Federal Reserve Bulletin, 1944-11

FEDERAL RESERVE ULLETIN NOVEMBER 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. GOLDBNWEISBR 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—Foreign Trade, Capital Movements, and International Reserves 103 7-1048 Goods and Dollars in World Trade, by Ernest G. Draper and Walter R. Gardner. 1049-1053 Loans for War Purposes, by Gerald M. Conkling 1054-105 5 Patterns of Wartime Borrowing in the United States, the United Kingdom, and Canada, by Harold L. Seligman 1056-1068 Ownership of Demand Deposits. . . . 1069-1076 Current Events 1076 Member Bank Earnings, First Half of 1944 1077 National Summary of Business Conditions 1078-1079 Financial, Industrial, Commercial Statistics, U. S. (See p. 1081 for list of tables).... 1081-1130 International Financial Statistics (Sec p, 1131 for list of tables) 1131-1143 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 1144 Senior Officers of Federal Reserve Banks; Managing Officers of Branches 1145 Map of Federal Reserve Districts 1146 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 lor 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME 30 November 1944 NUMBER II FOREIGN TRADE, CAPITAL MOVEMENTS, AND INTERNATIONAL RESERVES During the past fifteen years culminating money from the rest of the world—most of in the World War the international position it upon a relatively permanent basis. Forof the United States has undergone far- eign countries lost gold to the United States, reaching changes. In the process of assist- which added 15 billion dollars to its reing our Allies the American economy is serves in the period 193 4-1940. Neverthenow supplying an outflow of goods, not in- less foreign reserves are today far higher in cluding goods sent abroad to supply our dollar purchasing power than they were own troops, nearly five times as large in before the great losses of the 1930's occurred. This is attributable to the growvalue as in prewar years. Exports for foring volume of foreign gold production, diseign account are for the most part being hoarding by the public, the 69 per cent financed by simple book entry through increase in the dollar price of gold, and, Lend-Lease. If exports are to continue after more recently, the outpouring of American the war in a volume greatly exceeding that money abroad in connection with the war. of the prewar period, new peacetime mar- The wartime increase in foreign gold kets must be found and other methods of reserves has been supplemented by the financing must be substituted for Lendrapid expansion of dollar reserves in the Lease. It is not to be expected that in the form of balances in this country. Gold early postwar years exports of American and dollar reserves of foreign countries goods in such volume can be matched by amounted to some 17 billion dollars at the merchandise imports or foreign services. A end of September 1944, as compared withy major role will have to be played by Amerior 8 billion dollars in 19x8 before disintegracan capital. tion of the gold standard set in. This The nature of the capital movement bestronger reserve position abroad, together fore the war raises a question as to what with the Bretton Woods plans, if consummeasures will be necessary to prevent the mated, promises more ample resources and perverse flows that characterized the 1930's. more orderly financial relationships in the During that decade American investment postwar world. If this promise is realized, abroad, which had been on a great scale in the chances of maintaining a volume of the 192.0's, was reversed, and the flow of foreign trade commensurate with the heightforeign capital to this country mounted. ened productivity of the American economy The United States ceased to function as an in the postwar period will be greatly international lender, and, instead, drew strengthened. NOVEMBER 1944 T037 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH equipment of war, the flow of exports has WARTIME EXPORTS OF THE UNITED STATES been substantially enlarged. Since the middle of 1943 American ex- While this vast trade was building up ports have been running at the level of under the urgent pressures of war and about 14 billion dollars a year. Before the war the annual average was 3 billion despite the submarine, important regions dollars. The expansion is unprecedented. were placed temporarily beyond our reach. It is the product of a war that is being Most of the continent of Europe in the vigorously prosecuted in both the European period covered by the table was either ocand the Pacific theatres. As the ac- cupied by the enemy or blockaded. The companying table shows, exports to the same was true of the Malay States, the United Kingdom, the U.S.S.R., and the Netherlands East Indies, and other areas Mediterranean and African regions, which under Japanese control. The areas that before the war amounted to less than three- were largely sealed off from American trade UNITED STATES EXPORTS BY AREAS [In millions of dollars] Year ending June 30, 1944 Annual average 1936-1938 Lend-Lease Area Cash Munitions p I r n t o r d d i u a u l s c - ts p A r g t o u r d i r u c a u c l l t - s Total account Total c N u o l n tu a r g a r l i 1 - cu A l g tu ri r - al 2,693 1,066 1,100 4,859 499 234 265 U s S.R 1,785 1,094 610 3,490 49 49 (2) Africa, Middle East and Mediterranean Area3 1,250 276 117 1,643 214 179 35 China and India 502 224 72 798 117 102 15 Australia and New Zealand 269 197 15 482 100 88 12 2 U C 0 a n n a L a l a l d o t a i c n a t A ed merican Republics 24 7 4 0 2 1 8 8 (2) 16 528 88 8 A 45 1 K , 45 4 52 ? 49 9 2 8 1,0 4 4 4 5 8 4 5 8 3 4 7 8 3 14 3 9 3 4 3 7 4 6 1 Total 6,813 2,903 1,930 11,646 2,769 2,967 2,189 778 * Not available for publication; included in "Unallocated" in this column. 1 Includes small amount of agricultural re-exports. 2 Less than half a million dollars. 3 Coverage of Lend-Lease data and coverage of prewar data under this heading are not identical. 4 Estimated on the basis of published data for nine months ending March 1944. 6 If indirect Lend-Lease through Canada was relatively the same in the year ending June 1944 as in the period March 1941-June 1944, about 192 million dollars of Lend-Lease exports should be transferred from "Unallocated" to the areas listed in the table, and the same amount should be transferred under Cash account from Canada to "Unallocated." SOURCE.—Lend-Lease data from the President's sixteenth report to Congress; other data compiled from published statistical series of the Department of Commerce. quarters of a billion dollars a year, have had taken a billion dollars of our goods a grown to nearly 10 billion dollars. Ex- year in the period before the war. ports to China, India, Australia, and New The table showing these broad develop- Zealand have grown from about 2.00 million ments is necessarily limited in detail for dollars a year to nearly 1,300 million reasons of security. Most of the up-to-date dollars. Within the Western Hemisphere information concerning American foreign the expansion has been less striking. trade now given to the public is that which Nevertheless, there has been a tripling of is permitted to appear in the quarterly exports to Canada, this nation's second reports of the Lend-Lease Administration. largest customer in time of peace; and even While these reports are not detailed, it is to Latin America, which is predominantly possible on the basis of them to show the agricultural and which has not been ab- division of our Lend-Lease supplies among sorbed in producing the munitions and munitions and war equipment on the one 1038 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH hand and industrial and agricultural prod- agricultural component of our wartime trade ucts on the other. Foreign trade paid for can not be regarded as carrying a promise of in cash can not be similarly classified nor permanence. can the figures of shipments outside the WARTIME IMPORTS Western Hemisphere be shown by countries. Indeed, for purposes of the table it Merchandise imports to this country have has even been necessary to estimate exports also been stimulated by the war; but more to Canada and the twenty American Re- than half of the rise from the z.$ billion publics by projecting nine months figures. dollar average of the prewar years to the Nevertheless, it seems possible to say on the current annual rate of 4 billion dollars basis of the data that direct war equipment appears to be due to an advance in prices. comprises less than one-half of the great flow of goods for foreign use that is cur- FOREIGN TRADE OF THE UNITED STATES rently leaving our shores. The remainder is divided between industrial products, the use of which has been sharply stimulated by r—*— 1200 the war, and agricultural products. Agricultural exports represent a type of commodity that will be consumed in even larger volume in the postwar period; but there is little reason to believe that the world will continue to draw agricultural commodities from the United States on the present scale once the period of relief and reconstruction has passed. It is evident from the table that the United Kingdom is now taking under Lend-Lease alone agricultural products more than four times the value of our prewar shipments. The ab- Data derived from Department of Commerce. General imports and exports, including re-exports. Lend-Lease data from the Presinormalities are even more apparent in the dent's sixteenth report to Congress, through June 1944; from Commerce releases thereafter. case of the U.S.S.R., which in ordinary Final quarter estimated on basis of published data for July and August. times can largely feed and clothe itself. Output of agricultural products for domestic In the chart it is possible to trace three consumption will revive abroad, and other distinct stages of recent import history. agricultural exporting countries will regain From the middle of 1940 through 1941 imtheir positions in world trade. As the post- ports rose under the impetus of inventory war transition period passes it seems prob- accumulation and Government stockpiling. able that the basic trend in the export trade Continental Europe was cut off as a source of the United States from agricultural prod- of supply but imports from other areas ucts, in which this country had the strongest rose sharply. An extensive reduction in competitive position in the nineteenth cen- the flow of imports occurred with the start tury, toward those manufactures in which of the Japanese war, the cutting off of we now dominate world markets will reas- our Far Eastern sources of supply, and sert itself, and that from this standpoint the the intensification of submarine attacks. NOVEMBER 1944 1039 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH As antisubmarine measures increased in are to be accomplished without excessive effectiveness and the American rate of ship- shrinkage in the aggregate. American use building surpassed the rate of ship losses, of foreign shipping will help; but in view imports again began to rise. New sources of the unequaled merchant marine which of supply were developed, largely in Latin this country has created during the war, America and in Africa, for products American use of foreign shipping is unlikely formerly acquired in the Far East. To date to be greater than before the war even with the history of our wartime imports has in a greatly expanded trade. American travel considerable degree been that of displace- in foreign countries will also help, and can ment of important sources of supply by be counted upon to do so on a far more exothers at rising prices. While the heavy tensive scale than before the war. More military demand for shipping since D-day problematical is the question whether has been accompanied by a drop in imports, American capital will venture abroad again a rise of a more general and permanent char- in generous amounts, if governmental acter may be expected as new areas are assistance is not forthcoming. freed in Europe and Asia and more shipping becomes available. PREWAR CAPITAL FLOW How far the rise in imports carries and The last great period of American investwhether it can be sustained and increased ment in foreign countries, as the table in the postwar period will be one of the shows, was in the i^o's. During that determining factors in the future of this decade American capital flowed abroad in country's export trade. The ability of the form of security purchases, direct busiforeigners to buy civilian goods from the ness investments, and short-term funds. United States in the postwar period will Notwithstanding the backflow of amortizalargely depend upon their ability to get tion payments, nearly 3 billion dollars of command of dollars. At present the supply American capital moved out of this country of goods available for export is a limiting on balance in the two years 19x7 and 19x8. factor. The crucial test will come after the While Americans were buying foreign shortage of civilian goods in our own mar- bonds, however, foreigners were being kets begins to be relieved. Until then it attracted into our stock market and foreign may be necessary to continue the wartime central banks were accumulating reserves controls in many types of goods that here in the form of dollar balances. The foreigners as well as our own citizens will movement of foreign funds to the United want to buy. As reconversion is accom- States was irregular, but at times during plished, however, it seems unquestionable the decade it served as a substantial offset that the vast productive powers of this to the great outpouring of American country can be most effectively employed capital. only if a much greater foreign trade is In the second half of 19x8 Americans becarried on with the world than before the gan to lose their interest in foreign bonds as war. the domestic bond market tightened and Other factors than merchandise imports the stock market drove ahead toward its will help to put into foreign hands the climax in 192.9. Foreign investors, howdollars that will be needed if the great ever, put additional large amounts into postwar readjustments in our export trade American securities. The net outward 1040 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH movement of capital on all accounts from drawal of foreign short-term funds from the this country, which had been 1,2.00 million American market; but after that event the dollars in 19x8, fell to less than 300 million movement of foreign money turned heavily dollars in 192.9. By the end of 1931 the toward the United States and added its efworld-wide depression with its accompany- fects to those of the return flow of American ing financial crisis had come to overshadow funds. From 1934 through 1940, as the every other consideration. The movement table shows, the inward movement of of American capital into securities and busi- American capital from abroad was slightly INTERNATIONAL MOVEMENT OF CAPITAL TO THE UNITED STATES [In millions of dollars. Minus sign indicates net movement from U s.] Amerioin capital Foreigncapital Net Foreign Net pur- Short-term Foreign Year o i u n t f o f lo r lo w w Total securities A za m ti o o r n t s i- i D n i v r e e s c t t - in C t h s e a h r n m o g r e t- Total o s c f a h A l a e m s e ( e o - r ) i r - A za m ti o o r n ti s - funds p o ( u r - r ) c s h a o a l f e se New Other ments funds2 can securi- Official3 Other2 U. S. issues ties currency 1922 -815 -822 -666 -137 134 -153 7 „ 27 -20 * * * 1923 -78 -465 -317 (4) 82 -148 -82 387 4358 -20 -14 2 61 1924 -581 -994 -823 (4) 120 -182 -109 413 4205 -20 38 202 -12 1925 -676 -917 -824 (4) 221 -268 -46 241 4321 -20 17 -61 -16 1926 -307 -857 -921 155 296 -351 -36 550 115 -20 27 419 9 1927 -452 -1,336 -1,114 193 285 -351 -349 884 -30 -20 128 824 -18 1928 -1,195 -1,541 -1,019 -94 361 -558 -231 346 483 -20 97 -205 -9 1929 -282 -836 -415 105 276 -602 -200 554 378 -20 223 -33 6 Total -4,386 -7,768 -6,099 222 1,775 -2,613 -1,053 3,382 1,857 -160 516 1,148 21 1930 -777 -555 -775 405 300 -294 -191 -222 86 -20 -109 -184 5 1931 -443 756 -190 283 257 -222 628 -1,199 86 —20 -115 -1,157 7 1932 -221 478 -51 146 172 -16 227 -699 -6 -20 -270 -325 -78 1933 5-342 -13 -83 -120 123 32 35 -289 180 -15 -52 -331 -71 Total -1,783 666 -1,099 714 852 -500 699 -2,409 346 -75 -546 -1,997 -137 1934 5422 281 -17 105 114 -17 96 111 -15 12 139 -25 1935 1,508 540 -53 -50 185 34 424 968 335" -15 10 639 — 1 1936 1,208 232 -47 55 181 -12 55 976 615 -15 71 280 25 1937 877 321 -13 64 190 35 45 556 260 -15 163 151 -3 1938 441 67 -53 -10 87 16 27 374 72 -15 -5 307 15 1939 1,497 324 -53 64 93 9 211 1,173 -71 — 15 304 824 131 1940...... 6l,503 266 25 59 23 159 61,237 -231 -10 658 56 35 Total 67,456 2,031 -236 253 909 88 1,017 65,395 980 -100 1,213 2,396 177 * Figures not available. 1 Includes public offerings of American and semi-American corporations for foreign purposes (excluding discounts and refunding). 2 Includes changes in banking and brokerage balances and some additional short-term funds. 3 Through Sept. 21, 1938, figures represent official funds at the New York Federal Reserve Bank only; thereafter they also include funds held with commercial banks in New York City. 4 Foreign and domestic security transactions not shown separately for these years. Foreign security transactions for these years are, therefore, included with "Net purchase or sale of American securities." 5 Includes a 40 million dollar outflow in 1933 and a 30 million dollar inflow in 1934 to cover security arbitrage operations which could not be divided between foreign and domestic security transactions for these years. 6 Includes capital assistance and advance payments by the British Government amounting to 729 million dollars in connection with procuring war supplies in this country before the advent of Lend-Lease. SOURCE.—Data derived from 1 he United States in the World Economy, Department of Commerce, 1943, and condition statements of Federal Reserve Banks. ness investments abroad dwindled away to more than x billion dollars; and that of almost nothing and heavy withdrawals of foreign capital was about 5^ billion shorr-term funds from foreign countries dollars. Of the foreign capital nearly 1 began. The net movement of American billion dollars represented net purchase capital as a whole turned inward. of American securities. All of this was Until the devaluation of the dollar in acquired in the years of stock market January 1934 the return flow of American advance (193 5-1937) just as in the earlier funds was more than offset by the with- period of 19x8-19x9; and, as in the earlier NOVEMBER 1944 1041 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH period, the subsequent stock market re- the later 'thirties suggests that the bulk lapse brought no net liquidation. Liquida- of the il/i billion dollars was acquired for tion occurred only after the outbreak of the other than commercial reasons. What World War forced the British Government would have happened to them had the war to take over the dollar securities of its not intervened with the vesting of private citizens and to convert many of them into dollar assets by foreign monetary authorcash for war purchases. ities and the freezing operations of the Another portion of the 5 )4 billion dollars American authorities is difficult to deterrepresented the accumulation of dollar mine. The fact that stands out is that the reserves by foreign central banks and gov- greater part of the recorded capital inflow ernments. Holding dollars was often more °f 7 Ms billion dollars in the period 1934 convenient and, when Treasury bills were through 1940 was of a different and more bought, more profitable than holding gold. permanent character. It represented Amer- Balances accumulated by foreign monetary ican money that had come home to stay, authorities during the period amounted to or foreign investments and official funds i,xoo million dollars. Yet another por- that were accumulating in a world financial tion, amounting to over 700 million dollars, center of increasing scope. represented capital assistance and advance payments of the British in connection with INTERNATIONAL MOVEMENT OF CAPITAL procuring war supplies in this country be- BILLIONS OF DOLLJ fore the advent of Lend-Lease. About 2.3^ billion dollars of the total recorded capital inflow of 7^ billion on both American and foreign account represented the movement to the United States by foreigners of private short-term funds. Most of this short-term money was of the sort that shifts easily from one financial center to another under the impact of political and economic uncertainties. Some part of it undoubtedly came here to restore working balances that had been reduced in the period when the dollar was depreciating on the exchanges before definitive devaluation had 1922 1924 1926 1928 1930 1932 1934 1936 1938 1940 occurred, and the subsequent expansion of Data derived from The United States in the World Economy, Debusiness activity must have created a partment of Commerce, 1943. need for additional working balances. It should be noted that during this period But the fact that most of these foreign short- the "unexplained items" in our official term funds accumulated either during the balance of payments were unusually high. crisis which the so-called gold-bloc coun- In the aggregate they amounted to 3^ tries—France, the Netherlands, Switzer- billion dollars for the entire period 1934land, and Belgium—experienced after de- 1940. Capital movements that escaped valuation of the dollar or during the suc- the reporting system undoubtedly concession of war scares that characterized tributed to this figure, including funds of a 1042. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH volatile type. The most concrete evidence, to capital movements. Indeed the Fund however, that we have as to the nature of might require controls to be applied by a a portion of the unexplained items is that member coming to it for assistance. refugees coming over here, or corporations The greater problem will be to revive the establishing special agencies, shifted sub- flow of productive capital from the United stantial sums in this country from foreign States to the areas where it is needed. Dito domestic ownership. These sums trans- rect investments to spread the range of ferred to the American community ceased American business enterprise will undoubtto be part of the international capital ac- edly be in evidence immediately after the count. To a considerable extent refugee war. Countries with strong credit standing transfers have either been spent or will re- will also be able to borrow in the American main in the American community. Corpo- market. The recent 100 million dollar ration funds may have somewhat more credit to the Netherlands by a group of tendency to return abroad again after the New York banks, while it is short-term war. and backed by gold, is an indication of possibilities in this direction. Nevertheless, LEND-LEASE AND OTHER DEVELOPMENTS the almost negligible amount of American The introduction of Lend-Lease opera- lending abroad in the 1930's suggests the tions early in 1941 opened up a completely limitations that may be encountered in the new phase of international finance. The uncertain postwar period unless American rapidly mounting volume of war exports investors can be assisted at the outset by was handled by simple bookkeeping opera- some measure of Government protection. tions. Services such as ship-repair were The International Bank for Reconstruction supplied on the same basis as were certain and Development proposed at Bretton construction operations. From the be- Woods was designed to provide such asginning of the program through June 1944, surance. Most of the operations of the more than x8 billion dollars of Lend-Lease Bank would be in the field of guaranteeing assistance has been granted to the countries loans which otherwise the private capital that are helping us fight the war. Over 2.1 market would not be prepared to make on billion dollars of this is reflected in our terms which the Bank regards as reasonable. merchandise export trade. As Lend-Lease operations taper off after SHIFTS IN GOLD RESERVES the war, however, the question of the direc- Foreign countries will enter the postwar tion of the capital flow will again assume period much better supplied with gold and major importance. In one respect a change dollar reserves than they were before the from the 1930's seems probable. Move- breakdown of the gold standard in the ments of foreign capital to the United States 1930's. As a group they will be able to in disturbing amounts or for unproductive meet larger deficits in their international purposes are likely to be greatly curtailed. transactions with the United States, should Foreign countries have had extensive ex- such deficits occur, without resorting to perience with exchange controls during the currency depreciation or exchange control war, and there is nothing in the plan for an or drastic measures of internal deflation. International Monetary Fund devised at It is estimated that by the end of September Bretton Woods that would prevent the 1944 foreign countries had gold and dollar continued application of these controls reserves of some 17 billion dollars, as NOVEMBER 1944 1043 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH compared with 7 or 8 billion dollars at the States in the 1930's is partially shown in close of the 192-0's. How it came about that the table on this page and that on page 1046. The first period in the tables (January FOREIGN GOLD RESERVES BY COUNTRIES SINCE 1918 192.9-January 1934) covers the general dis- [In millions of dollars—round figures] integration of the gold standard. Most Increase or decrease (—) countries outside the gold bloc, composed of Amount Country A o a m f t o 1 e 9 u n 2 d n 8 t 1 J J 9 a a 2 n n 9- . . J 1 3 a 9 1 3 n , 4 . 1 D F 9 e e 3 b c 4 . . - S 1 J e 9 a p 4 n 1 t . . - a S t 1 e 9 o e p 4 f n t 4 . d F B r e a l n g c iu e m , , S w w i e t r z e e r i l n a v n o d l , v e t d h e i n N e e x th c e h r a l n a g n e d s d , e a p n re d - 1934 incre- 1940 1944 ment ciation or exchange control before the dollar period was finished. The pressures first At $ o 2 u 0 n .6 c 7 e an value At $35 an ounce became acute in the raw material countries All foreign toward the end of the 19x0*5. Prices for countries 6,310 2,200 5,885 -5,600 *5,590 United Kingdom.. 750 2680 990 -2,125 * * their exports had been slowly declining even France 1,255 1,765 2,090 3-3,110 42,000 before the 19x9 crash; and in the latter half Switzerland 105 285 270 -155 530 1,035 Netherlands 175 195 255 -10 -115 4500 of 192.8, as has been noted earlier in this re- Belgium 125 265 270 85 4750 view, American loans abroad began to con- Germany 650 -560 60 -125 * Italy 265 105 260 -515 * tract. The pressures on the raw material Spain 495 -60 305 5-695 60 4105 Japan 540 -330 145 -195 countries are reflected in the accompanying A La u t s i t n r a A li m a erica 9 1 2 1 0 0 - - 1 5 0 5 5 5 255 2 6 1 - 3 1 0 1,4 * 75 2, * 220 table in the experiences of Australia, Japan, Argentina 605 -370 165 30 505 ^40 and the Latin American group—particu- O B M r t e h a x z e i i r c l o 1 1 6 5 5 0 0 -1 -4 5 5 0 2 80 5' 5 3 2 0 5 0 (8 2 1 ) 4 7 5 5 (8 7 ) 2 2 9 2 5 0 larly Argentina and Brazil. As the depression deepened major coun- ^outh Africa 40 45 60 225 415 9780 1* iu ) - k e e d y en 65 3 1 5 0 7 1 0 0 -1 7 0 0 2 1 9 3 5 0 4 2 5 2 5 0 tries became involved in financial crisis. Other countries10.. '"825" 410 845 825 900 3,805 Germany, England, and the United States Those gaining 530 845 940 950 Those losing -115 — 115 —50 all held large amounts of short-term balances due to foreigners, and runs de- * Not available. 1 Aggregate foreign gold reserves Sept. 30, 1944, estimated by adding to Dec. 31, 1940 amount the amount of subsequent world gold out- veloped on each of these countries in sucput and the decline in U. S. gold reserves. 2 Includes broad estimate of 500 million dollars for gold in Ex- cession. Germany was forced completely change Equalization Account. The Account financed its gold purchases largely by Treasury bills, and the estimate, which indicates off the gold standard and adopted exchange only the possible order of magnitude, employs mostly Treasury bill data. control. Most of its gold was exhausted 3 Omitting French Exchange Stabilization Fund holdings which on May 31, 1939, the last date published, amounted to 477 million dol- in this period. England stopped short of lars. Other evidence indicates that these holdings subsequently declined. 4 Figure for end of June. exchange control but allowed sterling to 5 Figure for 1940 not reported; based on reported figure at end of 1941 for Spain and April 1940 for Australia. depreciate. With the readjustment of ster- 6 Figure for December 1943, the last date for which total gold holdings have been published. An estimate of Argentine gold reserves as ling, money began to flow back to England of the end of September 1944, derived from published and unpublished data, is included in the figure for total Latin America. and that country ended the period with gold 7 Figure for end of July. 8 Data unpublished or not fully up to date, but estimates for these reserves substantially higher than before. countries are included in the total for Latin America. 9 1 0 F I i n g c u lu re d e fo s r e s e t n i d m o a f t e A fo u r g u U s . t S . .S.R. based on reported reserve of 839 The United States was in the strongest posimillion dollars in September 1935 adjusted for estimated gold production in U.S.S.R. and gold imports from U.S.S.R. reported by other tion of the three with a foreign trade surplus countries; includes also, in addition to regular reports, estimates of some unreported gold holdings of other countries not separately classi- and ample gold reserves. But its gold fied. NOTE.—For definition of gold reserves, figures for reserves of acquisitions for the period as a whole would United States and world, and source of increase see table on p. 1046. have been considerably greater had the foreign reserves grew in such an extraordi- heavy withdrawals of foreign funds not nary fashion notwithstanding the heavy occurred. and recurrent gold flows to the United The funds withdrawn from the United 1044 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH States were mainly gold-bloc funds; and the trade were paid for in cash. Cash exports gold bloc also participated in the with- outside Lend-Lease were insufficient to offdrawals from England and Germany. Over set them. Finally, as American troops -LYI billion dollars of gold was added to the assembled abroad in great numbers, military holdings of this group during the period— pay and other expenditures not coverd by the greater part of it going to France. reverse Lend-Lease began to pile up dollars The international strength of the gold in foreign hands. bloc, however, proved only temporary. From the beginning of 1941 through After devaluation of the American dollar September 1944 foreigners acquired over in January 1934 the gold bloc stood almost 5 billion dollars of gold while United alone on the gold parities of the ICJXO'S. States stocks fell by more than 1 billion. As its position became increasingly in- Most of this shift has occurred in the last secure, a series of capital flights occurred three years. In fact from their peak at the which carried gold in large amounts to the end of October 1941 just before the United United States. The movement was broad- States entered the war United States gold ened to other countries and intensified by reserves have declined by 2. billion dollars war developments. Italy became involved to xi billions. Foreign governments and in war in 1935 and Spain in 1936, and by the central banks on the other hand have added close of the period 193 4-1940 the war in not only to their gold stocks but to their Europe was in full course. In addition the official dollar balances as well. At the end American stock market and the growing of June 1944 such balances amounted to more export surplus on merchandise account drew than 3 billion dollars, 2. billion of which had gold to the United States. United States been acquired since the start of 1940. Altogold reserves rose by 15 billion dollars in gether foreign countries have added some the period February 1934-December 1940 7 billion dollars to their gold and dollar while foreign reserves declined by over 5 reserves during this phase of the war. The billion dollars. As the table shows, the increase has been shared by many countries largest losses were experienced by France, that before the war were relatively weak the United Kingdom, Spain, and Italy. in reserves. Much of the world was on an exchange control basis during this period and most coun- FACTORS OF GROWTH: GOLD MINING AND tries allowed their currencies to fall in REVALUATION relation to the dollar—otherwise the gold While it is clear that the great gold losses would undoubtedly have been larger. acquisitions of the United States have at After Lend-Lease went into operation in times seriously threatened the reserve posi- March 1941, the foreign world as a whole tion of particular foreign countries, they ceased to lose gold. The mounting tide of have never had more than a partial effect American exports was handled by book upon the foreign reserve position as a entries. By the end of 1942. the balance of whole. Powerful forces have been at work international trade outside Lend-Lease oper- building up the world's gold stock. The ations had turned adverse to this country. two major forces are the mining output Goods stockpiled abroad and heavy imports of gold and the revaluation upward of from Canada, Latin America, Africa, India, its monetary value per ounce. They are and other areas of the world still open to closely interrelated. NOVEMBER 1944 1045 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH The table shows the immediate effect of terms of gold. As regards the purchasing the increased price of gold that accompanied power of the dollar in terms of world comdevaluation of the dollar in 1934. Devalu- modities, the same comment can be made. ation followed a few months in which this Notwithstanding devaluation, its purchascountry was buying foreign gold at steadily ing power over most products was greater rising prices. It might have been expected at the end of the 1930's than at the bethat the increase in the dollar value of gold, ginning and in terms of the general average which occurred from November 1933 to it was substantially higher. January 1934, would be offset by a corre- The effects of revaluation on the intersponding shrinkage in the value of the dollar national gold position were far-reaching. in terms of foreign currencies or commod- They are evident both in the table and in the ities. There is little, however, to substantiate this viewpoint, taking the period WORLD GOLD OUTPUT, REVALUATION INCREMENT, AND UNITED STATES GOLD RESERVES SINCE 1913 as a whole. Whether the value of the 8 20.67 AN OUNCE THROUGH JANUARY I! BILLIONS OF DOLLARS 5b CENTRAL GOLD RESERVES AND SOURCES OF INCREASE [In millions of dollars] 30 Sources of Central gold reserves increase wORLD GOLD CUTPUT Period United Gold Other 25 AND (C F U E M V U A L L A U T A IV T E IO S N INC N E C R 19 E 1 M 3) E NT j / States Foreign Total du p c r t o io - n sources Amount at end of 1928.. 3,745 6,310 10,060 20 / i y Increase Jan. 1929-Jan. 1934 470 2,200 2,670 2,360 310 (/ / /U R S ES E G R O V L E D S Jan. 31, 1934 revalua- 15 1 / tion increment in dollar value 2,805 5,885 8,690 8,690 R I E N V C A R L E U M A E T N O T N J / Increase or decrease (—) IN W R O ES R E L R D V G ES OLD 1 Feb. 1934-Dec. 1940.. 15,020 -5,600 9,415 8,485 930 Jan. 1941-Sept. 1944..-1,215 5,590 4,375 4,375 10 1 / Amount at end of Sept. 1944 20,825 14,385 35,210 lR|NC A R L E U M A E T N IO T N NOTE.—Before January 1934 gold is valued at $20.67 a fine ounce; thereafter at $35 a fine ounce. Central gold reserves are those of central banks and governments. Gold coin and bullion held by others is not included. For further details on foreign reserves see table on 0 p. 1044. Gold production figures include estimates for U.S.S.R. and 1915 1920 1925 I93O 1935 1940 small producing areas for which up-to-date official reports are not available. Figures for world gold output are from U. S. Mint reports for period 1914-40 and from Federal Reserve BULLETIN data or estimates thereafter. U. S. gold reserves, taken from U. S. Treasury circulation dollar is measured in terms of other cur- statement, are those of Treasury and Federal Reserve Banks only. Gold coin in circulation is not included. World gold reserves of cenrencies or in terms of its commodity pur- tral banks and governments at the end of 1913 were 4.9 billion dollars. chasing power, it stood as high at the end of chart. The dollar purchasing power of the turbulent decade of the 1930's as it did foreign gold reserves was immediately inat the beginning. Despite devaluation, creased by 5.9 billion dollars. This was a the exchange value of the dollar rose during somewhat larger amount than foreign the decade in terms of the great majority of countries lost to the United States in the foreign currencies. The only important succeeding period of 193 4-1940. Without currencies in terms of which it declined it a number of the more important countries significantly were those of the Netherlands, would have had to call a halt to the gold Switzerland, and Belgium and even in these outflow much earlier. The United Kingcases the exchange depreciation was far dom, for instance, lost far more in the Febless than the devaluation of the dollar in ruary 1934-December 1940 period than its 1046 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH total gold stock on the old valuation. So factors were and how much each accounted did Italy and Spain; and France lost the for it is not possible to say. The figures equivalent of its entire stock. Without re- given for them in the table are residual valuation, shipments of gold in the same items. They represent the difference bedollar magnitude from these countries tween the changes shown in monetary rewould have been a physical impossibility. serves and the amount of world gold pro- The effects of revaluation were not duction . Any error in the figures for reserves limited, however, to the accumulations of or production would be reflected in the the past. As the chart shows, the output amounts attributed to "Other sources," and of the mines has been a continuous source since there is a possibility of errors in several of growth in gold stocks of the world and cases where scattered reporting dates or of the United States. In 19x9 world gold estimates are involved, too much reliance production was about 400 million dollars. should not be placed on the exact figures. It had fluctuated between 3x0 million and The figures can largely be explained, 470 million dollars a year during the however. While the use of gold in denpreceding quarter of a century. The de- tistry, the arts, or for industrial purposes pression of the early 'thirties and the higher would constitute a deduction from moneprice of gold in terms of sterling and tary stock, commercial consumption was numerous other currencies was already stim- low in the slack years of the 1930's. Meanulating mining output when the sharp while the amounts of gold turned in to increase in the dollar price from less than the monetary authorities by the public $zi an ounce to $35 stimulated it still in several countries were substantial. further. Both physical output and the Under the stress of depression and with the value of each ounce produced rose. The inducement of the higher sterling price of dollar value of annual gold production gold the Indian public dishoarded 430 reached a peak of over 1,400 million dollars million dollars at the old dollar valuation in 1940 and 1941 before war demands for in years 1931-1933 and about 750 million men and equipment began to contract out- dollars in the following six years at the put. This was a full billion dollars a year new valuation. Our own citizens were rein excess of the annual value produced in quired by law to turn in their gold coins in the 192.0's. As year after year it flowed 1933. In 1935 at the time of the Ethiopian into monetary stocks it enabled great war the Italian people turned in their wedadditions of gold to be made to this coun- ding rings and other gold at great public try's holdings without a corresponding rallies to assist the Government in meeting effect on foreign gold reserves; and during war needs. At the outbreak of the World the w^ar, when the United States was losing War in 1939 private holdings of gold were gold, it fed foreign reserves in a steady mobilized in several countries. Throughstream all over the world. out the decade, however, there had been new hoarding of gold from time to time OTHER FACTORS by those who acquired it on the London The table shows that factors other than market or elsewhere. The figure in the gold production and revaluation were at table, therefore, of 1^40 million dollars for work, but that their net result was rela- total net receipts from sources other than tively limited. Precisely what these other gold production and revaluation in the NOVEMBER 1944 1047 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH years 19x9-1940 does not appear unreason- Fund proposed at Bretton Woods permits able. full use of the experience which most coun- No figure is given in the table for "Other tries have now gained in the control of sources'' in the period January 1941-Septem- capital movements. The Fund would also ber 1944. During this period gold has been provide a mobile reserve of currencies sold to the public in both the Near East to which all members would contribute and Asia to combat inflation and to obtain and which could be made available to any local currencies needed in the prosecution of member for meeting trade deficits until the war. There has also been industrial corrective measures become effective. This consumption of the metal. It follows that mobile reserve could be massed at any additions to reserves of central banks and danger point and would powerfully reingovernments during the period have not force the position of any member whose been quite as great as the table indicates. independent reserves were proving inade- It can be estimated, however, that foreign quate to meet the drain. gold reserves at the end of September 1944 With measures of capital control abroad, were some 14 billion dollars which, to- with foreign reserves more ample than they gether with official dollar balances of about have ever been before and supplemented by 3 billion dollars, gives a total of 17 billion the resources of the International Monetary dollars of gold and dollar reserves. Also, Fund, if that institution comes into being, these reserves were growing and were more there will be grounds to hope for some widely distributed than the 7 or 8 billion degree of stability and freedom in interdollars that foreign countries possessed on national exchange relationships in the postthe eve of the financial crisis of the 1930's. war period. How great a degree of sta- While the 1940's and the 1950's may be bility and freedom—and in particular how decades in which world trade will be sub- great a volume of American export trade— ject to unpredictable stresses arising out will depend on the success that the United of the great distortions of the war, one of States achieves in moving toward a full the factors—namely, disturbing capital production economy at home and in pursumovements—that played so prominent a ing on the international front policies that part in overturning the international bal- encourage American imports of foreign ance in the 1930's will almost certainly not goods and services, and that facilitate be permitted to play that role on the same American investment in all parts of the scale again. The International Monetary world where it will prove productive. 1048 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOODS AND DOLLARS IN WORLD TRADE* by ERNEST G. DRAPER, Board of Governors WALTER R. GARDNER, Chief, International Section During the war the United States has become economic causes of war, and we shall also raise the world's greatest exporter of goods. We are our own standard of living. The solution will currently exporting about 14 billion dollars of not, however, come easily. It may be blocked American products a year. This is possible by old prejudices or new fears unless the Amerilargely because of the war. The chief compo- can people see clearly the path of their greatest nent is munitions—planes, tanks, trucks, guns, advantage. and ammunition that our allies must have to fight their battles and assist our armies to the LEND-LEASE AND UNRRA full. But a surprisingly large portion of what The movements of exports abroad under we are exporting is of a more familiar character, Lend-Lease will cease with the ending of the war products that are necessary to keep entire unless some arrangement is made for its coneconomies functioning abroad so that all may tinuance. An arrangement for financing on a play their part in this total war. We are send- long-term basis those Lend-Lease goods which ing vast amounts of food, oil, metals, machinery, are already in process of manufacture and which railroad supplies, and other products of the type could serve civilian needs abroad might keep up that characterize peacetime trade. In the exports of this type for a limited period. In sixteenth Lend-Lease report which the President addition, there will be the supplies financed recently submitted to Congress occurs this by the United Nations Relief and Rehabilitation statement: Administration, to which the United States is contributing 1,350 million dollars. But all that "The war has introduced American products to other countries in a volume and UNRRA or Lend-Lease shipments of the sort variety never approached before. After described could make available will equal only the war these countries will want to con- a fraction of our wartime exports. And even tinue to obtain many of these products by this fraction would prove temporary. Other buying them. American industry will have and more permanent means of buying goods in a greatly expanded foreign market, provided that our international economic policies the United States must be found. make it possible for these nations to pay for their purchases.'' INTERNATIONAL MONETARY RESERVES AND THE FUND Not only will the rest of the world be more It is an element of strength in the situation familiar with our products than ever before but that foreign countries will have much larger after this most destructive of all wars there will reserves available for international use than they be a more urgent need than ever for our products had before the breakdown of the gold standard throughout the world. As Lend-Lease disapin the 1930's. It is estimated that their treaspears from the picture, the problem of how uries and central banks now have gold and dol- Europe and other foreign areas can obtain the lar balances amounting to some 17 billion means to continue their purchases of American dollars, and the amount is growing. In 19x9 products will arise in all its forms. If the they had only 7 or 8 billion. The difference is problem can be solved in such a way that we can due in part to revaluation of the dollar and in maintain a peacetime trade commensurate with part to accumulations during the intervening our war achievements, we shall continue to years. These international reserves may have meet the needs of the world, to diminish the to be used freely in the process of restocking and * This is a personal statement and, in no sense, represents an official reconstructing countries that have been bled opinion of the Board of Governors. NOVEMBER 1944 1049 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOODS AND DOLLARS IN WORLD TRADE white by the war. Such countries will have to or a one-way use of the Fund would be undesirdraw on outside sources of supply until they able in the long run as a means of financing our have regained their power to meet their own exports to the world, even if such a flow would needs more adequately and to export to the not inevitably reach its end in exhaustion of the world to pay for the imports that they still world's free reserves and the Fund's resources. require. During this period it is possible that substantial drafts will be made on the Inter- INTERNATIONAL INVESTMENT national Monetary Fund, if it is established. Longer-term financing can properly be sup- It will supply temporary resources to members plied by means of dollar investments abroad. which, under the exceptional circumstances of These would put money in the hands of foreignthe time, find their international reserves inadeers for extended periods of time and enable them quate. Even countries less seriously affected, to purchase goods in the American market. like the Latin American group, may be ready to In the 192.0's such investments rose to more than see their reserves used to enable their people to one billion dollars a year, but the experience of fill long-deferred wants for American consumer the 1930's and the dislocations of war are likely goods, such as automobiles and refrigerators, to make American investors distrustful of foreign and to purchase equipment for industrialization. credit for some time to come. Countries like But all of this is limited. International re- Canada will be able to borrow on advantageous serves and the Fund can not be drawn upon terms; but the main channel of unassisted private year after year to finance a country's import investment abroad in the postwar period is likely needs, just as few individuals can draw upon a to be in subsidiaries or controlled companies bank account that is never replenished to meet through which the business of the parent comtheir living expenses for the rest of their lives. pany can be extended and the management and Not only would the foreign resources give out, technical skills necessary to make the investment but the United States would have every reason a success can be supplied. This type of investto feel that it was getting a doubtful bargain. ment, which largely takes the form of equity It does not need additional gold. Its zi billion interests, has a further advantage in that it dollars of gold reserves are greater than those adapts itself to the swings of the business cycle. of all the rest of the world put together. Do- During depression, earnings are low; dividends mestic circulation of gold is now prohibited. to the parent company decline and bear less The law requires the Federal Reserve Banks to heavily in the exchange market upon the hardhold a certain ratio of gold certificate reserves pressed currency of the debtor. Prosperity against notes in circulation and deposits, but earnings, while large, are easy to transfer. In our Government can alter this ratio, if necessary, contrast to this flexibility, bond contracts call as other Governments have done, when it fails for the same payments through thick and thin to keep in step with the developing economic and are therefore more likely to cause distress situation. The only economic need of the and end in default. country for gold today is for purposes of inter- There is, however, little chance that private national settlement, and for this purpose we investment in any form will be on an adequate have a redundant supply. An international scale after this war unless it is assisted by official balance of payments which would force this agencies. The International Bank for Reconcountry to take more gold would be contrary to our interest unless the gold came to us for a struction and Development proposed at Bretton limited period only and we were presently able Woods is designed to supply funds for basic to turn it back for foreign goods that would construction. It would finance roads, railraise our standard of living. This being so, a ways, communications, power resources, and chronic one-way gold flow to the United States other fundamental projects in hopes that fac- 1050 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOODS AND DOLLARS IN WORLD TRADE tories and business enterprises financed by that their full potential benefit to the American private capital would follow. The Bank itself people can be realized. would employ private capital—partly by issu- With trade should be included services. ing its debentures to the market, partly by Whether we are paid in goods consumed at guaranteeing private loans. The Bank's obli- home or goods consumed by our tourists abroad gations in turn would be guaranteed by all the makes little economic difference. Transportamember governments to the extent of their tion confers as real a benefit as merchandise. participation in the Bank; and in addition loans When the term "trade" is used in this discussion to each country would have the credit of the it should be understood generally to include Government of that country or its central bank both trade and services. behind them. With such a setup public and Whether the foreigner can get from trading private investment might be started on an ade- with the United States the dollars needed to quate scale. Even before the International realize our postwar export possibilities, whether Bank could start operations—and Congress, of we can maximize our standard of living through foreign trade, is an unanswered question of the course, would first have to sanction its existence future. In the immediate postwar years it is —the Export-Import Bank will undoubtedly be clearly impossible. Lend-Lease, UNRRA, inequipped to lend, in its own particular field, on a dependent reserves, the Fund, and the official greater scale than in the past. banks should all play their role in meeting that International lending, however, can not special situation. Looking to the longer fuindefinitely and singlehandedly supply the dolture, however, it seems probable that an enorlars that foreigners will need for purchases of mous American tourist trade will build up American goods on an expanded scale. Unless which will scatter dollars all over the world. the loans increase progressively year by year, Whether or not our commodity imports will service on earlier loans will gradually overtake supply the remaining dollars needed will depend new issues, and in the course of time will actuon a number of factors. ally reverse the accounts. This may not happen One of these is the tariff. The steady progress for a generation. In the meantime the lending of the trade agreement program is widening the will have played a highly significant role both field for foreign trade by modifying not only in supplying dollars directly and, if it has been tariffs but quota restrictions, preferences, and properly placed, in building up the exporting other barriers to trade as well. The whole power of the borrowing countries. But this commercial policy program is fundamental. exporting power of the borrowing countries But because trade controls affect the profit posiis the real source from which the dollars must tion of individual commodities, it is necessary be obtained to carry on current trade and repay to exercise great caution. Adjustments can not the loans. In the end we are thrown back on be forced too fast without widespread unsettletrade itself as the one great recurrent factor that ment and loss of the very productivity which is will enable foreigners to go on buying our goods the aim of the program. on an increased scale after this war. Another factor will be the pattern of exchange rates which comes into operation after the war. TRADE AND SERVICES Whether a country's competitive position is This ultimate reliance on trade is as it should strong or weak in world markets depends on be. It is only as we get goods for goods that whether its costs converted into the currencies we add to our standard of living. Loans give of the markets in which it sells are lower or us future claims and in the process raise the higher than the costs of its competitors similarly productivity of the foreign market; but it is converted. The exchange rate plays a vital only as these loans come back to us in goods role. Perhaps the best opportunity that we NOVEMBER 1944 1051 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOODS AND DOLLARS IN WORLD TRADE have had for a generation to get the foreign strong tendency toward an import surplus, such world into the right market relationship with as might accompany repayment of international the United States will occur in the transition loans, should be regarded with apprehension. from war economies to peace. Old parities will It might create unemployment where previously have lost their force. It will be to the interest none existed. of the United States that the new foreign ex- This viewpoint has great force when the change rates be fixed at a level which will permit country is dealing with an emergency such as effective competition in the markets of the that of the early 1930's. In such circumstances world. Only as this takes place can we hope to existing jobs must be maintained no matter be paid in goods for the resources we export what the long-range implications. But in abroad; and unless our trade is ultimately of this planning for the longer future this position is character, it will neither add to our standard of hardly tenable. If exports are merely a workliving nor be able to sustain itself at a high level. creating project, then their purpose can be It will merely add to our redundant gold stocks accomplished with greater advantage to this so long as foreign reserves hold out, and it will country by remission of taxes or by expenditures be restricted in the end by direct controls of on well-conceived projects at home. If it is trade and the formation of trading blocs which safe for the Government to stimulate employmark the beginning of economic warfare. ment by buying foreign gold and thus increasing foreign purchasing power, then it is equally DOMESTIC EMPLOYMENT safe for it to use the money to increase purchas- The principle that the United States should ing power in the hands of Americans. From take foreign goods rather than gold is much the point of view of inflationary pressure there easier to accept in theory than in practice. The is no choice between the two methods. But the difficulties will begin when the abstract princi- domestic program has the lasting advantage of ple is applied concretely to farmers and business- keeping American products for the use of the men; for application of it will mean that in a American people rather than passing them out number of specific cases our exporters will find to others in exchange for unwanted additions it harder to compete abroad and Americans to our gold stock. producing for the home market will encounter What is stated here is not an argument for more foreign competition. Furthermore, there refusing to purchase foreign gold. That would has developed in recent years a viewpoint among rend the fabric of international exchange stabilsome economists that is more subtle than the ity. It is an argument for the adoption of such familiar arguments that cluster about the tariff policies on the international front as will balance and exchange rates. our position and remove the need for sending This viewpoint is that until we attain reason- foreign gold here. We should not be deterred ably full employment it is helpful to have a from pursuing these policies by fear that the surplus of merchandise exports. Even though acceptance of foreign goods in sufficient amount we have redundant gold reserves and the export to balance our international position would surplus brings us more gold, the transactions curtail domestic employment. On the contrary, are deemed to our advantage because they create to fail to do so will hurt the American standard employment. The familiar argument that ex- of living. ports are good in themselves because they make While this can be said regardless of whether work, and imports are bad because they compete or not we have full employment, it is apparent with the products of domestic labor, is adopted that a domestic program which carried reasonand fortified with all the refinements of modern able assurance that unemployment would not economic theory. Indeed it is suggested that again be permitted to develop on a substantial even with reasonably full employment any scale in this country would be of inestimable IO52. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOODS AND DOLLARS IN WORLD TRADE help in getting American farmers and business- port would not last long and even before its men to accept the sort of readjustments in our collapse would be harmful to all the countries foreign trade that will be necessary if a sustained concerned. gold inflow is to be prevented. Once assured Monetary reserves and the International that the economic outlook is favorable, they Monetary Fund can play a constructive role if might be ready to see our tariff duties steadily they are properly used. Representing as they lowered and exchange rates placed at levels at do resources that can be brought immediately which foreign enterprise could offer effective into play to tide over temporary difficulties, competition in the markets of the world. Morethey permit the maintenance of day-in dayout over, a full production economy in the United stability of currencies and create an atmosphere States would directly swell our demand for favorable to trade. But the main engines of an foreign imports, since most of the commodities expanded world trade are bound to be the we import from the world are materials for instrumentalities of international lending and further processing. From every point of view liberal commercial policies—particularly a polan adequate domestic program must remain the icy on the part of the United States which will paramount need of the American people. permit other countries to pay their debts to us Domestic considerations should not, however, and pay for the goods they purchase in our blind us to the fact that we are now inextricably markets by means of the proceeds of the goods bound up with the world politically and ecoand services that in their turn they sell here. nomically. Broadly speaking, productive in- From such a world trade, in which our participaternational transactions nourish our own tion would reflect more the mighty accomplisheconomy as well as those of other countries. ments of the war period than the years of inter- Our aim should be to build the kind of international unsettlement that preceded it, the national trade that can sustain itself without United States would emerge with major gains draining away reserves from the countries which need them to the countries which are surfeited. in terms of national well-being and better assur- A trade dependent on this artificial type of sup- ance of world peace. NOVEMBER 1944 1053 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LOANS FOR WAR PURPOSES by GERALD M. CONKLING Division of Bank Operations Loans for war purposes by all commercial Reserve Banks have constituted an increasing banks in the United States amounted to an proportion of total war loans. estimated 3.2. billion dollars at the end of June During the period that war loans were in- 1944, or to approximately 35 per cent of their creasing, loans in nearly all other principal aggregate commercial, industrial, and agri- categories were declining. On June 30, 1944, cultural loans. The amount of war loans at the total loans at insured commercial banks were end of June was about 0.3 billion less than the only 0.5 billion dollars less than at the end of corresponding figure in December 1943, marking 1941, but during the intervening period there the first decrease reported since the American had been wide fluctuations. From December Bankers Association began to collect data on 1941 to June 1943, total loans declined 3.9 such loans in December 1940.x The accompany- billion dollars, but from June 1943 to June 1944 ing table shows the estimated amount of war they increased 3.3 billion. During the earlier loans outstanding, together with the amounts period decreases took place in all categories of loans guaranteed under Regulation V, semi- except war loans and loans for purchasing or annually since December 31, 1941. carrying Government securities. The increase during the later period was almost entirely in WAR LOANS OUTSTANDING AT ALL COMMERCIAL BANKS loans for purchasing or carrying Government [Amounts in millions of dollars] securities. These changes in loan holdings by insured commercial banks are shown in the Loans for war purposes Regulation V Per cent of accompanying table. outstanding guaranteed total war Call date com at m a e l r l cial outs l t o a a n n d s ing R lo e a g n u s l a u ti n o d n e V r Commercial, industrial, and agricultural loans banks (estimated) declined 1.5 billion between December 1941 and June 1943. This net decline was a result of 1941—December 31 1,300 an increase of x.o billion in war loans and a 1942—June 30 2,250 81 4 December 31 2,950 804 27 decrease of 4.5 billion in nonwar loans. During 1943—June 30 3,250 1,428 44 the last half of 1943, both war and nonwar loans December 31 3,500 1,914 55 increased. In the first half of 1944 war loans 1944— June 30 3,150 2,064 66 declined about 0.3 billion and the nonwar por- NOTE.—Data relative to loans guaranteed under Regulation V are shown in detail in the table on p. 1089 of this BULLETIN. Included tion of commercial, industrial, and agricultural in those figures are loans held at financial institutions other than commercial banks, but the aggregate amount thereof probably has loans remained practically unchanged. not exceeded 20 million dollars at any date; their exclusion would affect the above figures and percentages only slightly. Loans for purchasing or carrying securities (United States Government and other securities) The table shows that war loans guaranteed have increased throughout most of the period. by the War Department, Navy Department, and This class of loans has fluctuated widely with Maritime Commission through the Federal war bond drives; weekly reports of member banks in leading cities show that the fluctuations 1 The estimate of total war loans by all commercial banks is based largely on statistics collected and released by the American Bankers reflect principally loans for purchasing or carry- Association. The banks reporting to the Association correspond roughly to the weekly reporting member banks and to central reserve ing United States Government securities. They and reserve city member banks. As a result of this similarity, and of the survey of commercial loans at member banks made by the Federal have usually reached their peak around the end Reserve System in 1942 (pp. 768-773, August 1942 Federal Reserve BULLETIN), rough estimates can be made of loans for war purposes at of a drive and have declined gradually to a low all commercial banks. War loan statistics have been collected by the American Bankers Association on a quarterly or semiannual basis since point shortly preceding the following drive. December 1940; they indicate that defense loans and war loans did not exceed 1 billion dollars until late in 1941. The most recent release by Since the timing of the war bond drives bears the Association showed a total of 2.7 billion dollars of loans for war purposes outstanding on June 30, 1944 at 430 of the larger banks no relation to the call report dates, changes in in the United States. IO54 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LOANS FOR WAR PURPOSES the volume of such loans between call dates has Loans on real estate have declined steadily a limited significance. On the basis of weekly throughout the entire period; the total decrease reporting member bank figures it is estimated in the two and one-half year period was 409 that there has been a decrease in these loans at million dollars or about 9 per cent of the all insured commercial banks of around 1.7 amount outstanding at the end of 1941. WAR LOANS AND OTHER LOANS HELD BY INSURED COMMERCIAL BANKS IN THE UNITED STATES Semiannual call dates, 1941-1944 [In millions of dollars] Commercial, industrial, and agricultural loans pu L rc o h a a n s s i n f g o r or Real- l O oa th n e s r , Call date Total carrying estate mainly Total Wa ( r E i stirnate O d) ther securities loans consumer 1941—December 31. 21,258 10,664 1,300 9,400 1,276 4,773 4,545 1942—Junee 3300 19,920 10,027 2,250 7,802 1,189 4,770 3,928 Deo:ember 31. 18,903 9,399 2,950 6,450 1,547 4,646 3,311 1943—June 30 17,390 8,203 3,250 4,950 1,805 4,547 2,833 December 31. 18,841 9,282 3,500 5,750 2,336 4,437 2,786 1944—June 30 20,729 8,880 3,150 5,750 4,517 4,364 2,968 Amount of change: December 1941 to June 1943. -3,868 -2,461 +1,950 -4,450 +529 -226 -1,712 June 1943 to June 1944 +3,339 +677 -100 +800 +2,712 -183 +135 i The estimated amounts of war loans (rounded to the nearest 50 million) shown in this table of insured commercial banks are the same# as shown in the table of all commercial banksjit is probable that the war loans held at noninsuredcommercial banks have not exceeded 10 to 20 million at any date. billion dollars to the middle of October from "Other" loans, a large part of which are the high point reached early in July 1944. The consumer loans, declined rapidly through 1942. cumulative tendency seems to be that the highs and the first half of 1943, and showed an increase and lows of loans for purchasing or carrying in the first half of 1944; this increase reflects very securities have been higher at each succeeding largely loans to Federal Land Banks and, to some drive. extent, a reclassification of loans. NOVEMBER 1944 1055 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PATTERNS OF WARTIME BORROWING IN THE UNITED STATES, THE UNITED KINGDOM, by HAROLD L. SELIGMAN Division of Research and Statistics Public debt operations are bound to reach (3) Short-term borrowing has predominated enormous proportions in wartime because of the in all three countries during the war period, and impossibility of meeting anywhere near the especially in the United Kingdom which previentire money costs of large-scale warfare by ously had much the smallest percentage of shorttaxation without disrupting the economy and term debt. By the end of the fiscal year 1944, interfering with the output and flow of war about 54 per cent of the United States public materials. Thus even Canada, which has a marketable debt was due or callable within five considerably higher tax-to-expenditure ratio years as against 45 per cent of the Dominion over the war period than the United Kingdom debt and 44 per cent of the United Kingdom or the United States, has been unable to cover debt. more than about half of its expenditures by (4) The computed annual interest rate on the taxation. Unprecedentedly large public debts national debt has dropped steadily in all three will be a feature of the postwar economies of all countries since 1939. Canada's average rate these countries. The ease with which it will be has shown the largest decline, but still remains possible to meet the debt problem will depend above that for the United Kingdom and connot only upon the size of the debt relative to siderably above the average rate for the United national income, but also upon the general debt States. In relation to national income, the pattern, including type of issues outstanding, annual interest payments on the United States jnaturities, interest rates, and groups of holders. debt for the fiscal year 1944 amounted to only Jn this article some of the relevant information 1.7 per cent as against 2.. 8 per cent for Canada is assembled and some comparisons are drawn. and 4.8 per cent for the United Kingdom. (5) Data on the distribution of ownership of SUMMARY Government securities are rather incomplete (I) Reflecting the heavy reliance on borrow- and no precise comparisons are possible. With ing to finance war expenditures, the national regard to the increase in the debt from the end debt of the United States was almost 4^ times of the fiscal year 1939 to the end of the fiscal as large in 1944 as in 1939 while that of the year 1944, the United Kingdom has relied least United Kingdom was somewhat less than 2.^ heavily upon bank borrowing but has liquidated times and that of Canada more than zj^ times large amounts of its foreign holdings and has prewar levels. Despite the fact that the United borrowed abroad rather extensively. Canada States borrowed much more, in both propor- has relied less heavily upon bank borrowing tional and absolute terms, than the other coun- than the United States despite the fact that tries, its 1944 debt-to-national-income ratio was Canada has shifted a substantial amount of its about equal to that of Canada and far below debt from foreign to domestic holders. that of the United Kingdom. Inherent in a comparison of wartime debt (2.) Each country has made use of a wide patterns are the difficulties common to all intervariety of securities with varying maturities, national comparisons, due to varying circuminterest rates, and other features to appeal to stances within each country. Thus, the fact every source of funds. Some new types of that the United Kingdom and Canada were securities have appeared, and all three countries actively engaged in war for more than two years have been quick to make use of new borrowing before Pearl Harbor meant an earlier increase ideas. in financial requirements for these countries 1056 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME BORROWING IN UNITED STATES, UNITED KINGDOM, AND CANADA than for the United States, but also a longer cash requirements by taxation and the United period in which to evolve wartime taxation and Kingdom was approaching the same ratio, borrowing policies. Also, the net changes in while for the same period, the United States the national debts of Canada and the United raised only slightly more than one-third of its Kingdom do not directly indicate the amount cash requirements from taxation and almost of domestic borrowing necessary in these two two-thirds from borrowing. To some extent, countries. Repatriation of a considerable the lower proportion covered by taxation in the amount of Canadian securities held in the United States is due to the time lag mentioned United Kingdom and the United States added above. Tax yields have been rapidly increasto the domestic borrowing requirements in ing in the United States, however, so that for Canada, while, for the United Kingdom, liqui- the fiscal year 1944, taxation accounted for 40 dation of foreign investments and loans from per cent of the total cash needs.1 abroad eased the burden of domestic borrowing. After the war, the relative debt position of the NET RECEIPTS FROM BORROWING AND TAXATION United States and the United Kingdom might be affected further by the disposition of Lerid- Lease. These points are dealt with more fully where they are most important, but it may prove helpful to keep them in mind in viewing the picture as a whole. GROWTH OF THE DEBT The United States has resorted much more heavily to borrowing than either the United Kingdom or Canada, as is shown in Table I and TABLE I NET RECEIPTS PROM BORROWING AND TAXATION1 [In millions of currency units indicated] Fiscal year2 Revenue source 1940 1941 1942 1943 1944 Total United States: Borrowing $2,606 $6,836 $21,659 $63,805 $61,830$156,736 Taxation 5,114 7,093 12,513 21,365 40,857 86,942 United Kingdom: Borrowing £768 £2,466 £2,673 £2,780 £2,736 £11,423 Taxation 1,017 1,359 1,962 2,483 2,948 9,769 As a result of such extensive borrowing, the Canada: gross debt of the United Kingdom increased by Borrowing $308 $678 $1,414 $1,963 $2,779 $7,142 Taxation 778 1,361 2,137 2,592 7,336 138 per cent and that of Canada by 168 per cent 1 All money figures in thisstudy are expressed in the currency of the from March 31, 1939 to March 31, 1944, while country to which reference is made since, for comparative purposes, relationships rather than absolute amounts are important. Figures for during the comparable fiscal years, the gross taxation are net and exclude miscellaneous receipts. 2 Fiscal years for the United Kingdom and Canada run from Apr. 1 debt of the United States increased by 342. per through Mar. 31; for the United States from July 1 through June 30. Reference to a fiscal year is made according to the calendar year in which the fiscal year ends. SOURCES.—Figures for 1940 through 1943 from U. S. Treasury Bulletin, Finance Accounts of the United Kingdom, Public Accounts of the 1 It should be noted that the total receipts for any one year from Dominion of Canada. Preliminary figures for 1944 from Daily State- borrowing and taxation do not equal expenditures for that year, since ment of the U. S. Treasury, Financial Statement (1944-1945) of the borrowing requirements are not determined solely by the difference United Kingdom, Appendix to the Budget (1944-45) of the Dominion of between expenditures and tax receipts. Cash balances must be in- Canada. creased to meet wartime needs, and this represents a temporary cost of war to be met by borrowing even though it does not appear in expenditures. In addition, there are a number of other items not included in Chart I. During the five fiscal years ending in the budget such as operations of Government corporations, trust fund transactions, and inter-Government loans which affect the total require- 1944, Canada raised slightly over half of its ments. On balance, such items as these have added to the cash requirements of all three countries. NOVEMBER 1944 1057 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME BORROWING IN UNITED STATES, UNITED KINGDOM, AND CANADA cent. The immensity of these increases is United States borrowed most, in terms of war emphasized by the fact that the prewar debt in budgets, its debt in relation to the national all three countries stood at all-time peaks. income is about as low as that of Canada and well below that of the United Kingdom. TABLE II WARTIMP LEVELS AND GROWTH OF NATIONAL DEBT1 CHART H [In millions of currency units indicated] RELATION OF NATIONAL DEBT TO NATIONAL INCOME End of fiscal year United States K U in n g i d te o d m Canada P 2 E 5 R 0 CE I NT FISCAL YEARS PER 2 C 5 E 0 NT 1944 $202,626 £19,702 $11,399 1943 140,796 16,966 8,620 1942" 76,991 14,186 6,657 UNITED KINGDOM ^ + 1941 55,332 11,513 5,244 1940 48,496 9,047 4,566 1939 45,890 8,280 4,258 Increase, 1939-1944 156,736 11,422 7,141 1 For the United States and Canada, obligations guaranteed both as to principal and interest are included. Loans guaranteed by the United Kingdom are not in connection with central Government operations and have not been included. SOURCES.—Figures for 1939 through 1943 from U. S. Treasury Bulletin, Finance Accounts of the United Kingdom, Public Accounts of the Dominion of Canada. Preliminary figures for 1944 from Daily State- CANADA ment of the U. S. Treasury, Financial Statement (1944-45) of the 100 • •—•—-•,—• «s=^i^ —- United Kingdom, Appendix to the Budget (1944-45) of the Dominion of y Canada. In terms of per capita debt, the increase from UNITED STATES I939 to *944 ^or the United States was from $309 to $1,471, for the United Kingdom, from about £173 to £406, and for Canada, from $380 to $965. Neither the aggregate nor the per capita debt figures are very significant, however. More useful is the relation of the Since 1939, all three countries have experidebt to national income, illustrated in Chart II. enced sharp increases in national income due Generally speaking, with a given interest rate, both to the expansion to full employment and the higher the national income the larger may maximum production and to fairly substantial be the national debt without imposing an price rises. Further increases in national inadditional burden. Comparing the debt at the come may be expected to be relatively small in end of the fiscal year 1939 with the national the short run since full employment has been income produced during that fiscal year, we reached and stabilization programs have become find that in the United States, the national fairly effective in holding prices and wages. debt was equal to less than 70 per cent of na- Increases in the debt will continue on a large tional income; in Canada, debt and national scale, however, as the war goes on, so that the income were about equal; while in the United percentages of debt to national income will Kingdom the debt was about 170 per cent of doubtless rise in all three countries for the duranational income. By the end of the fiscal year tion of the war and probably for some time 1944, the United States debt was 2.9 per cent afterward. Should the war continue for a year larger than United States national income, or two longer, a debt-to-national-income ratio Canada's debt was about £5 per cent larger than of about 2. to 1 or more does not seem at all its national income, and in the United Kingdom, debt as a percentage of national income had based on data in 1944 Budget White Paper (Cmd. 6520) and The Econjumped to Z46 per cent.2 Thus, although the omist, London, Apr. 24, 1943, p. 519. Estimates for Canada based on data in the Dominion Bureau of Statistics' Monthly Review of Business Statistics, Ottawa, March 1944, p. 15. Independent estimates of Canadian national income are somewhat lower than the D.B.S. figures 2 National income estimated for fiscal years according to U. S. De- (cf., "The Wartime Tax Effort in the United States, the United Kingpartment of Commerce definition. Estimates for the United Kingdom dom, and Canada," Federal Reserve BULLETIN, January 1944). IO58 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME BORROWING IN UNITED STATES, UNITED KINGDOM, AND CANADA unlikely for the United States and Canada, and the most desirable form of wartime borrowing. the ratio for the United Kingdom would be For this purpose, primary reliance (in the United correspondingly higher.3 More important, how- States and the United Kingdom at least) has ever, is the relationship of interest payments been placed on nonmarketable, redeemable-onto national income. This will be considered demand securities called savings bonds, savings in the section on interest rates. certificates, or defense bonds. In the United States, Series E and F savings bonds are sold at a TYPES OF SECURITIES discount and yield z.y and z.53 per cent respectively if held to maturity. Series G savings All three countries entered World War II bonds are sold at par and bear interest at the with a public debt which was largely a heritage rate of 2.-5 per cent. Series E bonds are availfrom World War I and the unbalanced budgets able to individuals only and may be purchased of the 1930's. Practically all of the original up to $3,750 issue price in any one calendar year. World War I debt had been reconverted into Series F and G are less restricted and may be securities bearing lower rates of interest and, purchased in combination to the extent of indeed, the United States and Canada had $100,000 issue price per annum. Interest on retired sizeable portions during the prosperous these United States savings bonds is fully taxic^o's. The United Kingdom did little in the able under the income tax. way of debt redemption during the 1920's, but the subsequent increases in the debt during the In the United Kingdom, savings certificates 1930's in that country were much smaller than are sold at a discount in smaller denominations in the United States and Canada. than in the United States and yield about 3.17 per cent if held to maturity, and the accumu- To carry out a volume of financing on the lated value is tax free. Since these terms are scale made necessary by the size of the present very generous, purchases are limited to a conflict, and so as to fit it into an anti-inflation total of £375 issue price per person. Also program, it was important that the instruments redeemable and nonmarketable are the 3 per of borrowing—the various types of securities cent defense bonds of the United Kingdom. issued by the Government—should be adequate These bonds are issued at par and are redeemand effective in attracting sufficient funds from able at a 1 per cent premium if held to maturity, the right sources. For the most part, these thus yielding about 3.13 per cent, which interest instruments were fairly well established by is subject to the income tax. Holdings of 1939, but subsequently, there was some reissudefense bonds are limited to £1,000 per person. ance of securities which had not been used for a considerable length of time, some new types of Canada's only nonmarketable security is the securities were introduced, and there was savings certificate sold in denominations of $5 rather free adoption by the various countries and up. These certificates are sold at a discount of types of securities in use in any of the other and mature in 7^ years, interest accruing at countries. 3 per cent compounded semiannually if held to maturity and subject to income tax. Limita- In order to fit the borrowing program into a tions on the amount which may be purchased by stabilization policy and to minimize undesirany one subscriber are strict, $400 issue price able shifts in income during the postwar period, for any one year. borrowing from individuals, in particular from In the United States and the United Kingdom, people with medium or moderate incomes, is the public response to appeals to purchase savings bonds and certificates under pay roll 3 Previously, the highest debt-to-income ratios for all three countries were experienced in the early 1930's when the United States debt savings plans and in savings groups has been was a little over 50 per cent of its national income, that of the United Kingdom was about 230 per cent of its national income, and that of very great. Of the 1939 to 1944 increase in the Ganada—the only country whose 1944 ratio is actually less than that of the depression years—was approximately 135 per cent of its national United States debt, about 2.1 per cent was income. NOVEMBER 1944 1059 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME BORROWING IN UNITED STATES, UNITED KINGDOM, AND CANADA composed of savings bonds, while about 14 per to corporations in the various war loans in cent of the increase in the internal United King- the United States and Canada show a decided dom debt was composed of savings certificates preference for short- and medium-term securities and defense bonds. In Canada, however, despite over the longer-term bonds. Tax notes, or intensive publicity, the sales of savings certif- saving notes as they are now called, which icates have been relatively small and redemp- were introduced in the United States in August tions have been relatively heavy. The strict 1941, have proved very popular with corporalimitations on purchases, the very sharp increase tions, which held them to the extent of more in personal taxes, and a high level of compulsory than 9 billion dollars by June 30, 1944. These savings are probably the main limiting factors notes accrue interest on a graduated scale, to the sales of savings certificates in Canada, but yielding 1.07 per cent if held three years to in addition, the emphasis during the special maturity, and they may be used to pay Federal drives has been on marketable securities avail- taxes at any time after two months from the able in small denominations for which the issue date or cashed six months after the issue Canadian people have shown preference.4 date. The United Kingdom adopted a similar Institutional -purchasers of securities, such as security some five months after its introduction insurance companies and savings banks, show a in the United States, but made it more attracpreference for the higher yield long-term securi- tive, both to high-income individuals and to ties. Because of the great increase of private corporations subject to the excess profits tax, savings in such institutions and because wartime by exempting the interest from taxation. By restrictions on private investment have given to the end of the fiscal year 1944, United Kingdom Government securities the uncontested domi- tax reserve certificates were outstanding to the nance of the capital market, all three countries amount of 562. million pounds. Canada has as have been able to float successfully long-term yet made no use of the tax note. bond issues which have comparatively low Bank borrowing has taken place mainly in the interest rates. For example, in the United form of short-term securities. In the United States, the usual long-term security is a 2.3^ Per States and Canada, the customary prewar shortcent bond callable in xi years and maturing in term instruments were the Treasury bill, with a 2.6 years. In Canada, whereas in October 1940 usual maturity of three months, and the Treasa 3 per cent 9-ix-year bond was sold at a 1.215 ury note, the maturity of which ranges from per cent discount, by November 1942. a 3 per cent one to five years. The United Kingdom also iz-15-year bond was sold at par, indicating the used Treasury bills, but in place of notes used growing firmness in the Government bond bonds with short maturities. In July 1941, in market. The United Kingdom, too, has been order to lend more flexibility to its short-term able to float successive issues at better terms borrowing, the United Kingdom reintroduced a although the so-called "gilt-edged" market World War I practice of borrowing the "spare" was in a poor condition at the outbreak of war.5 balances of the commercial banks, giving in Corporations have had available to them both return Treasury Deposit Receipts with maturithe long-term securities most popular with ties of six months and bearing interest at about institutional investors and the short-term se- 1 y$ per cent.6 This step had a number of adcurities designed primarily for corporations vantages over the alternative of a great expanand banks. Data on sales of securities sion in Treasury bills. First, it provided the Treasury with a much more elastic instrument 4 Of the 813 million dollar yield from the individual income tax in and gave it considerably more control over the Canada for the fiscal year ending Mar. 31,1944, the refundable portion, or compulsory savings, is estimated at 110 millioi. The compulsory banks, since it could determine the amount to be sayings plan was discontinued in April 1944 an^ this may provide a stimulus to the sale of savings certificates, but is more apt to be reflected in increased purchases of the marketable Victory bonds. 5 A difference in marketing methods may be noted here. In the United Kingdom, bonds are on continuous sale or on "tap," with peri- 6 "Spare" balances correspond roughly to excess reserves in the odic changes in maturities and uiterest rates, while the United States United States. British banks have no reserve requirements but tend and Canada have relied upon special bond drives. to keep a cash reserve equal to about 11 per cent of deposits. 1060 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME BORROWING IN UNITED STATES, UNITED KINGDOM, AND CANADA raised in advance and fix quotas for the banks. funds takes place in the form of Ways and Means Secondly, it provided the banks with a conveni- Advances and Treasury bills issued directly, or ent security, since Treasury Deposit Receipts from the "tap," and in the form of periodic may be exchanged at any time for longer-term additional issues of outstanding securities to the Government securities for a bank's own account Post Office and Trustee Savings Banks. In or for the account of its depositors, or they may Canada, where the new but rapidly growing be cashed in cases of emergency, although at a unemployment insurance fund provides the penalty rate. Finally, though not so important, main source of extra-budgetary funds, the the British bill market is somewhat restricted instruments of borrowing are the regular securby the resources of the discount houses which ities of the Dominion, although in some cases, are traditionally the initial purchasers of Treas- such as that of the Post Office Savings Bank ury bills issued by tender, or competitive deposits, liabilities are set up in the Dominion bidding. The rate of interest on Treasury accounts without issuing securities. Deposit Receipts was set slightly higher than that of Treasury bills to correspond with the MATURITY DISTRIBUTION longer maturity. As of March 31, 1944, some The prewar maturity distributions of the pub- 1,390 million pounds in Treasury Deposit lic marketable debts of the United States and Receipts were outstanding. Canada were markedly similar. At the close Canada, which had relied more heavily upon TABLE III one- and two-year notes than upon Treasury bills for its bank borrowings in the first few MATURITY DISTRIBUTION OF THE PUBLIC MARKETABLE NATIONAL DEBT1 years of the war, adopted the British practice Amounts, in millions of currency units indicated of borrowing "spare" bank balances in July ( 1 M 94 2- P , e t r h o ce u n g t h ) a c t o r a re s s l p i o g n h d tl i y n g l o m w o e r r e in c t l e o r s e e s l t y ra to te Due or callable Uni J t u ed n e S 3 t 0 ates K M U i a n n r g c i d t h e o d 3 m 1 2 M C a a r n c a h d 3 a2 1 the lower Canadian bill rate. By the end 1939 1944 1939 1944 1939 1944 of the fiscal year 1944, Canada had 790 million Within 1 year $5,094 $51,422 £992 £5,309 $673 $2,546 1 to 5 years 13,394 25,061 353 1,239 1,108 2,445 dollars outstanding of this type of security. 5 to 10 years 9,032 33,889 832 1,686 1,086 3,438 10 to 15 years 5,845 9,783 101 1,537 898 2,606 To supplement its stock of short-term securities, 15 to 20 years 4,512 10,246 281 1,502 354 39 20 years and over.... 1,535 11,343 487 81 the United States in 1942. began once more to Perpetual debt 3,365 3,364 55 55 Other 24 410 389 issue Certificates of Indebtedness, after a lapse Total. $39,415 $141,768 £6,821 £15,026 $4,255 $11,129 of eight years. This security with a maturity usually of one year has proved very popular Percentage of total with the banks as well as with corporations, Within 1 year 12.9 36.3 14.5 35.3 15.8 22.9 1 to 5 years 34.0 17.7 5.2 8.2 26.0 22.0 and by the end of the fiscal year 1944, there was 5 to 10 years 22.9 23.9 12.2 11.2 25.5 30.9 10 to 15 years 14.8 6.9 1.5 10.2 21.1 23.4 outstanding about x8.8 billion dollars as against 15 to 20 years 11.4 7.2 4.1 10.0 8.3 .4 20 years and over 3.9 8.0 7.1 1.9 14.7 billion in Treasury bills and 17.4 billion Perpetual debt 49.3 '22 A 1.3 "".5 Other (3) 6.0 2.6 in Treasury notes. A considerable portion of Total. 100.0 100.0 100.0 100.0 100.0 100.0 the portfolios of commercial banks is composed 1 The public marketable debt differs from the gross debt shown in of medium-term securities, and to meet this Table II due to the exclusion of nonmarketable issues, special issues, matured debt, and debt bearing no interest. demand, all three countries have issued bonds 2 Although nonmarketable, Treasury Deposit Receipts are included for the United Kingdom and Treasury Deposit Certificates for^Canada with varying maturities and interest rates. because of their similarity to Treasury bills. 3 Less than .05 per cent. Some mention should be made of the securities SOURCES.—Figures for 1939 from Annual Report of the Secretary of the Treasury, Finance Accounts of the United Kingdom, Public Acissued to extra-budgetary funds in return for counts of the Dominion of Canada. Preliminary figures for 1944 from Daily Statement of the U.S. Treasury, Financial Statement (1944-45) their cash. In the United States, the receipts of the United Kingdom, Appendix to the Budget (1944-45) of the Dominion of Canada. of the various trust funds are turned over to the Treasury in return largely for special issues. In of the fiscal year 1939, about 41 per cent of the United Kingdom, borrowing from such Canada's marketable debt consisted of securities NOVEMBER 1944 1061 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME BORROWING IN UNITED STATES, UNITED KINGDOM, AND CANADA maturing or callable within five years as against terms through 1944, but has dropped sharply 47 per cent for the United States with a slightly as a proportion of the total since present requirelarger percentage maturing or callable within ments are being met by the issuance of securities one year for Canada than for the United States. with definite redemption and call dates. Medium-term debt, maturing or callable in Turning now to the distribution at the close from 5 to 10 years, amounted to 2.3 per cent for of the fiscal years ending in 1944, we find a the United States and 15.5 per cent for Canada. pronounced shift in the direction of short-term Thus, the remaining, or long-term debt, matur- debt, especially in the United States and the ing in over 10 years was also very similar as a United Kingdom where the proportion of the percentage of the total outstanding; 30 per cent total consisting of issues maturing within one for the United States and 33 per cent for Canada, year jumped 23 and 2.1 percentage points rewith the United States securities in this class spectively, while in Canada the proportion having a somewhat longer average life. rose by only 7 percentage points. The increase for the United States is offset considerably by a sharp decline in the proportion maturing in from MATURITY DISTRIBUTION OF THE PUBLIC MARKETABLE DEBT one to five years, while the United Kingdom and Canada show little change in this class. For all three countries, the heavy accumulation of very short-term debt has resulted in a lower cost of borrowing. On the other hand, of course, is the constant refinancing which is necessitated by short-term debt and which depends for its efficacy on the maintenance of low short-term interest rates. The proportion of the marketable debt com- 1NCFEA3E 1939-1944 posed of medium-term securities in 1944 was i - about the same as in 1939 for the United States and the United Kingdom, but has increased P n substantially for Canada. The proportion of - i 1 1 debt maturing in over 10 years has shown a |L 1 1_ large decrease for all countries. - \ The following table gives a breakdown of the 1939 to 1944 increase in the marketable debt UHNITED STATES UNITED KINGDOM TABLE IV INCREASE IN PUBLIC MARKETABLE SECURITIES, BY MATURITY The prewar debt of the United Kingdom was CLASSES, 1939-1943 [Amounts in millions of currency units indicated] similar in maturity distribution to that of the other two countries only in the very short-term United States K U in n g i d te o d m Canada issues maturing or callable within one year. Due or callable The remaining distribution, however, was very Amount c P e e n r t Amount c P e e n r t Amount c P e e n r t heavily weighted by the large proportion Within 1 year $46,328 45.3 £4,317 52.6 $1,873 27.2 (almost 50 per cent) of the total composed of the 1 to 5 years 11,667 11.4 886 10.8 1,337 19.5 5 to 10 years 24,857 24.3 854 10.4 2,352 34.2 funded or perpetual debt of the United King- 10 years and over 19,480 19.0 2,148 26.2 1,312 19.1 dom. This funded debt, amounting to some Total $102,332100.0 £8,205 100.0 $6,874 100.0 3.4 billion pounds, is composed of securities bearing interest but carrying no redemption according to the increases in the various maturobligations. It has remained stable in absolute ity classes. As in Table III from which they 1061. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME BORROWING IN UNITED STATES, UNITED KINGDOM, AND CANADA are derived, the figures are affected by shifts because their average rates were well below that from long-term to medium-term and from of Canada at the start of the hostilities. There medium-term to short-term debt as issues ap- remains a fairly wide disparity in the average proach maturity, as well as by new issues of rates for the various countries, with the United varying maturities. States having the lowest rate, less than 2. per Again the figures indicate the extensive re- cent, and Canada having the highest, about 2..8 liance on short-term borrowing. In the United per cent. If the average rate for the United Kingdom, over 63 per cent of the total increase States were as high as that of Canada, the in marketable issues falls in the class due or computed annual interest charge would amount callable within five years, while the percentage to 5,531 million dollars as against the actual for the United States is not far behind. Canada CHART IZ shows a more balanced picture largely because COMPUTED INTEREST RATE ON INTEREST-BEARING DEBT of the sale of medium-term marketable securities PER CENT 4.0 ] 4.0 in place of the nonmarketable savings bonds and certificates relied upon so heavily in the United States and the United Kingdom and which are not reflected in the maturity tables. During the 3.5 \ CANADA last two years, Canada has been able to float successfully larger amounts of longer-term securities. In the United Kingdom considerable em- 3.0 *> phasis has been placed on securities maturing in over ten years and relatively little on securities ^^ UN TED KINGDOM maturing in from five to ten years. In the United States, the division between medium- UNITEDSTATES ^^ term and long-term securities has been more even. > sN ——* — 2.0 INTEREST ON THE DEBT The burden of the debt is in large measure dependent upon the average interest rate. It 1.5 is dependent also upon the size and distribution of the debt, the size and distribution of national 3,868 million. Conversely, if Canada enjoyed income, and the structure of the tax system an average interest rate as low as that of the which must yield enough revenue, in the long United States, its computed annual interest run, to cover the interest charges on the debt. burden would amount to only 2.19 million With the present record levels of national debt, dollars as against its actual computed interest however, a slight change in the average interest charge of 313 million. rate makes a considerable difference in the total There have been two principal factors coninterest charges. tributing to the steady decline in the average Each country has succeeded in lowering the rate of interest in all three countries during the average rate of interest on the debt to a consid- war—the shift to short-term debt and a general erable extent since 1939, continuing the trend trend toward lower interest rates, resulting of the 1930's. As shown in Table V and Chart from developments in capital markets and from IV, Canada has enjoyed the sharpest decrease monetary policies in all three countries. As in its average interest rate, almost one per cent, pointed out above, there has been a sharp inbut the reductions for the United States and the crease in the proportion of the various national United Kingdom have also been significant debts composed of short-term issues. Generally NOVEMBER 1944 1063 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME BORROWING IN UNITED STATES, UNITED KINGDOM, AND CANADA speaking, short-term interest rates are consid- in the United States, where 1939 yields, were erably below long-term rates, and the short- much lower than in the United Kingdom, prices term securities issued during the war period and yields have been fairly stable since the beginhave borne very low interest rates so that the ning of 1941, and in Canada since the end of shift in maturity distribution has been most 1941. Thus, notwithstanding the vast increase significant in reducing the over-all or average in the demand for funds, all three countries rate of interest. The lower rate of interest on have succeeded in stabilizing interest rates short-term securities has not been the only substantially below prewar levels. In large consideration in the choice of new issues, how- measure, this has been accomplished through ever. All three countries have aimed at a appropriate central bank and treasury policies. policy of obtaining as much funds as possible The task has been greatly lightened, however, from individuals and other nonbanking sources, because the increase in incomes and the disapand these investors are mainly interested in the pearance from the market of many types of conhigher yields of the longer-term securities. sumer goods, together with price and rationing controls, have made available for investment a TABLE V large volume of individual and business savings. COMPUTED INTEREST RATE ON INTEREST-BEARING NATIONAL Because of governmental restrictions on private DEBT, DIRECT AND GUARANTEED investment and because of patriotic appeals, [Amounts in millions of currency units indicated] these savings have found their chief outlet Computed Computed End of fiscal year Int i e n r g e st d - e b b e t ar- i a n n t n e u re a s l t i r n a t t e e r e o s f t in Government securities, either directly or charge1 (per cent) through such institutions as insurance companies and savings banks. United States: 1939 $45,336 $1,149 2.534 During the war years, there has been in each 1940 47,874 1,203 2.514 1941 54,747 1,335 2.438 of the three countries a considerable amount of 1942 76,517 1,729 2.260 1 1 9 9 4 4 4 3 2 1 0 3 1 9 , , 0 4 5 7 9 2 2 3 , , 7 8 5 6 9 8 1 1. . 9 9 2 7 4 8 refunding of maturing securities into new issues. Many of the maturing securities were issued in United Kingdom: 1939 £7,247 £224 3.092 the i9zo's when interest rates were much higher 1940 8,014 237 2.963 1941 10,449 273 2.612 than at the present time. The replacement of 1942 13,117 336 2.562 1943 15,737 391 2.486 these high interest-bearing bonds with present 1944 18,469 451 2.441 "low-cost" securities has further contributed to Canada: 1939 $4,255 $158 3.714 the lowering of the average rate of interest. 1940 4,563 164 3.602 1941 5,230 173 3.310 1942 6,638 213 3.206 TABLE VI 1943 8,585 243 2.832 1944 11,363 313 2.751 RELATION OF ANNUAL INTEREST PAYMENTS 1 The figures for the United Kingdom are approximate since data are TO NATIONAL INCOME not available for the exact interest rates on a few issues. The figures [Amounts in millions of currency units indicated] for Canada include the annual amortization of bond discounts and commissions, Canada being the only one of the three countries which Interest n c d o a u m t r u in m r g e i ss o t i h f o e n i n s w te t a o r r e v s p t a e ri r p o i a o u y d s m s h e a a l n e s t s s i . o ss u u t e le d t s. s ec T ur h i e ti s e e s ch be a l r o g w es p a a re r , a in n d fa c h t a , s i n p t a h id e Fiscal year N i a n t c i o o m na e l p i A a n y n t m e n r u e e a n s l t ts p o a p f y e r m c n e e a n n ti t t o s a n g a e a l s SOURCES.—Figures for 1939 through 1943 from U. S. Treasury Bul- income letin, Finance Accounts of the United Kingdom, Public Accounts of the Dominion of Canada. Preliminary figures for 1944 from Daily Statement of the U. S. Treasury, Financial Statement (1944-45) of the United States: United.Kingdom, Appendix to the Budget (1944-45) of the Dominion of 1939 $67,000 $941 1.4 Canada. 1944 157,000 2,609 1.7 United Kingdom: After a sharp break in the securities market 1939 £4,800 £218 4.5 1944 8,000 382 4.8 at the outbreak of war in the fall of 1939, there Canada was a rather rapid recovery in all three countries. 1939 $4,300 $133 3.1 1944 9,100 252 2.8 In the United Kingdom, Government securities rose in price slowly but steadily through the end Despite the large absolute increases in the of the fiscal year 1943 and then leveled off, while public debts, the decline in the average rates of 1064 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME BORROWING IN UNITED STATES, UNITED KINGDOM, AND CANADA interest on the debts and the growth of national Kingdom will have to maintain a high level of incomes have kept interest payments as a per- postwar taxation for purposes of debt service centage of national income from rising to any alone. One offsetting factor which applies significant extent in the United States and the to all three countries is that the interest on the United Kingdom. In Canada, annual interest debt is itself, for the most part, subject to charges as a percentage of national income have taxation. actually fallen due to the sharpest decline in the average interest rate, a rapidly rising national DISTRIBUTION OF OWNERSHIP income, and the smaller proportion of borrowing A most important aspect of the national debt necessary because of a higher tax-to-expenditure is its distribution among various types of holdratio. ers, for it is this distribution which largely As indicated in Table VI, for the United States determines the effects of the debt on the economy. and Canada, at least, there does not seem to be This is well recognized with respect to the disany immediate danger of interest charges on the tinction between external and internal holdings, debt absorbing such a large proportion of the but it is, equally important so far as different national income as to disturb the economy types of domestic holders are concerned. Much seriously. Even if the war continues for a year attention is currently being given to the sigor two, it would appear that the postwar nificance of the holdings of liquid assets for the interest-to-national income ratio for the United level of postwar expenditures. The distribution States will be considerably lower than the preof the national debt by types of holders is an war ratios for the United Kingdom and Canada, important element in this picture. Also, the and that Canada's postwar ratio may be smaller distribution of the internal debt will have an than its prewar ratio. The maintenance of important bearing on fiscal policy, and on tax these relationships will, of course, depend upon policy in particular, for while the shift of inthe continuation of high levels of national income from taxpayers to bondholders does not come—the primary postwar problem—and the in itself affect the level of national income, it continuation of low interest rates. In the may change the relationship between savings United Kingdom and Canada the continuation and consumption which will, in turn, definitely of low interest rates has been declared to be the affect the level of national income.8 It is unaim of the official policy and its desirability fortunate, therefore, that the available data on in the United States has also been expressed by distribution of the debt should be so meager and responsible officials.7 inexact. For the United Kingdom, the postwar outlook For the United States, statistics are relatively does not appear so favorable as far as interest complete regarding the distribution of the debt on the debt is concerned. For the fiscal year among institutional investors, but there is little 1944, interest payments accounted for 4.8 per or no information on individual holdings by cent of the national income of the United Kingincome groups, nor are there any estimates of dom. At just what point the danger line apthe indirect share of individuals by income pears is very difficult to judge, but the fact that groups in the main portion of the Government interest payments are so large combined with debt which is held by institutional investors other factors, such as the loss of taxable income such as banks, insurance companies, corporadue to the liquidation of large amounts of British tions, etc. For the United Kingdom and investment abroad, suggests that the United Canada the statistics are much more unsatis- 7 See address by Secretary Morgenthau presented, in Los Angeles, Oct. 14,1944, and Financing the War and Postwar Adjustment (address by Under Secretary of the Treasury, Daniel Bell, before the Worcester 8 While interest payments will undoubtedly constitute a larger Economic Club, Worcester, Mass., Dec. 16,1943). Cf., also Annual Re- portion of the budget expenditures in postwar years than formerly, it port of the Board of Governors of the Federal Reserve System, 1943, p. appears that for the United States they will not amount to more than 19. For British and Canadian statements see British Budget Speech, 25 per cent of the total expenditures. Thus, the shifts in income due to 1943-44 and Annual Report of Bank of Canada, 1943, p. 5. interest payments will be only a part of our postwar fiscal problems. NOVEMBER 1944 IO65 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME BORROWING IN UNITED STATES, UNITED KINGDOM, AND CANADA factory, and all that appears possible from the increase in sales to other investors, with the available data is to obtain a fairly rough picture additions to their holdings for that year amountof the distribution of the increase in the debt ing to 54 per cent of the total increase as comfrom the end of the fiscal year 1939 through the pared with 45 per cent for the previous year. end of the fiscal year 1944. Table VII shows As a result the banks took only 36.5 per cent of the increase in holdings of commercial banks, the 1944 debt increase as compared with 48.6 the central bank, Government agencies and trust per cent of that of 1943. funds, and all other investors, but the figures Of the 77.4 billion dollar increase for all must be interpreted in the light of special con- other investors through the end of the fiscal year siderations for each country which are such as 1944, Treasury estimates distribute slightly less not to allow for precise comparisons. than 16 billion to insurance companies and mutual savings banks, some 2.3 billion to other TABLE VII corporations and associations, about 35 billion INCREASE IN INTEREST-BEARING NATIONAL DEBT, DIRECT AND FULLY GUARANTEED, BY TYPE OF HOLDER to individuals and unincorporated business, and [In millions of currency units indicated] 3 billion to State and local governments.9 The figure for corporations and associations includes Fiscal year Total Type of holder the portion taken by brokers and dealers, sav- 1940 1941 1942 1943 1944 Amount c P e e n r t ings and loan associations, foundations, endowments, and probably most of the amount taken United States: Commercial by foreign investors. All told, these groups banks $853$3,545 $6,315$26,048$16,042 $52,803 33.9 Federal Re- probably accounted for 5 billion of the zx-5 bilserve Banks.. -85 -282 461 4,557 7,699 12,350 7.9 Government lion, leaving about 17 or 18 billion accounted for agencies 1,184 1,412 2,129 3,700 4,765 13,190 8.5 Other investors 586 2,198 12,865 28,650 33,071 77,370 49.7 by nonfinancial corporations. The 35 billion Total $2,538$6,873$21,770$62,955$61,577$155,713100.0 dollar increase in the holdings of individuals, United Kingdom: consisting very largely of savings bonds, includes Commercial banks £150 £550 £300 £600 £400 £2,000 17.8 the amounts taken by partnerships, personal Bank of England 311 40 186 183 215 935 8.3 trust accounts, and unincorporated business. Government agencies 250 500 120 10 -50 830 7.4 The proportion of savings bonds sold in small Other investors 56 1,345 2,062 1,827 2,167 7,457 66.4 denominations seems to indicate that the direct Total £767£2,435 £2,668 £2,620 £2,732 £11,222100.0 share in the public debt of individuals in the Canada: Commercial lower income groups is still fairly small.10 banks $111 $217 $117 $728 $434 $1,607 22.6 .Bank of Canada 38 328 70 433 317 1,186 16.7 Table VII shows that the United Kingdom Other inves- Re t p o a rs t 1 riations... - 2 7 3 9 8 -1 3 8 0 1 3 1 -3 ,5 5 7 7 8 - 8 7 5 2 8 2,0 - 3 3 0 5 -6 ,0 9 0 2 7 - 7 9 0 .7 .4 has borrowed least from the banks. Only x6 Total $308 $667 $1,408 $1,947 $2,778 $7,108100.0 per cent of the increase in the interest-bearing debt in the first five fiscal war years went to 1 Holdings of Government agencies in Canada are not available and have been included in "other investors." commercial banks and the Bank of England. 2 Securities repatriated from the United Kingdom are shown as a negative figure to give a better picture of the share in the increase taken Government agencies accounted for over 7 per by "other investors" in Canada. SOURCES.—Federal Reserve BULLETIN, 1944 British Budget White cent of the total increase, and somewhat more Paper, Annual Reports of London Clearing Banks, Statistical Summary of Bank of Canada. than 66 per cent was taken by all other investors. One reason why the United Kingdom has In the United States, increases in bank holdings accounted for almost 42. per cent of the 9 Treasury Bulletin, October 1944, p. 46. total increase in the interest-bearing debt from 10 Of the total sales of Series E savings bonds through June 30,1943, amounting to 12 billion dollars, sales of $25 and $50 denomination June 30,1939, to June 30,1943, while borrowing bonds accounted for less than 5.1 billion or 42 per cent. By the end of June 1944, cumulated sales of these denominations had risen to 10.8 from Government agencies amounted to 8.5 per billion dollars, or 45.5 per cent of the total cumulated sales figures of 23.8 billion. Redemptions have been highest in the smallest denomicent, leaving about 50 per cent for all other nations, amounting to over 2 billion dollars for the $25 and $50 denominations by the end of June 1944. Series F and G savings bonds are investors. It should be noted, however, that taken almost entirely by. wealthier investors, and the sales of larger denomination Series E bonds to the low income groups are probably for the fiscal year 1944 there was a marked more than counterbalanced by sales of smaller denomination bonds to higher income groups. 1066 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME BORROWING IN UNITED STATES, UNITED KINGDOM, AND CANADA relied so lightly upon bank borrowing is that banks do not show their holdings of Dominion it has financed a large part of its war expendi- securities separate from their holdings of Protures by overseas disinvestment through the vincial securities. The usual assumption is that requisition and sale by the Government of pri- any increase in bank holdings since the war has vately owned foreign securities. British owners been solely in Dominion securities.11 On this of these foreign securities were given the option basis the banks have taken 39 per cent of the of exchanging them for United Kingdom securi- 1939-1944 increase in interest-bearing debt ties or converting them to cash, but the lack outstanding and other investors (including of opportunities for investment save in Govern- Government agencies) have taken 61 per cent. ment securities probably limited the latter course These figures are modified somewhat if we considerably. In addition, the dominions and consider the increase in the debt floated in colonies have invested substantial amounts in Canada rather than the net increase in the debt, the securities of the United Kingdom. To- for in Canada the internal-external shift in the gether these two sources accounted for about 3 debt has been quite the reverse of that in the billion pounds for the fiscal years 1940 through United Kingdom. From September 1939 1944, thus lightening considerably the need for through March 31, 1944, the Dominion of domestic (bank and nonbank) borrowing during Canada repatriated about 700 million dollars the war years. of its direct and guaranteed securities which Although there are available no estimates of had been held in the United Kingdom. The the distribution of nonbank borrowing in the Dominion bought these securities in advance of United Kingdom at all comparable to the maturity dates from the British Government, Treasury estimates for the United States, the which had requisitioned them from its citizens types of securities outstanding give some slight in order to obtain funds to meet British expendiclues as to the ownership of the United Kingdom tures in Canada. In addition, Canada reduced debt. Because of the strict limitations on the its direct debt payable in New York by 130 milabsolute amount of savings certificates and lion dollars. This meant a corresponding indefense bonds which may be held by any one crease in the amount of new borrowing which subscriber, a large part of the 1,560 million had to be done in Canada. Thus, of the inpound increase in the amount of these issues crease in debt floated in Canada, the banks took outstanding from the end of the fiscal year 1939 only about 36 per cent. Moreover, this includes to the end of the fiscal year 1944 was probably the counterpart of the holdings of mutual savtaken by those in the lower income groups— ings banks in the United States and of the Post the so-called "small savers." The increase in Office and Trustee Savings Banks in the United the national debt representing the 1 billion Kingdom (included in "other investors") since pounds of Post Office and Trustee Savings Banks the chartered banks in Canada handle a larger deposits would probably find its closest parallel proportion of time deposits in that country in the United States in the increased holdings than do the commercial banks in the United of mutual savings banks. The 562. million States and the United Kingdom. pounds of tax certificates outstanding March Government agencies and trust funds have not 31, 1944, were probably held largely by business been important sources of funds in Canada, but concerns both corporate and noncorporate, with, the growing unemployment insurance fund, however, a greater portion held by individuals than in the United States due to the tax exempt feature of the British tax notes. 11 As of Mar. 31,1944, the chartered banks held 2,806 million dollars in Dominion and Provincial securities of which only 298 million The distribution of ownership picture for consisted of Provincial securities (House of Commons, Standing Committee on Banking and Commerce, Minutes of Proceedings and Evi- Canada is somewhat obscured because of the dence, May 26, 1944, p. 288). Bank holdings of Provincial securities have probably declined somewhat as the total outstanding has been fact that the Bank of Canada and the chartered reduced during the war. Cf., Benjamin H. Higgins, Canada's Financial System in War, and A. F. W. Plumptre, Canadian ]far Finance. IO67 NOVEMBER 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME BORROWING IN UNITED STATES, UNITED KINGDOM, AND CANADA which held 105 million dollars in Dominion taken by corporations and individuals is unavailbonds as of March 31, 1943, promises to increase able both because there was no breakdown of the share taken by this group in the future, subscriptions to the First and Second War Loans Information on the holding of "other investors" and also because there are no data on the amount is quite sketchy. Canadian life insurance com- corporations and individuals have retained from panies increased their holdings of Dominion their subscriptions to the various Victory loans securities by almost 2.60 million dollars through for which there are breakdowns by types of the end of the calendar year 1942.. The amount subscribers. ic68 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS In the period since the outbreak of the and that business holdings of them are relatively European war there has been an unprecedented small. growth in the liquid asset holdings of indi- Four surveys of ownership of demand deposits viduals and business. Demand deposits of indi- have been made by the Federal Reserve System— viduals, partnerships, and corporations, which as of March 31, 1943, July 31, 1943, February in September of 1939 amounted to less than 30 X9, 1944, and July 31, 1944. The results of the billion dollars, increased approximately 100 per earlier surveys have been published in the Fedcent to 60 billion by July 31, 1944; time deposits, eral Reserve BULLETIN.2 The results of the most including mutual savings accounts, increased recent survey are presented in this article. by about 9 billion dollars to 36 billion; currency This fourth survey of the ownership of demand in circulation increased from 6 to xi billion; and deposits covered about 2.,500 banks, a larger the volume of Government securities held by number than previous surveys, with better repreindividuals and business, exclusive of com- sentation of small banks. Thus, estimates mercial banks and insurance companies, rose based on it are more accurate than those made from about 10 to nearly 80 billion dollars. previously. The latest survey also provided Uses that may be made of these large accumu- information as to balances of corporate and nonlations of liquid assets will have an important corporate business, as well as those of individbearing upon economic developments in the war uals and business in various fields (manufacturand postwar periods, and these uses will in part ing, trade, insurance, etc.) included in earlier depend on their ownership, i.e., upon the extent compilations. Separate consideration of these to which they are held by individuals, by in- two broad groups, corporate and noncorporate, dustrial concerns, by wholesalers and retailers, is important in analyzing monetary and banking by financial agencies, and by others.1 Little in- problems because the motives which determine formation is available as to the distribution of their financial decisions and behavior differ in these assets among different types of owners. many respects. This further subdivision of Estimates are made periodically by the Treasury business groups into corporate and noncorporate and by the Securities and Exchange Commission will also make possible the integration of inof the amount of Government securities owned formation relating to their demand deposits, by corporations. The Federal Reserve System with other pertinent economic data, which show figures for corporations separately from other has made a series of sample surveys to determine categories. the distribution of demand deposits of individuals, partnerships, and corporations among DEPOSIT OWNERSHIP ON JULY 31, 1944 different broad groups of owners, and from the Total demand deposits of individuals, partnerresults estimates have been made of the ownerships, and corporations in all commercial banks ship of such deposits at all commercial banks. of the United States amounted to an estimated Practically no current information is available 59.6 billion dollars on July 31, 1944, as shown in as to the ownership of time deposits and of cur- Table I. Nearly 63 per cent of this belonged to rency in circulation, but it is believed on the domestic business; 31 per cent to individuals; basis of scattered information obtained in the and about 6 per cent to nonprofit institutions, past that individuals hold most of these assets 2 August 1943, October 1943, and May 1944. Estimates published 1 Discussion of the significance of the growth and distribution of iinn tt;hnneeessseee ppprrreeevvviiiooouuusss aaarrrtuiticclieess hnaavvee bueeeenn rreevviisseedu ssuubusseeqquueenntulyy oonn tthnee bDaassiiss liquid assets was covered in the Review of the Month in the October ^ov-Cf a*t+dd *ddi *ii4tt 1ii oo4-nn1 aaAlMl niin n1 ffio*o^rr Tmm/WaaYtViI oo nf~ i o/"VTb* ta/~ivn V*e 4d" O a 1n Ydi a fsi onmune CoAfT YtIhO e/" \Tr e4v"ri\so erdo fiTiignou/i reTisrv anvriice o v£± 1944 BULLETIN. given in this article. NOVEMBER 1944 IO69 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS trust funds of banks, and foreign individuals in the United States increased approximately 4 and business. Manufacturing and mining con- billion dollars or slightly more than 7 per cent. cerns held nearly half and concerns engaged in It is estimated that over 60 per cent of this wholesale and retail trade held nearly a fourth of increase, about x.6 billion dollars, accrued to dethe total deposits of domestic business. Finan- posits of individuals. Business deposits increased an estimated 1.3 billion; trust funds TABLE I of banks, and deposits of nonprofit organizations ESTIMATED OWNERSHIP OF DEMAND DEPOSITS OF INDIVIDUALS, increased slightly; and accounts of foreign in- PARTNERSHIPS, AND CORPORATIONS AT ALL BANKS [In billions of dollars] dividuals and business decreased by an estimated 2.00 million dollars. Change Feb. July The estimated changes in the ownership of 1944 1944 1943 July- Feb.- July- July July Feb. demand deposits for the two periods July 1943 to February 1944 and February 1944 to July 1944 Total domestic business 37.4 35.6 36.1 +1.3 +1.8 -0.5 are shown in Table I. Because of the impact of Nonfinancial business—total. 32.7 31.2 31.4 +1.3 +1.5 -0.2 Manufacturing and mining. 17.3 16.4 16.6 +0.7 +0.9 -0.2 war loan drives on the structure of demand de- T P O u r t a h b d e li e r c n u o t n il f i i t n i a e n s c m ial 8 3 3 . . . 6 1 7 3 3 7 . . . 2 7 9 3 3 7 . . . 8 2 8 + - -0 0 0 . . . 1 1 8 + -0 0 0 . . 1 7 + -0 0 0 . . 1 1 p pe o r s i i o ts d , s t m he u s c t h b a e n g in e t s e r r p e r g e i t s e t d er e w d i t d h u r r e i f n e g re n th c e e s e to t w th o e Financial business—total 4.7 4.4 4.7 0 +0.3 -0.3 timing of the several war loan drives which Insurance companies -0.2 0 -0.2 occurred immediately preceding and during the Other financial +0.2 +0.3 -0.1 periods under review. Personal 18.6 17.9 +2.6 +0.7 +1.9 Since a very large part of all Government Farmers 4.0 4.2 3.3 +0.7 -0.2 +0.9 Others 14.6 13.7 12.7 +1.9 +0.9 +1.0 securities purchased are paid for by check, during Trust funds +0.1 0 +0.1 each drive billions of dollars are transferred from Nonprofit associations +0.2 +0.1 +0.1 Foreigners—business and the deposits of individuals, partnerships, and individuals 0.9 -0.2 -0.1 -0.1 corporations to the account of the Government Total.. 55.6 +4.0 +2.5 +1.5 at the Federal Reserve Banks or to war loan NOTE.—Estimates for July 1943 and February 1944 have been revised slightly on the basis of additional information secured through accounts at other banks. As the Government a substantially increased coverage for the July 1944 survey. in turn spends these funds during the succeeding cial business enterprises, which include insur- weeks, the balances are once again transferred ance companies, security dealers and brokers, to the deposits of individuals and business. and the many investment, credit and loan com- Furthermore, to the extent that the banking panies had deposits of less than 5 billion dollars. system buys Government securities or extends Farmers' demand deposits are estimated to be credit, new deposits are created. Since the 4 billion dollars.3 amounts involved in these sudden shifts run into billions of dollars, the date of a war loan drive CHANGES DURING THE PAST YEAR relative to the date of a deposit survey has an During the twelve months ended July 31,1944, important effect on the pattern of ownership a period which encompassed three war loan shown by the figures. drives, demand deposits of individuals, partner- In comparing the estimated ownership of ships, and corporations in all commercial banks deposits presented in the table, it should be remembered that July 31, 1943 was tliree months 3 The figures^on^deposit ownership presented in this article are after the conclusion of the Second War Loan estimates of the ownership as recorded by the books of all banks, and differ from figures that might be compiled from the books of the de- Drive, which ended officially on May 1, while positors. They include amounts covered by checks which have been drawn by the depositors and deducted from their books but which have the February deposit survey was two weeks after not yet been received by the payees, as well as checks which have been credited to the accounts of payees but which are en route between banks the official close of the Fourth War Loan Drive, and have not yet been charged off the accounts of the payors. On July 31, 1944, the interbank float amounted to approximately 4 billion and the July 31, 1944 survey was three weeks dollars; no information is available as to the amounts that may be en route between depositors. after the Fifth Drive. On the earliest of these 1070 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS dates, deposits of individuals, partnerships, and creased their bank balances by perhaps as much corporations were almost at their interdrive as 2. billion dollars each; and other financial peak; while on the two later dates, they had businesses have increased their holdings by been sharply reduced by the war loan drives something like 0.5 billion. which had just been completed. Personal deposits increased by 0.7 billion The fact that a war loan drive affects the dollars during the five-month period from various types of deposits (business, personal, February to July 1944 compared with an inetc.) differently, makes difficult the interpreta- crease of 1.9 billion during the previous seven tion of the changes which occurred during the months. The difference is largely attributable two periods covered. Business deposits, for to the seasonal variations in farmers' deposits. example, declined by an estimated 500 million The latter increased an estimated 900 million dollars during the seven-month period ended dollars during the fall and winter of 1943, as February 2.9, 1944, but increased an estimated crops were harvested and sold, but declined 1.8 billion during the succeeding five months. slightly from February to July 1944. Deposits Deposits of insurance companies declined during of individuals other than farmers increased by the first period and showed no change during the approximately 1 billion dollars during each of second. Personal deposits, on the other hand, the two periods. increased very markedly during the first period, but increased to a much lesser extent during the CHANGES SINCE 1941 second. These differences reflect the fact that Growth of demand deposits since the middle individuals spread their bond purchases more of 1943, even after allowance for the influence evenly over the entire twelve months through of war loan drives, has been at a much slower pay roll deductions while businesses bought rate than during 1942. and the first half of 1943. their Government securities in large blocks dur- Of the total increase of n billion dollars in ing the war loan drives. demand deposits of individuals, partnerships, Had the 1943 survey been made nearer the and corporations at all commercial banks from close of a war loan drive, the deposit holdings December 1941 to July 1944, about 18 billion of all groups would have been substantially had occurred by July 1943. Table II shows lower than those shown in Table I for July the estimated demand deposits of businesses, 31, 1943. This means that the changes re- individuals, and all others for December 31, corded for the first seven months, and hence for 1941, July 31, 1944, and the changes recorded the entire twelve-month period, are somewhat between these two dates. distorted. The changes for the five months TABLE II ended July 31 are, however, not seriously biased by war loan drives, since the drives in question CHANGES IN OWNERSHIP OF DEMAND DEPOSITS, 1941 TO 1944 [Dollar figures in billions] preceded the two surveys by roughly the same Increase interval. If one could abstract the influences July Dec. of the war loan drives, it is possible that the 1944 1941 Dollar Peramount centage changes recorded for many groups during the Domestic business 37.4 25.0 12.4 50 first period would be more nearly similar to those Personal 18.6 10.0 8.6 86 All others1 3.6 2.6 1.0 38 recorded during the period from February to 59.6 37.6 22.0 59 July 1944- Thus it appears that most business groups, with the possible exception of public 1 Includes nonprofit organizations, trust funds of banks, and deposits of foreigners. utilities, insurance companies, and other nonfinancial business, have added substantially to The estimates for December 1941 shown in their deposit holdings during the past year. the table are based upon reports received in Trade and manufacturing concerns have in- the first survey of demand deposit ownership NOVEMBER 1944 1071 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS as of March 31, 1943, which, for a number of tions also held the bulk of the deposits of public banks, included ownership data for the earlier utilities and insurance companies. In wholedate. Since then, additional reports for sale or retail trade and in other nonfinancial December 1941 have been received. Although businesses, which include services, unincorpothese reports are not sufficiently comprehen- rated firms held nearly half of the deposits. Resive to permit any detailed classification of tail and wholesale trade establishments acdeposit ownership, they do provide reasonably counted for about half of all demand deposits accurate estimates of the three broad groups of noncorporate business, other nonfinancial indicated. business for nearly a fifth, and financial business Of the estimated total increase of 2.2. billion for about an eighth. dollars during this period over half was added to the bank balances of business, and about two- TABLE III fifths to personal accounts. The relative gain ESTIMATED DEMAND DEPOSITS OF DOMESTIC BUSINESS, JULY 1944 for individuals, however, was greater than for [Dollar figures in billions] business. The estimated increase of 8.6 billion Non- Perdollars in personal demand deposits is a growth Total C r o a r t p e o- c r o a rp te o- c c e o n r t p a o g - e rate of 86 per cent since December 1941, while busi- Total domestic business 37.4 29.1 8.3 77.7 ness balances increased by an estimated 50 per Nonfinancial business—total 32.7 25.5 7.2 77.9 cent. Besides this very substantial increase in Manufacturing and mining... 17.3 15.8 1.5 91.2 demand deposits, individuals undoubtedly hold Public utilities 3.7 3.6 0.1 96.7 Trade 8.6 4.4 4.1 51.9 a large share of the ix billion dollar increase in Other nonfinancial 3.1 1.7 1.5 53.4 currency in circulation and of the 8 billion in- Financial business—total 4.7 3.6 1.1 76.6 crease in time deposits which occurred during Insurance 1.7 1.6 0.1 95.6 Other financial 3.0 2.0 1.0 66.1 this period. The reduced growth in demand N9TE.—Securities and Exchange Commission estimates of corporate deposits during the past year has been accom- cash include currency, time deposits and other cash items as well as demand deposits, and are theoretically the summation of all balances panied by an accelerated increase in time de- as recorded by the books of corporations. The Federal Reserve estimates include only demand deposits as recorded on the books of posits, amounting to 5.5 billion dollars in the 12. banks. When adjusted to establish comparability, the two estimates agree very closely. months ended July 31, and a continued growth of nearly 5 billion in currency in circulation. GEOGRAPHICAL SHIFTS Differences in growth of demand deposits DEPOSIT OWNERSHIP BY CORPORATE STATUS among the several groups of depositors are re- On the basis of reports obtained in the latest flected in the many pronounced geographic shifts deposit survey, it is estimated that corporate that have occurred in our economy, including business enterprises held about 2.9 billion dolthe distribution of bank deposits. States and lars, or nearly four-fifths of total demand regions which before the war were predomideposits of all businesses on July 31, 1944. nantly industrial have shown smaller gains in Unincorporated business balances amounted to bank deposits than have areas which were more about 8.3 billion dollars. These figures are largely agricultural or were dominated by shown in Table III, and the differences between smaller businesses or branches of large industhis estimate of corporate cash and other pub- trial enterprises. Demand deposits in states lished estimates are explained in the note to like Kansas, North and South Dakota, Idaho, that table. Arizona, and New Mexico have increased about Firms engaged in manufacturing and mining 150 per cent since December 31, 1941; and the held over half of all corporate balances, and four Federal Reserve Districts of Atlanta, Kansas corporations held nine-tenths of demand deposits City, Dallas, and San Francisco have shown held by all businesses in this field. Corpora- gains of more than 100 per cent in demand 1OJ1. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS TABLE IV lished industrial areas on the eastern seaboard, DEMAND DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND COR- showed increases of less than 50 per cent. PORATIONS AT ALL COMMERCIAL BANKS IN THE UNITED STATES, BY DISTRICTS [Dollar figures in millions] DEPOSITS BY SIZE OF BANK AND SIZE OF ACCOUNT Increase For purposes of analysis, as well as to facili- Dec. 1941-July July Dec. Dec. 1944 tate the sampling and estimating procedure, 31, 31, 31, 19441 1943 1941 banks and deposits have been divided into size Dollar Peramount centage groups. The estimated distributions by size of Boston 3,204 3,337 2,257 947 42.0 bank and by size of account are shown in the New York 17,470 17,788 14,016 3,454 24.6 Philadelphia 3,129 3,136 2,177 952 43.7 accompanying chart and table. Over a fourth Cleveland 4,610 4,582 2,855 1,755 61.5 of all demand deposits of individuals, partner- Richmond 2,915 2,846 1,687 1,228 72.8 Atlanta 2,891 2,742 1,372 1,519 110.7 ships, and corporations is in the 16 banks which Chicago 9,121 9,004 5,321 3,800 71.4 St. Louis 2,637 2,589 1,513 1,124 74.3 have a total of such deposits of over 500 million Minneapolis 1,525 1,550 793 732 92.3 dollars each, while about a twelfth is in banks Kansas City 2,960 2,727 1,360 1,600 117.6 Dallas 2,790 2,591 1,318 1,472 111.7 which have less than a million dollars of such San Francisco 6,352 6,184 2,926 3,426 117.1 deposits, but which include nearly two-thirds U. S. total 59,604 59,078 37,595 22,009 58.5 of all banks in number. About two-fifths of the 1 Estimate. dollar volume of total deposits are in accounts of deposits. These large percentage increases re- $100,000 and over, and a slightly larger aggreflected not alone the growth in agricultural gate amount in accounts of less than $2.5,000 deposits but also new and expanding industrial each. development and the establishment of military The larger accounts and the deposits in the centers in those areas. The diversified middle larger banks are usually held by corporate busiwestern districts and the Richmond District ness, while the smaller accounts and deposits showed rates of growth above the average for in the smaller banks belong mostly to individthe country. The Boston, New York, and uals and unincorporated business. About three- Philadelphia Federal Reserve Districts, estab- fifths of all corporate deposits are held in banks ESTIMATED OWNERSHIP OF DEMAND DEPOSITS JULY 31, 1944 IN BANKS WITH DEMAND DEPOSITS OF*. IN ACCOUNTS OF: ALL AGCOUNTS OVER 500 100 . - I 5 O 0 N 0 M 1 I 0 L - L 1 IO 0 N 0 MIL 1 L -1 IO 0 N M UN IL D L E IO R N I AaLilL _ BA ,. N ,„ K _ S 1 a 00 O , V 0 E 0 R 0 1 £ 0 5 0 ,0 ,0 0 0 0 0 - U 2 N 5, D 0 E 0 R 0 NOVEMBER 1944 1073 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS whose total deposits are over ioo million dollars about 86 per cent are owned by domestic business and nearly two-thirds of all corporate deposits firms, 82. per cent by corporations, and less than are in accounts of $100,000 or more. On the 5 per cent by individuals. Of the total of apother hand, nearly three-fifths of all personal proximately 2.7 billion dollars in deposit acdeposits are in banks whose total deposits are 10 counts of $2.5,000 or less, about 17 per cent million dollars or less, and over 85 per cent are belongs to corporations, and 2.1 per cent to unfound in accounts of $X5,ooo or less. Seventy incorporated business, while nearly 60 per cent per cent of unincorporated business deposits are is in personal accounts. in accounts of $2.5,000 or less and about half of them are in banks in the two smallest size STATISTICS ON SAMPLE groups. The bulk of the deposits of public utilities, manufacturing and mining concerns, The estimates of deposit ownership for July and insurance companies is in balances of 31, 1944 are based on reports from about 2.,5oo $100,000 or more while only about 5 per cent of banks representing every State and all sizes of personal deposits are found in accounts of this banks. This is an addition of more than 500 size. banks over the previous survey, confined largely In the very large banks, as shown on the to those areas and sizes of banks which were chart, more than three-fourths of total demand not adequately represented heretofore. These deposits are owned by business, mostly by banks held 65 per cent of the total demand corporations, and less than 14 per cent by in- deposits of individuals and business in all dividuals. In the smallest banks corporations commercial banks on July 31, 1944. The rehave less than 10 per cent of the total deposits, ports were collected by the Federal Reserve noncorporate business xo per cent, and in- Banks; the reported data for the country as a dividuals almost all of the other 70 per cent. whole were assembled and estimates of the dis- Of the total of all deposits of $100,000 or more, tribution of national totals were made by the TABLE V ESTIMATED OWNERSHIP OF DEMAND DEPOSITS, JULY 31, 1944 [In billions of dollars] In banks with demand deposits of: In accounts of: m do i 5 l l 0 l li a 0 o r n s 1 m d 0 o i 0 l l - l l 5 i a o 0 r n s 0 m d 1 o 0 i l l - l l 1 i a 0 o r 0 n s m do 1 i l - l 1 l l i a 0 o r n s L 1 d e m s o s l i l l t a l h i r o s a n n de T p o o t s a i l ts a $ n 1 d 0 0 o ,0 v 0 e 0 r $25-100,000L $ e 2 s 5 s ,0 th 0 a 0 n Total domestic business 9.9 1.4 37.4 19.5 10.4 Corporate 11.2 5.8 7.7 3.9 .4 29.1 18.7 5.9 4.5 1.2 .9 2.2 3.2 .9 8.3 .9 1.6 5.8 Noncorporate 10.7 5.9 8.5 1.3 32.7 17.3 6.3 9.0 Nonfinancial business—total 7.1 3.7 4.0 2.1 .3 17.3 11.9 3.2 2.1 Manufacturing and mining 1.5 1.0 .4 .1 3.7 2.8 .5 .4 Public utilities 1.4 1.0 2.6 2.9 8.6 1.8 1.8 4.9 Trade m .6 .4 .9 1.0 .2 3.1 1.6 Other nonfinancial Financial business—total 1.7 1.4 .1 4.7 2.2 1.2 1.3 Insurance companies .7 .3 .5 .1 1.7 1.2 .3 .2 Other financial 1.0 .5 .9 .6 3.0 1.0 .9 1.1 Personal 2.2 1.7 3.9 7.6 3.2 18.6 1.0 1.8 15.9 Trust funds .4 .3 .4 .1 C1) 1.3 1.1 .1 F N o o r n e p ig ro n f e i r t s associations . . 3 7 rt5 .4 0 'o 1. . 6 7 . .7 4 . . 3 1 Total 8.9 14.7 15.2 4.7 59.6 22.8 9.8 27.0 1 Less than 50 million dollars. NOTE.—Figures rounded to 100 million dollars so detail may not add to total. IO74 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS Division of Research and Statistics of the Board unrepresentative of the group average is greater of Governors.4 than when the limits are narrowed. The in- In previous surveys, all banks were divided troduction of a fifth stratum has thus eliminated into four subgroups according to their volume a bias toward larger banks which was found in of demand deposits of individuals, partnerships, earlier surveys and which presented a difficult and corporations as follows: Group I, deposits problem of adjustment to compensate for the over 500 million dollars; Group II, deposits bias. from 100 to 500 million; Group III, deposits In the July 1944 survey, the size limits for from 5 to 100 million; and Group IV, deposits reporting purposes were lowered so as to provide TABLE VI NATURE OF SAMPLE OF BANKS REPORTING DEPOSIT OWNERSHIP, JULY 31, 1944 [Dollar figures in millions] Size groups, by volume of deposits1 Total Group I banks Group II banks Group III banks Group IV banks Group V banks j (Over 500 million (100 to 500 (10 to 100 million (1 to 10 million (Less than 1 mildollars) million dollars) dollars) dollars) lion dollars)^ District Sample ba A n l k l s Sample ba A n l k l s baAnks Sample ba A n ll ks Sample ba A n l k l s ba A n l k l s .2 1 I o P P P p Boston 104 2,000 3,204 i 714 714 386 386 698 1,205 55 189 797 102 New York 124 13,248 17,470 11,856 12,671 562 1,363 617 1,874 62 196 1,308 254 Philadelphia. 2,406 3,129 1,229 1,229 605 726 146 509 874 300 Cleveland 129 2,936 4,610 1,808 1,808 841 1,242 64 262 1,187 373 Richmond 153 1,581 2,915 277 277 1,021 1,318 75 253 969 351 Atlanta 115 1,407 2,891 260 260 907 1,154 68 226 1,125 352 Chicago 454 6,621 9,121 2,684 2,684 1,651 1,781 1,305 1,626 258 890 2,244 786 St. Louis 130 1,009 2,637 299 397 436 608 92 260 1,137 495 Minneapolis 49 551 1,525 377 377 78 145 26 87 570 433 Kansas City.... 375 1,650 2,960 120 120 847 920 201 573 1,237 683 Dallas 117 1,216 2,790 131 131 901 1,264 58 162 1,132 263 San Francisco. . 453 4,011 6,352 817 817 2,056 2,623 322 1,094 2,632 280 U. S. Total. 2,491 38,636 59,604 15 15,254 16,069 47 7,917 8,946 346 10,312 14,705 1,427 4,701[15,212 656 452 4,672 Percentage of total deposits included in sample 64.8 95.0 8.5 70.1 30.9 9.7 1 Deposit figures are those of demand deposits of individuals, partnerships, and corporations. of less than 5 million dollars. In the most more information about the smaller accounts, recent survey, banks have been divided into and the size categories for the classified acfive size groups. Groups I and II are the counts were made more uniform. Group I same as before but banks with deposits of less banks classified all accounts over $100,000; than 100 million dollars have been divided into: Group II and III banks, all accounts over $10,000 Group III, deposits of 10 to 100 million; Group in three parts—accounts $10,000 to $15,000, IV, deposits of 1 to 10 million; and Group V, accounts $15,000 to $100,000, and accounts over deposits of less than 1 million. $100,000; Group IV banks classified all accounts When the limits of any size group are widely over $3,000 in three parts—accounts $3,000 to separated, the possibility of getting a sample $10,000, accounts $10,000 to $15,000, and those over $15,000; and Group V banks classified all accounts over $1,000 in three parts—accounts 4 Wesley Haraldson of the Board's Division of Research and Statistics is primarily responsible for compilation of national figures $1,000 to $3,000, accounts $3,000 to $10,000, and for the preparation of this article. NOVEMBER 1944 1075 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS and accounts over $10,000. Because of the ex- bank. In all districts but one, more than ioo panded coverage and the uniformity in report- banks were included in the sample; and in the ing, it is felt that the results of this last survey several size groups, the sample appears to be adequate. Of all banks in the United States are substantially more accurate than those of with deposits of over ioo million dollars, all earlier ones; and it is on the basis of this more but seven reported—one Group I bank, and six reliable sample that the published estimates Group II banks. Among the smaller banks resulting from the previous surveys have been the sample coverage was relatively lower than revised. this, but the numbers involved and the geo- Table VI indicates how the sample was di- graphical distribution were such as to insure vided by Federal Reserve district and by size of representativeness. CURRENT EVENTS Admissions of State Banks to Membership in the Montana Federal Reserve System Miles City—Miles City Bank, Miles City, The following State banks were admitted to Montana membership in the Federal Reserve System New Jersey during the period September 16,1944, to October 15, 1944, inclusive: Asbury Park—Asbury Park and Ocean Grove Bank Arkansas Marianna—Farmers and Merchants Bank Oregon Sherwood—The Citizens Bank of Sherwood Kentucky Louisville—Citizens Fidelity Bank and Trust Wisconsin Company Bloomer—Peoples State Bank of Bloomer IO76 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, FIRST HALF OF 1944 Member bank earnings, expenses, and profits on income, increased by 38 million to 130 increased substantially in the first half of 1944 million. Interest payments on deposits showed as compared with the first half of 1943. Cash an increase for the first time in several years and dividends also increased somewhat over recent were up 7 million dollars to 68 million in the comparable periods. first half of 1944; the increase was due to a Interest and dividends on securities continued growth in time deposits, as the average rate to increase and the amount of 453 million dollars paid declined further. Other expenses, includfor the first half of 1944 was larger than, or ing Federal Deposit Insurance Corporation innearly as large as, the income from this source surance assessments, increased by 17 million. in any full year prior to 1942..l The annual The excess of recoveries and profits over losses rate of return on securities was unchanged at and charge-offs in the first half of 1944 was 49 1.5 per cent from the first half of 1943 and slight- million dollars, as compared with 18 million ly higher than for the full year of 1943. This in the first half of 1943 and with net losses in rate had been declining without interruption for most previous years. several years. Net profits increased by 68 million dollars to The amount of earnings on loans showed only 314 million, as compared with an increase of 76 a slight decrease after a sizeable decrease in the million in the first half of 1943 over the first half first half of 1943 as compared with the first of 1942.. On an annual basis, net profits in the half of 1941. The annual rate of return, how- first half of 1944 were 9.5 per cent and net current ever, continued to decline. It was 3.3 per cent earnings 8.0 per cent of total capital accounts in the first half of 1944 as compared with 3.6 as compared with 8.0 per cent and 7.4 per cent, per cent a year earlier. respectively, in the corresponding period of Salaries and wages increased by 19 million 1943 * dollars to 2.^ million. Taxes, principally taxes For detailed figures of earnings, expenses, etc., 1 Because of accessions to and withdrawals from membership and in the first half of 1943 and 1944, see page 1130 absorptions of member and nonmember banks, current figures are not, of course, fully comparable with back figures. of this BULLETIN. MEMBER BANK EARNINGS [Amounts in millions of dollars] Year First half Item 1939 1940 1941 1942 1943 1939 1940 1941 1942 1943 1944 Earnings—Total 1,296 1,323 1,417 1,487 1,650 633 649 681 726 783 901 Interest and dividends on securities 444 431 445 540 766 223 214 215 248 352 453 Earnings on loans1 560 595 665 r649 r563 272 290 318 329 r280 276 Service charges on deposit accounts 54 59 65 68 76 27 29 32 34 36 43 All other earnings1 237 238 242 r230 r245 111 116 116 115 r115 129 Expenses—Total2 895 921 988 1,069 1,154 446 455 475 520 r555 636 Salaries and wages 388 400 426 461 487 190 195 204 223 234 253 Interest on time deposits 159 147 140 128 124 82 75 71 65 61 68 Taxes 85 100 129 149 200 43 49 57 78 92 130 All other expenses2 262 273 293 331 344 131 136 143 154 r168 185 Net current earnings2 401 402 429 418 496 187 194 206 206 r228 265 Recoveries, profits on securities sold, etc 327 303 278 188 312 191 143 129 86 129 164 Losses and charge-offs2 380 356 318 223 251 175 137 122 rlll 115 187 Net profits 347 349 390 383 557 162 198 170 246 314 191 Cash dividends declared3 207 210 211 203 208 100 101 101 102 108 104 Number of banks at end of period 6,362 6,486 6,619 6,679 6,738 6,330 6,398 6,556 6,647 6,703 6,773 r Revised; see footnotes 1 and 2. 1 Service charges and fees on loans (shown separately on p. 1130) are included in earnings on loans in the annual figures for 1942 and 1943, in the figures for the first half of 1943 and 1944, and in all other earnings in prior periods. 2 Recurring depreciation on banking house, furniture and fixtures (shown separately on p. 1130) is included in expenses in the annual figures for 1942 and 1943, in the figures for the first half of 1943 and 1944, and in losses and charge-offs in prior periods. 3 Includes interest on capital notes and debentures. NOVEMBER 1944 1077 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Compiled October 24, and released for publication October 27. Figures shown on charts may differ from preliminary figures used in text. Output at factories and mines in September highest rate reached since the spring of 1942-. and the early part of October was maintained Output of manufactured food products, as a close to the August level. Value of department group, was maintained at the level of the prestore sales continued to show increases above ceding month after allowance for seasonal last year. There were mixed movements in com- change. Butter production continued about 15 modity prices with a sharp decline in the price per cent below last year. Hog slaughter deof steel scrap. clined further in September, while cattle slaughter continued to increase more than is INDUSTRIAL PRODUCTION usual at this season and reached a record rate for Industrial production in September was z$i the wartime period—about 50 per cent above the per cent of the 1935-39 average, according to the 1935-39 average. Beverage distilleries resumed Board's seasonally adjusted index, as compared production of alcohol for industrial purposes in with Tjp- in August and 1^0 in July. September after turning out an exceptionally Activity in most industries manufacturing large amount of whiskey and other distilled durable goods showed slight decreases in spirits during August. September and there were further large declines Crude petroleum production continued to rise in production of aluminum and magnesium. in September, while output of coal and other Steel output averaged 93.4 per cent of capacity, minerals showed little change. somewhat below the August rate, but showed an increase during the first 3 weeks of October. DISTRIBUTION Easing of military demand for steel led to some Department store sales in September showed increase in allocations for civilian production about the usual large seasonal increase and were during the fourth quarter. Aircraft production 14 per cent larger than a year ago. In the first and output in the automobile industry were half of October sales rose sharply and were 16 maintained during September at the level of the per cent above the high level that prevailed in preceding month. the corresponding period last year, reflecting Output of textile and leather products con- in part the greater volume of Christmas shopping tinued to increase in September from the reduced prior to the overseas mailing deadline. July level. Shoe production advanced to the Carloadings of railway freight during Septem- INDUSTRIAL PRODUCTION 1NC0ME PAYMENTS TO INDIVIDUALS 260 .Y ADJUSTED, 1935-39«IOi 1 j j | 240 - - - / - TOTAL - AN S D A L V A *AGES/i | - - / 7 / i 1 - / - - J / - - 140 y 140 / - - L^" OTHER 120 120 PAYMENTS _ c \ / - i ! 20 i i [ \ i ! - 1937 1938 1939 1940 1941 1942 1943 1944 Based on Department of Commerce estimates. Wages and salaries Federal Reserve index. Monthly figures, latest shown is for include military pay. Monthly figures raised to annual rates, latest September. shown are for August. IO78 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS ber and the first half of October were slightly Government deposits at banks declined. Time lower than a year ago owing to decreases in deposits at weekly reporting banks in 101 leadshipments of raw materials, offset in part by in- ing cities rose by about 300 million dollars in the creased loadings of war products and other fin- five weeks ended October 18, and demand deished goods. posits of business and individuals, which decreased somewhat in the latter part of September COMMODITY PRICES partly as a result of tax payments, increased Prices of grains and some other farm products again in October. Currency in circulation were higher in the third week of October than increased by 660 million dollars in the five weeks in the early part of September and there were ended October 18. This unusually large outflow scattered increases during this period in wholeof currency may have been associated with sale prices of industrial products. Prices of purchases of overseas Christmas gifts during the steel scrap and nonferrous metal scrap, however, period. declined; steel scrap was reduced from ceiling Reporting banks in 101 cities reduced their levels by $3.40 per ton, or 18 per cent, to the Government security holdings during the five lowest prices offered since August 1939. weeks ended October 18 by about 900 million AGRICULTURE dollars. Treasury bill holdings declined by 37c Crop production in 1944 will rank with 1942. million dollars and certificate holdings by 53c when the largest production in history was million. These sales were largely made to meet harvested. Corn production is estimated at 3.1 the currency drain and increased reserve requirebillion bushels; this, together with other feed ments. During the same period the Reserve grains, wheat, and good pastures, will go far to Banks purchased 680 million dollars in Governprevent too rapid marketings of livestock. ment securities. Excess reserves continued to Commercial truck crops for the fresh market fluctuate during this period at a level of close will not only exceed 1943 production but appear to a billion dollars. likely to exceed the 1941 record by about 11 Commercial loans at weekly reporting banks per cent; deciduous fruit production is about 2.0 increased steadily during September and early per cent above 1943, and citrus fruit production October. Loans to brokers and dealers in semay equal or possibly exceed that of last year in curities increased somewhat, reflecting in part spite of recent storm damage. large flotations of new corporate issues during the period. Loans to others for purchasing and BANK CREDIT carrying Government securities, although de- Expenditure by the Treasury of funds received clining steadily, were in mid-October still about during the Fifth War Loan Drive continued in 2.80 million dollars above their predrive level in large volume during the latter half of September June. and the first half of October, and United States WHOLESALE PRICES GOVERNMENT SECURITY HOLDINGS OF BANKS IN LEADING CITIES j j FARM PROD UCTS />, 1 ! 1 _L COMMODITIES 1 100 j -^ rJ i 0TSAN0POO0, Excludes guaranteed securities. Data not available prior to Bureau of Labor Statistics' indexes. Weekly figures, latest shown Feb. 8, 1939; certificates first reported on Apr. 15, 1942. Wednesday are for week ending Oct. 21. figures, latest shown are for Oct. 18. NOVEMBER 1944 1079 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 1083 Federal Reserve Bank discount rates; rates on industrial loans; guarantee fees and rates under Regulation V; rates on time deposits; reserve requirements; margin requirements 1084-1085 Federal Reserve Bank statistics 1085-1089 Guaranteed war production loans 1089 Deposits and reserves of member banks 1090 Money in circulation 1091-1092. Gold stock; bank debits and deposit turnover 1091 Deposits and currency; Postal Savings System; bank suspensions. .. 1093 All banks in the United States, by classes 1094-1095 All insured commercial banks in the United States, by classes 1096-1097 Weekly reporting member banks 1098-1101 Commercial paper, bankers' acceptances, and brokers' balances. . nox Money rates and bond yields 1103 Security markets 1104-1105 Corporate profits 1106 Treasury finance 1107-1109 Government corporations and credit agencies 1110 Business indexes ini-iixo Department store statistics 11x1-11x3 Consumer credit statistics 11x4-11x5 Wholesale prices 11x6 October crop report, by Federal Reserve districts , 11x7 Current statistics for Federal Reserve chart book 11x8-11x9 Member bank earnings, first half of the year, 1943-1944. . 1130 Correction of error in member bank operating ratios, September 1944 BULLETIN . . IO95 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. NOVEMBER 1944 1081 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS MONEY IN CIRCULATION /' / | ~ 15 10 1938 1939 1940 1941 1942 1943 1944 Wednesday figures, latest shown are for Oct. 25. See p. 1083. IO82. 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 v co a D a a n u n i d c n s d - e - ts s T U o . t a S l s . e G T cu r o a b u e r v n i r i a l d e y t l s i r s - e n s m o e A n th t l e l r ot A h l e l r1 Total s G to o c l k d T s r r t e u o c e a i n n r u u a n y g c s t r d y - - - - M i c n t u o i c o l n a i n e r - - y T c i h r n u a o e g r s l a y h s d s - - F u T B p r e s w y o r d e a R e i s r n e e t d a v i r h k - t e s a e s s - - l b p m N e o r o e s m d n it - e s - - c O s F o e e R a t e u r r h c v e d a n - e - e l - t r s Tot b a a l lan E ce x s cess2 certificates Monthly averages of daily figures: 1943—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 Sept 41 9,214 6,981 2,233 478 9,732 22,209 4,093 18,729 2,266 336 1,504 334 12,864 1,417 1944—July 35 14,745 12,176 2,569 421 15,201 21,077 4,108 22,580 2,317 396 1,829 364 12,900 1,232 Aug 71 15,367 12,963 2,404 361 15,800 20,975 4,111 22,988 2,359 385 1,780 370 13,004 1,006 Sept 109 16,383 14,054 2,330 453 16,945 20,872 4,114 23,525 2,383 495 1,674 379 13,476 983 End of month figures 1943—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 Sept. 30.... 12 8,919 6,698 2,221 453 9,384 22,175 4,094 18,844 2,267 706 1,636 335 11,864 1,684 1944—July 31... 37 14,915 12,447 2,468 374 15,325 20,996 4,109 22,699 2,346 388 1,779 363 12,855 1,188 Aug. 31 . . 95 15,806 13,456 2,350 299 16,201 20,926 4,114 23,292 2,374 381 1,753 369 13,072 846 Sept. 30.... 49 16,653 14,342 2,311 410 17,113 20,825 4,112 23,794 2,363 349 1,612 384 13,548 1,035 Wednesday figures: 1943—Dec. 1.... 53 10,447 8,169 2,278 374 10,874 22,065 4,101 19,940 2,299 275 1,630 333 12,562 1,096 Dec. 8.... 108 11,016 8,720 2,296 417 11,540 22,044 4,102 20,135 2,301 686 1,664 331 12,569 918 Dec. 15.... 90 11,014 8,748 2,266 600 11,704 22,004 4,097 20,235 2,293 379 1,622 343 12,932 1,238 Dec. 22.... 70 11,551 9,260 2,291 837 12,459 22,004 4,097 20,382 2,325 967 1,864 344 12,677 919 Dec. 29... 101 11,615 9,313 2,302 714 12,430 22,004 4,096 20,428 2,316 764 1,908 345 12,769 1,126 1944—Jan. 5.... 31 11,651 9,340 2,310 691 12,372 21,938 4,094 20,436 2,314 961 1,751 339 12,602 971 Jan. 12. .. 47 11,855 9,543 2,312 413 12,315 21,938 4,092 20,404 2,318 638 1,845 339 12,801 1,128 Jan. 19. .. 41 11,913 9,598 2,314 464 12,418 21,938 4,093 20,408 2,327 404 1,959 338 13,014 1,122 Jan. 26... 24 12,026 9,711 2,315 334 12,385 21,928 4,093 20,387 2,331 351 1,994 340 13,002 1,023 Feb. 2 ... 24 11,781 9,162 2,618 327 12,132 21,910 4,093 20,534 2,322 175 1,916 342 12,847 1,538 Feb. 9 ... 22 11,169 8,560 2,609 319 11,511 21,836 4,094 20,586 2,315 8 1,707 341 12,482 1,444 Feb. 16 ... 32 11,394 8,782 2,612 534 11,961 21,802 4,093 20,610 2,335- 360 1,968 340 12,244 1,269 Feb. 23 ... 47 11,816 9,237 2,579 377 12,240 21,742 4,090 20,696 2,336 646 1,944 340 12,109 1,077 Mar. 1... 37 11,624 9,043 2,581 381 12,042 21,712 4,091 20,823 2,350 140 1,815 337 12,380 1,215 Mar. 8.... 52 12,029 9,443 2,586 357 12,438 21,670 4,090 20,963 2,340 269 1,905 339 12,383 1,013 Mar. 15... 65 12,110 9,507 2,603 467 12,643 21,670 4,089 21,006 2,342 77 1,922 352 12,705 1,263 Mar. 22 ... 65 12,243 9,637 2,606 415 12,722 21,600 4,090 20,934 2,333 495 1,893 352 12,405 926 Mar. 29.... 83 12,297 9,685 2,613 369 12,749 21,600 4,092 21,037 2,329 753 1,918 351 12,053 630 Apr. 5.... 44 12,332 9,719 2,613 389 12,766 21,540 4,093 21,191 2,347 426 1,801 356 12,277 859 Apr. 12.... 55 12,648 10,040 2,609 402 13,106 21,479 4,093 21,295 2,327 274 1,823 356 12,604 986 Apr. 19.... 87 12,734 10,128 2,606 508 13,330 21,469 4,093 21,334 2,321 204 1,967 362 12,704 927 Apr. 26.... 89 12,998 10,392 2,606 398 13,485 21,429 4,094 21,396 2,327 373 2,019 357 12,537 640 May 3.... 85 13,292 10,679 2,613 353 13,730 21,375 4,092 21,614 2,334 229 1,973 357 12,690 794 May 10.... 136 13,249 10,636 2,613 328 13,713 21,375 4,097 21,725 2,333 214 1,826 356 12,729 771 May 17.... 152 13,808 11,196 2,613 421 14,382 21,354 4,099 21,846 2,298 397 1,953 355 12,986 936 May 24.... 227 13,989 11,376 2,613 309 14,525 21,324 4,100 21,911 2,333 389 1,960 355 13,000 764 May 31 ... 236 14,251 11,613 2,638 272 14,759 21,264 4,101 22,160 2,310 307 1,946 355 13,046 711 240 14,609 11,972 2,638 334 15,183 21,212 4,101 22,255 2,330 262 1,934 357 13,358 818 173 15,001 12,362 2,639 431 15,606 21,211 4,104 22,333 2,332 154 2,028 359 13,715 1,059 172 15,180 12,539 2,641 435 15,786 21,201 4,107 22,293 2,339 334 2,000 369 13,758 1,213 52 15,081 12,434 2,647 291 15,423 21,193 4,107 22,421 2,314 561 1,978 369 13,081 1,239 July 5... 22 14,738 12,091 2,647 325 15,085 21,133 4,107 22,598 2,296 219 1,861 364 12,987 1,470 July 12.. 45 14,816 12,174 2,642 374 15,236 21,114 4,107 22,561 2,303 517 1,863 364 12,849 1,563 July 19.. 39 14,556 12,037 2,519 403 14,999 21,047 4,109 22,531 2,348 360 1,798 364 12,754 1,462 July 26.. 37 14,802 12,309 2,493 285 15,124 20,996 4,111 22,584 2,313 403 1,773 365 12,793 1,280 Aug. 2.. 36 14,891 12,429 2,462 321 15,249 20,996 4,112 22,734 2,339 261 1,771 368 12,884 1,190 Aug. 9.. 62 15,222 12,781 2,441 319 15,604 20,996 4,108 22,910 2,340 487 1,790 371 12,810 1,049 Aug. 16.. 53 15,231 12,828 2,404 397 15,682 20,998 4,109 23,020 2,345 317 1,804 368 12,935 1,001 Aug. 23.. 107 15,592 13,226 2,366 300 15,999 20,947 4,112 23,047 2; 404 549 1,766 370 12,922 868 Aug. 30.. 85 15,852 13,502 2,350 230 16,167 20,946 4,114 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 4,114 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 4,112 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 4,114 23,558 2,390 699 1,758 385 13,445 878 Sept. 27. 88 16,501 14,190 2,311 353 16,943 20,825 4,114 23,658 2,373 483 1,627 386 13,355 865 Oct. 4.. 33 16,660 14,350 2,311 406 17,099 20,824 4,113 23,881 2,372 347 1,612 391 13,433 862 Oct. 11.. 148 17,016 14,699 2,317 339 17,503 20,725 4,113 24,099 2,366 211 1,568 390 13,708 976 Oct. 18.. 185 17,087 14,768 2,319 523 17,795 20,728 4,114 24,157 2,362 315 1,598 390 13,814 918 Oct. 25.. 322 17,261 14,922 2,339 316 17,899 20,727 4,115 24,216 2,359 229 1,606 391 13,940 783 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. 1083 NOVEMBER 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect October 31. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, Advances secured by or corporations other than member banks Government obligations secured by direct obligations of the U. S. Advances secured by maturing or callable (last par. Sec. 13) Federal Reserve Bank G t o io v n e s r n m m a e t n u t r i o n b g l i o g r a- be d y i o s n c d o u o n n t e s y o e f a a r n a d nd Other [ s S e e c c u . r e 1 d 0 ( a b d )] vances callable in one year advances secured by or less (Sec. 13) (Se e e li s g . i 1 b 3 le a p n a d p 1 e 3 r a)1 To nonmember banks To others Rate Effective Rate Effective Rate Effective Rate Effective Rate Effective Boston Oct. 27, 1942 Sept. 1, 1939 Oct. 27, 1942 Sept. 1, 1939 Oct. 27, 1942 New York.... Oct. 30, 1942 Aug. 25, 1939 Oct. 30, 1942 Aug. 25, 1939 Oct. 30, 1942 Philadelphia.. Oct. 17, 1942 Mar. 21, 1942 Oct. 17, 1942 Mar. 21, 1942 2 Oct. 17, 1942 Cleveland Oct. 27, 1942 Apr. 11, 1942 Sept. 12, 1942 Apr. 11, 1942 2 Oct. 27, 1942 Richmond Oct. 28, 1942 Mar. 14, 1942 Oct. 28, 1942 Mar. 14, 1942 Oct. 28, 1942 Atlanta Oct. 15, 1942 Mar. 21, 1942 Oct. 15, 1942 Sept. 16, 1939 2 2 Oct. 15, 1942 Chicago Oct. 17, 1942 Feb. 28, 1942 Aug. 29, 1942 Sept. 1, 1939 2 Oct. 17, 1942 St. Louis Oct. 27, 1942 Mar. 14, 1942 Mar. 14, 1942 Sept. 16, 1939 2 Oct. 27, 1942 Minneapolis... Oct. 30, 1942 Mar. 28, 1942 Oct. 30, 1942 Mar. 28, 1942 2H Oct. 30, 1942 Kansas City.. Oct. 27, 1942 Apr. 11, 1942 Oct. 27, 1942 Sept. 16, 1939 2 Oct. 27, 1942 Dallas Oct. 17, 1942 Mar. 21, 1942 Oct. 17, 1942 Sept. 16, 1939 2 Oct. 17, 1942 San Francisco. Oct. 28, 1942 Apr. 4, 1942 Oct. 28, 1942 Apr. 4, 1942 Oct. 28, 1942 1 Rates shown also apply to advances secured by obligations of Federal Intermediate Credit Banks maturing within 6 months. NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal Intermediate Credit Banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or corporations made under the last paragraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK BUYING RATES ON BILLS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS [Per cent per annum 1 AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT* Maturity R O a c t t e . o 3 n 1 In g i e n f n fe in ct g — be- Pre r v at i e ous I In M ef a fe t c u t r i O ti c e t s o b n e o r t 3 e 1 x . c e P e e d r i n c g e n f t i v p e e r y e a a n r n s um] Treasury bills1 % Apr. 30, 1942 To industrial or Bankers' acceptances:* commercial To financing institutions 1- 90 days Oct. 20, 1933 1 businesses 91-120 days Oct. 20,1933 1 121-180 days 1 Oct. 20, 1933 On discounts or Federal Reserve purchases 1 Established rate at which Federal Reserve Banks stand ready to buy Bank u a if l p l o d T n e r s e i r r a e e s q d u u r e b y s y t b t b i h l e l e s f o o s r e e ff l e l m e re r a , d t . w ur e i E r t e y f f , m e c w a ti d o v e u e l d o A n s u e c g l o l . n 3 b d , a it c 1 i k o 9 n 42 b , i t l h p ls a u t r o ch f t h a e s li e k s R e e o s a f e m r s v o u e u c n h t B b a a i n n ll k d s , , lo O an n so2 co m m O e m n n t i s t- fo i P r n o s w t r i t h t i u o ic - n h ma R in e- ing m O i n tm c e o n m ts maturity at the same rate of discount. Since May 15, 1943, all purchases tion is portion ha 2 v e M b in ee im n u m m a d b e u s y u i b n j g e c r t a t t e o s r o ep n u p rc ri h m as e e b o a p n t k io e n r . s' acceptances. obligated Back figures.—See Banking and Monetary Statistics, Table 117, pp. 443-445. Boston ...»_ New York , Philadelphia 2 Cleveland g Richmond GUARANTEE FEES AND MAXIMUM INTEREST AND COM- A Ch tl i a c n ag ta o , (\) M V IT N O M A N S E V I N L O Y O T N A A D N R U N E D A S N P T A D C G E R E O S U T R N A C M T R E H E R A X A N A N E R T C C T O G , T U E F E A E T A S D N 1 I B E V 9 D L T 4 B E 4 E T Y M L O U A W E R N M R A D D I E R E T E N R I R M D T N E E R A P O E A C C . G T O R 9 U M T 11 L M M 2 A E I T S N I - T O , N D S M K S a t a a i . n n l n l L n s a F o a e s r s u a a p i n C s o c i l i t i y s sco... ( 0 3) 8 8 * Y Y lA 2 t- - il V I A H A [Rates in effect October 31] 1 See table on maximum interest and commitment rates chargeable FEES PAYABLE TO GUARANTOR BY FINANCING INSTITUTIONS under Regulation V for rates on guaranteed Section 13b loans. 2 Including loans made in participation with financing institutions. Guarantee fee 3 Rate charged borrower less commitment rate. (In terms of per- 4 Rate charged borrower. Percentage of loan guaranteed centage of amount 5 May charge rate charged borrower by financing institution, if lower. of interest payable 6 Charge of \i per cent is made on undisbursed portion of loan. by borrower)1 Back figures.—See Banking and Monetary Statistics,Table 118, pp. 446-447. MAXIMUM RATES ON TIME DEPOSITS 80 or less 10 Maximum rates that may be paid by member banks as established by 15 90 20 the Board of Governors under provisions of Regulation Q 95 30 [Per cent per annum] Over 95 50 Nov. 1,1933- Feb. 1,1935- Effective Jan.31,1935 Dec. 31, 1935 Jan.l, 1936 MAXIMUM RATES THAT MAY BE CHARGED BORROWERS BY Savings deposits FINANCING INSTITUTIONS Postal savings deposits... _^ [Per cent per annum] Other deposits payable: In 6 months or more— Maximum rate of interest In 90 days to 6 months. Yi Maximum commitment rate In less than 90 days 2H NOTE.—Maximum rates that may be paid by insured nonmember banks 1 Guarantee fee is charged only on guaranteed portion of loan. as established by the F. D. I. C, effective Feb. 1, 1936, are the 2 Based on average daily unused balance of the maximum principal same as those in effect for member banks. Under Regulation Q the rate amount of the loan. The financing institution may, in the alternative, payable by a member bank may not in any event exceed the maximum charge a flat fee of not to exceed $50, without regard to the amount or rate payable by State banks or trust companies on like deposits under maturity of the commitment. the laws of the State in which the member bank is located. IO84 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVE REQUIREMENTS MARGIN REQUIREMENTS* [Per cent of deposits] [ Per cent of market value ] Period in effect C r b e e c s a n i e N n t t r y k r v e a s t e l de R m b e c a a s i n n t e d y k r v s d e ep C o o b si u a t n s n 1 k tr s y d m b e T a e p ( n i m o a m k l s b s l e i e ) t r s For P R r e e e x s s t c e e r n r i v b s e i e o d S n y s b s y E o te x B f m c o c h a r i a r n e n d d g a i o c e t c f b o A G r y d o c a v b t n e r o c o r f e n k o e 1 w r r s 9 s i 3 t o h a 4 f n t S d h e e d c e u F a r e l i d t e i e r e s r s a o l n O A 1 c 1 p 9 t 9 3 r . 6 . 3 - 7 3 1 1 , , E N ff o 1 e 9 v c 3 . t 7 i 1 v , e listed securities, under Regulation T 55 40 June 21, 1917-Aug. 15, 1936 13 10 7 3 For short sales, under Regulation T.... 2 50 Aug. 16, 1936-Feb. 28, 1937 193^ 15 For loans by banks on stocks, under Regulation U... 40 Mar. 1, 1937-Apr. 30, 1937 22^ May 1, 1937-Apr. 15, 1938 26 20 14 * 6 * Apr. 16, 1938-Oct. 31, 1941 22^ 173^ 12 5 Nov. 1, 1941-Aug. 19, 1942 26 20 14 6 O A S u e c g p t . . t . 3 2 1 , 0 4 1 , , 9 1 1 4 9 9 2 4 4 a 2 2 n - - S O d e c a p t f . t . t e 1 r 3 2 , , 1 1 9 9 4 4 2 2 2 2 2 0 4 2 2 2 2 0 0 0 1 1 1 4 4 4 6 6 6 v re a 2 q l u u R e i e re q ( m 1 u 0 i e 0 r n e % m ts ) e a n n t M d IO u t W h n e d U e m r i a n R x i m e m g i u u s m l x a a ti l u o o i n a e n a T v r a e l w u m e a . e s t a h im e margin "customarily required" by the broker. 3 Regulation U became effective May 1, 1936. 1 Demand deposits subject to reserve requirements; i.e., demand de- NOTE.—Regulations T and U also provide special margin requirements on posits other than war loan deposits, minus cash items in process of "omnibus" accounts and loans to brokers and dealers. collection and demand balances due from domestic banks. PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month Item 1944 1944 1943 Oct. 25 Oct. 18 Oct. 11 Oct. 4 Sept. 27 Sept. 20 Sept. 13 Sept. 6 September August September Assets Gold certificates on hand and due from U. S. Treasury 18,021,065 18,029,565 18,038,565 18,141,565 18,170,565 18,234,36518,245,865 18,284,865 18,168,566 18,304,367 19,879,714 Redemption fund—F.R. notes. 537,828 530,422 521,815 505,859 478,668 476,548 470,466 452,938 478.925 454,5511 131,290 Other cash 261,547 254,216 241,776 260,311 264,510 264,495 264,279 261,292 267,054! 269,408 333,061 Total reserves 18,820,440 18,814,20318,802,156 18,907,73518,913,743 18,975,40818,980,610 18,999,095 18,914,545 19,028,326 20,344,065 Discounts and advances: For member banks 322,189 185,505 148,195 32,860 87,535 170,942 r114,920 103,655 49,260 94.3741 11,760 For nonmember banks, etc 90 90 845 925 r975 975 95 975; 50 Total discounts and advances 322,279 185,595 148,195 32,860 88.380 104,630 49,355 95,349I 11,810 Industrial loans 8,457 8,506 9,012 8,991 8,908 10,030 10,056 9,027 10,2051 11,902 U. S. Government securities: Direct: Bills: Under repurchase option 4,788,647 4,878,713 5,090,887 4,830,773 4,832,077 5,085,163 5,096,582 4,814,485 4,828,734 4,582,622 4,247,874 Other 6,391,655 6,215,225 6,005,105 5,954,245 5,815,895 5,665,720 5,549,540 5,491,480 5,954,245 5,491,480 1,102,834 Certificates: Special Other 3,741,490 3,673,990 3,602,990 3,564,490 3,542,490 3,468,990 3,418,990 3,381,990 3,559,490 3,381,990 1,347,250 Notes 1,093,371 1,072,871 1,070,871 1,064,871 1,064,871 1,069,371 1,073,371 1,073,371 1,064,871 1,077,871 687,400 Bonds 1,243,426 1,243,426 1,243,426 1,243,426 1,243,426 1,248,426 1,266,426 1,266,426 1,243,426 1,269,426 1,500,432 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.. 17,261,089 17,086,72517,015,779 16i,660,305 16,501,25916,540,170 16,407,40916,030,25216,653,266il5,805,889! 8,918,906 Other Reserve Bank credit out- j j standing 307,154 514,367 329,757 396,731 343,977 514,439 382.322 363,565 401,4691 289,402; 441,407 Total Reserve Bank credit outstanding 17,898,979 17,795,19317,502,743 17,098,88716,942,52417,236,50616,915,546 17,113,117116,200,845j 9.384,025 Liabilities Federal Reserve notes 20,634,100 20,563,988 20,498,874 20,297,090 20,086,98420,001,393 19,942,678 19,864,779 20,215,36419,735,001115,266,277 Deposits: Member bank—reserve account 13,940,04113,814,484 13,707,85113,432,72313,354,98813,444,623 13,526,087 13,221,14213,548,13213,071,563:11,864,260 U. S. Treasurer—general account 228,772 315,382 210,510 346,645 483,410 699,234 369,864 354,012 348,667 381,464 705,933 Foreign 1,244,554 1,238,113 1,221,1601 1,245,236 1,262,346 1,405,487 1,406,259 1,404,088 1,254,479 1,401,168! 1,220,733 Other deposits 361,555 359,795 347,089 367,012 364,616 352,923 358,940 364,238 357,076 351,825) 414,969 Total deposits 15,774,92215,727,77415,486,610115,391,61615,465,36015,902,26715,661,15015,343,48015,508,354(15,206,020;14,205,895 Ratio of total reserves to deposit and F.R. note liabilities combined (per cent) 51.7 51.8 52.2 53.0 53.2 52.9 53.3 54.0 52.9 54.5 69.0 r Revised. MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] October 25, 1944 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 o t 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 o e a a r r s s 5 O y v e e a r rs Discounts and advances 322,279 267,988 31,815 10,900 11,576 Industrial loans 8,457 7,776 2 477 51 "36 23 61 31 U. S. Government securities, including guaranteed securities 17,261,089 2,240,451 1,716,478 4,153,905 3,547,648 1,602,871 2,167,140 87,200 888,602 856,794 NOVEMBER 1944 1085 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 i . s M ap in o n li e s - K C an it s y as Dallas F ci r s a c n o - Assets Gold ctfs. on hand and due from U. S. Treas. Sept. 27 18,170,565 992,268 4,319,177 941,336 ,485,989 ,090,158 954,1423,526,852 675,594 357,160 736,768 540,9202,550,201 Oct. 4 18,141,565 874,724 4,734,215 996,055 ,262,278 872,854 879,2533,590,990 759,847 380,520 599,604 491,9382,699,287 Oct. 11 18,038,565 887,990 4,371,305 997,389 ,256,090 915,856 906,2323,665,540 814,065 398,320 617,616 484,697 2,723,465 Oct. 18 18,029,565 870,929 4,527,072 980,084 ,279,131 902,334 887,0343,679,581 774,268 379,433 612,205 486,1262,651,368 Oct. 25 18,021,065 863,340 4,525,921 954,989 ,284,009 869,998 871,3203,777,455 751,886 376,398 601,849 483,1762,660,724 Redemption fund— F. R. notes 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 Oct. 4 505,859 36,002 101,753 38,003 52,630 43,553 32,328 67,388 28,246 12,172 22,156 15,640 55,988 Oct. 11 521,815 36,849 115,957 37,773 52,945 42,422 32,112 67,377 28,180 12,652 24,112 15,632 55,804 Oct. 18 530,422 38,842 115,931 37,770 52,935 44,419 32,094 67,153 33,172 12,647 24,089 15,574 55,796 Oct. 25 537,828 38,741 120,575 38,110 52,803 43,579 33,958 66,997 33,124 12,632 24,054 17,537 55,718 Other cash 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 Oct. 4 260,311 22,028 61,833 20,663 22,564 12,688 20,674 34,397 12,349 5,545 14,166 8,575 24,829 Oct. 11 241,776 21,318 59,138 19,920 20,593 11,859 18,708 31,343 12,112 4,887 12,486 7,784 21,628 Oct. 18 254,216 20,951 62,667 19,816 21,592 12,629 19,129 33,843 12,252 5,023 12,879 7,897 25,538 Oct. 25 261,547 22,129 63,508 20,581 20,565 15,039 22,710 32,171 11,975 5,467 12,971 8,866 25,565 Total reserves: Sept. 27 18,913,743 ,045,578 4,498,411 999,865 ,547,3021,134,594 1,004,5453,630,763 716,130 374,871 768,652 563,2562,629,776 Oct. 4 18,907,735 932,754 4,897,801 1,054,721 ,337,472 929,095 932,2553,692,775 800,442 398,237 635,926 516,1532,780,104 Oct. 11 18,802,156 946,157 4,546,400 1,055,082 ,329,628 970,137 957,0523,764,260 854,357 415,859 654,214 508,1132,800,897 Oct. 18 18,814,203 930,722 4,705,670 1,037,670 ,353,658 959,382 938,2573,780,577 819,692 397,103 649,173 509,5972,732,702 Oct. 25 18,820,440 924,210 4,710,004 1,013,680 ,357,377 928,616 927,9883,876,623 796,985 394,497 638,874 509,5792,742,007 Discounts & advances: Secured by U. S. Govt. securities: Sept. 27 88,380 6,275 47,265 3,230 9,600 2,195 3,150 3,900 12,420 75 225 45 Oct. 4 32,860 5,175 8,690 2,045 250 900 2,130 1,900 10,900 500 125 150 95 Oct. 11 148,195 7,900 104,255 5,505 8,820 750 2,130 7,150 10,335 150 150 1,050 Oct. 18 '. 185,595 4,800 142,055 7,650 3,370 850 5,130 2,350 8,000 11,000 240 150 Oct. 25 322,279 5,450 233,240 12,680 10,650 3,350 3,803 2,400 14,130 5,000 1,340 30,236 Other: Sept. 27 Oct. 4 Oct. 11 Oct. 18 Oct. 25 Total discounts and advances: Sept. 27.. 88,380 6,275 47,265 3,230 9,600 2,195 3,150 3,900 12,420 75 225 45 Oct. 4 32,860 5,175 8,690 2,045 250 900 2,130 1,900 10,900 500 12J 150 95 O O c c t t . . 1 1 8 1 1 1 8 4 5 8 , , 5 1 9 9 5 5 4 7 , , 8 9 0 0 0 0 1 14 0 2 4 , , 0 2 5 5 5 5 5 7 , , 5 6 0 5 5 0 3 8 , , 3 8 7 2 0 0 8 7 5 5 0 0 5 2 , , 1 1 3 3 0 0 2 7 , , 3 15 5 0 0 1 8 0 , , 0 3 0 35 0 'ii',666 2 1 4 5 0 0 1 1 5 5 0 0 1,050 Oct. 25 322,279 5,450 233,240 12,680 10,650 3,350 3,803 2,400 14,130 5,000 1,340 30,236 Industrial loans: Sept. 27 8,908 1,478 89 3,762 338 158 25 20 25 3,013 Oct. 4 8,991 1,468 89 3,888 331 15 25 20 25 2,988 Oct. 11 9,012 89 4,074 330 155 25 19 25 2,828 Oct. 18 8,506 1^455 89 3,601 330 154 24 25 2,828 Oct. 25 8,457 1,455 89 3,566 331 139 24 25 2,828 U. S. Govt. securities: ' Bills: Under repurchase option: Sept. 27 4,832,077 119,101 2,722,853 214,222 134,170 65,900 56,691 963,833 86,903 72,968 34,196 24,858 336,382 Oct. 4 4,830,773 124,468 2,856,958 211, 122,440 67,545 55,956 939,178 84,443 63,598 40,349 35,358 229,397 Oct. 11 5,090,887 141,608 3,083,975 206,033 142,550 75,730 56,455 958,346 70,833 50,438 75,284 30,238 199,397 Oct. 18 4,878,713 135,584 2,928,366 189,618 120,263 56,575 59,240 956,39 79,033 41,833 64,151 10,593 237,060 Oct. 25.... 4,788,647 126,420 2,963,026 191,968 118,993 70,857 47,355 810,13 89,839 40,194 72,660 31,223 225,975 Other bills: 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 Oct. 4.... 5,954,245 756,542 586,4501,189,294 720,019 572,885 232,702 254,615 570,431 449,178 622,129 Oct. 11.... 6,005,105 754,037 592.7S 1,194,125 724,970 576,949 236,346 257,005 532,459 452,621 683,839 Oct. 18 6,215,225 754,391 618,7971,186,857 745,422 593,741 24,903 251,401 266,880 555,581 465,088 752,164 Oct. 25 6,391,655 758,525 640,6641,197,748 762,595 607,841 147,489 264,042 275,172 537,182 420,359 780,038 Certificates Sept. 27.... 3,542,490 268,239 749,644 291,176 395,181 232,838 215,761 394,790 170,801 105,327 184,592 159,51 374,627 Oct. 4.... 3,564,490 148,223 1,254,546 182,438 201,807 153,626 127,927 740,743 158,947 50,524 105,553 84,082 356,074 Oct. 11.... 3,602,990 150,762 1,264,987 185,196 205,355 155,825 129,737 746,248 160,711 51,510 107,247 85,537 359,875 Oct. 18 3,673,990 155,273 1,284,814 190,134 211,648 159,778 132,997 756,865 163,956 53,247 110,268 88,121 366,889 Oct. 25 3,741,490 159,966 1,302,322 195,168 218,220 163,770 136,280 765,881 167,063 55,087 113,37 90,81- 373,542 Notes: Sept. 27 1,067,371 80,821 225,872 87,732 119,072 70,155 65,009 118,952 51,463 31,735 55,620 48,062 112,878 Oct. 4 1,067,371 44,38' 375,669 54,630 60,429 46,003 38,307 221,813 47,595 15,130 31,608 25,178 106,625 Oct. 11 1,073,371 44,9L 376. 55,17 61,178 46,421 38,650 222,317 47,878 15,346 31,950 25,483 107.210 Oct. 18 1,075,371 45,448 376,063 55,651 61,949 46,76' 38,92' 221,533 47,991 15,585 32,275 25,793 107,389 Oct. 25 1,095,871 46,854 381,446 57,164 63,916 47,967 39,916 224,325 48,933 16,135 33,208 26,599 109,408 Bonds: 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 55,98! 131,496 Oct. 4 1,243,426 51,705 437,632 63,64 70,397 53,590 44,625 258,399 55,446 17,626 36,822 29,331 124,212 Oct. 11 1,243,426 52,030 436,558 63,912 70,870 53,776 44,773 257,539 55,463 17,777 37,012 29,520 124,196 Oct. 18 1,243,426 52,551 434,832 64,349 71,630 54,075 45,011 256,153 55,490 18,021 37,319 29,824 124,171 Oct. 25 1,243,426 53,163 432,807 64,861 72,522 54,426 45,291 254,529 55,521 18,307 37,679 30,180 124,140 Total U. S. Govt. sec. incl. guar. sec: Sept. 27 16,501,259 1,002,693 5,192,228 1,173,371 1,435,933 832,88 767,4162,264,294 649,532 419,917 642,26: 550,3011,570,431 Oct. 4 16,660,305 1,125,322 4,924,805 1,098,242 1,644,3671,040,78. 839,7002,160,133 579,133 401,493 784,763 623,1271,438,437 Oct. 11 17,015,779 1,143,351 5,162,3731,103,0661,674,0781,056,72: 846,5642,184,450 571,231 392,076 783,952 623,3991,474,517 Oct. 18 17,086,725 1,143,24" 5,024,0751,118,54' 1,652,3471,062,61 869,9162,219,864 597,871 395,566 792,715 619,41 1,590,539 Oct. 25 17,261,089 1,144,928 5,079,6011,149,8251,671,3991,099,61. 876,6832,202,361 625,398 404,895 794,106 599,1751,613,103 1086 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Total loans and sec: Sept. 27 16,598,547 010,446 5,239,582 ,180,363 ,445,871 835,234 770,5912,268,194 661,952 419,937 642,362 550,526 1,573,489 Oct. 4 16,702,156 131,965 4,933,584 ,104,175 ,644,948 ,041.840 841,8552,162,033 590,033 402,013 784,913 623,2771,441,520 Oct. 11 17,172,986 152,718 5,266,717 ,112,645 ,683,228 ,057,627 848,7192.191,600 581,566 392,095 784,127 623,549 1,478,395 Oct. 18..... 17,280,826 149,502 5,166,219 ,129,800 ,656,047 ,063,621 875,0702,222,214 605,871 406,566 792,980 619,5691,593,367 Oct. 25 17,591,825 151,833 5,312,930 ,166,071 ,682,380! ,103,104 880,5102,204,761 639,528 409,895 795,471 629,4111,615,931 Due from foreign banks: Sept. 27 136 J49 11 Oct. 4 136 I49 11 Oct. 11 136 149 11 Oct. 18 136 149 11 Oct. 25 136 I49 11 Federal Reserve notes of other banks: 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 Oct. 4 73,221 1,572 14,254 2,332 3,123 6,255 7,771 9,651 5,283 2,099 5,533 3,058 12,290 Oct. 11 69,904 1,640 13,724 2,119 2,953 5,820 6,809 8,673 4,239 2,011 6,101 3,126 12,689 Oct. 18 72,90" 1,588 14,853 2,119 3,363 6,238 7,638 10,347 5,048 1,650 5,016 3,608 11,439 Oct. 25 80,663 1,663 16,339 2,650 3,901 6,955 7,554 10,876 6,084 2,674 5,281 3,528 13,158 Uncollected items: 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 Oct. 4 1,713,095 120,246 367,245 106,962 164,807 128,376 91,134 256,172 73,056 39,789 103,854 62,218 199,236 Oct. 11 1,644,926 117,908 350,564 94,511 161,315 127,089 95,875 256,309 74,197 38,622 92,745 63,637 172,154 Oct. 18 2,107,648 152,410 454,145 123,019 214,881 159,727 126,395 332,097 95,670 47,634 112,196 76,176 213,298 Oct. 25 1,692,534 124,533 355,671 97,824 175,810 125,726 94,105 260,507 75,712 41,241 99,223 64,464 177,718 Bank premises: 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 Oct. 4 34,467 1,624 8,943 3,492 4,129 2,873 1,622 2,896 2,059 1,259 2,680 924 1,966 Oct. 11 34,467 1,624 8,943 3,492 4,129 2,873 1,622 2,896 2,059 1,259 2,680 924 1,966 Oct. 18 34,466 1,624 8,943 3,492 4,129 2,873 1,621 2,896 2,059 1,259 2,680 924 1,966 Oct. 25 34,441 1,624 8,943 3,492 4,120 2,866 1,619 2,896 2,058 1,259 2,680 924 1,960 Other assets: Sept. 27 56,920 3,992 11,518 4,154 6,402 4,163 3,447 7,102 2,884 1,842 2,966 2,454 5,996 Oct. 4 53,165 2,58: 15,442 2,652 4,046 3,012 2,325 10,101 2,664 1,174 2,022 1,532 5,613 Oct. 11. 56,153 3,046 16,255 2,756 4,010 3,149 2,374 10,435 2,662 1,217 2,068 1,510 6,671 Oct. 18 56,440 2,799 16,037 2,844 4,035 3,100 2,658 10,435 2,720 1,263 2,109 1,645 6,795 Oct. 25 57,485 2,751 16,772 2,954 4,126 3,223 2,559 10,677 2,796 1,305 2,173 1,817 6,332 Total assets: Sept. 27 37,424,391 ,189,904 [0,138, ,298,6023,182,051 ,114,8741,873,0766,196,222 1,458,650 837,4501,516,9531,182,949 4,435,307 Oct. 4 37,483,975 ,190,753 L0,237,3182,274, ',158,537 ,111,4571,876,9666,133, ,473,541 844,5741,534,9321,207, ,440,740 Oct. 11 37,780,728 ,223,103 L0,202,6522,270,6173,185,275 ,166,7011,912,4556,234,190 1,519,084 851,066 1,541,939 1,200,863 4,,472,783 Oct. 18 38,366,626 ,238,655 L0,365,9162,298,9563,236,125 ,194,9471,951,6436,358, ,531,064 855,4781,564,1581,211, ,559,578 Oct. 25 38,277,524 ,206,624 L0,420,7082,286,6833,227,726 ,170,4961,914,3396,366,357 1,523,167 850,8741,543,706 1',209',,727 4,,557,117 Liabilities Federal Reserve notes Sept. 27 20,086,984 ,288,757 4,4801,,254 1,329,6581,772,906 1,343,7311,158,7513,699,365 844,253 445,492 738,713 493,051 2,492,053 Oct. 4 20,297,090 ,297,943 4,520,400 1,335,9981,780,2881,367,6121,1819,4—3 "3,734,155 857,727 450,67" 749,772 504,9922,515,587 Oct. 11 20,498,874 ,309,918 4,556,157 1,352,2181,800,680 ,384,2081,193,3273,774,807 867,919 454,637 753,384 508, ,542,647 O O c c t t . . 2 1 5 8 2 2 0 0 , , 6 5 3 6 4 3 , , 1 9 0 8 C 8 , ,3 3 1 1 2 2 , , 1 8 4 8 ! 9 4 4, , 5 5 6 8 4 01 , , 4 ,"5 6 2 8 9 1 1, , 3 3 5 5 3 5 , , 3 6 0 46 6 1 1 , , 8 8 1 0 2 6 , , 7 1 5 0 1 8 1 1 , , 3 3 9 9 6 3, , 0 8 1 6 9 81 1 , , 1 20 9 1 9, ,8 4 8 9 5 2 3 3 , , ;8 7 0 8 0 6 , , 3 8 8 1 3 8 8 8 7 7 6 3 , , 9 0 4 2 6 4 4 4 5 5 8 7 , , 6 2 2 9 7 6 7 7 5 5 4 4 , , 3 5 4 4 1 2 5 5 0 0 8 9 , , 5 2 5 0 9 9 2 2 , , 5 5 7 5 7 1 , , 8 4 1 2 1 4 Deposits: Member bank— reserve account: Sept. 27 13,354,988 628,450 4,366,729 673,1731,047,765 551,296 548,5062,010,384 475,812 306,593 621,665 571,,536 1,553,079 Oct. 4 13,432,72; 652,523 4,409,221 664,4001,059,595 560,417 554,9471,973,001 479,436 306,714 623,801 5821,,509 1,566,159 Oct. 11 13,707,85 682,388 4,463,704 680,38 1,075,760 582,78: 570,1032,036,692 499,564 313,654 639,821 577,606 1,585,385 Oct. 18 13,814,484 659,419 4,509,852 675,6991,079,805 583,341 578,5202,072,968 508,010 309,342 640,525 567,4801,629,523 Oct. 25 13,940,04: 656,561 4,600,637 682,20;1,092,090 580,215 567,2922,115,137 501,419 307,862 637,534 571,833 1',627,254 U. S. Treasurergeneral account: Sept. 27 483,41C 38,813 98,790 53,538 61,645 32,115 30,571 53,786 14,437 16,823 22,505 15,546 44,841 Oct. 4 346,64. 17,330 131,495 24,199 26,455 5,814 9,116 27,75 15,929 15,190 21,618 20,761 30,981 Oct. 11 210,511 8,508 36,447 7,243 17,253 20,200 12,059 23,369 23,516 11,591 20,370 9,278 20,676 Oct. 18 315,38: 22,455 74,935 11,974 27,910 20,607 19,95; 36,310 15,685 12,119 21,859 20,484 31,087 Oct. 25 228,77. 11,401 59,344 10,853 11,651 8,549 9,13: 27,958 16,364 11,525 13,475 21,111 27,409 Foreign: Sept. 27 1,262,34 84,736 2493,056 111,267 107,639 48,377 38,70: 149,968 37,492 26,60^ 35,073 35,073 94,356 Oct. 4 1,245,23* 84,36i 2487,173 109,502 105,931 47,610 38,088 147,590 36,89" 26,185 34,517 34,517 92,860 Oct. 11 1,221,16C 82,945 2470,091 108,596 105,055 47,216 37,773 146,369 36,59: 25,969 34,231 34,231 92,092 Oct. 18 1,238,11 84,04 2478,392 109,824 106,243 47,750 38,200 148,024 37,006 26,262 34,619 34,619 93,133 Oct. 25 1,244,554 85,331 1482,305 110,026 106,438 47,837 38,270 I48,29.r 37,074 26,310 34,682 34,682 93,304 Other: Sept. 27 364,61 4,7H 274,879 6,193 5,620 4,600 4,360 4,766 9,898 1,795 2,416 3,111 42,268 Oct. 4 367,01 5,534 271,349 8,452 7,333 4,234 2,774 4,060 10,111 2,022 3,765 2,454 44,924 Oct. 11 347,08" 3,603 251,836 5,946 7,930 4,655 2,717 4,328 10,708 1,954 3,542 3,177 46,693 Oct. 18 359,79. 3,29C 261,067 6,056 9,871 3,262 2,943 3,487 10,505 2,331 3,735 2,744 50,504 Oct. 25 361,55; 3,01i 270,026 6,144 6,655 3,389 3,270 4,238 9,71: 2,331 3,15" 2,954 46,663 Total deposits: Sept. 27 15,465,36C 756,705 5,233,454 844,1711,222,669 636,388 622,139 2,218,904 537,639 351,818 681,659 625,2661,734,544 Oct. 4 15,391,61 759,753 5,299,238 806,5531,199,314 618,075 604,9252,152,408 542,373 350,111 683,701 640,2411,734,924 Oct. 11 15,486,61 777,444 5,222,078 802,1721,205,998 654,858 622,6522,210,758 570,380 353,168 697,964 624,2921,744,846 Oct. 18 15,727,77- 769,20. 5,324,246 803,5531,223,829 654,960 639,6202,260,789 571,206 350,054 700,738 625,3271,804,247 Oct. 25 15,774,92: 756,305 5,412,312 809,2301,216,834 639,990 617,"964 2,295,628 564,569 348,028 688,848 630,5801,794,630 Deferred availability items: Sept. 27 1,394,79^ 112,268 264,190 83,370 141,38' 113,048 73,894 216,598 60,687 27,254 80,758 49,074 172,268 Oct. 4 1.316.50C 100,676 257,606 90,249 133,499 103,993 71,260 185,847 57,109 30,867 85,464 46,333 153,597 Oct. 11 1,315,30= 103,31: 263,638 74,59 133,049 105,732 78,016 187,156 64,386 30,324 74,576 51,960 148,565 Oct. 18 1,593,41' 124,05: 316,124 100,462 160,559 124,99: 91,181 249,127 70,552 35,170 92,904 61,275 167,020 Oct. 25 1,385,51 105,61. 265,958 80,020 152,416 111,460 78,273 208,352 65,267 31,245 84,450 54,834 147,628 1 After deducting $87,000 participations of other Federal Reserve Banks. 2 After deducting $760,611,000 participations of other Federal Reserve Banks on Sept. 27; $756,991,000 on Oct. 4; $750,732,000 on Oct. 11; $759,221,000 on Oct. 18; and $760,611,000 on Oct. 25. 1087 NOVEMBER 1944 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 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 L S o t u . i . s M ap in o n li e s - K C an it s y as Dallas F c r is a c n o - Other liabilities, includiner accrued div.: Sept. 27 9,533 794 3,051 683 882 465 424 1,195 313 270 343 365 748 Oct. 4 9,599 934 2,290 750 1,119 524 902 936 282 293 452 378 739 Oct. 11 9.589 938 2,580 773 1,151 596 486 894 303 290 448 396 734 Oct. 18 10,151 981 2.449 734 1,149 585 943 998 304 303 461 445 799 Oct. 25 10,336 981 2,707 814 1,160 726 556 970 329 304 471 457 861 Total liabilities: Sept. 27 36,956,6702,158,528 9,980, ,257882 31,137,8412,093,632 ,855, ,136,062 1[,442,892 824,8341,501,4731,167, [, 399,613 Oct. 4 37,014,8052,159, ,079, 534 2,233,550 3!, 114,221" ,090,204 859,030 6i,O73,346 1,457,491 831,9441,519.3891,191,944 4[, 404,847 Oct. 11 37,310,3782,191,612 10,.044,453 2,229,754 31,140,878 2,145,394 894,4816,173,615 1.,502,988 838,4191,526,3721,185,620 41,436, 792 O Oc c t t . . 2 1 5 8 3 3 7 7 , , 8 8 0 9 4 5 , , 8 3 7 3 4 0 2 2 , ,2 1 0 7 7 5 , , 1 " 2 " 710 , , 2 2 6 0 1 7 , ,287 2 , , 2 2 4 5 5 8 , ,0 7 5 1 5 0 3 3 1 1 , , 1 1 9 8 1 3 , ,1 6 6 45 1 2 2, , 1 1 4 7 9 3 , , 0 55 4 5 4 , 8 9 9 3 6 3 , ,629 6 , , 3 29 0 7 5 , ,3 7 3 3 3 2 1 1L ,5 ,5 0 1 7 5 , , 1 0 1 8 1 6 8 8 4 3 2 8 , , 8 2 2 0 3 41 1 , , 5 5 2 4 8 8 , ,6 1 4 1 5 0 1 1, , 1 1 9 96 4 , , 256 4 tt, , 5 5 2 2 0 3 , , 9 4 3 9 0 0 Capital Accounts Capital paid in: Sept. 27 159,873 9,980 58,401 12,132 16,285 6,401 5.758 18,934 3,470 5,163 5,016 13,435 Oct. 4 160,224 9,996 58,419 12,135 16.290 6.401 5,784 18,938 5,155 3,470 5,164 5,016 13,456 Oct. 11 160,276 9,996 58,425 12,153 16,297 6,406 5,784 18,950 5,155 3,473 5,165 5.016 13,456 Oct. 18 160,255 9,998 58,434 12,154 16,302 6,436 5,784 18,966 5,066 3,474 5,166 5,019 13,456 Oct. 25 160,437 9,995 58,586 12,160 16,305 6,436 5,784 18,973 5,076 3,476 5,167 5,023 13,456 Surplus (section 7): 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 Oct. 4 188,097 13,206 70,012 17,859 16,026 5.236 5,725 26,490 6,330 3,669 4,554 4,831 14,159 Oct. 11 188,097 13,206 70,012 17.859 16,026 5,236 5,725 26,490 6,330 3,669 4,554 4,831 14,159 Oct. 18 188,09' 13,206 70,012 17,859 16,026 5,236 5,725 26,490 6,330 3,669 4,554 4,831 14,159 Oct. 25 188,097 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): 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 Oct. 4 26,965 2,874 7,092 4,421 1,007 3,290 749 1,429 530 1,000 1,137 1.307 2,129 Oct. 11 26,96. 2,874 7,092 4,421 1,007 3,290 749 1,429 530 1,000 1,137 1,307 2,129 Oct. 18 26,965 2,874 7,092 4,421 1,007 3,290 749 1,429 530 1,000 1,137 1,307 2,129 Oct. 25 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: 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 Oct. 4 93,884 5,371 22,261 6,381 10,994 6,326 5,678 13,442 4,035 4,491 4,688 4,068 6,149 Oct. 11 95,012 5,415 22,670 6,430 11,067 6,375 5,716 13,706 4,081 4,505 4,711 4,1 6,247 Oct. 18 95,979 5,450 23,091 6,467 11,145 6,430 5,756 13,966 4,052 4,512 4,656 4,110 6,344 Oct. 25 97,151 5,499 23,512 6,533 11,227 6,490 5,796 14,132 4,120 4,525 4,738 4,136 6,443 Total liabilities and capital accounts: O Se c p t. t . 2 4 7 3 3 7 7, , 4 4 2 8 4 3 , , 3 9 9 7 1 5 2 2 , , 1 1 8 9 9 0 , , 9 7 0 5 4 3 1 1 0 0, ,2 1 3 3 7 8 , ,3 3 5 1 3 8 2 2 , , 2 2 9 7 8 4 , ,346 3 , , 1 1 8 5 2 8 , , 0 5 5 3 1 7 2 2 , , 1 1 1 1 4 1 , , 8 4 7 5 4 7 1 1, , 8 8 7 7 6 31 , ,,076 61 1 9 3 6 3 , , 2 6 2 4 2 5 1 1 , , 4 4 5 7 8 3 , , 6 5 5 4 0 1 8 8 3 4 7 4 , , 4 5 5 7 0 4 1 1, , 5 5 1 3 6 4 , , 9 " 5 " 3 1, ,2 1 0 8 7 2 , ,9 16 4 6 9 4 4 :.!- , , 4 4 4 3 0 5 , , 74 30 0 7 Oct. 11 37,780,7282,223,10310,202,652 2,270,6173,185,275 2,,166,7011,912!,,455 6234, 1'90 1,519,084 851,066 ,541,939 1,200, ,472,783 O O c c t t . . 2 1 5 8 3 3 8 8 , , 2 3 7 6 7 6 , , 5 6 2 2 4 6 2 2 , , 2 2 0 3 6 8 , , 6 65 2 . 4 1 1 0 0 ., , 4 3 2 6 0 5 , ,9 7 1 0 6 8 2 2, , 2 2 8 9 6 8 , , 6 9 8 5 3 6 3 3 , ,, 2 2 2 3 7 6 , , 7 1 2 2 6 5 2 2 ,, , 1 1 7 9 0 4 , ,9 4 4 9 7 6 1 1 , , 9 9 1 5 4 1, , , 3 6 3 4 9 3 6 6 ,3 3 6 5 6 8 » , , 5 3 8 5 3 7 1 1 , , 5 5 2 3 3 1 , , 1 0 6 6 7 4 8 8 5 5 0 5 , , 8 47 7 8 4 1, , 5 56 4 4 3 , , 7 1 0 5 6 8 1 1, ,2 2 0 1 9 1 , ,523 4t:: , ,5 5 5 7 5 , 9 1 , 1 5 7 78 Commitments to make industrial loans: Sept. 27 4,546 275 2.167 742 1,264 Oct. 4 4,342 275 2,040 733 1.194 Oct. 11 4,348 275 1,904 715 1,354 Oct. 18 4,819 275 2,377 715 1,352 Oct. 25 4,801 275 2,411 663 1,352 FEDERAL RESERVE NOTES-FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS P [In thousands of dollars] Total Boston Y Ne o w rk d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - l A an t- ta Chicago L S o t u . is M ap in o n li e s - K C an it s y as Dallas F c S r i a s a n c n o - Federal Reserve notes outstanding (issued to Bank): Sept. 27 734,705 ,327, ,637,402 1,364,723 1,811,610 1,376,037 1,216,638 3,765,790 885,035 451,987 763,950531,0952,602,479 Oct. 4 891,391 ,333, 509 4:.,676, ,368,419 1,821,730 1,391,919 1,224,863 3,797,837892,039 459,128 768,433 532,354 2,624,922 Oct. 11 047,005 ,336,416 4:,7O2,189 1,373,645 1,838,058 1,411,350 1,233,028 3,850,023898,142 462,759 773!,062534,4722,633,861 Oct. 18 158,529 ,345,482 4•,727,563 1,390,974 1,851,870 1,419,035 1,240,832 3,849,957907,243 464,718 774,544537,863 2,648,448 Oct. 25 285,091 ,342,540 4:,745,780 1,390, 614 1,855,i,962 1,429,000 1,257,0453,867,215 913,421467,120 781,126 541,663 2,693,605 Collateral held against notes outstanding: Gold certificates: Sept. 27 ,762,000 706,000 2,350,000 616,000 1,015,000 830,000 695,000 2,500,000 375,000 215,000 420,000 266,000 1,774,000 Oct. 4 ,445,000 6201,,000 2,725,000 620,000 775,000 600,000 605 000 2,520,000 425,000 215, 1,774,000 Oct. 11 ,230,000 6101,,000 2,425,000 636,000 789,000 600,000 615000 2,580, 000 215,000 300,000 236, 1,774,000 Oct. 18 ,332,000 6001,,000 2,445,000 640,000 802,000 615,000 615 ,610,000 475,000 220,000 300,000 236,000 1,774,000 Oct. 25 ,361,000 600,000 2,470,000 640,000 806,000 615,000 615000 2,610,000 475,000 236,0001,774,000 Eligible paper: Sept. 27 71,460 6,275 47,265 3,230 2,195 12,420 75 Oct. 4 28,335 5,175 8,690 2,045 900 10,900 500 125 Oct. 11 128,895 7,900 104,255 5,505 750 10,335 150 Oct. 18 174,595 4,800 142,055 7,650 850 8,000 11,000 240 Oct. 25 275,190 5,450 233,240 12,680 3,350 14,130 5,000 1,340 U. S. Govt. securities: Sept. 27 249,503 700,000 25,300,000 750,000 800,000 575,000 5251,,000 1,287,600 536,903 250,000 350000 275,000 900,000 Oct. 4 747,043 810,000 2!, 000,000 750, ' ,050,000 825,000 625,0001,287,600 484,443 250,000 450,000 315,000 900,000 Oct. 11 083,433 810,000 2',300,000 750,000 1,050,000 825,000 625,0001,287,600 470,833 250, 315,000 900,000 Oct. 18 216,633 810, 5,300,000 750),,000 1,050,000 825,000 650, ,287,600 479,033 250,000 500,000 315,000 1,000,000 Oct. 25 257,439 810,000 25,300,000 7501,,000 1,050,000 825,000 650,000 1,287,600 489,839 250,000 500,000 345,000 1,000,000 Total collateral: Sept. 27 082,9631,412,275 4,697,265 1,369,230 1,815,0001,407,1951,220,000 3,787,600 924,323465,000 770,075541,0002,674,000 Oct. 4 220,378 1,435, ,733,690 1,372,0451,825,0001,425,9001,230,000 3,807,600 920,343465,500 780,125551,0002,674,000 Oct. 11 442,328 ,427,900 4,829, 255 1,391,5051,839,0001,425,7501,240,000 3,867,600931,168 465,000 800,150551,0002,674,000 Oct. 18 723,228 1,414:,,800 4,887,055 1,397,6501,852,0001,440,8501,265,000 3,897,600 481.000 800,240551,0002,774,000 Oct. 25...... ,.. 893,629 1,415 ,003,240 1,402,6801,856,0001,443,3501,265,000 3,897,600 978,969 475,000 801,340 581,0002,774,000 1088 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- PARTMENT, NAVY DEPARTMENT, AND MARITIME [Amounts in thousands of dollars] COMMISSION THROUGH FEDERAL RESERVE BANKS UNDER REGULATION V We D d a n t e e sd (l a a y s t or Ap a p p l p i r c o a v ti e o d ns b p u r A t o p v n - e o d t L o o u a t n - s C m om en m ts it- P pa a t r i t o i n c s i- [Amounts in thousands of dollars] las p t e d ri a o y d ) of Number Amount (a p m c l o e o m t u e - d n 1 t) s (a ta m n o d u in n g t) 2 s (a ta m o n u o d t u i - n n g t) ( s a t m a o n u o d u t- i n n t g ) Gua a r u a t n h t o e r e i d z e l d oans Gu o ar u a t n st t a e n e d d i n lo g ans a A v a a d m i d la i o t b i u o l n e n t a t l o borrowers 1934 984 49,634 20,966 13,589 8,225 1,296 Date under guar- 1 1 1 9 9 9 3 3 3 5 6 7 . «..„.. 1 2 2 , , , 2 4 9 8 0 9 0 6 3 1 1 1 2 5 3 0 4 9 , , , 9 8 4 8 2 9 7 9 3 1 8 3 1 , , , 3 2 5 6 2 4 9 6 8 3 2 2 2 0 5 , , , 2 4 5 1 2 9 6 6 3 2 2 1 7 0 2 , , , 6 9 7 4 5 8 9 9 0 8 7 7 , , , 2 2 7 0 3 7 8 8 8 Number Amount am To o t u a n l t g P u t o e a r e t r i d a o n n - o an u t t m e st e a e n n ag d ts r i e n e g - 1938 2,653 175,013 1,946 17,345 14,161 12,722 1939 „ 2,781 188,222 2,659 13,683 9,220 10,981 1940 2,908 212,510 13,954 9,152 5,226 6,386 1942 1941 3,202 279,860 8,294 10,337 14,597 19,600 June 30 565 310,680 81,108 69,674 137,888 1942 Sept. 30 1,658 944,204 427,918 356,677 230,720 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 Jan 30 3,432 434,638 6,672 12,897 12,160 23,915 Jan. 31 2,961 2,999,731 974,083 768,249 1,440,943 Feb. 27 3,440 446,319 5,882 13,717 12,117 23.177 Feb. 28 3,198 3,479,172 1,040,828 828,221 1,706,849 Mar. 31 3,443 459,296 5,164 13,182 13,143 20,316 Mar. 31 3,534 3,725,241 1,245,711 999,394 1,865,618 Apr. 30 3,447 467,733 3,732 13,188 13,438 20,333 Apr. 30 3,773 4,058,731 1,339,078 1,073,972 2,018,818 May 31 3,448 473,399 3,045 13,378 12,950 20,166 May 31 4,002 4,554,278 1,415,777 1,150,040 2,076,998 June 30 3,452 475,468 3,203 13,044 12,132 19,070 June 30 4,217 4,718,818 1,428,253 1,153,756 2,216,053 July 31 3,455 477,681 2,883 12,258 11,832 18,832 July 31 4,404 4,900,905 1,536,296 1,269,416 2,388,721 Aug. 31 3,458 481,288 4,354 12,000 11,614 18,400 Aug. 31 4,599 5,153,941 1.646,921 1,366,178 2,482,875 Sept. 30 3,460 483,608 2,860 12,227 11,474 18,928 Sept.30 4,787 5,452,498 1,708,022 1,413,159 2,494,855 Oct. 30 3,464 486,098 305 12,409 9,978 18,616 Oct. 31 4,948 5,546,555 1,815,162 1,511,847 2,586,563 Nov. 30 3,466 488,422 401 11,811 9,920 18,621 Nov. 30 5,123 6,234,047 1,798,272 1,495,910 2,798,283 Dec. 31 3,471 491,342 926 10,532 9,270 17,930 Dec. 31 5,347 6,563,048 1,914,040 1,601,518 3,146,286 1944 Jan. 31 3,475 495,738 1,808 10,369 10,146 18.247 1944 Feb. 29 3,478 497,875 835 10,198 10,292 18,531 Jan. 31.. 5,565 6,989,682 2,020,294 1,691,802 3,278,822 Mar. 31 3,481 503,330 1,408 11,774 9,069 18,267 Feb. 29.. 5,720 7,172,719 2,030,547 1,700,400 3,451,581 Apr 29 3,482 505,726 276 12,250 8,744 17,137 Mar. 31... 5,904 7,466,762 2,009,511 1,680,046 3,615,963 May 31 3,483 508,170 208 12,073 3,956 11,321 Apr. 30 6,079 7,647,180 1,990,996 1,666,185 3,684,568 June 30 3,483 510,857 45 11,366 4,048 11,063 May 31 6,283 7,797,400 2,033,579 1,706,421 3,795,558 July 31 3,485 513,13+ 295 11,115 3,975 10,841 June 30 6,433 8,046,672 2,064,318 1,735,777 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 1,765,841 3.904,215 Sept. 30 3,487 519,120 645 9,274 4,400 9,851 Aug. 31 6,744 8,487,623 2,010,958 1,706,363 4,107,606 1 Includes applications approved conditionally by the Federal Reserve Sept.30 6,882 8,685,273 1,960,785 1,663,489 4,301,322 Banks and under consideration by applicant. 2 Includes industrial loans past due 3 months or more, which are not in- NOTE.—The difference between guaranteed loans authorized and sum cluded in industrial loans outstanding in weekly statement of condition of of loans outstanding and amounts available to borrowers under guarantee Federal Reserve Banks. agreements outstanding represents amounts repaid, guarantees available NOTE.—The difference between amount of applications approved and the but not completed, and authorizations expired or withdrawn. sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or expired. MEMBER BANK RESERVE BALANCES, BY CLASS OF BANKS DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND [Averages of daily figures. In millions of dollars] SMALL CENTERS,* SEPTEMBER 1944 [Averages of daily figures. In millions of dollars] Central reserve All city banks Re- Coun- In places of 15,000 In places of under mem- serve and over population 15,000 population ber city try , banks1 N Y e o w rk Chicago banks Danjcs Federal Reserve district Demand Demand d e e x p c o e s p it t s Time d e e x p c o e s p i t ts Time Total reserves held: inter- deposits inter- deposits 1943—August 12,597 3,717 858 4,999 3,024 bank2 bank2 September 12,864 3,643 858 5,159 3,204 1944—August 13,004 3,569 841 5,196 3,398 September 13,476 3,728 863 5,365 3,520 Total... 13,524 5,450 8,451 3,782 Week ending (Friday): 1944—Sept. 1 13,157 3,651 852 5,258 3,396 Boston 1,852 627 284 165 Sept. 8 13,333 3,705 859 5,321 3,448 New York 2,662 1,396 841 765 Sept. 15 13,526 3,735 871 5,388 3,532 Philadelphia 987 500 706 580 Sept. 22 13,608 3,751 872 5,410 3,575 Cleveland 1,203 594 794 513 Sept. 29 13,444 3,709 850 5,354 3,531 Oct. 6 13,522 3,744 853 5,361 3,564 Richmond 1,061 274 599 283 Oct. 13 13,699 3,755 869 5,465 3,610 Atlanta 1,162 291 463 124 Oct. 20 13,856 3,815 885 5,535 3,621 Chicago 1,761 877 1,167 571 St. Louis 485 208 677 164 Excess reserves: 1943—August 1,136 19 8 386 724 Minneapolis 417 174 475 258 September 1,417 32 8 515 861 Kansas City 394 71 1,048 132 1944—August 1.006 10 4 286 706 Dallas 680 78 959 40 September 983 21 7 256 698 San Francisco 861 360 438 187 Week ending (Friday): 1944— S S e e p p t t . . 8 1 9 95 3 7 2 1 1 4 3 5 6 2 2 5 6 8 5 6 6 5 7 4 3 1 Includes any banks in outlying sections of reserve cities which have Sept. 15 984 16 7 256 707 been given permission to carry the same reserves as country banks. All Sept. 22 1,007 20 6 253 727 reserve cities have a population of more than 15,000. Sept. 29 958 22 5 244 686 2 Includes war loan deposits, shown separately for all country banks Oct. 6 989 27 7 250 706 in the table on the following page. Oct. 13 1.000 14 8 267 710 Oct. 20 ^968 19 5 257 ^688 v Preliminary. 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. NOVEMBER 1944 1089 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS AND RESERVES OF MEMBER BANKS [Averages of daily figures. In millions of dollars] Gross demand deposits Reserves Demand Fed C e l r a a s l s R o e f s e b r a v n e k d a i n s d trict Total I b n a te n r k - w G m a o U r v e . e l S n o r t . n an - Other a D d d e e j p u m o s a t s e n it d d s 2 N p m o e d s a t i n t d d s e 0 - p T o d i s m e i - t e s4 d b o a b m l f d a a r u o n n e e m s k c t e s i s c Held qu R i e r - ed Excess deposits1 First half of September 1944 All member banks 83,385 10,782 13,013 59,590 56,282 61,693 17,845 5,509 13,425 12,446 979 Central reserve city banks: New York 23,672 •3,641 4,534 15,497 14,616 18,230 957 45 3,723 3,703 20 Chicago 5,448 1,052 959 3,436 3,236 4,119 570 170 865 858 7 Reserve city banks 31,244 5,034 4,600 21,611 19,945 23,293 7,158 1,730 5,351 5,088 263 Boston 2,149 292 451 1,406 1,331 1,578 123 46 330 323 7 New York 520 27 57 435 408 415 201 19 99 95 4 Philadelphia 2,325 325 391 1,609 1,516 1,775 152 66 373 364 8 Cleveland 4,013 508 598 2,908 2,719 3,058 911 172 695 666 29 Richmond 1,856 304 361 1,190 1,102 1,300 306 110 301 278 23 Atlanta 1,932 503 283 1,146 1,036 1,402 268 141 318 296 21 Chicago :.,. 4,029 437 625 2,967 2,785 2,960 1,215 268 690 665 26 St. Louis 1,778 495 241 1,041 936 1,334 221 99 288 280 8 Minneapolis 1,018 253 192 573 513 709 110 57 153 148 4 Kansas City 2,489 843 255 1,391 1,242 1,815 230 274 412 377 35 Dallas 1,913 473 221 1,219 1,126 1,387 197 215 334 289 45 San Francisco 7,223 572 924 5,726 5,231 5,558 3,224 263 1,357 1,305 52 Country banks 23,021 1,056 2,920 19,045 18,485 16,050 9,160 3,564 3,487 2,797 690 Boston 2,239 91 397 1,752 1,684 1,606 788 174 314 272 42 New York. 3,550 73 576 2,900 2,788 2,584 2,134 285 580 490 90 Philadelphia 1,701 12 232 1,457 1,416 1,237 1,074 194 296 238 58 Cleveland 2,024 24 282 1,718 1,676 1,403 1,099 299 352 262 90 Richmond 1,836 179 227 1,430 1,359 1,222 554 328 255 204 51 Atlanta 1,832 197 232 1,403 1,358 1,232 410 335 240 197 43 Chicago 2,996 67 378 2,552 2,504 2,087 1,438 490 475 379 97 St. Louis 1,304 142 114 1,048 1,016 918 369 243 187 151 36 Minneapolis 956 65 105 786 766 662 429 170 147 118 29 Kansas City 1,511 71 113 1,327 1,310 1,003 202 384 207 153 55 Dallas 1,750 110 146 1,493 1,464 1,141 117 440 236 167 70 San Francisco 1,323 26 117 1,179 1,144 955 544 221 196 166 29 Second half of September 1944 All member banks 82,875 10,913 11,864 60,098 56,672 62,172 18,124 5,525 13,526 12,541 985 Central reserve city banks: New York 23,395 3,735 4,093 15,567 14,559 18,254 980 56 3,733 3,710 23 Chicago 5,348 1,042 872 3,434 3,225 4,098 583 169 861 855 6 f Reserve city banks ... 31,065 5,055 4,193 21,817 20,139 23,472 7,258 1,758 5,380 5,130 250 Boston 2,130 305 408 1,417 1,337 1,595 124 48 334 326 8 New York 518 27 53 438 413 421 203 20 103 96 6 Philadelphia 2,308 331 352 1,625 1,526 1,789 153 67 379 367 12 Cleveland 3,968 508 550 2,909 2,707 3,045 920 173 695 664 31 Richmond 1,834 323 326 1,185 1,098 1,317 309 107 299 282 17 Atlanta 1,912 497 256 1,159 1,049 1,411 272 139 310 298 11 Chicago 3,983 429 576 2,979 2,793 2,950 1,236 277 693 664 29 M St. i n L n o e u a i p s o vlis 1 1 , ,7 0 5 0 0 1 4 2 9 5 3 3 2 1 1 7 9 3 1,0 5 3 7 8 5 9 5 2 1 8 7 1,3 7 2 1 8 2 2 1 2 1 4 1 9 5 5 9 2 15 8 1 4 1 2 4 7 9 9 5 2 Kansas City 2,474 833 233 1,408 1,256 1,814 234 278 410 377 33 Dallas .... 1,918 473 202 1,243 1,147 1,401 200 222 336 292 44 San Francisco 7,268 583 844 5,841 5,368 5,691 3,272 274 1,387 1,335 52 Country banks 23,067 1,081 2,706 19,280 18,749 16,349 9,304 3,542 3,553 2,847 706 Boston 2,217 93 364 1,759 1,693 1,607 796 183 311 273 38 New York 3,608 80 535 2,993 2,890 2,677 2,187 298 597 506 91 Philadelphia 1,709 12 214 1,482 1,440 1,255 1,085 200 309 241 68 Cleveland 2,023 28 263 1,731 1,690 1,427 1,116 293 362 267 95 Richmond 1,850 188 209 1,454 1,384 1,251 560 330 261 209 52 Atlanta 1,811 197 214 1,400 1,359 1,242 419 324 239 199 40 Chicago 2,991 66 353 2,573 2,528 2,119 1,459 480 488 384 104 St. Louis 1,304 142 107 1,055 1,025 934 375 236 188 153 35 Minneapolis 960 66 97 797 778 677 434 169 153 121 33 Kansas City 1,515 70 106 1,339 1,324 1,021 205 377 207 155 52 Dallas.... 1,751 113 135 1,503 1,475 1,164 118 430 236 170 66 San Francisco 1,328 26 108 1,194 1,163 975 550 219 201 170 32 1 Figures do not include certain other demand deposits of the U. S. Government with member banks and, therefore, differ from figures for U. S. Government deposits shown in other published banking data. See also footnote 2. 2 Preceding column minus so-called "float" (total cash items in process of collection) and estimate of U. S. Government deposits other than war loan accounts. 3 Demand deposits subject to reserve requirements; i.e., demand deposits other than war loan deposits, minus cash items in process of collection and demand balances due from domestic banks. 4 Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report. IO9O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and smalldenomination currency2 Large denomination currency2 End of year and in cir- Unasmonth cula- sorted tion1 Total Coin $13 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1933 5,519 4,167 442 402 33 719 1,229 1,342 1,360 364 618 125 237 8 10 1934 5,536 4,292 452 423 32 771 1,288 1,326 1,254 337 577 112 216 5 7 10 1935 5,882 4,518 478 460 33 815 1,373 1,359 1,369 358 627 122 239 7 16 5 1936 6,543 5,021 517 499 35 906 1,563 1,501 1,530 399 707 135 265 7 18 8 1937 .. 6,550 5,015 537 505 33 905 1,560 1,475 1,542 387 710 139 288 6 12 7 1938 .......... „...... 6,856 5,147 550 524 34 946 1,611 1,481 1,714 409 770 160 327 17 32 5 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 2 1940 . ..... ..... 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 4 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942 „ 15,410 11,576 880 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943—January. .. 15,590 11,665 869 773 54 1,678 4,107 4,183 3,928 1,047 1,962 293 592 10 25 3 February.. 16,088 12,065 877 786 56 1,718 4,279 4,349 4,026 1,079 2,013 298 599 11 25 3 March 16,250 12,121 890 791 56 1,713 4,280 4,391 4,129 1,104 2,069 306 616 11 23 1 April 16,660 12,428 904 804 58 1,741 4,391 4,531 4,232 1,131 2,US 312 621 15 26 1 May 17,114 12,789 914 824 59 1,785 4,526 4,681 4,326 1,159 2,186 319 630 10 22 1 June 17,421 12,960 929 834 61 1,793 4,565 4,778 4,462 1,195 2,259 329 648 10 21 2 July 17,955 13,334 943 843 62 1,836 4,719 4,931 4,622 1,237 2,347 341 667 10 20 2 August.... 18,529 13,715 960 858 64 1,878 4,853 5,102 4,816 1,293 2,453 353 687 9 22 2 September. 18,844 13,891 970 866 64 1,887 4,893 5,211 4,951 1,327 2,535 360 698 11 20 2 October.... 19,250 14,135 987 872 65 1,902 4,962 5,347 5,118 1,366 2,636 373 713 11 20 3 November. 19,918 14,598 1,006 886 68 1,950 5,127 5,561 5,323 1,416 2,761 388 729 10 19 2 December.. 20,449 14,871 1,019 909 70 1,973 5,194 5,705 5,580 1,481 2,912 407 749 - 9 22 2 1944—January 20,529 14,817 1,013 880 69 1,940 5,174 5,742 5,715 1,509 2,992 418 767 9 21 3 February.., 20,824 15,004 1,018 877 70 1,952 5,255 5,832 5,823 1,534 3,054 426 777 9 22 3 March , 21,115 15,100 1,029 881 70 1,951 5,265 5,905 6,017 1,576 3,152 444 814 9 22 1 April 21,552 15,342 1,039 885 70 1,964 5,344 6,040 6,212 1,618 3,270 456 836 9 23 1 May 22,160 15,731 1,055 903 72 2,003 5,498 6,198 6,431 1,668 3,371 473 887 9 23 2 J Ju u l n y e 2 2 2 2 , , 6 5 9 0 9 4 1 1 5 6 , , 9 0 2 3 5 4 1 1, , 0 0 7 6 7 5 9 9 1 0 0 6 7 7 2 3 2 2 , , 0 0 1 1 0 6 5 5 , , 5 5 4 6 4 9 6 6 , , 3 3 2 8 6 8 6 6, , 6 5 6 8 7 1- 1 1 , , 7 6 2 9 2 9 3 3, , 5 4 1 5 6 8 4 48 8 7 1 9 91 1 2 1 9 9 2 2 2 2 2 2 A Se u p g t u e s m t ber. 2 2 3 3 , ,2 7 9 9 2 4 1 1 6 6 , , 7 4 1 1 5 0 1 1 , , 1 09 0 2 5 9 9 3 2 7 1 7 7 5 5 2 2 , , 0 0 7 5 8 3 5 5 , , 7 7 0 8 6 9 6 6 , , 7 5 3 6 1 2 6 7 , ,0 8 8 8 1 4 1 1 , , 8 7 2 8 9 0 3 3 , , 6 7 4 6 2 5 5 5 0 1 2 6 9 9 3 2 9 9 9 9 2 2 2 2 2 2 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3 Paper currency,only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation1 Money T s S o t e a t 1 p a n 9 l t d 4 . i o 4 3 n u 0 g t , - A g s a o s g l s i d a l e v i c n a e u s r n r t d ity Tre ca a s s h ury R F B e e F a s d e o n e r r k r v a s e l B h F R a a e n e e g l d k s d e e s e n r r b t a v a s y n e l d Se 1 p 9 t 4 . 4 30, Au 1 g 9 . 4 4 31, Se 1 p 9 t 4 . 3 30, certificates and agents Gold 20,825 18,701 2,124 Gold certificates 18,701 15,832 2,815 53 53 56 Federal Reserve notes 20,794 118 659 20,017 19,527 15,146 Treasury currency—total 4,112 121 267 3,724 3,711 3,642 i Standard silver dollars 494 287 97 2 109 107 89 Silver bullion 1,520 1,520 Silver certificates and Treasury notes of 1890 31,807 219 1,588 1,583 1,596 Subsidiary silver coin 754 15 14 725 716 641 Minor coin 283 6 4 272 269 246 United States notes 347 21 323 324 320 Federal Reserve Bank notes 589 6 582 587 622 National bank notes 126 1 125 125 130 Total—September 30, 1944 8 20,508 2,363 15,832 3,742 23,794 August 31, 1944 20,618 2,374 15,943 3,715 23,292 September 30, 1943 21,930 2,267 17,195 3,807 "i8,'844" 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. 1083, and seasonally adjusted figures in table on p. 1092. 2 Includes $1,800,000,000 Exchange Stabilization Fund, $143,918,161 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. fi Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or, until June 30, 1945, of direct obligations of the United States if so authorized by a majority vote of the Board of Governors of the Federal Reserve System. Federal Reserve Banks must maintain a reserve in gold certificates of at least 40 per cent, including the redemption fund which must be deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. NOVEMBER 1944 IO91 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY IN CIRCULATION WITH ADJUSTMENT FOR ANALYSIS OF CHANGES IN GOLD STOCK OF SEASONAL VARIATION UNITED STATES [Outside Treasury and Federal Reserve Banks. In millions of dollars] [In millions of dollars! Amount— Amount— Change in Ear- Date f u o v n r a a r s d i e j a u a t s s io o te n n d al ad v s j a u e r a s i s t a e o t d n i o a n l for s a e s d a e s ju r o i s n e t a s e l 1 d ly Period a s G t t o o e c l n d k d I i n n s c t o r g e c o a k l s d e N im et p g o o rt ld g m o c l r a d e r : a k s d e e d e- p D ti r c o o m d g u o e c s ld - of period or in- tion* End of year figures: crease (—) 1938 6,856 4-306 1939 7,598 +742 19342 8,238 4,202.5 1,133.9 82.6 92.9 1940 8,732 +1,134 1935 10,125 1,887.2 1,739.0 .2 110.7 1 1 1 9 9 9 4 4 4 2 3 1 2 1 1 0 1 5 , , , 4 1 4 4 6 1 9 0 0 + + + 5 4 2 , , , 0 2 4 3 5 2 9 0 8 1 1 1 9 9 9 3 3 3 8 7 6 3 3 1 1 1 2 1 4 , , , 7 2 5 6 5 1 0 8 2 1 1 1 , , , 1 5 7 3 0 5 2 2 1 . . . 5 5 5 1 1 1 , , , 5 1 9 8 1 7 5 3 6 . . . 6 5 6 - - 2 3 -8 0 3 5 0 3 . . . 9 4 5 1 1 1 3 4 4 1 3 8 . . . 9 6 6 M f o i n g 1 u th 9 re 4 ly s 3 : — a N v O o e c r v t a o e g b m e e s b r e o r f daily 1 19 9 , , 5 0 6 0 6 1 1 1 9 9, , 5 0 0 0 7 1 + + 2 5 3 0 4 6 1 1 1 1 1 9 9 9 9 94 3 4 4 4 2 9 1 3 0 2 2 2 2 1 2 1 2 1 7 , , , , , 7 7 9 6 9 3 4 9 2 3 7 4 5 6 8 3 4 -7 - , , 3 1 7 1 8 5 3 4 0 8 1 2 1 . . . . . 3 5 2 0 8 3 4 , , 5 7 (9 ( 14 7 4 8 > ) 4 4 2 . . . 2 5 4 — - - - - 4 6 4 8 5 0 4 5 0 3 7 4 8 3 4 . . . . . 7 7 4 6 4 1 1 1 1 4 6 2 7 6 8 1 5 0 9 . . . . . 3 7 4 2 1 December 20,243 19,944 +437 1944—January 20,428 20,367 +423 1943—September... 22,175 -67.8 -80.6 3.4 February 20,635 20,635 +268 October 22,116 -59.3 -40.6 3.9 March 20,964 21,027 +392 November ... 22,065 -51.0 -44.1 3.4 J A J M u u p a l n y r y e il 2 2 2 2 1 2 2 1 , , , , 3 5 2 8 1 9 2 8 2 6 2 0 2 2 2 2 1 1 2 2 , . , , 9 4 6 4 7 8 2 0 6 4 5 8 + + + + 4 4 2 4 3 5 1 9 2 7 7 2 1944— D M F J e a e a b n c r u c r e u h a m r a y b ry er .. . . . .. . 2 2 2 2 1 1 1 1 , , , , 7 9 6 9 1 3 0 1 2 8 0 8 - - - 1 2 1 -1 2 0 1 9 7 6 1 . . . . 6 0 7 6 - - - 8 2 4 1 7 8 7 1 . . . 0 7 . 6 5 3 3 2 3 . . . . 1 6 9 4 August 22,988 23,104 +479 April 21,429 -170.7 -70.5 2.9 September 23,525 23,572 +468 May 21,264 -165.5 -93.1 2.9 October 24,112 24,112 +540 June 21,173 -90.7 -6.4 2.4 Wednesday figures: J A u u ly gust 2 2 0 0 , , 9 9 9 2 6 6 - — 17 6 7 9 . . 1 7 -96.6 3 2 . . 0 8 1944— S A e u p g t . . 30 6 2 2 3 3, , 4 2 3 2 2 1 2 2 3 3, , 2 2 4 6 6 8 * + -2 8 2 2 September... 20,825 -101.2 5-27.*4 '2.8 Sept. 13 23,495 23,401 +155 Jan.-Sept 20,825 -1,112.7 5-356.2 ?26.2 Sept. 20 23,558 23,511 +110 Sept. 27 23,658 23,634 + 123 Oct. 4 23,881 23,715 +81 p Preliminary. ' Figure carried forward. Oct. 11 24,099 23,955 +240 1 Annual figures are estimates of the United States Mint. Monthly Oct. 18 24,157 24,013 +58 figures are those published in table on p. 1133, adjusted to exclude Philippine Oct. 25 24,216 24,096 +83 Islands production received in United States. 2 Figures based on rate of $20.67 a fine ounce in January 1934 and $35 a imo 1 u F n o ts r in en f d i rs o t f c y o e lu ar m n f . igures, represents change computed on absolute fin 3 e I o n u c n lu c d e es t h g e o r l e d a f i t n e r t . he Inactive Account amounting to 27 million dollars on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937. The net gold import figures for months subsequent to December 1941 have not been released for publication. 6 Gold held under earmark at Federal Reserve Banks for foreign account amounted to 3,833.6 million dollars on Sept. 30, 1944. money in circulation, as shown in Hanking ana Monetary statistics, laoie 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 dollarsl Annual rate of Debits to demand Annual rate of Debits to i t n o t t e a r l b d a e n p k o s a i c t c a o c u c n o t u s nts except tu d r e n p i o o n v s te e it r r s b o a e f n x k c t e o p ta t l e a d x n e d c p e o p G s t i t o i v n a e c t r e c n r o m b u a e n n n t k s t tur d i n e n o p t v e o e r s r b i t a s o n f k e x d a c e n e m p d a t nd Year and month Government T re o c p t e a o n l r t , t e i a r n s l g l Y N C o e it w r y k 1 1 c 4 e 0 n o te th rs e 1 r r c e e O p n o t t h r e t e r i r s n 2 g Y C N o i e t r w y k r 3 e 3 c p 3 e o n o r t t e t i h r n s e g r Y N C o e it w r y k 1 l 0 e c 0 a i t d o ie i t n s h g er Y N C o i e t w r y k 10 le c 0 a i t d o i i e t n h s g er 1935 402,718 184,006 190,165 28,547 178,498 175,902 31.5 22.7 1936 461,889 208,936 219,670 33,283 204,831 202,267 31.4 22.4 1937 469,463 197,836 235,206 36,421 193,143 215,090 29.5 22.4 1938 405 929 168 778 204,745 32,406 164,945 186,140 25.1 19 9 1939 423,932 171,382 218,298 34,252 167,939 200,636 21.0 19.4 1940 445,863 171,582 236,952 37,329 167,373 217,744 17.1 18.6 1941 537,343 197,724 293,925 45,694 193,729 270,439 17.3 19.4 1 19 9 4 4 2 2 — — n o e ld w s s e e r r ie ie s s 3. 3 6 64 0 1 7 , , 7 0 7 7 8 1 2 2 1 2 0 6, , 8 9 6 6 5 1 3 34 4 7 2 , , 8 4 3 3 7 0 5 67 3 , , 0 6 7 7 4 9 16.1 13.1 200,337 308,913 18.0 18.4 1943 792,937 296,368 419,413 77,155 16.5 11.7 258,398 369,396 20.5 17.4 1943—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 3S 215 6,483 15.2 11.1 20,759 30,738 21.1 17.8 December 76,499 28,936 40,155 7,409 17.8 11.8 24,446 34,751 21.8 17.7 1944—January r71,874 27,031 r37,930 6,914 17.3 11.5 24,994 33,749 22.9 17.9 February r70,688 27,592 r36,469 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 r66,689 25 297 34 915 6,478 16.0 r10.5 21,284 30,482 19.7 16.4 May r67,259 24,708 r36,049 6,502 15.5 10.4 20,927 31,105 17.9 15.5 I une r83,848 33,563 r42,595 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 September 70,389 26,860 36,765 6,764 16.1 10.2 23,827 31,882 21.4 16.2 r Revised. 1 National series for which bank debit figures are available beginning with 1919. 2 Annual figures for 1935-1942 (old series) include 133 centers; annual figures for 1942 (new series) and 1943, and monthly figures, include 193 centers. 3 See p. 717 of August 1943 BULLETIN for description of revision beginning with May 1942; deposits and debits of new series for first four months of 1942 partly estimated. NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported since 1942 for 334 reporting centers; the deposits, from which rates of turnover have been computed, have likewise been reported by most banks and have been estimated for others. Debits to demand deposit accounts, except interbank and United States Government, and the deposits from which rates of turnover have been computed have been reported by member banks in 101 leading cities since 1935; yearly turnover rates in this series differ slightly from those shown in Banking and Monetary Statistics, Table 55, p. 254, due to differences in method of computation. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS AND CURRENCY-ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS [Figures partly estimated. In millions of dollars! Total Total demand Time deposits End of month c a d o u d b e u r j a p a t r u n s n o e s i d k s n t d i e s c e t d y s c a d o u d b e u r j p a a t u r n o s n e s d i s k n t d i e s c e t d s y a d d T e j p u o o s t s a 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 p o n t v o a e i e t t s n e e i r t t d s n s - 2 Total b m a C e n o r k c m s i 3 a - l 4 M s b a a u v n t i k u n s a g 4 l s S S P a y o v s s i t n e ta m g l s 6 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 10,849 9,621 1,186 4,7.61 December 42,548 19,817 37,766 15,035 1,016 21,715 11,019 9,488 1,208 4,782 1937—June 57,258 30,687 51,769 25,198 666 25,905 14,513 10,125 1,267 5,489 December 56,639 29,597 51,001 23,959 824 26,218 14,779 10,170 1,269 5,638 1938—June 56,565 29,730 51,148 24,313 599 26,236 14,776 10,209 1,251 5,417 December 58,955 31,761 53,180 25,986 889 26,305 14,776 10,278 1.251 5,775 1939—June 60,943 33,360 54,938 27,355 792 26,791 15,097 10,433 ,261 6,005 December 64,099 36,194 57,698 29,793 846 27,059 15,258 10,523 ,278 6,401 1940—June 66,952 38,661 60,253 31,962 828 27,463 15,540 10,631 ,292 6,699 December 70,761 42,270 63,436 34,945 753 27,738 15,777 10,658 ,303 7,325 1941—June 74,153 45,521 65,949 37,317 753 27,879 15,928 10,648 ,303 8,204 December 78,231 48,607 68,616 38,992 1,895 27,729 15,884 10,532 ,313 9,615 1942—June 81,963 52,806 71,027 41,870 1,837 27,320 15,610 10,395 ,315 10,936 December 99,701 62,868 85,755 48,922 8,402 28,431 16,352 10,664 ,415 13,946 1943—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 11,300 ,700 16,900 September 119,800 72,000 102,600 54,800 16,300 31,500 18,400 11,400 ,700 17,200 October 123,700 74,000 106,100 56,400 17,900 31,800 18,600 11,500 ,700 17,600 November 123,500 77,900 105,200 59,600 13,300 32,300 18,900 11,600 ,800 18,300 December 122,812 75,652 103,975 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 33,200 19,500 11,900 ,800 18,900 February 128,600 77,300 109,400 58,100 17,600 33,700 19,800 12,000 ,900 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 ,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 August33 139,000 85,900 117,300 64,200 16,100 37,000 22,200 12,700 2,100 21,700 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. * 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 on a- 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: tory Di- Guar- funds 1934 57 1 8 48 banks Total rect t a e n e - d etc.2 1 1 9 9 3 3 5 6 3 4 4 4 4 1 4 2 0 2 8 3 1937... 59 4 2 47 6 1938 55 1 1 47 6 1934—Dec 11,207 1,237 540 597 467 130 100 1939 42 4 3 25 10 1935—Dec ,201 1,237 287 853 706 147 98 1940. 22 1 18 3 1936—Dec 1,260 1,296 145 ,058 892 167 93 1941 8 4 3 1 1937—Dec 1,270 L,308 131 ,097 931 167 80 1942 9 6 3 1938—Dec 1,252 1,291 86 ,132 965 166 73 1943 4 2 2 1939—Dec 1,279 1,319 53 ,192 1.046 146 74 1944—Jan.-Oct 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 ,417 1,464 16 L.345 1,220 126 102 (in thousands of dollars):3 1934 36,937 40 1.912 34,985 1943—Oct 1,716 1,773 10 L.646 1,646 117 1935. 10,015 5,313 3,763 939 Nov ,752 1,812 ID 1,678 1,678 125 1936 11,306 507 10,207 592 Dec ,788 1,843 10 1,716 1,716 118 1937. 19,723 7,379 1,708 10,156 480 1938. 13,012 36 211 11,721 1,044 1944—Jan 1,833 1,891 9 1,719 1,719 162 1939. 34,998 1,341 24,629 6,589 2,439 Feb 1,867 1,926 9 1,783 1,783 135 1940 5,943 256 5,341 346 Mar.. 1,906 1,964 9 1,823 1,823 132 1941 3,726 3,144 503 79 Apr.. 1,947 2,008 9 1,870 1,870 129 1942 1,702 1,375 327 May. L,994 2,053 9 1,912 1,912 132 1943 6,223 4,982 1,241 June 2,034 2,095 9 1,951 1,951 135 1944—Jan. -Oct 405 405 July. 2,084 2,147 8 2,006 2,006 133 Aug V"> 140 1 Represents banks which, during the periods shown, closed temporarily Sept or permanently on account of financial difficulties; does not include banks whose deposit liabilities were assumed by other banks at the time of closing (in some instances with the aid of Federal Deposit Insurance Corporation v Preliminary. loans). 1 Outstanding principal, represented by certificates of deposit. 2 Federal deposit insurance became operative Jan. 1, 1934. 2 Includes working cash with postmasters, 5 per cent reserve fund and 3 Deposits of member banks and insured nonmember banks suspended are miscellaneous working funds with Treasurer of United States, accrued as of dates of suspension, and deposits of noninsured nonmember banks interest on bond investments, and accounts due from late postmasters. are based on the latest data available at the time the suspensions were Back figures.—See Banking and Monetary Statistics, p. 519; for descrip- reported. tion, see p. 508 in the same publication. Back figures.—See Banking and Monetary Statistics, pp. 283-292; for description, see pp. 281-282 in the same publication. NOVEMBER 1944 1093 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 S e g n . r a t n - - se O cu th r e it r ies Total1 I b n a te n r k - 1 Demand Time of banks tions All banks: 1934—June 30 42,552 21,306 21,246 11,278 9,968 46,435 4,560 19,527 22,348 15,929 1937—June 30 49,565 22,410 27,155 16,954 10,201 59,222 6,332 28,118 24,773 15,539 1940—June 29 51,336 22,340 28,996 19,666 9,330 70,770 10,188 34,336 26,246 14,955 1941—June 30 57,946 25,311 32,635 23,521 9,114 78,120 10,948 40,530 26,641 14,855 December 31 61,101 26,616 34,485 25,488 8,997 81,780 10,989 44,316 26,476 14,825 1942—June 30 64,009 25,081 38,928 30,301 8,627 82,706 10,287 46,357 26,062 14,775 December 31 78,137 23,915 54,222 45,932 8,290 99,796 11,318 61,395 27,083 14,682 1943—June 30 87,881 22,241 65,640 57,748 7,892 107,224 10,895 67,554 28,775 14,618 December 31 96,971 23,596 73,375 65,941 7,434 117,659 11,012 r75,561 r31,087 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 r75,561 r19,350 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 AH 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 16,088 43,175 37,546 5,629 78,277 11,000 54,523 12,754 6,679 1943—June 30 67,155 14,823 52,332 46,980 5,352 84,016 10,552 59,670 13,794 6,703 December 31 74,258 16,288 57,970 52,948 5,022 92,262 10,555 66,438 15,268 6,738 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 20,893 8,796 12,097 8,206 3,891 26,716 3,790 15,162 7,764 5,293 1940—June 29 22,038 9,156 12,882 9,094 3,787 33,014 6,083 18,702 8,228 5,164 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 23,744 3,648 50,468 7,400 34,499 8,570 5,081 1943—June 30 42,805 9,173 33,632 30,102 3,529 54,589 7,155 38,205 9,229 5,060 December 31 47,499 10,116 37,382 34,065 3,318 59,961 7,159 42,605 10,196 5,040 1944—June 30 53,343 11,213 42,129 38,640 3,490 65,585 7,402 46,879 11,304 5,036 State member banks: 1934—June 30 10,163 4,842 5,321 3,566 1,755 11,116 1,588 6,620 2,908 958 1937—June 30 11,845 5,488 6,357 4,483 1,874 14,774 2,261 9,068 3,446 1,064 1940—June 29 12,413 4,813 7,600 5,627 1,973 18,715 3,608 11,409 3,699 1,234 1941—June 302 14,840 5,832 9,008 6,967 2,041 21,238 13,423 3,969 1,426 December 31... 15,950 6,295 9,654 7,500 2,155 22,259 3J39 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,""" 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 r Revised. * 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 depo'ssnits of 8 million dollars in June 1941, which became members of the Federal Reserve System during 1941. These banks are not included in "commercial bannkts" 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 1094 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES—Continued LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of banks, and call dates Number Total Loans Total G o m U b o l e v . i n e g S r t a n . - - - j se O cu th ri e ti r es Total1 I b n a te n r k - 1 Demand Time of banks tions All nonmcmber 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 r9,122 r4,092 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 banks: 1934—June 30 4,513 2,667 1,846 592 1,254 4,821 80 2,037 2,704 7,564 1937—June 30 5,479 2,756 2,723 1,275 1,448 6,334 96 3,010 3,228 7,526 1940—June 29 5,379 3,042 2,337 1,178 1,159 6,689 104 3,161 3,423 7,081 1941—June 30 5,534 3,183 2,350 1,293 1,057 7,104 110 3,595 3,400 6,869 December 31. 5,774 3,241 2,533 1,509 1,025 7,702 129 4,215 3,358 6,810 1942—June 30 5,849 2,995 2,854 1,837 1,017 7,754 105 4,353 3,296 6,755 December 31. 6,984 2,818 4,166 3,162 1,004 9,535 145 5,981 3,409 6,667 1943—June 30 8,123 2,570 5,553 4,557 996 10,557 129 6,839 3,589 6,598 December 31. 9,258 2,556 6,702 5,739 962 11,842 149 7,870 3,823 6,535 1944—June 30 10,360 2,648 7,712 6,752 960 12,880 135 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 1,318 403 915 653 262 1,721 394 1,064 264 925 1941—June 30 1,439 444 996 725 271 1,865 402 1,210 251 883 December 31 1,434 452 982 742 239 1,837 335 1,255 247 851 1942—June 303> 4 1,007 339 668 477 191 1,161 211 693 257 829 December 31 1,151 314 837 667 170 1,329 173 891 265 793 1943—June 30 1,363 270 1,094 925 169 1,519 214 1,045 260 775 December 31 1,596 276 1,320 1,162 158 1,829 307 rl,252 r269 764 1944—June 30 1,801 281 1,520 1,353 168 1,990 182 1,527 281 745 Airmutual savings banks: 1934—June 30 9,810 5,606 4,204 971 3,233 9,691 9,691 576 1937—June 30 10,093 4,978 5,115 2,391 2,724 10,125 10,125 563 1940—June 29 10,188 4,926 5,262 3,113 2,149 10,631 10,631 551 1941—June 302 10,321 4,958 5,363 3,426 1,937 10,648 10,648 550 December 31 10,379 4,905 5,474 3,700 1,774 10,532 10,532 548 1942—June 30 10,360 4,822 5,538 3,891 1,647 10,395 10,395 547 December 31 10,746 4,698 6,048 4,559 1,489 10,664 10,664 546 1943—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 1,803 1,803 53 December 31 1,693 642 1,050 629 421 1,789 1,789 52 1942—June 30 1,800 692 1,108 686 422 1,864 1,864 53 December 31 2,007 740 1,267 861 405 2,048 2,048 56 1943—June 30 2,704 1,013 1,691 1,264 42' 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 8,65: 8,651 510 1937—June 30 9,124 4,508 4,616 2,139 2,47" 9,123 9,123 507 1940—June 29 8,871 4,328 4,543 2,693 1,850 9,203 9,203 500 1941—June 30 8,666 4,317 4,348 2,857 1,491 8,845 8,845 497 December 31 8,686 4,263 4,424 3,071 1,353 8,743 8,743 496 1942—June 30 8,560 4,130 4,430 3,205 1,225 8,53 8,531 494 December 31 8,739 3,958 4,781 3,698 1,084 8,61i 8,616 490 1943—June 30 8,54 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. CORRECTION In the table of Member Bank Operating Ratios on pp. 932-934 of the BULLETIN for September 1944, the following change should be made: On p. 933 insert a plus sign before the figure "2.6" in the seventh column (size group 5-10 million) opposite the item "net charge-offs, etc." (23d line of stub). NOVEMBER 1944 1095 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 Com- p L u o rc a h n a s s f i o n r g U. S. Government obligations> Obli- Total mer- or carrying gations loans cial, securities Direct of C an la d s s c o al f l b d a a n t k es s, m in a e v n n e d s ts t- 1 Total1 o c p i i l n n u e - g d n - - A t c u a g u r l r l - 1 i - - br T o o k- To R l t o e a e a s t a n - e l s - s l C u o m o a n n e - s r O lo t a h n e s r 1 Total Total C ti e fi r - - G a u n a - r- p S o a t c l a n a i t t d l e i- s O r s i e t t h c ie u e s r mar- ers oth- Bills of in- Notes Bonds teed subp k a e p t er1 d a e n a d l- ers1 de ed b - t- s d i i o v n i s ers ness All insured commercial banks: 1934—June 30 ... 31,688 15,190 1,329 3,714 3,462 6,684 16,498 10,005 794 656 3,047 5,210 298 2,280 4,213 1937—June 30 38,218 17,041 1,566 3,150 3,583 8,744 21,177 13,964 827 4,637 6,386 2,115 2,684 4,530 1940—June 29.... 39,830 17,011 6,502 1,184 464 742 4,281 3,840 22,819 15,900 805 2,699 9,026 3,370 3,482 3,436 1941—June 30.... 46,186 19,909 8,342 1,167 592 703 4,629 4,476 26,276 19,370 1,135 2,758 11,397 4,080 3,551 3,356 1942—June 30.... 52,642 19,920 8,867 1,164 569 620 4,770 3,928 32,722 25,934 1,536 1,978 3,732 15,812 2,874 3,493 3,295 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 4,63613,218 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 67,085 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 4,838 276 1,851 3,388 1937—June 30.... 32,739 14,285 ... M. «. 1,536 2,829 2,505 7,414 18,454 12,689 821 4,361 5,689 1,819 2,150 3,615 1940—June 29 ... 34,451 13,969 5,988 736 447 668 3,069 3,062 20,482 14,722 797 2,543 8,261 3,121 2,888 2,873 1941—June 302... 40,659 16,729 7,807 738 575 635 3,365 3,609 23,930 18,078 1,127 2,631 10,481 3,839 2,984 2,867 1942—June 30.... 46,800 16,928 8,383 726 554 562 3,501 3,203 29,872 24,098 1,509' 1,872 3,546 14,485 2,685 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 1,484 848 57,970 52,948 4,36012,071 6,906 27,265 2,345 2,729 2,294 1944—Apr. 13... 78,027 16,135 61,892 56,771 2,818 2,303 June 30.... 83,587 18,084 7,023 1,023 2,200 2,130 3,207 1,467 1,033 65,503 60,339 4,46614,22810,640 30,118 887 2,834 2,331 New York City:9 1934—June 30... 7,666 3,401 938 882 156 1,425 4,265 3,210 607 347 1,084 1,015 157 425 630 1937—June 30.... 9,006 4,276 1,295 824 149 2,008 4,730 3,630 543 1,426 1,207 454 344 755 1940—June 29... 9,829 3,014 1,905 6 320 188 137 458 6,815 5,486 421 1,092 2,650 1,324 634 695 1941—June 30.... 12,493 3,778 2,503 3 422 186 129 536 8,715 7,268 577 1,526 3,415 1,751 651 796 1942—June 30... 14,019 4,066 2,841 9 430 167 121 499 9,953 8,550 402 663 1,746 4,572 1,166 623 781 1943—June 30.... 18,982 4,009 2,274 24 955 240 113 264 140 14,974 13,887 1,985 2,818 1,656 6,454 974 484 602 Dec. 31... 19,994 4,428 2,515 24 1,054 323 107 252 153 15,566 14i563 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:3 1934—une 30.... 1,445 556 60 188 21 286 889 661 64 59 194 268 76 114 115 1937—une 30.... 1,969 675 51 145 13 465 1,295 1,001 30 366 511 94 173 121 1940—une 29... 2,205 603 432 8 23 61 16 62 1,602 1,258 254 161 710 134 177 167 1941— une 30.... 2,707 846 630 5 36 55 20 101 1,861 1,483 417 125 803 138 190 188 1942—une 30... 3,116 906 712 3 29 50 22 90 2,210 1,858 357 181 162 1,068 90 164 188 1943—June 30... 4,332 784 612 2 40 41 23 51 15 3,548 3,167 473 795 399 1,424 75 209 172 Dec. 31... 4,554 1,004 763 6 102 52 22 45 14 3,550 3,238 199 877 484 1,602 74 158 155 1944—Apr. 13.... 4,727 962 3,765 3,417 186 163 June 30.... 5,124 1,064 "no" 11 102 130 21 49 40 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 8,576 857 942 785 Dec. 31... 27,521 6,201 3,058 279 217 267 1,420 658 301 21,321 19,682 1,802 4,691 2,497 9,943 749 913 726 1944—Apr. 13.... 28,676 5,997 22,680 21,009 933 737 June 30... 30,943 6,761 2,787 277 409 903 1,385 650 350 24,183 22,484 1^914'5^586 3,893 10,689 402 963 735 Country banks: 1934—June 30... 8,456 4,172 59 1,039 1,056 2,018 4,283 2,007 16 53 446 1,467 25 681 1,595 1937—June 30.... 10,134 4,340 33 828 1 179 2,301 5,794 3 155 52 792 1,676 635 880 l'759 1940—June 29.... 10,257 4,987 1,361 546 17 208 1,'S44 1,311 5,270 3,'030 36 451 1^849 695 1,097 M44 1941—June 30.... 11,446 5,607 1,593 555 17 195 1,739 1,507 5,839 3,627 60 374 2,404 788 1,165 1,047 1942—June 30.... 13,130 5,393 1,512 562 16 169 1,834 1,299 7,737 5,502 171 "355 657 3,696 624 1,222 1,013 1943—June 30.... 19,164 4,497 1,017 623 17 164 1,750 555 371 14,667 12,509 1,194 2,276 1,368 7,091 581 1,241 917 Dec. 31.... 22,188 4,654 1,084 713 25 197 1,725 528 381 17,534 15,465 1,032 3,094 2,096 8,705 538 1,214 855 1944—Apr. 13.... 23,819 4,582 19,238 17,170 1,212 855 June 30.... 24,850 4,780 1^096 671 "33 "345 1J08 536 "392 20,371 18,009 "926 3,362 3,355 10,114 252 1,212 849 Insured nonmember commercial banks: 1934—June 30... 4,513 2,667 40 405 1,105 1,116 1,846 592 4 20 175 372 21 429 824 1937—June 30... 5,479 2,756 30 321 1,078 1,329 2,723 1,275 6 276 697 296 534 914 1940—June 29 . 5,379 3,042 "'512' 448 17 74 1,212 778 2,337 1,178 8 156 765 249 595 563 1941—June 30... 5,534 3,183 534 429 18 68 1,267 865 2,350 1,293 8 127 918 241 568 489 1942—June 30.... 5,849 2,995 485 439 15 57 1,273 726 2,854 1,837 27"106 185 1,329 189 561 456 1943—June 30... 8,123 2,570 333 463 14 68 1,199 397 96 5,553 4,557 278 896 465 2,744 174 565 431 Dec. 31.... 9,258 2,556 356 482 16 82 1,165 385 70 6,702 5,739 276 1.147 766 3,395 156 559 403 1944—June 30.... 10,360 2,648 383 452 21 166 1,159 395 73 7,712 6,752 242 1,238 1,194 4,002 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 comparable with subsequent figures. For explanation see Banking and Monetary Statistics, pp. 64 and 69. 2 Beginning June 30, 1941, member bank figures include three member mutual savings banks with total deposits of 8 million dollars in June 1941, which became members of the Federal Reserve System during 1941. These banks are not included in "all insured commercial banks." 3 Central reserve city banks. IO96 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 deposit3 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 e i n v e e v t r - - k h e e a s s l v C a a in u sh lt m b a B w a d n e n a i o c s t k l - t e 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 mes d ti e c p 4 osi F e ts i o g r n - m U G er e . o n n v S - t - . p v s S o i u a s t l b n i a i t o d d t i e n c i s - s al c C h c e f o a e e t e i f n c e c f r r . i d s d t k - i ' s - a v p n i s p t I a d d i h n o r o u i t d r n c n p a a i s o e - s - l , r s r - - , I b n a t n e k r- P m U G o e i S a n r s a . e o n g n S t v n v d a s - . - t - l S v p s i t a i u s o a c n i b l t a o i d e d l t n s - i s - v p a s n a p i t I h d d r i o n i t o u r p n d c n a a s e i o s - l - , r s r - - , r i B n o o g w r s - - c C o t a a a u c l p n - i t - s AH insured commercial banks: I 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—une 30 3,819 473 2,760 14,261 4,070 155 1,658 1,598 372 13,349 130 585 333 8,763 40 5,105 1937— une 30 6,897 629 3,207 21,401 5,298 615 628 2,577 752 20,272 137 100 292 10,818 17 5,339 1940—une 29.... 13,751 789 5,751 27,877 8,852 696 711 2,529 475 26,397 142 59 410 11,459 3 5,608 1941— une 30 12,959 999 6,293 32,678 9,610 681 619 2,940 738 31,429 145 55 397 11,898 3 5,800 1942— une 30.... 12,295 1,022 5,770 36,966 9,110 746 1,724 3,230 711 35,646 114 49 400 11,673 6 5,991 1943—June 30.... 12,093 1,142 5,578 48,957 9,648 832 7,236 3,522 1,050 47,863 71 71 341 13,382 18 6,252 Dec. 31.... 12,835 1,132 5,450 52,642 9,603 891 9,444 3,602 1,573 51,820 62 120 327 14,822 39 6,475 1944—Apr. 13 ... 12,497 1,265 5,266 53,255 9,263 937 11,468 3,613 1,058 52,126 60 113 347 15,645 100 6,627 June 30.... 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:3 1934—June 30.... 1,417 64 97 4,800 1,592 135 802 167 154 4,894 8 69 12 649 1,632 1937—June 30... 2V749 60 105 6,733 2,014 575 306 368 427 6,934 12 17 767 T* 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:* 1934—June 30.... 436 40 162 1,077 391 2 47 174 15 944 1 1 361 228 1937— une 30.... 596 27 156 1,509 536 6 41 208 22 1,409 452 245 1940—1une 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—.une 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 3,366 3 1,633 1937—June 30.... 2,215 212 1,392 7,132 2,339 33 212 934 163 6,840 110 35 190 4,140 2 1,723 1940—June 29... 3,759 334 2,679 8,774 3,526 41 422 956 147 8,372 109 18 219 4,422 1,873 1941—June 30.... 4,125 385 2,793 10,480 4,000 53 341 1,139 209 10,142 109 19 211 4,590 1,940 1942—June 30... 4,254 357 2,279 12,515 4,052 55 422 1,304 218 12,199 84 18 239 4,454 1,985 1943—June 30.... 4 848 395 1 892 17 403 4,749 71 2,383 1,452 333 17,276 49 31 172 5,265 2,071 Dec. 31.!.. 5^116 391 1^758 18^654 4,770 63 3,373 1,448 475 18,790 41 56 151 5,902 2,135 1944—Apr. 13 ... 4,998 442 1,784 18,996 4,531 62 3,975 1,496 344 18,879 39 55 167 6,237 4 2,186 June 30 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 6,886 7 2,094 Dec. 31... . 3,303 611 3,474 17,039 994 5 1,962 1,727 344 15,561 17 56 149 7,599 10 2,153 1944—Apr. 13 ... 3,173 671 3,242 17,251 929 6 2,601 1,761 288 15,677 15 52 156 8,048 28 2,221 June 30.... 3,438 618 3,638 17,099 951 5 3,926 1,743 314 15,609 15 52 157 8,477 11 2,239 Insured nonmember commercial banks: 1934—June 30.... 150 901 1,949 74 2 50 426 29 1,532 4 76 51 2,576 39 1,139 1937—June 30... . 214 1,288 2,939 81 3 23 586 51 2,350 11 32 54 3,112 18 1,057 1940—June 29.... 194 1,788 3,066 84 3 45 570 46 2,500 17 15 92 3,316 10 998 1941—June 30 242 2,004 3,488 90 1 47 594 54 2,900 18 10 77 3,312 8 973 1942—June 30 268 2,333 4,250 89 2 47 635 55 3,616 14 7 71 3,218 6 952 1943—June 30.... 307 2,853 6,314 120 2 463 740 83 5,554 7 4 71 3,514 6 977 Dec. 31.... 313 2,996 7,279 141 2 506 750 96 6,518 6 4 68 3,750 6 979 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. 6 Demand deposits other than interbank and U. S. Government less cash items reported as in process of collection. For other footnotes, see opposite page. Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103, and 108-113. NOVEMBER 1944 1097 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans Investments U. S. Government obligations For purchasing Com- or carrying securities Total mer- Date or month i m n lo a v e n a e n n d s t s t s - Total in t c a r d i i n a u a d l s l , , - a T n o d b d r e o a k l e e r r s s To others e R l s o e t a a a n l t - 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 c o C t a f 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 t a u c g r u a r l i l - - G U t l o i i o o g . b S v n - a . t - s . O c t s t u i h e e r - e s i- r G U t l o i i o o . g b S v n a - . t - s . O c t s t u i h e e r - e s i- r d n e e e d b s - t s - teed Total—101 Cities 1943—Sept 48,839 10,679 5 966 \i66 621 1,142 68 1,316 38,160 35,211 4,015 8,003 4,898 16,4511,844 2,949 1944—May 50,366 10,186 5,958 632 582 300 306 1,073 54 1.281 40,180 37,338 2,553 8,928 7,107 18,118 632 2,842 June . ... 51,656 10,746 5,938 904 606 529 311 1,072 48 1,338 40,910 38,008 2,491 9,329 7,164 18,409 615 2,902 July 56,960 12,085 6,058 1,075 641 1 467 337 1,070 94 1,343 44,875 41,962 3,72511,020 7,433 19,161 623 2,913 J 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 Sept. 54 993 10 995 6 033 813 635 748 338 1 065 47 L 316 43,998 41,036 2,63010,884 7,377 19,551 594 2,962 Aug. 2 56,917 11,487 6,015 807 639 1,213 334 1,071 87 1,321 45,430 42,488 3,881 11,057 7,502 19,435 613 2,942 Aug. 9 56,524 11,296 6,013 758 593 1,161 337 1,068 50 1,316 45,228 42,289 3,72511,004 7,477 19,478 605 2,939 Aug. 16 56,383 11,208 6,001 710 594 1,091 364 1,071 66 1,311 45,175 42,229 3,65810,990 7,453 19,520 608 2,946 Aug. 23 55,906 11,086 6,006 742 605 971 341 1,072 45 1,304 44,820 41,875 3,32411,009 7,411 19,532 599 2,945 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 2,914 11,001 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 2,47310,757r7,341 r19,569 584 2,969 Oct. 4.... 54,436 10,999 6,091 838 719 592 331 1,061 38 1,329 43,437 40,506 2,36810,641 7,352 19,563 582 2,931 Oct. 11 54,087 11,047 6,110 852 727 575 328 1,063 66 1,326 43,040 40,130 2,127 10,536 7,333 19,538 596 2,910 Oct. 18 54,079 10,980 6,136 848 684 546 330 1,062 55 1,319 43,099 40,197 2,26910,435 7,327 19,560 606 2,902 Oct. 25 54,088 11,107 6,183 812 805 522 335 1,062 65 1,323 42,981 40,092 2,20210,370 7,289 19,627 604 2,889 New York City 1943—Sept 18,311 4,308 2,244 801 482 344 96 44 297 14,003 13,020 1,124 3,035 1,771 6,133 957 983 1944—May 18,178 3,938 2,311 486 443 124 125 83 43 323 14,240 13,351 867 3,337 2,637 6,306 204 889 June 18,672 4,293 2,306 719 460 214 128 81 33 352 14,379 13,460 670 3,405 2,651 6,553 181 919 July... 20,956 5,061 2,309 830 498 777 137 81 80 349 15,895 14,946 1,216 3,999 2,741 6,795 195 949 AUK. 20,363 4,526 2,274 574 466 601 137 79 49 346 15,837 14,834 1,151 3,917 2,700 6,885 181 1,003 Sept 19,706 4,366 2 281 649 477 365 133 76 34 351 15,340 14,301 682 3,874 2,680 6,900 165 1,039 Aug. 2 20,809 4,702 2,284 603 482 693 131 80 79 350 16,107 15,114 1,322 4,004 2,733 6,866 189 993 Aug. 9 20,474 4,579 2,281 562 459 680 132 79 40- 346 15,895 14,892 1,188 3,920 2,713 6,890 181 1,003 Aug. 16 20,337 4,523 2,270 524 463 626 158 79 56 347 15,814 14,810 1,168 3,868 2,691 6,902 181 1,004 Aug. 23 20,109 4,404 2,275 559 469 517 133 79 28 344 15,705 14,701 1,099 3,869 2,673 6,885 175 1,004 Aug. 30.... 20,088 4,422 2,261 624 458 486 133 77 39 344 15,666 14,652 978 3,924 2,692 6,881 177 L,014 Sept. 6.... 20,002 4,477 2,274 664 462 482 134 77 42 342 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 77 40 340 15,335 14,300 626 3,934 2,688 6,878 174 1,035 Sept. 20.... 19,547 4,324 2,281 663 • 478 301 132 76 32 361 15,223 14,183 558 3,850 2,676 6,938 161 1,040 Sept. 27.... 19,577 4,300 2,290 662 493 264 133 76 23 359 15,277 14,232 692 3,812 2,661 6,918 149 1,045 Oct. 4 19,381 4.347 2,288 681 535 250 131 76 27 359 15.034 14,016 570 3,717 2,671 6,908 150 1,018 Oct. 11 19,172 4,415 2,300 691 560 245 131 75 58 355 14,757 13,758 450 3,587 2,675 6,892 154 999 Oct. 18 19,200 4,359 2,320 693 520 224 131 75 45 351 14,841 13,845 615 3,494 2,702 6,885 149 996 Oct. 25 19,154 4,382 2,333 648 573 213 136 75 55 349 14,772 13,793 531 3,487 2,685 6,940 150 979 Outside New York City 1943—Sept........ 30,528 6,371 3,722 283 277 1,046 24 1,019 24,157 22,191 2,891 4,968 3,127 10,318 887 1,966 1944—May 32,188 6,248 3,647 146 139 176 181 990 11 958 25,940 23,987 1,686 5,591 4,470 11,812 428 1,953 June 32,984 6.453 3,632 185 146 315 183 991 15 986 26,531 24,548 1,821 5,924 4,513 11,856 434 1,983 July 36,004 7,024 3,749 245 143 690 200 989 14 994 28,980 27,016 2,509 7,021 4,692 12,366 428 1,964 Aug. .. 35,923 6,702 3,730 189 139 470 206 991 11 966 29,221 27,277 2,382 7,106 4,749 12,616 424 1,944 Sept 35,287 6,629 3 752 164 158 383 205 989 13 965 28 65826 735 1 948 7 010 4 697 12 651 429 1 923 Aug. 2 36,108 6,785 3,731 204 157 520 203 991 8 971 29,323 27,374 2,559 7,053 4,769 12,569 424 1,949 Aug. 9 36,050 6,717 3,732 196 134 481 205 989 10 970 29,333 27,397 2,537 7,084 4,764 12/588 424 1,936 Aug. 16 36,046 6,685 3,731 186 131 465 206 992 10 964 29,361 27,419 2,490 7,122 4,762 12,618 427 1,942 Aug. 23 35,797 6,682 3,731 183 136 454 208 993 17 960 29,115 27,174 2,225 7,140 4,738 12,647 424 1,941 Aug. 30 .... 35,612 6,643 3,723 173 138 431 205 994 15 964 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 19 964 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 11 959 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 14 967 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 9 971 28,416 26,492 1,781 6,945r4,680 r12,651 435 1,924 Oct. 4 35,055 6,652 3,803 157 184 342 200 985 11 970 28,403 26,490 1,798 6,924 4,681 12,655 432 1,913 Oct. 11 34,915 6,632 3,810 161 167 330 197 988 8 971 28,283 26,372 1,677 6,949 4,658 12,646 442 1,911 Oct. 18 34,879 6,621 3,816 155 164 322 199 987 10 968 28,258 26,352 1,654 6,941 4,625 12,675 457 1,906 Oct. 25 34.934 6,725 3,850 164 232 309 199 987 10 974 28,209 26,299 1,671 6,883 4,604 12,687 454 1,910 r Revised. Back figures.—See Banking and Monetary Statistics, pp. 127-227. IO98 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic Date or month B s w F e e a R e r r i n e a t d v k h - l - e s v C a i a n u s l h t m b a w a n d e n i o c s t k t - e h i s s c j p m u a o d s a d s t e n e - i - t d d s 1 s p u p n v c h a o a a e o 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 i c a n o v l b a t d n i e i l - t s - - s c C c h o a e f e e e f i n t f e r r c c d i d s t k - . i ' s - m U G e e r o . n n S v - t . - s p p u h v n a 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 i e a n a s o e r n . g n S v t n d v a s - - . t - l m D a e n b - d ank T s ime b F e a i o n g r k n - s B i r n o o g w r s - - co C a i u t c a a n - l p ts - B d i e a ts b n 2 - k tions tions Total 101 Cities 1943—Sept 9,063 546 2,314 33,418 33,629 1,775 734 7,326 5,781 122 48 8,984 48 783 69 4,171 60,227 1944—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 47 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 Sept 9,143 561 2,122 35,580 35,804 1,745 742 9,502 7,065 122 46 8,726 34 868 108 4,469 55,709 Aug. 2 8,764 532 2,177 33,597 33,650 1,777 721 13,602 6,798 119 45 8,654 37 881 42 4,437 13,348 Aug. 9 8,750 535 2,186 33,565 33,519 1,750 627 13,085 6,850 117 46 8,742 36 868 51 4,442 11,275 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 12,004 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 11,622 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 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 8,656 35 879 81 4,476 13,182 Oct 4 9,115 547 2,112 35,383 35,450 1,780 738 8,712 7,273 119 46 3,887 35 871 23 4,495 14,588 Oct. 11 9,344 572 2,082 35,890 36,281 1,745 751 7,746 7,351 120 46 8,994 34 869 157 4,502 12,131 Oct. 18 9,412 581 2,196 36,614 36,985 1,752 718 6,977 7,356 121 46 9,168 38 859 190 4,503 12,449 Oct. 25...... 9,565 586 2,101 37,438 37,567 1,844 720 6,351 7,394 120 46 8,884 35 876 283 4,503 13,008 New York City 1943—Sept 3,362 85 24 12,548 12,899 205 371 3,196 698 22 2 2,899 1 704 55 1,632 24,377 1944—M aJy 3,347 90 32 13,202 13,484 237 362 2,443 784 18 6 2,590 1 807 49 1,728 20,927 JTune 3,484 93 25 13,436 13,806 191 441 2,563 793 17 6 2,831 J 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 Sept 3,349 92 23 13,035 13,402 171 390 3,839 845 17 7 2,743 785 66 1,750 23,827 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 2,788 798 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 ; 798 11 1,741 4,716 Sept. 6 3,328 87 19 13,098 13,412 175 336 4,131 830 15 7 2,717 779 53 1,751 4,249 Sept. 13 3,403 94 23 13,153 13,609 172 295 3,829 844 17 7 2,725 781 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 Oct. 4 3,303 90 23 12,919 13,235 204 368 3,486 903 17 7 2,821 790 3 1,758 6,620 Oct. 11 3,393 100 23 13,047 13,494 194 427 3,089 936 17 7 2,844 790 112 1,759 5,300 Oct. 18 3,456 92 25 13,394 13,748 220 345 2,779 903 17 7 2,887 777 155 1,761 5,013 Oct. 25 3,540 94 28 13,726 14,044 246 374 2,521 909 17 7 2,768 792 222 1,759 5,190 Outside New York City 1943—Sept 5,701 461 2,290 20,870 20,730 1,570 363 4,130 5,083 100 46 6,085 47 79 14 2,539 35,850 1944—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 Sept 5,794 469 2,099 22,545 22,402 1,574 352 5,663 6,220 105 39 5,983 33 83 42 2,719 31,882 Aug. 2 5,516 448 2,152 21,249 20,975 1,602 340 8,046 5,988 104 38 5,838 36 85 19 2,693 7,784 Aug. 9 5,537 448 2,166 21,370 21,054 1,571 301 7,738 6,035 102 39 5,944 35 79 21 2,696 6,554 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 7,085 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 6,960 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 1,587 341 5,510 6,274 105 39 5,911 34 83 37 2,726 7,555 Oct. 4 5,812 457 2,089 22,464 22,215 1,576 370 5,226 6,370 102 39 6,066 34 81 20 2,737 7,968 Oct. 11 5,951 472 2,059 22,843 22,787 1,551 324 4,657 6,415 103 39 6,150 33 79 45 2,743 6,831 Oct. 18 5,956 489 2,171 23,220 23,237 1,532 373 4,198 6,453 104 39 6,281 37 82 35 2,742 7,436 Oct. 25 6,025 492 2,073 23,712 23,523 1,598 346 3,830 6,485 103 39 6,116 34 84 61 2,744 7,818 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. NOVEMBER 1944 1099 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Loans Investments For purchasing or carry- U. S. Government obligations Total Com- ing securities loans merd F i e s d tr e i r c a t l a R nd es d er a v te e m v a i e e n n n s d - t t - s Total t c d a r i i u n i n a a s d - l - l , , U a T n . o S d . b d r e o a k l e e r r s s U T .S o . others e R lo s e t a a a n t l s e - L ba o t n o a k n s s O lo t a h n e s r Total Total Bills C c e i a o n r t t f - e if s i- Notes Bonds G a u n a - r- O s i e t t i c h e u e s - r agri- Govt.Other Govt.Other debt- teed cul- obli- secu- obli- secu- edtural ga- rities ga- rities ness tions tions Boston Sept. 27 . 2,915 652 404 13 23 9 20 64 5 114 2,263 2,171 170 646 288 1,052 15 92 Oct. 4 2,882 655 405 18 21 9 19 64 5 114 2,227 2,137 141 639 289 1,053 15 90 Oct. 11 2,861 659 407 25 21 9 16 64 4 113 2,202 2,114 134 637 278 1,050 15 88 Oct. 18 2,856 651 406 19 21 9 16 64 3 113 2,205 2,118 152 624 271 1,056 15 87 Oct. 25 2,852 659 401 26 25 8 16 64 7 112 2,193 2,106 140 624 271 1,056 15 87 New York* Sept. 27 21,470 4,660 2,461 667 498 280 156 152 24 422 16,810 15,689 755 4,115 2,966 7,675 178 1,121 Oct. 4 21,275 4,706 2,460 687 539 266 153 152 28 421 16,569 15,476 638 4,018 2,976 7,665 179 1,093 Oct. 11 21,039 4,772 2,467 699 564 261 154 151 59 417 16,267 15.188 504 3,874 2,972 7,655 183 1,079 Oct. 18 21 051 4,711 2,486 701 524 238 153 150 46 413 16,340 15,268 658 3,783 3,002 7,647 178 1,072 Oct. 25 21,003 4,727 2,492 657 578 227 158 150 56 409 16,276 15,221 571 3,776 2,975 7,720 179 1,055 Philadelphia Sept. 27 2,289 440 244 1 42 4 9 37 103 1,849 1,692 103 354 245 928 62 157 Oct. 4 2,261 432 243 1 37 3 9 36 103 1,829 1,674 104 334 245 929 62 155 Oct. 11 2,262 434 245 1 35 3 9 38 103 1,828 1,672 99 332 246 933 62 156 Oct. 18!! 2,265 432 241 1 34 3 9 39 3 102 1,833 1,677 109 326 222 958 62 156 Oct. 25 2,244 427 235 1 39 3 9 38 102 1,817 1,661 100 322 218 959 62 156 Cleveland Sept. 27 4,465 857 406 58 27 70 14 162 120 3,608 3,369 222 847 523 1,732 45 239 Oct. 4 4,449 848 402 54 28 69 14 162 119 3,601 3,359 238 823 524 1,730 44 242 Oct. 11 4,448 847 404 55 25 66 15 163 119 3,601 3,363 203 852 524 1,740 44 238 Oct. 18 4,456 840 399 53 25 65 15 163 120 3,616 3,378 223 849 521 1,741 44 238 Oct. 25 4,462 856 400 55 34 65 15 164 123 3,606 3,367 212 848 519 1,744 44 239 Richmond Sept. 27 1,792 298 129 4 4 45 9 50 1 56 1,494 1,439 99 324 248 752 16 55 Oct. 4 1,785 300 132 4 5 42 9 49 2 57 1,485 1,431 93 322 248 752 16 54 Oct. 11 1,785 299 133 3 5 41 9 49 1 58 1,486 1,432 89 327 248 752 16 54 Oct. 18 1,776 301 135 6 5 39 9 49 1 57 1,475 1,421 85 329 248 743 16 54 Oct. 25 1,764 301 137 6 4 37 10 49 58 1,463 1,409 83 326 240 744 16 54 Atlanta Sept. 27 1,707 291 163 5 26 7 25 1 64 1,416 1,295 63 362 308 541 21 121 Oct. 4 1,710 294 166 5 26 7 25 1 64 1,416 1,296 66 360 308 541 21 120 Oct. 11 1,712 296 169 5 26 6 25 1 64 1,416 1,295 63 365 309 539 19 121 Oct. 18 1,717 300 172 ..... 5 25 7 24 1 66 1,417 1,298 62 362 309 545 20 119 Oct. 25 1,719 312 183 5 25 7 24 1 67 1,407 1,284 54 358 309 544 19 123 Chicago* Sept. 27 8,354 1,525 1,005 55 60 91 51 132 131 6,829 6,324 415 1,838 rl,O72 r2,922 77 505 Oct. 4 8,404 1,511 1,008 53 51 86 50 131 132 6,893 6,394 459 1,851 1,071 2,937 76 499 8,289 1,488 1,004 49 42 81 49 131 132 6,801 6,303 386 1,836 1,070 2,935 76 498 Oct! is !!!.. 8^ 276 1,489 49 41 79 50 131 132 6,787 6,285 352 l',836 1,068 2,953 76 502 Oct. 25 8,359 1,524 l',019 49 71 73 50 131 131 6,835 6,336 437 1,802 1,068 2,953 76 499 St. Louis Sept. 27 1,664 402 223 2 8 18 8 65 1 77 1,262 1,150 46 316 230 534 24 112 Oct. 4 1,698 410 231 2 6 18 7 66 1 79 1,288 1,176 56 321 237 538 24 112 Oct 11 1 708 411 234 2 5 18 7 66 1 78 1,297 1,186 57 332 234 539 24 111 Oct 18 1,706 414 236 2 5 19 7 66 1 78 1,292 1,184 50 335 236 539 24 108 Oct. 25 1,699 421 243 2 7 16 7 66 1 79 1,278 1,170 38 333 235 540 24 108 Minneapolis Sept. 27 1,075 199 112 1 5 7 4 23 47 876 817 16 241 154 395 11 59 Oct. 4 1,069 197 112 1 3 7 4 23 1" 46 872 813 14 239 153 395 12 59 Oct. 11 1,061 195 111 1 3 7 4 23 46 866 808 11 235 154 397 11 58 Oct. 18 1,059 195 112 1 2 6 5 23 46 864 806 10 234 153 398 11 58 Oct. 25 1,052 198 113 1 5 6 4 23 46 854 795 10 220 153 401 11 59 Kansas City Sept 27 1 872 330 210 1 3 16 8 37 55 1,542 1,416 96 388 298 596 38 126 Oct 4 1,857 329 208 1 3 15 8 37 57 1,528 1,402 85 385 293 602 37 126 Oct. 11 1,871 330 209 1 3 15 8 37 57 1,541 1,415 . 92 390 292 604 37 126 Oct. 18 1,867 329 209 1 3 15 7 37 57 1,538 1,412 87 391 291 606 37 126 Oct. 25 1,880 339 216 1 5 15 7 37 58 1,541 1,415 91 390 291 606 37 126 Dallas Sept. 27 1,556 344 235 2 22 20 21 44 1,212 1,167 115 347 219 465 21 45 Oct. 4 1,535 341 235 2 21 19 21 43 1,194 1,149 101 350 218 460 20 45 Oct. 11 1,552 341 235 2 20 19 21 44 1,211 1,166 115 352 218 460 21 45 Oct. 18 1,555 340 236 2 19 19 21 43 1,215 1,170 105 363 218 463 21 45 Oct. 25 1,549 347 242 2 19 20 21 43 1,202 1,157 89 365 218 464 21 45 San Francisco Sept. 27 5,514 982 484 17 27 30 33 294 97 4,532 4,195 373 979 790 1,977 76 337 Oct. 4 5,511 976 489 17 19 30 32 295 94 4,535 4,199 373 999 790 1,961 76 336 Oct 11 5,499 975 492 16 17 28 32 295 95 4,524 4,188 374 1,004 788 1,934 88 336 Oct. 18 5,495 978 497 15 17 29 33 295 92 4,517 4,180 376 1,003 788 1,911 102 337 Oct. 25 5,505 996 502 14 30 28 32 295 95 4,509 4,171 377 1,006 792 1,896 100 338 City of Chicago* Sept. 27 5,019 1,053 748 52 49 57 46 22 79 3,966 3,638 246 1,044 587 1,730 31 328 Oct. 4 5,056 1,045 754 50 43 53 44 22 79 4,01 3,688 266 1,073 588 1,730 31 323 Oct. 11 4,964 1,030 753 46 36 49 44 23 79 3,934 3,61 217 1,049 588 1,727 31 322 Oct. 18.... 4,997 1,030 755 47 34 48 44 23 79 3,96 3,64 231 1,054 587 1,739 30 326 Oct. 25 5,096 1,055 764 46 57 43 44 23 78 4,04 3,71 345 1,015 588 1,739 30 324 r Revised. * 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. IIOO FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic d F i e s d tr e i r c a t l a R n e d s e d r a v t e e w F e R e r i e a t d h - l - v C a i a n u sh lt m a w n d e i c o s t e - t h i s c p m o a d a d s e n i - - t d s u p v n a a i e d l r r s t - - , - S p a t o a n l t i d e t- s C a f e i n e r d t d i- U Go .S v . - p u v n a a i e r l d r s t - - - , S p a t o a n l t d i e t s - U m G e . r o e n v n S - - t . banks For- r B i o n o w g r s - - o i C a t u c a a n - l p ts - d B i e t a s b n 2 - k serve banks usted1 ships, ical offi- ern- ships, ical and eign Banks and sub- cers' ment and sub- Postal De- banks cor- divi- checks cor- divi- Sav- mand Time pora- sions etc. pora- sions ings tions tions Boston (6 cities) Sept. 27 431 59 114 2,027 1,998 110 27 615 320 3 290 16 4 267 594 Oct. 4 449 56 114 2,040 2,011 120 26 573 322 3 298 16 4 268 660 Oct. 11 469 56 110 2,087 2,056 127 26 512 323 3 303 16 8 268 649 Oct. 18 450 61 116 2,125 2,099 123 30 462 325 3 302 16 4 269 595 Oct. 25 447 60 110 2,152 2,089 149 30 423 326 3 297 16 6 269 630 New York (8 cities)* Sept. 27 3,531 130 119 14,289 14,408 392 569 3,953 1,355 19 10 2,811 4 798 47 1,893 5,990 Oct. 4 3,557 121 110 14,271 14,384 426 410 3,713 1,404 19 10 2,893 3 791 3 1,902 7,066 Oct. 11 3,645 133 108 14,382 14,660 409 450 3,291 1,440 19 10 2,914 3 792 122 1,903 5,641 Oct. 18 3.683 126 111 14,720 14,919 419 375 2,962 1,409 19 10 2,954 6 779 155 1,903 5,394 Oct. 25 3,784 128 107 15,063 15,219 438 405 2,688 1,418 19 10 2,835 4 794 232 1,902 5,533 Philadelphia (4 cities). Sept. 27.... 392 30 75 1,647 1,696 41 14 400 178 8 1 345 8 3 232 534 Oct. 4 387 28 81 1,634 1,690 41 15 373 180 6 1 354 8 2 233 599 Oct. 11 399 29 74 1,686 1,737 42 17 332 181 6 1 348 7 4 233 493 Oct. 18 399 31 83 1,722 1,780 41 22 300 181 6 1 355 8 7 233 464 Oct. 25 410 31 79 1,751 1,794 45 17 267 182 5 1 339 8 12 234 496 Cleveland (10 cities) Sept. 27 725 75 203 2,926 2,960 138 37 619 948 49 505 8 4 9 445 874 Oct. 4 j 730 71 202 2,923 2,941 137 45 595 955 49 521 8 4 446 972 Oct. 11 740 71 196 2,972 3,019 138 41 530 962 50 521 8 4 8 447 772 Oct. 18 739 74 206 3,039 3,094 127 44 478 967 50 526 8 4 3 447 848 Oct. 25 755 76 194 3,089 3,116 131 41 447 973 50 506 8 4 10 448 819 Richmond (12 cities) Sept. 27 291 38 151 1,133 1,120 80 25 336 269 2 7 387 5 2 117 371 Oct. 4 292 34 151 1,120 1,119 84 19 315 272 2 7 405 5 2 117 397 Oct. 11 305 37 144 1,150 1,152 79 17 281 273 2 7 419 5 1 118 347 Oct. 18. 302 38 155 1 164 1,164 78 24 253 275 2 7 429 5 1 118 366 Oct. 25 302 39 131 1,174 1,169 81 17 230 276 2 7 408 5 2 114 344 Atlanta (8 cities) Sept. 27 313 28 140 1,100 1,035 150 13 250 301 3 3 433 4 2 113 343 Oct. 4 309 26 136 1,088 1,041 137 11 234 304 2 3 454 1 4 114 368 Oct. 11 320 28 141 1,108 1,064 148 10 209 306 2 3 476 4 1 115 326 Oct. 18 317 29 149 1,127 1,086 146 15 189 308 2 3 484 1 4 1 115 356 Oct. 25 316 28 126 1,139 1,085 151 10 172 310 2 3 466 4 2 115 350 Chicago (12 cities)* Sept. 27 1,386 98 390 5,452 5,362 396 55 1,393 1,419 4 4 1,433 5 18 4 524 2,046 Oct. 4 1,349 95 381 5,453 5,333 386 66 1,317 1,481 4 4 1,451 5 18 2 526 2,156 Oct. 11 1,414 99 364 5,532 5,469 366 63 1,171 1,492 4 4 1,444 5 16 4 526 1,717 Oct. 18 1,436 100 384 5,620 5,554 381 74 1,052 1,500 4 4 1,496 5 18 2 527 1,962 Oct. 25 1,479 100 409 5,878 5,780 406 65 956 1,508 4 4 1,475 5 19 2 527 2,385 St. Louis (5 cities) Sept. 27 291 21 111 988 1,028 65 13 221 258 5 499 1 12 115 344 Oct. 4 296 19 113 999 1,031 62 15 214 260 5 528 1 11 120 382 Oct 11 308 21 113 1,030 1,078 61 11 190 262 5 544 1 10 120 326 Oct. 18 315 20 116 1,045 1,090 62 13 172 264 5 554 1 7 120 380 Oct. 25 315 21 116 1,057 1,101 62 12 156 265 5 544 1 13 121 363 Minneapolis (8 cities) Sept. 27 173 11 79 646 624 78 11 198 154 268 2 77 235 Oct. 4 176 10 82 645 623 77 11 185 156 278 2 1 77 256 Oct. 11 180 11 86 663 644 77 10 165 157 280 2 78 248 Oct. 18 178 11 81 663 641 77 13 149 158 276 2 11 78 268 Oct. 25 176 11 83 671 648 76 14 135 158 279 3 5 78 257 Kansas City(12 cities) Sept. 27 392 24 269 1,213 1,212 117 17 229 210 1 3 777 5 132 431 Oct 4 399 23 266 1,199 1,207 115 20 216 212 1 3 792 5 132 426 Oct. 11 401 23 269 1,233 1,247 110 21 191 214 1 3 798 5 132 382 Oct. 18 407 23 279 1,244 1,272 113 20 175 215 1 3 812 5 132 434 Oct. 25 394 23 269 1,274 1,292 116 20 161 216 1 3 786 5 1 133 441 Dallas (9 cities) Sept. 27 333 24 222 1,150 1,145 55 30 222 186 11 2 475 2 110 361 Oct. 4 340 22 220 1,139 1,136 57 28 209 187 11 2 480 2 109 313 Oct. 11 331 22 233 1,154 1,179 54 19 186 189 11 2 506 2 110 285 Oct. 18 326 23 244 1,168 1,209 49 19 169 190 11 3 518 2 110 352 Oct. 25. 328 24 228 1,181 1,194 56 22 154 191 11 3 501 2 110 360 San Francisco (7cities) Sept. 27 819 44 247 2,864 2,911 140 67 785 1,533 25 8 433 8 24 451 1,059 Oct. 4 831 42 256 2,872 2,934 138 72 768 1,540 25 8 433 8 23 451 993 Oct. 11 832 42 244 2,893 2,976 134 66 688 1,552 25 8 441 8 24 452 945 Oct. 18 860 45 272 2,977 3,077 136 69 616 1,564 26 7 462 8 24 451 1,030 Oct. 25. 859 45 249 3,009 3,080 133 67 562 1,571 26 7 448 8 23 452 1,030 City of Chicago* Sept. 27 843 42 184 3,236 3,251 181 25 88 603 1,016 15 342 1,181 Oct. 4 833 42 183 3,249 3,244 177 32 83 658 1,023 15 344 1,368 Oct. 11 872 43 169 3,277 3,307 166 30 739 662 1,022 14 344 1,051 Oct. 18 880 42 180 3,358 3,394 177 28 660 664 1,066 16 344 1,150 Oct. 25 921 43 195 3,595 3,606 192 26 59 667 1,043 15 344 1,556 * See note on preceding page. 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 2 Debits to demand deposit accounts except interbank and U. S. Government accounts. NOVEMBER 1944 IIOI Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Commer- Held by Based on cial End of month paper Total Accepting banks Goods stored in or out- out- Imports Exports shipped between standing standing Total O bi w lls n b B ou il g ls ht Others2 U S i n t n a i t t t o e e d s U S f t n r a o i t t m e e s d ex D c o h l a l n a g r e Unite p d oints F in oreign States countries 1943—June 143 140 102 62 40 38 82 10 36 12 July 150 139 102 64 38 36 81 12 35 10 156 130 94 59 36 36 77 10 () 33 11 September 170 117 84 50 33 33 69 7 (3) 30 11 October 188 115 48 39 27 67 9 (3) 29 10 November 203 111 53 35 23 59 11 (!) 31 9 December 202 117 90 52 38 27 66 11 30 9 1944—January 209 120 94 55 38 27 71 12 () 29 February 214 135 106 57 49 29 83 12 0 32 March 195 129 100 52 48 30 79 12 31 April 172 126 96 51 45 29 77 12 30 May 151 113 90 49 41 24 71 10 28 June 137 112 87 44 43 25 74 11 24 July 143 110 88 46 41 23 72 12 24 August 141 110 82 44 38 28 75 10 22 September 141 111 85 42 43 26 78 11 19 1 As reported by dealers; includes some finance company paper sold in open market. 2 None held by Federal Reserve Banks. 3 Less than $500,000. Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' End of month Customers' bal D an e c b e i s t in bal D an e c b e i s t in Cash on credit balances1 Other credit balances b ( a d n l e a e b n t i ) c t 1 es a in n p a d v a c e r c t s t o r n t a u m e d n r e i t s n s n ' g t a in n a v d c e c f t i s o r r t m u a m n d e t i s 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 a v d c e p c s t a o r t r u a m t n d n e t i e s n n r g t s' i a n n a v c d I e n c s t o f t r i u m a rm n d e t i s n n t g I a n c ( c c n o a e u p t) n it t a s l 1936—June 1,267 67 164 219 985 276 86 24 14 420 December 1,395 64 164 249 1,048 342 103 30 12 424 1937—June 1,489 55 161 214 1,217 266 92 25 13 397 December 985 34 108 232 688 278 85 26 10 355 1938—June 774 27 88 215 495 258 89 22 11 298 December 991 32 106 190 754 247 60 22 5 305 1939—June 834 25 73 178 570 230 70 21 6 280 December 906 16 78 207 637 266 69 23 7 277 1940—June 653 12 58 223 376 267 62 22 5 269 December 677 12 99 204 427 281 54 22 5 247 1941—June 616 11 89 186 395 255 65 17 7 222 December 600 8 86 211 368 289 63 17 5 213 1942—June 496 9 86 180 309 240 56 16 4 189 December 543 7 154 160 378 270 54 15 4 182 1943—June 761 9 167 529 334 66 15 7 212 September e820 e77O e320 October e830 c740 e330 November e78O e600 «340 December 788 ii 188 181 557 354 65 14 5 198 1944—January «78O c560 e370 February e800 c650 e370 March e820 • e630 e380 April e780 e600 e390 May e550 e400 June 887 5 253 196 619 424 95 15 11 216 July e940 e660 e420 August., e940 c630 e410 September e940 e640 e400 e Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of large firms. 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. 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. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET MONEY RATES IN NEW YORK CITY COMMERCIAL LOAN RATES [Per cent per annum] AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES Yields on U. S. [Per cent per annum] mo Y w n e e th e a , k r , or m m 4 p P c - o a e r o n t i p r o m m c t e h i - 6 r e a s , - l l a a b P d c n a e r a c 9 c i n r y e m 0 s e k p s ' s e - l t , - c S h l n c a e o t r a e o l a x e a n w c l - - n l g k - e m G b o i 3 o l n - l v t s e h ' rnm d 9 c m e o - e c e b f r o t a n o t t t n t i i e e f n t 1 d i s h s - - 2 - e - cu 3 t r a n - y i x o t t e i o a t e a e b s r 5 s l - e 1935 average1 1 T 9 2 o . c 9 t i a 3 t l ies Y N C 1. o e i 7 t w r 6 y k 7 E e N r c a 3 n o i O s . t 3 r t i a t e t e 9 h h n s r e n - d r 1 W e 1 r c 3 n e S i . t s o 7 i t a e 6 e u n s r t d n hness 1936 average1 2.68 1.72 3.04 3.40 1937 average1 2.59 1.73 2.88 3.25 L941 average .54 .44 1.00 .103 .76 1938 average1 2.53 1.69 2.75 3.26 1 1 9 9 4 4 2 3 a a v v e e r r a a g g e e . . 6 6 9 6 . .4 4 4 4 1 1 . . 0 0 0 0 . . 3 3 2 7 6 3 "".hi" 1 1 . . 1 3 3 1 1 19 9 4 3 0 9 a a v v e e r ra a g g e e 2 2 6 7 3 8 2 2. . 0 0 4 7 2 2. . 5 8 6 7 3 3. . 3 5 8 1 1943—September .69 .44 1.00 .375 .77 1.31 1941 average 254 1.97 2.55 3.19 October .69 .44 1.00 .375 .78 1.31 1942 average 2 61 2.07 2.58 3.26 November ... .69 .44 1.00 .375 .77 1.29 1943 average ... ,....,... 2 72 2.30 2.80 3.13 December .69 .44 1.00 .375 .77 1.30 1940—March 265 2.03 2.67 3.35 1944—January .69 .44 1.00 .374 .78 1.30 June 259 2.00 2.49 3.38 February .69 .44 1.00 .375 .78 1.32 September 268 2.14 2.56 3.43 March .69 .44 1.00 .375 .80 1.36 December 259 2.00 2.53 3.36 April .69 .44 1.00 .375 .78 1.36 1941—March 258 2.06 2.53 3.25 May .75 .44 1.00 .375 .77 1.35 June 2.55 1.95 2.58 3.23 June .75 .44 1.00 .375 .79 1.34 September 260 1.98 2.62 3.29 July .75 .44 1.00 .375 .77 1.31 December 241 1.88 2.45 2.99 A Se u p g t u e s m t ber.... . . 7 7 5 5 . . 4 4 4 4 1 1 . . 0 0 0 0 . . 3 3 7 7 5 5 . . 7 7 9 6 41 1 . . 3 3 1 0 1942— J M un a e rch 2 2. . 6 4 2 8 2 1 . . 0 8 7 5 2 2 . . 5 4 6 8 3 3 . . 3 2 4 0 Week ending: September 2.70 2.28 2.66 3.25 Sept. 30 H % 1.00 .375 .80 1.34 December 2.63 2.09 2.63 3.26 O O O c c c t t t . . . 2 1 7 1 4 % % %A \ 1 1 1 . . . 0 0 0 0 0 0 . . . 3 3 3 7 7 7 5 5 6 . . . 8 8 8 0 0 0 1 1 1 . . . 3 3 3 5 4 5 1943— J M un ar e ch 3 2. . 7 0 6 0 2 2 . . 3 7 6 0 2 2 . . 7 9 6 8 3 3 . . 2 3 4 8 Oct. 28 % 1.00 .375 .79 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—Mar ch 2.63 2.10 2.75 3.12 a The average rate on 90-day stock exchange time loans was 1.25 per June 2.63 2.23 2.55 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 March 1941; taxable bills thereafter. 4 Number of issues decreased from 2 to 1 on Sept. 15. l Prior to March 1939 figures were reported monthly on a basis not strictly Back figures.—See Banking and Monetary Statistics, Tables 120-123, pp. comparable with the current quarterly series. 448-462; for description, see pp. 424-426. Back figures.—See Banking and Monetary Statistics, Tables 124-125, pp. 463-464; for description, see pp. 426-427. BOND 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)2 grade)3 Total Aaa Aa A Baa In tr d ia u l s- R ro a a i d l- P u u ti b li l t i y c Number of issues 1-5 1-5 1-6 15 5 120 30 30 30 30 40 40 40 1941 average 2.05 = == 2.10 2.67 3.34 2.77 2.94 3.30 4.33 2.95 3.95 3.11 1942 average 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—September 1.90 1.97 2.48 1.92 2.59 3.11 2.69 2.82 3.10 3.83 2.82 3.56 2.96 October 1.90 1.98 2.48 1.88 2.60 3.11 2.70 2.83 3.10 3.82 2.82 3.55 2.96 November 1.94 2.00 2.48 1.90 2.61 3.13 2.71 2.84 3.11 3.83 2.85 3.56 2.98 December 1.95 2.00 2.49 2.00 2.63 3.14 2.74 2.87 3.13 3.82 2.86 3.56 3.00 1944—January 1.95 1.99 2.49 1.92 2.65 3.11 2.72 2.83 3.11 3.76 2.83 3.51 2.99 February 1.93 1.96 2.49 1.85 2.65 3.10 2.74 2.83 3.10 3.72 2.83 3.49 2.98 March 1.91 1.95 2.48 1.84 2.64 3.09 2.74 2.82 3.10 3.70 2.83 3.48 2.97 April 1.94 1.95 2.48 1.85 2.61 3.08 2.74 2.82 3.09 3.68 2.83 3.45 2.97 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 r2.59 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 September 1.93 B1.92 2.47 1.83 2.55 3.03 2.72 2.79 3.05 3.56 2.79 3.35 2.94 Week ending: 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 Oct. 7 1.93 1.93 2.48 1.84 2.54 3.03 2.72 2.80 3.03 3.56 2.79 3.35 2.95 Oct. 14 1.92 1.93 2.48 1.87 2.54 3.02 2.72 2.80 3.02 3.55 2.79 3.33 2.95 Oct. 21 - 1.92 1.93 2.48 1.88 2.55 3.02 2.72 2.81 3.01 3.54 2.78 3.32 2.97 Oct. 28 1.94 1.94 2.48 1.88 2.57 3.03 2.73 2.82 3.01 3.54 2.79 3.31 2.98 r Revised. 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. 5 Number of issues decreased from 5 to 4 on Sept. 15. Back figures.—Set Banking and Monetary Statistics, Tables 128-129, pp. 468-474. NOVEMBER 1944 1103 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS1 Bond prices Stock prices6 Volume Corporate4 Common (index, 1935-39=* 100) of trad- Year, month, or week U.S. Munic- ing? m G er e o n n v - t - g ( r h i a p i d g a e l h )6 g H r i a g d h e - Tot M al ediu In m d - u a s n - c lo R w a e il r - -grad P e ublic fau D lt e e - d fe P r r r e e - ds Total In tr d i u al s- R ro a a il d - P ut u i b li l t i y c (i s s n a h n a t d h r s e o s o u ) f trial road utility Number of issues 1-6 15 15 50 10 20 20 15 15 402 354 20 28 1941 average 130.9 117.8 98.9 103.9 86.9 106.1 21.9 171.9 80 80 71 81 629 1942 average 100.72 126.2 118.3 100.1 109.1 86.6 104.8 27.2 162.4 69 71 66 61 466 1943 average 100.50 131.8 120.3 109.5 117.0 97.6 114.0 44.0 172.7 92 94 89 82 1,032 1943—September 100.35 134.4 120.8 110.4 117.1 98.4 115.7 46.4 175.9 96 98 91 87 663 October 100.39 135.2 120.9 110.6 117.9 98.6 115.4 49.9 175.1 95 97 92 87 633 November 100.24 134.9 120.4 111.3 118.9 99.8 115.2 45.4 172.6 91 93 87 85 886 December 100.19 132.8 120.0 112.1 119.4 101.7 115.1 46.9 169.1 92 94 86 85 807 1944—January 100.18 134.4 120.5 113.2 119.8 104.1 115.5 52.8 171.2 95 96 91 87 788 February 100.14 135.8 120.4 113.6 119.3 105.7 115.8 58.1 172.7 94 96 96 87 807 March 100.26 136.0 120 5 113.7 119.8 105.3 115.9 60.1 173.4 97 98 99 88 1 124 April 100.26 135.8 120.7 114.4 121.0 105.5 116.6 59.0 173.8 95 97 97 87 659 May 100.19 135.6 120.9 114.7 121.5 106.5 116.0 58.9 173.2 97 99 99 88 730 . J une 100.16 135.5 120.9 114.5 121.5 106.2 115.9 61.2 175.8 102 104 101 90 1,598 '• July 100.19 136.1 121.3 114.7 121.1 106.8 116.3 61.3 177.6 104 107 105 91 1,283 * August 100 35 136.5 121 2 114.8 120.9 107.3 116.2 57.3 r176.9 103 105 103 92 872 September 100.40 136.2 121.2 114.5 120.1 107.0 116.5 55.5 177.4 101 103 99 91 738 ' Week ending: 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 Oct 7 100.33 136.0 121.0 115.1 119.8 108.5 117.1 59.0 177.3 103 105 102 92 858 Oct. 14 100.31 135.4 121.3 115.4 120.2 109.2 116.9 58.8 177.3 104 106 104 93 673 Oct 21 100.29 135.2 121.3 115.7 120.0 110.3 116.9 59.4 177.7 104 106 104 94 758 Oct. 28 100.26 135.2 120.9 115.6 119.7 110.3 116.9 59.0 177.3 103 105 104 93 846 r Revised. 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. ' 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 Yeu or month f a i u r n n n e g d - d ) - m ( a f e d o n s o r d t - - ic Total S m a t n a u d t - e F e e ra d l - Co B r o p n o d ra s te F ei o g r n - 2 m ( a f e d o n s o r d t - - ic Total S a m t n a u d t - e a F e c e r e a d n l - - Co B r o p n o d r s ate e F ig o n r 2 eign) nici- agen- Total and Stocks eign) nici- agcu Total and Stocks pal cies1 notes pal cies1 notes 1934. 2,160 1,386 1,386 803 405 178 144 35 774 765 136 317 312 312 • 9 1935. 4,699 1,457 1,409 855 150 404 334 69 48 3,242 3,216 365 987 1,864 1,782 "si" 26 1936. 6,214 1,972 1,949 735 22 1,192 839 352 23 4,242 4,123 382 353 3,387 3,187 200 119 1937 3,937 2,138 2,094 712 157 1,225 817 408 44 1,799 1,680 191 281 1,209 856 352 119 1938. 4,449 2,360 2,325 971 481 873 807 67 35 2,089 2,061 129 665 1,267 1,236 31 28 1939. 5,842 2,289 2,239 931 924 383 287 97 50 3,553 3,465 195 1,537 1,733 1,596 137 88 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—September .. 140 51 51 10 31 10 10 89 89 10 24 55 51 5 October 201 57 57 5 11 41 33 •y 144 144 11 46 87 59 27 November .. 357 165 165 21 23 121 87 34 192 192 15 107 70 58 12 December... 163 33 33 10 10 14 8 6 130 130 8 39 83 77 7 1944—January 240 103 93 24 31 38 15 22 10 137 137 14 123 62 61 February 220 73 73 11 63 59 4 146 146 26 25 96 93 3 March 178 58 58 13 45 28 17 120 120 12 30 78 59 19 April 235 80 80 7 73 21 52 155 149 10 31 108 53 55 6 May 418 53 53 21 33 14 19 365 356 139 33 184 169 15 9 June 213 42 42 23 •"•4" 15 11 5 170 170 8 83 79 76 3 July 274 70 64 12 52 43 10 •y • 204 204 22 27 154 133 21 August 332 145 145 40 106 68 37 187 187 26 20 141 136 5 September... 478 42 42 13 29 15 14 436 436 6 30 401 351 50 1 Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 Includes issues of noncontiguous U. S. Territories and Possessions. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures.—See Banking and Monetary Statistics, Table 137, p. 487. IIO4 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES1 PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars! Proposed uses of net proceeds Estimated Estimated Year or month gross net New money Retirement of securities Repayment proceeds'* proceeds3 of Other Total e P q l u a i n p t m a e n n d t W c o a r p k it in al g Total Bo n n o d t s e s a nd Pr s e t f o e c r k red other debt purposes 1934 397 384 57 32 26 231 231 84 11 1935 2,332 2,266 208 111 96 1,865 1,794 71 170 23 1936 4,572 4,431 858 380 478 3,368 3,143 226 154 49 1937 2,310 2,239 991 574 417 1,100 . 911 190 111 36 1938 2,155 2,110 681 504 177 1,206 1,119 87 215 7 1939 2,164 2,115 325 170 155 1,695 1,637 59 69 26 1940 2,677 2,615 569 424 145 1,854 1,726 128 174 19 1941 2,667 2,623 868 661 207 1,583 1,483 100 144 28 1942 1,062 1,043 474 287 187 396 366 30 138 35 1943 rl,170 rl,147 r308 r141 r167 r739 r667 r72 r73 r27 1942—December.. 34 33 16 15 17 13 1943—January r4 6 6 1 February.. r50 49 12 10 2 34 34 3 March r96 r94 r42 r7 r34 r45 '38 7 r6 April r115 r112 r14 3 rll r97 r94 2 r2 May r95 r93 r41 14 r26 49 49 rl r2 June r76 r74 r16 10 r6 r55 r36 19' rl 2 July r90 r88 3 3 r63 r44 r20 r12 10 August r110 r108 r16 13 3 r83 r81 r2 r9 September. r70 r69 r12 6 r6 r51 r4l 10 5 1 October... r142 r139 r10 r4 r5 r105 r10l 4 22 r2 November. r199 197 r119 r64 r55 r71 r66 r6 6 rl December.. r116 r113 r20 r8 r12 r81 r77 4 r5 r7 1944—January.... 154 150 34 23 11 114 54 60 2 February.. 97 95 49 18 31 33 32 1 4 March 203 199 48 32 16 147 129 18 3 April 155 150 53 24 28 93 55 38 1 May 148 146 23 17 6 120 115 5 3 June 163 160 23 8 15 117 103 13 18 July r192 r188 r60 r36 24 122 109 13 August 229 226 57 24 33 166 147 19 September. 438 429 27 17 10 395 357 38 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Railroad Public utility Industrial Other Year or month Total Retire- All Total Retire- All Total Retire- All Total Retire- All net New ment of other net New ment of other net New ment of other net New ment of other pro- money securi- pur- pro- money securi- pur- pro- money securi- pur- pro- money securi- purceeds ties poses ceeds ties poses* ceeds ties poses4 ceeds ties poses4 1934 172 21 120 31 130 11 77 42 62 25 34 2 20 19 1935 120 57 54 10 1,250 30 1,190 30 774 74 550 150 122 46 72 4 1936 774 139 558 77 1,987 63 1,897 27 1,280 439 761 80 390 218 152 20 1937 338 228 110 1 751 89 611 50 1,079 616 373 90 71 57 7 2 1938 54 24 30 1,208 180 943 86 831 469 226 136 16 8 7 t 1939 182 85 97 1,246 43 1,157 47 584 188 353 43 102 9 88 S 1940 319 115 186 18 1,180 245 922 13 961 167 738 56 155 42 9 104 1941 361 253 108 1,340 317 993 30 828 244 463 121 94 55 18 21 1942 47 32 15 464 145 292 27 527 293 89 146 4 4 1943 160 46 114 r469 r22 r423 r25 r497 r228 199 r71 r21 13 r4 r4 1942—December 4 4 27 10 17 3 2 1 1943— N J A D J O M M S A F J u u e e o e u c p a a a l n p b c t y v n g r y r o e t e i r u e c u e l b u m h m a s m e a t r b r y b r b e y e e r r r r r 2 2 2 2 1 1 9 4 3 1 6 8 6 7 8 4 5 1 • 4 3 6 3 8 5 4 3" " " " r 2 2 1 9 2 8 1 8 ' 3 7 0 " r r r r r r r r 3 7 2 6 S 2 5 3 4 3 8 8 2 0 3 3 9 9 9 9 ""2 1 r " r 0 2 2 4 ' r r r r 5 5 2 5 4 3 3 2 3 0 1 7 1 4 8 1 0 ' ' r r 1 r " 2 6 2 4 1 l ' 1 1 r r r r r 1 r r r 3 2 6 3 5 3 5 3 2 6 r 1 1 9 0 9 7 4 3 7 2 9 1 1 ' 1 r 1 2 3 r H 3 r 1 5 4 4 0 5 9 3 2 1 1 r r r r 1 3 3 2 2 2 1 0 0 6 0 7 6 6 2 " r r 2 2 2 r r r 1 1 6 2 3 1 6 2 ' • • ( r r) 2 3 3 1 • • " • •• 1 1 3 y • (V} • 4 •• "" 1 1 1944—January 8 8 61 61 81 26 53 2 February 9 9 30 30 55 40 3 12 ""2" M J M A J A S u u e p u a a l n p y r g y r e t i c u l e h s m t ber ""2 1 1 r2 4 8 2 " 3 1 5 9 9 4 r2 2 1 1 1 4 2 9 0 9 ... 1 . 7 . 9 .. 1 1 2 5 5 4 2 2 4 8 8 8 0 4 6 9 " " " " 5 5 6 " " " 1 1 2 5 3 3 2 5 2 3 2 4 8 8 8 4 ""2" 6 1 1 1 5 8 8 1 0 2 6 8 5 5 8 9 8 6 4 3 3 1 1 1 1 9 4 8 4 7 0 9 6 6 1 2 7 2 7 5 2 1 2 0 7 5 1 4 3 4 2 5 9 3 4 6 3 1 ' " ' " " 2 " " 3 2 1 " 2 4" 1 1 r Revised. 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. NOVEMBER 1944 1105 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 n e o e d n l c M e h r i a y n - - t b o A i m l u e o - s - p e O t m r t q o i t a e u o r h n t n n i e a s p t r - - - f m p e N u a e r r c o n r o t o t a d n 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 v a e d d c e s c r s , - , o p r r a e o i i O n n f n d i g g i d n u l - c- c I h n c tr e a d i m l u a s l s i- - O g d n o u b t o o h r l n e a d e - - s r n s c M e i e e c r l i o e v s l u a - s - - s pr N of e i t ts1 fe P D r r r e e i - v d ide C n m d o o s m n - Number of companies... 629 47 69 15 68 77 75 49 45 30 80 74 152 152 152 1939 1,465 146 115 223 102 119 70 151 98 186 134 122 847 90 564 1940 1,818 278 158 242 173 133 88 148 112 194 160 132 1,028 90 669 1941 , 2,169 325 193 274 227 153 113 159 174 207 187 159 1,144 92 705 1942 1,792 226 159 209 202 138 90 151 152 164 136 165 883 88 552 1943 1,823 205 168 201 203 128 83 163 185 169 144 173 902 86 555 Quarterly 1940—1 422 47 33 69 41 33 14 34 34 46 41 29 246 21 136 2 412 51 39 53 36 29 21 38 30 45 41 30 230 21 158 3 396 79 34 17 33 30 25 33 25 52 39 29 211 22 158 »•• 4 . 588 101 52 103 63 40 28 43 24 51 39 44 342 25 217 1941—1 . 510 86 44 79 53 39 23 36 29 49 44 29 286 22 150 2 549 84 48 73 56 36 28 43 42 53 48 36 297 23 165 3 560 81 46 60 56 38 30 44 56 52 49 46 284 23 170 < 4 550 72 55 61 62 40 32 37 46 52 46 48 276 24 221 1942—1 419 52 38 46 «51 36 19 32 35 39 39 32 204 21 134 2 3 3 4 6 5 4 1 5 5 2 1 3 3 5 6 4 2 6 5 6 6 4 4 9 8 3 3 2 4 2 1 2 8 4 3 2 2 4 2 2 7 4 3 1 5 3 2 5 7 3 5 4 2 2 1 1 7 1 4 2 2 3 0 1 1 3 2 5 5 4 557 72 49 92 654 36 30 44 49 48 35 47 294 23 158 1943—1 -. 437 53 39 47 654 34 19 39 36 42 36 39 208 21 127 2 441 48 42 49 652 32 * 22 40 42 41 35 38 221 22 132 3 464 51 41 52 651 31 20 42 49 41 37 49 227 21 127 4 481 53 46 53 646 32 23 42 58 46 36 47 245 23 169 1944—1 452 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 m r 6 e e e All r N o e a t d s income1 d D e i n v d i- s r O e p v i e e n r n g a u t e - I i b n n t e c c a f o o x o m m 5 re e e inc N o e m t e1 d D e i n v d i- s O re p v i e n e r g n a u t e - inc N o e m t e^ d D e i n v d i- s 1939...... 3,995 126 93 -102 126 2,647 629 535 1,067 191 175 1940 ,. „ 4,297 249 189 -73 159 2,797 692 548 1,129 194 178 1941., 5,347 674 500 23 186 3,029 774 527 1,235 178 172 1942 „....., 7,466 1,658 902 147 202 3,216 847 490 1,362 163 163 1943..... 9,054 2,209 874 187 216 3,464 914 502 1,537 180 166 Quarterly 1940—1. 986 -3 -12 -29 25 709 187 148 274 49 44 2. ,010 15 3 -33 29 675 161 128 281 50 44 3. ,130 92 71 -14 29 682 156 123 281 45 44 4. ,171 145 127 3 78 731 188 149 294 50 46 1941—1. ,152 96 69 -5 28 751 209 154 295 43 44 2. ,272 145 103 0 36 723 182 126 308 44 45 3. ,468 267 189 23 34 750 183 107 311 45 44 4. ,454 166 138 5 87 805 200 139 321 46 40 1942—1.. ,483 178 90 12 24 816 234 131 324 41 44 2 ., ,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 28 864 254 136 366 42 40 2. 2,255 605 239 56 49 835 221 118 383 44 42 3. 2,368 653 249 55 39 859 210 114 389 45 43 4. 2,340 438 177 25 100 906 228 133 400 48 41 1944—1. 2,273 458 148 27 31 930 263 135 400 42 42 2. 2,363 511 174 22 55 889 242 123 406 43 42 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. "New ' "" " "~ * " ' '" -.-•.. 4 Thir merged \ . „ r , 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. Sources.—Interstate Commerce Commission for railroads; Federal Power Commission for electric utilities (nonelectric operations and quarterly figures prior to 1942 are partly estimated); Federal Communications Commission for telephone companies (except dividends); published reports for industrial companies and for telephone dividends. Figures for the current and preceding year subject to revision, especially for war producers whose contracts are under renegotiation. For description of data and back figures, see pp. 214-217 of the March 1942 BULLETIN. IIO6 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 o e e r r e r t b i a e c n t l s t g t- Totals Tre b M a il s l a s u r r k y eta in b c C d l a e e n e t e r e b t p s s t i u s f e o i b d - f l - ic T is r s n e u o a e t s s e u 1 s ry T b re o a n s d u s ry N T o o n t m al a 2 rke s t a a b U v b o . i l n n S e d g . s p s ubl T i t s c a r n a e x v o i a i s t s n a e s u n s u g r d s e y s S is p s e u c e ia s l i b n e N d te a e o r r b i n e t n - 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 t t n y - 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,'47i" 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—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 1L.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 ?,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 1L,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 L,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 L,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 L,456 1,468 Aug 309,802 208,289 145,213 15,715 30,001 18,067 81,235 47,614 36,883 10,030 15,461 1,514 1,475 Sept 209,496 207,850 144,723 15,747 29,573 17,936 81,270 47,152 37,323 9,124 15,976 L,645 1,480 1 Including amounts held by Government agencies and trust funds, which aggregated $4,588,000,000 on Aug. 31,1944, and $4,558,000,000 (preliminary) on Sept. 30, 1944. 2 Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service and depositary bonds not shown separately. 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, SEPTEMBER 30, 1944 [In millions of dollars] [On basis of daily statements of United States Treasury. In millions of dollars] Amount Funds received from sales during Redempout- month tions Issue and coupon rate Amount Issue and coupon rate Amount Month standing at end of All Series Series Series All Tr O ea ct s . ury 5 b , i 1 l 9 ls 4 * 4. 1,216 T D re ec a . s u 1 ry 5 , b 19 o 4 n 8 d -5 s 0 — Cont. 2 571 month series E F G series Oct. 13, 1944. 1,204 June 15, 1949-51 2 1,014 Oct. 19, 1944. 1,207 Sept. 15, 1949-51 2 1,292 1943—Jan 16,246 1,240 815 77 348 63 D D D N N N N D N O e e e e o o o o o c c c c c v v v v v t . . . . . , , . 2 2 3 2 2 1 1 0 9 4 8 6 6 7 2 1 4 , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 . . . . . . . . . . . . . . 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , 2 2 2 2 2 2 2 2 2 2 1 0 1 1 1 1 0 1 1 1 6 7 5 0 8 0 6 4 4 1 J M D S S D S S D D u e e e e e e e e a n p p p p c c c c r e . . . t t . t t . . . . . 1 1 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 5 5 , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 5 5 5 5 5 5 4 4 5 4 1 0 1 1 0 0 9 9 1 9 - - - - - - - - - - 5 5 5 5 5 5 5 5 5 5 4 2 5 2 3 2 2 1 3 3 2 2 2 t 2 V y % % l * A 2 2 2 2 2 3 4 7 1 1 1 1 2 1 , , , , , , , , 6 1 1 9 7 9 9 0 4 7 2 1 8 6 8 3 8 9 5 9 7 8 6 3 6 9 6 8 5 1 M N F M S A J O A J u u e e o u c p a a n l p b t v g y r r y e t . ......... 1 2 1 1 2 2 2 2 2 2 0 7 9 6 2 6 7 1 4 2 , , , , , , , , , , 5 0 2 6 6 0 8 4 2 0 0 6 6 9 9 5 9 7 5 3 7 7 7 7 4 6 1 8 6 0 1 1 1 1 * , , , 4 9 7 8 9 8 8 3 8 7 7 2 0 8 4 0 3 7 9 9 0 7 8 7 4 2 6 0 8 5 1 1 1 , , , 0 3 4 6 6 7 9 6 6 6 0 4 0 8 9 3 2 6 6 9 7 0 0 3 5 4 0 5 1 6 1 1 9 4 8 4 3 2 3 2 3 1 3 8 6 4 5 8 8 3 9 0 3 3 2 2 2 1 1 1 1 1 8 7 5 5 1 0 0 8 4 6 7 3 4 2 9 5 0 4 9 5 . 1 1 1 1 1 1 1 1 1 5 7 4 7 5 0 4 3 3 0 5 0 4 6 2 4 1 8 1 3 " Cert, of indebtedness M De a c r . . 1 1 5 5 , , 1 1 9 9 5 5 2 1 - - 5 5 4 5 2K 2 1, 5 0 1 2 0 4 Dec 27,363 853 728 24 101 207 O D F A M J A S u e e u e c p a b n c g p t r y . . . e . . t . 1 1 1 1 1 1 1 1 , , , , , , , , 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 4 4 4 4 4 4 4 4 4 5 4 5 5 5 5 5 V V V V V V V V s s s s s s s s 3 3 5 4 4 1 3 2 , , , , , , , , 5 8 6 5 0 7 6 5 1 1 7 4 7 4 9 1 5 9 7 0 0 8 1 4 J J J J M M S S u u u u e e a a n n n n p p r r e e e e t t . . . . 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 , , , , , , , , 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 5 5 5 5 5 5 5 5 2 2 5 3 6 4 6 6 - - - - - - - - 5 6 5 5 5 5 5 5 5 0 4 8 5 6 9 9 2 2 2 2 2 2 X % M % l \ A A 2 2 i 5 2 3 1 1 , , , , , 6 8 6 9 5 7 8 4 8 0 1 2 2 4 8 2 1 1 5 1 2 5 9 3 1944— M A F M J J A J u u e a p u a a l b n n r g r y y e 3 2 3 3 3 3 3 3 1 8 1 2 2 6 4 6 , , , , , , , 5 9 9 8 6 5 '4 9 1 8 0 8 0 3 9 7 5 7 1 3 6 8 7 4 2 1 2 1 , , , , 6 7 8 1 7 6 7 7 9 4 8 2 0 3 0 5 8 2 2 5 2 9 9 1 1 2 1 1 , , , , 0 6 3 1 6 6 4 5 8 5 8 0 0 9 2 7 7 0 5 2 6 9 4 6 1 1 1 1 2 2 5 1 1 1 0 1 7 3 7 9 5 5 1 8 r3 4 5 1 3 1 1 3 8 8 2 7 1 1 1 8 5 7 2 7 0 4 1 2 2 2 2 2 1 2 1 7 3 2 4 7 6 8 8 9 7 7 8 9 8 8 5 Treasury notes J D u e n c e . 1 1 5 5 , , 1 1 9 9 5 6 8 0 - - 6 6 3 5 2 2 % % 1,4 9 8 1 5 9 Sept 37,323 692 591 16 85 283 M M M De a a a c r r r . . . . 1 1 1 1 5 5 5 , , , , 1 1 1 1 9 9 9 9 4 4 4 4 5 5 5 5 l 9 % % j 0 | 2 1 , , 1 6 5 7 0 2 3 1 6 7 8 1 J J D D u u e e n n c c . e e . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 4 2 4 3 - - - - 6 6 6 6 9 7 9 8 2 2 2 2 V V V V z2 2 2 2 3 2 3 , , , , 1 7 8 8 1 6 3 3 8 1 1 8 Maturities and amounts outstanding, September 30, 1944 M M De a a c r r . . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 4 4 4 6 7 6 1 V % / 1 i 3 1 1 , , , 2 9 2 4 6 9 8 1 1 P M S o e s a p t r t a . . l 1 1 5 5 S , , a 1 1 v 9 9 i 6 6 n 7 5 g - - s 7 7 2 0 b onds. 2 2 2 V K ^ 2 5 2 , , 1 7 1 9 1 1 7 6 7 Year of maturity se A ri l e l s S A er - i D es Ser E ies Se F ries Se G ries Sept. 15, 1947 \Vi 2,707 Conversion bonds 3 29 Sept. 15, 1948 IK 3,748 Panama Canal loan.... 3 50 1945 180 180 Treasurybonds Total direct issues 144,723 1946 321 321 2Dec. 15,, 1944-54 4 1,037 1947 409 409 Sept. 15,, 1945-47... 2% 1,214 Guaranteed securities 1948 488 488 Dec. 15, 1945 2Y2 541 Commodity Credit Corp. 1949 801 801 Mar. 15, 1946-56 ...3% 489 Feb. 15, 1945 \V% 412 1950 992 992 June 15, 1946-48 3 1,036 Home Owners' Loan Corp 1951 1,680 445 1,234 June 15, 1946-49... 33^ 819 June 1, 1945-47 1}4 755 1952 5,284 5,284 Oct. 15;,', 1947-52... 434 759 Federal Housing Admin. 1953 10,121 8,693 218 1,210 Dec. 15I,, 1947 2 701 Various 25 1954 10,927 7,931 612 2,384 Mar. 151, 1948-50 2 1,115 1955 3,230 701 2,529 Mar ;1, 1948-51... 2% 1,223 Total guaranteed issues 1,192 1956 2 776 582 2,194 June 15 1948 \\i 3,062 Unclassified 114 Sept. 151, 1948 2Yi 451 Total 37,323 3,636 23,142 2,113 8,317 1Sold on discount basis. See table on Open-Market Money Rates, p. 1103. 2 Called for redemption on Dec. 15, 1944. r Revised. 1107 NOVEMBER 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 b n c T e t u e a o r r r i t e i t a n i s e l t g s - S i e s p r a s e n n u c m e d i s a e t l n ru t s a t g f P e i u s n u n s c b u d i l e e s i s s c F R B H e e a b d s e n y 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 v u n i t n u k g a s s l I p c n a a o n s n m u c ie e r - s - '1 M i a a O s b r s t u k l h e e e e t s r - ' inv m e i s N a s a t s o r o b u n k r l e - s e e s t- 1941—June 54,747 6,120 2,362 2,184 44,081 20,095 3,426 7,100 9,300 4,200 December 63,768 6,982 2,547 2,254 51,985 21,788 3,700 8,200 9,800 8,500 1942—June 76,517 7,885 2,726 2,645 63,261 26,410 3,891 9,200 10,800 13,000 December 111,591 9,032 3,207 6,189 93,163 41,373 4,559 11,300 14,800 21,100 1943—June 139,472 10,871 3,440 7,202 117,959 52,458 5,290 13,100 18,700 28,400 December. 168,732 12,703 4,231 11,543 140,255 59,845 6,096 15,100 23,700 35,500 1944—January... 171,312 12,873 4,279 12,073 142,087 61,800 5,700 14,600 22,400 37,600 February. 185,936 13,168 4,616 11,632 156,520 64,900 6,700 16,200 27,700 41,000 March.... 185,606 13,507 4,598 12,115 155,386 64,100 6,800 16,400 27,800 40,300 April 185,670 13,697 4,649 13,220 154,104 63,800 6,800 16,400 26,300 40,800 May 186,403 14,122 4,243 14,251 153,787 63,200 6,700 16,500 26,200 41,200 June 201,059 14,287 4,789 14,901 167,082 68,437 7,308 17,300 30,700 43,300 July 208,585 14,961 4,605 14,915 174,104 72,000 7,500 17,900 31,000 45,700 August 209,764 15,461 4,599 15,806 173,898 71,500 7,600 18,100 30,700 46,000 r Revised. 1 Figures for insurance companies and other investors have been rounded to nearest 100 million dollars for all dates, and figures for commercial banks and mutual savings banks have been rounded to nearest 100 million for all dates except June and December for which call report data are available. Back figures.—See Banking and Monetary Statistics, Table 149, p. 512. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES* [Public marketable securities. Par values in millions of dollarsl U.S. 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 v d - k l e - s m b C a e o n r m c k i s a - 1 l b M t s i a n u a n g v u a k s l - - s I p a c n a o n s n m c u i e e r - - s j . I , Other End of month T st o i o a n u n t g t a d - l - B s F e R e a r e r n e a v d - k l e - sb C m a c o n i e a m k r l - s - b M t s i a n u a n g u v a k s l - - s I p a c n a n o s n m c u i e e r - - s Other trust funds Total:2 11 Treasury bonds: 1942—Dec 80,685 3,202 6,189 38,759 4,47110,76617,297 Total: 1943—June 99,218 3,319 7,202 48,665 5,161 486 22,385 1942—Dec 49,268 2,739 2,77719,445 4,055 9,94410,308 Dec 118,813 3,78711,543 55,549 5,962 386 27,586 1943—June 57,520 3,045 1,468 24,2222664,725 11442 12,615 1944—Apr 128,944 4,050 13,220 59,117 6,670 620 30,267 Dec 67,944 3,614 1,559 28,2645,506 13389 15,613 May 129,218 4,056 14,251 58,634 6,59315,64930,035 1944—Apr... 72,526 3,842 1,445 29,501 6,207 14718 16,814 J J u u n ly e 1 1 4 4 1 6 , , 5 1 9 1 1 0 4 4 , , 5 6 9 0 5 41 1 4 4 , , 9 9 0 1 1 5 6 6 6 3 , , 7 5 6 2 9 3 7 7, , 3 1 3 5 1 81 1 6 7 , , 4 0 7 8 1 43 3 5 4 , , 4 9 1 3 6 5 M Ju a n y e 7 7 2 9 , , 5 2 3 4 7 4 3 4, , 4 8 3 4 7 6 1 1, , 4 4 6 4 4 7 29, , 601 6 6 , , 0 7 8 3 8 6 14,7 7 1 6 8 8 1 1 6 9 , , 8 9 3 2 8 9 Aug 146,405 4,58915,806 66,345 7,466 17,242 34,957 July. 81,097 4,433 1,34630,,7910 6,908 16>,,:29819,840 Treasury bills: Aug 81,235 4,417 !269 3322,,267310 7,012 16,323 19,583 1942—Dec 6,627 1,010 4,497 10 26 ,073 Maturing within 5 years: 1943—June 11,864 3,815 6,502 21 154 ,361 1942—Dec 5,830 754 2,565 253 726 1,531 Dec 13,072 6,768 4,716 12 72 ,484 1943—June 9,474 867 5,122 298 991 2,195 1944—Apr 13,150 7,641 4,137 9 ,347 Dec... 8,524 665 5,044 211 828 1,775 May 13,766 8,466 3,627 10 ,630 1944—Apr.. 7,005 449 A, 299 179 624 1,452 June 14,734 8,872 4,894 2 960 May. 7,005 449 4,265 183 629 1,480 July 15,524 4 9,065 5,477 2 976 June 7,824 536 4,697 189 663 1,740 Aug 15,715 710,074 4,555 11 -1,068 July 7,824 520 4,746 181 655 1,718 Certificates: Aug 8,861 596 5,212 197 719 2,134 1942—Dec 10,534 17 1,041 6,470 129 180 2,696 Maturing in 5-10 years: 1943—June 16,561 51 1,092 9,823 184 305 5,106 1942—Dec 17,080 1,574 9,353 1,129 2,101 2,920 Dec 22,843 50 2,467 12,701 208 367 7,050 1943—June 17,921 776 10,107 1,308 2,326 3,401 1944—Apr 25,306 84 2,973 12,979 171 518 8,581 Dec 28,360 1,495 15,642 2,030 3,254 5,934 May 25,266 82 3,147 12,950 210 557 8,320 1944—Apr 29,384| 1,496 17,161 2,124 3,098 5,505 June 28,822 67 3,382 15,037 126 339 9,871 May 29,384 1,498 17,294 2,051 3,089 5,453 July 30,035 63 3,382 15,967 131 392 10,100 June 34,399 1,570 18,937 2,712 3,673 7,505 Aug 30,001 68 3,382 16,011 147 442 9,951 July 35,867 1,465 20,148 2,826 3,771 7,662 Treasury notes: Aug 35,989 1,375 20,507 2,886 3,819 7,405 1942—Dec 9,863 92 1,324 5,670 167 283 2,327 Maturing in 10-20 years: 1943—June 9,168 61 774 5,500 155 276 2,402 1942—Dec 16,295 2,165 6,240 1,580 2,778 3,531 Dec 11,175 66 665 7,389 197 275 2,583 1943—June 17,214 1,645 7,611 1,405 2,896 3,657 1944—Apr 16,263 76 1,156 11,486 271 300 2,974 Dec 14,310 1,270 6,051 1,219 2,571 3,203 May 16,265 69 1,186 11,499 274 301 2,935 1944—Apr 117,099 1,252 6,389 ,919 3,154 4,383 June 17,405 58 1,180 11,718 286 337 3,826 May 117,109 1,256 6,384 ,891 3,162 4,412 July 18,067 58 1,120 12,092 283 368 4,146 June 15,482 1,097 5,509 ,857 2,792 4,228 Aug 18,067 61 1,078 12,216 289 451 3,972 July 15,482 1,100 5,609 ,897 2,820 4,055 Guaranteed securities: Aug 14,445 1,025 5,152 ,905 2,730 3,629 1942—Dec 4,196 311 37 2,665 108 333 743 Maturing after 20 years: 1943—June 3,908 116 54 2,602 76 309 751 1942—Dec 10,065 1,021 1,286 ,095 4,339 2,323 Dec 3,583 4 83 2,466 38 283 709 1943—June 12,912 1,221 1,385 ,713 5,229 3,366 1944—Apr 1,503 3 4 999 12 81 404 Dec 16,751 1,745 1,526 2,046 6,737 4,699 May 1,190 3 4 944 10 64 166 1944—Apr 19,037 2,087 1,646 1,983 7,844 5,476 June 1,190 1 3 949 6 26 205 May 19,039 2,088 1,660 1,963 7,835 5,493 July 1,191 1 3 943 6 26 212 June 21,539 2,696 1,766 1,981 8,640 6,456 Aug 1,191 1 916 6 26 240 July •. 21,924 2,693 1,768 2,000 9,054 6,407 Aug 21,939 2,689 1,760 2,026 9,052 6,414 # * Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings banks, and the residual "other" are not entirely comparable from month to month. Since June 1943, the coverage by the survey of commercial banks has been expanded. Figures in column headed "other" include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total holdings (including relatively small amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table above. 1 Including stock savings banks. On Aug. 31, 1944, commercial banks reporting to the Treasury held $25,301,000,000 of United States Government securities due or callable within one year out of a total of $53,406,000,000 outstanding. 2 Including $196,000,000 of Postal Savings and prewar bonds not shown separately below. no8 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Treasury. In millions of dollars] Period I W h n e c i l t o d h m 2 - e O ta t x h e e s r 1 c n i r M n n e n e e u t v l a o i e l e s l e u a 1 r - - - s - S s t r a o e i x c c ty u i e a s - l c O e r t i e h p - e ts r c T e r o i e p t - a t l s ce N ip e t t s I d n e o e t s e n b t r t - ac W t t i i e a v s r i- c T f o e t r e r a r u a t u s c c n n - s . s t t t o s - , p O t e u e t n h x r d e - e s i r - e b T i x u t p u o d e r t g n a e e l s d t - D c e i f t i- c T o e a r u t c u c n - . s t 4 t s, Ch f a g b e u a i n a e r n n n a c l n d - g l e - e c g d r I r e e i n o n a b - s s t s e Fiscal year ending: June 1942 r,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—September... 674 1,091 344 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 -13* +1,139 6,697 November ... 1,010 449 363 292 255 2,370 2,099 47 7,541 2 248 7,839 5,740 +290 —4,338 1,112 December 713 1,327 386 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 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 Apiil 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 I 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 1,065 487 832 319 157 2,859 2,568 77 7,571 57 415 8,119 5,551 +70 -4,252 1,229 September. .. 741 4,432 514 i 65 175 5,927 5,926 581 6,998 22 329 7,930 2,004 -244 -2,555 -307 Details of trust accounts, etc. General fund of the Treasury (end of period) Soc a ia c l c o S u e n c t u s rity Net ex- Other Assets g B en a e la ra n l c e f u i n n d penditures Period c N e r i e e p - t ts I m nv e e n s ts t- p t e u E n r x e d - s i- c i a G n i o g n m o u e g c v n n e h e t a c n e s r c i t c n e - o k s - f - ce R ip e- ts I m nv e e n s ts t- p t E e u n x r d - e i s - Total R F p e e D o s d i s e n e e i r - t r v s a e l d s p p e D o p e i s n c o e i - i s t a s i l - O as t s h e e t r s i T n t a o i b e ta i s l l i- Total W a b o i n n a r c l g k - e - Banks taries Fiscal year ending: June 1942 2,327 1,705 614 3,625 863 221 533 3,443 603 1,679 1,162 452 2,991 2,229 June 1943 2,810 2,350 456 2,194 1,117 655 133 10,149 L,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 L,442 18,007 1,327 607 20,169 19,406 1944—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 t245 12,770 1,477 534 14,958 14,196 December 87 308 30 427 114 81 22 12,878 L,408 9,942 1,528 584 12,294 11,532 1944—January 102 83 32 165 164 81 -80 12,873 1L,098 10,314 1,461 634 12,239 11,476 February 514 350 33 331 121 59 35 19,726 t172 17,095 1,460 571 19,155 18,392 March 46 172 35 2,002 94 102 35 17,270 },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 J Ju u l n y e 3 2 0 1 5 3 4 2 8 2 9 5 3 3 1 4 1 8 9 8 3 4 2 1 3 5 1 3 2 2 3 0 1 -1 2 8 1 1 5 2 2 2 0, , 7 5 7 1 5 3 t1 2 4 6 2 9 1 1 8 9 , , 0 8 0 5 7 0 1 1 , ,3 3 2 9 7 4 6 5 0 8 7 8 2 2 1 0 , ,1 9 6 2 9 4 2 1 1 9 , ,4 1 0 6 6 2 August. 586 287 35 254 216 149 6 18,27'j 1,215 15,693 1,369 605 17,672 16,909 September.. . 42 303 35 -35 162 121 24 15,753 1,314 13,013 1,426 635 15,117 14,355 1 Details on collection basis given in table below. 2 Withheld by employers (Current Tax Payment Act of 1943). 3 Total receipts less social security employment taxes, which are appropriated directly to the Federal old-age and survivors insurance trust fund. 4 Excess of receipts (+) or expenditures (—). Back figures.—See Banking and Monetary Statistics, Tables 150-151, pp. 513-516. INTERNAL REVENUE COLLECTIONS [On basis of reports of collections. In millions of dollarsl Income taxes Miscellaneous internal revenue Period Total v i C i r n d e u d u n r i a t - - l W he i l t d h 1 - V t t o a i r c x y - r c a r C o e t r u i n p o r t o - n - B ta a x c e k s E p t r x a o c x f e e it s s s s p O t r a o t x h f e e it s r s Total C st t t a o a a p x c l k i- E ta s a g t x n i a f e d t t s e b A t h e a a o l v x g c l e e e o i r c s - - b t T a a c x o- c e o s S t t a a x m es p M re t e a t u a x a n r n i c u e l d i e f r s a s e r ' c s' - n t c M a e e x l o i l e s u a - s - s taxes Fiscal year ending: June 1942 8,007 3,108 2,764 460 1,618 57 3,838 282 433 1,048 781 42 852 401 June 1943 16,299 5,771 686 4,137 557 5,064 84 4,571 329 447 1,423 924 45 670 732 June 1944 33,028 10,254 7^038 785 4,763 705 9,345 137 5,353 381 511 1,618 988 51 729 1,075 1943—September .... 4,192 1,963 1 6 877 103 1,228 15 394 35 28 117 86 4 53 71 October 1,644 74 1,006 3 181 35 337 9 421 20 41 122 90 4 59 86 November.... 1,471 47 1,087 2 84 32 204 16 376 34 117 93 4 56 70 December 4,591 2,158 14 1 1,012 49 1,352 388 36 120 87 4 64 76 1944—January 1,584 396 629 1 16 184 352 6 382 52 108 77 4 68 72 February 2,477 221 1,844 1 64 41 300 339 38 108 67 4 63 58 March 5,358 1,833 70 994 63 2,370 28 401 60 124 77 5 59 76 April 2,809 1,427 804 152 43 370 12 424 56 169 72 5 51 70 May 2,289 309 1,545 86 28 312 10 483 42 182 81 4 77 97 June 4,568 1,245 38 1,044 49 2,174 19 499 1 50j 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 September 4,490 1,329 18 953 32 2,133 25 529 29 35 183 78 4 85 115 1 Withheld by employers (Current Tax Payment Act of 1943). NOVEMBER 1944 1109 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Assets, other than interagency items Liabilities, other than interagency items Securities Bonds, notes, U.S. Pri- End of month Total Loans f s e P t e o r r t r c e c e . - k d , Cash g d G U u a i a o r n . r e S v d a c . t n t . - G a O c g i o t e e h v n s e t 1 - r . r c e o a o a A c b t u n h e l c d n e i e - v s t r s - p B n e r r u e o t s s p y s i - - P h e s f r a r e o o t l l r y p e d - O as t s h e e t r s a a g F n n u u b d te a l y l e r y d - d ebe O nt t u h r e e r s 1 O lia t t i b h e i e s l r i- i G n m o te v e r e n e r t s n t - i o v n w a te t n e r e e ly d st teed U.S. 1942—June 17,962 8,379 648 403 1,097 57 774 859 3,512 2,233 4,568 ,442 3,265 8,249 438 December. .. 21,715 8,127 620 553 1,272 33 1,085 1,020 5,187 3,818 4,301 L,414 4,630 10,931 439 1943—June 26,708 7,685 556 515 1,565 22 1,788 1,674 6,310 5,343 4,101 1,333 6,022 14,812 440 1943—September... 26,284 7,557 497 501 1,722 7 1,487 1,470 7,234 5,809 4,081 ,274 5,560 14,929 441 October 27,218 7,487 493 486 1,784 6 1,850 1,602 7,115 6,395 4,125 ,285 5,867 15,501 440 November... 27,788 7,459 492 493 1,833 6 1,963 1,611 7,309 6,622 4,180 ,308 5,788 16,073 439 December 28,625 7,444 486 524 1,895 23 1,926 1,624 7,512 7,191 4,239 ,342 5,874 16,732 438 1944—January 29,508 7,410 470 580 1,942 23 1,951 1,645 7,588 7,899 4,277 ,332 5,247 18,216 435 February.... 29,791 7,411 452 516 2,099 23 2,062 1,658 7,753 7,817 4,226 ,322 4,956 18,853 435 March 30,263 7,366 442 526 2,090 23 2,140 1,677 7,829 8,170 2,273 ,326 4,950 21,280 433 April 31,083 7,304 439 518 2,161 23 2,455 1,671 7,985 8,527 2,274 :,302 5,589 21,484 435 May 31,153 7,220 436 628 1,750 6 2,379 1,685 8,042 9,007 1,672 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 ,413 6,185 21,858 443 July 31,097 7,081 423 575 1,578 6 1,866 3,742 8,496 7,330 1,571 L,229 5,863 21,990 444 August 32,690 6,959 411 593 1,592 7 2,175 3,747 9,220 7,986 1,572 1L.200 6,360 23,114 444 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 a r n t s - Other farm credit loans Recon- Rural struc- Elec- Ex- End of month l T o o a t n a s l 2 n C t a F i o n o i r c - n p e . H C L O e o o o w r r m a s p n ' n e . - F H b L e a o o d a n m a l e k n r e s - M p C R g a a o o F n g m r C y e t- - M A t g F i N o s a e o s a n g d r o - a e t . c - l . P H A F u i o u e n b u t d g l h s i . c . - F b l e a a a d n n l e k d r s - M F C F g a a o o e r g r d r m p e t . - . c b m i F n r a a e e e t n t e d d e d k r i i . s - - t o B fo t p a i r e v n c r e k a o s s - - m C C C o r o e o 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 r d e a i m c t r y u m in - . tr m t A i i f i o i d n c n - a . - p B p I o o m a r r n t - t - k Other 1942—June 8,379 1,473 1,676 193 82 216 384 1,706 562 289 101 231 258 460 342 113 293 December... 8,127 1,557 1,568 129 94 211 366 1,603 507 238 145 242 237 446 346 122 316 1943—June 7,685 1,483 1,441 90 98 73 317 1,489 463 296 102 228 245 447 344 129 440 1943—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 August 6,959 1,320 1,177 114 101 56 307 1,211 354 292 132 301 229 395 352 223 395 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 Total n t L u i a to n o t n i s a c o f t n i i i n a - s - s l L r r o o a t a a o il n d - s s Other F R i s C n t e t i o r c a o u r o n n p c n c . - e - O C H r L w a o o o t n r i m a p o e n o e n rs - ' Other b F M F a e e n C d o d . k r o . t s F r g l p a a a a . n n g rm d e d m C r C C a o o r t o r d e i m p o d i o t n - i y t - • C s p w F R o t o r i r a r e u n p r a c c a . t o c t i n a i o o n c o n r n - e n - d s Other r c a W o ti r o a p r n o s - m C r C C a o o r t o r e d i m p o d i o n t i - y t - O C H r L w a o o o t n r m i a p o e n o e r n s - ' Other 1942—June 1,473 144 472 857 378 167 103 225 96 151 302 2,041 1,068 262 141 December. .. 1,557 167 460 930 366 152 102 207 57 531 290 3,469 1,363 227 128 1943—June 1,483 148 426 909 354 108 94 193 350 800 445 4,963 1,045 191 111 1943—September... 1,460 138 423 899 345 64 S? 187 196 ' 832 272 5,784 1,196 152 102 October 1,432 136 406 890 343 63 186 489 778 397 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 August 1,320 83 363 874 305 35 71 143 788 544 700 7,599 1,502 24 95 1 Excluding Federal land bank bonds held by the Federal Farm Mortgage Corporation. 2 Excluding investments in preferred stock, the amount of which is shown in the lower section of this table. 3 Excluding loans by Federal savings and loan associations, which are privately owned institutions under the supervision of the Federal Home Loan Bank Administration. Loans by these institutions are reported quarterly and amounted to 1,973 million dollars on June 30, 1944. IIIO FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Y m ea o r n a th nd ( I 1 m v n = 9 p a c 3 e a l o 5 n 1 u y m - 0 t e - 3 s 0 ) e 9 1 Tot I a n ( l p d h u y 1 s 9 s tr i 3 i c 5 a a - D l a l 3 b 9 u v p f l M a r o e r = - c o l a u t d u 1 n m u 0 r u N c e e d - 0 a t s ) u o b i o * r n le - n 8 - M era in ls - To a t w a 1 C l a 9 o r c 2 d n 3 o e R s - n d t 2 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 8 l e l r N t a c u g u o r l r n a - i E l - - 1 m 9 p 3 l 9 o y = F m a c 1 e t 0 n o 0 t r 4 y 1 r 9 F t o p 3 o 1 a l a 0 9 r c l y y 0 - s4 = c F 1 a = r 9 i r e n 3 l i 1 g o 5 g 0 s a - h * 3 0 d t 9 - D 19 m s = ( s u e 3 v t a e p o e 5 a l ) 1 a e n r - l * 0 3 e - s r t 6 0 9 t- p W m r = c i 1 h s o o c 9 a o d m e 2 1 l l i e s 0 6 e t - 4 y - 0 C 1 l = i 9 o v 3 s i 1 5 t n 0 - o g 3 0 4 f 9 Ad- Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 106.8 106.2 120 83 138.6 124.5 1920 75 93 60 83 63 30 90 107.2 127.1 129 99 154.4 143.2 1921 58 53 57 66 56 44 65 82.1 82.0 110 92 97.6 127.7 1922 73 81 67 71 79 68 88 90.8 88.0 121 94 96.7 119.7 1923 88 103 72 98 84 81 86 103.9 111.6 142 105 100.6 121.9 1924 82 95 69 89 94 95 94 96.5 104.1 139 105 98.1 122.2 1925 90 107 76 92 122 124 120 99.9 109.7 146 110 103.5 125.4 1926 96 114 79 100 129 121 135 101.8 113.1 152 113 100.0 126.4 1927 95 107 83 100 129 117 139 99.6 111.0 147 114 95.4 124.0 1928 99 117 85 99 135 126 142 99.7 112.3 148 115 96.7 122.6 1929 122^9 110 132 93 107 117 87 142 106.0 106.1 119.8 152 117 95.3 122.5 1930 109.1 91 98 84 93 92 50 125 98.1 92.5 96.9 131 108 86.4 119.4 1931 92.3 75 67 79 80 63 37 84 88.3 78.2 73.5 105 97 73.0 108.7 1932 70.6 58 41 70 67 28 13 40 77.6 66.4 50.7 78 75 64.8 97.6 1933 68.9 69 54 79 76 25 11 37 78.6 73.5 54.4 82 73 65.9 92.4 1934 78.7 75 65 81 80 32 12 48 86.3 85.8 70.0 89 83 74.9 95.7 1935 87.1 87 83 90 86 37 21 50 90.1 91.4 80.4 92 88 80.0 98.1 1936 101.3 103 108 100 99 55 37 70 96.8 99.1 93.0 107 100 80.8 99.1 1937 107.7 113 122 106 112 59 41 74 102.7 108.7 111.2 111 107 86.3 102.7 1938 98.5 89 78 95 97 64 45 80 95.1 91.0 85.1 89 99 78.6 100.8 1939 105.4 109 109 109 106 72 60 81 100.0 100.0 100.0 101 106 77.1 99.4 1940 113.5 125 139 115 117 81 72 89 104.7 107.5 114.5 109 114 78.6 100.2 1941 138.0 162 201 142 125 122 89 149 117.5 132.1 167.5 130 133 87.3 105.2 1942.... 173.6 199 279 158 129 166 82 235 126.7 152.3 242.3 138 150 98.8 116.5 1943 211.7 239 360 176 132 68 40 92 130.9 168.7 316.4 137 168 103.1 123.6 1941 February 124.1 147 144 178 131 119 99 76 118 111.9 120.9 120.0 140.3 122 122 80.6 100.8 March 126.2 152 149 184 133 126 94 74 109 113.4 122.9 122.7 145.9 127 124 81.5 101.2 April 129.3 149 149 186 137 96 103 80 121 113.5 126.3 125.8 150.2 112 128 83.2 102.2 May 134.6 160 160 198 142 121 101 88 111 116.2 129.8 128.6 161.3 129 132 84.9 102.9 June 139.9 164 165 203 144 127 117 101 129 117.8 133.3 132.0 170.5 131 131 87.1 104.6 July 142.0 166 165 208 144 126 139 115 158 119.5 136.6 135.5 172.0 132 138 88.8 105.3 August 144.8 167 170 209 146 128 152 112 184 120 6 137.8 138.4 178.8 136 157 90.3 106.2 September 145.3 169 174 212 146 132 161 105 206 12l!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 74 313 127.1 153.2 153.4 242.7 137 146 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 80 131.4 169.7 169.8 315.6 141 172 103.2 123.9 August 215.2 242 245 365 178 135 59 35 79 130.9 169.6 170.8 322.2 140 165 103.1 123.4 September.... 215.2 „ 244 248 368 179 138 65 35 89 130.1 168.3 170.1 328.0 140 162 103.1 123.9 October 217.5 247 249 374 179 136 49 34 61 130.1 170.1 170.5 332.6 137 173 103.0 124.4 November.. . . 220.8 247 247 376 180 133 60 37 78 130.2 170.9 171.0 336.5 139 181 102.9 124.2 December 222.9 241 239 365 174 137 61 35 81 130.1 169.1 169.4 328.2 144 165 103.2 124.4 1944 January 226.4 243 240 369 176 139 55 29 76 130.0 167.8 166.9 327.9 145 175 103.3 124.2 February 231.1 244 240 367 177 142 45 21 64 129.6 166.9 165.9 327.6 143 175 103.6 123.8 March 230.2 241 238 364 175 139 40 17 59 r128.9 164.1 163.6 324.4 140 185 103.8 123.8 April 229.4 239 237 361 r172 140 36 17 52 r128.0 161.5 160.8 318.2 138 172 103.9 124.6 May 231.0 236 236 356 169 143 33 16 46 127.7 159.6 158.9 317.6 138 181 104.0 125.1 June 232.6 235 236 354 169 142 34 15 50 r127.7 158.8 158.5 r318.1 139 175 104.3 125.4 July 232.2 r230 232 r347 165 139 38 14 57 127.5 r157.6 157.8 r310.7 143 r192 104.1 126.1 August 232 235 348 168 142 41 13 63 127.3 156.8 158.0 313.9 142 187 103.9 r126.4 September P231 ^168 HI "13 139 183 104^0 October e104.2 * Average per working day. v Preliminary. r Revised. e Estimated. * Department of Commerce series on value of payments to individuals. 1 For indexes by groups or industries, see pp. 1112-1115. * Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 1119 of this BULLETIN. 4 The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and cost of living are compiled by or based on data of the Bureau of Labor Statistics. Figures prior to 1939 for factory employment and pay rolls and nonagricultural employment are adjusted for level through 1937; the 1938 figures and the 1939 base period averages applied to earlier data are preliminary. Figures since 1939 are adjusted to Social Security data. Nonagricultural employment covers employees only and excludes personnel in the armed forces. 5 For indexes by Federal Reserve districts and other department store data, see pp. 1121-1123. 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. NOVEMBER 1944 IIII Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjustedfor Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average as 100] 1943 1944 Industry Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June July | Aug. Sept Industrial Production—Total... 242 244 247 241 241 243 ,244 241 239 236 235 r230 232 Manufactures—Total... 261 263 266 268 260 262 262 259 256 253 r251 r246 248 p246 Durable Manufactures 365 368 374 376 365 369 367 364 361 356 354 r347 348 Iron and Steel 210 214 215 210 200 208 212 214 213 210 204 202 203 Pig iron 202 205 202 200 198 202 207 206 206 203 198 196 198 196 Steel 236 239 242 236 222 231 236 238 236 234 225 222 224 222 Open hearth 185 190 191 186 178 186 188 191 192 188 183 184 183 183 Electric 598 593 607 592 536 554 578 570 549 559 526 491 512 502 Machinery 445 451 458 463 453 461 458 452 445 437 r442 r435 434 P428 Manufacturing Arsenals and Depots^.. Transportation Equipment... 762 764 780 786 763 754 746 734 730 726 r716 r704 706 Automobiles 232 239 247 248 240 244 238 233 232 226 r223 228 (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1 Nonferrous Metals and Products. 264 277 286 289 277 285 285 287 292 279 263 r244 245 *>238 Smelting and refining 279 294 303 308 307 297 299 297 289 273 253 246 226 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 , Fabricating 258 270 279 282 280 280 283 282 268 '243 252 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products 130 129 136 137 133 131 129 126 127 124 127 P126 Lumber 119 118 115 127 131 125 122 119 118 115 118 114 118 Furniture 152 149 152 152 150 148 150 149 142 142 r144 r142 145 Stone, Clay, and Glass Products. 173 168 171 168 169 168 168 167 165 168 165 *158 Glass products 162 159 169 165 169 171 172 175 183 173 187 180 169 165 Plate glass 49 53 47 54 55 54 58 59 59 66 65 60 66 66 Glass containers. 202 196 212 204 209 213 212 216 227 210 230 222 204 200 Cement 114 112 107 98 101 86 88 83 78 76 84 86 88 Clay products 132 125 124 124 122 129 131 131 125 122 127 124 122 PI 18" Gypsum and plaster products 203 194 194 196 192 203 198 194 183 176 180 182 181 *175 Abrasive and asbestos products. 327 321 326 329 319 319 312 308 297 300 297 294 295 ^286 Other stone and clay products1 . Nondurable Manufactures .. 178 179 179 180 174 176 177 175 r172 169 169 165 168 Textiles and Products... 145 150 152 152 143 149 152 151 151 147 139 141 1*146 Textile fabrics 136 141 143 142 133 140 142 141 141 137 135 129 132 Cotton consumption 147 156 156 153 142 150 151 150 151 142 140 139 140 148 Rayon deliveries 177 181 186 191 189 186 187 191 196 195 196 192 188 196 Nylon and silk consumption1. .. Wool textiles . 150 151 154 154 142 154 159 155 153 152 148 131 140 Carpet wool consumption .. 33 29 37 39 36 42 42 46 51 53 49 41 47 Apparel wool consumption. 210 206 201 205 186 210 219 216 213 213 196 185 193 Woolen and worsted yarn... 168 172 173 172 159 173 177 171 167 167 163 144 153 Woolen yarn 176 178 175 176 161 176 181 174 171 169 166 148 162 Worsted yarn 158 163 171 166 156 168 171 167 163 163 159 138 141 Woolen and worsted cloth 166 169 172 171 160 170 178 172 168 165 163 144 153 Leather and Products 111 110 110 105 108 112 116 112 115 Leather tanning 106 105 104 98 103 105 107 117 110 113 113 108 Cattle hide leathers 109 107 102 101 107 110 113 125 118 124 126 118 Calf and kip leathers 80 81 76 67 68 70 76 79 88 86 85 r78 82 Goat and kid leathers. .. 82 88 95 90 83 83 84 86 79 86 84 81 77 Sheep and lamb leathers 174 164 173 146 162 166 161 155 168 136 141 144 145 Shoes 114 114 114 109 105 112 114 116 116 114 117 100 113 *»123 Manufactured Food Products... 145 146 146 153 151 154 158 159 158 154 153 153 148 P148 Wheat flour 110 111 117 128 128 139 114 114 110 113 116 Cane sugar meltings1 Manufactured dairy products. P140 P146 P159 *>128 2*135' ^139 Butter... 96 95 87 86 88 90 96 92 93 93 83 Cheese .•••••-. 150 150 144 143 147 149 146 152 155 153 158 144 Canned and dried milk 157 154 137 132 131 132 139 156 169 173 180 180 Ice cream Meat packing 182 178 168 185 173 187 215 202 198 180 173 169 161 Pork and lard 241 221 193 221 206 234 291 270 266 239 225 219 197 176 Beef 119 130 135 145 139 144 149 143 136 124 121 127 138 140 Veal 109 131 151 150 121 104 94 96 107 100 117 160 191 196 Lamb and mutton 154 161 173 166 158 135 112 110 109 113 125 134 125 135 r Revised. p Preliminary. * Series included in total and group indexes but not available for publication separately. III! FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued {Adjustedfor Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1943 1944 Industry Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Manufactured Food Products—Continued Other manufactured foods 144 144 146 150 153 156 157 160 158 157 154 153 P149 p149 Processed fruits and vegetables 128 127 135 135 142 140 140 155 152 145 136 r130 112 Confectionery 123 120 120 123 134 134 138 147 154 152 147 135 ^132 Other food products 152 152 153 159 159 163 165 164 161 161 160 162 162 Alcoholic Beverages... 111 135 130 141 143 131 137 123 116 119 128 186 156 Malt liquor 131 164 155 169 172 160 148 167 146 135 140 146 152 172 Whiskey 0 0 0 0 0 0 0 0 0 0 0 0 100 6 Other distilled spirits.. 40 77 90 62 42 46 40 33 39 34 31 37 647 68 Rectified liquors 157 156 158 178 189 162 182 173 172 174 177 205 232 270 Industrial Alcohol from Beverage Plants1. Tobacco Products 136 134 139 148 143 125 119 126 124 121 122 126 Cigars 96 101 100 101 90 86 92 92 89 89 86 92 95 Cigarettes 169 165 173 186 181 155 145 154 161 154 151 154 152 149 Other tobacco products 92 87 93 100 99 87 79 73 73 80 79 78 92 87 Paper and Paper Products 143 143 140 140 132 136 137 138 142 140 133 142 Paper and pulp 141 140 138 137 131 134 135 134 134 137 136 129 137 Pulp 153 150 153 147 142 147 151 150 151 151 156 153 159 Groundwood pulp 115 112 112 103 107 106 110 108 110 108 108 114 119 Soda pulp 93 93 93 93 103 96 98 93 97 92 91 92 96 Sulphate pulp 214 211 213 212 196 213 217 209 213 217 232 232 234 Sulphite pulp 139 134 141 131 127 130 133 137 136 135 137 127 138 Paper 139 138 135 136 129 132 133 132 131 135 133 125 134 Paperboard 151 155 148 151 135 144 148 147 152 159 156 148 158 159 Fine paper 135 124 127 126 116 119 121 120 117 115 110 99 111 Printing paper 126 125 124 122 122 119 119 117 119 115 115 103 118 Tissue and absorbent paper 169 174 163 160 163 156 151 154 156 159 159 158 149 Wrapping paper. 130 126 128 130 127 129 133 128 120 127 125 118 127 Newsprint 90 83 86 83 79 74 77 73 76 83 77 Paperboard containers (same as Paperboard). Printing and Publishing 115 HI 110 106 105 104 102 100 101 100 102 noo Newsprint consumption 103 97 96 90 89 85 83 84 81 85 87 83 Printing paper (same as shown under Paper) Petroleum and Coal Products... 193 202 207 213 219 226 230 234 233 237 242 247 252 Petroleum refining 196 206 212 221 226 234 238 243 242 246 252 r259 264 Gasoline 116 122 122 123 123 125 128 129 129 130 136 137 138 Fuel oil.. 153 156 151 159 159 159 161 163 161 162 164 164 159 Lubricating oil 123 123 134 137 120 128 126 130 120 118 131 125 125 Kerosene 107 115 113 117 120 132 124 130 125 126 130 128 126 Other petroleum products1 Coke B Be y e -p hi r v o e d u c c o t k e coke 5 1 1 2 5 7 3 9 0 5 1 1 3 6 7 8 1 1 5 1 1 3 5 6 5 8 9 4 1 1 5 5 6 9 5 3 5 1 1 1 6 7 9 1 2 4 1 1 9 7 6 4 6 4 ' 5 1 1 0 7 6 6 3 6 ' 4 1 1 8 6 7 7 5 4 4 i 1 6 6 76 3 7 4 1 1 7 7 6 0 5 6 4 1 1 6 6 7 3 4 2 4 1 1 4 7 6 2 2 4 r4 1 1 1 6 7 9 4 1 3 1 1 9 6 6 2 2 8 Chemical Products 404 395 397 390 365 364 359 341 323 324 r319 r3l5 314 P306 Paints 140 137 138 140 137 140 140 140 138 137 138 142 144 Soap 124 123 120 129 131 133 134 133 137 137 138 134 132 Rayon 223 221 225 223 226 226 229 233 232 235 237 237 240 Industrial chemicals 382 383 396 398 394 405 406 405 408 410 r4ll 408 407 Explosives and ammunition1. Other chemical products1 Rubber Products 227 231 240 242 244 242 231 230 228 r227 Minerals—Total. 135 138 136 133 137 139 142 139 140 143 142 139 142 p143 Fuels 137 140 138 134 140 142 145 141 143 146 146 143 147 P147 Coal 148 150 141 125 147 153 158 148 150 154 152 144 148 PU7 Bituminous coal 153 155 144 131 156 161 162 155 155 159 158 151 154 Anthracite 128 129 127 102 114 119 143 123 129 134 128 118 124 Crude petroleum 131 136 137, 139 136 137 139 138 139 142 143 142 146 Metals., 123 124 123 124 124 124 127 126 122 120 120 r117 114 Metals other than gold and silver.... 184 187 187 185 190 189 184 182 181 178 173 Iron ore ^223 P223 P223 P223 (Copper; Lead; Zinc)1 Gold Silver r Revised p Preliminary. 1 Series included in total and group indexes but not available for publication separately. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. NOVEMBER 1944 1113 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES {Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average = 100] 1943 1944 Industry Aug. Sept. Oct. Nov. Dec.Jan. Feb. Mar. Apr. May June July Aug. Sept Industrial Production—Total. 245 248 249 247 239 240 240 238 237 236 236 232 235 P234 Manufactures—Total 264 267 269 268 258 259 259 257 255 252 252 248 251 p250 Durable Manufactures 366 370 375 376 364 367 366 363 361 357 r354 r348 349 p345 Iron and Steel 210 214 215 210 200 208 212 214 213 210 204 202 203 202 Pig iron 202 205 202 200 198 202 207 206 206 203 198 196 198 196 Steel 236 239 242 236 222 231 236 238 236 234 225 222 224 222 Open hearth 185 190 191 186 178 186 188 191 192 188 183 184 183 183 Electric 598 593 607 592 536 554 578 570 549 559 526 491 512 502 Machinery 445 451 458 463 453 461 458 452 445 437 r442 r435 434 P428 Manufacturing Arsenals and Depots1 Transportation Equipment ... 762 764 780 786 763 754 746 734 730 726 r716 r704 706 p700 Automobiles 232 239 247 248 240 244 238 233 232 226 228 r223 ^228 (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1 Nonferrous Metals and Products 264 277 286 289 278 285 285 287 292 279 263 243 245 Smelting and refining 279 294 303 309 307 297 299 297 289 273 252 244 226 P205 (Copper smelting, Lead refining, Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating # 270 279 280 280 283 293 282 "243' 252 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products . 137 136 133 126 121 124 125 127 133 130 135 P134 Lumber . . 130 129 124 124 114 107 107 110 116 119 127 123 129 Furniture . 152 149 152 152 150 148 150 149 142 142 r144 r142 145 Stone, Clay, and Glass Products 179 174 178 172 164 161 161 163 163 165 169 165 167 W2 Glass products 168 162 174 166 158 168 167 175 183 184 186 174 175 169 Plate glass 49 53 47 54 55 54 58 59 59 66 65 60 66 66 Glass containers 210 200 218 206 195 208 205 216 227 225 228 213 213 204 Cement 129 130 124 106 92 70 67 68 74 79 90 94 100 Clay products 135 129 131 129 126 121 125 126 122 122 125 124 125 Gypsum and plaster products 204 198 199 198 196 196 191 188 181 179 183 182 182 PI 79 Abrasive and asbestos products . .. 327 321 326 329 319 319 312 308 297 300 297 294 295 P286 Other stone and clay products1 Nondurable Manufactures 181 184 183 181 172 172 173 171 169 168 169 167 172 P173 Textiles and Products 145 150 152 152 143 149 152 151 151 147 145 139 141 P146 Textile fabrics 136 141 143 142 133 140 142 141 141 137 135 129 132 Cotton consumption 147 156 156 153 142 150 151 150 151 142 140 139 140 148 Rayon deliveries 177 181 186 191 189 186 187 191 196 195 196 192 188 196 Nylon and silk consumption1 .. Wool textiles 150 151 154 154 142 154 159 155 153' 152 148 131 140 Carpet wool consumption . . 33 29 37 39 36 42 42 46 51 53 49 41 47 Apparel wool consumption . 210 206 201 205 186 210 219 216 213 213 196 185 193 Woolen and worsted yarn .. 168 172 173 172 159 173 177 171 167 167 163 144 153 Woolen yarn 176 178 175 176 161 176 181 174 171 169 166 148 162 Worsted yarn 158 163 171 166 156 168 171 167 163 163 159 138 141 Woolen and worsted cloth . 166 169 172 171 160 170 178 172 168 165 163 144 153 Leather and Products . 110 110 110 106 101 108 114 112 112 114 103 110 Leather tanning 105 103 104 101 96 103 113 106 116 110 111 r107 107 Cattle hide leathers 105 105 103 105 98 109 119 113 125 118 119 119 114 G Ca o l a f t a a n n d d k k i i p d l l e e a a t t h h e e r r s s 8 8 4 0 8 8 0 9 9 7 5 8 6 8 9 7 6 8 6 3 6 8 9 3 8 7 8 9 8 7 6 7 8 8 5 1 8 8 3 4 8 8 5 7 r 8 77 0 8 7 6 5 Sheep and lamb leathers .. 180 161 173 155 154 154 177 150 165 147 139 134 149 Shoes 114 114 114 109 105 112 114 116 116 114 117 100 113 PI 23 Manufactured Food Products . 164 165 156 154 147 145 143 142 143 147 153 163 165 P168 Wheat flour 109 121 124 129 126 139 127 111 110 106 106 112 115 P126 Cane sugar meltings1 Manufactured dairy products . P179 P153 P120 p103 P94 PI 13 PI 43 P185 P221 P178 Butter 106 91 75 67 68 73 79 87 94 120 128 r107 91 Cheese 167 153 130 107 106 110 120 137 161 205 225 r187 161 Canned and dried milk ... 161 142 111 95 101 107 125 153 191 240 249 215 186 170 Ice cream Meat packing 154 160 168 206 205 225 207 187 183 180 172 162 147 148 Pork and lard 185 175 181 259 271 307 285 251 242 239 225 193 151 139 Beef 120 140 147 150 139 147 137 130 128 124 118 128 140 151 Veal 107 144 172 160 113 97 83 90 105 104 117 160 188 215 Lamb and mutton 151 173 180 166 155 143 113 108 105 115 116 129 122 144 r Revised. p Preliminary. * Series included in total and group indexes but not available for publication separately. III4 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 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Manufactured Food Products—Continued Other manufactured foods 168 172 163 156 149 143 142 142 140 141 145 r159 p176 Processed fruits and vegetables 243 249 174 125 111 91 89 85 92 94 105 r169 213 ^239 Confectionery 133 155 157 145 135 138 139 137 128 117 109 111 Other food products 155 155 161 166 162 157 157 157 154 158 162 165 165 PI 62 Alcoholic Beverages ... 122 138 132 119 120 111 115 128 127 127 143 151 198 159 Malt liquor 150 166 144 130 137 131 133 155 153 154 177 183 173 174 W7hiskey 0 0 0 0 0 0 0 0 0 0 0 0 100 Other distilled spirits 21 105 234 130 47 30 24 21 23 21 19 22 609 Rectified liquors .. 157 156 158 178 189 162 182 173 172 174 177 205 232 270 Industrial Alcohol from Beverage Plants^ Tobacco Products 140 141 144 151 132 124 114 117 120 124 126 127 129 131 Cigars 96 101 100 101 90 86 92 92 89 89 89 86 92 95 Cigarettes 177 176 179 190 167 155 136 143 150 154 158 162 160 160 Other tobacco products .... 89 93 99 103 87 85 77 73 73 81 80 78 89 93 Paper and Paper Products 143 143 140 140 131 136 139 137 138 142 141 132 141 Paper and pulp ... 140 140 138 138 130 134 136 134 134 137 137 128 137 Pulp 151 148 152 148 142 148 151 150 153 152 156 151 157 Groundwood pulp 101 99 104 109 108 111 115 115 121 117 109 101 105 Soda pulp 93 93 93 93 103 96 98 93 97 92 91 92 96 Sulphate pulp 214 211 213 212 196 213 217 209 213 217 232 232 234 Sulphite pulp 139 134 141 131 127 130 133 137 136 135 137 127 138 Paper 139 138 135 136 128 131 134 132 132 135 134 125 134 Paperboard 151 155 148 151 135 144 148 147 152 159 156 148 158 159 Fine paper 135 124 127 126 116 119 121 120 117 115 110 99 111 Printing paper ... . 126 125 124 122 122 119 119 117 119 115 115 103 118 Tissue and absorbent paper 169 174 165 160 158 154 157 154 157 159 162 151 149 Wrapping paper 130 126 128 130 127 129 133 128 120 127 125 118 127 Newsprint 89 88 83 87 82 79 74 77 75 77 80 82 77 84 Paperboard containers (same as Paperboard) Printing and Publishing .. 110 112 112 110 108 101 101 101 104 100 100 89 98 mi Newsprint consumption 93 98 101 98 93 83 83 86 89 84 84 75 78 84 Printing paper (same as shown under Paper)... Petroleum and Coal Products 193 202 207 213 219 226 230 234 233 237 242 247 252 Petroleum refining 196 206 212 221 226 234 238 243 242 246 252 r259 264 Gasoline 116 122 122 123 123 125 128 129 129 130 136 137 138 Fuel oil 153 156 151 159 159 159 161 163 161 162 164 164 159 Lubricating oil 121 123 134 137 118 124 124 128 125 123 131 124 124 O K t e h r e o r s e p n e e troleum products1 102 114 113 120 124 134 130 132 127 127 123 119 121 Coke 170 171 169 163 172 174 176 174 "176' "i75 "l72" "172 171 168 By-product coke 159 161 158 155 161 164 166 165 167 166 164 164 164 162 Beehive coke 523 538 535 459 519 496 503 487 463 470 463 442 r4l9 392 Chemical Products ... 400 396 400 392 367 362 360 344 325 323 r3l6 r311 309 p306 Paints 139 135 138 138 137 137 139 140 140 142 142 140 142 nzi Soap 126 128 126 130 131 131 133 133 134 132 136 133 133 Rayon 223 221 225 223 226 226 229 233 232 235 237 237 240 ^235 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 al m s unition1 382 383 396 398 394 405 406 405 408 410 r411 408 407 P399 Other chemical products1 Rubber Products 227 231 234 241 240 242 244 242 231 230 228 r227 231 V232 Minerals—Total ... 140 143 140 132 132 133 136 133 138 146 146 143 147 V147 Fuels . 137 140 138 134 140 142 145 141 143 146 146 143 147 V147 Coal 148 150 141 125 147 153 158 148 150 154 152 144 148 Bituminous coal 153 155 144 131 156 161 162 155 155 159 158 151 154 nsx Anthracite 128 129 127 102 114 119 143 123 129 134 128 118 124 Crude petroleum ... 131 136 137 139 136 137 139 138 139 142 143 142 146 Metals ... 161 160 149 116 87 82 85 86 112 144 148 r142 145 Metals other than gold and silver 249 247 228 170 121 113 119 120 168 226 231 222 225 Iron ore 363 351 310 182 83 70 72 76 188 313 330 323 336 P32l (Copper; Lead; Zinc)1 Gold 31 31 31 31 28 29 27 27 25 24 24 23 Silver 78 70 72 80 75 74 74 77 73 66 69 66 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. NOVEMBER 1944 1115 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 Aug. Sept. May June July Aug. Sept. July Aug. Sept. May June July Aug. Total 170.8 170.1 158.9 158.5 157.8 158.0 156.0 315.6 322.2 328.0 317.6 318.1 r310.7 313.9 Durable goods 230.4 230.4 218.2 216.5 r214.0 212.9 208.9 439.7 448.2 460.7 444.1 442.8 r428.5 432.4 Nondurable goods 123.8 122.6 112.2 112.8 r113.5 114.6 114.3 194.2 199.0 198.3 193.8 r196.1 195.6 198.0 Iron and Steel and Products 173.3 173.6 167.0 167.4 167.1 167.6 165.9 299.6 308.1 312.8 308.6 311.0 306.2 309.2 Blast furnaces, steel works, etc 133 132 124 124 124 124 224 230 233 221 225 225 223 Steel castings 278 271 251 248 244 244 478 484 476 461 453 434 456 Tin cans and other tinware 117 111 118 125 130 132 173 187 178 196 207 r212 222 Hardware 128 128 128 128 128 130 242 251 254 260 263 258 262 Stoves and heating equipment 121 124 134 137 138 139 198 211 219 253 259 252 256 Steam, hot-waterheatingapparatus... 197 195 187 186 183 183 361 351 364 354 346 r338 345 Stamped and enameled ware 166 165 159 160 160 161 297 306 315 313 323 320 324 Structural and ornamental metal work 202 202 214 214 212 207 356 373 372 435 421 416 407 Forgings 259 260 243 238 228 227 456 483 489 473 466 434 434 * Screw machine products..,..,.....,.. 292 289 274 271 r266 261 542 551 549 528 530 r508 514 Electrical Machinery „,,»,,.«,., ., 276.7 279.8 282.1 281.4 277.8 276.2 273.0 462.8 475.3 487.7 501.0 507.5 494.2 493.1 Machinery, except Electrical 236.8 236.2 223.0 222.8 219.8 217.8 213.7 420.1 423.9 435.2 417.1 422.3 403.5 406.2 Machinery and machine shop products 246 245 '232 231 228 228 426 430 441 426 429 409 417 Tractors 173 177 191 192 192 188 254 263 270 298 304 293 292 Agricultural, excluding tractors 142 145 163 165 163 160 256 267 284 333 336 r334 319 Pumps 321 323 332 334 326 317 630 657 678 699 712 676 667 159 161 150 151 149 148 260 274 288 259 270 249 268 Refrigerators ,451.71.448.61,346.21,309.6rl,277.01,255.31,224.12,790.62,805.52,933.12,775.12,691.0r2,602.4?,606.1 Transportation Equipment, except Autos.. 177.5 182.5 173.1 171.2 r168.4 169.5 167.8 314.3 324.2 339.3 318.1 319.0 r302.8 306.8 Automobiles , , 180.9 181.8 169.1 168.1 r165.2 164.8 161.2 321.1 325.4 336.8 314.8 315.9 304.7 306.0 Nonferrous Metals and Products 211 213 185 178 175 171 373 380 390 342 334 325 315 Primary smelting and refining 125 124 122 125 126 128 226 236 242 253 261 257 268 Clocks and watches ., 120 125 123 128 129 133 203 210 223 222 231 219 238 Lighting equipment , Lumber and Timber Basic Products 114.6 111.0 101.2 101.6 102.4 103.2 99.5 193.3 206.0 197.7 186.9 193.5 185.1 197.8 Sawmills 92 89 81 82 83 83 156 169 162 152 159 152 165 Planing and plywood mills 112 108 99 98 98 98 179 183 176 170 170 166 167 Furniture and Lumber Products 110.4 108.6 102.5 103.4 103.5 104.1 101.6 178.6 185.5 183.2 184.4 187.5 183.8 191.4 Furniture 107 105 98 99 98 99 172 179 177 176 178 174 181 Stone, Clay, and Glass Products 121.8 119.8 112.9 113.7 113.4 112.9 110.5 184.4 192.3 188.5 187.7 189.8 184.1 189.0 Glass 128 128 131 133 131 129 182 194 193 208 210 197 204 Cement 100 96 71 72 73 73 145 148 140 109 111 113 118 Brick, tile, and terra cotta 88 85 75 75 76 76 135 137 128 119 123 122 124 Pottery and related products 129 128 125 126 125 124 179 190 186 193 196 187 193 Textile-Mill and Fiber Products 105.2 103.6 97.2 96.6 95.2 94.8 94.2 173.0 173.2 172.0 171.2 172.5 168.5 168.2 Cotton goods except small wares 121 119 111 110 110 109 207 204 205 202 205 207 204 Silk and rayon goods 79 78 75 75 74 74 131 134 132 136 136 131 134 Woolen and worsted manufactures... 108 107 102 101 98 97 198 198 195 193 195 184 181 Hosiery 72 71 67 67 66 66 102 107 105 106 106 102 106 Knitted underwear 106 102 94 94 91 91 174 177 172 167 169 159 163 Dyeing and finishing textiles 99 97 93 91 90 89 153 152 151 152 151 147 146 Carpets and rugs, wool „ „..,..=... 86 83 79 79 78 79 139 135 131 132 136 132 135 Apparel and Other Finished Textiles 105.7 104.1 97.4 97.9 94.6 96.9 96.7 155.8 164.1 163.4 163.0 166.2 156.6 167.1 Men's clothing, n.e.c 103 101 97 98 95 96 151 154 154 166 r167 r155 161 Shirts, collars, and nightwear 82 80 76 76 76 74 131 131 130 134 135 r133 128 Women's clothing, n.e.c 86 85 79 80 76 79 125 138 136 128 135 126 140 Millinery 82 80 77 70 72 78 98 122 114 102 91 103 129 Leather and Leather Products 93.6 90.8 88 A 88.8 88.5 88.3 87.3 145.9 147.8 143.1 153.5 155.9 153.1 153.4 Leather 92 89 86 85 85 85 142 138 135 147 148 147 146 Boots and shoes ,.... „.«. „.... 84 82 80 80 80 80 131 135 131 140 143 140 140 Food and Kindred Products 128.4 129.0 110.5 114.1 123.1 127.8 128.3 175.9 187.8 184.8 179.9 185.6 196.5 200.1 Slaughtering and meat packing 135 132 128 131 132 130 204 203 192 217 218 220 211 Flour 115 117 112 113 117 114 170 184 180 179 188 195 190 Baking 109 109 no 112 112 112 153 153 155 164 167 168 168 Sugar, beet 51 74 42 40 39 45 68 74 100 61 63 56 64 Confectionery 106 108 114 114 109 114 149 155 164 183 186 178 188 Beverages, nonalcoholic 144 140 131 144 152 149 178 182 172 169 r194 r213 206 Malt liquors 135 133 139 141 148 148 190 193 187 202 210 226 224 Canning and preserving 175 184 74 82 132 163 201 316 304 143 157 r243 306 Tobacco Manufactures „.....,.......... „... 94.8 94.8 88.3 89.5 88.6 88.3 88.2 153.5 151.1 154.1 152.9 157.5 157.1 157.6 Cigarettes .„.., , 125 126 121 125 128 127 182 187 180 182 189 197 196 Cigars , 79 79 71 71 68 68 138 129 140 138 141 132 133 Paper and Allied Products 118.8 117.1 114.2 114.2 r114.4 113.9 111.4 176.3 181.9 176.7 184.7 r186.6 r184.9 186.0 Paper and pulp 109 108 105 106 106 107 169 175 168 177 r180 179 181 Paper goods, n.e.c 127 126 124 123 122 119 181 187 184 195 194 194 187 Paper boxes 122 120 115 114 115 114 174 180 177 177 179 176 179 r Revised. NOTE.—Figures for September 1944 are preliminary. Indexes for major groups and totals have been adjusted to final data for 1941 and preliminary data for the second quarter of 1942 made available by the Bureau of Employment Security of the Federal Security Agency. Back data and data for industries not here shown are obtainable from the Bureau of Labor Statistics. Underlying figures are for pay roll period ending nearest middle of month and cover wage earners only. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES-Gw//»»^ (Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, 1939 = 100] Factory employment Factory pay rolls Industry and group 1943 1944 1943 Aug. Sept. May June July Aug. Sept. July Aug. Sept. May June July Aug. Printing and Publishing.... 102.9 100.7 100.3 100.8 101.6 101.1 100.0 127.0 128.8 128.9 135.0 137.4 138.0 137.9 Newspaper periodicals . 94 95 93 93 93 93 112 113 115 116 117 117 118 Book and job 106 102 104 r105 107 106 133 135 133 145 r150 152 149 Chemical and Allied Products 257.0 256.1 205.6 202.9 202.7 204.7 205.7 435.7 435.8 438.4 360.2 r355.4 r355.5 357.7 Paints, varnishes, and colors 107 105 106 106 107 106 158 160 156 167 169 167 169 Drugs, medicines, and insecticides 170 169 186 185 182 181 232 236 242 271 267 263 262 Rayon and allied products 109 109 107 108 109 110 169 168 170 174 174 174 176 Chemicals, n.e.c 169 171 173 172 171 170 277 281 286 297 r297 r298 295 Cottonseed oil 87 134 88 78 75 81 133 145 244 170 149 rl44 154 Fertilizers 100 105 120 104 99 102 189 198 214 267 228 225 227 Products of Petroleum and Coal. 119.7 119.0 122.8 124.4 126.7 127.3 126.2 190.3 197.1 195.0 212.6 215.7 223.0 220.7 Petroleum refining 113 113 120 122 124 125 180 185 182 205 208 216 214 Coke and by-products 112 111 106 106 r107 107 175 185 187 183 188 192 187 Rubber Products 160.3 161.2 159.7 157.8 157.4 159. 256.1 258.4 27 3.4 280.8 279.0 277.2 285.4 Rubber tires and inner tubes. 165 169 167 165 166 169 253 254 277 283 279 281 294 Rubber boots and shoes 150 144 140 135 132 131 247 250 247 249 246 237 233 Rubber goods, other 141 140 141 140 139 138 228 232 239 248 251 245 247 Miscellaneous Industries 166.4 165.1 155.1 154., 153.5 152.0 150.6 291.4 294.5 297.1 295.8 297.3 288.9 286.0 Photographic apparatus.. 178 178 169 169 172 167 264 269 271 274 273 272 271 Games, toys, and dolls ... 86 84 83 85 88 91 133 145 142 160 167 170 182 r Revised. FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939 = 100] 1943 1944 Group Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Total 169.6 168.3 170.1 170.9 169.1 167.8 166.9 164.1 161.5 159.6 158.8 r157.6 156.8 ^154.3 Durable 230.0 230.0 232.2 234.0 232.8 230.3 228.8 225.3 221.1 218.2 216.4 r213.7 212.5 p208.7 Nondurable 121.9 119.6 121.1 121.2 118.9 118.4 118.1 116.0 114.5 113.4 113.3 r113.5 112.9 *111.5 ^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 July Aug. Apr. May June July Aug. July Aug. Apr. May June July All Manufacturing 44.4 45.1 45.0 45.3 r45.4 44.6 45.1 96.3 96.5 101.3 101.7 *101.7 r101.8 101.6 Durable Goods 46.0 46.8 46.5 46.6 r46.8 106.0 106.0 111.0 111.2 111.3 r111.7 Iron and Steel and Products......, 45.5 46.6 46.5 46.8 r46.8 46.0 46.7 103.5 103.7 107.7 107.7 r108.1 r108.7 107.6 Electrical Machinery 46.2 46.9 46.2 46.3 r46.6 r45.7 46.2 97.0 97.4 101.4 102.1 r102.6 103.3 103.3 Machinery Except Electrical 48.1 48.8 48.7 49.1 47.5 48.4 106.3 106.4 111.5 111.6 112.2 112.3 112.0 Transportation Equipment Except Automobiles ...., 46.8 47.0 47.1 47.4 47.3 46.8 47.4 119.4 119.9 126.1 126.4 126.2 r126.5 126.9 Automobiles 46.0 47.1 46.4 45.5 45.9 r43.7 45.0 124.3 121.9 126.2 126.6 r127.5 r129.1 126.2 Nonferrous Metals and Products 46.1 46.6 46.6 46.6 47.1 r46.0 46.6 101.5 101.7 104.5 104.7 104.9 r105.2 104.7 Lumber and Timber Basic Products.... 42.7 45.2 43.2 43.3 44.5 r42.4 44.6 73.8 74.6 78.8 79.8 79.9 r79.6 80.3 Furniture and Finished Lumber Products. 43.6 44.6 43.7 44.4 r44.6 r43.6 44.8 74.5 75.0 80.5 81.2 r81.3 r81.6 82.0 Stone, Clay, and Glass Products 41.8 43.4 43.2 43.7 43.9 42.4 43.9 84.9 85.4 89.1 89.3 89.4 89.9 89.5 Nondurable Goods ,...„»„..,..,.... * 42.2 42.6 42.5 43.2 r43.3 43.0 43.0 80.6 81.1 85.0 85.8 r86.1 86.2 Textiles—Mill and Fiber Products 40.9 41.3 41.2 41.6 42.0 41.7 41.8 66.4 66.5 70.1 71.0 71.2 71.0 71.1 Apparel and other Finished Products .. 37.1 37.8 37.3 38.1 38.2 37.3 37.7 70.5 72.7 77.0 77.2 78.4 78.5 80.7 Leather and Manufactures 39.1 40.0 41.1 41.3 r41.6 r41.2 41.1 74.4 75.0 79.0 80.0 80.2 r80.1 80.5 Food and Kindred Products 44.3 44.1 44.8 45.8 45.9 45.6 44.9 79.9 80.4 84.5 85.4 r85.1 r84.5 84.4 Tobacco Manufactures 42.1 41.1 39.0 42.0 42.3 42.4 42.3 65.1 65.8 69.1 69.8 70.6 70.9 71.5 Paper and Allied Products 44.6 45.6 45.5 46.0 r46.3 45.7 46.2 79.7 80.4 83.7 84.2 r84.5 r84.7 84.7 Printing, Publishing, and Allied Industries 40.2 40.6 40.6 40.9 r41.3 41.2 41.1 99.7 100.2 105.9 107.2 r107.5 r107.2 108.0 Chemicals and Allied Products 45.3 45.6 45.6 46.0 r45.8 r45.6 45.6 93.0 92.8 94.4 95.4 r95.8 r96.5 96.1 Products of Petroleum and Coal 44.9 46.2 46.3 47.0 46.8 r46.9 46.9 113.9 113.7 117.4 117.4 118.1 r120.0 117.9 R M u i b sc b e e l r l a P n r e o o d u u s c I t n s dustr ; ies 4 45 4 . . 6 1 4 4 4 5 . . 3 8 4 4 4 5 . . 7 8 4 4 6 5 . . 1 1 4 4 5 6 . . 2 1 r4 4 5 5 . . 0 2 4 4 5 5. . 6 3 1 8 0 8 1 . . 1 9 1 8 0 8 1 . . 5 5 1 9 0 4 7 . . 7 5 1 9 0 5 8 . . 2 7 r1 r9 0 5 9 . . 8 2 r10 9 9 5 . . 4 6 1 9 1 5 0 . . 5 2 r Revised. NOTE.—Data based on the classification of the 1939 Census of Manufactures. Back figures are available from the Bureau of Labor Statistics. NOVEMBER 1944 1117 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Thousands of persons] Transporta- Finance, Federal, Year and month Total M t a u n r u in fa g c- Mining Construction* ti p o u n b a li n c d Trade an s d e r m vi i c sc e, el- Sta l t o e c , a a l nd utilities laneous government 1939... 30,353 10,078 845 1,753 2,912 6,618 4,160 3,988 1940.... 31,784 10,780 916 1,722 3,013 6,906 4,310 4,136 1941 35,668 12,974 947 2,236 3,248 7,378 4,438 4,446 1942.... 38,447 15,051 970 2,078 3,433 7,263 4,447 5,203 1943.... 39,728 16,924 891 1,259 3,619 7,030 4,115 5,890 SEASONALLY ADJUSTED 1940—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 Julv 31,590 10,570 912 1,756 3,009 6,895 4,312 4,136 August 31,840 10,776 914 1,723 3,015 6,936 4,328 4,148 September 32,169 11,017 918 1,758 3,025 6,951 4,341 4,159 October 32,485 11,181 920 1,825 3,041 7,005 4,357 4,156 November 32,993 11,409 925 1,971 3,054 7,043 4,395 4,196 December 33,397 11,589 926 2,135 3,076 7,076 4,393 4,202 1941—January 33,638 11,720 938 2,243 3,072 7,065 4,366 4,234 February 33,973 11,934 935 2,256 3,082 7,123 4,374 4,269 March 34,406 12,174 943 2,260 3,131 7,192 4,397 4,309 April 34,441 12,456 643 2,133 3,161 7,266 4,438 4,344 May 35,269 12,776 949 2,176 3,224 7,302 4,441 4,401 June 35,758 13,032 970 2,239 3,254 7,388 4,441 4,434 July 36,277 13,342 981 2,256 3,292 7,495 4,442 4,469 August 36,597 13,473 997 2,258 3,330 7,579 4,458 4,502 September 36,774 13,580 1,000 2,327 3,331 7,548 4,454 4,534 October 36,892 13,642 1,003 2,295 3,355 7,537 4,472 4,588 November 36,991 13,752 1,004 2,248 3,369 7,526 4,479 4,613 December 36,864 13,748 1,002 2,115 3,367 7,487 4,493 4,652 1942—January 37,057 13,879 996 2,102 3,372 7,481 4,520 4,707 February ' 37,195 14,041 981 2,090 3,357 7,414 4,491 4,821 March 37,391 14,255 976 2,055 3,382 7,331 4,523 4,869 April 37,724 14,463 982 2,054 3,402 7,319 4,541 4,963 May 37,981 14,649 982 2,048 3,419 7,280 4,521 5,082 June 38,204 14,865 981 2,057 3,419 7,206 4,532 5,144 July 38,581 15,143 982 2,077 3,433 7,210 4,520 5,216 August 39,042 15,442 973 2,101 3,448 7,222 4,518 5,338 September 39,171 15,644 962 2,077 3,448 7,227 4,382 5,431 October 39,452 15,798 954 2,136 3,484 7,224 4,330 5,526 November 39,597 16,048 944 2,095 3,503 7,132 4,255 5,620 December 39,898 16,333 933 2,041 3,525 7,136 4,229 5,701 1943—January 39,934 16,506 927 1,899 3,540 7,133 4,146 5,783 February 39,935 16,682 924 1,734 3,556 7,064 4,146 5,829 March 40,066 16,831 915 1,604 3,574 7,110 4,121 5,911 April 39,891 16,858 908 1,476 3,588 7,006 4,110 5,945 May 39,740 16,837 893 1,358 3,597 6,988 4,102 5,965 June 39,775 16,908 893 1,263 3,620 7,017 4,112 5,962 July 39,876 17,059 888 1,164 3,634 7,061 4,127 5,943 August 39,737 17,097 878 1,082 3,639 7,015 4,110 5,916 September 39,475 17,051 876 1,020 3,633 7,006 4,079 5,810 October 39,486 17,108 869 936 3,671 7,006 4,078 5,818 November 39,526 17,152 859 891 3,683 7,000 4,119 5,822 December. 39,479 16,995 863 864 3,687 6,962 4,127 5,981 1944—January 39,454 16,910 862 830 3,720 7,096 4,170 5,866 February 39,352 16,819 862 786 3,780 7,043 4,173 5,889 March r39,123 r16,642 852 737 3,780 7,046 r4,165 5,901 April r38,865 r16,391 848 719 3,763 6,982 4,257 5,905 May 38,749 16,203 843 673 3,768 6,997 4,363 5,902 June r38,766 16,093 848 677 3,765 7,012 r4,475 5,896 July r38,699 r16,012 833 r653 r3,753 r7,084 r4,505 5,859 August 38,651 r15,959 830 640 3,761 7,049 4,514 5,898 September 38,388 15,771 824 635 3,732 7,058 4,480 5,888 UNADJUSTED 1943—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 N ovember 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 r38,725 r16,559 852 678 3,723 6,919 r4,123 5,871 April r38,689 r16,309 844 683 3,744 6,968 4,236 5.905 May 38,672 16,122 839 686 3,768 6,962 4,363 5,932 June r38,846 16,093 844 691 3,803 6,977 r4,542 5,896 July r38,730 r16,012 833 r686 r3,809 r6,942 r4,618 5,830 August 38,740 16,039 834 691 3,817 r6,908 4,582 5,869 September 38,559 15,850 828 679 3.788 6,987 4,480 5,947 * Includes Contract Construction and Federal Force Account Construction. r Revised. NOTE.—Revised seasonally adjusted estimates of the Board of Governors based on revised Bureau of Labor Statistics data released in May 1944. Estimates include all full- and part-time wage and salary workers in nonagricultural establishments employed during the pay period ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, and personnel of the armed forces are excluded. September 1944 figures are preliminary. For back seasonally adjusted estimates, see BULLETIN ior June 1944, p. 600. Back unadjusted data are available from the Bureau of Labor Statistics. i n8 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 oi the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Nonresidential building Public works Month Total R b e u si i d ld e i n n t g ial Factories Commercial t Educational Other a u nd ti l p it u i b es lic 1943 1944 1943 1944 1943 1944 1943 1944 1943 1944 1943 1944 1943 1944 January 350.7 159.2 110.8 41.0 73.1 34.0 7.2 4.1 5.6 8.7 68.2 21.1 85.8 50.3 February 393.5 137.2 93.3 24.9 87.7 29.9 22.7 4.5 4.2 !-0.2 72.7 23.1 113.0 55.1 March 339.7 176.4 71.8 35.2 63.8 48.7 25.2 7.4 4.5 4.4 51.5 19.5 123.0 61.3 April 303.4 179.3 79.4 37.8 40.7 33.0 6.6 6.1 5.9 5.4 43.0 25.0 127.7 72.0 May 234.4 144.2 63.3 34.5 24.2 27.1 9.3 5.8 I3 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 [FFiigguurrees for 37 States east of the Rockyy Mountaasin, s, aa s repp orted byy the [Figures for 37 States east of the Rocky Mountains, as reported by the F F. W W . D D d o dge C Cor t p i oration V . l Valu f e of contrac i ts in il l m i illion f s o d f l d l o ] llars] 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 Sept. Aug. Sept. January 317 351 159 198 316 122 119 35 37 Boston 8,786 6,392 14,884 February. .. 434 394 137 310 364 109 123 30 28 NTew York 12,959 14,915 18,558 March 611 340 176 473 304 133 138 36 43 Philadelphia 7,568 7,621 9,781 April 499 303 179 355 253 133 144 50 46 Cleveland 16,227 16,650 18,542 May 674 234 144 569 192 98 105 42 46 Richmond 29,441 26,951 32,593 June 1,190 230 164 1,105 183 122 85 46 42 Atlanta 15,770 21,906 15,758 July 944 184 191 876 122 148 68 61 42 Chicago 33,833 27,088 30,539 August 721 414 169 633 351 125 88 62 44 St. Louis 13,004 13,120 10,976 September... 723 175 176 661 120 127 62 56 49 Minneapolis 5,556 5,196 2,970 October 780 214 710 157 71 56 Kansas City 15,348 13,046 10,168 November... 654 184 592 135 62 50 Dallas.. 17,247 16,456 10,346 December ... 709 252 664 198 45 54 Total (11 districts) . 175,739 169,341 175,115 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 dollarsl PORTFOLIO, BY CLASS OF INSTITUTION [In millions of dollars] Title ILoans Mortgages on Sav- Com- Mu- ings Insur- Fed- Year or month Total p P m e r i r o m r o e t v y n p - e t - - S h s c t t o m i o r o m u n a n c - l e l - 1 f h ( a o - T m I u t i I o t s i ) l l e e y 4 s - b R ( g o T e a u r I n o n i I s t ) u i t d l n a e p l g h ( o W T V u i a s t I l i r ) n e g End of month Total b m c a i e n a r k l - s b s i t a n a u n v g a k - s l s a a s l t a s o i n o o a d c n n i s - p c a a o n n m c i e e - s a c e g i r e e a n s l 1 - Other2 1936—Dec 365 228 8 56 41 A 27 1937—Dec 771 430 27 110 118 53 1 1 9 9 3 3 5 6 3 5 2 5 0 7 2 2 2 4 4 6 30 9 9 4 2 2 1938—Dec 1,199 634 38 149 212 77 90 1937 495 60 424 11 1939—June 1,478 759 50 167 271 137 94 1938 694 160 13 473 48 Dec 1,793 902 71 192 342 153 133 1939 954 208 25 669 51 1940 1,026 251 26 736 13 1940—Mar 1,949 971 90 201 392 171 124 1941 1,186 262 21 877 13 13 June 2,075 1,026 100 208 432 182 127 1942 1,137 141 15 691 6 284 Sept 2,232 1,093 111 216 480 190 141 1943 942 96 1 243 001 Dec 2,409 1,162 130 224 542 201 150 1943—Sept 88 12 20 55 1941—Mar 2,598 1,246 146 230 606 210 160 Oct 85 8 20 57 June 2,755 1,318 157 237 668 220 154 Nov 92 10 21 60 Sept 2,942 1,400 171 246 722 225 178 Dec 77 9 18 50 Dec... 3,107 1,465 186 254 789 234 179 1944—Jan 75 6 19 50 1942—Mar 3,307 1,549 201 264 856 237 200 Feb.... .. 79 16 14 50 June 3,491 1,623 219 272 940 243 195 Mar 62 6 13 44 Dec 3,620 1,669 236 276 1,032 245 163 Apr 67 9 13 45 May 69 c 18 42 1943—June 3,700 1,700 252 284 1,071 235 158 June 63 9 18 36 Dec 3,626 1,705 256 292 1,134 79 159 July ! 7 * 18 46 Aug s 11 20 50 Sept 80 20 46 1 The RFC Mortgage Company, the Federal National Mortgage Associai tion, 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 Fedl eral Housing Administration. NOVEMBER 1944 1119 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 Januarv 370 325 481 730 PI,090 242 229 254 229 p300 128 96 228 502 p790 February 347 303 480 719 PI,085 200 234 254 234 147 69 226 485 P772 March . ... 351 357 628 989 PI,158 217 268 272 249 P359 134 89 355 r740 P799 April 323 387 717 979 PI,187 212 287 235 r257 P359 111 100 482 r722 P828 May 324 385 536 1,085 PI,419 211 297 191 281 112 88 345 803 June 350 330 648 1,002 PI,271 211 280 215 295 P331 138 50 433 706 P940 July 317 365 650 1,261 PI,198 232 278 213 302 p293 84 87 437 960 P905 August 351 460 703 1,202 PI,200 221 282 186 316 130 178 517 887 P897 September 295 425 732 PI,235 195 262 196 "286 101 162 536 P949 October 344 666 801 PI,195 207 304 200 137 362 602 November 328 492 787 PI,072 224 281 168 P311 104 211 619 P761 December 322 653 873 PI,244 253 344 r359 69 309 r514 January-August... 2,732 2,911 4,843 7,968 *>9,609 1,747 2,154 1,819 2,162 P2.643 985 757 3,023 5,805 *>6,966 * Preliminary. r Revised. 1 Including both domestic and foreign merchandise. 2 General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source.—Department of Commerce. Back figures—See BULLETIN for April 1940, p. 347; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. FREIGHT CARLO ADINGS, BY CLASSES REVENUES, EXPENSES, AND INCOME OF CLASS I [Index numbers; 1935-39 average=100] RAILROADS [In millions of dollars] Total Coal Coke irain L st i o v c e k - p F u r e o c o s t r d t s - - Ore l M e a i e n l s e - - - M I c d . h c i e s a . r e l n - . - o r r p e T a v e i o r e l a w n ta t u a i l n e y g s e r x a T p i o l e w t n a a s l y es o i r p n a e N c i r l o w a e m t t a in e y g in N co e m t e Annual Annual 1939 101 98 102 107 96 100 110 101 97 1939 3,995 3,406 589 93 1940 109 111 137 101 96 114 147 110 96 1940 4,297 3,614 682 189 1941 130 123 168 112 91 139 183 136 100 1941 5,347 4,348 998 500 1942 138 135 181 120 104 155 206 146 69 1942 7,466 5,982 1,484 904 1943 137 138 186 146 117 141 192 145 63 1943 9,055 7,693 1,362 874 SEASONALLY SEASONALLY ADJUSTED ADJUSTED1 1943—July 141 146 184 143 112 150 202 146 1943—June 756 642 115 73 August.... 140 145 191 147 117 148 208 145 July 763 648 115 74 September.. 140 152 195 137 114 139 209 143 August 768 653 114 74 October.... 137 140 195 167 119 137 191 140 September 767 651 116 75 November.. 139 127 186 161 132 150 191 147 October 769 654 115 76 December.., 144 147 192 153 122 154 209 148 November 769 662 107 69 December 782 680 102 67 1944—January.... 145 150 185 159 121 147 203 149 February... 143 149 180 148 135 146 193 147 1944—January.. 778 662 116 79 March 140 140 185 136 131 141 174 149 February. 775 671 103 66 April 138 141 190 123 120 141 195 146 March.... 782 690 92 53 May 138 147 190 128 118 140 195 144 April 780 689 91 54 June 139 148 194 135 124 148 187 143 May 779 688 91 53 July 143 143 194 144 124 156 189 150 June 810 701 109 71 August 142 146 185 131 121 155 188 149 July 804 706 98 59 September.. 139 147 182 126 114 137 184 146 August... 781 710 71 *>32 UNADJUSTED UNADJUSTED 1943—June 747 638 109 71 1943— N A O D S Ju e o u e c l p c v g t y t o e e u e m b m s m t e b b b r e e . e . r r r . . . . 1 1 1 1 1 1 4 5 4 4 4 3 6 1 5 7 2 3 1 1 1 1 1 1 4 4 5 4 2 4 6 5 2 0 7 7 1 2 1 1 1 1 7 0 9 9 8 8 8 2 3 1 3 6 1 1 1 1 1 1 7 5 5 6 5 4 2 3 8 7 7 4 1 1 1 1 1 9 1 5 8 6 1 7 1 1 3 6 8 1 1 1 1 1 1 5 5 5 3 4 4 0 0 6 8 7 4 3 3 3 2 1 2 1 1 6 7 9 3 2 4 5 4 3 1 1 1 1 1 1 4 5 5 5 4 3 7 4 3 3 7 9 N D J A O S u e e o c u p l c t g v o y t e u e e b m . s m m e . t b . r b b . e . e e r . r r . . . . . . . . . . , 8 7 7 7 7 7 6 8 0 9 7 9 2 2 0 1 7 6 6 6 6 7 6 6 8 6 0 6 6 6 3 6 5 6 3 8 r1 1 1 1 3 9 7 1 1 2 2 6 7 3 0 8 r8 6 3 8 7 7 9 3 5 4 0 6 1944— M F M J J A A u u J e p u a a a l n b y r g n r y e r i c u u l u h s a a t r r y y . . . . . . . 1 1 1 1 1 1 1 1 3 3 3 4 3 4 4 4 3 3 5 1 2 4 7 6 1 1 1 1 1 1 1 1 5 4 4 4 4 4 4 4 0 9 1 8 7 0 6 3 1 1 1 1 1 1 1 1 9 9 8 8 8 9 7 8 4 1 6 7 8 1 8 8 1 1 1 1 1 1 1 1 4 5 2 0 1 3 7 4 5 9 5 8 3 7 2 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 1 6 3 8 7 6 0 2 5 1 1 1 1 1 1 1 1 3 4 4 4 4 5 5 6 3 1 1 0 6 7 4 2 2 1 2 3 2 4 5 8 5 9 8 6 0 8 1 1 1 1 1 8 2 1 1 1 1 1 1 1 1 3 3 4 5 4 4 4 5 8 6 2 1 4 5 7 1 1944— M J J A F A M J u u e a u p a a l n b n y g r r y e r u i c u l u a h s a r t y ry 8 7 8 8 7 7 7 7 0 3 4 6 0 3 9 9 9 6 1 0 4 5 7 9 6 6 6 7 7 7 7 7 5 7 5 3 0 1 0 0 1 2 8 5 6 0 5 0 1 1 9 8 9 9 8 8 0 0 3 8 9 9 3 4 0 1 4 5 6 5 4 4 5 8 9 1 7 5 6 4 September 150 147 181 142 150 148 276 158 P Preliminary. r Revised. 1 Includes redistribution of wage accruals in 1943. NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for NOTE.—Descriptive material and back figures may be obtained June 1941. Based on daily average loadings. Basic data compiled by Associa-from the Division of Research and Statistics. Basic data compiled tion of American Railroads. Total index compiled by combining indexes for classesby the Interstate Commerce Commission. with weights derived from revenue data of the Interstate Commerce Commission. IIZO 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 United States Boston New Phila- Cleve- York delphia land 1919 83 95 84 106 84 1920 .... 99 110 100 126 106 1921 92 108 96 120 94 1922 94 112 99 122 95 1923 105 119 106 135 108 1924 105 121 110 134 106 1925 110 123 116 135 109 1926 113 127 120 138 110 1927 114 128 123 133 110 1928 115 126 124 127 110 1929 117 128 129 128 116 1930 . . 108 123 126 118 105 1931 97 114 116 105 93 1932 75 90 91 83 68 1933 73 84 86 80 69 1934 83 90 91 88 81 1935 . . 88 92 93 91 86 1936 100 100 101 102 101 1937 107 104 106 107 111 1938 99 100 99 96 96 1939 106 104 101 104 106 1940 114 108 106 111 114 1941 133 126 119 129 138 1942 150 140 128 143 153 1943 168 148 135 151 167 SEASONALLY ADJUSTED 1942—September 150 140 126 141 149 October 158 144 131 142 157 November 159 144 130 143 161 December 157 149 131 147 158 1943—January 164 143 132 145 171 February 192 161 149 173 196 March 163 151 137 150 166 April 159 146 127 148 152 May 158 146 130 148 157 June ... 167 145 132 151 164 July 172 147 137 154 171 August 165 143 135 144 164 September 162 139 133 149 158 October 173 145 137 153 170 November 181 158 145 160 178 December 165 148 131 144 164 1944—January 175 148 135 158 169 February 175 148 138 157 166 March 185 162 158 173 183 April 172 157 140 162 166 May 181 164 150 168 181 June 175 151 142 159 166 July 192 160 149 170 191 August 187 154 151 158 182 September 183 156 149 170 UNADJUSTED 1942—September 161 152 134 144 October 170 160 150 161 November 188 169 162, 181 December 262 256 230 263 1943—January 129 116 110 112 February 155 125 123 137 March 144 130 115 135 April 164 155 130 151 May 155 145 124 142 June 155 138 123 136 July 127 102 92 107 August 139 110 r99 112 September 174 152 141 152 October 186 161 156 173 November 214 184 182 201 December 273 255 229 256 1944—January 137 119 112 122 February 142 115 115 124 March 170 144 139 162 April . . 172 161 137 159 May 178 162 142 161 June ... . 163 144 132 143 July 142 110 100 117 August 157 118 110 123 September 196 170 158 173 OO NO NO O ot >~- Rich- mond 73 81 78 7^ 189 254 133 157 146 163 156 155 126 143 168 182 214 262 132 133 167 172 179 157 140 159 191 • OO 00 ON O IT) t^CN NC AtlantaChicago Lo S u t i . s M a i p n ol n i e s - Ka C n i s t a y s Dallas F c S r i a a sc n n o - 88 113 93 67 105 126 112 80 90 80 105 117 92 75 85 83 103 112 86 78 94 98 115 120 91 91 91 96 114 119 119 94 93 95 102 120 124 124 98 99 99 106 121 119 123 103 106 95 100 108 119 117 125 101 107 95 100 114 120 110 119 103 110 96 98 116 122 110 117 104 112 92 91 101 110 105 111 96 104 86 79 88 97 98 96 81 94 68 60 67 76 79 74 61 71 68 65 68 72 76 73 62 68 81 78 79 83 85 85 76 77 87 84 86 85 90 89 80 86 98 97 100 97 99 99 97 100 105 105 109 106 104 107 105 106 101 103 98 102 101 100 106 100 109 113 107 111 106 105 112 109 120 123 116 119 109 110 117 117 144 145 135 143 122 127 138 139 170 162 149 158 133 149 157 169 194 204 161 179 149 184 212 200 169 164 148 152 136 157 161 176 179 177 160 176 138 166 174 183 187 178 158 173 140 176 173 185 173 177 156 163 135 159 177 187 186 190 166 167 144 194 184 188 231 218 192 218 182 214 246 217 184 185 157 168 142 168 185 197 186 181 155 157 147 173 195 190 182 196 146 164 138 163 191 192 197 209 157 184 144 187 220 200 200 221 168 185 148 184 220 199 187 201 161 177 149 174 208 198 193 210 151 171 147 179 211 189 191 222 169 188 148 194 231 211 215 220 174 197 166 203 227 212 187 208 154 172 146 174 215 206 208 224 172 182 160 207 206 208 209 225 162 194 176 203 241 209 212 225 173 195 159 193 247 218 199 222 165 173 157 181 232 201 211 233 167 197 158 192 228 216 203 237 163 189 151 192 245 210 213 263 187 r208 165 r212 277 223 213 245 180 207 173 204 250 221 214 247 168 193 162 200 241 217 182 171 163 167 154 173 177 184 200 186 165 182 157 174 188 191 220 208 181 197 162 190 204 220 306 287 256 263 208 259 287 296 136 152 126 137 108 143 158 150 176 188 155 172 127 169 204 184 166 171 140 153 124 156 168 171 190 196 160 172 151 177 193 188 181 192 149 164 139 165 191 181 177 175 154 166 144 172 183 184 141 166 124 137 117 145 160 165 155 179 136 152 132 163 183 180 208 218 166 188 166 197 232 197 212 233 174 194 168 203 250 219 252 257 200 224 192 219 269 254 332 336 253 277 224 283 343 324 152 179 131 149 119 153 177 166 159 194 131 153 122 160 200 178 203 219 159 185 140 182 227 197 193 228 166 183 159 183 228 192 210 228 170 197 160 194 228 203 182 199 160 170 151 177 203 193 150 197 139 154 130 168 202 185 176 218 151 178 154 192 220 202 232 257 185 212 184 220 265 226 r Revised. NOTE.—For description and monthly indexes for back years, see pp. 542-561 of BULLETIN for June 1944. NOVEMBER 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES, STOCKS, AND OUTSTANDING ORDERS WEEKLY INDEX OF SALES [As reported by 296 department Stores in various Federal Reserve districts] [Weeks ending on dates shown. 1935-39 average = 100] Index of stocks Without seasonal adjustment Amount (1935-39 average (In millions of dollars) = 100) 1941 1942 1943 1944 Mar. 8 .101 Mar. 7......130 Mar. 6......150 Mar. 4... Out- 15 110 14.. ....137 13.. ....144 11... ...160 m ( S o t f o a o n l t r e t a h s l ) m ( S e o t n o n d c t k o h s f ) ( o s e t r n i a d n d n e g d r o s - f a S d e j a a u l s l s o y t n ed - j U u n st a e d d - Apr. 2 2 1 5 9 2 2 . . . . 1 1 1 1 3 4 2 1 7 5 4 6 Apr. 2 1 2 4 8 1 1 . . . . . . . . . . . . . . . . . . . .. . . . 1 1 1 1 5 2 7 4 7 9 0 8 Apr. 2 2 1 3 0 0 7 . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 4 5 6 6 7 5 8 1 Apr. 2 1 1 5 8 . . . . . . . . . . . . . . . . 2 2 1 1 0 1 7 8 2 8 2 2 month) 19 .126 18...... 146 17.. ....170 is"!...152 26 .122 25.. .... 140 24.. ....182 22... .163 May 3 .134 May 2......147 May 1......142 29... ..168 L939 average 128 344 99 10 .139 9...... 149 8...... 169 May 6... . .. 18-.V 1 1 1 9 9 9 4 4 4 0 2 1 a a a v v v e e e r r r a a a g g g e e e 1 1 1 7 5 3 9 6 6 5 3 4 9 1 5 9 9 3 2 1 1 6 0 9 3 8 4 1 1 1 2 7 0 0 2 1 3 2 17 1 4 . . 1 1 1 2 1 2 7 0 6 3 2 1 0 3 6 . . . . . . . . . . . . . . . . . . 1 1 1 2 0 2 7 4 5 2 1 2 9 2 5 . . . . . . . . . . . . . . . . . . 1 1 1 4 5 5 9 1 3 2 2 1 0 7 3 . . . . . . . . . . . . . . . . . 1 1 1 9 6 7 7 8 7 1943 average 204 507 530 146 June 7 .136 June 6...... 147 June 5.. ...151 June 3... ...163 1942-Dec... 324 481 254 147 138 2 1 1 4 . .1 1 1 3 7 0 2 1 0 3 . . . . . .. . . . . . 1 1 2 2 9 8 1 1 2 9 . . . . ,. . . . . . 1 1 6 6 8 8 1 1 0 7 . . . . . . .. . . . 1 17 7 2 3 28 .118 27.. .... 109 26.. ....132 24... ..151 1943—Jan 157 467 347 150 134 July 5 . 95 July 4.. ,... 95 July 3.. ...134 July 1... ...149 M Fe a b r 1 1 8 8 2 7 4 4 5 7 3 2 4 3 4 9 1 8 1 1 3 3 6 3 1 1 3 3 0 6 1 1 2 9 . 10 9 1 9 1 18 1 . . . . .. . . . . . 1 1 0 1 5 2 1 1 0 7 . . . . . . . . . . 1 1 1 2 3 6 1 g 5!!! ... . 1 1 1 4 6 5 Apr 200 462 461 128 133 26 97 23.. .... 103 24.. ...124 22... ...138 May 182 471 563 132 135 Aug. 2 .111 Aug. 1.. ...105 31.. ...118 29... .132 June 188 480 671 144 138 9 .127 8.. ...122 Aug. 7.. ...131 Aug. 5... .137 J A S u e u l p g y t r r 2 1 1 0 6 5 5 8 1 r5 5 5 6 0 8 4 7 1 r6 6 5 1 9 6 8 2 8 r1 1 1 6 6 6 9 2 0 r1 1 1 6 6 4 2 7 6 3 2 1 0 3 6 . . . 1 1 1 6 2 2 2 8 3 2 1 2 2 9 5 . . . . . . . . .. . . . . . . . . 1 1 1 4 2 2 2 5 6 2 2 1 8 4 1 . . . . . . . .. . . . . . . . . 1 1 1 4 4 3 5 6 1 2 1 1 6 9 2 . . . . . . . . . . . . . . . . 1 1 . 1 4 7 4 9 1 8 Oct 230 593 550 153 170 Sept 6 .129 Sept.J......165 Sept. 4.,....169 Sept. 2. ...194 N D o ec v 3 2 3 5 8 9 4 5 6 7 6 6 4 5 8 6 7 0 1 14 4 2 3 1 1 6 3 5 4 2 1 0 3 . . 1 1 4 4 2 2 19.. . .. . . . . . 1 1 5 4 2 0 1 18 1 . . . . . . . . . . 1 1 7 5 9 6 1 9 6 . .. . . . ...1 1 7 9 7 6 27 .161 26.. ....172 25.. ...176 23... 193 1944—Jan 167 478 525 153 137 Oct. 4 .179 Oct. 3......183 Oct. 2. ....175 30... ... 196 Feb 170 512 526 154 147 11 .135 10.. ....171 9. ....188 Oct. 7... ...218 Mar. 227 525 488 148 151 18 .141 17......166 16. ....189 14... ...221 Apr 206 524 475 145 150 25 .144 24.. ....172 23. .... 194 21... ...209 May 220 525 521 147 151 Nov. 1 .145 31......168 30. ....187 28... June 199 522 590 157 150 8 .150 Nov. 7......182 Nov. 6.,.... 202 Nov. 4... J A u u l g y r1 1 9 6 6 3 r5 5 6 1 8 6 r5 6 7 2 4 8 ''1 1 7 6 0 5 r1 1 6 4 3 8 2 1 2 5 . .1 1 3 5 9 9 2 1 1 4 . . ... . . . . . 1 1 8 8 2 2 2 1 0 3 . . . . .. . . . . .2 2 1 2 1 3 1 18 1 . . . . . . Sept 234 580 564 160 166 .29... ..176 28.. ... 176 27......201 r Revised. NOTE.—Revised series. For description and back figures see pp. 874-875 Back figures.—Division of Research and Statistics. of BULLETIN for September 1944. SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] S 1 e 9 p 4 t 4 . A 19 u 4 g 4 . N m 19 o i 4 n s 4 . e i i S 1 e 9 p 4 t 4 . J 1 A 9 u 4 g 4 . S 1 e 9 p 44 t. A 19 u 4 g 4 .m N 1 o 9 in 4 s. e 4 S1e9p4t4.) j A1u94g4.; I United States... +14 + 17 +9 Boston +13 +11 +6 :ieveland—Cont. Chicago—Cont. Dallas +141 +24' +16 New Haven +6 +8 +5 Erie +7 +5 +4 Fort Wayne.... +7 +17 +8 Shreveport +10| +19: + 18 Portland +14 +5 +2 Pittsburgh +18 + 16 +10 Indianapolis... +10 +16 +10 Dallas +18| +26| +22 Boston +16 +13 +9 Wheeling +21 +20 +16 Terre Haute... +20 +20 +6 Fort Worth +17 +21; + 14 P Sp ro ri v n i g d f e i n el c d e + + 1 6 2 + + 1 9 5 +7 0 Ri W chm as o h n in d gton + + 1 9 2 + +1 1 4 7 + +3 7 D D Si e e o s t u r x o M it C o i i t n y es.... + + 1 1 0 7 + + 1 8 5 + + 1 3 0 H Sa o n u s A to n n tonio + + 15 7 j | + + 2 3 0 0 | | + 13 Ne B N A w r e lb i w Y d a o g a n r r e y k k port + + + + 1 1 9 7 1 2 r+ + + + 1 1 1 4 5 6 + + + -1 2 3 9 W B G C a r h i e l n a t e r i s n m l t e o v o s i n l t r - l o e e S n , a , l S e S . m . C . C . . . . + + + + 1 1 2 9 2 3 8 + + + + 1 2 2 1 4 2 7 5 + + + + 1 1 1 6 5 1 8 L M F G a l r i i n a l n w s n t i d a n u g k R e a e pids- + + + + 1 1 2 5 7 9 5 + + + + 1 1 2 4 2 9 1 + + + 1 1 7 8 Sa P B T n h u a F o k c r e s e a o n rs n n i f x c i i e s l c d o + + + -+ 2 1 - 1 1 5 5 1 5 1 | 1 \ r + + + + 1 1 1 1 1 6 0 2 \ ! + + + + 1 7 6 9 6 Binghamton +24 +15 +9 Lynchburg +27 +38 +21 Green Bay +21 +22 + 11 Fresno +26| +281 +27 Buffalo +7 +4 +6 Norfolk +18 +33 +14 +17 Long Beach +22 +25; +17 N N El e i m a w g i a r Y a ra o rk F a C ll i s t . y . . . . . + + + 1 2 1 9 4 2 r+ + 2 1 0 0 + + + 1 1 4 0 1 R C C i h l c a a h r r k m le s o s b t n u o d r n g .W.Va + + + 2 1 1 4 6 6 + + + 2 1 2 2 8 1 + + + 1 1 3 4 3 St. F L o i L t r o t t l u e i S s R m o it c h k.. + + + 1 1 1 9 2 4 + + +2 3 2 5 1 1 + + + 1 1 7 7 0 O Lo a B s k e l A r a k n n e d g l e e a y l n es d + + 1 1 4 4 + + 1 1 7 6 + + 1 8 2 Poughkeepsie +18 +10 +14 Huntington +28 +36 +23 Quincy +25 +31 +22 Riverside and Ph U R T S Y L P S R W il y h r t o a a c e o i i e r d n i c a h r c l a l n k e k h c d a a e c l t a e e i p d n u o n s s s h e n s e g - t t i e l e B e c a p r r t a h a r i d r a e y.... + + + + + + + + + + + 1 2 2 1 1 2 2 1 9 9 9 1 0 1 5 5 0 1 3 r 4 + + + + + + + 1 2 1 5 2 4 5 2 6 3 3 S + + + + - + + + + + + 1 2 1 3 9 4 7 8 6 8 4 8 1 2 At M l B M M J T M A B N J a a a i a a n e t o c o i a r c l m a w t t m b k c n k a a o m o i s n t s p n i l g o n o O n e t a i a o n n g R r m v h l o e i a e l u a m l r n g e y s e + + + + + + + + + + + 1 2 2 1 2 1 1 1 1 2 6 5 0 0 9 1 9 5 4 7 1 + + + + + + + + + + + 2 2 3 2 3 2 1 1 3 2 2 6 0 9 4 7 7 2 4 4 6 0 + + + + i + + + + _ + 1 2 2 1 1 1 2 1 \ 8 3 3 0 ' 3 4 9 0 8 3\K M a i M L T E D P H S S n n p u t o o v n s e u e . r u a e a p e n t m i L c b n i s a n e v s h p l g s p o k e v o v i h f o u a C r i n i i i l l i e i l s l i s s t l l e s o y d e n + + + + + + + + + + 2 1 1 1 2 2 2 1 1 1 7 2 3 1 1 1 0 0 3 + + + + + + + + + + 3 1 2 1 2 1 5 3 2 2 2 4 0 9 7 3 1 2 1 2 + + + + + + + + + - 1 2 1 1 1 1 1 3 5 9 5 5 5 9 6 0 0 B S S V S S S S P S a a a a t a o a a o o S N n n n n c i l l r s a c l t r t a t e e n k a a l D F J j m L a t m o o a r o B i n R a n a s p e n e a d k e e n g a d o n n e r c o t n s d i o a s a C c r . N d . i o . t a i . . y n . p . o a . + + + + + + + + + + 2 2 1 1 1 1 l 1 9 4 l 8 4 4 l 3 3 ! i ; | r , + r+ + + + + + + r r 1 + + 2 1 + 1 2 2 2 5 6 4 1 2 4 8 7 0 0 2 8 * + + + + + + + + + + + 1 1 1 1 1 1 8 8 8 2 1 1 0 7 5 1 4 Cleveland +15 +15 +7 Chattanooga.. . +19 +36 +22 Wichita +13 +34 +17 Bellingham +14 +28 +11 Akron . ... +7 +10 Knoxville +311 +45 +44 Joplin +10 +31 +10 Everett +9 + 10 +7 Cincinnati +15 +23 Nashville +14! +25 +22 Kansas City... +13 +22 +9 Seattle +13 +15 +6 Cleveland +13 +11 +3 St. Joseph +20 +25 +17 Spokane +14i +12 +2 T C o o l l e u d m o bus + +1 1 6 8 + + 2 1 2 8 + + 1 1 3 1 Ch C ic h a i g c o a .. g .. o. + +1 1 3 3 + +1 1 9 6\ +7 O O m kl a a h h a oma City + + 1 1 1 5 + + 2 2 5 2 + + 1 1 2 7 T Y a a c k o im m a a + + 1 1 1 8 + + 1 2 5 2 +23 0 Youngstown +21 +16 +11 Peoria... +18 +17 Tulsa +15 +21 +9 f Revised. * Data not yet available. **Eight months 1944. II2.2. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS, BY MAJOR DEPARTMENTS Sales during month (value) Stocks at end of month (value) Rati t o o o sa f l s e t s ocks Number Department of stores Percentage change Percentage change August reporting Aug. 1944 Aug. 1944 Aug. 1943 Aug. 1944 Aug. 1944 Aug.1943 from from from from from from 1944 1943 Aug. 1943 July 1944 July 1943 Aug. 1943 July 1944 July 1943 GRAND TOTAL—en tire store. 354 +17 +23 +12 +12 +12 3.6 MAIN STORE-total 354 +17 +24 +14 +1 +12 +12 Women's apparel and accessories 351 +20 +34 +25 -1 +18 +19 2.4 3.0 W W o o m m e e n n ' ' s s a a n n d d m m i i s s s s e e s s ' ' c d o re a s t s s e a s nd suits 3 3 2 3 9 3 + + 1 2 4 1 +118 +101 - - 2 1 2 3 + + 4 3 0 5 + +4 3 1 3 2 1. . 2 4 3 1 . . 4 7 Blouses, skirts, sportswear, sweaters, knit +8 +4 apparel 312 +28 +32 +16 +1 +11 +16 2.1 2.7 Juniors' and girls' wear 295 +27 +84 +63 +4 +21 +22 1.8 2.1 Infants' wear 304 +36 +53 +35 +41 +14 +12 2.4 2.3 Aprons, housedresses, uniforms 284 +24 -14 -4 +7 +16 1.7 2.2 Women's underwear, slips, negligees 322 +35 +8 +20 +15 +17 2.7 3.0 Corsets, brassieres 330 +37 +8 o +4 +5 2.0 3.0 Hosiery (women's and children's) 344 +20 +13 -2 -24 +9 +12 2.4 3.8 Gloves (women's and children's) 323 +34 +44 +38 +37 +31 +28 9.1 8.9 Shoes (women's and children's) 241 +26 +12 +18 +7 +13 3.9 5.0 Furs 257 -40 +183 +116 -9 +19 +2 4.7 3.1 Men's and boys' wear 322 +27 +17 0 +6 +16 +17 5.2 6.3 Men's clothing 231 +19 -4 -17 +15 +21 6.2 7.9 Men's furnishings, hats, caps 305 +20 0 -12 +6 +15 +15 5.4 6.2 Boys' clothing and furnishings 280 +49 +104 +73 +33- +23 +21 3.8 4.2 Men's and boys' shoes and slippers 176 +19 +3 +9 -2 +9 +11 7.6 9.2 Home furnishings 314 +6 +18 +9 -5 +2 +2 3.7 4.1 Furniture, beds, mattresses, springs 231 +7 +31 +20 +2 -1 -1 3.1 3.2 Domestic floor coverings 236 -9 +19 -24 +5 0 3.5 4.2 Draperies, curtains, upholstery 291 +21 +14 +11 -2 +8 +7 3.5 4.4 Major appliances (refrigerators, washers, stoves, 0 D Ch o e i m t n c a e .) s a ti n c d s, g b la la ss n w ke a t re s, linens, etc 1 2 2 8 8 1 7 8 9 - + + 2 1 8 4 6 + + + 1 1 1 4 4 9 + - 1 9 0 - - + 4 1 1 3 6 -3 0 0 + + -5 2 1 4 2 3 . . . 9 2 4 3 3 6 . . . 0 2 5 Housewares 221 +8 +9 +11 A +1 +2 4.2 4.7 0 Piece goods (dress and coat yard goods, all materials) 286 +36 +23 +12 2 +7 +7 2.4 3.4 Cotton wash goods 119 +27 -7 -14 -15 +3 +4 1.4 2.0 Small wares 334 +16 +17 +3 +11 +12 +11 4.2 4.4 Notions 221 +17 +6 -8 0 +8 +12 3.7 4.4 Toilet articles, drug sundries, prescriptions 318 +9 +11 -2 +18 +8 +6 4.3 4.0 Jewelry and silverware 275 +7 +29 +12 +14 +15 4.6 5.0 Miscellaneous. 290 +24 +5 -4 +7 +7 +7 3.7 4.2 BASEMENT STORE—total 217 +19 +15 +7 -5 +14 +14 2.8 3.4 Women's apparel and accessories 205 +22 +21 +11 -5 +20 +18 2.2 2.8 M H Pi o e e m c n e ' e s g f a o u n o r d n d s i b sh o i y n s g ' s clothing and furnishings 1 1 5 2 6 3 2 7 + + + 2 2 6 9 4 + + + 1 1 9 2 8 + + + 1 1 6 -1 -8 4 0 + + + 1 1 4 4 6 + + + 1 1 7 2 7 4 3 2 . . . 0 5 3 3 3 5 . . . 4 4 6 Shoes 134 +12 — 18 -6 -14 +8 +12 5.0 6.5 NOTE.—Group totals include sales in departments not shown separately. Figures for basement store are not strictly comparable with those for main store owing chiefly to inclusion in basement of fewer departments and somewhat different types of merchandise. The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1941 average = 100 Percentage of total sales Accounts receivable Collections during Year and month Sales during month at end of month month Cash I m ns e t n a t l- C ac h c a o r u g n e- t Total Cash In m s e t n a t l- a C c h c a o r u g n e t I m ns e t n a t l- a C c h c a o r u g n e t I m ns e t n a t l- a C c h c a o r u g n e t sales sales sales 1943—August 107 138 63 81 38 63 67 85 62 5 33 September r132 167 r69 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 Julv 103 138 44 76 32 67 56 102 65 4 31 August 126 167 60 r93 32 70 58 92 64 4 ,32 September 149 193 66 116 33 81 61 96 63 4 33 NOTE.—These data are based on reports from a smaller group of department stores than that included in the monthly index of sales shown on a preceding page. NOVEMBER 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 ins T ta o l t m al ent Sale credit Loans1 p S a l i o y n a m g n l e s e 2 n - t a C c h co ar u g n e ts Service credit credit Total Automotive Other 1929. „.„.„.„.. 7,089 3,167 2,515 1,318 1,197 652 1,577 1,749 596 1930 „., 6,341 2,706 2,032 928 1,104 674 1,451 1,611 573 1931 ..,....., 5,177 2,214 1,595 637 958 619 1,051 1,381 531 1932. .„ 3,846 1,515 999 322 677 516 726 1,114 491 1933.... «.„ ..... 3,717 1,581 1,122 459 663 459 588 1,081 467 1934. „. „ ., 4,159 1,846 1,317 576 741 529 659 1,203 451 1935. .,.„.„..,.., 5,148 2,599 1,805 940 865 794 785 1,292 472 1936.... „. ™ ...., 6,396 3,466 2,436 1,289 1,147 1,030 991 1,419 520 1937. „ . .» 7,054 3,919 2,752 1,384 1,368 1,167 1,119 1,459 557 1938.... .........., 6,618 3,539 2,313 970 1,343 1,226 1,069 1,487 523 1939............... 7,518 4,351 2,792 1,267 1,525 1,559 1,089 1,544 534 1940 8,767 5,434 3,450 1,729 1,721 1,984 1,123 1,650 560 1941 ... .. ....... 9,499 5,921 3,747 1,942 1,805 2,174 1,204 1,764 610 1942 6,165 2,932 1,494 482 1,012 1,438 1,072 1,513 648 1943 .... 5,158 1,939 816 175 641 1,123 1,034 1,498 687 1943 Aug 4,810 ,939 807 190 617 1,132 996 1,198 677 Sept 4,909 ,917 786 186 600 1,131 1,038 1,275 679 Oct 5,010 ,891 777 181 596 1,114 1,073 1,366 680 Nov „. 5,114 ,882 778 177 601 1,104 1,084 1,466 682 Dec ,.., 5,158 ,939 816 175 641 1,123 1,034 1,498 687 1944 Jan 4,818 r1,836 745 169 576 1,091 996 1,294 692 Feb 4,662 1,785 707 167 540 1,078 962 1,218 697 Mar 4,836 1,804 696 167 529 1,108 955 1,376 701 Apr 4,802 1,786 690 171 519 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 4,882 1,833 706 204 502 1,127 1,038 1,287 724 Aug ^4,926 Pi,837 P210 Pi ,128 Pi,029 Pi,330 P73O Sept ^5,017 »1,856 P210 n, 137 PI,026 Pi,402 P733 P Preliminary. 1 Includes repair and modernization loans. A revision of repair and modernization estimates was shown on p. 392 of the BULLETIN for April 1944. This revision is preliminary and subject to change. 2 An estimated total of noninstalment consumer loans; i.e., single-payment loans of commercial banks and loans by pawnbrokers. NOTE.—National estimates of consumer short-term credit for the period from January 1929 through August 1942 were prepared by the Bureau of Foreign and Domestic Commerce, United States Department of Commerce, and published in the November 1942 issue of the Survey of Current Business with a description of sources of data and methods of estimation. Later estimates, comparable with those formerly published by the Department of Commerce, were made at the Board of Governors of the Federal Reserve System. CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT LOANS AUTOMOTIVE [Estimated amounts outstanding. In millions of dollars] [Estimated amounts outstanding. n millions of dollars5] End o r o f y e m a o r nth ex m T a c o u o lu t t t d i o 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 d e e l r r t - s t- F s t t u o u r r r n e e i s - H a s a h t p o o n o p u r c l l s 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 l e i r l s m E o y n n e d t a h o r f or Total m b C a e n o rc k m i s a - * l p S c l a o m o n a m i a n e l - s l b I p a n c t a n o r d n k i m u a i i e s n l - s - g u C n r i e o d n i s t M l l a e n n is e d c o e e u r l s - s m i R l z o o e a a a d p t n n e i d a o s r i n n 2 r houses 1929..,...... 652 43 263 219 32 95 1930. 674 45 287 218 31 93 1931... 619 39 289 184 29 78 1929 1,197 160 583 265 56 133 1932.......... 516 31 257 143 27 58 1930 1,104 155 539 222 47 141 1933.... 459 29 232 121 27 50 1931 958 138 454 185 45 136 1934. „....... 529 39 246 125 32 60 27 1932 677 103 313 121 30 110 1935. ........ 794 71 267 156 44 79 177 1933 663 119 299 119 29 97 1936 1,030 130 301 191 66 102 240 1934 741 146 314 131 35 115 1937 1,167 215 350 221 93 125 163 1935 865 186 336 171 40 132 1938 1,226 248 346 230 113 117 172 1936 1,147 256 406 255 56 174 1939. 1,559 380 435 257 147 96 244 1937 1,368 314 469 307 68 210 1940 „ 1,984 586 505 288 189 99 317 1938 1,343 302 485 266 70 220 1941 2,174 687 535 298 217 102 335 1939...... 1,525 377 536 273 93 246 1942 1,438 370 424 202 141 91 210 1940 1,721 439 599 302 110 271 1943 1,123 273 372 165 110 86 117 1941.............. 1,805 469 619 313 120 284 1942.;:.......... 1,012 254 391 130 77 160 1943 1943 641 174 271 29 66 101 Aug ,. 1,132 278 357 168 112 84 133 1943 O Se c p t t 1 1, , 1 1 1 3 4 1 2 2 7 7 7 3 3 3 5 5 8 4 1 1 6 6 9 7 1 1 1 1 3 1 8 8 5 4 1 1 2 2 9 5 Aug.... 617 149 279 48 '44 97 Nov 1,104 270 355 165 109 84 121 Sept... 600 148 272 42 44 94 Dec 1,123 273 372 165 110 86 117 Oct. 596 151 269 37 45 94 Nov. 601 160 266 32 48 95 1944 Dec 641 174 271 29 66 101 Jan 1,091 267 360 161 106 85 112 Feb 1,078 266 356 161 105 84 106 1944 Mar 1,108 276 369 164 109 86 104 Jan. 576 158 248 24 55 91 Apr 1,096 279 363 164 106 85 99 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.;:;; 519 142 229 18 48 82 July 1,127 298 367 170 106 85 101 Mav 519 141 235 16 45 82 Aug Pi,128 300 363 172 106 P85 Pi 02 Tune 515 138 237 15 44 81 Sept PI,137 304 364 172 106 P85 P106 TUly P4 50 9 2 9 P1 1 3 3 2 2 P2 23 3 4 3 P1 1 3 4 P4 4 2 3 P7 7 9 9 Sept P509 P138 P236 P13 P42 P80 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 dollars at the end of September 1944), which are not shown separately. ~" 2 See footnote 1 for table above. 11x4 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued CONSUMER INSTALMENT CREDITS OF COMMERCIAL CONSUMER INSTALMENT LOANS MADE BY PRINCIPAL BANKS, BY TYPE OF CREDIT LENDING INSTITUTIONS [Estimates. In millions of dollars] [Estimates of volume made in period. In millions of dollars] Month or year Total Aut r o e m ta o il tive O r c e p h t t a u h a s r e i e - l r , d R e m r e a n p n o i d a d z i a - r - i m s n P o s e e n t n r a a - t l l- Month or year Co b m a m nk er s c 1 ial c S o m m a p ll a n lo ie a s n c I o n b m d an u p k s a t i n r n i i g e a s l u C n r i e o d n i s t Pur- Direct and tion cash chased loans direct loans loans 1929... 463 413 42 1930... 503 380 41 Ou p t e s 1 1 1 1 1 r t 9 9 9 9 i 9 a o 4 4 4 4 3 n d 2 1 0 3 9 d : ing , a , t end of 1 1 1 , , , 0 3 5 4 7 4 2 8 8 6 0 0 8 7 9 2 3 3 1 0 5 1 9 3 0 4 0 6 6 3 2 1 1 0 8 3 2 6 3 2 0 2 0 2 2 1 1 6 1 7 4 5 7 0 9 3 0 2 2 2 1 8 6 4 5 2 6 0 6 4 0 3 1 2 3 2 8 6 8 4 3 0 4 0 0 2 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 3 3 3 3 3 3 3 3 5 4 7 2 8 3 6 1 . . . . . . . . . . . . . . . . . . . . . . . . 4 3 3 3 4 5 6 6 6 2 7 1 9 0 8 0 3 3 6 9 8 4 4 4 3 4 4 3 2 2 2 2 1 0 5 4 0 5 8 3 7 9 4 0 2 0 8 4 1 1 1 3 3 3 4 6 0 7 4 8 4 3 2 7 5 9 8 1943— N D O S A e e o c u p c t v g o t e e u e b m m s m e t b r b b e e e r r r 4 4 4 4 4 7 8 6 8 9 0 0 9 9 8 5 5 5 5 58 5 7 7 4 8 8 8 8 8 2 2 2 2 2 6 6 6 7 7 7 6 4 0 7 9 9 9 8 8 2 8 5 9 6 1 1 1 1 1 8 8 8 8 7 0 6 2 5 8 1 1 1 1 1 9 9 9 9 9 4 4 3 4 4 0 9 2 3 1 . . . . . . . . . . . . . . 7 5 0 2 5 5 9 9 8 7 7 2 8 0 6 9 7 3 9 3 8 4 4 3 5 5 8 3 0 6 5 9 6 8 4 8 2 3 3 1 2 4 9 5 2 1 3 3 7 0 5 1943 1944— M A J A M J F S J u u e e p u a a a n l p b n r g y y r e t i r u c u l e u a h s m a r t y r b y er 4 4 4 4 4 4 4 4 4 5 4 5 6 5 7 9 8 7 9 8 2 0 2 1 3 4 9 5 5 6 5 5 5 5 6 5 1 1 2 0 1 2 5 1 9 9 8 8 8 9 9 9 8 9 0 1 1 3 2 6 8 6 6 6 6 6 6 7 6 5 6 6 4 0 0 1 1 9 0 0 0 8 7 7 7 7 7 7 7 7 2 6 3 3 3 8 4 5 8 1 1 1 1 1 1 1 1 1 8 9 8 7 8 9 7 9 9 3 0 3 6 4 4 4 2 0 M A M A F J J S O u u e e p u c a a n p l b t r g y r y e o t i r c u l e u . b h s m . a e . t . r r b y er 4 4 4 4 4 4 5 3 5 7 1 0 4 5 3 0 5 3 8 6 6 6 5 7 6 5 8 0 2 2 4 8 0 7 0 6 3 3 2 3 3 2 2 3 2 8 1 9 0 2 8 6 5 9 1 2 1 1 1 1 1 1 1 3 2 5 5 6 4 9 5 8 To m lu o m nt e h : extended during N De o c v e e m m b b e e r r... „ 4 4 9 2 9 7 5 0 2 3 9 2 2 1 0 5 1943—August 68 9 14 8 7 30 1944 September 72 9 14 9 7 33 January 42 53 27 13 October 68 8 13 11 7 29 February 44 60 29 16 November 66 7 13 12 6 28 March 64 94 38 23 December 72 7 14 13 5 33 April 50 61 30 14 May 58 72 35 17 1944—January 65 6 14 13 4 28 June : 62 75 38 19 February 62 6 14 8 4 30 July 57 73 33 16 March 85 8 18 10 5 44 August r57 70 35 17 April 73 9 17 10 6 31 September 57 67 33 16 May 88 10 20 14 7 37 June 90 10 19 12 8 41 July 85 12 19 10 8 36 * Revised. August 84 11 17 10 9 37 1 These figures for loans made include only personal instalment cash September 84 9 18 11 9 37 loans and retail automotive direct loans, which are shown elsewhere on this page, and a small amount of other retail direct loans (two million dollars in September 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 r g o e m Instalment accounts a C cc h o a u r n ge ts change from corresponding Item Sept. p m re A o c u n e g d th . ing July Se p p r t e . m ce o A d n i u t n h g g . o y f e J a u r ly Month D s m e to p e r n a e r t s t- F s t u t u r o r n r e e i s - h H p s o l t o l i o d a u r n s e a c e s p e - - J s e t w o e r l e r s y D s m t e o p e r a n e r t s t- 1944 1944 1944 1944 1944 1944 1943 Net sales: August ..„.„. 32 22 21 34 62 Total +5 +12 -13 +7 r+5 -5 September ... 33 21 21 33 62 Cash sales +2 +13 -11 +15 r+17 +6 October 37 22 22 37 65 Credit sales: November.... 37 23 23 39 66 Instalment - +6 -12 +5 r-2 -6 December 35 22 22 55 63 Charge account +2 +13 —11 r+5 -14 1944 Accounts receivable, at end of January 30 20 22 31 61 month: February 31 20 22 31 61 Total ...,..,.., +1 0 -2 -13 -16 -18 March 36 23 26 34 65 Instalment +1 0 -15 r_17 M Ap a r y il 3 3 1 3 2 2 5 3 2 2 6 6 3 2 0 8 6 6 3 4 Collections during month: June 31 24 28 30 63 Total +1 +2 -3 -4 -7 July 30 23 29 31 61 Instalment +2 +5 -4 -4 -9 - 17 August 34 24 r32 r31 64 September.. 35 24 34 32 64 Inventories, end of month, at retail value 0 r+2 +2 -10 -11 -17 r Revised. 1 Ratio of collections during month to accounts receivable at beginning r Revised. of month. NOVEMBER 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 =100] Other commodities Year, month, or week m c t A o o i m e d ll s i - - F p u a r c o r t m d s - Foods Total H p i l r d e o a e d s t u h a c e n t r s d p T ro e d xt u i c le ts m F li u a g e t h e l t r a i i n a n g l d s a p n M r d o e d m t u a e c ls t ts al m B a u t i e ld ri i a n l g s p c C r a a o 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 I 1 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 Felbruary.. 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 September.. 104.0 122.7 104.2 98.6 116.0 99.2 83.0 103.8 116.0 104.9 104.4 93.6 Week ending: 1944—July 22 103.9 124.1 106.0 98.7 116.8 97.4 83.9 103.8 115.9 105.2 106.0 93.3 July 29 103.9 124.1 105.3 98.7- 116.8 97.4 83.9 c103.8 115.9 105.2 106.0 93.3 Aug. 5 103.6 122.5 104.6 98.7 116.8 97.5 83.8 103.8 116.0 105.2 106.0 93.3 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 83.8 103.8 116.0 105.3 106.0 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. 9 103.6 122.2 103.9 116.5 98.2 83.8 103.8 116.0 104.9 106.1 93.3 Sept. 16 103.6 122.1 103.8 116.6 98.3 83.7 103.9 116.1 104.9 106.1 93.3 Sept. 23 103.7 122.8 104.3 116.5 98.3 83.7 103.9 115.9 104.9 106.1 93.3 Sept. 30 103.8 122.8 103.9 116.5 98.5 83.7 103.8 115.9 104.9 106.1 93.4 Oct. 7 103.9 123.3 104.1 98.9 116.8 98.8 83.8 103.9 116.1 104.9 106.1 93.4 Oct. 14.... 103.8 122.7 103.8 98.9 116.7 98.8 83.8 103.9 116.1 104.9 106.1 93.4 Oct. 21.... 103.8 122.8 103.9 98.9 116.7 98.9 83.6 103.8 116.3 104.9 106.1 93.4 Oct. 28.... 103.9 123.3 104.1 116.7 98.9 83.5 103.8 116.4 104.9 106.1 93.4 1943 1943 Subgroups Subgroups Sept. June July Aug. Sept. Sept. June July | Aug. I Sept. Farm Products: Metals and Metal Products: Grains 119.7 127.2 125.2 122.5 121.7 Agricultural implements 96.9 97.2 97.3 97.5 97.5 Livestock and poultry 130.2 123.0 123.4 125.4 127.6 Farm machinery 98.1 98.4 98.4 98.6 98.6 Other farm products 118.8 124.7 123.2 120.0 119.2 Iron and steel 97.1 97.1 97.1 97.1 97.2 Foods: Motor vehicles 112.8 112.8 112.8 112.8 112.8 Dairy products 108.9 110.3 110.3 110.5 110.7 Nonferrous metals 86.0 85.8 85.7 85.8 85.8 Cereal products 94.4 94.7 94.3 94.3 94.4 Plumbing and heating 90.2 92.4 92.4 92.4 92.4 Fruits and vegetables 116.7 137.7 129.9 122.8 115.9 Building Materials: ! Meats 106.0 106.1 105.9 105.9 106.0 Brick and tile 99.0 100.6 100.7 100.7 101. Other foods 99.0 93.0 94.7 94.1 95.5 Cement 93.6 96.4 96.4 96.4 96.9 Hides and Leather Products: Lumber 146.1 154.0 154.2 154.4 154.0 Shoes 126.4 126.3 126.3 126.3 126.3 Paint and paint materials 102.6 105.7 105.5 105.5 105.5 Hides and skins 116.0 108.4 106.8 105.7 106.1 Plumbing and heating 90.2 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 102.0 103.0 103.1 103.2 103.3 Textile Products: Chemicals and Allied Products: Clothing 107.0 107.0 107.0 107.0 107.0 Chemicals 96.5 96.2 96.2 96.2 96.0 Cotton goods 112.9 113.9 114.0 115.9 118.7 Drugs and Pharmaceuticals... 165.2 220.1 220.1 220.1 217.2 Hosiery and underwear 70.5 70.6 70.6 70.6 70.8 Fertilizer materials 80.6 79.9 81.1 81.2 81.2 Silk Mixed fertilizers 85.8 86.3 86.3 86.6 86.6 Rayon 30.3 30.3 30.3 30.3 '30^3 Oils and fats 102.0 102.0 102.0 102.0 102.0 Woolen and worsted goods.. 112.5 112.5 112.9 112.9 112.9 Ilousefurnishing Goods: Fuel O a t n h d er L t i e g x ht t i i n le g pr M od at u e c r t i s als: 98.7 100.5 100.5 100.5 100.9 F F u u r r n n i i s tu hi r n e gs .r 1 9 0 8 7 . . 1 1 1 1 0 0 1 7 . . 4 2 1 10 0 1 7 . . 4 2 1 1 0 0 1 7 . . 4 4 1 1 0 0 7 1 . . 4 4 Anthracite 89.9 95.5 95.4 95.4 95.4 Miscellaneous: Bituminous coal 116.4 120.4 120.5 120.5 120.6 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 159.6 159.6 159.6 159.6 159.6 G El a e s ctricity 5 7 8 7 . . 1 1 5 7 9 9 . . 3 3 5 7 9 8. . 9 5 76.0 R Pa u p b e b r e r a , n c d r u p d u e lp s 1 4 0 6 5 . . 2 6 1 4 0 6 7 . . 2 2 1 4 0 6 7 . . 2 2 1 4 0 6 7 . . 2 2 1 4 0 6 7 . . 2 2 Petroleum products 63.2 64.0 64.0 63.9 63.8 Other miscellaneous 96.3 96.7 96.9 96.9 97.0 ; Corrected, Back figures.—Bureau of Labor Statistics, Department ofjLabor, FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of theDepartment of Agriculture, by States, as of October 1, 1944. In thousands of units] Cotton Corn Wintei wheat Spring wheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1943 Oct. 1, 1944 1943 Oct. 1, 1944 1943 Oct. 1, 1944 1943 Oct. 1, 1944 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston 7,383 7,863 48 38 New York 26 008 28 060 5 098 10 103 46 80 Philadelphia 43 147 46 503 12 066 18 149 128 136 Cleveland 214,444 182,155 30,115 54,145 46 55 Richmond. " 1316" i 587 133 876 135 297 20 538 35 869 Atlanta 2,538 2,490 179,025 160,559 5,958 9,290 Chicago 1,287,286 1,225,639 31,987 55,754 929" St. Louis 13^217 362,072 377,350 28,034 51,973 16 15 Minneapolis 342,268 420,747 26,240 31,847 252,933 271,570 Kansas City 319 548 369,806 528,850 271,457 347,754 4,749 4,624 Dallas 3,578 3,215 102,083 76,559 37,142 78,111 111 121 San Francisco 459 476 8,761 7,395 60,971 93,129 47,704 45,189 Total 11,427 11,953 3,076,159 3,196,977 529,606 786,124 306,692 322,757 Oats Tame hay Tobacco White potatoes Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1943 Oct. 1, 1944 1943 Oct. 1, 1944 1943 Oct. 1, 1944 1943 Oct. 1, 1944 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston . 5 007 5 544 3,421 2,752 28,277 31,508 83,826 67,974 New York 10,726 24,761 6,498 5,660 997 1,135 35,542 30,953 Philadelphia 9 434 14,937 2,467 2,287 40,014 49,568 20,846 19,453 Cleveland 36,014 47,567 5,491 5,032 110,402 131,835 15,730 12,055 Richmond 25,250 29,915 4,605 4,388 768,814 1,035,415 29,364 17,795 Atlanta 21,458 27,366 4,196 3,500 154,509 201,381 18,749 14,354 Chicago 418,048 403,458 18,362 17,937 28,152 31,207 42,261 30,405 St. Louis. 65,969 52,803 7,927 8,038 262,416 315,006 13,254 9,229 Minneapolis 328,779 395,352 11,332 10,549 2,229 2,512 58,085 46,380 Kansas City 161,135 107,546 7,756 8,764 4,125 5,312 39,374 33,161 Dallas 26,111 47,995 2,018 1,910 7,504 6,006 San Francisco.... ... 35;936 35,010 13,191 13,325 100,121 92,861 Total.. 1,143,867 1,192,254 87,264 84,142 1,399,935 1,804,879 464,656 380,626 1 Includes 14,000 bales grown in miscellaneous territory. 2 Includes 17,000 bales grown in miscellaneous territory. NOTE.—Figures for winter wheat from estimate for Aug. 1; no estimate for Oct. 1. NOVEMBER 1944 11x7 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 book book page Sept. Oct. Oct. Oct. Oct. page July Aug. Sept. 27 4 11 18 25 WEEKLY FIGURES i In billions of dollars MONTHLY FIGURES In billions of dollars RESERVES AND CURRENCY RESERVES AND CURRENCY Reserve Bank credit: Reserve Bank credit... „ 5 15.20 15.80 16.94 U. S. Govt. securities, total. 2, 4 16.50 16.66 17.02 17.09 17.26 Gold stock 5 21.08 20.98 20.87 Bills 4 10.65 10.79 11.10 11.09 11.18 Money in circulation 5 22.58 22.99 23.52 Certificates 4 3.54 3.56 3.60 3.67 3.74 Treasury cash 5 2.32 2.36 2.38 Notes 4 1.07 1.07 1.07 1.08 1.10 Treasury deposits «.....-......... 5 .40 .39 .49 Bonds 4 1.24 1.24 1.24 1.24 1.24 Reserve balances ,..*..-... 5, 8 12.90 13.00 13.48 Special certificates 4 Required reserves .......-. 8 11.67 12.00 12.49 Discounts and advances 2 .09 .03 .15 .19 ""32 Excess reserves, total ,. 8, 9 1.23 1.01 .98 Gold stock 2 20.83 20.82 20.73 20.73 20.73 New York City 9 .02 .01 .02 Money in circulation ... 2 23.66 23.88 24.10 24.16 24.22 Chicago 9 .01 (3) .01 Nonmember deposits — 2 1.63 1.61 1.57 1.60 1.61 Reserve city banks 9 .39 .29 .26 Treasury deposits 2 .48 .35 .21 .32 .23 Country banks 9 .82 .71 .70 Member bank reserves 3 13.36 13.43 13.71 13.81 13.94 Money in circulation, total 10 22.70 23.29 23.79 Excess reserves* 3 .87 .86 .98 .92 .78 Bills of $50 and over 10 6.67 6.88 7.08 Excess reserves (weekly average), total6 3 .96 .99 1.00 p.97 $10 and $20 bills „ ... 10 11.96 12.27 12.52 New York City 3 .02 .03 .01 .02 Coins, $1, $2, and $5 bills 10 4.08 4.14 4.20 Chicago 3 .01 .01 .01 .01 Reserve city banks 3 .24 .25 .27 .26 ALL BANKS IN U. S. Country bankse 3 .69 .71 .71 p. 69 Total deposits and currency 11 *139.20 P139.00 Demand deposits adjusted 11 p61.50 P64.20 Time deposits 11 ^36.30 P37.OO Currency outside banks 11 p21.10 2*21.70 D T L C U B o o o . e r o a t m m M S a n k N 1 l m a E . s e 0 n M e r l G e 0 a w d o s B r n ' o a c c E d d n v Y l i i R o a t s e t i i o . l a p e n B r n s o v k o A l s o s e b — N o i a C s l t u K i n s t N i g t m S s t s a a y , e i I e t d w d N t i n j e o o u t L t n s Y s N a E s t l o e A e r d D w k I N Y C G o i t r C y k I TIE , S - . . 1 1 1 1 1 1 1 1 4 4 4 5 5 5 5 4 5 3 4 1 6 3 2 1 0 4 5 0 . . . . . . . . 1 0 7 2 7 6 4 9 6 8 9 9 2 7 4 8 3 4 5 1 3 6 5 0 4 2 1 1 . . . . . . . . 2 8 0 4 2 3 5 0 2 0 9 4 9 8 1 0 4 5 3 1 6 3 0 2 4 5 1 1 . . . . . . . . 1 2 8 3 1 0 8 0 1 5 1 0 3 9 9 5 4 3 5 1 6 3 2 0 1 6 4 0 . . . . . . . . 1 8 2 3 2 0 9 6 4 2 1 2 0 8 8 1 4 3 5 1 6 3 0 2 7 1 4 1 . . . . . . . . 2 1 8 0 4 3 0 1 2 8 5 9 4 3 9 1 Cons S S I C u n e i h m n s r a v t g e a r I I C i l g r n n c l e O m e e s - s c N p t t e r a a c a S A a e n c l U r l y m d m u e c t M m i d t o e t o e c E i e u , n n m t r R n n e t t t o t o t d C s s t l t i a l R o i a t o v l , E a l e a 4 e n D t n c o s I s r T 4 t e a d l4 i t, t „ o , . . t . . a . . , . l . . . 18, 1 1 1 1 1 1 1 1 8 8 9 8 9 8 9 9 4 1 1 1 1 . . . . . . . . 0 2 8 8 1 7 2 7 4 2 9 3 8 0 3 1 P P 2 P P P P P 1 I I I 4 . . . . . . . . 8 7 2 7 3 9 0 1 4 3 1 1 3 3 3 3 P P P P P P P P I I I I 5 . . . . . . . . 7 2 0 4 8 7 0 1 3 1 2 0 6 2 3 4 U. S N . e G w o v Y t. o r o k b l C ig it a y t , i o t n o s t : al 15 14.23 14.02 13.76 13.85 13.79 Other ..„„. 19 .50 2\50 ».51 Bonds 17 6.92 6.91 6.89 6.89 6.94 Notes and guar. securities 17 2.81 2.82 2.83 2.85 2.84 TREASURY FINANCE Certificates 17 3.81 3.72 3.59 3.49 3.49 U. S. Govt. obligations outstand- Bills 17 .69 .57 .45 .62 .53 ing, total interest-bearing ,. 20 208.58 209.76 209.33 100 cities outside New York, total.. 15 26.49 26.49 26.37 26.35 26.30 Bonds (marketable Treasury).. 20 81.10 81.23 81.27 Bonds 17 12.65 12.66 12.65 12.68 12.69 Notes, cert., and bills, total... 20 63.63 63.78 63.26 Notes and guar. securities 17 5.12 5.11 5.10 5.08 5.06 Notes 21 18.07 18.07 17.94 Certificates 17 6.95 6.92 6.95 6.94 6.88 Certificates 21 30.04 30.00 29.57 Bills 17 1.78 1.80 1.68 1.65 1.67 Bills 21 15.52 15.71 15.75 Savings bonds, tax notes, etc.. 20 47.24 47.61 47.15 Savings bonds 21 36.54 36.88 37.32 Per cent per annum Tax notes ..,..-..,. 21 10.00 10.03 9.12 Special issues 20 14.96 15.46 15.98 Holdings of U.S. Govt. obligations: MONEY RATES, ETC. Fed. agencies and trust funds 22 19.57 20.06 20.56 Treasury bills (new issues) 25 375 .375 .376 375 .375 Federal Reserve Banks 22 14.91 15.81 16.65 Treasury notes (taxable) 25 i.34 1.35 1.35 i.34 1.34 Commercial banks 22 72.00 71.50 U. S. Govt. bonds: Private holders other than Partially tax-exempt 25, 33 l.94 1.93 1.92 l.92 1.94 commercial banks, total 22 102.10 102.40 Taxable 25,33 2.48 2.48 2.48 2.48 2.48 Mutual savings banks 23 7.50 7.60 Corporate Aaa bonds 33 2.72 2.72 2.72 2.72 2.73 Insurance companies 23 r17.90 18.10 Corporate Baa bonds.. „. - -. -.-.-..„.« 33 3.56 3.56 3.55 3.54 3.54 Other investors, total 23 r76.70 76.70 Marketable issues 23 r31.00 30.70 In unit indicated Per cent per annum Stock prices (1935-39 = 100): MONEY RATES, ETC. Total 35 101.7 102.9 103.9 104.3 102.7 F. R. Bank discount rate, N. Y.... 27 .50 .50 .50 Industrial - .» 35 103.7 105.1 106.1 106.4 104.6 Treasury bills (new issues) 27 .375 .375 .375 Railroad 35 100.7 102.0 103.7 104.4 103.5 Treasury notes (taxable) 27 1.31 1.30 51.31 Public utility *.... 35 91.7 92.0 92.7 93.5 92.6 Commercial paper 29 .75 .75 .75 Volume of trading (mill, shares) „. 35 .70 .86 .67 .76 U. S P . a G rt o i v al t. l y b o ta n x d - s e : xempt 33 1.89 1.90 1.93 Taxable 33 2.49 2.48 2.47 Corporate Aaa bonds 29, 33 2.72 2.71 2.72 Corporate Baa bonds 33 3.57 3.55 3.56 BUSINESS CONDITIONS Steel production (per cent of capacity).: 50 95.1 95.6 96.9 97.0 96.3 In unit indicated Electric power prod. (mill. kw. hrs.)... 50 4,366 4,375 4,355 4,345 Freight car loadings (thous. cars): Stock prices (1935-39 = 100): Total 51 913.0 877.9 898.7 905.9 Total 35 104.3 102.7 100.7 Miscellaneous 51 417.7 401.2 415.0 418.6 Industrial „ 35 106.7 104.7 102.6 Department store sales (1935-39 = 100).. 52 196 218 221 209 207 Railroad 35 105.3 102.5 98.7 F.H.A. home mortgages, new construc- Public utility 35 91.3 92.1 91.4 tion (thous.)2 .. 52 Volume of trading (mill, shares)... 35 1.28 .87 .74 Wholesale prices (1926 = 100): Brokers' balances (mill, dollars): Total 63 103.8 103.9 103.8 103.8T103.9 Credit extended customers 37 e940 e940 e940 Farm products 63 123.3 122.7 122.8*123.3 Money borrowed 37 e660 e630 e640 Other than farm and food 63 98.9 98.9 98.9 Customers' free credit balances. 37 e420 e410 e400 For footnotes see following page. 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 page July Aug. Sept. July Aug. Sept. MONTHLY FIGURES-Cont. In unit indicated MONTHLY FIGURES-Cont. In unit indicated BUSINESS CONDITIONS—Cont. BUSINESS CONDITIONS Freight car loadings:6 Income payments (mill, dollars), total:6 38 13,001 2*13,133 Total (1935-39 = 100) 57 143 142 139 Salaries and wages 38 9,216 2*9 289 Groups (points in total index) Other 38 3,785 2*3,844 Miscellaneous 57 81.9 81.9 80.2 Cash farm income (mill, dollars), total. 39 1,649 1,741 2*2,006 Coal 57 30.4 31.1 31.3 Livestock and products 39 898 913 2>916 All other 57 30.2 29.4 27.8 Crops 39 704 777 PI,037 Department stores (1935-39 = 100) :6 Govt. payments 39 47 51 2*53 Sales 59 r192 187 183 Industrial production:6 Stocks 59 165 170 160 Total (1935-39 = 100) 41, 42 r230 232 2*231 Exports and imports (mill, dollars): Groups (points in total index) Exports 61 1,198.32*1,199.8 Durable manufactures 41 131.6 131.8 2*130.3 Imports 61 2*293.1 2*302.4 Machinery, etc 42 r92.1 92.1 2*91.1 Excess of exports 61 2*905.1 2*897.4 Iron and steel 42 22.3 22.4 22.2 Excluding Lend-Lease exports 61 P-32.2 2*-43.0 Other durable 42 17.3 17.3 P17.0 Wholesale prices, total (1926 = 100)... 63 104.1 103.9 104.0 Nondurable manufactures 41 r77.4 78.8 2*78.7 Farm products 63 124.1 122.6 122.7 Textiles and leather 42 18.0 18.4 2*19.0 Other than farm and food 63 98.5 98.6 98.6 Paper and printing 42 10.3 11.0 Cost of living, all items (1935-39 = 100) 65 126.1 126.4 126.5 Foods, liquor, and tobacco 42 20.5 21.2 "P20.6 Food 65 137.4 137.7 137.0 Other nondurable 42 28.6 28.3 2*28.2 Clothing 65 138.3 139.4 141.4 Minerals 41,42 r21.1 21.6 2*21.7 Rent 65 108.2 108.2 108.2 Primary products (1935-39 = 100): Steel 43 222 224 222 1944 Cement 43 86 88 Lumber 43 114 118 Jan.- Apr.- July- Coal 43 144 148 2*147 Mar. June Sept. Crude petroleum 43 142 146 P148 Cotton consumption 43 139 140 148 QUARTERLY FIGURES In millions of dollars Wool yarn 43 144 153 La p b e o L E r r s a m o b f p n o P L M o O l s r r o a e ) t c e : p h y a f e a o e e t m t h r r r s c e e a e m a r n n n t a d , d n t u d e o f a m t a i a r c p l 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 4 3 4 3 4 3 3 5 5 1 1 1 1 4 5 1 2 6 5 . . 0 0 3 5 4 3 2 5 5 * 1 3 1 4 1 1 3 0 5 . . 4 2 0 4 8 5 9 " 5 5 1 2 3 4 . . 3 0 9 B In u t d er g N M E C I n n e x o e a i t d p t s r l i p c r W e v r r e . o n e i e c d i r a d c v e n a r u e i e i t t t a i p e n e u a p l t r u c r s t n i e e s t i n n i a s a v c c l , c n o i o o t r t d m l m i o e l e e e v t e s e a c e x l t t n t p i a a o u e x x n e n e e s s d s , i t t o u t r a e l s : 2 2 2 2 2 2 2 4 4 4 4 4 4 4 2 2 1 1 4 5 3 2 0 1 1 , , , , , , , 1 9 3 0 8 3 5 2 5 2 9 2 8 4 2 7 3 2 2 0 9 2 2 1 1 4 4 5 2 1 2 1 , , , , , , , 7 4 2 0 3 7 2 7 0 7 9 7 9 8 5 6 2 2 5 2 4 2 2 1 9 3 4 4 2 1 0 , , , , , , , 9 0 1 9 0 7 6 1 1 5 9 5 7 6 6 6 9 7 0 2 0 Nonagricultural 44 44.3 44.6 43.6 Corporate security issues: M Ag a r le ic ultural 4 4 4 4 3 9 5 . . 7 4 3 8 5. . 2 6 3 8 4 . . 7 2 N Ne e w t p m ro o c n e e e y d , s total 3 3 6 6 4 1 4 3 4 1 45 9 5 9 8 1 4 4 3 4 Female 44 18.6 18.0 18.1 Industrial 36 79 86 82 Nonagricultural employment (mill. Railroad 36 46 6 49 persons), total6 45 38.7 38.7 2*38.4 Public utility 36 6 10 M Tr a a n d u e f acturing and mining 4 4 5 5 16 7 . . 8 1 1 7 6 . . 0 8 2* * 1 7 6 . . 1 6 Per cent per annum Fa ( c 1 t 9 T C G o 3 r r o o 9 y a n v n s = e s t r e p r n m 1 u o m 0 c r p 0 t t e l i a ) o n o : t y t n i o m n e n a t n d a u n t d il it p ie a s y rolls 4 4 4 5 5 5 3 0 5 . . . 8 7 9 3 0 5 . . . 8 6 9 2 2 2 * * * 3 5 0 . . . 7 9 6 Bank T N O S o o e t r h w u a ta e t t e h l r , Y s e N 1 r 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 t W s y n o m e a s e n t r e 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 2 3 2 . . . . 1 7 1 6 2 5 0 3 2 2 2 3 . . . . 6 5 1 2 3 5 8 3 2 2 2 3 . . . . 6 8 1 1 9 2 8 4 Pay rolls 47 r310.7 313.9 Employment 47 157.8 158.0 3*156.0 Dec. 31, Apr. 13, June 30, Hours and earnings at factories: 1943 1944 1944 Weekly earnings (dollars) 48 r45.43 45.85 CALL DATE FIGURES Hourly earnings (cents) 48 101.8 101.6 In billions of dollars Hours worked (per week) 48 r44.6 45.1 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 56.77 60.34 New D o u r r d a e b r l s e , total ; 4 4 9 9 3 2 9 7 3 6 2 2 * * 3 2 6 6 3 2 Othe S r ta s t e e c u a r n it d ie l s o cal obligations 1 1 3 2 5 2 . . 0 7 2 3 2 5 . . 8 1 2 2 5 2 . . 1 8 6 3 Ship N m o e n n d ts u , r a to b t le a l 4 4 9 9 2 1 7 8 0 9 2 2 * * 2 1 7 8 1 8 O Fo th re e i r g d n o s m ec e u st r i i c t i s e e s c urities 1 1 3 3 2.29 2.30 2.33 Durable 49 375 2*368 Loans, total 12 16.29 16.13 18.08 Nondurable 49 189 2*195 Commercial loans 13 8.44 (J) 8.05 Inventories, total 49 173 2*174 Real-estate loans 13 3.27 (7) 3.21 Durable 49 202 2*202 Street loans (brokers' loans).... 13 1.05 (7) 1.66 Nondurable 49 148 P149 Holdings of U. S. Govt. securities: Residential contracts (mill, dollars):6 By classes of banks: Total 53 25 23 New York City : 16 14.56 15.18 16.16 Public 53 9 5 Chicago 16 3.24 342 3.69 Private, total 53 16 18 Reserve city banks 16 19.68 2101 22.48 1- and 2-family dwellings 53 10 13 Country banks 16 15.47 17.17 18.01 Other 53 6 By kinds of securities: Construction contracts (3-mo. moving Bonds 16 27.27 (7) 30.12 av., mill, dollars) :6 Notes 16 6.91 (7) 10.64 Total 55 155 167 2*170 Certificates. 16 12.07 (7) 14.23 Residential 55 26 25 2*24 Bills 16 4.36 C) 4.47 Other 55 129 143 2*146 Guaranteed 16 2.35 (7) .89 e Estimated. p Preliminary. r Revised. c Corrected. 1 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 2 Publication discontinued. 3 Less than 5 million dollars. 4 Includes preliminary revisions for repair and modernization credit. 5 Number of issues decreased from 2 to 1 on Sept. 15. 6 Adjusted for seasonal variation. 7 Figures available for June and December dates only. * Copies of the Chart Book may be obtained at a price of 50 cents each. NOVEMBER 1944 11x9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS NATIONAL AND STATE MEMBER BANKS, FIRST HALF OF THE YEAR, 1943-1944 Figures for national banks were compiled by the Comptroller of the Currency from reports submitted by national banks. [Amounts in thousands of dollars] All member banks National member banks State member banks Item First half First half First half First half First half First half of 1943 of 1944 of 1943 of 1944 of 1943 of 1944 Earnings 783,040 901,468 503,645 580,248 279,395 321,220 Interest and dividends on securities 351,754 453,032 231,304 298,905 120,450 154,127 Interest and discount on loans 274.665 269,197 182,561 177,246 92,104 91,951 Service charges and fees on loans 5,007 6,885 2,963 3,970 2,044 2,915 Service charges on deposit accounts 36,471 42,845 25,324 30,151 11,147 12,694 20,033 26,194 12,953 17,296 7,080 8 898 Trust department 43^914 48^520 la,004 16,'776 28^910 31,'744 Other current earnings 51,196 54,795 33,536 35,904 17,660 18,891 Expenses r555,207 636,153 r357,759 410,087 197,448 226,066 Salaries—officers 84,485 90,151 55,268 58,847 29,217 31,304 Salaries and wages—others 149,651 162,852 92,384 100,330 57,267 62,522 Directors' and committee members' fees 4,167 4,565 2,826 3,074 1,341 1,491 Interest on time deposits 61,246 67,881 41,923 45,692 19,323 22,189 Interest on borrowed money 122 343 46 181 76 162 92,103 129,821 60,529 84,598 31,574 45,223 Recurring depreciation on banking house, furniture, and fixtures 15,510 16,620 10,862 11,577 4,648 5,043 Other current expenses 147,923 163,920 93,921 105,788 54,002 58,132 Net current earnings r227,833 265,315 r145,886 170,161 r81,947 95,154 Recoveries, profits on securities, etc 129,261 163,647 72,028 106,324 57,233 57,323 Recoveries on securities 28,605 44,729 16,206 31,373 12,399 13,356 Profits on securities 47,377 59,866 23,995 34,480 23,382 25,386 Recoveries on loans 32,662 40,304 23,657 29,320 9,005 10,984 All other . . . 20,617 18,748 8,170 11,151 12,447 7,597 Losses and charge-offs r110,935 115,350 r60,776 69,229 r50,159 46,121 On securities 51,427 55,010 31,838 36,368 19,589 18.642 On loans 25,653 29,136 15,585 18,171 10,068 10,965 All other r33,855 31,204 r13,353 14,690 r20,502 16,514 Net profits 246,159 313,612 ' 157,138 207,256 89,021 106,356 Cash dividends declared 102,118 107,835 64,860 68,824 37,258 39,011 On preferred stock1 5,407 4,955 3,196 2,785 2,211 2,170 On common stock 96,711 102,880 61,664 66,039 35,047 36,841 Assets and liability items:2 Loans 15,455,000 16,835,000 9,678,000 10,421,000 5,777,000 6,414,000 United States Government obligations 42,263,000 56,686,000 26,923,000 36,433,000 15,340,000 20,253,000 Other securities 5,491,000 5,103,000 3,589,000 3,411,000 1,902,000 1,692,000 Real-estate assets 1,104,000 998,000 676,000 618,000 428,000 381,000 Cash assets 23,295,000 23,392,000 15,669,000 15,786,000 7,626,000 7,607,000 Total assets 87,869,000 103,333,000 56,687,000 66,859,000 31,182,000 36,473,000 Time deposits 13,353,000 16,147,000 8,954.000 10,797,000 4,400,000 5,351,000 Total deposits 81,146,000 96,056,000 52,529.000 62,381,000 28,617,000 33,675,000 Total capital accounts 6,176,000 6,599,000 3,773,000 4,036,000 2,404,000 2,564,000 Number of officers at end of period 36,019 37,138 25,690 26,301 10,329 10,837 Number of employees at end of period 190,794 193,534 121,285 123,798 69,509 69,736 Number of banks at end of period . 6,703 6,773 5,060 5,036 1,643 1,737 Earnings ratios: Percentage of total capital accounts:3 Net current earnings r7.4 8.0 r7.7 8.4 r6.8 7.4 Net profits 8.0 9.5 8.3 10.3 7.4 8.3 Cash dividends declared 3.3 3.3 3.4 3.4 3.1 3.0 Percentage of total assets:3 Total earnings 1.8 1.7 1.8 1.7 1.8 1.8 Net current earnings .5 .5 .5 .5 Net profits .6 .6 !6 .6 .6 .6 Percentage of total securities:3 Interest and dividends on securities 1.5 1.5 1.5 1.5 1.4 1.4 Net recoveries and profits .1 • 2 .1 .1 .2 .2 Percentage of total loans:3 Earnings on loans 3.6 3.3 3.8 3.5 3.3 3.0 Net recoveries .1 .1 .2 .2 Other ratios: Time deposits to total deposits 16.5 16.8 17.0 17.3 15.4 15.9 Interest on time deposits to time deposits3 .9 .8 .9 .8 .9 .8 Total capital accounts to: Total assets 7.0 6.4 6.7 6.0 7.7 7.0 Total assets less Government and cash assets 27.7 28.4 26.8 27.6 29.3 29.8 Total deposits 7.6 6.9 7.2 6.5 8.4 7.6 r Revised to include recurring depreciation on banking house, furniture, and fixtures, in current expenses. 1 Includes interest on capital notes and debentures. 2 For the first half of 1943 these are averages of figures reported on Dec. 31, 1942 and June 30, 1943; for the first half of 1944 they are averages of gures reported on Dec. 31, 1943, Apr. 13, 1944, and June 30, 1944. 3 Annual basis. II3O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments Gold production 1133 Gold movements 1133 Net capital movements to United States since January 2., 1935... 1134 Central banks 1135--1138 Money rates in foreign countries 1139 Commercial banks 1140 Foreign exchange rates 1141 Price movements: Wholesale prices 114Z Retail food prices and cost of living 1143 Security prices 1143 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins; some data arc reported to the Board directly. Figures on international capital transactions of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 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. NOVEMBER I 944 1131 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month U St n a i t t e e s d g t A e i r n n - - a1 g B i e u l m - Brazil B In ri 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 - ia o- m D a e r n k - Egypt France m G a e c r- Greece 1*38—Dec.. 14,512 431 581 32 274 24 192 30 24 83 53 55 2,430 29 27 1939—Dec. 17,644 466 609 40 274 24 30 21 56 53 55 2,705 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 X658 735 115 274 25 36 25 61 44 52 2,000 29 1943—Oct.. 22,116 353 734 243 274 425 54 56 61 44 52 2,000 Nov. 22,065 354 734 254 274 51 58 61 44 52 2,000 Dec. 21,938 J939 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 2,000 June. 21,173 391 734 297 274 56 84 61 44 52 2,000 July. 20,996 397 734 297 274 56 86 61 44 52 Aug.. 20,926 408 61 44 Sept. 20,825 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 Po g r a t l u- Ru ni m a a- A S f o r u ic th a Spain 1938—Dec. 37 26 193 164 80 29 998 23 94 20 85 69 133 220 B525 1939—Dec . 24 26 144 164 90 32 692 23 94 20 4 84 69 152 249 1940—Dec. 24 26 120 164 140 47 617 23 4 84 20 59 158 367 1941—Dec. 24 26 6164 235 47 575 23 21 59 182 366 42 1942—Dec. 24 734 4216 39 506 23 25 59 241 634 42 1943—Oct..., 24 78 200 500 23 26 60 302 667 Nov.., 24 80 202 500 23 31 60 305 685 Dec... 24 92 203 500 23 31 60 316 706 91 1944—Jan..., 24 92 205 500 23 31 60 316 716 Feb... 24 104 229 500 23 31 60 P323 740 Mar.., 24 230 500 23 33 60 728 96 M Ap a r y . . . .: 2 2 4 4 2 2 2 2 7 6 5 5 0 0 0 0 2 2 3 3 3 3 4 4 6 6 0 0 P353 7 7 4 2 1 7 1 9 0 8 1 June.. 24 224 500 23 34 60 "369 749 July.. 24 222 500 23 36 760 Aug... 220 500 23 34 778 Sept.. 220 32 Government gold reserves1 not included in previous figures End of month S d w e e n - land 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 monthU St n a i t t e e s d U K d n i o n i m t g e - d France g B iu e m l- 1938—Dec 321 701 29 2,690 69 52 57 14 142 1938—Dec ... 80 2759 331 44 1939—Dec 308 549 29 68 52 59 7 153 1939—Mar. ... 154 1,732 559 1940—Dec 160 502 88 1 90 29 82 12 145 May 477 1941—Dec 223 665 92 1 100 41 483 12 142 June... 85 17 1942—Dec 335 824 114 1 89 68 21 160 Sept.... 164 3876 Dec 156 17 1943—Oct 378 900 161 1 111 84 27 202 1940—Mar. ... 145 Nov 384 903 161 1 117 84 27 203 June... 86 17 Dec 387 964 161 1 121 89 45 204 Sept 105 1944—Jan 399 973 171 1 123 89 45 205 Dec ... 48 292 17 Feb 401 984 171 1 124 100 45 210 1941—Mar. ... 88 Mar 421 994 191 1 128 100 39 212 June... 89 17 Apr 426 .,004 191 1 131 100 39 213 Sept..... 24 4151 M Ju a n y e 4 4 3 3 0 2 . , , 0 0 2 1 3 0 2 19 1 1 0 1 1 1 13 3 9 6 1 1 1 1 0 0 3 3 9 9 2 2 1 1 7 6 1942— D M ec ar.... 2 1 5 2 17 J A u u l g y 4 4 3 4 5 9 1 L , , 0 0 3 2 0 9 1 1 1 1 1 1 0 0 39 2 2 1 1 6 6 J S u ep n t e... 8 7 17 Sept 454 L,033 1 110 216 Dec 12 17 1943—Mar.... 14 p Preliminary. J S u e n p e t. . . . . . , . . 1 7 1 17 1 Figures through March 1940 and figure for December 1942 and December 1943 include, in ad- Dec 43 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. June... 21 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 Control Board. Gold reported since that time is gold held by Minister of Finance. 1 Reported at infrequent intervals or on de- 4 Figures relate to last official report dates for the respective countries, as follows: Bulgaria— layed basis: U. S.—Exchange Stabilization Fund Jan. 31, 1943; Greece—Mar. 31, 1941; Java—Jan. 31,1942; Norway—Mar. 30, 1940; Poland- (Special A/c No. 1); U. K.—Exchange Equali- July 31,1939; Yugoslavia—Feb. 28, 1941. zation Account; France—Exchange Stabilization 5 Figure for December 1938 is that officially reported on Apr. 30,1938. Fund and Rentes Fund; Belgium—Treasury. 6 Figure for February 1941; beginning Mar. 29,1941, gold reserves no longer reported separately. 2 Figure for end of September. 7 Beginning December 1942, includes gold reserves abroad, formerly not reported. 3 Reported figure for total British gold reserves on 8 These countries are: Albania, Algeria, Australia, Austria through Mar. 7,1938, Belgian Congo, Aug. 31,1939, less reported holdings of Bank of Eng- B Es o t l o iv n i i a a , , C F h in in la a n , d C , o G st u a a R te i m ca a l b a e , g I i c n e n l i a n n g d , J u Ir ly el a 1 n 94 d 3 b , e D g a in n n zi i g n g t h F r e o b u r g u h a r A y u 1 g 9 . 4 3 3 1 , , L 19 a 3 tv 9 i ? a E , c L u i a th d u o a r, n E ia l , S M a o lv ro a c d c o o r, , lan 4 d F o ig n u t r h e a t f o d r a t S e e . pt. 1, 1941. and Thailand (Siam). Figures for certain of these countries have been carried forward from last previous official report. NOTE.—For certain back figures and for details 9 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British t r h e e g a B r r d i i t n is g h s a p n e d c i F al r e i n n c t h e r i n n a s l t it g u o t l i d o n t s r , a s n e s e f e B r a s nk a in ff g e c a ti n n d g 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. 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 I I A W fri e c s a t * I | B C e o l n g g ia o n S U St n a it t e e d d I | nC anaAd aKS AMT ex • i co « 61 l Co b lo ia m - | I ^ C u h ' i l le Au l s ia tr 8 a-I B In ri d ti i s a h 9 $1 = 15 &grains of gold fa ine; i.e.,an ounce of fine gold = $35 1934 823,003 708,453 366,795 | 24,264 12,153 6,549 108,191 104,023 23,135 12,045 8,350 1,166 30,559 ! 11,223 1935 882,533 752,847 377,090 25,477 13,625 7,159 126,325 114,971 23,858 11,515 9,251 868 31,240 11,468 1936 971,514 833,895 396,768 28,053 16,295 7,386 152,509 131,181 26,465 13,632 9,018 807 40,118 11,663 1937 1,041,576 893,384 410,710 28,296 20,784 8,018 168,159 143,367 29,591 15,478 9,544 848 46,982 11,607 1938 1,136.360 958,770 425,649 28,532 24,670 8,470 178,143 165,379 32,306 18,225 10,290 1,557 54,264 11,284 1939 1,208,705 1,020,297 448,753 28,009 28,564 8,759 196,391 178,303 29,426 19,951 11,376 3,506 56,182 11,078 1940 1,297,349 1,094,264 491,628 29,155 32,163 3 8,862 210,109 185,890 30,878 22,117 11,999 5,429 55,878 10,157 1941 1,288,945 1,089,395 504,268 27,765 32,414 209,175 187,081 27,969 22,961 9,259 7.525 51,039 9,940 1942 968,112 494,439 26,641 29,225 130,963 169,446 630,000 20,882 6,409 8,623 42,525 8,960 1943 738,471 448,153 23,009 19,740 48,808 127,796 19,789 6,081 7,715 28,560 8,820 1943—Sept 60,108 36,783 1,920 1,540 3,392 9,875 1,659 598 770 2,835 735 Oct 59,943 37,162 1,896 1,540 3,899 9,800 1,672 511 628 2,100 735 Nov 58,372 36,889 1,790 1,540 3,452 9 370 1,512 450 605 2,100 665 Dec 58,309 36,653 1,814 1,505 3,605 9,198 1,600 501 633 2,100 700 1944—Jan 56,589 36,169 1,763 1,540 3,085 9,023 1,581 676 756 1,295 700 Feb 54,163 34,100 1,709 1,540 3,429 8,988 1,344 617 651 1,155 630 Mar 57,152 36,266 1,706 1,575 2,933 9,333 2,056 577 677 1,365 665 Apr 53,887 34,879 1,771 1,610 2,936 8,568 1,363 486 665 945 665 May ^57,239 36,921 1,749 1,575 2,881 8,989 2,020 '486 693 1,330 595 Tune ?53,663 35,264 'l,749 1,435 2,431 8,397 1,732 '486 560 1,435 175 July *>55,439 36,430 '1,749 1,400 2,959 8,247 PI,901 '486 590 1,295 ,385 Aug *55931 37,022 '1,749 '1,400 2,779 8,290 'pl,901 '486 625 '1,295 '385 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes, irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars;1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million. p Preliminary. ' Figure carried forward. 1 Annual figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on estimates of American Bureau of Metal Statistics. 2 Beginning April 1941, figures are those reported by American Bureau of Metal Statistics. 3 Beginning May 1940, monthly figures no longer reported. Annual figure for 1940 estimated at three times production for first four months of the year. _ 4 Includes Philippine Islands production received in United States. Annual figures are estimates of the United States Mint. Monthly figures represent estimates of American Bureau of Metal Statistics, those for 1943 haying been revised by adding to each monthly figure $85,455 so that aggregate for 1943 is equal to annual estimate for the year compiled by Bureau of Mint in cooperation with Bureau of Mines. 6 Figures for Canada beginning 1944 are subject to official revision. 6 Beginning April 1942, figures no longer reported. Annual figure for 1942 is rough estimate based on reported production of $7,809,000 in first three months of year. 7 Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production. 8 Beginning December 1941, figures are those reported by American Bureau of Metal Statistics. For the period December 1941-December 1943 they represent total Australia; beginning January 1944, Western Australia only. 3 BeginninglMay 1940, figures are those reported by American Bureau of Metal Statistics. NOTE.—For explanation of table and sources, see BULLETIN for February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; April 1933, pp. 233-235; and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543. GOLD MOVEMENTS UNITED STATES [In thousands of dollars at approximately $35 a fine ounce! Net imports from or net exports (—) to: Y m e o ar n t o h r im T n o p e t o a t r l ts U K d n o i i n m t g e - d France g B iu el m - N l e a t n h d e s r- S d w en e- e S r w la i n tz d - Canada Mexico Co b l i o a m- I P s p h la i i n l n i e d p s - t A ra u l s i - a A S f o r u ic t a h Japan B I r n i d ti i s a h o co A th u l e n l r tries 19341 1,m 004 499 870 ?60 ??3 8,902 94,348 12,402 86,829 30,270 16,944 12,038 1,029 12 4 76,820 32,304 1935 1,7 SO010 315,7?,7 0S4243 3 227,185 968 95,171 13,667 10,899 15,335 3,498 65 75,268 46,989 1936 1,116,584 174093 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 891531 -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 1,208,728 81,135 15,488 163,049 60,146 1,363 76,315 36,472 10,557 27,880 39,162 401 168,740 16,159 267,975 1 1 9 9 4 3 0 9 4 3 , ,5 74 7 4 4 4 1 7 5 2 11,8 6 2 3 6 3 4 0 0 8 3 3 24 3 1, , 7 7 7 9 8 8 165,1 9 2 7 2 7 3 6 4 3 1 , , 2 6 6 1 0 8 16 2 1 8 4 7 8 1 9 5 9 8 0 6 , ,9 3 8 2 7 02,6 6 2 1 2 2 , , 3 9 3 4 0 9 3 2 3 9 , , 6 8 1 8 0 0 2 2 3 3 , , 9 2 9 3 9 9 3 3 8 5 , , 6 6 2 3 7 6 1 7 0 4 3 , , 2 77 5 7 0 1 2 8 2 4 , , 8 7 6 5 2 6 1 1 1 6 1 5 , , 7 6 3 0 9 5 4 5 9 0 , ,9 9 5 8 6 9 4 31 3 0 8 2 8 , ,4 4 6 0 8 4 1941 98? 378 3 770 1 1 1 7/17 899 412,056 16,791 24,448 42,678 67,492 292,893 0444 9,665 5100,485 1941 Jan V 1 1746 563 46,876 1147 3,168 3,185 11,136 149,735 6 4,501 6,062 Feb 108 609 1218 337 81,529 814 11 2,772 6,738 96 615,093 Mar 118 S67 817 95,619 866 2,232 3,984 6,262 2,788 3046 2,951 Apr 17109? 20,216 1147 2,934 3,587 4,720 132,261 313 6,793 May 8S0 2 16,306 060 2,794 3,384 4,194 3,594 3,589 June 30 IV 474 17,514 800 7 2,114 4,593 69 131 5,009 July V 041 S4? 19,224 1080 2,128 4,970 5,199 88 3,811 Aug 70 10,842 843 2,230 5,098 6,742 137 1,995 69,008 Sept. 65702 42,562 40 S 2 488 3,107 2,064 3,694 611,041 Oct... 40 440 ss 16,072 1 2,107 3,141 6,151 200 2,327 69,365 Nov 50-374 24,917 6 336 2,110 1,830 5,980 40 69,039 Dec 52,896 163 20,377 1273 2,238 5,506 3,713 190 711 618,726 1 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. 2 Includes $31,830,000 from Argentina. 3 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, $10,077,000 from Chile, and $37,555,000 from other countries. 4 Includes $75,087,000 from Portugal, $59,072,000 from Argentina, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $26,178,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,802,000 from Chile, $10,775,000 from Brazil, $10,416,000 from Spain, $10,247,000 from Peru, and $28,935,000 from other countries. 5 Includes $44,920,000 from U.S.S.R., $10,963,000 from Central America, and $44,603,000 from other countries. 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 Stattsttcs, Table 158, pp. 539-541, and for description of statistics, see p. 524 in the same publication. NOVEMBER 1944 1133 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 193 5 [In millions of dollars] Increase in foreign banking Decrease Foreign Domestic funds in U. S. in U. S. securities: securities: Inflow in From Jan. 2, 1935, through— Total banking Return Inflow of brokerage funds of U. S. foreign balances Total Official1 Other abroad funds funds 1935-Mar. (Apr. 3) 259.5 57.7 -2.0 59.7 155.0 31.8 -6.2 21.1 June (July 3) 616.0 213.8 6.1 207.7 312.8 43.7 15.8 29.8 Sept. (Oct. 2) 899.4 350.7 -4.5 355.2 388.6 40.1 90.3 29.8 Dec. (Jan. 1, 1936) 1,412.5 603.3 9.8 593.5 361.4 125.2 316.7 6.0 1936—Mar. (Apr. 1) 1,511.1 578.4 44.4 534.0 390.3 114.4 427.6 .4 June (July 1) 1,949.2 779.0 35.9 743.1 449.0 180.5 524.1 16.5 Sept. 30 2,283.3 898.5 37.4 861.1 456.2 272.2 633.3 23.2 Dec. 30 2,608.4 930.5 81.1 849.4 431.5 316.2 917.4 12.9 1937—Mar. 31 2,931.4 1,121.6 62.8 1,058.8 411.0 319.1 1,075.7 4.1 June 30 3,561.9 1,612.4 215.3 1,397.1 466.4 395.2 1,069.5 18.3 Sept. 29 3,911.9 1,743.6 364.6 1,379.0 518.1 493.3 1,125.1 31.9 Dec. 29 3,410.3 1,168.5 243.9 924.6 449.1 583.2 1,162.0 47.5 1938—Mar. 30 3,207.2 949.8 149.9 799.9 434.4 618.5 1,150.4 54.2 June 29 3,045.8 786.2 125.9 660.4 403.3 643.1 1,155.3 57.8 Sept. 28 3,472.0 1,180.2 187.0 993.2 477.2 625.0 1,125.4 64.1 Dec. (Jan. 4, 1939) 3,844.5 1,425.4 238.5 1,186.9 510.1 641.8 1,219.7 47.6 1939—Mar. 29 4,197.6 1,747.6 311.4 1,436.2 550.5 646.7 1,188.9 63.9 June 28 4,659.2 2,111.8 425.3 1,686.5 607.5 664.5 1,201.4 74.0 Sept. 27 5,035.3 2,479.5 552.1 1,927.3 618.4 676.9 1,177.3 83.1 Dec. (Jan. 3, 1940) 5,021.2 2,430.8 542.5 1,888.3 650.4 725.7 1,133.7 80.6 1940—Mar. (Apr. 3).. 5,115.9 2,539.0 539.1 1,999.9 631.6 761.6 1,095.0 88.7 June (July 3) 5,440.7 2,830.1 922.3 1,907.8 684.1 785.6 1,042.1 98.9 Sept. (Oct. 2) 5,748.1 3,092.8 1,112.3 1,980.5 773.6 793.1 987.0 101.6 Dec. (Jan. 1, 1941) 5,727.6 3,159.0 1,200.8 1,958.3 775.1 803.8 888.7 100.9 1941—Mar. (Apr. 2) 5,526.5 3,148.8 1,307.7 1,841.0 767.4 812.7 701.8 95.9 June (July 2) 5,575.4 3,193.3 1,375.1 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—Jan. 30 5,907.7 3,471.1 1,536.6 1,934.5 889.8 761.3 678.5 107.0 Feb. 27. 6,014.9 3,590.1 1,671.8 1,918.3 890.5 751.9 676.0 106.4 Mar. 31 6,147.1 3,643.4 1,723.1 1,920.3 898.7 810.5 685.9 108.6 Apr. 30 6,212.3 3,690.5 1,801.8 1,888.6 909.9 809.5 692.9 109.5 May 29 6,282.6 3,769.6 1,871.6 1,898.0 905.1 807.0 692.5 108.5 June 30 6,506.4 4,002.6 2,071.4 1,931.2 896.9 806.8 687.9 112.1 July 31 6,556.0 4,056.4 2,103.4 1,953.0 901.9 792.9 692.3 112.6 Aug. 31 6,726.3 4,107.9 2,122.6 1,985.3 909.4 907.8 687.0 114.3 Sept. 30 6,771.3 4,130.6 2,190.9 1,939.7 888.6 929.3 708.1 114.8 Oct. 30 6,904.6 4,284.4 2,312.9 1,971.5 870.5 928.3 707.4 114.1 Nov. 30 7,073.6 4,435.7 2,450.0 1,985.7 882.6 929.8 710.1 115.4 Dec. 31 7,118.6 4,496.3 2,461.5 2,034.8 877.6 925.9 701.1 117.8 1944—Jan. 31 7,272.9 4,658.2 2,649.3 2,009.0 870.8 931.7 695.1 117.0 Feb. 29 7,418.6 4,833.2 2,815.7 2,017.5 843.5 924.2 698.8 118.9 Mar. 31 7,462.9 4,885.4 2,856.0 2,029.4 868.0 904.1 685.8 119.6 Apr. 29 7,464.3 4,881.0 2,780.5 2,100.6 873.4 905.4 686.2 118.3 May 31 7,458.9 4,882.7 2,726.8 2,155.9 872.9 903.2 680.1 119.9 Tune 30 7,459.6 4,851.7 2,661.4 2,190.3 856.6 929.8 702.4 119.1 July 31 7,423.4 34,740.8 32,622.9 32,117.9 3850.6 1,005.8 706.9 3119.3 1 This category made up as follows: through Sept. 21,1938, funds held by foreign central banks at the Federal Reserve Bank of New York; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to 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 or the basis of certain significant movements known to have occurred on July 1. Subsequent figures are based upon new monthly statistical series. For fui ther explanation, see BUL- LETIN for January 1943, p. 98. 3 Amounts outstanding on July 31, in millions of dollars: total foreign banking funds in United States 5,397.7, including official funds, 3,260.5, and other funds, 2,137.2; United States banking funds abroad, 284.9; and brokerage balances (net due "foreigners") 42.4. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. Data by countries and geographic areas through December 1941, have been published in earlier BULLETINS for all types of capital movement in the above table (except columns 3 and 4), and for outstanding short-term liabilities to and claims on "foreigners" as reported by banks and brokers. For back figures, see Banking and Monetary Statistics, Tables 161-163, pp. 574-637, and for full description of statistics see pp. 558-560 in the same publication. II 34 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS Assets of issue Assets of banking department Liabilities of banking department department Bank of England Note circula- (Figures in millions of Cash reserves Dis- tion3 Deposits Other pounds sterling) Gold1 a O s t s h e e ts r 2 a c n o d u n a t d s - Se t c ie u s ri- lia ti b e i s li- 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 18.0 1931—Dec. 30 120.7 275.0 .6 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18.0 1932—Dec. 28 119.8 275.0 .8 23.6 18.5 120.1 371.2 102.4 8.9 33.8 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 5630.0 .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—Oct 27 .2 61,050.0 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 Sept. 27 .2 1,200.0 2.0 45.7 4.3 252.6 1,154.6 221.5 9.8 55.3 18.1 Assets Liabilities Bank of Canada Dominion and provincial government Deposits (Fi C g a u n re a s d i i a n n m d i o ll l i l o a n rs s ) of Gold an S d S t e t U a rl t n i e n i s t g ed securities a O s t s h e e ts r circ N ul o a t t e ion? liab O i t l h it e i r es dollars Short- Chartered Dominion term6 Other banks govern- Other ment 1935—Dec. 31.. 180.5 4.2 30.9 83.4 8.6 99.7 181.6 17.9 1.1 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 13.5 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—Oct. 30. . 68.5 787.4 434.0 22.1 836.6 339.2 88.9 15.6 31.7 Nov. 30 . 26.5 797.1 466.7 30.6 844.6 360.6 66.1 16.1 33.6 Dec. 31.. .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 1944—Jan. 31... .4 799.9 486.8 25.4 860.6 360.9 34.8 22.3 33.4 Feb. 29.. .2 789.2 508.9 31.3 875.4 362.7 40.1 31.5 19.8 Mar .31 .. .3 788.9 557.0 44.0 897.9 359.2 65.8 22.8 44.5 Apr. 29.. .2 777.1 567.7 26.4 915.3 385.2 24.6 17.4 28.8 May 31.. .3 879.0 548.7 23.8 911.5 377.7 101.8 26.6 34.1 June 30.. .2 803.5 576.1 39.9 920.5 414.7 8.2 22.0 54.3 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 Sept. 30.. 45.9 833.1 625.5 22.1 982.8 454.8 21.9 33.3 33.8 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 5to.5 B mainllkio; no np oSuenpdt.s 6(,a1t9 3c9u,r r2e7n9t mpriilclieo)n tpraonusnfdesrr terda nfsrfoemrr eEdx cfrhoamn gBe aAnkcc toou Entx ctoh aBnagne kA; cocno uJnutl.y" 12, 1939, 20 million pounds transferred from Exchange Account 5 Fiduciary issue increased by 50 million pounds on June 12,1940, Apr. 30, Aug. 30, and Dec. 3,1941, and Apr. 22 and July 28, 1942; by 70 million ponuds on Dec. 2, 1942; 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. 8On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for lulv 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 sfatistics see pp. 560-564 in same publication. NOVEMBER 1944 IX35 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Bank of France Domestic bills Advances to Deposits Government (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 e x n i - g g e n m O a p rk en et2 Special2 Other c F u c o p o r a s o t t i s c o 3 - n Other2 a O s t s h e e ts r ci N r ti c o o u t n e la- G m ov e e n r t n- C.A.R.4 Other l O i t t a i h b e i e s 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. 584,616 42 43,194 661 3,646 72,317 63,900 23,179 218,383 984 41,400 27,202 3,586 1941—Dec. 31. 84,598 38 42,115 12 4,517 142,507 69,500 22,121 270,144 1,517 64,580 25,272 3,894 1942—Dec. 31. 84,598 37 43,661 169 5,368 210,965 68,250 21,749 382,774 770 16,857 29,935 4,461 1943—July 29 84,598 38 43,261 6,456 271,371 61,150 21,472 440,291 754 11,170 31,864 4,267 Aug. 26 84,598 37 43,108 6,908 288,308 53,500 21,078 448,270 743 14,674 29,615 4,235 Sept. 30 84,598 37 43,412 4,968 295,807 69,500 23,519 468,015 821 15,450 33,199 4,355 Oct. 28 84,598 37 44,591 4,799 306,689 65,500 21,000 475,868 627 12,191 34,111 4,417 Nov. 25 84,598 37 44,860 35 6,472 320,843 55,950 21,457 484,060 755 14,083 31,133 4,220 Dec. 30 84,598 37 44,699 29 7,543 326,973 64,400 21,420 500,386 578 10,724 33,137 4,872 1944—Jan. 27. 84,598 37 44,870 12 8,196 343,300 56,050 21,614 506,035 825 12,365 34,339 5,112 Feb. 24. 84,598 37 45,018 3 8,469 351,000 60,500 20,598 514,323 749 13,905 35,359 5,887 Mar. 30. 84,598 37 44,359 19 8,349 351,000 69,800 21,570 530,174 786 9,063 35,100 4,608 Apr. 27. 84,598 37 44,706 12 7,718 367,300 66,800 21,437 539,058 793 8,811 38,017 5,928 May 25.. 84,598 37 44,232 6,611 383,600 67,600 21,143 551,969 795 9,652 37,876 7,528 ' June 29. 84,598 37 46,241 6,045 409,200 71,500 21,160 576,909 750 12,309 43,343 5,472 Assets Liabilities Reichsbank Reserves of gold and Bills (and Securities (Figures in millions of foreign exchange checks), Note Other reichsmarks) re T s o e t r a v l es Gold i T n r c e b l a u il s d l u s i r n y g Se l c o u a r n i s ty E a c s 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—Sept. 30 77 35,010 22 1 105 2,436 30,099 5,601 1,951 Oct. 30 77 36,117 17 1 136 2,583 30,922 5,967 2,040 Nov. 30 77 37,870 66 1 79 2,733 31,772 6,951 2,104 Dec. 31 77 41,342 27 1 65 2,337 33,683 8,186 1,980 1944—Jan. 31 77 39,584 43 1 42 2,296 33,012 7,176 1,855 Feb. 29 77 39,269 26 1 66 2,360 33,508 6,636 1,654 Mar. 31 77 40,379 46 1 33 2,281 33,792 7,237 1,788 Apr. 29 77 40,909 38 1 31 2,525 34,569 7,179 1,833 May 31 77 42,159 28 1 23 2,096 35,229 7,240 1,915 June 30 77 42,150 26 1 27 2,397 35,920 6,754 2,004 July 31 77 43,222 38 1 21 2,396 36,888 6,813 2,054 Aug. 31 77 45,829 42 1 20 2,275 38,579 7,480 2,185 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 francs were authorized to meet the costs of the German army of occupation. 4 Central Administration of the Reichskreditkassen. 5 In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank of France; in week ending Mar. 7,1940, 30,000 million francs of gold transferred from Bank of France to Stabilization Fund. 6 Gold not shown separately in weekly Reichsbank statement after June 15,1939. NOTE.—For back figures on Bank of France and Reichsbank, see Banking and Monetary Statistics, Tables 165 and 167, pp. 641-643 and pp. 645-647, respectively; for description of statistics see pp. 562-565 in same publication. II36 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRA!, BANKS—Continued Central Bank 1944 1943 Central Bank 1944 1943 (Figures as of last report (Figures as of last report date of month) Sept. Aug. July Sept. date of month) Sept. Aug. July Sept. Central Bank of the Argentine Re- National Bank of Denmark (millions public (millions of pesos): of kroner): O Go th ld er re g p o o ld r te a d n d s e fo p r a e r i a g t n e ly exchange... 1,239 2 1 , , 2 2 9 0 6 6 1 1 , ,0 8 7 1 3 8 F G o o r l e d i . g n exchange ..„. - „ .. . ,. „ « .. .. „ .. . . « 9 2 7 2 9 2 7 2 9 2 7 0 Government securities 2,352 883 376 Clearing accounts (net) 2,536 2,496 1,658 Rediscounted paper Loans and discounts , 29 27 46 Other assets 166 170 252 Securities 71 62 56 Note circulation 2,106 2,1 1,728 Govt. compensation account3... 85 85 125 Deposits—Member bank 1,414 1,268 848 Other assets «. „. «....... 3,728 3,581 2,065 Certificates O G t o h o v e f e r rn p m a e rt n i t cipation in 6 14 2 3 3 6 1 9 5 4 9 7 8 3 1 2 N De o p te o s c it i s rc — ul O G at t o i h o v e n e r r nment , . . . . , , * .. . . . . . . . . - . ... 1 2 1 , , , 6 6 8 0 6 8 0 1 7 2 1 1 , , , 5 7 5 8 8 7 1 1 8 1 1 , , 1 7 8 9 1 34 3 8 Government securities 171 167 Other liabilities.... 419 429 322 Com O m th o e n r w li e a a b l i t li h ti e B s ank of Australia 183 178 130 Ce o n f t s r u a c l r B es a ) n : k of Ecuador (thousands (Apr.)4 (thousands of pounds): Gold 249,644 215,071 Issue department: Foreign exchange (net) 71,649 66,826 Gold and English sterling 50,544 50,544 38,266 Loans and discounts..; 82,897 84,756 Securities .54,329 152,833 120,152 Other assets 95,843 69,554 Banking department: Note circulation 222,472 213,472 Coin, bullion, and cash 14,056 13,125 7,009 Demand deposits 235,138 180,064 London balances .24,868 123,180 47,199 Other liabilities 42,422 42,670 Loans and discounts 29,701 30,371 20,066 National Bank of Egypt5 (thou- Securities 536,843 237,417 226,510 sands of pounds): Deposits 109,661 207,328 172,635 Gold.. 6,241 6,241 Note circulation 96,494 194,994 150,012 Foreign exchange 14,684 12,693 National Bank of Belgium and Bank Loans and discounts 1,828 2,471 of Issue of Brussels (millions of British, Egyptian, and other Govbelga):1 ernment securities 239,934 194,275 Gold ,.„ 4,331 4,331 Other assets ,. „. „. „.«....., 18,164 6,905 Foreign exchange 12,661 9,116 Note circulation ». „. „.., 101,899 87,663 Credits to State and public bodies 4,265 3,767 Deposits—Government 62,886 39,448 Credits to private economy 50 116 Other ..„.„ 102,502 80,881 Reichskreditkasse 756 713 Other liabilities 13,563 14,592 Other assets 675 637 Central Reserve Bank of El Salva- Note circulation 19,504 16,132 dor (thousands of colones): D Po e s m ta a l n d C h d e e c p k o in si g ts O ffi ( c . e ,, . . . „ .: „ :; . „ .. . . „ 1 1 , , 2 6 2 3 0 7 1, 9 3 0 2 8 2 G Fo o r l e d i gn exchange ; „ „ „ . . „ .„ .„ , ,... 3 3 2 8 , , 8 0 5 1 6 8 2 2 6 5 , , 8 2 6 5 1 8 Other liabilities „. „ „ 375 319 Loans and discounts.......- .. 763 874 National Bank of Bohemia and Government debt and securities... 6,351 6,836 Moravia (millions of koruny): Other assets „... „....., 1,108 599 Gold 1,515 1,515 1,515 Note circulation....:; „. „.„....„ 43,576 32,800 Foreign exchange 776 775 772 Deposits ..„-. — -.-.-.„. „...., 29,473 21,696 Discounts „.., 3,403 3,385 1,202 Other liabilities. «„«.„. „. .„ „ , 6,046 5,932 Loans Bank of Finland2 Other assets ,. „ 43,649 40,726 26,727 Bank of Greece2 Note circulation 28,22' 27,356 20,086 National Bank of Hungary (million! Demand deposits..;;„.».., 11,125 9,444 4,392 of pengo): Other liabilities - 9,997 9,602 5,738 Gold. 100 100 Central Bank of Bolivia (millions Foreign exchange reserve 4 of bolivianos): Discounts ..,.., 5,315 2,919 Gold at home and abroad 600 599 555 Loans—To Treasury 541 666 Foreign exchange 384 406 372 To foreign countries 902 933; Loans and discounts 288 287 357 Other ,.„....„ 13; Securities—Government 63' 634 531 Other assets i,39 1,176, Other 4: 4: 41 Note circulation . ... ., 5,59: 3,974 Other assets ,.., T 72 82 Demand deposits „ 1,21$ 649- Note circulation ».., ,18< 1,17. 1,026 Consolidated foreign credits of Deposits „.». „..,. .,.. 733 77 814 1931 ,....„ H 15 Other liabilities. „. 10' 9. 97 Other liabilities , 1,43: 1,173 National Bank of Bulgaria2 Reserve Bank of^India (millions of Central Bank of Chile (millions rupees): of pesos): Issue department: Gold , 27, 264 Gold at home and abroad.. 444 444 Discounts for member banks 8: 72 Sterling securities 8,283 6,418 Loans to Government 71. 743 Indian Govt. securities 578 734 Other loans and discounts 938 860 Rupee coin 144 149 Other assets. , 1,14; 997 Note circulation 9,220 7,597. Note circulation , 2,30. 2,105 Banking department: Deposits—Bank......, , 387 Notes of issue department.... 23C 148: Other „ 160 Balances abroad 2,05 = 1,082: Other liabilities , 284 Treasury bills discounted.. l: Bank of the Republic of Colombia Loans to Government (thousands of pesos): Other assets ..., 15 105 Gold 155,36f 153,25' 150,035 95,525 Deposits ., , 2,25< 1,177 Foreign exchange , 119,03;=114,95' 114,328 82,495 Other liabilities 19: 158 Loans and discounts 12,329 5, 7,506 3,918 Central Bank of Ireland (thousands Government loans and securities.. 56,884 56,33! 56,525 55,684 of pounds): D O N O e t o t h h p te e e o r r s c i a l i t i r s s a c s u b et l i s a l i ti t o ie n s — ,. „ .; . « „ .. „ , — .« . r « . . » . . . „.„... 1 1 3 8 3 5 0 0 6 6 , , , , 2 3 9 5 7 9 7 2 : 7 : ' 1 1 5 2 3 7 4 9 3 1 , , , , 7 5 6 4 9 7 6 7 . 1 : : 1 1 2 6 5 3 9 9 4 3 , , , , 8 5 9 9 3 5 2 1 $ 1 ( 1 1 3 4 0 1 2 8 8 2 , , , , 2 8 1 8 6 6 9 1 0 9 6 7 B Ba a n n N G k S k t o o e o o l t r d f f e l i n J J c g a i a r v p c f a u u a 2 n l n a d 2 t s io „ n . ,.„ , ..„ .- „ .. .„ :.., 2 2 7 9 , , , 2 " 2 2 2 8 6 , , , 0 7 8 3 2 28 2 5 , , , 3 6 6 1 4 6 i . 2 2 2 4 2 , , , 6 9 3 4 5 0 6 5 9 1 Separate figures for National Bank of Belgium not available. The Bank of Issue of Brussels was founded by the German Military Administration on Tune 27 1940- it has no note issue, drawing its resources principally from advances from the National Bank and deposits by the Postal Checking Office. 2 For last available report from the central bank of Bulgaria (January 1943), see BULLETIN for July 1943, p. 697; of Finland (August 1943), see BUL- LETIN for April 1944, p. 405; of Greece (March 1941) and Japan (September 1941), see BULLETIN for March 1942, p. 281; and of Java (January 1942), see UL3 Represents^ank's claim on the Government for the Bank's foreign exchange losses resulting from the revaluation of the krone on Jan. 23, 1942.. 4 Latest month for which report is available for this institution. 5 Items for issue and banking departments consolidated. NOVEMBER 1944 "37 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 repo-t (Figures as of last report date of month) Sept. Aug. July Sept. date of month) Sept. Aug. July Sept. Bank of Mexico (millions of pesos): Bank of Spain (millions of pesetas): (May)3 Metallic reserve1 543 535 420 Gold 1,102 927 , ''Authorized" holdings of securi- Silver 621 626 ties, etc. 1,366 1,368 1,201 15,966 16 177 Bills and discounts 347 322 'l40 Other loans and discounts 2,768 3*. 074 Other assets 83 77 64 Other assets 2,158 2,282 Note circulation 1,227 1,212 1,023 Note circulation 16,037 15,610 Demand liabilities 945 930 657 Deposits—Government 2,450 3,114 Other liabilities 168 161 144 Other 3,634 3,500 Netherlands Bank (millions of Other liabilities 494 802 guilders): Bank of Sweden (millions of kronor): Gold 932 932 Gold 1,000 989 960 824 Silver (including subsidiary coin).. 1 Foreign assets (net) *563 569 600 588 Foreign bills 3^921 2,778 Swedish Govt. securities and ad- Discounts vances to National Debt Office**. 1,171 1,161 1,229 1,050 Loans 133 139 Other domestic bills and advances. 87 94 89 91 Other assets 96 76 Other assets 1,034 990 974 866 Note circulation 4,474 3,041 Note circulation 2*. 337 2,253 2,187 2,133 Deposits—Government 105 100 Demand deposits—Government 434 441 582 361 Other 310 675 Other 433 484 452 313 Other liabilities 193 110 Other liabilities 651 625 631 612 Reserve Bank of New, Zealand (thou- Swiss National Bank (millions of sands of pounds): francs): Gold 2,802 2,802 2,802 Gold 4,468 4,453 4,455 3,838 Sterling exchange reserve 32,658 30,848 25,810 Foreign exchange 95 105 87 92 Advances to State or State under- Loans and discounts 100 64 * 62 275 takings 39,953 41,381 37,636 Other assets (6) 140 (6) 330 Investments 11,736 11,736 10,323 Note circulation 3,194 3,082 3,028 2,805 Other assets 2,630 2* 591 3*092 Other sight liabilities 1,325 1,402 1,441 11455 Note circulation 37,961 37,688 33*636 Other liabilities (6) 277 (6) 275 Demand deposits 48,347 48*272 42,'920 Central Bank of the Republic of Other liabilities 3,471 3,398 3,108 Turkey (thousands of pounds): (June)3 Bank of Norway2 Gold 263,060 201,696 Bank of the Republic of Paraguay Foreign exchange and foreign (millions of pesos): clearings 80,992 69,585 Gold 335 331 20 Loans and discounts 840,678 685,567 Foreign exchange 2,447 2 490 2,333 Securities 180,331 193,915 Loans and discounts 202 '208 *106 Other assets 20,844 22,219 Government loans and securities... 2,721 2,573 1,924 Note circulation 910,885 746,532 Other assets 1 557 1 404 2,107 Deposits—Gold 84,684 79 358 Note circulation 2*845 2^ 812 2*. 531 Other 226,157 178,740 Demand deposits—Government. 821 786 563 Other liabilities 164,180 168,349 Other 2,524 2,417 cl,811 Bank of the Republic of Uruguay Other liabilities 1,073 991 cl,584 (thousands of pesos): Central Reserve Bank of Peru (thou- Issue department: (June)3 sands of soles): Gold and silver 118,693 90,197 Gold and foreign exchange 170,821 143,735 Note circulation 135,255 119,422 Discounts 1,072 10,926 Banking department: Government loans 414,907 324,455 Gold and silver 100,171 84,182 Other assets 20,461 18,981 Notes and coin 37,015 29,578 Note circulation 392,235 323,116 Advances to State and to gov- Deposits 191,513 151,449 ernment bodies 15,628 34,226 Other liabilities 23,514 23,531 Otlier loans and discounts 99,258 94,436 Bank of Portugal (millions of es- Other assets 255,444 177,161 cudos): (May)3 Deposits 225,039 169,286 Gold4 .. . 1,411 1,398 Other liabilities 282,476 250,299 Other reserves (net) 4 752 3,836 Central Bank of Venezuela (thou- Nonreserve exchange 8*881 7,365 sands of bolivares): Loans and discounts 240 233 Gold 338,108 338,108 338,108 257,864 Government debt 1,023 1,025 Foreign exchange (net) 55,512 37,196 32,209 34,312 Other assets 925 1,072 Credits to national banks 26,370 26,370 26,370 31,230 Note circulation 6,885 6,128 Other assets 36,844 45,035 33,241 13,443 Other sight liabilities 9,428 7,808 Note circulation—Central Bank 267,363 267,608 266,989 230,365 Other liabilities 919 995 National banks.. 20,889 21,587 22,273 27,976 Deposits 161,838 147,082 133,810 70,642 of lei): (June)3 Other liabilities 6,744 10,431 6,856 7,865 Gold 69,567 54,496 National Bank of the Kingdom of Special exchange accounts 70,223 31,407 Yugoslavia2 Loans and discounts 70,986 48,824 Bank for International Settlements Special loans (in liquidation) 117 244 (thousands of Swiss gold francs):7 44,948 20,754 Gold in bars 118,495 80,067 VJUVCIIIJIICIIL UCUt 62*750 59^076 Cash on hand and on current ac- NOtohteer cairscsuetlsation 211,848 138,395 count with banks 21,513 18,044 Demand deposits 62,252 50,230 Sight funds at interest 6,701 15,773 Other liabilities 44,490 26,174 Rediscountable bills and accept- South African Reserve Bank (thou- ances (at cost) 101,741 151,399 sands of pounds): Time funds at interest 21,075 21,395 Gold 94,381 92,184 78,158 Sundry bills and investments 198,607 197,657 Foreign bills 20,241 21,114 11,687 Other assets...^ 282 37 Other bills and loans 4,060 4,436 727 Demand deposits (gold).; 29,076 40,802 Other assets. 90,243 89,874 86,964 Short-term deposits (various cur- Note circulation 52,092 53,613 45,239 rencies): T)eposits 151,573 148,791 127,810 Central banks for own account 9,473 15,320 Other liabilities 5,260 5,204 4,488 Other 3,106 2,494 Long-term deposits: Special accounts 229,001 229,001 Other liabilities 197,757 196,755 1 c I C n o c r l r u e d c e t s e d g . old, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 2 For last available reports from the central banks of Norway (March 1940), and Yugoslavia (February 1941), see BULLETIN for March 1942, p. 282. 3 Latest month for which report is available for this institution. 4 Valued at average cost beginning October 1940. 5 Includes small amount of non-Government bonds. 6 Figure not available. 7 Ses BULLETIN for December 1936, p. 1025. 1138 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of- Date effective U K d n i o n i m t g e - d France Ger- g B iu e m l- N la e e n t r d - h s - S d w en e- la e n r- d b C an e k n t o r f a — l R O 3 a c 1 t t e . ef D fe a ct t i e ve ba C n e k n t o r f a — l R O 3 a c 1 t t e . ef D fe a ct t i e ve In effect Oct. 2, Oc 1 t 9 . 3 9 6 A A r lb g a e n n i t a ina S " Y2 ' M M a a r r . . 21 1 , , 1 1 9 9 4 3 0 6 J It a a p l a y n 4 3.29 A Se p p r. t . 1 7 1 , , 1 1 9 9 4 3 4 6 Oct. 16 Belgium 2 ' Jan. 25,1940 Java 3 Jan. 14, 1937 Oct. 20 2H Bohemia and Latvia 5 Feb. 17, 1940 Nov. 26 Moravia... Oct. 1, 1940 Lithuania. .. 6 July 15, 1939 Dec. 3 2 " Jan. 28, 1937 June IS July 7 Bolivia Nov. 8, 1940 Mexico June 4, 1942 Aug. 4 British India.. Nov. 28, 1935 Netherlands. June 27, 1941 Sept. 3 Bulgaria Dec. 1, 1940 New Zealand July 26, 1941 Nov. 13 Canada Feb. 8, 1944 Norway. . May 13, 1940 May 10, 1938 Chile Dec. 16, 1936 Peru Aug. 1, 1940 May 13 Colombia July 18, 1933 Portugal. Jan. 12, 1944 May 30 Sept. 28 Oct. 27 Nov. 25 Denmark Oct. 16, 1940 Rumania. May 8, 1944 Jan. 4, 1939 Ecuador May 26, 1938 South Africa June 2, 1941 Apr. 17 4 El Salvador... Mar. 30, 1939 Spain Dec. 1, 1938 May 11 3 Estonia Oct. 1, 1935 Sweden May 29,1941 July 6 2Y2 Finland Dec. 3, 1934 Switzerland. Nov. 26,1936 Aug. 24 Aug. 29 Sept. 28 Oct. 26 France Mar. 17, 1941 Turkey July 1, 1938 Dec. 15 Germany.... 3' Apr. 9, 1940 United King- Jan. 25, 1940 Greece 6 Mar. 1, 1942 dom Oct. 26, 1939 Apr. 9 Hungary 3 Oct. 22, 1940 U.S. S. R... July 1, 1936 May 17 Ireland Nov. 23, 1943 Yugoslavia.. Feb. 1, 1935 Mar. 17, 1941 May 29 June 27 NOTE.—Changes: Italy—Sept. 11, down from to 4 per cent; In effect Oct. 31, Rumania—May 8, up from 3 to 4 per cent. 1944 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 d o n e w p k 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 t n o e - y day d P is r r i c a v o te a u t n e t 1 M m f o o n o r e n y th m u L p o o n a to t n h s 3 s d P is r r i c a v o t a e u t n e t 1929—Aug.. 5.47 5.48 4.35 7.18 7.42 5.06 4.68 3.33 1930—Aug.. 2.21 2.17 1.85 3.24 3.73 1.83 1.63 1.75 1931—Aug.. 4.28 4.21 3.59 X8.92 *9.15 1.30 1.22 4-6 1.98 1932—Aug.. .74 .60 .73 4.50 5.82 .37 1.00 4-6 1.50 1933—Aug.. .41 .30 .62 3.88 4.94 1.11 1.08 3-53^ 1.50 1934—Aug.. .79 .74 .81 3.75 4.72 .75 1.00 2J4-5 1.50 1935—Aug.. .60 .58 .75 3.00 3.06 4.78 4.72 2^4^ 2.47 1936—Aug.. .55 .53 .75 2.88 3.01 1.29 1.20 234-5 2.25 1937—Aug.. .55 .52 .75 2.88 2.85 .13 .53 2H-5 1.00 1938—Aug.. .53 .51 .75 2.88 2 A .13 .50 214-5 1.00 1939—Aug.. 1.58 1.92 1.35 2.75 2.50 1.03 1.53 2M5 1.00 1940—Aug.. 1.03 1.02 1.00 2.31 1.77 (2) 3.00 1.50 1941—Aug.. 1.03 1.00 1.00 2.13 1.73 1.88 2.25 1.25 1942—Aug. 1.03 .00 1.00 2.13 1.68 1.25 1943—Aug.. 1.03 .00 1.11 2.13 1.89 1.25 1943—Sept.. 1.03 .00 1.07 2.13 1.93 1.25 Oct... 1.03 .00 1.00 2.13 1.25 Nov.. 1.03 .00 1.00 2.13 1.25 Dec. 1.03 .01 1.00 2.13 1.25 1944—Jan... 1.03 .01 1.08 2.13 1.25 Feb.. 1.03 .00 1.13 2.13 1.25 Mar.. 1.03 .00 1.13 2.13 1.25 Apr.. 1.03 .01 1.13 2.13 1.25 May. 1.03 .00 1.13 2.13 1.25 June. 1.03 1.00 1.13 1.25 July. 1.03 1.00 1.13 1.25 Aug.. 1.03 1.00 1.13 1 Based on data for part of month only. 2 Figure not available. NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172, pp. 656-661, and for description of statistics see pp. 571-572 in same publication. NOVEMBER 1944 1139 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 n u o d r u e o n s n d i s c n l s e m t a e i r r l i l l n i i o g n n g b s ) a o n f ks. re C se a r s v h es M ca n o s l o n h l t e o i a y c r n 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 u s t i r s t y 2 Securities c L u o s a to n m s e to rs a O s t s h e e t r s Total D D e e m po a s n it d s 3 Time3 lia O b t i h li e ti r es 1936—December. 244 195 322 660 890 249 2,315 1,288 1,012 245 1937—December. 244 163 300 635 984 256 2,330 1,284 1,026 252 1938—December. 243 160 250 635 971 263 2,254 1,256 997 269 1939—December. 274 174 334 609 1,015 290 2,441 1,398 1,043 256 1940—December. 324 159 265 314 771 924 293 2,800 1,770 1,030 250 1941—December. 366 141 171 758 999 823 324 3,329 2,168 1,161 253 1942—December., 390 142 198 896 1,120 794 325 3,629 2,429 1,200 236 1943—September 389 148 209 1,045 1,160 741 293 3,737 2,504 1,233 248 October... 394 151 181 1,135 1,158 749 289 3,813 2,556 1,256 245 November. 403 155 184 1,187 1,167 732 283 3,865 2,588 1,277 245 December. 422 151 133 1,307 1,154 761 349 4,032 2,712 1,319 245 1944—January... 416 157 138 1,305 1,149 754 288 3,962 2,650 1,312 245 February.. 414 150 124 1,264 1,141 761 287 3,897 2,583 1,314 243 March 423 155 113 1,331 1,136 781 290 3,988 2,652 1,336 242 April 430 164 149 1,314 1,152 762 285 4,017 2,672 1,345 240 May 418 173 174 1,310 1,161 765 292 4,051 2,704 1,347 242 June 427 185 202 1,246 1,169 784 327 4,100 2,730 1,370 240 July 426 188 213 1,310 1,175 765 289 4,121 2,744 1,377 244 August— 439 205 211 1,337 1,180 750 283 4,161 2,775 1,386 243 Assets Liabilities Canada Entirely in Canada Se lo c a u n ri s ty Deposits payable in Canada (10 m c o o h f n a t C h rt a e f n r i e g a d u d r i e a b s n a n in k d s o . m l l ^ a il r l E s i ) o 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 l e a- excluding interbank deposits li O a t bi h l e i r ties reserves loans and dis- foreign Total Demand Time counts banks 1936—December. 240 114 791 161 1,384 554 103 2,303 755 1,548 837 1937—December. 255 76 862 102 1,411 575 96 2,335 752 L,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 L,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 L.669 962 1942—December. 387 31 1,168 231 2,293 657 60 3,657 1,984 ]L,673 1,049 1943—September 427 34 1,045 198 2,881 679 46 4,085 2,096 1,989 1,133 October,.. 460 38 1,038 202 2,870 659 45 4,107 2,146 L961 1,115 November. 496 44 1,259 233 2,938 669 43 4,454 2,572 1,883 1,141 December. 471 48 1,156 250 2,940 744 42 4,395 2,447 1,948 1,172 1944—January... 491 53 1,085 229 2,950 674 41 4,273 2,247 2,026 1,167 February.. 486 52 1,003 227 2,994 664 40 4,216 2,093 2,124 1,170 March 468 41 982 210 3,156 732 39 4,368 2,143 2,225 1,182 April 510 42 920 212 3,390 669 38 4,506 2,253 2,254 1,198 May 525 81 1,175 275 3,374 712 37 4,850 2,756 2,094 1,256 June 526 71 1,104 294 3,358 856 36 4,836 2,641 2,195 1,339 July 545 63 1,063 218 3,388 755 35 4,716 2,451 2,265 1,282 August.... 569 61 1,002 215 3,368 755 35 4,667 2,297 2,370 1,268 France Assets Liabilities (4 larg f e i g b u a r o e n f s k s f i . 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 r s om B c i o l u ls n d te i d s- Loans a O s t s h e e ts r Total D D e e p m o a s n it d s Time a a c O n c w e c o e n s t- lia O b t i h li e ti r es 1936—December. 3,100 2,975 17,582 7,631 1,957 28,484 27,955 529 473 4,289 1937—December. 3,403 4,116 18,249 7,624 2,134 30,348 29,748 600 661 4,517 1938—December. 3,756 4,060 21,435 7,592 1,940 33,578 33,042 537 721 4,484 1939—December . 4,599 3,765 29,546 7,546 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. 2 Represent six-month loans to the Treasury at \% per cent, callable by the banks in emergency at a discount equal to the Bank of England rate, 3 Through December 1937, excludes deposits in offices outside England and Wales which are included in total. 4 Figures for three banks only. Data for Credit Industriel et Commercial not available September 1940-March 1941. NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Table 168, pp. 648-655, and for description of statistics see pp. 566-571 in same publication. II4O 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] Year or month Ar ( g p e e n so ti ) na A ( u p s o t u ra n l d i ) a (b g B e iu l e g m l a - ) (c B ru r z a e z ir i o l 1) B ( I r r u n i p t d i e i s e a h ) g B ( a l u e r v l i - a ) Canada (dollar) Chile (peso) C S ( h y h a u i n a n n g a - Official Special Official Free Official Free Official Free Official Export hai) Export 1936 33.137 395.94 16.917 8.5681 25.8788 37.523 1.2958 99.913 5.1240 29.751 1937 32.959 393.94 16.876 8.6437 6.1983 37.326 1.2846 100.004 5.1697 24.0000 29.606 1938 32.597 389.55 16.894 5.8438 36.592 21.2424 99.419 5.1716 4.0000 21.360 1939 30.850 353.38 16.852 6.0027 33.279 96.018 5.1727 4.0000 11.879 1940 29.773 305.16 216.880 6.0562 5!0214 30.155 290.909 85.141 5.1668 4.0000 6.000 1941 29.773 223.704 322!80 321.27 6.0575 5.0705 30.137 90.909 87.345 25.1664 24.0000 25.313 1942 , 29.773 23.704 322.80 321.50 6.0584 5.1427 30.122 90.909 88.379 1943 29.773 24.732 322.80 2321.50 6.0586 5.1280 30.122 90.909 89.978 1943—Oct 29.773 25.125 322.80 6.0586 5.1275 30.122 90.909 89.426 Nov 29.773 25.125 322.80 6.0586 5.1275 30.122 90.909 89.422 Dec 29.773 25.125 322.80 6.0586 5.1275 30.122 90.909 89.404 1944—Jan 29.773 25.125 322.80 6.0586 5.1275 30.122 90.909 89.554 Feb 29.773 25.125 322.80 6.0586 5.1275 30.122 90.909 89.586 Mar 29.773 25.125 322.80 6.0586 5.1275 30.122 90.909 89.326 Apr 29.773 25.125 322.80 6.0586 5.1275 30.122 90.909 89.969 May 29.773 25.125 322.80 6.0586 5.1275 30.122 90.909 90.507 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 Aug 29.773 25.125 322.80 6.0602 5.1529 30.122 90.909 90.003 Sept 29.773 25.125 322.80 6.0602 5.1803 30.122 90.909 89.356 Year or month C ( o p b l e i o s a m o) -C s ( l k o z o e v r c a u 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 r G e a a i e r c n r k h - y ) s- G (d r m r e a a e c ) c h e - ( H K do o o ll n n a g g r) ( H p g e a u n r n g y - o) I (l t i a 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 u a r t i n ) h ld d - - s (p N Z l o a e e u n w a n d - d) 1936 57.083 4.0078 22.189 2.1903 6.1141 40.297 .9289 31.711 29.558 7.2916 29.022 27.760 64.481 398.92 1937 56.726 3.4930 22.069 2.1811 4.0460 40.204 .9055 30.694 19.779 5.2607 28.791 27.750 55.045 396.91 1938 55.953 3.4674 21.825 2.1567 2.8781 40.164 .8958 30.457 19.727 5.2605 28.451 22.122 55.009 392.35 1939 57.061 23.4252 20.346 1.9948 2.5103 40.061 .8153 27.454 19.238 5.1959 25.963 19.303 53.335 354.82 1940 57.085 219.308 1.8710 22.0827 40.021 2.6715 22.958 18.475 5.0407 23.436 18.546 253.128 306.38 1941 57.004 22.0101 239.968 224.592 219.770 25.0703 223.439 20.538 322.54 1942 57.052 20.569 322.78 1943 57.265 20.577 324.20 1943__Oct 57.277 20.580 324.42 Nov 57.277 20.580 324.42 Dec 57.277 20.582 324.42 1944_ F j eanb 5 5 7 7 . . 2 2 7 7 7 7 2 2 0 0 . . 5 5 8 8 2 2 ............. 3 3 2 2 4 4 . . 4 4 2 2 Mar 57.277 20.582 324.42 Apr 57.277 20.582 324.42 May 57.277 20.582 324.42 June 57.277 20.582 324.42 July 57.277 20 576 324.42 Aug 57.277 20.580 324.42 Sept 57.277 20 581 324.42 United Kingdom Uruguay Year or month Norway Poland Po g r a t l u- Ru n m ia a- A So fr u ic th a Spain S Se tr t a tl i e ts - Sweden S er w la it n z d - (pound) (peso) Y s u la g v o i - a (krone) (zloty) (escudo) (leu) (pound) (peseta) m (do e l n la ts r) (krona) (franc) Official Free tr C o o ll n e - d N co o n n - - (dinar) trolled 1936 24.974 18.875 4.5130 .7382 491.65 12.314 58.258 25.626 30.189 497.09 79.874 2.2965 1937 24.840 18.923 4.4792 .7294 489.62 6.053 57.973 25.487 22.938 494.40 79.072 2.3060 1938 24.566 18.860 4.4267 .7325 484.16 5.600 56.917 25.197 22.871 488.94 64.370 2.3115 1939 23.226 218.835 4.0375 .7111 440.17 10.630 51.736 23.991 22.525 443.54 62.011 236.789 2.2716 1940 222.709 3.7110 2.6896 397.99 9.322 46.979 23.802 22.676 383.00 65.830 37.601 2.2463 1941 ., 24.0023 398.00 47.133 223.829 223.210 403^50 403.18 65.830 43.380 22.2397 1942 . . 398 00 246 919 403.50 403.50 65.830 52.723 1943 .. . 398 00 403.50 2403.50 65.830 52.855 1943—Oct 398.00 403.50 65.830 52.978 Nov 398.00 403.50 65.830 53.003 Dec 398.00 403.50 65.830 52.969 1944—Jan. 398 00 403 50 65.830 52.946 Feb 398 00 403 50 65.830 52.945 Mar 398.00 403.50 65.830 52.954 Apr 398.00 403.50 65.830 52.961 May 398.00 403.50 65.830 52.964 June 398.00 403.50 65.830 52.962 J A U u l g y 3 3 9 9 8 8. 0 0 0 0 4 40 0 3 3 .5 5 0 0 6 6 5 5 . . 8 8 3 3 0 0 5 54 3 . . 2 4 0 2 0 1 Sept 398.00 403.50 65.830 54.185 1 Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis." 2 Average of daily rates for that part of the year during which quotations were certified. NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics see pp. 572-573 in same publication, and for further information concerning developments affecting the averages during 1942 and 1943 see BULLETIN for February 1943, p. 201, and February 1944, p. 209. There are no developments to record for 1944. NOVEMBER 1944 1141 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES-ALL COMMODITIES [Index numbers] United United Nether- Switzer- Year or month States Canada Kingdom France Germany Italy Japan lands Sweden land (October (1926-30 (July 1914 (1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1928=100) (1900=100) = 100) (1935 = 100) = 100) 1926 100 100 i 124 695 134 237 106 1126 144 1932 65 67 86 427 97 70 161 65 i 92 96 1933 66 67 86 398 93 63 180 63 i 90 91 1934 75 72 88 376 98 62 178 63 i 96 90 1935 80 72 89 338 102 68 186 62 100 90 1936 81 75 94 411 104 76 198 64 102 96 1937 86 85 109 581 106 89 238 76 114 111 1938 79 79 101 653 106 95 251 72 111 107 1939 77 75 103 2 681 107 99 278 74 115 111 1940 79 83 137 110 116 311 3 88 146 143 1941 87 90 153 112 132 329 172 184 1942 99 96 159 114 189 210 1943 103 100 163 116 196 218 1943—September 103 101 163 116 195 220 October .... 103 102 163 116 195 220 November 103 102 163 116 195 220 December 103 103 163 117 195 220 1944—January 103 103 164 117 195 221 February .. 104 103 165 117 195 221 March 104 103 165 117 ^400 195 223 April 104 103 166 118 195 223 May 104 103 166 118 197 223 June 04 103 166 197 July 104 103 167 198 P224 August 104 102 168 197 September 104 167 p Preliminary. 1 Approximate figure, derived from old index (1913=100). 2 Average based on figures for 8 months; no data available since August 1939, when figure was 674. 3 Average based on figures for 5 months; no data available since May 1940, when figure was 89. Sources.—See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES-GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Germany (1926=100) (1926=100) (1930=100) (1913=100) Year or month pr F o a d r u m cts Foods co O m it t i h m e e s o r d- pr F o a d r u m cts R f m a p g a c w o a a t r o n u t d a u r l s y e n - d d F f u m c a g l h c o l a i y t o e n u f d a u r l s y e - n d d Foods pr I o n tr d d i u u a c l s- ts p A r g o tu r d i r u c a u c l t l s - a p t f n r r I i i d n o n a i d d l s s h u u r e e a c s m d w - ts i- p tr r I i i o s n a h d d l e u u f d c s in - ts - 1926 100 100 100 100 100 100 129 130 150 1932 . . 48 61 70 48 55 70 88 85 91 89 118 1933 51 61 71 51 57 70 83 87 87 88 113 1934 65 71 78 59 64 73 85 90 96 91 116 1935 79 84 78 . 64 66 73 87 90 102 92 119 1936 81 82 80 69 71 74 92 96 105 94 121 1937 86 86 85 87 84 81 102 112 105 96 125 1938 69 74 82 74 .73 78 97 104 106 94 126 1939 65 70 81 64 67 75 97 106 108 95 126 1940 68 71 83 67 75 82 133 138 111 99 129 1941 82 83 89 71 82 89 146 156 112 100 133 1942 106 100 96 83 90 92 158 160 115 102 134 1943 123 107 97 96 99 93 160 164 119 102 135 1943—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 99 101 104 94 159 172 September 123 104 99 2>101 p103 P94 157 172 Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 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 = n t 9 a 3 i 1 5 t t 0 e - e 0 3 d s ) 9 ( C 1 = a 9 a d 3 1 n 5 0 a - - 0 3 ) 9 U K = d ( n 1 J i o 9 1 i n u 1 m 0 t l g e 0 4 y - d ) (1 m G 91 a 1 e 3 0 n r - 0 - y 1 ) 4 N (1 l = e a 9 t 1 1 n h 0 1 d e 0 - s 1 r ) - 3 S e = r ( w 1 J l 1 9 u a i 1 0 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 1 d 3 n 0 5 a 0 - - 3 ) 9 U K = d ( n 1 J i o 9 1 i u n m 1 0 t l g e 0 4 y - d ) (1 m = G 9 a 1 1 e 0 3 n r 0 - y - 1 ) 4 N (1 l = e a 9 t 1 1 n h 0 1 d e 0 - s 1 ) r- 3 S e = ( r w 1 J l 1 9 u a i 0 1 t n n 0 4 z e d ) - 1933 84 85 120 113 120 117 1933 92 94 140 118 139 131 1934 94 93 122 118 124 115 1934 96 96 141 121 140 129 1935 100 95 125 120 118 114 1935 98 96 143 123 136 128 1936 101 98 130 122 120 120 1936 99 98 147 125 *132 130 1937 105 103 139 122 127 130 1937 103 101 154 125 137 137 1938 98 104 141 122 130 130 1938 101 102 156 126 139 137 1939 •95 101 141 123 130 132 1939 99 102 158 126 140 138 1940 97 106 164 128 2140 146 1940 100 106 184 130 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—September . 137 134 166 133 212 1943—September.. 124 119 198 138 204 October... 138 133 168 132 212 October 124 119 199 138 205 November.. 137 133 168 133 213 November.. 124 119 199 138 205 December.. 137 133 168 134 213 December.. 124 119 199 139 205 1944—January 136 132 168 135 213 1944—January.... 124 119 199 139 206 February... 135 131 168 135 214 February... 124 119 200 140 206 March 134 131 168 136 214 March 124 119 200 140 206 April 135 132 168 138 215 April 125 119 200 140 207 May 136 132 168 138 215 May. 125 119 200 141 208 June 136 131 168 139 June. 125 119 200 142 *>208 July 137 132 169 146 July 126 119 201 146 *>209 A Se u p g t u e s m t ber.. 1 13 3 7 8 P1 13 3 2 1 1 1 7 6 0 9 143 A Se u p g t u e s m t b . er . . 1 12 2 7 6 Pi 1 1 1 9 9 2 2 0 0 2 2 144 p Preliminary. 11 RReevviisseedd iinnddeexx ffrroomm MMaarrcchh 11993366 ((sseeee BBUULLLLEETTIINN ffoorr AApprriill 11993377,, pp.. 337733)).. 2 Average based on figures for 3 months; no data available since March 1940, when figure was 141. 3 Average based on figures for 5 months; no data available since May 1940, when figure was 149. Sources.—See BULLETIN for May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month U ( S p d n r e t i a r i c i t t v e e e ) e d s x d ( K 1 D U 9 i 2 e n n c 1 g e i = t d m e o 1 d b m 0 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 r a a e g n )2 e y N la e n th d e s r ' - ( U S 1 = 9 n t a 3 1 i 5 0 t te 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 83.5 695.1 107.8 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 124.6 75.1 98.7 3101.8 117.5 96.3 97.4 102.6 104.2 1938 111.1 121.3 77.3 99.9 105.9 88.2 80.8 89.7 100.1 95.8 1939 113.8 112.3 83.9 99.0 90.9 94.2 75.9 98.3 94.1 89.7 1940 115.9 118.3 684.7 100.7 777.9 88.1 70.8 6120.6 114.6 8 95.0 1941 117.8 123.8 P98.7 103.0 84.3 80.0 72.5 9289.7 136.8 129.0 1942 118.3 127.3 6100.1 6103.3 94.7 69.4 75.3 *>476 142.1 131.5 1943 120.3 127.8 91.9 84.5 145.0 151.0 1943—September 120.8 126.9 95.6 86.6 144.7 152.1 October 120.9 127.4 94.8 86.3 144.8 152.1 November 120.4 127.1 91.4 85.0 145.0 152.2 December 120.0 127.2 91.8 85.3 145.1 152.2 1944—January 120.5 127.4 94.6 86.2 145.2 February 120.4 127.6 94.4 86.9 145.3 March 120.5 127.3 96.6 87.1 145.6 April 120.7 127.1 95.1 87.2 145.8 May 120.9 127.0 97.2 88.0 145.8 June 120.9 127.2, 101.5 89.3 145.7 July 121.3 127.3 104.3 90.3 145.5 August 121.2 127.2 102.7 90.6 September 121.2 100.7 P Preliminary. 1 Figures represent calculated prices of a 4 per cent 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds for the series beginning 1937 and for a varying number of high-grade bonds for the series prior to that date. The yearly average for 1937 is the same for both series. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the United States see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479. 2 Since Apr. 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at tyk 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 Janu 4 a T ry h i 1 s 9 3 n 7 u , m Ja b n er .- M or a ig r. i n 1 a 9 l 3 ly 7 3 = 2 9 1 , 0 h 0 a ; s a v d e e r c a l g in e e y d i e a ld s t in h e b a n s u e m p b e e r r io o d f w s a e s c u 3 r .3 it 9 ie p s e r e l c ig e i n b t l . e for the index has dimin . i s , h ed , . , I n w M ay « 19 4 * 1 , • i t was J d own t to 1 Z O t , i/. 5 Average Apr .-Dec. only. Average Jan.-Mar. on old basis was 95.9. J 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. 1143 NOVEMBER 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OF THE FEDERAL RESERVE SYSTEM MAKRINER 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 WOODLEEF THOMAS, Assistant Director EDWARD L. SMEAD, Administrator GARDNER L. BOOTHE, II, Assistant Administrator DIVISION OF EXAMINATIONS LEO H. PAULGER, Director FISCAL AGENT C. E. CAGLE, Assistant Director O. E. FOULK, Fiscal Agent WILLIAM B. POLLARD, Assistant Director JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL FEDERAL OPEN MARKET COMMITTEE ADVISORY COUNCIL MARRINER S. ECCLES, Chairman CHAS. E. SPENCER, JR., BOSTON DISTRICT ALLAN SPROUL, 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 Account WALTER LICHTENSTEIN, Secretary 1144 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman1 President Vice Presidents Bank of Deputy Chairman First Vice President Boston. Albert M. Creighton Ralph E. Flanders E. G. Hult Carl B. Pitman Henry S: Dennis on 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. Mcllhenny« Warren F. Whittier Frank J. Drinnen E. C. Hill C. A. Sienkiewicis 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. Laning8 W. F. Taylor Richmond Robert Lassiter Hugh Leach J. G. Fry R. W. Mercer W. G. Wysor J. S. Waldcn, Jr. Geo. H. Kecsce* 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. Black8 E. C. Harris Chicago. Simeon E. Leland C. S. Young Neil B. Dawes John K. Langum W. W. Waymack H. P. Preston J. H. Dilfard O. J. Netterstrom Charles B. Dunn A. L. Olson Alfred T. Sihlcr St. Louis Wm. T. Nardin Chester C. Davis O. M. Attebery Wm. E. Peterson Douglas W. Brooks F. Guy Hitt Henry H. Edmiston C. M. Stewart Minneapolis W. C. Coffey J. N. Peyton A. W. Mills2 Sigurd Ueland Roger B. Shepard O. S. Powell Otis R. Preston A. R, Upgren E. W. Swanson Harry I. Zicmcr Kansas City.... Robert B. Caldwell H. G. Lecdy L. H. Earhart Jos. E. Olson Robert L. Mehornay Henry O. Koppang Raymond W. Hall G, H. Pipkin C. O. Hardy D. W. Woolley1 Dallas. Jay Taylor R. R. Gilbert E. B. Austin8 W. O. Ford J. R. Parten W. D. Gentry R. B. Coleman W. H. Holloway W. J. Evans L. G. Pondrom San Francisco... Henry F. Grady Wm. A. Day C. E. Earhart H. N. Mangels Harry R. Wellman Ira Clerk J. M. Leisner8 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. Wiltse* Minneapolis.... Helena R. E. Towle* Cleveland Cincinnati B. J. Lazar5 Pittsburgh J. W. Kossin5 Kansas City. . . . Denver Jos. E. Olson5 Oklahoma City G. H. Pipkin5 Richmond Baltimore W. R. Milford* Omaha L. H. Earhart6 Charlotte W. T. Clements* Atlanta Birmingham P. L. T. Beavers* Dallas El Paso J. L. Hermann6 Jacksonville Geo. S. Vardeman, Jr.* Houston L. G. Pondrom8 Nashville Joel B. Fort, Jr.* San Antonio W. H. Holloway* New Orleans E. P. Paris* Chicago Detroit E. C. Harris5 San Francisco... Los Angeles W. N. Ambrose4 St. Louis little Rock A. F. Bailey* Portland D. L. Davis4 Louisville C. A. Schacht* Salt Lake City W. L. Partner* Memphis W. H. Glasgow* Seattle C. R. Shaw* 1 Also Federal Reserve Agent. 2 Cashier. 3 Also Cashier. * Managing Director. 6 Vice President. 6 Manager. NOVEMBER 1944 1145 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES 0 w ssjss- BOUNDARIES OF FEDERAL RESERVE DISTRICTS — BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES B ^fL BOARD OF GOVERNORS OF THE FEDERAL RESERVE! SYSTEM w <§) FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY JANUARY 2, 1943 BOARD OF GOVERNORS OF 7 ERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis