is equivalent to saying that a member's net for the year equal to the year's increase in the purchases of foreign exchange from the Fund Fund's holdings of its currency. with its own currency may not exceed the The second repurchase provision is intended to amount of its quota plus its gold contribution. limit the use of one currency, such as the dollar These quantitative limits on a member's use for example, for financing adverse balances of of the Fund have been carefully worked out with payments between two other countries. This a view to the need of keeping the Fund in a provision is that if a member country, after position to meet the demands which may be having made the repurchases required under the made on the Fund by other member countries. first provision, still shows an increase in its The limits apply in general to all countries, but holdings of another country's currency (or of the Fund can waive them, as well as the other gold acquired from that country) and this inconditions governing a member's purchases of crease arises from transactions with a third foreign currencies from the Fund. The Fund country, then the member country must turn may decide to waive these limits in the case of that increase over to the Fund in exchange for member countries which have a record of avoid- its own currency. This provision is necessary ing large or continuous use of the Fund, or have to reduce the absorption of scarce currencies into periodic or exceptional needs for foreign curren- the financing of balances between other cies, or are willing to pledge acceptable countries. collateral. There are certain limits on the repurchases which must take place under these two provi- VII. REPURCHASES FROM THE FUND sions. First, no member is required under these There are two provisions requiring a member repurchase provisions to reduce its monetary in certain circumstances to repurchase its cur- reserves to below the amount of its quota. rency from the Fund. The broad purposes of Second, no member is required by these rethe first of these provisions are to limit a purchases to reduce the Fund's holdings of its country's use of the Fund when it has ample currency below 75 per cent of its quota. This other means of meeting its international pay- means that a member is required to make these ments and to make it share with the Fund such repurchases only if it has been making net use additions to its monetary reserves as may occur of the resources of the Fund or if it originally from time to time, provided it has been using contributed less than 15 per cent of its quota in the resources of the Fund. gold. Third, no repurchases shall raise the SEPTEMBER 1944 857 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRETTON WOODS AGREEMENTS Fund's holdings of the currency of any country holdings its currency liabilities to official instituabove 75 per cent of that country's quota. tions or banks in the territories of other mem- There are also other rules concerning the cur- bers or nonmembers the holdings of the currencies to be used in connection with the rencies of which are included in the member's repurchase provision. These rules are framed official holdings. with a view to protecting the Fund from acquiring currencies under these repurchase provisions VIII. CHARGES of which it already has an ample supply and Members purchasing foreign exchange from insuring that the Fund will acquire only such the Fund with their own currencies are required currencies as are in demand. to pay on each purchase a uniform service charge A member's monetary reserves include a of three-fourths of 1 per cent. This charge may member's net official holdings of gold and con- be altered by majority vote to not less than onevertible currencies, convertible currencies being, half or not more than 1 per cent. If a member's in general, currencies of members of the Inter- purchases from the Fund raise the Fund's holdnational Monetary Fund that have not taken ings of its currency above its quota, additional advantage of the special transitional arrange- charges must be levied by the Fund on its hold- TABLE n MINIMUM PERCENTAGE CHARGES PAYABLE BY A COUNTRY ON FUND'S HOLDINGS OF ITS CURRENCY IN EXCESS OF ITS QUOTA Amount of country's currency held by Fund Per cent per annum payable on excess currency during to which rates indicated apply as percentage of country's quota 1st Year 2nd Year 3rd Year 4th Year 5th Year 6th Year 7th Year 8th Year 9th Year 10th Year 101-125 i* 2 3 24 4H 5 126-150 1H & 4^ 5 151-175 4H 5 5 176-200 2 5 5 5 201-225 3 5 5 5 5 226-250 3H 5 5 5 5 5 Additional amounts Corresponding increzises up to 5per cent 1 No payment in first three months; % per cent in next nine. 2 At this point the Fund and the member shall consider ways and means by which the Fund's holdings of the member's currency can be reduced. NOTE.—No charge is made on use of the Fund resources in an amount equivalent to a member's gold subscription. ments and currencies of such nonmembers as the ings in excess of the quota. These charges are Fund may from time to time specify. There is a levied in proportion to the Fund's holdings of special exception by which occupied countries the currency of a member because, as explained need not include in their monetary reserves gold above, this measures the extent of a country's newly mined in the first five years of the Agree- use of the resources of the Fund. Unless a ment. The term currency includes coins, paper member's monetary reserves are less than half money, bank balances, bank acceptances, and its quota all charges are payable in gold. government obligations issued with a maturity The rates charged on holdings in excess of the not exceeding iz months. A member's official quota are uniform for all countries and vary with holdings means central holdings, i.e., holdings the amount of the currency held and the length of treasuries, central banks, stabilization funds, of time over which it is held by the Fund. and similar agencies and also such holdings of Table II gives the rates charged for each step in other official institutions or other banks as are the upward scale, both as to amount and as to substantially in excess of working balances and time. It should be noted that these are not are deemed official by the Fund after consul- average charges on the entire amount or over the tation with the member. Net holdings are cal- entire period but charges on each indicated unit culated by deducting from a member's official of volume and of duration. 858 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRETTON WOODS AGREEMENTS The Agreement provides, as indicated in the such a case, there is danger that the increasing table, that special consultations between the difficulties of obtaining the currency may start Fund and a member must take place with a view a scramble to obtain it before it is too late. to decreasing the Fund's holdings of that mem- Rather than let things develop to this critical ber's currency when the rate payable by that point, the Fund, long before the situation has member on any amount or for any period of time become acute, may inform members that a has reached 4 per cent. If the rate rises to 5 general scarcity of the currency is developing per cent, as indicated in the table, and if the and may issue a report analyzing the causes of amount held or the period of time over which the scarcity and recommending measures the currency is held continues to increase, the designed to bring it to an end. Fund may impose such charges as it deems ap- Should the Fund's holdings of the particular propriate. The scale of charges just described currency become scarce, the Fund may require may be altered by a three-fourths vote. the member concerned to sell its currency to the It is clear from the more substantial nature of Fund for gold and all members undertake to buy these charges and the fact that the rates charged gold offered to them by the Fund if it is in need become progressively higher as a member uses of their currencies. Or the Fund may make an more of the resources of the Fund or uses them effort, with the approval of the member conover a longer period of time that these charges, cerned, to borrow its currency. It will have the unlike the service and handling charges, are choice of borrowing from the member itself or intended to act as serious deterrents to countries from other members which happen to have a making large or prolonged use of the Fund's supply of the desired currency. But aside from resources. This is consistent with one of the the original subscription, no country is obliged major purposes of the Fund which is to be in a to lend its currency to the Fund, since the total position at all times to help any member to meet commitment of each country is limited to its a temporary deficit in its balances of payments original subscription to the Fund. and give it time to correct maladjustments. If the demands on the Fund are so great that The Fund's power to help all member countries the Fund's ability to supply the scarce currency would be seriously threatened if unduly large is seriously threatened, the Fund must formally; amounts of its total resources were used to meet declare the currency to be scarce and apportion the needs of any one country, or if any substan- its supply among member countries. In doing tial part of its resources were in use over long this the Fund must take into consideration the periods of time. In such cases the Fund's relative needs of member countries, the general holdings of currencies in demand by most mem- international economic situation, and any other bers would shrink and might become inadequate pertinent factors. It must also issue a report for further operations while its holdings of concerning its action. currencies not in demand accumulated. Once a currency has formally been declared scarce, any member may limit the freedom of IX. SCARCE CURRENCIES exchange transactions in that currency to the If a country sells goods or services to the rest extent necessary to reduce the demand for that of the world in larger amount than it buys currency to the level of its supply. Each memabroad, then the rest of the world must either ber may determine for itself the way in which be borrowing the difference or drawing upon it limits transactions in the scarce currency its monetary reserves or the Fund to pay for its provided it does not violate its obligations in purchases. The maladjustment in the sphere of regard to exchange rates. Members agree not trade, services, and capital maybe of so persistent to invoke the obligations of prior agreements a character as to force heavy drafts upon limited in such a way as to prevent a member from national reserves or resources in the Fund. In limiting its transactions in the scarce currency SEPTEMBER 1944 859 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRETTON WOODS AGREEMENTS to the extent necessary in the circumstances just sions, both as to the setting of the initial par described; but each member also agrees to give values of member currencies and the commencesympathetic consideration to the representations ment of exchange transactions by the Fund in of other members with regard to its administra- particular currencies, insure a reasonable and tion of the restrictions. gradual procedure. They should reassure those One of the Fund's endeavors will be to pre- who are apprehensive about the absorption of vent the development of a shortage of any the Fund's entire resources during the period of currency. But a persistent demand for a postwar disturbances. country's goods in excess of its purchases of No part of the Agreement will enter into force other countries' goods will inevitably result, or be binding on any country until governments with or without the Fund, in a shortage of that having 65 per cent of the total assigned quotas, country's currency. Other countries may meet that is countries having aggregate quotas of althe shortage temporarily by selling gold to the most 6 billion dollars, have agreed to accept the country whose currency is scarce, or by borrow- obligations of membership, and in no event being from it. But, in the end, such a scarcity can fore May 1, 1945. The governments represented be eliminated only by the re-establishment of at Bretton Woods which accept membership bebalance between the country's exports and its fore December 31, 1945, will constitute the imports. original members of the Fund. After that time membership will be open to any country on X. WITHDRAWAL, VOLUNTARY AND such terms as may be prescribed by the Fund. COMPULSORY There is a special provision that countries which If any member fails to fulfill any of its obliga- have been under enemy occupation may sign tions under the Fund Agreement, it may first the Agreement and become original members, be declared ineligible to use the resources of the but may postpone actual acceptance of the obli- Fund, and if it persists in its failure, it may be gations of membership until six months after required to withdraw from membership in the their territories have been liberated from the Fund. Neither of these steps will be taken enemy. without first informing the member of the situa- When countries having 65 per cent of the total tion and giving the member an opportunity to be quotas have accepted the obligations of memberheard. Compulsory withdrawal of a member ship and the Agreement comes into force, the requires the approval of the majority of the United States, having the largest quota, will call member countries having a majority of the vot- a meeting of the Directors appointed by the ing power. members. The Board of Directors will arrange Any member has a right to withdraw from the for the selection of provisional executive direc- Fund at any time by giving notice in writing. tors to serve until a regular election of Executive In case a member withdraws either voluntarily Directors can be held as soon as is practicable or otherwise, a member's accounts with the after January 1, 1946. Fund are settled either by agreement with the The first task of the Fund will be to arrange Fund or according to a carefully worked out for the fixing of the initial par values and for the formula. The formula provides that all obli- commencement of exchange operations in memgations to the withdrawing country shall be ber currencies. When the Fund decides that it met in its currency unless it agrees otherwise. will shortly be in a position to begin exchange transactions it will undertake to establish initial XL SETTING UP THE FUND par values. It will ask each member country The Articles of Agreement include carefully to communicate the par value of its currency worked out arrangements for the coming into based on the rates of exchange prevailing 60 days operation of the Monetary Fund. The provi- before the Agreement entered into force. The 860 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRETTON WOODS AGREEMENTS date will therefore be sometime between March has decided to begin exchange transactions. i, 1945, and October 31, 1945. If either the This is when the circumstances of the member Fund or the member is of the opinion that this are such that, in the opinion of the Fund, expar value is unsatisfactory, it must say so within change transactions with it would lead to use 90 days. The Fund can object to this par value of the resources of the Fund in a manner conif it appears that it can not be maintained trary to the purposes of the Agreement. Under without leading to undue use of the resources this provision the Fund can protect itself and of the Fund either by that member or by other other members by refusing to deal with a country members. The Fund and the member must agree in an unstable economic or political condition. on an initial par value within a reasonable period, and if no agreement is reached the mem- XII. MANAGEMENT OF THE FUND ber will be deemed to have withdrawn. Provisions for the management and organiza- Special provisions for countries which have tion of the Fund need not be described here in been occupied by the enemy allow these coun- detail. The Board of Governors, in which all tries to postpone communicating the par value the powers of the Fund will be vested, will of their currencies until major hostilities have consist of one Governor appointed by each ceased in their territories, or until such later member country. The Board may delegate its time as the Fund may determine, and also allow powers to the Executive Directors, except for these countries and the Fund more than 90 days the power to decide on certain issues of major in which to register objections to the communi- economic or political significance. The Execucated par value. Such countries may also use tive Directors will conduct the general operathe Fund before their initial par values have tions of the Fund. There will be at least twelve finally been established, in amounts and under Executive Directors, five appointed by the five conditions prescribed by the Fund, and may in members having the largest quotas, which at the meanwhile alter their communicated rates the outset will be the United States, the United by agreement with the Fund without prejudice Kingdom, the Union of Soviet Socialist Repubto their ability to alter their rates after initial lics, China, and France, two elected by the par values have finally been established. American Republics other than the United Once the initial par values of their currencies States, and five elected by the other members. have been established, countries become eligible The procedure by which the elected Executive to use the resources of the Fund in accordance Directors are to be chosen is designed to see that with the general provisions of the Agreement; each member will have an appropriate voice in and, as has been noted, occupied countries will the election of at least one of the Directors. become eligible to use the Fund on a limited Two additional Executive Directors may be basis whenever the Fund grants such privileges. appointed to represent the two countries the The Fund can not begin transactions in exchange currencies of which are being used by the Fund until members having 65 per cent of the total in the largest absolute amounts, if these counquotas have become eligible to draw upon it tries are not included in those already entitled and until major hostilities in Europe have to appoint Directors. As new countries become ceased. Even then the Fund need not start members of the Fund the number of Executive exchange operations if world conditions appear Directors may be increased. The Executive unfavorable to its proper functioning. It has Directors will appoint a Managing Director who full discretion to wait until the situation has will be in charge of the operating staff of the cleared. Fund and will conduct the ordinary business of There is a provision which gives special power the Fund. The principal office of the Fund will to the Fund to postpone exchange transactions be in the United States, since this country will with any particular member, even if that member have the largest quota. has become eligible to use the Fund and the Fund The voting power of member countries is SEPTEMBER 1944 861 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRETTON WOODS AGREEMENTS determined by giving each member country 150 from urging him to cast the number of votes votes plus one additional vote for each $100,000 which they individually are entitled to in of its quota. The voting power of the countries accordance with their particular wishes. represented at the United Nations Monetary and Most decisions of the Fund are by a majority Financial Conference is indicated in Table III. of the votes cast in accordance with the distri- For voting on certain matters indicated below, the distribution of voting power shown in the TABLE III table will be modified. When the Fund is vot- VOTING POWER IN THE INTERNATIONAL MONETARY FUND OF MEMBERS REPRESENTED AT THE UNITED ing on the question of whether or not to waive NATIONS MONETARY AND FINANCIAL CONFERENCE any of the conditions governing a member's use of the resources of the Fund, or on the Country N of u m vo b t e e r s Pe o v r f c o e t t n o es t t a a 1 g l e question of declaring a member ineligible to use the resources of the Fund because it is using Australia 2,250 2.3 Belgium 2,500 2.5 them in a manner contrary to the purposes of Bolivia 350 .3 Brazil 1,750 1.8 the Fund, the votes of member countries will be Canada 3,250 3.3 Chile 750 .8 altered as follows: the voting power of a member China 5,750 5.8 Colombia 750 country will be increased by one vote for each Costa Rica 300 Cuba 750 $400,000 of net sales of its currency by the Fund Czechoslovakia 1,500 Denmark (2) and decreased by one vote for each $400,000 of Dominican Republic 300 Ecuador 300 .3 its net purchases of the currencies of other Egypt 700 .7 El Salvador 275 .3 members, provided net purchases or net sales Ethiopia 310 .3 France 4,750 4.8 do not exceed the quota of the member involved. Greece 650 .6 Guatemala 300 .3 By way of example, if the Fund's net sales of Haiti 300 .3 Honduras 275 .3 dollars equal one-half the United States quota Iceland 260 .3 (that is, if foreign countries will have drawn on I I n ra d n ia 4, 5 2 0 5 0 0 4. . 3 5 Iraq 330 .3 the Fund for 1,375 million dollars) the percent- Liberia 255 .2 Luxembourg 350 .3 age of total voting power of the United States Mexico 1,150 1.2 Netherlands 3,000 3.0 will be 31.5 per cent rather than 2.8 per cent. New Zealand 750 .8 Nicaragua 270 .3 The theory of this provision is that on these Norway 750 .8 Panama 255 .2 problems involving the use of the Fund's re- Paraguay 270 .3 Peru 500 .5 s h o a u v r e c e m s a t d h e e s v u o b t s i t n a g n ti p a o l w u e s r e o o f f c th o e u m nt ri s e h s o u w ld h ic b h e PP P U hh o n ii l i ll a o ii n p n d p o in f e S C ou o t m h m A o f n ri w ca ealth 1 1 , , 4 5 2 0 0 5 0 0 0 1 1 . . . 5 3 4 decreased and that of countries of whose sub- U U n n i i o te n d o K f i S n o g v d i o e m t Socialist Republics. 1 1 2 3 , ,2 2 5 5 0 0 1 13 2 . . 4 4 scriptions other countries have made substantial U Ur n u it g e u d a y States 27, 4 7 0 5 0 0 28 . . 4 0 use should be increased. These changes in vot- Y V u en g e o z s u la e v la ia 4 8 0 5 0 0 . . 4 8 ing power, however, are relatively small. Total. 99,000 100.0 In voting by the Board of Governors, the 1 The percentage of total votes is calculated on the assumption that only those nations represented at the Conference will join the Fund. Governor appointed by each member has the As other countries join the Fund, each individual country's share of the total votes will decline. voting power allotted to that member. The 2 To be determined when the Danish Government has declared its readiness to sign the Agreement. Executive Directors cast the number of votes NOTE.—Of the total number of votes, the British Empire controls 25.3 per cent, Continental Europe, excluding the U.S.S.R., 16.0 per either of the country by which they are ap- cent, and Latin America 9.7 per cent. pointed, or, in the case of the elected Executive Directors, of the countries which have elected bution of voting power, but certain specified them. An Executive Director must cast all the decisions require more than a simple majority of votes of which he has control as a unit. He is votes or the approval of a stated proportion of not permitted to cast some of his votes in one member countries. way and some in another. The countries whose Decision as to what part of the Fund's net votes counted toward his election are precluded income should be distributed to members will 86z FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRETTON WOODS AGREEMENTS rest with the Board of Governors, and can not by decision of the Board of Governors. If the be delegated to the Executive Directors. There Fund is liquidated, this must be done in accordare certain rules, however. If income is dis- ance with a procedure specified in the Agreement tributed at all, z per cent must be paid to which is designed to insure fair treatment of all countries on the amount of their currency sub- member countries. scription that has been used by the Fund to meet Questions of interpretation of the Agreement the needs of other countries. This preferred 2. are to be submitted to the Executive Directors, per cent is noncumulative. Any further amounts and may be submitted on appeal by a member distributed must be paid to all members in country to the Board of Governors. In special proportion to their quotas. cases involving withdrawal or liquidation a The management of the Fund has the right to special arbitration tribunal may be appointed. make recommendations to any member, whether Most of the Articles of the Agreement may be that member is using the Fund or not. The amended if the amendment is approved first by Fund may communicate its views informally or the Board of Governors and then by three-fifths may, by a two-thirds vote, decide to publish a of the member countries having four-fifths of the report regarding a member's monetary or eco- total votes. However, three of the provisions nomic condition or developments which are of the Agreement can be amended only with the directly tending to produce a serious disequilib- acceptance of all member countries. They refer rium in the international balance of payments to a member's right of withdrawal, a member's of members. right to veto a change in its quota, and the The Executive Directors have power in an prohibition against a change in the par value of emergency to suspend all transactions of the a member's currency being made otherwise than Fund. The Fund may not be liquidated except in response to its own proposal. INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT While the Monetary Fund aims at greater international investments. In the long run it is stability of conditions in world trade and is expected to contribute to the development of a concerned with the member countries' short- balanced growth of world trade and the mainterm foreign exchange requirements, the Bank tenance of equilibrium in the international for Reconstruction and Development is intended accounts of member countries. to promote the international flow of long-term Total loans and guarantees by the Bank would capital. By direct loans of its own resources be limited in amount to a maximum equal to and of such funds as it may itself borrow, and by the Bank's capital, surplus, and reserves. While guaranteeing loans made by private investors, member countries would be jointly and severally the Bank is expected to help in the restoration of liable on the guarantees, each country's liability economies destroyed or disrupted by war, the would be limited to its subscription, which in reconversion of productive facilities to peace- the case of the United States would be 3,175 time needs, and the development of productive million dollars, or 35 per cent of the total. facilities and resources in less developed Since only zo per cent of the Bank's capital countries. could be called for use in making loans while 80 The Bank is intended to set a pattern of in- per cent could be called only to meet losses, and terest rates and other conditions for interna- since the Bank would make or guarantee only tional loans that would be reasonable, and such loans as the borrower could not obtain would tend to eliminate abuses such as occurred elsewhere on reasonable terms, the Bank is in this field in the period after the first World intended to promote rather than to hinder the War. It is also intended indirectly to exert a flow of private funds into international investsalutary influence on terms and conditions of all ment channels. SEPTEMBER 1944 863 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRETTON WOODS AGREEMENTS I. MEMBERSHIP AND CAPITAL SUBSCRIPTIONS such further calls as are made within any three- All members of the Bank must also be members month period on that part of the subscription for of the International Monetary Fund. This the Bank's own loan fund shall not exceed 5 per provision will reduce the exchange risk for cent of the price of the shares. funds invested by or through the instrumentality TABLE IV of the Bank. Withdrawal from the Fund entails REQUIRED SUBSCRIPTIONS TO THE INTERNATIONAL withdrawal from the Bank after three months, BANK FOR RECONSTRUCTION AND DEVELOPMENT OF COUNTRIES REPRESENTED AT THE UNITED unless the Bank by three-fourths of its total NATIONS MONETARY AND FINANCIAL CONFERENCE voting power rules otherwise. [In millions of United States dollars] Original members of the Bank will be those Amount of total who accept membership in the Bank before subscription which may be used December 31, 1945. After that date member- Total Country subscripship will be open to others on such terms and tion For O m nl e y e t to Bank's Bank's conditions as may be prescribed by the Bank. ow fu n n d lo 1 an o t b io li n g s a- Each member is required to subscribe to a minimum number of shares of the capital stock Australia 200 40 160 Belgium 225 45 180 of the Bank. The authorized capital is 10 Bolivia 7 1.4 5.6 Brazil 105 21 84 billion dollars of which the countries repre- Canada 325 65 260 Chile 35 7 28 sented at the United Nations Monetary and China t 600 120 480 Colombia 35 7 28 Financial Conference are expected to sub- Costa Rica 2 .4 1.6 Cuba 35 7 28 scribe 9.1 billion, 300 million more than the Czechoslovakia 125 25 100 Denmark (2) (2) quotas of these same countries in the Inter- Dominican Republic 2 2 1.6 Ecuador 3.2 .64 2.56 national Monetary Fund. The total authorized Egypt 40 8 32 El Salvador 1 .2 .8 capital may be increased. If it is increased each Eth iopia 3 .6 2.4 France 450 90 360 country will have an opportunity, but no obliga- Greece 25 5 20 Guatemala 2 .4 1.6 tion, to subscribe in proportion to its original Haiti 2 .4 1.6 Honduras 1 .2 subscription. Minimum subscriptions for the Iceland 1 .2 India 400 80 320 different members are similar to their quotas in Iran 24 4.8 19.2 Iraq 6 1.2 4.8 the Monetary Fund. The United States, how- L L u ib x e e r m ia bourg 10 .5 2 .1 8 .4 ever, will subscribe 415 million dollars more to Mexico 65 13 52 Netherlands 275 55 220 the Bank than to the Fund and Canada and China N ew Zea land 50 10 40 N icaragua .8 .16 .64 will subscribe 15 and 50 millions more, respec- Norway 50 10 40 Panama .2 .04 .16 tively. Latin American countries combined Paraguay .8 .16 .64 Peru 17.5 3.5 14 will subscribe 154 million dollars less and six Philippine Commonwealth 15 3 12 Poland . 125 25 100 other countries a total of 46 millions less. Union of South Africa 100 20 80 Union of Soviet Socialist Republics 1,200 240 960 Required subscriptions will be divided into U Un n i i t t e e d d S K t i a n t g e d s nm 3,1 3 7 0 5 0 6 2 3 6 5 0 2 1 , ,0 5 4 4 0 0 two parts: 2.0 per cent for the Bank's own loan V U e ru n g e u zu a e y la 1 in 0 . . 5 5 2 2 . . 1 1 8 8 . . 4 4 fund and 80 per cent as a guarantee fund either Yugoslav ia 40 32 to meet such losses as the Bank might incur in Total. 9,100 1,820 7,280 connection with loans made out of funds bor- 1 Twenty p^r cent of total subscription. Of this amount 10 per cent or a total of 182 million dollars must be paid in gold or United rowed by it or to discharge its obligations in States dollars. 2 The quota of Denmark shall be determined by the Bank after connection with loans it has guaranteed. Denmark accepts membership in accordance with the Articles of Agreement. Initially member countries will be required to pay 2. per cent of their subscription in gold or The required minimum subscription of each United States dollars. Within a year, the Bank country represented at the United Nations will call for 8 per cent more, payable in the Monetary and Financial Conference is given in member's currency. No further calls on sub- Table IV, as well as the amount of each memscriptions will be made except as needed, and ber's subscription for the Bank's own loan fund 864 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRETTON WOODS AGREEMENTS and the amount which may be called only to and projects for development alike. Also, in meet losses. determining the conditions and terms of loans When calls are made on members for the the Bank must pay special regard to lightening Bank's own loan fund, a member pays in its own the financial burden and expediting the reconcurrency. When calls are made for the purpose struction and restoration of countries devastated of meeting losses a member may pay, at its by enemy action. option, in gold, in United States dollars, or in As in the case of the Fund, the Bank will the currency in which the obligation is to be deal with members only through their treasurmet. As in the case of the.Fund, the Bank ies, stabilization funds, central banks, or other will accept noninterest bearing demand notes similar fiscal agencies. Through these agencies of member governments for such funds as it does it may make or guarantee loans to political subnot need currently. divisions, or to particular enterprises. The arrangements concerning the depositories All the Bank's loans, participations, and in which the Bank's gold and currency holdings guarantees must be for specific projects of reconshall be kept are identical with those in the struction or development. Exceptions are per- Fund Agreement. The gold value of the Bank's mitted in special circumstances. The Bank must funds, in so far as the xo per cent for the Bank's appoint a committee to study any proposed own loan fund is concerned, is protected by project and can go ahead on the project only if provisions similar to those in the Monetary the committee so recommends in a written re- Fund. port. The committee must in each case include an expert representing the member in whose territory the project is located. II. NATURE OF THE BANK'S ACTIVITIES The Bank can finance or aid in the financing The Bank may make or facilitate loans in of a project only if it is satisfied that the borthree principal ways. First, it may make rower, without its help, would not be able to direct loans out of its own funds; secondly, get the loan on reasonable terms. The Bank it may make loans out of funds borrowed from must be sure that only reasonable interest and private investors in member countries; and, other charges are levied and that the repayment thirdly, it may guarantee either in whole or in schedule is appropriate to the project being part loans made by private investors through financed. It must give special attention to the the usual investment channels. general financial position of the borrower and guarantor and to the prospects of the borrower or guarantor being able to meet its obligations. III. CONDITIONS ON WHICH THE BANK MAY When a loan made or guaranteed by the Bank is GUARANTEE OR MAKE LOANS not made directly to a member government, it Total loans and guarantees by the Bank must be fully guaranteed either by the member shall not exceed the amount of the unimpaired government or by the central bank or some comsubscribed capital, reserves, and surplus of the parable agency of the member which is ac- Bank. Thus, if the Bank's capital funds so ceptable to the Bank. The Bank can not impose defined equal 10 billion dollars, and i billion the condition that loans made or guaranteed has been lent out of subscribed funds and 2. by the Bank be spent in any particular country. billions out of funds borrowed by the Bank However, the borrowing country can use a direct in the market, then the Bank's authority loan from the Bank to make purchases in Engto guarantee loans will be limited to 7 bil- land, for example, only if the Bank is able to lions. furnish sterling. If the Bank is not able to The Bank is to give "equitable consideration" provide sterling, the borrower may have to deto projects for reconstruction of devastated areas cide to buy the goods elsewhere. SEPTEMBER 1944 865 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRETTON WOODS AGREEMENTS IV. DIRECT LOANS OUT OF THE BANK'S All currency due to the Bank on direct loans OWN FUNDS made out of its own funds must be equal in value (expressed in some other currency specified by The Bank may make direct loans out of its the Bank by a three-fourths vote) to the conown funds, derived from the IO per cent subtractual payments at the time the loan was scribed for this purpose. The i per cent paid in made. Say, for example, the loan is made gold can be freely used by the Bank for any and is repayable in francs, interest and other purpose. Amounts paid in in currency, howpayments in francs must equal the dollar value ever, can not be loaned or exchanged for other of the franc payments contracted for at the time currencies without the subscribing country's when the loan was made, provided the dollar approval. This means that in so far as member was specified as the standard in the original governments subscribe to the Bank in currency contract. This may be described as a "specified for the Bank's own loan fund, they have the currency clause." Special exception may be right to pass upon the projects to be financed made in case a uniform proportionate change in with this currency. Their permission will also the par value of all member currencies is made be required if the currency is to be exchanged under the International Monetary Fund Agreefor other currency. Interest and principal payment. ments on loans made out of these funds must be paid to the Bank in the currencies lent unless V. DIRECT LOANS OUT OF FUNDS BORROWED the member whose currency is lent agrees other- BY THE BANK wise. The approval of the country continues to be required in relending or exchanging The Bank, with the approval of the member currencies received by the Bank in payments on in whose markets the funds are raised, may account of principal on these direct loans. borrow funds to make direct loans. If the Members, therefore, can control the use of their Bank makes the direct loan in terms of the curcurrencies paid into the Bank for its direct rency of a member other than the member in operations. However, if the 80 per cent portion which the funds were raised, the approval of of the Bank's capital specially designated for that member is also required. After approval meeting losses and repaying its own obligations has been given, however, the Bank will have is insufficient for that purpose, the Bank may authority to convert the currencies so raised, as use for that purpose any currencies that it well as proceeds of the service of the loan, into possesses. In any case, the Bank's receipts from any other currency it may require, or into gold. payrrents of interest and commissions on these Uses of the proceeds of loans out of funds borloans can be used or exchanged for other curren- rowed by the Bank, therefore, are free from the cies in any way the Bank sees fit. control of member countries where they are The fact that a member's approval is required raised or of others. The Bank itself has full if the Bank desires to convert into another cur- authority over the use to which such funds rency some of that member's currency paid in as are put. a part of the Bank's loan fund gives the sub- It is specifically provided that the Bank, in scribing member the opportunity to prevent the making loans out of funds raised by it in member use of its currency outside its borders, unless countries can not at any time have payments due it is required to meet losses. The exercise by a it in any one currency on account of these loans country of the right to refuse permission to in excess of the amount of its outstanding convert its currency paid in as part of the Bank's borrowings payable in that currency. This own loan fund into another currency may limit clause is designed to prevent the Bank from the borrower's use of that currency to purchases taking an exchange position. It also operates in that country. as a protection to a member country, for example, 866 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRETTON WOODS AGREEMENTS the United States, against the Bank requir- to finance purchases in other countries it must ing payments in dollars of amounts due to it on be exchanged into other currencies by the Bank. loans made from funds raised in other countries, It is probable that in time the great bulk of except to the extent that dollars were borrowed currencies of the Bank will be available for free by the Bank in the United States. If the Bank exchange by the Bank for any currency that may did require such payments to be made in dollars be required. This will apply to funds raised the result might be a strain on the dollar re- from private investors, or received in payment sources of other member countries and conse- for loans made out of funds so raised, or from the quent pressure on their dollar exchange rates in sale of gold, or received as interest or commission no way related to the need for making payments charges on direct loans made out of its own in the United States. funds, or as commissions on loans guaranteed by the Bank. VI. PROVISION OF CURRENCIES ON DIRECT It is only in regard to currencies subscribed by LOANS member governments for the Bank's own loan In general, the Bank will lend foreign curren- fund that there are restrictions on the Bank's cies only to finance the borrower's needs outside authority to exchange them for other currencies. its borders. The Bank will expect the borrow- Currencies so acquired the Bank can not lend or ers to raise the domestic currency needed for exchange without the approval of the subscribmeeting local expenditures without recourse ing countries. If a borrower wishes to borrow to the Bank, and member countries normally sterling to purchase goods in England and zo will be able to do so. There is a special proviso, per cent of the British subscription has been fully however, that in exceptional cases in which a loaned out or England does not approve the use borrowing country can not raise its local cur- of its sterling subscribed to the Bank, the Bank rency requirements on reasonable terms the Bank must use other sterling in its possession, or gold, can provide the borrower with an appropriate or sell for sterling currencies acquired otherwise amount of that currency. than from subscriptions, or obtain permission In case the carrying out of a reconstruction or from other countries to exchange some of their development project leads to an indirect need for currency subscribed to the Bank for sterling. foreign exchange, the Bank may provide such If the Bank can not provide sterling in any of foreign exchange in an amount not to exceed the these ways, the borrowing country may have to local expenditures of the borrower. The need change its plans and decide to purchase the goods may arise, for example, because the project is in some other country. taking labor and materials which were formerly From the outset, however, the Bank will used in producing goods for export or domestic have some gold which will be available for the consumption. If this is the case, foreign ex- purchase of any currency, and as time goes on change receipts from exports will diminish or the Bank will acquire more and more free curforeign exchange requirements to pay for addi- rency through payments of interest and charges tional imports will increase. and through borrowings from private investors. In providing foreign exchange to a borrower, Consequently, the possibility that the Bank, the Bank must give him the particular currencies because of its inability to provide particular he may require. It will not give the borrower currencies, would have to force borrowers to dollars unless the borrower needs dollars to redirect their proposed purchases will constantly spend in the United States. The borrower is diminish. not permitted to acquire currencies from the In so far as the Bank has gold or foreign Bank in order to sell them in the exchange exchange which is available for its unrestricted markets for other currencies. If the currency use (or can obtain the approval of members to so of a country held by the Bank is to be used use their currencies), it can help a country SEPTEMBER 1944 867 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRETTON WOODS AGREEMENTS which, after having agreed to the use of its own cerned with appropriate arrangements concerncurrency to finance another member's purchases, ing the use of that currency by the Bank, the finds itself short of foreign exchange. An maintenance of its foreign exchange value, example would be a case in which England and the repurchase of the currency by the memagreed to the Bank's lending part of its sterling ber. The Bank also may modify the terms of subscription to finance some other country's amortization or extend the life of the loan. purchase of British machinery, and then found This provides flexibility and enables the Bank to that to build this machinery it had to buy make the repayment of its direct loans less some of the needed materials abroad. The burdensome for borrowers when circumstances Bank, in such a case, can provide foreign make this desirable. exchange to England up to the amount of the resulting increased need for foreign exchange. VIII. GUARANTEES The third way in which the Bank will pro- VII. CHARGES AND SCHEDULE OF REPAYMENT mote international investment is by guarantee- ON DIRECT LOANS ing loans made by private investors through The Bank determines the interest rate, the the usual investment channels. Loans which amortization payments, the maturity, and the are guaranteed by the Bank must meet the commission to be charged in connection with general conditions described in Section III each direct loan. The charges and the schedule above, which apply to all loans. Also, the of repayment must be reasonable and appropriate Bank can not guarantee a loan without the to the project being financed. It is provided in approval of the member in whose markets the the Agreement that the rate of commission funds are raised and the member in whose curcharged by the Bank on direct loans made out of rency the loan is denominated. Furthermore, funds raised by the Bank in member countries, when members give their approval it must carry as distinct from its own funds, shall be between with it the agreement that the funds borrowed i and i Yi per cent per annum for the first 10 can be exchanged by the borrowers for other years of the Bank's operations. The commis- member currencies without restriction. sion does not represent the spread between the Similar conditions must be met in the case of Bank's borrowing rate and its lending rate. loans made directly by the Bank with funds The total cost to the borrower will be similar borrowed in member countries. As explained to what he would have to pay on a loan guaran- in connection with such loans, this means that teed by the Bank. The commission will be the member country in which such a loan is charged on the outstanding portion of a loan. raised can not require the proceeds to be spent After 10 years the Bank may reduce the com- in purchasing its own goods and services. The mission rate if its accumulated reserves or other member can approve or disapprove of the Bank's earnings are considered to justify the reduction, guaranteeing the loan but, once approval has and such a reduction may apply to loans already been given, the borrower is free to use the promade or to future loans. The Bank may also ceeds of the loan to finance purchases in any raise the commission rate on future loans. member country. If a borrower or guarantor is unable to make No special procedure for making the loan the payments due to the Bank on direct loans in available is laid down in the case of loans the currencies in which the payments are due, guaranteed by the Bank since the loans are made because it is suffering from an acute exchange through the usual investment channels and not stringency, the Bank may relax the conditions of through the Bank. payment at the request of the borrower. For The Bank must receive suitable compensation periods not to exceed three years, it may accept for its risks in guaranteeing loans. The Agreepayments in the currency of the member con- ment specifies that for the first 10 years the 868 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRETTON WOODS AGREEMENTS commission charged by the Bank on guarantees representatives of banking, commercial, indusshall be between i and i^ per cent and shall be trial, labor, and agricultural interests. The payable on amounts outstanding, as in the case principal office of the Bank, as in the case of of direct loans made by the Bank with funds the Fund, will be located in the United States borrowed in member countries. After the first which will make the largest capital subscription. 10 years the commission may be lowered on TABLE V outstanding loans and either raised or lowered on future loans. VOTING POWER IN INTERNATIONAL BANK TOR RECONSTRUCTION AND DEVELOPMENT OF COUNTRIES In the case of a default by the borrower, and REPRESENTED AT THE UNITED NATIONS by the guarantor if there is one, the Bank may MONETARY AND FINANCIAL CONFERENCE t o e n r m a i n g a u t a e ra i n ts t ee li d a b l i o li a t n y b w y i t b h uy re i s n p g e c t t h e t o b o in n t d e s r e o st r Country N of u m vo b t e e r s Pe o v r f c o e t te n o s t t 1 a a g l e other obligations at par plus interest accrued up Australia 2,250 2.2 to a specified date. Belgium 2,5'JO 2.4 Bolivia 320 .3 Brazil 1,300 1.3 Canada 3,500 3.4 IX. SPECIAL RESERVE Chile 600 .6 China 6,250 61 All payments to the Bank of commissions Colombia 600 .6 Costa Rica 270 .3 either on direct loans made by the Bank or on Cuba 600 .6 Czechoslovakia 1,500 loans guaranteed by the Bank must be kept in Denmark ; (2) Dominican Republic 270 liquid form as a special reserve to meet the Ecuador 282 Egypt 650 '.6 Bank's liabilities on account of its borrowings El Salvador 260 .3 Ethiopia 280 .3 or guarantees. France 4,750 4.6 Greece 500 .5 Guatemala 270 .3 Haiti 270 .3 X. MANAGEMENT Honduras 260 .3 Iceland 260 .3 The arrangements for the organization and Im ia 4,250 4.2 Iran 490 .5 management of the Bank are very similar to the Iraq 310 .3 Liberia 255 .2 arrangements in the case of the International M Lu e x x e i m co b . o .. urg 9 3 0 5 0 0 . . 3 9 Monetary Fund. The Board of Governors is N Ne e w th e Z rl e a a n la d n s d 3, 7 0 5 0 0 0 2. . 9 7 Nicaragua 258 .3 constituted in the same way and the Executive Norway 750 .7 Panama 252 .2 Directors, to whom the Board may delegate Paraguay 258 .3 Peru 425 .4 all except certain specified powers, are elected or Philippine Commonwealth 400 .4 appointed in much the same manner. There is P U o n l i a o n n d of South Afr t ica 1 1 , . 5 2 0 5 0 0 1 1 . . 5 2 Union of Soviet Socialist Republics. 12,250 12.0 no proviso, however, in the Bank proposal, United Kingdom 13.250 13.0 United States 32,000 31.4 as there is in the Fund, that two directors are Uruguay 355 .3 Venezuela 355 .3 to be elected by the American Republics or that Yugoslavia 650 .6 those providing the largest part of the resources Total. 102,000 100.0 used by the Bank can appoint two of the direc- 1 The percentage of total votes is calculated on assumption that only those nations represented at the Conference will join the Bank. tors. Such arrangements would not be appro- As other countries join the Bank, each individual country's share of the total votes will decline. priate in the case of the Bank, because each 2 To be determined when Danish Government accepts membership. NOTE.—Of the total number of votes, the British Empire controls member country has authority to protect its 24.8 per cent, Continental Europe, excluding the U.S.S.R., 15.2, and Latin America 7.9 per cent. interests by approving or disapproving of the Bank's use of funds subscribed by it. Distribution of voting power in the Bank The chief executive of the Bank is called Agreement is by the same formula as that in the President. The Bank also will have an Ad- Fund Agreement. Each member has 150 votes visory Council of seven members elected by plus one vote for each $100,000 subscribed to the the Board of Governors, which will include Bank, or each share of stock held irrespective SEPTEMBER 1944 869 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRETTON WOODS AGREEMENTS of the extent to which calls have been made for member in another member's currency, the repayment on subscriptions. ceiving member can use it in any way it wishes. The voting power of countries represented at The provisions concerning voluntary withthe United Nations Monetary and Financial drawal, suspension of privileges or rights and Conference, on the assumption that each member compulsory withdrawal are closely parallel to subscribes the required minimum, is given in those in the Fund. The only difference is that a Table V. member may be suspended by a majority vote, The arrangement for distribution of net in- and a suspended member is automatically forced come is similar to that in the Fund. The to withdraw after a year, unless a majority vote Board of Governors can decide what part, if decides otherwise. any, to distribute and when it does distribute Many of the other technical and legal arrangeany part it must first pay up to 2. per cent to each ments concerning settlement of accounts with member in its own currency on the average withdrawing members, settlement of obligations amount of the loans outstanding which the Bank if the Bank suspends operations, interpretation has made directly out of currency subscribed and amendment procedure, and immunities and by that member for the Bank's own loan fund. privileges are worked out in detail as in the Fund The 2. per cent payment is noncumulative. Any Agreement. The arrangements for the entry remaining net income to be distributed must be into force of the Bank Agreement are similar distributed in proportion to subscriptions and in to the Fund arrangements, but are simpler, since the currency of the subscribing member, if the Bank does not have to deal with the difficult possible. If the income is distributed to one problems of initial exchange rates. RECOMMENDATIONS ON OTHER MATTERS The Conference also agreed to certain recom- assist in various ways the achievement of this mendations on matters not directly related to end. The Conference further took the position the International Monetary Fund or the Interna- that the purposes stated in the Fund agreement tional Bank for Reconstruction and Developcan not be achieved through the instrumentality ment. One recommendation is that the of the Fund alone and it therefore recommended problems resulting from wide fluctuations in that the governments represented at the Conthe value of silver should be further studied by ference reach agreements on ways and means of the interested nations. Another recommendareducing obstacles to international trade, setion is that the Bank for International Settlecuring orderly marketing of staple commodities, ments be liquidated as soon as possible. Steps dealing with problems of international concern being taken by the United Nations aimed at arising from the cessation of war production, restoring property looted by the enemy to its lawful owners were approved and it was recom- and harmonizing national policies to promote mended that all countries represented at the high levels of employment and rising standards Conference call upon the neutral countries to of living. 870 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKING AFTER THE by E. A. GOLDENWEISER Division of Research and Statistics As our armed forces press closer to victory, activity and employment in years to come and bankers are asking themselves what problems so to advance or retard the attainment of postthe future will hold for them. They will emerge war security and progress. This is a matter of from the war with deposits in excess of any grave concern for bankers and all other groups amount that could have been imagined a decade in the country. Before discussing the future ago and with portfolios in which Government of deposits from the bankers' point of view, securities predominate. Will deposits fall off therefore, I should like to discuss briefly the sharply after the war is over, and what will be function of liquid assets in the years immediately the position of bank assets? I am convinced following the war. that deposits will stay at a high level for many If liquid assets held by the public are utilized years after the war, perhaps indefinitely, and that only gradually as the flow of goods from recon- Government securities will always be prime verted plants becomes adequate to meet demand, investments. these assets will ease the difficult task of re-es- The principal reason for the tremendous war- tablishing full employment on a peacetime basis time growth in deposits is the large amount of and act as a safeguard against deflationary money we have had to spend in fighting the war forces that might threaten stability after reconand the extensive purchase of Government se- version has been accomplished. If, on the other curities by banks. In the four years since the hand, liquid assets swell the volume of hasty beginning of the defense effort, the Government and indiscriminate purchases by persons who are has spent 113 billion dollars, much more than weary of war restrictions, the result could be a any government has previously spent in a decade disastrous inflation. It is for this reason that or even a much longer period. This 1x3 billions, some of the restraints on prices, wages, and conplus an increase in the Treasury's cash balance, sumption should be retained for at least a short came from 87 billions of taxes, 89 billions bor- while after the war. rowed from individuals and nonbanking institutions, and 64 billions borrowed from banks. No DANGER OF DEPOSIT CONTRACTION The 64 billions borrowed from banks has Of more immediate concern to bank manageresulted in a corresponding increase in bank ment is the question whether the banking busideposits, for when banks buy Government se- ness will have to be adjusted to a lower level of curities they pay for them with bank credit. deposits after the war. As indicated above, I There will probably be a further growth in do not believe that deposits will decrease after deposits before the war is over, and even a the war. Their wartime expansion has been gradual increase immediately after the war due to the purchase of Government securities by would not be surprising. On the basis of the banks, and this fact is of great importance to best information available, I believe that when bankers. It means that deposits will not dipeace comes the volume of deposits will be minish unless the banks reduce their holdings of between 12.5 and 150 billion dollars and the vol- Government securities. There is little likeliume of currency between zo and Z5 billions. hood of such action. The disposition of this enormous amount of An appreciable reduction in bank holdings of liquid funds, and of the billions of dollars the Government securities would have to come public has invested in Government securities, through rapid contraction of the public debt or will help to determine the level of business through extensive sales of bank holdings to the public. I believe the pressing problems which * Based on an address delivered at the 54th Annual Convention will confront us after the war will prevent the of the Illinois Bankers Association, Chicago, 111., May 26, 1944. SEPTEMBER 1944 871 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKING AFTER THE WAR Government from reducing its debt immediately, no fear of deterioration in value operating as a and that the public is much more likely to want motive for liquidation. This is different from to sell some of its bonds in order to use the cash the situation after the last war, when bank than it is to buy more bonds from the banks. assets deteriorated as commodity prices declined, In short, I believe the banks will continue to or in 192.9, when there was great pressure for the hold their Government securities and hence that liquidation of security loans based on swollen deposits will not diminish. values. The inherent value of Government se- There will be some shifting of deposits from curities now in bank portfolios is as steady as region to region, but I do not believe it will be the Government itself. very extensive. With the wartime growth in This leads to the question which I am sure all deposits, which has been proportionately smaller bankers have been considering. Is a rise in in the financial centers than elsewhere, there interest rates going to bring serious shrinkage has been a net movement of deposits away from in the value of Government securities? My the large financial centers into the producing answer is reassuring. I think that the interest areas for the reason that tax collections and rate on long-term Government securities is sales of Government securities in the money going to continue to be steady. Interest rates markets have been greater than Government on either long-term or short-term investments expenditures there. This movement was more are not likely to rise while there is a large pronounced in 19^ than in 1943 and is no longer supply of investment funds such as there will taking place. The financial areas, having ex- be after the war. Liquid assets will be in large tended themselves near to capacity, have not supply not only in the hands of individuals but been buying as large a proportion of Government also with business concerns. Corporations have issues as they did in the two earlier years, while set up large reserves for postwar contingencies other sections of the country have been enlarging and increased their bank deposits and holdings their share of the total. In view of this early of Government securities. This does not mean adjustment of some of the major wartime shift- that particular industries or firms will not have ing of funds, it seems likely that there will be no to raise funds, but it does indicate that the broad wholesale movement of deposits from one region problem for bankers is likely to be how to find or district to another immediately after the war. enough profitable outlets for available funds. Every banker will of course have to look to They are not likely to be under pressure to sell his own individual situation. Some banks will Government securities in order to meet demands lose deposits and others will gain them. The of customers for loans. interbank flow of deposits within a community There is the additional fact that to a large is the result of competitive conditions with extent bank holdings of Government securities which I am not familiar. Each one of you will are short-term in character. Over one-third of be your own judge of these conditions and I do all Government securities owned by banks will not believe your judgment need make allowance mature in one year, and a security having only a for an unusual regional shifting of funds or a year to run can not depreciate much in value. reduction in the aggregate of deposits. About three-fifths of all member and nonmember bank holdings will mature within five years, No PRESSURE FOR LIQUIDATION OF ASSETS and only 14 per cent of the total have maturities After this war there will be no pressure for of ten or more years. Long-term bonds in bank liquidation of bank assets as there was following portfolios are much smaller in volume than are the last war and the speculative security move- time deposits and they are little in excess of ment in the i9io's. Since Government securities capital. The distribution of maturities, in comprise by far the greater part of the increase addition to the quality of the security and the in bank assets since the war began, there will be prospect of relatively low interest rates, assures 8 7 x FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKING AFTER THE WAR the banker against depreciation of assets after THE QUEST FOR INVESTMENT OUTLETS the war. To me the greatest banking problem after the As you know, the bank supervisory authoriwar will be how to find outlets for funds, not ties have agreed, so far as bank examination is how to meet a loss of deposits or a deterioration concerned, that you may hold your Government of assets. In view of the great liquidity of securities at par or at amortized cost value. business enterprises, it is going to be difficult to Conceding, however, that it would be small find loans. The banker who has been restricting comfort for you to know that the bank examiner his efforts to saying "no" to loan applicants would not report your capital impaired if the most of the time and "yes" only occasionally value of your Government securities declined will have to widen his horizons if he is to sucto the point where the market value of your ceed in the future. If bankers are to do a liveassets would be less than your liabilities, I wish wire job they will have to search for unconvento mention two broad factors which will work tional outlets and new fields for investments. in the direction of relatively low interest rates More attention will have to be given to small and stable value of Government securities. loans to individuals, to financing consumption, One is that this country has become the and to real estate and other loans that are not greatest creditor country in the world, and a business financing in the old sense. Whether creditor country tends to have a relatively low business requirements for outside financing will rate of interest. A creditor position denotes a furnish a sizable outlet for bank funds after surplus of capital which is not consistent with reconversion has been accomplished will in high interest rates. large measure depend upon the demand for peace- Public policy also is likely to be such as to time products. With reasonably full employmaintain low rates. Naturally, I am speaking ment, demand would be much above prewar only for myself, trying to appraise the situation levels and more funds would flow through busias it appears from the research man's desk. ness channels. This is but an example of the Clearly, it would be good public policy to maininteraction of forces which will determine the tain moderately low interest rates and to support fate of all sections of the economy. the Government security market. It would not The value of banks and bankers to our econbe sound policy to do otherwise in view of the omy is beyond question. They have contact large investment in securities on the part of with every phase of activity and perform a banks, insurance companies, private and public needed unifying function. So long as they institutions, corporations, and individuals. follow the principle of serving the public and Then, too, there is the desirability of keeping meeting the needs of their communities to the rates low in order to keep down the cost of the best of their ability, I believe that the banking debt. For reasons stated earlier I believe that business will continue to receive reasonable the market for Government securities will be returns on capital. In my estimation, bankers strong and the interest rate relatively low even have less cause for worry over the future than without Government intervention. Should it any other group. If they analyze carefully become necessary for the Government to act, their functions in the national economy and however, I believe that the course of action in their own communities, and manage their pursued will be in the direction of maintaining businesses with imagination and competence, relatively low rates and supporting the market. they can face the future with assurance. SEPTEMBER 1944 873 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED WEEKLY INDEX OF DEPARTMENT STORE SALES The Board's weekly index of department store DEPARTMENT STORE SALES sales has been revised for the period since 1937, when the series was first begun. The revision consists principally of an enlargement of the sample of reporting stores for recent years and an adjustment of the weekly index to the annual levels indicated by the Board's more comprehensive monthly index recently revised and presented in the Federal Reserve BULLETIN for June 1944. Figures for the revised weekly series are shown in the accompanying table and the movements of the index in recent years are shown in the accompanying chart. The weekly index is computed and published in order to provide a more frequent indication of changes in sales than is possible with a monthly index and to give some information as to fluctuations in department store sales within particular months. It is believed that the present index serves these two purposes satisfactorily. For other purposes, however, the monthly index is a sample which is both smaller and less representamore accurate indicator of changes in sales and tive than that used for the Board's monthly should be used in preference to the weekly index. index, it is not as accurate a measure of sales Moreover, the monthly index is adjusted for movements. The seasonal pattern of sales of the seasonal variations and for changes in the num- stores reporting weekly is slightly different from ber of business days—refinements which have that indicated by the monthly index and also, not been attempted for the weekly index. although the current weekly sample appears to The present weekly index is computed from a measure year-to-year changes in sales fairly reporting sample made up of 451 large and accurately, some downward bias has been evimedium-sized department stores, including a dent in past years. Over the period covered by selected group of the retail outlets of mail-order the weekly index the sample has shown, relative firms. In 1943 sales of the stores in this sample to the monthly index, a downward bias averagaccounted for approximately 60 per cent of the ing somewhat less than 1 per cent a year and not estimated sales volume of all department stores exceeding 1% per cent in any year. Correction and were distributed among Federal Reserve for this bias has been made in the weekly series districts in about the same proportion as were through 1943, and adjustment to the annual total department store sales in that year. levels shown by the monthly index will be made Inasmuch as the weekly index is based on a when necessary in the future. 874 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED WEEKLY INDEX OF DEPARTMENT STORE SALES REVISED WEEKLY INDEX OF DEPARTMENT STORE SALES Weeks ending on dates shown [1935-39 average = 100] 1937 1938 1939 1940 1941 1942 1943 1944 Jan. 9 93 Jan. 8. ... 93 Jan. 7. ... 79 Jan. 6. ... 82 Jan. 4... 87 Jan. 3... Ill Jan. 2... 117 Jan. 1.... 110 16 86 15.... 85 14. ... 84 13 87 11. .. 102 10. .. 135 9. .. 146 8. ...143 23 81 22. .. 80 21. . ..81 20 . ...84 18. .. 93 17. .. 136 16. .. 139 15. ...146 30 86 29. .. 76 28. . 77 27. . 80 25. 90 24. .. 122 23. .. 125 22.... 145 31. ...125 30. .. 126 29.... 137 Feb. 6 87 Feb. 5. 84 Feb. 4. . ..80 Feb. 3. ... 87 Feb. 1... 96 Feb. 7... 119 Feb. 6... 170 Feb. 5.... 147 13...... 88 12. . 81 11. ... 81 10. ... 82 8. .. 98 14. .. 122 13. .. 178 12 142 20 88 19. .. 82 18. ... 82 17. ... 84 15. .. 101 21. ...115 20. .. 155 19. ...142 27 94 26. . 82 25. .. 80 24 84 22. .. 91 28 127 27. .. 162 26.... 146 Mar. 6 101 Mar. 5... 85 Mar 4. ... 92 Mar. 2. ...100 Mar. 1. .. 106 Mar. 7 . ...130 Mar. 6. .. 150 Mar. 4. ...153 13 102 12. .. 88 11. . ..91 9. ...100 8. .. 101 14. ...137 13. .. 144 11. ...1)0 20 105 19. .. 90 18. ... 95 16. ...102 15. .. 110 21. .. 148 20. .. 147 18. ...172 27...... 117 26. 100 25. ...104 23. ...117 22. .. 116 28. .. 157 27. ...155 25. ...132 30. . . 91 29. .. 124 Apr. 3 105 Apr. 2... 104 Apr. 1. . ..113 Apr. 6... 116 Apr. 5. . 137 Apr. 4. ...170 Apr. 3. .. 161 Apr. 1.... 212 10 103 9. .. 97 8. ...120 13.... 91 12... 129 11. .. 129 10. .. 168 8.... 208 17 106 16. .. 115 15. ... 95 20 . . .1.06 19. .. 126 18. .. 146 17. .. 170 15 152 24 106 23. .. 94 22. . ..96 27. ...103 26. . 122 25. ...140 24. .. 182 22 163 30. .. 93 29. . ..101 29.... 168 May 1 107 May 7... 109 May 6 108 May 4. ...116 May 3... 134 May 2... 147 May 1 142 May 6 184 8 123 14. ... 88 13. ...110 11. ...122 10. .. 139 9. ..149 8. .. 169 13;;;.197 15 103 21. ... 90 20. ... 98 18. ...106 17. .. 120 16. .. 127 15. .. 149 20 177 22 105 28. .. 91 27. ...100 25. ...104 24. .. 127 23. ...125 22. .. 153 27. ...168 29 111 31.... 116 30. ...104 29. ...151 June 5 109 June 4.... 92 June 3. ...102 June 1. ...96 June 7... 136 June 6.... 147 June 5... 151 June 3.... 163 12 111 11. ... 96 10. . ..108 8. ...126 14. .. 130 13.... 128 12.... 168 10 172 19 104 18. ... 95 17. ...102 15. ...114 21. .. 117 20. ...129 19. ...168 17. ...173 26 91 25. ... 83 24. ... 88 22. ...100 28. .. 118 27. ...109 26. .. 132 24 151 29 95 July 3 93 July 2... 84 July 1 89 July 6. ... 73 July 5... 95 July 4.... 95 July 3... 134 July 1.... 149 10 66 9. ... 62 8. ... 66 13.... 84 12.... 101 11. ...112 10. .. 113 8. ...116 17 77 16. ... 70 15. ... 76 20. ... 80 19. .. 99 18. ...105 17. ...126 15 145 24 72 23 . ...63 22 70 27. ... 76 26. . ..97 25.... 103 24. ...124 22. ...138 31 77 30. ... 69 29. ... 69 31.... 118 29.. ..132 Aug. 7 80 Aug. 6. ... 72 Aug 5. ... 80 Aug. 3.... 85 Aug. 2... 109 Aug. 1.... 105 Aug. 7.... 131 Aug. 5.... 137 14 81 13. . ..71 12. ... 77 10 . ...86 9. . .127 8.... 122 14.... 131 12. ...148 21 80 20. ... 73 19 79 17. ... 87 16. .. 123 15. ...125 21. ...146 19. ...148 28 92 27. ... 81 26. ... 86 24.... 98 23 . ...128 22. ...126 28 . ...145 26.... 171 31. ...124 30. ...162 29. ...142 Sept. 4.... ..107 Sept. 3. ...106 Sept.1. ... 111 Sept. 7....114 Sept. 6 129 Sept. 5. ...165 Sept. 4. ...169 Sept. 2 195 11 101 10. ... 95 9. . ..102 14.... 131 13.... 142 12. ...140 11. ...156 9 18 130 17. ...114 16 118 21. ...127 20 142 19 . . .1.52 18. ...179 16. ... 25 114 24. . ..106 23. ...113 28. ...130 27. ...161 26. . ..172 25. ...176 23.... 30. ...126 30.... Oct. 2 127 Oct. 1. ...107 Oct. 7. ...128 Oct. 5. ...132 Oct. 4. ...179 Oct. 3 183 Oct. 2. ... 175 Oct. 7. ... 9 122 8. ...114 14. ...116 12. ...119 11. ...135 10 . ...171 9 188 14. ... 16 127 15 104 21 122 19. ...132 18. ...141 17 166 16. ...189 21. ... 23 116 22 106 28. ...120 26 133 25 144 24 172 23. ...194 28.... 30 114 29 . . .1.09 31. ...168 30 187 Nov. 6 119 Nov. 5 111 Nov 4 127 Nov. 2. ...121 Nov. 1. ...145 Nov. 7. ...182 Nov. 6. ...202 Nov. 4.... 13 110 12. ...110 11 120 9. ...130 8. ...150 14 182 13 211 11. ... 20 120 19 . ...115 18 120 16 138 15 159 21 182 20. ...223 18.... 27 106 26. ...104 25. ...111 23.... 125 22. ...139 28. ...176 27. ...201 25.... 30 151 29. ...176 Dec. 4 151 Dec. 3. ...149 Dec. 2. ...144 Dec. 7. ...203 Dec. 6. ...225 Dec. 5. ...250 Dec. 4. ...269 Dec. 2. ... 11 184 10. ...182 9 194 14.... 244 13. ...250 12. ...295 11. ...297 9. ... 18 218 17.... 223 16. ...243 21. ...277 20. .. 299 19 . ...333 18. ...321 16 25 190 24. ...217 23 251 '28. ...136 27. .. 191 26 . ...222 25 274 23 31 74 30. ... 81 30. ... 1938 Jan. 1 72 SEPTEMBER 1944 875 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. Financing of War Production and Office of Contract Settlement War Contract Termination Washington, D. C. In connection with the inauguration of the August 18, 1944 T-Loan program, under which contracting agencies of the Government are authorized to GENERAL REGULATION NO. I guarantee loans made to war contractors in Pursuant to the authority conferred upon me anticipation of the settlement of their termiby Sections 4(b) and 8(c) of the Contract Settlenated war contracts, the Director of Contract ment Act of 1944, I hereby prescribe the pro- Settlement has issued his General Regulation cedure for the guaranteeing of termination loans No. i, and the Board of Governors has revised its by the War Department, the Navy Department Regulation V, amended its Regulation A, and, and the Maritime Commission through the with the concurrence of the Director, prescribed Federal Reserve Banks, outlined in the Guarguarantee and commitment fees and a maximum antee Agreement, the Loan Agreement, and rate of interest with respect to termination Explanatory Notes attached hereto as exhibits guarantees and loans. A, B, and C, respectively. General Regulation No. 1 of Director of Technical amendments not affecting policy Contract Settlement may be made in exhibits B and C by agreement On August 18, 1944, the Director of Contract among the War and Navy Departments, the Settlement issued his General Regulation No. 1 Maritime Commission and the Federal Reserve prescribing procedures and policies to be fol- Board. lowed in the guaranteeing of termination loans In the execution of this procedure the followby the War and Navy Departments and the ing policies will be observed: Maritime Commission, through the agency of 1. Termination loan (hereinafter called the Federal Reserve Banks, pursuant to the T-Loan) guarantees should not be refused Contract Settlement Act of 1944. Standard by the contracting agency having the preforms of T-Loan Guarantee Agreement, Termina- ponderant interest in the borrower's war tion Loan Agreement, and Explanatory Notes contracts if the borrower is or has been regarding the use of such forms^ were appended engaged in performing an operation conto the Director's Regulation. These forms and nected with or related to war production, Explanatory Notes, as approved by the War except in such classes of cases as may be and Navy Departments, the Maritime Commis- prescribed by the Director. The borrow* sion, and the Board of Governors of the Federal er's certification of his investment in Reserve System, have been distributed in printed termination inventories and receivables and form to the Federal Reserve Banks; and copies of the amounts payable to subcontractors are being furnished by the Federal Reserve Banks should not be questioned by the Federal to the banks in their districts. The text of the Reserve Bank or the contracting agency Director's General Regulation No. 1 is as unless there is reason to believe that it is follows: substantially overstated in value. Financ- 876 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT ing institutions should be encouraged to should not ordinarily be questioned by the make unguaranteed production and termi- Federal Reserve Bank or the contracting nation loans, and the fact that a financing agency if it does not exceed 90 per cent; institution has made such an unguaranteed and a contracting agency should not auloan shall not affect its right subsequently thorize a percentage of guarantee in excess to apply for a T-Loan guarantee, even if the of 90 per cent, or 95 per cent in the case of proceeds of the T-Loan are used to retire small loans, unless the circumstances the existing loan. clearly justify the financing institution in x. If a contracting agency which utilizes the requesting it and other means of interim Federal Reserve Banks as fiscal agents for financing are not promptly available. T-Loan guarantees has local representatives 5. In general, the percentages in the loan in ccnnecticn therewith, it should delegate formula certificate agreed upon by the to such banks authority to approve, after financing institution and the borrower ccnsultaticn with and in the absence of should not be questioned by the Federal objection by such representatives, all ap- Reserve Bank or the contracting agency. plications for guarantees of loans totaling After ccnsultaticn with the Board of (a) $5co,cco or less to any one borrower Governors of the Federal Reserve System, when the requested percentage of guarantee the contracting agencies will, to the extent is not in excess of 90 per cent, and (b) practicable, specify general criteria or $ico,oco or less to any one borrower when standard maximums which may be emthe requested percentage of guarantee is ployed in typical classes of cases. not in excess of 95 per cent. Any such con- (Signed) ROBERT H. HINCKLEY tracting agency which does not have such Robert H. Hinckley local representatives will provide them Director in the localities where, and at the times when, it is determined that they are re- Revision of Regulation V quired, in the light of its prospective volume of contract terminations and after Effective September 11, 1944, the Board of consultation with the Director, and in the Governors of the Federal Reserve System reabsence of such representatives should dele- vised its Regulation V, Financing of War Progate such authority to the Reserve Banks as duction and War Contract Termination, so as to is necessary to insure prompt processing of cover operations of the Federal Reserve Banks applications for and execution of such pursuant to the Contract Settlement Act of guarantees. 1944, as well as under the President's Executive Order No. 9112. of March 16, 1942.. The text of 3. Conditions other than those required under the Board's revised Regulation V follows: the standard loan agreement should be prescribed by the contracting agencies or the Federal Reserve Banks only in exceptional REGULATION V circumstances and when they are clearly Revised effective September 11, 1944 necessary to protect the Government's interest. Additional conditions agreed upon FINANCING OF WAR PRODUCTION by the borrower and the financing institu- AND WAR CONTRACT tion, if not unreasonable and not incon- TERMINATION sistent with the standard loan agreement, SECTION I. AUTHORITY should not be objected to by the contracting agency or the Reserve Banks. This regulation is based upon and issued 4. The requested percentage of guarantee pursuant to the Executive Order of the President, SEPTEMBER 1944 877 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT No. 91 iz, dated March x6, 1942. (herein called SECTION 4. RATES the Executive Order), section 7 of the Act of Rates of interest, guarantee and commitment June 11, 1942., 50 U.S.C. (Appendix) 1107, the fees, and other charges with respect to loans Contract Settlement Act of 1944, approved July made or guaranteed in whole or in part by any i, 1944 (herein called the Settlement Act) and contracting agency through the agency of any various provisions of the Federal Reserve Act, Federal Reserve Bank will from time to time be and has been approved by the Director of Conprescribed, either specifically or by maximum tract Settlement.1 limits or otherwise, by the Board of Governors of the Federal Reserve System with the con- SECTION 2.. OBJECTIVE OF THE FEDERAL RESERVE currence of the Director of Contract Settlement. SYSTEM The objective of the Federal Reserve System SECTION 5. RESPONSIBILITY AND EXPENSES OF in carrying out the purposes of the applicable FEDERAL RESERVE BANKS provisions of the Executive Order and of the No Federal Reserve Bank shall have any re- Settlement Act is to facilitate and expedite the sponsibility or accountability except as agent financing of contractors, subcontractors and in taking any action under the Executive Order, others in connection with war production and the Settlement Act, or this regulation. In any in connection with claims arising out of the case in which any Federal Reserve Bank shall termination of war contracts or operations. make or participate in making any loan, dis- The Board of Governors of the Federal Reserve count, advance, guarantee or commitment as System and the Federal Reserve Banks will coagent of any contracting agency under authority operate fully in order to achieve this objective. of the Executive Order or of the Settlement Act, The Federal Reserve Banks have heretofore been all such funds as may be necessary to carry out designated as fiscal agents of the United States any obligation assumed on behalf of such conby the Secretary of the Treasury pursuant to the tracting agency shall be supplied by and disterms of the Executive Order and are authorized bursed under authority from such agency in by the Settlement Act to act on behalf of the accordance with such procedure as it may recontracting agencies2 as fiscal agents of the quire. Each Federal Reserve Bank shall be re- United States in carrying out the purposes of imbursed by each contracting agency for all the Act. expenses and losses (including, but not limited to, attorneys' fees and expanses of litigation) SECTION 3. OPERATIONS OF THE FEDERAL incurred by such Federal Reserve Bank in acting RESERVE BANKS as fiscal agent of the United States on behalf of such contracting agency under or pursuant to The operations of the Federal Reserve Banks the Executive Order or the Settlement Act. pursuant to the provisions of the Executive Order and of the Settlement Act will be conducted, under the supervision of the Board of SECTION 6. REPORTS Governors of the Federal Reserve System, in ac- Each Federal Reserve Bank shall make such cordance with such instructions as may be reports as the Board of Governors of the Federal issued by the contracting agencies. Reserve System shall require with respect to its operations pursuant to the terms of the Execu- 1 The Executive Order, section 7 of the Act of June 11, 1942, and pertinent provisions of the Contract Settlement Act of 1944 are printed tive Order or the Settlement Act and of this in the Appendix. 2 The term "contracting agency" is used herein with the same mean- regulation. ing as that given it in the Contract Settlement Act of 1944. 878 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Schedule of Guarantee and Commitment service fee or other fee of a similar character, Fees and Maximum Interest Rate except charges covering out-of-pocket expenses, Pursuant to section 4 of the revised Regulation may be charged a borrower by a financing in- V, and with the concurrence of the Director of stitution. Contract Settlement, the Board prescribed, effec- The Board has also fixed, with the concurrence tive September 11, 1944, the following schedule of the Director of Contract Settlement, a rate of guarantee and commitment fees with respect of 43^ per cent as the maximum interest rate to termination (T-Loan) guarantees and loans: on T-Loans. GUARANTEE FEES Amendment to Regulation A ON TERMINATION LOANS GUARANTEED PURSUANT TO THE CONTRACT SETTLEMENT ACT OF 1944 In connection with the revision of the Board's Guarantee fee (Per cent of interest Regulation V, the * Board also amended its payable by borrower Per cent of loan on guaranteed Regulation A, Discounts for and Advances to guaranteed portion of loan) Member Banks by Federal Reserve Banks, effec- 80 or less 10 85 15 tive September n, 1944, by changing the last 90 20 95 30 sentence of subsection (P) of section 1 of that Over 95 50 regulation to read as follows: MAXIMUM COMMITMENT FEE The requirement of this section of the regu- THAT MAY BE CHARGED BORROWER BY FINANCING INSTITUTION lation that a note, draft, or bill of exchange 34 of 1 per cent per annum1 be negotiable shall not be applicable with or A flat fee of not to exceed $50,002 respect to any note, draft, or bill of exchange iTo be based on avsra?2 daily uai53i balati:2 of the maximum evidencing a loan which is in whole or in part principal amount of the loan. 2 Without regard to the amount or maturity of the commitment. the subject of a guarantee or commitment In connection with commitment fees, the made pursuant to Executive Order No. 91 ix Board has provided that no termination fee, or the Contract Settlement Act of 1944. 879 SEPTEMBER 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS for the unexpired portion of the term ending Resignation and Election of Class B Directors December 31, 1946. Mr. Stone is engaged in The Federal Reserve Bank of New York on farming. August 17, 1944, accepted the resignation of Admissions of State Banks to Membership in the Mr. Frederick E. Williamson, President, The Federal Reserve System New York Central Railroad Company, as a The following State banks were admitted to Class B director of the Bank. Mr. Williamson membership in the Federal Reserve System had served as a Class B director since January during the period July 16, 1944,10 August 15, 1, 1941. 1944, inclusive: The Federal Reserve Bank of Boston on September 7, 1944, announced the election of Mr. Idaho Laurence F. Whittemore, Assistant to President, Challis—Custer County Bank Boston and Maine Railroad, Boston, Massachusetts, as a Class B director of the Bank to Illinois fill the unexpired portion of the term ending Saybrook—State Bank of Saybrook December 31, 1945. Mr. Whittemore succeeds Mr. Edward J. Frost, deceased. Missouri Stockton—Sac River Valley Bank Death of Director New York Clarence H. Adams, President, International Luzerne—The Luzerne-Hadley Bank Trust Company, Denver, Colorado, who had served as a director of the Denver Branch of Ohio the Federal Reserve Bank of Kansas City since Corning—The Bank of Corning Company January 14, 1943, died on August 25, 1944. Ottoville—The Ottoville Bank Company Appointment of Branch Director Tennessee The Board of Governors of the Federal Re- Mt. Pleasant—Farmers and Merchants Bank serve System on September 8, 1944, announced Wisconsin the appointment of Mr. Roscoe Stcne of Hickman, Kentucky, as a director of the Louisville Cleveland—Cleveland State Bank Branch of the Federal Reserve Bank of St. Louis Delavan—Wisconsin State Bank 880 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Corn-piled August 22, and released for publication August 26. Figures shown on charts may differ from preliminary figures used in text. Industrial production and employment de- food products declined slightly. Cotton conclined slightly further in July. Wholesale sumption showed little change from the rate commodity prices generally continued to show of the last two months. Activity in the rubber little change, while the cost of living increased products industry continued to decline slightly somewhat. in July and supplies of heavy truck and bus tires available for civilians during the third quarter INDUSTRIAL PRODUCTION were substantially below estimated needs. Out- Output at factories and mines continued to de- put of chemicals likewise continued to decline cline slightly in July and the Board's seasonally slightly. adjusted index was 133 per cent of the 1935-39 Crude petroleum output and metal mining average as compared with 135 in June. The were maintained in large volume during July. decrease in industrial production largely re- Coal production dropped 5 per cent from the flected small declines in a number of industries level of the preceding month, but for the year due to continued minor readjustments in the through August 12. was approximately 8 per munitions program and to manpower shortages. cent above the corresponding period of last Output of steel and of nonferrous metals year, reflecting uninterrupted operations, longer declined further in July to levels respectively 8 working hours, and a great expansion of strip per cent and 10 per cent below the high levels of mining. last autumn. A small decrease in activity in So far this year the value of construction contransportation equipment industries reflected tracts awarded, as reported by the F. W. Dodge partly the indirect effects of manpower shortages Corporation for 37 States, has fluctuated around in foundries and continued readjustments in the 160 million dollars a month—the lowest level shipbuilding and aircraft industries. In August since early 1935. a cutback in aircraft production was announced which was expected to result in the immediate DISTRIBUTION release of 20,000 aircraft workers and the grad- Department store sales declined considerably ual release of 100,000 more during the balance less than is usual in July, and have continued in of this year. August at a higher level than a year ago. Production of manufactured dairy products Freight carloadings continued to rise in July and meats, after allowance for seasonal change, was maintained in July while output of other COST OF LIVING INDUSTRIAL PRODUCTION 80 - — — 180 P < E d R t > C O E LLY ADJUSTED, 1935- 39-IOfl PE 70 170 240 60 160 220 50 150 200 - / - 40 FOODS/ A ^*^ 140 180 - / - 30 130 - - 20 CLOTHING/ / 120 160 / LL ITEMS - i ir\ 1(0 140 140 RENT 120 - J - 120 100 '—iv.—"^r5—/MT*^^ ^ 100 - 90 90 100L I-' "M\ 80 - 80 1937 1938 1939 1940 1941 1942 1943 1944 1937 1938 1939 1940 1941 1942 1943 1944 Bureau of Labor Statistics' indexes. Last month in each calendar quarter through September 1940, monthly thereafter. Midmonth Federal Reserve index. Monthly figures, latest shown is for July0 figures, latest shown are for July. 88i SEPTEMBER 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS and were maintained at a high level during the quired reserves; the rapid outflow of currency first two weeks in August. There were consid- into circulation was renewed; and excess reserves erable increases in shipments of grain, forest declined. products, and miscellaneous freight, offset In the five weeks from July ii through August partly by a small decrease in coal shipments. 16 loans to brokers and dealers for purchasing and carrying Government securities declined 500 AGRICULTURE million dollars to about the predrive level. Dry weather during July in the east central Loans to others for purchasing and carrying area has reduced somewhat national prospects Government securities declined about the same for corn, hay, and potatoes. Aggregate crop amount, but are still considerably larger than production, however, is likely to exceed last before the drive. Commercial loans continued year by 5 per cent, reflecting chiefly a record to show little change. wheat crop 35 per cent larger than last year. Treasury war-loan balances at all depositories Total production of all feed grains is esti- declined in the five-week period by z.7 billion mated at 112. million tons compared with 115 dollars. At weekly reporting banks, Governmillion produced in 1943. While hay produc- ment deposits fell by x.2. billion during the same tion, except in the drought areas, has been large, period and adjusted demand deposits increased it will provide a smaller supply per animal unit by 1.4 billion. Time deposits continued the than has been available in any of the last six steady increase that has been in progress for years. more than a year. Crop prospects for most fruits and vegetables, Following a slackened rate of outflow during except potatoes, are better than last year. To- the war loan drive, currency renewed its rapid bacco production is indicated as being above outflow and in the next few weeks increased at average and cotton yields may be good as dry a rate of about 500 million dollars a month. weather has held the boll weevil in check. The resulting drain on bank reserves and the increase in required reserves were met in part by pur- BANK CREDIT chases of Government securities by the Reserve In the five weeks following the close of the Banks and in part by a decline in excess reserves. Fifth War Loan Drive, loans by banks for pur- Weekly average excess reserves of all member chasing and carrying U. S. Government securi- banks declined about 300 million dollars from ties declined sharply; calls on war loan deposits their peak during the war loan drive and and subsequent Treasury expenditures increased amounted close to 1.1 billion dollars in midadjusted demand deposits and consequently re- August. The rate of decline was about the MEMBER BANKS IN LEADING CITIES same at reserve city and at country banks. MEMBER BANK RESERVES AND RELATED ITEMS 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 for Aug. 23. Wednesday figures, latest shown are for Aug. 23. 88z FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES Member bank reserves, Reserve Bank credit, and related items. . . 885 Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements. . 886 Federal Reserve Bank statistics.... 887-891 Guaranteed war production loans 891 Deposits and reserves of member banks. 891-892 Money in circulation 893-894 Gold stock; bank debits and deposit turnover 894 Deposits and currency; Postal Savings System; bank suspensions. 895 All banks in the United States, by classes 896-897 All insured commercial banks in the United States, by classes . 898-899 Weekly reporting member banks 900-903 Commercial paper, bankers' acceptances, and brokers' balances. . 904 Money rates and bond yields . . . 905 Security markets. . 906-907 Corporate profits. . 908 Treasury finance 909-911 Government corporations and credit agencies. 912. Business indexes 913-922. Department store statistics. 9x3-92.5 Consumer credit statistics. . 926-927 Wholesale prices 928 August crop report, by Federal Reserve districts. 929 Current statistics for Federal Reserve chart book . 93°~93I Member bank operating ratios, 1943 932-~934 Changes in number of banking offices in the United States. 935 Tables on the following pages include the principal available statistics of current significance re'«irmg to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned; data on money and security markets and 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 ?.{oncta^y Statistics; back figures for most other tables may be obtained from earlier BULLETINS. SEPTEMBER 1944 883 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OP DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS MONEY IN "I CIRCULATION/ 1938 1939 1940 1941 1942 1943 1944 Wednesday figures, latest shown are for Aug. 23. See p. 885. 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 millons of dollars] Reserve Bank credit outstanding Member bank reserve Date c v o a D a a n u n i d c n s d - e - ts s T U o . t a S l s . e G T cu r o b u e r v i r i a l e t y l s i r s - e n s me A nt ll ot A h l e l r1 Total s G to o c l k d T s r r t e c u o i a e n n u r u n a y g r c t d s - - y - - M i c n t u i o c o l n a i n e r - - y T i c h r n u a o e g r s l a y s h d s - - F u T B p e r w s y o r d a R e e i s e r n e t d a v i r h k - t e s a e s s - - l b p m N e o r o e s m n i d t - e s - - c O s F o e e R a t e u r r h c v e d a n - e - e l - t r s Tot b a a l lan E ce x s cess and other certificates Monthly averages of daily figures: 1943—May 18 6,276 3,299 2,977 387 6,681 22,451 4,041 16,815 2,252 433 1,336 312 12,024 1,730 June 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 July 13 7,675 5,460 2,215 508 8,197 22,360 4,086 17,681 2,272 454 1,497 330 12,410 1,327 1944—May 160 13,716 11,103 2,614 387 14,264 21,343 4,097 r21,822 r2,325 318 1,922 355 12,962 868 June 155 14,920 12,279 2,641 420 15,495 21,214 4,104 r22,296 r2,334 347 1 953 364 13,518 1,081 July 35 14,745 12,176 2,569 421 15,201 21,077 4,108 22,580 2,317 396 1^829 364 12,900 1^232 End of month figures: 1943—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 July 31 16 8,187 5,988 2,199 483 8,685 22,335 4,086 17,955 2,264 345 1,622 330 12,590 1,268 1944—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 July 31 37 14,915 12,447 2,468 374 15,325 20,996 4,109 22,699 2,346 388 1,779 363 12,855 1,188 Wednesday figures: 1943—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 ,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,C93 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 L,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 ,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 L.O77 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 ,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 ,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 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 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 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 1,059 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 1,213 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 1,239 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 1,470 July 12 45 14,816 12,174 2,642 374 15,236 21,114 4,107 C22,561 2,303 517 1,863 364 12,849 1,563 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 1,462 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 1,280 Aug. 2 36 14,891 12,429 2,462 321 15,249 20,996 4,112 22,734 2,339 261 1,771 368 12,884 1,190 Aug. 9 62 15,222 12,781 2,441 319 15,604 20,996 4,108 22,910 2,340 487 1,790 371 12,810 1,049 Aug. 16 53 15,231 12,828 2,404 397 15,682 20,998 4,109 23,020 2,345 317 1,804 368 12,935 1.001 Aug. 23 107 15,592 13,226 2,366 300 15,999 20,947 4,112 23,047 2,404 549 1,766 370 12,922 868 i cCorrected. r Revised. 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. 88^ SEPTEMBER 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect August 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 Government obligations secured by direct obligations of the U. S. Advances secured by maturing or callable (last par. Sec. 13) Federal Reserve Bank G t o io v n e s r n m m a e t n u t r i o n b g l i o g r a- beyond one year and Other secured advances callable in one year discounts of and [Sec. 10(b)J or less (Sec. 13) advances secured by (Se e e li s g . i 1 b 3 le a p n a d p 1 er 3a)1 To uonmember 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 Oct. 30, 1942 Philadelphia.. Oct. 17, 1942 Mar. 21, 1942 Oct. 17, 1942 Mar. 21, 1942 2 Oct. 17, 1942 Cleveland Oct. 27, 1942 Apr. 11, 1942 Sept. 12, 1942 Apr. 11, 1942 2 Oct. 27, 1942 Richmond Oct. 28, 1942 Mar. 14, 1942 Oct. 28, 1942 Mar. 14, 1942 Oct. 28, 1942 Atlanta Oct. 15, 1942 Mar. 21, 1942 Oct. 15, 1942 Sept. 16, 1939 Oct. 15, 1942 Chicago Oct. 17, 1942 Feb. 28, 1942 Aug. 29, 1942 Sept. 1, 1939 2 Oct. 17, 1942 St. Louis Oct. 27, 1942 Mar. 14, 1942 Mar. 14, 1942 Sept. 16, 1939 k Oct. 27, 1942 Minneapolis.. Oct. 30, 1942 Mar. 28, 1942 Oct. 30, 1942 Mar. 28, 1942 Oct. 30, 1942 Kansas City.. Oct. 27, 1942 Apr. 11, 1942 Oct. 27, 1942 Sept. 16, 1939 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 = NOTI gage Cor] medii (exce,, 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 A R u a g t u e s t o 3 n 1 In g i e n f n fe in c g t — be- Pre r v at i e ous [In effect August 31. Per cent per annum] Treasury bills1 H Apr. 30, 1942 To industrial or Bankers' acceptances:2 commercial To financing institutions 1- 90 days Oct. 20, 1933 1 businesses 91-120 days Oct. 20,1933 1 121-180 days \ Oct. 20, 1933 Discounts or Federal Reserve purchases 1 Established rate at which Federal Reserve Banks stand ready to buy Bank a i u m f l p l a o d t T n e u r s r e i i r r a t e e y s q d u u a r e b y t s y t t b h t i b e l h e l e s f s o a o s r m e e ff l e e l m e r r e r a , d a t t . e w u r e o i E r t f e y f f d , m e i c s w a t c i d o v o e u e u l n d o A t n . u s e g c l S o . l i n 3 n b d , c a i e t c 1 i k o 9 M n 42 a b , y i t l h p ls 1 a u t 5 r c o , h f t 1 h a 9 s e l 4 i e k s 3 R e , e o a s a f l e m l r s v o p u e u u c n h rc B t h b a a a i n s n ll k e d s s , , lo ° a n ns1 co m m O e m n n t i s t- fo i p r n o s w O r ti t h n t io u ic n - h m O a n in r i e n - g m O it n m c e o n m ts ha 2 v e M b i e n e im n u m m a d b e u s y u in b g je c r t a t t e o s r o ep n u p rc ri h m as e e b o a p n t k io e n r . s' acceptances. ob ti l o ig n a t i e s d portion Back figures.—See Banking and Monetary Statistics, Table 117, pp. 443-445- MEMBER BANK RESERVE REQUIREMENTS Boston I? New York V2-IH [Per cent of deposits] Philadelphia V2-1H Cleveland V2-1K Net demand deposits1 Time Richmond deposits Atlanta (all Chicago K5 C re h e c s a n e i n t r t r y v k a e s l R b e c s a i e n t r y k ve s Co b u a n n t k ry s m ba e n m k b s e ) r M St i . n L n o ea u p is olis i-iy 2 Kansas City 2H-5 J A u u n g e . 2 1 1 6 , , 1 1 9 9 1 3 7 6 - - A F u e g b . . 2 1 8 5 , , 1 1 9 9 3 3 6 7 13i 1 1 0 5 ^ ¥3 D Sa a n ll a F s rancisco 2 2 3 K ^ - - 5 5 ft Mar. 1, 1937-Apr. 30, 1937 22M May 1, 1937-Apr. 15, 1938 26 20 14 1 Including loans made in participation with financing institutions. Apr. 16, 1938-Oct. 31, 1941 22% 12' 5 2 Rate charged borrower less commitment rate. Nov. 1, 1941-Aug. 19, 1942 26 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 6 5 Financing institution is charged \i per cent on uadisbursed 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 1 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 e o c c f o A G rd c o a t v n e o c r f e n o 1 w 9 rs 3 i 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 9 t r . 3 . 6 3 1 1 - , , E N ff o 1 e 9 v c 3 . t 7 i 1 v , e N Ja o n v . . 3 1 1 , , 1 1 9 9 3 3 5 3- F D e e b c . . 1 31 ,1 , 9 1 3 9 5 3 - 5 Ja E n ff . e 1 c ,1 ti 9 v 3 e 6 1937 Savings deposits Postal savings deposits... For extensions of credit by brokers and dealers on Other deposits payable: listed securities, under Regulation T 4 40 In 6 months or more VA F F o o r r l s o h a o n r s t b sa y l e b s a , n u k n s d e o r n R st e o g c u k l s a , t i u o n n d T er Regulation U.... ( 4 5 0 0 I I n n l 9 e 0 ss c l t a h y a s n to 9 0 6 d m ay o s nths. ly 1 3 55 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 ,oans to brokers and dealers. 886 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 Aug. 23 Aug. 16 Aug. 9 Aug. 2 July 26 July 19 July 12 July 5 July June July Assets Gold certificates on hand and due from U. S. Treasury 18,336,365 18,415,36518,417,36518,423,620 18,399,12518,453,125 18,528,125 18,,551,87518,396,12218,599,37S 20,108,216 Redemption fund—F.R. notes. 444,323! 417,036 416,748 412,185 425,735 423,915 420,533 417,450 427,226 410,317 54,527 Other cash 271,772) 270,009 273,331 279,731 290,304 286,656 276,023 271,256 280,944 277,364 345,067 Total reserves. 19,052,460 19,102,41019,107,444 19,115,536 19,115,16419,163,696 19,224,68119,240,58119,104,29219,287,056 20,507,810 Discounts and advances: For member banks 105,554 52,374 60,680 35,224 36,220 38,030 44,225 21,095 36,114 12,530 15,810 For nonmember banks, etc 975 965 965 965 r965 900 900 900 965 150 50 Total discounts and advances 106,529 53,339 61,645 36,189 37,185 38,930 45,125 21,995 37,079 12,680 15,860 Industrial loans 10,353 10,330 10,774 10,901 10,749 10,945 11,176 11,145 10,838 11,084 11,910 U. S. Government securities; Direct: Bills: Under repurchase option — 4,276,439 3,867,068 3,838,942 3,546,431 3,522,649 3,353,682 3,519,732 3,492,099 3,563,858 3,655,233 3,802,847 Other 5,567,480 5,578,790 5,560,283 5,500,697 5,404,568 5,301,433 5,272,628 5,217,183 5,500,697 5,217,183 1,093,580 Certificates: Special Other 3,381,990 3,381,990 3,381,990 3,381,990 3,381,990 3,381,990 3,381,990 3,381,990 3,381,990 3,381,990 1,091,700 Notes 1,091,271 1,106,671 1,111,771 1,117,071 1,130,571 1,135,371 1,180,035 1,180,035 1,119,571 1,180,035 720,900 .Bonds 1,272,626 1,294,426 1,326,826 1,342,736 1,359,936 1,381,396 1,459,096 1,464,096 1,345,936 1,464,096 1,444,732 Guaranteed 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 33,116 Total U. S. Government securities, including guaranteed securities. 15,592,30615,231,445 15,222,312 14:,891, 425 14,802,21414,556,372 14,815,98114,737,90314,914,55214,901,037 8,186,875 Other Reserve Bank credit outstanding 289,539 386,796 309,429 310,005 273,712 392,395 363,301 314,434 362,948 347,317 470,771 Total Reserve Bank credit outstanding — 15,998,727 15,681,91015,604,160 15,248,520 15,123,86014,998,642 15,235,58315,085,47715,325,417 15,272,118 8,685,416 Liabilities Federal Reserve notes.. 19,521,28719,440,26519,331,77819,165,02118,995,287 18,980,88418,958,74918,971,66319,126,73418,898,960 14,364,033 Deposits: Member bank—reserve account 12,921,51512,934,74212,809,60112,884,22712,792,59312,754,049 12,849,307 12,986,91312,855,406 12,865,82612,590,491 U. S. Treasurer—general account 548,723 316,983 487,496 260,698 402,698 359,740 516,761 219,248 387,851 650,457 344,900 Foreign 1,404,544 1,440,318 1,446,333 1,431,317 1,414,721 1,461,908 1,487,693 1,470,508 1,443,743 1,507,511 1,217,288 Other deposits 361,793 363,628 343,749 339,587 358,354 335,756 375,130 390,528 335,290 362,493 404,798 Total deposits., 15,236,57515,055,67115,087,179 14,915,829 14,968,36614,911,45315,228,89115,067,19715,022,290 15,386,28714,557,477 Ratio of total reservesto deposit and F.R. note liabilities combined (per cent) 54.8 55.4 55.5 56.1 56.3 56.5 56.2 56.5 70.9 r Revised, MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total 1 W 5 i d th ay in s 1 d 6 a t y o s 30 31 d a to y s 60 61 d t a o y s 90 9 m 1 o to d n a 6 t y h s s 6 m 1 o t y o n e a th r s 1 ! 2 l y y t e e o a ar rs 5 2 y y t e e o a a r rs s 5 O y v e e a r rs I Discounts and advances: July 26 37,185 25,375 1,175 2,440 8,195 Aug. 2 36,189 15,629 2,825 5,945 11,790 Aug. 9 61,645 41,110 2,530 5,865 12,140 Aug. 16 53,339 32,655 5,244 7,420 8,020 Aug. 23 106,529 83,649 3,8801 5,950 13,050 Industrial loans: July 26 10,749 9,685 18 464 196 210 70 Aug. 2 10,901 9,832 466 17 201| 213 70! Aus. 9 10,774 9,695 460| 17 221 210 70; Aug. 16 10,330 9,911 3 27 13! 206 70 i Aug. 23 -.. 10,353 9,586 22 9! 558| 691 U. S. Government securities, including guaranteed securities: 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 Aug. 2 14,891,425 1,749,562 2,136,115 3,752,075 2,594,076 583,500 2,100,461 17,8OO| 941,802 1,016,034 Aug. 9 15,222,312 1,976,485 2,212,286 3,699,509 2,695,645 583,500 2,100,461 17,8001 936,502 1,000,124 Aug. 16 15,231,445 2,155,186 2,263,329 3,475,756 2,736,287 646,930| 2,097,961 17,800j 931,402 906,794 Aug. 23 15,592,306 2,885,956| 1,678,253 3,581,197 2,883,213! 646,930 2,097,961 17,800 915,002 885,994 887 SEPTEMBER 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston Y N o ew rk d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t i . s 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 - Gold ctfs. on hand and due from U. S.Treas. July 26 18,399,125 985,6174,830,996 940,3701,490,601 990,634 909,971 3,577,449 614,162 359,790 687,581 494,,,811 2,517,143 Aug. 2 18,423,620 1,002,4414,834,178 904,4351,465,988 988,793 917, ,559,669 609,534 365,339 667,225 534,6072,573,845 A A u u g g . . 1 9 6 1 18 8 , , 4 4 1 1 5 7 , , 3 3 6 6 5 5 1,0 9 0 8 0 4 , , 6 3 9 66 34, , 6 5 5 9 4 5 , , 9 09 8 5 1 9 9 1 3 5 0, , 9 5 3 4: 9 1,451,! 1 1 , , 0 0 0 2 9 6 , , 4 5 8 5 7 9 9 9 4 49 0 , , 0 2" 5 6 5 9" 3 33, , 5 5 8 6 5 9 , , 5 4 0 8 1 5 6 64 3 5 6 , , 1 3 1 9 7 2 3 3 7 6 0 7 , , 3 2 5 0 2 4 7 7 1 1 5 3 , ,9 7 4 0 8 6 5 54 4 7 3 , , 8 3( 3 77 3 0' 2 2 , , ,6 5 1 9 1 6 , , 9 6 7 4 7 3 Aug. 23 18,336,365 977,6474,590,831 927,0481,471,1951,045,142 948, ,478,046 630,813 355,454 719,719 544 c ,,003 2,610,536 Redemption fund— 1,508,814 F. R. notes: 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 Aug. 2 412,185 27,722 84,503 35,175 35,338 27,755 25,518 55,483 28,580 11,486 17,416 12,917 50,292 Aug. 9 416,748 27,651 84,256 35,555 40,500 27,093 25,412 55,381 28,547 11,477 17,391 13,391 50,094 Aug. 16 417,036 27,574 83,963 35,427 40,392 28,383 25,299 55,271 28,508 11,466 17,367 13,361 50,025 Aug. 23 444,323 29,491 103,699 35,320 40,278 29,742 25,180 60,076 28,469 11,445 17,333 13,329 49,961 Other cash: 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 Aug. 2 279,731 19,523 69,484 22,753 21,870 17,070 20,593 40,627 12,454 6,403 13,442 8,406 27,106 Aug. 9 273,331 18,999 68,841 21,480 23,491 14,828 19,515 38,759 12,497 6,120 13,187 8,237 27,377 Aug. 16 270,009 18,881 66,260 21,398 21,640 14/280 21,790 36,055 12,533 6,034 14,109 8,661 28,368 Aug. 23 271,772 18,639 67,489 21,219 23,289 13,249 21,175 36,694 12,832 6,220 13,744 8,205 29,017 Total reserves: July 26 19,115,164 ,033,127 5,004,014 997,6561,549,443 1,037,490 956,8313,674,657 656,141 377,752 715,295 516i,,934 2,595,824 Aug. 2 19,115,536 ,049,686 4,988,165 962,3631,523,1961,033,618 963,6773,655,779 650,568 383,228 698,083 555,930 2,651,243 Aug. 9 19,107,444 ,047,3434,808,078 987,9741,515,0111,051,408 984,9823,663,625 677,436 387,949 744,526 564:,,998 2,674,114 Aug. 16 19,102,410 ,030,8214,745,318 972,3681,533,2271,069,222 996,358 3,676,827 686,158 384,704 747,182 569>,,855 2,690,370 Aug. 23 19,052,460 ,025, 77^7 4,762,019 983,5871,572,3811,088,133 994,667 3,574,816 672,114 373,119 750,796 565,5372,689,514 Discounts & advances: Secured by U. S. Govt. securities: July 26 37,185 2,275 19,615 4,200 1,720 925 3,300 4,820 330 Aug. 2 36,189 2,035 9,815 2,705 1,859 2,925 4,800 9,220 2,330 500 Aug. 9 61,645 2,285 34,675 3,170 445 2,245 2,925 4,800 8,170 2,430 500 Aug. 16 53,339 6,905 22,325 2,555 5,245 2,259 2,800 4,800 5,520 430 500 Aug. 23 106,529 4,505 53,770 5,260 4,300 2,819 2,750 4,700 21,420 6,430 75 500 Other: July 26 Aug. 2 Aug. 9 Aug. 16 Aug. 23 Total discounts and advances: July 26 37,185 2,275 19,615 4,200 1,720 925 3,300 4,820 330 Aug. 2 36,189 2,035 9,815 2,705 1,859 2,925 4,800 9,220 2,330 500 Aug. 9 61,645 2, 34,675 3,170 445 2,245 2,925 4,800 8,170 2,430 500 Aug. 16 53,339 6,905 22,325 2,555 5,245 2,259 2,800 4,800 5,520 430 500 Aug. 23 106,529 4,505 53,770 5,260 4,300 2,819 2,750 4,700 21,420 6,430 75 500 Industrial loans: July 26 10,749 1,533 89 4,359 355 187 33 198 25 3,970 Aug. 2 10,901 1,533 89 4,521 350 175 33 205 25 3,970 Aug. 9 10,774 1,530 89 4,367 364 174 33 222 25 3,970 Aug. 16 10,330 1,523 89 4,121 350 174 32 21 25 3,995 Aug. 23 10,353 1,523 89 4,119 350 174 32 21 25 4,020 U. S. Govt. securities: Bills: Under repurchase option: 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 Aug. 2 3,546,431 85,476 2",021,094 160,871 65,667 39,323 27,200 737,782 112,404 32,168 60,137 18,254 186,055 Aug. 9 3,838,942 83,1222,299,659 166,364 100,300 41,938 26,712 761,949 91,884 32,493 40,327 21,149 173,045 Aug. 16 3,867,068 111,942 2",255,801 185,034 79,860 36,673 24,924 799,679 96,290 38,568 31,678 14,234 192,385 Aug. 23 4,276,439 144,734 2,389,047 190,952 78,775 34,435 34,355 937,593 123,512 61,063 38,054 19,969 223,950 Other bills: July 26 5,404,568 409,3151,135,467 444,412 604,323 356,415 331,581 601,691 260,981 160,472 282,086 243,919 573,906 Aug. 2 5,500,697 416,5841,157,110 452,284 614,824 362,545 337,055 612,503 265,552 163,365 287,021 248,158 583,696 Aug. 9 5,560,283 421,086 1,170,490 457,166 621,339 366,350 340,456 619,199 268,389 165,157 290,086 250,791 589,774 Aug. 16 5,578,790 422,4931,173,967 458,694 623,480 367,631 341,712 621,232 269,299 165,696 291,073 251,654 591,859 m Aug. 23 5,567,480 421,6471,170,507 457,786 622,400 367,042 341,337 619,T" 268,809 165,332 290,544 251,216 590,971 Certificates: 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 Aug. 2 3,381,990 256,128 711,421 278,075 378,012 222,904 207,229 376,582 163,274 100,439 176,472 152,577 358,877 Aug. 9 3,381,990 256,125 711,943 278,063 377,922 222,828 207,080 376,625 163,245 100,452 176,439 152,538 358,730 Aug. 16 3,381,990 256,127 711,687 278,073 377,964 222,864 207,154 376,601 163,262 100,446 176,456 152,555 358,801 Aug. 23 3,381,990 256,133 711,033 278,090 378,080 222,958 207,344 376,555 163,291 100,427 176,493 152,601 358,985 Notes: 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 Aug. 2 1,119,571 84, 235,510 92,055 125,137 73,790 68,602 124,664 54,048 33,250 58,418 50,508 118,801 Aug. 9 1,114,271 84,385 234,564 91,615 124,515 73,416 68,227 124,086 53,785 33,097 58,133 50,258 118,190 Aug. 16 1,109,171 84,000 233,407 91,197 123,960 73,092 67,939 123,513 53,542 32,943 57,871 50,034 117,673 Aug. 23 1,093,771 82,836 229,954 89,935 122,275 72,108 67,058 121,782 52,809 32,481 57,080 49,353 116,100 Bonds: 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 Aug. 2 1,342,736 101,689 282,454 110,404 150,080 88,498 82,276 149,514 64,822 39,878 70,063 60,576 142,48'2 Aug. 9 1,326,826 100,482 279,309 109,092 148,267 87,421 81,241 147,757 64,044 39,411 69,222 59,845 140,735 Aug. 16 1,294,426 98,029 272,391 106,429 144,664 85,300 79,286 144,142 62,485 38,446 67,537 58,390 137,327 Aug. 23 1,272,626 96,381 267,557 104,642 142,269 83,899 78,023 141,696 61,445 37,792 66,413 57,423 135,086 Total U. S. Govt. sec, incl. guar. sec: July 26 14,802,214 949,242 4,373,761 1,068,5601,326,776 781,985 724,595 2,000,347 645,442 361,934 635,972 527,903 1,405,697 Aug. 2 14,891,425 944,665 4,407,589 1,093,6891,333,720 787,060 722,36212,001,045 660,100 369,100 652,111 530,073 1,389,911 Aug. 9 15,222,312 945,200 ,695,965 1,102,300 1,372,343 791,953 723,716 2,029,616 641,347 370,610 634,207 534,5811,380,474 Aug. 16 15,231,445 972,5914,647,253 1,119,427:1,349,928 785,560 721,015 2,065,167 644,878 376,099 624,615 526,8671,398,045 Aug. 23 15,592,306 ,001,7314,768,098 1,121,405|1,343,799 780,442 728,117 2,197,515 669,866 397,095 628,584 530, 562 1,425,092 888 FEDEBAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - . K C an it s y as Dallas F c S r is a a c n n o - Total loans and sec: July 26 14,850,148 953,050 4,,393,465 1,077,119 ,327,131 783,892 725,553 ,003,647 650,262 362,132 636,327 527,9031,409,667 Aug. 2 14,938,515 948,233 4,417,493 1,100,915 ,334,070 789,094 725,320 ,005,845 669,320 369,305 654,466 530,0731,394,381 Aug. 9 15,294,731 949,015 4,i730,729 1,109,837 ,373,152 794,372 726,674 ,034,416 649,517 370,832 636,662 534,5811,384,944 Aug. 16 15,295,114 981,019 4,669,667 1,126,103 ,355,523 787,993 723,847 ,069,967 650,398 376,120 625,070 526,8671,402,540 Aug. 23 15,709,188 ,007,759 4,;821,957 1,130,784 ,348,449 783,435 730,899 ,202,215 691,286 397,116 635,039 530,6371,429,612 Due from foreign banks: July 26 136 10 149 12 12 6 4 17 4 3 4 4 11 Aug. 2 136 10 149 12 12 6 4 17 4 3 4 4 11 Aug. 9 136 10 149 12 12 6 4 17 4 3 4 4 11 Aug. 16 136 10 149 12 12 6 4 17 4 3 4 4 11 Aug. 23 136 10 149 12 12 6 4 17 3 4 11 Federal Reserve notes of other banks: July 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 Aug. 2 84,634 1,660 13,644 3,614 3,007 8,778 6,906 8,855 5,560 4,847 5,602 3,139 19,022 Aug. 9 78,250 1,324 12,104 2,405 2,610 7,960 6,813 8,365 5,360 4,593 6,200 2,949 17,567 Aug. 16 79,861 1,594 13,196 2,447 2,983 6,999 7,064 8,605 5,360 4,329 6,409 3,060 17,815 Aug. 23 76,733 1,584 12,170 2,708 2,951 6,102 6,732 8,282 5,743 3,020 6,223 2,910 18,308 Uncollected items: July 26 1,621,251 113,421 329,626 96,849 159,757 115,594 86,365 272,302 65,915 36,248 79,602 71,110 194,462 Aug. 2 1,691,621 119,703 377,009 104,852 175,973 121,672 92,307 274,101 64,131 33,574 80,570 58,196 189,533 Aug. 9 1,543,047 106,268 310,613 112,168 145,751 105,059 92,918 255,234 68,986 37,272 83,890 58,179 166,709 Aug. 16 1,851,865 117,702 417,134 106,632 200,923 127,847 91,410 330,163 81,947 38,467 92,705 63,322 183,613 Aug. 23 1,599,571 107,182 331,171 106,856 175,319 114,513 87,436 256,993 67,964 34,' 98,303 59,224 159,622 Bank premises: July 26 34,665 1,638 9,002 3,516 4,148 2,887 1,629 2,912 2,041 1,266 2,700 947 1,979 Aug. 2 34,617 1,633 8,983 3,516 4,148 2,887 1,629 2,906 2,039 1,264 2,693 940 1,979 Aug. 9 34,617 1,633 8,983 3,516 4,148 2,887 1,629 2,906 2,039 1,264 2,693 940 1,979 Aug. 16 34,617 1,633 8,983 3,516 4,148 2,887 1,629 2,906 2,039 1,264 2,693 940 1,979 Aug. 23.. 34,607 1,633 8,983 3,516 4,139 2,887 1,628 2,906 2,039 1,264 2,693 940 1,979 Other assets: July 26, 64,601 4,582 13,087 4,765 7,500 4,570 3,816 7,837 3,239 1,892 3,247 2,972 7,094 Aug. 2 63,086 4,520 12,457 4,687 7,379 4,457 3,707 7,549 3,290 1,872 3,274 2,764 7,130 Aug. 9 64,004 4,582 12,415 4,780 7,455 4,580 3,768 7,812 3,295 1,917 3,317 2,824 7,259 Aug. 16 65,450 4,744 12,899 4,887 7,658 4,723 3,908 7,834 3,339 1,967 3,358 2,934 7,199 Aug. 23 65,493 4,655 12,598 4,967 7,542 4,627 3,984 8,006 3,303 2,059 3,304 2,938 7,510 Total assets: July 26..... 35,775,363 ,107,6789,764,628 ,183,057 ,051,540 ,955,396 ,781,395 ,970,771 ,383,227 784,066 ,444,324 ,123,420 ,225,861 Aug. 2 35,928,145 ,125,4459,817,8002,179,959 ,047,785 ,960,512 ,793,550 ,955,052 ,394,912 794,093 ,444,692 151,046 ,263,299 Aug. 9 36,122,229 ,110, " ,882,9712,220,692 ,048,139 ,966,272 ,816,788 ,972,375 ,406,637 803,830 ,477,292 164,475 ,252,583 Aug. 16 36,429,453 ,137,5239,867,2462,215,965 104,474 ,999,677 ,824,220 ,096,319 ,429,245 806,854 ,477,421 ,166,982 ,303,527 Aug. 23... 36,538,188 ,148,600 9",,948,9472,232,430 110,793 ,999,703 ,825,350 ,053,235 ,442,453 811,569 ,496,362 162,190 ,306,556 Liabilities Federal Reserve notes: July 26 18,995,287 ,240,6314,247,7071,266,3281,685,713 ,230,277 $8,956 ,524,019 800,014 420,592 697,703 464,802 :, 328,545 Aug. 2 19,165,021 ,247,092 4,279,1711,271,555 ,694,233 ,245,5721,112,785 ,544,041 810,569 422,083 713,269 480,029 ,344,622 Aug. 9 19,331,778 ,255,185 4,299,9331,282,2951,708,236 ,254,5001,118,771 ,572,547 813,696 425,412 716,277 481,531 ,403,395 Aug. 16 19,440,265 ,260,064 4,328,0651,290,472 ,720,493 ,264,7501,121,636 ,594,525 816,900 427,961 718,139 481,308 ,415,952 Aug. 23 19,521,287 ,265,787 4,351,0791,295,3401,728,778 ,274,655 ,118,256 ,614,610 816,655 430,880 718,932 479,596 :,426,719 Deposits: Member bank-reserve account: J A u u l g y . 2 2 6 1 1 2 2 , , 7 8 9 8 2 4 , , 5 2 9 2 3 7 6 6 1 1 2 0 , ,5 7 7 9 9 3 4 4;, , 2 5 1 2 9 , 7 0 , 2 0 6 076 6 3 3 5 7 , , 4 0 7 7 6 01, , 0 0 1 1 0 5 , , 5 0 1 8 1 6 5 51 1 2 8 , , 4 8 4 2 5 4 5 5 2 2 6 2 , ,7 4 3 7 9 4 , ,9 9 5 6 6 4 , , 8 9 8 5 8 9 4 4 4 3 5 5 , , 5 2 0 2 6 0 2 2 8 8 1 4 , , 3 8 0 9 1 7 6 5 0 8 1 9, , 0 4 5 5 5 4 5 5 2 6 6 0 , , 8 1 8 4 5 2 , , 4 5 6 1 9 0 , , 0 4 4 4 2 1 Aug. 9 12,809,601 594,832 4:, 175,482636,254 ,004,026 525,396 550,104 ,931,775 453,244 280,381 611,588 571,102 ,475,417 Aug. 16 12,934,742 612,395 1,163,102 640,4361,014,040 525,074 549,153 ,976,110 462,706 287,932 610,560 565,968 ,527,266 Aug. 23 12,921,515 625,056 4,205,613 641,273 ,012,874 525,477 533,091 ,945,526 459,881 282,123 614,058 555,181 ,521,362 U. S. Treasurergeneral account: July 26, 402,698 22,572 106,982 25,700 41,481 23,606 23,765 35,711 10,969 8,965 13,988 13,576 75,383 Aug. 2 260,698 26,813 45,501 11,600 21,300 19,437 12,026 19,680 17,153 13,649 1,088 7,270 65,181 Aug. 9 487,496 27,812 203,973 46,113 40,156 17,234 14,771 38,029 13,953 24,278 19,221 5,034 36,922 Aug. 16 316,983 23,914 108,311 20,068 23,'-" 20,716 5,053 48,081 10,795 15,048 9,873 5,•" " 25,990 Aug. 23 548,723 29,148 161,636 35,042 50,730 20,674 34,206 61,002 41,767 27,195 24,808 19,981 42,534 Foreign: July 26 1,414,721 97,569 2538,922 126,486 122,362 54,994 43,995 170,481 42,620 30,247 39,871 39,871 107,303 Aug. 2 1,431,317 98,345 2545,457 127,995 123,822 55,650 44,520 172,516 43,129 30,608 40,346 40,346 108,583 Aug. 9. 1,446,333 100,058 2544,749 130,273 126,025 56,640 45,312 175,585 43,896 31,117 41,064 41,064 110,550 Aug. 16 1,440,318 100,065 2543,968 129,415 125,195 56,267 45,014 174,429 43,607 30,947 40,794 40,794 109,823 Aug. 23 1,404,544 96,957 2531,770 126,088 121,977 54,821 43,856 169,945 42,486 30,152 39,745 39,745 107,002 Other deposits: July 26 358,354 4,156 255,780 9,122 8,423 4,226 7,217 12,993 10,840 3,001 1,949 4,204 36,443 Aug. 2 339,587 4,639 256,165 5,446 6,574 2,512 3,551 4,947 10,742 2,551 2,242 2,685 37,533 Aug. 9 343,749 4,926 261,327 6,316 6,667 2,231 2,570 4,633 9,183 2,352 2,381 3,"" 37,275 Aug. 16 363,628 4,857 265,534 14,000 3,633 6,382 4.852 10,066 2,450 2,957 6,240 36,799 Aug. 23 361,793 4,760 279,812 6', 885 6,739 1,617 2,750 4J201 9,836 1,817 2,967 3,091 37,318 Total deposits: July 26 14,968,366 734,8765,098,691 796,7841,187,352 601,650 601,4512,184,144 509,935 323,514 657,262 584,5361,688,171 Aug. 2 14,915,829 742,5905,099,149 782,1111,162,207 590,044 582,8362,154,031 506,244 331,705 632,731 610,4431,721,738 Aug. 9 15,087,179 727, 6"2"8" 5:,185,531 818,9561,176,874 601,501 612,7572,150,022 520,276 338,128 674,254 621,0881,660,164 Aug. 16 15,055,671 741,2315,080,91" 795,7771,176,721 605,690 605,6022,203,472 527,174 336,377 664,184 618,6501,699,878 Aug. 23 15,236,575 755,9215,178,831 809,2881,192,320 602,589 613,9032,180,674 553,970 341,287 681,578 617,9981,708,216 Deferred availability items: July 26 1,347,675 100,784 262,05' 79,568 134,60' 102,513 73,130 202,750 57,764 27,434 74,085 58,976 174,007 Aug. 2 1,381,752 : 104,301 283,006 85,756 147,336 103,804 80,305 196,709 62,456 27,766 83,276 45,500 161,537 A A A u u u g g g . . . 2 1 9 3 6 1 1 1 , , , 2 4 3 3 6 1 3 5 0 , , , 2 7 1 0 5 6 5 4 8 1 9 9 0 3 5 4 , , , 1 7 5 0 3 8 1 7 7 3 2 2 0 4 6 0 0 1 , , , 3 6 1 1 0 1 5 6 4 8 8 7 9 6 8 , , , 0 9 7 0 9 5 3 6 8 1 1 1 1 4 6 8 5 3 , , , 3 8 0 5 5 7 1 2 6 1 1 8 0 0 9 7 1 , , , 1 9 1 6 6 9 5 0 6 6 7 7 7 9 4 , , , 2 2 7 0 0 8 3 6 4 1 2 1 3 8 9 7 9 7 , , , 8 4 3 2 1 4 ' 8 5 5 6 5 6 9 6 , , , 9 4 0 7 5 9 2 1 6 2 2 2 7 9 6 , , , 7 8 7 0 9 1 2 9 7 7 8 7 1 0 9 , , , 3 3 6 1 2 5 6 8 8 4 5 4 6 1 9 . , , 7 3 2 0 C 2 1 1 1 5 5 3 3 2 5 , , , 5 9 0 3 4 8 6 7 1 1 After deducting $87,000 participations of other Federal Reserve Banks. 2 After deducting $874,403,000 participations of other Federal Reserve Banks on July 26; $884,839,000 on Aug. 2; $900,583,000 on Aug. 9; $894,652,000 on Aug. 16; and $871,653,000 on Aug. 23. SEPTEMBER 1944 889 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS-Continued [In thousands of dollars] San Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S o t u . is M ap in o n li e s - K C an it s y as Dallas F ci r s a c n o - Other liabilities, including accrued div.: July 26 7,546 780 1,959 526 791 284 616 1,022 281 219 273 294 501 Aug. 2 6,916 717 1,794 514 725 348 282 1,044 279 180 303 193 537 Aug. 9 9,919 2,809 2,209 532 782 302 657 1,115 266 200 262 216 569 Aug. 16 7,708 761 2,375 513 671 397 282 1,068 251 202 277 259 652 Aug. 23 8,522 804 2,328 554 708 310 1,229 270 235 279 285 672 Total liabilities: July 26 35,318,874 2,077,0719,610,414 2,143,206 3,008,463 1,934,724 1,764,153 5,911,9351,367,994 771,7591,429,323 1,108,608 4,191,224 Aug. 2 35,469,518 2,094,700 9,663,120 2,139,936 3,004,5011,939,768 1,776,208 5,895,8251,379,548 781,7341,429,579 1,136, ,228,434 Aug. 9 35,662,630 2,079,359 9,727,988 2,180,579 3,004,744 11,945,463.1,799,388 5,913,1291,391,210 791,4421,462,1091,149,5554,217,664 Aug. 16 35,968,849 2,106,643 9,711,961 2,175,765 3,060,9611,978,802 1,806,726 6,036,8921,413,821 794,439 1,462,258 1,152!,, 01"8 4,268,563 Aug. 23 36,076,552 2,117,613 9,793,352 2,192,140 3,067,1571,978,750 1,807,791 5,993,8311,426,946 799,1191,481,117 1,147,,182 4,271,554 Capital Accounts Capital paid in: July 26 159,182 9,947 58,123 12,106 16,224 6,376 5,713 18,830 3,458 5,155 5,012 13,370 Aug. 2 159,252 9,948 58,124 12,119 16,231 6,381 5,716 18,838 4,870 3,460 5,160 5,012 13,393 Aug. 9 159,352 9,947 58,155 12,123 16,237 6,382 5,717 18,851 4'~~ 3,460 5,158 5,012 13,422 Aug. 16... 159,427 9,953 58,155 12,130 16,239 6,391 5,749 18,857 4, 3,461 5,158 5,012 13,433 Aug. 23 159,437 9,951 58,157 12,112 16,240 6,396 5,751 18,868 4,894 3,462 5,160 5,012 13,434 Surplus (section 7): July 26 188,097 13,206 70,012 17,859 16,026 5,236 5,725 26,490 6,330 3,669 4,554 4,831 14,159 Aug. 2 188,097 13,206 70,012 17,859 16,026! 5,236 5,725 26,490 6,330 3,669 4,554 4,831 14,159 Aug. 9 188,097 13,206 70,012 17,859 16,026 5,236 5,725 26,490 6,330 3,669 4,554 4,831 14,159 Aug. 16 188,097 13,206 70,012 17,859 16,026 5,236 5,725 26,490 6,330 3,669 4,554 4,831 14,159 Aug. 23 188,097 13,206 70,012 17,859 16,026 5,236 5,725 26,490 6,330 3,669 4,554 4,831 14,159 Surplus (section 13b): July 26 26,965 2,874 7,092 4,421 1,007 3,290 749 1,429 530 1,000 1,137 1,307 2,129 Aug. 2. 26,965 2,874 7,092 4,421 1,007 3,290 749 1,429 530 1,000 1,137 1,307 2,129 Aug. 9 26,965 2,874 7,092 4,421 1,007 3,290 749 1,429 530 1,000 1,137 1,307 2,129 Aug. 16 26,965 2,874 7,092 4,421 l,007| 3,290 749 1,429 530 1,000 1,137 1,307 2,129 Aug. 23 26,965 2,874 7,092 4,421 l,007| 3,290 749 1,429 530 1,000 1,137 1,307 2,129 Other capital accounts: July 26 82,245 4,580 18,987 5,465 9,820 5,770 5,055 12,087 3,505 4,180 4,155 3,662 4,979 Aug. 2 84,313 4,717 19,452 5,624 10,020 5,837 5,152 12,470 3,634 4,230 4,262 3,731 5,184 Aug. 9 85,185 4,789 19,724 5,710 10,125 5,901 5,209 12,476 3,679 4,259 4,334 3,770 5,209 Aug. 16 86,115 4,847 20,026 5,790 10,241 5,958 5,271 12,651 3,675 4,285 4,314 3,814 5,243 Aug. 23.^ 87,137 4,956 20,334 5,; 10,363 6,031 5,334 12,617 3,753 4,319 4,394 3,858 5,280 Total liabilities and capital accounts: July 26 35,775,363 2,107,678 9>, 7646,28 2,183,057 3,,051,5401,955,396 1,781,3955,970,7711,383,227 784,066 1,444,3241,123,420 4:, 225,863 Aug. 2 35,928,145 2,125,445 9',817,800 2,179,959 3,047,7851,960,5121,793,5505,955,0521,394,912 794,093 1,444,6921,151,046 4,,263,299 Aug. 9 36,122,229 2,110,175 9•,882,9712,220,6923,048,1391,966,2721,816,7885,972,3751,406,637 803,8301,477,2921,164,475 4r, 252,583 Aug. 16 36,429,453 2,137,523 9>,867,246 2,215,9"6"5 3,,104,4741,999,6771,824,220 6i,,096,319 1,429,245 806,8541,477,4211,166,982 4:, 303,527 Aug. 23 36,538,188 2,148,600 9',948, ,232,430 3,110,793 1,999,7031,825,350 6,,053,2351,442,453 811,569 1,496,3621,162,190 4:, 306,556 Commitments to make industrial loans: July 26 3,648 275 2,005 959 48 303 Aug. 2 3,920 275 •1,842 8991 48 798 Aug. 9 4,040 275 1,996| 885! 48 778 Aug. 16 3,960 275 1,942 884! 48 753 Aug. 23 3,878 275 1,937 83-1' 48! 726 FEDERAL RESERVE NOTES-FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS 'In thousands of dollars) Total Boston N Y e o w 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 o t u .# is M ap in o n li e s -K C an it s y as Dallas F c S r i a s a c n n o - Federal Reserve notes outstanding (issued to Bank): July 26 19,703,1921,283,675 4,423, 899 1,300,9121,727,1171,271,3241,152,674 3,598,716 840,480 430,315725,126 499,6112,449,343 Aug. 2 19,755,1251,287, ,447,3411,306,8311,731, ,270,9001,152,118 3,600,685 841,104 4311218 731,355 504,5372,449,743 A A u u g g . . 1 9 6 2 1 0 9 , , 0 9 2 1 6 0 , , 9 1 7 9 9 41 1 , , 2 2 9 9 1 7 , ,4 5 9 13 1 4 4 ,: , 4 4 8 6 6 5 ,2 ,2" 7 8 4 4 1 1 , , 3 3 2 2 0 3 , , 8 ^ 451 1 , , 7 7 5 4 6 1 , , 6 4 6 0 1 3 1 1 , , 2 2 9 8 2 2 , ,2 6 3 1 2 41 1 , , 1 1 6 5 6 7 , , 1 5 1 70 5 3 3 , ,, 6 6 5 2 2 6 , , 1 0 8 9 4 7 8 8 4 4 7 7 , ,0 25 5 8 9 4 43 3 3 3 , ,109 7 7 4 3 1 4 , , 0 1 5 2 2 8 5 5 1 0 0 9 , , 3 4 6 7 8 7 2 2 , , 5 4 2 9 2 8 , , 3 77 7 7 0 Aug. 23 20,107,5781,305, ,495,8861,327,976 1,762, 47"8 1,302, 458 '1,171,2873,668,760 849,744 437^ 739,783 511,2772,535,344 Collateral held against notes outstanding: Gold certificates: July 26 12,155,000 741,,000 2,770,000 610,000 1.,028,000 775,000 660,0002,520,000 375,,000216,000 430,000 256,000 1,774,000 Aug. 2 12,340 000 741,000 2,970,000 610,000 1,033,000 775,000 660,0002,540,000 375,000216,000 390,000 256,000 1,774,000 Aug. 9 12,123,000 741,000 2,820,000 627,000 949,000 775,000 660,0002,540,000 375,000216,000 390,000 256,000 1,774,000 Aug. 16 12,193,000 741,0002,820,000 627,000 959,000 775,000 670,0002,580,000375,000216,000 400,000 256,000 1,774,000 . Aug. 23 11,819,000 716,000 "2,,520,000 632,000 965,000 775,000 680,0002,510,000375,000216,000 400,000 256,000 1,774,000 Eligible paper: July 26 32,960 2,275 19,615 4,200 1,720 4,820 330 Aug. 2 27,964 2,035 9,815 2,705 1,859 9,220 2,330 Aug. 9 52,975 2,285 34,675 3,170 2,245 8,170 2,430 Aug. 16 39,994 6,905 22,325 2,555 2,259 5,520 430 Aug. 23 94,004 4,505 53,770 5,260 2,819 21,420 6,230 IT. S. Govt. securities: July 26 7,950,761 600,000 1,700,000 700,000 700,000 525,000 500,0001,100,000550,761 :25,000 300',,000250,000 800,000 Aug. 2 7,822,404 6001,,000 1,500,000 700,000 700,000 525,000 500,0001,100,000562,404 125,000350,000260,000 800,000 Aug. 9 8,101,884 600>,,000 1,700,000 700,000 800,000 525,000 500,0001,100,000541,884 !25,000350,000260,000 800,000 Aug. 16 8,131,290 600,1,000 1,700,000 700,000 800,000 550,000 500,0001,100,000546,290 125,000 350,000 260i,000 800,000 Aug. 23 8,548,512 6001,,000 2,000,000 700,000 800,000 550,000 500,000 1,190,000573,51" 125,000350,000 260,000 800,000 Total collateral: July 26 20,138,721 343,275 4,489,61 1,314,2001,728,0001,301,77:20 1,160,000 3,620,000 930,581 441,000730,330506,000 ,574,000 Aug 2 20,190,368 343,035 4,479,8151,312,7051,733,0001,301,8591,160,000 3,640,000946,62*14 441,000 742,330516,000 ,574,000 Aug. 9 20,277,859 ,343, 285 4,554,6751,330,1"7"0 1,749,0"0"0 1,302,245' ">,000 3640,000925054 441,000 742,430516,000 ,574,000 Aug. 16 20,364,284 347,9054,542,3251,329,5551,759,000 1,327,259 ),000 3680,000 926,810 441000 750,430 516,000 ,574,000 Aug. 23 20,461,516 ,320,505 4,573,7701,3372,6"0 '1,765,000 1,327,819 i, 180^000 37J00,000969,932 441,000 756230 516,000 ,574,000 890 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 BANKS UNDER REGULATION V Ap- W l e D a d s a p n t t e e e r d s i a d o ( y l a d a y ) o s t f or Nu A m p a b p p e l p r i r c o a A v ti e m o d n o s unt ( b a p p m c u r l o e o t o m t v n u e e o - d n d t 1 t) s (a t L a m o n o u o d a t u i n - n n s g t) 2 s C (a t m o a m o n m e u o d n m t u i - t n n s i g t t ) - ( s a P p t m a a a o n t r u o i d t o t u i - i n c n n s t i g ) - [ G A u m a a r o u a u t n h n t t o e s r e i d i z n e l d o th a o n u s sand G s u o a o r f u a t d n s o t t a e ll n e a d d r s in l ] o g ans a A v a a d m i d la i o t b i u o l n e n t a t l o borrowers 1934 49,634 20,966 13,589 8,225 1,296 Date under guar- 1 1 1 9 9 9 3 3 3 5 7 6 2 2 1 , , , 2 9 4 9 8 0 3 0 6 1 1 1 5 2 3 0 4 9 , , , 9 4 8 8 9 2 7 3 9 1 8 3 1 , , , 2 3 5 2 6 4 6 9 8 3 2 2 2 0 5 , , , 4 2 5 9 1 2 3 6 6 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 ti d a o n n - o an u t t m e s e t e a n n ag d ts r i e n e g - 1938 2,653 175,013 1,946 17,345 14,161 12,722 1939 2,781 188,222 2,659 13,683 9,220 10,981 1940 2,908 212,510 13,954 9,152 5,226 6.386 1942 1941 3,202 279,860 8,294 10,337 14,597 19,600 June 30 565 310,680 81,108 69,674 137,888 1942 Sept. 30 1,658 944,204 427,918 356,677 230,720 June 24 3,352 338,822 26,346 11,265 16,832 26,430 Dec. 31 2,665 2,688,397 803,720 632,474 1,430,121 Dec. 31 3,423 408,737 4,248 14,126 10,661 17,305 1943 1943 Jan. 30 3,432 434,638 6,672 12,897 12,160 23,915 Jan. 31 2,961 2,999,731 974,083 768,249 1,440.943 Feb. 27 3,440 446,319 5,882 13,717 12,117 23,177 Feb.28 3,198 3,479,172 1,040,828 828,221 1,706,849 Mar. 31 3,443 459,296 5,164 13,182 13,143 20,316 Mar.31 3,534 3,725,241 1,245,711 999,394 1,865,618 Apr. 30 3,447 467,733 3,732 13,188 13,438 20,333 Apr. 30 3,773 4,058,731 1,339,078 1,073,972 2,018,818 May 31 3,448 473,399 3,045 13,378 12,950 20,166 May 31 4,002 4,554,278 1,415,777 1,150,040 2,076,998 June 30 3,452 475,468 3,203 13,044 12,132 19,070 June 30 4,217 4,718,818 1,428,253 1,153,756 2,216,053 July 31.. 3,455 477,681 2,883 12,258 11,832 18,832 July 31 4,404 4,900,905 1,536,296 1,269,416 2,388,721 Aug. 31 3,458 481,288 4,354 12,000 11,614 18,400 Aug. 31 4,599 5,153,941 1,646,921 1,366,178 2,482,875 Sept. 30 3,460 483,608 2,860 12,227 11,474 18,928 Sept. 30 4,787 5,452,498 1,708,022 1,413,159 2,494,855 Oct. 30 3,464 486,098 305 12,409 9,978 18,616 Oct 31 4,948 5,546,555 1,815,162 1,511,847 2,586,563 Nov. 30 3,466 488,422 401 11,811 9,920 18,621 Nov. 30..- 5,123 6,234,047 1,798,272 1,495,910 2,798,283 Dec. 31 3,471 491,342 926 10,532 9,270 17,930 Dec. 31 5,347 6,563,048 1,914,040 1,601,518 3,146,286 1944 Jan. 31 3,475 495,738 1,808 10,369 10,146 18.247 1944 Feb. 29 3,478 497,875 835 10,198 10,292 18,531 Jan. 31; 5,565 6,989,682 2,020,294 1,691,802 3,278,822 Mar. 31 3,481 503,330 1,408 11,774 9,069 18,267 Feb. 29 5,720 7,172,719 2,030,547 1,700,400 3,451,581 Apr. 29 3,482 505,726 276 12,250 8,744 17,137 Mar.31 5,904 7,466,762 2,009,511 1,680,046 3,615,963 May 31 3,483 508,170 208 12,073 3,956 11,321 Apr. 30 6,079 7,647,180 1,990,996 1,666,185 3,684,568 June 30 3,483 510,857 45 11,366 4,048 11,063 May 31 6,283 7,797,400 2,033,579 1,706,421 3,795,558 July 31 3,485 513,134 295 11,115 3,975 10,841 June 30 6,433 8,046,672 2,064,318 1,735,777 3,810,797 July 31 6,590 8,333,741 2,083,435 1,765,841 3,904,215 1 Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant. NOTE.—The difference between guaranteed loans authorized and sum 2 Includes industrial loans past due 3 months or more, which are not in- of loans outstanding and amounts available to borrowers under guarantee cluded in industrial loans outstanding in weekly statement of condition of agreements outstanding represents amounts repaid, guarantees available Federal Reserve Banks. but not completed, and authorizations expired or withdrawn. NOTE.—The difference between amount of applications approved and the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or expired. MEMBER BANK RESERVE BALANCES, BY CLASS OF1BANKS DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND [Averages of daily figures. In millions of dollars] SMALL CENTERS,1 JULY 1944 [Averages of daily figures. In millions of dollars] Centralreserve All city banks Re- Coun- In places of 15,000 In places of under mem- serve try population and over 15,000 population ber city banks1 banks1 York Chicago banks Federal Reserve district Demand Demand Total reserves held: d e e i x n p c t o e e s r p i - t t s de T p i o m s e its d e e i x n p c t o e e s r p i - t ts de l p im os e its 1943—June 12,293 3,501 816 4,983 2,993 bank2 bank2 July 12,410 3,587 830 4,961 3,031 1944—June 13,518 3,859 876 5,339 3,444 July..... 12,900 3,525 839 5,129 3,406 Total.. 13,671 5,180 8,157 3,594 Week ending (Friday): 1944—June 30 13,255 3,702 847 5,221 3,485 Boston 1,939 598 275 159 July 7 13,003 3,526 842 5,128 3,507 New York 2,710 1,321 819 725 Tuly 14 12,927 3,505 842 5,112 3,467 Philadelphia 988 479 677 557 July 21 12,842 3,516 835 5,097 3,394 Cleveland 1,195 565 779 488 July 28 12,835 3,535 835 5,100 3,365 Aug. 4 12,904 3,569 838 5,103 3,394 Richmond 1,063 262 565 271 Aug. 11 12,948 3,532 839 5,164 3,413 Atlanta 1,209 275 470 116 Aug. 18 12,997 3,538 841 5,214 3,404 Chicago 1,762 831 1,146 536 Excess reserves: St. Louis 476 197 657 154 1943—June 1,461 22 7 589 843 July 1,327 29 9 473 816 Minneapolis 415 163 456 245 1944—June 1,081 20 3 312 746 Kansas City 387 68 996 126 Week en J d u in l g y . ( . F .. r # iday): 1,232 19 8 390 816 D Sa a n l l F a r s a .. n . c .. isco 8 6 4 8 6 0 34 7 6 3 4 91 0 5 3 1 4 7 2 4 1944—Tune 30 1 305 38 393 875 J J J A J A u u u u u u l l l l g g y y y y . . 2 1 2 1 4 7 1 4 8 1 1 1 1 1 1 1 , , , , , , 3 0 3 0 1 0 8 7 8 6 5 8 6 4 5 9 8 5 2 2 1 1 1 1 7 1 4 4 2 2 1 1 2 5 5 h 0 2 4 4 3 3 3 2 0 3 1 1 5 9 5 3 5 5 3 7 9 9 8 7 7 7 1 2 5 0 5 6 6 0 2 0 1 0 b i r n e e s e t e n 1 h 2 r e v I I g n e n i t c c v a c l l e b i u u t n l d d i e e e e p s o s s e n h w r a a m n t a v h y i r e s e s b a l i f o o o a p a n n ll n o k o p t w s d o u e i i l n n p a c g t a o i o r o s p r u i n y t a t s l g o y , t e h f i s n . e m h g o s o w a s r e m e n c e t t i h s o e r a n e p n s s a e r 1 r a o 5 v t , f e 0 e s 0 l r y 0 e a s . f s e o r c r v o e a u l c n l i t t r c i y e o s u b n w a t h n ry i k c s h . b a h n a A k v l s e l Aug. 18 *l,047 12 305 ^725 5 i p Preliminary. 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. 891 SEPTEMBER 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS AND RESERVES OF MEMBER BANKS [Averages of daily figures. In millions of dollars] Gross demand deposits Reserves Class of bank and Demand Federal Reserve district a d d e j p u o st s e it d s 2 Held Excess First half of July 1944 All member banks. 85,105 11,336 18,417 55,352 51,719 57,228 16,990 5,941 12,965 11,590 1,375 Central reserve city banks: New York 24,896 3,990 6,551 14,356 13,240 17,187 901 57 3,517 3,492 26 Chicago 5,707 1,154 1,301 3,252 3,029 3,996 544 187 844 832 12 Reserve city banks. . 31,659 5,127 6,565 19,966 18,255 2Jl,459 6,819 1,963 5,144 4,701 443 Boston 2,278 307 663 1,309 1,222 1,475 117 55 334 302 32 New York 519 28 83 408 381 385 192 25 94 88 5 Philadelphia 2,446 334 587 1,525 1,419 1,676 147 78 364 344 20 Cleveland 4,093 525 896 2,672 2,473 2,791 875 208 679 611 69 Richmond 1,919 291 521 1,107 1,020 1,172 293 142 303 252 51 Atlanta 1,990 550 409 1,031 917 1,286 255 185 312 272 39 Chicago 4,097 463 859 2,775 2,583 2,746 1,147 304 658 618 40 St; Louis 1,785 502 365 918 814 1,209 212 109 269 254 14 » Minneapolis 1,042 244 277 521 462 641 105 66 138 134 3 Kansas City 2,502 863 361 1,279 1,119 1,682 218 303 400 349 50 Dallas 1,877 450 309 1,118 1,024 1,262 186 215 316 263 52 San Francisco 7,110 571 1,235 5,303 4,821 5,137 3,072 272 1,279 1,212 67 Country banks 22,843 1,065 4,000 17,779 17,196 14,585 8,726 3,734 3,460 2,565 895 Boston 2,297 88 571 1,638 1,559 1,449 754 202 289 248 41 New York 3,603 76 807 2,719 2,597 2,365 2,037 315 605 453 152 Philadelphia 1,669 12 315 1,343 1,299 1,111 1,032 202 284 217 66 Cleveland 1,987 22 372 1,593 1,549 1,265 1,046 309 350 240 111 Richmond 1,792 171 306 1,316 1,250 1,095 530 333 247 185 62 Atlanta 1,902 210 339 1,353 1,306 1,142 390 387 253 183 70 Chicago 2,973 74 497 2,402 2,352 1,899 1,358 531 484 347 137 St. Louis 1,263 137 152 974 942 834 349 249 182 138 44 Minneapolis 936 64 139 733 713 606 407 173 148 109 39 Kansas City 1,449 80 151 1,219 1,203 892 193 395 202 137 66 Dallas 1,701 107 199 1,394 1,364 1,057 115 420 226 155 71 San Francisco 1,270 24 152 1,094 1,061 871 515 219 188 153 36 Second half of July 1944 AUmember banks ... 85,174 10,920 18,409 55,845 52,627 58,017 17,168 5,665 12,838 11,740 1,098 Central reserve city banks: New York 24,763 3,830 6,516 14,416 13,531 17,327 912 52 3,532 3,520 12 Chicago 5,740 1,102 1,370 3,267 3,060 3,994 546 170 836 832 4 Reserve city banks 31,767 4,956 6,494 20,317 18,709 21,809 6,891 1,901 5,115 4,775 340 Boston 2,279 287 650 1,342 1,263 1,504 118 48 334 308 26 New York 520 27 81 411 388 396 194 19 94 91 4 Philadelphia 2,413 324 565 1,524 1,428 1,684 149 68 356 346 11 Cleveland 4,093 508 855 2,731 2,536 2,845 881 201 673 622 52 Richmond 1,923 279 518 1,126 1,048 1,201 296 129 289 258 31 Atlanta 1,970 511 412 1,047 943 1,275 258 183 295 270 25 Chicago 4,115 440 857 2,818 2,638 2,792 1,162 293 662 628 34 St. Louis 1,788 496 352 940 839 1,229 214 109 265 259 6 Minneapolis 1,039 226 278 535 482 648 106 61 139 136 2 Kansas City 2,519 843 358 1,318 1,166 1,719 221 294 394 357 37 Dallas 1,922 444 315 1,163 1,071 1,296 190 223 314 271 44 San Francisco 7,185 570 1,253 5,362 4,907 5,222 3,103 273 1,300 1,231 69 Country banks 22,905 1,031 4,029 17,845 17,327 14,887 8,818 3,540 3,355 2,613 742 Boston 2,306 87 557 1,661 1,595 1,499 760 188 283 255 28 New York 3,603 72 802 2,729 2,623 2,411 2,056 291 570 461 109 Philadelphia 1,684 12 310 1,362 1,321 1,143 1,040 193 281 222 59 Cleveland 2,009 26 376 1,607 1,566 1,297 1,058 298 340 245 95 Richmond 1,805 171 318 1,316 1,256 1,112 536 324 237 188 49 Atlanta 1,862 196 332 1,335 1,292 1,148 393 353 241 184 56 Chicago 2,984 67 505 2,412 2,369 1,948 1,374 493 468 355 113 M St i . n L n o e u a i p s o l . i ; s 1, 9 2 3 7 5 4 1 6 3 4 5 1 14 6 6 0 9 7 7 2 9 5 9 7 5 0 1 7 6 8 1 4 2 6 4 3 1 5 1 3 1 2 6 4 2 3 1 1 4 7 5 9 1 1 1 4 0 0 3 3 9 5 Kansas City 1,468 72 157 1,239 1,224 921 195 381 200 14'1 60 D Sa a n l l F a r s a . n .. c .m i sco 1 1 , , 7 2 0 7 2 4 1 2 0 4 5 205 1 1 , , 3 0 9 8 2 9 1 1 , , 3 0 6 5 5 9 1,0 8 7 8 0 1 5 1 2 1 4 6 4 2 0 0 7 8 2 1 2 8 5 7 1 1 5 5 7 5 6 3 8 2 1 Figures do not include certain other demand deposits of the U. S. Government with member banks and, therefore, differ from figures for U. S. Government deposits shown in other published banking data. See also footnote 2. 2 Preceding column minus so-called "float" (total cash items in process of collection) and estimate of U. S. Government deposits other than war loan accounts. 3 Demand deposits subject to reserve requirements; i.e., demand deposits other than war loan deposits, minus cash items in process of collection and demand balances due from domestic banks. 4 Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report, 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] End of year and i T n o c ta ir l - Coin and small denomination currency2 Large denomination currency2 Unasmonth cula- sorted tion1 Total Coin $13 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1933 5,519 4,167 442 402 33 719 1,229 1,342 1,360 364 618 125 237 8 10 8 1934 5,536 4,292 452 423 32 771 1,288 1,326 1,254 337 577 | 112 216 5 7 10 1935 5,832 4,518 478 460 33 815 1,373 1,359 1,369 358 627 I 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 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 6Q^ 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942 15,410 11,576 8S0 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 13,715 963 858 64 1,878 4,853 5,102 4,816 •1,293 2,453 353 687 9 22 2 September.... 18,844 13,891 970 866 64 1,887 4,893 5,211 4,951 1,327 2,535 360 698 11 20 2 October 19,250 14,135 987 872 65 1,902 4,962 5,347 5,118 1,366 2,636 373 713 11 20 3 November.... 19,918 14,598 1,006 886 68 1,950 5,127 5,561 5,323 1,416 2,761 388 729 10 19 2 December 20,449 14,871 1,019 909 70 1,973 5,194 5,705 5,580 1,481 2,912 407 749 9 22 2 1944—January 20,529 14,817 1,013 880 69 1,940 5,174 5,742 5,715 1,509 2,992 418 767 9 21 3 February 20,824 15,004 1,018 877 70 1,952 5,255 5,832 5,823 1,534 3,054 426 777 9 22 3 March 21,115 15,100 1,029 881 70 1,951 5,265 5,905 6,017 1,576 3,152 444 814 9 22 1 April 21,552 15,342 1,039 885 70 1,964 5,344 6,040 6,212 1,618 3,270 456 836 9 23 1 May 22,160 15,731 1,055 903 72 2,003 5,498 6,198 6,431 1,668 3,371 473 887 9 23 2 Tune 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 July 22,699 16,034 1,077 910 73 2,016 5,569 6,388 6,667 1,722 3,516 487 911 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 circulationstatement of United States money. In millions of dollars] Money held in the Treasury Money in circulation1 Money T s J o t u a t 1 a l n 9 y l d 4 i 3 4 o n 1 u g , t- A g s a o s g l s i d a l e v i c a n e u n r s r t d ity Tr c e a a s s h ury R F B e e F a s d e n o e r r k r v a s e l B h F R a a e n e e g l d k s d e s e e n r r b t v a a s y l e nd Ju 1 l 9 y 4 3 4 1, Ju 1 n 9 e 4 3 4 0, Ju 1 l 9 y 4 3 3 1, certificates and agents Gold * 20 996 18,877 22 119 Gold certificates 18 877 16 008 2 815 54 54 57 Federal Reserve notes 19 747 93 '702 18 951 18 750 14,268 Treasury currency—total 34,109 z 1,807 134 281 3,694 3,700 3,629 Standard silver dollars.... 494 287 101 2 105 103 85 Silver bullion 1 520 1,520 Silver certificates and Treasury notes of 1890 * 1,807 228 1,579 1,589 1,634 Subsidiary silver coin 743 20 16 707 700 619 Minor coin .... . . ..... 279 9 4 266 263 239 United States notes 347 2 22 322 322 322 Federal Reserve Bank notes 600 1 8 590 597 599 National bank notes 127 (5) 1 125 126 131 Total—July 31, 1944 (4) 20,684 2,346 16,008 3,798 22,699 Tune 30,1944 . . . (4) 20 879 2 296 16 194 3 812 22 504 July 31, 1943 4 22,118 2,264 17,347 3,713 17,955 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. 885, and seasonally adjusted figures in table on p. 894. 2 Includes $1,800,000,000 Exchange Stabilization Fund, $143,894,146 balance of increment resulting from reduction in weight of the gold dollar, and $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 3 To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. 4 Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. 5 Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligibb 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. SEPTEMBER 1944 893 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY IN CIRCULATION WITH ADJUSTMENT FOR ANALYSIS OF CHANGES IN GOLD STOCK OF SEASONAL VARIATION UNITED STATES (Outside Treasury and Federal Reserve Banks. In millions of dollars] [In millions of dollars] Amount— Amount— Change in Ear- Date f u o v n r a a r s d i e j a u a t s s io o te n n d al ad v s j a u e r a s i s t a e o t d n i o a n l for s a e d s a e s ju 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 r n d k i d od I i n n s c to r g e c o a k ld se N im et p g o o r l t d g m o c o l r a r d e r : i a k n s e d e - d e- p D ti r c t o o i m o d g n u o e 1 c s ld - crease (-) End of year figures: 1938 6,856 +306 1 19 9 4 3 0 9 . . 8 7 , , 7 5 3 9 2 8 +1 + ,1 7 3 4 4 2 19342 8,238 4,202.5 1,133.9 82.6 92.9 1 1 1 9 9 9 4 4 4 2 1 3 2 1 1 0 5 1 , , , 4 4 1 4 1 6 9 0 0 + + + 5 4 2 , , , 0 2 4 3 5 2 9 0 8 1 1 1 9 9 9 3 3 3 7 6 5 3 3 1 1 1 2 1 0 , , , 7 2 1 6 5 2 0 8 5 1 1 1 , , , 1 8 5 3 8 0 2 7 2 . . . 5 2 5 1 1 1 , , , 7 5 1 3 8 1 5 9 6 . . . 5 0 6 -2 -8 0 5 0 . . . 9 4 2 1 1 1 1 3 4 0 1 3 . . . 7 9 6 1938 14,512 1,751.5 1,973.6 -333.5 148.6 Monthly averages of daily 1939 17,644 3,132.0 3,574.2 -534.4 161.7 figures: 1940 21,995 4,351.2 4,744.5 —644.7 170.2 1943—August 18,196 18,287 +571 1941 22,737 741.8 982.4 -407.7 169.1 September 18,729 18,767 +480 1942 22,726 -10.3 (*) -458.4 125.4 October 19,001 19,001 +234 1943 21,938 -788.5 (4) -803.6 48.3 November 19,566 19,507 +506 December 20,243 19,944 +437 1943—July 22,335 -52.7 -63.7 4.0 1944—January 20,428 20,367 +423 August 22,243 -92.0 -91.3 3.7 February 20,635 20,635 +268 September... 22,175 -67.8 -80.6 3.4 March 20,964 21,027 +392 October 22,116 -59.3 -40.6 3.9 April 21,312 21.484 +457 November ... 22,065 -51.0 -44.1 3.4 May r21,822 r21,976 r+492 December 21,938 —127.0 -87.0 3.6 June r22,296 r22,408 +432 1944—January 21,918 -19.6 -27.6 3.1 July r22,580 r22,625 r+217 February... . 21,712 • -206.6 11.5 3.4 August 22,988 23,104 +479 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—July 5 22,598 22,530 -26 June 21,173 -90.7 -6.4 2.4 12 22,561 22,606 +76 July 20,996 -177.1 5-96.6 '2.4 19 22,531 22,667 +61 26 22,584 22,812 +145 Jan.-July 20,996 -941.9 e-331.5 p20.1 Aug. 2 22,734 22,894 +82 2 1 3 9 3 6 0 2 2 2 2 3 2 3 3 , , , , 0 9 0 2 2 1 4 2 0 0 7 1 2 2 2 2 3 3 3 3 , , , , 1 0 1 2 5 2 8 6 9 5 6 8 + + + + 1 1 2 8 3 3 7 2 4 1 f I i s g p l 1 u a P n A re r d n e s s n l a i u m p re a r i l o t n h d a f o u i r g s y c e u t . i r p o e f u n s b F r a li e i r s g c e h u e e r i e v d e s e t i c d i n a m r t i r a a n i t b e e U d l s e n o f o i o t n f e r p d w t . h a 9 S r e 3 d t 9 a . , U t e a n s d . it j e u d s te S d ta t t o e s e x M clu in de t. Ph M ili o p n p th in ly e 2 Figures based on rate of $20.67 a fine ounce in January 1934 and $35 a r Revised. fine ounce thereafter. 1 For end of year figures, represents change computed on absolute 3 Includes gold in the Inactive Account amounting to 27 million dollars amounts in first column. on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937. NOTE.—For discussion of seasonal adjustment factors and for back 4 The net gold import figures for months subsequent to December 1941 figures on comparable basis see September 1943 BULLETIN, pp. 822-826. have not been released for publication. Because of an apparent recent change in the seasonal pattern around the 5 Gold held under earmark at Federal Reserve Banks for foreign account year end, adjustment factors have been revised somewhat for dates af- amounted to 3,808.9 million dollars on July 31, 1944. fected, beginning with December 1942; seasonally adjusted figures for NOTE.—For back figures, see Banking and Monetary Statistics, Table 156, money in circulation, as shown in Banking and Monetary Statistics, Table pp. 536-538, and for description of statistics see pp. 522-523 in the same 111, p. 414, and described on p. 405, are based on an older series of adjust- publication. ment factors. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Debits to total deposit accounts except tu A rn n o n v u e a r l r o a f te t o o t f al D d e e b p i o ts s it t o a c d c e o m u a n n ts d tur A no n v n e u r a l o f r a d te e m of and interbank accounts deposits except except interbank nuP.rc\fp^cuifcs icftsy rner\xtcept interbank and Government interbank and Year and month Government T re o p ta o l r , t i a n l g l Y N o ew rk 140 other re O po th rt e i r ng Y N o ew rk r 3 e 3 p 3 o o rt t i h n e g r Y N o ew rk 10 le 0 a d o i t n h g er Y N o ew rk 10 le 0 a d o i t n h g er centers City1 centers centers2 City centers City cities City cities 1935 402,718 184,006 190,165 28,547 178,498 175,902 31.5 22.7 1936 461,889 208^936 219,670 33,283 204,831 202,267 31.4 22.4 1937 469,463 197,836 235,206 36,421 193,143 215,090 29.5 22.4 1938 405,929 168,778 204,745 32,406 164,945 186,140 25.1 19.9 1939 423,932 171,382 218,298 34,252 167,939 200,636 21.0 19.4 1940 445*863 171*582 236*, 952 37,329 167,373 217,744 17.1 18.6 1941 537,343 197,724 293,925 45,694 193,729 270,439 17.3 19.4 1 1 9 9 4 4 2 2— — o n l e d w s s e e r r ie ie s3 s3 6 64 0 1 7 , , 7 0 7 7 8 1 2 2 2 1 6 0 , , 8 9 6 6 5 1 3 34 4 7 2 , , 8 4 3 3 7 0 5 67 3 , , 0 6 7 7 4 9 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—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 r71,87O 27,031 r37,926 6,914 17.3 11.5 24,994 33,749 22.9 17.9 February r70,691 27,592 r36,472 6,627 17.7 11.3 22,887 31,566 24.0 18.5 March r76,060 29,644 r39,382 7,034 16.5 10.8 25,650 33,937 22.8 17.4 April r66,690 25,297 r34,915 6,478 16.0 10.6 21,284 30,482 19.7 16.4 May r67,258 24,708 r36,048 6,502 15.5 10.4 20,927 31,105 17.9 15.5 June r83,844 33,563 r42,592 7,689 19.7 11.8 28,988 38,024 24.3 18.7 July 72,909 28,474 37,588 6,847 16.2 10.3 25,423 32,934 24.8 18.0 r Revised. 1 National series for which bank deb't figures are available beginning with 1919. * Annual figures for 1935-1942 (old series) include 133 centers; annual figures for 1942 (new series) and 1943, and monthly figures, include 193 centers. 3 See p. 717 of August 1943 BULLETIN for description of revision beginning with May 1942; deposits and debits of new series for first four months of 1942 partly estimated. NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported since 1942 for 334 reporting centers; the deposits, from which rates of turnover have been computed, have likewise been reported by most banks and have been estimated for others. Debits to demand deposit accounts, except interbank and United States Government, and the deposits from which rates of turnover have been computed have been reported by 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. 894 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS AND CURRENCY-ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS [Figures partly estimated. In millions of dollars] Total Total demand Time deposits a d d e j p u o s s t i e t d s deposits Total Demand U S n ta it t e e d s Currency End of month and adjusted deposits deposits Govern- outside currency and adjusted adjusted1 ment Com- Mutual Postal banks outside currency deposits2 Total mercial savings Savings banks outside banks3 4 banks4 System5 banks 1929—June.. . 55,171 26,179 51,532 22,540 381 28,611 19,557 8,905 149 3,639 December..... 54,713 26,366 51,156 22,809 158 28,189 19,192 8,838 159 3,557 1 1933—June........ 41,680 19,172 36,919 14,411 852 21,656 10,849 9,621 1,186 4,761 December ... •42,548 19,817 37,766 15,035 1,016 21,715 11,019 9,488 1,208 4,782 1934—June 45,961 21,353 41,302 16,694 1,733 22,875 11,988 9,691 1,196 4,659 December 47,985 23,114 43,330 18,459 1,715 23,156 12,213 9,738 1,205 4,655 1935—Junq 49,881 25,216 45,098 20,433 811 23,854 12,820 9,830 1,204 4,783 December 52,182 27,032 47,265 22,115 909 24,241 13,170 9,871 1,200 4,917 1936—June......... 55,052 29,002 49,830 23,780 1,142 24,908 13,706 9,971 1,231 5,222 December 57,351 30,999 51,835 25,483 991 25,361 14,046 10,056 1,259 5,516 1937—June . 57 258 30,687 51,769 25,198 666 25,905 14,513 10,125 1,267 5,489 December 56,639 29,597 51,001 23,959 824 26,218 14,779 10,170 1,269 5,638 1938—June . 56,565 29,730 51,148 24,313 599 26,236 14,776 10,209 1,251 5,417 December 58,955 31,761 53,180 25 986 889 26,305 14,776 10,278 1,251 5,775 1939—June.............. 60,943 33,360 54,938 27,355 792 26,791 15,097 10,433 1,261 6,005 December 64,099 36,194 57,698 29,793 846 27,059 15,258 10,523 1,278 6,401 1940—June 66,952 38,661 60,253 31,962 828 27,463 15,540 10,631 1,292 6,699 December . 70,761 42,270 63,436 34 945 753 27,738 15,777 10,658 1,303 7,325 1941—June 74,153 45,521 65,949 37,317 753 27,879 15,928 10,648 1,303 8,204 December..... 78,231 48,607 68,616 38,992 1 895 27 729 15,884 10,532 1,313 9,615 1942—June 81,963 52,806 71,027 41,870 1,837 27,320 15,610 10,395 1,315 10,936 December 99,701 62,868 85,755 48,922 8,402 28,431 16,352 10,664 1,415 13,946 1943—June....... 110,161 71,853 94^ 347 56)039 8) 048 301260 17',543 11,141 1,576 15,814 1943—July 112,900 75,000 96,500 58,600 7,100 30,803 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 3l)503 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)l00 19)500 ll)800 1 800 18,900 February^ 128,500 77,300 109,300 58,100 17,600 33,600 19,800 11,900 1,900 19,200 Marchp 127,800 79,100 108,300 59,600 14,700 34,000 20,100 12,000 1 900 19 500 Aprils 127,400 82,000 107,500 62,100 10,900 34,500 20,500 12,100 1,900 19,900 Mayp. 127,800 85,600 107,300 65,100 7,100 35,100 20,900 12,200 2,000 20,500 June?........ 135,700 81,000 114,800 60,100 19,100 35,600 21,200 12,400 2,000 20,900 v Preliminary. 1 Includes demand deposits, other than interbank and United States Government, less cash items in process of collection. 2 Beginningwith 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 Depos- U. S. Government banks ti N o a n - al State su I r n e - d2 in N s o u n re - d End of month i b t a o l- rs' i C n a d s e h - securities C r a e s - h ances1 Total posi- serve Number of banks suspended: b t a o n r k y s Total r D ec i- t G t a u e n e a - d r- f e u t n c d .2 s 1 1 19 9 9 3 3 3 6 5 4 4 5 3 7 4 4 4 1 1 2 4 g 2 0 48 8 3 1937 . 59 4 2 47 6 1938 55 1 1 47 6 1934—Dec. 1,207 1,237 540 597 467 130 100 1939 ... . 42 4 3 25 10 1935-Dec......... 1,201 1,237 287 853 706 147 98 1940 22 1 18 3 1936—Dec......... 1,260 1,296 145 1,058 892 167 93 1941 8 4 3 1 1937—Dec 1,270 1,308 131 1,097 931 167 80 1942 . . 9 6 3 1938-Dec......... 1,252 1,291 86 1,132 965 166 73 1943 4 2 2 1939—Dec , 1,279 1,319 53 1,192 1,046 146 74 1944—Jan .-July 1 1 1940—Dec........ 1,304 1,348 36 1,224 1,078 146 88 1941—Dec......... 1,314 1,396 26 1,274 1,128 146 95 Deposits of suspended banks 1942—Dec 1,417 1,464 16 1,345 1,220 126 102 (in thousands of dollars):3 1934. 36,937 40 1,912 34,985 1943—Aug.. ...... 1,660 1,719 11 1,588 1,588 121 1935 10,015 5,313 3,763 939 Sept. 1,683 1,739 10 1,631 1,631 97 1936. 11,306 507 10,207 592 Oct......... 1,716 1,773 10 1,646 1,646 117 1937 19,723 7,379 1,708 10,156 480 Nov. ....... 1,752 1,812 10 1,678 1,678 125 1938. 13,012 36 211 11,721 1,044 Dec........ 1,788 1,843 10 1,716 1,716 118 1939 34,998 1,341 24,629 6,589 2,439 1940 5,943 256 5,341 346 1944—Jan......... 1,833 1,891 9 1,719 1,719 162 1941 3,726 3,144 503 79 Feb. ...... 1,867 1,926 9 1,783 1,783 135 1942 1,702 1,375 327 Mar 1,906 1,964 9 1,823 1,823 132 1943 6,223 4,982 1,241 Apr.. ..... 1,947 2,008 9 1,870 1,870 129 1944—Jan.-July 405 405 May 1,994 2,053 9 1,912 1,912 132 June 2,034 2,095 9 1,951 1,951 135 1 Represents banks which, during the periods shown, closed temporarily July ... ^2,082 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 v Preliminary. 1 Outstanding principal, represented by certificates of loans). deposit. Does not include accrued interest or outstanding savings stamps. 2 Federal deposit insurance became operative Jan. 1, 1934. 2 Includes working cash with postmasters, 5 per cent reserve fund and 3 Deposits of member banks and insured nonmember banks suspended are miscellaneous working funds with Treasurer of United States, accrued as of dates of suspension, and deposits of noninsured nonmember banks interest on bond investments, and accounts due from late postmasters. are based on the latest data available at the time the suspensions were Back figures.—See Banking and Monetary Statistics, p. 519; for descrip- reported. tion, see p. 508 in the same publication. Back figures.—See Banking and Monetary Statistics, pp. 283-292; for description, see pp. 281-282 in the same publication. SEPTEMBER 1944 895 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 Number Total Loans Total G o m U o b v l . e i e g n S r a t n . - - se O cu th r e it r ies Total1 I b n a te n r k - 1 Demand Time of banks tions All banks: 1934—June 30 42,552 21,306 21,246 11,278 9,968 46,435 4,560 19,527 22,348 15,929 1937—June 30 49,565 22,410 27,155 16,954 10,201 59,222 6,332 28,118 24,773 15,539 1940—June 29 51,336 22,340 28,996 19,666 9,330 70,770 10,188 34,336 26,246 14,955 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 1944—June 30e 108,650 25,350 83,300 75,800 7,500 128,550 11,350 83,500 33,700 14,554 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 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 1944—June 30* 95,650 20,900 74,750 68,500 6,250 116,100 11,350 83,500 21,250 14,010 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 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 83,50' 18,841 64,666 58,683 5,983 104,094 10,705 74,309 19,081 13,270 All member banks: 1934—June 30 12,523 14,652 9,413 5,239 31,012 4,355 16,976 9,681 6,375 1937—June 30 14,285 18,454 12,689 5,765 41,490 6,051 24,230 11,210 6,357 1940—June 29 13,969 20, •"- 14,722 5,761 51,729 9,690 30,111 11,928 6,398 1941—June 302 16,729 23,930 18,078 5,852 58,512 10,436 35,725 12,350 6,556 December 31 18,021 25,500 19,539 5,961 61,717 10,525 38,846 12,347 6,619 1942—June 303 16,928 29,872 24,098 5,774 63,404 9,971 41,311 12,122 6,647 December 31 16,088 43,175 37,546 5,629 78,277 11,000 54,523 12,754 6,679 1943—June 30 14,823 52,332 46,' 5,352 84,016 10,552 59,670 13,794 6,703 December 31 16,288 57,970 52,948 5,022 92,262 10,555 66,438 15,268 6,738 1944—June 30 18,084 65,503 60,339 5,164 101,276 10,903 73,488 16, 6,773 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— Tune 30 20,893 8,796 12,09" 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 1941—June 30 25,818 10,897 14,922 11,111 3,811 37,273 6,589 22,302 8,382 5,130 December 31 27,571 11,725 15,845 12,039 3,80b 39,458 6,786 24,350 8,322 5,117 1942—June 30 29,464 10,880 18,584 14,"- 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 1944—June 30 , 53,343 11,213 42,129 38,640 3,490 65,585 7,402 46,879 11,304 5,036 State member banks: 1934—June 30 4,842 5,321 3,566 1,755 11,116 1,588 6,620 2,908 958 1937—June 30 5,488 6,357 4,483 1,874 14,774 2,261 9,068 3,446 1,064 1940—June 29 4,813 7,600 5,627 1,973 18,715 3,608 11,409 3,699 1,234 1941—June 302 5,832 9,008 6,967 2,041 21,238 3,84' 13,423 3,969 1,426 December 31 6,29. 9,654 7,500 2,15; 22,259 3,739 14,495 4,025 1,502 1942—June 303 6,048 11,288 9,220 2,068 22,871 3,474 15,451 3,946 1,546 December 31 5,905 15,783 13,802 1,980 27,808 3,600 20,024 4,184 1,598 1943—Tune 30 5,649 18,701 16,878 1,823 29,427 3,396 21,465 4,566 1,643 December 31 6,171 20,588 18,883 1,705 32,302 3,397 23,833 5,072 1,698 1944—June 30. 6,870] 23,373 21,699 1,674 35,690 3,501 26,609 5,580 1,737 * 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. e Estimated. Figures have been rounded to the nearest 50 million. 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 previouslv 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. 896 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES—Continued LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of banks, and call dates Number Total Loans G U ov . e S r . n- Other Total1 I b n a te n r k - 1 of banks Total ment securities Demand Time obligations All nonmember commercial banks: 1934—June 30.... 5,567 3,177 2,390 895 1,495 5,732 205 2,551 2,976 8,978 1937—June 30.... 6,733 3,147 3,586 1,874 1,712 7,607 281 3,888 3,438 8,619 1940—June 29.... 6,697 3,445 3,252 1,831 1,421 8,410 498 4,225 3,687 8,006 1941—June 30.. . 6,973 3,627 3,346 2,018 1,328 8,969 512 4,805 3,651 7,752 December 31. 7,208 3,693 3,515 2,251 1,264 9,539 464 ; 5,470 3,605 7,661 1942—June 303-4.... 6,856 3,334 3,522 2,314 1,208 8,915 316 5,046 3,553 7,584 December 31. 8,135 3,132 5,003 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 1944—June 30e 12,050 2,800 9,250 8,150 1,100 14,850 450 10,000 4,400 7,240 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 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 1941—June 30 1,439 444 996 725 271 1,865 402 1,210 251 883 December 31 1,434 452 982 742 239 1,837 335 1,255 247 851 1942—June 303>4 1,007 339 668 477 191 1,161 211 693 257 829 Deecember 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 Deccember 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 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—Tune 30 11,248 4,581 6,666 5,290 1,376 11,141 11,141 545 December 31 11,868 4 479 7,380 6,096 1,293 11,737 11,737 545 1944—June 30e 13',000 4^450 8,550 7,300 1,250 12,450 12,450 544 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 1941—June 302 1^655 641 1,015 569 446 1,803 1,803 53 December 31 1,693 642 1,050 629 421 1,789 1,789 52 1942—June 30 1,800 692 1 108 686 422 1,864 1,864 53 December 31 21007 740 l|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 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.. 41343 U405 2,937 2,252 685 4,203 4,203 361 footnotes see opposite page. 897 SEPTEMBER 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} Loan. Investments1 Loans for U. S. Government obligations Com- purchasing Obli- Total mer- or carrying gations Class of banks, l a o n a d ns c i i n a - l, Agri- securities Real- Con- Direct St o a f tes Other and call dates m in e v n e t s s t 1 - Total1 o p c m k p a l i u n e a e p t g d r n e - - - r1 t c u a u r l l - 1 - b d a r e T e e o n r r a o d s k s l- - o e T t r o h s1 - l t o e a a s t - n e s s l u o m an e s rO lo t a h n e s r 1 Total Total Bi11s o d c C f n t e e a i e e f d b t i i r s e n - t - - s - s - Notes j Bonds G t a u e n e a - d r- p s o d a s i c l u i o n i a v b n t d l i - i s - - s r e i c ti u e - s All insured commercial banks: 1 1 9 9 3 3 4 7 — — J J u u n n e e 3 3 0 0 ... 3 3 1 8 , , 6 2 8 1 8 8 1 17 5, 0 1 4 9 1 0 1 1 , , 3 5 2 6 9 6 3 3 , , 7 1 1 5 4 0 3 3, ,4 5 6 8 2 3 8 6 , , 7 6 4 8 4 4 2 1 1 6 , , 1 4 7 9 7 8 1 1 3 0 , , 9 0 6 0 4 5 8 7 2 9 7 4 656 s , 0 6 4 3 7 7 5 6 , , 2 3 1 8 0 6 2, 2 1 9 1 8 5 2 2 6 2 8 8 4 0 4, 5 2 3 1 0 3 1940—June 29.... 39,830 17 011 "6 ,502 1,184 464 742 4,281 3,840 22,819 15,900 805 ,,699 9,026 3,370 3 482 3',436 1941—June 30.... 46,186 19 909 8,342 1,167 592 703 4,629 4,476 26,276 19,370 1,135 ,758 11,397 4,080 3 551 3,356 1942—June 30.... 52,642 19 920 8,867 1,164 569 620 4,770 3,928 32,722 25,934 1,536 1978 ,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 57,880 51,534 6,557 10 315 ,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 13 218 ,672 30,656 2,501 3 287 2,696 Member banks, total J934—June 30 27,175 12 523 1,290 3,309 2,357 5,568 14,652 9,413 791 637 5,871 4,838 276 A 851 3.388 1937—June 30 32,739 14 285 1 536 2,829 2,505 7,414 18,454 12,689 821 tL 361 5,689 1(819 2 150 3'615 1940—June 29... 34,451 13 969 5,988 736 447 668 3,069 3,062 20,482 14,722 797 2,543 8,261 3,121 2 888 2,873 1941—June 302... 40,659 16 729 7,807 738 575 635 3,365 3,609 23,930 18,078 1,127 2,631 10,481 3,839 2 984 2,867 1942—June 30.... 46,800 16 928 8,383 726 554 562 3,501 3,203 29,872 24,098 1,509 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 7,421 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 30.... 83,587 18 084 7,023 1,023 2,200 2,130 3,207 1,467 1,033 65,503 60,339 4,466 14 228 10,640 30,118 887 2,834 2,331 New York City:z 1934—June 30.... 7,666 3 401 938 882 156 1,425 4,265 3,210 607 347 1,084 1,015 157 425 630 1937—June 30 9,006 4 276 1,295 824 149 2,008 4,730 3,630 543 L,426 1,207 454 344 755 1940—June 29.... 9,829 3 014 "i,905 6 320 188 137 458 6,815 5,486 421 1,092 2,650 1,324 634 695 1941—June 30.... 12,493 3 778 2,503 3 422 186 129 536 8,715 7,268 577 1,526 3,415 1,751 651 796 1942—June 30.... 14,019 4 066 2,841 9 430 167 121 499 9,953 8,550 402 663 1,746 4,572 1,166 623 781 1943—June 30 18 982 4 009 2,274 24 955 240 113 264 140 14,974 13,887 1,985 2 818 1,656 6,454 974 484 602 Dec. 31.... 19,994 4 428 2,515 24 1,054 323 107 252 153 15,566 14,563 1,328 3 409 L,829 7,014 984 444 558 1944—Apr. 13 20,805 4 594 16,211 15,175 487 548 June 30.... 22 669 5 479 "l ,430 64 1,657 751 93 232 251 17,190 16,157 1 258 4 242 2,805 7,650 201 456 577 Chicago :z 1934—June 30.... 1445 556 60 188 21 286 889 661 64 59 194 268 76 114 115 1937—June 30 1969 675 51 145 13 465 1,295 1,001 30 366 511 94 173 121 1940—June 29 2 205 603 '432' 8 23 61 16 62 1,602 1,258 254 161 710 134 177 167 1941—June 30.... 2 707 846 630 5 36 55 20 101 1,861 1,483 417 125 803 138 190 188 1942—June 30.... 3 116 906 712 3 29 50 22 90 2,210 1,858 357 181 162 1,068 90 164 188 1943—June 30.... 4 332 784 612 2 40 41 23 51 15 3,548 3,167 473 795 399 1,424 75 209 172 Dec. 31.... 4 554 1004 763 6 102 52 22 45 14 3,550 3,238 199 877 484 1,602 74 158 155 *" 1944—Apr. 13 4 727 962 3,765 3,417 186 163 June 30.... 5 124 1064 710 11 102 130 21 49 40 4,060 3,688 367 1038 587 1,665 31 204 169 Reserve city hanks: 1934—June 30.... 9 609 4 394 232 1,200 1 124 1 840 5,214 3,535 103 178 1,148 2,088 19 632 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 2,290 176 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 1477 1,466 7,515 5,700 73 606 3,858 1,162 979 836 1942—June 30.... 16 535 6 564 3,318 152 78 177 1524 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 17,417 2 626 3 529 1,828 8,576 857 942 785 Dec. 31.... 27 521 .6201 3,058 279 217 267 1,420 658 301 21,321 19,682 1802 4 691 2,497 9,943 749 913 726 1944—Apr. 13 28 676 5 997 22,680 21,009 933 737 June 30 30 943 6 761 "2 ,787 277 409 903 1385 650 350 24,183 22,484 1914 5,586 3,893 10,689 402 963 735 Country banks: 1934—June 30.... 8 456 4 172 59 1,039 1056 2,018 4,283 2,007 16 53 446 1,467 25 681 1 595 1937—June 30.... 10 134 4 340 33 828 1 179 2,301 5,794 3,155 52 792 1,676 635 880 1 759 1940—June 29.... 10 257 4 987 i*361 "546 17 208 1544 1,311 5,270 3,030 36 451 1,849 695 1,097 1 144 1941—June 30.... 11 446 5 607 1,593 555 17 195 1 739 1,507 5,839 3,627 60 374 2,404 788 1,165 1,047 1942—June 30.... 13 130 5 393 1,512 562 16 169 1,834 1.299 7,737 5,502 171 355 657 3,696 624 1,222 1013 1943—June 30.... 19 164 4 497 1,017 623 17 164 1 750 555 371 14,667 12,509 1 194 2 276 1,368 7,091 581 1,241 917 Dae. 31.... 22 188 4 654 1,084 713 25 197 1,725 528 381 17,534 15,465 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 30.... 24 850 4 780 1,096 671 33 345 1 708 536 392 20,071 18,009 926 3,362 3'355 10'114 252 1,212 849 Insured nonmember commercial banks: 1934—June 30.... 4 513 2 667 40 405 1 105 1,116 1,846 592 4 20 175 372 21 429 824 1937—June 30.... 5 479 2 756 30 321 1078 1,329 2,723 1,275 6 276 697 296 534 914 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 1,293 8 127 918 241 568 489 1942—June 30.... 5 849 2,995 485 439 15 57 1273 726 2,854 1,837 27 'l06 185 1,329 189 561 456 1943—June 30.... 8 123 2,570 333 463 14! 68 1 199| 397 96 5,553 4,557 278 896 465 2,744 174 565 431 Dec. 31.... 9 258 2,556 356 482 161 82 1 165| 385 70 6,702 5,739 276 1,147 766 3,395 156 559 403 * These figures do not include data for banks in possessions of the United States and therefore duler 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 atid 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. 898 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] Demanc 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 s e e w e R d R a r r i e v n e e v t r - e h k - e a s s l C va a in u sh lt b m a B w a n d e n a i c o s t k l e - t h - i s s c 4 j p m u a D o d s a d s t e e n - e i - - d t d s 5 m D es o d t - e ic p 4 osi F e ts i o g r n - m U G er . e o n n v S - t - . v ) s S o i u a s t l b n a i i t o d d t i e n c i s - a s l c C c h e f o a e e e t i f n c e c f r r i . d d s t k - i ' s - v p n s a i p t I d i d n h r o o t u i d r n n p c a a i s e o - s - l , r s r - - , I b n a t n e k r- P m U G i S e o a n r a s . e o n g n S t v n v d s a - . - t - l S v p s i t i a u s o a c n i b l t a o i e d d l t n s - i s - v p s n p a i I t h d d r i o n i o t u r p d n c n a a s i o e s - l - , r r s - - , B r in o o g w r s - - c C o t a a a u c l p n - i t - s All insured commercial banks: 1934—June 30.... 3,819 623 3,661 16,211 4,144 156 1,708 2,024 400 14,881 134 661 384 11,340 79 6,244 1937—June 30.... 6,897 844 4,495 24,340 5,379 618 651 3,165 802 22,623 149 132 346 13,929 35 6,395 1940—June 29.... 13,751 984 7,538 30,944 8,937 699 756 3,098 521 28,897 159 74 502 14,775 14 6,606 1941—June 30.... 12,959 1,242 8,296 36,167 9,700 682 666 3,534 792 34,328 163 65 475 15,203 11 6,772 1942—June 30.... 12,295 1,290 8,102 41,216 9,200 748 1,771 3,865 766 39,262 128 56 471 14,883 12 6,943 1943—June 30.... 12,092 1,448 8,431 55,271 9,768 834 7,699 4,261 1,132 53,416 78 74 412 16,887 24 7,228 Dec. 31.... 12,834 1,445 8,445 59,921 9,743 893 9,950 4,352 1,669 58,338 68 124 395 18,561 46 7,453 Member banks, total 1934—June 30.... 3,819 473 2,760 14,261 4,070 155 1,658 1,598 372 13,349 130 585 333 8,763 40 5,105 1937—June 30.... 6,897 629 3,207 21,401 5,298 615 628 2,577 752 20,272 137 100 292 10,818 17 5,339 1940—June 29.... 13,751 789 5,751 27,877 8,852 696 711 2,529 475 26,397 142 59 410 11,459 3 5,608 1941—June 30.... 12,959 999 6,293 32,678 9,610 681 619 2,940 738 31,429 145 55 397 11,898 3 5,800 1942—June 30.... 12,295 1,022 5,770 36,966 9,110 746 1,724 3,230 711 35,646 114 49 400 11,673 6 5,991 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 12,813 1,143 5,799 51,829 9,904 937 17,634 3,638 1,460 50,756 63 104 333 16,448 75 6,696 New York City:5 1934—June 30.... 1,417 64 97 4,800 1,592 135 802 167 154 4,894 8 69 12 649 1,632 1937—June 30.... 2,749 60 105 6,733 2,014 575 306 368 427 6,934 12 17 767 "3" 1,598 1940—June 29.... 7,072 88 119 10,235 3,840 646 67 258 147 10,283 5 29 732 1,599 1941—June 30.... 5,857 136 131 11,619 3,948 618 32 319 306 11,895 6 27 778 1,625 1942—June 30.... 4,762 88 103 11,711 3,284 679 863 271 273 12,014 4 17 717 3 1,698 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 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.... 3,455 85 60 13,254 3,105 852 6,150 213 722 13,740 11 7 17 861 64 1,907 Chicago:* 1934—June 30.... 436 40 162 1,077 391 2 47 174 15 944 1 1 361 228 1937—June 30.... 596 27 156 1,509 536 6 41 208 22 1,409 452 245 1940—June 29.... 1,187 39 242 1,898 949 7 79 199 17 1,782 ""5" 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.... 795 40 182 3,019 1,011 14 866 155 30 3,088 1 514 329 June 30 811 41 179 3,070 1,090 15 1,105 218 41 3,040 1 543 343 Reserve city banks: 1934—June 30... 1,19" 154 1,397 4,593 1,785 16 635 526 117 4,361 106 259 234 3,366 3 1,633 1937—June 30... 2,21C 212 1,392 7,132 2,339 33 212 934 163 6,840 110 35 190 4,140 2 1,723 1940—June 29... 3,75" 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... 5,109 399 1,922 18,405 4,757 65 6,453 1,464 384 18,367 37 45 158 6,567 2,207 Country banks: 1934—une 30... 769 215 1,104 3,792 303 1 174 731 85 3,150 15 256 87 4,388 36 1,612 1937—une 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—une 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— une 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—une 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—une 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 30... 3,438 618 3,638 17,099 951 5 3,926 1,743 314 15,609 15 52 157 8,477 11 2,239 Insured non- I i member com- 1 1 9 9 m 3 3 e 4 7 — — rci J J a u u l n n e e b 3 3 a 0 0 n . k .. s 2 1 1 5 4 0 1,2 9 8 0 8 1 2 1 , , 9 9 3 4 9 9 8 7 1 4 3 2 5 2 0 3 4 5 2 8 6 6 2 5 9 1 2 1 , , 3 5 5 3 0 2 1 4 1 3 7 2 6 5 5 1 4 2 3, , 1 5 1 7 2 6 3 1 9 8 1 1 , , 1 0 3 5 9 7 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.—Sec Banking and Monetary Statistics, Tables 18-45, pp. 72-103, and 108-113. 899 SEPTEMBER 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 U. S. Government obligations For purchasing Com- or carrying securities Total mer- Date or month i m n l a o v e n a e n d n s t s t s - Total in t c a r d i i n a u a d 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 l s o e t a a a n l t - s e L ba o t n o a k n s s O lo t a h n e s r Total Total Bills o c C t f a i e f t i i r e - n - s - Notes Bonds G a u n a - r- O r s i e t t c h ie u e s - r t a c u g u r r a l i - l - G U t l o i i o o g . b v S n a - t . s - . O c t s t u i h e e r - s e i- r G U t l o i i o o g . b v S n a - t s . - . O c t s t u i h e e n s : e - r d n e e e d b s - t s - teed Total—101 Cities 1943—July 46,370 9,549 5,612 1,034 399 1,156 56 1,292 36,821 33,858 4,583 6,995 4,602 15,8801,798 2,963 1944—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 18,2421,106 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 July 56,960 12,085 6,058 1,075 641 1,467 337 1,070 94 1,343 44,875 41,962 3,72511,020 7,433 19,161 623 2,913 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,C32 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 3,821 11,135 7,503 19,378 623 2,878 Aug. 2 56,917 11,487 6,015 807 639 1,213 334 1,071 87 1,321 45,430 42,488 3,881 11,057 7,502 19,435 613 2,942 Aug. 9 56,524 11,296 6,013 758 593 1,161 337 1,068 50 1,316 45,228 42,289 3,72511,004 7,477 19,478 605 2,939 Aug. 16 56,383 11,208 "6,001 710 594 1,091 364 1,071 66 1,311 45,175 42,229 3,65810,990 7,453 19,520 608 2,946 Aug. 23 55,906 11,086 6,006 742 605 971 341 1,072 45 1,304 44,820 41,875 3,32411,009 7,411 19,532 599 2,945 New York City 1943—July 17,261 3,664 2,149 414 471 194 98 35 303 13,597 12,645 1,516 2,635 1,754 5,853 887 952 1944_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 M\ ayJ 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 July 20,956 5,061 2,309 830 498 777 137 81 80 349 15,895 14,946 1,216 3,999 2,741 6,795 195 949 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 2,303 777 505 804 133 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 Aug. 2 20,809 4,702 2,284 603 482 693 131 80 79 350 16,107 15,114 1,322 4,004 2,733 6,866 189 993 Aug. 9 20,474 4,579 2,281 562 459 680 132 79 40 346 15,895 14,892 1,188 3,920 2,713 6,890 181 1,003 Aug. 16 20,337 4,523 2,270 524 463 626 158 79 56 347 15,814 14,810 1,168 3,868 2,691 6,902 181 1,004 Aug. 23 20,109 4,404 2,275 559 469 517 133 79 28 344 15,705 14,701 1,099 3,869 2,673 6,885 175 1,004 Outside New York City 1943—July 29,109 5,885 3,463 149 205 1,058 21 989 23,224 21,213 3,067 4,360 2,848 10,027 911 2,011 1944—-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 4,45,5 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 July 36,004 7,024 3,749 245 143 690 200 989 14 994 28,980 27,016 2,509 7,021 4,692 12,366 428 1,964 May 31 32,016 6,188 3,596 128 141 168 183 991 6 975 25,828 23,854 1,555 5,592 4.48C 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 26,0i5 24,065 1,692 5,642 4,5C0 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 Aug. 2 36,108 6,785 3,731 204 157 520 203 991 8 971 29,323 27,374 2,559 7,053 4,769 12,569 424 1,949 Aug. 9 36,050 6,717 3,732 196 134 481 205 989 10 970 29,333 27,397 2,537 7,084 4,764 12,588 424 1,936 Aug. 16 36,046 6,685 3,731 186 131 465 206 992 10 964 29,361 27,419 2,490 7,122 4,762 12,618 427 1,942 Aug. 23 35,797 6,682 3,731 183 136 454 208 993 17 960 29,115 27,174 2,225 7,140 4,738 12,647 424 1,941 Back figures .—See Banking and Monetary Statistics, pp. 127-227. 9OO FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic Date or month B s w F e e R a e r r i n e a t d v 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 o i c s t k - e t h i s s c j m p u a o d s a d e s t 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 t i i o u i c a n o v l a t b d n i e i l t - s - - s c C c h o a e f e e e f i n t f e c r r c i d s t . d k - i ' - s m U G e e r . o n S n v - . t - s p p u h v n a c o a a n i e i o r r p d l d r r a t s - - s - - - , , S p s d s a i t i o u i c a o n v l b a t n d i i e - l t - s - s P U m G S o a e in a . s o n r e S g n v t n d v a . s - - t - l m D a e n b - d ank T s ime b F e a i o n g r k n - s B i r n o o g w r s - - co C i a u t c a a n - p l t - s B d i e a t b s n 2 - k tions tions Total 101 Cities 1943—July 8,667 533 2,300 33,108 33,159 1,807 681 5,255 5,611 118 40 8,767 49 777 51 4,133 52,011 1944—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 M Jr u aa n jry e 8 9, , 3 9 1 3 3 4 5 5 4 7 3 5 2 2, , 1 0 7 3 9 1 3 3 5 5 , , 4 88 2 6 4 r r 3 35 5 , , 9 2 5 8 9 7 r r l l , , 9 9 9 2 5 1 6 7 8 9 4 8 6 6, , 6 0 2 7 2 0 6 6 , , 5 6 1 3 9 6 1 1 2 2 9 5 4 4 8 7 8 8 , , 0 68 5 8 3 3 3 8 9 8 8 7 9 7 1 1 14 3 6 9 4 4, , 4 3 0 8 5 8 5 67 2 , , 0 0 1 3 2 1 July 8,748 563 2,341 32,873 33,183 1,669 840 14,283 6,705 118 45 8,931 36 885 92 4,421 58,357 May 31 9,060 526 2,118 36,208 r36,184 r2,054 667 4,934 6,575 130 48 8,108 38 896 188 4,403 10,861 June 7 9,282 539 2,059 36,879 r36,649 rl,962 620 4,149 6,623 127 47 8,409 38 882 210 4,406 11,582 June 14 9,526 588 2,189 37,229 r 37,569 rl,912 751 4,263 6,639 127 47 8,713 38 877 152 4,402 12,676 June 21 9,493 580 2,202 36,426 r36,447 r2,043 913 5,486 6,639 126 47 8,872 38 882 159 4,411 16,093 June 28 8,952 595 2,267 33,008 r33,170 rl,765 907 12,589 6,643 119 48 •8,759 37 867 65 4,403 21,041 July 5 8,826 548 2,373 32,561 r32,658 1,706 892 13,917 6,663 117 46 9,051 36 881 76 4,420 14,051 July 12 8,719 586 2,425 32,481 r33,031 L,660 981 14,755 6,685 118 46 9,231 37 878 64 4,424 14,491 July 19 8,686 561 2,287 32,945 r33,303 rL,619 774 14,472 6,720 118 46 8,825 37 886 148 4,417 13,940 July 26 8,761 556 2,280 33,503 r33,738 r1,690 712 13,989 6,751 119 45 8,617 36 894 79 4,422 12,596 Aug. 2 8,764 532 2,177 33,597 33,650 1,777 721 13,602 6,798 119 45 8,654 37 881 42 4,437 13,348 Aug. 9 8,750 535 2,186 33,565 33,519 1,750 627 13,085 6,850 117 46 8,742 36 868 51 4,442 11,300 Aug. 16 8,817 526 2,239 33,894 34,233 1,719 594 12,601 6,890 119 46 8,810 36 877 47 4,444 12,027 Aug. 23 8,883 545 2,132 34,400 34,449 L,741 701 11,783 6,921 121 46 8,540 36 873 88 4,449 11,644 New York City 1943—July 3,220 85 26 12,456 12,768 213 378 2,201 688 18 2,864 1 692 45 1,615 21,261 1944—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 July 3,175 92 26 11,944 12,345 145 475 5,864 790 15 7 2,965 1 801 68 1,734 25,423 May 31 3,384 91 58 13,586 13,968 226 325 1,960 791 19 6 2,547 1 810 36 1,735 4,440 June 7 3,503 89 26 13,905 14,170 196 315 1,630 799 19 6 2,654 1 795 96 1,733 4,786 June 14 3,568 96 27 13,985 14,428 197 389 1,626 799 19 6 2,818 1 793 66 1,732 5,297 June 21 3,573 90 25 13,715 14,137 197 525 1,996 792 17 6 2,947 1 797 82 1,734 6,822 June 28 3,291 97 25 12,141 12,489 176 534 4,998 783 15 7 2,903 1 783 49 1,728 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 Aug 2 3,248 84 25 12,348 12,675 175 381 5,556 810 15 7 2,816 1 796 23 1,744 5,564 Aug. 9 3,213 87 20 12,195 12,465 179 326 5,347 815 15 7 2,798 1 789 30 1,746 4,721 Aug. 16 3,198 82 26 12,249 12,648 169 280 5,148 820 15 7 2,788 1 798 24 1,746 4,919 Aug 23 3,251 87 26 12,524 12,875 161 399 4,800 819 15 7 2,689 1 791 31 1,746 4,662 Outside New York City 1943—July 5,447 448 2,274 20,652 20,391 1,594 503 3,054 4,923 100 40 5,903 48 85 6 2,518 30,750 1944—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 r21,803 rl,758 322 3,627 5,735 111 42 5,463 38 84 90 2,660 31,104 June 5,829 482 2,154 22,450 r22,153 rl,730 357 4,059 5,843 108 41 S.857 37 85 73 2,673 38,023 July 5,573 471 2,315 20,929 20,838 1,524 365 8,419 5,915 103 38 5,966 35 84 24 2,687 32,934 May 31 5,676 435 2,060 22,622 r22,216 rl,828 342 2,974 5,784 111 42 5,561 37 86 152 2,668 6,421 June 7 5,779 450 2,033 22,974 r22,479 rl,766 305 2,519 5,824 108 41 5,755 37 87 114 2,673 6,796 June 14 5,958 492 2,162 23,244 r23,141 rl,715 362 2,637 5,840 108 41 5,895 37 84 86 2,670 7,379 June 21 5,920 490 2,177 22,711 r22,310 rl,846 388 3,490 5,847 109 41 5,925 37 85 77 2,677 9,271 June 28 5,661 498 2,242 20,867 r20,681 rl,589 373 7,591 5,860 104 41 5,856 36 84 16 2,675 11,524 July 5 5,596 453 2,348 20,698 r20,476 rl,562 409 8,202 5,878 102 39 6,020 35 85 14 2,686 7,634 July 12.. . 5,585 491 2,399 20,713 r20,810 rl,509 365 8,688 5,902 104 39 6,147 36 81 32 2,689 8,118 July 19.. 5,570 473 2,261 20,996 r20,935 rl,479 355 8,538 5,928 104 39 5,905 36 84 25 2,683 7,938 July 26. . 5,540 468 2,253 21,306 r21,130 rl,543 330 8,250 5,953 104 38 5,792 35 84 23 2,690 7,109 Aug. 2 5,516 448 2,152 21,249 20,975 1,602 340 8,046 5,988 104 38 5,838 36 85 19 2,693 7,784 Aug. 9 5,537 448 2,166 21,370 21,054 1,571 301 7,738 6,035 102 39 5,944 35 79 21 2,696 6,579 Aug. 16 5,619 444 2,213 21,645 21,585 1,550 314 7,453 6,070 104 39 6,022 35 79 23 2,698 7,108 Aug. 23 5,632 458 2,106 21,876 21,574 1,580 302 6,983 6,102 106 39 5,851 35 82 57 2,703 <>,982 r Revised. 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 2 Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts. SEPTEMBER 901 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 Total Com- For pu in rc g h s a e s c in u g ri t o ie r s carry- U. S. Government obligations loans merd 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 e i e n n n s d - t t - s Total t d c a r i u i n i n a s a d - - l l , , U a T n . o S d . b d r e o a k l e e r r s s U T .S o . others e R l s o e t a a a n l t s - e L ba o t n o a k n s s O lo t a h n e s r Total Total Bills Ce c r i a o n t t i f - e f s i- Notes Bonds G a u n a - 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 ga- ities ga- ities ness tions Boston July 26 3,131 669 414 25 19 11 20 62 5 113 2,462 2,365 271 672 359 1,048 15 97 Aug. 2 3,124 659 411 21 17 11 20 63 4 112 2,465 2,371 276 666 359 1,054 16 94 Aug. 9 3,117 658 407 22 17 11 20 63 5 113 2,459 2,365 277 662 357 1,054 15 94 Aug. 16 3,080 655 408 21 14 10 20 64 5 113 2,425 2,333 246 670 345 1,057 15 92 Aug. 23 3,034 657 407 21 16 10 20 64 6 113 2,377 2,284 215 683 315 1,056 15 93 New York* July 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 1,007 Aug. 2 22,703 5,068 2,449 609 486 721 154 157 80 412 17,635 16,565 1,396 4,310 3,055 7,588 216 1,070 Aug. 9 22,364 4,942 2,445 566 463 708 154 156 41 409 17,422 16,343 1,252 4,228 3,036 7,619 208 1,079 Aug. 16 22,239 2,433 528 653 180 156 57 410 17,354 16,273 1,237 4,172 3,014 7,640 210 1,081 Aug. 23 21,994 4^765 2,438 564 543 155 156 29 407 17,229 16,148 1,155 4,173 2,994 7,622 204 1,081 Philadelphia July 26 2,416 439 241 9 6 9 36 103 1,977 1,808 194 398 234 928 54 169 Aug. 2 2,388 433 238 9 5 9 36 103 1,955 1,789 175 389 242 928 55 166 Aug. 9 2,391 433 238 7 5 9 36 103 1,958 1,793 175 390 243 930 55 165 Aug. 16 2,375 431 238 5 5 9 37 104 1,944 1,779 164 388 242 930 55 165 Aug.23 2,359 430 238 3 5 9 37 103 1,929 1,767 155 378 243 936 55 162 Cleveland July 26 4,552 889 401 64 105 13 164 129 3,663 3,428 310 858 518 1,697 45 235 Aug. 2 4,568 402 66 101 13 164 129 3,681 3,442 317 865 518 1,698 44 239 Aug. 9 4,533 405 67 93 13 164 127 3,651 3,415 281 872 518 1,699 45 236 Aug. 16 4,554 874 405 66 13 164 126 3,680 3,442 304 875 519 1,699 45 238 Aug.23 4,565 881 406 63 14 165 124 3,684 3,441 305 874 519 1,699 44 243 Richmond July 26 1,838 319 111 77 10 50 59 1,519 1,463 120 331 263 733 16 56 Aug. 2 1,836 317 112 76 10 50 57 1,519 1,463 119 331 258 739 16 56 Aug. 9 1,833 319 115 73 10 51 57 1,514 1,459 114 330 259 740 16 55 Aug.16 :.. 1,834 317 116 71 10 51 56 1,517 1,462 115 333 255 743 16 55 Aug.23 1,825 315 117 68 10 51 57 1,510 1,455 108 333 254 744 16- 55 Atlanta July 26 1,736 311 164 39 6 26 69 1,42. 1,311 93 347 313 534 24 114 Aug. 2.: 1,738 305 161 37 7 26 67 1,433 1,318 96 351 306 542 23 115 Aug. 9 1,734 297 161 32 6 25 66 1,437 1,321 95 352 306 546 22 116 Aug.16 1,735 292 157 30 7 26 66 1,443 1,327 95 356 309 545 22 116 Aug.23.:...... 1,731 289 156 29 7 26 65 1,442 1,325 93 359 306 546 21 117 Chicago* Jiily'26 8,801 1,581 1,018 150 49 133 127 7,220 6,710 7071,955 1,096 2,876 76 510 Aug.: 2.:.:.-... 8,796 1,569 1,001 138 50 133 125 7,227 6,711 7561,899 1,098 2,882 76 516 Ayg< 9.; 8,752 1,522 997 123 50 132 126 7,230 6,716 7501,911 1,097 2,882 76 514 Aug.16 ,.. 8,727 1,520 1,001 120 50 133 126 7,207 6,687 7031,919 1,097 2,892 76 520 Aug.23.,... i .. 8,600 1,510 998 115 51 132 125 7,090 6,575 5821,906 1,092 2,918 77 515 St. Lows'. Jdly|26.;...... 1,686 409 221 28 7 65 81 1,27 1,169 51 332 230 535 21 108 Aug.' 2.: ,685 405 219 26 7 65 81 1,280 1,171 52 331 230 537 21 109 Aug. 9 ,701 403 221 24 65 79 1,298 1,189 70 333 225 540 21 109 Aug.16 ,707 401 220 25 65 76 1,306 1,196 66 342 226 540 22 110 Aug;23,: ,695 403 222 23 65 77 1,292 1,183 46 342 231 543 21 109 Minneapolis Jiily.26.. ,119 188 99 14 23 45 931 70 240 151 391 11 68 Aug. 2.:...i.. ,115 189 102 14 23 44 926 864 67 241 153 392 11 62 Aug. 9 ,114 187 101 13 23 44 927 864 67 240 153 393 11 63 Aug.16 ,108 187 101 12 23 44 921 58 241 15; 393 11 65 Aug.23. ,093 190 104 12 23 44 903 839 35 246 15. 394 11 64 Kansas City July 26 345 218 21 38 56 1,541 125 369 297 586 37 127 Aug. 2 341 214 20 38 57 1,545 1,41' 115 380 300 587 37 126 Aug. 9 ,903 341 215 20 38 57 1,562 1,438 125 387 296 593 37 124 Aug.16 ,911 339 214 19 37 57 1,572 1,447 131 387 303 589 37 125 Aug.: 23'. ,906 340 215 19 38 56 1,566 1,440 116 392 309, 586 37 126 Dallas- July 26 ,572 360 249 27 20 42 1,212 1,168 125 348 215 460 20 44 Aug. 2 ,555 347 237 25 21 43 1,208 1,164 124 348 213 459 20 44 Aug. 9 1,564 342 236 22 20 42 1,222 1,178 127 353 21 460 21 44 Aug.16 1,576 339 233 22 20 42 1,237 1,193 r6 357 219 460 21 44 Aug.23 1,573 339 232 23 20 42 1,234 1.19C 133 356 219 461 21 44 San Francisco July 26 5,524 980 467 51 296 97 4,54 4,20 377 950 771 2,024 79 343 Aug. 2 5,523 967 469 39 295 91 4,556 4,21 388 946 770 2,029 78 345 Aug. 9 5,518 970 472 37 295 93 4; 548 4,20S 392 946 770 2,022 78 340 Aug.16 5,537 968 475 36 295 91 4,569 4,23. 403 950 771 2,032 78 335 Aug.23 5,531 967 473 36 295 91 4,564 4,22* 381 967 776.2,027 77 336 City of Chicago* July 26 5,359 082 751 99 23 4,277 3,94? 4371,166 614 1,701 30 329 Aug. 2 5,345 083 741 90 23 4,262 3,92i 4681,107 613 1,707 30 337 Aug. 9 5,295 043 737 81 23 4,252 3,91i 453 1,117 611 1,705 30 336 Aug.16 5,267 036 739 78 22 4,23: 3,88( 4071,126 611 1,715 30 342 Aug.23 5,181 032 737 75 22 4,14« 3,81 3251,125 606 1,724 31 338 * 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. 9O1 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank ! except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic d F i e s d tr e i r c a t l a R n e d s e d r a v t e e w F e R e r i e a t d - h l - C va i a n u sh lt m a w n d e i c o s t e t h - i s c p m o a d a d s e n i - - t d s p u v n a a i e d l r r s - t - , - S p a t o a n l t i d e t- s C a f e i n e r d t d i- U G . o v S - . p u v n a a i e r l d r s t - - - , S p a t o a n l t d i e t s - U m G er o . e n S n v - . t - banks For- i r B n o o g w r s - - c C o i a t u a c a n p - l - ts B d i a e ts b n 2 - k serve banks justed1 ships, ical offi- ern- ships, i• cali and eign Banks and sub- cers' ment and sub- Postal De- banks cor- divi- checks cor- divi- Sav- mand Time pora- sions etc. pora- sions ings tions tions Boston (6 cities) • • July 26 413 58 118 1,944 1,923 102 24 933 305 3 270 16 2 265 633 Aug. 2 412 55 109 1,946 1,914 115 29 905 308 3 273 16 2 265 621 Aug. 9... 401 55 103 1,947 1,916 104 24 868 310 3 281 16 4 266 536 Aug. 16 415 55 102 1,960 1,942 103 25 838 312 3 273 16 7 265 555 Aug. 23 425 57 102 1,983 1,952 104 23 784 313 3 276 16 6 266 521 New York (8 cities)* 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 Aug. 2 3,476 114 113 13,585 13,744 380 409 5,906 1,289 17 9 2,883 4 798 23 1,884 5,902 Aug. 9 3,419 118 108 13,416 13,522 378 352 5,685 1,297 17 10 2,864 3 791 31 1,886 5,059 Aug. 16 3,396 112 107 13,478 13,729 362 307 5,474 1,304 17 10 2,853 3 800 25 1,886 5,264 Aug. 23 3,462 118 107 13,761 13,948 363 423 5,104 1,305 17 10 2,752 4 793 42 1,886 4,996 Philadelphia (4 cities) July 26 376 28 77 1,569 1,621 44 19 606 172 9 1 340 7 3 230 506 Aug. 2 370 26 72 1,540 1,587 47 12 586 173 9 1 346 7 3 231 650 Aug. 9 373 27 70 1,568 1,604 52 12 566 174 9 1 343 7 3 231 446 Aug. 16 373 27 75 1,569 1,625 48 13 546 175 8 1 352 7 2 231 455 Aug. 23 376 28 78 1,597 1,641 48 13 517 175 9 1 342 8 2 231 427 Cleveland (10 cities) July 26 700 71 230 2,799 2,832 128 42 915 905 48 488 8 5 441 790 Aug. 2 693 71 212 2,790 2,806 133 45 893 910 48 504 8 4 442 875 Aug. 9 697 67 203 2,783 2,780 135 36 859 917 47 494 8 4 442 766 Aug. 16 700 67 213 2,826 2,873 133 39 823 921 49 508 8 4 444 844 Aug. 23 707 69 201 2,900 2,912 132 40 769 926 50 490 8 4 8 443 772 Richmond (12 cities) July 26 262 36 193 1,077 1,059 83 18 515 256 2 7 339 5 1 115 341 Aug. 2 260 34 172 1,063 1,046 86 19 498 257 2 7 340 5 2 115 370 Aug. 9 268 35 179 1,080 1,069 76 15 478 259 2 7 355 5 1 115 313 Aug. 16 273 34 172 1,092 1,083 85 15 461 261 2 7 357 5 1 115 325 Aug. 23 276 34 156 1,106 1,096 79 16 430 262 2 7 350 5 1 116 330 Atlanta (8 cities) July 26 286 27 164 1,024 977 133 9 384 284 3 3 426 4 111 330 Aug. 2 289 25 160 1,035 987 137 9 372 286 3 3 425 '"i" 4 111 336 Aug. 9 304 26 171 1,052 999 138 9 358 288 2 3 442 1 4 111 311 Aug. 16 306 26 180 1,069 1,030 134 9 344 291 3 3 448 1 4 111 330 Aug. 23 300 26 162 1,070 1,007 149 9 321 292 3 3 441 4 112 334 Chicago (12 cities)* 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 Aug. 2 1,348 93 388 5,227 5,071 425 67 2,036 1,344 3 4 1,509 5 19 3 516 2,245 Aug. 9 1,335 94 399 5,245 5,110 420 56 1,955 1 358 3 4 1,513 5 18 3 516 1,685 Aug. 16 1,371 92 404 5,317 5,226 412 65 1,879 1,365 3 4 1,523 5 18 3 517 1,919 Aug. 23 1,353 95 380 5,331 5,176 421 60 1,766 1,372 3 4 1,450 5 18 3 518 1,969 St. Louis (5 cities) July 26 273 20 120 899 931 61 13 340 246 5 502 1 5 113 337 Aug. 2 260 19 116 889 932 61 14 329 247 5 500 1 9 113 321 Aug. 9 277 19 118 918 940 65 11 315 249 5 517 1 8 113 311 Aug. 16 . . 285 18 117 941 978 65 10 304 250 5 520 1 5 113 320 Aug. 23 284 19 112 947 973 63 10 284 252 5 499 1 21 113 330 Minneapolis (8 cities) July 26 157 11 84 610 r581 r78 12 307 146 233 6 77 211 Aug. 2 160 10 80 604 572 81 9 297 147 243 6 76 234 Aug. 9 160 10 79 609 577 79 9 285 148 251 1 77 241 Aug. 16 164 10 77 614 587 76 10 274 149 252 1 77 238 Aug. 23 162 11 80 618 591 76 9 256 150 251 2 77 241 Kansas City (12 cities) July 26 377 23 286 1,127 1,133 122 ' 16 340 199 1 3 781 5 130 448 Aug. 2 377 22 270 1 109 1,124 121 16 333 200 1 3 786 5 2 130 426 Aug. 9 390 22 279 1,141 1,145 119 15 321 202 1 3 803 5 2 130 400 Aug. 16 386 22 285 1,155 1,170 118 16 310 203 1 3 811 5 130 458 Aug. 23 390 23 272 1,176 1,179 122 17 290 204 1 3 790 5 6 131 425 Dallas (9 cities) July 26 296 24 231 1,070 1,092 49 22 333 175 11 2 447 1 108 311 Aug 2 306 21 230 1,064 1,075 54 19 323 176 11 2 451 1 108 332 Aug. 9 323 22 229 1,075 1,085 54 17 310 177 11 2 477 2 108 284 Aug. 16 315 21 247 1,092 1,123 50 17 300 179 11 2 490 1 108 323 Aug. 23 308 23 235 1,101 1,120 48 17 280 180 11 2 478 2 108 327 San Francisco(7 cities) July 26 810 42 263 2,717 2,781 131 68 1,133 1,455 25 8 412 9 24 447 973 Aug. 2 813 42 255 2,745 2,792 137 73 1,124 1,461 25 8 394 9 23 446 1,036 Aug. 9 803 40 248 2,731 2,772 130 71 1,085 1,471 25 8 402 9 23 447 948 Aug. 16 833 42 260 2,781 2,867 133 68 1,048 1,480 25 8 423 9 24 447 996 Aug. 23 840 42 247 2,810 2,854 136 64 982 1,490 25 8 421 9 24 448 972 City of Chicago* July 26 849 42 186 3,122 3,107 209 27 1,346 561 1,068 14 337 1,119 Aug. 2 838 42 182 3,108 3,078 201 30 1,317 568 1,076 15 338 1,396 Aug. 9 838 42 182 3,099 3,074 198 27 1,263 576 1,080 15 338 1,030 Aug. 16 851 41 190 3,U4 3,145 191 26 1,213 578 1,085 15 338 1,078 Aug. 23 838 43 184 3,165 3,146 190 29 1,133 580 1,030 15 338 1,130 i * See note on preceding page. r Revised. 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. SEPTEMBER 1944 903 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollarsl Dollar acceptances outstanding Commer- Held by Based on cial End of month sta p o n a u d p t i e - n r g1 sta T o n o u d t t a i - n l g Accepting banks ! Others2 Im in p t o o rts Ex fr p o o m rts DOIIL/ G s o h o i d p p s p o e s d i t n o t b r s e e d i t n w i e n e n or Total O bi w lls n b B ou il g ls ht U S n ta it t e e d s U S n ta i t t e e s d exchange United Foreign States countries 1943—April 179 128 99 61 38 29 71 38 11 May 160 136 105 65 40 31 79 (3) 37 12 June 143 140 102 62 40 38 82 10 (3) 36 12 July 150 139 102 64 38 36 81 12 35 10 August... 156 130 94 59 36 36 77 10 33 11 September. 170 117 84 50 33 33 69 7 30 11 October.... 188 115 48 39 27 67 9 29 10 November. 203 111 53 35 23 59 11 31 9 December 202 117 90 52 38 27 66 11 30 9 1944—January 209 120 94 55 38 27 71 12 29 February.. 214 135 106 57 49 29 S3 12 32 March 195 129 100 52 48 30 79 12 31 April 172 126 96 51 45 29 77 12 30 May 151 113 90 49 41 24 71 10 28 June 137 112 87 44 43 25 74 11 24 July 143 110 46 41 23 72 12 24 1 As reported by dealers; includes some finance company paper sold in open market. 2 None held by Federal Reserve Banks. 3 Less than $500,000. Back figures.—See Banking and Monetary*Statistics, Table 127, pp. 465-467; for description, see p. 427. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit'balances Credit balances End of month Customers' bal D an e c b e i s t in bal D an e c b e i s t in Cash on cre C d u it s t b o a m la e n r c s' e s1 j Other credit balances 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 n s g t a in n a v d c e c t s o r t u a m d n e i t n s 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 t a s o r t r u a m t n d n e t i e s n n r g t s' i a n a n v I c d e n c s t o f r t u i a m r n d m e t i s n n t g I a n c ( c c n o a e u p t) n it t a s l 1936—June 1,267 67 164 219 985 276 86 24 14 420 December 1,395 64 164 249 1,048 342 103 30 12 424 1937—June 1,489 55 161 214 1,217 266 92 25 13 397 December 985 34 108 232 688 278 85 26 10 355 1938—June 774 27 88 215 495 258 89 22 11 298 December 991 32 106 190 754 247 60 22 5 305 1939—June... 834 25 73 178 570 230 70 21 6 280 December 906 16 78 207 637 266 69 23 7 277 1940—june 653 12 58 223 376 267 62 22 5 269 December 677 12 99 204 427 281 54 22 5 247 1941—June 616 11 89 186 395 255 65 17 7 222 December 600 8 86 211 368 289 63 17 5 213 1942—June 496 9 86 180 309 240 56 16 4 189 December 543 7 154 160 378 270 54 15 4 182 1943—June 761 9 190 167 529 334 66 15 7 212 Tulv e780 «530 e340 August e740 e490 e340 September e820 e77O e320 October e830 e740 e330 November e780 e600 e340 December 788 11 188 181 557 354 65 14 5 198 1944—January c780 c560 €37O February e800 e650 e37O March e820 e630 e380 April e780 e600 c390 May e790 c550 c400 i June 887 5 253 196 r619 424 95 15 11 216 July e940 e660 e420 e Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of large firms. r Revised. 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Inclu % NOTE.which the _o , „-— to be taken as representing the actual net capital of the reporting firms. Back figures.—-See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data in detail at semiannual dates prior to 1942. 9°4 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET MONEY RATES IN NEW YORK CITY COMMERCIAL LOAN RATES [Per cent per annum] AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES Yields on U. S. # [Per cent per annum] mo Y w n e e th e a k , r , or m 4 m p P - c o a e r o n t p i r o m m c t e h i 6 r - e a s , - l l a a b P d c n a e r a c 9 c r i n y e s m 0 e k ' p s s - l e t , - c S h l n a c o e t r a e o l x e a a s n w - - l c n 2 l g k - e m b G o i 3 o l n - l v s th 3 ern d m 9 c m e o - e e e b f r a o t n o t t t n i t e i e n n t 1 d s h s - - 2 - e - cu 3 t r a n - y i x o t t e i o a t e a e b s r s 5 l - e 1935 average1 1 T 9 2 o . c 9 t i a 3 t l ies Y N C 1. o e i 7 t w r y 6 k 7 E e N r c a 3 n o i O s . t 3 r i t t a e t e 9 h n h s r e - n d r ness 1936 average1 2.68 1.72 3.04 1937 average1 2.59 1.73 2.88 1938 average1 2.53 1.69 2.75 1941 average. .. .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 .. .. . . 4 4 4 4 1 1 . . 0 0 0 0 . . 3 3 2 7 6 3 1 1 . . 1 3 3 1 1 19 9 4 3 0 9 a a v v e e r r a a g g e e 2 2 . . 6 7 3 8 2 2 . .0 0 7 4 2 2 . .8 5 7 6 1943-July .44 1.00 .374 .68 1.30 1941 average 2.54 1.97 2.55 August ... .44 1.00 .375 .75 1.29 1942 average 2.61 2.07 2.58 September, .44 1.00 .375 .77 1.31 1943 average 2.72 2.30 2.80 October . .44 1.00 .375 .78 1.31 1939—December 2.59 1.96 2.59 November .44 1.00 .375 .77 1.29 1940—March 2.65 2.03 2.67 December. ,44 1.00 .375 .77 1.30 June 2.59 2.00 2 49 1944— F J e a b n r u u a a r r y y .. . . . . . 4 4 4 4 1 1 . . 0 0 0 0 . . 3 3 7 7 5 4 . . 7 7 8 8 1 1. . 3 3 2 0 D Se e p c t e e m m b b e e r r 2 2. . 5 6 9 8 2 2 . . 1 0 4 0 2 2 . . 5 5 6 3 March .44 1.00 .375 .80 1.36 1941—March 2.58 2.06 2.53 April .44 1.00 .375 .78 1.36 June 2.55 1.95 2.58 May .44 1.00 .375 .77 1.35 September 2.60 1.98 2.62 June .44 1.00 .375 .79 1.34 December 2.41 1.88 2.45 July .44 1.00 .375 4.77 1.31 1942—March 2.48 1.85 2.48 Week ending: June 2.62 2.07 2.56 A Ju u l g y . 2 5 9 . . . . . . . . 1 1. . 0 0 0 0 . . 3 3 7 7 5 5 . . 7 7 7 6 1 1 . . 3 3 0 1 D Se e p c t e e m m b b e e r r 2 2 . . 7 6 0 3 2 2 . . 0 2 9 8 2 2 . . 6 6 3 6 A A A u u u g g g . . . 1 2 1 9 6 2 . . . . . . . . 1 1 1 . . . 0 0 0 0 0 0 . . . 3 3 3 7 7 7 5 5 5 . . . 7 7 7 5 5 7 1 1 1 . . . 3 3 3 0 0 0 1943— J S M u e n a p e r t c e h mber 2 3 2 . . . 0 7 4 0 6 8 2 2 2 . . . 7 0 3 0 5 6 2 2 2. . . 7 9 7 1 8 6 December 2.65 2.10 2.76 i Monthly figures are averages of weekly prevailing rates. The average rate on 90-day stock exchange time loans was 1.25 per 1944-March 2.63 2.10 2.75 cent during the entire period. June 2.63 2.23 2.54 3 Rate on new issues offered within period. Tax-exempt bills prior to March 1941; taxable bills thereafter. 4 Number of issues decreased from 2 to 1 on July 1 and increased to 2 on 1 Prior to March 1939 figures were reported monthly on a basis not strictly July 10. comparable with the current quarterly series. Back figures.—See Banking and Monetary Statistics, Tables 120-123, pp. Back figures.—See Banking and Monetary Statistics, Tables 124-125, pp. 448-462; for description, see pp. 424-426. 463-464; for description, see pp. 426-427. BOND YIELDS 1 [Per cent per annumj 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 partially (high ex ta e x m - pt y 7 e t a o r s 9 15 o a v y n e e d r ars grade)2 grade)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 ic y 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 2.09 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 1.98 1.96 2.47 2.06 2.64 3.16 2.73 2.86 3.13 3.91 2.85 3.64 2.99 1943—July 1.91 1.92 2.45 1.97 2.58 3.11 2.69 2.82 3.09 3.81 2.80 3.56 2.95 August 1.92 1.95 2.46 1.91 2.57 3.10 2.69 2.81 3.08 3.81 2.79 3.55 2.96 September 1.90 1.97 2.48 1.92 2.59 3.11 2.69 2.82 3.10 3.83 2.82 3.56 2.96 October 1.90 1.98 2.48 1.88 2.60 3.11 2.70 2.83 3.10 3.82 2.82 3.55 2.96 November 1.94 2.00 2.48 1.90 2.61 3.13 2.71 2.84 3.11 3.83 2.85 3.56 2.98 December 1.95 2.00 2.49 2.00 2.63 3.14 2.74 2.87 3.13 3.82 2.86 3.56 3.00 1944—January 1.95 1.99 2.49 1.92 2.65 3.11 2.72 2.83 3.11 3.76 2.83 3.51 2.99 February 1.93 1.96 2.49 1.85 2.65 3.10 2.74 2.83 3.10 3.72 2.83 3.49 2.98 March 1.91 1.95 2.48 1.84 2.64 3.09 2.74 2.82 3.10 3.70 2.83 3.48 2.C7 April 1.94 1.95 2.48 1.85 2.61 3.08 2.74 2.82 3.09 3.68 2.83 3.45 2.97 May 1.94 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 1.91 1.95 2.49 1.87 2.58 3.05 2.73 2.81 3.07 3.59 2.79 3.40 2.96 July..... 1.89 51.95 2.49 1.84 2.60 3.04 2.72 2.80 3.05 3.57 2.79 3.37 2.95 W^ek ending: July 29 1.90 1.95 2.49 1.82 2.60 3.04 2.72 2.81 3.05 3.56 2.80 3.36 2.94 Aug. 5 1.90 1.94 2.48 1.82 2.58 3.03 2.71 2.80 3.05 3.55 2.79 3.35 2.95 Aug. 12 1.91 1.93 2.48 1.81 2.57 3.03 2.72 2.80 3.05 3.55 2.80 3.34 2.95 Aug. 19 1.91 1.93 2.48 1.81 2.57 3.03 2.72 2.79 3.04 3.55 2.79 3.34 2.95 Aug. 26 1.90 1.92 2.48 1.82 2.57 3.02 2.72 2.79 3.04 3.55 2.79 3.34 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. fi 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. SEPTEMBER 1944 905 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS1 Bond prices Stock prices6 Volume Corporate4 Common (index, 1935-39 - 100) of trad- Year, month, or week U.S. Munic- ing* Gov- ipal Medium- and lovrer-grade Pre- (in thoum er e n n - t g ( r h a i d g e h )3 H gr i a g d h e - Total In tr d i u al s- R ro a a i d l- P ut u i b li l t i y c fau D l e t - ed ferrede Total In tr d i u a s l - R r a o i a l d - P u u ti b li l t i y c s s a h n a d r s e s o ) f Number of issues ..., 1-6 15 50 20 20 402 354 20 1941 average., 130.9 117.8 98.9 103.9 86.9 106.1 21.9 171.9 80 80 71 81 629 1942 average., 100.72 126.2 118.3 100.1 109.1 86.6 104.8 27.2 162.4 69 71 66 61 466 1943 average.. 100.50 131.8 120.3 109.5 117.0 97.6 114.0 44.0 172.7 92 94 89 82 1,032 1943—July 100.75 133.4 121.1 110.8 116.6 100.4 115.3 48.1 175.9 99 101 97 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 11.9.8 105.3 115.9 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 July 100.19 136.1 121.3 114.7 121.1 106.8 116.3 61.3 177.6 104 107 105 91 1,283 week ending: 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 Aug. 5.. 100.26 136.4 121.2 114.7 120.7 107.3 116.2 58.0 177.3 103 105 104 91 834 Aug. 12.. 100.32 136.6 121.1 114.8 120.8 107.4 116.2 57.0 176.4 101 103 102 91 1,045 Aug. 19.. 100.35 136.6 121.2 114.9 120.9 107.6 116.1 58.2 176.4 103 105 103 92 944 Aug. 26., 100.40 136.4 121.2 114.8 121.1 107.1 116.2 57.0 177.3 103 105 102 93 75a 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. g 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. N EW S E C U R I TY I S S U ES [In millions of dollars] For new capital For refunding Total Domestic Domestic (new Total Total Year or month f a i u r n n e n d - g) d- m e ( a f e i d o s n g d o r - - t n) ic Total S n m a t p i n a u c d a - l i t - e a F c e g i e r e e a d l n - s - 1 Total Co B r n a p o o n o n t d e r d s s ate Stocks F ei o g r- n2 m e e ( a f i d s o n g d o r t - - n) ic Total S n a m p t i n a c a d u l - i t - e a F c e g i e r e e a d l - s n 1 - Total Co B n r a o o p n n t d o e d s s rate Stocks e F i o g r n - 2 1934 2,160 1,386 1 386 803 405 178 144 35 774 765 136 317 312 312 9 1935 4,699 1,457 1,409 855 150 404 334 69 48 3,242 3,216 365 987 1,864 1,782 81 26 1936 6,214 1,972 1 949 735 22 1,192 839 352 23 4,242 4,123 382 353 3,387 3,187 200 119 1937 3,937 2,138 2,094 712 157 1,225 817 408 44 1,799 1,680 191 281 1,209 856 352 119 1938 4,449 2,360 2,325 971 481 873 807 67 35 2,089 2,061 129 665 1,267 1,236 31 28 1939 5,842 2,289 2,239 931 924 383 287 97 50 3,553 3,465 195 1,537 1,733 1,596 137 88 1940 . 4,803 1 951 1 948 751 461 736 601 135 2 2,852 2,852 482 344 2,026 1,834 193 1941 ... 5,546 2,854 2,852 518 1,272 1,062 889 173 1 2,693 2,689 435 698 1,557 1,430 126 4 1942 2 114 1 075 1 075 342 108 624 506 118 1,039 1,039 181 440 418 407 11 1943 2,174 642 640 176 90 374 282 92 2 1,532 1,442 259 497 685 603 82 90 1943—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 O Se ct p o t b e e m r ber.. 2 1 0 4 1 0 5 57 1 5 5 1 7 10 5 '"3 n 1" 4 1 1 0 3 1 3 0 •••y • 1 8 4 9 4 1 8 4 9 4 1 11 0 4 2 6 4 8 5 7 5 5 5 9 1 27 5 November .. 357 165 165 21 23 121 87 34 192 192 15 107 70 58 12 December... 163 33 33 10 10 14 8 6 130 130 8 39 83 77 7 1944—January 240 103 93 24 31 38 15 22 10 137 137 14 123 62 61 February 220 73 73 11 63 59 4 146 146 26 25 96 93 3 March 178 58 58 13 45 28 17 120 120 12 30 78 59 19 April 235 80 80 7 73 21 52 155 149 10 31 108 53 55 6 Mav 418 53 53 21 33 14 19 365 356 139 33 . 184 169 15 9 June 213 42 42 23 4 15 11 5 170 170 8 83 79 76 3 July 274 70 64 12 52 43 10 204 204 22 27 154 133 21 1 Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 Includes issues of noncontiguous U. S. Territories and Possessions. Source—For domestic issues, Commercial and Financial Chronicle', for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures.—See Banking and Monetary Statistics, Table 137, p. 487. 9O6 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES1 PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Year or month Est g i r m o a ss ted Esti n m e a t ted New money Retirement of securities Repayment proceeds2 proceeds3 of Other Total e P q l u a i n p t m a e n n d t W c o a r p k it in al g Total Bo n n o d t s e a s nd Pr s e t f o e c r k red other debt purposes 1934 397 384 57 32 26 231 231 84 11 1935 .. ... 2,332 2,266 208 111 96 1,865 1,794 71"" 170 23 1 19 9 3 3 7 6 4 2 , , 5 3 7 1 2 0 4 2 , , 4 2 3 3 1 9 8 9 5 9 8 1 3 5 8 7 0 4 i 4 4 1 78 7 3 1 , ,1 3 0 6 0 8 3,1 9 4 1 3 1 2 19 2 0 6 1 ti 5 l 4 4 3 9 6 1938 ... .... . . 2,155 2,110 681 504 1 177 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 ! 1.043 474 287 187 395 366 30 138 35 1943 1,112 1,089 285 156 129 721 651 70 54 28 1942—October. 46 45 4 2 2 41 41 November 35 34 5 1 4 28 28 1 December....... 34 33 16 15 1 17 13 4 1943—January 9 8 1 1 6 6 2 February 49 49 12 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 July 76 74 3 3 59 40 19 2 10 O A Se c u p t g o t u b e s e m t r . b . e . r . . . . . . . . . . . . 1 1 6 3 0 9 0 6 1 1 6 2 0 8 7 3 1 1 3 5 1 1 6 2 3 3 5 1 8 5 0 0 0 1 9 4 7 7 2 9 9 4 1 2 8 5 2 l 1 " November 200 197 122 91 31 69 64 5 6 December....... 103 100 14 3 10 79 75 4 3 5 1944—January......... 154 150 34 23 11 114 54 60 2 1 February 97 95 49 18 31 33 32 1 4 8 March 203 199 48 32 16 147 129 18 3 1 April 155 150 53 24 28 93 55 38 1 3 May............ 148 146 23 17 6 120 115 5 3 June... . 163 160 23 8 15 117 103 13 18 1 July 178 174 46 22 24 122 109 13 6 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 poses* ceeds ties poses4 ceeds ties poses4 1934..... 172 21 120 31 130 11 77 42 62 25 34 2 20 19 1935 120 57 54 10 ,250 30 1,190 30 774 74 550 150 122 46 72 4 1936 . . 774 139 558 77 ,987 63 1,897 27 1,280 439 761 80 390 218 152 20 1937 338 228 110 1 751 89 611 50 1,079 616 373 90 71 57 7 7 1938 . ... .. . 54 24 30 ,208 180 943 86 831 469 226 136 16 8 7 1 1939 182 85 97 L.246 43 1,157 47 584 188 353 43 102 9 88 5 1940 . . .. 319 115 186 "is*" 1,180 245 922 13 961 167 738 56 155 42 9 104 1941 361 253 108 L 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—October. 9 9 29 29 6 4 3 November.. 17 16 17 4 12 I December \ 4 4 27 10 17 3 2 1 1943—January 8 1 6 2 February....... i 8 8 39 2 34 3 2 2 March 1 15 5 10 22 1 20 1 59 33 18 8 April ! 3 3 58 1 55 3 27 5 22 M J J A u u u a n l y g e y u . s . t. . .. . . . . . . . . . . . . . . . . . ! 4 1 6 4 7 6 ... 1 . 4 .. 46 7 3 2 4 * 8 6 3 4 2 8 6 4 1 i 5 4 4 1 0 0 9 7 2 1 3 9 5 1 2 3 2 3 5 7 6 ""2" 1 6 1 1 3 2 2 7 4 2 2 September 4 4 49 4 41 4 14 3 9 3 1 1 October......... • 28 28 50 49 48 2 24 22 1 1 November 26 3 23 37 37 134 119 9 6 December....... 3 3 75 70 5 19 7 9 3 3 3 1944—January......... 8 8 61 61 81 26 53 2 February....... 9 9 30 30 55 40 3 12 March 29 29 140 6 134 28 14 11 4 2 2 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 July 7 7 58 ""s" 52 109 34 70 5 1 Estimates of new issues sold for cash in the United States. Current figures subject to revision. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 4 Includes repayment of other debt and other purposes. Source.—Securities and Exchange Commission; for compilations of back figures, see Banking and Monetary Statistics (Table 138, p. 491), a publication of the Board of Governors. SEPTEMBER 1944 907 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS INDUSTRIAL CORPORATIONS [In millions of dollars] Net profits,1 by industrial groups Profits and dividends Year or quarter Total s I a t r e n o e d n l c M e h r i a y n - - t b o A i m l u e o - s - p e O t m r t q o i a t e u o r h n t n n i e a s p t r - - - f m p e N u a r e r c o n r o t o t a d n d s u l - - s s O d g b o u t l o h r e a d e - r s t F o b a a o b e g n o a v e d c d e s c r s , - o , p r r a e o i i O n n n f 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 - - s r s n c M e i e e c r l i o v e l s u a s - - - s pr N of e i t ts1 fe P D r r r e e i - v d ide C n m d o o s m n - Number of companies... 629 47 69 15 68 77 75 49 45 30 80 74 152 152 152 1939 1,465 146 115 223 102 119 70 151 98 186 134 122 847 90 564 1940 1,818 278 158 242 173 133 88 148 112 194 160 132 1,028 90 669 1941 2 169 325 193 274 227 153 113 159 174 207 187 159 1,144 92 705 1942 1.792 226 159 209 202 138 90 151 152 164 136 165 883 88 552 1943 1,823 205 168 201 203 128 83 163 185 169 144 173 902 86 555 Quarterly 1940—1 422 47 33 69 41 33 14 34 34 46 41 29 246 21 136 2 412 51 39 53 36 29 21 38 30 45 41 30 230 21 158 3 396 79 34 17 33 30 25 33 25 52 39 29 211 22 158 4 588 101 52 103 63 40 28 43 24 51 39 44 342 25 217 1941—1 510 86 44 79 53 39 23 36 29 49 44 29 286 22 150 2 549 84 48 73 56 36 28 43 42 53 48 36 297 23 165 3 560 81 46 60 56 38 30 44 56 52 49 46 284 23 170 4 550 72 55 61 62 40 32 37 46 52 46 • 48 276 24 221 1942— 2 1.. . 4 3 1 6 9 4 5 5 2 2 3 3 8 5 4 2 6 5 « 64 51 8 3 3 6 2 1 1 8 9 3 3 2 2 3 2 5 7 3 3 9 5 3 2 9 7 3 3 2 4 2 1 0 7 4 4 2 2 1 3 1 13 3 5 4 4 3 4 55 5 7 1 5 7 1 2 4 3 9 6 4 9 6 2 6 65 49 4 3 3 6 4 3 2 0 2 4 4 2 4 4 4 2 9 4 4 1 8 3 3 5 5 4 5 7 2 2 2 9 1 4 1 2 2 0 3 1 1 2 5 5 8 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 r452 r47 r40 r52 r658 29 r20 r40 r49 r42 r36 r39 r222 20 r142 2 462 46 44 60 654 30 23 35 51 44 39 37 226 22 149 PUBLIC UTILITY CORPORATIONS [ In millions of dollars ] Railroad2 Electric power3 Telephone4 Year or quarter O re p v i e n e r g n a u t e - i I b n n e c c f o o o m m re e e A" r N oa et d s income1 d D e i n v d i- s r O e p v i e e n n r g a u t e - I i b n n t e c c a f o o x o m m 6 re e e inc N o e m t e1 d D e i n v d i- s 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 1939 3,995 126 93 -102 126 2,647 629 535 1,067 191 175 1940 4,297 249 189 -73 159 2,797 692 548 1,129 194 178 1941 5,347 674 500 23 186 3,029 774 527 1,235 178 172 1942 7,466 1,658 902 147 202 3,216 847 490 1,362 163 163 1943 9,054 2,209 874 187 216 3,471 926 506 1,537 180 166 Quarterly 1940—1 986 -3 -12 -29 25 709 187 148 274 49 44 2 1,010 15 -33 29 675 161 128 281 50 44 3 1,130 92 • 71 -14 29 682 156 123 281 45 44 4 1,171 145 127 3 78 731 188 149 294 50 46 1941—1 1,152 96 69 —5 28 751 209 154 295 43 44 2 1,272 145 103 0 36 723 182 126 308 44 45 3 1,468 267 189 23 34 750 183 107 311 45 44 4 1,454 166 138 5 87 805 200 139 321 46 40 1942—1 1,483 178 90 12 24 816 234 131 324 41 44 2 1,797 390 198 37 46 770 196 104 337 41 42 3 2,047 556 286 60 30 792 195 105 342 39 39 4 2,139 534 327 38 101 839 222 150 359 43 38 1943—1 2,091 513 209 52 28 865 257 137 366 42 40 2 2,255 605 239 56 49 836 224 119 383 44 42 3 2,368 653 249 55 39 861 213 115 389 45 43 4 2,340 438 177 25 100 231 135 400 48 41 1944—1 2,273 458 148 27 31 930 263 135 400 42 42 2 2,363 511 174 22 55 242 123 406 43 42 r Revised. 1 "Net profits" and "net income" refer to income after all charges and taxes and before dividends. 2 Class I line-haul railroads, covering about 95 per cent of all railroad operations. 3 New series, Class A and B electric utilities covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations. 4 Thirty large companies, covering about 85 per cent of all telephone operations. (During 1942, two companies formerly reporting separately were merged with another in the group.) Series excludes American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock holdings in the 30 companies. 5 After all charges and taxes except Federal income and excess profits taxes. J Partly estimated. * Not available. Sources.—Interstate Commerce Commission for railroads; Federal Power Commission for electric utilities (nonelectric operations and quarterly figures prior to 1942 are partly estimated); Federal Communications Commission for telephone companies (except dividends); published reports for industrial companies and for telephone dividends. 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 th<* March 1942 BULLETIN, go 8 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 r e 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- Totals 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 S n d . g s s T t s r a a n e x v o a i t s n a 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 te a e r r b i e n t s g t- s t b e t e e e c e r a u d e r r s i i i n n t t - i g - es 1941—June 48,961 48,387 37,713 1,603 5,698 30,215 4,555 4,314 6,120 574 6,360 57,938 57,451 41,562 2,002 5,997 33,367 8,907 6,140 2,471 6,982 487 6,317 1942—June " 72,422 71,968 50,573 2,508 3,096 6,689 38,085 13,510 10,188 3,015 7,885 454 4,548 Dec 108,170 107,308 76,488 6,627 10,534 9,863 49.268 21,788 15,050 6,384 9,032 862 4,283 1943—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 1943—July 141,524 140,238 98,613 12,460 16,561 11,875 57,520 30,169 22,030 7,678 11,456 1,286 3,782 Aug 144,059 142,721 99,935 12,846 17,497 11,875 57,520 30,879 22,694 7,703 11,907 1,338 3,934 Sept 158,349 157,053 111,426 13,054 21,136 11,596 65,444 33,910 24,478 8,851 11,717 1,296 3,964 Oct 165,047 163,589 115,944 13,064 23,199 11,596 67,889 35,776 26,056 9,109 11,868 1,458 4,113 Nov 166,158 164,781 115,909 13,074 23,103 11,596 67,940 36,595 26,697 9,278 12,278 1,377 4,154 Dec 165,877 164,508 115,230 13,072 22,843 11,175 67,944 36,574 27,363 8,586 12,703 1,370 4,225 1944—Jan 170,659 167,043 115,259 13,101 22,843 11,175 67,944 38,911 28,901 9,384 12,873 33,616 4,269 Feb 183,107 181,709 126,171 13,112 25,680 13,302 73,882 42,370 31,515 10,220 13,168 1,398 4,227 Mar 184,715 183,348 128,080 13,147 25,680 16,244 72,813 41,762 31,974 9,116 13,507 1,367 2,258 Apr 184,967 183,413 127,440 13,150 25,306 16,263 72,526 42,275 32,497 9,092 13,697 1,554 2,258 May 186,366 184,874 128,029 13,766 25,266 16,265 72,537 42,724 32,987 9,050 14,122 1,492 1,529 June 201,003 199,543 140,401 14,734 28,822 17,405 79,244 44,855 34,606 9,557 14,287 1,460 1,516 July 208,574 207,117 144,919 15,524 30,035 18,067 81,097 47,237 36,538 10,000 14,961 1,456 1,468 1 Including amounts held by Government agencies and trust funds, which aggregated $4,602,000,000 on June 30, 1944, and $4,594,000,000 (preliminary) on July 31,1944. .* 2 Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service and depositary bonds not shown separately. 3Including 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, JULY 31, 1944 [In millions of dollars] [On basis of daily statements of United States Treasury. In millions of dollars] Amount Funds received from sales during Redemp- Issue and coupon rate 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 se A ri l e l s Se E ries Se F ries Se G ries se A r l i l es Aug. 3, 1944.... 1,017 June 15, 1948 • 1M 3,062 Aug. 10, 1944.... 1,207 Sept. 15, 1948 . .23^ 451 Aug. 17, 1944.... 1,206 Dec. 15, 1948-50 .... 2 571 1943—Jan 16,246 1,240 815 77 348 63 Aug. 24, 1944.... 1,214 June 15, 1949-51 ....2 1,014 Feb 17,067 887 634 48 205 76 Aug. 31, 1944.... 1,215 Sept. 15, 1949-51 ...2 1,292 Mar 17,891 944 720 44 180 131 Sept. 7, 1944.... 1,203 Dec. 15, 1949-51 ...2 2,098 Apr 19,267 1,470 1,007 110 353 103 Sept. 14, 1944.... 1,201 Dec. 15, 1949-52 • -3}4 491 May 20,507 1,335 995 86 254 104 Sept. 21, 1944.... 1,212 Dec. 15, 1949-53 2M> 1,786 June 21,256 876 696 35 144 141 SeDt. 28, 1944.... 1,208 Mar. 15, 1950-52 '.'.. 2 1,963 July 22,030 890 683 38 169 138 Oct. 5, 1944.... 1,216 Sept. 15, 1950-52 2X/L 1,186 Aug 22,694 802 661 28 112 152 Oct. 13, 1944... 1,204 Sept. 15, 1950-52 '.'...2 4,939 Sept 24,478 1,927 1,400 139 387 155 Oct. 19, 1944.... 1,207 June 15, 1951-54 ..2H 1.627 Oct. 26,056 1,708 1,340 93 275 144 Oct. 26, 1944 1,214 Sept. 15, 1951-53 ....2 7,986 Nov 26,697 798 665 23 109 170 Sept. 15, 1951-55 ... 3 755 Dec 27^363 853 728 24 101 207 Cert, of indebtedness Dec. 15, 1951-53 ..2H 1,118 Aug. 1, 1944 r4 2,545 Dec. 15, 1951-55 ... 2 510 1944—Jan 28,901 1,698 1,085 127 487 188 O Se c p t. t . 1 1, , 1 1 9 9 4 4 4 4. 4 4 4 3 , . 1 5 2 1 2 9 M Ju a n r e . 1 1 5 5 , , 1 1 9 9 5 5 2 2 - - 5 5 4 4 '.'...2 5 1 , .0 6 2 7 4 5 F M e a b r 3 3 1 1 , , 5 9 1 7 5 4 2,7 7 8 0 2 9 2,1 5 0 7 2 6 15 2 7 3 5 1 2 1 2 0 2 1 6 8 8 5 Dec. 1, 1944 ...',4 3,540 June 15, 1952-55 ..2H 1,501 Apr 32,497 739 606 19 114 237 M F A e p a b r y . . 1 1 1 , , , 1 1 1 9 9 9 4 4 4 5 5 5 4 4 Vs 5 4 1 , , , 8 6 0 1 7 4 5 7 8 J J M u u a n n r e e . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 5 5 5 3 4 5 - - - 5 5 6 5 6 0 . .. . 1 . H 2 2,6 6 7 1 8 2 1 1 5 M J T u u a l n y y e 3 3 3 2 6 4 , , , 9 5 6 8 3 0 7 8 6 2 1, , 8 1 7 4 2 5 2 5 1 1 1, , 6 3 6 8 5 2 7 0 4 1 1 1 0 1 5 1 5 1 3 3 7 1 3 1 7 7 2 2 2 7 2 4 9 7 8 June 1, 1945 V% 4,770 Mar. 15, 1956-58 ..2Vi 1,449 Sept. 15, 1956-59 • -2H 982 Treasury notes Sept. 15, 1956-59 3,823 Sept. 15, 1944.... .1 283 lune 15, 1958-63 '.'.2% 919 Sept. 15, 1944.... 635 Dec. 15, 1960-65 • -2M 1.485 Maturities and amounts outstsmding, July 31, 1944 Mar. 1, 1945.... 90 2,127 Tune 15, 1962-67 2,118 M M De a a c r r . . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 4 4 4 5 5 5 . . . . . . . . V.iH 1,6 5 7 0 3 1 6 1 8 D D Tu e e n c c e . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 3 4 4 - - - 6 6 6 8 9 9 ' . . . ' 2 • V 2Y 2 i 2 3 3 . , . 8 7 8 3 6 3 1 2 8 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 Mar. 15, 1946....... 1 503 Mar. 15, 1965-70 • . 23^2 5,174 Dec. 15, 1946 3,261 Sept. 15, 1967-72 • •2x/i 2,716 Mar. 15, 1947.... \H 1,948 Postal Savings bonds.2H 117 1945 . . . 179 179 Sept. 15, 1947....• .1/^ 2,707 Conversion bonds. ...3 29 1946 320 320 Sept. 15, 1948......1H 3,748 Panama Canal loan ... 3 50 1947 408 408 1948 488 488 Treasury bonds Total direct issues 144,919 1949 801 801 Dec. 15, 1944-54.....4 1,037 1950 . 992 992 Sept. 15, 1945-47.• -2H 1,214 Guaranteed securities 1951 1,683 444 1,239 Dec. 15, 1945... 541 Commodity Credit Corp. 1952 5,332 5,332 J M u a n r e . 1 1 5 5 , , 1 1 9 9 4 4 6 6 - - 4 5 8 6 . .' . . . '. . 3 . % 3 1,0 4 3 8 6 9 Ho F m eb e . O 1 w 5, n 1 e 9 r 4 s' 5 Loan • C o 1/ r ^ p 3 . 412 1 1 9 9 5 5 4 3 1 1 0 0 , , 2 0 7 8 2 8 8 7 , , 8 0 3 7 9 6 6 2 1 1 7 9" 2 1, , 2 3 1 9 5 5 June 15, 1946-49. 3)4 819 June 1, 1945-47 ...• 1M 755 1955 3 249 706 2 543 Oct. 15, 1947-52.'.'AH 759 Federal Housing Admin. 1956 2,578 550 2,028 Dec. 15, 1947....... .2 701 Various 24 Unclassified 147 Mar. 15, 1948-50.....2 1,115 Mar. 15, 1948-51.• •2% 1,223 Total guaranteed issues 1,191 Total 36,538 3,633 22,486 2,091 8,182 1 Sold on discount basis, See table on Open-Market Money Rates, p. 905. SEPTEMBER. 1944 909 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [In millions of dollars] Held by U. S. Gov- Privately held1 ernment agencies Held End of month s i e b n c T e t u e a o r r r i t e i t a n i s e l t g - s S is p a s e n u c d e i s a t l rust f P i u s u n s b u d l s e i s c R F B e e a b d s n y e e k r r v s 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 e r - - s M i a a s O s b r t u k l h e e e e s t r - inv m es N a a t r o o b k r n l s e e - tissues 1941—June 54,747 6,120 2,362 2,184 44,081 20,095 3,426 7,000 9,400 4,200 December. 63,768 6,982 2,547 2,254 51,985 21,788 3,700 8,000 10,000 8,500 1942—June 76,517 7,885 2,726 2,645 63,261 26,410 3,891 8,900 11,100 13,000 December. 111,591 9,032 3,207 6,189 93,163 41,373 4,559 11,000 15,100 21,100 1943-June 139,472 10,871 3,446 7,202 117,959 52,458 5,290 12,800 19,000 28,400 1943—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 June 201,059 14,287 4,789 14,901 167,082 68,500 7,300 16,800 31,200 43,300 i Figures for insurance companies and'other investors have been rounded to nearest 100 million dollars for all dates, and figures for commercial banks and mutual savings banks have been rounded to nearest 100 million for all dates except June and December for which call report data are available. Back figures.—See Banking and Monetary Statistics, Table 149, p. 512. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES* [Public marketable securities. Par values in millions of dollars] U.S. U.S. Gov- Gov- End of month s T t o i a o n u n t g t a d - l - m a e c a g r i n e e e n d n n s - t - B s F e R e a r e r n e a d v k - l - e s m b C a e o n r m c k i s a - 1 l b M i a n n u g k t s - s p I a c n a o n s n m c u i e e r - - s Other End of month T st o i a o n u n t g t a d - l - a m e c a g r i n e e e n d n n s - t - B s F e R e a e r r n e a v d k - l e - sb C m a c o n i e m a k r l - s - M s u a a u v l t - - I p a c n a o n s n m c u i e e r - - s Other trust trust funds Funds Total:2 Treasury bonds: 1942—Dec 80.685 3,202 6,189 38,759 4,47110,76617,297 Total: 1943—June 99,218 3,319 7,202 48 ,*665 5,16112,48622,385 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 4,72,r11,44212,015 1944—Feb 129,640 4,03711,632 60,029 6,48815,437 32,017 Dec 67,944 3,614 1,55928,264 5,50613,38915,613 Mar 129,623 4,05012,115 59,358 6,626 15,57731,898 1944—Feb 73,882 3,854 1,61329,976 6,11814,60317,718 Apr 128,944 4,050 13,220 59,117 6,67015,62030,267 Mar 72,813 3,858 1,45029,35" 6,19914,70417,245 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 June 141,591 4,604 14,901 63,523 7,15816,47134,935 May 72,537 3,846 1,44729,601 6,08814,71816,838 Treasury bills: June 79,244 4,4371 1,46430,910 6,73615,76819,929 1942-Dec 6,627 1,010 4,497 10 26 1,073 Maturing within 5 years: 1943—June 11,864 3,815 6,502 21 154 1,361 1942—Dec 5,830 754 2,565 253 726 1,531 Dec 13,072 6,768 4,716 12 72 1,484 1943—June 9,474 867 5,12: 298 991 2,195 1944— M J M A F u e p a a n b r y r e 1 1 1 1 1 3 4 3 3 3 , , , , , 7 7 1 1 1 6 3 4 5 1 6 4 7 0 2 8 8 6 6 7 , , , , , 8 4 5 3 6 3 7 6 5 4 2 2 4 1 6 4 3 4 4 5 , , , , , 6 8 1 6 4 2 3 9 0 8 7 7 4 6 4 1 8 9 2 5 0 1 1 1 1 , , , , 9 6 3 9 2 6 3 8 6 4 0 0 3 3 1944— M M A D F p e e a a b c r y r 8 8 7 7 7 , , , , , 5 5 0 0 3 0 0 2 2 2 5 5 4 4 8 6 4 4 4 6 4 4 0 6 5 9 9 4 5 4 4 4 4 5 5 , , , , , 2 4 2 0 2 6 1 9 4 3 5 4 9 4 1 2 1 1 1 1 1 9 7 8 7 1 7 2 3 9 6 8 6 6 6 2 2 2 8 3 9 4 8 3 8 1 1 1 1 1 , , , , , 4 4 8 6 7 5 8 0 7 4 2 0 7 5 9 Certificates: June 7,824 536 4,697 189 663 1,740 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—Feb 25,680 69 2,696 13,049 159 382 9,325 Dec 28,360 1,495 15,642 2,030 3,254 5,934 Mar 25,680 73 2,070 12,944 163 485 9,044 1944—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 1,495 16,961 2,125 3,160 5,640 May 25,266 82 3,147 12,950 210 557 8,320 Apr 29,384 1,496 17,161 2,124 3, ' 5,505 June 28,822 67 3,382 15,037 126 339 9,871 May 29,384 1,498 17,294 2,051 3, 5,453 Treasury notes: June 34,399 1,570 18,937 2,712 3,673 7,505 1942—Dec 9,863 92 1,324 5,670 167 283 2,327 Maturing in 10-20 years: 1943—June 9,168 61 774 5,500 155 276 2,402 1942—Dec 16,295 2,165 6,240 1,580 2,778 3,531 Dec 11,175 66 665 7,389 197 275 2,583 1943—June 17,214 1,645 7,611 1,405 2,896 3,657 1944—Feb 13,302 69 882 9,046 175 259 2,870 Dec 14,310 1,270 6,051 1,219 2,571 3,203 Mar 16,244 74 1,159 11,402 244 293 3,072 1944—Feb 18,035 ,335 6,575 2,145 3,172 4,809 Apr 16,263 76 1,156 11,486 271 300 2,974 Mar 17,079 ,269 6,352 1,901 3,101 4,453 May 16,265 69 1,186 11,499 274 301 2,935 Apr 17,099 ,252 6,389 1,919 3,154 4,383 Guaranteed J u s n e e c . u . r . i ;. ti . e . s 17,405 58 1,180 11,718 286 337 3,826 M Ju a n y e 1 1 7 5 , , 1 4 0 8 9 2 , ,0 2 9 5 7 6 6 5 , , 3 5 8 0 4 9 1 1 , , 8 8 5 9 7 1 3 2 , , 1 7 6 9 2 2 4 4 , , 2 41 2 2 8 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 ,021 1,286 1,095 4,339 2,323 Dec 3,583 4 83 2,466 38 283 709 1943—June 12,912 ,221 1,385 1,713 5,229 3,366 1944—Feb 3,469 3 2,459 30 193 696 Dec 6,751 ,745 1,526 2,046 6,737 4,699 Mar 1,544 3 1,033 12 84 408 1944—Feb 18,963 2,083 1,623 2,001 7.678 5,579 Apr 1,503 3 999 12 81 404 Mar 19,022 2,087 1,627 2,002 7,804 5,499 May 1,190 3 944 10 64 166 Apr .9,037 2,087 1,646 1,983 7,844 5.476 June 1,190 1 949 6 26 205 May 19,039 2,088 1,660 1,963 7,835 5,493 June 21,539 2,696 1,766 1,981 8,640 6,456 * 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 June 30, 1944, commercial banks reporting to the Treasury held $24,763,000,000 of United States Government securities due or callable within one year out of a total of $51,246,000,000 outstanding. 2 Including $196,000,000 of Postal Savings and prewar bonds not shown separately below. 9IO 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] Mis- Change 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 n n e n e e u v t l a o e e l e l u a 1 r - - - s S s t r a o e i x c c ty u e ia 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 i r p e e t - s t "1 I d n e e t s e b t r t - ic W t t i i e a v s r i- c T f o e t r e a r u r a t u c s c n n - s . s t t t o s - , p O t e u e t n h r x d e e - s i r - e b T i x u t p u o d e r t g n a e e l d s 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, f a b g e u i n a e r n n c l a n - d e l - c g d r I r e e n o 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—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 2,033 131 6,989 36 300 7,456 5,426 -13""2' +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 July 594 654 681 56 227 2,212 2,163 86 7,201 451 372 8,110 5,947 +133 +1,756 7,570 Details of trust accounts, etc. General fund of the Treasury (end of period) Social Security Balance in accounts Net ex- Other Assets general fund penditures Period in check- Total ing ac- De- De- , liabilic N e r i e e p - t ts I m nv e e n s t t s - p t e u E n r x e d - s i- c a G o g m o u e v n n e e t n c s r i t n e o - s f ce R i e p - ts I m nv e e n s ts t- p t E e u n x r d e - i s - Total R F p e e o s d i s e n e i r t r v s a e l d s p p e o p e i s n c o i i s t a s i l - O as t s h e e t r s ties Total W a b i o n a n r c l g k - e - Banks taries Fiscal year ending: June 1942 2,327 1,705 614 3,625 863 221 533 3,443 603 1,679 1,162 452 2,991 2,229 June 1943 2,810 2,350 456 2,194 1,117 655 133 10,149 1,038 7,667 1,444 643 9,507 8,744 June 1944 3,202 2,816 380 4,403 1,851 1,313 192 20,775 1,442 18,007 1,327 607 20,169 19,406 1943—July... 245 179 29 726 315 252 | 9 9,127 979 6,790 1,358 532 8,595 7,832 August 596 292 30 148 101 75 21 6,845 1.076 4,362 1,406 481 6,364 5,601 September. .. 32 296 30 146 116 72 14 18,734 1,538 15,676 1,519 576 18,158 17,395 October 109 50 29 199 139 86 16 19,838 1,095 17,280 1,462 541 19,297 18,534 November 562 277 29 -64 75 96 15,492 1,245 12,770 1,477 534 14,958 14,196 December 87 30 427 114 81 12,878 1,408 9,942 1,528 584 12,294 11,532 1944—January 102 83 32 165 164 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 July 305 225 31 193 415 32") ! -181 22,513 1,269 19,850 1,394 21,924 21,162 * 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 vi 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 p E t r x a o c x f e i e t s s s s p O t r a o t x h f e i e t s r s Total s C t t t o a a a p x c l k i- E ta s g a x t 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 i r c s - - b t T a a x c o- c e o s S t t a a x m es p M re t e a t u a a x n r n i c u e l d i e f r s a s e r ' c s' - n t c M a e e x 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 7*038 785 4,763 705 9,345 137 5,353 381 511 rl,618 988 51 729 1,075 1943—July 1,231 527 333 142 33 186 10 652 136 48 125 87 4 59 193 August., 814 55 i 438 111 44 162 3 595 188 25 129 90 5 56 103 September .... 4,192 1,963 l 6 877 103 1,228 15 394 35 28 117 86 4 53 71 October 1,644 74 1,006 3 181 35 337 9 421 20 41 122 90 4 59 86 November.. .. 1,471 47 1,087 2 84 32 204 16 376 34 117 93 4 56 70 December 4,591 2,158 14 1 1,012 49 1,352 5 388 36 120 87 4 64 76 1944—January 1,584 396 629 1 16 184 352 6 382 52 108 77 4 68 72 February 2,477 221 1,844 1 64 41 300 5 339 38 108 67 4 63 58 March 5,358 1,833 70 994 63 2,370 28 401 60 124 77 5 59 76 April 2,809 1,427 804 152 43 370 12 424 56 169 72 5 51 70 May 2,289 309 1,545 86 28 312 10 483 42 182 81 4 77 97 June 4,568 1,245 38 1,044 49 2,174 19 499 1 50 r195 81 4 64 r103 July 1,729 132 1,179 93 30 290 7 754 128 48 210 77 5 72 214 T Revised. 1 Withheld by employers (Current Tax Payment Act of 1943). SEPTEMBER 1944 911 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Assets, other than interagency items Liabilities, other than interagency items Securities Bonds, notes, U.S. Pri- End of month Total Loans f s e P t e r o r t r e c c e - . k d , Cash g d G U u a i a o r . n r e S v d a c . t n t . - O G a c g i t o e e h v n s e t 1 - r . r c e o a o a A c b t u n h e c l n d e i - e v t s r s - p B n e r r u e o t s s p y s i - - P h e s r f r e a o o t l l r y p d e - O as t s h e e t r s a a g F n n u u b d te a l y l e r d y - d ebe O nt t u h r e e r s 1 O lia t t i b h e i e s l r i- G in m o te v e r e n e r t s n t - i o v n w a te t n e r e l e y d st teed U.S. 1942—June 17,962 8,379 648 403 1,097 57 774 859 3,512 2,233 4,568 1,442 3,265 8,249 438 December. .. 21,715 8,127 620 553 1,272 33 1,085 1,020 5,187 3,818 4,301 1,414 4,630 10,931 439 1943—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 1943—July 25,555 7,615 524 538 1,638 16 1,514 1,561 6,750 5,399 3,936 1.276 5,757 14,146 441 August 26,435 7,580 498 539 1,691 11 1,450 1,966 7,019 5,681 4,046 1,271 5,972 14,706 440 September... 26,284 7,557 497 501 1,722 7 1,487 1,470 7,234 5,809 4,081 1,274 5,560 14,929 441 October 27,218 7,487 493 486 1,784 6 1,850 1,602 7,115 6,395 4,125 1,285 5,867 15,501 440 November... 27,788 7,459 492 493 1,833 6 1,963 1,611 7,309 6,622 4,180 1,308 5,788 16,073 439 December 28,625 7,444 486 524 1,895 23 1,926 1,624 7,512 7,191 4,239 1,342 5,874 16,732 438 1944—January 29,508 7,410 470 580 1,942 23 1,951 1,645 7,588 7,899 4,277 1,332 5,247 18,216 435 February.... 29,791 7,411 452 516 2,099 23 2,062 1,658 7,753 7,817 4,226 1,322 4,956 18,853 435 March 30,263 7,366 442 526 2,090 23 2,140 1,677 7,829 8,170 2,273 1,326 4,950 21,280 433 April 31,083 7,304 439 518 2,161 23 2,455 1,671 7,985 8,527 2,274 1,302 5,589 21,484 435 May 31,153 7,220 436 628 1,750 6 2,379 1,685 8,042 9,007 1,672 1,427 5,623 21,996 435 June 31,666 7,188 433 610 1,701 6 1,970 1,702 8,392 9,664 1,766 1,413 6,185 21,858 443 LOANS, OTHER THAN INTERAGENCY LOANS Home mor a t g g e a n g c e ie a s n 3 d housing F g a a r g m e m lo o an rt s - Other farm credit loans Recon- Rural struc- Elec- Ex- End of month T lo o a t n a s l 2 n C t a F i o n o i r c n - p e . H C L O e o o o w r r m a s p n ' n e . - F H b L e a o o d a n m a l e k n r e s - M p C R g a a o o F n g m r C y e t- - M A t g F i N o s a o e s a n g d r o - e a t . c - l . P H A F u i o u e n b u t d g l h s i . c . - F b l e a a a d n n l e k d r s - M F C F g a a o e o r g r d r m p e t . - . c b m i F n r a a e e e t n t e d d d e k r i i . s - t - o f B o t p a i r e v n c r e k a o s s - - m C C C o r o o e d r d m i p t i . - y t C F m A r a e i d r n d m - . it A S F d r e a i m c t r y u m in - . tr m t A i i f o i i d n c n - a . - p B p I o m o a r r n t - t - k Other 1942—June 8,379 1,473 1,676 193 82 216 384 1,706 562 289 101 231 258 460 342 113 293 December... 8,127 1,557 1,568 129 94 211 366 1,603 507 238 145 242 237 446 346 122 316 1943—June 7,685 1,483 1,441 90 98 73 317 1,489 463 296 102 228 245 447 344 129 440 1943—July. 7,615 1,459 1,419 92 97 71 317 1,472 455 296 107 225 244 443 344 132 442 August 7,580 1,463 1,400 81 100 69 317 1,452 447 284 111 225 242 441 344 136 468 September... 7,557 1,460 1,383 130 99 67 317 1,431 437 269 148 222 237 433 345 136 443 October 7,487 1,432 1,366 127 100 66 317 1,406 423 251 189 228 232 427 345 140 438 November... 7,459 1,427 1,354 116 99 65 318 1,381 412 240 215 278 229 All 345 136 423 December... 7,444 1,413 1,338 110 101 65 318 1,358 403 243 235 330 226 416 347 136 405 1944—January 7,410 1,393 1,318 115 103 64 319 1,332 394 242 238 378 224 416 347 141 386 February 7,411 1,393 1,300 114 107 63 319 1,315 389 253 221 409 227 417 348 142 394 March 7,366 1,379 1,279 99 110 62 319 1,290 381 301 197 408 231 419 349 142 400 April 7,304 1,355 1,260 83 110 61 320 1,274 376 302 171 400 233 408 350 217 384 May 7,220 1,348 1,240 72 112 61 318 1,258 370 297 152 391 233 400 350 220 398 June 7,188 1,335 1,220 128 114 60 310 1,245 367 304 143 347 233 403 348 223 408 SELECTED ASSET ITEMS, OTHER THAN INTERAGENCY ITEMS Lo F an in s a b n y c e R C ec o o rp n o st r r a u ti c o t n ion Preferred stock held Acco r u e n ce ts i v a a n b d le o s ther Property held for sale End ot 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 o e n rs - ' Other F b M F a e e n d o C d . k r . o t s F g r l p a a a a . n n g rm d e d m C r C C a o o r t o r d e i p m o d i o t n - i y - t C p s w F o t o R r i r r a u e n a p r c c a . t o c i t n a o i o n c o n n r - e n d - s Other r c a W o ti r o a p r n o s - m C r C C a o o r t o r d e i m p o d i o t n i - y t - O C H L r w a o o o t n r m a i p e o n e o r n s - ' Other 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 1943—July 1,459 145 423 891 351 80 93 192 210 825 287 5,241 1,223 182 104 August 1,463 141 423 899 346 64 88 193 177 790 290 5,528 1,220 169 102 September... 1,460 138 423 899 345 64 88 187 196 832 272 5,784 1,196 152 102 October 1,432 126 406 890 343 63 87 186 489 778 397 6,0i6 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 June 1,335 87 381 867 316 47 70 145 550 574 701 7,395 861 36 100 1 Excluding Federal land bank bonds held by the Federal Farm Mortgage Corporation. 2 Excluding investments in preferred stock, the amount of which is shown in the lower section of this table. 3 Excluding loans by Federal savings and loan associations, which are privately owned institutions under the supervision of the Federal Home Loan Bank Administration, Loans by these institutions are reported quarterly and amounted to 1,973 million dollars on June 30, 1944. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Y m ea o r n a th nd ( I 1 m v n = 9 p a c 3 e a l o 5 n 1 u y m - 0 t e - 3 s 0 ) e 9 1 Tota I l n (p d h u y 1 s 9 s tr i 3 c i 5 a a - D a l l 3 b 9 u v p f l M a r e o r = - o c l a u t d u n 1 m u r 0 u N c e e d - 0 t s ) u o i * o r n - n 2 - -! M er i a n ls - To a t w a 1 C l a 9 o r c 2 d n 3 o R e s - n d t 2 d t i e e t r 5 a r s u n ( a l i - c = v - c t a t i s 1 l o u 0 n o e 0 A t ) h 3 l e l r N t a c u g u o r l r n a - i - E l - 1 m 9 p 39 lo a y F = m a c e 1 t n o 0 t 0 r 4 y 19 F t 3 o 1 a 0 9 r c y - 0 = c F 1 a = r 9 i r e n 3 l i o g 1 5 g s 0 a - h 3 * d 0 t 9 - D 19 m s ( s u e v 3 t a e p o a e 5 l ) 1 l a e n r - - * 0 3 e s r t 5 0 9 t- p W m r c = i 1 h s o o c 9 a o d e m 1 2 l l e s i 0 e 6 - t 4 0 - yj | I I 1 C l = i 9 v o 3 i s 1 5 n t 0 - g 3 o 0 4 9 f able A Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed usted 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 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 95.1 91.0 85.1 89 99 78.6 100.8 1939 105.4 109 109 109 106 72 60 100.0 100.0 100.0 101 106 77.1 99.4 1940 113.5 125 139 115 117 81 72 104.7 107.5 114.5 109 114 78.6 100.2 1941 138.0 162 201 142 125 122 89 149 117.5 132.1 167.5 130 133 87.3 105.2 1942 173.6 199 279 158 129 166 82 235 126.7 152.3 242.3 138 149 98.8 116.5 1943... 211.7 P239 ^360 P176 *>132 40 92 130.7 168.7 316.4 137 168 103.1 123.6 1940 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 m.8 136 157 90.3 106.2 September 145.3 169 174 212 146 132 161 105 206 121.2 138.8 141.2 134 140 91.8 108.1 October 146.8 172 176 219 148 134 145 87 192 121.5 139.5 141.8 184.8 134 128 92.4 109.3 November 148.1 174 175 220 151 133 138 74 189 121.9 139.9 141.3 190.2 137 138 92.5 110.2 December.... 153.7 176 173 225 150 133 123 69 167 121.5 140.6 111.1 188.6 138 136 93.6 110.5 195.1 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 158.7 183 183 241 153 133 128 100 151 122.5 143.2 142.3 208.2 138 145 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 178.1 204 207 290 158 133 182 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 79 193 131.6 165.8 164.8 293.9 135 164 101.9 120.7 February 202.4 232 229 344 174 131 102 56 140 131.6 167.4 166.4 297.5 139 192 102.5 121.0 March 206.0 235 232 351 174 133 85 42 119 132.0 168.1 167.6 304.5 138 163 103.4 122.8 April 208.3 237 236 356 175 131 63 33 87 131.4 168.4 167.7 309.7 136 159 103.7 124.1 May 209.3 239 239 359 176 129 52 31 68 130.9 167.9 167.2 313.5 135 158 104.1 125.1 June 212.1 237 238 358 177 117 45 32 55 131.0 169.0 168.8 317.1 127 167 103.8 124.8 July 213.4 240 241 360 177 134 60 36 80 131.4 169.7 169.8 315.6 141 171 103.2 123.9 August 215.2 242 245 365 178 135 59 35 79 130.9 169.6 170.8 322.2 140 165 103.1 123.4 September.. . 215.2 244 248 368 179 138 65 35 89 130.1 168.3 170.1 328.0 140 162 103.1 123.9 October 217.5 247 249 374 179 136 49 34 61 130.1 170.1 170.5 332.6 137 173 103.0 124.4 November.. . 220.8 247 247 376 180 133 60 37 78 130.2 170.9 171.0 336.5 139 181 102.9 124.2 December 222.9 241 239 365 174 137 61 35 81 130.1 169.1 169.4 328.2 144 165 103.2 124.4 1944 January 226.4 243 240 369 176 139 55 29 76 130.0 167.8 166.9 327.9 145 r175 103.3 124.2 February 231.1 244 240 367 177 142 45 21 64 129.6 166.9 165.9 327.6 143 175 103.6 123.8 March.. 230.2 241 238 364 175 139 40 17 59 128.7 164.1 163.6 324.4 140 185 103.8 123.8 April 229.4 239 237 361 171 140 36 17 52 128.1 161.5 160.8 318.2 138 172 103.9 124.6 May 231.0 r236 r236 r356 169 143 33 16 46 r127.7 159.6 159.0 r317.8 138 181 104 0 125.1 June ^232.5 235 236 354 169 142 34 15 50 127.4 158.8 158.6 318.3 139 175 104.3 125.4 July P233 ^234 p35O p168 ^140 P36 ?54 ^157.6 P157.8 143 193 104.1 126.1 August e142 e103.9 * Average per working day. v Preliminary. r Revised. e Estimated. l Department of Commerce series on value of payments to individuals. 2 For indexes by groups or industries, see pp. 914-917. 3 Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 921 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. 923-925. Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984; for factory employment and pay rolls, October 1938, pp. 839-866, February 1941, p. 166, and January 1943, p. 13; for department store sales, June 1944, pp. 549-561. SEPTEMBER 1944 9H 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 Industry June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Industrial Production—Total 237 240 242 244 247 247 241 243 244 241 239 r236 235 Manufactures—Total.. 258 259 261 263 266 268 260 262 262 259 256 253 252 P249 Durable Manufactures 358 360 365 368 374 376 365 369 367 364 361 356 354 Iron and Steel 201 210 214 215 210 200 208 212 214 213 210 204 202 Pig iron 190 191 202 205 202 200 198 202 207 206 206 203 198 196 Steel 2 1 2 7 7 7 2 1 3 8 0 1 2 1 3 8 6 5 2 1 3 9 9 0 2 1 4 9 2 1 2 1 3 8 6 6 2 1 2 7 2 8 2 1 3 8 1 6 2 1 3 8 6 8 2 1 3 9 8 1 2 1 3 9 6 2 2 1 3 8 4 8 2 1 2 8 5 3 2 1 2 8 2 4 Open hearth 583 577 598 593 607 592 536 554 578 570 549 559 526 491 Electric 441 I 440 445 451 458 463 453 458 r452 445 443 P441 Machinery Manufacturing Arsenals and Depots1.. 743 754 762 ,764 786 763 754 746 734 730 726 716 ^705 Transportation Equipment 215 220 232 247 248 240 244 238 233 232 r226 228 P225 Automobiles (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1 262 256 264 277 286 289 285 285 287 292 264 Nonferrous Metals and Products... Smelting and refining : _ 276 278 279 294 303 308 307 297 299 297 289 273 253 ^246 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)* , Fabricating 257 247 258 270 279 266 280 280 283 r282 269 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products 128 128 130 129 128 136 137 133 131 129 127 *>124 Lumber 118 118 119 118 115 127 131 125 122 119 118 115 PI 14 Furniture. 148 148 152 149 152 152 150 150 149 142 r142 145 144 148 Stone, Clay, and Glass Products. 175 173 168 171 168 169 168 167 165 168 P165 168 Glass products 158 162 162 159 169 165 169 172 175 183 173 187 Plate glass 41 45 49 53 47 54 55 171 58 59 59 66 65 60 Glass containers 199 203 202 196 212 204 209 54 212 216 227 210 230 222 Cement 127 119 114 112 107 98 101 213 88 83 78 76 84 86 Clay products 139 132 132 125 124 124 122 86 131 131 125 122 127 126 Gypsum and plaster products 204 198 203 194 194 196 192 129 198 194 183 r176 176 *>176 Abrasive and asbestos products 325 326 327 321 326 329 319 203 312 308 297 300 297 ^292 Other stone and clay products1 319 Nondurable Manufactures ... 177 177 178 179 179 180 174 176 177 175 171 169 169 Textiles and Products... 155 148 145 150 152 152 143 149 152 151 147 145 PJ44 Textile fabrics 146 139 136 141 143 142 133 140 142 141 141 137 135 N R C a y o y l t o t o o n n n a d c n e o d l n i v s s e u il r m k i e p s c t o io n n sumpti;on1 1 1 8 6 3 0 1 1 8 5 3 3 1 1 7 4 7 7 1 1 8 5 1 6 1 1 8 5 6 6 1 19 5 1 3 1 1 8 4 9 2 1 1 5 8 0 6 1 1 5 8 1 7 1 1 9 5 1 0 1 1 9 5 6 1 1 1 9 4 5 2 140 P139 Wool textiles 160 146 150 151 154 154 142 154 159 155 153 152 148 Carpet wool consumption 30 24 33 29 37 39 36 42 42 46 51 53 49 Apparel wool consumption 226 207 210 206 201 205 186 210 219 216 213 r213 197 Woolen and worsted yarn 181 164 168 172 173 172 159 173 177 171 167 167 163 WToolen yarn 186 168 176 178 175 176 161 176 181 174 171 169 166 Worsted yarn 174 159 158 163 171 166 156 168 171 167 163 r163 159 Woolen and worsted cloth ; 179 164 166 169 172 171 160 170 178 172 168 r165 163 Leather and Products 114 112 110 110 105 102 108 111 116 115 p105 Leather tanning 114 111 106 105 104 98 97 103 105 107 117 110 114 Cattle hide leathers 122 116 109 107 102 101 98 107 110 113 125 118 124 Calf and kip leathers 86 85 80 81 76 67 68 70 76 79 88 85 Goat and kid leathers 86 84 82 88 95 90 83 83 84 86 79 84 Sheep and lamb leathers 162 169 174 164 173 146 162 166 161 155 168 136 141 Shoes 114 112 114 114 114 109 105 112 114 116 116 114 116 Manufactured Food Products .. 144 146 145 146 146 153 151 154 158 159 r158 154 153 P151 Wheat flour 102 103 110 111 117 128 128 139 125 114 114 110 110 Cane sugar meltings1 Manufactured dairy products. P139 ^146 P139 p139 Butter 106 104 96 95 87 86 88 90 96 92 93 93 89 C C h an ee n s e e d and dri . e • d • • m •• i . lk — 1 1 6 5 1 0 I | 1 1 7 5 1 41 15 5 7 0 1 1 5 5 0 4 1 1 3 4 7 4 1 1 4 3 3 2 1 13 4 1 7 1 1 3 4 2 9 1 1 4 3 6 9 1 1 5 5 2 6 1 1 5 6 5 9 r1 1 5 7 3 3 1 1 8 5 0 8 155 Ice cream Meat packing 159 186 182 178 168 185 173 187 215 202 198 180 175 Pork and lard 222 260 241 221 193 221 206 234 291 270 266 239 225 219 Beef. 96 110 119 130 135 145 139 144 149 143 136 124 121 127 Veal 63 73 109 131 151 150 121 104 94 96 107 100 117 160 Lamb and mutton... 119 140 154 161 173 166 158 135 112 110 109 113 125 134 r Revised. p Preliminary. 1 Series included in total and group indexes but not available for publication separately. 914 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Adjusted jor Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1943 1944 Industry June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Manufactured Food Products—Continued Other manufactured foods 146 145 144 144 146 150 153 156 157 160 158 157 P154 p150 Processed fruits and vegetables.. 130 126 128 127 135 135 142 140 140 155 r152 145 136 ^124 Confectionery 144 134 123 120 120 123 134 134 138 147 154 152 147 ^127 Other food products. 152 152 152 153 159 159 163 165 164 161 160 160 Alcoholic Beverages 106 106 HI 135 130 141 143 131 126 137 123 116 119 128 Malt liquor ... 127 127 131 164 155 169 172 160 148 167 146 135 140 146 Whiskey 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other distilled spirits 22 23 40 77 90 62 42 46 40 33 39 34 31 37 Rectified liquors 144 144 157 156 158 178 189 162 182 173 172 174 177 205 Industrial Alcohol from Beverage Pianist- Tobacco Products 124 134 136 134 139 148 143 125 119 123 126 124 121 122 Cigars 102 99 96 101 100 101 90 86 92 92 89 89 89 86 Cigarettes ... 149 166 169 165 173 186 181 155 145 154 161 154 151 154 Other tobacco products 78 84 92 87 93 100 99 87 79 73 73 80 79 78 Paper and Paper Products 140 135 143 143 140 140 132 136 138 137 138 142 140 Paper and pulp 136 133 141 140 138 137 131 134 135 134 134 137 136 Pulp 143 141 153 150 153 147 142 147 151 150 151 151 156 Ground wood pulp 106 111 115 112 112 103 107 106 110 108 110 108 108 Soda pulp 84 87 93 93 93 93 103 96 98 93 97 92 91 Sulphate pulp 184 193 214 211 213 212 196 213 217 209 213 217 232 Sulphite pulp 142 131 139 134 141 131 127 130 133 137 136 135 137 Paper . 135 132 139 138 135 136 129 132 133 132 131 135 133 Paperboard . 152 143 151 155 148 151 135 144 148 147 152 159 156 148 Fine paper 123 126 135 124 127 126 116 119 121 120 117 115 110 Printing paper 122 117 126 125 124 122 122 119 119 117 119 115 115 Tissue an< 1 absorbent paper 176 158 169 174 163 160 163 156 151 154 156 159 159 Wrapping paper. 118 127 130 126 128 130 127 129 133 128 120 127 125 Newsprint ^ 91 91 90 88 83 86 83 79 74 77 73 76 80 83 Paperboard containers (same as Paperboard) Printing and Publishing 112 111 115 111 110 106 105 104 102 100 101 98 100 P101 Newsprint consumption 102 105 103 97 96 90 89 89 85 83 84 81 85 87 Printing paper (same as shown under Paper) Petroleum and Coal Products.. 177 182 193 202 207 213 219 226 230 234 r233 V237 242 Petroleum refining.... 180 185 196 206 212 221 226 234 238 243 242 246 252 Gasoline 109 109 116 122 122 123 123 125 128 129 129 130 136 ^37 Fuel oil... 138 145 153 156 151 159 159 159 161 163 161 162 164 Lubricating oil. 120 121 123 123 134 137 120 128 126 130 120 118 131 Kerosene 126 118 107 115 113 117 120 132 124 130 125 126 130 Other petroleum products1 Coke 157 162 170 171 169 163 172 174' 176 174 176 "175 172' 172 By-product coke .. . 152 153 159 161 158 155 161 164 166 165 167 166 164 164 Beehive coke.. 318 453 523 538 535 459 519 496 503 487 463 470 463 443 Chemical Products 399 402 404 395 397 390 365 364 359 341 323 r324 320 nu Paints 135 139 140 137 138 140 137 140 140 140 138 137 138 P144 Soap 123 120 124 123 120 129 131 133 134 133 137 137 138 Rayon 213 222 223 221 225 223 226 226 229 233 232 235 237 ^237 Industrial chemicals. 366 371 382 383 396 398 394 405 406 405 408 410 412 Explosives and ammunition1 . .. Other chemical products1 Rubber Products 230 229 227 231 234 241 240 242 244 242 231 230 228 *227 Minerals—Total... 117 134 135 138 136 133 137 139 142 139 140 143 142 P140 Fuels 115 136 137 140 138 134 140 142 145 141 143 146 146 P144 Coal 97 150 148 150 141 125 147 153 158 148 150 154 152 PI 44 Bituminous coal .. 103 155 153 155 144 131 156 161 162 155 155 159 158 Anthracite 74 129 128 129 127 102 114 119 143 123 129 134 128 PI 19 Crude petroleum 124 128 131 136 137 139 136 137 139 138 139 142 143 P144 Metals . .. 128 128 123 124 123 124 124 124 127 126 122 T120 120 PJ20 Metals other than gold and silver 187 188 184 188 187 187 186 185 190 189 184 182 181 P180 Iron ore ni3 P223 (Copper" Lead* Zinc)1 mi Gold , 37 34 28 "'27' "26" '"28* 31 31 31 28 27 Silver • • 83 87 80 70 72 "2779' 76 73 73 75 73 67 72 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. SEPTEMBER 1944 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 Governois. 1935-39 average = 100] 1943 1944 Industry June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Industrial Production—Total 238 241 245 248 249 247 239 240 240 238 237 r236 236 P234 Manufactures—Total .... 259 260 264 267 269 268 258 259 259 257 255 253 252 P251 Durable Manufactures 359 361 366 370 375 376 364 367 366 363 361 r357 355 Iron and Steel 201 204 210 214 215 210 200 208 212 214 213 210 204 P202 Pig iron .... 190 191 202 205 202 200 198 202 207 206 206 203 198 196 Steel 227 230 236 239 242 236 222 231 236 238 236 234 225 222 Open hearth 177 181 185 190 191 186 178 186 188 191 192 188 183 184 Electric 583 577 598 593 607 592 536 554 578 570 549 559 526 491 Machinery 441 440 445 451 458 463 453 461 458 r452 445 r439 r443 P441 Manufacturing Arsenals and Depots1 ... Transportation Equipment ... 743 754 762 764 780 786 763 754 746 734 730 726 716 ?705 Automobiles 215 220 232 239 247 248 240 244 238 233 232 r226 228 P225 (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1 Nonferrous Metals and Products 262 255 264 277 286 289 278 285 285 287 292 279 264 Smelting and refining 275 277 279 294 303 309 307 297 299 297 289 273 252 P245 (Copper smelting, Lead refining, Zinc smelting; Aluminum; Magnesium; Tin)1 ... Fabricating 257 247 258 270 279 282 266 280 280 283 293 r282 269 (Copper products; Lead shipments-; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products 135 135 137 136 133 133 126 121 122 124 125 r127 133 130 Lumber .......,.- 128 128 130 129 124 124 114 107 107 110 116 119 127 Furniture ... 148 148 152 149 152 152 150 148 150 149 142 r142 145 P144 Stone Clay and Glass Products . 177 173 179 174 178 172 164 161 161 163 163 165 168 p165 Glass products 157 156 168 162 174 166 158 168 167 175 183 184 186 174 Plate elass 41 45 49 53 47 54 55 54 58 59 59 66 65 63 Glass containers 197 195 210 200 218 206 195 208 205 216 227 225 228 213 Cement 136 131 129 130 124 106 92 70 67 68 74 79 90 94 Clay products 137 132 135 129 131 129 126 121 125 126 122 r122 125 P125 Gypsum and plaster products 208 198 204 198 199 198 196 196 191 188 181 r179 179 H16 Abrasive and asbestos products . 325 326 327 321 326 329 319 319 312 308 297 300 297 ^292 Other stone and clay products1 Nondurable Manufactures 178 178 181 184 183 181 172 172 173 171 169 168 169 ^169 Textiles and Products 155 148 145 150 152 152 143 149 152 151 151 147 145 P144 Textile fabrics 146 139 136 141 143 142 133 140 142 141 141 137 135 Cotton consumption 160 153 147 156 156 153 142 150 151 150 151 142 140 139 Rayon deliveries 183 183 177 181 186 191 189 186 187 191 196 195 196 193 Nylon and silk consumption1 Wool textiles 160 146 iso 151 154 154 142 154 159 155 153 152 148 Carpet wool consumption 30 24 33 29 37 39 36 42 42 46 51 53 49 Apparel wool consumption 226 207 210 206 201 205 186 210 219 216 213 r213 197 Woolen and worsted yarn 181 164 168 172 173 172 159 173 177 171 167 167 163 Woolen yarn 186 168 176 178 175 176 161 176 181 174 171 169 166 Worsted yarn 174 159 158 163 171 166 156 168 171 167 163 r163 159 Woolen and worsted cloth 179 164 166 169 172 171 160 170 178 172 168 r165 163 Leather and Products .. 113 110 110 110 110 106 101 108 114 112 116 112 114 P103 Leather tanning .... 112 105 105 103 104 101 96 103 113 106 116 110 111 Cattle hide leathers 117 109 105 105 103 105 98 109 119 113 125 118 119 Calf and kip leathers 88 84 84 80 78 69 66 69 79 77 85 83 87 Goat and kid leathers 86 83 80 * 89 95 87 83 83 88 86 81 84 85 Sheep and lamb leathers 160 157 180 161 173 155 154 154 177 150 165 147 139 Shoes 114 112 114 114 109 105 112 114 116 116 114 116 114 Manufactured Food Products ... 144 155 164 156 154 147 145 143 142 143 153 v160 165 Wheat flour 98 102 109 124 129 126 139 127 111 110 106 106 Cane sugar meltings1 121 Manufactured dairy products p203 p206 P179 p153 H3 ^143 *>225 Butter 146 127 106 91 75 67 68 73 79 87 94 r120 128 108 Cheese 213 189 167 153 130 107 106 110 120 137 161 r205 225 190 Canned and dried milk . 223 198 161 142 111 95 101 107 125 153 191 240 249 Ice cream Meat packing 158 170 154 160 168 206 205 225 207 187 183 180 172 162 Pork and lard 222 229 185 175 181 259 . 271 307 285 251 242 239 225 193 Beef 94 111 120 140 147 150 139 147 137 130 128 124 118 128 Veal 63 73 107 144 172 160 113 97 83 90 105 104 117 160 Lamb and mutton 111 134 151 173 180 166 155 143 113 108 105 115 116 129 r Revised. p Preliminary. * Series included in total and group indexes but not available for publication separate!}'. 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 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Manufactured Food Products—Continued Other manufactured foods 137 151 168 172 163 156 149 143 142 142 140 141 145 P156 Processed fruits and vegetables 100 164 243 249 174 125 111 91 89 85 92 94 105 Confectionery 107 110 133 155 157 145 135 138 139 137 128 117 109 P104 Other food products 152 155 155 155 161 166 162 157 157 157 154 157 162 P164 Alcoholic Beverages . 127 126 122 138 132 119 120 111 115 128 127 127 143 151 Malt liquor 161 159 150 166 144 130 137 131 133 155 153 154 177 183 Whiskey 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other distilled spirits 13 13 21 105 234 130 47 30 24 21 23 21 19 Rectified liquors 144 144 157 156 158 178 189 162 182 173 172 174 177 205 Industrial Alcohol from Beverage Plants* Tobacco Products 128 138 140 141 144 151 132 124 114 117 120 124 126 727 Cigars 102 ' 99 96 101 100 101 90 86 92 92 89 89 89 86 • Cigarettes 156 175 177 176 179 190 167 155 136 143 150 154 158 162 Other tobacco products 80 84 89 93 99 103 87 85 77 73 73 81 80 78 Paper and Paper Products .. 140 134 143 143 140 140 131 136 139 137 138 142 141 Paper and pulp 137 132 140 140 138 138 130 134 136 134 134 137 137 Pulp 143 140 151 148 152 148 142 148 151 150 153 152 156 Groundwood pulp 107 99 101 99 104 109 108 111 115 115 121 117 109 Soda puln 84 87 93 93 93 93 103 96 98 93 97 92 91 Sulphate pulp 184 193 214 211 213 212 196 213 217 209 213 217 232 Sulphite pulp 142 131 139 134 141 131 127 130 133 137 136 135 137 Paper 136 131 139 138 135 136 128 131 134 132 132 135 134 Paperboard 152 143 151 155 148 151 135 144 148 147 152 159 156 148 Fine paper 123 126 135 124 127 126 116 119 121 120 117 115 110 Printing paper 122 117 126 125 124 122 122 119 119 117 119 115 115 Tissue and absorbent paper 180 152 169 174 165 160 158 154 157 154 157 159 162 Wrapping paper 118 127 130 126 128 130 127 129 133 128 120 127 125 Newsprint 92 89 89 38 83 87 82 79 74 77 75 77 80 ' "82' Paperboard containers (same as Paperboard) Printing and Publishing .. 111 104 110 112 112 no 108 101 101 101 104 100 100 Newsprint consumption ... 101 91 93 98 101 98 93 83 83 86 89 84 84 75 Printing paper (same as shown under Paper). . Petroleum and Coal Products .. 177 182 193 202 207 213 219 226 230 234 233 237 242 Petroleum refining 180 185 196 206 212 221 226 234 238 243 242 246 252 Gasoline 109 109 116 122 122 123 123 125 128 129 129 130 136 H37 Fuel oil 138 145 153 156 151 159 159 159 161 163 161 162 164 Lubricating oil 120 120 121 123 134 137 118 124 124 128 125 123 131 Kerosene 119 110 102 114 113 120 124 134 130 132 127 127 123 Other petroleum products* Coke 157 162 170 171 169 163 172 174 176 174 176 175 172 172 By-product coke 152 153 159 161 158 155 161 164 166 165 167 166 164 164 Beehive coke 318 453 523 538 535 459 519 496 503 487 463 470 463 443 Chemical Products ... 396 398 400 396 400 392 367 362 360 r344 325 r323 317 P314 Paints . ... 139 137 139 135 138 138 137 137 139 140 140 142 142 P143 Soap . 120 119 126 128 126 130 131 131 133 133 134 132 135 p135 Rayon 213 222 223 221 225 223 226 226 229 233 232 235 237 P237 Industrial chemicals 366 371 382 383 396 398 394 405 406 405 408 410 412 P411 Explosives and ammunition1 Other chemical products1 . Rubber'Products ., 230 229 227 231 234 241 240 242 244 242 231 230 228 P227 Minerals—Total ... 121 140 140 143 140 132 132 133 136 133 138 146 146 V144 Fuels 115 136 137 140 138 134 140 142 145 141 143 146 146 P144 Coal 97 150 148 150 141 125 147 153 158 148 150 154 152 P144 Bituminous coal 103 155 153 155 144 131 156 161 162 155 155 159 158 Anthracite 74 129 128 129 127 102 114 119 143 123 129 134 128 PI 19 Crude petroleum . 124 128 131 136 137 139 136 137 139 138 139 142 143 p144 Metals .... . 159 163 161 160 149 116 87 82 85 86 112 r144 148 PJ44 Metals other than gold and silver 243 250 249 247 228 170 121 113 119 120 168 226 231 P224 Iron ore 341 365 363 351 310 182 83 70 72 76 188 313 330 323 (Copper; Lead; Zinc)1 ... Gold 34 32 31 31 31 31 28 29 27 27 25 24 Silver . 80 86 78 70 72 80 75 74 74 77 73 66 69 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. SEPTEMBER 1944 9 I 7 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 June July Mar. Apr. May June July May June July Mar. Apr. May June Total 168.8 169.8 163 6 160.8 159.0 158.6 157.8 313.5 317.1 315.6 324.4 318.2 r317.8 318.3 Durable goods 228.5 229.7 224.9 220.9 r218.3 216.6 214.0 437.1 441.6 439. 454.8 447.9 r444 443.1 Nondurable goods 121.7 122.6 115.4 113.4 112.2 112.8 113.4 192.6 195.4 194. 196.9 191.4 r193.8 196.3 Iron and Steel and Products 173.4 172.9 170.6 167.8 167.0 167.4 167.0 303.5 304.6 299.6 314. 308.0 308.6 311.0 Blast furnaces, steel works, etc 134 133 126 125 124 124 222 224 224 222 221 221 225 Steel castings 279 280 261 256 251 247 495 497 478 478 463 461 452 Tin cans and other tinware 104 111 112 114 118 125 156 166 173 186 189 196 207 Hardware 128 128 132 131 128 128 242 249 242 271 266 260 263 Stoves and heating equipment 117 119 134 133 134 137 194 199 198 254 248 253 259 Steam, hot-water heating apparatus... 198 195 190 188 187 186 359 363 361 357 352 354 346 Stamped and enameled ware 162 164 163 160 159 160 299 299 297 326 313 313 323 Structural and ornamental metal work 195 196 212 212 214 214 356 362 356 424 415 435 421 Forgings 263 261 257 250 243 238 501 494 456 515 487 473 466 Screw machine products 298 295 283 r277 r274 270 553 547 542 550 r530 r528 527 Electrical Machinery 271.1 275.5 289.4 285. 282.1 281.4 277.9 458.9 463.9 462.8 513.2 502.0 501.0 507.5 Machinery, except Electrical 236.7 236.8 230.7 226. 223.7 223.5 220.5 427.2 428.0 420.1 432.8 424.3 420.4 425.0 Machinery and machine shop products 243 244 239 235 234 233 433 435 426 441 429 432 435 Tractors 162 167 192 191 191 192 245 248 254 301 298 298 304 Agricultural, excluding tractors 136 139 166 164 162 165 247 265 256 331 333 333 336 Pumps , 319 316 345 340 333 335 645 647 630 732 769 703 716 153 151 151 Refrigerators 155 154 150 250 255 260 276 269 269 272 1,370. ,309.6 1,275.8 Transportation Equipment, except Autos... ,452.61,394.3 / 1,346.2 1 ,736.7 2,768.02,790.62,819.12,798.0'2,775.12,691.0 Automobiles , 167.9 172.6 180.1 176. '173.1 170.7 166.7 297.1 305.8 314.3 335.4 330.0 r318.1 317.6 Nonferrous Metals and Products 1 20 8 6 0.9 2 1 1 8 1 0.6 1 1 9 7 6 6.2 r1 1 8 7 9 1. 1 18 6 5 9.1 1 17 6 9 8.1 167.0 3 34 2 6 2.0 3 3 2 51 5.0 3 3 7 2 3 1.1 3 3 5 2 6 8.4 r3 3 4 1 8 8.3 3 34 1 2 4.8 3 3 1 3 5 7 .9 Primary smelting and refining , 124 122 124 122 122 125 234 236 226 253 250 253 260 Clocks and watches 116 119 124 122 123 128 205 204 203 223 218 222 231 Lighting equipment Lumber and Timber Basic Products 114.8 115.1 102.8 101. 101.2 102.0 104.2 196.1 200.8 193.3 182.9 184.5 186.9 193.9 Sawmills 92 92 81 80 81 82 160 164 156 147 149 152 159 Planing and plywood mills 113 114 105 102 100 99 176 181 179 174 171 170 172 Furniture^ and Lumber Products 109.1 109.8 106.0 r103. r102.5 103.4 103.3 178.9 181.1 178.6 188.2 H82.7 r184.4 187.5 Furniture 105 106 103 100 98 99 172 174 172 183 176 r176 178 Stone, Clay, and Glass Products 122.5 122.1 115.5 114.3 112.9 113.7 112.9 187.7 189.6 184.4 189.' 187.3 187.7 189.8 Glass 127 127 133 133 131 133 183 185 182 211 209 208 210 Cement 102 101 72 72 71 72 145 146 145 104 108 109 111 Brick, tile, and terra cotta 91 90 78 76 75 75 136 138 135 121 117 119 123 Pottery and related products 129 128 127 126 125 126 191 190 179 193 193 193 196 Textile-Mill and Fiber Products 107.8 106.5 100.7 98.7 97.2 96.6 95.4 180.7 178.7 173.0 173.9 170.0 171.2 172.5 Cotton goods except small wares 123 122 115 113 111 110 216 211 207 202 201 202 205 Silk and rayon goods 80 79 78 76 75 75 135 135 131 138 135 136 136 Woolen and worsted manufactures.... 113 111 106 104 102 101 205 207 198 200 193 193 195 Hosiery 74 73 69 67 67 68 108 108 102 109 103 106 107 Knitted underwear 110 108 98 95 94 94 184 184 174 174 169 167 169 Dyeing and finishing textiles 103 100 96 94 93 90 157 157 153 155 152 152 151 Carpets and rugs, wool 91 87 81 80 79 79 147 144 139 135 131 132 136 Apparel and Other Finished Textiles 108.0 105.6 102.3 99.3 r97.4 97.9 94.9 164.3 161.7 155.8 178.5 161.3 r163.0 166.2 Men's clothing, n.e.c • 106 104 99 98 97 98 163 159 151 167 158 166 166 Shirts, collars, and nightwear 86 84 78 77 76 76 136 138 131 137 130 134 135 Women's clothing, n.e.c 84 85 82 79 80 131 131 125 153 132 128 135 Millinery 76 86 77 70 97 80 98 141 109 102 91 Leather and Leather Products 96.0 95.0 90.1 89.4 99.8 153.0 150.8 145.9 153.1 152.3 153.5 155.9 Leather 98 96 87 86 86 85 150 149 142 145 147 147 148 Boots and shoes 85 85 81 80 80 137 134 131 139 138 r140 143 Food and Kindred Products 111.5 118.9 110.1 110.1 110.5 114.1 121.9 158.5 167.4 175.9 174.4 173.8 179.9 185.6 Slaughtering and meat packing 132 134 134 130 128 131 191 201 204 212 206 217 218 Flour 113 114 117 113 112 113 164 171 170 184 181 180 188 Baking 109 110 112 111 110 112 148 152 153 163 160 164 167 Sugar, beet 46 48 35 40 42 40 60 66 68 52 60 61 63 Confectionery 105 104 119 116 114 114 158 159 149 191 183 183 186 Beverages, nonalcoholic 134 142 125 127 131 144 149 166 178 156 r159 r169 193 Malt liquors 130 134 132 134 139 141 165 182 190 186 192 202 211 Canning and preserving 81 120 67 r74 r74 82 117 137 201 127 r141 '143 157 Tobacco Manufactures 95.7 95.1 89.5 89.5 89.5 89.3 144.4 149.3 153.5 146.6 142.8 152.9 157.9 Cigarettes 118 121 118 123 121 125 155 159 182 160 164 182 189 Cigars 85 82 75 73 71 71 141 148 138 143 133 138 142 Paper and Allied Products 119.0 118.9 117.0 115.4 114., 114.2 114.9 178.0 180.9 176.3 186.4 183.6 184.! 187.0 Paper and pulp 109 109 107 106 105 106 170 173 169 176 175 177 181 Paper goods, n.e.c 128 127 127 126 124 123 183 189 181 198 195 195 194 Paper boxes 122 123 119 116 115 114 179 180 174 183 177 177 179 r Revised NOTE.—Figures for July 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. 918 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES-Conttnued (Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, 1939 = 100] Factory employment Factory pay rolls Industry and group 1943 1943 June July Mar. Apr. May June July May June July Mar. Apr. May June Printing and Publishing 103.4 102.5 101.3 100.3 100. < 101.9 123.0 126.4 127.0 135.2 133.7 135.0 137.4 Newspaper periodicals 96 94 93 93 93 93 111 112 112 114 114 116 117 Book and job 103 107 107 105 104 104 126 131 133 147 144 145 149 Chemical and Allied Products 257.7 258.6 216.1 208. i 205.6 202.9 203.3 425.2 432.5 435.7 372.5 359.1 360.2 358.4 Paints, varnishes, and colors 106 107 106 106 106 106 155 161 158 164 164 167 169 Drugs, medicines, and insecticides 167 170 190 189 186 185 228 234 232 276 268 271 267 Rayon and allied products 109 109 108 108 107 108 163 167 169 172 171 174 174 Chemicals, n.e.c 166 168 173 173 173 172 265 274 277 294 295 297 299 Cottonseed oil 83 79 113 102 88 78 151 140 133 215 194 170 149 Fertilizers 102 95 148 139 120 104 253 195 189 305 286 r267 228 Products of Petroleum and Coal 118.5 119.1 120.2 121.1 122.8 124.4 125.1 182.3 187.5 190.3 204.1 206.6 212.6 215.7 Petroleum refining 111 113 116 118 120 122 171 175 180 196 200 205 208 Coke and by-products. 116 113 106 105 106 106 180 180 175 180 179 183 188 Rubber Products 156.4 158.9 165.7 161.4 159.7 157.8 156.7 250.9 264.0 256.1 294.3 278.8 280 A 279.0 Rubber tires and inner tubes 157 162 173 169 167 165 244 257 253 299 280 283 279 Rubber boots and shoes 150 149 144 136 140 135 248 260 247 255 243 249 246 Rubber goods, other 141 141 147 143 141 140 229 241 228 258 249 248 251 Miscellaneous Industries 166.3 166.4 158.1 157.0 155.1 154.i 153.1 297.1 298.2 291.4 301.3 296.7 295 A 297.3 Photographic apparatus 172 177 170 169 169 169 257 in 264 280 2U in 273 Games, toys, and dolls j 84 85 85 84 83 85 149 143 133 160 160 160 167 r Revised, FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) {Index numbers of the Board of Governors, 1939 = 100J 1943 1944 Group June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Total 169.0 169.7 169.6 168.3 170.1 170.9 169.1 167.8 166.9 164.1 161.5 159.6 158.8 JJ157.6 Durable 228.3 229.4 230.0 230.0 232.2 234.0 232.8 230.3 228.8 225.3 r221.1 r218.3 216.5 p213.8 Nondurable. 122.3 122.6 121.9 119.6 121.1 121.2 118.9 118.4 118.1 116.0 114.5 r113.4 113.3 P113.4 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 May June Feb. Mar. Apr. May June May June Feb. Mar. Apr. June All Manufacturing.. 45.2 45.1 45.3 45.3 45.0 r45.3 45.5 95.3 95.9 100.3 100.6 101.3 101.8 Durable Goods 46.9 46.7 46.7 r46.5 r46.7 46.9 105.0 105.4 110.0 110.3 111.0 111.3 Iron and Steel and Products 46.4 46.4 47.1 46.9 46.5 46.8 46.9 102.6 103.1 106.9 107.0 107.7 108.2 Electrical Machinery 47.3 47.0 46.8 46.7 46.2 46.3 46.6 96.5 97.0 100.5 101.0 r101.4 103.0 Machinery Except Electrical 49.7 49.4 49.1 49.1 48.8 48.8 49.1 105.6 105.9 110.7 111.0 111.5 112.3 Transportation Equipment Except Automobiles 47.5 47.1 46.9 47.0 47.1 r47.4 47.3 118.5 118.9 124.7 125.1 126.1 126.2 Automobiles 46.3 46.2 46.3 46.3 46.4 r45.5 45.9 123.1 123.6 125.7 126.1 r126.2 127.2 Nonferrous Metals and Products 47.1 46.9 47.0 46.9 46.6 46.6 47.1 101.4 101.1 104.0 104.4 104.5 104.8 Lumber and Timber Basic Products 43.8 44.4 42.9 43.2 43.2 43.4 44.6 73.7 74.1 77.0 77.1 78.8 79.8 Furniture and Finished Lumber Products. 44.6 44.6 44.2 44.5 43.7 44.4 44.6 73.4 74.1 79.2 79.7 r80.5 81.3 Stone, Clay, and Glass Products 42.9 43.1 43.3 43.6 43.2 43.7 43.9 84.3 84.4 87.9 88.2 89.1 89.3 Nondurable Goods 42.8 42.7 43.2 43.2 42.5 r43.1 43.4 79.6 80.3 84.2 84.6 85.0 85.8 86.2 Textiles—Mill and Fiber Products 41.9 41.5 41.8 41.9 41.2 r41.5 42.0 66.4 66.4 68.6 69.0 70.1 71.0 71.2 Apparel and other Finished Products .. 38.4 38.1 38.7 38.9 37.3 38.2 38.2 69.3 69.9 77.8 78.9 77.0 77.2 78.3 Leather and Manufactures 40.1 39.8 41.2 41.4 41.1 41.2 41.7 74.7 74.9 77.8 78.2 79.0 80.1 80.1 Food and Kindred Products 44.6 44.9 45.5 45.3 44.8 r45.7 45.9 79.7 80.2 83.8 83.9 84.5 r85.5 85.1 Tobacco Manufactures 40.2 41.0 41.3 40.9 39.0 42.0 42.3 62.9 64.5 67.8 67.9 69.1 69.8 70.6 Paper and Allied Products 45.6 45.7 45.6 45.8 45.5 46.0 46.3 79.4 79.8 82.9 83.4 83.7 84.2 84.6 Printing, Publishing, and Allied Industries 39.9 40.1 40.7 40.8 40.6 40.9 41.2 99.8 100.6 104.4 104.9 105.9 107.2 107.7 Chemicals and Allied Products 45.7 45.6 45.7 45.8 45.6 46.0 46.0 90.9 92.2 93.5 93.8 94.4 95.5 96.3 Products of Petroleum and Coal 44.5 44.9 46.5 46.6 46.3 47.0 46.8 112.2 112.8 115.9 116.3 r117.4 '117.4 118.1 Rubber Products 45.4 46.0 45.7 45.6 44.7 45.1 45.2 100.5 102.4 107.2 108.6 107.5 108.9 109.3 Miscellaneous Industries 46.4 46.5 46.2 46.3 r45.8 r46.1 46.1 88.2 88.1 93.8 94.2 94.7 r95.2 95.8 r Revised. NOTE.—Data based on the classification of the 1939 Census of Manufactures. Back figures are available from the Bureau of Labor Statistics. SEPTEMBER 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Thousands of persons] Transporta; Finance, Federal, Year and month Total M t a u n r u in fa g c- Mining Construction' ti p o u n b l a i n c d Trade an s d e r m vi i c sc e e , l- Sta l t o e c , a 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 16,924 891 1,259 3,619 7,030 4,115 5,890 SEASONALLY ADJUSTED 1940—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 M Ap a r y il 3 3 8 8 , , 8 7 6 6 8 1 r1 1 6 6 , , 2 3 0 9 9 4 r8 8 4 4 3 8 r6 7 7 1 3 9 r3 3 , , 7 7 6 6 8 3 r6 6 , , 9 9 9 8 7 2 r4 4 , , 3 2 6 5 9 7 5 5 , , 9 9 0 0 2 5 June 38,665 16,087 844 667 3,762 7,009 4,400 5,896 July 38,579 16,025 835 646 3,748 7,059 4,416 5,850 UNADJUSTED 1943—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 1,169 3,694 6,875 4,172 5,886 September 39,678 17,136 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. 38,692 16,312 844 683 3,744 6,968 4,236 5.905 May 38,684 r16,128 r839 r686 r3,768 r6,962 r4,369 5,932 June 38,743 16,087 840 680 3,800 6,974 4,466 5,896 July 38,607 16,025 835 678 3,804 6,918 4,526 5,821 * 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. July 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. 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 1943 | 1944 1943 1944 1943 1944 January....... 350.7 159.2 110.8 41.0 73.1 34.0 7.2 5.6 68.2 21.1 85.8 50.3 February 393.5 137.2 93.3 24.9 87.7 29.9 22.7 4.2 72.7 23.1 113.0 55.1 March 339.7 176.4 71.8 35.2 63.8 48.7 25.2 4.5 4 51.5 19.5 123.0 61.3 April 303.4 179.3 79.4 37.8 40.7 33.0 6.6 5.9 5 43.0 25.0 127.7 72.0 May 234.4 144.2 63.3 34.5 24.2 27.1 9.3 5.3 3. 36.5 17.1 95.8 55.8 June. 229.6 163.9 61.5 30.6 53.7 24.4 6.9 7.9 10 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.: 67.5 234.8 7.4 4.2 26.4 73.4 September 175.1 54.1 31.1 5.1 5.8 29.0 50.1 October 213.5 69.7 34.5 11.2 5.7 28.9 63.5 November 184.4 58.4 29.0 7.9 3.3 26.9 59.0 December 252.2 66.2 62.0 6.0 5.1 45.7 67.4 Year...... 3,274.0 766.2 120.7 62.4 4-74.9 I 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 July June July January 317 351 159 198 316 122 119 35 37 Boston.... ................. 8,639 4,927 15,082 February 434 394 137 310 364 109 123 30 28 New York 26,853 22,002 12,186 March 611 340 176 473 304 133 138 36 43 Philadelphia................... 17,834 12,921 18,595 April 499 303 179 355 253 133 144 50 46 Cleveland 19,034 11,938 17,548 May ...... 674 234 144 569 192 98 105 42 46 Richmond .....; 26,451 27,904 35,914 June 1,190 230 164 1,105 183 122 85 46 42 Atlanta..... 17,737 18,694 17,768 July 944 184 191 876 122 148 68 61 42 Chicago. 42,704 24,647 29,584 August . 721 414 633 351 88 62 St. Louis 9,457 8,997 8,720 September... 723 175 661 120 62 56 Minneapolis ...... 2,924 5,377 2,066 October 780 214 710 157 71 56 Kansas City................... 9,455 16,370 11,786 November... 654 184 592 135 62 50 Dallas..... .................... 9,451 10,089 14,412 December ... 709 252 664 198 45 54 Total (11 districts) ........ 190,539 163,866 183,661 Year....... 8,255 3,274 7,146 2,695 1,109 579 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION INSURED FHA HOME MORTGAGES (TITLE II) HELD IN [In millions of dollars] PORTFOLIO, BY CLASS OF INSTITUTION [In millions of dollars] Title I Loans Mortgages on Sav- Year or month Total p P e r i r o m r o t v y p - e - - S s h c t o m o r m u n a c - l e l - h 1 f ( a o - T m u t i o t s i l l e e y 4 s - h R o ( g T e u a ro n s n it 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 C m c a o i n e a m k r l - s - b s i M t a n u a n g v u a k s - l - s a a s l i t a s o n i n o o a g d c n n s i s - I p c a n a o n s n m c u i e e r - - s a F c e g i e r e e a d n s l - 1 - Other2 ment tion II) II) 1936—Dec 365 228 8 56 41 5 27 1 1 9 9 3 3 6 5 3 55 2 7 0 2 2 4 2 6 4 30 9 9 4 2 2 1 19 9 3 3 7 8 — — D D ec ec... 1,1 7 9 7 9 1 4 6 3 3 0 4 3 2 8 7 1 1 1 4 0 9 2 1 1 1 2 8 3 7 2 7 9 5 0 3 1 1 1 9 9 93 3 3 7 8 9 9 4 6 5 9 9 4 4 5 2 1 0 6 6 8 0 0 2 1 5 3 4 4 6 2 7 6 4 3 9 4 5 1 8 1 1 1939— D Ju e n c e . . .. 1 1 , , 4 7 7 9 8 3 9 7 0 5 2 9 5 7 0 1 1 19 6 2 7 3 2 4 7 2 1 1 1 5 3 3 7 1 9 3 4 3 1940 1,026 251 26 736 13 1940—Mar 1,949 971 90 201 392 171 124 1 1 1 9 9 9 4 4 4 2 3 1 1 1 , 1 9 1 3 4 8 7 2 6 2 1 9 6 4 6 2 1 2 1 1 5 1 2 8 6 4 7 9 3 7 1 1 6 3 6 2 0 8 1 1 4 3 D J S u e e n p c e t . 2 2 2 , , , 4 0 2 7 0 3 5 9 2 1 1 1 , , , 1 0 0 6 9 2 2 3 6 1 1 1 3 0 1 0 0 1 2 2 2 2 1 0 4 6 8 5 4 4 4 8 3 2 0 2 2 1 1 0 8 9 1 2 0 1 1 1 5 2 4 0 7 1 1943—July 84 7 21 56 1941—Mar..... 2,598 1.246J 146 230 606 210 160 N O A Se o c u p t v g . t . 9 8 9 8 0 8 2 5 1 t 1 o 8 2 0 2 2 2 2 0 0 0 1 6 6 5 5 0 0 5 7 J D S u e e p n c t e.... 2 3 2 , , , 1 7 9 0 5 4 7 5 2 l 1 1 , , , 4 4 3 0 6 1 0 5 8 l ! 1 1 1 5 8 7 7 6 1 2 2 2 3 5 4 7 4 6 6 7 7 6 2 8 8 2 9 2 2 2 2 3 2 0 4 5 1 1 1 7 7 5 9 8 4 Dec 77 9 18 50 1942—Mar 3,307 1.549J 201 264 856 237 200 1944— F Ja e n b " 7 7 9 5 16 6 1 1 4 9 5 5 0 0 J D u e n c e ....... 3 3, , 6 4 2 9 0 1 1 1 , .6 6 2 6 3 9 J : 2 2 1 3 9 6 2 2 7 7 2 6 1,0 9 3 4 2 0 2 2 4 4 3 5 1 16 9 3 5 Mar. 62 6 13 44 1943—June 3,700 1,700! 252 284 1,071 235 158 M A a p y r......... 6 6 9 7 9 9 1 1 3 8 4 4 5 2 Dec 3,626 1,705 256 292 1,134 79 159 June 63 9 18 36 July 71 7 18 46 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 do not take account of principal repayments on previously insured loans. endowed institutions, private and State benefit funds, etc. NOTE.—Figures represent gross amount of mortgages held, excluding terminated mortgages and cases in transit to or being audited at the Federal Housing Administration. SEPTEMBER 1944 9x1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports1 Merchandise imports2 Excess of exports Month 1940 1941 1942 1943 1944 1940 1941 1942 1943 1944 1940 1941 1942 1943 1944 January 370 325 481 730 PI,090 242 229 254 229 p300 128 96 228 502 P79O February 347 303 480 719 PI,085 200 234 254 234 P313 147 69 226 485 P772 March... 351 357 628 989 PI,157 217 268 272 249 P359 134 89 355 739 P799 April 323 387 717 979 Pi,182 212 287 235 258 P359 111 100 482 r721 p822 May........ 324 385 536 1,085 Pi,419 211 297 191 281 P386 112 88 345 r803 PI,033 June 350 330 648 1,002 PI,271 211 280 215 295 P330 138 50 433 706 P941 July 317 365 650 Pi,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 P3H 104 211 619 P761 December 322 653 873 Pi,244 253 344 358 P278 69 309 515 P966 January-June 2,064 2,086 3,490 5,504 P7.204 1,294 1,594 1,420 1,546 p2,047 770 492 2,070 3,957 p5,157 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.—Set 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; 1935-39average=1001 RAILROADS [In millions of dollars] Mis- Mer- Total Net Total Coal Coke irain L st i o v c e k - Ore l e a e n l e - - c d h i a s n e - op ra e i r l a w t a in y g ra T i o lw ta a l y o r p a e i r lw at a in y g in N c e o t me I.C.I. revenues expenses income Annual Annual 1939.. 98 102 107 96 110 101 97 1939 3,995 3,406 589 93 1940... 111 137 101 96 147 110 96 1940 4,297 3,614 682 189 1941.... 123 168 112 91 183 136 100 1941 5,347 4,348 998 500 1942 135 181 120 104 206 146 69 1942 7,466 5,982 1,484 904 1943...... 138 186 146 117 192 145 63 1943 9,055 7,693 1,362 874 SEASONALLY SEASONALLY ADJUSTED ADJUSTED1 1943— J M un ay e . ......... 1 1 3 2 5 7 1 1 8 6 1 6 1 13 4 7 0 r1 1 1 1 2 3 1 1 3 3 9 8 1 1 6 9 3 2 1 1 4 4 4 2 1943— M Ap a r y i . l 7 75 4 3 6 6 63 3 9 0 1 1 1 1 6 4 7 7 3 3 July 141 184 143 r112 150 202 146 June 756 642 115 73 August 140 191 147 117 148 208 145 July 763 648 115 74 September 140 195 137 114 139 209 143 August 768 653 114 74 N D O e o c c t v o e e b m m e b r b e e r r 1 1 1 3 4 3 7 4 9 1 1 1 9 8 9 5 6 2 1 1 1 6 6 5 7 1 3 1 1 1 1 3 2 9 2 2 1 1 1 3 5 5 7 0 4 2 1 1 0 9 9 9 1 1 1 1 1 4 4 4 7 8 0 N O D Se o e c p c t v o t e e e b m m m e b r b b e e e r r r 7 7 7 7 6 6 6 8 9 9 7 2 6 6 6 6 5 8 5 6 1 0 4 2 1 1 1 1 1 0 0 1 5 2 7 6 6 6 7 7 9 7 5 6 1944—January...... 145 185 159 121 147 203 149 M Fe a b r r c u h a . ry 1 1 4 4 3 0 1 18 8 5 0 1 13 4 6 8 1 13 3 1 5 1 1 4 4 1 6 1 19 7 3 4 1 1 4 4 9 7 1944— F J e a b n r u u a a ry ry 7 77 7 5 8 6 67 6 1 2 1 1 1 0 6 3 7 6 9 6 April 138 190 123 120 141 195 146 March 782 690 92 53 M Ju a n y e 1 1 3 3 8 9 1 19 9 4 0 1 1 2 3 8 5 r1 1 2 1 4 8 1 14 4 8 0 1 18 9 7 5 1 14 4 3 4 A M p a r y il 7 77 8 9 0 6 6 8 8 9 8 9 9 1 1 5 5 4 3 July 143 194 144 124 156 189 150 June 810 701 109 no UNADJUSTED UNADJUSTED 1943—April 749 620 129 86 1943— D J J O N A S M u u e e o c u n l a p c t y v g y e o t e e u e b m m m s e t b r b b e e e r r r 1 1 1 1 1 1 1 1 3 4 5 3 4 4 4 3 7 6 1 2 5 7 2 3 1 1 1 1 1 1 1 1 3 4 4 0 5 2 4 4 3 6 5 0 2 7 7 0 1 1 2 1 1 1 1 1 7 7 0 9 9 6 8 8 9 8 2 1 3 2 3 6 1 1 1 1 1 1 1 1 7 2 4 5 5 5 4 6 2 3 0 3 7 8 4 7 1 1 1 1 1 1 9 8 0 5 1 8 6 1 7 6 2 1 1 3 6 8 1 1 1 1 1 1 1 1 5 4 4 5 3 4 5 4 0 3 5 0 8 7 6 4 3 3 2 2 3 2 1 2 1 9 6 6 1 9 7 3 4 7 9 5 2 3 4 1 1 1 1 1 1 1 1 4 4 4 5 4 5 5 3 7 5 6 4 7 3 3 9 M J J N A O S D u u e o c u e a l n p t c y v g y e o t e e u e b m m s m e t b r b b e e e r r r 7 7 8 7 7 7 7 7 4 6 0 9 5 8 7 9 7 2 0 1 9 2 7 6 6 6 6 6 6 6 6 7 7 3 3 7 6 8 6 0 1 8 0 6 6 3 6 5 r1 1 1 1 1 1 0 9 7 2 2 1 2 1 9 6 7 1 9 3 5 0 r8 6 3 8 8 7 7 7 7 3 5 2 4 1 0 6 1944— M M F A T J e u a p a a b n n r y r i r u e c l u a h a ry ry 1 1 1 1 1 1 3 3 3 3 4 4 3 3 5 2 1 4 1 1 1 1 1 1 4 5 4 4 4 4 9 0 1 0 7 8 1 1 1 1 1 1 9 8 9 9 8 8 1 6 4 1 7 8 1 1 1 1 1 1 4 5 0 2 1 3 5 9 8 5 3 7 1 1 1 1 1 1 0 1 0 0 0 0 3 6 8 7 6 0 1 1 1 1 1 1 3 4 4 4 4 5 3 1 1 0 6 4 2 2 1 4 5 5 8 9 6 8 1 1 1 1 8 1 1 1 1 1 1 3 3 4 4 4 4 8 6 2 5 4 7 1944— M F A J M J u e a p a a n n b r r y e u i r c l u a h r a y ry • 8 7 7 7 7 7 0 9 6 3 9 4 4 7 0 5 9 1 6 6 6 7 7 7 7 5 5 0 0 0 2 8 1 5 0 6 1 8 8 8 9 9 0 8 3 4 3 9 0 P 4 4 4 5 5 6 8 6 5 4 9 0 July 147 143 188 172 102 157 302 151 P Preliminary. rRevised. 1 Includes redistribution of wage accruals in 1943. NOTE.—Descriptive material and back figures may be obtained from the Division of Research and Statistics. Basic data compiled by the Interstate Commerce Commission. FEDERAL RESERVB BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on value figures] MONTHLY INDEXES OF SALES [1935-39 average = 100] Federal Reserve district Year and month U S n t i a t t e e d s Boston Y N o e r w k d P e h l i p l h a i - a IC l l a e n v d e- m Ri o c n h d - AtlantaChicago Lo S u t i . s M a i p n ol n i e s - Ka C n i s t a y s Dallas F c S r i a a sc n n o - 1919 83 95 84 106 84 73 88 113 93 67 1920 99 110 100 126 106 81 105 126 112 80 1921 92 108 96 120 94 78 90 80 105 117 92 75 1922 94 112 99 122 95 75 85 83 103 112 86 78 1923 105 119 106 135 108 85 94 98 115 120 91 91 1924 105 121 110 134 106 87 91 96 114 119 119 94 93 1925 110 123 116 135 109 92 95 102 120 124 124 98 99 1926 . ... 113 127 120 138 110 96 99 106 121 119 123 103 106 1927 . ....... ... 114 128 123 133 110 95 100 108 119 117 125 101 107 1928 ... , . 115 126 124 127 110 95 100 114 120 110 119 103 110 1929 117 128 129 128 116 96 98 116 122 110 117 104 112 1930 . . 108 123 126 118 105 92 91 101 110 105 111 96 104 1931 97 114 116 105 93 86 79 88 97 98 96 81 94 1932 75 90 91 83 68 68 60 67 76 79 74 61 71 1933 73 84 86 80 69 68 65 68 72 76 73 62 68 1934 , ... 83 90 91 88 81 81 78 79 83 85 85 76 77 1935 . 88 92 93 91 86 87 84 86 85 90 89 80 86 1936 100 100 101 102 101 98 97 100 97 99 99 97 100 1937 107 104 106 107 111 105 105 109 106 104 107 105 106 1938 . . . 99 100 99 96 96 101 103 98 102 101 100 106 100 1939 106 104 101 104 106 109 113 107 111 106 105 112 109 1940 . ... 114 108 106 111 114 120 123 116 119 109 110 117 117 1941 133 126 119 129 138 144 145 135 143 122 127 138 139 1942 149 140 127 143 153 170 162 149 158 133 149 157 169 1943 ... ...... 168 148 134 151 167 194 204 161 179 149 184 212 200 SEASONALLY ADJUSTED 1942—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 r171 186 190 166 167 144 194 184 18S February 192 161 148 173 196 231 218 192 218 182 214 246 217 March . .. ........ 163 151 137 150 T66 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 167 145 131 151 164 197 209 157 184 144 187 220 200 July 171 147 r136 154 171 200 221 168 185 148 r184 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 r164 187 208 154 172 146 174 215 206 1944-—January ................... r175 148 135 158 r169 208 224 172 182 160 207 206 208 February 175 148 137 157 166 209 225 162 194 176 203 241 209 March ............. 185 162 157 173 183 212 225 173 195 159 193 247 218 April . .................. 172 157 r139 162 166 199 222 165 173 157 181 232 201 May 181 164 149 168 181 211 233 167 197 158 192 228 216 June 175 151 r141 r159 166 "203 237 163 189 151 192 245 210 July 193 160 147 173 196 213 263 187 216 165 221 277 223 UNADJUSTED 1942—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 155 145 123 142 156 181 192 149 164 139 165 191 181 June . ............. 155 138 122 136 155 177 175 154 166 144 172 183 184 July .................. r127 102 r91 r107 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 137 119 112 122 132 152 179 131 149 119 153 177 166 February .............. 142 115 114 124 133 159 194 131 153 122 160 200 178 March 170 144 138 162 167 203 219 159 185 140 182 227 197 April 172 161 136 159 172 193 228 166 183 159 183 228 192 May - 178 162 141 161 179 210 228 170 197 160 194 228 203 June 162 144 r131 rl43 157 182 199 160 170 151 177 203 193 Tulv 143 110 99 119 144 150 197 139 160 130 175 202 185 r Revised. NOTE.—For description and monthly indexes for back years, see pp. 542-561 of BULLETIN for June 1944. SEPTEMBER 1544 92-3 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] Index of stocks1 Without seasonal adjustment Amount (1935-39 average (In millions of dollars) = 100) 1941 1942 1943 1944 Jan. 4 87 Jan. 3 .111 Tan. 2 .117 Jan. 1 110 Out- 11 ..102 10.... .135 9... .146 S..... .143 m ( S t o f o a o n l t r e t a h s l ) m ( S o e t n n o d t c k h o s ) f ( o s e r t i n d a n d e n g r d o s - f a S d e j a a u l s l s o y te n d - j U u n s a t d e - d Feb. 2 1 8 1 5 8 .... . . . . . . . . 9 9 9 9 8 6 3 0 Feb. 3 2 1 7 1 7 4 . . . . . . . . . . . . 1 1 1 1 1 2 2 3 9 1 5 5 Feb. 3 2 1 6 0 3 6 . . . . . . . . . . . . . . . 1 1 1 1 7 2 3 2 0 5 6 9 Feb. 2 2 1 5 9 2 5 .. ... . . . 1 1 1 1 3 4 4 4 7 7 5 6 month) 15 ... ..101 14 .122 13 178 142 22... .. 91 21 .115 20.... .155 19!!!!!!l42 1939 average 128 344 99 Mar 1.... ..106 28 .127 27.... .162 26 .146 1940 average 136 353 108 101 8.... ..101 Mar 7 .130 Mar. 6... .150 Mar. 4 .153 1941 average 156 419 194 120 15.... ..110 14 .137 13 .144 11 .160 1 19 9 4 4 3 2 a a v v e e r r a a g g e e r r 2 1 0 79 4 r r 5 5 9 0 9 7 5 26 3 3 0 r1 1 4 7 6 2 2 2 9 2 ..1 1 2 1 4 6 2 2 8 1 .1 1 5 4 7 8 2 20 7.".'. .1 1 5 4 5 7 2 18 5!..!!.1 1 8 7 2 2 Apr. 5 137 Apr. 4 170 Apr. 3 161 Apr. 1 212 1942— N D O o e c c v t r r 3 2 2 1 2 1 1 2 4 r r 4 6 6 8 2 5 1 4 2 2 2 2 5 5 5 4 1 4 1 1 1 4 5 6 7 5 8 1 1 1 3 8 7 8 7 9 May 2 1 1 3 6 9 2 . . . . . . 1 1 1 1 3 2 2 2 4 2 9 6 May 2 1 1 2 5 8 1 . . . 1 1 1 1 4 4 2 4 7 0 9 6 May 2 1 io 4 1 7 .!!!. . . . 1 1 1 1 7 4 6 8 0 2 2 8 2 2 1 2 9 5 ! . . 1 1 2 1 6 6 0 5 3 8 8 2 1943— D J N J A O M A M F S J u u e e a e u o c p a a l n b n p c t g v r y y r e t r r r r 3 2 2 2 1 2 1 1 1 1 1 1 3 5 3 0 8 0 8 6 5 8 8 5 8 9 0 6 2 0 8 5 0 7 2 7 r r r r r r r 5 5 4 5 5 4 4 4 4 4 4 5 8 6 7 5 9 6 0 7 7 5 8 6 1 6 6 3 2 3 2 1 2 9 0 7 r 4 6 5 3 4 4 5 5 6 6 3 5 8 6 4 6 5 6 9 9 7 2 4 6 7 0 1 1 0 8 8 1 3 4 7 3 r r 1 1 1 1 1 1 1 1 1 1 1 1 5 4 4 4 6 6 3 3 6 5 2 3 3 2 3 4 7 0 3 6 0 0 8 2 r r r r r 1 1 1 1 1 1 1 1 1 1 1 1 6 3 3 6 6 3 7 3 4 3 3 3 7 6 4 5 1 8 0 0 4 5 3 4 A J J u u u l n g y e . 2 2 2 1 3 1 2 1 1 1 5 6 1 8 7 2 2 4 4 1 9 7 0 . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 1 1 1 1 1 0 1 9 1 0 9 9 1 2 3 2 3 3 9 7 7 8 1 9 5 6 0 9 7 0 6 J J A u u u l n g y e . 3 2 2 2 2 1 1 1 1 4 3 9 0 6 0 7 5 1 3 8 1 6 . . . . . . . . . . . . . 1 1 1 1 1 1 1 1 1 1 1 1 4 0 1 2 0 2 2 0 4 2 0 0 9 7 4 2 9 9 5 7 5 9 8 5 3 5 J Ju u l n y e 2 2 2 2 1 1 1 1 3 1 3 9 5 8 2 9 6 4 5 0 1 7 2.. .. . . . . . . . . . . . 1 1 1 1 1 1 1 1 1 1 1 1 1 3 4 6 5 3 5 2 6 1 2 1 6 5 2 9 9 3 4 1 4 8 8 1 3 6 8 M J J u u a n ly y e 2 2 2 1 1 1 2 1 2 0 6 3 1 3 7 8 7 4 2 5 9 0 . . . !.. . . . . . . . . . . . 1 1 1 1 1 1 1 1 1 1 1 1 1 8 6 7 5 4 9 3 4 6 3 1 7 7 4 7 7 8 3 1 5 2 9 3 2 8 6 1944— J J M M A F J u u a e p a a l n n b r y y r e r 1 r 2 2 2 1 1 1 6 2 0 9 2 6 7 7 0 9 6 7 2 0 r r r r 5 5 4 5 5 5 5 2 2 1 2 7 1 2 5 2 1 5 2 8 4 r5 5 6 4 4 5 5 9 2 3 7 8 2 2 0 1 0 5 8 6 5 r r 1 l 1 1 1 1 1 5 6 4 4 4 5 5 7 3 7 5 8 3 4 r r 1 1 1 1 1 1 1 5 4 5 5 5 4 3 0 7 1 1 0 7 7 Sept. 2 2 3 1 2 1 0 7 0 3 9 3 6 6 . . . . . . . . . . . 1 1 1 1 1 1 1 1 4 6 4 2 2 2 2 6 2 1 2 8 7 3 9 2 Sept. 2 2 2 1 1 1 6 8 2 9 2 9 5 5 . . . . . . . . 1 1 1 1 1 1 1 1 7 5 4 2 4 6 2 2 2 2 0 2 2 5 5 6 A Se u p g t . . 2 2 1 1 1 2 5 4 7 1 8 1 8 4 . . . . . . . . . . . . . . . . 1 1 1 1 1 1 1 1 7 5 7 6 3 4 4 3 9 6 6 9 1 5 6 1 A Se u p g t . . 2 2 1 1 1 9 3 2 6 5 6 2 9... . . . . . 1 1 1 1 7 4 3 4 9 7 8 1 '^former index on a 1923-25 average base, recomputed on a 1935-39 / JtbgtoSSS! *** *" deSC"ptioD and back 6gures see ""• 87i*75 average base. / Back figures.—Division of Research and Statistics. / SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] J 1 u 94 ly 4 June S m 1 e o 9 v s 4 . e 4 n J 1 u 9 l 4 y 4 J 1 u 9 n 4 e 4 S m 1 e 9 o v s 4 . e 4 n J 1 u 94 ly 4 June S m 1 e o 9 v s 4 . e 4 n J 1 u 94 ly 4 J 1 u 9 n 4 e 4 S m 1 e 9 o v s 4 . e 4 n United States.. +7 +5 +7 Bo N st e o w n Haven +5 + + 4 1 +4 Cle E v r e i l e and—Cont. +6 +4 Ch F ic o a rt g o W — a C y o n n e t . . ... +18 +4 +7 Da S l h la r s eveport. + +1 1 4 1 + + 1 1 6 1 + + 1 2 5 0 Portland +4 Pittsburgh +14 +4 +7 Indianapolis... +6 — 1 +9 Dallas +12 +17 +22 P B S r p o o r s i v t n o i g d n f e i n el c d e + - - 1 3 3 2 + + 5 6 ±1 Ri W ch h m e o e n li d ng + + 19 1 + + 9 2 + + 1 5 4 T D Si e e o r s u r e x M H C oi i a n ty u es te... + + 1 1 1 1 +1 + +81 H F Sa o o n r u t s A t W o n n o to r n th io + + + 1 9 8 4 + + + 1 8 8 0 + + l 1 t 2 New York +9 +5 B W a a l s ti h m in o g r t e on — -2 2 + + 1 1 I D Fl e in tr t oit - - 3 1 + + 3 6 +1 OSiIan Francisco +8 +5 P C h l B N N A B E N B U P T R L S R W Y A S P e C i v l o l y r u r i a e e h c l o i t e o k i a m n e b i i a e i f n w u r n w h a c i r r d c d l l f a g g a n l k c o g d c a h k i e a a g e a a c n h r a t i n a l n i h e n e l Y a r e o d u n o y n r a p s d s k k s e p a n s n e g m o t h t - c e e e o e l a r B i e p t r t F r k a r t a o i t p a h a d n r s i C l r y a i l e e i s . . t . . . . . y . . . . . . . . . . + - + + ± 3 + + + + + + + 1 + - 1 3 1 2 1 5 2 4 7 7 9 4 1 1 0 t 1 0 2 + + + r r r r + - + + + + + + + + - + - — + - 1 1 1 3 1 3 9 4 3 3 1 9 3 2 9 1 2 4 i 0 2 3 2 8 0 + + + + + + + + + + + + + + + + + + + - 1 1 1 2 2 7 7 4 3 6 9 8 4 7 6 5 7 0 6 6 9 4 4 0 0 0 " At N H W G L R M l C C B M J C M T M N N A J B K C a a a y i h i o a h r u l n e a a h n t o c o i a c c i r a e n l m a r w n a n t t s a m o a k c b k h n a r e a f o r c h r m s t k x o t s o i m s n t n l p n l i i h t t l v g e o s n v o O e l n n e o t a v a i b k s i o b a o n n i . s g g n n i l R r t l . u n u m t l l v . o l l h t - o l e o e r e o d r o i S e n a g e o g n l a u n , m . a l r g n , W e g y l S s a e e S . . . m . . V . C C . a . . . . + + + + + + + + + + + + + + + + + + + + + + + + 1 1 2 1 1 1 1 1 1 2 1 1 1 1 1 1 4 1 6 6 9 2 8 3 4 2 8 5 9 5 6 0 2 1 0 2 3 7 3 7 4 5 + + + + + + + + + + + + + + + + + + + + + 1 2 1 1 1 1 1 1 1 1 1 1 3 8 9 9 7 9 6 0 6 6 6 7 2 3 8 7 4 2 2 5 6 7 0 + + + + + + + + + + + + + + + + + + + + + + + 1 1 1 1 2 1 1 1 1 1 2 2 1 1 2 1 1 1 2 1 4 2 7 7 2 0 8 1 2 3 0 2 9 3 1 5 0 1 9 3 6 0 8 7 3 5 M K /. a L F i G G W M L Q M E L T S S P H J D K n n o o L a p t u o v i o r u r n u e s a i e . i t p e n r a r o u e a l p a i c e n t t n m i t w e n l L s n l n c b u i n e a s h v i s e n s i c d n h p i s g o l k a S p n i a e v s o y v t i u h C f u a o s r g B m i a R n i i R l k i i l e i l l s s s a i i t o e l l C e s a t y o e d y e h c p n i k t i y d . . . s . . . . . . . . . + + + + + + + + + + + + - + + + + + + * 1 + + 1 1 1 1 2 1 2 1 1 2 1 1 1 1 5 6 5 4 8 9 6 4 6 2 3 8 4 7 1 0 3 4 1 1 3 " r + + + + + - + ± + + + + + + + + + + + - 1 1 1 1 1 2 2 1 9 3 5 8 3 8 5 4 0 7 7 7 0 1 6 S 1 0 • + + + + + + + + + + +n + + + - + + 1 1 1 2 1 2 1 1 1 5 9 8 6 5 4 8 3 4 4 0 3 4 1 5 6 6 R P B L S T S S S B F S S V O L B S E S P a h a a o a t a r u a i o o a e a e a o v o S B N e v n n n o n c k n c i l s a l l k r e c s s t a e l l r e t e g s e t a t l i e n e a k n r a A r t o r n F r l D n a J m L l e j s o s t m a k n i a e n o g B r o o n f i B x i t R n a e a n i d d p h e s a n g t e e e k e n d e . o e d e g a n a n e a l l e . c a r . d m s . y o l d c . . t a . n i e . . n a . o . h . s . n s a C d c d d N o i i t a n y p o . a . . -X + + ++ + + + + + + + + + + + + + * I 1 1 12 1 1 1 1 2 1 6 6 6 7 1 5 1 8 5 9 5 2 4 0 0 0 3 0 + + r r + r + + + + + + + * + + + + + - — 1 1 1 1 1 5 2 7 6 8 8 5 1 8 5 2 7 8 0 6 5 0 0 0 3 " + + + + + + + * « + + + + + + + + + + - 1 1 1 1 2 1 + 1 1 6 7 8 5 9 9 3 5 6 8 6 3 1 6 8 4 4 9 0 C C l o e l v u e m la b n u d s + + 2 9 + -1 3 Chicago +6 +4 +5 O St m . a Jo ha seph + + 2 2 1 5 -1 0 + +1 1 0 6 T S a p c o o k m an a e... + + 4 2 '- - 8 2 -4 Toledo +10 +4 +9 Chicago +9 +5 Oklahoma City +9 +16 Yakima.... +10 +25 +25 Youngstown +1 +6 +8 Peoria +26 +12 Tulsa +2 +7 r Revised. * Data not yet available. ** Six months 1944. 92.4 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS, BY MAJOR DEPARTMENTS Ratio of stocks Sales during month (value) Stocks at end of month (value) to sales Number Department of stores Percentage change Percentage change June reporting June 1944 June 1944 June 1943 June 1944 June 1944 June 1943 from from from from from from 1944 1943 June 1943 May 1944 May 1943 June 1943 May 1944 May 1943 GRAND TOTAL—en tire store.. 351 +6 -10 +3 +7 -2 +1 2.7 2.7 MAIN STORE-total 351 +6 -10 +2 +7 -1 +1 2.9 2.8 Women's apparel and accessories 349 +7 -15 0 +11 -1 +5 2.3 2.2 W W o o m m e e n n ' ' s s a a n n d d m m i i s s s s e e s s ' ' d co re a s t s s e a s nd suits 3 3 2 3 8 1 + + 1 1 3 - - 4 1 9 6 - + 47 5 + -2 1 4 4 - + 18 5 + -1 4 7 8 0 3 . . 9 4 4 0 . . 5 9 Blouses, skirts, sportswear, sweaters, knit apparel 310 +13 -2 +16 +23 -7 +6 2.2 2.0 Juniors' and girls' wear 294 +11 -14 +5 +24 —5 +11 2.0 1.8 Infants' wear 302 +22 -42 +58 +6 +8 3.0 2 3 Aprons, liousedresses, uniforms 282 +5 -12 +17 +23 -16 -13 1.2 1.0 Women's underwear, slips, negligees 318 +21 -13 0 +34 +1 +5 2.3 2.1 Corsets, brassieres 327 +18 -7 +2 -6 0 -7 1.9 2.3 Hosiery (women's and children's) 341 +12 -14 -13 -16 +6 +2 2.1 2.9 Gloves (women's and children's) 320 +25 -36 -38 +34 +15 +7 6.2 5.8 Shoes (women's and children's) 240 -19 -8 +39 +18 2 -12 3.2 2.2 Furs 254 -75 -11 -10 -36 +27 +33 36.4 14.6 Men's and boys' wear.. 320 -1 +15 +41 +10 -5 -8 3.2 2.8 Men's clothing 230 -9 -3 +26 +1 -5 -10 3.3 2.9 Men's furnishings, hats, caps.. 303 +6 +42 +62 +8 -8 -8 2.7 2.6 Boys' clothing and furnishings 278 +11 -12 +8 +37 +4 -1 4.1 3.3 Men's and boys' shoes and slippers.. 173 -38 +15 +85 +9 -1 -10 5.5 3.1 Home furnishings 313 +4 -14 -10 -2 0 3.6 3.9 Furniture, beds, mattresses, springs 230 +11 -12 -9 +5 +2 +2 3.6 3.8 Domestic floor coverings 235 -6 -24 -18 -28 -1 -2 3.1 4.1 Draperies, curtains, upholstery 290 +10 -22 -16 -8 0 -2' 2.7 3.3 Major appliances (refrigerators, washers, stoves, etc.) 188 -49 -9 -11 -44 -7 -15 2.8 2.6 Domestics, blankets, linens, etc 287 +8 -2 +4 +12 0 -1 3.6 3.4 China and glassware ; 219 +15 -4 -13 +2 -1 4.7 6.2 Housewares 219 -1 — 19 -11 +4 -4 -1 4.0 3.8 Piece goods (dress and coat yard goods, all materials) 285 +19 -13 0 0 0 -1 2.4 2.9 Cotton wash goods 119 +9 -6 +10 — 19 -11 -11 1.1 1.4 Small wares 332 +6 —4 +2 +17 -2 +3 3.8 3.4 Notions 221 +2 -11 0 +16 —4 +4 3.0 2.7 Toilet articles, drug sundries, prescriptions 318 -4 0 +7 +24 0 +2 4.1 3.2 Jewelry and silverware 247 -3 -5 +1 +5 —4 +5 4.2 3.9 Miscellaneous +18 0 +10 +9 +4 +8 3.0 3.3 BASEMENT STORE-total 216 +3 -9 +10 +5 -3 +1 2.3 2.3 Women's apparel and accessories 206 +8 -12 +5 +7 -4 +7 1.8 1.8 Men's and boys' clothing and furnishings 166 -2 +18 +43 +6 -4 -4 3.0 2.8 Home furnishings 122 +4 -18 -12 0 0 +2 2.8 2.9 Piece goods 54 +23 -5 +10 -14 • -5 -6 2.1 3.0 Shoes 124 -21 -6 +50 +1 -5 -9 3.7 2.8 'I 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 Accounts receivable Collections during Year and month Sales during month at end of month month Cash Instal- Charge- Total Cash In m s e ta n l- t a C c h c a o r u g n e t I m ns e t n a t l- a C c h c a o r u g n e t I m ns e t n a t l- a C cc h o a u r n g t e sales m sa e le n s t ac s c a o le u s nt 1943—June 121 150 r56 100 42 77 72 100 60 4 36 July 96 125 53 r73 39 64 70 103 63 5 32 August 107 138 64 82 38 63 67 85 62 5 33 September 131 167 70 104 38 74 67 84 61 5 34 October 147 187 84 115 40 81 75 104 61 5 34 November 166 210 93 130 44 90 81 116 61 5 34 December 217 289 99 159 48 109 82 121 65 4 31 1944—January 106 140 53 79 44 82 77 143 64 4 32 February 109 140 57 84 41 72 72 107 63 4 33 March . 144 182 73 114 40 79 78 100 62 4 34 April 132 171 59 104 38 79 67 107 62 4 34 May 141 180 58 112 36 82 67 109 62 4 34 June 127 165 50 99 34 78 61 111 63 3 34 JUly 103 138 44 76 32 67 56 102 65 4 31 NOTE.—These data are based on reports from a smaller group of department stores than that included in the monthly index of sales shown on a preceding page. SEPTEMBER 1944 915 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS (Estimated amounts outstanding. In millions of dollars] Instalment credit End o r o y f e m ar onth co c T n re s o u d ta m it l er ins T ta o l t m al ent Sale credit Loans1 p S a l i o y n a m g n l e s e 2 n - t a C c h co ar u g n e ts Service credit credit Total Automotive Other 1929 7,089 3,167 2,515 1,318 1,197 652 1,577 1,749 596 1930 ... . 6,341 2,706 2,032 928 1,104 674 1,451 1,611 573 1931 5,177 2,214 1,595 637 958 619 1,051 1,381 531 1932 3,846 1,515 999 322 677 516 726 1,114 491 1933 3,717 1,581 1,122 459 663 459 588 1,081 467 1934 4,159 1,846 1,317 576 741 529 659 1,203 451 1935 5,148 2,599 1,805 940 865 794 785 1,292 472 1936 6,396 3,466 2,436 1,289 1,147 1,030 991 1,419 520 1937 7,054 3,919 2,752 1,384 1,368 1,167 1,119 1,459 557 1938 6,618 3,539 2,313 970 1,343 1,226 1,069 1,487 523 1939 7,518 4,351 2,792 1,267 1,525 1,559 1,089 1,544 534 1940 8,767 5,434 3,450 1,729 1,721 1,984 1,123 1,650 560 1941 9,499 5,921 3,747 1,942 1,805 2,174 1,204 1,764 610 1942 6,165 2,932 1,494 482 1,012 1,438 1,072 1,513 648 1943 5,158 1,939 816 175 641 1,123 1,034 1,498 687 1943 June 5,095 2,075 896 208 688 1.179 1,014 1,338 668 July 4,883 1,993 838 196 642 1,155 994 1,222 674 Aug 4,810 1,939 807 190 617 1,132 996 1,198 677 Sept 4,909 1,917 786 186 600 1,131 1,038 1,275 679 Oct. 5,010 1,891 777 181 596 1,114 1,073 1,366 680 Nov 5,114 1,882 778 177 601 L,104 1,084 1,466 682 Dec. 5,158 1,939 816 175 641 1,123 1,034 1,498 687 1944 Jan 4,818 1,836 745 169 576 L,091 996 1,294 692 Feb 4,662 1,785 707 167 540 L,O78 962 1,218 697 Mar 4,836 1,804 696 167 529 1,108 955 1,376 701 Apr. . . 4,801 1,785 689 171 518 1,096 966 1,346 704 May 4,898 1,801 700 181 519 .101 997 1 390 710 June P4.945 Pi,826 P515 PI,119 PI,033 PI,370 July . PI,831 P7O4 P204 PI,127 PI,044 PI,287 P721 P Preliminary. 1 Includes repair and modernization loans. A revision of repair and modernization estimates was shown on p. 392 of the BULLETIN for April 1944* This revision is preliminary and subject to change. 2 An estimated total of noninstalment consumer loans; i.e., single-payment loans of commercial banks and loans by pawnbrokers. NOTE.—National estimates of consumer short-term credit for the period from January 1929 through August 1942 were prepared by the Bureau of Foreign and Domestic Commerce, United States Department of Commerce, and published in the November 1942 issue of the Survey of Current Business with a description of sources of data and methods of estimation. Later estimates, comparable with those formerly published by the Department of Commerce, were made at the Board of Governors of the Federal Reserve System. CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT LOANS AUTOMOTIVE [Estimated amounts outstanding. In millions of dollars] [Estimated amounts outstanding. In millions of dollars] End o r o y f e m ar onthex m T a c o u l o u t t t i d o a v - i l e n , g D s o m m e t a r o p d n a e r a i n e d e l r r t - s t- F st t u o u r r r n e e i s - H a s a h t p o o n o p u r c l l s d e e i e s - - J s e t w or e e lr s y s o r t e t A o t h a r l e l e i r l s m E o y n n e d t a h r o o f r Total m b C a e n o rc k m i s a - l 1 p S c l a m o o n a m a i n e l - l s b I p a n c t a n o d r n k i m u i a i e s l n - - s g u C n r i e o d n i s t M l l a e n n is e d c o e e u r l s - s m i R l z o o e a a d a p t n n e i d a o r s i n n 2 r houses 1929 652 43 263 219 32 95 1930 674 45 287 218 31 93 1931........ 619 39 289 184 29 78 1929 1,197 160 583 265 56 133 1932 516 31 257 143 27 58 1930 1,104 155 539 222 47 141 1933 459 29 232 121 27 50 1931 958 138 454 185 45 136 1934 529 39 246 125 32 60 27 1932 677 103 313 121 30 110 1935 794 71 267 156 44 79 177 1933 . .. 663 119 299 119 29 97 1936 1,030 130 301 191 66 102 240 1934 741 146 314 131 35 115 1937 1,167 215 350 221 93 125 163 1935 865 186 336 171 40 132 1938 1,226 248 346 230 113 117 172 1936 1.147 256 406 255 56 174 1939 1,559 380 435 257 147 96 244 1937 1,368 314 469 307 68 210 1940 1,984 586 505 288 189 99 317 1938 1,343 302 485 266 70 220 1941 2,174 687 535 298 217 102 335 1939 1,525 377 536 273 93 246 1942 1,438 370 424 202 141 91 210 1940 1,721 439 599 302 110 271 1943 1,123 273 372 165 110 86 117 1941 1,805 469 619 313 120 284 1942 . . 1.012 254 391 130 77 160 1943 1943 641 174 271 29 66 101 June 1,179 287 371 174 118 86 143 1943 July 1,155 283 363 170 114 85 140 Aug ... — 1,132 278 357 168 112 84 133 June 688 168 301 64 47 108 Sept 1,131 277 358 169 113 85 129 July 642 155 286 55 45 101 Oct 1,114 273 354 167 111 84 125 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 J F a e n b 5 5 4 7 0 6 1 1 4 5 7 8 2 2 3 4 6 8 2 2 1 4 5 55 1 9 85 1 A M p a r y 1 1, , 1 0 0 9 1 6 2 2 7 8 9 5 3 36 6 2 3 1 1 6 6 4 5 1 10 0 5 6 8 8 5 5 9 9 9 9 Mar 529 144 231 19 52 83 June PI,119 294 365 169 107 P85 P99 Apr 518 141 229 18 48 82 July PI,127 298 367 170 106 P85 P101 May 519 141 235 16 45 82 June P515 P138 P237 P15 P44 P81 July P500 P130 p234 P14 HS P79 P Preliminary. 1 These figures for amounts outstanding include only personal instalment cash loans and retail automotive direct loans, which are shown on the folp Preliminary. lowing page, and a small amount of other retail direct loans (12 million dollars at the end of July 1944), which are not shown separately. 2 See footnote 1 for table above. 9X6 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 dollarsl [Estimates of volume made in period. In millions of dollars] Month or year Total Aut r o e m ta o il tive c O re p h t t u a h a s r e i - e l r , d R e m r e a n p n o i d a d z i - a r - i s m n P o s e e n t n r a a - t l l- Month or year | S C o b m a m nk er s c 1 ial c S o m m a p ll a n lo ie a s n c I o n b m d an u p k s a t i n r n i i g e a s l u C n r i e o d n i s t Pur- Direct and tion cash chased loans direct loans loans 1929.... 463 413 42 1930.... 503 380 41 Ou p t e s 1 1 1 1 1 r t 9 9 9 i 9 a 9 o 3 4 4 4 n 4 d 9 0 1 3 d 2 : i . n .. g at end of 1 1 1 , , , 0 3 5 4 7 2 4 8 6 8 0 0 8 9 7 3 2 3 1 0 1 9 5 3 0 0 6 4 6 3 1 2 1 8 0 6 3 2 2 3 0 0 2 2 1 2 1 1 6 5 7 4 0 0 9 3 7 2 2 2 1 6 2 8 4 5 0 0 6 6 4 3 3 2 1 2 6 4 8 8 3 4 0 0 0 2 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 3 3 3 3 3 3 3 3 7 4 2 1 6 3 8 5 . . . . . . . . . . . . . . . . . . , . . . . . . . . . . . . 4 3 3 3 4 6 6 5 9 1 0 8 7 2 0 6 8 9 4 4 6 3 4 3 4 3 4 3 2 2 2 2 1 0 5 8 3 0 4 5 7 9 4 8 4 2 0 0 1 1 1 3 3 4 3 6 0 7 4 8 4 2 3 7 5 9 8 1943— A O J S J u e u u c l p n g t y e t o u e b s m t e b r. e . r 4 4 5 4 5 8 9 8 2 1 0 8 9 9 5 6 6 5 5 5 0 5 8 7 7 8 8 8 8 8 5 2 2 2 2 8 6 8 7 7 0 7 4 4 0 1 1 9 9 9 0 0 5 2 8 5 3 1 1 1 1 1 9 9 8 8 8 0 0 2 5 6 1 1 1 1 1 9 9 9 9 9 4 4 4 3 4 2 3 9 1 0 . . . . . . . . . . . . . . , . . . . . r5 7 2 0 5 5 > 9 9 7 7 8 2 8 6 9 0 7 3 3 8 9 4 4 3 5 5 8 3 0 5 6 9 6 8 8 4 3 3 2 2 1 4 2 5 1 9 3 0 7 5 3 November 470 55 82 66 89 178 1942 December 469 54 82 67 86 180 December 43 82 31 18 1944—January. 460 51 81 70 82 176 1943 M J A J M F u u e p a a l n b r y y r e i r c l u h ary 4 4 4 4 4 4 4 5 5 5 7 7 8 2 2 9 1 9 r5 5 5 5 5 5 5 1 1 0 2 9 9 8 9 9 8 8 1 2 3 0 6 6 # . r6 6 6 6 6 5 1 4 0 0 0 9 7 7 7 7 7 7 8 4 3 6 3 3 1 1 1 1 1 1 9 8 9 8 7 8 0 4 0 3 4 3 J M J A F M a u e p a n a b n r y u r r i e . c a u l . . r h a . . y . r . . y . . . . . . . . . . . .. .. 3 4 4 5 3 5 6 1 0 0 5 3 8 4 6 8 5 5 0 5 2 6 8 0 2 2 3 2 3 3 5 9 5 6 8 1 2 1 1 1 1 1 2 1 5 4 9 3 July 44 62 30 15 Volume extended during August 45 64 29 15 month: September.... 47 70 32 18 1943—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..... r49 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 S3 27 13 December... 72 7 14 13 5 33 February. 44 60 29 16 March.... r64 94 38 23 1944—January 65 6 14 13 4 28 April..... r50 61 30 14 February 62 6 14 8 4 30 May 58 72 35 17 March 85 8 18 10 5 44 June...... r62 75 38 19 April 73 9 17 10 6 31 July.. 57 73 33 16 May 88 10 20 14 7 37 June 90 10 19 12 8 41 July 85 12 19 10 8 36 r Revised. 1 These figures for loans made include only personal instalment cash loans and retail automotive direct loans, which are shown elsewhere on r Revised. this page, and a small amount of other retail direct loans (two million NOTE.—For descriptive material and back figures, see BULLETIN for dollars in July 1944), which are not shown separately, October 1942, pp. 992-994. FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE1 Percentage c P h e a r n c g e e n t f a r g om e Instalment accounts a C cc h o a u r n ge ts change from corresponding Item p m re o c n ed th ing pre m c o ed n i t n h g o f year 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 o l o l i d a u n s a e c 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- July June May July June May stores 1944 1944 1944 1944 1944 1944 1943 Net sales: June 29 21 21 33 62 T C o a t s a h l sales - - 1 1 3 1 r ~9 + + 1 1 8 7 + -5 5 r+ + 1 3 2 + + 1 4 7 A Ju u l g y ust 3 3 0 2 2 2 2 2 2 2 1 1 3 3 4 4 6 6 2 2 Credit sales: September 33 21 21 33 62 Instalment ....... -13 -8 -6 p-l October 37 22 22 37 65 Charge account.... . —11 -10 -15 -s +3 November 37 23 23 39 66 December....... 35 22 22 55 63 Accounts receivable, at end of month: 1944 Total —2 o -17 -19 -22 January 30 20 22 31 61 Instalment -2 0 +1 -18 —19 -23 February 31 20 22 31 61 March 36 23 26 34 65 Collections during month: April 31 23 26 28 63 Total.,,... -3 ., 2 +9 —13 -11 -12 May 33 25 26 30 64 Instalment -3 +8 —16 -11 -14 June 31 r24 28 30 63 A July 30 23 29 31 61 Inventories, end of month, at retail value +2 -2 -1 -16 r-'-1166 -18 r Revised. 1 Ratio of collections during month to accounts receivable at begianing ' Revised. of month. SEPTEMBER 1944 92-7 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 Vear, month, or week m c t A o o i m e d ll s i - - F p u a r c o r t m d s - Foods Total H p l i r d e o a e d s t u h a c e n t r s d | p T ro e d xt u i c le ts m F li u a g e t h e l t r i a i n a n g l d s j j | a p n M r d o e d t m u a c l e s t t s al m B a u t i e ld ri i a n l g s c C a a l h l s l e i a e m d n i d - i f n H u g r o n g u i o s s o h e- - ds l M an is e c o e u l s products 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94,0 94,3 82.6 1930.. 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 88.7 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.9 75.1 64.4 1933 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.1 75.8 62.5 1934 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.3 81.5 69.7 1935 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 79.0 80.6 68.3 1936 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 78.7 81.7 70.5 1937 86.3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95.2 82.6 89.7 77.8 1938 78.6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.0 86.8 73.3 1939 77.1 65.3 70.4 81.3 95.6 69.7 73.1 94.4 90.5 76.0 86.3 74.8 1940 78.6 67.7 71.3 83.0 100.8 73.8 71.7 95.8 94.8 77.0 88.5 77.3 1941 87.3 82.4 82.7 89.0 108.3 84.8 76.2 99.4 103.2 84.6 94.3 82.0 1942 98.8 105.9 99.6 95.5 117.7 96.9 78.5 103.8 110.2 97.1 102.4 89.7 1943... , . ...... 103.1 122.6 106.6 96.9 117.5 97.4 80.8 103.8 111.4 100.3 102.7 92.2 1943—January 101.9 117.0 105.2 96.0 117.8 97.3 79.3 103.8 109.8 100.2 102.5 90.7 February........ 102.5 119.0 105.8 96.2 117.8 97.3 79.8 103.8 110.2 100.3 102.6 90.9 March 103.4 122.8 107.4 96.5 117.8 97.3 80.3 103.8 110.4 100.0 102.6 91.4 April............ 103.7 123.9 108.4 96.6 117.8 97.4 80.6 103.8 110.3 100.1 102.6 91.6 May.. 104.1 125.7 110.5 96.7 117.8 97.4 80.8 103.8 110.5 100.2 102.7 91.9 June......... 103.8 126.2 109,6 96.8 117.8 97.4 81.0 103.8 110.6 100.0 102.8 91.8 July ............ 103.2 125.0 107.2 96.9 117.8 97.4 81.0 103.7 110.7 100.1 102.6 92.3 August.......... 103.1 123.5 105.8 97.1 117.8 97.4 80.9 103.7 112.2 100.2 102.6 92.6 September... 103.1 123.1 105.0 97.2 117.8 97.5 81.0 103.7 112.5 100.3 102.6 93.0 October......... 103.0 122.2 105.1 97.3 117.8 97.6 81.0 103.7 112.7 100.4 102.6 93.1 November. 102.9 121.4 105.8 97.4 116.5 97.7 81.2 103.8 113.1 100.3 102.8 93.2 December. 103.2 121.8 105.6 97.6 117.0 97.7 82.1 103.8 113.4 100.4 .102.8 93.3 1944—January... .. 103.3 121.8 104.9 97.8 117.2 97.7 82.3 103.7 113.5 100.4 104.5 93.2 February. 103.6 122.5 104.5 98.0 116.9 97.7 83.1 103.7 113.6 100.4 104.2 93.4 March 103.8 123.6 104.6 98.1 116.9 97.8 83.0 103.7 114.2 100.4 104.3 93.5 April.. 103.9 123.-2 104.9 98.4 116.9 97.8 83.0 103.7 115.2 105.4 104.3 93.5 May* 104.0 122.9 105.0 98.5 117.0 97.8 83.2 103.7 115.7 105.4 104.3 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 July.. 104.1 124.1 105,8 98.5 116.2 98.0 83.2 103.7 115.9 105.3 104.3 93.6 Week ending; 1944—May 13 103.6 122.4 104.6 98.6 117.6 97.3 83.7 103.8 115.0 105.4 106.0 93.3 May 20 103.8 123.3 104.7 98.7 117.6 97.3 83.9 103.8 115.6 105.4 106.0 93.3 May 27.. 103.9 123.7 104.9 98.7 117.7 97.3 83.9 103.8 115.6 105.4 106.0 93.3 June 3 103.9 123.9 105.2 98.7 117.7 97.3 83.7 103.8 115.7 105.3 106.0 93.3 June 10.......... 104.0 125.0 105.4 98.7 117.7 97.3 83.7 103.8 115.8 105.3 106.0 93.3 June 17 103.7 122.9 104.9 98.7 117.7 97.3 83.7 103.8 115.8 105.3 106.0 93.3 June 24 103.7 123.0 104.9 98.7 117.7 97.3 83.8 103.8 115.9 105.3 106.0 93.3 July 1 104.1 125,5 106.7 98.7 116.8 97.3 83.8 103.8 115.9 105.3 106.0 93.3 July 8 103.9 124.1 106.0 98.7 116.8 97.3 83.8 103.8 115.8 105.4 106.0 93.3 July 15.......... 103.9 124.2 105.6 98.6 116.8 97.3 83.8 103.8 115.8 105.2 106.0 93.3 July 22... 103.9 124.1 106.0 98.7 116.8 97.4, 83.9 103.8 115.9 105.2 106.0 93.3 July 29.......... 103.9 124.1 105.3 98.7 116.8 97.4 83.9 130.8 115.9 105.2 106.0 93.3 Aug. 5..... 103.6 122.5 104.6 98.7 116.8 97.5 83.8 103.8 116.0 105.2 106.0 93.3 A A A u u u g g g . . , 2 1 1 6 9 2...., 1 1 1 0 0 0 4 3 3 . . . 0 6 5 1 1 1 2 2 2 4 2 1 . . . 8 3 8 1 1 1 0 0 0 6 4 4 . . . 1 5 0 9 9 9 8 8 8 . . . 7 7 7 1 1 1 1 1 1 6 6 6 . . . 8 4 6 9 9 9 7 7 7 . . . 5 5 6 8 8 8 3 3 3 . . . 8 8 7 1 1 1 0 0 0 3 3 3 . . . 8 8 8 1 1 1 1 1 1 6 6 6 . . . 0 0 0 1 1 1 0 0 0 5 5 5 . . . 2 3 3 1 1 1 0 0 0 6 6 6 . . . 0 0 0 9 9 9 3 3 3 . . . 3 3 3 1943 1944 1943 1944 Subgroups Subgroups July Apr. May June July July Apr. May June July Farm Products: Metals and Metal Products: Grains 116.0 129.6 129.7 127.2 125.2 Agricultural implements 96.9 97.2 97.2 97.2 97.3 Livestock and poultry. 127.6 123.6 122.6 123.0 123.4 Farm machinery 98.0 98.3 98.4 98.4 98.4 Other farm products 124.8 120.3 120.4 124.7 123.2 Iron and steel 97.1 97.1 97.1 97.1 97.1 Foods: Motor vehicles 112.8 112.8 112.8 112.8 112.8 Dairy products 108.9 110.2 110.3 110.3 110.3 Nonferrous metals 86.0 85.8 85.8 85.8 85.7 Cereal products 93.8 95.2 95.0 94.7 94.3 Plumbing and heating 90.4 91.8 92.4 92.4 92.4 Fruits and vegetables 138.0 126.5 126.8 137.7 129.9 Building Materials: Meats 105.9 106.2 106.6 106.1 105.9 Brick and tile 99.0 100.3 100.5 100.6 100.7 Other foods 97.1 92.2 91,9 93.0 94.7 Cement 93.6 93.9 96.4 96.4 96.4 Bides and Leather Products: Lumber . . .... 139.7 153.4 154.0 154.0 154.2 Shoes. 126.4 126.3 126.3 126.3 126.3 Paint and paint materials...... 102.0 104.4 104.7 105.7 105.5 Hides and skins 116.0 111.2 111.9 108.4 106.8 Plumbing and heating 90.4 91.8 92.4 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 101.3 102.8 103.0 103.0 103.1 Textile Products: Chemicals and Allied Products: Clothing 107.0 107.0 107.0 107.0 107.0 Chemicals 96.4 96.3 96.3 96.2 96.2 Cotton goods . . 112.6 113.9 113.9 113.9 114.0 Drugs and Pharmaceuticals 165.2 220.1 220.1 220.1 220.1 Hosi ery and underwear 70.5 70.5 70.5 70.6 70.6 Fertilizer materials 79.3 81.4 81.4 79.9 81.1 Silk Mixed fertilizers 85.8 86.3 86.3 86 3 86 3 Rayon 30 3 30 3 30.3 30.3 30.3 Oils and fats 102.0 102.0 102.0 102.0 102.0 Woolen and worsted goods 112.5 112.5 112.5 112.5 112.9 IJousefurnishing Goods: Other textile products 98.7 100.5 100.5 100.5 100.5 Furnishings 107.1 107.2 107.2 107.2 107.2 Fuel and Lighting Materials: Furniture . 98.1 101.4 101.4 101.4 101.4 Anthracite .... 89.6 95.8 96.4 95.5 95.4 Miscellaneous: Bituminous coal 116.5 120.3 120.4 120.4 120.5 Auto tires and tubes 73.0 73.0 73.0 73.0 73.0 Coke 122.4 130.7 130.7 130.7 130.7 Cattle feed 149.7 159.6 159.6 159.6 159.6 Electricity 59.0 59.9 59.0 Paper and pulp 104.3 107.2 107.2 107.2 107.2 Gas 77 6 77.1 78.4 79^3 Rubber crude • • 46.2 46.2 46.2 46.2 46.2 Petroleum Droducts 62.8 64.0 64.0 64.0 64.0 Other miscellaneous 96.3 96.7 96.8 96.7 96.9 Back figures.—Bureau of Labor Statistics, Department of Labor. 9x8 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of the Department of Agriculture, by States, as of August 1, 1944. In thousands of units] Cotton Corn Winter wheat Spring wheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1943 Aug. 1, 1944 1943 Aug. 1, 1944 1943 Aug. 1, 1944 1943 Aug. 1, 1944 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston 7,383 7,865 48 44 New York 26,008 31,250 5,098 10,103 46 76 Philadelphia 43,147 47,702 12,066 18,149 128 123 Cleveland 214,444 181,093 30,115 54,145 46 51 Richmond .., 1,316 1,479 133,876 124,597 20,538 35,869 Atlanta 2 538 2,184 179,025 133,625 5,958 9,290 Chicago ................... 1,287,286 1,166,673 31,987 55,754 911 920 St. Louis i3,2i7 23,146 362,072 337,053 28,034 51,973 16 14 Minneapolis 342,268 374,661 26,240 31,847 252,933 296,259 Kansas City ............... 319 614 369,806 442,187 271,457 347,754 4,749 4,858 Dallas 3,578 3,117 102,083 74,896 37,142 78,111 111 114 San Francisco 459 482 8,761 7,515 60,971 93,129 47,704 43,522 Total.. 11,427 11,022 3,076,159 2,929,117 529,606 786,124 306,692 345,981 Oats Tame hay Tobacco White potatoes Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1943 Aug. 1, 1944 1943 Aug. 1, 1944 1943 Aug. 1, 1944 1943 Aug. 1, 1944 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston 5,007 5,837 3,421 2,747 28,277 30,481 83,826 70 982 Vew York 10,726 26,304 6,498 5,679 997 1,194 35,542 27,536 Philadelphia 9,434 15,195 2,467 2,221 40,014 45 420 20 846 19 543 Cleveland 36,014 47,725 5,491 4,902 110,402 111,115 15,730 12,494 Richmond 25,250 29,875 4,605 4,325 768,814 938,970 29,364 17,638 Atlanta . , 21,458 27,366 4,196 3,355 154,509 184,981 18,749 14 144 Chicago 418,048 399,222 18,362 18,272 28,152 29,760 42,261 31,667 St Louis 65,969 51,308 7,927 7,551 262,416 267,284 13 254 9 263 Minneapolis 328,779 394,214 11,332 10,464 2,229 2,452 58,085 48,220 Kansas City 161,135 108,943 7,756 8,684 4,125 4,841 39,374 34,455 Dallas 26,111 47,978 2,018 1,968 7,504 5 731 San Francisco 35,936 33,812 13,191 13,285 100,121 93,622 Total 1,143,867 1,187,779 87,264 83,453 1,399,935 1,616,498 464,656 385,295 1 Includes 14,000 bales grown in miscellaneous territory. 2 Includes 17,000 bales grown in miscellaneous territory. NOTE.—1943 figures for cotton are as revised in August 1944, SEPTEMBER 1944 9x9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK* ON BANK CREDIT, MONEY RATES, AND BUSINESS Chart 1944 Chart 1944 b p o a o g k e Au 2 g . Au 9 g . A 1 u 6 g . Au 23 g. p bo ag o e k May June July WEEKLY FIGURES* In billions of dollars MONTHLY FIGURES In billions oj dollars RESERVES AND CURRENCY RESERVES AND CURRENCY Reserve Bank credit: Reserve Bank credit 5 14.26 15.49 15.20 U. S. Govt. securities, total 2, 4 14.80 14.89 15.22 15.23 15.59 Gold stock 5 21.34 21.21 21.08 Bills 4 8.93 9.05 9.40 9.45 9.84 Money in circulation 5 21.82 22.30 22.58 Certificates 4 3.38 3.38 3.38 3.38 3.38 Treasury cash 5 r2.32 r2.33 2.32 Notes 4 1.13 1.12 1.11 1.11 1.09 Treasury deposits 5 .32 .35 .40 Bonds 4 1.36 1.34 1.33 1.29 1.27 Reserve balances 5, 8 12.96 13.52 12.90 Special certificates 4 Required reserves 8 12.09 12.44 11.67 Discounts and advances 2 "!04 .04 .06 .05 Excess reserves, total 8, 9 .87 1.08 1.23 Gold stock 2 21.00 21.00 21.00 21.00 20.95 New York City 9 .01 .02 .02 Money in circulation 2 22.58 22.73 22.91 23.02 23.05 Chicago 9 .01 (4) .0.1 Nonmember deposits 2 1.77 1.77 1.79 1.80 1.77 Reserve city banks 9 .26 .31 .39 Treasury deposits 2 .40 .26 .49 .32 .55 Country banks 9 .59 .75 .82 Member bank reserves 3 12.79 12.88 12.81 12.94 12.92 Money in circulation, total 10 22.16 22.50 22.70 Excess reserves* 3 1.28 1.19 1.05 1.00 .87 Bills of $50 and over 10 6.43 6.58 6.67 Excess reserves (weekly average),total* 3 1.09 1.07 1.09 PI .05 $10 and $20 bills 10 11.70 11.87 11.96 New York City 3 .01 .01 .01 .01 Coins, $1, $2, and $5 bills 10 4.03 4.05 4.08 Chicago 3 .01 .01 .01 .01 Reserve city banks 3 .32 .30 .32 .31 ALL BANKS IN U. S. Country banks6 3 .75 .76 .75 P.73 Total deposits and currency 11 P127.80 P135.7O Demand deposits adjusted 11 P65.10 ^60.10 Time deposits 11 P35.IO P35.60 Currency outside banks 11 P20.50 P20.90 MEMBER BANES IN LEADING CITIES T C D B L U o o o r . e o a t m m S a n k N 1 l . m a s e 0 e n r G l 0 e a w d o s r n ' o a c c d n d v i Y i l a o t s e t i l o i . a p e n r n s o k v o l s o s e b — o i a C s l u t n i s t N i t g m s t s a a y , e i e d t w d t i n j e o o u t t n s Y s N a s t l o e e r d w k Y C o it r y k 1 1 1 1 1 1 1 IS 4 4 4 5 5 5 4 5 3 4 1 6 7 3 2 2 3 1 1 . . . . . . . . 0 0 7 5 3 4 1 7 7 9 7 0 2 6 3 4 4 5 3 1 6 2 3 6 2 3 1 1 . . . . . . . . 0 4 9 7 2 0 6 4 2 9 2 3 8 0 9 9 4 3 5 1 6 3 1 2 3 2 6 1 . . . . . . . . 0 0 7 5 2 2 5 3 1 3 7 9 2 8 2 0 4 3 5 1 6 2 3 2 3 1 6 . . . . . . . . 0 2 7 8 2 2 9 3 0 7 3 9 9 3 1 8 4 3 5 1 6 3 2 1 4 1 1 5 . . . . . . . . 0 7 0 2 8 4 0 9 1 3 8 8 0 9 3 1 Cons S C S I u n e i h m n s r a v t g e a r I I C i l g r n c n l e O m e e s - s c N p t t r e a c a a S A a e n c U r l l y d m u e m c t M m i d t o t e o e c E i , u e n t n r R m n n e t t t o t t o d s s C t l t i l a a o i R t o l v , l a E e a 5 e n t D n c o s s I r T 5 t e a d l5 i t, t , o .. t . a ,. l 18, 1 1 1 1 1 1 1 1 8 9 8 9 8 8 9 9 4 1 1 1 1 . . . . . . . . 9 0 3 8 1 7 1 7 0 1 0 9 8 0 0 0 P P P P P P P P 4 i I I i . . . . . . . . 3 0 7 7 8 9 1 1 7 3 1 2 3 4 2 9 P P P P P P P P 4 I I I I . . . . . . . . 0 8 7 2 8 2 1 7 4 3 2 0 8 9 3 0 U. S N . G ew o v Y t. o r o k b l C ig it a y t , i o t n o s t : al 15 15.10 15.11 14.89 14.81 14.70 Other 19 .52 P.52 P. 50 Bonds 17 6.85 6.87 6.89 6.90 6.89 Notes and guar. securities 17 2.94 2.92 2.89 2.87 2.85 TREASURY FINANCE Certificates 17 4.01 4.00 3.92 3.87 3.87 U. S. Govt. obligations outstand- Bills 17 1.30 1.32 1.19 1.17 1.10 ing, total interest-bearing 20 186.40 201.06 208.58 100 cities outside New York, total.. 15 27.36 27.37 27.40 27.42 27.17 Bonds (marketable Treasury).. 20 72.54 79.24 81.10 N Bo o n te d s s and guar. secur ; i . t ; i es 1 1 7 7 1 5 2 . . 1 5 9 3 1 5 2 . . 1 5 9 7 1 5 2 . . 1 5 9 9 1 5 2 . . 1 6 9 2 1 5 2 . . 1 6 6 5 Note N s, o c te e s r t., and bills, total... 2 2 0 1 5 1 5 6 . . 3 2 0 6 6 1 0 7 . . 9 4 6 0 6 1 3 8 . .0 6 7 3 Certificates 17 7.12 7.05 7.08 7.12 7.14 Certificates 21 25.27 28.82 30.04 Bills 17 2.52 2.56 2.54 2.49 2.23 Bills 21 13.77 14.73 15.52 Savings bonds, tax notes, etc.. 20 42.72 44.85 47.24 Savings bonds 21 32.99 34.61 36.54 Per cent per annum Tax notes 21 9.05 9.56 10.00 Special issues 20 14.12 14.29 14.96 Holdings of U. S. Govt. obligations: MONEY RATES, ETC. Fed. agencies and trust funds 22 18.37 19.08 19.57 Treasury bills (new issues) . .„... 25 .375 .375 .375 .375 .375 Federal Reserve Banks 22 14.25 14.90 14.91 Treasury notes (taxable) 25 1.31 1.30 1.30 1.30 1.30 Commercial banks 22 63.20 68.50 U. S. Govt. bonds: Private holders other than Partially tax-exempt 25, 33 1.90 1.90 1.91 1.91 1.90 commercial banks, total 22 90.60 98.60 Taxable 25,33 2.49 2.48 2.48 2.48 2.48 Mutual savings banks 23 6.70 7.30 Corporate Aaa bonds ~.. 33 2.72 2.71 2.72 2.72 2.72 Insurance companies 23 16.00 16.80 Corporate Baa bonds ., 33 3.56 3.55 3.55 3.55 3.55 Other investors, total 23 67.90 74.50 Marketable issues 23 r26.70 31.20 In unit indicated Per cent per annum Stock prices (1935-39 = 100): MONEY RATES, ETC. Total 35 102.2 102.5 101.4 103.2 103.3 F. R. Bank discount rate, N. Y.... 27 .50 .50 .50 R In a d il u r s o t a r d ia l 3 3 5 5 1 1 0 0 3 4 . . 8 3 1 1 0 0 4 4 . . 0 6 1 1 0 0 1 3 . . 8 3 1 10 0 2 5 . . 9 3 1 1 0 0 2 5 . . 2 4 T T r r e e a a s s u u r r y y n b o il t l e s s (n (t e a w xa i b s l s e u ) e s) 2 2 7 7 1 .3 .3 7 5 5 1 .3 .3 7 4 5 1 .3 .3 7 1 5 Public utility „ 35 90.5 91.3 91.2 92.4 92.7 Commercial paper 29 .75 .75 .75 Volume of trading (mill, shares) 35 .77 .83 1.05 .94 .76 U. S P . a G rt o i v a t l . l y b o ta n x d - s e : xempt 33 1.94 1.91 1.89 Taxable 33 2.49 2.49 2.49 Corporate Aaa bonds 29, 33 2.73 2.73 2.72 Corporate Baa bonds ,.. 33 3.63 3.59 3.57 BUSINESS CONDITIONS Steel production (per cent of capacity).. 50 95.9 96.9 97.0 96.0 94.5 In unit indicated Electric power prod. (mill. kw. hrs.)... 50 4,391 4,399 4,415 4,451 4,418 Freight car loadings (thous. cars): Stock prices (1935-39 » 100): Total 51 910.5 890.5 896.2 887.4 905.7 Total „ ,..-.„. 35 97.2 101.5 104.3 Miscellaneous ." 51 400.5 395.1 397.6 396.6 403.5 Industrial ~... .„ 35 99.0 103.9 106.7 Department store sales (1935-39 = 100)2.. 52 132 137 148 149 171 Railroad ... „. 35 99.3 100.8 105.3 F.H.A. home mortgages, new construc- Public utility 35 87.8 89.6 91.3 tion (thous.)3 52 Volume of trading (mill, shares)... 35 .73 1.60 1.28 Who!-sale prices (1926 = 100): Brokers' balances (mill, dollars): Total _.... 63 103.9 103.6 104.0 103.6 103.5 Credit extended customers 37 e790 887 «940 Farm products 63 124.1 122.5 124.8 122.3 121.8 Money borrowed 37 e550 r619 e660 Other than farm and food 63 98.7 98.7 98.7 98.7 98.7 Customers' free credit balances. 37 e400 424 e420 For footnotes see following page. 93° 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 May | June July May June July MONTHLY FIGURES-Cont. In unit indicated In unit indicated MONTHLY FIGURES-Cont, BUSINESS CONDITIONS BUSINESS CONDITIONS—Cont. Income payments (mill, dollars), total:6 38 12,929^13,018 Freight car loadings:6 Salaries and wages 38 9,061 ^9,137 Total (1935-39 = 100) , 57 138 139 143 Other..... 38 3,868 ^3,881 Groups (points in total index) Cash farm income (mill, dollars), total. 39 1,546 1,558 Miscellaneous , 57 78.7 78.1 81.9 Livestock and products , 39 1,049 997 Coal 57 31.3 31.5 30.4 Crops 39 403 504 All other 57 28.5 r29.3 30.2 Indu G st o r v ia t. l p p a r y o m du e c n t t i s o . n:6 , , 39 94 57 p47 Dep S ar a t l m es e nt stores (1935-39 = 100) ^ 59 181 175 193 Total (1935-39 = 100) 41, 42 r236 235 ^233 Stocks , 59 147 r157 163 Groups (points in total index) Exports and imports (mill, dollars): Durable manufactures 41 135.2 134.2 *132.8 Exports 61 2*1,418. '1,271.4 Machinery, etc 42 r93.9 93.7 ^92.8 Imports 61 386.0 ^330.3 Iron and steel 42 23.1 22.4 22.3 Excess of exports 61 pl,032.6 2*941.1 Other durable 42 18.1 18.1 P17.7 Excluding Lend-Lease exports 61 P-124.5 P-69.9 Nondurable manufactures 41 r79.3 79.0 *78.4 Wholesale prices, total (1926 = 100)... 63 104.0 104.3 104.1 Textiles and leather 42 19.0 18.9 *18.6 Farm products 63 122.9 125.0 124.1 Paper and printing 42 10.8 10.8 no. 8 Other than farm and food 63 98.5 98.5 98.5 Prim M ar i y n e O F p r o t a r h o o ls e d d r s u , n c l t o s i n q ( d u 1 u o 9 r r 3 a , 5 b a - l 3 n e 9 d = to 1 b 0 a 0 cc ): o 41, 4 4 4 2 2 2 r r 2 2 2 1 9 0 . . . 6 5 0 2 2 2 1 8 0 . . . 6 8 4 * 2 2 * * 2 2 2 8 0 1 . . . 8 3 3 Cost R F C o o e l f o o n t d l t h i v in in g g , all items (1935- , 3 9 » 100) 6 6 6 6 5 5 5 5 1 1 1 1 2 0 3 3 5 8 5 7 . . . . 1 5 4 1 1 1 1 1 0 3 3 2 5 8 8 5 . . . . 7 0 4 1 1 1 13 3 2 8 7 6 . . . 2 4 1 Steel 43 234 225 222 Cement 43 76 84 86 Oct.- Apr.- Lumber 43 115 118 ^114 Dec. Mar'. June Coal..... 43 154 152 2>144 1943 1944 1944 Crude petroleum 43 142 143 *144 Cotton consumption 43 142 140 139 QUARTERLY FIGURES In millions of dollars Labor f W L M P o O r a e t c o e h p a e o a t e e l t h r r s y e a m a r a n n r a d n d n u d e f a m a i c r p y t l u o p r y e r m o d d e u f n o c t o ts d ( s m ill, , 4 4 4 4 4 3 3 3 3 3 1 1 1 1 1 6 5 3 6 1 1 7 5 7 0 1 1 1 1 1 5 6 1 6 3 3 4 3 3 4 B In u t d er g N E n e x e a t p t l r W e r r e n e e c a d c v e r e i e i t i p n a u p t u c r t s e e s t i s a v c , n i o t d t l i o l e e t e s a c x l t p io e n n s d , i t t o u t r a e l s : 2 2 2 2 4 4 4 4 2 2 9 8 2 1 , , , , 7 8 8 2 4 6 9 4 7 8 0 6 2 2 1 1 3 2 1 0 , , , , 9 3 8 5 5 8 2 4 7 2 3 2 2 2 1 1 4 2 2 1 , , , , 7 7 2 0 7 9 8 7 5 2 4 2 persons): Corporate income taxes 24 3,295 4,390 4,275 L E a m b p o l r o y fo m rc e e n t, total 4 4 4 4 5 52 2 . . 0 8 5 5 3 4 . . 2 2 5 54 5 . . 0 0 M In i d s i c v . id in u t a e l r n in al c o r m ev e e n ta u x e e s 2 2 4 4 4 1 , , 4 18 1 5 0 5 1 , , 0 1 2 2 9 2 5 1 , ,4 3 0 9 6 2 Nonagric M N A F u e g o a l m t r n l u i a a e c r g l . u a e . r l l . i t . c u . u ra e lt l m u r p a l l o yment „ {mill. 4 4 4 4 4 4 4 4 4 3 1 3 4 8 7 . . . . 5 4 5 6 4 3 1 3 5 9 8 . . . . 6 0 2 6 4 3 1 9 4 5 8 . . . . 7 3 4 6 Corp N N o e e r w t a t R I p e n m r a d o s i o l u e c n r c e s o e u e t a y r d r d i , i s a t y l t o t i a s l s ues: 3 3 3 3 6 6 6 6 4 1 1 2 3 2 7 4 9 8 4 1 4 4 7 3 6 4 9 1 4 9 5 8 6 9 5 6 persons), total6 45 r38.8 38.7 ^38.6 Public utility. 36 1 6 Manufacturing and mining 45 17.1 16.9 2*16.9 Per cent per annum Trade , 45 7.0 7.0 Fa ( c 1 t 9 T G C o 3 r r o o 9 y a n v n - s e s t r e p r n m 1 u o m 0 c r p 0 t t e l i a ) o n o t : t y n i o m n e n a t n d a u n t d i lit p i a es y rolls 4 4 4 5 5 5 0 3 5 . . . 7 8 9 0 5 3 . . . 7 9 8 2* 3 0 . . 7 6 Bank T N O S o o e t r h u w t a a e t t h e l r Y , s e N r 1 o o n r 9 o n k r a c t c n i C h t u d i e i s e t r W t s y n o m e a s e n te r d s r ' n E l a o c s i a t t n i e e s r s : n citi . e .. s 3 3 3 2 1 1 1 9 3 2 2 2 . . . . 1 1 7 6 7 0 6 5 2 3 2 2 . . . . 1 7 1 6 2 5 0 3 3 2 2 2 . . . . 1 5 2 6 8 4 3 3 Pay rolls 47 '317.8 318.3 Employment 47 159.0 158.6 ^157.8 Dec. 31, Apr. 13, June 30, Hours and earnings at factories: 1943 1944 1944 Weekly earnings (dollars) 48 r46.03 46.28 CALL DATE FIGURES Hourly earnings (cents) 48 101.7 101.8 In billions of dollars Hours worked (per week) 48 r45.3 45.5 MEMBER BANKS New orders, shipments, and inventories Loans and investments, total : 12 74.26 83.59 (1939 = 100): U. S. Govt. obligations 12 52.95 60.34 New orders, total 49 258 2*261 Other securities 12 5.02 5.16 Durable 49 352 p347 State and local obligations 13 2.73 2.83 Ship N m o e n n d ts u , r a to b t le a l 4 4 9 9 2 1 7 8 2 8 2 * > > 1 2 9 7 6 6 O Fo th re er ig d n o s m e e c s u t r i i c t i s e e s curities 1 1 3 3 2.29 2.33 Durable... 49 369 p374 Loans, total 12 16.29 18.08 Nondurable 49 197 2*200 Commercial loans 13 8.44 8.05 Inventories, total 49 174 P174 Real-estate loans 13 3.27 3.21 Durable.... 49 204 p204 Street loans (brokers'loans) 13 1.05 1.66 Nondurable 49 147 ^148 Holdings of U. S. Govt. securities: Residential contracts (mill, dollars):6 By classes of banks: Total S3 31 29 New York City ; 16 14.56 15.18 16.16 Public, 53 12 10 Chicago 16 3.24 3.42 3.69 Private, total 53 19 19 Reserve city banks 16 19.68 21.01 22.48 1- and 2-family dwellings 53 14 10 Country banks 16 15.47 17.17 18.01 Other. 53 5 9 kinds of securities: Construction contracts (3-mo. moving Bonds 16 27.27 30.12 av., mill, dollars):6 Notes 16 6.91 10.64 Total.. 55 134 141 P149 Certificates. 16 12.07 14.23 Residential 55 29 28 Bills 16 4.36 4.47 Other.. 55 105 113 Guaranteed 16 2.35 .89 e Estimated. * Preliminary. r Revised. 2 1 R F e ig v u is re e s d f s o e r r i o e t s h . er F t o h r a n b a W ck e d fi n g e u s r d e a s y s e d e a t p e . s 8 a 7 r 5 e . shown under the Wednesday included in the weekly period. 3 Publication discontinued. 4 Less than 5 million dollars. 5 Includes preliminary revisions for repair and modernization credit. 6 Adjusted for seasonal variation. 'Figures available for June and December dates only, * Copies o£ the Chart Book may be obtained at a price of 50 cents each. SEPTEMBER 1944 93x Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK OPERATING RATIOS, 1943 AVERAGES OF INDIVIDUAL BANK RATIOS, BY FEDERAL RESERVE DISTRICTS [Expressed as percentages) Federal Reserve district All Item tr d i i c s t - s Boston Y N o e r w k a P p d h h e i i l a l - - C la le n v d e m Ri o c n h d - la A n t t - a c C a h g i- o Lo S u t. is n M o e l a i i n s p - - K C an it s y as Dallas F c S r is a a c n n o - Summary ratios: Percentage of total capital accounts: Net current earnings 8.6 6.3 7.3 6.2 7.1 8.1 9.9 9.8 10.1 10.3 9.3 10.7 Profits before income taxes 9.4 6.4 7.9 5.6 7.8 8.7 10.0 10.9 9.4 11.9 12.3 10.4 11.4 Net profits after taxes 8.3 5.6 7.2 5.2 7.2 7.5 8.9 9.8 8.5 10.5 10.6 9.0 9.7 Cash dividends declared . 2.8 2.2 2.0 1.9 2.1 2.6 3.1 2.6 3.0 3.0 4.1 4.1 2.9 Percentage of total assets: Total earnings 2.4 2.3 2.4 2.6 2.4 2.3 2.2 2.2 2.2 2.6 2.4 2.4 2.3 Net current earnings .7 .6 .6 .7 .6 .7 .7 .7 .7 .7 .7 .6 Net profits after taxes .7 .6 .6 .6 .7 .6 .6 .7 .7 .7 .7 .6 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on securities......... 37.5 42.8 45.0 43.5 42.1 36.6 35.8 39.8 38.2 33.3 27.3 26.3 34.4 Earnings on loans 44.6 37.9 39.5 43.2 43.0 48.2 43.0 41.1 43.9 41.0 52.8 54.9 46.4 Service charges on deposit accounts 7.0 8.3 7.0 4.2 5.7 6.2 8.1 8.6 6.6 5.7 8.8 8.0 7.5 Other current earnings 10.9 11.0 8.5 9.1 9.2 9.0 13.1 10.5 11.3 20.0 11.1 10.8 11.7 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 32.2 32.8 31.5 27.1 28.8 30.1 32.2 31.9 32.0 31.8 37.0 38.5 34.7 Interest on time deposits 12.1 11.7 14.8 17.5 16.1 15.1 8.9 12.2 10.0 14.9 6.0 2.6 13.1 Other current expenses 27.2 28.7 27.2 28.4 28.3 26.0 27.9 25.6 28.3 26.1 25.7 24.0 30.3 Total expenses . 71.5 73.2 73.5 73.0 73.2 71.2 69.0 69.7 70.3 72.8 68.7 71.8 71.4 Net current earnings 28.5 26.8 26.5 27.0 28.8 31.0 30.3 29.7 27.2 31.3 28.2 Net charge-offs, etc. (or recoveries +)...,.. +3.3 +1.2 +3.0 2.2 +3.1 +2.6 + +4.4 +2.8 +5.8 +7.2 + 2 4 8 . . 5 6 +3.3 Taxes on net income — 3.4 3.3 2.5 1.8 2.4 4.2 3.7 3.2 3.2 3.8 5.3 4.4 4.4 Net profits after taxes 28.4 24.7 27.0 23.0 27.5 27.2 28.2 31.5 29.3 29.2 33.2 28.7 27.1 Rates of earnings on securities and loans: Percentage of total securities: Interest and dividends on securities....... . 1.8 1.9 1.9 2.1 1.9 1.8 1.8 1.7 1.8 1.7 1.7 1.8 1.6 Net losses (or recoveries and profits +) . + .1 + .1 + .2 + .2 + .1 + .1 + .1 +.1 + .0 + .1 + .0 .0 .0 Percentage of total loans: Earnings on loans 5.6 4.8 5.1 5.2 5.5 5.4 5.7 5.4 6.0 5.4 6.3 6.5 5.9 Net losses (or recoveries +) + .3 +.1 + .0 .3 + .3 + .2 +.1 + .4 + .3 + .5 + .6 + .5 + .4 Distribution of assets: Percentage of total assets: U. S. Government securities 38.8 43.9 47.0 40.4 40.3 38.3 35.2 42.1 38.5 40.6 30.7 26.4 39.7 Other securities 8.2 8.7 9.6 11.8 10.9 6.8 7.4 8.5 8.2 6.9 5.3 6.2 5.7 Loans 20.0 19.4 19.4 22.3 19.2 21.5 17.4 17.3 17.8 20.9 22.0 23.7 19.0 Cash assets 31.4 26.4 22.0 22.6 28.0 31.6 38.4 31.1 34.3 30.3 41.2 42.5 34.4 Real-estate assets 1.4 1.5 1.8 2.8 1.5 1.7 1.3 .9 1.2 1.1 1.1 1.1 Other ratios: Total capital accounts to: Total assets 11.1 9.6 12.2 9.7 9.0 7.6 7.2 8.2 7.4 7.9 8.5 6.4 Total assets less Government and cash assets 33.0 41.7 34.2 35.1 33.7 31.9 31.8 31.8 34.5 28.8 31.9 31.7 28.3 Total deposits 9.9 13.0 10.8 14.1 10.9 10.1 8.4 7.8 9.1 8.1 8.7 9.6 7.0 Time to total deposits - • 29.4 29.2 43.0 47.7 38.8 32.2 19.9 30.9 21.2 33.4 11.9 5.3 27.6 Interest on time deposits to time deposits1. ., 1.1 1.0 .9 1.1 1.1 1.2 1.1 .9 1.2 1.3 1.4 1.5 1.2 Trust department earnings to total earnings1. 3.9 4.8 • 3.6 4.5 4.9 4.0 2.6 3.4 2.8 3.0 2.6 4.8 Number of banks2 6,673 343 803 636 707 465 311 938 449 454 730 567 270 1 Banks with no time deposits, or no trust department earnings, as the case may be, were excluded in computing this average. Banks in the St. Louis District were excluded in computing the average ratios of trust department earnings to total earnings. 2 The ratios for 66 member banks in operation at the end of 1943 were excluded from the compilations because of unavailability of data covering the complete year's operations, certain accounting adjustments, lack of comparability, etc. Two banks that merged on Dec. 31, 1943, are included in these tabulations as two separate banks. NOTE.—These ratios, being arithmetic averages of the operating ratios of individual member banks, differ in many cases from corresponding ratios computed from aggregate dollar amounts shown in the May 1944 issue of the BULLETIN. Such differences result from the fact that each bank's figures have an equal weight in calculation of the averages whereas the figures of the many small- and medium-sized banks have but little influence on the aggregate dollar amounts. z FEDERAL RESERVE BULLETIN 93 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK OPERATING RATIOS, 1945-Continued AVERAGES OF INDIVIDUAL BANK RATIOS, BY SIZE OF BANK AND BY RATIO OF TIME TO TOTAL DEPOSITS [Expressed as percentages] Ratio of time deposits to total Size group—total deposits (in thousands of dollars) deposits (per cent) Item All groups U 2 n 5 d 0 er 2 5 5 0 0 0 - 1 5 , 0 0 0 0 - 0 1 2 , , 0 0 0 0 0 0 - 2 5 ,0 ,0 0 0 0 0 - 5 1 , 0 0 ,0 0 0 0 0 - 1 5 0 0 , , 0 0 0 0 0 0 - 5 o a 0 v n ,0 e d 0 r 0 Un 2 d 5 er 25-50 50-75 o a v 7 n e 5 d r Summary ratios: Percentage of total capital accounts: Net current earnings 8.6 4.4 6.2 7.9 8.7 8.9 8.7 9.7 11.3 9.6 8.2 6.9 5.7 Profits before income taxes 9.4 5.2 7.1 9.0 9.6 9.6 9.3 10.4 11.4 10.7 8.7 7.4 5.1 Net profits after taxes 8.3 4.6 6.2 8.0 8.5 8.6 8.3 9.0 9.1 9.3 7.9 6.9 4.7 Cash dividends declared. 2.8 1.9 2.5 2.8 2.8 2.8 2.6 2.6 3.2 3.4 2.3 2.1 2.1 Percentage of total assets: Total earnings 2 4 3.1 2.8 2.6 2.4 2.3 2.2 2.1 1.7 2.2 2.4 2.6 3 0 Net current earnings 7 7 7 .7 .7 7 6 6 6 7 7 7 7 Net profits after taxes. 7 .8 ,7 .7 .7 .7 .6 .6 .5 .7 .7 .7 s Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on securities.......... 37.5 20.3 28.3 32.6 36.1 39.9 42.0 43.6 48.3 33.6 39.2 43.6 44.4 S E e a r r v n i i c n e g s c h o a n r g l e o s a n o s n depos ; it accounts......... 4 7 4 . . 0 6 6 4 5 . . 5 7' . 5 5 6 . .5 7 5 6 0 . . 4 7 4 6 7 . . 8 0 4 8 1 . . 0 9 3 8 7 . . 0 8 3 7 4 . . 7 8 3 3 1 . . 9 3 4 8 5 . . 4 7 4 6 3 . . 7 6 4 4 4 . . 3 1 46 1 . . 6 9 Other current earnings..... ............. 10.9 9.5 9.5 10.3 10.1 10.2 12.2 13.9 16.5 12.3 10.5 8.0 7.1 Total earnings. 100.0 100.0 100.0 130.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 32.2 41.5 35.5 33.4 31.6 31.6 31.5 32.0 29.6 35.5 30.6 27.4 24.7 Interest on time deoosits 12.1 5.2 10.5 12.4 13.3 12.5 12.2 9.8 5.6 5.2 15.3 22.3 27.0 Other current expenses... ................ 27.2 29.8 29.0 27.2 26.5 26.9 27.6 28.2 27.7 28.2 27.0 25.1 26.0 Total expenses. . 71.5 76.5 75.0 73.0 71.4 71.0 71.3 70.0 62.9 68.9 72.9 74.8 77.7 Net current earnings. 28.5 23.5 25.0 27.0 28.6 29.0 28.7 30.0 37.1 31.1 27.1 25.2 22.3 Net charge-offs, etc. (or recoveries +) ...... +3.3 +5.1 +3.8 +4.5 +3.5 +2.6 2.6 +2.9 +1.0 +4.4 +2.6 +2.2 3.8 Taxes on net income......................... 3.4 3.4 3.6 3.3 3.2 3.0 3.2 4.2 7.5 4.6 2.8 1.8 1.2 Net profits after taxes 28.4 25.2 25.2 28.2 28.9 28.6 28.1 28.7 30.6 30.9 26.9 25.6 17.3 Rates of earnings on securities and loans: Percentage of total securities: Interest and dividends on securities. 1.8 2.3 2.1 1.9 1.8 1.8 1.7 1.6 1.5 1.7 1.8 2.0 2.4 Net losses (or recoveries and profits +) ..... + .1 + .2 + .1 + .1 + .1 + .1 + .1 + .1 + .1 + .0 + .1 + .2 + .0 Percentage of total loans: Earnings on loans............. ..... ...... 5.6 7.7 6.8 6.2 5.8 5.4 5.0 4.5 3.3 5.7 5.5 5.5 5.4 Net losses (br recoveries +).... ...... + .3 + .5 + .4 + .3 + .3 + .2 + .3 +.2 + .1 + .4 + .2 + .0 .3 Distribution of assets: Percentage of total assets: U. S. Government securities. . 38.8 20.5 29.8 34.2 37.4 40.4 44.0 46.4 49.9 35.7 41.3 41.3 36.3 Other securities 8.2 5.3 6.6 7.7 8.6 9.4 8.6 7.2 5.2 6.0 9.0 12.1 15.1 Loans . .. 20.0 27.9 25.1 22.5 20.8 18.6 17.4 16.5 16.7 19.4 20.0 21.9 27.2 Cash assets . ... 31.4 44.3 37.1 34.3 31.7 30.1 28.2 28.1 26.6 37.7 27.9 22.7 18.7 Real-estate assets 1.4 1.8 1.4 1.2 1.3 1.5 1.6 1.6 1.3 1.0 1.6 1.8 2.6 Other ratios: Total capital accounts to: Total assets . ................. ...... 8.8 18.5 12.3 9.9 8.9 8.3 8.0 6.9 6.0 8.1 8.9 10.4 13.1 Total assets less Government and cash assets.. 33.0 59.5 41.9 35.2 32.3 31.0 32.2 30.2 27.6 34.5 31.6 32.0 30.9 Total deposits . .. ................. .... 9.9 24.3 14.2 11.2 9.9 9.2 8.8 7.5 6.5 9.0 10.0 11.8 15.4 Time to total deposits....... .... 29.4 11.7 24.2 28.3 31.3 32.2 32.4 25.7 13.3 11.1 57.8 57.5 80.7 Interest on time deposits to time deposits1 ..... 1.1 1.7 1.6 1.4 1.2 1.0 .9 .8 .7 1.2 1.1 1.1 1.1 Trust department earnings to total earnings1.... 3.9 2.5 2.5 2.6 2.5 3.7 5.3 7.5 5.0 3.5 2.4 3.3 Number of banks2... ...... 6,673 52 383 1,301 1,756 1,686 683 598 214 2,944 2,618 1,079 32 For numbered footnotes, see p. 932. Figures of earnings, expenses, etc., used in the calculations were taken from the annual earnings and dividends reports for 1943. Balance sheet figures used in the compilations were obtained by averaging the amounts shown in each bank's official condition reports submitted for Dec. 31, 1942 and June 30, Oct. 18, 1943, except for a limited number of banks for which all three reports were not available; such reports as were available were used in tho«e instances. Savings deposits are included in the time deposit figures used in these tables. Banks with no time deposits (247 in number) are included wiui the banks having ratios of time to total deposits of less than 25 per cent. SEPTEMBER 1944 933 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK OPERATING RATIOS, 1943—Continued AVERAGES OF INDIVIDUAL BANK RATIOS, BY RATIO OF TIME TO TOTAL DEPOSITS, BY SIZE OF BANK [Expressed in percentages] Banks with ratios of time Banks with ratios of time Banks with ratios of time to total deposits of to total deposits of to total deposits of under 25 per cent 25-50 per cent 50 per cent and over All Item groups Size group—total deposits (in thousands of dollars) U 5 n 0 d 0 er 2 5 , 0 0 0 0 - 0 10,000 1 o a 0 v n e 0 d r 00 U 5 n 0 d 0 er 5 20 0 0 0 0 - 2 1 , 0 0 ,0 0 0 0 0 - 10 o a , v n 0 e d 0 r 0- U 5 n 0 d 0 er 2 5 ,0 0 0 0 0 - 2 1 , 0 0 ,0 0 0 0 0 - 1 o a 0 v n ,0 e d 0 r 0 Summary ratios: Percentage of total capital accounts: Net current earnings 8.6 6.8 9.5 10.0 10.6 4.9 7.8 8.6 9.6 4.9 6.8 7.1 8.1 Profits before income taxes 9.4 7.9 11.0 10.9 11.2 5.4 8.6 9.0 9.9 5.5 7.1 7.7 9.5 Net profits after taxes 8.3 6.8 9.6 9.6 9.2 4.8 7.7 8.2 8.7 5.0 6.6 7.2 8.6 Cash dividends declared 2.8 3.0 3.7 3.3 2.9 1.6 2.3 2.4 2.6 1.7 1.9 2.4 2.7 Percentage of total assets: Total earnings 2.4 2.9 2.4 2.1 1.8 2.8 2.5 2.3 2.3 2.8 2.7 2.5 2.6 Net current earnings... .7 .7 .7 .6 .6 .7 .7 .7 .6 .7 .7 .7 Net profits after taxes. .7 .6 .5 .6 .7 .6 .6 .6 .7 .7 .7 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on securities.. 37.5 21.7 29.2 36.9 45.4 33.9 37.0 41.2 43.3 38.6 41.9 46.0 48.5 Earnings on loans 44.6 62.4 50.8 40.5 32.7 50.8 47.0 41.0 35.6 51.0 46.7 40.7 36.4 Service charges on deposit accounts. 7.0 6.4 8.4 10.1 6.6 5.1 6,1 7.5 7.1 2.6 3.9 4.8 4.6 Other current earnings 10.9 9.5 11.6 12.5 15.3 10.2 9.9 10.3 14.0 7.8 7.5 8.5 10.5 Total earnings., 100.0 100.0 10C.0 130.0 130.0 130.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 32.2 39.7 36.2 35.2 32.0 32.7 33.6 30.4 30.8 28.4 27.3 27.2 27.6 Interest on time deposits 12.1 4.1 5.4 5.5 5.1 15.6 15.3 14.5 13.3 23.4 23.1 21.3 22.1 Other current expenses 27.2 29.2 28.2 29.0 29.7 26.9 26.8 26.9 26.8 24.8 25.6 23.7 27.6 Total expenses — - 71.5 73.0 68.9 66.1 78.0 73.3 71.7 71.0 78.6 75.2 74.1 73.4 69.2 Net current earnings 28.5 27.0 31.1 33.9 22.0 26.2 28.3 29.0 21.4 24.8 25.9 26.6 30.3 Net charge-offs, etc. (or recoveries +) +3.3 +5.4 +5.6 +3.5 +2.3 +2.4 +3.2 +2.1 +2.2 + .6 +1.7 +2.3 +4.9 T N a e x t e p s r o o f n i ts n e a t f t i e n r c o t m ax e es 2 3 8 . . 4 4 2 4 8 . . 3 1 3 4 2 . . 4 0 3 4 0. . 6 0 2 6 9 . . 3 9 2 2 1 . . 8 6 2 2 6. . 7 7 2 2 7 . . 9 5 2 3 7 . .8 4 2 1 0 . . 9 1 2 1 4. . 7 8 26 1. . 7 5 2 2 9 . . 4 1 Rates of earnings on securities 2nd loans: Percentage of total securities: Interest and dividends on securities 2.1 1.8 1.6 1.5 2.1 1.9 1.8 1.7 2.2 2.1 2.0 2.0 Net losses (or recoveries and profits +) +.1 +.0 +.0 +.1 + .1 +.1 +.1 +.1 +.3 +.2 +.2 +.2 Percentage of total loans: N Ea e r t n l i o n s g s s e s o n (c l r o a re n c s overies +; 5.6 + 7 . . 6 5 6.2 + 5.4 + 3 . .3 2 + 6 , . 3 1 5.3 + 5 . .3 2 + 4 . . 3 6 5. . 9 0 5. . 6 0 + 5 . . 0 2 + 4 . . 2 9 Distribution of assets: Percentage of total assets: U. S. Government securities 38.3 24.2 31.8 38.4 47.0 34.1 3?.2 42.8 48.1 36.2 39.1 44.0 45.5 Other securities £.2 4.4 5.9 7.0 5.7 8.5 8.8 9.7 7.6 11.7 12.3 12.1 12.4 Loans 20.3 26.7 21.2 15.6 15.7 23.1 21.2 18.8 17.6 25.0 23.1 20.5 20.0 Cash assets 31.4 43.5 40.1 36.8 30.1 323 29.2 26.8 24.5 25.2 23.5 21.4 20.0 Real-estate assets 1.1. .9 1.1 1.2 2.0 1.5 1.7 2.0 1.8 1.8 2.0 1.9 Other ratios: Total capital accounts to: Total assets 8.8 12.9 8.6 7.1 6.1 13.2 9.4 8. A 7.3 13.0 10.8 10.0 8.8 Total assets less Government and cash assets 33.0 47. D 35.6 32.3 29.3 41.4 32.4 30.0 30.0 36.1 31.1 32.7 32.0 Total deposits 9.9 15.4 9.6 7.7 6.6 15.6 13.5 9.3 8.0 15.1 12.3 11.3 9.9 Time to total deposits 29.4 7.6 10.2 12.9 12.2 37.3 38.3 37.8 35.6 59.6 58.5 57.6 57.7 Interest on time deposits to time deposits1. .. 1.1 1 .u 1.4 1.0 .3 1.3 1.2 1.0 .9 1.3 1.2 1.0 1.1 Trust department earnings to total earnings1.. 3.9 2.9 2.7 3.6 6.5 2.6 2.6 3.0 5.1 .5 2.4 2.3 3.8 Number of banks2.. 6,6/3 252 1,315 885 492 132 1,165 1,039 282 51 577 445 38 For numbered ioocncUs, see p. 934 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES [Figures forlast date shown are preliminary Commercial banks Mutual savings banks ba A n l k l s Member banks Nonmember banks1 Total Insured Non- Total National m S e t m at b e er Total Insured2 in N su o r n e - d2 insured Number of Banks (Head Offices) December 31, 1933 15,029 14,450 6,011 5,154 85/ 8,439 139 579 December 31, 1934 16,063 15,484 6,442 5,462 3980 9,042 7,699 1,343 68 511 December 31, 1941 14,825 14,277 36,619 5,117 3l,502 7,661 6,810 851 152 496 December 31, 1942 14,680 14,134 36,679 5,081 31,598 7,458 6,667 791 *56 490 December 31, 1943 14,579 14,034 36,738 5,040 31,698 7,299 6,535 764 3184 361 June 30, 1944 14,554 14,010 36,773 5,036 31,737 7,240 6,494 746 3192 352 Number of Branches and Additional Offices4 December 31, 1933 .. 2,911 2,786 2,081 1,121 960 705 7C 1?a December 31, 1934 3,133 3,007 2,224 1,243 981 783 ^783 B12fi December 31 1941 3,699 3,564 2,580 1,565 1,015 984 932 52 32 103 December 31 1942. . 3,739 3,602 2,615 1,592 1,023 987 935 52 35 102 December 31, 1943 3,933 3,797 2,793 1,741 1,052 1,004 952 52 95 41 June 30 1944 3,987 3,848 2,835 1,778 1,057 1,013 961 52 97 42 Analysis of Bank Changes Jan. 1-June 30, 1944 Increases in number of banks: Primary organizations (new banks)6 +30 +30 +3 +3 +27 +25 +2 Decreases in number of banks: Suspensions -1 -1 -1 -1 Consolidations and absorptions -35 -34 -15 -9 -6 -19 -16 -3 -1 Voluntary liquidations7 ,-19 -19 -1 -1 -18 -16 -2 Inter-class bank changes: Conversions— National into State -2 —2 +2 +2 Fe S d t e a r t a e l i R n e to s e n rv a e ti o m n e a m l bership8 +4 +8 -4 -4 -4 Admissions of State banks +49 +49 -49 -49 Withdrawals of State banks -3 +3 +3 Federal deposit insurance9 Admissions of State banks +15 -15 +9 -9 Withdrawals of State banks Net increase or decrease in number of banks -25 -24 +35 -4 +39 -59 -41 -18 +8 -9 Analysis of Branch Changes Jan. 1-June 30, 1944 Increases in number of branches De novo branches +12 +10 +4 +2 +2 +6 +6 +1 + ' Banks converted into branches +16 +15 +7 +5 +2 +8 +8 +1 Decrease in number of branches: Branches discontinued -12 -12 -5 -3 -2 —7 -7 Inter-class branch changes: +1 i +1 +1 i -1 Branches and additional offices established at military reservations +41 +41 +38 +35 +3 +3 +3 Branches and additional offices discontinued at military reservations -3 2 -3 -3 Net increase or decrease in number of branches +54 +51 +42 +37 +5 +9 +9 +2 +1 1 Includes unincorporated (private) banks. 2 Federal deposit insurance did not become operative until Jan. 1,1934. ^ . 3 The State member bank figures and the insured mutual savings bank figures both include three member mutual savings banks, which became members of the Federal Reserve System during 1941. These banks are not included in the total for "commercial banks" and are included only once in all taries and financial agents of the Government. Four of these banking faciites a tellers windows; each of these facilities is counted as one banking office only. 6 Separate figures not available for branches of insured and noninsured banks. 6 Exclusive cf new banks organized to succeed operating banks. 7 Exclusive of liquidations incident to the succession, conversion, and absorption of banks. 8 Exclusive of conversions of national banks into State bank members, or vice versa. Such changes do not affect Federal Reserve membership; they are included under "conversions." . , 9 Exclusive of insured nonmember banks converted into national banks or admitted to Federal Reserve membership, or vice versa. Such changes do not affect Federal Deposit Insurance Corporation membership; they are included in the appropriate groups under "inter-class bank changes. Back figures—See Banking and Monetary Statistics, Tables 1 and 14, pp. 16-17 and 52-53, and descriptive text, pp. 13-14. 935 SEPTEMBER 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAOB Gold reserves of central banks and governments... 938 Gold production .. 939 Gold movements.., 939 Net capital movements to United States since January i, 1935. . 940 Central banks.. 941-944 Money rates in foreign countries . 945 Commercial banks... 946 Foreign exchange rates.. 947 Price movements: Wholesale prices 948 Retail food prices and cost of living .. 949 Security prices ., 949 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins; some data are reported to the Board directly. Figures on international capital transactions of the United States arc collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November n, 1934. Back figures for all except price tables, togcthef with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics, SEPTEMBER 1944 937 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month U St n a i t t e e s d g t A i e n n r a - - 1 g B iu e m l- Brazil B I r n i d ti i s a h B ga u r l- ia Canada Chile lom Co b - ia C v z s a e l k o c - i h a o- m D a e r n k - Egypt France m G a e n r- y Greece 1938—Dec.. 14,512 431 581 32 274 24 192 30 24 83 53 55 2,430 29 27 1939—Dec. 17,644 466 609 40 274 24 214 30 21 56 53 55 2,709 29 28 1940—Dec. 21,995 353 2 734 51 274 24 37 30 17 58 52 52 2,000 29 28 194!—Dec. 22.737 354 734 70 274 24 5 30 16 61 44 52 2,000 29 4 1942-Dec. 22,726 *658 735 115 274 25 6 36 25 61 44 52 2,000 29 1943—Aug.. 22,243 353 734 202 274 425 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 52 2,000 May. 21,264 386 734 296 274 6 56 82 52 June. 21,173 391 297 6 56 84 July. 20,996 6 86 End of month H ga u r n y - (P I e r r a si n a) Italy Japan Java Mexico N l e a t n h d e s r- Ze N al e a w nd N w o a r y - Peru Poland Po g r a t l u- Ru n m ia a- A So fr u ic th a 1938—Dec. 37 26 193 164 29 998 23 94 20 85 69 133 220 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 1 1 9 9 4 4 1 2— — D D e e c c . . 2 2 4 4 *73 2 4 6 «164 42 2 1 3 6 5 4 3 7 9 5 5 7 0 5 6 2 2 3 3 2 2 5 1 5 5 9 9 2 1 4 8 1 2 6 3 3 6 4 6 4 4 2 2 1943—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 1944—Jan 24 92 205 500 23 31 60 316 716 Feb 24 229 500 23 31 60 P323 740 Mar 24 230 500 23 33 728 96 Apr 24 227 500 23 34 727 98 May 24 226 500 23 34 741 June 24 224 23 34 749 July 222 36 Government gold reserves1 not included in previous figures End of month S d w e e n - Sw la it n z 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 u i h e n e s - 8 r End of month United U K n in it g e - d France Bel- States dom gium 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 8876 Dec 156 17 1943—Aug... 371 161 1 103 84 26 r202 1940—Mar. ... 145 Sept... 374 887 161 1 108 84 26 r202 June... 86 17 Oct... 378 900 161 1 111 84 27 r2O2 Sept.... 105 N De o c v . . . . . 3 3 8 8 4 7 9 9 0 6 3 4 1 1 6 6 1 1 1 1 1 1 1 2 7 1 8 8 9 4 4 2 5 7 r r 2 2 0 0 3 4 1941— D M e a c r . . . . . . . . 4 8 8 8 292 17 1944—Jan.... 399 973 171 1 89 45 r205 June... 89 17 Feb... 401 984 171 1 100 45 r210 Sept.... 24 4151 M Ap a r r . . . . . . 4 4 2 2 6 1 1,0 9 0 9 4 4 1 1 9 9 1 1 1 1 13 1 1 0 0 0 0 3 3 9 9 r r 2 2 1 1 2 3 1942— D M ec ar.... 2 1 5 2 17 M J J u u a n ly y e . . . . . 4 4 4 3 3 3 0 2 5 P P 1 I I , , , 0 0 0 1 2 3 0 3 0 1 1 1 ^ P 1 1 3 3 9 6 1 1 1 1 1 1 0 0 0 3 3 9 9 r r 2 2 2 1 1 1 7 6 6 J S D U e e p c L t 2 .. . . . . . 1 8 7 2 1 1 7 7 1943—Mar.... 14 d lo i n ti g o p 1 i n n P F g t i r o g t e o u l g i r o m t e h l s d e i n t o A a h f r r r y g o t . h e u e n g t r h C i n R e M e n e a S v tr r i t a c s a l h e b d B il 1 . i a 9 z n 4 a k 0 t i o h a n n el d d F f u a ig t n u d h r . o e m fo e r , g D o e l c d e o m f b t e h r e 1 C 94 e 2 n t a r n al d B D a e n c k e m he b l e d r a 1 b 9 r 4 o 3 a d i n a c n l d u d g e o , ld in b a e d - - 1944— J D S M u e e n c p a e r t . . . . . . . . . . . . 4 1 1 3 1 7 4 17 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 July 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. 6 Figure for February 1941; beginning Mar. 29,1941, gold reserves no longer reported separately. * Reported figure for total British gold reserves on 7 Beginning December 1942, includes gold reserves abroad, formerly not reported. Aug. 31,1939, less reported holdings of Bank of Eng- 8 These countries are: Albania, Algeria, Australia, Austria through Mar. 7,1938, Belgian Congo, land on that date. Bolivia, China, Costa Rica beginning July 1943, Danzig through Aug. 31,1939, Ecuador, El Salvador, J Figure for Sept. 1,1941. Estonia, Finland, Guatemala, Iceland, Ireland beginning February 1943, Latvia,Lithuania,Morocco, and Thailand (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 Exchange Equalization Account during 1939. Monetary Statistics, p. 526. 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. 938 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD PRODUCTION OUTSIDE U. S. S. R. [In thousands of dollars] Estimated Production reported monthly world Year or month production Total Africa North and South America Other U o . u S t . s S i . d R e .1 m re o p n o t r h te l d y A So fr u ic th a d R e h s o i - a A W fri e c s a t ? B C e o l n g g i o an S I Canada*|Mexico«| bia Chile INi g c u a a r 7 a- Au l s ia t 8 r a-1 I B I r n i d ti i s a h * $1 = 15 grains of gold fine; i.e.,an ounceof fine gold = $35 1934... 823,003 708,453 366,795 24,264 12,153 6,549 108,191 104,023 23,135 12,045 8,350 1,166 30,559 11,223 1935.... 882,533 752,847 377,090 25,477 13,625 7,159 126,325 114,971 23,858 11,515 9,251 868 31, 240 11.468 1936.... 971,514 833,895 396,768 28,053 16,295 7,386 152,509 131,181 26,465 13,632 9,018 807 40, 118 11,663 1937..., 1,041,576 893,384 410,710 28,296 20,784 8,018 168,159 143,367 29,591 15,478 9,544 848 46, 982 11,607 1938.... 1,136,360 958,770 425,649 28,532 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 3 8,862 210,109 185,890 30,878 22,117 11,999 5,429 55, 878 10,157 1941.... 1,288,945 1,089,395 504,268 27,765 32,414 209,175 187,081 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.... r738,471 448,153 23,009 19,740 48,808 r127,796 19,789 6,081 7,715 28,560 8,820 1943—-July.... r61,672 37,962 1,907 1,540 4,031 r10,243 1,763 454 622 2,380 770 Aug.... r6O,272 37,297 1,862 1,540 3,720 r10,265. 1,704 549 433 2,170 735 Sept.... r60,108 36,783 1,920 1,540 3,392 r9,875 1,659 598 770 2,835 735 Oct.... r59,943 37,162 1,896 1,540 3,899 r9,800 1,672 511 628 2,100 735 Nov.... r58,372 36,889 1,790 1,540 3,452 r9 370 1,512 450 605 2,100 665 Dec. ... r58,309 36,653 1,814 1,505 3,605 r9,198 1,600 501 633 2,100 700 1944—Jan..... P56,588 36,169 1,540 3,085 9,023 1,581 676 756 1,295 700 Feb...., p54,163 34,100 l,709 1,540 3,429 8,988 1,344 617 651 1,155 630 Mar.... ^57,152 36,266 Pi,706 1,575 2,933 9,333 2,056 *577 677 1,365 665 Apr. ... p53,916 34,879 /pl,706 1,610 2,936 8,568 PI,365 /P577 665 P945 665 May.... p57,298 36,921 •^1,706 1,575 2,881 8,989 p2,030 /p577 693 pl,330 595 June... ^54,465 35,264 A,575 2,431 8,397 ^577 560 ^1,330 , nipn aoiiars;iy.«, 100 mime v 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. J 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 the period December 1941-December 1943 they represent total Australia; beginning January 1944, western Australia only. 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 1933t 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 3910-1941, see Banking and Monetary Statistics, pp. 542-543. GOLD MOVEMENTS UNITED STATES [In thousands of dollirs at approximately $35 a, fine ounce] Net imports from or net exports (—) to: Y m e o ar n t o h r im To n p t e o a t r l ts U K d n o i i n m t g ed - France g B iu e m l- N l e a t n h d e s r- S d w en e- S er w la i n tz d - Canada Mexico Co b l i o a m- I P s p h la i i n l n i e d p s - t A ra u l s i - a A S f o r u ic t a h Japan B I r n i d ti i s a h o co t A h u l e n l r tries 19341..... 1,131,994 499,870 260,223 8,902 94,348 12,402 86,829 30,270 16,944 12,038 1,029 12 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....... 3,574,1511,826,403 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 countries.. 4 Includes $75,087,000 from Portugal, $59,072,000 from Argentina, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $26,178,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,802,000 from Chile, $10,775,000 from Brazil, $10,416,000 from Spain, $10,247,000 from Peru, and $28,935,000 from other countries. 5 Includes $44,920,000 from U.S.S.R., $10,963,000 from Central America, and $44,603,000 from other countries. 8 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. SEPTEMBER 1944 939 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 ,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 L,162.0 47.5 1938—Mar. 30 3,207.2 949.8 149.9 799.9 434.4 618.5 L,150.4 54.2 June 29 3,045.8 786.2 125.9 660.4 403.3 643.1 L,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 L,219.7 47.6 1939—Mar. 29 4,197.6 1,747.6 311.4 1,436.2 550.5 646.7 1,188.9 63.9 June 28 4,659.2 2,111.8 425.3 1,686.5 607.5 664.5 1,201.4 74.0 Sept. 27 5,035.3 2,479.5 552.1 1,927.3 618.4 676.9 1,177.3 83.1 Dec. (Jan. 3, 1940) 5,021.2 2,430.8 542.5 1,888.3 650.4 725.7 1,133.7 80.6 1940—Mar. (Apr. 3).... 5,115.9 2,539.0 539.1 1,999.9 631.6 761.6 1,095.0 88.7 June (July 3) 5,440.7 2,830.1 922.3 1,907.8 684.1 785.6 1,042.1 98.9 Sept. (Oct. 2) 5,748.1 3,092.8 1,112.3 1,980.5 773.6 793.1 987.0 101.6 Dec. (Jan. 1, 1941) 5,727.6 3,159.0 1,200.8 1,958.3 775.1 803.8 888.7 100.9 1941—Mar. (Apr. 2) 5,526.5 3,148.8 1,307.7 1,841.0 767.4 812.7 701.8 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 ,793.9 801.6 857.5 631.0 102.0 Feb.25 5,069.0 2,675.5 879.4 ,796.0 809.2 856.2 626.2 102.0 Mar. (Apr. 1) 5,082.4 2,684.0 932.0 ,752.0 819.7 849.6 624.9 104.3 Apr. 29.. 5,309.6 2,906.1 1,106.7 ,799.4 829.8 843.2 626.6 103.9 May (June 3) 5,413.4 2,996.8 1,144.0 ,852.8 839.8 843.2 629.0 104.6 June 302 5,495.3 3,075.9 1,211.7 ,864.2 842.3 838.8 632.0 106.2 July 31 5,542.6 3,121.4 1,242.7 ,878.7 854.9 829.3 633.3 103.7 Aug. 31 5,599.9 3,184.8 1,293.1 ,891.7 839.9 828.6 642.7 103.9 Sept. 30 5,654.9 3,212.6 1,339.1 ,873.5 858.2 830.5 646.1 107.5 Oct. 31 5,694.7 3,204.2 1,341.1 ,863.2 890.0 842.1 654.3 104.1 Nov.30 5,761.6 3,250.2 1,366.1 ,884.1 901.6 844.8 661.0 104.1 Dec. 31 5,835.0 3,320.3 1,412.0 ,908.3 888.8 848.2 673.3 104.4 1943—Jan. 30 5,907.7 3,471.1 1,536.6 ,934.5 761.3 678.5 107.0 Feb. 27 6,014.9 3,590.1 1,671.8 ,918.3 890.5 751.9 676.0 106.4 Mar. 31 6,147.1 3,643.4 1,723.1 ,920.3 898.7 810.5 685.9 108.6 Apr. 30 6,212.3 3,690.5 1,801.8 ,888.6 909.9 809.5 692.9 109.5 May 29 6,282.6 3,769.6 1,871.6 1,898.0 905.1 807.0 692.5 108.5 June 30 6,506.4 4,002.6 2,071.4 1,931.2 896.9 806.8 687.9 112.1 July 31..... 6,556.0 4,056.4 2,103.4 1,953.0 901.9 792.9 692.3 112.6 Aug. 31 6,726.3 4,107.9 2,122.6 1,985.3 909.4 907.8 687.0 114.3 Sept. 30 6,771.3 4,130.6 2,190.9 1,939.7 888.6 929.3 708.1 114.8 Oct. 30 6,904.6 4,284.4 2,312.9 1,971.5 870.5 928.3 707.4 114.1 Nov. 30 7,073.6 4,435.7 2,450.0 1,985.7 882.6 929.8 710.1 115.4 Dec. 31 7,118.6 4,496.3 2,461.5 2,034.8 877.6 925.9 701.1 117.8 1944—Jan. 31 7,272.9 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 4,881.0 2,780.5 2,100.6 873.4 905.4 686.2 118.3 May 31.. 7,458.9 34,882.7 32,726.8 32,155.9 8872.9 903.2 680.1 S119.9 1 This category made up as follows: through Sept. 21,1938, funds held by foreign central banks at the Federal Reserve Bank of New York; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.). 2 Reported figures for capital movement through July 1 have been adjusted to represent the movement through June 30 on the basis of certain significant movements known to have occurred on July 1. Subsequent figures are based upon new monthly statistical series. For further explanation, see BUL- LETIN for January 1943, p. 98. 3 Amounts outstanding on May 31, in millions of dollars: total foreign banking funds in United States 5,539.6, including official funds, 3,364.4, and other funds, 2,175.2; United States banking funds abroad, 262.6; and brokerage balances (net due "foreigners") 43.0. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. Data by countries and geographic areas through December 1941, have been published in earlier BULLETINS for all types of capital movement in the above table (except columns 3 and 4), and for outstanding short-term liabilities to and claims on "foreigners" as reported by banks and brokers. For back figures, see Banking and Monetary Statistics, Tables 161-163, pp. 574-637, and lor full description of statistics see pp. 558-560 in the same publication. 940 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS Assets of issue Assets of banking department Liabilities of banking department department Bank of England Note (Fi p g o u u re n s d s in s m te i r l l l i i n o g n ) s of Gold1 a O s t s h e e ts r 2 C C oi a n sh rese N rv o e t s es a c v n o D a d u n i s n c - a e t d s s - Se t c ie u s ri- ci t r i c o u n l 3 a- Bankers' D P e u p b o l s i i c ts Other O lia t 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 1S.0 1931—Dec. 30 120.7 275.0 .6 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18.0 1932—Dec 28 119.8 275.0 .8 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933—Dec. 27 190.7 260.0 1.0 58.7 16.8 101.4 392.0 101.2 22.2 36.5 18.0 1934—Dec. 26 .... 192.3 260.0 .5 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935—Dec. 25 200.1 260.0 .6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30 313.7 200.0 .6 46.3 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29 326.4 220.0 .8 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Dec. 28 .... 326.4 230.0 .8 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Dec. 27 4.2 580.0 1.0 25.6 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940—Dec. 25 .2 s630.0 .9 13.3 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941—Dec. 31 .2 5780.0 .3 28.5 6.4 267.8 751.7 219.9 11.2 54.1 17.9 1942—Dec. 30 .2 5950.0 .9 26.8 3.5 267.9 923.4 223.4 9.0 48.8 17.9 1943—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 N D o ec v 2 2 4 9 . . 2 2 51 1 , , 1 0 0 5 0 0 . . 0 0 1. .9 7 3 1 1 1 . . 2 6 6 2. . 5 0 3 2 0 2 7 2 . . 9 1 1 1 , , 0 0 1 8 9 8 . . 0 7 2 1 3 83 4 . . 2 3 1 6 0 . . 8 3 5 6 3 0 . . 3 4 1 1 7 7 . . 9 8 1944—Jan. 26 .2 1,100.0 .6 33.0 4.4 229.0 1,067.3 187.8 8.5 52.7 17.9 Feb. 23 .2 1,100.0 .9 22.8 2.1 255.2 1,077.5 200.3 8.9 53.7 18.0 Mar 29 .2 51 150.0 .4 45.6 15.4 212.7 1,104.6 188.8 7.1 60.2 18.1 Apr. 26 .2 1,150.0 .4 25.8 5.8 245.6 1,124.5 198.5 4.5 56.9 17.7 May 31 .2 1,150.0 .7 14.7 1.0 239.8 1,135.5 165.1 15.0 58.2 17.8 June 28 .2 1,150.0 .9 19.4 1.2 282.2 1,130.9 217.7 12.5 55.6 17.9 July 26... ... .2 1,150.0 1.0 13.4 4.7 261.7 1,136.8 199.8 7.7 55.4 17.9 Assets Liabilities Bank of Canada Dominion and provin cial 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 t g ed 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 i r ties dollars Short- Chartered Dominion termfi Other banks govern- 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 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-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 Mav 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 July 31 25.9 801.6 602.6 24.4 "942.4 414.9 43.0 22.3 31.9 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 S.5 million pounds (at current rjrice) transferred from Exchange Account to Bank; on July 12,1939, 20 million pounds transferred from Exchange Account to bank; on Sept. 6,1939, 279 million pounds transferred from Bank to Exchange Account. 5 Fiduciary issue increased by 50 million pounds on June 12,1940, Apr. 30, Aug. 30, and Dec. 3,1941, and Apr. 22 and July 28, 1942; by 70 million pounds on Dec. 2, 1942; and by 50 million pounds on Apr. 13, Oct. 6, and Dec. 8, 1943, and on Mar. 7,1944. 6 Securities maturing in two years or less. 7 Includes notes held by the chartered banks, which constitute an important part of their reserves. 8 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). NOTE.—For back figures on Bank of England and Bank of Canada, see Banking and Monetary Statistics, Tables 164 and 166, pp. 638-640 and pp. <644-645, respectively; for description of statistics see pp. 560-564 in same publication. SEPTEMBER 1944 941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Bank of France Domestic bills G A o d v v e a r n n c m es e n to t Deposits (Figu o re f s f i r n a n m cs il ) lions Gold1 F c o h e r a x e n - i g g e n m O a p rk en et2 Special2 Other c F u c o p o r a s t o t i s c o 3 - n Other2 a O s t s h e e ts r ci N r ti c o o u t n l e a- G m ov e e n r t n- C.A.R.4 Other l O i t a t i b h es i e l r i- 1929—Dec. 27.. 41,668 25,942 5,612 8,624 8,124 68,571 11,737 7,850 1,812 1930—Dec. 26.. 53,578 26,179 5,304 8,429 9,510 76,436 12,624 11,698 2,241 1931—Dec. 30.. 68,863 21,111 7,157 7,389 11,275 85,725 5,898 22,183 1,989 1932—Dec. 30.. 83,017 4,484 6,802 3,438 11,712 85,028 2,311 20,072 2,041 1933—Dec. 29.. 77,098 1,158 6,122 4,739 11,173 82,613 2,322 13,414 1,940 1934—Dec. 28.. 82,124 963 5,837 3,971 11,500 83,412 3,718 15,359 1,907 1935—Dec. 27.. 66,296 1,328 5,800 9,712 11,705 81,150 2,862 8,716 2,113 1936—Dec. 30.. 60,359 1,460 5,640 1,379 8,465 17,698 12,642 89,342 2,089 13,655 2,557 1937—Dec. 30.. 58,933 911 5,580 652 10,066 31,909 11,733 93,837 3,461 19,326 3,160 1938—Dec. 29.. 87,265 821 7,422 1,797 7,880 20,627 18,498 110,935 5,061 25,595 2,718 1939—Dec. 28.. 597,267 112 11,273 2,345 5,149 34,673 20,094 151,322 1,914 14,751 2,925 1940—Dec. 26.. 684,616 42 43,194 661 3,646 72,317 63,900 23,179 218,383 984 41,400 27,202 3,586 1941—Dec. 31.. 84,598 38 42,115 12 4,517 142,507 69,500 22,121 270,144 1,517 64,580 25,272 3.894 1942—Dec. 31.. 84,598 37 43,661 169 5,368 210,965 68,250 21,749 382,774 770 16,857 29,935 4,461 1943—May 27. 84,598 37 42,930 6 6,200 260,919 56,990 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 Apr. 27.. 84,598 37 44,706 12 7,718 367,300 66,800 21,437 539,058 793 8,811 38,017 5,928 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 in ry g Se lo cu an ri s ty E a c s li o g n v i o e b t r l e e Other O as t s h e e t r s cir t c io u n la- Deposits lia ti b e i s li- 1929—Dec. 31 2,687 2,283 2,848 251 92 656 5,044 755 736 1930—Dec. 31 2,685 2,216 2,572 256 102 638 4,778 652 822 1931—Dec. 31 1,156 984 4,242 245 161 1,065 4,776 755 1,333 1932—Dec. 31 920 806 2,806 176 398 1,114 3,560 540 1,313 1933—Dec. 30 396 386 3,226 183 259 322 735 3,645 640 836 1934—Dec. 31 84 79 4,066 146 445 319 827 3,901 984 1,001 1935—Dec. 31 88 82 4,552 84 349 315 853 4,285 1,032 923 1936—Dec. 31 72 66 5,510 74 221 303 765 4,980 1,012 953 1937—Dec. 31 76 71 6,131 60 106 286 861 5,493 1,059 970 1938—Dec. 31 76 71 8,244 45 557 298 1,621 8,223 1,527 1,091 1939—Dec. 30 78 71 11,392 30 804 393 2,498 11,798 2,018 1,378 1940—Dec. 31 78 71 15,419 38 32 357 2,066 14,033 2,561 1,396 1941—Dec. 31 77 71 21,656 32 107 283 2,311 19.325 3,649 1.493 1942—Dec. 31 76 71 29,283 25 87 210 1,664 24,375 5,292 1,680 1943—July 31 77 32,317 34 100 2,003 27,597 5,199 1.735 Aug. 31 77 34,570 17 107 1,569 29,029 5,456 1,857 Sept. 30 77 35,010 22 105 2,436 30,099 5,601 1,951 Oct. 30 77 36,117 17 136 2,583 30,922 5,967 2,040 Nov. 30 77 37,870 66 79 2,733 31,772 6,951 2.104 Dec. 31...... 77 71 41,342 27 65 2,337 33,683 8,186 1,980 1944—Jan. 31 77 39,584 43 42 2,296 33,012 7,176 1,855 Feb. 29 77 39,269 26 66 2,360 33,508 6,636 1,654 Mar. 31 77 40,379 46 33 2,281 33,792 7,237 1,788 Apr. 29 77 40,909 38 31 2,525 34,569 7,179 1,833 May 31 77 42,159 28 23 2,096 35,229 7,240 1,915 June 30 77 42,150 26 27 2,397 35,920 6,754 2,004 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. 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) July June May July date of month) July June May July Central Bank of the Argentine Re- National Bank of Denmark (millions (Apr.)2 public (millions of pesos): of kroner): Gold reported separately 1,187 1,173 1,073 Gold 97 97 Other gold and foreign exchange.. 2,290 2,229 1,603 Foreign exchange 22 21 Government securities 889 889 349 Clearing accounts (net) 2,272 1,542 Rediscounted paper Loans and discounts 29 36 Other assets 163 162 ""'250 Securities 72 64 Note circulation 2,064 2,032 1,687 Govt. compensation account4... 85 125 Deposits—Member bank 1,340 1,253 881 Other assets 3,076 1,901 Government 594 642 519 Note circulation 1,455 1,075 Other 124 122 78 Deposits—Government 1,478 742 Certificates of participation in Other 2,314 1,648 Government securities 231 235 Other liabilities 406 319 Other liabilities 176 168 108 Central Bank of Ecuador (thousands Commonwealth Bank of Australia of sucres) :5 (Feb.)2 (thousands of pounds): Gold 249,579 207,992 Issue department: Foreign exchange 67,830 76,731 Gold and English sterling 49,293 48,043 36,391 Note circulation. 222,746 203,936 Securities 148,602 144,867 114,719 Deposits 204,941 193,190 Banking department: National Bank of Egypt6 (thou- Coin, bullion, and cash 10,600 10,285 6,995 sands of pounds): London balances 118,928 103,220 45,152 Gold 6,241 6,241 Loans and discounts 27,636 23,745 21,411 Foreign exchange 14,489 10,850 Securities 241,943 235,559 210,565 Loans and discounts 2,199 3,178 Deposits 203,244 179,823 168,721 British, Egyptian, and other Gov- Note circulation 189,512 184,512 141,762 ernment securities 234,105 184,302 National Bank of Belgium and Bank Other assets 12,886 5,993 of Issue of Brussels (millions of Note circulation 98,088 85,407 belga):1 Deposits—Government 62,745 43,678 Gold 4, 4,332 Other 95,975 68,495 Foreign exchange 11,900 8,172 Other liabilities 13,113 12,984 Credits to State and public bodies. 3,619 3,366 Central Reserve Bank of El Salva- Credits to private economy 120 93 dor (thousands of colones): Reichskreditkasse 740 733 Gold 32,711 26,684 Other assets 713 702 Foreign exchange 36,698 25,663 Note circulation 18,301 15,270 Loans and discounts 713 611 Demand deposits 1,083 975 Government debt and securities... 6,341 6,835 Postal Checking Office 1,656 852 Other assets 1,269 563 Other liabilities 382 300 Note circulation 43,314 32,396 National Bank of Bohemia and Deposits 28,240 22,019 Moravia (millions of koruny): Other liabilities. 6,178 5,941 Gold... 1,515 Bank of Finland3 Foreign exchange 774 755 Bank of Greece3 Discounts 2,578 1,116 National Bank of Hungary (millions Loans 1 of pengo): Other assets '36^845 22,781 Gold 100 100 100 Note circulation 24,833 18,064 Foreign exchange reserve 4 5 4 Demand deposits 8,030 3,692 Discounts 4,915 4,556 2,554 Other liabilities 8,848 4,412 Loans—To Treasury 543 544 682 Central Bank of Bolivia (millions To foreign countries 855 926 658 of bolivianos): Other 2 2 14 Gold at home and abroad 599 579 554 Other assets 1,398 1,367 976 Foreign exchange 407 363 361 Note circulation 5,288 5,134 3,477 Loans and discounts 320 295 319 Demand deposits 1,121 989 556 Securities—Government........... 624 630 545 Consolidated foreign credits of Other 41 41 41 1931 12 12 15 Other assets 69 82 75 Other liabilities 1,394 1,365 942 Note circulation 1,160 1,160 1,003 Reserve Bank of India (millions of Deposits 798 744 791 rupees): Other liabilities 102 86 100 Issue department: National Bank of Bulgaria3 Gold at home and abroad 444 444 Central Bank of Chile (millions Sterling securities 8,048 5,829 of pesos): Indian Govt. securities 583 1,083 Gold 273 273 244 Rupee coin 137 152 Discounts for member banks.. 53 39 97 Note circulation 9,103 7,404 Loans to Government 715 719 761 Banking department: Other loans and discounts 988 1,073 870 Notes of issue department 110 104 Other assets 1,110 1,112 876 Balances abroad 1, 955 Note circulation 2,377 2,373 2,033 Treasury bills discounted 12 1 Deposits—Bank 311 406 397 Loans to Government 1 3 Other 183 143 150 Other assets 153 112 Other liabilities 268 294 266 Deposits 1,906 988 Bank of the Republic of Colombia Other liabilities 259 186 (thousands of pesos): Central Bank of Ireland (thousands Gold 146,893 144,058 89,744 of pounds): Foreign exchange 109,684 107,884 74,490 Gold 2,646 2,646 2,646 Loans and discounts 2,940 2,396 5,129 Sterling funds 25,392 25,527 21,024 Government loans and securities.. 56,655 56,665 55,822 Note circulation 28,038 28,173 23,671 Other assets 29,675 30,783 35,135 Bank of Japan3 Note circulation 137,064 129,010 108,327 Bank of Java3 Deposits 139,56. 145,830 96,380 Other liabilities 69,218 66,946 55,613 1 Separate figures for National Bank of Belgium not available. The Bank of Issue of Brussels was founded by the German Military Administration on June 27,1940; it has no note issue, drawing its resources principally from advances from the National Bank and deposits by the Postal Checking Office. 2 Latest month for which report is available for this institution. 3 For last available report from the central bank of Bulgaria (January 1943), see BULLETIN for July 1943, p. 697; of Finland (August 1943), see BUL- LETIN for April 1944, p. 405; of Greece (March 1941) and Japan (September 1941), see BULLETIN for March 1942, p. 281; and of Java (January 1942), see BULLETIN for March 1943, p. 278. 4 Represents Bank's claim on the Government for the Bank's foreign exchange losses resulting from the revaluation of the krone on Jan. 23, 1942. 5 Detailed statement not available. 6 Items for issue and banking departments consolidated. SEPTEMBER 1944 943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1944 1943 Central Bank 1944 (Figures as of last report (Figures as of last report date of month) July June May July date of month) July June May July Bank of Mexico (millions cf pesos): Bank of Spain (millions of pesetas): (Apr.)2 Metallic reserve1 527 514 398 Gold 1,074 "Authorized" holdings of securi- Silver 621 ties, etc ,352 1,370 1,145 Government loans and securities... 16,043 Bills and discounts 290 256 125 Other loans and discounts 2,765 Other assets 95 71 61 Other assets 2,178 Note circulation ,195 1,192 953 Note circulation. 16,161 Demand liabilities 912 865 639 Deposits—Government 1,966 Other liabilities 157 155 137 Other 4,023 Netherlands Bank (millions of Other liabilities 530 guilders): vApr.)2 Bank of Sweden (millions of kronor): Gold..... ...... 932 932 Gold 960 951 949 811 Silver (including subsidiary coin).. 4 Foreign assets (net) 600 570 564 571 Foreign bills 3,910 2,476 Swedish Govt. securities and ad- Discounts vances to National Debt Office5. 1,229 1,121 1,087 1,037 Loans '"'"134 "l34 Other domestic bills and advances. 89 81 74 97 Other assets 84 69 Other assets 974 982 955 893 Note circulation 4,021 2,738 Note circulation 2,187 2,226 2,157 1,969 Deposits—Government..... ...... 108 455 Demand deposits—Government 582 634 532 353 Other 754 313 Other 452 207 307 476 Other liabilities. , 176 110 Other liabilities 631 638 632 610 Reserve Bank of New Zealand (thou- Swiss National Bank (millions of sands of pounds): francs): Gold .. 2,802 2,802 Gold 4,455 4,427 4,372 3,791 Sterling exchange reserve 30,687 25,778 Foreign exchange 87 82 93 66 Advances to State or State under- Loans and discounts 64 r68 152 takings 43,132 34,047 Other assets 6 62 158 151 326 Investments 11,734 10,314 NNoott e ciirrccuullaattiioonn 3,028 3,004 2,945 2,670 Other assets 2,397 3,566 OOther sight liabilities 1,441 1,432 1,449 1,395 Note circulation. 37,031 32,833 OOtthheerr lliiaabbiilliittiieess 293 291 270 Demand deposits 50,433 40,584 Centrall Bank of the Republic of Other liabilities 3,287 3,089 Turkey (thousands of pounds): (Apr.)2 Bank of Norway3 Gold; 238,650 197,232 Bank of the Republic of Paraguay Foreign exchange and foreign (millions of pesos): clearings 102,297 66,839 Gold, : 326 326 Loans and discounts. 736,268 662,382 Foreign exchange ,420 2,322 Securities 196,437 194,810 Loans and discounts 178 149 Other assets 18,526 17,419 Government loans and securities... ,391 2,257 Note circulation 878,946 726,593 Other assets................ ,476 1,617 Deposits—Gold 85,139 79,358 Note circulation. ...... ,639 2,550 Other 138,191 172,217 Demand deposits—Government... . 793 834 Other liabilities 189,902 160,514 Other ,358 2,335 Bank of the Republic of Uruguay Other liabilities ..... ,001 951 (thousands of pesos): (Dec. Central Reserve Bank of Peru (thou Issue department: 1943)2 sands of soles): ^ (Mar.); Gold and silver 120,343 90,197 Gold and foreign exchange......... 157,261 139,682 Note circulation. 140,711 117,032 Discounts 11,148 9,087 Banking department: Government loans. ~. 358,836 313,844 Gold and silver 72,323 73,075 Other assets 27,122 22,249 Notes and coin 38,279 31,975 Note circulation 357,748 322,399 Advances to State and to gov- Deposits.... 171,902 140,967 ernment bodies.. 234,478 36,125 Other liabilities 24,717 21,496 Other loans and discounts 92,785 96,453 Bank of Portugal (millions of es- Other assets 185,648 161,915 cudos): (Jan.): Deposits.. 174,373 153,590 Gold4 1,400 1,398 Other liabilities. 238,139 245,953 Other reserves (net) 4,272 3,691 Central Bank of Venezuela (thou- Nonreserve exchange 8,096 7,105 sands of bolivares): Loans and discounts 227 232 Gold. 338,108 338,108 338,108 245,504 Government debt 1,023 1,025 Foreign exchange (net) 32,209 31,906 32,733 37,178 Other assets 1,030 983 Credits to national banks: 26,370 26,370 26,370 31,230 Note circulation 6,703 5,683 Other assets 33,241 29,721 29,444 18,393 Other sight liabilities 8,367 7,853 Note circulation—Central Bank... 266,989 262,865 266,971 235,167 Other liabilities 978 900 National banks. 22,273 22,795 23,318 30,448 National Bank of Rumania (millions Deposits. 133,810 133,390 128,469 60,734 of lei): (Jan.)2 Other liabilities 6,856 7,056 7,"" 5,956 Gold..... 59,651 51,098 National Bank of the Kingdom of Special exchange accounts 32,813 32,917 Yugoslavia3 Loans and discounts 54,953 42,486 Bank for International Settlements Special loans (in liquidation)...... 139 264 (thousands of Swiss gold francs):^ Government debt 20,470 20,759 Gold in bars 118,871 118,873 78,683 Other assets 70,106 56,202 Cash on hand and on current ac- Note circulation .... 162,283 127,083 count with banks 21,620 18,180 23,403 Demand deposits 47,336 49,337 Sight funds at interest 7,447 6,945 15,846 Other liabilities 28,512 27,306 Rediscountable bills and accept- South African Reserve Bank (thou- ances (at cost) , 102,513 104,870 151,757 sands of pounds): Time funds at interest 21,569 21,075 21,393 Gold 89,891 74,132 Sundry bills and investments 197,492 197,306 192,692 Foreign bills 21,598 10,028 Other assets 363 366 3> Other bills and loans 2,011 510 Demand deposits (gold) 29,266 28,579 40,863 Other assets 85,140 92,805 Short-term deposits (various cur- Note circulation. 51,027 46,979 rencies) : Deposits 142,760 125,909 Central banks for own account 8,700 7,600 15,834 Other liabilities 4,854 4,587 Other 2,704 2,798 2,539 Long-term deposits: Special accounts. 229,001 229,001 229,001 Other liabilities 200,203 199,636 195,575 r Revised. 1 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 2 Latest month for which report is available for this institution. 3 For last available reports from the central banks of Norway (March 1940), and Yugoslavia (February 1941), see BULLETIN for March 1942, p. 282. 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. 944 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS {Per cent per annum] Central bank of— Date effective U K d n i o n i m t g e - d France m G a e n r- y g B iu el m - N la e e n r t d h - s - S d w en e- S l w a e n r i - d tz- b C an e k n t o r f a — l R A 3 a u 1 t g e . ef D fe a ct t i e ve ba C n e k n tr of a — l R A 3 a u 1 t g e . ef D fe a ct t i e ve In effect Oct. 2, 1936 2 k 4 2 3 2 Albania ... Mar. 21, 1940 Italy May 18, 1936 Oct. 9 Mar. 1, 1936 Japan 3.29 Apr. 7, 1936 Oct. 16 Belgium 2 2 Jan. 25, 1940 Java 3 Jan. 14, 1937 Oct. 20..... 2>2 Bohemia and Latvia 5 Feb. 17, 1940 Nov. 26 Moravia.... Oct. 1, 1940 Lithuania. .. 6 July 15, 1939 Dec. 3 2 Jan. 28, 1937 4 June 15 6 July 7.. 5 Bolivia 6 Nov. 8, 1940 Mexico June 4, 1942 Aug .4 4 British India.. 3 Nov. 28, 1935 Netherlands 2H June 27, 1941 Sept. 3... 33^ Bulgaria 5 Dec. 1, 1940 New Zealand July 26, 1941 Nov. 13 3 Canada Feb. 8, 1944 Norway 3 2 May 13, 1940 M M M a a a y y y 3 1 1 0 0 3 , . . 1 . 938 .. 2y2 3 4 C C o h lo il m e b .. ia ....... 3-4 4 }J J D u e ly c. 1 1 6 8 , , 1 1 9 9 3 3 6 3 P Po e r r t u u . g .. a . l . . . . . . . . 5 A Ja u n g . . 1 1 2 , , 1 19 9 4 4 4 0 Sept. 28 3 Oct. 27 2% Nov. 25 Denmark, 4 Oct. 16, 1940 Rumania.... 3 Sept. 12, 1940 Jan. 4, 1939 2 7 May 26, 1938 South Africa 3 June 2, 1941 Apr. 17 4 El Salvador... 3 Mar. 30, 1939 Spain 4 Dec. 1, 1938 May 11 3 Oct. 1, 1935 Sweden 3 May 29,1941 July 6 2H Finland... Dec. 3, 1934 Switzerland. Nov. 26, 1936 Aug. 24 4 Aug. 29 3 Sept. 28 3 Oct. 26 2 4 Mar. 17, 1941 Turkey 4 July 1, 1938 Dec. 15 3 Germany Apr. 9, 1940 United King- Jan. 25, 1940 2 Greece........ Mar. 1, 1942 dom 2 Oct. 26, 1939 Apr. 9 Hungary. Oct. 22, 1940 U. S. S. R... 4 July 1, 1936 May 17 Ireland....... Nov. 23, 1943 Yugoslavia. 5 Feb. 1, 1935 Mar 17, 1941 1% Mav 29 3 June 27 NOTE .—Changes3 since July 31: none. In effect Aug. 31, 1944...... 2 2 3 IK OPEN-MARKET RATES [ Per cent per annum J United Kingdom Germany Netherlands Sweden Sw la it n z d er- Month Da m y- o t n o e - y day o a n B l lo a d w n ep k a o e n s r c s i e t ' s d P i r s r i c a v o t a e u t n e t Da m y- o t n o e -d y ay d P i r r s i a c v o te a u t n e t 1 M m f o o o n r e n y th m u L p o o n a to n th s s 3 d P is r r i c a v o te a u t n e t 1929—June............ 5.35 4.23 7.50 7.90 5.30 5.30 3.26 1930—June .......... 2.30 1.93 3.58 3.74 1.89 1.93 2.06 1931—June 2.10 1.64 6.05 6.74 1.05 1.07 1.12 1932—June............ .85 .99 4.75 5.70 .39 1.00 1.50 1933—June............. .40 .62 3.88 4.93 2.18 2.06 1.50 1934—June............ ,85 .92 3.76 4.57 .78 1.00 1.50 1935—June............ .64 ,75 3,00 3.16 4.42 3.83 2.60 1936—June............ .78 ,75 2.88 2.67 3.92 3.95 2.25 1937—June.... .68 .79 2.88 2.78 .15 1.00 1.00 1938—June............ .59 ,75 2.88 3.06 .13 ,50 1.00 1939—June............ .76 .77 2.79 2.71 .49 .75 1.00 1940—June............ 1.02 1.00 2.38 1.98 C1) C1) 1.50 1941—June............ 1.00 1.00 2.13 1.93 2.25 1.25 1942—June............ 1.00 1.00 2.13 1.90 1.88 1.25 1943—June........... 1.00 1.06 2.13 1.90 1.25 1943—July............ 1.00 1.04 2.13 1.86 1.25 Aug.... 1.00 1.11 2.13 1.89 1.25 Sept 1.00 1.07 2.13 1.93 1.25 Oct 1.00 1.00 2.13 1.25 Nov..... .... 1.00 1.00 2.13 1.25 Dec 1.01 1.00 2.13 1.25 1944—Jan..... 1.01 1.08 2.13 1.25 Feb. 1.00 1.13 2.13 1.25 Mar 1.00 1.13 2.13 1.25 Apr. 1.01 1.13 2.13 1.25 May 1.00 1.13 2.13 1.25 June.. 1.00 1.13 1.25 1 Figure not available. 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. SEPTEMBER 1944 945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom1 Assets Liabilities (11 F L i o g p n u o d r u e o n s n d i s c n l e s m t a e i r l r i l l n i i g o n n g b s ) a o n f ks. re C se a r s v h es M c n a o s l o n h l t e o i a y c r n e t d at B co il u ls n d te i d s- T r d e r e e c p a e o i s p u s t i r t s y 2 Securities c L u o s a to n m s e to rs a O s t s h e e t r s Total D D e e m po a s n i d ts 3 Time3 lia O b t i h li e ti r es 1936—December 244 195 322 660 890 249 2,315 1,288 1,012 245 1937—December 244 163 300 635 984 256 2,330 1,284 1,026 252 1938—D cember 243 160 250 635 971 263 2,254 1,256 997 269 1939—L/eceinbe' 274 174 334 609 1,015 290 2,441 1,398 1,043 256 1940—December 324 159 265 314 771 924 293 2,800 1,770 1,030 250 1941—December 366 141 171 758 999 823 324 3,329 2,168 1,161 253 1942— December 390 142 198 896 1,120 794 325 3,629 2,429 1,200 236 1943—July ..... 375 160 244 900 1 162 753 279 3,628 2,428 1,200 245 August 383 156 232 957 ,162 739 285 3,670 2,456 1,214 244 SeDtember 389 148 209 1,045 ,160 741 293 3,737 2,504 1,233 248 October . 394 151 181 1,135 ,158 749 289 3,813 2,556 1,256 245 November 403 155 184 1,187 ,167 732 283 3,865 2,588 1,277 245 December ... 422 151 133 1,307 ,154 761 349 4,032 2,712 1,319 245 1944—Tanuarv 416 157 138 1,305 ,149 754 288 3,962 2,650 1,312 245 February 414 150 124 1,264 ,141 761 287 3,897 2,583 1,314 243 March 423 155 113 1,331 ,136 781 290 3,988 2,652 1,336 242 April 430 164 149 1,314 ,152 762 285 4,017 2,672 1,345 240 May 418 173 174 1,310 ,161 765 292 4,051 2,704 1,347 242 June 427 185 202 1,246 ,169 784 327 4,100 2,730 1,370 240 Assets Liabilities Canada Entirely in Canada Se lo c a u n ri s ty Deposits payable in Canada (10 m c o o h f n a t C r h t a e f n r i e g a d u d r i e b a s n a n in d k o s m . l l # a i l E r l s i n o ) d n s of Cash Security O lo t a h n e s r d a a u n b e d r o f n r a o e d m t Securities O as t s h e e t r s ci N r ti c o o u t n e la- excluding interbank deposits li O ab th il e i r ties reserves loans and dis- foreign Total Demand Time counts banks 1935—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 193g—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—July 406 36 1,194 185 2,652 626 48 3,959 2,133 1,826 1,094 August . 434 35 1,121 242 2,681 641 46 3,978 2,062 1,916 1,131 September 427 34 1,045 198 2,881 679 46 4,085 2,096 1,989 1,133 October 460 38 1,038 202 2,870 659 45 4,107 2,146 1,961 1,115 496 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—Tanuarv 491 53 1,085 229 2,950 674 41 4,273 2,247 2,026 1,167 February 486 52 1,003 227 2,994 664 40 4,216 2,093 2,124 1,170 March 468. 41 982 210 3,156 732 39 4,368 2,143 2,225 1,182 April 510 42 920 212 3,390 669 38 4,506 2,253 2,254 1,198 Mav 525 81 1,175 275 3,374 712 37 4,850 2,756 2,094 1,256 June 526 71 1,104 294 3,358 856 3t 4,836 2,641 2,195 1,339 France Assets Liabilities (4 larg f e i g b u a re o n s f k s i f . n r a m n E c i n s l ) l d i o o n f s month re C se a r s v h es Du b e a n f k r s om B c i o ll u s n d te i d s- Loans a O s t s h e e ts r Total D D e e p m o a s n it d s Time a a c O n c w c e e p n s t- lia O b t i h li e ti r es 1936—December . ... 3,100 2,975 17,582 7,631 1,957 28,484 27,955 529 473 4,289 1937—December 3,403 4,116 18,249 7,624 2,134 30,348 29,748 600 661 4,517 1938—December 3,756 4,060 21,435 7,592 1,940 33,578 33,042 537 721 4,484 1939—December 4,599 3,765 29,546 7,546 440 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 8,280 033 76,675 75,764 912 413 5,187 1942—December 7,810 3,458 73 917 10 625 9,622 91,549 91,225 324 462 6,422 1943—January 7,538 3,672 76,928 11,054 525 94,996 94,665 331 451 5,270 February 6,710 3,835 73 478 11 749 l'435 91 792 91,452 340 433 4,982 March 6,813 3,803 74,664 15,245 j' 536 96,431 95,783 648 426 5,205 April . 6,720 3,665 77,922 15,043 650 99,152 98,419 733 387 5,461 May 7,132 3,750 81 620 14 980 750 103 272 102,437 836 397 5,563 6,632 3,851 80,276 15,518 j' 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, ISt 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 3.96C 86,754 14 361 2,653 107 200 105,811 1,390 404 7,326 December 8,548 4,09= 90,897 14,191 2,935 112,732 111,191 1,541 428 7,506 1 Through August 1939, averages of weekly figures; beginning September 1939, end-of-month figures, representing aggregates of figures reported by individual banks for days, varying from bank to bank, toward the end of the month. 2 Represent six-month loans to the Treasury at \% per cent, callable by the banks in emergency at a discount equal to the Bank of England rate. 3 Through December 1937, excludes deposits in offices outside England and Wales which are included in total. 4 Figures for three banks only. Data for Credit Industriel et Commercial not available September 1940-March 1941. NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Table 168, pp. 648-655, and for description of statistics see pp. 566-571 in same publication. 946 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES I Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Australia Brazil Canada (dollar) Chile (peso) China Year or month (peso) (pound) g B iu e m l- (cruzeiro1) B I r n it d i i s a h g B a u r l i - a S ( h y a u n a g n - Official Special Official Free (belga) Official Free (rupee) (lev) Official Free Official Export hai) Export 1936 33.137 395.94 16.917 8.5681 5.8788 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 5A2iS 33.279 21.2111 96.018 5.1727 4.0000 11.879 1940 29.773 2322'. 80' 305.16 216.880 6.0562 5.0214 30.155 290.909 85.141 5.1668 4.0000 6.000 1941 29.773 '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—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 25.125 322.83 6.0586 5.1275 30.122 90.909 89.404 1944—Jan 29.773 25.125 322.80 6.0586 5.1275 30.122 90.909 89.554 Feb 29.773 25.125 322.80 6.0586 5.1275 30.122 90.909 89.586 Mar 29.773 25.125 322.80 6.0586 5.1275 30.122 90.909 89.326 Apr 29.773 25.125 322.80 6.0586 5.1275 30.122 90.909 89.969 May 29.773 25.125 322.80 6.0586 5.1275 30.122 90.909 90.507 June 29.773 25.125 322.80 6.0587 5.1275 30.122 90.909 90.403 July 29.773 25.125 322.80 6.0598 5.1275 30.122 90.909 90.178 Year or month C ( o p b l e i o a s m o) - C s ( l k z o o e v r c u a h n k o a i - a ) ( m D kr e a o n r n k - e) ( F l m k a i a a n n r ) d - k- F (f r r a a n nc c ) e ( m m G re a a e i r c n r k h - y ) s- G (d r m r e a a e c ) c h e - ( H K do o o ll n n a g g r) ( H p g e a u n r n g y - o) I (l t i a r l a y ) J ( a y p en an ) M (p e e x s i o c ) o e N ( r g l e e u a r t i n ) h ld d - - s (p N Z l o a e e u n w a n d - d' 1936 57.083 4.0078 22.189 2.1903 6.1141 40.297 .9289 31.711 29.558 7.2916 29.022 27.760 64.481 398.92 1937 56.726 3.4930 22.069 2.1811 4.0460 40.204 .9055 30.694 19.779 5.2607 28.791 27.750 55.045 396.91 1938 55.953 3.4674 21.825 2.1567 2.8781 40.164 .8958 30.457 19.727 5.2605 28.451 22.122 55.009 392.35 1939 57.061 23.4252 20.346 1.9948 2.5103 40.061 .8153 27.454 19.238 5.1959 25.963 19.303 53.335 354.82 1940 57.085 219.308 1.8710 22.0827 40.021 2.6715 22.958 18.475 5.0407 23.436 18.546 253.128 306.38 1941 57.004 22.0101 239.968 224.592 2l9.770 25.0703 223.439 20.538 322.54 1942 57.052 20.569 322.78 1943 57.265 20 577 324.20 1943—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 July 57 277 20.576 324.42 United Kingdom Uruguay Year or month N ( o kr r o w n a e y ) P ( o z l l a o n ty d ) ( P e o s g c r a u t l d u o - ) R ( u n le m ia u) a- ( A S p o o fr u u i n c th d a )( S pe p s a e i t n a) S S m (d e t o e 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 Con- (peso) N co o n n - - Y ( s d l u i a n g v a o i r - a ) trolled trolled 1936 24.974 18.875 4.5130 .7382 491.65 12.314 58.258 25.626 30.189 497.09 79.874 2.2965 1937 24.840 18.923 4.4792 .7294 489.62 6.053 57.973 25.487 22.938 494.40 79.072 2.3060 1938 24.566 18.860 4.4267 .7325 484.16 5.600 56.917 25.197 22.871 488.94 64.370 2.3115 1939 23.226 218.835 4.0375 .7111 440.17 10.630 51.736 23.991 22.525 443.54 62.011 23o!789' 2.2716 1940 222.709 3.7110 2.6896 397.99 9.322 46.979 23.802 22.676 '2403!50' 383.00 65.830 37.601 2.2463 1941 24.0023 398.00 29.130 47.133 223.829 223.210 403.50 403.18 65.830 43.380 22.2397 1942 398.00 246.919 403.50 403.50 65.830 52.723 1943 398.00 403.50 2403.50 65.830 52.855 1943—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 July 398.00 403.50 65.830 53.421 1 Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis."1 2 Average of daily rates for that part of the year during which quotations were certified. NOTE.—For back figures, see Banking^ and Monetary Statistics, Table 173, pp. 662-682. For description of statistics see pp. 572-573 in same publication, and for further information concerning developments affecting the averages during 1942 and 1943 see BULLETIN fcr FFeebtruary 1943, p. 201, and February 1944, p. 209. There are no developments to record for 1944, SEPTEMBER 1944 947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES-ALL COMMODITIES [Index numbers] United United Nether- Switzer- States Canada Kingdom France Germany Italy Japan lands Sweden land Year or month (October (1926-30 (July 1914 (1926=100) (1926=100) (1930=100) (1913=100) (1913 = 100) (1928=100) (1900=100) = 100) (1935 = 100) = 100) 1926..,.. 100 100 i 124 695 134 237 106 1126 144 1932 65 67 86 427 97 70 161 65 l 92 96 1933 66 67 86 398 93 63 180 63 i 90 91 1934 75 72 88 376 98 62 178 63 i 96 90 1935 80 72 89 338 102 68 186 62 100 90 1936 81 75 94 411 104 76 198 64 102 96 1937 86 85 109 581 106 89 238 76 114 111 1938 79 79 101 653 106 95 251 72 111 107 1939 77 75 103 2 681 107 99 278 115 111 1940 79 83 137 in 116 311 3 88 146 143 1 1 1 9 9 9 4 4 4 2 3 1 .... 1 8 9 0 7 9 3 1 9 9 0 6 0 0 1 1 1 5 5 6 9 3 3 1 1 11 1 16 2 4 132 329 1 1 1 9 8 7 6 9 2 2 2 1 1 1 8 0 8 4 1943—July 103 100 U164 117 196 218 August..... 103 100 162 117 *381 195 218 September 103 101 163 116 p382 195 220 October 103 102 163 116 195 220 November....... 103 102 163 116 *>387 195 220 December 103 103 163 117 P39l 195 220 1944—January 103 103 164 117 *>396 195 221 February........ 104 103 165 117 *>39S 195 221 March 104 103 165 117 ?400 195 223 April 104 103 166 118 195 223 May 104 103 166 118 197 223 June 104 103 166 197 July... 104 *>103 *>167 p Preliminary. 1 Approximate figure, derived from old index (1913=100). )ber 1935, p. 678. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United Statea Canada United Kingdom Germany (1926=100) 1926=100) (1930=100) [1913 = 100) Year or month Raw and Fully and Indus- Induspr F o a d r u m cts Foods co O m it t i h m e e s o r d- pr F o a d r u m cts f m a g p c o a a t o r n u t d u r ly s e - d f c m a g h c o a i t o e n u f d u r l s e y - d Foods p I r n o tr d d i u u a c l s- ts p A r g t o u r d i r u c a u c l t l s - a p t f n r r i i d n o a i d l s s u r h e a c e m w t d s i- p tr r i i o s a h d l e u f d i c n ts - 1926 . 100 100 100 100 100 100 129 130 150 1932 .. . . ............. ... 48 61 70 48 55 70 88 85 91 89 118 1933 51 61 71 51 57 70 83 87 87 88 113 1934 65 71 78 59 64 73 85 90 96 91 116 1935 79 84 78 64 66 73 87 90 102 92 119 1936 81 82 80 69 71 74 92 96 105 94 121 1937 . 86 86 85 87 84 81 102 112 105 96 125 1938 69 74 82 74 73 78 97 104 106 94 126 1939 65 70 81 64 67 75 97 106 108 95 126 1940 . . .. 68 71 83 67 75 82 133 138 111 99 129 1941 82 83 89 71 82 89 146 156 112 100 133 1942 106 100 96 83 90 92 158 160 115 102 134 1943 123 107 97 96 99 93 160 164 119 102 135 1943—July ............... 125 107 97 96 100 93 164 164 121 102 135 August 124 106 97 97 101 93 158 164 121 102 136 September 123 105 97 98 101 94 159 165 119 102 136 October 122 105 97 104 103 94 157 165 119 103 136 November . .. 121 106 97 104 104 94 157 165 119 103 136 December ........ 122 106 98 105 104 94 158 166 119 103 136 1944—January 122 105 98 104 104 94 159 166 119 103 136 February 123 105 98 104 105 94 159 167 119 103 136 March • • • • 124 105 98 105 105 94 158 168 121 103 136 April 123 105 98 104 105 94 158 169 122 103 136 May 123 105 99 102 104 94 158 170 122 103 136 June 125 107 99 102 104 94 158 170 July 124 106 99 ?102 *>104 P93 v Preliminary. Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 8 94 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] Year or month ( U S 1 = 9 n t a 3 i 1 5 t t 0 e e - 0 3 d s ) 9 j I ! C (1 a = a 9 d 3 1 n a 5 - 0 -3 0 9 ) U K = d ( n 1 J i o 9 1 u n i m 1 t 0 l g e 4 0 y - d ) (1 m = G 9 1 1 a e 0 3 r n 0 - - y 1 ) 4 N (1 l = e a 9 t 1 n 1 h 1 0 d e - 0 s 1 r ) 3 - S e = r ( w 1 J l 9 a 1 u i 1 0 t n n 4 z 0 e d ) - Year or month ( U S 1 = 9 n t a 3 1 i 5 t 0 t e e 0 -3 d s ) 9 (1 = C a 9 a 3 d 1 n 5 0 a 0 - -3 ) 9 U K = d ( n 1 J i o 9 1 i u n m 1 0 t l g e 0 4 y - d ) ( m 1 = G 9 a 1 1 e 0 3 n r 0 - y - 1 ) 4 N (1 l = e a 9 t 1 n 1 h 1 0 d e - 0 s 1 r ) 3 - e S = ( r w 1 J l 9 u 1 a i 1 0 n t n 4 0 z e d ) - 1933... 84 85 120 113 120 117 1933 92 94 140 118 139 131 1934 . . 94 93 122 118 124 115 1934 96 96 141 121 140 129 1935 . . 100 95 125 120 118 114 1935 98 96 143 123 136 128 1936 . . 101 98 130 122 120 120 1936 99 98 147 125 2132 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—July. . 139 132 168 140 211 1943—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....... 135 132 168 153 215 April....... 125 119 200 140 207 May.. 136 132 168 138 215 May....... 125 119 200 141 208 June....... 136 131 168 139 June 125 119 200 142 July........ 137 ^132 ^169 146 July 126 PH9 P2G1 146 v 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 United United Germany United (1926=100) Nether- ( S p d r e t i a r c i t v e e e ) s l d ( K 1 D 9 i 2 e n c 1 g e = d m o 1 b m 0 e 0 r ) (1 F 9 r 1 a 3 n = c 1 e 00) (a p v r e ic ra e g )2 e N la e n th d e s r 3 - ( S 1 = 9 t 3 a 1 5 t 0 e - 0 3 s ) 9 K U in n g it d e o d m France Germany (19 l 3 a 0 n = d 10 s 0) Number of issues 15 87 36 2 139 8 402 278 300 (4) 100 1926 90.1 110.0 57.4 105.6 100.0 100.0 100.0 1933 91.2 119.7 81.3 82.5 105.3 67.0 78.6 99.6 61.7 52 1934 98.2 127.5 82.1 90.7 113.4 76.6 85.7 83.3 71.1 55 1935 105.5 129.9 83.5 595.1 107.8 82.9 86.3 79.7 82.9 55 1936 109.5 131.2 76.3 95.8 109.1 117.5 97.0 77.2 91.6 66 1937 hlQ.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 p476 142.1 131.5 1943 120.3 127.8 91.9 84.5 145.0 151.0 1943—July. 121.1 127.8 98.5 85.6 144.9 151.9 August 121.1 127.2 94.4 86.0 144.6 151.7 September 120.8 126.9 95.6 86.6 144.7 152.1 October 120.9 127.4 94.8 86.3 144.8 152.1 November 120.4 127.1 91.4 85.0 145.0 152.2 December 120.0 127.2 91.8 85.3 145.1 152.2 1944—January. 120.5 127.4 94.6 86.2 145.2 February 120.4 127.6 94.4 86.9 145.3 March 120.5 127.3 96.6 87.1 145.6 April. 120.7 127.1 95.1 87.2 145.8 May 120.9 127 0 97.2 88.0 145.8 June............ 120.9 127.2 101.5 89.3 145.7 July.... 121.3 127.3 104.3 90.3 v Preliminary. 1 Figures represent calculated prices of a 4 per cent 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds for the series beginning 1937 and for a varying number of high-grade bonds for the series prior to that date. The yearly average for 1937 is the same for both series. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the United States see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479. 2 Since Apr. 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at 4H per cent. The series prior to that date is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent. 3 Indexes of reciprocals of average yields. For old index, 1929-1936, 1929= 100; average yield in base year was 4.57 percent. For new index beginning January 1937, Jan.-Mar. 1937 = 100; average yield in base period was 3.39 per cent. 4 This number originally 329, has declined as the number of securities eligible for the index has diminished. In May 1941, it was down to 287. 6 Average Apr.-Dec. only. Average Jan.-Mar. on old basis was 95.9. 6 Average based on figures for 5 months; no data available June-Dec. 'Average based on figures for 7 months; no data available May-Sept. 8 Average based on figures for 9 months; no data available May-July. 9 Average based on figures for 10 months; no data available Jan.-Feb. Sources,—See BULLETIN for November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121. SEPTEMBER 1944 949 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 W YATT, 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 WOODUEF THOMAS, Assistant Director EDWARD L. SMEAD, Administrator GARDNER L. BOOTHE, II, Assistant Administrator DIVISION OF EXAMINATIONS LEO H PAULGER, Director FISCAL AGENT C. E. CAGLE, Assistant Director O. E FOULK, Fiscal Agent WILLIAM B. POLLARD, Assistant Director JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL FEDERAL OPEN MARKET COMMITTEE ADVISORY COUNCIL MARRINER S. ECCLES Chairman CHAS. E. SPENCER, JR., BOSTON DISTRICT ALLAN SPROUL, Viet 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. GLFFORD, 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. LANGHM, Associate Economist ED. H. WINTON, DALLAS DISTRICT ARTHUR R. UPGREN Assnriat* Economist Jonv H. WILUAMF Associate Economist GEORGE M. WALLACE, SAN FRANCISCO DISTRICT ROBERT G. RotSE, Manager of System Open Market Account WALTER LICHTENSTEIN, Secretary 950 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis