Federal Reserve Bulletin, 1944-12

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

EDITORIAL COMMITTEE ELLIOTT THURSTON E. A. GOLDENWEISER CARL E. PARRY The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for interpretations and opinions expressed, except in official statements and signed articles. CONTENTS PAGE Review of the Month—Agriculture in the War 1147-1155 The Postwar Price Problem—Inflation or Deflation?, by Marriner S. Eccles. . ii56-n6x Three Plans for Postwar Taxation, by R. A. Musgrave. . 1163-1176 Revised Consumer Credit Series. . , 1177-1181 Law Department: Dismissal of Suit against Board of Governors 1182.-1187 Consumer Credit—Amendment to Regulation W 1187 Loans to Veterans for Home Purchase or Construction. . . 1187 Foreign Funds Control—Treasury Department Releases... . 1188-1189 Current Events 1150 Annual Report of the Bank for International Settlements. . 1190 National Summary of Business Conditions Financial, Industrial, Commercial Statistics, U. S. (Sec p. 1193 for list of tables)... International Financial Statistics (Sec p. 12.43 for list of tables) 1x43-1x55 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 1x5 6 Senior Officers of Federal Reserve Banks; Managing Officers of Branches I2-57 Map of Federal Reserve Districts 1158 Index to Volume 30 . 1259-1x79 Federal Reserve Publications (See inside of back cover) Subscription Price of Bulletin A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price in the United States and its possessions, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela, is $2.00 per annum, or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions for 10 or more copies, in the United States, 15 cents per copy per month, or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE BULLETIN VOLUME 30 December 1944 NUMBER 12. AGRICULTURE IN THE WAR Agricultural production has increased by a continuation of this trend would cause about one-third during the war notwith- serious difficulties in the future, particularly standing the manpower shortage and limita- if farm mortgage indebtedness were to tions upon the expansion of land resources. increase. This achievement has been due to many Tentative production goals for 1945 call factors, including good weather, but tech- for a 1 per cent increase in the crop acreage nological advances that have been made in over 1944 and about a 3 per cent increase agricultural production have been of major in meat production. A continued high importance. Government policy has relied level of production may, therefore, be exon three main methods to stimulate and pected, if weather conditions are again direct agricultural production into the de- favorable. The trend of prices of farm prodsired channels—prices of farm products ucts next year will depend upon changes in have been allowed to rise, guaranteed the level of domestic demand that may reprice floors have been established, and the sult from shifts in employment and income cooperation of farmers has been secured following the defeat of Germany, as well to meet the county allotments of national as upon the volume of production actually production goals determined for each year. obtained and Government price support The higher prices paid to farmers resulted policies. in a rise in food costs to consumers, but the PRODUCTION later use of subsidies partly reduced this The increased output of agriculture, unincrease in the cost of living and also limited like that of industry, has not been achieved further increases in the prices of farm by building new plants, greatly expanding products. employment, and producing spectacular Higher prices, together with increased new products. Physical volume of agriculproduction, have raised the net income of tural production in 1944 was 33 per cent farm operators by about 160 per cent above above the 1935-39 prewar level, while total prewar levels, and agriculture as a whole land area in farms changed very little, the is more prosperous this year than it has acreage of total crop land increased by only ever been before. Nevertheless, rural pov- 3 per cent, and the number of farm workers erty has by no means been eliminated be- declined by about 6 per cent. cause many low income farm families pro- As shown in the table, the expansion of duce only small quantities of products for production has been much larger for some sale and the prices of the goods they buy groups of commodities than for others and have increased sharply. The rapid rise in a few show a decline. Cotton and sugar farm income has been accompanied by an production have both been reduced considincrease of over 40 per cent in land values; erably while, on the other hand, oil crops DECEMBER 1944 1147 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH had expanded x^G per cent by 1943, but have been relieved by an increase of about 50 dropped back in 1944 when flaxseed produc- per cent in the number of milking machines tion was reduced by nearly half and soy- in use. beans harvested for oil were cut 8 per cent. TECHNOLOGICAL ADVANCES The increase of 53 per cent in food grain production reflects the bumper crop of wheat The increase of one-third in the physical in 1944, which is estimated to be about volume of agricultural production during 1.1 billion bushels. Feed grains and hay this war period compares with a growth of have been close to 30 per cent above the pre- about 10 per cent in the last world war. war average each year since 1941, and pro- The underlying factors which have contribduction in 1944 is expected to exceed the uted to the much more rapid expansion previous record established in 1942. by about during the present war are the mechaniza- 8 per cent. This increase reflects the excel- tion and other technological developments lent corn crop, which the latest estimates that have taken place in agriculture during indicate will show a record yield of about the last 35 years. As shown in the chart, 3.3 billion bushels. Truck crops have also total production for sale and for use in the expanded rapidly and it is estimated that farm home has expanded from the 1910-14 base period up to the present, while the 1944 production has been about 39 per cent above the base period. TRENDS IN AGRICULTURAL PRODUCTION AGRICULTURAL PRODUCTION FOR SALE AND FOR FARM HOME CONSUMPTION [Index numbers, 1935-39 = 100] Groups of products 1940 1941 1942 1943 1944 Grand total... 110 113 124 129 133 Crops 107 109 121 114 125 Food grains 110 131 139 114 153 Feed grains and hay 114 125 129 128 139 Cotton and cottonseed 95 83 98 87 93 Oil-bearing crops 171 187 300 336 267 Tobacco 101 87 97 96 125 Truck, crops 111 116 129 121 139 Fruits and tree nuts 110 113 117 106 114 Vegetables 101 100 104 128 108 Sugar crops 104 97 110 80 84 Livestock and products 112 115 126 138 138 Meat animals 118 118 132 150 152 Poultry and poultry products 109 116 131 152 150 Dairy products 105 110 114 113 113 1910 1915 1920 1925 1930 1935 1940 1944 Department of Agriculture data; figures for 1944 are estimated. Department of Agriculture data. Total production includes the The production of meat animals, poultry, volume of production for sale and for consumption in the farm home; agricultural workers include all family and hired workers employed in and poultry products has been rapidly in- agriculture. Figures for 1944 are preliminary estimates. creased and was over 50 per cent above pre- number of persons has declined slowly but war levels in 1943; production for 1944 is steadily. The production per person emexpected to maintain this level. Dairy ployed in agriculture has, therefore, risen production has been maintained at about 13 rapidly and by 1944 it was double that of per cent above the prewar period for the last 1910. As mechanization has developed, the three years. In this industry high feed total livestock on farms (except horses and costs have been partially offset by subsidies mules) has increased about 45 per cent. to producers, and labor shortages since 1941 Total livestock per agricultural worker in 1148 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH 1944 was almost 50 per cent above the age. It can be said, therefore, that to a 1910-14 period, and the acres of crop land great extent the increased production of harvested per worker have increased almost agriculture during the war has been made 35 per cent over the same period. possible by the mechanization which pre- The leading factor making these trends ceded it. possible has been the growing mechaniza- Other technological factors have also tion of agriculture as indicated by the in- helped to increase production; these include crease in the number of tractors on farms improved varieties of crops, increased use of from about one thousand in 1910, to one fertilizers, better rotations, balanced feeding and a half million in 1940 and to almost two of livestock, and better control of diseases million in 1944. Not only did the tractor and insect pests. For example, corn yields permit a farmer to handle larger acreages of in the corn belt have been increased by alcrop land but the accompanying rapid de- most 2.0 per cent as a result of the introduccline in the number of horses and mules— tion of hybrid corn, and the estimated from 2.4 million in 1910 to 13 million in consumption of nitrogen, phosphoric acid, 1944—released for other uses from 40 to 50 and potash in fertilizers in 1944 is about million acres of crop land previously used 85 per cent above the 1935-39 average. for growing the necessary feed. In addition to the increased use of tractors there has OTHER FACTORS INCREASING PRODUCTION been a rapid development of all kinds of In contrast to the decline in agricultural agricultural equipment from milking ma- employment and increase in mechanization, chines to combine harvesters. The trend the acreage of harvested crop land has retoward increased mechanization of agricul- mained relatively stable. Over the entire ture will continue and possibly be acceler- period from 1910 to i^± the total acreage ated in the postwar years. Estimates by harvested increased only 12. per cent; in the the Bureau of Agricultural Economics indi- next two depression years it was reduced cate that in the postwar period each addi- sharply by 18 per cent. Since 1934 the tional tractor will save about 800 man-hours acreage has again increased slowly until in of labor each year if used with the appro- 1944 it reached 365 million acres, although priate equipment. this was still slightly less than the peak In addition to saving labor and releasing reached in 1932.. Production in 1944 was land used to produce feed for work animals, 38 per cent above that of 1931; thus the mechanization often permits adjustments increased output of agricultural products, in production which partly offset the effects since 1932., has not been due to any increase of bad weather at planting or harvesting in the total acreage of harvested crop land. seasons by shortening the time required for During the war years, agriculture has the critical operations. This year, for benefited from unusually good weather conexample, late rains delayed the planting of ditions. Exactly how much of the present corn but by working tractors with mechani- high level of production is due to excepcal planters day and night farmers were able tional weather is difficult to measure accuto sow the seed early enough to avoid seri- rately, but the effect of favorable weather ous effects on the corn crop. Speed of on both crops and livestock has been estioperations at harvesting time plays a similar mated to account for 8 to 10 points of the role in increasing yields by reducing spoil- 33 per cent increase above the 1935-39 level. DECEMBER 1944 1149 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH Agricultural adjustment programs of the DIRECTING PRODUCTION 'thirties created a situation favorable to a In order to stimulate production and disharp increase in production. We entered rect it to meet wartime requirements, the war with large carry-overs of feed crops national production goals have been estabwhich provided the basis for the rapid exlished each fall for the following year. The pansion of livestock production in 194Z. national goals have been broken down into In the fall of 1941 the Commodity Credit State and county goals, and intensive cam- Corporation had accumulated the equivalent paigns have been conducted to induce the of a full crop of cotton, half a crop of wheat, farmers to produce the required commodiand a quarter of a crop of corn. Through ties. In this work the Extension Service the prewar actions of farmers, in cooperaand the Agricultural Adjustment Administion with the Agricultural Adjustment Adtration played major roles, and the patriotic ministration and Soil Conservation Service, appeals to farmers to meet the goals have in reducing the acreage of erosive crops such encouraged farmers and their families to as cotton and corn and increasing the acrework longer hours to increase production age of legumes and hay crops, our soils were and overcome the shortage of labor. in good condition to stand a rapid expansion In addition to patriotic appeals, the rise of depleting crops and still maintain high in prices of farm products and price floors average yields. For example, the acreage established for commodities for which of corn, which had been reduced from a peak increased production was required have enof in million acres in 193Z to 86 million couraged farmers to increase output. The acres in 1941, was subsequently expanded price floors, which were guaranteed miniuntil it reached 98 million acres in 1944 with mum prices and usually covered the period yields over zz per cent above the 1935-39 of production, removed the fear of price average. uncertainty and made it possible for farmers The average yield of corn over the last to plan their production with the assurance five years has been Z5 per cent above the that prices would not decline once producaverage yield of the ten-year period 19x3 tion had been started. In addition to to 193Z, and, in the case of cotton, the higher prices, direct payments were made to average of the last five years has been over farmers to compensate for increased costs, 50 per cent above that of the ten-year as in dairying, or to overcome resistance to period. These yield increases are the com- producing crops which involved high risks, bined result of several factors such as im- as in the case of potatoes and some, truck proved varieties, larger applications of crops. fertilizer, better rotations, and exceptional Because the prices of many farm products weather conditions. After the war the are interdependent, the problem of directing acreage of intertilled erosive crops will production through price changes is exagain have to be reduced if serious depletion tremely complex. In industry scarce raw' of our soil resources is to be avoided; the materials were allocated directly to specific increase of 38 per cent in the production of production uses, but in agriculture no such cover crop seeds over 1944 in the tentative control program could be undertaken begoals set for 1945 indicates that this need is cause of the difficulties involved in directly recognized. controlling the production of millions of 1150 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH small production units. The complexity tries. In addition, price ceilings for sales of the problem is well illustrated in the case by manufacturers were placed on some dairy of hog production and dairying where both products, such as Cheddar cheese, early in enterprises use large quantities of feed. the war period. This affected the demand Hog -production. The higher level of hog for whole milk, and lagging milk producprices at the end of 1942., almost double the tion through the late summer and fall of January 1941 level, and the support price for 1943 made it necessary to adjust the milkhogs set at $13.2.5 per hundredweight in feed price differential in some way. A dairy November 194X5 were responsible for the feed plan incorporating direct payments to sharp increase in hog production which was farmers was instituted in October of 1943 obtained at the expense of other uses for for three months and then extended for one feed grains. In 1942. the average ratios more month. The rate of payment was between prices of livestock products and based on the quantities of purchased feed prices of feed on a lyi^-^i- average base required in the various areas and producers were: hog-corn price ratio 141; beef steer- were paid in accordance with the amount of corn price ratio 115; egg-feed price ratio 109; milk or butterfat sold. Early in 1944 the butterfat-feed price ratio 100; milk-feed rate of payment was raised to a level high price ratio 106. At this time approxi- enough to encourage production and a mately half of the available feed grain was program was announced for the entire year being fed to hogs largely in the feed produc- so that dairymen could plan with a miniing areas and, therefore, less was available mum of risk. The dairy feed stabilization for sale off farms. Although increases in program, together with the lowering of the production of all classes of livestock and price floor on hogs, placed dairying in a livestock products had been called for, hog more favorable position to compete with production was expanded more rapidly than other livestock classes for the feed supply. dairy products, primarily because it is diffi- As a result, milk production for 1944 is cult to expand dairy production but partly expected to be only 1 per cent below the because the support prices for hogs were set record production of T^^L. at relatively higher levels and were effective In agriculture there is no way in which over a longer period of time. When the actual production can be accurately forecast feed surplus, which had seemed extremely because of the uncertainty of weather conlarge in early 1941, changed into a tight ditions; this fact also makes the direction of situation in 1943, support prices on hogs production in agriculture a hazardous and announced in 1943 were reduced to $12-50 difficult task, particularly when it has to be per hundredweight effective October 1, done largely through the medium of prices. 1944. In response to the feed situation, to For example, the feed shortage which led reduced 1944 production goals, and to the to the policy of reducing the number of livelower price floor on hogs, the 1944 pig crop stock on farms in 1944 has been relieved was cut about x8 per cent from the record owing to the record yields of wheat, corn, 1943 level. and grain sorghums. The more serious Dairying. The dairy industry faced labor meat shortage now forecast for 1945 might shortages with accompanying increases in have been ameliorated if support prices for labor costs and a less favorable feed price hogs had been raised before the fall breedrelationship than did other livestock indus- ing period occurred. However, the very DECEMBER 1944 1151 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH large yields for corn and grain sorghums did ately. Truck crops for the fresh market not show up in crop reports until around showed a decline in price in 1944, reflecting August and September and then it was too increased output. From 1943 to 1944 the late to expand the crop of fall pigs. In prices of feed grains and hay rose 14 per general, the production response of farmers cent, while the prices of meat animals fell to price increases, price guarantees, and pa- 4 per cent and the prices of dairy products triotic appeals has been very great and this remained almost constant. As discussed has made it possible for agriculture to make more fully in the previous section, this adfull use of the physical conditions that per- justment in prices resulted in narrowing the mitted a rapid expansion of production. livestock feed ratio and thus made it less profitable for the producers of grain to feed PRICES OF FARM PRODUCTS it on their own farms. This released more The index of prices received by farmers grain for industrial uses and for feeding in for agricultural products during the first deficit grain areas. ten months of 1944 averaged 81 per cent above the average prewar period i935~39- FOOD COSTS AND SUBSIDIES The 1944 average was only slightly above Rising prices of agricultural products that for 1943. As shown in the table, there were accompanied by a rapid rise in the has been considerable variation in price retail cost of food. The General Maximum changes for different groups of farm prod- Price Regulation, which became effective ucts; increases over the prewar period in May 1942., established ceilings over a ranged from 54 per cent in the case of poul- wide range of commodities. Many farm try and eggs to i6x per cent for fruits. The products, however, were exempted because table also shows that there have been marked their prices had not reached parity (i.e., the differences in changes from 1943 to 1944. 1910-14 relationship between the prices From the beginning of the war up to 1943 received and paid by farmers) and parity the prices of all groups were rising rapidly, FOOD COSTS IN THE COST OF LIVING but from 1943 to 1944 the prices of livestock products declined somewhat, while prices of 150 | T ~ r " - - - .. nearly all crops continued to rise moder- 1 A 140 j PRICES RECEIVED BY FARMERS FOOD 1 / VwN> \^^ ^ * [Index numbers, 1935-39 = 100] 130 / Groups of products 1940 1941 1942 1943 1944 J/ TOTAL--* 1 1 Grand total.... 93 115 148 179 181 20 // Crops 91 110 147 189 201 Food grains 89 103 127 157 175 1 0 'Jf Feed grains and hay 87 94 117 155 177 Cotton 93 129 179 192 197 / Oil-bearing crops 91 123 162 179 196 Tobacco 78 91 144 186 201 00 Truck crops (for fresh market).. 108 126 159 239 208 Fruits 88 102 137 215 262 Vegetables 97 95 148 203 202 1 90 Livestock and products .... 96 120 148 172 166 M Po e u a l t tr a y n i a m n a d l s eggs 8 9 8 4 1 1 1 2 1 3 1 1 3 5 9 9 1 17 7 5 6 1 1 5 6 4 9 80 „ 1 Dairy products 100 117 137 163 166 Based on Bureau of Labor Statistics indexes of cost of goods and Department of Agriculture data; figures for 1944 are averages of the services purchased by wage earners and lower-salaried workers in large first ten months of the year. cities. Latest figures are for October 1944. 115Z FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH prices themselves were rising as the prices per cent above the prewar period. These of commodities purchased by farmers rose. increases compare with an increase of IXI As shown in the chart, the food component per cent in nonagricultural income payments of the cost of living index rose rapidly, in the same period. For 1944 gross farm showing an increase of 18 per cent in the income may be a little higher than in 1943, period from May 194.x to May 1943, while but the net income of farm operators will the total index increased during this same be about the same because production experiod by 8 per cent and a large part of this penses are expected to be about 5 per cent rise reflected the increase in food prices. above the 1943 level. The conflict between the policy of increasing farm prices to stimulate production PRICES RECEIVED AND PAID BY FARMERS and the policy of controlling prices paid by P 2 E 0 R 0 CE \ j consumers in order to prevent an inflationary spiral was partially solved after the —V/-1 180 spring of 1943 by the payment of subsidies _ PRICES RECEIVED / to producers or processors of certain essen- 160 /. tial food products. These subsidies permitted higher prices to farmers without corresponding increases in consumer prices. 140 ! - Subsidies were paid on canned fruits and 1 20 / 1 •' PRICESPAID J vegetables, Cheddar cheese, dried beans, milk, peanuts, potatoes, prunes and raisins, i soybeans, sugar beets, truck crops, wheat for feed, wheat for flour*, and vegetable shortening. Subsidies to compensate for 80 i | increasing costs of transportation were paid to shippers of apples from the Pacific Based on Department of Agriculture data. Prices received include all agricultural products sold; prices paid include commodities bought Northwest, to the United States refiners of for use in production and family maintenance with interest and taxes. Farm wage rates are not included. offshore raw sugar, and to the distributors of refined imported sugar. The retail Agriculture as a whole has been more prices of meat, butter, and peanut butter prosperous during the war period than ever were rolled back about 10 per cent in June before, but the high level of farm income 1943 and compensating payments were made has not solved the problem of rural poverty. to butter and peanut butter manufacturers In 1942., when the net income of farm and to livestock slaughterers. operators was already 115 per cent above the prewar level, a study of the distribution of AGRICULTURAL INCOME the i94x cash incomes received by farm Reflecting the increase in both production operators' families shows large variations and prices, gross farm income had increased between low and high income groups. The 118 per cent by 1943 above the 1935-39 pre- results of this study, summarized in the war period. Prices paid by farmers have table, indicates that even at this high innot risen as rapidly as have the prices re- come level 10 per cent of all farm operators ceived, as shown in the chart, and the net received less than $130 per family and that income of farm operators has increased i6x the 50 per cent of the farm families that had DECEMBER 1944 1153 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH the lowest incomes received only 18 per cent the present war, however, mortgage indebtof the aggregate income. edness has been reduced steadily in contrast to developments during the last war SHARE OF AGGREGATE NET CASH INCOME RECEIVED BY EACH TENTH OF THE NATION'S FARM OPERATOR and the immediate postwar period. Farm FAMILIES RANKED ACCORDING TO INCOME, 1942 mortgage loans increased from 4.7 billion Share of dollars in 1914 to a peak of 10.8 billion in Family income groups Income range aggregate (Tenths) (Dollars) (Per 19x3. From that year on, the amount has cent) been steadily reduced each year to 5.6 Highest 3,730 and over 37.0 Ninth 2,740-3,729 16.2 billion on January 1, 1944. Preliminary Eighth 2,140-2,739 12.2 Seventh 1,660-2,139 9.6 estimates indicate little further decline in Sixth 1,320-1 659 7.1 Fifth 930-1,319 6.4 1944. A reversal of this declining trend Fourth 705- 929 5.0 Third 430- 704 3.8 in mortgage indebtedness, together with a Second . . 130- 429 2.1 Lowest Under 130 .6 continued increase in land values, would SOURCE.—Department of Agriculture. Based on data from the constitute a serious threat to agricultural study of rural family spending and saving in wartime conducted by the Bureau of Human Nutrition and Home Economics. The cash stability during the postwar period. The income from all sources is included but not the value of products produced for home consumption. demand for farms is likely to increase in the While details of the distribution of the next three years and the danger of a land higher incomes of 1943 and 1944 are not boom and a rapid increase in mortgage inavailable, it is unlikely that this pattern debtedness is still present. has been greatly modified. The very low cash incomes of at least half of all farm OUTLOOK FOR 1945 operators are due to the fact that these farms The prospects for agriculture in 1945 are produce only small quantities of products for a continued high level of production for sale; this condition is associated with a and income. After the war ends in Europe scarcity of land and capital resources in rela- there will be a heavy demand for meats, tion to the family labor available. The dairy products, fats and oils, and sugar for need for many of the low income farm continued lend-lease shipments and for exfamilies to have larger farms in order to port to the liberated countries. Cereals, make use of the new techniques of farming beans, and peas will be plentiful but conindicates the need for a continuation of the tinued high production of animal proteins, decline in farm population. fats, and oils will be required if both domestic and foreign demands are to be met. LAND VALUES With the probability that the war with The high level of farm income during the Japan will continue through 1945, war prowar period has led to a rapid increase in duction and domestic demand may be exland values, and by November 1944 the pected to remain high. If, after Germany index of the value of farm real estate was is defeated, war production declines more 44 per cent above the 1935-39 level for the rapidly than civilian production expands United States as a whole. For the ix- and employment and consumers' incomes month period ending March 1944 the are thereby reduced, domestic demand for volume of voluntary sales reached 53 per farm products might decline below the 1944 1,000 farms, exceeding the previous peak level. reached in 1919 during the land boom after Because of the uncertainty regarding the the close of the first world war. During time at which the European war will end 1154 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH and the effect of this upon both domestic home. This proportion, including lendand foreign demand, the War Food Adminis- lease, increased to 6 per cent in 1941, 15 per tration has delayed issuing final 1945 cent in 1942., 2.1 per cent in 1943, and approduction goals, but tentative goals for proximately 2.3 per cent in 1944. In 1944 discussion by the various States were issued the estimated distribution of our total food on November 15, with the announcement production has been 14 per cent to the armed that desirable modifications of these goals forces, 9 per cent to lend-lease and other may be suggested "if the demand situation exports, and 77 per cent for civilian conchanges materially before planting time." sumption. In spite of the reduction of the These tentative goals suggest an increase percentage of food available for civilian in total crop acreage of about 1 per cent. consumption, and the necessity of rationing, Increased acreages over 1944 are suggested the per capita food consumption of civilians for rye, flaxseed, sugar beets, sugar cane, has been 6 to 8 per cent above the 1935-39 tobacco, tame hay, hay seeds, and cover level during the war period and, at the same crop seeds. The acreages of corn, oats, time, the nutritive value of the diet has been barley, wheat, dry beans, soybeans, cotton, improved. For 1945 approximately the broomcorn, potatoes, and sweet potatoes same supply of food will be available for are maintained at the 1944 level. Reduc- civilian consumption as was consumed in tions in acreages below 1944 are indicated 1944 if weather conditions are about for rice, dry peas, peanuts, truck crops, and average. grain sorghums. A decrease in domestic demand, a curtail- The livestock goals suggested for 1945 ment of military purchases, or a decline in call for a 2. to 3 per cent increase in the num- lend-lease and export requirements may be ber of hogs, a 2. per cent increase in milk reflected in lower prices and a lower level of production, and a 3 per cent increase in farm income if 1945 production equals or cattle and calf slaughter over 1944. This exceeds that of 1944. As far as can be seen would increase production in 1945 over 1944 at present, however, certain foods—probut leave about 6 per cent less cattle on teins, fats and oils, and sugar—will remain farms at the end of the year. The most im- relatively scarce in 1945 and foreign relief portant reductions are an 18 per cent reduc- and other export requirements will be large tion in the number of hens and pullets on enough to prevent food supplies from pressfarms with a 16 per cent cut in egg produc- ing heavily on demand. Large adjustments tion. On the whole, production in 1945 in agricultural production may be required will be about equal to that of 1944 given during the postwar period; the kind and equally good weather conditions. size of these adjustments will depend upon During the prewar period (1935-39) ex- our ability to maintain a high level of doports of foods and purchases for the armed mestic consumption and replace military forces took only 3 per cent of the total food and lend-lease purchases by permanent produced for sale and consumption in the export outlets. DECEMBER 1944 1155 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE POSTWAR PRICE PROBLEM—INFLATION OR DEFLATION?* by MARRINER S. ECCLES Dr. Jordan, Members and Guests of the Con- a year. At the same time, output for civilian ference Board: use is valued at about no billions. Nearly one- This will be the fourth time you have done me fourth of our food production is going to our the honor to ask me to be a speaker at one of armed forces and our allies. Per capita civilian your sessions. I had supposed that the first time consumption of food is well above the prewar would be my last. So it is a great consolation to level. While fighting the greatest war in know that even though you may not have liked history, the country has succeeded in raising the some of the things I felt ought to be said, you standard of living for the population as a whole have invited me again and again and again. above the level of any peacetime year. More- Postwar is still some time in the future. over, we have created many new industries or Nevertheless, if we are to win the peace as well greatly expanded existing ones—for example, as the war, we must know where we are going magnesium, synthetic rubber, shipbuilding, and when war no longer is the driving force of the aircraft. We are producing planes at the aseconomy. tounding rate of 100,000 a year. Before the war In less than four years this nation has ac- we imported nearly all our rubber. Our annual complished a miracle of production. At the production of rubber now exceeds our imports same time we have had a remarkable degree of of rubber before the war. This production economic stability. All of us have seen the record has been achieved by a net increase of miracle happen—many of you helped greatly about 6 million or less than 15 per cent in civilian to bring it about—although at times some have employment, combined with a substantial inlost sight of it in criticism of details. The crease in hours of work and more intensive effort. problems have been and still are staggering. I mention these facts because they so vividly Nevertheless, under Government direction, pro- reveal the magnitude of our postwar job if we gram after program has been put through suc- are to continue to keep our productive resources cessfully. The vast cooperative achievement fully employed. Having experienced an output of our people—industry, labor, agriculture, and of goods and services of nearly 2.00 billion all other groups—was only possible because of dollars during the war, the people of this coun- Government organization of united effort, try will not be satisfied with a peacetime output Government planning, Government financing, of 12-5 to I5° billions. Having experienced and Government settlement of countless con- several years of full employment, they will not flicts of interest on the economic front. Within tolerate mass unemployment. They will not this framework, the accomplishments of in- accept the explanations, so often heard in the dustry have been tremendous. The over-all past, that "we can not afford it," or that it is results have been magnificent. economically unsound for the Government to There have been withdrawn for armed service intervene, or that we must wait for "natural well over n million men and women in the forces" to come to the rescue. most productive age groups. At the same time The question before this Conference is "Postwe have increased the total output of our coun- war Price Problem—Inflation or Deflation?." try to 75 per cent above 1939 levels. We are The question so stated implies that we have a supplying goods and services in support of the choice between one or the other. But if we have war effort at a rate of about 85 billion dollars inflation, we shall certainly have deflation following it. Thus we may be faced with hav- * Address at meeting of National Industrial Conference Board, at ing both. However, if we avoid inflation, we New York City, Thursday evening, Nov. 16, 1944. II56 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE POSTWAR PRICE PROBLEM shall still face the danger of deflation. If, in assured that he will not lose by postponing the period of transition from war to peace, we purchases and that the purchasing value of his fail to maintain wartime price controls and ra- savings will be protected. This is vital because tioning until civilian goods become available in of the huge volume of liquid savings accumuadequate quantities, an inflationary situation lated in the hands of the public as a result of war may well develop. If, later on, we fail to raise financing. the flow of consumers expenditures greatly above The millions of people who own these savings prewar levels, deflation will be inevitable. The and these shares in the national debt should be danger of inflation in the transition period can encouraged to retain them. If spent when there surely be met. The danger of deflation presents are shortages of goods, the effect would of course a vastly more difficult problem. To solve it, be highly inflationary. Even after the transiwill be the main challenge to our postwar tion to peacetime production, however, it would economy. be far better if consumption were sustained out Nobody can foretell how strong inflationary of current income rather than by drawing upon pressures will be during the transition from war savings. Moreover, it is better to have our to peace. Inflation pressures include the pent- national debt widely owned by the great mass up demand for consumers durable goods and of our people than concentrated in the hands of housing; continued shortages of certain food and relatively few. clothing items; the huge volume of liquid assets Unless the program for the transition period is in the hands of the public; a potentially large carefully planned and carried out, the longforeign demand; and, finally, the people's de- run economic problems of the country will be sire to return to normal and to get rid of wartime vastly more difficult to meet. Just as the discontrols once victory is won. The longer the aster of the 1930's was due to the failure of the war lasts, the greater the danger of inflation policies of the 192.0's, so will our postwar will be because of the cumulative increase in situation be determined largely by the job we do pent-up demand for civilian goods and in liquid in the transition period. assets in the hands of the public. For example, we may expand our industrial However, at the same time there will be de- plant too greatly and in the wrong directions flationary pressures working in the opposite in an effort to satisfy too quickly the huge direction. There will be large reductions in backlog of demands. They will include not war expenditures creating unemployment in war only the large pent-up demands for consumers industries. Demobilized war veterans will be durable goods, capital goods, and public works, added to the civilian labor force. There will but also large foreign demands. Instead of be large stock piles of many raw materials. meeting these demands at once, prudent policy Uncertainty about future employment will calls for satisfying them in a more gradual and deter many people from drawing on their savings orderly manner so that when these accumulated or spending as much as they otherwise would forces are expended, there will not be a sharp out of their current income. Similar uncer- and sudden drop with serious deflationary containty will delay business expenditures. Many sequences. It is better to ration, control prices, other factors in the situation, as the war ends, restrain credit expansion, and delay deferable will add to the mixture of inflationary and public works and foreign loans in this period deflationary forces. than to have an unsustainable over-extension. Because of the uncertainties of the transition It is most important during this transition period, price, rationing, and fiscal controls should period, while we have the sustaining power of be kept intact until industry has resumed civilian backlog demands, to adopt policies designed to production on a large scale adequate to meet lay the groundwork for the higher standards of demand. Only thereby can the consumer be living we must have later on. These policies DECEMBER 1944 HS7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE POSTWAR PRICE PROBLEM should include, among other things, a Social 1939, we will need to have about 40 per cent Security program covering all of our people and more in consumers goods and services, 75 per providing adequate benefits; a modified tax cent more in plant, equipment, housing and structure; maintenance of low rates of interest other new investment, and more than double to encourage new investment, including hous- the total of public expenditures. ing; and the planning of Federal, State, and These are challenging figures. They are local public works to be undertaken when the significant not because they are in any sense a need to provide additional employment de- forecast, but because they indicate the general velops. It is at this time, when the backlog magnitude of the job that lies ahead of us. It of deferred need has been largely met and we is apparent that we must aim high; that we can must rely upon current demand, that we shall never go back. If we were to return to 1939 face the most difficult test of our ability to levels of production, from 15 to 10 millions of prevent deflation and mass unemployment. our postwar labor force would be without jobs, On the average this year about 52 million an intolerable situation. Many of those withcivilians are employed. In addition, more than out jobs would be veterans of this war. 11 millions are in the armed forces, making a The over-all economic problem may be defined total of more than 63 millions, or nearly one-half this way: In order for 56 million workers to of our total population. After the war, a have jobs, enough money must be spent to buy substantial number of people attracted to the the output of 56 million workers. Production labor force during the war will retire or return large enough to employ substantially all workers to school or housework. A rich country such is possible only if the total income of the country as ours can afford to give its young people ade- is either spent on consumers goods and services quate education and to provide retirement for its or is saved and goes into new investment directly older people. But even after making full or indirectly. Savings which are invested are allowance for probable withdrawals from the returned to the stream of expenditures and thus labor force, it is evident that more people will be continue to give employment. Savings that available for work in peacetime activities than are held idle or used to bid up prices of existing are now employed. assets do not. If the flow of income back into What does this mean in terms of production the expenditure stream is interrupted, demand in the postwar years? It has been conservatively becomes insufficient to take off the market what estimated that in order to have reasonably full is produced at full employment. As a result, employment in the second year after victory, production, income, and employment inevitably we will need to produce goods and services decline. To assure a sufficient flow of expendiamounting to 170 billion dollars at 1943 prices. tures is, first of all, the responsibility of the As the labor force and efficiency increase, this people and businesses who receive income and figure will have to be revised upward. who decide how to use it. But three are Yet, even a 170 billion dollar total reflects a millions of income recipients and tens of thouvolume of output vastly above that of 1939. sands of businesses in our country, and there is In order to visualize what 170 billion dollars no assurance that a sufficient amount of expendiof expenditures means, let's divide them as tures will come forth in a steady stream. If the follows: no billion dollars in consumers goods purchases and investments of the people are not and services, 25 billion dollars in plant, equip- sufficient to buy the goods and services provided ment, housing, and other new investments, and by full employment, then cumulative deflation 35 billion dollars in goods and services supplied and unemployment will develop unless the by Federal, State, and local governments. Government steps in and provides a sufficient Allowing for price advances since 1939, these volume of total expenditures. figures mean, for example, that as compared with The larger the unused savings, the larger must 1158 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE POSTWAR PRICE PROBLEM Government expenditures be to overcome the The Government should underwrite and guarandeficiency in private spending and investment. tee a national minimum of income, education, The Government has two ways of channeling health and old-age security for all citizens. By idle savings back into the income stream, that so doing, the Government can place a floor of is, either through taxation or through borrow- purchasing power under the economy. This in ing. As between the two, I believe that taxa- turn will place a floor under the market for the tion should carry the main burden. I would be goods and services of business, industry, and most hesitant to see further additions to the agriculture. Decent minimum levels of income public debt after the war. In this respect, the will themselves help to achieve and maintain postwar picture will differ greatly from that in full employment. Our productive capacity the early 1930's when the economy had under- is so great that such minimum standards will not gone a drastic deflation and large Government be a strain nor will they impose a dead level of deficits were not only unavoidable, but it was uniformity. Ample room will be left for most desirable to replenish a contracted money people to raise their incomes far above these supply. An entirely different situation will minimum levels. Postwar social security beneexist after this war. The total volume of cur- fits should not be based upon further additions rency, bank deposits, and Government securities, to the pay roll tax, but should be paid for out which are the equivalent of cash, will then be of the general budget, because a tax on pay rolls more than adequate as a basis for the purchasing is a tax on consumption and, therefore, undepower needed to provide full employment. sirable when more consumption is needed. A more direct approach than deficit financing The Federal budget is not likely to be less than should be found in order to maintain necessary 2.5 billion dollars a year after the war, or about expenditures. Since we can not afford, in the three times the prewar level of 1939. If we postwar economy, to have widespread unem- succeed in maintaining full employment, howployment, it will be essential, if all other meth- ever, a budget of this size, in order to be ods of providing employment fail, to have the balanced, will not require tax rates to be three Government underwrite employment through times as high as before the war because the inborrowing the unspent savings of the people come base will be far larger. The higher the and returning them to the income stream. national income, the easier it will be to pay for However, this should be a last recourse. A the costs of Government. It is doubly immuch more satisfactory approach would be to portant, therefore, to recognize the close relabring about the necessary increase in the flow tionship between the way in which our taxes of expenditures by other means, for example, are collected and the flow of income from which by an extension of the Social Security program, they are drawn. Our postwar tax system should and by appropriate tax policies that would in- be designed to induce a high level of consumers' duce more spending and reduce idle savings. expenditures. Accordingly, the first require- A high level of consumers' expenditures is the ment should be a drastic reduction in excise basic requirement for postwar prosperity. The taxes because they tax consumption and thus consumer is the real employer. If he receives undermine the markets for business. Secondly, adequate income, business has a buyer for its personal income taxes upon the lower income products, and having a buyer for its products, group should be reduced. it has jobs for the workers. If the consumer There is no lack of need for everything that we does not buy, the markets for the output of can produce. There are still a great many business shrink and total income and employ- people in this country whose standard of living ment fall off. is shamefully inadequate. The basic problem Much can be done to increase consumption is to see that the necessary purchasing power through a much broader Social Security system. flows into the hands of those who will use it to DECEMBER 1944 1159 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE POSTWAR PRICE PROBLEM increase their standard of living. An adequate which it receives from the buyers of its product. Social Security program as well as assured Corporate profits that are not used for capital employment will do much to induce the spend- outlays should be passed on to the workers or ing of current income and thus increase the the owners, and thus returned to the expenditure standard of living. stream. Depreciation and depletion reserves A high level of consumers' expenditures is not which accumulate as idle balances similarly possible without a large volume of wage and constitute a drain on the expenditure stream. salary income. If our economy is to operate Currency deposits and Government securities at full capacity, average wage and salary in- held by businesses other than banks and incomes must be high enough at normal hours of surance companies have increased from 2.4 work to give the people sufficient purchasing billions in 1941 to the unprecedented total power to take the product off the market. of nearly 66 billion dollars. They should not When, after the war, hours return to normal and continue to increase after the war because, as overtime pay is discontinued, total wage and I have emphasized, business receipts must be salary income will decline sharply. If we are respent currently to help sustain full production to avoid sharply declining prices and loss of and employment. markets which discourage production and There is much discussion today in favor of business expansion, a gradual upward adjust- reducing corporate taxation after the war. I ment will be necessary in the wages and salaries believe that much of the discussion is in the of the great mass of comparatively low paid realm of wishful thinking because the revenue workers. This must be accomplished without objective is set entirely too low. Also, I believe increasing prices. Otherwise the desired in- that removal of various excise taxes and a reduccrease in consumption would be absorbed by a tion of income taxes on the lower income groups rise in the cost of living. should come first. Once this has been done and Increases in productivity should be passed on revenue needs permit, I would favor a reduction to the public largely in the form of higher wages in the corporation income tax. The rate might and salaries. In those industries in which be lowered to 2.5 or 30 per cent and the corporaproductivity is increasing much faster than aver- tion permitted to take out of its taxable income age, prices should be reduced in order to reach that part of its profits which it distributes as larger mass markets. Throughout, prices dividends. This would remove double taxation should be set on the basis of narrow margins of dividends, under the corporation income tax, per unit of output. and would be an inducement for corporations to Once a high level of consumer expenditure is distribute their earnings. The excess profits assured, the foundation for investment expendi- tax with its carry-over and carry-back provisions tures of business will be laid. Investment ex- should be retained for some time after the war at penditures are made in anticipation of consumer a reduced rate of around 65 per cent. High demands and are not likely to be made unless profits that will be earned in that period are business is assured in advance of an adequate traceable to backlog demands and are thus in market. We hear much about the reluctance the nature of war profits. of businessmen to take risks and engage in new Small business enterprise should be enventures because of lack of confidence. How- couraged through substantial tax benefits. This ever, business confidence is an effect and not a would stimulate investment in small and cause. It will exist if there are markets to look independent concerns. It would be the most forward to; it will not exist if markets are effective way to make equity capital available lacking. to them and be of far greater help than to pro- To assure adequate total purchasing power, vide too much easy credit. Encouragement of it is necessary for business to disburse the funds small enterprise is essential not only for 1160 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE POSTWAR PRICE PROBLEM economic reasons, but to vitalize our democratic education, and personal security for all members institutions and help keep alive the spirit of of the community. American enterprise. To provide for a steadily rising standard of Our economic problems must be worked out living for the nation as a whole by developat home. There has been, in recent discussion, ment of our economic resources and by too much reliance on the stimulus to our do- improving the efficiency with which they are mestic prosperity which may result from world used. trade. International cooperation is essential To promote a high level of world prosperity and international agreements, such as those and world trade in cooperation with other planned at Bretton Woods, are desirable. Yet, nations. we must not forget that the level of postwar There will not be much disagreement today employment in the United States will depend among thoughtful people, regardless of political primarily upon the existence of domestic markets faith or economic background, on these goals for our products. Our first responsibility is of national economic policy. Modern governfull employment at home and achieving it is the ments, including our own, have long since asmost powerful contribution we can make to a sumed a primary responsibility for the economic prosperous world economy. guidance and progress of their peoples. A In the period ahead, we should keep highly developed nation like our own, with constantly in mind that this is a zoo billion demonstrated capacity for providing a standard dollar a year country. We all know by now of living for all of the people far higher than that we can not gain by fighting over shares anything we have ever known, can well afford of a small total output. In 1932. when many to provide a national minimum of income, millions were unemployed, corporations as a education, health and old-age security for all whole lost nearly 3^ billions and net current of the population. It can not afford to do less. income of farm operators amounted to less than Such a guarantee is not the impractical dream 2. billions. In 1943 with full employment, of the social reformer. It is essential for our corporations, after tax liabilities of about 15 national economic security and for protection billions, had net incomes of nearly 9 billion of what we call our free enterprise system. dollars, an all-time high. Similarly, net current Only defeatists today, in the face of the war income of farm operators amounted to more than record, will say that the goals of full employix billions, likewise an all-time high. There ment are impossible of attainment under our is no profit in goods that are not produced. On economic system and form of government. the other hand, we all gain from a larger total Eleven millions of the youth of this nation output. now serving in the armed forces are not likely I have sought to outline the principal to believe that we can not afford in peace as in economic factors in prospect and the approach war to provide jobs for able and willing workers. to the solution of our postwar problems which They are well aware of the home front talk I believe promises the best hope of success. about postwar plans, and, if they are impatient Such suggestions as I have made are, of course, with it now because they think it shows an only a part of a comprehensive long-run program unawareness of all of the bitter fighting that for full employment. The objectives of such remains to be done, they will be far less tolerant a program may be summed up as follows: if, when they come home, they find that the To maintain full and stable national produc- planning and the promises about free enterprise tion, income, and employment to the maximum and full employment are only a mirage. possible extent through encouraging the ex- How many will never come home, how many pansion of private enterprise. will return maimed for life—we do not yet To guarantee minimum standards of health, know. We do know that it is these 11 millions DECEMBER 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE POSTWAR PRICE PROBLEM who are risking and losing everything to save we stay-at-homes are the principal owners. this system of ours. We do know that the good They may be quite willing to do so if they have intentions of a few years ago about taking the adequate jobs and economic security. You and profit out of war seem rather like a mockery I should have imagination enough to realize today. We do know that these n millions what would happen if we on the homefront, have not shared in the veritable war boom which who have profited so much and risked so little— has enriched the homefront. They have given while they have risked so much and profited up A£Hnes, jobs, businesses, -and life itself. JSD Jittle-^if .those who Jiave the economic power Those who have stayed at home, safe and pro- or the political power in this country accept tected, have been provided with a higher over- the defeatism still expressed by some to the efall standard of living than the nation has ever fect that the country can not afford the goal before enjoyed. They have accumulated the of full employment because the dictates of sogreatest volume of savings in our history. called "sound finance'* stand in the way. I Farmers, workers, corporations, businessmen can not imagine more unsound finance or a have on the whole higher salaries and wages, plainer proof that we do not at heart believe more profits, more savings and fewer debts than in our economic system or in our democracy. ever before. Most of this has come out of an Those who have overcome the most terrible expanding, already mountainous, national debt. of obstacles to win this war are not defeatists. The stay-at-homes—you and I—own the If we at home fail them, they will rightly take shares in that debt. We will get the interest command and throw the defeatists out of public and be paid the principal on that debt when we and private places of power and responsibility want it. The n millions—those who survive— —and I, for one, would be all for helping them will have to help shoulder that debt of which to do it. It need not happen that way. 1162. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THREE PLANS FOE POSTWAR TAXATION A COMPARISON OF THE CED, TWIN CITIES, AND RUML-SONNE TAX PROPOSALS1 by R. A. MlJSGRAVE Division of Research and Statistics Recently three proposals for postwar Federal versions are shown—one which includes a taxation have been placed before the public. general sales tax, here referred to as plan A, and They are here presented in comparable form. one which includes no sales tax but provides The proposed revenue structures are summarized in the first section. In the next three sections TABLE I the proposals are tested against the require- TAX YIELDS UNDER THE THREE PLANS [In millions of dollars] ments of a fiscal policy for full employment. ORIGINAL ESTIMATES, UNADJUSTED In the final sections the corporation, income, Twin Cities and excise tax proposals are compared in some Revenue source CED R-S detail. A B Personal income tax U0.900 13,000 5,000 7,800 OVER-ALL COMPARISON OF PLANS Corporation tax 22,100 1,000 5,000 5,000 Estate and gift tax 900 500 500 500 Customs and miscellaneous 1,600 500 700 700 Table I shows the revenue yield under the Excise taxes 2,900 3,000 4,000 4,000 Sales tax 2,800 three proposals. The upper part of the table shows the authors' original yield estimates. Total 8l8,300 18,000 18,000 18,000 For various reasons these estimates are not com- COMPARABLE ESTIMATES, ADJUSTED* parable, either with respect to totals or to distribution among tax sources. Hence a set of Personal income tax: Directly paid 11,373 12,000 7,440 11,133 adjusted yield estimates has been prepared which Withheld 1,625 places the three plans on a comparable basis. Total 12,998 12,000 7,440 11,133 These adjusted estimates are shown in the lower Corporate income tax: (a) Corporation tax currently part of the table and are the basis for all further offset by reduced personal income tax yield. .. 652 783 reference in the text. (b) To be offset by reduction in future personal in- For a "full employment" level of output and come tax yield if and when earnings are discorporate profits before tax of 17 billion dollars, tributed 1,568 1,508 351 421 (c) Absolute corporation tax... 790 5,321 5,120 the total revenue yield for the Ruml-Sonne Total... 1,568 2,298 6,324 6,324 plan is estimated at 18 billion as against 19 Estate and gift 900 500 500 500 billion for the CED plan and 2.3 billion for the Liquor and tobacco 2,600 2,600 2,600 2,600 Gasoline 350 350 520 520 Twin Cities plan. The yield provided for under Other excises 1,000 1,000 Sales tax 3,800 the Twin Cities plan is thus substantially Miscellaneous taxes 400 200 430 430 Customs . . 600 400 600 600 higher. In comparing the plans this must be Grand total 19,416 18,348 23,214 23,107 kept in mind since the range of possible tax 1 Excluding withholding tax on dividends (1.2 billion dollars). adjustments, particularly with respect to the 2 Including withholding tax on dividends. 3 Estimated yield on basis of standard rate for personal income and corporation tax, is very much narrower for a corporate income of 18 per cent. With a 16 per cent standard rate, total yield is estimated at 18.2 billion dollars; with a 20 per cent standard revenue goal of X3 billion dollars than for one of rate, total yield is estimated at 20.6 billion dollars. 4 For discussion of adjustment, see Appendix on p. 1176. 18 billion. Table I also gives the breakdown of the yield for a higher personal income tax, here referred totals by tax sources. For the TC plan two to as plan B. Since the sales tax plan is preferred by the TC authors, most of the discussion 1 Postwar Federal Tax Plan for High Employment, proposed by the Research Committee of the Committee for Economic Development, refers to the A version. The yield from the released Sept. 6,1944; The Twin Cities Plan for Postwar Taxes—A Realistic Approach to the Problem of Federal Taxation, published by the personal income tax is shown in two parts: the Twin Cities Research Bureau, St. Paul, June 1944; Fiscal and Monetary Policy, by Beardsley Ruml and H. Chr. Sonne, Planning Pamphlet tax paid by the individual directly and the tax No. 35, National Planning Association. 1163 DECEMBER 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THREE PLANS FOR POSTWAR TAXATION on his dividend income which is withheld at the IMPACT ON CONSUMPTION source, prior to dividend distribution. The A most encouraging factor in the current disyield from the corporation tax is shown in three cussion of postwar tax adjustments is the recogparts: amounts which are currently offset by a nition that taxation must be dealt with as a reduced personal income tax yield due to the matter of broad economic policy. Since taxes crediting provisions, amounts which will be so are bound to have important economic effects, offset later if and when retained earnings are the concept of "taxation for revenue only" is distributed, and amounts which are not subject not a helpful guide to tax policy. After the to offset now or later, by a reduction in personal war it will not be sufficient to aim at a revenue income tax yield. This last part may be called structure which will "bring in the money" an "absolute" corporation tax. The breakin a reasonably efficient and equitable manner. down is explained more fully later on. Rather we shall need a tax structure which is Examination of the table shows the revenue conducive to a high and stable level of income structures of the CED and R-S plans to be very and employment. The postwar tax system similar. Both place great emphasis upon the must safeguard a high level of expenditures, personal income tax, sharply reduce the imboth by consumers and businesses. portance of excises, and pretty much eliminate Consumption taxes, by sapping the flow of the corporation tax. The TC plan, however, consumers' demand, reduce the market which provides for a substantial yield from the corporation tax and places less emphasis upon the in- business and agriculture supply and thus tend dividual income tax, in both relative and abso- to be detrimental to a high level of output and lute terms. It is the only plan which proposes employment. This is clearly recognized by the a general sales tax as well as the retention of all CED and R-S plans, but is given no explicit conother excises. sideration whatever in the TC plan. Recogniz- These revenue structures may be compared ing that excise taxes are most detrimental to with the shares contributed by various tax consumption, the CED and R-S plans propose sources under the prewar system of, say 1940. to reduce them substantially. At the same time, Excise and sales taxes supply nearly 40 per cent however, they suggest a drastic reduction in the of the total yield under the TC plan A, or some- corporation tax, relative to the personal income what above the 1940 ratio. The CED and R-S tax. Since corporation taxes fall more largely plans, as well as the TC plan B, draw only xo upon savings than do the personal income taxes per cent from these sources. Personal income which take their place, this in part offsets the taxes supply nearly 70 per cent under the CED and stimulus to consumption provided by the cut in R-S plans. Under the TC plan A they supply x^ excises. On balance, the proportion of the per cent and under plan B, 50 per cent. The proposed CED and R-S taxes which fall upon corresponding ratio for 1940 was 2.0 per cent. consumption appears to remain above the 1940 The corporation income tax yields about 5 per ratio. cent of the total under the CED plan, 10 per Under the A version of the TC plan a general cent under the R-S plan, and close to 15 per cent sales tax is superimposed upon a high level of under the TC plan, which is about the 1940 ratio. excises, placing a severe burden upon consump- On the whole, there is little difference between tion. The retention of a heavy corporation the distribution of tax sources under the TC tax, however, and less reliance on the personal plan A and the 1940 revenue structure. How- income tax is a balancing factor. For the sysever, under the CED and R-S plans we find a tem as a whole the proportion of taxes falling drastic shift towards the personal income tax on consumption is higher than under the other and away from excise and corporation taxes. plans but not by as much as the heavy excise 1164 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THREE PLANS FOR POSTWAR TAXATION burden alone might suggest. Moreover, the factor.3 It is, in fact, the most evident requireyield of the TC proposal is from 5 to 6 billion ment for postwar tax adjustment. Yet, the dollars above that of the other plans. If it were plans all stop short of recommending a scaled down to the lower level of yield, the substantial reduction of liquor and tobacco portion of taxes falling on consumption would taxes, the major two excises on mass consumpmost likely decline. By and large, a higher tion goods.4 The argument advanced in the yield system will tend to fall more heavily R-S plan that liquor and tobacco taxes should upon consumption than a lower yield system. be retained as an "anchor to windward" in Under the B version of the TC plan higher case of inflation carries little force; adjustments personal income taxes take the place of the gen- in the first bracket income tax rate provide a eral sales tax. The impact of the tax system more flexible and effective counterweight. on consumption is thus substantially less than Excise reduction, however, curtails the posfor the A version and probably also less than sibilities of lowering income taxes. If a further for the CED and R-S plans. While the excises reduction in excises is desirable, the advantages under the B version are still higher than under of increased consumption expenditures must the CED and R-S plans, their impact on con- more than offset the disadvantages of reduced sumption may well be more than offset by the investment which higher income taxes might greater emphasis on corporation as against bring about. This aspect is now considered. personal income taxes. Estimates of the extent to which the various REDUCING TAX DETERRENTS TO INVESTMENT revenue structures fall upon consumption can Minimizing tax deterrents to investment is not be made without definite assumptions re- the second basic requirement for a sound postwar garding tax shifting, particularly the shifting of revenue structure. As in most of the current the corporation income tax. Calculations based discussion, it constitutes the focal point of all on a reasonable range of assumptions would three plans. They agree that it is vital to suggest that perhaps 50 per cent of tax pay- reduce the tax burden upon investment income ments under the CED and R-S plans would be but they differ significantly in emphasis. The reflected in reduced consumption expenditures TC plan is primarily concerned with reducing as against approximately 60 per cent for the A the tax burden upon the income of the individual and somewhat less than 50 per cent for the B investor; the other plans are primarily concerned version of the TC plan. By comparison, the with incentives at the corporate level. ratio for the 1940 revenue structure seems to fall The respective proposals for the taxation of somewhat lower.2 corporate profits and its coordination with the The impact of the tax structure on consump- personal income tax are as follows: tion could well be reduced much below the ratio reached by any of these plans if (1) the level The procedure suggested by the CED plan is very much like the British method. It provides of excise taxation were cut further than the CED for a tax on corporate net income, whether reand R-S plans propose and (z) the "low excise tained or distributed, at a rate of 18 per cent— emphasis" of the CED and R-S plans were comwhich equals the first bracket rate under the bined with the "high corporate tax emphasis" personal income tax. The dividend recipient of the TC plan. Of the two, a further reduction when computing his personal income tax will in excises would be by far the more powerful include in his net income dividends received. 2 The range of assumptions on which these ratios are based varies from a consumption incidence of 45-50 per cent for the personal income 3 Statistical analysis indicates that there is a sharp difference in the tax, 15-30 per cent for the corporation income tax, and 80-90 per cent impact of income and sales taxes on consumption, but only a slight for excises. For various combinations of assumptions, the consump- difference in the impact of income taxes of varying degrees of progrestion incidence of the various tax structures (that is, percentage of total sion. yield being reflected in reduced consumption) was throughout highest 4 Complete elimination of Federal excises involves a danger that for the A version of the TC plan, followed by the CED, the R-S, the TC these revenue sources will be promptly taken over by increased State version B plans in that order. In all cases the ratio for the 1940 rate and local excises. This is one of the reasons why coordination of the -f*-ucture was lowest. various tax systems is badly needed. DECEMBER 1944 H65 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THREE PLANS FOR POSTWAR TAXATION plus the corporate tax already paid thereon. burden on dividends, but they do this by reliev- That is to say, for each dollar of dividends reing dividend income of the corporation tax. ceived in cash he will include in his net income $i.2.2..5 After computing his income tax on this The CED technique of crediting the corporate basis he will deduct from his total tax the tax tax on distributed earnings against the personal already paid at the source, or zz cents for each income tax of the dividend recipient simply dollar of dividends received. Thus the tax paid transforms the corporation tax into a withat the corporate level is merely a withholding holding arrangement. The results are the same tax on his liability under the personal income as under the R-S plan where dividends paid are tax. The R-S plan proposes a small corporation tax excluded from the corporation tax. In both in the form of a 5 per cent franchise tax on cor- cases dividend income is subject to the personal porate income, imposed for the privilege of doing income tax rates only. The resulting tax relief business in corporate form. The plan also proper dollar of dividend income is the greater vides for an additional 16 per cent tax on that the lower the taxpayer's income bracket since part of corporate net income which is not distributed in the form of dividends. Again, the under the present method of taxation the extent corporate rate equals the first bracket rate under of "double taxation" is greatest for the lowest the personal income tax. The tax paid on incomes.6 retained earnings might or might not be credited The TC technique operates in the opposite to individuals, as under the CED plan, if and direction. It grants a reduction which is the when retained income is subsequently distributed in dividends. For purposes of this discus- greater, per dollar of dividend income, the sion it is assumed that the tax may be credited. higher the taxpayer's income bracket. By The TC plan is rather different. This plan excluding 40 per cent of dividend income from proposes to collect a 40 per cent tax on the the tax base, the tax relief per dollar of divientire corporate net income but permits the indidend income is made to depend on the top survidual dividend recipient to exclude 40 per cent of his dividend income when computing his tax rate which the taxpayer must pay. In taxable net income. The full personal income effect, therefore, the TC technique gives divitax is then paid on his taxable income thus dend income the benefit of a surtax rate schedule defined. which is less progressive than that applicable to other types of income. The three plans are agreed that under the current system the individual investor pays exces- If it is agreed that the need of tax relief for sive taxes on his income from equity capital— dividend income, as distinct from other forms excessive in particular if compared to taxes on of income, is greater the higher the taxpayer's other forms of income. Not only is equity income bracket, this approach is an effective one. income subject to the corporate tax but when The extent of such need, however, is difficult to distributed as dividends it is also subject to the assess. Little is known as to which income progressive individual income tax. To the groups are the strategic sources of new investauthors of the TC plan this is the most important ment and what net yields are considered adetax barrier to investment and little attention quate. The drastic flattening of progression on is given to the impact of the corporation tax dividend income, effected by the TC credit on corporate investment decision. By per-might well overshoot the mark. mitting the dividend recipient to exclude 40 From the TC discussion it is not clear whether per cent of dividends received when computing tax relief to dividends is to be given because his taxable income, the TC plan provides for a their strategic importance requires that they be sharp cut in the tax burden on dividend income taxed less than other forms of income or because while maintaining a high corporate rate. The a lower income tax is needed as an offset to the CED and R-S plans similarly reduce the taxfurther tax on dividends imposed through the 5 A dollar of dividends in cash equals $1.22 of dividends before withholding tax of 18 per cent since 18 per cent of $1.22 equals 22 cents. 6 See footnote 16. n66 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THREE PLANS FOR POSTWAR TAXATION corporation tax. The CED and R-S plans take revenue which it involves is relatively small.7 the latter view but there is some evidence that But whether these rate adjustments are corthe TC plan deals with the income tax on divi- rectly distributed and whether they correspond to dends as such, quite apart from the corporation the needs of the investor can not be judged withtax. If the corporation tax is assumed not to out much more careful analysis of the sources of investment funds than is available. fall on dividends, the case for specific relief to In the CED and R-S plans primary emphasis dividend income is weak. Investment income is placed on the effects of the corporation tax from partnerships for instance may be as deservon corporate policy. The TC plan on the coning, while some dividend income would hardly trary retains the corporate rate at a high level. constitute return on venture capital. Outright All plans are agreed that the excess profits tax reduction in progression applicable to all forms should not be retained after transition to peaceof income would involve little additional cost time production and that the capital stock and and be much preferable on equity grounds. If declared value excess profits taxes should be the corporation tax is assumed to fall on divirepealed. dends, there is a good case under the TC plan The drastic cut in the corporate tax is proposed for special relief to dividend income since a subby the CED and R-S plans because (1) the stantial absolute corporation tax is retained. corporate tax reduces corporate investment by But whether the relief should be distributed cutting profits; (2.) it results in double taxation between income groups as under the TC credit of the shareholders' dividend income; and (3) it device is a different matter. absorbs ' 'vital and enormous funds'' which would All three plans propose further to increase otherwise have been used to reinvest, raise investment incentives by reducing the pro- wages, or lower prices. The impression is gression of surtax rates under the personal in- given that these three arguments are additive come tax. For all plans the proposed rates in and can be applied together. This is not the the higher brackets are substantially below case because points (1) and (V) will hold only prewar levels whereas rates for the lower and to the extent that the tax is not shifted by the middle income brackets are considerably above corporation whereas point (3) depends largely prewar levels. The latter reflects to some extent on the assumption that the tax is shifted. The same inconsistency regarding underlying asthe increased yield requirements which necessisumptions on shifting is present in much of the tate somewhat higher rates for these brackets current discussion on corporate tax reduction. since it is in these where most of the tax base is The question whether or not the corporation found. The proposed downward revision of tax is shifted is of strategic importance for tax rates in the upper bracket again indicates diverpolicy. Unfortunately, it can not be answered gent views regarding the "strategic" income categorically, but on the whole there is good ranges. Thus the CED schedule increases at a reason to believe that as a rule the larger part fast rate up to $15,000, then flattens out greatly of the tax, say as much as two-thirds, will be up to the $zoo,ooo level, while the other schedreflected in reduced corporate net income and ules provide for a more gradual increase throughnot be passed on to the consumers or employout the range. The CED and R-S schedules are ees.8 Hence, the case for reduced corporation on the whole rather similar while the TC schedule (plan A) provides for very much lower rates for incomes in excess of $15,000. As an 7 Thus under the current rate schedule tax yield derived from taxpayers with incomes over $50,000 amounts to only 17 per cent of the incentive to an increased level of investment, total. If the top surtax rate was reduced from 91 to 60 per cent, the loss of yield would not exceed 500 million dollars. 8 The extent of tax shifting will depend on many factors, including some reduction of taxes in the higher brackets general business conditions, the corporation's competitive position, the lleevel of tax rate and so forth. Cases can be constructed where shifting seems desirable, particularly because the loss of of the corporation income tax seems plausible but for the case of a moderate tax they are not likely to be the rule. DECEMBER 1944 1167 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THREE PLANS FOR POSTWAR TAXATION taxes can hardly be based on its merits as a de- the lower tax rate on retained income tends to vice to reduce prices or increase wages, ef- encourage the withholding of corporate profits fects which may be achieved more directly and even when these are not needed for reinvestment more certainly through reductions in excise and in new assets, a practice which operates against pay roll taxes. a high level of employment because it withholds If the corporation tax falls largely on corpo- funds from the expenditure stream. No concern rate profits, it may be a deterrent to corporate about this basic difficulty is expressed in the investment. To appraise this point, reference CED plan but it is recognized by the authors of must be made to specific rate levels. Whereas the R-S plan. They condition the case for a a rate of say, 70 per cent, is likely to affect reduced corporate rate upon concurrent proincentives seriously, a moderate rate of, say visions to prevent the corporate form from being 30 per cent, might not. A statistical proof of used as a refuge from personal income tax or for this point is most difficult, but it is unlikely that purposes of retaining nonessential corporate corporate investment would be seriously de- surpluses. Unfortunately, the plan makes no terred by a moderate tax, particularly if net specific recommendations on this crucial point. income is properly defined and if adequate pro- This makes it difficult to assess its general visions are made to lower the tax burden on merits.10 smaller corporations. Both the CED and R-S Apart from the treatment of undistributed plans seem to overstate the detrimental effects income there are some other considerations of the corporation tax considerably. which speak for the retention of a moderate The CED and R-S plans give great weight to corporation tax. The elimination of corporate the point that a tax on corporation profits is taxation as proposed under the CED and R-S unjustified because corporations have no taxable plans would tend to strengthen the competitive capacity of their own, but merely reflect the position of large as against small firms. The income received by their owners. Corporate alternative taxes needed to make up for the loss income, it is argued, will sooner or later be of yield might well be more rather than less realized by the shareholder and will then detrimental to economic activity. The chores become subject to personal taxation. If profits of corporate tax accounting and legislation are taxed on the corporate level as well, they would not be less under the CED and R-S plans are taxed twice and hence more heavily than than if a somewhat higher corporate tax was other income. This position has much in its retained. favor on equity grounds, but it holds only to the If a tax reduction on dividend income is to be extent that corporate income is distributed. combined with the retention of some corporation The treatment of retained income is, in fact, tax, the R-S technique of crediting dividends the crux of the matter. Retained corporate paid at the corporate level seems preferable to income under the CED and R-S plans would the CED approach of giving tax credit to the be taxed at a substantially lower rate than individual dividend recipient. To the extent other income which is subject to the personal that the corporation tax is shifted, the direct income tax. This is objectionable on equity reduction in tax dollars collected from the grounds.9 As a matter of economic policy, corporation under the R-S method would be more likely to induce a price reduction than 9 It is argued by Professor Simons that it does not matter, on equity- would the personal dividend credit provision of grounds, whether income from corporate stocks is taxed currently or at some later date when it is paid out or passed on in an estate. But this is a rather remote view of the matter. Even the most stable rate system would not last for 30 years, and whatever our definition of 10 However, Mr. Sonne, in a recent statement (The Tax Problem of income, there is no denying that "unrealized" income makes some addi- the Future, speech presented before the Engineers Club of Philadelphia, tion to a person's economic status and taxpaying ability. Moreover, Oct. 17, 1944) has proposed an additional 60 per cent tax on retained the definition of equity which underlies the argument ("equal treat- corporate income in excess of 25 per cent (or $50,000, whichever is ment of equal amounts of income") leads to a disregard of the fact that larger) of earnings. If incorporated into the R-S plan, this would be a on the whole the corporation tax may be desirable (or undesirable) on very significant amendment and would differentiate the R-S and CED equity grounds because it results in a generally more progressive plans sharply. The exclusion of the first $50,000 of retained income revenue structure. would effectively protect the capital needs of the small corporation. Il68 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THREE PLANS FOR POSTWAR TAXATION the CED proposal. Also, the exclusion of tax structure might thus combine: (1) further dividends paid from the corporate tax would extension of the excise reduction proposed under be more effective as a stimulus to dividend the CED and R-S plans, (2.) retention of a distribution than would be the CED technique.11 corporate rate as under the TC plan, but at a All plans join in proposing an extension of the somewhat reduced level, (3) permitting a credit carry-over period for losses, but place insufficient (wholly or in part) for dividends paid at the emphasis on the significance of the loss carry- corporate level along the lines proposed under over for the effects of taxation upon risk in- the R-S plan, and (4) some reduction in provestment. To the extent that an offset of gression under the personal income tax. investment losses against other income is possible, the Treasury not only shares in invest- LEVELS OF TAX YIELDS AND BUDGETARY BALANCE ment gains, but in the form of reduced tax All three plans proceed by the rule that liabilities on other income also assumes an revenue yield should be sufficient to balance the equal share in investment losses. Thus the budget or to allow for some debt redemption tax, in effect, reduces the investor's risk as much at a level of production more or less correspondas his yield, thereby leaving the return on risk ing to a full employment situation. There is no taking intact.12 This is just one illustration of implication in any of the plans that it is sound the principle that the elimination of tax deter- policy to balance the budget when there is subrents to investment is not only a matter of rate stantial unemployment. This represents a reduction but more basically a matter of im- marked advance in the understanding of fiscal proving the definition of taxable income. This problems. It shows awareness of the need for includes additional problems such as liberalizing relating revenue and expenditure policies of the depreciation provisions, the treatment of Government to general economic conditions— research expenditures, and so forth. recognition of the fact that it may be necessary In conclusion, if the structure of the corporate at times to add to the public debt and at other tax is overhauled—more specifically, if pro- times to reduce it. This basic position is sound visions for the carry-over of losses and for the but some comments are needed, both with treatment of small business are liberalized—it respect to the figures and the principle involved. is likely that the retention of a moderate cor- Among the three plans there is some disagreeporate rate will result in a revenue structure ment regarding the level of postwar income which is more rather than less favorable to a that will be necessary to assure reasonably full high level of economic activity. At the same employment. In placing the plans on a comtime this would permit a more drastic reduction parable basis, a level of output somewhat higher in excises than proposed under the CED and than underlies the original estimates was as- R-S plans. A balanced approach to the postwar sumed. The yield of the CED plan has been raised from 18.3 to 19.4 billion dollars; that of the R-S plan from 18 to 18.3 billion dollars.13 11 A further advantage of the R-S technique is that it permits more freedom in setting the relative levels of tax rate for the first bracket The greatest upward adjustment was made for personal income tax and the corporation tax. Refund problems are avoided which would arise under the CED technique once the corporate the TC plan, whose original estimate of 18 rate exceeds the basic individual rate. Moreover, the exemption of dividends on the corporate side permits freedom in setting the extent billion dollars has been raised to over 2.3 billion. (not necessarily 100 per cent) to which dividends paid should be excluded. The various estimates for the size of the 12 Suppose the investor has a salary income of $1,000 so that after, say a 25 per cent tax, he retains $750. If he should now make an in- postwar budget are in close agreement. The vestment which might result in a loss of $200, this loss could be fully deducted from his other income so that only $800 would remain subject to tax. Accordingly, the tax would be reduced to $200 and his total income remaining after the loss and net of the tax would be $600 as 13 For a discussion of these adjustments see Appendix on p. 1176. compared with $750 had the investment not been made and the loss not In the Twin Cities pamphlet it is maintained that an income level been suffered. The net loss would thus be only $150, since the remain- of 120 billion dollars at 1942 prices (approximately 125 billion at 1943 ing $50 or 25 per cent would have been absorbed by the Treasury in the prices) represents a full employment level for 1946 and yields are comform of a reduced tax bill on the investor's other income. Both the puted on this basis. This figure seems over 10 billion dollars low, expected return and risk (or loss) of the investment are thus reduced unless it was assumed that productivity in that year is to be greatly by the rate of the tax, so that the compensation for risk taking (the reduced by the reconversion process. In that case, 1946 provides no ratio of the expected return to the expected loss) remains unchanged. proper basis for postwar tax planning. 1169 DECEMBER 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THREE PLANS FOR POSTWAR TAXATION budget estimate for the CED plan is 17 billion revenue target. On the assumption that it dollars and for the two others 18 billion. The represents a realistic appraisal of economic yield under the R-S plan thus approximately conditions for the average postwar year, the balances the assumed budget at the full employ- approach is excellent. If in one year or anment level of income while the CED plan leaves other economic conditions should be somewhat some room for debt retirement. However, the on the inflationary or deflationary side, this assumed budget level will, most likely, prove could be taken care of readily by reduction in too low by perhaps as much as 5 billion dollars. expenditures and redemption in debt or increase If this is correct, the higher yield levels esti- in expenditures and borrowing. mated for the TC plan represent a more realistic But now suppose that for the average postwar approach to the general objective of balancing year this situation does not apply. That is, the budget at full employment.14 This is suppose that tax rates as set under the formula important because once the proposed revenue will not provide sufficient yield to balance the objective is set at, say 2.3 billion dollars rather 18 billion dollar budget because income is bethan 18 billion, the ease with which the CED low the full employment mark. Then it is less and R-S proposals can approach the matter of evident that these tax rates are just at the "cortax reduction vanishes. It then becomes ap- rect" level. Suppose that the deficit which parent that, if corporate rates are cut drastically, results was insufficient to sustain income and it is necessary either to forego any substantial employment. Again, there may be an upward reduction in the personal income tax in the adjustment in the expenditure level, but this is lower and middle brackets or to maintain ex- only one of several possibilities. Another cises at a high level. If the higher budget figure possibility might be to lower taxes. Or, if is correct, the CED and R-S plans are rather un- borrowing is rejected, the job might be done by realistic, either because the proposed tax rates increasing both taxes and expenditures to a are deficient or because the balancing objective substantially higher level. All these are alteris overstated. natives, none of which should be excluded by Most important is the question whether the too rigid a setting of the revenue level.15 formula of setting the tax target to balance the In order to discuss the postwar tax structure, budget at full employment (or as in the case a proper yield level must be assumed. To assume of the CED and TC plans to pay off some debt) a proper yield level a picture of economic condifurnishes a useful guide to fiscal policy. This tions in the average postwar year must be obraises rather complex problems which can only tained, but this can not be done with much be mentioned here. Suppose that after the war assurance. This is a basic dilemma for postwar we have a full employment level of income, tax planners. The assumption that for the maintained without inflationary or deflationary average year full employment will prevail while pressures while at the same time the budget is the budget of 18 billion dollars is balanced in balance or some debt is retired. If these with the proposed revenue structures is a hyhappy conditions prevail, the policy of balanc- pothesis only. Some available evidence indiing the budget is the proper one. If in its cates that it is not a very likely hypothesis. In place a policy of deficit spending was adopted, view of this uncertainty it appears desirable inflationary pressures would develop; if more that revenue structures should be investigated debt was paid off, the results would be de- not just for one, but for several levels of over-all flationary. This, it appears, is the situation in yield, since the over-all yield objective is most which the formula provides the "correct" important for deciding what can be done about specific parts of the tax system. A flexible view 14 This is not to say that such was the intention of the TC authors. Rather, it was their objective to balance an 18 billion dollar budget with a correspondingly smaller yield at a lower level of income. See 15 This is important particularly if, as in all three plans, the "spendfootnote 13. ing for spending's sake" approach is sharply rejected. II7O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THREE PLANS FOR POSTWAR TAXATION of the required level of revenues should be main- tax provides for an absolute addition to revenue tained until the economic needs of the postwar yield. Through the dividend credit, there is . situation become apparent. Provision should again some loss of current yield under the perbe made for variability of some parts of the rate sonal income tax and some potential future loss structure, preferably the first bracket rate under when and if retained earnings are distributed, the personal income tax. The principle of but these offsets are less than one-fifth of the *'balancing the budget at full employment'* corporation tax yield. Thus a substantial absomay afford a useful rule of thumb for setting the lute corporation tax is retained under the TC tax target at this stage of the discussion. Yet plan. it is far from being a safe recipe for the ' 'correct'' The position of the dividend recipient has level of postwar taxation. already been considered. From this point of view, the CED proposal is equivalent to a repeal CORPORATION TAX AND DIVIDEND CREDIT of the corporation tax, the tax paid by the In the remaining sections various parts of the corporation being merely a withholding prothree plans are considered in some detail. The vision for the recipient's personal income tax. proposals for coordination of the personal and With the exception of the 5 per cent franchise corporate income taxes have been summarized tax, the situation is the same under the R-S in a preceding section. To compare them fur- plan. Under the TC plan, stockholders are ther, their significance is now considered from confronted with a substantial corporation tax the point of view of (i) revenue yield, (V) the on their dividend income. Therefore, profits position of the dividend recipient and (3) the available for dividend distribution will be position of the corporation. smaller than under the other plans. As shown in Table I, the revenue yield from the The benefits of the dividend credit will differ corporation tax under the CED plan is very greatly for taxpayers in various income brackets, small, the larger part of tax dollars collected depending upon which technique is used. As from the corporation representing withholding shown before, the tax reduction per dollar of of personal income tax for the dividend re- dividend income is greater, under the TC techcipient. Estimates in Table I assume that 35 nique, the higher the dividend recipient's inper cent of profits after tax are retained by the come bracket. The opposite holds for the corporation. If these profits are distributed credit provisions under the CED and R-S plans at a later date, the current yield from the corpo- where the tax reduction per dollar of dividend ration tax on retained earnings would at that income is the larger, the lower the income time be offset by a reduction in the personal in- bracket.16 The equity argument in favor of this come tax yield. Thus no part of the corpora- second adjustment is clear cut. The current tion tax under the CED plan makes an absolute method of dividend taxation is inequitable beaddition to revenue yield; in effect the corpora- cause the taxation of corporate profits at the tion tax is eliminated. Under the R-S plan the corporate as well as at the individual level resituation is very similar although the franchise sults in a heavier tax upon dividend income than tax of 5 per cent does involve an absolute addi- upon a comparable amount of income from other tion to yield, not to be offset either currently or later by a reduced personal income tax yield. 16 The argument is the same for the CED and R-S credit devices The yield from the 16 per cent tax paid by the but may be stated more easily in terms of the latter. When the credit is introduced (i.e dividends paid are exempted from the corporation corporation on its retained income is again sub- tax) all shareholders "gain" because profits available for distribution and hence dividends are increased. (We may assume for purposes of ject to offset by a future loss of personal income this argument that no income is retained.) But as a result, their personal income tax goes up; this is a ''loss" which offsets part of the initial tax yield if and when dividends are paid. The gain. The "gain" in terms of increased dividends is at the same rate, per dollar of dividend income, whatever the taxpayer's income group. situation under the TC plan is altogether differ- However the "loss" in terms of increased income tax will be the larger, per dollar of dividends, the higher the taxpayer's income bracket and ent. The bulk of the 40 per cent corporation therefore his top surtax rate. As a result, the net gain per dollar of dividend income is the greater, the lower the income bracket. DECEMBER 1944 II71 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THREE PLANS FOR POSTWAR TAXATION sources. To remedy this inequity, the CED and the CED plan is clearly the most advantageous R-S credit devices relieve dividend income of because no absolute corporation tax is retained. the corporation tax and subject it to the personal Apart from the 5 per cent franchise tax, there is. income tax only. This adjustment requires little difference in this respect between the CED that the tax relief per dollar of dividend income and the R-S plan although as a general approach must be greater the lower the income bracket; corporations might prefer the CED method of without such credit, as under the current prac- granting the dividend credit on the individual tice, the extent of "double taxation" is highest rather than on the corporate level. In both for the lowest incomes.17 The criticism of the cases a small tax on retained earnings is all that CED credit device by the TC authors misses the remains. Moreover, this is not an absolute double taxation argument completely.18 The undistributed profits tax, but recoverable when reasons advanced for proving the equity of the dividends are distributed at a later date. In TC adjustment are rather unconvincing.19 either case the rates are relatively low and are From the corporation s point of view, finally, not likely to exert much pressure for dividend distribution. Under the TC plan, however, 17 The argument is the same as that of the preceding note, but in the corporation must continue to pay a subreverse. The current method of "double taxation" imposes a smaller additional burden upon the dividend recipient in the higher income stantial tax. The yield offset on the personal bracket. When adding the corporation tax to the personal income tax the additional tax burden per dollar of dividend income is less for the income tax side is small, relative to the total taxpayer in the higher income bracket. While his dividends decline at the same rate as those of the lower bracket taxpayer, his tax savings tax, and the nature of the dividend credit is per loss of dividend dollar are at a higher rate. 18 The TC pamphlet (p. 15) compares the tax of X who receives such that (unlike the CED case) corporation wages, after exemption, of $10,000 with that of Y who receives an equal dividend income. Yet, under the CED credit, X pays an income officers are not likely to consider this offset as tax of $2,000 while Y receives a refund of $4,218. This, the TC authors conclude, results in a tax differential of 311 per cent ($6,218 as per cent relief from the corporation tax. of $2,000). This comparison seems incorrect. Instead of comparing the tax of X with Y, it should be compared with that of Z who receives cash dividends of $5,800 not of $10,000. Y who receives cash dividends of $10,000 actually has a taxable income (CED definition) of PERSONAL INCOME TAX PROPOSALS $18,815 or nearly twice that of X (Figures based on TC rates and exemptions) . To explain, assume a corporate rate of 40 per cent, an individual The personal income tax supplies nearly 70 rate of 20 per cent, and no exemptions. Then a wage income of $10,000, paying a tax of $2,000 should be compared with a dividend in- per cent of the total yield under the CED and come of $6,000, not of $10,000. A dividend income of $6,000 reflects a total share in corporate profits of $10,000, of which $4,000 already R-S plans; it supplies over 30 per cent under the have been withheld through the 40 per cent corporation tax. Under the CED method Z computes his personal income tax on $10,000 A (sales tax) version of the TC plan and 50 per ($6,000 cash dividend plus $4,000 corporation tax) which again equals $2,000. Since $4,000 was withheld, he receives a refund of $2,000. cent under the B version. His net tax of $2,000 equals 20 per cent of his total income (share in profits of $10,000). The effective rate is the same as paid by X. No The wartime "normal tax" with its uniform tax differential exists. 19 The TC argument is difficult to disentangle. It appears that the exemptions is dropped by all plans. Exempauthors are not concerned with double taxation at all but merely want to reduce the personal income tax on cash dividends received, without tions under the CED and R-S plans are $500 per reference to the dividend recipient's share in the corporation tax. On this basis they argue that the personal income tax on cash dividends income recipient and per dependent; under the received should be reduced below that on a similar amount of wage income and that this reduction, in order to be equitable should be a A version of the TC plan they are $1,400 per constant fraction at all levels of income. In several tables on pp. 14-16 of the TC pamphlet it is shown that the TC credit device approxi- head of family, $600 per single taxpayer, and mately yields this result while the CED method does not. In all tables the comparison is drawn between taxpayers whose income is $400 per dependent. Under the B version they wholly in the form of wages or wholly in the form of dividends. There are several objections to this procedure: (1) The merits of are $1,2.00, $500, and $350. various tax adjustments on equity grounds can not be discussed with- The proposed bracket rate schedules are shown out also allowing for the differential impacts of the corporation tax by income groups, unless it is assumed that the corporation tax does in Chart 1. Rates for the first bracket under the hot fall on dividends; (2) Whatever the equity considerations with respect to taxation at various levels of income, the TC adjustment R-S and CED plans are 16 and 18 per cent does not meet the equity requirement that equal amounts of income from different sources should be taxed equally; (3) Most important, respectively; under the TC plans A and B, they the TC credit provision satisfies the equity requirement which the TC plan itself proposes (namely that the credit should cut propor- are 10 and 18 per cent. The maximum rates are tionately the tax on dividend incomes at all levels of income) only for the completely unrealistic case of comparing incomes which are wholly 60 per cent under the A version of the TC plan, from wages with incomes which are wholly from dividends. Once the comparison is with taxpayers who receive partly wages and partly 66 per cent under the R-S plan, and 75 per cent dividends, the differential (see table on p. 16 of the TC pamphlet) between the tax on wage and that on mixed incomes varies widely between under the CED and the B version of the TC different income levels. Similarly, the tax reduction per dollar of dividend income which results from the credit varies widely between plan. The top rate is reached earliest under different ta> payers. This is the case if a constant share of dividend income at all income levels is assumed but holds even more if varying the R-S plan, at a level of $150,000. The CED shares of dividendi ncome are allowed for. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THREE PLANS FOR POSTWAR TAXATION rates reach a plateau above the $15,000 level income is in the form of dividends. The tables but rise most sharply up to that point. show how the TC provision for excluding 40 per cent of dividends from taxable income is more beneficial the higher the income bracket. PROPOSED INCOME TAX BRACKET RATES This is the case because (1) the tax cut obtained NORMAL AND SURTAX RATES COMBINED MARRIED TAXPAYER - TWO DEPENDENTS from the exclusion of a dollar of dividend income from the tax base is determined by applying to it the taxpayer's top surtax rate, a rate which will be higher the larger the taxpayer's income; and (2.) because dividends are an increasing portion of income the higher the income bracket. As a result, the actual TC tax liabilities are less progressive than the unadjusted rate schedule would suggest, although for a taxpayer with an average income composition this difference is important only at high levels of income. Yet, it might be very significant at any income level for a taxpayer whose dividend income relative to his total income was abnormally large. Because of the dividend credit, the top bracket rate applicable to dividend income is 36 and 45 per cent under the A and B versions of the TC plan, while the top rates applicable to other income are 60 and 75 per cent.20 Table II shows income tax liabilities at On Chart 2. the three income taxes are comselected levels of income under the three plans. pared in terms of effective rates, that is tax For the TC plan two sets of figures are shown— one on the assumption that the entire income is 20 For each surtax bracket, the bracket rate on dividend income must always equal 60 per cent of the bracket rate applicable to other from sources other than dividends and the other income because 40 per cent of the dividend income is excluded from the base. on the assumption that some portion of the TABLE II PERSONAL INCOME TAX LIABILITIES UNDER THE THREE PLANS [Married taxpayer, two dependents] Tax liabilities Net incomebefore exemptions Twin Citiesplan Rum p l- la S n onne CED plan A B Total Dividends1 No i n d c i o v m id e end Part i nc d o i m vi e dend No i n d c i o v m id e e nc Par i t n c d o i m vi e dend $ 2,000 $ . $ $ $ $ % 16 $ 16 2,500 62 80 90 30 28 96 92 5,000 262 490 570 328 311 518 499 10,000 920 1,590 1,800 1,222 1,152 1,544 1,461 25,000 4,175 6,570 7,320 5,020 4,519 6,096 5,495 50,000 12,000 17,210 18,510 13,742 11,910 16,848 14,578 100,000 28,500 45,130 42,430 35,388 30,144 44,339 37,613 250,000 87,000 141,010 121,810 114,946 95,110 144,911 120,203 500,000 184,000 306,010 268,190 263,380 219,220 326,373 272,645 1,000,000 408,000 636,010 597,070 563,380 465,460 701,335 578,935 1 The assumed amounts of dividend income do not represent an estimated dividend distribution for the postwar period. However, the figures appear reasonable if compared with Statistics of Income data on dividend distribution for past years. DECEMBER 1944 1173 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THREE PLANS FOR POSTWAR TAXATION liabilities expressed as a percentage of net.income the effective rate schedules under the CED and before exemptions. In order to place the TC TC plans are in effect quite similar.21 The CED plan recommends that an averaging rates on a comparable basis with the others, tax device be introduced into the personal income liabilities computed after excluding 40 per cent tax. Tax liabilities might be recomputed every of dividend income are expressed as a percentage five years and refunds made to taxpayers for of net income as defined under the other plans, taxes paid in excess of what liabilities would that is, including total dividend income. The have been had income been spread equally assumed dividend income, at various levels of throughout the period. As an encouragement total income, is similar to that shown in Table to risk taking a provision of this kind, even if II. imperfect, would be of great importance.22 Pending the introduction of such a scheme, continuation of the current treatment of capital PROPOSED EFFECTIVE INCOME TAX RATES gains is recommended by the CED. Under the MARRIED TAXPAYER - TWO DEPENDENTS TC plan, it is proposed to treat capital gains and losses from assets held for less than six months as ordinary income. The maximum rate on long term gains and losses would be reduced from 15 to I2.J per cent. There is no discussion of the extent to which the lower level of rates 21 Comparable tax liabilities which allow for this adjustment may be constructed as follows: Combined Personal and Corporate Income Tax Liabilities Under TC and CED Plans [Married taxpayer, two dependents] (In dollars) 1 Total income 2,541 5,175 10,613 58,000 119,000 2. Wages 2,438 4,738 9,080 38,000 71,500 3. Share in corporate profits allocated for distribution... 103 437 1,533 20,000 47,500 Tax under CED plan 4. Dividends 103 437 1,533 20,000 47,500 5. Total cash income (2 + 4) 2,541 5,175 10,613 58,000 119,000 6' come.e..net..m".. 2,541 5,175 10,613 58,000 119,000 7. Personal income tax 97 607 1,984 22,230 52,250 8. Corporation tax 9. Total tax 97 607 1,984 22,230 52,250 10. Effective Rate (9 as %ofl) 3.8 11.7 18.7 38.3 43.9 Tax under the TC plan On the whole, income taxation under the TC 11. Dividends 62 262 920 12,000 28,500 12. Total cash income plan is more progressive, relative to the other (2 + 11) .. 2,500 5,000 10,000 50,000 100,000 13. Taxable net income. 2,475 4,895 9,632 45,200 88,600 plans, than appears from Table II or Chart 1 14. Personal income tax. 28 311 1,152 11,910 30,144 15. Corporation tax (3- 11) 41 175 613 8,000 19,000 because, in addition to the personal income tax, 16. Total tax.'..'.' 69 486 1,765 19,910 49,144 17. Effective rate (16 as a substantial corporation tax is imposed. Be- % of 1) 2.7 9.4 16.6 34.3 41.3 Compare the tax liabilities under the CED and TC plan of a taxcause of this tax, profits available for dividends payer who receives a total income of $10,613, of which $9,080 is in the form of wages and $1,533 represents his share in corporate prohts before will be 35-40 per cent smaller than under the tax. Then under the CED approach his dividend income equals $1,533 or the entire share in corporate prohts. Total cash income equals R-S and CED plans. Since dividends are a $1,984. His total tax liability equals $1,984 of personal income tax, no corporation tax being imposed. The effective rate equals 18.7 per cent. larger fraction at higher income levels, this adds Under the TC plan the same taxpayer receives dividend income of only $920 ($1,533 minus 40 per cent corporation tax) so that his total cash to progression under the TC plan. If the com- income is only $10,000. The personal income tax on this equals $1,152. To obtain his total tax liability $613 of corporation tax must be added, giving a tax total of $1,765. This in turn means an effective rate of bined tax liabilities under both the personal 16.6 per cent. 22 Unsuccessful foreign experiences with averaging provisions do income and corporation taxes are compared, not prove the impracticability of an averaging device as suggested in the CED plan because altogether different approaches were used. 1174 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THREE PLANS FOR POSTWAR TAXATION on capital gains renders high surtax rates in- of the exemption level. To be sure, the proeffective, a factor which is important in assess- posed exemptions are $1,2.00, $500, and $350 in ing the effects of income tax rates upon invest- plan B as against $1,400, $600, and $400 in plan ment. A. However, the number of families released from the income tax by the increase in exemp- EXCISE TAX PROPOSALS tions is much smaller than the number of families The CED and R-S recommendations with upon which the sales tax imposes new and respect to excises are again very similar. They additional burdens. both would retain excise taxes on liquor and to- When in moving from plan B to plan A the bacco at the rates in effect during 1943 and would sales tax is added and the income tax rates are eliminate most other excises with the possible reduced, taxpayers with small incomes gain less exception of a small gasoline tax. Excise taxes in terms of reduced income taxes than they take thus would be reduced to a minor place in the on in terms of added new sales taxes. As shown Federal tax structure. in the table, the combined sales and income tax The TC approach is drastically different. It liabilities under plan A exceed the liability is proposed not only to retain all excises at the under plan B for taxpayers up to about $1,750. rates in force in 1943 but to add a 5 per cent sales tax without exemptions. Difficulty of evasion TABLE III is stated as the principal argument for the sales COMPARISON OF LIABILITIES UNDER ALTERNATIVE TWIN CITIES PLANS tax. Regressivity is recognized as the principal [Married taxpayer, two dependents] argument against it. But, to quote, "this Net income Income tax2 Total tax s a c rg h u ed m u e le n s t ar c e e a s s o e a s dj t u o s te e d x i a s s t to i f r el t i h e e v e i t n h c e o i m n e d iv t i a d x - exe b m ef p o t r i e ons1 A B 5 s a p le e s r c ta e x n 3 t Plan A* PlanB ual of an equal amount of income tax, so that he $ 1,000 $ $ $40 $ 40 $ 2,000 65 65 has more money with which to purchase com- 2,500 28 92 80 108 92 3,000 70 170 90 166 170 modities.'* Accordingly, the TC plan proposes 4,000 103 326 105 278 326 5,000 311 499 125 436 499 two rate combinations, plan A which combines 10,000 1,152 1,461 175 1,327 1,461 a lower income tax rate with a 5 per cent sales 1 Denned to include 100 per cent of dividend income. tax, and plan B which has a higher income tax 3 2 T A h s e in a s T su a m bl e e d I l I e . vel of expenditures subject to sales tax may be schedule but no general sales tax. It is claimed obta 4 i I n n e c d o b m y e m ta u x l ti p p l l u y s i n g g e n t e h r e a l s a s l a e l s e s t a t x a x li . ability by 20. "that on the average the low income group will pay no greater total tax burden'' under the first Above that level, the situation is reversed and scheme than under the second, so that on the the tax liabilities under plan A become the smalwhole plan A offers the more equitable alter- ler. As shown in the charts, the rate schedule native. under plan A becomes lower, relative to that of In the preceding section the two income tax plan B, the higher the income—and this despite schedules have been considered and they may the fact that the burden of the sales tax falls off again be compared on the charts. Comparison with increasing incomes. As a result tax savsuggests that the average burden upon taxpayers ings under plan A, as compared to plan B, are in the lower income groups would differ sharply the greater the higher the income bracket. under the two versions of the TC plan. This is Thus, a taxpayer with an income of $50,000 pays shown clearly in Table III, where the combined $3,000 less in income taxes under plan A than income tax and general sales tax liabilities are under plan B, while a taxpayer in the $100,000 compared for the two plans. The authors of the group saves $7,000. TC plan do not allow for the fact that the sales To maintain that this reduction in income tax tax is paid by everybody, whereas the income tax was offset by the additional sales tax, it would applies only to taxpayers with incomes in excess be necessary to assume expenditures subject to DECEMBER 1944 1175 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THREE PLANS FOR POSTWAR TAXATION sales tax of an amount nearly double the income Because the plans provide for Federal excises available after payment of the personal income of different amounts, the basis of a common gross tax. Rather than being equivalent, the two national product before excises results in differversions of the TC plan are thus quite different. ent levels of gross national product after excises. Thus the output in physical terms is assumed the APPENDIX same for all cases but prices will differ depending ADJUSTMENT OF YIELD ESTIMATES TO A upon the level of Federal excises. Putting it COMPARABLE BASIS differently, we can not assume a common gross national product in dollar terms because this The yield estimates for the three plans are would imply different levels of physical output based on the common assumption of a gross and employment in view of the difference in national product before Federal excises of 166 excises. Since it is the level of employment billion dollars. This roughly corresponds to that is significant for fiscal policy, estimates current estimates for gross national product at based on the assumption of an equal gross nafull employment for an early postwar year. tional product in dollar terms would not provide a significant comparison. For the yields to be COMPARABLE LEVELS OF INCOME AND TAX BASE UNDER comparable with respect to a common level of VARIOUS TAX PLANS (In millions of dollars] employment, equal dollar value of gross national product at factor cost but different values for Twin Cities Levels of income CED R-S the product at market price must be assumed. and tax base A B The different levels of corporation tax under National product at full em- the various plans must also be allowed for in ployment before Federal excises 166,000 166,000 166,000 166,000 arriving at the respective levels of national in- Excises 3,950 3,550 8,950 5,150 come and income payments. The personal Gross national product, market price 169,850 169,450 174,950 171,150 income tax bases correspond to the respective Less: Depreciation 10,000 10,000 10,000 10,000 levels of income payments under the various Corporation tax, Federal 1,568 2,298 6,324 6,324 plans. Business taxes, State and local 8,000 8,000 8,000 8,000 For all plans profits of net income corporations Excises, Federal 3,950 3,550 8,950 5,150 before tax are assumed to equal 17 billion dol- National income 146,332 145,602 141,676 141,676 lars. A carry-over of losses equal to 7 per cent Plus: Transfer payments, net. 1,000 1,000 1,000 1,000 Less: Retained profits 5,559 5,322 3,766 3,766 of profits is assumed. Six per cent of dividends Income payments 141,773 141,280 138,910 138,910 distributed is assumed to go to nontaxpayers. Personal income tax base (Net Dividends (including withholding tax thereon) income after exemptions. 61,000 61,000 48,000 58,000 are assumed to equal 65 per cent of corporate Price index 100 99.8 103 101 profits after tax on retained income. 1176 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED CONSUMER CREDIT SERIES Revisions in the consumer credit series are than previously published figures for dates presented in this article as follows: (i) consumer through December 1941 but higher for subseinstalment credits of commercial banks; (Y) in- quent dates* sured consumer repair and modernization loans Establishment of June 30, 1943 benchmark.—Adoutstanding; (3) consumer instalment loans out- justment to June 30, 1943 call figures as a benchstanding at credit unions; and (4) revised con- mark has corrected the series for incomplete sumer credit aggregates incorporating the ap- reporting of consumer credit on earlier calls and plicable parts of the preceding revisions. also for the inclusion of some nonconsumer paper.2 In the call report for June 30, i94x, the ESTIMATES OF CONSUMER INSTALMENT CREDITS benchmark formerly used, commercial bank OF COMMERCIAL BANKS holdings of consumer instalment loans were Estimates of consumer instalment credits of obtained on a supplementary schedule which was commercial banks, compiled and published by not alw?ys prepared by the department responsithe Board of Governors, have been revised on ble for the main report. Consumer paper held the basis of more complete data and improve- in commercial loan departments was frequently ment in reporting methods. Current estimates omitted with a consequent understatement of are derived from monthly data supplied by about consumer loans by a substantial amount. Be- 400 banks, adjusted to consumer credit figures ginning December 31,1942. consumer credit items shown on call reports of condition for all in- were reported as a section of the loans and dissured banks. The present revision reflects counts schedule of call reports and, as a consechanges made since June 30, 1942. in the method quence, were classified and reported more of reporting consumer credit statistics both in accurately. At that time, also, consumer paper the call reports and in the monthly reports. was redefined to exclude an unknown but probably substantial amount of nonconsumer paper Revised figures for consumer instalment credit such as instalment loans arising from the puroutstanding quarterly for the period December chase of tractors, trucks, farm machinery, and 1939 through December 1941 and monthly business equipment. thereafter, and of the monthly volume of credit extended for the period from January 1941 to The new benchmark—the total amount of date, are given in the tables on page 1178.1 consumer instalment loans of all commercial Effect of the revision.—The principal effect of banks on June 30, 1943—was obtained by adjustthe revision has been to raise the level of both ing the call report data for insured commercial amounts outstanding and loans made through- banks (1) to exclude consumer instalment loans out the period. The revised over-all figures for of industrial and Morris Plan banks; (2.) to deamounts outstanding range from 7 per cent above duct deposits accumulated for payment of the previous level for the period prior to 1941 to personal instalment loans;3 and (3) to include an approximately 10 per cent in later months. Most of the upward revision occurred in personal 2 Methods used in the current revision are essentially those developed when the series was established; that is, figures for a benchinstalment loans, which are more than one-fifth mark date are carried forward and backward, on the basis of changes in a monthly reporting sample. District totals are derived from sepabove the old level throughout, but all major arate projections for each type of loan classification. National estimates are the total of the district figures. parts were raised slightly. Revised estimates 8 Total consumer loans are reported on call in two different ways. Some banks follow the practice of carrying payments on instalment for repair and modernization loans are lower loans in deposit accounts and applying them against the loan at maturity; these banks report loans outstanding on a gross basis and the accumulated deposits must be deducted to arrive at a net basis. Banks 1 The original series described in the Federal Reserve BULLETIN immediately crediting partial payments against instalment loans report for October 1942, pp. 992-994, were adjusted to Dec, 31,1941 call report net amount outstanding. data for loans outstanding. Estimates shown in the regular BULLETIN Net amount outstanding for each of the consumer loan classificatables, beginning with the January 1943 issue, included a straight-line tions shown on call reports was obtained by allocating total deposits adjustment to the June 30, 1942 call report total. For the present so accumulated among the parts according to the distribution of such series, the adjustment is related to thhee "June 30, 1943 call report total. deposits for the reporting sample. DECEMBER 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED CONSUMER CREDIT SERIES estimate of the consumer instalment loans of both call and monthly figures. The probable uninsured banks. error in these detailed estimates is not believed Since June 30, 1942., call reports have not clas- to be substantial. sified retail automobile instalment paper into Adjustments in monthly figures.—The Reserve purchased paper and direct loans, and have not Banks obtained from monthly reporting banks a separated repair and modernization loans from reconcilement of figures submitted on the June other retail instalment paper. The benchmark 1943 monthly reports with the consumer items for each of these parts was derived on the shown on the June 30, 1943 call report. Explaassumption that the relationship between parts nations of any differences afforded the basis for now combined was accurately reflected by the correcting either the monthly report or the call June 30, 19^ call figures, projected to June figures, and occasionally both. Discrepancies 1943 on the basis of the monthly reporting seemed to arise largely because consumer paper sample, after allowances for known errors in had been incompletely reported on the June 30, CONSUMER INSTALMENT CREDITS OF COMMERCIAL BANKS, BY TYPE OF CREDIT (Estimates. In millions of dollars] AMOUNT OUTSTANDING VOLUME EXTENDED DURING MONTH End of month T 1 otal c A h P a u u s t r r e o - e d m ta o i b l l r o D i e a i l c n - e t s c d O r p i h e t a r u t a h n e a r s e d i c - e r l t d , mo R z l d e a o a e t p a n r i a n d o n i s n i r 1 - Pe i l m r n c o s s e a t a o s n a n n h t l s a - l Month2 Total : P h A a u u s r r e t - o e d m ta o i l l r o b D e a i c i l n - e t s c d r O h p e a i a t r t n u h a s e d r e e i c - l d r t , m R z o lo a a e d n a t p e i n d a r o n s i n r 1 i- P i e l n m r o c s s a a e t o n s a n n h s l t a - l 1939—December.. 1,093 218 164 155 209 347 1939—December. . 1940—March 1,159 239 184 165 199 372 1940—March June 1,327 290 215 207 218 397 June September. 1,400 301 236 217 237 409 September . December.. 1,450 311 253 217 247 422 December.. 1941—March ,526 332 276 227 237 454 1941—March June ,728 404 327 279 247 471 June September. ,802 441 336 303 253 469 September . December.. ,694 411 310 288 234 451 December.. 1942—January... ,621 383 291 282 226 439 1942—January 124 18 27 54 February.. ,554 357 274 275 219 429 February... 120 17 25 53 March ,509 344 261 267 212 425 March 147 26 24 66 April ,446 320 250 256 206 414 April 129 19 25 56 May ,374 297 235 242 201 399 May 115 17 23 48 June ,305 277 220 226 194 388 June 111 16 17 53 July ,231 251 207 210 188 375 July 103 15 15 48 August.... ,158 237 190 193 181 357 August 103 24 12 44 September. 1,078 212 174 177 175 340 September.. 89 12 13 42 October 996 185 158 163 169 321 October 83 9 16 38 November. 920 161 142 153 162 302 November.. 73 7 16 33 December.. 849 136 127 143 154 289 December. . 78 6 15 41 1943—January. .. 783 117 115 134 144 273 1943—January 67 6 15 32 February. . 720 101 105 121 136 257 February... 61 6 10 30 March 676 87 99 109 127 254 March 87 9 10 49 April 634 78 94 99 120 243 April 76 10 12 35 May 604 71 90 93 114 236 May 77 10 12 35 June 583 65 87 86 109 236 June 90 10 14 44 July 562 61 85 81 104 231 July 78 10 10 36 August.... 545 59 84 75 100 227 August 79 11 9 36 September. 537 59 84 71 97 226 September.. 84 11 10 40 October.... 527 58 84 68 95 222 October 77 9 12 35 November. 517 56 84 67 92 218 November.. 75 12 35 December.. 517 55 84 68 89 221 December. . 82 13 41 1944—January . . . 507 53 83 71 85 215 1944—January 72 33 February.. 494 52 83 65 81 213 February... 70 35 March 501 52 85 62 78 224 March 95 9 10 52 April 500 52 88 61 76 223 April 82 11 11 36 May 508 53 92 62 76 225 May 97 12 15 42 June 522 56 96 63 76 231 June 100 12 13 47 July 531 61 98 62 77 233 July 95 14 11 42 August.... 536 62 100 61 79 234 August 93 12 11 42 September. 545 63 102 63 80 237 September.. 93 10 12 43 October.... 548 61 105 66 80 236 October 94 10 15 40 1 These series include FHA-insured loans outstanding at commercial banks and also an unknown amoun t of uninsured loans held by these institutions. 2 Loan volume for months prior to January 1942 not available. 1178 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED CONSUMER CREDIT SERIES 1, and monthly reports were continued on ESTIMATES OF INSURED CONSUMER REPAIR AND the same basis. Nearly 5 per cent of the respon- MODERNIZATION LOANS OUTSTANDING dents reported substantial increases in amounts outstanding between the June 30, 1942. and June Estimates of consumer repair and moderniza- 30, 1943 calls, particularly for personal instal- tion loans outstanding, which relate not only ment loans, although monthly figures during to commercial banks but to other institutions the period showed almost uninterrupted de- as well, also have been revised. The series as clines. revised represents estimates of amounts out- The definition of consumer paper for reporting standing at the end of the month on consumer monthly figures had been changed in line with loans insured under FHA Title I, Class 1 and changes for the December 31, 1941 call report, Class 1.. Loans not so insured are excluded bebut some reporting banks had continued to in- cause sufficient data for an adequate series on clude certain nonconsumer loans (largely auto- uninsured repair and modernization credit are motive paper other than automobile paper). not available. The revision adjusts the series Information submitted for the reconcilement to FHA May 1, 1944 call report data for insured with the June 30, 1943 call data, permitted ad- repair and modernization credit and eliminates justments to eliminate such nonconsumer paper a small amount of uninsured credit which was from monthly figures. As a result of these included in the original series. comparisons, more complete and accurate cover- The over-all effect of the revision, which also age of consumer instalment paper was obtained includes some minor changes in estimating proafter June 1943 and a reasonably accurate adjust- cedure,4 has been to raise the level of FHAment both in movement and level was made for insured repair and modernization loans outstandearlier months. ing by amounts varying from less than one per Revised estimates of loans made.—Revised esti- cent of the total in 1940 to approximately eight mates of monthly loan volume for all commercial per cent in the early months of 1944. The banks were derived on the basis of the relation- estimates were also raised substantially for 1937 ship between loans made and amounts outstand- and 1938 largely because insufficient allowance ing for the reporting sample. The estimated had been made originally for the amount of deamount outstanding for each loan classification linquencies and the extent of refinancing during each month at all commercial banks was multi- those years. Revised estimates of the amount plied by the appropriate monthly ratio and the outstanding on insured consumer repair and parts added to obtain the total monthly volume. modernization loans are shown in the table The margin of error in estimated loan volume on the following page. for months prior to June 1943 was somewhat Monthly estimates of amounts outstanding are greater than for later months. Figures for banks derived from the dollar volume of insured loans that had made substantial corrections in amounts made by all institutions and a computation of outstanding as a result of reconciling June 1943 repayments to obtain the net change during the monthly reports with call figures, could not be month in credit outstanding. Adjustments are used in computing ratios prior to June 1943. In made in the volume of credit granted as reported most cases, ratios based on a reduced number of each month by FHA in order to allow for a lag banks seemed representative of the group and of approximately one month in receipt of the were consistent with ratios computed from the data and for subsequent reduction through complete sample for months following June 30, terminations and cancellations. A further ad- 1943. In some cases, however, a substantial justment of total credit granted is made to part of the sample was omitted and free-hand adjustments, involving a considerable element 4 For description of original series see United States Department of of personal judgment, were necessary. Commerce publication, Survey of Current Business, for November 1942, p. 24. 1179 DECEMBER 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED CONSUMER CREDIT SERIES INSURED CONSUMER REPAIR AND MODERNIZATION LOANS OUTSTANDING [Estimated amounts. In millions of dollarsl End of month 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 Tanuarv 28 180 244 138 155 215 285 295 204 123 February 33 195 245 127 156 216 283 288 193 118 March 40 208 243 125 160 218 281 281 183 112 April .... 49 218 237 126 165 222 282 276 174 108 May 60 221 226 127 173 227 285 270 166 104 June 73 224 214 130 180 233 286 263 158 102 July i 88 227 203 133 185 242 289 256 153 103 August 4 105 232 192 138 189 254 295 248 148 106 September . . 9 123 238 181 144 195 266 303 241 143 109 October 15 140 242 170 149 202 275 307 233 138 109 November 20 156 245 159 153 209 281 305 225 132 December 25 168 244 148 154 213 284 301 215 128 NoTE.—These estimates are not comparable with data for repair and modernization credits of commercial banks shown on pp. 1178 and 1237 of this BULLETIN. The latter include FHA-insured loans outstanding and also an unknown amount of uninsured loans. exclude nonconsumer paper. Repayments are reports of more than 1,100 credit unions curcomputed through use of an amortization pat- rently submitting monthly figures, was adjusted tern which conforms to FHA findings on average to official year-end data for all credit unions. maturity of loans and results in estimates of Estimates for intervening months were adjusted amounts outstanding which are consistent with on a straight-line basis. New estimates covertheir call report data for consumer repair and ing the period from January 31, 1941 to date are modernization credit. Appropriate allowances shown in the table at the end of this article. were made for the greater amount of refinancing in periods of depression and the prepayment of REVISED CONSUMER CREDIT AGGREGATES loans in years of high national income, as well Estimates of total consumer credit and of the as for other special circumstances and regulatory subtotals for instalment credit have been revised changes. for the period from January 1934 to date to in- CONSUMER INSTALMENT LOANS OUTSTANDING AT clude new estimates described in the foregoing CREDIT UNIONS sections of this article. The following table Estimates of consumer instalment loans out- shows not only revised amounts outstanding for standing at credit unions have been revised for the total and subtotals affected but also the new the period from January 31, 1942. to date in estimates for instalment loans outstanding at order to adjust the series to official year-end credit unions, and for that part of commercial figures, compiled by the Federal Deposit In- bank credits (personal instalment cash loans, surance Corporation for Federal credit unions and retail automobile and other retail direct and by the Bureau of Labor Statistics for State loans) included in the total consumer credit credit unions. Allowances were made in the aggregates. New estimates of amounts outofficial data for those States reporting for a standing on consumer repair and modernization fiscal period other than the calendar year. The loans insured by FHA, which are shown in estimated amount of consumer instalment loans the preceding table, also have been incorporated outstanding at the end of the year, based on in revised totals shown on page 1181. 1180 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED CONSUMER CREDIT SERIES REVISED CONSUMER CREDIT SERIES [Estimated amounts outstanding. In millions of dollars! Instalment loans Instalment loans Total Total Total Total End of month s c u c r o m e n d e - i r t i c m n r s e e t d n a i t l t - Total m b C a e o n r m c k i s a - 1 l C un re io d n it s End of month s c c u r o e m n d e - i r t i c m n r s e e t d a n i l t t - Total m b C a e o n rc m k i s a - 1 l u C n r i e o d n i s t 1934—January 3,587 1,539 457 30 1939—June 6,840 3,951 1,442 400 February 3,537 1,520 454 31 July 6,839 4,016 1,479 420 March 3,591 1,542 456 32 August 6,925 4,087 1,516 440 April 3,674 ',600 460 33 September 7,095 4,138 1,553 463 May 3,760 ,670 467 35 October 7,230 4,227 1,594 490 June 3,822 ,725 473 36 November 7,309 4,293 1,623 505 July 3,816 ,760 480 38 December. 7,629 4,463 1,671 523 August 3,855 ,791 490 39 September 3,923 ,796 498 40 1940—January 7,456 4,433 1,693 540 October 3,996 ,821 510 42 February 7,372 4,426 1,715 554 November 4,008 ,820 518 43 March 7,483 4,510 1,752 570 December 4,162 ,849 532 44 April 7,617 4,641 1,781 580 May 7,798 4,807 1,829 603 1935—January 4,041 ,829 538 47 June 7,962 4,946 1,880 627 February 4,014 ,831 546 50 July 7,963 5,037 1,909 636 March 4,129 1,897 560 54 August 8,047 5,111 1,947 650 April 4,294 2,007 580 59 September 8,175 5,139 1,975 661 May 4,389 2,112 603 62 October 8,334 5,225 1,999 672 June 4,513 2,209 630 67 November 8,471 5,305 2,020 683 July 4,561 2,298 662 71 December 8,840 5,507 2,057 692 August 4,634 2,376 693 75 September 4,730 2,417 720 79 1941—January 8,645 5,470 2,078 713 October 4,828 2,456 747 82 February 8,615 5,504 2,094 730 November 4,937 2,508 772 85 March 8,717 5,577 2,124 748 December 5,156 2,607 802 April 9,017 5,817 2,175 775 May 9,324 6,067 2,222 801 1936—January 5,058 2,594 827 92 June 9,562 6,234 2,260 819 February 5,045 2,593 852 97 July 9,614 6,324 2,287 830 March 5,184 2,696 888 105 August 9,765 6,422 2,305 835 April 5,377 2,847 916 113 September 9,786 6,303 2,294 827 May 5,600 3,006 939 121 October 9,676 6,183 2,273 811 June 5,723 3,138 944 127 November 9,515 6,047 2,248 794 July 5,793 3,238 958 133 December 9,562 5,984 2,237 784 August 5,87.7 3,303 980 140 September 6,009 3,344 1,000 146 1942—January 9,218 5,680 2,171 752 206 October 6,134 3,369 1,020 151 February 8,851 5,416 2,117 723 199 November 6,200 3,383 1,037 156 March 8,685 5,193 2,090 707 198 December 6,431 3,501 1,065 161 April 8,443 4,965 2,046 684 192 May 8,027 4,686 1,981 653 187 1937—-January 6,268 3,454 1,077 169 June 7,583 4,397 1,923 626 182 February 6,221 3,425 1,091 177 July 7,082 4,111 ,864 600 177 March 6,373 3,522 1,116 188 August 6,791 3,820 ,788 563 170 April 6,522 3,652 1,137 201 September 6,633 3,580 ,718 530 165 May 6,699 3,793 1,154 213 October 6,487 3,339 ,635 494 157 June 6,837 3,921 1,168 225 November 6,249 3,134 ,563 458 150 July 6,865 3,982 1,177 233 December 6,236 3,003 ,509 430 147 August 6,945 4,030 1,180 240 September 7,031 4,038 1,184 245 1943—January 5,784 2,741 ,427 400 138 October 7,071 4,018 1,185 250 February 5,576 2,550 ,360 374 133 November 7,041 3,961 1,182 253 March 5,441 2,411 ,340 364 135 December 7,082 3,947 1,195 258 April 5,335 2,317 ,297 349 130 May 5,173 2,209 ,254 337 126 1938—January 6,756 3,797 1,178 256 June 5,166 2,146 ,250 334 127 February 6,536 3,666 1,163 255 July 4,950 2,060 ,222 327 124 March 6,485 3,614 1,170 259 August 4,879 2,008 ,201 321 123 April 6,464 3,592 1,180 266 September 4,977 1,985 ,199 320 124 May 6,422 3,572 1,188 271 October 5,077 1,958 ,181 315 123 June 6,398 3,553 1,204 279 November 5,178 1,946 ,168 311 121 July 6,285 3,505 1,211 284 December 5,224 2,005 ,189 315 123 August 6,281 3,497 1,219 290 September 6,332 3,475 1,232 298 1944—January 4,884 1,902 ,157 309 119 October 6,353 3,462 1,240 301 February 4,727 1,850 ,143 307 117 November 6,430 3,480 1,249 305 March 4,899 1,867 ,171 319 121 December 6,663 3,584 1,271 312 April 4,866 1,850 ,160 322 118 May 4,960 1,863 ,163 329 118 1939—January 6,463 3,545 1,284 323 June 5,005 1,886 ,179 339 119 February 6,392 3,522 1,297 334 July 4,942 1,893 ,187 343 119 March 6,474 3,592 1,324 346 August 4,988 1,899 ,190 346 118 April 6,574 3,688 1,357 363 September2* 5,075 1,919 ,199 351 118 May 6,727 3,827 1,396 380 October21 5,212 1,940 197 353 117 1 These figures for amounts outstanding include only personal instalment cash'loans, retail automobile direct loans, and other retail direct other series included in estimates of total consumer credit are shown on p. 1236 of this BULLETIN DECEMBER 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material. Dismissal of Suit against Board of of the State of California, to annul and enjoin the enforcement of a condition of membership Governors required by the Board of Governors of the Fed- The Peoples Bank, Lakewood Village, Cali- eral Reserve System as a prerequisite to granting fornia, on April 6, 1944, brought suit in the Dis- plaintiff the right to become a member bank of the Federal Reserve System. trict Court of the United States for the Northern Following the jurisdiction allegations, and District of California against the Federal Reserve those identifying the parties, the complaint Bank of San Francisco, the Board of Governors alleges (Par. IV) that on or about November 2.8, of the Federal Reserve System, and the Federal 1941, plaintiff, desiring to becohie a member of Reserve Agent at the Federal Reserve Bank of the Federal Reserve System, made application to the Board of Governors of the Federal Reserve San Francisco. The complaint alleged that a System (hereinafter referred to as "the Board"), condition of membership which had been preunder the rules and regulations prescribed by the scribed when the Peoples Bank became a member Board, for the right to subscribe to the stock of the Federal Reserve System was unauthorized of the Federal Reserve Bank of San Francisco by law and asked for a declaratory judgment and (hereinafter referred to as "Reserve Bank"). On or about May 6, 1942., it is stated, the Board for an injunction restraining the defendants from approved plaintiff's application for membership, enforcing the condition. In opposition to the subject to certain conditions, among which was relief sought, defendants filed separate motions the one complained of, numbered 4, This conto dismiss. The case was argued on October 9 dition, it is stated, was as follows: and 10, 1944, and the Court on November 17, "4. If, without prior written approval of 1944, rendered a decision granting these motions the Board of Governors of the Federal Reserve System, Transamerica Corp6ration or any unit of the defendants. The opinion of the Court of the Transamerica group, including Bank of reads as follows: America National Trust and Savings Association, or any holding company affiliate or any DISTRICT COURT OF THE UNITED STATES subsidiary thereof, acquires, directly or in- NORTHERN DISTRICT OF CALIFORNIA directly, through the mechanism of extension ORIGINAL FILED of loans for the purpose of acquiring bank November 17, 1944 stock, or in any other manner, any interest in PEOPLES BANK, 1 With Clerk, such bank, other than such as may arise out U. S. Dist. Plaintiff, of usual correspondent bank relationships, Court, San such bank, within 60 days after written notice v. Francisco. from the Board of Governors of the Federal Reserve System, shall withdraw from member- FEDERAL RESERVE BANK OF No. 13243-R ship in the Federal Reserve System." SAN FRANCISCO, BOARD OF Plaintiff claims that this condition is "arbi- GOVERNORS OF THE FEDERAL trary, unreasonable, capricious, discriminatory, RESERVE SYSTEM, AND HENRY ultra vires and null and void in all respects" in F. GRADY, FEDERAL RESERVE that no power has been conferred upon the Board AGENT, to exact such condition as a prerequisite to mem- Defendants. bership in the Federal Reserve System. It is then alleged (Par. V) that on or about May 7, OPINION 1942., the defendant Reserve Bank informed This is a suit by the Peoples Bank, a State plaintiff that, as a condition to its subscription banking corporation organized under the laws to stock in the Reserve Bank, it would be re- 1182. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT quired by said bank to accept condition No. 4 Board of Governors of the Federal Reserve Sysand agree to comply therewith by resolution of tem, motion to dismiss; Henry F. Grady, motion its board of directors. On or about May 11, to dismiss; Federal Reserve Bank of San Fran- 1941, plaintiff, it is stated, "being desirous of cisco, motion to dismiss and, in the alternative, acquiring the said stock" in the Reserve Bank motion for summary judgment. In addition, and becoming a member thereof "and under the plaintiff interposed a counter-motion for sumcompulsion of the said requirement of said de- mary judgment against the defendant Reserve fendant," accepted the condition and, by resolu- Bank. To this counter-motion, defendant Retion of plaintiff's board, agreed to comply serve Bank filed a motion to strike. This therewith. Although the fourth paragraph of counter-motion will be stricken. It is clear the complaint states that the condition of mem- that, under Rule 56a of the Federal Rules of bership complained of emanated from the Board, Civil Procedure, a party seeking to recover upon it is alleged that it was "exacted" of plaintiff a claim or to obtain declaratory relief may move by the Reserve Bank and that, in so doing, the for summary judgment in his favor only after a Reserve Bank violated the obligation imposed pleading responsive to the complaint has been upon it by statute to administer its affairs fairly filed. No such pleading has been filed by the and impartially and without discrimination Reserve Bank in this case. The counter-motion against plaintiff. is premature. It is alleged (Par. VI) that on or about Febru- Moore's Federal Practice, Vol. 3, p. 3181 ary 17, 1944, without the assistance or prior U. S. v. Adlers Creamery Inc., C.C.A., znd, 1939 knowledge of plaintiff, Transamerica Corpora- 107 Fed. (id) 987 tion became the owner of five hundred out of five Fox v. Johnson and Wimsatt, 117 Fed. (id) 719 thousand shares of the capital stock of plaintiff. The motion of the Board of Governors of the It is stated, upon information and belief, that Federal Reserve System for dismissal will be this acquisition of plaintiff's stock by Trans- granted. This Board is an independent estabamerica Corporation was without the written lishment of the United States, created by the approval of the Board and falls within the pur- Congress to perform certain important governview of condition No. 4 "imposed upon plaintiff mental functions prescribed by the Federal Reby defendant, the Federal Reserve Bank of San serve Act and other statutes (30 Op. Atty. Gen. Francisco." Notice of this purchase of plain- 308, 311). Neither in the enactment creating tiff's stock by Transamerica Corporation was the Board nor in any subsequent act has the given the Board by plaintiff on or about April 4, Congress given its consent to suits against the 1944 (Par. VII). After stating that the defend- Board. Aside from this, however, it is undeniants assert that the condition is valid and en- ably true that, by law, the habitat or official forceable, it is alleged (Par. VIII), also upon residence of this Board is in the District of information and belief, that the defendants Columbia (U.S.C., Tit. 11, Sec. 144). Service intend to and will, unless restrained, take pro- of summons and complaint in this case was made ceedings, predicated on condition No. 4, to by sending a copy thereof by registered mail to deprive plaintiff of its stock in the Reserve Bank the Board at its office in Washington, D. C. The and its membership in the Federal Reserve Sys- appearance entered by the Board was special, tem, to the irreparable damage of plaintiff and for the sole purpose of testing the jurisdiction of that such proceedings are imminent. The this Court over it. Whether or not this suit be validity and enforceability of the condition is considered as one against the United States and denied, and it is alleged that the condition, being therefore not maintainable against the Governvoid, constitutes a cloud upon plaintiff's title to ment without its own consent or Congressional its shares in the Reserve Bank. Alleging the sanction, it is undeniably true that the Board is existence of a justiciable controversy and the not an "inhabitant" of this district and therelack of other adequate remedy, plaintiff asks fore may not be sued herein without its consent this Court for declaratory relief, for a decree (U.S.C., Tit. 18, Sec. 111). That this is the law invalidating the condition and for temporary is amply supported by the authorities. and permanent injunctive relief against the en- International Molders Union v. National Labor forcement of the condition or the termination of Relations Board, 16 Fed. Supp. 413 plaintiff's membership in the Federal Reserve Appalachian Electric Power Co. v. Smith (C.C. A. System. However, no application for an injunc- 4th) 67 Fed. (id) 451; certiorari denied, tion pendente lite was made. 191 U. S. 674 In opposition to the relief requested in the Raichle v. Federal Reserve Bank of New York complaint, the following motions were filed: (CCA. id) 34 Fed. (id) 910 1183 DECEMBER 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Howard v. United States ex re I. Alexander serve Agent, does the complaint state a claim (CCA. ioth) ix6 Fed. (id) 667; certiorari for relief as to him and is there any justiciable denied, 61 S. Ct. 1197, 316 U.S. 699, 86 controversy as to him in the absence of the L. Ed. 1768 Board. In matters of the kind involved in this Kentucky Natural Gas Corporation v. Public suit, the Board is undoubtedly an indispensable Service Commission of Kentucky (D.C, Ky.) party and, under the facts alleged in the com- 18 Fed. Supp. 509; affirmed in CCA., 119 plaint, there exists no cause of action against Fed. (id) 417 the Reserve Agent and no justiciable controversy Can v. Desjardines (D.C, Okla.) 16 Fed. between him and plaintiff. Plaintiff says: Supp.346 ' 'No allegation is made that the Reserve Agent United States v. Western Fruit Growers, Inc. took any part in the imposition upon the (D.C, Cal.) 34 Fed. Supp. 794 plaintiff of the invalid condition, but it is Plaintiff contends that, because the Federal alleged that he, along with the other de- Reserve Act makes provision for the appointfendants, contends that it is a valid condition ment in each Reserve district of a Federal and intends to enforce it as against the plain- Reserve Agent who, in addition to his duties as tiff." (Plaintiff's Brief on motion to dismiss chairman of the board of directors of the Reserve complaint, p. 7) Bank, is required to maintain a local office of the Regardless of what the Reserve Agent believes Board on the premises of the Reserve Bank and regarding the validity of the condition of to act as the official representative of the Board membership (a matter which is entirely imin the performance of the functions of the Board material), a careful search of the law governing (U.S.C, Tit. 11, Sec. 144), the situation is sui generis and the general rule is inapplicable. his statutory authority fails to disclose any With this contention, I do not agree. If it were provision which would confer upon him any sound, it would subject the Board to the juris- authority to enforce the conditions or penalize diction of any district court in any district where plaintiff for breach thereof (U.S.C, Tit. 11, a Reserve Bank is maintained and a Federal Sees. 305, 411 to 417, inc., and 445). Moreover, Reserve Agent could be found. In many of the the mere expression by the pleader of the opinion cases in which the right of governmental agen- or fear that the Reserve Agent "intends" to cies to be sued only in the District of Columbia enforce the condition, without any allegation has been sustained, there have been local agents as to when, where or by what means the threat with powers as broad as those accorded Federal of enforcement was made, does not assist in Reserve Agents, authorized to act and acting stating a valid claim (National War Labor for the agency at the place where the suit was Board, et al. v. Montgomery Ward & Co., Inc., brought, but the fact that such agency existed 144 Fed. (id) 518). The power and responsihas not been held to create an exception to the bility of fixing conditions of membership for rule. Nor has the plaintiff cited any cases in State banks applying for admission to the Fedsupport of its contention. eral Reserve System, as well as the adminis- The motion of Henry F. Grady, Federal Re- trative power to expel banks from the Federal serve Agent, for dismissal as to him is likewise Reserve System for violation, are vested by law granted. It is not contended that Grady per- in the Board of Governors of the Federal Reserve formed any function or had any authority to act System and in that body alone. In such matters, in connection with the imposition of the condithe Federal Reserve Agent has no authority tion of membership concerning which complaint whatever and, if an injunction were to be is made. He is described in plaintiff's brief as granted in this suit, it would be the hands of the "a proper though not indispensable party" Board which must be tied, not those of the (Plaintiff's Brief, p. 86). It may be true that, Federal Reserve Agent. In the absence of the if he had been an actor in the matters concerning Board, there exists no justiciable controversy which complaint is made and if he had legal between plaintiff and the Federal Reserve authority for such acts, he would be a proper Agent and no jurisdiction in this Court to hear party. But the questions presented on this the case as to him. motion to dismiss are primarily whether the Board is an indispensable party and, if so, Appalachian Electric Power Co. v. Smith, supra whether, with the Board absent, this Court New Orleans Private Patrol, etc. v. Fleming can proceed with the suit as against the Reserve (D.C, La.) 33 Fed. Supp. 856 Agent. In other words, granting that this Webster v. Fall, Secretary of Interior 45 S. Ct. Court has jurisdiction of the person of the Re- 148, 166 U. S. 507 1184 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Redlands Foothill Groves v. Jacobs (D.C., Cal.) plaintiff any complaint regarding the condition 30 Fed. Supp. 995 or its imposition. It is equally clear that Bethlehem Ship Building Corp. v. Ny lander, neither the letter dated May 7, 1942., addressed et al. (D.C., Cal.) 14 Fed. Supp. xoi by the Reserve Bank to plaintiff (Day affidavit, James, Inspector v. Lake Wales Citrus GrowersEx. I), transmitting the "suggested form" Assn. (C.C.A., 5th) no Fed. (id) 653 of resolution for adoption by plaintiff's board, In opposition to the motion to dismiss and the nor the resolution itself constituted an attempt alternative motion for summary judgment inter- by the Reserve Bank to take action independent posed by the Federal Reserve Bank of San of that of the Board with relation to the condi- Francisco, plaintiff very earnestly and ably tion of membership. These were pursuant to argues that, even though this Court does not instructions from the Board and constitute the have jurisdiction to hear the suit as against mere action of the Board. It is also clear from the Board and even though it be found, as I the law that Congress has vested in the Board, have found, that, as to the Federal Reserve and in that body only, the power and authority Agent, the complaint fails to state a claim or to prescribe conditions of membership for State cause of action upon which relief can be granted, member banks and, after administrative hearing, nevertheless this Court has jurisdiction of the to forfeit membership upon proper proof of person of the Federal Reserve Bank and should violation of the law or the regulations of the proceed with the suit as against it. In opposi- Board made pursuant thereto (U.S.C., Tit. tion to the motion to dismiss, it is argued that ix, Sec. 32.7). Neither the Parker affidavit the complaint states a cause of action as against nor the exhibits thereto tend to contradict these the Reserve Bank alone (Plaintiff's Brief, pp. conclusions. Therefore, there is ample reason 5, 6); that the complaint shows the existence to grant the motion of the Reserve Bank for of a cloud upon or an adverse claim affecting summary judgment. However, due to the fact plaintiff's ownership of stock in the Reserve that I have concluded that I do not have juris- Bank (Plaintiff's Brief, pp. 87-93); and t^lat tne diction of the subject matter of the suit as it condition of membership is absolutely void and affects the Reserve Bank and have decided to therefore the fact of its acceptance by plaintiff grant its motion to dismiss, the motion for is immaterial (Plaintiff's Brief, pp. 14-55). summary judgment will be denied. These and the other arguments made in opposi- I am of the opinion that, as against the Fedtion to the Reserve Bank's motion to dismiss eral Reserve Bank of San Francisco, the I have considered carefully. complaint fails to state a claim or cause of action In opposition to the alternative motion for upon which relief can be granted; that as to that summary judgment interposed by the Reserve Bank alone this suit is one against a subaltern Bank, it is argued that it is immaterial that the without authority and is not maintainable; Reserve Bank acted in a purely ministerial and and that this suit does not present a proper case clerical capacity on behalf of the defendant for injunctive relief, because in the complaint Board; that the complaint alleges and the fact no coercion or compulsion in the legal sense is is that the Reserve Bank *'imposed" the condi- alleged, because it does not appear from the tion complained of as a requirement of its own complaint that plaintiff is now confronted with and that it is neither legally nor factually true any immediate or imminent danger of injury, that the Reserve Bank is without authority irreparable or otherwise, and because, as to take proceedings for the enforcement of condi- between plaintiff and the Reserve Bank, no tion No. 4. justiciable controversy, in the legal sense, exists. First, in connection with the motion for sum- It is my opinion, also, that this suit may not mary judgment, I have read the two affidavits properly be maintained as one to remove a cloud of William A. Day, President of the Reserve upon the title of plaintiff's stock in the Reserve Bank, and the counter-affidavit of W. M. Bank. For the foregoing reasons, the motion Parker, Cashier of plaintiff bank, and have con- of the Federal Reserve Bank of San Francisco sidered the cases cited in the briefs. It seems for dismissal as to it will be granted. clear from the uncontradicted statements con- All State banks desiring to become members tained in the Day affidavits that the Reserve of the Federal Reserve System are required to Bank has never taken any position with regard apply to the Board of Governors, under such to the validity of the condition; that it has not rules and regulations as it may prescribe, for the attempted to and does not intend in the future right to subscribe for stock in the appropriate to attempt to enforce the condition; and that, Reserve Bank. The Board, subject to the proprior to this suit, it had never received from visions of the Act and subject to such conditions DECEMBER 1944 1185 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT as it may prescribe pursuant thereto, may permit Defendant Reserve Bank also urges that the the applying bank to become a member (U.S.C., complaint does not allege a proper case of coer- Tit. 12., Sec. 32.1). If at any time it should cion or compulsion warranting equitable relief; appear to the Board that a member bank has that there is presented no proper case for declarafailed to comply with the applicable provisions tory relief; that plaintiff has sustained no present of the Act or the regulations of the Board, it is injury; and that, taken at its best, the complaint within the sole power of the Board, after sets forth a case of anticipated possible future hearing, to require the offending bank to sur- injury which may or may not be sustained, render its stock and forfeit membership. The depending upon future and, as yet, unannounced Board may, in proper cases, restore forfeited action by the Board of Governors of the Federal membership (U.S.C., Tit. ii, Sec. 32.7). Reserve System. It is claimed that this case is Whenever a member bank is ordered by the governed by decisions such as the following: Board, under authority of law, to surrender its Smith v. American Asiatic Underwriters (C.C.A., stock holdings in the Reserve Bank, all its 9th) 1x7 Fed. (id) 754 rights and privileges as a member bank there- Southern Pacific Company v. Conway (C.C.A., upon cease (U.S.C., Tit. 12., Sec. 32.8). It is 9th) 115 Fed. (id) 746 thus evident from the law that the Board is the United States v. West Virginia, 2.95 U. S. 463, only body vested by Congress with authority 55 S. Ct. 789, 79 L. Ed. 1546 to admit and expel State member banks. That North fort Power & Light Co. v. Hartley, i83 that is true is equally evident from Regulation U. S. 568, 51 S. Ct. 581, 75 L. Ed. 1x75 H, promulgated by the Board and governing These arguments seem sound and, aside from the membership of State banks (C.F. Reg., the more important question of jurisdiction over U.S.C., Tit. 12., Ch. II, Part 208). This being the subject matter, sufficient to warrant sustrue, any act on the part of the Reserve Bank, taining the motion to dismiss. The condition looking to the imposition of conditions of mem- of membership complained of is certainly not bership or the enforcement thereof, would be an self-executing. It provides merely that, if act on its part, without authority in law and Transamerica Corporation or its subsidiaries without binding effect. The complaint alleges acquire stock of plaintiff bank without the that plaintiff's application for membership Board's permission and if the Board, being was approved by the Board, which gave its advised of that fact, gives plaintiff notice, permission to plaintiff to become a member plaintiff will withdraw from or surrender its bank subject to conditions (Complaint, Par. membership in the Federal Reserve System. IV). The subsequent allegation to the effect It is to be presumed that, the two prerequisite that the Reserve Bank "required" the accept- facts existing, if the plaintiff refused to surrender ance of the condition and an agreement to com- its membership in the System on notice from the ply with it, while no doubt made for the purpose Board, this would constitute a violation of the of giving this Court a semblance of jurisdiction, condition. But it is not alleged that the Board does not aid to that end for, at best, it must be has taken any action of the kind described and, concluded that, if true, the Reserve Bank was since over six months elapsed between the filing merely passing on to plaintiff the conclusions of the complaint in this suit and the hearing on reached by the Board, the only body vested with the motions without a supplemental complaint authority in the premises. As a subaltern with- being filed, it may be presumed that the Board out authority, the Reserve Bank may not be has not yet acted. However that may be, it is sued alone for the alleged misfeasance of the clear that the complaint presents a case of anticiadmitted superior. The relief sought is from pated, possible injury, based, it seems largely, the Reserve Board, not the Reserve Bank. To upon conjecture and not such a case of immediallow this suit to be maintained as against the ate and impending danger as would warrant subordinate alone would be contrary to the injunctive relief. settled rules of equity practice. National War Labor Board v. Montgomery Warner Valley Stock Co.v. Smith, 165 U. S. 2.8, Ward, supra 34, 17 S. Ct. 2.2.5, 41 L. Ed. 6xi Finally, it is my opinion that there is no Gnerich v. Rutter, 2.65 U. S. 388, 44 S. Ct. 531, merit in plaintiff's contention that condition 68 L. Ed. 1068 No. 4 constitutes a cloud upon the title to plain- Jewel Productions, Inc. v. Morgenthau, 100 Fed. tiff's stock in the Reserve Bank or an adverse (id) 390 claim affecting the same, in the nature of a Neher v. Harwood (C.C.A., 9th) 12.8 Fed. cloud, the existence of which the Court has (id) 846, 849 power to remove. Plaintiff's shares in the 1186 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Reserve Bank are a mere incident to its member- AMENDMENT NO. 14 TO REGULATION W ship therein. This stock is nontransferable, nonnegotiable and has no "market value." Regulation W is hereby amended, effective Title to this stock must, under the law, remain November 6, 1944, by adding to section 8 in plaintiff bank so long as it is a member bank entitled "EXCEPTIONS" the following new and, when and if that status is forfeited, the subsection: title to the stock is likewise forfeited. None (£) Servicemen's Guaranteed Loans.—Any of the defendants claims an estate or interest in the stock adverse to plaintiff. Clearly a case extension of credit guaranteed in whole or in part is not presented which is governed by section by the Administrator of Veterans' Affairs pursu- 738 of the California Code of Civil Procedure. ant to the provisions of Title III of the Service- The suit sounds in prsonam, against the Board men's Readjustment Act of 1944. of Governors for alleged abuse of discretion, not in retn. Moreover, if, as I have determined, Loans to Veterans for Home Purchase this Court is without jurisdiction to hear the or Construction case, as against the Board, jurisdiction as to all other incidents of the case likewise fails. In view of the limitations and restrictions of Hartmann v. Federal Reserve Bank of Phila- section Z4 of the Federal Reserve Act upon realdelphia, 55 Fed. Supp. 801 estate loans by national banks, the Comptroller 1. The motion of the plaintiff, Peoples Bank, of the Currency has issued the following ruling for summary judgment against the defendant, with respect to the treatment of loans made to Federal Reserve Bank of San Francisco, is denied. x. The motion of the defendant, Federal veterans under Title III of the Servicemen's Reserve Bank of San Francisco, for summary Readjustment Act of 1944, for the purchase or judgment against the plaintiff is denied. construction of homes: 3. The motion of the defendant, Federal "Regulations have been issued by the Reserve Bank of San Francisco, to strike plain- Administrator of Veterans' Affairs covering tiff's motion for summary judgment is granted. home loans to veterans by lending agencies 4. The motions to dismiss filed by each of the under Title III of the Servicemen's Readjustdefendants will be granted. ment Act of 1944. Section 505 of Title III The Court is of the view that the defendant provides in effect that in any case wherein a Board of Governors of the Federal Reserve 'principal loan' to a qualified veteran for the System is an indispensable party not properly purchase or construction of a home is approved before the Court and that the complaint does by a Federal agency to be made or guaranteed not state a claim for equitable relief or for or insured by it, and the veteran is in need of a declaratory judgment within the jurisdiction second loan to cover the remainder of the of this Court as to any of the defendants. purchase price or cost of construction, the Therefore, this Complaint is dismissed as to all veteran may borrow from a lending agency defendants for lack of jurisdiction of this Court. a maximum of xo per cent of the purchase price An order will be entered in accordance with or cost, but not more than $z,ooo, and may this Opinion. have the full amount thereof guaranteed by DATED: San Francisco, California, the Administrator of Veterans' Affairs, sub- November 17th, 1944. ject to qualifications and exceptions set forth Michael J. Roche, in the above-mentioned Regulations. United States District Judge. "In order to enable national banks to participate effectively in this portion of the Consumer Credit 'G. I.' program, this office has taken the Amendment to Regulation W position that even though such second loans are secured by liens upon real estate, they will The Board of Governors of the Federal Reserve not be considered real estate loans subject System, effective November 6, 1944, issued to the limitations and restrictions of Section 24 of the Federal Reserve Act, for the reason Amendment No. 14 to its Regulation W, relating that the Loan Guaranty Certificate issued to Consumer Credit, so as to exempt therefrom by the Veterans' Administration rather than servicemen's guaranteed loans. The text of the the real estate lien constitutes the bank's Amendment is as follows: primary security. DECEMBER 1944 1187 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Foreign Funds Control General License No. 11 is hereby amended to read as follows: (1) Certain payments for living expenses from certain blocked Treasury Department Releases accounts authorized. A general license is hereby granted authorizing payments and transfers of credit in the United The following releases relating to transactions States from blocked accounts in domestic banking institutions in foreign exchange, etc., in addition to those held in the name of an individual within the United States heretofore published in the Federal Reserve to or upon the order of such individual, provided that: BULLETIN, have been issued by the Office of the (a) Such payments and transfers of credit are made for the Secretary of the Treasury under authority of the living, traveling and similar personal expenses in the United States of such individual or his family; and Executive Order of April 10, 1940, as amended, (b) The total of all such payments and transfers of credit and the Regulations issued pursuant thereto: made under this general license from the accounts of such individual does not exceed $500 in any one calendar month. Treasury Department (2.) Duty of banking institutions acting under this license. Banking institutions effecting any such payment or transfer Foreign Funds Control of credit shall satisfy themselves that the terms of this license October 16, 1944 are complied with. HERBERT E. GASTON, PUBLIC INTERPRETATION NO. 18 Acting Secretary of the Treasury. Under Executive Order No. 8389, as Amended, Executive Order No. 9193, Sections 3(0) and /(£) of the Trading with the Enemy Act as Amended by the First War Powers Act, 1941, Relating to Treasury Department Foreign Funds Control. Foreign Funds Control Subject: Application of General License No. 5 to transactions October 17, 1944 incident to the payment of customs duties, taxes and fees. Inquiry has been made as to whether General License No. PUBLIC CIRCULAR NO. 2.5 5 authorizes transactions incident to the payment of customs duties, taxes, and fees from blocked accounts, such as the Under Executive Order No. 8389, as Amended, Executive Order No. levying of assessments, the creation and enforcement of liens, 9193, Sections 3(0) and /(£) of the Trading with the Enemy Act> and the sale of blocked property in satisfaction of liens for as Amended by the First War Powers Act, 1941, Relating to customs duties, taxes, and fees. Foreign Funds Control* The Treasury Department has replied in the affirmative. In this connection the Treasury Department stated that pay- (1) Exemption from General Ruling No. 11 of certain communiments of amounts vested by the Alien Property Custodian cations with liberated Italy and certain acts and transactions. pursuant to Section 5 of Executive Order No. 9193 may be There are hereby exempted from the provisions of General effected under this general license. Ruling No. 11: OR vis A. SCHMIDT, (a) Any communication of a financial, commercial or Acting Director. business character with any person within any part of the territory of Italy controlled or occupied by the armed forces of any of the United Nations; Treasury Department (b) Any act or transaction involving any such communication; Foreign Funds Control (c) Any act or transaction for the benefit or on behalf of October 2.8, 1944 any such person. (2.) Certain general licenses not applicable to Italy. The pro- GENERAL LICENSE NO. II, AS AMENDED visions of General Licenses Nos. 32. and 33 shall not be deemed to authorize any remittances to any person within the terri- Under Executive Order No. 8389, as Amended, Executive Order No. tory of Italy. 9193, Section $Q>) of the Trading with the Enemy Act, as D. W. BELL, Amended by the First War Powers Act, 1941, Relating to Acting Secretary of the Treasury. Foreign Funds Control* * Sec. 3(a), 40 Stat. 412; Sec. 5(b\ 40 Stat. 415 and 966; Sec. 2. 48 * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54*Stat. 179; 55 Stat 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as Stat. 838; Ex. Order 8389, April 10, 1940, as amended by Ex Order 8785, amended by Ex. Order 8785, June 14,1941, Ex. Order 8832, July 26,1941, June 14,1941, Ex Order 8832, July 26,1941, Ex. Order 8963, Dec. 9, 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. and Ex. Order 8998, Dec 26, 1941; Ex. Order 9193, July 6, 1942; Regula- Order 9193, July 6, 1942; Regulations, April 10, 1940, as amended June tions, April 10, 1940, as amended June 14, 1941, and July 26, 1941. 14, 1941, and July 26, 1941. n88 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Treasury Department Treasury Department Foreign Funds Control Foreign Funds Control November 4, 1944 November 4, 1944 AMENDMENT TO GENERAL RULING NO. II REVOCATION OF PUBLIC CIRCULAR NO. 14 Under Executive Order No. 8389, as Amended, Executive Order No. Under Executive Order No. 8389, as Amended, Executive Order No. 9193, Sections 3(0) and s(f) of the Trading with the Enemy Act, pipit Sections 3(0) and ;(£) of the Trading with the Enemy Act, as Amended by the First War Powers Act, 1941, Relating to as Amended by the First War Powers Act, 1941, Relating to Foreign Funds Control* Foreign Funds Control* General Ruling No. 11 is hereby amended by deleting the p ^ . ubHc Grcular No g hereby revokcd in yiew of thc following from paragraph (4»XiO of such general ruling: ^^ of the refefence tQ Corsica {n thc definition of enemy "that portion of France within continental Europe, in- tained in General Ruling No. 11. territory con eluding Monaco and Corsica;". HERBERT E. GASTON, HERBERT E. GASTON, Treasury. Acting Secretary of the Acting Secretary of the Treasury. • Sec. 3(a\ 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 • Sec.3(a),40 Stat.412; Sec. 5(b), 40 Stat. 415 and 966; Sec. 2,48 Stat. Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as amended amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, by Ex. Order 8785, June 14, 1941, Ex. Order 88?2, July 26, 1941, Ex. 1941, Ex. Order 8963, Dec 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex Order Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as amended 9193, July 6, 1942; Regulations, April 10, 1940, as amended June 14, June 14, 1941 and July 26, 1941. 1941, and July 26, 1941. DECEMBER 1944 1189 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS Death of Director ing the period October 16, 1944, to November Mr. Harry L. Cannon, President, H. P. Can- 15, 1944, inclusive: non & Son, Inc., Bridgeville, Delaware, who had Indiana served as a Class C Director of the Federal Reserve Bank of Philadelphia from April 15, 1914, Evansville—The North Side Bank to December 31, 1937, and as a Class B Director since January 1, 1939, died on November 9, 1944. Montana Philipsburg—Flint Creek Valley Bank Changes in the Board's Staff Thompson Falls—The First State Bank of Effective November 16, 1944, the Board estab- Thompson Falls lished a new division, called the Division of Troy—Kootenai Valley State Bank Administrative Services, to which have been transferred the financial, budgetary, accounting, New York and service functions which had previously been Jamestown—Union Trust Company of Jamesperformed in the Office of the Secretary. Mr. town, N. Y. Liston P. Bethea, formerly Assistant Secretary, was made Director, and Mr. Fred A. Nelson, Ohio formerly Assistant Secretary, was made Assistant Director of the new division. Trot wood—The Farmers and Citizens Bank Effective as of the same date, Mr. Bray Ham- Texas mond, formerly Chief, Correspondence and Publications Section, was made an Assistant Van Horn—Van Horn State Bank of Van Horn, Secretary. Texas Admissions of State Banks to Membership in the Federal Reserve System Wisconsin The following State banks were admitted to Brillion—Calumet County Bank membership in the Federal Reserve System dur- Stanley—Farmers and Merchants State Bank ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS A reprint of the Introduction and Conclusion the issue for January 1943. The present report, of the Thirteenth Annual Report of the Bank covering the twelve months April i942.-March for International Settlements is being prepared 1943, was released in March 1944. The Board at the Board of Governors. Sections of earlier of Governors will have a limited number of annual reports of the Bank were published in copies of the reprint for distribution to readers the Federal Reserve BULLETIN, most recently in of the BULLETIN upon request. 1190 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Compiled November 24, and released for publication November 27. Figures shown on charts may differ from preliminary figures used in text. Output and employment at factories and mines Activity at cotton textile mills and at shoe showed little change from September to October. factories declined in October, while output of Value of department store trade increased fur- manufactured food products increased, after alther in October and the early part of November, lowance for the customary seasonal changes. while commodity prices were stable. The rise in food manufacturing was mainly at canneries and was made possible by increased INDUSTRIAL PRODUCTION farm production of fruits and vegetables. News- The Board's seasonally adjusted index of inprint consumption showed a greater than seadustrial production was 2.30 per cent of the 1935sonal increase in October. Output of chemicals, 39 average in October as compared with I^-L in rubber products, and other nondurable goods September. Output of durable manufactures continued at about the level of the preceding continued to decline slightly, while production month. of nondurable goods and minerals was main- Output of coal and crude petroleum was maintained at the level of the preceding month. tained, while production of iron ore continued At steel mills production increased slightly in to decline seasonally. October but for the month was 7 per cent below the peak of a year ago. Production of copper and other nonferrous metals continued to de- DISTRIBUTION cline, with output of aluminum and magnesium Department store sales increased considerably curtailed more than 50 per cent from the peak in October and were 13 per cent larger than last rates reached at the end of last year. In the year, which is about the same year-to-year inmachinery and transportation equipment induscrease that has prevailed in recent months. In tries activity declined slightly in October. the first half of November sales rose further and Lumber production showed little change in exceeded by 8 per cent the exceptionally high October from the September rate which was 10 per cent above the prewar level. Output of level of a year ago. lumber and also pulpwood has been limited Railroad freight traffic was maintained at a during the past two years because of the diffi- high level during October and the early part of culty of recruiting labor in these industries. November. INDUSTRIAL PRODUCTION DEPARTMENT STORE SALES AND STOCKS 1940 1942 !944 1940 Federal Reserve indexes. Groups are expressed in terms of points Federal Reserve indexes. Monthly figures, latest shown are Sepin the total index. Monthly figures, latest shown are for October. tember for stocks and October for sales. DECEMBER 1944 1191 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS substantial additions to the Government security BANK CREDIT portfolio of the Reserve Banks; holdings were On the eve of the opening of the Sixth War increased by over 3 billion dollars between July Loan Drive bank deposits and currency owned iz and November 15. Member bank borrowby individuals, partnerships, and corporations ings at the Reserve Banks also increased as they were larger than at any previous time. Such had done prior to the Fifth Drive. Excess reholdings of deposits and currency have increased serves, which increased during the war loan in recent months as the Treasury expended funds drive, declined at a fairly rapid rate immediately raised during the Fifth War Loan Drive. following the close of the drive and then fluctu- Adjusted demand deposits of individuals, ated generally around a billion dollars. About partnerships, and corporations at reporting banks three-fourths of these excess reserves are held by in 101 cities increased by around 6 billion dollars country banks. between July 12. and November 15; this brought At reporting banks in 101 cities, bill and certifthe total outstanding to a level about a billion icate holdings declined by around 2.% billion dollars above that reached before the Fifth War dollars during the interdrive period reflecting Loan Drive. Time deposits increased by about sales largely to the Reserve Banks, as member a billion dollars. At country banks outside the banks adjusted their reserve positions. Bond leading cities it is estimated that demand and holdings were increased by around 800 million time deposits are slightly more than three billion dollars. dollars larger than they were prior to the Fifth Loans to brokers and dealers for purchasing or Drive. Currency in circulation has increased by carrying Government securities, which had deabout 1.5 billion since the middle of June. clined in August to a level comparable to that As a result of the deposit expansion, the avprevailing prior to the Fifth Drive, fluctuated erage level of reserves required by all member somewhat over the following period but began banks rose sharply during the interdrive period to increase early in November. Other loans for and are about a billion dollars greater than at purchasing or carrying Government securities the beginning of the Fifth Drive. Reserve funds continued to decline. Loans for handling other to meet the increasing requirements, as well as a securities, reflecting substantial flotations of new currency outflow, were supplied largely through corporate issues, increased during the late fall. MEMBER BANKS IN LEADING CITIES Commercial loans also rose. MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS BILLIONS Of DOLLARS Demand deposits (adjusted) exclude U. S. Government and interbank deposits and collection items. Government securities include 1939 1940 1941 1942 1943 1944 direct and guaranteed issues. Wednesday figures, latest shown are for Nov. 15. Wednesday figures, latest shown are for Nov. 22. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGB Member bank reserves, Reserve Bank credit, and related items 1195 Federal Reserve Bank discount rates; rates on industrial loans; guarantee fees and rates under Regulation V; rates on time deposits; reserve requirements; margin requirements 1196-1197 Federal Reserve Bank statistics 1197-1101 Guaranteed war production loans 1101 Deposits and reserves of member banks 1101-1101 Money in circulation 12.03-12.04 Gold stock; bank debits and deposit turnover 1104 Deposits and currency; Postal Savings System; bank suspensions... 1105 All banks in the United States, by classes 1106-1107 All insured commercial banks in the United States, by classes 1108-1109 Weekly reporting member banks 1110-1113 Commercial paper, bankers' acceptances, and brokers* balances. ... 1114 Money rates and bond yields 1115 Security markets 1116-1117 Corporate profits 1118 Treasury finance 1x19-1111 Government corporations ancl credit agencies 1111 Business indexes 1113-1131 Department store statistics.. 1133-1135 Consumer credit statistics 1136-1137 Wholesale prices 1138 November crop report, by Federal Reserve districts 1139 Current statistics for Federal Reserve chart book 1140-1141 Changes in number of banking offices in the United States 1141 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. DECEMBER I 944 1193 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 25 25 MONEY IN ~i CIRCULATION /' / 15 10 1938 1939 1940 1941 1942 1943 1944 Wednesday figures, latest shown are for Nov. 22. See p. 1195. 1194 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS (In millions of dollars] Reserve Bank credit outstanding Member bank reserve U.S. Government Treas- Treas- u T ry r e d a e s- - O F t e h d e - r balances securities ury Money posits Non- eral c v o a D a a n u n i d c n s d - e - ts s Total Tr a b e n i a H d s s - o A th l e l r ot A h l e l r1 Total s G to o c l k d s r t c o e a i u n n u n r g c t d - y - - i c n t u io c la i n r - - c i h n a o g s l s h d- F B e w s d a e R i r n e t e v r h k - a e s l b p m e o r e s m i d t e s - - c s o e R a u r c v e n - - e ts Total Excess2 certificates Monthly averages of daily figures: 1943—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 Oct. 15 9,072 6,845 2,226 464 9,551 22,145 4,100 19,001 2,280 559 1,581 339 12,035 1,264 1944—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 Oct 190 17,079 14,757 2,322 419 17,689 20,753 4,114 24,112 2,362 290 1,593 391 13,808 958 End of month figures: 1943—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 Oct. 31 26 9,354 7,112 2,242 443 9,823 22,116 4,101 19,250 2,288 400 1,674 341 12,086 1,102 1944—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 Oct. 31 345 17,647 15,301 2,346 333 18,325 20,727 4,115 24,425 2,332 255 1,614 393 14,148 990 Wednesday figures: 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 June 7 240 14,609 11,972 2,638 334 15,183 21,212 4,101 22,255 2,330 262 1,934 357 13,358 818 June 14 173 15,001 12,362 2,639 431 15,606 21,211 4,104 22,333 2,332 154 2,028 359 13,715 1,059 June 21 .... 172 15,180 12,539 2,641 435 15,786 21,201 4,107 22,293 2,339 334 2,000 369 13,758 1,213 June 28 52 15,081 12,434 2,647 291 15,423 21,193 4,107 22,421 2,314 561 1,978 369 13,081 1,239 July 5 22 14,738 12,091 2,647 325 15,085 21,133 4,107 22,598 2,296 219 1,861 364 12,987 1,470 July 12 45 14,816 12,174 2,642 374 15,236 21,114 4,107 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 Nov. 1 359 17,605 15,259 2,346 301 18,265 20,727 4,115 24,409 2,372 216 1,633 393 14,083 921 Nov. 8. 401 17,957 15,605 2,352 296 18,655 20,726 4,115 24,674 2,313 314 1,640 395 14,159 883 Nov. 15 .. 357 17,941 15,586 2,355 509 18,807 20,694 4,114 24,717 2,338 119 1,488 395 14,557 1,087 Nov. 22 473 18,411 16,054 2,357 457 19,341 20,693 4,117 24,881 2,339 251 1,567 395 14,719 1,062 i * Includes industrial loans shown separately in subsequent tables. 2 End of month and Wednesday figures estimated. Back Mures.—See Banking and'Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. DECEMBER 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect November 30. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, Advances secured by or corporations other than member banks Government obligations secured by direct obligations of the U. S. Advances secured by maturing or callable (last par. Sec. 13) Federal Reserve Bank G ca t o i l o l v a n e b s r l n e m m i a n e t n u o t r n i o n e b g y l i e o g a r a r - be d y i o s n c d o u o n n t e s y o e f a a r n a d nd Other s [S e e c c u . r 1 e 0 d ( a b d )] vances or less (Sec. 13) advances secured by (Se e e li s g . i 1 b 3 le a p n a d p e 1 r 3a)1 To nonmember banks To others Rate Effective Rate Effective Rate Effective Rate Effective Rate Effective Boston Oct. 27, 1942 Sept. 1, 1939 1H Oct. 27, 1942 Sept. 1, 1939 2 Oct. 27, 1942 New York Oct. 30, 1942 Aug. 25, 1939 VA Oct. 30, 1942 Aug. 25, 1939 V Oct. 30, 1942 Philadelphia.... Oct. 17, 1942 Mar. 21, 1942 \y^ Oct. 17, 1942 Mar. 21, 1942 Oct. 17, 1942 Cleveland Oct. 27, 1942 Apr. 11, 1942 1^2 Sept. 12, 1942 Apr. 11, 1942 Oct. 27, 1942 Richmond Oct. 28, 1942 Mar. 14, 1942 1/^2 Oct. 28, 1942 Mar. 14, 1942 Oct. 28, 1942 Atlanta Oct. 15, 1942 Mar. 21, 1942 1H Oct. 15, 1942 Sept.16, 1939 Oct. 15, 1942 Chicago Oct. 17, 1942 Feb. 28, 1942 Aug. 29, 1942 Sept. 1, 1939 2 Oct. 17, 1942 St. Louis Oct. 27, 1942 Mar. 14, 1942 1^ Mar. 14, 1942 Sept.16, 1939 2 Oct. 27, 1942 M Ka in n n sa e s a p C o i li t s y O O c c t t . . 3 2 0 7 , , 1 1 9 94 4 2 2 M Ap a r r . . 2 1 8 1 , , 1 1 9 9 4 4 2 2 O O c c t t . . 3 2 0 7 , , 1 1 9 9 4 4 2 2 M Se a p r t . . 2 1 8 6 , , 1 1 9 9 4 3 2 9 2V2 O O c c t t . . 3 2 0 7 , , 1 1 9 9 4 4 2 2 Dallas Oct. 17, 1942 Mar. 21, 1942 1^ 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 maturi " ' " ---;--—J-o-^- «"--« «•- -r^-^-J —i - . ... (except that discounts of ce: a p n a d r a 4 gr m ap o h n t o h f s S fo e r c t a io d n v a 1 n 3 c e is s 9 i 0 days. Back fxig _ u/. r es—See Banking and M . o , netary Statistics, Tables _ 1 . 1 . 5 _ - , 1 , 1 . 6, pp. 439-443. FEDERAL RESERVE BANK BUYING RATES ON BILLS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS [Per cent per annum ] AND C O O F M TH M E IT F M E E D N ER TS A L U R N E D S E E R R V S E E C A T C IO T1 N 13b Maturity N R o a v te . o 3 n 0 In g i e n f n fe in c g t — be- Pre ra v t i e ous [In M ef a fe t c u t r i N ti o e v s e n m o b t e e r x 3 c 0 e . e d P in e g r f c i e v n e t y p e e a r r s annum] Treasury bills1 H Apr. 30, 1942 To industrial or Bankers' acceptances :2 commercial To financing institutions 1- 90 days Oct. 20, 1933 1 businesses 91-120 days Oct. 20,1933 1 121-180 days 1 Oct. 20, 1933 On discounts or Federal Reserve purchases 1 Established rate at which Federal Reserve Banks stand ready to buy Bank a i u f l p l o d T n e r s e i r r a e e s q d u u r e b y s y t b t b i h l e l e s fo o s r e e ff l e l m e re r a , d t . w u e ri E r t e y f f , m e c w a ti d o v e u e l o d A n s u e c g l o . l n 3 b d , a i c t 1 i k o 9 4 n 2 bi , t l h p ls a u t r o ch t f h a e s li e k R s e e o s a f e m r s v o u e u c n h B t b a a i n n l k l d s , , lo O an n s2 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 it n m 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 r r c i 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 23^-5 New York 2^-5 Philadelphia Cleveland Richmond 2H5 8 Atlanta 2^-5 GUARANTEE FEES AND MAXIMUM INTEREST AND COM- Chicago 2^-5 2K-5 M V IT N O M A N E V N L Y O T A D R N E A P S T A G E R S U T A C M R H E A A N N R T T G , E E A E A N D B D L B E Y M U A W N R A D I R T E I R M D E E R P E C A G O R U M T L M M A E I T S N I - O T, N M St i . n L n o ea u p is olis 2^-5 2^-5 SION UNDER EXECUTIVE ORDER NO. 9112 Kansas City 2K5 AND CONTRACT SETTLEMENT ACT Dallas..... OF 1944 San Francisco [Rates in effect November 30] 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 8 8 5 0 or less 1 1 0 5 Maximum rates that may be paid by member banks as established by 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.1,1936 MAXIMUM RATES THAT MAY BE CHARGED BORROWERS BY FINANCING INSTITUTIONS P S o av st in al g s s a d v e i p n o g s s i t d s epos # its... [Per cent per annum] Other deposits payable: In 6 months or more Maxjmum rate of interest In 90 days to 6 months. Maximum commitment rate In less than 90 days NOTE.—Maximum rates that may be paid by insured nonmember banks J Guarantee fee is charged only on guaranteed portion of loan. as established by the F. D. I. C, effective Feb. 1, 1936, are the 1 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. 1196 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVE REQUIREMENTS MARGIN REQUIREMENTS i [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 s a e t 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 n s1 k tr s y d m b e T a e p n ( i m o m a k l s b s l e i e ) t r s For P R r e e x e s s t c e e r n r i v b s e i e o d S n s y b s y E o t e f B x m c o c h a r i a r n e n d d g a i o c e t f c b o A G y r c d o t a v b n e r o c o r f e n k o e 1 w r r 9 s s 3 i t o 4 h a f n d t S h e e d c e F u a r e l i d e ti e r e s r s al on O A 1 c p 1 9 t 9 r . 3 . 3 6 3 7 1 - 1 , , E N ff o 1 e 9 v c 3 . t 7 i I v , e listed securities, under Regulation T 40 June 21, 1917-Aug. 15, 1936 13 10 For short sales, under Regulation T 50 Aug. 16, 1936-Feb. 28, 1937 15 For loans by banks on stocks, under Regulation U.... 40 Mar. 1, 1937-Apr. 30, 1937 May 1, 1937-Apr. 15, 1938 26 14 1 Regulations T and U limit the amount of credit that may be extended on Apr. 16, 1938-Oct. 31, 1941 2* 12 a security by prescribing a maximum loan value, which is a specified Nov. 1, 1941-Aug. 19, 1942 14 percentage of its market value at the time of the extension; the "margin Aug. 20, 1942-Sept. 13, 1942 24 14 requirements" shown in this table are the difference between the market Sept. 14, 1942-Oct. 2, 1942 22 20 14 value (100%) and the maximum loan value. Oct. 3, 1942 and after 20 20 14 2 Requirement under Regulation T was the margin "customarily re- 20 quired" 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 Nov. 22 Nov. 15 Nov. 8 j Nov. 1 Oct. 25 Oct. 18 Oct. 11 Oct. 4 October September October Assets Gold certificates on hand and due from U. S. Treasury 17,962,865 17,980,065 18,016,065 18,011,06518,021,065 18,029,565 18,038,56518,141,565 18,009,06718,168,566 19,832,214 Redemption fund—F.R. notes.. 565,310 559,621 548,111 542,889 537,828 530,422 521,815 505,859 542,889 478,925 114,410 Other cash 239,735 241,887 235,312 250,578 261,547 254,216 241,776 260,311 250,299 267,054 321,825 Total reserves., 18,767,910 18,781,573 18,799,48818,804,532 18,820,440 18,814,203 18,802,156 18,907,735 18,802,255 18,914,545 20,268,449 Discounts and advances: For member banks 473,523 357,284 401,041 359,241 322,189 185,505 148,195 32,860 345,246 49,260 25,545 For nonmember banks, etc 140 140 140 90 90 90 90 95 Total discounts and advances 473,663 357,424 359,331 322,279 185,595 148,195 32,860 345,336 Industrial loans 6,742 7,988 8,539 8,457 8,506 9,012 8,991 8,550 U. S. Government securities: Direct: Bills: Under repurchase op*tion 4,985,090 4,771,230 5,005,708 4,970,725 4,788,647 4,878,713 5,090,887 4,830,773 5,012,439 4,828,734 4,395,534 Other 7,100,647 6,909,434 6,782,846 6,538,787 6,391,655 6,215,225 6,005,105 5,954,245 6,538,787 5,954,245 1,151,100 Certificates: Special Other 3,967,990 3,905,490 3,816,490 3,749,490 3,741,490 3,673,990 3,602,990 3,564,490 3,749,490 3,559,490 1,565,350 Notes 1,110,871 1,108,871 1,106,371 1,100,371 1,093,371 1,072,871 1,070,871 1,064,871 1,100,371 1,064,871 685,900 Bonds 1,243,426 1,243,426 1,243,426 1,243,426 1,243,426 1,243,426 1,243,426 1,243,426 1,243,426 1,243,426 1,505,582 Guaranteed 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 50,481 Total U. S. Government securities, including guaranteed securities. 18,410,524 17,940,95117,957,34117,605,: 7,261,1 r,086,725 17,015,779 16.,, 660,30157,647,013 16,653,266 9,353,947 Other Reserve Bank credit outstanding 450,496 500,788 287,824 291,913 307,154 514,367 329,757 396,731 323,649 401,469 430,992 Total Reserve Bank credit outstanding 19,341,425 18,654,60418,265,082 17,898,979 17,795,193 17,502,743 17,098,887 18,324,54817,113,117 9,822,554 Liabilities Federal Reserve notes. 21,255,147 21,104,084 21,015,106 20,822,780 20,634,100 20,563,988 20,498,874 20,297,090 20,791,737 20,215,364 15,663,158 Deposits: Member bank—reserve account 14,719,156 14,557,417 14,159,45114,083,405 13,940,04113,814,48413,707,85113,432,723 14,148,083 13,548,132 12,085,663 U. S. Treasurer—general account 250,835 119,368 313,710 215,708 228,772 315,382 210,510 346,645 255,017 348,667 399,821 Foreign 1,264,326 1,244,736 1,220,654 1,226,448 1,244,554 1,238,113 1,221,160 1,245,236 1,227,737 1,254,479 1,331,252 Other deposits 302,836 243,564 419,086 406,491 361,555 359,795 347,089 367,012 386,144 357,076 343,216 Total deposits.... 16,537,153 16,165,08516,112,90115,932,052 15,774,922 15,727,774 15,486,610 15,391,616 16,016,98115,508,35414,159,952 Ratio of total reserves to deposit and F.R. note liabilities combined (per cent) 49.7 50.4 50.6 51.2 51.7 52.2] 53.0 51.1 52.9 68.0 MATURITY DISTRIBUTIONOF LOANS AND U.S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE ]BANKS [In thousands of dollars] November 22, 1944 Total 1 W 5 i d th ay in s 1 d 6 a t y o s 30 31 d a to y s 60 61 d t a o y 9 s 0 9 m 1 o t o d n a t 6 y h s s 6 l m y t o e o n ar ths 2 l y y t e e o a ar rs 5 2 y y to e e a a r r s s 5 O y v e e a r rs Discounts and advances 473,663 429,545 22,150 8,440 13,528 Industrial loans 6,742 6,396 143 51 4 35 23 59 31 U. S. Government securities, including guaranteed securities 18,410,524 3,015,268 1,856,070 3,882,472 4,190,357 1,672,621 1,956,140 92,200 888,602 856,794 DECEMBER 1944 1197 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 M 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 ci r s a c n o - Assets Gold ctfs. on hand and duefromU.S.Treas.: Oct. 25. 18,021,065 863,340 4,525,921 954,9891284,009 869,998 871,3203,777,455 751,886 376,398 601,849 483,1762,660,724 Nov. 1.. 18,Oil,065 863,338 4,604,260 995,0921284,451 872,950 874,4023,665,140 733,817 361,665 618,446 486,3772,651,127 Nov. 8... 18,016,065 882,877 4,646,118 968,5681343,201 892,455 894,0643,560,030 740,716 358,918 631,484 507,3292,590,305 Nov. 15... 17,980,065 885,766 4,580,991 915,7411307,767 894,550 901,8663,650,443 754,970 345,088 639,440 536,9422,566,501 Nov. 22 17,962,865 905,673 4,660,090 959,5751347,711 906,590 892,6853,517,931 721,316 351,027 629,973 511,9522,558,342 Redemption fund— F. R. notes: 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 Nov. 1 542,889 38,637 119,908 37,942 52,682 44,772 33,590 66,858 33,081 12,617 24,021 17,498 61,283 Nov. 8 548,111 40,552 119,573 40,798 52,575 44,055 35,489 66,741 33,046 12,606 23,992 17,470 61,214 Nov. 15 559,621 40,476 124,299 40,668 52,484 45,473 35,395 71,645 33,012 13,596 23,969 17,445 61,159 Nov. 22 565,310 40,402 124,042 43,048 52,584 46,856 35,301 71,548 32,981 14,081 25,945 17,421 61,101 Other cash:1 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 Nov. 1 250,578 21,229 64,149 20,0281 22,314 13,102 19,142 29,277 11,345 4,855 12,965 7,775 24,397 Nov. 8... 235,312 19,611 59,166 18,8201 20 186 13,350 18,290 28,144 11,252 4,932 12,535 7,141 21,885 Nov. 15... 241,887 19,483 63,084 19,513 21,819 12537 16,978 28,407 11,798 4,973 12,520 8,236 22,539 Nov 22 239,735 18,143 59,524 18,766 19903 14082 18,370 28,266 12,684 4,525 13,742 9,335 22,395 Total reserves:1 Oct. 25... 18,820,440 924,210 4,710,0041013,680 1357 377 928 616 927,9883,876,623 796,985 394,497 638,874 509,5792 742,007 Nov. 1.. 18,804,532 923,204 4,788,3171053 0621359447 930 824 927,1343 761 275 778,243 379,137 655,432 511,6502 736,807 Nov. 8... 18,799,488 943040 4,824,857 1028,1861415 962 949860 947,8433,654 915 785,014 376456 668,011 531,9402 673,404 Nov. 15 18,781,573 945,725 4,768,374 975,922\,382 070 952 560 954,2393 750 495 799,780 363657 675,929 562,6232650,199 Nov. 22 18,767,910 964 218 4 843,6561021 389 ,420 198 967 528 946 3563617 745 766,981 369 633 669,660 538,7082641,838 Discounts & advances: Secured by U. S. Govt. securities: Oct. 25 322,279 5450 233,240 12680 10650 3350 3,803 2400 14,130 5000 1,340 30,236 120 Nov. 1 359,331 9600 251,520 10760 6950 5 180 5,303 11200 15,255 11550 1,540 30 353 120 Nov. 8 401,181 13,750 250,160 112001 14810 4050 4 853 36 450 17,390 13500 3,540 30 353 1,125 Nov. 15 357,424 10 175 278,853 14565 1010 4000 5,103 7250 8,875 19850 5,290 353 2 100 Nov. 22.. 473 663 41 975 308,130 11957 6 160 2 200 4903 52600 17,725 18700 8,890 3031 120 Other: I Oct. 25. Nov. 1 Nov. 8.. 1 Nov. 15 Nov. 22 Total discounts and advances: 1 Oct. 25. 322 279 5450 233,240 12680 10650 3350 3803 2400 14,130 5000 1,340 30 236 Nov. 1. 359 331 9600 251,520 10760 6,950 5 180 5,303 11200 15,255 11550 1,540 30 353 120 Nov. 8... 401 181 13750 250,160 11200 14810 4050 4 853 36 450 17,390 13500 3,540 30 353 1 125 Nov. 15... 357,424 10 175 278,853 14565 1010 4000 5 103 7 250 8,875 19850 5,290 3531 2 100 Nov. 22... 473 663 41 975 308,130 11957 •6160 2 200 4 903 52600 17,725 18700 8,890 303 120 Industrial loans: Oct. 25. . 8457 1455 89 3 566 331 139 24 25 2828 Nov. 1... 8 539 1454 86 3660 323 139 24 25 2828 Nov. 8.. 8 258 1454 86 3380! 323 138 24 25 2828 Nov. 15.. 7988 1454 86 3 Ill 323 138 23 25 2828 Nov. 22 6 742 204 86 3 115 323| 138 23 25 2 828 U. S. Govt. securities: Bills: Under repurchase option: Oct. 25 4 788647 126420 2 963,026 191968 118993 70857 47 355 810 137 89,839 40 194 72,660 31 223 225975 Nov. 1. 4 970 725 163626 2 974,386 180653 112833 72452 63 735 876 272 81,115 37 366 92,879 35 913 279495 Nov. 8. 5005 708 170695 2 968,597 193368 109361 66802 55030 924 085 70,345 25201 103,138 38 713 280 373 Nov. 15.. 4 771230 160 511 2 910,606 198 218 90 061 54893 42460 829 561 64,325 23671 72,985 32 366 291 573 Nov. 22. 4 985 090 178366 2969,754 161 742 94 453 60477 43,230 918 866 83,122 31 116 84,683 25 643 333,638 Other bills: Oct. 25. 6391 655 758525 640 6641,197 748 762 595 607 841 147489 264,042 275 172 537,182 420 359 780,038 Nov. 1. 6 538 787 726,245 662 5341,232 381 768 745 626 339 180 992 311,596 299048 519,362 407 838 803,707 Nov. 8. 6 7S2846 703401 692 6701,235 972 783898 645 882 236 129 329,270 319 846 528,242 423 338 884 198 Nov. 15.. 6,909434 692 937 7044731,236 145 808 265 656019 269 571 338,437 312 499 539,072 440 201 911,815 Nov. 22... . 7 100 647 671,736 7319121,257,074 806,095 671 330 346 071 352,284 312 729 541,194 469,078 941,144 Certificates: Oct. 25... 3 741490 159966 1302,322 195 168 218 220 163770 136280 765 881 167,063 55087 113,377 90 814 373 542 Nov. 1.. 3 749490 163 707 1302,053 197 105 211 844 172373 132972 779469 165,755 58 954 111,061 93 660 360 537 Nov. 8 3 816490 168061 1320,453 201 832 217 852 176203 136,066 789 363 168,819 60 651 113,944 96 162 367,084 Nov. 15... 3905 490 173 763 1345,168 208046 225 707 181250 140 139 802 732 172,884 62 868 117,723 99 436 375,774 Nov. 22 3 967 990 177 788 1362,450 212 428 231 258 184803 143010 812 059 175,741 64437 120,387 101 750 381,879 Notes: Oct. 25 1095 871 46 854 381,446 57 164 63916 47 967 39916 224 325 48,933 16 135 33,208 26599 109,408 Nov. 1 1102 871 48 154 382,984 57977 62 311 50,702 39 112 229 271 48,755 17340 32,667 27549 106,049 Nov. 8 1 108871 48 830 383,654 58643 63 295 51 195 39535 229 347 49,050 17622 33,105 27939 106,656 Nov. 15 1 111371 49447 382,790 59203 64,228 51 576 39879 228431 49,197 17891 33,499 28297 106,933 Nov. 22 1 113371 49,886 382,287 59 604 64,887 51,853 40 127 227 855 49,311 18080 33,780 28 550 107,151 Oct. 25 1243426 53,163 432,807 64861 72,522 54,426 45 291 254,529 55,5211 18307 37,679 30 180 124,140 Nov. 1 1243 426 54,2911 431,793 65 366 70,252| 57,164 44097 258 491 54,9681 19550 36,830 31060 119,564 Nov. 8 1243426 54,755 430,208 65 759 70,976j 57,408 44 332 257 177 55,002! 19 760 37,122 31 329 119,598 Nov. 15 1243426 55,322 428,273 66 237 71,860 57,705 44 618 255 574 55,043 20017 37,479 31 659 119,639 Nov. 22 1243426 55,713 426,943 66 567 72,467 57,910 44 814 254471 55,071 20 192 37,726 31,885 119,667 Total U S. Govt. sec, inch guar. sec: Oct. 25 17261089 1,144 928 5079,601 1,149 825 1,671 3991,099,615 876 6832 202,361 625,398 404 895 794,106 599 1751,613,103 Nov. 1 17605 299 1,156 023 5091,216 1, 163635 il,689 6211,121,436 906 2552324 495 662,189 432 258 792,799 596!0201,669,352 Nov. 8 17957 341 1,145 742 5 102,912 1,212 272 1,697 456 1,135,506 920 8452436 101 672,486 443080 815,551] 6174811,757,909 Nov. 15 17940 951 1,131 980 5066,837jl,236 1771,688 001 |l,153,689 923 1152385.869 679,886 436,946 800,7581 631.959 1,805,734 Nov. 22 18410 524 1,133 489 5 141,4341,232 2531,720,139 1,161,138 942 5112,559,322 715,529 446,554 817,770 656,9061,883,479 1198 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [ In thousands of dollars ] San Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. i . s M ap in o n li e s - K C an it s y as Dallas F c r is a c n o - Total loans and sec: Oct. 25 17,591,825 151,83. 5,312,930 1,166,0711,682,3801,103,104 880,5102,204,761 639,528 409,895 795,471 629,4111,615,931 Nov. 1 17,973,169 167,077 5,342,822)1.178,0551,696,8941,126,755 911,5822,335,695 677,444 443,: 794,364 626,3731,672,300 Nov. 8 18,366,780 160,946 5,353,15811,226,8521,712,589 1,139,694 925,7222,472,551 689,876 456,580 819,116 647,834 1,761,862 Nov. 15 18,306,363 143,609 5,345,77611,253,8531,689,3341,157,827 928,2412,393,119 688,761 456,796 806,073 632,3121,810,662 Nov. 22 18,890.929 175,668 5,449,650 1,247,3251,726,6221,163,476 947,4372,611,922 733,254 465,254 826,685 657,2091,886,427 Due from foreign banks: Oct. 25 136 149|l 11 Nov. 1 136 1AQ\ 11 Nov. 8 136 U Fede N N ra o o l v v . . R 2 1 e 2 5 serve notes 1 1 3 3 6 6 i l 4 4 9 9 n 11 of other banks: 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 Nov. 1 78,226 1,744 15,976 2,445 3,508 7,025 8,276 10,679 5,761 2,965 4,185 3,258 12,404 Nov. 8 68,877 2,661 11,652 2,533 3,406 7,759 6,180 8,113 5,241 2,177 4,353 3,309 11,493 Nov. 15 74,918 2,031 13,643 2,096 3,924 6,852 7,027 9,872 5,795 2,516 5,703 3,503 11,956 Nov. 22 77,784 2,118 14,863 2,371 4,520 6,630 7,292 9,795 6,782 2,916 4,310 3,564 12,623 Uncollected items: 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 Nov. 1 1,771,992 149,551 389,257 103,543 185,383 135,772 98,353 256,289 80,315 38,412 98,229 69,274 167,614 Nov. 8 1,639,618 124,024 315,729 97,414 159,648 134,623 101,473 241,729 72,591 44,172 96,596 66,956 184,663 Nov. 15 2,386,580 184,981 541,045 137,237 257,747 156,699 120,944 393,770 101,696 55,309 117,291 92,623 227,238 Nov. 22 1,933,266 144,424 409,032 111,761 214,675 141,766 107,509 313,049 78,866 41,085 97,171 69,945 203,983 Bank premises: 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 Nov. 1 34,377 1,619 8,923 3,480 4,120 2,866 1,618 2,890 2,055 1,256 2,673 917 1,960 Nov. 8 34,388 1,619 8,934 3,480 4,120 2,866 1,618 2,890 2,055 1,256 2,673 917 1,960 Nov. 15 34,389 1,619 8,934 3,480 4,120 2,866 1,618 2,890 2,056 1,256 2,673 917 1,960 Nov. 22 34,370 1,619 8,934 3,480 4,110 2,859 1,617 2,890 2,055 1,256 2,673 91 1,960 Other assets: 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 Nov. 1 57,063 2,833 16,352 3,032 4,187 3,304 2,575 10,471 2,890 1,374 2,035 1,978 6,032 Nov. 8 56,455 2,930 16,620 3,100 4,263 2,671 2,342 10,362 2,939 1,390 2,069 1,709 6,060 Nov. 15 58,739 3,121 17,338 3,217 4,493 2,815 2,474 10,646 2,973 1,474 2,121 1,870 6,197 Nov. 22 59,632 3,033 17,876 3,112 4,588 2,882 2,551 11,030 3,052 1,328 2,193 1,826 6,161 Total assets: Oct. 25 38,277,524 2,206,62410,420,708 2!, 286,6833,227,726 2,170,496 1,914,3396,366,3571,523,167 850,874 ,543,706 1,209,727 4,557,117 Nov. 1 38,719,495 2,246,03810,561,696 2',343,6293,253,5512,206,5521,949, i,377,316 1,546,712 866,9551,556,9221,213, ,597,128 Nov. 8 38,965,742 2,235,23010,530, 5,361,5773,300,000 2,237,4791,985,182 6.,,390,5771,557,720 882,0341,592,8221,252,6694,639,453 Nov. 15 39,642,698 2,281,09610,695,159 2>,375,8173,341,700 2,279, 62•-5 "2,014,547 6.,,560,809 1,601,065 881,0111,609,7941,293, ,708,223 Nov. 22 39,764,027 2,291, i,744, !, 389,4530,374,725 2,285,147 2,012,766 6»,566,448 1,590,994 881,4751,602,696 1,272,1734,753,003 Liabilities Federal Reserve notes: Oct. 25 20,634,100 1,312,147 4,580,5291,355,6461,812,7511,396,868 ,199,492 3,,800,383 876,946 458,627 754,341 508,5592,577,811 Nov. 1 20,822,780 1,317,374 4,616,4851,361,8731,820,0801,415,386 ,224,1743,822,940 889,785 461,106 767,145 523,750 2,602,682 Nov. 8 21,015,106 1,324,414 4,659,0111,374,6851,835,608 1,434,579 ,231,2003,859,178 900,932 465,091 773,239 529,6272,627,542 Nov. 15 21,104,084 1,331,555 4,681,094 1,383,1701,842,899 1,443,062 ,237,1043,874,070 904,182 466,485 773,381 531, ,635,620 Nov. 22 21,255,147 1,342,305 4,724,4511,397,1681,858,1321,456,642 ,237, 94"9 3,904,779 906,838 469,950 776,4641 531,6492,648,820 Deposits: Member bank— reserve account: Oct. 25 13,940,041 656,561 4,600,637 682,2071,092,090 580,215 567,292 2,115,137 501,419 307,862 637,534 571,8331,627,254 Nov. 1 14,083,405 669,258 4,634,529 729,0691,083,265 585,971 569,7902,108,835 512,153 320,769 646,373 568,4951,654,898 Nov. 8 14,159,451 677,779 4,629,234 706,1571,105,771 618,109 592,"810 2",108,619 526,121 315,359 651,068 577,0131,651,411 Nov. 15 14,557,417 675,712 4,809,186 722,9""0"8 1,114,742 625,879 613,6852,133,404 538,923 326,705 679, 765 627,7541,688,754 Nov. 22 14,719,156 692,941 4,864,736 732,240 1,144,351 614,536 605,9362,181,764 533,012 327,498 679,334 615,9331,726,875 U. S. Treasurergeneral account: Oct. 25 228,772 11,401 59,344 10,853 11,651 8,549 9,132 27,958 16,364 11,525 13,475 21,111 27,409 Nov. 1 215,708 11,850 84,678 11,221 22,674 12,270 11,091 13,528 16,088 11,947 1,001 5,933 13,427 Nov. 8 313,710 20,496 75,513 27,711 57,451 368 21,067 1,444 10,879 24,546 25,636 23,703 24,896 Nov. 15 119,368 2,576 41,657 2,040 14,147 4,746 611 25,085 3,184 6,700 988 5,583 12,051 Nov. 22 250,835 12,106 63,198 10,985 34,029 20,546 21,334 24,725 14,772 8,624 6,216 10,140 24,160 Foreign: Oct. 25 1,244,554 85,331 2482,305 110,026 106,438 47,837 38,270 148,295 37,074 26,310 34,682 34,682 93,304 Nov. 1 1,226,448 84,290 2472,348 108,870 105,320 47,335 37,868 146,738 36,685 26,034 34,318 34,318 92,324 Nov. 8 1,220,654 83,273 2472,009 108,149 104,623 47,021 37,617 145,766 36,441 25,862 34,090 ' 34,090 91,713 Nov. 15 1,244,736 84,875 2480,759 110,361 106,763 47,983 38,38' 148,748 37,187 26,391 34,788 34,788 93,706 Nov. 22 1,264,326 86,802 ^88, 704 111,941 108,291 48,670 38,936 150,877 37,719 26,769 35,286 35,286 95,045 Other: Oct. 25 361,555 3,016 270,026 6,144 6,655 3,389 3,270 4,238 9,712 2,331 3,157 2,954 46,663 Nov. 1 406,491 2,661 299,379 7,554 8,930 10,261 4,335 4,205 9,999 2,626 4,856 3,296 48,389 Nov. 8 419,086 3,178 322,599 4,274 9,306 3,736 2,399 3,678 10,407 1,960 3,994 3,056 50,499 Nov. 15 243,564 3,725 140,489 3,981 13,071 2,361 3,173 3,732 11,382 1,903 3,912 3,614 52,221 Nov. 22 302,836 4,461 163,609! 11,836 15,344 5,524 3,551 18,023 15,099 4,053 3,053 3,930 54,353 Total deposits: Oct. 25 15,774,922 756,309 5,412,312; 809,2301,216,834 639,990 617,964 ,295,628 564,569 348,028 630,580 ,794,630 Nov. 1 15,932,052 768,059 5,490,9341 856,7141,220,189 655,837 623,084 ,273,306 574,925 361,376 686,548 612,042 ,809,038 Nov. 8 16,112,901 784,726 5,499.355! 846,2911,277,151 669,234 653,893 ,259,507 583,848 367,727 714,788 637,862 ,818,519 Nov. 15 16,165,085 766,888 5,472,09l! 839,2901,248,723 680,969 655,856 ,310,969 590,676 361,699 719,453 671,739 ,846,732 Nov. 22 16,537,153 796,310 5,580,247| 867,0021,302,015 689,276 669,757 ,375,389 600,602 366,944 723,889 665,289 ,900,433 Deferred availability i items: Oct. 25 1,385,516 105,613 265,9581 80,020 152,416 111,460 78,273 208,352 65,267 31,245 84,450 54,834 147,628 Nov. 1 1,480,215 127,925 292,086i 83,233 167,471 113,277 83,288 218,607 65,531 31,476 87,109 61,959 148,253 Nov. 8 1,351,930 93,379 209,678] 98,671 141,270 111,497 81,375 209,325 56,411 36,177 88,628 69,429 156,090 Nov. 15 1,885,928 149,931 378,332| 111,394 204,074 133,397 102,512 312,657 89,732 39,786 100,813 74,832 188,468 Nov. 22 1,482,906 119,635 275,351! 83,216j 168,428 116,918 86,240 222,969 67,003 31,488 86,116 59,355j 166,187 1 After deducting $87,000 participations of other Federal Reserve Banks. 2 After deducting $760,611,000 participations of other Federal Reserve Banks on Oct. 25; $752,625,000 on Nov. 1; $747,638,000 on Nov. 8; $762,932,000 on Nov. 15; and $773,855,000 on Nov. 22. DECEMBER 1944 1199 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS-Contmued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S o t u . is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - Other liabilities, including accrued div.: Oct. 25. 10,336 981 2,707 814 1,160 726 970 329 304 471 457 861 Nov. 1 10,514 1,044 2,516 805 1,162 575 1,104 376 304 474 373 893 Nov. 8 10,816 1,026 2,814 869 1,245 627 565 1,152 395 332 457 394 940 Nov. 15 11,246 994 3,044 848 1,199 603 893 1,150 340 326 470 436 943 Nov. 22 11,407 1,043 2,977 894 1,263 648 582 1,301 379 358 489 468 1,005 Total liabilities: N O o ct v . . 2 1 5 3 38 7 , , 2 8 4 0 5 4 , , 5 8 6 7 1 4 2 2, , 2 1 1 7 4 5 , , 4 0 0 5 2 0 1 1 0 0 , 4 2 0 6 2 1 , , 0 5 2 0 1 6 2 2 , , , 3 2 0 4 2 5 , , 6 7 2 1 5 0 3 3 , , 2 1 0 8 8 3 , ,1 9 6 0 1 2 2 2 , , 1 1 4 8 9 5 , , 0441, , 8 9 9 3 6 1 , , 2 4 8 3 5 4 6 6 , , 3 3 1 0 5 5 , , 9 3 5 3 7 31 1 , , 5 5 0 3 7 0 , , 1 6 1 1 1 7 8 8 3 5 8 4 , ,2 2 6 0 2 4 1 1 , , 5 5 2 4 8 1 , , 1 2 1 76 0 1 1 1 , , 1 1 9 9 8 4; , ,, 1 4 2 3 4 0 4 4 . , , ,5 5 2 6 0 0 , , 9 8 3 6 0 6 Nov. 8 38,490,753 2,203,545 10,3701,,858 22,,320,51613,255,274 2,215,9371,967,033 6,329,1621,541,586 869,327 1,577,1121,237,312 4,603,091 Nov. 15 39,166,343 2,249,368 10,534,5612,334,702 3,296,895 2,258,0311', 9"96", 365 6,498~," 846 ,1584,930 868,296 1,594,1171,278,469 4,671,763 Nov. 22 39,286,613 2,259,293 10,583i,,0••26 2,,348,280 3,329,838 2,263,4841,994,528 6,504,4381,574,822 868,740 1,586,9581,256,761 4,716,445 Capital Accounts Capital paid in: 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 Nov. 1 160,439 9,994 58,587 12,160 16,308 6,439 5,783 18,966 5,074 3,476 5,167 5,027 13,458 Nov. 8 160,503 9,994 58,611 12,166 16,311 6,446 5,783 18,968 5,082 3,481 5,170 5,029 13,462 -> Nov. 15 160,769 9,999 58,641 12,168 16,314 6,446 5,783 19,193 5,082 3,479 5,172 5,030 13,462 Nov. 22 160,821 10,002 58,654 12,171 16,315 6,445 5,784 19,214 5,085 3,483 5,172 5,034 13,462 Surplus (section 7): 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 Nov. 1 188,097 13,206 70,012 17,859 16,026 5,236 5,725 26,490 6,330 3,669 4,554 4,831 14,159 Nov. 8 188,097 13,206 70,012 17,859 16,026 5,236 5,725 26,490 6,330 3,669 4,554 4,831 14,159 Nov. 15 188,097 13,206 70,012 17,859 16,026 5,236 5,725 26,490 6,330 3,669 4,554 4,831 14,159 Nov. 22 188,097 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): 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 Nov. 1 26,965 2,874 7,092 4,421 1,007 3,290 749 1,429 530 1,000 1,137 1,307 2,129 Nov. 8 26,965 2,874 7,092 4,421 1,007 3,290 749 1,429 530 1,000 1,137 1,307 2,129 Nov. 15 26,965 2,874 7,092 4,421 1,007 3,290 749 1,429 530 1,000 1,137 1,307 2,129 Nov. 22 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: 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 Nov. 1 98,433 5,562 23,984 6,564 11,308 6,512 5,851 14,474 4,161 4,548 4,788 4,165 6,516 Nov. 8 99,424 5,611 24,426 6,615 11,382 6,570 5,892 14,528 4,192 4,557 4,849 4,190 6,612 Nov. 15 100,524 5,649 24,853 6,667 11,458 6,622 5,925 14,851 4,193 4,567 4,814 4,215 6,710 Nov. 22 101,531 5,715 25,276 6,719 11,539 6,692 5,980 14,877 4,227 4,583 4,875 4,240 6,808 Total liabilities and capital accounts: Oct. 25 38,277,524 2,206,62410,420,708 2,286,683 31,227,7262,170,496 1,914,339 61,,366,357 1,523,167 850,874 1,543,706 1,209,727 4,,557,117 N No o v v . . 8 1 3 3 8 8 , , 9 7 6 1 5 9 , , 7 4 4 9 2 5 2 2 , , 2 2 4 3 6 5 , , 0 2 3 3 8 0 1 1 0 0 , , 5 5 6 3 1 0 , , 6 99 9 9 6 2 2 ,! , 3 34 6 3 1 , , 6 57 2 7 9 3 31 ,: , 3 2 0 5 0 3 , , 0 5 0 5 0 12 2 , , 2 2 0 3 6 7 , ,4 5 7 5 9 2 1 1, ,9 9 8 4 5 9 , ,5 1 4 8 2 2 6 6 > i , ; , , 3 3 7 9 7 0, ,3 57 1 7 6 1 1 , , 5 5 5 4 7 6 , , 7 7 2 1 0 2 8 88 6 2 6 , ,9 0 5 3 5 4 1 1, ,5 5 9 5 2 6 , , 8 9 2 2 2 2 1 1 , , 2 2 1 5 3 2 , , 4 66 5 9 4 4 4 , , 6 5 3 9 9 7, , 1 4 2 5 8 3 Nov. 15 39,642,698 2,281,09610,695,159 2,;375,8173,341,700 1,279,625 2,014,547 6•,,560,809 1,601,065 881,0111,609,794 3,,293,852 4,,708,223 Nov. 22 39,764,027 2,291,090 101,744,060 2,389,450 31,374,725 2,285,147 2,012,766 6>,566,448 1,590,994 881,475 1,602,696 1,272,173 4,753,003 Commitments to make industrial loans: Oct. 25 4,801 275 2,411 663 1,352 Nov. 1 4,783 275 2,317 630 1,456 Nov. 8 5,020 275 2,597 586 1,457 Nov. 15 4,477 275 2,546 575 976 Nov. 22 4,466 275 2,535 575 976 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS (In thousands of dollars] Total Boston N Y e o w rk d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - l A an t- ta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Federal Reserve notes outstanding (issued to Bank): Oct. 25 285,091 342,540 41,745,780 1,390,614 1,855;,,962 1,429,000 1,257,045 3,867,215 913,421467,120 781,126 541,663 2,693,605 Nov. 1 412,095 354,418 4[, 761,9911,397,882 1,864,2111,444,1941,264,978 3,890,455 927,810 468,568 782,582 550,535 2,,704,471 Nov. 8 537,571 349,117 41,807,7"2"0 1,405,030 1,868, ,460,0621,267,6743,919,651 930,276 473,312 2,712,059 Nov. 15 696,330 361,545 4t,, 837,9271,413,656 1,884,196 1,469,4071,274,5143,951,958 935,661476,249 797,426 560,153 2,733,638 Nov. 22 851,732 374,667 4 :, 870,5971,426,260 1,899,1631,486,4691,289,2173,968,745 940,050 478,143 798,321"" " 2,755,436 Collateral held against notes outstanding: Gold certificates: Oct. 25 ,361,000 600,000 21,470,000 640,000 806,000 615,000 615,000 2!, 610,000475,000 220,000 300,000 236,000 1,774,000 Nov. 1 ,405,000 590,000 2!;, 470,000645,000 815,000 615,000 615,000 21,640,000 475,000 220,000 300,000 246,000 1,774,000 Nov. 8 ,281,000 575,000 21,470,000 601,000 820,000 615,000 590,000 21,640,000 425,000 225,000 300,000 246,000 1,774,000 Nov. 15 ,217,000 575,000 2:, 470,000612,000 835,000 615,000 590,000 2!, 570,000425,000 205,000 300,000 246,000 1,774,000 Nov. 22 ,250,000 575,000 2!, 470,000577,000 850,000 615,000 600,000 2!, 600,000425,000 205,000 310,000 249,000 1,774,000 Eligible paper: 275,190 5,450 233,240 12,680 3,350 .14,130 5,000 1,340 Nov. I.'.'.'.'.'.'.'.'.'.'.'.'. 305,405 9,600 251,520 10,760 5,180 15,255 11,550 1,540 Nov. 8 313,590 13,750 250,160 11,200 4,050 17,390 13,500 3,540 Nov. 15 341,608 10,175 278,853 14,565 4,000 8,875 19,850 5,290 Nov. 22 ; 409,577 41,975 308,130 11,957 2,200 17,725 18,700 8,890 U. S. Govt. securities: Oct. 25 257,439 810,000 2:, 300,000750,000 1,050,000 825,000 650,000 1,287,600 489,839 250,000 500,000 345,000 11,000,000 Nov. 1 273,715 810,000 2,300,000 750, ,050,000 850,000 650,000 1,287,600 481,115 250,000 500,000 3455,,0C0"0 '1,000.000 Nov. 8 425,345 810,000 2,300,000 800,0001,050,000 850,000 700,000 1,300,000 520,345 250,000 500,000 3455,,<000 1,000,000 Nov. 15 619,325 810,000 2,,300,000 800,0001,050,000 875,000 700,0001,400,000 564,325 275,000 500,000 345,000 13,000,000 Nov. 22 788,122 810),,000 2,300,000 850,000 1,050,000 875,000 700,000 1,400,000 583,122 275,000 500,000 345,000 1,100,000 Total collateral: Oct. 25 893,629 415;,,450 5,003,240 1,402,680 856,000 1443,350 1,265,0003,897,600 978,969 475,000 801,340 581000 2,774,000 Nov. 1 984,120 409,600 5,021,520 1,405,760 865, 470,180 1,265,000 3,927,600 971,370 481,550 801,540 591000 2,774,000 Nov. 8 019,935 398, ,020,1601,412,200 870.000 1469,0501,290,000 3;,940,000 962,735 488,500 803,540 591^000 2,,774,000 Nov. 15 177,933 395,1755,048,8531,426,565 885.1 494,000 1',2901,,000 3,970,000 998,200 499,850 805,290591,000 2,774,000 Nov. 22 447,699 426,975 5,078,130 1,438,957 ,900,' 492,200 1,3001,,000 4,000,000 1, 025,847 498,700 818,890 594,000 :2, 874,000 I2.OO FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS WAR PRODUCTION LOANS GUARANTEED BY WAR DE- [Amounts in thousands of dollars] PARTMENT, NAVY DEPARTMENT, AND MARITIME COMMISSION THROUGH FEDERAL RESERVE W l e D a d s a p n t t e e e r d s i a d o ( y l d a a y ) o s t f or Nu A m p a b p p e l r p i r c o a A v ti e o m d n o s unt (a b p p m c u r l A o e o t o m p t v n u e - e - o d n d t 1 t) s (a t L a m o n o u o d a t u i n - n n s g t) 2 C s (a t m o a m o n m e u o d n m t u i - t n n s i g t t- ) ( s a P p t m a a a o n t r u o i d t o u t i - i n n c n s t i g ) - BA [ N G A u K m a a S o r u a u t n U n h t t o e N s r e i D i d z n e E l d t o R h a o n u R s sa E n G d G s U u o L a o f A r u a d t T n o st t l I a e l O a n e r d d N s ] i n lo g V ans a A v a a d m i d la i o t b i u o le n n t a t l o borrowers 1934 984 49,634 20,966 13,589 8,225 1,296 Date under guar- 1935 1,993 124,493 11,548 32,493 27,649 8,778 Total Portion antee agree- 1936 2,280 139,829 8,226 25,526 20,959 7,208 Number Amount amount guaran- ments 1937 2,406 150,987 3,369 20,216 12,780 7,238 teed outstanding 1938 2,653 175,013 1,946 17,345 14,161 12,722 1939 2,781 188,222 2,659 13,683 9,220 10,981 1940 2,908 212,510 13,954 9,152 5,226 6,386 1942 1941 3,202 279,860 8,294 10,337 14,597 19,600 June 30 565 310,680 81,108 69,674 137,888 1942 Sept. 30 1,658 944,204 427,918 356,677 230,720 June 24 3,352 338,822 26,346 11,265 16,832 26,430 Dec. 31 2,665 2,688,397 803,720 632,474 1,430,121 Dec. 31 3,423 408,737 4,248 14,126 10,661 17,305 1943 1943 Mar. 31 3,443 459,296 5,164 13,182 13,143 20,316 Jan. 31 2,961 2,999,731 974,083 768,249 1,440,943 June 30 3,452 475,468 3,203 13,044 12,132 19,070 Feb. 28 3,198 3,479,172 1,040,828 828,221 1,706,849 Sept. 30 3,460 483,608 2,860 12,227 11,474 18,928 Mar. 31 3,534 3,725,241 1,245,711 999,394 1,865,618 Dec. 31 3,471 491,342 926 10,532 9,270 17,930 Apr. 30 3,773 4,058,731 1,339,078 1,073,972 2,018,818 1944 May 31 4,002 4,554,278 1,415,777 1,150,040 2,076,998 Jan. 31 3,475 495,738 1,808 10,369 10,146 18.247 June 30 4,217 4,718,818 1,428,253 1,153,756 2,216,053 Feb. 29 3,478 497,875 835 10,198 10,292 18,531 July 31 4,404 4,900,905 1,536,296 1,269,416 2,388,721 Mar. 31 3,481 503,330 1,408 11,774 9,069 18,267 Aug. 31 4,599 5,153,941 1.646,921 1,366,178 2,482,875 Apr. 29 3,482 505,726 276 12,250 8,744 17,137 Sept.30 4,787 5,452,498 1,708,022 1,413,159 2,494,855 May 31 3,483 508,170 208 12,073 3,956 11,321 Oct. 31 4,948 5,546,555 1,815,162 1,511,847 2,586,563 June 30 3,483 510,857 45 11,366 4,048 11,063 Nov. 30.... 5,123 6,234,047 1,798,272 1,495,910 2,798,283 July 31 3,485 513,134 295 11,115 3,975 10,841 Dec. 31 5,347 6,563,048 1,914,040 1,601,518 3,146,286 Aug. 31 3,485 515,419 295 10,482 3,790 10,685 Sept. 30 3,487 519,120 645 9,274 4,400 9,851 1944 Oct. 31 3,488 521,177 45 8,796 4,777 9,751 Jan. 31 5,565 6,989,682 2,020,294 1,691,802 3,278,822 Feb. 29 5,720 7,172,719 2,030,547 1,700,400 3,451,581 1 Includes applications approved conditionally by the Federal Reserve M Ap a r r . . 3 3 0 1 6 5 , , 0 9 7 0 9 4 7 7 , , 6 4 4 6 7 6 , ,7 1 6 8 2 0 2 1 , , 0 9 0 9 9 0 , , 5 9 1 9 1 6 1 1, , 6 6 6 8 6 0 , , 1 0 8 4 5 6 3 3, , 6 6 8 1 4 5 , , 5 9 6 6 8 3 Ba 2 n I k n s c l a u n d d e s u i n n d d e u r s t c r o ia n l s i l d o e a r n a s t i p on as t b y d u a e p 3 p l m ic o an n t t . hs or more, which are not in- J M u a n y e 3 3 0 1 6 6 , , 4 28 3 3 3 8 7 , , 0 7 4 9 6 7 , , 6 4 7 0 2 0 2 2 , , 0 0 3 6 3 4 , , 5 3 7 1 9 8 1 1, , 7 7 3 0 5 6 , , 7 4 7 2 7 1 3 3 , , 7 8 9 1 5 0 , ,7 5 9 5 7 8 cluded in industrial loans outstanding in weekly statement of condition of July 31 6,590 8,333,741 2,083,435 1,765,841 3.904,215 Federal Reserve Banks. Aug. 31 6,744 8,487,623 2,010,958 1,706,363 4,107,606 NOTE.—The difference between amount of applications approved and the Sept.30 6,882 8,685,273 1,960,785 1,663,489 4,301,322 sum of the following four columns represents repayments of advances, and Oct. 31 7,047 8,983,637 1,895,721 1,611,862 4,367,344 applications for loans and commitments withdrawn or expired. NOTE.—The difference between guaranteed loans authorized and sum of loans outstanding and amounts available to borrowers under guarantee agreements outstanding represents amounts repaid, guarantees available but not completed, and authorizations expired or withdrawn. MEMBER BANK RESERVE BALANCES, BY CLASS OF BANKS DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND _^ [Averages of daily figures. In millions of dollars] SMALL CENTERS,1 OCTOBER 1944 [Averages of daily figures. In millions of dollars] Central reserve m A e l m l - city banks se R r e v - e Coun- In places of 15,000 In places of under ba b n e k r s1 N Y e o w rk Chicago b c a i n t k y s banks1 Federal Reserve district a D n e d m o a v n e d r population D 1 e 5 m ,0 a 0 n 0 d population deposits Time deposits Time Total reserves held: e i x n c te e r p - t deposits e i x n c t e e p r- t deposits 1943—September 12,864 3,643 858 5,159 3,204 bank2 bank2 October 12,035 3,346 794 4,772 3,123 1944—September 13,476 3,728 863 5,365 3,520 October 13,807 3,815 888 5,501 3,603 Total... 13,414 5,601 8,598 3,880 Week ending (Friday): 1944—Sept. 29 13,444 3,709 850 5,354 3,531 Boston 1,832 637 286 170 Oct. 6 13,522 3,744 853 5,361 3,564 New York 2,645 1,444 838 789 Oct. 13 13,699 3,755 869 5,465 3,610 Philadelphia.. 958 511 716 594 Oct. 20 13,856 3,815 885 5,535 3,621 Cleveland 1,201 611 803 524 Oct. 27 13,946 3,866 909 5,568 3,603 Nov. 3 14,105 3,940 930 5,606 3,629 Richmond 1,062 281 620 290 Nov. 10 14,273 3,983 911 5,664 3,715 Atlanta 1,158 301 467 125 Nov. 17 14,542 4,037 919 5,776 3,810 Chicago 1,750 916 1,178 586 St. Louis 483 215 689 169 Excess reserves: 1943—September 1,417 32 8 515 861 Minneapolis... 423 179 483 264 October 1,264 31 9 386 838 Kansas City.., 397 74 1,070 136 1944—September 983 21 7 256 698 Dallas 679 80 988 41 Week en O di c n t g o b ( e F r riday): 958 22 7 251 679 San Francisco. 825 352 462 193 1944—Sept. 29 958 22 5 244 686 Oct. 6 989 27 7 250 706 1 Includes any banks in outlying sections of reserve cities which have Oct. 13 1,000 14 8 267 710 been given permission to carry the same reserves as country banks. All Oct. 20 970 19 5 257 690 reserve cities have a population of more than 15,000. Oct. 27 900 14 6 237 644 2 Includes war loan deposits, shown separately for all country banks Nov. 3 917 29 7 241 640 in the table on the following page. Nov. 10 981 16 9 265 691 Nov. 17 n,070 21 6 294 2749 p Preliminary. 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. DECEMBER 1944 12.01 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 st d rict 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 e i n t - d d s e 3 - p T o d i s m e i - t4 e s d b o a b m l f d a a r u o n n e e m k s c t e s i s c Held qu R i e re - d Excess posits1 First half of October 1944 All member banks 82,380 11,077 10,703 60,601 57,114 62,691 18,464 5,623 13,657 | 12,651 ! 1,005 Central reserve city banks: New York 23,031 3,753 3,668 15,610 14,645 18,365 1,042 51 3,755 3,735 I 20 Chicago 5,254 1,035 3,431 3,220 4,092 633 164 865 856 ! 9 Reserve city banks.... 30,908 5,173 3,810 21,925 20,188 23,653 7,365 1,748 5,439 5,173 266 Boston 2,091 308 365 1,418 1,335 1,597 126 47 334 327 7 New York 525 29 48 449 422 429 206 22 103 98 5 Philadelphia 2,271 332 313 1,626 1,525 1,790 153 68 378 367 11 Cleveland 3,953 525 510 2,919 2,716 3,069 931 174 704 670 34 Richmond 1,821 332 291 1,198 1,109 1,337 313 107 311 286 24 Atlanta 1,905 513 229 1,163 1,044 1,427 276 134 319 302 17 Chicago 3,929 437 528 2,964 2,782 2,951 1,258 274 697 666 31 St. Louis 1,797 528 202 1,067 952 1,385 227 98 301 291 10 Minneapolis 1,000 265 154 581 520 726 113 59 155 152 3 Kansas City 2,474 846 208 1,420 1,264 1,837 236 275 419 382 38 Dallas..... 1,916 486 181 1,248 1,155 1,421 i 201 224 344 296 San Francisco 7,225 570 781 5,873 5,366 5,685 ' 3,325 267 1,375 1,337 Country banks 23,187 1,115 2,438 19,634 19,060 16,581 9,423 3,660 3,597 2,887 710 Boston 2,219 95 328 1,796 1,722 1,636 804 186 320 277 43 New York 3,611 81 483 3,046 2,932 2,716 2,219 303 604 513 91 Philadelphia 1,699 14 194 1,492 1,451 1,264 1,098 204 304 243 61 Cleveland 2,034 25 240 1,770 1,726 1,449 1,128 304 368 271 97 Richmond 1,875 195 187 1,493 1,420 1,284 567 342 270 214 57 Atlanta 1,835 204 191 1,440 1,392 1,274 422 333 247 204 43 Chicago 2,993 66 323 2,603 2,553 2,138 1,494 488 485 389 96 St. Louis 1,321 150 94 1,076 1,045 947 381 252 191 155 36 Minneapolis 975 69 87 820 799 692 441 178 155 123 32 Kansas City 1,538 72 94 1,372 1,354 1,040 208 392 211 158 53 Dallas 1,777 115 120 1,542 1,513 1,187 121 448 238 173 64 San Francisco 1,308 28 96 1,184 1,152 953 541 231 203 166 37 Second half of October 1944 All member banks 82,171 11,216 8,491 62,464 58,980 64,682 18,695 5,615 13,949 13,035 914 Central reserve city banks: New York 22,833 3,743 2,888 16,202 15,231 18,927 1,032 61 3,871 3,847 24 Chicago 5,350 1,074 622 3,654 3,426 4,327 653 174 909 905 5 Reserve city banks 30,881 5,248 3,042 22,591 20,853 24,377 7,476 1,758 5,560 5,324 236 Boston 2,075 312 291 1,472 1,387 1,651 127 49 344 338 6 New York 518 28 39 452 427 435 209 20 105 99 5 Philadelphia 2,269 325 247 1,697 1,595 1,851 153 70 389 379 10 Cleveland 3,956 519 409 3,027 2,819 3,165 943 176 723 690 34 Richmond 1,787 333 229 1,225 1,142 1,377 317 100 312 294 18 Atlanta 1,908 516 181 1,211 1,091 1,478 280 132 321 312 9 Chicago 3,905 441 424 3,039 2,855 3,014 1,280 287 708 680 28 St. Louis 1,814 573 161 1,079 962 1,439 230 98 309 302 8 Minneapolis 981 267 122 592 529 739 114 58 157 155 2 Kansas City 2,484 854 167 1,463 1,306 1,887 240 276 423 392 32 Dallas 1,924 499 144 1,280 1,182 1,458 206 226 336 304 32 San Francisco 7,260 579 627 6,054 5,558 5,884 3,376 267 1,432 1,379 53 Country banks 23,107 1,151 1,939 20,017 19,470 17,052 9,535 3,622 3,609 2,959 649 Boston 2,208 97 263 1,848 1,777 1,697 809 180 319 286 33 New York 3,521 81 384 3,056 2,953 2,755 2,247 284 594 520 74 Philadelphia 1,681 19 153 1,509 1,471 1,294 1,110 198 302 248 54 Cleveland 2,024 25 190 1,809 1,766 1,499 1,141 293 371 278 92 Richmond 1,881 198 152 1,531 1,458 1,327 574 338 272 220 52 Atlanta 1,826 207 153 1,466 1,422 1,311 428 328 248 209 39 Chicago 3,007 78 261 2,669 2,617 2,201 1,510 499 494 399 95 St. Louis 1,329 155 73 1,100 1,069 974 388 253 193 160 33 Minneapolis 977 72 67 838 817 714 446 176 157 127 30 Kansas City 1,540 73 72 1,395 1,380 1,071 211 387 214 163 51 Dallas..., 1,792 121 94 1,577 1,550 1,223 120 454 238 178 60 San Francisco 1,321 26 77 1,218 1,189 987 550 232 207 171 36 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. I1O1 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and small denomination currency2 Large denomination currency2 End of year and in cir- Unasmonth c ti u o l n a1- Total Coin $13 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 sortec 1933. 5,519 4,167 442 402 33 719 1,229 1,342 1,360 364 618 125 237 8 10 8 1934. 5,536 4,292 452 423 32 771 1,288 1,326 1,254 337 577 112 216 5 7 10 1935. 5,882 4,518 478 460 33 815 1,373 1,359 1,369 358 627 122 239 7 16 5 1936 6,543 5,021 517 499 35 906 1,563 1,501 1,530 399 707 135 265 7 18 8 1937 6,550 5,015 537 505 33 905 1,560 1,475 1,542 387 710 139 288 6 12 7 1938 6,856 5,147 550 524 34 946 1,611 1,481 1,714 409 770 160 327 17 32 5 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 2 1940 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 4 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942 15,410 11,576 880 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943—January 15,590 11,665 869 773 54 1,678 4,107 4,183 3,928 1,047 1,962 293 592 10 25 3 February 16,088 12,065 877 786 56 1,718 4,279 4,349 4,026 1,079 2,013 298 599 11 25 3 March 16,250 12,121 890 791 56 1,713 4,280 4,391 4,129 1,104 2,069 306 616 11 23 1 April 16,660 12,428 904 804 58 1,741 4,391 4,531 4,232 1,131 2,128 312 621 15 26 1 May 17,114 12,789 914 824 59 1,785 4,526 4,681 4,326 1,159 2,186 319 630 10 22 1 June 17,421 12,960 929 834 61 1,793 4,565 4,778 4,462 1,195 2,259 329 648 10 21 2 July 17,955 13,334 943 843 62 1,836 4,719 4,931 4,622 1,237 2,347 341 667 10 20 2 August 18,529 13,715 960 858 64 1,878 4,853 5,102 4,816 1,293 2,453 353 687 9 22 2 September ... 18,844 13,891 970 866 64 1,887 4,893 5,211 4,951 1,327 2,535 360 698 11 20 2 October 19,250 14,135 987 872 65 1,902 4,962 5,347 5,118 1,366 2,636 373 713 11 20 3 November.... 19,918 14,598 1,006 886 68 1,950 5,127 5,561 5,323 1,416 2,761 388 729 10 19 2 December 20,449 14,871 1,019 909 70 1,973 5,194 5,705 5,580 1,481 2,912 407 749 Q 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 w 160 15,731 1,055 903 72 2,003 5,498 6,198 6,431 1,668 3,371 473 887 9 23 2 June 22,504 15,925 1,065 906 72 2,010 5,544 6,326 6,581 1,699 3,458 481 912 9 22 2 July.. 22,699 16,034 1,077 910 73 2,016 5,569 6,388 6,667 1,722 3,516 487 911 9 22 2 August 23,292 16,410 1,092 921 75 2,053 5,706 6,562 6,884 1,780 3,642 502 929 9 22 2 September.... 23,794 16,715 1,105 937 75 2,078 5,789 6,731 7,081 1,829 3,765 516 939 9 22 2 October. .... 24,425 17,089 1,125 948 76 2,103 5,877 6,960 7,339 1,893 3,918 532 963 10 23 2 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury aand Federal Reserve Banks, 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown de^rnominations reported by the Treasury destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures.—Set 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 O o ta t c 1 a n t 9 l . d 4 i 3 o 4 n 1 u g , t- A c g e s a o r s t g l s i i d a f e lv i i c c n a e u a s n r r t t d e it s y Tre c a as s h ury R F a B e e g a F a s d e n e o n e n d r r k r t v a s s e l B h F R a a e n e e g l d k s d e e e s n r r b t v a a s y n e l d Oc 1 t 9 . 4 3 4 1, Sep 19 t. 4 3 4 0, Oc 1 t 9 . 4 3 3 1, Gold 20,727 18,605 2,122 Gold certificates 18,605 15,737 2,815 53 53 56 Federal Reserve notes 21,401 "'86' 683 20,631 20,017 15,550 Treasury currency—total... 4,115 123 250 3,741 3,724 3,645 Standard silver dollars. 494 280 102 111 109 90 Silver bullion 1,520 1,520 Silver certificates and Treasury notes of 1890. 31,800 207 1,593 1,588 1,580 Subsidiary silver coin 762 12 12 738 725 649 Minor coin. 285 5 4 276 272 248 United States notes 347 3 19 324 323 321 Federal Reserve Bank notes 581 1 6 574 582 626 National bank notes 125 1 124 125 130 Total—October 31, 1944 20,403 2,371 15,737 3,749 24,425 September 30, 1944 20,508 2,363 15,832 3,742 23,794 October 31, 1943 21,846 2,288 17,131 3,743 19,250 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. 1195, and seasonally adjusted figures in table on p. 1204. 2 Includes $1,800,000,000 Exchange Stabilization Fund, $143,923,524 balance of increment resulting from reduction in weight of the gold dollar, and $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 3 To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. 4 Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. 5 Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is 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. DECEMBER 1944 1x03 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY IN CIRCULATION WITH ADJUSTMENT FOR ANALYSIS OF CHANGES IN GOLD STOCK OF SEASONAL VARIATION UNITED STATES [Outside Treasury and Federal Reserve Banks. In millions of dollars] [In millions of dollars] Amount- Amount- Change in Ear- Date f u o v n r a a r s d i e j a a u t s s i o o te n n d al ad v s j a e u r a s i s t a e o t d n i o a n l for s a e s d a e s ju r o i s n e t a s e l 1 d ly Period of a s G t t p o o e e c l n r d k i d od I i n n s c t o r g e c o a k l s d e N im et p g o o r l t d g m o c o l r r a d e r i : a k n s d e - e d e- p D ti r c t o o i m o d g n u o e 1 c s ld - crease (—) End of year figures; 1938 6,856 +306 1 1 1 1 1 9 9 9 9 9 4 3 4 4 4 1 9 0 2 3 2 1 1 8 0 7 1 5 , > , , 4 1 4 5 3 4 6 1 9 2 9 0 0 8 + + + + 5 4 2 1 + , , , , 0 2 4 1 7 3 5 2 3 4 9 0 8 4 2 1 1 1 1 1 9 9 9 9 9 3 3 3 3 3 7 8 6 5 4 2 . 3 3 1 1 1 1 2 1 8 0 4 , , , , , 7 2 2 1 5 6 5 2 3 1 0 8 5 2 8 4 1 1 1 1 , , , , , 2 1 5 8 7 3 0 0 8 5 2 2 7 2 1 . . . . . 5 5 2 5 5 1 1 1 1 1 , , , , , 1 7 5 1 9 3 3 8 1 7 3 9 5 6 3 . . . . . 9 0 5 6 6 - - 2 - 3 8 0 3 8 5 0 3 2 . . . . . 9 4 5 6 2 1 1 1 1 9 1 3 4 4 2 0 1 3 8 . . . . . 9 7 9 6 6 1939 17,644 3,132.0 3,574.2 -534.4 161.7 Monthly averages of daily 1940 21,995 4,351.2 4,744.5 —644.7 170.2 fig 1 1 u 9 9 re 4 4 s 4 3 — -N D J o a e v n c u e e m a m r b y b e e r r 2 2 1 0 0 9 , , , 4 2 5 2 6 4 8 6 3 2 1 1 0 9 9 , , , 3 9 5 6 0 4 7 7 4 + + + 4 5 4 3 0 2 7 6 3 1 1 1 9 9 9 4 4 4 2 1 3 . ... 2 2 2 2 1 2 , , , 7 9 7 3 2 3 7 6 8 -7 - 7 1 8 4 0 8 1 . . . 3 5 8 9 (4 8 ) 2.4 - - - 4 4 8 0 5 0 7 8 3 . . . 7 4 6 1 1 4 6 2 8 5 9 . . . 3 4 1 J N M M J A A S F O u u e e o p u c a a n l p b v r t g y y r e t o i r e . u l c e . u b m s m h a e t . . r b r b . . y . e . e . r r , 2 2 2 2 2 2 2 2 2 2 0 1 0 2 1 2 4 2 3 4 , . , , , , , , , , 9 3 2 8 6 5 1 5 9 7 6 1 9 2 8 3 2 1 8 3 4 2 6 2 0 5 5 2 8 8 2 2 2 2 2 2 2 2 2 2 1 0 1 2 3 1 2 3 4 4 , , , . , , , , , , 9 0 6 4 6 4 1 5 6 1 7 2 3 2 8 7 0 0 6 1 6 7 5 5 4 2 8 4 4 2 + + + + + + + + + + 4 4 3 2 2 4 4 4 5 5 3 5 9 1 6 7 6 9 5 4 2 7 2 7 8 9 8 2 2 0 1 1 9 9 4 4 3 4 — — N J J D M A M F O J u u e o e a p a c a l n b n c y v r t r y e o e i u c r e l b m u h a m e r a b y r b r e e y r r . .. .. . 2 2 2 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1 0 1 , , , , , , , , , , 1 7 0 6 9 9 4 2 9 1 1 1 6 0 3 1 2 6 9 7 2 6 5 0 8 8 9 4 6 3 - - - - — - 1 2 1 1 - — - 1 - 5 5 9 1 2 0 7 1 7 6 9 1 0 7 6 1 0 1 7 5 9 . . . . . . . . 3 0 7 7 0 6 7 . 1 . 5 6 - - - - - - - - 8 2 9 4 7 4 4 9 - 1 6 7 8 7 0 0 3 4 6 1 . . . . . . . . . 4 0 7 . 6 5 6 1 1 6 5 3 3 3 2 2 3 3 2 2 3 . . . . . . . . . . 9 9 6 4 9 1 4 9 4 0 Wed 1 n 9 e 4 s 4 d — ay O O c c f t t i . g ur 1 e 4 1 s; ... 2 2 4 3 , , 0 8 9 8 9 1 2 2 3 3 , , 7 9 1 5 5 5 + + 2 8 4 1 0 O A Se c u p t g o t u b e s e m t r ber... 2 2 2 0 0 0 , , , 7 9 8 2 2 2 7 6 5 - — 1 -9 0 6 8 1 9 . . . 4 2 7 5- - 2 2 2 7 2 . . . 6 4 7 '3 3 2 . . . 0 0 8 O O c c t t . . , 2 1 5 8. 2 2 4 4 , , 1 2 5 1 7 6 2 2 4 4 , , 0 0 1 9 3 6 + + 8 5 3 8 Jan.-Oct. . .. 20,727 -1,211.1 5-378.8 ^29.5 Nov. 1 24,409 24,191 +95 Nov 8 24,674 24,406 +215 Preliminary, t Figure carried forward. Nov. 15 24,717 24,448 +42 1 Annual figures are estimates of the United States Mint. Monthly Nov. 22... 24,881 24,635 +187 figures are those published in table on p. 1245, adjusted to exclude Philippine Nov. 29 24,997 24,701 +66 Islands production received in United States. 2 Figures based on rate of $20.67 a fine ounce in January 1934 and $35 a amo 1 u F nt o s r in e n f d i rs o t f c y o e lu a m r n f . igures, represents change computed on absolute fin 3 e I o n u c n lu c d e es t h g e o r l e d a f i t n e r t . he Inactive Account amounting to 27 million dollars figu N re O s T o E n . — c F om or pa d r is a c b u le s si b o a n s is o f s e s e e a S so ep n t a e l m a b d er j us 1 t 9 m 43 en t B U f L a L ct E o T r I s N , a n p d p . f 8 o 2 r 2- b 8 a 2 c 6 k . on 4 D T e h c e . 3 n 1 e , t 1 g 9 o 3 l 6 d , a im nd p o 1 r ,2 t 2 f 8 ig m ur i e ll s i o f n o r o n m D on e t c h . s 3 1 s , u b 1 s 9 e 3 q 7 u . ent to December 1941 y B e e a c r a u e s n e d o , f a d an ju a st p m p e a n re t nt f a r c e t c o e r n s t h c a h v a e n g b e e e in n r t e h v e i s s e e d a so so n m al ew pa h t a t t e r f n o r a r d o a u t n e d s t a h f e - ha 5 v e G o n l o d t h b e e l e d n u r n e d le er a s e e a d r m fo a r r k p a u t b l F i e c d at e i r o a n l . Reserve Banks for foreign account fected, beginning with December 1942; seasonally adjusted figures for amounted to 3,856.2 million dollars on Oct. 31, 1944. money in circulation, as shown in Banking and Monetary Statistics, Table NOTE.—For back figures, see Banking and Monetary Statistics, Table 156, 111, p 414, and described on p. 405, are based on an older series of adjust- pp. 536-538, and for description of statistics see pp. 522-523 in the same ment factors. publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Debits to i t n o t t e a r l b d a e n p k o s a i c t c a o c u c n o t u s nts except tu d A r e n n p i o n o n u v s te a e it r l r s b r o a e a f n x t e k c t e o o p t f a t l D a d e e n x e b d c p e i o t p G s s t i t o t o i v n a e c t d r e c e n r o m m b u a a e n n n n t k s d t tur d A n i e n o n p t v n e o e u r s r b i a t a l s o n f r k e a x d te a c e n e m o p d f 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 c 3 p e 3 o n o r t t e t i h r n s e g r Y N C o i e t r w y k 1 l 0 e c 0 a i t d o ie i t n s h g er Y N C o i e t r w y k 10 le c 0 a i t d o ie i t n h s g er 1935.... 402,718 184,006 190,165 28,547 178,498 175,902 31.5 22.7 1936.... 461,889 208,936 219,670 33,283 204,831 202,267 31.4 22.4 1937 .......... 469,463 197,836 235,206 36,421 193,143 215,090 29.5 22.4 1938 405,929 168,778 204,745 32,406 164,945 186,140 25.1 19.9 1939 423,932 171,382 218,298 34,252 167,939 200,636 21.0 19.4 1940 445,863 171,582 236,952 37,329 167,373 217,744 17.1 18.6 1941 537,343 197,724 293,925 45,694 193,729 270,439 17.3 19.4 1 1 9 9 4 4 2 2 — — o n l e d w s s e e r r i i e e s s 3 3 .. . 6 6 0 4 7 1 , , 0 7 7 7 1 8 2 2 1 2 0 6 , , 9 8 6 6 1 5 3 34 4 7 2 , , 8 4 3 3 7 0 5 6 3 7 , , 6 0 7 7 9 4 16.1 13.1 200,337 308,913 18.0 18.4 1943 792,937 296,368 419,413 77,155 16.5 11.7 258,398 369,396 20.5 17.4 1943—October 66,266 23,990 35,614 6,663 14.3 10.5 20,923 31,390 20.5 17.4 November « 65,025 23,327 35,215 6,483 15.2 11.1 20,759 30,738 21.1 17.8 December ...., 76,499 28,936 40,155 7,409 17.8 11.8 24,446 34,751 21.8 17 7 1944—January 71,874 27,031 37,930 6,914 17.3 11.5 24,994 33,749 22.9 17.9 February 70,688 27,592 36,469 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 66,689 25,297 34,915 6,478 16.0 10.5 21,284 30,482 19.7 16.4 May 67,259 24,708 36,049 6,502 15.5 10.4 20.927 31,105 17.9 15.5 June 83,848 33,563 42,595 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 j 70,389 26,860 36,765 6,764 16.1 10.2 23,827 31,882 21.4 16.2 October j 73,863 28,558 38,309 6,996 16.9 10.2 24,672 33,033 20.9 15.8 J 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 post 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. IZO4 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 deposits deposits United End of month a c o u d b u r j a a t u r n n s e s d i k n t d e s c e d y c a o u d b u r j a a t u r n n s e s i d k n t d e s c e d y a d d T e j p o u 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 i n e t d s d1 d G e S m o p t v o a e e t s n e r i t s t 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 5 C o u b u r a t r n s e i k n d s c e y 1929—June 55,171 26,179 51,532 22,540 381 28,611 19,557 8,905 149 3,639 December 54,713 26,366 51,156 22,809 158 28,189 19,192 8,838 159 3,557 1933—June 41,680 19,172 36,919 14,411 852 21,656 10,849 9,621 1,186 4,761 December.... 42,548 19,817 37,766 15,035 1,016 21,715 11,019 9,488 1,208 4,782 1937—June 57,258 30,687 51,769 25,198 666 25,905 14,513 10,125 1,267 5,489 December 56,639 29,597 51,001 23,959 824 26,218 14,779 10,170 1,269 5,638 1938—June 56,565 29,730 51,148 24,313 599 26,236 14,776 10,209 1,251 5,417 December 58,955 31,761 53,180 25,986 889 26,305 14,776 10,278 1.251 5,775 1939—June 60,943 33,360 54,938 27,355 792 26,791 15,097 10,433 1,261 6,005 December 64,099 36,194 57,698 29,793 846 27,059 15,258 10,523 1,278 6,401 1940—June 66,952 38,661 60,253 31,962 828 27,463 15,540 10,631 1,292 6,699 December 70,761 42,270 63,436 34,945 753 27,738 15,777 10,658 1,303 7,325 1941—June. 74,153 45,521 65,949 37,317 753 27,879 15,928 10,648 1,303 8,204 December 78,231 48,607 68,616 38,992 1,895 27,729 15,884 10,532 1,313 9,615 1942—June 81,963 52,806 71,027 41,870 1,837 27,320 15,610 10,395 1,315 10,936 December 99,701 62,868 85,755 48,922 8,402 28,431 16,352 10,664 1,415 13,946 1943—June 110,161 71,853 94,347 56,039 8,048 30,260 17,543 11,141 1,576 15,814 1943—September.... 119,800 72,000 102,600 54,800 16,300 31,500 18,400 11,400 1,700 17,200 October 123,700 74,000 106,100 56,400 17,900 31,800 18,600 11,500 1,700 17,600 November.... 123,500 77,900 105,200 59,600 13,300 32,300 18,900 11,600 1,800 18,300 December 122,812 79,652 103,975 60,815 10,424 32,736 19,213 11,737 1,786 18,837 1944—January 125,300 81,400 106,400 62,500 10,700 33,200 19,500 11,900 1,800 18,900 February 128,600 77,300 109,400 58,100 17,600 33,700 19,800 12,000 1,900 19,200 March 127,900 79,100 108,400 59,600 14,700 34,100 20,100 12,100 1,900 19,500 April 127,500 82,000 107,600 62,100 10,900 34,600 20,500 12,200 1,900 19,900 May 128,000 85,600 107,500 65,100 7,100 35,300 21,000 12,300 2,000 20,500 June 136,169 80,946 115,288 60,065 19,506 35,717 21,217 12,468 2,032 20,881 July? 139,200 82,600 118,100 61,500 20,300 36,300 21,600 12,600 2,100 21,100 August? 139,000 85,900 117,300 64,200 16,100 37,000 22,200 12,700 2,100 21,700 September**... 138,900 87,600 116,700 65,400 13,500 37,800 22,800 12,800 2,200 22,200 p Preliminary. 1 Includes demand deposits, other than interbank and United States Government, less cash items in process of collection. 2 Beginning with December 1938, includes United States Treasurer's time deposits, open account. 3 Excludes interbank time deposits and postal savings redeposited in banks. 4 Beginning with June 1941, the commercial bank figures exclude and the mutual savings bank figures include three member mutual savings banks. 6 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 Iln millions of dollars] Member Nonmember Assets Total, banks banks all End of month D i e to p r o s s ' - i C n a d s e h - U. S s . e G cu o r v i e ti r e n s ment C r a e s - h banks ti N o a n - al State su I r n e - d2 in N s o ur n e - c1 ances1 Total posi- serve Number of banks suspended: tory Di- Guar- funds 1934 57 1 g 4$ banks Total rect t a e n e - d etc.2 1 19 9 3 3 6 5 3 4 4 4 4 1 4 22 0 8 3 1937 59 4 2 47 6 1938 55 1 1 47 6 1934—Dec 1,207 1,237 540 597 467 130 100 1939. 42 4 3 25 10 1935—Dec 1,201 1,237 287 853 706 147 98 1940 22 1 18 3 1936—Dec 1,260 1,296 145 1,058 892 167 93 1941 8 4 3 1 1937—Dec 1,270 1,308 131 1,097 931 167 80 1942... 9 6 3 1938—Dec 1,252 1,291 86 1,132 965 166 73 1943. 4 2 2 1939—Dec 1,279 1,319 53 1,192 1,046 146 74 1944—Jan .-Nov 1 1 1940—Dec 1,304 1,348 36 1,224 1,078 146 88 1941—Dec 1,314 1,396 26 L,274 1,128 146 95 Deposits of suspended banks 1942—Dec 1,417 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 1,646 1,646 117 1935 10,015 5,313 3,763 939 Nov 1,752 1,812 10 1,678 1,678 125 1936. 11,306 507 10,207 592 Dec 1,788 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 L,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 ,906 1,964 9 L,823 1,823 132 1941 3,726 3,144 503 79 Apr ,947 2,008 9 ,870 1,870 129 1942 .. 1,702 1,375 327 May ,994 2,053 9 ,912 1,912 132 1943 6,223 4,982 1,241 June >,034 2,095 9 ,951 1,951 135 1944—Jan.-Nov 405 405 July ,084 2,147 8 2,006 2,006 133 Aug A,140 2,202 8 2,050 2,050 143 1 Represents banks which, during the periods shown, closed temporarily Sept ,196 or permanently on account of financial difficulties; does not include banks Oct p: ,256 whose deposit liabilities were assumed by other banks at the time of closing (in some instances with the aid of Federal Deposit Insurance Corporation p Preliminary. loans). 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 m the same publication. DECEMBER 1944 I2.O5 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 investjnents i Deposits ]Bvestments Other Number Class of banks, and call dates U. S. Inter- of banks Total Loans Govern- Other Total* bank1 Total o m bl e ig n a t - securities Demand Time tions All banks: 1934—June 30 42,552 21,306 21,246 11,278 9,968 46,435 4,560 19,527 22,348 15,929 1937—June 30 . 49,565 22,410 27,155 16,954 10,201 59,222 6,332 28,118 24,773 15,539 1940—June 29 51,336 22,340 28,996 19,666 9,330 70,770 10,188 34,336 26,246 14,955 1941—June 30 57,946 25,311 32,635 23,521 9,114 78,120 10,948 40,530 26,641 14,855 December 31 61,101 26,616 34,485 25,488 8,997 81,780 10,989 44,316 26,476 14,825 1942—June 30 64,009 25,081 38,928 30,301 8,627 82,706 10,287 46,357 26,062 14,775 December 31 78,137 23,915 54,222 45,932 8,290 99,796 11,318 61,395 27,083 14,682 1943—June 30.. . 87,881 22,241 65,640 57,748 7,892 107,224 10,895 67,554 28,775 14,618 December 31 ... 96,971 23,596 73,375 65,941 7,434 117,659 11,012 75,561 31,087 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^June30 47,625 20,353 27,272 20,095 7,177 67,472 10,948 40,530 15,993 14,305 December 31 50,722 21,711 29,011 21,788 7,223 71,248 10,989 44,316 15,944 14,277 1942—June 30 53,649 20,259 33,390 26,410 6,980 72,311 10,287 46,357 15,667 14,228 December 31 67,391 19,217 48,174 41,373 6,801 89,132 11,318 61,395 16,419 14,136 1943—June 30 76,633 17,660 58,974 52,458 6,516 96,083 10,895 67,554 17,634 14,073 December 31 .. 85,103 19,117 65,986 59,845 6,141 105,923 11,012 75,561 19,350 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 All insured commercial banks: 1934—June 30 31,688 15,190 16,498 10,005 6,493 35,833 4,435 19,013 12,385 13,939 1937—June 30 38,218 17,041 21,177 13,964 7,213 47,824 6,146 27,240 14,438 13,883 1940—June 29 39,830 17,011 22,819 15,900 6,919 58,418 9,795 33,272 15,351 13,479 1941—June 30 46,186 19,909 26,276 19,370 6,907 65,608 10,545 39,320 15,742 13,422 December 31 49,288 21,258 28,030 21,046 6,984 69,411 10,654 43,061 15,697 13,426 1942—June 303 52,642 19,920 32,722 25,934 6,789 71,150 10,076 45,664 15,410 13,399 December 31 66,240 18,903 47,336 40,705 6,631 87,803 11,144 60,504 16,154 13,343 1943—June 30 75,270 17,390 57,880 51,534 6,347 94,563 10,681 66,509 17,374 13,298 December 31 83,507 18,841 64,666 58,683 5,983 104,094 10,705 74,309 19,081 13,270 1944—June 30 93,936 20,729 73,207 67,085 6,122 114,145 11,038 82,061 21,045 13,264 All member banks: 1934—June 30 27,175 12,523 14,652 9,413 5,239 31,012 4,355 16,976 9,681 6,375 1937—June 30 32,739 14,285 18,454 12,689 5,765 41,490 6,051 24,230 11,210 6,357 1940—June 29 34,451 13,969 20,482 14,722 5,761 51,729 9,690 30,111 11,928 6,398 1941—June 302. .. 40,659 16,729 23,930 18,078 5,852 58,512 10,436 35,725 12,350 6,556 December 31 43,521 18,021 25,500 19,539 5,961 61,717 10,525 38,846 12,347 6,619 1942—June 303 46,800 16,928 29,872 24,098 5,774 63,404 9,971 41,311 12,122 6,647 December 31 59,263 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 3,847 13,423 3,969 1,426 December 31 15,950 6,295 9,654 7,500 2,155 22,259 3,739 14,495 4,025 1,502 1942—June 303 17,336 6,048 11,288 9,220 2,068 22,871 3,474 15,451 3,946 1,546 December 31 21,687 5,905 15,783 13,802 1,980 27,808 3,600 20,024 4,184 1,598 1943—June 30 24,350 5,649 18,701 16,878 1,823 29,427 3,396 21,465 4,566 1,643 December 31.. 26,759 6,171 20,588 18,883 1,705 32,302 3,397 23,833 5,072 1,698 1944—June 30.. 30,244 6,870 23,373 21,699 1,674 35,690 3,501 26,609 5,580 1,737 * These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Comptroller of the Currency and the Federal Deposit Insurance Corporation for national banks and insured banks respectively. 1 Beginning June 30, 1942, excludes reciprocal bank balances which on that date aggregated 600 million dollars at all member banks and 614 million dollars at all insured commercial banks. 2 Beginning June 30, 1941, member bapk figures and insured mutual savings bank figures both include 3 member mutual savings banks with total deposits of 8 million dollars in June 1941, which became members of the Federal Reserve System during 1941. These banks are not included in "commercial banks" and are included only once in "all banks." 3 Decreases in "noninsured nonmember commercial banks" and "all nonmember commercial banks" figures (with corresponding increases in member bank and all insured commercial bank figures) reflect principally the admission to membership in the Federal Reserve System of one large bank with total loans and investments aggregating 472 million dollars on June 30, 1942. 4 Beginning June 30, 1942, includes Bank of North Dakota, a nonmember bank not previously included in these statistics; on Dec. 31, 1941, its deposits, excluding interbank deposits, were 33 million dollars and its loans and investments 26 million dollars. Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. 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 Total Loans Total G o m U b o l v e . i S n e g . r t a n - - se O cu th ri e t r ies Total1 I b n a te n r k - 1 Demand Time o N f u b m a b n e k r s tions All nonmember commercial banks: 1 19 9 3 3 7 4 — — J j uunnee 3 3 0 0 6 5 * , 5 7 6 3 7 3 3 3* ,1 1 7 4 7 7 3 2 * , , 3 5 9 8 0 6 1,8 8 7 9 4 5 1 i * ,4 71 9 2 5 5 7* ,7 . 6 3 0 2 7 2 28 0 1 5 3 2 , ' 5 8 5 88 1 3 2 * 4 9 3 7 8 6 8 8* 6 9 1 78 9 ^ 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 ,264 9,539 464 5 470 3 605 7 661 1942—June 304 6^856 3*,334 3*.522 2*.314 l*,208 8*,915 316 5] 046 3,'553 7,'584 December 31 8,135 3,132 5,003 3,829 1,174 10,864 318 6,872 3,674 7,460 1943—June 30 9,486 2,840 6,647 5,482 1,165 12,076 343 7,884 3,849 7,373 December 31 10,855 2,832 8.022 6,902 1,120 13,671 457 9,122 4,092 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 l',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 304 1,007 339 668 477 191 1,161 211 693 257 829 December 31 1,151 314 837 667 170 1,329 173 891 265 793 1943—June 30 1,363 270 1,094 925 169 1,519 214 1,045 260 775 December 31 . .«. 1,596 276 1,320 1,162 158 1,829 307 1,252 269 764 1944—June 30 1,801 281 1,520 1,353 168 1,990 182 1,527 281 745 All mutual savings banks: 1934_june 30 9 810 5 606 4,204 971 3,233 9,691 9 691 576 1937—June 30 10 *, 093 4*. 978 5*,115 2,391 2,724 10*125 10*125 563 1940—June 29 10,188 4,926 5,262 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 1,264 427 2,739 2,739 61 December 31.. .... 7,525 3,073 4,452 3,844 608 7,534 7,534 184 1944—June 30 8,489 3,112 5,377 4,752 625 8,235 8,235 192 Noninsured mutual savings banks: 1934—June 30 8,788 5,030 3,758 851 2,908 8,651 8,651 510 1937—June 30 9,124 4,508 4,616 2,139 2,477 9,123 9,123 507 1940—June 29 8,871 4,328 4,543 2,693 1,850 9,203 9,203 500 1941—June 30 8,666 4,317 4,348 2,857 1,491 8,845 8,845 497 December 31 8,686 4,263 4,424 3,071 1,353 8,743 8,743 496 1942—June 30 8,560 4,130 4,430 3 205 1 225 8,531 8 531 494 December 31 8,739 3,958 4,781 3 j 698 l*.O84 8*,616 8*616 490 1943__ D j euncee m 30 ber 31 8 4 , , 5 3 4 4 4 3 3 1 , , 5 40 6 5 8 4 2 , , 9 93 7 7 5 4 2 , , 0 25 2 2 6 9 6 4 8 9 5 8 4 , , 4 2 0 0 2 3 8 4 , , 4 2 0 0 2 3 4 3 8 6 4 1 1944_june30 4,487 1,299 3,188 2,556 632 4,233 4,233 352 For footnotes see opposite page. DECEMBER 1944 11O J Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES* LOANS AND INVESTMENTS [In millions of dollars] Loans1 Investments1 Loans for U. S. Government obligations Com- purchasing Obli- Total mer- or carrying gations C an la d s s c o a f l l b d a a n t k es s, m in l a e o v n n a e d n t s s s t 1 - Total1 o c m c p i i l i n n u e a a - g d n l r , - - - A t c u a g u r l r l 1 - i - - br T e s o e r o k s c - urit o i T e th o s - R l t o e a e a s t a - n e l s - s l C u o m o a n n e - s r O lo t a h n e s r 1 Total Total Bills o c C t f a i e f t i i r e n - D - s - ir N ec o t tes Bonds G t a u e n a e - r d - p S o s a t c l o u a n i a f b t t d l e i - - s O r s i e t t h c i u e e s r p k a e p t er1 d a e n a d l- ers1 de ed b - t- s d i i o v n i s ers ness All insured commercial banks: 1934—June 30 ... 31,688 15,190 1,329 3,714 3,462 6,684 16,498 10,005 794 656 3,047 5,210 298 2,280 4,213 1937—June 30.... 38,218 17,041 1,566 3,150 3,583 8,744 21,177 13,964 827 4,637 6,386 2,115 2,684 4,530 1940—June 29... 39,830 17,011 6^502 M84 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— D Ju e n c e . 3 3 0 1. . . . . . . . 8 7 3 5 , , 5 2 0 7 7 0 1 1 7 8 , , 3 8 9 4 0 1 6 7 , , 8 7 8 7 7 7 1 1 , , 3 5 1 0 6 5 1 1 , , 1 41 3 4 4 6 9 7 2 1 2 4 4 , , 4 5 3 4 7 7 1 1 , , 9 8 3 6 7 8 8 91 9 8 6 5 6 7 4 , , 8 6 8 6 0 6 5 5 1 8 , , 5 6 3 8 4 3 6 4, , 6 5 3 5 6 71 1 0 3 , , 3 2 1 1 5 8 5 7 , , 7 6 1 7 6 2 3 2 0 6 , , 6 2 5 8 6 6 2 2 , , 6 5 6 0 1 1 3 3 , , 4 2 4 8 0 7 2 i2 , , 6 9 9 0 6 7 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 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 i,'872 3,546 14,485 2,685 2,934 2,840 1943— D Ju e n c e . 3 31 0 . . . . . . . . 6 7 7 4 , , 1 2 5 5 5 8 1 1 6 4 , , 2 8 8 2 8 3 6 7 , , 5 42 5 1 4 1,0 8 2 54 3 1 1 , , 1 3 2 9 0 8 6 8 0 3 3 9 3 3 , , 3 2 5 7 1 4 1 1, , 4 5 8 4 4 0 8 84 0 8 1 5 5 2 7 , , 3 9 3 7 2 0 4 5 6 2 , , 9 9 8 4 0 8 6 4, , 3 2 6 7 0 8 1 9 2 , , 4 0 1 7 8 1 6 5 , ,2 9 5 0 1 6 2 2 3 7 , , 5 2 4 6 5 5 2 2 , , 4 3 8 4 7 5 2 2 , , 8 7 7 2 6 9 42 2, , 2 4 9 7 4 6 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* 1934—June 30.... 7,666 3,401 938 882 156 1,425 4,265 3,210 607 347 L,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 i 1905 6 320 188 137 458 6,815 5,486 421 L,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 L,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 L,656 6,454 974 484 602 Dec. 31.... 19,994 4,428 2,515 24 1,054 323 107 252 153 15,566 14,563 1,328 3,409 L.829 7,014 984 444 558 1944—Apr. 13.... 20,805 4,594 16,211 15,175 487 548 June 30.... 22,669 5,479 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* 1934—June 30.... 1,445 556 60 188 21 286 889 661 64 59 194 268 76 114 115 1937—June 30.... 1,969 675 51 145 13 465 1,295 1,001 30 366 511 94 173 121 1940—June 29.... 2,205 603 432 8 23 61 16 62 1,602 1,258 254 161 710 134 177 167 1941—June 30.... 2,707 846 630 5 36 55 20 101 1,861 1,483 417 125 803 138 190 188 1942—June 30.... 3,116 906 712 3 29 50 22 90 2,210 1,858 357 181 162 1,068 90 164 188 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 1,064 710 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 1,759 1940—June 29.... 10,257 4,987 1,361 546 17 208 l|544 1,311 5,270 3,030 36 451 1,849 695 1,097 1,144 1941—June 30.... 11,446 5,607 1,593 555 17 195 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 1,708 536 392 20,071 18,009 926 3,362 3,355 10,114 252 1,212 849 Insured nonmember commercial banks: 1934—June 30.... 4,513 2,667 40 405 1,105 1,116 1,846 592 4 20 175 372 21 429 824 1937—June 30.... 5,479 2,756 30 321 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. 12.08 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—C<?«//7w^ RESERVES AND LIABILITIES [In millions of dollars] Demanc deposits Time deposits Interbank C an la d s s c a o l f l b d a a n te k s s, F s B e s e w R e d R a r r i e e v n e v t - r - e h k e a s s l v C a a in u sh lt m b a B w a d n e n o a i c s t - k l e t h _ - i s s c 4 j p m u a D o d s a d t s e e n e - - i - t d d s 5 m D es o d t - i e c p 4 osi F e 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 n b i a i t o d t d i e c n i s - a s l c C h c e o f a e e e t i f n c e c f r r i . d s d t k - i ' s - v p an a i s p I t d i d n h r o o t u d i r n n c p a a i e s o - s l - r s , r - - , I b n a t n e k r- P m U G e i o 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 i p I t h d d r i n o i t u o p r d n c n a a s e i o l s - - , r s r - - , B r in o o g w r s - - c C o t a a a u c l p n - i t - s i 1 All insured commercial banks: 1934—June 30.... 3,819 623 3,661 16,211 4,144 156 1,708 2,024 400 14,881 134 661 384 11,340 79 6,244 1937—June 30..., 6,897 844 4,495 24,340 5,379 618 651 3,165 802 22,623 149 132 346 13,929 35 6,395 1940—June 29..., 13,751 984 7,538 30,944 8,937 699 756 3,098 521 28,897 159 74 502 14,775 14 6,606 1941—June 30.... 12,959 1,242 8,296 36,167 9,700 682 666 3,534 792 34,328 163 65 475 15,203 11 6,772 1942—June 30.... 12,295 1,290 8,102 41,216 9,200 748 1,771 3,865 766 39,262 128 56 471 14,883 12 6,943 1943—June 30.... 12,092 1,448 8,431 55,271 9,768 834 7,699 4,261 1,132 53,416 78 74 412 16,887 24 7,228 Dec. 31.... 12,834 1,445 8,445 59,921 9,743 893 9,950 4,352 1,669 58,338 68 124 395 18,561 46 7,453 1944—June 30... . 12,812 1,464 8,776 59,197 10,030 940 18,757 4,402 1,550 57,351 68 108 407 20,530 84 7,709 Member banks, total: 1934—June 30.... 3,819 473 2,760 14,261 4,070 155 1,658 1,598 372 13,349 130 585 333 8,763 40 5,105 1937—June 30.... 6,897 629 3,207 21,401 5,298 615 628 2,577 752 20,272 137 100 292 10,818 17 5,339 1940—June 29.... 13,751 789 5,751 27,877 8,852 696 711 2,529 475 26,397 142 59 410 11,459 3 5,608 1941—June 30.... 12,959 999 6,293 32,678 9,610 681 619 2,940 738 31,429 145 55 397 11,898 3 5,800 1942—June 30.... 12,295 1,022 5,770 36,966 9,110 746 1,724 3,230 711 35,646 114 49 400 11,673 6 5,991 1943—June 30.... 12,093 1,142 5,578 48,957 9,648 832 7,236 3,522 1,050 47,863 71 71 341 13,382 18 6,252 Dec. 31.... 12,835 1,132 5,450 52,642 9,603 891 9,444 3,602 1,573 51,820 62 120 327 14,822 39 6,475 1944—Apr. 13 ... 12,497 1,265 5,266 53,255 9,263 937 11,468 3,613 1,058 52,126 60 113 347 15,645 100 6,627 June 30 12,813 1,143 5,799 51,829 9,904 937 17,634 3,638 1,460 50,756 63 104 333 16,448 75 6,696 New York City: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.... 2,749 60 105 6,733 2,014 575 306 368 427 6,934 12 17 767 "3" 1,598 1940—June 29.... 7,072 88 119 10,235 3,840 646 67 258 147 10,283 5 29 732 1,599 1941—June 30.... 5,857 136 131 11,619 3,948 618 32 319 306 11,895 6 27 778 1,625 1942—June 30.... 4,762 88 103 11,711 3,284 679 863 271 273 12,014 4 17 717 " 3" 1,698 1943—June 30.... 3,473 92 52 13,543 2,939 744 2,820 249 404 14,001 4 21 755 11 1,774 Dec. 31.... 3,596 92 61 13,899 2,867 810 3,395 252 710 14,373 4 '""s" 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:3 1934—June 30.... 436 40 162 1,077 391 2 47 174 15 944 1 1 361 228 1937—June 30 596 27 156 1,509 536 6 41 208 22 1,409 452 245 1940—June 29.... 1,187 39 242 1,898 949 7 79 199 17 1,782 5 15 489 260 1941—June 30.... 1,062 41 262 2,205 1,010 8 95 213 33 2,109 5 17 480 279 1942—June 30 973 43 220 2,379 1,028 10 201 226 24 2,292 460 293 1943—June 30.... 786 39 173 3,002 1,032 13 506 202 36 2,981 2 477 312 Dec. 31 821 38 158 3,050 972 14 713 174 44 3,097 2 1 505 326 1944—Apr. 13 ... 796 40 182 3,019 1,011 14 866 155 30 3,088 1 514 329 June 30.... 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— une 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— une 29.... 3,759 334 2,679 8,774 3,526 41 422 956 147 8,372 109 18 219 4,422 1,873 1941— une 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— une 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—;une 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 g 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. 8 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. DECEMBER 1944 1x09 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] L.oans Investments For purchasing U. S. Government obligations Com- or carrying securities Total mer- Date or month in lo a v n a e n d s s t- Total in t c r d i i a u a 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 s e t a a l t - e Lo t a o ns Other Total c C t a i e f t i e r - - s Guar- O se t c h u e - r ments t a u c a g u r n r a l d i - l - G U t l o i i o o g b . v S n a - t . s - . O c t s t u i h e e r - e s i- r G U t l o i i o o g . b v S n a - t . - s . O c t s t u i h e e r - e s i- r loans banks Total Bills o d n f e e e d b i s - n t s - - Notes Bonds t a e n e - d rities Total—101 Cities 1943—Oct 52,346 11,944 6,342 1,912 1,054 1,135 78 1,423 40,402 37,480 4,575 8,854 4,940 17,243 1,868 2,922 1944—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 Aug 56,286 11,228 6,004 763 605 1,071 343 1,070 60 1,312 45,058 42,111 3,533 11,023 7,449 19,501 605 2,947 Sept.. 54,993 10,995 6,033 813 635 748 338 1,065 47 1,316 43,998 41,036 2,630 10,884 7,377 19,551 594 2,962 Oct 54,172 11,033 6,130 837 734 559 331 1,062 56 1,324 43,139 40,231 2,242 10,495 7,325 19,572 597 2,908 Aug. 30 55,700 11,065 5,984 797 596 917 338 1,071 54 1,308 44,635 41,675 3,077 11,057 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 2,644 10,962 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 2,491 10,815 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 2,473 10,757 7,341 19,569 584 2,969 Oct. 4. 54,436 10,999 6,091 838 719 592 331 1,061 38 1,329 43,437 40,506 2,368 10,641 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 2,269 10,435 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 2,202 10,370 7,289 19,627 604 2,889 Nov. 1 53,914 11,371 6,247 917 889 506 345 1,060 81 1,326 42,543 39,656 1,774 10,247 7,274 19,762 599 2,887 Nov. 8. . 53,570 11,239 6,287 922 760 497 325 1,061 63 1,324 42,331 39,467 1,670 10,163 7,276 19,760 598 2,864 Nov. 15. 54,043 11,283 6,328 988 717 477 328 1,061 67 1,317 42,760 39,883 1,923 10,102 7,281 19,983 594 2,877 INov. 22 . . 54,222 11,430 6,300 1,095 734 485 350 1,059 87 1,320 42,792 39,929 1,627 10,274 7,325 20,109 594 2,863 New York City 1943—Oct. . 19,631 4,891 2,378 941 520 605 95 54 298 14,740 13,798 1,426 3,238 1,775 6,371 988 942 1944—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 Aug 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 Oct 19,227 4,376 2,310 678 547 233 132 75 47 354 14,851 13,853 542 3,571 2,683 6,906 151 998 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 1,014 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 Nov. 1.. 19,171 4,592 2,345 760 649 208 146 75 56 353 14,579 13,610 368 3,386 2,676 7,032 148 969 Nov. 8.... 19,009 4,524 2,373 767 571 209 128 74 54 348 14,485 13,541 357 3,352 2,678 7,007 147 944 Nov. 15.... 19,248 4,553 2,385 824 547 192 133 74 52 346 14,695 13,739 423 3,287 2,697 7,185 147 956 Nov. 22. 19,322 4,655 2,367 887 565 196 154 74 63 349 14,667 13,718 251 3,356 2,695 7,268 148 949 Outside New York City 1943—Oct 32,715 7,053 3,964 451 449 1,040 24 1,125 25,662 23,682 3,149 5,616 3,165 10,872 880 1,980 1944—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 28,658 26,735 1,948 7,010 4,697 12,651 429 1,923 Oct 34,945 6,657 3,820 159 187 326 199 987 9 970 28,288 26,378 1,700 6,924 4,642 12,666 446 1,910 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 6,945 4,680 12,651 435 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 Nov. 1.... 34,743 6,779 3,902 157 240 298 199 985 25 973 27,964 26,046 1,406 6,861 4,598 12,730 451 1,918 Nov. 8.... 34,561 6,715 3,914 155 189 288 197 987 9 976 27,846 25,926 1,313 6,811 4,598 12,753 451 1,920 Nov. 15.... 34,795 6,730 3,943 164 170 285 195 987 15 971 28,065 26,144 1,500 6,815 4,584 12,798 447 1,921 Nov. 22.... 34,900 6,775 3,933 208 169 289 196 985 24 971 28,125 26,211 1,376 6,918 4,630 12,841 446 1,914 Back figures.—See Banking and Monetary Statistics, pp. 127-227. "12.10 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 1 Date or month B s w F e e R a e r r i n a e t d v h k - l - e s v C a i a n u s l h t m b a w a n d e n i c o s t k e t - h i s s c j m p u a o d s a d s t e n e i - - t d d s 1 s u p v n c h a a a e i o n i d l r p r r d s t - - - s , - , S p s d s a i t i o u c i a n o v l a b 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 i d t s d - . k i ' - s m U G e e r . o n n v S - t - . s p u h v a n c a a n i i e o r p d l d r r t s - - s - - , , S p s d s a t i i o u i c a o n v l a b t n d i i e l t - - s s - P U m G S o a e a s n o r e . n S v t d n v a - - . 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 r in o o g w r s - - co C a i u t c a a n - p l ts -i I B d i e a t b s n 2 - k pora- pora- ings tions tions j • Total 101 Cities 1943—Oct 8,295 553 2,270 31,062 31,459 1,656 693 12,639 5,796 118 58 8,725 49 772 58 4,190 52,313 1944—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 Oct 9,359 571 2,123 36,331 36,571 1,780 732 7,446 7,344 120 46 8,983 35 869 163 4,501 57,705 Aug. 30 9,031 574 2,096 35,097 35,111 1,756 659 11,100 6,952 122 46 8,479 36 881 53 4,449 11,286 Sept. 6 9,072 531 2,074 35,469 35,558 1,742 666 10,189 6,992 121 46 8,668 34 862 96 4,464 10,372 Sept. 13 9,263 574 2,169 35,895 36,403 1,737 667 9,465 7,043 123 46 8,794 35 863 91 4,462 12,594 Sept. 20 9,160 558 2,127 35,522 35,757 1,739 757 9,135 7,093 121 46 8,785 35 868 164 4,475 14,341 Sept. 27 9,077 582 2,120 35,435 35,499 1,762 878 9,221 7,131 122 46 8,656 35 879 81 4,476 13,182 Oct 4.. . 9.115 547 2,112 35,383 35,450 1,780 738 8,712 7,273 119 46 8,887 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 Nov. 1. 9,591 565 2,105 37,587 37,808 1,954 1,067 5,804 7,436 120 46 9,069 36 863 318 4,518 15,946 Nov. 8.. . 9,634 585 2,096 37,627 37,950 1,936 682 5,217 7,473 116 46 9,220 37 869 328 4,525 11,693 Nov. 15. 9,906 573 2,249 38,417 39,188 1,894 793 4,821 7,508 118 46 9,665 39 869 320 4,525 13,226 Nov. 22. 10,101 585 2,190 39,169 39,417 1,992 948 4,553 7,454 117 45 9,445 39 860 461 4,528 14,723 New York City 1943—Oct 3,021 89 26 11,431 11,790 195 379 5,444 696 21 4. 2,753 1 695 52 1,637 20,923 1944—June. 3,484 93 25 13,436 13,806 191 441 2,563 793 17 6 2,831 1 792 73 1,732 28,989 July 3,175 92 26 11,944 12,345 145 475 5,864 790 15 7 2,965 1 801 68 1,734 25,423 Aug 3,244 87 24 12,435 12,779 171 344 5,072 818 15 7 2,758 1 794 24 1,744 21,722 Sept 3,349 92 23 13,035 13,402 171 390 3,839 845 17 7 2,743 1 785 66 1,750 23.827 Oct 3,423 94 26 13,272 13,630 216 379 2,969 913 17 7 2,830 1 787 123 1,759 24,672 Aug. 30.. 3,311 93 24 12,859 13,232 170 336 4,507 824 15 7 2,700 1 798 11 1,741 4,716 Sept. 6.. . . 3,328 87 19 13,098 13,412 175 336 4,131 830 15 7 2,717 1 779 53 1,751 4,249 Sept. 13 3,403 94 23 13,153 13,609 172 295 3,829 844 17 7 2,725 1 781 52 1,748 5,386 Sept. 20.. 3,364 90 22 12,920 13,309 162 395 3,687 851 17 7 2,784 1 784 113 1,752 6,105 Sept. 27 3,303 97 27 12,967 13,276 175 537 3,711 857 17 7 2,745 1 796 44 1,750 5,627 Oct. 4.. .. 3,303 90 23 12,919 13,235 204 368 3,486 903 17 7 2,821 1 790 3 1,758 6,620 Oct. 11.. . 3,393 100 23 13,047 13,494 194 427 3,089 936 17 7 2,844 1 790 112 1,759 5,300 Oct. 18... . 3,456 92 25 13,394 13,748 220 345 2,779 903 17 7 2,887 1 777 155 1,761 5,013 Oct. 25... 3,540 94 28 13,726 14,044 246 374 2,521 909 17 7 2,768 1 792 222 1,759 5,190 Nov. 1.. 3,544 88 26 13,891 14,248 315 598 2,277 911 17 7 2,857 1 780 240 1,768 7,031 Nov. 8. .. 3,548 98 25 14,005 14,352 288 324 2,041 906 17 7 2,862 1 784 209 1,769 4,855 Nov. 15. 3,690 90 40 14,415 14,872 241 421 1,873 911 18 7 2,981 1 786 229 1,770 5,603 Nov. 22. 3,771 97 29 14,680 15,063 282 582 1,757 898 17 7 2,957 1 777 283 1,770 6,202 Outside New York City 1943—Oct 5,274 464 2,244 19,631 19,669 1,461 314 7,195 5,100 97 54 5,972 48 77 6 2,553 31,390 1944—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 Oct 5,936 477 2,097 23,059 22,941 1,564 353 4,477 6,431 103 39 6,153 34 82 40 2,742 33,033 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 Nov. 1. .. 6,047 477 2,079 23,696 23,560 1,639 469 3,527 6,525 103 39 6,212 35 83 78 I 2,750 8,915 Nov. 8. .. 6,086 487 2,071 23,622 23,598 1,6481 358 3,176 6,567 99 39 6,358 36 85 119 i 2,756 i 6,838 Nov. 15.. .. 6,216 483 2,209 24,002 24,316 1,6531 372 2,948 6,597 100 39 6,684 38 83 91 2,755 7,623 Nov. 22. .. 6,330 488 2,161 24,489 24,354 1,710| 366 1 2,796 6,556 100 38 6,488 38 83 178 2,758 1 8,521 l___ i ! I I *'D Deemmaanndd ddeeppoossiittss ootthheerr tthhaann iinntteerrbbaanik and U. S Government, less cash items reported as in process of collection. 2 Monthly and weekly totals of debits I land deposit accounts except interbank and U. S. Government accounts. DECEMBER 1944 11.11 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 mciearl-, d F i e s d tr e i r c a t l a R nd es d er a v te e m v a e i e n n s n d - t t - s Total t d a r i u n i n a s d - - 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 - b L a 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 f t - e if s i- Notes Bonds G a u n a - r- 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 Oct. 25 2,852 659 401 26 25 8 16 64 7 112 2,193 2,106 140 624 271 1,056 15 87 Nov. 1 2,810 663 408 20 29 8 16 64 5 113 2,147 2,062 101 604 269 1,076 12 85 Nov. 8 2,777 654 411 18 23 6 16 64 5 111 2,123 2,045 100 590 269 1,074 12 78 Nov. 15 2,776 653 412 24 17 6 15 64 6 109 2,123 2,053 112 587 267 1,075 12 70 Nov. 22 2,817 668 411 37 20 6 16 64 6 108 2,149 2,081 112 611 267 1,079 12 68 New York* 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 Nov. 1 21,016 4,932 2,504 766 653 221 168 150 57 413 16,084 15,039 414 3,673 2,963 7,812 177 1,045 Nov. 8 20,848 4,859 2,528 771 575 222 150 150 55 408 15,989 14,968 400 3,634 2,967 7,791 176 1,021 Nov. 15 21,110 4,885 2,538 829 551 205 155 149 53 405 16,225 15,193 479 3,570 2,987 7,981 176 1,032 Nov. 22 21,188 4,983 2,517 890 569 211 175 149 64 408 16,205 15,181 283 3,665 2,985 8,072 176 1,024 Philadelphia Oct. 25 2,244 427 235 1 39 3 9 38 102 1,817 ,661 100 322 218 959 62 156 Nov. 1 2,278 444 238 1 41 3 9 39 11 102 1,834 ,677 119 308 216 972 62 157 Nov. 8 2,257 431 239 1 38 2 9 39 103 1,826 ,669 108 309 216 974 62 157 Nov. 15 2,259 437 238 6 35 3 8 39 5 103 1,822 ,665 102 311 216 974 62 157 Nov. 22 2,288 437 237 11 34 3 9 38 2 103 1,851 ,694 137 313 216 966 62 157 Cleveland Oct. 25 4,462 856 400 55 34 65 15 164 123 3,606 3,367 212 848 519 1,744 44 239 Nov. 1 4,409 862 397 54 39 66 15 163 6 122 3,547 3,308 161 844 514 1,746 43 239 Nov. 8 4,364 833 393 50 27 64 15 163 121 3,531 3,288 141 841 515 1,748 43 243 Nov. 15 4,418 845 407 53 23 64 15 163 120 3,573 3,331 175 846 515 1,751 44 242 Nov. 22 4,458 850 403 53 22 64 15 163 10 120 3,608 3,367 170 877 523 1,753 44 241 Richmond Oct. 25 1,764 301 137 6 4 37 10 49 58 1,463 ,409 83 326 240 744 16 54 Nov. 1 1,748 295 136 6 6 30 10 49 58 1,453 L,399 78 323 241 741 16 54 Nov. 8 1,737 293 136 6 5 29 10 49 58 1,444 ,390 78 316 237 " 743 16 54 Nov. 15 1,746 294 138 7 5 29 10 49 56 1,452 ,398 85 317 237 743 16 54 Nov. 22 1,741 295 139 7 4 27 10 49 58 1,446 L.392 77 319 236 744 16 54 Atlanta Oct. 25 1,719 312 183 5 25 7 24 1 67 1,407 ,284 54 358 309 544 19 123 Nov. 1 1,700 318 189 6 25 7 23 67 1,382 ,258 37 352 309 541 19 124 Nov. 8 1,699 324 196 5 24 7 24 1 67 1,375 L, 251 38 343 310 540 20 124 Nov. 15 1,712 327 201 5 23 7 24 1 66 1,385 [,261 63 346 288 545 19 124 Nov. 22 1,721 332 204 5 25 7 24 1 66 1,389 1,265 44 341 308 553 19 124 Chicago* Oct. 25 8,359 1,524 1,019 49 71 73 50 131 131 6,835 6,336 437 1,802 1,068 2,953 76 499 Nov. 1 8,287 1,549 1,042 51 78 70 50 130 128 6,738 6,234 296 1,829 1,071 2,962 76 504 Nov. 8 8,194 1,532 1,039 59 57 68 49 130 130 6,662 6,155 228 1,809 1,070 2,972 76 507 Nov. 15 8,251 1,511 1,038 52 46 66 49 131 129 6,740 6,225 314 1,787 1,071 2,977 76 515 Nov. 22 8,252 1,533 1,032 80 48 65 49 131 128 6,719 6.208 257 1,795 1,088 2,993 75 511 St. Louis Oct. 25 1,699 421 243 2 7 16 7 66 1 79 1,278 1,170 38 333 235 540 24 108 Nov. 1 1,706 426 246 2 6 16 8 66 1 81 1,280 1,171 41 332 235 539 24 109 Nov. 8 1,720 426 249 2 5 15 8 66 2 79 1,294 1,184 51 334 235 541 23 110 Nov. 15 1,737 431 252 2 6 15 8 66 2 80 1,306 1,197 63 337 236 541 20 109 Nov. 22 .m 1,737 435 255 2 5 17 8 66 3 79 1,302 1,193 51 342 236 544 20 109 Minneapolis Oct. 25 1,052 198 113 1 5 6 4 23 46 854 795 10 220 153 401 11 59 Nov. 1 1,048 201 115 1 5 6 4 23 47 847 788 13 210 153 401 11 59 Nov. 8 1,045 200 116 1 3 6 4 23 47 845 787 12 208 154 402 11 58 Nov. 15 1,048 202 118 1 3 6 4 23 47 846 786 11 208 154 402 11 60 Nov. 22# 1,046 201 119 1 2 6 4 23 46 845 783 7 205 154 406 11 62 Kansas City Oct. 25 1,880 339 216 1 5 15 7 37 58 1,541 1,415 91 390 291 606 37 126 Nov. 1 1,862 344 221 1 4 15 7 37 59 1,518 J. 392 67 390 290 607 38 126 Nov. 8 1,850 345 223 1 3 15 7 37 59 1,505 1,379 56 388 290 607 38 126 Nov. 15 1,881 346 223 1 3 15 7 37 60 1,535 1,411 86 387 290 611 37 124 Nov. 22 1,870 347 224 1 3 15 7 37 60 1,523 1,400 70 387 289 617 37 123 Dallas Oct. 25 1,549 347 242 2 19 20 21 43 1,202 1,157 89 365 218 464 21 45 Nov. 1 1,553 350 246 2 18 19 21 44 1,203 1,158 88 362 218 469 21 45 Nov. 8 1,555 356 251 2 18 18 21 46 1,199 1,154 81 365 218 469 21 45 Nov. 15 1,564 363 256 2 19 18 21 47 1,201 1,157 79 360 216 481 21 44 Nov. 22 1,569 369 259 2 20 18 19 51 1,200 .1.5ft 81 358 216 481 20 44 San Francisco _, Oct. 25 5,505 996 502 14 30 28 32 295 95 4,509 4,171 377 1,006 792 1,896 100 338 Nov. 1 .... 5,497 987 505 15 20 28 32 295 92 4,510 4,170 359 1,020 795 ,896 100 340 Nov. 8 5,524 986 506 13 17 28 32 295 95 4,538 4,197 377 1,026 795 1,899 100 341 Nov. 15 5,541 989 507 13 21 26 32 295 95 4,552 4,206 354 1,046 804 1,902 100 346 Nov. 22 5,535 980 500 13 20 26 32 296 93 4,555 4,209 338 1,061 807 ,901 102 346 City of Chicago* Oct. 25 5,096 1,055 764 46 57 43 44 23 78 4,041 3,717 345 1,015 588 ,739 30 324 Nov. 1 5,000 1,086 785 49 68 41 44 23 76 3,914 3,589 215 1,011 590 ,743 30 325 Nov. 8 4,909 1,074 785 56 49 40 43 23 78 3,835 3,506 147 993 589 ,747 30 329 Nov. 15 4,952 1,049 781 49 38 38 43 23 77 3,903 3,565 231 967 589 ,748 30 338 Nov. 22 4,943 1,074 777 76 41 38 43 23 76 3,869 3,535 180 968 607 ,750 30 334 * 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. IZIL 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 B s w F e R a e e r i n r e a t d v k h - l - e s C va i a n u sh lt m b a w n a d e i c n o s t e - h k ti s s c p m l o a d s a d s e t n - e i - t d d s 1 s u p p v h n c a o a a i i e o n d p l r r r r d s a t - s - - , - - , S p d s s a t i o i i u a c n o v l b a t d i n i e t l - - s - s : C h c o a e f e e e i f t n e c f r r c i d t s d k . - i ' s - U m G er . o e n S n v - . t - s p u p v h n c a a a o i i o e n l r d p r r r s d t a - s - - - , - , S p d s s a t i i o i a u c n o v l t a b d n i i e l - t - s s - P U m G S i e o a n r a o . e n s g n S v v t n d s - a . - - t l m D a e n b - d ank T s ime b e F a i o g n r n k - s r B i o n o w g r s - - : i o C a t u c a a n - p l t - s d B i e t a s b n 2 - k tions tions Boston (6 cities) Oct. 25 447 60 110 2,152 2,089 149 30 423 326 297 16 269 630 Nov. 1 456 60 107 2,155 2,083 168 33 379 327 299 16 269 712 Nov. 8 459 57 109 2,146 2,074 154 30 339 328 310 18 270 674 Nov. 15 459 59 119 2,170 2,133 145 34 312 330 327 17 269 615 Nov. 22 475 56 102 2,190 2,145 140 34 290 331 330 17 270 714 New York (8 cities)* Oct. 25 3,784 128 107 15,063 15,219 438 405 2,688 1,418 19 10 2,835 794 232 1,902 5,533 Nov. 1 3,768 120 107 15,219 15,432 509 623 2,428 1,421 19 10 2,927 782 249 1,911 7,416 Nov. 8 3,789 132 110 15,361 15,551 499 349 2,176 1,420 19 10 2,932 786 216 1,913 5,163 Nov. 15 3,942 124 130 15,804 16,106 460 451 1,999 1,427 19 10 3,053 788 247 1,914 5,985 Nov. 22 4,018 130 111 16,069 16,271 495 618 1, 1,414 19 10 3,023 778 300 1,914 6,595 Philadelphia (4 cities) Oct. 25 410 31 79 1,751 1,794 45 17 267 182 5 1 339 12 234 496 Nov. 1 447 28 120 1,874 1,993 43 106 240 182 5 1 355 9 234 891 Nov. 8 419 31 75 1,809 1,875 49 19 21 183 2 1 354 9 235 650 Nov. 15 429 30 81 1,818 1,894 46 20 199 184 2 1 374 16 235 535 Nov. 22 441 29 79 1,896 1,925 82 21 185 184 1 351 10 235 597 Cleveland (10 cities) Oct. 25 755 76 194 3,089 3,116 131 41 447 973 50 506 10 448 819 Nov. 1 747 75 197 3,050 3,091 127 52 420 977 50 515 7 448 1,038 Nov. 8 769 72 188 3,042 3,067 125 44 380 983 49 514 15 449 777 Nov. 15 762 74 228 3,133 3,233 122 54 351 988 50 549 1 449 857 Nov. 22 798 76 198 3,243 3,295 121 49 307 990 49 525 6 449 985 Richmond (12 cities) Oct. 25 302 39 131 1,174 1,169 81 17 230 276 2 408 114 344 Nov. 1 299 36 134 1,170 1,171 83 21 20' 277 2 409 118 431 Nov. 8 324 37 149 1,195 1,187 93 23 186 279 2 433 118 347 Nov. 15 326 37 154 1,204 1,218 82 21 172 281 2 450 118 354 Nov. 22 320 38 149 1,219 1,223 81 19 162 279 2 432 118 380 Atlanta (8 cities) Oct. 25 316 28 126 1,139 1,085 151 10 172 310 2 466 115 350 Nov. 1 311 25 131 1,130 1,077 151 9 156 312 2 466 115 331 Nov. 8 325 27 141 1,141 1,097 154 10 141 315 2 490 115 348 Nov. 15 334 27 144 1,156 1,136 153 11 130 316 2 510 115 356 Nov. 22 338 28 137 1,178 1,130 153 11 125 317 2 500 115 401 Chicago (12 cities)* Oct. 25 1,479 100 409 5,878 5,780 406 65 95i 1,508 4 1,475 527 2,385 Nov. 1 1,462 99 395 5,761 5,670 399 78 885 1,525 4 1,532 529 2,666 Nov. 8 1,447 104 396 5,69' 5,680 390 67 800 1,535 4 1,543 530 1,761 Nov. 15 1,464 99 406 5,771 5,790 404 64 742 1,540 5 1,627 530 1,973 Nov. 22 1,513 104 447 5,946 5,849 421 69 73: 1,490 5 1,567 530 2,327 St. Louis (5 cities) Oct. 25 315 21 116 1,05' 1,101 62 12 156 265 5 544 121 363 Nov. 1 318 20 111 1,057 1,098 65 12 150 266 5 553 121 401 Nov. 8 330 22 109 1,077 1,122 67 13 13. 268 5 569 121 328 Nov. 15 336 21 122 l,08f 1,167 69 14 13: 270 5 601 121 377 Nov. 22 331 22 112 1,08: 1,132 69 12 134 269 4 586 122 426 Minneapolis (8 cities) Oct. 25 176 11 83 67: 648 76 14 135 158 279 78 257 Nov. 2 183 11 85 676 636 86 23 12: 160 284 78 278 Nov. 8 179 11 89 67 653 85 18 10S 162 290 78 229 Nov. 15 183 11 96 684 673 84 10 162 299 78 249 Nov. 22 188 10 93 702 669 85 10 163 288 * 78 257 Kansas City (12 cities) Oct. 25 394 23 269 1,274 1,292 116 20 161 216 1 786 133 441 Nov. 1 410 22 254 1,268 1,276 117 20 15C 218 1 785 133 422 Nov. 8 411 23 262 1,260 1,297 113 20 13, 219 1 803 133 383 Nov. 15 428 23 286 1,309 1,363 110 17 12. 220 1 833 133 432 Nov. 22 432 23 272 1,299 1,334 113 17 12C 221 1 821 133 494 Dallas (9 cities) Oct. 25 328 24 228 1,181 1,194 56 22 154 191 11 501 2 110 360 Nov. 1 327 22 219 1,185 1,199 66 20 14 192 11 502 2 110 328 Nov. 8 326 24 215 1,172 1,211 69 20 12 193 11 525 2 110 304 Nov. 15 359 23 226 1,198 1,245 66 18 12C 195 11 555 2 110 348 Nov. 22 346 24 237 1,218 1,240 65 19 11 195 11 543 2 11 396 San Francisco (7 cities) Oct. 25 859 45 249 3,009 3,080 133 67 56: 1,571 26 448 23 452 1,030 Nov. 1 863 47 245 3,042 3,082 140 70 52' 1,579 26 442 24 452 1,032 Nov. 8 856 45 253 3,050 3,136 138 69 476 1,588 26 457 24 453 729 Nov. 15 884 45 257 3,081 3,230 153 79 44 1,595 26 487 23 453 1,145 Nov. 22 901 45 253 3,128 3,204 167 69 408 1,601 26 479 23 454 1,151 City of Chicago* Oct. 25 921 43 195 3,595 3,606 192 26 599 667 1,043 15 1,556 Nov. 1 910 42 189 3,457 3,483 181 36 561 679 1,090 15 347 1,821 Nov. 8 903 47 186 3,417 3,480 176 29 50. 682 1,086 15 347 1,097 Nov. 15 919 43 182 3,449 3,534 187 28 46* 682 1,139 15 347 1,149 Nov. 22 949 44 212 3,605 3,607 208 31 451 629 1,110 15 34' 1,400 * See note on preceding page. J Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 1 Debits to demand deposit accounts except in interbank and U. S. Government accounts. DECEMBER 1944 1x13 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Commer- Held by Based on cial End of month sta p o n a u d p t i - e n r g1 sta T o n o u d t t a i - n l g Total Accept O b i i n w l g ls n banks b B ou il g ls ht Others2 I U m S i n t n p a i t o t t o e e r d s ts E U S x f t n r p a o i t o t m e e r s d ts ex D c o h l a l n ar ge G U s o h n o i i d p te s p p d o e s d i t n o t b r s e e F d i t n w o i r e n e e i n o g r n States countries 1943—July 150 139 102 64 38 36 81 12 I3 35 10 August 156 130 94 59 36 36 77 10 ( ) 33 11 September 170 117 84 50 33 33 69 7 30 11 October 188 115 48 39 27 67 9 29 10 N D o ec v e e m m b b e e r r 2 2 0 0 3 2 1 11 1 1 7 90 5 5 3 2 3 3 5 8 2 2 7 3 5 6 9 6 1 1 1 1 ( ( 3 3) ) 3 3 1 0 9 9 1944—January 209 120 94 55 38 27 71 12 29 9 February 214 135 106 57 49 29 83 12 32 8 March 195 129 100 52 48 30 79 12 9 31 7 April 172 126 96 51 45 29 77 12 30 7 May 151 113 90 49 41 24 71 10 28 4 June. . 137 112 87 44 43 25 74 11 (!) 24 3 July 143 110 88 46 41 23 72 12 24 2 August . 141 110 82 44 38 28 75 10 22 3 September 141 111 85 42 43 26 78 11 19 3 October 142 115 85 40 45 30 79 13 21 2 J 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' Other credit balances End of month Debit Debit credit balances1 C b u a ( s d n l t e a o e b n m t i ) c t 1 e e r s s' a b i U n n pC a L a X d C v ia l r c XX a ^ e r* c \* t n £tt s o r n c t a u m e e X.X d X n r s e i s t n s ' n i g n t a H i U n n C a ^* d v l c Gl iL e c f ii t l i nl s o \ r r -' t c m \ u a s m tpJ d n ^ e i t s n n XiX g n t X a b h n a a d n n k d i s n bo M rr o o n w ey ed2 Free O (n th e e t) r a i I n n n a v d c p e c t a s o r t r u a m t n d n e t i e s n n r g t s' i a n a n v c d I e n c s t o f r t u i m a r n d m e t i s n n t g I a n c ( c c n o a e u p t) n it t a s l 1936—June 1,267 67 164 219 985 276 86 24 14 420 December 1,395 64 164 249 1,048 342 103 30 12 424 1937—June 1,489 55 161 214 1,217 266 92 25 13 397 December 985 34 108 232 688 278 85 26 10 355 1938—June 774 27 88 215 495 258 89 22 11 298 December 991 32 106 190 754 247 60 22 5 305 1939—June 834 25 73 178 570 230 70 21 6 280 December 906 16 78 207 637 266 69 23 7 277 1940—June 653 12 58 223 376 267 62 22 5 269 December 677 12 99 204 427 281 54 22 5 247 1941—June 616 11 89 186 395 255 65 17 7 222 December 600 8 86 211 368 289 63 17 5 213 1942—June 496 9 86 180 309 240 56 16 4 189 December 543 7 154 160 378 270 54 15 4 182 1943—June 761 9 190 167 529 334 66 15 1 212 October «830 e740 c330 November e780 e600 «340 December 788 li ! 188"" 181 557 354 65 14 5 198 1944—January e78O e560 e37O February e800 c65O e37O March e820 e630 e380 April "780 e600 e390 May.... e790 e55O e400 J J u u n ly e . . . . . . .... e9 8 4 87 0 5 253' 196 " e6 6 6 19 0 e4 4 2 2 0 4 95" 15 "ll 216 August.. e940 e630 e4l0 September. e940 %40 e400 October... e950 e67O e410 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 ana 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 a e , k r , or m m 4 p P c - o a e r o n t p i r m o m c t e h i r 6 - e a , s - l l a a b P d c n a e r a c 9 c i n r e y 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 a l x e a n w c l - - n l g k - e m b G o i 3 o l n - l v s th 3 ern d m 9 c m e o - e c e b f r o a t n o t t t n i t i e e f n t 1 d i s h - s - 2 - e - cu 3 t r a n - y i x o t t e i o a t a e e b 5 r s s l - e 1935 average1 1 T 9 2 o . c 9 t i a 3 t l ies Y N C 1. o e i 7 t w r 6 y k 7 e E N r c a 3 n i O o s . t 3 r i t t a e t e 9 h h n s r e n - d r 1 W e 1 r c 3 n e i S . s t 7 i o a t e e 6 n u s r d t n hness 1 1 9 9 3 3 6 7 a a v v e e r r a a g g e e 1 1 2 2 . . 6 5 8 9 1 1 . . 7 7 2 3 3 2 . . 0 8 4 8 3 3 . .2 4 5 0 1941 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 37 2 3 6 .75 1 1 . . 1 3 3 1 1 1 9 9 4 3 0 9 a a v v e e r r a ag g e e 2 2 . . 7 6 8 3 2 2 . . 0 0 7 4 2 2 . . 8 5 7 6 3 3. . 3 5 8 1 1943—October .69 .44 1.00 .375 .78 1.31 1941 average 2.54 1.97 2.55 3.19 November .69 .44 1.00 .375 .77 1.29 1942 average 2.61 2.07 2.58 3.26 December.... .69 .44 1.00 .375 .77 1.30 1943 average 2.72 2.30 2.80 3.13 1944—January .69 .44 1.00 .374 .78 1.30 1940—March 2.65 2.03 2.67 3.35 February .69 .44 1.00 .375 .78 1.32 June 2.59 2.00 2 49 3.38 March .69 .44 1.00 .375 .80 1.36 September 2.68 2.14 2.56 3.43 April .69 .44 1.00 .375 .78 1.36 December 2.59 2.00 2.53 3.36 May .75 .44 1.00 .375 .77 1.35 1941—March 2.58 2.06 2.53 3.25 June .75 .44 1.00 .375 .79 1.34 June. . 2.55 1.95 2.58 3.23 July .75 .44 1.00 .375 '.77 1.31 September 2.60 1.98 2.62 3.29 August .75 .44 1.00 .375 .76 1.30 December 2.41 1.88 2.45 2.99 September.... .75 .44 1.00 .375 .79 1.31 1942—March 2.48 1.85 2.48 3.20 October .75 .44 1.00 .375 .80 1.35 June 2.62 2.07 2.56 3.34 Week ending: September 2.70 2.28 2.66 3.25 Oct. 28 % 1.00 .375 .79 1.34 December 2.63 2.09 2.63 3.26 Nov. 4 % 1.00 .375 .81 1.35 Nov. 11. % % 1.00 .375 .81 1.35 1943—March 2.76 2.36 2.76 3.24 Nov. 18 /4 % 1.00 .375 .81 1.34 June 3.00 2.70 2.98 3.38 Nov. 25 H 1.00 .375 .80 1.33 D Se e p c t e e m m b b e e r r 2 2 . . 4 6 8 5 2 2 . . 0 1 5 0 2 2 . . 7 7 1 6 3 2 . . 1 7 7 3 1 Month y figures are averages of weekly prevailing rates. 1944—March. 2.63 2.10 2.75 3.12 2 The average rate on 90-day stock exchange time loans was 1.25 per June 2.63 2.23 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. Back figures.—See Banking and Monetary Statistics, Tables 120-123, pp. i Prior tofMarch 1939 figures were reported monthly on a basis not strictly 448-462; for description, see pp. 424-426. comparable with the current quarterly series. Back figures.—See Banking and Monetary Statistics, Tables 124-125, pp. 463-464; for description, see pp. 426-427. BOND YIELDS1 [Per cent per annum] U. S. Government Corporate (Moody Js)4 Year, month, Long-term Taxable Mu ip n a i l c- C r o a r t p e o- By rating By groups or week p e a x t r a e t x i m a - l p l t y y 7 e t a o r s 9 15 o a v y n e e d r ars g ( r h a i d g e h )2 g ( r h a ig d h e)3 Total Aaa Aa A Baa In tr d ia u l s- R ro a a i d l- P u u ti b li l t i y c Number of issues 1-5 1-5 1-6 15 5 120 30 30 30 30 40 40 40 1941 average 2.05 2.10 3.34 2.77 2.94 3.30 4.33 2.95 3.95 3.11 1942 average 2.09 1.93 "2A6" 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—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 2.59 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 1.92 2.47 1.83 2.55 3.03 2.72 2.79 3.05 3.56 2.79 3.35 2.94 October 1.93 1.93 2.48 1.87 2.55 3.02 2.72 2.81 3.01 3.55 2.79 3.32 2.96 Week ending: 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 Nov. 4. 1.92 1.94 2.48 1.88 2.57 3.03 2.73 2.82 3.01 3.54 2.79 3.30 2.99 Nov. 11.. 1.91 1.92 2.48 1.88 2.57 3.03 2.73 2.81 3.01 3.55 2.79 3.30 2.99 Nov. 18... 1.90 1.92 2.48 1.88 2.57 3.02 2.73 2.80 3.01 3.54 2.77 3.30 2.99 Nov. 25.. 1.89 1.92 2.48 1.88 2.55 3.01 2.72 2.79 3.00 3.53 2.76 3.28 2.98 I I 1 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Standard and Poor's Corporation. 3 U. S. Treasury Department. , , 4 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 5 and 10 to 6 issues, respectively, and the railroad Aaa group from 10 to 5 issues. Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474. 1x15 DECEMBER 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS1 Bond prices Stock prices5 Volume Corporate4 Common (index, 1935-39 — 100) of trading* Year, month, or week U.S. Munic- G er o n v - - g ( r i h a p i d a g e l h )3 , g H r i a g d h e - Tot M al ediu In m tr d - i u a a s l - nd lo R r w o a a e i d l r - -grad P u e t u i b li l t i y c fau D lt e e - d fe P r r r e e - d6 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 - Number of issues., 1-6 50 20 20 402 354 20 28 1941 average.... 130.9 117.8 98.9 103.9 86.9 106.1 21.9 171.9 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—October.... 100.39 135.2 120.9 110.6 117.9 98.6 115.4 49.9 175.1 95 97 92 87 633 November.. 100.24 134.9 120.4 111.3 118.9 99.8 115.2 45.4 172.6 91 93 87 85 886 December.. 100.19 132.8 120.0 112.1 119.4 101.7 115.1 46.9 169.1 92 94 86 85 807 1944—January 100.18 134.4 120.5 113.2 119.8 104.1 115.5 52.8 171.2 95 96 91 87 788 February... 100.14 135.8 120.4 113.6 119.3 105.7 115.8 58.1 172.7 94 96 96 87 807 March 100.26 136.0 120.5 113.7 119.8 105.3 115.9 60.1 173.4 97 98 99 88 1,124 April 100.26 135.8 120.7 114.4 121.0 105.5 116.6 59.0 173.8 95 97 97 87 659 May 100.19 135.6 120.9 114.7 121.5 106.5 116.0 58.9 173.2 97 99 99 88 730 June 100.16 135.5 120.9 114.5 121.5 106.2 115.9 61.2 175.8 102 104 101 90 1,598 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 57.3 176.9 103 105 103 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 October.... 100.29 135.5 121.1 115.5 119.9 109.6 116.9 59.1 177.4 104 106 103 93 776 Week ending: 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 Nov. 4.... 100.25 135.2 120.7 115.6 119.7 110.4 116.8 59.6 177.7 103 105 104 93 716 Nov. 11.... 100.27 135.2 120.7 115.5 119.1 110.6 116.8 60.7 177.7 103 105 105 93 893 Nov. 18.... 100.27 135.2 120.8 115.8 120.1 110.6 116.7 60.7 178.6 102 104 104 91 880 Nov. 25.... 100.26 135.2 121.1 116.1 120.4 111.3 116.7 61.8 179.0 103 105 105 92 763 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. 8 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 Year or month f a i u r n n n e g d - d ) - m e ( a f i e d o n g s o r d n - t - i ) c Total S n m a p t i n a c a u d t i l - - e F e e ra d l - Total Co B n r a o p o n n o t d e d r s a s te Stocks For- m e ( a f e i d o n g s o r d n t - - i ) c Total S n a m t p i i n c a a l i d t l - - e a F c e g i e r e e a d n s l - - l Total Co B n r a o o p n n t o d e d r s a s te Stocks e F ig o n r 2 - 1934 2,160 386 1,386 803 405 178 144 35 774 765 136 317 312 312 9 1935. 4,699 ,457 1,409 855 150 404 334 69 48 3,242 3,216 365 987 1,864 1,782 81 26 1936 6,214 ,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 ,138 2,094 712 157 1,225 817 408 44 1,799 1,680 191 281 1,209 856 352 119 1938 4,449 ,360 2,325 971 481 873 807 67 35 2,089 2,061 129 665 1,267 1,236 31 28 1939 5,842 ,289 2,239 931 924 383 287 97 50 3,553 3,465 195 1,537 1,733 1,596 137 1940 4,803 ,951 1,948 751 461 736 601 135 2 2,852 2,852 482 344 2,026 1,834 193 1941 5,546 ,854 2,852 518 1,272 1,062 889 173 1 2,693 2,689 435 698 1,557 1,430 126 1942 2,114 ,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 1,532 1,442 259 497 685 603 82 90 1943—October 201 57 57 5 11 41 33 7 144 144 11 46 87 59 27 November.. 357 165 165 21 23 121 87 34 192 192 15 107 70 58 12 December... 163 33 33 10 10 14 130 130 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 96 93 3 March 178 58 58 13 45 28 17 120 120 12 78 59 19 April 235 80 80 7 73 21 52 155 149 10 108 53 55 May 418 53 53 21 33 14 19 365 356 139 184 169 15 June 213 42 42 23 15 11 5 170 170 8 79 76 3 July 274 70 64 12 52 43 10 204 204 22 154 133 21 August 332 145 145 40 106 68 37 187 187 26 141 136 5 September... 478 42 42 13 29 15 14 436 436 6 401 351 50 October 892 178 178 47 131 109 22 714 714 61 611 586 25 J Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 4 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. ni6 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 Repayment | _ . proceeds-2 proceeds3 Plant and Working of I Other Total equipment capital other debt purposes 1934 397 384 57 32 26 11 1935 2,332 2,266 208 111 96 23 1936 4,572 4,431 858 380 478 49 1937 2,310 2,239 991 574 417 36 1938 2,155 2,110 681 504 177 7 1939 2,164 2,115 325 170 155 26 1940 2,677 2,615 569 424 145 19 1941 2,667 2,623 868 661 207 28 1942 1,062 1,043 474 287 187 35 1943 1,170 1,147 308 141 167 27 1943—January... 11 11 4 4 February.. 50 49 12 10 2 March 96 94 42 7 34 April 115 112 14 3 11 May 95 93 41 14 26 2 June 76 74 16 10 6 2 July 90 88 3 3 10 A Se u p g t u e s m t ber. 1 7 1 0 0 1 6 0 9 8 1 1 6 2 1 6 3 6 3 i October..., 142 139 10 4 5 2 November. 199 197 119 64 55 1 December. 116 113 20 12 7 1944—January... 154 150 34 23 11 1 February.. 97 95 49 18 31 8 March 203 199 48 32 16 1 April 155 150 53 24 28 3 May 148 146 23 17 6 Tune 163 160 23 8 15 July 192 188 60 36 24 August.... 229 226 57 24 33 September 438 429 27 17 10 October... 735 722 123 9 114 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Railroad 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- securi- pur- pro- money securi- pur- pro- money securi- pur- pro- money securi- purceeds ties poses'* ceeds ties poses4 ceeds ties poses4 ceeds ties poses 1934 172 21 120 31 130 11 77 42 62 25 34 2 20 19 1935 120 57 54 10 1,250 30 1,190 30 774 74 550 150 122 46" '"72 " 4 1936 774 139 558 77 1,987 63 1,897 27 1,280 439 761 80 390 218 152 20 1937 338 228 110 1 751 89 611 50 1,079 616 373 90 71 57 7 7 1938... 54 24 30 1,208 180 943 86 831 469 226 136 16 8 7 I 1939 182 85 97 1,246 43 1,157 47 584 188 353 43 102 9 88 5 1940 319 115 186 18 1,180 245 922 13 961 167 738 56 155 42 9 104 1941 361 253 108 1 340 317 993 30 828 244 463 121 94 55 18 21 1942 47 32 15 464 145 292 27 527 293 89 146 4 4 1943. ... 160 46 114 469 22 423 25 497 228 199 71 21 13 ..4". '4 1943—January . .. „.. 11" 4 6 1 February.. 8 34 3 2 March... 15 10 20 1 57 35 15 •" y April. 21 18 57 2 32 .11 22 May. 14 38 1 29 20 7 ""2" "12" •y '4 June.. 29 29 1 34 r6 26 3 July. 7 21 1 60 3 36 21 August — 53 6 39 9 30 1 "3" ""2 September. 41 4 16 4 10 2 October... 28 50 2 57 7 27 22 1 '"{" November. 23 38 131 115 11 6 2 1 i December.. 71 " 6 29 13 10 6 3 3 1944—January 61 61 81 26 53 2 February.. 9 9 30 30 55 40 3 12 March 29 29 140 134 28 14 11 4 2 2 April 28 28 118 49 65 3 4 "3 May 2 2 58 58 ...... 85 19 62 4 1 1 June... 45 4 41 24 23 58 17 22 19 33 2 31 July 21 21 58 52 109 34 70 5 August 134 19 115 26 24 2 66 38 27 2 September.. 189 10 179 149 138 6 85 10 75 6 2 4 October 36 2 35 498 484 5 186 113 71 ""2" 2 ""2 1 Estimates of new issues sold for cash in the United States. Current figures subject to revision. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 4 Includes repayment of other debt and other purposes. Source.—Securities and Exchange Commission; for compilations of back figures, see Banking and Monetary Statistics (Table 138, p. 491), a publication of the Board of Governors. DECEMBER 1944 IZI7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS INDUSTRIAL CORPORATIONS [In millions of dollars] Profits and Net profits,1 by industrial groups dividends Year or quarter Total s I a t r n e o e d n l c M e h a r in - y - t b o A i m l u e o - s - p e O t m r t q o t i a e u r h o n t n i n e a s p t r - - - f m N p e e u a r r o t c n o r n a t d d o - l s u - s s O g d t o u bl h r o e a e d - r s tobacco c I h c t n e r a d i l m u a s i s l - - O g d n o u b o t o h r l n e a d e - - r s s n c M e i e e c r i l o s e v 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 69 68 77 45 30 152 152 152 1939 1,465 146 115 223 102 119 151 186 134 122 847 90 564 1940 1,818 278 158 242 173 133 148 112 194 160 132 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 79 53 39 23 36 29 44 29 286 22 150 2 549 84 48 73 56 36 28 43 42 53 48 36 297 23 165 3 560 81 46 60 56 38 30 44 56 52 49 46 284 23 170 4 550 72 55 61 62 40 32 37 46 52 46 48 276 24 221 1942— 2 3 1 4 3 45 1 6 1 9 4 5 5 5 2 2 1 3 3 3 6 8 5 4 4 2 6 6 5 6 6 6 4 4 5 8 9 1 3 3 3 2 6 4 2 1 1 2 8 9 3 4 3 2 2 2 4 3 2 2 5 7 4 3 3 1 9 5 3 2 3 9 7 5 3 3 5 4 2 2 2 2 1 0 1 7 4 1 4 2 2 2 3 0 1 1 1 1 3 2 3 5 5 4 4 557 72 49 92 654 36 30 44 49 48 35 47 294 23 I 158 1943—1 437 53 39 47 654 34 19 39 36 42 36 39 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 36 222 20 142 2 r464 46 r40 r55 30 r22 r52 r43 r37 r227 22 149 3 478 46 37 56 650 28 22 58 51 34 236 20 137 PUBLIC UTILITY CORPORATIONS [ In millions of dollars ] Railroad2 Electric power3 Telephone4 Year or quarter O re p v i e n e r g n a u t- e i I b n n e t c c a f o o o x m r m 6 e e e All r N o e a t d s inc I o n m s r o o e l 1 a v d e s nt d D e i n v d i- s 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 6 re e e inc N o e m t e1 d D e i n v d i- s O re p v i e n e r g n a u t e - inc N o e m t e1 d D e i n v d i- s 1939 3,995 126 93 -102 126 2,647 629 535 444 1,067 191 175 1940 4,297 249 189 -73 159 2,797 692 548 447 1,129 194 178 1941 5,347 674 500 23 186 3,029 774 527 437 1,235 178 172 1942 7,466 1,658 902 147 202 3,216 847 490 408 1,362 163 163 1943 9,054 2,209 874 187 216 3,464 914 502 410 1,537 180 166 Quarterly 1940—1 986 -3 -12 —29 25 709 187 148 (7) 274 49 44 2 1,010 15 3 -33 29 675 161 128 (7) 281 50 44 3 1,130 92 71 -14 29 682 156 123 (7) 281 45 44 4 1,171 145 127 3 78 731 188 149 (7) 294 50 46 1941—1 1,152 96 69 -5 28 751 209 154 (7) 295 43 44 2 1,272 145 103 0 36 723 182 126 (7) 308 44 45 3 1,468 267 189 23 34 750 183 107 (7) 311 45 44 4 1,454 166 138 5 87 805 200 139 (7) 321 46 40 1942—1 1,483 178 90 12 24 816 234 131 98 324 41 44 2 1,797 390 198 37 46 770 196 104 96 337 41 42 3 , 2,047 556 286 60 30 792 195 105 84 342 39 39 4 2,139 534 327 38 101 839 222 150 131 359 43 38 1943—1 2,091 513 209 52 28 864 254 136 96 366 42 40 2 2,255 605 239 56 49 835 221 118 98 383 44 42 3 2,368 653 249 55 39 859 210 114 96 389 45 43 4 2 340 438 177 25 100 906 228 133 120 400 48 41 1944—1 2,273 458 148 27 31 r927 263 135 94 400 42 42 2 2,363 511 174 22 55 r886 242 123 102 406 43 42 3 2,445 550 180 23 30 883 207 111 94 409 43 42 r Revised. 1 "Net profits" and "net income" refer to income after all charges and taxes and before dividends. 2 Class I line-haul railroads, covering about 95 per cent of all railroad operations. J Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations. 4 Thirty large companies, covering about 85 per cent of all telephone operations. Series excludes American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock holdings in the 30 companies. 6 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. IZl8 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 o r r e o t e b s a c t s l t i b n T d e d t i a o e r e r t r e b i a e c n t l s t g t- Total2 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 r e e b p t s s i t u f s 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 Tr b e o a n s d u s ry N T o o n t m al a 2 rke s ta a b U b v o . l i n e n S d g s . p s ubl T i t s c a r n a e x v o i a s i t s a n e s u n u s g r d e s 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 e n n t s - g t- s g t b e t e u e e c F e a r a u d u e r r r l a s i i i l n n t n t 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—Oct 165,047 163,589 115,944 13,064 23,199 11,596 67,889 35,776 26,056 9,109 11,868 1,458 4,113 Nov 166,158 164,781 115,909 13,074 23,103 11,596 67,940 36,595 26,697 9,278 12,278 1,377 4,154 Dec 165,877 164,508 115,230 13,072 22,843 11,175 67,944 36,574 27,363 8,586 12,703 1,370 4,225 1944—Jan 170,659 167,043 115,259 13,101 22,843 11,175 67,944 38,911 28,901 9,384 12,873 33,616 4,269 Feb 183,107 181,709 126,171 13,112 25,680 13,302 73,882 42,370 31,515 10,220 13,168 1,398 4,227 Mar 184,715 183,348 128,080 13,147 25,680 16,244 72,813 41,762 31,974 9,116 13,507 1,367 2,258 Apr 184,967 183,413 127,440 13,150 25,306 16,263 72,526 42,275 32,497 9,092 13,697 1,554 2,258 May 186,366 184,874 128,029 13,766 25,266 16,265 72,537 42,724 32,987 9,050 14,122 1,492 1,529 June 201,003 199,543 140,401 14,734 28,822 17,405 79,244 44,855 34,606 9,557 14,287 1,460 1,516 July 208,574 207,117 144,919 15.524 30,035 18,067 81,097 47,237 36,538 10,000 14,961 1,456 1,468 Aug 209,802 208,289 145,213 15,115 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 1,645 1,480 Oct 210,244 208,608 145,008 16,060 29,546 17,936 81,271 47,430 37,645 9,075 16,170 1,636 1,480 1 Including amounts held by Government agencies and trust funds, which aggregated $4,569,000,000 on Sept. 30,1944, and $4,569,000,000 (preliminary) on Oct. 31, 1944. 2 Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service and depositary bonds not shown separately. 3 Including prepayments amounting to $2,193,000,000 on securities dated Feb. 1, 1944, sold in the Fourth War Loan 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, OCTOBER 30, 1944 [In millions of dollars] [On basis of daily statements of United States Treasury. In millions of dollars] Amount Funds received from salesduring Redemp- Issue and coupon rate Amount Issue and coupon rate Amouni Month sta o n u d t i - ng month tions Treasury bills1 Treasury bonds—Cont. at m e o n n d t h of se A rie ll s Se E ries Se F ries Se G ries se A r l i l es Nov. 2, 1944.... 1,214 Dec. 15, 1948-50 . ..2 571 Nov 9 1944 1,211 June 15, 1949-51 .... ...2 1,014 Nov. 16, 1944 1,206 Sept.15, 1949-51 . ..2 1,292 1943—Jan 16,246 1,240 815 77 348 63 Nov. 24, 1944 1,210 Dec. 15, 1949-51 ...2 2,098 Feb 17,067 887 634 48 205 76 Nov. 30, 1944 1,210 Dec. 15, 1949-52 •3)4 491 Mar 17,891 944 720 44 180 131 Dec. 7, 1944 1,207 Dec. 15, 1949-53 2)4 1,786 Apr 19,267 1,470 1,007 110 353 103 Dec. 14, 1944 1,215 Mar. 15, 1950-52 ...2 1,963 May 20,507 1,335 995 86 254 104 Dec. 21, 1944 1,216 Sept.15, 1950-52 • 2\4 1,186 June 21,256 876 696 35 144 141 D J J a a e n n c . . . 1 2 4 1 8 , , 1 1 1 9 9 9 4 4 4 5 5 4 1 1 1 , , , 2 3 2 1 1 1 8 8 3 J S S u e e n p p e t t . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 5 5 5 0 1 1 - - - 5 5 5 2 4 3 . . ' 2 . . . 3 . 2 2 / 4 7 1 , , 9 9 6 3 8 2 9 6 7 S J A u e u l p g y t 2 2 2 2 2 4 , , , 6 0 4 9 3 7 4 0 8 1,9 8 8 2 0 9 2 0 7 1,4 6 6 8 0 6 3 1 0 13 3 2 9 8 8 3 1 1 8 1 6 7 2 9 1 1 1 5 5 3 5 2 8 Jan. 18, 1945 1,314 Sept.15, 1951-55 .. 3 755 Oct 26,056 1,708 1,340 93 275 144 Jan. 25, 1945 1,309 Dec. 15, 1951-53 •2\i 1,118 Nov 26,697 798 665 23 109 170 Dec. 15, 1951-55 .. 2 510 Dec 27,363 853 728 24 101 207 Cert, of indebtedness Mar. 15, 1952-54 • 2)4 1,024 Dec. 1, 1944 14 3,540 June 15, 1952-54 .... ...2 5,825 1944—Jan 28,901 1,698 1,085 127 487 188 Tr M F A J A O S e u e e a p u c a n b p s r t g y . e . . t u . . ry 1 1 1 1 1 1 1 , , , , , , , 1 n 1 1 1 1 1 1 9 o 9 9 9 9 9 9 4 4 4 4 4 4 4 t 5 e 5 5 5 5 5 5 s . . ' • • . . . . ' 1 1 - - 1 1 1 1 4 4 4 4 4 4 4 5 4 2 3 3 1 , , , , , , , 7 8 5 0 6 4 6 7 7 1 9 9 4 1 7 0 1 4 2 8 5 M M J J J J S S D u u u u e e e a a n n n n p p c r r e e e e t t . . . . . 1 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 5 , , , , , , , , , 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 5 5 5 5 5 5 6 5 5 2 6 6 3 4 8 0 6 5 - - - - - - - - - 5 5 5 5 5 6 6 5 6 5 8 9 5 6 3 5 9 0 . . . . . . • • H . • • • • 2 . 2 H H 2 2 2 2 . ) ) 2 ) % 4 4 4 2 3 1 1 1 , , , , , 6 4 8 5 4 6 9 9 7 1 4 0 2 8 8 1 2 8 1 2 9 9 5 3 1 5 1 M A M F A O J J S u u e e p u c a a l n b p r t g y r y e t . 3 3 3 3 3 3 3 3 3 2 1 2 6 7 4 7 6 1 , , , , , , , , , 4 9 8 5 6 6 3 5 9 9 8 8 4 1 0 2 3 7 7 7 3 5 5 6 3 8 4 2 2 1 , , , 7 8 1 6 6 6 7 7 7 8 4 2 9 0 9 3 5 0 2 2 2 5 5 9 2 1 9 2 1 1 , , , 1 6 3 6 4 6 5 5 5 0 8 5 9 0 9 2 9 7 2 9 6 9 4 7 1 0 6 1 1 1 2 1 1 0 1 1 5 1 1 1 6 4 8 3 9 5 7 5 5 1 3 3 1 1 2 7 1 3 1 8 8 8 1 2 7 1 8 4 5 5 3 0 2 4 2 2 2 2 2 2 1 7 3 0 7 4 8 2 6 8 9 7 1 9 8 3 7 8 5 Mar. 1, 1945 ..90 2,127 June 15, 1962-67 • 2)4 2,118 Mar. 15, 1945 718 Dec. 15, 1963-68 .... 2,831 Mar. 15, 1945 ..1•%H 1,606 June 15, 1964-69 '.214 3,761 Dec. 15, 1945 ..% 531 Dec. 15, 1964-69 .... •2)4 3,838 Maturities and amounts outstanding, October 31, 1944 Mar. 15, 1946 1,291 Mar. 15, 1965-70 .... 2J/9 5,197 M D Se e a p c r . t . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 4 4 4 7 6 7... . • .1 1 ) 1 ) 4 4 H 3 2 1 , , , 2 7 9 6 0 4 1 7 8 P C S o o e s n p t v t a . e l 1 r 5 s S , i a o 1 v n 9 i 6 n 7 b g -7 o s 2 n b d o s n .. ds . . 2 . . 2 lA 3 ^ 2,7 1 1 1 2 6 9 7 Year of maturity se A ri l e l s S A er - i D es Se E ries Se F ries Se G ries Sept. 15, 1948... v/% 3,748 Panama Canal loan. .. 3 50 Treasury bonds Total direct issues.. . .145,008 1945 180 180 2D D Se e e p c c . t . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 4 4 4 4 5 5 - - 5 . 4 . 4 7 .. . . . • 2 . 2 H A % 1 1 , , 0 2 5 3 1 4 7 4 1 Gu C a o r m an m t o e d e i d ty s e C c r u e r d i i t t ie C s orp. 1 1 1 9 9 9 4 4 4 7 6 8 4 3 4 8 0 2 9 9 1 3 4 4 0 2 8 9 1 9 Mar. 15, 1946-56. 489 Feb. 15, 1945 • • ITS 412 1949 801 801 June 15, 1946-48. ?. .3 1,036 Home Owners' Loan Corp. 1950 992 992 June 15, 1946-49. 819 June 1, 1945-47 ... 1)4 755 1951 1,677 445 1,232 O D c ec t. . 1 1 5 5 , , 1 1 9 9 4 4 7 7. - 5 . 2 .. . A .. H .2 7 7 5 0 9 1 Fe V d a e r r i a o l us Housing Admin. 26 1 1 9 9 5 5 2 3 1 5 0 , , 2 0 6 57 2 8 5 , , 6 2 3 6 1 2 ""iii"' '" 1,209' Mar. 15, 1948-50. ...2 1,115 1954 11,366 8,377 610 2,379 Mar. 15, 1948-51. 2% 1,223 Total guaranteed issues 1,193 1955 3,222 699 2,523 June 15, 1948-... 1% 3,062 1956 2,868 595 2,274 Sept 15, 1948... '.2)4 451 Unclassified Total. 37,645 3,637 23,502 2,121 8,384 1 Sold on discount basis. See table on Open-Market Money Rates, p. 1215. 2 Called for redemption on Dec. 15, 1944. DECEMBER 1944 1x19 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- i Privately held1 ernment agencies Held End of month s i e b n c T e t u e a o r r r i t e i t a n s i l e t g - s S is p a s e n u c d e i s a t l rust f P i u s u n s b u d l e s i s c R F B e e a b d s n y e e k r r v a s l e Total m b C e a o r n c m k ia s - l M s b a a u v n i t n u k g a s s l I p c n a a o n s n m u c ie e r - - s M a a O b r t k l h e e e t r - inv m es N a a t r o o b k r n l s e e - tissues issues 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—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 14,251 153,7«7 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 September 209,331 15,976 4,580 16,653 172,122 70,300 7,700 18,300 30,200 45,600 l 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. U.S. Gov- Gov- End of month s T t o i a o n u n t g t a d - l - m a e c a g r i n e e e n d n n s - t - B s F e R e a r e r n e a v d - k l e - s m b C a e o r n c m k i s a - 1 l b M s t i a n u a n g u v a k s l - - s p I a c n a o n s n m c u i e e r - - s Other End of month T st o i o a n u n t g t a d - l - a m e c a g r i n e e e n d n n s - t - B s F e R e a e r r n e a v d - k l e - s b 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 p I a c n a o n s n m c u i e e r - - s Other trust trust funds funds Total:2 Treasury bonds: 1942—Dec 80.685 3,202 6,189 38,759 4,47110,76617,297 Total: 1943—June 99,218 3,319 7,202 48,665 5,16112,48622,385 1942—Dec 49,268 2,739 2,777 19,445 4,055 9,944 10,308 Dec 118,813 3,78711,543 55,549 5,96214,38627,586 1943—June 57,520 3,045 1,468 24,226 4,725 11.,,44212,615 1944—May. 129,218 4,05614,251 58,634 6,59315,64930,035 Dec 67,944 3,614 1,559 28,264 5,506 13,389 15,613 June 141,591 4,60414,901 63,523 7,15816,47134,935 1944—May 72,537 3,846 1,447 29,601 6,08814,71816,838 July 146,110 4,59514,915 66,769 7,33117,08435,416 June 79,244 4,437 1,464 30,910 ,736 15,76819,929 Aug 146,405 4,58915,806 66,345 7,46617,24234,957 July 81,097 4,433 1,346 32,271 6,90816,29819,840 Sept 145,914 4,59216,653 65,288 7,58317,42534,373 Aug 81,235 4,417 1,269 32,630 7,01216,32319,583 Treasury bills: Sept 81,270 4,417 1,243 32,848 7,08216,27319,407 1942—Dec 6,627 11 1,010 4,497 10 26 1,073 Maturing within 5 years 1943—June 11,864 11 3,815 6,502 21 154 1,361 1942—Dec 5,830 754 2,565 253 726 1,531 13,072 20 6,768 4,716 12 72 1,484 1943—June 9,474 867 5,122 298 991 2,195 1944—May.'.'.'.".'.'.'". 13,766 24 8,466 3,627 10 8 1,630 Dec 8,524 665 5,044 211 828 1,775 June 14,734 6 8,872 4,894 2 960 1944—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 Sept 15,747 1810,783 3,614 14 4 1,315 Aug 8,861 596 5,212 197 719 2,134 Certificates: Sept 8,861 596 5,194 192 717 2,160 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—May 25,266 82 3,147 12,950 210 557 8,320 Dec 28,360 1,495 15,642 2,030 3,254 5,934 June 28,822 67 3,382 15,037 126 339 9,871 1944_May 29,384 1,498 17,294 2,051 3,0"- 5,453 July 30,035 63 3,382 15,967 131 39210,100 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 Sept 29,573 63 3,559 15,708 180 544 9,519 Aug 35,989 1,375 20,507 2,8 3,819 7,405 Treasury notes: Sept 36,017 1,340 20,702 2,947 3,727 7,303 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 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—May...".... 16,265 69 1,186 11,499 274 301 2,935 Dec 14,310 1,270 6,051 1,219 2,571 3,203 June 17,405 58 1,180 11,718 286 337 3,826 1944—May 17,109 1,256 6,384 1,891 3,162 4,412 July 18,067 58 1,120 12,092 283 368 4,146 June. 15,482 1,097 5,509 1,857 2,792 4,228 Aug 18,067 61 1,078 12,216 289 451 3,972 July.. 15,482 1,100 5,609 1,897 2,820 4,055 Sept 17,936 57 1,065 12,181 301 574 3,758 Aug 14,445 1,025 5,152 1,905 2,730 3,629 Guaranteed securities: Sept 14,445 1,024 5,210 1,926 2,718 3,572 1942—Dec 4,196 311 37 2,665 108 333 743 Maturing after 20 years: 1943—June 3,908 116 54 2,602 76 309 751 1942—Dec 10,065 1,021 1,286 1,095 4,339 2,323 Dec 3,583 4 83 2,466 38 283 709 1943—June 12,912 1,221 1,385 1,713 •5,229 3,366 1944—May 1,190 3 4 944 10 64 166 Dec 16,751 1,745 1,526 2,046 6,737 4,699 June 1,190 1 3 949 6 26 205 1944—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 3 916 6 26 240 July 21,924 2,693 1,768 2,000 9,054 6,407 Sept 1,192 1 3 921 6 30 230 Aug 21,939 2,689 1,760 2,026 9,052 6,414 Sept.... 21,946 2,701 1,744 2,018 9,111 6,374 u iJ• /• i j- 1 • <JL11CI mciuuc iiuxumjja uy uumcpuiuug uaiiKs anu insurance companies as wen as Dy otner investors. Estimates oi 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 Sept. 30, 1944, commercial banks reporting to the Treasury held $24,018,000,000 of United States Government securities due or callable withm one year out of a total of $53,306,000,000 outstanding. 2 Including $196,000,000 of Postal Savings and prewar bonds not shown separately below. I2.2LO 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 dollarsl Change Trans- Period S s t r a o e i x c c ty i u e a s - l c O e r t i e h p - e ts r c T e r o i e t p - a t l s ce N r i e p e - t t s3 I d n e o e t s n e b t r t - ac W t t i i e a v s r i- c f o e t a r r u s u c n - 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 x i u t p o u d e t r g a n e e l s d t - D c e i f t i- c T o e a r u t c u c n - s . t 4 t s, f g e u i e r n n a n d l - c g r I r e n i o n a s s s e etc. bal- debt ance Fiscal year ending* June 1942 .... 1,194 666 13,668 I 12,799 1,260 26,011 381 4,745 32 397 19,598 -3,506 +358 23,461 June 1943 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 1,751 3,711 45,408 44,149 2,609 87039 556 3,540 93 744 49,595 -4,051 +10,662 64 307 1943—October . . 46 256 2,069 2,030 131 6989 36 300 7456 5,426 -132 +1,139 6697 November . 292 255 2,370 2,099 47 7541 2 248 7839 5,740 +290 -4,338 1 112 December .. 60 251 5:. 737 5.736 497 6 718 2 236 7452 1,716 -667 -2S664 -281 1944—January.. 49 590 2,779 2,747 87 7 138 37 308 7 570 4,823 -14 -55 4 781 February.. 373 290 2,754 2,503 56 7518 5 283 7862 5,359 -173 +6,916 12448 March 69 220 6.576 6,573 449 7 726 7 343 8 525 1,952 -2,205 -2,549 1608 April.,.. 39 183 3,119 3,087 117 7346 40 355 7859 4,772 +193 -4, 327 252 May. 337 232 3,256 2,950 52 7879 26 334 8 292 5,342 +185 -3,757 1399 June 75 511 6,249 6,247 747 7,567 40 271 8 625 2,378 -613 +11,646 14637 July. 56 227 2,212 2,163 86 7,201 451 372 8 110 5947 +133 +1,756 7 570 August...... 319 157 2,859 2,568 77 7,571 57 415 8 119 5 551 +70 -4,252 1229 September.. 65 175 5,927 5,926 581 6,998 22 329 7,930 2004 -244 -2,555 -307 October 60 ! 174 2,054 2,001 133 7,479 I 47 365 8024 6023 +148 -5,127 748 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 c N e r i e e p - t ts I m nv e e n s t t s - p t e u E n r x e d - s i- c i a G n i o g n m o u e g c v n n h e e t a e c n s r c c i t n - e o k - s f - ce R i e p - ts I m nv e e n s ts t- p t E e u n x r d - e i s - Total R F p e e D o s d i s e e n e i r - t r v s a e l d s p p e D o e p i s e n c o i - i s t a s i l - O as t s h e e t r s L T li t o a ie b ta s il l i- Total W a i o n n r c g k e - Banks taries Fiscal year ending: June 1942 2,327 1,705 614 3,625 863 221 533 3,443 603 1,679 1,162 452 2,991 2,229 June 1943 2,810 2,350 456 2,194 1,117 655 133 10,149 1,038 7,667 1,444 643 9,507 8,744 June 1944. 3,202 2,816 380 4,403 1,851 1,313 192 20,775 1,442 18,007 1,327 607 20,169 19,406 1943—October., 109 50 29 199 139 86 16 19,838 1,095 17,280 1,462 541 19,297 18,534 November.... 562 277 29 -64 75 96 8 15,492 1,245 12,770 1,477 534 14,958 14,196 December.... 87 308 30 427 114 81 22 12,878 1,408 9,942 1,528 584 12,294 11,532 1944—January. 102 83 32 165 164 81 -80 12,873 1,098 10,314 1,461 634 12,239 11,476 February . 514 350 33 331 121 59 35 19,726 1,172 17,095 1,460 571 19,155 18,392 March 46 172 35 2,002 94 102 35 17,270 1,540 14,306 1,424 664 16,606 15 844 April 110 51 34 87 202 75 -127 12,896 954 10,546 1,396 617 12,279 11,517 May 584 269 34 148 179 103 24 9,144 942 6,766 1,436 622 8,522 7,759 June 213 489 34 88 231 231 215 20,775 1,442 18,007 1,327 607 20,169 19,406 July 305 225 31 193 415 320 -181 22,513 1,269 19,850 1,394 588 21,924 21,162 August 586 287 35 254 216 149 6 18,277 1.-215 15,693 1,369 605 17,672 16,909 September 42 303 35 —35 162 121 24 15,753 1,314 13,013 1.426 635 15,117 14,355 October 146 45 36 95 206 i 84 -55 10,609 998 8,242 1,368 618 9,990 9,227 1 Details on collection basis given in table below. 2 Withheld by employers (Current Tax Payment Act of 1943). 3 Total receipts less social security employment taxes, which are appropriated directly to the Federal old-age and survivors insurance trust fund. 4 Excess of receipts (+) or expenditures ( —). Back figures.—See Banking and Monetary Statistics, Tables 150-151, pp. 513-516. INTERNAL REVENUE COLLECTIONS [On basis of reports of collections. In millions of dollars] Income taxes Miscellaneous internal revenue Period Total vi i C r d n e u u d n r i a t - - l W he i l t d h 1 - V t t o a i r c x y - c r r a C o e t r u i n p o r t o - n - B ta a x c e k s E p t r x a o c x f e 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 i k - E t s a 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 ac x o c - e o s S t t a a x m e p s M re t e a t t u a a x a n r n x i c u e l d i e e r f s s a s e r ' c s' - n c t M a e e x l o i l s e a u - s - s Fiscal year ending: June 1942 8,007 3,108 2,764 460 1,618 57 3,838 282 433 1,048 781 42 852 401 June 1943 16,299 5,771 "686 4,137 557 5,064 84 4,571 329 447 1,423 924 45 670 732 June 1944 33,028 10,254 7^038 785 4,763 705 9,345 137 5,353 381 511 1,618 988 51 729 1,075 1943—October 1,644 74 1,006 3 181 35 337 Q 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 c 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 59 76 April 2,809 1,427 804 152 43 370 12 424 56 169 72 ^ 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 1,044 491 2,174 19 499 i 50 195 81 4 64 103 July 1,729 r130 1,179 93 r32I 290 754 128 48 210 77 72 214 August 1,712 71 1,258 72« 46 260 6 777 194 63 202 86 6 88 139 O Se c p to t b e e m r ber... 4 1 , ,8 4 1 9 0 0 1.32 8 9 1 1,23 1 3 8 9 1 5 1 3 0 i 3 2 2 6 2,1 3 3 5 3 0 2 9 5 5 5 4 2 4 9 2 1 9 9 3 3 9 5 1 1 9 8 6 3 7 7 8 8 4 9 8 5 5 1 1 1 1 3 5 r Revised. 1 Withheld by employers (Current Tax Payment Act of 1943). DECEMBER 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Assets, other than interagency items Liabilities, other than interagency items Securities Bonds, notes, U.S. Pri- End of month Total Loans f s e P t e r r o t r e c c . e - k d , Cash g d G u U a i a o . n r r S v d e a . t c . t n- O G a c g i t o e e h v n s e t 1 - r . r c e o a o a A c b t u n e h c l d - n i e e s r v ts - p B n e r u e r o s t s y s p i - - P e h s r f r e a o or t l l y d e p- 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 l e y d st teed U.S. 1942—June 17,962 8,379 648 403 1,097 57 774 859 3,512 2,233 4,568 1,442 3,265 8,249 438 December. .. 21,715 8,127 620 553 1,272 33 1,085 1,020 5,187 3,818 4,301 1,414 4,630 10,931 439 1943—June 26,708 7,685 556 515 1,565 22 1,788 1,674 6,310 5,343 4,101 1,333 6,022 14,812 440 1943—September... 26,284 7,557 497 501 1,722 7 1,487 1,470 7,234 5,809 4,081 1,274 5,560 14,929 441 October 27,218 7,487 493 486 1,784 -6 1,850 1,602 7,115 6,395 4,125 1,285 5,867 15,501 440 November... 27,788 7,459 492 493 1,833 6 1,963 1,611 7,309 6,622 4,180 1,308 5,788 16,073 439 December.... 28,625 7,444 486 524 1,895 23 1,926 1,624 7,512 7,191 4,239 1,342 5,874 16,732 438 1944—January. .. 29,508 7,410 470 580 1,942 23 1,951 1,645 7,588 7,899 4,277 1,332 5,247 18,216 435 February. 29,791 7,411 452 516 2,099 23 2,062 1,658 7,753 7,817 4,226 1,322 4,956 18,853 435 March 30,263 7,366 442 526 2,090 23 2,140 1,677 7,829 8,170 2,273 1,326 4,950 21,280 433 April 31,083 7,304 439 518 2,161 23 2,455 1,671 7,985 8,527 2,274 1,302 5,589 21,484 435 May 31,153 7,220 436 628 1,750 6 2,379 1,685 8,042 9,007 1,672 1,427 5,623 21,996 435 June 31,666 7,188 433 610 1,701 6 1,970 1,702 8,392 9,664 1,766 1,413 6,185 21,858 443 July 31,097 7,081 423 575 1,578 6 1,866 3,742 8,496 7,330 1,571 1,229 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 1,200 6,360 23,114 444 LOANS, OTHER THAN INTERAGENCY LOANS Home mortgage and housing Farm mortagencies3 gage.loans Other farm credit loans Recon- Rural struc- Elec- Ex- End of month 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 m s r a ' p n n e . - F H b L e a o o d a n m a l e k n r e s - M p C R g o a a o F r n g m y e C t - - M A t F g 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 b n u t d g l h s i . c . - F b l e a a a d l n nd e ks r- M F C F g a a o e o r g d r r m p e t . - . b c m i F n r a a e e e t n t e d d d e k r i i . s - t - f o B o t p i a r v e n r e c k a s o s - - m C C C o r o d e o r d i m p i t - . t y C F m A r a e i d r n d m - . it A S F d r e a i m c t r y u m in - . tr m A t i i f i o i d n c n - a . - p B p I o m o a r n r t - t - k Other 1942—June 8,379 1,473 1,676 193 82 216 384 1,706 562 289 101 231 258 460 342 113 293 December.. 8,127 1,557 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 a i ns na by nce Re C c o o r n p s o t r r a u t c i t o i n on 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 a i to o n t n a s i f c t i o n i s - i- n a s l L r o a t a o il n - s Other F R s C i e t t n o i c r a r o o u n n p. c n - c - e O C H r w L a o o n o t r e m a i p n e o r n o- s' Other F D M F e a e o d C n . d r k o s t . r g F l p. a a a a g n e r n m d d m C r C C a o o r o t r d e i p m i d - on o t i y - t C p s w o F o R t r r i a r r e p u n a . c c t a o c i t n o n a o i - c r e o - n n n d s Other c W or ar po- m C r C C o a o r o t d r e i p m i d o - n o t i y - t O C H w r L o a o n o r t e a m i n p e r o o n - s1 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 64 187 196 832 272 5,784 1,196 152 102 October. . 1,432 136 406 890 343 63 186 489 778 397 6,016 865 136 98 November.. 1,427 134 405 341 63 174 533 734 522 6,231 873 111 94 December .. 1,413 131 398 338 63 85 168 488 728 542 6,423 897 96 96 1944—January.... 1,393 129 396 334 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. NOTE.—Comparable figures for months subsequent to August are not available; beginning with Sept. 30,1944, the Treasury figures are in completely revised form and are published quarterly, 1112. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction Y m ea o r n t a h nd ( I 1 m v n = 9 p a c 3 e a l o 5 n u 1 y m - 0 e t - 3 s ) 0 e 9 i Tota I l n (p d h u y 1 s 9 s tr i 3 i c 5 a a - l D l 3 9 u v p f M a r o r = - c o l a u t d u n m 1 u r u 0 N c e d e 0 - t ) o s u i n * o r - 2 n - M er i a n- ls To a t w a 1 l a 9 r 2 c d 3 o R - e n d 2 t d e t i e 5 n r a s - ( a l i = v - c a ts 1 lu 0 o 0 e A t ) h l 3 l er N t a c u o g u r n r l a - - i E l - 1 m 9 p 39 lo = y F m a 1 c e 0 t n o 0 t r 4 y 1 r 9 F t o 3 o 1 a 9 l 0 r c l - 0 y s4 = c F 1 a = r 9 i r e n 3 l i g o 5 1 g s a - 0 h 3 * d 0 t 9 - D 19 m s = ( e s u 3 t v a p e o e 5 a l a ) 1 n r - e l * 3 0 r e s - t 5 9 0 t- W p m r = c 1 h s i o o c 9 a m o d e 2 1 l l - e i s 6 0 e t 4 - 0 y C 1 l = i 9 o v 3 s i 5 1 t n - 0 g 3 o 0 4 9 f able able Ad- Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 106.8 106.2 120 83 138.6 124.5 1920 75 93 60 83 63 30 90 107.2 127.1 129 99 154.4 143.2 1921 58 53 57 66 56 44 65 82.1 82.0 110 92 97.6 127.7 1922 73 81 67 71 79 68 88 90.8 88.0 121 94 96.7 119.7 1923 88 103 72 98 84 81 86 103.9 111.6 142 105 100.6 121.9 1924 82 95 69 89 94 95 94 96.5 104.1 139 105 98.1 122.2 1925 90 107 76 92 122 124 120 99.9 109.7 146 110 103.5 125.4 1926 96 114 79 100 129 121 135 101.8 113.1 152 113 100.0 126.4 1927 95 107 83 100 129 117 139 99.6 111.0 147 114 95 4 124.0 1928 99 117 85 99 135 126 142 99.7 112.3 148 115 96.7 122.6 1929 122^9 110 132 93 107 117 87 142 106^0 106.1 119.8 152 117 95.3 122.5 1930 109.1 91 98 84 93 92 50 125 98.1 92.5 96.9 131 108 86.4 119.4 1931.. 92.3 75 67 79 80 63 37 84 88.3 78.2 73.5 105 97 73.0 108.7 1932 70.6 58 41 70 67 28 13 40 77.6 66.4 50.7 78 75 64.8 97.6 1933 68.9 69 54 79 76 25 11 37 78.6 73.5 54.4 82 73 65.9 92.4 1934 78.7 75 65 81 80 32 12 48 86.3 85.8 70.0 89 83 74.9 95.7 1935 87.1 87 83 90 86 37 21 50 90.1 91.4 80.4 92 88 80.0 98.1 1936 101.3 103 108 100 99 55 37 70 96.8 99.1 93.0 107 100 80.8 99.1 1937 107.7 113 122 106 112 59 41 74 102.7 108.7 111.2 111 107 86.3 102.7 1938 98.5 89 78 95 97 64 45 80 95.1 91.0 85.1 89 99 78.6 100.8 1939 105.4 109 109 109 106 72 60 81 100.0 100.0 100.0 101 106 77.1 99.4 1940 113.5 125 139 115 117 81 72 89 104.7 107.5 114.5 109 114 78.6 100.2 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 March 126.2 152 149 184 133 126 94 74 109 113.4 122.9 122.7 145.9 127 124 81.5 101.2 April 129.3 149 149 186 137 96 103 80 121 113.5 126.3 125.8 150.2 112 128 83.2 102.2 May 134.6 160 160 198 142 121 101 88 111 116.2 129.8 128.6 161.3 129 132 84.9 102.9 June 139.9 164 165 203 144 127 117 101 129 117.8 133.3 132.0 170.5 131 131 87.1 104.6 July 142.0 166 165 208 144 126 139 115 158 119.5 136.6 135.5 172.0 132 138 88.8 105.3 August 144.8 167 170 209 146 128 152 112 184 120.6 137.8 138.4 178.8 136 157 90.3 106.2 September 145.3 169 174 212 146 132 161 105 206 121.2 138.8 141.2 184.8 134 140 91.8 108.1 October 146.8 172 176 219 148 134 145 87 192 121.5 139.5 141.8 190.2 134 128 92.4 109.3 November 148.1 174 175 220 151 133 138 74 189 121.9 139.9 141.3 188.6 137 138 92.5 110.2 December. 153.7 176 173 225 150 133 123 69 167 121.5 140.6 141.1 195.1 138 136 93.6 110.5 1942 January 156.2 181 177 235 152 133 118 82 147 122.1 141.6 139.8 200.7 140 158 96.0 112.0 February 158.7 183 180 241 153 133 128 100 151 122.5 143.2 142.3 208.2 138 145 96.7 112.9 March 160.7 186 182 250 153 126 125 95 149 123.2 144.8 144.3 215.1 138 150 97.6 114.3 April 164.7 189 187 257 154 125 128 82 165 124.3 147.0 146.3 221.4 138 143 98.7 115.1 May 166.9 191 192 264 153 126 158 76 226 125.1 148.7 148.0 228.7 136 135 98.8 116.0 June 171.2 193 195 272 152 127 193 76 288 125.9 150.8 149.9 234.5 134 134 98.6 116.4 July 174.2 197 199 278 154 126 206 74 313 127.1 153.2 153.4 242.7 137 146 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. i 170.5 332.6 137 r174 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 59 128.9 164.1 163.6 324.4 140 185 103.8 123.8 April 229.4 239 237 361 172 140 36 17 52 128.0 161.5 160.8 318.2 138 172 103.9 124.6 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 50 127.7 158.8 158.5 318.1 139 175 104.3 125.4 July. ... 232,2 230 232 347 165 139 38 14 57 127.5 157.6 157.8 310.7 143 192 104.1 126.1 August 233.7 232 235 348 168 142 41 13 63 127.3 156.9 158.0 314.0 142 187 103.9 126.4 September "232.2 230 234 342 168 143 39 13 61 126.6 154.6 156.3 312.9 139 183 104.0 126.5 N O o c v to e b m e b r. e . r. ^230 p233 *342 *>169 ^143 P39 2>13 *>61 P126A ^154.1 ^154.5 e1 13 4 7 1 194 e1 1 0 0 4 4 . . 3 1 126.4 * Average per working day. p Preliminary. r Revised. e Estimated. l Department of Commerce series on value of payments to individuals. 2 For indexes by groups 01 industries, see pp. 1224-1227. 3 Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 1231 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. 6 For indexes by Federal Reserve districts and other department store data, see pp. 1233-1235. Back figures m 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. DECEMBER 1944 12.2.3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES {Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average — 100] 1943 1944 Industry Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May une July Aug. Sept. Oct. Industrial Production—Total.... 244 247 247 241 243 244 | 241 239 236 235 230 232 230 ^230 Manufactures—Total.. 263 266 268 260 262 262 259 256 253 251 246 248 246 V246 Durable Manufactures.. 368 374 376 365 369 367 364 361 356 354 347 348 342 pU2 Iron and Steel 214 215 210 200 208 212 214 213 210 204 202 203 202 205 Pig iron 205 202 200 198 202 207 206 206 203 198 196 198 196 197 Steel 239 242 236 222 231 236 238 236 234 225 222 224 ?22 224 Open hearth 190 191 186 178 186 188 191 192 188 183 184 183 183 186 Electric . 593 607 592 536 554 578 570 549 559 526 491 512 502 492 Machinery 451 458 463 453 461 458 452 445 437 442 435 434 427 P424 Manufacturing Arsenals and Depots1.. Transportation Equipment... 764 780 786 763 754 746 734 730 726 716 704 r707 694 P694 Automobiles 239 247 248 240 244 238 233 232 226 228 223 r229 226 pin (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1. .. Nonferrous Metals and Products... 277 286 289 277 285 285 287 292 279 263 244 245 238 P242 Smelting and refining .... ... 294 303 308 307 297 299 297 289 273 253 246 226 205 ^198 (Copper smelting; Lead refining; Zinc smelting; Aluminum* Magnesium; Tin)1. Fabricating 270 279 282 266 280 280 283 293 282 268 243 252 252 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)l..., Lumber and Products... 129 128 136 137 133 131 129 126 124 127 124 127 120 'IS Lumber 118 115 127 131 125 122 119 118 115 118 114 118 111 P112 Furniture 149 152 152 150 148 150 149 142 142 144 r143 rU6 139 ^140 Stone, Clay, and Glass Products... 168 171 168 169 168 168 167 165 161 168 165 •162 159 P160 Glass products 159 169 165 169 171 172 175 183 173 187 180 169 165 174 Plate glass 53 47 54 55 54 58 59 59 66 65 60 66 66 64 Glass containers 196 212 204 209 213 212 216 227 210 230 222 204 200 212 Cement 112 107 98 101 86 88 83 78 76 84 86 88 86 Clay products 125 124 124 122 129 131 131 125 122 127 124 122 116 Gypsum and plaster products 194 194 196 192 203 198 194 183 176 180 182 181 175 PI 74 Abrasive and asbestos products.., 321 326 329 319 319 312 308 297 300 297 294 295 302 Other stone and clav products1 Nondurable Manufactures .. 179 179 180 174 176 177 175 172 169 169 165 168 168 *169 Textiles and Products.. 150 152 152 143 149 152 151 151 147 145 139 141 147 PM4 Textile fabrics 141 143 142 133 140 142 141 141 137 135 129 132 137 Cotton consumption 156 156 153 142 150 151 150 151 142 140 139 140 148 140 Rayon deliveries 181 186 191 189 186 187 191 196 195 196 r193 189 196 197 Nylon and silk consumption1 Wool textiles "151 154 154 ' 142' 154 159 155 "l53" 152 ' 148 140 "143' Carpet wool consumption 29 37 39 36 42 42 46 51 53 49 41 -47 42 Apparel wool consumption 206 201 205 186 210 219 216 213 213 196 185 193 196 Woolen and worsted yarn 172 173 172 159 173 177 171 167 167 163 144 r154 158 Woolen yarn 178 175 176 161 176 181 174 171 169 166 148 r163 162 Worsted yarn 163 171 166 156 168 171 167 163 163 159 138 141 153 Woolen and worsted cloth 169 172 171 160 170 178 172 168 165 163 144 153 159 Leather and Products... 110 110 105 102 108 111 112 116 112 115 105 r112 121 pin Leather tanning 105 104 98 97 103 105 107 117 110 113 113 108 120 Cattle hide leathers 107 102 101 98 107 110 113 125 118 124 126 118 132 Calf and kip leathers . . . 81 76 67 68 70 76 79 88 86 85 78 82 92 Goat and kid leathers 88 95 90 83 83 84 86 79 86 84 81 77 80 Sheep and lamb leathers 164 173 146 162 166 161 155 168 136 141 144 r144 156 Shoes 114 114 109 105 112 114 116 116 114 117 100 r114 P\\b Manufactured Food Products.. 146 146 153 151 154 158 159 158 154 153 153 r147 146 V149 Wheat flour 111 117 128 128 139 125 114 114 110 110 113 116 113 *115 Cane sugar meltings1 Manufactured dairy products ?146 P159 P\39 P139 2*153 P151 P139 PI ^? Butter 95 87 88 86 88 90 96 92 93 93 88 83 85 81 Cheese 150 144 143 147 149 146 152 155 153 158 152 r145 146 147 Canned and dried milk 154 137 132 131 132 139 156 169 173 180 185 180 184 Ice cream Meat packing 178 168 185 173 187 215 202 198 180 173 175 169 161 154 Pork and lard 221 193 221 206 234 291 270 266 239 225 219 197 176 159 Beef 130 135 145 139 144 149 143 136 124 121 127 138 140 140 Veal 131 151 150 121 104 94 96 107 100 117 160 191 196 218 Lamb and mutton 161 173 166 158 135 112 110 109 113 125 134 125 135 145 I r Revised. p Preliminary. 1 Series included in total and group indexes but not available for publication separately. 12.14 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 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Manufactured Food Products—Continued Other manufactured foods . . 144 146 150 153 156 157 160 158 157 154 153 rl48 pU6 P151 Processed fruits and vegetables 127 135 135 142 140 140 155 152 145 136 130 112 121 nu Confectionery 120 120 123 134 134 138 147 154 152 147 135 "123 *>113 Other food products.. 152 153 159 159 163 165 164 161 161 160 162 162 159 p160 Alcoholic Beverages, 135 130 141 143 131 126 137 123 116 119 128 186 156 166 Malt liquor 164 155 169 172 160 148 167 146 135 140 146 152 172 177 Whiskey 0 0 0 0 0 0 0 0 0 0 0 100 6 0 Other distilled spirits 77 90 62 42 46 40 33 39 34 31 37 647 68 104 Rectified liquors 156 158 178 189 162 182 173 172 174 177 205 232 270 305 Industrial Alcohol frotn Beverage Plants^ Tobacco Products... 134 139 148 143 125 119 123 126 124 121 122 126 124 120 Cigars 101 100 101 90 86 92 92 89 89 89 86 92 95 93 Cigarettes 165 173 186 181 155 145 154 161 154 151 154 152 149 142 Other tobacco products 87 93 100 99 87 79 73 73 80 79 78 92 87 93 Paper and Paper Products... 143 140 140 132 136 138 137 138 142 140 133 142 142 Paper and pulp . .. 140 138 137 131 134 135 134 134 137 136 129 137 137 Pulp 150 153 147 142 147 151 150 151 151 156 153 159 156 Groundwood pulp ... . 112 112 103 107 106 110 108 110 108 108 114 119 118 Soda pulp 93 93 93 103 96 98 93 97 92 91 92 96 92 Sulphate pulp 211 213 212 196 213 217 209 213 217 232 232 234 231 Sulphite pulp 134 141 131 127 130 133 137 136 135 137 127 138 135 Paper 138 135 136 129 132 133 132 131 135 133 125 134 134 Paperboard 155 148 151 135 144 148 147 152 159 156 148 158 159 158 Fine paper 124 127 126 116 119 121 120 117 115 110 99 111 113 Printing paper 125 124 122 122 119 119 117 119 115 115 103 118 116 Tissue and absorbent paper 174 163 160 163 156 151 154 156 159 159 158 149 149 Wrapping paper 126 128 130 127 129 133 128 120 127 125 118 127 127 Newsprint 88 83 86 83 79 74 77 73 76 80 83 77 84 "81 Paperboard containers (same as Paperboard) Printing and Publishing.... 111 110 106 105 104 102 100 101 98 100 95 102 99 P102 Newsprint consumption 97 96 90 89 89 85 83 84 81 85 87 87 83 89 Printing paper (same as shown under Paper) Petroleum and Coal Products. 202 207 213 219 226 230 234 233 237 242 247 r251 258 Petroleum refining 206 212 221 226 234 238 243 242 246 252 259 264 271 Gasoline . . 122 122 123 123 125 128 129 129 130 136 137 138 141 ^140 Fuel oil 156 151 159 159 159 161 163 161 162 164 164 159 162 Lubricating oil 123 134 137 120 128 126 130 120 118 131 125 125 132 Kerosene 115 113 117 120 132 124 130 125 126 130 128 126 126 Other petroleum products1 Coke .. 171 169' 163 172 174' 176 174 176 175 172 172 171 168 By-product coke 161 158 155 161 164 166 165 167 166 164 164 164 162 Beehive coke 538 535 459 519 496 503 487 463 470 463 442 419 392 P393 Chemical Products 395 397 390 365 364 359 341 323 324 319 r3l4 314 308 P307 Paints. 137 138 140 137 140 140 140 138 137 138 142 144 140 nz9 Soap.. 123 120 129 131 133 134 133 137 137 138 134 132 131 *>130 Rayon 221 225 223 226 226 229 233 232 235 237 237 240 237 P239 Industrial chemicals 383 396 398 394 405 406 405 408 410 411 408 407 401 ^398 Explosives and ammunition1 Other chemical products1 Rubber Products... 231 234 241 240 242 244 242 231 230 228 227 231 230 P229 Minerals—Total 138 136 133 137 139 142 139 140 143 142 139 142 143 p143 Fuels 140 138 134 140 142 145 141 143 146 146 143 147 147 V148 Coal.;. 150 141 125 147 153 158 148 150 154 152 144 148 147 ^148 Bituminous coal 155 144 131 156 161 162 155 155 159 158 151 154 151 nsi Anthracite 129 127 102 114 119 143 123 129 134 128 118 124 129 Crude petroleum 136 137 139 136 137 139 138 139 142 143 142 146 148 P ^ \ 1 3 4 3 7 Metals.... 124 123 124 124 124 127 126 122 120 120 117 114 115 Metals other than gold and silver 188 187 187 186 185 190 189 184 182 181 178 r175 175 Iron ore *>223 ^223 *>223 ^223 (Copper; Lead; Zinc)1 Gold . 27 26 27 28 31 31 31 28 27 25 24 23 Silver.. 70 72 79 76 73 73 75 73 67 72 67 63 r Revised *> Preliminary. x Series included in total and group indexes but not available for publication separately. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. DECEMBER 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES {Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average = 100] 1943 1944 Industry Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Industrial Production—Total. 248 249 247 239 240 240 238 237 236 236 232 235 234 Manufactures—Total 267 269 268 258 259 259 257 255 252 252 248 251 249 V249 Durable Manufactures ... 370 375 376 364 367 366 363 361 357 354 348 349 343 Iron and Steel ... 214 215 210 200 208 212 214 213 210 202 203 202 205 Pig iron 205 202 200 198 202 207 206 206 203 198 196 198 196 197 Steel 239 242 236 222 231 236 238 236 234 225 222 224 222 224 Open hearth 190 191 186 178 186 188 191 192 188 183 184 183 183 186 Electric 593 607 592 536 554 578 570 549 559 526 491 512 502 492 Machinery t 451 458 463 453 461 458 452 445 437 442 435 434 427 Manufacturing Arsenals and Depots1 ... Transportation Equipment .. 764 780 786 763 754 746 734 730 726 716 704 r707 p694 Automobiles 239 247 248 240 244 238 233 232 226 228 223 r229 226 P217 (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1 Nonjerrous Metals and Products 277 289 278 285 285 287 292 263 243 245 238 P242 Smelting and refining 294 303 309 307 297 299 297 289 252 244 226 P198 (Copper smelting, Lead refining, Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 270 282 266 280 283 293 268 243 252 252 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products . 136 133 133 126 121 122 124 125 227 133 130 135 128 P127 Lumber 129 124 124 114 107 107 110 116 119 127 123 129 123 mi Furniture 149 152 152 150 148 150 149 142 144 r143 r146 139 142 Stone, Clay, and Glass Products 174 172 164 161 163 169 165 167 164 P166 163 Glass products 162 174 166 158 168 167 175 184 186 174 175 169 178 Plate glass 53 47 54 55 54 58 59 183 66 65 60 66 66 64 Glass containers. 200 218 206 195 208 205 216 59 225 228 213 213 204 218 C G C e l y a m p y s e u p n m t ro d an u d c t p s. laster products 1 1 1 3 9 2 0 8 9 1 1 1 3 9 2 1 9 4 1 1 1 0 9 2 6 8 9 1 1 9 9 2 2 6 6 1 1 2 7 9 1 0 6 1 1 6 9 2 7 1 5 1 1 6 8 2 8 8 6 2 1 7 2 2 4 7 2 1 17 2 7 9 2 9 1 1 9 2 8 0 5 3 1 1 9 8 2 4 2 4 1 1 1 2 8 0 5 2 0 1 1 17 0 2 9 0 0 ^ 7* 1 1 7 8 7 ' Abrasive and asbestos products. . 321 326 329 319 319 312 308 181 300 297 294 295 302 ^294 Other stone and clay products1. . 297 Nondurable Manufactures .. 184 183 181 172 172 173 171 169 168 169 167 r171 173 P172 Textiles and Products . 152 151 151 145 139 141 147 PJ44 Textile fabrics 142 133 140 142 141 141 137 135 129 132 137 Cotton consumption . 156 r157 153 142 150 151 150 151 142 140 139 140 148 140 Rayon deliveries 186 191 189 186 187 191 196 195 196 r193 r189 196 197 Nylon and silk consumption1 .. Wool textiles 151 154 154 142 154 159 155 153 148' 131 'l40' 143 Carpet wool consumption .. 29 37 39 36 42 42 46 51 53 49 41 47 42 Apparel wool consumption . 206 201 205 186 210 219 216 213 213 196 185 193 196 Woolen and worsted yarn .. 172 173 172 159 173 177 171 167 167 163 144 154 158 Woolen yarn 178 175 176 161 176 181 174 171 169 166 148 r163 162 Worsted yarn 163 171 166 156 168 171 167 163 163 159 138 141 153 Woolen and worsted cloth . 169 172 171 160 170 178 172 168 165 163 144 153 159 Leather and Products . 110 110 106 101 108 114 103 120 Leather tanning 103 104 101 96 103 113 106 116 110 111 107 107 118 Cattle hide leathers 105 103 105 98 109 119 113 125 118 119 119 114 129 Calf and kip leathers 78 69 66 69 79 77 85 83 87 77 86 90 Goat and kid leathers 95 87 83 83 88 86 81 84 85 80 75 81 Sheep and lamb leathers . 161 173 155 154 154 177 150 165 147 139 134 r148 153 Shoes 114 114 109 105 112 114 116 116 114 117 100 r114 122 Manufactured Food Products ... 165 156 154 147 145 143 142 143 153 163 165 165 P160 Wheat flour 121 124 129 127 111 106 112 115 123 mi Cane sugar meltings1 Manufactured dairy products ^153 p103 P94 2*113 P185 P225' 2*155 Butter 91 75 67 68 73 79 87 94 120 128 107 91 r82 70 Cheese 153 130 107 106 110 120 137 161 205 225 187 r162 rl49 132 Canned and dried milk 142 111 95 101 107 125 153 191 240 249 215 186 170 Ice cream Meat packing 160 168 206 205 225' 207 '187 183' 180 172 162' '147' 148 156 Pork and lard 175 181 259 271 307 285 251 242 239 225 193 151 139 150 Beef 140 147 150 139 147 137 130 128 124 118 128 140 151 153 Veal 144 172 160 113 97 83 90 105 104 117 160 188 215 248 Lamb and mutton 173 180 166 155 143 113 108 105 115 116 129 122 144 151 r Revised. p Preliminary. * Series included in total and group indexes but not available ior publication separately. 12.2.6 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 Sept. Oct. Nov. Dec.Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Manufactured Food Products—Continued Other manufactured foods 172 163 156 149 142 142 140 141 145 159 170 Processed fruits and vegetables 249 174 125 111 89 85 92 94 105 169 213 235 Confectionery 155 157 145 135 139 137 128 117 109 111 132 *>145 Other food products 155 161 166 162 157 157 154 158 162 165 165 162 Alcoholic Beverages ,.. 138 132 119 120 115 127 127 143 151 198 159 168 Malt liquor 166 144 130 137 133 155 153 154 177 183 173 174 164 Whiskey 0 0 0 0 0 0 0 0 0 0 100 6 0 Other distilled spirits 105 234 130 47 24 21 23 21 19 22 609 94 270 156 158 178 189 182 173 172 174 177 205 232 270 305 Rectified liquors Industrial Alcohol from Beverage Plants1 141 144 151 124 117 120 124 127 131 125 Tobacco Products ... 101 100 101 90 86 92 92 89 92 95 93 Cigars 176 179 190 167 155 136 143 150 154 158 162 160 160 148 Cigarettes 93 99 103 87 85 77 73 73 81 80 78 93 199 Other tobacco products 131 136 139 137 138 141 132 141 141 Paper and Paper Products .. 140 138 138 130 134 136 134 134 137 137 128 137 137 148 152 148 142 148 151 150 153 152 156 151 157 154 Paper and pulp 99 104 109 108 111 115 115 121 117 109 101 105 105 Pulp 93 93 93 103 96 98 93 97 92 91 92 96 92 Groundwood pulp 211 213 212 196 213 217 209 213 217 232 232 234 231 Soda pulp 134 141 131 127 130 133 137 136 135 137 127 138 135 Sulphate pulp 138 135 136 128 131 134 132 132 135 134 125 134 134 Sulphite pulp 155 148 151 135 144 148 147 152 159 156 148 158 159 158 Paper 124 127 126 116 119 121 120 117 115 110 99 111 113 Paperboard 125 124 122 122 119 119 117 119 115 115 103 118 116 Fine paper 174 165 160 158 154 157 154 157 159 162 151 149 149 Printing paper 126 128 130 127 129 133 128 120 127 125 118 127 127 Tissue and absorbent paper 83 87 82 79 74 77 75 77 80 82 77 84 81 Wrapping paper Newsprint Paperboard containers (same as Paperboard) 112 110 108 101 101 104 100 100 100 P104 Printing and Publishing . Newsprint consumption 98 93 83 83 84 84 78 84 93 Printing paper (same as shown under Paper).. 202 207 213 219 226 230 234 233 242 247 258 Petroleum and Coal Products .. 206 212 221 226 234 238 243 242 246 252 259 264 271 Petroleum refining 122 122 123 123 125 128 129 129 130 136 137 138 141 Gasoline 156 151 159 159 159 161 163 161 162 164 164 159 162 Fuel oil 123 134 137 118 124 124 128 125 123 131 124 124 132 Lubricating oil 114 113 120 124 134 130 132 127 127 123 119 121 124 Kerosene Other petroleum products1 ... 171 169 163 172 174 176 174 176 175 172 172 171 168 Coke 161 158 155 161 164 166 165 167 166 164 164 164 162 By-product coke 538 535 459 519 496 503 487 463 470 463 442 419 392 Beehive coke 396 400 392 367 362 360 344 325 323 316 r310 r310 308 V309 Chemical Products 135 138 138 137 137 139 140 140 142 142 140 142 138 pl 39 128 126 130 131 131 133 133 134 132 136 133 133 136 ^136 Paints 221 225 223 226 226 229 233 232 235 237 237 240 237 P239 Soap 383 396 398 394 405 406 405 408 410 411 408 407 P398 Rayon Industrial chemicals '. Explosives and ammunition1 Other chemical products1 231 234 241 240 242 244 242 231 230 228 227 231 230 Rubber Products Minerals—Total 143 140 132 132 133 136 133 138 146 146 143 147 146 Fuels 140 138 134 140 145 146 146 143 P148 Coal 150 141 125 147 153 158 148 150 154 152 144 148 147 PUS Bituminous coal 155 144 131 156 161 162 155 155 159 158 151 154 151 Anthracite 129 127 102 114 119 143 123 129 134 128 118 124 129 Crude petroleum 136 137 139 136 137 139 138 139 142 143 142 146 148 Metals ... 116 82 85 86 112 144 148 139 Metals other than gold and silver ... 247 228 170 121 113 119 120 168 226 231 r227 215 Iron ore 351 310 182 S3 70 72 76 188 313 330 323 336 311 2*265 (Copper; Lead: Zinc)1 Gold 31 "29 "27' Silver 80 74 74 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. DECEMBER 1944 12.27 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 Sept. Oct. June July Aug. Sept. Oct. Aug. Sept. Oct. June July Aug. Sept. Total 170.1 170.5 158.5 157.8 158.0 156.3 154.5 322.2 328.0 332.6 318.1 310.7 r314.0 312.9 Durable goods 230 4 232.3 216.5 214.0 r213.0i 209.6 206.6 448.2 460.7 468.8 442.8 428.5 r432.6 428.3 Nondurable goods 122.6 121.7 112.8 113.5 114.6 114.2 113.5 199.0 198.3 199.6 196.1 195.6 198.0 200.2 Iron and Steel and Products 173.6 174.6 167.4 167.1 167.6 166.1 164.7 308.1 312.8 318.6 311.0 306.2 309.2 312.0 Blast furnaces, steel works, etc 132 131 124 124 124 123 230 233 233 225 225 223 227 Steel castings 271 269 248 244 244 240 484 476 483 453 434 456 452 Tin cans and other tinware 111 107 125 130 132 132 187 178 175 207 212 222 225 Hardware 128 131 128 128 130 128 251 254 266 263 258 262 261 Stoves and heating equipment 124 128 137 138 139 137 211 219 232 259 252 256 263 Steam, hot-water heating apparatus.. 195 197 186 183 183 182 351 364 365 346 338 345 341 Stamped and enameled ware 165 168 160 160 161 159 306 315 331 323 320 324 327 Structural and ornamental metal work 202 204 214 r214 r210 208 373 372 384 421 r418 r411 407 Forgings—,,. 260 261 238 228 ~ r228 228 483 489 514 466 434 434 455 Screw machine products 289 289 271 266 261 256 551 549 561 530 508 r512 503 Electrical Machinery 279. 283.4 281.4 277.8 276.^ 274.2 270.4 475.3 487. 494. 507.5 494.2 493.1 500.9 Machinery, except Electrical 236. 237. 222.8 219.8 217.8 215.2 213.3 423.9 435. 441.4 422.3 403.5 406.2 403.1 Machinery and machine shop product 245 246 231 228 228 225 430 441 447 429 409 417 412 Tractors 177 180 192 192 188 184 263 270 279 304 293 r291 291 Agricultural, excluding tractors 145 148 165 163 160 159 267 284 288 336 334 319 333 Pumps 323 325 334 326 r318 310 657 678 694 712 676 r669 666 Refrigerators 161 164 151 149 148 145 274 288 296 270 249 268 251 Transportation Equipment, except Autos. 1.448.1,464. 1,309. 1,277.01,255.1,227.1,205.22,805.52,933. 2,947. 2,691.0 2,602.42,606.12,569.4 Automobiles 182. 186. 171.2 168.4 r169. 168.2 164.6 324.2 339. 359.5 319.0 302.8 r308.2 297.1 Nanferrous Metals and Products 181. 184. 168. 165.2 164. 161. 159.0 325.4 336. 338.2 315.9 304. 306.0 299.1 Primary smelting and refining 213 214 178 175 171 160 380 390 384 334 325 315 298 Clocks and watches 124 123 125 126 128 128 236 242 242 261 r255 r266 269 Lighting equipment 125 130 128 129 133 132 210 223 227 231 219 r234 223 Lumber and Timber Basic Products 111.0 110.2 101.6 102.4 103.2 100.6 97.2 206.0 197. 200.9 193.5 185.1 197.8 188.1 Sawmills 89 88 82 83 83 81 169 162 164 159 152 165 154 Planing and plywood mills 108 109 98 98 98 96 183 176 182 170 166 167 167 Furniture^ and Lumber Products 108.6 109.4 103.4 103.5 104.1 101.6 100.6 185.5 183.2 191.0 187.5 183.8 191.4 186.2 Furniture 105 106 99 98 99 96 179 177 184 178 174 181 175 Stone, Clay, and Glass Products 119.8 119.3 113.7 113.4 112.9 111.0 109.5 192.3 188.5 194.0 189.8 184.1 189.0 187.1 Glass 128 129 133 131 129 127 194 193 202 210 197 204 201 Cement 94 72 73 73 73 148 140 141 111 113 118 116 Brick, tile, and terra cotta 96 83 75 76 76 74 137 128 130 123 122 124 119 Pottery and related products 18258 127 126 125 124 122 190 186 193 196 187 193 189 Textile-Mill and Fiber Products 103.6 103.8 96.6 95.2 94.8 94.2 93.8 173.2 172.0 174.4 172.5 168.5 168.2 169.1 Cotton goods except small wares... 119 119 110 110 109 108 204 205 205 205 207 204 204 Silk and rayon goods 78 78 75 74 74 74 134 132 136 136 131 134 133 Woolen and worsted manufactures. 107 108 101 98 97 98 198 195 198 195 184 181 185 Hosiery 71 71 67 66 66 65 107 105 109 106 102 106 104 Knitted underwear 102 103 94 91 91 89 177 172 177 169 159 163 163 Dyeing and finishing textiles , 97 97 91 90 89 89 152 151 152 151 147 146 148 Carpets and rugs, wool 83 83 79 78 79 79 135 131 136 136 132 135 135 Apparel and Other Finished Textiles. 104.1 104.6 97.9 94.6 96.9 96.6 97.0 164.1 163.4 164.1 166.2 156.6 167.1 174.4 Men's clothing, n.e.c 101 102 98 95 96 95 154 154 158 167 155 161 166 Shirts, collars, and nightwear... 80 80 76 76 74 73 131 130 134 135 133 128 128 Women's clothing, n.e.c 85 86 80 76 79 80 138 136 132 135 126 140 148 Millinery 80 77 70 72 78 79 122 114 106 91 103 129 137 Leather and Leather Products. 90.8 90.5 88.8 88.5 88.3 87.3 87.4 147.8 143.1 143.2 155.9 153.1 153.4 155.4 Leather 89 88 85 85 85 84 138 135 135 148 147 146 146 Boots and shoes 82 81 80 80 80 79 135 131 130 143 140 140 143 Food and Kindred Products 129.0 122.3 114.1 123.1 127.8 128.3 123.3 187.8 184.8 182.2 185.6 196.5 200.1 199.8 Slaughtering and meat packing ... 132 132 131 132 130 125 203 192 201 218 220 211 200 Flour 117 120 113 117 114 112 184 180 194 188 195 190 197 Baking 109 112 112 112 112 111 153 155 159 167 168 168 169 Sugar, beet 74 167 40 39 45 64 74 100 206 63 56 64 86 Confectionery 108 115 114 109 114 114 155 164 178 186 178 188 192 Beverages, nonalcoholic 140 133 144 152 149 140 182 172 161 194 213 206 188 Malt liquors 133 133 141 148 148 147 193 187 184 210 226 224 216 Canning and preserving 184 127 82 132 163 181 316 304 224 157 243 306 335 Tobacco Manufactures.. 94.8 95.5 89.5 88.6 88.3 88.1 89.2 151.1 154.1 160.2 157.5 157.1 157.6 163.1 Cigarettes 126 128 125 128 127 126 187 180 191 189 197 196 202 Cigars 79 78 71 68 68 68 129 140 141 141 132 133 138 Paper and Allied Products. 117.1 118.0 114.2 114.4 113.9 111.6 112.2 181.9 176.7 183.0 186.6 184.9 186.0 184.6 Paper and pulp 108 108 106 106 107 105 175 168 174 180 179 181 179 Paper goods, n.e.c 126 127 123 122 119 113 187 184 192 194 194 187 181 Paper boxes 120 123 114 115 114 112 180 177 184 179 176 179 180 r Revised. NOTE.—Figures for October 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. ^ 1X2.8 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY (Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, 1939 = 100] Factory' employment Factory pay rolls Industry and group 1943 1944 1943 1944 Sept. Oct. Jane July Aug. Sept. Oct. Aug. Sept. Oct. June July ! Aug. Sept. Printing and Publishing 100.7 102.6 100.8 101.6 101.1 99.2 100.8 128.8 128.9 131.0 137.4 138.0 137.9 139.0 Newspaper periodicals 95 95 93 93 93 92 113 115 114 117 117 118 120 Book and job 102 106 105 107 106 103 135 133 138 150 152 149 152 Chemical and Allied Products 256.1 256.9 202.9 202.7 204.7 206 6 209.7 435.8 438.4 437.6 355.4 355.5 317.7 362.6 Paints, varnishes, and colors 105 106 106 107 106 105 160 156 160 169 167 169 Io6 Drugs, medicines, and insecticide: 169 172 185 184 182 179 236 242 251 267 r267 r265 265 Rayon and allied products 109 110 108 109 110 109 168 170 169 174 174 176 176 Chemicals, n.e.c 171 176 172 171 170 168 281 286 294 297 298 295 293 Cottonseed oil 134 144 78 75 81 110 145 244 274 149 144 154 224 Fertilizers 105 107 104 99 102 102 198 214 216 228 225 227 232 Products of Petroleum and Coal 119.0 119.3 124.4 126.7 127.3 126.2 125.6 197.1 195.0 197.7 215.7 223.0 220.7 221,0 Petroleum refining 113 113 122 124 126 125 185 182 186 208 216 214 213 Coke and by-products 111 110 106 107 107 106 185 187 183 188 192 187 190 Rubber Products 161.2 161.3 157.8 157.4 158.1 157.6 156.6 258.4 273.4 278.0 279.0 277.2 285.4 288.8 Rubber tires and inner tubes... 169 166 165 166 169 171 254 277 279 279 281 294 301 Rubber boots and shoes 144 143 135 132 131 125 250 247 244 246 237 233 227 Rubber goods, other 140 144 140 139 138 136 232 239 248 251 245 247 248 Miscellaneous Industries 165.1 166.0 154.8 153.5 152.0 150.7 150.7 294.5 297.1 301.3 297.3 288.9 286.0 289.1 Photographic apparatus 178 176 169 172 167 162 269 271 278 273 272 271 268 Games, toys, and dolls 84 88 85 88 91 90 145 142 158 167 170 182 182 r Revised. FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939 = 100] 1943 1944 Group Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. 1 Oct. Total 168.3 170.1 170.9 169.1 167.8 166.9 164.1 161.5 159.6 158.8 157.6 r156.9 154.6 PI54.1 Durable ... 230.0 232.2 234.0 232.8 230.3 228.8 225.3 221.1 218.2 216.4 213.7 r212.6 209.3 ^206.4 Nondurable 119.6 121.1 121.2 118.9 118.4 118.1 116.0 114.5 113.4 113.3 113.5 112.9 111.4 P112.9 p Preliminary. rRevised. NOTE.—Indexes based on Bureau of Labor Statistics data. For back figures see p. 14 of January 1943 BULLETIN, and p. 1187 of December 1943 BULLETIN. HOURS AND EARNINGS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES [Compiled by the Bureau of Labor Statistics] Average hours worked per week Average hourly earnings (cents per hour) Industry and group 1944 Aug. Sept. May June July Aug. Sept. Aug. Sept. July Aug. Sept. All Manufacturing.. 45.1 44.7 45.3 45 A 44.6 r45.2 44.9 96.5 99.3 101.7 101.7 101.8 101.6 103.1 Durable Goods 46.8 46.5 46.6 46.8 45.7 r46.7 106.0 109.7 111.3 r111.6 111.1113.1 Iron and Steel and Products 46.6 46.1 46.8 46.8 46.0 46.7 46.6 103.7 106.6 107.7 108.1 108.6 107.5 110.0 Electrical Machinery 46.9 46.8 46.3 46.6 45.7 r46.3 46.1 97.4 99.3 102.1 102.6 103.2 103.1 105.1 Machinery Except Electrical 48.8 48.6 48.7 49.1 47.5 48.4 48.0 106.4 109.5 111.6 112.2 112.3 112.0 113.5 Transportation Equipment Except Automobiles 47.0 47.1 47.4 47.3 46.8 r47.5 47.0 119.9 125.0 126.4 126.2 126.7 127.1 129.4 Automobiles 47.1 46.3 45.5 45.9 43.7 r45.2| 43.5 121.9 126.2 126.6 127.5 129.1 126.0 128.6 Nonferroius Metals and Products 46.6 46.7 46.6 47.1 46.0 r46.5 46.3 101.7 104.4 104.7 104.9 105.1 104.7 105.4 Lumber and Timber Basic Products 45.2 43.5 43.3 44.5 42.4 r44.7 43.4 74.6 76.8 79.8 79.9 79.6 r80.1 80.4 Furniture and Finished Lumber Products 44.6 43.5 44.4 44.6 43.6 r44.9 44.1 75.0 77.2 81.2 81.3 r81.2 r81.7 82.9 Stone, Clay, and Glass Products 43.4 42.4 43.7 43.8 42.4 r44.0 43.5 85.4 87.3 89.3 89.4 89.9 89.5 91.2 Nondurable Goods 42.6 42.2 43.2 43.3 43.0 43.0 43.0 81.1 82.3 85.8 86.1 86.2 T86.5 87.6 Textiles—Mill and Fiber Products 41.3 41.0 41.6 42.0 41.7 41.8 41.8 66.5 67.5 71.0 71.2 71.0 71.1 72.0 Apparel and other Finished Products .. 37.8 37.5 38.1 38.2 37.3 37.7 38.2 72.7 74.3 77.2 78.4 78.5 80.7 83.2 Leather and Manufactures 40.0 39.2 41.3 41.6 41.2 r41.2 41.5 75.0 76.5 80.0 80.2 80.1 r80.6 82.0 Food and Kindred Products 44.1 43.3 45.8 45.9 45.6 r45.0 44.5 80.4 80.1 85.4 85.1 84.5 84.4 84.7 Tobacco Manufactures 41.1 41.3 42.0 42.3 42.4 42.3 j 43.4 65.8 67.0 69.8 70.6 70.9 71.5 72.4 Paper and Allied Products 45.6 44.6 46.0 46.3 45.7 46.2 46.3 80.4 81.1 84.2 84.5 84.7 84.7 85.8 Printing, Publishing, and Allied Industries 40.6 40.4 40.9 41.3 41.2 41.1 41.4 100.2 103.3 107.2 107.5 107.2 108.0 110.1 Chemicals and Allied Products 45.6 45.6 46.0 45.8 r45.5 45.61 45.7 92.8 93.7 95.4 95.8 r96.6 r96.2 96.4 Products of Petroleum and Coal 46.2 45.4 47.0 46.8 45.9 ; 46.9 46.4 113.7 115.5 117.4 118.1 119.9 117.9 120.1 Rubber Products 44.3 44.9 45.1 45.2 45.0 i 45.6| 45.7 101.5 105.7 108.7 109.2 109.4 110.2 111.7 Miscellaneous Industries 45.8 45.6 46.1 46.1 45.2 r45.1 45.4 88.5 90.7 95.2 95.8 r95.5 r95.7 97.4 r Revised. NOTE.—Data based on the classification of the 1939 Census of Manufactures. Back figures are available from the Bureau of Labor Statistics. DECEMBER 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATED EMPLOYMENT IN NONAGRIGULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Thousands of persons] Transporta- Finance, Federal, Year and month Total M t a u n r u in fa g c- Mining Construction* ti p o u n b a li n c d 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 July 31,590 10,570 912 1,756 3,009 6,895 4,312 4| 136 August 31,840 10,776 914 1,723 3,015 6,936 4,328 4,148 September 32,169 11,017 918 1,758 3,025 6,951 4,341 4,139 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 L942—January 37,057 13,879 996 2,102 3,372 7,481 4,520 4,707 February 37,195 14,041 981 2,090 3,357 7,414 4,491 4,821 March 37,391 14,255 976 2,055 3,382 7,331 4,523 4,869 April 37,724 14,463 982 2,054 3,402 7,319 4,541 4,963 May 37,981 14,649 982 2,048 3,419 7,280 4,521 5,082 June 38,204 14,865 981 2,057 3,419 7,206 4,532 5,144 July 38,581 15,143 982 2,077 3,433 7,210 4,520 5,216 August 39,042 15,442 973 2,101 3,448 7,222 4,518 5,338 September 39,171 15,644 962 2,077 3,448 7,227 4,382 5,431 October 39,452 15,798 954 2,136 3,484 7,224 4,330 5,526 November 39,597 16 048 944 2,095 3 503 7,132 4 255 5 620 December 39,898 16,333 933 2,041 3,525 7,136 4,229 5,701 1943—January 39,934 16,506 927 1,899 3,540 7,133 4,146 5,783 February 39,935 16,682 924 1,734 3,556 7,064 4,146 5,829 March 40 066 16,831 915 1,604 3,574 7,110 4,121 5,911 April... 39,891 16,858 908 1,476 3,588 7,006 4,110 5,945 May 39,740 16,837 893 1,358 3,597 6,988 4,102 5,965 June 39,775 16,908 893 1,263 3,620 7,017 4,112 5,962 July 39,876 17,059 888 1,164 3,634 7,061 4,127 5,943 August 39,737 17,097 878 1,082 3,639 7,015 4,110 5,916 September 39,475 17,051 876 1,020 3,633 7,006 4,079 5,810 October 39,486 17,108 869 936 3,671 7,006 4,078 5,818 November 39,526 17,152 859 891 3,683 7,000 4,119 5,822 December 39,479 16,995 863 864 3,687 6,962 4,127 5,981 1944—January 39,454 16,910 862 830 3,720 7,096 4,170 5,866 February 39,352 16,819 862 786 3,780 7,043 4,173 5,889 March 39,123 16,642 852 737 3,780 7,046 4,165 5,901 April 38,865 16,391 848 719 3,763 6,982 4,257 5,905 May 38,749 16,203 843 673 3,768 6,997 4,363 5,902 June 38,766 16,093 848 677 3,765 7,012 4,475 5,896 Julv r38,700 '16,013 833 653 3,753 7,084 4,505 5,859 August 38,651 r15,940 830 r648 r3,762 r7,O59 4,514 5,898 September 38.422 15,794 822 635 3,737 7,067 4,480 5,887 October 38,282 15,646 809 595 3,749 7,101 4,478 5,904 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 November 39,847 17,238 863 918 3,683 7,245 4,078 5,822 December 40,197 17,080 867 829 3,669 7,554 4,127 6,071 1944—January 38,965 16,825 858 764 3,664 6,919 4,128 5 807 February 38,840 16,735 858 715 3,704 6,867 4,131 5',830 March 38,725 16,559 852 678 3,723 6,919 4,123 5,871 April 38,689 16,309 844 683 3,744 6,968 4,236 5.905 May 38 672 16,122 839 686 3,768 6,962 4,363 5 932 June 38,846 16,093 844 691 3,803 6,977 41542 5^896 July r38,731 r16,013 833 686 3,809 6,942 4,618 5,830 August r38 741 r16,020 834 r700 r3,818 r6 918 4 582 5 869 September 38,593 15,873 826 679 3,793 6! 996 4^480 5! 946 October 38,481 15,724 813 637 3,768 7,172 4,433 5,934 * 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. October 1944 figures are preliminary. For back seasonally adjusted estimates, see BULLETIN for June 1944, p. 600. Back unadjusted data are available from the Bureau of Labor Statistics, II3O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Nonresidential building Public works Total Residential and public Month building Factories Commercial Educational Other utilities 1943 1944 1943 1944 1943 1944 1943 1944 1943 1944 1943 1944 1943 1944 January 350.7 159.2 110.8 41.0 73.1 34.0 7.2 4.1 5.6 8.7 68.2 21.1 85.8 50.3 February 393.5 137.2 93.3 24.9 87.7 29.9 22.7 4.5 4.2 1-0.2 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 5.3 3.8 36.5 17.1 95.8 55.8 June 229.6 163.9 61.5 30.6 53.7 24.4 6.9 8.7 7.9 10.5 26.3 18.9 73.3 70.7 July 183.7 190.5 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 175.1 175.7 54.1 24.5 31.1 49.0 5.1 6.4 5.8 7.6 29.0 24.2 50.1 64.1 October 213.5 144.8 69.7 23.8 34.5 37.7 11.2 7.7 5.7 3.5 28.9 20.0 63.5 52.2 November 184.4 58.4 29.0 7.9 3.3 26.9 59.0 December 252.2 66.2 62.0 6.0 5.1 45.7 67.4 Year 3,274.0 867.8 766.2 120.7 62.4 474.9 981.9 1 Negative because of revision of a prior month's entry. CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT Figures for 37 States eastof the Rocky Mountains, as reported by the [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] F. W. Dodge Corporation. Value of contracts in thousands of dollars] Total Public ownership Private ownership 1944 1943 Month Federal Reserve district 1942 1943 1944 1942 1943 1944 1942 1943 1944 Oct. Sept. Oct. January 317 351 159 198 316 122 119 35 37 Boston 8 995 8,786 10,936 February.... 434 394 137 310 364 109 123 30 28 New York 19,554 12,959 30,628 March 611 340 176 473 304 133 138 36 43 Philadelphia 12,410 7,568 15,000 April 499 303 179 355 253 133 144 50 46 Cleveland 8,647 16,227 19,706 May 674 234 144 569 192 98 105 42 46 Richmond 16 543 29 441 37 243 June 1,190 230 164 1,105 183 122 85 46 42 Atlanta 14,640 15,770 20,976 July 944 184 191 876 122 148 68 61 42 Chicago 23,962 33,833 32,001 August 721 414 169 633 351 125 88 62 44 St. Louis 11,812 13,004 8,218 September... 723 175 176 661 120 127 62 56 49 Minneapolis 4,785 5,556 2; 154 October 780 214 710 157 71 56 Kansas City 12,847 15,348 13,320 November... 654 184 592 135 62 50 Dallas 10,650 17,247 23,347 December ... 709 252 664 198 45 54 Total (11 districts) 144,845 175,739 213,529 Year 8,255 3,274 7,146 2,695 1,109 579 NOTE.—Data for most recent month preliminary. 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 Mu- Sav- Year or month Total p P m e r i r o m r o e t v n y p - e t - - S s h c t t m o i o r o m u n a n c - l e l - f h 1 ( a o - T m I u t i I t o s i ) l l e e y s 4- h R o ( g T e u a r I o n n i s I t ) i u t d l n a e p l g h ( W o T V u i a s t I r ) l i e ng End of month Total b C m c a o i e n m a r k l - - s b s i t a n u a n g v a k s - l s a a s l t i a s o n i n o o a g d c n n s i s - p I c a n a o n s n m c u i e e r - s - a F c e g i e r e e a d n s l - 1 - Other2 1936—Dec 365 228 8 56 41 5 27 1937—Dec 771 430 27 110 118 32 53 1935 320 224 94 2 1938—Dec 1,199 634 38 149 212 77 90 1936 557 246 309 2 1937 495 60 424 11 1939—June 1,478 759 50 167 271 137 94 1 1 9 9 3 3 8 9 9 6 5 9 4 4 2 1 0 6 8 0 2 1 5 3 4 6 7 6 3 9 4 5 8 1 Dec 1,793 902 71 192 342 153 133 1940 1,026 251 26 736 13 1940—Mar 1,949 971 90 201 392 171 124 1941 1,186 262 21 877 13 13 June 2,075 1,026 100 208 432 182 127 1 1 9 9 4 4 2 3 1,1 9 3 4 7 2 1 9 4 6 1 1 1 5 6 2 9 4 1 3 6 6 2 0 8 1 4 D Se e p c t 2 2 , , 2 4 3 0 2 9 1 1 , , 1 0 6 9 2 3 1 1 3 1 0 1 2 22 1 4 6 4 5 8 4 0 2 2 1 0 9 1 0 1 1 5 4 0 1 1943—Oct 85 8 20 57 1941—Mar 2,598 1,246 146 230 606 210 160 N D o ec v. 9 7 2 7 1 9 0 2 1 1 8 6 5 0 0 J S u e n p e t 2 2 , , 9 7 4 5 2 5 1 1 , , 4 3 0 1 0 8 1 1 5 7 7 1 2 23 4 7 6 6 72 6 2 8 2 2 2 2 0 5 1 1 5 7 4 8 1944—Jan 75 6 19 50 Dec 3,107 1,465 186 254 789 234 179 M Fe a b r 7 62 9 1 6 6 1 13 4 4 5 4 0 1942— J M un a e r 3 3, , 4 3 9 0 1 7 1 1 , , 5 6 4 2 9 3 2 2 0 1 1 9 2 27 6 2 4 9 8 4 5 0 6 2 2 3 4 7 3 2 1 0 9 0 5 Apr 68 9 13 i 45 Dec 3,620 1,669 236 276 1,032 245 163 May.. 69 9 18 42 J T u u l n y e 6 7 3 2 9 7 1 1 8 8 2 4 3 6 6 1943— D Ju e n c e 3 3 , ,7 6 0 2 0 6 1 1 , , 7 7 0 0 5 0 2 2 5 5 6 2 2 29 8 2 4 1 1 , , 1 0 3 7 4 1 23 7 5 9 1 1 5 5 9 8 Aug. 81 11 20 50 Sept. 83 14 20 3 46 1944—June 3,554 1,669 258 284 1,119 73 150 Oct 84 12 22 1 49 1 The RFC Mortgage Company, the Federal National Mortgage * Less than $500,000. tion, the Federal Deposit Insurance Corporation, and the Unitei NOTE.—Figures represent gross insurance written during the period and Housing Corporation. do not take account of principal repayments on previously insured loans. Figures include some reinsured mortgages, which are shown in the month in which they were reported by FHA. Reinsured mortgages on rental and group housing (Title II) are not necessarily shown in the month in which reinsurance took place. 1x31 DECEMBER 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports1 Merchandise imports2 Excess of exports Month 1940 1941 1942 1943 1942 1943 1944 1940 1942 1943 1944 January 370 325 481 Pi,090 242 229 254 229 P300 128 96 228 502 P790 February 347 303 480 719 PI ,085 200 234 254 234 P313 147 69 226 485 p772 March 351 357 628 989 PI,156 217 268 272 249 p 134 89 355 740 P797 April 323 387 717 979 212 287 235 257 P360 111 100 482 722 P830 May 324 385 536 ,085 , 211 297 191 281 P386 112 345 803 l,036 June 350 330 ,002 Pi,422 211 280 215 295 P330 138 433 706 P947 Pi,277 July 317 365 650 ,261 Pi,198 232 278 213 302 P293 84 87 437 960 P905 August 351 460 703 ,202 PI ,201 221 282 186 316 P303 130 178 517 887 P898 September 295 425 732 ,235 PI,199 195 262 196 286 P280 101 162 536 949 P918 October 344 666 801 ^1,195 207 304 200 P3 29 137 362 602 P866 November 328 492 787 pl,O72 224 281 168 p311 104 211 619 P761 December 322 653 873 pl,244 253 344 359 P278 69 309 514 P966 January-September 3,027 3,336 5,575 9,203 P10.817 1,942 2,417 2,015 2,449 P2,923 1,086 919 3,559 6,754 P7.895 p Preliminary. 1 Including both domestic and foreign merchandise. 2 General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source.—Department of Commerce. Back figures.—See BULLETIN for April 1940, p. 347; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. FREIGHT CARLOADINGS, BY CLASSES REVENUES, EXPENSES, AND INCOME OF CLASS I [Index numbers; 1935-39 average = 100] RAILROADS [In millions of dollars] Total Coal Coke rain L st i o v c e k - p F u r e o c o s r t d t - s - Ore l M c o a e u n i l s s e - - - I 1 c d M h i .c s a e e . n r l. - - o r r p e T a v e i o e r lw a n ta t u a i l n e y s g e r x a T p i o l e w t n a a s l y es o r p a e N i r lw a e t t a in y g in N c e o t me Annual Annual 1939 101 102 107 96 100 110 101 97 1939 3,995 3,406 589 93 1940 109 137 101 96 114 147 110 96 1940 4,297 3,614 682 189 1941 130 168 112 91 139 183 136 100 1941 5,347 4,348 998 500 1942 138 181 120 104 155 206 146 69 1942 7,466 5,982 1,484 904 1943 137 186 146 117 141 192 145 63 1943 9,055 7,693 1,362 874 SEASONALLY SEASONALLY ADJUSTED ADJUSTED1 1943—August .... 191 147 117 148 208 145 3-July 763 648 115 74 September.. 195 137 114 139 209 143 August 768 653 114 74 October.... 195 167 119 137 191 140 September.. 767 651 116 75 November.. 186 161 132 150 191 147 October 769 654 115 76 December.. 192 153 122 154 209 148 November.. 769 662 107 69 December.. 782 680 102 67 1944— M F J e a a b n r u r c u a h r a y ry... 1 1 1 4 4 4 5 3 0 1 1 1 5 4 4 0 9 0 1 1 1 8 8 8 5 0 5 1 1 1 5 3 4 9 6 8 1 1 1 2 3 3 1 5 1 1 1 1 4 4 4 1 7 6 2 1 1 0 7 9 3 4 3 1 1 14 4 4 9 9 7 1944— F J e a b n r u u a a r r y y . . . . . . . 7 77 7 5 8 6 67 6 1 2 1 1 1 0 6 3 r r 7 6 8 5 M J A J A O S u u e p u c a l n p y r g t y e i t o u l e b s m t e b r. e . r .. .. 1 1 1 1 1 1 1 3 3 4 3 3 3 4 7 9 2 8 8 9 3 1 1 1 1 1 1 1 4 4 4 4 4 4 4 3 1 7 6 3 7 8 1 1 1 1 1 1 1 8 8 8 9 9 9 9 2 5 2 0 0 4 4 1 1 1 1 1 1 1 4 2 3 2 3 2 4 6 1 3 5 8 4 7 1 1 1 1 1 1 1 2 2 1 2 2 1 2 0 1 4 4 0 8 4 1 1 1 1 1 1 1 3 3 4 4 5 5 4 3 7 1 8 5 6 0 1 1 1 1 1 1 1 7 9 8 8 9 8 8 5 5 7 4 5 9 8 1 1 1 1 1 1 1 4 4 4 4 4 4 5 3 9 3 6 4 6 0 J J A A M M S u u e u p a a l n p y g r r y e t i c u e l h s m t ber. 8 8 7 7 7 7 7 1 0 8 7 8 8 9 0 4 2 9 0 1 0 6 6 6 7 7 7 7 8 9 8 0 0 1 1 9 0 8 6 1 0 0 1 9 9 9 0 1 2 1 9 P r r r 5 5 7 3 5 3 5 3 2 0 9 3 0 9 UNADJUSTED UNADJUSTED 1943—July 791 663 128 89 August 800 668 132 r91 1943—August 145 145 183 158 111 156 312 147 September.. r776 666 110 70 September.. 151 152 193 153 151 150 314 154 October 796 683 113 76 October.... 147 140 191 167 183 144 274 153 November.. 762 666 96 63 November.. 142 127 186 157 166 147 193 153 December .. 782 705 77 35 December.. 133 147 202 144 118 138 65 139 1944—January.... 741 658 83 45 1944—January.... 133 150 194 159 116 133 51 136 February... 735 651 84 46 February .. 133 149 191 145 108 140 48 138 March 797 705 93 54 March 132 140 187 125 103 141 51 142 April 760 672 88 48 M A J J A S u u e p u a l n p y r g y e i t u l e s m t ber. 1 1 1 1 1 1 3 4 4 4 4 5 5 1 4 7 6 0 1 1 1 1 1 1 4 4 4 4 4 4 1 7 8 3 7 6 1 1 1 1 1 1 8 8 9 8 8 7 6 8 1 1 8 8 1 1 1 1 1 1 0 1 3 4 7 4 8 3 7 1 2 2 1 1 1 1 1 1 0 0 0 5 1 0 7 6 0 1 5 2 1 1 1 1 1 1 4 4 5 5 6 4 1 6 4 7 2 8 2 1 2 3 2 2 8 9 8 6 0 7 1 1 1 8 2 6 1 1 1 1 1 1 4 5 4 4 5 5 5 1 4 7 1 8 J J A M S u u e u a l n p y g y e t u e s m t ber.. 8 8 8 7 7 0 0 3 9 9 9 4 6 9 9 7 7 7 7 7 0 0 1 1 3 6 0 0 0 5 1 1 9 9 8 0 0 9 9 9 1 0 P 6 5 5 6 5 0 5 9 1 7 October.... 148 143 178 147 184 140 237 156 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. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on value figures] MONTHLY INDEXES OF SALES [1935-39 average = 100] Federal Reserve district Year and month U St n a i t t e e s d Boston Y N o e r w k d P e h l i p l h a i - a C l l a e n v d e- m Ri o c n h d - AtlantaChicago Lo S u t i . s M a i p n ol n i e s - Ka C n i s t a y s Dallas F c S r i a a sc n n o - 1919 83 95 84 106 84 73 88 113 93 67 1920 99 110 100 126 106 81 105 126 112 80 1921 92 108 96 120 94 78 90 80 105 117 92 75 1922 94 112 99 122 95 75 85 83 103 112 86 78 1923 105 119 106 135 108 85 94 98 115 120 91 91 1924 105 121 110 134 106 87 91 96 114 119 "ll9" 94 93 1925 110 123 116 135 109 92 95 102 120 124 124 98 99 1926 113 127 120 138 110 96 99 106 121 119 123 103 106 1927 114 128 123 133 110 95 100 108 119 117 125 101 107 1928 115 126 124 127 110 95 100 114 120 110 119 103 110 1929 117 128 129 128 116 96 98 116 122 110 117 104 112 1930 108 123 126 118 105 92 91 101 110 105 111 96 104 1931 97 114 116 105 93 86 79 88 97 98 96 81 94 1932 75 90 91 83 68 68 60 67 76 79 74 61 71 1933 73 84 86 80 69 68 65 68 72 76 73 62 68 1934 83 90 91 88 81 81 78 79 83 85 85 76 77 1935 88 92 93 91 86 87 84 86 85 90 89 80 86 1936 100 100 101 102 101 98 97 100 97 99 99 97 100 1937 107 104 106 107 111 105 105 109 106 104 107 105 106 1938 99 100 99 96 96 101 103 98 102 101 100 106 100 1939 106 104 101 104 106 109 113 107 111 106 105 112 109 1940 114 108 106 111 114 120 123 116 119 109 110 117 117 1941 133 126 119 129 138 144 145 135 143 122 127 138 139 1942 . 150 140 128 143 153 170 162 149 158 133 149 157 169 1943 168 148 135 151 167 194 204 161 179 149 184 212 200 SEASONALLY ADJUSTED 1942—October... 158 144 131 142 157 179 177 160 176 138 166 174 183 N ovember 159 144 130 143 161 187 178 158 173 140 176 173 185 December 157 149 131 147 158 173 177 156 163 135 159 177 187 1943—January 164 143 132 145 171 186 190 166 167 144 194 184 188 February 192 161 149 173 196 231 218 192 218 182 214 246 217 March 163 151 137 150 166 184 185 157 168 142 168 185 197 April 159 146 127 148 152 186 181 155 157 147 173 195 190 May 158 146 130 148 157 182 196 146 164 138 163 191 192 June 167 145 132 151 164 197 209 157 184 144 187 220 200 July 172 147 137 154 171 200 221 168 185 148 184 220 199 August 165 143 135 144 164 187 201 161 177 149 174 208 198 September 162 139 133 149 158 193 210 151 171 147 179 211 189 October r174 145 137 154 170 191 222 169 188 148 194 231 211 1SS ovember 181 158 145 160 178 215 220 174 197 166 203 227 212 December 165 148 131 144 164 187 208 154 172 146 174 215 206 1944—January 175 148 135 158 169 208 224 172 182 160 207 206 208 February 175 148 138 157 166 209 225 162 194 176 203 241 209 March 185 162 158 173 183 212 225 173 195 159 193 247 218 April 172 157 140 162 166 199 222 165 173 157 181 232 201 May 181 164 150 168 181 211 233 167 197 158 192 228 216 June 175 151 142 159 166 203 237 163 189 151 192 245 210 July 192 160 149 170 191 213 263 187 208 165 212 in 223 August 187 154 151 158 182 213 245 180 207 173 204 250 221 September 183 156 149 170 180 214 247 168 193 162 200 241 217 October 194 165 152 168 190 224 260 192 215 158 215 252 228 UNADJUSTED 1942— October 170 160 150 161 167 200 186 165 182 157 174 188 191 ISl ovember 188 169 162 181 189 220 208 181 197 162 190 204 220 December 262 256 230 263 254 306 287 256 263 208 259 287 296 1943—-January 129 116 110 112 133 136 152 126 137 108 143 158 150 February .. 155 125 123 137 157 176 188 155 172 127 169 204 184 March 144 130 115 135 146 166 171 140 153 124 156 168 171 April 164 155 130 151 163 190 196 160 172 151 177 193 188 May 155 145 124 142 156 181 192 149 164 139 165 191 181 Tune 155 138 123 136 155 177 175 154 166 144 172 183 184 July 127 102 92 107 126 141 166 124 137 117 145 160 165 August 139 110 99 112 143 155 179 136 152 132 163 183 180 Septembei 174 152 141 152 168 208 218 166 188 166 197 232 197 October 186 161 r157 r174 182 212 233 174 194 168 203 250 219 November 214 184 182 201 214 252 257 200 224 192 219 269 254 December 273 255 229 256 262 332 336 253 277 224 283 343 324 -January 137 119 112 122 132 152 179 131 149 119 153 177 166 February 142 115 115 124 133 159 194 131 153 122 160 200 178 March 170 144 139 162 167 203 219 159 185 140 182 227 197 April 172 161 137 159 172 193 228 166 183 159 183 228 192 May 178 162 142 161 179 210 228 170 197 160 194 228 - 203 June 163 144 132 143 157 182 199 160 170 151 177 203 193 July 142 110 100 117 140 150 197 139 154 130 168 202 185 August 157 118 110 123 159 176 218 151 178 154 192 220 202 September 196 170 158 173 191 r231 257 185 212 184 220 265 226 October 209 184 173 190 204 249 273 197 221 179 226 272 238 r Revised. NOTE.—For description and monthly indexes tor back years, see pp. 542-561 of BULLETIN for June 1944. DECEMBER 1944 IZ33 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES, STOCKS, AND OUTSTANDING ORDERS WEEKLY INDEX OF SALES [As reported by 296 department stores in various Federal Reserve districts] [Weeks ending on dates shown. 1935-39 average = 100] Index of stocks Without seasonal adjustment (In mill A io m ns o o u f n t dollars) (1935-39 average = 100) 1941 1942 1943 1944 Apr. 5 .137 Apr. 4... .170 Apr. 3.... .161 Apr. 1 .212 Out- 12 .145 11... .129 10.... .168 8 .208 m ( S o t f o a n o l t r e t a h s l ) m ( S e o t n o n d c t k h o s ) f ( 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 s a te d d - May 2 1 1 3 6 9 0 . . . . 1 1 1 1 2 3 3 2 2 9 4 6 May 2 1 9 2 8 5 . . . . . . . . .. . . . . 1 1 1 1 4 4 4 4 9 7 0 6 May 2 1 8 1 4 7 . . . . . . . . . . . . . . . . . . . . 1 1 1 1 8 4 6 7 2 2 9 0 May 2 2 1 6 2 9 5 . . . . 1 1 1 1 8 6 5 6 4 8 2 3 month) 17 .120 16.... .127 15... .149 13 .197 24 .127 23 .125 22.... .153 20 .177 1939 average . . 128 344 99 June 3 7 1 . .1 1 3 1 6 6 June 3 6 0 . . . . . . . . . : 1 14 0 7 4 June 2 5 9 . . . . . . . . . . 1 1 5 5 1 1 June 2 3 7 . . 1 1 6 6 8 3 1940 average 136 353 108 101 14 .130 13 .128 12.... .168 10 .172 1941 average 156 419 194 120 21 .117 20 .129 19.... .168 17 .173 1942 average 179 599 263 172 28 .118 27 .109 26.... .132 24 .151 1943 average 204 507 530 146 July 5 . 95 July 4 . 95 July 3... . .134 July 1 .149 12 .101 11... .112 10.... .113 8 .116 1943—Jan 157 467 347 150 134 19 . 99 18.... .105 17.... .126 15.... .145 Feb. 182 453 398 136 130 26 . 97 25.... .103 24.. 124 22 138 Mar 187 472 441 133 136 Aug. 2 .111 Aug. 1 .105 31.... .118 29.;. ..132 Apr. . . 200 462 461 128 133 9 .127 8... .122 Aug. 7.... .131 Aug. 5... .137 J M u a n y e 1 1 8 8 2 8 4 4 7 8 1 0 5 67 6 1 3 1 14 3 4 2 1 13 3 8 5 2 1 3 6 . . 1 12 2 8 3 2 1 2 5 . . . . . . . . . 1 1 2 2 6 5 2 14 1.... . .1 1 4 3 6 1 1 1 2 9 . . .. .. . . 1 1 4 4 9 8 July 151 507 692 162 146 30 .162 29.... .142 28.... .145 26... .171 A Se u p g t . 2 1 0 6 5 8 r5 5 8 6 6 4 r5 6 6 1 4 8 r1 1 6 6 2 9 r1 1 6 6 8 2 Sept. 1 6 3 . . 1 1 2 4 9 2 Sept 1 5 2.... . . 1 1 4 6 0 5 Sept. 1 4 1.... . . 1 1 5 6 6 9 Sept. 9 2. . . . . . . . . 1 1 7 9 7 4 Oct 230 593 r551 153 170 20 .142 19 .152 18... .179 16... 196 Nov 259 576 560 143 165 27 .161 26 .172 25 .176 23 .193 Dec 338 466 487 142 134 Oct. 4 .179 Oct. 3 .183 Oct. 2.... .175 30 .196 11 .135 10 171 9.... .188 Oct. 7 218 1944—Jan 167 478 525 153 137 18 .141 17 .166 16.... .189 14 .221 Feb. 170 512 526 154 147 25 .144 24 .172 23 .194 21 .209 Mar 227 525 488 148 151 Nov. 1 .145 31 .168 30 .187 28 .207 Apr 206 524 475 145 150 8 .150 Nov. 7 .182 Nov. 6 .202 Nov. 4 .....214 May 220 525 521 147 151 15 .159 14.... .182 13 .211 11 ... .230 June 199 522 590 157 150 22 .139 21 .182 20 .223 18 .252 July 163 516 628 165 148 29 .176 28 .176 27 .201 25 .235 A Se u p g t 2 1 3 9 4 6 ''5 5 8 68 3 r5 5 5 7 9 4 r1 1 6 7 1 0 r1 1 6 6 7 3 Dec. 1 6 3 . . 2 2 5 2 0 5 Dec. 1 5 2 . .. . . .. . .2 2 9 5 5 0 Dec. 1 4 1. ... . .2 2 9 6 7 9 Dec. 9 2 . . . . .. Oct 257 602 577 155 173 20 .299 19.... 333 18. ... .321 16 . . 29 .191 26.... 222 25 . ....274 23 . r Revised. Back figures.—Division of Research and Statistics. NOTE.—Revised series. For description and back figures see pp. 874-875 of BULLETIN for September 1944. SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] O 19 c 4 t 4 . S 1 e 9 p 4 t 4 . m T 19 e o 4 n s 4 . 1 O 9 c 4 t 4 . S 1 e 9 p 44 t. m T 19 e o 4 n s 4 . O 19 c 4 t 4 . S 1 e 9 p 44 t. m T 1 o 9 e 4 s n . 4 United States. +11 +14 +10 Bo N st e o w n Haven + + 1 8 3 + + 1 6 3 + +5 7Cle E v r e i l e and—Cont. +3 +7 +4 Ch F ic o a r g t o — W C a o y n n t. e.... +20 r+8 +10 Da S ll h a r s e .. veport + +6 9 + +1 1 0 4 Portland +12 +14 +3 Pittsburgh.... +15 +18 +10 Indianapolis... + 11 +10 +10 Dallas +6 +18 Boston +17 +16 +10 Wheeling +19 +21 +16 Terre Haute... + 15 +20 +7 Fort Worth +7 +17 P Sp ro ri v n i g d f e i n el c d e + + 1 7 0 + + 1 6 2 + + 1 7Ric W hm a o sh nd ington + + 1 1 2 4 + + 1 9 3 + + 1 4 0 D D Si e e o s t u r x M o it C oi i n ty es + + 1 7 7 + + 1 1 0 7 + + 1 3 1 H Sa o n u s A to n n tonio + + 1 1 5 2 + + 1 7 5 Ne B w r id Y g o e rk port + + 1 5 1 + +1 1 1 3 + -1 9 B W a i l n ti s m to o n r - e Salem... + + 1 1 0 2 + + 2 9 8 + + 1 6 5 F G l r i a n n t d Rapids.. + +2 1 2 0 + + 2 5 5 + + 1 2 9 Sa P n h F o r e a n n ix cisco + + 8 7 + +1 1 1 6 N A B Bu i e l n b f w f g a a a n h l r o y a k m ton , + + + + 1 8 6 9 3 + + + + 2 7 9 7 4 + + + + 1 6 4 3 0 N G L C y o h re n r a e f c r o n l h e l v b k s i u t ll o r e g n , , S S . . C C. + + + + 2 2 2 8 4 0 3 + + + + 1 2 1 1 2 7 8 3 + + + + 1 1 1 2 0 8 5 1 L M G a r i e n lw e s n i a n u B g k a e y e + + + 1 1 8 2 5 + + + 1 2 1 7 1 9 + + + 1 1 8 2 6 T B L Fr u o a e k n c s s e g n o r o s n B f i . e e . a l . d c h .. + + + 2 1 5 0 5 0 '+ + + + 2 1 2 2 7 5 6 2 Elmira +11 +24 +10 Richmond +17 +16 Louis +13 +14 +11 Los Angeles +8 +14 Niagara Falls.. —3 +19 +3 Charleston.W.Va. +7 +16 +4 Fort Smith +8 +19 Oakland and New York City +11 r+12 +11 Clarksburg +12 +24 +13 Little Rock.... +11 +12 Berkeley +12 +14 Poughkeepsie.. +16 +18 +14 Huntington +22 +28 +23 Quincy +13 +25 +21 Riverside and C Ph le U T Y L A P S R W R C C S i v la y r h a t c e i o l k e o i e i d n e l r n i h a c r r c l a e a n v l c k o c k d h a e n a l c e i t n p a e i n e d d n o u l n h s s s e a n n e s g i t - t n a c e e l a e B d p t r r ti a a h d r i r a y e . . . . . * . . + + + + + + + + + + + + + + 1 1 1 1 1 1 1 3 3 3 9 4 3 6 8 0 0 5 5 9 0 2 + + + + + + + + + + + + + + + 1 2 2 1 1 2 1 1 2 1 1 9 1 9 0 9 7 1 5 5 0 3 5 1 4 4 + + + + + + + + - + + + + + + 1 1 2 1 2 1 9 4 7 4 7 8 7 4 1 0 2 0 7 0 U M M B M T J M K N A B N J C la a a a i a a e t n h o o n i a r c c l w m a t s t o b a m n a c k k a o h m x i o t n t p s ^ n s i l t v O g n v o e o t n a i a i a o n i n R r g l n l m l l l v h e o o e e i a e a o u l m l r n g g e y s e a.. .. + + + + + + + + + + + + + + + 1 1 1 1 1 2 1 1 1 1 1 1 2 3 1 2 7 5 5 5 9 7 7 3 8 5 1 3 1 8 + + + + + + + + + + + + + + + 1 1 2 2 1 1 1 2 1 2 3 1 1 1 6 4 9 0 0 9 5 5 1 9 1 1 4 7 4 + + + + + + + + + + + + + + + 2 1 1 1 1 1 1 1 4 2 1 2 2 1 8 9 4 8 6 4 3 8 8 2 3 3 1 1 9 M Ka W i M T J E L P H D S S K S n n K o p t u o v o t e n u a s e . i . p a r u e a p n c a e t m i n L l b n i c J e n h a v s i s s p h o s l k g o e p i n v a o t v h C r u i f a o s s . a i n i . i i l i e l e i s l s l s i t C p e l l s y o e d h i n t . y . . . . . . .. + + + + + + + + + + + + + - 2 2 1 1 1 2 2 1 1 1 8 1 2 3 2 8 5 1 5 2 0 7 2 + + + + + + + + + + + + + + 1 1 2 2 2 1 1 1 2 1 2 1 1 1 3 0 1 7 1 3 2 0 1 3 0 0 3 + + + + + + + + + + + + + - 1 1 1 1 1 2 1 1 1 2 9 9 7 9 9 5 6 9 4 5 6 6 0 B V S S S S S S B E S P S S a a a t a o a a a p o e v e o N S n n n n i c l l o a l r e s c l t a l t r t a t e k e i r k a n a l t F D J n j m e a L a l t o m o a e g r o n t n i B R a a t p n s e h n e e a d k e n a e g o d a n n e c r o s m t d n i a o s C a c r N o i d t a i y n p . o a . + + + + + + 1 1 1 6 7 9 3 7 2 r+ + + + + + + 1 2 1 2 1 1 1 4 1 4 1 3 8 5 +10 Columbus +18 +18 +13 •hxcago +12 +13 +8 Omaha +9 +11 +12 Tacoma Toledo +14 +16 +11 Chicago +14 +13 +8 Oklahoma City +6 +15 +15 Yakima +18 *+23 Youngstown... +18 +21 +12 Peoria +18 r+20 +14 Tulsa +9 +15 +9 r Revised. * Data not yet available. **Nine months 1944. 1x34 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS, BY MAJOR DEPARTMENTS Ratio of stocks Sales during month (value) Stocks at end of month (value) to sales i Number Department of stores Percentage change Percentage change September reporting Sept. 1944Sept. 1944Sept. 1943Sept. 1944 Sept. 1944Sept. 1943 from from from from from from 1943 Sept. 1943Aug. 1944 Aug. 1943Sept. 1943Aug. 1944 Aug. 1943 GRAND TOTAL—entire store.. 354 +13 +20 +24 -2 +2 +4 2.6 3.0 MAIN STORE—total 354 +14 +20 +24 -1 +1 +4 2.7 3.1 Women's apparel and accessories 351 +14 +22 +28 2.1 2.4 W B W l o o o m u m s e e e n n s ' , ' s s a an n s d d k i m m rt i s i s s , s s e e s s ' ' s p d c o o r r e a t s s t s s w e a s e n ar d , su s i w ts eaters, knit 3 3 3 3 0 3 + +1 1 9 3 + + 3 2 9 5 + + 3 2 9 7 - - 1 2 7 2 1 1 . . 0 7 2 1 . . 4 4 apparel 312 +18 +16 +27 -5 -8 1.7 2.1 Juniors' and girls' wear 296 +16 +9 +19 +2 +1 +3 1.6 1.9 Infants' wear 304 +18 +19 +38 +39 -4 -3 1.9 1.6 W Ap o r m on e s n , ' s h u o n u d se e d rw re e s a se r, s , s l u i n p i s f , o n rm eg s ligees 3 2 2 8 2 4 + + 2 1 9 9 - + 15 7 + -1 1 1 1 + — 1 11 1 ii + + 1 1 4 6 2 2 . . 7 1 3 2 . . 1 9 H C o o s rs ie e r t y s, b (w ra o s m si e e n re 's s and children's) 3 3 3 4 0 4 + +1 3 7 5 + + 1 2 5 6 + +3 1 0 6 - — 1 2 1 6 -3 i +2 1 1 . . 7 9 2 3. . 0 6 Gloves (women's and children's) 325 +15 +95 +127 +36 +7 +8 5.0 4.2 Shoes (women's and children's) 240 +l +31 +56 0 0 3.0 3.2 Furs 262 -10 -20 -12 +6 +9 5.2 4.1 Men's and boys* wear 322 +16 +36 +49 +4 +5 XI 4.0 4.4 Men's clothing 231 +15 +49 +54 -9 +4 4.3 5.4 M M Bo e e y n n s ' ' s s ' c f a l u n o r d t n h i b i s n h o g i y n s a g ' n s s , d h o h f e a u s t r s n a , i s n c h d a i p n s s g li s ppers 3 2 1 0 8 7 5 0 6 + + + 1 1 4 7 7 + + + 3 2 3 4 9 5 + + + 3 6 5 8 4 4 + + - 3 7 4 5 ii 0 + + 1 5 1 o 4 3 5 . . . 4 0 6 5 2 6 . . . 0 6 3 Home furnishings 314 +9 +11 -6 -l 0 3.3 3.6 Furniture, beds, mattresses, springs 231 —4 -5 -1 -l +2 3.2 3.4 Domestic floor coverings 236 +16 +20 —19 -3 —8 3.0 3.2 Draperies, curtains, upholstery 291 +14 +24 +32 -1 -1 -3 2.8 3.2 Major appliances (refrigerators, washers, stoves, etc.) 185 -5 -15 -43 +1 +2 2.0 3.4 Domestics, blankets, linens, etc 288 +2 +7 +1 -3 +1 3.0 3.0 H Ch o i u n s a e w an ar d e s glassware 2 2 1 2 9 1 + + 1 8 0 +15 +14 - - 1 6 2 -1 0 +2 4 3. . 7 5 4 5 . . 2 7 +15 Piece goods (dress and coat yard goods, all materials) 286 +28 +12 +19 -5 -5 -2 2.0 2.8 Cotton wash goods 119 +20 —17 -12 -17 +6 +8 1.7 2.5 Small wares 335 +18 +23 +21 +9 +6 +8 3.6 3.9 Notions 220 +16 +19 +20 -6 0 +6 3.1 3.9 Toilet articles, drug sundries, prescriptions 318 +11 +17 +15 +18 it +6 3.9 3.7 Jewelry and silverware 275 +4 +19 +21 +6 4.0 4.3 Miscellaneous 289 +32 +25 +17 +2 +5 +10 3.1 4.0 BASEMENT STORE—total 217 +11 +17 +25 -5 +4 +4 2.4 2.9 Women's apparel and accessories 205 +15 +16 +24 -3 +7 +5 2.0 2.4 Men's and boys' clothing and furnishings. 166 +8 +23 +41 -1 +3 +4 3.8 4.1 Home furnishings 133 +3 +28 +31 o +8 +8 2.5 2.9 Piece goods 53 +23 +3 +8 -13 —1 —2 2.2 3.1 Shoes 133 +6 +27 +34 -16 0 +3 4.0 5.0 NOTE.—Group totals include sales in departments not shown separately. Figures for basement store are not strictly comparable with those for main e owing chiefly to inclusion in basement of fewer departments and somewhat different types of merchandise. The ratio of stocks to sales is obtained ith by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1941 average = 100 Percentage of total sales Year and month Sales during month Ac at c o e u n n d t s o f r e m ce o iv n a th b le Collec m tio o n n s t h during Instal- Charge- Cash ment account Total Cash 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 I m ns e t n a t l- a C c h c a o r u g n e t sales sales 1943—September r131 167 69 104 38 74 67 84 61 34 October. 147 187 84 115 40 81 r76 104 r62 r33 November 166 210 93 130 44 90 81 116 61 34 December 217 289 99 159 48 109 82 121 65 31 1944—January 106 140 53 79 44 82 77 143 64 32 February 109 140 57 84 41 72 72 107 63 33 March. 144 182 73 114 40 79 78 100 62 34 April 132 171 59 104 38 79 67 107 62 34 May 141 180 58 112 36 82 67 109 62 34 June 127 165 50 99 34 78 61 111 63 34 July 103 138 44 76 32 67 56 102 65 31 August 126 167 60 93 32 70 58 92 64 32 September. . 149 193 66 116 33 81 61 96 63 33 October 164 211 81 127 35 90 69 115 63 33 r Revised. NOTE.—These data are based on reports from a smaller group of department stores than that included in the monthly index of sales shown on a preceding page. DECEMBER 1944 I2-35 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 ea m r onth co c T n r o s e u d ta m i l t1 er ins T ta o l t m al ent Sale credit Loans12 p S a l i o y n a m g n l e s e 3 n - t a C c h co ar u g n e ts Service credit credit1 Total Automobile 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 4,162 1,849 1,317 576 741 532 659 1,203 451 1935 5,156 2,607 1,805 940 865 802 785 1,292 472 1936 6,431 3,501 2,436 1,289 1,147 1,065 991 1,419 520 1937 7,082 3,947 2,752 1,384 1,368 1,195 ,119 1,459 557 1938 6,663 3,584 2,313 970 1,343 1,271 ,069 1,487 523 1939 7,629 4,463 2,792 1,267 1,525 1,671 ,089 1,544 533 1940 8,840 5,507 3,450 1,729 1,721 2,057 ,123 1,650 560 1941 9,562 5,984 3,747 1,942 1,805 2,237 ,204 1,764 610 1942 6,236 3,003 1 494 482 1,012 1.509 ,072 1.513 648 1943 5,224 2,005 816 175 641 1,189 L.034 L,498 687 1943 Sept 4,977 1,985 786 186 600 ,199 ,038 1,275 679 Oct 5,077 1,958 777 181 596 1,181 1,073 L,366 680 Nov 5,178 1,946 778 177 601 1,168 L.084 1,466 682 Dec 5,224 2,005 816 175 641 ,189 1,034 1,498 687 1944 Jan 4,884 1,902 745 169 576 ,157 996 1,294 ' 692 Feb 4,727 1,850 707 167 540 ,143 962 1,218 697 Mar 4,899 1,867 696 167 529 .171 955 1,376 701 Apr 4,866 1,850 690 171 519 1,160 966 1,346 704 May 4,960 1,863 700 181 519 1,163 997 1,390 710 June 5,005 1,886 707 192 515 1,179 1,033 L,37O 716 July 4,942 1,893 706 204 502 1,187 1,038 1.287 724 AUK 4,988 1,899 709 210 499 1,190 1,029 M30 730 Sept ^5,075 ^1,919 ^720 *>210 P510 pl,199 pl,022 n,402 *732 Oct p5,212 pl,940 P743 *>2l0 P533 ^1,197 pl,024 *1,516 P732 p Preliminary. 1 Revised to include new estimates of amounts outstanding on consumer instalment loans of commercial banks and credit unions, and on consumer repair and modernization loans (which now include only those insured by the Federal Housing Administration). A description of these revisions and end-ofmonth estimates for the period prior to 1944 are shown on pp. 1177-1181 of this BULLETIN. 2 Includes insured repair and modernization loans. Estimates for these loans have been revised for the period beginning July 1934; for a description of the repair and modernization series and revised figures see pp. 1179-1180 of this BULLETIN. 3 An estimated total of noninstalment consumer loans; i.e., single-payment loans of commercial banks and loans by pawnbrokers. CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT LOANS AUTOMOBILE [Estimated amounts outstanding. In millions of dollars] [Estimated amounts outstanding. In millions of dollars] Insured End o r o f y e m a o r nth ex m T a c o l u o u b t t d o a i i l - l n e , g D o s m m e t a r o p d a e n r a i n e d e l r r t - s t- F st t u o u r r r n e e i s - H a s a h t p o o n o p u r c l l s e d e i e s - - J s e t w or e e lr s y s r o t e t A o t h a r l e e l i r l s m E o y n n e d t a h o r f or Total1 b m a C e n o r k c m s i 1 a - l 2 p S c l a o o m n a m i a n e l - s l b I p a n c a t n o d r n k i m u i a i e n s l - s - g u C n r i e o d n i s t 3 M l l a e n n is e d c o e e u r l s - s m i l r z o o e a a a d p t n n e a i d o s r ir n n 4 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 532 44 246 125 32 60 ""is" 1932 677 103 313 121 30 110 1935 802 88 267 156 44 79 168 1933 663 119 299 119 29 97 1936 1,065 161 301 191 66 102 244 1934 741 146 314 131 35 115 1937 1,195 258 350 221 93 125 148 1935 865 186 336 171 40 132 1938 1,271 312 346 230 112 117 154 1936 1,147 256 406 255 56 174 1939 1,671 523 435 257 147 96 213 1937 1,368 314 469 307 68 210 1940 2,057 692 505 288 189 99 284 1938 1,343 302 485 266 70 220 1941 2,237 784 535 298 217 102 301 1939 1,525 377 536 273 93 246 1942 1,509 430 424 202 147 91 215 1940 1,721 439 599 302 110 271 1943... 1,189 315 372 165 123 86 128 1941 1,805 469 619 313 120 284 1942 1,012 254 391 130 77 160 1943 1943 641 174 271 29 66 101 Sept 1,199 320 358 169 124 85 143 Oct 1,181 315 354 167 123 84 138 1943 Nov 1,168 311 355 165 121 84 132 Sept. 600 148 272 42 44 94 Dec 1,189 315 372 165 123 86 128 Oct 596 151 269 37 45 94 Nov. 601 160 266 32 48 95 1944 Dec 641 174 271 29 66 101 Tan 1,157 309 360 161 119 85 123 Feb 1,143 307 356 161 117 84 118 1944 Mar 1,171 319 369 164 121 86 112 Jan 576 158 248 24 55 91 Apr 1,160 322 363 164 118 85 108 Feb 540 147 236 21 51 85 May 1,163 329 362 165 118 85 104 Mar 529 144 231 19 52 S3 June 1,179 339 365 169 119 85 102 Apr 519 142 229 18 48 82 July 1,187 343 367 170 119 85 103 May 519 141 235 16 45 82 Aug 1,190 346 363 172 118 85 106 June 515 138 237 15 44 81 Sept pl,199 351 364 172 118 ?85 ^109 July 502 132 234 14 43 79 Oct PI,197 353 361 172 117 ^85 ^109 A O Se u c p t g t. p p 5 5 4 3 1 99 3 0 ^ p1 1 1 4 3 3 8 2 8 P P 2 2 2 U 3 3 6 3 p p \ \ 3 3 13 P P 4 4 4 4 3 2 p pS u 7 0 9 p J 2 R T Pr h e e v e l s i i s e m e f d i i n . g a u r r S y e . e s e i n fo c o lu t d n e o t o e n 1 ly f o p r e r t s a o b n le a l a i b n o s v ta e l . ment cash loans, retail automobile direct loans (see following page) and a small amount of other re- P Preliminary. tail direct loans. Estimates for the period beginning December 1939 have been revised and figures for earlier years have been adjusted to bring them into consistent relationship with the new estimates. 3 Figures beginning January 1942 adjusted to official year-end figures; for descriptive material and back figures see pp. 1180-1181 of this BULLE- TIN. 4 Revised. See footnote 2 for table above. 1X36 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 bile O r c e h t t a h a s e i e l r , d R e m r e a n p n o i a d d z i - a r - i s m n P o s e e n t n r a a - t l l- Month or year Co b m an m k e s r 1 c '2 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 it s3 c P h u as r- ed D lo i a re n c s t di a r n e d ct lo ti a o n n s1 l c o a a s n h s 1929 463 413 42 1930 503 380 41 Outstanding at end of 1931 498 340 38 period: 1932 376 250 34 1939 1,093 218 164 155 209 347 1933 304 202 33 1940... 1,450 311 253 217 247 422 1934 384 234 42 1941 1,694 411 310 288 234 451 1935 423 288 67 1942.... 849 136 127 143 154 289 1936 563 354 105 1943 517 55 84 68 89 221 1937 619 409 148 1938 604 417 179 1943—September. 537 59 84 71 97 226 1939 763 489 257 October 527 58 84 68 95 222 1940 927 536 320 November 517 56 84 67 92 218 1941 983 558 372 December, 517 55 84 68 89 221 1942 793 798 408 247 1943. 635 809 364 227 1944—January.. 507 53 83 71 85 215 February... 494 52 83 65 81 213 1943 March. 501 52 85 62 78 224 March 65 86 38 26 April... 500 52 88 61 76 223 April 51 62 31 17 May. . 508 53 92 62 76 225 May 50 58 29 17 June... 522 56 96 63 76 231 June 60 80 35 23 July 531 61 98 62 77 233 July... 53 62 30 18 August 536 62 100 61 79 234 August 53 64 29 17 September. .. . 545 63 102 63 80 237 September 57 70 32 21 October 548 61 105 66 80 236 October 51 67 28 19 November 50 70 29 18 Volume extended during December 58 95 32 23 j XLJA 1 J 9 ll t 4 il 3 » —September. . .. 84 11 16 10 7 40 1944 October 77 9 14 12 7 35 January 49 53 27 15 November 75 8 14 12 6 35 February 51 60 29 18 December.. 82 8 15 13 5 41 March 72 94 38 26 April 56 61 30 16 1944—January 72 7 14 14 4 33 May 65 72 35 20 February 70 8 15 8 4 35 June 69 75 38 22 March 95 9 19 10 5 52 July 64 73 33 19 April. 82 11 18 11 6 36 August 64 70 35 20 May 97 12 21 15 7 42 September 63 67 33 19 June 100 12 20 13 8 47 October 62 68 34 18 July 95 14 j 20 11 8 42 O A Se c u p t g o t u e b s m e t r ber . 9 9 9 3 3 4 1 1 1 0 2 0 ! 1 1 2 9 0 9 1 1 1 2 5 1 9 9 9 4 4 4 3 2 0 Ja 2 1 n u X R a h e r v e y s i s e 1 e 9 f d 4 ig . 2 u t r F o es o d f r a o t d r e e l , o s s c a e n r e i s p p m ti p v a . e d 1 e 1 m 7 in 7 a c - t 1 l e u 1 r 7 d ia 9 e l o o a n f n l t y d h p i s r e e r B v s U o is n L e a L d l E i T m n I s o N t n . a t l h m ly e nt f i c g a u s r h e s l o f a r n o s m , 1 Includes not only loans insured bv Federal Housing Administration retail automobile direct loans, which are shown elsewhere on this page, but also noninsured loans. and a small amount of other retail direct loans (2 million dollars in October NOTE.—These series have been revised throughout. A description of the 1944) not shown separately. revision and back figures for the entire Deriod are given on DD. 1177-1179 3 This series was revised from January 1941 to date in accordance with of this BULLETIN. official data for annual loan volume compiled by the Federal Deposit Insurance Corporation for Federal credit unions and by the Bureau of Labor Statistics for State credit unions. FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE1 Percentage c P h e a r n c g e e n t f a r g o e m Instalment accounts a C cc h o a u r n ge ts change from corresponding Item Oct. p m re o c n ed th ing pre m ce o d n i t n h g o y f ear Month D s m e to p e r n a e t r s t- F s t t u u o r r r n e e i s - h H p s o l t o l i o d a u r n s a e c e s p e - - J s e t w o e re lr s y D s m t e o p e r a n e r t s t- 1943 Net sales: September 33 21 21 33 62 Total October 37 22 22 37 65 Cash sales. November 37 23 23 39 66 Credit sales: December ... 35 22 22 55 63 Instalment...... Charge account... .... 1944 January 30 20 22 31 61 Accounts receivable, at end of February 31 20 22 31 61 month: March..' 36 23 26 34 65 Total .... April 31 23 26 28 63 Instalment +4 May 33 25 26 30 64 June.. 31 24 28 30 63 Collections during month: July.... 30 23 29 31 61 Total +8 August 34 24 32 31 64 Instalment +10 September 35 24 r33 32 64 October. 39 26 36 34 65 Inventories, end of month, at retail value +1 r Revised. 1 Ratio of collections during month to accounts receivable at beginning r Revised. of month. DECEMBER 1944 12.37 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 =100] Other commodities All Farm Year, month, or week m c t o o i m e d s i - - p u r c o t d s - Foods Total 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 ex d t u i c le ts m F li u a g e t h e l t r a i i n n a g l d s a p n M r d o e d m t u a e c ls t t a s l m B a u t i e ld ri i a n l g s p c C r a a o h l l s d l e i a u m e n d c i d t - s i f n H u g r o n g u i o s s o h e- d - s l M an is e c o e u l s - 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 88.7 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.9 75.1 64.4 1933 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.1 75.8 62.5 1934 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.3 81.5 69.7 1935 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 79.0 80.6 68.3 1936 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 78.7 81.7 70.5 1937 86.3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95.2 82.6 89.7 77.8 1938 78.6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.0 86.8 73.3 1939 77.1 65.3 70.4 81.3 95.6 69.7 73.1 94.4 90.5 76.0 86.3 74.8 1940 78.6 67.7 71.3 83.0 100.8 73.8 71.7 95.8 94.8 77.0 88.5 77.3 1941, 87.3 82.4 82.7 89.0 108.3 84.8 76.2 99.4 103.2 84.6 94.3 82.0 1942 98.8 105.9 99.6 95.5 117.7 96.9 78.5 103.8 110.2 97.1 102.4 89.7 1943 103.1 122.6 106.6 96.9 117.5 97.4 80.8 103.8 111.4 100.3 102.7 92.2 1943—January 101.9 117.0 105.2 96.0 117.8 97.3 79.3 103.8 109.8 100.2 102.5 90.7 February 102.5 119.0 105.8 96.2 117.8 97.3 79.8 103.8 110.2 100.3 102.6 90.9 March 103.4 122.8 107.4 96.5 117.8 97.3 80.3 103.8 110.4 100.0 102.6 91.4 April 103.7 123.9 108.4 96.6 117.8 97.4 80.6 103.8 110.3 100.1 102.6 91.6 May 104.1 125.7 110.5 96.7 117.8 97.4 80.8 103.8 110.5 100.2 102.7 91.9 June 103.8 126.2 109.6 96.8 117.8 97.4 81.0 103.8 110.6 100.0 102.8 91.8 July 103.2 125.0 107.2 96.9 117.8 97.4 81.0 103.7 110.7 100.1 102.6 92.3 August 103.1 123.5 105.8 97.1 117.8 97.4 80.9 103.7 112.2 100.2 102.6 92.6 September 103.1 123.1 105.0 97.2 117.8 97.5 81.0 103.7 112.5 100.3 102.6 93.0 October 103.0 122.2 105.1 97.3 117.8 97.6 81.0 103.7 112.7 100.4 102.6 93.1 November 102.9 121.4 105.8 97.4 116.5 97.7 81.2 103.8 113.1 100.3 102.8 93.2 December 103.2 121.8 105.6 97.6 117.0 97.7 82.1 103.8 113.4 100.4 102.8 93.3 1944—January 103.3 121.8 104.9 97.8 117.2 97.7 82.3 103.7 113.5 100.4 104.5 93.2 February 103.6 122.5 104.5 98.0 116.9 97.7 83.1 103.7 113.6 100.4 104.2 93.4 March 103.8 123.6 104.6 98.1 116.9 97.8 83.0 103.7 114.2 100.4 104.3 93.5 April 103.9 123.2 104.9 98.4 116.9 97.8 83.0 103.7 115.2 105.4 104.3 93.5 May 104.0 122.9 105.0 98.5 117.0 97.8 83.2 103.7 115.7 105.4 104.3 93.5 June 104.3 125.0 106.5 98.5 116.4 97.8 83.3 103.7 115.9 105.2 104.3 93.5 July 104.1 124.1 105.8 98.5 116.2 98.0 83.2 103.7 115.9 105.3 104.3 93.6 August 103.9 122.6 104.8 98.6 116.0 98.4 83.2 103.8 116.0 105.3 104.4 93.6 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 October 104.1 123.4 104.2 98.7 116.2 99.4 82.9 103.7 116.3 105.0 104.4 93.6 Week ending: 1943—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 98.8 116.5 98.2 83.8 103.8 116.0 104.9 106.1 93.3 Sept. 16 103.6 122.1 103.8 98.8 116.6 98.3 83.7 103.9 116.1 104.9 106.1 93.3 Sept. 23 103.7 122.8 104.3 98.8 116.5 98.3 83.7 103.9 115.9 104.9 106.1 93.3 Sept. 30 103.8 122.8 103.9 98.8 116.5 98.5 83.7 103.8 115.9 104.9 106.1 93.4 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 98.8 116.7 98.9 83.5 103.8 116.4 104.9 106.1 93.4 Nov. 4 104.0 124.0 104.4 98.8 116.7 98.9 83.5 103.8 116.4 104.7 106.1 93.4 Nov. 11 104.1 124.4 104.9 98.8 116.7 98.9 83.5 103.8 116.4 104.7 106.1 93.4 Nov. 18 104.1 124.5 104.9 98.9 116.7 98.9 83.6 103.8 116.4 104.8 106.1 93.4 Nov. 25 104.1 124.1 105.0 98.9 116.7 98.9 83.6 103.9 116.4 104.8 106.1 93.5 1943 1944 1943 1944 Subgroups Subgroups Oct. July Aug. Sept. Oct. Oct. July Aug. Sept. Oct. Farm Products: Metals and Metal Products: Grains 122.5 125.2 122.5 121.7 125.1 Agricultural implements 96.9 97.3 97.5 97.5 97.5 Livestock and poultry 126.1 123.4 125.4 127.6 127.1 Farm machinery 98.1 98.4 98.6 98.6 98.6 Other farm products 118.9 123.2 120.0 119.2 119.9 Iron and steel 97.1 97.1 97.1 97.2 97.1 Foods: Motor vehicles 112.8 112.8 112.8 112.8 112.8 Dairy products 109.1 110.3 110.5 110.7 110.7 Nonferrous metals 86.0 85.7 85.8 85.8 85.8 Cereal products 94.7 94.3 94.3 94.4 94.7 Plumbing and heating 90.2 92.4 92.4 92.4 92.4 Fruits and vegetables 115.1 129.9 122.8 115.9 112.7 Building Materials: Meats 106.2 105.9 105.9 106.0 106.0 Brick and tile 99.0 100.7 100.7 101.5 104.8 Other foods :.... 99.6 94.7 94.1 95.5 96.8 Cement 93.6 96.4 96.4 96.9 97.5 Hides and Leather Products: Lumber 146.6 154.2 154.4 154.0 153.8 Shoes 126.4 126.3 126.3 126.3 126.3 Paint and paint materials... 102.8 105.5 105.5 105.5 106.0 Hides and skins 116.0 106.8 105.7 106.1 107.3 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 107.3 107.3 107.3 107.3 107.2 Other leather products 115.2 115.2 115.2 115.2 115.2 Other building materials.... 102.2 103.1 103.2 103.3 103.3 Textile Products: Chemicals and Allied Products: Clothing 107.0 107.0 107.0 107.0 107.4 Chemicals 96.4 96.2 96.2 96.0 96.0 Cotton goods 112.9 114.0 115.9 118.7 118.8 Drugs and Pharmaceuticals. 165.2 220.1 220.1 217.2 217.2 Hosiery and underwear 71.4 70.6 70.6 70.8 71.5 Fertilizer materials 81.3 81.1 81.2 81.2 81.8 Silk Mixed fertilizers 85.8 86.3 86.6 86.6 86.6 Rayon 30.3 30.3 '30.3' "36! 3- Oils and fats 102.0 102.0 102.0 102.0 102.0 Woolen and worsted goods.. 112.5 112.9 112.9 112.9 112.9 Housefurnishing Goods: Other textile products 99.2 100.5 100.5 100.9 100.9 Furnishings 107.1 107.2 107.4 107.4 107.4 Fuel and Lighting Materials: Furniture 98.1 101.4 101.4 101.4 101.4 Anthracite 89.9 95.4 95.4 95.4 95.2 Miscellaneous: Bituminous coal 116.4 120.5 120.5 120.6 120.5 Auto tires and tubes 73.0 73.0 73.0 73.0 73.0 Coke 122.4 130.7 130.7 130.7 130.7 Cattle feed 159.6 159.6 159.6 159.6 159.6 Electricity 57.8 59.5 59.0 Paper and pulp 105.6 107.2 107.2 107.2 107.2 Gas 77.2 78.9 76.0 76.8 Rubber, crude 46.2 46.2 46.2 46.2 46.2 Petroleum products 63.5 64.0 63.9 63.8 63.8 Other miscellaneous 96.4 96.9 96.9 97.0 97.0 Back figures.—Bureau of Labor Statistics, Department of Labor. 1x38 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of the Department of Agriculture, by States, as of November 1, 1944. In thousands of units] Cotton Corn Winter wheat Spring wheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1943 Nov. 1, 1944 1943 Nov. 1, 1944 1943 Nov. 1, 1944 1943 Nov. 1, 1944 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston 7,383 7,877 48 38 New York 26 008 28 348 5,098 10 103 46 80 Philadelphia 43!147 46]791 12,'066 18^149 128 136 Cleveland 214,444 183,190 30,115 54,145 46 55 Richmond 1J316 1,589 133,876 137,194 20,538 35 869 Atlanta 2,538 2,563 179,025 165,025 5,958 9,290 Chicago 1,287,286 1,245,628 31,987 55,754 911 929 St. Louis 13^217 ^3,830 362,072 380,851 28,034 51,973 16 15 Minneapolis 342,268 446,097 26,240 31,847 252,933 271,570 Kansas City 319 548 369,806 529,885 271,457 347,754 4,749 4,624 Dallas 3,578 3,319 102,083 79,782 37,142 78,111 111 121 San Francisco. 459 471 8,761 7,710 60,971 93,129 47,704 45,189 Total 11,427 12,320 3,076,159 3,258,378 529,606 786,124 306,692 322,757 Oats Tame hay Tobacco White potatoes Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1943 Nov. 1, 1944 1943 Nov. 1, 1944 1943 Nov. 1, 1944 1943 Nov. 1, 1944 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston 5,007 5,544 3,421 2,752 28,277 32,406 83,826 67,932 New York 10,726 24,761 6,498 5,660 997 1,140 35,542 31,611 Philadelphia . 9,434 14,937 2,467 2,287 40,014 50,415 20,846 19,838 Cleveland 36,014 47,567 5,491 5,032 110,402 134,666 15,730 12,568 Richmond.. 25,250 29,915 4,605 4,388 768,814 1,026,740 29,364 17,984 Atlanta 21,458 27,366 4,196 3,500 154,509 203,292 18,749 14,250 Chicago 418,048 403,458 18 362 17,937 28,152 31,478 42,261 33,424 St. Louis 65,969 52,803 7,927 8,038 262,416 321,877 13,254 9,288 Minneapolis 328,779 395,352 11,332 10,549 2,229 2,529 58,085 46,588 Kansas City 161,135 107,546 7,756 8,764 4,125 5,084 39,374 33,676 Dallas. 26,111 47,995 2,018 1,910 7,504 5,995 San Francisco.. 35,936 35,010 13,191 13,325 100,121 94,703 Total. 1,143,867 1,192,254 87,264 84,142 1,399,935 1,809,627 464,656 387,857 1 Includes 14,000 bales grown in miscellaneous territory. • 2 Includes 18,000 bales grown in miscellaneous territory. NOTE.—Figures for spring wheat, oats, and tame hay estimates for Oct. 1; for winter wheat for Aug. 1. No estimates made for Nov. 1. DECEMBER 1944 12.39 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK* ON BANK CREDIT, MONEY RATES, AND BUSINESS 1944 1944 Chart Chart b p o a o g k e O 2 c 5 t. No 1 v. Nov. N 1 o 5 v. N 2 o 2 v. b p o a o g k e Aug. Sept. Oct. 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 15.80 16.94 17.69 U. S. Govt. securities, total 2, 4 17.26 17.61 17.96 17.94 18.41 Gold stock 5 20.98 20.87 20.75 Bills 4 11.18 11.51 11.79 11.68 12.09 Money in circulation • 5 22.99 23.52 24.11 Certificates 4 3.74 3.75 3.82 3.91 3.97 Treasury cash 5 2.36 2.38 2.36 Notes 4 1.10 1.10 1.11 1.11 1.11 Treasury deposits 5 .39 .49 .29 Bonds 4 1.24 1.24 1.24 1.24 1.24 Reserve balances 5, 8 13.00 13.48 13.81 Disc S o p u e n c t i s a l a c n e d rt i a f d ic v a a t n e c s es 2 4 ^32 ""36 ""46 .36 R Ex e c q e u s i s r e r d e s r e e r s v e e r s v , es to tal 8, 9 8 1 1 2. .0 00 1 12. . 4 98 9 12. . 8 9 5 6 Gold stock 2 20.73 20.73 20.73 20.69 20.69 New York City 9 .01 .02 .02 Money in circulation 2 24.22 24.41 24.67 24.72 24.88 Chicago 9 (3) .01 .01 Nonmember deposits 2 1.61 1.63 1.64 1.49 1.57 Reserve city banks 9 .29 .26 .25 Treasury deposits 2 .23 .22 .31 .12 .25 Country banks 9 .71 .70 .68 Member bank reserves 3 13.94 14.08 14.16 14.56 14.72 Money in circulation, total 10 23.29 23.79 24.43 Excess reserves'5 3 .78 .92 .88 1.09 1.06 Bills of $50 and over 10 6.88 7.08 7.34 Excess reserves (weekly average), total6 3 .90 .92 .98 2*1.07 $10 and |20 bills 10 12.27 12.52 12.84 New York City 3 .01 .03 .02 .02 Coins, |1, $2, and $5 bills 10 4.14 4.20 4.25 C R h es ic e a rv g e o c . i t t y banks 3 3 . .2 0 4 1 . . 2 0 4 1 . .2 0 7 1 . . 2 0 9 1 ALL BANKS IN U. S. Country bankse 3 .64 .64 .69 ?. 75 Total deposits and currency 11 ^139.00 p138.90 Demand deposits adjusted 11 P64.20 *>65.40 Time deposits. 11 -*\37.OO p37.80 Currency outside banks 11 *21.70 ^22.20 MEMBER BANKS IN LEADING CITIES CONSUMER CREDIT Loans and investments 14 54.09 53.91 53.57 54.04 54.22 Consumer credit, total4 18 4.99 p5.08 P5.21 Demand deposits adjusted 14 37.44 37.59 37.63 38.42 39.17 Single-payment loans 18 1.03 PI. 02 n. 02 U. S. Govt. obligations 14 40.09 39.66 39.47 39.88 39.93 Charge accounts. 18 1.33 P1A0 ^1.52 Total loans 14 11.11 11.37 11.24 11.28 11.43 Service credit 18 .73 P.13 P. 73 Commercial loans, total 15 6.18 6.25 6.29 6.33 6.30 Instalment credit, total4 18, 19 1.90 n.n p1.94 New York City 15 2.33 2.35 2.37 2.39 2.37 Instalment loans4 19 1.19 p1.20 P1.2Q 100 cities outside New York 15 3.85 3.90 3.91 3.94 3.93 Instalment sale credit, total 19 .71 P. 72 P. 74 Brokers' loans—New York City 15 1.22 1.41 1.34 1.37 1.45 Automobile 19 .21 P. 21 P.21 U. S. Govt. obligations: Other 19 .50 P.51 p.53 New York City, total 15 13.79 13.61 13.54 13.74 13.72 Bonds .e 17 6.94 7.03 7.01 7.19 7.27 TREASURY FINANCE Notes and guar. securities 17 2.84 2.82 2.83 2.84 2.84 100 c N B B B C C i i o i t e e o l l i r r n l t l e t t s s e d s i i s f f s i i o c c a u a a n t t t d s e e i s s d g e u a N r e . w se Y cu o r r i k ti , e s to tal.. 1 1 1 1 1 1 1 7 7 5 7 7 7 7 2 1 3 5 6 6 1 2 . . . . . . . 6 4 0 8 3 6 5 7 9 6 8 0 3 9 2 1 6 3 5 6 1 2 . . . . . . . 8 3 4 0 0 3 7 6 9 1 5 7 5 3 2 1 3 5 6 5 1 2 . . . . . . . 3 0 3 8 9 3 7 5 5 1 1 6 3 5 2 1 3 5 6 6 2 1 . . . . . . . 2 8 5 0 8 1 4 9 2 0 3 2 0 4 2 1 3 5 6 6 2 1 . . . . . . . 3 9 2 3 2 8 2 8 1 5 4 6 U. i n S g B N S . , a G o o t v n t o o e i d N B C n t v s s a g , i t o e l . l s r c ( t l i s t m e e o n i b s f r b t a o i t e l c r . n i , r k a g e d t e a a s s e t t n , t s a i - d o b b t n l a b e e s x i a l T r l n o i s r o n u , e g t t t a e s o s t s t a , u a n e l r d y t . c - ) . . . . . . 2 2 2 2 2 2 2 0 0 0 0 1 1 1 2 3 4 8 6 1 1 0 7 0 3 1 8 5 9 . . . . . . . 6 0 0 7 7 2 7 1 7 0 1 8 3 6 2 4 2 8 6 1 1 0 7 9 3 1 5 7 9 . . . . . . . 5 1 2 2 7 9 3 7 5 6 7 5 4 3 2 4 8 6 1 2 1 1 7 1 3 7 9 6 0 . . . . . . . 5 4 9 2 5 0 0 4 3 4 7 5 6 9 Savings bonds 21 36.88 37.32 37.64 Per cent per annum Spec T ia a l x is n s o u t e e s s 2 2 1 0 1 1 5 0 . . 4 0 6 3 1 9 5 . . 1 9 2 8 1 9 6 . . 0 1 8 7 Holdings of U.S. Govt. obligations: MONEY RATES, ETC. Fed. agencies and trust funds 22 20.06 20.56 p20.75 Treasury bills (new issues) 25 .375 .375 .375 375 375 Federal Reserve Banks 22 15.81 16.65 17.65! Treasury notes (taxable) 25 1.34 1.35 1.35 134 i.33 Commercial banks 22 71.50 70.30 U. S. Govt. bonds: Private holders other than Partially tax-exempt 25, 33 1.94 1.92 1.91 190 l.89 commercial banks, total 22 102.40 101.80 Taxable 25, 33 2.48 2.48 2.48 248 2.48 Mutual savings banks 23 7.60 7.70 Corporate Aaa bonds 33 2.73 2.73 2.73 2 73 2.72 Insurance companies 23 18.10 18.30 Corporate Baa bonds 33 3.54 3.54 3.55 3 54 3.53 Other investors, total 23 76.70 75.80 Marketable issues 23 30.70 30.20 In unit indicated Per cent per annum MONEY RATES, ETC. Stock prices (1935-39 = 100): Volu P T R I m n u o a d e b i t l u a l o r i s l o c f t . a r . u t . d i r a t a i l d li i t n y g (mill, shares) 3 3 3 3 3 5 5 5 5 5 1 1 1 9 0 0 0 2 3 2 4 .8 . . . . 6 7 5 6 5 1 1 1 9 0 0 0 2 2 3 4 .7 . . . . 7 7 5 6 2 1 1 1 9 0 0 0 2 5 3 4 .8 . . . . 5 4 4 9 9 1 1 1 9 0 0 0 1 1 3 3 .8 . . . . 4 8 8 8 6 1 1 1 9 0 0 0 1 5 . 2 4 7 . . . . 7 6 4 7 6 T T C F U . r r o . e e m R S a a P . . m s s a u u B G e r r r a r t y o y i c n v a i k n b a t l . l l i o y l d t b l p i e s o s t a s a c n p ( x o n ( d e - t u r e s a e : n w x x t a e i b r m s a s le p t u e ) t e , s ) N . Y.... 2 2 2 3 7 2 7 7 3 9 1 1 .3 . . . . 9 3 7 5 7 0 0 5 0 5 1 1 .3 . . . . 9 3 7 7 5 3 1 5 0 5 1 1 .3 . . . . 9 3 7 5 7 3 5 5 0 5 Taxable 33 2.48 2.47 2.48 Corporate Aaa bonds 29, 33 2.71 2.72 2.72 Corporate Baa bonds 33 3.55 3.56 3.55 BUSINESS CONDITIONS Steel production (per cent of capacity).. 50 96.3 94.9 96.3 96.0 In unit indicated Electric power prod. (mill. kw. hrs.)... 50 4,358 4,355 4,397 4,450 Freight carloadings (thous. cars): Stock prices (1935-39 = 100): Total 51 916.4 893.3 839.5 864.4 768.7 Total 35 102.7 100.7 103.5 Miscellaneous 51 419.4 411.8 394.3 408.0 371.1 Industrial 35 104.7 102.6 105.6 Department store sales (1935-39 = 100).. 52 207 214 230 252 235 Railroad 35 102.5 98.7 103.4 F.H.A. home mortgages, new construc- Public utility 35 92.1 91.4 92.7 tion (thous.)2 52 Volume of trading (mill, shares)... 35 .87 .74 .78 Wholesale prices (1926 = 100): Brokers' balances (mill, dollars): Total 63 103.9 104.0 104.1 104.1 104.1 Credit extended customers 37 e940 e940 e950 Farm products 63 123.3 124.0 124.4 124.5 124.1 Money borrowed 37 e630 e640 c670 Other than farm and food 63 98.8 98.8 98.8 98.9 98.9 Customers' free credit balances. 37 e410 e400 e410 I1 oi 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 1944 Aug. Sept. Oct. Aug. Sept. Oct. MONTHLY FIGURES—Cont. In unit indicated MONTHLY FIGURES—Cont. In unit indicated BUSINESS CONDITIONS—Cont. BUSINESS CONDITIONS Freight car loadings:0 Income payments (mill, dollars), total:8 38 13,081 "12,996 Total (1935-39 = 100) 57 Salaries and wages. ... 38 9,239 "9,1% Groups (points in total index) Other 38 3,842 "3,800 Miscellaneous 57 81.9 80.2 78.4 Cash farm income (mill.dollars), total. 39 1,741 2,007 p2,482 Coal 57 31.1 31.3 30.4 Livestock and products 39 913 917 PI,012 AHother 57 29.4 27.8 28.6 Crops 39 777 1,037 Department stores (1935-39 = 100) :5 Govt. payments . 39 51 53 Sales 59 187 183 194 Industrial production:5 Stocks 59 170 r161 155 Total (1935-39 = 100) 41, 42 232 230 "230 Exports and imports (mill, dollars): Groups (points in total index) Exports 61 1,200.8"1,198.7 Durable manufactures.. . 41 r131.9 129.6 "129.7 Imports 61 ^302.8 ^280.4 Machinery, etc 42 r92.2 90.6 "90.3 Excess of exports 61 "897.9 P918.4 Iron and steel.. 42 22.4 22.2 22.5 Excluding Lend-Lease exports 61 ^-48.2 "-38.2 Other durable. .. ... 42 17.3 16.8 "16.9 Wholesale prices, total (1926 = 100).. 63 103.9 104.0 104.1 Nondurable manufactures.... 41 78.8 79.0 "79.0 Farm products 63 122.6 122.7 123.4 Textiles and leather. 42 18.4 19.3 "18.9 Other than farm and food ,.... 63 98.6 98.6 98.7 Paper and printing 42 11.0 10.8 "11.0 Cost of living, all items (1935-39 = 100) 65 126.4 126.5 126.4 Foods, liquor, and tobacco 42 r2l.l 20.4 "20.8 Food 65 137.7 137.0 136.4 Other nondurable. ... 42 28.3 28.5 "28.4 Clothing 65 139.4 141.4 141.7 Minerals .41,42 21.6 21.7 "21.7 Rent 65 108.2 108.21 Primary products (1935-39 = 100): Steel 43 224 222 224 1944 Cement 43 88 86 Lumber 43 118 111 "112 Coal 43 148 147 "148 Crude petroleum 43 146 148 "147 W Co o t o t l o n y a c r o n n sumption 4 4 3 3 r1 1 5 4 4 0 1 1 4 5 8 8 140 QUARTERLY FIGURES Paper 43 134 134 Budget receipts and expenditures: Leather _ 43 108 120 Expenditures, total 24 Meats and dairy products 43 155 154 p153 War activities 24 Other manufactured foods 43 148 "146 "151 Net receipts ^ 24 Labor force and employment (mill, Internal revenue collections, total 24 persons): Corporate income taxes 24 Labor force 44 54.0 53.0 52.9 Individual income taxes 24 Employment, total. 44 53.2 52.3 52.3 Misc. internal revenue 24 Nonagricultural 44 44.6 43.6 43.5 Corporate security issues: Agricultural 44 8.6 8.7 8.8 Net proceeds 36 Male.... 44 35.2 34.2 34.1 New money, total 36 Female.... 44 18.0 18.1 18.2 Industrial 36 Nonagricultural employment (mill. Railroad 36 persons), total5. 45 38.7 38.4 "38.3 Public utility 36 Manufacturing and mining 45 16.8 16.6 pl6.S Per cent per annum Trade... . 45 7.1 7.1 "7.1 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 i lit p ie a s y rolls 4 4 4 5 5 5 0 3 5 . . . 6 8 9 0 3 5 . . . 6 7 9 " " " 3 5 0 . . . 7 9 6 Bank T N O S o o e t r h u w t a a e t t h l e r Y , s e N r o 1 o n 9 r o n k r a c t c n i C h t u d i e i e s t r W s t y n o m e a s n e t d e rs r n ' E l a o c s a it t n i e e s r s : n cities 3 3 3 2 1 1 1 9 2 2 2 3 . . . . 1 1 7 6 5 2 0 3 2 2 3 2 . . . . 2 6 5 1 3 3 5 8 2 2 3 2 . . . . 8 6 1 1 2 9 4 8 Pay rolls 47 314.0 312.9 Employment 47 158.0 156.3 Dec. 31,Apr.13,June 30, Hours and earnings at factories: 1943 1944 1944 Weekly earnings (dollars).. .. 48 45.86 46.25 CALL DATE FIGURES Hourly earnings (cents) 48 101.6 103.1 In billions of dollars Hours worked (per week) 48 45.2 44.9 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 orders, total 49 266 "254 Other securities 12 5.02 5.12 5.16 Durable 49 368 "330 State and local obligations 13 2.73 2.82 2.83 Ship N m o e n n d ts u , ra to b t l a e. l . 4 4 9 9 2 1 7 9 1 1 " " 1 2 9 7 8 0 O Fo th re er i g d n o s m e e c s u t r i i c t i s e e s curities 1 1 3 3 2.29 2.30 2.33 Durable 49 368 "366 Loans, total 12 16.29 16.13 18.08 Nondurable 49 194 "195 Commercial loans 13 8.44 (6) 8.05 Inventories, total 49 174 "173 Real-estate loans 13 3.27 (6) 3.21 Durable 49 201 "200 Street loans (brokers* loans).... 13 1.05 (6) 1.66 Nondurable... 49 150 "149 Holdings of U. S. Govt. securities: Residential contracts (mill, dollars):5 By classes of banks: Total 53 23 26 New York City 16 14.56 15.18 16.16 Public . 53 5 6 Chicago 16 3.24 3.42 3.69 Private, total 53 18 20 16 Reserve city banks 16 19.68 21.01 22.48 1- and 2-family dwellings 53 13 14 12 Country banks 16 15.47 17.17 18.01 Other 53 5 6 4 By kinds of securities: Co a n v s T ., t o r m u ta c i l t l i l, o n d o c l o la n r t s r ) a :5 cts (3-mo. moving 55 167 162 N B C o e o r n t t e d i s f s i cates 1 1 1 6 6 6 2 1 6 7 2 . . . 9 2 0 1 7 7 ( ( ( 6 6 6 ) ) ) 3 1 1 0 0 4 . . . 1 6 2 2 4 3 O R t e h s e id r ential. 5 5 5 5 1 2 4 5 3 1 2 3 4 8 pi " 3 2 7 4 G Bi u l a ls r anteed 1 1 6 6 4 2 . .3 3 5 6 ( (J 6 ) ) 4.47 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 Revised. See p. 1181 of this BULLETIN. 5 Adjusted for seasonal variation. 6 Figures available for June and December dates only. * Copies of the Chart Book may be obtained at a price of 50 cents each. DECEMBER 1944 1x41 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES [Figures]for last date shown are preliminary] Commercial banks Mutual savings banks ba A n l k l s ^Member banks Nonmember banks1 Total Total National m S e t m at b e er Total Insured2 in N su o r n e - d2 Insured i . n N s o ur n e - d Number of Banks (Head Offices) December 31, 1933 15,029 14,450 6,011 5,154 857 8,439 8,439 s79 December 31, 1934. 16,063 15,484 6,442 5,462 980 9,042 7,699 1,343 ,68 * 511 D D e e c c e e m m b b e e r r 3 3 1 1 , , 1 1 9 9 4 4 1 2 . . . . . . . 1 1 4 4 , , 8 6 2 8 5 0 1 1 4 4 , , 2 1 7 3 7 4 3 3 6 6 , , 6 6 1 7 9 9 5 5 , , 1 0 1 8 7 1 3 " l 1 , , 5 5 0 9 2 8 7 7 , , 6 4 6 5 1 8 6 6 , , 8 6 1 6 0 7 8 7 5 9 1 1 352 4 49 9 0 6 December 31, 1943. .. 14,579 14,034 36,738 5,040 31,698 7,299 6,535 764 3184 361 September 30, 1944. 14,545 14,001 36,795 5,031 31,764 7,209 6,477 732 3192 352 Number of Branches and Additional Offices4 D D D e e e c c c e e em m m b b b e e e r r r 3 3 31 1 1 , , , 1 1 1 9 9 9 4 3 3 1 4 3 3 3 2 , , , 6 1 9 9 3 1 9 3 1 3 3 2 , , , 0 5 7 0 6 8 7 4 6 2 2 2 , , , 5 2 0 8 2 8 0 4 1 1 1 1 , , , 5 2 1 6 4 2 5 3 1 1,0 9 9 1 6 8 5 0 1 9 7 7 8 0 8 4 5 3 932 5 7 7 ( iS 5 3 52 • i t : o2 5 6 103 December 31, 1942 3,739 3,602 2,615 1,592 1,023 987 935 52 32 102 December 31, 1943 3,933 3,797 2,793 1,741 1,052 1,004 952 52 35 41 September 30, 1944 4,018 3,879 2,851 1,784 1,067 1,028 969 59 95 42 97 Analysis of Bank Changes Jan. 1-Sept. 30,1944 Increases in number of banks: Primary organizations (new banks)6.... +50 +50 +6 +2 +4 +44 +37 +7 Decreases in number of banks: V S C u o o s n l D u s n e o n t l a i s d r i y o a n ti s l o iq n u s i a d n a d ti o a n b s s 7 orptions - - - 3 5 1 2 1 - - 3 5 2 0 '"-23" -2 - -1 7" - - - 2 2 1 7 9 - - - 2 2 1 4 0 - - 7 5 -1 Inter-class bank changes: Conversions— National into State -4 -4 +4 ti Fe S d t e a r t a e l i R n e to s e n rv a e ti o m n e a m l bersh ; ip8 +6 +11 -5'" -6 Admissions of State banks... +79 +79 -79 -79 Withdrawals of State banks... -4 —4 +4 +4 Federal deposit insurance9 Admission of State banks +27 -27 +9 Q Withdrawals of State banks Net increase or decrease in number of banks -34 -33 +57 -9 +66 -90 -58 -32 +8 -9 Analysis of Branch Changes Jan. 1-Sept. 30,1944 Increases in number of branches: De novo branches .. +24 +22 +5 +3 +2 +17 +11 +6 +1 Banks converted into branches +26 +25 +13 +8 +5 +12 +11 +1 +1 Decrease in number of branches: Branches discontinued -13 -13 -6 -4 -2 -7 -7 Inter-class branch changes: From national to State member -2 +2 F F r r o o m m n S o ta n t m e e m n e b m er b e to r S to t a n te a t m io e n m al ber +4" +1 +4 -4 -4" Bran a c t h m es i l a it n a d r y a d r d e i s t e io rv n a a t l i o o n ff s ices established +58 +58 +52 +47 +5 +6 +6 Branches and additional offices discontinued at military reservations -10 -10 -10 -10 Net increase or decrease in number of branches +85 +82 +58 +43 +15 +24 +17 +7 +2 +1 1 Includes unincorporated (private) banks. 2 Federal deposit insurance did not become operative until Jan. 1, 1934. 3 The State member bank figures and the insured mutual savings bank figures both include three member mutual savings banks, which became members of the Federal Reserve System during 1941. These banks are not included in the total for "commercial banks" and are included only once in "all banks." 4 Covers all branches and other additional offices at which deposits are received, checks paid, or money lent. Offices established at military reservations (shown separately) include "banking facilities" provided through arrangements made by the Treasury Department with banks designated as depositaries and financial agents of the Government. Four of these banking facilities are in each case operated by two national banks, each bank having separate tellers windows; each of these facilities is counted as one banking office only. 5 Separate figures not available for branches of insured and noninsured banks. 6 Exclusive of new banks organized to succeed operating banks. 7 Exclusive of liquidations incident to the succession, conversion, and absorption of banks. 8 Exclusive of conversions of national banks into State bank members, or vice versa. Such changes do not affect Federal Reserve membership; they are included under "conversions." 9 Exclusive of insured nonmember banks converted into national banks or admitted to Federal Reserve membership, or vice versa. Such changes do not affect Federal Deposit Insurance Corporation membership; they are included in the appropriate groups under "inter-class bank changes." Back figures.—See Banking and Monetary Statistics, Tables 1 and 14, pp. 16-17 and 52-53, and descriptive text, pp. 13-14. 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... 1x44 Gold production. . 1x45 Gold movements. . 1x45 Net capital movements to United States since January x, 1935.. 1x46 Central banks . 1x47-1x50 Money rates in foreign countries. . 1x51 Commercial banks. .. 1X5X Foreign exchange rates. .. 1x53 Price movements: Wholesale prices. . I2-54 Retail food prices and cost of living... 1x55 Security prices... 1x55 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. DECEMBER 1944 I2-43 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month U St n a i t t e e s d g t A i e n n r- a - 1 g B iu el m - Brazil B I r n i d ti i s a h B ga u r l- ia Canada Chile lom Co b - ia C v z s a e l k o c - h ia o- Egypt France Ger- Greece 1938—Dec. 14,512 431 581 32 274 24 192 30 24 83 53 55 2,430 29 27 1939—Dec. 17,644 466 609 40 274 24 214 30 21 56 53 55 2,709 29 28 1940—Dec. 21,995 353 2 734 51 274 24 37 30 17 58 52 52 2,000 29 28 1941—Dec. 22,737 354 734 70 274 24 5 30 16 61 44 52 2,000 29 428 1942—Dec. 22,726 *658 735 115 274 25 6 36 25 61 44 52 2,000 29 1943—Nov. 22,065 354 734 254 274 7 51 58 61 44 52 2,000 Dec. 21,938 *939 734 254 274 5 51 59 61 44 52 2,000 29 1944—Jan. 21,918 363 734 254 274 6 51 76 61 44 52 2,000 Feb.. 21,712 368 734 255 274 7 51 77 61 44 52 2,000 Mar. 21,600 371 734 255 274 5 56 79 61 44 52 2,000 Apr.. 21,429 381 734 276 274 4 56 80 61 44 52 2,000 May. 21,264 386 734 296 274 6 56 82 61 44 52 2,000 June 21,173 391 734 297 274 6 56 84 61 44 52 2,000 July. 20,996 397 734 297 274 6 56 61 44 52 Aug.. 20,926 408 274 5 56 61 44 52 Sept. 20.825 409 5 76 Oct.. 20,727 6 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 n m ia a- 1938—Dec... 37 26 193 164 80 29 998 23 94 20 85 69 133 220 5525 1939—Dec... 24 26 144 164 90 32 692 23 94 20 4 84 69 152 249 1940—Dec... 24 26 120 164 140 47 617 23 4 84 20 59 158 367 1941—Dec... 24 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—Nov.. 24 80 202 500 23 31 60 305 685 Dec... 24 92 203 500 23 31 60 316 706 1944—Jan... 24 92 205 500 23 31 60 316 716 Feb... 24 104 229 500 23 31 60 740 Mar.. 24 230 500 23 33 60 728 96 Apr... 24 227 500 23 34 60 727 98 May.. 24 226 500 23 34 60 741 101 June.. 24 224 500 23 34 60 369 749 104 July.. 24 222 500 23 36 760 104 Aug... 220 500 23 34 778 Sept.. 220 23 32 Oct... 221 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 i i n m t g e - d g U u r a u y - V zu e e n l e a - Y sl u av g i o a - B.I.S. c O t o r t u i h e n e s - r 8 End of month United U K n in it g e - d France Bel- States dom gium 1938—Dec 321 29 2,690 69 52 57 14 142 1938—Dec. ... 80 2759 331 44 1939—Dec 308 29 68 52 59 7 153 1939—Mar. ... 154 1,732 559 1940—Dec 160 88 1 90 29 82 12 145 May 477 1941—Dec 223 92 1 100 41 483 12 142 June... 85 17 1942-Dec 335 114 1 89 68 21 160 Sept.... 164 3876 Dec 156 17 1943—Nov 384 161 1 117 84 27 203 1940—Mar. ... 145 Dec 387 161 1 121 89 45 204 June... 86 17 1944—Jan 399 171 1 123 89 45 205 Sept.... 105 Feb 401 171 1 124 100 45 210 Dec. ... 48 292 17 Mar 421 191 1 128 100 39 212 1941—Mar. ... 88 Apr 426 191 1 131 100 39 213 June... 89 M J J A S u u e u a n l p g y y e t 4 4 4 4 4 3 3 3 4 5 0 2 5 9 4 P p 2 2 2 1 2 2 1 9 1 1 0 1 1 1 1 1 1 1 1 1 1 1 3 3 4 4 4 9 6 9 8 2 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 ? P 3 3 3 3 3 9 9 9 9 9 r r r r 2 2 2 2 2 1 1 1 1 1 8 8 8 8 7 1942— J D S S M u e e e n p c p a t e t r . . . . . . . . . . . . . . . 2 2 1 8 4 5 7 2 •'4151 1 1 7 7 Oct 456 1 110 218 Dec 12 17 1943—Mar.... 14 p 1 F P i r g e u li r m es i n t a h r r y o . u gh r M R ar e c v h i se 19 d 4 . 0 and figure for December 1942 and December 1943 include, in ad- J D S u e e n c p e t.... 4 1 3 7 1 17 d lo i n ti g o i n n g t o t o g o th ld e A of r g th e e n t C in e e n S tr t a a l b B ili a z n a k t io h n el d F u at n d h . ome, gold of the Central Bank held abroad and gold be- 1944— J M un a e r. . . . . . 2 1 1 4 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. 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- Bolivia, China, Costa Rica beginning July 1943, Danzig through Aug. 31,1939, Ecuador, El Salvador, land on that date. Estonia, Finland, Guatemala, Iceland, Ireland beginning February 1943, Latvia,Lithuania,Morocco, 4 Figure for Sept. 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 regarding special internal gold transfers affecting Exchange Equalization Account during 1939. the British and French institutions, see Banking and 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! S Estimated Production reported monthly j world Year or month production Total Africa j North and South America Other U o . u S t . s S i . d R e .1 m re o p n o t r h te l d y A So fr u ic th a d R e h s o i - a A W fri e c s a t * B C e o l n g g ia o n 3 | I " S U ta n t i e t s e * d " | ' u C an an a a da d a5 |i J U M ex e i x C i 0 c o I 6 1 b C i o a lom- Chile N g ic u a a r ' a- Au l s ia tr 8 a- I I B I r n i d ti i s a h 9 $1 = 15 ft grains of gold an ounceof fine gold = $35 1934 823,003 708,453 366,795 24,264 12,153 104,023 23,135 12,045 8,350 1,166 30,559 11,223 1935 882,533 752,847 377,090 25,477 13,625 114,971 23,858 11,515 9,251 868 31,240 11,468 1936 971,514 833,895 396,768 28,053 16,295 131,181 26,465 13,632 9,018 807 40,118 11,663 1937 ,, 1,041,576 893,384 410,710 28,296 20,784 143,367 29,591 15,478 9,544 848 46,982 11,607 1938 1,136,360 958,770 425,649 28,532 24,670 165,379 32,306 18,225 10,290 1,557 54,264 11,284 1939. 1,208,705 1,020,297 448,753 28,009 28,564 178,303 29,426 19,951 11,376 3,506 56,182 11,078 1940 1,297,349 1,094,264 491,628 29,155 32,163 185,890 30,878 22,117 11,999 5,429 55,878 10,157 1941 1,288,945 1,089,395 504,268 27,765 32,414 187,081 27,969 22,961 9.259 7,525 51,039 9,940 1942 968,112 494,439 26,641 29,225 169,446 630,000 20,882 6,409 8,623 42,525 8,960 1943... 738,471 448,153 23,009 19,740 127,796 19,789 6,081 7,715 28,560 8,820 1943—Oct . . 59,943 37.162 1,896 9,800 1,672 511 628 2,100 735 Nov... 58,372 36,889 1,790 9,370 1,512 450 605 2,100 665 Dec. .. 58,309 36,653 1,814 9,198 1,600 501 633 2,100 700 1944—Jan.... 56,589 36,169 1,763 9,023 1,581 676 756 1,295 700 Feb.... 54,163 34,100 1,709 8,988 1,344 617 651 1,155 630 Mar... 57,152 36,266 1,706 9,333 2,056 577 677 1,365 665 Apr. .. 53,887 34,879 1,771 8,568 1,363 486 665 945 665 May.., 57,227 36,921 1,749 8,989 2,020 473 693 1,330 595 Tune.. 53,775 35,264 1,702 8,397 1,732 644 560 1,435 175 July... *55,612 36,430 1,763 8,247 1,901 •^644 590 1,295 385 Aug... P57,297 37.022 ^1,763 8,290 2,044 '644 625 2,100 560 Sept.. *>56,358 35,810 A, 763 /8,290 ^2,044 ^644 615 ^2,100 ^525 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. Min,t; 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 thev represent total Australia; beginning January 1944, Western Australia only. 9 Beginning May 1940, figures are those reported by American Bureau of Metal Statistics. NOTE.—For explanation of table and sources, see BULLETIN for February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; April 1933, pp. 233-235; and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543. GOLD MOVEMENTS UNITED STATES [In thousands of dollars at approximately $35 a fine ounce] Net imports from or net exports (—) to: Y m e o a n r th or im To n p t e o a t r l ts U K d n o i i n m t g e - d France g B iu e m l- N l e a t n h d e s r- S d w en e- S er w la i n tz d - Canada Mexico Co b l i o a m- I P s p h l i a i n l n i e d p s - t A ra u l s i - a A S f o r u ic t a h Japan B I r n i d ti i s a h o co t A h u l e n l r tries 19341 ,131,994 499,870 260,223 8,902 94,348 12,402 86,829 30,270 16,944 12,038 1,029 12 4 76,820 32,304 1935 1,739,019 315,727 934,243 3 227,185 968 95,171 13,667 10,899 15,335 3,498 65 75,268 46,989 1936 1,116,584 174,093 573,671 3,351 71,006 2 7,511 72,648 39,966 11,911 21,513 23,280 8 77,892 39,735 1937 1,585,503 891,531 -13,710 90,859 6,461 6 54,452 111,480 38,482 18,397 25,427 34,713 181 246,464 50,762 29,998 1938 1,973,5691,208,728 81,135 15,488 163,049 60,146 1,363 76,315 36,472 10,557 27,880 39,162 401 168,740 16,159 267,975 1939 3,574,151 1,826,403 3,798 165,122 341,618 28,715 86,987 612,949 33,610 23,239 35,636 74,250 22,862 165,605 50,956 3102, 404 1940 4,744,472 633,083 241,778 977 63,260 161,489 90,3202,622,330 29,880 23,999 38,627 103,777 184,756 111,739 49,989 4388,468 1941 982,378 3,779 1 1 1,747 899 412,056 16,791 24,448 42,678 67,492 292,893 9,444 9,665 B100,485 1941 Jan 234,242 37 1 1,746 563 46,876 1,147 3,168 3,185 11,136 149,735 6,085 4,501 6,062 Feb 108,609 1,218 337 81,529 814 11 2,772 6,738 96 615,093 Mar 118,567 817 95,619 866 2,232 3,984 6,262 2,788 3,046 2,951 Apr 171,992 21 i 20,216 1,147 2,934 3,587 4,720 132,261 313 6,793 May 34,830 2 16,306 969 2,794 3,384 4,194 3,594 3,589 June 30,712 474 i 17,514 800 7 2,114 4,593 69 131 5,009 July 37,041 542 19,224 1,080 2,128 4,970 5,199 88 3,811 Aug 36,973 79 10,842 843 2,230 5,098 6,742 137 1,995 69,008 Sept 65,702 250 42,562 495 2,488 3,107 2,064 3,694 6ll,041 Oct 40,440 55 16,072 1,020 2,107 3,141 6,151 200 2,327 69,365 Nov 50,374 121 24,917 6,336 2,110 1,830 5,980 40 69,039 Dec 52,896 163 20,377 1,273 2,238 5 506 3 713 190 711 618,726 1 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. 2 Includes $31,830,000 from Argentina. 3 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, $10,077,000 from Chile, and $37,555,000 from other countries. 4 Includes $75,087,000 from Portugal, $59,072,000 from Argentina, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $26,178,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,802,000 from Chile, $10,775,000 from Brazil, $10,416,000 from Spain, $10,247,000 from Peru, and $28,935,000 from other countries. 5 Includes $44,920,000 from U.S.S.R., $10,963,000 from Central America, and $44,603,000 from other countries. 6 Includes imports from U. S. S. R. as follows: February—$11,236,000, August—$3,407,000, September—$5,652,000, October—$5,550,000, November— $5,615,000, December—$13,460,000. NOTE.—Figures for months subsequent to December 1941 have not been released for publication. For back figures see Banking and Monetary Statistics, Table 158, pp. 539-541, and for description of statistics, see p. 524 in the same publication. DECEMBER 1944 I245 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [In millions of dollars] Increase in foreign banking Decrease Foreign Domestic in U. S. securities: securi ties: Inflow in From Jan. 2, 1935, through— Total funds in U. S. 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 (^J ul"y' 1I) 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 1,908.3 848.2 673.3 104,4 1943—Jan. 30... 5,907.7 3,471.1 1,536.6 1,934.5 761.3 678.5 107.0 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 1,931.2 896.9 687.9 112.1 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 June 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 4,740.8 2,622.9 2,117.9 850.6 1,005.8 706.9 119.3 Aug. 31 7,440.9 34,732.3 32,589.5 32,142.8 3869.7 1,009.7 709.4 3119.9 This category made up as follows: through Sept. 21,1938, funds held by foreign central banks at the Federal Reserve Bank of New York; . 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reser and consular establishments, etc.). 2 Reported figures for capital movement through July 1 have been adjusted to represent the movement through June 30 on the basis of certain significant movements known to have occurred on July 1. Subsequent figures are based upon new monthly statistical series. For further explanation, see BUL- LETIN for January 1943, p. 98. 3 Amounts outstanding on Aug. 31, in millions of dollars: total foreign banking funds in United States, 5,389.2, including official funds, 3,227.1, and other funds, 2,162.1; United States banking funds abroad, 265.8; and brokerage balances (net due "foreigners'*), 43.0. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. Data by countries and geographic areas through December 1941, have been published m 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. I246 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS Assets of issue department Assets of banking department Liabilities of banking department / Bank of England Note (Fi p g o u u re n s d s in s m te i r l l l i i n o g n ) s of Gold1 a O s t s h e e ts r 2 Cash reserves a c n o D d u is n a - t d s - Se t c ie u s ri- ci t r i c o u n l 3 a- Deposits O lia th b e il r i- Coin Notes vances Bankers' Public Other ties 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!l 7^6 98." 2 405 .'2 89! 1 9^9 36^4 18!o 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 T219.9 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—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 Tune 28 .2 1,150.0 .9 19.4 1.2 2,82.2 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 Oct. 25S .2 1,200.0 2.3 35.9 8.8 234.9 1,164.4 203.8 6.2 54.1 17.7 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 ar n s s ) of Gold an S d d S t o e t U l a r l l t a n i e n r i s s t g ed S t h er o m rt . s - 6 ecuritie O s ther a O s t s h e e ts r circ N ul o a t t e ion7 Ch b a a r n te k r s ed D g o o m ve in rn io - n Other liab O i t l h it e i r es ment 1935—Dec. 31 180.5 4.2 30.9 83.4 8.6 99.7 181.6 17.9 .8 7.7 1936—Dec. 31 179.4 9.1 61.3 99.0 8.2 135.7 187.0 18.8 2.1 13.4 1937—Dec. 31 179.8 14.9 82.3 91.6 21.7 165.3 196.0 11.1 3.5 14.4 1938—Dec. 31 185.9 28.4 144.6 40.9 5.2 175.3 200.6 16.7 3.1 9.3 1939—Dec. 30 225.7 64.3 181.9 49.9 5.5 232.8 217.0 46.3 17.9 13.3 1940—Dec. 31 (8) 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec. 31 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942-Dec. 31 .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—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 Oct. 31 62.8 875.7 622.9 58.6 1,012.5 454.3 76.9 32.4 43.8 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 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 millionJpounds transferred from Exchange Account to Bank; on Sept. 6,1939,279 million pounds transferred from Bank to Exchange Account. 5 Fiduciary issue increased by 50 million pounds on June 12,1940, Apr. 30, Aug. 30, and Dec. 3,1941, and Apr. 22 and July 28, 1942; by 70 million pounds on Dec. 2, 1942; and by 50 million pounds on Apr. 13, Oct. 6, and Dec. 8, 1943, and on Mar. 7 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. s On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678), NOTE.—For back figures on Bank ot England and Bank of Canada, see Banking and Monetary Statistics, Tables 164 and 166, pp. 638-640 and pp. 644-645, respectively, for description ot statistics see pp. 560-564 in same publication. DECEMBER 1944 12-47 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Bank of France Advances to Domestic bills Government Deposits (Figu o re f s f i r n a n m c i s l ) lions Gold1 F c o h e r a 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 t o t i s c o 3 - n Other2 a O s t s h e e ts r ci N r ti c o o u t n e la- G m ov e e n r t n- C.A.R.4 Other l O i t a t i b h es i e l r i- 1929—Dec. 27.. 41,668 25,942 5,612 8,624 8,124 68,571 11,737 7,850 1,812 1930—Dec. 26.. 53,578 26,179 5,304 8,429 9,510 76,436 12,624 11,698 2,241 1931—Dec. 30.. 68,863 21,111 7,157 7,389 11,275 85,725 5,898 22,183 1,989 1932—Dec. 30.. 83,017 4,484 6,802 3,438 11,712 85,028 2,311 20,072 2,041 1933—Dec. 29.. 77,098 1,158 6,122 4,739 11,173 82,613 2,322 13,414 1,940 1934—Dec. 28.. 82,124 963 5,837 3,971 11,500 83,412 3,718 15,359 1,907 1935—Dec. 27.. 66,296 1,328 5,800 9,712 11,705 81,150 2,862 8,716 2,113 1936—Dec. 30.. 60,359 1,460 5,640 1,379 3,465 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 1,911 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) Total Gold i T n r c e b l a i u l s d l u s i r n y g Se l c o u a r n i s ty E a l c s i o g n v i o e b t r l e e Other O as t s h e e t r s cir t c io u n la- Deposits lia ti b e i s li- 1929—Dec. 31 2,687 2,283 2,848 251 92 656 5,044 755 736 1930—Dec. 31 2,685 2,216 2,572 256 102 638 4,778 652 822 1931—Dec. 31 1,156 984 4,242 245 161 1,065 4,776 755 1,338 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—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 l',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 Sept. 30 77 50,821 47 67 25 2,510 42,301 9,088 2,160 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. 1x48 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1944 Central Bank 1944 1943 (Figures as of last report (Figures as of last report date of month) Oct. Sept. Aug. Oct. date of month) Oct. Sept. Aug. Oct. Central Bank of the Argentine Re- National Bank of Denmark (millions public (millions of pesos) • of kroner): Gold reported separately 1,243 1,239 1,073 Gold 97 97 Other gold and foreign exchange... 2,396 2,352 1,933 Foreign exchange 22 20 Government securities 883 883 487 Clearing accounts (net) 2,536 1,785 Rediscounted paper Loans and discounts... 29 31 O N t o h t e e r c a ir s c s u e l t a s tion 2,1 1 6 6 3 3 2,1 1 0 6 6 6 1,7 1 7 57 9 G Se o c v u t r . it c i o es mpensation account4 8 7 5 1 1 6 2 3 5 Deposits—Member bank 1,420 1,414 1,033 Other assets 3,728 2,165 Government 615 623 510 Note circulation 1,600 1,269 Other 125 143 Deposits—Government 1,887 Certificates of participation in Other 2,661 1,802 Government securities 172 171 111 Other liabilities 419 326 Other liabilities 192 183 129 Central Bank of Ecuador (thousands Commonwealth Bank of Australia of sucres): (June)! (thousands of pounds): Gold 270,450 215,207 Issue department: Foreign exchange (net) 59,411 84,111 Gold and English sterling 50,544 50,544 40,231 Loans and discounts 88,966 81,679 Securities 155,574 154,329 123,419 Other assets 112,319 68,509 . Banking department: Note circulation 238,083 224,668 Coin, bullion, and cash 14,461 14,056 7,301 Demand deposits 239,071 190,201 London balances 131,709 124,868 50,177 Other liabilities...'. 53,992 34,637 Loans and discounts 21,300 29,701 19,104 National Bank of Egypt5 (thou- Securities 247,193 236,843 223,655 sands of pounds): Deposits 217,176 209,661 168,338 Gold 6,241 6,241 Note circulation 197,744 196,494 155,262 Foreign exchange 14,684 10,851 National Bank of Belgium and Bank Loans and discounts 1,663 3,478 of Issue of Brussels (millions of British, Egyptian, and other Govbelga):l (July)2 ernment securities 244,328 196,739 Gold 4,331 4,331 Other assets 16,369 7,157 Foreign exchange 12,661 "9,575 Note circulation 100,706 90,967 Credits to State and public bodies. 4,265 3,503 Deposits—Government 62,246 37,230 Credits to private economy 50 193 Other 106,894 81,538 Reichskreditkasse 756 721 Other liabilities 13,438 14,731 Other assets 675 C679 Central Reserve Bank of El Salva- Note circulation 19,504 16,135 dor (thousands of colones): Demand deposits 1,220 1,123 Gold. 32,830 26,983 Postal Checking Ofiice 1,637 1,413 Foreign exchange 37,201 25,355 Other liabilities 375 329 Loans and discounts 779 1,359 National Bank of Bohemia and Government debt and securities... 6,350 6,781 Moravia (millions of koruny): Other assets 1,125 787 Gold 1,515 1,515 Note circulation 42,588 33,844 Foreign exchange 776 775 Deposits 28,962 21,463 Discounts 3,403 1,369 Other liabilities 6,735 5,957 Loans 3 Bank of Finland3 Other assets 43,649 '27,823 Bank of Greece3 Note circulation 28,224 20,885 National Bank of Hungary (millions Demand deposits 11,125 4,470 Other liabilities 9,997 6,128 100 Central Bank of Bolivia (millions 3 2 of bolivianos): Foreign exchange reserve 5,315 3,188 Gold at home and abroad 600 556 Discounts 540 648 Foreign exchange 384 371 Loans—To Treasury 902 954 Loans and discounts 288 373 To foreign countries 2 10 Securities—Government 637 537 Other 1,396 1,276 Other 41 41 Other assets 5,598 4,193 Other assets 77 82 Note circulation 1,219 727 Note circulation 1,186 1,041 Demand deposits Deposits 733 807 Consolidated foreign credits of 10 15 Other liabilities 107 111 1931 1,432 1,242 National Bank of Bulgaria3 Other liabilities Central Bank of Chile (millions Reserve Bank of India (millions of of D G L O O O N D p o o i t t e t o e s h h h a l p t s c d e e n e e o o o r r r s s s u c i ) l a l t i t n o : i s o r s a t c a — s s b u n e G i f t l s O B l s o a o i a t t a t v r i i h n n e e o m e k s r d n r n e d m m is e b c n e o t r u b n a ts nks 2 1 , ,0 4 3 2 9 3 3 7 1 2 0 6 5 0 0 8 1 7 4 9 7 7 0 5 9 8 9 2 1 , , 2 9 4 2 3 1 1 7 1 7 8 5 4 4 1 4 7 7 3 2 0 4 0 5 6 8 2 2 1 , , 8 2 2 7 3 0 0 1 5 3 2 6 9 8 5 2 6 7 1 1 4 2 9 6 4 0 ru B I p s e a s e n u s k e T R N G I N B S ) n i : t r u a o n o o d e d e l p l g t t r e i a a d e e l e a p n s i s e n d n u a a c c e g o r t e i r c G r p t y s f o c h m s a o i u o i e a b n r s e v l m b c t i s a n m t l u r u . l t e t o s r i e : e o s i a a t n e d n d d i n c t i e e : s d u s p c . r o a a it r b u i t e r n m o s te a e d d nt 9 8 2 , , , 4 5 2 2 4 1 1 4 7 8 5 7 8 8 4 1 8 0 6 8 3 0 6 7 1 , , , 4 5 8 7 1 4 4 2 8 9 3 4 0 5 4 3 0 5 1 4 8 Ba ( n th F G k o o o u o r l e s d f a i g n t n h d s e e x o R c f h e p a p e n u s g o b e s l ) i : c of Colombia 1 1 1 5 9 5 , , 0 3 3 6 3 6 1 1 1 5 4 3 , , 9 2 5 5 9 9 r 9 8 8 4 , , 4 7 2 1 5 1 L D O O o t e t h h a p e e n o r r s s i l a t t i o s s a s b G e i t l o s it v i e es rnment 2,6 1 1 6 6 5 0 0 5 1,4 1 17 2 0 5 0 4 Loans and discounts 12,329 5,808 3,527 Central Bank of Ireland (thousands Government loans and securities. 56,884 56,332 57,100 of pounds): Other assets 30,277 25,973 r34,119 Gold 2,646 2,646 Note circulation 156,527 154,798 111,292 Sterling funds 26,085 24,080 Deposits 136,972 133,662 115,075 Note circulation 28,731 26,725 Other liabilities 80,391 71,472 48,816 Bank of Japan3 Bank of Java3 c Corrected. 1 Separate _fi gures for National Bank of Belgium not available. The Bank of Issue of Brussels was founded by „th.*e, German Military Administration on Jfuunnee 2277,,l1994400;;° iitt hhaass nnoo nnoottee iissssuuee,, ddrraawwiinngg iittss rreessoouurrcceess pprriinncciippaallllyy ffrroomm aaddvvaanncceess ffrroomm tthhee NNaattiioonnaall BBaannkk aanndd ddeeppoossiits by the Postal Checking Ofiice. 22 LLaatteesstt mmoonntthh ffoorr wwhhiicchh rreeppoorrtt iiss aavvaaiillaabbllee ffoorr tthhiiss iinnssttiittuuttiioonn.. _ ^ 3 For last available report from the central bank of Bulgaria (January 1943), see BULLETIN for July 1943, p. 697; of Finland (August 1943), see BUL- LETIN for April 1944, p. 405; of Greece (March 1941) and Japan (September 1941), see BULLETIN for March 1942, p. 281; and of Java (January 1942), see BULL 4 E R T e IN pr e fo se r n M ts a B rc a h n k 19 's 4 c 3 l , a p im . 2 7 o 8 n . the Government for the Bank's foreign exchange losses resul , ting from th , e revaluation of , th , e k , rone on J _ a n. 23, 1 t 9 ni 4 n 2. 6 Items for issue and banking departments consolidated. DECEMBER 1944 I249 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1944 1943 Central Bank 1944 1943 (Figures as of last report (Figures as of last report date of month) Oct. Sept. Aug, Oct. date of month) Oct. Sept. Aug. Oct. Bank of Mexico (millions of pesos) • Bank of Spain (millions of pesetas): (July)3 Metallic reserve1 556 543 436 Gold 1,135 "Authorized" holdings of securi- Silver ^ 616 ties etc 1,347 1,366 1,246 Government loans and securities... 15,918 Bills and discounts. 368 347 159 Other loans and discounts 2,926 Other assets 128 83 50 Other assets 2,154 Note circulation 1,236 1,227 1,051 Note circulation 16,069 Demand liabilities . 989 945 694 Deposits—Government 1,972 Other liabilities 174 168 147 Other 4,199 Netherlands Bank (millions of Other liabilities 508 guilders): Bank of Sweden (millions of kronor): Gold 932 932 Gold 1,006 1,000 989 833 F S o il r v e e i r g n ( i b n i c l l ls uding subsidiary coin).. 3J921 2,893 F S o w r e e d ig is n h a G ss o e v ts t . ( s n e e c t u ) r . i . t . i ; es and ad- 588 563 569 601 Discounts vances to National Debt Office6. 1,197 1,171 1,161 1,118 Loans 133 139 Other domestic bills and advances 83 87 94 95 Other assets , 96 77 Other assets 1,041 1,034 990 1,003 Note circulation 4,474 3,156 Note circulation 2,329 2,33" 2,253 2,142 Deposits—Government 105 100 Demand deposits—Government... 530 434 441 364 Other.... 310 674 Other 43 433 484 526 Other liabilities 193 111 Other liabilities 619 651 625 618 Reserve Bank of New Zealand (thou- Swiss National Bank (millions of sands of pounds): francs): Gold 2,802 2,802 2,802 Gold 4,451 4,468 4,453 3,896 Sterling exchange reserve 34,105 32,658 28,623 Foreign exchange 121 95 105 77 Ad t v a a k n in c g es s to State or State under- 37,605 39,953 39,159 L O o th a e n r s a a s n s d e t d s iscounts.., 6184 6 100 1 6 4 4 0 3 6 5 1 1 Investments 11,736 11,736 10,324 Note circulation 3,267 3,194 3,082 2,873 Other assets 3,256 2,630 2,912 Other sight liabilities 1.337 1,325 1,402 1,233 Note circulation ... 37,736 37,961 34418 Other liabilities (6) 27" 280 Demand deposits 48,206 48,347 46116 Central Bank of the Republic oi Other liabilities 3,562 3471 3287 Turkey (thousands of pounds): (June)* Bank of Norway2 Gold 263,06C 201,697 Bank of the Republic of Paraguay Foreign exchange and foreign (millions of pesos): clearings 80,992 75,032 Gold 335 335 20 Loans and discounts 840,675 688,891 Foreign exchange 2,327 2447 2214 Securities 180,33 193,776 Loans and discounts .-.•••• 208 202 112 Other assets.. 20,844 23,379 Government loans and securities... 2,749 2721 1914 Note circulation 910,88. 760,422 Other assets 1,869 1557 2079 Deposits—Gold 84,684 79,358 Note circulation 2,925 2845 2531 Other 226,157 171,368 Demand deposits—Government.... 745 82 608 Other liabilities 164,18C 171,627 Other 2,580 2524 cl624 Bank of the Republic of Uruguay Other liabilities 1,238 1073 cl575 (thousands of pesos): Central Reserve Bank of Peru (thou- Issue department: sands of soles): (July)3 Gold and silver 120,61' 90,197 Gold and foreign exchange 170,82 141,994 Note circulation 135,25: 124,571 Discounts 1,07 11,002 Banking department: Government loans.. < 414,90' 336,610 Gold and silver 115,51 88,612 Other assets.. 20,46: 20,490 Notes and coin 39,8H 24,520 Note circulation 392.23J 329,686 Advances to State and to gov- Deposits 191,51 155,650 ernment bodies. 16,785 28,675 Other liabilities 23,51' 24,760 Other loans and discounts. 95,676 93,086 Bank of Portugal (millions of es- Other assets. 276,406 186,027 cudos): (June)3 Deposits 243,204 173,166 Gold4 1,41 1,398 Other liabilities 300,994 247,754 Other reserves (net) 4,87 3,886 Central Bank of Venezuela (thou Nonreserve exchange 9,01C 7,496 sands of bolivares): Loans and discounts 23t 229 Gold7 268,10? 338,105 338,108 257,864 Government debt 1,02, 1,025 Foreign exchange (net).., 86,79: 55,51 37,196 36,665 Other assets 911 991 Credits to national banks 26,37( 26,370 26,370 31,230 Note circulation 6,946 6,541 Other assets 28,010 36,844 45,035 12,925 Other sight liabilities 9,57 7,555 Note circulation—Central Bank... 271,526 267,363 267,605 224,638 Other liabilities 94C 930 National banks. 20,66f 20,885 21,58^ 27,398 Na o t f io le n i a ): l Bank of Rumania (millions (June); D Ot e h p e o r s l i i t a s b .. i , lities 11 6 0 , , 7 3 5 3 . ' 16 6 1 , , 7 8 4 3 4 8 14 1 7 0 , , 0 4 8 3 : : 8 6 0 , ,2 3 8 6 8 0 Gold 69,56: 56,992 National Bank of the Kingdom of Special exchange accounts 70,22; 32,272 Yugoslavia2 Loans and discounts 70,9St 53,215 Bank for International Settlements Special loans (in liquidation) 11 222 (thousands of Swiss gold francs):8 Government debt 44,94* 20,753 Gold in bars . 119,024 81,494 Other assets 62,750 58,955 Cash on hand and on current ac- Note circulation 211,846 144,939 count with banks 48,872 20,209 Demand deposits 62,25: 50,031 Sight funds at interest 12,81 15,413 Other liabilities 44.49C 27,439 Rediscountable bills and accept- South African Reserve Bank (thou- ances (at cost) 72,633 151,201 sands of pounds): Time funds at interest 14,968 21,075 Gold 94,38: 80,963 Sundry bills and investments 197,568 195,889 Foreign bills 20,24: 11,989 Other assets 63 Other bills and loans 4.06C 741 Demand deposits (gold) 29,031 50,628 O N t o h t e e r c a ir s c s u et l s a ti # on 9 5 0 2 , , 2 0 4 9 ; 2 9 4 0 9 , , 7 0 1 6 1 7 Sh r o e r n t c - i t e e s r ) m : deposits (various cur- Deposits 151,573 130,805 Central banks for own accouni 7,348 5,948 Other liabilities 5,26C 4,532 Other 2,095 2,493 Long-term deposits: Special ac counts 229,00 229,001 Other liabilities 198,624 197,273 c Corrected. 1 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 2 For last available reports from the central banks of Norway (March 1940), and Yugoslavia (February 1941), see BULLETIN for March 1942, p. 282. 3 Latest month for which report is available for this institution. 4 Valued at average cost beginning October 1940. 5 Includes small amount of non-Government bonds. 6 Figure not available. 7 Beginning October 1944, gold in the amount of 70 million bolivares, formerly reported in the Bank's account, shown separately for account of the Government. 8 See BULLETIN for December 1936, p. 1025. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [ Per cent per annum ] Central bank of— Date effective U K d n i o n i m t g e - d France m G a e n r- y g B iu e m l- N la e e n r t d h - s - S d w en e- S l w a e n r i - d tz- b C an e k n tr of a — l R N 3 a o 0 t v e . eff D ec a t t i e ve ba C n e k n t o r f a — l R N 3 a o 0 t v e . ef D fe a ct t i e ve In effect Oct. 2, Oc 1 t 9 . 3 9 6 2 3 4 2 3 2 A A r l g b e a n n t i i a n .. a sy2 M Ma 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 2 Belgium 2 Jan. 25, 1940 Java 3 Jan. 14, 1937 Oct. 20 2H Bohemia and Latvia 5 Feb. 17, 1940 Nov. 26 1MI Moravia Oct. 1, 1940 Lithuania. .. 6 July 15, 1939 Dec. 3 2 Jan. 28, 1937 4 June 15 6 July 7 5 Bo'ivia 6 Nov. 8, 1940 Mexico June 4, 1942 Aug. 4 h British India.. 3 Nov. 28, 1935 Netherlands. June 27, 1941 Sept. 3 Bulgaria 5 Dec. 1, 1940 New Zealand July 26, 1941 Nov. 13 Canada Feb. 8, 1944 Norway May 13, 1940 May 10, 1938 4 Chile Dec. 16, 1936 Peru 5 Aug. 1, 1940 M M a a y y 3 1 0 3 iy 2 3 Colombia 4 July 18, 1933 Portugal.... 2H Jan. 12, 1944 Sept. 28 3 Oct. 27 2H Nov. 25 4 Oct. 16, 1940 Rumania.... 4 May 8, 1944 Jan. 4, 1939 Ecuador 7 May 26, 1938 South Africa 3 June 2, 1941 Apr. 17 4 El Salvador... Mar. 30, 1939 Spain 4 Dec. 1, 1938 May 11 3 ^ Estonia Oct. 1, 1935 Sweden 3 May 29,1941 July 6 Finland Dec. 3, 1934 Switzerland. Nov. 26,1936 Aug. 24 4 Aug 29 3 Sept. 28 3 Oct. 26 2 France. Mar. 17, 1941 Turkey 4 July 1, 1938 Dec 15 3 Germany Apr. 9, 1940 United King- Jan. 25, 1940 2 Greece 6 2 Mar. 1, 1942 dom. ...... 2 Oct. 26, 1939 Apr o Hungary 3 Oct. 22, 1940 U.S. S. R... 4 July 1, 1936 M M a a y r 1 1 7 7 1941 sy 2 Ireland Nov. 23,1943 Yugoslavia.. 5 Feb. 1, 1935 •JIT-.- on 3 June 27 2% NOTE.—-Changes since October 31: none. In effect Nov. 30, 1944. 2 3H 2 2H 3 OPEN-MARKET RATES [ Per cent per annum ] United Kingdom Germany Netherlands Sweden Sw la it n z d er- Month ac 3 B c e a m p n o t k a n e n t r c h s e s ' s 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 lo a d n w ep k a o e n s r c s i e t ' s d P i r s r i c a v o t a e u t n e t Da m y- o t n o e -d y ay d P i r s r i c a v o te a u t n e t 1 M m f o o n o r e n y th m u L p o o n a to t n h s s 3 d P i r s r i c a v o te a u t n e t 1929—Sept.... 5.59 5.63 4.39 7.18 7.86 5.36 5.32 3.38 1930—Sept....... 2.07 2.05 1.68 3.30 3.78 1.96 1.84 1.50 1931—Sept.. 4.74 4.57 4.04 7.99 9.15 1.30 1.21 1.80 1932—Sept .67 .55 .67 4.25 5.55 .37 1.00 1.50 1933—Sept .44 .31 .63 3.88 5.00 .77 1.00 1.50 1934—Sept .73 .61 .78 3.81 4.71 .61 1.00 1.50 1935—Sept .58 .55 .75 3.02 3.21 5.48 5.65 2.40 1936—Sept .55 .53 .75 3.00 3.01 1.23 1.29 1.98 1937—Sept .55 .50 .75 2 88 3.07 .14 .50 1.00 1938—Sept .91 .86 .75 2^88 2.59 .32 .70 1.00 1939—Sept 3.51 3.23 2.72 2.75 2.51 2.94 3.66 1.25 1940—Sept 1.03 1.03 1.00 2.25 2.03 2.25 2.68 1.50 1941—Sept 1.03 1.01 1.00 2.13 1.94 1.88 2.25 1.25 1942—Sept.... 1.03 1.00 1.05 2.13 1.83 1.25 1943—Sept 1.03 1.00 1.07 2.13 1.93 1.25 1943—Oct 1.03 1.00 1.00 2.13 1.25 Nov 1.03 1.00 1.00 2.13 1.25 Dec 1.03 1.01 1.00 2.13 1.25 1944—Jan 1.03 1.01 1.08 2.13 1.25 Feb 1.03 1.00 •1.13 2.13 1.25 Mar 1.03 1.00 1.13 2.13 1.25 1.03 1.01 1.13 2.13 1.25 xSy.'.I:::.'.'.'.'.'.'. 1.03 1.00 1.13 2.13 1.25 June 1.03 1.00 1.13 2.13 1.25 July 1.03 1.00 1.13 2.13 1.25 Aug 1.03 1.00 1.13 1.25 Sept , 1.03 1.01 1.13 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. DECEMBER T944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS Assets Liabilities United Kingdom1 (It F L i o g p n u o d r u e o n s n d i s c n l s e m t a e r i r l i l l n i i g n o g n b ) s a o n f ks* re C se a r s v h es 1 M c n a o s l o n h l t e o i a y c r n e t d at B co il u ls n t d e i d s- T r d e r e c e p e a o i s p s u t i r t s y 2 Securities Loans to a O s t s h e e t r s Total D D e e m po a s n i d ts 3 Time3 lia O b t i h li e 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—October .. 394 151 181 ,135 1,158 749 289 3,813 2,556 1,256 245 November. 403 155 184 ,187 1,167 732 283 3,865 2,588 1,277 245 December. 422 151 133 ,307 1,154 761 349 4,032 2,712 1,319 245 1944—January .. 416 157 138 ,305 1,149 754 288 3,962 2,650 1,312 245 February . 414 150 124 ,264 1,141 761 287 3,897 2,583 1,314 243 March ,.., 423 155 113 ,331 1,136 781 290 3,988 2,652 1,336 242 April 430 164 149 ,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 September 443 191 209 1,444 1,183 744 282 4,251 2,827 1,424 244 Assets Liabilities Canada Entirely in Canada Se lo c a u n ri s ty Deposits payable in Canada (10 chartered banks. End of abroad Note excluding interbank deposits m o o f n t C h a f n ig a u d r i e a s n i d n o m lla il r l s io ) ns Cash Security O lo t a h n e s r d a u n e d f n ro e m t Securities O as t s h e e t r s cir ti c o u n la- lia O b th il e i r ties reserves loans and dis- foreign Total Demand Time counts banks 1936—December. 240 114 791 161 1,384 554 103 2,303 755 1,548 837 1937—December 255 76 862 102 1,411 575 96 2,335 752 1,583 850 1938—December 263 65 940 166 1,463 535 88 2,500 840 1,660 843 1939—December 292 53 ,088 132 1,646 612 85 2,774 1,033 1,741 963 1940—December. 323 40 ,108 159 1,531 570 80 2,805 1,163 1,641 846 1941—December. 356 32 ,169 168 1,759 653 71 3,105 1,436 1,669 962 1942—December. 387 31 ,168 231 2,293 657 60 3,657 1,984 1,673 1,049 1943—October... 460 38 ,038 202 2,870 659 45 4,107 2,146 1,961 1,115 November. 496 44 ,259 233 2,938 669 43 4,454 2,572 1,883 1,141 December. 471 48 ,156 250 2,940 744 42 4,395 2,447 1,948 1,172 1944—January... 491 53 ,085 229 2,950 674 41 4,273 2,247 2,026 1,167 February.. 486 52 ,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 ,175 275 3,374 712 37 4,850 2,756 2,094 1,256 June 526 71 ,104 294 3,358 856 36 4,836 2,641 2,195 1,339 July 545 63 ,063 218 3,388 755 35 4,716 2,451 2,265 1,282 August 569 61 ,002 215 3,368 755 35 4,667 2,297 2,370 1,268 September 575 56 976 224 3,450 761 435 4,726 2,262 2,464 H,282 France Assets Liabilities (4 larg f e ig b u a r o e n f s k s i f n . r a m n E c i n s ll ) d io o n f s month re C se a r s v h es Du b e a n f k ro s m B c i o l u ls n d te i d s- Loans a O s t s h e e ts r Total D D e e p m o a s n it d s Time a a c O n c w c e e p n s t- lia O b t i h li e t r ies 1936—December. 3,100 2,975 17,582 7,631 1,957 28,484 27,955 529 473 4,289 1937—December. 3,403 4,116 18,249 7,624 2,134 30,348 29,748 600 661 4,517 1938—December. 3,756 4,060 21,435 7,592 1,940 33,578 33,042 537 721 4,484 1939—December . 4,599 3,765 29,546 7,546 2,440 42,443 41,872 571 8*4 4,609 1940—December5 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 14,561 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 1,601 419 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 \x/% 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 Due to changes in reporting procedure, the figure for "Note circulation" includes a small amount of interbank note holdings while these holdings are now omitted from "Other liabilities." 5 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. 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 g B iu e m l- (c B ru r z a e z ir il o1) B I r n it d i i s a h g B a u r l i - a Canada (dollar) Chile (peso) C (y h u i a n n a Official S E p x e p c o ia rt l Official Free (belga) Official Free (rupee) (lev) Official Free Official Export S h h a a i n ) g- 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 1 1 9 9 3 3 8 9 3 30 2 . 8 5 5 9 0 7 3 3 8 5 9 3 . . 5 3 5 8 1 1 6 6 . . 8 8 9 5 4 2 5 6. . 0 8 0 4 2 3 7 8 3 3 6 3 . . 5 2 9 7 2 9 21.2424 9 96 9 . . 0 4 1 1 8 9 5 5 . .1 1 7 7 2 1 7 6 4 4 . . 0 0 0 0 0 0 0 0 2 1 1 1 . . 3 8 6 7 0 9 1940 29.773 2322.80 305.16 216.880 6.0562 5^0214 30.155 85.141 5.1668 4.0000 6.000 1941 29.773 223!704' 322.80 321.27 6.0575 5.0705 30.137 90'.909 87.345 25.1664 24.0000 25.313 1942 29.773 23.704 322.80 321.50 6.0584 5.1427 30.122 90.909 88.379 1943 29.773 24.732 322.80 2321.50 6.0586 5.1280 30.122 90.909 89.978 1943—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 Oct....... 29.773 25.125 322.80 6.0602 5.1803 30.122 90.909 89.736 Year or month C ( o p b l e i o a s m o) - C s ( l k z o o e v r c u a h n k o a i - a ) ( m D kr a e o n r n k - e) ( F l m k a i a a n n r ) d - k- F (f r r a a n nc c ) e ( m m G re a a e i r c n r k h - y ) s- G (d r m r e a a e c ) c h e - ( H K do o o ll n n a g g r) ( H p g e a u n r n g y - o) I (l t i a r l a y ) J ( a y p en an ) M (p e e x s i o c ) o e N ( r g l e e u a r t i n ) h ld d - - s (p N Z l o a e e u n w a n d - d) 1936 57.083 4.0078 22.189 2.1903 6.1141 40.297 .9289 31.711 29.558 7.2916 29.022 27.760 64.481 398.92 1937 56.726 3.4930 22.069 2.1811 4.0460 40.204 .9055 30.694 19.779 5.2607 28.791 27.750 55.045 396.91 1938 55.953 3.4674 21.825 2.1567 2.8781 40.164 .8958 30.457 19.727 5.2605 28.451 22.122 55.009 392.35 1939 57.061 23.4252 20.346 1.9948 2.5103 40.061 .8153 27.454 19.238 5.1959 25.963 19.303 53.335 354.82 1940 57.085 219.308 1.8710 22.0827 40.021 2.6715 22.958 18.475 5.0407 23.436 18.546 253.128 306.38 1941 57.004 22.0101 239.968 224.592 219.770 25.0703 223.439 20.538 322.54 1942 57.052 20.569 322.78 1943 ... 57.265 20.577 324.20 1943—Nov........... 57.277 20 580 324.42 Dec. . . 57.277 20 582 324.42 1944—Jan 57.277 20 582 324.42 Feb 57.277 20.582 324.42 Mar 57.277 20.582 324.42 Apr 57.277 20 582 324.42 May 57.277 20.582 324.42 \ June. 57.277 20 582 324.42 July 57.277 20.576 324.42 • Aug. . . 57.277 20.580 324.42 Sept. 57.277 20.581 324.42 Oct 57.277 20.582 324.42 United Kingdom Uruguay Year or month N (k o r r o w n a e y ) P ( o z l l a o n ty d ) ( P e o s g c r a u t l d u o - ) R ( u n le m i u a ) a- ( A S p o o fr u u i n c th d a )( S p p es a e i t n a) S S m (d e t o e r t a l n t l l i a t e t s r s - ) S ( w kr e o d n e a n ) S e (f r w r l a a i n t n c z d ) - Offici ( a p l ound F ) ree Con- (peso N ) co o n n - - Y ( s d u l i a g n v a o i r - a ) trolled trolled 1936 24.974 18.875 4.5130 .7382 491.65 12.314 58.258 25.626 30.189 497.09 79.874 2.2965 1937.. 24.840 18.923 4.4792 .7294 489.62 6.053 57.973 25.487 22.938 494.40 79.072 2.3060 1938 24.566 18.860 4.4267 .7325 484.16 5.600 56.917 25.197 22.871 488.94 64.370 2.3115 1939 .. 23.226 218.835 4.0375 7111 440.17 10.630 51.736 23.991 22.525 443.54 62.011 236\789' 2.2716 1940 222.709 3.7110 2.6896 397.99 9.322 46.979 23.802 22.676 H03.5Q 383.00 65.830 37.601 2.2463 1941 24.0023 398.00 29.130 47.133 223.829 223.210 403.50 403.18 65.830 43.380 22.2397 1942 398.00 246.919 403.50 403.50 65.830 52.723 1943 398.00 403.50 2403.50 65.830 52.855 1943—Nov 398 00 403 50 65.830 53.003 Dec. 398.00 403.50 65.830 52.969 1944—Jan. 398 00 403.50 65.830 52.946 Feb 398.00 403.50 65.830 52.945 Mar. 398 00 403.50 65.830 52.954 Apr 398.00 403 50 65.830 52.961 May 398.00 403.50 65.830 52.964 June 398.00 403.50 65.830 52.962 July 398.00 403.50 65.830 53.421 Aug 398.00 403.50 65.830 54.200 Sept 398.00 403.50 65.830 54.185 Oct 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.1 2 Average of daily rates for that part of the year during which quotations were certified. NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics see pp. 572-573 in same publicationi,, and for further information concerning „de_ve,lo.p_me.n_ts _a_ffecting 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. DECEMBER 1944 I2-53 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 States Canada Kingdom France Germany Year or month (1926=100) (1926=100) (1930=100) (1913 = 100) (1913 = 100) 1926 100 100 »124 695 134 1932 . . . 65 67 86 427 97 1933 66 67 86 398 93 1934 75 72 88 376 98 1935 . 80 72 89 338 102 1936 81 75 94 411 104 1937 86 85 109 581 1 106 1938 79 79 101 653 106 1939 77 75 103 2 681 107 1940 79 83 137 110 1941 87 90 153 112 1942 99 96 159 114 1943 103 100 163 116 1943—October 103 102 163 116 November 103 102 163 116 December 103 103 163 117 1944—January 103 103 164 117 February 104 103 165 117 March 104 103 165 117 April 104 103 166 118 May 104 103 166 118 June 104 103 166 July.... 104 103 167 August 104 102 168 September 104 102 167 October 104 ^167 • OO OO Nether- Switzer- Italy Japan lands Sweden land (October (1926-30 (July 1914 (1928 = 100) (1900=100) = 100) (1935 = 100) = 100) 237 106 U26 144 70 161 65 l 92 96 63 180 63 i 90 91 62 178 63 i 96 90 68 186 62 100 90 76 198 64 102 96 89 238 76 114 111 95 251 72 111 107 99 278 74 115 111 116 311 3 88 146 143 132 329 172 184 189 210 196 218 195 220 p387 195 220 195 220 *>396 195 221 195 221 P400 195 223 P420 195 223 197 223 197 P223 198 P224 197 P224 196 p223 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 o r n u t d a u r ly s e n - d d F f u m c a g l h c l o a y i t e o n u f d u a r ly - s e n d d Foods pr I o n tr d d i u u al c s- ts p A r t o g u r d r i u c a c u 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 u h u e ra e m c s w d - ts i- p tr r I i i o s n a h d d l e u u f d c s i - n ts - 1926 100 100 100 100 100 100 129 130 150 1932 48 61 70 48 55 70 88 85 91 89 118 1933 51 61 71 51 57 70 83 87 87 88 113 1934 65 71 78 59 64 73 85 90 96 91 116 1935 79 84 78 64 66 73 87 90 102 92 119 1936 81 82 80 69 71 74 92 96 105 94 121 1937 86 86 85 87 84 81 102 112 105 96 125 1938 69 74 82 74 73 78 97 104 106 94 126 1939 65 70 81 64 67 75 97 106 108 95 126 1940 68 71 83 67 75 82 133 138 111 99 129 1941 82 83 89 71 82 89 146 156 112 100 133 1942 106 100 96 83 90 92 158 160 115 102 134 1943 123 107 97 96 99 93 160 164 119 102 135 1943—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 94 159 172 124 102 136 September 123 104 99 101 103 94 157 172 122 102 137 October... 123 104 99 ^103 2*103 P94 p Preliminary. Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 12-54 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 (1 C = a 9 a 3 d 1 5 n a 00 - - 3 ) 9 U K d ( n 1 J i o 9 i u n m 1 t l g e 4 y - d (1 m G = 9 a 1 e 1 3 n r 0 - - y 0 1 ) 4 jN (1 la = e 91 t n 1 h 1 0 d e 0 - s 1 r ) - 3 j S er ( w „ J l 1 a u i 0 t n n z 0 e d - ) Year or month ( U S 1 = 9 t n 1 a 3 i 0 5 t t 0 e e -3 d s ) 9 (1 = C a 9 3 a d 1 5 0 n a - 0 3 - ) 9 U K d ( n 1 J i o 9 u i n 1 m t l 4 g e y - d (1 m = G 9 1 a 1 e 3 n 0 r - 0 - 1 y ) 4 N (1 l = e a 9 t 1 1 n h 0 1 d e 0 - s 1 r ) 3 -e S = ( r w 1 J l 9 u a 1 i 1 t 0 n n 4 z 0 e d ) - = 100) = 100) 1933 120 113 120 117 1933 92 94 140 118 139 131 1934 122 118 124 115 1934 96 96 141 121 140 129 1935 125 120 118 114 1935 98 96 143 123 136 128 1936 130 122 120 120 1936 99 98 147 125 *132 130 1937 139 122 127 130 1937 103 101 154 125 137 137 1938 141 122 130 130 1938 101 102 156 126 139 137 1939 141 123 130 132 1939 99 102 158 126 140 138 1940 164 128 146 1940 100 106 184 130 3148 151 1941 168 129 175 1941 105 112 199 133 174 1942 161 132 200 1942 117 117 200 137 193 1943 166 134 211 1943... 124 118 199 139 203 1943—October.... 168 132 212 1943—-October.... 124 119 199 138 205 November.. 168 133 213 November., 124 119 199 138 205 December.. 168 134 213 December,. 124 119 199 139 205 1944—January.... 168 135 213 1944—January.... 124 119 199 139 206 February... 168 135 214 February. 124 119 200 140 206 March. 168 136 214 March..*.... 124 119 200 140 206 April 168 138 215 April....... 125 119 200 140 207 May 168 138 215 May 125 119 200 141 208 June....... 168 139 June 125 119 200 142 p208 July 169 146 July 126 119 201 146 p?09 August 170 143 August .. , 126 119 202 144 ^208 September. 169 137 September. 127 119 202 141 *>208 October.... 168 October ... PI 19 201 p Preliminary. 1 Revised index from March 1936 (see BULLETIN ror April 1937, p. 373). 2 Average based on figures for 3 months; no data available since March 1940, when figure was 141. 3 Average based on figures for 5 months; no data available since May 1940, when figure was 149. Sources.—See BULLETIN for May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. SECURITY PRICES [ Index numbers except as otherwise specified] Bonds Common stocks Year or month U ( S p d n r e t i a r i c i t t v e e e ) e d s 1 d ( K 1 D 9 U i 2 e n n 1 c g e i = t d m e 1 o d b 0 m e 0 r ) (1 F 9 r 1 a 3 n = c 1 e 00) G ( e a p v r r m e ic ra a e g n )2 e y N la e n th d e s r 3 - ( U S 1 = 9 n t 3 a 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 9 r 2 a 6= n 1 c 0 e 0) Germany (1 N 9 l 3 e a 0 t n h = d 1 e s 0 r 0 - ) Number of issues...... IS 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 1 19 9 3 3 7 6 . i109.5 1 12 3 4 1 . . 6 2 7 75 6 . . 1 3 * 9 98 5 . . 7 8 31 1 0 0 1 9 . . 8 1 1 11 1 7 7 . . 5 5 9 9 7 6 . . 0 3 9 7 7 7 . . 4 2 1 9 0 1 2 . . 6 6 1 6 0 6 4.2 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 117.8 123.8 103.0 84.3 80.0 72.5 9289.7 136.8 129.0 1942 118.3 127.3 6100.'l 6103.3 94.7 69.4 75.3 142.1 131.5 1943 120.3 127.8 91.9 84.5 145.0 151.0 1943—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 90.6 145.1 September 121.2 127.6 100.7 88.8 145.0 October 121.1 103.5 145.2 p Preliminary. 1 Figures represent calculated prices of a 4 per cent 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds for the series beginning 1937 and for a varying number of high-grade bonds for the series prior to that date. The yearly average for 1937 is the same for both series. .Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the United States see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479. 2 Since Apr. 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at 4J^ per cent. The series prior to that date is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent. 3 Indexes of reciprocals of average yields. For old index, 1929-1936, 1929 = 100; average yield in base year was 4.57 per cent. For new index beginning January 1937, Jan.-Mar. 1937 = 100; average yield in base period was 3.39 per cent. 4 This number originally 329, has declined as the number of securities eligible for the index has diminished. In May 1941, it was down to 287. 5 Average Apr .-Dec. only. Average Jan.-Mar. on old basis was 95.9. 6 Average based on figures for 5 months; no data available June-Dec. 7 Average based on figures for 7 months; no data available May-Sept. 8 Average based on figures for 9 months; no data available May-July. 9 Average based on figures for 10 months; no data available Jan.-Feb. Sources.—See BULLETIN for November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121. DECEMBER 1944 H55 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman M. S. SZYMCZAK ERNEST G. DRAPER JOHN K. MCKEE R. M. EVANS LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT THURSTON, Special Assistant to the Chairman OFFICE OF THE SECRETARY DIVISION OF SECURITY LOANS CHESTER MORRILL, Secretary CARL E. PARRY, Director S. R. CARPENTER, Assistant Secretary BONNAR BROWN, Assistant Director BRAY HAMMOND, Assistant Secretary LEGAL DIVISION DIVISION OF PERSONNEL ADMINISTRATION WALTER WYATT, General Counsel ROBERT F. LEONARD, Director J. P. DREIBELBIS, General Attorney GEORGE B. VEST, Assistant General Attorney DIVISION OF ADMINISTRATIVE SERVICES DIVISION OF RESEARCH AND STATISTICS LISTON P. BETHEA, Director E. A. GOLDENWEISER, Director FRED A. NELSON, Assistant Director WOODLIEF THOMAS, Assistant Director DIVISION OF EXAMINATIONS OFFICE OF ADMINISTRATOR FOR WAR LOANS COMMITTEE LEO H. PAULGER, Director C. E. CAGLE, Assistant Director EDWARD L. SMEAD, Administrator WILLIAM B. POLLARD, Assistant Director GARDNER L. BOOTHE, II, Assistant Administrator DIVISION OF BANK OPERATIONS FISCAL AGENT EDWARD L. SMEAD, Director J. R. VAN FOSSEN, Assistant Director O. E. FOULK, Fiscal Agent J. E. HORBETT, 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. GIFFORD, 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 1x56 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. Dennison William Willett J. C Hunter8 O. A. Schlaikjer New York. Beardsley Ruml Allan Sproul J. W. Jones J. M. Rice William I. Myers L. R. Rounds L. W. Knokc Robert G. Rouse Walter S. Logan John H. Williams A. Phdan V. Willis Philadelphia Thomas B. McCabc Alfred H. Williams W. J. Davis C. A. Mcllhenny8 Warren F. Whittier Frank J. Drinncn E. C. Hill C. A. Sienkiewicz Cleveland G. C. Brainard R. M. Gidney Wm. H. Fletcher B. J. Lazar R. E. Klagcs 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. Gco. H. Kccscc1 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. Black* E. C. Harris Chicago. Simeon E. Lei and C S. Young Neil B. Dawcs John K. Langum W. W. Waymack H. P. Preston J. H. DUlard 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 Ucland Roger B. Shcpard O. S. Powell Otis R. Preston A. R. Upgren E. W. Swanson Harry I. Ziemer Kansas City. . .. Robert B. Caldwell H. G. Lcedy L. H. Earhart Jos. E. Olson Robert L. Mehornay Henry O. Koppang Raymond W. Hall G. H. Pipkin C. O. Hardy D. W. Woollcy8 Dallas. Jay Taylor R. R. Gilbert E. B. Austin8 W. O. Ford J. R. Partcn W. D. Gentry R. B. Cole man W. H. Holloway W. J. Evans L. G. Pondrom San Francisco... Henry F. Grady Wm. A. Day C. E. Ear hare H. N. Mangels Harry R. Well man Ira Clerk J. M. Leisncr1 H. F. Sladc 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. Lazar6 Pittsburgh J. W. Kossin8 Kansas City Denver Jos. E. Olson5 Oklahoma City G. H. Pipkin5 Richmond Baltimore W. R. Mil ford* Omaha L. H. Earhart5 Charlotte W. T. Clements* Atlanta Birmingham P. L. T. Beavers* Dallas El Paso J. L. Hermann6 Jacksonville Geo. S. Vardeman, Jr.* Houston L. G. Pondrom5 Nashville Joel B. Fort, Jr.* San Antonio W. H. Holloway* New Orleans E. P. Paris* Chicago Detroit E. C. Harris5 San Francisco... Los Anffelcs W. N. Ambrose* St. Louis Little Rock A. F. Bailey* Portland D. L. Davis* Louisville C. A. Schacht* Salt Lake City W. L. Partner* Memphis W. H. Glasgow* Seattle C. R. Shaw* 1 Also Federal Reserve Agent. 2 Cashier. 8 Also Cashier. * Managing Director. 5 Vice President. 6 Manager. DECEMBER 1944 12-57 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H oo FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES gas BOUNDARIES OF FEDERAL RESERVE DISTRICTS f —• BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ^fL BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM <§) FEDERAL RESERVE BANK CITIES w • FEDERAL RESERVE BRANCH CITIES to) O FEDERAL RESERVE BANK AGENCY JANUARY 2. 1943 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Pages Pages Absorption of exchange charges: Assets and liabilities—Continued. Avoidance of expense to member bank 339 Foreign central banks 107, 203, 293, 403, 513, Hearings by House Committee on Banking and 621, 731, 827, 941, 1025, 1135, 1247 Currency 237 Government corporations and credit agencies S. 1642, letter to Senator Wagner on 126 84,178,270,380,480, Acceptances, bankers': 592, 706, 802, 912, 998, 1110, 1222 Buying rates 60, 152, 244, 354, 454, Insured commercial banks in United States and pos- 566, 680, 776, 886, 972, 1084, 1196 sessions 499, 1019 Open-market rates on 77, 171, 263, 373, 473, Australia: 585, 699, 795, 905, 991, 1103, 1215 Commonwealth Bank of: Outstanding 76, 170, 262, 372, 472, Condition 109, 205, 295, 405, 515, 584, 698, 794, 904, 990, 1102, 1214 623, 733, 829, 943, 1027, 1137, 1249 Adams, Clarence H., Director of Denver Branch, death of.. 880 Foreign exchange rates 113, 209, 299, 409, 519, Addresses: 627, 737, 833, 947, 1031, 1141, 1253 Bell, Daniel W., on financing the war and postwar Gold movements 105, 201, 291, 401, 511, readjustment 28 619, 729, 825, 939, 1023, 1133, 1245 Eccles, Marriner S.: Gold production 105, 201, 291, 401, 511, Possibilities of postwar inflation and suggested 619, 729, 825, 939, 1023, 1133, 1245 tax action 222 Automobiles: Postwar price problem—inflation or deflation?. .1156 Maximum credit values for used 1942 cars under Goldenweiser, E. A., on commercial banking after the Regulation W 342 war, before Illinois Bankers Association 871 Bach, G. L., article on currency in circulation 318 Admission of State banks to membership in Federal Re- Bank credit: serve System 53, 135, 237, 338, 435, Current statistics for Federal Reserve chart book 538, 674, 769, 880, 966, 1076, 1190 100, 194, 286, 396, 496, Agricultural loans: 609, 723, 820, 930, 1016, 1128, 1240 Insured commercial banks 578, 692, 788, 898, 984, National summary of business conditions... 55, 148, 239, 1096, 1208 350, 450, 541, 676, 771, 882, 968, 1079, 1191 Member banks, call dates 70, 164, 256,366, 466 Bank debits: (See Debits to deposit accounts) Agricultural production, advanced level of 846, 1147 Bank deposits: (See Deposits) Agriculture: Bank for International Settlements: Crop reports 99, 819, 929, 1015, 1127, 1239 Annual report 1190 National summary of business conditions. .675, 771, 882, Condition 110, 206, 296, 406, 516, 968, 1079 624, 734, 830, 944, 1028, 1138, 1250 In the war, discussed in Review of the Month 1147 Gold reserves 104, 200, 290, 400, 510, Albania: 618, 728, 824, 938, 1022, 1132, 1244 Discount rate of central bank. . . Ill, 207, 297, 407, 517, Bank for reconstruction and development of the united 625, 735, 831, 945, 1029, 1139, 1251 and associated nations, plan for postwar international... .37 Alexander, Philip K., appointed director of Denver Agreement on 863 Branch 965 Bank loans: Analysis of individual accounts as payment of interest...... .13 All member banks, call dates 70, 164, 256, 366, 466 Annual reports: Discussion in Review of the Month 218, 637 Bank for International Settlements 1190 Insured commercial banks 578, 692, Bank of Canada. . 332 78S, 898, 984,1096, 1208 Argentina: (See also Loans) Central Bank of: Bank premises: Condition 109, 205, 295, 405, 515, Federal Reserve Banks 63, 155, 247, 357, 457, 623, 733, 829, 943, 1027, 1137, 1249 569, 683, 779, 889, 975, 1087, 1199 Discount rate Ill, 207, 297, 407, 517, Member banks 498, 725, 1018 625, 735, 831, 945, 1029, 1139, 1251 Bank suspensions 68, 161, 253, 363, 463, Gold reserves 104, 200, 290, 400, 510, 575, 689, 785, 895, 981, 1093, 1205 618, 728, 824, 938, 1022, 1132, 1244 Bankers' acceptances: (See Acceptances, bankers') Foreign exchange rates 113, 209, 299, 409, 519, Bankers' balances: 627, 737, 833, 947, 1031, 1141, 1253 Insured commercial banks 579, 693, 789, 899, 985, Armed forces, growth in 419 1097, 1209 Assets and liabilities: Member banks on call dates 71, 165, 257, 367, 467 All member banks, classes of banks: Weekly reporting member banks: December 31, 1943 498 By Federal Reserve districts. . 75,169, 261, 371,471, April 13, 1944 725 583, 697, 793, 903, 989, 1101, 1213 June 30, 1944 1018 New York City and outside. .73, 167, 259, 369, 469, Commercial banks in United Kingdom, Canada, 581, 695, 791, 901, 987, 1099, 1211 and France 112, 208, 298, 408, 518, Banking and monetary statistics, volume issued by Board 626, 736, 832, 946, 1030, 1140, 1252 of Governors 134, 240 Federal Reserve Banks: Banking developments during Fourth War Loan Drive.. .215 All banks 61, 153, 245, 355, 455, 567, 681, 777, 887, 973, 1085, 1197 Banking funds: Each bank 62, 154, 246, 356, 456, Foreign, increase in United States 106, 202, 292, 402, 568, 682, 778, 888, 974, 1086, 1198 512, 620, 730, 826, 940, 1024, 1134, 1246 DECEMBER 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 30 Pages Pages Banks: Bolivia: Consolidations 198, 611, 935, 1242 Central Bank of: Government securities held by.... 82, 176. 268, 378, 478, Condition 109, 205, 295, 405, 515, 590, 704, 800, 910, 996, 1108, 1220 623, 733, 829, 943, 1027, 1137, 1249 Number of, call dates 69, 162, 254, 364. 464, Discount rate Ill, 207, 297, 407, 517, 625, 735, 831, 945, 1029, 1139, 1251 576, 690, 780, 896, 982, 1094, 1206 Number of, changes 198, 611, 935, 1242 Bond yields: Goverment, municipal, and corporate. .77, 171, 263, 373, Status as war activities 645 473, 585, 699, 795, 905, 991, 1103, 1215 Suspensions 68, 161, 253, 363, 463, Bonds: 575, 689, 785, 895, 981, 1093, 1205 Corporate, yields on 443 Banks for cooperatives: New security issues 78, 172, 264, 374, 474, Loans by 84, 178, 270, 380, 480, 586, 700, 796, 906, 992, 1104, 1216 592, 706, 802, 912, 998, 1110, 1222 Prices in principal countries 115, 211, 301, 411, 521, Belgian Congo: 629, 739, 835, 949, 1033, 1143, 1255 Gold production 105, 201, 291, 401, 511, Prices in United States 78, 172, 264, 374, 474, 619, 729, 825, 9^9, 1023, 1133, 1245 586, 700, 796, 906, 992, 1104, 1216 Belgium: United States savings, sales and redemptions... .81, 175, Foreign exchange rates 113, 209, 299, 409, S19, 267, 377, 477, 589, 703, 799, 909, 995, 1107, 1219 627. 737, 833, 947, 1031, 1141, 1253 (See also Government securities) Gold movements 105, 201, 291, 401, 511, Borrowings: 619, 729, 825, 939, 1023, 1133, 1245 Insured commercial banks National Bank of (Bank of Issue of Hrussr!s): 579, 693, 789, 899, 985, 1097, 1209 Condition 109, 205, 295, 405, 515, Member banks on call dates 71, 165, 257, 367, 467 623, 733, 829, 943, 1027, 1137, 1249 Weekly reporting member banks: Discount rates 111,207,297.407,517, By Federal Reserve districts 75, 169, 261, 371, 625, 735, 831, 945, 102^, 1139, 1251 471, 583, 697, 793, 903, 989, 1101, 1213 Gold reserves 104,200,290,400,510, New York City and outside. .73, 167, 259, 369, 469, 61S, 72*, 824, 938, 1022, 11 ?2, 1244 581, 695, 791, 901, 987, 1099, 1211 Bell, Daniel W., address on financing the vvai and postwar Bourneuf, Alice, article on Bretton Woods agreements ... 850 readjustment 28 Branch banks: Bethea. L'Ston P., appointed Director of Division of Ad- Changes, analysis of 198, 611, 935, 1242 ministrative Services 1190 Federal Reserve System: Bills discounted by Federal Reserve Banks: Denver: All banks combined 59, 151, 243, 353, 453, Officer in charge made Vice President of 565, 679, 775, 885, 971, 1083, 1195 head office 52 Each bank 62, 154, 246, 356, 456, Directors: (See Directors) 568, 682, 778, 888, 974, 1086, 1198 Managing officers 117, 213, 303, 413, 523, Maturity distribution 61, 153, 245, 355, 455, 631, 741, 837, 951, 1035, 1145, 1257 567, 681, 777, 887, 973, 1085, 1197 Oklahoma City: Member and nonmember banks. . 61, 153, 245, 355, 455, Officer in charge made Vice President of 567, 681, 777, 887, 973, 1085, 1197 head office 52 Board of Governors of the Federal Reserve System: Omaha : Division of Administrative Services established 1190 Officer in charge made Vice President of Members: head office 52 Draper, Ernest G.: Brazil: Article on goods and dollars in world trade.. 1C49 Foreign exchange rates 113, 209, 299, 409, 519, Eccles, Marriner S.: 627, 737, 833, 947, 1031, 1141, 1253 Address on possibilities of postwar inflation Gold reserves 104, 200, 290, 400, 510, and suggested tax action 222 618, 728, 824, 938, 1022, 1132, 1244 Address on postwar price problem—inflation Bretton Woods agreements: or deflation? 1156 Article by Dr. Goldenweiser and Miss Bourneuf 850 Correction in article 966 Reappointed for term of fourteen years and Copies of final act soon to be available upon request. .. 769 redesignated as Chairman for four years. . .338 British India: (See India, British) Statement before Banking and Currency British White Paper on War Finance 655 Committee of Senate on extension of Brokers and dealers in securities, loans to: Emergency Price Control Act of 1942. . . .329 Insured commercial banks 578, 692, 788, 898, 984, Members and officers 116, 212, 302, 412, 522, 1096, 1208 630, 740, 836, 950, 1034, 1144, 1256 Member banks on call dates 70, 164, 256, 366, 466 Staff: (See Staff of Board) Weekly reporting member banks: Suit against, by Peoples Bank of Lakewood Village, By Federal Reserve districts 74, 168, 260, 370, Calif., dismissed 1182 470, 582, 696, 792, 902, 988, 1100, 1212 Bohemia and Moravia: New York City and outside. . . 72, 166, 258, 368, 468, National Bank of: 580, 694, 790, 900, 986, 1098, 1210 Condition 109, 205, 295, 405, 515, Brokers' balances: 623, 733, 829, 943, 1027, 1137, 1249 Movement to United States from abroad. . 106, 202, 292, Discount rate Ill, 207, 297, 407, 517, 402, 512, 620, 730, 826, 940, 1024, 1134, 1246 625, 735, 831, 945, 1029, 1139, 1251 I2.6O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 30 Pages Brooks, Douglas W., appointed Deputy Chairman at Capital accounts—Continued. St. Louis 52 Weekly reporting member banks: Brown, Bonnar, appointed Assistant Director of Division By Federal Reserve districts. 75, 169, 261, 371, 471, of Security Loans 674 583, 697, 793, 903, 989, 1101, 1213 Brown, Edward E.,reelected President of Federal Advisory New York City and outside 73, 167, 259, 369, 469, Council 237 581, 695, 791, 901, 987, 1099, 1211 Budget: Cash in vaults: Annual message of President to Congress 119 Insured commercial banks 579, 693, 789, 899, 985,- Bulgaria: 1097, 1209 Foreign exchange rates 113, 209, 299, 409, 519, Member banks 71, 165, 257, 367, 467 627, 737, 833, 947, 1031, 1141, 1253 Weekly reporting member banks: National Bank of: By Federal Reserve districts 75, 169, 261, 371, 471, Discount rate Ill, 207, 297, 407, 517, 583, 697, 793, 903, 989, 1101, 1213 625, 735, 831, 945, 1029, 1139, 1251 New York City and outside 73, 167, 259, 369, 469, Gold reserves 104, 200, 290, 400, 510, 581, 695, 791, 901, 987, 1099, 1211 618, 728, 824, 938, 1022, 1132, 1244 Central banks: Business conditions: Assets and liabilities 107,203, 293,403,513, Current statistics for Federal Reserve chart book 100, 194, 286,396,496, 621,731,827,941, 1025, 1135,1247 609, 723, 820, 930, 1016, 1128, 1240 Discount rates 111,207,297,407,517, 625,735,831,945, 1029,1139, 1251 National summary of 54, 147, 238, 349, 449, 540, 675, 770, 881, 967, 1078, 1191 Gold reserves 104, 200, 290, 4C0, 510, Business finance in the war, discussed in Review of the 618, 728,824,938,1022,1132,1244 Month 633 Central reserve city banks: Business indexes: Assets and liabilities: Monthly and yearly figures, 1919-1944.... 85, 179, 271, December 31, 1943 498 381, 481, 593, 707, 803, 913, 999, 1111, 1223 April 13, 1944 725 Canada: June 30, 1944 1018 Bank of: Condition: Annual report 332 Insured commercial banks.. .578, 692, 788, 898, 984, Condition 107, 203, 293, 403, 513, 1096, 1208 621, 731, 827, 941, 1025, 1135, 1247 Member banks, call dates... 70, 164, 256, 366, 466 Discount rate 111,207,297,407,517, Deposits 66, 158, 250, 360, 460, 625, 735, 831, 945, 1029, 1139, 1251 572, 686, 782, 892, 978, 1090,1202 Gold reserves 104, 200, 290, 400, 510, Earnings and expenses 447 618, 728, 824, 938, 1022, 1132, 1244 Reserve balances 66, 158, 250, 360, 46)0, Commercial banks, assets and liabilities 112, 208, 298, 571, 685, 781, 891, 977, 1C89, 1201 408, 518, 626, 736, 832, 946, 1030, 1140, 1252 Reserves 66, 158, 250, 360, 460, Cost of living, index numbers.. 115, 211, 301,411,521, 572, 686, 782, 892, 978, 1050, 1202 629, 739, 835, 949, 1033, 1143, 1255 Chain banks 615 Foreign exchange rates 113, 209, 299, 409, 519, Chairmen of Federal Reserve Banks: 627, 737, 833, 947, 1031, 1141, 1253 List of 117, 213, 303, 413, 523, Gold movements 105,201,291,401,511, 619, 729, 825, 939, 1023, 1133, 1245 631, 741, 837, 951, 1035, 1145, 1257 Gold production 105, 201, 291,401,511, Meeting in Washington on May 10-11 538 619, 729, 825, 939, 1023, 1133, 1245 Reappointed for 1944 52 Patterns of wartime borrowing in, article by Harold Chart books: L. Seligman 1056 Current figures on bank credit, money rates, and Retail food prices 115, 211,301,411, 521, business 100, 194, 286, 396, 496, 629, 739, 835, 949, 1033, 1143, 1255 609, 723, 820, 930, 1016, 1128, 1240 Wartime tax effort in 16 Charts: Wholesale prices in 114, 210, 300, 410, 520, Agricultural production and prices 846 628, 738, 834, 948, 1032, 1142, 1254 All banks, member and nonmember, par and nonpar. . 132 Cannon, Harry L., Class B director at Philadelphia, death Bank deposits and currency 526 of 1190 Budget expenditures and receipts 123 Capital: Capital expenditures in manufacturing and mining International movement to the United States 1041 industries 634 Movement to the United States . 106, 202, 292, 402, 512, Computed interest rate on interest bearing debt 1C63 620, 730, 826, 940, 1024, 1134, 1246 Consumer expenditures 307 Movements discussed in Review of the Month 1037 Cost of living 10, 148, 306, 449, 881 Capital accounts: Currency deposits, salaries and wages and consumer Federal Reserve Banks 64, 156, 248, 358, 458, 570, 684, 780, 890, 976, 1088, 1200 expenditures 321 Insured commercial banks 579, 693, 789, 899, 985, Currency outside banks, United States, Great 1097, 1209 Britain, and Canada 326 Insured commercial banks in United States and Demand deposits and currency, all banks in United possessions 498, 1019 States 324 Member banks: Department store sales 542, 874 Call dates 71, 165, 257, 367, 467 Atlanta Federal Reserve District and the United December 31, 1943 498 States 555 April 13, 1944 725 Boston Federal Reserve District and the United June 30, 1944 1018 States 550 DECEMBER 1944 I2_6l Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 30 Pages Pages Charts—Continued. Charts—Continued. Department store sales—Continued Personal income taxes—United States, United Chicago Federal Reserve District and the United Kingdom, and Canada 21 States 556 Postwar production needed to avoid unemployment. .424 Cleveland Federal Reserve District and the Prices received and paid by farmers 1153 United States 553 Proposed effective income tax rates 1174 Dallas Federal Reserve District and the United Proposed income tax bracket rates 1173 States 560 Relation of national debt to national income 1058 Kansas City Federal Reserve District and the Reserves and interbank deposits 531 United States 559 Retail sales 648 Minneapolis Federal Reserve District and the Tax receipts by sources—central and local govern- United States 558 ments 20 New York Federal Reserve District and the Total retail sales and department store sales 543 United States 551 Trends in agricultural production 1148 Philadelphia Federal Reserve District and the Weekly reporting member banks 746 United States 552 Wholesale prices 238, 541, 1079 Richmond Federal Reserve District and the World gold output, revaluation increment, and United States 554 United States gold reserves since 1913 1046 St. Louis Federal Reserve District and the Chile: United States 557 Central Bank of: San Francisco Federal Reserve District and the Condition 109, 205, 295, 405, 515, United States 561 623, 733, 829, 943, 1027, 1137, 1249 Department store sales and stocks.. .148, 770, 967, 1191 Discount rate Ill, 207, 297, 407, 517, Easter adjustment in department store sales 548 625, 735, 831, 945, 1029, 1139, 1251 Employees in nonagricultural establishments 6, 417 Gold reserves 104, 200, 290, 400, 510, Estimated ownership of demand deposits 1073 618, 728, 824, 938, 1022, 1132, 1244 Excess reserves of member banks 748 Foreign exchange rates 113, 209, 299, 409, 519, Food costs in the cost of living 1152 627, 737, 833 947, 1031, 1141, 1253 } Foreign trade of the United States 1039 Gold production 105, 201, 291, 401, 511, Fourth War Loan Drive, by classes of investors 217 619, 729, 825, 939, 1023, 1133, 1245 Government expenditures, taxes, and national in- China: come—United States, United Kingdom, and Foreign exchange rates 113, 209, 299, 409, 519, Canada 17 627, 737, 833, 947, 1031, 1141, 1253 Government security holdings of banks in leading Clearing and collection: cities 350, 1079 Absorption of exchange charges: Government security holdings of Federal Reserve Avoidance of expense to member banks 339 Banks 220 Hearings by House Committee on Banking and Holdings of United States Government securities 529, 747 Currency held 237 Income payments and sales of food and apparel 306 Letter to Senator Wagner on S. 1642 126 Income payments to individuals 54, 349, 676, 1078 Clothing: Increase in currency by denominations 323 Expenditures for and supplies of 308 Index numbers of the value of farm real estate per Coins: acre, and amount of cash farm income including Circulation of 67, 159, 251, 361, 461, Government payments, United States, 1910- 573, 687, 783, 893, 979, 1091, 1203 1943 229 Colombia: Individual incomes, expenditures, and taxes.... 1, 305 Bank of the Republic of: Industrial pay rolls 845 Condition 109, 205, 295, 405, 515, Industrial production 3, 54, 147, 238, 349, 623, 733, 829, 943, 1027, 1137, 1249 449, 540, 675, 770, 841, 881, 967, 1078, 1191 Discount rate Ill, 207, 297, 407, 517, International movement of capital 1042 625, 735, 831, 945, 1029, 1139, 1251 Liquid asset holdings by type of holder 956 Gold reserves 104, 200, 290, 400, 510, Liquid asset holdings of individuals and corpora- 618, 728, 824, 938, 1022, 1132, 1244 tions 955 Foreign exchange rates 113, 209, 299, 409, 519, Loans, investments, and deposits, reporting mem- 627, 737, 833, 947, 1031, 1141, 1253 ber banks 218 Gold movements 105, 201, 291, 401, 511, Loans and investments of all banks 961 619, 729, 825, 939, 1023, 1133, 1245 Loans at member banks in leading cities 530 Gold production 105, 201, 291, 401, 511, Major sources of wartime financing for large com- 619, 729, 825, 939, 1023, 1133, 1245 panies in selected industries 638 Commercial banking after the war, article by Dr. Maturity distribution of the public marketable debt.. 1062 Goldenweiser 871 Member bank reserves 239 Commercial banks: Member bank reserves and related items. . . .55, 58, 150, Assets and liabilities in United Kingdom, Canada, 242, 352, 450, 452, 541, 564, 678, and France 112, 208, 298, 408, 518, 774, 882, 884, 980,1082,1192,1194 626, 736, 832, 946, 1030, 1140, 1252 Member banks in leading cities. . . .55, 239, 350, 676, 771, Condition of insured in United States, by classes 882, 968, 1192 578, 692, 788, 898, 984, 1096, 1208 Monthly increase in money in circulation 320 Condition of insured in United States and pos- Net receipts from borrowing and taxation 1057 sessions 498, 1019 Nonmember banks, par and nonpar 132 Consumer instalment loans 96, 190, 282, 392, 492, Par collection in the United States 132 606, 720, 816, 926, 1012, 1124, 1236 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 30 Pages Pages Commercial banks—Continued. Conferences: Insured home mortgages held 92, 186, 278, 388, 488, United Nations Monetary and Financial at Bretton 601, 715, 811, 921, 1007, 1119, 1231 Woods: Commercial loans: Article on agreements by Dr. Goldenweiser and Insured, by classes 578, 692, 788, 898, 984, Miss Bourneuf 850 1096, 1208 Correction in article 966 Member banks, call dates 70, 164, 256, 366, 466 Copies of final act soon to be available and to be furnished readers upon request 769 Commercial, industrial, and agricultural loans: (See also Meetings) Weekly reporting member banks: Conkling, Gerald M., article on loans for war purposes. . . 1054 By Federal Reserve districts 74, 168, 260, 370, 470, Consolidations of banks 198, 611, 935, 1242 582, 696, 792, 902, 988. 1100, 1212 Construction, expenditures for 4 New York City and outside 72, 166, 258, 368, 468, Construction contracts awarded: 580, 694, 790, 900, 986, 1098, 1210 By districts 92, 186, 278, 388, 488, Commercial paper: 601, 715, 811, 921, 1007, 1119, 1231 Open-market rates on 77, 171, 263, 373, 473, By public and private ownership.. .92, 186, 278, 388, 488, 585, 699, 795, 905, 991, 1103, 1215 601, 715, 811, 921, 1007, 1119, 1231, Outstanding 76, 170, 262, 372, 472, By type of construction 92, 186, 278, 388, 488 584, 698, 794, 904, 990, 1102, 1214 601, 715, 811, 921, 1007, 1119, 1231 Commitment fees under Regulation V: Index of value of 85, 179, 271, 381, 481, Schedule approved 879 593, 707, 803, 913, 999, 1111, 1223 Table 1084, 1196 Consumer credit: Amendment No. 11 to Regulation W 339 Committees: Amendments Nos. 12 and 13 to Regulation W 670 Banking and Currency of Senate, statement of Mr. Amendment No. 14 to Regulation W 1187 Eccles, before, on extension of Emergency Price Furniture store statistics 97, 191, 283, 393, 493, Control Act of 1942 329 607, 721, 817, 927, 1013, 1125, 1237 Editorial, establishment of 311 Instalment credits of commercial banks, by type of Commodity Credit Corporation: credit 97, 191, 283, 393, 493, Asset items 84, 178, 270, 380, 480, 607, 721, 817, 927, 1013, 1125, 1237 592, 706, 802, 912, 998, 1110,1222 Instalment loans 96, 190, 282, 392, 492, Loans by 84, 178, 270, 380, 480, 606, 720, 816, 926, 1012, 1124, 1236 592, 706, 802, 912, 998, 1110, 1222 Instalment loans made by principal lending insti- Commodity prices: tutions 97, 191, 283, 393, 493, National summary of business conditions. . .55, 148, 239, 607, 721, 817, 927, 1013, 1125, 1237 350,450,541, 675, 771,967,1079 Instalment sale credit, excluding automotive Comptroller of the Currency: 96 190, 282, 392, 492, National bank loan limitations under Contract 606, 720, 816, 926, 1012, 1124, 1236 Settlement Act of 1944 962 Maximum credit values for used 1942 automobiles.... 342 Partial payments in charge account 753 Ruling on loans to veterans for home purchase or Ratio of collections to accounts receivable. .97, 191, 283, construction 1187 393, 493, 607, 721, 817, 927, 1013, 1125, 1237 Condition statements: Revisions of some series 1177 All member banks, by classes of banks. . .498, 725, 1018 Suspension 'of license of Consumers Home Equip- Commercial banks in United Kingdom, Canada, ment Company 12 and France 112, 208, 298, 408, 518, Total credit, by major parts 96, 190, 282, 392, 492 626, 736, 832, 946, 1030, 1140, 1252 606, 720, 816, 926, 1012, 1124, 1236 Federal Reserve Banks: Consumer expenditures, wartime changes in 133 All banks combined 61, 153, 245, 355, 455, Consumer goods, discussion of 426 567, 681, 777, 887, 973, 1085, 1197 Consumer incomes and expenditures 7 Each bank 62, 154, 246, 356, 456, Consumer supplies, discussion of 1 568, 682, 778, 888, 974, 1086, 1198 Consumers Home Equipment Company, order suspending Foreign central banks 107, 203, 293, 403, 513 license under Regulation W 12 621, 731, 827, 941, 1025, 1135, 1247 Contract Settlement Act of 1944, text of 753 Government corporations and temporary agencies Corporate bonds: 84, 178,270,380,480, Yields on 77, 171, 263, 373, 473, 592, 706, 802, 912, 998, 1110, 1222 585, 699, 795, 905, 991, 1103, 1215 Insured commercial banks: Corporate security issues: Proposed use of proceeds: Classes of banks 579, 692, 788, 898, 984, All issuers 79, 173, 265, 375, 475, 1096, 1208 587, 701, 797, 907, 993, 1105, 1217 United States and possessions 499, 1019 Major groups of issuers 79, 173, 265, 375, 475, Member banks: 587, 701, 797, 907, 993, 1105, 1217 Call dates 70, 164, 256, 366, 466 Corporate stocks: Reserves and liabilities 71, 165, 257, 367, 467 Holdings of all member banks 498, 725, 1018 Weekly reporting member banks: Prices in United States 78, 172, 264, 374, 474, By Federal Reserve districts. .74, 168, 260, 370, 470, 586, 700, 796, 906, 992, 1104, 1216 582, 696, 792, 902, 988, 1100, 1212 Corrections: New York City and outside .. 72, 166, 258, 368, 468, Article on Bretton Woods agreements 966 580, 694, 790, 900, 986, 1098, 1210 Member bank operating ratios 1095 I2.63 DECEMBER 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 30 Pages Pages Correspondence: Deaths: Measurement of factors influencing the volume of Adams, Clarence H., Director of Denver Branch ... .880 deposits and currency 539 Cannon, Harry L., Class B director at Philadelphia. 1190 Money and inflation 234 Frost, Edward J., Class B director at Boston 674 Status of banks as war activities 645 Volkmann, William G., Class B director at San Wartime changes in consumer expenditures 133 Francisco 338 Cost of living: Debit and credit balances of stock exchange firms Chart 10, 148, 306, 449, 881 76, 170, 262, 372, 472, Index for principal countries 115, 211, 301, 411, 521, 584, 698, 794, 904, 990, 1102, 1214 629, 739,835,949,1033,1143, 1255 Debits to deposit accounts: Index, United States, 1919-1944 . 85, 179, 271, 381, 481, Monthly table 68, 160, 252, 362, 462, 593, 707, 803, 913, 999, 1111, 1223 574, 688, 784, 894, 980, 1092, 1204 Country member banks: Weekly reporting member banks: Assets and liabilities: By Federal Reserve districts. .75, 169, 261, 371, 471, December 31, 1943 498 583, 697, 793, 903, 989, 1101, 1213 April 13, 1944 725 New York City and outside . 73, 167, 259, 367, 469, June 30, 1944 1018 581, 695, 791, 901, 987, 1099, 1211 Condition, call dates 70, 164, 256, 366, 466, Debt: 578, 692, 788, 898, 984, 1096, 1208 Amount of public 124 Deposits in large and small centers. 66, 158,250,360, 460, Ownership of public 750 571, 685, 781, 891, 977, 1089, 1201 United States Government, volume and kind of Deposits and reserves 66, 158, 250, 360, 460, securities 81, 175, 267, 377, 477 572, 686, 782, 892, 978, 1090, 1202 589, 703, 799, 909, 995, 1107, 1219 Earnings and expenses, 1943 447, 503 Deferments from military service, review of 420 Reserve balances 66, 158, 250, 360, 460, Denmark: 571, 685, 781, 891, 977, 1089, 1201 Foreign exchange rates 113, 209, 299, 409, 519, 627, 737, 833 947, 1031, 1141, 1253 Court cases: f National Bank of: Suit against Board of Governors by Peoples Bank, Condition 109, 205, 295, 405, 515, Lakewood Village, Calif., dismissed 1182 623, 733, 829, 943, 1027, 1137, 1249 Credit: Discount rate Ill, 207, 297, 407, 517, Consumer: (See Consumer credit) 625, 735, 831, 945, 1029, 1139, 1251 Expansion, slowing down of, discussed in Review of the Gold reserves 104, 200, 290, 400, 510, Month 525 618, 728, 824, 938, 1022, 1132, 1244 Federal Reserve: Department stores: Chart 58, 150, 242, 352, 452, Accounts receivable and collections! 95, 189, 281, 564, 678, 774, 884, 970, 1082, 1194 391, 491, 605, 719, 815, 925, 1011, 1123, 1235 End-of-month and Wednesday figures .59, 151, 243, Sales: 353, 453, 565, 679, 775, 885, 971, 1083, 1195 By Federal Reserve districts and by cities Prospective needs for 220 94, 188, 280, 390, 490, National summary of business conditions. . 55, 148, 239, 604, 718, 814, 924, 1010, 1122, 1234 350, 450, 541, 676, 771, 882, 9C8, 1079, 1152 By Federal Reserve districts, 1919-1944 550-561 Credit survey, retail for 1943 648 Charts 542, 555, 874 Crop reports, by Federal Reserve districts Index of value of 85, 179, 271, 381, 481, 593, 707, 803, 913, 999, 1111, 1223 99, 819, 929, 1015, 1127, 1239 Revised index of 542 Currency: United States, 1919-1944 549 Circulation, article by G. L. Bach 318 Weekly index of 94, 188, 280, 390, 490, Circulation, by denominations. . . 67, 159, 251, 361, 461, 604, 718, 814, 924, 1010, 1122, 1234 573, 687, 783, 893, 979, 1091, 1203 Revised weekly index of 874 Effect of purchases of Government securities on Sales and stocks: amount of 219 By major departments 95, 189, 281, 391, 491, Kinds of money in circulation 67, 159, 251, 361, 461, 605, 719, 815, 925, 1011, 1123, 1235 573, 687, 783, 893, 979, 1091, 1203 Chart 148, 770, 967 Measurement of factors influencing volume of 539 Monthly index of 94, 188, 280, 390, 490, Occupational in the Pacific, joint statement of the 603, 717, 813, 923, 1009, 1121, 1233 Treasury, War, and Navy Departments 233 Deposits: Outside banks 161, 253, 363, 463, 575, Adjusted, of all banks and currency outside banks 689, 785, 895, 981, 1093, 1205 161,253,363,463,575, Stock of United States money 67, 159, 251, 361, 461, 689, 785, 895, 981, 1093, 1205 573, 687, 783, 893, 979, 1091, 1203 All banks in the United States, call dates Treasury, outstanding 59, 151, 243, 353, 453, 69, 162, 254, 364, 464, 565, 679, 775, 885, 971, 1083, 1195 576, 690, 786, 896, 982,1094,1206 Wartime expansion of 953 Analysis of individual accounts as payment of Customers' debit balances 76, 170, 262, 372, 472, interest on 13 584, 698, 794, 904, 990, 1102, 1214 Banks, review of 219 Czechoslovakia: Chain banks 615 Foreign exchange rates 113, 209, 299, 409, 519, Changes in, discussed in Review of the Month 526 627,737,833,947, 1031,1141,1253 Distribution by Federal Reserve districts and by Gold reserves 104, 200, 290, 400, 510, States 616 618, 728,824,938,1022,1132,1244 1x64 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 30 Pages Pages D eposits—Continued. Deposits—Con tinued. Federal Reserve Banks: Treasury—Continued. All banks combined 61, 153, 245, 355, 455, With Federal Reserve Banks. .59, 151, 243, 353, 453, 567, 681, 777, 887, 973, 1085, 1197, 565, 679, 775, 885, 971, 1083, 1195 Each bank 63, 155, 247, 357, 457, Turnover 160, 252, 362, 462, 574, 569, 683, 779, 889, 975, 1087, 1199 688, 784, 894, 980, 1092, 1204 Foreign banks, held by banks on call dates 71, 165, Wartime expansion of 953 257, 367, 467, Weekly reporting member banks: 579, 693, 789, 899, 985, 1097, 1209 By Federal Reserve districts. .75, 169, 261, 371, 471, Government: 583, 697, 793, 903, 989, 1101, 1213 Federal Reserve Banks, each bank New York City and outside . .73, 167, 259, 369, 469, 63, 155, 247, 357, 457, 581, 695, 791, 901, 987, 1099, 1211 569, 683, 779, 889, 975, 1087, 1199 Withheld income taxes as 670 Insured commercial banks.. .579, 693, 789, 899, 985, Director of Contract Settlement: 1097, 1209 General regulation No. 1 prescribing procedures Member banks on call dates.. 71, 165, 257, 367, 467 and policies 876 Weekly reporting member banks: Directors, Federal Reserve Banks: By Federal Reserve districts Brooks, Douglas W., appointed Deputy Chairman 75, 169,261,371,471, at St. Louis 52 583, 697, 793, 903, 989, 1101, 1213 Cannon, Harry L., Class B at Philadelphia, New York City and outside 73, 167, 259, death of 1190 369, 469, 581, 695, 791, 901, 987, 1099, 1211 Chairman reappointed for 1944 52 Insured commercial banks 579, 693, 789, 899, 985, Deputy Chairmen reappointed for 1944 52 1097, 1209 Flanders, Ralph E., resignation as Class B at Boston Measurement of factors influencing volume of 539 to become President of Bank 435 Member banks: Frost, Edward J., Class B at Boston, death of 674 Call dates 71, 165, 257, 367, 467 Holden, St. George, elected Class B at San Francisco 674 Classes of banks 66, 158, 250, 360, 460, Hutson, L. C, elected Class B at Kansas City.......674 572, 686, 782, 892, 978, 1090, 1202 List of 136-146 Country, in large and small centers Parten, J. R., appointed Class C at Dallas and desig- 66, 158, 250, 360, 460, nated Deputy Chairman 52 571, 685, 781, 891, 977, 1089, 1201 Patrick, Roy L., elected Class B at Boston 769 Mutual savings banks 69, 163, 255, 365, 465, Phillips, L. E.,,Class B at Kansas City, death of 435 577, 691, 787, 897, 983, 1095, 1207 Stead, William H., appointed Class C at St. Louis... .52 National banks 68, 162, 254, 364, 464, Volkmann, William G., Class B at San Francisco, 576, 690, 786, 896, 982, 1094, 1206 death of 338 Nonmember banks: Wellman, Harry R., appointed Deputy Chairman Chain banks 615 at San Francisco 52 Chart 58, 150, 242, 352, 452, Whittemore, Laurence F., elected Class B at Boston 564, 678, 774, 884, 970, 1082, 1194 880 Commercial banks 163, 255, 365, 465, 577, Wilbur, Brayton, appointed Class C at San Francisco 691, 787, 897, 983, 1095, 1207 In Federal Reserve Banks... .59, 151, 243, 353, 453, 674 565, 679, 775, 885, 971, 1083, 1195 Williamson, Frederick E., Class B at New York, resig- Ownership of: nation of 880 Demand 1069 Directors, Federal Reserve branch banks: Discussed in Review of the Month 527 Adams, Clarence H., Denver, death of 880 Survey showing changes in 432 Alexander, Philip K., appointed at Denver 965 Postal savings: Dixon, Henry A., appointed at Salt Lake City 52 Call dates 71, 165, 257, 367, 467, Evans, W. Bratten, appointed at Nashville 674 579, 693, 789, 899, 985, 1097, 1209 Ferguson, Major Phillip C, resignation at Okla- Depositors'balances and assets 68, 161, 253 homa City 674 363, 463, 575, 689, 785, 895, 981, 1093, 1205 Holtz, Malcolm E., appointed at Helena 52 Rates on 60, 152, 244, 354, 454, List of 137-146 566, 680, 776, 886, 972, 1084, 1196 Ratios of time to total, by size of bank 933 Robins, Thomas, Jr., appointed at Buffalo 52 Savings: Slaughter, George A., appointed at Houston 52 Interest rate on 60, 152, 244, 354, 454, Smith, William Howard, appointed at Birmingham. .338 566, 680, 776, 886, 972, 1084, 1196 Stone, Roscoe, appointed at Louisville 880 States and political subdivisions: Directory: Insured commercial banks.. .579, 693, 789, 899, 985, Board of Governors of the Federal Reserve System 1097, 1209 116,212,302,412,522, Member banks on call dates.. 71, 165, 257, 367, 467 630, 740, 836, 950, 1034, 1144, 1256 Suspended banks 68, 161, 253, 363, 463, Federal Advisory Council 116, 212, 302, 412, 522, 575, 689, 785, 895, 981, 1093, 1205 630, 740, 836, 950, 1034, 1144, 1256 Time, maximum rates on 60, 152, 244, 354, 454, Federal Open Market Committee. .116,212,302, 412,522, 566, 680, 776, 886, 972, 1084, 1196 Treasury: 630, 740, 836, 950, 1034, 1144, 1256 Chart 58, 150, 242, 352, 452 Federal Reserve Banks and branches 117, 213, 303, 564, 678, 774, 884, 970, 1082, 1194 413, 523, 631, 741, 837, 951, 1035, 1145, 1257 1x65 DECEMBER 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 30 Pages Pages Discount rates: Emergency Price Control Act of 1942, extension of, state- Federal Reserve Banks 60, 152, 244, 354, 454, ment by Marriner S. Eccles 329 566, 680, 776, 886, 972, 1084, 1196 Employment: Foreign central banks Ill, 207, 297, 407, 517, Discussed in annual budget message to Congress 121 625, 735, 831, 945, 1029, 1139, 1251 Factory employment: Dividends: Adjusted for seasonal variation 91, 185, 277, Federal Reserve Banks, 1943 196 387, 487, 599, 713, 809, 919, 1005, 1117, 1229 Industrial corporations 80, 174, 266, 376, 476, Business index 85, 179, 271, 381, 481, 588, 702, 798, 908, 994, 1106, 1218 593, 707, 803, 915, 999, 1111, 1223 Member banks 448, 500, 1087, 1130 Factory employment and pay rolls by industries Public utility corporations 80, 174, 266, 376, 476, 90, 184, 276, 386, 486, 588, 702, 798, 908, 994, 1106, 1218 598, 712, 808, 918, 1004, 1116, 1228 Dixon, Henry A., appointed director at Salt Lake City Nonagricultural: Branch 52 Business index 85, 179, 271, 381, 481, Draper, Ernest G., article on goods and dollars in world 593, 707, 803, 913, 999, 1111, 1223 trade 1049 Total in each classification . . .99, 193, 285, 395, 495, Earnings: 600, 714, 810, 920, 1006, 1118, 1230 Business, increase in 639 England: (See United Kingdom) Corporations 80, 174, 266, 376, 476, Estonia: 588, 702, 798, 908, 994, 1106, 1218 Discount rate of central bank.... Ill, 207, 297, 407, 517, Member banks: 625, 735, 831, 945, 1029, 1139, 1251 1943 447,500 Evans, W. Bratten, appointed director of Nashville Branch First half of 1944 .... 1077,1130 674 Wage earners in manufacturing industries Expenditures: 91, 185,277,387,487, Consumer goods, wartime changes in 133 599, 713, 809, 919, 1005, 1117, 1229 Consumers 8 Earnings and dividends: Treasury 83, 177, 269, 379, 479 Industrial corporations, quarterly, 1939-1944 591, 705, 801, 911, 997, 1109, 1221 80, 174, 266, 376, 476, Wartime, discussion in Review of the Month 305 588, 702, 798, 908, 994, 1106, 1218 Expenses: (See Earnings and expenses) Public utility corporations, 1939-1944. ...80, 174, 266, Export-Import Bank: 376, 476, 588, 702, 798, 908, 994, 1106, 1218 Loans by 84, 178, 270, 380, 480, Earnings and expenses: 592, 706, 802, 912, 998, 1110, 1222 Federal Reserve Banks: Exports and imports: (See Imports and exports) 1943 196 Exports to the United States: Six months' period ended June 30, 1944 822 Discussion in Review of the Month.... ,.. 1038 Member banks: Factory employment: (See Employment) 1943 .447, 500 Farm Credit Administration: First half of 1944 1077,1130 Loans by 84, 178, 270, 380, 480, National banks 505 592, 706, 802, 912, 998, 1110, 1222 State member banks 506 Farm products: Eccles, Marriner S.: Prices, discussion in Review of the Month 1152 Address on possibilities of postwar inflation and Wholesale price indexes: suggested tax action 222 Principal countries 114, 210, 300, 410, 520, Address on postwar price problem—inflation or 628,738,834,948,1032,1142, 1254 deflation? 1156 United States 98, 192, 284, 394, 494, Reappointed member of Board of Governors for full 608,722,818,928,1014,1126,1238 term and redesignated as Chairman for four Farm real estate market, article by E. C. Johnson 228 years 338 Farm Security Administration: Statement before Banking and Currency Committee Loans by 84, 178, 270, 380, 480, of Senate on extension of Emergency Price Control 592, 706, 802, 912, 998,1110, 1222 Act of 1942 329 Federal Advisory Council: Ecuador: Meetings: Central Bank of: February 13-14 237 Condition 109, 205, 295, 405, 515, May 14-15 538 623, 733, 829, 943, 1027, 1137, 1249 September 17-18 965 Discount rate Ill, 207, 297, 407, 517, Members: 625, 735, 831, 945, 1029, 1139, 1251 Brown, Edward E., reelected as President 237 Editorial Committee of Federal Reserve Bulletin 311 List 116, 212, 302, 412, 522, Egypt: 630, 740, 836, 950, 1034, 1144, 1256 National Bank of: Spencer, C. E., Jr., elected Vice President 237 Condition 109, 205, 295, 405, 515, Request for designation of banks as essential activity 623, 733, 829, 943, 1027, 1137, 1249 646 Gold reserves 104, 200, 290, 400, 510, Resolution on final settlement of terminated contracts.. 15 618, 728, 824, 938, 1022, 1132, 1244 Staff: El Salvador: Lichtenstein, Walter, reappointed secretary 237 Central Reserve Bank of: Federal Farm Mortgage Corporation: Condition 109, 205, 295, 405, 515, Accounts and other receivables... .84, 178, 270, 380, 480, 623, 733, 829, 943, 1027, 1137, 1249 592, 706, 802, 912, 998, 1110, 1222 Discount rate Ill, 207, 297, 407, 517, Loans by... 84, 178, 270, 380, 480, 625, 735, 831, 945, 1029, 1139, 1251 592, 706, 802, 912, 998, 1110, 1222 12.66 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 30 Pages Pages Federal home loan banks: Federal Reserve Banks—Continued. Loans by 84, 178, 270, 380, 480, Government securities held by 82, 176, 268, 378, 478, 592, 706, 802, 912, 998, 1110, 1222 590, 704, 800, 910, 996, 1108, 1220 Federal Housing Administration: Officers 117, 213, 303, 413, 523, Insured home mortgages held by banks and others 631, 741, 837, 951, 1035, 1145, 1257 92, 186, 278, 388, 488, Federal Reserve Bulletin: 601, 715, 811, 921, 1007, 1119, 1231 Establishment of editorial committee and new policy Loans insured by 92, 186, 278, 388, 488, with regard to articles 311 601, 715, 811, 921, 1007, 1119, 1231 Federal Reserve chart book: Federal intermediate credit banks: Current statistics on bank credit, money rates, and Loans by 84, 178, 270, 380, 480, business 100, 194, 286, 396, 496, 592, 706, 802, 912, 998, 1110, 1222 609, 723, 820, 930, 1016, 1128, 1240 Federal land banks: Federal Reserve districts, map of 118, 214, 304, 414, 524, Loans by 84, 178, 270, 380, 480, 632, 742, 838, 952, 1036, 1146, 1258 592, 706, 802, 912, 998, 1110, 1222 Federal Reserve notes: Federal National Mortgage Association: Circulation: Loans by 84, 178, 270, 380, 480, All banks combined 61, 153, 245, 355, 455, 592, 706, 802, 912, 998, 1110, 1222 567, 681, 777, 887, 973, 1085, 1197 Federal Open Market Committee: Each bank, condition statement.. 63, 155, 247, 357, Executive committee, members... .. .237 457, 569, 683, 779, 889, 975, 1087, 1199 Meetings: Each bank, Federal Reserve Agents' accounts February 29-March 1 237 65, 157, 249, 359, 459, May 4 ...538 570, 684, 780, 890, 976, 1088, 1200 September 21-22 965 Outside Treasury and Federal Reserve Banks.... 67 Members 237 Collateral security for 65, 157, 249, 359, 459, Members and officers, list 116, 212, 302, 412, 522, 571, 685, 781, 891, 977, 1089, 1201 630, 740, 836, 950, 1034, 1144, 1256 Federal Reserve Agents' accounts 65, 157, 249, 359, Federal Public Housing Authority: 459, 571, 685, 781, 891, 977, 1089, 1201 Loans by 84, 178, 270, 380, 480, Redemption fund: 592, 706, 802, 912, 998, 1110, 1222 All banks combined 61, 153, 245, 355, 455, Federal Reserve Act: 567, 681, 777, 887, 973, 1085, 1197 Section 13b, proposal for guarantee of industrial loans Each bank 62, 154, 246, 356, 456, by Federal Reserve Banks 534 568, 682, 778, 888, 974, 1086, 1198 Federal Reserve Bank notes: Stock 67, 159, 251, 361, 461, Circulation and outstanding 67, 159, 251, 361, 461, 573, 687, 783, 893, 979, 1091, 1203 573, 687, 783, 893, 979, 1091, 1203 Federal Reserve System: Federal Reserve Bank of Boston: Admissions of State banks to membership: (See Staff: Membership) Flanders, Ralph E., appointment as President.. .435 Map 118, 214, 304, 414, 524, Paddock, William W., retirement as President.. .435 632, 742, 838, 952, 1036, 1146, 1258 Federal Reserve Bank of Cleveland: Fees, guarantee and commitment 8/9, 1084, 1196 Staff: Ferguson, Philip C, resignation as director of Oklahoma Fleming, Matthew J., retirement as President.. .965 City Branch. 674 Gidney, Ray M., appointment as President 965 Fifth War Loan Drive: Federal Reserve Bank of Dallas: Description of offerings 537 Staff: Funds raised in 743 Gentry, W. D., appointed First Vice President. .965 Financing of war production and war contract termination. 962 Stroud, E. B., resignation as First Vice President Financing the war and postwar adjustment, address by and General Counsel 965 Daniel W. Bell 28 Federal Reserve Banks: Finland: Assets and liabilities of 61, 153, 245, 355, 455, Bank of: 567, 681, 777, 887, 973, 1085, 1197 Discount rate Ill, 207, 297, 407, 517, Branches: 625, 735, 831, 945, 1029, 1139, 1251 Directors: (See Directors, Federal Reserve Foreign exchange rates 113, 209, 299, 409, 519, branch banks) 627, 737, 833, 947, 1031, 1141, 1253 Managing officers 117, 213, 303, 413, 523, Flanders, Ralph E., appointed President of Federal Re- 631, 741, 837, 951, 1035, 1145, 1257 Capital and surplus of each bank.. .64, 156, 248, 358, 458, serve Bank of Boston 435 570, 684, 780, 890, 976, 1088, 1200 Fleming, Matthew J., retirement as President of Federal Chairmen: Reserve Bank of Cleveland 965 List of . .. . 117, 213, 303, 413, 523, Food: 631, 741, 837, 951, 1035, 1145, 1257 Retail prices, principal countries. .115, 211, 301, 411, 521, Meeting 538 629, 739, 835, 949, 1033, 1143, 1255 Reappointed for 1944 52 Wholesale prices: Condition statement, each bank.. .62, 154, 246, 356, 456, Principal countries 114, 210, 300, 410, 520, 568, 682, 778, 888, 974, 1086, 1198 628, 738, 834, 948, 1032, 1142, 1254 Deputy Chairmen, reappointed for 1944. 52 United States 98, 192, 284, 394, 494, Directors: (See Directors) 608, 722, 818, 928, 1014, 1126, 1238 Earnings and expenses: Food and clothing, supplies of 309 1943 ...196 Foreign banks: Six months' period ending June 30, 1944. 822 Bank of Canada, annual report.. .. 332 DECEMBER 1944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 30 Pages Pages Foreign banks—Continued. Germany—Continued. Commercial banks, condition of. 112, 208, 298, 408, 518, Reichsbank: 626, 736, 832, 946, 1030, 1140, 1252 Condition 108, 204, 294, 404, 514, Condition of central banks 107, 203, 293, 403, 513, 622, 732, 828, 942, 1026, 1136, 1248 621, 731, 827, 941, 1025, 1135, 1247 Discount rate Ill, 207, 297, 407, 517, Deposits held by member banks on call dates 625, 735, 831, 945, 1029, 1139, 1251 71, 165,257,367,467, Gold reserves 104, 200, 290, 400, 510, 579, 693, 789, 899, 985, 1097, 1209 618, 728, 824, 938, 1022, 1132, 1244 Deposits of weekly reporting member banks: Retail food prices 115, 211, 301, 411, 521, By Federal Reserve districts.. .75, 169, 261, 371, 471, 629, 739, 835, 949, 1033, 1143, 1255 583, 697, 793, 903, 989, 1101, 1213 Security prices, index numbers... 115, 211, 301, 411, 521, New York City and outside. . .73, 167, 259, 369, 469, 629, 739, 835, 949, 1033, 1143, 1255 581, 695, 791, 901, 987, 1099, 1211 Wholesale prices in 114, 210, 300, 410, 520, Discount rates of central banks. .111, 207, 297, 407, 517, 628, 738, 834, 948, 1032, 1142, 1254 625, 735, 831, 945, 1029, 1139, 1251 Gidney, Ray M., appointment as President of Federal Re- Gold reserves of central banks. . . 104, 200, 290, 400, 510, serve Bank of Cleveland 965 618, 728, 824, 938, 1022, 1132, 1244 Gold: Foreign banks and bankers, relations with, revision of Earmarked 68, 160, 252, 362, 462, Regulation N 11 574, 688, 784, 894, 980, 1092, 1204 Foreign deposits held by Federal Reserve Banks: Movements, United States 105, 201, 291, 401, 511, All banks combined 61, 153, 245, 355, 455, 619, 729, 825, 939, 1023, 1133, 1245 567, 681, 777, 887, 973, 1085, 1197 Production: Each bank 64, 156, 248, 358, 458, United States 68, 160, 252, 362, 462, 570, 684, 780, 890, 976, 1088, 1200 574, 688, 784, 894, 980, 1092, 1204 Foreign exchange: (See Foreign funds control) World 105, 201, 291, 401, 511, Foreign exchange rates 113, 209, 299, 409, 519, 619, 729, 825, 939, 1023, 1133, 1245 627, 737, 833, 947, 1031, 1141,1253 Reserves of central banks and governments. 104, 200, 290, Foreign funds control: 400, 510, 618, 728, 824, 938, 1022, 1132, 1244 Treasury Department releases relating to transac- Shifts in, discussed in Review of the Month 1043 tions in foreign exchange, etc.. .342, 671, 766, 962, 1188 Stock: Foreign trade, discussed in Review of the Month 1037 Chart 58, 150, 242, 352, 452, Fourth War Loan Drive, funds raised in 215 564, 678, 774, 884, 970, 1082, 1194 France: End-of-month and Wednesday figures. .59, 151, 243, Bank of: 353, 453, 565, 679, 775, 885, 971, 1083, 1195 Condition 108, 204, 294, 404, 514, 622, 732, 828 942, 1026, 1136, 1248 United States, analysis of changes. ... 68, 160, 252, Discount rate I t ll, 207, 297, 407, 517, 362, 462, 574, 688, 784, 894, 980, 1092, 1204 625, 735, 831, 945, 1029, 1139, 1251 Gold certificates: Gold reserves 104, 200, 290, 400, 510, Federal Reserve Bank holdings: 618, 728, 824, 938, 1022, 1132, 1244 All banks combined 61, 153, 245, 355, 455, Commercial banks, assets and liabilities 112, 208, 298, 567, 681, 777, 887, 973, 1085, 1197 408, 518, 626, 736, 832, 946, 1030, 1140, 1252 Each bank 62, 154, 246, 356, 456, Foreign exchange rates 113, 209, 299, 409, 519, 568, 682, 778, 888, 974, 1086, 1198 627, 737, 833, 947, 1031, 1141, 1253 Stock of 67, 159, 251,361,461, Gold movements 105, 201, 291, 401, 511, 573, 687, 783, 893, 979, 1091, 1203 619, 729, 825, 939, 1023, 1133, 1245 Goldenweiser, E. A.: Security prices, index numbers. .115, 211, 301, 411, 521, Address on commercial banking after the war, before 629, 739, 835, 949, 1033, 1143, 1255 Illinois Bankers Association 871 Wholesale prices in 114, 210, 300, 410, 520, Appointed member of Editorial Committee 311 628, 738, 834, 948, 1032, 1142, 1254 Article on Bret ton Woods agreements 850 Freieht carloadings: Article on jobs after the war 424 Classes 93, 187, 279, 389, 489, Article on research and policy, reprinted from Journal 602, 716, 812, 922, 1008,1120,1232 of American Statistical Association 312 Index of 85, 179, 271, 381, 481, Goods and dollars in world trade, article by Messrs. 593, 707, 803, 913, 999, 1111, 1223 Draper and Gardner 1049 Frost, Edward J., Class B director at Boston, death of. . .674 Government bonds: (See Government securities) Furniture store statistics 97, 191, 283, 393, 493, Government corporations and credit agencies: 607, 721, 817, 927, 1013, 1125, 1237 Assets and liabilities 84, 178, 270, 380, 480, Gardner, Walter R., article on goods and dollars in world 592, 706, 802, 912, 998, 1110, 1222 trade 1049 Loans by 84, 178, 270, 380, 480, Gentry, W. D., appointment as First Vice President at 592, 706, 802, 912, 998, 1110, 1222 Federal Reserve Bank of Dallas 965 Government debt: Germany: Volume and kind of securities 81, 175, 267, 377, 477, Cost of living, index numbers.... 115, 211, 301, 411, 521 589, 703, 799, 909, 995, 1107, 1219 629, 739, 835, 949, 1033, 1143, 1255 Government employees, number of Federal, State, and Foreign exchange rates 113, 209, 299, 409, 519, local 99, 193, 285, 395, 495, 627, 737, 833, 947, 1031, 1141, 1253 600, 714, 810, 920, 1006,1118,1230 Open-market rates Ill, 207, 297, 407, 517, Government financing of war plant construction 634 625, 735, 831, 945, 1029, 1139, 1251 Government financing of working capital 635 12.68 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 30 Pages Pages Government securities: Hong Kong: Bank investment in, discussed in Review of the Foreign exchange rates 113, 209, 299, 409, 519, Month 528 627, 737, 833, 947,1031, 1141, 1253 Bond prices 78, 172, 264, 374, 474, Hours and earnings of wage earners in manufacturing 586, 700, 796, 9C6, 992, 1104, 1216 industries 91, 185, 277, 387, 487, Direct obligations, volume and kind ... 81, 175, 267, 599, 713, 809, 919, 1005, 1117, 1229 377, 477, 589, 703, 799, 909, 995, 1107, 1219 Hungary: Federal Reserve Bank: Foreign exchange rates 113, 209, 299, 409, 519, Holdings: 627, 737, 833, 947, 1031, 1141, 1253 Each bank 62, 154, 246, 356, 456, National Bank of: 568, 682, 778, 888, 974, 1086, 1198 Condition 1*09, 205, 295, 405, 515, End-of-month and Wednesday fgures. . 59,151, 623, 733, 829, 943, 1027, 1137, 1249 243, 353, 453, 565, 679, Discount rate Ill, 207, 297, 407, 517, 775,885,971, 1083, 1195 625, 735, 831, 945, 1029, 1139, 1251 Maturity distribution . 61, 153, 245, 355, 455, Gold reserves 104, 200, 290, 400, 510, 567, 681, 777, 887, 973, 1085, 1197 618, 728, 824, 938, 1022, 1132, 1244 Insured commercial banks 578, 692, 788, 898,984, Hutson, L. C, elected Class B director at Kansas City 674 1096, 1208 Illinois Bankers Association: Investments by weekly reportirg rrerrber barks: Address by Dr. Goldenweiser before, on commercial By Federal Reserve districts 74, 1C8, 260, 370, 470, banking after the war 871 582, 696, 792, 902, 988, 1100, 1212 Imports and exports: New York City and outside 72, 1C6, 258, 3C8, 468, Gold movements to and from United States.... 105, 201, 580, 694, 790, 900, 986, 1098, 1210 291, 401, 511, 619, 729, 825, 9S9 t 1023, 1133, 1245 Marketable public securities outstardirg. . 81,175,267, Merchandise 93, 187, 279, 389, 489, 377, 477, 589, 703, 799, 909, 995, 1107, 1219 602, 716, 812, 922, 1008, 1120, 1232 Member bank holdings, call dates.. 70, 164, 256, 366, 466 Wartime, of United States 1038 Ownership of 124 Income: Ownership of direct and guaranteed 82, 176, 268, Consumer, discussion in Review of the Month... .7, 305 378, 478, 590, 704, 800, 910, 996, 11C8, 1220 Farm, discussed in Review of the Month 848 Purchases by banks 217 Payments: Revisions of series of yields and prices 442 Chart 54, 308, 349, 676, 1078 Index of value of 85, 179, 271, 381, 481, Savings bonds 81, 175, 267, 377, 477, 593, 707, 803, 913, 999, 1111, 1223 589, 703, 799, 909, 995, 1107, 1219 Railroads 93, 187, 279, 389, 489, Treasury bills: (See Treasury bills) 602, 716, 812, 922, 1008, 1120, 1232 Wartime expansion of holdings of 953 Taxes, Internal Revenue collections 83, 177, 269, Yield on 77,171,263,373,473, 379, 479, 591, 705, 801, 911, 997,1109,1221 585, 699, 795, 905, 991, 1103, 1215 Index numbers: Great Britain: (See United Kingdom) Bond prices 78, 172, 264, 374, 474, Greece: 586 700, 796, 906, 992, 1104, 1216 Bank of: Business indexes } 85, 179, 271, 381, 481 Discount rate Ill, 207, 297, 407, 517, 593, 707, 803, 913, 999, 1111, 1223 r 625, 735, 831, 945, 1029, 1139, 1251 Construction contracts awarded.. 85, 179, 271, 381, 481, Gold reserves 104, 200, 290, 400, 510, 593, 707, 803, 913, 999, 1111, 1223 618, 728, 824, 938, 1022, 1132, 1244 Cost of living: Foreign exchange rates 113, 209, 299, 4C9, 519, Principal countries 115, 211, 301, 411, 521, 627, 737, 833, 947, 1031, 1141, 1253 629, 739, 835, 949, 1033, 1143, 1255 Group banks 614 United States 85, 179, 271, 381, 481, Guarantee agreement, 1944 V-lcan, revised form 962 593, 707, 803, 913, 999, 1111, 1223 Hagen, Everett E., article on jobs after the war 424 Department stores: Hammond, Bray: t evision of 542 Appointed Assistant Secretary 1190 Sales, adjusted 85, 179, 271, 381, 481, Designated to advise central banking authorities of 593, 707, 803, 913, 999, 1111, 1223 Paraguay in revision of monetary and banking Sales, weekly 94, 188, 280, 390, 490, laws 42 604, 718, 814, 924, 1010, 1122, 1234 Hawaii: Revised weekly index 874 Occupational currency in, joint statement issued by Sales and stocks, monthly 94, 188, 280, 390, 490, Treasury, War, and Kavy Departments 233 604, 717, 813, 923, 1009, 1121, 1233 Hearings: Factory employment, business index 85, 179, 271, Committee on Banking and Currency of House on 381, 481, 593, 707, 803, 913, 999, 1111, 1223 absorption of exchange charges 237 Factory employment and pay rolls, by industries 90, Hershey, General Lewis B., correspondence on status of 184, 276, 386, 486, 598, 712, 808, 918, 1004, 1116, 1228 banks as war activities 645 Freight carloadings: Holden, St. George, elected Class B director at San Adjusted 85, 179, 271, 381, 481, Francisco 674 593, 707, 803, 913, 999, 1111, 1223 Holtz, Malcolm E., appointed director at Helena Branch.. .52 Classes 93, 187, 279, 389, 489, Home Owners' Loan Corporation: 602, 716, 812, 922, 1008, 1120, 1232 Loans by 84, 178, 270, 380, 480, Income payments 85, 179, 271, 381, 481, 592, 706, 802, 912, 998, 1110, 1222 593, 707, 803, 913, 999, 1111, 1223 DECEMBER 1944 1x69 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 30 Pages Pages Index numbers—Continued. Inflation—Continued. Industrial production: Postwar price problem, address by Marriner S. Eccles Adjusted for seasonal variation 86, 180, 272 1156 382, 482, 594, 708, 804, 914, 1000, 1112, 1224 Instalment loans: (See Consumer credit) Physical volume 85, 179, 271, 381, 481, Insurance companies: 593, 707, 803, 913, 999, 1111, 1223 Government securities held by 82, 176, 268, 378, 478, Without seasonal adjustment 88, 182, 274, 590, 704, 800, 910, 996, 1108, 1220 384, 484, 596, 710, 806, 916, 1002, 1114, 1226 Retail food prices 115, 211, 301, 411, 521, Insured home loans held 92, 186, 278, 388, 488, 629, 739, 835, 949, 1033, 1143, 1255 601, 715, 811, 921, 1007, 1119, 1231 Security prices in principal countries 115, 211, 301, Insured commercial banks: 411, 521, 629, 739, 835, 949, 1033, 1143, 1255 Assets and liabilities in United States and possessions Stock prices 78, 172, 264, 374, 474, 499, 1019 586, 700, 796, 906, 992, 1104, 1216 Loans and investments 578, 692, 788, 898, 984, Wholesale prices: 1096, 1208 Commodities 85, 179, 271, 381, 481, Interest: 593, 707, 803, 913, 999, 1111, 1223 Absorption of exchange and collection charges as Groups of commodities 98, 192, 284, 394, 494, payment of, letter to Senator Wagner on S. 1642.. 126 608, 722, 818, 928, 1014, 1126, 1238 Analysis of individual accounts as payment of 13 Principal countries 114, 210, 300, 410, 520, Commercial loan rates in principal cities 77, 171, 628, 738, 834, 948, 1032, 1142, 1254 263, 373, 473, 585, 699, 795, 905, 991, 1103, 1215 India, British: Open-market, in New York City.. . 77, 171, 263, 373, 473, Foreign exchange rates 113, 209, 299, 409, 519, 585, 699, 795, 905, 991, 1103, 1215 627, 737, 833, 947, 1031, 1141, 1253 Regulation V: Gold movements 105, 201, 291, 401, 511, Schedule approved 879 619, 729, 825, 939, 1023, 1133, 1245 Table 1084, 1196 Gold production 105, 201, 291, 401, 511, Time deposits, maximum rates on.. 60,152, 244, 354, 454, 619, 729, 825, 939, 1023, 1133, 1245 566, 680, 776, 886, 972, 1084, 1196 Reserve Bank of: Condition 109, 205, 295, 405, 515, Internal Revenue collections 83, 177, 269, 379, 479, 623, 733, 829, 943, 1027, 1137, 1249 591, 705, 801, 911, 997, 1109, 1221 Discount rate Ill, 207, 297, 407, 517, International Bank for Reconstruction and Development, 625, 735, 831, 945, 1029, 1139, 1251 plans for 37 Gold reserves 104, 200, 290, 400, 510, Agreement on 863 618, 728, 824, 938, 1022, 1132, 1244 International capital transactions of the United States Industrial advances by Federal Reserve Banks: 106, 202, 292, 402, 512, All banks combined 61, 153, 245, 355, 455, 620, 730, 826, 940, 1024, 1134, 1246 567, 681, 777, 887, 973, 1085, 1197 International monetary fund: Commitments 64, 156, 248, 358, 458, Agreement on establishment of 850 570, 684, 780, 890, 976, 1088, 1200 Joint statement by experts on establishment of 438 Each bank 62, 154, 246, 356, 456, Investments: 568, 682, 778, 888, 974, 1086, 1198 All banks in the United States, call dates. .69, 162, 254, Maturity distribution 61, 153, 245, 355, 455, 364, 464, 576, 690, 786, 896, 982, 1094, 1206 567, 681, 777, 887, 973, 1085, 1197 Banks, discussed in Review of the Month 531 Number and amount 65, 157, 249, 359, 459, Insured commercial banks 578, 692, 788, 898, 571, 685, 781, 891, 977, 1089, 1201 Proposal for guarantee by Federal Reserve Banks — 534 984, 1096, 1208 Rates 60, 152, 244, 354, 454, Member banks, call dates 70, 164, 256, 366, 466 566, 680, 776, 886, 972, 1084, 1196 Weekly reporting member banks: Industrial corporations: By Federal Reserve districts. .74, 168, 260, 370, 470, Earnings and dividends 80, 174, 266, 376, 476, 582, 696, 792, 902, 988, 1100, 1212 588, 702, 798, 908, 994, 1106, 1218 New York City and outside. . .72, 166, 258, 368, 468, Industrial production: 580, 694, 790, 900, 986, 1098, 1210 Business index 85, 179, 271, 381, 481, Iran: 593, 707, 803, 913, 999, 1111, 1223 Gold reserves 104, 200, 290, 400, 510, By industries: Adjusted for seasonal variations 86, 180, 272, 618, 728, 824, 938, 1022, 1132, 1244 382, 482, 594, 708, 804, 914, 1000, 1112, 1224 Ireland: Without seasonal adjustment 88, 182, 274, Central Bank of: 384, 484, 596, 710, 806, 916, 1002, 1114, 1226 Condition 109, 205, 295, 405, 515, Charts 3, 54, 147, 238, 349, 623, 733, 829, 943, 1027, 1137, 1249 449, 540, 675, 770, 841, 881, 967, 1078, 1191 Italy: National summary of business conditions... 54, 147, 238, Discount rate Ill, 207, 297, 407, 517, 349, 449, 540, 675, 770, 881, 967, 1078, 1191 625, 735, 831, 945, 1029, 1139, 1251 Shifts in, discussed in Review of the Month 840 Foreign exchange rates 113, 209, 299, 409, 519, Wholesale price index 114, 210, 300, 410, 520, 628, 738, 834, 948, 1032, 1142, 1254 627, 737, 833, 947, 1031, 1141, 1253 Inflation: Gold reserves 104, 200,290, 400, 510, Answer to certain inquiries on 234 618, 728, 824, 938, 1022, 1132, 1244 Wholesale prices in 114, 210, 300, 410, 520, Possibilities of postwar, address by Marriner S. Eccles. 222 628, 738, 834, 948, 1032, 1142, 1254 I17O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 30 Pages Pages Japan: Loans—Continued. Bank of: Consumer instalment, made by principal lending Discount rate Ill, 207, 297, 407, 517, institutions 97, 191, 283, 393, 493, 625, 735, 831, 945, 1029, 1139, 1251 607, 721, 817, 927, 1013, 1125, 1237 Gold reserves 104, 200, 290, 400, 510, Federal Housing Administration, insured by 618, 728, 824, 938, 1022, 1132, 1244 92, 186, 278, 388, 488, Foreign exchange rates 113, 209, 299, 409, 519, 601, 715, 811, 921, 1007, 1119, 1231 627, 737, 833, 947, 1031, 1141, 1253 Government corporations and credit agencies Gold movements 105, 201, 291, 401, 511, 84, 178, 270, 380, 480, 619, 729, 825, 939, 1023, 1133, 1245 592, 706, 802, 912, 998, 1110, 1222 Wholesale prices in 114, 210, 300, 410, 520, Industrial, proposal for guarantee by Federal Reserve 628, 738, 834, 948, 1032, 1142, 1254 Banks 534 Java: (See also Industrial advances) Bank of: Instalment .* 96, 190, 282, 392, 492, Discount rate Ill, 207, 297, 407, 517, 606, 720, 816, 926, 1012, 1124, 1236 625, 735, 831, 945, 1029, 1139, 1251 Real-estate, by weekly reporting member banks: Gold reserves 104, 200, 290, 400, 510, By Federal Reserve districts.. 74, 168, 260, 370, 470, 618, 728, 824, 938, 1022, 1132, 1244 582, 696, 792, 902, 988, 1100, 1212 Jobs after the war, article by Messrs. Goldenweiser and New York City and outside... 72, 166, 258, 368, 468, Hagen 424 580, 694, 790, 900, 986, 1098, 1210 Johnson, E. C, article on farm real estate market 228 Servicemen's guaranteed, amendment to Regulation Joint statements: W to exempt 1187 Establishment of an international monetary fund, Veterans for home purchase or construction, ruling of statement by experts on 438 Comptroller of the Currency 1187 Occupational currency in the Pacific, issued by the War production, guaranteed by War Department, Treasury, War, and Navy Departments 233 Navy Department, and Maritime Commission Latvia: 65, 157, 249, 359, 459, Bank of: 571, 685, 781, 891, 977, 1089, 1201 Discount rate Ill, 207, 297, 407, 517, War purposes, article by Gerald M. Conkling 1054 625, 735, 831, 945, 1029, 1139, 1251 Loans and investments: Legislation: All banks in United States, call dates 69, 162, 254, Absorption of exchange and collection charges, letter 364, 464, 576, 690, 786, 896, 982, 1094, 1206 to Senator Wagner on S. 1642 126 Insured commercial banks 578,692, 788, 898, 984, Contract Settlement Act of 1944, text of 753 1096, 1208 Emergency Price Control Act of 1942, statement by Member banks: Marriner S. Eccles on extension of 329 Call dates 69, 162, 254, 364, 464, Guarantee of industrial loans by Federal Reserve 576, 690, 786, 896, 982, 1094, 1206 Banks 534 December 31, 1943 498 Monetary and banking measures in Paraguay 42 Lend-lease operations, discussion in Review of the Month. 1043 Classified on call dates 70, 164, 256, 366, 466 Licenses relating to transactions in foreign exchange Mutual savings banks, call dates.. .69,162, 254, 364, 464, 342, 671, 766, 962, 1188 576, 690, 786, 896, 982, 1094, 1206 Lichtens^tein, Walter, reappointed Secretary of Federal National banks 69, 162, 254, 364, 464, Advisory Council 237 576, 690, 786, 896, 982, 1094, 1206 Liquid assets, wartime expansion of 953 Nonmember banks 69, 162, 254, 364, 464, 576, 690, 786, 896, 982, 1094, 1206 List of directors of Federal Reserve Banks and branches Weekly reporting member banks: 136-146 By Federal Reserve districts. . 74, 168, 260, 370, 470,. Lithuania: 582, 696, 792, 902, 988, 1100, 1212 Discount rate of central bank 111, 207, 297, 407, 517, New York City and outside. . .72, 166, 258, 368, 468, 625, 735, 831, 945, 1029, 1139, 1251 580, 694, 790, 900, 986, 1098, 1210 Loans: Manpower: Agricultural: Demobilization and reemployment discussed 121 Insured commercial banks 578, 692, 788, 898, Problems discussed in Review of the Month 415 984, 1096, 1208 Supply, changes in , . . 5 Member banks 70, 164, 256, 366, 466 Manufacturers: Bank, decline in, discussed in Review of the Month.. .530 Industrial production, index of 85, 179, 271, 381, 481, Brokers and dealers in securities: 593, 707, 803, 913, 999, 1111, 1223 By weekly reporting member banks: Manufacturing industries: By Federal Reserve districts 74, 168, 260, Hours and earnings of wage earners 91,185, 277, 387,487, 370, 470, 582, 696, 792, 902, 988, 1100, 1212 599, 713, 809, 919, 1005, 1117, 1229 New York City and outside 72, 166, 258, Maps: 368, 468, 580, 694, 790, 900, 986, 1098, 1210 Federal Reserve System 118, 214, 304, 414, 524, Commercial, industrial, and agricultural by weekly 632, 742, 838, 952, 1036, 1146, 1258 reporting member banks: Margin accounts: By Federal Reserve districts. .74, 168, 260, 370, 470, Statistics of stock exchange firms... 76,170, 262, 372, 472, 582, 696, 792, 902, 988, 1100, 1212 584, 698, 794, 904, 990, 1102, 1214 New York City and outside.. .72, 166, 258, 368, 468, Margin requirements under Regulations T and U... .60, 152, 580, 694, 790, 900, 986, 1098, 1210 244, 354, 454, 566, 680, 776, 886, 972, 1085, 1197 DECEMBER 1944 1x71 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 30 Pages Pages Maritime Commission: Money in circulation: War production loans guaranteed by 65, 157, 249, Adjustment for seasonal variation. 160, 252, 362, 462, 574, 359, 459, 571, 685, 781, 891, 977, 1089, 1201 688, 784, 894, 980, 1092, 1204 Maturity distribution of bills and Government securities Chart 58, 150, 242, 352, 452, 61, 153, 245, 355, 455, 567, 681, 777, 887, 973, 1085, 1197 564, 678, 774, 884, 970, 1082, 1194 McNutt, Paul V., correspondence on status of banks as Kinds of 67 war activities 645 Stock of 67, 159, 251, 361, 461, Meetings: 573, 687, 783, 893, 979, 1091, 1203 Chairmen of Federal Reserve Banks, May 10-11.. 538 Total 59, 151, 243, 353, 453, Federal Advisory Council: 565, 679, 775, 885, 971, 1083, 1195 February 13-14 237 Money rates: May 14-15 538 Commercial loan rates 77, 171, 263, 373, 473, September 17-18 965 585, 699, 795, 902, 991, 1103, 1215 Federal Open Market Committee: Current statistics for Federal Reserve chart book February 29-March 1 237 100, 194, 286, 396, 496, May 4 .* 538 609, 723, 820, 930, 1016, 1128, 1240 Foreign countries Ill, 207, 297, 407, 517, September 21-22 965 625, 735, 831, 945, 1029, 1139, 1251 Presidents of Federal Reserve Banks: Open-market, New York City 77,171,263,373,473, February 26-29 and March 1 237 585, 699, 795, 905, 991, 1103, 1215 September 18-20 965 Morgenthau, Henry, statement presented to committees Member banks: of Senate and House on postwar international monetary Assets and liabilities: stabilization 436 December 31, 1943 498 April 13, 1944 725 Mortgages: June 30, 1944 1018 Insured Federal Housing Administration mortgages Deposits and reserves of 66,158, 250, 360, 460, held 92, 186, 278, 388, 488, 601, 715, 811, 921, 1007, 1119, 1231 572, 686, 782, 892, 978, 1090, 1202 Musgrave, R. A.: Earnings: 1943 447, 500 Article on three plans for postwar taxation 1163 First half of year 1077, 1130 Article on wartime tax effort in the United States, Loans and investments on call dates 69,162,254,364,464, United Kingdom, and Canada 16 576, 690, 786, 896, 982, 1094, 1206 Mutual savings banks: Number of, on call dates 69, 162, 254, 364, 464, Changes in number of banks and branches 576, 690, 786, 896, 982, 1094, 1206 198,611,935,1242 Operating ratios, 1943 932 Deposits, call dates \ .69, 162, 254, 364, 464, Reserve requirements 60, 152, 244, 354, 454, 576, 690, 786, 896, 982, 1094, 1206 566, 680, 776, 886, 972, 1084, 1196 Government securities held by 82, 176, 268, 378, 478, Reserves, reserve bank credit, and related items 590, 704, 800, 910, 996, 1108, 1220 59, 151, 243, 353, 453, Insured home mortgages held 92, 186, 278, 388, 488, 565, 679, 775, 885, 971,1083, 1195 601, 715, 811, 921, 1007, 1119, 1231 Membership in Federal Reserve System: Loans and investments, call dates. .69, 162, 254, 364,464, Admissions of State banks 53, 135, 237, 338, 435, 576, 690, 786, 896, 982, 1094, 1206 538, 674, 769, 880, 966, 1076, 1190 National bank notes, stock of 67, 159, 251,361, 461, Conditions of, suit by Peoples Bank, Lakewood Vil- 573, 687, 783, 893, 979, 1091, 1203 lage, Calif., against enforcement of, dismissed... .1182 National banks: Merchandise: Assets and liabilities: Exports and imports 93, 187, 279, 389, 489, December 31, 1943 498 602, 716, 812, 922, 1008, 1120, 1232 April 13, 1944. 725 Mexico: June 30, 1944 1018 Bank of: Changes in number of banks and branches Condition 110, 206, 296, 406, 516, 198,611,935, 1242 624, 734, 830, 944, 1028, 1138, 1250 Deposits, call dates 69, 162, 254, 364, 464, Discount rate Ill, 207, 297, 407, 517, 576, 690, 786, 896, 982, 1094, 1206 625, 735, 831, 945, 1029, 1139, 1251 Earnings and expenses: Gold reserves 104, 200, 290, 400, 510, 1943 505 618, 728, 824, 938, 1022, 1132, 1244 First half of 1944 1130 Foreign exchange rates 113, 209, 299, 409, 519, Limitations on loans under Contract Settlement Act 627, 737, 833, 947, 1031, 1141, 1253 of 1944 962 Gold movements 105, 201, 291, 401, 511, Number of: 619, 729, 825, 939, 1023, 1133, 1245 Call dates 69, 162, 254, 364, 464, Gold production 105, 201, 291, 401, 511, 576, 690, 786, 896, 982, 1094, 1206 619, 729, 825, 939, 1023, 1133, 1245 Changes in 198, 611, 935, 1242 Minerals: Suspensions 68, 161, 253, 363, 463, Industrial production, index of 85, 179, 271, 381, 481, 575, 689, 785, 895, 981, 1093, 1205 593, 707, 803, 913, 999, 1111, 1223 National Industrial Conference Board, address by Mr. Monetary and banking statistics, additions to informa- Eccles at meeting of 1156 tion 134, 240 National summary of business conditions 54,147, 238, Money, answers to certain inquiries on 234 349, 449, 540, 675, 770, 881, 967, 1078, 1191 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 30 Pages Pages Navy Department: Norway—Continued. Occupational currency in the Pacific, joint statement Foreign exchange rates 113, 209, 299, 409, 519, issued with Treasury and War Departments 233 627, 737, 833, 947, 1031, 1141, 1253 War production loans guaranteed by 65, 157, 249, Obligations of Government, direct and guaranteed: 359, 459, 571, 685, 781, 891, 977, 1089, 1201 Maturities 81, 175, 267, 377, 477, Nelson, Fred A., irade Assistant Director of Division of 589, 703, 799, 909, 995, 1107, 1219 Administrative Services 1190 Open-market paper: Netherlands: Insured commercial banks 578, 692, 788, 898, 984, Bank: 1096, 1208 Condition 110, 206, 296, 406, 516, Member bank holdings, call dates. .70, 164, 256, 366, 466 624, 734, 830, 944, 1028, 1138, 1250 Open-market rates: Discount rate Ill, 207, 297, 407, 517, Foreign rates. Ill, 207, 297, 407, 517, 625, 735, 831, 945, 1029, 1139,1251 625, 735, 831, 945, 1029, 1139, 1251 Gold reserves 104, 200, 290, 400, 510, New York City 77, 171, 263, 373, 473, 618, 728, 824, 938, 1022, 1132, 1244 585, 699, 795, 905, 991, 1103, 1215 Cost of living, index numbers.... 115, 211, 301, 411, 521, Operating ratios of member banks 932 629, 739, 835, 949, 1033, 1143, 1255 Ownership of demand deposits 432, 527, 1069 Foreign exchange rates 113, 209, 299, 409, 519, Paddock, William W., retirement as President of Federal 627, 737, 833, 947, 1031, 1141, 1253 Reserve Bank of Boston 435 Gold movements 105, 201, 291, 401, 511, Paper currency, circulation 67,159,251,361,461, 619, 729, 825, 939, 1023, 1133, 1245 573, 687, 783, 893, 979, 1091, 1203 Open-market rates. Ill, 207, 297, 407, 517, Par list, number of banks on list and number not on list, 625, 735, 831, 945, 1029, 1139, 1251 by States 131 Retail food prices. 115, 211, 301, 411, 521, Paraguay: 629, 739, 835, 949, 1033, 1143, 1255 Bank of the Republic of: Security prices, index numbers 115,211,301,411,521, Condition 110,206,296,406,516, 629, 739, 835, 949, 1033, 1143, 1255 624 : 734, 830, 944, 1028, 1138, 1250 Wholesale pricesin 114,210,300,410,520, New monetary and banking measures in 42 628, 738, 834, 948, 1032, 1142, 1254 Parry, Carl E., appointed on Editorial Committee 311 New York stock exchange: Parten, J. R., appointed Class C director at Dallas and Volume of trading on 78,172, 264,374, 474, designated Deputy Chairman 52 586, 700, 796, 906, 992, 1104, 1216 Patrick, Roy L., elected Class B director of Federal Re- New Zealand: serve Bank of Boston 769 Foreign exchange rates.. 113, 209, 299, 409, 519, Patterns of wartime borrowings in the United States, 627, 737, 833, 947, 1031, 1141, 1253 United Kingdom, and Canada, article by Harold L. Reserve Bank of: Seligman 1056 Condition 110, 206, 296, 406, 516, Pay rolls, factory: 624, 734, 830, 944, 1028, 1138, 1250 Business index of 85, 179, 271, 381, 481, Discount rate Ill, 207, 297, 407, 517, 593, 707, 803, 913, 999, 1111, 1223 625, 735, 831, 945, 1029, 1139, 1251 By industries 90, 184, 276, 386, 486, Gold reserves 104, 2C0, 290, 400, 510, 598, 712, 808, 918, 1004, 1116, 1228 618, 728, 824, 938, 1022, 1132, 1244 Industrial, rise in 844 Nicaragua: Peoples Bank, Lakewood Village, Calif., suit against Gold production. 105, 201, 291, 401, 511, Board of Governors dismissed 1182 619, 729, 825, 939, 1023, 1133, 1245 Peru: Nonmember banks: Central Bank of: Assets and liabilities of insured commercial banks Condition 110,206,296,406,516, in United States and possessions 499, 1019 624, 734, 830, 944, 1028, 1138, 1250 Changes in number of banks and branches Discount rate 111,207,297,407,517, 198, 611, 935, 1242 625, 735, 831, 945, 1029, 1139, 1251 Deposits: Gold reserves 104, 200, 290, 400, 510, Call dates 69, 163, 255, 365, 465, 618, 728, 824, 938, 1022, 1132, 1244 577, 691, 787, 897, 983, 1095, 1207 Philippine Islands: Held by Federal Reserve Banks 59, 151, 243, Gold movements 105,201, 291,401, 511, 353, 453, 565, 679, 775, 885, 971, 1083, 1195 619, 729, 825, 939, 1023, 1133, 1245 Loans and investments 69, 163, 255, 365, 465, Phillips, L. E., Class B director at Kansas City, death of 435 577, 691, 787, 897, 983, 1095, 1207 Poland: Number of, call dates 69, 163, 255, 365, 465, Foreign exchange rates 113, 209, 299, 409, 519, 577, 691, 787, 897, 983, 1095, 1207 627, 737, 833, 947, 1031, 1141, 1253 Number on par list and number not on par list, by Gold reserves. 104, 200, 290, 400, 510, States 131 618, 728, 824, 938, 1022, 1132,1244 Suspensions 68, 161, 253, 363, 463, Portugal: 575, 689, 785, 895, 981, 1093, 1205 Bank of: Norway: Condition 110, 206, 296, 406, 516, Bank of: 624, 734, 830, 944, 1028, 1138, 1250 Discount rate Ill, 207, 297, 407, 517, Discount rate Ill, 207, 297, 407, 517, 625, 735, 831, 945, 1029 r 1139, 1251 625, 735, 831, 945, 1029, 1139, 1251 Gold reserves 104, 200, 290, 400, 510, Gold reserves 104,200,290,400,510, 618, 728, 824, 938, 1022, 1132, 1244 618, 728, 824, 938, 1022,1132,1244 DECEMBER 1944 12-73 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 30 Pages Pages Portugal—Continued. Rates: Foreign exchange rates 113, 209, 299, 409, 519, Acceptances, bankers', buying 60,152, 244,354, 454, 627, 737, 833, 947, 1031, 1141, 1253 566, 680, 776, 886, 972, 1084, 1196 Postal savings deposits: Bills, buying 60, 152, 244, 354, 454, Depositors' balances and assets 68, 161, 253, 363, 463, 566, 680, 776, 886, 972, 1084, 1196 575, 689, 785, 895, 981, 1093, 1205 Commercial loan rates in principal cities. . .77, 171, 263, Insured commercial banks 579, 693, 789, 899, 985, 373, 473, 585, 699, 795, 905, 991, 1103, 1215 1097, 1209 Discount: Interest rate on 60,152, 244, 354, 454, Central banks Ill, 207, 297, 407, 517, 566, 680, 776, 886, 972, 1084, 1196 625, 735, 831, 945, 1029, 1139, 1251 Member banks on call dates 71, 165, 257, 367, 467 Federal Reserve Banks 60, 152, 244, 354, 454, Weekly reporting member banks: 566, 680, 776, 886, 972, 1084, 1196 By Federal Reserve districts... 75, 169, 261,371, 471, Foreign exchange 113, 209, 299, 409, 519, 583, 697, 793, 903, 989, 1101, 1213 627, 737, 833, 947, 1031, 1141, 1253 New York City and outside. . . 73, 167, 259, 369, 469, Industrial advances at Federal Reserve Banks 581, 695, 791, 901, 987, 1099, 1211 60, 152, 244, 354, 454 Postwar international investment, plan for bank for 566, 680, 776, 886, 972, 1084, 1196 reconstruction and development of the united and Money: associated nations 37 Current statistics for Federal Reserve chart book Postwar international monetary stabilization, statement 100, 194, 286, 396, 496, by Secretary Morgenthau before committees of Senate 609, 723, 820, 930, 1016, 1128, 1240 and House 436 Open-market in certain foreign countries Postwar price problem—inflation or deflation?, address 111,207,297,407,517, by Mr. Eccles 1156 625, 735, 831, 945, 1029, 1139, 1251 President of the United States: Open-market in New York City.. .77, 171, 263, 373, 473, Budget message to Congress, discussion of 119 585, 699, 795, 905, 991, 1103,1215 Presidents of Federal Reserve Banks: Postal savings deposits 60, 152, 244, 354, 454, Flanders, Ralph E., Boston, appointment of 435 566, 680, 776, 886, 972, 1084, 1196 Fleming, Matthew J., Cleveland, retirement of 965 Time deposits, maximum interest on 60, 152, 244, Gidney, Ray M., Cleveland, appointment of 965 354, 454, 566, 680, 776, 886, 972, 1084, 1196 List of 117, 213, 303, 413, 523, Ratios: 631, 741, 837, 951, 1035, 1145, 1257 Member bank earnings, 1943 507 Meetings: Member bank operating, 1943 932 February 26-29 and March 1 237 Real estate: September 18-20 965 Farm, article by E. C. Johnson on market for 228 Paddock, William W., Boston, retirement of 435 Loans on: Prices: Insured commercial banks 578, 692, 788, 898, Farm, discussed in Review of the Month 848 984, 1096, 1208 Government securities, revisions of series of yields Member banks, call dates 70, 164, 256, 366, 466 and prices of 442 Weekly reporting member banks: Retail food 115, 211, 301, 411, 521, By Federal Reserve districts 74, 168, 260, 629, 739, 835, 949, 1033, 1143, 1255 370, 470, 582, 696, 792, 902, 988, 1100, 1212 Securities in principal countries. .. 115, 211,301, 411, 521, New York City and outside 72, 166, 258, 629, 739, 835, 949, 1033, 1143, 1255 368, 468, 580, 694, 790, 900, 986, 1098, 1210 Stability of, discussed in Review of the Month 840 Receipts of Treasury: Wholesale commodity: Summary of operations 83, 177, 269, 379, 479, Business index 85, 179, 271, 381, 481, 591, 705, 801, 911, 997, 1109, 1221 593, 707, 803, 913, 999, 1111, 1223 Receipts and expenditures of Treasury 123, 750 By groups of commodities 98, 192, 284, 394, 494, Reconstruction Finance Corporation: 608, 722, 818, 928, 1014, 1126, 1238 Loans by 84, 178, 270, 380, 480, Wholesale in principal countries, index of. .114, 210, 300, 592, 706, 802, 912, 998, 1110, 1222 410, 520, 628, 738, 834, 948, 1032, 1142, 1254 Preferred stock held by 84, 178, 270, 380, 480, Private banks, changes in number of banks and branches.. 198 592, 706, 802, 912, 998, 1110, 1222 Production, industrial: (See Industrial production) Reconstruction Finance Corporation Mortgage Company: Production for war and civilian use 2 Loans by 84, 178, 270, 380, 480, Public debt: 592, 706, 802, 912, 998, 1110, 1222 Amount of 124 Reconversion, industrial, discussion of 121 Ownership of 750 Reconversion to peacetime production, discussed in Re- Volume and kind of securities... .81, 175, 267, 377, 477, view of the Month 848 589, 703, 799, 909, 995, 1107, 1219 Regulations: Public utility corporations: Board of Governors: Earnings and dividends of, quarterly 80, 174, 266, A, Discounts for and Advances to Member Banks 376, 476, 588, 702, 798, 908, 994, 1106, 1218 by Federal Reserve Banks, amendment to.... 879 Publications: N, Relations with Foreign Banks and Bankers, Banking and monetary statistics, notice of issuance revision of 11 of 134, 240 Q, Payment of Interest on Deposits: Railroads: Absorption of exchange charges: Revenues, expenses, and incomes of Class I Avoidance of expense to member bank.. 339 93, 187, 279, 389, 489, Hearings held on 237 602, 716, 812, 922, 1008, 1120, 1232 S. 1642, letter to Senator Wagner on... 126 1X74 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 30 Pages Regulations—Continued. Reserves—Continued. Board of Governors—Continued. Member banks—Continued. Q, Payment of Interest on Deposits—Continued. Federal Reserve Banks on call dates 71, 165, Analysis of individual accounts as payment 257,367.467 of interest under 13 Total held: V, Financing of War Production and War All banks, end-of-month and Wednesday Contract Termination: figures 59, 151, 243, 353, 453, Guarantee fees and maximum interest and 565, 679, 775, 885, 971, 1083, 1195 commitment rates 1084, 1196 Classes of banks 66, 158, 250, 360, 460, Revision of 876 572, 686, 782, 892, 978, 1090, J202 War production loans made under. . 65, 157, 249, Weekly reporting member banks: 359, 459, 571, 685, 781, 891, 977, 1089, 1201 By Federal Reserve districts. .. 75,169, 261, 371, 471, W, Consumer Credit: 583, 697, 793, 903, 989, 1101, 1213 Amendment No. 11 339 New York City and outside. . . 73, 167, 259, 369, 469, Amendment No. 12 670 581, 695, 791, 901, 987, 1099, 1211 Amendment No. 13 670 Withheld income taxes as deposits 670 Amendment No. 14 1187 Resolutions: Maximum credit values for used 1942 auto- Federal Advisory Council, final settlement of termobiles 342 minated contracts 15 Order suspending license of Consumers Retail credit survey, 1943 648 Home Equipment Company 12 Retail food prices. 115, 211, 301, 411, 521, Partial payments in charge account 753 629, 739, 835, 949, 1033, 1143, 1-255 Director of Contract Settlement, general regulation Retail prices, increase in 10 No. 1 prescribing procedures and policies 876 Revenues, expenses, and income of Class I railroads Research and policy, article by Dr. Goldenweiser, 93, 187, 279, 389; 489, printed from Journal of American Statistical Asso- 602, 716, 812, 922, 1008, 1120 1232 ciation 312 Review of the Month: Reserve balances of member banks 66, 158, 250, 360, 460, Agriculture in the war 1147 571, 685, 781, 891, 977, 1089, 1201 Business finance in the war ... 633 Reserve city member banks: Consumer incomes and expenditures in wartime, .... 305 Assets and liabilities: Foreign trade, capital movementsj and intypational December 31, 1943 . .498 reserves " 1037 April 13, 1944 725 Manpower for war. 415 June 30, 1944 1018 New budget * 119 Condition, call dates 70, 164, 256, 366, 466, Slowing down of credit expansion 525 578, 692, 788, 898, 984, 1096, 1208 War finance and banking 743 Deposits and reserves 66, 158, 250,360, 460, War loan drive and banking developments 215 572, 686, 782, 892, 978, 1090, 1202 War production and consumer supplies 1 Earnings and expenses, 1943 447, 502 Wartime expansion of liquid assets 953 Reserves 66, 158, 250, 360, 460, Wartime production and incomes 839 572, 686, 782, 892, 978, 1090, 1202 Rhodesia: Reserve requirements of member banks 60, 152, 244, 354, 454, Gold production 105, 201, 291, 401, 511, 566, 680, 776, 886, 972, 1085, 1197 619, 729, 825, 939, 1023, 1133, 1245 Reserves: Robins, Thomas, Jr., appointed director at Buffalo Changes in. .219 Branch 52 Effect of war loan drives on 1 747 Rumania: Federal Reserve Banks: Foreign exchange rates 113, 209, 299, 409, 519, All banks combined 61,153, 245,355,455, 627, 737, 833, 947, 1031, 1141, 1253 567, 681, 777, 887, 973, 1085, 1197 National Bank of: Each bank 62, 154, 246, 356, 456, Condition 110, 206, 296, 406, 516, 568, 682, 778, 888, 974, 1086, 1198 624, 734, 830, 944, 1028, 1138, 1250 Gold, of central banks and governments. . . 104, 200, 290, Discount rate Ill, 207, 297, 407, 517, 400, 510, 618, 728, 824, 938, 1022, 1132, 1244 625, 735, 831, 945, 1029, 1139, 1251 Insured commercial banks with Federal Reserve Gold reserves 104, 200, 290, 400, 510, Banks. .579, 693, 789, 899, 985, 1097, 1209 618, 728, 824, 938, 1022, 1132, 1244 International, discussion in Review of the Month. .1037 Rural Electrification Administration: Member banks: Loans by. 84, 178, 270, 380, 480, Account with Federal Reserve Banks. .63, 155, 247, 592, 706, 802, 912, 998, 1110, 1222 357, 457, 569, 683, 779, 889, 975, 1087, 1199 Salaries: By classes of banks 66,158, 250, 360,460, Federal Reserve Banks 196, 822 Member banks 447, 500, 1077, 1130 572, 686, 782, 892, 978, 1090, 1202 Savings and loan associations: Chart 58, 150, 242, 352, 452, Insured home mortgages held 92,186, 278, 388, 488, 564, 678, 774, 884, 970, 1082, 1194 601, 715, 811, 921, 1007, 1119, 1231 Excess: Savings bonds: End-of-month and Wednesday figures Sales and redemptions 81, 175, 267, 377, 477, 59, 151, 243, 353, 453, 589, 703, 799, 909, 995, 1107, 1219 565, 679, 775, 885, 971, 1083, 1195 Savings deposits: In classes of banks 66, 158, 250, 360, 460, Interest rates on 60, 152, 244, 354, 454, 572, 686, 782, 892, 978, 1090, 1202 566, 680, 776, 886, 972, 1084, 1196 DECEMBER 1944 12-75 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 30 I Pages Pages Securities: Special articles—Continued. Domestic, inflow of foreign funds. . 106, 202, 292, 402, 512, Farm real estate market, by E. C. Johnson 228 620, 730, 826, 940, 1024, 1134, 1246 Fifth war loan drive 537 foreign, return of United States funds 106, 202, 292, Final settlement of terminated contracts 15 402, 512, 620, 730, 826, 940, 1024, 1134, 1246 Financing the war and postwar readjustment 28 Loans for purchasing or carrying: Goods and dollars in world trade, by Messrs. Draper Insured commercial banks 578, 692, 788, and Gardner 1049 898, 984, 1096, 1208 Jobs after the war, by Messrs. Goldenweiser and Member banks 60, 164, 256, 366, 466 Hagen 424 Loans on, by weekly reporting member banks: Loans for war purposes, by Gerald M. Conkling 1054 By Federal Reserve districts. 74, 168, 260, 370, 470, Member bank earnings in 1943 447 582, 696, 792, 902, 988, 1100, 1212 Member bank earnings, first half of 1944 1077 New York City and outside. . . 72, 166, 258, 368, 468, New monetary and banking measures in Paraguay... .42 580, 694, 790, 900, 986, 1098, 1210 Occupational currency in the Pacific 233 (See also Government securities) Ownership of demand deposits 1069 Securities exchange administration: Patterns of wartime borrowing in the United States, . Margin requirements under Regulations T and U the United Kingdom, and Canada 1056 60, 152, 244, 354, 454, Possibilities of postwar inflation and suggested tax 566, 680, 776, 886, 972, 1085, 1197 action 222 Security flotations, discussion in Review of the Month.. .637 Postwar international investment, plan for united Security issues: nations bank for reconstruction and development... .37 * Corporate, proposed use of proceeds 79,173, 265,375,475, Postwar price problem—inflation or deflation? 1156 587, 701, 797, 907, 993, 1105, 1217 Proposal for guarantee of industrial loans by Federal Security markets: Reserve Banks 534 Bond and stock prices 78, 172, 264, 374, 474, Research and policy, by Dr. E. A. Goldenweiser 312 586, 700, 796, 906, 992, 1104, 1216 Retail credit survey of 1943 648 Secur; y prices 115, 211, 301, 411, 521, Revised consumer credit series v 1177 629, 739, 835, 949, 1033, 1143, 1255 Revised index of department store sales 542 SeligmiTi, H. L.: Revisions of series of yields and prices of Government Arik^ on patterns of wartime borrowing in the securities 442 UniteWJtates, United Kingdom, and Canada 1056 Status of banks as war activities 645 Article on wartime tax effort in the United States, Three plans for postwar taxation 1163 United Kingdom, and Canada 16 Wartime tax efforts in United States, United King- Silver and silver certificates, stock 67, 159, 251, 361, 461, dom, and Canada 16 573, 687, 783, 893, 979, 1091, 1203 Spencer, C. E., Jr., elected Vice President of Federal Slaughter, George A., appointed director at Houston Advisory Council 237 Branch 52 Staff of Board of Governors: Small companies, financial experience of 642 Bach, G. L., article on currency in circulation 318 Smith, William Howard, appointed director of Birming- Bethea, Liston P., made Director of Division of ham Branch 338 Administrative Services 1190 South Africa: Bourneuf, Alice, article on Bretton Woods agree- Foreign exchange rates 113, 209, 299, 409, 519, ments 850 627, 737, 833 947, 1031, 1141, 1253 Brown, Bonnar, appointed as Assistant Director of Gold movements 1 t 05, 201, 291, 401, 511, the Division of Security Loans 674 Conkling, Gerald M., article on loans for war pur- 619, 729, 825, 939, 1023, 1133, 1245 poses 1054 Gold production 105, 201, 291, 401, 511, Gardner, Walter R., article on goods and dollars in 619, 729, 825, 939, 1023, 1133, 1245 world trade 1049 Reserve Bank: Goldenweiser, E. A.: Condition 110, 206, 296, 406, 516, Address on commercial banking after the war, 624, 734, 830, 944, 1028, 1138, 1250 before Illinois Bankers Association 871 Discount rate Ill, 207, 297, 407, 517, Appointed member of staff on Editorial Com- 625, 735, 831, 945, 1029, 1139, 1251 mittee 311 Gold reserves 104, 200, 290, 400, 510, Article on jobs after the war 424 618, 728, 824, 938, 1022, 1132, 1244 Article on research and policy reprinted from Spain: Journal of American Statistical Association... .312 Discount rate of central bank Ill, 207, 297, 407, 517, Bretton Woods agreements 850 625, 735, 831, 945, 1029, 1139, 1251 Hagen, Everett E., article on jobs after the war 424 Foreign exchange rates 113, 209, 299, 409, 519, Hammond, Bray: 627, 737, 833 } 947, 1031, 1141, 1253 Appointed Assistant Secretary 1190 Gold reserves 104, 200, 290, 400, 510, Designated to advise central banking authorities 618, 728, 824, 938, 1022, 1132, 1244 of Paraguay in revision of monetary and bank- Special articles: ing laws 42 Bretton Woods agreements, article by Dr. Golden- Musgrave, R. A.: weiser and Miss Bourneuf 850 Article on three plans for postwar taxation 1163 British White Paper on war finance .655 Article on wartime tax effort in the United Change in ownership of bank deposits 432 States, the United Kingdom, and Canada 16 Commercial banking after the war 871 Nelson, Fred A., made Assistant Director of Division Currency in circulation, by G. L. Bach 318 of Administrative Services 1190 Extension of Emergency Price Control Act of 1942, Parry, Carl E., appointed member of staff on Edistatement by Marriner S. Eccles 329 torial Committee 311 1x76 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 30 Pages Pages Staff of Board of Governors—Continued. Stone, Rosco, appointed director at Louisville Branch... 880 Seligman, Harold L.: Straits Settlements: Article on patterns of wartime borrowing in the Foreign exchange rates 113, 209, 299, 409, 519, United States, United Kingdom, and Canada 1056 627, 737, 833, 947, 1031, 1141, 1253 Article on wartime tax effort in the United Stroud, E. B., resignation as First Vice President and States, the United Kingdom, and Canada 16 General Counsel at Federal Reserve Bank of Dallas 965 Stark, Walter R., resignation as Assistant Director Suit against Board of Governors by Peoples Bank, Lakeof the Division of Research and Statistics 52 wood Village, Calif., dismissed 1182 Thurston, Elliott, appointed member of staff on Surplus: Editorial Committee 311 Federal Reserve Banks 64, 156, 248, 358, 458, Triffin, Robert, designated to advise central banking 570, 684, 780, 890, 976, 1088, 1200 authorities of Paraguay in revision of monetary Member banks: and banking laws 42 December 31, 1943 498 Wingfield, B. Magruder, resignation as Assistant April 13, 1944 725 General Attorney 135 June 30, 1944 1018 Stark, Walter R., resignation as Assistant Director of Surveys: Division of Research and Statistics 52 Ownership of bank deposits, changes in 432 State member banks: Retail credit—1943 648 Admission of banks to membership 53, 135. 237, 338, 435, Suspensions of banks: 538, 674, 769, 880, 966, 1076, 1190 Analysis of changes 198, 611, 935, 1242 Assets and liabilities: Number and deposits of 68, 161, 253, 363, 463, December 31,1943 498 575, 689, 785, 895, 981, 1093, 1205 April 13, 1944 725 Sweden: June 30, 1944 1018 Bank of: Changes in number of banks and branches 198, 611, Condition M0, 206, 296, 406, 516, 935, 1242 624, 734, 830, 944, 1028, 1138, 1250 Deposits, call dates 69, 162, 254, 364, 464, Discount rate 111,207,297,407,517, 576, 690, 786, 896, 982, 1094, 1206 625, 735, 831, 945, 1029, 1139, 1251 Earnings and expenses: Gold reserves 104, 200, 290, 400, 510, 1943 506 618, 728, 824, 938, 1022, 1132, 1244 First half of 1944 1130 Foreign exchange rates 113, 2( 9, 2 29, 409, 519, Number of, call dates 69, 162, 254, 364, 464, 627, 737, 833, 947, 1031, 1141, 1253 576, 690, 786, 896, 982, 1094, 1206 Gold movements 105, 201, 291, 401, 511, Suspensions 68, 161, 253, 363, 463, 619, 729, 825, 939, 1023, 1133, 1245 575, 689, 785, 895, 981, 1093, 1205 Open-market rates Ill, 207, 297, 407, 517, States and political subdivisions: 625, 735, 831, 945, 1029, 1139, 1251 Deposits: Wholesale prices in 114, 210,300,410,520, Member banks on call dates... 71,165, 257, 367, 467, 628, 738, 834, 948, 1032, 1142, 1254 579, 693, 789, 899, 985, 1097, 1209 Switzerland: Weekly reporting member banks: Cost of living, index numbers 115, 211, 301, 411, 521, By Federal Reserve districts 75,169,261, 629, 739, 835, 949, 1033, 1143, 1255 371, 471, 583, 697, 793, 903, 989, 1101, 1213 Foreign exchange rates 113, 209, 299, 409, 519, New York City and outside 73, 167, 259, 627, 737, 833, 947, 1031, 1141, 1253 369, 469, 581, 695, 791, 901, 987, 1099, 1211 Gold movements 105, 201, 291, 401, 511, Investments of member banks in obligations of 70, 164, 256, 366, 466, 619, 729, 825, 939, 1023, 1133, 1245 578, 692, 788, 898, 984, 1096, 1208 Open-market rates Ill, 207, 297, 407, 517, Statistics: 625, 735, 831, 945, 1029, 1139, 1251 Banking and monetary, notice of publication of Retail food prices 115, 211, 301, 411, 521, volume on 240 629, 739, 835, 949, 1033, 1143, 1255 New monetary and banking, changes in tables 134 Swiss National Bank: Stead, William H., appointed Class C director at St. Condition 110, 206, 296, 406, 516, Louis 52 624, 734, 830, 944, 1028, 1138, 1250 Stock exchange: Discount rate Ill, 207, 297, 407, 517, Call loan renewals, open-market rates in New York 625, 735, 831, 945, 1029, 1139, 1251 City 77, 171, 263, 373, 473, Gold reserves 104, 200, 290, 400, 510, 585, 699, 795, 905, 991, 1103, 1215 618, 728, 824, 938, 1022, 1132, 1244 Customers' debit balances, money borrowed and Wholesale prices in 114, 210, 300, 410, 520 principal related items of firms carrying margin 628, 738, 834, 948, 1032, 1142, 1254 accounts 76, 170, 262, 372, 472, Taxes: 584, 698, 794, 904, 990, 1102, 1214 Income, withheld, as deposits 670 Volume of trading on New York market... .78, 172, 264, Internal Revenue collections 83,177, 269,379,479, 374, 474, 586, 700, 796, 906, 992, 1104, 1216 591, 705, 801, 911, 997, 1109, 1221 Stocks: New security issues 78, 172, 264, 374, 474, Need for additional discussed in annual budget 586, 700, 796, 906, 992, 1104, 1216 message of President 122 Prices in principal countries 115,211, 301,411,521, Postwar, three plans for, article by R. A. Musgrave.. 1163 629, 739, 835, 949, 1033, 1143, 1255 Suggested action, address by Marriner S. Eccles 222 Prices in United States 78, 172, 264, 374, 474, Wartime tax effort in the United States, United 586, 700, 796, 906, 992, 1104, 1216 Kingdom, and Canada 16 DECEMBER 1944 12.77 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 30 Pages Pages Thurstqn, Elliott, appointed member of Editorial Com- United Kingdom—Continued. mittee 311 W7artime tax effort in 16 Treasury bills: Wholesale prices in 114, 210, 300, 410, 520, Average rate on 77, 171, 263, 373, 473, 628, 738, 834, 948, 1032, 1142, 1254 585, 699, 795, 905, 991, 1103, 1215 United States: Buying rates on 60, 152, 244, 354, 454, Cost of living, index numbers .. .115, 211, 301, 411, 521, 566, 680, 776, 886, 972, 1084, 1196 629, 739, 835, 949, 1033, 1143, 1255 Federal Reserve Bank holdings: Gold movements 105, 201, 291, 401, 511, End-of-month and Wednesday figures. .59, 151, 243, 619, 729, 825, 939, 1023, 1133, 1245 353, 453, 565, 679, 775, 885, 971, 1083, 1195 Gold production 105, 201, 291, 401, 511, Investments in, by weekly reporting member banks: 619, 729, 825, 939, 1023, 1133, 1245 By Federal Reserve districts. . . 74,168, 260,370, 470, Gold reserves 104, 200, 290, 400, 510, 582, 696, 792, 902, 988, 1100, 1212' 618, 728, 824, 938, 1022, 1132, 1244 New York City and outside. . . 72, 166, 258, 368, 468, Government securities: (See Government securities) 580, 694, 790, 900, 986, 1098, 1210 Patterns of wartime borrowing in, article by Harold Maturities of 81,175, 267, 377, 477, L. Seligman 1056 589, 703, 799, 909, 995, 1107, 1219 Retail food prices 115, 211, 301, 411, 521, Member bank holdings 70, 164, 256, 366, 466, 629, 739, 835, 949, 1033, 1143, 1255 578, 692, 788, 898, 984, 1096, 1208 Security prices, index of 115, 211, 301, 411, 521, Yields on 443 629, 739, 835, 949, 1033, 1143, 1255 Treasury currency outstanding: Wartime tax effort in 16 End-of-month and Wednesday figures 59, 151, 243, Wholesale prices in 114, 210, 300, 410, 520, 353, 453, 565, 679, 775, 885, 971, 1083, 1195 628, 738, 834, 948, 1032, 1142, 1254 Treasury Department: United States notes, stock 67, 159, 251, 361, 461, Foreign Funds Control, releases. .342, 671, 766, 962, 1188 573, 687, 783, 893, 979, 1091, 1203 Occupational currency in the Pacific, joint statement Uruguay: issued with War and Navy Departments 233 Bank of the Republic of: Treasury receipts and expenditures: Condition 110, 206, 296, 406, 516, Discussion in Review of the Month 123 624, 734, 830, 944, 1028, 1138, 1250 Summary of S3, 177, 269, 379, 479, Foreign exchange rates 113, 209, 299, 409, 519, 591, 705, 801, 911, 997, 1109, 1221 627, 737, 833, 947, 1031, 1141, 1253 Triffin, Robert, designated to advise central banking Gold reserves 104, 200, 290, 400, 510, authorities of Paraguay in revision of monetary and 618, 728, 824, 938, 1022, 1132, 1244 banking laws 42 Venezuela: Turkey: Central Bank of: Central Bank of the Republic of: Condition 110, 206, 296, 406, 516, Condition 110, 206, 296, 406, 516, 624, 734, 830, 944, 1028, 1138, 1250 624, 734, 830, 944, 1028, 1138, 1250 Gold reserves 104, 200, 290, 400, 510, Discount rate Ill, 207, 297, 407, 517, 618, 728, 824, 938, 1022, 1132, 1244 Veterans: 625, 735, 831, 945, 1029, 1139, 1251 Guaranteed loans, amendment to Regulation W to Gold reserves 104, 200, 290, 400, 510, exempt from provisions of 1187 618, 728, 824, 938, 1022, 1132, 1244 Loans for home purchase or construction, ruling of Union of Soviet Socialist Republics: Comptroller of the Currency 1187 Discount rate Ill, 207, 297, 407, 517, Violations of Regulation W: 625, 735, 831, 945, 1029, 1139, 1251 Order suspending license of Consumers Home Equip- United Kingdom: ment Co 12 Bank of England: Volkmann, William G., director at San Francisco, death Condition 107, 203, 293, 403, 513, of 33S 621, 731, 827, 941, 1025, 1135, 1247 Wage earners in manufacturing industries, hours and Discount rate Ill, 207, 297, 407, 517, earnings of 91, 185, 277, 387, 487, 625, 735, 831, 945, 1029, 1139, 1251 599, 713, 809, 919, 1005, 1117, 1229 Gold reserves 104, 200, 290, 400, 510, Wagner, Senator Robert F.: 618, 728, 824, 938, 1022, 1132, 1244 Letter on S. 1642 governing absorption of exchange Commercial banks, assets and liabilities. . .112, 208, 298, and collection charges 126 408, 518, 626, 736, 832, 946, 1030, 1140, 1252 Statement on proposal for guarantee of industrial Cost of living, index numbers 115, 211, 301, 411, 521, loans by Federal Reserve Banks 534 629, 739, 835, 949, 1033, 1143, 1255 War contracts: Foreign exchange rates 113, 209, 299, 409, 519, Final settlement of terminated 15 627, 737, 833, 947, 1031, 1141, 1253 War Department: Gold movements 105, 201, 291, 401, 511, Occupational currency in the Pacific, joint statement 619, 729, 825, 939, 1023, 1133, 1245 issued with Treasury and Navy Departments 233 Open-market rates Ill, 207, 297, 407, 517, War production loans guaranteed by 65, 157, 249, 625, 735, 831, 945, 1029, 1139, 1251 359, 459, 571, 685, 781, 891, 977, 1089, 1201 Patterns of wartime borrowing in, article by Harold War expenditures 120 L. Seligman 1056 War finance: Retail food prices 115, 211, 301, 411, 521, British Wrhite Paper on 655 629, 739, 835, 949, 1033, 1143, 1255 Business, discussed in Review of the Month 633 Security prices, index numbers... 115, 211, 301, 411, 521, Discussion in Review of the Month 532 629, 739, 835, 949, 1033, 1143, 1255 War finance and banking, discussion of 743 1X78 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 30 Pages Pages War loans: West Africa: Article on loans for war purposes, by Gerald M. Gold production 105, 201, 291, 401, 511, Conkling 1054 619, 729, 825, 939, 1023, 1133, 1245 Fifth, offerings described 537 Whittemore, Laurence F., elected Class B director at Fourth, review of drive 215 Boston 880 Guarantee and commitment fees and maximum Wholesale prices: interest rate schedule approved 879 Groups of commodities 98, 192, 284, 394, 494, Guarantee fees and maximum interest and commit- 608, 722, 818, 928, 1014, 1126, 1238 ment rates 1084, 1196 Principal countries. . : 114, 210, 300, 410, 520, Guaranteed by War Department, Navy Department, 628, 738, 834, 948, 1032, 1142, 1254 and Maritime Commission, number and amount Wilbur Brayton, appointed Class C director at San 65,157, 249,359,459,571,685, 781,891,977,1089,1201 Francisco 674 National bank limitations 962 Williamson, Frederick E., resignation as Class B director Regulation V, Financing of War Production and War at New York 880 Contract Termination, revision of. . 877 Wingfield, B. Magruder, resignation as Assistant General 1944 V loan guarantee agreement 962 Attorney of Board 135 War Manpower Commission: Worcester Economic Club, address of Daniel W. Bell on Status of banks as war activities— 645 financing the war and postwar readjustment before 28 War plant construction, Government financing of 634 WTar production and consumer supplies 1 Yugoslavia: Foreign exchange rates 113, 209, 299, 409, 519, Wartime expansion of liquid assets, discussed in Review of 627, 737, 833, 947, 1031, 1141, 1253 the Month 953 Wartime production and incomes 839 National Bank of the Kingdom of: Wartime tax effort in the United States, United Kingdom, Discount rates Ill, 207, 297, 407, 517, and Canada 16 625, 735, 831, 945, 1029, 1139, 1251 Wellman, Harry R., appointed Deputy Chairman at San Gold reserves 104, 200, 290, 400, 510, Francisco 52 618, 728, 824, 938, 1022, 1132, 1244 DECEMBER 1944 12-79 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis