Federal Reserve Bulletin, 1945-01

FEDERAL RESERVE BULLETIN JANUARY 1941 OF THE FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EDITORIAL COMMITTEE ELLIOTT THURSTON E, A. GOLDENWBISBR 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—Treasury Financing 1-9 Economic Problems of Liberated Belgium, by M. S. Szymczak . 10-15 Wartime Earnings of Small Business, by F. C. Dirks .... 16-16 Revised Estimates of Consumers' Single-Payment Loans Outstanding. . 17-18 Law Department: Partially Guaranteed Home Loans to Veterans 19 Purchase of Government Obligations by Federal Reserve Banks—Amendment to Section i4(b) Extended 19 Foreign Funds Control—Treasury Department Releases. . 19-31 Current Events 3I~32- National Summary of Business Conditions 33~34 Financial, Industrial, Commercial Statistics, U. S. (Sec p. 35 for list of tables). . 35—83 International Financial Statistics (See p. 85 for list of tables) 85-97 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 98 Senior Officers of Federal Reserve Banks; Managing Officers of Branches 99 Map of Federal Reserve Districts 100 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 Vemezuela, is $2.00 per annum, or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions for 10 or more copies, in the United States, 15 cents per copy per month, or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME 31 January 1945 NUMBER I TREASURY FINANCING Financing of the war during 1944 drew rent issues of Treasury bills. Public offermore heavily on taxpayers and on the sav- ings of Government securities available for ings of the public and was less dependent bank subscription were much less during on borrowing from banks than in the two 1944 than during other recent years. previous years. Expenditures, including Free reserves of commercial banks inthose made for Government agencies, were creased during the drives because of the 6 billion dollars larger than in 1943, while exemption of war loan deposits from reserve tax receipts increased by 10 billion and met requirements, and banks utilized these funds 46 per cent of total expenditures for the to purchase Government securities offered year compared with 38 per cent in 1943. by nonbank investors desiring to increase The deficit, therefore, was smaller than in their ability to subscribe for the securities 1943. The increase in the public debt, offered in the drives. Between drives, comhowever, was larger than the deficit and mercial banks reduced their holdings of there was a substantial addition to the Government securities. In addition, banks Treasury balance. This was due to the made substantial loans on Government timing of the three war loan drives of 1944, securities during drives both to dealers and compared with the two drives of 1943. to other investors; these loans were largely The debt increase was also larger than it paid off between drives. was during 1943 and a greater proportion Federal Reserve holdings of Government of the increase was taken by nonbank insecurities increased by 7.3 billion dollars vestors. during 1944, compared with 5.4 billion dur- Treasury financing during 1944 followed ing the previous year. These purchases generally the pattern of 1943. Most of the were made in order to supply member banks securities sold were obtained through drives with reserves needed to meet a continued aimed to reach individuals, corporations, demand for currency and some loss of gold, and other nonbank investors. Sales of savas well as increased reserve requirements ings bonds, largely to individuals, and of resulting from an expansion in deposits. savings notes, largely to corporations, Purchases were made largely between drives were made continuously throughout the when reserve-exempt war loan deposits deyear, with special emphasis upon sales of clined and other deposits increased. In Series E savings bonds through pay roll addition, a number of member banks borsavings plans. Commercial banks were rowed from the Reserve Banks in order to excluded from the drives, but were permitmeet reserve needs without selling secuted to subscribe for relatively small amounts of the securities offered as well as for cur- rities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH SIXTH WAR LOAN Fourth Loan. Sales of savings bonds were smaller than in either of the two pre- Total subscriptions in the Sixth War vious drives. The successive declines in Loan, which came near the end of the year, sales of savings bonds during 1944 reflected exceeded those in the Fifth Loan and in part the fact that many investors puramounted to xi.6 billion dollars, notwithchased the full annual limits in the earlier standing the fact that the goal was set at 14 months of the year. billion dollars instead of 16 billion. These Sales to individuals of certificates and funds, together with z billion dollars obnotes also were smaller than in the Fifth tained from sales outside of the drive to War Loan, while sales of 2. per cent bonds commercial banks and to Government agento individuals were about the same as in cies and trust funds, with amounts that will the Fifth Loan. In the previous drive there be obtained from the regular interdrive sales had been an increase in sales of notes and of savings bonds and savings notes, and medium-term bonds, and large amounts of with tax receipts, appear to be sufficient to these securities subsequently were sold to provide for the Treasury's cash needs until commercial banks. It appears likely that sometime next spring. As shown in the in the Sixth War Loan fewer securities were table, sales to individuals, partnerships, and purchased by individuals with a view to personal trust accounts were somewhat subsequent sale to commercial banks. Indismaller than in the Fifth War Loan, while viduals* purchases of the long-term 1^/2 per sales to insurance companies and savings cent bonds were larger than in the previous banks increased. Among types of issues, drive. the largest increase occurred in 2. per cent Total sales to other groups of nonbank bonds, the highest rate issue available for investors were 1.5 billion dollars larger than purchase in the market by commercial banks in the Fifth War Loan. Most of this inafter the drive. crease was in sales to insurance companies and savings banks; there was a small in- WAR LOAN SALES [In billions of dollars] crease in sales to other corporations and Item Sixth Fifth Fourth associations and a small decline in those to dealers and brokers. All of the subscrip- By classes of investors: Individuals, partnerships, and personal trust accounts 5.9 6.4 5.3 tions by insurance companies and savings * Insurance companies 3.2 2.8 2.1 Savings banks 2.3 1.5 1.3 banks do not reflect a corresponding net Corporations and associations1.... 8.6 8.2 6.8 Dealers and brokers .3 .5 .4 increase in their holdings of Government State and local governments 1.3 1.3 .8 securities, because they sell in the market Total 21.6 20.6 16.7 large amounts of securities just prior to and By issues: Series E savings bonds 2.9 3.0 3.2 during the drives. Part of these sales are of Series F and G savings bonds .7 .8 1.0 Savings notes 2.4 2.6 2.2 Certificates 4.4 4.8 5.0 short-term low-yielding securities pur- Treasury notes 1.6 1.9 Medium-term Treasury bonds 6.9 5.2 '3.3 chased in the market with cash accumula- 2^i per cent Treasury bonds 2.7 2.3 1.9 tions between drives and part represent port- 1 Including savings and loan associations. folio adjustments. Sales to individuals, partnerships, and Among nonbank investors there was evipersonal trust accounts in the Sixth War dence of some shift from short-term securi- Loan were smaller than such sales in the ties to marketable bonds, which bear higher Fifth Loan but larger than those in the rates of interest. They reduced their pur- FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH chases of short-term marketable certificates other savings institutions may purchase. and notes, and, in the case of corporations, Most of the commercial bank subscriptions of their savings notes, and increased their were for z per cent bonds. purchases of bonds, particularly z per cent Additional funds were raised by the bonds. Smaller sales of savings notes may Treasury during recent months from regular indicate that corporations did not need to sales of savings bonds and savings notes and purchase so large an amount as they pur- from an increase in the weekly offering of chased in the Fifth War Loan in order to Treasury bills. The weekly offering of provide for their tax liabilities. Treasury bills was increased from i.z to 1.3 Preferences shown by the different groups billion dollars for seven weeks during Octoof investors for particular issues reflect the ber and November, and the total amount of nature of the respective investment require- bills outstanding increased by about 700 ments. Insurance companies, at one ex- million. Sales of savings bonds during treme, invest principally in long-term August, September, and October totaled z bonds, because they expect to hold invest- billion dollars, and sales of savings notes ments for a long period and can take advan- totaled about 700 million. tage of the highest rate of interest. Cor- Redemptions of savings notes were someporations, at the other extreme, prefer what smaller during the second half of the short-term securities, even at lower rates, calendar year than during the first half. because they expect to use at least part of Redemptions of savings bonds, however, these securities soon after the war to provide continued to increase especially during funds for reconversion, plant expansion, and October when direct redemptions of Series increasing inventories. Individuals pur- A to E bonds by commercial banks were chase mostly savings bonds, which are re- initiated. Redemptions declined after Ocdeemable on demand or short notice but tober and for the six months as a whole the provide increased returns the longer they increase in redemptions was not much larger are held. than the increase during the preceding six months. Total redemptions of 1.9 billion OTHER RECENT TREASURY FINANCING dollars during the last half year compare In addition to the zi.6 billion dollars of with sales of 7.5 billion and an outstanding securities sold as a part of the Sixth War amount at the beginning of the period of 35 Loan, the Treasury also sold 76Z million of billion. bonds to Treasury investment accounts and Other Treasury financing during recent a billion to commercial banks through months has consisted of the refunding of 15 limited subscriptions based on time de- billion dollars of securities. The Treasury posits. At the time of the Fifth War Loan, offered to holders of three issues of certifisales to Treasury investment accounts to- cates that matured the privilege of exchangtaled 593 million dollars and those to com- ing their holdings for new one-year certifimercial banks 765 million. As at the time cates and to holders of the certificates that of the last two drives, sales to commercial matured on December 1 the privilege of exbanks were made for the purpose of enabling changing for new 13-month notes. Holders these banks, many of which hold a large of two issues of Treasury notes that maproportion of time to total deposits, to tured were offered the privilege of exchangpurchase the higher-rate securities that ing for the March 1946 notes and holders JANUARY 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH of the 1944-54 bonds, which were called for HOLDINGS OF U- S. GOVERNMENT SECURITIES MEMBER BANKS IN LEADING CITIES AND FEDERAL RESERVE BANKS redemption, were offered the marketable WEDNESDAY FIGURES notes and bonds included in the drive, except that commercial banks were not permitted to exchange their holdings for the i3/2 per cent bonds. Most of the exchanges were for the z per cent bonds. BANK CREDIT EXPANSION DURING DRIVE Bank credit generally expands by considerable amounts during drives. This expansion reflects in part purchases of outstanding securities from nonbank investors desiring to increase their ability to subscribe for new issues. It also includes purchases of new issues by banks on subscription under the time deposit formula, purchases of bills at the weekly offerings, and loans by banks to dealers and to others to finance the purchase of Government 1942 1943 1944 1942 1943 1944 securities. Latest figures are for Dec. 27. It appears that during the Sixth War Loan their holdings of Government securities the expansion of bank credit was not so during the Sixth War Loan, as they did at large as it was during the Fifth Loan, but the time of previous drives. During June was larger than that during the Fourth and July 1944, holdings by all commercial Loan. This is illustrated in the chart by banks increased by 8.7 billion dollars, and figures for weekly reporting member banks during January and February 1944 they in leading cities. Between November 15 increased by 5.1 billion. It is possible that and December 2.0, holdings of Government during November and December the total securities of these banks increased by 3.9 expansion for all commercial banks may billion dollars, a growth of 10 per cent. have amounted to as much as 7 billion The increase between June 7 and July ix, dollars. the comparable period during the Fifth War In the periods between the drives, the re- Loan, was 4.9 billion dollars and that dur- porting banks reduced their total holdings ing the Fourth Loan was 3.1 billion. Dur- of Government securities by about 2. billion ing the first week following the Fifth War dollars. The latest decline, as shown in the Loan, there was a further increase of 500 chart, was largely concentrated in bills and million, whereas in the corresponding week certificates, while holdings of bonds confollowing the Sixth Drive there was little tinued to increase. In general, the declines change. in member bank holdings were accompanied Banks outside of leading cities, for which by increases in Reserve Bank holdings. current figures are not yet available, appear These shifts supplied member banks with from information regarding deposits and needed reserve funds. reserves to have also substantially increased As reserve requirements again increase FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH and currency demands continue during million dollars, followed by a small decline the next few months, commercial banks during the next two weeks. may be expected to reduce their holdings of Loans on Government securities to bor- Government securities from present levels. rowers other than brokers and dealers in- Although member banks now hold con- creased by 1.2. billion dollars during the siderably reduced amounts of Treasury bills, Sixth War Loan compared with 1.3 billion they have substantial holdings of certifi- during the Fifth Loan and 600 million durcates and other short-term securities, which ing the Fourth Loan. Between drives these can be sold, if necessary, to meet their re- loans are gradually reduced. quirements for reserves. During recent Prior to the latest drive, the Treasury months banks in need of additional reserves requested commercial banks and Federal have depended increasingly upon sales of Reserve Banks to police subscriptions, and certificates and notes, and Federal Reserve the slightly smaller increase in these loans holdings of these issues, as well as of bills, probably reflects such policing. The most have increased. flagrant cases of abuse evident in previous A tendency for banks to lengthen the drives probably were eliminated. One type maturities of their holdings of Government of such abuse is where subscribers have borsecurities is also shown by the chart. Be- rowed from commercial banks in order to tween the end of the Fifth and the end of enlarge their subscriptions, with the exthe Sixth War Loan, practically all of the pectation of selling the securities after the increase in Government security holdings drive at a profit. Another type is where of banks was in bonds. The remainder was commercial banks have arranged with nonin certificates and notes, while bills de- bank subscribers to place large subscripclined. tions, with the understanding that the The increase in loans on Government banks subsequently would purchase the securities was slightly smaller during the securities. Both types of transaction result Sixth than during the Fifth War Loan. in additions to holdings of Government Such loans to brokers and dealers increased securities by commercial banks. by about 500 million dollars during both drives. The principal purpose of these CHANGES IN BANK DEPOSITS AND CURRENCY loans was to finance purchases by dealers of During the Sixth War Loan, the increase Government securities sold by commercial in bank holdings of Government securities banks needing reserves and sold by nonbank and in bank loans on these securities was investors desiring to increase their subscrip- reflected in an expansion in the total of tions in the drive. These loans generally commercial and savings bank deposits and increase before the drive begins and reach of currency in circulation. Other loans their peak during the middle of the drive, and investments were little changed during at the time when commercial banks begin to the drive, and member bank reserve balmake large purchases. Between May 31 ances declined. The total increase in and June 2.8, for example, there was an deposits and currency for the two months of increase of 758 million dollars, followed by November and December is estimated on the a decline of 361 million during the first three basis of partial data as close to 10 billion weeks of July. Between November 8 and dollars, about a billion dollars less than the December 13, there was an increase of 558 increase during last June and July which JANUARY 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH included the Fifth War Loan, but consider- stantially between drives. Borrowings deably more than the increase of 6 billion that clined from 600 million dollars late in occurred during the Fourth Loan. November, a high record for the past War loan deposits increased by about iz decade, to a few million by the end of the billion dollars in November and December, month. representing the effect of sales of some 19 At the same time reserve funds were abbillion dollars of securities on war loan sorbed by the continued outflow of currency deposit account and withdrawal by the into circulation, resulting from seasonal in- Treasury of about 7 billion. There were fluences, and by a substantial increase in increases of about a billion dollars each in Treasury deposits at the Reserve Banks as a time deposits and currency in circulation. result of both cash payments for securities Demand deposits, other than United States sold during the drive and of quarterly in- Government and interbank deposits, de- come tax collections. Many banks sold clined during the period, reflecting with- securities in order to meet their reserve drawals for the purchase of securities during needs and Reserve Bank holdings of Governthe drive, offset by the effect of credit ment securities continued to increase during expansion. the drive. For the year 1944 as a whole it is esti- Federal. Reserve holdings of Government mated that total deposits and currency in- securities increased by 1.1 billion dollars in creased by about rrj billion dollars, or the five weeks ending December zo to a new somewhat more than in 1943. The 1944 high level of 19 billion. The only declines growth, however, included a 10 billion dol- in holdings were in the week ending Decemlar increase in United States Government ber 6 and in the last few days of the month. deposits, compared with z billion in 1943. During previous drives Federal Reserve Additions to other demand deposits de- security holdings, after increasing someclined from iz billion in 1943 to 5 billion in what in the first week or two, declined 1944; currency increased by about 5 billion sharply. in both years, while the growth in time The principal reason for these wide difdeposits was 7 billion dollars in 1944 com- ferences was the change in the level of pared with 4.3 billion the previous year. Treasury deposits at the Reserve Banks, reflecting in large part the timing of income BANK RESERVES AND FEDERAL RESERVE tax receipts. During the Fourth War TRANSACTIONS Loan, last January and February, Treasury As a result of the decrease during the drive deposits at Reserve Banks declined by about in demand deposits subject to reserves, the 300 million dollars, while during the Fifth required reserves of member banks declined Loan they increased by a moderate amount between the middle of November and the early in the period when income tax receipts latter part of December by about 900 million were largest. During the Sixth Loan, dollars. As a consequence some banks, par- when income taxes were paid toward the ticularly those outside of the large centers, end of the drive, Treasury deposits showed showed an increase in excess reserves, the an increase of 1.1 billion. total for all member banks reaching 1.3 Other factors causing an increase in Rebillion dollars, and some banks repaid serve Bank security purchases during the borrowings, which had increased sub- Sixth War Loan were the larger outflow of FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH currency, the repayment of borrowings at meet their increased requirements during the the Reserve Banks, and the smaller decline period. in required reserves at member banks. Federal Reserve holdings of Treasury bills The reduction in demand deposits, other during the interdrive period increased by than war loan deposits, although larger 2.. 9 billion dollars, including increases both than during the Fourth War Loan, was in bills held under repurchase option and in smaller than during the Fifth Loan. bills purchased in the market. Holdings of The increase in Reserve Bank security certificates increased by about 500 million holdings during the drive period as a whole, dollars. On the other hand, holdings of as shown in the chart on page 4, was almost Treasury notes and of Treasury bonds deentirely in certificates and Treasury notes. clined, as sales were made in the market to These securities were sold by banks in need supply a substantial demand for these of reserves, by corporations to pay income longer-term securities. taxes, and by nonbank investors generally Between the end of December and the to increase subscriptions in the drive. beginning of the next drive, member bank There was little change in holdings of bills, reserve needs will again expand, principally since a decline in bills held under option was as a result of an increase in required reserves offset by an increase in bills purchased in the and a further outflow of currency into circumarket. The small changes in bill holdings lation. It is likely that part of these needs as compared with previous drives reflect in will be met by a decline in excess reserves part the fact that member banks, particu- and part by renewed borrowing from the larly those short of reserves, hold fewer Reserve Banks. Most of the reserve needs, however, are likely to be met by Federal bills than they formerly did. Reserve purchases of Government securities. In the period between the Fifth and the Sixth War Loans, Federal Reserve holdings of Government securities had increased by CHANGES IN PUBLIC DEBT DURING 1944 3.1 billion dollars. These purchases were War expenditures by the Government made to supply member banks with reserve reached a high point early in 1944 and funds needed to meet an increase in required declined slightly during the latter part of reserves, as funds shifted from reserve- the year. For the year as a whole, as shown exempt war loan deposits to other deposits, in the table, they aggregated 91 billion and also to meet a currency demand and a dollars compared with 85 billion in 1943. decline in the country's gold stock. In Expenditures for interest on the public debt addition to Federal Reserve security pur- also increased somewhat. Treasury receipts chases, these reserve needs were met in small increased substantially between the two part by a reduction in excess reserves and years, reflecting the full year collection of by an increase in member bank borrowing at withheld taxes in 1944, as well as higher the Reserve Banks. Some member banks, levels of corporate and individual incomes. particularly those outside the larger cities, Compared with 1940, the last year without continued to hold fairly substantial amounts heavy defense and war expenditures, reof excess reserves, while many city banks ceipts increased from 6 billion dollars to 44 not only reduced holdings of Government billion, while expenditures increased from securities but also borrowed in order to 10 billion to 97 billion. JANUARY 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH TREASURY RECEIPTS AND EXPENDITURES to 42. per cent in 1943 and to about 40 per Iln billions of dollars] cent in 1944. Calendar years Of the nonbank investors, it appears from 1944 1943 preliminary information that the group in- War expenditures1 90.9 85.2 cluding individuals, partnerships, and per- Interest 3.0 2.2 Other budget expenditures 4.8 4.0 sonal trust accounts increased their holdings Trust accounts, etc.2 -2.2 -1.0 by somewhat more than the 13 billion dol- Total expenditures.... 96.5 90.5 lar increase during 1943. The bulk of their Income taxes 34.3 26.5 Other receipts—net 10.1 8.0 purchases in both years was in the form of Net receipts 44.4 34.6 savings bonds. This group of investors Excess of expenditures 52.1 55.9 continued to have a substantial excess of Increase in general fund balance 9.9 1.8 Increase in interest-bearing direct and guaranteed debt 61.6 57.1 OWNERSHIP OF U. S. GOVERNMENT SECURITIES 1 Including war expenditures by the Reconstruction Finance Cor- JUNE AND DECEMBER FIGURES poration. 2 Including transactions in checking accounts other than war expenditures by the Reconstruction Finance Corporation, but excluding changes in interest-bearing guaranteed debt. /A Although the deficit in the calendar year - 1944 was somewhat smaller than in the previous year, the growth in the public debt was larger. The increase in the debt also H P O R L IV D A E T R E S / / / / was larger than the 1944 deficit, and as a 7/ consequence there was a substantial increase in the Treasury general fund balance, which - // COMMERCIAL closed the year at UL billion dollars. This y / resulted largely from the timing of the _ drives. OWNERSHIP OF DEBT .... 1 AND TRUS A T G E F N U C N I D E S S i ! The interest-bearing direct and guaranteed debt increased by 6x billion dollars NOTE.—Private holders include individuals, partnerships and personal trust accounts, mutual savings banks, insurance companies, during 1944, compared with 57 billion dur- other corporations and associations, and State and local governments. Figures for December 1944 are preliminary estimates. ing 1943 and 48 billion during i94i. Comparison of the growth in holdings of Gov- income over consumption expenditures. In ernment securities by banks and by other 1944, as in 1943, they invested about half investors is shown in the chart. It appears of these savings in war bonds and added from the limited information now available most of the remainder to their already that the increase on holdings by the bank- large holdings of currency and bank deposing system during 1944 was about the same its. as the X4 billion dollar increase during 1943, Insurance companies, mutual savings while holdings by nonbank investors banks, and Government agencies and trust showed a larger expansion than during pre- funds together added n billion dollars to vious years. The proportion of the increase their holdings of Government securities, a in the debt taken by the banking system, billion more than in 1943. Nonfinancial which reached 49 per cent in 194X5 declined corporations probably increased their hold- 8 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH ings by not far from the 7 billion dollar holdings during 1944 than they did during increase that occurred during 1943. Liquid I943assets of corporations showed a consider- Of the total outstanding debt of £30 bilably smaller expansion than during 1943, lion dollars at the end of 1944, the banking principally because their tax liabilities no system held slightly more than two-fifths. longer accrued at a much faster rate than About a fifth was held by Government agentheir tax payments. It appears likely that cies and trust accounts and other financial instead of continuing to increase their deinstitutions. Nonfinancial corporations posit balances, corporations reduced them held slightly more than a tenth of the total. during 1944, reflecting in part at least the timing of drives. Other nonbank investors Individuals, partnerships, and personal trust as a group, including State and local govern- accounts held nearly a quarter of the total, ments, dealers and brokers, foreigners, and of which nearly three-fourths was in the savings and loan associations, probably form of savings bonds. The remainder was added somewhat more to their security held by other nonbank investors. JANUARY 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC PROBLEMS OF LIBERATED BELGIUM by M. S. SZYMCZAK1 One glance at the map of western Europe will ping space and lessen the burden upon the reimpress one with Belgium's importance to post- sources of the other United Nations. war Europe. With an appreciation of Belgium's economic The present German counterattack emphasizes r61e in postwar Europe, the Belgian Delegation the strategic role of Belgium as the hub of inter- took an active part in. and made a substantial national communication lines between central contribution to the International Financial and and western Europe and the Channel ports. Monetary Conference at Bretton Woods last Fortunately, the fighting has not reached any Julyimportant industrial or agricultural area. But Belgium is a very densely populated country; it may have completed the destruction of the in 1937 it had a population of 8.4 million, living Ardennes forest, and certainly has retarded the in an area of 11,800 square miles. Sixty-nine rehabilitation of the country by forcing the per cent of the working population in 1930 was Allies to devote more supplies and transporta- engaged in industry and commerce, as compared tion facilities to purely military purposes. In to 51 per cent in the United States. It depends view of the additional losses and sacrifices, the heavily upon foreign trade; in 1937 it had imtask of reconstructing the Belgian economy now ports of X7-9 billion francs,2 exports of ^5.5 bilbecomes even more urgent. lion, and a transit trade of 31.5 billion. Im- In spite of its small size, Belgium is one ports and exports together were equal to about of the most important industrial nations of the 70 per cent of its national income, as compared to world and before the war its steel production less than 10 per cent in the United States. was surpassed only by that of the United States, The country's national wealth, estimated at Germany, the Soviet Union, the United King- 443 billion francs for 1939, has been reduced dom, France, and Japan. Belgium has suffered severely by the German occupation. The Gerfrom German aggression longer than any other mans not only conscripted workers for labor in western country, and its difficulties under Ger- Germany and confiscated or looted the property man rule were symbolic of the fate of all the of anti-Nazis and Jews, but they also imposed small nations of Europe. Belgian developments tribute payments upon the country in the form will now be watched for any clues as to the of occupation costs and so-called advances. In future of these small nations after liberation. 1943 and 1944, these levies constituted about 45 It may be expected that Belgium will play an per cent of the total national output; for the important role in the reconstruction of other entire period of occupation, they amounted to European countries. Its industries will no about 143 billion francs. These payments, doubt be operating long before those of central financed partly by the administration and partly and eastern Europe, and part of this output will by the central bank, increased the public debt be available for export. The use of these facili- from 66 billion to 156 billion francs, and the ties by the Allies during the years of reconver- note circulation from 31.5 billion to 99.5 billion sion and rehabilitation, will save valuable ship- francs during the period of occupation. Thus Belgium was at the same time swamped with 1 Governor Szymczak, at the request of the President, headed a paper money and denuded of goods. The mission for the Foreign Economic Administration to the Belgian Government in London from July 31, immediately after the Bretton scarcity of necessary commodities, caused by the Woods Conference, to Sept. 2, 1944. The main purpose of the mission was to prepare for the cooperation of the United States in the recon- German efforts to gear the economy to the Gerstruction of the Belgian economy. Upon Governor Szymczak's return, he made a full report with recommendations to the Foreign man demands for armaments rather than to the Economic Administration, but this article should not be considered even a digest of that report since it is confined only to general aspects of the Belgian situation. It represents the personal view of the 2 The Belgian franc was quoted at 3.37 U. S. cents before the present author, and must not be considered as reflecting the opinion of the war, and has been equal to 2.28 cents since liberation. Foreign trade Board of Governors or the Foreign Economic Administration. figures are for the area of the Belgian-Luxembourg customs union. IO FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC PROBLEMS OF LIBERATED BELGIUM needs of the Belgian population, was aggravated ment with the United Kingdom, providing by the stoppage of imports. As a result, Belgian for mutual credits up to the equivalent of 5 milnational income, as measured in terms of actual lion pounds for the purpose of ensuring the stapurchasing power, declined from 64 billion to bility of the exchange rate of pound sterling and X7.5 billion prewar francs between 1939 and franc. The full effect of these agreements, how- I943- ever, will not be felt until greater freedom of In spite of these losses, the situation of Bel- trade has been restored. gium is in some respects better than that of, say, Less progress has been made in solving the the United Kingdom or the Netherlands. The problems of food and fuel supply. Belgium's country has retained most of its foreign assets coal production (30 million metric tons in 1937) (estimated at 50 billion francs as of 1939) and normally is ample for all its needs. Under Gerhas not accumulated any foreign debts. Before man occupation, however, production fell to a the war, its exports were sufficient to pay for fraction of normal, partly because of the lack of more than 90 per cent of its imports. Its exten- new machinery, but mainly because of the lower sive colonial empire has remained free from Axis efficiency of the miners, due to underfeeding and occupation. Most important of all, it suffered even more to their unwillingness to work for the little destruction during the campaign, its vital Germans. In order to restore the productivity coal mines and the harbor of Antwerp remaining of the mines, the Government must make availalmost intact. able more food, and also convince the miners that sabotage, strikes, and slow-downs are no IMMEDIATE TASKS longer patriotic duties. The most urgent problems confronting the The food situation is particularly serious be- Government after liberation were the country's cause in peacetime Belgium imported almost needs for foodstuffs and coal. Its unsettled fi- two-thirds of its foodstuffs requirements (4 milnancial condition also needed immediate atten- lion metric tons, valued at 5.4 billion francs, in tion. In order to combat inflation, the Govern- 1937). The country is practically self-sufficient ment blocked a very large part of all cash in vegetables and potatoes, and produces the holdings and bank deposits and decreed an ex- larger part of its requirements of milk, beet change of most of the old currency for new notes. sugar, and fruit. This was formerly true also It is still too early to judge the effect of these of meat and animal fats. But livestock producmeasures, but according to preliminary reports tion was based on imported fodder and concenthe Government has succeeded at least in stop- trated feeds, and under the German occupation ping the increase in the cost of living and curbing the number of cattle was reduced by about oneblack market activities. The official price index sixth in order to reach a level more nearly correstands at about 2.00 per cent of the 1939 average. sponding to the domestic fodder supplies. The Since the franc has been devalued by about 32. Belgian Congo used to supply quantities of vegeper cent, the price level is now equal to only table fats (palm oil), cane sugar, and coffee. 135 per cent of the 1939 figure in terms of gold Grains (wheat, barley, and corn), which repreor dollars. If the index could be stabilized, sent by far the most important single item, both and actual prices made to conform to the official as to bulk and value, will have to be shipped ones, this rise would be about the same as that from non-Belgian overseas sources. of the wholesale commodity prices in the United Ability to bring in required imports is limited States. by the scarcity of shipping and the necessity for The Government has supplemented its pro- using the harbor of Antwerp to supply Allied gram of domestic financial stabilization by a troops on the western front. The even flow series of treaties with neighboring countries. It of domestic supplies is hampered by the psyhas negotiated a monetary and customs union chology of many farmers. For 4^ years it with the Netherlands, and concluded an agree- was considered patriotic as well as profitable to JANUARY 1945 II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC PROBLEMS OF LIBERATED BELGIUM hide farm products from the administration mans have devastated a large part of the forests (which acted as collecting agent for the Ger- of Belgium and adjoining territories, which promans) and then channel them into the black vided significant quantities of these props before markets where Belgians could secure them. the war. Baltic timber may be needed by the Now the Government's problem is to convince states of the Soviet Union for the rehabilitation the farmer that such activities are not only un- of their own mines, and Baltic exports therefore patriotic but also unprofitable. The defla- may be diverted from the Belgian market even tionary measures of the Government were after complete defeat of Germany reopens trade intended in part to make it clear that producers routes to the Baltic Sea. could not expect any further rise in prices. The The needs of the Belgian inland transportation farm situation is somewhat complicated by the system are even greater than those of the coal linguistic problem; the majority of the farmers mines. Belgium has had for years a very dense are Flemish while the majority of miners and railroad network (3,2.15 miles with 3,358 locoworkers in the heavy industries are Walloons. motives and 117,000 freight cars in 1937). Ger- The Germans tried to exploit any differences man requisition of rolling stock, the absence of between the two groups both in the First and the replacement, and inadequate upkeep have left Second World Wars. The farmers fared better the system with a depleted and dilapidated stock than most other groups under the German occu- of equipment. Highway traffic has suffered just pation, feeling less political oppression and as severely. Belgium also has excellent roads making profits by black market operations. On (5,62.5 miles of national highways and 2.3,12.5 the other hand, because of their wartime profits miles of provincial and municipal roads in 1938) they were hard hit after liberation by the mone- and the number of motor cars was large by Eurotary program of the Government. pean standards (154,000 passenger cars, 76,600 busses and trucks, and 67,000 motorcycles in REHABILITATION OF COMMUNICATION AND 1938). Looting, requisitions, and lack of re- INDUSTRY placements, however, have reduced these figures Once the people's minimum requirements of to a small fraction of their former size. The food and fuel are satisfied, the rehabilitation of important system of inland waterways (1,080 industry and commerce will command chief miles with 9,000 barges and tugboats in 1937) attention. Paradoxically, resumption of trade needs new locks and new vessels. will have to precede the increase in domestic out- Manufacturing industries will be compelled to put to some extent, since Belgian industry is import the machinery and tools necessary to get based mainly upon imported materials. How- their own production under way until the doever, Belgium has large resources of gold and mestic machinery industry is rehabilitated. foreign exchange as well as an excellent credit Even in normal times, however, most raw materating, and imports therefore can be financed rials processed by Belgian manufacturers must before Belgian goods become available for ex- be imported. The speed with which particular port. Difficulties in the supply of materials branches of the industry will be able to reduring the period of transition will arise from establish their plants and secure materials will the lack of shipping and other reasons of mili- not be uniform. In the field of metallurgy, the tary strategy rather than from financial factors. steel industry will be easiest to satisfy because The Belgian coal mine installations are greatly about one-third of the iron ore comes from in need of renovation. The equipment has not Luxembourg and most of the balance from been renewed since 1939, and is largely worn out Lorraine. Moreover, the steel mills were kept or obsolete. A new source of supply for pit in good condition by the Germans in order props must be found because some of the former to produce armaments. The copper industry desources can no longer be drawn on. The Ger- pends largely upon imports from the Belgian 11. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC PROBLEMS OF LIBERATED BELGIUM Congo. The zinc industry, next to that of the PROSPECTS OF FOREIGN TRADE AND SHIPPING United States the largest in the world (repre- Belgian foreign trade may be expected to senting 13.5 per cent of world production in increase sharply as soon as the wartime difficul- 1937) may have to overcome greater difficulties ties of transportation are overcome. Imports because the raw materials have to be imported must rise if Belgian industry is to receive not mainly from non-Belgian overseas sources. only its usual raw materials but also the ma- In the field of textiles and clothing, the wool chinery needed for its reconstruction. Exports and cotton industries are the most important. must rise if the pent-up demand of other Euro- Flemish woolen goods have been famous ever pean nations for industrial products is to be since the middle of the tenth century, and before satisfied. the war imported raw wool was the most Belgium always has been a protagonist of free valuable single import (2. billion francs in 1937). trade, and before the First World War tariffs From the point of quantity, wool and cotton were for revenue only. In the interwar period a imports were almost exactly equal; wool im- more protectionist attitude was adopted, but its ports were mainly of Australian origin while free-trade area was enlarged by a customs union one-third of the cotton came from the Congo and with Luxembourg in 192.2., and trade agreements a large part of the rest from the United States. with the Scandinavian countries and the Nether- Linen production, the third largest branch of lands (Oslo, 1930, and Ouchy, 1932.). Treaties the Belgian textile industry, is based mainly concluded immediately after liberation with the upon domestic raw materials. The rayon in- Netherlands and the United Kingdom, indicate dustry was one of the oldest in Europe, but its that the country intends to continue on this importance relative to other countries had de- course. A credit agreement has been concreased in the interwar period. Under the cluded with France. These measures are the German occupation, however, it expanded at more important since the three countries just the expense of the wool and cotton mills since mentioned accounted for 45 per cent of Belgium's raw materials for these industries were no total foreign trade in 1937. longer available. Closer economic relations with these areas Mining, transportation, metallurgy, and the are expected to compensate for the loss of part textile industries together employ about 60 per of the German trade, which accounted for 11.6 cent of all industrial workers in the country. per cent of total Belgian commerce in 1937. Among the smaller fields of enterprise, the Bel- During the war, the Belgian economy has been gian chemical industry in the past has acquired geared completely to meet German needs, and world fame. The country was one of the lead- Germany became the country's best "customer." ing producers of industrial chemicals, artificial Therefore the consequences of a disruption of fertilizers, and photographic chemicals. If the this trade will not be negligible. The prospects Allies strip the German dye trust of its monopo- for Belgian trade with the rest of Europe are listic power, the Belgian dyestufF industry prob- more promising, however. European countries ably will forge to the front in Continental other than those mentioned above accounted in Europe. Most of the industry's raw materials, 1937 for 14.5 per cent of total Belgian commerce. with the exception of coal tar, must be im- Belgium had an excess of imports in relation to ported, largely from other Continental European all central and eastern European countries (with countries. Precious stones, many of them ob- the exception of the Baltic states). Therefore tained from the Congo, form the basis of the Belgian commercial relations with these coun- Antwerp stone cutting and trading industry, the tries may profitably be resumed even before their most important center of that kind in the world. currency conditions return to normal. More- JANUARY 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC PROBLEMS OF LIBERATED BELGIUM over, Belgian industry is able to replace Ger- fruits, tobacco, chemicals, semimanufactured many as a source of supply for central Europe, steel products, and industrial machinery while especially in the fields of metallurgy, textiles, imports included other precious stones, wool and chemicals. manufactures, nonferrous metals, glassware, fer- Belgian shipping also may be expected to tilizers, and wood products. In the period of profit from the German defeat. The harbor of rehabilitation immediately following the First Antwerp handled in 1937 about 13,500 ships World War, the United States exported large with 15.5 million net register tons. This ton- quantities of breads tuffs, meat products, cotton nage is bound to increase since Antwerp's main cloth, cattle, and wood products. The sharp competitors, the ports of the Netherlands and drop in U. S. exports to Belgium in the 'thirties Germany, will probably be out of commission was due in part to the fall of the price level, but for some time to come. In spite of the impor- mainly to the shrinkage in the Belgian national tance of the Belgian harbors, the Belgian mer- income. In 1939, the income per head was equal chant marine before the war was negligible, to about 2.57 dollars, only about four-fifths that consisting of only 96 vessels of X5z,ooo tons in 1939. Belgian ships handled only 9 per cent of BELGIAN-UNITED STATES TRADE, 1919-1937 [Millions of dollars] the traffic in Belgian ports while German ships handled TJL per cent—twice as much as the trade Commodity 1919 1929 1932 1937 with Germany itself. If Belgian vessels replace U. S. imports: the German, at least as far as commerce in Bel- Diamonds (cut, not set) 1.8 17.2 5.8 21.8 Flax and flax manufactures (l) 6.5 2.5 9.1 gian waters is concerned, the tonnage of the Cotton manufactures 0.2 1.4 1.0 5.8 Iron and steel products 0.2 4.4 1.7 4.9 Belgian merchant marine might well expand to Furs (undressed) 0.2 6.8 0.3 2.9 All others 5.3 37.7 10.1 30.6 many times its prewar size. Total 7.7 74.0 21.4 75.1 U. S. exports: BELGIAN—UNITED STATES TRADE RELATIONS Automobiles and accessories 2.2 26.5 7.2 21.5 Petroleum and products 8.6 12.7 6.3 13.3 Cotton (raw) . . 25.4 20.3 6.0 11.6 American investments in Belgium and Belgian Wheat 69.3 6.6 3.0 10.6 Chemicals ... . 1.0 0.7 0.2 4.7 investments in the United States were small Linseed cake 2.8 4.5 1.2 4.2 Copper... 1.6 8.8 1.1 4.0 before the war; only Belgian balances with All others 267.0 34.8 15.3 25.4 American banks were significant (182. million Total 377.9 114.9 4t).3 95.3 dollars at the time of the German invasion, May 1 Less than $50,000. 1940). Mutual trade relations, however, were Based on data compiled from Foreign Commerce and Navigation of the United States. very close. In 1937, the last year of normal international relations in Continental Europe, of the Netherlands, and one-half that of the the United States took fifth place in Belgium's United States. Under conditions of internaforeign trade, with exports to Belgium of 95 tional peace and economic cooperation—such as million dollars, and imports from Belgium of 75 did not exist in the 'thirties—economic condimillion. This volume does not, however, indi- tions in Belgium should improve rapidly and cate the limits of trade possibilities between the bring about a proportionate rise in imports, two countries. After the First World War, the especially of consumers' goods. Some of the United States exported goods valued at 378 mil- goods that are very sensitive to variations in the lion dollars in 1919 alone, and the annual aver- degree of prosperity form a large part of Ameriage for 19x0-192.9 was ix8 million. Total trade can exports to Belgium, such as automobiles, figures as well as the value of important exports gasoline, canned fruit, and tobacco. and imports for characteristic years between 1919 The amount of U. S. imports from Belgium apand 1937 are shown in the accompanying table» parently is less elastic; the 1937 figure was not In addition to the commodities shown in the surpassed materially in the interwar period. table, U. S. exports to Belgium included feeds, But Belgium will be able to pay for its imports FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC PROBLEMS OF LIBERATED BELGIUM not only with the proceeds of its own imports elsewhere, and some went to the United States and with other revenues (foreign investments, only as long as the Belgian market was closed tourist traffic), but also by utilizing the exports to them. But at least part of the increase may of the Belgian Congo. The United States im- well prove permanent, and together with Belported goods from the Congo valued at only gian gold and dollar balances already accux.6 million dollars in 1937, but since the out- mulated, help to prevent a "dollar scarcity" in break of the Second World War imports have Belgium. sharply risen. They reached z.5 million dollars In this way, the reconstruction of the Belgian in 1940 and 34 million in 1941, and economic economy may be expected directly to contribute relations with the Congo have become even to the economy of the United States, and to closer since the entry of the United States into strengthen the ties of international economic rethe war. Part of these imports has been used lations as envisaged at Bretton Woods. for war purposes, another portion represents Belgium's economic stability is essential to substitutes for materials temporarily unavailable winning the peace. JANUARY 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME EARNINGS OF SMALL BUSINESS by F. C. DIRKS Division of Research and Statistics An important factor in the outlook for small SUMMARY OF WARTIME EARNINGS EXPERIENCE business concerns after the war is the effect of The general picture that emerges from the data -the wartime experience on their financial posi- for these x,ooo concerns is that in most manution. In most manufacturing and trade lines facturing and trade lines, the earnings experithe position of small- and medium-size concerns ence of small- and medium-size businesses has has improved rapidly during the war, and in been better during the war than that of the larger fact more sharply than that of the larger com- companies. This comparison may not apply to panies. This has not been uniformly true; many the very small firms—-those with less than one-man businesses have been interrupted by the $50,000 assets and fewer than 10 or 2.0 employees owners* service with the armed forces, and some —for in this area the sample statistics are too of the businesses which have continued in opera- limited to be conclusive. tion have been adversely affected by wartime Looking at earnings before income taxes, the restrictions on certain civilian activities.l With comparatively greater increase in small company the possible exception of the very small firms, earnings from 1940 to 1943 was clearcut among however, unfavorable experience does not appear manufacturing industries, particularly those to have been typical of the small business with a large war interest. Here, all sizes of picture. business experienced large increases in sales, Previous information on small business finance those of the smaller concerns being exceptionally has been very limited. The data in this article large and accompanied by rapidly widening are part of a more comprehensive compilation profit margins per dollar of sales. Although in made with a view to securing specific informa- 1940 the earnings (before income taxes) of smalltion on the effect of wartime experience on the and medium-size concerns had represented a financial position of business, both large and lower percentage of net worth than obtained for small. This is in the form of financial state- the larger companies, the wartime improvement ments covering the years 1940-43 for nearly 2-,ooo brought them to a level much higher than that concerns—ix6o in manufacturing and 681 in of large companies. The sample of 147 small trade—ranging in size of total assets from about manufacturers, with assets under $2.50,000 each, $10,000 to over $1,000,000,000 and distributed had pretax earnings in 1943 averaging 56 per among 130 lines of manufacturing and trade. cent of net worth, as compared to 2.8 per cent Statements for small- and medium-size concerns earned by 333 large companies with assets over were secured from bank credit files under a coop- 10 million dollars. In the field of trade, earnerative arrangement between the Robert Morris ings have risen less sharply and the pattern by Associates and the Federal Reserve System, size classes has been less regular, with earnings while statements for large manufacturing combefore taxes generally increasing more for small panies were obtained from Moody's Manuals. wholesalers and for large retailers than for The present article summarizes the evidence as concerns in other size classes. regards sales and earnings during the war. A The effect of Federal income and excess profits comparative analysis of changes in assets and taxes, both before and during the war, has been liabilities is in preparation. less severe on the earnings of the smaller concerns than on the larger ones. For manufac- 1 See for example the analysis by the Department of Commerce of "Small Retail Store Mortality," Economic Series No. 22 (June 1943) turers with assets under $2.50,000, income taxes and "Impact of the War upon Smaller Manufacturing Plants," Survey of Current Business (July and September 1943). have absorbed 10 to 15 per cent less of pretax 16 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME EARNINGS OF SMALL BUSINESS earnings than in the case of large manufacturers; and in manufacturing they were relatively less in wholesale and retail trade, the difference by important, accounting for about zo and 7 per size of concern has averaged over 15 per cent. cent respectively of all sales. The correspond- To a large extent, this experience reflects the ing percentages were somewhat lower in 1941, more favorable treatment accorded smaller com- the reference year for classifying the size of conpanies by the tax law. cerns in the present sample. The combined result of differences in sales, As regards prewar financial status, the statisin profit margins, and in effective tax rates has tics include comparatively few firms reporting a been that net profit (after taxes) in 1943 was a deficit for 1940. Both among large and among higher percentage of net worth among small smaller businesses, the proportion of the sample companies than among medium-size companies, with a deficit in 1940 was less than the proporand the latter in turn had higher profit rates tion of all corporations reporting no taxable than the large companies. This result has ob- income to the Bureau of Internal Revenue. This tained in trade as well as in manufacturing, and "bias" is probably not of major importance in war lines as well as civilian lines. It con- except for the group of concerns with assets trasts with the common impression that the con- under $150,000. In this group, the fact that centration of prime war contracts among large only 13 per cent of the sample were running companies has benefited them inordinately. In deficits at the beginning of the war, in contrast view of the attention sometimes given to con- to 49 per cent of all comparably small corporatingency reserves, it is worth noting that the tions2—and an unknown per cent of small uninaccounting treatment of these reserves does not corporated firms—means that the present statisappreciably affect the earnings comparisons be- tics definitely do not represent a cross section of tween small and large companies. all small business. Whether the trend of the sample statistics also is not representative of all RELEVANCE OF THE PRESENT ANALYSIS TO NEEDS small business, is another question. It is shown OF SMALL BUSINESS later in this article that the trend of wartime In drawing inferences from the present statis- sales and earnings of the sample firms which had tics for manufacturing and trade concerns, there deficits in 1940 was not much different from that are two limitations of scope which need to be of firms which had net income. borne in mind. These relate to size of business The under-representation of previously unand prewar financial status. As regards the profitable business in the sample statistics brings former, the sample is broad enough to be statis- up a distinction that is highly important in tically significant from the very largest com- using these data to gauge the postwar financial panies down to those with assets of about needs of small business. In 1940 a majority of $150,000. Below this size the sample thins all small corporations in manufacturing and out rapidly, and it includes only 36 trade lines reported a net profit (after taxes) concerns with assets under $50,000. Thus most which, in relation to the owners* equity, comof the discussion about "small business" in this pared very favorably with that of larger comarticle should be understood to refer to concerns panies. The problem of financing these firms with assets of between $50,000 and $150,000. which are established and operating profitably In some instances, manufacturing companies is one that is presumably soluble by private with assets up to one million dollars are included financial institutions, without loss to investors also in the "small" category. and without aid from the Government. The Under-representation of the firms with assets comparisons in this article make it evident that under $50,000—which are called here "very small size in a business is not itself such an small"—is a major gap as regards retail trade, since such firms accounted in 1939 for about 64 2 As reported for income tax purposes. Due to differences in accounting practice in statements prepared for tax purposes and for bank per cent of all retail sales. In wholesale trade credit, the above percentages probably overstate the actual disparity between the'sample and*all comparably small companies. JANUARY 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME EARNINGS OF SMALL BUSINESS obstacle as to preclude profitable operations, and In more industries than not, however, the the effect of wartime experience has probably greatest increases in sales occurred among the been to lessen whatever financing problem may smaller concerns. In the list of x8 major indushave existed among the more healthy small firms tries in Table i, there are 15 in which the greatbefore the war. This is an important fact which est sales increase occurred among small conhas not always been appreciated in discussions cerns, 8 industries where it occurred among of small business finance. medium-size companies, and only 5 where the The data in the present article have only increase was greatest for large companies. limited relevance for the other part of small Comparison of the percentage increases shown business, which reported no net income even in in the table for each size group indicates that a year of favorable business activity such as 1940. the superior advance of small companies in This may represent a more or less pathological the first group of 15 industries was larger, and area in which private financial institutions may hence statistically more significant, than that understandably have been reluctant to provide of the medium and large companies in the second (or to continue providing) credit. The problem and third groups. of financing such business, however, is not a problem entirely peculiar to small business as TABLE 1 such; it is a problem of distressed business in PERCENTAGE INCREASE IN SALES, 1940 TO 1943, FOR SAMPLE OF MANUFACTURING AND TRADE CONCERNS, general, large as well as small. Since the basic BY SIZE OF BUSINESS1 situation here is likely to be one of unsatisfac- Manufacturing Trade tory costs in relation to sales, this part of small f b r u o s m in e t s h s a p t re o s f e n t t h s e a m sp o e r c e i al o r a n l d es d s is h ti e n a c l t t h p y r ob p l a e r m t. Asset size (In dollars) c N o u n m o c f e b r e n r s P i i n n e c a r s r c g e a e e a l n e s s t e - c N o u n m o ce f b r e n r s P i i n e n c r a r c s g e e a e a l n e s t e s - While the wartime -experience may well have Under 50,000 14 50 22 58 lessened the proportion of small business still 50,000 to 100,000 33 150 51 81 100,000 to 250,000 100 115 140 53 in the unprofitable category, the problem may Under \i million 147 117 213 56 recrudesce after the war. High rates of mor- yi to 1 million 296 116 260 45 1 to 5 million 389 120 161 62 tality among small business firms have histori- 5 to 10 million 95 107 24 47 10 million and over 333 121 23 55 cally prevailed among newly established firms, All sizes 1,260 121 681 55 and the initiation of many new enterprises is likely to mean a considerable increase in the 1 The classification of business in terms of total assets in this and following tables indicates size as of the end of 1941. number of unprofitable small businesses. An important aspect brought out by Table x is TRENDS IN SALES that the more rapid expansion of small com- While there has been considerable variation in panies occurred in war industries—chemicals and the trend of sales as among different industries, metal products—as well as in civilian goods inand also considerable variation among indi- dustries. This suggests that the concentration vidual groups of companies within each indus- of prime war contracts among large companies try, the average wartime expansion in sales has has not been entirely adverse to the smaller been about the same for small as for large busi- companies as has sometimes been supposed. nesses.3 This is shown in Table 1 which sum- Apparently, subcontracting of war business tomarizes the sales increases over the three-year gether with continued output of civilian goods period of 1940-43 for 11.60 manufacturing con- has sufficed, on the average, to keep the smaller cerns and 681 trade concerns. companies more fully occupied than in 1940. Another interesting aspect of the wartime P experience concerns the possibility that concenfor the tful how typical the averages for these classes are, b y small tration of war contracts among large companies percentage of firms sampled. (See Table 9.) 18 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME EARNINGS OF SMALL BUSINESS may have given them an initial advantage, and caught up. Upon examining the figures for that it was only through special Government individual industries, however, it becomes eviefforts that small companies were subsequently dent that the lag in small company expansion able to expand their business. This possibility was not associated with the allocation of war is suggested by the index numbers of sales for contracts. The lag pattern for small companies appeared in the predominately civilian industries TABLE 2. of food, textile mill products, apparel, lumber, PERCENTAGE INCREASE IN SALES, 1940 TO 1943, FOR SAMPLE OF printing, and stone, clay and glass products; but MANUFACTURING AND TRADE CONCERNS, BY INDUSTRY AND SIZE OF BUSINESS it did not obtain in such war industries as chemicals, steel and steel products, and machinery. Asset size (In millions of dollars) In the latter groups, the smaller companies ex- Industry hibited higher rates of growth from the outset. Under 1 to 10 and 1 10 over Among companies making transportation equip- Manufacturing: ment there appeared to be no significant differ- 1. Greatest sales increase among small concerns: Textile mill products 116 99 104 Apparel 78 60 TABLE 3 Paper and products 79 43 "44' C St h o e n m e, i c c a l l a s y a , n a d n d p r g o l d a u ss c t p s roducts 1 9 0 5 5 2 7 8 2 4 7 6 5 SALES, 1941 to 1943, FOR SAMPLE OF MANUFACTURING Steel and products 131 102 99 AND TRADE CONCERNS Electrical equipment 474 334 195 [Indexes, 1940 = 100] Machinery 318 259 183 Transportation equipment 701 381 246 2. Greatest sales increase among medium-size (A I s n se d t u s s i t n r y m a il n l d io a n s s s o e f t s d i o ze llars) 1941 1942 1943 concerns: Food 82 Manufacturing: Lumber and furniture 54 Under M 127 159 217 Printing and publishing 42 34 to 1 133 174 216 1 to 5 140 182 220 3. Greatest sales increase among large concerns: 5 to 10 139 183 207 Beverages 148 10 and over 138 175 221 Leather and products 66 Petroleum and rubber 86 Wholesale trade: Under % 124 143 171 Under Hto land M to 1 123 139 151 X 1 to 5 126 145 160 5 1 0 t o a n 1 d 0 over I134 114S 141 Trade: 1. Greatest sales increase among small concerns: W M E St l h a e e o c e c l h l t e r i a s i n c a n e a l d r e l y : p e F a r q o n o u d d o ip u d e m c , q t b s e u e n i v p t e m ra e g n e t s, tobacco 1 9 5 7 8 3 3 4 1 — 4 8 6 7 9 3 4 (1 9 7 1 ) 2 0 4 Re 5 U X 1 t A a n t t o i o d t l o e 1 5 r t 1 0 ra K de: 1 1 1 1 1 1 2 2 7 9 2 0 1 1 1 1 3 0 1 3 9 9 6 7 1 1 1 1 1 3 6 5 8 2 6 1 Retail: Automobiles. -67 -76 (l) 10 and over 119 144 153 Furniture 30 4 16 1 Represents less than 5 companies. 2. Greatest sales increase among medium-size concerns: Wholesale: Paper and products 62 67 (i) ence in growth, except that the large auto com- Automotive -39 -25 (l) panies expanded less rapidly than others. Retail: Food, beverages 47 87 54 Department stores, dry goods, apparel ... 55 62 60 In the case of wholesale trade, all oiz.cs of Lumber, fuel, ice 31 66 47 business experienced their largest percentage 3. Greatest sales increase among large concerns: Wholesale: Lumber, coal 26 76 gains in 1941, with companies in the two largest- Textile products, apparel 101 I 105 size classes showing somewhat greater increases N 1 O L T es E s . — th A a n d 5 if f c e o r m en p t an d i e e f s in t i a ti b o u n l a o t f e d s . mall, medium, and large is used but probably not significantly so.4 In the case for trade than for manufacturing, in recognition of the greater proportion of the trade business done by concerns with small assets and the of wholesalers of metal products, sales of mecomparative scarcity of concerns in the largest asset classes. dium and large companies fell off in 1942. and I943> while sales of the smaller wholesalers individual years shown in Table 3. Expressed in continued to rise. In the field of retail trade terms of 1940 as 100, it appears that sales of the small food and apparel stores lagged slightly smaller manufacturing companies were relatively behind the larger companies in 1941, while small lower in 1941 and i94x than sales of the larger companies, but by 1943 they had virtually 4 Only 14 companies were sampled from these two size classes. JANUARY 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME EARNINGS OF SMALL BUSINESS furniture stores experienced more rapid increases A small part of this difference by size of busithan larger ones. The 1942. slump of small re- ness has been attributable to lack of uniformity tailers, revealed by the sales indexes in Table 3, in accounting. Large companies, more than is due to the greater importance of automobile small ones, appear to have followed the practice dealers among the small companies than among of earmarking a part of wartime earnings for the large. costs and losses which are not yet incurred but may ultimately be attributable to the wartime PROFIT MARGINS ON SALES experience. In relation to sales, allocations to During the war the amount of net profit per contingency and other special war reserves in dollar of sales has risen considerably more among 1943 averaged 0.9 of 1 per cent for the largest small industrial concerns than among medium- size of manufacturers shown in Table 4, and o.x and large-size companies. Since Federal income of 1 per cent for the smallest. This factor is and excess profits taxes have exerted a major evidently not a major element in the earnings influence on the level of profit, and since taxes comparisons. differ from other costs in not being subject in the Underlying this net result for the three-year same degree to managerial control, it is useful period as a whole, are significant year-to-year to discuss their effect separately from other differences between war industries and civilian costs. The term "profit margin" is used here goods industries. In such war lines as chemicals TABLE 4 and metal products profit margins of large companies declined after 1941, while those of me- EARNINGS BEFORE INCOME TAXES AS PERCENTAGE OF SALES, 1940 AND 1943, FOR SAMPLE OF MANUFACTURING dium-size companies declined after i94x, and AND TRADE CONCERNS some small concerns continued to increase their Asset size Manufacturing Wholesale trade Retail trade profit margins through 1943. The result was (In millions of dollars) 1940 1943 1940 1943 1940 1943 that margins of the large companies in most war industries were lower in 1943 than 1940, in con- Under % 2.7 8.1 1.6 3.5 2.5 6.0 34 to 1 3.1 9.0 1.8 4.1 2.6 7.5 trast to the considerable increase experienced 1 to 5 5.9 10.3 2.4 5.4 3.5 8.9 5 to 10 8.1 12.4 4.2 6.0 2.9 8.0 among small companies. This difference in 10 and over.... 11.6 11.6 3.3 5.4 trend by size of company was not evident in such 1 Represents less than 5 companies. civilian goods lines as food, apparel, leather, and to designate the percentage of earnings before printing, where profit margins of both small and income taxes to sales. large companies continued to widen through Accompanying the increase in sales of manu- 1943, although the increase was considerably facturing and trade companies during the war, greater in the case of small companies. In other profit margins have on the average tended to industries such as lumber, paper, and textile mill ™r\c\en. This is reflected in Table 4, which products, no consistent pattern is discernible as shows profit before taxes as a percentage of sales between small and large companies. for the years 1940 and 1943. Among wholesale The fact that profit margins per dollar of sales and retail groups, the proportionate advance of have tended to widen during the war means that profit margins over the period has not been the increase in dollar volume of sales was not consistently different for small than for large accompanied by a proportionate increase in all companies. In manufacturing, however, profit costs and expenses (not counting income taxes). margins increased about three times for the small In this tendency, the economies of fuller utilizacompanies, and progressively less among me- tion of facilities have probably been a prevalent dium- and larger-size companies; for those with factor, augmented in some lines by a reduction assets over 10 million dollars, pretax earnings in selling expenses and in others by rising prices. averaged the same percentage of sales in 1943 as In the latter connection it appears significant in 1940. that the principal instances of narrower profit 2.O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME EARNINGS OF SMALL BUSINESS margins occurred among the medium- and larger- the increases were progressively smaller among size companies in war industries, where the medium and large companies, averaging around pricing process was one of negotiation and rene- iz per cent for those with assets over 10 million gotiation that emphasized increasingly a govern- dollars. mental policy of limiting the profits in war con- Notwithstanding the larger increases of net tracts.5 worth among small manufacturing companies, the combination of more rapidly expanding sales EARNINGS IN RELATION TO NET WORTH and wider profit margins during the war has Because of differences in type of product and in resulted in pushing up the earning capacity of the degree of integration, the description of earn- small manufacturing business much more than ings as a percentage of sales is not always a that of large manufacturing.7 This is shown in meaningful way of indicating whether earnings the first two columns of Table 5. In wholesale are "high" or "low." More meaningful is the and retail trade, the rate of earnings (before relation of earnings to net worth, since this taxes) on net worth in 1943 appeared about the reflects the success of business management in its same for small as for large concerns. particular objective of earning a return on the invested capital of the owners.6 This capital TABLE 5 consists partly of amounts paid in and reflected EARNINGS BEFORE INCOME TAXES AS PERCENTAGE OP NET WORTH, 1940 AND 1943, FOR SAMPLE OF in balance sheet figures for stock, and partly of MANUFACTURING AND TRADE CONCERNS1 reinvested earnings from past periods, which are Asset size Manufacturing Wholesale trade Retail trade called surplus. This distinction between stock (In millions of and surplus is not without exception, nor does dollars) 1940 1943 1940 1943 1940 1943 their sum necessarily represent the liquidation Under \i 12.1 55.6 11.7 31.6 11.5 26.8 9.6 46.6 9.7 28.4 10.0 30.6 value of the owners' equity. The sum of stock 1 to 5 13.3 40.6 11.0 33.3 10.5 37.9 5 to 10... 14.4 37.1 12.6 22.4 10.3 37.7 and surplus, called net worth, is however a 10 and over.... 14.1 28.0 25.1 231.3 12.1 27.9 reasonably satisfactory basis for relative com- 1 Earnings stated as percentage of net worth at beginning of year. parisons of profit. 2 Represents less than 5 companies. During the war there has been little change in EFFECTS OF CORPORATE INCOME TAXES outstanding capital stock of most industrial The Federal income tax law as applied to companies. In manufacturing some relatively corporations has been amended repeatedly with large increases of stock by war concerns have a view to drawing on excessive profits from war been more or less offset by numerous small reproduction to finance Treasury war expenditirements of preferred stock in civilian lines. In tures. In this process smaller concerns have wholesale trade there have been scattered inbeen subject in effect to lower tax rates than creases among some groups of companies. Sizlarge concerns and this policy has permitted able additions to invested capital were made in more of the increasing earnings to filter through the form of reinvested profits in both manufacas net profit. The normal and surtax rates payturing and trade, however, especially among able since 1940 by companies with taxable insmaller companies. As a result, net worth of comes under $50,000 have been below those paysmall manufacturing and trade companies inable by larger confpanies; also growing comcreased i5 to 50 per cent from 1940 to 1943; panies and those with total assets under $5,000,000 have had a smaller proportion of 6 War contracts or subcontracts of less than $100,000 were not subject to renegotiation. their taxable income subject to the excess profits 6 An exception to this statement is the case of small firms in which earnings are largely a return on personal skill or competence. Unfortunately there is considerable diversity of accounting practice among unincorporated business with respect to the owners' compensa- 7 The term "capacity" is used here in the sense of earnings attributtion; in many cases it is not deducted in reckoning net profit. Unin- able t..o !b_u._s..i._n_es s opera i t ! i—on s, 1b-e-*fo—re -t-a!k-i•n-gg aaccccoouuntn t oof f ininccoommee tataxxeess corporated firms comprise about 25 per cent of the sample concerns with which are outside managerial control. N\oo reference is intended to assets under % million dollars. potential earnings. JANUARY 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME EARNINGS OF SMALL BUSINESS tax.8 Unincorporated businesses, of course, reflects the combined effect of the differences have not formally been subject to Federal income described above for sales, profit margins, and taxes, although the personal tax of partners average tax rates. As appears from Table 7, appears to be reported as an expense on the the over-all result has been a significantly larger financial statements of some firms, and in other increase during the war in net profit for small cases a careful appraisal of the relative tax bur-, companies than for large, in wholesale and retail den of unincorporated and incorporated business trade as well as in manufacturing. If charges would require that account be taken of the dif- for special reserves were counted with net profit, ference in incidence of personal taxes. the percentage increases would be higher for all These differences in the tax law are reflected sizes of business without appreciably affecting in the percentages of taxes to pretax earnings the relative status of each size. which are shown in Table 6 for concerns report- Among individual industries and for indiing net income. It will be observed that the vidual years, the results differ as between war difference in average effective rates for small and products and civilian goods industries in somelarge companies in 1943 was less in manufactur- what the same way as was remarked for profit ing than in trade. This reflects the very large margins on sales. That is, in civilian goods increase in pretax earnings of small manufactur- lines profits of small companies increased more ing companies—about 540 per cent—which has TABLE 7 TABLE 6 PERCENTAGE INCREASE IN NET PROFIT (AFTER TAXES), 1940 TO 1943, FOR SAMPLE OF MANUFACTURING AND TRADE INCOME TAXES AS PERCENTAGE OF EARNINGS BEFORE CONCERNS TAXES, 1940 AND 1943, FOR SAMPLE OF MANUFACTURING AND TRADE CONCERNS WITH NET INCOME Asset size Manufac- Wholesale Retail (In dollars) turing trade trade Asset size Manufacturing Wholesale trade Retail trade (In millions of Under 50,000 410 109 135 dollars) 1940 1943 1940 1943 1940 1943 5 1 0 0 , 0 0 , 0 00 0 0 t o to 1 2 0 5 0 0 ,0 ,0 0 0 0 0 5 1 7 7 4 8 1 1 3 9 2 7 1 9 0 7 6 U fc n t d o e l r \i 2 1 3 4 . . 0 4 6 5 3 7 . . 4 4 1 7 9 . . 7 5 4 3 9 8 . . 8 6 1 1 2 7 . . 6 9 3 5 8 7 . . 0 4 \ U i n t d o e r 1 % m i m lli i o ll n ion 2 2 2 1 5 2 1 1 4 2 4 3 10 9 2 8 1 to 5 26.9 71.5 25.9 65.3 25.4 71.5 1 to 5 million 53 72 65 5 1 0 t o a n 1 d 0 over.... 2 2 6 6 . . 5 6 6 7 5 2 . . 7 6 30.4 X 6 7 3 4 . . 0 1 2 2 6 8 . . 2 4 6 6 6 6 . . 4 3 5 1 0 t o m i 1 l 0 li o m n i l a li n o d n over 1 4 9 9 1 6 9 1 Represents less than 5 companies. 1 Represents less than 5 companies. made a substantial portion of their income sub- or less steadily from 1940 to 1943, whereas ject to excess profits taxes. Apparently, the rise those of large companies declined slightly after in earnings before taxes of 2.65 and 185 per cent 1941. In some lines of war industries, such as respectively for the smaller wholesale and retail machinery, electrical equipment and transportatrade firms over the three-year period has meant tion equipment, profits of small companies inthat a smaller proportion of their income was creased steadily throughout the period while in subject to excess profits taxes. other lines, such as chemical and steel products, small company profits in 1942. and 1943 were THE BALANCE: NET PROFIT below the 1941 level, although still above 1940. The comparative increase in net profit after Large company profits (in war industries) taxes for small and large industrial businesses declined after 1941, and by 1943 were generally below the level of 1940. Thus large company profit trends were less favorable in war than in civilian industries and, in all lines, the large companies averaged less well than the smaller companies. In wholesale and retail trade, distinctions among major lines tended to follow the pattern 2.2. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME EARNINGS OF SMALL BUSINESS of sales. The small companies in food and Inspection of the figures for individual industextile lines had steadily rising profits from 1940 tries shows that in all but four of the z8 industo 1943 while those in certain durable goods tries in which comparisons by size are possible, lines, where sales fell off after 1941 or 1942., the smaller concerns experienced a higher rate experienced somewhat lower profits. With few of return on net worth than did the medium- and exceptions, however, small company profits larger-size companies. In the four exceptions— averaged higher in 1943 than in 1940; this was manufacturers of beverages, chemicals, stone and true even among automobile wholesalers and clay products, and wholesalers of steel products retailers. As indicated by the average figures —the differences are small enough to be attribfor broad groups in Table 7, profits of the larger utable to sampling variation. trade concerns did not increase to the same In view of the prevalence of allocations to conextent. tingency reserves, especially among the larger In general, the significance of mere percentage companies, there is considerable interest in increases over time is more or less conditioned seeing how these affect the profit comparisons. by the relative level from which the increase is If current allocations to such reserves are added measured. That is, the concerns with the to reported net profit, and if the accumulated reserves are counted as surplus in computing TABLE 8 net worth, the rates of earnings on net worth NET PROFIT (AFTER TAXES) AS PERCENTAGE OF NET WORTH, 1940 AND 1943, FOR SAMPLE OF MANUFACTURING AND for 1943 are as shown by the figures in paren- TRADE CONCERNS1 theses in Table 8. The effect of the adjustment Asset size Manufacturing Wh t o ra le d s e ale Retail trade f is a ct m ur o i r n e g n a o n t d i ce tr a a b d le e c a o m n o ce n r g n s th th e an l ar a g m e on m g an th u e - (In dollars) 1940 1943 (2) 1940 1943 (2) 1940 1943 (2) smaller, but it is evidently not a major factor in Under 50,000 7.7 28.3 9.0 12.2 24.2 41.0 the over-all picture. 50,000 to 100,000. ... 10.7 41.4 14.228.0 12.519.3 100,000 to 250,000. .. 10.3 20.8 17.9 9.0 14.8 Under Y± million....10.2 23.7(25.1) 10.719.4 (19.4) 10.0 16.6(16.8) APPENDIX 34 to 1 million 7.017.0 (18.8) 7.7 (14.4) 8.1 (13.0" 1 to 5 million 9.5 11.6 (12.7) 0 11.5(11.8) 10.8 (11.1 5 to 10 million 10.510.2 (11.0) 8.3 (9.0) 12.7 (12.6. NOTE ON SCOPE OF THE SAMPLE STATISTICS 10 million and over.10.4 9.6 (10.8) 4.1 8.1 (8.0) (11.0) The foregoing analysis of wartime sales and 1 Profit stated as percentage of net worth at beginning of year. 2 Figures in parentheses represent 1943 profit plus current alloca- earnings of nearly i,ooo companies has brought tions to reserves, as percentage of net worth plus reserves. out several findings of major importance in largest percentage increases in wartime earnings assessing the financial position of small business. do not necessarily have the most favorable earn- The fact that some of these findings may be unings experience, relative to invested capital. expected, raises a question as to the scope and For the present sample of nearly x,ooo concerns, representativeness of the present statistics. however, the figures in Table 8 indicate that net On the whole the present data appear reasonprofit in 1940 was on the whole as large in rela- ably representative of the over-all situation in tion to net worth for the smaller concerns as for manufacturing and trade with the exception of the larger. The greater subsequent increase in the two areas mentioned at the outset of this profit among the smaller concerns has thus article. These are the very small firms with meant considerably higher rates of return on assets below $50,000, and the sizable body of their net worth. In the manufacturing and small companies which reported a net deficit in wholesale trade group, there is some suggestion 1940. The following comparisons indicate the that profit rates may not have been quite so limits of the present statistics in these two areas. favorable for the very small concerns as for In proportion to the sales of all manufacturing those slightly larger, but the size of the sample and trade corporations which submitted balance makes this a tentative rather than definitive sheets to the Bureau of Internal Revenue in 1940, conclusion. the sales of the present sample were distributed JANUARY 1945 2-3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME EARNINGS OF SMALL BUSINESS by industry and size of company as shown in be ascribed to small differences or to occasional Table 9. As regards mere size of sample, the erratic fluctuations in the experience of sampling proportions appear adequate for com- particular size groups. However, when conpanies with assets above $2.50,000 in the three sistent differences by size are obtained among broad groups—manufacturing, wholesale, and whole groups of industries, as has been the case retail trade—with the exception of wholesalers for the earnings experience discussed in this in the largest-size class. When the classification article, it may be concluded that the consistency is broken down by major industry, however, of results more than offsets the sampling unthere are several instances where the absolute certainties, and some confidence can be placed in the representativeness of the findings. TABLE 9 Associated with the matter of sampling RELATIVE SIZE OF SAMPLE IN 1940 variation is the inadequate coverage of the SALES OF THE SAMPLE CONCERNS AS PERCENTAGE OF SALES OF sample for very small concerns and for deficit ALL MANUFACTURING AND TRADE CORPORATIONS SUBMIT- concerns. The percentage sample would appear TING BALANCE SHEETS TO BUREAU OF INTERNAL REVENUE not too seriously thin in the group with Asset size assets between $100,000 and $2.50,000; while the (In thousands (In millions absolute number of statements tabulated in Industry of dollars) of dollars) several individual lines is too small to be stable, Un- 50 100 X 1 5 10 the total of 240 is sufficiently large and diversider to to to to to and 50 100 250 1 5 10 over fied by industry to be reasonably typical for such Manufacturing 0.1 0.3 1.0 3.3 10.1 13.6 74.0 broad groupings as all manufacturing, whole- Wholesale trade 0.1 0.4 1 4 4.2 8.0 9.0 1.9 Retail trade... .... 0.04 0.1 0.7 3.6 10.3 18.8 18.4 sale, and retail trade. However, the group with Major manufacturing lines: assets between $50,000 and $100,000, containing 0.8 4.2 10.9 71.7 Beverages 2.1 8.0 88.6 only 84 concerns, is probably subject to con- Tobacco. . . 81.5 Textile mill products 0.5 3.1 14.9 J55.6 siderable sampling variation, and little relia- Apparel . 0.8 6.5 25.2 bility can be attributed to the experience of the Leather and products... 0.8 11.2 42.5 112.4 Lumber and furniture... 0.5 2.8 3.9 25.1 36 concerns with assets under $50,000.9 This Paper and products 0.9 1.2 16.2 78.0 Printing and publishing. 0.6 3.1 10.2 27.5 limitation is not of great importance in the case Chemicals and products. 0.7 3.1 10.3 57.3 of manufacturing, where only 7 per cent of the Petroleum and rubber... 1.8 1.8 7.9 77.9 Stone, clay, and glass... 0.2 1.4 5.0 57.9 total sales is by firms (unincorporated as well as Steel and products 0.5 3.3 13.1 73.2 Nonferrous metals. .. 136.5 incorporated) with assets under $50,000. In Electrical equipment 4.1 9.4 62.0 Machinery 0.6 1.5 9.4 74.7 retail trade, however, where nearly two-thirds Autos and parts 88.3 of all sales are by such firms, it is a different Other transportation 3.7 equipment 71.1 matter. It is therefore important to bear in NOTE.—The percentages shown for the smaller sizes somewhat mind that the present analysis contains little understate, and the percentages shown for the largest size overstate, the relative size of the sample owing to the use of consolidated state- evidence on the wartime experience of the very ments for the sample study whereas statements submitted to Bureau of Internal Revenue were unconsolidated. Representation of the small concerns.10 largest size of manufacturing is also overstated through the inclusion of some mining activity in the consolidated statements of petroleum, As a rough check on the representativeness of steel and nonferrous metal companies. the sample for the present discussion of earnings, size of sample in individual classes is so small— Table 10 presents an interesting comparison of less than 10 companies—as to be somewhat the percentages in 1940 of earnings (before unstable. The much smaller percentage sampling ob- 9 These are offhand judgments and, for careful estimating on some subjects, they would need to be supported with analysis of the variance tained for concerns with assets under $2.50,000 is in e 1 x 0 p T e h ri e e n si c z e e a o m f o fi n r g m i s n w di i v th id a u s a s l e t c s o u m n p d a e n r i $ e 5 s 0 . ,000, which are called here likely to entail considerable sampling variation "very small," may be described alternatively in terms of sales volume or number of employees. The $50,000 asset size corresponds approxiin any ratios computed for individual industries. mately in manufacturing to annual sales of $100,000 and 20 employees, in wholesale trade to sales of $200,000 and 10 employees, and in retail This means that in interpreting the figures for trade to sales of $150,000 and 15 employees. These figures relate to all manufacturing and trade in the aggregate, as of 1939; there is of course any one industry, too much importance must not considerable variation among individual lines and from year to year in the relation of assets to sales and to number of employees. 2-4 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME EARNINGS OF SMALL BUSINESS taxes) to net worth, as reported by all corpora- net income are probably as close to the averages tions with taxable income submitting balance for all companies with net income as might be sheets to the Bureau of Internal Revenue, and by expected in an unbiased sample. the present sample reporting income to banks for In this connection it is worth adding that credit purposes. Representativeness of the sam- about one-fourth of the sample statistics for ple in 1940 is not necessarily equivalent to concerns under $i5o,ooo represent unincorporrepresentativeness in subsequent years, but ated firms. The use of earnings before [taxes in it creates a presumption in that direction. comparing the sample with all corporations in Two points in the comparison deserve especial Table 10 avoids the difference in tax status by mention. Among all corporations in the three type of organization, but earlier tables on net smallest-size groups, there was very little dif- profit after taxes reflected, of course, the fact that ference in the rate of profits earned by very small part of small business is not subject to corporate firms as compared with the next larger sizes. income taxes. The present sample reflects this Unevenness in representing these three classes inadequately, since it includes disproportionin the sample statistics for "under J/£ million" ately few unincorporated firms. TABLE 10 TABLE 11 EARNINGS OF SAMPLE COMPARED WITH ALL CORPORATIONS DEFICIT CONCERNS IN SAMPLE AND IN ALL CORPORATIONS EARNINGS BEFORE INCOME TAXES IN 1940 AS PERCENTAGE PERCENTAGE OF CONCERNS WITH NET DEFICIT IN 1940, FOR OF NET WORTH, FOR THE SAMPLE CONCERNS WITH NET THE SAMPLE CONCERNS, AND FOR ALL MANUFAC- INCOME, AND FOR ALL MANUFACTURING AND TURING AND TRADE CORPORATIONS TRADE CORPORATIONS WITH NET INCOME1 Manu- Wholesale Retail trade Asset size fa M ct a u n ri u n - g Wh tr o a l d e e sale Retail trade (I A n s s d e o t l l s a i r z s e ) facturing trade (In dollars) All Sample All Sample All Sample All Sample All Sample All Sample Under 50,000 61 7 54 11 59 8. 50,000 to 100,000 37 15 30 6 31 6 Under 50,000 15.7 14.8 11.0 100,000 to 250,000 28 16 21 14 23 10 50,000 to 100,000 15.0 I 14.9 12.7 I 13.8 10.9 100,000 to 250,000 15.5 12.1 10.9 Under ^million 49 15 43 12 51 9 }i to 1 million 21 17 14 6 17 12 ]4 to 1 million 15.9 12.7 12.8 10.1 10.6 11.3 1 to 5 million 14 11 11 6 13 6 1 to 5 million 16.0 14.8 14.0 11.8 11.8 10.9 5 to 10 million 10 5 7 0 14 14 5 to 10 million 15.0 14.6 14.6 12.1 9.3 12.8 10 million and over... 7 3 11 0 9 0 10 million and over... 12.7 14.2 9.5 5.1 12.5 11.8 1 Earnings stated as percentage of net worth at end of year. The third respect in which the scope of the therefore did not detract from the correctness of present statistics is limited is the proportion of the sample profit rate in 1940. Second, there is the sample that was incurring a deficit at the no evidence of the sample being biased in the beginning of the war. In the entire population direction of having better than average experi- of manufacturing and trade corporations, it ence in 1940. In fact, in more instances than appears from Table n, the proportion of connot, the sample average was slightly below the cerns with unfavorable earnings experience in average for all corporations. This is the more 1940 varied inversely with the size of business. significant in view of the incentive for corpora- (Presumably the experience of unincorporated tions to minimize income for tax purposes, while firms varied in much the same way.) The table stating it optimistically for purposes of bank shows that the present sample includes discredit.11 On the whole, considering the varia- proportionately few deficit concerns in all size tion in representation by individual industries, classes, and the disparity is most marked in the the earnings ratios for sample companies with case of small businesses. Furthermore, in most of the size and industry u Another factor tending slightly to exaggerate the rate of return classes represented in the table the average rate for the sample as compared to all corporations is the definition of net worth. This includes intangibles in the case of all corporations, but of deficit, expressed as a per cent of net worth at not in the case of the sample. JANUARY 1945 2-5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WARTIME EARNINGS OF SMALL BUSINESS the end of the year, appears to be less adverse As regards sales, the small concerns with a among the sample concerns than among com- deficit in 1940 averaged considerably larger inparable sizes of all corporations. Table 12. creases over the three-year period 1940-43 than shows that this disparity is most substantial in the concerns with better prewar earnings. The the area of business with assets under % million margin of superiority shown by the sample in dollars. That the sample appears not to include this respect appears sufficiently large and constatements for businesses with larger deficits, sistent to be significant. With respect to net may reflect in part the sampling requirement that profit, also, the sample of concerns with prewar each statement included should be continuous deficits exhibit very favorable wartime trends. throughout the war period. These two charac- The fact that in manufacturing the average reteristics of the sample—the inclusion of relative- turn in 1943 for the smaller *'deficit" concerns ly few deficit companies and their less-than- was higher than for the firms with prewar average rates of deficit—mean that the tables and the discussion of earnings in this article cover TABLE 13 primarily that part of small, medium, and large COMPARISON OF SALES INCREASE AND RETURN ON NET WORTH, FOR 173 CONCERNS WITH DEFICIT IN 1940 AND FOR 1412. TABLE ix CONCERNS WITH NET PROFIT IN 1940 DEFICIT RATE IN SAMPLE COMPARED WITH ALL CORPORATIONS 173 concerns with deficit 1412 concerns with net in 1940 profit in 1940 DEFICIT IN 1940 AS PERCENTAGE OF NET WORTH, FOR THE SAMPLE CONCERNS WITH DEFICITS, AND FOR ALL Industry and Per- Per- MANUFACTURING AND TRADE CORPORA- ( a A s s s s e e t t s s i z in e ag c e e n i t n - - a P ge e rc re e t n u t r - n a c ge e n i t n - - a P g e e r r c e e t n u t r - n TIONS WITH No NET INCOME1 m d il o l l i l o a n r s s ) of N b u e m r - c s r a i e l n e a s s , e o w n o r n t e h t N b u e m r - c s r a e i l n e a s s , e w on o r n t e h t Asset size fa M ct a u n ri u n - g Wh tr o a le d s e ale Retail trade 19 to 40 19 to 40 (In millions of 1943 1940 1943 1943 1940 1943 dollars) All Sample All Sample All Sample Manufacturing: Under \i 24 11 19 6 18 4 U M n t d o e r 1 M 4 2 9 2 1 1 4 5 8 2 - - 1 1 0 0 . . 9 1 2 1 7 5 . . 0 4 2 1 4 2 7 5 1 1 1 1 2 1 1 9 2 . . 8 8 1 1 9 5 . . 7 0 % 1 to to 5 1 1 8 1 1 8 0 8 7 6 1 7 0 5 8 1 to 10 47 114 -6.4 11.0 437 116 10.8 10.4 5 to 10 6 3 5 (2) 3 7 Wholesale trade: 10 and over 2 4 14 (2) 10 (2) Under M 16 91 -6.2 8.3 117 69 12.8 18.6 Jitol.. , 11 84 -6.3 9.0 163 49 8.1 13.6 1 Deficit stated as percentage of net worth at end of year. 1 to 10 5 103 -6.8 10.8 94 54 8.6 9.9 2 No deficit companies in sample. Retail trade: Under M 7 65 -3.9 7.5 73 17 10.7 16.1 business which was in a more or less healthy Ktol 10 21 -4.6 8.8 76 34 9.3 12.6 1 to 10 6 57 -7.4 12.8 80 60 8.6 10.7 condition in 1940. NOTE.—The rate of return on net worth is not entirely comparable What the wartime trend has been for con- as between concerns with deficit earnings and those with net income. Many deficit concerns have a net worth that is less than the book value cerns which were unable to operate profitably in of their capital stock, owing to the fact that surplus has become a negative figure. The rate of return on such a net worth may be mis- 1940, is problematic. To the extent that the leading unless it is clearly understood that this is not the same thing as return on capital originally invested by the owners. deficit condition in 1940 reflected managerial difficulties, these firms may have been unable to profit, while this did not obtain for the trade secure war business. On the other hand, the samples, is indicative of considerable variance in wartime shortage of goods has doubtless been a degree of earnings advance. factor tending in many instances to lighten com- This supplementary analysis of the sample petitive pressure and to ease the problem of sales •statistics at the fringe of their scope suggests outlets. That the smaller concerns with poor that the very favorable experience observed in prewar earnings experience have shared in the this review of the smaller healthy concerns may wartime trends discussed in this article, is indi- also have been shared by many of the very small cated tentatively by the figures in Table 13, firms and by those which were not so healthy in which shows separately the experience of the 1940. Because of the limited scope of the data, sample companies with deficits in 1940 and those however, this evidence can not be accepted as with net income in 1940. more than suggestive. z6 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED ESTIMATES OF CONSUMERS' SINGLE-PAYMENT LOANS OUTSTANDING The series on single-payment loans outstand- Estimating procedure is essentially the same ing, one of the components of the consumer as that used originally in this series.1 For credit estimates compiled and published by the consumers' single-payment loans outstanding at Board of Governors, has been revised for the commercial banks, current estimates are properiod from January 31, 19x9 to date. This jected from the June 30, 1944 call report figure revision has resulted principally from adjust- (1,2.07 million dollars) in accordance with the ment of the commercial bank part of the total, month-to-month movement of the figure deconsisting of so-called accommodation credit rived by subtracting consumer instalment credits loans, to call report figures for consumer singlefrom "all other" loans of commercial banks. payment loans of all insured banks on June 30, Some nonconsumer paper is contained in "all 1943 and June 30, 1944. The remaining part, other" loans, but a three-month moving average made up of pawnbrokers' pledge loans, has been of the residual after instalment paper has been revised from the end of 1937 to reflect the movededucted indicates within a small margin of error ment in lending activities of a selected group of the magnitude and direction of month-to-month pawnbrokers, as shown in their annual reports. changes in consumer single-payment loans of Pawnbrokers in this group are located in widely separated areas of the United States. commercial banks between call report dates. For pawnbrokers' pledge loans outstanding, The over-all effect of the revision has been to raise the estimates of total single-payment current estimates are projected on the basis of a loans outstanding by about one-third in the freehand curve from the 1943 year-end estimate 1930's and by a somewhat smaller amount in (58 million dollars). more recent years. Most of the change in level Revised amounts outstanding on single-payis attributable to continued improvement in the ment loans, together with new consumer credit method of reporting consumer credit statistics aggregates resulting from this revision, are by commercial banks. Appropriate allow- shown in the table on the following page. ances have been made in estimates for years prior to 1943 in order to maintain comparability 1 For description of original series see United States Department of Commerce publication, Survey of Current Business for November 1942, throughout the period. p. 24. The series was originally called open credit cash loan debt. JANUARY 1945 2-7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED ESTIMATES OF CONSUMERS SINGLE-PAYMENT LOANS OUTSTANDING REVISED CONSUMER CREDIT SERIES [Estimated amounts outstanding. In millions of dollars] Total Single- Total Single- Total Single- Total Single- End of month s c u o m n e - r m pa e y n - t End of month su c m on e - r m pa e y n - t End of month su co m n e - r m pa e y n - t End of month s c u o m n e - r m pa e y n - t credit1 loans credit* loans credit1 loans credit1 loans 1929—January... 6,650 1,939 1933—January... 3,878 926 1937—January... 6,615 1,355 1941—January... 9,005 1,487 February.. 6,586 1,971 February.. 3,742 894 February.. 6,574 1,378 February.. 8,971 1,483 March 6,718 2,005 March 3,681 865 March 6,731 1,398 March 9,074 1,480 April 6,899 2,038 April 3,654 838 April 6,887 1,423 April 9,381 1,499 May 7,086 2,068 May 3,658 811 May 7,069 1,444 May 9,708 1,534 June 7,233 2,092 June 3,667 792 June 7,213 1,466 June 9,948 1,550 July 7,271 2,114 July 3,621 777 July 7,247 1,489 July 10,000 1,547 August 7,346 2,128 August 3,653 767 August 7,332 1,506 August 10,148 1,545 September. 7,436 2,137 September. 3,727 766 September. 7,420 1,516 September. 10,162 1,549 October.... 7,514 2,137 October.... 3,784 767 October.... 7,460 1,516 October.... 10,052 1,566 November. 7,475 2,132 November. 3,786 772 November. 7,428 1,510 November. 9,903 1,590 December. 7,637 2,125 December. 3,905 776 December. 7,467 1,504 December. 9,959 1,601 1930—January... 7,321 2,114 1934—January... 3,777 783 1938—January... 7,140 1,497 1942—January... 9,597 1,581 February.. 7,112 2,100 February.. 3,729 789 February.. 6,917 1,484 February.. 9,225 1,567 March 7,085 2,086 March 3,785 796 March 6,864 1,473 March 9,055 1,556 April 7,101 2,074 April 3,870 803 April 6,840 1,460 April 8,810 1,538 May 7,074 2,062 May 3,958 810 May 6,796 1,450 May 8,386 1,510 June 7,049 2,048 June 4,022 817 June 6,771 1,444 June 7,938 1,480 July 6,929 2,036 July 4,018 825 July 6,655 1,436 July 7,423 1,453 August 6,865 2,022 August 4,060 835 August 6,652 1,436 August 7,122 1,433 September. 6,860 2,008 September. 4,131 845 September. 6,703 1,436 September. 6,955 1,417 October... 6,838 1,988 October.... 4,207 855 October.... 6,724 1,437 October.... 6,802 1,403 November. 6,759 1,969 November. 4,222 865 November. 6,802 1,439 November. 6,557 1,393 December. 6,839 1,949 December. 4,378 875 December. 7,036 1,442 December. 6,533 1,369 1931—January... 6,532 1,920 1935—January... 4,261 887 1939—January... 6,837 1,445 1943—January... 6,070 1,344 February.. 6,319 1,885 February.. 4,237 899 February.. 6,767 1,448 February.. 5,849 1,311 March 6,232 1,843 March 4,355 912 March 6,849 1,450 March 5,708 1,298 April 6,188 ,801 April 4,524 926 April 6,950 1,452 April 5,598 1,292 May 6,138 ,753 May 4,622 938 May 7,102 1,452 May 5,428 1,282 June 6,056 ,701 June 4,750 951 June 7,216 1,455 June 5,407 1,255 July 5,893 ,647 July 4,802 965 July . . 7,216 1,458 July 5,172 1,216 August 5,769 ,595 August 4,879 980 August 7,303 1,462 August 5,084 1,201 September. 5,714 ,545 September. 4,979 996 September. 7,473 1,465 September. 5,179 1,240 October ... 5,642 ,497 October.... 5,082 1,014 October.... 7,608 1,466 October.... 5,273 1,269 November. 5,499 ,450 November. 5,195 L,030 November. 7,688 1,468 November. 5,361 1,267 December. 5,528 ,402 December. 5,419 L,048 December. 8,008 1,468 December. 5,382 1,192 1932—January... 5,213 ,365 1936—January... 5,327 1,069 1940—January... 7,828 1,452 1944—January... 5,034 1,146 February.. 4,986 ,329 February.. 5,320 ,092 February.. 7,739 1,440 February.. 4,878 1,113 March 4,862 1,289 March 5,466 L.117 March 7,845 1,429 March 5,059 1,115 April 4,745 1,252 April 5,665 ,140 April 7,976 1,424 April 5,039 1,139 May 4,642 1,218 May 5,895 ,164 May 8,158 1,426 May 5,152 1,189 June 4,534 1,181 June 6,025 ,189 June 8,321 1,429 June 5,213 1,241 July 4,348 L.143 July 6,101 ,213 July 8,319 1,430 July 5,154 1,250 August 4,240 1,107 August 6,192 ,238 August 8,405 1,437 August 5,198 1,238 September. 4,195 1,071 September. 6,331 ,263 September. 8,537 1,449 September. 5,282 1,228 October.... 4,137 1,035 October.... 6,463 ,288 October.... 8,696 1,464 October.... p5,420 pl,228 November. 4,050 1,000 November. 6,535 L,310 November. 8,831 1,477 November. 1*5,600 PI,225 December. 4,082 962 December. 6,771 1,331 December. 9,205 1,488 December . Jj Preliminary. 1 Revised to include new estimates of single-payment loans. FEDERAL RESERVE BULLETIN 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. Partially Guaranteed Home Loans directly from the United States held at any one to Veterans time by the twelve Federal Reserve Banks to not exceeding 5 billion dollars. Another provision The Comptroller of the Currency, on December of the Second War Powers Act provided that ix, 1944, issued the following instructions to all such authority should terminate on December National Bank Examiners designed to further 31, 1944, or at such earlier time as Congress facilitate national bank participation in the by concurrent resolution, or the President, might making of home loans to veterans under the sodesignate. By Act of Congress approved Decemcalled G. I. Act: ber 2.0, 1944, this time limit was extended until "In enacting the Servicemen's Readjust- December 31, 1945. ment Act of 1944, Congress adopted a Foreign Funds Control policy designed to assure veterans of this war of Federal assistance in rehabilitation. Treasury Department Releases A part of Title III of that Act relates to home loans and provides for partial guar- The following releases relating to transactions anties thereof. in foreign exchange, etc., in addition to those ' 'In order to effectuate this Congressional heretofore published in the Federal Reserve policy, to the extent we are able to do so, BULLETIN, have been issued by the Office of the this office has adopted the position with Secretary of the Treasury under authority of the regard to home loans made by national banks secured by first mortgages upon the Executive Order of April 10, 1940, as amended, real estate and covered by partial guaranties and the Regulations issued pursuant thereto: of the Veterans' Administration, that the limitations of Section 14 of the Federal Treasury Department Reserve Act with respect to the amount Foreign Funds Control of the loans compared to the appraised value of the real estate will be applied As amended November 14,1944 only to the portions of the loans not GENERAL LICENSE NO. 32.A, AS AMENDED covered by the guaranties. In all other respects the loans in their entirety must con- Under Executive Order No. 8389, as Amended, Executive Order form with the limitations and restrictions of No. 9193, Section / (Jf) of the Trading with the Enemy Act, as Section 24 of the Federal Reserve Act." Amended by the First War Powers Act, 1941, Relating f Foreign Funds Control* Purchase of Government Obligations (1) Certain remittances to specified liberated areas for living by Federal Reserve Banks expenses authorized. A general license is hereby granted au- Amendment to Section I4(b) Extended thorizing remittances by any individual through any domestic bank to any individual within the liberated areas speci- Under the Second War Powers Act, enacted fied in paragraph (8) of this general license, and any domestic March 17, 1941, section i4(b) of the Federal bank is authorized to effect such remittances, provided the Reserve Act was amended so as to authorize following terms and conditions are complied with: (a) Such remittances are made only for the necessary the purchase or sale by Federal Reserve Banks, living expenses of the payee and his household and do directly from or to the United States, of bonds, not exceed $500 in any one calendar month to any one notes, or other obligations which are direct household; obligations of the United States or which are * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 fully guaranteed as to principal and interest, Stat. 838; Ex. Order 8389, April 10,1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9, but limited the aggregate amount acquired 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193. July 6, 1942; Regulations, April 10,1940, as amended June 14,1941, and July 26,1941. z JANUARY 1945 9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT (b) Such remittances are not made from a blocked account (7) Definitions. As used in this general license: other than from an account in a banking institution (a) The term "household" shall mean: within the United States in the name of, or in which (i) those individuals sharing a common dwelling as the beneficial interest is held by, a citizen of the a family; or United States who is the payee or a member of his (ii) any individual not sharing a common dwelling household; and with others as a family. (c) Such remittances are effected only by the payment of (b) The term "post-liberation blocked account" shall the dollar amount of the remittance to a domestic mean a blocked account: bank for credit: (i) which is established pursuant to this license or (i) When the remittance is to any individual within any other license or other authorization exthe area specified in paragraph (8) (a) hereof, to pressly referring to a post-liberation blocked a post-liberation blocked account in the name of account; "Bank of Sicily, Account AF." (ii) to which funds may be credited only pursuant to (ii) When the remittance is to any individual within this license or any other license or other authe area specified in paragraph (8)00 hereof, to thorization expressly referring to a post-liberaa post-liberation blocked account in the name of tion blocked account; and "Bank of Naples, Account AF." (iii) with respect to which payments, transfers, or Qiii) When the remittance is to any individual within withdrawals or other dealings may not be made the area specified in paragraph (8X0 hereof, or effected except pursuant to this license or any to a post-liberation blocked account in the name other license or other authorization expressly of "Bank of Italy, Account AF." referring to a post-liberation blocked account. (2.) Duty of individuals and domestic banks acting under this (8) Designation of liberated areas to which remittances may be license. All individuals making such remittances and all effected. The liberated areas covered by this general license domestic banks effecting such remittances shall satisfy them- are: selves that the foregoing terms and conditions are complied (a) Sicily; with. (b) Sardinia and the following provinces of Italy: Co- (3) Reports by domestic banks effecting remittances. Domestic senza, Reggio Calabria, Potenza, Foggia, Bari, banks through which any such remittances originate shall Brindisi, Catanzaro, Matera, Avellino, Taranto, execute promptly Section A of Form TFR-132. with respect to Lecce, Naples, Salerno, Benevento, Rome, Littoria, each such remittance. When so executed, Form TFR-132. Frosinone, and Campobasso; shall be forwarded promptly to the domestic bank ultimately (c) The following provinces of Italy: Viterbo, Terni, transmitting abroad the payment instructions for such remit- Teramo, Rieti, Pescara, Macerata, Grossito, Chieti, tances and the latter bank shall, upon receipt thereof, execute Aquila and Ascoli-Piceno. Section B of Form TFR-132. and promptly file such executed HERBERT E. GASTON, report with the appropriate Federal Reserve Bank. If the Acting Secretary of the Treasury. domestic bank through which any such remittance originates is also the bank ultimately transmitting abroad the payment Treasury Department instructions for such remittance, then such bank shall execute Foreign Funds Control both Sections A and B of such report. No report on Form TFR-132. shall be deemed to have been filed in compliance December 15, 1944 with this general license unless both Sections A and B thereof GENERAL RULING NO. 16, AS AMENDED have been duly executed as herein prescribed. Under Executive Order No. 8389, as Amended, Executive Order (4) Reports by domestic banks maintaining post-liberation blocked accounts. Domestic banks maintaining post-liberation No. 9193, Sections 3(0) and $Q)) of the Trading with the Enemy blocked accounts pursuant to this general license shall report Act, as Amended by the First War Powers Act, 1941, Relating promptly the establishment of such accounts, and the bal- to Foreign Funds Control* ances therein at the end of each calendar month, to the appro- General Ruling No. 16 is hereby amended to read as priate Federal Reserve Bank. follows: (5) Refunds. Domestic banks are authorized to refund the amount of any remittance ordered pursuant to this gen- Regulations Relating to Safe Deposit Boxes Leased to eral license when such domestic banks are advised that such Nationals of Blocked Countries or Containing Property remittance can not be effected. in Which Nationals of Blocked Countries (6) Waiver of General Ruling No. $ A. Domestic banks are Have an Interest authorized, notwithstanding General Ruling No. 5 A, to send * Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 to and receive from the banks referred to in paragraph (i)(0 Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, hereof non-negotiable bank payment orders covering remit- 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as amended tances or refunds authorized herein. June 14,1941, and July 26,1941. 30 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT (i) Access to certain safe deposit boxes prohibited. Except as access granted to a representative of the Office of the Alien hereinafter authorized or as specifically licensed or authorized Property Custodian pursuant to any rule, regulation or by the Secretary of the Treasury, no person shall be granted order of such Office. access to any safe deposit box within the United States leased (b) The lessee or other person granted access to any safe to any blocked country or national thereof or containing any deposit box under this general ruling (except an agent or property in which any blocked country or national thereof representative of the Office of the Alien Property Cushas any interest or which there is reasonable cause to believe todian) shall furnish to the lessor a certificate in triplicate contains property in which any blocked country or national that he has filed or will promptly file a report on Form thereof has an interest. TFR-300 with respect to such box, if leased to a national of a foreign country, and with respect to all property con- (2.) Access authorized under certain conditions. tained in the box to which access is had in which any (a) Access to any safe deposit box leased to a blocked foreign country or national thereof has an interest. The country or national thereof or containing property in lessor shall deliver two copies of such certificate to the which any blocked country or national thereof has an Federal Reserve Bank of the District in which the box is interest, and the deposit therein or removal therefrom of located. The certificate is required only on the first access any property is hereby authorized, provided that both of to the box and need not be furnished if a certificate has the following conditions are complied with: been filed pursuant to General License No. 12. prior to the (i) Access shall be permitted only in the presence of revocation thereof. In case a report on Form TFR-300 an authorized representative of the lessor of such box; was not made before August zo, 1943, a report is hereby (ii) In the event that any property in which any required to be filed on Series L in accordance with the blocked country or national thereof has any interest provisions of Public Circular No. 4C, excluding Section is to be removed from such box, access shall be permitted II-D thereof, which shall be inapplicable, but any reports only in the presence of an authorized representative of a required under Public Circular No. 4 and not already banking institution within the United States, which rendered shall also be filed. When no other date is may be the lessor of such box, which shall receive such applicable, the effective date of reporting for Series L property into its custody immediately upon removal shall be the date of access. If none of the entries specified from such box and which shall hold the same in a by Section IV-5~(c) of Public Circular No. 4C is appliblocked account under an appropriate designation indi- cable, the phrase "General Ruling No. 16, access to box cating the interests therein of blocked countries or on , 194 " shall be entered in Part A. nationals thereof. HERBERT E. GASTON, The above conditions (i) and QO sna^ not aPpty to Acting Secretary of the Treasury. Federal Reserve Meetings Uvalde, Texas, as a Class C director of the The Federal Advisory Council met in Wash- Federal Reserve Bank of Dallas. Mr. Briscoe ington December 3-4, 1944, and on December had served as a Class C director since January 31, 4, 1944, met with the Board of Governors of 1942., and, prior to his appointment as a Class C the Federal Reserve System. director, had served from January 10, 1938 under A meeting of the Conference of Presidents of appointment by the Board of Governors as a the Federal Reserve Banks was held in Wash- director of the San Antonio Branch of the Federal Reserve Bank of Dallas. ington on December 8-9, 1944. The Board of Governors of the Federal Reserve System met with the Presidents on December II-II, 1944. Resignation of Class A Director A meeting of the Federal Open Market Com- The Federal Reserve Bank of Atlanta has acmittee was held in Washington on December cepted the resignation of Mr. Thomas K. Glenn, 11, 1944. Chairman, Trust Company of Georgia, Atlanta, Georgia, as a Class A director of the Bank, Resignation of Class C Director effective January 31, 1945. Mr. Glenn has On December 9, 1944, the Board of Governors served as a Class A director since January 1, accepted the resignation of Mr. Dolph Briscoe of 1940. JANUARY 1945 31 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS New Appointments and Designations Francisco for a two-year term beginning January On January i, 1945, the Board of Governors 1, 1945. Mr. McGregor is a rancher, both announced designations and appointments at the wheat and livestock. Federal Reserve Banks and branches, effective as Admission of State Banks to Membership in of January 1, 1945. the Federal Reserve System The Chairman and Federal Reserve Agent and The following State banks were admitted to the Deputy Chairman in each Federal Reserve membership in the Federal Reserve System dur- Bank were reappointed for the coming year. ing the period November 16, 1944, to December A complete list of the Federal Reserve Bank 15, 1944, inclusive: and branch directors will appear in a later issue of the BULLETIN. Newly appointed directors Indiana are listed below: Elberfeld—The Elberfeld State Bank Mr. S. Headley Shouse, of Lexington, Ken- Iowa tucky, was appointed a director of the Cincinnati Branch of the Federal Reserve Bank of Manchester—Farmers & Merchants Savings Cleveland for a two-year term beginning January Bank 1, 1945. Mr* Shouse is engaged in farming. Maryland Mr. Paul G. Blazer, of Ashland, Kentucky, was appointed a director of the Cincinnati Annapolis—The Annapolis Banking and Trust Branch of the Federal Reserve Bank of Cleveland Company for a three-year term beginning January 1, 1945. Michigan Mr. Blazer is Chairman of the Board of the Ash- East Tawas—The Peoples State Bank of East land Oil and Refining Company, Ashland, Tawas, Michigan Kentucky. Mr. Howard W. Jordan, of Pittsburgh, Penn- Minnesota sylvania, was appointed a director of the Pitts- Meriden—First State Bank of Meriden burgh Branch of the Federal Reserve Bank of Cleveland for a two-year term beginning January Missouri 1,1945. Mr. Jordan is President of the Pennsyl- Owensville—The Citizens Bank of Owensville vania Rubber Company, Jeannette, Penn- Ravenwood—Platte Valley Bank, Ravenwood, sylvania. Missouri Mr. Ernest Gilbert, of Waldron, Michigan, Warsaw—Community Bank of Warsaw was appointed a director of the Detroit Branch Windsor—The Citizens Bank of Windsor of the Federal Reserve Bank of Chicago for a two-year term beginning January 1, 1945. Mr. Nebraska Gilbert is engaged in farming. Gordon—Gordon State Bank Mr. J. E. Wheat, of Woodville, Texas, was appointed a director of the Houston Branch of Pennsylvania the Federal Reserve Bank of Dallas for a three- Lebanon—North Side Bank year term beginning. January 1, 1945. Mr. Texas Wheat is an attorney. Mr. John M. McGregor, of Hooper, Washing- Levelland—Levelland State Bank ton, was appointed a director of the Seattle Marfa—The Marfa State Bank Branch of the Federal Reserve Bank of San Morton—First State Bank z FEDERAL RESERVE BULLETIN 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Compiled December 22, and released for publication December 26. Figures shown on charts may differ from preliminary figures used in text. Output at factories and mines showed little clined by a much smaller amount owing to change from October to November. Retail greater efficiency. trade expanded further to new record levels. In most nondurable goods industries, production was somewhat greater in November than in INDUSTRIAL PRODUCTION the previous month. Activity at explosive and Industrial output in November and the early- small-arms ammunition plants increased, repart of December was maintained at approxi- flecting enlarged war production schedules, and mately the same level that had prevailed during output in most other branches of the chemical the previous four months. Production of dur- industry also expanded, reaching levels above able goods declined slightly in November, those of a year ago. Production in the petrowhile output of other manufactured goods, leum refining and rubber industries, chiefly for especially war supplies, increased somewhat war uses, increased somewhat in November. further and mineral production was maintained Output of manufactured foods showed less in large volume. Output of critical war equip- decline than is usual for this season and was as ment was larger in November than in October large as in November 1943. In the textile but was still behind schedule, according to the industry, output at woolen and worsted mills War Production Board. continued to advance in October from the re- Activity in the durable goods industries, duced level of operations prevailing during the particularly machinery, transportation equip- summer. Cotton consumption in November ment, and lumber, continued to be limited in was above October and rayon deliveries were at part by manpower shortages. Employment in a new record level. the transportation equipment industries has Mineral production was maintained in declined by about one-fifth during the past November. Coal output was one-fifth larger twelve months, but total output of aircraft, than in November 1943 when operations were ships, and combat and motor vehicles has de- sharply reduced by a work stoppage. In the INDUSTRIAL PRODUCTION DEPARTMENT STORE SALES AND STOCKS KR CENT PHYS GAL VOLUME SEASONALLYADJUSTED. 1939-39-100 FOR TOTAL POINTS I 140 I 240 f 120 200 Ai 200 220 MAC E H Q IN U E IP R /-" Y ' S 100 180 M 160 200 7 /^—A 80 NONDURABLE /\f 4 K /V •7\ 160 180 / MANUFACTURE^ 60 - J - V 140 160 / 40 - "" DU O R TH A E B R LE - /1 140 20 STOCKS 120 I - j 120 / 0 100 too•/ MINERALS | 1. 20 80 80 - 0 1937 1938 1940 1941 1942 1943 1944 Federal Reserve indexes. Groups are expressed in terms of points Federal Reserve indexes. Monthly figures, latest shown are for in the total index. Monthly figures, latest shown are for November. November. JANUARY 1945 33 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS early part of December, however, coal produc- BANK CREDIT tion was nearly 10 per cent less than in the same Banking developments during the four weeks period last year. ended December 13 were largely determined by the Sixth War Loan Drive. Government de- DISTRIBUTION posits at weekly reporting banks in 101 cities Value of department store sales in November increased by approximately 8 billion dollars was 14 per cent above the exceptionally high while adjusted demand deposits of individuals level last year, about the same year-to-year and business were drawn down about x.6 billion increase which prevailed in the previous four in payment for securities purchased. The remonths. In the first half of December, sales porting banks added 3.7 billion dollars to their were about xo per cent larger than last year. All holdings of Government securities and increased Federal Reserve districts have shown large intheir loans by 1.7 billion. creases over last year in pre-Christmas sales. As a result of the transfer of deposits of in- Railroad freight carloadings, adjusted for dividuals and businesses to war loan accounts, seasonal changes, were maintained at a high reserves required by member banks declined level in November and the first two weeks of about 700 million dollars from the beginning of December. Shipments of most classes of freight, the drive through mid-December. In addition, however, were not quite as great as the exreserve funds were supplied to the banking ceptionally large movement of freight during system through the purchase by the Federal the same period last year. Reserve Banks of 640 million dollars of Govern- COMMODITY PRICES ment securities. These additional reserves were used in part to reduce member bank borrowings Changes in wholesale prices of agricultural at the Reserve Banks, which had risen to nearly and industrial products were mostly upward in 600 million dollars in the latter part of Novem- November and the early part of December. ber, and to meet the demand for currency. Retail prices of foods and various other commodities were slightly higher in November than This demand, though slackened somewhat by in October. During the past year there has been the War Loan Drive, amounted to 450 million a slight upward tendency in prices of most dollars for the four weeks ended December 13. commodities, both in wholesale and retail Excess reserves increased by 300 million dollars, markets. principally at country banks. MEMBER BANKS IN LEADING CITIES GOVERNMENT SECURITY HOLDINGS OF BANKS IN LEADING CITIES BILLIONS OF DOLLARS ] : : BONDS j/ : ,—~-/— ^ -* CERTFICATES/r' \t\ NOTES >_ , -r> —w~ BILLS —.—'—•»._/ 1943 1944 1942 1943 1944 Demand deposits (adjusted) exclude U. S. Government and inter- Excludes guaranteed securities. Data not available prior to Feb. bank deposits and collection items. Government securities include 8,1939; certificates first reported on Apr. 15,1942. Wednesday figures, direct and guaranteed issues. Wednesday figures, latest shown are latest shown are for Dec. 27. for Dec. 27. 34 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items 37 Federal Reserve Bank discount rates; rates on industrial loans; guarantee fees and rates under Regulation V; rates on time deposits; reserve requirements; margin requirements 38-39 Federal Reserve Bank statistics 39—43 Guaranteed war production loans 43 Deposits and reserves of member banks 43~44 Money in circulation 45—46 Gold stock; bank debits and deposit turnover 42. Deposits and currency; Postal Savings System; bank suspensions 47 All banks in the United States, by classes 48-49 All insured commercial banks in the United States, by classes 5o~5I Weekly reporting member banks 52.-5 5 Commercial paper, bankers' acceptances, and brokers' balances 56 Money rates and bond yields 57 Security markets 58-59 Corporate profits 60 Treasury finance 61-63 Government corporations and credit agencies 64 Business indexes 65-74 Department store statistics 75"77 Consumer credit statistics 78-79 Wholesale prices 80 December crop report, by Fec{cral Reserve districts 81 Current statistics for Federal Reserve chart book 82.-83 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 arc 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. JANUARY 1945 35 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 15 10 1938 1939 1940 1941 1942 1943 1944 Wednesday figures, latest shown are for Dec. 27. See p. 37. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Member bank reserve Date co D a a u n d i n d s - - ts U. S s . e G T c b u r o u e i r v l r i a l e y t s s i r e - n s me A nt ll ot A h l e l r1 Total s G to o c l k d T s r r t e u o e a c i n n r u a n u y c g s t d r y - - - - M i c n o t u i n o c la e n i - r y - T c i h r n u a o e g r s l a y s h d s - - u F T p r e w s y o r d R e e i s e r e d t a i v h r - t e s e a s - - l b p N m e o r o e s m n i d - t - e s - c O s F o e e a R t e u r r h c e v d a n - e - e l - t r s Tot b a a l lan E c x es cess2 vances Total and other Banks certificates Monthly averages of daily figures: 1943—Sept. . 41 9 214 6 981 2,233 478 9,732 22,209 4,093 18,729 2,266 336 504 334 12,864 1,417 Oct 15 9,'072 6,'845 2,226 464 9,551 22,145 4,100 19,001 2,280 559 U581 339 12,035 1,264 Nov 35 9,886 7,630 2,256 418 10,339 22,091 4,102 19,566 2,294 338 1,687 334 12,313 1,073 1944—Sept 109 16,383 14,054 2,330 453 16,945 20,872 4,114 23,525 2,383 495 ,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 L 593 391 13,808 958 Nov 436 18,129 15,775 2,354 445 19,009 20,708 4,116 24,738 2,340 262 1,579 395 14,520 1,023 End of month figures: 1943—Sept. 30 12 8,919 6,698 2,221 453 9,384 22,175 4,094 18,844 2,267 706 ,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 ,674 341 r2,086 1,102 Nov. 30 .... 52 10,348 8,071 2,277 362 10,763 22,065 4,097 19,918 2,289 394 ,592 332 12,401 985 1944—Sept. 30 49 16,653 14,342 2,311 410 17,113 20,825 4,112 23,794 2,363 349 L,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 ,614 393 14,148 990 Nov. 30 473 18,388 16,031 2,357 496 19,357 20,688 4,122 25,019 2,327 138 ,561 395 14,728 1,179 Wednesday figures: L944—Feb. 2 24 11,781 9,162 2,618 327 12,132 21,910 4,093 20,534 2,322 175 ,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 ,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 ,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 L,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 ,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 ,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 L,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 ,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 Nov. 29 593 18,553 16,196 2,357 374 19,520 20,688 4,120 24,997 2,334 292 1,549 395 14,761 1,205 Dec. 6 383 18,311 15,522 2,789 435 19,130 20,668 4,122 25,107 2,337 258 1,636 397 14,184 1,364 Dec. 13 176 18,577 15,783 2,794 558 19,311 20,667 4,123 25,163 2,348 503 1,597 397 14,092 1,286 Dec. 20 218 19,009 16,208 2,801 886 20,113 20,646 4,127 25,280 2,369 1,250 1,621 408 13,958 1,277 Dec. 27 153 19,064 16,253 2,812 604 19,821 20,639 4,131 25,335 • 2,377 901 1,601 409 13,969 1,406 1 Includes industrial loans shown separately in subsequent tables. 2 End of month and Wednesday figures estimated. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. JANUARY 1945 37 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect December 31. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, Advances secured by or corporations other than member banks Government obligations secured by direct obligations of the U. S. Federal Reserve Bank A G d t o i v o v a n e n s r c n m e m s a e s t n u e t c r i u o n r b g e l d i o g b r a y - b m e a y t o u n r d in o g n o e r y c e a a l r l a a b n l d e Other secured advances (last par. Sec. 13) callable in one year discounts of and [Sec. 10(b)l 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 I To nonmember banks To others Rate Effective Rate Effective Rate Effective Rate Effective Rate Effective N Bo ew st o Y n ork O O c c t t . . 2 3 7 0 , , 1 1 9 9 4 4 2 2 A Se u p g t . . 25 1 , , 1 1 9 9 3 3 9 9 O O c c t t . . 3 2 0 7 , , 1 1 9 9 4 4 2 2 A Se u p g t . . 2 1 5 , , 1 1 9 9 3 3 9 9 f2 O O c c t t . . 3 2 0 7 , , 1 1 9 9 4 4 2 2 Philadelphia.. Oct. 17,1942 Mar. 21, 1942 Oct. 17, 1942 Mar. 21. 1942 Oct. 17, 1942 Cleveland Oct. 27,1942 Apr. 11, 1942 Sept. 12, 1942 Apr. 11, 1942 Oct. 27, 1942 Richmond Oct. 28,1942 Mar. 14, 1942 Oct. 28, 1942 Mar. 14, 1942 ft Oct. 28, 1942 Atlanta Oct. 15,1942 Mar. 21, 1942 Oct. 15, 1942 Sept. 16, 1939 Oct. 15, 1942 Chicago Oct. 17,1942 Feb. 28, 1942 Aug. 29, 1942 Sept. 1, 1939 2 Oct. 17, 1942 St. Louis Oct. 27,1942 Mar. 14, 1942 Mar. 14, 1942 Sept. 16, 1939 Oct. 27, 1942 Minneapolis... Oct. 30,1942 Mar. 28, 1942 Oct. 30, 1942 Mar. 28, 1942 Oct. 30, 1942 Kansas City.. Oct. 27,1942 Apr. 11, 1942 Oct. 27, 1942 Sept. 16, 1939 Oct. 27, 1942 Dallas Oct. 17,1942 Mar. 21, 1942 Oct. 17, 1942 Sept. 16, 1939 Oct. 17, 1942 San Francisco Oct. 28, 1942 Apr. 4, 1942 Oct. 28, 1942 Apr. 4, 1942 Oct. 28, 1942 1 Rates shown also apply to advances secured by obligations of Federal Intermediate Credit Banks maturing within 6 months. NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal Intermediate Credit Banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or corporations made under the last paragraph of Section 13 is 90 days. Back figures.—Set Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK BUYING RATES ON BILLS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS [Per cent per annum] AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT* Maturity R D a e t c e . o 3 n 1 In g i e n ff n ec in t g b - e- Pre r v at i e ous [In e M ffe a c t t u r D it e ie c s e m n b o e t r e 3 x 1 c . e e P d e i r n g c e f n iv t e p e y r e a a r n s num] Treasury bills1 H Apr. 30, 1942 Bankers' acceptances*^ 1- 90 days Oct. 20, 1933 1 91-120 days Oct. 20,1933 1 121-180 days l Oct. 20, 1933 IK Federal Reserve 1 Established rate at which Federal Reserve Banks stand ready to buy Bank all Treasury bills offered. Effective Aug. 3, 1942, purchases of such bills, if desired by the seller, were made on condition that the Reserve Bank, upon request before maturity, would sell back bills of like amount and maturity at the same rate of discount. Since May 15, 1943, all purchases have been made subject to repurchase option. 2 Minimum buying rates on prime bankers' acceptances. Back figures.—See Banking and Monetary Statistics, Table 117, pp. 443-445. GUARANTEE FEES AND MAXIMUM INTEREST AND COM- MITMENT RATES CHARGEABLE UNDER REGULATION V ON LOANS GUARANTEED BY WAR DEPARTMENT, NAVY DEPARTMENT, AND MARITIME COMMIS- SION UNDER EXECUTIVE ORDER NO. 9112 AND CONTRACT SETTLEMENT ACT OF 1944 [Rates in effect December 31] FEES PAYABLE TO GUARANTOR BY FINANCING INSTITUTIONS Guarantee fee (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 ii per cent is made on undisbursed portion of loan. by borrower)1 Back figures.—See Banking and Monetary Statistics,Table 118, pp. 446-447. MAXIMUM RATES ON TIME DEPOSITS 80 or less . .. . .. 10 Maximum rates that may be paid by member banks as established by 85 15 90 20 the Board of Governors under provisions of Regulation Q 95 30 [Per cent per annum] Over 95 ... 50 Nov. 1,1933- Feb. 1,1935- Effective Jan.31,1935 Dec. 31,1935 Jan.1,1936 MAXIMUM RATES THAT MAY BE CHARGED BORROWERS BY FINANCING INSTITUTIONS P Sa o v 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: f In 6 months or more Maximum rate of interest In 90 days to 6 months. 91Z Maximum commitment rate... In less than 90 days NOTE.—Maximum rates that may be paid by insured nonmember banks 1 Guarantee fee is charged only on guaranteed portion of loan. as established by the F. D. I. C, effective Feb. 1, 1936, are the 2 Based on average daily unused balance of the maximum principal same as those in effect for member banks. Under Regulation Q the rate amount of the loan. The financing institution may, in the alternative, payable by a member bank may not in any event exceed the maximum charge a flat fee of not to exceed $50, without regard to the amount or rate payable by State banks or trust companies on like deposits under maturity of the commitment. the laws of the State in which the member bank is located. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVE REQUIREMENTS MARGIN REQUIREMENTS^ [Per cent of deposits] [Per cent of market value ] Net demand deposits1 Time Prescribed by Board of Governors of the Federal Effective deposits Reserve System in accordance with Securities Nov. I, Period in effect C r b e e c s a n i e n t t r y k r v a s e l R b e c a s i n t e y k rv s e Co b u an n k tr s y m ba e ( n m a k l b s l e ) r For extensions E o x f c c h r a e n d g i e t b A y c t b r o o f k e 1 r 9 s 3 a 4 nd dealers on 1937 listed securities, under Regulation T 40 June 21, 1917-Aug. 15, 1936 13 10 7 3 For short sales, under Regulation T 50 Aug. 16, 1936-Feb. 28, 1937 19^ 15 103^ 4H For loans by banks on stocks, under Regulation U 40 Mar. 1, 1937-Apr. 30, 1937 22% u}4 5M May 1, 1937-Apr. 15, 1938 26 20 14 6 1 Regulations T and U limit the amount of credit that may be extended on Apr. 16, 1938-Oct. 31, 1941 22% 17** 12 5 Nov. 1, 1941-Aug. 19, 1942 26 20 14 6 A Se u p g t . . 2 1 0 4 , , 1 1 9 94 4 2 2 - - O S c e t p t.l3 2 , , 1 1 9 9 4 4 2 2 .... m ... 2 2 4 2 2 2 0 0 1 1 4 4 6 6 value (100%) and the maximum loan value. Oct. 3, 1942 and after 20 20 14 6 2 Requirement under Regulation T was the margin "customarily required" by the broker. 3 Regulation U became effective May 1, 1936. 1 Demand deposits subject to reserve requirements; i.e., demand de- NOTE.—Regulations T and U also provide special margin requirements on posits other than war loan deposits, minus cash items in process of "omnibus" accounts and loans to brokers and dealers. collection and demandfbalances 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 Dec. 27 Dec. 20 Dec. 13 Dec. 6 Nov. 29 Nov. 22 Nov. 15 Nov November October Assets Gold certificates. 17,859,36517,889,36517,919,16517,930,16517,957,360 17,962,86517,980,06518,016,065 17,958,865 18,009,067 19,755 517 Redemption fund—F.R. notes. 607,727 587,726 580,960 572,682 569,207 565,310 559,621 548,111 569,207 542,889 142,136 Other cash 223,756 225,955 233,141 234,843 241,571 239,735 241,887 235,312 242,388 250,299 304,075 Total reserves 18,690,84818,703,046 18,733,266 18,737,690 18,768,138 18,767,910 18,781,57318,799,48818,770,46018,802,25520,201,728 Discounts and advances: For member banks, 152,528 217,368 175,583 383,118 592,955 473,523 357,284 401,041 473,073 345,246 51,500 For nonmember banks, etc 90 90 90 90 140 140 140 140 140 90 Total discounts and advances 152,618 217,458 383,208 593,095 473,663 357,424 401,181 473,213 345,336 51,500 Industrial loans , 5,963 6,224 6,298 6,792 6,742 7,9 8,258 6,790 8,550 11,473 U. S. Government securities: Direct- Bilht Under repurchase option 4,420,755 4,549,347 4,364,133 4,384,270 4,840,629 4,985,090 4,771,230 5,005,708 4,583,876 5,012,439 4,687,876 Other 7,099,862 7,148,872 7,177,752 7,281,487 7,262,167 7,100,647 6,909,434 6,782,846 7,284,487 6,538 787 1,475,230 Certificates: Special Other....... 4,732,140 4,510,140 4,241,240 3,856,740 4,092,990 3,967,990 3,905,490 3,816,490 4,162,990 3,749,490 1,908,150 Notes 1,565,721 1,554,721 1,548,121 1,542,621 1,110,871 1,110,871 1,108,871 1,106,371 1,110,871 1,100,371 692,900 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 1,508,232 Guaranteed 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 76,105 Total U. S. Government securities, including guaranteed securities. 19,064,40419,009,006 18,577,17218,311,04418,552,583 18,,410,524 17,940,95117,957,34118,388,150 177,,664477,,013 10',,348,493 Other Reserve Bank credit outstanding. 597,782 880,024 551,574 429,080 367,342 450,496 500,788 287,824 488,892 323,649 351,370 Total Reserve Bank credit outstanding.... 20,112,71219,310,82619,129,630 19,519,81219,341,42518,807,15118,654,604 19,357,045 18,324,548 Liabilities Federal Reserve notes. .. 21,674,686 21,542,416 21,476,589 21,369,885 21,255,147 21,104,084 21,015,106 21,390,966 20,791,737 Deposits: Member bank—reserve account 13,968,62313,958,44414,092,48414,183,51914,760,96714,719,15614,557,41714,159,45114,727,735 14,148,08312,400,946 U. S. Treasurer—general account 900,698 1,250,415 502,711 258,081 292,487 250,835 119,368 313,710 138,394 255,017 393,534 Foreign 1,210,364 1,200,287 1,164,589 1,229,310 1,248,151 1,264,326 1,244,736 1,220,654 1,228,096 1,227,737 1,401,221 Other deposits 390,989 421,166 432,314 406,545 300,809 302,836 243,564 419,086 332,570 386,144 190,966 Total deposits., 16,470,67416,830,312 16,192,09816,077,45516,602,41416,537,15316,165,08516,112,90116,426,79516,016,98114,386,667 Ratio of total reservesto deposit and F.R. note liabilities combined (per cent) 48.9 48.6 49.4 49.7 50.4 50.6 49.6 51.1 65.8 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars! December 27, 1944 Total 1 W 5 i d th a i y n s 1 d 6 a t y o s 30 31 d a to y s 60 61 d t a o y 9 s 0 9 m 1 o t o d n a t 6 h y s s 6 1 m t y o o e n a th r s 2 l y y t e e o a a r rs 5 2 y y t e o e a a r r s s 5 O y v e e a r rs Discounts and advances 152,618 138,515 578 175 13,350 Industrial loans 5,963 5,789 23 3 2 48 11 56 31 U. S. Government securities, including guaranteed securities 19,064,404 2,452,787 1,823,301 4,658,601 3,767,949 2,086,850 1,976,940 760,450 619,802 917,724 JANUARY 1945 39 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 N Yo ew rk d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou 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 certificates: Nov. 29 17957,360 940,111 4,547,486 964,912 349,106 927,383 887,1603,573,868 714,460 357,785 633,265 508,8402,552,984 Dec. 6 17930,165 925,876 4,593,069 951,042 315,987 916,994 892,1063,620,009 642,744 357,090 635,185 506,9422,573,121 Dec 13 17919,165 887,596 4,726,637 946,462 317,390 924,452 918,4863,444,615 632,205 362,585 641,838 519,2862,597,613 Dec. 20 17889,365 915,290 4,724,8571,001,920 385,215 943,760 901,2043,476,582 646,185 367,325 641,411 513,0582,372,558 Dec 27 17,859,365 933,070 4,774,459 984,783 328,608 936,563 910,014 1369,608 649,730 377,773 637,977 527,9362,428,844 Redemption fund— F. R. notes: Nov. 29 569,207 40,324 123,762 43,415 52,485 46,208 35,204 76,444 32,950 14,070 25,919 17,396 61,030 Dec. 6 572,682 41,251 123,318 43,301 52,579 47,662 36,986 76,352 32,919 14,061 25,897 17,379 60,977 Dec. 13 580,960 41,133 127,509 43,143 52,952 48,894 36,791 79,197 32,873 14,048 25,853 17,840 60,727 Dec 20 587,726 41,054 127,191 43,012 57,849 48,259 36,687 83,078 32,840 14,835 25,825 17,796 59,300 Dec. 27 ... 607,727 41,055 127,191 43,011 57,849 48,259 36,687 93,078 32,840 14,836 25,825 17,796 69,300 Other cash: Nov. 29 241,571 19,430 61,967 18,872 20,504 13,426 18,052 27,627 12,962 4,738 13,058 7,970 22,965 Dec. 6 234,843 17,892 59,915 18,396 18,965 13,837 18,074 27,263 12,985 4 817 12,951 8,450 21,298 Dec. 13 233,141 16,431 59,961 17,834 19,453 12,423 15,591 27,201 13,009 4 673 12,809 8,779 24,977 Dec. 20 225,955 16,269 55,627 16,451 17,008 13,476 17,909 27,360 12,281 4937 13,236 8,711 22,690 Dec. 27 223,756 16,034 54,169 15,707 17,741 13,507 18,934 26,785 12,312 5,004 12,704 8,656 22,203 Total reserves: Nov. 29.. 18768,138 999,865 4 733,2151,027,199 422,095 987,017 940,4163,677,939 760,372 376 593 672,242 534,2062,636,979 Dec. 6 18 737,690 985,019 4 776,3021,012,739 387,531 978,493 947,1663,723,624 688,648 375 968 674,033 532 7712,655,396 Dec. 13 18733,266 945,160 4914,1071,007,439 I389,795 985,769 970,8683,551,013 678,087 381 306 680,500 545,9052,683,317 Dec 20 18703,046 972,613 4 907,6751,061,383 460,0721,005,495 955,8003587,020 691,306 387 097 680,472 539 5652,454,548 Dec. 27 18690,848 990,159 4,955,8191,043,501 404,198 998,329 965,6353489,471 694,882 397,613 676,506 554,3882,520,347 Discounts & advances: Secured by U. S. Govt. securities: Nov. 29 593,095 26,882 463 695 9,470 8,960 4,200 4 530 34,400 18,215 15600 6,640 503 Dec 6 383,208 8,350 328 810 5,495 1490 2,500 11,300 16,750 600 7,590 303 20 Dec. 13 175,673 5,800 131 770 3,240 1,340 550 4,300 22,200 550 5,620 303 Dec. 20 217,458 8,460 155850 7,605 7,890 2,985 15,100 18,500 50 615 303 100 Dec 27 152,618 3,645 129595 4,285 1,100 3,850 3,000 6,300 540 203 100 Other: Nov. 29 Dec. 6 Dec. 13 Dec. 20..'.....!.. Dec. 27 Total discounts and advances: Nov. 29 593,095 26,882 463 695 9,470 8,960 4,200 4 530 34,400 18,215 15600 6,640 503 Dec 6 383,208 8,350 328 810 5,495 1490 2,500 11,300 16,750 600 7,590 303 20 Dec 13 175,673 5,800 131770 3,240 1340 550 4,300 22,200 550 5,620 303 Dec. 20 217,458 8,460 155850 7,605 7890 2,985 15,100 18,500 50 615 303 100 Dec 27 152,618 3,645 129595 4,285 1100 3,850 3,000 6,300 540 203 100 Industrial loans: Nov 29 6,792 204 86 3,179 315 132 23 25 2828 Dec. 6 6,298 201 86 2,768 315 132 23 25 2 748 Dec 13 6,407 201 86 2,877 315 132 23 25 2 748 Dec 20 6,224 201 86 2,758 315 132 22 25 2685 Dec! 27 5,963 201 86 2,540 315 126 22 25 2648 U. S. Govt. securities: Bills: Under repurchase option: Nov. 29 4 840,629 157,778 3 032 727 159,375 73428 52,842 41 230 800,986 77,412 32,355 77,635 28823 306 038 Dec 6 4 384,270 99,817 2693 283 157,065 70563 48,162 32 530 771,571 71,732 20 143 64,285 23423 331 696 Dec 13 4 364,133 117,136 2 662 996 146,731 68441 52,270 16970 817,216 78,092 12 122 52,675 24053 315 431 Dec. 20 4 549,347 87,988 2 640497 183,461 80 718 66,447 31 580 880,603 93,292 25,577 50,130 21,153 387 901 Dec. 27 4 420,755 90,933 2602 294 182,563 88 990 67,729 22 520 753,413 98,402 14 147 55,690 20 333 423 741 Other bills: Nov. 29 7262,167 712,172 735,7791,258 700 820,428 684 264 396,631 363,981 307 722 547,013 469 559 965,918 Dec. 6 7 281,487 765,413 682,7391,318 222 793,367 696 617 445,425 399,313 328 679 513,941 469 365 868 406 Dec. 13 7177,752 770,854 676,0961,275 869 780,757 688 299 445,425 391,727 332 629 502,144 459 311 854 641 Dec. 20 7148,872 756,266 661,1381,224 755 748,072 685 983 554,724 360,366 315 895 483,551 447 717 910 405 Dec. 27 7099,862 743,747 641,0631,246 241 735,820 682 053 562,093 367,700 320 547 476,489 446 497 877 612 Certificates: Nov. 29 4 092,990 185,806 1397 132 221,160 242 304 191,893 148 732 830,812 181,453 67 557 125,700 106 357 394 084 Dec 6 3 856,740 167,944 1,335 897 221,811 196007 195,353 125314 754,664 183,980 62953 142,619 95 822 374 376 Dec. 13 4 241,240 191,933 1444487 248,835 228 113 217,545 142 177 812,421 202,055 72 349 159,657 109 611 412 057 Dec 20 4 510,140 209,049 1,519 279 267,963 251 153 233,195 154 172 851,995 214,686 79067 171,705 119,451 438,425 Dec 27 4 732,140 223,433 1580 169 283,927 270 615 246,207 164230 884,057 225,100 84 724 181,749 127 723 460,206 Notes: Nov. 29 1 113,371 50,542 380,047 60,160 65 910 52,198 40 459 225,998 49,358 18376 34,193 28 931 107 199 Dec. 6 1 545,121 67,284 535 199 88,865 78526 78,263 50 206 302,338 73,707 25 221 57,137 38 390 149985 Dec. 13 1,550,621 70,172 528 114 90,975 83 399 79,536 51 980 297,026 73,873 26452 58,371 40 074 150 649 Dec 20 1557,221 72 179 524 564 92,519 86 717 80,514 53 232 294 170 74 124 27 300 59,285 41 243 151 374 Dec 27. 1568,221 74,045 523 663 94,092 89 682 81,593 54425 292^975 74,'599 28076 60 ,'232 42 328 152 511 Bonds: Nov. 29 1,243,426 56,447 424 441 67,187 73610 58,295 45 185 252,397 55,123 20 523 38,187 32 310 119 721 Dec. 6.. 1,243,426 54,146 430 698 71,513 63 193 62,982 40 403 243,305 59,315 20 297 45,981 30,894 120 699 Dec 13 1,243,426 56,270 423,488 72,952 66876 63,779 41 682 238,182 59,238 21,212 46,808 32,135 120 804 Dec. 20.. 1,243,426 57,634 418,859 73,876 69 243 64,290 42,505 234,892 59,187 21,799 47,338 32,932 120871 Dec 27.. 1,243,426 58,710 415,207 74,604 71,108 64,694 43 153 232,297 59,149 22,261 47,758 33,561 120.924 Total U. S. Govt. sec, incl. guar. sec: Nov. 29... 18,552,5831,162,745 5,234,347 1,243,6611,713,9521,175,656 959,8702,506,824 727,327 446,533 822,728 665,9801,892960 Dec 6. 18,311,0441,154,604 4,995,077 1,221,9931,726,5111,178,127 945,0702,517,303 788,047 457,293 823,963 657,8941,845,162 Dec 13 18,577,1721,206,365 5,059,0851,235,5891,722,6981,193,887 941,1082,610,270 804,985 464,764 819,655 665,1841,853,582 Dec 20. 19,009,0061,183.116 5,103,199 1,278,9571,712,5861,192,518 967,4722,816,384 801,655 469,638 812,009 662,4962,008,976 Dec. 27 19,064,4041,190,868 5,121,333 1,276,2491,766,6361,196,043 966,3812,724,835 824,950 469,755 821,918 670,4422,034,994 4° FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston i Y N o e r w k d P e h lp i h la ia : C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t is M ap in o n li e s - : City Dallas F S r a a n ncisco Total loans and sec: Nov. 29 19,152,4701.189.831 5,698,128 1,256,3101,723,2271,179,988 964,4232,541,224 745,542 462,133 829,393 666,4831,895,788 Dec, 6 ........ 18,700,5501,163,155 5.323,973 1,230,2561,728,3161,180,759 945,0932,528,603 804,797 457,893 . 831,578 658,1971,847,930 Dec. 13 18,759,2521,212,366 5.190,9411,241,7061,724,3531,194,569 941,1312,614,570 827,185 465,314 825,300 665,48 1,856,330 Dec- 20 19,232,6881,191,777 5,259.1351,289,3201,720,7911,195,635 967,494 2-,831,484 820,155 469,688 812,649 662,799 2,011,761 Dec, 27 19.222,9851,194,714 5,251,014 1,283,0741,768,0511,200,019 966,4032,727,835 831,250 469,755 822,483 670,6452,037,742 Du e from foreign banks: Nov 29 136 10 149 12 6 4 17 4 4 11 Dec 6 136 10 149 12 6 4 17 4 4 11 Dec, 13 136 10 l49 12 6 4 17 4 4 11 D D e e c c . . 2 2 7 0 1 13 3 6 6 1 1 0 0 I I 4 4 9 9 1 1 2 2 6 6 4 4 1 1 7 7 4 4 4 4 1 It 1 Federal Reserve notes of other banks* Nov. 29 , 79,636 2.002 12,647 2,666 4,047 6,718 7,761 10,515 6,510 2,203 5,317 3,901 15,349 Dec. 6 84,160 2,586 15,224 2,577 3,951 6,075 7,573 10,647 7,922 2,665 5,602 4,123 15,215 Dec- 13 87,750 2,355 15,314 3,011 4,636 6,461 9,210 11,936 7,774 2,734 5,232 3,822 15,265 Dec, 20 96,335 3,298 17,277 3,172 4,637 7,617 8,099 12,509 7,504 3,023 5,788 4,234 19,177 Dec 27 92h560 2,376 14,550 3,554 5,668 8,020 8,216 12,236 6,754 3,011 6,570 4, 17,517 Uncollected items* Nov, 29 1,890,09: 154,074 385,138 102,607 216,775 144,236 104,725 294,500 81,459 42,011 95,262 67,749 201,556 Dec. 6 1,778,191 134,716 345,982 113,365 180,053 138,443 111,503 279,872 80,466 43,937 94,568 72,753 182,533 Dec. 13 2,116,818 148,940 443,997 120,134 214,855 155,340 120,355 339,414 91,216 48,015 114,051 81,468 239,033 Dec. 20 2,593,611 185,703 569,716 158,543 306,594 197,339 151,852 375,482 108,982 50,037 127,584 97,219 264,560 Dec. 27 2,106,042 150,111 462,619 124,426 220,977 169,829 123,218 329,606 89,482 45,902 101,194 82,387 206,291 Bank premises * Nov. 29 34,327 1,615 8,934 3,468 4,110 2,859 1,614 2,885 2,052 1,254 2,673 909 1,954 Dec. 6 34,302 1,615 8,914 3,468 4,111 2,859 1,614 2,885 2,052 1,254 2,667 909 1,954 Dec. 13 34,303 1,615 8,914 3,468 4,111 2,859 1,615 2,885 2,052 1,254 2,667 909 1,954 Dec. 20 34,278 1,615 8,914 3,468 4,101 2,852 1,614 2,885 2,051 1,254 2,667 909 1,948 Dec. 27 34,330 1,615 8,914 3,457 4,101 2,852 1,611 2,884 2,118 1,254 2,667 909 1,948 Other assets: Nov. 29 60,952 3,033 18,301 3,208 4,497 2,925 2,730 11,529 3,133 1,355 2,284 1,867 6,090 Dec. 6. 59,885 2,897 17,691 3,441 4,185 3,263 2,354 10,908 3,245 1,235 2,618 1,750 6,298 Dec. 13.... 62,013 3,147 18,607 3,624 4,428 3,128 2,463 11,138 3,346 1,292 2,604 1,816 6,420 Dec. 20 53,663 2,819 15,257 3,047 4,168 2,716 2,269 9,356 2,928 1,409 2,293 1,792 5,609 Dec. 27 55,026 2,861 15,996 3,070 4,202 2,858 2,386 9,800 2,852 1,215 2,386 1,772 5,628 Total assets* Nov. 29 39,985,7512,350,430 10,856,412 2,,395,470 3,,374,7632,3231,,749 2!,, 021,673 6,,538,609 1,599,072 885,552 1,607,1751,275,119 4,757,727 Dec. 6 39,394,9142,289,9998 10,488,135 2,365,858 3,,308,159 2,,309,898 2!,, 015,3076,556,556 1,587,134 882,955 1,611,0701,270,5074,709,337 "Dec. 13. 39,793,5382,313,5593 10,591929 2,,379,3943,342,190 2,348,132 21,0451,,646 6,530,973 1,609,664 899,918 1,630,3"5"8 1,299,4114,802,330 Dec. 20 40,713,7572,357,8835 10,778; ,518,9453,500,375 2,411,660 21;., 087,,.1 32 6,. 818'., 753 ,1632,930 912,5111,631,457 1,306,5224,757,614 Dec. 27 40,201,9272,341,8 708,9612,461,0"94 3,407,2092,381,913 21,0,06677,,473 6,571,849 1,627,342 918,7531,611,8101,314,193 4,789,484 Liabilities Federal Reserve notes: Nov. 29 21,369,8851,349,023 4,737,218 ,402,6521,861,7771,470,406 1,255,375 3,907,285 912,039 469,552 784,841 542,5242,677,193 Dec. 6 21,476,5891,358,531 4,763, 4•2-9' 1,412,3 9—0 1,872,189 1,479,2431,259,9843,925,568 916,739 472,610 788,634 542,6382,684,634 Dec. 13 21,542,4161,363,099 4,774,746 1,419,663 1,883,602 1,488,4411,262,749 3,;933,318 921,803 473,353 787,553 542,1662,691,923 Dec. 20 21,674,6861,367,965 4,820,718 1,431,0471,902,702 1,497,2111,269,0303,959,860 929,613 474,803 787,638 541,9692,692,130 Dec. 27 21,725,3511,372,398 4,842,7581,433,4771,903,0231,492,590 1,270,065 3,975,890 929,076 475,049 788,937 541,4332,700,655 Deposits- Member bank— reserve account: Nov. 29 14,760,967 728,065 4,897,582 734,857 1,133,148 638,815 605,5412,166,446 536,842 327,861 669,565 608,7431,713,502 Dec. 6 14,183,519 684,403 4,484,753 710,442 1,097,087 643,976 613,302 22,147,482 528,379 321,686 665,739 604,9091,681,361 Dec. 13 14,092,484 666,174 4,413,329 701,188 1,084,219 635,087 613,5402,114,901 527,631 320,526 675,011 624,2851,716.593 Dec. 20 13,958,444 642,830 4,411,289 710,465 1,058,611 616,272 625,1282,126,545 510,703 320,251 659,221 612,0191,665,110 Dec. 27 13,968,623 655,523 4,407,676 687,8531,070,671 626,447 609,4732,087,224 527,285 321,885 658,789 619,5321,696,265 U. S. Treasurer— general account: Nov. 29 292,487 23,444 104,401 16,939 34,253 18,123 12,972 16,827 13,093 14,091 7,469 14,188 16,687 Dec. 6 258,081 16,050 66,601 5,918 17,769 5,974 4,729 68,973 10,499 13,418 17,338 13,244 17,568 Dec. 13. 502,711 32,535 170,835 21,100 63,519 33,397 18,044 41,086 21,749 28,553 19,664 17,867 34,362 Dec. 20 1,250,415 77,985 274,720 120,094 188,529 101,165 30,020 258,763 46,123 42,056 40,283 29,693 40,984 Dec. 27.. 900,698 79,537 238,898 98,623 111,537 59,611 28,600 78,511 39,126 45,821 26,912 33,736 59,786 Foreign: Nov. 29 1,248,151 87,693 2482,586 110,162 106,569 47,896 38,317 148,479 37,120 26,343 34,725 34,725 93,536 Dec. 6. 1,229,310 86,439 2473,489 108,792 105,245 47,301 37,841 146,633 36,658 26,016 34,293 34,293 92,310 Dec. 13 1,164,589 80,345 2451,281 102,871 99,516 44,726 35,781 138,652 34,663 24,600 32,427 32,427 87,300 Dec. 20 1,200,287 82,186 2466,823 105,848 102,396 46,021 36,817 142,665 35,666 25,311 33,365 33,365 89,824 Dec. 27 1,210,364 83,804 2469,924 106,719 103,239 46,399 37,120 143,838 35,960 25,520 33,640 33,639 90,562 Other: Nov. 29 300,809 4,139 185,752 6,059 14,018 4,302 4,563 5,666 14,289 4,562 5,107 4,005 48,347 Dec. 6 406,54J 4,068 287,248 7,068 18,025 3,693 4,964 4,. 14,569 4,867 3,760 5,917 47,468 Dec. 13 432,314 7,897 310,633 5,066 13,494 3,750 4,683 8,591 15,072 4,641 4,683 5,785 48,019 Dec. 20 421,166 6,867 304,932 6,512 12,296 2,531 3,433 9,921 15,003 4,558 4,457 4,269 46,387 Dec. 27., 390,989 4,628 290,886 5,249 11,361 2,376 3,598 4,710 12,160 3,322 3,466 3,778 45,455 Total deposits: Nov. 29 16,602,414 843,341 5,670,321 868,0171,287,988 709,136 661,393 2,337,418 601,344 372,857 716,866 661,6611,872,072 Dec. 6 16,077,455 790,960 5,312,091 832,220 '1,238,126 700,944 660,836 2,367,986 590,105 365,987 721,130 658,363 38,707 Dec. 13 16,192,098 786,951 5,346,078 830,2251,260,748 716,960 672,048 2,303,230 599,115 378,320 731,785 680,364I', 886,274 Dec. 20 16,830,312 809,868 5,457,764 942,919 '1,361,832 765,989 695,398 2,537,894 607,495 392,176 737,326 679,3461,842,305 Dec. 27 16,470,674 823,492 5,407,384 898,4441,296,""" 734,833 678,7912,314,283 614,531 396,548 722,;"-- 690,6851,892,068 Deferred availability items: Nov. 29 1,522,886 125,153 284,236 82,616 178,696 121,898 86,048 230,154 69,033 30,005 89,165 55,083 170,799 Dec. 6 1,349,247 107,555 247,720 79,049 151,455 107,308 75,581 199,076 63,589 31,225 84,993 53,553 148,143 Dec. 13 1,565,380 130,505 305,549 87,162 151,367 120,189 91,835 230,097 71,931 34,984 94,630 60,907 186,224 Dec. 20 1,713,723 146,895 333,548 102,606 189,292 125,915 103,657 256,165 79,018 32,338 90,146 69,114 185,029 Dec. 27 1,508,396 112,752 292,111 86,690 160,716 131,802 99,231 216,411 66,821 33,904 83,606 65,904 158,448 1 After deducting $87,000 participations of other Federal Reserve Banks. 2 After deducting $761,551,000 participations of other Federal Reserve Banks on Nov. 29; $752,086,000 on Dec. 6; $711,149,000on Dec. 13; $731,731,000 on Dec. 20; and $737,750,000 on Dec. 27. JANUARY 1945 41 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS-Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S o t u . is M ap in o n li e s - K C an it s y as Dallas F S r a a n ncisco Other liabilities, including accrued div.: Nov. 29 11,661 1,018 3 163 947 1,333 606 565 1,296 430 375 507 417 1,004 Dec. 6 11,183 1,004 2919 845 1,320 640 568 1,315 378 326 450 417 1,001 Dec. 13 11,722 1,038 3 109 920 1,331 701 604 1,361 416 438 448 411 945 Dec. 20 11,646 1,062 3032 878 1,312 605 565 1,533 379 349 448 441 1,042 Dec. 27 12,072 1,051 3 066 911 1,340 641 848 1463 395 377 455 478 1,047 Total liabilities: Nov. 29 39 506,8462,318,53510694 9382,354,2323329,7942,302,0462,0033816,476,1531,582 846 872 7891,591 379 1,259 6854,721,068 Dec. 6 38 914,4742,258,05010326 1592,324,5043 263,0902,288,135 1,996,9696,493945 1,570 811 870 148 1,595207 1,254 9714,672,485 Dec. 13 39 311,6162,281,59310 429 482 2,337,9703 297,0482,3262912,027,2366,468006 1,593265 887 095 1,614416 1,283 8484,765,366 Dec. 20 40,230,3672,325,79010 615 0622,477,4503455,1382,389,7202,068,6506,755452 1,616 505 899 666 1,615 5581290 8704,720,506 Dec. 27 39,716,4932,309,69310 545 3192,419,5223 361,8872,359,8662,048,9356,508047 1,610 823 905 878 1,595 805 1298,5004,752,218 Capital Accounts Capital paid in: Nov. 29 160,869 10,002 58 655 12,182 16,319 6,447 5,792 19 219 5088 3 488 5 176 5036 13,465 Dec. 6 161,030 10,011 58 670 12,217 16,325 6,448 5,792 19 234 5 093 3489 5 178 5 105 13,468 Dec. 13 161,159 10,025 58 678 12,224 16,325 6,461 5,823 19 254 5 120 3 490 5 186 5 105 13,468 Dec. 20 161,644 10,028 58 739 12,224 16,336 6,480 5,834 19 526 5 124 3 498 5 190 5,165 13,500 Dec. 27 162,114 10,053 58 951 12,227 16,340 6,513 5,851 19581 5 141 3 501 5 236 5,174 13,546 Surplus (section 7): Nov. 29 188,097 13,206 70 012 17,859 16,026 5,236 5,725 26 490 6 330 3,669 4 554 4,831 14,159 Dec. 6 188,097 13,206 70 012 17,859 16,026 5,236 5,725 26 490 6 330 3,669 4 554 4,831 14,159 Dec. 13 188,097 13,206 70,012 17,859 16,026 5,236 5,725 26 490 6 330 3,669 4 554 4,831 14,159 Dec. 20 188,097 13,206 70,012 17,859 16,026 5,236 5,725 26 490 6 330 3,669 4 554 4,831 14,159 Dec. 27 188,097 13,206 70,012 17,859 16,026 5,236 5,725 26 490 6,330 3,669 4 554 4,831 14,159 Surplus (section 13b): Nov. 29 26,965 2,874 7,092 4,421 1,007 3,290 749 1429 530 000 1 137 1,307 2,129 Dec. 6 26,965 2,874 7092 4,421 1,007 3,290 749 1429 530 000 1 137 1,307 2,129 Dec. 13 26,965 2,874 7092 4,421 1,007 3,290 749 1429 530 000 1 137 1,307 2,129 Dec. 20 26,965 2,874 7092 4,421 1,007 3,290 749 1 429 530 000 1 137 1,307 2,129 Dec. 27 26,965 2,874 7,092 4,421 1,007 3,290 749 1429 530 000 1 137 1,307 2,129 Other capital accounts: Nov. 29 102,974 5,813 25 715 6,776 11,617 6,730 6,026 15 318 4,278 4,606 4929 4,260 6,906 Dec. 6 104,348 5,857 26 202 6,857 11,711 6,789 6,072 15458 4,370 4,649 4,994 4,293 7,096 Dec. 13.. 105,701 5,895 26,665 6,920 11,784 6,854 6,113 15 794 4,419 4,664 5,065 4,320 7,208 Dec. 20 106,684 5,937 27,118 6,991 11,868 6,934 6,174 15 856 4,441 4,678 5,018 4,349 7,320 Dec. 27 108,258 6,020 27,587 7,065 11,949 7,008 6,213 16302 4,518 4,705 5,078 4,381 7,432 Total liabilities and capital accounts: N De o c v . . 2 6 9 3 3 9 9 , , 9 3 8 9 5 4 , , 7 9 5 1 1 4 2 2, , 2 3 8 5 9 0 , , 9 4 9 3 8 0 1 1 0 0 , ,8 4 5 8 6 8 , , 4 1 1 3 2 5 2 2 , , 3 3 9 6 5 5 , , 4 8 7 5 0 8 3 3 3 3 7 0 4 8 , ,1 7 5 6 9 32 2 , , 3 3 2 0 3 9 , ,8 7 9 4 8 92 2 , , 0 0 2 1 1 5 , , 6 3 7 0 3 7 6 6 , , 5 5 3 5 8 6 ,6 5 0 5 9 6 5 5 9 8 9 7 , , 0 1 7 3 2 4 8 8 8 8 5 2 , , 5 9 5 5 2 5 , , 6 6 0 1 7 1 , , 0 1 7 7 0 5 2 27 7 0 5 , , 5 1 0 1 7 9 •[ 7 70 5 9 7 , , 3 7 3 2 7 7 Dec. 13 39,793,5382,313,59310,591,9292,379,3943 342,1902,348,1322,045,6466,530,973 ,609, 664 899,918 ,630, 358 299,411 [802,333 Dec. 20 40,713,7572,357,83510,778,0232,518,9453,500,3752,411,6602,087,13?6,818 753 63? 930 912,511 .631, 457 306,522 t 757,614 Dec. 27 40,201,9272,341,84610,708,9612,461,0943,407,2092,381,9132,067,4736,571,849 627,342 918, 753 ,611, 810 314,193 [789,484 Commitments to make industrial loans: Nov. 29 4,097 2,471 50 545 55 976 Dec. 6 4,587 2,881 50 545 55 1,056 Dec. 13 4,448 2,742 50 545 55 1,056 Dec. 20 4,630 2,861 50 545 55 1,119 Dec. 27 4,854 3,078 50 515 55 1,156 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 - la A n t- ta Chicago L S o t u . is M ap in o n li e s -K C an it s y as Dallas F c S r i a s a c n n o - Federal Reserve notes outstanding (issued to Bank): Nov. 29 22,027,5971,376,979 4,,912,7211,434,806 1 !,050t,497r,,434 1,304, ,992,053 954,002 480,492 803,433 574,531 2,784,574 Dec. 6 22,117,6011,394,618 4!,923,5"56 '1,452,025 1L.921,366 1,507,7211,311,,704 4,002,173 954,568 483,096 808,253 571,871 2,786,650 Dec. 13.. . . 22,244,82. 1,399,345 4;960,744 1,459,162 1L,935,450 1,519,060',3201,,535 4,;021,293 960,095 484,768 810,672 575,497 2,798,204 Dec. 20 22,391,7641,406,428 4973,408 1,466,708 1L,951,318 1,535,274 1,336,957 4,056,895 971,019 485,960 811,922 579,005 2,816,870 Dec. 27 22,512,0101,415,934 5027,1361,474,710 1L,961,0711,538,,114 1,339',,7"7"0 ' i,,064,370 971,120 487,224 819,636 583,688 2,829,237 Collateral held against notes outstanding: Gold certificates: Nov. 29 11,198,000 575,000 2!, 470,000577,000 863,000 615,000 610,000 2,520,000 425,000 210,000 310,000 249,000 1,774,000 Dec. 6... 11,220,000 595,000 2!, 470,000600,000 872,000 615,000 620,000 2 520,000 375,000 210,000 320,000 249,000 1,774,000 Dec. 13 11,304,000 595,000 21,520,000 610,000 886,000 615,000 630,000 2,520,000 375,000 210,000 320,000 249,000 1,774,000 Dec. 20 11,048,000 610,000 21,520,000 618,000 802,000 615,000 630,000 2,440,000 375,000 195,000 320,000 249,000 1,674,000 m Dec. 27 10,972,000 610,000 2!, 570,000622,000 812,000 615,000 630,000 2300,000 375,000 195,000 320,000 249,000 1,674,000 Eligible paper: Nov. 29 544,702 26,882 463,695 9,470| 4,200 18,215 15,600 6,640 Dec. 6 370,095 8,350 328,810 5,4951... 2,500 16,750 600 7,590 Dec. 13 169,580 5,800 131,770 3,090| 550 22,200 550 5,620 Dec. 20 194,065 8,460 155,850 7,605i 2,985 18,500 50 615 Dec. 27 148,215 3,645 129,595 4,285! 3,850 6,300 540 U. S. Govt. securities: Nov. 29 10,907,412 810,000 2,300,000 850,000|1,050,000 900,000 700,000 1,500,000 577,412 275,000 500,000 345,000 1,100,000 Dec. 6 10,951,732 810,000 2,300,000 850,000 1,050,000 900,000 700,000 1,500,000 621,732 275,000 500,000 345,000 1,100,000 Dec. 13 11,133,092 810,000 2,400,000 850,000 1,050,000 925,000 700,0001,550,000 628,092 275,000 500,000 345,000 1,100,000 Dec. 20 - 11,498,292 810,000 2,400,000 850,000 1,150,000 925,000 725,0001,650,000 643,292 300,000 500,000 345,000 1,200,000 Dec, 27 11,803,402 810, ,400,000 850,000 1,150,000 950,000 725,000 1,800,000 648,402 300,000 525,000 345,000 1,300,000 Total collateral: Nov. 29 22,650,114 ,411, 5,233,695 1[,436,470 1,913,0001,519,200 1,310,000 4,0201,,i000 1020,627 500,600 816,640 594,000 2,874,000 Dec. 6 22,541,827 413,350 5",098,810 1L,455,495|l,922,000 1,517,500 1,320,000 4,0201,,i000 1013,482 485,600 827,590 594,000 2,874,000 Dec. 13 22,606,672 410, ,051, 770 1L,463,090 1,936,000 1,540, 550 1,330,i 070,1,000 1025,292 485,550 825,620 594,000 2,874,000 Dec. 20 22,740,357 428,460 5^,007755,^850 l',475^605 1^952^000 1,542,9851,355,000 4;0901,,i000 1036,792 495,050 820,615 594,000 2,874,000 Dec. 27., 22,923,617 423,645 5,,009999,,559955 1,476,285 1,962,000 1',568,8"5"0 '1.,355,1 100,000 1;029,702 495,000 845,540 594,000 2,974,000 42- FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS WAR PRODUCTION LOANS GUARANTEED BY WAR DE- (Amounts in thousands of dollars] PARTMENT, NAVY DEPARTMENT, AND MARITIME COMMISSION THROUGH FEDERAL RESERVE BANKS UNDER REGULATION V W l D e a d s a p n t t e e e r d s i a o d ( y l d a a y ) o s t f or Nu A m p a b p p e l p r i r c o a A v ti e o m d n o s unt (a b p p m c u r l A o e o t o m t P v n u e - e o - d n d t 1 t) s ( t a L a m o n o u o d a t u i n - n n s g t) 2 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 o a n t r u o i d t o u t i - i n n c n t s i g ) - [ G A u m a a o r u a u t n n h t t o e s r e i i d z n e l d t o h a o n u s sand G s u o a o f r u a d t n s o t t l a e la n e r d d s i ] n lo g ans a A v a a d m i d la i o t b i u o l n e n t a t l o borrowers 1934. 984 49,634 20,966 13,589 8,225 1,296 Date under guar- 1935 1,993 124,493 11,548 32,493 27,649 8,778 Total Portion antee agree- 1 19 9 3 3 7 6 2 2, , 4 2 0 8 6 0 1 1 3 50 9 , , 9 8 8 2 7 9 3 8 , , 3 2 6 2 9 6 2 20 5 , , 2 5 1 2 6 6 2 1 0 2 , , 9 7 5 8 9 0 7 7 , , 2 2 3 0 8 8 Number Amount amount gu te a e r d an- out m st e a n n t d s ing 1938 2,653 175,013 1,946 17,345 14,161 12,722 1939 2,781 188,222 2,659 13,683 9,220 10,981 1940 2,908 212,510 13,954 9,152 5,226 6,386 1942 1941 3,202 279,860 8,294 10,337 14,597 19,600 June 30 565 310,680 81,108 69,674 137,888 1942 Sept. 30 1,658 944,204 427,918 356,677 230,720 Tune 24 3,352 338,822 26,346 11,265 16,832 26,430 Dec. 31.. 2,665 2,688,397 803,720 632,474 1,430,121 Dec. 31 3,423 408,737 4,248 14,126 10,661 17,305 1943 1943 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 \,073,972 2,018,818 1944 May 31 4,002 4,554,278 1,415,777 :,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 ,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 ,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 L,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 L,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 ],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 Nov. 30 3,489 523,678 1,295 6,926 4,099 8,636 Feb. 29..... 5,720 7,172,719 2,030,547 L,700,400 3,451,581 Mar. 31 5,904 7,466,762 2,009,511 ,680,046 3,615,963 Apr. 30 6,079 7,647,180 1,990,996 1,666,185 3,684,568 1 Includes applications approved conditionally by the Federal Reserv May 31 6,283 7,797,400 2,033,579 L,706,421 3,795,558 Banks and under consideration by applicant. June 30 6,433 8,046,672 2,064,318 ,735,777 3,810,797 2 Includes industrial loans past due 3 months or more, which are not in- July 31 6,590 8,333,741 2,083,435 1,765,841 3.904,215 cluded in industrial loans outstanding in weekly statement of condition of Aug. 31 6,744 8,487,623 2,010,958 1,706,363 4,107,606 Federal Reserve Banks. Sept.30 6,882 8,685,273 1,960,785 L,663,489 4,301,322 NOTE.—The difference between amount of applications approved and the Oct. 31 r7,O5O r8,983,937 rl,895,733 r1,611,872r4,367,332 sum of the following four columns represents repayments of advances, and Nov. 30 7,235 9,131,770 1,776,609 1,507,709 4,476,918 applications for loans and commitments withdrawn or expired. r Revised. 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 NOVEMBER 1944 [Averages of daily figures. In millions of dollars] Centralreserve All city banks Re- Coun- In places of 15,000 In places of under mem- serve and over population 15,000 population ba b n e k r s1 N Y e o w rk Chicago b c a i n t k y s banks1 Federal Reserve district Demand Demand Total reserves held: d e e i x n p c t o e e s r p i - t t s de T p i o m s e its d e e i x n p c t o e e s r p i - t ts de T p i o m s e its 1943—October... 12,035 3,346 794 4,772 3,123 bank2 bank2 November..... 12,313 3,453 820 4,916 3,124 1944—October. 13,807 3,815 888 5,501 3,603 November 14,520 4,057 925 5,773 3,764 Total 13,482 5,733 8,807 3,970 Week ending (Friday): 1944—Nov. 3 14,105 3,940 930 5,606 3,629 Boston 1,784 646 286 173 Nov. 10 14,273 3,983 911 5,664 3,715 New York 2,652 1,475 830 800 Nov. 17 14,542 4,037 919 5,776 3,810 Philadelphia 958 517 711 601 Nov. 24 14,711 4,125 941 5,862 3,783 Cleveland 1,191 626 811 536 Dec. 1 14,770 4,138 940 5,878 3,814 Dec. 8 14,268 3,802 890 5,702 3,874 Richmond 1,079 287 639 297 Dec. 15 14,168 3,755 895 5,673 3,845 Atlanta 1,169 310 479 127 Dec. 22 14,067 3,735 854 5,596 3,882 Chicago 1,756 934 1,222 608 St. Louis 496 222 707 174 Excess reserves: 1943—October 1,264 31 9 386 838 Minneapolis 430 185 496 274 November 1,073 20 8 332 712 Kansas City 404 75 1,093 139 1944—October 958 22 7 251 679 Dallas . .. 689 82 1,050 41 November 1,023 22 5 286 710 San Francisco 875 374 483 200 Week ending (Friday): 1944—Nov. 3...: 917 29 7 241 640 1 Includes any banks in outlying sections of reserve cities which have Nov. 10 981 16 9 265 691 been given permission to carry the same reserves as country banks. All Nov. 17 1,065 21 6 294 744 reserve cities have a population of more than 15,000. Nov. 24 1,018 19 5 300 694 2 Includes war loan deposits, shown separately for all country banks D D e e c c . . 8 1 1 1 , , 3 1 1 5 0 2 4 2 7 4 8 1 3 3 4 9 2 1 8 7 9 5 6 5 in the table on the following page. Dec. 15 1,215 17 5 336 857 Dec. 22 *>1,213 19 -17 313 *>898 p Preliminary 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. JANUARY 1945 43 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 U o r v . e S e l n o . r t n an - Other a D d d e e j p u m o s a t s e n i d t d s 2 N p m o e d s a t e i n - t d d s e 3 - p T o d i s e m - it e s4 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 r - ed Excess posits1 First half of November 1944 All member banks 82,460 11,509 6,797 64,155 60,311 66,212 18,927 5,733 14,316 13,328 Central reserve city banks New York 22,992 3,807 2,279 16,907 15,785 19,545 1,033 64 3,987 3,971 16 Chicago 5,249 1,112 511 3,626 3,393 4,329 664 176 914 906 9 Reserve city banks 30,877 5,381 2,469 23,028 21,158 24,834 7,571 1,745 5,685 5,421 264 Boston 2,029 316 229 1,484 1,397 1,667 128 47 348 341 7 New York 509 28 31 450 424 432 211 20 101 99 2 Philadelphia 2,317 336 195 1,787 1,666 1,931 152 71 407 395 12 Cleveland 3,891 522 346 3,023 2,819 3,162 953 180 730 690 41 Richmond 1,775 343 180 1,252 1,158 1,399 320 105 324 299 25 Atlanta 1,893 520 144 1,229 1,102 1,496 284 130 332 316 16 Chicago 3,890 466 343 3,081 2,878 3,063 1,300 287 722 691 31 St. Louis 1,837 605 137 1,095 969 1,478 233 99 318 310 9 Minneapolis 972 276 96 601 534 750 117 60 161 157 4 Kansas City 2,474 864 135 1,474 1,309 1,912 243 265 437 397 41 Dallas 1,970 519 115 1,336 1,225 1,532 209 215 349 319 30 San Francisco 7,320 586 518 6,216 5,677 6,014 3,421 266 1,455 1,408 47 Country banks 23,342 1,210 1,538 20,594 19,975 17,503 9,658 3,748 3,729 3,030 699 Boston 2,172 103 208 1,861 1,788 1,718 818 176 328 290 39 New York 3,541 83 308 3,150 3,029 2,827 2,268 290 615 532 83 Philadelphia 1,667 13 120 1,534 1,489 1,310 1,117 195 308 250 57 Cleveland 2,015 27 153 1,835 1,790 1,523 1,158 297 376 283 94 Richmond 1,913 209 117 1,586 1,507 1,372 582 355 283 227 56 Atlanta 1,858 217 121 1,520 1,469 1,358 435 340 261 216 44 Chicago 3,051 86 211 2,753 2,695 2,256 1,534 532 510 408 102 St. Louis 1,363 168 56 1,139 1,102 1,007 395 266 204 165 39 Minneapolis 1,000 75 53 872 849 743 456 183 162 131 31 Kansas City 1,564 77 55 1,432 1,413 1,099 214 396 221 167 54 Dallas 1,849 124 73 1,652 1,619 1,275 122 475 250 186 64 San Francisco 1,350 27 63 1,261 1,226 1,016 559 242 212 176 36 Second half of November 1944 All member banks 83,802 11,869 6,259 65,674 61,812 67,956 19,042 5,854 14,724 13,665 1,058 Central reserve city banks New York 23,358 3,937 2,000 17,421 16,303 20,190 1,027 67 4,127 4,100 28 Chicago ,. fc 5,354 1,140 456 3,758 3,514 4,478 633 177 936 934 2 Reserve city banks 31,391 5,541 2,244 23,606 21,709 25,480 7,640 1,812 5,862 5,554 307 Boston 2,058 337 197 1,525 1,431 1,720 129 48 360 352 8 New York 514 26 30 458 431 440 212 18 104 101 3 Philadelphia 2,345 343 170 1,833 1,715 1,986 152 71 419 406 12 Cleveland 4,008 540 317 3,151 2,930 3,292 960 180 760 716 44 Richmond 1,800 356 169 1,275 1,177 1,431 321 105 336 306 30 Atlanta 1,921 533 127 1,260 1,134 1,535 287 136 340 324 16 Chicago 3,929 475 321 3,132 2,936 3,121 1,316 296 739 703 35 St. Louis 1,879 623 134 1,122 990 1,514 233 102 327 317 10 Minneapolis 984 276 93 615 549 760 118 66 164 159 5 Kansas City 2,534 881 127 1,525 1,354 1,953 246 285 451 405 46 Dallas 1,985 544 108 1,333 1,221 1,534 212 235 359 320 39 San Francisco 7,434 606 450 6,378 5,842 6,194 3,454 271 1,504 1,446 58 Country banks 23,699 1,252 1,559 20,888 20,285 17,807 9,741 3,799 3,799 3,077 721 Boston 2,179 109 201 1,869 1,793 1,726 819 181 329 291 38 New York . 3,587 81 309 3,197 3,081 2,883 2,276 286 619 540 79 Philadelphia 1,698 13 150 1,534 1,491 1 1,323 1,119 184 312 252 59 Cleveland 2,042 26 153 1,863 1,815 1,541 1,166 303 386 286 100 Richmond 1,952 220 116 1,616 1,537 1,401 586 367 288 231 57 Atlanta.... 1,879 224 111 1,543 1,493 1,382 439 347 265 220 46 Chicago 3,076 85 214 2,777 2,724 2,282 1,550 534 522 413 109 St. Louis .. 1,383 171 60 1,151 1,117 1,023 398 269 206 167 38 Minneapolis 1,007 79 53 875 853 748 461 186 166 132 33 Kansas City 1,587 79 59 1,449 1,431 1,110 214 407 228 168 60 Dallas 1,885 132 69 1,684 1,654 1,308 123 484 260 191 69 San Francisco 1,424 31 63 1,329 1,295 1,081 589 250 219 187 33 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. 44 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] End of year and i T n o c ta ir l - • Coin and small denomination currency2 Large denomination currency2 Unasmonth c ti u o l n a 1 - Total Coin $13 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 sorted 1933 5,519 4,167 442 402 33 719 1,229 1,342 1,360 364 618 125 237 8 10 1934 5,536 4,292 452 423 32 771 1,288 1,326 1,254 337 577 112 216 5 7 10 1935 5,882 4,518 478 460 33 815 1,373 1,359 1,369 358 627 122 239 7 16 5 1936 6,543 5,021 517 499 35 906 1,563 1,501 1,530 399 707 135 265 7 18 8 1937 6,550 5,015 537 505 33 905 1,560 1,475 1,542 387 710 139 288 6 12 7 1938 6,856 5,147 550 524 34 946 1,611 1,481 1,714 409 770 160 327 17 32 5 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 2 1940 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 4 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942 15,410 11,576 880 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943—January. .. 15,590 11,665 869 773 54 1,678 4,107 4,183 3,928 1,047 1,962 293 592 10 25 3 February.. 16,088 12,065 877 786 56 1,718 4,279 4,349 4,026 1,079 2,013 298 599 11 25 3 March 16,250 12,121 890 791 56 1,713 4,280 4,391 4,129 1,104 2,069 306 616 11 23 1 April 16,660 12,428 904 804 58 1,741 4,39i 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 L,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 L,973 5,194 5,705 5,580 1,481 2,912 407 749 9 22 2 1944—January 20,529 14,817 1,013 880 69 L,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 M Ap a r y il 2 2 1 2 , , 5 1 5 6 2 0 1 1 5 5 , , 3 7 4 3 2 1 1 L . , 0 O 3 5 9 5 8 9 8 0 5 3 7 7 0 2 2 1, , 9 0 6 0 4 3 5 5 , , 3 4 4 9 4 8 6 6 , , 0 1 4 9 0 8 6 6 , , 2 4 1 3 2 1 1 1 , , 6 6 1 6 8 8 3 3 , , 2 3 7 7 0 1 4 4 5 7 6 3 8 8 8 3 7 6 9 9 2 2 3 3 2 1 N A J J O S u u e o u c l n p t v g y o e t e u e b m s m e t r b b e e r r . . . 2 2 2 2 2 2 5 4 3 3 2 2 , , , , , , 0 4 2 7 5 6 1 2 9 9 0 9 9 5 2 4 4 9 1 1 1 1 1 1 7 7 6 5 6 6 , , , , , , 0 4 7 9 0 4 8 6 1 2 3 1 9 1 5 5 4 0 • 1 1 1 1 1 1, , , , , , 1 0 0 0 1 1 4 9 7 6 0 2 4 2 7 5 5 5 9 9 9 9 9 9 4 6 3 1 0 2 8 2 7 0 6 1 7 7 7 7 7 7 6 8 2 3 5 5 2 2 2 2 2 2 , , , , , , 0 0 1 0 0 1 1 7 5 0 1 2 0 8 3 3 6 9 5 5 5 5 5 5 , , , , , , 8 9 5 7 5 7 7 9 4 0 6 8 7 0 4 6 9 9 6 6 6 6 6 7 , , , , , , 5 9 3 1 3 7 5 6 6 2 8 3 7 2 0 6 8 1 6 6 6 7 7 7 , , , , , , 6 8 5 0 3 5 6 8 3 8 8 6 7 4 9 1 1 1 1 1 1 1 1 1 , , , , , , 6 7 8 7 8 9 2 9 8 2 9 4 2 9 0 9 3 6 4 3 3 3 3 3 , , , , , , 6 9 0 4 7 5 4 1 5 5 6 1 2 8 8 6 5 6 4 4 5 5 5 5 8 8 0 3 4 1 7 1 2 2 6 6 9 9 9 9 9 9 1 2 3 1 6 8 2 9 9 1 3 1 1 1 9 9 9 9 0 0 2 2 2 2 2 2 2 2 3 2 2 3 2 2 2 2 2 3 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury destroyed. 3 Paper currency ,only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation1 Money T s N o ta t o 1 a n v 9 l d 4 . i o 4 3 n u 0 g t , - A c g e s a r o s t g s l i i d a e f lv i i c c n a e u a n s r r t t d i e t s y Tr c e a a s 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 s s a e l B h F R a a e n e e g l d k s d e s e e n r r b a t v a s y n e l d No 1 v 9 . 4 4 30, Oc 1 t 9 . 4 3 4 1, No 1 v 9 . 4 3 30, Gold 20,688 18,581 22,107 Gold certificates 18,581 15,713 2,815 53 53 55 Federal Reserve notes 22,038 106 " 732 21,200 20,631 16,205 Treasury currency—total 4,122 31,805 113 242 3,766 3,741 3,658 Standard silver dollars 494 285 95 2 113 111 92 Silver bullion 1,520 1,520 Silver certificates and Treasury notes of 1890 31,805 199 1,604 1,593 1,572 Subsidiary silver coin 772 "10" 12 751 738 662 Minor coin 289 6 3 280 276 251 United States notes 347 20 325 324 324 Federal Reserve Bank notes 575 ?! 6 569 574 627 National bank notes 124 1 124 124 129 Total—November 30 1944 84 20,386 2,327 15,713 3,790 25,019 October 31, 1944 () 20,405 C2,332 3,749 24^425 November 30, 1943 21,779 2,289 3,689 19,918 c Corrected. 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. 37, and seasonally adjusted figures in table on p. 46. 2 Includes $1,800,000,000 Exchange Stabilization Fund, $143,936,342 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); (ill) 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. JANUARY 1945 45 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 i s 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 1 l d ly Period of a s G t t p o o e e c l n r k d i d od I i n n s c t o r g e c o a k l s d e N im et p g o o rt ld g m o c o l r r a d e r : a i k n s e d - e d e- p D ti r c t o o i m o d g n u o e 1 c s ld - - End of year figures* crease (—) 1939 7,598 +742 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 1 0 2 3 4 p2 2 1 1 5 8 0 1 5 , , , , , 3 7 4 1 4 0 3 4 6 1 7 9 2 0 0 P + + + + + 2 5 1 4 4 , , , , , 0 1 4 2 8 3 3 5 2 5 9 4 0 8 8 1 1 1 1 1 9 9 9 9 9 3 3 3 3 3 5 8 7 6 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 8 2 4 1 1 1 1 , , , , , 2 8 1 5 7 0 8 3 0 5 2 7 2 2 1 . . . . . 5 2 5 5 5 1 1 1 1 1 , , , , , 7 1 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 8 3 . . . . . 9 7 6 6 ? Mo fi n g 1 1 t u h 9 9 r 4 e l 4 y s 3 4 * — — a F v D J e a e e b n r c a r u e u g a m a e ry b s ry er o f .. d . a .. il . y . 2 2 2 0 0 0 , , , 4 2 6 2 4 3 8 3 5 2 2 1 0 0 9 , , , 3 6 9 6 3 4 7 5 4 + + + 4 4 2 3 2 6 7 3 8 1 1 1 1 1 9 9 9 9 9 4 4 3 4 4 2 1 9 0 3 . 2 2 2 2 1 2 1 2 1 7 , , , , , 7 9 7 9 6 3 2 9 3 4 7 6 5 8 4 3 4 -7 - , , 3 1 7 1 8 5 3 4 0 8 1 2 1 . . . . . 3 5 2 8 0 3 4, , 7 5 9 (4 4 7 8 ) 4 4 2 . . . 5 2 4 - - - - - 4 5 6 4 8 0 3 4 5 0 7 4 4 8 3 . . . . . 7 7 4 4 6 1 1 1 1 4 6 7 6 2 8 1 0 5 9 . . . . . 3 7 4 2 1 N D J M J A M A O S u u e e o p u c a a n l p c v y r t g r y e o i e t c e u l e m b h m s m e t b b r b e e e r r r 2 2 2 2 2 2 2 2 2 2 0 1 2 5 2 2 3 1 4 4 , , , , , , , , , , 9 3 2 2 5 5 9 8 7 1 1 9 6 2 0 8 2 3 8 1 2 6 4 5 7 0 2 8 8 2 2 2 2 2 2 2 2 2 2 2 1 2 1 1 2 3 3 4 4 4 , , , , , , , , , , 0 9 4 4 6 5 9 1 1 6 2 7 2 0 8 7 5 0 1 6 7 6 5 8 4 2 7 4 2 4 + + + + + + + + + + 2 4 4 3 4 5 4 4 2 5 1 3 5 9 9 5 4 6 7 9 7 2 7 2 2 2 0 8 9 3 1 1 9 9 4 4 3 4 — — J D J M M F A A N J u u e a e u p a a o l n b n y c g r y r v e u i r c e u e l u h a m m s r a t y b b r e y e r r . . . . . . . . . . . 2 2 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 0 0 , , , , , , , , , , 0 7 6 9 9 4 2 1 9 9 6 1 0 1 3 2 6 7 9 2 5 2 0 8 8 9 4 3 6 6 — — - - - - — 1 1 1 - - 1 - 5 1 9 1 2 1 7 6 7 6 2 0 1 9 0 1 0 5 7 9 7 6 . . . . . . . 0 6 . . . 7 7 7 5 1 0 7 6 - - - - - - - 8 4 2 7 4 9 9 - 1 6 7 8 7 0 4 3 6 2 1 . . . . . . . . . 4 0 7 . 6 5 1 1 6 7 5 3 3 2 3 3 2 2 3 2 2 . . . . . . . . . . 6 4 1 4 9 9 9 0 4 8 September... 20,825 -101.2 -27.4 3.0 p Preliminary. October .... 20,727 -98.4 -22.6 2.9 1 For end of year figures, represents change computed on absolute November 20,688 -38.3 5—34.7 >2.9 amounts in first column. NOTE.—For discussion of seasonal adjustment factors and for back Jan.-Nov 20,688 -1,249.4 5-413.5 P32.2 figures on comparable basis see September 1943 BULLETIN, pp. 822-826. Because of an apparent recent change in the seasonal pattern around the year end, adjustment factors have been revised somewhat for dates af- P Preliminary. ^ Figure carried forward. fected, beginning with December 1942; seasonally adjusted figures for 1 Annual figures are estimates of the United States Mint. Monthly money in circulation, as shown in Banking and Monetary Statistics, Table figures are those published in table on p. 87, adjusted to exclude Philippine 111, p. 414, and described on p. 405, are based on an older series of adjust- Islands production received in United States. ment factors. 2 Figures based on rate of $20.67 a fine ounce in January 1934 and $35 a fine ounce thereafter. 3 Includes gold in the Inactive Account amounting to 27 million dollars on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937. The net gold import figures for months subsequent to December 1941 have not been released for publication. 6 Gold held under earmark at Federal Reserve Banks for foreign account amounted to 3,890.9 million dollars on Nov. 30, 1944. NOTE.—For back figures, see Banking and Monetary Statistics, Table 156, pp. 536-538, and for description of statistics see pp. 522-523 in the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of Debits to demand Annual rate of Debits to total deposit accounts except turnover of total deposit accounts turnover of demand interbank accounts deposits except except interbank deposits except interbank and Government interbank and Year and month Government Total, all New 140 other Other New 333 other New 100 other New 100 other re c p e o n r t t e i r n s g Y C o it r y k 1 centers1 r c e e p n o t r e t r i s n 2 g ^ Y C o it r y k re c p e o n r t t e i r n s g Y C o it r y k le c a it d ie in s g Y C o it r y k le c a it d ie in s g 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 — — n o e ld w s s e e ri r e ie s s 3 3 6 6 0 41 7 , , 7 0 7 7 8 1 2 2 2 1 6 0, , 9 8 6 6 1 5 3 3 4 4 7 2 , , 8 4 3 3 7 0 5 67 3 , , 0 6 7 7 4 9 16.1 13.1 200,337 308,913 18.0 18.4 1943 792,937 296,368 419,413 77,155 16.5 11.7 258,398 369,396 20.5 17.4 1943—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 70,389 26,860 36,765 6,764 16.1 10.2 23,827 31,882 21.4 16.2 October r73,864 28,558 38,309 r6,997 16.9 10.2 24,672 r33,498 20.9 r16.0 November 77,715 30,016 40,312 7,387 18.7 11.5 25,464 34,676 21.6 17.2 r Revised. 1 National series for which bank debit figures are available beginning with 1919. 2 Annual figures for 1935-1942 (old series) include 133 centers; annual figures for 1942 (new series) and 1943, and monthly figures, include 193 centers. 3 See p. 717 of August 1943 BULLETIN for description of revision beginning with May 1942; deposits and debits of new series for first four months of 1942 partly estimated. NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported since 1942 for 334 reporting centers; the deposits, from which rates of turnover have been computed, have likewise been reported by most banks and have been estimated for others. Debits to demand deposit accounts, except interbank and United States Government, and the deposits from which rates of turnover have been computed have been reported by member banks in 101 leading cities since 1935; yearly turnover rates in this series differ slightly from those shown in Banking and Monetary Statistics, Table 55, p. 254, due to differences in method of computation. 46 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 dollar si Total End of month c a d o u d T b e u r j a p a o t u r n o s n e t s d i a s k n t d l i e s c e t d s y a c d d o d u e b e u r j p a m a u t r o n n s e s a d i s k n t d n i e s c t e d d s y a d d T e j p o u o t s a s 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 U e S m o p n t v o a e i e t t s n e e r i t d s t n s - „ 2 Total b m a C e n T o r k c i m m s i 3 - a e l 4 dep M s b o a a u s v n i t i t k u n s a s 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 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 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 De<icember.. 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—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 August3* 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 October" 139,400 92,100 116,600 69,300 8,600 38,700 23,400 13,000 2,300 22,800 * Preliminary. J Includes demand deposits, other than interbank and United States Government, less cash items in process of collection. 1 Beginning with December 1938, includes United States Treasurer's time deposits, open account. 3 Excludes interbank time deposits and postal savings redeposited in banks. * Beginning with June 1941, the commercial bank figures exclude and the mutual savings bank figures include three member mutual savings banks. 0 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 fin millions of dollars] Member Nonmember Assets Total, banks banks all End of month D i e to p r o s s ' - Cash U. S s . e G cu o r v i e ti r e n s ment Cash banks ti N o a n - al State su I r n e - d2 in N s o u n re - d bal- in de- reances1 Total posi- serve Number of banks suspended: b t a o n r k y s Total r D ec i- t G a u n a - r- f e u t n c d 2 s 1 1 9 9 3 3 5 4 . . . . . . . 5 34 7 4 1 2 g 2 4 8 8 teed 1936 44 1 40 3 1937 59 4 2 47 6 1938 55 1 1 47 6 1 1 1 9 9 9 3 3 3 4 5 6 — — — D D D e e e c c c 1 1 1 , , , 2 2 2 0 0 6 7 1 0 1 1 1 , , 2 2 2 3 9 3 7 6 7 5 2 1 4 8 4 0 7 5 1,0 8 5 5 5 9 8 3 7 4 8 7 9 6 0 2 7 6 1 1 1 6 4 3 7 7 0 1 9 9 0 8 3 0 1 1 1 9 9 9 3 4 4 9 1 0 . . . ... 4 2 8 2 2 4 4 1 3 2 1 3 5 8 1 3 1 0 L937—Dec 1,270 1,308 131 1,097 931 167 80 1942.. 9 6 3 1 1 9 9 3 3 9 8 — — D D e e c c 1 1 , , 2 2 5 7 2 9 1 1, , 3 2 1 9 9 1 8 5 6 3 1 1 , , 1 1 3 9 2 2 1,0 9 4 6 6 5 1 14 6 6 6 7 7 3 4 1 1 9 9 4 4 3 4 . 4 1 2' 2 1 L940—Dec 1,304 1,348 36 1,224 1,078 146 88 L941—Dec. 1,314 1,396 26 1,274 1,128 146 95 Deposits of suspended banks 1942—Dec. . 1,417 1,464 16 1,345 1,220 126 102 (in thousands of dollars):3 1943—Nov. 1,752 1,812 10 1,678 1,678 125 1 1 9 93 3 4 5 . . 3 1 6 0 , , 9 0 3 1 7 5 5,31 4 3 0 3 1 , , 7 91 6 2 3 34,9 9 8 3 5 9 Dec... 1,788 1,843 10 1,716 1,716 118 1936 11,306 507 10,207 592 1937. 19,723 7,379 "i,'7O8" 10,156 480 1444—Jan 1,833 1,891 9 1,719 1,719 162 1938 13,012 36 211 11,721 1,044 Feb 1,867 1,926 9 1,783 1,783 135 1939. 34,998 1,341 24,629 6,589 2,439 Mar... 1,906 1,964 9 1,823 1,823 132 1940 5,943 256 5,341 346 Apr 1,947 2,008 9 1,870 1,870 129 1941 3,726 3,144 503 79 May 1,994 2,053 9 1,912 1,912 132 1942 1,702 1,375 327 June 2,034 2,095 9 1,951 1,951 135 1943 : . 6,223 4,982 1,241 July 2,084 2,HI 8 2,006 2,006 133 1944 405 405 Aug 2,140 2,202 8 2,050 2,050 143 Sept 2,198 2,262 8 2,110 2,110 143 1 Represents banks which, during the periods shown, closed temporarily Oct ^2,256 or permanently on account of financial difficulties; does not include banks Nov p2,304 whose deposit liabilities were assumed by other banks at the time of closing p 1 2 O I P n r u c e t l l s u i t m d an e i s d n i a w n r g y o . rk p i r n i g n c c ip as a h l, w re it p h r e p s o en st t m ed a s b te y r s c , e 5 rt i p f e ic r a c te e s n t o r f e s d e e r p v o e s f i u t. nd and l ( o in a 2 3 n F D s s o e ) e m . d p e e o r s a i i l n t s s d t o e a f p n o m c s e e i s t m w i b n i e s t r h u r b a t a h n n e c k e a s i b d a e n c o d a f m in F e s e u d o r e p e r e d a r l a n t D o iv n e e m p o e J s m a i n t b . e I r 1 n , s b u 1 a 9 r n a 3 k n 4 s c . e s u C sp o e r n p d o e r d a ti a o r n e miscellaneous working funds with Treasurer of United States, accrued as of dates of suspension, and deposits of noninsured nonmember banks interest on bond investments, and accounts due from late postmasters. are based on the latest data available at the time the suspensions were _ Back figures.—See Banking and Monetary Statistics, p. 519; for descrip- reported. tion, see p. 508 in the same publication. Back figures—See Banking and Monetary Statistics, pp. 283-292; for description, see pp. 281-282 in the same publication. JANUARY 1945 47 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES* LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Number Class of banks, and call dates Total Loans Total G o m U o b v l . e i e g n S r a t n . - - se O cu th ri e ti r es Total* I b n a t n er k - ^ Demand Time of banks tions All banks: 1934—June 30 42,552 21,306 21,246 11,278 9,968 46,435 4,560 19,52 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—June 30 47,625 20,353 27,272 20,095 7,177 67,472 10,948 40,530 15,993 14,305 December 31 50,722 21,711 29,011 21,788 7,223 71,248 10,989 44,316 15,944 14,277 1942—June 30 53,649 20,259 33,390 26,410 6,980 72,311 10,287 46,357 15,667 14,228 December 31 67,391 19,217 48,174 41,373 6,801 89,132 11,318 61,395 16,419 14,136 1943—June 30 76,633 17,660 58,974 52,458 6,516 96,083 10,895 67,554 17,634 14,073 December 31 85,103 19,117 65,986 59,845 6,141 105,923 11,012 75,561 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 31,01 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 42,12r 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 14,77' 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 9,65- 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,""" 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 3,39" 23,833 5,072 1,698 1944—June 30 30,244 6,870 23,373 21,699 1,674 35,690 3,501 26,609 5,580 1,737 * These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Comptroller of the Currency and the Federal Deposit Insurance Corporation for national banks and insured banks respectively. 1 Beginning June 30, 1942, excludes reciprocal bank balances which on that date aggregated 600 million dollars at all member banks and 614 million dollars at all insured commercial banks. 2 Beginning June 30, 1941, member bank figures and insured mutual savings bank figures both include 3 member mutual savings banks with total deposits of 8 million dollars in June 1941, which became members of the Federal Reserve System during 1941. These banks are not included in "commercial banks" and are included only once in "all banks." 3 Decreases in "noninsured nonmember commercial banks" and "all nonmember commercial banks" figures (with corresponding increases in member bank and all insured commercial bank figures) reflect principally the admission to membership in the Federal Reserve System of one large bank with total loans and investments aggregating 472 million dollars on June 30, 1942. 4 Beginning June 30, 1942, includes Bank of North Dakota, a nonmember bank not previously included in these statistics; on Dec. 31, 1941, its deposits, excluding interbank deposits, were 33 million dollars and its loans and investments 26 million dollars. Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. 8 4 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES—Continued LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of banks, and call dates Number Total Loans Total G m U ov e . n e S r t n . - Other Total1 I b n a te n r k - 1 Demand Time of banks obliga- securities tions All nonmember commercial banks: 1934—June 30 5,567 3,177 2,390 895 1,495 5,732 205 2,551 2,976 8,978 1937—June 30 6,733 3,147 3,586 1,874 ,712 7,607 281 3,888 3,438 8,619 1940—June 29 6,697 3,445 3,252 1,831 ,421 8,410 498 4,225 3,687 8,006 1941—June 30 6,973 3,627 3,346 2,018 ,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 ,208 8,91." 316 5,046 3,553 7,584 December 31 8,135 3,132 5,003 3,829 ,174 10,864 318 6,872 3,674 7,460 1943—June 30 9,486 2,840 6,647 5,482 ,165 12,076 343 7,884 3,849 7,373 December 31 10,855 2,832 8,022 6,902 ,120 13,671 457 9,122 4,092 7,299 • 1944—June 30 12,162 2,929 9,232 8,105 ,127 14,870 316 10,100 4,453 7,239 Insured nonmember commercial banks: 1934—June 30 4,513 2,667 1,846 592 ,254 4,821 80 2,037 2,704 7,564 1937—June 30 5,479 2,756 2,723 1,275 ,448 6,334 96 3,010 3,228 7,526 1940—June 29 5,379 3,042 2,337 1,178 ,159 6,689 104 3,161 3,423 7,081 1941—June 30 5,534 3,183 2,350 1,293 ,057 7,104 110 3,595 3,400 6,869 December 31 5,774 3,241 2,533 1,509 ,025 7,702 129 4,215 3,358 6,810 1942—June 30 5,849 2,995 2,854 1,837 ,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 sayings 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 55-1 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/ 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 1,02: 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 1,31 598 719 420 299 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 7,534 7,534 184 1944—June 30 8,489 3,112 5,377 4,752 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 3,698 1,084 8,616 8,616 490 1943—June 30 8,544 3,568 4,97: 4,026 949 8,402 8,402 484 December 31 4,343 1,405 2,937 2,252 685 4,203 4,203 361 1944—June 30 4, " 1,299 3,188 2,556 632 4,233 4,233 352 For footnotes see opposite page. JANUARY 1945 49 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 Rations C an la d s s c o al f l b d a a n te k s s, m in l a e o v n n a e d n t s s s t 1 - Total1 o c c p i l i i n n u e a - g d n l, - - A t c u g a u r l r l - 1 i - - br T s o e o k c - uriti T e 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 c C t a i e f t i r e - - D s irect G a u n a - r- p S o a t c l o a n i a f t t d l e i- s O r s i e t t h c i u e er s mar- ers oth- Bills of in- Notes Bonds teed subp k a e p t er1 d a e n a d l- ers1 de ed b - t- s d i i o v n i s ers ness All insured commercial banks: 1934— une 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— une 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— une 29.... 39,830 17,011 6,502 1,184 464 742 4,281 3,840 22,819 15,900 805 2,699 9,026 3,370 3482 3,436 1941— une 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— une 30.... 52,642 19,920 8,867 1,164 569 620 4,770 3,928 32,722 25,934 1,536 1978 3,732 15,812 2,874 3493 3.295 1943—June 30.... 75,270 17,390 6,887 1,316 1,134 671 4,547 1937 896 57,880 51,534 6,55710,315 5,716 26,286 2,661 3 440 2,907 Dec. 31.... 83,507 18,841 7,777 1,505 1,414 922 4,437 1868 918 64,666 58,683 4,63613218 7,672 30,656 2,501 3 287 2,696 1944—June 30.... 93,936 20,729 7,406 1,474 2,221 2,296 4,364 1862 1,106 73,207 67085 4,7081546611834 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 1851 3,388 1937—June 30.... 32,739 14,285 1,536 2,829 2,505 7,414 18,454 12689 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 18078 1,127 2631 10,481 3,839 2984 2,867 1942—June 30.... 46,800 16,928 8,383 726 554 562 3,501 3,203 29,872 24098 1,509 i872 3 546 14,485 2,685 2934 2,840 1943—June 30.... 67,155 14,823 6,554 854 1,120 603 3,351 1540 801 52,332 46 980 6,278 9418 5251 23,545 2,487 2876 2,476 Dec. 31.... 74,258 16,288 7,421 1,023 1,398 839 3,274 1484 848 57,970 52948 4,36012071 6 906 27,265 2,345 2 729 2,294 1944—Apr. 13. .. 78,027 16,135 61,892 56 771 2 818 2,303 June 30.... 83,587 18,084 7,023 1,023 2,200 2,130 3,207 1467 1,033 65,503 60 339 4,4661422810640 30,118 887 2 834 2,331 New York City:9 1934—June 30 7,666 3,401 938 882 156 1 425 4,265 3 210 607 347 1084 1,015 157 425 630 1937—June 30.... 9,006 4,276 1,295 824 149 2,008 4,730 3 630 543 1426 1,207 454 344 755 1940—June 29.... 9,829 3,014 1^905 6 320 188 137 458 6,815 5486 421 1092 2,650 1,324 634 695 1941—June 30.... 12,493 3,778 2,503 3 422 186 129 536 8,715 7268 577 1526 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 1746 4,572 1,166 623 781 1943—June 30.... 18,982 4,009 2,274 24 955 240 113 264 140 14,974 13887 1,985 2818 1656 6,454 974 484 602 Dec. 31.... 19,994 4,428 2,515 24 1,054 323 107 252 153 15,566 14563 1,328 3409 1829 7,014 984 444 558 1944—Apr. 13 20,805 4,594 16,211 15 175 487 548 June 30.... 22,669 5,479 2J430 64 1,657 "751 93 232 251 17,190 16157 i,258'4 242 2 805 7,650 201 456 577 Chicago:3 1,445 556 60 188 21 889 661 64 59 194 268 76 114 115 1937— une 30.... 1,969 675 51 145 13 465 1,295 1001 30 366 511 94 173 121 1940— une 29.... 2,205 603 '"'432' "'8 23 61 16 62 1,602 1258 254 161 710 134 177 167 1941— une 30.... 2,707 846 630 5 36 55 20 101 1,861 1483 417 125 803 138 190 188 1942— une 30 3 116 906 712 3 29 50 22 90 2,210 1858 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 3417 186 163 June 30.... 5 124 1,064 710 11 102 130 21 49 40 4,060 3 688 367 1038 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 3 535 103 178 148 2,088 19 632 046 1937—June 30.... 11629 4,994 158 l]032 1,164 2,639 6,635 4 902 195 1777 2^295 635 752 '981 1940—June 29... 12160 5,365 2,290 "i76 87 210 1,372 1,230 6,795 4 947 87 839 3,052 969 981 868 1941—June 30.... 14013 6,498 3,081 175 100 198 1,477 1,466 7,515 5700 73 606 3,858 1,162 979 836 1942—June 30.... 16535 6,564 3,318 152 78 177 1,524 1,315 9,971 8 188 579 674 981 5,149 806 925 858 1943—June 30.... 24 677 5,533 2,652 205 107 157 1,465 670 276 19,144 17417 2626 3 529 1828 8,576 857 942 785 Dec. 31.... 27521 6,201 3,058 279 217 267 1,420 658 301 21,321 19682 1802 4 691 2497 9,943 749 913 726 1944—Apr. 13.... 28 676 5,997 22,680 21009 933 737 June 30.... 30943 6,761 2^ 787 '277 "409 "903 1^385 650 350 24,183 22484 1914 5 586 3 893 10,689 402 963 735 Country banks: 1934—une 30.... 8 456 4,172 59 1,039 1,056 2,018 4,283 2007 16 53 446 1,467 25 681 1,595 1937— une 30.... 10 134 4,340 33 828 1,179 2,301 5,794 3 155 52 792 1,676 635 880 1,759 1940— une 29.... 10257 4,987 1^361 546 17 208 1,544 1,311 5,270 3030 36 451 1,849 695 1,097 1,144 1941— une 30.... 11446 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— une 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— une 30.... 19 164 4,497 1,017 623 17 164 1,750 555 371 14,667 12509 1 194 2 276 1368 7,091 581 1,241 917 Dec. 31... 22 188 4,654 1,084 713 25 197 1,725 528 381 17,534 15465 1032 3 094 2096 8,705 538 1,214 855 1944—Apr. 13 23819 4,582 19,238 17170 ,212 855 June 30.... 24850 4,780 1,096 671 33 345 1,708 536 392 20,071 18009 926 3 362 3 355 10J114 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.... 5479 2,756 30 321 1,078 1,329 2,723 1,275 6 276 697 296 534 914 1940—June 29 5379 3,042 ""'512' '448 17 74 1,212 778 2,337 1,178 8 156 765 249 595 563 1941—June 30.... 5534 3,183 534 429 18 68 1,267 865 2,350 1,293 8 127 918 241 568 489 1942—June 30.... 5849 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 N2,744 174 565 431 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.... 10360 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. 5° FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Interbank C an la d s s c a o l f l b d a a n te k s s, f s B s e w e e R d R a r r e i e n v e v t - r - k h e e a s s l v C a a in u sh lt b m 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 d a s t e e - n e - i - t d d s 5 m D es o d t - i e c p 4 osi F e ts i o g r n r m U G er e . o n n v S - t - . v s S o i u a s l t n b i a i t o d d t i e c n i s - a s l C h c e o f a e e t e i f n c e c r f r . i d d s k t - i ' s - n a i p s t I d i d r h n o o t u i d r n n c p a a i e s o s - - l r , s r - - , b in a t n e k r- P m U G i S e o a n r a e s . o n g n S v t n v d s a - . - t - l p s t i i a u o a s c n i b t l a o i e d d l t n s - i s - p a v s n a i p I t h d d r o i n t i u o r n p d c a n a s e i o l s - - , r s r - - , r i B n o o g w r s - - c C o t a a u a c l p n - i t - s All insured commercial banks: 1934—June 30... 3,819 623 3,661 16,211 4,144 156 1,708 2,024 400 14,881 134 661 384 11,340 79 6,244 1937—June 30.... 6,897 844 4,495 24,340 5,379 618 651 3,165 802 22,623 149 132 346 13,929 35 6,395 1940—June 29.. .. 13,751 984 7,538 30,944 8,937 699 756 3,098 521 28,897 159 74 502 14,775 14 6,606 1941—June 30.... 12,959 1,242 8,296 36,167 9,700 682 666 3,534 792 34,328 163 65 475 15,203 11 6,772 1942—June 30.... 12,295 1,290 8,102 41,216 9,200 748 1,771 3,865 766 39,262 128 56 471 14,883 12 6,943 1943—June 30,... 12,092 1,448 8,431 55,271 9,768 834 7,699 4,261 1,132 53,416 78 74 412 16,887 24 7,228 Dec. 31.... 12,834 1,445 8,445 59,921 9,743 893 9,950 4,352 1,669 58,338 68 124 395 18,561 46 7,453 1944—June 30.... 12,812 1,464 8,776 59,197 0,030 940 8,757 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 1,468 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 7,634 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 "*5 26 816 29 1,862 1944—Apr. 13 ... 3,530 111 57 13,989 2,792 855 4,026 201 396 14,482 6 6 23 846 68 1,891 June 30.... 3,455 85 60 13,254 3,105 852 6,150 213 722 13,740 11 7 17 861 64 1,907 Chicago:3 1934—une 30 436 40 162 1,077 391 2 47 174 15 944 1 1 361 228 1937—une 30.... 596 27 156 1,509 536 6 41 208 22 1,409 452 245 1940—une 29.... 1,187 39 242 1,898 949 7 79 199 17 1,782 5 15 489 260 1941— une 30.... 1,062 41 262 2,205 1,010 8 95 213 33 2,109 5 17 480 279 1942—une 30.... 973 43 220 2,379 1,028 10 201 226 24 2,292 460 293 1943— une 30 786 39 173 3,002 1,032 13 506 202 36 2,981 2 477 312 Dec. 31 821 38 158 3,050 972 14 713 174 44 3,097 2 1 505 326 1944_Apr. 13 796 40 182 3,019 1,011 14 866 155 30 3,088 514 329 June 30.... 811 41 179 3,070 1,090 15 1,105 218 41 3,040 1 543 343 Reserve city banks: 1934—June 30.... 1,197 154 1,397 4,593 1,785 16 635 526 117 4,361 106 259 234 3,366 3 1,633 1937—June 30.... 2,215 212 1,392 7,132 2,339 33 212 934 163 6,840 110 35 190 4,140 2 1,723 1940—June 29.... 3,759 334 2,679 8,774 3,526 41 422 956 147 8,372 109 18 219 4,422 1,873 1941—June 30... 4,125 385 2,793 10,480 4,000 53 341 1,139 209 10,142 109 19 211 4,590 1,940 1942—June 30.... 4,254 357 2,279 12,515 4,052 55 422 1,304 218 12,199 84 18 239 4,454 1,985 1943—June 30.... 4,848 395 1,892 17,403 4,749 71 2,383 1,452 333 17,276 49 31 172 5,265 2,071 Dec. 31.... 5,116 391 1,758 18,654 4,770 63 3,373 1,448 475 18,790 41 56 151 5,902 2,135 1944—Apr. 13 ... 4,998 442 1,784 18,996 4,531 62 3,975 1,496 344 18,879 39 55 167 6,237 '4" 2,186 June 30... 5,109 399 1,922 18,405 4,757 65 6,453 1,464 384 18,367 37 45 158 6,567 2,207 Country banks: 1934—June 30.... 769 215 1,104 3,792 303 1 174 731 85 3,150 15 256 87 4,388 36 1,612 1937—June 30... 1,337 330 1,554 6,027 409 2 69 ,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 ,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 ,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 ,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 ,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 L.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 L,743 314 15,609 15 52 157 8,477 11 2,239 Insured nonmember commercial banks: 1934—June 30 150 901 1,949 74 2 50 426 29 1,532 4 76 51 2,576 39 1,139 1937—June 30 214 1,288 2,939 81 3 23 586 51 2,350 11 32 54 3,112 18 1,057 1940—June 29.... 194 1,788 3,066 84 3 45 570 46 2,500 17 15 92 3,316 10 998 1941—June 30 242 2,004 3,488 90 1 47 594 54 2,900 18 10 77 3,312 8 973 1942—June 30... 268 2,333 4,250 89 2 47 635 55 3,616 14 7 71 3,218 6 952 1943—June 30 307 2,853 6,314 120 2 463 740 83 5,554 7 4 71 3,514 6 977 Dec. 31. ... 313 2,996 7,279 141 2 506 750 96 6,518 6 4 68 3,750 6 979 1944—June 30.... 322 2,978 7,368 126 3 1,124 764 90 6,595 5 4 74 4,094 9 1,015 4 Beginning June 30, 1942, excludes reciprocal bank balances, which on that date aggregated 600 million dollars at all member banks and 614 million dollars at all insured commercial banks. 6 Demand deposits other than interbank and U. S. Government less cash items reported as in process of collection. For other footnotes, see opposite page. Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103, and 108-113. JANUARY 1945 51 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans Investments iU. S. Government obligations For purchasing Com- or carrying securities Total mer- Date or month i m n lo a v e n a e n n d s t s t s - Total in t c a r d i i n a u a d l s l , , - a T n o d b d r e o a k l e e r r s s To others R e l s o e t a a a n l t - s e L aa o t n o a k n s s O lo t a h n e s r Total Total Bills o c C t f a i e f t i i e r - n - s - Notes Bonds G a u n a - r- O r s i e t t c h ie u e s - r agri- U.S. Other U.S. Other debt- teed cul- Govt. se- Govt. se- edtural ob- curi- ob- curi- ness liga- ties liga- ties tions tions Total—101 Cities 1943—Nov 52,036 11,440 6,442 1,589 824 1,127 78 1,380 40,596 37,759 4,208 9,201 4,897 17,6381,815 2,837 1944—July 56,960 12,085 6,058 1,075 641 1,467 337 1,070 94 1,343 44,875 41,962 3,72511,020 7,433 19,161 623 2,913 Aug 56,286 11,228 6,004 763 605 1,071 343 1,070 60 1,312 45,058 42,111 3,53311,023 7,449 19,501 605 2,947 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 Nov 54,168 11,397 6,287 1,069 759 494 336 1,060 72 1,320 42,771 39,890 1,752 10,234 7,315 19,993 596 2,881 Oct. 4 54,436 10,999 6,091 838 719 592 331 1,061 38 1,329 43,437 40,506 2,36810,641 7,352 19,563 582 2,931 Oct. 11 54,087 11,047 6,110 852 727 575 328 1,063 66 1,326 43,040 40,130 2,127 10,536 7,333 19,538 596 2,910 Oct. 18 54,079 10,980 6,136 848 684 546 330 1,062 55 1,319 43,099 40,197 2,269 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 2,20210,370 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 Nov. 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 Nov. 29. ... 55,093 11,665 6,274 1,421 697 505 331 1,061 64 1,312 43,428 40,514 1,768 10,384 7,418 20,350 594 2,914 Dec. 6 58,603 12,603 6,382 1,430 718 1,286 332 1,059 76 1,320 46,000 43,066 2,145 10,347 8,979 20,983 612 2,934 Dec. 13 59,524 13,029 6,420 1,480 714 1,603 336 1,058 99 1,319 46,495 43,551 2,30110,325 9,133 21,178 614 2,944 Dec. 20 59,881 13,145 6,494 1,451 715 1,663 344 1,055 82 1,341 46,736 43,786 2,233 10,270 9,274 21,391 618 2,950 Dec. 27 59,737 12,986 6,518 1,431 706 1,526 353 1,058 59 1,335 46,751 43,803 2,428 10,099 9,250 21,412 614 2,948 New York City 1943—Nov 19,216 4,538 2,417 728 497 457 94 50 295 14,678 13,796 1,405 3,315 1,744 6,376 956 882 1944—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 Nov 19,288 4,637 2,366 885 572 200 139 74 53 348 14,651 13,695 310 3,356 2,696 7,185 148 956 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 Nov. 29. .. 19,694 4,863 2,357 1,186 530 196 133 74 42 345 14,831 13,865 153 3,398 2,734 7,432 148 966 Dec. 6. . 21,194 5,223 2,406 1,120 541 554 135 74 47 346 15,971 15,004 327 3,552 3,199 7,764 162 967 Dec. 13 ... 21,665 5,541 2,413 1,172 546 796 134 72 67 341 16,124 15,153 422 3,503 3,280 7,783 165 971 Dec. 20 21,821 5,530 2,437 1,132 532 812 137 72 58 350 16,291 15,314 483 3,501 3,377 7,789 164 977 Dec. 27... 21,724 5,521 2,464 1,154 530 783 146 71 38 335 16,203 15,223 525 3,368 3,382 7,785 163 980 Outside New York City 1943—Nov 32,820 6,902 4,025 364 367 1,033 28 1,085 25,918 23,963 2,803 5,886 3,153 11,262 859 1,955 1944—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 Nov 34,880 6,760 3,921 184 187 294 197 986 19 972 28,120 26,195 1,442 6,878 4,619 12,808 448 1,925 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 Nov. 29 35,399 6,802 3,917 235 167 309 198 987 22 967 28,597 26,649 1,615 6,986 4,684 12,918 446 1,948 Dec. 6.... 37,409 7,380 3,976 310 177 732 197 985 29 974 30,029 28,062 1,818 6,795 5,780 13,219 450 1,967 Dec. 13.... 37,859 7,488 4,007 308 168 807 202 986 32 978 30,371 28,398 1,879 6,822 5,853 13,395 449 1,973 Dec. 20.... 38,060 7,615 4,057 319 183 851 207 983 24 991 30,445 28,472 1,750 6,769 5,897 13,602 454 1,973 Dec. 27.... 38,013 7,465 4,054 277 176 743 207 987 21 1,000 30,548 28,580 1,903 6,731 5,868 13,627 451 1,968 Back figures.—See Banking and Monetary Statistics, pp. 127-227. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS-NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic Date or month B s w F e e R a e r i r n a e t d v h k l - - e s v C a i a n u s l h t m b a w a n d e n i c o s t k e t - h i s s c j m p u a o d s a d s e t n e i - - t d d s 1 s p u p v n c h a o a a e i o n i d l r r p r r d s a t - - - s - , - , S p s d s a i t o i u c a i n o v l a t b d n i e i l t - s - - s c C c h o a e f e e e f i n t f e r r c c i d t s d - k . i ' - s m U G e e r . o n n S v - t . - s p p u v h n a c o a a n i i e o r r d p l r d r a t s - - s - - , - , S p s d s a t i i o u i c a o n v l a t b n d i e i l t - - s s - P U m G S o a e in a s o n e . r g n S v t n d v a s - - . t - l m D a e n b - d ank T s ime b F e a i o n g r k n - s B i r n o o g w r s - - co C i a u t c a a n - l p ts - B d i e a t b s n 2 - k tions tions Total 101 Cities 1943—Nov. 8s509 548 2,230 32,416 32,706 1,757 710 10,998 5.889 118 61 8,747 45 785 56 4,218 51,497 1944—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 58,170 Nov 9,861 590 2,170 38,268 38,637 1,963 876 5,230 7,464 118 46 9,409 38 868 398 4,524 60,140 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 1,9541,067 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 Nov. 29..... 10,073 642 2,210 38,539 38,823 2,039 888 5,757 7,450 116 45 9,650 38 880 562 4,525 14,356 Dec. 6 9,517 613 2,262 35,824 35,965 1,804 760 11,743 7,444 114 45 9,603 36 879 365 4,542 20,906 Dec. 13 9,448 661 2,318 35,867 36,535 1,761 812 12,780 7,461 113 45 9,603 37 890 217 4,529 14,689 Dec. 20 9,285 655 2,279 35,104 35,513 1,7011,126 13,653 7,486 113 45 9,561 33 873 234 4,534 18,037 Dec. 27 9,328 657 2,295 35,042 35,675 1,7001,004 13,791 7,501 112 45 9,433 34 891 151 4,522 13,229 New York City 1943—Nov 3,115 93 26 11,917 12,257 254 402 4,639 710 23 5 2,742 1 709 40 1,649 20,759 1944—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 Nov. 3,661 96 30 14,293 14,673 282 483 2,003 903 17 7 2,947 1 785 274 1,768 25,464 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 Nov. 29 3,753 107 27 14,475 14,832 286 492 2,065 889 17 7 3,077 1 796 408 1,764 5,996 Dec. 6 3,382 102 23 12,983 13,294 215 400 4,935 884 17 7 2,961 1 798 287 1,773 9,814 Dec. 13 3,352 110 30 12,932 13,443 216 414 5,575 887 17 7 2,953 1 799 154 1,768 6,436 Dec. 20 3,300 108 27 12,658 13,050 195 702 5,884 889 18 7 3,000 1 789 166 1,770 7,961 Dec. 27 3,335 108 30 12,663 13,174 181 605 5,919 876 17 7 2,937 1 804 122 1,762 5,802 Outside New York City 1943—Nov 5,394 455 2,204 20,499 20,449 1,503 308 6,359 5,179 95 56 6,005 44 76 16 2,569 30,738 1944—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 33,498 Nov 6,200 494 2,140 23,975 23,964 1,681 393 3,227 6,561 101 39 6,462 37 83 124 2,756 34,676 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 2,750 8*, 915 Nov. 8 6,086 487 2,071 23,622 23,598 1,648 358 3,176 6,567 99 39 6,358 36 85 119 2,756 6,838 Nov. 15 6,216 483 2,209 24,002 24,316 1,653 372 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 2,796 6,556 100 38 6,488 38 83 178 2,758 8,521 Nov. 29 6,320 535 2,183 24,064 23,991 1,753 396 3,692 6,561 99 38 6,573 37 84 154 2,761 8,360 Dec. 6... . 6,135 511 2,239 22,841 22,671 1,589 360 6,808 6,560 97 38 6,642 35 81 78 2,769 11,092 Dec. 13 6,096 551 2,289 22,935 23,092 1,545 398 7,205 6,574 96 38 6,650 36 91 63 2,761 8,253 Dec. 20. . .. 5,985 547 2,252 22,446 22,463 1,506 424 7,769 6,597 95 38 6,561 32 84 68 2,764 10,076 Dec. 27.. 5,993 549 2,2o5 22,379 22,501 1,519 399 7,872 6,625 95 38 6,496 33 87 29 2,760 7,427 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 2 Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts. JANUARY 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [ In millions of dollars ] Loans Investments Total Com- For pu in rc g h s a e s c in u g ri t o ie r s carry- U. S. Government obligations loans merd F i e s d tr e i r c a t l a R n e d s d er a v te e m v a e i e n n n s d - t t - s Total t c d a r i u i n i n a s a d - - l l , , U T an . o S d . b d ro ea k l e e r r s s U T .S o . others e R lo s e t a a a n t l s e - L ba o t n o a k n s s O lo t a h n e s r Total Total Bills C c e i a o n r t 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 rities ness tions Boston Nov. 29 2,858 681 411 53 17 6 16 64 6 108 2,177 2,112 133 618 266 1,083 12 65 Dec. 6 3,091 711 425 18 15 16 64 3 114 2,380 2,317 207 611 383 1,103 13 63 Dec. 13 3,133 711 430 18 18 16 64 4 113 2,422 2,360 206 647 387 1,108 12 62 Dec. 20 3,209 723 428 18 25 16 64 4 117 2,486 2,426 239 668 392 1,115 12 60 Dec. 27 3,172 693 424 29 22 18 16 64 5 115 2,479 2,420 237 668 387 1,116 12 59 New York* Nov. 29 21,605 5,198 2,505 1,193 534 215 155 149 43 404 16,407 15,364 208 3,708 3,028 8,244 176 ,043 Dec. 6 23,174 5,585 2,562 1,130 545 590 157 149 47 405 17,589 16,546 368 3,851 3,548 8,589 190 ,043 Dec. 13 23,663 5,904 2,572 1,180 549 832 157 147 67 400 17,759 16,712 473 3,796 3,638 8,612 193 ,047 Dec. 20 23,856 5,897 2,597 1,139 536 849 160 147 58 411 17,959 16,906 535 3,823 3,728 8,628 192 ,053 Dec. 27 23,748 5,883 2,624 1,155 536 819 169 146 38 396 17,865 16,809 579 3,688 3,730 8,621 191 ,056 Philadelphia Nov. 29 2,322 444 236 34 3 39 10 102 1,878 1,720 143 326 216 973 62 158 Dec. 6 2,410 459 238 38 7 38 15 103 1,951 1,796 138 332 278 986 62 155 Dec. 13 2,455 464 243 13 34 7 38 17 103 1,991 1,837 164 335 279 997 62 154 Dec. 20 2,461 475 246 36 22 38 10 106 1,986 1,833 138 311 287 1,035 62 153 Dec. 27 2,432 447 241 34 9 37 5 108 1,985 1,833 150 291 290 1,040 62 152 Cleveland Nov. 29 4,505 842 402 23 65 163 121 3,663 3,421 194 892 529 1,763 43 242 Dec. 6 4,699 940 417 23 124 163 120 3,759 3,520 211 841 641 1,784 43 239 Dec. 13 4,722 941 419 20 129 162 120 3,781 3,542 210 844 637 1,808 43 239 Dec. 20 4,733 960 422 20 142 161 124 3,773 3,535 208 830 633 1,820 44 238 Dec. 27 4,744 975 421 22 144 161 126 3,769 3,532 212 816 632 1,828 44 237 Richmond Nov. 29 1,767 300 140 5 33 48 58 1,467 1,413 80 327 240 750 16 54 Dec. 6 1,924 347 141 5 77 48 58 1,577 ,523 103 311 301 792 16 54 Dec. 13 ',968 359 144 5 85 48 59 1,609 ,55: 122 313 305 799 16 54 Dec. 20 ,979 358 146 5 81 48 59 1,621 ,567 122 308 314 807 16 54 Dec. 27 ,974 345 146 5 68 48 59 1,629 ,575 122 306 315 816 16 54 Atlanta Nov. 29 ,717 330 203 5 25 24 64 1,387 ,264 43 309 556 19 123 Dec. 6 ,771 354 209 1 6 43 24 63 1,417 ,294 46 369 572 19 123 Dec. 13 1,792 361 211 1 6 45 24 65 1,431 ,308 59 263 372 595 19 123 Dec. 20 1,800 366 214 2 6 45 24 66 1,434 1,312 51 267 373 601 20 122 Dec. 27 1,808 364 214 1 6 44 24 67 1,444 1,322 56 265 373 609 19 122 Chicago* Nov. 29 8,401 1,528 1,019 89 46 67 131 127 6,873 6,352 382 1,090 3,005 75 521 Dec. 6 9,033 1,700 1,026 106 220 130 123 7,333 6,809 402 1,364 3,083 76 524 Dec. 13 9,112 1,732 1,017 112 256 130 122 7,380 6,856 355 ,890 1,384 3,151 76 524 Dec. 20 9,049 1,778 1,030 116 271 130 119 7,271 6,743 281 ,802 1,399 3,185 76 528 Dec. 27 9,076 1,696 1,023 218 133 120 7,380 6,851 434 ,798 1,383 3,161 75 529 St. Louis Nov. 29 1,762 436 255 17 66 79 1,326 1,215 63 345 23 550 20 111 Dec. 6 1,833 458 256 35 65 83 1,375 1,263 73 315 296 559 20 112 Dec. 13 1,861 473 259 41 66 86 1,388 1,275 72 314 305 564 20 113 Dec. 20 1,855 476 266 38 65 85 1,379 1,267 58 308 320 561 20 112 Dec. 27 1,845 473 267 33 66 87 1,372 1,259 52 306 320 561 20 113 Minneapolis Nov. 29 1,064 202 119 7 23 46 862 790 2 153 407 11 72 Dec. 6 1,173 243 118 42 23 46 930 842 27 194 196 413 12 88 Dec. 13 1,191 24. 120 44 23 43 946 85' 39 193 201 413 11 89 Dec. 20 1,195 248 121 42 23 48 947 865 34 189 203 428 11 82 Dec. 27 1,196 236 120 32 23 49 960 879 45 192 205 426 11 81 Kansas City Nov. 29 1,897 350 225 17 37 60 1,547 ,423 80 394 289 623 37 124 Dec. 6 1,967 364 226 27 37 61 1,603 ,478 93 341 370 637 37 125 Dec. 13 1,989 367 228 27 37 62 1,622 ,498 110 339 373 639 37 124 Dec. 20 2,001 368 231 26 37 61 1,633 ,508 118 341 367 646 36 125 Dec. 27 1,985 362 229 24 37 60 1,623 ,499 112 342 358 652 35 124 Dallas Nov. 29 1,588 375 260 24 21 49 1,213 ,168 75 364 221 488 20 45 Dec. 6 1,660 402 265 46 21 49 1,258 ,213 85 324 275 509 20 45 J)ec. 13 1,668 413 270 51 22 50 1,255 ,210 85 323 273 509 20 45 T)ec. 20 1,671 412 272 47 21 50 1,259 ,214 319 261 526 20 45 Dec. 27 1,681 412 272 44 22 50 1,269 1,225 325 257 531 20 44 San Francisco Nov. 29 5,607 97' 499 26 296 94 4,628 4,272 359 1,062 1,908 103 356 Dec. 6 5,868 1,040 499 60 297 95 4,828 4,465 392 1,055 958 1,956 104 363 Dec. 13 5,970 1,059 507 68 297 96 4,911 4,541 406 1,068 979 1,983 105 370 Dec. 20 6,072 1,084 521 22 75 297 95 4,988 4,610 361 1,104 997 2,039 109 378 Dec. 27 6,076 1,100 537. 73 297 98 4,976 4,599 337 1,102 1,000 2,051 109 377 City of Chicago* Nov. 29 5,038 1,069 766 38 23 74 3,969 3,627 268 963 608 1,758 30 342 D D D D e e e e c c c c . . . . 2 1 2 6 0 3 7 5 5 5 5 , , , , 5 5 5 5 1 7 3 6 5 4 3 0 1 1 1 1 , , , , 1 2 1 2 7 4 6 0 9 2 9 8 7 7 7 7 7 6 7 7 0 3 3 0 1 1 9 0 0 9 9 6 1 1 1 1 3 6 6 2 1 7 3 1 2 2 2 2 3 5 3 2 7 7 7 7 4 2 2 2 4 4 4 4 , , , , 3 3 3 3 3 6 6 1 6 4 6 8 3 4 4 3 , , , , 9 0 0 9 9 1 7 2 5 2 3 0 3 2 2 2 0 9 7 2 2 6 7 5 1 1 1 1 , , , , 0 0 1 0 9 7 0 7 9 5 4 4 7 8 7 7 7 1 9 8 7 2 6 9 1 1 1 1 , , , , 7 8 8 8 8 1 2 1 9 5 8 8 3 3 3 3 1 1 1 1 3 3 3 3 4 4 4 4 4 9 3 8 * 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 —Yo r'k and Chicaggoo DDiissttrrikcts, as shown in this table, include New York City and Chicago> respectively. 54 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 n c o s t e - k t h i s s c p m u 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 t a i d 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 k d . - i ' s - U m G er e . o n S n v - . t - s p u p v h n c a a a o o i i 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 u a c n o v l b t a d n i i e - l t - s s - P U m G S i e o a n a r . o e s n g n S v v t n d s a - . - - t l m D a e n b - d ank T s ime D e F i a o g n r n k - s r B i o n o w g r s - - c i C a t u c a a n - l p t - s d B i e t a s b n 2 - k tions tions Boston (6 cities) Nov. 29 500 62 123 2,211 2,188 132 43 370 332 3 340 17 24 271 754 Dec. 6 459 61 121 2,050 2,016 128 31 772 333 3 302 17 9 271 1,189 Dec 13 448 68 125 2,032 2^020 121 31 846 334 3 283 25 7 271 726 Dec. 20 428 67 126 2,036 2,012 115 36 895 £5 3 287 17 7 269 867 Dec. 27 447 67 124 2,010 1,992 113 35 907 336 3 284 18 5 264 618 New York (8 cities)* Nov. 29 4,004 145 113 15,869 16,047 515 525 2,224 1,405 19 10 3,140 7 798 443 1,909 6,390 Dec. 6 3,637 139 106 14,290 14,445 408 427 5,264 1,399 18 10 3,024 6 800 313 1,918 0,320 Dec. 13 3,589 149 133 14,256 14,630 412 441 5,914 1,403 18 10 3,015 6 801 174 1,914 6,797 Dec. 20 3,553 148 121 13,987 14,200 390 752 6,262 1,410 19 10 3,063 3 791 180 1,916 8,460 Dec. 27 3,584 145 126 13,971 14,336 383 632 6,301 1,399 19 10 3,003 3 806 132 1,907 6,158 Philadelphia (4 cities) Nov. 29 441 34 80 1 826 1,884 72 26 279 184 2 1 368 9 8 235 619 Dec. 6 405 33 82 1,708 l|747 47 20 465 185 2 1 357 8 4 235 959 Dec 13 412 36 88 1 741 1,813 44 23 489 185 2 1 363 8 2 235 572 Dec. 20 410 36 92 1,694 1^753 44 21 541 184 2 1 357 9 6 234 866 Dec. 27 395 35 82 1,632 1,725 38 16 552 185 2 1 356 9 3 234 570 Cleveland (10 cities) Nov. 29 783 84 209 3,115 3,180 124 49 468 990 48 543 8 4 8 449 988 Dec 6 754 81 208 2,982 3 019 111 40 764 992 47 545 8 3 1 449 1,189 Dec. 13 734 87 218 2,976 3^055 115 41 794 994 46 538 8 3 3 450 916 Dec. 20 714 88 202 2,874 2,945 109 45 851 997 46 544 8 3 7 450 1,169 Dec 27 723 83 211 2,906 2,988 107 44 849 1,002 44 544 8 3 1 450 839 Richmond (12 cities) Nov 29 347 40 156 1 204 1,201 95 21 229 277 2 7 445 5 2 2 117 445 Dec. 6 335 39 206 1,150 l'l48 101 22 469 276 2 7 462 5 2 117 567 Dec. 13 337 42 185 1,173 1,180 78 21 487 276 2 7 450 5 2 117 407 Dec. 20 309 42 180 1,138 1,146 70 24 517 276 2 7 434 5 2 118 468 Dec. 27 326 43 185 1,154 1,173 73 27 518 277 2 7 432 5 2 "l 118 333 Atlanta (8 cities) Nov 29 326 30 140 1,146 1,098 154 11 152 318 2 3 489 5 6 115 365 Dec. 6 325 28 147 1 102 1060 144 10 227 318 2 3 520 4 2 117 439 Dec. 13 324 30 172 1,126 i; 102 143 11 245 318 2 3 528 1 5 115 388 Dec. 20 332 31 152 1,115 1,080 144 14 259 319 2 3 519 5 114 460 Dec. 27 322 31 143 1,110 1,072 145 11 263 321 3 3 506 5 115 350 Chicago (12 cities)* Nov. 29 1,497 111 393 5,849 5,763 440 68 884 1,493 5 4 1,619 5 17 32 532 2,166 Dec. 6 1 456 105 394 5,541 5 437 387 62 1,795 1 490 5 4 1,624 5 17 11 534 3,102 Dec. 13 1,438 111 401 5,538 5^514 385 81 1,868 1,492 5 4 1,631 5 18 4 532 2,291 Dec. 20 1,436 110 400 5,289 5,271 344 76 2,028 1,501 5 4 1,610 5 18 15 534 2,819 Dec. 27 1,395 112 421 5,300 5,281 355 79 2,048 1,505 5 4 1,597 5 18 3 536 2,012 St. Louis (5 cities) Nov. 29 331 23 126 1,063 1,120 65 15 184 270 4 590 1 18 122 407 Dec 6 319 22 125 1,007 1 040 70 13 286 268 4 607 1 17 122 503 Dec. 13 317 23 120 1,013 1^070 68 12 296 269 4 607 1 22 122 387 Dec 20 309 24 120 994 1,044 67 17 308 270 4 599 1 19 122 468 Dec. 27 318 23 120 994 1 ^ 063 66 12 317 271 4 601 2 6 122 342 Minneapolis (8 cities) Nov. 29 184 12 99 665 648 82 14 154 163 290 2 15 79 274 Dec. 6 178 11 105 626 605 80 9 303 163 301 2 1 79 341 Dec. 13 178 12 102 636 625 72 10 317 164 293 2 79 246 Dec. 20 174 12 92 617 601 72 12 335 164 283 2 79 273 Dec. 27 179 12 101 634 616 72 11 337 165 277 2 79 201 Kansas City (12 cities) Nov. 29 422 25 290 1,276 1,299 113 21 181 221 1 3 824 5 6 133 451 Dec. 6 419 23 289 1,209 1,239 107 17 288 222 1 3 846 5 7 133 558 Dec. 13 422 26 305 1,257 1,286 107 20 292 222 1 3 839 5 5 133 426 Dec. 20 405 25 299 1,223 1,258 115 18 309 222 1 3 846 5 134 548 Dec. 27 410 26 307 1,225 1,262 113 19 314 223 1 3 837 6 134 421 Dallas (9 cities) Nov. 29 343 25 227 1,186 1,208 69 19 163 196 11 3 537 2 110 362 Dec. 6 338 24 224 1,145 1,153 64 22 260 195 11 3 542 2 113 385 Dec. 13 353 26 224 1,138 1,168 62 21 27 196 11 3 558 2 112 339 Dec. 20 336 24 237 1,120 1,155 58 23 30 197 11 3 539 2 113 444 Dec. 27 . 348 27 228 1,140 1,151 62 27 310 197 11 3 533 2 112 320 San Francisco (7 cities) Nov. 29 895 51 254 3,12 3,187 178 76 46 1,601 26 7 465 8 23 453 1,135 Dec. 6 892 47 255 3,01 3,056 157 87 85 1,603 26 7 473 S 7 23 454 1,354 Dec. 13 896 51 245 2,98 3,072 154 100 95 1,608 26 7 498 7 23 449 1,194 Dec. 20 879 48 258 3,01 3,048 173 88 1,04 1,611 25 7 480 7 23 451 1,195 Dec. 27 881 53 247 2,96 3,016 173 91 1,07 1,620 25 7 463 7 24 451 1,065 City of Chicago* j Nov. 29 927 45 180 3,49 3,530 203 32 56 629 1,152 1... . 14 349 1,364 Dec. 6 911 44 181 3,29 3,295 190 27 1,206 627 1,165 15 350 2,041 Dec. 13 905 46 187 3,29 3,358 182 43 1,264 628 1,168 16 349 1,427 Dec. 20 883 46 183 3,16 3,202 161 34 1.36C 630 1,144 16 349 1,726 Dec. 27 866 48 197 3,12 3,184 164 38 1,371 631 1,143 16 35 1,232 * See note on preceding page. 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 2 Debits to demand deposit accounts except in interbank and U. S. Government accounts. JANUARY 1945 55 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 st T a o n o u d t t a i - n l g Accepting banks Others2 Im in p t o o rts Ex fr p o o m rts Dollar G s o h o i d p s p p o e s d i t n o t b r s e e i d t n w i e n e n or Own Bills United United exchange Total bills bought States States United Foreign States countries 1943—August 156 130 94 59 36 36 77 10 0 33 11 September 170 117 84 50 33 33 69 7 (!) 30 11 October 188 115 48 39 27 67 9 (3) 29 10 November 203 111 53 35 23 59 11 8 31 9 December 202 117 90 52 38 27 66 11 30 9 3 1944—January 209 120 94 55 38 27 71 12 () 29 9 February 214 135 106 57 49 29 83 12 (!) 32 8 March 195 129 100 52 48 30 79 12 (!) 31 7 April 172 126 96 51 45 29 77 12 (!) 30 7 May 151 113 90 49 41 24 71 10 (!) 28 4 June 137 112 87 44 43 25 74 11 0 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 (8) 19 3 October 142 115 85 40 45 30 79 13 () 21 2 November 167 115 84 44 40 32 74 14 (3) 24 4 1 As reported by dealers; includes some finance company paper sold in open market. 2 None held by Federal Reserve Banks. 3 Less than $500,000. Ba&figures — See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' End of month Customers' bal D an e c b e i s t in bal D an e c b e i s t m in Cash on credit balances1 Other credit balances debit partners' firm hand Money ba (n la e n t) c 1 es a in n a d v c e c t s o r t a u m d n e i t n s n g t a in n a v d c e c t s o r t u a m d n e i t n s n g t a b n a d n k i s n borrowed2 Free O (n th et e ) r i a I n n n a v d c p e c t s a o r t r u a m t n d n e t i e s n n r g t s' i a n a n v c I d e n c s t o f r t u i a m r n d m e t i s n nt g I a n c ( c c n o a e u p t) n it t a s l 1936—June 1,267 67 164 219 985 276 86 24 14 420 December 1,395 64 164 249 1,048 342 103 30 12 424 1937—June 1,489 55 161 214 1,217 266 92 25 13 397 December 985 34 108 232 688 278 85 26 10 355 1938—June 774 27 88 215 495 258 89 22 11 298 December 991 32 106 190 754 247 60 22 5 305 1939—June 834 25 73 178 570 230 70 21 6 280 December 906 16 78 207 637 266 69 23 7 277 1940—June 653 12 58 223 376 267 62 22 5 269 December.. 677 12 99 204 427 281 54 22 5 247 1941—June 616 11 89 186 395 255 65 17 7 222 December 600 8 86 211 368 289 63 17 5 213 1942—June 496 9 86 180 309 240 56 16 4 189 December 543 7 154 160 378 270 54 15 4 182 1943_june 761 9 190 167 529 334 66 15 7 212 November «780 e600 «340 December 788 11 188 181 557 354 65 14 5 198 1944—January e780 «560 e37O February c800 «650 «37O March e820 e630 e380 April 6780 *600 c390 May e790 e550 e400 J Ju u l n y e e9 8 4 8 0 7 5 253 196 e6 6 6 1 0 9 e4 4 2 2 0 4 95 15 11 216 August c940 e630 e410 September c940 c640 e400 October e950 c670 e410 November 6940 e640 e410 6 Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of large firms. 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes money borrowed from banks and also frqrn other lenders (not including member firms of national securities exchanges). NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data in detail at semiannual dates prior to 1942. 56 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET MONEY RATES IN NEW YORK CITY COMMERCIAL LOAN RATES [Per cent per annum] AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES Yields on U. S. (Per cent per annum] mo Y w n e e th e a k , r , or m m 4 p P - c o a e r o n t p r i o m m c t e h i 6 r - e a s , - l l a a b P d c n a e r a c 9 c i r n y e m s 0 e k ' s p s - i e t , - c S h l n c a e o t r a e l o a e x a n w - l c - n l g k - e m G b o i 3 o l n - l v s t * h ern d m 9 c m - e o e c n e b f r t o a n e o t t t n t i s i e e f n s t d 1 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 r s s 5 l - e 1 1 1 9 9 9 3 3 3 6 7 8 a a a v v v e e e r r r a a a g g g e e e 1 1 . 1. . . . .. . 1 T 9 2 2 2 o . . . c 6 5 5 t i a 8 9 3 t l ies Y N C 1 1 1 . . . o e i 7 7 6 t w r y 2 3 9 k 7 e E N r c a 3 2 2 n o i O s . . t . r 0 7 8 i t t a t e e 4 5 8 h h n s r e - n d r 1 W e 1 r c 3 3 3 n e S i . . . s t 2 2 4 o i a t 5 6 0 e e u n s r t d n h- 1 1 1 9 9 9 4 4 4 2 3 1 a a a v v v e e e r r r a a a g g g e e e . . . 5 6 6 4 9 6 . . . 4 4 4 4 4 4 1 1 1 . . . 0 0 0 0 0 0 . . . 1 3 3 0 2 7 3 6 3 "!75" 1 1 . . . 1 3 76 3 1 1 1 1 9 9 9 4 3 4 1 9 0 a a a v v v e e e r r r a a a g g g e e e 2 2 2 . . . 7 6 5 8 3 4 2 2 1 . . . 0 0 9 7 4 7 2 2 2 . . . 8 5 5 7 6 5 3 3 3 . . . 3 5 1 8 1 9 1943—November — .69 .44 1.00 .375 .77 1.29 1942 average 2.61 2.07 2.58 3.26 1944— D Ja e n c u em ary ber . . 6 6 9 9 . . 4 4 4 4 1 1 . . 0 0 0 0 . . 3 3 7 7 5 4 . . 7 7 8 7 1 1 . . 3 3 0 0 1 1 9 9 4 4 3 4 a a v v e e r r a a g g e e ?2 2. . 7 5 2 8 2 2 . . 1 3 1 0 2 2 . . 6 8 8 0 ?3 3 . .1 0 3 2 February .69 .44 1.00 .375 .78 1.32 1940—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 A M p a r y il . . 6 7 9 5 . . 4 4 4 4 1 1 . . 0 0 0 0 . . 3 3 7 7 5 5 . . 7 7 7 8 1 1 . . 3 3 6 5 December. 2 2 . . 5 5 8 9 2 2 . . 0 0 6 0 2 2 . . 5 5 3 3 3 3 . . 3 2 6 5 June .75 .44 1.00 .375 .79 1.34 1941—March 2.55 1.95 2.58 3.23 July .75 .44 1.00 .375 .77 1.31 June 2.60 1.98 2.62 3.29 August .75 .44 1.00 .375 .76 1.30 September. 2.41 1.88 2.45 2.99 O Se c p to t b e e m r ber.... . . 7 7 5 5 . . 4 4 4 4 1 1 . . 0 0 0 0 . .3 3 7 7 5 5 . . 8 7 0 9 1 1 . . 3 3 1 5 December . 2 2 . . 6 4 2 8 2 1 . . 0 8 7 5 2 2 . . 5 4 6 8 3 3. . 3 2 4 0 November .75 .44 1.00 .375 .81 1.34 1942—March 2.70 2.28 2.66 3.25 Week ending: J S u e n p e tember. 2.63 2.09 2.63 3.26 D D D D D e e e e e c c c c c . . . . . 2 3 1 9 2 3 0 6 H U H % H I I % 1 1 1 1 1. . . . . 0 0 0 0 0 0 0 0 0 0 . . . . . 3 3 3 3 3 7 7 7 7 7 5 5 5 3 5 4 . . . . . 8 8 8 8 8 0 0 0 1 1 1 1 1 1 1 . . . . . 3 3 3 3 3 6 5 5 6 5 1943— J D S D M u e e e n a p c c r e t e e c e m h m m b b b e e e r r r . . . 3 2 2 2 . . . . 6 4 0 7 5 8 0 6 2 2 2 2 . . . . 1 0 7 3 0 5 0 6 2 2 2 2 . . . . 9 7 7 7 8 1 6 6 3 3 3 2 . . . . 1 2 3 7 7 4 8 3 1944—March.... 2.63 2.10 2.75 3.12 1 Monthly figures are averages of weekly prevailing rates. June 2.63 2.23 2.55 3.18 ce 3 2 n t T R d h a u e te r i a n o v g n e r t a n h g e e e w e r n i a s t t i s e r u e e o s p n e o r 9 f i f 0 o e - r d d e . d ay w s i t t o h c i k n e p x e c r h io a d n . g e T t a im x- e e x l e o m an p s t w bi a l s ls 1 p .2 ri 5 o r pe to r D Se e p c t e e m m b b e e r r . . . p2 2 . . 3 6 8 9 2 1 . . 1 9 8 3 2 2 . . 6 8 1 2 2* 3 2 . . 1 6 4 2 Ma 4 r N ch u m 1 b 94 er 1 ; o t f a x is a s b u l e e s b i i n l c ls r ea th se e d re f a r f o t m er . 1 to 2, on Dec. 18. p Preliminary. Back figures.—See Banking and Monetary Statistics, Tables 120-123, pp. l Prior to March 1939 figures were reported monthly on a basis not strictly 448-462; for description, see pp. 424-426. comparable with the current quarterly series. Back figures.—See Banking and Monetary Statistics, Tables 124-125, pp. 463-464; for description, see pp. 426-427. BOND YIELDS1 [Per cent per annum] U. S. Government Corporate (Moody's)4 Year, month, Long-term Taxable Mu ip n a i l c- C r o a r t p e o- By rating By groups or week partially ex ta e x m - pt y 7 e t a o r s 9 15 o a v y n e e d r ars grade)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 1-7 15 5 120 30 30 30 30 40 40 40 1941 average 2.05 2.10 ~2.67~ 3.34 2.77 2.94 3.30 4.33 2.95 3.95 3.11 1942 average 2.09 1.93 2.46 2.36 2^75 3.34 2.83 2.98 3.28 4.28 2.96 3.96 3.11 1943 average 1.98 1.96 2.47 2.06 2.64 3.16 2.73 2.86 3.13 3.91 2.85 3.64 2.99 1943—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 3.0a 1944—January 1.95 1.99 2.49 L.92 2.65 3.11 2.72 2.83 3.11 3.76 2.83 3.51 2.99> February 1.93 1.96 2.49 L.85 2.65 3.10 2.74 2.83 3.10 3.72 2.83 3.49 2.98 March 1.91 1.95 2.48 L.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 L.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 Tune 1.91 1.95 2.49 .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 L.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 L.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 L.87 2.55 3.02 2.72 2.81 3.01 3.55 2.79 3.32 2.96 November 1.90 1.92 2.48 L.88 2.56 3.02 2.72 2.80 3.01 3.53 2.77 3.29 2.98 Week ending: Dec. 2 1.90 1.93 2.48 L.88 2.55 3.00 2.71 2.77 2.99 3.51 2.75 3.27 2.97 Dec. 9 1.88 1.93 2.48 L.87 2.55 2.99 2.71 2.76 2.99 3.50 2.75 3.26 2.96 Dec. 16 1.88 1.93 2.48 L.87 2.53 2.99 2.70 2.76 2.98 3.49 2.74 3.25 2.97 Dec. 23 1.85 51.94 62.47 1.86 2.53 2.98 2.70 2.76 2.98 3.48 2.75 3.24 2.96 Dec. 30 1.84 1.94 2.47 1.86 2.54 2.98 2.70 2.76 2.99 3.48 2.74 3.24 2.97 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Standard and Poor's Corporation. 3 U. S. Treasury Department. 4 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been"reduced from 10 to 5 and 10 to 6 issues, respectively, and the railroad Aaa group from 10 to 5 issues. 5 Number of issues decreased from 4 to 3 on Dec. 15 and increased from 3 to 4 on Dec. 18. 6 Number of issues increased from 6 to 7 on Dec. 18. Back figures.—See banking and Monetary Statistics, Tables 128-129, pp. 468-474. JANUARY 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS1 Bond prices Stock prices6 Volume Corporate4 Common (index, 1935-39 « 100) of trad- Year, month, or week U.S. Munic- ing? m G er e o n n v - t - 2 g ( r h i a p i d g a e l h )3 H gr i a g d h e - Tot M al ediu In m d - u a s- n d lo R w a e il r - - gra P de ublic lu D lt e e - d fe P r r r e e - d6 Total In tr d i u a s l - R ro a a il d - P ut u i b li l t i y c i s s n a h n a t d h r s e o s o u ) f trial road utility Number of issues. 1-7 50 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—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 O N c o t v o e b m er b . e . r . . . . 1 1 0 0 0 0 . . 2 2 9 6 1 1 3 3 5 5 . . 5 2 1 1 2 2 1 0. . 9 1 1 1 1 1 5 5 . . 5 9 1 1 1 1 9 9 . . 9 9 1 1 0 1 9 0. . 9 6 1 1 1 1 6 6 . . 9 7 5 61 9 . . 2 1 1 1 7 7 7 8 . . 4 5 1 1 0 0 4 3 1 1 0 0 6 5 1 1 0 0 3 5 9 9 3 2 8 77 5 6 0 Week ending: Dec. 2 100.24 135.2 121.1 116.2 120.3 111.8 116.6 63.5 179.5 103 105 107 92 997 Dec. 9 100.27 135.4 121.4 116.6 120.6 112.7 116.6 64.6 180.0 104 106 110 92 1,495 D D e e c c . . 2 1 3 6 81 1 0 0 0 0. . 2 4 9 1 1 1 3 3 5 5 . . 4 6 1 1 2 2 1 1 . . 5 4 1 1 1 1 6 7 . . 9 1 1 1 2 2 0 0 . . 7 8 1 1 1 1 3 3 . . 2 6 1 1 1 1 6 6 . . 8 8 6 6 5 7 . . 7 0 1 1 8 8 0 0 . . 9 9 1 1 0 0 5 5 1 1 0 0 7 7 1 1 1 1 3 7 9 9 3 2 1 1 , , 5 20 4 5 2 Dec. 30 100.47 135.6 121.6 117.2 120.8 113.8 117.0 66.8 181.9 104 106 116 92 1,528 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. 2 Average of taxable bonds due or callable in 15 years and over. 3 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 4 Prices derived from averages of median yields, as computed by Standard and Poor's Corporation. 6 Standard and Poor's Corporation. 6 Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 7 Average daily volume of trading in stocks on the New York Stock Exchange. * Number of issues increased from 6 to 7 on Dec. 18. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475,479, 482, and 486, respectively. NEW SECURITY ISSUES [In millions of dollars] For new capital For refunding Total Domestic Domestic (new Total Total Year or month f a i u r n n n e g d - d ) - m e ( a f d i e o n g o s r d n - - t ) ic Total S n m a p t i n a c a u d t i l - e - a F c e g i e r e e a d n s l - 1 - Total Co B n r a o p o n n o t d e d r s a s te Stocks F ei o g r n - 2 m e ( a f e i d o g n s o r d n t - - i ) c Total S n a r p t a i n a c a t d t l t i - e - a F c e g i e r e e a d n s l - 1 - Total Co B n r a o o p n n o t d e d r s s ate Stocks e F i o g r n - 1934 2 160 1 386 1,386 803 405 178 144 35 774 765 136 317 312 312 9 1935 4,699 1,457 1,409 855 150 404 334 69 48 3,242 3,216 365 987 1,864 1,782 81 26 1936 . 6,214 1,972 1,949 735 22 1,192 839 352 23 4,242 4,123 382 353 3,387 3,187 200 119 1937 3,937 2,138 2,094 712 157 1,225 817 408 44 1,799 1,680 191 281 1,209 856 352 119 1938 4,449 2,360 2,325 971 481 873 807 67 35 2,089 2,061 129 665 1,267 1,236 31 28 1939 5,842 2,289 2,239 931 924 383 287 97 50 3,553 3,465 195 1,537 1,733 1,596 137 88 1940 4 803 1 951 1 948 751 461 736 601 135 2 2,852 2,852 482 344 2,026 1,834 193 1941 5,546 2,854 2 852 518 1,272 1,062 889 173 1 2,693 2,689 435 698 1,557 1,430 126 4 1942 2,114 1,075 1,075 342 108 624 506 118 1,039 1,039 181 440 418 407 11 1943 2,174 642 640 176 90 374 282 92 2 1,532 1,442 259 497 685 603 82 90 1943—November.. 357 165 165 21 23 121 87 34 192 192 15 107 70 58 12 December... 163 33 33 10 10 14 8 6 130 130 8 39 83 77 7 1944—January 240 103 93 24 31 38 15 22 10 137 137 14 123 62 61 February.... 220 73 73 11 63 59 4 146 146 26 25" 96 93 3 March 178 58 58 13 45 28 17 120 120 12 30 78 59 19 April 235 80 80 7 73 21 52 155 149 10 31 108 53 55 6 May 418 53 53 21 33 14 19 365 356 139 33 184 169 15 9 June 213 42 42 23 4 15 11 5 •y • 170 170 8 83 79 76 3 July.. . . 274 70 64 12 52 43 10 204 204 22 27 154 133 21 August 332 145 145 40 106 68 37 187 187 26 20 141 136 5 September.. 478 42 42 13 29 15 14 436 436 6 30 401 351 50 October 892 178 178 47 131 109 22 714 714 61 42 611 586 25 November... 480 39 39 6 "10" 23 9 14 440 440 65 39 336 304 32 1 Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 Includes issues of noncontiguous U. S. Territories and Possessions. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures.—See Banking and Monetary Statistics, Table"137, p. 487. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES1 PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Year or month Est g i r m o a ss ted Esti n m e a t ted New money Retirement of securities Repayment proceedsz proceeds3 of Other Total e P q l u a i n p t m a e n n d t W c o a r p k it i a n l g Total Bo n n o d t s e s a nd Pr s e t f o e c r k red other debt purposes 1934 397 384 57 32 26 231 231 84 11 1935 2,332 2,266 208 111 96 1,865 1,794 71 170 23 1936 4,572 4,431 858 380 478 3,368 3,143 226 154 49 1937 2,310 2,239 991 574 417 1,100 911 190 111 36 1938 2,155 2,110 681 504 177 1,206 1,119 87 215 7 1939 2,164 2,115 325 170 155 1,695 1,637 59 69 26 1940 2,677 2,615 569 424 145 1,854 1,726 128 174 19 1941 2,667 2,623 868 661 207 1,583 1,483 100 144 28 1942 1,062 l\043 474 287 187 396 366 30 138 35 1943 1,170 1,147 141 167 739 667 72 73 27 1943—February... 50 49 12 10 2 34 34 3 March 96 94 42 7 34 45 38 6 April 115 112 14 3 11 97 94 2 May 95 93 41 14 26 49 49 1 2 June 76 74 16 10 6 55 36 19 1 2 July 90 88 3 3 63 44 20 12 10 August 110 108 16 13 3 83 81 2 9 September. 70 69 12 6 6 51 41 10 5 October 142 139 10 4 5 105 101 4 22 November. 199 197 119 64 55 71 66 6 6 December.. 116 113 20 12 SI 77 4 5 1944—January.... 154 150 34 23 11 114 54 60 February.. 97 95 49 18 31 33 32 1 March 203 199 48 32 16 147 129 18 3 April 155 150 53 24 28 93 55 38 1 May 148 146 23 17 6 120 115 5 3 June 163 160 23 8 15 117 103 13 18 July 192 188 60 36 24 122 109 13 August 229 226 57 24 33 166 147 19 September. 438 429 27 17 10 395 357 38 October.... 735 722 123 9 114 590 566 24 November . 347 340 24 11 13 316 207 109 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Railroad Public utility Industrial Other Year or month Total Retire- All Total Retire- All Total Retire- All Total Retire- All net New ment of other net New ment of other net New ment of other net New ment of other pro- money securi- pur- pro- money securi- pur- pro- money securi- pur- pro- money securi- purceeds ties poses4 ceeds ties poses* ceeds ties poses* ceeds ties poses* 1934 172 21 120 31 130 11 77 42 62 25 34 2 20 19 1935 120 57 54 10 1,250 30 1,190 30 774 74 550 150 122 46 72 4 1936 774 139 558 77 1,987 63 1,897 27 1,280 439 761 80 390 218 152 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 1 1939 . . .. 182 85 97 1,246 43 1,157 47 584 188 353 43 102 9 88 5 1940 319 115 186 18 1,180 245 922 13 961 167 738 56 155 42 9 104 1941 361 253 108 1 340 317 993 30 828 244 463 121 94 55 18 21 1942 ....... 47 32 15 464 145 292 27 527 293 89 146 4 4 1943 160 46 114 469 22 423 25 497 228 199 71 21 13 4 4 1943—February 8 8 39 2 34 2 3 2 March 15 5 10 23 2 20 1 57 35 15 7 April 21 3 18 59 57 2 32 11 22 M Ju a n y e 2 1 9 4 14 ""29 3 1 9 1 io 38 1 1 3 2 4 9 2 r6 0 26 3 2 12 7 4 July 7 7 22 21 1 60 3 36 21 August 6 6 60 1 53 6 39 9 30 1 3 2 September 4 4 49 4 41 4 16 4 10 2 October 28 28 53 2 50 2 57 7 27 22 1 1 November 26 3 23 38 38 131 115 11 6 2 1 i December 3 3 78 1 71 6 29 13 10 6 3 3 1944—January 8 8 61 61 81 26 53 2 February 9 9 30 30 55 40 3 12 March 29 29 140 6 134 28 14 11 4 2 2 April 28 28 118 49 65 3 4 3 1 May 2 2 58 58 85 19 62 4 1 1 J J u u n ly e 4 2 5 1 2 4 1 41 2 5 4 8 '""s" 2 5 3 2 1 1 5 0 8 9 3 1 4 7 2 7 2 0 19 5 33 2 31 August 134 19 115 26 24 2 66 38 27 2 September 189 10 179 149 5 138 6 85 10 75 6 2 4 October 36 2 35 498 8 484 5 186 113 71 ""2" 2 2 November 52 4 48 259 4 255 29 16 11 1 1 1 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., an< id 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 o£ the Board of Governors. JANUARY 1945 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,* by industrial groups dividends Year or quarter Total s I a t r n e o e d n l c M e h r i a y n - - t b o A i m l u e o - s - p e O t m r t q o i t a e u r o h n t n n i e a s p t r - - - f m p e N u a e r r o c n r o t o n d t a d s - u l - s s O g d b o u t l h o r e a d e - r s t F o b a a o b e g n o v a d e d c e s c s r , - , o p r r a e o i i O n n n f d i i g g d l n u - c- c I h n c tr e a d i m l u a s l s i- - O g d n o u b t o o h r l n e a d e - - r s n s c M e i e e c r i l o s e v l - u a s - - s pr N of e it t s , 1 fe P D r r r e e i - v d ide C n m d o o s m n - Number of companies... 629 47 69 15 68 77 75 49 45 30 80 74 152 152 152 1939 1,465 146 115 223 102 119 70 151 98 186 134 122 847 90 564 1940 1,818 278 158 242 173 133 88 148 112 194 160 132 1,028 90 669 1941 2,169 325 193 274 227 153 113 159 174 207 187 159 1,144 92 705 1942 1,792 226 159 209 202 138 90 151 152 164 136 165 883 88 552 1943 1,823 205 168 201 203 128 83 163 185 169 144 173 902 86 555 Quarterly 1940—i 422 47 33 69 41 33 14 34 34 46 41 29 246 21 136 2 „..... 412 51 39 53 36 29 21 38 30 45 41 30 230 21 158 3 396 79 34 17 33 30 25 33 25 52 39 29 211 22 158 4 588 101 52 103 63 40 28 43 24 51 39 44 342 25 217 1941—1 510 86 44 79 53 39 23 36 29 49 44 29 286 22 150 2 549 84 48 73 56 36 28 43 42 53 48 36 297 23 165 3 560 81 46 60 56 38 30 44 56 52 49 46 284 23 170 4 550 72 55 61 62 40 32 37 46 52 46 48 276 24 221 1942—l 419 52 38 46 »51 36 19 32 35 39 39 32 204 21 134 2 364 52 35 25 648 32 18 32 27 35 27 34 174 23 135 3 . .. 451 51 36 46 649 34 22 42 42 41 35 52 211 20 125 4 557 72 49 92 854 36 30 44 49 48 35 47 294 23 158 1943—1 437 53 39 47 S54 34 19 39 36 42 36 39 208 21 127 2 441 48 42 49 «52 32 22 40 42 41 35 38 221 22 132 3 464 51 41 52 •51 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— 2 1 4 4 6 5 4 2 4 4 6 7 4 4 0 0 5 5 2 5 6 6 5 5 8 3 3 2 0 9 2 2 0 2 4 43 0 - 4 5 9 2 4 4 2 3 3 3 6 7 4 3 3 9 2 22 2 7 2 2 2 2 0 1 1 4 4 2 9 3 478 46 37 56 650 28 22 41 58 51 34 55 236 20 137 PUBLIC UTILITY CORPORATIONS [ In millions of dollars ] Railroad2 Electric power8 Telephone4 Year or quarter O re p v i e n e r g n a u t e - i I b n n e t c c a f o o o x m m r 6 e e e AU N ro e a t d i s ncome1 d D e i n v d i- s O re p v i e e n r n g a u t e - I i b n n t e c c a f o o x o m m 5 re e e inc N o e m t e1 d D e i n v d i- s O re p v in e e r n g a u t e - in N co e m t e1 d D e i n v d i- s 1939 3,995 126 93 -102 126 2,647 629 535 ,067 191 175 1940 4,297 249 189 -73 159 2,797 692 548 ,129 194 178 1941 5,347 674 500 23 186 3,029 774 527 ,235 178 172 1942 7,466 1,658 902 147 202 3,216 847 490 ,362 163 163 1943 9,054 2,209 874 187 216 3,464 914 502 ,537 180 166 Quarterly 1940—1 986 -3 -12 -29 25 709 187 148 274 49 44 2 ,010 15 3 -33 29 675 161 128 281 50 44 3 ,130 92 71 -14 29 682 156 123 281 45 44 4 ,171 145 127 3 78 731 188 149 294 50 46 1941—1 ,152 96 69 -5 28 751 209 154 295 43 44 2 ,272 145 103 0 36 723 182 126 308 44 45 3 ,468 267 189 23 34 750 183 107 311 45 44 4 ,454 166 138 5 87 805 200 139 321 46 40 1942—1 1,483 178 90 12 24 816 234 131 324 41 44 2 1,797 390 198 37 46 770 196 104 337 41 42 3 2,047 556 286 60 30 792 195 105 342 39 39 4 2,139 534 327 38 101 839 222 150 359 43 38 1943—1 2,091 513 209 52 28 864 254 136 366 42 40 2 2,255 605 239 56 49 835 221 118 383 44 42 3 2,368 653 249 55 39 859 210 114 389 45 43 4 2,340 438 177 25 100 906 228 133 400 48 41 1944—1 2,273 458 148 27 31 927 263 135 400 42 42 2 3 2 2 , , 4 3 4 6 5 3 5 5 5 1 0 1 1 1 7 8 4 0 2 2 2 3 5 3 5 0 8 8 8 8 3 6 2 2 0 4 7 2 1 1 1 2 1 3 4 4 0 0 6 9 4 4 3 3 4 4 2 2 1 "Net profits" and "net income" refer to income after all charges and taxes and before dividends. 2 Class I line-haul railroads, covering about 95 per cent of all railroad operations. 3 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. ° After all charges and taxes except Federal income and excess profits taxes. 6 Partly estimated. ' Not available. renegotiation. For description of data and back figures, see pp. 214-217 of the March 1942 BULLETIN. 60 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars ] Marketable public issues1 Nonmarketable public issues Fully End of month T d g d i r o e r o t e b s a c t s l t i b n T d e d t i a o e e r r t r e b i a e c n t l s t g t- Total2 Tre b a il s ls ury in c C d a e n e t r e e b t s s i t s f e o i d - f - Tr n e o a t s e u s ry Tr b e o a n s d u s ry Total2 sa b U v o . i n S n d . g s s T s t r a n a e x v o a i t s a n e u n s g r d s y S i p ss 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 e a r a u d e r r r a s i i i n n t t n - i g - - es 1941—June 48,961 48,387 37,713 1,603 5,698 30,215 4,555 4,314 6,120 574 6,360 Dec 57,938 57,451 41,562 2,002 5,997 33,367 8,907 6,140 2,471 6,982 487 6,317 1942—June 72,422 71,968 50,573 2,508 '"3,096" 6,689 38,085 13,510 10,188 3,015 7,885 454 4,548 Dec, 108,170 107,308 76,488 6,627 10,534 9,863 49,268 •21,788 15,050 6,384 9,032 862 4,283 1943—June 136,696 135,380 95,310 11,864 16,561 9,168 57,520 29,200 21,256 7,495 10,871 1,316 4,092 1943—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 3-,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 ,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 ,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 ,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 ,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 ,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 ,456 1,468 Aug 209,802 208,289 145,213 15,715 30,001 18,067 81,235 47,614 36,883 10,030 15,461 ,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 ,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 ,636 1,480 Nov 215,005 210,774 145,183 16,405 29,545 17,936 81,102 49,008 38,308 9,990 16,583 1,230 1,470 1 Including amounts held by Government agencies and trust funds, which aggregated $4,605,000,000 on Oct. 31,1944, and $4,602,000,000 (preliminary) on Nov. 30, 1944. 2 Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service and depositary bonds not shown separately. 3 Including prepayments amounting to $2,193,000,000 on securities dated Feb. 1, 1944, sold in the Fourth War Loan beginning Jan. 18,1944. 4 Including prepayments amounting to $2,546,000,000 on securities dated Dec. 1, 1944, sold in the Sixth War Loan beginning Nov. 20,1944. Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512. UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING, NOVEMBER 30, 1944 [In millions of dollars] [On basis of daily statements of United States Treasury. In millions of dollars] Amount Funds received from sales during Redemp- Issue and coupon rate Amount Issue and coupon rate Amount Month sta o n u d t i - ng month tions Treasury bills1 Treasury bonds—Cont. at m e o n n d t h of se A rie ll s Se E ries Se F ries Se G ries se A r l i l es Dec. 7, 1944 1,207 Dec. 15, 1948-50 . .. .. ..2 571 Dec. 14, 1944 1,215 June 15, 1949-51 .... ....2 1,014 Dec. 21, 1944 1,216 Sept. 15, 1949-51.... ..2 1,292 1943—Feb 17,067 887 634 48 205 76 Dec. 28, 1944 1,218 Dec. 15, 1949-51 .... ...2 2,098 Mar 17,891 944 720 44 180 131 Jan. 4 1945 1,218 Dec. 15, 1949-52 491 Apr 19,267 1,470 1,007 110 353 103 J J a a n n . . 1 1 1 8 , , 1 19 9 4 4 5 5 1 1, , 3 3 1 1 4 3 M De a c r . . 1 1 5 5 , , 1 1 9 9 5 4 0 9 -5 -5 2 3... • . .. 2 2 y2 1 1 , , 7 9 8 6 6 3 M Ju a n y e 2 2 0 1 , , 5 2 0 5 7 6 1,3 8 3 7 5 6 9 6 9 9 5 6 8 3 6 5 2 1 5 4 4 4 1 1 0 4 4 1 J F a e n b. . 25 1 , , 1 1 9 9 4 4 5 5 1 1 , , 3 3 0 1 9 1 S S e e p p t t . . 1 1 5 5 , , 1 1 9 9 5 5 0 0 - - 5 5 2 2 . . . . . .. . • .. • . 2 . V 2 2 4 1 , ,1 9 8 3 6 9 J A u u l g y 2 2 2 2 , , 6 0 9 3 4 0 8 80 9 2 0 6 6 8 6 3 1 3 2 8 8 1 11 6 2 9 1 1 5 3 2 8 Feb. 8, 1945 1,314 June 15, 1951-54.... • •2% 1,627 Sept 24,478 1,927 1,400 139 387 155 Feb. 15, 1945 1,301 Sept. 15, 1951-53 .. ....2 7,986 Oct 26,056 1,708 1,340 93 275 144 Feb. 23, 1945 1,314 Sept. 15, 1951-55.... ...3 755 Nov. 26,697 798 665 23 109 170 Mar. 1, 1945 1,156 Dec. 15, 1951-53 .... 2H 1,118 Dec 27,363 853 728 24 101 207 Dec. 15, 1951-55 .... ...2 510 Ce D F r e e t b , c . . of 1 1 i , , n 1 1 d 9 9 e 4 4 b 4 5 tedness 7 7 4 4 3 5 , , 5 0 3 4 9 8 M J J u u a n n r e e . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 5 5 5 2 2 2 - - - 5 5 5 5 4 4 . . . . . . . . . . . . 2 2 . M 2 3^ 5 1 1 , , , 0 5 8 2 0 2 4 1 5 1944— M F Ja e a n b r 3 2 3 1 8 1 , , , 5 9 9 1 0 7 5 1 4 2 1, , 6 7 7 9 8 0 8 2 9 2 1 , ,0 1 5 8 0 7 5 2 6 1 1 2 2 5 3 7 7 4 5 1 8 2 1 7 2 0 2 1 1 6 8 8 8 5 8 Apr. 1, 1945 H 4,877 June 15, 1953-55.... ...2 725 Apr. 32,497 739 606 19 114 237 May 1, 1945 v% 1,615 June 15, 1954-56.... ..2H 681 May 32^987 751 624 15 111 279 June 1, 1945 Vs 4,770 Mar. 15, 1955-60.... ..2% 2,611 June 34,606 1,842 1,350 115 377 248 O A Se u c p g t. . t. 1 1 1 , , , 1 1 1 9 9 9 4 4 4 5 5 5 % 7 7 / A s 3 3 2 , , , 6 5 4 1 9 9 1 4 2 M S S e e a p p r t t . . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 5 5 5 6 6 6 - - - 5 5 5 8 9 9 . . . . . . . . . . . . • • - 2 2 •2 % K XA 2 3 1, , 4 8 9 4 2 8 9 3 2 J A S u e u l p g y t . 3 3 3 6 7 6 , , , 8 3 5 8 2 3 3 3 8 2,1 6 6 2 0 9 5 2 2 1,6 4 5 8 9 9 7 9 1 10 1 1 1 8 6 3 8 8 3 5 5 8 2 2 22 7 8 7 9 3 June 15, 1958-63.... 2% 919 Oct 37,645 695 599 14 83 401 Treasury notes Dec. 15, 1960-65 ... • •2% 1,485 Nov 38,308 1,023 807 43 174 382 Mar. 1, 1945 ..90 2,127 June 15, 1962-67.... ..2V2 2,118 Mar. 15, 1945 718 Dec. 15, 1963-68 . . . ..2V2 2,831 M M D De e a a c c r r . . . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 4 4 4 4 5 5 6 6 1/4 1 3 1 1 , , , 6 2 2 5 0 9 6 3 6 1 1 1 J M D S u e e a n p c r e t . . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 7 5 4 4 - - - 7 - 7 6 6 2 0 9 9 . . . . . . . . . . • . . . . . . 2 2 2 V V V •2 > 2 2 V , 2 3 3 5 2 , , , , 1 7 8 7 9 6 3 1 7 1 8 6 Maturities and amounts outstanding, November 30, 1944 M Se a p r t . . 1 1 5 5 , , 1 1 9 9 4 4 7 7 • . 1 1 3 / ^ 4 2 1, , 9 7 4 0 8 7 P C o o s n t v al e rs S i a o v n i ng b s o n b d o s n . ds .. . . 2 ^ 3 11 2 7 9 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 1H 3,748 Panama Canal loan....3 50 Treasurv hr»nH« Total direct issues 145,183 1945 181 181 2Dec. 15, 1944-54.....4 868 1946 322 322 Sept. 15, 1945-47.. 1,214 Guaranteed securities 1947 409 409 Dec. 15, 1945 2V2 541 Commodity Credit Corp. 1948 489 489 Mar. 15, 1946-56..•3M 489 Feb. 15, 1945 ...1H 412 1949 801 801 June 15, 1946-18. ....3 1,036 Home Owners' Loan Corp 1950 991 991 June 15, 1946-49. . 819 June 1, 1945r47 1}4 755 1951 1,675 444 1,231 Oct. 15, 1947-52. . 759 Federal Housing Admin. 1952 5,233 5,233 Dec. 15, 1947 ...2 701 Various 26 1953 9,968 8,544 217" " 1,207'" Mar 1 c 1QJQ—^O 2 1 115 1954 11,913 8,929 609 2,375 Mar! 15, 1948-51. '.2% 1' 223 Total guaranteed issues 1,193 1955 3,213 697 2,516 June 15, 1948 3,062 1956 3,081 636 2,445 Sept. 15, 1948 .2V2 451 Unclassified 34 1 Sold on discount basis. See table on Open-Market Money Rates, Total. 38,308 3,636 23,937 2,159 8,543 p. 57. 2 Called for redemption on Dec. 15, 1944. JANUARY 1945 61 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES. DIRECT AND FULLY GUARANTEED [In millions of dollars! Held by U. S. Gov- Privately held1 End of month s i m e b n c e T t u e a o r r r i e t i t a n s ie l t g - s S i e s p a r s e n n u c m d e i s a e t l n ru t s a t g f e i P u s n u s n c u b d i e e l s i s s c 2 F R B H e e a d s e n e e l k d r r v a s l e Total m b C e a o r n c m k ia s - l M s b a a v u n i t n u k g a s s l I p c n a a o n s n m u c ie e r - - s M a O a b r t k l h e e e t r - inv m es N a a to r o b k r n l s e e - tissues issues 1941—June 54,747 6,120 2,375 2,184 44,068 20,095 3,426 7,100 r9,200 4,200 December 63, 768 6,982 2,557 2,254 51,975 21,788 3,700 8,200 9,800 8,500 1942-June 76,517 7,885 2,737 2,645 63,250 26,410 3,891 9,200 r10,700 13,000 December 111,591 9,032 3,218 6,189 93,152 41,373 4,559 11,300 14,800 21,100 1943-June 139,472 10,871 3,451 7,202 117,948 52,458 5,290 13,100 18,700 28,400 December 168,732 12,703 4,241 11,543 140,245 59,845 6,096 15,100 23,700 35,500 1944—March 185,606 13,507 4,608 12,115 155,376 64,100 6,800 16,400 27,800 40,300 April 185,670 13,697 4,659 13,220 154,094 63,800 6,800 16,400 26,300 40,800 May 186,403 14,122 4,253 14,251 153,777 63,200 6,700 16,500 26,200 41,200 June 201,059 14,287 4,810 14,901 167,061 68,437 7,308 17,300 30,700 43,300 July 208,585 14,961 4,626 14,915 174,083 r71,900 7,500 17,900 r31,100 45,700 August 209,764 15,461 4,619 15,806 173,878 71,500 7,600 18,100 30,700 46,000 September 209,331 15,976 4,599 16,653 172,103 }"70,400 7,700 18,300 r30,200 r45,500 October 210,088 16,170 4,616 17,647 171,655 70,000 7,700 18,400 29,800 45,800 r Revised. 1 Figures for insurance companies and other investors have been rounded to nearest 100 million dollars for all dates, and figures for commercial banks and mutual savings banks have been rounded to nearest 100 million for all dates except June and December for which call report data are available. * Revised to include Exchange Stabilization Fund. Back figures.—-See Banking and Monetary Statistics, Table 149, p. 512. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES* [Public marketable securities. Par values in millions of dollars! U.S. U.S. Gov- Gov- End of month s T t o i a o n u n t g t a d - l - m a e c a g r i n e e e n d n n s - t - B s F e R e a r e r e n a v d - k l e - s m b C a e o n r m c k i s a - 1 l b M s t i a n u a n g v u 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 s T t o o a u n t t a d - l ' a m e c a g i r n e e e n d n n s - t - B s F e R e a e r r e n a v d - k l e - s b C m a c o n i e a m k r l - s - M s tu av u al - - 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 2,77719,445 4,055 9,94410,308 Dec 118,813 3,78711,543 55,549 5,96214,38627,586 1943—June 57,520 3,045 24,226 4,72511,44212,615 1944—June 141,591 4,60414,901 63,523 7,15816,47134,935 67,944 3,614 28,264 5,50613,38915,613 July 146,110 4,59514,915 66,769 7,33117,08435,416 I9te—J\me.'.'.'.'.'.'.'.'.'.'.'. 79,244 4,437 464 30,910 6,73615,76819,929 Aug 146,405 4,58915,806 66,345 7,46617,24234,957 July 81,097 4,433 32,271 6,90816,29819,840 Sept 145,914 4,59216,653 65,288 7,58317,42534,373 Aug 81,235 4,417 32,630 7,01216,32319,583 Oct 146,201 4,60617,647 64,911 7,49817,55433,984 Sept 81,270 4,417 ,24332,848 7,08216,27319,407 Treasury bills: Oct 81,271 4,422 ,24333,185 6,95116,24019,230 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 Dec 13,072 20 6,768 4,716 12 72 1,484 1943—June 9,474 867 5,122 298 991 2,195 1944—June 14,734 6 8,872 4,894 2 960 Dec 8,524 665 5,044 211 828 1,775 July 15,524 4 9,065 5,477 2 976 1944—June 7,824 536 4,697 189 663 1,740 Aug 15,71" 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 Oct 16,060 1711,551 3,092 16 5 1,379 Sept 8,861 596 5,194 192 717 2,160 Certificates: Oct 8,861 595 5,241 177 675 2,170 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—June 28,822 67 3,382 15,037 126 339 9,871 Dec 28,360 1,495 15,642 2,030 3,254 5,934 July 30,035 63 3,382 15,967 131 39210,100 1944—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,r 3,819 7,405 Oct 29,546 75 3,749 15,472 221 686 9,342 Sept 36,017 1,340 20,702 2,947 3,727 7,303 Treasury notes: Oct 36,017 . 1,339 20,955 2,841 3,725 7,158 1942—Dec 9,863 92 1,324 5,670 167 283 2 32'1 Maturing in 10-20 years: 1943—June 9,168 61 774 5,500 155 276 2,402 1942—Dec 16,295 2,165 6,240 1,580 2,778 3,531 Dec 11,175 66 665 7,389 197 275 2,583 1943—June 17,214 1,645 7,611 1,405 2,896 3,657 1944—June 17,405 58 1,180 11,718 286 337 3,826 Dec 4,310 1,270 6,051 1,219 2,571 3,203 July 18,067 58 1,120 12,092 283 368 4,1*6 1944—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 '5,482 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 Oct 17,936 58 1,100 12,203 304 597 3,675 Sept 14,445 1,024 5,210 1,926 2,718 3,572 Guaranteed securities Oct 14,445 1,025 5,213 1,932 2,708 3,569 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 ,286 1,095 4,339 2,323 3,583 4 83 2,466 38 283 709 1943—June 12,912 1,221 ,385 1,713 5,229 3,366 1944—June.'.'.".'.".'.'. 1,190 3 949 6 26 205 Dec 16,751 1,745 ,526 2,046 6,737 4,699 July 1,191 3 943 6 26 212 1944—June 21,539 2,696 ,766 1,981 8,640 6,456 Aug 1,191 3 916 6 26 240 July 21,924 2,693 ,768 2,000 9,054 6,407 Sept 1,192 3 921 6 30 230 Aug 21,939 2,689 ,760 2,026 9,052 6,414 Oct 1,193 3 943 6 26 213 Sept 21,946 2,701 ,744 2,018 9,111 6,374 Oct 21,946 2,706 1,775 2,000 9,131 6,336 # * Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings banks, and the residual "other" are not entirely comparable from month to month. Since June 1943, the coverage by the survey of commercial banks has been expanded. Figures in column headed "other" include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total holdings (including relatively small amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table above. 1 Including stock savings banks. On Oct. 31, 1944, commercial banks reporting to the Treasury held $23,222,000,000 of United States Government securities due or callable within one year out of a total of $53,591,000,000 outstanding. 2 Including $196,000,000 of Postal Savings and prewar bonds not shown separately below. 62. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Treasury. In millions of dollars] Mis- Change Period I W h n e c i l t o d h m 2 - e O ta t x h e e s r 1 c n i r n n e n e e u v t l a o e e l l e u a 1 r - - s - S s t r a o e i x c c ty i u e a s - l c O e r t i e h p - e ts r c T e r o i e t p - a t l s ce N ip e t t s3 I d n e o e t s n e b t t r- ac W t t i i e a v s r i- c T f o e t r e a r r u a t s u c n n c - s . t t s t o s - , p O t e u e t n h r x d e e - s i r - e b T x i u t p o u d e t r g 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 a g b e u i n e a r n n a c l n d - l e - c g d r I r e e i n o n a b - s s t s e Fiscal year ending: June 1942 7,960 3,847 1,194 666 13,668 12,799 1,260 26,011 381 4,745 32,397 19,598 -3,506 +358 23,461 June 1943 16,094 4,553 1,508 1,230 23,385 22,282 1,808 72,109 435 3,827 78,179 55,897 -1,861 +6,515 64,274 June 1944. '8,393' 26,262 5,291 1,751 3,711 45,408 44,149 2,609 87,039 556 3,540 93,744 49,595 -4,051 +10,662 64,307 1943—November ... 1,010 449 363 292 255 2,370 2,099 47 7,541 2 248 7,839 5,740 +290 —4,338 1,112 December 713 4,327 386 60 251 5,737 5,736 497 .6,718 2 236 7,452 1,716 -667 -2,664 -281 1944—January 574 1,153 412 49 590 2,779 2,747 87 7,138 37 308 7,570 4,823 -14 -55 4,781 February 1,137 610 344 373 290 2,754 2,503 56 7,518 5 283 7,862 5,359 -173 +6,916 12,448 March 750 5,161 375 69 220 6,576 6,573 449 7,726 7 343 8,525 1,952 -2,205 -2,549 1,608 April 560 1,915 421 39 183 3,119 3,087 117 7,346 40 355 7,859 4,772 +193 -4,327 252 May ,. 1,104 1,063 520 337 232 3,256 2,950 52 7,879 26 334 8,292 5,342 +185 -3,757 1,399 June 746 4,495 422 75 511 6,249 6,247 747 7,567 40 271 8,625 2,378 -613 +11,646 14,637 July 594 654 681 56 227 2,212 2,163 86 7,201 451 372 8,110 5,947 +133 +1,756 7,570 August 1,065 487 832 319 157 2,859 2,568 77 7,571 57 415 8,119 5,551 +70 -4,252 1,229 September... 741 4,432 514 65 175 5,927 5,926 581 6,998 22 329 7,930 2,004 -244 -2,555 -307 October 609 632 580 60 174 2,054 2,001 133 7,479 47 365 8,024 6,023 +148 -5,127 748 November 1,035 466 507 293 205 2,506 2,240 56 17,401 18 353 7,828 5,587 +639 -188 4,761 Details of trust accounts, etc. General fund of the Treasury (end of period) Soc a ia c l c o S u e n c t u s rity Net ex- Other Assets g B en a e la ra n l c e f u i n n d penditures Period in checkc N e r i e e p - t ts I m nv e e n s t t s - p t e u E n r x e d - s i- c a G i o g n m o u e g v n n e e t a n c s r c i t n e - o - s f ce R i e p - ts I m nv e e n s t t s - p t E e u n x r d - e i s - Total R F p e e D o s d i s e n e e i r - t r v s a e l d s p p e D o p e i s e n c o i - i s t a s i l - a O s t s h e e t r s in T a t o i b e t i a s l l i- Total W a b n o a c f rk 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—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 84 -55 10,609 998 8,242 1,368 618 9,990 9,227 November.... 519 266 35 -71 225 95 -220 10,223 1,122 8,002 1,100 421 9,803 9,040 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 C i r d n e u d u n r i a t - - l W he i l t d h 1 - V t t o a i r c x y - c r r a C o e t r u i n p o r t o - n - t B a a x c e k s E p t r x a o c x f e i e t s s s s p O t r a o t x h f e i e t s r s Total C st t t a o a a p c x l i k - E t s a a g t x n i a f d e t t s e b A t h e a a o l v x g c l e e e o i r c s - - b t T a a x c o c - e o s S t t a a x m e p s M re t e a t u a a x n r n i c u e l d i e r f s a s r e ' c s' - n c t M a e e x l o i l s e a u - s - s taxes Fiscal year ending: Tune 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—November.... 1,471 47 1,087 2 84 32 204 16 376 34 117 93 4 56 70 December 4,591 2,158 14 1 1,012 49 1,352 388 36 120 87 4 64 76 1944—January 1,584 396 629 1 16 184 352 6 382 52 108 77 4 68 72 February 2,477 221 1,844 1 64 41 300 339 38 108 67 4 63 58 March 5,358 1,833 70 994 63 2,370 28 401 60 124 77 5 59 76 April 2,809 1,427 804 152 43 370 12 424 56 169 72 5 51 70 M Ju a n y e 2 4 , , 2 5 8 6 9 8 1,2 3 4 0 5 9 1,54 3 5 8 1,04 8 4 6 2 4 8 9 2,1 3 7 1 4 2 1 1 0 9 4 4 8 9 3 9 i 4 5 2 0 1 1 8 9 2 5 8 8 1 1 4 4 6 7 4 7 1 9 0 7 3 July 1,729 130 1,179 93 32 290 754 128 48 210 77 5 72 214 August 1,712 71 1,258 72 46 260 6 777 194 63 202 86 6 88 139 September .... 4,490 1,329 18 953 32 2,133 25 529 29 35 183 78 4 85 115 October 1,810 81 1,233 110 26 350 9 544 19 39 196 78 5 95 113 November 1,633 33 1,203 70 36 285 < 520 32 204 81 5 95 103 1 Withheld by employers (Current Tax Payment Act of 1943). JANUARY 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars! PRINCIPAL ASSETS AND LIABILITIES Liabilities, other than Assets, other than interagency items interagency items Securities Bonds, notes, U.S. Pri- End of month Total Loans f s e P t e r o t r r c c e e . k - d , Cash g d G u U a i a r o n . r e S v d a c t . n t . - a O G c g i t o e e h v n s e t 1 - r . r c e o a o a A c b t u n h e c l d n - e i e v s r ts - p B n e r r e u o t s s y p s i - - P e h s r f r a e o o t l l r p y d e - a O s t s h e e t r s a a g F n n u u b t d a e l y l r e y d - d ebe O nt t u h r e e r1 s O lia t t i b h e i e s l r i- G in m o te v e r e n e r t s n t - i o v n w a te t n e r e e l d y st teed U.S. 1942—June 17,962 8,379 648 403 ,097 57 774 859 3,512 2,233 4,568 1,442 3,265 8,249 438 December. . 21,715 8,127 620 553 ,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 ,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 ,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 ,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 mor a t g g e a n g c e ie a s n 3 d housing F g a a r g m e m lo o an rt s - Other farm credit loans Recon- Rural struc- Elec- Ex- End of month T lo o a t n a s l 8 n C t a F i o n o i r n c - p e . H C L O e o o o w r r m a s p n ' n e . - F H b L e a o o d a n m a l e k n r e s - M p C R g a a o o F n g r m C y e t- - M A t F g i N o s a o e s a n g d r o - e a t . - c l . P H A F u i u o e n b u t d g l h s i . c . - F b l e a a a d n n l e k d r s - M F C F g a a o o e r g r d r m p e t . - . c b m i F n r a a e e e t n t e d d e d k r i . i s - - t o f B o t p a r i e v n r e c k a s o s - - m C C C r o o o e d r d m i p t i - . y t C F m A r a e i d r n d m - . it A S F d r e a i m c t r y u m in - . tr m t A i i f i o d i n c n - . a- p B p I o m o a r r n - t t k - Other 1942—June 8,379 1,473 1,676 193 82 216 384 1,706 562 289 101 231 258 460 342 113 293 December... 8,127 1,557 1,568 129 94 211 366 1,603 507 238 145 242 237 446 346 122 316 1943—June 7,685 1,483 1,441 90 98 73 317 1,489 463 296 102 228 245 447 344 129 440 1943—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 ,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 1,211 354 292 132 301 220 395 352 223 395 SELECTED ASSET ITEMS, OTHER THAN INTERAGENCY ITEMS Lo F an in s a b n y c e R C ec o o rp n o st r r a u t c io t n ion Preferred stock held Acco r u e n c t e s i v a a n b d le s other Property held for sale End of month L to o a f n i- s Loans R s e tr c u o c n - - O H w o n m e e rs' b F a e n d k . s l a a n nd d m C o o d m it - y st R ru ec c o ti n o - n War m C o o d m it - y O H w o n m e e rs' Total n tu i a n t n s i c o t i i n a - s l r r o a a il d - s Other Fi C n ti o a o r n n p c . e C r L a o o t r i a p o n o n - Other F M ed o C . r o t F g rp a a . g rm e C r C a o r t r e i p o d o n it - C w or a p r . c a o n r- d Otto r c a o ti r o p n o s - C r C a o r t r e i p o d o n it - C r L a o o t r a i p o n o n - Other porations 1942—June 1,473 144 472 857 378 167 103 225 96 151 30? 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... ,460 138 423 899 345 64 88 187 196 832 272 5,784 1,196 152 102 October ,432 136 406 890 343 63 87 186 489 778 397 6,016 865 136 98 November... ,427 134 405 888 341 63 88 174 533 734 6,231 873 111 94 December ... ,413 131 398 884 338 63 85 168 488 728 542 6,423 897 96 96 1944—January ,393 129 396 868 334 54 82 161 575 702 513 6,582 827 85 94 February.... ,393 127 3()5 871 329 47 76 160 553 665 684 6,789 795 76 93 March ,379 113 392 874 325 47 70 153 607 656 724 6,915 757 66 91 April ,355 104 384 867 322 47 70 153 615 652 1,035 7,094 741 57 93 May , 348 99 381 868 319 47 70 148 587 622 1,022 7,184 720 47 91 June , 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 7,530 830 30 97 August 1,320 83 874 305 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. 64 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Y m ea o r n a th nd I 1 m v n = 9 p a c 3 e l a o 5 1 n u y m - 0 t e - 3 s 0 ) e 9 ! Tota I l n (p d h u y 1 s s t 9 r i 3 i c 5 a a - l D a l 3 b 9 v u f p l M a o r e r - = c l o a u t d 1 u n m u 0 r u N e c e d - 0 a ) s t o u b i * o r n le - 2 n - M er i a n ls - To a t w a 1 C l a 9 o r c 2 d n 3 o e s - R n d 2 d t t t r i e e 5 r a u s n a l ( c i - = c - v t t i a s 1 o l 0 n u o 0 e A t ) h 3 l e l r N t a c u g o u r r n l a i - - E l - m 19 p 3 l 9 o y = F m a 1 c e 0 t n o 0 t4 ry 1 r 9 F t 3 o 1 S a 9 0 r c & y 0 - = F ca 1 r = i i r 9 n e l 3 g o 1 g 5 s a 0 h - * d 3 0 t - 9 1 D 9 m s = ( s u e 3 t v a e p o e 5 l a 1 ) a n r e - l * 0 e 3 s r t - 8 9 0 t- i W m > = c r h 1 s o i o 9 a o c d m 1 2 l e l i e 0 e 6 s - t 4 - y 0 C 1 l - 9 i o v 3 s i 5 1 t n - 0 o g 3 0 4 f 9 Ad- Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed usted justed justed justed justed justed justed justed justed justed justed justed justed justed 1 1 9 9 1 2 9 0 7 7 2 5 8 9 4 3 6 6 2 0 8 7 3 1 6 6 3 3 4 3 4 0 9 7 0 9 r r 1 1 0 0 3 4. . 2 8 r r 1 1 0 2 3 3 . . 2 5 1 12 2 9 0 8 9 3 9 1 15 3 4 8 . . 4 6 1 1 2 4 4 3. . 2 5 1 1 9 92 2 2 1 5 7 8 3 5 8 3 1 5 6 7 7 6 7 6 1 5 7 6 9 4 6 4 8 6 8 5 8 r r 8 7 8 9 . . 2 8 r r 7 8 9 5 . . 7 5 1 1 1 2 0 1 9 9 4 2 9 96 7 . . 7 6 1 1 2 1 7 9 . . 7 7 1 1 9 9 2 2 3 4 8 8 8 2 1 9 0 5 3 7 6 2 9 9 8 8 9 8 9 4 4 8 9 1 5 9 8 4 6 r1 r9 0 3 1 . . 8 0 r r 1 10 0 1 8 . . 2 4 1 1 4 3 2 9 1 1 0 0 5 5 1 9 00 8 .1 6 1 1 2 2 1 2 . . 9 2 1925 90 107 76 92 122 124 120 r97.1 r106.6 146 110 103.5 125.4 1 1 9 92 2 7 6 9 9 5 6 1 10 1 7 4 8 7 3 9 1 1 0 0 0 0 1 1 2 2 9 9 1 1 2 1 1 7 1 13 3 9 5 r r 9 9 8 6 . . 9 8 T r1 1 0 0 7 9 . . 9 9 1 1 5 4 2 7 1 11 1 4 3 1 9 00 5 . . 0 4 1 1 2 2 6 4 . . 4 0' 1 1 9 9 2 2 9 8 122!9 1 9 1 9 0 1 1 1 3 7 2 9 8 3 5 1 9 0 9 7 1 1 1 3 7 5 1 8 2 7 6 1 1 4 4 2 2 ri6i!6 r1 r9 0 6 3 . . 9 1 r r 1 1 0 1 9 6 . . 1 4 1 1 4 5 8 2 1 1 1 1 5 7 9 9 6 5 . . 7 3 1 12 2 2 2 . . 5 6' 1 1 9 9 3 3 0 1 1 9 0 2 9 . . 3 1 9 7 1 5 9 6 8 7 8 7 4 9 9 8 3 0 9 6 2 3 5 3 0 7 1 8 2 4 5 r r 9 8 5 6 . . 5 1 r r 8 7 9 5 . . 8 8 r r 9 7 4 1 . . 1 2 1 1 3 0 1 5 1 9 0 7 8 8 7 6 3 . . 4 0 1 10 1 8 9 . . 7 4 1 j932 70.6 58 41 70 67 28 13 40 r75.5 r64 4 r49.2 78 75 64.8 97.6 1933!!!!!!!'."! 68*.9 69 54 79 76 25 11 37 r76.0 r71.3 r52.8 82 73 65 !9 92.*4 1934 78.7 75 65 81 80 32 12 48 r83.8 r83.1 r67.8 89 83 74.9 95.7 1 1 1 1 9 9 9 9 3 3 3 3 5 8 6 7 1 1 8 9 0 0 7 7 8 1 . . 1 5 7 3 1 1 8 8 0 1 7 9 3 3 1 1 8 0 2 7 3 8 2 8 1 1 9 9 0 0 0 5 0 6 1 8 9 9 1 6 9 7 2 3 5 5 6 7 5 9 4 4 2 3 4 1 1 7 5 5 8 7 7 0 0 0 4 r1 r r r 8 9 9 0 7 4 4 0 . . . . 6 9 4 9 r1 r r r 9 8 9 0 6 8 0 5 . . . . 7 4 0 8 r1 r r r 7 9 8 0 8 0 4 8 . . . . 0 5 2 2 1 1 9 8 0 1 2 9 7 1 1 1 8 9 0 0 8 9 7 0 8 8 8 7 0 6 0 8 . ! . . 0 8 6 3 1 1 9 9 0 0 8 9 2 0 . . . . 1 1 7 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 lanuary 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 jf unuary 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 lane 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 rptember.. . . 215.2 244 248 368 179 138 65 35 89 130.1 168.3 170.1 328.0 140 162 103 1 123.9 October 217.5 247 249 374 179 136 49 34 61 130.1 170.1 170.5 332.6 137 174 103.0 124.4 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 I ><t;ember 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 1 cbruary 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 lune 232.6 235 236 354 169 142 34 15 50 127.7 158.8 158.5 318.1 139 175 104.3 125.4 'luly 232.2 230 232 347 165 139 38 14 57 127.5 157.6 157.8 310.7 143 192 104.1 126.1 \m\ust 233.7 232 235 348 168 142 41 13 63 127.3 156.9 158.0 314.0 142 187 103.9 126.4 •<p (.ember.... 232.7 230 234 342 168 143 39 13 61 r126.4 154.6 156.3 r313.1 139 183 104.0 126.5 October 235.5 232 234 345 169 143 42 13 65 r125.9 154.1 154.5 314.4 137 194 104.1 126.4 November ^237.9 P232 ^232 p3i2 ^173 PI 42 P42 ??13 7'125.5 PI53.3 ^153.4 141 210 104.4 126.5 December.... p137 e194 e104.8 * Average per working day. v Preliminary, r Revised. e Estimated. * Department of Commerce series on value of payments to individuals. 2 For indexes by groups or industries, see pp. 66-69. 3 Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 73 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 ..t Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. The indexes of employment and pay rolls prior to 1939 have been revised to incorporate new Bureau of Labor Statistics employment estimates for the period 75-77. 5 For indexes by Federal Reserve districts and other department store data, see pp. 75-77. Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984; for factory employment and pay rolls, October 1938, pp. 839-866, February 1941, p. 166, and January 1943, p. 13; for department store sales, June 1944, pp. 549-561. JANUARY 1945 65 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES {Adjusted jor Seasonal Variation) [Index numbers of theBoard of Governors. 1935-39 average = 100] 1943 1944 Industry Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Industrial Production—Total 247 247 241 243 244 241 239 236 235 230 232 230 232 V232 Manufactures—Total.. — 266 268 260 262 262 259 256 253 251 246 248 246 248 P249 Durable Manufactures 374 376 365 369 367 364 361 356 354 347 348 342 345 ^342 Iron and Steel... 215 210 200 20c? 212 214 213 210 204 202 203 202 r206 201 Pig iron 202 200 198 202 207 206 206 203 198 196 198 196 197 192 Steel Open hearth . . .. 2 1 4 9 2 1 2 1 3 8 6 6 2 1 2 7 2 8 2 1 3 8 1 6 2 1 3 8 6 8 2 1 3 9 8 1 2 19 36 2 2 1 3 8 4 8 2 1 2 8 5 3 2 1 2 8 2 4 2 1 2 8 4 3 2 1 2 8 2 3 r r 1 2 8 2 7 5 2 1 1 8 8 5 Electric 607 592 536 554 578 570 549 559 526 491 512 502 492 453 Machinery. 458 463 453 461 458 452 445 437 442 435 434 427 429 Manufacturing Arsenals and Depots1 Transportation Equipment 780 786 763 754 746 734 730 726 716 704 707 r695 706 P697 Automobiles . ... 247 248 240 244 238 233 232 226 228 223 229 226 231 P228 (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1 Nonferrous Metals and Products .... 286 289 277 285 285 287 292 279 263 244 245 238 236 Smelting and refining 303 308 307 297 299 297 289 273 253 246 226 205 200 *>19S (Copper smelting; Lead refining; Zinc smelting; Aluminum* Magnesium; Tin)1. Fabricating 279 282 266 280 280 283 293 282 268 243 252 252 251 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products* Tin consumDtion)1 Lumber and Products... 128 136 137 133 131 129 126 124 127 124 127 120 120 PJ26 Lumber 115 127 131 125 122 119 118 115 118 114 118 111 109 PU1 Furniture 152 152 150 148 150 149 142 142 144 143 146 139 142 P143 Stone, Clay, and Glass Products 171 168 169 168 168 167 165 161 168 165 •162 159 161 P160 Glass products 169 165 169 171 172 175 183 173 187 180 169 165 174 169 Plate glass . . 47 54 55 54 58 59 59 66 65 60 66 66 64 56 Glass containers 212 204 209 213 212 216 227 210 230 222 204 200 212 208 Cement 107 98 101 86 88 83 78 76 84 86 88 86 88 Clay products . . 124 124 122 129 131 131 125 122 127 124 122 116 115 p118 Gypsum and plaster products 194 196 192 203 198 194 183 176 180 182 181 175 179 Pi 75 Ajrasive and asbestos products. . . 326 329 319 319 312 308 297 300 297 294 295 302 292 p290 Other stone and clay products1 Nondurable Manufactures . . . 179 180 174 176 177 175 172 169 169 165 168 168 169 *W Textiles and Products 152 152 143 149 152 151 151 147 145 139 141 147 147 P152 f- Textile fabrics . . .. 143 142 133 140 142 141 141 137 135 129 132 137 136 Cotton consumption 157 153 142 150 151 150 151 142 140 139 140 148 140 149 Rayon deliveries . 186 191 189 186 187 191 196 195 196 193 189 196 198 207 Nylon and silk consumption1 Wool textiles. 154 154 142 154 159 155 153 152 148 131 140 144 152 Carpet wool consumption 37 39 36 42 42 46 51 53 49 41 47 42 50 Apparel wool consumption . ... 201 205 186 210 219 216 213 213 196 185 193 197 213 Woolen and worsted yarn 173 172 159 173 177 171 167 167 163 144 154 158 165 Woolen yarn 175 176 161 176 181 174 171 169 166 148 163 162 171 Worsted yarn 171 166 156 168 171 167 163 163 159 138 141 153 156 Woolen and worsted cloth 172 171 160 170 178 172 168 165 163 144 153 160 168 Leather and Products ... no 105 102 108 111 112 116 112 115 105 112 121 115 pl 16 Leather tanning 104 98 97 103 105 107 117 110 113 113 108 120 112 Cattle hide leathers 102 101 98 107 110 113 125 118 124 126 118 131 120 Calf and kip leathers 76 67 68 70 76 79 88 86 85 78 82 92 88 Goat and kid leathers 95 90 83 83 84 86 79 86 84 81 77 80 80 Sheep and lamb leathers 173 146 162 166 161 155 168 136 141 144 144 157 149 Shoes .... 114 109 105 112 114 116 116 114 117 100 114 122 116 P119 Manufactured Food Products ... — 146 153 151 154 158 159 158 154 153 153 147 146 148 p153 Wheat flour 117 128 128 139 125 114 114 110 110 113 116 113 118 p128 Cane susar meltines1 Manufactured dairy products * ^146 P159 P128 P137 P139 PI 65 Butter . . . 87 88 86 88 90 96 92 93 93 88 83 85 r82 82 Cheese 144 143 147 149 146 152 155 153 158 152 145 146 149 155 Canned and dried milk 137 132 131 132 139 156 169 173 180 185 180 184 179 181 Ice cream Meat packing .. . 168 185 173 187 215 202 198 180 173 175 169 161 154 158 Pork and lard 193 221 206 234 291 270 266 239 225 219 197 176 159 167 Beef 135 145 139 144 149 143 136 124 121 127 138 140 140 141 Veal 151 150 121 104 94 96 107 100 117 160 191 196 218 213 Lamb and mutton 173 166 158 135 112 110 109 113 125 134 125 135 145 142 r Revised. v Preliminary. * Series included in total and group indexes but not available for publication separately. 66 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 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Manufactured Food Products—Continued Other manufactured foods 146 150 153 156 157 160 158 157 154 153 -148 147 Processed fruits and vegetables 135 135 142 140 140 155 152 145 136 130 112 121 139 Confectionery 120 123 134 134 138 147 154 152 147 135 '123 115 Other food products 153 159 159 163 165 164 161 161 160 162 162 159 "158' Alcoholic Beverages 130 141 143 131 137 123 116 119 128 186 156 166 Malt liquor 155 169 172 160 148 167 146 135 140 146 152 172 177 Whiskey 0 0 0 0 0 0 0 0 0 0 100 6 0 0 O Re th c e ti r f ie d d is ti l l i l q e u d o r s s pirits •. 1 9 5 0 8 1 6 7 2 8 1 4 8 2 9 1 4 6 6 2 1 4 8 0 2 1 3 7 3 3 1 3 7 9 2 1 3 7 4 4 1 3 7 1 7 2 3 0 7 5 6 2 4 3 7 2 2 6 7 8 0 3 1 0 0 5 4 76 Industrial A Icohol from Beverage Plants1 Tobacco Products 139 148 143 125 119 123 121 122 126 124 120 135 Cigars 100 101 90 86 92 92 89 89 92 95 93 105 Cigarettes 173 186 181 155 145 154 161 154 151 154 152 149 142 157 Other tobacco products 93 100 99 87 79 73 73 80 79 78 92 87 93 107 Paper and Paper Products... 140 132 136 138 137 138 142 140 133 142 142 143 Paper and pulp 138 137 131 134 135 134 134 137 136 129 137 137 139 Pulp 153 147 142 147 151 150 151 151 156 153 159 156 165 Groundwood pulp 112 103 107 106 110 108 110 108 108 114 119 118 126 Soda pulp 93 93 103 96 98 93 97 92 91 92 96 92 96 Sulphate pulp 213 212 196 213 217 209 213 217 232 232 234 231 245 Sulphite pulp 141 131 127 130 133 137 136 135 137 127 138 135 142 Paper 135 136 129 132 133 132 131 135 133 125 134 134 135 Paperboard 148 151 135 144 148 147 152 159 156 148 158 159 158 Fine paper 127 126 116 119 121 120 117 115 110 99 111 113 111 Printing paper 124 122 122 119 119 117 119 115 115 103 118 116 116 Tissue and absorbent paper 163 160 163 156 151 154 156 159 159 158 149 149 149 Wrapping paper 128 130 127 129 133 128 120 127 125 118 127 127 132 Newsprint 83 83 79 74 77 73 76 80 83 77 81 Paperboard containers (same as Paperboard). Printing and Publishing 110 106 105 104 102 100 101 100 102 103 Newsprint consumption 96 85 83 81 85 87 86 Printing paper (same as shown under Paper) Petroleum and Coal Products 207 213 219 226 230 234 '233 237 242 247 251 258 265 Petroleum refining 212 221 226 234 238 243 242 246 252 259 264 rm 280 Gasoline 122 123 123 125 128 129 129 130 136 137 138 141 140 PU2 Fuel oil 151 159 159 159 161 163 161 162 164 164 159 162 167 Lubricating oil 134 137 120 128 126 130 120 118 131 125 125 132 135 Kerosene 113 117 120 132 124 130 125 126 130 128 126 126 124 Coke O .. ther petroleum products1 169 163 172 174 176 174 176 175 172 172 'in '168 170 170 B Be y e - h p i r v o e d u c c o t k e coke 5 1 3 5 5 8 4 1 5 5 9 5 5 1 1 6 9 1 4 1 9 6 6 4 5 1 0 6 3 6 4 1 8 6 7 5 4 1 6 6 3 7 4 1 7 6 0 6 4 1 6 6 3 4 4 1 4 6 2 4 4 1 1 6 9 4 r3 1 8 6 9 2 3 1 8 6 4 4 3 1 6 6 7 4 Chemical Products.. 397 390 365 359 323 324 319 314 r307 306 P310 Paints 138 140 137 140 140 140 138 137 138 142 r143 r139 139 Soap 120 129 131 133 134 133 137 137 138 134 132 131 129 P136 Rayon 225 223 226 226 229 233 232 235 237 237 240 237 239 P247 Industrial chemicals. 396 398 394 405 406 405 408 410 411 r408 r400 395 P397 Explosives and ammunition1 Other chemical products1 Rubber Products 240 242 244 242 231 228 227 230 231 P233 Minerals—Total 136 133 137 139 142 139 140 143 142 139 142 143 143 Fuels 138 134 140 145 143 146 143 r148 148 P148 Coal 141 125 147 153 158 148 150 154 152 144 148 147 149 Bituminous coal 144 131 156 161 162 155 155 159 158 151 154 151 152 Anthracite 127 102 114 119 143 123 129 134 128 118 124 129 133 ^126 Crude petroleum 137 139 136 137 139 138 139 142 143 142 146 149 148 Metals 123 124 124 124 127 126 122 120 120 117 114 r113 111 Metals other than gold and silver 187 187 185 190 189 184 182 181 178 175 175 170 Iron ore *>223 P223 (Copper; Lead; Zinc)1 Gold Silver r Revised p Preliminary. 1 Series Included in total and group indexes but not available for publication separately. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. JANUARY 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES {Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average = 100] 1943 Industry Oct. Nov. Dec.Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov Industrial Production—Total. 249 247 239 240 240 238 237 236 236 232 235 234 234 P232 Manufactures—Total .. 269 268 258 259 259 257 255 252 252 248 251 249 250 P249 Durable Manufactures — 375 376 364 367 366 363 361 357 354 348 349 343 346 p342 Iron and Steel 215 210 200 208 212 214 213 210 204 202 203 202 r206 Pig iron 202 200 198 202 207 206 206 203 198 196 198 196 197 192 Steel 242 236 222 231 236 238 236 234 225 222 224 222 r225 218 Open hearth 191 186 178 186 188 191 192 188 183 184 183 183 r187 185 Electric 607 592 536 554 578 570 549 559 526 491 512 502 492 453 Machinery .... .... 458 463 453 461 458 452 445 437 442 435 434 427 429 P427 Manufacturing Arsenals and Depots1 ... Transportation Equipment .. 780 786 763 754 746 734 730 726 716 707 r695 706 p697 Automobiles 247 248 240 244 238 233 232 226 228 229 226 231 P228 (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1 Nonferrous Metals and Products 286 289 278 285 285 287 292 279 263 243 245 238 236 Smelting and refining 303 309 307 297 299 297 289 273 252 244 226 205 200 (Copjper smelting, Lead refining, Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 282 266 280 280 283 293 282 268 243 252 252 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products 133 133 126 122 125 127 133 130 135 128 125 124 Lumber . . 124 124 114 107 107 110 116 119 127 123 129 123 117 PI 14 Furniture . 152 152 150 148 150 149 142 142 144 143 146 139 142 Stone, Clay, and Glass Products . 178 172 164 161 163 163 165 169 165 167 164 167 P164 Glass products 174 166 158 168 167 175 183 184 186 174 175 169 178 170 Plate glass 47 54 55 54 58 59 59 66 65 60 66 66 64 56 Glass containers 218 206 195 208 205 216 227 225 228 213 213 204 218 ^210 Cement 124 106 92 70 67 68 74 79 90 94 100 100 102 Clay products 131 129 126 121 125 126 122 122 125 124 125 120 121 Gypsum and plaster products 199 198 196 196 191 188 181 179 183 182 182 179 182 P177 O A t b h r e a r s iv st e o n a e n d a n a d sb c e l s a t y o s p p ro ro d d u u ct c s t 1 s 326 329 319 319 312 308 297 300 297 294 295 302 292 P290 Nondurable Manufactures .. 183 181 172 172 173 171 169 168 169 167 171 173 173 P173 Textiles and Products , 152 152 143 152 151 151 147 145 141 147 147 P152 Textile fabrics 143 142 133 140 142 141 141 137 135 129 132 137 136 Cotton consumption r157 153 142 150 151 150 151 142 140 139 140 148 140 149 Rayon deliveries 186 191 189 186 187 191 196 195 196 193 189 196 r198 207 Nylon and silk consumption1 .. Wool textiles 154 154 142 154 159 155 153 152 148 131 140 r144 152 Carpet wool consumption .. 37 39 36 42 42 46 51 53 49 41 47 42 50 Apparel wool consumption . 201 205 186 210 219 216 213 213 196 185 193 r197 213 Woolen and worsted yarn .. 173 172 159 173 177 171 167 167 163 144 154 158 165 Woolen yarn 175 176 161 176 181 174 171 169 166 148 163 162 171 Worsted yarn 171 166 156 168 171 167 163 163 159 138 141 153 156 Woolen and worsted cloth . 172 171 160 170 178 172 168 165 163 144 153 r160 168 Leather and Products 110 106 101 108 103 120 115 nn Leather tanning 104 101 96 103 113 106 116 110 111 107 107 118 113 Cattle hide leathers 103 105 98 109 119 113 125 118 119 119 114 129 121 Calf and kip leathers .... 78 69 66 69 79 77 85 83 87 77 86 90 90 Goat and kid leathers 95 87 83 83 88 86 81 84 85 80 75 81 80 Sheep and lamb leathers . 173 155 154 154 177 150 165 147 139 134 148 153 149 Shoes 114 109 105 112 114 116 116 114 117 100 114 122 116 Manufactured Food Products . 156 154 147 145 143 147 153 163 165 r166 159 P153 Wheat flour 124 129 126 139 110 106 106 112 115 123 125 P129 Cane sugar meltings1 Manufactured dairy products . p103 P143 ^155 P125 Butter 75 67 68 73 79 87 94 120 128 107 91 82 70 62 Cheese 130 107 106 110 120 137 161 205 225 187 162 149 r134 116 Canned and dried milk ... 111 95 101 107 125 153 191 240 249 215 186 170 145 130 Ice cream Meat packing 168 206 205 225 207 i87 ' 183 180 172 162 147 '148 156 175' Pork and lard 181 259 271 307 285 251 242 239 225 193 151 139 150 195 Beef 147 150 139 147 137 130 128 124 118 128 140 151 153 146 Veal 172 160 113 97 83 90 105 104 117 160 188 215 248 228 Lamb and mutton 180 166 155 143 113 108 105 115 116 129 122 144 151 142 r Revised. * Preliminary. 1 Series included in total and group indexes but not available for publication separately. 68 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 Oct. Nov. Dec,Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Manufactured Food Products—Continued Other manufactured foods 163 156 149 143 142 142 140 141 145 159 •170 174 PI 59 Processed fruits and vegetables . 174 125 111 91 89 85 92 94 105 169 213 r236 180 p135 Confectionery 157 145 135 138 139 137 128 117 109 111 132 148 Other food products 161 166 162 157 157 157 154 158 162 165 165 162 166 Alcoholic Beverages 132 119 115 128 127 127 143 151 198 159 168 Malt liquor 144 130 137 131 133 155 153 154 177 183 173 174 164 Whiskey 0 0 0 0 0 0 0 0 0 0 100 6 0 0 Other distilled spirits 234 130 47 30 24 21 23 21 19 22 609 94 270 159 158 178 189 162 182 173 172 174 177 205 232 270 305 Rectified liquors Industrial Alcohol from Beverage Plants1 .. Tobacco Products ... 144 151 132 124 114 117 120 124 126 127 129 131 125 137 100 101 90 86 92 92 89 89 92 95 93 105 Cigars 179 190 167 155 136 143 150 154 158 162 160 160 148 160 Cigarettes 99 103 87 85 77 73 73 81 78 89 93 99 110 Other tobacco products 140 140 131 136 139 137 138 141 132 141 141 143 Paper and Paper Products 138 138 130 134 136 134 134 137 137 128 137 137 139 152 148 142 148 151 150 153 152 156 151 157 154 164 Paper and pulp 104 109 108 111 115 115 121 117 109 101 105 105 117 Pulp 93 93 103 96 98 93 97 92 91 92 96 92 96 Groundwood pulp 213 212 196 213 217 209 213 217 232 232 234 231 245 Soda pulp 141 131 127 130 133 137 136 135 137 127 138 135 142 Sulphate pulp 135 136 128 131 134 132 132 135 134 125 134 134 135 Sulphite pulp 148 151 135 144 148 147 152 159 156 148 158 159 158 Paper 127 126 116 119 121 120 117 115 110 99 111 113 111 Paperboard 124 122 122 119 119 117 119 115 115 103 118 116 116 Fine paper 165 160 158 154 157 154 157 159 162 151 149 149 151 Printing paper 128 130 127 129 133 128 120 127 125 118 127 127 132 Tissue and absorbent paper . 83 87 82 79 74 77 75 77 82 77 81 82 Wrapping paper Newsprint Paperboard containers (same as Paperboard) 112 110 108 101 101 101 104 100 100 100 105 V105 Printing and Publishing .. 101 93 83 83 86 84 84 84 93 Newsprint consumption Printing paper (same as shown under Paper). 207 213 219 226 230 234 233 237 242 247 251 258 265 Petroleum and Coal Products .. 212 221 226 234 238 243 242 246 252 259 264 r272 280 Petroleum refining 1 15 2 1 2 1 1 2 5 3 9 1 1 2 5 3 9 1 12 5 5 9 1 16 2 1 8 1 16 2 3 9 1 16 2 1 9 1 1 3 6 0 2 1 1 3 6 6 4 1 1 3 6 7 4 1 15 3 9 8 1 1 6 4 2 1 1 1 4 6 0 7 Gasoline 134 137 118 124 124 128 125 123 131 124 124 132 135 Fuel oil 113 120 124 134 130 132 127 127 123 119 121 124 124 Lubricating oil Coke B K O y e th r - o p er s r o e p n d e e u t c r t o l c e o u k m e products1 5 1 1 3 6 5 5 9 8 4 1 1 5 6 5 9 3 5 5 1 1 1 6 7 9 1 2 4 1 1 9 7 6 6 4 4 5 1 1 0 7 6 3 6 6 4 1 1 8 6 7 7 5 4 4 1 1 6 7 6 3 6 7 4 1 1 7 7 6 0 5 6 " 4 1 l 6 6 72 3 4 " 4 1 1 4 6 7 2 4 2 4 1 1 1 7 6 9 1 4 r3 1 1 S 6 6 9 2 8 3 1 1 8 7 6 4 0 4 3 1 1 6 7 6 7 0 4 ChemicalB Peerohdivuec tscoke 400 392 367 362 360 344 325 323 316 310 310 r307 309 Paints 138 138 137 137 139 140 140 142 142 140 142 138 Soap 126 130 131 131 133 133 134 132 136 133 133 136 135 p137 Rayon 225 223 226 226 229 233 232 235 237 237 240 237 P247 Industrial chemicals 396 398 394 405 406 405 410 411 408 r408 r400 P397 Explosives and ammunition1 Other chemical products1 Rubber Products 234 241 240 244 242 231 230 228 227 231 230 231 P233 Minerals—Total .. 140 132 132 133 136 133 138 146 146 143 147 r147 144 P139 Fuels . 138 134 140 142 145 141 143 146 146 143 147 r148 148 P148 Coal 141 125 147 153 158 148 150 154 152 144 148 147 H49 Bituminous coal 144 131 156 161 162 155 155 159 158 151 154 151 152 Anthracite 127 102 114 119 143 123 129 134 128 118 124 129 133 P126 Crude petroleum 137 139 136 137 139 138 139 142 143 142 146 149 148 Metals 149 116 87 82 85 86 112 144 142 145 r138 122 Metals other than gold and silver 228 170 121 113 119 120 168 226 231 222 227 215 188 I ( r C o o n p p o e r r e ; Lead; Zinc)1 310 182 83 70 72 76 188 313 330 323 336 311 259 133 Gold Silver T Revised. *> 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. JANUARY 1945 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 = 100J Factory employment Factory pay rolls Industry and group 1943 1944 1943 1944 Oct. Nov. July Aug. Sept. Oct. Nov Sept. Oct. Nov July Aug. Sept. Oct. Total 170.5 171.0 157.8 158.0 156.3 154.5 153.4 328.0 332.6 336.5 310.7 314.0 r313.1 314.4 Durable goods 232.3 234.2 214.0 213.0 r209.7 206.8 204.6 460.7 468.8 474.6 428.5 r432.7 r428.6 431.1 Nondurable goods. 121.7 121.2 113.5 114.6 114.2 113.3 113.1 198.3 199.6 201.4 195.6 198.0 r200.1 200.3 Iron and Steel and Products 174.6 175.9 167.1 167.6 166.1 164.1 164.4 312. 318.6 320.1 306.2 309.2 312.0 310.9 Blast furnaces, steel works, etc 131 131 124 124 123 122 233 233 227 225 223 227 225 Steel castings 269 267 244 244 240 238 476 483 486 434 456 452 453 Tin cans and other tinware 107 105 130 132 132 129 178 175 169 212 222 225 217 Hardware 131 133 128 130 128 128 254 266 269 258 262 261 267 Stoves and heating equipment 128 132 138 139 137 135 219 232 239 252 256 r261 262 Steam, hot- water.heating apparatus... 197 198 183 183 182 181 364 365 365 338 345 341 347 Stamped and enameled ware 168 170 160 161 159 158 315 331 340 320 324 327 327 S F t o r r u g c in tu g r s al and ornamental metal work 2 26 0 1 4 2 26 0 4 8 r2 2 3 1 l 4 r2 2 3 1 1 0 r2 2 3 0 1 8 2 23 0 1 7 3 48 7 9 2 3 5 8 1 4 4 3 5 9 3 7 3 r4 4 4 1 2 8 r4 4 4 1 1 1 r4 4 6 0 3 7 4 4 0 6 1 8 Screw machine products 289 291 266 261 256 252 549 561 570 508 512 503 496 Electrical Machinery 283.4 289.9 277. < 276.2 274.2 270., 266.6 487.7 494.7 506.2 494.2 r496.1 500.9 492.7 Machinery, except Electrical 237.6 239.0 219.8 217.8 215.2 213.2 211.3 435". 2 441.4 445.7 403.5 406.2 403.1 406.1 Machinery and machine shop products 246 247 228 228 224 111 441 447 450 409 r415 r410 416 Tractors 180 184 192 188 184 182 270 279 288 293 291 291 292 Agricultural, excluding tractors 148 151 163 160 159 158 284 288 294 334 319 333 315 Pumps 325 335 326 318 310 309 678 694 695 676 669 666 659 146 r272 259 Refrigerators 164 167 149 148 146 288 296 298 249 273 1227.1 1180.8 2606.1 2569.4 Transportation Equipment, except Autos.. 1464.31472.4 1277.0 1255.3 1203.6 2933.1 2947.6 3039.1 2602.4 2597.4 Automobiles 186.7 188.9 168.4 169.9 r168.4 165.5 161.6 339.3 359.5 351.3 302.8 r307.6 r299.9 304.5 Nonferrous Metals and Products 184.3 185.6 165.2 164.8 161.1 158.5 155.5 336.8 338.2 343.9 304.7 306.0 299.1 300.0 Primary smelting and refining.. 214 217 175 171 160 151 390 384 391 325 315 298 285 Clocks and watches 123 125 126 128 128 129 242 242 248 255 266 269 268 Lighting equipment 130 131 129 133 132 133 223 227 233 219 234 223 239 Lumber and Timber Basic Products 110.2 110.1 102.4 103.2 100.6 98.5 99.0 197.7 200.9 197.4 185.1 197.8 188.1 191.2 Sawmills 88 88 83 83 81 79 162 164 160 152 165 154 156 Planing and plywood mills 109 110 98 96 96 176 182 181 166 167 167 171 Furniture and Lumber Products 109.4 110.0 103.5 104.1 101.6 100.9 101.2 183.2 191.0 191.1 183.8 191.4 186.2 189.7 Furniture 106 106 99 96 96 177 184 185 174 181 175 179 Stone, Clay, and Glass Products.... 119.3 119.5 113.4 112.9 111.0 109.6 109.8 188.5 194.0 195*.2 184.1 189.0 r186.3 189.9 Glass 129 131 131 129 127 125 193 202 207 197 204 201 205 Cement. 94 91 73 73 73 72 140 141 134 113 118 116 120 Brick, tile, and terra cotta 83 82 76 76 74 72 128 130 127 122 124 119 122 Pottery and related products.. 127 128 125 124 122 121 186 193 195 187 193 189 192 Textile-Mill and Fiber Products 103.8 104.0 95.2 94.8 94.2 93.8 94.5 172.0 174.4 176.2 168.5 168.2 169.1 170.6 Cotton goods except small wares... 119 120 110 109 108 107 205 205 207 207 204 204 204 Silk and rayon goods 78 79 74 74 74 74 132 136 138 131 134 133 139 Woolen and worsted manufactures.. 108 108 98 97 98 98 195 198 199 184 181 185 188 Hosiery 71 71 66 66 65 64 105 109 110 102 106 104 104 Knitted underwear 103 103 91 91 89 89 172 177 180 159 163 163 164 Dyeing and finishing textiles 97 97 90 89 89 88 151 152 154 147 146 148 150 Carpets and rugs, wool 83 83 78 79 79 79 131 136 138 132 135 135 136 Apparel and Other Finished Textiles. 104.6 104.2 94.6 96.9 96.6 97.2 96.4 16*3.4 164.1 165.6 156.6 167.1 174.4 175.5 Men's clothing, n.e.c 102 101 95 96 95 95 154 158 162 155 161 166 169 Shirts, collars, and nightwear... 80 80 76 74 73 73 130 134 135 133 128 128 131 Women's clothing, n.e.c 86 85 76 79 80 81 136 132 133 126 140 148 147 Millinery 77 73 72 78 79 79 114 106 92 103 129 137 127 Leather and Leather Products. 90.5 90.9 88.5 88.3 r87.4 87.3 8f.8 143.1 143.2 146.1 153.1 153.4 r155A 155.3 Leather 88 87 85 85 84 83 135 135 135 147 146 146 144 Boots and shoes 81 82 80 79 79 131 130 133 140 140 143 143 Food and Kindred Products 122.3 118.5 123.1 127.8 128.3 122.4 117.8 184.8 182.2 186.0 196.5 200.1 199.1 194.7 Slaughtering and meat packing . 132 136 132 130 125 123 192 201 232 220 211 200 200 Flour 120 121 117 114 r113 115 180 194 197 195 190 197 192 Baking 112 114 112 112 111 113 155 159 164 168 168 169 171 Sugar, beet 167 195 39 45 64 170 100 206 283 56 64 86 226 Confectionery 115 121 109 114 114 119 164 178 189 178 188 192 200 Beverages, nonalcoholic 133 129 152 149 140 130 172 161 159 213 206 188 171 M Ca a n lt n i l n i g q u a o n r d s preservi # ng 1 1 3 2 3 7 1 9 3 3 1 1 1 3 4 2 8 1 1 6 4 3 8 1 1 8 4 2 7 1 1 4 3 4 4 3 1 0 8 4 7 2 1 2 8 4 4 1 1 8 6 2 4 2 2 4 2 3 6 3 2 0 2 6 4 r3 2 3 1 6 6 2 2 6 1 2 0 Tobacco Manufactures.. 95.5 96.3 88.6 88.3 88.1 89.3 154.1 160.2 162.5 157.1 157.6 163.1 165.9 Cigarettes 128 130 128 127 126 129 180 191 196 197 196 202 209 Cigars 78 78 68 68 68 68 140 141 141 132 133 138 137 Paper and Allied Products... 118.0 119.1 114.4 113.9 111.6 112.0 112.8 176.7 183.0 184.8 184.9 186.0 184.6 187.4 Paper and pulp 108 108 106 107 105 104 168 174 175 179 181 179 182 Paper goods, n.e.c 127 127 122 119 113 117 184 192 192 194 187 181 189 Paper boxes 123 124 115 114 112 113 177 184 188 176 179 180 180 r Revised. NOTE.—Figures for November 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. 7° FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES-Continued {Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, 1939 = 100] Factory employment Factory pay rolls Industry and group 1943 1943 1944 Oct. Nov. July Aug. Sept. Oct. Nov. Sept. Oct. Nov. July Aug. Sept. Oct. Printing and Publishing 102.6 104.2 101.6 101.1 99.2 100.9 101.2 128.9 131.0 133.7 138.0 137.9 139.0 139 J Newspaper periodicals 95 95 93 93 92 93 115 114 115 117 118 120 119 Book and job 106 108 107 106 103 106 133 138 142 152 149 152 154 Chemical and Allied Products 256.9 253.0 202.7 204.7 r205.i 208.8 213.2 438.4 437.6 428.6 355.5 r356.9 r361.1 364.9 Paints, varnishes, and colors 106 106 107 106 105 105 156 160 161 167 169 166 167 Drugs, medicines, and insecticides 172 177 184 182 179 181 242 251 258 267 265 265 268 Rayon and allied products 110 107 109 110 109 110 170 169 166 174 176 176 177 Chemicals, n.e.c 176 177 171 170 168 167 286 294 297 298 295 293 289 Cottonseed oil .................. 144 147 75 81 r106 125 244 274 281 144 154 r214 264 Fertilizers 107 113 99 102 102 102 214 216 223 225 227 232 227 Products of Petroleum and Coal 119.3 119.0 126.7 127.3 126.2 125.1 125.5 195.0 197.7 196.3 223.0 220.\ 221.0 224.6 Petroleum refining 113 113 124 126 125 124 182 186 186 216 214 213 220 Coke and by-products 110 108 107 107 106 103 187 183 176 192 187 190 183 Rubber Products 161.3 164.9 157.4 158.1 157.6 157.1 158.5 273.4 278.0 287.7 277.2 285.4 288.8 287.6 Rubber tires and inner tubes 166 170 166 169 171 171 277 279 289 281 294 301 298 Rubber boots and shoes 143 146 132 131 125 124 247 244 252 237 233 227 226 Rubber goods, other 144 147 139 138 136 135 239 248 257 245 247 248 251 Miscellaneous Industries 166.0 166.7 153.5 152.0 150.7 150.6 151.5 297. 301.3 307.6 288.9 286.0 289.7 293.0 Photographic apparatus 176 176 172 167 162 161 271 278 284 272 271 268 269 Games, toys, and dolls 91 91 90 91 142 158 156 170 182 182 186 r Revised. FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939 = 100] 1943 1944 Group Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Total 170.1 170.9 169.1 167.8 166.9 164.1 161.5 159.6 158.8 157.6 156.9 154.6 154.1 pl53.3 Durable 232.2 234.0 232.8 230.3 228.8 225.3 221.1 218.2 216.4 213.7 212.6 r209.4 206.6 P204.5 Nondurable 121.1 121.2 118.9 118.4 118.1 116.0 114.5 113.4 113.3 113.5 112.9 111.4 112.8 pU3.l 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 Sept. Oct. June July Aug. Sept. Oct. Sept. Oct. June July Aug. Sept. Oct. All Manufacturing.. 44.7 45.4 45.4 44.6 45.2 44.9 45.6 99.3 98.8 101.7 101.8 101.6 103.1 103.1 Durable Goods 47.2 46.8 45.7 46.1 47.2 109.7 108.6 111.3 111.6 113.1 112.9 Iron and Steel and Products 46.1 47.1 46.8 46.0 46.7 46.6 47.2 106.6 105.6 108.1 108.6 107.5 109.1 Electrical Machinery 46.8 47.1 46.6 45.7 46.3 r46.2 46.3 99.3 98.6 102.6 103.2 r103.2 105.1 104.5 Machinery Except Electrical 48.6 49.6 49.1 47.5 r48.3 r47.9 48.8 109.5 108.6 112.2 112.3 113.6 113.7 Transportation Equipment Except Au A to u m to o m b o il b e i s les 4 46 7 . . 3 1 4 4 7 7 . . 5 6 4 4 7 5. . 9 3 4 4 6 3 . . 8 7 r r 4 4 7 5 . . 4 1 4 4 3 7 . . 5 0 4 45 8 . . 6 3 1 12 2 6 5 . . 2 0 1 12 2 5 3 . . 0 1 1 12 2 7 6 . . 5 2 1 1 2 2 6 9 . . 7 1 r r l 1 2 2 7 6 . . 2 1 1 1 2 2 9 8 . . 5 6 1 1 2 3 7 0 . . 0 0 Nonferrous Metals and Products 46.7 46.9 47.1 46.0 46.5 46.3 47.2 104.4 102.9 104.9 105.1 104.7 105.4 105.5 L S F t u u o m r n n e b i , t e u r C re a la n y a d , n d a T n F i d m i n b G is e l h r a e s B s d a P L si r u c o m d P b u r e o c r t d s P u r c o ts ducts. 4 4 4 2 3 3 . . . 4 5 5 4 4 4 4 4 3 . . . 7 2 8 4 4 4 4 3 4 . . . 5 8 6 4 4 4 2 3 2 . . . 4 4 6 r4 4 4 4 4 4 . . . 8 7 0 r4 4 4 3 3 4 . . . 4 4 1 4 4 4 5 4 4 . . . 0 0 8 8 7 7 7 6 7. . . 2 3 8 8 7 7 7 7 7 . . . 7 1 3 8 8 7 1 9 9 . . . 4 3 9 8 8 7 9 1 9 . . . 9 2 6 r8 8 8 1 9 0 . . . 6 5 1 r r 8 9 8 1 2 0 . . . 1 8 4 9 8 8 1 0 3 , . . 3 7 1 Nondurable Goods 42.2 42.7 43.3 43.0 43.0 43.0 43.3 82.3 82.4 86.1 86.2 r86.4 87.6 87.8 Textiles—Mill and Fiber Products 41.0 41.6 42.0 41.7 41.8 41.8 42.2 67.5 67.4 71.2 71.0 71.1 r12A 72.4 Apparel and other Finished Products ... 37.5 37.8 38.2 37.3 37.7 38.2 38.2 74.3 73.7 78.4 78.5 80.7 r83.3 83.3 Leather and Manufactures 39.2 39.5 41.6 41.2 41.2 41.5 41.6 76.5 76.5 80.2 80.1 80.6 r82.1 81.9 Food and Kindred Products 43.3 44.1 45.9 45.6 45.0 44.5 44.8 80.1 81.5 85.1 84.5 84.4 84.7 85.7 Tobacco Manufactures 41.3 42.6 42.3 42.4 42.3 43.4 43.3 67.0 67.0 70.6 70.9 71.5 72.4 72.8 Paper and Allied Products 44.6 45.7 46.3 45.7 46.2 r46.2 46.6 81.1 81.2 84.5 84.7 84.7 85.8 86.1 Printing, Publishing, and Allied Industries 40.4 40.2 41.3 41.2 41.1 41.4 40.9 103.3 102.8 107.5 107.2 108.0 110.1 110.2 Chemicals and Allied Products 45.6 45.8 45.8 45.5 45.6 r45.6 45.8 93.7 93.1 95.8 96.6 r96.1 r96.6 95.9 Products of Petroleum and Coal 45.4 46.4 46.8 46.9 46.9 46.4 47.9 115.5 114.2 118.1 119.9 117.9 120.1 119.0 Rubber Products 44.9 45.4 45.2 45.0 45.6 45.7 46.0 105.7 105.9 109.2 109.4 110.2 111,7 110.8 Miscellaneous Industries 45.6 46.1 46.1 45.2 45.1 45.4 46.1 90.7 90.8 95.8 95.5 95.7 97.4 96.9 r Revised. Back figures are available from the Bureau of Labor Statistics. NOTE.—Data based on the classification of the 1939 Census of Manufactures. JANUARY 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Thousands of persons] Transporta- Finance, Federal, Year and month Total Ma t n u u r f in a g c- Mining Construction* ti p o u n b l a i n c d Trade an s d e r m vi i c sc e e , l- Sta l t o e c , a l and utilities laneous government 1939 30,353 10,078 845 1,753 2,912 6,618 4,160 3,988 1940 31,784 10,780 916 1,722 3,013 6,906 4,310 4,136 1941 35,668 12,974 947 2,236 3,248 7,378 4,438 4,446 1942 38,447 15,051 970 2,078 3,433 7,263 4,447 5,203 1943 39,728 16,924 891 1,259 3,619 7,030 4,115 5,890 SEASONALLY ADJUSTED 1940—April 31,047 10,395 908 1,561 2,976 6,822 4,281 4,104 May 31,204 10,402 907 1,641 2,996 6,847 4,293 4,118 June 31,377 10,458 908 1,736 2,998 6,865 4,300 4,112 July 31,590 10,570 912 1,756 3,009 6,895 4,312 4,136 August 31,840 10,776 914 1,723 3,015 6,936 4,328 4,148 September 32,169 11,017 918 1,758 3,025 6,951 4,341 4,159 October 32,485 11,181 920 1,825 3,041 7,005 4,357 4,156 November 32,993 11,409 925 1,971 3,054 7,043 4,395 4,196 December 33,397 11,589 926 2,135 3,076 7,076 4,393 4,202 1941—January 33,638 11,720 938 2,243 3,072 7,065 4,366 4,234 February 33,973 11,934 935 2,256 3,082 7,123 4,374 4,269 March 34,406 12,174 943 2,260 3,131 7,192 4,397 4,309 April 34,441 12,456 643 2,133 3,161 7,266 4,438 4,344 May 35,269 12,776 949 2,176 3,224 7,302 4,441 4,401 June 35,758 13,032 970 2,239 3,254 7,388 4,441 4,434 July 36,277 13,342 981 2,256 3,292 7,495 4,442 4,469 August 36,597 13,473 997 2,258 3,330 7,579 4,458 4,502 September 36,774 13,580 1,000 2,327 3,331 7,548 4,454 4,534 October 36,892 13,642 1,003 2,295 3,355 7,537 4,472 4,588 November 36,991 13,752 1,004 2,248 3,369 7,526 4,479 4,613 December 36,864 13,748 1,002 2,115 3,367 7,487 4,493 4,652 1942—January 37,057 13,879 996 2,102 3,372 7,481 4,520 4,707 February 37,195 14,041 981 2,090 3,357 7,414 4,491 4,821 March 37,391 14,255 976 2,055 3,382 7,331 4,523 4,869 April 37,724 14,463 982 2,054 3,402 7,319 4,541 4,963 May..... 37,981 14,649 982 2,048 3,419 7,280 4,521 5,082 June 38,204 14,865 981 2,057 3,419 7,206 4,532 5,144 July 38,581 15,143 982 2,077 3,433 7,210 4,520 5,216 August 39,042 15,442 973 2,101 3,448 7,222 4,518 5,338 September 39,171 15,644 962 2,077 3,448 7,227 4,382 5,431 October 39,452 15,798 954 2,136 3,484 7,224 4,330 5,526 November 39,597 16,048 944 2,095 3,503 7,132 4,255 5,620 December 39,898 16,333 933 2,041 3,525 7,136 4,229 5,701 1943—January 39,934 16,506 927 1,899 3,540 7,133 4,146 5,783 February 39,935 16,682 924 1,734 . 3,556 7,064 4,146 5,829 March 40,066 16,831 915 1,604 3,574 7,110 4,121 5,911 April 39,891 16,858 908 1,476 3,588 7,006 4,110 5,945 May 39,740 16,837 893 1,358 3,597 6,988 4,102 5,965 June 39,775 16,908 893 1,263 3,620 7,017 4,112 5,962 July 39,876 17,059 888 1,164 3,634 7,061 4,127 5,943 August 39,737 17,097 878 1,082 3,639 7,015 4,110 5,916 September 39,475 17,051 876 1,020 3,633 7,006 4,079 5,810 October 39,486 17,108 869 936 3,671 7,006 4,078 5,818 November 39,526 17,152 859 891 3,683 7,000 4,119 5,822 December 39,479 16,995 863 864 3,687 6,962 4,127 5,981 1944—January 39,454 16,910 862 830 3,720 7,096 4,170 5,866 February 39,352 16,819 862 786 3,780 7,043 4,173 5,889 March 39,123 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 July 38,700 16,013 833 653 3,753 7,084 4,505 5,859 August. r38,654 r15,943 830 648 3,762 7,059 4,514 5,898 September r38,352 r15,76O 822 r627 3,737 7,067 r4,452 5,887 October 38,213 15,621 812 616 3,747 7,075 4,440 5,902 November 38,099 15,521 806 605 3,765 7,043 4,474 5,885 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 4,542 5,896 July 38,731 16,013 833 686 3,809 6,942 4,618 5,830 August r38,744 r16,023 834 700 3,818 6,918 4,582 5,869 September r38,523 r15,839 826 r671 3,793 6,996 r4,452 5,946 October 38,414 15,699 816 659 3,766 7,146 4,396 5,932 November 38,400 15,599 810 623 3,765 7,289 4,429 5,885 * 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. November 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. 72- FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Residential Nonresidential building Public works Total building and public Month Factories Commercial Educational Other utilities 1943 1944 1943 1944 1943 1944 1943 1944 1943 1944 1943 1944 1943 1944 J F a e n b u ru a a ry ry .. . . . . . 3 3 9 5 3 0. . 7 5 1 1 3 5 7 9 . . 2 2 1 9 1 3 0 . . 3 8 4 2 1 4 . . 0 9 8 7 7 3 . . 7 1 3 2 4 9 . . 0 9 22 7 . . 7 2 4 4 . . 5 1 4 5 . . 2 6 -O 8 ^ -7 6 7 8 2. . 7 2 1 8 1 5 3 . . 8 0 5 5 0 5 . . 3 1 March 339.7 176.4 71.8 35.2 63.8 48.7 25.2 7.4 4.5 4.4 51.5 123.0 61.3 April 303.4 179.3 79.4 37.8 40.7 33.0 6.6 6.1 5.9 5.4 43.0 127.7 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 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 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 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 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 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 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 east of the Rocky Mountains, as reported by the [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] F. W. Dodge Corporation. Value of contracts in thousands of dollars] Total Public ownership Private ownership 1944 1943 Month Federal Reserve district 1942 1943 1944 1942 1943 1944 1942 1943 1944 Nov. Oct. Nov. January 317 351 159 198 316 122 119 35 37 Boston 4 891 8 664 9 288 February.... 434 394 137 310 364 109 123 30 28 New York 14,692 19,885 12,379 March 611 340 176 473 304 133 138 36 43 Philadelphia 7,641 12,413 12,024 April 499 303 179 355 253 133 144 50 46 Cleveland . .. 13,567 8 946 29 707 May 674 234 144 569 192 98 105 42 46 Richmond 17,046 16,539 43,810 June 1,190 230 164 1,105 183 122 85 46 42 Atlanta . . 13,836 14,675 22,335 July 944 184 191 876 122 148 68 61 42 Chicago 29,340 23,365 27,353 August 721 414 169 633 351 125 88 62 44 St Louis 31 801 12 308 1 282 September... 723 175 176 661 120 127 62 56 49 Minneapolis 8,560 4,590 2,685 October 780 214 145 710 157 102 71 56 43 Kansas City 9,476 12,962 16,270 November... 654 184 165 592 135 103 62 50 62 Dallas 14,000 10,498 7,266 December ... 709 252 664 198 45 54 Total (11 districts) 164,850 144,845 184,399 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 dollars] PORTFOLIO, BY CLASS OF INSTITUTION [In millions of dollars] Title I Loans Mortgages on Sav- Com- Mu- ings Insur- Fed- Year orjnonth 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 - h f 1 ( a - o T m I u t i I o t s i ) l l e e y 4 s - h R o ( g T e u a r I n o D i s n t i t u d l n a e p l g h ( o W T V u i a s t I l i r ) e ng End of month Total b m a ci n e 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 a s o i n o o a d c n n i s - p c a a o n n m c i e e - s a c e g i r e e a s n l * - Other 1936—Dec. 365 228 8 56 41 5 27 I937—Dec. 771 430 27 110 118 32 53 1935 320 224 94 2 1938—Dec. . .. 1,199 634 38 149 212 77 90 1936 557 246 309 2 1937 495 60 424 11 1939—June 1,478 759 50 167 271 137 94 1938 694 160 13 473 48 Dec. 1,793 902 71 192 342 153 133 1939 954 208 25 669 51 1940 1 026 251 26 736 13 1940—Mar. . . . 1,949 971 90 201 392 171 124 1941 1,186 262 21 877 13 13 June 2,075 1,026 100 208 432 182 127 1942 1,137 141 15 691 6 284 Sept. 2,232 1,093 111 216 480 190 141 1943 942 96 1 243 601 Dec. 2,409 1,162 130 224 542 201 150 1943—Nov 92 10 * 21 60 1941—Mar 2,598 1,246 146 230 606 210 160 Dec. 77 9 * 18 50 June 2,755 1,318 157 237 668 220 154 1944—Jan 75 6 19 50 D Se e p c t 3 2 , , 1 9 0 4 7 2 1 1, , 4 4 6 0 5 0 1 18 7 6 1 2 25 4 4 6 7 78 2 9 2 2 2 3 2 4 5 1 1 7 7 9 8 Feb 79 16 * 14 50 Mar 62 6 * 13 44 1942—Mar . . 3,307 1,549 201 264 856 237 200 Apr 68 9 * 13 1 45 June 3,491 1,623 219 272 940 243 195 Mav 69 9 * 18 42 Dec 3,620 1,669 236 276 1,032 245 163 June 63 9 * 18 36 A Ju u l g y. 8 7 1 2 11 7 * * 2 1 0 8 2 4 5 6 0 1943_- D jU e n c e . 3 3 , , 7 6 0 2 0 6 1 1 , ,7 7 0 0 0 5 2 2 5 5 6 2 2 29 8 2 4 1 1 , , 0 1 7 3 1 4 23 7 5 9 1 15 5 9 8 Sept 83 14 * 20 3 46 Oct 84 12 * 22 1 49 1944—June 3,554 1,669 258 284 1,119 73 150 Nov 84 17 22 43 1 The RFC Mortgage Company, the Federal National Mortgage Associa- * Less than $500,000. . . . tion, the Federal Deposit Insurance Corporation, and the United States do N n O o T t E ta . k — e F a i c g c u o re u s n t r e o p f r e p s r e in n c t i g p r a o l ss r e i p n a s y u m ra e n n ce ts w o r n i tt p e r n e v d io u u ri s n ly g t i h n e su p r e e r d i o l d o a a n n s d . Ho 2 u I s n in c g lu d C i o n r g p o m ra o t r i t o g n a . g e companies, finance compani < e s, i . ndustri . al banks, Figures include some reinsured mortgages, which are shown in the month endowed institutions, private and State benefit funds, etc. in which they were reported by FHA. Reinsured mortgages on rental and NOTE.—Figures represent gross amount of mortgages held, excluding group housing (Title II) are not necessarily shown in the month in which terminated mortgages and cases in transit to or being audited at the Fedreinsurance took place. eral Housing Administration. ^ JANUARY 1945 73 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports1 Merchandise imports2 Excess of exports Month 1940 1941 1942 1943 1944 1940 1941 1942 1943 1944 1940 1941 1942 1943 1944 January 370 325 481 730 PI,090 242 229 254 229 P300 128 96 228 502 p79O February.... 347 303 480 719 Pi,084 200 234 254 234 P313 147 69 226 485 p771 March 351 357 628 989 PI,156 217 268 272 249 P358 134 89 355 r739 P798 April 323 387 717 979 PI,190 212 287 235 r258 P360 111 100 482 r721 P829 May 324 385 536 1,085 PI,423 211 297 191 281 P386 112 88 345 803 Pi,036 June 350 330 648 1,002 PI,277 211 280 215 295 P331 138 50 433 706 P946 July 317 365 650 1,261 PI,199 232 278 213 302 P294 84 87 437 960 P903 August 351 460 703 1,202 PI,206 221 282 186 316 P302 130 178 517 887 P904 September... 295 425 732 1,235 PI,198 195 262 196 286 P280 101 162 536 949 P918 October 344 666 801 1,195 PI,138 207 304 200 329 P327 137 362 602 866 P811 November... 328 492 787 1,072 PI,186 224 281 168 311 P320 104 211 619 761 P865 December.... 322 653 873 PI,244 253 344 359 P281 69 309 514 ^963 January-November 3,699 4,494 7,163 11,470 PI3,144 2,372 3,001 2,383 3,091 P3.574 1,327 1,493 4,781 8,379 P9.57O p Preliminary. r Revised. 1 Including both domestic and foreign merchandise, 2 General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source.—Department of Commerce. Back figures.—See BULLETIN for April 1940, p. 347; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. FREIGHT CARLOADINGS, BY CLASSES REVENUES, EXPENSES, AND INCOME OF CLASS I [Index numbers; 1935-39average=100] RAILROADS [In millions of dollars] Total Coal CokeGrain L st i o v c e k - p F u r e c o o s t r t d s - - Ore l M e a i e n l s e - - - M l c d . e h i c r a s . - 1 n e . " op r T a e i o r l a w ta t a i l n y g e r x a T p i o l e w t n a a s l y es o r i p n a e N c i r l o w a e m t t a in e y g i # n 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 109 111 137 101 96 114 147 110 96 1940 4,297 3,614 682 189 1941 130 123 168 112 91 139 183 136 100 1941 5,347 4,348 998 500 1942 138 135 181 120 104 155 206 146 69 1942 7,466 5,982 1,485 904 1943 137 138 186 146 117 141 192 145 63 1943 9,055 7,693 1,362 874 SEASONALLY SEASONALLY ADJUSTED ADJUSTED1 1943—September 140 152 195 137 114 139 209 143 1943—August 768 653 114 74 October 137 140 195 167 119 137 191 140 September 767 651 116 75 November 139 127 186 161 132 150 191 147 October 769 654 115 76 December 144 147 192 153 122 154 209 148 November 769 662 107 69 December 782 102 67 1944—January 145 150 185 159 121 147 203 149 February 143 149 180 148 135 146 193 147 1944—January 778 662 116 78 March 140 140 185 136 131 141 174 149 February 775 671 103 65 April 138 141 190 123 120 141 195 146 March 782 690 92 53 May 138 147 190 128 118 140 195 144 April 780 689 91 53 June 139 148 194 135 124 148 187 143 May 779 688 91 52 J A N O S u e u c o l p y t g v o t u e e b s m m e t r b b e e r r — .... 1 1 1 1 1 4 3 4 3 4 1 7 2 9 3 1 1 1 1 1 4 4 4 4 4 3 7 3 6 3 1 1 1 1 1 8 8 8 8 9 1 2 2 5 4 1 1 1 1 1 3 5 4 2 4 1 0 7 6 4 1 1 1 1 1 2 3 2 1 2 1 5 0 4 4 1 1 1 1 1 3 3 3 5 5 3 8 7 5 6 r1 1 1 1 1 5 8 5 8 8 3 9 3 4 8 1 1 1 1 1 4 4 4 4 5 3 9 6 9 0 J A O S T u e u u c l p n t y g o t e u e b s m e t r ber 8 8 7 7 7 8 1 9 9 0 1 0 1 0 4 7 7 7 7 7 0 0 1 0 1 1 6 0 9 0 1 8 8 9 7 0 0 2 8 1 9 P 4 5 3 4 7 0 9 0 2 0 UNADJUSTED UNADJUSTED 1943—August 668 132 91 1943— O N D S c o e e t p v c o t e e e b m m m er b b b e e e r r r.... 1 1 1 1 5 4 4 3 1 7 2 3 1 1 1 1 5 4 4 2 2 0 7 7 2 1 1 1 9 0 9 8 3 2 1 6 1 1 1 1 5 6 5 4 3 7 7 4 1 1 1 1 5 6 1 8 1 6 8 3 1 1 1 1 4 5 3 4 7 0 8 4 3 2 1 6 1 9 7 5 4 3 4 1 1 1 1 5 5 5 3 3 4 3 9 O N D Se e c o p c t v o t e e e b m m m e b r b b e e e r r r 7 7 7 7 7 6 8 9 6 2 2 6 6 6 6 7 6 8 0 6 6 3 5 6 1 1 9 7 1 1 6 7 3 0 6 3 7 7 3 5 0 6 1944— M M F A J J A O S J u u e a e p u c a a l n b n p y t r g y r e o u r i c t u l u b a e h s a r e m t y r r y ber... 1 1 1 1 1 1 1 1 1 1 3 3 3 3 4 4 4 4 5 4 5 3 3 2 1 4 8 7 0 6 1 1 1 1 1 1 1 1 1 1 4 4 5 4 4 4 4 4 4 4 9 1 0 0 3 7 8 3 7 6 1 1 1 1 1 1 1 1 1 1 9 9 8 9 8 8 8 7 8 7 1 4 6 1 7 8 1 8 8 8 1 1 1 1 1 1 1 1 1 1 4 5 2 0 1 3 4 7 4 4 5 9 5 8 3 7 1 2 7 2 1 1 1 1 1 1 1 1 1 1 1 0 0 0 5 0 1 0 8 0 6 3 7 8 1 0 5 6 4 2 1 1 1 1 1 1 1 1 1 1 4 4 3 4 4 6 4 5 4 5 1 1 3 6 0 2 0 4 8 7 2 2 3 2 2 1 2 4 5 5 8 9 8 3 0 7 6 8 1 1 1 1 1 7 2 6 8 1 1 1 1 1 1 1 1 1 1 5 5 4 3 3 5 4 4 5 4 6 1 5 6 8 1 4 2 8 7 1944— M J J A A S O F M J u u e e a u c p a a l n p b n t y g r r y e o t i r u c u e l b u h a s m e a r t y r r b y er 7 8 8 8 7 7 7 8 7 7 0 1 4 3 6 0 3 9 9 9 9 9 1 5 0 4 6 7 9 9 6 6 6 7 7 7 7 7 7 7 7 5 5 0 3 2 0 0 1 1 2 1 8 5 5 1 0 6 0 0 1 1 9 8 8 9 9 8 9 8 0 0 3 8 3 9 9 9 7 4 1 0 P 4 6 4 4 5 5 6 5 6 5 8 0 5 6 4 9 1 7 0 6 November 144 143 181 147 170 135 138 155 P Preliminary. r Revised. N 1 O I T n E cl . u — d D es e s r c e r d ip is t t i r v i e b u m ti a o t n e r o ia f l w a a n g d e a b c a c c ru k a l f s i g i u n r 1 es 9 43 m . ay be obtained NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for ffrom the Division of Research and Statistics. Basic data compiled June 1941. Based on daily average loadings. Basic data compiled by Associa- by the Interstate Commerce Commission. tion of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. 74 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on value figures] MONTHLY INDEXES OF SALES [1935-39 average = 100] Federal Reserve district Year and month United States Boston Y N o e r w k d P e h l i p l h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t i . s M a i p n ol n i e s - Ka C n i s t a y s Dallas F c r S i a a sc n n o - 1919 83 95 84 106 84 73 113 93 67 1920.. 99 110 100 126 106 81 105 126 112 80 1921 92 108 96 120 94 78 90 80 105 117 92 75 1922 94 112 99 122 95 75 85 83 103 112 86 78 1923 105 119 106 135 108 85 94 98 115 120 91 91 1924 105 121 110 134 106 87 91 96 114 119 "119* 94 93 1925 110 123 116 135 109 92 95 102 120 124 124 98 99 1926 113 127 120 138 110 96 99 106 121 119 123 103 106 1927 114 128 123 133 110 95 100 108 119 117 125 101 107 1928 115 126 124 127 110 95 100 114 120 110 119 103 110 1929 117 128 129 128 116 96 98 116 122 110 117 104 112 1930.. 108 123 126 118 105 92 91 101 110 105 111 96 104 1931 97 114 116 105 93 86 79 97 98 96 81 94 1932 75 90 91 83 68 68 60 76 79 74 61 71 1933 73 84 86 80 69 68 65 72 76 73 62 68 1934 83 90 91 88 81 81 78 83 85 85 76 77 1935 88 92 93 91 86 87 84 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 1.20 123 116 119 109 110 117 117 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—November 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 Tune 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 174 145 137 154 170 191 222 169 188 148 194 231 211 November 181 158 r144 r161 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 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 192 160 149 170 191 213 263 187 208 165 212 277 223 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 November 210 176 164 183 203 251 269 201 235 189 244 264 254 UNADJUSTED 1942—November 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 June 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 September 174 152 141 152 168 208 218 166 188 166 197 232 197 October 186 161 157 174 182 212 233 174 194 168 203 250 219 November 214 184 182 r202 214 252 257 200 224 192 r220 269 r255 December 273 255 229 256 262 332 336 253 277 224 283 343 324 1944—January.... 137 119 112 122 132 152 179 131 149 119 153 177 166 February... 142 115 115 124 133 159 194 131 153 122 160 200 178 March 170 144 139 162 167 203 219 159 185 140 182 227 197 April 172 161 137 159 172 193 228 166 183 159 183 228 192 May 178 162 142 161 179 210 228 170 197 160 194 228 203 June 163 144 132 143 157 182 199 160 170 151 177 203 193 July 142 110 100 117 140 150 197 139 154 130 168 202 185 August — 157 118 110 123 159 176 218 151 178 154 7191 220 202 September. 196 170 158 173 191 231 257 185 212 184 220 265 226 October 209 184 173 190 204 r248 273 197 221 179 226 272 238 November 248 206 207 230 244 294 315 231 268 218 263 314 299 r Revised. NOTE.—For description and monthly indexes for back years, see pp. 542-561 of BULLETIN for June 1944. JANUARY 1945 75 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES, STOCKS, AND OUTSTANDING ORDERS WEEKLY INDEX OF SALES [As reported by 296 department stores in various Federal Reserve districts] [Weeks ending on dates shown. 1935-39 average = 100] Amount Index of stocks Without seasonal adjustment (In millions of dollars) (1935-39 average = 100) 1941 1942 1943 1944 May 24 .127 May 23 125 May 22 153 May 20 177 Out- 31 .116 30 .104 29... .151 21....- .168 m ( S o t f o a n o l t r t e 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 s l o y t n ed - j U u n st a e d d - June 2 2 1 8 1 4 7 . .1 1 1 1 1 3 1 3 7 8 6 0 June 2 2 1 0 7 6 3 . . . . 1 1 1 1 4 2 2 0 7 9 8 9 June 2 1 1 5 2 9 6.. . . . .1 1 1 1 3 6 6 5 2 8 8 1 June 2 1 1 3 4 0 7"!.. . . 1 1 1 1 6 7 7 5 3 3 2 1 month) July 5 . 95 July 4 . 95 July 3 .134 July .149 12. 101 11 .112 10 .113 Q 116 19 . 99 18 .105 17 126 15 145 1939 averasre 128 344 99 26 . 97 25 .103 24 .124 22 138 1940 average 136 353 108 101 Aug. 2 .111 Aug. 1... ..105 31 118 29 .132 1941 average 156 419 194 120 9 .127 8 .122 Aug. 7.. ...131 Aug. 5.:... *137 1942 average 179 599 263 172 16 .123 15 .125 14 .131 .148 1943 average 204 507 530 146 23 .128 22 .126 21 .146 19;;;;; .149 30 .162 29 .142 28 .145 26 .171 1943-rFeb. 182 453 398 136 130 Sept. 6 .129 Sept. 5 165 Sept. 4 .169 Sept. 2 .194 Mar. 187 472 441 133 136 13 .142 12 .140 11 .156 9 .177 Apr 200 462 461 128 133 20 .142 19 .152 18 .179 16 ... .196 May 182 471 563 132 135 27 .161 26 .172 25 .176 23 .193 June 188 480 671 144 138 Oct. 4 .179 Oct. 3 .183 Oct. 2 .175 30 .196 July 151 507 692 162 146 11 .135 10 .171 9 .188 Oct. 7 .218 Aug 168 564 618 169 162 18 .141 17 166 16. 189 14 .221 N O Se c o t p v t . . 2 2 2 3 5 0 0 9 5 5 5 57 9 8 6 3 6 r r 5 5 5 5 6 6 O 2 4 1 1 1 4 6 5 3 3 2 1 1 1 7 6 6 0 5 8 Nov. 25 1 8 . . . 1 1 1 4 4 5 4 5 0 Nov. 3 2 1 4 7 . . . 1 1 1 7 8 6 2 2 8 Nov. 3 2 0 3 6 . . . 2 1 1 0 8 9 2 7 4 Nov. 2 4 8 ;; . ; . . . ; .. . . 2 2 2 0 1 0 7 5 9 Dec 338 466 487 142 134 15 .159 14 .182 13 .211 ii.... .231 1944_jan 167 478 525 153 137 2 2 9 2 . . 1 1 3 7 9 6 2 2 8 1 . . 1 1 7 8 6 2 2 2 7 0 . . 2 2 0 2 1 3 2 1 5 8 . . 2 2 5 3 2 6 Feb. 170 512 526 154 147 Dec. 6 .225 Dec. 5. ... .250 Dec. 4. ... .269 Dec. 2 .304 Mar 227 525 488 148 151 13 .250 12.... .295 11. ... .297 9 .364 Apr. 206 524 475 145 150 20 .299 19. ...333 18. ....321 16 . ...376 May 220 525 521 147 151 29.. ..191 26.... .222 25.... .274 23 .....368 June 199 522 590 157 150 30 .123 July 163 516 628 165 148 1942 1943 1944 1945 Aug. 196 568 574 170 163 Jan. 3 111 Jan. 2 .....117 Jan. 1 .....110 Jan. 6 .... O Se c p t t 2 2 3 5 4 7 r6 5 0 8 0 3 r5 5 7 5 6 9 r1 1 5 6 4 1 rl 1 7 6 2 7 1 1 0 7 . . 1 1 3 3 5 6 1 9 6 . . . . . . . . . . 1 1 4 3 6 9 1 8 5 .. . . . . . . . 1 1 4 4 3 6 2 1 0 3 .... Nov 299 577 609 143 166 24 .122 23 .125 22 ... .145 27 31.... .125 30 ... .126 29 ... .137 Feb. 5 .... rRevised. 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] N 19 o 4 v 4 . O 19 c 4 t 4 . E m 1 le 9 o v 4 e s 4 . n N 19 o 4 v 4 . O 19 c 4 t 4 . E m 1 le 9 o v 4 s e 4 . n N 19 o 4 v 4 . O 19 c 4 t 4 . E m 1 le 9 o v 4 s 4 e . n N 19 o 4 v 4 . 1 O 94 c 4 t.E m l 1 e 9 o v 4 s e 4 . n United States... +16 +11 +10 Boston +12 +13 +8 Cleveland—Cont. Chicago—Cont. Dallas -.. +17 +9 +16 New Haven +7 +8 +6 Youngstown.... +18 +18 +12 Fort Wayne.... *+10 Shreveport +14 +6 +16 Portland +6 +12 +4 Erie +7 +3 +5 Indianapolis... +13 +11 +11 Dallas +15 +6 +19 Boston +13 Pittsburgh +19 +15 +11 Terre Haute. .. +27 +15 +9 Fort Worth +12 +7 +11 Springfield +8 Wheeling +23 +19 +17 Des Moines.... +20 '+19 +12 Houston +12 +15 +14 Ne N N B B A B E P w r l u i r i e l o m n a b i f w d Y f v g g a i a g a o i n h a r l d r a r e o y r a k k e a p m n o c t r F o e t n alls.... + + + + + + + + + 1 1 1 2 1 1 1 3 6 7 7 2 2 0 6 4 + + + + + + + + - 1 1 1 1 3 5 9 8 6 0 1 3 1 + + + + + + + + 1 1 1 8 5 3 5 6 1 1 0 0 Ric W B W G N L R C h y a i r o h m a i c e l n r n a s o t h e f c r s i h n o n m m l h t i d e l v o n b k o o s i n g u n l t r - l o t e r d S e o g n , n a , l S e S . m . . C . C . . + + + + + + + + + 1 1 2 3 2 1 1 1 9 0 3 2 0 9 6 5 5 + + + + + + + + + 1 1 2 1 1 1 2 2 8 2 7 4 2 4 0 0 3 1 + + ++ + + 11 2 2 1 1 55 0 1 0 6 St M . L M G D F G S i a l r L r e a o i i e n a l t n d u o e w r s n t i x n u o i d s n a i o i t g u C s B n R k i a t e y a y e p . i . d .. s. + + + + + * 1 2 1 2 5 7 1 1 0 + + + + + 2 1 1 1 * 2 1 6 3 * * * + + + * + + * ++ + 1 1 1 1 1 4 2 9 8 2 5 5 > P T B L a F S O L n h a r u o a o a e o n k n c F s k s e s e g r l n A o A n r a a s o n i n n B n f n x i c d t g e e i o s a e l a n c d c l o e n i h o s d «... + + + + + + + + 1 2 1 2 1 2 1 2 8 3 7 9 8 8 9 3 r+ + + + + + + 1 1 1 9 8 8 5 2 5 7 0 + + + + + + + + 1 2 1 1 1 1 8 8 4 6 5 7 3 0 N Po ew ug h Y k o e r e k p s C ie it .. y .. .. + +1 1 6 5 + +1 1 6 1 + + 1 1 4 2 C C h la a r r k le s s b t u o r n g .W.Va + + 1 2 4 3 + + 1 7 2 + + 1 6 3 F L o it r t t l e S m Ro it c h k.... + + 2 2 3 2 +8 + + 1 9 6 Ri B ve e r r s k i e d l e e y and +20 +12 +10 Ph U T L Y R S W P R S il y h r a c a t o e o i i e n r d h i a c r l c l a n k k e c e d h a a c l t e a n i e d p o u n s s e s h e n s - g t c t i l e e B a e p t r r a a h d r i r y a e + + + + + + + + + + + 1 1 1 1 2 1 1 1 1 5 6 2 0 7 0 6 3 0 1 4 + + + + + + + + + + 1 1 1 1 1 3 3 3 9 3 4 0 0 5 9 0 + + + + + + + + + + 1 1 1 2 1 4 7 8 8 7 0 3 2 1 0 Atl H M M B M J T M A B N a a n i a u e a o t o c i a r t m l n a t w b a m n k c a o m t i o t s n p i i l n g o e n n n O t a i o a n g g R r m h v t l o o e a i e n l u a m r l y n g e s e + + + + + + + + + + + + 3 2 3 2 2 2 2 1 2 1 2 9 2 2 1 7 6 5 0 0 2 9 3 + + + + + + + + + + + + 2 1 2 1 1 1 1 1 1 1 2 1 2 2 9 3 8 5 1 5 5 5 3 8 + + + + + + + + + + + + 2 2 1 1 2 2 2 1 1 1 1 8 4 5 4 7 0 3 1 4 4 8 8 M Ka Q M E L H S S D P in n p u o t v u u e e . n s r u e n a i t m i a L c n b n e i v n s s h g a l p c o e v s o i f y h u p r v i C n i l i i . e o i l s s . s i l e l . o l t d l i y n e s . .. . . . . . + + + + + + + + + + + 2 1 1 1 1 4 2 1 1 1 6 2 2 2 9 8 4 0 8 5 4 + + + + + + + + + + 1 2 2 2 1 1 1 1 8 2 1 5 7 2 1 3 1 0 + + + + + + + + + + - 2 1 1 1 1 1 1 1 2 1 6 7 0 1 7 5 0 1 9 1 B V S S S S S S P S a a a t a a o a a o o N S n n n n c i l l r c s l a t r t a t e e k a a n l F D J m j a L t m o o a o r n B i R a p n s a e n e a d k e e a g n d o n n e r s o c t d n a o i a C s r N c i d o t a i y . n p . . . o a . . + + + + + + + + + + + 1 1 1 2 1 1 1 1 1 2 9 8 3 9 3 5 1 5 1 5 8 + + + + + + + + + - 1 1 1 1 3 4 6 3 7 9 7 2 3 6 0 + + + + + + + + + + + 1 1 1 1 1 1 9 8 9 3 2 7 2 2 4 4 1 Cleveland +14 +12 +8 Jackson +25 +17 +19 Topeka +23 +23 +18 Bellingham +12 +4 +10 Akron +8 +2 Chattanooga.. .. +19 +17 +21 Wichita +17 +15 +17 Everett +9 +1 +6 Canton +8 # +4 ELnoxviile +33 +31 +41 Joplin +16 +2 +10 Seattle +10 +5 +6 Cincinnati +20 +15 +12 Nashville +20 +17 +21 Kansas City... +22 +12 +10 Spokane +12 0 +3 Cleveland.... +8 +8 +4 St. Joseph +17 +8 +16 Tacoma +14 +3 +2 Columbus .... +18 +18 +14 Chicago +16 +12 +8 Omaha +9 +9 +11 Yakima +20 0 +19 Springfield +11 +7 +4 Chicago +18 +14 +9 Oklahoma City +12 +6 +15 Tol< +16 +14 +12 Peoria +18 *+15 Tulsa +18! +9 +10 r Revised. * Data not yet available. **Ten months 1944. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS, BY MAJOR DEPARTMENTS Sales during month (value) ]S Stocks at end of month (value) Rati t o o o s f a l s e t s ocks Number Department of stores Percentage change Percentage change October reporting Oct. 1944 Oct. 1944 Oct. 1943 Dct. 1944 Oct. 1944 Oct. 1943 from from from from from from 1944 1943 Oct. 1943 Sept. 1944 Sept. 1943 Oct. 1943 Sept. 1944 Sept.1943 GRAND TOTAL-entire store 354 +11 +9 +11 0 +3 +1 2.4 2.7 MAIN STORE—total 354 +11 +9 +11 +1 +3 +1 2.5 2.8 Women's apparel and accessories 351 +11 +4 +6 0 +3 0 2.0 2.3 W W Bl o o o m m us e e e n n s ' ' , s s a a n n s d d k i m m rt i i s s s , s s e e s s ' ' s p d c o o r r e a t s t s s s w e a s e n a d r, su s i w ts eaters, knit 3 3 3 3 0 3 + + 1 9 7 + - 1 2 8 + - 2 1 2 - - 1 1 6 + - 1 6 8 - - 1 1 3 1 1 . . 4 2 1 1 . . 8 4 apparel 312 +14 —11 Q -3 +1 -1 1.9 2.3 Juniors' and girls' wear 296 +11 —4 0 +10 +6 -2 1.8 1.8 Infants' wear 303 +21 0 -3 +38 +2 +3 1.9 1.7 Aprons, housedresses, uniforms 283 +13 +1 +6 -11 +15 +14 2.4 3.1 Women's underwear, slips, negligees 322 +26 +17 +19 +5 +6 +13 2.4 2.9 Corsets, brassieres 330 +35 +1 +1 -8 +5 +1 1.8 2.6 Hosiery (women's and children's) 344 +14 +9 +12 -26 +1 +1 1.7 2.7 G Sh lo o v es e s (w (w om om en e ' n s 's a n a d n d c h ch il i d ld re r n en 's ' ) s) 3 2 2 4 5 1 + + 1 7 0 + - 3 5 2 +38 +37 0 +1 0 ±\ 3 3 . . 8 2 3 3 . . 0 4 Furs....* 263 -29 +36 +32 -11 -6 3.6 2.9 Men's and boys' wear 322 +11 +15 +20 +3 +2 +2 3.6 3.8 Men's clothing 231 +11 +30 +34 -12 -4 -2 3.2 4.0 Men's furnishings, hats, caps 304 +11 +23 +29 +3 +6 +7 3.9 4.1 Boys' clothing and furnishings 280 +15 -5 -3 +37 +1 3.1 2.6 Men's and boys' shoes and slippers 176 -6 +2 +12 -6 +2 +1 5.6 5.7 Home furnishings 314 +7 +13 +10 -6 __2 -1 2.9 3.3 Furniture, beds, mattresses, springs 231 +13 +10 +4 -2 0 +1 2.9 3.4 Domestic floor coverings 236 —13 +17 +17 -16 -8 -12 2.3 2.4 Draperies, curtains, upholstery 291 +13 +23 +24 +3 -6 —9 2.2 2.4 Major appliances (refrigerators, washers, stoves, etc.) 180 +9 +17 +2 -45 -9 -5 1.6 3.2 Domestics, blankets, linens, etc 264 +5 +3 q -1 +3 2.7 3.0 China and glassware 219 +15 •iS +11 -11 +5 +3 4.1 5.3 Housewares 219 +12 +2 -9 0 +4 3.4 4.3 +6 Piece goods (dress and coat yard goods, all materials) 286 +21 -2 +4 -4 -2 -3 2.1 2.6 Cotton wash goods 119 +21 +4 +4 -13 +7 +2 1.8 2.4 Small wares 335 +14 +12 +17 +9 +8 +8 3.4 3.6 Notions 220 +11 +3 +8 -9 +3 +5 3.1 3.8 Toilet articles, drug sundries, prescriptions 319 +5 +9 +15 +22 +14 +10 4.1 3.5 Jewelry and silverware 274 +8 +16 +12 -2 +6 +4 3.7 4.0 Miscellaneous 290 +25 +28 +35 +3 +6 +5 2.5 3.1 BASEMENT STORE—total 217 +12 +11 +11 -2 +3 0 2.3 2.6 Women's apparel and accessories 204 +15 +10 +10 +2 +5 0 1.9 2.2 Men's and boys' clothing and furnishings 166 +8 +18 +18 0 +2 0 3.2 3.4 Home furnishings 120 +9 +17 +10 -9 -4 -3 2.2 2.6 Piece goods 52 +21 +8 +10 -11 -5 -7 2.0 2.6 Shoes... 133 -4 -9 +1 -15 +1 —1 4.4 4.9 NOTE.—Group totals include sales in departments not shown separately. Figures for basement store are not strictly comparable with those for main e owing chieflv 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 ble Collec m ti o on n s th during Cash Instal- Charge- 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 al t - a C c h c a o r u g n e t I m ns e t n al t - a C c h c a o r u g n e t sales m sa e l n es t ac s c a o le u s nt 1943—October 147 187 84 115 40 81 76 104 62 5 33 November r165 r209 r92 130 44 90 r82 116 61 5 34 December 217 289 99 159 48 109 82 121 65 4 31 1944—January 106 140 53 79 44 82 77 143 64 4 32 February 109 140 57 84 41 72 72 107 63 4 33 March 144 182 73 114 40 79 78 100 62 4 34 April 132 171 59 104 38 79 67 107 62 4 34 May . . 141 180 58 112 36 82 67 109 62 4 34 June 127 165 50 99 34 78 61 111 63 3 34 July .. 103 138 44 76 32 67 56 102 65 4 31 August 126 167 60 93 32 70 58 92 64 4 32 September 149 193 66 116 33 81 61 96 63 4 33 October. 164 211 81 127 35 90 69 115 63 4 33 November 191 245 95 149 40 102 75 130 62 4 34 T 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. JANUARY 1945 77 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 or o y f e m ar 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 Loans2 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* credit Total Automobile Other 1929 7,637 3,167 2,515 1,318 1,197 652 2,125 1,749 596 1930 6,839 2,706 2,032 928 1,104 674 1,949 1,611 S?3> 1931 5,528 2,214 1,595 637 958 619 1,402 1,381 531 1932 4,082 1,515 999 322 677 516 962 1,114 491 1933 3,905 1,581 1,122 459 663 459 776 1,081 467 1934 4 378 1,849 1,317 576 741 532 875 1,203 451 1935 . ... 5,419 2,607 1,805 940 865 802 1,048 1,292 472- 1936 6,771 3,501 2,436 1,289 1,147 1,065 1,331 1,419 520 1937 7,467 3,947 2,752 1,384 1,368 1,195 1,504 1,459 557 1938 7,036 3,584 2,313 970 1,343 1,271 1,442 1,487 523 1939 8,008 4,463 2,792 1,267 1,525 1,671 1,468 1,544 S"33" 1940 9,205 5,507 3,450 1,729 1,721 2,057 1,488 1,650 S6O 1941 9,959 5,984 3,747 1,942 1,805 2,237 1,601 1,764 610 1942 6,533 3,003 1,494 482 1,012 1,509 1,369 1,513 648 1943 5,382 2,005 816 175 641 1,189 1,192 1,498 687 1943 Oct 5,273 1,958 777 181 596 1,181 1,269 1,366 680 Nov 5,361 1,946 778 177 601 1,168 1,267 1,466 682 Dec 5,382 2,005 816 175 641 1,189 1,192 1,498 687 1944 Tan 5,034 1,902 745 169 576 1,157 1,146 1,294 692 Feb 4,878 1,850 707 167 540 1,143 1,113 1,218 697 Mar 5,059 1,867 696 167 529 1,171 1,115 1,376 701 Apr 5,039 1,850 690 171 519 1,160 1,139 1,346 704 May • 5,152 1,863 700 181 519 1,163 1,189 1,390 710f 5,213 1,886 707 192 515 1,179 1,241 1,370 716 J A U u ly g 5 5 , , 1 1 5 9 4 8 rl 1 ,9 ,8 0 9 0 3 7 7 0 0 6 9 2 2 0 1 4 0 4 50 9 2 9 rl 1 , , 1 1 9 8 1 7 1 1 , , 2 2 5 3 0 8 1 1 , , 2 3 8 3 7 0 7 7 2 30 4 Sept. 5,282 1,921 720 210 510 1,201 1,228 1,402 731 Oct p5,420 Pi,944 P743 P210 P533 PI,201 PI,228 PI,516 P732 Nov ^5,600 Pi,979 P772 P208 P564 Pi,207 PI,225 Pi,664 P732 P Preliminary. r Revised. . 1 Revised to include new estimates of single-payment loans. Descriptive material and back figures are shown on pp. 27-28 of this BULLETIN. Recent revisions of consumer instalment loans of commercial banks and credit unions and of consumers' insured repair and modernization loans were shown on pp. 1177-1181 of the BULLETIN for December 1944. 2 Includes repair and modernization loans insured by Federal Housing Administration. 3 This series of noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers) has been revised. For descriptive material and back figures, see pp. 27-28 of this BULLETIN. CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT LOANS AUTOMOBILE CREDIT [Estimated amounts outstanding. In millions of dollars] [Estimated amounts outstanding. In millions of dollars] End o r o f y e m a o r nth :x m T a c u o o lu t t b o d a i - i l l n , e g D h s o m m e o t a r o p u n e a d r a s n i d e e l e r t r - s t s - F s u t t r u o n r r i e e - s H a s o h a p t o u p n o l l s r c i e d e e - s - J s e t w o e r l e r s y s r o e t t A t o h l a r e i e l r l s 19 m 2 E 9 o y n n e d t a h o r f or Tot 6 a 5 l 2 1 m b C a e o n r 4 c m k 3 i s a - 2 l ]D S c lo m o a 2 n a m 6 a i n 3 e l - l s b I p a n c t a n o d r 2 n i k m 1 u a i i 9 e s n l - - s g C un re i 3 o d 2 n it s M l l a e n n is e d 9 c o e e 5 u r l s - s m I i r l z n o o e a a s p d a t n u n e a i d r o r i s e r n n 3 d - 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 25 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 Oct 1,181 315 354 167 123 84 138 Nov 1,168 311 355 165 121 84 132 1943 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 Jan 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 83 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 rl,191 r347 363 172 118 85 106 June 515 138 237 15 44 81 Sept 1,201 351 364 172 118 85 111 July 502 132 234 14 43 79 Oct Pi,201 r354 361 172 117 P85 P112 Aug 499 132 233 13 42 • 79 Nov Pi,207 356 365 172 116 P85 P113 Sept 510 138 236 13 43 80 P Preliminary. r Revised. O N c o t v P P5 5 6 3 4 3 P P1 1 6 4 2 8 P P2 2 5 4 3 4 P P 1 1 3 3 H P4 7 4 P84 ban 1 k I s n a c n lu d d c e r s e d re it c u e n nt i o r n e s v a is n i d o n o s f o c f o n c s o u n m su e m rs e ' r i n i s n u st r a e ) d m re e p nt a i l r o a a n n d s m of o d c e o r m n m iza er ti c o ia n l loans shown on pp. 1177-1181 ofthe BULLETIN for December 1944. P Preliminary. 2 These figures include only personal instalment cash loans and retail automobile direct loans, shown on the following page, and a small amount of other retail direct oans (13 million dollars at the end of November 1944), not shown separately 3 Includes only loans insured by Federal Housing Administration. 78 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 1 [Estimates of volume made in period. In millions of dollarsl Month or year Total Aut r o e m ta o il bile c O re h t t a h a s e i e l r , d R e m e r a n p n o i d a d z i - a r - i s m n P o s e e n t r n a a - t l l- Month or year Co b m an m k e s r 1 cial S co 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 di n t s Pur- Direct and tion cash chased loans direct loans1 loans 1929 463 413 42 1930 503 380 41 Outstanding at end of 1931 498 340 38 period: 1932 376 250 34 1 1 1 1 1 9 9 9 9 9 3 4 4 4 4 9 1 2 3 0 1 1 1 , , , 4 6 0 8 5 5 9 9 1 4 7 9 0 4 3 3 2 4 1 1 1 1 3 5 1 8 1 6 5 3 2 1 1 1 5 6 2 8 0 3 4 7 4 2 2 1 1 1 8 5 6 4 7 8 5 8 3 2 2 2 1 0 4 8 3 5 9 7 9 4 4 4 2 3 4 2 2 5 2 8 4 1 1 2 9 7 1 1 1 1 1 1 9 9 9 9 9 9 3 3 3 3 3 3 7 4 8 5 6 3 3 4 3 6 6 5 2 0 1 8 0 6 3 4 9 4 4 3 4 2 2 4 2 3 0 3 8 1 0 5 9 4 8 7 2 4 1 1 1 4 3 6 4 0 7 2 3 7 8 5 9 1943— N D O o e c v c to e e m b m e b b r. e e . r r. .. . 5 5 5 2 1 1 7 7 7 5 5 5 8 6 5 8 8 8 4 4 4 6 6 6 8 7 8 9 9 8 5 2 9 2 2 22 1 2 1 8 2 1 1 1 1 9 9 9 9 4 4 4 3 0 2 1 9 793 9 9 7 7 2 8 9 6 7 3 8 3 4 4 5 5 0 8 5 3 8 9 8 6 3 2 3 2 2 5 7 4 0 7 2 7 1944—•January 507 53 83 71 85 215 1943 635 809 364 227 M M F A J J A N O S u u e e p o u c a a n l b p r t y y v g r e o i r t c e u l e u b h m s m a e t r r b b y e e r r r5 4 5 5 5 5 5 5 5 5 5 9 0 0 2 0 3 3 4 5 4 0 0 1 2 8 1 6 5 6 5 5 5 5 6 5 6 6 6 6 2 2 2 3 1 6 3 2 0 1 r1 1 1 1 0 8 8 8 9 9 9 0 0 0 4 3 5 8 2 6 8 0 2 5 r6 6 6 6 6 6 6 6 6 7 7 2 5 1 2 3 2 3 1 0 '8 8 7 7 7 7 8 8 7 7 1 1 8 6 6 6 0 3 7 9 r2 2 2 2 2 2 2 2 2 2 3 2 1 2 3 2 3 3 3 3 1 4 3 3 7 5 7 3 4 8 M A J A N J O S D u u e p u o c e a n l p t r y g y v c e o i t e u e l e b m m s m e t b r b b e e e r r 1 r 943 5 6 5 5 5 5 5 5 5 1 0 0 3 3 7 1 8 0 6 8 6 5 6 6 9 7 7 2 0 2 8 4 7 5 0 0 3 3 3 2 3 2 2 3 2 1 5 0 9 2 9 8 2 9 2 1 1 1 2 1 2 1 1 3 7 7 8 1 7 3 9 8 Volume extended during month: 1944 1943— N D O o e c c v to e e b m m e b r b e e r r 8 7 7 2 7 5 9 8 8 1 1 1 4 4 5 1 1 1 2 2 3 6 5 7 3 3 4 5 5 1 M J A F a e p a n b r r u i r c l u a h r a y . r . y . 4 5 5 7 9 1 6 2 5 6 9 6 3 0 4 1 2 3 2 3 7 0 9 8 2 1 1 1 6 5 8 6 1944— M M F J J A J u u e a p a a l n b n y r r e y r i u c l u . a h . a ry ry 1 9 8 9 9 0 7 7 5 2 7 5 0 2 0 1 1 1 1 8 9 7 1 2 2 4 2 2 1 1 2 1 1 1 0 9 8 0 4 5 1 1 1 1 1 1 8 4 0 1 5 3 1 4 4 5 8 6 8 7 I 3 5 3 4 4 4 I 5 2 6 2 7 2 M N J A J O S u u e o u c a l n p t v y g y e o t e u e b . m s . m e t . r . b b e e r r r6 6 6 6 6 6 6 l 5 9 4 4 3 1 6 7 7 6 7 7 7 8 2 5 7 0 3 8 3 3 3 3 3 3 3 3 5 8 5 4 3 4 2 2 2 1 1 1 1 0 2 0 9 9 8 8 August 93 12 19 11 9 42 September. 93 10 19 12 9 43 T Revised. October 94 10 20 15 9 40 1 These figures for loans made include only personal instalment cash loans November 92 10 18 14 8 42 and retail automobile direct loans, which are shown elsewhere on this page, 1 r I R n e c v lu is d e e d s . not only loans insured by Federal Housing Administration b a to n e r d d 1 a a 9 t s e 4 m 4 w ) a e l n l r e o a t m s s h o h o o u w w n n t n o o s f n e p o p a t p h r . a e r t 1 e 1 r l 7 e y 7 t . - a 1 i 1 l R 7 d e 9 i v r o e is f c e t t d h l o e f a i g B n u s U r e L ( s L 2 E f m o T i r I l N l t i h o f e o n r p d e D o r e i l o l c a d e r m s J a b i n n er u N a 1 r 9 o y 4 v 4 e 1 . 9 m 4 - 2 but also noninsured loans. NOTE.—These series have been revised throughout. A description of the revision and back figures for the entire period were shown on pp. 1177-1179 of the BULLETIN for December 1944. FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE1 c P h e a r n c g e e n t f a r g o e m 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 rg n e ts preceding corresponding Item Nov. m O o c n t t . h Sept. No p v r . e m ce o O d n i t c n h t g . o f y S ea e r pt. Month D s m e to p e r a n e r t s t- F s t t u u o r r r n e e i s - h H p s o l t o l i o d a u r n s e a c e s p e - - J s e t w o e re lr s y D s m t e o p e r a n e r t s t- 1944 1944 1944 1944 1944 1944 1943 Net T sa o l t e a s l : +3 +14 +5 +15 +12 +7 O N c o t v o e b m er ber r3 3 8 7 2 2 2 3 2 2 2 3 3 3 7 9 6 6 5 6 Cash sales +11 +16 +3 +20 +17 +15 December 35 22 22 55 63 Credit sales: Instalment +3 +16 +6 +18 +13 +6 1944 Charge account -8 +7 +2 r-5 +1 January 30 20 22 31 61 February 31 20 22 31 61 Accounts receivable, at end of March 36 23 26 34 65 month: April 31 23 26 28 63 Total +3 +3 +1 —6 -11 -13 May 33 25 26 30 64 Instalment +5 +4 +1 -8 r-12 -14 June 31 24 28 30 63 July 30 23 29 31 61 Collections during month: x\ August 34 24 32 31 64 Total 0 +8 0 0 -3 September 35 24 33 32 64 Instalment , +1 +10 -2 r-l -4 October 39 26 36 r33 65 November 39 24 38 35 67 Inventories, end of month, at retail value -3 +1 0 -7 -7 -10 r Revised. 1 Ratio of collections during month to accounts receivable at beginning ' Revised. of month. JANUARY 1945 79 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 Year, month, or week m c t o o i r e d n s i - F p u a r c o r t m d s - Foods Total H p i l r d e o a e d s t u h c a e n t r s d p T ro e d x u ti c le ts m F li u a g e t h e l t r i a i n a n g l d s a p n M r d o e d m t u a e c ls t t a s l m B a u t i e ld ri i a n l g s p c C r a a o h l l s d l e i u e m a d c n i t d - s i f n H u g r o n g u i o s s o h e d - - s l M an is e c o e u l s - 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 88.7 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.9 75.1 64.4 1933 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.1 75.8 62.5 1934 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.3 81.5 69.7 1935 . . 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 79.0 80.6 68.3 1936 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 78.7 81.7 70.5 1937 86.3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95.2 82.6 89.7 77.8 1938 78.6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.0 86.8 73.3 1939 77.1 65.3 70.4 81.3 95.6 69.7 73.1 94.4 90.5 76.0 86.3 74.8 1940 78.6 67.7 71.3 83 0 100.8 73.8 71.7 95.8 94.8 77.0 88.5 77.3 1941 87.3 82.4 82.7 89.0 108.3 84.8 76.2 99.4 103.2 84.6 94.3 82.0 1942 98.8 105.9 99.6 95.5 117.7 96.9 78.5 103.8 110.2 97.1 102.4 89.7 1943 103.1 122.6 106.6 96.9 117.5 97.4 80.8 103.8 111.4 100.3 102.7 92.2 1943—January 101.9 117.0 105.2 96.0 117.8 97.3 79.3 103.8 109.8 100.2 102.5 90.7 February 102.5 119.0 105.8 96.2 117.8 97.3 79.8 103.8 110.2 100.3 102.6 90.9 March 103.4 122.8 107.4 96.5 •117.8 97.3 80.3 103.8 110.4 100.0 102.6 91.4 April 103.7 123.9 108.4 96.6 •117.8 97.4 80.6 103.8 110.3 100.1 102.6 91.6 May 104.1 125.7 110.5 96 7 •117.8 97.4 80.8 103.8 110.5 100.2 102.7 91.9 June 103.8 126.2 109.6 96.8 117.8 97.4 81.0 103.8 110.6 100.0 102.8 91.8 July 103.2 125.0 107.2 96.9 117.8 97.4 8r.O 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 L16.5 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 L16.9 97.7 83.1 103.7 113.6 100.4 104.2 93.4 March 103.8 123.6 104.6 98.1 L16.9 97.8 83.0 103.7 114.2 100.4 104.3 93.5 April 103.9 123.2 104.9 98.4 L16.9 97.8 83.0 103.7 115.2 105.4 104.3 93.5 May 104.0 122.9 105.0 98.5 L17.0 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 L16.2 •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 L16.0 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 November 104.4 124.4 105.1 98.8 116.2 99.4 83.1 103.7 116.4 104.8 104.4 94.0 Week ending: 1944—Sept. 30 103.8 122.8 103.9 98.8 L16.5 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 :L16.7 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 Dec. 2 104.2 124.6 105.1 99.0 116.7 98.9 83.7 103.9 116.4 104.8 106.1 93.7 Dec. 9 104.2 124.4 105.4 99.0 L16.7 98.9 83.7 103.9 116.4 104.8 106.1 93.9 Dec. 16 104.4 125.6 105.7 99.0 116.7 98.9 83.7 103.9 116.4 104.8 106.1 93.9 Dec. 23 104.6 126.2 105.7 99.0 116.7 99.0 83.7 103.9 116.4 104.8 106.1 93.9 Dec. 30 104.7 126.7 105.5 99.1 117.9 99.0 83.6 103.9 116.4 104.8 106.1 93.9 1943 1944 1943 1944 Subgroups Subgroups Nov. Aug. Sept. Oct Nov. Nov. Aug. Sept. Oct. Nov. Farm Products: Metals and Metal Products: Grains 123.2 122.5 121.7 125.1 124.8 Agriciiltural implements... 96.9 97.5 97.5 975 97.5 Livestock and poultry 120.5 125.4 127.6 127.1 127.0 Farmmachinery 98.1 98.6 98.6 98. 6 98.7 Other farm products 120.5 120.0 119.2 119.9 121.8 Iron amd steel 97.1 97.1 97.2 97. 1 97.1 Food D s: airy products 110.9 110.5 110.7 110.7 110.7 N M o o n t f o e i rr v o e u h s i c m le e s t . a ,\s y..'.'.'..'. 1 8 1 6 2 . . 0 8 1 8 1 5 2 . . 8 8 1 8 1 5 2 . . 8 8 11 8 2 5 . . 8 8 1 8 1 5 2 . . 8 8 F C r e u re it a s l a p n r d od v u e c g t e s tables 1 9 1 4 8 . . 7 5 1 9 2 4 2 . . 3 8 1 9 1 4 5 . . 4 9 1 9 1 4 2 . . 7 7 1 9 1 4 3 . . 7 7 Build P i l n u g m l i D M in a g te a ri n a d l s: heating 91.8 92.4 92.4 92. 4 92.4 Meats 106.3 105.9 106.0 106.0 106.1 Brick and tile... 100.0 100.7 101.5 104. 8 105.0 Other foods 99.5 94.1 95-5 96.8 99.3 Cement 93 6 96.4 96 9 97 s 97 7 Hides and Leather Products: Lumber. . 147.4 154.4 154.0 153. 8 153 8 Shoes 126.4 126.3 126.3 126.3 126.3 Paint and paint materials.. 103.2 105.5 105.5 106.0 106.3 Hides and skins 108.5 105.7 106.1 107.3 107.1 Plumbing and heating 91.8 92.4 92.4 92.4 92.4 Leather 101.3 101.3 101.3 101.3 101.3 Structural steel 107.3 107.3 107.3 107.3 107.3 Other leather products 115.2 115.2 115.2 115.2 115.2 Other building materials... 102.2 103.2 103.3 103.3 103.3 Textile Products: Chemicals and Allied Products: Clothing 107.0 107.0 107.0 107.4 107.4 Chemicals 96.3 96.2 96.0 96.0 95.5 Cotton goods 112.9 115.9 118.7 118.8 118.8 Drugs and Pharmaceuticals 165.2 220.1 217.2 217.2 217.2 Hosiery and underwear 71.7 70.6 7C.8 71 5 71.5 Fertilizer materials 81.3 81.2 81.2 81.8 81.8 Silk Mixed fertilizers 85.8 86.6 86.6 86 6 86 6 Rayon 30.3 30.3 30.3 303 30.2 Oils and fats 102.0 102.0 102.0 1020 102.0 Woolen and worsted goods 112.5 112.9 112.9 1129 112.9 Housefurnishing Goods: Other textile products 100.5 100.5 100.9 1009 100.9 Furnishings 107.1 107.4 107.4 1074 107 4 Fuel and Lighting Materials: Furniture 98.4 101.4 101.4 1014 101.5 Anthracite 90.6 95.4 95.4 95.2 95.3 Miscellaneous: Bituminous coal. 116.6 120.5 120.6 120.5 120.5 Auto tires and tiibes 73.0 73.0 73.0 730 73.0 Coke 124.1 130.7 130.7 130.7 130.7 Cattle feed 159.6 159.6 159.6 1596 159.6 Electricity 58.3 59.0 60.3 Paper and pulp. 105.8 107.2 107.2 1072 107.2 Gas 77.0 76.0 76-8 76^0 Rubbf*r cniHp 46.2 46.2 46.2 46 46 2 Petroleum products 63.5 63.9 63.8 63.8 63.8 Other miscellaneous 96.5 96.9 97.0 97 0 97.8 Back figures.—Bureau of Labor Statistics, Department of Labor. 8o FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of the Department of Agriculture, by States, as of December 1, 1944. In thousands of units] Cotton Corn Winter wheat Spring wheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1943 Dec. 1, 1944 1943 Dec. 1, 1944 1943 Dec. 1, 1944 1943 Dec. 1, 1944 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston 7,383 7,694 48 40 New York 26,008 29,302 5,098 9,799 46 58 Philadelphia 43,147 47,208 12,066 18,022 128 146 Cleveland 214,444 181,230 30,115 52,928 46 34 Richmond 1,316 i,575 134,580 136,802 20,400 34,274 Atlanta 2,538 2,576 178,664 166,230 5,958 9,222 Chicago 1,246,154 1,220,245 31,532 54,269 950 859 St. Louis ^m 23,866 360,518 367,312 28,133 48,546 18 16 Minneapolis 342,260 453,060 27,680 30,411 256,300 265,502 Kansas City 319 531 370,722 529,603 272,152 337,847 4,735 4,640 Dallas 3 578 3,358 101 750 82 016 37,142 75 775 111 133 San Francisco 459 453 8,724 7,659 61,205 92,980 47,160 43,146 Total 11,427 12,359 3,034,354 3,228,361 531,481 764,073 309,542 314,574 Oats Tame hay Tobacco White potatoes Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1943 Dec. 1, 1944 1943 Dec. 1, 1944 1943 Dec. 1, 1944 1943 Dec. 1, 1944 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston 5,007 5,461 3,421 2,779 28,108 32,319 83,116 63,703 New York 10,726 26,116 6,498 5,938 996 1,139 35,509 31 143 Philadelphia 9,434 15,062 2,473 2,325 40,014 50,865 20,846 19,765 Cleveland 35,702 47,135 5,464 4,987 110,402 133,995 15,731 11,813 Richmond 25,008 29,201 4,562 4,131 772,037 1,048,465 29,364 18,070 Atlanta . .. 21,681 28,256 4,123 3,342 154,509 206,153 19,036 14,342 Chicago 413,142 399,906 18,482 18,021 28,152 31,100 42,261 31,558 St Louis 65,969 53,674 7,910 7,735 262,416 323,585 13,136 8,945 Minneapolis 327,939 377,205 11,259 10,408 2,229 2,526 58,085 45,816 Kansas City 161,285 106,365 7,806 8,788 4,125 5,224 39,080 33,122 Dallas 25,342 44,159 2,059 2,115 7,484 6,010 San Francisco 36,269 33,852 13,187 13,276 101,351 95,149 Total 1,137,504 1,166,392 87,244 83,845 1,402,988 1,835,371 464,999 379,436 1 Includes 14,000 bales grown in miscellaneous territory. 2 Includes 16,000 bales grown in miscellaneous territory. NOTE.—1943 figures for all crops except cotton are as revised in December 1944. JANUARY 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK* ON BANK CREDIT, MONEY RATES, AND BUSINESS 1944 Chart Chart book book page Nov. Dec. Dec. Dec. Dec. page Sept. Oct. Nov. 29 6 13 20 27 WEEKLY FIGURES* In billions of dollars MONTHLY FIGURES In billions of dollars RESEEVES AND CURRENCY RESERVES AND CURRENCY Reserve Bank credit: Reserve Bank credit 5 16.94 17.69 19.01 U. S. Govt. securities, total......... 2, 4 18.55 18.31 18.58 19.01 19.06 Gold stock 5 20.87 20.75 20.71 Bills .,............ 4 12.10 11.67 11.54 11.70 11.52 Money in circulation 5 23.52 24.11 24.74 Certificates .,.., 4 4.09 3.86 4.24 4.51 4.73 Treasury cash 5 2.38 2.36 2.34 Notes .., 4 1.11 1.55 1.55 1.56 1.57 Treasury deposits 5 .49 .29 .26 Bonds 4 1.24 1.24 1.24 1.24 1.24 Reserve balances 5, 8 13.48 13.81 14.52 Special certificates 4 Required reserves 8 12.49 12.85 13.50 Discounts and advances 2 Excess reserves, total 8, 9 .98 .96 1.02 Gold stock 2 2o!69 20 .'67 20^67 20i64 20.64 New York City 9 .02 .02 .02 Money in circulation 2 25.00 25.11 25.16 25.28 25.34 Chicago 9 .01 .01 .01 Nonmember deposits 2 1.55 1.64 1.60 1.62 1.60 Reserve city banks 9 .26 .25 .29 Treasury deposits 2 .29 .26 .50 1.25 .90 Country banks. * 9 .70 .68 .71 Member bank reserves 3 14.76 14.18 14.09 13.96 13.97 Money in circulation, total 10 23.79 24.43 25.02 Excess reserves6 3 1.21 1.36 1.29 1.28 1.41 Bills of $50 and over 10 7.08 7.34 7.56 Excess reserves (weekly average), total6 3 1.15 1.30 1.25 Pi. 26 $10 and $20 bills 10 12.52 12.84 13.15 New York City 3 .05 .02 .02 .02 Coins, $1, $2, and $5 bills 10 4.20 4.25 4.31 Chicago 3 .01 .01 (2) Reserve city banks 3 .34 .39 .34 .31 ALL BANKS IN U. S. Country banks*8 3 .76 .88 .89 P.95 Total deposits and currency 11 P138.90 P139.40 Demand deposits adjusted 11 P65.40 P69.30 Time deposits 11 P37.80 P38.70 Currency outside banks 11 2>22.20 P22.80 MEMBER BANKS IN LEADING CITIES CONSUMER CREDIT Loans and investments 14 55.09 58.60 59.52 59.88 59.74 Consumer credit, total4 18 5.28 P5.42 P5.60 T C D U B U o o r e . . o t m m S S a k N 1 l m a . . e 0 e n G r l G e 0 w o d s r o ' o a c c v n d Y v i l i o a t t s e t i . o l a . p e n r o s o k o l s b o s — b o l i a C l u i t n i s g N i t g s t s a a e a y , i t w d d t i t i o j e o o u n t Y n N s a s s t : o l e e r d w k Y C o it r y k 1 1 1 1 1 1 1 4 4 5 4 5 5 5 3 4 1 3 6 2 8 0 1 1 . . . . . . . 9 2 5 7 3 5 6 2 7 4 6 1 7 2 3 4 1 6 3 5 2 3 1 2 . . . . . . . 3 9 8 0 4 6 6 8 8 2 7 1 6 0 3 4 1 4 6 5 2 3 1 3 . . . . . . . 4 0 8 7 4 5 0 2 1 7 1 5 2 3 3 4 1 4 6 2 5 3 1 3 . . . . . . . 4 0 4 1 7 6 1 9 6 4 0 9 5 6 4 3 1 6 2 4 3 5 1 2 . . . . . . . 5 4 0 6 0 8 9 2 5 6 4 0 9 8 S S I C n e i h n s r a t v g a r I I i l g n l c n e m e e - s s p t t e a a a c a A O n c l r l y m m e u t t c m h d o t e c e o e i u e n r n t r m n n e t t t d t o s s l i b l a o t o i l , a l e a e n t n c o s s r t 4 e a d l it, total 18, 1 1 1 1 1 1 1 1 8 9 8 9 9 8 9 9 1 1 1 1 . . . . . . . . 4 2 9 2 5 7 2 7 1 0 2 3 1 3 2 0 P P P n P p P P I I I . . . . . . 2 . . 5 2 9 7 5 7 2 3 0 3 4 4 2 3 1 P P P P P P I I I I P P . . . . . . . . 7 7 5 2 2 2 9 6 3 7 6 1 1 3 8 6 New York City, total 15 13.87 15.00 15.15 15.31 15.22 100 B c N B N B C B C i o o i e i t o o e l l i n r n r t l l t e t t e s s e d d s i i s s f f s s i i o c c a a u a a n n t t t s e d e d i s s d g g e u u a N a r r e . . w s s e e Y c c u u o r r r i i k t t i , i e e s t s o tal.. ' 1 1 1 1 1 1 1 1 1 7 7 7 5 7 7 7 7 7 2 1 3 5 2 6 7 1 6 2 . . . . . . . . . 4 1 4 8 9 6 6 9 1 0 3 3 8 9 5 2 5 2 2 1 3 3 6 7 6 8 1 3 . . . . . . . . . 5 3 2 7 8 8 0 2 3 5 6 3 6 0 6 2 3 2 2 1 3 3 6 7 6 1 8 3 . . . . . . . . . 4 5 8 7 3 8 4 4 4 5 0 2 8 0 2 0 8 0 2 1 3 3 6 8 6 7 1 3 . . . . . . . . . 5 5 7 3 7 4 7 6 4 4 0 7 5 9 7 8 0 5 2 1 3 3 6 7 8 6 3 1 . . . . . . . . . 3 5 3 7 5 7 6 5 9 7 5 2 9 8 3 3 3 0 U. i n S g N B S . , a G o o t v n t o o e i d N B C t n T v s s a R g , t i e o l . l s E r c ( l t i s t A m e o e n i b s S f b r t a o i t U e l c r . n i r , R k a g e d Y t e a a s e s t t n t , s a i - F d o b b t I n l N a e b e s x a A i l T r N o l n i s r C n u o , e E g t t t a s e o t s s a t , u n a e r d l y t - . c ) . . . . . . 2 2 2 2 2 2 2 0 0 0 0 1 1 1 2 4 8 6 2 0 1 1 7 9 1 3 9 7 5 . . . . . . . 5 1 2 2 9 7 3 7 5 7 6 4 5 3 2 4 8 6 2 1 1 1 7 3 1 9 7 6 0 . . . . . . . 5 9 2 4 5 0 0 4 4 7 3 5 6 9 2 4 8 6 2 1 1 1 9 1 3 9 7 6 2 . . . . . . . 1 9 0 8 5 4 2 0 4 1 9 4 0 4 Savings bonds 21 37.32 37.64 38.31 Tax notes 21 9.12 9.08 9.99 Per cent per annum Special issues 20 15.98 16.17 16.58 Holdings of U.S. Govt. obligations: MONEY RATES, ETC. Fed. agencies and trust funds 22 r20.58 20.79 21.19 T T U r r . e e S a a . s s u u G r r o y y v n b t. i o l b t l e s o s n (n d (t e s a : w x a i b ss le u ) e s) 2 2 5 5 1 .3 .3 7 5 5 1 .3 .3 7 5 5 i 3 .3 7 5 5 1 .3 .3 7 6 5 1 .3 .3 7 6 3 P C F r e o i d m v e a m r t a e e l rc R h i e a o s l l e d b r e a v r e n s k B s o a t n h k e s r than 2 2 2 2 r7 1 0 6 . . 4 6 0 5 r7 1 0 7 . . 0 6 0 5 18.39 Partially tax-exempt 25, 33 1.90 1.88 l.88 1.85 1.84 commercial banks, total 22 r101.70 r101.70 Taxable 25, 33 2.48 2.48 2.48 2.47 2.47 Mutual savings banks 23 7.70 7.70 Corporate Aaa bonds 33 2.71 2.71 2.70 2.70 2.70 Insurance companies 23 18.30 18.40 Corporate Baa bonds 33 3.51 3.50 3.49 3.48 3.48 Other investors, total 23 r75.7O 75.60 Marketable issues 23 r30.20 29.80 In unit indicated Per cent per annum MONEY RATES, ETC. Stock prices (1935-39 = 100): Total. 35 103.1 104.1 105.3 105.3 104.0 F. R. Bank discount rate, N. Y.... 27 .50 .50 .50 Volu P I R m n u a d e b i u l l r o i s o c f t a r u t d i r a t a i l l d i i t n y g (mill, shares) 3 3 3 3 5 5 5 5 1 1 9 1 0 0 2 . 6 5 0 . . . 2 8 0 0 1 1 9 1 0 1 2 . 5 0 5 . . . 4 9 3 0 1 1 9 1 0 1 3 . 7 2 5 . . . 0 7 2 4 1 1 9 1 0 1 2 7 . 6 2 . . . 4 0 8 1 1 1 9 1 1 0 1 5 . 5 5 . . . 9 7 5 3 T T C U r r o . e e m S a a P m s s . a u u G e r r r r t y y o i c v a i n b a l t. l l i o y l t b l p e s o t a s a n p ( x n ( d e - t e r s a e w : x x a e i b m ss le p u ) t e s) 2 2 3 2 7 7 3 9 1 1 .3 . . . 9 3 7 7 5 3 1 5 1 1 .3 . . . 3 9 7 7 5 3 5 5 1 1 .3 . . . 3 9 7 7 5 4 0 5 Taxable 33 2.47 2.48 2.48 Corporate Aaa bonds 29, 33 2.72 2.72 2.72 Corporate Baa bonds 33 3.56 3.55 3.53 BUSINESS CONDITIONS Steel production (per cent of capacity).. 50 96.3 96.0 96.9 96.3 92.1 In unit indicated Electric power prod. (mill. kw. hrs.).. 50 4,524 4,538 4,563 4,617 4,226 Freight carloadings (thous. cars): Stock prices (1935-39 = 100): Total.. 51 769 808 794 750 762 Total 35 100.7 103.5 102.7 Miscellaneous 51 731 396 387 Industrial 35 102.6 105.6 104.6 Department store sales (1935-39 = 100) .. 52 304 364 376 '''368 "123 Railroad 35 98.7 103.4 104.9 F.H.A. home mortgages, new construc- Public utility 35 91.4 92.7 92.1 tion (thous.)3 52 Volume of trading (mill, shares)... 35 .74 .78 .85 Wholesale prices (1926 = 100): Brokers' balances (mill, dollars): Total 63 104.2 104.2 104.4 104.6 104.7 Credit extended customers 37 e940 e950 e940 Farm products 63 124.6 124.4 125.6 126.2 126.7 Money borrowed 37 e640 c670 e640 Other than farm and food 63 99.0 99.0 99.0 99.0 99.1 Customers' free credit balances. 37 e400 e410 e410 For footnotes see following page. 8z FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued Chart 1944 Chart 1944 book book page Sept. Oct. Nov. page Sept. Oct. Nov. MONTHLY FIGURES—Cont. In unit indicated MONTHLY FIGURES-Cont. In unit indicated BUSINESS CONDITIONS—Cont. BUSINESS CONDITIONS Freight car loadings:5 Income payments (mill, dollars), total:5 38 13,025 13,185 p13,316 Total (1935-39 = 100) 57 139 137 Salaries and wages 38 9,227 9,296 ^9,369 Groups (points in total index) Other 38 3,798 3,889 *>3,947 Miscellaneous 57 80.2 78.4 81.6 Cash farm income (mill, dollars), total. 39 2,007 2,460 2*2,258 Coal 57 31.3 30.4 30.3 Livestock and products 39 917 990 Pi,020 Allother 57 27.8 r28.1 29.0 Crops 39 1,037 1,437 Pi,170 Department stores (1935-39 = 100):6 Govt. payments 39 53 33 Sales 59 183 194 210 Industrial production:5 Stocks 59 161 r154 143 Total (1935-39 =100) 41, 42 230 232 P232 Exports and imports (mill, dollars): Groups (points in total index) Exports 61 pl,197.9PI,137.8 1,185.5 Durable manufactures 41 129.6 130.9 *>129.8 Imports 61 2*280.4 2*327.2 2*320.2 Machinery, etc 42 90.6 91.5 P90.8 Excess of exports 61 2*917.5 ^810.6 ^865.4 Iron and steel 42 22.2 22.6 22 A Excluding Lend-Lease exports 61 p-33.4 P—79.5 Other durable 42 16.8 16.8 P16.9 Wholesale prices, total (1926 = 100)... 63 104.0 104.1 104! 4 Nondurable manufactures 41 r78.9 79.4 P80.9 Farm products 63 122.7 123.4 124.4 Textiles and leather 42 19.3 19.1 Other than farm and food 63 98.6 98.7 98.8 Paper and printing 42 10.8 11.1 Cost of living, all items (1935-39 = 100) 65 126.5 126.4 126.5 Foods, liquor, and tobacco 42 20.4 20.7 Food 65 137.0 136.4 136.5 Other nondurable 42 r28A 28.5 P28.9 Clothing 65 141.4 141.7 141.8 Minerals 41,42 r21.8 21.7 Rent 65 108.2 Primary products (1935-39 = 100): Steel 43 222 225 218 1944 Cement 43 86 88 Lumber 43 111 109 "nii Apr.- July- Oct.- Coal 43 147 149 June Sept. Dec. Crude petroleum 43 r149 148 P149 Cotton consumption 43 148 140 149 QUARTERLY FIGURES In millions of dollars L N a o p p b n e e o L M a E r r r g s s a m o a o r b n i n f n p . o W c M N F P L M O o A u s s l r u r o e ) a ) e f o t g o c a , e l : a m h y p f a t e n r o l a o t c u e m e t e i a l o a t h r c t r r r s g c u l y t e u a e a e e a m r r a n l r a l n i i l t n r t 5 c n d a u , n d u g n r t a l e u d e o t l m a f a u m t a n i a r . p c r p a l d y l t l l o u o m p y r y e r m i ; m . n o d . e i d e n n u f n g o t c t o ts d ( s ( m m i i l l l l , . 4 4 4 4 4 4 4 4 4 4 4 4 4 5 3 5 3 4 3 4 4 3 4 3 4 4 4 5 5 3 3 1 1 3 8 3 2 1 8 8 4 1 1 1 1 6 . . . . . 5 . . 2 3 5 . 4 6 3 0 1 2 4 6 7 8 0 4 4 7 ^ 4 5 5 3 3 1 1 1 3 2 8 2 8 4 1 8 1 1 1 6 . . 5 . . . . 6 . 3 5 1 . 5 0 9 3 1 2 2 4 8 5 5 3 2 H 4 5 3 5 1 8 3 2 3 1 2 5 6 . . . . . . 3 4 2 7 5 1 8 B I C n u o t d e rp r g N M E N N C I n o n e x o e e e a i t r d p t w s t r l a i p c r W e t v R P I r p r e e . o n n m e i e u r c a d r i a d c d v o s e b n a i o r u e i e e l c u i t l t t n r a i p e n c e i e a s u p o c e l t u e r u t c r s t a y r n i d r e s e t i u n d i , i i n a s s a a t v c t c l , c y l t n i o i o o o l t d t r m i l i t m o i e t l e a s y e e v t e s e l s a c e x u l t t n t p i a e a o u e x s x n e : n e e s s d s , i t t o u t r a e l s : 2 2 3 2 2 3 2 2 2 3 3 3 4 4 6 4 4 6 4 4 4 6 6 6 2 2 1 1 4 5 1 P 2 4 2 1 , , , , , , , e 4 7 7 4 0 2 3 2 r 5 9 8 7 9 0 7 8 9 7 6 5 2 6 2 4 2 5 c 5 9 6 ent 2 2 1 p 4 9 4 3 2 1 0 , e , , , , , , 9 0 8 6 9 0 r 1 7 1 9 4 5 1 1 6 4 5 8 7 4 1 a 2 3 7 6 6 0 9 9 2 0 4 0 nnu 2 2 m 9 4 2 , , , 6 2 3 5 6 8 7 2 7 Fact T G T C o r r r o o y a a n v d n s e e s t r e p r n m u o m c r p t e t l i a n o o t t y 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 4 5 5 5 5 0 5 7 3 . . . . 6 9 1 7 3 5 0 7 . . . . 7 6 9 1 ^ ^ 2* 7 0 3 . . . 6 0 8 Bank T N O S o o e t r h w u t a a e t t h e l r Y , s e N o 1 r o n r 9 o n k r a c t c i n C h t u d i e i s e t r t s W y n o m e a s e n t r e d s r ' n E l a o c s i a t t n i e e s r s : n citie , s . 3 3 2 3 1 1 9 1 2 2 3 2 . . . . 5 1 6 2 5 8 3 3 2 2 3 2 . . . . 8 1 6 1 2 4 9 8 P 2 1 2 . . . 6 9 6 1 3 2 (1939 = 100): Pay rolls 47 r313.1 314.4 Employment 47 156.3 154.5 ^153.4 Dec. 31, Apr. 13, June 30, Hours and earnings at factories: 1943 1944 1944 Weekly earnings (dollars) 48 46.25 46.98 CALL DATE FIGURES Hourly earnings (cents) 48 103.1 103.1 In billions of dollars Hours worked (per week) 48 44.9 45.6 MEMBER BANKS New orders, shipments, and inventories Loans and investments, total 12 74.26 83.59 (1939 = ioo): U. S. Govt. obligations 12 52.95 60.34 New orders, total 49 263 2*281 Other securities 12 5.02 5.16 Durable 49 347 State and local obligations 13 2.73 2.83 Nondurable 49 201 **214 Other domestic securities 13 2.29 2.33 Shipments, total 49 273 2*283 Foreign securities 13 Durable 49 370 P378 Loans, total 12 16.29 18.08 Nondurable 49 198 2*209 Commercial loans 13 8.44 8.05 Inventories, total 49 172 P172 Real-estate loans 13 3.27 3.21 Durable 49 199 P196 Street loans (brokers'loans) 13 1.05 1.66 Nondurable 49 149 2*150 Holdings of U. S. Govt. securities: Residential contracts (mill, dollars):5 By classes of banks: Total 53 26 23 New York City 16 14.56 15.18 16.16 Public 53 6 7 Chicago... 16 3.24 3.42 3.69 Private, total 53 20 16 Reserve city banks 16 19.68 21.01 22.48 1- and 2-family dwellings 53 14 12 Country.banks 16 15.47 17.17 18.01 Construc O ti t o h n e r contracts (3-mo. movi ;. n . g . 53 6 4 By k B in o d n s d s o f securities: 16 27.27 30.12 av., mill, dollars):5 Notes 16 6.91 10.64 Total 55 162 171 Certificates 16 12.07 14.23 Residential 55 24 25 Bills 16 4.36 4.47 Other 55 138 147 Guaranteed 16 2.35 .89 e Estimated. p Preliminary. r Revised. c Corrected. . , , . ., 1 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 2 Less than 5 million dollars. 3 Publication discontinued. 4 Revised. See p. 28 of this BULLETIN. 5 Adjusted for seasonal variation. e Figures available for June and December dates only. * Copies of the March 1943 edition of the Chart Book may be obtained at a price of 50 cents each. A revised edition will not be available tor several months. JANUARY 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAOB Gold reserves of central banks and governments.... 86 Gold production. .. 87 Gold movements. . 87 Net capital movements to United States since January x, 1935... 88 Central banks 89-9Z Money rates in foreign countries. ., 93 Commercial banks... 94 Foreign exchange rates... 95 Price movements: Wholesale prices 96 Retail food prices and cost of living... 97 Security prices .. 97 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins; some data arc reported to the Board directly. Figures on international capital transactions of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November n, 1934. Back figures for all except price tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics. JANUARY 1945 85 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollarsl * End of month U St n a i t t e e s d g t A e in n r- a - 1 g B iu e m l- Brazil B I r n i d ti i s a h B ga u r l i - a Canada Chile lom Co b - ia C v z s e a l c o k h - i o a - m D a e r n k - Egypt France, m G a e n r- y Greece 1938—Dec.....' 14,512 431 581 32 274 24 192 30 24 83 53 55 2,430 29 27 1939—Dec 17,644 466 609 40 274 24 30 21 56 53 55 2,709 29 28 1940—Dec 21,995 353 2 734 51 274 24 30 17 58 52 52 2,000 29 28 1941—Dec 22,737 ^54 734 70 274 24 5 30 16 61 44 52 2,000 29 428 1942—Dec 22,726 735 115 274 25 6 36 25 61 44 52 2,000 29 1943—Dec 21,938 734 254 274 425 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 21,429 381 734 276 274 4 56 80 61 44 52 2,000 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 86 61 44 52 Aug 20,926 408 298 274 5 56 88 61 44 52 Sept 20,825 409 298 274 5 76 89 52 Oct 20,727 313 274 6 76 90 Nov. 20,688 5 91 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 er s - Ze N al e a w nd N w o a r y - Peru Poland Po g r a t l u- Ru n m ia a- A So fr u ic th a Spain 1938—Dec 37 26 193 164 80 29 998 23 94 20 85 69 133 220 6525 1939—Dec 24 26 144 164 90 32 692 23 94 20 4 84 69 152 249 1940—Dec 24 26 120 164 140 47 617 23 4 84 20 59 158 367 1941—Dec 24 26 «164 235 47 575 23 21 59 182 366 42 1942—Dec 24 734 39 506 23 25 59 241 634 42 1943—Dec 24 92 203 500 23 31 60 316 706 91 1944—Jan 24 92 205 500 23 31 60 716 Feb.. 24 104 229 500 23 31 60 740 Mar 24 230 500 23 33 60 316 728 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 60 749 104 July 24 222 500 23 36 760 104 Aug 220 500 23 34 "369" 778 104 Sept. 220 23 32 785 Oct 221 23 32 796 Nov. 222 32 Government gold reserves1 not included in previous figures United Other End of month S d w e e n - Sw la i n tz d er- T k u e r y - K do in m g- 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 t o ri u e n s - 8 United End of month United King- France Bel- States dom gium 1 1 9 9 3 3 8 9 — — D D e e c c 3 3 2 0 1 8 5 7 4 0 9 1 2 2 9 9 2,69 9 0 1 6 6 9 8 5 5 2 2 5 5 7 9 1 7 4 1 14 5 2 3 1 1 9 9 3 3 8 9 — — D M e a c r . . . . . . . . 1 8 5 0 4 1, 2 7 7 3 5 2 9 3 5 3 5 1 9 44 1940—Dec 160 502 88 1 90 29 82 12 145 May.... 477 1941—Dec 223 665 92 1 100 41 483 12 142 June... ••"*85" 1942—Dec. 335 824 114 1 89 68 21 160 Sept.... 164 1943—Dec 387 964 161 1 121 89 45 204 Dec 156 17 1940—Mar. ... 145 1944—Jan 399 973 171 1 123 89 45 205 June... 86 Feb 401 984 171 1 124 100 45 210 Sept 105 M Ap a r r 4 4 2 2 6 1 1,0 9 0 9 4 4 1 1 9 9 1 1 1 1 1 1 2 3 8 1 1 1 0 0 0 0 3 3 9 9 2 2 1 1 2 3 1941— D M ec a . r . . . . . . . 4 8 8 8 292 17 M Ju a n y e 4 43 3 2 0 1 1 , , 0 0 1 2 0 3 2 1 1 9 0 1 1 1 1 1 3 3 9 6 1 1 1 1 0 0 3 3 9 9 2 2 1 1 7 8 S Ju e n p e t. . . . . . . 8 2 9 4 -iisi' 17 J A u u l g y 4 4 3 4 5 9 pl,030 ^2 2 2 2 1 1 1 1 1 1 4 4 8 2 1 1 1 1 0 0 3 3 9 9 2 2 1 1 8 8 1942- D M e a c r.... 2 1 5 2 17 O Se c p t t ' 4 4 5 5 4 6 p p l l , ! 0 0 2 3 9 3 1 1 1 1 4 4 9 9 1 1 1 1 0 0 3 3 9 9 2 2 1 1 8 8 J S u e n p e t. . . . . . . 8 7 17 Nov. p\,040 1 125 218 1943— D M ec ar.. .. 1 1 2 4 17 p Preliminary. J S u e n p e t. — ... 1 7 1 17 1 Figures through March 1940 and figure for December 1942 and December 1943 include, in ad- Dec 43 dition to gold of the Central Bank held at home, gold of the Central Bank held abroad and gold be- 1944—Mar.. . . 14 longing to the Argentine Stabilization Fund. June. . . 21 2 Change from previous December due largely to inclusion of gold formerly not reported. 3 On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Control Board. Gold reported since that time is gold held by Minister of Finance. orted at infrequent intervals or on de- 4 Figures relate to last official report dates for the respective countries, as follows: Bulgaria— layedeFbasis: U. S.—Excllange Stabilization Fund Jan. 31, 1943; Greece—Mar. 31, 1941; Java—Jan. 31,1942; Norway—Mar. 30, 1940; Poland- (Specia1 A/c No. 1); U K.—Exchange Equali- July 31, 1939; Yugoslavia—Feb. 28, 1941. zation Account; Franc;—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. ure for end of September. 7 Beginning December 1942, includes gold reserves abroad, formerly not reported. 3Rej)orted 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 onthat date, Estonia, Finland^ Guatemala, Iceland, Ireland beginning February 1943, Latvia, Lithuania, Morocco, 4 Figure for Sept. 1, 1541. 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 interneil gold transfers affecting Exchange Equalization Account during 1939. theBritish and French institutions, see Banking ana Monetary Statistics, p. 52( 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. 86 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD PRODUCTION OUTSIDE U. S. S. R. [In thousands of dollars] Estimated Production reported monthly world Year or month production Total Africa North and South America Other U o . u S t . s S i . d R e .1 m re o p n o t r h te ly d A So fr u ic th a d R e h s o ia - A W fr e ic st a n- I C B on el g g o ia * n S U ta n t i e t s e 4 d | C ~ anad , a * R U M T e ^ x ,* i co6 e l C b o i l a o m- | I Chr\ i , l n e - I N i g c u a a r 7 a- Au li s a tr 8 a -1 I B I r n i d ti i s a h 3 $1 = 15 A grains of gold ftfine; i.e.,an ounce of fine gold = $35 1 1 9 9 3 3 5 4 8 8 8 2 2 3 , ,0 5 0 3 3 3 7 75 0 2 8 , , 8 4 4 5 7 3 3 3 7 6 7 6 , , 0 79 9 5 0 2 25 4 , , 4 2 7 6 7 4 1 1 3 2 , , 6 1 2 5 5 3 6 7 , , 5 15 4 9 9 1 1 2 0 6 8 , , 3 1 2 9 5 1 1 1 0 1 4 4 , , 0 9 2 7 3 1 2 2 3 3, , 1 8 3 5 5 8 1 1 1 2 , , 5 0 1 4 5 5 8 9, , 2 3 5 5 1 0 1, 8 1 6 6 8 6 3 3 1 0 , ,5 2 5 4 9 0 1 1 1 1, , 2 4 2 6 3 8 1936 971,514 833,895 396,768 28,053 16,295 7,386 152,509 131,181 26,465 13,632 9,018 807 40,118 11,663 1937 1,041,576 893,384 410,710 28,296 20,784 8,018 168,159 143,367 29,591 15,478 9,544 848 46,982 11,607 1938 1,136,360 958,770 425,649 28,532 24,670 8,470 178,143 165,379 32,306 18,225 10,290 1,557 54,264 11,284 1939 1,208,705 1,020,297 448,753 28,009 28,564 8,759 196,391 178,303 29,426 19,951 11,376 3,506 56,182 11,078 1940 1,297,349 1,094,264 491,628 29,155 32,163 3 8,862 210,109 185,890 30,878 22,117 11,999 5,429 55,878 10,157 1941 1,288,945 1,089,395 504,268 27,765 32,414 209,175 187,081 27,969 22,961 9,259 7.525 51,039 9,940 1942 968,112 494,439 26,641 29,225 130,963 169,446 «30,000 20,882 6,409 8,623 42,525 8,960 1943 738,471 448,153 23,009 19,740 48,808 127,796 19,789 6,081 7,715 28,560 8,820 1943—Nov 58,372 36,889 1,790 1,540 3,452 9,370 1,512 450 605 2,100 665 Dec 58,309 36,653 1,814 1,505 3,605 9,198 1,600 501 633 2,100 700 1944—Jan 56,589 36,169 1,763 1,540 3,085 9,023 1,581 676 756 1,295 700 Feb 54,163 34,100 1,709 1,540 3,429 8,988 1,344 617 651 1,155 630 Mar 57,152 36,266 1,706 1,575 2,933 9,333 2,056 577 677 1,365 665 Apr 53,887 34,879 1,771 1,610 2,936 8,568 1,363 486 665 945 665 May 57,227 36,921 1,749 1,575 2,881 8,989 2,020 473 693 1,330 595 Tune 53,775 35,264 1,702 1,435 2,431 8,397 1,732 644 560 1,435 175 July 55,607 36,430 1,763 1,400 2,959 8,247 1,901 639 590 1,295 385 Aug P57,256 37,022 A, 763 1,470 2,779 8,290 2,044 604 625 2,100 560 Sept 2*54,944 35,810 {1,763 1,540 3,028 8,274 1,421 ^604 615 1,365 525 Oct p54,788 35,821 fl,763 A, 540 2,863 ^8,274 A,421 '604 613 A, 365 '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. Mint; annual figure for 1941 based on estimates of American Bureau of Metal Statistics. 2 Beginning April 1941, figures are those reported by American Bureau of Metal Statistics. 3 Beginning May 1940, monthly figures no longer reported. Annual figure for 1940 estimated at three times production for first four months of the year. 4 Includes Philippine Islands production received in United States. Annual figures are estimates of the United States Mint. Monthly figures represent estimates of American Bureau of Metal Statistics, those for 1943 haying been revised by adding to each monthly figure $85,455 so that aggregate for 1943 is equal to annual estimate for the year compiled by Bureau of Mint in cooperation with Bureau of Mines. 5 Figures for Canada beginning 1944 are subject to official revision. 6 Beginning April 1942, figures no longer reported. Annual figure for 1942 is rough estimate based on reported production of $7,809,000 in first three months of year. 7 Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production. 8 Beginning December 1941, figures are those reported by American Bureau of Metal Statistics. For the period December 1941-December 1943 they represent total Australia; beginning January 1944, Western Australia only. 9 Beginning May 1940, figures are those reported by American Bureau of Metal Statistics. NOTE.—For explanation of table and sources, see BULLETIN for February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; April 1933, pp. 233-235; and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543. GOLD MOVEMENTS UNITED STATES [In thousands of dollars at approximately $35 a fine ounce] Net imports from or net exports (—) to: Y m e o a n r t o h r im T n o p e t o a t r l ts U K d n o i i n m t g e - d France g B iu e m l- N l e a t n h d e s r- S d w en e- S er w la i n tz d - Canada Mexico Co b l i o a m- I P s p h la i i n l n i e d p s - t A ra u l s i - a A S f o r u ic t a h Japan B I r n i d ti i s a h o co t A h u l e n l r tries 19341 1,131,994 499,870 260,223 8,902 94,348 12,402 86,829 30,270 16,944 12,038 1,029 12 4 76,820 32,304 1935 1,739,019 315,727 934,243 3 227,185 968 95,171 13,667 10,899 15,335 3,498 65 75,268 46,989 1936 1,116,584 174,093 573,671 3,351 71,006 2 7,511 72,648 39,966 11,911 21,513 23,280 8 77,892 39,735 1937 1,585,503 891,531 -13,710 90,859 6,461 6 54,452 111,480 38,482 18,397 25,427 34,713 181 246,464 50,762 29,998 1938 1,973,5691,208,728 81,135 15,488 163,049 60,146 1,363 76,315 36,472 10,557 27,880 39,162 401 168,740 16,159 267,975 1939 3,574,1511,826,403 3,798 165,122 341,618 28,715 86,987 612,949 33,610 23,239 35,636 74,250 22,862 165,605 50,956 3102, 404 1940 4,744,472 633,083 241,778 977 63,260 161,489 90,3202,622,330 29,880 23,999 38,627 103,777 184,756 111,739 49,989 4388,468 1941 982,378 3,779 1 1 1,747 899 412,056 16,791 24,448 42,678 67,492 292,893 9,444 9,665 5100,485 1941 Jan 234,242 37 1 1,746 563 46,876 1,147 3,168 3,185 11,136 149,735 6,085 4,501 6,062 Feb 108,609 1,218 337 81,529 814 11 2,772 6,738 96 815,093 Mar 118,567 817 95,619 866 2,232 3,984 6,262 2,788 3,046 2,951 Apr 171,992 21 20,216 1,147 2,934 3,587 4,720 132,261 313 6,793 May 34,830 2 16,306 969 2,794 3,384 4,194 3,594 3,589 June 30,712 474 1 17,514 800 7 2,114 4,593 69 131 5,009 July 37,041 542 19,224 1,080 2,128 4,970 5,199 88 3,811 Aug 36,973 79 10,842 843 2,230 5,098 6,742 137 1,995 69,008 Sept 65,702 250 42,562 495 2,488 3,107 2,064 3,694 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. JANUARY 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [In millions of dollars] Increase in foreign banking Decrease Foreign Domestic funds in U. S. in U. S. securities: securities: Inflow in From Jan. 2, 1935, through- Total banking Return Inflow of brokerage funds of U. S. foreign balances Total Official1 Other abroad funds funds 1935—Mar. (Apr. 3) 259.5 57.7 -2.0 59.7 155.0 31.8 -6.2 21.1 June (July 3) 616.0 213.8 6.1 207.7 312.8 43.7 15.8 29.8 Sept. (Oct. 2) 899.4 350.7 -4.5 355.2 388.6 40.1 90.3 29.8 Dec. (Jan. 1, 1936) 1,412.5 603.3 9.8 593.5 361.4 125.2 316.7 6.0 1936—Mar. (Apr. 1) 1,511.1 578.4 44.4 534.0 390.3 114.4 427.6 .4 June (July 1) 1,949.2 779.0 35.9 743.1 449.0 180.5 524.1 16.5 Sept. 30 2,283.3 898.5 37.4 861.1 456.2 272.2 633.3 23.2 Dec. 30 2,608.4 930.5 81.1 849.4 431.5 316.2 917.4 12.9 1937—Mar. 31 2,931.4 1,121.6 62.8 1,058.8 411.0 319.1 1,075.7 4.1 June 30 3,561.9 1,612.4 215.3 1,397.1 466.4 395.2 1,069.5 18.3 Sept. 29 3,911.9 1,743.6 364.6 1,379.0 518.1 493.3 1,125.1 31.9 Dec. 29 3,410.3 1,168.5 243.9 924.6 449.1 583.2 1,162.0 47.5 1938—Mar. 30 3,207.2 949.8 149.9 799.9 434.4 618.5 ,150.4 54.2 June 29 3,045.8 786.2 125.9 660.4 403.3 643.1 ,155.3 57.8 Sept. 28 3,472.0 1,180.2 187.0 993.2 477.2 625.0 ,125.4 64.1 Dec. (Jan. 4, 1939). 3,844.5 1,425.4 238.5 1,186.9 510.1 641.8 ,219.7 47.6 1939—Mar. 29 4,197.6 1,747.6 311.4 1,436.2 550.5 646.7 ,188.9 63.9 June 28 4,659.2 2,111.8 425.3 1,686.5 607.5 664.5 ,201 .'4 74.0 Sept. 27 5,035.3 2,479.5 552.1 1,927.3 618.4 676.9 ,177.3 83.1 Dec. (Jan. 3, 1940). 5,021.2 2,430.8 542.5 1,888.3 650.4 725.7 ,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. ((Ap pr. 22)) 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—Jan. 28 5,163.7 2,771.6 977.6 1,793.9 801.6 857.5 631.0 102.0 Feb.25 5,069.0 2,675.5 879.4 1,796.0 809.2 856.2 626.2 102.0 Mar. (Apr. 1) ... 5,082.4 2,684.0 932.0 1,752.0 819.7 849.6 624.9 104.3 Apr. 29 5,309.6 2,906.1 ,106.7 1,799.4 829.8 843.2 626.6 103.9 May (June 3) ... 5,413.4 2,996.8 ,144.0 1,852.8 839.8 843.2 629.0 104.6 June 302 5,495.3 3,075.9 ,211.7 1,864.2 842.3 838.8 632.0 106.2 July 31... 5,542.6 3,121.4 ,242.7 1,878.7 854.9 829.3 633.3 103.7 Aug. 31... 5,599.9 3,184.8 ,293.1 1,891.7 839.9 828.6 642.7 103.9 Sept. 30.. 5,654.9 3,212.6 ,339.1 1,873.5 858.2 830.5 646.1 107.5 Oct. 31... 5,694.7 3,204.2 ,341.1 1,863.2 890.0 842.1 654.3 104.1 Nov. 30... 5,761.6 3,250.2 ,366.1 1,884.1 901.6 844.8 661.0 104.1 Dec. 31 . 5,835.0 3,320.3 ,412.0 1,908.3 848.2 673.3 104.4 1943—Jan. 30... 5,907.7 3,471.1 ,536.6 1,934.5 889.8 761.3 678.5 107.0 Feb. 27... 6,014.9 3,590.1 ,671.8 1,918.3 890.5 751.9 676.0 106.4 Mar. 31.. 6,147.1 3,643.4 ,723.1 1,920.3 898.7 810.5 685.9 108.6 Apr. 30... 6,212.3 3,690.5 ,801.8 1,888.6 909.9 809.5 692.9 109.5 May 29. . 6,282.6 3,769.6 ,871.6 1,898.0 905.1 807.0 692.5 108.5 June 30.. 6,506.4 4,002.6 2,071.4 1,931.2 896.9 806.8 687.9 112.1 July 31... 6,556.0 4,056.4 2,103.4 1,953.0 901.9 792.9 692.3 112.6 Aug. 31.. 6,726.3 4,107.9 2,122.6 1,985.3 909.4 907.8 687.0 114.3 Sept. 30.. 6,771.3 4,130.6 2,190.9 1,939.7 888.6 929.3 708.1 114.8 Ocf. 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 Tuly 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 4,732.3 2,589.5 2,142.8 869.7 1,009.7 709.4 119.9 Sept. 30.. 7,430.9 34,661.2 32,498.8 32,162.3 3883.5 1,026.2 737.8 3122.2 1 This category made up as follows: through Sept. 21,1938, funds held by foreign central banks at the Federal Reserve Bank of New York; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.). 2 Reported figures for capital movement through July 1 have been adjusted to represent the movement through June 30 on the basis of certain significant movements known to have occurred on July 1. Subsequent figures are based upon new monthly statistical series. For further explanation, see BUL- LETIN for January 1943, p. 98. 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. 88 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS Assets of issue Bank of England department Assets of banking department Liabilities of banking department Note (Fi p g o u u re n s d s in s t m er il l l i i n o g n ) s of Gold1 a O ss th e e ts r C C oi a n sh rese N rv o e t s es a c v n o D a d u n i n c s a - e t d s s - Se t c ie u s ri- ci t r i c o u n l 3 a- Bankers' D P e u p b o l s i i c ts Other O lia t t i h b e e i s l r i- 1929—Dec. 25. 145.8 260.0 .2 26.3 22.3 84.9 379.6 71.0 8.8 35.8 17.9 1930—Dec. 31 147.6 260.0 .6 38.8 49.0 104.7 368.8 132.4 6.6 36.2 18.0 1931—Dec. 30 120.7 275.0 .6 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18.0 1932—Dec. 28 119.8 275.0 .8 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933—Dec. 27 190.7 260.0 1.0 58.7 16.8 101.4 392.0 101.2 22.2 36.5 18.0 1934—Dec. 26 192.3 260.0 .5 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935—Dec. 25 200.1 260.0 .6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30 313.7 200.0 .6 46.3 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29. 326.4 220.0 .8 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Dec. 28 326.4 230.0 .8 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Dec. 27 4.2 580.0 1.0 25.6 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940—Dec. 25 .2 5630.0 .9 13.3 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941—Dec. 31 .2 578O.O .3 28.5 6.4 267.8 751.7 219.9 11.2 54.1 17.9 1942—Dec. 30 .2 8950.0 .9 26.8 3.5 267.9 923.4 223.4 9.0 48.8 17.9 1943—Dec. 29 .2 H, 100.0 .9 11.6 2.5 307.9 1,088.7 234.3 10.3 60.4 17.9 1Q44—Jan. 26 .2 1,100.0 .6 33.0 4.4 229.0 1,067.3 187.8 8.5 52.7 17.9 Feb. 23 .2 1,100.0 .9 22.8 2.1 255.2 1,077.5 200.3 8.9 53.7 18.0 Mar. 29 .2 51,150.0 .4 45.6 15.4 212.7 1,104.6 188.8 7.1 60.2 18.1 Apr. 26 .2 1,150.0 .4 25.8 5.8 245.6 1,124.5 198.5 4.5 56.9 17.7 May 31 .2 1,150.0 .7 14.7 1.0 239.8 1,135.5 165.1 15.0 58.2 17.8 June 28 .2 1,150.0 .9 19.4 1.2 282.2 1,130.9 217.7 12.5 55.6 17.9 July 26 .2 1,150.0 1.0 13.4 4.7 261.7 1,136.8 199.8 7.7 55.4 17.9 Aug. 30 .2 Bl,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. 25 .2 1,200.0 2.3 35.9 8.8 234.9 1,164.4 203.8 6.2 54.1 17.7 Nov. 29 .2 1,200.0 2.3 10.7 5.1 273.5 1,189.5 207.0 11.6 55.3 17.8 Assets Liabilities Bank of Canada Dominion and provincial government Deposits (Fi C g a u n re a s d i i a n n m d i o ll l i l o a n rs s ) of Gold an S d S t e t U a rl t n i e n i s t g ed securities a O s t s h e e ts r circ N u o la t t e ion' lia O bi t l h it e i r es dollars Short- Other Chartered D g o o m ve in rn io - n Other termfi banks 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—Dec. 31 .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 1944—Jan. 3i .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 Nov. 30 172.3 868.6 618.9 29.3 1,007.8 437.2 10.8 20.4 9212.9 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when it was officially set at 168 shillings per fine ounce. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4 On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 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. 8 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). Includes 172.3 million dollars sterling and United States dollar holdings. NOTE.—For back figures on Bank of England and Bank of Canada, see Banking and Monetary Statistics, Tables 164 and 166, pp. 638-640 and pp, 644-645, respectively; for description of statistics see pp. 560-564 in same publication. JANUARY 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Bank of France Domestic bills A G d o v v a e n rn c m es e n to t Deposits (Figu o re f s f i r n a n m c i s l ) lions Gold1 F c o h e r a x e n i - g g e n m O a p r e k n 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.. 25,942 5,612 8,624 8,124 68,571 11,737 7,850 1,812 1930—Dec. 26.. 26,179 5,304 8,429 9,510 76,436 12,624 11,698 2,241 1931—Dec. 30.. 21,111 7,157 7,389 11,275 85,725 5,898 22,183 1,989 1932—Dec. 30.. 4,484 6,802 3,438 11,712 85,028 2,311 20,072 2,041 1933—Dec. 29.. 1,158 6,122 4,739 11,173 82,613 2,322 13,414 1,940 1934—Dec. 28.. 963 5,837 3,971 11,500 83,412 3,718 15,359 1,907 1935—Dec. 27.. 1,328 5,800 9,712 11,705 81,150 2,862 8,716 2,113 1936—Dec. 30.. 1,460 5,640 1,379 8,465 17,698 12,642 89,342 2,089 13,655 2,557 1937—Dec. 30.. 911 5,580 652 10,066 31,909 11,733 93,837 3,461 19,326 3,160 1938—Dec. 29.. 821 7,422 1,797 7,880 20,627 18,498 110,935 5,061 25,595 2,718 1939—Dec. 28.. 112 11,273 2,345 5,149 34,673 20,094 151,322 1,914 14,751 2,925 1940—Dec. 26.. 42 43,194 661 3,646 72,317 63,900 23,179 218,383 984 41,400 27,202 3,586 1941—Dec. 31.. 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.. 37 43,661 169 5,368 210,965 68,250 21,749 382,774 770 16,857 29,935 4,461 1943—Aug. 26. 37 43,108 6,908 288,308 53,500 21,078 448,270 743 14,674 29,615 4,235 Sept. 30. 37 43,412 4,968 295,807 69,500 23,519 468,015 821 15,450 33,199 4,355 Oct. 28. 37 44,591 4,799 306,689 65,500 21,000 475,868 627 12,191 34,111 4,417 Nov. 25 . 37 44,860 35 6,472 320,843 55,950 21,457 484,060 755 14,083 31,133 4,220 Dec. 30. 37 44,699 29 7,543 326,973 64,400 21,420 500,386 578 10,724 33,137 4,872 1944—Jan. 27.. 37 44,870 12 8,196 343,300 56,050 21,614 506,035 825 12,365 34,339 5,112 Feb. 24.. 37 45,018 3 8,469 351,000 60,500 20,598 514,323 749 13,905 35,359 5,887 Mar. 30.. 37 44,359 19 8,349 351,000 69,800 21,570 530,174 786 9,063 35,100 4,608 Apr. 27.. 37 44,706 12 7,718 367,300 66,800 21,437 539,058 793 8,811 38,017 5,928 May 25... 37 44,232 6,611 383,600 67,600 21,143 551,969 795 9,652 37,876 7,528 June 29.. 37 46,241 6,045 409,200 71,500 21,160 576,909 750 12,309 43,343 5,472 July 136.. 37 45,851 4,856 409,200 70,850 23,799 584,820 729 1,853 46,899 4,890 Assets Liabilities Reichsbank Reserves of gold and Bills (and Securities (Figures in millions of foreign exchange checks), Note Other reichsmarks) Total i T n r c e l a u s d u in ry g Se lo cu an ri s ty E as li g n i o b t l e e Other O as t s h e e t r s cir t c io u n la- Deposits lia ti b e i s lireserves Gold bills cover 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—Nov. 30 77 37,870 66 1 79 2,733 31,772 6,951 2,104 Dec. 31 77 41,342 27 1 65 2,337 33,683 8,186 1,980 1944—Jan. 31 77 39,584 43 1 42 2,296 33,012 7,176 1,855 Feb. 29 77 39,269 26 1 66 2,360 33,508 6,636 1,654 Mar. 31 77 40,379 46 1 33 2,281 33,792 7,237 1,788 Apr. 29 *77 40,909 38 1 31 2,525 34,569 7,179 1,833 May 31 77 42,159 28 1 23 2,096 35,229 7,240 1,915 June 30 77 42,150 26 1 27 2,397 35,920 6,754 2,004 July 31 77 43,222 38 1 21 2,396 36,888 6,813 2,054 Aug. 31 77 45,829 42 1 20 2,275 38,579 7,480 2,185 Sept. 30 77 50,821 47 67 25 2,510 42,301 9,088 2,160 Oct. 31 77 53,954 46 70 24 2,351 44,704 9,603 2,216 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. 2 For explanation of this item, see BULLETIN for July 1940, p. 732. 3 By a series of Conventions between * he 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 Oi 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 Latest statement available. 7 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. 90 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1944 1943 Central Bank 1944 1943 (Figures as of last report (Figures as of last report date of month) Nov. Oct. Sept. Nov. date of month) Nov. Oct. Sept. Nov. Central Bank of the Argentine Re- National Bank of Denmark (millions public (millions of pesos): of kroner): O G R G e t o o h d l v d e i e s r r c r n g e o m o p u l o n e d r n t t e t a e d n d s d e p s c a e f u p o p r e r a i e r t r i i a g e t s n e ly exchange... 1 2 , , 2 3 8 4 9 8 3 6 3 1 1, , 9 0 4 7 7 8 7 4 8 F L G C o o l o e r a l e a d n i r s g i n n a g n e d a x c c d c h i o a s u n c n o g t e u s n t ( s net) 2,5 9 3 9 2 7 1 2 6 1,84 9 3 2 1 7 6 1 N Ot o h t e e r c a ir s c s u et l s ation 2,1 1 6 6 3 3 1,7 1 9 5 8 1 S G e o c v u t r . i t c ie o s m pensation accou .• nt5... 8 7 5 8 1 6 2 3 5 D C e e p rt o if s i i c ts a — tes M O G t o e h o m v e f e r b r e n p r m a b e r a t n i n t c k ipation in 1,4 6 1 2 1 2 0 5 5 1^0 4 1 8 7 0 8 7 7 O N D t o e h p t e e o r s c i a i t r s s c — s u e l t O G s at t o i h o v e n e r rnment 3 2 2 1 , , , , 9 6 6 0 3 6 7 3 1 1 8 7 2 1 1 , , , 2 2 9 9 8 3 8 0 5 1 3 7 Government securities 172 99 Other liabilities 464 342 Com O m th o e n r w li e a a b l i t l h it ie B s ank of Australia 192 120 Ce o n f t s r u a c l r B es a ) n : k of Ecuador (thousands (June)2 (thousands of pounds): Gold 270,450 221,790 B Is a s n u k e G S i e o n d c l g e u d p r d i a a t e n r ie p t d m s a E r e t n n m g t: e li n s t h : sterling 1 5 5 0 7 , , 5 3 4 3 4 7 1 5 5 0 5 , , 5 5 4 7 4 4 1 4 2 0 3 , , 5 9 4 2 3 7 L N F O o o o th r a t e e e n i r s g c n a a ir s n c e s d u x e l t c d a s h t i a i s o n c n o g u e n ( t n s et) 2 1 8 5 3 1 8 9 8 2 , , , , 4 9 0 3 1 6 8 1 1 6 3 9 2 8 8 6 2 7 7 6 2 , , , , 2 4 1 5 1 6 9 4 7 0 7 8 L C o o n in d , o n b u b ll a io la n n , c a e n s d cash 1 1 2 5 2 , , 6 4 6 5 5 9 1 1 31 4 , , 7 4 0 6 9 1 45 7 ,8 5 2 4 3 4 O D t e h m er a n l d ia b d i e l p it o ie s s its 23 5 9 3 , , 0 9 7 9 1 2 1 4 9 8 1 , , 5 5 7 3 7 8 Loans and discounts 18,693 21,300 17,761 National Bank of Egypt6 (thou- S D e e c p u o r s it i i t e s s . 2 1 2 7 1 9 , , 8 88 9 7 1 2 2 4 1 7 7 , ,1 1 7 9 6 3 2 1 4 7 0 1 ,9 0 2 8 3 0 sa G nd o s l d o . f . p . ounds): 6,241 Mote circulation 199,494 197,744 156,012 Foreign exchange 15,318 11,248 National Bank of Belgium and Bank Loans and discounts 2,062 5,470 < f © c f e G F f l g o o I a r l s e ) d s : i 1 g u n e e o x f c h B an ru ge ssels (millions of (J 1 u 4 2 l , , y 3 6 3 6 )2 1 1 9 4 , , 9 3 2 3 1 1 O B N r t o e h i t r t e e n i r s m h c a i , e r s n c E s t u e g t l s y s a e t p c i t o u i n r a i n ti , e s and other Gov- 2 1 4 0 1 5 4 8 , , , 9 6 1 2 7 9 ' 6 8 2 9 0 1 4 2 0 , , , 1 6 9 6 3 9 1 9 8 C R C r e r e e ic d d h i i t t s s s k r t t o e o d S p it r t k a i a v te s a s t a e e n e d c o p n u o b m lic y bodies 4,2 7 6 5 5 5 6 0 3,2 1 7 0 2 8 6 3 0 O D t e h p e o r s i l t i s a — bi G l O it o t i h v e e s e . r rnment 1 6 1 0 4 3 5 , , , 8 2 0 4 1 1 4 5 5 7 1 8 3 1 , , , 0 0 3 4 6 3 3 1 0 Other assets .,..,,., 675 697 Central Reserve Bank of El Salva- Note circulation 19,504 16,290 dor (thousands of colones): Demand deposits 1,220 1,059 Gold 33,04( 27,113 Postal Checking Office 1,637 1,369 Foreign exchange 35,50; 24,876 "Nat O io t n h a e l r l B ia a b n il k it ie o s f Bohemia and 375 339 G Lo o a v n e s r n a m nd e n d t is d c e o b u t n a ts nd securities. 6,3 8 4 9 ' ? 6 1 , ,5 7 0 5 6 4 Moravia (millions of koruny): (Aug.)2 Other assets 1,08: 718 Gold 1,515 1,515 Note circulation 42,68* 34,577 Foreign exchange 776 775 Deposits 27,44: 20,467 Discounts 3,403 1,420 Other liabilities 6,74! 5,924 Loans ..... Rank of Finland4 Other assets 43,649 30,340 Bank of Greece4 Note circulation 28,224 22,248 National Bank of Hungary (million! Demand deposits,, , 11,125 4T765 of pengo): (Aug.)2 Other liabilities 9,997 7,038 Gold 100 100' Central Bank of Bolivia (ffiillwras Foreign exchange reserve 3 of bolivianos): Discounts 6,13: 3,501 Gold at home and abroad! . 600 556 Loans—To Treasury 53( 591 Foreign exchange 384 364 To foreign countries 94 954 Loans and discounts 279 372 Other 8 Securities—Government 641 533 Other assets 1,43c 1,395 Other 41 41 Note circulation 6,34 4,170 Other assets (3) 87 Demand deposits 1,29^ 1,009' Note circulation.., 1,185 1,029 Consolidated foreign credits of Deposits 760 836 1931 1 15 Other liabilities (3) 87 Other liabilities 1,50: 1,359:* National Bank of Bulgaria* Reserve Bank of India (millions of Central Bank of Chile (mllStses rupees): of pesos): Issue department: (Aug.)2 Gold..... 369 369 250 Gold at home and abroad... 44. 444 Discounts for member feaaaks. 277 204 106 Sterling securities 8,28- 6,848 Loans to Government 715 715 721 Indian Govt. securities 57, 583 Other loans and discouiats 925 957 857 Rupee coin 15( 171 Other assets 1,039 1,029 970 Note circulation 9,271 7,944 Note circulation 2,389 2,408 2,119 Banking department: Deposits—Bank 410 380 315 Notes of issue department.. I81 103 Other 180 179 173 Balances abroad 2,481 1,640 Other liabilities 348 307 295 Treasury bills discounted... Bank of the Republic of Ootenbia Loans to Government 3 (thousands of pesos): Other assets 15C 108 Gold 157,686 155,366 100,952 Deposits. 2,66^ 1,653 Foreign exchange 120,417 119,033 r89,509 Other liabilities 16C 203 Loans and discounts 14,464 12,329 2,372 Central Bank of Ireland (thousands Government loans and seasa$tac3-- 63,888 56,884 56,512 of pounds): Other assets 27,117 30,277 r31,623 Gold ,. 2,646 2,646 2,64i 2,646 Note circulation . 156,285 156,527 113,179 Sterling funds 29,165 28,225 27,22S 24,911 Deposits 145,390 136,972 118,336 Note circulation 31,81 30,871 29,87. 27,557 Other liabilities #1,897 80,391 49,452 Bank of Japan4 Bank of Java4 r Revised. 1 Separate figures for National Eaaak of Belgium -not available. The Bank of Issue of Brussels was founded by the German Military Administration .on. June 27, 1940; it has no note issue, drawing its resources principally from advances from the National Bank and deposits by the Postal Checking Office. 2 Latest month for which report is available for this institution. 3 Figure not available. 4 For last available report from the central bank.oi Bulgaria (January 1943), see BULLETIN for July 1943, p. 697; of Finland (August 1943), see BUL- 1;E{BEN for April 1944, p. 405; of Greece (Masrch 1941) &nd Japan (September 1941), see BULLETIN for March 1942, p. 281; and of Java (January 1942), see BumjETiN for March 1943, p. 278. % Represents Bank's claim on time Government for the Sank's foreign exchange losses resulting from the revaluation of the krone on Jan. 23, 1942. * Items for issue and banking departments $dSd JAOTJURY 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1943 Central Bank 1944 1943 (Figures as of last report (Figures as of last report date of month) date of month) Nov. Oct. Sept, Nov. Nov. Oct. Sept, Nov. Bank of Mexico (millions of pesos): Bank of Spain (millions of pesetas): (Aug.)2 Metallic reserve1 580 556 456 Gold 1,135 "Authorized" holdings of securi- Silver 616 ties, etc.. 1,428 1,339 1,347 1,289 Government loans and securities... 16,352 Bills and discounts 421 402 368 163 Other loans and discounts 2,874 Other assets 74 136 128 65 Other assets 2,091 Note circulation 1,298 1,267 1,236 1,082 Note circulation 16,144 Demand liabilities 1,023 997 989 742 Deposits—Government 1,966 Other liabilities 182 179 174 149 Other 4,448 Netherlands Bank (millions of Other liabilities 510 guilders): (Aug.)2 Bank of Sweden (millions of kronor): Gold.... 932 932 Gold 1,006 1,000 846 Silver (including subsidiary coin).. Foreign assets (net) 588 563 609 Foreign bills 3,921 3^074 Swedish Govt. securities and ad- Discounts vances to National Debt Office6. 1,197 1,171 1,174 Loans 133 135 Other domestic bills and advances. 83 87 84 Other assets. 96 80 Other assets 1,041 1,034 866 Note circulation 4,474 3,326 Note circulation 2,329 2,337 2,085 Deposits—Government 105 116 Demand deposits—Government 530 434 734 Other 310 642 Other 437 433 136 Other liabilities 193 138 Other liabilities 619 651 625 Reserve Bank of New Zealand (thou- Swiss National Bank (millions of sands of pounds): francs): Gold 2,802 2,802 2,802 Gold 4,502 4,451 4,468 3,908 A St d e v rl a i n n c g e s e x t c o h a S n t g a e te r o es r e S rv ta e te under- 34,735 34,105 30,432 F L o o r a e n i s g n a n e d xc d h i a s n co ge unts 9 9 4 1 121 r 9 99 5 9 6 1 4 takings 25,885 37,605 38,402 Other assets , (6) 6184 136 337 Investments , 11,737 11,736 10,324 Note circulation 3,337 3,267 3,194 2,922 Other assets 2,208 3,256 2,062 Other sight liabilities 1,186 1,337 1,325 1,189 N De o m te a c n i d r c d u e la p t o io si n ts 3 3 5 7 , , 8 92 8 3 8 4 3 8 7 , , 2 73 0 6 6 3 4 5 4 , , 4 3 2 4 3 2 Cen O tr t a h l e r B li a a n b k il it o ie f s the Republic of (6) 280 289 Ban O k t o h f e r N l o ia r b w il a it y ie 3 s 3,556 3,562 4,257 Tu G r o k l e d y (thousands of pounds): ( 2 J 7 u 5 l , y 9 ) 1 2 1 201,699 Bank of the Republic of Paraguay Foreign exchange and foreign (millions of pesos): clearings 65,462 87,075 Gold 333 335 20 Loans and discounts 772,144 702,830 Foreign exchange 2,039 2,327 2,265 Securities 179,216 192,731 Loans and discounts 215 208 112 Other assets ,. 25,664 26,941 Government loans and securities... 2,769 2,749 1,951 Note circulation 906,635 776,476 Other assets 1,526 1,869 2,092 Deposits—Gold 85,116 79,358 Note circulation 2,914 2,925 2,531 Other... 160,577 180,547 Demand deposits—Government.... 785 745 620 Other liabilities 166,069 174,894 Other 2,273 2,580 cl,759 Bank of the Republic of Uruguay Other liabilities 910 1,238 cl,531 (thousands of pesos): Central Reserve Bank of Peru (thou- Issue department: sands of soles): Gold and silver 120,614 90,197 Gold and foreign exchange 141,105 1139,553 Note circulation 135,251 127,080 Discounts 1,023 „1,0,.320 Banking department: Government loans 432,479 3401,,2:97 Gold and silver 115,518 96,831 Other assets 26,410 25,690 Notes and coin 39,810 22,042 Note circulation 399,092 333,069 Advances to State and to gov- Deposits. ,. 171,334154,744 ernment bodies 16,789 28,859 Other liabilities 30,592 28,048 Other loans and discounts.... 95,676 92,517 Bank of Portugal (millions of es- Other assets 276,406 187,062 cudos): (June)2 Deposits 243,204 181,290 Gold4 ,.„ 1,412 1,398 Other liabilities 300,994 246,022 Other reserves (net) 4,871 3,993 Central Bank of Venezuela (thou- Nonreserve exchange 9,010 7,710 sands of bolivares): Loans and discounts 236 230 Gold7 313,547 268,108 338,108 257,864 Government debt 1,023 1,025 Foreign exchange (net) 45,202 86,791 55,512 42,329 Other assets 910 1,010 Credits to national banks 26,370 26,370 26,370 31,230 Note circulation 6,946 6,732 Other assets 25,053 28,010 36,844 14,587 Other sight liabilities 9,577 7,674 Note circulation—Central Bank..., 278,832 271,526 267,363 234,063 Nati O o t n h a e l r B li a ab n i k li t o ie f s Rumania (millions 940 961 Deposits National banksv 1 1 0 8 5, , 1 9 0 8 5 4 1 2 1 0 0 , , 6 3 6 3 1 7 1 2 6 0 1 , , 8 8 8 3 9 8 2 77 6 , , 7 8 5 1 5 4 of lei): (June)2 Other liabilities 7,250 6,755 6,744 7,377 Gold 69,567 57,514 National Bank of the Kingdom of Special exchange accounts 70,223 333,365 Yugoslavia3 Loans and discounts 70,986 154,110 Bank for International Settlements Special loans (in liquidation) 117 205 (thousands of Swiss gold francs):,8 Government debt 44,948 20,755 Gold in bars 119,.726 119,024 81,494 Other assets 62,750 63,119 Cash on hand and on current ac- Note circulation 211,848 152,612 count with banks 44,355 48,872 22,724 Demand deposits 62,252 48,521 Sight funds at interest 12,939 12,817 38,884 Other liabilities 44,490 27,935 Rediscountable bills and accept- South African Reserve Bank (thou- ances (at cost) 73,508 72,633 126,232 sands of pounds): Time funds at interest 14,968 14,968 21,075 Gold . 96,605 95,326 83,109 Sundry bills and investments 200,328 197,568 195,687 Foreign bills 20,008 19,278 13,222 Other assets 239 217 65 Other bills and loans 5,104 6,302 1,154 Demand deposits (gold) 29,446 29,031 49,905 O N t o h t e e r c a ir s c s u e l t a s t . i;on 9 5 2 4 , , 7 90 0 9 6 9 5 2 4 , ,9 7 0 0 9 6 4 8 7 8 , , 7 6 2 5 6 2 Sh r o en rt c - i t e e s r ) m : deposits (various cur- Deposits 154,609 154,609 13"3",,882 Central banks for own account 6,640 7,348 6,306 Other liabilities , 4,906 4,906 4,528 Other 2,097 2,095 3,058 Long-term deposits: Special accounts 229,001 229,001 229,001 Other liabilities 198,879 198,624 197,891 r Revised. c Corrected. 1 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 2 Latest month for which report is available for this institution. 3 For last available reports from the central banks of Norway (March 1940), and Yugoslavia (February 1941), see BULLETIN for March 1942, p. 282. 4 Valued at average cost beginning October 1940. 5 Includes small amount of non-Government bonds. J 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. 92- 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 I 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 D 3 a e 1 t c e . ef D fe a ct t i e ve ba C n e k n tr of a — l R D 3 a e 1 t c e . ef D fe a ct t i e ve In effect Oct. 2, 1936. 2 3 4 2 3 2 Albania Mar. 21, 1940 Italy 4 Sept. 11, 1944 Oct. 9 Argentina Mar. 1, 1936 Japan 3.29 Apr. 7, 1936 Oct. 16 2 2 Belgium 2 2 Jan. 25, 1940 Java 3 Jan. 14, 1937 Oct. 20 Bohemia and Latvia 5 Feb. 17, 1940 N De o c v . . 3 26 "2 '" "iy2" Moravia Oct. 1, 1940 Lithuania. .. 6 July 15, 1939 Jan. 28, 1937 4 June 15 6 July 7 5 Bolivia 6 Mexico June 4, 1942 Aug. 4 4 British India.. 3 NNoovv.. 288., 11994305 Netherlands. June 27, 1941 Sept.3 Bulgaria 5 Dec 1, 1940 New Zealand July 26, 1941 Nov. 13 Canada Feb 8, 1944 Norway 3 2 May 13, 1940 May 10, 1938 4 Chile Dec 1fi 1Q36 Peru 5 Aug. 1, 1940 M M a a y y 3 1 0 3 iy2 3 Colombia 4 July 18, 1933 Portugal Jan. 12, 1944 Sept. 28 3 Oct. 27 V/ Nov. 25 2 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 El Salvador... 3 Mar. 30, 1939 Spain 4 Dec. 1, 1938 May 11 3 Estonia Oct. 1, 1935 Sweden 3 May 29,1941 July 6 ... Finland 4 Dec. 3, 1934 Switzerland. Nov. 26,1936 Aug. 24 4 Aug. 29 3 Sept. 28 3 Oct. 26 2 France 15* Mar. 17, 1941 Turkey...... 4 July 1, 1938 Dec. 15 3 Germany Apr. 9, 1940 United King- Jan. 25, 1940 . . 2 Greece 11 2 Dec. 1, 1944 dom 2 Oct. 26, 1939 Apr 9 3H Hungary 3 Oct. 22, 1940 U. S. S. R... 4 July 1, 1936 May 17 3H Ireland Nov. 23, 1943 Yugoslavia.. 5 Feb. 1, 1935 Mar. 17, 1941. IK 3 June 27 NOTE.—Changes since November 30: Greece—De<:. 1, up from 6 to 11 In effect Dec. 31, per cent. 1944 2 IK 2 3 V/ 2 OPEN-MARKET RATES [ Per cent per annum ] Switzer- United Kingdom Germany Netherlands Sweden land 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 w n ep k a o e n s r c s i e t ' s d P i r s r i c a v o t a e u t n e t Da m y- o t n o e -d y ay d P is r r i c a v o te a u t n e t 1 M m f o o n o r e n y th m u L p o o n a to t n h s s 3 d P is r r i c a v o te a u t n e t 1929—Oct 6.13 6.19 5.45 7.28 8.06 5.15 4.52 3.38 1930—Oct 2.09 2.13 1.65 4.66 5.15 1.59 1.48 1.29 1931—Oct 5.68 5.46 4.36 8.00 9.21 2.76 3.07 1.90 1932—Oct .82 .71 .71 3.88 4.94 .37 1.00 1.50 1933—Oct .79 .73 .75 3.88 5.11 .50 1.00 1.50 1934—Oct .77 .68 .75 3.81 4.63 .59 1.00 1.50 1935—Oct .63 .62 .75 3.04 3.13 4.70 5.00 2.37 1936—Oct .56 .54 .75 2.94 2.82 1.87 2.51 .69 1937—Oct .55 .53 .75 2.88 2.81 .13 .50 .00 1938—Oct .70 .68 .75 2.88 2.70 .21 .50 .00 1939—Oct 1.88 1.77 1.-71 2.75 2.23 1.90 2.24 .25 1940—Oct 1.03 1.02 1.00 2.25 1.87 2.25 2.75 .31 1941—Oct 1.03 1.00 1.00 2.13 1.76 1.88 2.25 .25 1942—Oct 1.03 1.00 1.04 2.13 1.80 .25 1943—Oct 1.03 1.00 1.00 2.13 1.84 .25 1943—Nov 1.03 1.00 1.00 2.13 1.88 .25 Dec 1.03 1.01 1.00 2.13 1.92 .25 1944—Jan 1.03 1.01 1.08 2.13 1.89 .25 Feb 1.03 1.00 1.13 2.13 1.89 .25 Mar 1.03 1.00 1.13 2.13 1.93 .25 Apr 1.03 1.01 1.13 2.13 1.91 .25 May 1.03 1.00 1.13 2.13 1.90 .25 June 1.03 1.00 1.13 2.13 1.92 .25 July 1.03 1.00 1.13 2.13 .25 Aug 1.03 1.00 1.13 2.13 .25 Sept 1.03 1.01 1.13 2.13 .25 Oct 1.03 1.00 1.10 .25 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. JANUARY 1945 93 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom1 Assets Liabilities (11 F L i o g p n u o d r u e o n s n d i s n c l s e m t a e i r l r i l l n i i g o n n g b s ) a o n f ks. re C se a r s v h es M c o a n s l n o h l t e o i y a r c n t a e d t B c i o l u l n s t d e i d s-T r d e r e c e p e a o i s p u s t i r t s y 2 Securities Loans to a O s t s h e e ts r Total D D e e m po a s n i d ts 3 Time3 lia O b t i h li e 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—November.. 403 155 184 1,187 1,167 732 283 3,865 2,588 1,277 245 December.. 422 151 133 1,307 1,154 761 349 4,032 2,712 1,319 245 1944—January 416 157 1,305 1,149 754 288 3,962 2,650 1,312 245 February... 414 150 124 1,264 1,141 761 287 3,897 2,583 1,314 243 March 423 155 113 1,331 1,136 781 290 3,988 2,652 1,336 242 April 430 164 149 1,314 1,152 762 285 4,017 2,672 1,345 240 May 418 173 174 1,310 1,161 765 292 4,051 2,704 1,347 242 June 427 185 202 1,246 1,169 784 327 4,100 2,730 1,370 240 July 426 188 213 1,310 1,175 765 289 4,121 2,744 1,377 244 August 439 205 211 1,337 1,180 750 283 4,161 2.775 1,386 243 September . 443 191 209 1,444 1,183 744 282 4,251 2,827 1,424 244 October 453 191 170 1,567 1,172 744 291 4,342 2,876 1,467 245 Assets Liabilities Canada Entirely in Canada Se l c o u a r n i s ty Deposits payable in Canada (10 m c o o h f n a t C h rt a e f n r i e g a d u d r i e b a s n a n in d k o s m . l l i a l r E l s io n ) n d s of Cash Security O l t o h a e n r s d a a u n b e d r o f n r a o e d m t Securities Other ci N r ti c o o u t n e la- excluding interbank deposits li O a t bi h l e i r ties 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 J942—December. 387 31 ,168 231 2,293 657 60 3,657 1,984 1,673 1,049 1943—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 41 4,667 2,297 2,370 1,268 September 575 56 976 224 3,450 761 4,726 2,262 2,464 41,282 October... 597 56 992 236 3,622 757 4,957 2,468 2,489 1,269 35 France Assets Liabilities (4 larg f e ig b u a r o n e f s k s f in . 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 r s om B c i o l u ls n d te i d s- Loans a O s t s h e e ts r Total D D e e p m o a s n it d s Time a a c O n c w 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 41,872 571 844 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 14,361 2,653 107,200 105,811 1,390 404 7,326 December.. 8,548 4,095 90/897 14,191 2,935 112,732 111,191 1,541 428 7,506 1944—January.... 7,510 4,125 90,024 13,737 1,676 110,485 108,883 1,601 419 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 Ws 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. Qzj. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES {Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Australia Brazil Year or month (peso) (pound) g B iu e m l- (cruzeiro1) B I r n it d i i s a h g B a u r i i - a Canada (dollar) Chile (peso) C (y h u i a n n a Official S E p x e p c o i r a t l Official Free (belga) Official Free (rupee) (lev) Official Free Official Export Sh h a a n i) 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 ^.OOOO 29.606 1938 32.597 389.55 16.894 5.8438 36.592 1.2424 99.419 5.1716 4.0000 21.360 1939 30 850 353.38 16.852 6.0027 's!i248' 33.279 21.2111 96.018 5.1727 4.0000 11.879 1940 29.773 2322.80 305.16 216.880 6.0562 5.0214 30.155 '290i909" 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—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 TToh 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 Nov 29.773 25.125 322.80 6.0602 5.1803 30.122 90.909 89.836 Year or month C ( o p b l e o i s a m o) - C s ( l k o z o e v r c u a h n k a o i ) a - ( m D kr e a o r n n k - e) ( F l m a k i a a n n ) r - d k- F (f r r a an n c c ) e ( m m r G e a a i e r c n r k h - y ) s- G (d r m r e a a e c ) c h e - ( H K do o o ll n n a g g r) ( H p g e a u n r n g y - o) I (l t i a ra ly ) J ( a y p en a ) n M (p e e x s i o c ) o e N ( r g l e e u a r t i n ) l h d 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—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 Nov 57.272 20.582 324.42 United Kingdom Uruguay Year or month Norway Poland Po g r a t l u- Ru n m ia a- A So fr u ic th a Spain S S e tr t a tl i e ts - Sweden S er w la it n z d - (pound) (peso) Y sl u a g v o ia - (krone) (zloty) (escudo) (leu) (pound) (peseta) m (d e ol n la ts r) (krona) (franc) Official Free tr C o o l n le - d tr N c o o o l n l n e - - d (dinar) 1936 24.974 18.875 4.5130 .7382 491.65 12.314 58.258 25.626 30.189 497.09 79.874 2.2965 1937 24.840 18.923 4.4792 .7294 489.62 6.053 57.973 25.487 22.938 494.40 79.072 2.3060 1938 24.566 18.860 4.4267 .7325 484.16 5.600 56.917 25.197 22.871 488.94 64.370 2.3115 1939 23.226 218.835 4.0375 .7111 440.17 10.630 51.736 23.991 22.525 443.54 62.011 23o!789 2.2716 1940 222.709 3.7110 2.6896 397.99 9.322 46.979 23.802 22.676 2403!50" 383.00 65.830 37.601 2.2463 1941 24.0023 398.00 47.133 223.829 223.210 403.50 403.18 65.830 43.380 22.2397 1942 398.00 -46.919 403.50 403.50 65.830 52.723 1943 398.00 403.50 2403.50 65.830 52.855 1943—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 398.0C 403.50 65.830 52.964 June 398.00 403.50 65.830 52.962 Tulv 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 Nov 398.00 403.50 65.830 54.189 1 Prior to Nov. 1,1942, the official designation of the Brazilian currency unit was the "milreis." 2 Average of daily rates for that part of the year during which quotations were certified. NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics see pp. 572-573 in same publication, and for further information concerning developments affecting the averages during 1942 and 1943 see BULLETIN for February 1943, p. 201, and February 1944, p. 209. There are no developments to record for 1944. JANUARY 1945 95 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES-ALL COMMODITIES [Index numbers] United United Nether- Switzer- Year or month States Canada Kingdom France Germany Italy Japan lands Sweden land (October (1926-30 (July 1914 (1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1928=100) (1900=100) = 100) (1935 = 100) = 100) 1926 100 100 1124 695 134 237 106 1126 144 1932. 65 67 86 427 97 70 161 65 i 92 96 1933 66 67 86 398 93 63 180 63 i 90 91 1934 75 72 88 376 98 62 178 63 i 96 90 1935 80 72 89 338 102 68 186 62 100 90 1936 81 75 94 411 104 76 198 64 102 96 1937 86 85 109 581 106 89 238 76 114 111 1938 79 79 101 653 106 95 251 72 111 107 1939 77 75 103 2 681 107 99 278 115 111 1940 79 83 137 110 116 311 146 143 1941 87 90 153 112 132 329 172 184 1942. 99 96 159 114 189 210 1943 103 100 163 116 196 218 1943—November 103 102 163 116 P387 195 220 December 103 103 163 117 P391 195 220 1944—January 103 103 164 117 ^396 195 221 February 104 103 165 117 P398 195 221 March 104 103 165 117 *>400 195 223 April 104 103 166 118 *>420 195 223 May 104 103 166 118 p412 197 223 June 104 103 166 P417 197 P223 July 104 103 167 119 198 P224 August 104 102 168 118 197 p224 September 104 102 167 118 196 "223 October 104 102 167 195 *>223 November 104 2*102 167 * Preliminary. 1 Approximate figure, derived from old index (1913=100). • 2 Average based on figures for 8 months; no data available since August 1939, when figure was 674. 3 Average based on figures for 5 months; no data available since May 1940, when figure was 89. Sources.—See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Germany (1926=100) <1926=100) (1930=100) (1913=100) Year or month Raw and Fully and Indus- T pr F o a d r uc m ts Foods co O i m t t h m i e e o r s d- pr F o a du r c m ts f m p a a a c r t n t u u l r - y ed f m c a h a c i t n e u f u r l - e y d Foods pr I o n tr d d i u u a c s l t - s p A r g t o r u d i r u c a u c l l t - s a t f n r i i d a n s l i e s r m h a i e w - dp t r rI i i o n s a d d h l u u e c s d f t -i s ngoods goods products 1926 100 100 100 100 100 100 129 130 150 1932 48 61 70 48 55 70 8S 85 91 89 118 1933 51 61 71 51 57 70 83 87 87 88 113 1934 65 71 78 59 64 73 85 90 96 91 116 1935 79 84 78 64 66 73 87 90 102 92 119 1936 81 82 80 69 71 74 92 96 105 94 121 1937 86 86 85 87 84 81 102 112 105 96 125 1938 69 74 82 74 73 78 97 104 106 94 126 1939 65 70 81 64 67 75 97 106 108 95 126 1940 68 71 83 67 75 82 133 138 111 99 129 1941 82 83 89 71 82 89 146 156 112 100 133 1942 106 100 96 83 90 92 158 160 115 102 134 1943 123 107 97 96 99 93 160 164 119 102 135 1943—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 93 161 170 125 102 136 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 99 103 103 94 156 172 November. 124 105 99 ^103 p103 156 172 * Preliminary. Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159 6 9 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES-0/*//*#<?</ RETAIL FOOD PRICES COST OF LIVING [ IndexTnumbers ] [Index numbers] Year or month U ( S 1 = 9 n ta 1 3 i 5 t 0 t e e - 0 3 d s ) 9 ( C 1 a 9 a 3 d 1 n 5 0 a - - 0 3 ) 9 U K = d ( n 1 i J o 1 9 i n u m 0 t 1 l g e 0 4 y - d ) m 1 = G 9 1 a 1 e 0 3 n r 0 - - y 1 ) 4 N (1 l = e a 9 t n 1 1 h 0 1 d e 0 - s 1 r ) - 3 S e w = r ( 1 i J l 9 1 u t a 1 0 n z n 0 4 e - d ) Year or month U ( S 1 = 9 t n a 1 3 i 0 5 t t 0 e e -3 s ) d 9 (1 = C a 9 a d 1 3 n 0 a 5 - 0 -3 ) 9 U K = d ( n 1 J 1 i o 9 u i n 0 1 t m l g e 0 4 y ) d - ( m 1 = G 9 a 1 1 e 3 n 0 r - 0 y 1 - ) 4 N (1 l = e a 9 1 1 t n h 0 1 d 0 - e s 1 ) r 3 , e S = ( r w 1 J 1 l 9 u a i 0 1 t n n 0 4 z e ) d - 1933 84 85 120 113 120 117 1933 92 94 140 118 139 131 1934 94 93 122 118 124 115 1934 96 96 141 121 140 129 1935 100 95 125 120 118 114 1935 98 96 143 123 136 128 1936 101 98 130 122 120 120 1936 99 98 147 125 130 1937 105 103 139 122 127 130 1937 103 101 154 125 137 137 1938 98 104 141 122 130 130 1938 101 102 156 126 139 137 1939 95 101 141 123 130 132 1939 , 99 102 158 126 140 138 1940 97 106 164 128 2140 146 1940 100 106 184 130 3148 151 1941 106 116 168 129 175 1941 105 112 199 133 174 1942 124 127 161 132 200 1942 117 117 200 137 193 1943 138 131 166 134 211 1943 124 118 199 139 203 1943—November.. 137 133 168 133 213 1943—November.. 124 119 199 138 205 December.. 137 133 168 134 213 December. 124 119 199 139 205 1944—January..., 136 132 168 135 213 1944—January.... 124 119 199 139 206 February... 135 131 168 135 214 February.. 124 119 200 140 206 March 134 131 168 136 214 March 124 119 200 140 206 April 135 132 168 138 215 April 125 119 200 140 207 May 136 132 168 138 215 May 125 119 200 141 208 June 136 131 168 139 ^216 June 125 119 200 142 p208 July 137 132 169 146 July 126 119 201 146 August 138 132 170 143 August 126 119 202 144 September. 137 131 169 137 September. 127 119 202 141 P208 October... 136 131 168 October 126 119 201 November. 137 168 November. 127 PI 19 201 p Preliminary. 1 Revised index from March 1936 (see BULLETIN for April 1937, p. 373). 2 Average based on figures for 3 months; no data available since March 1940, when figure was 141. • 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 t e i a r i c i t t v e e e e ) d s 1 d ( K 1 D 9 U i 2 e n n c 1 g e i = t d m e o 1 d b 0 m e 0 r ) (1 F 9 r 1 a 3= n 1 c 0 e 0) G ( e a p r v r m e ic r e a a ) g n 2 e y N la e n th d e s r 3 - ( U S 1 = 9 n t a 3 1 i 5 0 t t e e - 0 3 d s ) 9 K U in n g i d te o d m (1 F 92 r 6 a = n 1 c 0 e 0) Germany (1 N 9 l 3 e a 0 t n h = d 1 e s 0 r 0 - ) Number of issues 15 87 36 2 139 8 402 278 300 (4) 100 1926 90.1 110.0 57.4 105.6 100.0 100.0 100.0 1933 91.2 119.7 81.3 82.5 105.3 67.0 78.6 99.6 61.7 52 1934 98.2 127.5 82.1 90.7 113.4 76.6 85.7 83.3 71.1 55 1935 105.5 129.9 83.5 695.1 107.8 82.9 86.3 79.7 82.9 55 1936 109.5 131.2 76.3 95.8 109.1 117.5 97.0 77.2 91.6 66 1937 HlO.2 124.6 75.1 98.7 3101.8 117.5 96.3 97.4 102.6 104.2 1938 111.1 121.3 77.3 99.9 105.9 88.2 80.8 89.7 100.1 95.8 1939 113.8 112.3 83.9 99.0 90.9 94.2 75.9 98.3 94.1 89.7 1940 . ... 115.9 118.3 684.7 100.7 777.9 88.1 70.8 6120.6 114.6 8 95.0 1941 117.8 123.8 *>98.7 103.0 84.3 80.0 72.5 9289.7 136.8 129.0 1942 118.3 127.3 6100.1 6103.3 94.7 69.4 75.3 P476 142.1 131.5 1943 120.3 127.8 91.9 84.5 145.0 151.0 1943—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 121.1 127.9 103.5 89.1 145.2 November 120.9 127.9 102.7 90.1 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. I, 1935, the 139 bonds included in the calculation of the average price have all borne interest at 4^£ per cent. The series prior to that date is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent. 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. JANUARY 1945 97 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 MORRUX, 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 LEO H. PAULGER, Director COMMITTEE 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 ADVISORY COUNCIL OPEN MARKET COMMITTEE (December 31, 1944) MARRINER S. ECCLES, Chairman ALLAN SPROXJL, Vice Chairman CHAS. E. SPENCER, JR., BOSTON DISTRICT CHESTER C. DAVIS Vice President ERNEST G. DRAPER R. M. EVANS JOHN C. TRAPHAGEN, NEW YORK DISTRICT HUGH LEACH WILLIAM F. KURTZ, PHILADELPHIA DISTRICT JOHN K. MCKEE J. N. PEYTON B. G. HUNTINGTON, CLEVELAND DISTRICT RONALD RANSOM ROBERT V. FLEMING, RICHMOND DISTRICT M. S. SZYMCZAK C. S. YOUNG KEEHN W. BERRY, ATLANTA DISTRICT 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. WAKEFLELD, MINNEAPOLIS DISTRICT E. A. GOLDENWEISER, Economist HENRY H. EDMISTON, Associate Economist A. E. BRADSHAW, KANSAS CITY DISTRICT E. A. KINCAID, Associate Economist JOHN EL LANGUM, Associate Economist ED. H. WINTON, DALLAS DISTRICT ARTHUR R. UPGREN, Associate Economist JOHN EL WILLIAMS, Associate Economist GEORGE M. WALLACE, SAN FRANCISCO DISTRICT RdBERT G. ROUSE, Manager of System Open Market Account WALTER LICHTENSTEIN, Secretary 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 Willctt J. C Hunter2 O. A. Schlaikjer New York. Bcardslcy 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 R. B. Wiltse Philadelphia.. Thomas B. McCabc Alfred H. Williams W. J. Davis C A. Mcllhennys Warren F. Whittier Frank J. Drinnen E. C. Hill C. A. Sienkicwicz Cleveland G. C. Brainard R. M. Gidncy Wm. H. Fletcher B. J. Lazar R. E. Klagcs Reuben B. Hays J. W. Kossin K. H. MacKcnzic A. H. Laning3 W. F. Taylor Richmond ... Robert Lassitcr Hugh Leach J. G. Fry R. W. Mercer W. G. Wysor J. S. Waldcn, Jr. Gco. H. Keesec2 Edw. A. Wayne Atlanta Frank H. Ncely W. S. McLarin, Jr. V. K. Bowman H. F. Conniff J. F. Porter Malcolm H. Bryan L. M. Clark Allan M. Black2 E. C Harris Chicago .. Simeon E. Leland C. & Young Neil B. Dawcs John K. Langum W. W. Waymack H. P. Preston J. H. Dillard O. J. Netterstrom Charles B. Dunn A. L. Olson Alfred T. Sihler St. Louis WE T. Nardin Chester C. Davis O. M. Attcbery Wm. E. Peterson Douglas W. Brooks F. Guy Hitt Henry H. Ed mis ton C. M. Stewart W. C. Coffey J. N. Peyton A. W. Mills2 Sigurd Ueland Minneapolis.. Roger B. Shepard O. S. Powell Otis R. Preston A. R. Upgren E. W. Swanson Harry I. Ziemer Robert B. Caldwell H. G. Lecdy O. P. Cordill C O. Hardy Kansas City .. Robert L. Mehornay Henry O. Koppang L. H. Earhart G. H. Pipkin Raymond W. Hall D. W. Woolley3 Jay Taylor R. R. Gilbert E. B. Austin3 W. O. Ford Dallas J. R. Partcn W. D. Gentry R. B. Colcman W. H. Holloway W. J. Evans L, G. Pondrom San Francisco. Henry F. Grady Wm. A. Day C. E. Earhart H. N. Mangels Harry R. Wellman Ira Clerk J. M. Lcisncr2 H. F. Slade OFFICERS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Federal Reserve Branch Chief Officer Branch Chief Officer Bank of Bank of New York Buffalo I. B. Smith* Minneapolis Helena R. E. Towle* Cleveland Cincinnati B. J. Lazar6 Pittsburgh J. W. Kossin* Kansas City Denver G. H Pipkin6 Oklahoma Gty O. P. Cordill* Richmond Baltimore W. R. Milford* Omaha L. H. Earhart6 Charlotte W. T. Clements* Atlanta. . Birmingham P. L. T. Beavers4 Dallas El Paso J. L. Hermann8 Jacksonville Geo. S. Vardcman, Jr.* Houston L. G. Pondrom1 Nashville Joel a Fort, Jr.* San Antonio W. H. Holloway6 New Orleans E. P. Paris* Chicago Detroit E. C Harris8 San Francisco... Los Angeles W. N. Ambrose* St. Louis Little Rock A. F. Bailey* Portland D. L. Davis* Louisville C. A. Schacht* Salt Lake City W. L. Partner* Memphis W. H. Glasgow* Seattle C. R. Shaw* 1 Also Federal Reserve Agent. 2 Cashier. * Also Cashier. * Managing Director. 8 Vice President. fl Manager. JANUARY 1945 99 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES sag BOUNDARIES OF FEDERAL RESERVE DISTRICTS — BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ^L BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM <§) FEDERAL RESERVE BANK CITIES w • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY JANUARY B, 1943 cj BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM s 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis