Federal Reserve Bulletin, 1944-10

FEDERAL RESERVE BULLETIN OCTOBER 1944 „•&«*»• «• BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EDITORIAL COMMITTEE ELLIOTT THURSTON E. A. GOLDENWEISER CARL E. PARRY The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for interpretations and opinions expressed, except in official statements and signed articles. CONTENTS PAGE Review of the Month—The Wartime Expansion of Liquid Assets ... 953—961 Law Department: Financing of War Production and War Contract Termination: 1944 V-Loan Guarantee Agreement.. .. 961. National Bank Loan Limitations 961 Foreign Funds Control—Treasury Department Releases ... 961-964 Current Events 965-966 Correction—Article on Bretton Woods Agreements.... 966 National Summary of Business Conditions 967-968 Financial, Industrial, Commercial Statistics, U. S. (Sec p. 969 for list of tables)... 969-1019 International Financial Statistics (Sec p, ion for list of tables) 102.1-1033 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council \ 1034 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. .. 1035 Map of Federal Reserve Districts 1036 Federal Reserve Publications QSee inside of back cover) Subscription Price of Bulletin A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price in the United States and its possessions, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela, is $2.00 per annum, or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions for 10 or more copies, in the United States, 15 cents per copy per month, or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME 30 October 1944 NUMBER IO THE WARTIME EXPANSION OF LIQUID ASSETS During the past three wartime years hold- and for which there are representative staings of cash and Government securities by tistics of ownership. Currency and demand businesses and individuals have shown an deposits are the basic forms of cash money expansion never before approached in this ordinarily used, and under existing practices country. In peacetime a growth of as much time deposits and also United States Govas 5 billion dollars a year in such holdings ernment securities are readily convertible would have been considered large. In the into cash. Other assets commonly conpast three years, the total amount of these sidered as liquid savings, such as savings liquid assets held by individuals and busi- and loan shares, insurance and pension renesses has expanded at a rate of over 35 serves, and corporate and municipal securibillion dollars a year. It is estimated that ties, are viewed by their holders more as for the three years ending this coming De- investments than as liquid reserves. In this cember the total increase will be about 107 Review the term "liquid assets" will be billion dollars, or 11& per cent, as shown in used as referring only to the items included the table. By the end of the war and early in the table. The figures should not be postwar period this expansion will have considered as comparable with estimates of gone much further. individual and corporate savings compiled by the Department of Commerce and the ESTIMATED HOLDINGS OF PRINCIPAL LIQUID ASSETS Securities and Exchange Commission. BY INDIVIDUALS AND CORPORATIONS [In billions of dollars] SIGNIFICANCE OF THE EXPANSION (P D ro e 1 c 9 b . 4 a 4 3 b 1 le , ) De 1 c 9 . 4 1 31, th I d r n e u c e r r e i y n a e g s a e rs During the war business and individual incomes have been greatly in excess of cur- Currency 23.7 9.5 14.2 rent purchases, and the difference has been Demand deposits 49.4 29.6 19.8 Time deposits 37.3 26.9 10.4 U. S. Government securities... 79.5 17.4 62.1 largely reflected in the growth of liquid Total liquid assets 189.9 83.4 106.5 assets. The Federal Government has spent NOTE.—Figures exclude currency, demand and time deposits, and considerably more than it has received in United States Government securities held by banks, insurance companies, savings and loan associations, all governmental bodies, educa- taxes, and it has been necessary to meet the tional and charitable institutions, other nonprofit associations, and foreigners. The figures for the last half of 1944 were projected on the deficit by borrowing. The amount of borbasis of changes during the first half of the year. rowing has corresponded closely to the ex- The particular items shown in the table— cess of business and individual incomes over currency, demand and time deposits in their expenditures. Businesses and individbanks, and holdings of United States Gov- uals have used a large part of their surplus ernment securities—cover the principal as- income to purchase some of the securities sets which are most readily available for use that the Government has sold, and have OCTOBER 1944 953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH held a part in the form of bank deposits and If wartime liquidity and savings habits currency. Banks have purchased the Gov- should continue, however, new investment ernment securities not bought by others. outlets will be needed in order to utilize Some of the surplus income has been used such a large amount of current savings and for the repayment of debt or has gone into maintain economic activity at a high level. insurance or pension reserves, and a small It is not to be expected that the total amount has been used to purchase property. volume of accumulated liquid assets will It is necessary to distinguish between show any substantial decline in the first accumulation of liquid assets and current few years after the war. There will be savings. While current savings of individ- shifts in their ownership and possibly in uals and businesses may be held in the form their composition as individual persons and of liquid assets, these assets are not a meas- businesses spend or invest their holdings, ure of savings. In times of peace current but they will continue to exist in other savings of individuals and business are hands or in other forms. Since the wartime generally represented by the net increase in expansion of liquid assets has resulted residences, plant, equipment, and stocks of primarily from the growth in Government goods, and have amounted to as much as 10 debt, a substantial decline in the total can billion dollars a year; if no allowance is come about only as a result of the paying made for depreciation, obsolescence, and off of Government debt in amounts greater destruction of existing capital, the figure than any increase that may occur in private would be considerably larger. The growth debt held by the banking system. This is in liquid assets has seldom equaled 5 billion not likely to occur on a large scale in any dollars a year. In wartime, however, the short period of time. opportunities for direct investment of savings by either individuals or businesses in GROWTH IN PREVIOUS WAR new construction or for the purchase of During the last war period, as shown on goods are sharply limited. As a result the chart, there was also a substantial exthere has been little saving in this form by pansion in holdings of liquid assets by inindividuals and businesses. They have dividuals and corporations. Although the had, however, an excess of current incomes absolute amounts were much smaller, the over their current expenditures and have percentage increase was nevertheless large. accumulated liquid assets in the form of During the two-year period ended June 30, cash and Government securities. These 1919, individual and corporate holdings of assets do not represent new capital forma- currency, bank deposits, and United States tion; they are the result of borrowing by Government securities increased by X4 bilthe Government from banks and from the lion dollars. This was a growth of 90 per public in order to finance war expenditures. cent, compared with an estimated increase The existence of such a large volume of of about 12.8 per cent for the three years readily available funds raises important ending December 31, 1944. questions as to their possible significance in The major portion of this increase in the peacetime economy. They provide a liquid asset holdings during the last war, cushion against severe depression and as in this war, was due to expansion of also may present inflationary possibilities. Government debt. At that time, however, 954 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH there was also a 4 billion dollar expansion amount in credit extended by banks to of credit extended to business and individ- businesses and individuals is unlikely. uals by the banking system. Loans based In the decade following the last war the on Government securities accounted for total amount of liquid assets continued to part of this increase. During this war there expand, except in the brief postwar receshas also been some lending on Government sion of T_9XI-ZX. This was due to the fact securities but in the aggregate the credit that during the 'twenties, the continued extended by banks to business and individ- expansion of private debt to banks more uals has declined. Changes in bank loans than offset the decline in public holdings and investments are shown in the chart on of United States Government securities. page 961. By June 30,19x9, the total liquid asset holdings of individuals and corporations were LIQUID ASSET HOLDINGS OF INDIVIDUALS AND CORPORATIONS END OF JUNE 1916-1935, JUNE AND DECEMBER. 1936-1944 BILLIONS OF DOLLARS about 10 billion dollars larger than on _ yZZZ . j 1 £00 June 30, 1919, notwithstanding a reduction of about 9 billion in their holdings of 160 Government securities. 140 DISTRIBUTION BY TYPE OF ASSET Distribution of liquid assets among holdings of currency, bank deposits, and Government securities reflects the needs and preferences of individuals and corporations. Receipts of individuals and business are in the first instance in the form of cash. During the war period both individuals and corporations have been urged to convert their cash into United States Government 1916 1920 securities as much as possible. War loan Total deposits adjusted and currency outside of banks includes deposits and currency holdings of insurance companies, savings and loan associations, and State and local governments, as well as tho?e drives, pay roll deduction plans, and conof other corporations and of individuals. Federal Government deposits as well as interbank deposits have been excluded. United tinuous availability of savings bonds and States Government security holdings of all commercial and mutual savings ban&s have been excluded for all years; insurance company tax notes have all been directed to this end. holdings have been excluded for the period from June 30, 1932 to the present. To the extent that Government financing Because of this difference a decrease in the needs have not been met in this way, securiaggregate liquid assets immediately follow- ties have been sold to insurance companies, ing the war is not as likely as it was mutual savings banks, other savings instifollowing the last world war. After the tutions, and to commercial banks. Since conclusion of that war there was a brief both individuals and corporations have period of further rapid expansion in bank chosen to retain substantial amounts of credit but this expansion was later followed cash—currency and demand deposits—and by a sharp contraction, which temporarily since the individual accumulation of time reduced the liquid asset totals. In the deposits has been sizeable, sales of United period immediately following this war, States Government securities to banks have a further contraction of any substantial necessarily been large. OCTOBER 1944 955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH As is evident from an examination of the Government in taxes. The secondary retable at the beginning of this Review, hold- cipients, and subsequent ones, have repeated ings of Government securities by businesses this process of distributing the funds. and individuals by the end of this year will There are no accurate figures as to the be 43^ times as large as at the end of 1941— ownership of liquid assets, but rough estia growth that makes up nearly 60 per cent mates may be derived from available data. of the estimated 107 billion dollar growth The Securities and Exchange Commission in total liquid assets. The next largest has prepared estimates of holdings of cash proportionate expansion—to z^ times the and securities by corporations and also of 1941 level—is in currency, although demand deposits show the next largest dollar in- LIQUID ASSET HOLDINGS BY TYPE OF HOLDER crease. The growth in currency accounts BILLIONS OF DOL1 for 13 per cent, that in demand deposits for 19 per cent, and that in time deposits for 10 per cent of the total growth in liquid assets. u. s. GOV'T SECURITIES In 1944 additions to time deposits and Gov- DEPOSITS AND CURRENCY ernment security holdings have been larger than in the two previous years and together account for 84 per cent of the growth in the total; the increase in demand deposits has been small while currency growth has continued to be about the same as in the previous year. OWNERSHIP OF LIQUID ASSETS Distribution of the wartime growth in 1939 1941 1944 liquid assets among individuals, unincor- (EST) porated businesses, and corporations reflects UNIN B C U O S R IN PO ES R S ATED CORPORATIONS Figures for corporations exclude holdings of banks, insurance both the character and incidence of war companies, savings and loan associations, and all nonprofit associations. Holdings of individuals include those of professional people expenditures, as well as the other uses made as well as farmers. Estimated distribution of United States Government securities for 1939 and 1941 was based largely on Treasury data of these funds by their recipients. and extrapolated on the basis of current data to Dec. 31, 1944. The estimated distribution of demand deposits was based on Statistics of Funds distributed through Federal Gov- Income for 1939 and 1941 and on an extrapolation of Securities and Exchange data as well as on the Federal Reserve deposit survey data for Dec. 31,1944. Estimates of the liquid asset holdings of unincorpoernment expenditures have gone largely in rated businesses were based largely on the Federal Reserve deposit survey and on the Federal Reserve Retail Credit Survey. the first instance to war contractors for purchases of goods or to the members of the changes in holdings by individuals and unarmed services and other Government em- incorporated businesses taken together; the ployees. A portion of the funds received Treasury has made estimates of the ownerby the contractors represent undistributed ship of Government securities; and the profits or unexpended depreciation reserves Federal Reserve System has compiled figures retained by them. The balance has been with respect to the ownership of demand disbursed to other businesses in payment deposits. Although these figures do not for material and equipment, to individuals provide all the information needed, they in the payment of wages, salaries, interest, furnish the basis for approximate estimates, and dividends, and some has been paid to which are shown in the chart for the end 956 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH of 1939, the end of 1941, and the end of Their demand deposits increased by about 65 1944. per cent, mostly in 194Z and the first half of These estimates indicate that by the end 1943, and their holdings of Government of this year individuals will hold almost 1x5 securities, which were less than z billion billion dollars of liquid assets, or nearly dollars until the middle of 1941, are extwo-thirds of the total for businesses and pected to be about Z5 billion dollars at the individuals. Corporations will have about end of 1944. At first a large part of this a fourth and unincorporated businesses growth was in tax savings notes, but in the nearly a tenth of the total. The increase in past two years most of it has been in holdindividuals' holdings has also accounted for ings of marketable securities. nearly two-thirds of the increase in the total since 1941. The most rapid rate of increase SIGNIFICANCE OF INDIVIDUAL HOLDINGS in the gross accumulation of liquid assets Under ordinary peacetime conditions a has been by corporations, with unincor- large portion of the current savings of inporated business nearly as rapid and in- dividuals would be used to purchase housdividuals somewhat less. Even after al- ing, various durable goods, corporate securilowance for the fact that corporate tax ties, and insurance. Additions to holdings liabilities are on an accrual basis, whereas of time deposits and of Government securiindividuals and unincorporated business are ties would also be important, but increases on an essentially current basis, these in currency and demand deposits would be relationships hold. largely limited to current cash needs and, Individuals hold about two-fifths of the except in a technical sense, would hardly demand deposits, the bulk of the time de- be considered as savings. Under wartime posits and currency, and about three-fifths circumstances, individuals tend to accumuof the Government securities held by in- late larger amounts of liquid assets because dividuals and business. About half of the of the limited opportunity for the nongrowth in individuals' holdings since 1941 liquid use of savings. During the past three has been in Government securities and years the expansion in individuals' holdings nearly a fifth in currency. Demand deposits of liquid assets has amounted to 65 billion increased rapidly in 1942- and 1943, but have dollars, or no per cent. These holdings since grown more slowly, while the in- are readily available for future use and their crease in time deposits has accelerated. postwar use will have an important bearing During 1940 and 1941 corporate businesses on the course of production, employment, increased their holdings of liquid assets and incomes. by about 5 billion dollars, an amount Some clue as to possible consumer use of somewhat smaller than corporate tax ac- the wartime accumulations of liquid savcruals during the period. During these ings might be had if it were known at years corporations were making large-scale which income levels savings had accrued. expenditures for producers' goods and con- Presumably, savings by middle and upper struction. Since the end of 1941 private income groups are less likely to be tapped capital expenditures have been limited, and for current expenditures than those in lower corporations have increased their holdings income groups. Little is known, however, of cash and Government securities by about about the distribution of liquid assets by 30 billion dollars, or nearly 170 per cent. income classes. On the basis of information OCTOBER 1944 957 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH as to incomes reported for tax purposes holdings is a normal accompaniment of and the amount of taxes paid, it would increased incomes, and it is probable that appear that individuals reporting annual a portion of the additions will not be put incomes in excess of $5,000 each, which in to current use as long as incomes renumber are about 3 per cent of "all gainfully- main near existing levels. It is possible employed persons and have about an eighth also that many persons may consider part of all individual income after taxes, could or all of their increased holdings as a hardly account for more than 2.0 billion of desirable reserve for contingencies and may the 65 billion dollar increase in liquid wish to retain them in the present assets during recent years. Individuals in form. Others, who have established the these income groups probably held most habit of saving large portions of their inof the amount outstanding before the war. comes, may continue the practice and with- It appears, therefore, that persons in the hold a larger proportion of current income income groups below that level now hold than was previously customary. a substantially increased volume of liquid In any event, the greatly expanded liquid assets. Presumably most of these are held assets of individuals may serve to make the by persons with incomes of over $1,000 postwar volume of consumer expenditures each. Information as to the growth in more independent of changes in consumer bank deposits and currency indicates that incomes than in the prewar period. At persons in small towns and rural com- times when incomes decline consumption munities, including farmers, have had might be maintained. On the other hand, substantial percentage increases in their increases in incomes might lead to even holdings, and sales of war savings bonds, more rapid increases in consumption than especially through pay roll deduction plans, would be the case in the absence of the have been widespread. Much of the large volume of liquid assets. growth has occurred in areas where war These alternative possibilities indicate activities have greatly increased. that wartime developments have intro- It thus appears that a substantial part of duced a monetary element the behavior of the expansion in liquid assets belongs to which is even less foreseeable than usual, persons who ordinarily do the bulk of the so that the postwar economy possesses pospending and account for little of the saving. tentialities both of great inflation and at Spending has been restrained in wartime and the same time of considerable contraction. many goods have not been available. Hence part of the wartime holding of cash may be SIGNIFICANCE OF BUSINESS HOLDINGS in anticipation of postwar spending. It is The estimated increase during the past also possible that some individuals, having three years of about 40 billion dollars in accumulated a sizeable holding of liquid holdings of liquid assets by business, corassets during the war period, will be more porate and unincorporated, provides the inclined to spend a larger portion of current means of financing expenditure of subincome than in the prewar period. stantial sums over and above amounts There are other factors, however, which drawn from current business revenues. It may reduce the stimulus to postwar spend- thus appears likely that in the postwar ing that might come from these accumula- period business will be less dependent than tions of liquid assets. An increase in cash in the past on the banking system or the 958 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH capital market for funds. In the case of growth in liquid assets held by many corbusinesses, however, to a greater extent porations is virtually offset by enlarged than in the case of the individuals, the in- Federal tax liabilities. creased liquid asset holdings must be con- The growth in liquid holdings is, neversidered with reference to changes in cash theless, potentially a spur to large business needs and in other assets and liabilities. capital outlays. These capital outlays are These relationships were discussed more always to some extent self-financed by fully in the July BULLETIN. virtue of current undistributed profits, and Although the large holding of liquid depreciation, depletion, and other business assets by businesses will reduce the necessity charges. Business managers are probably for recourse to the banking system or the more willing to make commitments for capital market, it by no means removes capital outlays from accumulated funds such necessity. If the peacetime economy than they are when borrowing is required. should achieve the productive levels which Thus, the large accumulations of business war has shown to be possible, the size of funds, which reduce the need for recourse capital expenditures which business will to the capital market, will tend to enneed to make would require some addi- courage business investment in the postwar tional funds, particularly if present cash period. balances are maintained. The amount of funds which would be required under these POSTWAR CHANGES IN LIQUID ASSETS circumstances would probably depend upon Spending of these accumulated funds by the timing of these capital outlays. If they the individual holders—persons or business are spread over a three or four year period, concerns—in the postwar period would not funds currently retained by businesses as a in itself lead to a decline in the aggregate result of undistributed profits and deprecia- volume of such holdings. There would be tion, depletion, and other business charges shifts in their ownership and perhaps in would go a long way toward financing their composition, but the total volume these outlays. If heavy capital expendi- would probably show little decline. The tures are made within a period of a year or drawing down of deposits or the use of two, requirements for outside financing currency by one individual or business to would be somewhat greater. make current expenditures will simply Some demand for credit may also arise transfer the funds to others. Sale of Govfrom the fact that the particular firms which ernment securities to obtain cash may will need funds for capital expenditures change the composition of liquid assets but after the war may not be the same concerns will not reduce the total of cash and that have been accumulating cash during Government securities held. the war period. Although the available Any substantial decrease in the total evidence indicates that there has been a holdings can come about only through a fairly wide dispersion of funds between reduction in the public debt, not accomsmall and large companies and among com- panied by an offsetting increase in private panies in various industries, there may be debt held by the banking system. Debt a sizeable number of firms requiring ad- retirement will necessarily be a relatively vances from the banking system or the slow process and in such a period of budget capital market. In addition, a part of the surpluses it is likely that there would be OCTOBER 1944 959 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH an expansion of bank credit. A period of liquid assets may not be excessive for the budget surpluses would probably be one of postwar period. This is necessarily conactive business and high income, with a jectural. If only lack of outlets, direct sizeable amount of borrowing from banks controls, and patriotic restraint have held by both business and individuals. If busi- in check the use of the rapidly growing ness activity and incomes should expand volume of liquid assets during the war, then to such an extent as to threaten an infla- these assets might promote inflation after tionary development, a budget surplus and the war, unless their influence is counterretirement of public debt would be a stabi- acted by debt retirement or is checked by lizing influence. control measures. At the present time the recent expansion in the volume of liquid assets seems extra- EFFECT ON THE BANKING SYSTEM ordinarily large. Holdings of liquid assets, For banks the expansion of liquid assets however, must be measured against the has meant increased assets and liabilities, current requirements for such assets, which which may be expected to continue at high in turn depend not only on current levels of levels and possibly even grow further. business activity and income but also on Should individuals and businesses wish to the uncertainty both individuals and busi- liquidate some of their holdings of Governnesses may feel about their future needs. ment securities in order to spend the pro- Consequently, it is impossible to determine ceeds, these may be sold to other nonbank whether the total volume of liquid assets investors or they may be sold to banks. In at the end of the war will be greater than, the former case, assuming no other changes equal to, or less than the requirements of in public or private debt, there would be the postwar economy. no change in the composition of liquid War periods have usually been marked holdings in the aggregate, although ownerby an expansion of private ownership of ship would have shifted. If banks purliquid claims and in postwar periods this chase the securities, bank deposits, as well situation has seldom been reversed. If in as bank holdings of Government securities, the coming postwar period higher levels would increase. It is even possible that of business activity should be maintained, some individuals would wish to convert a it is conceivable that the liquid asset levels portion of their large holdings of currency achieved during the war may not be out and deposits into Government securities of line with the postwar needs. There are and would buy them from banks, in which no precise standards for measuring the case bank deposits would decline, although amount of liquidity that business concerns the aggregate liquid asset holdings of want in relationship to current volume of businesses and individuals would show no transactions or that individuals want in change. relationship to their current income. It Banking developments after the war will appears, however, that over long periods of depend to a greater extent than in the war time the demands for liquid assets have period on the demand for private credit. grown relatively faster than the aggregate Although some concerns may be out of the of business transactions and of individual borrowing market because of large liquid incomes. With allowance for such growth asset holdings, others will be seeking funds. the existing level of cash balances and other There will undoubtedly be some new and 960 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH rapidly growing firms that will be potential liquidate holdings of Government securiborrowers from banks. Extension of such ties in order to provide funds for curloans will depend in part upon the willing- rent use, banks may be called upon to purness and ability of the banking system to chase these securities. In this event there make advances to more dynamic and would be a conversion of United States rapidly growing firms whose credit has Government securities held by individuals not yet been established. New credit and business concerns to cash forms—curstandards may be needed in the postwar era. rency and demand deposits. This would Consumer borrowings, which in the past LOANS AND INVESTMENTS OF ALL BANKS have been a sizeable element directly or indirectly in the volume of bank credit extended, may increase again notwithstanding the large consumer holdings of liquid assets. Individuals may seek credit for their postwar purchases even though holding large savings. Although the total volume of bank credit may expand in the postwar period, there is a likelihood that the expansion will be smaller relative to the general level of incomes and business activity than was true in the prewar period. In retrospect it now appears that the large growth in liquid assets in the previous war meant that, although banks grew after the war, the de- Includes commercial and mutual savings banks. Federal Reserve mands on them for the types of credit pre- Banks are excluded. viously customary were relatively not as result in a growth of bank holdings of great as they had been prior to that war. Government securities. In other words, It was then that bank holdings of securities part of the financing of consumers and of and security loans began to increase so businesses by banks after the war may take rapidly. Changes in bank loans and in- the indirect form of bank purchases of vestments over the past three decades are Government securities from the public shown in the chart. rather than the direct form of bank loans If businesses and individuals should and purchase of corporate securities. 961 OCTOBER 1944 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 War mission of the form of T-Loan Guarantee Agree- Contract Termination ment bearing the date of September 1, 1944, for use in guaranteeing loans under the Contract 1944 V-Loan Guarantee Agreement Settlement Act of 1944, and of the 1944 V-Loan Guarantee Agreement bearing the date of Sep- In connection with the inauguration of the tember 15, 1944, for use in guaranteeing loans program of T-Loan guarantees under the Conunder Executive Order 9111, the Board of Govertract Settlement Act of 1944, the War and Navy nors requested the opinion of the Comptroller Departments and the United States Maritime of the Currency as to whether these forms of Commission have adopted a revised form of guarantee agreement comply with the requireguarantee agreement for use in the guaranteeing ments of the Comptroller's definition of the term of V and VT loans under Executive Order No. "unconditional" as used in Exception 10 to 9112.. The revised form is entitled "1944 Vsection 5x00 of the United States Revised Stat- Loan Guarantee Agreement" and bears the utes relating to the loan limitations applicable identifying date of September 15, 1944. to national banks. The only major difference between the revised form of guarantee agreement and the form of In response to the Board's request, the Comp- April 6,1943, which it supersedes, is the elimina- troller of the Currency, in letters dated Septemtion of provisions of former sections 5 and 6, ber 5 and September 2.5, 1944, expressed the which provided for an increase in the guaranteed opinion that guarantees executed on such forms percentage and for waiver of interest and suspen- of guarantee agreement would come within the sion of maturity of the loan in the event of can- purview of Exception 10 to section 5x00 of the cellation of the Borrower's war production Revised Statutes and the definition of the term contracts. "unconditional" as used therein. Accordingly, to the extent that loans by a national bank are Guarantees executed on the revised form are subject to guarantees on either of these forms of subject to the same schedule of guarantee and agreement, they are exempt from the limitations commitment fees and maximum rate of interest of section 5x00 of the Revised Statutes on loans as have been prescribed with respect to T-Loan by national banks to one person. guarantees and loans. Such schedule of fees and maximum rate of interest were published in the Foreign Funds Control September issue of the Federal Reserve BULLETIN, at page 879. Treasury Department Releases Copies of the printed 1944 V-Loan Guarantee The following releases relating to transactions Agreement and accompanying Explanatory in foreign exchange, etc., in addition to those Notes are available at all Federal Reserve Banks. heretofore published in the Federal Reserve BUL- National Bank Loan Limitations LETIN, have been issued by the Office of the Secretary of the Treasury under authority of the In connection with the recent adoption by the Executive Order of April 10, 1940, as amended, War and Navy Departments and Maritime Com- and the Regulations issued pursuant thereto: 961 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Treasury Department domestic bank is authorized to effect such remittances, provided the following terms and conditions arc complied with: Foreign Funds Control (a) Such remittances are made only for the necessary August 2.3, 1944 living expenses of the payee and his household and do not exceed $500 in any one calendar month to any PUBLIC INTERPRETATION NO* 17 one household; Under Executive Order No. 8589, as Amended, Executive Order (J>) Such remittances arc not made from a blocked account No. 9193, Sections 3(0) and /(£) of the Trading with the Enemy other than from an account in a banking institution Act, as Amended by the First War Powers Act, 1941, Relating within the United States in the name of, or in which to Foreign Funds Control the beneficial interest is held by, a citizen of the Subject: Status of members of the armed forces of the United United States who is the payee or a member of his States and United States citizens accompanying such armed household; and forces while in enemy territory. (c) Such remittances are effected only by the payment of Inquiry has been made as to whether members of the the dollar amount of the remittance to a domestic armed forces of the United States or citizens of the United bank for credit: States accompanying such armed forces in the course of their (i) When the remittance is to any individual within employment by the Government of the United States or by the area specified in paragraph (8) (a) hereof, to any organization acting on its behalf arc enemy nationals a post-liberation blocked account in the name of if they are within enemy territory. "Bank of Sicily, Account AF." The Treasury Department has replied in the negative. (11) When the remittance is to any individual within The fact that such persons are within enemy territory does the area specified in paragraph (8) (b) hereof, to not make them enemy nationals, and they arc not to be re- a post-liberation blocked account in the name of garded as enemy nationals even though captured or reported "Bank of Naples, Account AF." missing. Accordingly, a waiver of General Ruling No. 11 (1) Duty of individuals and domestic banks acting under this is not required to act upon instructions received* from such license. All individuals making such remittances and all persons. domestic banks effecting such remittances shall satisfy them- The Treasury Department also has ruled that accounts of selves that the foregoing terms and conditions arc complied members of the armed forces of the United States and of with. citizens of the United States accompanying such armed (3) Reports by domestic banks effecting remittances. Doforces in the course of their employment by the Government mestic banks through which any such remittances originate of the United States or by any organization acting on its shall execute promptly Section A of Form TFR-132. with behalf may be operated under General License No. 37. This respect to each such remittance. When so executed, Form general license is applicable to the accounts of such persons, TFR-132. shall be forwarded promptly to the domestic bank regardless of their presence within enemy territory and even ultimately transmitting abroad the payment instructions for though they are captured or reported missing. such remittances and the latter bank shall, upon receipt OR vis A. SCHMIDT, thereof, execute Section B of Form TFR-132. and promptly Acting Director. file such executed report with the appropriate Federal Reserve Bank. If the domestic bank through which any such remit- Treasury Department tance originates is also the bank ultimately transmitting Foreign Funds Control abroad the payment instructions for such remittance, then such bank shall execute both Sections A and B of such report. August 2.9, 1944 No report on Form TFR-13Z shall be deemed to have been GENERAL LICENSE NO. 32.A, AS AMENDED filed in compliance with this general license unless both Under Executive Order No. 8389, as Amended, Executive Order Sections A and B thereof have been duly executed as herein No. 9193, Section /(£) of the Trading with the Enemy Act, as prescribed. Amended by the First War Towers Act, 1941, Relating to Foreign (4) Reports by domestic banks maintaining post-liberation Funds Control? blocked accounts. Domestic banks maintaining post-liberation blocked accounts pursuant to this general license shall report (1) Certain remittances to specified liberated areas for living promptly the establishment of such accounts, and the balexpenses authorised. A general license is hereby granted ances therein at the end of each calendar month, to the authorizing remittances by any individual through any appropriate Federal Reserve Bank. domestic bank to any individual within the liberated areas (5) Refunds. Domestic banks are authorized to refund specified in paragraph (8) of this general license, and any the amount of any remittance ordered pursuant to this gen- *Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 eral license when such domestic banks are advised that such Stat. 838; Ex. Order 8389, April 10,1940, as amended by Ex. Order 8785, June 14,1941, Ex. Order 8832, July 26,1941, Ex. Order 8963, Dec. 9,1941, remittance cannot be effected. and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6,1942; Regulations, April 10,1940, as amended June 14,1941, and July 26,1941. (6) Waiver of General Ruling No. 11 and General Ruling 963 OCTOBER 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT No. 5 A. Transactions authorized herein and communications Qi) to which funds may be credited only pursuant to with persons in the areas specified in paragraph (8) hereof this license or any other license or other au* relating thereto are authorized notwithstanding General thorization expressly referring to a post-libera- Ruling No. II. Domestic banks are authorized, notwith*. tion blocked account; and standing General Ruling No. 5A, to send to and receive from (iii) with respect to which payments, transfers, or the banks referred to in paragraph (1) (c) hereof non- withdrawals or other dealings may not be made negotiable bank payment orders covering remittances or or effected except pursuant to this license or any refunds authorized herein. other license or other authorization expressly (7) Definitions. As used in this general license: referring to a post-liberation blocked account. (a) The term "household" shall mean: (8) Designation of liberated areas to which remittances may be (1) those individuals sharing a common dwelling as effected. The liberated areas covered by this general license a family; or are: (ii) any individual not sharing a common dwelling (a) Sicily; with others as a family. (b) Sardinia and the following provinces of Italy: Co- (b) The term "post-liberation blocked account" shall senza, Reggio Calabria, Potenza, Foggia, Bari, Brinmean a blocked account: disi, Catanzaro, Matera, Avellino, Taranto, Leccc, (i) which is established pursuant to this license or Naples, Salerno, Benevento, Rome, Littoria, Froany other license or other authorization ex- sinone, and Campobasso. pressly referring to a post-liberation blocked HERBERT E. GASTON, account; Acting Secretary of the Treasury. 964 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS Federal Reserve Meetings having been on the staff of the Federal Reserve Board for two and one-half years, Mr. Gidney The Federal Advisory Council met in Washjoined the staff of the Federal Reserve Bank of ington September 17-18, 1944, and on Septem- New York, where he has served in various offiber 18, 1944, met with the Board of Governors cial capacities, including Manager of the Buffalo of the Federal Reserve System. Branch, Controller of Loans, Deputy Governor, A meeting of the Presidents' Conference was Assistant Federal Reserve Agent, and Vice held in Washington on September 18-10, President. 1944. The Board of Governors of the Federal Reserve System met with the Presidents' Con- Resignation of Mr. Stroud and Appointment of Mr. ference on September zz, 1944. Gentry as First Vice President of the Federal A meeting of the Federal Open Market Com- Reserve Bank of Dallas mittee was held in Washington on September Mr. E. B. Stroud resigned as First Vice Presi- 1944. dent and General Counsel of the Federal Reserve Bank of Dallas, effective September 30, 1944, to Retirement of Mr. Fleming and Appointment of Mr. resume the general practice of law. After Gidney as President of the Federal Reserve Bank of Cleveland having served the Bank as counsel for many years, he was appointed First Vice President and Mr. Matthew J. Fleming, who had been an General Counsel in June 1939. officer of the Federal Reserve Bank of Cleveland Mr. W. D. Gentry, Vice President and Cashier for nearly 30 years, resigned as President of the of the Bank, was appointed First Vice President, Bank, effective at the close of business Septemeffective October 1, 1944. Mr. Gentry has been ber 15, 1944, having availed himself of the a member of the Bank's staff since April 1916, privilege of retiring under the provisions of the and has been an officer of the Bank since June Retirement System of the Federal Reserve Banks. 1913. Mr. Fleming was a member of the original staff Appointment of Branch Director of officers appointed in November 1914, and since January 1935 had served first as Governor, On September 14, 1944, the Federal Reserve and then as President of the Bank. Bank of Kansas City appointed Mr. Philip K. Mr. Fleming was succeeded as President by Alexander, Vice President of The First National Mr. Ray M. Gidney, formerly a Vice President Bank, Denver, Colorado, a director of the Denof the Federal Reserve Bank of New York, who ver Branch for the unexpired portion of the term also has been with the Federal Reserve System ending December 31, 1945, to succeed Mr. for a period of nearly 30 years. In 1917, after Clarence H. Adams, deceased. 965 OCTOBER 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS Admissions of State Banks to Membership in the Missouri Federal Reserve System Hamilton—The Hamilton Bank The following State banks were admitted to membership in the Federal Reserve System dur- New Jersey ing the period August 16,1944, to September 15, Elizabeth—Union County Trust Company 1944, inclusive: New York Connecticut Great Kills—The South Shore Bank of Staten Bridgeport—The Bridgeport-City Trust Com- Island pany Madrid—Madrid Bank Illinois Pennsylvania Coif ax—Peoples State Bank of Coif ax Lebanon—The Farmers Trust Company of Galesburg—Bank of Galesburg Lebanon, Pa. Tennessee Indiana Columbia—The Middle Tennessee Bank Hammond—Mercantile Bank Vermont Iowa Brattleboro—Brattleboro Trust Company Belmond—First State Bank Wisconsin Kansas Florence—State Bank of Florence Minneapolis—The Ottawa County Bank Spring Green—State Bank of Spring Green CORRECTION—ARTICLE ON BRETTON WOODS AGREEMENTS In the article on Brett on Woods Agreements, The sentence, which follows almost exactly the which appeared in the BULLETIN for September, text of the Articles of Agreement on the Interplease eliminate commas on page 8$x, column national Monetary Fund, should read: "Also it 1, third line from the bottom. The correction must not reject such a change on account of the is important because the commas, which were domestic social or political policies of the put in by error, completely change the meaning of the sentence, a vital one in the Agreements. proposing member." 966 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Compiled September 22, and released for publication September 26. Figures shown on charts may differ from preliminary figures used in text. Industrial output and employment showed durable goods was maintained at the level of little change in August. Retail trade was at a the preceding month. new high level for the month. There was a Minerals output in August rose 2. per cent small further rise in retail commodity prices. from July, reflecting increases in coal and crude petroleum. Crude petroleum production was at INDUSTRIAL PRODUCTION a rate 11 per cent above the same month last Output at factories and mines was 2.3 z per year. cent of the 1935-39 average in August as compared with 2.31 for July, according to the Board's DISTRIBUTION seasonally adjusted index of industrial produc- Value of department store sales, according to tion. Steel production was maintained, while the Board's seasonally adjusted index, was larger output of nonferrous metals continued to decline. in August and the first half of September than Overall, activity in the metal fabricating indus- in the first half of 1944 and averaged 12. per cent tries continued at the level of the preceding above the corresponding period of last year. month. There were large increases in output In the third quarter the index at 90 per cent of heavy trucks, tanks, and some other critical above the 1935-39 average has been at the highordnance items in August; aircraft production est level on record. showed little change; while shipbuilding de- Carloadings of railroad freight were mainclined. tained in large volume in August. During the Output increased in the shoe, woolen and first three weeks in September loadings were worsted, and paper industries in August follow- slightly less than during the same period a year ing a drop in July which reflected chiefly the cur- ago, owing to decreases in all classes of freight tailment of operations around the Fourth. Out- except merchandise in less than carload lots and put of manufactured foods, after allowance for miscellaneous shipments. seasonal changes, declined in August, largely reflecting decreases in output of meats, dairy COMMODITY PRICES products, and sugar products. Distilleries were Wholesale prices of farm products and foods shifted for the month of August from production showed small seasonal decreases from the middle of industrial alcohol for war purposes and output of August to the middle of September. Maxiof about 50 million proof gallons of beverage mum prices of such industrial goods as cotton fabrics, cement, and bricks were increased. spirits was reported. Production of other non- DEPARTMENT STORE SALES AND STOCKS INDUSTRIAL PRODUCTION 80 80 i L 1937 1938 1939 1940 1941 1942 1943 1944 1940 1942 1944 1940 1942 1944 Federal Reserve indexes. Groups are expressed in terms of points Federal Reserve indexes. Monthly figures, latest shown are for in the total index. Monthly figures, latest shown are for August. August. 967 OCTOBER 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Retail prices of food and other cost of living weekly reporting member banks in 101 leading items increased slightly in August and the aver- cities declined by z.x billion dollars. Loans to age of all items was 2. per cent higher than a brokers and dealers for purchasing and carrying year ago, according to the Bureau of Labor Government securities declined to a level ap- Statistics index. proximately equal to that of the predrive period. There was, however, a temporary increase in AGRICULTURE such borrowings in late August and early Sep- Crop prospects improved during August and tember presumably associated with market the early part of September and harvests of most transactions stemming from the Treasury offer major crops are expected to be larger than last to exchange certificates maturing on September 1 season. Marketings of livestock products, and notes maturing on September 15 for new which were at a record level earlier this year issues. Loans to others for purchasing and and 15 per cent higher than during the first six carrying securities declined steadily, but on months of 1943, have declined in July and September 13 were still well above the predrive August to about the same level as that prevaillevel. Government security holdings showed a ing last year. net decline of 800 million dollars over the BANK CREDIT period, reflecting mainly substantial bill sales Bank deposits of businesses and individuals, by reporting banks partially offset by some as well as currency in circulation, have increased increase in bond holdings. since the end of the Fifth War Loan Drive. This As the result of the increase in deposits of increase in the money holdings of businesses and businesses and individuals, the average level of individuals is largely a reflection of the expendirequired reserves at all member banks rose by tures made by the Treasury from its war-loan about a billion dollars between the close of the accounts built up during the drive. Adjusted Fifth Drive and mid-September. In addition, demand and time deposits at member banks in a billion dollar increase in money in circulation leading cities increased by nearly 4 billion doland some further decrease in gold stock served lars between the close of the drive and midto absorb reserve funds. Member bank needs September, or by over three-quarters of the for reserves due to these factors were met largely amount of reduction in such funds during the through an increase of 1.7 billion dollars in the drive. Deposits at nonreporting banks prob- Government security portfolio of the Federal ably increased by nearly 2. billion dollars. Reserve Banks and there was also a slight in- Treasury war-loan accounts at banks declined by crease in Reserve Bank discounts. Excess renearly 8 billion dollars. serves declined from an average level of 1.4 bil- In the same period loans and investments at lion at the close of the drive to somewhat less MEMBER BANKS IN LEADING CITIES than a billion by early September. Demand deposits (adjusted) exclude U. S. Government and interbank deposits and collection items. Government securities include 1939 1940 1941 1942 1943 1944 direct and guaranteed issues. Wednesday figures, latest shown are Breakdown between required and excess reserves partly estimated. for Sept. 20. Wednesday figures, latest shown are for Sept. 27. 968 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items 971 Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements 97Z Federal Reserve Bank statistics „ 973~977 Guaranteed war production loans 977 Deposits and reserves of member banks 977~978 Money in circulation 979-980 Gold stock; bank debits and deposit turnover 980 Deposits and currency; Postal Savings System; bank suspensions. . 981 All banks in the United States, by classes 981-983 All insured commercial banks in the United States, by classes. . . . 984-985 Weekly reporting member banks 986-989 Commercial paper, bankers* acceptances, and brokers' balances. . 990 Money rates and bond yields 991 Security markets 992-~993 Corporate profits 994 Treasury finance 995"997 Government corporations and credit agencies 998 Business indexes 999-1008 Department store statistics 1009-1011 Consumer credit statistics ioiz-1013 Wholesale prices 1014 September crop report, by Federal Reserve districts 1015 Current statistics for Federal Reserve chart book 1016-1017 All member banks—Assets and liabilities on June 30, 1944, by classes of banks 1018 Assets and liabilities of insured commercial banks in United States and possessions, June 30, 1944, Dec. 31 and June 30, 1943 • • • • 1019 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System 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 Monetary Statistics; back figures for most other tables may be obtained from earlier BULLETINS. OCTOBER 1944 965 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF OOLLARS 10 10 1938 1939 1940 1941 1942 1943 1944 Wednesday figures, latest shown are for Sept. 27. See p. 971. 97O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Member bank reserve Date c v o a D a a n u i n d s c n d - - e ts s T U o . t a S l s . e G cu o r v i e ti r e n s m o e A n th t l e l r ot A h l e l r1 Total s G t o o l c d k T s r r t u c o e e i a u r u n a n n r t c s y g d - - y - - M i c n t u i o c o l n a i n e r - - y T c i h r u n a o e g r s l a y h s d s - - F u T B p r e w s y o r d a R e e i s n r e e t d a i v - h r 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 u e r r c h e v d - a n - e e l - t r s Tot b a a l lan E ce x s cess2 Monthly averages of daily figures: 1943—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 Aug 27 8,440 6,238 2,202 413 8,880 22,305 4,093 18,196 2,277 316 1,562 331 12,597 1,136 1944—June 155 14,920 .2,279 2,641 420 15,495 21,214 4,104 22,296 2,334 347 1,953 364 13,518 1,081 July 35 14,745 2,176 2,569 421 15,201 21,077 4,108 22,580 2,317 396 1,829 364 12,900 1,232 Aug 71 15,367 .2,963 2,404 361 15,800 20,975 4,111 22,988 2,359 385 1,780 370 13,004 1,006 End of month figures: 1943—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 , Aug. 31 59 9,088 6,861 2,227 319 9,466 22,243 4,087 18,529 2,271 249 1,561 330 12,855 1,123 1944—June 30 13 14,901 2,254 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 2,447 2,468 374 15,325 20,996 4,109 22,699 2,346 388 1,779 363 12,855 1,188 Aug. 31 95 15,806 .3,456 2,350 299 16,201 20,926 4,114 23,292 2,374 381 1,753 369 13,X)72 846 Wednesday figures: 1943—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 Tan. 12.. 47 11,855 9,543 2,312 413 12,315 21,938 4,092 20,404 2,318 638 1,845 339 12,801 1,128 Jan. 19. . 41 11,913 9,598 2,314 464 12,418 21938 4093 20,408 2,327 404 1,959 338 13,014 1,122 Jan. 26.. 24 12,026 9,711 2,315 334 12,385 21928 4093 20,387 2,331 351 1,994 340 13,002 1,023 Feb. 2 .. 24 11,781 9,162 2,618 327 12,132 21910 4093 20,534 2,322 175 1,916 342 12,847 1,538 Feb. 9 .. 22 11,169 8,560 2,609 319 11,511 21836 4094 20,586 2,315 8 1,707 341 12,482 1,444 Feb. 16 .. 32 11,394 8,782 2,612 534 11,961 21802 4093 20,610 2,335 360 1,968 340 12,244 1,269 Feb. 23 .. 47 11,816 9,237 2,579 377 12,240 21742 4090 20,696 2,336 646 1,944 340 12,109 1,077 Mar. 1... 37 11,624 9,043 2,581 381 12,042 21712 4091 20,823 2,350 140 1,815 337 12,380 1,215 Mar. 8... 52 12,029 9,443 2,586 357 12,438 21670 4090 20,963 2,340 269 1,905 339 12,383 1,013 Mar. 15... 65 12,110 9,507 2,603 467 12,643 21670 4089 21,006 2,342 77 1,922 352 12,705 1,263 Mar. 22 .. 65 12,243 9,637 2,606 415 12,722 21600 4090 20,934 2,333 495 1,893 352 12,405 926 Mar. 29... 83 12,297 9,685 2,613 369 12,749 21600 4092 21,037 2,329 753 1,918 351 12,053 630 Apr. 5... 44 12,332 9,719 2,613 389 12,766 21540 4093 21,191 2,347 426 1,801 356 12,277 859 Apr. 12... 55 12,648 10,040 2,609 402 13,106 21479 4093 21,295 2,327 274 1,823 356 12,604 986 Apr. 19... 87 12,734 10,128 2,606 508 13,330 21469 4093 21,334 2,321 204 1,967 362 12,704 927 Apr. 26... 89 12,998 10,392 2,606 398 13,485 21429 4094 21,396 2,327 373 2,019 357 12,537 640 May 3... 85 13,292 10,679 2,613 353 13,730 21375 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 21375 4097 21,725 2,333 214 1,826 356 12,729 771 May 17... 152 13,808 11,196 2,613 421 14,382 21354 4099 21,846 2,298 397 1,953 355 12,986 936 May 24... 227 13,989 11,376 2,613 309 14,525 21324 4100 21,911 2,333 389 1,960 355 13,000 764 May 31 .. 236 14,251 11,613 2,638 272 14,759 21264 4101 22,160 2,310 307 1,946 355 13,046 711 June 7 .. 240 14,609 11,972 2,638 334 15,183 21212 4101 22,255 2,330 262 1,934 357 13,358 818 June 14 .. 173 15,001 12,362 2,639 431 15,606 21211 4104 22,333 2,332 154 2,028 359 13,715 1,059 June 21 .. 172 15,180 12,539 2,641 435 15,786 21201 4107 22,293 2,339 334 2,000 369 13,758 1,213 June 28 .. 52 15,081 12,434 2,647 291 15,423 21193 4107 22,421 2,3-14 561 1,978 369 13,081 1,239 July 5 22 14,738 12,091 2,647 325 15,085 21133 4107 22,598 2,296 219 1,861 364 12,987 1,470 July 12 45 14,816 12,174 2,642 374 15,236 21114 4107 22,561 2,303 517 1,863 364 12,849 1,563 July 19 39 14,556 12,037 2,519 403 14,999 21047 4109 22,531 2,348 360 1,798 364 12,754 1,462 July 26 37 14,802 12,309 2,493 285 15,124 20996 4111 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 4112 22,734 2,339 261 1,771 368 12,884 1,190 Aug. 9 62 15,222 12,781 2,441 319 15,604 20996 4108 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 4109 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 4112 23,047 2,404 549 1,766 370 12,922 868 Aug. 30 85 15,852 13,502 2,350 230 16,167 20946 4114 23,221 2,407 318 1,779 370 13,132 928 Sept. 6 105 16,030 13,688 2,342 374 16,509 20,906 4114 23,432 2,380 354 1,768 373 13,221 846 Sept. 13.... 116 16,407 14,065 2,342 392 16,916 20,885 4112 23,495 2,384 370 1,765 373 13,526 971 Sept. 20 172 16,540 14,220 2,320 524 17,237 20,885 4114 23,558 2,390 699 1,758 385 13,445 878 Sept. 27.... 16,501 14,190 2,311 353 16,943 20,825 4,114 23,658 2,373 483 1,627 386 13,355 865 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. OCTOBER 1944 971 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect September 30. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, Advances secured by or corporations other than member banks Government obligations secured by direct obligations of the U. S. Advances secured by maturing or callable (last par. Sec. 13) Federal Reserve Bank G ca t o i l o l v a n e b s r l n e m m i a n e t n u o t r n i o n e b g y l i e o g a r a r - be d y i o s n c d o u o n n t e s y o e f a a r n a d nd Other s [S ec ec u . r e 1 d 0 ( a b d ) v j i or less (Sec. 13) advances secured by (Se e e li s g . i 1 b 3 le a p n a d p e 1 r 3 a) , 1 To nonmember banks Toothers 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 Oct. 17, 1942 Cleveland Oct. 27, 1942 Apr. 11, 1942 Sept. 12, 1942 Apr. 11, 1942 Oct. 27, 1942 Richmond Oct. 28, 1942 Mar. 14, 1942 Oct. 28, 1942 Mar. 14, 1942 Oct. 28, 1942 Atlanta Oct. 15, 1942 Mar. 21, 1942 Oct. 15, 1942 Sept. 16, 1939 Oct. 15, 1942 Chicago Oct. 17, 1942 Feb. 28, 1942 Aug. 29, 1942 Sept. 1, 1939 Oct. 17, 1942 St. Louis Oct. 27, 1942 Mar. 14, 1942 Mar. 14, 1942 Sept. 16, 1939 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 Oct. 17, 1942 San Francisco Oct. 28, 1942 Apr. 4, 1942 Oct. 28, 1942 Apr. 4, 1942 Oct. 28, 1942 1 Rates shown also apply to advances secured by obligations of Federal Intermediate Credit Banks maturing within 6 months. NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal Intermediate Credit Banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or corporations made under the last paragraph of Section 13 is 90 days. Back figures.See Banking and Monetary Statistics, Tables 115-116,'pp. 439-443. FEDERAL RESERVE BANK BUYING RATES ON BILLS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS [Per cent per annum ] AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT Maturity Rate on In effect be- Previous Maturities not exceeding five years Sept. 30 ginning- rate fin effect September 30. Per cent per annum] T B r a e n a k s e u r r s y ' a b c i c ll e s p 1 tances :2 % Apr. 30, 1942 To c o in m d m us e t r r c i i a a l l or 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 m u h f l p a l a 2 v o d t T e n M e u r s r b e i i i r r n a e t e e y e s i q d m u n u a r u e b m t y m s y t t a b h d t i b b e e l h e l u e s s f s y a o u o i s m r b n f e e f j g e l e e l m e r c r r e r t a a d a , t t t . t e w e u o s r e o r i E r o f e t e y f p n f d , u e m i p c r s w c a r t c i i h d o o v m a e u u e s e l n d e o A t b n . o u s a p e g c n S l t o . l k i i n o 3 n e b d n , c r a i . e s t c 1 ' i k 9 o M a 4 n c 2 a b c , y i t e l h p l p s 1 u a t 5 t a r c , o n h f t c 1 h a e 9 e s l s 4 e i . 3 k s R , e e o a s a f l e l m r s v p o u e u u c r h n c t B h b a a a i n s l n e l k s d s , , lo O an n s , 1 co m m O e m n n. t i s t- f o o i b p r n t i l o s o i O w r t g n i t a n h t i o u t i i e c s n - d h m p O o a n i r n t r i i o e n - n g m O it n m c e o n m ts - Ba^k figures —See Banking and Monetary Statistics, Table 117, pp. 443-445 MEMBER BANK RESERVE REQUIREMENTS Boston New York.... [Per cent of depositsl Philadelphia. Cleveland.... Net demand deposits1 Time Richmond.. deposits Atlanta 23^-5 C r b e e c s a n i e n t t r y k r v s a e l R b e c a s i n t e y k rv s e C b o a u n n k tr s y m ba e ( n m a k l b s l e ) r M C St h i . n i L c n a e o g a u p o i o s .. . l . . i . . s 2^5 Kansas City... June 21, 1917-Aug. 15, 1936 13 10 Dallas Aug. 16, 1936-Feb. 28, 1937 19H 15 San Francisco.. Mar. 1, 1937-Apr. 30, 1937 22% 17^ May 1, 1937-Apr. 15, 1938 26 20 1 Including loans made in participation with financing institutions. Apr. 16, 1938-Oct. 31, 1941 22^ 17H 12 2 Rate charged borrower less commitment rate. Nov. 1, 1941-Aug. 19, 1942 26 20 14 3 Rate charged borrower. Aug. 20, 1942-Sept.l3, 1942 .... 24 20 14 4 May charge same rate as charged borrower by financing institution, if Sept. 14, 1942-Oct. 2, 1942 .... 22 20 14 lower. Effective Oct. 3, 1942 20 20 14 5 Financing institution is charged 34 per cent on undisbursed portion of loan under commitment. 1 Demand deposits subject to reserve requirements; i.e.^ demand de- Back figures.—See Banking and Monetary Statistics,Table 118, pp. 446-447. posits other than war loan deposits, minus cash items in process of collection and demand balances due from domestic banks. MAXIMUM RATES ON TIME DEPOSITS Maximum rates that may be paid by member banks as established by MARGIN REQUIREMENTS* the Board of Governors under provisions of Regulation Q [ Per cent cf 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 o e c f c o A G r c d o t a v n e o c r f e n o 1 r w 9 s 3 it 4 o h f t S h e e c F ur e i d ti e e r s al O A 1 c p 1 9 t 9 r . 3 . 3 6 3 7 1 - 1 , , E N ff o 1 e 9 v c 3 . t 7 i 1 v , e N Ja o n v .3 . 1 1, , 1 1 9 9 3 3 3 5 - D Fe e b c . . 1 3 , 1 1 ,1 9 9 3 3 5 5 - Ja E n ff . e 1 c , t 1 i 9 v 3 e 6 Savings deposits ^ Postal savings deposits... For extensions of credit by brokers and dealers on Other deposits payable: listed securities, under Regulation T 40 In 6 months or more— For short sales, under Regulation T 50 In 90 days to 6 months. For loans by banks on stocks, under Regulation U.... / 40 In less than 90 days 1 Regulations T and U limit the amount of credit that may be extended on NOTE.—Maximum rates that may be paid by insured nonmember banks a security by prescribing a maximum loan value, which is a specified as established ^ by the F. D. I. C, effective Feb. 1, 1936, are the percentage of its market value at the time of the extension; the "margin same as those in effect for member banks. Under Regulation Q the rate requirements" shown in this table are the difference between the market payable by a member bank may not in any event exceed the maximum value (100%) and the maximum loan value. rate payable by State banks or trust companies on like deposits under 2 Requirement under Regulation T was the margin "customarily re- the laws of the State in which the member bank is located. quired" by the broker. 3 Regulation U became effective May 1,1936. NOTE —Regulations T and U also provide special margin requirements on "omnibus" accounts and loans to brokers and dealers. 972. 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 fin thousands of dollars] Wednesday fisu End of menth 1944 1943 Sept. 27 Sept. 20 Sept. 13 Sept. 6 Aug. 30 Aug. 23 Aug. 16 Aug. 9 August July August Assets Gold certificates on hand and due from U. S. Treasury.. 18,170,56518,234,36518,245,865 18,284,86518,324,36518,336,365 18,415,365 18,,417,36518,304,367 18,,396,12219,970,214 Redemption fund—F.R. notes.. 478,668 476,548 470,466 452,938 454,551 444,323 417,036 416,748 454,551 427,226 100,847 Other cash 264,510 264,495 264,279 261,292 268,644 271,772 270,009 273,331 269,408 280,944 317,745 Total reserves 18,913,74318,975,40818,980,61018,999,09519,047,560 19,052,460 19,102,41019,107,444 19,028,32619,104,292 20,388,806 Discounts and advances: For member banks 87,535 170,942 114,970 103,655 84,324 105,554 52,374 60,680 94,374 36,114 58,664 For nonmember banks, etc 845 925 925 975 975 975 965 965 975 965 125 Total discounts and advances 88,380 171.867 104,630 85,299 53,339 61,645 95,349 37,079 58,789 Industrial loans 8,908 10,030 10,056 10,078 10,330 10,774 10,205 10,838 11,680 U. S. Government securities: Direct: Bills: Under repurchase option 4,832,077 5,085,163 5,096,582 4,814,485 4,585,247 4,276,439 3,867,068 3,838,942 4,582,622 3,563,858 4,486,492 Other 5,815,895 5,665,720 5,549,540 5,491,480 5,535,085 5,567,480 5,578,790 5,560,283 5,491,480 5,500,697 1,214,463 Certificates: Special Other 3,542,490 3,468,990 3,418,990 3,381,990 3,381,990 3,381,990 3,381,990 3,381,990 3,381,990 3,381,990 1,160,050 Notes 1,064,871 1,069,371 1,073,371 1,073,371 1,077,871 1,091,271 1,106,671 1,111,771 1,077,871 1,119,571 720,900 Bonds 1,243,426 1,248,426 1,266,426 1,266,426 1,269,426 1,272,626 1,294,426 1,326,826 1,269,426 1,345,936 1,472,932 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. 16,501,25916,540,17016,407,40916,030,25215,852,11915,592,30615,231,44515,222,31215,805,88914,914,552 9,087,953 Other Reserve Bank credit outstanding 343,97' 514,439 382,322 363,56: 219,545 289,539 386,796 309,429 289,402 362,948 307,403 Total Reserve Bank credit outstanding 16,942,52417,236,506 16,167,04115,998,72715,681,91015,604,16016,200,84515,325,417 Liabilities Federal Reserve notes 20,086,98420,001,39; 19,695,05419,521,28719,440,26519,331,77819,735,00119,126,734 Deposits: Member bank—reserve account 13,354,98813,444,62313,526,08713,221,14213,132,25912,921,51512,934,74212,809,60113,071,56312,855,40612,855,368 U. S. Treasurer—general account 483,410 699,234 369,864 354,012 318,116 548,723 316,983 487,496 381,464 387,851 249,210 Foreign 1,262,346 1,405,487 1,406,259 1,404,088 1,396,901 1,404,544 1,440,318 1,446,333 1,401,168 1,443,743 1,190,865 Other deposits 364,616 352,923 358,940 364,238 382,080 361,793 363,628 343,749 351,82; 335,290 369,784 k Total deposits. 15,465,36015,902,26715,661,15015,343,48015,229,35615,236,57515,055,67115,087,17915,206,02015,022,29014,665,227 Ratio of total reserves to deposit and F.R. note liabilities combined (per cent) 53.2 53.3 54.0 54.8 55.5 54.5 55.9 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD EY FEDERAL RESERVE BANKS [In thousands of dollars! Total 1 W 5 i d th a i y n s 1 d 6 a t y o s 30 31 d a to y s 60 61 d t a o y 9 s 0 9 m 1 t o o d n a 6 t y h s s 6 1 m t y o o e n a th r s 2 l y y t e e o a a r rs 5 2 y y t e e o a a r r s s 5 O y v e e a r rs Discounts and advances: Aug. 30 85,299 63,549 7,800 4,625 9,325 Sept. 6 104,630 82,855 6,810 6,315 8,650 Sept. 13 115,895 92,505 13,905 3,520 5,965 Sept. 20 171,867 139,087 9,890 3,025 19,865 Sept. 27 88,380 73,190 2,575 775 11,840 Industrial loans: Aug. 30 10,078 8,774 557 22 9 547 70 Sept. 6 10,056 8,717 599 19 346 214 68 Sept. 13 9,920 9,194 9 9 346 203 67 Sept. 20 10,030 9,309 5 6 349 211 62 Sept. 27 8,908 7,576 614 7 485 69 67 U. S. Government securities, including guaranteed securities: Aug. 30 15,852,119 2,957,016 1,554,212 3,786,659 3,007,145 646,930 2,097,961 17,800 901,602 882,794 Sept. 6 16,030,252 2,398,952 2,198,621 3,214,907 3,595,885 476,480 2,350,711 17,800 897,102 879,794 Sept. 13 16,407,409 2,306,473 2,232,377 3,382,226 3,827,446 506,480 2,357,711 17,800 897,102 879,794 Sept. 20 16,540,170 2,782,871 1,682,533 3,385,749 3,998,660 628,521 2,224,740 82,200 893,102 861,794 Sept. 27 16,501,259 2,053,054 2,352,880 3,439,698 3,901,270 659,021 2,267,740 82,200 888,602 856,794 OCTOBER 1944 973 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] San Total Boston Y N o ew rk d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F c r is a c n o - Assets Gold ctfs. on hand and due from U. S.Treas.: Aug. 30 18,324,365 965,1,015 4,569,818 920,6571,532,5081,066,063 950,4073,497,217 638,379 360,156 725,864 531, 865 2,566,416 Sept. 6 18,284,865 972,048 4,,349,833 937,2521,536,3601,084,932 979,"" -,498,577 658,831 355,654 739,898 559, 467 2,612,478 Sept. 13 18,245,865 997, ,274,296 955,4311,516,7561,094,628 981, 504 3,539,164 674,879 363,512 741,772 574,9912,531,174 Sept. 20 18,234,365 ,023,3654,274,502 982,8081,511,6081,118,563 950, ,567,235 668,542 355,741 706,404 553,2-"26 2,522,201 Sept 27 18,170,565 992,1,268 4,319,177 941,3361,485,989 1,090,158 954, 142 3,:526,852 675,594 357,160 736,768 540, ,550,201 Redemption fund— F. R. notes: Aug. 30 454,551 30,408 103,404 37,678 40,169 31,004 26,056 64,960 28,431 11,434 17,305 13,800 49,902 Sept. 6 452,938 30,326 102,864 38,031 40,059 30,295 25,814 64,850 28,393 11,424 17,278 13,763 49,841 Sept. 13 470,466 31,257 117,623 37,917 39,969 29,682 25,712 67,751 28,359 11,412 17,254 13,737 49,793 Sept. 20 476,548 31,167 117,331 37,775 40,353 28,987 26,572 67,625 28,322 11,395 17,215 13,700 56,106 Sept. 27 478,668 32,088 117,061 37,648 40,245 30,292 26,448 67,511 28,284 12,184 17,189 13,672 56,046 Other cash: Aug. 30 268,644 20,579 65,216 21,450 21,300 13,322 22,066 37,187 W.77O 6,210 13,510 8,420 27,614 Sept. 6 261,292 18,979 64,984 20,567 22,917 12,365 20,213 35,545 11,941 5,927 13,895 8,505 25,454 Sept. 13 264,279 19,157 64,172 21,072 20,990 13,197 22,032 36,267 11,787 5,645 13,640 9,098 27,222 Sept. 20 264,495 18,752 63,044 20,721 22,805 12,984 21,076 36,710 12,357 5,338 14,013 8,814 27,881 Sept. 27 264,510 21,222 62,173 20,881 21,068 14,144 23,955 36,400 12,252 5,527 14,695 8,664 23,529 Total reserves: Aug. 30 19,047,560 ,016, 002 4,738,438 979,7851,593,9771,110,389 998,529 31,599,364 678,580 377,800 756,679 554,085 2,643,932 Sept. 6 18,999,095 ,021, 353 4,,517,681 995,8501,599,3361,127,5921,025,562 31,598,972 699,165 373,005 771,071 581,735 2,687,773 Sept. 13 18,980,610 ,048, 172 4,,456,0911,014,420 I,577,7151,137,5071,029,248 3i, 643,182 715,025 380,569 772,666 597,826 2,608,189 Sept. 20 18,975,408 ,073, 284 4!,454,877 1,041,3041,574,7661,160,534 997,818 31,671,570 709,221 372,47/ 737,632 575,7402,606,188 Sept. 27 18,913,743 ,045, 578 4,498,411 999,8651,547,302 1,134,5941,004,545 3,630,763 716,130 374,if 768,652 563,2~56 2,629,776 Discounts & advances: Secured by U. S. Govt. securities: Aug. 30 85,299 3,895 41,120 7,655 4,550 2,754 2,950 3,350 16,920 430 1,075 600 Sept. 6 104,630 6,495 69,915 3,575 3,750 2,790 2,950 2,500 9,520 2,430 75 630 Sept. 13 115,895 11,970 72,380 5,658 1,650 2,655 2,950 8,600 5,520 3,800 175 537 Sept. 20 171,867 5,895 112,495 2,245 6,20C 1,305 2,950 8,100 26,520 5,000 350 225 582 Sept. 27 88,380 6,275 47,265 3,230 9.60C 2,195 3,150 3,900 12,420 75 225 45 Other: Aug. 30 Sept. 6 Sept. 13 Sept. 20 Sept. 27 Total discounts and advances: Aug. 30 85,299 3,895 41,120 7,655 4,550 2,754 2,950 3,350 16,920 430 1,075 600 Sept. 6 104,630 6,495 69,915 3,575 3,750 2,790 2,950 2,500 9,520 2,430 75 630 Sept. 13 115,895 11,970 72,380 5,658 1,650 2,655 2,950 8,600 5,520 3,800 175 537 Sept. 20 171,867 5,895 112,495 2,245 6,200 1,305 2,950 8,100 26,520 5,000 350 225 582 Sept. 27 88,380 6,275 47,265 3,230 9,600 2,195 3,150 3,900 12,420 75 225 45 Industrial loans: Aug. 30 10,078 1,513 89 3,982 338 168 32 25 3,910 Sept. 6 10,056 1,512 89 3,923 338 168 32 25 3,948 Sept. 13 9,920 1,492 89 3,968 338 168 32 25 3,788 Sept. 20 10,030 1,492 89 4,060 338 168 25 25 3,813 Sept. 27 8,908 1,478 3,762 338 158 25 25 3,013 U. S. Govt. securities: Bills: Under repurchase option: • Aug. 30 4,585,247 162,1,279 2,535,355 211,047 87,975 48,694 33,987 966,594 124,394 59,583 49,359 27,260 278,720 Sept. 6 4,814,485 158,, 154 2,748,841 191,462 93,885 50,449 41,327 976,854 115,704 71,378 49,149 28,670 288,612 Sept. 13 5,096,582 158,186 2,908,136 206,772 123,465 49,288 29,725 988,490 112,624 75,958 45,691 18,490 379,757 Sept. 20 5,085,163 124, ,870,093 187,420 140,580 63,894 50,438 993,327 103,374 76,308 51,316 16,215 407,972 Sept. 27 4,832,077 119,1012,722,853 214,222 134,170 65,900 56,691 963,833 86,903 72,968 34,196 24,858 336,382 Other bills: Aug. 30 5,535,085 419,2051,162,606 455,150 618,966 365,061 339,672 616,199 267,300 164,337 288,915 249,826 587,848 Sept. 6 5,491,480 415,9141,152,305 451,592 614,288 362,350 337,325 611,262 265,249 163,014 286,705 247,935 583,541 Sept. 13 5,549,540 420,2"8'9 1,166,624 456,316 620,411 365,876 340,270 617,886 267,948 164,794 289,614 250,412 589,100 Sept. 20 5,665,720 429, 059 1,194,288 465,802 632,844 373,065 346,442 631,059 273,399 168,329 295,496 255,433 600,504 Sept. 27 5,815,895 440, 380 1,230,731 478,038 648,798 382,261 354,223 648,147 280,413 172,918 303,060 261,878 615,048 Certificates: Aug. 30 3,381,990 256,141 710,362 278,100 378,193 223,058 207,538 376,508 163,322 100,415 176,531 152,648 359,174 Sept. 6 3,381,990 256,148 709,661 278,113 378,312 223,161 207,750 376,451 163,357 100,392 176,568 152,697 359,380 Sept. 13 3,418,990 258,938 718,742 281,130 382,231 225,407 209,632 380,666 165,081 101,526 178,429 154,277 362,931 Sept. 20 3,468,990 262,698 731,235 285,192 387,478 228,420 212,120 386,388 167,398 103,065 180,925 156,400 367,671 Sept. 27 3,542,490 268,239 749,644 291,176 395,181 232,838 215,761 394,790 170,801 105,327 184,592 159,514 374,627 Notes: Aug. 30 1,080,371 81,823 226,924 88,839 120,814 71,255 66,299 120,273 52,173 32,076 56,392 48,763 114,740 Sept. 6 1,075,871 81,484 225,756 88,474 120,349 70,990 66,088 119,756 51,967 31,937 56,170 48,575 114,325 Sept. 13 ,075,871 81,480 226,170 88,465 120,277 70,931 65,967 119,787 51,946 31,948 56,146 48,547 114,207 Sept. 20 ,071,871 81,172 225,942 88,123 119,725 70,578 65,542 119,387 51,723 31,845 55,903 48,324 113,607 Sept. 27 ,067,371 80,821 225,872 87,732 119,072 70,155 65,009 118,952 51,463 31,735 55,620 48,062 112,878 Bonds: Aug. 30 ,269,426 96,141 266,634 104,385 141,955 83,724 77,901 141,320 61,303 37,689 66,260 57,296 134,818 Sept. 6 ,266,426 95,917 265,740 104,144 141,665 83,564 77,793 140,967 61,171 37,594 66,119 57,178 134,574 Sept. 13 1,266,426 95,911 266,228 104,133 141,580 83,494 77,651 141,004 61,147 37,607 66,091 57,145 134,435 Sept. 20....... 1,248,426 94,542 263,158 102,638 139,445 82,204 76,338 139,052 60,243 37,091 65,112 56,284 132,319 Sept. 27 1,243,426 94,152 263,128 102,203 138,712 81,727 75,732 138,572 59,952 36,969 64,794 55,989 131,496 Total U. S. Govt. sec, incl. guar. sec: Aug. 30 15,852,119 1,015,589 4,901,8811,137,5211,347,903 791,792 725,397 2>, 220,894 668,492 394,100 637,457 535,7931,475,300 Sept. 6 16,030,252 1,007,617 5,102,3031,113,7851,348,499 790,514 730,283 2',225,290 657,448 404,315 634,711 535,0551,480,432 Sept. 13 16,407,409 1,014,804 5,285,9001,136,816 1,387,964 794,996 723,245 2',247,833 658,746 411,833 635,971 528,8711,580,430 Sept. 20 16,540,170 991,6975,284,7161,129,1751,420,072 818,161 750,880 2!, 269,213656,137 416,638 648,752 532,6561,622,073 Sept 27 16,501,259 1,002,693 5,192,2281,173,3711,435,933 832,881 767,416 2!, 264,294649,532 419,917 642,262 550,3011,570,431 974 FEDERAL RESERVB BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] San Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Louis M ap in o n li e s * K C an it s y as Dallas F c r is a c n o - Total loans and sec: Aug. 30 15,947,496 1,020,997 4,,943,090 1,149,1581,352,791 794,714 728,379 2,224,244 685,412 39* 121 637,912 536,868 1,479,810 Sept. 6 16,144,938 1,015i,,624 5,172,307 1,121,""" 1,352,587 793,472 733,265 2,227,790 666,968 404,336 637,166 535,130 1,485,010 Sept. 13 16,533,224 1,028i,,266 5,358,3691,146,4421,389,952 797,819 726,227 2,256,433 664,266 411,853 639,796 529,0461,584,755 Sept. 20 16,722,067 999,0845,397,3"00 1,135,4801,426,610 819,634 753,855 2,277,313 682,657 421,658 649,127 532,8811,626,468 Sept. 27 16,598,547 1,0101,,446 5,239,5821,180,3"6"3 1,445,871 835,234 770,5912,268,194 661,952 419,937 642,362 550,526 1,573,489 Due from foreign banks: Aug. 30 136 10 }49 12 6 4 17 4 3 4 4 11 Sept. 6 136 10 I49 12 6 4 17 4 3 4 4 11 Sept. 13 136 10 I49 12 6 4 17 4 3 4 4 11 Sept. 20 136 10 I49 12 6 4 17 4 3 4 4 11 Sept. 27 136 10 I49 12 6 4 17 4 3 4 4 11 Federal Reserve notes of other banks: Aug. 30 80,029 1,612 13,094 2,704 2,976 6,724 6,824 9,270 5,722 3,045 6,032 3,145 18,881 Sept. 6 73,587 1,857 11,233 2,870 3,612 5,639 6,692 8,783 5,522 2,7Or 6,655 3,214 14,801 Sept. 13 80,603 1,996 13,922 2,554 3,435 6,181 8,025 9,436 6,193 2,705 6,769 3,164 16,223 Sept. 20 76,453 2,153 14,694 2,329 3,154 6,163 7,375 9,678 4,748 2,564 5,818 3,850 13,927 Sept. 27 81,895 1,696 14,673 2,439 3,319 6,415 7,991 9,742 5,244 2,901 6,472 3,597 17,406 Uncollected items: Aug. 30 1,485,579 104,142 316,218 90,531 161,587 109,683 73,930 236,401 64,735 35,792 86,790 61,697 144,073 Sept. 6 1,579,504 109,079 325,535 88,466 147,014 126,687 81,431 260,034 70,534 39,734 102,948 66,276 161,766 Sept. 13 2,014,562 154,683 405,633 107,921 199,902 163,764 104,612 315,638 82,792 44,845 107,136 69,045 258,591 Sept. 20 2,156,984 143,557 431,444 114,594 242,336 165,758 134,964 334,640 89,006 45,561 112,831 85,729 256,564 Sept. 27 1,738,634 126,553 365,157 108,277 175,016 131,589 84,876 277,503 70,374 36,635 93,811 62,180 206,663 Bank premises: Aug. 30 34,562 1,629 8,983 3,504 4,139 2, 1,625 2,900 2,035 1,261 2,693 940 1,973 Sept. 6 34,528 1,629 8,963 3,504 4,139 2, 1,625 2,900 2,036 1,261 2,686 932 1,973 Sept. 13 34,528 1,629 8,963 3,504 4,139 2, 1,625 2,900 2,036 1,261 2,686 932 1,973 Sept. 20 34,547 1,629 8,963 3,504 4,130 2, 1,624 2,902 2,063 1,261 2,686 932 1,973 Sept. 27 34,516 1,629 8,963 3,492 4,129 2,873 1,622 2,901 2,062 1,261 2,686 932 1,966 Other assets: Aug. 30 66,932 4,672 13,009 5,049 7,710 4,790 4,022 8,340 3,402 2,040 3,411 3,001 7,486 Sept. 6 65,464 4,570 12,501 4,875 7,381 4,657 3,983 8,201 3,42«r 2,020 3,361 2,903 7,584 Sept. 13 67,050 4,634 13,241 5,014 7,567 4,649 4,061 8,354 3,474 2,075 3,434 2,920 7,627 Sept. 20 56,359 3,883 10,724 4,048 6,530 3,974 3,497 7,280 2,959 1,802 2,893 2,493 6,276 Sept. 27 56,920 3,992 11,518 4,154 6,402 4,163 3,447 7,102 2, 1,842 2,966 2,454 5,996 Total assets: Aug. 30 36,662,294 149,06410,032,8812,230,743 3,123,1922,029,1861,813,313 6, 1,536 1,439,890 814,062 1,493,5211,159,740 4,,296,166 Sept. 6 36,897,252 154,12210,048,269 2,216,860 3,114,0812,060,9331,852,,562 6 1,447,657 823,0681,523,8911,1901!,194 4,358,918 Sept. 13 37,710,713 239,39010,256,268 2,279,867 3,182,7"2"2 "2,112,8061,8731,,802 6,235,9601,473,790 843,3111,532,4911,202,937 4,477,369 Sept. 20 38,021,954 223,600 10^318|0512,301,2713,257,538 2:;, 158,949, 8199,',137 6,303,4001,490,658 845,3231,510,991 ,201,629 4,511,407 Sept. 27 37,424,391 189,90410,138,353 2,298,602 3,182,0512,114,8741,873i,,076 6,196,2221,458,650 837,450 1,516,953 1,182!,949 4,435,307 Liabilities Federal Reserve notes: Aug. 30 19,695,054 1,271,048 4,390,0601,302,7171,737,9971,292,2811,141,549 3,630,488 825,840 434,844 729,874 492,147 2,,446,209 Sept. 6 19,864,779 1,281, ,428,017 1,312,8871,750,3551,311,0351,150, ,660,629 830,626 437,838 734,267 494,370 2,473,466 Sept. 13 19,942,678 1,283,899 4,438,8191,319,6621,760,9071,320,8051,151,622 3,676,386 834,729 441,249 734,987 493,584 2,486,029 Sept. 20 20,001,393 1,284,7314,461,198 1,324,0371,765,2771,333,6371,151,530 3;,688,459 837,500 443,960 734,644 492,250 2,484,170 Sept. 27 20,086,984 1,288,757 • """1,254 1,329,658 1,772,906 1,343,7311,158,7513,699,365 844,253 445,492 738,713 493,0512,492,053 Deposits: Member bank— reserve account: Aug. 30 13,132,259 620,888 4t,,315,057 654,0131,035,500 547,793 535, ',007,112 464,223 290,854 601,845 544,5771,515,342 Sept. 6 13,221,142 626,077 41,331,589 653,2831,033,257 560,072 554,630 1,984,775 469,770 291,175 610,968 562,6791,542,867 Sept. 13 13,526,087 658,744 4[,, 435,598672,8111,041,273 558,381 562,948 2,048,603 483,447 304,911 625,180 576,0941,558,097 Sept. 20 13,444,623 638,406 41,401,295 678, 12"6 1,046,346 557,363 568,156 2:, 012,415472,315 301,033 614,384 569,2931,585,491 Sept. 27 13,354,988 628,450 4:, 366,729673,1731,047,765 551,296 548,506 2:,010,384 475,812 306,593 621,665 571,536 1,553,079 U. S. Treasurer— general account: Aug. 30 318,116 29,101 89,507 24,670 29,981 10,735 8,309 25,128 26,176 14,243 18,995 14,820 26,451 Sept 6 354,012 20,014 99,998 17,960 24,317 4,048 29,390 35,992 17,306 18,548 34,692 23,221 28,526 Sept. 13..., 369,864 24,818 130,573 24,647 44,368 8,030 3,964 40,600 16,082 15,817 19,077 16,048 25,840 Sept. 20 699,234 44,863 195,454 34,602 96,101 51,808 10,247 124,937 40,091 17,765 16,312 17,150 49,904 Sept. 27 483,410 38,813 98,790 53,538 61,645 32,115 30,571 53,786 14,437 16,823 22,505 15,546 44,841 Foreign: Aug. 30. 1,396,901 97,063 2522,829 126,282 122,164 54,905 43,924 170,206 42,552 30,198 39,806 39,806 107,166 Sept. 6 1,404,088 97,917 2527,131 126,625 122,496 55,054 44,044 170,669 42,667 30,280 39,914 39,914 107,377 Sept. 13 1,406,259 97,338 2528,701 126,817 122,681 55,138 44,110 170,927 42,732 30,326 39,975 39,975 107,539 Sept. 20 1,405,487 97,175 2528,082 126,818 122,683 55,139 44,111 170,930 42,732 30,326 39,975 39,975 107,541 Sept. 27. 1,262,346 84,736 2493,056 111,267 107,639 48,377 38,702 149,968 37,492 26,607 35,073 35,073 94,356 Other deposits: Aug. 30 , 382,080 4,636 297,618 5,868 7,328 2,735 3, 4,781 9,518 1,835 3,169 3,951 37,453 Sept. 6 364,238 3,965 279,849 5,492 7,606 3,551 2,696 4,555 9,534 1,844 3,073 2,473 39,600 Sept. 13 358,940 4,132 264,750 6,121 8,001 4,442 5,469 5,586 10,378 2,191 3,630 3,183 41,057 Sept. 20 352,923 '3,801 269,963 5,932 5,991 3,415 3,613 4,445 8,158 2,028 2,026 2,921 40,630 Sept. 27 364,616 4,710 274,879 6,193 5,620 4,600 4,360 4,766 1,795 2,416 3,111 42,268 Total deposits: Aug. 30 15,229,356 751, 688 5,225,011 810,8331,194,973 616,168 590,476 2,207,227 542,469 337,130 663,815 603,1541,686,412 Sept. 6 15,343,480 747, 973 5,238,567 803,3601,187,676 622,725 630, ,195,991 539,277 341,847 688,647 628,2871,718,370 Sept. 13 15,661,150 785,0.12 5,359,622 830,3961,216,323 625,991 616,4912,265,716 552,639 353,245 687,862 635,5001,732,533 Sept. 20 15,902,267 784.245 5,394,794 845,4781,271,121 667,725 626,,127 2,312,727 563,296 351,152 672,697 629,3391,783,566 Sept. 27 15,465,360 756,709 5,233,454 844,1711,222,669 636,388 622,,139 2,218,904 537,639 351,818 681,659 625,2661,734,544 Deferred availability items: Aug. 30 1,266,170 94,427 259,419 76,196 145,629 99,280 63,277 181,796 55,679 29,356 84,247 49,061 127,803 Sept. 6 1,216,075 92,948 222,863 59,542 131,384 105,797 53,452 189,145 61,819 30,631 85,332 52,207 130,955 Sept. 13 1,632,376 138,360 298,270 88,602 160,641 144,535 87,601 232,766 70,428 36,022 93,942 58,664 222,545 Sept. 20 1,642,681 122,526 302,124 90,486 176,205 136,058 103,115 241,100 73,871 37,378 87,949 64,568 207,301 Sept. 27 1,394,793 112,268 264,190 83,370 141,384 113,048 73,894 216,598 60,687 27,254 80,758 49,074 172,268 1 After deducting $87,000 participations of other Federal Reserve Banks. 2 After deducting $872,994,000 participations of other Federal Reserve Banks on Aug. 30; $875,366,000 on Sept. 6; $876,688,000 on Sept. 13; $876,703,000 on Sept. 20; and $769,193,000 on Sept. 27. OCTOBER 1944 975 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS-Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S o t u . is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - Other liabilities, including accrued div.: Aug. 30 8,691 802 2,506 607 824 448 394 1,232 305 243 282 331 717 Sept. 6 8,674 85! 2,606 60: 775 328 56: 1,201 300 228 266 251 693 Sept. 13 9,133 873 2,987 656 865 372 348 1,135 319 24 305 276 750 Sept. 20 9,175 781 2,88: 634 831 355 555 l,2r 300 254 282 319 760 Sept. 27 9,533 794 3,051 683 465 424 1,195 313 270 343 365 748 Total liabilities: Aug. 30 36,199,271 117,965 9,876,996 2,,190,3533,079,4232,008,177 ,795,6966,020,743 1,424,29; 801,5731,478,2181,144,6934,261,141 Sept. 6 36,433,008 122,967 9,892,0532,176,3913,070,1902,039,885 ,834:,,"8 79~ 6,046,9661,432,02: 810,5441,508,5121,175,1154,323,484 Sept. 13 37,245,337 208,16410,099,6982,239,3163,138,7362,091,703 ,856,06!6,176,003 1,458,11; 830,7631,517,0961,187,8244,441,857 Sept. 20 37,555,516 192,28310,161,0032,260,6353,213,434 2,,137,775 ,881,3276,243,503 1,474,96: 832,7441,495,5721,186,4 ~76 4,,475,797 Sept. 27 36,956,670 158,528 9,980,"9•4"9 2,257,882 3,137,841 2,093,632 ,855,208 6,,136,0621,442,89; 824,834 1,501,4731,167,756 4,399,613 Capital Accounts Capital paid in: Aug. 30 159,522 9,955 58,158 12,125 16,271 6,396 5,753 18,900 4,896 3,463 5,160 5,012 13,433 Sept. 6 159,540 9,963 58,161 12,124 16,273 6,396 5,753 18,903 4,89" 3,465 5,160 5,01,r 13,433 Sept. 13 159,649 9,964 58,221 12,131 16,278 6,401 5,758 18,931 4,897 3,46: 5,160 5,013 13,433 Sept. 20 159,819 9,980 58,360 12,131 16,281 6,401 5,758 18,934 4,"" 3,466 5,161 5,014 13,436 Sept. 27 159,873 9,980 58,401 12,132 16,285 6,401 5,758 18,934 4,898 3,470 5,163 5,016 13,435 Surplus (section 7): Aug. 30 188,097 13,206 70,012 17,859 16,026 5,236 5,725 26,490 6,330 3,669 4,554 4,831 14,159 Sept. 6 188,097 13,206 70,012 17,859 16,026 5,236 5,725 26,490 6,330 3,669 4,554 4,831 14,159 Sept. 13 188,097 13,206 70,012 17,859 16,026 5,236 5,725 26,490 6,330 3,669 4,554 4,831 14,159 Sept. 20 188,097 13,206 70,012 17,859 16,026 5,236 5,725 26,490 6,330 3,669 4,554 . 4,831 14,159 Sept. 27 188,097 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): Aug. 30 26,965 2,874 7,092 4,421 1,007 3,290 749 1,429 530 1,000 1,137 1,30: 2,129 Sept. 6 26,965 2,874 7,092 4,421 1,007 3,290 749 1,429 530 1,000 1,137 1,307 2,129 Sept. 13 26,965 2,874 7,092 4,421 1,007 3,290 749 1,429 530 1,000 1,137 1,30' 2,129 Sept. 20 26,965 2,874 7,092 4,421 1,007 3,290 749 1,429 530 1,000 1,137 1,30' 2,129 Sept.27 26,965 2,874 7,092 4,421 1,007 3,290 749 1,429 530 1,000 1,137 1,307 2,129 Other capital accounts: Aug. 30 88,439 5,064 20,623 5,985 10,465 6,087 5,390 12,974 3,841 4,357 4,452 3,897 5,304 Sept. 6 89,642 5,112 20,951 6,065 10,585 6,126 5,456 12,909 3,878 4,390 4,528 3,929 5,713 Sept. 13 90,665 5,182 21,245 6,140 10,675 6,176 5,508 13,107 3,918 4,417 4,544 3,962 5,791 Sept. 20 91,557 5,257 21,584 6,225 10,790 6,247 5,578 13,044 3,934 4,444 4,567 4,001 5,886 Sept. 27 92,786 5,316 21,899 6,308 10,892 6,315 5,636 13,307 4,000 4,477 4,626 4,039 5,971 Total liabilities and capital accounts: Aug. 30 36,662,294 ,149,06410,032,881 ,230,743 3,123,1922,029,186 1,813,3136,080,536 1,439,890 814,0621,493,5211,159•,,740 4,,296,166 Sept. 6 36,897,252 ,154,12210,048,269 216,860 3,114,0812,060,9331,852,5626,106,697 1",447,657 823,0681,523,8911,190i,, 194 4,358,918 Sept. 13 37,710,713 ,239, '",256,268 279,8673,182,7222,112,806 ,873,8026,235,9601,473,790 843,3111,532,4911,202!,,937 4,477,369 Sept. 20 38,021,954 ,223,600 10,318,051 301,2713,257,5382,158,9491,899,1376,303,4001,490,658 845,3231,510,9911,201,,629 4,511,407 Sept.27 37,424,391 ,189,904 10,138,353 298,6023,182,0512,114,8741,873,0766,196,2221,458,650 837,450 1,516,9531,182,949 4,435,307 Commitments to make industrial loans: Aug. 30 3,918 275 1,951 825 761 Sept. 6 3,931 275 2,009 817 724 Sept. 13 4,042 275 1,964 821 884 Sept. 20 3,871 275 1,868 771 859 Sept, 27 4,546 275 2,167 742 1,264 FEDERAL RESERVE NOTES-FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS | In thousands of dollars! Total Boston Y N o ew rk d P e h lp il h a i - a C l l a e n v d e- m Fi o c n h d - la A n t t - a Chicago L S ou t. is M ap in o n li e s -K C an it s y as Dallas F S ra an ncisco Federal Reserve notes outstanding (issued to Bank"): Aug. 30 275,17, ,311, 739 4,,535,7911,333,9231,772,0141,316,6761,180,934 3,704,839 861,286 441 749,488 519,6472,547,635 Sept. 6 377,797 ,311, 684 4,572,7111,338,8851,783,350 1',331,732 1,187,730 3;,713,894 860,943 445,'226 754,416 517,720 "2,559,506 Sept. 13 514,179 ,318, 593 4,588,9611,354,2911,795,919 1,340, ,199,9513,734,054 871,337 449,331 756,031 ,581,616 Sept. 20 600,714 ,318, 907 4,599,6031,359,666 1,806,2141,363,7^21,202,6043,755,526 871,234 452,458 759,571 2,587,538 Sept. 27... 734,705 ,327, ,637,402 1,364,7231,811,610 1,376,0371,216,638 3,765,790 885,035 451,987 763,950 531,095 2,602,479 Collateral held against notes outstanding: Gold certificates: Aug. 30 ,789,00C 716i,,000 2,545,000 587,000 975,000 775,000 690,1,000 2,,460,000 375,.00 0 221.,.0.0.0 .41 .0.,0.00261,000 1,774,000 Sept. 6 ,849,000 706»,,OC0 2,575,000 592,000 985,000 795,000 690,000 2.,460,000 375,000000 222211,,000000 441100,,000000 266,000 1,774,000 Sept. 13 ,696,000 706,000 2,325,000 605,000 1,000,000 805,000 705,0002,500,000 75,000 225,000 410,000 266,000 1,774,000 Sept. 20 ,706,000 706,0002,300,000 610,000 ,010,000 825,000 690,000 2.,500,000 375,000 23OJOOO 420,000 266,000 1,774,000 . Sept.27 ,762,000 706>,,000 2,3.50,000 616,0001,015,000 830,000 695,000 2,500,000 375,000 215,000 420,000 266,"00"0 1,774,000 Eligible paper: Aug. 30 72,774 3,895 41,120 7,655 2,754 16,920 430 Sept. 6 94,715 6,485 69,915 3,575 2,790 9,520 2,430 Sept. 13 101,985 11,970 72,380 5,658 2,655 5,520 3,800 Sept. 20 153,810 5,895 112,495 2,245 1,305 26,520 5,000 350 Sept.27 71,460 6,275 47,265 3,230 2,195 12,420 75 U. S. Govt. securities: Aug. 30 ,696,994 600,000 25,000,000 750,000 800,000 550,000 500,000 287,600 574,394 225,000 350,000 260i,,000 800,000 Sept. 6 888,304 700,000 2>;, 000.000 750,000 800,000 550,000 500,000 287,600 565, 350,000 260,000 900,000 Sept. 13 200,224 700, !, 300,000750,000 800,000 550,000 500,000 1287,600 562^624 225',0003 3550O,J0O0O0O 227755,000 900,000 Sept. 20 215,974 700,000 21,300,000 750,000 800,000 550,000 525,000 1287,600 553 225^00 350,000 275,000 900,000 Sept.27 249,503 700,000 2>,,300,000 750,000 800,000 575,000 525,000 1287,6001536,903 250,000 350000 275,000 900,000 Total collateral: I Aug. 30 558,7681,319,895 4,586,1201,344,655 ,775,OCO1,327,754 ,190,000 3,747,6001966,314 446,000 760,430 521,000 2,574,000 Sept. 6 832,0191,412,485 4,644,9151,345,575 ,785, 1,347,790 ,190,000 3,747,600 950,224 446,000 762,430!526,000 2,674,000 Sept. 13 998,2071,417,970 4,697,3801,360,658 1,800,0001,357,655 ,205,000 3,787,600 943,144 450,000 763,800|541,000 2,674,000 Sept. 20 075,7841,411,895 4,712,4951,362,245 1,810,0001,376,305 ,215,00013,787,600 954,894 460;,000 770,350 541,000 2,674,000 Sept. 27 082,9631,412,275'4,697,265 1,369,230 1,815,0001,407,195 ,220,000 3,787,600 924,323 465,000 770,075^541,000 2,674,000 I 976 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 Ap- BANKS UNDER REGULATION V W l e D a d s a p n t t e e e r d s i a d o ( y l d a a y ) o s t f or Nu A m p a b p p e l r p i r c o a A v ti e o m d n o s unt (a b p p m c u r l 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 t d o u t i - i n n c n s t i g ) - [ G A u m a a r o u a u t n n h t t o e s r e i d i z n e l d t o h a o n u s sand G s u o a o f r u a d t n s o t t l a e l n a e r d d s i ] n lo g ans a A v a a d m i d l i a o t b i u o l n e n t a t l o borrowers 1934 984 49,634 20,966 13,589 8,225 1,296 Date under guar- 1 1 1 9 9 9 3 3 3 5 7 6 2 2 1 , , , 2 9 4 9 8 0 0 6 3 1 1 1 2 5 3 4 0 9 , , , 4 9 8 9 8 2 3 7 9 1 8 3 1 , , , 3 2 5 6 2 4 9 8 6 3 2 2 2 5 0 , , , 4 5 2 9 2 1 3 6 6 2 2 1 7 0 2 , , , 6 9 7 4 5 8 9 9 0 8 7 7, , , 2 2 7 3 0 7 8 8 8 Number Amount am To o t u a n l t g P u t o e a r e r t d i a o n n - a o n u t t m e s e t e a n a n g t d s r i e n e g - 1938 2,653 175,013 1,946 17,345 14,161 12,722 1939 2,781 188,222 2,659 13,683 9,220 10,981 1940 2,908 212,510 13,954 9,152 5,226 6,386 1942 1941 3,202 279,860 8,294 10,337 14,597 19,600 June 30 565 310,680 81,108 69,674 137,888 1942 Sept. 30 1,658 944,204 427,918 356,677 230,720 Tune 24 3,352 338,822 26,346 11,265 16,832 26,430 Dec. 31 2,665 2,688,397 803,720 632,474 1,430,121 Dec. 31 3,423 408,737 4,248 14,126 10,661 17,305 1943 1943 Tan. 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 ,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 ,415,777 1,150,040 2,076,998 Tune 30 3,452 475,468 3,203 13,044 12,132 19,070 June 30 4,217 4,718,818 L,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 ,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 L,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 L, 990,996 1,666,185 3,684,568 Tune 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 ,735,777 3,810,797 Aug. 31 3,485 515,419 295 10,482 3,790 10,685 July 31 6,590 8,333,741 2,083,435 L,765,841 3.904,215 Aug. 31 6,744 8,487,623 2,010,958 ,706,363 4,107,606 1 Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant. NOTE.—The difference between guaranteed loans authorized and sum 2 Includes industrial loans past due 3 months or more, which are not in- of loans outstanding and amounts available to borrowers under guarantee cluded in industrial loans outstanding in weekly statement of condition of agreements outstanding represents amounts repaid, guarantees available Federal Reserve Banks. but not completed, and authorizations expired or withdrawn. NOTE.—The difference between amount of applications approved and the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or expired. MEMBER BANK RESERVE BALANCES, BY CLASS OF BANKS DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND [Averages of daily figures. In millions of dollars] SMALL CENTERS,1 AUGUST 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 and over population 15,000 population ber city baanks1 banks1 York Chicago banks Federal Reserve district Demand Demand deposits Time deposits Time Total reserves held: e i x n c te e r p - t deposits e i x n c te ep r- t deposits 1943—July 12,410 3,587 830 4,961 3,031 bank2 bank2 August 12,597 3,717 858 4,999 3,024 1944—July 12,900 3,525 839 5,129 3,406 August 13,004 3,569 840 5,196 3,398 Total 13,581 5,309 8,333 3,684 Week ending (Friday): 1944—Aug. 4. 12,904 3,569 838 5,103 3,394 Boston 1,893 613 280 161 Aug. 11 12,948 3,532 839 5,164 3,413 New York 2,669 1,350 842 744 Aug. 18 12,997 3,538 841 5,214 3,404 Philadelphia.. 981 489 696 568 Aug. 25 13,013 3,582 840 5,217 3,374 Cleveland 1,202 582 790 500 Sept. 1 13,157 3,651 852 5,258 3,396 Sept. 8 13,333 3,705 859 5,321 3,448 Richmond 1,066 268 578 277 Sept. 15 13,526 3,735 871 5,388 3,532 Atlanta 1,183 283 466 118 Sept. 22... 13,608 3,751 872 5,410 3,575 Chicago 1,757 851 1,165 556 St. Louis 482 203 669 160 Excess reserves: 1943—July 1.327 29 9 473 816 Minneapolis.., 415 168 463 252 August ,136 19 8 386 724 Kansas City.. 393 70 1,030 129 1944—July 1,232 19 8 390 816 Dallas 682 76 939 39 August 1,006 10 4 286 706 San Francisco 858 356 415 180 Week ending (Friday): 1944—Aug. 4 1,074 12 5 297 760" 1 Includes any banks in outlying sections of reserve cities which have Aug. 11 1,086 12 7 315 752 been given permission to carry the same reserves as country banks. All Aug. IS 1,042 12 5 305 720 reserve cities have a population of more than 15,000. Aug. 25 938 12 4 263 659 2 Includes war loan deposits, shown separately for all country banks Sept. 1 932 14 5 258 654 in the table on the following page. Sept. 8 957 13 6 265 673 Sept. 15 984 16 7 256 707 Sept. 22 V1,008 20 6 253 v Preliminary. 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. OCTOBER 1944 977 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 Fed C e l r a a s l s R o e f s e b r a v n e k d a is n t d rict w G m a U o r v e .S e l n o . r t n an - Other a D d d e e j p u m o st a s e n i d t d s 2 p N m o e d s a t e i n - t d d s e 3 - p T o d i s e m i - t e s4 deposits1 First haIf of August 1944 All member banks 84,574 10,904 17,208 56,462 53,294 58,704 17,392 5,636 12,964 11,874 1,090 Central reserve city banks: New York 24,313 3,756 6,055 14,502 13,640 17,370 930 45 3,546 3,530 16 Chicago 5,642 1,091 1,281 3,270 3,075 3,992 558 175 836 832 4 Reserve city banks 31,590 5,015 6,068 20,506 18,926 22,168 6,969 1,820 5,167 4,852 315 Boston 2,244 289 601 1,353 1,279 1,526 120 44 318 312 6 New York 517 28 76 414 391 400 196 19 95 92 3 Philadelphia 2,379 325 525 1,529 1,438 1,700 149 63 357 349 8 Cleveland 4,042 511 797 2,735 2,552 2,880 891 185 666 629 37 Richmond 1,894 286 481 1,127 1,050 1,221 299 118 284 262 22 Atlanta 1,970 511 381 1,078 971 1,321 261 165 307 280 28 Chicago 4,094 444 805 2,845 2,667 2,837 1,178 280 672 638 34 St. Louis 1,782 504 324 954 856 1,254 216 109 271 264 8 Minneapolis 1,029 236 257 535 482 664 107 55 142 139 3 Kansas City 2,515 858 335 1,322 1,173 1,751 224 283 408 364 44 Dallas 1,925 461 292 1,172 1,089 1,329 190 224 328 277 51 San Francisco 7,199 562 1,194 5,443 4,979 5,286 3,137 273 1,317 1,245 72 Country banks 23,030 1,042 3,804 18,185 17,653 15,174 8,936 3,596 3,416 2,660 755 Boston 2,282 90 523 1,669 1,603 1,517 770 180 300 259 41 New York 3,616 74 752 2,790 2,682 2,462 2,080 301 571 470 102 Philadelphia 1,686 12 294 1,380 1,341 1,163 1,051 195 284 226 58 Cleveland... 2,017 24 357 1,636 1,596 1,327 1,077 296 344 250 93 Richmond 1,815 169 301 1,346 1,284 1,135 542 329 244 191 53 Atlanta 1,861 195 310 1,355 1,311 1,175 398 345 242 188 54 Chicago 3,000 67 481 2,451 2,405 1,978 1,395 502 467 361 106 St. Louis 1,292 139 151 1,003 973 867 361 248 184 143 41 Minneapolis 947 65 140 742 724 625 418 166 145 113 33 Kansas City 1,493 73 148 1,272 1,255 941 198 393 203 144 60 Dallas 1,725 108 193 1,423 1,395 1,081 115 429 243 158 85 San Francisco 1,294 24 152 1,118 1,084 901 531 213 189 158 31 Second half of August 1944 All member banks 83,731 10,745 15,327 57,659 54,554 59,950 17,620 5,492 13,041 12,114 927 Central reserve city banks: New York 23,916 3,669 5,378 14,869 14,018 17,657 939 49 3,591 3,588 3 Chicago 5,535 1,055 1,135 3,346 3,148 4,032 565 172 845 840 5 Reserve city banks 31,394 4,977 5,412 21,004 19,448 22,703 7,070 1,769 5,224 4,965 259 Boston 2,194 281 535 1,379 1,308 1,546 121 44 322 316 6 New York 517 27 68 422 398 408 199 18 96 93 3 Philadelphia 2,345 319 466 1,560 1,469 1,722 151 66 361 354 8 Cleveland 4,040 501 707 2,832 2,647 2,973 903 177 681 649 32 Richmond 1,870 287 427 1,156 1,078 1,266 303 102 293 271 22 Atlanta 1,955 508 336 1,111 1,006 1,358 265 161 308 288 21 Chicago 4,043 434 727 2,882 2,710 2,874 1,197 276 671 647 24 M St. i n L n o e u a i p s o l . i#s 1 1 , , 7 0 7 1 8 7 4 2 9 4 6 0 2 2 8 2 7 8 9 5 9 4 6 9 8 4 9 9 6 4 1,2 6 9 8 5 2 2 1 1 0 9 8 1 5 0 4 0 2 1 7 4 8 6 2 1 7 4 2 3 6 3 Kansas City 2,507 846 300 1,360 1,215 1,788 227 276 407 371 36 Dallas 1,926 473 259 1,194 1,102 1,249 194 229 323 282 41 San Francisco 7,200 564 1,072 5,563 5,126 5,443 3,183 265 1,337 1,280 57 Country banks 22,886 1,043 3,403 18,440 17,940 15,557 9,047 3,502 3,381 2,721 661 Boston 2,244 89 466 1,689 1,627 1,550 778 170 301 264 37 New York 3,553 72 672 2,809 2,710 2,506 2,107 283 558 477 80 Philadelphia 1,691 12 270 1,409 1,370 1,194 1,062 191 287 231 56 Cleveland 2,014 23 318 1,672 1,633 1,369 1,086 290 343 257 86 Richmond 1,815 173 268 1,374 1,312 1,174 548 324 243 197 46 Atlanta 1,830 196 275 1,358 1,317 1,190 404 337 233 191 42 Chicago 2,980 68 435 2,478 2,435 2,028 1,418 482 464 369 95 M St i . n L n o e u a i p s o l . i;s 1,2 9 8 4 6 1 1 6 3 8 7 1 12 3 3 4 1, 7 0 5 15 0 9 7 8 3 8 2 6 8 3 9 8 0 3 4 6 2 5 2 2 1 3 6 8 5 1 1 4 8 3 0 1 11 4 5 6 2 3 9 4 Kansas City 1,497 72 133 1,293 1,278 975 201 381 203 148 55 Dallas 1,735 110 172 1,453 1,428 1,112 115 434 235 163 73 San Francisco 1,300 25 137 1,138 1,108 931 541 208 191 163 28 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 Afloat" (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. 978 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 $1 $2 £5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1933 5,519 4,167 442 402 33 719 1,229 1,342 1,360 364 618 125 237 10 1934 5,536 4,292 452 423 32 771 1,288 1,326 1,254 337 577 112 216 5 7 10 1935 5,882 4,518 478 460 33 815 1,373 1,359 1,369 358 627 122 239 7 16 5 1936 6,543 5,021 517 499 35 906 1,563 1,501 1,530 399 707 135 265 7 18 8 1937 6,550 5,015 537 505 33 905 1,560 1,475 1,542 387 710 139 288 6 12 7 1938 6,856 5,147 550 524 34 946 1,611 1,481 1,714 409 770 160 327 17 32 5 1969 7,598 5,553 590 559 36 ,019 1,772 1,576 2,048 460 919 191 425 20 32 2 1940 8,732 6,247 648 610 39 ,129 2,021 1,800 2,489 538 1,112 227 523 30 60 4 1941 11,160 8,120 751 695 44 ,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942 15,410 11,576 801 55 ,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 ,678 4,107 4,183 3,928 1,047 1,962 293 592 10 25 3 February. 16,088 12,065 877 786 56 ,718 4,279 4,349 4,026 1,079 2,013 298 599 11 25 3 March 16,250 12,121 890 791 56 ,713 4,280 4,391 4,129 1,104 2,069 306 616 11 23 1 April 16,660 12,428 904 804 58 ,741 4,391 4,531 4,232 1,131 2,128 312 621 15 26 1 May 17,114 12,789 914 824 59 ,785 4,526 4,681 4,326 1,159 2,186 319 630 10 22 1 June 17,421 12,960 929 834 61 ,793 4,565 4,778 4,462 1,195 2,259 329 648 10 21 2 July 17,955 13,334 943 843 62 ,836 4,719 4,931 4,622 1,237 2,347 341 667 10 20 2 August. .. 18,529 13,715 960 858 64 ,878 4,853 5,102 4,816 1,293 2,453 353 687 9 22 2 September 18,844 13,891 970 866 64 ,887 4,893 5,211 4,951 1,327 2,535 360 698 11 20 2 October... 19,250 14,135 987 872 65 ,902 4,962 5,347 5,118 1,366 2,636 373 713 11 20 3 November 19,918 14,598 1,006 68 1,950 5,127 5,561 5,323 1,416 2,761 388 729 10 19 2 December. 20,449 14,871 1,019 70 1,973 5,194 5,705 5,580 1,481 2,912 407 749 9 22 2 1944—January .. 20,529 14,817 1,013 69 1,940 5,174 5,742 5,715 1,509 2,992 418 767 9 21 3 February. 20,824 15,004 1,018 877 70 1,952 5,255 5,832 5,823 1,534 3,054 426 777 9 22 3 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 June 22,504 15,925 1,065 906 72 2,010 5,544 6,326 6,581 1,699 3,458 481 912 9 22 2 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 August. .. 23,292 16,410 1,092 921 75 2,053 5,706 6,562 6,884 1,780 3,642 502 929 9 22 2 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation1 Money Total out- For held by s A ta u 1 n 9 g d 4 . i 4 3 n 1 g , A g s a o s g l s i d a e lv i c a n e u n s r r t d ity Tr c e a a s s h ury R F B e e a a s d n e n e d r k r v a s e l B F R a a n e e g d k s e e e s n r r t a v a s n l e d Au 19 g 4 . 4 31, Jul 1 y 9 4 3 4 1, Au 1 g 9 . 4 3 3 1, certificates agents Gold 20 926 18,812 2,114 Gold certificates 18,812 15,943 2,815 53 54 57 Federal Reserve notes.. .. 20 284 127 630 19,527 18,951 14 820 Treasury currency—total 4,114 SI,805 133 269 3,711 3,694 3,653 Standard silver dollars 494 285 101 2 107 105 87 Silver bullion 1,520 1,520 Silver certificates and Treasury notes of 1890 31,805 222 1,583 1,579 1,622 Subsidiary silver coin 751 21 14 716 707 630 Minor coin 281 8 4 269 266 243 United States notes . 347 2 21 324 322 325 Federal Reserve Bank notes 594 1 7 587 590 615 National bank notes 126 1 125 125 131 Total—August 31, 1943 <? 20,618 2,374 15,943 3,715 23,292 July 31, 1944 ... 20,684 2,346 16,008 3,798 '22^699" August 31, 1943 22,004 2,271 17,256 3,665 18^529 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. 971, and seasonally adjusted figures in table on p. 980. 2 Includes $1,800,000,000 Exchange Stabilization Fund, $143,908,300 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. 6 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; (11) - - - - " . . . , ,, 1 ,,/,i .._ —- I.-:-., canCe 1 le '" d * a ' nd f a r c e e ti r a e m d o o u n n t r e o c f e i s p u t c ) h ; ( s 1 i 1 lv 1 e ) r a c s ersuch gold certificates. Federal Federal Reserve notes are secured urchased paper as is eligible d by a majority vote of the the redemption fund which m'CuUsCt Ibflel dJ.Ne.pCSoCsIiVteCd Ow^yiStLhC tUhIe. TXrCeaUsCultrHe rl VoCf StChleV tU jnJaiutecdj Smtaitueisu, iaug,iauinn.situ Fve« d-~e ral •R -_e-s--e orv e notes in_ actua'l ".c i.r cul,a tio. n": gol1d1 cert•i•£f• icaAte.s 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. OCTOBER 1944 979 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY IN CIRCULATION WITH ADJUSTMENT FOR ANALYSIS OF CHANGES IN GOLD STOCK OF SEASONAL VARIATION UNITED STATES (Outside Treasury and Federal Reserve Banks. In millions of dollars] [In millions of dollars! Amount— Amount— Change in Ear- Date f u o v n r a a r s d i e j a a u t s s i o o te n n d al ad v s j a e u r a s i s t a e o t d n i o a n l for s a e s d a e s ju r o i s n e t a s e l 1 d ly Period of a s G t t p o o e e c l n r d k i d od I i n n s c t o 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 r a d e r i : a k n s d e - e d e- p D ti r c t o o i m o d g n u o e ! c l s d - - End of year figures: crease (—) 1938 6,856 +306 1 1 1 1 19 9 9 9 9 4 4 3 4 4 2 0 9 3 1 2 1 1 8 0 7 5 1 , , , , , 7 4 5 4 1 4 3 1 9 6 9 2 0 0 8 + + + + 5 2 4 1 + , , , , 0 2 4 1 7 3 5 2 3 4 9 0 8 4 2 1 1 1 1 1 9 9 9 9 9 3 3 3 3 3 7 8 6 5 4 2 .. 3 3 1 1 1 1 2 1 8 0 4 , , , 7 , , 2 2 1 5 6 5 2 3 1 O 8 5 2 8 4 1 1 1 1 , , , , , 2 5 1 8 7 0 0 3 8 5 2 2 2 7 1 . . . . . 5 5 5 2 5 1 1 1 1 1 , , , , , 1 5 7 1 9 8 3 3 1 7 5 3 9 6 3 . . . . . 5 6 9 0 6 - - 2 3 -8 0 3 8 5 0 3 2 . . . . . 9 4 5 2 6 1 1 1 1 9 1 3 4 4 2 0 1 3 8 . . . . . 9 7 6 9 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— O S c e t p o t b em er ber 1 1 9 8 , ,7 0 2 0 9 1 1 1 8 9 , , 7 0 6 0 7 1 + + 4 2 8 3 0 4 1 19 9 4 4 2 1 2 2 2 2 , , 7 7 3 2 7 6 - 7 1 4 0 1 . . 3 8 ( 9 4 8 ) 2.4 - - 4 4 0 5 7 8 . . 7 4 1 1 2 6 5 9 . . 4 1 November 19,566 19,507 +506 1943 21,938 -788.5 (4) -803.6 48.3 December 20,243 19,944 +437 1944—January 20,428 20,367 +423 1943—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 21,822 21,976 +492 December.... 21,938 -127.0 —87.0 3.6 June 22,296 22,408 +432 [944—January 21,918 -19.6 -27.6 3.1 July 22,580 22,625 +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 September 23,525 23,572 +468 April 21,429 -170.7 -70.5 2.9 May 21,264 -165.5 -93.1 2.9 Wednesday figures: June 21,173 -90.7 -6.4 2.4 1944— A A u u g g . . 9 2 2 22 2 , , 9 7 1 3 0 4 2 2 2 3 , , 8 0 9 2 4 5 + + 1 8 3 2 1 J A u u ly gust 2 2 0 0 , , 9 9 9 2 6 6 -1 -6 7 9 7 . . 7 1 -0 5 6 2 . . 6 7 '3 3 . . 0 0 A A u u g g . . 2 1 3 6 2 2 3 3 , ,0 0 4 2 7 0 2 2 3 3 , , 1 1 5 8 9 6 + + 1 2 3 7 4 Jan.-Aug.... 20,926 -1,011.5 5-328.8 p23.6 Aug. 30 23,221 23,268 +82 Sept. 6 23,432 23,246 -22 Preliminary, t Figure carried forward. Sept. 13 23,495 23,401 +155 1 Annual figures are estimates of the United States Mint. Monthly Sept. 20 23,558 23,511 +110 figures are those published in tableonp. 1023, adjusted to exclude Philippine Sept. 27 23,658 23,634 +123 Islands production received in United States. 2 Figures based on rate of $20.67 a fine ounce in January 1934 and $35 a 1 For end of year figures, represents change computed on absolute fine ounce thereafter. amounts in first column. 3 Includes gold in the Inactive Account amounting to 27 million dollars NOTE.—For discussion of seasonal adjustment factors and for back on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937. figures on comparable basis see September 1943 BULLETIN, pp. 822-826. 4 The net gold import figures for months subsequent to December 1941 Because of an apparent recent change in the seasonal pattern around the have not been released for publication. year end, adjustment factors have been revised somewhat for dates af- 5 Gold held under earmark at Federal Reserve Banks for foreign account fected, beginning with December 1942; seasonally adjusted figures for amounted to 3,806.2 million dollars on Aug. 3\, 1944. money in circulation, as shown in Banking and Monetary Statistics, Table NOTE.—For back figures, see Banking and Monetary Statistics, Table 156, 111, p. 414, and described on p. 405, are based on an older series of adjust- pp. 536-538, and for description of statistics see pp. 522-523 in the same ment factors. publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Year and month Debits to i t n o t t e a r l b d a e n p k o s a i c t c a o c u c n o t u s nts except t d u A e rn n p i o n n o v u s te i e a t r r l s b r o a e a f n x t k e c t e o o p t f a t l D a e d x n e e d b c p e i o t p G s s t i o t t i o v n a e c t d r e c n e r o m m b u a a e n n n n t k s d t tur d A i n e n G o n p t v o n e o e u v r s r b i a e t a l r s o n n f r k m e a d x t e a e c e n n e m o t d p f a t nd T re o c p e ta o n l r t , t e i a r n s l g l Y N C o e it w r y k 1 1 c 4 e 0 n o te th rs e 1 r r c e e O p n o t t h r e t e r i r s n 2 g Y C N o i e t r w y k r 3 e c 3 p e 3 o n o r t t e t i h r n s e g r Y N C o i e t w r y k 1 l 0 c e 0 i a t d o ie i t n s h g er Y C N o i e t r w y k 10 l c e 0 i a t d o ie i t n s h g er 1935 402,718 184,006 190,165 28,547 178,498 175,902 31.5 22.7 1936 461,889 208,936 219,670 33,283 204,831 202,267 31.4 22.4 1937 469,463 197 836 235,206 36,421 193,143 215,090 29.5 22.4 1938 405 929 168 778 204,745 32 406 164,945 186,140 25.1 19.9 1939 423,932 171,382 218,298 34,252 167,939 200,636 21.0 19.4 1940 445,863 171 582 236,952 37,329 167,373 217,744 17.1 18.6 1941 537,343 197,724 293,925 45,694 193,729 270,439 17.3 19.4 1 19 9 4 4 2 2 — — n o e ld w s s e e r r ie ie s s 3. 3 . 6 6 0 4 7 1 , , 0 7 7 7 1 8 2 2 2 1 6 0 , , 8 9 6 6 5 1 3 34 4 7 2 , , 8 4 3 3 7 0 5 6 3 7 , , 6 0 7 7 9 4 "ieli" "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—August 60 614 21 221 33,359 6 034 14.3 10.6 18,500 29,130 16.0 15.2 September 75,758 27,913 40,452 7,393 18.2 13.0 24,377 35,850 22.7 19.6 October . 66 266 23 990 35 614 6 663 14.3 10.5 20,923 31,390 20.5 17.4 November 65,025 23,327 35,215 6,483 15.2 11.1 20,759 30,738 21.1 17.8 December 76 499 28 936 40 155 7 409 17.8 11.8 24,446 34,751 21.8 17.7 1944—January 71 870 27 031 37,926 6,914 17.3 11.5 24,994 33,749 22.9 17.9 February 70,691 27,592 36,472 6,627 17.7 11.3 22,887 31,566 24.0 18.5 March 76 060 29 644 39,382 7 034 16.5 10.8 25,650 33,937 22.8 17.4 April 66,690 25,297 34,915 6,478 16.0 10.6 21,284 30,482 19.7 16.4 May. 67 258 24 708 36 048 6 502 15.5 10.4 20,927 31,105 17.9 15.5 June .... 83,844 33 563 42,592 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 August 69,124 26,165 36,332 6,627 13.9 9.2 21,722 30,988 19.0 15.2 * National series for which bank debit figures are available beginning with 1919. 2 Annual figures for 1935-1942 (old series) include 133 centers; annual figures for 1942 (new series) and 1943, and monthly figures, include 193 centers. 8 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 post banks and have been estimated for otber3. Debits tD 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. 980 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 End of month a c d o u d T b e u r j a p a o t u r n s o n e t s i d a s k n t d i e l s c e t d s y a c d d o u d e b e u r j p m a a u t r n o s n e s a i d s k n t d n i e s c t e d d s y a d d T e j p u o o s ta s te i l t d s a D d d e e j p m u o s a s t n i e t d d s 1 d G U e S m o p n t v o a e it e t s n e e r i t d t s n s - 2 Total b m a C e n T o r k c i m m s ia 3 - e l 4 dep M s b o a a s u v n i t i t k u n s s a g 4 l s S S P a y o v s s i t n e ta m g l s 5 C o u b u r a t r n s e i k n d s c e y 1929—June 55,171 26,179 51,532 22,540 381 28,611 19,557 8,905 149 3,639 December . 54,713 26,366 51,156 22,809 158 28,189 19,192 8,838 159 3,557 1933—June 41,680 19,172 36,919 14,411 852 21,656 13,849 9,621 ,186 4,761 December... 42,548 19,817 37,766 15,035 1,016 21,715 11,019 9,488 ,208 4,782 1934—June 45,961 21,353 41,302 16,694 1,733 22,875 11,988 9,691 ,196 4,659 December ... 47,985 23,114 43,330 18,459 1,715 23,156 12,213 9,738 ,205 4,655 1935—June 49,881 25,216 45,098 20,433 811 23,854 12,823 9,833 ,204 4,783 December ... 52,182 27,032 47,265 22,115 909 24,241 13,170 9,871 ,200 4,917 1936—June 55,052 29,002 49,830 23,780 1,142 24,938 13,706 9,971 ,231 5,222 December ... 57,351 30,999 51,835 25,483 991 25,361 14,046 10,056 ,259 5,516 1937—June 57,258 30,687 51,769 25,198 666 25,905 14,513 13,125 ,267 5,489 December ... 56,639 29,597 51,001 23,959 824 26,218 14,779 10,170 ,269 5,638 1938—June 56,565 29,733 51,148 24,313 599 26,236 14,776 13,209 ,251 5,417 December ... 58,955 31,761 53,180 25,986 889 26,305 14,776 10,278 ,251 5,775 1939—June 60,943 33,360 54,938 27,355 792 26,791 15,097 13,433 ,261 6,005 December ... 64,099 36,194 57,698 29,793 846 27,059 15,258 10,523 ,278 6,401 1940—June 66,952 38,661 60,253 31,962 828 27,463 15,540 13,631 ,292 6,699 December ... 70,761 42,270 63,436 34,945 753 27,738 15,777 10,658 ,303 7,325 1941—June 74,153 45,521 65,949 37,317 753 27,879 15,928 13,648 ,303 8,204 December... 78,231 48,607 68,616 38,992 1,895 27,729 15,884 10,532 ,313 9,615 1942—June 81,963 52,806 71,027 41,870 1,837 27,320 15,610 13,395 ,315 10,936 December 99,701 62,868 85,755 48,922 8,402 28,431 16,352 13,661 ,415 13,946 1943—June 110,161 71,853 94,347 56,039 8,048 30,260 17,543 11,141 ,576 15,814 1943—August 114,500 78,500 97,600 61,600 4,700 31,300 18,300 11,330 ,700 16,900 September 119,800 72,000 102,600 54,800 16,300 31,503 18,400 11,403 ,700 17,200 October 123,703 74,000 106,100 56,400 17,900 31,830 18,630 11,500 ,700 17,600 November 123,500 77,900 105,200 59,603 13,300 32,300 18,900 11,630 ,800 18,300 December.... 122,812 79,652 103,975 60,815 10,424 32,736 19,213 11,737 ,786 18,837 1944—January 125,300 81,400 106,400 62,500 10,700 33,230 19,500 11,900 ,800 18,900 February 128,600 77,300 109,400 58,100 17,600 33,700 19,800 12,000 ,930 19,200 March 127,900 79,100 108,400 59,600 14,700 34,100 20,100 12,100 ,900 19,500 April 127,500 82,000 107,600 62,100 10,900 34,600 20,500 12,200 1,900 19,900 May 128,000 85,600 107,500 65,100 7,100 35,300 21,000 12,300 2,000 20,500 June 136,169 80,946 115,288 60,065 19,506 35,717 21,217 12,468 2,032 20,881 July 139,200 82,600 118,100 61,500 20,300 36,300 21,600 12,600 2,100 21,100 p Preliminary. 1 Includes demand deposits, other than interbank and United States Government, less cash items in process of collection. 2 Beginning with December 1938, includes United States Treasurer's time deposits, open account. 3 Excludes interbank time deposits and postal savings redeposited in banks. 4 Beginning with June 1941, the commercial bank figures exclude and the mutual savings bank figures include three member mutual savings banks. 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 SUSPENSIONS1 [In millions of dollars] Member Nonmember Assets Total, banks banks all Depos- U. S. Government banks ti N o a n - al State su I r n e - d2 in N s o u n re - d End of month i b to al r - s' 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 1 9 9 9 3 3 3 5 6 4. 5 3 4 4 4 7 4 1 1 4 2 8 0 2 4 8 3 8 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 13 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 -Aug. 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—Sept 1,683 1,739 10 1,631 1,631 97 1935 10.015 5,313 3,763 939 Uct 1,716 1,773 10 1,646 1,646 117 1936 11,306 507 10,207 592 Nov 1,752 1,812 10 1,678 1,678 125 1937. 19 723 7,379 i,708 10,156 480 Dec 1,788 1,843 10 1,716 1,716 118 1938 13,012 36 211 11,721 1,044 1939. 34,998 1,341 24,629 6,589 2,439 1944—Jan 1,833 1,891 9 1,719 1,719 162 1940. .. 5,943 256 5,341 346 Feb 1,867 1,926 9 1,783 1,783 135 1941 3,726 3,144 503 79 M Ap a r r 1 1 , , 9 9 4 0 7 6 1 2 , , 9 0 6 0 4 8 9 9 1 1 , , 8 8 7 2 0 3 1 1, , 8 8 7 2 0 3 1 1 2 3 9 2 1 1 9 9 4 4 3 2 6 1 , ,7 2 0 2 2 3 4,982 1 1 , ,3 2 7 4 5 1 327 May 1,994 2,053 9 1,912 1,912 132 1944—Jan.-Aug 405 405 Tune 2,034 2.095 9 1,951 1,951 135 July 2,084 2,147 8 2,006 2,006 133 1 Represents banks which, during the periods shown, closed temporarily Aug p2,140 or permanently on account of financial difficulties; does not include banks whose deposit liabilities were assumed by other banks at the time of closing (in some instances with the aid of Federal Deposit Insurance Corporation p Preliminary. 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 susoension, 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. OCTOBER 1944 981 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES* LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Number Class of banks, and call dates Total Loans Total G o m U o b v l . e i e 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 34,48. 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 30 108,714 25,421 83,293 75,745 7,548 128,603 11,220 83,588 33,795 14,553 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 95,738 21,010 74,729 68,437 6,291 116,134 11,220 83,588 21,326 14,009 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 83,507 18,841 64,666 58,683 5,983 104,094 10,705 74,309 19,081 13,270 1944—June 30 93,936 20,729 73,207 67,085 6,122 114,145 11,038 82,061 21,045 13,264 All member banks: 1934—June 30 27,175 12,523 14,652 9,413 5,239 31,012 4,355 16,976 9,681 6,375 1937—June 30 32,739 14,285 18,454 12,689 5,765 41,490 6,051 24,230 11,210 6,357 1940—June 29 34,451 13,969 20,482 14,722 5,761 51,729 9,690 30,111 11,928 6,398 1941—June 302 40,659 16,729 23,930 18,078 5,852 58,512 10,436 35,725 12,350 6,556 December 31 43,521 18,021 25,500 19,539 5,961 61,717 10,525 38,846 12,347 6,619 1942—June 303 46,800 16,928 29,872 24,098 5,774 63,404 9,971 41,311 12,122 6,647 December 31 59,263 43,175 37,546 5,629 78,277 11,000 54,523 12,754 6,679 1943—June 30 67,15. 14^823 52,332 46,980 5,352 84,016 10,552 59,670 13,794 6,703 December 31 74,258 16,288 57,970 52,948 5,022 92,262 10,555 66,438 15,268 6,738 1944—June 30 83,587 18,084 65,503 60,339 5,164 101,276 10,903 73,488 16,884 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—June 30 20,89; 8,796 12,097 8,206 3,891 26,716 3,790 15,162 7,764 5,293 1940—June 29 22,038 9,156 12,882 9,094 3,787 33,014 6,083 18,702 8,228 5,164 1941—June 30 25,818 10,897 14,922 11,111 3,811 37,273 6,589 22,302 8,382 5,130 December 31 27,571 11,725 15,845 12,039 3,806 39,458 6,786 24,350 8,322 5,117 1942—June 30 29,464 10,880 18,584 14,878 3,706 40,534 6,497 25,861 8,176 5,101 December 31 37,576 10,183 27,393 23,7 U 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 37,38f 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 10,163 4,842 5,321 3,566 1,755 11,116 1,588 6,620 2,908 958 1937—June 30 11,84." 5, 6,357 4,483 1,874 14,774 2,261 9,068 3,446 1,064 1940—June 29 12,413 4,813 7,600 5,627 1,973 18,715 3, 11,409 3,699 1,234 1941—June 302 14,840 5,832 9,008 6,967 2,041 21,238 3, 13,423 3,969 1,426 December 31 15,950 6,295 9,654 7,500 2,155 22,259 3,739 14,495 4,025 1,502 1942—June 303 17,336 6,048 11,288 9,220 2,068 22,871 3,474 15,451 3,946 1,546 December 31 21,687 5,905 15,783 13,802 1,980 27,808 3,600 20,024 4,184 1,598 1943—June 30... 24,350 5,649 18,701 16,878 1,823 29,427 3,396 21,465 4,566 1,643 December 31 26,759 6,171 20,588 18,883 1,705 32,302 3,397 23,833 5,072 1,698 1944—June 30 30,244 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. 1 Beginning June 30, 1942, excludes reciprocal bank balances which on that date aggregated 600 million dollars at all member banks and 614 million dollars at all insured commercial banks. 2 Beginning June 30, 1941, member bank figures and insured mutual savings bank figures both include 3 member mutual savings banks with total deposits of 8 million dollars in June 1941, which became members of the Federal Reserve System during 1941. These banks are not included in "commercial banks" and are included only once in "all banks." 3 Decreases in "noninsured nonmember commercial banks" and "all nonmember commercial banks" figures (with corresponding increases in member bank and all insured commercial bank figures) reflect principally the admission to membership in the Federal Reserve System of one large bank with total loans and investments aggregating 472 million dollars on June 30, 1942. 4 Beginning June 30, 1942, includes Bank of North Dakota, a nonmember bank not previously included in these statistics; on Dec. 31, 1941, its deposits, excluding interbank deposits, were 33 million dollars and its loans and investments 26 million dollars. Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp 5-15 in the same publication. 981 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 otal Loans Total G o m U b o l v e . i S n g er a . t n - - se O cu th ri e ti r es Total1 I b n a te n r k - 1 Demand Time o N f u b m a b n e k r s tions All nonmember commercial banks: 1934—June 30 5,567 3,177 2,390 895 1,495 5,732 205 2,551 2,976 8,978 1937—June 30 6,733 3,147 3,586 1,874 1,712 7,607 281 3,888 3,438 8,619 1940—June 29 6,697 3,445 3,252 1,831 1,421 8,410 498 4,225 3,687 8,006 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 30 12,162 2,929 9,232 8,105 1,127 14,870 316 10,100 4,453 7,239 Insured nonmember commercial bankc: 1934—June 30 4,513 2,667 1,846 592 1,254 4,821 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 1944—June 30 10,360 2,648 7,712 6,752 960 12,830 135 8,573 4,172 6,494 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 91 653 262 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 1,83" 335 1,255 247 851 1942—June 303'4.. 1,007 339 668 477 191 1,161 211 693 257 829 December 31 1,151 314 83' 667 170 1,329 173 891 265 793 1943—June 30 1,363 270 1,094 925 169 1,519 214 1,045 260 775 December 31 1,596 276 1,320 1,162 158 1,829 307 1,265 256 764 1944—June 30 1,801 281 1,520 1,353 168 1,990 182 1,527 281 745 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 5,26: 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, 10,664 10,664 546 1943—June 30 11,248 4,581 6,666 5,290 1,376 11,141 11,141 545 December 31. 11,868 4,479 7,389 6,096 1,293 11,737 11,737 545 1944—June 30 12,976 4,411 8,565 7,308 1,257 12,468 12,468 544 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, 1,803 53 December 31 1,693 642 1,050 629 421 1,789 1,789 52 1942—June 30..... 1,800 692 1,108 686 422 1,864 1,864 53 December 31 2,007 740 1,267 861 405 2,048 2,048 56 1943—June 30..... 2,704 1,013 1,691 1,264 427 2,739 2,739 61 December 31 7,525 3,073 4,452 3,844 608 7,534 7,534 184 1944—June 30 8,489 3,112 5,377 4,752 625 8,235 8,235 192 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 9,12; 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 4,42. 3,071 1,353 8,743 8,743 496 1942—June 30 8,560 4,130 4,430 3,205 1,225 8,531 8,531 494 December 31 8,739 3,958 4,781 3,698 1,084 8,616 8,616 490 1943—June 30 8,544 3,568 4,975 4,026 949 8,402 8,402 484 December 31 4,343 1,405 2,937 2,252 685 4,203 4,203 361 1944—June 30 4,487 1,299 3,188 2,556 632 4,233 4,233 352 For footnotes see opposite page. 983 OCTOBER 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES* LOANS AND INVESTMENTS [In millions of dollars] Loans1 Investments1 Loans for U. S. Government obligations Com- purchasing Obli- Total mer- or carrying ;ations C an l d a ss c o a f ll b d a a n te k s s, m in l a o e v n n a e d n t s s s t 1 - Total1 o p c m c k a p i l i i n n e u a p e a g - t r d e n l - , r - - * A t c u a g u r l l - r 1 - i- b d a r T e e s o n e r a o d k s c l - - urit o e i T r t e s h o s 1 - R l t o e a e a s t a - n e l s - s l C u o o m a n n - e s r O l t oa h n e s r 1 Total Total Bills o d c C f t e e a i e d f b i t r - i n e - t - D - s - ir N ec o t tes Bonds G t a u e n e a - d r- p S s o d a s t c i l u o i a o n a i v b f t t n d l - e i i s - - s O r s i e t t h c ie u e s r ers ness All insured commercial banks: 1934—June 30 ... 31,688 15,190 1,329 3,714 3,462 6,684 16,498 10,005 794 656 3,047 5,210 298 2,280 4,213 1937—June 30.... 38,218 17,041 1,566 3,150 3,583 8,744 21,177 13,964 827 4,637 6,386 2,115 2,684 4,530 1940—June 29.... 39,830 17,011 6,502 1,184 464 742 4,281 3,840 22,819 15,900 805 2,699 9,026 3,370 3,482 3,436 1941—June 30.... 46,186 19,909 8,342 1,167 592 703 4,629 4,476 26,276 19,370 1,135 2,758 11,397 4,080 3,551 3,356 1942—June 30.... 52,642 19,920 8,867 1,164 569 620 4,770 3,928 32,722 25,934 1,536 1,978 3,732 15,812 2,874 3,493 3,295 1943—June 30.... 75,270 17,390 6,887 1,316 1,134 671 4,547 1,937 896 57,880 51,534 6,55710,315 5,716 26,286 2,661 3,440 2,907 Dec. 31.... 83,507 18,841 7,777 1,505 1,414 922 4,437 1,868 918 64,666 58,683 4,636 13,218 7,672 30,656 2,501 3,287 2,696 1944—June 30.... 93,936 20,729 7,406 1,474 2,221 2,296 4,364 1,862 1,106 73,207 67,08f 4,70815,46611,834 34,114 963 3,393 2,730 Member banks, total 1934—June 30.... 27,175 12,523 1,290 3,309 2,357 5,568 14,652 9,413 791 637 2,871 4,838 1,851 3,388 1937—June 30.... 32,739 14,285 1,536 2,829 2,505 7,414 18,454 12,689 821 4,361 5,689 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 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 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 1,872 3,546 14,485 2,934 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 57,970 52,948 4,36012,071 6,906 27,265 2,345 2,729 2,294 1944—Apr. 13. .. 78,027 16,135 61,892 56,771 2,818 2,303 June 30.... 83,587 18,084 7,C23 1,023 2,200 2,130 3,207 1,467 1,033 65,503 60,339 4,466 14,22810,640 30,118 2,834 2,331 New York City:5 1934—June 30.... 7,666 3,401 938 882 156 1,425 4,265 3,210 607 347 1,084 1,015 157 425 620 1937—June 30.... 9,006 4,276 1,295 824 149 2,008 4,730 3,630 543 1,426 1,207 454 344 755 1940—June 29.... 9,829 3,014 1,905 320 188 137 458 6,815 5,486 421 1,092 2,650 1,324 634 £95 1941—June 30.... 12,493 3,778 2,503 422 186 129 536 8,71 7,268 577 1,526 3,415 1,751 651 796 1942—June 30.... 14,019 4,066 2,841 430 167 121 499 9,953 8,550 402 663 1,746 4,572 1,166 623 781 1943—June 30.... 18,982 4,009 2,274 955 240 113 264 140 14,974 13,887 1,985 2,818 1,656 6,454 974 484 602 Dec. 31.... 19,994 4,428 2,515 1,054 323 107 252 153 15,566 14,563 1,328 3,409 1,829 7,014 984 444 558 1944—Apr. 13.... 20,805 4,594 16,211 15,175 487 548 June 30.... 22,669 5,479 2,430 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.... 1,445 556 60 188 286 889 661 64 59 194 268 76 114 115 1937—June 30.... 1,969 675 51 145 465 1,295 1,001 30 366 511 94 173 121 1940—June 29.... 2,205 603 432 23 61 62 1,602 1,258 254 161 710 134 177 167 1941—June 30.... 2,707 846 630 36 55 101 1,861 1, -- 417 125 803 138 190 188 1942—June 30.... 3,116 906 712 29 50 90 2,210 1,858 357 181 162 1,068 90 164 188 1943—June 30.... 4,332 784 612 40 41 3,548 3,167 473 795 399 1,424 75 209 172 Dec. 31.... 4,554 1,004 763 102 52 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 1,064 710 102 130 4,060 3,688 367 1,038 587 1,665 31 204 169 Reserve city banks: 1934—June 30.... 9,609 4,394 232 1,200 1,124 1,840 5,214 3.535 103 178 1,148 2,088 19 632 1,046 1937—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 1,477 1,466 7,515 5,700 73 606 3,858 1,162 979 836 1942—June 30.... 16,535 6,564 3,318 152 78 177 1,524 1,315 9,971 8,188 579 674 981 5,149 806 925 858 1943—June 30.... 24,677 5,533 2,652 205 107 157 1,465 670 276 19,144 17,417 2,626 3,529 1,828 8,576 85 942 785 Dec. 31.... 27,521 6,201 3,058 279 217 267 1,420 658 301 21,321 19,682 1,802 4,691 2,497 9,943 749 913 726 1944—Apr. 13.... 28,676 5,997 22,680 21,009 933 737 June 30 30,943 6,761 2,787 277 1,385 650 350 24,183 22,484 1,914 5^586 10,689 963 735 Country banks: 1934—June 30.... 8,456 4,172 1,039 1,056 2,018 4,283 2,007 16 53 446 1,467 25 681 1,595 1937—June 30.... 10,134 4,340 828 1,179 2,301 5,794 3,155 52 792 1,676 635 880 1,759 1940—June 29.... 10,257 4,987 1,361 546 208 1,544 1,311 5,270 3,030 36 451 1,849 695 1,097 1,144 1941—June 30.... 11,446 5,607 1,593 555 195 1,739 1,507 5,839 3,62 60 374 2,404 788 1,165 1,047 1942—June 30.... 13,130 5,393 1,512 562 169 1,834 1.299 7,737 5,502 171 355 657 3,696 624 1,222 1,013 1943—June 30.... 19,164 4,497 1,017 623 164 1,750 555 '371 14,667 12,509 1,194 2,276 1,368 7,091 581 1,241 917 Dec. 31.... 22,188 4,654 1,084 713 19' 1,725 528 381 17,534 15,465 1,032 3,094 2,096 8,70,r 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 39: 20,071 18,009 926 3,362 3,355 10,114 25: 1,212 849 Insured nonmember commercial banks: 1934—June 30.... 4,513 2,667 405 1,105 1,116 1,846 592 4 20 175 37: 21 429 824 1937—June 30.... 5,479 2,756 321 1,078 1,329 2,723 1,275 6 276 697 296 534 914 1940—June 29.... 5,379 3,042 512 448 74 1,212 778 2,337 1,178 8 156 765 249 595 563 1941—June 30.... 5,534 3,183 534 429 68 1,267 865 2,350 1,293 8 127 918 241 568 489 1942—June 30.... 5,849 2,995 485 439 57 1,273 726 2,854 1,837 27 106 185 1,329 189 561 456 1943—June 30.... 8,123 2,570 333 463 68 1,199 397 5,553 4,557 278 896 465 2,744 174 565 431 Dec. 31... 9,258 2,556 356 482 82 1,165 385 6,702 5,739 276 1,147 766 3,395 156 559 403 1944—June 30... 10,360 2,648 383 452 166 1,159 395 7,712 6,752 24 1,238 1,194 4,oor 76 560 400 * These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Federal Deposit Insurance Corporation 1 Classifications of loans and investments were revised as of Dec. 31, 1938, and consequently figures for some items prior to December 1938 are not iposits of 8 million dollars in June 1941, which d commercial banks." 3 Central reserve city banks. 984 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand depositss 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 e n v e v t - r - e k h e a s s l v C a a in u sh lt m b a B w a d n e n a o i c s l t k - - e t h i s s c 4 j p m u a D o s d a d s t e e n - e i - - t d d s 5 m D es o d t - i e c p 4 osi F e ts i o g r n - m U G er . o e n v n S - - t . p v s S o i u a s l t b i n a i t o d d t i e c n i s - a s l c C h c e o f a e e e t i f n e c c f r r i d d s t k . - i ' s - a p v n a i s p t I d d i h n r o o t u i d r n n c p a a i e s o s - l - , r s r - - , I b n a t n e k r- P m U G i o e S a n r a s o . e n n g S v t v n - d a s - . - t l S v s p i t a i u s o a c n i b t l a o i e d d l t n s - i s - p a v s n a i p I t h d d r i o n i t u o r p d n c n a a s e i o s l - - , r r s - - , i B r n 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 1944—June 30.... 12,812 1,464 8,776 59,197 10,030 940 18,757 4,402 1,550 57,351 68 108 407 20,530 84 7,709 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 g 69 12 649 1,632 1937—June 30 2^749 60 105 6^733 2'014 575 306 368 427 6^934 12 17 767 3 1,'598 1940—June 29.... 7,072 88 119 10,235 3,840 646 67 258 147 10,283 5 29 732 1,599 1941—June 30 5,857 136 131 11,619 3,948 618 32 319 306 11,895 6 27 778 1,625 1942—June 30.... 4^762 88 103 11,711 3,284 679 863 271 273 12,014 4 17 717 "3" 1,698 1943—June 30 3 473 92 52 13,543 2,939 744 2,820 249 404 14,001 4 21 755 11 1,774 Dec. 31.... 3^596 92 61 13,899 2,867 810 3,395 252 710 14,373 4 5 26 816 29 1,862 1944—Apr. 13 ... 3,530 111 57 13,989 2,792 855 4,026 201 396 14,482 6 6 23 846 68 1,891 June 30 3,455 85 60 13,254 3,105 852 6,150 213 722 13,740 11 7 17 861 64 1,907 Chicago* 1 1 9 9 3 3 4 7 — — 1uirn ip e 3 3 0 0.... 4 5 3 9 6 6 4 2 0 7 1 1 6 5 2 6 1 1^ ,0 5 7 0 7 9 3 5 9 3 1 6 2 6 4 4 1 7 2 1 0 7 8 4 2 1 2 5 1,4 9 0 4 9 4 1 1 4 3 5 6 2 1 2 2 2 4 8 5 1940— une 29.... 1,187 39 242 1,898 949 7 79 199 17 1,782 5 15 489 260 1941— une 30.... 1,062 41 262 2,205 1,010 8 95 213 33 2,109 5 17 480 279 1942— une 30.... 973 43 220 2,379 1,028 10 201 226 24 2,292 460 293 1943— nne 30 ... 786 39 173 3^002 1,032 13 506 202 36 2,981 2 477 312 Dec. 31 821 38 158 3,050 972 14 713 174 44 3,097 2 1 505 326 1944—Apr. 13 ... 796 40 182 3,019 1,011 14 866 155 30 3,088 1 514 329 June 30.... 811 41 179 3,070 1,090 15 1,105 218 41 3,040 1 543 343 Reserve city banks: 1934—June 30 ... 1,197 154 1,397 4,593 1,785 16 635 526 117 4,361 106 259 234 3,365 3 1,633 1937—June 30... 2,215 212 1,392 7,132 2,339 33 212 934 163 6,840 110 35 190 4,140 2 1,723 1940—June 29.... 3,759 334 2,679 8,774 3,526 41 422 956 147 8,372 109 18 219 4,422 1,873 1941—June 30.... 4,125 385 2,793 10,480 4,000 53 341 1,139 209 10,142 109 19 211 4,590 1,940 1942—Tune 30 4,254 357 2,279 12,515 4,052 55 422 1,304 218 12 199 84 18 239 4 454 1,985 1A -Z9T^X4* 3—J U.JJ.J.uI* nOVe - • 3• 0• .... 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—June 30.... 769 215 1,104 3,792 303 1 174 731 85 3,150 15 256 87 4,388 36 1,612 1937—June 30.. .. 1,337 330 1,554 6,027 409 2 69 1,067 139 5,089 15 64 85 5,459 13 1,774 1940—June 29.... 1,733 328 2,711 6,969 538 2 143 1,115 164 5,960 29 37 147 5,816 3 1,876 1941—June 30 1,914 437 3,106 8,374 652 2 151 1,269 190 7,282 30 31 143 6,049 3 1,956 1942—June 30.... 2,306 533 3,168 10,360 747 3 237 1,429 196 9,141 27 31 143 6,042 3 2,014 1943—June 30.... 2,987 616 3,462 15,009 928 4 1,527 1,619 277 13,604 17 37 148 6,885 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,C48 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 nonmember commercial banks: 1934—June 30. .. 150 901 1,949 74 2 50 426 29 1,532 4 76 51 2,576 39 1,139 19S7—June 30 214 1,288 2,939 81 3 23 586 51 2,350 11 32 54 3,112 18 1,057 1940—June 29.... 194 1,788 3,066 84 3 45 570 46 2,500 17 15 92 3,316 10 998 1941—June 30.... 242 2,004 3,488 90 1 47 594 54 2,900 18 10 77 3,312 8 973 1942—June 30.... 268 2,333 4,250 89 2 47 635 55 3,616 14 7 71 3,218 6 952 1943—June 30.... 307 2,853 6,314 120 2 463 740 83 5,554 7 4 71 3,514 6 977 Dec. 31... 313 2,996 7,279 141 2 506 750 96 6,518 6 4 68 3,750 6 979 1944—June 30.... 322 2,978 7,368 126 3 1,124 764 90 6,595 5 4 74 4,094 9 1,015 4 Beginning June 30, 1942, excludes reciprocal bank balances, which on that date aggregated 600 million dollars at all member banks and 614 million dollars at all insured commercial banks. 5 Demand deposits other than interbank and U. S. Government less cash items reported as in process of collection. For other footnotes, see opposite page. Back figures—See Banking and Monetary Statistics, Tables 18^5, pp. 72-103, and 108-113. OCTOBER 1944 985 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 m n lo a v e a n e n n d 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 R e l s o e t a a a n l t - e s L ba o t n a o 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 e r n - - s - Notes Bonds G a u n a - r- O r s i e t t c h ie u e s - r agri- U.S. Other U.S. Other debt- teed cul- Govt. se- Govt. se- edtural ob- curi- ob- curi- ness liga- ties liga- ties tions tions Total—101 Cities 1943—Aug 46,903 9,571 5,718 1,026 368 1,150 43 1,266 37,33: 34,421 4,041 7,604 4,864 16,1161,796 2,911 1944—Apr 51,437 10,553 6,156 680 619 451 295 1,077 71 1,204 40,884 37,999 3,167 8,963 7,195 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 Tune 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 Aug 56,286 11,228 6,004 763 605 1,071 343 1,070 60 1,312 45,058 42,111 3,53311,023 7,449 19,501 605 2,947 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, 41,917 3,623 11,098 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 6,088 609 1,318 346 1,070 84 1,332 45,338 42,460 3,82111,135 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 3,88111,057 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 3,658 10,990 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 3,324 11,009 7,411 19,532 599 2,945 Aug. 30 ... 55,700 11,065 5,984 797 596 917 338 1,071 54 1,308 44,635 41,675 3,07711,057 7,404 19,537 600 2,960 Sept. 6. .. 55,493 11,090 5,986 836 601 893 341 1,066 61 1,306 44,403 41,446 2,91411,001 7,407 19,525 599 2,957 Sept. 13... 55,041 10,966 6,016 778 614 803 339 1,066 51 1,299 44,075 41,113 2,64410,962 7,385 19,525 597 2,962 Sept. 20. .. 54,766 10,946 6,055 818 621 679 334 1,065 46 1,328 43,820 40,860 2,49110,815 7,376 19,584 594 2,960 Sept. 27... 54,673 10,980 6,076 819 704 618 339 1,062 32 1,330 43,693 40,724 2,47310,757 7,347 19,563 584 2,969 New York City 1943—Aug 17,383 3,641 2,168 409 467 176 27 297 13,742 12,807 1,258 2,868 1,788 5,977 916 935 1944—Apr 18,778 4,130 2,400 490 483 231 116 51 274 14,648 13,710 1,178 3,367 2,740 6,213 212 938 May 18,178 3,938 2,311 486 443 124 125 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 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 80 349 15,895 14,946 ,216 3,999 2,741 6,795 195 949 Aug 20,363 4,526 2,274 574 466 601 137 49 346 15,837 14,834 ,151 3,917 2,700 6,885 181 1,003 July 5.. 20,717 5,049 2,316 899 510 695 131 68 350 15,668 14,726 ,136 3,966 2,733 6,704 187 942 July 12., 21,092 5,239 2,293 977 503 850 136 57 342 15,853 14,872 ,071 4,039 2,758 6,806 198 981 July 19.. 21,111 5,081 2,303 777 505 804 133 121 357 16,030 15,092 ,358 3,979 2,73.5 6,823 197 938 July 26.. 20,905 4,874 2,323 668 473 759 148 349 16,031 15,097 ,299 4,012 2,739 6,848 199 934 Aug. 2.... 20,809 4,702 2,284 603 482 693 131 350 16,107 15,114 ,322 4,004 2,733 6,866 189 993 Aug. 9.... 20,474 4,579 2,281 562 459 680 132 346 15, 14, ,188 3,920 2,713 6,890 181 1,003 Aug. 16.... 20,337 4,523 2,270 524 463 626 158 347 15,814 14,810 ,168 3,868 2,691 6,902 181 1,004 Aug. 23.... 20,109 4,404 2,275 559 469 517 133 344 15,705 14,701 ,099 3,869 2,673 6,885 175 1,004 Aug 30. .. 20,088 4,422 2,261 624 458 486 133 344 15,666 14,652 978 3,924 2,692 6,881 177 1,014 Sept. 6... 20,002 4,477 2,274 664 462 482 134 342 15,525 14,490 853 3,899 2,694 6,869 175 1,035 Sept. 13... 19,696 4,361 2,279 605 475 411 134 340 15,335 14,300 3,934 2,688 6,878 174 1,035 Sept. 20... 19,547 4,324 2,281 663 478 301 132 361 15,223 14,183 3,850 2,676 6,938 161 1,040 Sept. 27... 19.577 4,300 2,290 662 493 264 133 359 15,277 14,232 6923,812 2,661 6,918 149 1,045 Outside New York City 1943—Aug 29,520 5,930 3,550 150 192 1,053 969 23,590 21,614 2,783 4,736 3,076 10,139 880 1,976 1944—Apr 32,659 6,423 3,756 190 136 220 179 992 930 26,236 24,289 1,989 5,596 4,453 11,813 438 1,947 May 32,188 6,248 3,647 146 139 176 181 990 958 25,940 23,987 1,686 5,591 4,470 11,812 428 1,953 June 32,984 6,453 3,632 185 146 315 183 991 986 26,531 24,548 1,821 5,924 4,513 11,856 434 1,983 July 36,004 7,024 3,749 245 143 690 200 989 994 28,980 27,016 2,509 7,021 4,692 12,366 428 1,964 Aug 35,923 6,702 3,730 189 139 470 206 991 966 29,221 27,277 2,382 7,106 4,749 12,616 424 1,944 July 5.. 35,545 7,234 3,721 260 154 213 993 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 1,003 29,027 27,04." 2,552 7,059 4,663 12,347 424 1,982 Tuly 19.. 36,193 6,918 3,765 242 131 595 193 991 995 29,275 27,332 2,549 7,114 4,769 12,477 423 1,943 July 26.. 36,160 6,853 3,765 212 136 559 198 990 983 29,307 27,363 2,522 7,123 4,764 12,530 424 1,944 Aug. 2.. 36,108 6,785 3,731 204 157 520 203 991 971 29,323 27,374 2,559 7,053 4,769 12,569 424 1,949 Aug. 9.. 36,050 6,717 3,732 196 134 481 205 989 970 29,333 27,397 2,537i 7,084 4,764 12,588 424 1,936 Aug. 16.. 36,046 6,685 3,731 186 131 465 206 992 964 29,361 27,419 2,490! 7,122 4,762 12,618 427 1,942 Aug. 23.. 35,797 6,682 3,731 183 136 454 208 993 960 29,115 27,174 2,22517,140 4,738 12,647 424 1,941 Aug. 30 . 35,612 6,643 3,723 173 138 431 205 994 964 28,969 27,023 2,099 7,133 4,712 12,656 423 1,946 Sept. 6. 35,491 6,613 3,712 172 139 411 207 989 964 28,878 26,956 2,061 7,102 4,713 12,656 424 1,922 Sept. 13. 35,345 6,605 3,737 173 139 392 205 989 959 28,740 26,813 2,018 7,028 4,697 12,647 423 1,927 Sept. 20 35,219 6,622 3,774 155 143 378 202 989 967 28,597 26,677 1,933 6,965 4,700 12.646 433 1,920 Sept. 27. 35,096 6,680 3,786 157 211 354 206 986 971 28,416 26,49! 1,781 6,945 4,686 12,645 435 1,924 Back figures.—See Banking and Monetary Statistics, pp. 127-227. 986 FEDERAL RESBRVB 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- D m Date or month B s w F e e R a e r r i n a e t d v k h l - - e s v C a i a n u s l h t m b a w a d n e n o i c s t k t e - h i , s s c j p m u a o d s a d s t e n e i - - t d d s 1 s p u p n v c h a o a a o e i n i r d l r p r r d a s t - - - s , - - , S p s d s a i t i o u c i a n o v l a b t n d i e i l t - s - - s c C c h o a e f e e e f i n t f e r c c r i d s t d - k . i ' - s m U G e e r . o n n S v - t . - s p p u h a n v c o a a n i e o i r r p d l d r r a t s s - - - - - , , S p s d s a i t i o u i c a o n v l a b t n d i i e l t - - s - s P m U G S o a i e n a s n o e r . g n v t S d n 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 - l p ts - B d i e a ts b n 2 - k tions tions Total 101 Cities 1943—Aug 8,879 520 2,231 34,250 34,159 1,830 614 4,748 5,742 119 41 8,643 48 786 42 4,158 11,092 1944—Apr 8,659 547 2,034 33,853 33,936 1,848 779 8,651 6,370 128 56 8,102 40 869 83 4,356 51,766 May 8,934 543 2,031 35,424 35,287 1,995 684 6,070 6,519 129 48 8,053 39 891 139 4,388 52,031 June 9,313 575 2,179 35,886 35,959 1,921 798 6,622 6,636 125 4-7 8,688 38 877 146 4,405 67,012 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 Aug 8,849 542 2,166 34,111 34,193 1,749 660 12,434 6,882 120 46 8,645 36 876 56 4,444 52,710 July 5 8,826 548 2,373 32,561 32,658 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 33,031 1,660 981 14,755 6,685 118 46 9,231 37 878 64 4,424 14,491 July 19 8,686 561 2,287, 32,945 33,303 1,619 774 14,472 6,720 118 46 8,825 37 886 148 4,417 13,940 July 26 8,761 556 2,280 33,503 33,738 1,690 712 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 rll,275 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 r12,004 Aug. 23 8,883 545 2,132 34,400 34,449 1,741 701 11,783 6,921 121 46 8,540 36 873 88 4,449 rll,622 Aug. 30 9,031 574 2,096 35,097 35,111 1,756 659 11,100 6,952 122 46 8,479 36 881 53 4,449 11,286 Sept. 6 9,072 531 2,074 35,469 35,558 1,742 666 10,189 6,992 121 46 8,668 34 862 96 4,464 10,372 Sept. 13 9,263 574 2,169 35,895 36,403 1,737 667 9,465 7,043 123 46 8,794 35 863 91 4,462 12,594 Sept. 20 9,160 558 2,127 35,522 35,757 1,739 757 9,135 7,093 121 46 8,785 35 868 164 4,475 14,341 Sept. 27 9,077 582 2,120 35,435 35,499 1,762 878 9,221 7,131 122 46 8,656 35 879 81 4,476 13,182 New York City 1943—Aug 3,360 82 24 13,090 13,379 200 337 1,895 697 20 2,788 1 704 29 1,632 4,317 1944—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 2,590 807 49 1,728 20,927 June 3,484 93 25 13,436 13,806 191 441 2,563 793 17 6 2,831 792 73 1,732 28,989 July 3,175 92 26 11,944 12,345 145 475 5,864 790 15 7 2,965 801 68 1,734 25,423 Aug 3,244 87 24 12,435 12,779 171 344 5,072 818 15 7 2,758 794 24 1,744 21,722 July 5 3,230 95 25 11,863 12,182 144 483 5,715 785 15 7 3,031 796 62 1,734 6,417 July 12 3,134 95 26 11,768 12,221 151 616 6,067 783 14 7 3,084 797 32 1,735 6,373 July 19 3,116 88 26 11,949 12,368 140 419 5,934 792 14 7 2,920 802 123 1,734 6,002 July 26 3,221 88 27 12,197 12,608 147 382 5,739 798 15 7 2,825 810 56 1,732 5,487 Aug. 2 3,248 84 25 12,348 12,675 175 381 5,556 810 15 7 2,816 796 23 1,744 5,564 Aug. 9 3,213 87 20 12,195 12,465 179 326 5,347 815 15 7 2,798 789 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 Aug. 30 3,311 93 24 12,859 13,232 170 336 4,507 824 15 7 2,700 1 798 11 1,741 4,716 Sept. 6 3,328 87 19 13,098 13,412 175 336 4,131 830 15 7 2,717 1 779 53 1,751 4,249 Sept. 13 3,403 94 23 13,153 13,609 172 295 3,829 844 17 7 2,725 1 781 52 1,748 5,386 Sept. 20 3,364 90 22 12,920 13,309 162 395 3,687 851 17 7 2,784 1 784 113 1,752 6,105 Sept. 27 3,303 97 27 12,967 13,276 175 537 3,711 857 17 7 2,745 1 796 44 1,750 5,627 Outside New York City 1943—Aug 5,519 438 2,207 21,160 20,780 1,630 277 2,853 5,045 99 41 5,855 47 82 13 2,526 6,775 1944—Apr. 5 402 458 2,002 21,242 20,971 1,661 322 5,099 5,601 109 50 5,493 39 82 27 2,640 30,482 May 5,587 453 1,999 22,222 21,803 1,758 322 3,627 5,735 111 42 5,463 38 84 90 2,660 31,104 June 5.829 482 2,154 22,450 22,153 1,730 357 4,059 5,843 108 41 5,857 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 Aug 5,605 455 2,142 21,676 21,414 1,578 316 7,362 6,064 105 39 5,887 35 82 32 2,700 30,988 Julv 5 5,596 453 2,343 20,698 20,476 1,562 409 8,202 5,878 102 39 6,020 35 85 14 2,686 7,634 July 12 5,585 491 2,399 20,713 20,810 1,509 365 8,688 5,902 104 39 6,147 36 81 32 2,689 8,118 July 19 5,570 473 2,261 20,996 20,935 1,479 355 .8,538 5,928 104 39 5,905 36 84 25 2,683 7,938 July 26 5,540 468 2,253 21,306 21,130 1,543 330 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 r6,554 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 r7,O85 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 r6,960 Aug. 30 5,720 481 2,072 22,238 21,879 1,586 323 6,593 6,128 107 39 5,779 35 83 42 2,708 6,570 Sept. 6 5,744 444 2,055 22,371 22,146 1,567 330 6,058 6,162 106 39 5,951 33 83 43 2,713 6,123 Sept. 13 5,860 480 2,146 22,742 22,794 1,565 372 5,636 6,199 106 39 6,069 34 82 39 2,714 7,208 Sept. 20 5,796 468 2,105 22,602 22,448 1,577 362 5,448 6,242 104 39 6,001 34 84 51 2,723 8,236 Sept. 27 5,774 485 2,093 22,468 22,223 1,587 34! 5,510 6,274 105 39 5,911 34 83 37 2,726 7,555 T Revised. 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 2 Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts. 987 OCTOBER 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [ In millions cf dollars] Loans Investments For purchasing or carry- U. S. Government obligations Total Com- ing securities loans merd F i e s d tr e i r c a t l a R n e d s d er a v t e e m v a e e i n n n s d - t t - s Total t c d a r i i u n n i a s a - d - l l , , U T an . o S d . b d ro ea k l e e r r s s U T . o S . others e R l s e o t a a a n l t s - e L ba o t n a o k n s s O lo t a h n e s r Total Total Bills Ce c i r a o t n t f i - e f s i Notes Bonds G a u n a - r- r O s i e t t c i h e u e s - r agri- Govt.Other Govt.Other debt- teed cul- obli- secu- obli- secu- edtural ga- rities rities ness tions Boston Aug. 30 2,999 660 409 21 17 10 20 64 6 113 2,339 2,246 196 670 309 1,056 15 93 Sept. 6 2,995 660 411 19 17 10 20 64 6 113 2,335 2,243 196 667 309 1,056 15 92 Sept. 13 2,935 '656 407 19 17 9 20 64 6 114 2,279 2,187 173 655 290 1,054 15 92 Sept. 20 2,937 654 409 15 17 10 20 64 5 114 2,283 2,191 182 651 289 1,054 15 92 Sept. 27 2,915 652 404 13 23 9 20 64 5 114 2,263 2,171 170 646 1,052 15 92 New York* Aug. 30 21,970 4,781 2,424 629 462 511 155 153 40 407 17,189 16,098 1,030 4246 2,999 7,617 206 1,091 Sept. 6 21,878 4,836 2,437 669 466 506 156 153 43 406 17,042 15,931 9084210 2,996 7,613 204 1,111 Sept. 13 21,578 4,720 2,444 610 479 434 156 153 41 403 16,858 15,747 7024228 2,992 7,622 203 1,111 Sept. 20 21,438 4,684 2,449 666 482 324 154 152 33 424 16,754 15,638 6304148 2,985 7,685 190 1,116 Sept. 27 21,470 4,660 2,461 667 498 280 156 152 24 422 16,810 15,689 7554115 2,966 7,675 178 1,121 Philadelphia Aug. 30 2,345 432 239 2 34 4 9 37 4 103 1,913 1,752 146 371 243 938 54 161 Sept. 6 2,348 432 239 2 34 4 9 37 4 103 1,916 1,758 155 365 243 942 53 158 Sept. 13 2,323 431 242 2 34 4 9 37 103 1,892 1,734 140 357 242 942 53 158 Sept. 20 2,323 433 242 35 4 9 37 103 1,890 1,733 140 359 242 930 62 157 Sept. 27 2,289 440 244 42 4 9 37 103 1,849 1,692 103 354 245 928 62 157 Cleveland Aug. 30 4,545 871 406 19 87 14 165 122 3,674 3,432 295 875 519 1,699 44 242 Sept. 6 4,532 867 404 18 81 14 164 123 3,665 3,426 282 882 519 1,699 44 239 Sept. 13 4,494 857 403 16 80 14 164 121 3,637 3,398 253 877 524 1,700 44 239 Sept. 20 4,451 850 405 16 75 14 163 120 3,601 3,363 228 851 524 1,715 45 238 Sept. 27 4,465 857 406 27 70 14 162 120 3,608 3,369 222 847 523 1,732 45 239 Richmond Aug. 30 1,800 301 118 4 56 9 51 57 1,499 1,444 107 321 253 747 16 55 Sept. 6 1,795 299 119 4 54 9 51 57 ,496 1,441 105 318 253 749 16 55 Sept. 13 1,795 29& 122 4 50 9 51 56 ,497 1,442 107 320 254 745 16 55 Sept. 20 1,797 29' 123 47 9 51 56 ,500 1,445 104 324 254 747 16 55 Sept. 27 1,792 298 129 45 9 50 56 ,494 1,439 99 324 248 752 16 55 Atlanta Aug. 30 1,722 287 155 28 6 26 66 ,435 1,318 87 359 306 544 22 117 Sept. 6 1,721 287 156 29 7 25 64 ,434 1,318 89 359 306 542 22 116 Sept. 13 1,731 286 157 27 7 25 64 ,445 1,328 91 368 306 541 22 117 Sept. 20 1,717 289 159 27 6 26 65 1,428 1,310 74 366 307 542 21 118 Sept. 27 1,707 291 163 26 7 25 64 1,416 1,295 63 362 308 541 21 121 Chicago* Aug. 30 8,568 1,500 992 112 52 132 124 7,068 6,554 559 1907 1,093 2,919 76 514 Sept. 6 8,515 1, 988 103 52 132 124 7,O2f 6,518 5301,897 1,095 2,920 76 504 S S S e e e p p p t t t . . . 2 2 1 0 1 3 8 8 8 , , , 4 4 3 1 8 5 7 4 3 1 1 1 , , , 5 5 5 2 0 1 5 6 3 1 1 1 , , , 0 0 0 0 1 0 2 1 5 9 9 9 8 4 1 5 5 5 1 1 1 1 1 1 3 3 3 2 2 2 1 1 1 3 2 3 3 5 1 6 6 6 , , , 9 9 8 7 0 2 7 4 9 6 6 6 , , , 3 3 4 2 9 7 4 9 3 4 4 5 7 1 2 7 5 7 1 1 1, , 8 8 8 3 5 3 1 8 4 1 1 1 , , , 0 0 0 8 7 9 7 8 3 2 2 2 , , , 9 9 9 2 2 1 5 6 6 7 7 7 7 6 6 5 5 5 0 0 0 5 5 4 St. Louis Aug. 30 1,687 398 218 22 65 78 1,289 1,179 46 343 231 538 21 110 Sept. 6 1,678 394 217 20 64 78 1,284 1,175 50 336 231 537 21 109 Sept. 13 1,679 393 216 20 65 77 1,286 1,176 50 338 231 536 21 110 Sept. 20 1,658 394 219 18 65 77 1,264 1,153 40 326 229 534 24 111 Sept. 27. 1,664 402 223 18 65 77 1,262 1,150 46 316 230 534 24 112 Minneapolis Aug. 30 1,098 192 109 10 23 45 906 838 36 242 155 394 11 68 Sept. 6 1,084 19: 109 9 23 46 892 825 23 242 154 394 12 67 Sept. 13 1,079 190 108 9 23 45 889 821 19 242 154 394 12 68 Sept. 20 1,070 195 111 23 46 875 815 15 241 154 394 11 60 Sept. 27 1,075 199 112 23 47 876 817 16 241 154 395 11 59 Kansas City Aug. 30 1,891 338 213 38 57 1,553 1,426 103 394 301 591 37 127 Sept. 6 1,887 333 209 37 56 1,554 1,428 102 396 304 588 38 126 Sept. 13 1,878 329 209 37 55 1,549 1,42; 98 398 302 588 37 126 Sept. 20 1,869 331 210 37 56 1,538 1,412 91 393 302 589 37 126 Sept. 27 1,872 330 210 37 55 1,542 1,416 96 388 298 596 38 126 Dallas Aug. 30 1,571 340 231 21 43 1,231 1,187 122 358 219 467 21 44 Sept. 6 1,562 338 230 20 43 1,224 1,180 120 354 219 466 21 44 Sept. 13 1,557 334 228 21 42 1,223 1,179 122 349 219 468 21 44 Sept. 20 1,556 338 232 20 43 1,218 1,173 123 346 219 464 21 45 Sept. 27 1,556 344 235 21 44 1,212 1,167 115 347 219 465 21 45 San Francisco Aug. 30 5,504 965 470 296 93 4,539 4,201 350 971 776 2,027 77 338 Sept. 6 5,498 959 467 296 93 4,539 4,203 354 975 778 2,019 77 336 Sept. 13 • 5,509 966 478 294 94 4,543 4,205 362 979 778 2,009 77 338 Sept. 20 5,533 968 485 295 91 4,565 4,228 387 976 784 2,005 76 337 Sept. 27 5,514 484 294 97 4,532 4,195 373 979 790 1,977 76 337 City of Chicago* Aug. 30 5,200 1,025 733 23 72 4,175 3,839 3531,125 607 1,724 30 336 Sept. 6 5,123 1,021 731 22 72 4,102 3,775 2941,117 609 1,725 30 327 Sept. 13 5,090 1,036 745 23 72 4,054 3,72" 2881,074 606 1,729 30 327 Sept. 20 5,039 1,044 752 22 81 3,995 3,667 2441,059 606 1,728 30 328 Sept. 27 5,019 1,053 748 22 79 3,966 3,638 2461,044 587 1,730 31 328 * 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. 988 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 interoank 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 B s w F e R a e e r i n r e a t d v - k h l - e s C ir i a a n s u h lt m b a w n a d e i c n o s t e - k t h i s s c p m l o a d s a d s e t n e i - - t d d s 1 s p u p v h n c a o a a i i e o n d p l r r r r d s a t - s - - , - - , p d s s t a o i i i u a c n o v l b t a i d n i e t - l - s - s C : c h o a e f e e e i f t n e f r r c c d i t d s . k - i ' - s U m G e . e o r n n S v t - - . s u p p v h n c a a a o i i o e n l r d p r r r s d t - a - s - , - - , p d ; s a i i t o i u c n a o v l b a t - n i i e t - l t - s - s U m 5 S i e o a n r a r . O e n s g S n v V n t d s - - . a - t l m D a e n b - d ank T s ime F e a i o n g r k n - s B r in o o g w r s - - c C o i a t a u c a p n - l - ts B it a s n 2 k tions tions Boston (6 cities) Aug. 30. 421 107 2,005 1,969 105 26 735 315 268 16 267 501 Sept. 6 424 106 2,046 2,013 103 27 675 316 277 16 267 453 Sept. 13 448 109 2,037 103 27 629 318 292 16 267 63a Sept. 20 433 110 2^047 2,034 105 27 607 319 294 17 267 643 Sept. 27 431 114 2,027 1,998 110 27 615 320 290 16 267 594 New York (8 cities)* Aug. 30 3,534 103 14,123 14,316 373 372 4,795 1,312 2,763 800 1,882 5,052 Sept. 6 3,555 99 14,364 14,511 378 366 4,397 1,321 2,785 782 1,892 4,530 Sept. 13 3,649 102 14,472 14,750 396 322 4,077 1,337 2,791 783 1,890 5,724 Sept. 20 3,600 113 14,256 14,465 373 429 3,926 1,347 2,849 786 1,895 6,553 Sept. 27 3,531 119 14,289 14,408 392 569 3,953 1,355 2,811 798 1,893 5,990 Philadelphia (4 cities) Aug. 30 384 75 1,624 1,662 46 14 48. 176 333 231 433 Sept. 6 390 75 1,65 1,697 44 11 444 177 348 233 378 Sept. 13 391 75 1,666 1,729 44 12 41 177 349 232 490 Sept. 20 398 73 1,677 1,729 42 16 397 178 354 232 535 Sept. 27 392 75 1,64' 1,696 41 14 400 178 345 232 534 Cleveland (10 cities) Aug. 30 721 194 2,928 2,952 129 38 728 930 492 44; 777 Sept. 6 724 196 2,959 2,978 121 43 670 935 503 444 699 Sept. 13 721 209 2,974 3,050 124 43 620 939 513 444 842 Sept. 23 727 199 2,938 2,955 141 49 603 944 500 445 930 Sept. 27 725 203 2,926 2,960 138 37 619 505 445 874 Richmond (12 cities) Aug. 30 292 151 1,115 1,103 80 18 40' 264 354 116 333 Sept. 6 296 149 1,12: 1,118 83 ,20 375 265 373 115 302 Sept. 13 290 166 1,141 1,161 79 17 347 267 391 116 354 Sept. 20 290 151 1,122 1,114 79 "24 335 268 402 117 381 Sept. 27 291 151 1,133 1,120 80 25 336 269 387 117 371 Atlanta (8 cities) Aug. 30 305 154 1,093 1,039 135 302 293 427 112 Sept. 6 312 148 1,096 1,044 137 278 296 442 113 307 Sept. 13 314 148 1,108 1,083 132 10 258 298 459 113 341 Sept. 20 314 147 1,110 1,062 133 16 249 300 445 113 379 Sept. 27 313 140 1,100 1,035 150 13 250 301 433 113 343 Chicago (12 cities) Aug. 30 1,405 391 5,475 5,305 433 59 1,665 1,377 1,438 520 1,768 Sept. 6 1,377 388 5,471 5,339 423 64 1,528 1,385 1,477 521 1,625 Sept. 13 1,424 382 5,57- 5,499 420 66 1,422 1,394 1,485 520 1,935 Sept. 20 1,381 378 5,495 5,378 417 66 1,376 1,411 1,457 522 2,216 Sept. 27, 1,386 390 5,452 5,362 396 55 1,393 1,419 1,433 524 2,046 St. Louis (5 cities) Aug. 30 285 112 972 995 64 11 266 253 491 114 305 Sept. 6 293 114 983 1,025 66 11 244 254 504 114 268 Sept. 13 299 111 1,007 1,057 65 14 226 256 509 114 331 Sept. 20 288 112 97 1,004 64 11 219 257 495 11 411 Sept. 27 291 111 988 1,028 65 13 221 258 499 115 344 Minneapolis (8 cities) Aug. 30 169 79 63; 601 79 13 24: 151 262 77 231 Sept. 6 170 85 64C 619 77 9 22 152 264 77 230 Sept. 13 175 81 64< 637 75 11 20. 152 270 77 250 Sept. 20 170 84 64( 617 78 12 19 153 266 77 277 Sept. 27 173 79 64i 624 78 11 19! 154 268 77 235 Kansas City (12 cities) Aug. 30.' 379 267 1,19 1,182 121 17 21- 205 768 13: 370 Sept. 6 383 261 1,17 1,205 116 17 25: 206 792 13: 362 Sept. 13 I 395 276 1,239 112 16 23< 208 791 13: 424 Sept. 20 1 380 272 l[ 19: 1,223 118 16 22* 209 787 13: 501 Sept. 27 392 269 1,21 1,212 117 17 22S 210 777 13: 431 Dallas (9 cities) \ Aug. 30 310 212 1,10: 1,111 52 18 181 467 108 283 Sept. 6 323 211 1,11 1,128 55 18 182 475 108 258 Sept. 13.... 330 261 1,17: 1,172 53 43 221 184 489 108 310 Sept. 20 325 237 1,145 1,177 53 23 22 185 483 111 381 Sept. 27. 333 222 1.15C 1,145 55 30 22: 186 475 11 361 San Francisco (7cities) Aug. 30 826 251 2,83 = 2,876 139 64 93' 1,495 416 44! 956 Sept. 6 828 242 2,83( 2,881 139 72 86 1,503 428 44( 940 Sept. 13 827 249 2,875 2,989 134 81 80 1,513 455 451 993 Sept. 20 854 251 2,92, 2,999 136 68 r 1,522 453 45( 1,079 Sept. 27 819 247 2,86 2,911 140 67 1,533 433 45: 1,059 City of Chicago* 78, Aug. 30 85' 187 3,28. 3,251 200 28 1,06 582 1,018 341 1,014 Sept. 6 824 191 3,23 3,232 194 28 97 584 1,047 341 1,003 Sept. 13 884 180 3,3H 3,344 194 29 90 589 l,05f 34C 1,159 Sept. 20 855 183 3,25 3,255 188 27 601 1,038 34C 1,332 Sept. 27 843 184 3,23 3,251 181 25 603 1,016 34: 1,181 * See note on preceding page. J Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 1 Debits to demand deposit accounts except interbank and U. S. Government accounts. 989 OCTOBER 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Commer- Held by Based on cial End of month p o a u p t e - r T o o u t t a - l Accepting banks Imports Exports G s o h o i d p s p e s d to r b e e d t w i e n e n or standing standing Own Bills Others2 U i n n i t t o ed U f n ro it m ed ex D c o h l a l n a g r e points in Total bills bought States States United Foreign States countries 1943—May 160 136 105 65 40 31 79 37 12 June 143 140 102 62 40 38 82 10 36 12 July 150 139 102 64 38 36 81 12 35 10 August 156 130 94 59 36 36 77 10 33 11 September. 170 117 84 50 33 33 69 7 30 11 October... 188 115 48 39 27 67 9 29 10 November. 203 111 53 35 23 59 11 31 9 December 202 117 90 52 38 27 66 11 30 9 1944—January... 209 120 94 55 38 27 71 12 29 9 February.. 214 135 106 57 49 29 83 12 32 8 March 195 129 100 52 48 30 79 12 31 7 April 172 126 96 51 45 29 77 12 30 7 May 151 113 90 49 41 24 71 10 28 4 June 137 112 87 44 43 25 74 11 24 3 July 143 110 46 41 23 72 12 24 2 August... . 141 110 44 38 28 75 10 22 3 1 As reported by dealers; includes some finance company paper sold in open market. 2 None held by Federal Reserve Banks. 3 Less than $500,000. Back figures.—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 rs c ' es1 Other credit balances ba ( d n l e a e b n t) i c t 1 es a i m n n a p d v c a e c t r s o r t t a n u m d n e e i r t n s n s g ' t a in n a v d c e c f t i s o r r t m a u m d n e i ts n n g t a b h n a a d n n k d i s n bo M rr o o n w e e y d2 Free O (n th et e ) r i a I n n n v d e p t s a r t r a m t d n e i e n n r g t s' i a n n v d In e s t f r t i a m r d m e in n g t I a n c ( c c n o a e u p t) n it t a s l accounts accounts 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 August e740 *490 e340 September c820 e77O e320 October €830 *740 e330 November e780 c600 c340 December 788 11 188 181 557 354 65 14 5 198 1944—January e78O c560 c370 February e800 *650 e370 March e820 e630 e380 April e780 e600 c390 May e79O e550 c400 fune 887 5 253 196 619 424 95 15 11 216 July e940 e660 e420 August *940 e630 64l0 6 Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of large firms. 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. 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. 99° 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 RATKS CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES Yields on U.S. [Per cent per annum] L941 a m v o e Y w n ra e e th g e a , k e r , or m 4 m p P - c o a e r o n t p i r o m m c t . e 5 h i 6 - r e a 4 s , - l l a a b P d c n a e r a c 9 c . i r n y e 4 m 0 s e k p 4 s ' s e - l t , - c S h l n 1 c a e o t r a e o . l x a e a 0 s n w - c - l n 2 0 l g k - e m b G . o 1 i 3 o l 0 n - l v 3 s th 3 ern d m 9 c m e - o e c n e b f r o a t e n o t t t n i s i t e e f n s 1 t d i s h s - - 2 - e - cu 3 t r a n - y i x o t t e . o i a 7 t a e e b 6 r 5 s s l - e 1 1 1 1 9 9 9 9 3 3 3 3 7 5 6 8 a a a a v v v v e e e e r r r r a a a a g g g g e e e e 1 1 1 1 1 T 9 2 2 2 2 o . . . . c 6 5 9 5 t i a 8 9 3 3 t l ies Y N C 1 1 1 1 . o . . . e i 7 7 6 7 t w r y 6 2 9 3 k 7 e E N r c a 3 3 2 2 n O o i s . . t . . r 0 3 7 8 i t t a e t e 4 h 9 5 8 h n s r e - n d r 1 W e 1 r c 3 3 3 3 n e S i . . . . t s 2 7 2 4 o i a t 5 6 6 0 e u e n s r t d n h- 1 1 9 9 4 4 2 3 a a v v e e r r a a g g e e . . 6 6 9 6 . .4 4 4 4 1 1 . . 0 0 0 0 . . 3 3 2 7 6 3 .75 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 . . 7 6 8 3 2 2 . . 0 0 7 4 2 2 . . 8 5 7 6 3 3. . 3 5 8 1 1943—August .69 .44 1.00 .375 .75 1.29 1941 average 2.54 1.97 2.55 3.19 September .69 .44 1.00 .375 .77 1.31 1942 average 2.61 2.07 2.58 3.26 October .69 .44 1.00 .375 .78 1.31 1943 average 2.72 2.30 2.80 3.13 N D o ec v e e m m b b e e r r . . 6 6 9 9 . . 4 4 4 4 1 1. . 0 0 0 0 . . 3 3 7 7 5 5 . . 7 7 7 7 1 1 . . 3 2 0 9 1940— J M un a e rch 2 2 . . 6 5 5 9 2 2 . . 0 0 3 0 2 2 .6 4 7 9 3 3 . . 3 3 5 8 [944—January .69 .44 1.00 .374 .78 1.30 September 2.68 2.14 2.56 3.43 February .69 .44 1.00 .375 .78 1.32 December 2.59 2.00 2.53 3.36 March .69 .44 1.00 .375 .80 1.36 1941—March 2.58 2.06 2.53 3.25 April .69 .44 1.00 .375 .78 1.36 June 2.55 1.95 2.58 3.23 May .75 .44 1.00 .375 .77 1.35 September 2.60 1.98 2.62 3.29 June .75 .44 1.00 .375 .79 1.34 December 2.41 1.88 2.45 2.99 July .75 .44 1.00 .375 .77 1.31 1942-March 2.48 1.85 2.48 3.20 August .75 .44 1.00 .375 .76 1.30 June 2.62 2.07 2.56 3.34 Week ending: September 2.70 2.28 2.66 3.25 Sept. 2 1 % 1.00 .375 .75 1.28 December 2.63 2.09 2.63 3.26 Sept. 9 % 1.00 .375 .79 1.27 Sept. 16 % 1.00 .375 .78 41.29 1943—March 2.76 2.36 2.76 3.24 Sept. 23 7A 1.00 .375 .78 1.34 June 3.00 2.70 2.98 3.38 Sept. 30 M 7A 1.00 .375 .80 1.34 September 2.48 2.05 2.71 2.73 December 2.65 2.10 2.76 3.17 1 Monthly figures are averages of weekly prevailing rates. 1944—March 2.63 2.10 2.75 3.12 2 The average rate on 90-day stock exchange time loans was 1.25 per June 2.63 2.23 r2.55 3.18 cent during the entire period. September 2.69 2.18 2.82 3.14 3 Rate on new issues offered within period. Tax-exempt bills prior to M 4 a r N ch u m 19 b 4 e 1 r ; o t f a x is a s b u l e e s b d i e ll c s r e t a h s e e r d e a f f r t o e m r. 2 to 1 on Sept. 15. r Revised. Back figures.—See Banking and Monetary Statistics, Tables 120-123, pp. l Prior to March 1939 figures were reported monthly on a basis not strictly 448-462; for description, see pp. 424-426. comparable with the current quarterly series. Back figures.—See Banking and Monetary Statistics, Tables 124-125, pp. 463-464; for description, see pp. 426-427. BOND YIELDS1 [Per cent per annum] U. S. Government Corporate (Moody's)4 Year, month, Long-term Taxable Mu ip n a i l c- C r o a r t p e o- By rating By groups or week partially (high (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) * grade )* Total Aaa Aa A Baa In tr d ia u l s- R ro a a i d l- P u u ti b li l t i y c M umber 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—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 .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 .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 .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 L.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 L.85 2.65 3.10 2.74 2.83 3.10 3.72 2.83 3.49 2.98 March 1.91 1.95 2 48 1.84 2 64 3.09 2.74 2.82 3.10 3.70 2.83 3.48 2.97 April 1.94 1.95 2.48 1.85 2.61 3.08 2.74 2.82 3.09 3.68 2.83 3.45 2.97 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 1.95 2.49 1.84 2.60 3.04 2.72 2.80 3.05 3.57 2.79 3.37 2.95 August. .... 1.90 1.93 2.48 1.82 2.57 3.02 2.71 2.79 3.04 3.55 2.79 3.34 2.94 Week ending: Sept. 2 1.90 1.92 2.48 1.82 2.56 3.03 2.71 2.79 3.05 3.56 2.79 • 3.35 2.94 Sept. 9 1.92 1.92 2.47 1.82 2.54 3.03 2.71 2.79 3.06 3.56 2.80 3.35 2.94 Sept. 16 1.93 51.92 2.47 1.83 2.54 3.03 2.71 2.79 3.05 3.56 2.80 3.35 2.93 Sept. 23 1.94 1.92 2.48 1.84 2.55 3.03 2.72 2.79 3.04 3.56 2.79 3.35 2.94 Sept. 30..... 1.94 1.92 2.48 1.84 2.55 3.03 2.72 2.80 3.04 3.56 2.79 3.35 2.95 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Standard and Poor's Corporation. 3 U. S. Treasury Department. 4 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 5 and 10 to 6 issues, respectively, and the railroad Aaa group from 10 to 5 issues. 6 Number of issues decreased from 5 to 4 on Sept. 15. . Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474. OCTOBER 1944 991 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS1 Bond prices Stock prices5 Volume Corporate4 Common (index, 1935-39 « 100) of trad- Year, month, or week U.S. Munic- ing? Gov- ipal Medium- and lower-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 a s l - R ro a a i d l- P ut u i b li l t i y c fau D l e te - d ferredS Total In tr d i u a s l - R ro a a il d - P u u ti b li l t i y c s s a h n a d r s e s o ) f Number of issues. 1-6 50 10 20 20 15 402 354 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—August 100.53 134.6 121.1 110.4 117.0 98.6 115.6 44.2 176.4 94 96 91 86 604 September., 100.35 134.4 120.8 110.4 117.1 98.4 115.7 46.4 175.9 96 98 91 87 663 October 100.39 135.2 120.9 110.6 117.9 98.6 115.4 49.9 175.1 95 97 92 87 633 November.. 100.24 134.9 120.4 111.3 118.9 99.8 115.2 45.4 172.6 91 93 87 85 886 December.. 100.19 132.8 120.0 112.1 119.4 101.7 115.1 46.9 169.1 92 94 86 85 807 1944—January... 100.18 134.4 120.5 113.2 119.8 104.1 115.5 52.8 171.2 95 96 91 87 788 February. 100.14 135.8 120.4 113.6 119.3 105.7 115.8 58.1 172.7 94 96 96 87 807 March 100.26 136.0 120.5 113.7 119.8 105.3 115.9 60.1 173.4 97 98 99 1,124 April 100.26 135.8 120.7 114.4 121.0 105.5 116.6 59.0 173.8 95 97 97 659 May 100.19 135.6 120.9 114.7 121.5 106.5 116.0 58.9 173.2 97 99 99 730 June 100.16 135.5 120.9 114.5 l.?1.5 106.2 115.9 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 August 100.35 136.5 121.2 114.8 120.9 107.3 116.2 57.3 177.0 103 105 103 92 872 Week ending: Sept. 2... 100.42 136.4 121.3 114.8 120.9 107.0 116.4 56.2 177.7 103 105 102 93 662 Sept. 9... 100.42 136.4 121.2 114.5 120.4 106.6 116.4 54.8 177.3 100 102 98 91 1,074 Sept. 16... 100.45 136.2 121.2 114.3 120.0 106.6 116.4 54.3 177.7 100 101 97 91 675 Sept. 23... 100.41 136.0 121.3 114.5 120.0 107.0 116.6 55.5 177.3 101 103 99 91 588 Sept. 30... 100.34 136.0 121.2 114.7 119.8 107.6 116.8 57.2 177.3 102 104 101 92 697 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. 6 Standard and Poor's Corporation. 6 Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 7 Average daily volume of trading in stocks on the New York Stock Exchange. Back figures—See Banking and Monetary Statistics, Tables 130,133, 134, and 136, pp. 475,479,482, and 486, respectively. NEW SECURITY ISSUES [In millions of dollars] For new capital For refunding Total Domestic Domestic (new Total Total Year or month f a i u r n n n e g - d d ) - m e ( a f d e i o n g o s r d - n t - i ) c Total S n m a p t i n a c a u d t i l - e - a F c e g i e r e e a d s n l * - - Total Co B n r a p o o n o n t d e r d s a s te Stocks eign2 m e ( a f e i d o n g s o r d n t - - i ) c Total S n a m p t i n a c a u d l t i - e - a c F e g i e r e e a d n s l - 1 - Total Co B n r a o o p n n t o d e d r s s ate Stocks e F ig o n r- 2 1934 . . 2,160 1,386 1,386 803 405 178 144 35 774 765 136 317 312 312 9 1935 4,699 1,457 1,409 855 150 404 334 69 "is" 3,242 3,216 365 987 1,864 1,782 "si" 26 1936 6,214 1,972 1,949 735 22 1,192 839 352 13 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—August 145 29 29 7 22 14 8 116 116 22 15 79 69 10 September .. 140 51 51 10 31 10 10 89 89 10 24 55 51 5 October 201 57 57 5 11 41 33 7 144 144 11 46 87 59 27 November .. 357 165 165 21 23 121 87 34 192 192 15 107 70 58 12 December... 163 33 33 10 10 14 8 6 130 130 8 39 83 77 7 1944—January.... 240 103 93 24 38 15 22 10 137 137 14 123 62 Cl February... 220 73 73 11 31 63 59 4 146 146 26 25 96 93 3 Marcia 178 58 58 13 45 28 17 120 120 12 30 78 59 19 April 235 80 80 7 73 21 52 155 149 10 31 108 53 55 ' 6 May 418 53 53 21 33 14 19 365 356 139 33 184 169 15 9 June 213 42 42 23 ...... 15 11 5 170 170 8 83 79 76 3 July 274 70 64 12 52 43 10 7 204 204 22 27 154 133 21 August 332 145 145 40 106 68 37 187 187 26 20 141 136 5 1 Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 Include.: 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. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES1 PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars! Proposed uses of net proceeds Estimated Estimated Year or month pro g c r e o e s d s s8 pro n c e e t eds3 New money Retirement of securities Repay o m f ent Other Total e P q l u a i n p t m a e n n d t W c o a r p k i i t n al g Total Bo n n o d t s e s and Pr s e t f o e c r k red other debt purposes 1934 397 384 57 32 26 231 231 84 11 1935 2,332 2,266 208 111 96 1,865 1,794 71 170 23 1936 4,572 4,431 858 380 478 3,368 3,143 226 154 49 1937 2,310 2,239 991 574 417 1,100 911 190 111 36 1938 2,155 2,110 681 5C4 177 1,206 1,119 87 215 7 1939 2,164 2,115 325 170 155 1,695 1,637 59 69 26 1940 2,677 2,615 569 424 145 1,854 1,726 128 174 19 1941 2,667 2,623 868 661 207 1,583 1,483 100 144 28 1942 .. 1,062 1,043 474 287 187 396 366 30 138 35 1943 1,112 1,089 285 156 129 721 651 70 54 28 1942—November 35 34 5 1 4 28 23 1 December 34 33 16 15 1 17 13 4 1943—January 9 8 1 1 6 6 2 February 49 49 12 10 2 34 34 3 March 98 96 39 6 32 48 42 7 1 8 April 91 88 9 3 6 76 74 2 3 May 83 81 32 14 18 49 49 June 99 97 25 10 15 70 51 19 2 July 76 74 3 3 59 40 19 2 10 August 106 103 15 12 3 80 79 1 8 September 69 68 11 6 5 50 42 9 5 2 October 130 127 3 3 101 97 4 22 1 November 200 197 122 9i"" 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 M Ju a n y e 1 1 6 4 3 8 1 16 4 0 6 2 2 3 3 1 8 7 1 6 5 1 11 2 7 0 1 1 0 1 3 5 1 5 3 1 3 8 i July 178 174 46 22 24 122 109 13 6 August 229 226 57 24 33 166 147 19 3 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Railroad Public utility Industrial Other Year or month Total Retire- All Total Retire- All Total Retire- All Total Retire- All net New ment of other net New ment of other net New ment of other net New ment of other pro- money securi- pur- pro- money securi- pur- pro- money securi- pur- pro- money securi- purceeds ties poses4 ceeds ties poses* ceeds ties poses4 ceeds ties poses* 1934 172 21 120 31 130 11 77 42 62 25 34 2 20 17 1935 120 57 54 10 ,250 30 1,190 30 774 74 550 150 122 46 72 4 1936 774 139 558 77 1,987 63 1,897 27 1,280 439 761 80 390 218 152 20 1937 338 228 110 1 751 89 611 50 1,079 616 373 90 71 57 7 7 1938 54 24 30 ,208 180 943 86 831 469 226 136 16 8 7 1 1939 182 85 97 1,246 43 1,157 47 584 188 353 43 102 9 88 5 1940 319 115 186 18 1,180 245 922 13 961 167 738 56 155 42 9 104 1941 361 253 108 •un 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—November 17 1 16 17 4 December 4 4 27 10 17 3 2 1 1943—January 8 1 6 2 February 8 8 39 2 34 3 2 2 March 15 5 10 22 1 20 1 59 33 18 8 April 3 3 58 1 55 3 27 5 22 J M J A u u u a l n y y g e ust 4 1 6 6 7 4 " " 1 6 4 ""46 7 " 4 2 3 6 6 8 1 4 3 2 6 8 4 1 4 4 5 1 0 9 0 7 2 1 3 9 5 1 3 2 2 5 3 6 7 ""2" 1 6 1 1 3 2 2 7 4 2 2 O Se c p to te b m er ber 2 4 8 4 28 4 5 9 0 4 4 4 9 1 4 4 1 8 4 3 2 2 9 4 22 3 1 1 i ' 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 29 140 134 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 Tune 45 4 41 24 23 58 17 22 19 33 2 ""31" July 7 7 58 ••5" 52 109 34 70 5 August 134 19 115 26 24 ""2" 66 38 27 2 1 Estimates of new issues sold for cash in the United States. Current figures subject to revision. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 4 Includes repayment of other debt and other purposes. Source.—Securities and Exchange Commission; for compilations of back figures, see Banking and Monetary Statistics (Table 138, p. 491), a publication of the Board of Governors. OCTOBER 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS INDUSTRIAL CORPORATIONS [In millions of dollars} Net profits,1 by industrial groups P d r i o v f i i d ts e n a d n s d 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 u le - o s - p e O t m r q t o i t a e u r o h n t n i n e a s p t r - - - m f p N e u a r e r o c r n o t o t a n d d s u l - - s s O g d 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 e a i o i O n n f n d i g i g d n u l - c- c I h n c tr e a d i m l u a s l s i- - g O d n o u b o t o h r l n e a d e - - s r n s c M e i e e c r l o i e v l s u a s - - - s pr N of e it t s , 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—1 419 52 38 46 651 36 19 32 35 39 39 32 204 21 134 2 364 52 35 25 648 32 18 32 27 35 27 34 174 23 135 3 451 51 36 46 649 34 22 42 42 41 35 52 211 20 125 4 557 72 49 92 654 36 30 44 49 48 35 47 294 23 158 1943—1 437 53 39 47 654 34 19 39 36 42 36 39 238 21 127 2 441 48 42 49 652 32 22 40 42 41 35 38 221 22 132 4 3 4 4 8 6 1 4 5 5 3 1 4 4 6 1 5 5 3 2 r64 51 6 3 3 1 2 2 2 3 0 4 4 2 2 5 4 8 9 4 4 6 1 3 3 6 7 4 49 7 2 2 4 2 5 7 2 2 3 1 1 1 6 2 9 7 1944—1 452 47 40 52 658 29 20 40 49 42 36 39 •222 20 142 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 t c c a f o o o x m r m 5 e e e Net income1 d D e i n v d i- s Operat- I i b n n t e c c a f o o x o m m 5 re e e i # n c N om et e1 d D e i n v d i- s Operat- in N co e m t e1 d D e i n v d i- s 1939 3,995 126 93 -102 126 2,647 629 535 444 ,067 191 175 1940 4,297 249 189 -73 159 2,797 692 548 447 129 194 178 1941 5,347 674 500 23 186 3,029 774 527 437 ,235 178 172 1942 7,466 1,658 902 147 202 3,216 847 490 ,362 163 163 1943 9,054 2,209 874 187 216 r3,464 r914 r502 ,537 180 166 Quarterly 1940—1. 986 -3 -12 -29 25 709 187 148 274 49 44 2. 1,010 15 3 -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 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 r864 r254 r136 366 42 40 2.... 2,255 605 239 56 49 r835 r221 r118 383 44 42 3.... 2,368 653 249 55 39 r859 r210 r114 389 45 43 4.... 2,340 438 177 25 100 r906 r228 133 400 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. S XT _ 1 /~M A JT~i-1 j.'_.-i*Ti' _" 1-_ A r\r A. P 11 1 _J_" mergi ^ , received on stock holdings in the 30 companies. 5 After all charges and taxes except Federal income and excess profits taxes. 6 Partly estimated. 7 Not available. renegotiation. For description of data and back figures, see pp. 214-217 of the March 1942 BULLETIN. 994 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 ] End of month T d g d i r o e r o t e b s a c t s l t i . b n d T e d t i a e o e r r r e t b i e a c n t s l t g t- Total2 Tre b a M i s l a l u s r r k y eta in b c C d l a e n e e t e r e b p t s s i t u s f e o b i d - f l - ic T is r s n e u o a e t s s e u 1 s ry Tr b e o a n s d u s ry N T o o n t m al a 2 rke s ta a b U b v o . i l n S n e d . g s p s ubl T i t s c r a n a e x v o a i s i t s a n s e u n u s g r d e y s s - S is p s e u c e ia s l i b n N e d te a e o r r b i e n n t s - g t- s g t b e t e u e e c F e a r a u d u e r r r l a s i i i l n n n t y 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 Dec 57,938 57,451 41,562 2,002 5,997 33,367 8,907 6,140 2,471 6,982 487 6,317 1942—June 72,422 71,968 50,573 2,508 3,096 6,689 38.085 13,510 10,188 3,015 7,885 454 4,548 Dec 108,170 107,308 76,488 6,627 10,534 9,863 49,268 21,788 15,050 6,384 9,032 862 4,283 1943—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—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 Aug 209,802 208,289 145,213 15,715 30,001 18,067 81,235 47,614 36,883 10,030 15,461 1,514 1,475 1 Including amounts held by Government agencies and trust funds, which aggregated $4,594,000,000 onTuly 31. 1944, and $4,575,000,000 (preliminary) on Aug. 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. 3 Including prepayments amounting to $2,193,000,000 on securities dated Feb. 1, 1944, sold in the Fourth War Loan Drive beginning Jan. 18,1944. Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512. UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING, AUGUST 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 Redempout- month tions Issue and coupon rate Amount Issue and coupon rate Amount Month standing 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 Sept. 7, 1944 1,203 June 15, 1948 \%. 3,062 S S e e p p t t . . 2 1 1 4 , , 1 1 9 9 4 4 4 4 1 1 , , 2 21 0 2 1 D Se e p c. t . 1 1 5 5 , , 1 1 9 9 4 48 8 -50 2 .. V 22 4 5 5 7 1 1 1943—Jan 16,246 1,240 815 77 348 63' Sept. 28, 1944 1,208 June 15, 1949-51 ..2 1,014 Feb.... 17,067 887 634 48 205 76 Oct. 5, 1944 1,216 Sept. 15, 1949-51 ..2 1,292 Mar 17,891 944 720 44 180 131 Oct. 13, 1944 1,204 Dec. 15, 1949-51 ..2 2,098 Apr 19,267 1,470 1,007 110 353 103 Oct. 19, 1944 1,207 Dec. 15, 1949-52 3^8 491 May 20,507 1,335 995 86 254 104 N O o ct v . . 26 2, 1 1 9 9 4 4 4 4 1 1 , , 2 2 1 1 4 4 M De a c r . . 1 1 5 5 , , 1 1 9 9 5 4 0 9 - - 5 5 2 3 2 .. V 22 1 1, , 9 7 6 8 3 6 J J u u n ly e .. 2 2 1 2 , , 2 0 5 3 6 0 8 8 7 9 6 0 6 6 8 9 3 6 3 3 5 8 1 1 4 6 4 9 1 1 4 3 1 8 Nov. 9, 1944. 1,211 Sept. 15, 1950-52 2XA 1,186 Aug 22,694 802 661 28 112 152 Nov. 16, 1944 1,206 Sept. 15, 1950-52 "..2 4,939 Sept 24,478 1,927 1,400 139 387 155 Nov. 24, 1944 1,210 June 15, 1951-54 2% 1,627 Oct. 26,056 1,708 1,340 93 275 144 Nov. 30, 1944 1,210 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 2}i 1,118 Sept. 1, 1944 /'8 4,122 Dec. 15, 1951-55 ..2 510 1944—Jan 28,901 1,698 1,085 127 487 188 Oct. 1, 1944 "•Vs 3,519 Mar. 15, 1952-54 2}/2 1,024 Feb 31,515 2,782 2,102 157 522 185 Dec. 1, 1944 ..Vs 3,540 June 15, 1952-54 ..2 5,797 Mar 31,974 709 576 23 110 268 Feb. 1, 1945 Vs 5,048 June 15, 1952-55 2}/i 1,501 Apr 32,497 739 606 19 114 237 Apr. 1, 1945 ..% 4,877 June 15, 1953-55 .2 725 May 32,987 751 624 15 111 279 May 1, 1945 . Vs 1,615 June 15, 1954-56 681 June 34,606 1,842 1,350 115 377 248 June 1, 1945 4,770 Mar. 15, 1955-60 2 Vs 2,611 July 36,538 2,125 1,687 101 337 227 Aug. 1, 1945 "•Vs 2,511 Mar. 15, 1956-58 2/^3 1,449 Aug 36,883 602 499 18 85 279 Sept. 15, 1956-59 2% 982 Treasury notes Sept. 15, 1956-59 2x/i 3,823 Sept. 15, 1944 .1 283 June 15, 1958-63 2% 919 Sept. 15, 1944 635 Dec. 15, 1960-65 2% 1,485 Maturities and amounts outstanding, August 31, 1944 Mar. 1, 1945 !'.9O 2,127 Tune 15, 1962-67...... 2¥2 2,118 M M a a r r . . 1 1 5 5 , , 1 1 9 9 4 4 5 5 '.lp 1,6 7 0 1 6 8 D T e u c n . e 1 1 5 5 , , 1 1 9 9 6 6 3 4 - - 6 6 8 9 2lA 2 3 , , 8 7 3 6 1 1 Year of maturity All S A er - i D es Ser E ies Se F ries Se G ries Dec. 15, 1945 531 Dec. 15, 1964-69 2}/2 3,838 Mar. 15, 1946 .'. 1 503 Mar. 15, 1965-70 2% 5,190 Dec. 15, 1946 .VA 3,261 Sept. 15, 1967-72 2,716 Mar. 15, 1947 1,948 Postal Savings bonds.2^ 117 1945 179 179 Sept. 15, 1947.... '.VA 2,707 Conversion bonds..... 3 29 1946 320 320 Sept. 15, 1948.... 3,748 Panama Canal loan.... 3 50 1947 408 408 1948..... 488 488 ry bonds Total direct issues 145,TlT 1949 801 801 2Dec. 15, 1944-54. ...4 1,037 1950 992 992 M S D J O T u e u e c a n p c n t r e . . t e . . 1 1 1 1 1 1 1 5 0 5 5 5 5 C , , , , , , 1 1 l 1 1 1 i y C 9 9 9 9 9 4 l 4 4 4 4 A 4 0 5 6 7 6 A — 5 . - - - - . 4 4 5 4 0 Z . 9 2 7 8 0 A .. . . . . . • M ..3 2 . 2 % % .3 lA 1 1 , , 2 0 4 8 5 7 1 3 8 4 1 5 4 6 9 1 9 9 Gu H F C a e o o F J r d m m u a e e n n b m e r e a t e o O l 1 1 e d w 5 H , d i t n 1 y o 1 9 e s u 9 4 r e C 4 s s 5 c i 5 ' r - n u 4 e L g 7 d r o i i t a t A i n e C d s C m o o V r i p n r A p . . 4 7 1 5 2 5 1 1 1 1 1 1 9 9 9 9 9 9 5 5 5 5 5 5 1 2 3 5 4 6 1 1 5 1 3 2 0 0 , , , , , , 6 3 2 6 1 4 8 0 3 8 7 8 2 8 9 8 3 9 445 5 8 1 7 , , , , 2 3 7 4 3 0 5 8 7 8 8 0 2 6 5 7 1 6 1 0 8 7 4 3 2 2 2 1, , , , 2 1 3 5 1 1 8 3 2 1 9 5 Dec. 15, 1947.... '..'.2 701 Various 25 Unclassified., 117 MMaarr.. 1 1 5 5 , , 1 1 9 9 4 4 o 8 - - 5 5 ' 1 J . . ..2.. H2 11,,21213^ Total guaranteed issues 1,191 Total.. 36,883 3,634 22,782 2,102 8,248 1 Sold ot discouni basis. See table on Open-Market Money Rates p. 991. 2 Called for redemption on Dec. 15, 1944. 995 OCTOBER 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [In millions of dollars] Held by U. S. Gov- Privately held1 End of month s i . e n b c t e T u e a r o r r i e i t t n a s ie t l g - s S i e s p a r s e n n u c m d e i s a e t l n ru t s a t g f e P i u n s u n s c b u d i l e e s i s s c F R B H e e a d s e n e e l k d r r v a s l e Total m b C e a o r n c m k ia s - l M s b a a u v n i t n u k g a s l s I p c n a a o n s n m u c i e r e - - s M i a a O ss b r t u k l h e e e e s t r - inv m es N a a to r o b k r n l s e e - tissues 1941-June 54,747 6,120 2,362 2,184 44,081 20,095 3,426 7,000 9,400 4,200 December 63,768 6,982 2,547 2,254 51,985 21,788 3,700 8,000 10,000 8,500 1942—June 76,517 7,885 2,726 2,645 63,261 26,410 3,891 8,900 11,100 13,000 December 111,591 9,032 3,207 6,189 93,163 41,373 4,559 11,000 15,100 21,100 1943—June 139,472 10,871 3,445 7,202 117,959 52,458 5,290 12,800 19,000 28,400 1943—November 168,935 12,278 4,157 10,348 142,152 61,300 6,000 U,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 6,703 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 68,437 7,308 16,800 31,200 43,300 July 208,585 14,961 4,605 14,915 174,104 72,000 7,500 17,400 31,500 45,700 l Figures for insurance companies and other investors have been rounded to nearest 100 million dollars for all dates, and figures for commercial bajnks 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 a c g r n i 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 e a o r n c m k ia - s1 l b M s t i a n u a n g u v a k s l - - s p a c a o n n m c i e e - s Other End of month T i o t i o a n u t n 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 a m k r l - s - m M s t in u a n g u v a k l s - - s p a c n a o n s n m c u i e r e - - s Other trust trust funds unds Total:2 Treasury bonds: 1942—Dec 80,685 3,202 6,189 38,759 4,471 10,76617,297 Total: 1943—June 99;218 3,319 7,202 48,665 5,161 12,48622,385 1942—Dec , 2,739 2,77719,445 4,055 9,944 ,0,308 Dec 118,813 3,787 .1,543 55,549 5,96214,38627,586 1943—June 3,045 1,468 24,226 4,72511.44212,615 1944—Mar 129,623 4,050 .2,115 59,358 6,62615,57731,8 Dec 3,614 1,559 28,264 5,50613,38915,613 Apr 128,944 4,050 .3,220 59,117 6,670 5,620 30,267 1944—Mar 3,858 1,450 29,357 6,199 14,70417,245 May 129,218 4,056 4,251 58,634 6,59315,64930,035 Apr 3,842 1,44529,501 6,20714,71816,814 June 141,591 4,604 4,901 63,523 7,15816,47134,933 May 3,846 1,447 29,601 6,08814,71816,838 July 146,11C 4,595 4,915 66,769 7,33117,084 35,416 June , 4,437 1,464 30,910 6,73615,76819,929 Treasury bills: July 4,433 1,346 32,271 6,90816,29819,840 1942—Dec 6,627 11 1,010 4,497 10 26 1,073 Maturing within 5 years: 1943—June 11,864 11 3,815 6,502 21 154 1,361 1942—Dec 754 2,565 253 726 1,531 Dec 13,072 20 6,768 4,716 12 72 1,484 1943—June 867 5,122 298 991 2,195 1944—Mar 13,147 6,532 4,606 8 10 1,983 Dec 665 5,044 211 828 1,775 Apr 13,150 7,641 4,137 9 3 1,347 1944—Mar 454 4,414 172 638 1,649 May 13,766 24 8,466 3,627 10 1,630 Apr 449 4,299 179 624 1,452 June 14,734 8,872 4,894 2 960 May 449 4,265 183 629 1,480 July 15,524 9,065 5,477 2 976 June 536 4,697 189 663 1,740 Certificates: July 520 4,746 181 65 1,718 1942—Dec 10,534 1,041 6,470 129 180 2,696 Maturing in 5-10 yearss 1943—June 16,561 1,092 9,823 184 305 5,106 1942—Dec 1,574 9,353 1,129 2,101 2,920 Dec 22,843 2,467 12,701 208 367 7,050 1943—June 776 10,107 1,308 2,326 3,401 1944—Mar 25,680 2,970 12,944 163 485 9,0i4 Dec 1,495 15,642 2,030 3,254 5,934 Apr 25,306 84 2,973 12,979 171 518 8,581 1944—Mar. 1,495 16,961 2,125 3,160 5,640 May 25,266 82 3,147 12,950 210 557 8,320 Apr 1,496 17,161 2,124 3,098 5,505 June 28,822 67 3,382 15,037 126 339 9,871 May 1,498 17,294 2,051 3,089 5,453 July 33,035 63 3,382 15,967 131 39210,100 June 1,570 18,937 2,712 3,673 7,505 Treasury notes: „ . July 1,465 20,148 2,826 3,771 7,662 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 2,165 6,240 1,580 2,778 3,531 Dec 11,175 66 665 7,389 197 275 2,583 1943—June 1,645 7,611 1,405 2,896 3,657 1944—Mar 16,244 74 1,159 11,402 244 29; 3,072 Dec 1,270 6,051 1,219 2,571 3,203 Apr 16,263 76 1,156 11,486 271 300 2,97- 1944—Mar 1,269 6,352 1,901 3,101 4,453 May 16,265 69 1,186 11,499 274 301 2,935 Apr 1,252 6,389 1,919 3, IS 4,383 June 17,405 58 1,180 11,718 286 337 3,826 May 1,256 6,384 1,891 3,162 4,412 July........ 18,067 58 1,120 12,092 283 368 4,146 June 1,097 5,509 1,857 2,792 4,228 Guaranteed securities: July 1,100 5,609 1,897 2,820 4,055 1942—Dec 4,196 311 3! 2,665 108 333 743 Maturing after 20 years: 1943—June 3,908 116 54 2,602 76 309 75: 1942—Dec 1,021 1,286 1,095 4.33< 2,323 Dec 3,583 2,466 38 283 709 1943—June 1,221 1,385 1,713 5,229 3,366 1944—Mar 1,544 1,033 12 84 408 Dec 1,745 1,526 2,046 6,737 4,699 Apr 1,503 999 12 81 404 1944—Mar 2,087 1,627 2,002 7,804 5,499 May 1,19C 944 10 64 16£ Apr 2,087 1,646 1,983 7,844 5,476 June 1.19C 949 6 26 20. May 2,088 1,660 1,963 7,835 5,493 July 1,19 943 6 26 21: 2,696 1,766 1,981 8,640 6,456 July. 2,693 1,768 2,000 9,054 6,407 * 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 tabJe above. 1 Including stock savings banks. On July 31, 1944, commercial banks reporting to the Treasury held $26,282,000,000 of United States Government securities due or callable within one year opt of a total of $53,249,000,000 outstanding. 2 Including $196,000,000 of Postal Savings and prewar bonds not shown separately below. 996 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 n r c i n n e n e e u v t l a o e l e e l u a r 1 - - - s S s t r a o e i x c c ty e u 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 r ip e e - t t sd I d n e o e t s n e b t r t - ac W t t i i e a v s r i- c T f o e t r e a r r u a t u s c n n c - s . t s t t o s - , p O t e u e t n r h x d e - e s i r - e b T i x u t p o u d e t r g n a e e l s d t - D c e i f t i- c T o e a r u t c u c n - . s t 4 t s, f a g b e u n i e r a n n a c n l d - l e - c g d r I r e e i n o n a b - s s t s e Fiscal year ending: June 1942 7,960 3,847 1,194 666 13,668 12,799 1,260 26,011 381 4,745 32,397 19,598 -3,506 +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—August 548 1,016 729 310 403 3,005 2,721 46 7,232 15 324 7,617 4,896 +131 -2,231 2,534 September... 674 4,091 344 53 285 5,448 5,447 311 6,952 2 269 7,535 2,087 -410 +11,794 14,291 October .. :. 557 746 464 46 256 2,069 2,030 131 6,989 36 300 7,456 5,426 -132 +1,139 6,697 November ... ,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 August ,065 487 832 319 157 2.859 2,568 77 7.571 57 415 8,119 5.551 +70 -4,252 1,229 Details of trust accounts, etc. General fund of the Treasury (end of period) Social Security Balance in accounts Net ex- Other Assets general fund penditures Period c N e r i e e p - t ts I m nv e e n s t t s - p t e u E n r x e d - s i- i c a G n i o g n m o u e g c v n n h e e t a n c e s r c c i t n e - o k s - f - ce R i e p - ts I m nv e e n s ts t- p t E e u n x r d - e i s - Total R F p e e o D s d i s n e e e i r - t r v s a e l d s p p e D o e p i s c n e o i i - s t a s i l - O as t s h e e t r s l T ia t o i b e t i a s l l i- Total W a b i o n n a r c g l k - e - Banks taries Fiscal year ending: June 1942 2,327 1,705 614 3,625 863 221 533 3,443 603 1,679 1,162 452 2,991 2,229 June 1943. 2,810 2,350 456 2,194 1,117 655 133 10,149 1,038 7,667 1,444 643 9,507 8,744 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—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 8 15,492 1,245 12,770 1,477 534 14,958 14,196 December 87 308 30 427 114 81 22 12,878 1,408 9,942 1,528 584 12,294 11,532 1944—January 102 83 32 165 164 81 -80 12,873 1,098 10,314 1,461 634 12,239 11,476 February 514 350 33 331 121 59 35 19,726 1,172 17,095 1,460 571 19,155 18,392 March 46 172 35 2,002 94 102 35 17,270 1,540 14,306 1,424 664 16,606 15,844 April 110 51 34 87 202 75 -127 12,896 954 10,546 1,396 617 12,279 11,517 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 31 193 415 320 -181 22,513 1,269 19,850 1,394 588 21,924 21,162 August 586 287 35 254 216 149 6 18,277 1,215 15,693 1,369 605 17.672 16.909 1 Details on collection basis given in table below. 2 Withheld by employers (Current Tax Payment Act of 1943). 3 Total receipts less social security employment taxes, which are appropriated directly to the Federal old-age and survivors insurance trust fund. 4 Excess of receipts (+) or expenditures ( —). Back figures.—SZQ 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 Tcriod Total v i i C r n d e u d u n r i a - t - l W he i l t d h ! - V t t o a i r c x y - r c r a C o e t r u i n p o r t o - n - 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 a o a a p x c l k i- E t s a a g t x n i a f d e t t s e b A t h e a a o l v g x c l e e e o i r c s - - b t T a ac x o c - e o s S t t a a x m e p s M re t e a t t u a a a x n r n x i c u e l d i e e f r s s a s r e ' s c ' - n c t M a e e x l o i l e s u a s - - s 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 1,618 988 51 729 1,075 1943—August 814 55 1 438 111 44 162 595 188 25 129 90 5 56 103 September 4,192 1,963 1 6 877 103 1,228 15 394 35 28 117 86 4 53 71 October 1,644 74 1,006 3 181 35 337 9 421 20 41 122 90 4 59 86 November.. .. 1,471 47 1,087 2 84 32 204 16 376 34 117 93 4 56 70 December 4,591 2,158 14 1 1,012 49 1,352 e; 388 36 120 87 4 64 76 1944—January 1,584 396 629 1 16 184 352 6 382 52 108 77 4 68 72 February 2,477 221 1,844 1 64 41 300 339 38 108 67 4 63 58 March 5,358 1,833 70 994 63 2,370 28 401 60 124 77 5 59 76 April 2,809 1,427 804 152 43 370 12 424 56 169 72 5 51 70 May 2,289 309 1,545 86 28 312 10 483 42 182 81 4 77 97 June 4,568 1,245 38 1,044 49 2,174 lr 499 i 50 195 81 4 64 103 July 1,729 132 1,179 93 30 290 754 128 48 210 77 5 72 214 August 1,712 71 1.258 72 46 260 6 777 194 63 202 86 6 88 139 1 Withheld by employers (Current Tax Payment Act of 1943). OCTOBER 1944 997 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Liabilities, other than Assets, other than interagency items interagency items Securities Bonds, notes, U.S. Pri- End of month Total Loans f s e P t e r o r t r c e c e . - k d , Cash g G d 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 l c d n e i e - v s t r s - p B n e r r e u o t s s p y s i - - P h e s 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 y d - d ebe O nt t u h r e e r s 1 l O ia t t i b h e i e s l r i- i G n m o te v e r e n e r t s n t - i v o n w a te t n e r e l e y d st teed U.S. 1942—June 17,962 8,379 648 403 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—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 July 31,097 7,081 423 575 1,578 6 1,866 43,742 8,496 47,330 1,571 1,229 5,863 21,990 444 LOANS, OTHER THAN INTERAGENCY LOANS Home mor a t g g e a n g c e i e a s n 3 d housing F g a a r g m e m lo o an rt s - Other farm credit loans Recon- Rural End of month l T o o a t n a s l 2 n s C t t a F r i o n o u i r c n - c p e - . H C L O e o o o w r m r a s p n ' n e . - F H b L e a o o a d n m 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 F g i N o s a e o s a n g d r o - e a t . c - l . P H A F u i o u e b n u t d g l h s i . c . - F b l e a a a d n n l e k d r s - M F C F g a a o e o r g d r r m p e t . - . c b m i F n r a a e e e t n t e d d e d k r . i i s - t - f o B o t p 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 E m A t i i f l o i e i d n c c n - a . - - p B p E I o o m a x 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—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 1,381 412 240 215 278 229 421 345 136 423 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 July 7,081 1,331 1,199 136 110 59 310 1,228 360 301 140 318 232 393 349 223 392 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 of month Loans Loans Recon- Home Fed. land Com- Recon- Com- Home to fi- struc- Owners' banks and modity struction War modity Owners' Total nancial to Other tion Loan Other Fed. Farm Credit Finance Other corpo- Credit Loan Other insti- rail- Finance Corpo- Mortgage Corpo- Corp. and rations Corpo- Corpotutions roads Corp. ration Corp. ration war cor- ration ration porations 1942—June 1,473 144 472 857 378 167 103 225 96 151 302 2,041 1,068 262 141 December. .. 1,557 167 460 930 366 152 102 207 57 531 290 3,469 1,363 227 128 1943—June 1,483 148 426 909 354 108 94 193 350 800 445 4,963 1,045 191 111 1943—August 1,463 141 423 899 346 64 88 193 177 790 290 5,528 1,220 169 102 September... 1,460 138 423 899 345 64 88 187 196 832 272 5,784 1,196 152 102 October 1,432 136 406 890 343 63 87 186 489 778 397 6,016 • 865 136 98 November... 1,427 134 405 888 341 63 88 174 533 734 522 6,231 873 111 94 December ... 1,413 131 398 884 338 63 85 168 488 728 542 6,423 897 96 96 1944—January 1,393 129 396 868 334 54 82 161 575 702 513 6,582 827 85 94 February.... 1,393 127 395 871 329 47 76 160 553 665 684 6,789 795 76 93 March 1,379 113 392 874 325 47 70 153 607 656 724 6,915 757 66 91 April 1,355 104 384 867 322 47 70 153 615 652 1,035 7,094 741 57 93 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 July 1,331 84 381 866 312 41 70 143 448 559 716 7,530 839 30 97 1 Excluding Federal land bank bonds held by the Federal Farm Mortgage Corporation. * Excluding investments in preferred stock, the amount of which is shown in the lower section o Ban Commission (reported as other assets) to the War Shipping Administration (reported"as business property). 8 99 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 t a h nd ( I 1 m v n = 9 p a c 3 e a l o 5 n u 1 y m - 0 t e - 3 s 0 ) e 9 1 Tota In l (p d h u y 1 s 9 s tr i 3 i c 5 a a - D l a l 3 b u 9 v p f l r M o a r e - = a o c lu t d n 1 m u u u 0 r N c - e d e 0 t ) u o s i * o r n - a n - M er i a n l - s To a t w a 1 C l a 9 o r c 2 d n 3 o e s R - n d 2 t d t i e t e r 5 a r u n s a l ( i - c = v - c t a t i s 1 o lu 0 n o e 0 A t ) h 3 l e l r N t a c u g o u r r n a l i - l E - - m 19 p 39 lo y = F m a 1 c e 0 t n o 0 t r 4 y 1 r 9 F t o p 3 o 1 a l a 9 0 r c l y y 0 s - 4 = c F 1 a = r 9 i r e n 3 l i o g 1 5 g a s 0 - h 3 * d 0 t 9 - D 19 m s ( s u e 3 t v a e • p o e 5 • a l ) a n e r - l * 3 e 1 s - r t 5 9 t 0 - 0 W p m r c = i 1 h s o o c 9 a o d 1 m e 2 l l e i s 0 e 6 - t 4 0 - y C 1 li 9 o v 3 s i 5 1 t n - 0 o g 3 0 4 f 9 able Ad- Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 106.8 106.2 120 83 138.6 124.5 1920 75 93 60 83 63 30 90 107.2 127.1 129 99 154.4 143.2 1921 58 53 57 66 56 44 65 82.1 82.0 110 92 97.6 127.7 1922 73 81 67 71 79 68 90.8 88.0 121 94 96.7 119.7 1923 88 103 72 98 84 81 103.9 111.6 142 105 100.6 121.9 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 89 78 95 97 64 45 80 95.1 91.0 85.1 89 99 78.6 100.8 1939 105.4 109 109 109 106 72 60 81 100.0 100.0 100.0 101 106 77.1 99.4 1940 113.5 125 139 115 117 81 72 89 104.7 107.5 114.5 109 114 78.6 100.2 1941 138.0 162 201 142 125 122 89 149 117.5 137.1 167.5 130 133 87.3 105.2 1942 173.6 199 279 158 129 166 82 235 126.7 152.3 242.3 138 r150 98.8 116.5 1943 211.7 p132 68 40 92 130.9 168.7 316.4 137 168 103.1 123.6 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 Tune 139.9 164 165 203 144 127 117 101 129 117.8 133.3 132.0 170.5 131 131 87.1 104.6 July 142.0 166 165 208 144 126 139 115 158 119.5 136.6 135.5 172.0 132 138 88.8 105.3 August 144.8 167 170 209 146 128 152 112 184 120.6 137.8 138.4 178.8 136 157 90.3 106.2 September 145.3 169 174 212 146 132 161 105 206 121.2 138.8 141.2 184.8 134 140 91.8 108.1 October.... 146.8 172 176 219 148 134 145 87 192 121.5 139.5 141.8 190.2 134 128 92.4 109.3 November 148.1 174 175 220 151 133 138 74 189 121.9 139.9 141.3 188.6 137 138 92.5 110.2 December 153.7 176 173 225 150 133 123 69 167 121.5 140.6 141.1 195.1 138 136 93.6 110.5 1942 January 156.2 181 177 235 152 133 118 82 147 122.1 141.6 139.8 200.7 140 158 96.0 112.0 February...... 158.7 183 180 241 153 133 128 100 151 122.5 143.2 142.3 208.2 138 145 96.7 112.9 March 160.7 186 182 250 153 126 125 95 149 123.2 144.8 144.3 215.1 138 150 97.6 114.3 April. 164.7 189 187 257 154 125 128 82 165 124.3 147.0 146.3 221.4 138 143 98.7 115.1 May 166.9 191 192 264 153 126 158 76 226 125.1 148.7 148.0 228.7 136 135 98.8 116.0 June 171.2 193 195 272 152 127 193 76 288 125.9 150.8 149.9 234.5 134 134 98.6 116.4 July 174.2 197 199 278 154 126 206 74 313 127.1 153.2 153.4 242.7 137 rl46 98.7 117.0 August 178.1 204 207 290 158 130 182 65 278 128.6 155.8 157.1 254.8 140 152 99.2 117.5 September 181.1 208 213 299 161 131 179 70 268 129.1 157.4 159.6 261.8 140 150 99.6 117.8 October 185.8 215 218 311 165 129 185 83 269 130.0 159.6 160.7 270.9 140 158 100.0 119.0 November 191.4 220 220 319 168 130 198 90 286 130.5 161.5 161.9 280.4 136 159 100.3 119.8 December 194.9 223 221 328 169 127 175 91 243 131.4 164.2 164.5 287.9 135 157 101.0 120.4 1943 January 197.7 227 224 337 171 125 145 79 198 131.6 165.8 164.8 290.9 135 164 101.9 120.7 February 202.4 232 229 344 174 131 102 56 140 131.6 167.4 166.4 297.5 139 192 102.5 121.0 March. 206.0 235 232 351 174 133 85 42 119 132.0 168.1 167.6 304.5 138 163 103.4 122.8 April 208.3 237 236 356 175 131 63 33 87 131.4 168.4 167.7 309.7 136 159 103.7 124.1 May 209.3 239 239 359 176 129 52 31 68 130.9 167.9 167.2 313.5 135 158 104.1 125.1 June 212.1 237 238 358 177 117 45 32 55 131.0 169.0 168.8 317.1 127 167 103.8 124.8 July 213.4 240 241 360 177 134 60 36 80 131.4 169.7 169.8 315.6 141 r172 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 February 231.1 March 230.2 April 229.4 May 231.0 June 232.6 July 232.2 August P234.6 September 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. 1009-1011. fA , . _o MA , £ . 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. OCTOBER 1944 999 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES {Adjusted j or Seasonal Variation) [Index numbersof the Board of Governors. 1935-39 average » 100] 1943 1944 Industry July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Industrial Production—Total 240 242 244 247 247 241 243 244 241 239 236 235 231 p232 Manufactures—Total 259 261 263 266 268 260 262 262 259 256 253 252 247 p248 Durable Manufactures 360 365 368 374 376 365 369 367 364 361 356 354 348 Iron and Steel 204 210 214 215 210 200 208 212 214 213 210 204 202 203 Pig iron 191 202 205 202 200 198 202 207 206 206 203 198 196 198 Steel 230 236 239 242 236 222 231 236 238 236 • 234 225 222 224 Open hearth 181 185 190 191 186 178 186 188 191 192 188 183 184 183 Electric 577 598 593 607 592 536 554 578 570 549 559 526 491 512 Machinery 440 445 451 458 463 453 461 458 452 445 437 443 436 p436 Transportation Equipment ... 754 762 764 780 786 763 754 746 734 730 726 T717 708 p709 Automobiles 220 232 239 247 248 240 244 238 233 232 226 228 227 P233 (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1 Nonjerrous Metals and Products 256 264 277 286 289 277 285 285 287 292 279 263 243 Smelting and refining 278 279 294 303 308 307 297 299 297 289 273 253 246 (Copper smelting; Lead refinine; Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 247 258 270 279 282 266 280 280 283 293 282 r268 243 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products 128 130t 129 128 136 137 133 131 129 126 124 127 124 p127 Lumber 118 119 118 115 127 131 125 122 119 118 115 118 114 p118 Furniture.. 148 152 149 152 152 150 148 150 149 142 142 145 143 PU3 Stone, Clay, and Class Products. .... 173 173 168 171 168 169 168 168 167 165 161 168 165 p160 Glass products 162 162 159 169 165 169 171 172 175 183 173 187 180 169 Plate glass .... . . 45 49 53 47 54 55 54 58 59 59 66 65 60 66 Glass containers 203 202 196 212 204 209 213 212 216 227 210 230 222 204 Cement 119 114 112 107 98 101 86 88 83 78 76 84 86 Clay products 132 132 125 124 124 122 129 131 131 125 122 127 124 PH9 Gypsum and plaster products 198 203 194 194 196 192 203 198 194 183 176 r180 182 p182 Abrasive and asbestos products 326 327 321 326 329 319 319 312 308 297 300 297 294 p293 Other stone and clay products1 Nondurable Manufactures 177 178 179 179 180 174 176 177 175 171 169 169 165 Textiles and Products 143 145 150 152 152 143 149 152 151 151 147 145 139 p141 Textile fabrics 139 136 141 143 142 133 140 142 141 141 137 135 129 Cotton consumption 153 147 156 156 153 142 150 151 150 151 142 140 139 149 Rayon deliveries 183 177 181 186 191 189 186 187 191 196 195 196 r192 188 Nylon and silk consumption1 Wool textiles 146 150 151 154 154 142 154 159 155 153 152 148 131 Carpet wool consumption 24 33 29 37 39 36 42 42 46 51 53 49 41 Apparel wool consumption 207 210 206 201 205 186 210 219 216 213 213 r196 185 'Woolen and worsted yarn 164 168 172 173 172 159 173 177 171 167 167 163 144 ^Woolen yarn 168 176 178 175 176 161 176 181 174 171 169 166 148 Worsted yarn 159 158 163 171 166 156 168 171 167 163 163 159 138 ^Voolen and worsted cloth 164 166 169 172 171 160 170 178 172 168 165 163 144 Leather and Products . 112 HI no no 105 102 10S 111 112 116 112 115 105 pll3 Leather tanning 111 106 105 104 98 97 103 105 107 117 110 r113 113 Cattle hide leathers 116 109 107 102 101 98 107 110 113 125 118 124 126 Calf and kip leathers 85 80 81 76 67 68 70 76 79 88 86 85 79 Goat and kid leathers 84 82 88 95 90 83 83 84 86 79 86 84 81 Sheep and lamb leathers 169 174 164 173 146 162 166 161 155 168 136 141 144 Shoes 112 114 114 114 109 105 112 114 116 116 114 r117 100 P112 Manujactured Food Products 146 145 146 146 153 151 154 158 159 158 154 153 153 p151 Wheat flour 103 110 111 117 128 128 139 125 114 114 110 110 113 pUS Cane sugar meltings1 Manufactured dairv Droducts . .. pU3 P140 P146 P146 P126 P128 p135 P137 pl53 P152 Butter 104 96 95 87 88 86 88 90 96 92 93 93 89 Cheese 154 150 150 144 143 147 149 146 152 155 153 158 155 Canned and dried milk 171 157 154 137 132 131 132 139 156 169 173 ISO 185 180 Meat packing 186 182 178 168 185 173 187 215 202 198 180 173 175 169 Pork and lard 260 241 221 193 221 206 234 291 270 266 239 225 219 197 Beef 110 119 130 135 145 139 144 149 143 136 124 121 127 138 Veal 73 109 131 151 150 121 104 94 96 107 100 117 160 191 Lamb and mutton 140 154 161 173 166 158 135 112 110 109 113 125 134 125 r Revised. * p Preliminary. 1 Series included in total and group indexes but not available for publication separately. IOOO FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued {Adjustedfor Seasonal Variation) [Index numbers of the P.oarcI of Governors. 1935-39 average •- 1001 1943 1944 Industry July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Manufactured Food Products—Continued Other manufactured foods 145 144 144 146 150 153 156 157 160 158 157 154 153 pm Processed fruits and vegetables 126 128 127 135 135 142 140 140 155 152 145 136 131 P130 Confectionery 134 123 120 120 123 134 134 138 147 154 152 147 135 p132 Other food products 152 152 , 152 153 159 159 163 165 164 161 r161 160 162 PJ62 Alcoholic Beverages 106 111 135 130 141 143 131 126 137 123 116 119 128 P131 Malt liquor 127 131 164 155 169 172 160 148 167 146 135 140 146 152 Whiskey . . . . .. 0 0 0 0 0 0 0 0 0 0 0 0 0 Other distilled spirits 23 40 77 90 62 42 46 40 33 39 34 31 37 Rectified liquors ... . 144 157 156 158 178 189 162 182 173 172 174 177 205 Tobacco Products 134 136 134 139 148 143 125 119 123 126 124 121 122 126 Cigars 99 96 101 100 101 90 86 92 92 89 89 89 86 92 Cigarettes 166 169 165 173 186 181 ' 155 145 154 161 154 151 154 152 Other tobacco products 84 92 87 93 100 99 87 79 73 73 80 79 78 92 Paper and Paper Products 135 143 143 140 140 132 136 138 137 138 142 140 133 Paper and pulp 133 141 140 138 137 131 134 135 134 134 137 136 . 129 Pulp 141 153 150 153 147 142 147 151 150 151 151 156 153 Groundwood pulp 111 115 112 112 103 107 106 110 108 110 108 108 114 Soda pulp 87 93 93 93 93 103 96 98 93 97 92 91 92 Sulphate pulp 193 214 211 213 212 196 213 217 209 213 217 232 232 Sulphite pulp 131 139 134 141 131 127 130 133 137 136 135 137 127 Paper 132 139 138 135 136 129 132 133 132 131 135 133 125 Paperboard 143 151 155 148 151 135 144 148 147 152 159 156 148 158 Fine paper 126 135 124 127 126 116 119 121 120 117 115 110 99 Printing paper 117 126 125 124 122 122 119 119 117 119 115 115 103 Tissue and absorbent paper 158 169 174 163 160 163 156 151 154 156 159 159 158 Wrapping paper. 127 130 126 128 130 127 129 133 128 120 127 125 118 Newsprint 91 90 88 83 86 83 79 74 77 73 76 80 83 77 Paperboard containers (same as Paperboard).. Printing and Publishing 111 115 111 110 106 105 104 102 100 101 98 100 95 P101 Newsprint consumption 105 103 97 96 90 89 89 85 83 84 81 85 87 87 Printing paper (same as shown under Paper) Petroleum and Coal Products 182 193 202 207 213 219 226 230 234 233 237 242 247 Petroleum refining 185 196 206 212 221 226 234 238 243 242 246 252 258 Gasoline 109 116 122 122 123 123 125 128 129 129 130 136 137 P136 Fuel oil 145 153 156 151 159 159 159 161 163 161 162 164 164 Lubricating oil 121 123 123 134 137 120 128 126 130 120 118 131 125 Kerosene 118 107 115 113 117 120 132 124 130 125 126 130 128 Other petroleum products1 Coke . 162 170 171 169 163 172 174 176 174 176 175 172 172 171 By-product coke 153 159 161 158 155 161 164 166 165 167 166 164 164 164 Beehive coke 453 523 538 535 459 519 496 503 487 463 470 463 '442 420 Chemical Products 402 404 395 397 390 365 364 359 341 323 324 320 316 P313 Paints 139 140 137 138 140 137 140 140 140 138 137 138 142 PU2 Soap 120 124 123 120 129 131 133 134 133 137 137 138 134 P133 Rayon 222 223 221 225 223 226 226 229 233 232 235 237 237 P239 E In x d p u lo st s r i i v a e l s c a h n e d m a ic m a m ls unition1 371 382 383 396 398 394 405 406 405 408 410 412 408 P405 Other chemical products1 Rubber Products 229 227 231 234 241 240 242 244 242 231 230 228 226 P227 Minerals—Total 134 135 138 136 133 137 139 142 139 140 143 142 139 P142 Fuels 136 137 140 138 134 140 142 145 141 143 146 146 143 P146 Coal 150 148 150 141 125 147 153 158 US 150 154 152 144 PUS Bituminous coal 155 153 155 144 131 156 161 162 155 155 159 158 151 PI 54 Anthracite 129 128 129 127 102 114 119 143 123 129 134 128 118 P\23 Crude petroleum 128 131 136 137 139 136 137 139 138 139 142 143 142 PUS Metals 128 123 124 123 124 124 124 127 126 122 120 120 118 P115 Metals other than gold and silver 188 184 188 187 187 186 185 190 189 184 182 181 178 P173 Iron ore P223 P223 P223 P223 P223 P223 (Copper; Lead; Zinc)1 Gold....!?.. 34 28 27 26 27 28 31 31 31 28 27 25 Silver 87 80 70 72 79 76 73 73 75 73 67 72 r Revised P Preliminary. * Series included in total and group indexes but not available for publication separately. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. OCTOBER 1944 IOOI Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES {Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average = 100] 1943 Industry July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug, Industrial Production—Total. 241 245 248 249 247 239 240 240 238 237 236 236 232 p235 Manufactures—Total 260 264 267 269 268 258 259 259 257 255 r252 252 248 P251 Durable Manufactures 361 366 370 375 376 364 367 366 363 361 357 355 349 Iron and Steel 204 210 214 215 210 200 208 212 214 213 210 204 202 203 Pig iron 191 202 205 202 200 198 202 207 206 206 203 198 196 198 Steel 230 236 239 242 236 222 231 236 238 236 234 225 222 224 Open hearth 181 185 190 191 186 178 186 188 191 192 188 183 184 183 Electric 577 598 593 607 592 536 554 578 570 549 559 526 491 512 Machinery 440 445 451 458 463 453 461 458 452 445 r437 443 436 H36 Manufacturing Arsenals and Depots* . Transportation Equipment ... 754 762 764 780 786 763 754 746 734 730 726 r7l7 70S P709 Automobiles 220 232 239 247 248 240 244 238 233 232 226 228 227 (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1 Nonferrous Metals and Products ... 255 264 277 286 289 278 285 285 287 292 279 r263 243 Smelting and refining 277 279 294 303 309 307 297 299 297 289 273 252 244 (Copper smelting, Lead refining, Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 247 258 270 279 282 266 280 280 283 293 282 268 243 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products . 135 137 136 133 133 126 121 122 124 125 127 133 130 P134 Lumber . . 128 130 129 124 124 114 107 107 110 116 119 127 123 ^130 Furniture . 148 152 149 152 152 150 148 150 149 142 142 145 143 Stone, Clay, and Glass Products 173 179 174 178 172 164 161 161 163 163 165 r169 165 p165 Glass products 156 168 162 174 166 158 168 167 175 183 184 186 174 175 Plate glass 45 49 53 47 54 55 54 58 59 59 66 65 60 66 Glass containers 195 210 200 218 206 195 208 205 216 227 225 228 213 213 Cement 131 129 130 124 106 92 70 67 68 74 79 90 94 Clay products 132 135 129 131 129 126 121 125 126 122 122 125 124 Gypsum and plaster products ... 198 204 198 199 198 196 196 191 188 181 179 183 182 ^182 Abrasive and asbestos products . 326 327 321 326 329 319 319 312 308 297 300 297 294 Other stone and clay products1 . Nondurable Manufactures .. 178 181 184 183 181 172 172 173 171 169 168 169 167 Textiles and Products 148 145 150 152 152 143 149 152 151 151 147 145 139 Textile fabrics 139 136 141 143 142 133 140 142 141 141 137 135 129 Cotton consumption 153 147 156 156 153 142 150 151 150 151 142 140 139 140 Rayon deliveries 183 177 181 186 191 189 186 187 191 196 195 196 r192 Nylon and silk consumption1 ... 188 Wool textiles 146 150 151 154 154 142 154 159 155 153 152 148 131 Carpet wool consumption .. 24 33 29 37 39 36 42 42 46 51 53 49 41 Apparel wool consumption . 207 210 206 201 205 186 210 219 216 213 213 r196 185 Woolen and worsted yarn .. 164 168 172 173 172 159 173 177 171 167 167 163 144 Woolen yarn 168 176 178 175 176 161 176 181 174 171 169 166 148 Worsted yarn 159 158 163 171 166 156 168 171 167 163 163 159 138 Woolen and worsted cloth . 164 166 169 172 171 160 170 178 172 168 165 163 144 Leather and Products .. 110 110 110 110 106 101 108 116 112 114 103 Leather tanning 105 105 103 104 101 96 103 113 106 116 110 111 108 Cattle hide leathers 109 105 105 103 105 98 109 119 113 125 118 119 119 Calf and kip leathers 84 84 78 69 66 69 79 77 85 83 87 78 Goat and kid leathers 83 80 95 87 83 83 88 86 81 84 85 80 Sheep and lamb leathers . 157 180 161 173 155 154 154 177 150 165 147 139 134 Shoes 112 114 114 114 109 105 112 114 116 116 114 r117 100 Manufactured Food Products ... 155 164 165 156 154 147 145 143 142 143 147 153 163 p170 Wheat flour 102 109 121 124 129 126 139 127 111 110 106 106 112 Cane sugar meltings1 , Manufactured dairy products . P94 P143 Butter 127 106 91 75 67 73 79 87 94 120 128 108 C C h an ee n s e e d and dri ; ed milk ... 1 1 9 8 8 9 1 16 6 1 7 1 15 4 3 2 1 1 3 1 0 1 1 9 0 5 7 1 1 0 0 6 1 1 1 1 0 0 7 1 1 2 2 0 5 1 1 3 5 7 3 1 1 6 9 1 1 2 2 0 4 5 0 2 2 2 4 5 9 2 1 1 9 5 0 186 Ice cream Meat packing 170 154 160 168 206 205 225 207 187 183 180 172 162 "147" Pork and lard 229 185 175 181 259 271 307 285 251 242 239 225 193 151 Beef 111 120 140 147 150 139 147 137 130 128 124 118 128 140 Veal 73 107 144 172 160 113 97 83 90 105 104 117 160 188 Lamb and mutton 134 151 173 180 166 155 143 113 108 105 115 116 129 122 r Revised. p Preliminary. * Series included in total and group indexes but not available for publication separately.' IOOX 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 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. I Mar. Apr. May June July Aug. Manufactured Food Products—Continued Other manufactured foods 151 168 172 163 156 149 143 142 142 140 141 145 160 P177 Processed fruits and vegetables . 164 243 249 174 125 111 91 89 85 92 94 105 170 ^247 Confectionery - 110 133 155 157 145 135 138 139 137 128 117 109 111 Other food products 155 155 155 161 166 162 157 157 157 154 r158 162 166 Alcoholic Beverages 122 138 132 119 120 111 115 128 127 127 143 151 P144 Malt liquor 159 150 166 144 130 137 131 133 155 153 154 177 183 173 Whiskey 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other distilled spirits 13 21 105 234 130 47 30 24 21 23 21 19 22 Rectified liquors 144 157 156 158 178 189 162 182 173 172 174 177 205 Industrial Alcohol from Beverage Plants1 . Tobacco Products 138 140 141 144 151 132 124 114 117 120 124 126 127 129 Cigars 99 96 101 100 101 90 86 92 92 89 89 89 86 92 Cigarettes 175 177 176 179 190 167 155 136 143 150 154 158 162 160 Other tobacco products . 84 89 93 99 103 87 85 77 73 73 81 80 78 89 Paper and Paper Products .., 134 143 143 140 140 131 136 139 137 138 142 141 132 Paper and pulp 132 140 140 138 138 130 134 136 134 134 137 137 128 Pulp 140 151 148 152 148 142 148 151 150 153 152 156 151 Groundwood pulp 99 101 99 104 109 108 111 115 115 121 117 109 101 Soda pulp 87 93 93 93 93 103 96 98 93 97 92 91 92 Sulphate pulp 193 214 211 213 212 196 213 217 209 213 217 232 232 Sulphite pulp 131 139 134 141 131 127 130 133 137 136 135 137 127 Paper 131 139 138 135 136 128 131 134 132 132 135 134 125 Paperboard 143 151 155 148 151 135 144 148 147 152 159 156 148 158 Fine paper 126 135 124 127 126 116 119 121 120 117 115 110 99 Printing paper 117 126 125 124 122 122 119 119 117 119 115 115 103 Tissue and absorbent paper 152 169 174 165 160 158 154 157 154 157 159 162 151 Wrapping paper 127 130 126 128 130 127 129 133 128 120 127 125 118 Newsprint , 89 89 88 83 87 82 79 74 77 75 77 80 82 77 Paperboard containers (same as Paperboard) Printing and Publishing . 104 110 112 112 110 108 101 101 101 104 100 100 Newsprint consumption 91 93 98 101 98 93 83 83 86 89 84 84 78 Printing paper (same as shown under Paper). Petroleum and Coal Products . 182 193 202 207 213 219 226 230 234 233 237 242 247 Petroleum refining 185 196 206 212 221 226 234 238 243 242 246 252 258 Gasoline 109 116 122 122 123 123 125 128 129 129 130 136 137 Fuel oil r 145 153 156 151 159 159 159 161 163 161 162 164 164 Lubricating oil 120 121 123 134 137 118 124 124 128 125 123 131 124 O K t e h ro er s e p n e e troleum products1 110 102 114 113 120 124 134 130 132 127 127 123 119 Coke 162 170 171 169 163 172 174 176 174 176 175 172 172 171 By-product coke 153 159 161 158 155 161 164 166 165 167 166 164 164 164 Beehive coke 453 523 538 535 459 519 496 503 487 463 470 463 r442 420 Chemical Products . 398 400 396 400 392 367 362 360 344 325 323 317 312 P309 Paints 137 139 135 138 138 137 137 139 140 140 142 142 140 pU0 Soap 119 126 128 126 130 131 131 133 133 134 132 r136 133 ^135 Rayon 222 223 221 225 223 226 226 229 233 232 235 237 237 P239 E In x d p u lo s s tr iv ia e l s c a h n e d m a ic m a m ls unition1 371 382 383 396 398 394 405 406 405 408 410 412 408 p405 Other chemical products1 Rubber Products .... 229 227 234 241 240 242 244 242 231 230 228 226 P227 Minerals—Total . 140 140 143 140 132 132 133 136 133 138 146 146 143 p146 Fuels 136 137 140 138 134 140 142 145 141 143 146 146 143 Coal 150 148 150 141 125 147 153 158 148 150 154 152 144 PUS Bituminous coal . 155 153 155 144 131 156 161 162 155 155 159 158 151 ^154 Anthracite 129 128 129 127 102 114 119 143 123 129 134 128 118 Crude petroleum 128 131 136 137 139 136 137 139 138 139 142 143 142 Metals 163 161 160 149 116 87 82 85 112 144 148 143 Metals other than gold and silver . 250 249 247 228 170 121 113 119 120 168 226 231 222 ^225 I ( r C o o n p p o e re r; Lead; Zinc)1 365 363 351 310 182 83 70 72 76 188 313 330 323 336 Gold Silver r Revised. p Preliminary. 1 Series included in total and group indexes but not available for publication separatelv. 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. OCTOBER 1944 1003 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 July Aug. Apr. May June July Aug. June July Aug Apr. May June July Total 169.8 170.8 160.8r158.9 r158.5 157.8 158.7 317.1 315.6 322. 318. r317.6 r318. 310.2 Durable goods 229. 230.4 220.9 r218.2 r216.5 214. 213.7 441.6 439.7 448.2 447.9 r444.1 r442.8 427.2 Nondurable goods 122.6 123.8 113.4 112.2 112.8 113.4 115.4 195.4 194.2 199.0 191.4 193.8 196.3 195.8 Iron and Steel and Products 172.9 173.3 167.8 167.0 167.4 167.. 167.7 304.6 299.6 308.1 308.0 308.6 311.0 306.2 Blast furnaces, steel works, etc 133 133 125 124 124 124 224 224 230 221 221 225 225 Steel castings 280 278 256 251 r248 244 497 478 484 463 461 r453 434 Tin cans and other tinware 111 117 114 118 125 130 166 173 187 189 196 207 210 Hardware 128 128 131 128 128 128 249 242 251 266 260 263 258 Stoves and heating equipment 119 121 133 134 137 138 199 198 211 248 253 259 252 Steam, hot-water heating apparatus 195 197 188 187 186 183 363 361 351 352 354 346 331 Stamped and enameled ware 164 166 160 159 160 160 299 297 306 313 313 323 320 Structural and ornamental metal work. 196 202 212 214 214 212 362 356 373 415 435 421 416 F Sc o r r e g w in g m s ach > ine products 2 29 6 5 1 2 2 5 9 9 2 2 2 7 5 7 0 2 27 4 4 3 2 2 7 3 1 8 2 26 2 5 8 4 54 9 7 4 4 5 5 4 6 2 4 5 8 5 3 1 4 5 8 3 7 0 4 5 7 2 3 8 r5 4 3 6 0 6 4 5 3 0 4 3 Electrical Machinery 275.5 276.7 285.2 282.1 281.4 277.8 277.4 463.9 462.8 475.3 502.0 501.C 507.5 494.2 Machinery, except Electrical 236.8 236.8 226.1 r223.0 r222. 219.8 218.4 428.0 420.1 423.9 424.3 r417.1 r422.3 403.5 Machinery and machine shop products. 244 246 235 r232 r231 228 435 426 430 429 r426 r429 409 Tractors 167 173 191 191 192 192 248 254 263 298 298 304 293 Agricultural, excluding tractors 139 142 164 r163 165 163 265 256 267 333 333 336 335 Pumps 316 321 340 r332 '334 326 647 630 657 769 r699 r712 676 155 159 151 150 151 r259 r27O Refrigerators 149 255 260 274 269 249 1,452.6 1,451.7 ,370.11,346.2 1,309.6 1,258.6 2,775.12,691.0 Transportation Equipment, except Autos... ,280.2 ,768.0 ,790.6,805.5 ,798.0 ,612.4 172.6 177.5 176.6 173.1 T171.2 171.7 318.1 r319.0 Automobiles 169.4 305.8 314.3 324.2 330.0 290.3 180.6 180.9 171.5 169.1 168.1 165.2 165.6 325.0 321.1 325.4 318.3 314.8 315.9 304.7 Nonferrous Metals and Products. 211 211 189 185 r178 175 357 373 380 348 342 r334 325 Primary smelting and refining 122 125 122 122 125 126 236 226 236 250 253 r261 257 Clocks and watches 119 120 122 123 128 129 204 203 210 218 222 231 219 Lighting equipment Lumber and Timber Basic Products 115.1 114.6 101.4 101.2 r101.6 102.4 104.3 200.8 193.3 206.0 184.5 186.9 T193.5 185.1 Sawmills 92 92 80 81 82 83 164 156 169 149 152 159 152 Planing and plywood mills 114 112 102 r99 r98 98 181 179 183 171 170 r170 166 Furniture and Lumber Products 109. < 110.4 103.9 102.5 103.4 103.5 104.1 181.1 178.6 185.5 182.7 184.4 187.5 183.8 Furniture 106 107 100 98 99 98 174 172 179 176 176 178 174 Stone, Clay, and Class Products 122.1 121.8 114.3 112.9 113.7 113.4 189.6 184.4 192.8 187.3 187.7 189.8 184.1 Glass 127 128 133 131 133 131 185 182 194 209 208 210 197 Cement 101 100 72 71 72 73 146 145 148 108 109 111 113 Brick, tile, and terra cotta 90 88 76 75 75 76 138 135 137 117 119 123 122 Pottery and related products 128 129 126 125 126 125 190 179 190 193 193 196 187 Textile-Mill and Fiber Products 106.5 105.2 98.7 97.2 96.6 95.2 94.7 178.7 173.0 173.2 170.0 171.2 172.5 168.5 Cotton goods except small wares 122 121 113 111 110 110 211 207 204 201 202 205 207 Silk and rayon goods 79 79 76 75 75 74 135 131 134 135 136 136 131 Woolen and worsted manufactures 111 108 104 102 101 98 207 198 198 193 193 195 184 Hosiery 73 72 67 67 r67 66 108 102 107 103 106 r106 102 Knitted underwear 108 106 95 94 94 91 184 174 177 169 167 169 159 Dyeing and finishing textiles 100 99 94 93 r91 90 157 153 152 152 152 151 147 Carpets and rugs, wool 87 86 80 79 79 78 144 139 135 131 132 136 132 Apparel and Other Finished Textiles 105.6 105.7 99.3 97.< 97.9 94.6 96.5 161.7 155 A 164.1 161.3 163.0 166.2 156.6 Men's clothing, n.e.c 104 103 98 97 98 95 159 151 154 158 166 166 154 Shirts, collars, and nightwear 84 82 77 76 76 76 138 131 131 130 134 135 134 Women's clothing, n.e.c 84 86 82 79 80 76 131 125 138 132 128 135 126 Millinery 76 82 77 70 72 80 98 122 109 102 91 103 Leather and Leather Products 95.0 93.6 89.4 88.5 150.1 145.9 147.8 152.3 153.5 155.9 153.1 Leather... 96 92 86 86 85 85 149 142 138 147 147 148 147 Boots and shoes 85 84 80 80 80 134 131 135 138 140 143 140 Food and Kindred Products 119.3 128.' 110.1 110.5 114.1 123.1 131.1 167.4 175.9 187.8 173.8 179.9 185.6 196.5 Slaughtering and meat packing 134 135 130 128 131 132 201 204 203 206 217 218 220 Flour 114 115 113 112 113 117 171 170 184 181 r179 188 195 Baking 110 109 111 110 112 112 152 153 153 160 164 167 168 Sugar, beet 48 51 40 42 40 39 66 68 74 60 61 63 56 Confectionery 104 106 116 114 114 109 159 149 155 183 183 186 178 Beverages, nonalcoholic 142 144 127 131 144 152 166 178 182 159 169 193 212 Malt liquors 134 135 134 139 141 148 182 190 193 192 202 r2l0 226 Canning and preserving 120 175 74 74 82 132 137 201 316 141 •143 157 244 Tobacco Manufactures 95.1 94. 89.5 88.3 89.5 88.6 149.3 153.5 151.1 142.8 152.9 r157.5 157.1 Cigarettes 121 125 123 121 125 128 159 182 187 164 182 189 197 Cigars 82 79 73 71 71 68 148 138 129 133 138 r14l 132 Paper and Allied Products 118.9 118. 115.4 114.2 114.2 114.3 114.1 180.9 176.3 181.9 183.6 184.7 187.0 185.3 Paper and pulp 109 109 106 105 106 106 173 169 175 175 177 181 179 Paper goods, n.e.c 127 127 126 124 123 122 189 181 187 195 195 194 194 Paper boxes 123 122 116 115 114 115 180 174 180 177 177 179 176 r Revised NOTE.—Figures for August 1944 are preliminary. Indexes for maior 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. 1004 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY (Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, 1939 100] Factory employment Factory payrolls Industry and group 1943 1944 1943 1944 July Aug. Apr. May June July Aug. June July Aug. Apr. May June July Printing and Publishing 103.4 102.9 101.3 100.3 100.8 101.6 101.1 126.4 127.0 128.8 133.7 135.0 137.4 138.0 Newspaper periodicals . 94 94 93 93 93 93 112 112 113 114 116 117 117 Book and job 107 106 105 104 104 107 131 133 135 144 145 149 152 Chemical and Allied Products 258.6 257.0 208.8 205.6 202.9 202.7 204.0 432.5 435.7 435.8 359.1 360.2 358.4 358.5 Paints, varnishes, and colors 107 107 106 106 106 107 161 158 160 164 167 169 167 Drugs, medicines, and insecticides 170 170 189 186 185 182 234 232 236 268 271 267 263 Rayon and allied products 109 109 108 107 108 109 167 169 168 171 174 174 174 Chemicals, n.e.c 168 169 173 173 172 171 274 277 281 295 297 299 300 Cottonseed oil 79 87 102 88 78 75 140 133 145 194 170 149 146 Fertilizers 95 100 139 120 104 99 195 189 198 286 267 228 225 Products of Petroleum and Coal. 119.1 119.7 121.1 122.8 124.4 126.7 127.6 187.5 190.3 197.1 206.6 212.6 215.7 223.0 Petroleum refining 113 113 118 120 122 124 175 180 185 200 205 208 216 Coke and by-products 113 112 105 106 106 108 180 175 185 179 183 188 192 Rubber Products 158.9 160.3 161.4 159.7 157.8 157.4 157.8 264.0 256.1 258.4 278.8 280.8 279.0 277.2 Rubber tires and inner tubes... 162 165 169 167 165 166 257 253 254 280 283 279 281 Rubber boots and shoes 149 150 136 140 135 132 260 247 250 243 249 246 237 Rubber goods, other 141 141 143 141 140 139 241 228 232 249 248 251 245 Miscellaneous Industries 166.4 166.4 157.0 155.1 154.8 153.5 153.2 298.2 291.4 294.5 296.7 295.8 1.7.3 288.9 Photographic apparatus... 177 178 169 169 169 172 271 264 269 271 274 273 272 Games, toys, and dolls 85 86 84 83 85 88 143 133 145 160 160 167 170 FACTORY EMPLOYMENT {Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939 = 100] 1943 1944 Group July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Total 169.7 169.6 168.3 170.1 170.9 169.1 167.8 166.9 164.1 161.5 159.6 158.8 157.7 P157.6 Durable 229.4 230.0 230.0 232.2 234.0 232 8 230.3 228.8 225.3 221.1 r218.2 r216.4 213.9 p213 3 Nondurable ...'..• 122.6 121.9 119.6 121.1 121.2 118.9 118.4 118.1 116.0 114.5 113.4 113.3 113.4 pll3.7 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 June July Mar. Apr. May June July June July Mar. Apr. May June July All Manufacturing., 45.1 44.4 45.3 45.0 45.3 45.5 44.7 95.9 96.3 100.6 101.3 10 IS 101.8 101.9 Durable Goods.... 46.8 46.0 46.5 r46.6 46.9 45.8 105.4 106.0 no.3 111.0 111.2 111.3 111.8 Iron and Steel and Products 46.4 45.5 46.9 46.5 46.8 46.9 46.0 103.1 103.5 107.0 107.7 107.7 108.2 108.8 E M l a e c c h tr i i n c e a r l y M E a x c c h e i p n t e r E y lectrical 4 4 7 9 . . 0 4 4 4 6 8 . . 2 1 4 4 6 9 . . 7 1 46.2 r4 4 8 6 . . 7 3 r4 4 6 9 . . 7 1 4 4 5 7. . 5 8 1 9 0 7 5 . . 0 9 1 9 0 7 6 . . 0 3 1 1 0 1 1 1 . . 0 0 1 11 0 1 1 . . 5 4 1 1 1 0 1 2 . . 6 1 r r 1 1 0 1 2 2 . . 8 2 1 1 1 03 2 . . 3 3 Transportation Equipment Except Automobiles 47.1 46.8 47.0 47.1 47.4 47.3 46.8 118.9 119.4 125.1 126.1 126.4 126.2 126.7 Automobiles 46.2 46.0 46.3 46.4 45.5 45.9 44.2 123.6 124.3 126.1 126.2 126.6 r127.3 129.0 Nonferrous Metals and Products 46.9 46.1 46.9 46.6 46.6 47.1 45.9 101.1 101.5 104.4 104.5 104.7 r104.9 105.9 Lumber and Timber Basic Products 44.4 42.7 43.2 43.2 r43.3 r44.5 42.3 74.1 73.8 77.1 78.8 r79.8 r79.9 79.7 Furniture and Finished Lumber Products. 44.6 43.6 44.5 43.7 44.4 r44.7 43.7 74.1 74.5 79.7 80.5 r81.2 r81.4 81.7 Stone, Clay, and Glass Products 43.1 41.8 43.6 43.2 43.7 43.9 42.4 84.4 84.9 88.2 89.1 r89.3 r89.4 89.9 Nondurable Goods . 42.7 42.2 43.2 42.5 r43.2 43.4 43.0 80.3 80.6 84.6 85.0 85.8 86.2 86.2 Textiles—Mill and Fiber Products 41.5 40.9 41.9 41.2 r41.6 42.0 41.7 66.4 66.4 69.0 70.1 71.0 71.2 71.0 Apparel and other Finished Products .. 38.1 37.1 38.9 37.3 r38.1 38.2 37.3 69.9 70.5 78.9 77.0 77.2 r78.4 78.5 Leather and Manufactures 39.8 39.1 41.4 41.1 r41.3 41.7 41.1 74.9 74.4 78.2 79.0 r80.0 r80.2 80.0 Food and Kindred Products 44.9 44.3 45.3 44.8 r45.8 45.9 45.6 80.2 79.9 83.9 84.5 r85.4 r85.2 84.4 Tobacco Manufactures 41.0 42.1 40.9 39.0 42.0 42.3 42.4 64.5 65.1 67.9 69.1 69.8 70.6 70.9 Paper and Allied Products 45.7 44.6 45.8 45.5 46.0 r46.4 45.7 79.8 79.7 83.4 83.7 84.2 84.6 84.8 Printing, Publishing, and Allied Industries 40.1 40.2 40.8 40.6 40.9 41.2 41.2 100.6 99.7 104.9 105.9 107.2 107.7 107.4 Chemicals and Allied Products 45.6 45.3 45.8 45.6 46.0 46.0 45.8 92.2 93.0 93.8 94.4 r95.4 r96.2 96.9 Products of Petroleum and Coal 44.9 44.9 46.6 46.3 47.0 46.8 46.8 112.8 113.9 116.3 117.4 117.4 118.1 119.7 R M u i b sc b e e l r l a P ne ro o d us u c I t n s dustr ; ies 4 4 6 6 . . 0 5 4 4 4 5 . . 1 6 4 4 5 6 . . 6 3 4 4 5 4. . 7 8 4 4 5 6 . . 1 1 4 4 5 6 . . 2 1 4 4 5 4 . . 2 9 1 8 0 8 2 . . 1 4 1 8 0 8 1 . . 1 9 1 9 0 4 8 . . 2 6 1 9 0 4 7 . . 7 5 r10 9 8 5 . . 7 2 * r 1 9 0 5 9 . . 9 1 1 9 0 5 9 . . 6 3 r Revised. NOTE.—Data based on the classification of the 1939 Census of Manufactures. Back figures are available from the Bureau of Labor Statistics. OCTOBER 1944 1005 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 i f n a g c- Mining Construction* ti p o u n b l a i n c d Trade an s d e r m vi i c sc e e , l- Sta l t o e c , a a l nd utilities laneous government 1939 30,353 10,078 845 1,753 2,912 6,618 4,160 3,988 1940 31,784 10,780 916 1,722 3,013 6,906 4,310 4,136 1941 . . 35,668 12,974 947 2,236 3,248 7,378 4,438 4 446 1942 38,447 15,051 970 2,078 3,433 j 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—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 Tulv 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 Septembc* 36,774 13,580 1,000 2,327 3,331 7,548 4,454 4,534 October 36,892 13,642 1,003 2,295 3,355 7,537 4,472 4,588 November 36,991 13,752 1,004 2,248 3,369 7,526 4,479 4,613 December 36,864 13,748 1,002 2,115 3,367 7,487 4,493 4,652 1942—January 37,057 13,879 996 2,102 3,372 7,481 4,520 4,707 February " 37,195 14,041 981 2,090 3,357 7,414 4,491 4,821 March 37,391 14,255 976 2,055 3,382 7,331 4,523 4,869 April 37,724 14,463 982 2,054 3,402 7,319 4,541 4,963 May 37,981 14,649 982 2,048 3,419 7,280 4,521 5,082 June . ... 38,204 14,865 981 2,057 3,419 7,206 4,532 5,144 July 38,581 15,143 982 2,077 3,433 7,210 4,520 5,216 August 39,042 15,442 973 2,101 3,448 7,222 4,518 5,338 September 39,171 15,644 962 2,077 3,448 7,227 4,382 5,431 October 39,452 15,798 954 2,136 3,484 7,224 4,330 5,526 November 39,597 16,048 944 2,095 3,503 7,132 4,255 5,620 December . 39,898 16,333 933 2,041 3,525 7,136 4,229 5,701 1943—January 39,934 16,506 927 1,899 3,540 7,133 4,146 5,783 February 39,935 16,682 924 1,734 3,556 7,064 4,146 5,829 March 40,066 16,831 915 1,604 3,574 7,110 4,121 5,911 April 39,891 16,858 908 1,476 3,588 7,006 4,110 5,945 May 39,740 16,837 893 1,358 3,597 6,988 4,102 5,965 June . 39,775 16,908 893 1,263 3,620 7,017 4,112 5,962 JUly 39,876 17,059 888 1,164 3,634 7,061 4,127 5,943 August 39,737 17,097 878 1,082 3,639 7,015 4,110 5,916 September 39,475 17,051 876 1,020 3,633 7,006 4,079 5,810 October 39,486 17,108 869 936 3,671 7,006 4,078 5,818 November 39,526 17,152 859 891 3,683 7,000 4,119 5,822 December 39,479 16,995 863 864 3,687 6,962 4,127 5,981 1944—January 39,454 16,910 862 830 3,720 7,096 4,170 5,866 February 39,352 16,819 862 786 3,780 7,043 4,173 5,889 March 39,079 16,592 852 737 3,780 7,046 4,171 5,901 April 38,868 16,394 848 719 3,763 6,982 4,257 5,905 May r38,749 r16,203 843 673 3,768 6 997 r4,363 5,902 Tune r38,744 r16,093 r848 r677 r3,765 r7,Ol2 r4,453 5,896 July r38,694 r16,042 r833 r652 r3,752 r7,O87 r4,469 r5,859 August . . . 38,683 16,038 r828 r633 3,761 7,037 4,491 5,895 UNADJUSTED 1043—July 39,921 17,059 888 1,222 3,689 6,920 ! 4,230 5,913 August .... 39,860 17,182 882 1,169 3,694 6,875 4,172 5,886 September 39,678 17,136 880 1,091 3 688 6 936 4,079 5,868 October 39,718 17,194 873 1,002 3,689 7,076 4,037 5,847 November 39,847 17,238 863 918 3 683 7 245 4,078 5,822 December 40,197 17,080 867 829 3,669 7,554 4,127 6,071 1944——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 r38,672 r16,122 r839 686 r3,768 6,962 r4,363 5,932 June r38,824 r16,093 r844 r691 r3,803 r6,977 r4,520 5,896 July r38,724 r16,042 r833 r685 r3,808 r6,945 r4,581 r5,830 August 38,771 16,118 832 684 3,817 6,896 4,558 5,866 * 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 tb^ month. Proprietors, self-employed persons, domestic servants, and personnel of the armed forces are excluded. August 1944 figures are preliminary. For back seasonally adjusted estimates, see BULLETIN for June 1944, p. 600. Back unadjusted data are available from the Bureau oi Labor Statistics. 1006 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] Total R b e u si i d ld e i n n t g ial Nonresidential building P a u n b d li c pu w b o li r c ks Month Factories Commercial Educational Other utilities 1943 1944 1943 1944 1943 1944 1943 1944 1943 1944 1943 1944 1943 1944 January 350.7 159.2 110.8 41.0 73.1 34.0 7.2 4.1 5.6 , 8-7 68.2 21.1 85.8 50.3 February 393.5 137.2 93.3 24.9 87.7 29.9 22.7 4.5 4.2 72.7 23.1 113.0 55.1 March 339.7 176.4 71.8 35.2 63.8 48// 25.2 7.4 4.5 4.4 51.5 19.5 123.0 61.3 April 303.4 179.3 79.4 37.8 40.7 33.0 6.6 6.1 5.9 5.4 43.0 25.0 127.7 72.0 May 234.4 144.2 63.3 34.5 24.2 27.1 9.3 5.8 5.3 3.8 36.5 17.1 95.8 55.8 Tune . 229.6 163.9 61.5 30.6 53.7 24.4 6.9 8.7 7.9 10.5 26.3 18.9 73.3 70.7 July 183.7 190.5 71.8 25.8 31.9 38.3 5.3 5.6 4.8 10.1 19.9 30.2 50.0 80.5 August .. 413.8 169.3 67.5 23.3 234.8 40.0 7.4 7.9 4.2 6.4 26.4 22.4 73.4 69.4 September 175.1 54.1 31.1 5 1 5 8 29 0 50.1 October 213.5 69.7 34.5 11.2 5.7 28.9 63.5 November 184.4 58.4 29.0 7.9 3.3 26.9 59.0 December 252.2 66.2 62 0 6 0 5 1 45.7 67.4 Year 3,274.0 867.8 766.2 120 7 62 4 474 9 981.9 1 Negative because of revision of a prior month's entry. CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT [Figures for 37 States east of the Rocky Mountains, as reported by the [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] F. W. Dodge Corporation. Value of contracts in thousands of dollars] Total Public ownership Private ownership 1944 1943 Month Federal Reserve district 1942 1943 1944 1942 1943 1944 1942 1943 1944 Aug. July Aug. January 317 351 159 198 316 122 119 35 37 Boston 6,392 8,639 10,807 February.... 434 394 137 310 364 109 123 30 28 New York .. 14 915 26,853 18,498 March 611 340 176 473 304 133 138 36 43 Philadelphia 7,621 17,834 9,589 April 499 303 179 355 253 133 144 50 46 Cleveland . . 16 650 19,034 18,781 May 674 234 144 569 192 98 105 42 46 Richmond 26,951 26,451 29,230 June 1,190 230 164 1,105 183 122 85 46 42 Atlanta 21,906 17,737 242,785 July 944 184 191 876 122 148 68 61 42 Chicago . . 27,088 42,704 31,320 August ., 721 414 633 351 88 62 St. Louis 13,120 9,457 9,044 September... 723 175 661 120 62 56 Minneapolis 5,196 2,924 3,600 October 780 214 710 157 71 56 Kansas City 13,046 9,455 22,323 November... 654 184 592 135 62 50 Dallas 16,456 9,451 17,814 December ... 709 252 664 198 45 54 Total (11 districts) 169,341 190,539 413,791 Year 8,255 3,274 7,146 2,695 1,109 579 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION INSURED FHA HOME MORTGAGES (TITLE II) HELD IN [In millions of dollars] PORTFOLIO, BY CLASS OF INSTITUTION [In millions of dollars] Title I Loans Mortgages on Sav- Year or month Total p P m e r i r o m r o e t v y n p - e t - - S s h c t t o m i o r o m u n a n c - l e l - f h 1 ( a o - T m I u i t D 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 ( o W T V u i a s t I l i r ) e ng End of month Total b C m c a o i n e a m r k l - s - s M tu av u a - l - a a s l i a t s o n i n o o a g d c n n s i s - p I c a n a o n s n m c u i e e r - - s a F c e g i e r e e a d n s l - 1 - Otfaei* II) 1936—Dec 365 228 8 56 41 5 27 1 19 9 3 3 6 5 3 5 2 5 0 7 2 2 2 4 4 6 3 9 0 4 9 2 2 1 19 9 3 3 8 7 — — D De e c c 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 1937 495 60 424 11 1939—June 1,478 759 50 167 271 137 94 1 1 9 9 3 3 8 9 9 6 5 9 4 4 2 1 0 6 8 0 2 1 5 3 4 6 7 6 3 9 4 5 8 1 Dec 1,793 902 71 192 342 153 133 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 1 2 3 . . 1 1 , , 1 1 9 3 8 4 7 6 2 2 1 9 6 4 6 2 1 2 1 1 1 5 8 6 2 7 9 4 7 1 3 1 6 3 6 2 0 8 1 1 4 3 J S D u e e n p c e t 2 2 2 , , , 2 0 4 3 7 0 2 5 9 1 1 1 , , , 0 1 0 2 6 9 6 2 3 1 1 1 0 1 3 0 1 0 2 2 2 0 1 2 8 6 4 4 4 5 3 4 8 2 2 0 1 1 2 8 9 0 2 0 1 1 1 1 4 2 5 1 7 0 1943—Aug 90 10 20 60 1941—Mar 2,598 1,246 146 230 606 210 160 Sept 88 12 20 55 June 2,755 1,318 157 237 668 220 154 O N D o c e t c v . 9 8 7 2 5 7 1 8 9 0 2 2 1 0 1 8 5 6 5 7 0 0 S D e e p c t 3 2 , , 1 9 0 4 7 2 1 1 , , 4 4 0 6 0 5 1 1 7 8 1 6 2 25 4 4 6 7 7 2 8 2 9 2 23 2 4 5 1 17 7 9 8 1942—Mar 3,307 1,549 201 264 856 237 200 1944— M F Ja e a n b r 6 7 7 2 5 9 1 6 6 6 1 1 1 9 4 3 4 5 5 4 0 0 J D u e n c e 3 3 , , 4 6 9 2 1 0 1 1. , 6 6 6 2 9 3 2 21 3 9 6 2 2 7 7 2 6 1,0 9 3 4 2 0 2 2 4 4 3 5 1 1 9 6 5 3 M J A u p a n r y e 6 6 6 7 9 3 9 9 9 1 1 1 8 3 8 4 4 3 5 2 6 1943— D Ju e n c e 3 3 , , 7 6 0 2 0 6 1 1 , , 7 7 0 0 0 5 2 2 5 5 2 6 2 2 8 9 4 2 1 1 , ,1 0 3 7 4 1 23 7 5 9 1 1 5 5 8 9 July 71 18 46 Aug 81 11 20 50 1 The RFC Mortgage Company, the Federal National Mortgage Association, the Federal Deposit Insurance Corporation, and the United States Housing Corporation. * Less than $500,000. 2 Including mortgage companies, finance companies, industrial banks, NOTE.—Figures represent gross insurance written during the period and endowed institutions, private and State benefit funds, etc. . do not take account of principal repayments on previously insured loans. NOTE.—Figures represent gross amount of mortgages held, excluding terminated mortgages and cases in transit to or being audited at the Federal Housing Administration. OCTOBER 1944 1007 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,186 212 287 235 258 P360 111 100 482 721 P826 Mav 324 385 536 1,085 PI,419 211 297 191 281 P386 112 88 345 803 PI,034 June 350 330 648 1,002 PI,271 211 280 215 295 P330 138 50 433 706 P941 July 317 365 650 1,261 PI,198 232 ' 278 213 302 P288 84 87 437 960 P910 August 351 460 703 pl,202 221 282 186 P316 130 178 517 p887 September 295 425 732 PI,235 195 262^ 196 P286 101 162 536 P949 October 344 666 801 PI,195 207 304 200 P329 137 362 602 P866 November 328 492 787 PI,072 224 281 168 P311 104 211 619 P761 December 322 653 873 PI,244 253 344 358 p278 69 309 515 P966 January-July 2,381 2,451 4,140 6,765 P8.406 1,526 1,872 1,633 1,848 P2.335 855 580 2,507 4,917 P6.072 P Preliminary. 1 Including both domestic and foreign merchandise. 2 General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source.—Department of Commerce. Back figures.—See BULLETIN for April 1940, p. 347; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. FREIGHT CARLOADINGS, BY CLASSES REVENUES, EXPENSES, AND INCOMB OF CLASS I [Index numbers; 1935-39 average=100 ] RAfLROADS [In millions of dollars] Total Coal Coke Grain s L t i o v c e k - p F r e o s o r d t - - Ore o r p T a e i o r lw a ta t a i l n y g e r x T a p i o l e w t n a a s l y es op r e a N i r l e a w t t a in y g in N c e o t me ucts revenues income Annual Annual 1939 101 98 102 107 96 100 110 1939.. 3,995 3,406 589 93 1940 109 111 137 101 96 114 147 1940.. 4,297 3,614 682 189 1941 130 123 168 112 91 139 183 1941.. 5,347 4,348 998 500 1942 138 135 181 120 104 155 206 1942.. 7,466 5,982 1,484 904 1943 137 138 186 146 117 141 192 1943.. 9,055 7,693 1,362 874 SEASONALLY SEASONALLY ADJUSTED ADJUSTED1 1943—June 127 100 166 137 112 139 192 142 63 943—May 753 639 114 73 July 141 146 184 143 112 150 202 146 64 June 756 642 115 73 August 140 145 191 147 117 148 208 145 r64 July 763 648 115 74 September 140 152 195 137 114 139 209 143 63 August 768 653 114 74 October 137 140 195 167 119 137 191 140 64 September.. 767 651 116 75 November 139 127 186 161 132 150 191 147 67 October 769 654 115 76 December 144 147 192 153 122 154 209 148 68 November.. 769 662 107 69 December.. 782 680 102 67 1944—January 145 150 185 159 121 147 203 149 67 February 143 149 180 148 135 146 193 147 67 [944—January 778 662 116 79 March HO 140 185 136 131 141 174 149 67 February.- • 775 671 103 66 April 138 141 190 123 120 141 195 146 67 March 782 690 92 53 May 138 147 190 128 118 140 195 144 67 April 780 689 91 54 J J A u u u l n y g e ust 1 1 1 3 4 4 9 2 3 1 1 1 4 4 4 6 8 3 1 1 1 8 9 9 5 4 4 1 1 1 3 3 4 1 5 4 1 1 1 2 2 2 1 4 4 1 1 15 4 5 5 8 6 1 1 1 8 8 8 7 9 8 1 1 1 4 4 5 3 9 0 6 6 6 8 7 6 J J M u u a l n y y e 8 7 8 7 1 0 9 0 4 6 7 7 8 0 0 8 1 6 1 9 9 0 1 8 9 P r7 5 5 1 9 3 UNADJUSTED UNADJUSTED L943—May 759 630 129 87 1943—June 132 100 162 140 86 145 297 146 63 J J u ul n y e 7 7 4 9 7 1 r6 63 6 8 3 r1 1 2 0 8 9 8 7 2 1 July. 146 146 178 172 97 150 323 M7 63 August 800 676 125 84 August 145 145 183 158 111 156 312 147 64 September.. 777 666 110 70 September.. 151 152 193 153 151 150 314 154 66 October 796 683 113 76 October ... 147 140 191 167 183 144 274 153 66 November.. 762 666 96 63 November.. 142 127 186 157 166 147 193 153 68 December .. 782 705 77 SS December.. 133 147 202 144 118 138 65 139 65 1944— F M J e a a b r n r c u u h a a r r y y ... . . . 1 1 13 3 3 > 3 3 1 1 1 5 4 4 0 9 0 1 1 1 9 9 8 4 1 7 1 1 1 5 4 2 9 5 5 1 1 1 1 0 0 6 3 8 1 1 1 3 4 4 3 1 0 4 5 5 8 1 1 1 1 1 3 3 4 6 8 2 6 6 6 4 4 7 1944— M A F J e p a a b r r n i c r l u u h a a r r y y . . .. . . . 7 7 7 7 4 3 6 9 1 5 0 7 6 6 6 7 5 5 7 0 8 1 2 5 8 8 9 8 3 4 3 8 4 4 4 5 8 5 6 4 April 135 141 186 108 107 141 168 144 68 May 801 706 99 59 May 141 147 188 113 106 146 281 145 67 Tune 79) 700 100 r61 June 144 148 191 137 100 154 291 147 66 July 809 710 99 P59 July 147 143 188 172 102 157 302 151 66 August 146 146 178 141 115 162 281 151 68 P Preliminary. r Revised. r Revised N 1 O I T n E cl . u — d D es e s r c e r d i i p s t t i r v i e b u m ti a o t n e r o ia f l w a ag n e d ac b c ac ru k a l f s i g i u n r 1 es 9 43 m . ay be obtained NOTE.—For description and back data, see pp. 529-533 of the BULLETIN fo from the Division of Research and Statistics. Basic data compiled June 1941. Based on daily average loadings. Basic data compiled by Associa- by the Interstate Commerce Commission. tion of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission IOO8 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on value figures] MONTHLY INDEXES OF SALES [1935-39 average = 100] - Federal Reserve district Year and month U S n t i a t t e e d s Boston Y N o e r w k d P e h l i p l h a i - a C l l a e n v d e- m Ri o c n h d - AtlantaChicago Lo S u t i . s M a i p n ol n i e s - Ka C n i s t a y s Dallas F S r a an n cisco 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 no 134 106 87 91 96 114 119 "119" 94 93 1925 . no 123 135 109 92 95 102 120 124 124 98 99 1926 113 127 111260 138 110 96 99 106 121 119 123 103 106 1 1 9 9 2 2 7 8 1 11 1 5 4 1 1 2 2 8 6 1 1 2 2 3 4 1 1 3 2 3 7 1n1o0 9 9 5 5 1 1 0 0 0 0 1 1 0 1 8 4 1 1 1 2 9 0 n1 n 1o o 7 1 11 2 9 5 1 1 0 0 1 3 n10o7 1929 117 128 129 128 116 96 98 116 122 117 104 112 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 63 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 150 140 128 143 153 170 162 149 158 133 149 157 169 1943 168 148 135 151 167 194 204 161 179 149 184 212 200 SEASONALLY ADJUSTED 1942—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 157 149 131 147 158 173 177 166 163 135 159 177 187 1943—January 164 143 132 145 171 186 190 166 167 144 194 184 188 February 192 161 149 173 196 231 218 192 218 182 214 246 217 March 163 151 137 150 166 184 185 157 168 142 168 185 197 April 159 146 127 148 152 186 181 155 157 147 173 195 190 May 158 146 130 148 157 182 196 146 164 138 163 191 192 June 167 145 132 151 164 197 209 157 184 144 187 220 200 July 172 147 137 154 171 200 221 168 185 148 184 220 199 August 165 143 135 144 164 187 201 161 177 149 174 208 198 September 162 139 132 148 158 193 210 151 171 147 179 211 189 October 173 145 137 153 170 191 222 169 188 148 194 231 211 November 181 158 145 160 178 215 220 174 197 166 203 227 212 December 165 148 131 144 164 187 208 154 172 146 174 215 206 1944—January 175 148 135 158 169 208 224 172 182 160 207 206 208 February .. 175 148 138 157 166 209 225 162 194 176 203 241 209 ; March 185 162 158 173 183 212 225 173 195 159 193 247 218 ' April . ... 172 157 140 162 166 199 222 165 173 157 181 232 201 May 181 164 153 168 181 211 233 167 197 158 192 228 216 June 175 151 142 159 166 203 237 163 189 151 192 245 210 July 194 160 149 174 196 213 263 187 216 165 221 277 223 August . ... 187 154 151 160 182 213 245 180 207 173 204 250 221 UNADJUSTED 1942—August 127 105 r97 114 136 144 143 126 142 118 139 138 158 September 161 152 134 144 162 182 171 163 167 154 173 177 184 October 170 160 150 161 167 200 186 165 182 157 174 188 191 November .. 188 169 162 181 189 220 208 181 197 162 190 204 220 December r262 256 r233 263 254 306 287 256 263 208 259 287 296 1943—January 129 116 110 112 133 136 152 126 137 108 143 158 150 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 164 155 130 151 163 190 196 160 172 151 177 193 188 : May 155 145 124 142 156 181 192 149 164 139 165 191 181 June 155 138 123 136 155 177 175 154 166 144 172 183 184 July 127 102 r92 107 126 141 166 124 137 117 145 160 165 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 214 184 182 201 214 252 257 200 224 192 219 269 254 December r273 255 r229 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 142 115 115 124 133 159 194 131 153 122 160 200 178 March 170 144 139 162 167 203 219 159 185 140 182 227 197 April 172 161 137 159 172 193 228 166 183 159 183 228 192 May 178 162 142 161 179 210 228 170 197 160 194 228 203 June 163 144 132 143 157 182 199 160 170 151 177 203 193 July 143 110 100 120 144 150 197 139 160 130 174 202 185 August 158 118 110 125 159 176 218 151 178 154 192 220 202 T Revised. NOTE.—For description and monthly indexes for back years, see pp. 542-561 of BULLETIN for June 1944. OCTOBER 1944 1009 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 stocks Without seasonal adjustment (In mill A io m ns o u o n f t dollars) (1935-39 average = 100) 1941 1942 1943 1944 Feb. 15 .101 Feb. 14 ...122 Feb. 13.. ...178 Feb. 12. ....142 Out- 22. 91 21 ....115 20.. ...155 19., ....142 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 t r n a i d n d n e g d r o s - f a S d e j a a u l s l s o y te n d - j U u n s a t d e - d Mar. 2 1 8 2 1 5 . . . 1 1 1 1 1 1 0 0 0 6 1 6 Mar. 2 1 2 8 7 4 1 . . . .. . . . . . . . . . . . 1 1 1 2 3 3 1 7 7 0 48 Mar. 2 2 1 6 0 7 3 . . . . . . . . . . . . . . . . . . . . 1 1 1 1 4 6 4 5 7 2 4 0 Mar. 2 1 1 4 6 1 8 . . . ., . . , . . . . . . . . . . . 1 . 1 1 1 6 5 4 7 ' . 6 , 2 3 ) month) 29 .124 28 ....157 27.. ...155 25. ....182 Apr. 5 137 Apr. 4 ....170 Apr. 3.. ...161 Apr. 1. ....in 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 4 3 4 4 4 4 4 4 2 1 9 0 4 2 3 3 — — ~ a a a a a - v v v M J J M O N M F A D D F S A v v N J J e e e u u a e a e e e e u o c e p e r o r r a a n l a n b n b p r r t c c g v y r a a a v r r e y a a t g g g , ! g g e e e ; e e . . . . . . ! . . . . . ! . . , . . r1 2 2 3 2 3 2 2 2 2 1 1 2 1 1 1 1 1 1 1 1 1 1 5 5 3 3 0 0 2 6 0 2 1 8 8 8 8 0 7 5 6 7 3 5 2 1 9 0 8 4 0 7 5 6 4 2 2 8 7 2 6 9 7 7 0 6 6 8 r r 5 4 4 4 4 4 5 5 4 4 4 5 4 5 5 5 5 5 3 3 4 6 5 0 5 7 6 7 6 8 8 7 2 6 9 8 1 ? 0 6 7 2 5 1 2 4 / 3 1 2 2 7 1 1 8 5 6 9 0 2 3 7 6 4 3 0 9 4 4 r ' 3 4 6 3 4 4 5 6 5 5 4 5 4 2 2 5 5 5 2 1 1 6 4 6 9 4 7 8 8 7 2 6 5 6 2 2 6 5 5 6 3 0 9 9 1 1 8 7 1 8 7 5 6 3 0 0 5 8 4 4 6 3 0 8 2 4 r1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 6 4 6 3 5 3 4 5 5 4 2 6 3 4 4 5 4 5 2 3 7 3 3 6 2 0 3 5 8 0 2 8 4 4 7 5 r1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 4 3 6 6 6 5 3 3 3 3 7 5 4 3 3 3 9 0 7 3 7 4 2 6 6 7 5 1 1 7 3 5 0 0 0 7 8 4 4 9 1 9 8 2 6 0 O J A J M S u u e u c a l n p t g y y . e t . . 3 2 2 2 2 2 3 1 1 2 2 2 1 1 1 1 1 1 1 1 5 9 0 1 6 2 3 1 8 3 7 7 6 4 7 4 3 0 2 9 6 4 9 6 2 0 1 . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 7 3 2 1 1 1 4 2 2 4 3 2 6 2 6 3 9 9 2 3 4 1 0 2 3 2 9 5 9 7 1 8 5 9 2 7 7 2 0 8 2 3 7 1 6 2 6 1 0 9 5 4 6 M J O J A S u u c u e a l n t p g y y . e . t. 2 2 2 2 3 1 1 1 2 2 1 1 2 1 1 2 1 1 1 4 8 0 5 7 1 9 5 0 6 6 3 2 6 2 1 8 1 8 3 5 9 3 9 5 2 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 l 2 4 0 0 2 2 2 4 1 4 0 7 2 4 8 2 2 2 5 7 4 6 1 1 1 9 1 9 7 5 3 5 9 7 6 2 9 5 8 0 3 5 2 6 2 2 0 0 0 5 4 5 9 4 7 M J J O S u u e c a l n p y t y e . t . 2 2 2 2 3 1 1 1 2 1 1 1 2 1 2 2 1 1 3 5 1 4 8 4 4 6 9 0 0 2 2 7 5 7 1 9 8 5 2 1 8 1 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 8 4 7 3 6 6 3 2 5 6 5 1 5 2 3 1 3 4 4 6 7 4 5 7 7 8 6 2 2 0 2 9 8 4 4 1 8 3 3 1 6 1 8 1 6 8 5 5 9 6 9 6 8 9 M J J A O S u u e u c a l n p y y g t e . t . , 2 2 2 2 2 2 1 2 1 1 1 1 2 1 1 2 1 3 1 3 6 2 5 8 9 4 9 7 0 0 2 a 2 7 5 3 5 6 9 2 9 7 6 3 0 . . . . . . . . . . . . . . . . . . . . . . . . . , , , , . . , . , . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . , . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 7 1 5 0 6 7 8 5 4 6 3 1 7 3 6 3 6 4 4 4 7 9 9 7 9 9 7 7 2 8 8 2 4 1 5 3 7 6 3 2 8 8 3 8 9 9 7 5 3 ! 6 6 M J J A u u u a n ly g y e . .. . r1 2 1 1 6 2 9 9 3 0 9 3 r5 5 5 5 2 1 2 6 5 6 2 5 r6 5 5 5 2 2 9 7 8 1 0 9 r1 1 1 1 6 4 5 6 5 7 7 9 r1 1 1 1 4 5 5 6 8 1 0 2 Nov. 2 1 5 1 8 . . . 1 1 1 4 4 4 5 4 1 3 2 1 1 4 7 ....1 1 1 6 7 6 6 2 8 2 3 1 3 0 6 . . . . , , . . . . . . . . . . . . 1 1 1 8 8 9 7 9 4 2 2 1 8 4 1 . . . NOTE.—Revised series. For description and back figures see pp. 874-875 r Revised. of BULLETIN for September 1044. Back figures.—Division of Research and Statistics. SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] A 19 u 4 g 4 . July E m 1 i 9 o g 4 s h . 4 t A 19 u 4 g 4 . J 1 u 94 ly 4 E m 1 i 9 o g 4 s h 4 . t Aug.July E m 1 i 9 o g 4 s h 4 . t A 19 u 4 g 4 . J 1 u 94 ly 4 E m 1 i 9 o g 4 s h 4 . t United States. c+9 +9 Bo N st e o w n Haven +n + — 5 7 + + 5 5 Cle E v r e ie land—Cotd. +5 +6 +4 Ch F ic o a r g t o W — a C y o n n e t. .... +17 +18 +9 Da S ll h a r s eveport + + 1 2 9 4 + + 1 1 4 1 + + 2 1 0 6 N P e ' h S U P N N N B B A B P B E P S R S w i p o r l y o l u o r e c e i t l i o a o m b i r n i a r r f u w w s h c c Y d i d v f a t a g t g n g h e a i a l o g e c a o i n a r a g h l h d n e Y l u r n e a o r y r n p f a s k e k e p a s k i o t h d n e m e c e o e r i l c e F t r a r k d t a e p t o a d s C l n y i l e — s i . t . . . y . . + + + + + + + + + + + + + + + + — + + + 1 1 1 1 1 1 2 1 1 1 8 5 9 4 4 4 6 5 5 8 0 3 2 0 1 1 6 5 3 1 + + - - + + — + + + + + - + + — — 1 1 1 1 8 2 5 4 6 4 4 4 9 2 1 1 9 1 0 4 3 3 + + + + + + + + + + + - + + + 1 1 6 9 8 6 2 4 2 3 7 5 8 3 1 0 8 i A R t i H l G N W B W L R C B M W C M P C J c a a h i y h i a i r u o n h l o o c t i a h m r c a e l n t a r n a n t m k b s n a h t r e e f s o r c r t i s h k i s o t n e m b l i m l n i h t l g e i o s n e l n l v e o u d n b k o o i b s n o s g g i n r n g t u l n m u t v r g t h o - l g o t e r d o r e i h S o a n e g g . n l n , n m . a l . r , . e W y S l . e S . . . . m . C V . C . a .. . . + + + + + + + + + + + + + + + + + + 1 2 2 2 3 1 1 3 3 1 1 2 2 1 2 3 1 1 4 0 2 7 6 8 6 8 0 9 4 1 6 7 6 3 4 5 + + + + + + + + + + + + + + + + + 1 1 1 1 2 1 1 1 2 1 6 9 2 6 3 8 4 5 2 1 5 8 9 4 9 1 5 ! + + + + + + + + + + + + + + + + + + + 2 1 1 2 1 1 2 1 2 1 1 1 2 1 8 8 2 5 7 3 1 5 4 4 0 0 5 9 3 1 3 0 St. M T D L G F D F G L Q L M E S S S I n L i o l p a e t o v i r e r e u i o i e . t d e n r r a r o s l u a t n i t u m i w e r t i n r s L n l n n i u t e x a M e n o s i d c g a p s o i S n v n i y s v u f h C H u B t o g m R i a i . R i l k i e i i l i p l a s a s n o i e l l t e a t y o d y e u e e c h p l s t k i i e d s .. . . s . . . . . . . I I + + + + + + + + + + + + + + + + X 2 3 1 1 1 2 2 3 2 1 2 2 1 3 2 1 I 0 2 9 2 9 2 1 1 7 5 0 5 6 1 l 3 \ + + + + + + + + + - + + + + - + 1 + 1 1 1 1 2 1 1 1 2 1 1 1 5 6 6 2 3 4 6 7 0 1 4 8 9 6 1 1 + + + + + + + + + + + + + + + + + 1 2 1 1 2 1 1 1 1 1 1 6 8 6 2 4 9 7 4 5 5 2 7 6 1 0 0 Sa R P T B L F S S H S F O S n D S L h a a a r u o a a a i o o a o F a B S v e n n n o k c c n n s r k l u s r a e e s r e e t g l l a n s n a a r A o n r D A J r a F t s W n o s k m s o n n i o B r n i f i B n x c e s d d e a i n g e e i o t e e l g e e n s o e n e a l r a c r o d y c l n c t t a n n e o h o h i i n s a s d . o d r c d o i . n .. o . + + + + + + + + + + + + + + + + + 1 2 1 1 1 2 1 1 1 3 2 2 2 2 2 1 1 8 4 6 7 7 0 0 0 5 1 2 2 3 6 1 6 5 | r+ + + + + + + . V + + + + + 1 1 1 1 1 1 1 6 8 7 9 5 8 6 0 4 0 2 0 r + + + + + + + + + + + + + + + + + 1 1 1 2 1 1 1 1 1 2 4 8 6 8 9 2 6 5 8 6 6 1 5 8 3 2 1 Trenton +3 +5 Miami +16 +21 Minneapolis.... +21 '+7 +10 Santa Rosa +26 +20 +15 Lancaster +11 +7 Tampa +27 +10 Stockton +5 +13 +9 Philadelphia... +9 +2 +6 Atlanta +32 +13 T23 Kansas City +22] +11 +10 Vallejo and Napa +20 +9 +15 Reading +12 +4 +7 Macon +12 <_i_nJ Denver +14 +5 Boise and Wilkes-Barre.. +27 +31 +21 Baton Rouge +24 +12 TJ2I Pueblo Nampa +8 •*+8 York +23 r+8 +11 N Ja e c w k s O on rleans + + 2 3 4 0 + +1 1 0 3 + + 1 1 9 8 T H o u p tc e h k i a nson . + + 5 3 1 2 + + 2 1 3 4 t + !2 S P a o l r t t l L an a d ke City.. + + 3 8 +1 0 0 0 Cle A C C v l i k e e n l r v a c o n e i n n l d a n n a d ti + + + + 1 2 1 1 0 3 1 5 + + + 1 2 2 7 + + + 9 2 6 0 K N C n a h s o a h x tt v v a i i n l l l l o e e oga. .. + + + 4 3 2 5 5 6 1 + + + 1 1 4 7 7 4 + + +2 2 4 3 2 6 ! W J K S o t a p . i n c l J i s h o n a i s s t e a p C . h . i . t . y .. + + + + 3 2 3 2 4 2 1 5 + + + + 1 2 4 8 3 1 + + + + 1 1 1 8 0 7 7 , ! B E S Sp e v e a o l e l t k i r t n e a le g t n t h e am + + 1 2 2 8 + + + + 1 1 5 4 2 4 + + + + 1 6 5 1 1 Columbus +22 +9 +12 Chicago +16 +6 +6 Omaha +25 +25 +12S Tacoma +15 +2 1 T Y o o l u e n do gstown... + + 1 1 6 8 + + 1 1 0 + + 1 9 0 P C e h o ic ri a a go + +1 1 7 9 + + 2 9 6 + + 1 6 3 O Tu k l l s a a homa City + + 2 2 2 1 + + 1 3 4 + + 1 8 7 Yakima +22 +to +24 e Corrected. r Revised. • Data not yet available. ** Seven months 1944. IOIO FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS, BY MAJOR DEPARTMENTS Sales during month (value) Stocks at end of month (value) Ratio of stocks to sales Number Department of stores Percentage change Percentage change July reporting July 1944 July 1944 July 1943 July 1944 July 1944 July 1943 from from from from from from 1944 July 1943 June 1944 June 1943 July 1943 June 1944 June 1943 GRAND TOTAL—entire store. 353 +7 -20 -21 +1 -1 +5 3.4 3.6 MAIN STORE—total 353 +7 -20 -20 +1 -1 +5 3.5 3.7 Women's apparel and accessories. 350 +11 -19 -22 0 0 +11 2.8 3.1 W W Bl o o o m m us e e e n n s ' ' , s s a a n n sk d d i m m rts i i s s , s s e e s s s ' ' p d c o o r r e a t s s t s s w e a s ea n r d , su s i w ts e . aters, knit 3 3 2 3 8 2 + + 1 5 7 + -3 3 2 6 + -3 3 4 2 - - 2 9 6 - + 3 4 0 8 + - 5 1 1 2 3 1 . . 7 0 5 1 . . 2 2 apparel 311 +13 -20 -19 +6 -7 +8 2.6 2.7 Juniors' and girls' wear 294 +12 -21 -22 +5 +6 +25 2.7 2.9 Infants' wear 303 +21 -8 -7 +38 -2 +12 3.2 2.8 Aprons, housedresses, uniforms „ 282 +7 -31 -32 +4 —19 -4 1.4 1.4 Women's underwear, slips, negligees , 320 +21 -13 -13 +22 -4 +5 2.5 2.5 Corsets, brassieres 329 +25 -15 -19 -8 -3 2.1 2.9 Hosiery (women's and children's) 343 +5 -17 -11 -22 -4 +3 2.4 3.3 Gloves (women's and children's) 322 +29 -31 -33 +34 +12 +U 10.0 9.6 Shoes (women's and children's) , 240 +34 -24 -54 +4 -4 +10 4.1 5.2 Furs. 255 -52 +356 +141 -23 +37 +13 11.0 6.8 Men's and boys' wear 321 +8 -40 -45 +7 -1 +3 5.3 5.3 Men's clothing 231 +3 -37 -45 -3 -2 +2 5.1 5.4 Men's furnishings, hats, caps 304 +4 -45 -45 +6 -2 0 4.8 4.7 Boys' clothing and furnishings 279 +26' -32 -40 +30 +4 +10 6.3 6.1 Men's and boys' shoes and slippers 174 +27 -26 -64 -1 -4 +5 7.1 9.1 Home furnishings 313 -3 -16 -10 -5 -2 +1 4.3 4.4 Furniture, beds, mattresses, springs 230 -3 -14 -2 +2 -1 +2 4.1 3.9 Domestic floor coverings 235 -15 -23 -14 -27 -1 —+21 4.0 4.6 Draperies, curtains, upholstery 290 +7 -23 -21 -4 +5 3.7 4.1 Major appliances (refrigerators, washers, stoves, etc.) 188 -43 -6 -16 —43 -8 -9 2.8 2.8 Domestics, blankets, linens, etc 286 +1 -6 0 +7 -5 -1 3.6 3.4 China and glassware 219 +9 -18 -13 -12 +1 0 5.S 7.2 Housewares 219 -1 -18 -18 -2 +1 4.6 4.6 Piece goods (dress and coat yard goods, all materials) 285 +24 -15 -18 -2 -1 +1 2.8 3.5 Cotton wash goods 119 +17 -19 -24 -15 -8 -13 1.2 1.7 Small wares 333 +3 -18 -15 +10 -4 +2 4.4 4.1 T N o o i t l i e o t n s articles, drug sundries, prescriptions 3 2 1 2 8 0 + -4 2 - - 1 2 3 3 - - 1 2 3 3 + + 1 4 6 - -6 7 + + 1 4 4 3 . . 4 6 3 3. . 7 6 Jewelry and silverware 274 -8 -23 -19 0 -5 0 5.2 4.8 Miscellaneous 289 +13 -11 -8 +6 +4 +7 3.6 3.8 BASEMENT STORE—total 217 +11 -21 -26 -5 -4 +5 2.8 3.3 Women's apparel and accessories 205 +12 -20 -22 -6 —4 +10 2.2 2.6 Men's and boys' clothing and furnishings 167 +6 -36 -41 +1 -3 +2 4.6 4.8 Home furnishings 122 +3 -15 — 14 -5 -5 +1 3.2 3.4 Piece goods . 53 +16 -15 -9 -16 -8 2.3 3.1 Shoes,.. 124 +28 -13 -47 -11 —10 +2 3.8 5.4 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/ con 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 Yea* and month Total Sa C le a s s h during I m n m s e o t n a n t l t - h a C c h c a o r u g n e t A I a m c n t c s e o t e n a u n t l n - d ts o f r e a m c C c e h o c i a o v n r u a t g h b n e l t e C I m n o s e l t l n a e t c l- m tio o n n s t a h C c d h c u a o r r u i g n n e g t C sa a l s e h s I m n sa s e l t n e a s t l- C ac h s c a a o r le g u s e n * t 1943—Jury 96 125 53 73 39 64 70 103 63 5 32 August 107 138 f63 r81 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 August 126 167 60 94 32 70 58 92 64 4 32 r Revised. NOTE.—These data aire based on reports from a smaller group of department stores than that included in the monthly index of sales shown on a preceding page. ion OCTOBER 1944 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 i . ns T ta o l t m al ent Sale credit Loans1 p S a lo i y n a m g n l e s e 2 n - t a C c h co ar u g n e ts Service credit credit Total Automotive Other 1929 7,089 3,167 2,515 1,318 1,197 652 1,577 1,749 596 1930 6,341 2,706 2,032 928 1,104 674 1,451 1,611 573 1931 5,177 2,214 1,595 637 958 619 1,051 1,381 531 1932 3,846 1,515 999 322 677 516 726 1,114 491 1933 3,717 1,581 1,122 459 663 459 588 1,081 467 1934 4,159 1,846 1,317 576 741 529 659 1,203 451 1935 ; 5,148 2,599 1,805 940 865 794 785 1,292 472 1936 6,396 3,466 2,436 1,289 1,147 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 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 1,104 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 7-J5 169 576 1,091 996 1,294 692 Feb 4,662 1,785 707 167 540 1,078 962 1,218 697 Mar 4,836 1,804 696 167 529 1,108 955 1,376 701 Apr r4,802 rl,786 r690 171 r519 1,096 966 1,346 704 May 4,898 1,801 700 181 519 1,101 997 1,390 710 June 4,945 1,826 707 .192 -515 1,119 1,033 1,370 716 July *4,881 pl ,833 P706 P204 P502 PI,127 PI,038 Pi,287 P723 Aug ^4,933 ^1,839 P711 P210 P501 PI,128 PI,035 Pi,330 P729 p Preliminary. r Revised. 1 Includes repair and modernization loans. A revision of repair and modernization estimates was shown on p. 392 of the BULLETIN for April 1944. This revision is preliminary and subject to change. 2 An estimated total of noninstalment consumer loans; i.e., single-payment loans of commercial banks and loans by pawnbrokers. NOTE.—National estimates of consumer short-term credit for the period from January 1929 through August 1942 were prepared by the Bureau of Foreign and Domestic Commerce, United States Department of Commerce, and published in the November 1942 issue of the Survey of Current Business with a description of sources of data and methods of estimation. Later estimates, comparable with those formerly published by the Department of Commerce, were made at the Board of Governors of the Federal Reserve System. CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT LOANS AUTOMOTIVE [Estimated amounts outstanding. In millions of dollars] [Estimated amounts outstanding. In millions of dollars] End o r o f y e m a o r nth x m T a c u o l o u t t t d o i a v i - l n e , g D s o m m e t a r o p a d n e r a i n e d e l r r t - s t- F st u t 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 e d e i e s - - J s e t w or e e lr s y s o r t e t A o h ta r l e e l i r l s m E o y n n e d t a h r o f o r TToottaall mm bb CC aa ee nn o r o rc k c k mm ii ss aa - - l 11 l ^ p S^ c^ l a o ™ o m o n aa mr i aa n e l T - s l 1 u b c ba o I p an n cm t a n o k d rt n k ri m- i u i ai 6 ni e a s n l - g s - l g JU Z aum C Z r na r \ r _ i^ e o\ .d n Jfi s t le l n M a M l ld a e n i n en i e ss e r c d o c s o e e u el u r s l- s - s iz m a R l o t o i a d e o a n e p n n d r a s n i 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 July........ 1,155 283 363 170 114 85 140 1943 A Se u p g t 1 1 , , 1 1 3 3 2 1 2 27 7 7 8 3 35 5 7 8 1 1 6 6 8 9 1 1 1 1 2 3 8 8 5 4 1 12 3 9 3 July 642 155 286 55 45 101 Oct 1,114 273 354 167 111 84 125 Aus 617 149 279 48 44 97 Nov 1,104 270 355 165 109 84 121 Sept 600 148 272 42 44 94 Dec 1,123 273 372 165 110 86 117 Oct 596 151 269 37 45 94 Nov. . . . 601 160 266 32 48 95 1944 Dec 641 174 271 29 66 101 Jan 1,091 267 360 161 106 85 112 Feb 1,078 266 356 161 105 84 106 1944 Mar 1,108 276 369 164 109 86 104 Jan 576 158 248 24 55 91 Apr 1,096 279 363 164 106 85 99 Feb 540 147 236 21 51 85 May 1,101 285 362 165 105 85 99 Mar 529 144 231 19 52 83 June 1,119 294 365 169 107 85 99 Apr. r519 r142 229 18 48 82 July PI,127 298 367 170 106 P85 P101 May 519 141 235 16 45 82 Aug PI,128 300 363 172 106 P85 P102 I une 515 138 237 15 44 81 July P5O2 P132 P234 P14 P43 P79 P501 P133 p234 P13 P42 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 fol- P Preliminary. lowing page, and a small amount of other retail direct loans (12 million r Revised. dollars at the end of August 1944), which are not shown separately. 2 See footnote 1 for table above. IOI2. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued CONSUMER INSTALMENT CREDITS OF COMMERCIAL CONSUMER INSTALMENT LOANS MADE BY PRINCIPAL BANKS, BY TYPE OF CREDIT LENDING INSTITUTIONS [Estimates. In millions of dollars] [Estimates of volume made in period. In millions of dollars! Month or year Total Aut r o e m t o ai t l ive O re p t t u h a r e i - l r , R m e a p n o d a d i - r i s n P o s e n t r a a - l l- Month or year Co b m a m nk e s r * cial c S o m m al p l a n l i o e a s n c I o n b m d an u p k s a t i n r n i i g e a s l u C n r i e o d n i s t chased erniza- ment Pur- Direct and tion cash chased loans direct loans loans 1929... 463 413 42 1930... 503 380 41 1931... 498 S40 38 Outstanding at end of 1932... 376 250 34 periou: 1933... 304 202 33 1939 1,020 210 160 150 220 280 1934... 384 234 42 1940 .., 1,340 300 230 210 260 340 1935... 423 288 67 1941 1,588 396 303 279 246 364 1936... 563 354 105 1942 787 136 122 143 154 232 1937... 619 409 148 1943 469 54 82 67 86 180 1938... 604 417 179 1939... 763 489 257 1943—July 515 60 82 103 190 1940... 927 536 320 August 498 53 82 74 98 186 1941... 983 558 343 O N Se c o p t v o t e e b m m er b b e e r r 4 4 4 7 8 8 0 9 0 5 5 5 7 5 7 8 8 8 2 2 2 6 6 7 6 7 0 9 9 8 5 2 9 1 1 1 7 8 8 8 5 2 1 1 9 9 4 42 3 . . . . . . 7 52 0 5 5 8 7 0 9 9 8 3 4 6 0 4 8 2 19 1 3 5 December 469 54 82 67 86 180 1943 1944— M M A J A F J J u u e p a u a a n l b n r y g y r e i r u c u l u h a s a r t y ry 4 4 4 4 4 4 4 4 4 6 5 5 5 7 7 8 8 0 9 2 2 1 9 4 5 5 5 5 5 5 6 5 1 1 3 1 2 5 1 9 8 8 8 9 8 9 9 9 1 1 3 0 6 2 6 6 6 6 6 7 6 6 5 6 4 0 0 0 1 0 9 0 8 7 7 7 7 7 7 7 2 8 6 3 3 3 4 5 1 1 1 1 1 1 1 1 7 8 8 9 9 8 7 9 6 3 4 2 0 3 4 0 J A M M J J S F A a u u e e p u a a n l n p b r y g y r e u i t r c u l e u a h s m r a t y r b y er 4 4 4 4 4 3 5 3 5 1 4 7 0 5 6 0 5 3 8 6 6 4 5 6 5 8 7 0 2 2 5 8 4 0 6 0 3 3 2 3 2 2 3 3 2 2 8 9 5 5 6 1 0 9 2 1 1 1 1 1 1 1 1 2 1 5 5 3 4 5 9 8 Vo m lu o 1 m n 9 e t 4 h 3 : — ex J t u e l n y ded during 13 9 30 N O D o e c c t v o e e b m m e b b r e e r r 4 4 4 3 9 2 6 9 7 7 5 0 2 3 2 9 2 8 2 1 1 0 6 5 , ; D O N A Se e u c o p c t g v o t e u e e b m s m m e t b r b b e e e r r r. . . 1 1 1 1 1 4 4 3 4 3 1 1 1 9 8 1 3 2 3 3 2 2 3 0 3 9 8 3 M A J F a e p a n b r r u i r c l a u h r a y r . y 1 .. 944 6 4 4 5 4 4 2 0 9 6 6 5 4 0 1 3 3 2 3 2 0 9 8 7 2 1 1 1 3 4 3 6 1944— M F A J e a p a b n r r i r u c l u h a a ry ry 1 1 1 1 4 8 7 4 1 1 0 0 4 3 3 2 4 0 1 8 A J M J u u u a n l g y y e ust 6 5 5 5 2 8 7 6 7 7 7 7 0 2 5 3 3 3 3 3 5 8 3 5 1 1 1 1 9 7 6 7 May 20 14 37 ; Tune 19 12 41 1 These figures for loans made include only personal instalment cash July 19 10 36 loans and retail automotive direct loans, which are shown elsewhere on August 17 10 37 this pa^e, and a small amount of other retail direct loans (two million dollars in August 1944), which are not shown separately. NOTE —For descriptive material and back figures, see BULLETIN for October 1942, pp. 992-994. FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE* Percentage c P h e a r n c g e e n t f a ro g m e Instalment accounts a C cc h o a u r n ge ts change from corresponding Item p m re o c n ed th ing pre m ce o d n i t n h g o y f ear Month D s m e to p e r n a e t r 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 c e p e - - J s e t w or e e lr s y D s m t e o p e r a n e r t s t- Aug. July June Aug. July June stores 1944 1944 1944 1944 1944 1944 1943 Net sales: July 30 22 21 34 62 Total 4-12 -13 -9 +4 -5 +3 August 32 22 21 34 62 Cash sales +13 -11 +15 r+6 +12 September 33 21 21 33 62 Cred I i n t s s ta a l le m s e : nt +12 -6 . |O N c o t v o e b m er ber 3 3 7 7 2 2 2 3 2 2 3 2 3 3 9 7 6 6 5 6 Charge account +13 -11 -10 +3 r-14 -5 December 35 22 22 55 63 Accounts receivable, at end of 1944 month: January 30 20 22 31 61 Total -2 -15 r-18 -19 February 31 20 22 31 61 Instalment -2 -16 —18 —19 March 36 23 26 34 65 April 31 23 26 28 63 Collections during month: May 33 25 26 30 64 Total.... +2 -3 -2 -7 r-14 -11 June 31 24 28 30 63 Instalment +5 -9 r-17 -11 A Ju u l g y ust 3 3 0 4 2 2 4 3 2 3 9 1 3 3 0 1 6 6 1 4 Inventories, end %i month, at retail value +3 +2 -2 -11 r-17 -16 r Revised. 1 Ratio of collections during month to accounts receivable at beginning " Revised. cf month. OCTOBER 1944 1013 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 «I00] Other commodities All Farm Year, month, or week m c t o o i m e d s i - - p u r c o t d s - Foods Total H p l i r e d o a e d s t u h a c e n t r s d p T ro ex d t u i c le ts m F li u a g e t h e l t r a i i n a n g l d s a p n M r d o e d m t u a e c ls t ts al m B a u t i e ld ri i a n l g s p c C r a a o l h l s d l e i u a e m d n c i t d - s i f n H u g r o n g u i o s s o h e- d - s l M an is e c o e u l s - 1929., 95.3 104.9 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 August 103.9 122.6 104.8 98.6 116.0 98.4 83.2 103.8 116.0 105.3 104.4 93.6 Week ending: 1944— une 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 uly 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 uly 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 uly 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 uly 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 uly 29.... 103.9 124.1 105.3 98.7 116.8 97.4 83.9 130.8 115.9 105.2 106.0 93^.. 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 Aug. 12.... 104.0 124.8 106.1 98.7 116.8 97.5 83.8 103.8 116.0 105.2 106.0 93.3 Aug. 19.... 103.6 122.3 104.5 98.7 116.4 97.5 S3.8 103.8 116.0 105.3 106.0 93.3 Aug. 26... 103.5 121.8 104.0 98.7 116.6 97.6 83.7 103.8 116.0 105.3 106.0 93.3 Sept. 2.... 103.6 122.0 104.1 98.7 116.5 98.1 83.7 103.8 116.0 104.9 106.1 93.3 Sept. 9.... 103.6 122.2 103.9 98.8 116.5 98.2 83.8 103.8 116.0 104.9 106.1 93.3 Sept. 16.... 103.6 122.1 103.8 98.8 116.6 98.3 83.7 103.9 116.1 104.9 106.1 93.3 Sept. 23.... 103.7 122.8 104.3 98.8 116.5 98.3 83.7 103.9 115.9 104.9 106.1 93.3 Sept. 30.... 103.8 122.8 103.9 98.8 116.5 98.5 83.7 103.8 115.9 104.9 106.1 93.4 1943 1944 Subgroups Subgroups May June July Aug. Aug. May June July Aug. Farm Products: Metals and Metal Products: Grains 116.8 129.7 127.2 125.2 122.5 Agricultural implements 96.9 97.2 97.2 97.3 97.5 Livestock and poultry 129.5 122.6 123.0 123.4 125.4 Farm machinery 98.0 98.4 98.4 98.4 98.6 Other farm products 120.8 120.4 124.7 123.2 120.0 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 108.9 110.3 110.3 110.3 110.5 Nonferrous metals 86.0 85.8 85.8 85.7 85.8 Cereal products 93.8 95.0 94.7 94.3 94.3 Plumbing and heating. 90.4 92.4 92.4 92.4 92.4 Fruits and vegetables 125.6 126.8 137.7 129.9 122.8 Building Materials: Meats 106.0 106.6 106.1 105.9 105.9 Brick and tile 99.0 100.5 100.6 100.7 100.7 Other foods 98.0 91.9 93.0 94.7 94.1 Cement ,. 93.6 96.4 96.4 96.4 96.4 Hides and Leather Products: Lumber 145.0 154.0 154.0 154.2 154.4 Shoes 126.4 126.3 126.3 126.3 126.3 Paint and paint materials 102.8 104.7 105.7 105.5 105.5 Hides and skins 116.0 111.9 108.4 106.8 105.7 Plumbing and heating 90.4 92.4 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 101.4 103.0 103.0 103.1 103.2 Textile Products: Chemicals and Allied Products: Clothing 107.0 107.0 107.0 107.0 107.0 Chemicals 96.5 96.3 96.2 96.2 96.2 Cotton goods 112.7 113.9 113.9 114.0 115.9 Drugs and Pharmaceuticals 165.2 220.1 220.1 220.1 220.1 Hosiery and underwear 70.5 70.5 70.6 70.6 70.6 Fertilizer materials 80.1 81.4 79.9 81.1 81.2 Silk Mixed fertilizers 85.8 86.3 86.3 86.3 86.6 Rayon 30.3 30.3 30.3 30.3 30. i Oils and fats 102.0 102.0 102.0 102.0 102.0 Woolen and worsted goods....... 112.5 112.5 112.5 112.9 112.9 17ousefurnisking Goods: Other textile products 98.7 100.5 100.5 100.5 100.5 Furnishings 107.1 107.2 107.2 107.2 107.4 Fuel and Lighting Materials: Furniture 98.1 101.4 101.4 101.4 101.4 Anthracite 89.6 96.4 95.5 95.4 95.4 Miscellaneous: Bituminous coal 116.5 120.4 120.4 120.5 120.5 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 155.7 159.6 159.6 159.6 159.6 Electricity 57.6 59.0 59.3 Paper and pulp 104.3 107.2 107.2 107.2 107.2 Gas 76.3 78.4 79.3 78^9" Rubber, crude 46.2 46.2 46.2 46.2 46.2 Petroleum products 63.0 64.0 64.0 64.0 63.9 Other miscellaneous 96.3 96.8 96.7 96.9 96.9 Back figures,—Bureau of Labor Statistics, Department of Labor. IOI4 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS fBased on estimates of the Department of Agriculture, by States, as of September 1, 1944. In thousands of units] Cotton Corn Winter wheat Springwheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1943 Sept. 1, 1944 1943 Sept. 1, 1944 1943 Sept. 1, 1944 1943 Sept. 1, 1944 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston 7,383 7,700 48 40 New York 26,008 28,054 5,098 10,103 46 80 Philadelphia 43,147 45,455 12,066 18,149 128 136 Cleveland, 214,444 181,228 30,115 54,145 46 55 Richmond 1,512 133,876 134,015 20,538 35,869 Atlanta ... 2,538 2 355 179,025 154 325 5 958 9,290 Chicago 1,287,286 1,194,968 31,987 55,754 911 930 St. Louis "13,217" 23,451" 362,072 370,301 28,034 51,973 16 15 Minneapolis 342,268 394,014 26,240 31,847 252,933 278,915 Kansas City 319' 548 369,806 507,723 271,457 347,754 4,749 4,775 Dallas 3,578 3,128 102,083 76,158 37,142 78,111 111 114 San F'rancisco. 459 489 8,761 7,378 60,971 93,129 47,704 44,218 Total. 11,427 11,483 3,076,159 3,101,319 529,606 786,124 306,692 329,278 Oats Tame hay Tobacco White potatoes Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1943 Sept. 1, 1944 1943 Sept. 1, 1944 1943 Sept. 1, 1944 1943 Sept. 1, 1944 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston., ... .... 5,007 5,5% 3,421 2,698 28,277 31,175 83,826 70,364 New York 10 726 24 762 6 498 5,669 997 1,131 35 542 28 250 Philadelphia 9,434 14,937 2,467 2,220 40,014 47,736 20,846 18,790 Cleveland 36 014 47 567 5 491 4,943 110 402 120,353 15 730 11 919 Richmond 25,250 29,915 4,605 4,228 768,814 1,007,072 29,364 17,593 Atlanta 21,458 27,366 4,196 3,555 154,509 194,850 18,749 14,196 Chicago . . . . .. ... 418 048 402 773 18,362 18,125 28,152 29,897 42,261 28,206 St Louis 65,969 52,803 7,927 7,947 262,416 290,933 13,254 9,004 Minneapolis .. . ... 328 779 395 120 11,332 10,505 2,229 2,464 58,085 47,583 161,4,15 107,439 7,756 8,751 4,125 5,069 39,374 32,717 Dallas 26,111 47,978 2,018 1,967 7,504 6,006 San Francisco 35,936 34,284 13,191 13,225 100,121 92,961 Total 1,143,867 1,190,540 87,264 83,833 1,399,935 1,730,680 464,656 377,589 a 1 I I n n c c l l u u d d e e s s 1 1 7 4 , r 0 0 0 0 0 0 b b a a l l e e s s g g r r o o w w n n i i n n m m i i s s c c e e l l l l a a n n e e o o u u s s t t e e r r r r i i t t o o r r y y . . NOTE.—Figures for winter wheat from estimate for Aug. 1; no estimate for Sept. 1. IOI5 OCTOBER 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 30 g . Se 6 pt . Se 1 pt 3 . Se 2 pt 0 . S 2 ep 7 t. b p o ag o e k June July AUJ WEEKLY FIGURES^ In billions of dollars MONTHLY FIGURES In billions of dollars RESERVES AND CURRENCY RESERVES AND CURRENCY Reserve Bank credit: Reserve Bank credit 5 15.49 15.20 15.80 U. S. Govt. securities, total 2, 4 15.85 16.03 16.41 16.54 16.50 Gold stock 5 21.21 21.08 20.98 Bills 4 10.12 10.31 10.65 10.75 10.65 Money in circulation 5 22.30 22.58 22.99 Certificates 4 3.38 3.38 3.42 3.47 3.54 Treasury cash 5 2.33 2.32 2.36 Notes 4 1.08 1. 1.08 1.07 1.07 Treasury deposits 5 .35 .40 .39 Bonds 4 1.27 1.27 1.27 1.25 1.24 Reserve balances 5, 8 13.52 12.90 13.00 Special certificates 4 Required reserves 8 12.44 11.67 12.00 Discounts and advances 2 .10 .12 .17 .09 Excess reserves, total 8, 9 1.08 1.23 1.01 Gold stock 2 20.95 20.91 20. 20. 20.83 New York City 9 02 .02 .01 Money in circulation 2 23.22 23.43 23.50 23.56 23.66 Chicago 9 (5) .01 (5) Nonmember deposits 2 1.78 1.77 1.77 1.76 1.63 Reserve city banks 9 .31 .39 .29 Treasury deposits 2 .32 .35 .37 .70 .48 Country banks 9 .75 .82 .71 Member bank reserves 3 13.13 13.22 13.53 13.45 13.36 Money in circulation, total 10 22.50 22.70 23.29 Excess reserves'5 3 .93 .85 .97 .88 .87 Bills of $50 and over 10 6.58 6.67 6.88 Excess reserves (weekly average), total6 3 .93 .96 .98 Pi. 01 $10 and $20 bills 10 11.87 11.96 12.27 New York City 3 .01 .01 .02 .02 Coins, $1, $2, and $5 bills 10 4.05 4.08 4.14 Chicago 3 .01 .01 .01 .01 Reserve city banks 3 .26 .27 .26 .25 ALL BANKS IN U. S. Country bankse 3 .65 .67 .71 P.73 Total deposits and currency 11 136.20 P139.20 3 )emand deposits adjusted 11 60.10 P61.50 Time deposits 11 35.70 p36.30 Currency outside banks 11 20.90 p21A0 MEMBER BANKS IN LEADING CITIES CONSUMER CREDIT D T L U C B o o o . e r o a t m m S a n k N 1 l m . a s e 0 n e G r l e 0 a w d o s r n o ' a c c d d v n Y i l i a o t s e t i o l . i a p e n r n s o k o v l s s o b e — o i a C s l t u i s n t N i g t m s t s a a y , e i e d t w d t i n j e o o u t n t 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 1 4 4 4 5 5 5 5 4 4 5 3 1 3 5 2 S 1 5 1 1 . . . . . . . . 7 1 2 6 7 0 2 0 6 8 0 7 4 5 3 1 1 3 5 5 5 2 1 1 . . . . . . . . 9 7 4 4 4 2 0 1 9 1 7 5 9 7 9 3 4 3 5 1 3 6 2 1 5 5 1 0 . . . . . . . . 7 0 2 9 1 0 9 0 4 2 0 8 1 4 7 8 4 3 5 1 3 0 6 2 5 4 1 0 . . . . . . . . 7 0 7 5 2 8 1 9 7 6 7 2 8 6 5 4 4 5 3 1 6 0 0 2 3 4 1 5 . . . . . . . . 0 7 2 6 7 1 4 8 9 7 9 3 1 6 Cons C S S I u n e i h m n s r a v t g e r a I I i l r g n c l n e e m e s - s c p t t r e a c a a A a e n c r l l y d e m u t c m m i d o t t e c e o , i u e t n r n m n n t e t t o t t d o s s t l i t l a a o t i o l , l v a e a 6 e n t n c . o s s r 6 t e a d l6 i t, total 18, 1 1 1 1 1 1 1 1 8 9 8 9 8 8 9 9 4 1 1 1 1 . . . . . . . . 0 9 3 8 1 7 7 1 3 4 7 3 2 1 2 9 ? P 2 P P * I 1 v P I P I 4 . . . . . . . 7 . 2 2 0 8 8 1 1 9 0 4 8 3 3 n P P P P P P P I I 4 P I I . . . . . . . . 2 7 7 9 0 3 8 1 1 3 1 3 4 3 4 3 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 14.65 14.49 14.30 14.18 14.23 Other 19 .52 P.50 P.50 Bonds 17 6.88 6.87 6. 6.94 6.92 Notes and guar. securities 17 2.87 2.87 2. 2.84 2.81 TREASURY FINANCE Certificates 17 3.92 3.90 3.93 3.85 3.81 U. S. Govt. obligations outstand- Bills 17 .98 .85 .63 .56 .69 ing, total interest-bearing 20 201.06 208.58 209.76 100 cities outside New York, total.. 15 27.02 26.96 26.81 26.68 26.50 Bonds (marketable Treasury).. 20 79.24 81.10 81.23 Bonds >. 17 12.66 12.66 12.65 12.65 12.65 Notes, cert., and bills, total... 20 60.96 63.63 63.78 Notes and guar. securities 17 5.14 5.14 5.12 5.13 5.13 Notes 21 17.40 18.07 18.07 Certificates 17 7.13 7.10 7.03 6.97 6.95 Certificates 21 28.82 30.04 30.00 Bills 17 2.10 2.06 2.02 1.93 1.78 Bills 21 14.73 15.52 15.71 Savings bonds, tax notes, etc.. 20 44.85 47.24 47.61 Savings bonds 21 34.61 36.54 36.88 Per cent per annum Tax notes 21 9.56 10.00 10.03 Special issues 20 14.29 14.96 15.46 Holdings of U. S. Govt. obligations: MONEY RATES, ETC. Fed. agencies and trust fund3 22 19.08 19.57 20.06 Treasury bills (new issues) 25 .375 .375 375 375 .375 Federal Reserve Banks 22 14.90 14.91 15.81 Treasury notes (taxable) 25 1.28 1.27 2i.29 i.34 1.34 Commercial banks 22 68.50 72.00 U. S. Govt. bonds: Private holders other than Partially tax-exempt 25, 33 1.90 1.92 1.93 1.94 1.94 commercial banks, total..... 22 98.60 102.10 TaxabJe 25, 33 2.48 2.47 2.47 2.48 2.48 Mutual savings banks 23 7.30 7.50 Corporate Aaa bonds 33 2.71 2.71 2.71 2.72 2.72 Insurance companies 23 16.80 17.40 Corporate Baa bonds 33 3.56 3.56 3.56 3.56 3.56 Other investors, total 23 74.50 77.20 Marketable issues 23 31.20 31.50 In unit indicated Per cent per annum Stock prices (1935-39 = 100): MONEY RATES, ETC. Total... 35 103.0 100.3 99.6 101.1 101.7 F. R. Bank discount rate, N. Y.... 27 .50 .50 .50 Industrial > 35 105.0 102.1 101.4 103.1 103.7 Treasury bills (new issues) 27 .375 .375 .375 Railroad 35 101.6 97.8 97.1 99.0 100.7 Treasury notes (taxable) 27 1.34 1.31 1.30 Public utility 35 92.8 91.4 90.9 91.4 91.7 Commercial paper 29 .75 .75 .75 Volume of trading (mill, shares) 35 .66 1.07 .59 .70 U. S. Govt. bonds: Partially tax-exempt 33 1.91 1.89 1.90 Taxable 33 2.49 2.49 2.48 Corporate Aaa bonds 29, 33 2.73 2.72 2.71 Corporate Baa bonds 33 3.59 3.57 3.55 BUSINESS CONDITIONS Steel production (per cent of capacity)3. 50 96.7 95.1 93.8 95.3 95.1 In unit indicated Electric power prod. (mill. kw. hrs.)... 50 4,415 4,228 4,395 4,377 Freight carloadings (thous. cars): Stock prices (1935-39 = 100): Total 51 898.5 826.0 892.4 898.7 Total 35 101.5 104.3 102.7 Miscellaneous 51 411.9 373.9 407.1 411.0 Industrial 35 103.9 106.7 104.7 Department store sales (1935-39 = 100).. 52 195 177 196 193 196 Railroad 35 100.8 105.3 102.5 F.H.A. home mortgages, new construc- Public utility 35 89.6 91.3 92.1 tion (thous.)4 52 Volume of trading (mill, shares)... 35 1.60 1.28 .87 Wholesale prices (1926 = 100): Brokers' balances (mill, dollars): Total 63 103.6 103.6 103.6 103.7 103.8 Credit extended customers 37 887 ^40 fi940 Farm products 63 122.0 122.2 122.1 122.8 122.8 Money borrowed 37 619 e660 e630 Other than farm and food 63 98.7 98. 98.8 98.8 98 8 Customers' free credit balances. 3 7 424 e420 e410 For footnotes see following pa£e. 1016 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 June July Aug. page June July | Aug. MONTHLY FIGURES—Cont. In unit indicated MONTHLY FIGURES—Cont. In unit indicated BUSINESS CONDITIONS—Cont. BUSINESS CONDITIONi Freight car loadings:7 C I I n n a c d s o u h O S L G C m s a f i t r t o e v a r l o h v a i r e p p e a m r t s s . a i l r t e . o y p ; i s p c m n a k r c a y o e o n m n d m a d t u e n s e c w n d t t ( a i ( s p m o m g r n e i o i l s : l l d 7 l , , u d d c o o t l s l l l a a r r s s ) ) , , t t o o t t a a l l : . 7 3 3 3 3 3 3 3 8 9 9 8 8 9 9 1 9 3 3 1 , , c , , 1 8 0 5 5 9 C 4 0 2 7 5 9 5 7 8 1 4 3 8 7 1 9 3 3 1 , , , , 2 0 8 7 6 7 1 0 8 9 4 4 0 1 6 5 9 8 7 4 p1 ^ P Pi 3 3 9 ' 1 , , P P , 8 1 2 P 7 9 4 7 5 3 8 7 2 4 4 3 9 1 7 0 . 8 Dep T G b a S r a o t r t o l o t m e c a u s M A C l k e p s o n l i s ( l s a t 1 o c l 9 ( t e s p 3 h t l o 5 o l e a - i r r 3 n n e 9 t e s s o = ( u i 1 n s 9 1 3 t 0 5 o 0 - t 3 a ) 9 l i = n d 1 e 0 x 0 ) ) ? 5 5 5 5 5 5 7 7 7 9 9 7 7 2 3 8 9 1 1 1 1 . . . 3 5 7 1 3 5 9 7 5 8 3 3 r r 1 1 1 0 0 1 6 9 . . . 4 5 4 9 4 2 3 * 8 3 2 > 1 1 1 9 1 1 . . . 8 4 6 9 1 4 7 9 2 TToottaa l ((1993355- 39 = 110000)) 41,42 235 231 P232 Exports and imports (mill, dollars): GG roups ((poiitn tsi int ttolt ail idn)dex) Exports 61 1,271.1pl,198.3 Durable manufacturess 41 134.2 132.0 pl32.4 Imports 61 p330.2 P287.8 Machhiinery, etc 42 93.7 92.5 ^92.6 Excess of exports 61 p940.9 p910.5 Iron and steel ; 42 22.4 22.3 22.4 Excluding Lend-Lease exports 61 P-70.1 P-26.9 Other durable 42 r18.0 17.3 Wholesale prices, total (1926 = 100)... 63 104.3 104.1 * 103.9 Nondurable manufactures 41 79.0 77.5 ^78.1 Farm products 63 125.0 124.1 122.6 Textiles and leather 42 18.9 18.0 2*18 4 Other than farm and food 63 98.5 98.5 98.6 Paper and printing 42 10.8 10.3 p\o'.s Cost of living, all items (1935-39 = 100) 65 125.4 126.1 126.3 Foods, liquor, and tobacco 42 20.4 20.6 P20A Food 65 135.7 137.4 137.7 Other nondurable 42 28.8 28.6 P2S.5 Clothing 65 138.0 138.2 139.1 Minerals 41, 42 21.6 21.2 P21.6 Rent 65 108.1 Primary products (1935-39 = 100): Steel... 43 225 222 224 1944 Cement 43 84 86 L C u o m al b .. e . r 4 4 3 3 1 15 1 2 8 1 1 1 4 4 4 P P 1 1 1 4 8 8 M Ja a n r . . - A Ju p n r e .- J S u e l p y t - . Crude petroleum 43 143 142 ^145 CCottotonn ccoonnssuumptpitoionn 4433 140 139 140 QUARTERLY FIGURES In millions of dollars Labor f WW M P L O or a e t lo c e p h a e o a e e t l t h r r s y . e a 1 m a a r 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 r1 1 1 1 1 1 6 5 6 3 3 3 4 3 3 1 1 1 1 1 1 4 2 5 6 3 5 3 4 4 P153 B In u t d er g N E n e x e a t t p 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 s t 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 1 1 3 2 1 0 , , , , 9 3 8 5 5 8 2 4 7 2 3 2 2 2 1 1 4 2 1 2 , , , , 7 7 0 2 7 9 7 8 5 2 2 4 2 2 1 4 1 0 , , , 1 7 6 5 7 5 9 0 7 persons): Corporate income taxes 24 4,390 4,275 Non L a E g a m r b i p o c M N A F l r u o e o g a l m y f t n r l o u m i e a a c r r . c g l e u a . e e ' r l n l i t t c u , u r t a e l o t l m u ta r p l a l l o yment ( . m ill. 4 4 4 4 4 4 4 4 4 4 4 4 3 4 5 5 1 9 5 3 4 3 8 . . . . . . 6 0 6 2 2 2 5 4 3 5 1 4 9 5 5 4 8 . . . . . . 3 0 0 4 6 7 3 5 5 4 1 5 8 4 3 4 8 . . . . . . 2 0 2 6 0 6 Corp N M N I o n e e i r d w s t a i c t v R I p e . n m i r a d i d o s n i o u l u e c t n r a c e e s o l e e u t r a y r n d r i d i , i n a s a t l c y l t o o r m t i e a s v e s l e . u n t e a u s x e : e s 3 2 2 3 3 3 6 4 4 6 6 6 5 1 , , 4 0 1 13 2 4 4 2 7 1 4 6 9 9 2 5 1 , , 4 3 4 9 8 5 0 9 9 6 6 5 6 2 persons), total7 45 38.7 38.7 "38.7 Public utility 36 6 Manufacturing and mining 45 16.9 16.9 ^16.9 Per cent per annum Fa ( c 1 t 9 T T G C o 3 r r r o o 9 y a a n v n d s e = e s t r e p r n m 1 u o m 0 c r p t 0 t e l i a n ) o o t : t y n i o m n e n a t n d a n u d ti li p ti a e y s rolls 4 4 4 4 5 5 5 5 5 0 3 7. . . . 0 9 8 7 5 0 3 7 . . . . 9 7 8 1 P p P ^ 5 3 7 0 . . . . 9 8 0 6 Bank T N O S o o e t r h w u t a a e t t h l e r , Y s e N r 1 o o n r 9 o n k r a c t c i n 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 cities 3 3 3 2 1 1 1 9 2 3 2 2. . . . 1 1 7 6 0 2 5 3 1 ! r2 2 2 3 . . . . 5 1 2 6 5 8 3 3 2 3 2 2 . . . . 8 1 6 1 2 4 9 8 Pay rolls.. 47 318.2 310.2 Dec. 31, Apr. 13, June 30, Employment 47 158.5 157.8 P158.7 1943 1944 1944 Hours and earnings at factories: Weekly earnings (dollars) 48 r46.27 45.52 CALL DATE FIGURES Hourly earnings (cents) 48 101.8 101.9 In billions of dollars Hours worked (per week) 48 45.5 44.7 MEMBER BANKS New orders, shipments, and inventories Loans and investments, total 12 74.26 78.03 83.59 (1939 =100): U. S. Govt. obligations 12 52.95 5677 60.34 New orders, total 49 265 #273 Other securities 12 5.02 512 5.16 Durable 49 359 P394 State and local obligations 13 2.73 282 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 9 8 5 p ^ 2 1 7 8 4 4 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 2.29 230 2.33 Durable 49 378 Loans, total 12 16.29 1613 18.08 Nondurable 49 200 Pi 90 Commercial loans 13 8.44 (8) 8.05 Inventories, total 49 173 P173 Real estate loans 13 3.27 <*> 3.21 N D o u n ra d b u l r e a ble 4 4 9 9 2 1 0 4 4 7 P201 Holdings S t o r f e e U t l . o S a . n s G o (b v r t o . k s e e r c s u 'l r o it a i n es s : ) 13 1.05 () 1.66 Residential contracts (mill, dollars):7 By classes of banks: Total 53 29 25 23 New York City 16 14.56 1518 16.16 Public 53 10 9 5 Chicago 16 3.24 342 3.69 Private, total 53 19 16 18 Reserve city banks 16 19.68 2101 22.48 1- and 2-family dwellings 53 10 10 13 Country banks 16 15.47 1717 18.01 Construc O ti t o h n e r contracts (3-mo. moving 53 6 5 By k B in o d n s d s o . f . securities: 16 27.27 0 30.12 av., mill, dollars):7 Notes 16 6.91 ( ) 10.64 Total 55 141 155 P163 Certificates 16 12.07 t8\ 14.23 Residential 55 28 26 #25 Bills... 16 4.36 \ ) 4.47 Other 55 113 129 P138 Guaranteed 16 2.35 (8) .89 e Estimated. p Preliminary. T Revised. c Corrected. 1 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 2 Number of issues decreased from 2 to 1 on Sept. 15. 8 New series based on increased capacity beginning July 5, 1944. Revised figures for earlier weeks are: July 5, 93.9; July 12, 95.3; July 19, 96.&; July 26,95.5; Aug. 2, 96.5; Aug. 9, 96.6; Aug. 16, 95.6; Aug. 23, 94.1. 4 Publication discontinued. 5 Less than 5 million dollars. 6 Includes preliminary revisions for repair and modernization credit. 7 Adjusted for seasonal variation. 8 Figures available for June and December dates only. • Copies of the Chart Boot may be obtained at a price of 50 cents each. OCTOBER 1944 1017 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS—ASSETS AND LIABILITIES ON JUNE 30, 1944, BY CLASSES OF BANKS [Amounts in thousands of dollars] Ne C w e m n Y t e r o m a r l b k e r e r s b er a C v n e h k ic s c ! a it g y o m R b e e a c m s n it e y k b r - s v e 1 e r m C b o e a m u n n k b t s e r 1 r y m b e a A m n ll b ks er m na b e t A a m i n o l b l k n e s a r l A m b l e l a m n S b k t e s a r te ASSETS Loans and investments 22,669,045 5,124,236 30,943,042 24,850,330 83,586,653 53,342,691 30,243,962 Loans (including overdrafts) 5,479,333 1,064,056 6,760,719 4,779,634 18,083,742 11,213,262 6,870,480 United States Government direct obligations 15,955,6% 3,656,973 22,082,238 17,757,160 59,452,067 38,010,666 21,441,401 Obligations guaranteed by United States Government.. 201,471 30,791 402,181 252,262 886,708 628,887 257,821 Obligations of States and political subdivisions 455,632 203,556 962,545 1,211,861 2,833,594 2,028,741 804,853 Other bonds, notes, and debentures 476,549 150,005 619,708 773,574 2,019,836 1,314,967 704,869 Corporate stocks (including Federal Reserve Bank stock) 100,364 18,852 115,651 75,839 310,706 146,168 164,538 Reserves, cash and bank balances 5,029,562 1,261,683 9,244,538 8,261,096 23,796,879 15,998,357 7,798,522 Reserve with Federal Reserve Banks 3,454,510 811,108 5,108,548 3,438,433 12,812,599 8,243,583 4,569,016 Cash in vault 85,009 40,771 399,171 617,555 1,142,506 802,786 339,720 Demand balances with banks in United States (except private banksandAmericanbranchesof foreign banks).. 57,436 177,524 1,904,035 3,619,047 5,758,042 4,398,954 1,359,088 Other balances with banks in United States 2,600 1,652 17,915 18,632 40,799 32,248 8,551 Balance with banks in foreign countries 9,828 1,086 4,991 1,732 17,637 11,333 6,304 Cash items in process of collection 1,420,179 229,542 1,809,878 565,697 4,025,296 2,509,453 1,515,843 Due from own foreign branches 176 176 176 Bank premises owned and furniture and fixtures 187,927 17,137 287,800 348,690 841,554 530,397 311,157 Other real estate owned 8,805 21,964 28,470 59,239 25,581 33,658 Investments and other assets indirectly representing bank premises or other real estate 5,589 233 53,016 15,360 74,198 49,356 24,842 Customers' liability on acceptances 26,578 2,863 18,397 3,410 51,248 33,999 17,249 Income accrued but not yet collected 63,804 15,734 80,261 35,966 195,765 116,385 79,380 Other assets 11,327 5,841 37,676 22,978 77,822 46,078 31,744 Total assets 28,002,813 6,427,727 40,686,694 33,566,300 108,683,534 70,142,844 38340,690 LIABILITIES Demand deposits 24,782,239 5,509,085 31,489,858 54,241,712 30,086,434 Individuals, partnerships, and corporations 13,739,999 3,040,287 18,367,231 32,669,047 18,087,010 United States Government: War loan accounts 6,110,713 1,102,904 6,357,190 10,422,446 6,921,545 Other 39,759 1,738 95,716 242,233 47,435 States and politcal subdivisions 212,595 218,280 1,464,393 2,743,166 895,013 Banks in United States 3,105,445 1,090,011 4,756,885 6,891,464 3,012,057 Banks in foreign countries 851,852 14,907 64,795 471,141 465,522 Certified and officers' checlis, cash letters of credit and travelers' checks, etc 721,876 40,958 383,648 313,585 1,460,067 802,215 657,852 Time deposits 896,365 543,904 6,805,631 8,701,505 16,947,405 11,343,537 5,603,868 Individuals, partnerships, and corporations 861,190 543,254 6,566,615 8,476,593 16,447,652 10,977,704 5,469,948 United States Government 6,711 43,795 49,090 99,5% 81,213 18,383 Postal savings 821 3,281 4,102 3,520 582 States and political subdivisions 17,469 650 157,737 157,071 332,927 241,571 91,356 Banks in United States 1,145 35,163 15,470 51,778 35,479 16,299 Banks in foreign countries 9,850 1,500 11,350 4,050 7,300 Total deposits 25,678,604 6,052,989 38,295,489 31,248,469 101,275,551 65,585,249 35,690,302 Due to own foreign branches 197,353 11,754 209,107 180,667 28,440 Bills payable, rediscounts, and other liabilities for borrowed money 63,750 11,035 74,785 6,205 68,580 Acceptances outstanding 29,891 3,069 21,362 3,480 57,802 37,863 19,939 Dividends declared but not yet payable 19,662 1,230 13,916 7,535 42,343 27,297 15,046 Income collected but not yet earned 6,002 1,598 17,382 10,568 35,550 23,862 11,688 Expenses accrued and unpaid 75,282 20,210 99,264 36,895 231,651 147,306 84,345 Other liabilities 25,666 6,059 20,132 9,293 61,150 33,531 27,619 Total liabilities 26,096,210 6,085,155 38,479,299 31,327,275 101,987,939 66,041,980 35,945.959 CAPITAL ACCOUNTS Capital 581,886 131,000 791,383 937,374 2,441,643 1,549,778 891,865 Surplus 977,665 140,550 931,852 806,266 2,856,333 1,689,350 1,166,983 Undivded profits 264,356 28,082 315,000 359,410 966,848 603,720 363,128 Other capital accounts 82,696 42,940 169,160 135,975 430,771 258,016 172,755 Total capital accounts. 1,906,603 342,572 2,207,395 2,239,025 6,695,595 4,100,864 2,594,731 Total liabilities and capital accounts.. 28,002,813 6,427,727 40,686,694 33,566,300 108,683,534 70,142,844 38,540,690 MEMORANDA 1 = Par or face value of capital total 581,886 131,000 791,383 938,294 2,442,563 1,550,261 892,302 Capital notes and debentures .... 322 17,302 13,718 31,342 31,342 First preferred stock 8,010 68,478 89,247 165,735 ""105," 273 60,462 Second preferred stock 550 9,986 10,536 6,835 3,701 Common stock 573,554 131,000 705,053 825,343 2,234,950 1,438,153 796,797 Retirable value of capital: First preferred stock 20,025 96,323 Second preferred stock 550 Net demand deposits subject to reserve.. Demand deposits adjusted2 Number of banks located. 2 Demand deposits other than interbank and United States Government, less cash items reported as in process of collection 1018 FEDERAL RESERVE BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OF INSURED COMMERCIAL BANKS IN UNITED STATES AND POSSESSIONS JUNE 30, 1944, DECEMBER 31, AND JUNE 30, 1943 June 30, 1944 Decembei- 31, 1943 June 30, 1943 Banks not Banks not Banks not AH insured members All insured members All insured members commercial Federal commercial Federal commercial Federal banks1 Reserve banks1 Reserve banks1 Reserve System System System ASSETS Loans and investments 93,959,854 10,383,502 83,521,587 9,272,818 75,282,280 8,135,477 Loans (including overdrafts) 20,732,091 2,650,895 18,843,488 2,558,557 17,392,157 2,572,435 United States Government direct obligations 66,140,655 6,694,922 56,192,119 5,593,893 48,880,543 4,391,166 Obligations guaranteed by United States Government... 963,052 76,344 2,501,430 156,537 2,661,305 174,546 Obligations of States and political subdivisions ....'. 3,393,594 561,143 3,287,646 560,165 3,441,027 565,769 Other bonds, notes, and debentures 2,388,042 368,453 2,342,211 369,731 2,520,385 393,530 Corporate stocks (including Federal Reserve Bank stock). 342,420 31,745 354,693 33,935 386,863 38,031 Reserves, cash, and bank balances. 27,190,581 3,395,505 27,191,292 3,403,597 25,537,614 3,229,786 Reserve with Federal Reserve Banks ...... 12,811,799 12,834,452 12,092,461 Cash in vault 1,467,749 325,383 1,447,018 3ii*97i* 1,449,901 308,'272 Demand balances with banks in United States (except private banks and American branches of foreign banks). 8,721,213 2,963,984 8,382,578 2,976,257 8,360,056 2,830,965 Other balances with banks in United States. 64,241 23,442 68,615 26,332 76,252 27,972 Balances with banks in foreign countries 17,936 299 20,398 290 19,381 304 Cash items in process of collection 4,107,643 82,397 4,438,231 85,747 3,539,563 62,273 Due from own foreign branches 176 9 719 3 580 Bank premises owned and furniture and fixtures... 971,648 130,166 994'269 i33,"089" 1,022'511 139,810 Other real estate owned 91,671 32,467 122,728 42,116 164,306 55,115 Investments and other assets indirectly representing bank premises or other real estate , 80,211 6,021 84,285 7,130 92,488 7,728 Customers' liability on acceptances 51,660 412 44,625 566 54,207 303 Income accrued but not yet collected. 205,919 10,154 179,435 9,272 153,958 7,939 Other assets , ,.. 95,714 17,892 98,051 17,085 94,520 18,443 Total assets.. 122,647,434 13,976,119 112,245,991 12,885,673 102,405,464 11,594,601 LIABILITIES Demand deposits 93,051,940 8,723,807 84,956,088 8,023,741 77,120,379 6,969,805 Individuals, partnerships, and corporations 57,364,373 6,608,316 58,346,160 6,525,998 53,423,385 5,560,854 United States Government: War loan accounts 18,431,347 1,087,369 9,665,368 479,483 7,441,288 435,063 Other 331,631 41,963 285,343 27,526 258,383 28,393 States and political subdivisions 4,404,201 766,022 4,353,497 751,652 4,262,454 740,594 Banks in United States 10,029,890 126,369 9,743,462 140,645 9,768,487 119,999 Banks in foreign countries 939,819 3,156 893,382 2,312 834,043 2,093 Certified and officers' checks, cash letters of credit and travelers' checks, etc 1,550,679 90,612 1,668,876 96,125 1,132,339 82,809 Time deposits 21,127,657 4,191,366 19,159,689 3,839,857 17,462,079 3,605,892 Individuals, partnerships, and corporations. , 23,543,888 4,107,345 18,572,406 3,760,845 16,897,124 3,524,134 United States Government 101,853 2,257 117,206 1,741 65,265 300 Postal savings 5,831 1,729 7,097 2,445 9,254 3,379 States and political subdivisions. 407,591 74,669 395,059 68,510 412,022 70,795 Banks in United States 57,136 5,358 63,861 6,306 73,600 7,276 Banks in foreign countries .. 11,358 8 4,060 10 4,814 8 Total deposits 114,179,597 12,915,173 104,115,777 11,863,598 94,582,458 10,575,697 Due to own foreign branches , 209,107 203,508 174,769 Bills payable, rediscounts, and other liabilities for borrowed money 84,240 9,455 45,679 6,369 24,470 6,287 Acceptances outstanding 58,232 430 55,006 684 61,260 320 Dividends declared but not yet payable 44,040 1,697 41,695 2,982 41,732 1,436 Income collected but not yet earned 45,499 9,949 45,449 9,457 49,198 9,927 Expenses accrued and unpaid 245,245 13,616 197,759 12,207 166,515 11,059 Other liabilities 70,887 9,743 87,392 10,802 75,722 11,534 Total liabilities 114,936,847 12,960,063 104,792,265 11,906,099 95,176,124 10,616,260 CAPITAL ACCOUNTS Capital 2,894,735 453,092 2,874,548 458,234 2,841,304 464,764 Surplus 3,190,416 335,028 3,089,817 320,953 2,886,829 309,323 Undivided profits 1,129,712 162,946 1,006,406 140,485 1,039,182 142,431 Other capital accounts 495,724 64,990 482,955 59,902 462,025 61,82 5 Total capital accounts 7,710,587 1,016,056 7,433,726 979,574 7,229,340 978,341 Total liabilities and capital accounts 122,647,434 13,976,119 112,245,991 12,885,673 102,405,464 11,594,601 MEMORANDA Demand deposits adjusted^ 59,211,610 7,382,553 59,930,302 7,288,028 55,278,615 6,321,984 Reciprocal bank balances (excluded from assets and liabili ties) (8) (3) (3) (3) 490,528 12,058 Number of banks 13,269 6,499 13,274 6,539 13,302 6,602 1 Excludes three mutual savings banks, State bank members of the Federal Reserve System, which are included in member bank figures on opposite 3 2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 3 Figures not reported. OCTOBER 1944 1019 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGB Gold reserves of central banks and governments.... ion Gold production... 1013 Gold movements... 1013 Net capital movements to United States since January 2, 1935. ..* 10x4 Central banks - 1015-1018 Money rates in foreign countries... 1019 Commercial banks. .. 1030 Foreign exchange rates... 1031 Price movements: Wholesale prices 1031 Retail food prices and cost of living... 1033 Security prices. .. 1033 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 regularlv published sources such as central and commercial bank statements and official statistical bulletins; some data are rep )rted to the BoarJ directly. Figures on international capital transactions of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12, 1934. Back figures for all except price tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics. OCTOBER 1944 IO2.I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month U S n ta i t t e e s d g t A e i r n n - - a1 g B i e u l m - Brazil B I r n i d ti i s a h B ga u r l i - a Canada Chile lom Co b - ia C v z s a e l k c o h i - a o- m De a n r - k Egypt France m G a e n r- y Greece 1938—Dec, 14,512 431 581 32 274 24 192 30 24 83 S3 55 2,430 29 27 1939—Dec. 17,644 466 609 40 274 24 30 21 56 53 55 2,709 29 28 1940—Dec. 21,995 353 2 734 51 274 24 30 17 58 52 52 2,000 29 28 1941—Dec. 22.737 354 734 70 274 24 30 16 61 44 52 2,000 29 428 1942—Dec. 22,726 l658 735 115 274 25 36 25 61 44 52 2,000 29 1943—Sept. 22,175 353 734 223 274 425 54 55 61 44 52 2,000 Oct.. 22,116 353 734 243 274 54 56 61 44 52 2,000 Nov. 22,065 354 734 254 274 51 58 61 44 52 2,000 Dec.. 21,938 X939 734 254 274 51 59 61 44 52 2,000 29 1944—Jan. 21,918 363 734 254 274 51 76 61 44 52 2,000 Feb.. 21,712 368 734 255 274 51 77 61 44 52 2,000 Mar. 21,600 371 734 255 274 56 79 61 44 52 2,000 Apr.. 21,429 381 734 276 274 56 80 61 44 52 2,000 May. 21,264 386 734 296 274 56 82 61 44 52 June 21,173 391 297 274 56 84 52 July. 20,996 397 56 86 Aug. 20 926 End of month H ga u r n y - | (P I e r r a s n ia) Italy Japan Java Mexico N l e a t n h d e s r- Ze N al e a w nd N w o a r y - Peru Poland Portu- Ru n m ia a- A So fr u ic th a Spain 1938—Dec... 37 26 193 164 29 998 23 94 20 85 69 133 220 6525 1939—Dec... 24 26 144 164 90 32 692 23 94 20 4 84 69 152 249 1940—Dec... 24 26, 120 164 140 47 617 23 4 84 20 59 158 367 1 1 9 9 4 4 1 2 — — D D e e c c . . . . . . 2 2 4 4 ,26 6164 235 4 3 7 9 5 5 0 7 6 5 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—Sept 24 76 200 500 23 26 59 289 644 Oct 24 78 200 500 23 26 60 302 667 Nov 24 80 202 500 23 31 60 305 685 Dec 21 92 203 500 23 31 60 316 706 91 1944—Jan..... . 24 92 205 500 23 31 60 316 716 Feb 24 104 229 500 23 31 60 740 Mar 24 230 500 23 33 728 96 Apr 24 227 500 23 34 727 98 May 24 226 500 23 34 741 101 June 24 224 23 34 369 749 July 222 23 36 Aug 220 34 Government gold reserves1 not Included in previous figures Bnd of month S d w e e n - Sw l i a t n z d er- T k u e r y - U K d n o in i m t g e - d g U u r a u y - V zu e e n l e a - Y sl u av g i o a - B.I.S. c O t o r t i u h e n s e - 8 r End of month U St n a i t t e e s d U K n in it g e - d France g B iu el m dom 1938—Dec 321 701 29 2.6*0 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 1 1 9 9 4 40 1 — — D D e e c c 2 16 2 0 3 5 6 0 6 2 5 9 8 2 8 1 1 1 9 0 0 0 2 4 9 1 4 82 1 1 2 2 1 14 4 2 5 M Ju a n y e .. . . . . . ' "85 ' 477 ""ii 1 1 9 9 4 4 3 2 — — S D e e p c t . 3 37 3 4 5 8 8 2 8 4 7 1 1 1 6 4 1 1 1 108 6 8 8 4 2 2 1 6 1 2 6 0 0 2 1940— D S M e e a p c r t . . . . . . . . 1 1 1 4 5 6 5 6 4 3876 17 O N c o t v 3 38 7 4 8 9 90 0 3 0 1 1 6 6 1 1 1 1 1 1 1 1 1 7 8 8 4 4 2 2 7 7 2 2 0 0 2 3 S T e u p n t e .. . . . . . 1 8 0 6 5 17 1944— D Ja e n c 3 3 8 9 7 9 9 9 6 73 4 1 1 6 7 1 1 1 1 1 1 2 2 1 3 8 8 9 9 4 4 5 5 2 2 0 0 4 5 1941— D M e a c r . . . . . . . 4 8 8 8 292 17 M M A Fe p a a b r y r. 4 4 4 4 0 3 2 2 1 1 0 6 1 1 , , 0 0 9 9 0 1 8 9 4 0 4 4 1 1 1 1 7 9 9 9 1 1 1 1 1 1 1 1 1 1 1 1 2 3 2 3 8 1 4 6 1 1 1 1 0 1 0 0 0 0 0 0 3 4 3 3 9 5 9 9 2 2 2 2 1 1 1 1 0 2 3 7 1942— J S D u M e e n p c a e t r . . . . . . . . . . . 8 2 2 1 9 4 5 2 4151 1 1 7 7 June 432 1,023 210 1 139 110 39 216 June... 8 17 July 435 PI,030 1 110 39 216 Sept.... 7 Aug 449 pl,029 1 110 216 1943— D M ec ar.. .. 1 1 2 4 17 1 P F P i r g e u l r im es i n th a r r o y u . gh March 1940 and figure for December 1942 and December 1943 include, in ad- J D S u e e n p c e t — .... 4 1 7 3 1 17 dition to gold of the Central Bank held at home, gold of the Central Bank held abroad and gold be- 1944—Mar.. . 14 longing to the Argentine Stabilization Fund. 2 Change from previous December due largely to inclusion of gold formerly not reported. 3 On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Con- i 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. 6 Figure for December 1938 is that officially reported on Apr. 30, 1938. | Figure for end of September. J 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, 4 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. XOTX 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 ly d A So fr u ic th a d R e h s o i - a A W fri e c s a t * B C e o l n g g ia o n 3 U St n a i t t e e s d * Canada 5 I Co b lo ia m - I I Chile I I N g ic u a a r 7 a- . str 8 a-1 I B I r n i d ti i s a h 9 $1 = 15 A grains of gold fa fine; i.e.,an ounce oj 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 29,225 130,963 169,446 830,000 20,882 6,409 8,623 42,525 8,960 1943.. 738,471 448,153 23,009 19,740 48,808 127,796 19,789 6,081 7,715 28,560 8,820 1943—Aug....... 60,272 37,297 1.862 1,540 10,265. 1,704 549 430 2,170 735 Sept 60,108 36,783 1,920 1,540 9,875 1,659 598 770 2,835 735 Oct 59,943 37,162 1,896 1,540 9,800 1,672 511 628 2,100 735 Nov 58,372 36,889 1,790 1,540 9 370 1,512 450 605 2,100 665 Dec 58,309 36,653 1,814 1,505 9,198 1,600 501 633 2,100 700 1944—Jan 56,589 36,169 1,763 1,540 9,023 1,581 676 756 1,295 700 eb... 54,163 34,100 1,709 1,540 8,988 1,344 617 651 1,155 630 Mar... 57,152 36,266 1,706 1,575 9,333 2,056 577 677 1,365 665 Apr. . 53,887 34,879 1,771 1,610 8,568 1,363 486 665 945 665 May.. P57,239 36,921 1,749 1,575 8,989 2,020 '486 693 1,330 595 June.. ^53,646 35,264 {1,749 1,435 8,397 n,7is {486 560 1,435 175 July.. ^55,394 36,430 '1,749 '1,435 8,247 pl,890 '486 590 'l,435 '175 s: 1934, v Preliminary. ' Figure carried forward. 1 Annual figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on estimates of American Bureau of Metal Statistics. 2 Beginning April 1941, figures are those reported by American Bureau of Metal Statistics. 3 Beginning May 1940, monthly figures no longer reported. Annual figure for 1940 estimated at three times production for first four months of the year. 4 Includes Philippine Islands production received in United States. Annual figures are estimates of the United States Mint. Monthly figures represent estimates of American Bureau of Metal Statistics, those for 1943 having 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. s 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 Ajnerican 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 19331 pp. 233-235: and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543. GOLD MOVEMENTS UNITED STATES [In thousands of dollars at approximately $35 a fine ounce) Net imports from or net exports (—-) to: Y m e o a n r t o h r im To n p e t o a t r l ts U K d n o i i n m t g ed - France g B iu e m l- N l e a t n h d e s r- S d w en e- S er w la i n tz d - Canada Mexico Co b l i o a m- I P s p h la i i n l n i e d p s - t A ra u l s i - a A S f o r u ic t a h Japan B I r n i d ti i s a h c o t o r t A h i u e l e n l s r - 19341.... ,131,994 499,870 260,223 8,902 94,348 12,402 86,829 30,270 16,944 12,038 1,029 12 76,820 32,304 1935 ,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...... 1,973,569 ,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...... 3,574,15" 1,826,403 3,798 165,122 341,618 28,715 86,987 612,949 33,610 23,239 35,636 74,250 22,862 165,605 50,956 3102,404 1940 4,744,472 633,083 241,778 977 63,260 161,489 90,320 2,,622,330 29,880 23,999 38,627 103,777 184,756 111.739 49,989 4388, 468 1941 982.37S 3,779 1 1 1,747 899 412,056 16,791 24,448 42,678 67,492 292,893 9,444 9,665 8100,485 1941 234,242 37 1,746 563 46,876 1,147 3,168 3,185 11,136 6,085 4,501 6,062 Feb.... 108,60? 1,218 337 81,529 814 11 2,772 6,738 615,093 Mar 118,56' 817 95,619 866 2,232 3,981 6,262 "3," 046 2,951 Apr. 171,99: 21 20,216 1,147 2,934 3,587 4,720 31" 6,793 M Ju a n y e 3 3 4 0 . , 8 7 3 1 C : 474 2 1 17 6 , , 5 3 1 0 4 6 9 80 6 0 9 2,794 7 3 2 , , 3 11 8 4 4 4 4, , 1 5 9 9 4 3 " iii 3 5 , , 5 0 8 0 9 9 July...... 37,04 542 19,224 1,080 2,128 4,970 5,199 3,811 Aug. 36,97, 79 10,842 843 2,230 5,093 6,742 i,995 69,008 Sept 65,70: 250 42,562 495 2,488 3,107 2,064 6ll,041 Oct, 40,441 55 16,072 1,020 2,107 3,141 6,151 2,327 ?9,365 D N e o c v . . . . . . . . . . . . 5 5 2 0 , , 8 3 9 7 < - 1 16 2 3 1 2 2 4 0 , , 9 3 1 7 7 7 6 1 , ,2 3 7 3 3 6 2 2 , , 1 2 1 3 0 8 5 1, , 8 5 3 0 0 6 3 5 , , 7 9 1 8 3 0 ""i'u 61 69 8 , , 0 7 3 2 9 6 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. s 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. - - - - - - -- vay> $30,851,000 from U. S. S. R., •, $10,802,000 from Chile, $10,775,000 t jorazu, $iu,^io,uuu irom opain, $iu,z*/,uuu lroni ireru, auu $4o,yoo,vyu nuiii uuia wuiimcs. 6 Includes $44,920,000 from U.S.S.R., $10,963,000 from Central America, and $44,603,000 from other countries. 6 Includes imports from U. S. S. R. as follows: February—$11,236,000, August—$3,407,000, September—$5,652,000, October—$5,550,000, November— $5,615,000, December—$13,460,000. . . NOTE.—Figures for months subsequent to December 1941 have not been released for publication. For back figures see Banking and Monetary Statistics, Table 158, pp. 539-541, and for description of statistics, see p. 524 in the same publication. OCTOBER 1944 10x3 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 fnnrJc i-n TT Q in U. S. securities: securities: Inflow in From Jan. 2, 1935, through— Total banking Return Inflow of brokerage Total Official1 Other a f b u r n o d a s d of f u U nd . s S. f f o u re n i d g s n balances 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 ,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 ,125.1 31.9 Dec. 29 3,410.3 1,168.5 243.9 924.6 449.1 583.2 ,162.0 47.5 1938—Mar. 30 3,207.2 949.8 149.9 799.9 434.4 618.5 ,150.4 54.2 Tune 29 3,045.8 786.2 125.9 660.4 403.3 643.1 1,155.3 57.8 Sept. 28.... 3,472.0 1,180.2 187.0 993.2 • 477.2 625.0 L,125.4 64.1 Dec. (Jan. 4, 1939). 3,844.5 1,425.4 238.5 1,186.9 510.1 641.8 1,219.7 47.6 1939—Mar. 29 4,197.6 1,747.6 311.4 1,436.2 550.5 646.7 1,188.9 63.9 Tune 28 4,659.2 2,111.8 425.3 1,686.5 607.5 664.5 L,201.4 74.0 Sept. 27 5,035.3 2,479.5 552.1 1,927.3 618.4 676.9 L,177.3 83.1 Dec. (Jan. 3, 1940). 5,021.2 2,430.8 542.5 1,888.3 650.4 725.7 L,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 L, 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 1,818.2 818.6 834.1 631.2 98.2 Sept.(Oct. 1).. ... 5,510.3 3,139.5 1,321.7 1,817.7 805.3 841.1 623.5 100.9 Dec. 31 5,230.7 2,856.2 1,053.7 1,802.6 791.3 855.5 626.7 100.9 1942—Tan. 28 5,163.7 2,771.6 977.6 1,793.9 801.6 857.5 .631.0 102.0 Feb. 25 5,069.0 2,675.5 879.4 1,796.0 809.2 856.2 626.2 102.0 Mar. (Apr. 1) 5,082.4 2,684.0 932.0 1,752.0 819.7 849.6 624.9 104.3 Apr. 29 5,309.6 2,906.1 1,106.7 1,799.4 829.8 843.2 626.6 103.9 May (June 3) 5,413.4 2,996.8 1,144.0 1,852.8 839.8 843.2 629.0 104.6 June 302 5,495.3 3,075.9 1,211.7 1,864.2 842.3 838.8 632.0 106.2 July 31 5,542.6 3,121.4 1,242.7 1,878.7 854.9 829.3 633.3 103.7 Aug. 31 5,599.9 3,184.8 1,293.1 1,891.7 839.9 828.6 642.7 103.9 Sept. 30 5,654.9 3,212.6 1,339.1 1,873.5 858.2 830.5 646.1 107.5 Oct. 31..... 5,694.7 3,204.2 1,341.1 1,863.2 890.0 842.1 654.3 104.1 Nov. 30 5,761.6 3,250.2 1,366.1 1,884.1 901.6 844.8 661.0 104.1 Dec. 31 5,835.0 3,320.3 1,412.0 1,908.3 888.8 848.2 673.3 104.4 1943-Tan. 30 5,907.7 3,471.1 1,536.6 1,934.5 889.8 761.3 678.5 107.0 Feb. 27 6,014.9 • 3,590.1 1,671.8 1,918.3 890.5 751.9 676.0 106.4 Mar. 31 6,147.1 3,643.4 1,723.1 1,920.3 898.7 810.5 685.9 108.6 Apr. 30 6,212.3 3,690.5 1.801.8 1,888.6 909.9 809.5 692.9 109.5 May 29 6,282.6 3,769.6 1,871.6 1,898.0 905.1 807.0 692.5 108.5 June 30 6,506.4 4,002.6 2,071.4 1,931.2 896.9 806.8 687.9 112.1 July 31... 6,556.0 4,056.4 2,103.4 1,953.0 901.9 792.9 692.3 112.6 Aug. 31 6,726.3 4,107.9 2,122.6 1,985.3 909.4 907.8 687.0 114.3 Sept. 30 6,771.3 4,130.6 2,190.9 1,939.7 888.6 929.3 708.1 114.8 Oct. 30 6,904.6 4,284.4 2,312.9 1,971.5 870.5 928.3 707.4 114.1 Nov. 30 7,073.6 4,435.7 2,450.0 1,985.7 882.6 929.8 710.1 115.4 Dec. 31 7,118.6 4,496.3 2,461.5 2,034.8 877.6 925.9 701.1 117.8 1944—Tan. 31 7,272.9 4,658.2 2.649.3 2,009.0 870.8 931.7 695.1 117.0 Feb. 29 7,418.6 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 ,1 7,458.9 4,882.7 2,726.8 2,155.9 872.9 903.2 680.1 119.9 June 30 7,459.6 34,851.7 32,661.4 32,190.3 3856.6 929.8 702.4 5*119.1 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, D. 98. 8 Amounts outstanding on June 30, in millions of dollars: total foreign banking funds in United States 5,508.6, including official funds, 3,299.0, and other funds, 2,209.6; United States banking funds abroad, 278.9; and brokerage balances^(net due "foreigners") 42.3. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. Data by countries and geographic area% through December 1941, have been published in earlier BULLETINS for all types of capital movement in the above table (except columns 3 and 4\ and for outstanding short-term liabilities to and claims on "foreigners" as reported by banks and brokers. For back figures, see Banking and Monetary Statistics, Tables 161-163, pp. 574-637, and for full description of statistics see pp. 558-560 in the same publication. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS Assets of issue department Assets of banking department Liabilities of banking department Bank of England Note (Fi p g o u u re n s d s in s m te i r l l l i i n o g n ) s of Jold1 Other Cash reserves co D u is n - ts Securi- ci t r i c o u n l 3 a- Deposits O lia th b e il r i assets and ad- ties ties Coin Notes vances Bankers' Public Other 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 B630.0 .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-Sept. 29 .2 1,000.0 1.7 13.8 1.9 238.7 986.5 173.4 9.3 55.1 18.1 Oct. 27 .2 51,050.0 1.8 51.8 1.6 211.3 998.5 190.3 5.4 53.1 17.7 Nov. 24 .2 1,050.0 1.7 31.2 6.0 222.1 1,019.0 183.2 6.8 53.3 17.8 Dec. 29. .2 51,100.0 .9 11.6 2.5 307.9 1,088.7 234.3 10.3 60.4 17.9 1944—Jan. 26. .2 1,100.0 .6 33.0 4.4 229.0 1,067.3 187.8 8.5 52.7 17.9 Feb. 23. .2 1,100.0 .9 22.8 2.1 255.2 1,077.5 200.3 8.9 53.7 18.0 Mar. 29 .2 51,150.0 .4 45.6 15.4 212.7 1,104.6 188.8 7.1 60.2 18.1 Apr. 26. .2 1,150.0 .4 25.8 5.8 245.6 1,124.5 198.5 4.5 56.9 17.7 May 31. .2 1,150.0 .7 14.7 1.0 239.8 1,135.5 165.1 15.0 58.2 17.8 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 Aug. 30. .2 51,200.0 1.5 54.2 6.2 228.4 1,146.0 201.9 14.4 56.2 18.0 Assets Liabilities Bank of Canada Dominion and provincial government Deposits (F C ig a u n re a s d i i a n n m d i o ll l i l o ar n s s ) of Gold and 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 ion? li O ab th il e i r ties dollars S t h er o m rt B - Other Ch b a a r n te k r s ed D g o m o m v e e i n n r t n io - n Other 1935—Dec. 31. 180.5 4.2 30.9 83.4 8.6 99.7 181.6 17.9 7.7 1936—Dec. 31 179.4 9.1 61.3 99.0 8.2 135.7 187.0 18.8 2.1 13.4 1937—Dec. 31. 179.8 14.9 82.3 91.6 21.7 165.3 196.0 11.1 3.5 14.4 1938—Dec. 31 185.9 28.4 144.6 40.9 5.2 175.3 200.6 16.7 3.1 9.3 1939—Dec. 30 225.7 64.3 181.9 49.9 5.5 232.8 217.0 46.3 17.9 13.3 1940—Dec. 31. (8) 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec. 31. 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942-Dec. 31. .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Sept. 30 ... 31.0 786.7 360.7 19.0 815.1 305.7 36.2 11.4 29.1 Oct. 30. .. 68.5 787.4 434.0 22.1 836.6 339.2 88.9 15.6 31.7 Nov. 30 ... 26.5 797.1 466.7 30.6 844.6 360.6 66.1 16.1 33.6 Dec. 31... .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 1944—Jan. 31 .4 799.9 486.8 25.4 860.6 360.9 34.8 22.3 33.4 Feb.29 .2 789.2 508.9 31.3 875.4 362.7 40.1 31.5 19.8 Mar .31 .3 788.9 557.0 44.0 897.9 359.2 65.8 22.8 44.5 Apr. 29 .2 777.1 567.7 26.4 915.3 385.2 24.6 17.4 28.8 May 3.1 .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 Aug. 31 48.7 849.4 593.8 26.9 960.4 432.5 53.9 34.3 37.9< 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 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from Exchange Account to bank; on Sept. 6,1939, 279 million pounds transferred from Bank to Exchange Account. 5 Fiduciarv 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, 1042; and by 50 million pounds on Apr. 13, Oct. 6, and Dec. 8, 1943, and on Mar. 7 and Aug. 2,1944. 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. OCTOBER 1944 10x5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Bank of Franco Domestic bills G A o d v v e an rn c m es e n to t Deposits (Figu o re f s f i r n a n m c i s l ) lions Gold1 F c o h e r a x e n - i g g e n m O a p rk en et2 Special* 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 t c i o o u t n e la- G m ov e e n r t n- C.A.R.4 Other l O i t a t i b h es i e l r i- 1929—Dec. 27.. 41,668 25,942 5,612 8,624 8,124 68,571 11,737 7,850 1,812 1930—Dec. 26.. 53,578 26,179 5,304 8,429 9,510 76,436 12,624 11,698 2,241 1931—Dec. 30.. 68,863 21,111 7,157 7,389 11,275 85,725 5,898 22,183 1,989 1932—Dec. 30.. 83,017 4,484 6,802 3,438 11,712 85,028 2,311 20,072 2,041 1933—Dec. 29.. 77,098 1,158 6,122 4,739 11,173 82,613 2,322 13,414 1,940 1934—Dec. 28.. 82,124 963 5,837 3,971 11,500 83,412 3,718 15,359 1,907 1935—Dec. 27.. 66,296 1,328 5,800 9,712 11,705 81,150 2,862 8,716 2,113 1936—Dec. 30.. 60,359 1,460 5,640 1,379 8,465 17,698 12,642 89,342 2,089 13,655 2,557 1937—Dec. 30.. 58,933 911 5,580 652 10,066 31,909 11,733 93,837 3,461 19,326 3,160 1938—Dec. 29.. 87,265 821 7,422 1,797 7,880 20,627 18,498 110,935 5,061 25,595 2,718 1939—Dec. 28.. 597,267 112 11,273 2,345 5,149 34,673 20,094 151,322 1,914 14,751 2,925 1940—Dec. 26.. 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 31 43,661 169 5,368 210,965 68,250 21,749 382,774 770 16,857 29,935 4,461 1943—Tune 24. 84,598 37 42,998 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. 31.. 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 May 25... 84,598 37 44,232 6,611 383,600 67,600 21,143 551,969 795 9,652 37,876 7,528 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 T in 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 r t l e e Other O as t s h e e t r s cir t c io u n la- Deposits lia ti b e i s li- 1929—Dec. 31 2,687 2,283 2,848 251 92 656 5,044 755 736 1930—Dec. 31 2,685 2,216 2,572 256 102 638 4,778 652 822 1931—Dec. 31 1,156 984 4,242 245 161 1,065 4,776 755 1,338 1932—Dec. 31 920 806 2,806 176 398 1,114 3,560 540 1,313 1933—Dec. 30 396 386 3,226 183 259 322 735 3,645 640 836 1934—Dec. 31 84 79 4,066 146 445 319 827 3,901 984 1,001 1935—Dec. 31 88 82 4,552 84 349 315 853 4,285 1,032 923 1936—Dec. 31 72 66 5,510 74 221 303 765 4,980 1,012 953 1937—Dec. 31 76 71 6,131 60 106 286 861 5,493 1,059 970 1938—Dec. 31 76 71 8,244 45 557 298 1,621 8,223 1,527 1,091 1939—Dec. 30 78 71 11,392 30 804 393 2,498 11,798 2,018 1,378 1940—Dec. 31 78 71 15,419 38 32 357 2,066 14,033 2,561 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—Aug. 31 77 (*) 34,570 17 1 107 1,569 29,029 5,456 1,857 Sept. 30 77 35,010 22 1 105 2,436 30,099 5,601 1,951 Oct. 30 77 36,117 17 136 2,583 30,922 5,967 2,040 Nov. 30 77 37,870 66 79 2,733 31,772 6,951 2,104 Dec. 31 77 41,342 27 65 2,337 33,683 8,186 1,980 1944—Jan.31 77 39,584 43 42 2,2% 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 July 31 77 43,222 38 21 2,396 36,888 6,813 2,054 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 May 17, 1944, advances of 411,000 million franca 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. iox6 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) Aug. July June Aug. date of month) Aug. July June Aug. Central Bank of the Argentine Re- National Bank of Denmark (millions (Apr.)2 public (millions of pesos): of kroner): Gold reported separately 1,206 1,187 1,072 Gold... 97 97 Other gold and foreign exchange... 2,296 2,290 1,694 Foreign exchange 22 20 Government securities. 883 347 Clearing accounts (net) 2,272 1,607 Rediscounted paper Loans and discounts 29 32 Other assets 170 163 245 Securities 72 55 Note circulation 2,089 2 064 1,705 Govt. compensation account4 85 125 Deposits—Member bank 1,268 1,340 933 Other assets 3,076 1,989 Government 694 594 519 Note circulation 1,455 1,165 Other 159 124 91 Deposits—Government 1,478 755 Certificates of participation in Other 2,314 1,679 Government securities 167 231 Other liabilities 40f 326 Other liabilities 178 176 110 Central Bank of Ecuador (thousand! Commonwealth Bank of Australia of sucres): (ADr.)2 (thousands of pounds): Gold , 249,644 Issue department: Foreign exchange (net) 71,649 Gold and English sterling 50,544 50,544 49,293 37,641 Loans and discounts 82,897 Securities ,54,329 152,833 148,602 118,459 Other assets 95,843 Banking department: Note circulation 222,472 Coin, bullion, and cash .... 14,056 13,125 10,600 7,749 Demand deposits 235,138 London balances .24,868 123,180 118,928 45,913 Other liabilities 42,422 Loans and discounts 29,701 30,371 27,636 21,431 National Bank of Egypt5 (thou- Securities 236,843 237,417 241,943 209,925 sands of pounds) : Deposits 209,661 207,328 203,24- 167,317 Gold.. 6,241 6,241 Note circulation 196,494 194,994 189,512 146,762 Foreign exchange 16,14" 12,406 National Bank of Belgium and Bank Loans and discounts 2,231 2,661 o b f e lg I a s ) s : u 1 e of Brussels (millions of (May): Br e i r t n is m h, e n E t g s y e p c t u i r a i n ti , e s and other Gov 236,037 189,976 G Fo o r l e d ign exchange 1 4 1 , , 3 9 3 0 1 0 4 8, , 6 3 5 3 1 1 O N t o h t e e r c a ir s c s u et l s ation 10 1 0 6 , , 4 0 0 0 : 3 8 5 5 , , 5 8 7 5 7 4 Credits to State and public bodies. 3,619 3,818 Deposits—Government 63,823 41,545 R C e re ic d h it s s k r t e o d p it r k i a v s a s t e e economy 7 1 4 2 0 0 7 10 5 1 0 Other liabil O iti t e h s er 9 1 7 4 , , 4 9 6 6 7 4 7 1 5 4 , , 2 17 8 7 4 Nati O O N D P o o t t e o n h h s m t a e e t e a l r r a l c n a l i d B C i r s a c s h a b d u e e n i e t l l c s a k p i k t t o i i i e o n s o s i n g t f s O B f o f h ic e e m .. i . a . .. a .. n . d ... 18 1 1 , , , 3 0 6 7 3 0 8 5 8 1 1 3 6 2 3 1 1 5 1 , , , 3 0 7 7 3 1 0 0 0 0 5 7 3 4 8 Ce d n o F G L t G r r o o o o a r ( a l v l e t d n h e i R ; s g r o n n e u a m s s n e e a e d x n r n c v d d t h e s i a s d n B c o e g o b f a e u t n c n o k a t l s n o o d n f e s s E e ) c : l u S ri a ti l e v s a . - . 3 3 2 8 6, , , 3 8 7 0 5 5 6 1 1 3 6 8 3 3 6 2 7 , , , 6 7 3 3 7 9 0 3 3 3 3 5 2 2 6 6 5 , , , 8 8 6 5 2 6 5 3 9 1 1 4 M G F or o o a r l e v d i i ; g a n (m ex i c ll h io an n g s e of koruny): (Ap 1, r 5 7 . 1 ) 7 2 4 1,5 7 1 6 5 7 N O D t o e h p t e e o r s c i a i t r s s c s u et l s ation 4 2 3 9 1 , , , 5 1 4 0 7 7 8 6 3 4 2 2 9 1 , , , 9 2 3 6 4 6 5 3 3 3 22 2 , , 5 0 4 8 4 3 9 8 0 D Lo is a c n o s unts 2,578 1,142 Bank O t o h f e r F i l n ia l b a i n li d ti 3 es 6,046 6,064 5,986 Other assets.. *36',84. 24,103 Bank of Greece3 Note circulation 24,83;: 19,002 National Bank of Hungary (millions Demand deposits., 8,03( 3,504 of pengo): Other liabilities.. 8,84! 5,021 100 100 100 Central Bank of Bolivia (millions Foreign exchange reserve 3 of bolivianos): Discounts 5,315 4,915 2,793 Gold at home and abroad 599 59S 555 Loans—To Treasury 540 543 671 Foreign exchange 406 407 367 To foreign countries 902 855 761 L Se o c a u n r s i t a ie n s d — d G is o c v o e u r n n t m s ent 6 28 3 : 4 3 62 2 - C 3 54 3 4 S Other as O se th ts er 1,396 1,398 1,16 1 6 3 Other 4 4: 41 Note circulation 5,598 5,288 3,737 Other assets. 72 78 Demand deposits 1,219 1,12 591 Note circulation 1.17. 1,16C 1,023 Consolidated foreign credits of Deposits 77: 79* 795 1931 10 l: 15 Other liabilities 9; 10; 99 Other liabilities 1,432 1,394 1,165 National Bank of Bulgaria3 Reserve Bank of India (millions of Central Bank of Chile (millions rupees): of C D L p o o i e s l a s c d n o o s s u ) t n : o t s G f o o v r e m rn e m m e b n e t r banks. .. . . . 27. 2 m 7 5 , ; 2 7 1 6 4 2 1 3 2 Issue G I S n t o d e d l r e i d l a p i n n a a g r t G t h m s o o e e v m c n t u . e t r : s i a t e i n c e u s d r a it b i r e o s ad 8, 4 2 5 8 4 7 4 3 8 6, 4 1 8 8 4 8 8 4 4 Other loans and discounts 98* 872 Rupee coin 128 149 Other assets 1.14J 1,11 941 Note circulation 9,314 7,546 Note circulation 2,30: 2,37 2,078 Banking department: Deposits—Bank 41f 311 381 Notes of issue department 120 117 Other 15( 185 206 Balances abroad 1,737 967 Other liabilities 27: 26? 272 Treasury bills discounted 26 11 Bank of the Republic of Colombia Loans to Government 11 (thousands of pesos): Other assets 126 107 F G o o r l e d ign exchange 1 1 5 1 0 4 , , 0 3 3 2 * 8 1 1 0 4 9 6 , , 6 8 8 9 < , 9 7 2 9 , , 6 3 7 4 9 2 O D t e h p e o r s i l t i s a . bilities 1, 2 80 1 5 1,0 1 4 6 8 4 Loans and discounts 7,506 2,94( 6,199 Central Bank of Ireland (thousands O G t o h v e e r r n a m ss e e n ts t loans and securities.. 5 29 6 , , 9 5 1 2 3 5 5 2 6 9, ,6 6 5 7 . 5 3 5 4 5 , , 9 6 9 8 6 4 of G p o o l u d nds): 2,646 2,646 2,646 Note circulation 154,55: 137,064 108,488 Sterling funds 25,665 25,39: 21,413 O D t e h p e o r s i l t i s abilities 1 6 33 8 ,9 S 2C 1 6 3 9 9 , , 2 5 1 65 1 4 1 4 5 , , 7 6 2 8 9 4 B B a a n n k k N o o o t f f e J J c a a ir v p c a a u 3 l n a 3 tion 28,31 28,03* 24,059 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 3 L F a o t r e s la t s m t o a n v t a h i la fo b r l e w r h e i p ch o r r t e f p r o om rt is th a e v c a e il n a t b r l a e l f b o a r n t k h i o s f i B ns u t l i g tu ar ti i o a n ( . J anuary 1943), see BULLETIN for July 1943, p. 697; of Finland , t ( A A ugust 1 . 94 v 3), 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 Items for issue and banking departments consolidated. OCTOBER 1944 1017 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) Aug. July June Aug. date of month) Aug. July June Aug. Bank of Mexico (millions cf pesos): Bank of Spain (millions of pesetas): (May): Metallic reserve1 53J 52' 403 Gold i,to: "Authorized" holdings of securi- Silver 621 ties, etc 1,36* 1,352 1,165 Government loans and securities.. 15,96* Bills and discounts 32: 29C 133 Other loans and discounts 2.76S Other assets r 9. 52 Other assets 2,15* Neth N D O e e t o r h m t l e e a r a n n c l d d i i r s a c b l u i i a l l a B i b t t i i i a l e o i n s t n i k e s (millions of 1,2 9 1 3 1 6 0 : 2 1,1 9 1 9 1 5 : . ' 6 9 1 1 9 4 5 9 1 O N D t e o h p t e e o r s c i l t i i s r a c — b u i l O l G a it t t o i h i e v o e s e n r rnment 1 3 2 6 , , , 4 6 0 4 5 3 9 3 C 4 4 ' guilders): (Apr.)* Bank of Sweden (millions of kronor): Gold 932 932 Gold 96C 95 817 Silver (including subsidiary coin). 2 Foreign assets (net) 569 60C 570 575 Foreign bills. 3,910 2,652 Swedish Govt. securities and ad- Discounts 4 vances to National Debt Office6 1,16 1,229 1,121 1,010 Loans 141 Other domestic bills and advances 94 89 81 91 Other assets 79 Other assets 990 974 982 827 Note circulation 4,021 2,905 Note circulation 2,253 2,187 2,226 2,045 Deposits—Government 108 390 Demand deposits—Government... 44 582 634 358 Other 754 405 Other 484 452 207 286 Other liabilities 176 110 Other liabilities 625 631 638 630 Reserve Bank of New Zealand (thou- Swiss National Bank (millions of sands of pounds): francs): Gold 2,802 2,802 2,802 Gold 4,453 4,455 4,421 3,807 Sterling exchange reserve. 30,848 31,597 26,988 Foreign exchange 105 87 8: 82 Ad ta v k an in c g e s s to State or State under- 41,381 44,329 37,835 L O o th a e n r s a a s n s d e t d s iscounts o62 1 r6 5 3 8 3 2 1 0 9 1 N O In t o v h t e e e s r t c m a ir s e c s n u e l t t s s ation 3 1 2 7 1 , . ,7 5 6 3 9 8 6 1 8 3 1 7 3 1 , , , 2 0 7 2 0 3 7 4 4 3 1 3 2 0 , , , 7 3 3 0 4 2 0 7 0 O O N t t o h h t e e e r r c l s i i i r a g c b h u i t l l a it l t i i i e a o s b n ilities 3 1 , . 0 40 82 2 3 1, , 4 0 4 2 1 8 3 1 , , 0 4 2 0 3 93 4 2 2 1 , , 2 4 6 7 4 9 3 4 2 Demand deposits 48,272 51,635 44,224 Central Bank of the Republic of Other liabilities 3,398 4,605 3,087 Turkey (thousands of pounds): Bank of Norway3 Gold 263,060 201,696 Bank of the Republic of Paraguay Foreign exchange and foreign (millions of pesos): clearings. 80,992 66,287 Gold 331 326 20 Loans and discounts 840,678 657,763 Foreign exchange 2,490 2,420 2,254 Securities 180,331 194,672 Loans and discounts 208 178 105 Other assets 20,844 23,660 Government loans and securities... 2,573 2,391 1,998 Note circulation 910,885 722,802 Other assets 1,404 1,476 1,993 Deposits—Gold 84,684 79,358 Note circulation 2,812 2,639 2,531 Other 226,157 165,399 Demand deposits—Government.... 786 793 620 Other liabilities 164,180 176,516 Other 2,417 2,358 1,878 Bank of the Republic of Uruguay Other liabilities 991 1,001 1,341 (thousands of pesos): Central Reserve Bank of Peru (thou Issue department: sands.of soles): (May) Gold and silver 118,663 90,197 Gold and foreign exchange 173,358 138,584 Nottee circulattion 135,255 117,209 Discounts 1,103 12,172 Banking department: Government loans 398,961 320,906 Gold and silver 100,171 75,930 Other assets 22,461 20,435 Notes andd coiin 37,015 31,770 Note circulation 372,126 321,777 Advances to State and to gov Deposits : 198,812 147,015 eminent bodies 15,628 35,139 Other liabilities \ 24,945 23,306 Other loans and discounts.... 99,258 95,821 Bank of Portugal (millions of es- Other assets 255,444 164,129 cudos): (Jan.)2 Deposits 225,039 161,023 Gold4 1,400 1,398 Other liabilities.. 282,476 241,766 Other reserves (net) 4,272 3,765 Central Bank of Venezuela (thou- Nonreserve exchange. 8,096 7,238 sands of bolivares): Loans and discounts 227 233 Gold 338,108338,108 338,108 257,864 Government debt 1,023 1,025 Foreign exchange (net) 37,196 32,209 31,906 29,519 Other assets j 1,030 948 Credits to national banks 26,370 26,370 26,370 31,230 Note circulation 6,703 5,800 Other assets 45,035 33,241 29,721 17,847 Other sight liabilities 8,367 7,917 Note circulation—Central Bank... 267,608266,989 262,865 238,410 Other liabilities 978 891 National banks.. 21,587 22,273 22,795 28.971 National Bank of Rumania (millions Deposits 147,082 33,810 133,390 62,856 of lei): Other liabilities 10,431 6,856 7,056 6,222 • Gold ; 69,567 53,265 National Bank of the Kingdom of .Special exchange accounts 70,223 30,646 Yugoslavia3 Loans and discounts 70,986 46,447 Bank for International Settlements Special loans (in liquidation) 117 256 (thousands of Swiss gold francs):7 Government debt 44,948 20,753 Gold in bars 18,495 118,871 80,067 Other assets 62.750 57,013 Cash on hand and on current ac- Note circulation 211,848 133,711 count with banks 21,513 21,620 23,172 Demand deposits 62.252 50,097 Sight funds at interest 6,701 7,447 15,718 Other liabilities 44,490 24,572 Rediscountable bills and accept- South African Reserve Bank (thou- ances (at cost) 101,741 102,513 150,131 sands of pounds): Time funds at interest 21,075 21,569 21,394 Gold 90,860 76,191 Sundry bills and investments 98,607 197,492 194,679 Foreign bills 22.310 11,715 Other assets 282 363 38 Other bills and loans 6,320 603 Demand deposits (gold) 29,076 29,266 41,521 Other assets 87,320 85,827 Short-term deposits (various cur- Note circulation 54,317 45,704 xencies): D Ot e h p e o r s i l t ia s. b . i . l . i . tmies 14 4 7 , , 8 6 1 7 8 5 124 4 , ,4 1 9 36 6 O C t e h n e t r ral banks for own account 3 9 , , 1 47 06 3 8 2, , 7 7 0 0 4 0 1 2 5 , ,7 6 0 1 1 0 Long-term deposits: Special ac counts •29,001 229,001 229,001 Other liabilities 97,757 200.203 196.365 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, Valued at average cost beginning October 1940. 5 Includes small amount of non-Government bonds. j* Figure not available. 7 Sec BULLETIN for December 1936, p. 1025. 102.8 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— Date effective U K d n o i i n m t g e - d France m G a e n r y - g B iu e m l- N la e e n r t d - h s - S d w en e- S l w a e n r i - t d z- b C an e k n t o r f a — l S R 3 e a p 0 te t. ef D fe a ct t i e ve ba C n e k n t o r f a — l R S 5 e a p 0 te t. ef D fe a ct t i e ve In effect Oct. 2, 1936 2 3 4 2 3 2H 2 Albania Mar. 21, 1940 Italy May 18, 1936 Oct. 9 Argentina Mar. 1, 1936 Japan & Apr. 7, 1936 Oct. 16 2 Belgium 2 2 Jan. 25, 1940 Java 3 Jan. 14, 1937 O N De c o c t v . . . 2 2 3 0 6 2 2 M "iy 2 " Bo M he o m ra i v a i a and Oct. 1, 1940 L L i a t t h v u ia ania. .. 6 5 F Ju e l b y . 1 15 7 , , 1 1 9 9 4 3 0 9 Jan. 28, 1937 4 June 15 6 July 7 5 Bolivia 6 Nov. 8, 1910 Mexico June 4, 1942 Aug. 4 4 British India.. 3 Nov. 28, 1035 Netherlands June 27, 1941 Sept. 3 Bulgaria 5 Dec. 1, 1140 New Zealand July 26, 1941 Nov. 13 3 " Canada, Feb. 8, 1944 Norway 3 2 May 13, 1940 May 10, 1938 4 Chile 3-4>| Dec. 16, n.?6 Peru 5 Aug. 1, 1940 M M a a y y 3 13 0..... 2^ "3 Colombia 4 July 13, 1933 Portugal.... Jan. 12, 1944 Sept. 28 3 Oct. 27 2H Nov. 25 Denmark 4 Oct. 16, 1940 Rumania.... 3 Sept. 12, 1940 Jan. 4, 1939. 7 May 26, 1938 South Africa 3 June 2, 1941 Apr. 17 . . 4 El Salvador... 3 Mar. 30, 1939 Spain 4 Dec. 1, 1938 May 11 3 Estonia Oct. 1, 1935 Sweden 3 May 29,1941 July 6 2H Finland 4 Dec. 3, 1934 Switzerland. Nov. 26,1936 Aug. 24 4 Aug. 29 3 Sept. 28 3 Oct. 26 2 France IK Mar. 17, 1941 Turkey 4 July 1, 1938 Dec. 15 . .. 3 Germany Apr. 9, 1940 United King- Jan. 25, 1940 2 6 2 Mar. 1, 1942 dom 2 Oct. 26, 1939 Apr 0 3H Hungary 3 Oct. 22, 1940 U. S. S. R... 4 July 1, 1036 May 17 Ireland Nov. 23, 1943 Yugoslavia. 5 Feb. 1, 1935 Mar 17 1941 IK May 29 3 June 27 2H NOTE.—Changes since Aug. 31: none, In effect Sept. 30, 1944 t IK 2 3 m OPEN-MARKET RATES [ Per cent per annum ] Switzer- United Kingdom Germany Netherlands Sweden land Month ac B 3 c a e m n p o k ta n e n t r c h s e ' s s T 3 r m e b a i o l s l n u s t r h y s Da m y- o t n o e - y day o a n B l l a o d n w e k p a o e n r s c s i e t ' s d P i r s r i c a v o t a e u t n e t Da m y- o to ne -d y ay d P i r s r i c a v o te a u t n e t 1 M m f o o n o r e n y th m u L p o o n a t n t o h s s 3 d P i r s r i c a v o t a e u t n e t 5.38 5.39 4.54 7.39 8.21 5.20 4.90 3.19 2.37 2.38 1.78 3.40 4.30 1.85 1.85 1.92 2.58 2.44 2.05 ^.OO X8.89 1.53 1.40 1.55 .92 .66 .67 4.58 5.49 .49 1.00 .50 .48 .40 .62 3.88 5.19 3.54 2.64 .50 .87 .76 .85 3.75 4.67 .74 1.00 .50 .65 .59 .75 3.00 3.10 3.25 2.77 .79 .58 .58 .75 2.88 2.96 2.01 1.73 .25 .56 .53 .79 2 88 2.64 .13 .92 .00 .55 .52 .75 2.93 2.96 .13 .50 .00 .79 .77 .75 2.75 2.65 .51 .75 .00 1.03 .02 .00 2.38 1.73 (2) 2.83 .50 1 1 . . 0 0 3 3 . . 0 0 0 0 . . 0 0 0 0 2 2 . . 1 1 3 3 1 1 . . 6 7 3 5 1.88 2.25 . . 2 2 5 5 1.03 .00 .04 2.13 1.86 .25 1943—Aug 1.03 .00 .11 2.13 1.89 .25 Sept 1.03 .00 .07 2.13 1.93 .25 Oct 1.03 .00 .00 2.13 .25 Nov 1.03 .00 .00 2.13 .25 Dec... 1.03 .01 .00 2.13 .25 1944—Jan 1.03 .01 .08 2.13 .25 Feb.... 1.03 .00 .13 2.13 .25 Mar 1.03 .00 .13 2.13 .25 Apr 1.03 .01 .13 2.13 .25 May 1.03 .00 .13 2.13 1.25 June 1.03 .00 .13 1.25 July. 1.03 1.00 .13 1 Based on data for part of month only. 2 Figure not available. NOTE.—For monthly figures on money rntes 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. OCTOBER 1944 1019 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom1 Assets Liabilities (11 F L ig o p u n o r d u e o n s n d i s n c l s e m t a e i r r l i l l n i i o n g n g b s ) a o n f ks. re C se a r s v h es M c n a o s l o n h l t e o a i y c n r e t d at B co il u ls n t d e i d s- T r d e r e c e p e a o i s p s u t i r t s y 2 Securities c L u o s a to n m s e to rs a O s t s h e e ts r Total D D e e m po a s n i d ts 3 Time3 lia O b t i h li e t r ies 1936—December. 244 195 322 660 890 249 2,315 1,288 ,012 245 1937—December. 244 163 300 635 984 256 2,330 1,284 ,026 252 1938—December. 243 160 250 635 971 263 2,254 1,256 997 269 1939—December. 274 174 334 609 1,015 290 2,441 1,398 043 256 1940—December. 324 159 265 314 771 924 293 2,800 1,770 ,030 250 1941—December. 366 141 171 758 999 823 324 3,329 2,168 ,161 253 1942—December. 390 142 198 896 1,120 794 325 3,629 2,429 ,200 236 1943—August.... 383 156 232 957 1,162 739 285 3,670 2,456 214 244 September 389 148 209 1,045 1,160 741 293 3,737 2,504 233 248 October... 394 151 181 1,135 1,158 749 289 3,813 2,556 256 245 November. 403 155 184 L,187 1,167 732 283 3,865 2,588 277 245 December. 422 151 133 1,307 1,154 761 349 4,032 2,712 319 245 1944—January... 416 157 138 1,305 1,149 754 288 3,962 2,650 312 245 February.. 414 150 124 1,264 1,141 761 287 3,897 2,583 ,314 243 March 423 155 113 L,331 1,136 781 290 3,988 2,652 336 242 April 430 164 149 ,314 1,152 762 285 4,017 2,672 345 240 May 418 173 174 1,310 1,161 765 292 4,051 2,704 347 242 Tune 427 185 202 1.246 1,169 784 327 4,100 2,730 ,370 240 July 426 188 213 ,310 1,175 765 289 4,121 2,744 377 244 Assets Liabilities Entirely in Canada Se lo c a u n ri s ty Deposits payable ir.i 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 a b s n a n in d k o s m . l la il r E l s io n ) n d s of Cash Security O lo t a h n e s r d a a u n b e d r o f n r a o e d m t Securities O as t s h e e t r s ci N r ti c o o u t n e la- excluding interbank deposits li O ab th il e it r ies reserves loans and dis- foreign Total Demand Time counts banks 1936—December. 240 114 791 161 1,384 554 103 2,303 755 1,548 837 1937—December. 255 76 862 102 1,411 575 96 2,335 752 1,583 850 1938—December. 263 65 940 166 1,463 535 88 2,500 840 1,660 843 1939—December. 292 53 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—August ... 434 35 1,121 242 2,681 641 46 3,978 2,062 1,916 ,131 September 427 34 1,045 198 2,881 679 46 4,085 2,096 1,989 ,133 October... 460 38 1,038 202 2,870 659 45 4,107 2,146 1,961 ,115 November. 496 44 1,259 233 2,938 669 43 4,454 2,572 1,883 ,141 December. 471 48 1,156 250 2,940 744 42 4,395 2,447 1,948 ,172 1944—January... 491 53 1,085 229 2,950 674 41 4,273 2,247 2,026 ,167 February.. 486 52 1,003 227 2,994 664 40 4,216 2,093 2,124 ,170 March 468 41 982 210 3,156 732 39 4,368 2,143 2,225 ,182 April 510 42 920 212 3,390 669 38 4,506 2,253 2,254 ,198 May 525 81 1,175 275 3,374 712 37 4,850 2,756 2,094 ,256 June 5 5 4 2 5 6 6 7 3 1 1 1 , , 1 0 0 6 4 3 2 2 1 9 8 4 3 3, , 3 3 8 5 8 8 8 75 5 5 6 3 3 6 5 4 4 , , 8 7 3 1 6 6 2 2, , 4 6 5 4 1 1 2 2 , , 1 2 9 6 5 5 1 1, , 2 3 8 3 2 9 July Franco Assets Liabilities (4 larg f e ig b u a r o e n f s k s i f . n r a n m E c i s n l ) l d io o n f s month re C se a r s v h es Du b e a n f k ro s m B c i o l u ls n d te i d s- Loans a O s t s h e e ts r Total D D e e p m o a s n it d s Time ac O c w ep n t- lia O b t i h li e t r ies 1936—December. 3,100 2,975 17,582 7,631 1,957 28,484 27,955 529 473 4,289 1937—December. 3,403 4,116 18,249 7,624 2,134 30,348 29,748 COO 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 7,516 2,440 42,443 41,872 571 844 4,609 1940—December4 6.258 3,546 44,243 7,984 1,999 58,890 58,413 477 535 4,604 1941—December.. 6,589 3,476 61,897 8,280 2,033 76,675 75,764 912 413 5,187 1942—December.. 7,810 3,458 73,917 10,625 2,622 91,549 91,225 324 462 6,422 1943—February.. 6,710 3,835 73,478 11,749 1,435 91,792 91,452 340 433 4,982 March 6,813 3,803 74,664 15,245 1,536 96,431 95,783 648 426 5,205 April 6,720 3,665 77,922 15,043 1,650 99,152 98,419 733 387 5,461 May 7,132 3,750 81,620 14,980 1,750 103,272 102,437 836 397 5,563 June 6,632 3,851 80,276 15,518 1,869 102,047 101,118 929 383 5,716 July 6,770 3,795 83,362 14,696 2,024 103,596 102,578 1,017 321 6,730 August 6,486 3,786 82,685 14,644 2,206 102,602 101,525 1,078 347 6,859 September. 6,935 3,832 85,079 14,084 2,228 104,830 103,657 1,173 341 6,987 October.... 7,133 3,877 88,289 14,215 2,448 108,368 107,100 1,268 411 7,182 November. 7,203 3,960 86,754 14,361 2,653 107,200 105,811 1,390 404 7,326 December.. 8,548 4,095 90,897 14,191 2,935 112,732 111,191 1,541 428 7,506 1944—January 7,510 4,125 90,024 13,737 1,676 110,485 108,883 1,601 6,168 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. g , p g 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 tatistics see pp. 566-571 in same publication. IO3O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES (Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Australia Brazil Canada (dollar) Chile (peso) China Year or month (peso) (pound) g B iu e m l- (cruzeiro1) B I r n it d i i s a h g B a u r i i - a S (y h u an an g- Official S E p x e p c o ia rt l Official Free (belga) Official Free (rupee) (lev) Official Free Official Export hai) 1936 33.137 395.94 16.917 8.5681 25.8788 37.523 1.2958 99.913 5.1240 29.751 1937 32.959 393.94 16.876 8.6437 6.1983 37.326 1.2846 100.004 5.1697 ^.OOOO 29.606 1938, 32.597 389.55 16.894 5.8438 36.592 1.2424 99.419 5.1716 4.0000 21.360 1939 30.850 353.38 16.852 6.0027 5!l248 33.279 21.21U 96.018 5.1727 4.0000 11.879 1940 29.773 2322.80 305.16 216.880 6.0562 5.0214 30.155 «90.909 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 89.978 194$—Sept 29.773 25.147 322.80 6.0586 5.1275 30.122 90.909 90.150 Oct 29.773 25.125 322.80 6.0586 5.1275 30.122 90.909 89.426 Nov 29.773 25.125 322.80 6.0586 5.1275 30.122 90.909 89.422 Dec 29.773 25.125 322.80 6.0586 5.1275 30.122 90.909 89.404 1^44—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 August 29.773 25.125 322.80 6.0602 5.1529 30.122 90.909 90.003 Year or month C ( o p b l e o i s a m o) -C s ( l k z o o e v r c u a h n k o a ia - ) ( m D kr e a o n r n k - e) ( F l m a k i a n a 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 - S) I ( t li a ra ly ) J ( a y p en a ) n M (p e e x s i o c ) o e N ( r g l e e a u r t n i ) h ld d - - s (p N Z l o a e e u n w a n d d - ! 1936 57.083 4.0078 22.189 2.1903 6.1141 40.297 .9289 31.711 29.558 7.2916 29.022 27.760 64.481 398.92 1937 56.726 3.4930 22.069 2.1811 4.0460 40.204 .9055 30.694 19.779 5.2607 28.791 27.750 55.045 396.91 1938 55.953 3.4674 21.825 2.1567 2.8781 40.164 .8958 30.457 19.727 5.2605 28.451 22.122 55.009 392.35 1939..... 57.061 23.4252 20.346 1.9948 2.5103 40.061 .8153 27.454 19.238 5.1959 25.963 19.303 53.335 354.82 1940 57.085 219.308 1.8710 22.0827 40.021 2.6715 22.958 18.475 5.0407 23.436 18.546 253.128 306.38 1941 57.004 22.0101 239.968 224.592 219.770 25.0703 223.439 20.538 322.54 1942 57.052 20.569 322.78 1943 57.265 20.577 324.20 1943—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 Mky 57.277 20.582 324.42 June .. 57.277 20 582 324.42 July 57.277 20.576 324.42 August 57.277 20 580 324.42 United Kingdom Uruguay Year or month N (k o r r o w n a e y ) P ( o z l l a o n ty d ) ( P e o s g c r a u t l d u o - ) R ( u n le m i u a ) a- ( A S p o o fr u u i n c th d a ) ( S p p es a e i t n a) S S m (d t e 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 g n 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 ' Hb3.SQ 383.00 65.830 37.601 2.2463 1941 24.0023 398.00 29.130 47.133 223.829 223.21O 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—-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— F Ja e n b 3 3 9 9 8 8 . . 0 0 0 0 4 4 0 0 3 3 . 5 50 0 6 6 5 5 . . 8 8 3 3 0 0 5 5 2 2 . . 9 9 4 4 5 6 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 August 398.00 403.50 65.830 54.200 1 Prior to Nov. 1,1942, the official designation of the Brazilian currency unit was the "milreis.7* 2 Average of daily rates for that part of the year during which quotations were certified. NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics see pp. 572-573 in same publication, and for further information concerning developments affecting the averages during 1942 and 1943 see BULLETIN for February 1943, p, 201, and February 1944, p. 209. There are no developments to record for 1944. OCTOBER 1944 1031 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] United United Nether- Switzer- Year or month States Canada Kingdom France Germany Italy ( J O a ct p o a b n er ( l 19 a 2 n 0 d - s 30 Gwcdcn (Ju l l a y n d 1914 (1926=100) (1926=100) (1930=100) (1913 = 100) (1913=100) (1928=100) (1900 = 100) = 100) (1935 = 100) = 100) 1926 100 100 i 124 695 134 237 106 U26 144 1932 65 67 86 427 97 70 161 65 i 92 96 1933 66 67 86 398 93 63 180 63 i 90 91 1934 75 72 88 376 98 62 178 63 i 96 90 1935 80 72 89 338 102 68 186 62 100 90 1936 81 75 94 411 104 76 198 64 102 96 1937 86 85 109 581 106 89 238 76 114 111 1938 79 79 101 653 106 95 251 72 111 107 1939 77 75 103 2 681 107 99 278 74 115 111 1940 79 83 137 110 116 311 8 88 146 143 1941 87 90 153 112 132 329 172 184 1942 99 96 159 114 189 210 1943 103 100 • 163 116 196 218 1943—August . . 103 100 162 117 P381 195 218 September 103 101 163 116 P382 195 220 October 103 102 163 116 195 220 November 103 102 163 116 195 220 December .. . 103 103 163 117 195 220 1944—January 103 103 164 117 P396 195 221 February 104 103 165 117 P398 195 221 March 104 103 165 117 P400 195 223 April 104 103 166 118 195 223 May 104 103 166 118 197 223 June 104 103 166 197 July 104 103 167 198 August 104 ^168 * Preliminary. 1 Approximate figure, derived from old index (1913 = 100). 2 Average based on figures for 8 months; no data available since August 1939, when figure was 674. 3 Average based on figures for 5 months; no data available since May 1940, when figure was 89. Sources.—See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES-GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Germany (1926=100) (1926=100) (1930=100) [1913=100) Year or month Raw and Fully and Induspr F o a d r uc m ts Foods co O i m t t h m i e e o r s d- pr F o a du r c m ts f m p a a a c r t n t u u l r - y ed f c m a h a c i t n e u f u r l - e y d Foods pr I o n t d r d i u u a c s l t - s p A r g t o r u d i r c u a u c l l t - s a t f n r i i d a n s l i e s r m h a i e w - d tr I i i n s a d h l u e s d f - ingoods goods products products 1926. 100 100 100 100 100 100 129 130 150 1932.... 48 61 70 48 55 70 8S 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-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 93 161 170 August..... 123 105 99 Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. IO3Z 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 ta 3 i 1 5 t t 0 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 n u m 1 t 0 l g e 1 0 y - d ) (1 m = G 9 1 a 1 e 3 0 n r - 0 - y 1 ) 4 N (1 l = a e 9 t 1 n 1 h 0 1 d 0 e - s 1 ) r 3 -S e = r ( w 1 J l 1 9 u a i 0 1 t n n 0 z 4 e d ) - Year or month ( U S 1 = 9 n t 1 a 3 i 0 5 t t 0 e e -3 d s ) 9 (1 = C a 9 a d 3 1 n 5 0 a - 0 -3 ) 9 U K = d ( n 1 J i o 9 i 1 u n m 1 t 0 l g e 4 y 0 - d ) (1 m = G 9 a 1 1 e 3 n 0 r - y - 0 1 ) 4 N (1 l = e 9 a t 1 1 n h 0 1 d e 0 - s 1 r ) - 3 S e = ( r w 1 J 1 l 9 u a 0 i 1 n t n 0 4 z o ) d - 1933 84 85 120 113 120 117 1933 92 94 140 118 139 131 1934 94 93 122 118 . 124 115 1934 96 96 141 121 140 129 1935 100 95 125 120 118 114 1935 98 96 143 123 136 128 1936 101 98 130 122 120 120 1936 99 98 147 125 *132 130 1937 105 103 139 122 127 130 1937 103 101 154 125 137 137 1938 98 104 141 122 130 130 1938 101 102 156 126 139 137 1939 95 101 141 123 130 132 1939 99 102 158 126 140 138 1940 97 106 164 128 2l40 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—August 137 133 167 139 211 1943—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 2% March..... 134 131 168 136 214 March 124 119 200 140 206 April 135 ' 132 168 138 215 April 125 119 200 140 207 May...... 136 132 168 138 215 May 125 119 200 141 208 June 136 131 168 139 June 125 119 200 142 3208 July 137 132 169 146 July 126 119 201 146 August 138 170 August 126 202 * 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. 8 Average based on figures for 5 months; no data available since May 1940, when figure was 149. Sources.—See BULLETIN for May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Ccramca stocks Year or month U ( S p d n r t e i a r i c i t t v e e e e ) d s 1 d ( K 1 D 9 U i 2 e n n 1 c g e i = t d m e o 1 d b 0 m e 0 r ) (1 F 9 r 1 a 3 n = c 1 e 00) G ( e a p r v r m e ic ra a e g ) n 2 e y N la e n th d e s r- ' U ( S 1 = 9 n t 3 a 1 i 5 t 0 t e e - 0 3 d s ) 9 K U in n g it d e o d m (1 F 92 r 6 a = n 1 c 0 e 0) Germany (1 N 9 l 3 e a 0 t n h = d 1 e s 0 r- 0) Number of issues 15 87 36 2 139 8 402 278 300 (4) 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 hl0.2 124.6 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 T 115.9 118.3 684.7 100.7 777.9 88.1 70.8 6120.6 114.6 8 95.0 1941 117.8 V3 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—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 1S2 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 90.3 145.5 August 121.2 102.7 p Preliminary. l Figures represent calculated prices of a 4 per cent 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds for the series beginning 1937 and for a varying number of high-grade bonds for the series prior to that date. The yearly average for 1937 is the same for both series. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the United States see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479. 2_Since Apr. 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at 4)4 per cent. The series prior to that date is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent. 3 Indexes of reciprocals of average yields. For old index, 1929-1936, 1929 = 100; average yield in base year was 4.57 per cent. For new index beginning January 1937, Jan.-Mar. 1937 = 100; average yield in base period was 3.39 per cent. 4 This number originally 329, has declined as the number of securities eligible for the index has diminished. Tn May 1941, it was down to 287. J Average Apr .-Dec. only. Average Jan.-Mar. en old basis was 95.9. 6 Average based on figures for 5 months; no data available June-Dec. 7 Average based on figures for 7 months; no data available May-Sept. 8 Average based on figures for 9 months; no data available May-July. 9 Average based on figures for 10 months; no data available Jan.-Feb. Sources,—See BULLETIN for November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121. OCTOBER 1944 1033 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 LEGAL DIVISION CARL E. PARRY, Director WALTER WYATT, General Counsel BONNAR BROWN, Assistant Director J. P. DREIBELBIS, General Attorney GEORGE B. VEST, Assistant General Attorney DIVISION OF PERSONNEL ADMINISTRATION ROBERT F. LEONARD, Director DIVISION OF RESEARCH AND STATISTICS OFFICE OF ADMINISTRATOR FOR WAR LOANS E. A. GOLDENWEISER, Director COMMITTEE WOODLIEF THOMAS, Assistant Director EDWARD L. SMEAD, Administrator GARDNER L. BOOTHE, II, A ssistant A dministrator 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 Ageni FEDERAL FEDERAL OPEN MARKET COMMITTEE ADVISORY COUNCIL MARRINER S. ECCLES, Chairman CHAS. E. SPENCER, JR., BOSTON DISTRICT ALLAN SPROUL, Vice Chairman Vice President CHESTER C. DAVIS ERNEST G. DRAPER JOHN C. TRAPHAGEN, NEW YORK DISTRICT 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. LANGUM, Associate Economist ED. H. WINTON, DALLAS DISTRICT ARTHUR R. UPGREN, Associate Economist JOHN H. WILLIAMS, Associate Economist GEORGE M. WALLACE, SAN FRANCISCO DISTRICT ROBERT G. ROUSE, Manager of System Open Market A ccount WALTER LICHTENSTEIN, Secretary IO34 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve j Chairman1 President Vice Presidents Bank of j Deputy Chairman First Vice President Boston Albert M. Creighton Ralph E. Flanders E. G. Huh Carl B. Pitman Henry S. Dennison William Willett J. C. Hunter2 O. A. Schlaikjer New York. Beardsley Ruml Allan Sproul J. W. Jones J. M. Rice William I. Myers L. R. Rounds L. W. Knoke Robert G. Rouse Walter S. Logan John H. Williams A. Phelan V. Willis Philadelphia Thomas B. McCabe Alfred H. Williams W. J. Davis C. A. Mcllhenny3 Warren F. Whittier Frank J. Drinnen E. C. Hill C. A. Sienkiewicz Cleveland G. C. Brainard R. M. Gidney Wm. H. Fletcher B. J. Lazar R. E. Klages Reuben B. Hays J. W. Kossin K. H. MacKenzie A. H. Laning3 W. F. Taylor Richmond Robert Lassiter Hugh Leach J. G. Fry R. W. Mercer W. G. Wysor J. S. Walden, Jr. Geo. H. Keesee2 Edw. A. Wayne Atlanta Frank H. Neely W. S. McLarin, Jr. V. K. Bowman H. F. Conniff J. F. Porter Malcolm H. Bryan L. M. Clark Allan M. Black2 E. C. Harris Chicago Simeon E. Leland C. S. Young Neil B. Dawes John K. Langum W. W. Waymack H. P. Preston J. H. Dillard O. J. Netterstrom Charles B. Dunn A. L. Olson Alfred T. Sihler St. Louis Wm. T. Nardin Chester C. Davis O. M. Attebery Wm. E. Peterson Douglas W. Brooks F. Guy Hitt Henry H. Edmiston C. M. Stewart Minneapolis W. C. Coffey J. N. Peyton A. W. Mills2 Sigurd Ueland Roger B. Shepard O. S. Powell Otis R. Preston A. R. Upgren E. W. Swanson Harry I. Ziemer Kansas City Robert B. Caldwell H. G. Leedy L. H. Earhart Jos. E. Olson Robert L. Mehornay Henry O. Koppang Raymond W. Hall G. H. Pipkin C. O. Hardy D. W. Woolley3 Dallas Jay Taylor R. R. Gilbert E. B. Austin3 W. O. Ford J. R. Parten W. D. Gentry R. B. Coleman W. H. Holloway W. J. Evans L. G. Pondrom Sao Francisco... Henry F. Grady Wm. A. Day C. E. Earhart H. N. Mangels Harry R. Wellman Ira Clerk J. M. Leisner2 H. F. Slade OFFICERS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Federal Reserve Branch Chief Officer Branch Chief Officer Bank of Bank of New York. Buffalo R. B. Wiltse4 Minneapolis. . Helena R. E. Towle4 Cleveland Cincinnati B. J. Lazar5 Pittsburgh J. W. Kossin6 Kansas City. . Denver Jos. E. Olson* Rich toon d B C a h l a t r im lo o tt r e e W W . . T R . . C M le il m fo e r n d t 4 s4 O Om kl a a h h a oma City L G . . H H . . E P a ip rh k a in r 5 t6 Atlanta J N N B a i a e c r w s k m h s v i o O n i n l g r v l l h e i e a l a l m e ns J E P G o . . e e L o l P . . . B S T P . . . a F r V B o is a r e 4 t r a , d v J e e r m r . s 4 a 4 n, Jr.4 Dallas.. S E H a l o n u P s a A t s o n o n tonio J L W . . . L G . H . . H P H e o r o n m l d l a o r n o w n m a 6 6 y6 Chicago Detroit E. C. Harris5 San Francisco. Los Angeles W. N. Ambrose4 St. Louis. Little Rock A. F. Bailey4 Portland D. L. Davis4 Louisville C. A. Schacht4 Salt Lake City W. L. Partner4 Memphis W. H. Glasgow4 Seattle C. R. Shaw4 1 Also Federal Reserve Agent. 2 Cashier. 8 Also Cashier. 4 Managing Director. 6 Vice President. 8 Manager. OCTOBER 1944 1035 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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