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FEDERAL RESERVE

BULLETINAPRIL 1944

BOARD OF GOVERNORS

OF THE FEDERAL RESERVE SYSTEM

WASHINGTON

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EDITORIAL COMMITTEE

ELLIOTT THURSTON E. A. GOLDENWEISER CARL E. PARRY

The Federal Reserve BULLETIN is issued monthly under the direction of the staffeditorial committee. This committee is responsible for interpretations and opinionsexpressed, except in official statements and signed articles.

CONTENTS

PAOS

Review of the Month—Consumer Incomes and Expenditures in Wartime 305-310

Establishment of Editorial Committee 311Research and Policy, by E. A. Goldenweiser 3ix~3i7Currency in Circulation, by G. L. Bach 318-3x8

Extension of Emergency Price Control Act of 194Z ^Srl^

Annual Report of the Bank of Canada 332.-337Current Events 338Law Department:

Absorption of Exchange Charges—Avoidance of Expense to Member Bank.. 339Consumer Credit:

Amendment to Regulation W 339—342.Maximum Credit Values for Used 1941 Automobiles 341

Foreign Funds Control—Treasury Department Releases 34Z-348

National Summary of Business Conditions 349~~35°Financial, Industrial, Commercial Statistics, U.S. (Seep. 351 for list of tables) 35I~397International Financial Statistics (See p. 399 for list of tables) 399~4IJ

Board of Governors and Staff; Open Market Committee and Staff; Federal Ad-visory Council 411

Senior Officers of Federal Reserve Banks; Managing Officers of Branches 413Map of Federal Reserve Districts 414Federal 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 pricein the United States and its possessions, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic,Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua,Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela, is $2.00 per annum, or 20 cents per copy; else-where, $2.60 per annum or 25 cents per copy. Group subscriptions for 10 or more copies, in the United States, 15cents per copy per month, or $1.50 for 12 months.


FEDERAL RESERVE BULLETINVOLUME 30 April 1944 NUMBER 4

CONSUMER INCOMES AND EXPENDITURESIN WARTIME

Incomes of individuals have continued toexpand in recent months and for the firstquarter of 1944 are estimated at an annualrate of 154 billion dollars as compared with144 billions last summer and 135 billions inthe first quarter of 1943. Recent increases

INDIVIDUAL INCOMES, EXPENDITURES, AND TAXESSEASONALLY ADJUSTED, ANNUAL BASIS

QUARTERLY

1940 1942

Department of Commerce data with estimates for first quarter of1944 and minor changes in seasonal adjustments for consumer expendi-tures by Federal Reserve. Amounts indicated as "Savings" representexcess of individual incomes over consumer expenditures and taxes.

have been substantial, although not as largeas in 1941, 1942., and the early part of 1943when the physical output of industry wasincreasing at a rapid pace. Since Novem-ber payments to the armed forces and their

dependents have increased further, incomesof railroad workers and other employeesengaged in the distribution and service in-dustries and agricultural incomes haveshown less decline than is usual at this sea-son, and payments of interest and dividendsto individuals have been larger. Pay rollsat factories, however, declined 3 per centfrom November to February, reflecting de-creases in employment in most industries,as well as some reductions in average hoursworked in munitions plants and in ship-yards.

MAINTENANCE OF CIVILIAN SUPPLIES

Although there has been a steady declineduring the past year in employment in a num-ber of industries producing consumer goods,aggregate supplies available for purchase bycivilians have been maintained. That thishas been possible, notwithstanding in-creased use of consumer goods in the armedforces, has been due to several differentdevelopments. In such industries as meat-packing and tobacco products, productionhas increased, in spite of a decline in em-ployment, as the result of a lengthening ofworking hours and some rise in output perman-hour. In some other industries likethose producing woolen goods and proc-essed vegetables a larger share of produc-tion has recently become available for civil-ians as Government purchases have declined

APRIL 1944 305


REVIEW OF THE MONTH

during this period. Manufacturers and dis-tributors of civilian products have alsodrawn on their inventories of materials andfinished goods.

Output of consumer durable goods hascontinued in small volume, although avail-able supplies of metals have increased some-what in recent months. On account ofshortage of manpower and difficulty of ob-taining component parts, output of thesegoods has been limited to replacement partsand the more essential items. Continuedrestriction on output of these goods has beenfeasible because civilians have found itpossible to use durable goods in theirpossession much longer than had been cus-tomary before the war. Also, consumerstocks of these products had been built upin 1940 and 1941 before our entry into thewar.

Production of nonmanufactured foods,such as citrus fruit, potatoes, eggs, andmilk, has been in large volume during thepast year, though the supply of fluid milkhas not been large enough to avoid somelimitations on its sale to civilians. In theservice, trade, and public transportationindustries the volume of services availableto civilians has declined somewhat, but notbelow the level of 1941, which was con-siderably above that of peacetime years.

EXCESS BUYING POWER

Incomes of individuals, after increasedtax payments, have continued to be sub-stantially in excess of the supply of goodsand services available for purchase as isshown on the chart on the preceding page.During 1943 and the early part of 1944 thissurplus amounted to about 2.7 cents out ofevery dollar of income after taxes. Thissurplus spending power has been added tothe public's large holdings of liquid assetsand has not been used to bid actively for the

306

available supply of goods. This has beendue principally to wartime controls overprices and purchases of goods, combinedwith a public realization of the importanceof saving rather than spending. Cash, bankdeposits, and Government security holdingsof individuals and unincorporated busi-nesses have increased by about 70 billiondollars in the past three years.

PRICE MOVEMENTS

Prices generally have been fairly stable inrecent months. Some commodities pre-viously in great demand for the warprogram have declined in price owingchiefly to greatly expanded supplies of newor substitute products. These commodities

COST OF LIVING

170

60

50

140

130

120

110

100

90

80 1

A

FOODSy * V ^

CLOTHING^ /

f/^^S^hW. ITEMS

/*S 1RENT

PER

160

150

140

130

120

110

100

90

80

1937 1938 1939 1940 1942 1943 1944Bureau of Labor Statistics indexes. Last month in each calendar

quarter through September 1940, monthly thereafter. Mid-monthfigures, latest shown are for February 1944. Groups not shown are fueland lighting, housefurnishings, and miscellaneous.

include mercury, secondary metals, usedmachinery, and synthetic drugs. Prices ofsome metals will be affected by the an-nounced reduction in Federal premium pay-ments made for the purpose of encouragingdomestic production. In consumer marketsprices of some wartime substitute productshave been reduced in anticipation of a largerproduction of regular peacetime products.On the other hand, wholesale prices ofwood pulp, furniture, lumber, farm

FEDERAL RESERVE BULLETIN


REVIEW OF THE MONTH

products, and low-priced clothing have in- %

creased recently. The cost-of-living indexof the Bureau of Labor Statistics has shownlittle change since last spring, as shown inthe chart. Prices of foods have declinedfrom the high level reached at that time,while prices of other goods and services,except rents, have risen.

SHIFTS IN CONSUMER EXPENDITURE

Total consumer expenditures, accordingto estimates of the Department of Com-merce, were at an annual rate of 93 billiondollars during the fourth quarter of 1943,as shewn on the chart. During the firstquarter of 1944 they advanced further to arate 7 per cent higher than in the corre-sponding period of last year. The increasesince the first quarter of 1941, when con-sumer expenditures were at a rate of 71billion dollars a year, has been due mainlyto the rise in prices paid by consumers forgoods and services. The largest increasesin retail prices have been in nondurablegoods. In the case of durable goods, priceadvances have been less marked, but pur-chases of such goods, other than newhouses, make up only a small part of con-sumer expenditures—about 10 per cent in1939 and much less now.

Consumer expenditures for services haveincreased considerably since 1939 and aboutone-half of the increase has reflected higherprices. These services, which include rent,household maintenance, and payments forutilities, transportation, medical care, andrecreation, represented a little over one-third of total consumer outlays in 1939, butowing to the subsequent sharp rise inexpenditures for nondurable goods, theywere a smaller part of the total in 1943.

Within the service group there have beenwide shifts in expenditures during the warperiod and, although the aggregate volume

APRIL 1944

of services available to civilians may stillbe as large as in 1941, the range of choiceshas been restricted. Of total expendituresfor transportation, a much larger proportionis now being made for public transportation,both local and intercity, than for privateautomobile travel. Increases in expendi-tures for theater attendance have mofe thanoffset declines in expenditures for someother forms of amusement. Expendituresfor household utilities have shown rela-tively moderate increases in this period of

CONSUMER EXPENDITURES

N3 OF DOLLARS

-

-

, —

-

-

SEASONALLY ADJUSTED, ANNUAL BASISQUARTERLY

. ^

NON

- *

. —

TO

/ ~

DURABLE G(

•

„

rAL y'

SERVICE

DURABLE GO

3

ODS

BILLIONS OF DOLLARS

-

A

-

1Z0

100

80

60

40

20

0

Department of Commerce data with estimates for first quarter of1944 and minor changes in seasonal adjustments for nondurable goodsand total made by Federal Reserve.

high consumer incomes because utility rateshave been fairly stable and, with the volumeof services available restricted by existingcapacity in many areas, steps have beentaken to discourage the use of electricity,gas, and telephone by civilians. Neverthe-less, kilowatt sales of electricity to residen-tial consumers were 7 per cent larger in 1943than in 1942. and 36 per cent larger than in

307


REVIEW OF THE MONTH

1939- Electricity sales to rural consumerswere 53 per cent higher in 1943 than in 1939as a result of sharp expansion of rural in-comes and of special efforts to make avail-able to farmers larger amounts of power forproduction purposes, Enactment of Federalexcise taxes since 1939 on telephone chargesand admission prices has also contributed toincreases in consumer expenditures for serv-ices. On April 1 a further increase in thesetaxes became effective.

Higher excise taxes for luxury durablegoods, especially jewelry, were also effec-tive April 1. Retail sales by jewelry storesin 1943 were 30 per cent higher than in 1942.and 170 per cent higher than in 1939. Therehas been a sharp reduction in stocks ofquality silverware and other jewelry, whilesupplies and sales of the trinket variety haveincreased considerably. Production offurniture, housewares, and various house-hold supplies was in fairly large volume butoften of low quality in 1943. The shorterperiod of usefulness of many of these prod-ucts and also of various nondurable prod-ucts necessitates more frequent replacementpurchases.

In recent months many consumers appearto have become more selective in their buy-ing of substitute goods and to have shownmore resistance to higher prices.

EXPENDITURES FOR FOOD AND CLOTHING

Purchases of most food and many clothingproducts are not easily deferable, with theconsequence that price increases in theselines usually have been accepted by the pub-lic. As shown in the chart, from 1939through the first quarter of 1943, changes inretail sales by food and apparel stores fol-lowed closely changes in income paymentsto individuals. During most of 1941 and1942. and also in the first quarter of 1943 the

308

rise in sales reflected mainly increased prices;the quantities sold generally remained un-changed or increased moderately. Fromthe first to the second quarter of 1943 pricesincreased further but for a number of foodand clothing products the quantity sold de-clined. The margin shown on the chartbetween incomes and the value of sales afterthe first quarter of 1943 is accounted for inpart by this decline in the quantities sold.Price controls for foods were broadened inMay and maximum prices for meats andbutter were reduced in June by means ofFederal subsidy payments. Another devel-opment that limited sales of food and cloth-ing during this period of further advances inconsumer incomes was the sharp increase inFederal income taxes paid by individualsbeginning in the first quarter of 1943. Thelarge expenditures shown during that quar-ter reflected in part heavy purchases of foodand clothing stimulated by the announce-ment of rationing programs.

INCOME PAYMENTS AND SALES OF FOOD AND APPAREL

PER CENT250

200

150

100

5 0

0

SEASONALLY ADJUSTED, 1935 - 39

TOTALINCOME PAYf

10 0, PE

A./1/ ' RETAIL SALES

V * AT FOOD ANDX/ APPAREL STORESr

1939 1940 1941 1942 1943 1944

Department of Commerce data; quarterly figures; first quarter of1944 estimated by Federal Reserve. Composite food and apparel seriescompiled by Federal Reserve ffom data on sales of retail stores withfood store sales index weighted 3 and apparel store sales index weighted1. Seasonal adjustments modified by Federal Reserve.



THE MONTH

During the past six months sales of foodand clothing products have advanced again,as is shown in the chart. Marketings oflivestock, especially hogs, have been excep-tionally large and ration points have beenlowered to permit larger consumption.Production of fruits and vegetables has alsoincreased. Clothing production for civil-ians in recent months has been about aslarge as a year ago and the retail value ofclothing sold has increased, reflecting higherprices.

SUPPLIES OF FOOD AND CLOTHING

The large rise in retail prices of food andclothing during the war period has been duein part to the difficulty of expanding andmaintaining output of these products to fillthe large military requirements and to meetincreased civilian demands. Production offood and clothing requires a considerableutilization of labor—customarily low-priced labor—initially in agriculture andsecondarily in manufacturing. The effectof wartime changes in employment oppor-tunities and wage scales has been to increaseproduction problems in these fields. Wherelabor shortages have not been a factor in theraw material stages of production, theyhave been important in the manufacturingprocess. For example, there is an amplesupply of raw cotton owing to carry-oversfrom earlier years and raw wool stocks areat exceptionally high levels but the declin-ing number of workers at textile mills andin the apparel industry is a limiting factorin the production of clothing for civil-ian use.

Total agricultural production in 1943 wasz8 per cent larger than in the 1935-39period and agricultural production of foodswas 32. per cent larger. Although require-ments for military and lend-lease purposes

took an important share of food products,the average quantity of food consumed bycivilians is estimated by the Department ofAgriculture as being 6 per cent higher percapita in 1943 than the 1935-39 average.

Total production of apparel for civiliansreached a peak of about 130 per cent of the1935-39 average during the summer of 1941and averaged in. per cent for that year.Since that time, as shown in the table,there has been a considerable reduction inthis total. Production of men's clothingfor civilian use has declined sharply and in1943 was 16 per cent less than the prewarperiod, owing mainly to a decline in thenumber of men in the civilian population,while production of women's clothing, as agroup, has been maintained in large volume.Increases in output of certain articles ofwomen's apparel have been offset by de-creases in output of other items and thesechanges have restricted the range of choiceconsiderably in some lines.

PRODUCTION OF CLOTHING FOR CIVILIANS[1935-39 average = 100]

Total

Garments:Women's and children'sMen's and boys' . . .

Shoes, hosiery, hats, and g loves . . . .

1939

108

110108107

1940

105

108105101

1941

122

124124117

1942

111

127102-103

1943

106

1318499

NOTE.—Indexes of Board of Governors. Production for civiliansexcludes production for the armed services and for lend-lease export.Garments include dresses, coats, suits, work clothing, and underwear.

At the same time there have been largeand widespread increases in consumer in-comes—especially for people previously un-employed. Ais a result, lower incomegroups are often able to buy more clothing,and also more food, and there is less avail-able for those consumers formerly accus-tomed to buy freely. These scarcities,reflecting largely increased demands, arelikely to continue to be an important

APRIL 1944 309


REVIEW OP THE MONTH

problem in maintaining price stability solong as consumer incomes continue at pres-ent levels and supplies are restricted.

To recapitulate, the supply of goods forcivilians during the war period has beenmaintained and increases in expenditures forgoods and services have been moderate andhave reflected almost entirely price ad-vances . While funds available for spendingby civilians have increased enormously, alarge share of the increase has been added tothe civilians' holdings of cash, deposits, andGovernment obligations and has not beenactive in bidding for the limited stock ofcivilian goods. This has been due princi-

pally to increased taxes, Government con-trols over prices and rationing, war loandrives, pay roll savings plans, scarcity ofmany types of goods, and a public attitudethat has favored saving rather than spend-ing. It is important that the controls andthe inducements to save be continued in fullforce during the war period in order to re-duce the pressure of increased incomes andaccumulated buying power on limited sup-plies of goods and services. The manner inwhich the accumulated liquid assets will beused after the war will have an importantinfluence on economic conditions during theperiod of readjustment.

3 1 0 FEDERAL RESERVE BULLETIN


ESTABLISHMENT OF EDITORIAL COMMITTEE

Publication of the monthly Federal ReserveBULLETIN by the Board was begun in May 1915and has been continuous since that time. TheBULLETIN has been used principally to keepmember banks and the public informed of officialactions by the Board; to provide currently, incomprehensive form, the statistical backgroundof System policies; and to present in articles andreviews informative discussion of developmentswhich give rise to questions of public policy inmonetary, credit, fiscal, and related economicfields.

Some of the articles in the BULLETIN have beensigned by the writers while others have beenunsigned. It has been the practice to indicatein connection with signed articles that the viewsexpressed arc those of the writers and not of theBoard. Recently the Board decided to applythe same practice to unsigned articles and otherportions of the BULLETIN—with the exception ofofficial statements and rulings of the Board.

The Board has accordingly appointed from its

staff an editorial committee which will directand supervise the preparation of the BULLETIN

and will carry the responsibility for all viewsexpressed except in signed articles and in officialBoard statements. The members of the staffeditorial committee are Elliott Thurston, E. A.Goldenweiser, and Carl E. Parry.

Under the new arrangement the Board'sresponsibility for the material published in theBULLETIN will be only of a general nature arisingfrom its sponsorship of the publication. Exceptwhere expressly stated, the Board will not bedirectly responsible for views expressed by thewriters of signed or unsigned articles.

This policy with regard to the BULLETIN isintended to encourage publication of articles ona wide range of subjects and to promote freedomof thought and vigor of expression by thewriters. It should make the BULLETIN moreinteresting and more significant in this crucialperiod of economic adjustment to war and post-war conditions.

APRIL 1944


RESEARCH AND POLICY*by

E. A . GOLDENWEISER

President of the American Statistical Association in 1945

Research in a policy-making body is for thepurpose of shaping policy. It is the functionof the research staff of such an organization toformulate policy, while the responsibility of theexecutives of the institution is to adopt or rejectit. The executives must choose their researchman, must back him while he works with them,and let him go when they can back him nolonger. This does not mean that they mustalways follow his advice: they may modify it,or reject it, without interfering with a satis-factory working relationship, but they musthave confidence in his competence and integrity;when they lose that the partnership must bedissolved.

This doctrine—stated baldly—may soundnovel. It was not so long ago that a line wasdrawn between research and policy making:research was supposed to deal with facts alone,laboriously compiled, noncommit tally pre-sented, with interpretation restricted to indicat-ing the technical limitations of the evidence.Such an extreme view of the limits of the re-search function could not be and in practicenever was enforced. But even its theoreticalacceptance had bad effects. It discouragedresponsible thinking in the research man, whoneeds all that he can muster, and encouraged thedangerous but time-honored habit among execu-tives of making decisions on the basis of prac-tical experience, horse sense, or some othereuphemism for hunches or smokeroom gossip.Practical policy in order to be sound must bebased on technically competent analysis ofavailable facts, leavened by imagination andactivated by courage. These are indispensableto the proper weighing of responsible decisions.

Participation in the formulation of vitalpolicies is the lifeblood of constructive thinking.An intellectual eunuch, incapable of experienc-ing the agony and thrill of vital decisions, cannot be an effective interpreting economist or

* Reprinted, by permission, from the Journal of the AmericanStatistical Association for March 1944.

statistician. This function requires a red-blooded person full of energy and creative en-deavor.

THE WHOLE IS GREATER THAN ALL ITS PARTS

During the past quarter century the relation-ship between the research staff and the executivehas developed markedly in the right direction.It has made particularly rapid strides during thewar when tradition and prerogative have had togive way to accomplishment. There are, how-ever, inherent difficulties in the relationship.Executives, even when they are not politicalappointees, are likely to be drawn from amongmen who have had much experience in success-fully running their private businesses and littleexperience in public affairs. They have self-confidence based on their success, and the bestamong them have qualities of decisiveness andleadership. They are likely, however, to lacksufficient appreciation of the importance of bas-ing national policies on broader grounds thanindividual experiences. There is real dangerin experience. It often results in narrowing apublic man's approach to national problems toconsiderations with which he has become famil-iar in a particular and often not a representativeset of circumstances. He finds it difficult tograsp the fundamental truth that in the nationaleconomy the whole is far greater than the sumof all its parts.

In the business world there has developed overthe years a set of standards which have beentested by experience and found to be effective,particularly in highly competitive local enter-prises. These standards are a part of a philoso-phy the basic tenet of which is that profit is thetest of success. They are less applicable tonation-wide organizations, whose success de-pends on sustained national prosperity, and arcgenerally inapplicable in public service, wherethe test of success is the public welfare. It isdifficult for an executive who steps from privateinto public service promptly to discard habits of

311 FEDERAL RESERVE BULLETIN


RESEARCH AND POLICY

thought that have brought success in the pastand to substitute for them the entirely differentstandards appropriate to his new responsibilities.Directly and indirectly, sometimes bluntly andsometimes subtly, this conflict of standards is aserious obstacle to effective cooperation betweenthe executive and the staff adviser.

SOUND THEORY IS SOUND PRACTICE

But the difficulties confronting the staff manare not all outside of himself. He is likely notto have had many occasions to make importantdecisions. In most cases he has not learned byhard experience the difference between logicaldeductions and motivating forces. Basicallythere is no difference between sound theory andgood practice. Both must take into accountall relevant factors and their mutual relation-ships. The apparent difference between the tworests on the fact that, while both are apt tooverlook important considerations, those over-looked by one are likely to be different fromthose overlooked by the other. The theorist,for example, is likely to disregard human factors,while the practical man is prone to underesti-mate or not to recognize potent but unfamiliarobjective influences. It must be the endeavorof the professional interpreter to grasp the forceof the human equation, to make proper allow-ance for subjective friction in the derivation ofmotivating forces, just as the executive mustlearn to measure and evaluate the objectiveforces at work.

CLARITY IS NOT A VICE

The staff man must learn to recognize his ownlimitations and those of his data. For onething, facts by their very nature record the past,while decisions relate to the future. For an-other, the professional jargon that inevitablydevelops in any much-explored subject is likelyto be unfamiliar to anyone outside of the clan.The masonic grip of the economist should bereserved for use within the lodge and should notbe introduced into the council chamber. Theneophyte sometimes thinks that abstruse ter-minology is a necessary part of professional com-

petence. As a matter of fact, more often thannot it is merely an affectation, a bad habit,which covers up undigested thought. Fre-quently it is a substitute for clear thinking ratherthan a means of implementing it. Clear under-standing, a thought-out grasp of a problem, cannearly always find expression in simple, direct,and non-technical language.

CONFUSING THE FOREIGNER

Perhaps the clearest and most timely exampleof confusion created by terminology is in theso-called saving-investment analysis. The basicconcepts in this analysis are both simple andtrue. The theory is that income received by apeople must be disbursed again—either forconsumption or for capital formation. Other-wise the income withheld will diminish thetotal income stream and on the next round therewill be less income to distribute, and a defla-tionary spiral is likely to start. This is insubstance a sophisticated version of the elementof truth contained in the time-honored popularsaying that spending is a social virtue since itputs money into circulation. Every student ofeconomics in his freshman year has been taught,and I dare say is still taught in most classrooms,that this doctrine is fallacious. But then, thisis not the only thing taught to the freshman thatthe graduate student finds it necessary to discardor modify. The popular theory, which in itshomely garb has been excluded from the ele-mentary classroom, has been caparisoned inbrand-new terminology and presented with aflourish to the advanced seminar.

There is nothing inherently complex in thistheory. The meaning of the terms saving andinvestment as used in everyday language is clearenough. A person's savings are that part of hisincome which he does not spend on consumption,while his investments are the part of his savingwhich he places in income-producing assets.What matters is whether the aggregate of in-vestment by all individuals and corporations,after allowance for liquidation of investmentswherever it may occur, is sufficient to absorb theaggregate of all savings after allowance for

APRIL 1944


RESEARCH AND POLICY

deficits that may be incurred by some. If it is notsufficient, there will b@ a remnant of nationalhoarding, which will exert a deflationary dragand force income to a lower level. Emphasis onthe term national hoarding as the crucial pointin the picture would be helpful; it is almostself-explanatory and convincing, because hoard-ing is generally recognized as a reprehensiblehabit, while most people are brought up tobelieve that thrift is a noble virtue.

But the economist as a rule does not presentthe problem in such simple terms, understand-able to the layman and consistent with his usage.The economist uses much more complex defini-tions and each group of economists, if not eachindividual one, uses different definitions. Underthe spell of these varying uses of terms, somemaintain that the volume of savings must equalthat of investments, and others that the two willnever be the same. While each set of definitionsmay be logically consistent and as clear as dayto its proponent, the debate moves into a rarifiedatmosphere where the layman dare not pene-trate.

Above all, what makes the doctrine unac-ceptable to the layman is that it appears to con-demn what he knows that he as an individualmust practice for self-protection, namely, thrift.He can not be expected to understand easily that,while thrift is a necessary protection againstpoverty for the individual, an excess of savingsby all may result in causing poverty for theeconomy as a whole. In that case the individ-ual saver may lose far more through unemploy-ment than he was able to save by the exercise ofthrift. Neither can he be expected to keep inmind that what is meant is not investment atall, as the layman understands it, but only thetotal outlay on capital goods. That the heartof the analysis and the threat to economicstability lie in the relationship between ag-gregate saving by millions of individuals andaggregate spending for capital goods, calledinvestment, is quite beyond the layman's powerto comprehend.

While with a little more effort on the part ofthe staff man these thoughts could be presented

to officials simply and clearly, all too often theyare stated in seemingly familiar terms withoutwarning that the terms are not used in theirfamiliar sense. This results at worst in com-plete misunderstanding and at best in un-necessary confusion. Forcing words with well-established meanings into unaccustomed uses isa good example of what Galsworthy calls (re-ferring to the pronunciation of English names)the sound British custom of confusing theforeigner.

THE RICHER THE POORER

The saving and investment analysis may alsoserve to illustrate a danger confronted by staffmen far greater than mere terminology, namely,the temptation to depend on a simple formula forthe cure of too many varied economic ills. Thesaving-investment theorem, stated simply, is aformula which, like the quantity theory ofmoney, is little more than a truism. In fact,the great service that this formula has renderedis to release the economist from his imprison-ment within the walls of the equation of ex-change. And yet, there is danger that it hasonly released him from confinement within oneformula to imprison him within the terms ofanother. The great difficulty with the quantitytheory was that it was based on faith in themechanical operation of monetary forces: itsproponents believe that the volume of moneycontrols prices, and that by controlling pricesone can regulate the entire economy. Emphasison the income flow, as contrasted to the volumeof money, represents progress towards a morerealistic approach to economic problems, be-cause it takes account of the behavior of humans.But in applying the new doctrine, as the old,the economist should make allowance for thecomplexity and mobility of economic forces andbe on his guard against placing too much faithin causal relationships between terms of aformula.

In its simplest terms the theory is that, if apart of the national income is hoarded, the in-come flow diminishes and deflation results. Butfrequently the argument goes further. From



RESEARCH AND POLICY

past experience and from the analysis of socialtrends, some conclude that there is a definiterelationship between the size of the nationalincome and the volume of savings which islikely to prevail in future years, a relationshipaccording to which the proportion of incomesaved will rise as income increases. As ourproductive capacity and our national incomeincrease, there will be an ever-increasing volumeof savings. Also, estimates are made of theavenues of investment which are likely to beavailable into which these savings can be chan-neled, and it is found that these outlets do notadd up to the required total. Thus nationalhoarding is an enemy constantly lurking behindthe scene and preventing the growth of incomewhich our growing capacity would permit.Consequently our actual income will constantlylag behind our maximum capacity. The higherour potential income, the further will we fallshort of utilizing our resources fully, and thegreater the probable magnitude of unemploy-ment. The richer we grow the poorer we getin terms of jobs for all. The only way out ofthis dilemma is then said to be compensatoryspending by Government. This diagnosis hasbecome an argument for a course of action, anargument fashioned at a time when such a courseof action was desirable—and, it may be added,was partially pursued but on an entirely dif-ferent basis.

There is agreement that national hoarding isnot consistent with the realization of the maxi-mum level of economic activity and that, if itoccurs, it must be counteracted. However,statistical evidence now available is not suffi-cient to be the basis of precise predictions as tothe future levels of saving and investment andcan not reflect all social changes which the futuremay bring. The assumption that savings willbe far in excess of investment outlets is a hypo-thesis and as such it needs to be verified by fur-ther research and is subject to modification byaccumulated experience. Nothing in the his-tory of similar forecasts in the past justifies theacceptance of the assumption as the basis ofresponsible planning or definitive action.

APRIL 1944

If people save more as income rises, outlets fortheir savings must be found. While it is truethat past evidence suggests that savings habitsdo not change easily, there is no satisfactorybasis for thinking that changed circumstances,particularly a wider distribution of income andwealth and an increased sense of economicsecurity, may not change the ratio of savings toincome. Nor is there a basis for thinking thatnew outlets for investment or new means ofspending larger amounts through old channelswill not be found. The amount of possibleinvestment in the future is not dependent en-tirely upon technical progress. It must beviewed with reference to the entire economicsetting in which business operates, includingprices, taxes, public controls, employer-em-ployee relationships, and numerous other factorsthat must be taken into account before theformula will be transmuted from a dead andbarren phrase into live reality.

JOBS FOR ALL GOODS FOR ALL

A practical approach to the problem wouldbe that, since unemployment must not be tol-erated in a modern economy, it must be eradi-cated as soon as signs of it appear. It must notbe permitted to start a vicious cycle. Whetherthis will involve much action by the Govern-ment will remain the great unknown in the equa-tion. Certainly, compensatory fiscal policy willbe only one among many approaches whichpublic policy will have to make towards main-taining a high and stable level of economicactivity. Yet, there can be no doubt that theGovernment must stand ready to provide suchemployment as private industry does not supply,and with this in view, it must have plansdeveloped in advance and ready to be put intooperation on short notice.

One thing is sure: we do not as yet approacha volume of production sufficient to give every-one a decent minimum standard. Therefore,the remedy must be sought not in the con-templation of increased leisure, but in concen-tration on efforts to increase the output of goodsand to improve their distribution.


RESEARCH AND POLICY

This somewhat lengthy detour was introducedto illustrate the kind of pitfalls an interpretingeconomist must avoid, but in the course of pres-entation it developed into a statement of aposition. Perhaps this.is an unconscious dem-onstration of how easy it is for an interpreter tobe diverted from his original purpose.

In addition to avoiding abstruse terminologyand inadequately tested formulas, there arc othertests to which a staff adviser of a policy-makingbody must subject himself. He must be sureto gather together, digest, and have commandof all available information bearing on thesubject under discussion. He must be fullyaware of the limitations of this information,of the margin of error to which it is subject.The touchstone of a theory lies in quantitativedata, that is, in statistics. Statistics are theeconomist's conscience. His reliability standsor falls by their verdict. When he disregardsthem, or misreads them, or improvises them, orstretches them beyond the limits of their capac-ity—he violates the trust imposed upon himby his training and by his responsibilities.

POLICY MUST REST ON FORECASTS

The staff man must ponder and comprehendthe full import and implications of the problemsconfronting his principals and of the policiesdesigned to meet these problems. He must beprepared to venture a forecast of future eventsin case a given policy or its alternative is adopted.Contrary to a commonly held opinion that re-search must avoid forecasting as a deadly sin,the basic ^purpose of economic and statisticalanalysis of social and economic events is to makeforecasts. The French saying—to know, inorder to foresee, in order to control (savoir, pourprevoir, pour pouvoir)—is a wise one. Unwar-ranted forecasts must be avoided, and there mustbe full recognition of the fact that a forecast is ahypothesis and not a fact. But courage to makeas good a forecast as available facts and pastexperience warrant is an essential quality ofeffective research staff work.

BIASES ARE SIRENS

In presenting data to his principals the staffman must avoid a great variety of biases whichlike sirens strive to lure him from the journeyto his goal. Some of them may be enumerated:

1. The bias of pessimism or optimism. Whathe says should not be influenced by fearful ap-prehension or by wishful thinking. He mustendeavor to face and appraise the facts no matterwhere they may lead.

2.. The bias of no bias. This somewhatparadoxical bias is both real and common.An excessive effort at being impartial oftenresults in shrinking away from indicated andnecessary conclusions. "Yes and no" answersshould have no place in a staff man's vocabulary.

3. The bias of accuracy. Accuracy beyondthe requirements of the case under discussionmay not only delay decisions, confuse the lis-teners, and burden them with unnecessary quali-fications, but it may also prevent the reachingof necessary conclusions within the applicablemargin of error. Careful abidance within thismargin, on the one hand, and willingness toventure to the limits permitted by it, on theother, are the outstanding characteristics of theexpert as contrasted with the amateur in eco-nomic interpretation.

4. The bias of consistency. Just because hehas said one thing on a previous occasion thestaff man should not hesitate to say the oppositeif circumstances have changed or if he has be-come convinced that he was wrong. Manyserious mistakes have been made by basing deci-sions on conditions that no longer prevailed.Winning the last rather than the current war is ahabit not confined to generals. Consistency isnot only the bugaboo of small minds but therock on which essential flexibility of policy mayshatter. Vested interest in an opinion previ-ously expressed is as dangerous in a staff man asvested property interests are in a judge orlegislator.

5. The bias of cleverness. The Russian pro-verb: "Do not sacrifice your father for a wise-crack" is well turned. Phrases help to punctu-ate a presentation and to fasten it in the listeners'



RESEARCH AND POLICY

minds. But they carry a danger of sacrificingclear and straight thinking to the desire to usea telling phrase.

6. The bias of tact. It is essential for a staffman to be sensitive to the atmosphere of a meet-ing, but he must endeavor not to be dominatedby it to the detriment of detachment in hispresentation. On the other hand, he shouldavoid egotism and be willing to give equalweight to a competent judgment, whether itoriginates with him or with someone else.

7. The bias of logic. Not infrequently aconclusion that flows logically from its premisesmay nevertheless be wrong—either because thepremises have not been adequately examined orbecause the process of reasoning is too rarified foruse in practical affairs. The human equationmust be taken into account in all policy recom-mendations.

8. The bias of originality. Better be rightin a conventional way than wrong in a highlyoriginal way.

9. The bias of expertness. Methods and de-vices are no better than the material and theunderstanding that go into them. Uncriticalcurve reading is as dangerous to sound conclu-sions as is a disregard of the sequence of pastevents. Particularly dangerous are curves thathave been corrected, by some device, for thevery thing which they are supposed to exhibit.It is not an unusual experience to see an inter-preter, who has adjusted two curves for ampli-tude and direction of fluctuations and for level,stand back and marvel at their close correlation.

10. The bias of omniscience, the gravest ofthem all. Some principals expect a staff manto know everything, and staff men are likely todread admitting that there is something theydo not know. It is wise, and it is a part of thejob, to know as much as possible about allphases of the subject under discussion. Itwould not do not to know, or not to be in aposition quickly to find out, too many of theascertainable relevant facts. But neither wouldit do not to be willing to say ' 1 don't know."Attempts at covering up gaps in his information

by more or less hazardous guesses have rightlyundermined many a staff man's reputation forreliability.

IMPORTANCE OF BEING AWAKE

It has been said that an expert is a person whoknows more and more about less and less. Thedanger that confronts an economic and statisticalinterpreter is the opposite—he must striveagainst knowing less and less about more andmore. The subjects he must cover tend tocomprise the universe. It is essential for him tokeep informed about a great many things butnot to spread himself so thin as not to knowenough about anything to be a dependable guideto policy.

These are some of the biases and difficultiesthat a staff man must avoid. There are manyothers. It is clear that he can not proceed in therumored manner of a duke who dreamed that hewas making a speech in the House of Lords,and when he awoke found to his amazement thathe was. He must not be either too self-confi-dent or too reticent; he must be tactful but nottimid; and, above all, he must never be sub-servient. When a staff man begins to shape hisopinions in accordance with what he thinks hisprincipals want his usefulness as a public servantis over.

THE ANVIL CHORUS

In attempting to acquire the necessary virtuesand to avoid the threatening vices a researchman has to depend, in addition to searchingself-analysis, on contact with his associates andwith fellow members of the profession insideand outside of his immediate group. In thefinal analysis man is dominated largely by thesubconscious. Since he can not be psycho-analyzed prior to every presentation—he musttake care to subject his psyche to exposure toothers. Out of such contacts alone can emergea sane appraisal of human problems. Andproblems of economic policy are human problemswhose solution depends on grasping humanverities.

APRIL 1944 3*7


CURRENCY IN CIRCULATIONby

G. L. BACH*

Division of Research and Statistics

The public continues to demand coin and papermoney in heavy volume. Extension of theexperience of recent months would indicate anoutflow of between 4 and 6 billion dollars in1944, roughly similar to the record 4 and 5billion dollar drains of 1941 and 1943. Therate of outflow so far in 1944 has been sub-stantially lower than in 1943, but the specialinfluence of the Fourth War Loan Drive inJanuary and February, together with the recenthistory of surprisingly large fluctuations in eventhe seasonally adjusted rate of outflow, makesany precise forecast out of the question.

With a continued currency outflow of largemagnitude in prospect, it may be profitable toconsider how far our experience in this war isdifferent from and how far it is similar to de-velopments at home during the last war and inEngland and Canada during this war or last.In so far as there is any reason to expect a repeti-tion of the 1919-19x1 experience, such a com-parison may also be of interest in suggestingpossible postwar currency developments.

In analyzing currency developments, it shouldbe recalled that currency in circulation is only apart of the total volume of money held by thepeople, the other part being held in the formof bank deposits. From the broad monetarypoint of view it makes little difference howmuch of its money the public chooses to hold incurrency and how much in deposits. Thischoice, however, has an important influence onthe reserve position of member banks, sincecurrency withdrawn by bank customers uses upreserves of member banks dollar for dollar,while an increase in deposits increases the re-quirements only by a fractional amount. Simi-larly, the choice affects the reserve position ofthe Federal Reserve Banks, which have to carryreserves (40 per cent) against all FederalReserve notes in the hands of the public, butneed to carry reserves (35 per cent) against only

* The author was assisted by Mary Gumbart and Mary JaneHarrington of the Division of Research and Statistics in the prepara-tion of this article.

318

that part of deposits held by the public that iscovered by member bank reserve requirements.It is because of these technical differences, whicharise out of our fractional system of depositreserves, as well as because of the popularinterest in the volume of money in circulation,that an analysis of the large currency outflow isappropriate.

The following tentative conclusions may besuggested:1. As to recent currency developments in the United

States:(a) The seasonally adjusted rate of outflow,

after rough allowance for the effect of recentspecial influences, is apparently around 400 mil-lion dollars monthly. "Random" fluctuationsin the rate of outflow, however, have beensurprisingly wide.

(b) Currency expanded at roughly the samerate as wages and salaries from the depressionthrough 194^, but recently has been increasingmore rapidly than such income payments.Since mid-1941, the rate of currency increasehas far outdistanced that of consumer expendi-tures, and this discrepancy has become especiallylarge during 1943 and 1944. These circum-stances may point to some increase in theproportion of currency going into "holdings"as distinct from amounts needed for currenttransactions and working balances. It seemslikely, however, that transactions needs continueto account for a large.portion of the currencyincrease. There is no evidence of general"scare hoarding" of the sort which was wide-spread in the early 1930's.

(c) The growth in currency was roughly pro-portional to that in demand deposits until 1^2..More recently the currency growth has sub-stantially exceeded that in deposits.

(d) While dollarwise the bulk of the currencyoutflow has been in notes of $10 and $2.0 de-nominations, since early 1943 there has been apronounced tendency for more rapid increasesin the large denominations. Over one-third of



CURRENCY IN CIRCULATION

the total currency outflow in 1943 was in de-nominations of $50 or larger, compared withless than a fifth in 1942-, and this proportion hassince increased even further. If, as seems likely,these larger denominations have limited use incurrent transactions, this denominational changemay also point toward increased currency"holding." Some of the large denominationnotes may be used in financing "black market"transactions and for tax evasion.

(e) Currency in the hands of individuals, asdistinct from that held by business (incor-porated and unincorporated), is now probablywell over $100 per capita, or around $450 peraverage family. It is clear that the averagefamily has no need of this volume of currencyfor transactions purposes.

(f) Currency withdrawals continue to beheaviest in the large industrial and financialcenters, but the percentage increases havegenerally been higher in the southern andwestern districts, where agricultural activity isrelatively more important.2.. In comparison with our experience in World

War I:(a) Dollarwise the currency increase since

1939 has been vastly larger than during WorldWar I; percentagewise it has been less striking todate, but with continuation of recent trends thisincrease also will be vastly larger than in thelast war. The denominational pattern of cur-rency outflow has been similar during the twowars, as has been the relative growth of cur-rency and deposits.3. In comparison with experience in Canada and

England:(a) The percentage increase in currency out-

standing since 193 9 has been somewhat larger inCanada and somewhat smaller in England thanin the United States. The circumstances leadingto the heavy outflow have apparently been simi-lar in all three countries. In all three, increasedwages and salaries together with other transac-tions needs appear to have been most important,but increased currency "holding" is also prob-ably of considerable importance.

(b) The British currency outflow has beenrelatively less during this war than during the

APRIL 1944

last (reflecting presumably the better control ofinflation). The Canadian outflow has been rela-tively much larger during this war than in thelast in spite of the more effective anti-inflationcontrols now in force.4. Following the war:

(a) In England and Canada following the lastwar somewhat over half the currency increaseof the war and postwar boom periods returnedin the depression of the early agio's; in theUnited States somewhat less than half returned.If the postwar return flow should be relativelysimilar this time, the amount of currency flow-ing back in this country might total perhaps 5 to10 billion dollars, with more than 15 billiondollars remaining outstanding, even assuming anearly peace. Postwar currency developmentswill, however, depend on a wide variety of fac-tors, critical among which will be the levels ofincome and prices.

(b) Recent currency and deposit develop-ments appear to indicate a clear tendency fordemand deposits to be used as "business money"and for currency to be used as "personal money."While these developments are partly traceable tospecial war-period factors, they may also reflecta lasting increase in the volume of currency de-manded by individuals in preference to demanddeposits.

RECENT DEVELOPMENTS IN CURRENCY IN

CIRCULATION

At the end of March, currency in circulationtotaled 2.1.1 billion dollars. The monthly rateof outflow, which had grown persistently since1938, reached a peak of nearly 600 million dol-lars on a seasonally adjusted basis late lastsummer. In September and October the ThirdWar Loan Drive and the Federal income taxdate apparently combined with other less ascer-tainable factors to reduce the outflow. Afteradjustment for the usual autumn seasonal in-crease the growth between September andOctober was only slightly over 100 milliondollars, the lowest since early I94X. Followingthis unusual period the adjusted rate exceeded400 million a month until February, when withthe Fourth War Loan Drive the increase was less



than 300 million dollars. Should the adjustedaverage for recent months continue, the outflowfor the year 1944 would be somewhat less than 5billion dollars.

The average monthly increase in circulation,seasonally adjusted, is shown in Chart 1 for theperiod since 1940. * The special influence of thewar loan drives, particularly those of December1942., September 1943, and February 1944, isimmediately apparent. During these war loandrives the rate of currency increase slackened

been not far different from the average for theyears 1942 and 1943 combined.

CURRENCY USE AND OWNERSHIP

There is little direct evidence as to the owner-ship of the new currency flowing into the handsof the public. Reports from a few corporationsindicate that only a minor portion of the increasehas probably gone into corporation holdings,and scattered information suggests that holdingsof unincorporated businesses are a comparatively

CHART I

MONTHLY INCREASE IN MONEY IN CIRCULATION

MILLIONS OF DOLLARS

600SEASONALLY ADJUSTED SERIES

400

£00

ill

MILLIONS OF DOLLARS

600

400

200

1941 1942 1943 1944Month to month changes in monthly averages of daily figures adjusted for seasonal variation. Height of bar for each month shows increase

in seasonally adjusted series over preceding month.

substantially for all denominations, and thedrop was greatest in the smaller denominations.

The erratic behavior of the adjusted outflow,even allowing for these war months, makesit difficult to detect a trend that can be measuredwith and precision, much less projected with cer-tainty. It would appear that the adjusted rateof increase in recent months has been definitelybelow the peaks of the fall and winter of 1942.-43 and the summer of 1943, but that it may have

1 The figure charted for each month is the increase in the seasonallyadjusted monthly average of daily figures for that month over the cor-responding figure for the preceeding month. Methods of adjustmentand adjusted monthly and weekly figures for recent years were pub-lished in the September 1943 BULLETIN, pp. 822-826; the adjustedfigures and their rates of increase are published regularly in the BULLE-TIN, for example on p. 362 of this issue.

small part of the total. It appears that thegreat bulk of the currency outstanding is in thehands of individuals.

During the period from 1935 through i94i,as is indicated by Chart x, a fairly close corre-lation persisted between the growth in money incirculation and that in wage and salary pay-ments. In the latter part of this period, how-ever, there was an increasing disparity betweenthe rise in currency and that in consumer ex-penditures. Especially since the leveling off ofconsumer expenditures early in 1942., when war-time scarcities limited the available supply ofgoods, money in circulation has risen increas-ingly faster than both wage and salary payment

32-0 FEDERAL RESERVE BULLETIN



and consumer expenditures. As has been previ-ously suggested, the close relationship betweenmoney in circulation, and wages and salariesindicated at least a presumption that the cur-rency outflow reflected largely wage and salarypayments. But this rough parallel betweencurrency outflow and growth in wage and salarypayments does not itself necessarily tell any-thing about what has happened to the currencyonce it is in the hands of the public. In fact,the growing discrepancy between the outflow ofcurrency and both consumer expenditures andwages and salaries suggests that a rising portionof the currency increase may be going intomoney "holdings," i.e., the accumulation ofstocks of idle money in the hands of individuals.

CURRENCY. DEPOSITS, SALARIES AND WAGES,AND CONSUMER EXPENDITURES

PCR CE

350

300

250

150

100

50

0

INDEXES ADJUSTED FOR SEASONAL VARIATION, 1

SALARIESAND WAGES

• ^ ^ ^

DEMANDDEPOSITS^-

CLRRENCY

PE

1/

'iJd

Iff

^ EXPENDITURES

t

Demand deposits adjusted to exclude U. S. Government and inter-bank deposits and float; estimated totals for all banks in United Stateson call report dates through 1942, and monthly in 1943, without adjust-ment for seasonal variation. Consumer expenditures and salaries andwages from Department of Commerce; consumer expenditures pre-liminary for last two months. Deposits preliminary from July 1943.Latest figures are for January 1944.

As indicated by the chart, both currency anddeposits have grown very rapidly. Since 1942.,however, the rate of growth in currency hasoutstripped the rise in deposits, which havegrown at roughly the same rate as wages andsalaries. The growth in the aggregate moneysupply reflects the large amount of war ex-penditures financed by borrowing from thebanking system, while the relative growth in thetwo forms of money depends directly on the

public's preference between currency and de-posits. Undoubtedly part of both the new de-posits and the new currency has gone intotemporary "holdings" of individuals, whilepart has been currently used for financing trans-actions. The dollar growth in deposits has, ofcourse, far exceeded that in currency, but thereis little doubt that a large portion of the newdeposits belong to businesses.

Because a large part of the new deposits goto businesses in contrast to accumulations of cur-rency by individuals, the currency growth prob-ably represents over half of the entire growth inmoney held by individuals. The ratio of thecurrency increase to the excess of individualincome over current expenditures and taxes has,however, generally been only between 10 and zoper cent since 1941. Thus, even if all new cur-rency were saved in the form of "holdings,"currency savings would be a comparatively smallpart of total individual savings during the warperiod. And while the increased currency hold-ings may represent an important element ofindividual savings, held in this form in preferenceto bank deposits or war bonds, they are ingeneral quite different in motivation from the"hoarding" of the early 1930's. It should beemphasized, moreover, that notwithstanding theevidence of increased holdings of idle currency,rising incomes and prices have undoubtedly beenof great importance in expanding the need forcurrency for current transactions and workingbalance purposes. The possibility should benoted that a moderate increase in the percentageof all consumer expenditures settled by currencycould, even with little change in total consumerexpenditures, account for a substantial increasein the dollar amount of currency.

There is little doubt that a major reason forthe large currency growth has been the greatwar period income expansion of the lower andmiddle income groups, who have typically madelittle use of bank accounts, because of such con-siderations as lack of accumulated funds, lackof experience with banks, and reluctance to paybank service charges. Widespread populationshifts have also disrupted existing banking ar-

APRIL 1944 3 Z I



fangements for many people, and have retardedthe establishment of banking connections for alarge number of civilians and members of thearmed forces.

Little evidence is available as to the extentof currency use in financing *'black market"transactions and in evading taxation. Thesefactors are said to have been of substantial im-portance in some other countries, and they mayaccount for a considerable dollar amount ofcurrency drain here, especially in the largerdenominations. Chester Bowles, O. P. A.Administrator, recently suggested that, '*. . .housewives today are paying 1.2. billion dollarsas tribute to the black market in food alone."While total "black market" transactions maysubstantially exceed this figure, only a portionof all such transactions can reasonably be ex-pected to give rise to continued special currencydemands, especially when it is remembered thatcurrency may be used many times per year.When allowance is made for these factors, itseems unlikely that the total currency outstand-ing specifically attributable to black market usecould approach a billion dollars. How muchmay be held as a means of temporarily con-cealing income in order to evade income, trans-fer, and property taxes is difficult to guess.Scattered reports indicate that there may bea substantial amount of such holding, especiallyby individuals in business for themselves.2

No figures are available as to the amount ofcurrency sent or carried outside the country inconnection with military operations. Withperhaps 3.5 million men now serving outsidethe continental United States, even average cur-rency holdings of as much as $300 per manwould total only around one billion dollars,and this figure is probably too high, especiallywhen allowance is made for pay roll deductions,arrangements for payments to families at home,etc. It is clear that the amount involved may besubstantial, but it can hardly account for morethan a small part of the 14 billion dollar increasesince August 1939.

2 Most difficult of all types of currency use to estimate is the amountused by foreign agents in subversive activities. Large amounts ofcurrency have been found on captured foreign agents, but no indicationis available as to the total dollar amount which may be involved.

DENOMINATIONAL PATTERN OF CURRENCY INCREASE

Some presumptions as to currency uses maybe drawn from the denominations demanded.Through 1941 and 1942. increases in $10 and $2.0bills were by far the most rapid of any denomi-nation, and these bills accounted for about two j

thirds of the total increase in money in circula-tion. While $50 and $100 bills also rose rapidly,very large denomination currency showed virtu-ally no increase, following its sharp rise duringthe 1930's. In general there was a strong pre-sumption that the major portion of the currencyoutflow was through wage and salary paymentsand that its continuation outside the bankscould be attributed largely to needs for currenttransactions and normal working balances, eventhough there was a growing divergence as earlyas 1941 between money in circulation and con-sumer expenditures.

Accompanying this growing disparity be-tween currency on the one hand and consumerexpenditures and pay rolls on the other, therehas been in the last year or so a marked changein the denominational characteristics of thecurrency increase that provides added evidenceof increased currency holding beyond normalworking balances and transactions uses. Al-though the largest dollar increases have con-tinued to be in $10 and $2.0 bills, in 1943 overone-third of the total increase in money in cir-culation was in denominations of $50 and up-ward, and in January and February of this yearthe proportion was nearly two-thirds; $100 billshave shown the largest percentage increase ofany denomination. This contrasts with the1942. experience when only 19 per cent of theincrease came in bills of $50 and up. Chart 3,on the next page, compares the dollar andpercentage growth in various denominationsduring 194Z and 1943. The shifting demandtoward larger denominations is clearly marked,though its dollar importance should not beoveremphasized.

With rising wages and prices there is reasonto suppose that even without increased currency"holdings" there would be some upward shift-ing in the denominational pattern. The steady




rise in wages and salaries doubtless requires anincreasing volume of fairly large bills, but thereis doubt that the increment required each weekwould consistently account for the currencyoutflow reported. Outside of special groups,such as wealthy individuals, people in travelstatus, and farmers in some areas, it does notseem likely that $50 and larger bills are normallyused to any great extent for consumer transac-tions. Even though wages and salaries shouldbe widely received in larger denominations, ex-penditure of such bills would normally soon bereflected in exchanges into smaller denomi-nations which are more convenient for mosttransactions.

CHART 3

INCREASE IN CURRENCY, BY DENOMINATIONS

1 FROM DEC. 1941 TO DEC. 1942 | [FROM DEC. 1942 TO DEC. 1943 j

AMOUNT OF INCREASE

PERCENTAGE INCREASE

n FIhn nIn i 11

• was *10 * z o * 5 0 *1 0 0 * 5 0 0 »5oo

AMOUNT OF CURRENCY PER CAPITA

Some further evidence as to the possibility ofincreased currency holding beyond immediatetransactions needs is provided by the per capitafigures on money now in the hands of the public.Deduction of bank vault cash and a rough esti-mate of, say, 3 billion dollars for currency heldby all businesses, incorporated and unincorpo-

rated,3 from the xi billion in currency outstand-ing leaves some 16 billion dollars of currencynow in the hands of individuals. This comes towell over $100 of currency for every man,woman, and child in the United States, or toaround $450 for the average four-person family.It seems unlikely that any except the most un-usual families use this amount of currency on theaverage for normal transactions purposes, evenallowing for large transactions uses in a sub-stantial number of special cases. On balance, itseems evident that the public is doing sub-stantially more "banking on the hip" or "inthe mattress" than has been customary in thepast. During the late 1910's the amount ofcurrency in circulation, other than vault cashof banks and businesses, averaged around $100per family, and by the end of the 1930's theaverage was still well under $xoo.

REGIONAL CHARACTERISTICS OF CURRENCY INCREASE

Previous evidence has indicated that the bulkof the currency is flowing out in areas whereindustrial activity is heavy, especially in thewar production centers, but that even largerpercentage increases are occurring in some ruralareas, particularly in the south and the west.Apparently this pattern of outflow is continuingessentially unchanged. The largest dollar cur-rency drains continue to be in the New York,Chicago, and San Francisco Districts, but thepercentage increases are far larger in the Atlantaand Dallas Districts than anywhere else in thecountry. These figures are shown in the tableon the next page. Although the data are notincluded in the table, it is interesting to notethat the interdistrict pattern of deposit growthis quite similar to that for currency.

There appears to be a general similarity in alldistricts in the denominations of currency whichthe public is demanding. In general the dis-tricts showing large over-all percentage increasesreport swelling demands for all denominations,

3 This is an extremely rough figure. I t could easily be anywherefrom 2 to perhaps as much as 5 billion. Substitution of either of theseextremes, however, would not substantially alter the general conclusionof the paragraph. :-

APRIL 1944 32-3



while districts having more moderate increasesrank lower in all denominations. New Yorkand Chicago, while they show the largest dollaroutflow for nearly all denominations, are con-sistently near the bottom of the list in per-centage increases,4 and the Atlanta, Dallas,Richmond, and San Francisco increases are rela-tively largest for almost all denominations.

FEDERAL

All districts

Boston . . .New YorkPhiladelohiaCleveland

RichmondAtlantaChicasroSt Louis

MinneanolisKansas CitvDallas . . .San Francisco

RESERVE NOTES IN CIRCULATION1

[Amounts in millions of dollars]

Amountoutstanding

December 31,1943

16,906

1,1553,7671,1501,496

1,142955

3,163726

386614416

1,937

Increase in 1943

Amount

4,713

273967301362

355408743212

83185164658

Per cent

38.7

31.034.535.531.9

45.174.630.741.2

27.443.165.151.4

with only about 2.-5 billion from August 1914to the October 19x0 peak.

DEMAND DEPOSITS AND CURRENCYALL BANKS IN THE UNITED STATES

1 Figures show Federal Reserve notes only, since these are the onlytype of currency for which data are available by districts; it is likelythat these figures correspond closely to the total currency outflow sincevirtually the entire increase has been in Federal Reserve notes.

COMPARISON WITH CURRENCY DEVELOPMENTS

DURING WORLD WAR I

The percentage increase in money in circulationto date during this war period has substantiallyexceeded that during the World War I periodand if the present rate of outflow continues itwill far outdistance the 1914-19x0 drain. Theincrease in currency outside banks to the post-war peak in 192.0 was about 145 per cent,whereas in this war the growth is already ap-proaching 300 per cent. The relative growth inmoney supply (currency and deposits) over thetwo periods is shown on Chart 4, which isdrawn on a ratio scale that indicates the generalsimilarity in rates of growth. In dollar terms, theincrease in publicly-held currency during thiswar has been tremendously larger than duringthe previous war period, having already exceeded13 billion dollars since August 1939, compared

10080

4 Except that Chicago showed high percentage increases for verylarge denominations.

3M

BILLIONS OF DOLLARS

J

DEMA(INCL

DJUSTEDND DEPOSITS. U. S. GOV'T) "V/~

/ CURRF

TOTAL^/

rf OUTSIDE BANKS

i i i i

A/r

>yby. / —

/

r

Call report dates through 1942; end of month dates thereafter.Preliminary from July 1943. Latest figures are for Jan. 31,1944.

Such evidence as is available indicates that,as in the present war period, a large portion ofthe currency outflow during World War I wasused for transactions, primarily pay rolls andconsumer expenditures, and for "normal" work-ing currency balances. There was, however,apparently a considerable amount of temporarycurrency "holding'* by war workers and somecurrency "hoarding," stimulated by the fear ofinflation and intermittent rumors of Governmentconfiscation of deposits. Evidence of thishoarding was provided in 1919, following thewar, when a substantial amount of currency inexcess of the estimated seasonal decline returnedto the Reserve Banks in the form of gold andgold certificates which were not commonly usedfor transactions purposes.5

There is not, however, any satisfactory meas-ure of the portion of the increased currencywhich went into "hoarding" and the portionwhich was used for more active purposes. Thefurther rise in currency in circulation in late

6 Total currency outstanding declined somewhat in the first half of1919, before resuming its sharp increase to the postwar boom periodpeak of late 1920.




1919 and 19x0 seems clearly to have reflected thegreat increase in consumer spending and specu-lation during this boom period, as well as highpay rolls. So far as can be judged from thefigures for currency outstanding, including thatheld by the Treasury and the Reserve Banks aswell as that in the hands of the public, thedenominational pattern of the outflow was quitesimilar to the present war. A large portion ofthe currency increase centered in $10 and $xobills, which also showed the most rapid per-centage increase through the early part of thewar period. As the war progressed, however,the proportionate rise in $50 and $100 bills sub-stantially exceeded that of smaller denomina-tions, and in the sharp postwar boom there wasa further rapid rise in these larger denominations.

The depression of 19x0-11 was accompaniedby a return flow of about one-third of the cur-rency increase of the war and immediate postwarperiod. It is presumed that the bulk of thisreturn flow represented currency no longerneeded for transactions, following the sharpdecline in pay rolls and consumer expenditures,together with an unknown amount which hadbeen in temporary currency reserve holdings.Some of it reflected a return of currency fromabroad. With falling prices, coins and smalldenomination bills became relatively more im-portant; $10 and $xo bills showed the sharpestrelative declines. It is only possible to speculateon how much of this currency would have re-turned if good times had continued. With thereturn of prosperity in 192.2., currency rosegradually to the general level of around 4 billiondollars which remained relatively stable throughmost of the 192.0's, notwithstanding a large in-crease in the volume of deposits and of moneypayments.

CURRENCY DEVELOPMENTS IN CANADA AND

ENGLAND

Both Canada and England have experiencedcurrency outflows similar to our own duringthe present war period. Currency has shown aneven larger percentage increase in Canada than

APRIL 1944

in the United States,6 while the British increasehas been relatively somewhat less than ours.The Canadian and British experience duringWorld War I was also similar to ours at thattime. England, however, experienced a rela-tively more rapid increase in currency duringthat war than during this one, presumably duein considerable part to the much greater inflationin England during the previous war than hasoccurred since 1939. In both countries, "hold-ings" are thought to have accounted for anappreciable portion of the currency drain duringthe last war and during this one, although inboth cases they are believed to have been ofless importance than the need for currency forcurrent transactions and working balances.

Chart 5 compares the percentage changes incurrency in the United States, Canada, andEngland during the two war periods. As isindicated by the left half of the chart, the risein England during the last war was unusuallyrapid, reflecting both the substantial amount ofinflation and fairly widespread fears of a capitallevy or Government seizure of deposits follow-ing the end of the war. This portion of thechart also shows that around half of the totalBritish and Canadian increase in currency inthe hands of the public returned from circula-tion following the first war, compared to a sub-stantially smaller return in the United States.

The rapid growth in all three countries duringthe present war is apparent in the right-handsection of the chart, with the rate of growthsubstantially greater in the United States andCanada than in England. As indicated by com-parison of the two periods, England has had arelatively moderate currency outflow during thepresent war compared with 1914-1910. FromDecember 1938 through 1943 the estimated in-crease in currency in the hands of the public was580 million pounds, a rise of only 12.7 per centcompared to 540 per cent in the last war. Thegreatest percentage increases during this warwere in 1941 and 1942., while the absolute in-

6 Although in 1943 the Canadian increase was slightly less than thatin the United States.

32-5



crease was slightly larger in 1942. than in either1943 or 1941.

In May 1943 an announcement was made bythe British Government that no more notes of10 pounds or over would be issued. This an-nouncement was accompanied by considerablepublicity and speculation that ownership oflarge denomination notes might be interpretedas evidence of income tax evasion or black-market activities, and immediately thereafterthe over-all increase in the circulation was

Whatever the exact causes, there was virtuallyno net currency drain for three months followingthe announcement. More recently, however,currency has again been flowing out rapidlyand the Treasury has had to ask for repeatedincreases in the fiduciary note issue, bringing thetotal now authorized to 1,150 million pounds.

In England, as in the United States, a varietyof factors are suggested as causes of the sub-stantial currency increase since 1939. Mostimportant is the sharp rise in wage and salary

CHART 5

CURRENCY OUTSIDE BANKSUNITED STATES, GREAT BRITAIN, AND CANADA

1915-1922 1939 TO DATE

UNITED STATES(MILLIONS OF DOLLARS^X...V

-

J\

—

GREAT BRIT(MILLIONS OF PO

AINUNDS)J

4>**~ CANADA^ ^ (MILLIONS OF1 CANADIAN DOLLARS)

_

-

-

-

-

-

RATIO SCALE

20000

10 000

6000

4000

2000

1000

600400

200

100

1916 1918 1920 1922 1940 1942 1944

cheeked for about three months, with actualdecreases in several weeks. It is probably safeto presume that the return of outstanding largebills played an important role in this change,although outstanding large denomination noteswere not called in and no official statementswere made that ownership of such notes wasconsidered unpatriotic or illegal. There arereports that large denomination notes actuallysold at a discount during this period, but thesereports are unconfirmed and may be inaccurate.

3x6

payments, especially to people who have typi-cally not held bank deposits. The proportionof the population having bank accounts hasconsistently been less in England than in thiscountry. Another important factor has beenthe widespread disruption of normal bankingarrangements arising out of bombings, heavypopulation shifts, and other war disturbances.In this connection people have generally en-deavored to build up currency holdings for suchemergencies as air raids and, earlier, the possi-




bility of invasion. In addition, it has beensuggested that a substantial amount of currencymay have been used for purposes of income taxevasion and for black-market transactions.

Unlike England, Canada has experienced amuch greater percentage increase in currencyoutstanding during this war than during theprevious one, due partly to the much greaterrise in industrial activity and national incomeduring this war. The currency rise is, however,attributed largely to the same causes as appearto have been important in England and theUnited States—primarily increased incomes andgreater needs for current transactions and work-ing balances, together with increased currencyholding as an alternative to deposits or warbonds. Rising service charges on checking ac-counts, together with tightened bank restric-tions on the use of notice deposits for checkingpurposes, have also been mentioned as an im-portant factor leading to substitution of currencyfor deposits as hand-to-hand money for thelower and middle income groups.7 While some"scare hoarding" has been noted, this is notthought to be of major importance.

While both England and Canada activelyentered the war much earlier than the UnitedStates and approached their peak war productionlevels much sooner, the rapid currency outflowin both countries has continued with only amoderate slackening. Although the percentagegrowth in currency in the United States laggedsomewhat behind the Canadian outflow in theearlier years of the war, it has consistentlyexceeded that in England and has surpassedthat in Canada since 1941. In so far as theearlier war development of Canada and Englandis significant in this respect, there is little intheir experience to indicate that our currencyoutflow will cease or slacken greatly as physicalproduction levels off, even if we are relativelysuccessful in checking inflation (as both Canadaand England have been).

7 The importance of agriculture in the Canadian economy may beimportant in this respect; the largest percentage currency increasesin the United States have appeared in the more rural sections, and inEurope, where outright hoarding is prevalent, the peasant classes aresaid to be unusually inclined to currency holding.

APRIL 1944

PROBABLE POSTWAR DEVELOPMENTS

Viewed in the light of developments at homeduring the last war and in Canada and Englandduring both wars, the unprecedented outflow ofcurrency into the hands of the public in theUnited States during the past few years does notseem so surprising. Both the relative changesand the reasons for the outflow during this warappear to be somewhat similar to World War Iand to the experiences in Canada and Englandduring both war periods, at least up to thistime, though the dollar magnitudes involvedduring this war are vastly greater.

Following the last war somewhat over halfof the currency increase returned from circulationin England and Canada and somewhat less thanhalf in the United States. The United Statescurrency increase since August 1939 has beensome 14 billion dollars. Even if the war shouldend this year, the war-period increase might welltotal between 15 and 2.0 billion dollars; with alonger war much higher figures are possible.I/, as in the case of the last war, perhaps two-thirds of this increase should remain outstand-ing, the total amount of money ' 'normally'' incirculation in the postwar period might wellremain in excess of 15 or 2.0 billion dollars. Itshould be emphasized, however, that there is nonecessary reason to suppose that the currencyreturn flow following this war will be similarto that of the early 192.0's. Much will dependon general economic developments during therest of the war period and immediately there-after. A postwar inflationary boom might wellbring further large increases in currency in thehands of the public, and maintenance of pricesand incomes at a relatively high level followingthe war would undoubtedly tend to keep a sub-stantial portion of the increased currency out-standing. Other portions would probably flowback to the banks with a return to more normalconditions. Large scale unemployment, on theother hand, would decrease transactions needsand draw into use much currency now tem-porarily being saved. Certainly the prospectsfor postwar currency developments hinge very



largely on the level and stability of nationalincome, prices, and employment.

Certain broad characteristics of the money-using habits of the public are becoming increas-ingly apparent, and the dramatic increase incurrency outstanding is clearly associated inpart with such basic habits as well as withspecial war-period influences. With sharplyincreased incomes in the hands of the lower andmiddle income groups, who have typically notrelied heavily on checking accounts, it is naturalthat the demand of these groups for currencyshould rise rapidly. Increased currency holdingand using are also to be expected from wide-spread population shifts and from wartime fearsand uncertainties. The latter of these factorsmay be expected to weaken in the postwar years,and there may be some reversal of the upwardshift in incomes which has been occurring inthe income scale. Moreover, lower and middleincome groups receiving larger incomes maygradually come to prefer deposits to currency.It is likely, however, that such a shift wouldcome only gradually, and it may well be thatthe expense of maintaining a checking account,cither in terms of balance required or service

charges actually paid, will prove a continuingbarrier to large-scale use of demand deposits bythis group, in spite of the substantial benefits inconvenience and safety provided by checkingfacilities. The level of service charges thatbanks may find it necessary to impose on check-ing accounts and the rate of interest that theycan afford to pay on time deposits will have abearing on the public's demand for currency.

Additional evidence as to the relative use ofdemand deposits and currency is provided bythe recent Federal Reserve deposit ownershipsurveys, which indicated that the volume ofdemand deposits held by individuals is sub-stantially smaller than was previously suspected,and suggested that the total amount of demanddeposits owned by individuals with incomes of,say> $5,000 or less is probably under 3 billiondollars. Demand deposits seem increasingly tobe "business money" and currency "personalmoney." There is every reason to suppose thattoday currency holdings are much more im-portant assets of the lower and middle incomegroups than are demand deposits. Whetherthese tendencies will continue in the postwarperiod remains to be seen.



EXTENSION OF EMERGENCY PRICE CONTROL ACT OF 1942*

STATEMENT BEFORE BANKING AND CURRENCY COMMITTEE OF THE SENATE, MARCH 7.4, 1944

Mr. Chester Bowles has made a most able andeffective case for extension of the life of theprice control statutes. I assume that this legis-lation will be continued, and I would like toemphasize the importance of extending it with-out hampering amendments and for a sufficienttime after the war to allow industry to get backto producing a supply of goods to meet the de-mand. Inflationary dangers can only beavoided if the powers of the administrator arein no way weakened.

Inflationary pressures are still increasing, andwill continue to increase until conversion fromwartime production to peacetime productionhas been achieved and a balanced budget is inprospect. If the public is assured that theCongress is determined to continue this legisla-tion which has been so effective, the greatconfidence which now exists in the purchasingpower of the dollar will be maintained.

It is the duty of all those charged with publicresponsibility for holding the line against thepressures for higher prices and higher wages tosec to it that nothing is done to impair thispublic confidence in the future buying power ofthe dollars invested in Government securities,life insurance, or other forms of saving. If thathigh confidence were impaired, there would bean increasing impulse to spend money insteadof saving it. That would seriously affect theGovernment credit and the financing of the war.The stability of all credit, including Govern-ment credit, depends upon maintaining faith inthe purchasing power of the dollar. If thepublic is assured by the extension of this legis-lation for a sufficient length of time, withoutcrippling amendments, that the line will beheld against inflationary forces, the problem offinancing the war and refunding the public debtwill continue to be met successfully. If thepublic is led to believe, however, that the price,wage, and rationing controls are going to beweakened, or not continued as long as may be

* Statement by Marrincr S. Ecclcs, Chairman of the Board of Governors ofthe Federal Reserve System.

necessary, confidence can not be maintained inthe purchasing power of our money. Withoutthat confidence, not only would the successfulprosecution of the war be jeopardized, but anorderly transition to a peacetime basis would beout of the question.

Nearly all of our people have a direct interestand stake in what the dollar will buy in thefuture. There are countless millions who haveinvested in life insurance to be paid to them ortheir beneficiaries. There are the countlessmillions who own nearly 30 billions of savingsdeposited in the banks of the country. Thereare the countless millions who have investedmany billions of dollars in war savings bondsand other Government securities. There arethe countless millions who are depending uponfuture benefits from social security, civil serviceretirement, and innumerable other pensionsystems, public and private. There are thechurches, educational institutions, hospitals,and numerous endowments and trust fundscreated for public benefit. Last, but not least,there are the ten million men and women in ourarmed services who, in addition to their invest-ments in war savings bonds, are buying the lifeinsurance made available to them by the Govern-ment. They cherish the hope that when thiswar is over, they can use the money they havesaved and whatever is provided for them indischarge allowances to buy some of the ma-terial comforts of life that will be availablewhen industry has had time to get back intopeacetime production. If this hope should turnout to be only a mirage, those who are responsi-ble for failure to protect the home front willface a dreadful retribution.

To extend this price control legislation merelyfor a year will not adequately meet the situa-tion. Uncertainty would continue to exist asto what action may be taken when the yearexpires. There would be hesitancy about mak-ing long-term plans or commitments. It wouldreinforce the faith of everyone in the stabilityof the dollar if provision is made to extend this

APRIL 1944 32.9


EMERGENCY PRICE CONTROL ACT

legislation until two years after the war, unlessCongress shall, by joint resolution, discontinueit prior to that time. If it is not needed, it willnot be used. If it is on the statute books, it willgive confidence that inflation is not going tohappen here, and such confidence can not existwithout it. Price ceilings are effective onlywhen demand exceeds supply and the ceilingsare necessary to prevent prices from rising.When supply exceeds demand, prices are likelyto fall below the ceilings. Rationing, likewise,is used only when there is a short supply ofessential goods. Nothing has been rationedwhere rationing could be avoided, and surelyrationing will not be undertaken in the futureunless it is necessary to assure an equitabledistribution of a short supply.

I have been most favorably impressed, as Iam sure the members of this Committee havebeen, by the testimony of Mr. Bowles. He andhis predecessors tackled one of the most complexand difficult tasks that men ever faced. I amsatisfied, as I think you must be, that there is nodesire whatsoever to keep any of these price orrationing controls when they are no longeressential to protect all of us against the dangersof inflationary pressures.

There has been a good deal of discussion aboutthe need for various amendments to this legis-lation. The record of achievement under theexisting legislation should be sufficient proofthat we had better let well enough alone.When you consider that the cost of living hasgone up only 2.6 per cent in the fifty-threemonths from August of 1939 to January of thisyear, whereas, in the same period of the lastwar it went up 65 per cent, and when you con-sider that war expenditures in this war so farare some six times the rate of expenditure inthe last war, and when you consider also thatnearly half of our entire economy is devotedto war now, whereas during the last war lessthan one-fourth of our economic effort wasdevoted to war, the achievement has beenphenomenal, beyond the hopes of the mostoptimistic.

I repeat, we had better let well enough alone.Doubtless the Act is not perfect and it could be

improved by some amendments. However,once you open the door to meet the criticismsof one group, you can not without difficultyclose it to other groups. To amend the Act inan attempt to achieve equity in wartime wouldbe to ignore the inevitable inequities which warimposes. Those of us on the home front cannot possibly make a fraction of the sacrificerequired of those on the battlefront.

These controls are a form of insurance againsteconomic disaster. No one can say with anycertainty exactly what economic conditions willconfront us when the war ends or whether thepredominant forces will be inflationary. Weknow, however, that the inflationary potentialwill be enormous. We know that there will bea vast backlog of accumulated wants and anunprecedented amount of purchasing power inthe hands of the public, which has resultedlargely from our heavy reliance upon borrowingin the financing of our war expenditures.

The inflationary potential which, it is esti-mated, will exist at the end of this fiscal year,on June 30, 1944, measured by demand depositsand currency, savings deposits in the banks andGovernment securities held by business con-cerns and individually, but excluding Govern-ment securities held by life insurance companiesand banks, will amount to 194 billion dollars;113 billions held by individuals and 81 billionsby business. This compares with liquid hold-ings as of June 30, 1941, of 48 billions held byindividuals and 31 billions held by business,a total of 79 billions. In other words, therewill have been an increase in the three-yearperiod of 115 billion dollars.

This tremendous volume of liquid holdingsof individuals and business constitutes the infla-tionary potential, and this does not take ac-count of the billions of additional dollars thatwould be added if consumer credit and otherforms of credit, which have been largely liq-uidated during the war, were to expand. Ourpeople have shown, and justifiably so, greatconfidence in the Government's credit by theway they have responded in investing in Gov-ernment securities. They must be given everyassurance that the safeguards restraining the



EMERGENCY PRICE CONTROL ACT

premature use of their liquid holdings will bemaintained.

Inflations seldom get out of hand during war-time, but the danger carries over after peacecomes and a war-weary people, tired of wartimecontrols and restraints, are eager to throw themoff. That is just the time when it may be fatalto relax prematurely the controls of war-en-gendered inflationary forces. That is why itis so important to extend the life of this legis-lation for a sufficient period after the war toenable the country to convert its enormousproductive capacity to turning out for peacetimeconsumption a supply of goods comparable towhat it has shown itself capable of turning outfor war purposes.

This enormous store of funds which so farexceeds the supply of goods available now, whennearly one-half of our production is going forwar, could result in a ruinous inflation if pre-maturely spent, but could be a source of infinitebenefit to the nation if held in restraint untilsuch time after the war as goods and servicesbecome available in sufficient abundance tomatch the stored up buying power. Then itcan be a tremendous factor in helping to provideand sustain production and employment. Therestraints in this legislation, if adequatelyextended without impairment, afford the bestassurance that this unprecedented and growingaccumulation of funds will be used for goodinstead of evil.

In closing I would like to remind the Com-mittee of the interest that the Federal ReserveSystem has in this legislation. As members ofthis Committee are aware, the Federal Reserve,through open-market operations, must stabilizethe market for Government securities and pro-vide the banks with the reserves necessary toenable them to absorb that part of the debtwhich is not financed by taxation or borrowingfrom the general public. The less we raise intaxes and public borrowing, the more the bankshave to be relied upon to supply the funds tofight this war. And the more the banks buy,the greater the pressure of dollars on theeconomy. We know that the banks havebought many Government securities and thatthey will have to buy more. We must make itpossible for them to do so, for nothing must bepermitted to clog the flow of money needed tofinance the war. But as the tide of money rises,it becomes increasingly important to maintainthe restraints that hold it in check.

If we fail to sustain public faith in the dollar,the liquidation, of securities which would resultwould inevitably force the Federal Reserve Sys-tem to absorb the bonds thus liquidated. This,in turn, would amount to pumping that muchmore money into the economy, with increas-ingly perilous results. This must not happen,but it could happen if we allowed the faith ofour people to be undermined by a failure to holdthis line against inflation.

APRIL 1944 331


ANNUAL REPORT OF THE BANK OF CANADA

The Annual Report of the Bank of Canada for theyear 194$ was submitted to the Canadian Minister ofFinance, the Honorable J. L. Ilsley, on February 10,1944, by Mr. Graham F. Towers, Governor of theBank. The text of the Report is given herewith:1

The major changes which took place in ourvarious asset and liability accounts during thecourse of the year are indicated in the followingtable, which shows the effect of these changes onthe cash reserves of the chartered banks.

[In millions of Canadian dollars]

Calendar year 1943

[ncrease in Dominion and Provincial Gov-ernment securities .

Increase in rest fundIncrease in active note circulationDecrease in Dominion Government deposits.Decrease in other assets less other liabilities.

Deduct

Increase in chartered banks' cash reserves.

Changesproducinga decrease

in charteredbanks' cash

1.6179.0

6.4

187.0

Changesproducing

an increasein charteredbanks' cash

244.0

. . . . _ „

269.0187.0

82.0

NOTES IN CIRCULATION

The Bank of Canada note issue was$874,395,312. on December 31 last, $180,777,381higher than on the same date a year before.The general public held 751.5 million dollars ofthe total amount of our notes outstanding andthe chartered banks the remaining 1x1.9 miUiondollars. The amount of Bank of Canada andchartered bank notes in public hands at the endof each of the last five years has been as follows:

[In millions of

Bank of Canada notes...Chartered bank notes. ..

Total

Decem-ber 311939

162.284.6

246.8

Canadian dollars]

Decem-ber 311940

261.679.8

341.4

Decem-ber 311941

379.670.6

450.2

Decem-ber 311942

572.560.3

632.8

Decem-ber 311943

751.542.2

793.7

The expansion shown over the period as awhole has undoubtedly been due chiefly to the

1 The full Report contains, in addition, notes on personnel mattersand a discussion of the profit and loss accounts of the Bank. Summaryfigures from the balance sheet are shown on p. 403 of this issue of theBULLETIN. For previous reports, see BULLETIN for March 1943, March1942, May 1940, etc.

increase in incomes arising out of employmentin war industry, the large rise in farm incomeand the growth of the armed services. Otherfactors, as well, have tended to bring about anincrease in the publicly-held note circulation.Many persons have been working at times andin places which made it inconvenient to usebranch banking facilities and therefore havecarried more currency than usual. Some peoplereceiving higher incomes during recent yearswere not previously bank depositors and oftenhave kept their savings in the form of banknotes. In addition, there may be some whoprefer to accumulate cash rather than put theirsavings into bank deposits or securities.

Over the past year the increase in active notecirculation has been somewhat less than in 1941on both an absolute and a percentage compari-son. This was to be expected in view of thefact that the rate of increase in incomes sloweddown as we approached a position of virtuallyfull employment.

INVESTMENTS

The Bank's holdings of Dominion andProvincial Government securities were$1,160,3 75^5 2. on December 31 last, having risenby $243,974,530 during 1943. Our security pur-chases during the year were undertaken in orderto offset the effect upon the chartered banks'cash reserves of the increase in active notecirculation, and also to bring about someincrease in those cash reserves, for reasons whichI shall refer to in a later section of this Report.

On the basis of the Wednesday figures pub-lished in our weekly statement, the Bank's totalinvestments averaged 365 million dollars morein 1943 than in 1942..

BANK RATE

Bank rate remained unchanged throughout1943 at z j ^ P e r c e n t - Following the issue ofthe Fourth and Fifth Victory Loans small creditfacilities were required for only brief periods.

At a meeting of the Board of Directors onFebruary 7, 1944, it was decided to reduce thebank rate to i j ^ per cent, effective February 8,from the x j^ per cent level which had beenmaintained since the Bank's establishment in1935. During the intervening period, therehad been a considerable reduction in interest

332. FEDERAL RESERVE BULLETIN



rates on short-term securities, and the bankrate was somewhat out of line with the currentmarket. However, this was not a matter ofgreat importance because the lending facilitiesof the Bank have been required on few occasionsand for rather small amounts.

The change to a i } ^ per cent rate does notmean that the Bank expects its credit facilitiesto be needed on a much greater scale in thefuture than in the past. Nor does it mean thatunder existing war conditions there is any lessneed for people to save. The utmost effort tomaintain and increase our saving is still neces-sary, and the first and foremost concern offinancial policy must be with winning the war.The stage has now come, however, when manyare also having to give thought to the economicproblems which will arise after the war.

One factor which will affect decisions is theprospective cost of borrowing. It thereforeseems appropriate that the Bank should, byreducing its rate, signify its intention to con-tinue the kind of monetary policy which hasbrought about the current level of interest rates.A policy aimed at higher interest rates wouldonly become intelligible if, after war shortagesare over, consumers' expenditure and capitaldevelopment were to proceed at a rate whichwould overstrain our productive capacity. Isee no prospect of such a situation arising in aform which would call for a policy of raisinginterest rates.

Admittedly, the rate of interest is only one ofmany factors influencing Canada's economicposition, and it is probably not as important aninstrument of control as was once supposed. Itremains true, however, that the prospect ofunstable interest rates could make it exceedinglydifficult for business to formulate long-termplans. Moreover, high borrowing costs wouldhamper new investment in plant, equipment andhousing, would restrict the expansion of em-ployment, and would seriously complicate thetask of Government financing. Thefe can belittle doubt that the easy money policy whichhas been pursued since 1935 assisted in pro-moting recovery from the depression andfacilitated the adjustments which have beenrequired during the war period. Indicationthat the Bank intends to continue this easymoney policy should be helpful in making plansfor the future.

CREDIT EXPANSION

During 1943, the Canadian deposit liabilitiesof the chartered banks increased by 748 million

APRIL 1944

dollars. In addition, total active note circula-tion (including Bank of Canada notes) rose by161 million dollars, making the total expansionin the volume of money, therefore, 909 milliondollars during the year.

Dominion and Provincial Government securi-ties held by chartered banks rose by 6x6 milliondollars during the year. Most of this increasewas accounted for by special short-term issueswhich were sold to the banks by the DominionGovernment. The outstanding amount of six-months deposit certificates bearing interest atthree-quarters of one per cent per annum roseby X75 million dollars during 1943, and on Sep-tember 1 the banks bought xoo million dollars ofone and one-half per cent notes maturing July x,1945. In addition, a major part or the 60million dollar net increase in Dominion Treasurybills outstanding went into chartered bank port-folios.

Cash reserves of the chartered banks rose8i million dollars during the year, as shown inthe table on page 33Z. Most of the expansionwas necessary in order to maintain the cash ratioposition of the chartered banks in view of the748 million dollar increase in their Canadiandeposit liabilities referred to above. In thelatter part of the year the Bank of Canada alsotook steps to increase bank cash by a moderatefurther amount. This leeway in regard to theover-all cash position was needed in order toprevent large temporary swings in the cashposition of individual banks, which are causedby the unprecedented scale of the Government'sfinancial operations, from having an undesirableeffect.

In last year's Annual Report I mentioned thatmonetary expansion had not been necessary ordesirable for some time except to meet wartimefiscal requirements. Again in 1943, creditexpansion was entirely due to Governmentfinancing and attendant operations. Total Ca-nadian loans and investments of the charteredbanks, excluding Government securities andloans made to finance instalment purchases ofVictory Bonds, declined by 84 million dollarsduring the year.

SECURITY MARKETS

Medium- and long-term Dominion Govern-ment bond prices rose moderately during 1943,and at the end of the year were about the same ascomparable averages for the first half of 1939.Although gilt-edged prices in London recededseveral points from the peak reached in January

333



1943, they rose slightly in the last half of theyear, and remain appreciably above the prewarlevel.

A table of new Canadian bond issues of allcategories, less retirements, is shown below.

ESTIMATED NET NEW BOND ISSUES OR RETIREMENTS

[Par values in millions of Canadian dollars]

Calendaryear Total

Dominionand

C.N.R.1Provinces

Munici-palities2

Privatecorpora-

tions

Payable in Canada only

19361937193819391940194119421943

360173172197474666

1,7892,563

125259174

434731

1,8332,606

6682595175

912

1399

2414324230

18275319621331125

Payable abroad, only or optionally

19361937193819391940194119421943

21914198

209209256412211

39142196

144195296148

2724112915184126

1416211516141311

1398745

12734296226

Total

19361937193819391940194119421943

141327412

265410

1,3772,352

86117022

290536

1,5372,458

3958488060183214

2725303930465541

4312143155627351

1 Includes War Savings Certificates, but excludes Treasury bills,deposit certificates and special short-term issues sold to banks, ofwhich the amount outstanding increased (in millions of dollars) by57, nil, 5, 200, 325, 290, 633 and 535 in the calendar years 1936 to 1943respectively.

2 The division of net municipal retirements between the domesticand the foreign category is a rough approximation only.

Net new domestic issues taken up by thepublic during 1943, totaling 2.,563 milliondollars, greatly exceeded the correspondingfigure for any previous year. The major itemswere, of course, the Fourth Victory Loan inApril and the Fifth Victory Loan in October,which produced cash applications for 1,309million dollars and 1,383 million respectively.The following table shows the progressive in-crease which has taken place in the totalnumber of applications, and in the volume ofwar bonds sold to individuals of moderatemeans (as distinct from individuals oflarger means included in the Special Names Can-vass).

334

1st2nd1st2nd3rd4th5th

War Loan—Jan. 1940" " —Sept. 1940

Victory Loan—June 1941" —Feb. 1942

" " —Oct. 1942" —Apr. 1943

" " —Oct. 1943

Totalnumber of

applications

178,000151,000968,000

1,681,0002,032,0002,668,0003,033,000 *

Amount of cashapplications

by individuals(ex Special

Names)

[In millions ofCanadiandollars]

132113280336375530604

These results are in part attributable to risingnational income but are also a measure of thestrenuous efforts which have been made toachieve the widest possible distribution of theGovernment's war borrowing. This is the mosteffective kind of borrowing for purposes ofcombating inflation, and it is also highlydesirable for broad social reasons that as manypeople as possible should have some reserveagainst emergencies.

For many individuals, Victory Bonds and WarSavings Certificates purchased during the warperiod represent the first significant backlog ofsaving they have ever been able to build up,and it is apparent that some high-pressurepromoters of dubious or worthless securities areattempting to exploit these savings. Securityregulation is a Provincial responsibility, andit is obviously not easy by means of legislationto prevent activities of a criminal character,without at the same time hampering thedesirable flow of capital into legitimate riskenterprise. A satisfactory solution of thisproblem, where it exists, will require whole-hearted and vigilant cooperation from re-sponsible members of the financial community,as well as Government administration of ahigh order.

Prices of Provincial Government bonds (par-ticularly those of the Prairie Provinces) rosemarkedly during 1943. With Provincial reve-nues up by one-third from the prewar level andprotected by the Dominion-Provincial TaxAgreements, and with capital expendituresrestricted by material and labor shortages, theProvinces have been able to reduce their debt ineach of the last three years. Municipalities andcorporations have continued to pay off debt on aconsiderable scale, as will be seen from thetable in the adjoining coluihn.

FEDERAL DEBT

Net Federal Government borrowing in Canadasince August 1939 has amounted to 7,654 million




dollars, or about half of the Government's totalcash requirements during the war to date. Thisrepresents a quadrupling of the Government'sdomestic debt over the period in question, buttaken by itself it gives an exaggerated impressionof the extent to which the over-all Federaldebt burden has increased, because there areseveral important offsetting factors.

For example, a considerable amount of theFederal Government's domestic borrowing wasused to redeem its own bonds payable in sterling,or was advanced to the Canadian NationalRailway Company to enable it to redeemobligations outstanding in London. Theseoperations, which were initiated in November1939 and largely completed by April 1942., weredesigned to assist the United Kingdom Govern-ment to finance its war purchases in Canada. Afurther portion of the domestic borrowing wasused to redeem certain Government issuespayable in U. S. dollars, and to enable theC.N.R. to pay off nonsterling obligations whichmatured during this period. The effect of theseoffsets is shown in the table of total Federal andC.N.R. debt which is given below.

Another offsetting factor is the substantialreduction which has taken place in the rate ofinterest payable on the combined Federal andC.N.R. debt. As the table below shows, theaverage coupon rate has fallen by more thanone-quarter during the war period. This wasnot caused by any significant reduction in marketrates of interest, which have shown little netchange since the middle of 1936. It has resultedmainly from more complete conversion of the debtto current rates through the continuing processof maturities, refunding and new issues.

BONDED DEBT(Including Treasury bills and deposit certificates. In millions of

Canadian dollars]

Federal Government:Payable in Canada onlyPayable in LondonPayable in New York

Canadian National Railways:Payable in LondonOther

Total Federal and C.N.R

Average coupon rate (per cent)

Total annual interest payable

Amount out-standing at

Aug. 31,1939

2,558406469

395865

4,693

3.61

169

Dec. 31,1943

10,21212

333

26719

11,302

2.69

304

Increaseor

decrease

+7,654- 3 9 4- 1 3 6

- 3 6 9- 1 4 6

+6,609

+135

In calculating the net interest burden, adjust-ment must be made for:

(1) C.N.R. interest which the Railway isable to pay out of its own net earnings,2

and(2.) cash revenue received by the Federal

Government on its investment in oradvances to other organizations such asthe Bank of Canada, the Foreign Ex-change Control Board and the NationalHarbours Board.

These offsets amounted to approximately 14million dollars and 84 million in 1939 and 1943respectively. Net interest charges are thereforenow running at about 22.0 million dollars a year,as compared with about 145 million a year at theoutbreak of war, which represents an increase of52. per cent.

The real burden of public debt charges de-pends, of course, on the taxable capacity of theeconomy. National income has approximatelydoubled since before the war, and taxable capac-ity has increased a good deal more, becausesurplus income over and above basic food, shelterand clothing requirements has increased pro-portionately more than total income. In rela-tion to taxable capacity, therefore, the burdenof Federal and C.N.R. debt charges has declinedsubstantially during the war period. It is alsoless now, in relation to national income, thanit was io years ago, when net interest chargeswere about 135 million dollars a year and na-tional income was less than half its present level.

In making these comments I do not wish tosuggest that public debt could be increased at thepresent rate for an indefinite period withoutplacing intolerable strain on our economy. I dofeel, however, that the war debt, and theincreases which will inevitably take place for atime after the war ends, can be handled withoutserious embarrassment. The key to this prob-lem, as to many others, lies chiefly in themaintenance of a high level of employment andincome.

GENERAL

The magnitude of the adjustments whichCanada will face in maintaining high employ-ment after the war can be indicated in simpleterms. In 1939 about 4,000,000 Canadians weregainfully occupied and at least 300,000 who wereavailable for work were not employed. By theend of 1943 the gainfully occupied populationhad risen to approximately 5,100,000 but about1,900,000 of these were engaged in the armedforces, in supplying the weapons of war, or in

2 The calculation takes no account of the C.N.R. surplus (over andabove debt charges) which is now accruing to the Federal Government.

APRIL 1944 335



producing the food required for special wartimeexports. The number available to meet civilianneeds had therefore fallen to about 3,100,000, butat the same time the average standard of livinghad risen materially and was probably higherthan it had ever been. This increased output ofconsumption goods by a smaller working forcecan be accounted for in part by longer hours ofwork, favorable crop conditions and theabnormally small number now employed inprivate capital development and maintenancework. Another important factor, however,has been the improvement in productiontechniques worked out under the stress of war.

After the war, some of those who are nowemployed will voluntarily withdraw from theworking force, and the armed services may bemaintained at a level considerably above theirprewar strength. It seems likely, however,that at least 4,700,000 workers will be availablefor employment in civilian jobs, or at least1,500,000 more than the number employed inthat sector of the economy at the present time.A working force of this size, at present rates ofefficiency, will be able to produce a vastlygreater volume of civilian goods and servicesthan Canada has ever known before. By thesame token, a vastly increased volume ofconsumption and capital development will benecessary if this output is going to be fullyabsorbed and high employment maintained.The adjustments required will clearly be ofunprecedented magnitude, and bold planningon the part of labor, farm and business organiza-tions, as well as governments, is urgentlyneeded.

One of the many difficult problems to be facedin this connection concerns the probable futureof international trade. Should this countrycount on maintaining or expanding productionin specialized lines where she has a competitiveadvantage, with a view to increasing her exportsabove the prewar level? This will only be pos-sible in the long run if Canada and other coun-tries are willing to import more in lines wherethey are relatively less efficient. Or shouldCanada orient her economy further towards self-sufficiency, deliberately building up high-costindustries which depend for their existence onsome form of subsidy from the community atlarge?

I believe this country has a greater interestthan almost any other in following the firstcourse if it is in fact open to her. Internal ad-justments will be required under either alter-native but they would undoubtedly be lessfundamental and painful under the first. More-

336

over, the specialized character of Canada'sresources, and her relatively small internal mar-ket severely restrict the standard of living whichshe can achieve without the benefit of a largeexport and import trade. Her choice will, how-ever, necessarily depend on whether othercountries, too, are willing to give internationaltrade a chance.

One indication of the prospects in this regardwill no doubt be found in the extent and charac-ter of the international monetary arrangementswhich can be worked out by the United Nations.Three plans have been put forward by British,American, and Canadian experts respectively,which are genuinely international in their ap-proach. Though differences exist between theseplans and need to be reconciled, the broad objec-tive is the same in each case—viz., that countriesshould get together and provide credit on a col-lective basis, within certain limits, in order toachieve a reasonable degree of exchange stabilityand promote the exchange of goods.

No doubt these plans represent something lessthan perfection, and criticism should be wel-comed. In the last analysis, however, theymust be assessed against the practical alterna-tives which are either:

(a) no plans for the provision of externalcredit at all, or

(b) plans for the extension of trade credit di-rectly between individual countries on abilateral basis.

It would be unrealistic to assume that bilateralcredit would not sooner or later be accompaniedby trade discrimination in favor of the countriesextending credit. In the long run this wouldhamper world trade almost as much as the ab-sence of international credit, and would be evenmore likely to promote economic imperialismand international discord.

The central provision of the internationalmonetary proposals is the arrangement for theextension of credit. It is important to realize,however, that the necessity for credit does notarise out of these specific proposals but out of thefact that countries* exports of goods and servicesare not necessarily equal to their imports at anyparticular time. The countries whose exportsexceed their imports should recognize that (ex-cept in so far as other countries have a stock ofgold or acceptable foreign exchange which theyare willing to deplete) a creditor country mustin all circumstances finance its export surplus.If it prefers to do so, it can make long-term loansabroad rather than extend credit through aninternational institution as proposed in the mon-




etary plans. But if it is unwilling to extendcredit in any form, it has no alternative but toeliminate its export surplus by increasing itsimports or curtailing its exports.

An international monetary agreement would,of course, be no more than a good start towardsexpanding world trade and laying the economicfoundations of a durable peace. Measures de-signed to reduce tariff barriers, increase inter-national investment and stabilize primary com-modity prices are also needed; and the extent ofsuch economic collaboration will no doubtlargely depend upon how far confidence in inter-national political security can be established.

If sensible international arrangements can notbe worked out, Canada, like most other coun-

tries, will presumably have no choice but toadopt increasingly nationalistic economic poli-cies. Growing economic and political frictionbetween countries would inevitably result, andit is hard to believe that any nation would de-liberately choose such a course if all its implica-tions were clear. On the other hand, it wouldbe foolish to expect that any given country willmake and fulfill international commitmentsunless it sees an interest in doing so. Self-inter-est is indeed the only practical basis for durableinternational agreements. What we badly need,therefore, is a hard-headed appraisal by eachcountry of what that self-interest really is in thelong run, and what is necessary to achieve it.

APRIL 1944 337


CURRENT EVENTS

Reappointment of Marriner S. Ecelesas a Member of the Board and as Chairman

Marriner S. Eceles was reappointed as a mem-ber of the Board of Governors of the FederalReserve System for a term of fourteen years fromFebruary i, 1944. The President also desig-nated Mr. Eceles as Chairman of the Board ofGovernors of the Federal Reserve System, toserve as such for a term of four years, effectiveFebruary 1, 1944.

Appointment of Branch Director

The Board of Governors of the Federal Re-serve System on March 15, 1944, announced theappointment of Mr. William Howard Smith ofPrattville, Alabama, as a director of the Birming-ham Branch of the Federal Reserve Bank ofAtlanta for the unexpired portion of the termending December 31, 1945. Mr. Smith is en-gaged in farming.

Death of Director

William G. Volkmann, Partner, A. Schillingand Company, San Francisco, California, whohad served as a Class B director of the FederalReserve Bank of San Francisco since March 2.,1937, died on March i3 , 1944.

Admissions of State Banks to Membership in theFederal Reserve System

The following State banks were admitted tomembership in the Federal Reserve System dur-ing the period February 16, 1944, to March 15,1944, inclusive:

Michigan

Ypsilanti—Ypsilanti Savings Bank

New Jersey

Clifton—Clifton Trust Company

New York

Freeport—The Freeport Bank of Freeport, NewYork

Great Neck Plaza—Great Neck Trust CompanyJohnstown—The Johnstown BankPhoenix—The Phoenix Bank

Pennsylvania

New Cumberland—New Cumberland Bank

South Dakota

Lead—Miners and Merchants Savings Bank

Texas

Houston—South Main State Bank

West Virginia

Ripley—Bank of Ripley

Wisconsin

Boyd—State Bank of BoydCadott—Citizens State BankWest Salem—Union State Bank of West Salem



LAW DEPARTMENT

Administrative interpretations of banking laws, new regulations issued bythe Board of Governors, and other similar material.

Absorption of Exchange ChargesAvoidance of Expense to Member Bank

The Board of Governors recently consideredthe case of a member bank which was absorbingexchange charges in order to avoid the addi-tional expense which would be involved in col-lecting such charges. From the informationpresented in this case it was understood that thebank has no agreement or understanding, tacit orotherwise, with any depositor with regard to theabsorption of any exchange or collectioncharges; and that such charges are absorbed onlywhere the amount of the clerical or other expensethat would be involved in collecting the chargesfrom the bank's depositors exceeds the amountof the charges.

Under the Board's Regulation Q, interest isdenned as "any payment to or for the account ofany depositor as compensation for the use offunds constituting a deposit." As pointed outin the Board's ruling published in the September1943 Federal Reserve BULLETIN at page 817, twoquestions arise under this definition: First,whether the absorption of the charges by thebank constitutes a payment; and, second,whether such payment is made as compensationfor the use of funds constituting a deposit.Since in practically every case the absorption ofthe charge results in a payment, it may bepointed out that most cases will turn upon adetermination of whether the charges are ab-sorbed as compensation for the use of the fundson deposit. In this case it appeared thatcharges are absorbed solely as a matter of operat-ing efficiency where the cost of passing themback would exceed the amount of the charges.There was no evidence that the bank in solicitingnew accounts or in maintaining existing ac-counts offers to absorb such charges as an induce-ment to the maintenance of balances. It seems

evident, therefore, that the charges are not ab-sorbed as compensation for the use of funds ondeposit but as a means of avoiding expense tothe bank.

In the opinion of the Board, therefore, theabsorption of the charges in the circumstancesabove indicated is not a payment to or for theaccount of any depositor as compensation for theuse of funds and, accordingly, is not a violationof the provisions of section 19 of the FederalReserve Act relating to the payment of intereston deposits. It may be added, however, that ifit appears from any understanding or agreementbetween a bank and a depositor or from otherevidence, such as the solicitation of depositsupon the basis of a willingness to absorb suchexchange charges, that it is the intention toabsorb the charges as compensation for the useof the depositor's funds, then it would seemclear that such a bank is violating the provisionsof section 19 aforesaid, notwithstanding the factthat the cost of passing back the charges mightexceed the cost of absorbing them.

Consumer Credit

Amendment to Regulation WThe Board of Governors, effective April 3,

1944, issued Amendment No. 11 to RegulationW, relating to Consumer Credit. The changesare technical or administrative, designed toimprove the practical workings of the Regu-lation. They will relieve both credit-grantorsand their customers from some detailed require-ments that are not now of sufficient importanceto warrant the extra work which they some-times involve.

Although the Amendment makes about 15small changes in the Regulation, none of theserequires the credit-grantor to do anything hewas not previously required to do. Most of

APRIL 1944 339


LAW DEPARTMENT

them permit one credit-grantor or another tosimplify his operations under the Regulation.

One of the more important changes willpermit banks and other cash-lenders to obtainfrom the borrower on a form of their own theinformation concerning the purposes of the loanwhich they have heretofore had to obtain on aform prescribed by the Board, but they may con-tinue at their option to use the prescribed form.Other changes give merchants more latitude inhandling small balances in charge accounts—viz., balances up to $10.00—and in handlinginstalment sales of articles priced up to $10.00.

The Amendment is not intended to have anymaterial effect in the way of influencing eitherthe expansion or the contraction of the totalvolume of consumer credit outstanding.

The text of the Amendment is as follows:

AMENDMENT NO. I I TO REGULATION W

Regulation W is hereby amended in the fol-lowing respects, effective April 3, 1944:

1. By amending section $Qa) entitled "DownPayment" so that clause (3) will read as follows:

(3) In the case of articles the cash price ofwhich is $10.00 or less, no down payment isrequired.

2.. By adding to section ^(d) entitled "State-ment of Transaction" the following sentence:The Statement of Transaction need not includea description of the article if it is purchased by-means of a coupon book or similar medium ofinstalment credit upon which a cash down pay-ment of at least one-third of its purchase valuehas been made.

3. By adding at the end of section <>(d) en-titled "Curing Defaults" the following para-graph:

In the case of any charge account obligationof any member or former member of the armedforces of the United States incurred prior to hisinduction into such service, a default may becured by the purchaser entering into a writtenagreement in good faith to make payment ac-cording to such terms as the Registrant shalldeem it appropriate to require.

4. By striking out of section $(f) entitled

" 'Authorization' of Small Items" the words"within 15 days from the date of sale" and in-serting in lieu thereof the words ' 'within 30 daysfrom the date of sale."

5. By amending section 5^) so that it willread as follows:

(g) Small Defaults.—A charge account shallnot be deemed to be "in default" within themeaning of sections $(c) or ix(W) if the amountin default is less than $10.00.

6. By amending section 6(d) so that it willread as follows:

0 0 Statement of the Borrower.—No Regis-trant shall make any instalment loan, exceptunder the provisions of section io(a), unless heshall have accepted in good faith a signedStatement of the Borrower as to the purposesof the loan. Such Statement shall state whetheror not any of the proceeds of the loan are to beused to make a down payment on the purchaseof a listed article or to be used to purchase anylisted article having a cash price of $15.00 ormore, and, if any of the proceeds of the loan areto be so used, such Statement shall identify suchlisted article and shall state the cash pricethereof and the value of any trade-in. SuchStatement shall state also whether or not anyof the proceeds of the loan are to be used toreduce or retire any instalment sale or instal-ment loan, or any single-payment loan which issubject to this regulation, or any charge accountarising in whole or in part from the sale of alisted article, and, if any of the proceeds areto be so used, shall state the amount of suchobligation and the terms of payment. If aRegistrant relies in»good faith on the facts setout by the obligor in such Statement, it shall bedeemed to be correct for the purposes of theRegistrant. (The Registrant, at his option,may use either his own form or the most recentStatement of Borrower form prescribed by theBoard.)

7. By amending section y(c) entitled "Re-newals and Extensions" so that clause (1) ofnumbered paragraph (3) will read as follows:

(1) with respect to any obligation of anymember or former member of the armed forces



LAW DEPARTMENT

of the United States incurred prior to his induc-tion into such service,

8. By amending section y(d) so that it willread as follows:

(/) Statement of the Borrower.—No Regis-trant shall make any single-payment loan,except under the provisions of section 7(0),unless he shall have accepted in good faith asigned Statement of the Borrower as to thepurposes of the loan. Such Statement shallstate whether or not any of the proceeds of theloan are to be used to make a down payment onthe purchase of a listed article or to be used topurchase any listed article having a cash priceof $15.00 or more, and, if any of the proceedsof the loan are to be so used, such Statementshall identify such listed article and shall statethe cash price thereof and the value of anytrade-in. If a Registrant relies in good faithon the facts set out by the obligor in suchStatement, it shall be deemed to be correct forthe purposes of the Registrant. (The Registrant,at his option, may use either his own form orthe most recent Statement of Borrower formprescribed by the Board.)

9. By amending section 8 entitled "Excep-tions" so that clause (1) of subsection (m) willread as follows:

(1) the conversion of heating equipment tothe use of any other fuel, the repair of heatingequipment, or the replacement of heating equip-ment if it is worn out, damaged beyond repair,or destroyed,

10. By adding to section 8 entitled "Excep-tions" the following new subsection:

Qp) Loans to Indians.—Any extension ofcredit made in accordance with regulations ofthe Secretary of the Interior for the economicdevelopment or rehabilitation of Indians.

11. By amending section io(V) entitled "Re-newals or Revisions" so that clause (1) willread as follows:

(1) with respect to any obligation of anymember or former member of the armed forcesof the United States incurred prior to his induc-tion into such service,

12.. By striking out the phrase "in form and

content prescribed by the Board," from thesecond paragraph of section io(d) entitled"Statement of Necessity to Prevent UndueHardship."

13. By amending section n(/&) so that it willread as follows:

(Jo) Preservation of Records.—Every Regis-trant shall preserve for the life of the obliga-tion to which they relate, such books of account,records, and other papers (including any state-ments required by or obtained pursuant to thisregulation) as are relevant to establishingwhether or not an extension of credit withinthe scope of this regulation was in conformitywith the requirements thereof, provided, how-ever, that the Statement of the Borrower ob-tained pursuant to section 6(d) or j(/) shall bepreserved for the life of the obligation to whichit relates or for one year, whichever period islonger, and provided further that the Registrantmay preserve photographic reproductions inlieu of such books of account, records, orpapers.

14. By amending section 12.(0 so that it willread as follows:

(i) Inspections and Production of Rec-ords.—For the purpose of determining whetheror not there has been compliance with therequirements of this regulation, every personrequired to be licensed under section 3 shall per-mit the Board or any Federal Reserve Bank, byits duly authorized representatives, to make suchinspections of his business operations as the Boardor Federal Reserve Bank may deem necessary orappropriate, including inspections of books ofaccount, contracts, letters or other relevantpapers wherever located, and, for such purpose,shall furnish such reports as the Board or theFederal Reserve Bank may require. Whenordered to do so by the Board, every suchperson shall furnish, under oath or otherwise,such information relative to any transactionwithin the scope of the Executive Order as theBoard may deem necessary or appropriate forsuch purpose, including the production of booksof account, contracts, letters or other papers inthe custody or control of such person.

APRIL 1944 341


LAW DEPARTMENT

15. By adding to section 12. the followingnew subsection:

(n) Mail Orders.—An instalment sale shallnot be deemed to be in violation of section 4(0)if the sale is made upon the receipt of a mailorder for one or more articles and the cashdeposit received with the order fails by lessthan $1.00 to equal the sum of the down pay-ments required by this regulation for all of thearticles included in the order.

Maximum Credit Values for Used 1942Automobiles

This ruling relates to the establishment ofmaximum credit values for used 1942. modelautomobiles under Regulation W.

Amendment No. 12. to Revised Price ScheduleRPS 85 of the Office of Price Administrationrelating to New Passenger Automobiles, whichwas effective December 7, 1943, prescribes priceceilings for used 1942. models that depend inpart upon the length of time each particularautomobile has remained in the possession • ofany dealer pending sale. This means that theremay be a number of different ceiling prices forthe same make and model of automobile in eachlocality.

It is our understanding that some guide bookpublishers have come to the conclusion that itis inadvisable under the circumstances to attemptto publish "estimated average retail values" forused 1942. automobiles. The Board has decidedthat it will not discontinue the designation ofsuch guide books for purposes of sections i3(£)and 13(0 of Regulation W.

Because "appraisal guide values" will notappear in some books and because other guidebooks that publish such values might be at acompetitive disadvantage if no action weretaken, the Board has ruled that any Registrantmay, until further notice, disregard with respectto 1942. model automobiles the requirements ofsections 13OO and 13OO that the "appraisalguide value" be taken into consideration indetermining the down payment or maximumloan for such an automobile. This means thatthe maximum credit will be two-thirds of the

cash price or of the price ceiling, whichever islower in the particular case.

Foreign Funds Control

Treasury Department ReleasesThe following releases relating to transactions

in foreign exchange, etc., in addition to thoseheretofore published in the Federal ReserveBULLETIN, have been issued by the Office of theSecretary of the Treasury under authority of theExecutive Order of April 10, 1940, as amended,and the Regulations issued pursuant thereto:

Treasury Department


January 15, 1944

GENERAL LICENSE NO. 84, AS AMENDED

Under Executive Order No. 8389, as Amended, Executive Order

No. 9193, Section j(b") of the Trading with the Enemy Act, as

Amended by the First War Powers Act, 1941, Relating to

Foreign Funds Control*

General License No. 84 is hereby amended to read asfollows:

Exemption of certain United States securities from General

Ruling No. 5. A general license is hereby granted exemptingfrom the provisions of General Ruling No. 5 the followingsecurities:

(a) United States Defense and War Savings Stamps andBonds of all series and designations;

0 0 All other securities issued on or after December 7,1941, which are direct obligations of the UnitedStates, including, but not limited to, bonds, notes,certificates of indebtedness, and Treasury bills, andinterim certificates issued for any such securities.

RANDOLPH PAUL,

Acting Secretary of the Treasury.

Treasury Department


January 15, 1944

PUBLIC CIRCULAR NO. 14


No. 9193, Sections $(a) and sQf) of the Trading with the

* Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55Stat. 838; Ex. Order 8389, April 10,1940, as amended by Ex. Order 8785,June 14, 1941. Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9,1941, 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.

34^ FEDERAL RESERVE BULLETIN


LAW DEPARTMENT

Enemy Act, as Amended by the First War Powers Act, 1941,Relating to Foreign Funds Control*

Elimination of Corsica from definition of ''enemy territory"in General Ruling No. 11. Reference is made to GeneralRuling No. 11, as amended, and to the definition of "enemyterritory" in paragraph (4XW thereof.

Corsica shall no longer be deemed to be "enemy territory"within the meaning of that definition. Attention is directed,however, to the fact that Corsica continues to be territoryof a blocked country.

RANDOLPH PAUL,


Treasury Department


February 7, 1944

GENERAL LICENSE NO. 3iA

Under Executive Order No. 8389, as Amended, Executive OrderNo. 9193, Section j(F) of the Trading with the Enemy Act,as Amended by the First War Powers Act, 1941, Relating toForeign Funds Control^

(1) Certain remittances to Sicily for living expenses authorized.A general license is hereby granted authorizing remittancesby any individual through any domestic bank to any indi-vidual within Sicily, and any domestic bank is authorized toeffect such remittances, provided the following terms andconditions are complied with:

(a) Such remittances are made only for the necessaryliving expenses of the payee and his household;

(b) If the payee is not a citizen of the United States, thetotal of all remittances to such payee and his house-hold effected in any three month period under thisgeneral license may not exceed $100;

(c) If the payee is a citizen of the United States, the totalof all remittances to such payee and his householdeffected in any one calendar month under this generallicense may not exceed $75, except that additionalsums not exceeding $15 in any one calendar monthmay be remitted for each member of such payee'shousehold in addition to the payee who is a citizenof the United States, provided that in no case shall asum in excess of $150 per calender month be remittedto any such payee and his household;

(d) Such remittances are not made from a blocked accountother than from an account in a banking institutionwithin the United States in the name of, or in which

* Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, asamended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26,1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941;Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as amendedJune 14, 1941, and July 26, 1941.

t Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55Stat. 838; Ex. Order 8389, April 10,1940, as amended by Ex. Order 8785,June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9,1941, and Ex. Order 8998, Dec. 2*6, 1941; Ex. Order 9193, July 6, 1942;Regulations, April 10, 1940, as amended June 14, 1941, and July 26,1941.

the beneficial interest is held by, a citizen of theUnited States who is the payee or a member of hishousehold; and

(e) Such remittances are effected only by the paymentof the dollar amount of the remittance to a domesticbank for credit to a post-liberation blocked accountin the name of "Bank of Sicily, Account AF."

(2.) Duty of individuals and domestic banks acting under thislicense. All individuals making such remittances and alldomestic banks effecting such remittances shall satisfy them-selves that the foregoing terms and conditions are compliedwith.

(3) Reports by domestic banks effecting remittances. Domesticbanks through which any such remittances originate shallexecute promptly Section A of Form TFR-i3i with respectto each such remittance. When so executed, Form TFR-i3ishall be forwarded promptly to the domestic bank ultimatelytransmitting abroad the payment instructions for suchremittances and the latter bank shall, upon receipt thereof,execute Section B of Form TFR-I3X and promptly file suchexecuted report with the appropriate Federal Reserve Bank.If the domestic bank through which any such remittanceoriginates is also the bank ultimately transmitting abroadthe payment instructions for such remittance, then suchbank shall execute both Sections A and B of such report.No report on Form TFR-132. shall be deemed to have beenfiled in compliance with this general license unless bothSections A and B thereof have been duly executed as hereinprescribed.

(4) Reports by domestic banks maintaining post-liberationblocked accounts. Domestic banks maintaining post-liberationblocked accounts in the name of "Bank of Sicily, AccountAF" shall report promptly the establishment of such ac-counts, and the balances therein at the end of each calendarmonth, to the appropriate Federal Reserve Bank.

(5) Refunds. Domestic banks are authorized to refundthe amount of any remittance ordered pursuant to this generallicense when such domestic banks are advised that suchremittance can not be effected.

(6) Waiver of General Ruling No. 11 and General Ruling No-,5A. Transactions authorized herein and communicationswith persons in Sicily relating thereto are authorized not-withstanding General Ruling No. 11. Domestic banks areauthorized, notwithstanding General Ruling No. 5A, tosend to and receive from the Bank of Sicily non-negotiablebank payment orders covering remittances or refunds author-ized herein.

(7) Definitions. As used in this general licenser(a) The term "household" shall mean:

(i) those individuals sharing a common dwell-ing as a family; or

(ii) any individual not sharing a common dwell-ing with others as a family.

(b) The term "post-liberation blocked account" shallmean a blocked account:(i) which is established pursuant to this license

or any other license or other authoriza-

APRIL 1944 343


LAW DEPARTMENT

tion expressly referring to a post-liberationblocked account;

(ii) to which funds may be credited only pursuantto this license or any other license or otherauthorization expressly referring to a post-liberation blocked account; and

(iii) with respect to which payments, transfers,or withdrawals or other dealings may notbe made or effected except pursuant to thislicense or any other license or other author-ization expressly referring to a post-liberatioablocked account.

RANDOLPH PAUL,


Treasury Department


February u , 1944


Under Executive Order No. 8589, as Amended, Executive OrderNo. 9193, Section j(fi) of the Trading with the Enemy Actf asAmended by the First War Powers Act, 1941, delating toForeign Funds Control*(1) A general license is hereby granted licensing all

transactions ordinarily incident to the importing and export-ing of goods, wares and merchandise between the UnitedStates and any of the members of the generally licensed tradearea or between the members of the generally licensed tradearea if (i) such transaction is by, or on behalf of, or pursuantto the direction of any national of a blocked country withinthe generally licensed trade area, or (ii) such transactioninvolves property in which any such national has at anytime on or since the effective date of the Order had any inter-est, provided the following terms and conditions are compliedwith:

(a) Such transaction is not by, or on behalf of, or pursuantto the direction of (i) any person whose name appearson "The Proclaimed List of Certain Blocked Na-tionals," or (ii) any blocked country or nationalthereof not within the generally licensed trade area;

(b) Such transaction does not involve property in which(i) any person whose name appears on "The Pro-claimed List of Certain Blocked Nationals," or (ii)any blocked country or national thereof not withinthe generally licensed trade area, has at any time on orsince the effective date of the Order had any interest;and

(c) Any banking institution within the United States,prior to issuing, confirming or advising letters of

• Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55Stat. 838; Ex. Order 8389, April 10,1940, as amended by Ex. Order 8785,June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9,1941, 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.

credit, or accepting or paying drafts drawn, orreimbursing themselves for payments made, underletters of credit, or making any other payment ortransfer of credit, in connection with any importationor exportation pursuant to this general license, orengaging in any other transaction herein authorized,shall satisfy itself (from the shipping documents orotherwise) that: (i) any such transaction is incidentto a bona fide importation or exportation and iscustomary in the normal course of business, and thatthe value of such importation or exportation reason-ably corresponds with the sums of money involved infinancing such transaction; and (11) such importationor exportation is or will be made pursuant to all theterms and conditions of this license.

0 0 Subject to all other terms and conditions of thisgeneral license any national of a blocked country doingbusiness within the United States pursuant to a license isalso hereby authorized, while so licensed, to engage in anytransaction referred to in paragraph (1) to the same extentthat such national is licensed to engage in such transactioninvolving persons within the generally licensed trade areawho are not nationals of a blocked country.

(3) This General License shall also authorize any transac-tion engaged in by a bank within the generally licensed tradearea pursuant to the order of or for the account of anynational of a blocked country within the generally licensedtrade area to the same extent, and under the same circum-stances, as though such transaction were solely for theaccount of such bank; provided, however, that this paragraphshall not be deemed to permit any payment, transfer orwithdrawal from any blocked account; and provided furtherthat the following terms and conditions are complied with:

(a) Such transaction is not by, or on behalf of, or pursuantto the direction of (i) any person whose name appearson "The Proclaimed List of Certain Blocked Na-tionals," or (ii) any blocked country or nationalthereof not within the generally licensed trade area;

(b) Such transaction does not involve property in which(i) any person whose name appears on "The Pro-claimed List of Certain Blocked Nationals," or (ii)any blocked country or national thereof not withinthe generally licensed trade area, has at any time on orsince the effective date of the Order had any interest.

(4) As used in this general license:(a) The term "generally licensed trade area" shall mean

the following:(i) the American Republics, i.e., (1) Argentina,

(2.) Bolivia, (3) Brazil, (4) Chile, (5) Co-lombia, (6) Costa Rica, (7) Cuba, (8) TheDominican Republic, (9) Ecuador, (10) ElSalvador, (11) Guatemala, ( iz) Haiti, (13)Honduras, (14) Mexico, (15) Nicaragua, (16)Panama, (17) Paraguay, (18) Peru, (19) Uru-guay, and (2.0) Venezuela;

(ii) the British Commonwealth of Nations, i.e..



LAW DEPARTMENT

(i ) the United Kingdom (England, Wales,Scotland and Northern Ireland), (z) the BritishDominions (Canada, Australia, New Zealand,the Union of South Africa and Newfoundland),(3) Eire, (4) the Isle of Man, (5) India, (6)Egypt, (7) Anglo-Egyptian Soudan, (8) Iraq,(9) all colonies and protectorates under theBritish Crown, and (10) all mandated terri-tories administered by the United Kingdom orby any British Dominion;

(iii) the Union of Soviet Socialist Republics;(iv) the Faroe Islands;(v) the Netherlands West Indies;

(vi) the Belgian Congo and Ruanda-Urundi;(yii) Greenland;

(viii) Iceland;-(ix) (1) Syria and Lebanon; and (2.) the New

Hebrides Islands; and(x) (1) French Equatorial Africa, including the• Cameroons; (z) New Caledonia; (3) Tahiti;

(4) the French Establishments in India;Provided, however, that the term "generally

licensed trade area" shall not include any territorywhich is controlled or occupied by the military,naval or police forces or other authority of Japan,Germany, or Italy, or allies thereof.

(b) The term "member" of the generally licensed tradearea shall mean any of the foreign countries orpolitical subdivisions comprising the generallylicensed trade area.

(c) The term "The Proclaimed List of Certain BlockedNationals" shall mean "The Proclaimed List ofCertain Blocked Nationals" as amended and supple-mented promulgated pursuant to the proclamation ofJuly 17, 1941.

RANDOLPH PAUL,


Treasury Department


February zi , 1944



No. 9193, Section / ( £ ) of. the Trading with the Enemy Act, as



(1) A general license is hereby granted licensing anytransaction referred to in Section 1 of the Order, if (i) suchtransaction is by, or on behalf of, or pursuant to the directionof Sweden, or any national thereof, or (ii) such transactioninvolves property in which Sweden, or any national thereof,

• Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55Stat. 838; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785,June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9,1941, 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.

has at any time on or since the effective date of the Orderhad any interest, provided that:

(a) Such transaction is not by, or on behalf of, or pursuantto the direction of any blocked country or anynational thereof, other than Sweden or any national ofSweden; and

(b) Such transaction does not involve property in whichany blocked country or any national thereof, otherthan Sweden or any national of Sweden, has at anytime on or since the effective date of the Order hadany interest; and

(c) If such transaction is not by, or on behalf of, orpursuant to the direction of the Government ofSweden or the Sveriges Riksbank, such transactionshall not be effected until a representative in NewYork, New York, of the Swedish Legation, designatedfor such purpose by the Minister of Sweden to theUnited States, has certified in writing that theGovernment of Sweden has determined that suchtransaction complies with the conditions of para-graphs (a) and (b) above.

(z) This license shall not be deemed to permit any pay-ment, transfer or withdrawal from any blocked accountother than blocked accounts in the name of the Governmentof Sweden or the Sveriges Riksbank, until the said representa-tive in New York, New York, of the Swedish Legation hascertified, with respect to the transaction, as provided inparagraph (i)(c) above.

(3) This general license shall not apply with respect toany national of Sweden who is also a national of any otherblocked country.

(4) A report on Form TFR-149 shall be filed promptly induplicate with the appropriate Federal Reserve Bank by anybanking institution within the United States:

(a) Ihrough which any remittance in excess of $5,000originates; or

(b) Which issues, confirms, or advises any letter of creditinvolving an amount in excess of $5,000; or

(c) Which debits any blocked account in an amount inexcess of $5,000 for any single item under the authorityof this general license.

(5) As used in this general license, the "Government ofSweden" shall include the government of any political sub-division (territories, dependencies, possessions, states,departments, provinces, counties, municipalities, districts orother places subject to the jurisdiction thereof), or anypolitical agency or instrumentality of the government.

RANDOLPH PAUL,


Treasury Department


February zi, 1944



No. 9193, Section / ( £ ) of the Trading with the Enemy Act,

APRIL 1944 345


LAW DEPARTMENT

as Amended by the First War Powers Act, 1941, Relating to


(1) A general license is hereby granted authorizing thepayment from any blocked account to the United States orany agency or instrumentality thereof, or to any state,territory, district, county, municipality, or political sub-division in the United States, of customs duties, taxes, andfees payable thereto by the owner of such blocked account.

RANDOLPH PAUL,


Treasury Department


February 2.1, 1944



No. 9193, Section / ( £ ) of the Trading with the Enemy Act, as



(1) A general license is hereby granted licensing anytransaction referred to in Section 1 of the Order, if suchtransaction is by, or on behalf of, or pursuant to the directionof the Government of Switzerland or the Banque NationaleSuisse, provided that:

(a) Such transaction is not by, or on behalf of, or pursuantto the direction of any blocked country or any nationalthereof, other than Switzerland or a national ofSwitzerland; and

(b) Such transaction does not involve property in whichany blocked country or national thereof, other thanSwitzerland or any national of Switzerland, has atany time on or since the effective date of the Orderhad any interest.

Any transaction engaged in by the Government of Switzer-land or the Banque Nationale Suisse pursuant to the order orfor the account of any other national of Switzerland is alsohereby authorized to the same extent, and under the samecircumstances, as though such transaction were solely for theaccount of the Government of Switzerland or the BanqueNationale Suisse.

QL) This general license shall not be deemed to permit anypayment, transfer or withdrawal from any blocked account,other than blocked accounts in the name of the Governmentof Switzerland or the Banque Nationale Suisse, except asprovided in paragraph (3) of this general license.

(3) This general license also authorizes any payment ortransfer of credit or transfer of securities from a blockedaccount in which any national of Switzerland has an interestto a blocked account in a domestic bank in the name of theBanque Nationale Suisse, if, prior to any such payment ortransfer, the instructions to effect such payment or transfer

are confirmed by the Banque Nationale Suisse; provided,however, that this authorization shall not be deemed toauthorize any payment or transfer of credit or transfer ofsecurities from a blocked account in which any national of ablocked country, other than Switzerland, has an interest, orhas had an interest at any time on or since the effective dateof the Order.

(4) This general license shall not apply with respect toany national of Switzerland who is also a national of anyother blocked country.

(5) A report on Form TFR-149 shall be filed promptlyin duplicate with the appropriate Federal Reserve Bank byany banking institution within, the United States:

(a) Through which any remittance in excess of $5,000originates; or


00 Which debits any blocked account in an amount inexcess of $5,000 for any single item under the author-ity of this general license. •

(6) As used in this general license, the "Government ofSwitzerland" shall include the government of any politicalsubdivision (territories, dependencies, possessions, states,departments, provinces, counties, municipalities, districts orother places subject to the jurisdiction thereof), or anypolitical agency or instrumentality of the government.

RANDOLPH PAUL,


Treasury Department


February 2.1, 1944

GENERAL LICENSE NO, 52., AS AMENDED


No. 9193, Section j(f) of the Trading with the Enemy Act,



(1) A general license is hereby granted licensing anytransaction referred to in Section 1 of the Order, if (i) suchtransaction is by, or on behalf of, or pursuant to the directionof Spain, or any national thereof, or (ii) such transactioninvolves property in which Spain, or any national thereof,has at any time on or since the effective date of the Order hadany interest, provided that:

(a) Such transaction is not by, or on behalf of, or pursuantto the direction of any blocked country or any nationalthereof, other than Spain or any national of Spain;and

(b) Such transaction does not involve property in whichany blocked country or any national thereof, other

* Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55Stat. 838; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785,June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9,1941, 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.

* Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55Stat. 838; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785,June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9,1941, 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.



LAW DEPARTMENT

than Spain or any national of Spain, has at any timeon or since the effective date of the Order had anyinterest; and

(c) If such transaction is not by, or on behalf of, orpursuant to the direction of the Instituto Espanol deMoneda Extranjera, such transaction shall not beeffected until the Instituto Espanol de Moneda Extran-jera has certified in writing that the Instituto Espanolde Moneda Extranjera has determined that suchtransaction complies with the conditions of para-graphs (a) and (b) above.

(2.) This general license also authorizes any payment ortransfer from a blocked account in which any national ofSpain has an interest to a blocked account in a domestic bankin the name of the Instituto Espanol de Moneda Extranjera;provided, however, that this authorization shall not bedeemed to authorize any payment or transfer from a blockedaccount in which any national of a blocked country, otherthan Spain, has an interest, or has had an interest at any timeon or since the effective date of the Order.

(3) Except as provided in paragraph (2.), this generallicense shall not be deemed to permit any payment, transferor withdrawal from any blocked account other than blockedaccounts in the name of the Instituto Espanol de MonedaExtranjera, until the Instituto Espanol de Moneda Extranjerahas certified, with respect to the transaction, as provided inparagraph ( i ) ( 0 above.

(4) This general license shall not apply with respect toany national of Spain who is also a national of any otherblocked country.

(5) A report on Form TFR-149 shall be filed promptly induplicate with the appropriate Federal Reserve Bank by anybanking institution within the United States:



(c) Which debits any blocked account in an amount inexcess of $5,000 for any single item under the authorityof this general license.

RANDOLPH PAUL,


Treasury Department


February 2.1, 1944



No. 9193, Section / ( £ ) of the Trading with the Enemy Act,



(1) A general license is hereby granted licensing anytransaction referred to in Section 1 of the Order, if (i) such

transaction is by, or on behalf of, or pursuant to the directionof Portugal or any national thereof, or (ii) such transactioninvolves property in which Portugal, or any national thereof,has at any time on or since the effective date of the Orderhad any interest, provided that:

(a) Such transaction is not by, or on behalf of, or pursuantto the direction of any blocked country or any na-tional thereof, other than Portugal or any national ofPortugal;

(b) Such transaction does not involve property in whichany blocked country or any national thereof, otherthan Portugal or any national of Portugal, has atany time on or since the effective date of the Orderhad any interest; and

(c) If such transaction is not by, or on behalf of, orpursuant to the direction of the Government ofPortugal or the Banco de Portugal, such transactionshall not be effected until the Banco de Portugal hascertified in writing that the Banco de Portugal has

' determined that such transaction complies with theconditions of paragraphs (a) and (b) above.

(2.) This general license also authorizes any payment ortransfer from a blocked account in which any national ofPortugal has an interest to a blocked account in a domesticbank in the name of the Banco de Portugal; provided, how-ever, that this authorization shall not be deemed to authorizeany payment or transfer from a blocked account in which anynational of a blocked country, other than Portugal, has aninterest, or has had an interest at any time on or since theeffective date of the Order.

(3) Except as provided in paragraph (2.), this generallicense shall not be deemed to permit any payment, transferor withdrawal from any blocked account other than blockedaccounts in the name of the Government of Portugal or theBanco de Portugal, until the Banco de Portugal has certified,with respect to the transaction, as provided in paragraph(iXO above.

(4) This general license shall not apply with respect toany national of Portugal who is also a national of any otherblocked country.

(5) A report on Form TFR-149 shall be filed promptly induplicate with the appropriate Federal Reserve Bank by anybanking institution within the United States;



(c) Which debits any blocked account in an amount inexcess of $5,000 for any single item under the author-ity of this general license.

(6) As used in this general license, the "Government ofPortugal" shall include the government of any political

* Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55Stat. 838; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785,June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9,1941, 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,

APRIL 1944 347


LAW DEPARTMENT

subdivision (territories, dependencies, possessions, states,departments, provinces, counties, municipalities, districts orother places subject to the jurisdiction thereof), or anypolitical agency or instrumentality of the government.

RANDOLPH PAUL,


Treasury Department


February n , 1944

GENERAL LICENSE NO. 2., AS AMENDED

Under Executive Order No. 8389, as Amended, Executive OrderNo. 9193, Section /(£) of the Trading with the Enemy Act,as Amended by the First War Powers Act, 1941, Relating toForeign Funds Control*(1) A general license is hereby granted:

(a) Authorizing any banking institution within theUnited States to debit any blocked account with suchbanking institution (or with another office within theUnited States of such banking institution) in payment orreimbursement for normal service charges owed to suchbanking institution by the owner of such blocked account;

(b) Authorizing any banking institution within theUnited States to make book entries against any foreigncurrency account maintained by it with a banking institu-tion in any blocked country for the purpose of respondingto debits to such account for normal service charges inconnection therewith.(z) Any banking institution within the United States

which during any quarterly period enters any single item inexcess of $500 to any account under the authority of thisgeneral license shall file with the appropriate Federal ReserveBank at the end of such quarterly period a report showing thename of such account and the nature and amount of each itemin excess of $500 entered to such account under the authorityof this general license during such quarterly period.

(3) As used in this general license, the term "normalservice charges" shall include charges in payment or re-imbursement for interest due; cable, telegraph, or telephonecharges; postage costs; custody fees; small adjustmentcharges to correct bookkeeping errors; and, but not by way oflimitation, minimum balance charges, account carryingcharges, notary and protest fees, and charges for referencebooks, photostats, credit reports, transcripts of statements,

* Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55Stat. 838; Ex. Order 8389, April 10,1940, as amended by Ex. Order 8785,

* June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9,1941, 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.

registered mail insurance, stationery and supplies, check-books, and other similar items.

RANDOLPH PAUL,


Treasury Department


March 15, 1944

AMENDMENT OF GENERAL LICENSE NO. 58


No. 919$, Section / ( £ ) of the Trading with the Enemy Act, as



General License No. 58, as amended, is hereby amendedin the following respects:

(1) by deleting the words "Stabilization Board ofChina" in paragraphs (iXKXO, (iXcXO, OXc)G0> and( iXO thereof and substituting therefor the words "Com-mission for the Control of Foreign Exchange Assets,Chungking, China,"; and

(z) by deleting the word "Board" in paragraph 6 0 0 0thereof and substituting therefor the word "Commission."

RANDOLPH PAUL,


Treasury Department


March 15, 1944

AMENDMENT OF GENERAL LICENSE NO. 75

Under Executive Order No. 8389, as Amended, Executive OrderNo. 919$, Section /(£) of the Trading with the Enemy Act, asAmended by the First War Powers Act, 1941, Relating toForeign Funds Control*General License No. 75, as amended, is hereby amended in

the following respects:(1) by deleting the words "Stabilization Board of

China" in paragraph (4) thereof and substituting thereforthe words "Commission for the Control of Foreign Ex-change Assets, Chungking, China,"; and

(z) by deleting the word "Board" in paragraph (4)thereof and substituting therefor the word "Commission."

RANDOLPH PAUL,


* Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55Stat. 838; Ex. Order 8389, April 10,1940, as amended by Ex. Order 8785,June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9,1941, 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,



NATIONAL SUMMARY OF BUSINESS CONDITIONSCompiled March 22, and released for publication March 2j. Figures shown on

charts may differ from -preliminary figures used in text.

Industrial activity was maintained at a highlevel in February and the early part of March.Commodity prices and retail sales showed littlechange.

INDUSTRIAL PRODUCTION

Output at factories and mines was at about thesame rate in February as in January and theBoard's seasonally adjusted index advanced 1point to 243 per cent of the 1935-39 average.

Steel production continued to advance inFebruary and in the first three weeks of March.Output of nonferrous metals showed little changeas curtailment of aluminum production offsetincreases in output of other metals. Magnesiumproduction was ordered curtailed, beginning inMarch, by approximately 3 billion pounds permonth or 7 per cent of January output. Activityin the machinery, transportation equipment, andother durable goods industries showed littlechange from January to February.

Output of textile products was maintained atthe January level and production of most manu-factured food products declined less than isusual at this season. Butter and cheese produc-tion continued to increase seasonally in Febru-ary. The volume of hogs slaughtered under

260

240

220

200

180

160

140

120

100

80 L~

INDUSTRIAL PRODUCTIONPHYSICAL VOLUME SEASONALLY ADJUSTED. 1955 -39 -100 FOR TOTAL

-

-

-

-

-

-

J

u1///

r

NONDURABLEMANUFACTURES

-4"'

* IACKINE RY S

AYA

**— DURABLE

MINERALS«i'«' I... . " V ~

-

-

POINTS IN TOTAL

80

60

40

20

0

1940 1942

Federal Reserve indexes. Groups are expressed in terms of pointsin the total index. Monthly figures, latest shown are for February.

APRIL 1944

Federal inspection declined 6 per cent from theexceptionally high January level; a much largerdecline is usual in this month. Chemical pro-duction continued to decline as output of smallarms ammunition and explosives was furthercurtailed.

Fuel production rose slightly in February toa level 10 per cent above the same month lastyear. Output of bituminous coal and crudepetroleum was maintained at a high level, andanthracite coal production increased 19 per centas a result of a seven-day work week in effect forthe month of February.

DISTRIBUTION

Total retail sales in February continued aboutas large as in January and exceeded somewhatthe volume of a year ago. At departmentstores sales in February were about 10 per centsmaller than last year when there was a buyingwave in clothing. During the first three weeksof March department store sales exceeded thevolume of a year ago, reflecting in part theearlier date of Easter this year.

Freight carloadings, after allowance forseasonal changes, were maintained during Feb-

BILLIONS OF DOLLARS

INCOME PAYMENTS TO INDIVIDUALSANNUAL RATES, SEASONALLY ADJUSTED BILLIONS OF DOLLARS

-

-

-

-

-

/

TOTAL

f\/

//

-^-̂

SALAA N D vy

RIES /AGES/

/

- <

/

OTHERXYMENTS

1940 1942 1940 1942

Based on Department of Commerce estimates. Wages and salariesinclude military pay. Monthly figures raised to annual rates, latestshown are for January.

349


NATIONAL SUMMARY OF BUSINESS CONDITIONS

ruary and the first two weeks in March in theunusually large volume reached in December andJanuary.

COMMODITY PRICES

Prices of cotton and livestock increased some-what from the middle of February to the middleof March while most other wholesale com-modity prices showed little change.

Retail food prices declined i per cent from mid-January to mid-February owing chiefly to sea-sonal decreases in prices of eggs and citrus fruit.Retail prices of most other goods and servicesadvanced slightly.

BANK CREDIT

During the latter part of February and thefirst half of March the average level of excessreserves at all member banks fluctuated aroundone billion dollars. Member bank reserverequirements increased by about 400 milliondollars as the result of private deposit expansionwhich, in turn, was the result of Treasury dis-bursements from war loan accounts whichrequire no reserves. Money in circulation in-creased 400 millions and the gold stock declinedby 130 millions. Funds to meet these demandswere supplied by additions to Reserve Banksecurity holdings and a temporary decline in

MEMBER BANKS IN LEADING CITIES

Treasury deposits at the Reserve Banks. In thefour weeks ended March 15, Governmentsecurity holdings of the Federal Reserve Banksrose by 710 million dollars, reflecting mainlysubstantial increases in bill holdings underrepurchase option; note and certificate holdingsalso increased.

At reporting member banks in 101 leadingcities Government security holdings declined by540 million dollars during the four weeks endedMarch 15. Holdings of notes rose by 1.5 billiondollars while bonds and guaranteed obligationsdeclined as the result of an exchange of maturingand redeemable issues for a new 1 ^ per cent noteissue. Holdings of bills also declined, reflectingprincipally sales to the Reserve Banks. Loansto brokers, dealers, and others for purchasing orcarrying Government securities, which hadincreased moderately during the Fourth WarLoan Drive, fell by 340 million dollars in thefollowing four weeks. Commercial loans alsodeclined somewhat.

Adjusted demand deposits rose by 1.9 billiondollars during the four weeks ending March 15,representing a gain of more than half of thefunds withdrawn from such accounts during thedrive. Government deposits at these banks fellby 2.. 6 billion dollars in the month following thedrive.

GOVERNMENT SECURITY HOLDINGS OF BANKS IN LEADING CITIESBILLIONS OF DOLLARS BILLIONS OF DOLLARS

:

:

:BONOS t

CERT

JFICATESy-"'

11* NOTES

TOBILLS

1

A :

Demand deposits (adjusted) exclude U. S. Government and inter-bank deposits and collection items. Government securities includedirect and guaranteed issues. Wednesday figures, latest shown arefor Mar. 22.

1939 1940 1942 1944

Excludes guaranteed securities. Data not available prior to Feb.8,1939; certificates first reported on Apr. 15,1942. Wednesday figures,latest shown are for Mar. 22.

35° FEDERAL RESERVE BULLETIN


FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICSUNITED STATES

PAOB

Member bank reserves, Reserve Bank credit, and related i t e m s . . . . 353Federal Reserve Bank discount rates; rates on time deposits, re-

serve requirements, margin requirements 354Federal Reserve Bank statistics 355—359Guaranteed war production loans 359Deposits and reserves of member banks 360Money in circulation 361-361Gold stock; bank debits and deposit turnover 361Deposits and currency; Postal Savings System; bank suspensions. 363All banks in the United States, by classes . 364-365Condition of all member banks 366-367Weekly reporting member banks 368-371Commercial paper, bankers' acceptances, and brokers' balances. . . 371Money rates and bond yields 373Security markets 374-375Corporate profits 376Treasury finance 377~379Government corporations and credit agencies 380Business indexes 381-389Department store statistics 39°~~39I

Consumer credit statistics 392.-393Wholesale prices 394Employment in nonagricultural establishments 395Current statistics for Federal Reserve chart book 396-397

Tables on the following pages include the principal available statistics of current significance relatingto financial and business developments in the United States. The data relating to the Federal ReserveBanks and the member banks of the Federal Reserve System are derived from regular reports made to theBoard; index numbers of production are compiled by the Board on the basis of material collected by otheragencies; figures for gold stock, money in circulation, Treasury finance, and operations of Governmentcredit agencies are obtained principally from statements of the Treasury, or of the agencies concerned;data on money and security markets and commoditv prices and other series on business activity arc ob-tained largely from other sources. Back figures for banking and monetary tables, together with de-scriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics; backfigures for most other tables may be obtained from earlier BULLETINS.

APRIL 1944 3 5 1


MEMBER BANK RESERVES AND RELATED ITEMS

BILLIONS OF DOLLARS

25WEDNESDAY FIGURES BILLIONS OF DOLLARS

NONMEMBER DEPOSITS

15

10

1938 1939 1940 1941 1942 ,1943

Wednesday figures, latest shown are for Mar. 22. See p. 353.

1944

10



MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS[In millions of dollars]

Date

Monthly averages ofdaily figures:

1942—Dec1943—Jan

FebDec

1944—JanFeb

End of month figures:1942—Dec. 311943—Jan. 30

Feb. 27Dec. 31

1944—Jan. 31Feb. 29

Wednesday figures:1943—May 5

May 12May 19May 26

June 2June 9June 16June 23June 30

July 7July 14July 21July 28

Aug. 4Aug. 11Aug. 18Aug. 25

Sept. 1Sept. 8Sept, 15 . . . .Sept. 2 2 . . . .Sept. 2 9 . . .

Oct. 6Oct. 13Oct. 20Oct. 27

Nov. 3Nov. 10Nov. 17Nov. 24

Dec. 1Dec. 8Dec. 15Dec. 22Dec. 29

1944—Jan. 5Jan. 12. . . .Jan. 19. . . .Jan. 26

Feb 2 . . . .Feb. 9 . . . .Feb. 16 . . . .Feb. 23 . . . .

Mar. 1Mar. 8Mar. 15Mar. 22. . .

Dis-counts

andad-

vances

98

11903235

614165

2234

15251021

211311195

34109

13

18241840

6971312213

13181113

39223448

531089070

101

31474124

24223247

37526565

Reserve Bank credit outstanding

U. S. Governmentsecurities

Total

5,5495,9535,753

11,16611,83211,479

6,1895,9695,871

11,54312,07311,632

6,5316,1726,0386,181

6,2176,6366,6266,7487,202

7,6767,6457,5777,951

8,1658,3178,1568,777

9,1879,3369,6539,2049,168

9,3879,0628,9149,291

9,4769,8659,832

10,364

10,44711,01611,01411,55111,615

11,65111,85511,91312,026

11,78111,16911,39411,816

11,62412,02912,11012,243

treas-urybillsand

certifi-cates

1,4851,8522,0138,8769,5178,880

2,0512,0072,2649,2369,7289,050

3,6173,3413,2603,463

3,5393,9954,2184,3934,907

5,4485,4195,3785,752

5,9676,1195,9576,572

6,9567,0847,4326,9836,947

7,1666,8416,6877,056

7,2307,6117,5778,101

8,1698,7208,7489,2609,313

9,3409,5439,5989,711

9,1628,5608,7829,237

9,0439,4439,5079,637

Allother

4,0644,1023,7402,2902,3152,599

4,1383,9623,6072,3072,3452,582

2,9142,8312,7782,717

2,6772,6412,4082,3552,295

2,2282,2262,1992,199

2,1992,1992,1992,205

2,2312,2522,2212,2212,221

2,2212,2212,2272,235

2,2462,2542,2542,263

2,2782,2962,2662,2912,302

2,3102,3122,3142,315

2,6182,6092,6122,579

2,5812,5862,6032,606

Allother1

478360330658506441

484356410691334426

304328386291

297349451427369

407495447453

400377412320

285336631491362

375282456381

321344506381

374417600837714

691413464334

327319534377

381357467415

Tota l

6,0356,3216,094

11,91412,37011,955

6,6796,3396,296

12,23912,42812,092

6,8506,5266,4346,493

6,5356,9987,0887,1947,576

8,1178,1508,0338,418

8,5828,7188,5869,137

9,5409,742

10,3159,7179,543

9,7759,3629,3809,686

9,83510,23110,37210,792

10,87411,54011,70412,45912,430

12,37212,31512,41812,385

12,13211,51111,96112,240

12,04212,43812,64312,722

Goldstock

22,74022,70622,64822,01821,93321,803

22,72622,68322,64721,93821,91821,712

22,473,22,45422,45522,425

22,42722,40722,40722,38722,388

22,38822,36222,34722,334

22,33522,30622,29122,292

22,24322,22322,20422,20522,175

22,17622,15522.13222^32

22,11622,09622,09622,081

22,06522,04422,00422,00422,004

21,93821,93821,93821,'928

21,91021,83621,80221,742

21,71221,67021,67021,600

Treas-urycur-

rencyout-

stand-ing

3,4723,7243,8974,0984,0934,092

3,6483,8303,9464,0944,0914,091

4,0144,0334,0514,072

4,0754,0784,0804,0794,077

4,0854,0864,0844,090

4,0934,0914,0924,098

4,0984,0904,0934,0944,096

4,0984,0994,1014,103

4,1064,1004,1014,101

4,1014,1024,0974,0974,096

4,0944,0924,0934,093

4,0934,0944,0934,090

4,0914,0904,0894,090

Moneyin cir-cula-tion

15,11915,39915,83720,24320,42820,635

15,41015,59016,08820,44920,52920,824

16,68316,74116,79516,902

17,19617,23717,18917,15417,421

17,60717,65817,70617,799

18,01418,10118,21418,303

18,57118,74018,77318,71418,818

18,88318,97819,01919,090

19,35419,51419,55919,726

19,94020,13520,23520,38220,428

20,43620,40420,40820,387

20,53420,58620,61020,696

20,82320,96321,00620,934

Treas-ury

cashhold-ings

2,1992,1922,2112,3072,3212,332

2,1932,1992,2212,3032,3202,356

2,2452,2522,2642,267

2,2722,2772,2782,2682,268

2,2782,2672,2712,272

2,2812,2812,2792,282

2,2792,2552,2662,2662,274

2,2792,2812,2842,295

2,2982,2972,2932,295

2,2992,3012,2932,3252,316

2,3142,3182,3272,331

2,3222,3152,3352,336

2,3502,3402,3422,333

Treas-ury de-positswith

rederalRe-

serveBanks

307310212669484335

7994

131579375194

722630379345

6175

6294455

773616293559

39829599

304

21366

549682

1,013380530530

334369407479

275686379967764

961638404351

1758

360646

140269

77495

Non-mem-ber de-posits

1,2101,2501,1771,7231,8891,858

1,2781,1711,1111,7161,9561,878

1,4681,2721,3071,323

1,1921,3121,2581,3861,483

1,4921,4661,5441,571

1,6501,6511,3881,605

1,5741,3741,5001,6621,649

1,6331,6211,4371,659

1,6681,7161,7141,739

1,6301,6641,6221,8641,908

1,7511,8451,9591,994

1,9161,7071,9681,944

1,8151,9051,9221,893

OtherFed-eralRe-

serveac-

counts

261256270339339341

256258269339341332

310312313314

315316332335328

332331331331

332331329331

329329337338337

337335341342

333333333333

333331343344345

339339338340

342341340340

337339352352

Memberbank reserve

balances

Total

13,15213,34412,93312,74912,93512,349

13,11713,63013,06712,88612,91712,311

11,90911,80511,88211,838

12,05712,16512,51112,22312,085

12,10812,26012,31912,309

12,33612,45612,66012,702

12,91513,35113,72912,48712,054

11,90312,02112,00212,005

12,06912,19812,26312,402

12,56212,56912,93212,67712,769

12,60212,80113,01413,002

12,84712,48212,24412,109

12,38012,38312,70512,405

Excess2

2,3762,1321,7121,0481,1141,160

1,9882,3871,9251,2361,1121,162

2,1281,7331,6381,498

1,6341,5141,6321,2991,212

1,2291,3101,1881,020

1,0301,1991,2881,106

1,1451,4382,0511,8931,810

1,6971,6081,4071,062

1,0841,0801,0961,044

1,096918

1,238919

1,126

9711,1281,1221,023

1,5381,4441,2691,077

1,2151,0131,263

926

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.

APRIL 1944 353


FEDERAL RESERVE BANK DISCOUNT RATES[In effect March 31. Per cent per annum]

Federal Reserve Bank

Discounts for and advances to member banks

Advances secured byGovernment obliga-

tions maturing orcallable in one year

or less (Sec. 13)

Rate Effective

Advances secured byGovernment obligations

maturing or callablebeyond one year and

discounts of andadvances secured by

eligible paper(Sees. 13 and 13a)1

Rate Effective

Other secured advances[Sec. 10(b)]

Rate Effective

Advances to individuals, partnerships,or corporations other than member bankssecured by direct obligations of the U. S.

(last par. Sec. 13)

To nonmember banks

Rate Effective

To others

Rate Effective

BostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDallas.San Francisco

Oct. 27, 1942Oct. 30, 1942Oct. 17, 1942Oct. 27, 1942Oct. 28, 1942Oct. 15, 1942Oct. 17, 1942Oct. 27, 1942Oct. 30, 1942Oct. 27, 1942Oct. 17, 1942Oct. 28, 1942 1

Sept.Aug.Mar.Apr.Mar.Mar.Feb.Mar.Mar.Apr.Mar.Apr.

1, 193925, 193921, 194211, 194214, 194221, 194228, 194214, 194228, 194211, 194221, 19424, 1942

Oct.Oct.Oct.Sept.Oct.Oct.Aug.Mar.Oct.Oct.Oct.Oct.

27, 194230, 194217, 194212, 194228, 194215, 194229, 194214, 194230, 194227, 194217, 194228, 1942

Sept. 1, 1939Aug. 25, 1939Mar. 21, 1942Apr. 11, 1942Mar. 14, 1942Sept. 16, 1939Sept. 1, 1939Sept. 16, 1939Mar. 28, 1942Sept. 16, 1939Sept. 16, 1939Apr. 4, 1942

2V/222

1*•2

k2

Oct. 27, 1942Oct. 30, 1942Oct. 17, 1942Oct. 27, 1942Oct. 28, 1942Oct. 15, 1942Oct. 17, 1942Oct. 27, 1942Oct. 30, 1942Oct. 27, 1942Oct. 17, 1942Oct. 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 Mort'

gage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal Inter-mediate 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 lastparagraph of Section 13 is 90 days.

Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443.

FEDERAL RESERVE BANK BUYING RATES ON BILLS[Per cent per annum ]

Maturity

Treasury bills1

Bankers' acceptances :21- 90 days

91-120 days121-180 days

Rate onMarch 31

Vs

Vi%

In effect be-ginning—

Apr. 30, 1942

Oct. 20, 1933Oct. 20,1933Oct. 20, 1933

Previousrate

11

1 Established rate at which Federal Reserve Banks stand ready to buyall 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 andmaturity at the same rate of discount. Since May 15, 1943, all purchaseshave 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.

MEMBER BANK RESERVE REQUIREMENTS[Per cent of deposits]

June 21, 1917-Aug. 15,Aug. 16, 1936-Feb. 28,Mar. 1, 1937-Apr. 30,May 1, 1937-Apr. 15,Apr. 16, 1938-Oct. 31,Nov. ' I , 1941-Aug. 19.Aug. 20, 1942-Sept. 13,Sept. 14, 1942-Oct. 2,Effective Oct. 3, 1942..

1936..1937..1937..1938.1941 .1942.1942 .1942 .

Net demand deposits1

Centralreserve

citybanks

13

22M2622%26242220

Reservecity

banks

1015

2017^20202020

Countrybanks

710^12M141214141414

Timedeposits

(allmemberbanks)

3

656666

•'•Demand deposits subject to reserve requirements; i.e. , demand de-posits other than war loan deposits, minus cash items in process ofcollection and demand balances due from domestic banks.

MARGIN REQUIREMENTS1

[ Per cent of market value ]

Prescribed by Board of Governors of the FederalReserve System in accordance with Securities

Exchange Act of 1934

For extensions of credit by brokers and dealers onlisted securities, under Regulation T

For short sales, under Regulation TFor loans by ba^ks on stocks, under Regulation U. . . .

Apr. 1,1936-

Oct. 31,1937

55

•8

EffectiveNov. 1,

1937

405040

1 Regulations T and U limit the amount of credit that may be extended ona security by prescribing a maximum loan value, which is a specifiedpercentage of its market value at the time of the extension; the "marginrequirements" shown in this table are the difference between the marketvalue (100%) and the maximum loan value.

2 Requirement under Regulation T was the margin "customarily re-quired" by the broker. 3 Regulation U became effective May 1, 1936.

NOTE.—Regulations T and U also provide special margin requirements on"omnibus" accounts and loans to brokers and dealers.

354

FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANSAND COMMITMENTS UNDER SECTION 13b

OF THE FEDERAL RESERVE ACTMaturities not exceeding five years

[In effect March 31. Per cent per annum]

Federal ReserveBank

BostonNew York....Philadelphia.Cleveland

RichmondAtlantaChicagoSt. Louis

Minneapolis..Kansas City..D a l l a s . . . . . . . .San Francisco

To industrial orcommercialbusinesses

Onloans1

Oncommit-

ments

V2-1H

mV2-IH

Vr-VAXA-VAM-Ui

To financing institutions

Discounts orpurchases

Onportion

for whichinstitu-tion is

obligated

§

On re-mainingportion

(3)

On com-mitments

1 Including loans made in participation with financing institutions.2 Rate charged borrower less commitment rate.3 Rate charged borrower.4 May charge same rate as charged borrower by financing institution, if

lower.5 Financing institution is charged \i per cent on undisbursed portion of

loan under commitment.Back figures.—See Banking and Monetary Statistics, Table 118, p. 446.

MAXIMUM RATES ON TIME DEPOSITSMaximum rates that may be paid by member banks as established by

the Board of Governors under provisions of Regulation Q[ Per cent per annum ]

EffectiveJan. 1,1936

Savings depositsPostal savings deposits...Other deposits payable:

In 6 months or moreIn 90 days to 6 months.In less than 90 days

Nov.Jan.

1,31

33

333

1933-,1935

Feb.1,1935-Dec. 31, 1935

VA2K

2H

NOTE.—Maximum rates that may be paid by insured nonmember banksas establishede by the F. D. I. C , effective Feb. 1, 1936, are thesame as those in effect for member banks. Under Regulation Q the ratepayable by a member bank may not in any event exceed the maximumrate payable by State banks or trust companies on like deposits underthe laws of the State in which the member bank is located.



PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS[In thousands of dollars]

AssetsGold certificates on hand and

due from U. S. TreasuryRedemption fund—F.R. notes.,Other cash

Total reserves...

Discounts and advances:For member banksFor nonmember banks, etc

Total discounts andadvances

Industrial loansU. S. Government securities:

Direct:Bills:

Under repurchase op-tion

OtherCertificates:

SpecialOther

NotesBonds

Guaranteed

Total U. S. Governmentsecurities, includingguaranteed securities. .

Other Reserve Bank credit out-standing

Total Reserve Bankcredit outstanding

LiabilitiesFederal Reserve notes.

Deposits:Member bank—reserve

accountU. S. Treasurer—general

accountForeignOther deposits

Total deposits...

Ratio of total reserves to de-posit and F.R. note liabilitiescombined (per cent) . . .

Wednesday figures

1944

Mar. 22

19,151,325278,850336,272

19,766,447

64,168500

64,668

9,858

3,566,3133,185,565

2,884,6401,158,7641,443,696

3,771

12,242,749

404,885

12,722,160

17,429,372

12,405,072

494,9941,542,951350,170

14,793,187

Mar. 15

19,235,325269,839322,077

19,827,241

64,795500

65,295

10,294

3,434,1093,225,670

2,847,6401,158,7641,440,446

3,771

Mar. 8

19,257,825246,419328,834

19,833,078

50,8951,000

51,895

9,780

3,378,9973,338,735

2,725,040876,700

1,621,787,835

12,110,400 12,029,093 11,624,462

Mar. 1

19,303,570 19,242,142348,656

19,894,368

37,110

37,110

9,919

2,900,6693,446,382

2,696,240881,700

1,611,63687,835

457,328

12,643,317

17,491,104

347,393{ 370,782

12,438,161

17,443,099

12,042,273

17,338,945

12,704,716 12,383,079 12,379,736

140,0551,574,476240,066

76,670! 268,8141,540,3321 1,568,034381,827! 337,087

14,703,545;14, 557,01414,334,333

Feb. 23

,311,075263,791336,251

19,911,117

46,503

46,503

10,167

3,052,6633,511,375

2,672,740883,200

1,608,39187,835

11,816,204

17,186,597

646,2881,591,761

352,149

14,699,395

61.6!r62.4

Feb.16

19,374,576 19,263,991347,038

19,985,605 20,031,242 20,102,860

32,255

32,255

10,374

2,708,7763,408,641

2,664,540919,200

1,605,33487,835

394,326 11

524,070366,793

12,239,667 11,961,025

359,661,551,475416,317

14,571,243

Feb. 9

417,573 19,262,893350,776

22,451

22,451

9,939

2,626,8833,346,206

2,587,040920,200

1,600,89987,835

,169,063 11

309,266

11,510,719

17,114,130 17,084,973

"12,109,197 12,243,790 12,482,352 12,846,829

18,419

1,524,936181,742

Feb. 2

480,575265,114357,171

23,927

23,927

9,939

3,290,6223,322,741

2,549,040931,000

1,599,36387,835

,780,601

317,445

12,131,912

17,039,804

174,6411,558,482

357,393

14,197,449 14,937,345

End of month

1944

February January

19,279,070257,144329,455

19,865,669

33,700

33,700

9,912

2,907,6373,446,382

2,696,240881,700

1,612,63687,835

11,632,430

416,115

12,092,157

17,315,525'

12,310,796

194,3311,569,657308,111

14,382,895

19,481,578264,112355,568

20,101,258

21,717

21,717

10,080

3,617,1473,323,741

2,787,140664,900

1,592,19687,835

February

20,439,27936,591

383,087

20,858,957

11,5574,000

15,557

13,192

859,849615,423

788,8751,190,1252,367,102

49,476

12,072,959 5,870,850

323,698 396,492

12,428,454! 6,296,091

17,024,216

12,916,970

374,5911,500,725455,573

15,247,859

12,627,431

13,066,513

130,596826,581284,149

14,307,839

62.31 77.4

r Revised.MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES

HELD BY FEDERAL RESERVE BANKS[In thousands of dollars]

Discounts and advances:Feb. 23Mar. 1 . . . .Mar. 8..Mar. 15Mar. 22

Industrial loans:Feb. 23Mar. 1Mar. 8Mar. 15..Mar. 22.

U. S. Government securities, including

guaranteed securities:Feb. 23Mar. 1..Mar. 8Mar. 15Mar. 22 . . . .

Totai

H ,11,12,12,12,

46,50337,11051,89565,29564,668

10,1679,9199,780

10,2949,858

816,204624,462029,093110,400242,749

Within15 days

43,17531,87239,09749,99752,125

9,1938,9347,9418,4588,421

1,743,4021,653,5431,679,2751,613,6992,369,080

11111

16 to 30days

2,3552,390

10,10512,1904,150

619

389388

19

,189,048,087,720,929,177,768,115,043,674

31 to 60

3,3,2,2,2,

days

7401,1902,5182,4337,083

2536

526517515

194,366061,268529,893232,567186,552

61 to 90

1,1,2,2,2

days

1,

1,

845,929,061,159,266,

233658175675310

262262283290274

672590401248422

91 days

to 6months

565824821921947

90149130132132

140270190990190

6 months

1,1,1,1,1,

I year

120,124,133,274,286,

358355347346335

050600100700500

1 year

to2 years

131118118117116

420,300202,000197,00017,80017,800

2 yearsto

5 years

500504529974977

102'46464646

021021971195445

Over5 years

1,238,1,237,1,148,1,148,1,148,

205450086086086

APRIL 1944 355


STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS[In thousands of dollars]

AssetsGold certificates on

hand and due fromU. S. Treasury:

Feb. 23Mar. 1Mar. 8Mar. 15Mar. 22

Redemption f u n d -Federal Reservenotes:

Feb. 23Mar 1Mar. 8Mar 15Mar! 22̂

Other cash:Feb. 23Mar. 1Mar. 8.Mar. 15Mar. 22

Total reserves:p e b 23Mar. 1Mar. 8Mar. 15Mar 22

Discounts and ad-vances:

Secured by XJ. S.Government obli-gations, direct andguaranteed:

Feb. 23Mar. 1Mar. 8Mar 15Mar 22

Other:Feb. 23

Mar. 8

Mar.' 22!!

Total discounts andadvances:

Feb. 23Mar 1Mar 8Mar 15Mar 22

Industrial loans:Feb. 23Mar 1 • • •Mar. 8Mar. 15Mar. 22

U. S. Governmentsecurities:

Bills:Under repurchase

option:Feb. 23Mar. 1Mar. 8Mar. 15Mar. 22

Other bills:Feb. 23Mar. 1Mar. 8Mar. 15Mar. 22

Certificates:Feb. 23Mar. 1Mar. 8Mar. 15Mar. 22

Notes:Feb. 23Mar. 1Mar. 8Mar. 15Mar. 22

Total

19,311,19,303,19,257,19,235,19,151,

263,242,246,269,278,

336,348,328,322,336,

19,911,19,894,19,833,19,827,19,766

4637516564

4637516564

1099

109

3,0522,9003,3783,4343,566

3,5113,4463,3383,2253,185

2,6722,6962,7252,8472,884

896894889

1,1611,161

075570825325325

791142419839850

251656834077272

117368078241447

503110895295668

503110895295668

1679197802985

66,669910

,31

,37,38,73,67,56

,74,24,04,64,64

,20,70,70,26,26

Boston

,005,983,

,016,,008,,028,

22,22,22,23,23,

30,31,29,29,31,

1,059,1,037,1,0671,062,1,083

1221

1221

131150123128131

268263255246243

204206208218220

6868688888

889683004822899

841741675575449

755243164765001

485667843162349

510090010285610

510090010285610

379369367359357

610,24,50,03,15

,79,84,65,98,90

,6041

'66,03,86

,60,49,12,91,91

NewYork

,266,,473,

5,350,5,531,5,353,

40,21,

744287017495267

189254

21,01635,35,

88,87,84,80,92,

5,395,5,581,5,455,5,647,5,481,

2016282043

2016282043

1,4061,2571,5451,4581,487

784769744719710

597601607634643

200199198258258

666271

120425446263975

053966479424513

608758303783238

608758303783238

123123123123123

120,948,197,507,112

,336,19,027,225,285

,008,77,27,93,18

,184,686,26,926,92

Phila-delphia

,102,,051,

1,064,1,103,1,154,

24,24,24,24,24,

25,24,22,21,21,

1,152,1,099,1,1111,150,1,201

368

171

368

171

43343

138153158115111

274269260251248

208210212222225

524110325629859

519364755607425

326395766804779

369869846040063

313790765375855

313790765375855

159916784305888

593,673,863,279,338

,301,169,665,870,739

,786,581,748,352,241

70,01069699090

,878,462,675,675

Cleve-land

1,579,1771,579,6011,573,6611,557,4991,605,893

20,18920,08220,00525,38225,272

26,17924,62123,59522,61424,905

1,625,5451,624,3041,617,2611,605,4951,656,070

12550

530670530

12550

530670530

380380375375375

93,15262,991

100,47693,087

L111

11111

74,377!

384,661377,655366,065353,598349,202

292,795295,456298,777312,156316,212

98,17698,04197,548

127,298127,298

Rich-mond

,065,,038,,066,,032,,046,

23,242324,23

18,18,15,16,16,

,107,,080,,106,074,087

233

106005813306717

252306646712863

709253666997920

067564125015500

830430105

6,0001

233

250

830430105

6,0001

4848517182

234229222215212

178179181190192

5959597777

250

227225224217217

392907107965

,820

,086,891,961,323,646

,175,850,978,089,558

,745,681,414,518,518

Atlanta

1,011,1,007,1,040,1,008,1,015

18

580609160699787

05014,934141616

2119,17,20,20

1,0511,041,1,0721,045,1,052

3031162626

194191185179

855734590

804208801096302

434751816529679

500500

50550550

500500

50550550

107107107106105

643224974

,099,379

,762,305,597,218

176,990

148149151158160

4949496464

,245,664,484,219,274

,709,664,458,520,520

Chicago

3,547,1563,542,3153,533,5803,429,1473,340,818

39,85939,72739,64339,51048,378

40,65462,38860,28557,68956,290

3,627,6693,644,4303,633,5083,526,3463,445,486

1,5001,5001,5005,2005,000

1,5001,5001,5005,2005,000

44444

752,552718,339785,391928,601995,169

378,196371,062359,221347,144342,827

287,873290,294293,196306,460310,444

96,52696,33095,725

124,974124,974

St.Louis

681,022651,730617,287598,307541,101

19,46419,42624,40024,37024,323

13,96913,15111,72811,62512,039

714,455684,307653,415634,302577,463

15,2954,0704,7107,0107,510

15,2954,0704,7107,0107,510

116,709126,983181,203192,347236,712

172,040168,907163,725158,148156,182

130,948132,141133,629139,614141,427

43,90943,84943,62956,93456,934

Minne-apolis

405,388,387,369,385

88888

87666

422405403384400

4537546176

111109105102100

8485869091

2828283636

439833443197151

556545787768755

300781995600478

295159225565384

500500

500500

258265266275259

516815065650210

184137751160890

626383312191

,362

377,333180778

,778

KansasCity

752,332711,890739,856717,531714,903

12,11212,08612,06612,03712,008

11,95112,19910,89611,29911,440

776,395736,175762,818740,867738,351

2^0002,125

2,0002,125

3030303030

47,13059,76464,93272,43169,794

182,767179,432173,915167,996165,907

139,120140,379141,950148,308150,234

46,64746,58246,34460,48060,480

Dallas

538,128509,169538,290537,747556,837

9,6229,5969,5749,5509,500

10,0609,1149,561

10,09310,463

557,810527,879557,425557,390576,800

1,3222,4222,4222,422

1,3222,4222,4222,422

1212121212

25,63336,50032,43324,43329,510

164,062161,115156,253150,903149,024

124,880126,051127,527133,216134,951

41,87341,82641,63854,32654,325

SanFran-cisco

2,355,9782,366,3382,330,3892,340,9462,407,093

25,13825,08124,99724,92827,016

40,42438,87835,93133,23231,680

2,421,5402,430,2972,391,3172,399,1062,465,789

500500500500500

500500500500500

4,4884,4884,4884,4884,488

216,613216,277264,852261,674245,740

362,181355,670344,905333,105328,964

275,684278,250281,505294,066297,884

92,43992,33491,910

119,920119,920



STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued[In thousands of dollars]

Bonds:Feb. 23Mar . 1Mar . 8Mar . 15Mar . 22

Tota l U. S. Governmentsecurities, includingguaranteed securities:

Feb . 23Mar . 1Mar . 8Mar . 15Mar . 22

Tota l loans andsecurities:

Feb . 23Mar . 1Mar . 8Mar . 15Mar . 22

Due from foreign banks:Feb. 23Mar. 1Mar. 8Mar . 15Mar . 22

Federal Reserve notesof other banks:

Feb. 23Mar . 1Mar . 8Mar . 15Mar . 22

Uncollected items:Feb . 23Mar . 1Mar . 8Mar . 15Mar . 22

Bank premises:Feb. 23Mar . 1Mar . 8Mar . 15Mar . 22

Other assets:Feb. 23Mar. 1Mar. 8Mar . 15Mar . 22

Tota l assets:Feb . 23Mar . 1Mar . 8Mar . 15Mar. 22

LiabilitiesFederal Reserve notes:

Feb. 23Mar. 1Mar . 8Mar . 15Mar. 22

Deposi ts :Member bank—re-

serve account:Feb. 23Mar . 1Mar. 8Mar . 15Mar . 22

U. S. T r e a s u r e r -general account:

Feb. 23Mar. 1Mar. 8Mar . 15Mar. 22

Total

1,683,2261,686,4711,696,6211,441,7171,444,967

11,816,20411,624,46:12,029,09312,110,40012,242,749

11,872,87411,671,49112,090,76812,185,12,317,275

136136136136136

74,9174,5167,58675,44886,02C

1,689,56'1,726,4831,561,632,094,01:1,901,17

35,09.35,02:35,02:35,02:35,01:

r67,83269,77C74,66*59,4159,18S

r33,651,53833,471,78'33,662,88"34,277,25'34,165,25C

17,186,59717,338,94517,443,09"17,491,10-17,429,372

'12,109,19712,379,73612,383,O7r

12,704,71i12,405,072

646,288140,05.268,81476,670

494,994

Boston

128,853129,113129,912110,388110,637

124 3802,467818, •""

785,854792,351795,477

3,363,630",204,9973,472,8493,393,0533,421,697

803,356819,583788,231794,995797,444 3

1,56:1,5701,2351,1161,479

150,498141,552144,205172,346146,317

1,6611,6561,6561,6561,656

4,8124,9184,9634,0244,153

384 9,2,021,2,006,2,008,1432,036,3092,034,408 9

376 31,162,3791,166,3761,170,0281,170,0911,164,070

571,505582,296588,035609,605/

216 4698 4

47,69423,58018,3361,075

25,674

NewYork

375,982376,400378,087321,458322,184

3,384,3613,221,8783,501,2753,413,959

,465,058

I4914949

I49I49

10,9479,936

11,93410,94315,123

339,956353,208312,844492,837399,659

9,1019,0819,0819,0819,081

15,70515,81616,14213,91613,741

,155,17:,191,

9,306,9,588,209,384,223

934 2804 2

3,806,989,828,438

3,863,3373,875,2253,873,472

4,022,80;4,140,94'4,099,981,218,070,075,518

99,05024,61277,22558,803130,206

Phila-delphia

Cleve-land

131,490131,717132,460112,574112,827

,180 1823,835,018834,198792,750 1788,5,820 1

,053,1761,018,9471,048,887',044,180,025,486

830,652845,724846,747814,794,563

430 1

2,2812,1962,5082,4222,913

105,28189,37790,521120,731109,420

3,5883,5763,5763,5763,576

4,6944,8198,9494,0144,133

2,098,877",045,573

,064,2,095,2252,115,

159 2

680 2

1,169,8581,175,4081,182,2041,182,7881,177,436

599,210609,832613,597641,017628,192

48,8098,32715,049

75838,426

184,392184,804186,021158,041158,397

1,053,6811,019,3771,049,792,045,225

1,026,391

3,5383,4232,4403,4554,097

198,089194,001139,244231,608192,203

4,1954,1954,1954,1954,186

7,8708,0118,0736,8146,924

930 12,892,9312,853,323

,821,0172,896,804

,889,883

1,533,0311,540,2021,550,9531,553,9111,548,625

927,235958,242956,078977,866967,451

77,50817,11213,455

1,03027,404

Rich-mond

112,212112,496113,30096,23996,456

632,610630,825628,760651,134661,998

635,667634,4806 3 2 , "657,351663,465

12,38610,5197,5527,4587,143

115,781116,793117,844148,122150,509

2,9222,9222,9222,9222,922

4,3804,9375,0584,274,248

,878,2091,850,2211,871,5961,894,1461,915,793

1,140,3061,153,9341,160,2591,163,4651,158,320

502,561507,080501,933523,821490,283

61,9383,118

24,6611,037

59,205

Atlanta

93,36293,61494,31380,10280,282

516,721515,471497,826508,158508,445

181,294181,577182,543155,156155,506

1,696,4411,657,6021,716,0761,862,3351,928,920

328 1078 1

517,516,497,983508, •509,

814 1100 1

7,3578,3537,8168,4949,170

92,98090,694103,080126,933135,866

1,6491,6461,6461,6461,645

3,8213,9503,97.3,3153,343

1,674,5731,662,4761,687,3201,694,7351,711,

976 3963,986,991,995,427992,929

199 3668 3

389 1509,532,327547,675535,153524,041

Chicago

,697,945,659,106

1,717,580,867,539,933,924

6,9289,4447,4749,538

12,373

248,897291,323239,658313,738285,142

2,9412,9342,9342,9342,934

7,5297,5537,6526,3026,434

5,589,9265,614,8075,608,8235,726,4145,686,310

,245,140,256,118,274,183

3,275,5653,267,333

,827,9721,857,6851,889,3951,962,7171,881,207

53,438796

11,305834

21,674

57,29638,11517,6011,032

67,328

St.Louis

82,47082,65483,19970,68470,844

546,076554,534605,385617,727662,099

561,371558,604610,095624,737669,609

4,8185,6344,9996,0046,797

59,63871,39067,84185,43475,911

2,0622,0582,0582,0572,058

3,0533,2163,2552,6222,655

1,345,4011,325,2131,341,6671,355,1601,334,497

732,510741,566745,290747,367745,864

435,266441,497449,271458,667435,741

50,6969,24219,1858,28619,061

Minne-apolis

53,29853,40553,73945,66145,764

323,001314,073328,047336,440351,004

323,259314,338328,313337,215351,763

3,1022,3302,3802,9582,279

36,61033,07933,67244,08043,975

1,2781,2761,2761,2761,276

r2,1242,1892,1511,7751,682

r788,671758,374771,020771,872801,362

3*89,471391,864394,407396,081396,379

'281,752281,912278,443285,843279,533

28,9113,919

18,668746

36,574

KansasCity

87,61287,80488,37775,08675,255

503,276513,961515,518524,301521,670

503,306513,991515,548526,331523,825

3,7203,3493,6834,5284,045

95,460111,93595,68998,63696,656

2,7262,7202,7202,7202,720

3,4553,6613,6502,'"2,830

1,385,0661,371,8351,384,1121,375,9721,368,431

626,508638,925642,040642,223640,092

572,633572,572580,538586,231567,752

33,5291,371

18,4531,007

18,138

Dallas

78,64578,84179,40267,44667,597

435,093444,333437,253430,"435,407

324 1

173,616174,046175,268148,882149,218

1,120,5331,116,5771,158,440,157,647

1,141,726

436,427446,767439,687432,758435,419

2,6303,-2,8132,8923,844

66,45757,35260,19571,31172,014

956948948948948

3,3453,3583,3923,4032,784

629 31,067,1,039,1,064,4641,068,~"1,091,813

788 3

706 3

412,425,701426,426,422,498

240 2,

495,272510,310 1519,527,525,571

,764 1

39,029537

13,0071,030

26,045

SanFran-cisco

,125,521,121,565,163,428,162,635,146,714

1111111111

15,64714,28312,75215,64016,757

181,920175,779156,838188,236193,499

2,0162,0102,0102,0102,010

7,0457,3427,4086,0696,263

,753,700,751,287

3,733,7643,773,7073,831,043

,003,9112,034,214",042,058,062,721

2,042,354

1,363,609',385,0361,358,235

,378,3511,424,085

48,3909,326

21,8691,032

25,259

r Revised.1 After deducting $87,000 participations of other Federal Reserve Banks.

APRIL 1944 357


STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued[In thousands of dollars ]

Total Boston NewYork

Phila-delphia

Cleve-land

Rich-mond Atlanta Chicago St.

LouisMinne-apolis

KansasCity Dallas

SanFran-cisco

Foreign:Feb. 23Mar. 1Mar. 8Mar. 15Mar. 22

Other deposits:Feb. 23Mar. 1Mar. 8Mar. 15Mar. 22

Total deposits:Feb. 23Mar. 1Mar. 8Mar. 15Mar. 22

Deferred availabilityitems:


Other liabilities, in-cluding accrueddividends:


Total liabilities:Feb. 23Mar. 1Mar. 8Mar. 15 •'•Mar. 22

Capital AccountsCapital paid in:


Surplus (section 7):Feb. 23Mar. 1Mar. 8Mar. 15Mar. 22

Surplus (section 13b):Feb. 23Mar. 1Mar. 8Mar. 15Mar. 22

Other capital accountsFeb. 23Mar. 1Mar. 8Mar. 15Mar. 22

Total liabilities andcapital accounts:


Commitments to makeindustrial loans:Feb. 23Mar. 1Mar. 8Mar. 15Mar. 22

1,591,7611,574,4761,568,0341,540,3321,542,951

352,149240,066337,087381,827350,170

r14,699,39514,334,33.14,557,01414,703,54514,793,187

1,322,9101,355,8371,214,3741,636,8201,496,422

6,9366,07311,0087,6857,479

r33,215,83833,035,18833,225,49.33,839,15433,726,460

156,149156,310156,378156,454156,533

188,097188,097188,097188,097188,097

26,96526,96526,96526,96526,965

64,48965,22765,95466,58967,195

r33,651,53833,471,78733,662,88934,277,25934,165,250

9,94410,30810,4338,8629,231

110,110105,099104,819101,816103,510

3,7093,715

3,8393,687

^07,986x628,065J631,874J621,290^08,853

252,227145,919247,652284,084254,074

018 4,690 4,

733,714,714,876715,946738,569

,982,066,939,543

5,056,7325,182,2475,068,651

96,19496,07193,330120,352101,750

635597615598636

226 9;

215,418273,363235,477379,115290,354

1,6921,4921,9172,1052,042

,992,,977,734,978,849,006,987,005,025

9,8719,8719,8729,8789,878

13,20613,20613,20613,20613,206

2,8742,8742,8742,8742,874

3,2073,2713,3423,3643,425

.,384 9

',006,1659,042,8369,157,4639,438,6929,234,519

57,68757,71757,74457,75257,758

141,999136,740135,119132,825134,994

7,5205,2455,8756,1656,169

797,538760,144769,640780,765807,781

92,90871,36269,63392,94391,635

554561

4,506433465

,060,858,007,475,025,983,056,929

2,077,317

11,81111,82311,82811,83011,828

2,021,2,006,956 92,008, "2,036,309 92,034,408 9

70,01270,01270,01270,01270,012

7,0927,0927,0927,0927,092

14,21614,27714,49314,66114,842

,172 2

17,85917,85917,85917,85917,859

4,4214,4214,4214,4214,421

3,9283,9954,0684,1864,255

700700700700700

,155,,191,934 2,,306,804,588,209,384,223

,098,877,045,573

2,064,1592,095,2252,115,680

1,92;2,1862,3141,3951,709

137,368132,280130,713128,493130,592

5,4135,9536,4816,1517,613

1,147,5241,113,5871,106,7271,113,5401,133,060

170,859157,993121,630187,566166,205

635575647655759

852,049812,357779,957855,672848,649

15,85815,87915,89015,89815,930

16,02616,02616,02616,02616,026

1,0071,0071,0071,0071,007

7,9908,0548,1378,2018,271

2,892,9302,853,3232,821,0172,896,8042,889,883

100100907065

61,73959,45258,74757,75058,693

3,6994,203

.4,0873,5732,541

629,937573,853589,428586,181610,722

88,211102,572102,050124,534126,770

227306257326289

1,858,6811,830,6651,851,9941,874,5061,896,101

6,2666,2806,2656,2766,277

5,2365,2365,2365,2365,236

3,2903,2903,2903,2903,290

4,7364,7504,8114,8384,889

209 1

49,39147,56246,99846,20046,954

8,0526,9774,9833,7373,598

620,270587,662610,961585,924596,267

73,86372,15467,89996,836105,640

247221510232617

1,658,3561,646,2361,671,0381,678,4191,695,453

5,5205,5445,5495,5575,563

5,7255,7255,7255,7255,725

749749749749749

4,2234,2224,2594,2854,317

1,878,1,850,2211,871,""1,894,1461,915,793

596 1

,674,5731,662,476,687,3201,694,7351,711,807

191,389184,301182,117179,024181,948

5,7236,3302,7384,9335,626

,082,380,086,431,091,851147,706,136,109

205,243214,802185,339245,387225,111

911927

1,0581,130

47,84746,07545,52944,75645,487

14,06010,9789,91910,8409,617

547,869507,792523,904522,549509,906

50,44961,19757,69870,49863,901

212228287280301

,533,661,558,262,552,300,669,716,629,683

18,12218,13818,15118,15418,163

26,49026,49026,49026,49026,490

1,4291,4291,4291,4291,429

10,2241 0 , •'""10,45310,62510,545

1,331,0401,310,7831,327,1791,340,694,319,972

4,7704,7794,7904,7904,792

6,3306,3306,3306,3306,330

530530530530530

2,7312,7912,8382,8162,873

926 1589,614,807,608,823,726,,686,310

414 1

816918928976

1,051

,345,4011,325,2131,341,667,355,1601,334,497

33,95632,69932,31131,76232,281

10,7919,78210,00210,14310,828

r355,410328,312339,424328,494359,216

31,93326,31425,25735,34933,766

196191210205227

r777,010746,681759,298760,129789,588

3,3953,3993,4043,4063,410

3,6693,6693,6693,6693,669

1,0001,0001,0001,0001,000

3,5973,6253,6493,6683,695

r788,671758,374771,020771,872801,362

44,76043,10342,59241,86942,552

1,5902,8233,1924,4183,994

652,512619,869644,775633,525632,436

90,98798,55882,67384,98581, "

981346415

1,070248

44,76043,10342,59241,86942,55:

2,9943,3702,7993,3992,387

582,045557,320578,296574,062596,555

59,04742,75545,44054,27958,576

235174181218248

120,456115,997114,623112,678114,535

36,37134,77135,67340,54540,036

1,568,8261,545,1301,530,4001,532,6061,603,915

147,798138,696127,948144,976151,286

424471536505517

,370,,357,698,369,903,361,803,354,204

5,0805,0855,0905,0915,092

4,5544,5544,5544,5544,554

1,1371,1371,1371,1371,137

3,3073,3613,4283,3873,444

1,053,8451,025,9501,050,5891,054,7991,077,877

4,7614,7874,7874,7904,791

4,8314,8314,8314,8314,831

1,3071,3071,3071,3071,307

2,8852,9132,9502,9793,007

066 11,385,1,371,8351,384,""-1,375,9721,368,431

112 1

3,0003,0003,0003,000

,067,6291,039,7881,064,4641,068,7061,091,813

680680680

3,000

3,720,9593,718,5113,700,9423,740,8083,798,072

13,00813,00813,00813,03213,051

14,15914,15914,15914,15914,159

2,1292,1292,1292,1292,129

3,4453,4803,5263,5793,632

3,753,7003,751,2873,733,7643,773,7073,831,043

2,7002,6992,6962,6962,695

1 After deducting $981,643,000 participations of other Federal Reserve Banks on Feb. 23; $945,287,000 on Mar. 1; $934,083,000 on Mar. 8; $918,223,000onMar. 15; and $933,219,000 on Mar. 22. (



FEDERAL RESERVE NOTES-FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS[In thousands of dollars]

Total Boston NewYork

Phila-delphia

Cleve-land

Rich-mond

At-lanta Chica St.

LouisMinne-apolis

KansasCity Dallas

SanFran-cisco

Federal Reserve notes out-standing (Issued to F.R.Bank by F.R. agent):


Collateral held by agent assecurity for notes issued toBank:

Gold certificates on handand due from U. S.Treasury:


Eligible paper:Feb. 23Mar. 1Mar. 8Mar. 15Mar. 22

U. S. securities:Feb. 23Mar. 1Mar. 8Mar. 15Mar. 22

Total collateral:Feb. 23Mar. 1Mar. 8Mar. 15Mar. 22

17,770,07417,845,28017,960,03418,064,90118,095,07'

13,076,00013,312,00013,316,00013,054,00012,914,000

42,55632,13846,89353,95358,088

4,981,7094,816,9834,871,2035,182,3475,431,712

18,100,26518,161,12118,234,09618,290,30018,403,800

960 31,188,1,196,1,193,9751,197,1,196,

294 3

878 4,354 4;

,924,846,946,320

3,985,526,010,269,018,914

1,196,4811,200,3141,206,4571,216,8071,213, 113 1

1,569,439 11,575,0061,582,7511,597,134

,596,i,507 1

,177,4051,180,

,186,1,194,499

,193,282

276 1770 1

',349 3,1,029,,027,926 3!,034,978 3

1,041,673 "1,050,),690 3

,301,,315,,330,

3,339,629",345,624

396,575399,132

749 775,809 401,261

294 763,734795 769,167

650,519 446,769 2,124,703656,224 451,790 2,127,036659,013 453,606 2,149,139

776,640 403j 112 661,199 456,308 2,169,753774,603 404,065 662,898 459,173 2,179,851

761,751,751,751,751,

000 3000 3000 3000 3000 3

5101,0902,0102,2851,610

450,000450,000450,000450,000450,000

i, 340,0001,575,000,600,000!, 420,000i,445,000

20,60816,75828,30320,78343,238

600,000400,000400,000600,000600,000

000 1725,725,735,000740,000740/

000 1

000 1

,170,000,176,000

1,185,0001,098,000,098,000

3,3136,7908,76517,3751,855

475,000475,000475,000475,000475,000

1,211,1,202,1,203,1,203,1,202,

510 3090 3:

285 4!610 4

758 1!, 960,6081,991, "t, 028,303:, 040,783:, 088,238

790 11,203,313,206,^

1,218,7651,232,3751,216,855

400,000400,000400,000500,000500,000

), 000 1

775,000775,000775,000775,000775,000

2,8303,4303,1056,0001,250

450,000450,000450,000450,000450,000

000 2,530,000 400,000 230,000 410,000 311000 2,560,000 400,000 230,000 410,000 286;

000 295,000 230,000 420,000 286,000 295,000 230,000 420,000 286,000 295,000 230,000 420,000 291

750,750,750,750,750,000 2

1,000 2>,000 2

,590,1,590,1,395,(

000 1,674,000000 1,674,000000 1,699,000

,699,0001,724,000

000 1000

15,2954,0704,7107,0107,510

500500 2,125

300,000300,000300,000300,000325,000

1,000 441,7091,000 451,9831,000 506,2031,000 517,347

790,790,790,790,970,000 561,712 175,000

175,000 250,175,000 250;175,175,000 250,000 175

000 150,000000 175,000000 175,000

,000250,000 175,000

500,000500,000500,000500,000500,000

1,570,,576,

1,585,1,598,000 11,598,000

>,000 1i,000 1

,227,830 1,050,000 3,320,000 857,004,228,430 1,050,000.,228,105 1,050,000 3,380,000 805,913,231,000 1,050,000 3,380,000 819,357

1,226,250 1,075,000 3,365,000 864,222

405,000 660,000 461,000 2,174,000000 2,174,000

405,000 670,000 461,000 2,199,000405,500 670,000 461,000 2,199,000405,500 672,125 466,000 2,224,000

3,350,000 856,053 405,000 660,000 461,. . . 0 0 0 6 7 0 > 0 0 0 4 6 1 t

INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS[Amounts in thousands of dollars]

Date (lastWednesday or

last day ofperiod)

19341935 . « . . .193619371938193919401941

1942June 24Dec. 31

1943Jan. 30Feb. 27Mar. 31Apr. 30May 31June 30July 31Aug. 31Sept. 30Oct. 30Nov. 30Dec. 31

1944Jan. 31Feb. 29

Applicationsapproved

Number

9841,9932,2802,4062,6532,7812,9083,202

3,3523,423

3,4323,4403,4433,4473,4483,4523,4553,4583,4603,4643,4663,471

3,4753,478

Amount

49,634124,493139,829150,987175,013188,222212,510279,860

338,822408,737

434,638446,319459,296467,733473,399475,468477,681481,288483,608486,098488,422491,342

495,738497,875

Ap-provedbut not

com-pleted1

(amount)

20,96611,5488,2263,3691,9462,659

13,9548,294

26,3464,248

6,6725,882

.5,1643,7323,0453,2032,8834,3542,860

305401926

1,808835

Loansout-

standing2

(amount)

13,58932,49325,52620,21617,34513,6839,152

10,337

11,26514,126

12,89713,71713,18213,18813,37813,04412,25812,00012,22712,40911,81110,532

10,36910,198

Commit-mentsout-

standing(amount)

8,22527,64920,95912,78014,1619,2205,226

14,597

16,83210,661

12,16012,11713,14313,43812,95012,13211,83211,61411,4749,9789,9209,270

10,14610,292

Partici-pations

out-standing(amount)

1,2968,7787,2087,238

12,72210,9816,386

19,600

26,43017,305

23,91523,17720,31620,33320,16619,07018,83218,40018,92818,61618,62117,930

18.24718,531

1 Includes applications approved conditionally by the Federal ReserveBanks and under consideration by applicant.

2 Includes industrial loans past due 3 months or more, which are not in-cluded in industrial loans outstanding in weekly statement of condition ofFederal Reserve Banks.

NOTE.—-The difference between amount of applications approved and thesum of the following four columns represents repayments of advances, andapplications for loans and commitments withdrawn or expired.

WAR PRODUCTION LOANS GUARANTEED BY WAR DE-PARTMENT, NAVY DEPARTMENT, AND MARITIME

COMMISSION THROUGH FEDERAL RESERVEBANKS UNDER REGULATION V

[Amounts in thousands of dollars]

Date

1942June 30Sept. 30Dec. 31

1943Jan. 31Feb.28Mar. 31Apr. 30May 31June 30July 31Aug. 31Sept. 30Oct. 31Nov. 30Dec. 31

1944Jan. 31Feb. 29

Guaranteed loansauthorized

Number

5651,6582,665

2,9613,1983,5343,7734,0024,2174,4044,5994,7874,9485,1235,347

5,5655,720

Amount

310,680944,204

2,688,397

2,999,7313,479,1723,725,2414,058,7314,554,2784,718,8184,900,9055,153,9415,452,4985,546,5556,234,0476,563,048

6,989,6827,172,719

Guaranteed loansoutstanding

Totalamount

81,108427,918803,720

974,0831,040,8281,245,7111,339,0781,415,7771,428,2531,536,2961,646,9211,708,0221,815,1621,798,2721,914,040

2,020,2942,030,547

Portionguaran-

teed

69,674356,677632,474

768,249828,221999,394

1,073,9721,150,0401,153,7561,269,4161,366,1781,413,1591,511,8471,495,9101,601,518

1,691,8021,700,400

Additionalamount

available toborrowers

under guar-antee agree-

mentsoutstanding

137,888230,720

1,430,121

1,440,9431,706,8491,865,6182,018,8182,076,9982,216,0532,388,7212,462,8752,494,8552,586,5632,798,2833,146,286

3,278,8223,451,581

NOTE.—The difference between guaranteed loans authorized and sumof loans outstanding and amounts available to borrowers under guaranteeagreements outstanding represents amounts repaid, guarantees availablebut not completed, and authorizations expired or withdrawn.

APRIL 1944 359


DEPOSITS AND RESERVES OF MEMBER BANKS, FEBRUARY 1944[Averages of daily figures. In millions of dollars]

Gross demand deposits

Total Inter-bank

U.S.Govern-

mentwar loan

posits1

Other

Adjusteddemand

de-posits2

Net de-mand

de-posits'*

Timede-

posits*

Demandbalances

duefrom

domesticbanks

Reserves

Held Re-quired Excess

All member banks

Central reserve c ity b a n k s :New YorkChicago

Reserve c i ty banks—TotalBoston districtNew York districtPhiladelphia districtCleveland districtRichmond districtAtlanta districtChicago districtSt. Louis districtMinneapolis districtKansas City districtDallas districtSan Francisco district

Count ry banks—TotalBoston districtNew York districtPhiladelphia districtCleveland districtRichmond districtAtlanta districtChicago districtSt. Louis districtMinneapolis districtKansas City districtDallas districtSan Francisco district. .

79,775

23,3305,422

29,6802,161489

2,3203,8241,7321,8033,7981,768987

2,4131,6986,685

21,3432,1793,4171,5501,8341,6671,7242,7761,169901

1,3421,5791,205

10,766

3,6501,082

4,98128627307495280516450540272849417541

1,0537972112518119275134697311725

15,464

5,6861,204

5,32661066525735370263696297224292206

1,043

3,248478674265280233235423123114128164131

53,545

13,9943,137

19,3721,264397

1,4882,5941,0821,0242,652931490

1,2721,0765,101

17,0421,6212,6711,2741,5291,2531,2982,278912718

1,1411,2981,049

50,093

12,9862,927

17,6941,183371

1,3882,3871,002906

2,454822433

1,120985

4,643

16,4861,5472,5641,2341,4871,1911,2482,228881699

1,1261,2671,017

55,508

16,6083,834

20,9061,419379

1,6262,6921,1761,2832,6231,264645

1,6621,1894,947

14,1601,4412,3531,0711,2201,0821,1111,815781601834

1,016836

15,609

865513

6,272107177138831276230

1,04219696197169

2,812

7,959705

1,873960958490350

1,209316369179105444

5,522

51176

1,83252196819311214528910161311218263

3,463191290178295301343496238170370376213

12,349

3,395800

4,89930089349649287295622273139387298

1,211

3,254294553267319233238449167145195215179

11,188

3,374797

4,55829086334588252270587265135344248

1,158

2,460244442208228181176327128106128149144

1,160

213

34193

1661362435

84

435053

79550

11259915262

1233938676736

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. Gov-ernment 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 loanaccounts.

3 Demand deposits subject to reserve requirements; i.e., demand deposits other than war loan deposits, minus cash items in process of collection anddemand 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.

MEMBER BANK RESERVE BALANCES, BY CLASS OF BANKS[Averages of daily figures. In millions of dollars]

Total reserves held:1943—Jan

Feb1944—Jan

FebWeek ending (Friday):

1944—Jan. 21Jan. 28Feb. 4Feb. 11Feb. 18Feb. 25Mar. 3Mar. 10

Excess reserves:1946—Jan

Feb1944—Jan

FebWeek ending (Friday):

1944—Jan. 21Jan. 28Feb. 4Feb. 11Feb. 18Feb. 25Mar. 3Mar. 10

Allmem-

berbanks1

^1,013

Central reservecity banks

NewYork Chicago

4,3523,9993,6683,395

3,7183,7353,5693,3913,3643,3643,4263,485

337971921

2320332116131211

875845800

862854832806799784800802

221053

34822

- 23

- 2

Re-servecity

banks

5,1905,1415,1334,899

5,1515,1605,1134,9564,8614,8064,8494,893

913784344341

310329432392307255266274

Coun-try ,

l

2,9052,9183,2893,254

3,2983,2973,3403,3083,2573,1763,1953,216

860820746795

742754843855815718

^727

v Preliminary.1 Weekly figures of excess reserves of all member banks and of country

banks are estimates.

DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE ANDSMALL CENTERS,1 FEBRUARY 1944

[Averages of daily figures. In millions of dollars]

Federal Reserve districts

Total

BostonNew YorkPhiladelphia...,Cleveland

RichmondAtlantaChicagoSt. Louis

MinneapolisKansas CityDallasSan Francisco..

In places of 15,000population and over

Demanddepositsexceptinter-bank2

12,716

1,8372,600

9131,092

9581,0891,638

444

390360611783

Timedeposits

4,673

5591,212

442513

239244727177

1486266

282

In places of under15,000 population

Demanddepositsexceptinter-bank2

7,573

262745626717

528443

1,063591

442909851396

Timedeposits

3,285

146661518445

251106482139

22111639

162

1 Includes any banks in outlying sections of reserve cities which havebeen given permission to carry the same reserves as country banks. Allreserve cities have a population of more than 15,000.

2 The series published through April 1943 included interbank deposits.The amount of such deposits for the current month at all country banks canbe derived by comparison with the first table above; banks in the smallcenters held 216 million dollars during the last half of April 1943. Figuresin this table include war loan deposits, shown separately for all countrybanks in table above.

36O FEDERAL RESERVE BULLETIN


UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS[Outside Treasury and Federal Reserve Banks. In millions of dollars]

End of year andmonth

1933193419351936193719381939194019411942

1943—January. ..February . .MarchAprilMayJuneJulyA u g u s t . . . .September.October. . . .November.December..

1944—January . . .February. . .

Totalin cir-cula-tion1

5,5195,5365,8826,5436,5506,8567,5988,732

11,16015,410

15,59016,08816,25016,66017,11417,42117,95518,52918,84419,25019,91820,44920,52920,824

Coin and small denomination currency2

Total

4,1674,2924,5185,0215,0155,1475,5536,2478,120

11,576

11,66512,06512,12112,42812,78912,96013,33413,71513,89114,13514,59814,87114,81715,004

Coin

442452478517537550590648751880

869877890904914929943960970987

1,0061,0191,0131,018

$1 3

402423460499505524559610695801

773786791804824834843858866872886909880877

$2

33323335333436394455

5456565859616264646568706970

$5

719771815906905946

1,0191,1291,3551,693

1,6781,7181,7131,7411,7851,7931,8361,8781,8871,9021,950,973

1,9401,952

$10

1,2291,2881,3731,5631,5601,6111,7722,0212,7314,051

4,1074,2794,2804,3914,5264,5654,7194,8534,8934,9625,1275,1945,1745,255

$20

1,3421,3261,3591,5011,4751,4811,5761,8002,5454,096

4,1834,3494,3914,5314,6814,7784,9315,1025,2115,3475,5615,7055,7425,832

Total

1,3601,2541,3691,5301,5421,7142,0482,4893,0443,837

3,9284,0264,1294,2324,3264,4624,6224,8164,9515,1185,3235,5805,7155,823

Larg

$50

364337358399387409460538724

1,019

1,0471,0791,1041,1311,1591,1951,2371,2931,3271,3661,4161,4811,5091,534

e denomination

$100

618577627707710770919

1,1121,4331,910

1,9622,0132,0692,1282,1862,2592,3472,4532,5352,6362,7612,9122,9923,054

$500

125112122135139160191227261287

293298306312319329341353360373388407418426

currency2

$1,000

237216239265288327425523556586

592599616621630648667687698713729749767777

$5,000

85776

17203024

9

101111151010109

111110999

$10,000

107

1618123232604625

2525232622212022202019222122

Unas-sorted

1058752443

33111222232233

1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as

destroyed.3 Paper currency only; $1 silver coins reported under coin.Back figures.—See Banking and Monetary Statistics, Table 112, pp . 415-416.

UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS[On basis of circulation statement of United States money. In millions of dollars]

GoldGold certificatesFederal Reserve notesTreasury currency—total

Standard silver dollarsSilver bullionSilver certificates and Treasury notes of 1890Subsidiary silver coinMinor coinUnited States notesFederal Reserve Bank notesNational bank notes

Total—February 29, 1944January 31, 1944February 28, 1943

Total out-standing

21,712Z19 59117 81944,091

4941 520

*1,778706266347629129

S43 622343,671339,658

Money held in the Treasury

As securityagainst

gold andsilver

certificates

19,591

1,778

2581,520

321,369321,610z 22,497

Treasurycash

22,121

67168

138

1973

(5)

H42 35642,32042,221

ForFederalReserveBanks

andagents

16,721

16 72116,93017,660

Moneyheld byFederalReserve

Banks andagents

2 8115577329

2

270186

2491

3,7223,8923,689

Money in circulation1

Feb. 29,1944

5517 1763,593

97

1,507668253320620128

20,824

Jan. 31,1944

5516 8743,598

96

1,522665252315621128

20,529

Feb. 28,1943

5812 5233,507

78

1,703573226317474134

16J088

1 Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States; totals forother end-of-month dates shown in table above, totals by weeks in table on p. 353, and seasonally adjusted figures in table on page 362.

2 Includes $1,800,000,000 Exchange Stabilization Fund, $143,818,589 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 The amounts of gold and silver certificates and Treasury notes of 1890 outstanding are not included in the total of all forms of money outstanding,since gold and silver held as security against them are included under gold, standard silver dollars, and silver bullion.

4 Figures for total Treasury currency outstanding and for total Treasury cash by weeks and months are shown in the table on p . 353.5 Less than $500,000.NOTE.—There is 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 dpllar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) assecurity for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver cer-tificates; 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. FederalReserve 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

under the terms of the Federal FBoard of Governors of the Fedei ._. . „ # #the redemption fund which must be deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation. "Gold cer-tificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and nationalbank notes are in process of retirement.

APRIL 1944 361


MONEY IN CIRCULATION WITH ADJUSTMENT FORSEASONAL VARIATION

[Outside Treasury and Federal Reserve Banks. In millions of dollars]

Date

End of year figures:19381939194019411942;.'.'.'.'..'1943

Monthly averages of dailyfigures:

1943—MarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1944—JanuaryFebruaryMarch

Wednesday figures:1944—Feb. 2

91623

Mar. 18

15.:2229

Amount—unadjustedfor seasonal

variation

6,8567,5988,732

11,16015,41020,449

16,14816,44816,81517,21717,68118,19618,72919,00119,56620,24320,42820,63520,964

20,53420,58620,61020,69620,82320,96321,00620,93421,037

Amount—adjusted for

seasonalvariation

16,19716,58116,93417,30417,71618,28718,76719,00119,50719,94420,36720,63521,027

20,61620,66920,71420,80020,84421,02621,17521,18821,249

Change inseasonallyadjustedseries1

+306+742

+1,134+2,428+4,250+5,039

+360+384+353+370+412+571+480+234+506+437+423+268+392

+85+53+45+86+44

+182+149+13+61

1 For end of year figures, represents change computed on absoluteamounts in first column.

NOTE.—For discussion of seasonal adjustment factors and for backfigures on comparable basis see September 1943 BULLETIN, pp. 822-826.Because of an apparent recent change in the seasonal pattern around theyear end, adjustment factors have been revised somewhat for dates af-fected, beginning with December 1942; seasonally adjusted figures formoney in circulation, as shown in Banking and Monetary Statistics, Table111, p. 414, and described on p. 405, are based on an older series of adjust-ment factors.

ANALYSIS OF CHANGES IN GOLD STOCK OFUNITED STATES

[In millions of dollars]

Period

19342

193519361937193819391940194119421943

1943—February..MarchAprilMayJuneJulyAugust. ..SeptemberOctober...NovemberDecember.

1944—January ..February.

Jan.-Feb..

Goldstockat end

of period

8,23810,125

311,258312,760

14,51217,64421,99522,73722,72621,938

22,64422,57622,47322,42622,38822,33522,24322,17522,11622,06521,93821,91821,712

21,712

Increasein goldstock

4,202.51,887.21,132.51,502.51,751.53,132.04,351.2

741.8-10.3

-788.5

-39.3-68.0

-103.1-46.3-38.9-52.7-92.0-67.8-59.3-51.0

-127.0-19.6

-206.6

-226.2

Net goldimport

Ear-marked

gold: de-creaseor in-

crease (—0

1,133.91,739.01,116.61,585.51,973.63,574.24,744.5

982.4

82.6.2

-85.9-200.4-333.5-534.4-644.7-407.7-458.4—803.6

-63.4—59.0

— 101.0-45.1-51.7-63.7-91.3-80.6-40.6-44.1-87.0-27.6

511.5

Domes-tic goldproduc-

tion1

92.9110.7131.6143.9148.6161.7170.2169.1125.447.8

4.14.54.94.13.93.93.63.33.83.43.5

4:1^6.2

p Preliminary, f Figure carried forward.1 Annual figures through 1942 are estimates of the United States Mint.

Annual figure for 1943 and monthly figures are those published in tableon p. 401, adjusted to exclude Philippine Islands production received inUnited States.

2 Figures based on rate of $20.67 a fine ounce in January 1934 and $35 afine ounce thereafter.

3 Includes gold in the Inactive Account amounting to 27 million dollarson Dec. 31, 1936, and 1,228 million on Dec. 31, 1937.

4 The net gold import figures for months subsequent to December 1941have not been released for publication.

5 Gold held under earmark at Federal Reserve Banks for foreign accountamounted to 3,493.5 million dollars on Feb. 29, 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 samepublication.

BANK DEBITS AND DEPOSIT TURNOVER[Debits in millions of dollars]

Year and month

Total, allreportingcenters

Debits to total deposit accounts exceptinterbank accounts

NewYorkCity1

184,208,197168171171197210226296

21242925252321272323282727

006936836778382582724961865368

112062193737464976221913990

,327,936,031,592

140 othei) otherinters1

Otherreportingcenters2

Annual rate ofturnover of totaldeposits except

interbank

NewYorkCity

333 otherreportingcenters

Debits to demanddeposit accountsexcept interbankand Government

NewYorkCity

100 otherleadingcities

Annual rate ofturnover of demand

deposits exceptinterbank andGovernment

NewYorkCity

100 otherleadingcities

19351936193719381939194019411942—old series3

1942—new series3

1943

1943—FebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1944—JanuaryFebruary

402,718461,889469,463405,929423,932445,863537,343607,071641,778792,937

54,87265,78273,66164,24666,89465,34760,61475,75866,26665,02576,499

r71,89470,713

190,165219,670235,206204,745218,298236,952293,925342,430347,837419,413

28,43735,26137,68332,60234,95934,95433,35940,45235,61435,21540,15537,95036,490

28,54733,28336,42132,40634,25237,32945,69453,67967,07477,155

5,3236,4596,7845,9086,4726,4176,0347,3936,6636,4837,409

r6,9146,631

16.116.5

17.216.619.417.216.716.214.318.214.315.217.8

r17.317.7

13.111.7

11.712.313.211.211.511.410.613.010.511.111.8

r11.511.3

178,498204,831193,143164,945167,939167,373193,729

200,337

-258,398

17,49020,98825,38122,73222,02221,261% 5 0 024,37720,92320,75924,44624,99422,887

175,902202,267215,090186,140200,636217,744270,439

308,913

369,396

24,67531,44332,99629,28130,62030,75029,13035,85031,39030,73834,75133,74931,566

31.531.429.525.121.017.117.318.020.5

19.218.323.323.320.519.216.022.720.521.121.822.924.0

22.722.422.419.919.418.619.418.417.4

16.317.118.717.616.816.415.219.617.417.817.717.918.5

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

42 partly estimated.



DEPOSITS AND CURRENCY—ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS[Figures partly estimated. In millions of dollars]

End of month

1929—JuneDecember

1933—JuneDecember

1934—JuneDecember

1935—JuneDecember

1936—JuneDecember

1937—JuneDecember

1938—JuneDecember

1939—JuneDecember

1940—JuneDecember

1941—JuneDecember

1942—JuneDecember

1943—FebruaryMarchAprilMayJuneJuly23

August23

September**October23

November23

December27

1944—January23

Totaldepositsadjusted

andcurrencyoutsidebanks

55,17154,713

41,68042,54845,96147,98549,88152,18255,05257,35157,25856,63956,56558,95560,94364,09966,95270,76174,15378,23181,96399,701

102,000102,100107,400110,900110,161111,900113,500120,600124,100123,800

r122,800123,900

Totaldemanddepositsadjusted

andcurrencyoutsidebanks

26,17926,366

19,17219,81721,35323,11425,21627,03229,00230,99930,68729,59729,73031,76133,36036,19438,66142,27045,52148,60752,806

r62,868

68,70069,80067,10069,60071,85374,10077,50072,80074,40078,20079,60080,100

Totaldepositsadjusted

51,53251,156

36,91937,76641,30243,33045,09847,26549,83051,83551,76951,00151,14853,18054,93857,69860,25363,43665,94968,61671,02785,755

87,40087,30092,30095,30094,34795,60096,600

103,400106,500105,500"103,900105,000

Demanddepositsadjusted1

22,54022,809

14,41115,03516,69418,45920,43322,11523,78025,48325,19823,95924,31325,98627,35529,79331,96234,94537,31738,99241,870

r48,922

54,10055,00052,00054,00056,03957,80060,60055,60056,80059,90060,70061,200

UnitedStates

Govern-ment

deposits2

381158

8521,0161,7331,715

811909

1,142991666824599889792846828753753

1,8951,8378,402

4,2003,000

10,80011,4008,0487,1004,700

16,30017,90013,30010,40010,700

Time deposits

Total

28,61128,189

21,65621,71522,87523,15623,85424,24124,90825,36125,90526,21826,23626,30526,79127,05927,46327,73827,87927,72927,320

r28,431

29,10029,30029,50029,90030,26030,70031,30031,50031,80032,300

r32,80033,100

Com-mercialbanks3 4

19,55719,192

10,84911,01911,98812,21312,82013,17013,70614,04614,51314,77914,77614,77615,09715,25815,54015,77715,92815,88415,610

r16,352

16,80016,90017,00017,30017,54317,90018,30018,40018,60018,900

r19,30019,500

Mutualsavingsbanks4

8,9058,838

9,6219,4889,6919,7389,8309,8719,971

10,05610,12510,17010,20910,27810,43310,52310,63110,65810,64810,53210,395

r10,664

10,80010,90011,00011,10011,14111,20011,30011,40011,50011,60011,70011,800

PostalSavingsSystem5

149159

1,1861,2081,1961,2051,2041,2001,2311,2591,2671,2691,2511,2511,2611,2781,2921,3031,3031,3131,3151,415

1,5001,5001,5001,5001,5761,6001,7001,7001,7001,8001,8001,800

Currencyoutsidebanks

3,6393,557

4,7614,7824,6594,6554,7834,9175,2225,5165,4895,6385,4175,7756,0056,4016,6997,3258,2049,615

10,93613,946

14,60014,80015,10015,60015,81416,30016,90017,20017,60018,30018,90018,900

p Preliminary. r Revised.1 Includes demand deposits, other than interbank and United States Government, less cash items in process of collection.2 Beginning with December 1938, includes United States Treasurer's time deposits, open account.3 Excludes interbank time deposits and postal savings redeposited in banks.4 Beginning with June 1941, the commercial bank figures exclude and the mutual savings bank figures include three member mutual savings banks.5 Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions.

NOTE.—Except on call dates, figures are rounded to nearest 100 million dollars. See Banking and Monetary Statistics, p. 11, for description andTable 9, pp. 34-35, for back figures.

POSTAL SAVINGS SYSTEM[In millions of dollars]

End of month

1934—Dec1935—Dec1936—Dec1937—Dec1938—Dec1939—Dec1940—Dec1941—Dec1942—Dec

1943—MarAprMayJuneJulyAugSeptOctNovDec

1944—JanFeb

Depos-itors 'bal-

ances1

1,2071,2011,2601,2701,2521,2791,3041,3141,417

1,4931,5171,5461,5771,6201,6601,6831,7161,7521,788

Î^Spl,867

Assets

Total

:

:

,237,237,296,308,291,319,348,396,464

,545L,5691,596L,6311,6781,7191,7391,7731,8121,843

Cashin de-posi-tory

banks

5402871451318653362616

13121212111110101010

U. S. Governmentsecurities

Total

597853

1,0581,0971,1321,1921,2241,2741,345

1,4211,4501,5001,4821,5271,5881,6311,6461,6781,716

Di-rect

467706892931965

1,0461,0781,1281,220

1,3601,3891,4491,4711,5271,5881,6311,6461,6781,716

Guar-an-teed

130147167167166146146146126

61615111

Cashre-

servefundsetc.2

10098938073748895

102

11110783

13714012197

117125118

p Preliminary. •'•Outstanding principal, represented by certificates ofdeposit. Does not include accrued interest or outstanding savings stamps.

2 Includes working cash with postmasters, 5 per cent reserve fund andmiscellaneous working funds with Treasurer of United States, accruedinterest on bond investments, and accounts due from late postmasters. #

Back figures.—See Banking and Monetary Statistics, p. 519; for descrip-tion, see p. 508 in the same publication.

APRIL 1944

BANK

dumber of banks suspended:1934193519361937 .. .1938193919401941194219431944—Jan .-Feb

Deposits of suspended banks(in thousands of dollars):3

19341935193619371938193919401941194219431944—Jan.-Feb

> SUSPENSIONS1

Total,all

banks

36

57344459554222

894

93710,01511,30619,72313,01234,9985,9433,7261.7026 223

Memberbanks

Na-tional

14141414

2

405,313

5077,379

361,341

2563,144

4,982

Sta

i,24,

ite

213

708"211629

Nonmemberbanks

In-sured2

8224047472518362

1,9123,763

10,20710,15611,7216,5895,341

5031,3751,241

Non-insured

34

12

488

66

10

1

98 S93959248004443934679

VI

1 Represents banks which, during the periods shown, closed temporarilyor permanently on account of financial difficulties; does not include bankswhose deposit liabilities were assumed by other banks at the time of closing(in some instances with the aid of Federal Deposit Insurance Corporationloans).

2 Federal deposit insurance became operative Jan. 1, 1934.6 Deposits of member banks and insured nonmember banks suspended are

as of dates of suspension, and deposits of noninsured nonmember banksare based on the latest data available at the time the suspensions werereported.

Back figures.—See Banking and Monetary Statistics, pp. 283-292; fdescription, see pp. 281-282 in the same publication.

363


ALL BANKS IN THE UNITED STATES, BY CLASSESLOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS


Class of banks, and call dates

Loans and investments

Total Loans

Investments

Total

U. S.Govern-

mentobliga-tions

Othersecurities

Deposits

Total1 Inter-bank1

Other

Demand Time

Numberof banks

All b a n k s :1934—June 301937—June 301940—June 29

December 311941—June 30



December 31e

All commercial b a n k s :1934—June 301937—June 301940—June 29




December 31e

All insured commercial banks1934—June 301937—June 301940—June 29




All member b a n k s :1934—June 301937—June 301940—June 29




December 31

All n a t i o n a l b a n k s :1934—June 301937—June 301940—June 29




December 31

S ta t e member b a n k s :1934—June 301937—June 301940—June 29




December 31

42,55249,56551,33654,17057,94661,10164,00978,13787,88198,000

32,74239,47241,14843,92247,62550,72253,64967,39176,63386,200

31,68838,21839,83042,55646,18649,28852,64266,24075,270

27,17532,73934,45137,12640,65943,52146,80059,26367,15574,258

17,01120,89322,03823,64825,81827,57129,46437,57642,80547,499

10,16311,84512,41313,47814,84015,95017,33621,68724,35026,759

21,30622,41022,34023,75125,31126,61625,08123,91522,24123,650

15,70017,43217,41418,79220,35321,71120,25919,21717,66019,250

15,19017,04117,01118,39419,90921,25819,92018,90317,390

12,52314,28513,96915,32116,72918,02116,92816,08814,82316,288

7,6818,7969,15610,00410,89711,72510,88010,1839,17310,116

4,8425,4884,8135,3165,8326,2956,0485,9055,6496,171

21,24627,15528,99630,41932,63534,48538,92854,22265,64074,350

17,04222,04023,73425,13027,27229,01133,39048,17458,97466,950

16,49821,17722,81924,16126,27628,03032,72247,33657,880

14,65218,45420,48221,80523,93025,50029,87243,17552,33257,970

9,33112,09712,88213,64414,92215,84518,58427,39333,63237,382

5,3216,3577,6008,1629,0089,654

11,28815,78318,70120,588

11,27816,95419,66620,98323,52125,48830,30145,93257,74866,900

10,30714,56316,55317,75920,09521,78826,41041,37352,45860,800

10,00513,96415,90017,06319,37021,04625,93440,70551,534

9,41312,68914,72215,82318,07819,53924,09837,54646,98052,948

5,8478,2069,0949,73511,11112,03914,87823,74430,10234,065

3,5664,4835,6276,6,9677,5009,220

13,80216,87818,883

9,96810,2019,3309,4369,1148,9978,6278,2907,8927,450

6,7357,4777,1817,3717,1777,2236,9806,8016,5166,150

6,4937,2136,9197,0986,9076,9846,7896,6316,347

5,2395,7655,7615,9825,8525,9615,7745,6295,3525,022

3,4843,8913,7873,9083,8113,80b3,7063,6483,5293,316

1,7551,8741,9732,0742,0412,1552,0681,9801,8231,705

46,43559,22270,77075,96378,12081,78082,70699,796107,224117,500

36,74449,09760,13965,30567,47271,24872,31189,13296,083105,800

35,83347,82458,41863,46165,60869,41171,15087,80394,563

31,01241,49051,72956,43058,51261,71763,40478,27784,01692,262

19,89626,71633,01435,78737,27339,45840,53450,46854,58959,961

11,11614,77418,71520,64221,23822,25922,87127,80829,42732,302

4,5606,33210,18810,94110,94810,98910,28711,31810,89510,900

4,5606,33210,18810,94110,94810,98910,28711,31810,89510,900

4,4356,1469,79510,53910,54510,65410,07611,14410,681

4,3556,0519,69010,42310,43610,5259,97111,00010,55210,556

2,7673,7906,0836,5746,5896,7866,4977,4007,1557,159

1,2,2613,6083,8493,8473,7393,4743,6003,3963,397

19,52728,11834,33638,51840,53044,31646,35761,39567,56975,550

19,52728,11834,33638,51840,53044,31646,35761,39567,56975,550

19,01327,24033,27237,33339,32043,06145,66460,50466,509

16,97624,23030,11133,82935,72538,84641,31154,52359,67066,438

10,35615,16218,70!20,88522,30224,35025,86134,49938,20542,604

6,6209,06811,40912,94413,42314,49515,45120,02421,46523,833

22,34824,77326,24626,50426,64126,47626,06227,08328,76031,050

12,65714,64815,61515,84615,99315,94415,66716,41917,61919,350

12,38514,43815,35115,58915,74:15,69715,41016,15417,374

9,11,21011,92812,17812,35012,34712,12212,75413,79'15,268

6,7727,7648,2288,3298,3828,3228,1768,5709,229

10,196

2,9083,4463,6993,8493,9694,0253,9464,1844,5665,072

15,92915,53914,95514,89514,85514,82514,77514,68214,61814,579

15,35314,97614,40414,34414,30514,27714,22814,13614,07314,034

13,93913,88313,47913,43813,42213,42613,39913,34313,298

6,3756,3576,3986,4866,5566,6196,6476,6796,7036,738

5,4175,2935,1645,1445,1305,1175,1015,0815,0605,040

9581,0641,2341,3421,4261,5021,5461,5981,6431,698

e Estimated. Some of the figures have been rounded to the nearest 50 million. Consequently, the component items do not necessarily equal the total.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 de-

posits of 8 million dollars in June 1941, which became members of the Federal Reserve System during 1941. These banks are not included in "commercialbanks" 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 mem-ber bank and all insured commercial bank figures) reflect principally the admission to membership in the Federal Reserve System of one large bank withtotal 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 de-posits, 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.



ALL BANKS IN THE UNITED STATES, BY CLASSES—ContinuedLOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS


Class of banks, and call dates

AH nonmember commercial banks:1934—June 301937—June 301940—June 29




December 31e

Insured nonmember commercialbanks:

1934—June 301937—June 301940—June 29




Noninsured nonmember commercialbanks:

1934—June 301937—June 301940—June 29


December 311942—June 3034.


All mutual savings banks:1934—June 301937—June 301940—June 29




December 3le

Insured mutual savings banks:1934—June 301937—June 301940—June 29




Noninsured mutual savings banks:1934—June 301937—June 301940—June 29




Loans and investments

Total

5,5676,7336,6976,7966,9737,2086,8568,1359,486

11,920

4,5135,4795,37r

5,4295,5345,7745,8496,9848,123

1,0541,2541,3181,3671,4391,4341,0071,1511,363

9,81010,09310,18810,24810,32110,37910,36010,74611,24811,800

1,022969

1,3171,6551,6551,6931,8002,0072,704

8,7889,1248,8718,5938,6668,6868,5608,7398,544

Loans

3,1773,1473,4453,4713,6273,6933,3343,1322,8402,940

2,6672,7563,0423,0743,1833,2412,9952,8182,570

510391403397444452339314270

5,6064,9784,9264,9594,9584,9054,8224,6984,5814,400

576470598637641642692740

1,013

5,0304,5084,3284,3224,3174,2634,1303,9583,568

Investments

Total

2,3903,5863,2523,3253,3463,5153,5225,0036,6478,980

1,8462,7232,3372,3562,3502,53,2,8544,1665,553

54486391969996982668837

1,094

4,2045,1155,2625,2895,3635,4745,5386,0486,6667,400

446499719

1,0181,0151,0501,1081,2671,691

3,7584,6164,5434,2714,3484,4244,4304,7814,975

U. S.Govern-mentobliga-tions

8951,8741,8311,9362,0182,2512,3143,8295,4827,860

5921,2751,1781,2401,2931,5091,8373,1624,557

303599653696725742477667925

9712,3913,1133,2243,4263,7003,8914,5595,2906,100

120252420548569629686861

1,264

8512,1392,6932,6762,8573,0713,2053,6984,026

Othersecurities

1,4951,7121,4211,3891,3281,2641,2081,1741,1651,120

1,2541,4481,1591,1161,0571,0251,0171,004

996

241264262273271239191170169

3,2332,7242,1492,0651,9371,7741,6471,4891,3761,300

325247299470446421422405427

2,9082,4771,8501,5951,4911,3531,22."1,084949

Deposits

Total1

5,7327,6078,4108,8758,9699,5398,91510,86412,07613,550

4,8216,3346,6897,0327,1047,7027,7549,535

10,557

9111,2731,7211,"""1,8651,8371,1611,3291,519

9,69110,12510,63110,65810,64810,53210,39510,66411,14111,700

1,0401,0021,4281,8181,8031,7891,8642,0482,739

8,6519,1239,2038,8408,8458,7438,5318,6168,402

Inter-bank1

205281498518512464316318343350

8096104116110129105145129

125185394402402335211173214

Other

Demand

2,5513,8884,2254,6894,8055,4705,0466,8727,8999,100

2,0373,0103,1613,5043,5954,2154,3535,9816,839

514878

1,0641,1851,2101,255693891

1,060

Time

2,9763,4383,6873,6683,6513,6053,5533,6743,8344,100

2,7043,2283,4233,4113,4003,3583,2963,4093,589

272210264257251247257265245

9,69110,12510,63110,65810,64810,53210,39510,66411,14111,700

1,0401,0021,4281,8181,8031,7891,8642/2,739

8,6519,1239,2038,8408,8458,7438,5318,6168,402

Numberof banks

8,9788,6198,0067,8587,7527,6617,5847,4607,3737,299

7,5647,5267,0816,9526,8696,8106,7556,6676,598

1,4141,093925906883851829793775

576563551551550548547546545545

665651535352535661

510507500498497496494490484

For footnotes see opposite page.

APRIL 1944 365


CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS

C a l l d a t e

T o t a l — A l lM e m b e r B a n k s

1 9 3 8 — D e c . 3 11 9 3 9 — J u n e 3 0

D e c . 3 01 9 4 0 — J u n e 2 9

D e c . 3 11 9 4 1 — J u n e 3 0

D e c . 3 11 9 4 2 — J u n e 3 0

D e c . 3 11 9 4 3 — J u n e 3 0

O c t . 1 8D e c . 3 1

New YorkCity1

1 9 3 8 — D e c . 3 11 9 3 9 — J u n e 3 0

D e c . 3 01 9 4 0 — J u n e 2 9 . . .

D e c . 3 11 9 4 1 — J u n e 3 0

D e c . 3 11 9 4 2 — J u n e 3 0

D e c . 3 11 9 4 3 — J u n e 3 0

O c t . 1 8D e c . 3 1 . . . .

City ofC h i c a g o 1

1 9 3 8 — D e c . 3 11 9 3 9 — J u n e 3 0

D e c . 3 01 9 4 0 — J u n e 2 9

D e c . 3 1 . . .1 9 4 1 — J u n e 3 0

D e c . 3 1 . . .1 9 4 2 — J u n e 3 0

D e c . 3 11 9 4 3 — J u n e 3 0

O c t . 1 8D e c . 3 1

R e s e r v e C i t yB a n k s

1 9 3 8 — D e c . 3 11 9 3 9 — J u n e 3 0

D e c . 3 01 9 4 0 — J u n e 2 9

D e c . 3 11 9 4 1 — J u n e 3 0

D e c . 3 11 9 4 2 — J u n e 3 0

D e c . 3 11 9 4 3 — J u n e 3 0 . . . . .

O c t . 1 8D e c . 3 1 . . . .

C o u n t r yB a n k s

1 9 3 8 — D e c . 3 11 9 3 9 — J u n e 3 0

D e c . 3 01 9 4 0 — J u n e 2 9

D e c . 3 11 9 4 1 — J u n e 3 0

D e c . 3 11 9 4 2 — J u n e 3 0

D e c . 3 11 9 4 3 — J u n e 3 0

O c t . 1 8D e c . 3 1

Totalloansand

invest-ments

32,0703 2 , 6 0 33 3 , 9 4 13 4 , 4 5 13 7 , 1 2 64 0 , 6 5 94 3 , 5 2 14 6 , 8 0 05 9 , 2 6 36 7 , 1 5 57 8 , 1 1 27 4 , 2 5 8

8 , 3 3 58 , 6 8 89 , 3 3 99 , 8 2 9

1 0 , 9 1 01 2 , 4 9 31 2 , 8 9 61 4 , 0 1 91 7 , 9 5 71 8 , 9 8 22 2 , 1 3 71 9 , 9 9 4

1 , 9 6 92 , 0 5 22 , 1 0 52 , 2 0 52 , 3 7 72 , 7 0 72 , 7 6 03 , 1 1 63 , 9 7 34 , 3 3 25 , 0 4 54 , 5 5 4

1 1 , 6 5 41 1 , 7 5 61 2 , 2 7 21 2 , 1 6 01 3 , 0 1 31 4 , 0 1 31 5 , 3 4 71 6 , 5 3 52 0 , 9 1 52 4 , 6 7 72 8 , 8 2 62 7 , 5 2 1

1 0 , 1 1 31 0 , 1 0 91 0 , 2 2 41 0 , 2 5 71 0 , 8 2 61 1 , 4 4 61 2 , 5 1 81 3 , 1 3 01 6 , 4 1 91 9 , 1 6 42 2 , 1 0 32 2 , 1 8 8

[In m i l l i o n s o f d o l l a r s

L o a n s

Total

1 3 , 2 0 81 3 , 1 4 11 3 , 9 6 21 3 , 9 6 91 5 , 3 2 11 6 , 7 2 91 8 , 0 2 11 6 , 9 2 81 6 , 0 8 81 4 , 8 2 31 7 , 7 1 61 6 , 2 8 8

3 , 2 6 22 , 9 8 83 , 2 9 63 , 0 1 43 , 3 8 43 , 7 7 84 , 0 7 24 , 0 6 64 , 1 1 64 , 0 0 95 , 3 7 34 , 4 2 8

539544569603696846954906832784

1 , 0 2 31 , 0 0 4

4 , 9 6 35 , 0 0 45 , 3 2 95 , 3 6 55 , 9 3 16 , 4 9 87 , 1 0 56 , 5 6 46 , 1 0 25 , 5 3 36 , 5 3 96 , 2 0 1

4 , 4 4 44 , 6 0 54 , 7 6 84 , 9 8 75 , 3 0 95 , 6 0 75 , 8 9 05 , 3 9 35 , 0 3 84 , 4 9 74 , 7 8 04 , 6 5 4

Com-mer-cial,in-

elud-ing

open-mar-ket

paper

5,1795,2035,8415,9886,'6607,8078^6718,3837,3876,554

7,421

1,5941,6021,8881,9052,1252,5032,8072,8412,5462,274

2^515'

335344383432492630732712658612

763

2,0632,0222,2562,2902,5893,0813,4563,3182,9572,652

3,058

1,1861,2351,3141,3611,4531,5931,6761,5121,2261,017

1,084'

Agri-cul-tur-al

712788730736865738972726

1 , 0 8 9854

1 , 0 2 3

5

766389

2124

" " 2 4

171968e

6

62

6

207234221176263175300152290205

279

483531495546590555659562772623

" 7 1 3

L o a n s f o rp u r c h a s i n g

o r c a r r y i n gs e c u r i t i e s

Tobrok-

e r sa n d

d e a l -e r s

973731790447642575594554934

1 , 1 2 0

1 , 3 9 8

787555611320465422412430787955

1 ^ 0 5 4

43394123423648293440

102

11911511987

1151001147897

107

217

25222017211720161717

" " 2 5

T oo t h e r s

775736700668652635598562538603

839

220215188188190186169167193240

" 3 2 3 '

70716661545552503241

52

242221222210207198194177153157

267

243229224208201195183169161164

197

Real-es-tateloans

2223

I23^

1

1

, 7 1 6, 8 2 8, 9 5 7, 0 6 9, 2 2 8, 3 6 5, 4 9 4, 5 0 1, 4 2 3, 3 5 1

, 2 7 4

121130133137130129123121117113

107

12121316192022222323

22

, 2 3 0, 2 8 4

1 , 3 3 51 , 3 7 21 , 4 3 6L , 4 7 71 , 5 2 71 , 5 2 41 , 4 8 61 , 4 6 5

1 , 4 2 0

, 3 5 3, 4 0 2, 4 7 7, 5 4 4, 6 4 4, 7 3 9, 8 2 3, 8 3 4, 7 9 7, 7 5 0

, 7 2 5

C o n -s u m e rloans

O t h e rl o a n s

2 , 8 5 32 , 8 5 52 , 9 4 43 0 6 23 , 2 7 33 6 0 93 , 6 9 23 , 2 0 3

1 , 8 4 71 , 5 4 0

1 , 4 8 4

870801

848

535481469458468536554499

303264

" ' 2 5 2 '

148140

" 1 5 3

6260606284

1019690

6251

45

1815

14

L , 1 0 1L , 1 2 81 , 1 7 71 , 2 3 01 , 3 2 21 , 4 6 61 , 5 1 2L . 3 1 5

808670

658

312276

301

1 , 1 5 41 , 1 8 61 , 2 3 81 , 3 1 11 , 4 0 01 , 5 0 71 , 5 3 01 , 2 9 9

674555

" ' 5 2 8 '

393371

" 3 8 1 '

Total

18,86319,46219,97920,48221,80523,93025,50029,87243,17552,33260,39757,970

5,0725,7006,0436,8157,5278,7158,8239,953

13,84114,97416,76415,566

,430L,5O7L,536L,6021,681

,861SOfi

2^21034413,5484 0223,550

6,6916,7516,9436,7957,0817,5158,2439,971

14,81319,14422,28721,321

5,6695,5045,4565,2705,5175,8396,6287,737

11,38014,66717,32317,534

U

Total

1 3 , 2 2 21 3 , 7 7 71 4 , 3 2 81 4 , 7 2 21 5 , 8 2 31 8 , 0 7 81 9 , 5 3 92 4 , 0 9 83 7 , 5 4 64 6 , 9 8 05 5 , 2 5 55 2 , 9 4 8

3 , 8 5 74 , 4 8 34 , 7 7 25 , 4 8 66 , 0 4 47 , 2 6 87 , 2 6 58 , 5 5 0

1 2 , 5 4 71 3 , 8 8 71 5 , 7 3 41 4 , 5 6 3

, 1 1 4, 1 7 5, 2 0 3, 2 5 8, 3 0 7, 4 8 3, 4 3 0. 8 5 8

2 ^ 7 8 93 , 1 6 73 6 9 33 , 2 3 8

5 , 0 1 84 , 9 9 15 , 1 9 44 , 9 4 75 , 2 0 45 , 7 0 06 , 4 6 78 , 1 8 8

1 3 , 0 3 81 7 , 4 1 72 0 6 1 61 9 , ' 6 8 2

3 , 2 3 33 , 1 2 73 , 1 5 93 , 0 3 03 , 2 6 93 , 6 2 74 , 3 7 75 , 5 0 29 , 1 7 2

1 2 , 5 0 91 5 , 2 1 21 5 , 4 6 5

I n v e s t m e n t s

. S . G o v e r n m e n t o b l i g a t i o n s

B i l l s

286441563797652

1 , 1 2 7971

1 , 5 0 94 , 3 6 36 , 2 7 8

4 ^ 3 6 0

158168315421207577311402

1 , 8 5 51 , 9 8 5

1 ^ 3 2 8

59185153254297417256357397473

199

57786387

10373

295579

1 , 4 4 12 , 6 2 6

1 , 8 0 2

111131364560

110171671

1 , 1 9 4

1 , 0 3 2

D i r e c t

C e r -t i f i -

c a t e so f i n -d e b t -

e d -n e s s

1 , 8 7 26 , 2 8 59 , 4 1 8

1 2 ^ 0 7 1

6632 , 1 4 42 , 8 1 8

3 , 4 0 9

181637795

877

" * 6 7 42 , 2 5 33 , 5 2 9

' 4 , 6 9 1

' ' ' 3 5 51 , 2 5 12 , 2 7 6

3 , 0 9 4

N o t e s

3 , 3 8 92 , 7 2 02 , 2 2 32 , 5 4 32 , 5 9 42 , 6 3 13 , 0 0 73 , 5 4 65 , 4 0 95 , 2 5 1

6 , ' 9 0 6

1 , 1 4 2908797

1 , 0 9 21 , 2 4 51 , 5 2 61 , 6 2 31 , 7 4 6

2 , 0 5 61 , 6 5 6

1 ^ 8 2 9

291234176161145125153162391399

484

1 , 2 2 41 , 0 1 4

819839771606751981

1 , 7 2 31 , 8 2 8

2 , 4 9 7

73?563431451433374481657

1 , 2 4 01 , 3 6 8

2 , 0 9 6

B o n d s

7 , 2 0 87 , 7 8 68 , 3 9 88 , 2 6 19 , 0 9 1

1 0 , 4 8 11 1 , 7 2 91 4 , 4 8 51 8 , 9 4 82 3 , 5 4 5

2 7 , 2 6 5

1 , 6 6 32 , 2 8 42 , 3 8 52 , 6 5 02 , 9 7 73 , 4 1 53 , 6 5 24 , 5 7 25 , 4 2 06 , 4 5 4

7 ^ 0 1 4

655621701710752803903

1 , 0 6 81 , 2 8 21 , 4 2 4

1 , 6 0 2

2 , 9 9 73 , 0 1 03 , 3 3 93 , 0 5 23 , 2 8 13 , 8 5 84 , 2 4 85 , 1 4 96 , 8 1 08 , 5 7 6

9 ^ 9 4 3

1 , 8 9 31 , 8 7 01 , 9 7 21 , 8 4 92 , 0 8 12 , 4 0 42 , 9 2 63 , 6 9 65 , 4 3 67 , 0 9 1

8^705

Guar-an-teed

2 , 3 4 02 , 8 3 13 , 1 4 43 , 1 2 13 , 4 8 63 , 8 3 93 , 8 3 22 , 6 8 52 , 5 4 02 , 4 8 7

2 ^ 3 4 5

8941 , 1 2 31 , 2 7 51 , 3 2 41 , 6 1 51 , 7 5 11 , 6 7 91 , 1 6 61 , 0 7 1

974

' ' 9 8 4

109135172134112138119908375

74

740889972969

1 , 0 4 91 , 1 6 21 , 1 7 3

806811857

"749

597683725695710788861624574581

" 5 3 8

Obli-gations

ofStates

andpoliti-

calsub-divi-sions

2,4482,5542,6922,8883,0132 9843,0902,9342,9652,8762,8182,729

517480579634695651729623593484486444

141154162177188190182164166209164158

808895890981984979956925954942938913

Q891 , 0 2 51 , 0 6 1. , 0 9 7

, 1 4 61 , 1 6 51 , 2 2 21 , 2 2 2L . 2 5 2

1J2411 , 2 2 91 , 2 1 4

. 1

U c n e rs e c u -

r i t i e s

1

, 1 9 2, 1 3 1, 9 5 9

2 , 8 7 32 , 9 7 02 8 6 72 , 8 7 12 , 8 4 02 , 6 6 4

2 , 4 7 62 , 3 2 42 , 2 9 4

698736693£95788796830781701602544558

176179170167186188193188186172165155

866866860868893836820858821785733726

1 , 4 5 3, 3 5 1

1 , 2 3 6, 1 4 4, 1 0 2, 0 4 7, 0 2 8, 0 1 3956917882855

1 Central reserve city banks.Back figures—See Banking and Monetary Statistics, Tables 18-38, pp. 72-103.



CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES[In millions of dollars]

Call date

Total—AllMember Banks

1938—Dec. 3 1 . . .1939—June 30.. .

Dec. 30...1940—June 29.. .

Dec. 31 . . .1941—June 30.. .

Dec. 31 . . .1942—June 30. . .

Dec. 31 . . .1943—June 30.. .

Oct. 18. . .Dec. 3 1 . . .

New YorkCity3

1938—Dec. 31 . . .1939—June 30.. .

Dec. 30...1940—June 29. . .

Dec. 31 . . .1941—June 30. . .

Dec. 31 . . .1942—June 30. . .

Dec. 31 . . .1943—June 30.. .

Oct. 18.. .Dec. 3 1 . . .

City ofChicago6

1938—Dec. 31 . . .1939—June 30.. .

Dec. 30...1940—June 29. . .

Dec. 31 . . .1941—June 30. . .

Dec. 31 . . .1942—June 30.. .

Dec. 31 . . .1943—June 30.. .

Oct. 18.. .Dec. 3 1 . . .

Reserve CityBanks

1938—Dec. 31 . . .1939—June 30. . .

Dec. 30...1940—June 29.. .

Dec. 31 . . .1941—June 30.. .

Dec. 31 . . .1942—June 30.. .

Dec. 31 . . .1943—June 30.. .

Oct. 18.. .Dec. 3 1 . . .

CountryBanks

1938—Dec. 31 . . .1939—June 30.. .

Dec. 30...1940—June 29.. .

Dec. 31 . . .1941—June 30.. .

Dec. 31 . . .1942—June 30.. .

Dec. 31 . . .1943—June 30.. .

Oct. 18...Dec. 3 1 . . .

Re-serveswith

FederalRe-

serveBanks

8,69410,01111,60413,75113,99212,95912,39612,29513,07212,09312,12812,835

4,1044,9755,9157,0727,0575,8575,1054,7624,3883,4733,4263,596

884897993

1,1871,0511,0621,021

973902786785821

2,3542,7353,1183,7594,0274,1254,0604,2544,9404,8484,8005,116

1,3531,4031,5781,7331,8571,9142,2102,3062,8422,9873,1163,303

Cashin

vault

746712841789991999

1,0871,0221,0191,1421,1501,132

68618988

10213693887292

10092

352642394241434339393938

321318348334396385425357365395393391

322307363328452437526533542616619611

Bal-anceswithdo-

mesticbanks1

4,2404,6745,5065,7516,1856,2936,2465,7706,1475,5785,7895,450

10911212511912213114110382527161

235235283242319262298220164173170158

1,9402,2102,4852,6792,7412,7932,5902,2792,2021,8921,9301,758

1,9562,1172,6142,7113,0023,1063,2163,1683,6993,4623,6183,474

De-mand

de-positsad-

justed2

22,29323,58725,68127,87730,42932,67833,75436,96642,57048,95748,61252,642

7,1688,0128,899

10,23511,06211,61910,76111,71111,89913,54312,75013,899

1,6881,6661,7391,8981,9412,2052,2152,3792,5573,0022,8853,050

7,2147,6548,1768,7749,581

10,48011,11712,51514,84917,40317,25118,654

6,2246,2556,8666,9697,8458,3749,661

10,36013,26515,00915,72617,039

Demand deposits

Interbankdeposits

Do-mestic1

6,5107,0978,5078,8529,5819,6109,7149,110

10,1019,6489,8069,603

2,6872,9923,5423,8404,0323,9483,5953,2843,2092,9392,9142,867

658746879949997

1,0101,0271,0281,1051,0321,104

972

2,7192,9203,5163,5263,9194,0004,3024,0524,8314,7494,8434,770

446439571538633652

' 790747957928945994

For-eign

501593749696700681671746811832833891

437516689646641618607679733744757810

91297888

1012131314

536350414953545563715963

222222234445

U. S.Gov-ern-

ment

790694743711616619

1,7091,7247,9237,236

17,5429,444

1398474674832

866863

4,1862,8206,5663,395

8360-80799095

127201665506

1,241713

424415435422327341491422

1,9822,3836,2233,373

143136154143151151225237

1,0901,5273,5121,962

Statesand

politicalsubdi-visions

2,3862,5322,3212,5292,7242,9403,0663,2303,3183,5223,2063,602

280288251258370319319271263249215252

181197167199174213233226178202187174

796917813956995

1,1391,1441,3041,3191,4521,2141,448

1,1281,1301,0901,1151,1841,2691,3701,4291,5581,6191,5901,727

Certi-fiedandoffi-

cers'checks

etc.

547790563475913738

1,009711

1,1421,0501,0651,573

195472178147471306450273448404438710

292224172733342438362844

170160190147228209286218385333329475

154135172164187190239196272277271344

Indi-viduals,partner-

ships,and cor-

pora-tions

21,11922,44824,60426,39729,57631,42933,06135,64642,13947,86347,84951,820

7,2738,2819,030

10,28311,35711,89511,28212,01412,50114,00113,14914,373

1,5971,5651,6761,7821,9052,1092,1522,2922,5882,9812,9013,097

7,0347,3318,0028,3729,468

10,14211,12712,19915,06117,27617,46218,790

5,2155,2725,8965,9606,8467,2828,5009,141

11,98913,60414,33615,561

Time deposits

Inter-bank

14215615414214114514011487716762

697556643444

1131211201091071091048463494641

232626292930302720171617

U. S.Gov-ern-mentand

PostalSav-ings

61595159565550495671

109120

' ""s"5

3555

2222

171914181919201822315156

444035373331313132375156

Statesand

polit-ical

subdi-visions

462441432410435397418400332341316327

364643295127291723212626

91710158

17

1

269233240219226211243239169172144151

147145140147150143146143140148146149

Indi-viduals,partner-ships,

and cor-pora-tions

10,84611,06311,21511,45911,68711,89811,87811,67312,36613,38214,17614,822

652653693732768778778717711755768816

452471483489496480476460453477497505

4,2334,3204,3624,4224,5064,5904,5424,4544,8055,2655,6055,902

5,5095,6195,6775,8165,9176,0496,0826,0426,3976,8867,3067,599

Bor-row-ings

653333465

1815039

3

"ii"12029

2

6

6533334337

2510

ac-counts

5,4245,4965,5225,6085,6985,8005,8865,9916,1016,2526,3896,475

1,592L,586,592

L 5991,615L,6251,6481,698,727

1,7741,8081,862

257270250260270279288293304312317326

1,7771,8121,8281,873L.9041̂ 9401,9671,9852,0282,0712,1122,135

1,7981,8281,8511,876L.9091,956L.9822J0142,0422,0942,1512,153

1 Beginning June 30,1942, excludes reciprocal bank balances which on that date aggregated $600,000,000.2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.3 Central reserve city banks.Back figures—See Banking and Monetary Statistics, Tables 18-38, pp. 72-103.

APRIL 1944 367


WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDEL O A N S A N D I N V E S T M E N T S

[Monthly da ta are averages of Wednesday figures. In millions of dollars]

Date or n

Total—1011943—Feb.

Oct.Nov.Dec.

1944—Jan..Feb

1943—Dec.

1944—Jan.Jan.Jan.Jan.

Feb.FebFeb.Feb.

Mar.Mar.Mar.Mar.

lonth

Cities

29

5121926

29

1623

18

1522

New York City1943—Feb

Oct.Nov.Dec

1944—Jan.Feb.

1943—Dec.


Feb.Feb.Feb.Feb.

Mar.Mar.Mar.Mar.

29

5121926

29

1623

1. . .8

1522

OutsideNew York City

1943—Feb

Oct.NovDec.

1944—Jan.Feb.

1943—Dec.


Feb.Feb.Feb.Feb.

MarMarMarMar

29 . . . .

5 . . . .12 . . . .19 . . . .26 . . . .

2 . . . .9 . . . .

1 6 . . . .2 3 . . . .

1 . . . .8 . . .

15. . .22 . . . .

Totalloansand

invest-ments

41,

52,52,50,49,53,

49,

49,49,49,50

52535353

53525252

16

1919181819

18

18181818

19191919

19191919

25

3232313133

31

31313131

32333333

33333333

475

346036379812139

734

527539892288

177256854267

290903884401

163

631216440214650

214

161042292360

299736938627

671470443168

31

715820939598489

520

3649600928

87852091640

,61,43,44,23

Total

9,724

11,94411,44010,95610,77111,625

10,839

10,70310,71610,76310,902

11,43111,52611,87211,670

11,53511,53011,43111,175

3,556

4,8914,5384,2594,2244,817

4,184

4,1134,1724,2284,381

4,6774,7564,9684,867

4,7834,8224,7064,517

6,16

7,056,906,696.546,80

6,65

6,596,546,536,52

6,756,776,906,80

6,756,706,726,65

Com-mer-cial,

indus-trial,andagri-cul-

tural

6,

6,6,6,6,6,

6,

6,6,6,6,

6,6,6,6,

6666,

2,

2,2,2,22

2,

2,22,2

222.2

2222

3

34433

4

3333

3333

33

3

097

342442418353412

421

335360349369

396393446412

394369396370

430

378417415415470

418

388414414446

461464479474

477472494481

667

964025003938942

003

94946935923

93592996938

918990889

For

Loans

purchasing

or carrying securities

To brokersand dealers

U.S .Govt.

ob-liga-tions

Otherse-

curi-ties

624

1,9121,5891,406

8461,070

1,328

743827843971

1,057959

1,1531,109

1,0421,1821,079

909

506

941728641698835

607

597685696815

843746891859

806937820682

1] 8

451364309

148235

290

146142147156

214213262250

236245259227

570600

563543589583

592602601603

625614616617

520497456434459

431

424413450450

456467455460

486477478488

136141

139130139133

136135146143

139137138129

To others

Govt.ob-liga-tions

Otherse-

curi-ties

350

1,054824575

301807

578

337298290278

657831903838

759687635619

158

605457281

136485

287

162129126126

374502540524

458406358344

192

449367294

165322

291

175169164152

283329363314

301281277275

300319

303296300301

304301355318

302305307301

116132

117115116115

114114169130

113114118115

184187

186181184186

190187186188

189191189186

Real-'estateloans

1,

1,1,1,1,

1,

1,111

1111

1111

1

11111

1

1 1

180

135127117106094

108

107104107106

099095092092

089085083082

98

9594949189

93

91919191

89898989

89888786

082

040033023015005

,015

,016,013,016,015

,010,006,003,003

,00999999

to>anks

56

7878936187

63

60516073

861019270

102778759

38

5450744863

53

46385155

55826551

75527144

18

2428191324

10

1413

18

31192719

221615

Other

1

1,1,1,11

1

1111

1111

1111

1

111

1

417

423380347234236

341

255237225221

240244230228

222211228218

326

298295298286284

295

288287284283

285292280280

279276280277

,09

,125,085,04994895

,04

9695094938

95959594

94939494

Total

31,

40,40,39,39,41,

38,

38,38,39,39

404141,41

41414141

12

1414141314

14

14131413

14141414

14141414

19

2525252526

24

24242525

26262726

26262626

751

402596423041514

895

824823129386

746730982597

755373453226

607

740678181990833

030

048870064979

62298097760

888648737651

144

66291240568

86

77950640

1275

,01,83

,86,72,71,57

U.S

Total

28,484

37,48037,75936,63336,25438,682

36,109

36,03336,04436,35236,585

37,93038,90239,13938,755

38,89838,52238,60138,329

11,460

13,79813,79613,30913,09513,906

13,151

13,15312,97813,17713,073

13,69614,05614,03813,832

13,94613,70913,80513,677

17,024

23,68223,96323,32423,15924,776

22,95

22,88023,0623,1723,51

24,2324,8425,1024,92

24,9524,8124,7924,65

Investments

. Government obligations

Bills

4,

4,4,3,3,3,

3,

3,3,3,3

3443

3333

1

111

1

1

1

1

1111

1111

2

32222

2

2222

2222

2222

255

575208505128924

238

179090154089

660223125689

848531608488

851

426405231979228

179

114955038807

151390264106

244029145165

404

149803274149696

059

065135116282

50983386583

,604,502,463,323

Cer-tifi-

catesof in-debt-

ed-ness

5,049

8,8549,2018,9558,8258,905

8,750

8,6708,7778,8598,995

8,6918,8189,0369,077

9,0438,9738,9768,877

2,010

3,2383,3153,2023,1893,216

3,115

3,1313,1643,2033,259

3,1233,1983,2763,267

3,2873,2563,2963,238

3,039

5,6165,8865,7535,6365,689

5,635

5,5395,6135,6565,736

5,5685,6205,7605,810

5,7565,7175,6805,639

Notes

4,080

4,9404,8974,7884,6885,640

4,720

4,7174,6924,6784,664

5,5285,6655,6885,677

5,7275,7357,1957,290

1,821

1,7751,7441,6921,6341,932

1,653

1,6631,6431,6201,612

1,9191,9331,9431,933

1,9221,9522,9202,820

2,259

3,1653,1533,0963,0543,708

3,067

3,0543,0493,0583,052

3,609. 3,732

3,7453,744

3,8053,7834,2754,470

Bonds

13,192

17,24317,63817,62417,84718,454

17,643

17,71817,74517,87618,049

18,28418,43918,53018,560

18,54118,56518,07318,004

4,794

6,3716,3766,2736,3646,586

6,287

6,3366,3116,3716,439

6,5396,5906,6196,597

6,5736,5596,2056,220

8,398

10,87211,26211,35111,48311,868

11,356

11,38211,43411,50511,610

11,74511,84911,91111,963

11,96812,00611,86811,784

Guar-an-teed

1

1111

1

1111

1111

11

,908

,868,815,761,766,759

,758

,749,740,785,788

,767,757,760,752

,739,718749670

984

988956911929944

917

909905945956

964945936929

920913239234

924

880859850837815

841

840835840832

803812824823

819805510436

Otlsecrit

3,

2,2,2,22(

2,

2,2,2,2

2222

2222

1

2

11111

1

1111

1111

1111

leru-es

267

922837790787832

786

791779777801

816828843842

857851852897

147

942882872895927

879

895892887906

926924932928

942939932974

120

980955918892905

907

896887890895

890904911914

,915,912,920,923

Back figures .—See Banking and Monetary Statistics, pp. 127-227.



WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDERESERVES AND LIABILITIES

[Monthly data are averages of Wednesday figures. In millions of dollars]

Date or month

Total 101 Cities1943—Feb

OctNovDec

1944—JanFeb. .

1943—Dec. 29

1944—Jan. 5 . . . . . .Jan . 12Jan. 19Jan . 2 6 . . . . . .

Feb. 2Feb. 9Feb 16Feb. 2 3 . . . . . .

Mar. 1Mar. 8Mar. 15Mar. 2 2 . . . . .

New York City1943—Feb. . .

OctNovDec

1944—JanFeb

1943—Dec. 29

1944—Jan. 5Jan . 12Jan . 19J a n . 2 6 . . . . . .

Feb . 2Feb. 9Feb. 16Feb. 23

Mar. 1Mar. 8Mar. 15. . . .Mar. 22

OutsideNew York City

1943—Feb

OctNovDec

1944—JanFeb

1943—Dec. 29

1944-Jan. 5Jan. 12Jan. 19Jan. 26

Feb. 2Feb. 9Feb.16Feb. 23 .

Mar. 1. .Mar. 8Mar. 15.Mar. 22 .

Re-serveswithFed-eralRe-

serveBanks

9,412

8,2958,5098,8248,9088,500

8,776

8,7168,8819,0039,031

8,8108,5398,3338,320

8,5108,5298,7528,521

3,655

3,0213,1153,2503,2953,073

3,275

3,1833,2563,3653,378

3,1443,0733,0063,068

3,1703,1703,2293,151

5,757

5,2745,3945,5745,6135,427

5,501

5,5335,6255,6385,653

5,6665,4665,3275,252

5,3405,3595,5235,370

Cashin

vault

516

553548585557542

601

552569544564

536542529560

506519552549

80

8993989087

99

88928891

-83898592

79848786

436

464455487467455

502

464477456473

453453444468

427435465463

Bal-anceswithdo-

mesticbanks

2,557

2,2702,2302,1932,2162,251

2,163

2,2292,1892,1982,247

2,2762,2852,3212,122

2,1742,1072,1832,074

23

2626292824

34

24302829

21212628

23232625

2,534

2,2442,2042,1642,1882,227

2,129

2,2052,1592,1702,218

2,2552,2642,2952,094

2,1512,0842,1572,049

De-mand

de-posits

ad-justed1

30,412

31,06232,41634,11134,42931,747

33,895

33,73234,30834,86234,814

31,87331,70231,50931,902

32,32732,77833,44732,860

11,574

11,43111,91712,59212.84211,596

12,566

12,52112,67113,09013,084

11,56811,57711,50011,737

11,97612,17412,33712,062

18,838

19,63120,49921,51921,58720,151

21,329

21,21121,63721,77221,730

20,30520,12520,00920,165

20,35120,60421,11020,798

Demand deposits,except interbank

Indi-vid-uals,part-ner-ships,andcor-

pora-tions

30,290

31,45932,70634,44434,57432,094

34,297

33,88134,51634,98534,916

32,00631,72232,21432,433

32,60932,86334,15332,970

11,850

11,79012,25712,96913,12511,971

12,964

12,79412,96213,34513,399

11,92011,82611,96712,170

12,37612,51312,97812,423

18,440

19,66920,44921,47521,44920,123

21,333

21,08721,55421,64021,517

20,08619,89620,24720,263

20,23320,35021,17520,547

Statesand

polit-icalsub-divi-sions

1,854

1,6561,7571,7211,7581,671

1,696

1,7341,7081,7401,849

1,7411,6571,6431,643

1,7061,6611,6561,727

218

195254211198166

194

207192185207

' 181162161159

180172155180

1,636

1,4611,5031,5101,5601,505

1,502

1,5271,5161,5551,642

1,5601,4951,4821,484

1,5261,4891,5011,547

Certi-fiedandoffi-cers'

checksetc.

577

693710867776738

912

848711781764

792806657696

788782

1,366836

313

379402487423414

510

443372440435

460504327364

461472971492

264

314308380353324

402

405339341329

332302330332

327310395344

U.S.Gov-ern-

ment

4,240

12,63910,9987,7186,556

12,356

7,231

6,8946,4626,1986,669

11,46212,43113,07012,459

12,03011,02410,42210,435

2,372

5,4444,6393,2132,6725,226

2,992

2,8492,6612,5482,632

4,8825,2765,5205,224

5,0244,5824,3224,331

1,868

7,1956,3594,5053,8847,130

4,239

4,0453,8013,6504,037

6,5807,1557,5507,235

7,0066,4426,1006,104

Time deposits,except interbank

Indi-vid-uals,part-ner-

ships,andcor-

pora-tions

5,284

5,7965,8895,9816,1386,184

6,037

6,0976,1346,1536,167

6,1696,1856,1826,198

6,2136,2646,2656,282

663

696710726747746

737

744746746752

750750743742

743757762763

4,621

5,1005,1795,2555,3915,438

5,300

5,3535,3885,4075,415

5,4195,4355,4395,456

5,4705,5075,5035,519

Statesand


108

118118117120126

118

118119121121

123126128129

131126127125

22

2123202225

21

21212424

25252525

25201919

86

97959798

101

97

97989797

98101103104

106106108106

U.S .Gov-ern-

mentand

PostalSav-ings

28

5861645459

64

54545455

58605960

59575758

4

5

6666

6666

28

5456594953

59

49494950

52545354

53515152

Interbankdeposits

Domesticbanks

De-mand

9,204

8,7258,7478,6878,8908,706

8,549

8,8538,8018,9228,982

8,8178,8598,8558,291

8,4418,4928,6048,294

3,052

2,7532,7422,7522,8372,750

2,764

2,8322,8142,8442,859

2,8292,7872,7772,609

2,6602,6992,7632,672

6,152

5,9726,0055,9356,0535,956

5,785

6,0215,9876,0786,123

5,9886,0726,0785,682

5,7815,7935,8415,622

Time

59

4945434341

43

43444343

41424142

42414141

11111

1

1111

1111

1111

59

4844424240

42

42434242

40414041

41404040

For-eign

banks

729

772785802821817

824

820817825821

814824810820

831857850849

650

695709722740734

740

737737744740

730740727740

750778773770

79

7776808183

84

83808181

84848380

81797779

Bor-row-ings

35

5856

1135658

114

49546855

64585751

77368069

33

5240763641

70

19365236

44474728

55164042

2

616372017

44

30181619

20111023

22204027

Cap-italac-

counts

4,042

4,1904,2184,2454,2854,309

4,249

4,2814,2834,2824,295

4,3054,3094,3084,313

4,3244,3234,3254,332

1,576

1,6371,6491,6651,6931,705

1,668

1,6901,6931,6931,698

1,7041,7051,7051,705

1,7111,7091,7071,708

2,466

2,5532,5692,5802,5922,604

2,581

2,5912,5902,5892,597

2,6012,6042,6032,608

2,6132,6142,6182,624

Bankdeb-

its2

42,165

52,31351,49759,19758,74354,453

12,183

14,31411,75812,67513,271

18,67512,82613,18411,131

13,30412,06113,46814,044

17,490

20,92320,75924,44624,99422,887

4,974

6,1744,9505,3075,552

8,2215,7185,3764,490

5,4765,3016,2316,065

24,675

31,39030,73834,75133,74931,566

7,209

8,1406,8087,3687,719

10,4547,1087,8086,641

7,8286,7607,2377,979

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.

APRIL 1944 369


WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTSLOANS AND INVESTMENTS


Federal Reservedistrict and date

(1944)

BostonFeb. 23Mar. 1Mar. 8Mar. 15Mar. 22

New York*Feb. 23Mar. 1Mar. 8Mar. 15Mar. 22

PhiladelphiaFeb. 23Mar. 1Mar. 8Mar. 15Mar. 22

ClevelandFeb. 23Mar. 1Mar. 8Mar. 15Mar. 22

RichmondFeb. 23Mar. 1Mar. 8Mar. 15Mar. 22

AtlantaFeb. 23Mar. 1Mar. 8Mar. 15Mar. 22

Chicago*Feb. 23Mar. 1Mar. 8Mar. 15Mar. 22

St. LouisFeb. 23Mar. 1Mar. 8Mar. 15Mar. 22

MinneapolisFeb. 23Mar. 1Mar. 8Mar. 15Mar. 22

Kansas CityFeb. 23Mar. 1Mar. 8Mar. 15Mar. 22

DallasFeb. 23Mar. 1Mar. 8Mar. 15Mar. 22

San FranciscoFeb. 23Mar. 1Mar. 8Mar. 15Mar. 22

City of Chicago*Feb. 23Mar. 1Mar. 8Mar. 15Mar. 22

Totalloansandin-

vest-ments

2,9252,8922,89.2,87'2,877

21,42'21,46421,27:21,25<20,96'

2,3152,2952,2852,30.2,29S

4,23:4,274,24'4,25:4,268

1,6851,67'1,67'1,66:1,65,

l,57i1,5651,5521.56C1,55

8,158,218,1248,0847,955

1,62.1,6121,5951,5951,57;

1,03*1,03/1,02/1,0201,004

1,78=1.7SC1,77:l,78i1,77:

1,38«l,39i1,391,40.1.38.

5,13.5 095,065,085,08'

5,0215,05<4,974,99.4,8'

Loans

\rfal

654648642642635

5,2365,1485,181

,0674,877

46946846'475464

899907907906899

28'28227<27?27

35:34<33C328323

1,47*1,45S1,45.1,4751,46

41C40740439939(

20519619719'19:

34=34C33133.33

34134;34!33133i

99;99:99i99:98:

1,01.1,00:1,0011,0251,00*

Com-mer-cial,in-

dus-trial,andagri-cul-tural

407404407409405

2,6392,6402,6362,6602,646

26:259259260262

410416412415417

131130127129128

20'20119'194188

1,0221,0201,0251,0351,03'

24524424223'23=

111111Hi105

22i22.22:22121J

22,23123C22/22(

501500496

76C7576:77:77.

For purchasing or carry-ing securities

To brokersand dealers

U.S.Govt.obli-

Othersecur-ities

3127261615

864811940822687

1715132612

10198969795

1715111715

468493482485492

3131303027

1313231816

44

To others

U.S.Govt.obli-

Othersecur-ities

543477426377363

66666

4544414144

2928262526

3436272728

2220212019

15413137141138

Real-estateloans

6464636363

169169168167166

3838373838

166166166165165

4949494<4!

227272727

137

135

6464646464

1!1!1!1!1!

4!4C33!3'

Loansto

banks

Otherloans

100104101103105

348346340

108108106110

142141142148140

5756565756

696:6566

6;

io:10C9?1001006464646.6!4.4:44

Investments

Total

2,2712,2442,2512,2372,242

16,19316,31616,09116,19216,090

1,8441,8251,8221,8281,835

3,3333,3703,3373,34i3,369

l,39i1,3921,3981,3841,37;

1,21*1,21'1,22:1,2321,234

6,6756,75f

6,6656,60.6,494

1,211,2061,1951,1961,17

83:84183C82e81

1.44C1.44C1,43/1,441,44:

l,04i1,0471.05C1,06=1,04:

4,1354,10C4,0714,09.4,10

4,0064,0543,973,97:3,86.

U. S. Government obligations

Total

2,1842,1562,1612,145

.2,149

15,17815,28815,07115,17915,035

1,6671,6511,6481,6541,661

3,0933,1313,1003,1083,131

1,3401,3361,3421,3281,32:

1,1071,1061,11:1,1251,125

6,1656,24:6,1556,08.5,96*

1,1041,0981,081,0851,071

78i79C7777.765

1,311,311,311,32,1,31

99*995

1,0021,01

99

3,82;3,7863,7563,7773.79C

3,68:3,72:3,64.3,63.3,52:

Bills

Certifi-cates

ofin-

debt-ed-

ness

245218247232232

,207,34:,145,263,266

171152148183184

290332293296

30:

14:14414!129116

79838381

750811742694625

77785'

7C79656043

13812212

598596592587585

3,5383,5503,5173,5593,500

337332329316309

•632625641641637

248245244244244

263262264266265

1,5841,5591,52(l,50£1,462

26526527:26527i

204204204204203

33.33933934!34C

2727,26526726;

79!7977i77;78;

99!97!95C925

ôtes

322321316354361

2,1362,1272,1593,2003,107

180177177214229

451453438484513

198198198217229

21215214242273

917942926

1,0391,059

17517517520421'

107105106122129

25252253270284

16816917190202

5559560:65569C

5355(

57161,611

Bonds

973975961949954

7,3247,3017,2906,8996,910

910921925908906

1,6321,6331,6471,6301,621

708706711712713

49449i499492481

2,712,7332,7582,7372,723

53C53C523515503

3737'379372374

54:55.5495554.

41J4242,4241:

1,94.1,89l,90C1 , "1,

1,6391,6461,6501,6341,629

Guar-an-teed

4646452317

973968960258252

6969693333

8888815753

44434026

5252524025

19!197201107

93

424140232C

2823231,14

5C5C54435

464'4'4.32

Hi11105

Othersecu-rities

8788909293

1,0151,0281,0201,0131,055

177174174174174

240239237238238

5656565656

111111110109109

508515516520526

110108108107107

5151535349

126125124124125

4848484848

313314315318317

324333334337343

* 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* separate figures tor JNew York City are shown in the immediately preceding table, and tor the city ot INew York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively.



WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTSRESERVES AND LIABILITIES

[In millions of dollars)

Federal Reservedistrict and date

(1944)

Boston (6 cities)Feb. 23Mar. 1Mar. 8Mar. 15Mar. 22

New York (8 cities)*Feb. 23Mar. 1Mar. 8Mar. 15Mar. 22

Philadelphia (4 cities)Feb. 23Mar. 1Mar. 8Mar. 15Mar. 22

Cleveland (10 cities)Feb. 23MaiMaiMaiMai

RichnFebMaiMaiMaiMai

. 1

. 8

. 15

.22ond (12 cities).23. 1. 8. 15. 22


Chicago (12 cities)*Feb. 23Mar. 1Mar. 8Mar. 15Mar. 22

St. Louis (5 cities)Feb. 23Mar. 1Mar. 8Mar. 15Mar. 22

Minneapolis (8 cities)Feb. 23Mar. 1Mar. 8Mar 15Mar. 22

Kansas City (12 cities)Feb. 23Mar. 1Mar. 8Mar. 15Mar. 22

Dallas (9 cities)Feb. 23Mar. 1Mar. 8Mar. 15Mar. 22

San Francisco (7cities)Feb. 23Mar. 1Mar. 8Mar. 15Mar. 22

City of Chicago*Feb. 23Mar. 1Mar. 8Mar. 15Mar. 22

Re-serveswithFed-eralRe-

serveBanks

392400396420417

3,3133,4153,3813,4473,355

356365369376378

643672668676678

262264263278251

272290298288282

1,2721,2801,3161,3821,304

274276281287271

157160160162158

366363371376355

273292299298295

740733727762777

773794818847782

Cashin

vault

5756555957

124109115121119

3026272828

7064657271

3733343535

2723242525

9990929897

2017191920

11109

1011

2219202222

2219202122

4140394242

4238383939

Bal-anceswithdo-

mesticbanks

112117108127118

117111109Ii7107

7780738075

221215214237202

145143137127125

140157165159150

383405388387398

107106108115114

7783848069

298296289276266

222211205207200

223250227271250

176184185160188

De-mand

de-posits

ad-justed1

1,8381,8411,8881,9351,933

12,97113,20113,40113,60613,281

1,5261,5191,5621,5991,604

2,5992,6532,6982,7602,754

1,0351,0261,0371,0511,028

960986999

1,0051,000

4,9045,0005,0885,1955,040

867879901926906

549563579587559

1,0941,0961,1191,1441,114

9971,0261,0271,0421,031

2,5622,5372,4792,5972,610

2,9042,9703,0173,1002,981

Demand deposits,except interbank


ships,andcor-

pora-tions

1,8441,8361,8681,9351,914

13,20213,42313,56214,07513,460

1,5841,5871,6061,684

2,6942,7082,7122,8452,795

1,0221,019L,0291,0501,010

912918935955922

4,9444,9755,0195,1844,962

913909935980937

555545551572542

1,1171,0911,1071,1441,097

1,0221,0271,0301,0621,040

2,6242,5712,5092,6672,645

3,0043,0283,0553,1683,019

Statesand


9494

100102102

410396383375399

3136384045

111112108109113

7777737582

153161156157172

328358340336354

5867586061

6072726667

120132129131134

5659626059

145142142145139

131147131129134

[Certi-fiedandoffi-cers'

checksetc.

2730252927

387491495

1,003520

2714142018

4948485247

2820172719

9108

1212

5455548865

11119

1210

989

109

1722161716

2016162025

5863717668

2526264724

U.S.Gov-ern-ment

887854779734734

5,5615,3544,8854,6104,618

584562517487493

821795729689692

394385353335334

271261241229228

1,8601,7961,6441,5551,561

298287263249249

249240220207207

288279257247247

247236218209208

999981918871864

1,2451,2031,0971,0361,037

Time deposits,except interbank


ships,andcor-pora-tions

282282283284

. 285

1,1821,1821,1991,2021,207

167166167167166

839840844844846

235236237237238

252253255255256

1,2191,2191,2241,2241,225

224225226227228

133133134134135

177178179179181

157157158159159

1,3311,3421,3581,3531,356

525523525525522

Statesand


272923

•*•' 2 321

•j

<•

5758585758

2r

1

2

2

r

r

-,

]

11111

99

101010

2525252525

U.S.Gov-ern-

mentand

PostalSav-ings

22223

99999

7*777

ct

c5

4t4/4

5ccec

11111

'.

:\

\

2120181919

Interbankdeposits

Domesticbanks

De-mand

247255267288273

2,6702 7232,7602,8252,733

308323318328320

465494479498474

328333349345326

433438448444431

1,4421,4981,4861,4911,427

519516511504482

278281276270266

791785775762747

413404421428412

197391402421403

1,0171,0561,0601,0581,014

Time

44444

109999

78777

1111I

c

E

e

cc

cc

1010101010

For-

eignbanks

1717171616

741752779774772

1j111

44444

1615151617

11]

1

6

6

6

1

2323232222

1313131313

bor-row-ings

4445

2855164047

i

i

14•<

3

r

2i

}

2'A'ti

i

15i

i

8

r

Cap-italac-

counts

261262262263263

1,8401,8461,8441 8431,843

229230230229229

428429428430431

112111111111112

109109109109109

493495496494496

111111111112112

7475747474

127127127128128

101101102102103

428428429430432

322324325322323

Bankdeb-its2

543699572618661

4,8065,9225,6386,5906,448

444'53548?538.615

746883712818872

321374330333377

329337311354374

1,8412,1351,7551 9582',295

311349304337372

197265222227218

398457390435462

315317292312358

8801,0311,048

948992

1,1061,2131,0571,1251,461

* See note on preceding page.} Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.2 Debits to demand deposit accounts except interbank and U. S. Government accounts.

APRIL 1944 371


COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING[In millions of dollars]

End of month

Commer-cial

paperout-

standing1

Dollar acceptances outstanding

Totalout-

standing

Held by

Accepting banks

Total Ownbills

Billsbought

Others2

Based on

Importsinto

UnitedStates

Exportsfrom

UnitedStates

Dollarexchange

Goods stored in orshipped between

points in

UnitedStates

Foreigncountries

1942—NovemberDecember

1943—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1944—January , . .February

261230

220209201179160143150156170188203202

209214

116118

120127130128136140139130117115111117

120135

9093

95102101991051021029484

90

94106

6160

606462616562645950485352

5557

2934

353839384040383633393538

3849

2625

242529293138363633272327

2729

5757

576069717982817769675966

7183

69

12141298101210791111

1212

8 3938

384139383736353330293130

2932

1214

1212101112121011111099

1 As reported by dealers; includes some finance company paper sold in open market.2 None held by Federal Reserve Banks.3 Less than $500,000.Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.

CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGEFIRMS CARRYING MARGIN ACCOUNTS

[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]

End of month

1936—JuneDecember

1937—JuneDecember

1938—JuneDecember

1939—JuneDecember

1940—JuneDecember

1941—JuneDecember

1942—TuneDecember



Debit balances

Customers'debit

balances(net)1

1,2671,395

1,489985

774991

834906

653677

616600

496543

e55Oc610e670c740761

c780e740e82Oe830e78O788

e78Oe800

Debitbalances in

partners 'investmentand trading

accounts

6764

5534

2732

2516

1212

118

97

9

11

Debitbalances in

firminvestmentand trading

accounts

164164

161108

88106

7378

5899

8986

86154

190

188

Cash onhand

and inbanks

219249

214232

215190

178207

223204

186211

180160

167

isi

Credit balances

Moneyborrowed2

9851,048

1,217688

495754

570637

376427

395368

309378

e320c350c570e550529

e530«490e77Oe740e600557

e560e650

Customers 'credit balances1

Free

276342

266278

258247

230266

267281

255289

240270

e310e320e330e330334

e340e340e32Oe330e340354

e37Oe370 .

Other(net)

86103

9285

8960

7069

6254

6563

5654

6 6 "

65

Other credit balances

In par tners 'investmentand trading

accounts

2430

2526

2222

2123

2222

1717

1615

15

14

In firminvestmentand tradingaccounts

1412

1310

115

6755

75

44

7

5

In capitalaccounts

(net)

420424

397355

298305

280277

269247

222213

189182

212

198

e Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of

1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms'2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by

which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is notto 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 detailat semiannual dates prior to 1942.

FEDERAL RESERVE BULLETIN372-


OPEN-MARKET MONEY RATES IN NEW YORK CITY[Per cent per annum]

Year,month, or

week

1941 average .1942 average1943 average

1943—FebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovember . . . .December


Week ending:Feb.26Mar. 4Mar. 11Mar. 18Mar. 25

Primecom-

mercialpaper,4- to 6-monthsl

.54

.66

.69

.69

.69

.69

.69

.69

.69

.69

.69

.69

.69

.69

.69

.69

%~%%~%hAr%

Primebank-

ers'accept-ances,

90daysl

.44

.44

.44

.44

.44

.44

.44

.44

.44

.44

.44

.44

.44

.44

.44

.44

%7A

7A

Stockex-

changecallloanre-

new-a l

1.001.001.00

1.001.001.001.001.001.001.001.001.001.001.001.001.00

1.001.001.001.001.00

Yields on U S.Government securities

3-monthbills3

.103

.326

.373

.372

.373

.373

.373

.374

.374

.375

.375

.375

.375

.375

.374

.375

.375

.375

.375

.375

.375

9- to 12-monthcertifi-catesof in-

debted-ness

.75

.73

.75

.78

.78

.70

.68

.75

.77

.78.77.77.78.78

.794.80

.79.81.80

3- to 5-year

taxablenotes

.761.131.31

1.241.331.391.361.321.301.291.311 311.291.301.301.32

1.321.331.33

51.381.39

1 Monthly figures are averages of weekly prevailing rates.2 The average rate on 90-day stock exchange time loans was 1.25 per

cent during the entire period.3 Rate on new issues offered within period. Tax-exempt bills prior to

March 1941; taxable bills thereafter.4 Number of issues included decreased from 2 to 1 on Mar. 1.5 Number of issues increased from 1 to 2 on Mar. 15.Back figures.—See Banking and Monetary Statistics, Tables 120-123, pp.

448-462; for description, see pp. 424-426.

COMMERCIAL LOAN RATESAVERAGES OF RATES CHARGED CUSTOMERS BY BANKS

IN PRINCIPAL CITIES[Per cent per annum]

1935 average1

1936 average1937 average1

1938 average1

1939 average1940 average1941 average1942 average1943 average1939—September

December1940—March

June,SeptemberDecember

1941—MarchJuneSeptemberDecember



1944—March..

Total19 cities

2.932.682.592.53

2.782.632.542.612.722.682.592.652.592.682.592.582.552.602.412.482.622.702.63

2.763.002.482.65

P2.63

NewYorkCity

1.761.721.731.69

2.072.041.972.072.302.041.962.032.002.142.002.061.951.981.881.852.072.282.09

2.362.702.052.10

2.10

7 OtherNorth-ern andEasterncities

3.393.042.882.75

2.872.562.552.582.802.782.592.672 492.562.532.532.582.622.452.482.562.662.63

2.762.982.712.76

11 South-ern andWestern

cities

3.763.403.253.26

3.513.383.193.263.133.313.323.353.383.433.363.253.233.292.993.203.343.253.26

3.243.382.733.17

3.12

p Preliminary.i Prior to March 1939 figures were reported monthly on a basis not strictly

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,

B O N D YIELDS *[Per cent per annum]

Year, month, or week

Number of issues

1941 average1942 average1943 average



Week ending:Feb.26Mar. 4Mar. 11Mar. 18Mar. 25

U.S.Government2

Partiallytax-

exempt

2.052.091.98

2.112.122.061.961.931.911.921.901.901.941.95

1.951.93

1.901.891.901.911.93

Taxable

2.462.47

2.462.482.482.462.452.452.462.482.482.492.49

2.492.49

2.492.492.492.492.48

Munic-ipal

(hfghgrade)3

2.102.362.06

2.222.212.202.132.071.971.911.921.881.902.00

1.921.85

1.851.841.841.841.84

Corpo-rate

grade)4

5

2.672.752.64

2.682.702.682.652.632.582.572.592.602.612.63

2.652.65

2.652.662.642.642.63

Corporate (Moody *s)5

Total

120

3.343.343.16

3.233.203.193.163.143.113.103.113.113.133.14

3.113.10

3.103.103.103.103.09

By rating

Aaa

30

2.772.832.73

2.772.762.762.742.722.692.692.692.702.712.74

2.722.74

2.742.742.742.742.73

Aa

30

2.942.982.86

2.892.882.882.872.852.822.812.822.832.842.87

2.832.83

2.832.832.832.832.82

A

30

3.303.283.13

3.173.143.143.133.113.093.083.103.103.113.13

3.113.10

3.103.103.103.103.09

Baa

30

4.334.283.91

4.084.013.963.913.883.813.813.833.823.833.82

3.763.72

3.733.723.713.713.70

By groups

Indus-trial

40

2.952.962.85

2.882.872.872.862.842.802.792.822.822.852.86

2.832.83

2.832.842.832.832.83

Rail-road

40

3.953.963.64

3.783.733.693.643.613.563.553.563.553.563.56

3.513.49

3.493.493.483.483.47

Publicutility

40

3.113.112.99

3.023.003.013.002.982.952.962.962.962.983.00

2.992.98

2.982.982.972.972.96

1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures.2 Revised series. Average of yields on all outstanding issues due or callable in more than 15 years.3 Standard and Poor's Corporation.4 U. S. Treasury Department.5 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 4 and 10 to 6 issues, respectively, and the railroad Aaa and Aa groups from 10 to 5 and 10 to 9 issues, respectively.Back figures—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474.

APRIL 1944 373


SECURITY MARKETS1


Bond prices

U.S.Gov-ern-

ment4

Munic-ipal

(highgrade)3

Corporate4

High-grade

Medium and lower-grade

Total Indus-trial

Rail-road

Publicutility

De-mlted

Stock prices5

Pre-ferrede

Common (index, 1935-39 = 100)

Total Indus-trial

Rail-road

Publicutility

Volumeof trad-

(in thou-sands ofshares)

Number of issues.

1941 average1942 average1943 average

1943—February...MarchAprilMayJuneJulyAugustSeptember..OctoberNovember..December..

1944—January...February..

Week ending:Feb. 26... .Mar. 4 . . .Mar. 1 1 . . .Mar. 18. . .Mar. 25 . . .

2-6

111.0109.9111.5

109.4109.1109.9111.4112.4112.9112.7113.2113.0112.4112.3

112.3112.6

113.2113.2113.2

8

130.9126.2131.8

128.6128.7129.1130.4131.5133.4134.6134.4135.2134.9132.8

134.4135.8

135.8136.0136.0136.0136.0

117.8118.3120.3

120.0119.8119.9120.1120.5121.1121.1120.8120.9120.4120.0

120.5120.4

120.5120.3120.4120.5120.6

50

98.9100.1109.5

106.4108.0109.2110.0109.9110.8110.4110.4110.6111.3112.1

113.2113.6

113.7113.5113.5113.7113.8

10

103.9109.1117.0

115.9116.7116.3116.1116.6116.6117.0117.1117.9118.9119.4

119.8119.3

119.1119.4119.4119.5120.3

20

86.986.697.6

92.095.397.8

100.198.7

100.498.698.498.699.8

101.7

104.1105.7

106.1105.4105.3105.6105.4

20

106.1104.8114.0

111.4112.1113.4113.7114.4115.3115.6115.7115.4115.2115.1

115.5115.8

115.9115.8115.8116.0115.8

21.927.244.0

33.539.944.749.147.648.144.246.449.945.446.9

52.858.1

59.959.659.460.060.8

171.9162.4172.7

170.8171.5171.5172.1173 8175.9176.4175.9175.1172.6169.1

171.2172.7

172.9172.9172.9173.7173.7

402

8 06 99 2

8 58 89 19 59 79 99 49 69 59 19 2

9 59 4

9 59 59 79 89 8

354

7 19 4

9 19 49 79 9

1 0 19 69 89 79 39 4

9 69 6

9 69 6

1 0 09 9

20

716689

7886939894979191928786

9196

1009897

100101

28

816182

7376798485888687878585

8787

8788898989

629466

1 , 0 3 2

1 , 2 4 7 .1 , 5 0 41 , 4 8 51 , 5 9 3

9 9 21 , 1 4 5

604663633886807

788807

903749

1,1881,3861,240

1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures.2 Prices derived from average of yields on all outstanding partially tax-exempt U. S. Government bonds due or callable in more than 12 ye

of a 2% per cent 16-year bond. Prices expressed in decimals.years on basis

a «£?4 per cent io-yetu uuxiu. jrnce& expresscu in uecmiais.3 Prices derived from average yields, as computed by Standard and Poor's4 Prices derived from averages of median yields, as computed by Standar

's Corporation, on basis of a 4 per cent 20-year bond.:d and Poor's Corporation.

ual dividend.5 Standard and Poor's Corporation.6 Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annua7 Average daily volume of trading in stocks on the New York Stock Exchange.8 Series discontinued. New series will be available next month.Back figures.—See Banking and Monetary Statistics, Tables 129, 130, 133, 134, and 136, pp. 472, 475, 479,482, and 486, respectively.

NEW SECURITY ISSUES[In millions of dollars]

Year or month

19341935 . .19361937193819391940194119421943

1943 —February . . .MarchAprilMayJuneJulyAugustSeptember..OctoberNovember...December...

1944—JanuaryFebruary....

Total(newa n d

r e -f u n d -

i n g )

2 , 1 6 04 , 6 9 96 , 2 1 43 , 9 3 74 , 4 4 95 , 8 4 24 , 8 0 35 , 5 4 62 , 1 1 42 , 1 4 3

1 0 22001 5 81 5 72 0 31 6 91 4 51 0 92 0 13 5 71 6 3

2 4 02 4 6

T o t a l( d o -

m e s t i ca n df o r -

e i g n )

1 , 3 8 61 , 4 5 71 , 9 7 22 , 1 3 82 , 3 6 02 , 2 8 91 , 9 5 1

2 , 8 5 41 , 0 7 5

6 1 1

5 8903 64 44 13 12 92 05 7

1 6 53 3

1 0 39 9

T o t a l

1 , 3 8 61 , 4 0 91 , 9 4 92 , 0 9 42 , 3 2 52 , 2 3 91 , 9 4 8

2 , 8 5 21 , 0 7 5

6 0 9

5 8873 64 44 13 12 92 05 7

1 6 53 3

9 39 9

S t a t ea n dmu-nici-pal

8 0 38 5 57 3 57 1 29 7 19 3 17 5 15 1 83 4 21 7 6

4 7331 01 21 0

77

1 05

2 11 0

2 43 7

7 o r n e w c a p i t a l

D o m e s t i c

F e d -e r a l

a g e n -c i e s 1

4 0 51 5 0

2 21 5 74 8 19 2 44 6 1

1 , 2 7 21 0 859

7314

2 31 0

3 1

C o r p o r a t e

T o t a l

1 7 84 0 4

1 , 1 9 21 , 2 2 5

8 7 33 8 37 3 6

1 , 0 6 26 2 43 7 4

1 1551 92 93 01 9

1 04 1

1 2 11 4

3 86 3

Bondsand

notes

1 4 43 3 48 3 98 1 78 0 72 8 76 0 18 8 95 0 62 8 2

1 1471 52 52 2

61 41 03 38 7

8

1 55 9

Stocks

356 9

3 5 24 0 8

6 79 7

1 3 51 7 31 1 892

7448

1 38

73 4

6

2 24

F o r -e i g n ' 5

4 82 34 43 55 0

21

2

2

10

T o t a l( d o -

m e s t i ca n df o r -

e i g n )

7 7 43 , 2 4 24 , 2 4 21 , 7 9 92 , 0 8 93 , 5 5 32 , 8 5 22 , 6 9 31 , 0 3 91 , 5 3 2

4 41101 2 21 1 41 6 21 3 91 1 6

8 91 4 41 9 21 3 0

1 3 71 4 6

T o t a l

7 6 53 , 2 1 64 , 1 2 31 , 6 8 02 , 0 6 13 , 4 6 52 , 8 5 22 , 6 8 91 , 0 3 91 , 4 4 2

4 41101 2 21 1 41 6 21 3 91 1 6

8 91 4 41 9 21 3 0

1 3 71 4 6

S t a t ea n dm u -

n i c i -p a l

1 3 63 6 53 8 21 9 11 2 91 9 54 8 24 3 51 8 12 5 9

1 1171 32 54 14 22 21 01 11 5

8

1 42 6

F o r r e f u n d i n g

D o m e s t i c

F e d -e r a l

a g e n -c i e s 1

3 1 79 8 73 5 32 8 16 6 5

1 , 5 3 73 4 46 9 84 4 04 9 7

3 2553 54 44 33 11 52 44 6

1 0 73 9

" " 2 5 *

C o r p o r a t e

T o t a l

3 1 21 , 8 6 43 , 3 8 71 , 2 0 91 , 2 6 71 , 7 3 32 , 0 2 61 , 5 5 7

4 1 86 8 5

2387 54 57 86 67 95 58 77 08 3

1 2 39 6

B o n d sa n d

n o t e s

3 1 21 , 7 8 23 , 1 8 7

8 5 61 , 2 3 61 , 5 9 61 , 8 3 41 , 4 3 0

4 0 76 0 3

2327 34 26 76 56 95 15 95 87 7

6 29 3

S t o c k s

si"2 0 03 5 2

3 11 3 71 9 31 2 6

1 182

722

1 11

1 05

2 71 2

7

6 13

F o r -e i g n 2

92 6

1 1 91 1 9

2 88 8

4

90

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.



NEW CORPORATE SECURITY ISSUES1

PROPOSED USES OF PROCEEDS, ALL ISSUERS[In millions of dollars]

Year or month

19341935.193619371938...19391940194119421943

1942—May.JuneJulyAugustSeptemberOctoberNovemberDecember



Estimatedgross

proceeds2

3972,3324,5722,3102,1552,1642,6772,6671,0621,112

124152614382463534

9499891839976

10669

130200103

15497

Estimatednet

proceeds3

3842,2664,4312,2392,1102,1152,6152,6231,0431,089

123149604280453433

8499688819774

10368

127197100

15095

Proposed uses of net proceeds

New money

Total

57208858991681325569868474285

577520383145

16

112399

32253

15113

12214

3449

Plant andequipment

32111380574504170424661287156

255717331221

15

1063

1410

1 2 "6

913

2318

Workingcapital

2696

478417177155145207187129

321845

19241

12

326

18153353

3110

1131

Retirement of securities

Total

2311,8653,3681,1001,2061,6951,8541,583

396721

1461314

25412817

63448764970598050

1016979

11433

Bonds andnotes

2311,7943,143

9111,1191,6371,7261,483

366651

1456314

24412813

63442744951407942976475

5432

Preferredstock

712261908759

1281003070

" 5 " "

2

4

72

191919454

601

Repaymentof

other debt

8417015411121569

17414413854

51108

4

1

2313

285

2263

24

Otherpurposes

11234936

72619283528

13

20

g

210

21

5

18

PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS[In millions of dollars]

Year or month

193419351936 . . . .1937193819391940 . . .194119421943

1942—MayJuneJulyAugustSeptemberOctoberNovemberDecember

I943—j a n uaryFebruaryMarch

MayJuneJulyAugustSeptemberOctoberNovemberDecember


Railroad

Totalnetpro-

ceeds

172120774338

5418231936147

159

92219

4

8153

1446

764

28263

89

Newmoney

2157

1392282485

1152533246

3221

4

853

14

64

" " 3 "3

89

Retire-ment ofsecuri-

ties

12054

5581103097

18610815

113

6

9

10

467

2823

Allotherpur-

poses

311077

1

: : : » •

Public utility

Totalnet

pro-ceeds

1301,250L,987

7511,2081,2461,1801.340

464439

30706

3840291727

39225838

1264649503775

6130

Newmoney

11306389

18043

245317145

8

12173

346

110

211

• • • • 4 "


ties

771,1901,897

611943

1,157922993292414

135024

25291617

34205538

1244641493770

6130

Allotherpur-

poses4

42302750864713302717

53

9

313

1

""4"

"5"

Industrial

Totalnetpro-

ceeds

62774

1,2801,079

831584961828527468

9370522

386

173

82

5927175040491448

13419

8155

Newmoney

2574

439616469188167244293219

4555152

23442

12

335

11253932

1197

2640


ties

3s C

n C

o

37322635373846389

187

16

29

312

1

6

18227

2326359

2499

533

Allotherpur-

poses4

21508090

1364356

12114662

47108

15

1

2

8

21163

2263

212

Other

Totalnet

pro-ceeds

0 to

to

O t

o 0

7116

102155944

23

1

12

2311

" 3

Newmoney

462185789

42554

12

1

7

l "

3


ties

72152

77

889

18

7

4

2

"i"

Allotherpur-

poses*

194

20715

10421

3

2

1 Estimates of new issues sold for cash in the United States. Current figures subject to revision.2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price.3 Estimated net proceeds are equal to estimated gross proceeds less cost of notation, i.e., compensation to underwriters, agents, etc., and expenses.4 Includes repayment of other debt and other purposes. .Source.—Securities and Exchange Commission; for compilations of back figures, see Banking and Monetary Statistics (Table 138, p. 491), a publication of

the Board of Governor^.

APRIL I944 375


QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONSINDUSTRIAL CORPORATIONS


Year or quarter

Number of companies...

1939194019411942

Quarterly1939_1

234

1940—1234

1941—1234

1942—1234

1943—12 . . .3

Net profits,1 by industrial groups

Total

629

1,4651,8182,1691,792

284311320550

422412396588

510549560550

419364451557

442442452

Ironandsteel

47

146278325226

13143585

475179

101

86848172

52525172

534850

Ma-chin-ery

69

115158193159

20252644

33393452

44484655

38353649

394243

Au-tomo-biles

15

223242274209

64611286

695317

103

79736061

46254692

474952

Othertrans-porta-tion

equip-ment

68

102173227202

23212039

41363363

53565662

65164864 9

654

654652653

Non-ferrousmetals

andprod-ucts

77

119133153138

25223042

33293040

39363840

36323436

343232

Otherdura-ble

goods

75

7088

11390

8162323

14212528

23283032

19182230

192219

Foods,bever-ages,and

tobacco

49

151148159151

31364441

34383343

36434437

32324244

394039

Oilproduc-

ingand

refin-ing

45

98112174152

14212637

34302524

29425646

35274249

364249

Indus-trial

chemi-cals

30

186194207164

36404566

46455251

49535252

39354148

424140

Othernon-dura-

blegoods

80

134160187136

28293245

41413939

44484946

39273535

363636

Mis-cella-neousserv-

ices

74

122132159165

24272942

29302944

29364648

32345247

423841

Profits anddividends

Netprofits1

152

8471,0281,144

883

173185167321

246230211342

286297284276

204174211294

211221225

Dividends

Pre-ferred

152

90909288

21222126

21212225

22232324

21232023

212221

Com-mon

152

564669705552

114119125207

136158158217

150165170221

134135125158

127132127

PUBLIC UTILITY CORPORATIONS[ In millions of dollars]

Year or quarter

Railroad2

Operat-ing

revenue

Incomebeforeincome

tax4

Net income1

All roads

Divi-dends

Electric power

Operat-ing

revenue

Incomebeforeincome

tax4

Netincome1

Divi-dends5

Telephone3

Opera t- . Netincome1

Divi-dends

Number of companies.

19391940194119421943

Quarterly1940—1

234

1941—1.2.3.4.

1942—1.2.3.4.

1943—1.2.3.4.

3,9954,2975,3477,4669,054

986,010,130,171

,152,272,468,454

1,4831,7972,0472,139

2,0912,2552,3682,340

126249674

1,6582,209

-31592145

96145267166

r178r390r556r534

513605653438

93189500902874

-12371127

69103189138

90r198r286r327

209239249177

-102-7323147187

-29-33-14

3

- 50235

123760

r38

52565525

126159186202216

25292978

28363487

r24r46r30

r101

284939100

28

692735799848912

187176177194

201191196211

216202208221

229221225237

28

159177202226250

48424147

4650

63535556

71626058

137142133118123

41343137

43332534

33252635

34292931

28

1161181159899

19191920

18241819

19191919

19181920

32

1,0671,1291,2351,3621,537

274281281294

295308311321

324r337r342r359

366383389400

32

191194178163180

49504550

43444546

r41r41r39r43

42444548

32

175178172163166

44444446

44454440

44423938

40424341

r Revised.1 "Net profits" and "net income" refer to income after all charges and taxes and before dividends.2 Class I line-haul railroads.3 Series excludes American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock holdings

in the 32 companies. Dividend payments shown here include amounts paid to parent companies, as well as to the public.4After all charges and taxes except Federal income and excess profits taxes.5 Quarterly dividend data are not available for all companies in the group and, therefore, do not add to the yearly totals shown.6 Partly estimated. , , 1 . uv u J rSources.—Interstate Commerce Commission for railroads; Federal Communications Commission for telephone companies; published reports tor in-

dustrial and electric power companies. Figures for the current and preceding year subject to revision, especially for war producers whose contracts areunder renegotiation. For description of data and back figures, see pp. 214-217 of the March 1942 BULLETIN.



UNITED STATES GOVERNMENT DEBT-VOLUME AND K I N D OF SECURITIES[On basis of daily statements of United States Treasury. In millions of dollars]

End of month

1940-JuneDec

1941—JuneDec

1942—JuneDec

1943—FebMarAprMayJuneJulyAugSeptOctNovDec

1944—JanFeb

Totalgrossdirectdebt

42,96845,02548,96157,93872,422

108,170

114,024115,507129,849135,913136,696141,524144,059158,349165,047166,158165,877

170,659183,107

Totalinterest-bearingdirectdebt

42,37644,45848,38757,45171,968

107,308

112,851114,287128,643134,675135,380140,238142,721157,053163,589164,781164,508

167,043181,709

Marketable public issues1

Total2

34,43635,64537,71341,56250,57376,488

78,72679,66291,39295,38295,31098,61399,935

111,426115,944115,909115,230

115,259126,171

Treasurybills

1,3021,3101,6032,0022,5086,627

8,2329,234

10,04410,85311,86412,46012,84613,05413,06413,07413,072

13,10113,112

Certifi-cates of

indebted-ness

3,09610,534

11,16111,16116,15416,56116,56116,56117,49721,13623,19923,10322,843

22,84325,680

Treasurynotes

6,3836,1785,6985,9976,6899,863

9,8639,7979,7979,7979,168

11,87511,87511,59611,59611,59611,175

11,17513,302

Treasurybonds

26,55527,96030,21533,36738,08549,268

49,27349,27355,20157,97557,52057,52057,52065,44467,88967,94067,944

67,94473,882

Nonmarketable public issues

Total2

3,1663,4444,5558,907

13,51021,788

24,56024,62227,45629,09529,20030,16930,87933,91035,77636,59536,574

38,91142,370

ILS.savingsbonds

2,9053,1954,3146,140

10,18815,050

17,06717,89119,26720;50721,25622,03022,69424,47826,05626,69727,363

28,90131,515

Treasurytax andsavingsnotes

2,4713,0156,384

7,1256,3467,7838,1637,4957,6787,7038,8519,1099,2788,586

9,38410,220

Specialissues

4,7755,3706,1206,9827,8859,032

9,56510,0049,795

10,19810,87111,45611,90711,71711,86812,27812,703

12,87313,168

Non-interest-bearing

debt

591566574487454862

L,1731,219L,206L,2381,3161,286,338,296,458,377,370

5,6161,398

Fullyguaran-teed in-terest-bearing

securities

5,4985,9016,3606,3174,5484,283

4,2754,3504,3634,0824,0923,7823,9343,9644,1134,1544,225

4,2694,227

1 Including amounts held by Government agencies and trust funds, which aggregated $3,773,000,000 on Jan. 31,1944, and $4,008,000,000 (preliminary)on Feb. 29,1944.

2 Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service anddepositary bonds not shown separately.

inc lud ing prepayments amounting to $2,193,000,000 on securities dated Feb. 1, 1944, sold in the Fourth War Loan Drive beginning Jan. 18, 1944.Back figures—See Banking and Monetary Statistics, Tables 146-149, pp. 509-512.

UNITED STATES GOVERNMENT MARKETABLE PUBLICSECURITIES OUTSTANDING, FEBRUARY 2 9 , 1944

[On basis of daily statements of United States Treasury. In millionsof dollarsl

Issue

Treasury billsMar. 2, 1944Mar. 9, 1944Mar. 16, 1944Mar. 23, 1944Mar. 30, 1944Apr. 6,1944.Apr. 13, 1944Apr. 20, 1944Apr. 27, 1944May 4, 1943May 11, 1943May 18, 1943May 25, 1943

Cert, of indebtednessApr. 1, 1944May 1, 1944Aug. 1, 1944Sept. 1, 1944..Oct. 1, 1944Dec. 1, 1944Feb. 1, 1945

Treasury notesMar. 15, 1944June 15, 1944Sept. 15, 1944Sept. 15, 1944Mar. 1, 1945Mar. 15, 1945Mar. 15, 1945Dec. 15, 1945Mar. 15, 1946...:Dec 15 1946Sept. 15,1947

Treasury bondsApr. 15, 1944-461

Dec. 15, 1944-54Sept. 15, 1945-47Dec. 15, 1945Mar. 15, 1946-56June 15, 1946-48June 15, 1946-49Oct. 15, 1947-52Dec. 15, 1947Mar. 15, 1948-50Mar. 15, 1948-51June 15, 1948Sept. 15, 1948Dec. 15, 1948-50

Amount

1,0061,0111,0001,0061,0111,0151,0001,0171,0171,0021,0061,0131,008

5,2511,6552,5454,1223,5193,5405,048

515416283635

2,127718

1,606531

3 2612,707

1,5191,0371,214

541489

1,036819759701

1,1151,2233,062

451571

Issue

Treasury bonds—Cont.June 15, 1949-51 . . . .Sept. 15, 1949-51Dec. 15, 1949-51Dec. 15, 1949-52Dec. 15, 1949-53Mar. 15, 1950-52Sept. 15, 1950-52Sept. 15, 1950-52June 15, 1951-54Sept. 15, 1951-53Sept. 15, 1951-55Dec. 15, 1951-53Dec. 15, 1951-55Mar. 15, 1952-54June 15, 1952-55June 15, 1953-55June 15, 1954-56Mar. 15, 1955-60Mar. 15, 1956-58Sept. 15, 1956-59Sept. 15,1956-59June 15, 1958-63Dec. 15, 1960-65June 15, 1962-67Dec. 15, 1963-68June 15, 1964-69Dec. 15, 1964-69....Mar. 15,1965-70Sept. 15, 1967-72

Postal Savings bondsConversion bondsPanama Canal loan.

Total direct issues

Guaranteed securitiesCommodity Credit Corp.

Feb. 15, 1945Fed. Farm Mortgage Corp.

Mar. 15, 1944-64May 15, 1944-49

Home Owners' Loan Corp.May 1, 1944-52June 1, 1945-47 <

Reconstruction Fin. Corp.Apr. 15, 1944.Jan. 1, 1945

Federal Housing Admin.

Total guaranteed issues

Amount

1,0141,2922,098

4911,7861,9631,1864,9391,6277,986

7551,118

5101,0241,501

725681

2,6111,449

9823,725

9191,4852,1182,8313,7623,8382,2132,716

1172950

126,171

412

95835

779755

571570

234,039

1 Called for redemption on Apr. 15,1944.

APRIL 1944

UNITED STATES SAVINGS BONDS[In millions of dollars]

Month

1942—Nov.Dec

1943—JanFebMarAprMayJuneJulyAugSeptOctNovDec

1944—JanFeb

Maturity

Series A—194=

Amountout-

standingat end ofmonth1

1415

161717192021222224262627

2831

Series B—1946Series C—1942Series C—19485Series D—1949Series D—1950Series D—195Series D—195Series E—1951

LI

Series E—1952Series E—1953Series F—195:Series G—1953Series E—1954Series F—1954Series G—1954Series F—1955Series G—1955Series F—1956Series G—1956Series unclassified

Total

079050

246067891267507256030694478

,056697363

,901515

Funds received from sales during

Allseries

7351,014

1,240887944

1,4701,335

876890802

1,9271,708

798853

1,6982,781

month

SeriesE

542726

815634720

1,007995696683661

1,4001,340

665728

1,0852,102

SeriesF

4566

774844

11086353828

139932324

127157

Date of issue

From MarFrom Jan.From Jan.From Jan.From Jan.From Jan.From Jan.From Mar]]]]]]]]

"rom Mayrrom Jan."rom Jan.?rom May"rom May?rom Jan"rom Jan.7rom Jan.?rom Jan.7rom Jan.7rom Jan?rom Jan

1, 19351, 19361, 19371, 19381, 19391, 19401 to Feb. 28, 1941

. 1 to Apr. 30. 19411, 19411, 19421, 19431, 19411, 19411, 19441, 19421, 19421, 19431, 19431, 19441, 1944

SeriesG

14S222

34S205180353254144165112387275109101

487522

Redemp-tions

Allseries

4355

6376

131103104141138152155144170207

188185

AmountoutstandingFeb.

159

12

2

2

31

29 1944

177316406488801992334112249452

,389221226608625423720575278982143

,515

1 At current redemption values except Series G, which is stated at par.Difference between "Funds received" and month to month changes in"Amounts outstanding" represents the difference between accrued increasesin redemption values and redemptions of bonds during the month.

377


OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES,[In millions of dollars]

DIRECT AND FULLY GUARANTEED

End of monthTotal

interest-bearing

securities

Held by U. S. Gov-ernment agenciesand trust funds

Specialissues

Publicissues

Held

FederalReserveBanks

Privately held1

TotalCom-

mercialbanks

Mutualsavingsbanks2

Insur-ance

com-panies

Other investors

Market-ableissues

Non-market-

ableissues

1940—JuneDecember

1941—JuneDecember

1942—JuneDecember

1943-JuneJulyAugustSeptemberOctoberNovemberDecember

1944—January

47,87450,36054,74763,76876,517111,591139,472144,020146,655161,018167,701168,935168,732171,312

4,7755,3706,1206,9827,8859,03210,87111,45611,90711,71711,86812,27812,70312,873

2,2952,2502,3622,5472,7263,2073,4403,4013,4254,0734,1254,1574,2314,279

2,4662,1842,1842,2542,6456,1897,2028,1879,0888,9199,354

10,34811,54312,073

38,33840,55644,08151,98563,26193,163117,959120,976122,235136,309142,354142,152140,255142,087

16,55317,75920,09521,78826,41041,37352,45854,80056,00059,20062,60062,20060,80062,800

3,1133,2243,4263,7003,8914,5595,2905,3005,1005,9006,0006,0006,1005,700

6,5006,9007,0008,0008,900

11,00012,80012,80012,70014,20014,40014,50014,70014,200

9,4009,6009,400

10,00011,10015,10019,00018,80018,40024,10024,70024,00023,20021,800

2,8003,1004,2008,500

13,00021,10028,40029,30030,00032,90034,70035,50035,50037,600

l Figures for insurance companies and other investors have been rounded to nearest 100 million dollars for all dates and figures for commercial banks,and mutual savings banks have been rounded to nearest 100 million dollars for all dates except June and December for which call report data areavailable. 2 Including stock savings banks beginning with November 1943.

Back figures—See Banking and Monetary Statistics, Table 149, p. 512.

SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEEDBY THE UNITED STATES*

[Public marketable securities. Par values in millions of dollars!

End of monthTotalout-

stand-ing

U.S.Gov-ern-

mentagen-ciesandtrustfunds

Fed-eralRe-

serveBanks

Com-mercialbanks1

Mu-tualsav-ings

banks

Insur-ancecom-

paniesOther End of month

Totalout-

stand-ing

U.S.Gov-ern-mentagen-ciesandtrust

funds

Fed-eralRe-

serveBanks

Com-mer-cial

banks

Mu-tualsav-ings

banks

Insur-ancecom-

paniesOther

8,11010,308

Total: 21942—June

Dec1943—June

SeptOctNovDec

1944—JanTreasury bills:

1942—JuneDec

1943—JuneSept.. . . :OctNovDec

1944—JanCertificates:

1942—JuneDec

1943—JuneSeptOctNovDec

1944—JanTreasury notes:

1942—JuneDec


1944—JanGuaranteed securities:

1942—JuneDec


1944_jan

55,12280,68599,333

115,313119,867119,867119,250119,337

2,5086,627

11,86413,05413,06413,07413,07213,101

3,09610,53416,56121,13623,19923,10322,84322,843

6,6899,8639,168

11,59611,59611,59611,17511,17.

4,5494,1964,0233,88:3,92,3,9594,0204,078

2,7233,2023,4344,0654,1184,1504,2244,271

7692615758636666

281311231318352388441498

2,6456,1897,2028,9199,35410,34811,54312,073

2431,0103,8155,3515,5476,1636,7686,941

661,0411,0921,3471,5651 /2,4672,787

7141,324774687686693665665

5375433507683

24,93938,75948,66554,45757,46856,76155,36056,983

1,5574,4976,5026,4486,2275,6434,7164,904

1,9716,4709,82311,93613,35713,15912,68413,335

3,7255,6705,5007,6037,5697,5467,3837,366

2,8472,6652,6022,5562,5212,4862,4652,528

3,8304,4715,1615,8115,866 146,100 146,152 145,770

28102191091211

74129184169172189226146

138167155198195198204178

148108764242423935

748 12,237766 17,297486 22,385950 28,111134 28,927228 28,280386 27,586932 26,307

912615432197215

191180305271277280367299

266283276288289

258

433333309287284282283223

5901,0731,3611,2421,2721,2321,4841,209

7822,6965,1067,3737,7777,5207,0506,236

1,7702,3272,4022,7622,7972,8162,5832,642

835743751651673684709707

Treasury bonds:Total:

1942—JuneDec


1944—JanMaturing within 5 years

1942—JuneDec


1944—JanMaturing in 5-10 years:

1942—JuneDec


1944—JanMaturing in 10-20 years:

1942—JuneDec


1944—JanMaturing after 20 years:

1942—JuneDec


1944—Jan....

38,08549,26857,52065,44467,88967,94067,94467,944

3,9155,8309,4749,9258,5248,5248,5248,524

9,43617,08017,92121,88325,43025,45328,36028,360

18,73116,29517,21417,21417,21417,21414,31014,310

6,00210,06512,91216,42216,72016,74916,75116,750

2,3212,7393,0453,6143,6163,6093,6143,611

1,6172,777

14,82819,445

,468 24,226,500 25,900,506 27,781,508 27,913,559 28,099,592 28,835

3,4424,055

7,766

4,725 11,442 12,615"100 15,936

336754867853668665665671

8461,574776974

1,1621,1601,4951,485

2,1682,1651,6451,5841,5871,5911,2701,257

5931,0211,2211,7021,7041,7011,7451,790

1,5992,5655,1225,8315,0745,0685,0405,127

4,9599,35310,10710,60613,15313,39015,61016,105

7,0096,2407,6117,9498,0157,9615,9736,108

1,2581,2861,3851,5141,5381,4951,4781,495

5,3935,4475,6615,6715,401

224253298226214217216202

7501,1291,3081,8381,1,9682,0671,883

1,9571,5801,4051,3151,3031,3901,2971,278

5121,0951,7132,0142,0202,0862,0932,036

13,13,280 16,259

13

15,882,389 15,613138 15,368

581726991860839836828770

1,3472,1012,3262,9193,0243,0673,2543,141

3,5102,7782,8962,7942,7612,7402,5712,519

2,3264,3395,2296,5246,6586,7236,7376,711

1,1731,5312,1952,1511,7281,7381,7751,755

1,5362,9203,4015,5416,1835,8665,9345,749

4,0863,5313,6573,5763,5473,5343,2033,144

1,3152,3233,3664,6674,8024,7434,6994,718

* Figures include only holdings by institutions or agencies from which reports are received; the number reporting varies slightly from month to month.Figures in column headed "other" include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of totalholdings (including relatively small amounts of nonmarketable issues) by all commerical banks, all mutual savings banks, and all insurance companiesfor certain dates are shown in the table above.

1 On Jan. 31, 1944, commercial banks reporting to the Treasury held $21,594,000,000 of United States Government securities due or callable withinone year out of a total of $43,354,000,000 outstanding.

2 Including $196,000,000 of Postal Savings and prewar bonds not shown separately below.

37$ FEDERAL RESERVE BULLETIN


SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS[On basis of daily statements of United States Treasury. In millions of dollars)

Period

Fiscal year ending:June 1942June 1943

1943—FebruaryMarchAprilMayT

JuneJulyAugustSeptember.. . .October... : . .NovemberDecember

1944—-JanuaryFebruary

Period


1943—FebruaryMarchAprilMayJuneJulyAugustSeptember. ..OctoberNovemberDecember


Income

With-held2

19548674557

1,010713

5741,137

taxes1

Other

7,96016,094

3804,7321,000

9403,8031,2361,0164,091

746449

4,327

1,153610

Mis-cella-neousinter-nal

reve-nue1

3,8474,553

352374346359353512729344464363386

412344

Socialsecu-rity

taxes

1,1941,508

3435050

2825748

3105346

29260

49373

Other

6661,230

11551

159160356234403285256255251

590290

Totalre-

ceipts

13,66823,385

1,1905,2071,5551,7424,5692,0483,0055,4482,0692,3705,737

2,7792,754

Net

ceipts3

12,79922,282

9555,2061,5141,4804,5692,0072,7215,4472,0302,0995,736

2,7472,503

Inter-eston

debt

1,2601,808

352628942

6096846

31113147

497

8756

Details of trust accounts, etc.

Social Securityaccounts

Netre-

ceipts

2,3272,810

49836

11153916924559632

10956287

102514

Invest-ments

1,7052,350

230272

35258428179292296

50277308

83350

Ex-pendi-tures

614456

3536333131293030292930

3233

Net ex-pendituresin check-ing ac-

counts ofGovern-

mentagencies

3,6252,194

370300

17356

- 8 2726148146199

- 6 4427

165331

Other

Re-ceipts

8631,117

52829281

152315101I i613975

114

164121

Invest-ments

221655

40535857

119252

7572869681

8159

Ex-pendi-tures

533133

- 37

12- 4 1

309

2114168

22

- 8 035

Waractivi-

ties

26,01172,109

5,7706,7446,9747,0927,4696,4327,2326,9526,9897,5416,718

7,1387,518

Total

3,44310,149

5,8954,758

13,11213,15210,1499,1276,845

18,73419,83815,49212,878

12,87319,726

Trans-fers totrustac-

counts,etc.

381435

21

3811

344152

3622

375

Other

4,7453,827

312347366300247269324269300248236

308283

Totalbudgetexpend-itures

32,39778,179

6,1197,3547,4667 4358,3277,1127,6177,5357,4567,8397,452

7,5707,862

Defi-cit

19,59855,897

5,1642,1475,9525,9553,7585,1054,8962,0875,4265.7401,716

4,8235,359

General fund of the Treasury

Assets

De-posits

inFederalReserveBanks

6031,038

623643

1,215651

1,038979

• L,0761,5381,0951,2451,408

1,0981,172

De-posits

inspecialdeposi-taries

1,6797,667

3,8922,694

10,48511,1177,6676,7904,362

15,67617,28012,7709,942

10,31417,095

Otherassets

1,162L,444

1,3811,4211,412L,3831,4441,3581,4061,5191,4621,4771,528

1,4611,460

Trustac-

counts,etc.4

_3,50c-1,861

-122-545+48—35

-206-635+131- 4 1 0— 132+29(-667

- 1 4-173

Changein

gen-eralfundbal-ance

+358+6,615

-2,331-1,213+8,4-38

+70-3,180

-912-2,231

+11,794+1,139- 4 , 3 3 8- 2 , 6 6 4

— 55+6,916

(end of period)

Totallabili-ties

452643

503579495465643532481576541534584

634571

In-crease

ingrossdebt

23,46164 ,'2 74

2,9541,483

14,3426 064

'7844,8282,534

14,2916,0971,112-281

4,78112,448

Balance ingeneral fund

Total

2,9919,507

5,3924,179

12,61712,6879,5078,5956,364

18,15819,29714,95812,294

12,23919,155

Work-ingbal-ance

2,2298,744

4,6303,416

11,85411,9248,7447,8325,601

17,39518,53414,19611,532

11,47618,392

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 (—).

INTERNAL REVENUE COLLECTIONS[On basis of reports of collections. In millions of dollars]

Period




Total

8,00716,299

4344,8681,008

7534,0261,231

8144,1921,6441,4714,591

1,5842,477

Cur-rentindi-

vidual

3,1085,771

1671,951

362103

1,80052755

1,9637447

2,158

396221

With-held*

" l1

1,0061,087

14

6291,844

Income taxes

Vic-torytax

686

2298381

5333438

6321

11

Cur-rent

corpo-ration

2,7644,137

951,026

7389

97014211187718184

1,012

1664

Backtaxes

460557

55797374413344

103353249

18441

Excessprofitstaxes

1,6185,064

1131,791

200103

1,203186162

1,228337204

1,352

352300

Otherprofitstaxes

5784

421

1

7103

159

165

65

Total

3,8384,571

331379345373329652595394421376388

382339

Capi-tal

stocktax

282329

i

" " 1361883520

Miscellaneous internal

Estateandgift

taxes

433447

2962374629482528413436

5238

Alco-holic

bever-age

taxes

1,0481,423

128121113109115125129117122117120

108108

To-baccotaxes

781924

6880777180879086909387

7767

revenue

Stamptaxes

4245

44555454444

44

Manufac-turers'

andretailers'

excisetaxes

852670

5147496039595653595664

6863

Mis-cella-neoustaxes

401732

5065648061

19310371867076

7258

1 Withheld by employers (Current Tax Payment Act of 1943).Back figures—See Banking and Monetary Statistics, Tables 150-151, pp. 513-516.

APRIL 1944 379


GOVERNMENT CORPORATIONS AND CREDIT AGENCIES[Based on compilation by United States Treasury Department. In millions of dollars]

PRINCIPAL ASSETS AND LIABILITIES

End of month

1942—JuneDecember. . .

1943—FebruaryMarchAprilMayJuneJulyAugustSeptember. . .OctoberNovember . . .December

1944—January . . . .

Total

17,96221,715

23,43724,15124,70624,80526,70825,55526,43526,28427,21827,78828,625

29,508

Loans

8,3798,127

8,0228,0038,0927,9497,6857,6157,5807,5577,4877,4597,444

7,410

Pre-ferredstock,etc.

648620

565562560557556524498497493492486

470

Assets, other than interagency items

Cash

403553

590597536504515538539501486493524

580

Securities

U.S.Govt.directand

guaran-teed

1,0971,272

1,3751,4241,5101,5491,5651,6381,6911,7221,7841,8331,895

1,942

OtherGovt.agen-cies1

5733

27262424221611766

23

23

Ac-counts

andother

receiv-ables

7741,085

1,4401,3031,4641,5141,7881,5141,4501,4871,8501,9631,926

1,951

Busi-ness

prop-erty

8591,020

1,3591,4081,4281,4751,6741,5611,9661,4701,6021,6111,624

1,645

Prop-

ertyheldforsale

3,5125,187

5,8836,0746,0816,1676,3106,7507,0197,2347,1157,3097,512

7,588

Otherassets

2,2333,818

4,1764,7545,0115,0665,3435,3995,6815,8096,3956,6227,191

7,899

Liabilities, other thaninteragency items

Bonds, notes,and debentures

Fullyguar-

anteedby

U.S.

4,5684,301

4,3324,3654,3724,0924,1013,9364,0464,0814,1254,1804,239

4,277

Other1

1,4421,414

1,3831,3751,3661,3401,3331,2761,2711,2741,2851,3081,342

1,332

Otherliabili-

ties

3,2654,630

5,0765,1095,6485,7466,0225,7575,9725,5605,8675,7885,874

5,247

U.S.Govern-

mentinterest

8,24910,931

12,20612,86012,88013,18814,81214,14614,70614,92915,50116,07316,732

18,216

Pri-vatelyownedinterest

438439

440441440440440441440441440439438

435

LOANS, OTHER THAN INTERAGENCY LOANS

End of month

1942—JuneDecember . . .

1943—February....MarchAprilMay .JuneJulyAugustSeptember...OctoberNovember. . .December. . .

1944—January

Totalloans2

8,3798,127

8,0228,0038,0927,9497,6857,6157,5807,5577,4877,4597,444

7,410

Recon-struc-tionFi-

nanceCorp.

1,4731,557

1,5271,5301,5121,4871,4831,4591,4631,4601,4321,4271,413

1,393

Home mortgage and housingagencies3

HomeOwn-ers '

LoanCorp.

1,6761,568

1,5321,5071,4801,4601,4411,4191,4001,3831,3661,3541,338

1,318

Feder-al

HomeLoanbanks

193129

96798779909281

130127116110

115

RFCMort-gageCom-pany

8294

969797989897

10099

10099

101

103

Fed.Na-

tionalMort-gage

Assoc.

216211

209206204202

73716967666565

64

Fed.PublicHous-

ingAuth.

384366

378381371374317317317317317318318

319

Farm mort-gage loans

Feder-al

landbanks

1,7061,603

1,5641,5401,5201,5021,4891,4721,4521,4311,4061,3811,358

1,332

Fed.FarmMort-gageCorp.

562507

490483475468463455447437423412403

394

Other farm credit loans

Fed.inter-medi-

atecreditbanks

289238

248266280287296296284269251240243

242

Banksfor co-opera-tives

101145

121111106102102107111148189215235

238

Com-modityCreditCorp.

231242

270276408304228225225222228278330

378

FarmCredit

Ad-min.

258237

240244245246245244242237232229226

224

FarmSecu-rity

Admin.

460446

454463457454447443441433427421416

416

RuralElec-

trifica-tionAd-min.

342346

345345344344344344344345345345347

347

Ex-port-Im-portBank

113122

121121122126129132136136140136136

141

Other

293316

331354384416440442468443438423405

386

SELECTED ASSET ITEMS, OTHER THAN INTERAGENCY ITEMS

End of month

1942—June.December. . .

1943—February.. . .MarchAprilMayJuneJulyAugustSeptember.. .OctoberNovember. . .December . . .

1944—January

Loans by ReconstructionFinance Corporation

Total

1,4731,557

1,5271,5301,5121,4871,4831,4591,4631,4601,4321,4271,413

1,393

Loansto fi-

nancialinsti-

tutions

144167

159155153150148145141138136134131

129

Loansto

rail-roads

472460

449444437434426423423423406405398

396

Other

857930

919931922903909891899899890888884

868

Preferred stock held

Recon-struc-tion

FinanceCorp.

378366

361359358355354-351346345343341338

334

HomeOwners'

LoanCorpo-ration

167152

110109109109108806464636363

54

Other

103102

9494939394938888878885

82

Accounts and otherreceivables

Fed. landbanks andFed. FarmMortgage

Corp.

225207

205195197192193192193187186174168

161

Com-modityCreditCorpo-ration

9657

10375

209187350210177196489533488

575

Recon-structionFinance

Corp. andwar cor-

porations

151531

659677700763800825790832778734728

702

Other

302290

473356358372445287290272397522542

513

Property held for sale

Warcorpo-

rations

2,0413,469

3,9284,0414,4424,7034,9635,2415,5285,7846,0166,2316,423

6,582

Com-modityCreditCorpo-ration

1,0681,363

1,6141,7001,3161,1531,0451,2231,2201,196

865873897

827

HomeOwners'

LoanCorpo-ration

262227

21921621220319118216915213611196

85

Other

141128

122117111108111104102102989496

94

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 amounted to 1,916 million dollars on Dec. 31, 1943.



BUSINESS INDEXES[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]

Year andmonth

1919.192019211922192319241925192619271928192919301931193219331934193519361937193819391940194119421943

Incomepay-

ments(value) i1935-39= 100

Ad-justed

1940OctoberNovember..December..

1941JanuaryFebruary.. .MarchAprilMayJuneJulyAugustSeptember..October. . . .November..December..

1942JanuaryFebruary...MarchAprilMayJuneJulyAugustSeptember..October. . . .November..December..

1943JanuaryFebruary...MarchAprilMayJuneJulyAugustSeptember..OctoberNovember. .December...

1944JanuaryFebruaryMarch

Industrial production(physical volume)2*

1935-39 = 100

Total

Ad-justed

122.9109.192.370.668.978.787.1

101.3107.798.5

105.5113.8137.3171.9

P211A

117.1117.7120.6

121.3123.5125.4128.2133.7138.9140.3143.2144.4146.3147.5153.9

155.2157.1159.1163.4165.4169.6172.8176.2178.4183.0189.2193.4

196.5200.6204.4207.3208.7211.3213.1215.5215.6218.0221.5224.8

^227.5

132136140

143147152149160164166167169172174176

181183186189191193197204208215220223

227232235237

r239r237240242

r244247247241

243

Unadjusted

72755873

829096959911091755869758710311389109125162199

137138139

139144149149160165165170174176175173

177180182187192195199207213218220221

r224229232

r236239238241245248249247239

240

Manu-factures

Dur-able

Ad-justed

849353811039510711410711713298674154658310812278109139201279

*>360

156159166

172178184186198203208209212219220225

235241250257264272278290299311319328

r337344351356359358

r360r365r368r374r376r365

368D368

Non-dur-able

Ad-justed

626057677269767983859384797079819010010695109115142158

PI 76

119123126

127131133137142144144146146148151150

152153153154153152154158161165168169

171174174175176177

r177r178r179179

r180r174

175^175

Min-erals

Ad-justec

71836671988992100100991079380677680869911297106117125129

p132

114119119

12011912696121127126128132134133

r133

133133126125126127126130131129130127

125131133131129117134135138136133137

1392*142

Constructioncontracts

awarded (value)31923-25 = 100

Tota:

Ad-justed

636356798494122129129135117926328253237555964728112216668

95111115

1039994103101117139152161145138123

118128125128158193206182179185198175

14510285635245605965496061

55H3

Resi-den-tial

Ad-justed

443044688195124121117126875037131112213741456072898240

858790

8476748088101115112105877469

8210095827676746570839091

795642333132363535343735

29

Allother

Ad-justed

1201351391421421258440374850707480818914923592

103130136

117118109121111129158184206192189167

147151149165226288313278268269286243

198140119876855807989617881

76p63

Employment4

1939 = 100

Non-agri-cul-

tural

Ad-justed

106.098.188.377.678.686.390.196.8

102.795.1

100.0104.2115.6124.2128.5

106.5108.1109.7

110.3111.5111.7111.8113.6115.3117.1118.4118.9119.2119.8120.3

120.4120.8121.0121.2121.9122.5124.5125.8126.5127.6128.8130.2

130.0130.3129.8129.3128.3128.6128.6127.9126.8127.5128.3128.2

127.2'126.5

Factory

Ad-justed

112.0114.6116.8

118.8120.9122.9126.3129.8133.3136.6137.8138.8139.5139.9140.6

141.6143.2144.8147.0148.7150.8153.2155.8157.4159.6161.5164.2

165.8167.4168.1168.4167.9169.0169.7169.6168.3170.1"170.9169.1

167.6'166.6

Unad-justed

106.8107,282.190.8

103.996.599.9

101.899.699.7

106.192.578.266.473.585.891.499.1

108.791.0

100.0107.5132.1152.3168.7

114.8116.0117.4

116.9120.0122.7125.8128.6132.0135.5138.4141.2141.8141.3141.1

139.8142.3144.3146.3148.0149.9153.4157.1159.6160.7161.9164.5

164.8166.4167.6167.7167.2168.8169.8170.8170.1170.5171.0169.4

166.7165.7

Fac-torypay

rolls4

1939 =100

Unad-justed

106.2127.182.088.0

111.6104.1109.7113.1111.0112.3119.896.973.550.754.470.080.493.0

111.285.1

100.0114.5167.5242.3316.4

126.9127.5134.1

132.6140.3145.9150.2161.3170.5172.0178.8184.8190.2188.6195.1

200.7208.2215.1221A228.7234.5242.7254.8261.8270.9280.4287.9

290.9297.5304.5309.7313.5317.1315.6322.2328.0332.6

r336.5r328.2

327.2

Ft eightcarload-

ings*1935-3!= 100

Ad-justed

1201291101211421391461521471481521311057882899210711189101109130138137

111116117

120122127112129131132136134134137138

140138138138136134137140140140136135

135139138136135127141140140137139144

145143

e140

Depart-mentstoresales(val-_ue)*°

1923-25= 100

Ad-justed

9910310610710811110292696775798892859094110124138

94100101

101103103104105104115134116105116111

138126124117108104121130123128138125

143167136128125129142142132140158131

r153151

Whole-sale

com-modityprices4

1926= 100

Unad-justed

138.6154.497.696.7

100.698.1

103.5100.095.496.795.386.473.064.865.974.980.080.886.378.677.178.687.398.8

103.1

78.779.680.0

80.880.681.583.284.987.188.890.391.892.492.593.6

96.096.797.698.798.898.698.799.299.6

100.0100.3101.0

101.9102.5103.4103.7104.1103.8103.2103.1103.1103.0102.9103.2

103.3103.6'103.9

Cost ofliving4

1935-39= 100

Unad-justed

124.5143.2127.7119.7121.9122.2125.4126.4124.0122.6122.5119.4108.797.692.495.798.199.1

102.7100.899.4

100.2105.2,116.5|123.6

100.2100.1100.7

100.8100.8101.2102.2102.9104.6105.3106.2108.1109.3110.2110.5

112.0112.9114.3115.1116.0116.4117.0117.5117.8119.0119.8120.4

120.7121.0122.8124.1125.1124.8123.9123.4123.9124.4124.2124.4

124.1123.7

* Average per working day. ? Preliminary. r Revised. * Estimated. 1 Department of Commerce series on value of payments to individuals.2 For indexes by groups or industries, see pp. 382-385.3 Based on F. W. Dodge Corporation data; fo^description, see p. 358 of BULLETIN for July 1931; by groups, see p. 388 of this BULLETIN.4 The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and cost of living are compiled by or based on data of the Bureau

of Labor Statistics. Figures prior to 1939 for factory employment and pay rolls and nonagricultural employment are adjusted for level through 1937; the1938 figures and the 1939 base period averages applied to earlier data are preliminary. Figures since 1939 are adjusted to Social Security data. Non-agricultural employment covers employees only and excludes personnel in the armed forces.

employment and pay rolls, October 1938, pp. 839-866, February 1941, p. 166, and January 1943, p. 13; for department store sales, October 1938, p. 918, andJanuary 1941, p . 65.

APRIL 1944 381


INDUSTRIAL PRODUCTION, BY INDUSTRIES(Adjustedfor Seasonal Variation)

[Index numbers

Industry

Industrial Production—Total...

Manufactures—Total.

D u r a b l e M a n u f a c t u r e s . . .

Iron and Steel

Pig iron . . . . . . . .Steel

Open hearthElectric

Machinery...

Manufacturing Arsenals and Depots1. .

Transportation Equipment.

Automobiles(Aircraft; Railroad cars; Locomotives; Shipbuild-

ing—Private and Government)1

Nonferrous Metals and Products. .

Smelting and refining(Copper smelting; Lead refining; Zinc smelting;

Aluminum; Magnesium; Tin)1.Fabricating

(Copper products; Lead shipments; Zinc ship-ments; Aluminum products; Magnesium prod-ucts; Tin consumption) *

Lumber and Products ,

LumberFurniture

Stone, Clay, and Glass Products

Glass productsPlate glassGlass containers

CementClay productsGypsum and plaster productsAbrasive and asbestos productsOther stone and clay products1

Nondurable Manufactures

Textiles and Products..

Textile fabricsCotton consumptionRayon deliveriesNylon and silk consumption1

Wool textiles...Carpet wool consumptionApparel wool consumptionWoolen and worsted yarn

Woolen yarnWorsted yarn

Woolen and worsted cloth

Leather and Products....

Leather tanningCattle hide leathersCalf and kip leathersGoat and kid leathersSheep and lamb leathers

Shoes

Manufactured Food Products...

Wheat flour ..Cane sugar meltings1

Manufactured dairy productsButterCheeseCanned and dried milkIce cream

Meat packingPork and lardBeefVeal .. .Lamb and mutton

of the BoarcI of Governors. 1935-39 average = 1001

1943

Jan.

227

245

r337

204

198226182542

417

r653

198

r255

241

r260

123

113142

180

15035

191171148193301

171

158

1491 7 2180

15429

208172176167177

123

1301419589

185118

141

134

103144

, 137

143168123

79121

Feb.

232

250

344

r207

200231185560

426

r673

203

T257

r252

r259

127

117147

178

14936

189166144196305

174

162

1521 7 2181

16639

230184190177187

123

1271399389

170119

r142

126

107145141

15418313176

115

Mar.

235

253

351

210

202r234

188559

436

692

204

r260

255

r262

129

119149

175

14635

185154142202308

174

158

149166181

16340

228181187172182

117

1201289293

160115

r143

118

108147145

15118312774

107

Apr.

237

256

356

209

198235186580

441

r7l7

206

r259

262

r257

130

121149

175

15339

194135142204313

175

157

147166181

15738

214173179165177

119

1221319190

166117

r142

109

106147149

14718711262

111

May

r239

258

359

208

196233184584

443

r729

211

r264

r270

r262

133

126147

175

15943

200130136203320

176

159

149169185

15832

222177181171177

118

122132

9290

164115

r143

97

103145150

16221611160

123

June

r237

258

358

201

190227177583

441'

743

215

r262

r276

r257

128

118148

175

15841

199127139204325

177

155

146160183

16030

226181186174179

114

1141228686

162114

r144

102

p139106150161

1592229663

119

July

240

259

r360

r204

191r2301 8 1577

440

r754

220

r256

278

r247

128

118148

173

16245

203119132198326

177

148

139153183

14624

207164168159164

112

1111168584

169112

r146

103

P143104154171

18626011073

140

Aug.

242

r261

r365

r210

202r2361 8 5598

445

r762

232

r264

279

r258

130

119152

173

16249

202114132203327

178

145

136147177

15033

210168176158166

111

106109

8082

174114

r145

110

96150157

182241119109154

Sept.

r244

r263

r368

r214

205239

1 9 0593

451

T764

239

r277

294

r270

129

118149

168

15953

196112125194321

179

150

141156181

15129

206172178163169

no105107

8188

164114

r146

111

95150154

178221130131161

Oct.

247

r266

r374

r215

202'2421 9 1607

458

r780

247

r286

303

r279

128

115152

171

16947

212107124194326

179

152

143156186

1543 7 ,

201173175171172

110

104102

7695

173114

r146

117

^14687

144137

168193135151173

Nov.

247

268

r376

210

200236

1 8 6592

463

r786

248

r289

308

r282

136

127152

168

16554

20498

124196329

1 8 0

752

142153191

15439

205172176166171

105

981016790

146109

r153

128

88143132

185221145150166

Dec.

241

260

'365

200

198222

1 7 8536

453

r763

240

277

307

266

137

131150

169

16955

209101122192319

1 7 4

143

133142189

14236

186159161156160

r102

r97r9S

68r83162105

r151

128

P13986

147131

173206139121158

1944

Jar.

243

261

368

208

r202231186556

461

751

240

283

297

277

133

125148

168

17154

21386

128203319

175

149

139c150186

15339

209172176168168

108

103107

7082

169111

154

130

^12689

148132

" 187"234144104135

Feb.

p243

P261

p368

212

206236188580

^460

P749

P23S

P282

P295

P131

P\232*146

P168

58

88

^202P3U

P175

P150

151188

P110

^114

PI 57

PUS

21529114994

112

r Revised. p Preliminary. c Corrected. Series included in total and group indexes but not available for publication separately.



INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued{Adjustedfor Seasonal Variation)

[Index numbers of the Board of Governors. 1935-39 average = 100]

Industry

Manufactured Food Products—Continued

Other manufactured foodsProcessed fruits and vegetables..ConfectioneryOther food products

Alcoholic Beverages.

Malt liquorWhiskeyOther distilled spirits....Rectified liquors

Industrial Alcohol from Beverage Plants1...

Tobacco Products

CigarsCigarettesOther tobacco products

Paper and Paper Products

Paper and pulp- Pulp

Groundwood pulpSoda pulpSulphate pulpSulphite pulp

PaperPaperboardFine paperPrinting paperTissue and absorbent paperWrapping paperNewsprint

Paperboard containers (same as Paperboard).

Printing and Publishing

Newsprint consumptionPrinting paper (same as shown under Paper)

Petroleum and Coal Products..

Petroleum refiningGasolineFuel oilLubricating oilKeroseneOther petroleum products1.

CokeBBy-product cokeB h i v e cokeBeehi

Chemical Products

PaintsSoapRayonIndustrial chemicalsExplosives and ammunition1.Other chemical products1....

1943

Jan. Feb. Mar.

144r122

137r152

105

1220

42159

132

10315993

135

13514810396

20114013313712912517512592

115

104

158

15799137111104

166157485

355.

125125196332

Rubber Products

Minerals—Total.

Fuels

CoalBituminous coal..Anthracite

Crude petroleum

Metals

Metals other than gold and silverIron ore(Copper; Lead; Zinc)1

GoldSilver

215

125

124

136145102118

130

185

r145r123139

121

142063161

128

101153

1391531079820614613714313113117212992

116

101

165

164102143114117

169158543

361

127127200332

218

131

131

151157129121

131

1892*223

r146r125145

r152

133035157

129

93159

141

1391481039420314013815012912617412790

112

97

166

16699

137118118

169158551

370

126124204341

222

133

133

154161128122

131

Apr. May June July Aug. Sept. Oct. Nov. Dec.

r146r129153

r149

104

124031141

132

10316086

13815010193204144136150130124167125

113

101

171

171101144114121

169159519

382

129124210350

222

131

131

146151129124

130

189

r147r130152

r151

113021139

123

10414485

142

1401541049221114713715013312216813089

112

102

173

174104137116122

166157481

389

130122214356

224

129

129

139143124125

129

186^223

r146r130144

r150

127022144

124

10214978

140

1361431068418414213515212312217611891

177

180109138120126

157152318

399

135123213366

230

117

115

9710374124

128

187

r145r126134

r152

106

127023144

134

9916684

135

1331411118719313113214312611715812791

105

182

185109145121118

162153453

402

139120222371

134

136

150155129128

128

188

r144r128123

r152

111

131040157

136

9616992

143

1411531159321413913915113512616913090

115

103

193

196116153123107

170159523

404

140124223382

227

135

137

148153128131

123

184

r144r127120

r152

135

164077156

134

10116587

143

14015011293211134138155124125174126

111

97

202

206122156123115

161538

395

137123221383

231

138

140

150155129136

124

188

r146r135120

r153

130

155090158

139

10017393

140

1381531129321314113514812712416312883

110

96

212122151134113

169158535

397

138120225396

234

136

138

141144127137

123

187

r150r135123

r159

141

169062178

148

101186100

140

13714710393212131136151126122160130

106

90

213

221123159137117

163155459

390

140129223398

241

133

134

125131102139

125

187

r153r142134

r159

143

172042189

143

9018199

r132

13114210710319612712913511612216312783

105

89

r219

r226123159120120

172161519

365

137131226394

240

137

140

147156114136

124

186P223

1944

Jan Feb

140*>132

163

131

1600

C46162

C125

C86C155

C87

136

13414710689

21313013214412011915412979

104

89

224

232125159128132

174164498

133226397

243

139

142

153161119137

124

185

1480

40182

119

92145

79

85

^505

P355

PI 39

^226P399

P243

$142

P144

P126

r Revised P Preliminary. c Corrected. 1 Series included in total and group indexes but not available for publication separately.NOTE.—For description and back figures see BULLETIN fpr October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940,

pp. 753-771 and 825-882.

APRIL 1944 383


INDUSTRIAL PRODUCTION, BY INDUSTRIES{Without Seasonal Adjustment)

[Index numbers of the Board of Governors. 1935-39 average = 100]

Industry

Industrial Production—Total"...

Manufactures—Total

Durable Manufactures

Iron and Steel

Pig ironSteel

Open hearth .Electric

Machinery

Manufacturing Arsenals and Depots1

Transportation Equipment*

Automobiles(Aircraft; Railroad cars; Locomotives; Ship-

building—Private and Government)1 . . . .

Nonferrous Metals and Products*

Smelting and refining(Copper smelting, Lead refining, Zinc

smelting; Aluminum; Magnesium;Tin)1

Fabricating*(Copper products; Lead shipments; Zinc

shipments; Aluminum products; Tinconsumption)1 „

Lumber and Products

Lumber. . .Furniture. .

Stone, Clay, and Glass Products.

Glass productsPlate glassGlass containers

CementClay productsGypsum and plaster productsAbrasive and asbestos products. . . .Other stone and clay products1

Nondurable Manufactures...

Textiles and Products.

Textile fabrics ;Cotton consumption*Rayon deliveriesNylon and silk consumption1...Wool textiles

Carpet wool consumption..Apparel wool consumption.Woolen and worsted yarn . .

Woolen yarnWorsted yarn

Woolen and worsted cloth..

Leather and Products...

Leather tanningCattle hide leathersCalf and kip leathersGoat and kid leathersSheep and lamb leathers. .

Shoes.

Manufactured Food Products...

Wheat flourCane sugar meltings1

Manufactured dairy products.ButterCheeseCanned and dried milkIce cream

Meat packingPork and lardBeefVealLamb and mutton

Annual

1943 1942

P239

P258

208

198232184576

P443

P735

mi

267

277

p129

mo149

pl7315844

199125

144159183

1543421173178167173

114

1131198488166114

p145

P139100148149

16520712397138

199

212

279

199

193218179495

340

464

155

214

205

218

134

130

142

168

13437169172154186236

158

157

148171173

15645199170173167178

122

1281439296150119

134

107

104168168

l48169131108127

1943

Feb. Mar. Apr. M a y June July Aug. Sept. Oct. Nov. 1 Dec.

229

r248

Z42

r207

200231185560

426

r673

203

r257

r252

r259

119

104147

166

14536184126137188305

171

162

152r172181

16639230184190177187

126

1371519893188119

r129

127

9411912'

l4718012167117

232

251

350

210

202r234188559

436

692

204

r260

255

r262

123

110149

168

14635185126136196308

171

158

149166181

16340228181187172182

117

1191289093155115

128

116

98132142

14017111.69105

r236

255

356

209

198235186580

441

T717

206

r259

262

r257

130

120149

172

15339194128138202313

173

157

147166181

15738214173179165177

118

1211318893162117

r130

105

108153168

13617010561108

239

258

360

208

196233184584

443

r729

211

r264

r270

r262

136

130147

180

16943214137136205320

175

159

149169185

15832222177181171177

118

122132

177115

r137

93

'pm133194208

16221611162126

238

259

359

201

190227177583

743

215

r262

275

r257

135

128

148

177

15741197136137208325

r178

155

146160183

16030226181186174179

113

1121178886160114

r144

98

^203146213223

1582229463111

241

260

r361

r204

191r230r181577

440

r754

220

r255

r277

r247

135

128148

173

15645195131132198326

r178

148

139153183

14624207164168159164

110

1051098483157112

r155

102

"^206127189198

17022911173134

245

264

r366

r210

202r236r185598

445

r762

232

r264

279

r258

137

130152

179

16849210129135204327

r181

145

136147177

15033210168176158166

110

lOi1058480180114

r164

109

106167161

154185120107151

248

267

r370

r214

205239

r190593

451

r764

239

r277

294

r27O

136

129149

174

16253

200130129198321

r184

150

141156181

15129206172178163169

110

103

8089161114

r165

121

91153142

160175140144173

249

269

r375

r215

202r242r191607

458

r780

247

r286

303

r279

133

124152

178

17447218124131199326

r183

143156186

1543'20117;17:171172

110

1041037895173114

r156

124

71130111

16818114717:180

247

268

r376

210

200236

r186592

463

r786

248

r289

r309

r282

133

124152

172

16654206106129198329

r181

152

142153191

15439205172176166171

106

1011056987155109

r154

129

2*1036710795

206259150160166

239

258

r364

200

198222

rl78536

453

r763

240

278

307

266

126

114150

1585519592126196319

172

143

133142189

14236186159161156160

101

r96r986683154105

r147

126

68106101

205271139113155

1944

Jan.

240

259

366

r202231186556

461

751

240

283

297

277

121

107148

161

1685420870119196319

172

149

139c150186

15339209172176168168

108

1031096982158111

144

130

pS374110107

22530714797143

p240

p258

p366

206236188580

p460

p749

p235

^295

p122

09^146

p160

58

P'l 21n93P3U

p150

p113

p143

p\2(>

20728513783113

r Revised. p Preliminary. e Corrected. 1 Series included in total and group indexes but not available for publication separately.* Revised indexes for January 1943: transportation equipment 653; nonferrous metals and products 255; nonferrous metals fabricating 260; cotton

consumption 172.



INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued{Without Seasonal Adjustment)

[Index numbers of the Board of Governors. 1935-39 average - 100]

Industry

Manufactured Food Products—Continued

Other manufactured foodsProcessed fruits and vegetables..ConfectioneryOther food products*

Alcoholic Beverages.

Malt liquorWhiskeyOther distilled spirits

Rectified liquors

Industrial Alcohol from Beverage Plants1...

Tobacco Products

CigarsCigarettes

Other tobacco products

Paper and Paper Products...

Paper and pulpPulp

Groundwood pulpSoda pulpSulphate pulpSulphite pulp

PaperPaperboardFine PaperPrinting paperTissue and absorbent paperWrapping paperNewsprint

Paperboard containers (same as Paperboard)Printing and Publishing...

Newsprint consumptionPrinting paper (same as shown under

Paper)Petroleum and Coal Products...

Petroleum refiningGasolineFuel oilLubricating oilKeroseneOther petroleum products1

CokekeBy-product cokeBehiv kBeehive coke

Chemical Products

PaintsSoapRayonIndustrial chemicalsExplosives and ammunition1

Other chemical products1

Rubber Products

Minerals—Total

Fuels

CoalBituminous coal..Anthracite

Crude petroleum

Metals...

Metals other than gold and silver.Iron ore(Copper; Lead; Zinc)1

GoldSilver

Annual

1943 1942

146129134153

117

1380

56157

133

99164

P139

PU9P107

^204

H35P14'

^124^168^127

PH.

99

P18.

in146121116

16715493

2*124

2*367

p228

P132

132

14014711812S

P22

Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec

134126127138

1255062

181

11915094

142

14317412013922716.138141138127169137105

115

103

144110129121109

16415451

278

130126185286

172

129

125

139145\\\11*

141

19C22!

1943

•131r7?

140

110

128038161

122

101144

140

1401541119820614613814313113117912992

98

165

16410214311123

169158543

362

125125200332

218

125

131

15:

15'

12:

9L

127

r130r69135

r146

105

123023157

123

9314889

141

1391501109420314013815012912617412'90

114

101

166

16699137117120

169158551

372

126124204341

222

127

133

15416128122

127r143

107

130019141

125

103149

141

1391521129320414413715013012416812589

116

107

171101144118lZ

169159519

38'

130122210350

222

121

131

15129124

101

117

r148

106

129013139

123

10414486

142

1401551139221114713715013312216813090

106

173

174104137121124

166157

389

13411921356

224

132

12\

13914312412.

148

11129!

r137r100107

r152

127

161013144

128

10215680

1371431078418414213615212312218011892

17:

180109138120119

157152318

396

139120213366

230

121

115

9710374

r151r164110155

126

159013144

138

9917584

13214099871931311311431261171521289

104

91

181

185109145120110

162153453

398

22237

22'.

140

16-

r168r243133

r155

122

150021157

140

9617789

143

1401511019321413913915113512616913089

110

93

193

196116153121102

170159523

400

139126223382

227

140

137

14815312813

161

24<36;

r172r249155

r155

138

1660

105156

141

10117693

143

1401489993211134138155124125174126

112

98

20;

206122156123114

171161538

396

135128221383

231

143

140

150155129136

16C

24'35:

r163r174157

r161

132

1440

234158

144

10017999

140

1381521049321314113514812712416512883

1L

101

207

212122151134113

169158535

400

138126225396

234

140

138

14144127137

141

22*31'

r156r125145

r166

119

1300

130178

151

101190103

13814810993212131136151126122160130

110

98

221123159137120

163155459

392

13813022339S

241

132

r162

120

137047189

132

9016787

131

13014210810319612712813511612215812782

108

93

r219

r226123159118124

172161519

367

137131226394

240

r132

140

14'156114131

Jan. Feb.

2*136157

111

1310

c30162

C124

C155C85

136

1341471118921313013114412011915312979

101

224

232125159124134

174164498

360

1371322i397

24.

133

PU2

P156

115

133024182

114

9213677

148

74

P101

< 83

pl66P505

P356

PU0P226P399

P243

p136

PI 44

P158P162PU2P137

P85

* Revised index for January 1943; other food products 146.r Revised. p Preliminary. c Corrected. x Series included in total and group indexes but not available for publication separately.NOTE.—For description and back figures, see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp.

APRIL 1944 385


FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES{Without Seasonal Adjustment)

[Index numbers of the Bureau of Labor Statistics, 1939 = 100]

Industry and group

TotalDurable goodsNondurable goods.

Iron and Steel and ProductsBlast furnaces, steel works, etcS l i

a t u ,Steel castingsTin cans and other tinwareHardwareStoves and heating equipmentSteam, hot-waterheatingapparatus...,Stamped and enameled wareStructural and ornamental metal workForgingsScrew machine products

Electrical Machinery

Machinery, except ElectricalMachinery and machine shop productsTractorsAgricultural, excluding tractorsPumps

Refrigerators

Transportation Equipment, except Autos..

Automobiles

Nonferrous Metals and ProductsPrimary smelting and refining

1 watchesClocks and \Lighting equipment.

Lumber and Timber Basic ProductsSawmillsPlaning and plywood mills

Furniture and Lumber ProductsFurniture

Stone, Clay, and Glass Products...GlassCementBrick, tile, and terra cot ta . . . .Pottery and related products.

Textile-Mill and Fiber ProductsCotton goods except small wares.. .Silk and rayon goodsWoolen and worsted manufactures.HosieryKnitted underwearDyeing and finishing textilesCarpets and rugs, wool

Apparel and Other Finished Textiles.Men's clothing, n.e.c.Shirts, collars, and nightwear...Women's doming, n.e.cMillinery

Leather and Leather Products.LeatherBoots and shoes

Food and Kindred ProductsSlaughtering and meat packing .FlourBakingSugar, beetConfectioneryBeverages, nonalcoholicMalt liquorsCanning and preserving

Tobacco ManufacturesCigarettesCigars

Paper and Allied Products..Paper and pulpPaper goods, n.e.cPaper boxes

Factory employment

Annual

1942 1943

152.3191.5121.4

161.1138.5248.2112.5125.5104.9167.3136.5173.4228.6264.5

214.1

205.5207.9144.5124.3265.4108.2

3 1941.

126.3

166.4r159.6129.6109.8

129.4105.3120.5

115.5110.8

126.7121.1122.0113.6135.9

112.7127.885.2

120.980.

116.8105.392.8

115.2113.397.393.685.7

107.6107.097.2

117.2142.9101.9108.4100.3112.9113.4114.2111.3

102.1112.399.1

117.8114.7121.9110.7

168.7227.8122.1

173.7133.0275.8102.0127.1120.6195.6160.5200.0261.2292.9

273.9

235.2242.4167.5135.7317.0155.9

9 1,418.

172.4

181.0204.3124.2118.9

113.090.1

111.7

109.7105.7

121.3126.0100.788.9

130.6

107.2122.979.9

111.973.6

108.6101.688.3

108.2105.184.688.081.3

96.195.685.7

115.7136.6115.2110.180.3

112.8127.4126.399.3

97.3123.883.9

118.2108.9128.4120.5

1943

Feb. Nov. Dec

166.4221.5123.0

173.013527992122113193149198259297

260.8

230.8236155120299

145

',343.1

159.5179.6

r190129111

113.890114

111.0107

122.412110995135

111.5128821177711610894

113.9110909394

103.310492

109.51471131094811711211567

100.212190

117.8109132117

r171.0r234.2121.2

175.9131267105133132198170208264291

r289.9

239.0247184151335

171

1,472.4

r188.9185.6

r217125131

110.188110

r110.0106

119.51319182128

104.012079108711039783

104.2101808573

90.98782

118.5136121114195121129131r93

96.313078

119.1109127124

r169.4r232.7119.5

175.1130267106134136198168209

r264290

r289.8

238.0247187154340

173

1,460.5

r188.6183.3

r217126128

107.986109

108.9105

119.71328882127

103.912079108711029782

103.2100798575

90.28781

115.914212011413312212513081

96.413078

119.1109126124

1944

Jan. Feb,

166.7229.5117.2

173.6128267106133136197164210265286

288.1

236.2246189159338168

1,434.,

185.4

181.8213126128

103.582T06

108.2105

117.31327981-123

101.711678106701009881

102.71007884

89.33780

112.31431211125211912213170

94.213075

118.

2 1

109126121

165.7227.7116.8

172.1

290.3

234.2

,415.5

181.8

181.8

103.3

107.0

116.6

102.0

103.3

111.1

117.5

Factory pay rolls

Annual

1942 1943

242.3321.3164.9

244.3194.6391.4147.1204.2147.0279.0210.7267.7386.2440.2

336.1

337.9335.6195.8182.7500.3155.8

1,694.1

205.5

259.1r230.2217.5167.3

181.0148.9160.2

161.5156.1

168.1156.2155.3150.1174.3

163.7198.4126.0189.297.5

166.3142.9128.6

149.0147.4137.8119.093.5

150.7145.6139.4

146.5170.5130.2131.6134.7144.8127.1136.2164.4

136.7148.7132.0

154.5155.5149.9139.8

316.4441.1194.4

304.8222.3484.4161.6245.8206.9353.8300.6365.3497.6548.0

468.9

426.0432.0256.7256.0648.8264.5

2,757.5

313.1

324.4353.9238.4207.2

190.6154.3175.9

180.7174.3

187.4187.6141.2133.5188.6

177.4210.8134.5202.2107.7180.2156.3141.2

164.9158.7134.0134.4109.5

150.7144.7136.7

169.5200.1177.6151.8110.6166.4153.9170.1171.2

151.1172.0139.7

177.7169.9182.2176.8

1943

Jan. Feb. Nov. Dec,

290.9399.8184.5

283.5209464132215181313256326478519

427.4

400.2402225196581

220

2,406.0

277.9305.8

r297239184

166.9131167

165.9160

178.5168150138185

179.6216134208106185161145

155.9150130125103

158.9154147

155.6203169144110164124134115

147.8172133

167.6162175160

297.5410.6186.9

291.2212476138227184337263343495533

441.6

410.0413239215602

237

,486.5

282.2308.6

r302240189

173.7139167

171.8166

179.2174139136186

181.217134207108184164148

167.5159134137136

157.4154143

150.718516914270164126144113

138.5146136

171.165178167

r336.5r474.6201.4

320.1227486169269239365340

r397r533570

r506.2

445.7457288294695

306

r3,039.1

r351.3343.9

r391r248233

197.'160181

191.1185

195.2207134127195

176.2207138199110180154138

165.616213513392

146.1135133

186.0232197164283189

r159182164

162.5196141

184.8175187188

"328.2r461.2198-2

316.7r223483175266246369332

r397r521562

r500.0

440.5450289296709

309

2,901.1

r334.4r335.4r385r244223

188.6151179

r188.9183

192.2207127126185

175.9207139198110177154134

163.5157134133100

r147.2141133

182.9239

r196163

r175190

r156179149

161.1190143

183.7175185186

Jan.

327.2461.0196.4

317.9224488180270253350322411524564

509.6

446.0457298310732

307

,859.9

344.9337.8378250226

174.6138172

186.3181

187.7207110120175

171.9199136197107173155135

168.0157129142114

147.3141134

179.924320016176188152178132

158.2190138

183.3173188185

r Revised. •NOTE.—Figures for February 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 indus-tries not here shown are obtainable from the Bureau of Labor Statistics. Underlying figures are for pay roll period ending nearest middle of monthand cover wage earners only,



FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES-Gwtf/»*<^(Without Seasonal Adjustment)

[Index numbers of the Bureau of Labor Statistics 1939 = 100]

Industry and group

Printing and PublishingNewspaper periodicalsBook and job

Chemical and Allied ProductsPaints, varnishes, and colorsDrugs, medicines, and insecticidesRayon and allied productsChemicals, n.e.cCottonseed oilFertilizers

Products of Petroleum and CoalPetroleum refiningCoke and by-products

Rubber ProductsRubber tires and inner tubesRubber boots and shoesRubber goods, other

Miscellaneous IndustriesPhotographic apparatusGames, toys, and dolls

Factory employment

Annual

1942 1943

101.398.4

101.7

210.7107.9137.5107.0158.3104.9114.7

118.108.5122.1

128.5121.3129.9123.3

147.2137.899.6

102.395.2104.9

254.1104.8166.1107.9167.7116.7120.9

117.8110.6113.6

157.9160.2147.1141.3

164.3168.983.8

1943

Feb. Nov.

103.095107

251.9104156106161128141

115.4106118

152.8151150139

159.515779

104.295108

253.0106177107174147113

119.0113108

164.9170146147

166.717691

Dec.

104.495109

238.9106178110173142118

118.9113108

167.1173146148

164.2174

1944

Jan.

103.193108

229.7105183108172133125

118.'113108

167.6174145149

162.217485

Feb.

225.0

119.1

167.9

161.4

Factory pay rolls

Annual

1942

114.2107.4115.9

308.9135.1167.2142.4219.2147.0168.7

152.7138.4158.6

176.8163.3186.2174.6

215.9194.1136.3

1943

126.8111.7132.6

422.1152.9233.4162.5273.5201.5225.0

184.3172.3177.4

260.1256.3246.4234.5

291.3261.8142.8

1943

Jan.

121.1107128

391.2137203149247219185

162.8149169

234.6227241212

263.1231124

Feb.

121.6107129

400.9140212151250198229

164.9151170

238.3229241220

270.6241134

Nov.

133.7115142

428.6161258166292281223

196.3186176

287.7289252257

307.6284156

Dec.

134.9116144

403.4159259168289274227

197.3186181

285.5286246257

300.8273150

1944

Jan.

134.0113146

394.0160268169292250248

196.9185186

288254261

296.9277157

FACTORY EMPLOYMENT(Adjusted for Seasonal Variation)

[Index numbers of the Board of Governors, 1939 = 100]

Group and year

TotalDurableNondurable

1943

Jan.

165.8218.6124.1

Feb.

167.4222.1124.3

Mar.

168.1224.7123.5

April

168.4225.8123.2

May

167.9225.9122.2

JUne

169.0228.3122.3

July

169.7229.4122.6

Aug.

169.6230.0121.9

Sept.

168.3230.0119.6

Oct.

170.1232.2121.1

Nov.

r170.9r234.0121.2

Dec.

r169.1r232.8118.9

1944

Jan.

167.6230.1118.4

Feb.P166.6P228.3^•118.0

p Preliminary.NOTE.—Revised indexes based on new Bureau of Labor Statistics data released in February 1943.iN, and p. 1187 of December 1943 BULLETIN.

For back figures see p. 14 of January 1943 BUL-

HOURS AND EARNINGS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES[Compiled by the Bureau of Labor Statistics]

Industry and group

Average hours worked per week

1942

Dec.

1943

Jan. Sept. Oct. Nov. Dec.

1944

Jan.

Average hourly earnings (cents per hour)

1942

Dec.

1943

Jan. Sept. Oct. Nov. Dec.

1944

Jan.

All Manufacturing..Durable Goods

Iron and Steel and ProductsElectrical MachineryMachinery Except ElectricalTransportation Equipment Except

AutomobilesAutomobilesNonferrous Metals and Products . . . .Lumber and Timber Basic Products..Furniture and Finished Lumber Products.Stone, Clay, and Glass Products

Nondurable Goods

Textiles—Mill and Fiber Products . . .Apparel and other Finished Products . . .Leather and ManufacturesFood and Kindred ProductsTobacco ManufacturesPaper and Allied ProductsPrinting, Publishing, and Allied IndustriesChemicals and Allied ProductsProducts of Petroleum and CoalRubber Products ;Miscellaneous Industries

44.4

46.1

45.347.049.6

47.545.546.141.343.741.8

42.1

41.537.440.343.941.244.940.244.741.844.546.1

44.2

45.9

45.047.049.6

46.945.746.039.842.841.7

41.8

41.337.440.343.239.644.239.844.541.144.445.7

44.7

46.5

46.146.848.6

47.146.346.743.543.542.4

42.2

41.037.539.243.341.344.640.445.645.444.945.6

45.4

47.2

47.147.149.6

47.547.646.944.244.743.8

42.7

41.637.839.544.142.645.740.245.846.445.446.1

45.5

47.1

47.147.149.6

47.646.547.143.4

r44.3r43.5

43.1

41.838.1

r39.845.542.545.840.5

• 45.646.045.746.5

r44.8

46.2r46.546.248.9

46.5r44.5r46.442.8

r44.243.0

42.8

41.737.6

r40.245.542.145.340.545.146.044.945.6

45.1

46.6

46.947.049.7

46.746.347.041.143.442.5

42.9

41.438.040.545.942.045.240.545.745.745.345.6

90.7

100.4

98.694.3

101.1

114.2119.897.667.968.981.0

76.2

64.464.971.976.161.377.198.087.8

109.296.682.7

91.9

101.7

99.895.1

102.2

114.4122.298.568.169.681.9

76.8

65.265.572.176.961.377.497.388.6

110.597.183.8

99.3

109.7

106.699.3

109.5

125.0126.2104.476.877.287.3

82.3

67.574.376.580.167.081.1

103.393.7

115.5105.790.7

98.8

108.6

105.698.6

108.6

123.1125.0102.977.377.787.1

82.4

67.473.776.581.567.081.2

102.893.1

114.2105.990.8

99.6

109.7

'105.7r98.8109.2

r125.9r125.3103.377.478.0

r87.8

82.9

67.774.0

r77.O82.967.381.2

102.693.2

114.8106.691.7

99.5

109.3

'106.1r99.4110.0

r124.2r124.7r103.4

76.678.387.8

83.2

67.774.477.383.4

r67.381.7

103.793.7

115.3106.592.5

100.1109.9

106.9100.4110.3

124.0125.8103.877.079.088.4

83.7

68.176.177.583.967.782.3

103.894.0

116.2106.292.5

NOTE.—Revised data based on the classification of the 1939 Census of Manufactures. Back figures are available from the Bureau of Labor Statistics.

(Table of "Estimated Employment in Nonagricultural Establishments by Industry Division" appears on p. 395.)

APRIL 1944 387


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]

Month

JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

Year

Total

1943

350.7393.5339.7303.4234.4229.6183.7413.8175.1213.5184.4252.2

3,274.0 .

159.2137.2

Residentialbuilding

1943

110.893.371.879.463.361.571.867.554.169.758.466.2

867.8

1944

41.024.9

Nonresidential building

Factories

1943

73.187.763.840.724.253.731.9

234.831.134.529.062.0

766.2

1944

34.029.9

Commercial Educational

1943

7.222.725.26.69.36.95.37.45.1

11.27.96.0

120.7

4.14.5

1943

5.64.24.55.95.37.94.84.25.5.73.35.1

62.4

1944

8.7!-0.2

Other

1943

68.272.751.543.036.526.319.926.429.028.926.945.7

474.9

1944

21.123.1

Public worksand publicutilities

1943

85.8113.0123.0127.795.873.350.073.450.163.559.067.4

981.9

1944

50.355.1

1 Negative because of revision of a prior month's entry.

CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP[Figures for 37 States east of the Rocky Mountains, as reported by the

F. W. Dodge Corporation. Value of contracts in millions of dollars]

Month

JanuaryFebruary . . .March.AprilMayJuneJulyAugustSeptember...OctoberNovember. . .December . . .

Year

Total

1942

317434611499674

1,190944721723780654709

8,255

1943

3513943*0303234230184414175214184252

3,274

1944

159

Public ownership

1942

198310473355569

1,105876633661710592664

7,146

1943

316364304253192183122351120157135198

2,695

1944

122

Prival

1942

11912313814410585688862716245

1,109

e ownership

1943

353036504246616256565054

579

1944

37

CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT[Figures for 37 States east of the Rocky Mountains, as reported by the

F. W. Dodge Corporation. Value of contracts in thousands of dollars]

Federal Reserve district

BostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDallas

Total ( l ld is t r ic ts) . .

1944

February

5,28822 2955,9145,942

24 84024,21820,1475,7712,212

11,8288,791

137,246

January

7,53716 0919,869

14,79832 50016,22020,0009,0211,564

14,81616,822

159,238

1943

February

39,96231 70925,21716,40159 63958,80126,83614,8461,869

44,73973,498

393,517

LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION[In millions of dollars]

Year or month

1935.19361937193819391940194119421943

1943—FebMarAprMayJuneJulyAug.SeptOctNovDec

1944—JanFeb

Total

320557495694954

1,0261,1861,137

942

6473597278849088859277

7579

Title I Loans

Prop-ertyim-

prove-ment

22424660

16020825126214196

567787

10128

109

616

Smallhomecon-struc-tion

13252621151

*

1

Mortgages on

1- to 4-familyhouses(Title

ID

94309424473669736877691243

2019161819212020202118

1914

Rentaland

grouphousing

(TitleID

22

11485113136

*

Warhousing(Title

VI)

13284601

3947374751566055576050

5050

* Less than $500,000. . . .ISTOXE.—Figures represent gross insurance written duping the period and

do not take account of principal repayments on previously insured loans.

INSURED FHA HOME MORTGAGES (TITLE II) HELD INPORTFOLIO, BY CLASS OF INSTITUTION


End of month

1936—Dec1937—Dec1938—Dec :

1939—JuneDec.

1940—Mar.JuneSept.Dec.

1941—MarJuneSeptDec

1942—MarJuneDec

1943—JuneDec

Total

365771

1,199

1,4781,793

1,9492,0752,2322,409

2,5982,7552,9423,107

3,3073,4913,620

3,7003,626

Com-mer-cial

banks

228430634

759902

9711,0261,0931,162

1,2461,3181,4001,465

1,5491,6231,669

1,7001,705

Mu-tualsav-ings

banks

82738

5071

90100111130

146157171186

201219236

252256

Sav-ingsandloan

associ-ations

56110149

167192

201208216224

230237246254

264272276

284292

Insur-ancecom-

panies

41118212

271342

392432480542

606668722789

856940

1,032

1,0711,134

Fed-eral

agen-cies1

53277

137153

171182190201

210220225234

237243245

23579

Others

275390

94133

124127141150

160154178179

200195163

158159

1 The RFC Mortgage Company, the Federal National Mortgage Associa-tion, the Federal Deposit Insurance Corporation, and the United StatesHousing Corporation.

2 Including mortgage companies, finance companies, industrial banks,endowed institutions, private and State benefit futads, etc.

NOTE.—Figures represent gross amount of mortgages held, excludingterminated mortgages and cases in transit to or being audited at the Fed-eral Housing Administration.



MERCHANDISE EXPORTS AND IMPORTS[In millions of dollars]

MonthMerchandise exports1

1940 1941 1942 1943

Merchandise imports2

1940 1942 1943

Excess of exports

1940 1941 1942 1943 1944

JanuaryFebruaryMarch

AprilMayJune

JulyAugustSeptember.

OctoberNovember.December..

370347351

323324350

317351295

344328322

January-December 4,021

325303357

387385330

365460425

666492653

5,147

481480628

717r536648

650703732

801787873

r8,036

980pl,085^1,002

Pi,262^1,204pl,236

PI,195pl,073PI,241

P12,715

242200217

212211211

232221195

207224253

2,625

229234268

287297280

278282262

304281344

3,345

254254272

235191215

213186196

200168358

2,742

P229P234P249

P258P281P295

p301P315P286

P328P310p276

P3,361

p310 128147134

111112138

84130101

13710469

1,396

966989

50

87178162

362211309

1,802

228226355

482344433

437517536

602619515

r5,295

P502P485P739

P722P804P7O7

P961P889P950

P867P763P966

P9.355

p Preliminary. r Re vi sed.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[Index numbers; 1935-39 average^ 100]

REVENUES, EXPENSES, AND INCOME OF CLASS IRAILROADS


Total

101109130138137

135

135139138136135127141140140137139144

145143

126

124130130132137132146145151147142133

133133

Coal

98111123135138

132

135145144133132100146145152140127147

150149

132

135145144133132100146145152140127147

150149

Coke

102137168181186

184

184178187186181166184191195195186192

185180

193

193189189183179162178183193191186202

194191

Grain

107101112120146

139

138145142140140137143147137167161153

159148

131

138142131124123140172158153167157144

159145

Live-stock

969691104117

118

102113117118112113113117114119132122

121135

114

9890921051018697111151183166118

116108

For-est

prod-ucts

100114139155141

137

130135133138138140150148139137150154

147146

122

117129133138143145150156150144147138

133140

Ore

110147183206192

190

202193193163163192202208209191191209

203193

59

50485610626929732331231427419365

5148

Mis-eel-lane-ous

101110136146145

144

144146145145143142146145143140147148

149147

136

132137138143145146147147154153153139

136138

Mer-chan-disel.c.l.

Totalrailway

operatingrevenues

Totalrailwayexpenses

Netrailway

operatingincome

Netincome

Annual19391940194119421943

SEASONALLYADJUSTED

1942—December.

1943—January...February..MarchAprilMayJuneJulyAugust...September.October...November.December.


UNADJUSTED

1942—December.

1943—January...February..MarchAprilMayJuneJulyAugustSeptember.October...November.December.

1944—January...February.

9796

1006963

Annual1939..1940..1941.1942..1943..

SEASONALLYADJUSTED1

1942—November..December..

1943—January....February...MarchApril.MayJuneJulyAugustSeptember..OctoberNovember..December .

1944—January..

UNADJUSTED1942—November..

December ..

1943—JanuaryFebruary...MarchAprilMayJuneJulyAugustSeptember.October. ..November..December .

1944—January..

3,9954,2975,3477,4669,055

722708

710744740767783749761779738731776786

783

690703

671664756749759747791800777796762782

741

3,4063,6144,348

r5,9827,693

563549

577591616623624629653663655658684736

672

541529

566557627622631638671676666683666705

658

589682998

rl,4841,362

159159

13415312414415912010811582739250

111

149174

1051061301271281101211251101139677

83

93189500

r904874

121r114

921118210111878687541335214

111r81

636285838671828470766335

P45

NOTE.—For description and back data, see pp. 529-533 of the BULLETIN forJune 1941. Based on daily average loadings. Basic data compiled by Associa-tion of American Railroads. Total index compiled by combining indexes for classeswith weights derived from revenue data of the Interstate Commerce Commission.

p Preliminary. r Revised.1 Series in process of revision.

NOTE.—Descriptive material and back figures may be obtainedfrom the Division of Research and Statistics. Basic data compiledby the Interstate Commerce Commission.

APRIL 1944 389


DEPARTMENT STORE STATISTICSfBased on value figures]

MONTHLY INDEXES OF SALES AND STOCKS[Daily average sales; end-of-month stocks. 1923-25 average = 100]

SALESJanuaryFebruaryMarchAprilMayTuneJulyAugustSeptember...OctoberNovember...December

Year.

STOCKSJanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember....October . . . . . .NovemberDecember

Year

Seasonally adjusted

1941 1942 1943 1944

101103103104105104115134116105116111

138126124117108104121130123128138125

95102109118127136142138125115106100

143167136128125129142142132140158131

10293918790981101141101049897

r153151

105

Unadjusted

1941 1942 1943 1944

79829310610510079106125112133197

110

64697576757374849510811087

82

1089911811510810083103133137157222

124

859711112313013012813213012812394

118

11113212113312512498112143150180231

138

9390929399

11011411611391

99

119120

r Revised.p Preliminary.Back figures.—Sales, see BULLETIN for August 1936, p. 631, and subse-

quent issues. Stocks, see BULLETIN for March 1938, p. 232, and subsequentissues.

WEEKLY INDEX OF SALES[Weeks ending on da tes shown. 1935-39 average = 100]

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

1940

1....142 1 . . . .285.'.'.".'

12.. .19262 . . . .9 . . . .

162 3 . . . .30.7 . . . .

1 4 . . . .212 8 . . . .

1941

4 . .1 1 . . .1825 . . .

1 . . . .8

1 5 . . . .2 2 . . . .2 9 . . . .8.. . .

15. . .2 2 . . . .2 9 . . . .

5 . . . .1 2 . . . .1 9 . . .

.109123

. 1 1 7120

.'. 125

. .115

. .123121

.117. .122. .130. .116. .147. .197..232

258. 1 2 4

85.. 99

90. . 89. . .94

. 95

..97. . 88..101. . 97. 1 0 5. I l l..117..131..136. .117

Without

1941

Sept. 6 . . .132 0 . . . .27

Oct. 4 . . ! .111825

Nov. 18 . . . .

1522 . . .29

Dec. 6 . . .1 3 . . . .20 . .2 7 . . . .

1942

Jan. 3 ...1 0 . . . .17243 1 . . . .

Feb. 71 4 . . . .2 1 . . . .28

Mar. 7. . . .1 4 . . .2 1 . . .2 8 . . . .

Apr. 4 . . . .11. . . .1 8 . . . .

seasor

..122

. .133

. 1 3 1148

.169130131130138

..139148

..128169

..215

..236277

..174

. 107

..130131119

..121

..114

..116

..110

..119

..125. 1 3 1. .140. .147. .160. 1 2 0. .135

tal adjustment

1942

Sept. 5 . . . .121 9 . . . .26

Oct. 3 . . .1017243 1 . . . .

Nov . 7 . . . .142128

Dec. 5 . . .1 2 . . . .19 . .2 6 . . . .

1943

Jan. 29 . . . .

16233 0 . . . .

Feb . 6 .1 3 . . . .202 7 . . . .

Mar . 61 3 . . . .2 0 . . . .2 7 . . . .

Apr. 31 0 . . . .1 7 . . . .

..153129

..137155

..173159152

.'. 153

..158166167166

..166

..236274303

..199

112138132119

..121136

..168

..146

..150

..142..134..137. 1 4 3..149..153..154

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

1943

4.11is!.'!!252 . . . .9 . . . .

1623306. . .

132027! . .4 . ! !

1 1 . . .1825! ! '

1944

1 . . .8!!!

1 5 . . .2229.'.

512. .19 . . .26. . .

4 . . .1 1 . . .18.25 . . .

1 . . .8. ..

15.

.154142

!!l61158

.'.161173171

.171174183

.191

.201188

!!251. .273

2S9'.'.245

. .105! ! 134

.137136

.'.130.138

..132..133..134..144..148. .160..167

Back figures.—See BULLETIN for April 1941, p. 311, and subsequent issues.

SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES[Percentage change from corresponding period of preceding year]

United Sta tes . .Boston

New HavenPortlandBostonSpringfieldProvidence

New YorkBridgeportNewarkAlbanyBinghamton....BuffaloElmiraNiagara Falls...New York City.Poughkeepsie...RochesterSchenectady.. .SyracuseUtica

PhiladelphiaTrentonLancasterPhiladelphia....ReadingWilkes-Barre...York

ClevelandAkronCincinnatiClevelandColumbusToledoYoungstown

Feb.1944

- 6

—5- 4

— 11- 5

- 1 60

-3- 1 1- 1 2+5

- 1 5—6- 8

- 1 4- 2+8

- 1 1

+2

-62

- 7- 7- 9+1- 4

-12- 1 7

- 7- 1 5+1- 4

- 1 0

Jan.1944

r+6r+2

r+12

+3— 13+5+2-16-6+6

il+3

+19+2- 8

+15+1

r+8+11+12+6+7

+20+11

+4+10+4

Two

- 1

-2+3- 7- 1

- 1 4+2

0- 1 4

- 9 .+5

- 1- 2- 7+1

+130

- 9+8

+1+4+2

-7- 1 1

- 4- 1 0+3+2

Cleveland—Cont.EriePittsburghWheeling

RichmondWashingtonBaltimoreWinston-Salem...Charleston, S. C.Greenville, S. C.LynchburgNorfolkRichmondCharleston.W.Va.ClarksburgHuntington

AtlantaBirminghamMontgomeryJacksonvilleMiamiTampaAtlantaMaconBaton RougeNew OrleansJacksonChattanooga.. .KnoxvilleNashville

Chicago....Chicago.Peoria...

Feb.1944

- 9- 1 4

- 3

—8- 1 4- 1 1+4+8+3+5+7+4

- 1 1+1+7

+10+1+3

+16+20+13+3

2- 1 2+ 17+4

+13+24+16

— 13- 1 5

5

Jan.1944

- 20

+9+7

0+10+7

+22+23+22+3

+15- 4

+20+10

r+22+17+20+23+26+23

r+24+11

- 5+14+22+22+54+36r+4

+3'+15

Two

mos.1944

- 5- 8+3-2- 8

9+7

+14+11+ 12+6+9- 8+9+8

+15+9

+11+20+23+18+10+3- 9

+15+12+18+32+25

c

- 7+5

Chicago—Cont.Fort Wayne....Indianapolis...Terre Haute. ..Des Moines....Sioux CityDetroitFlintGrand Rapids..LansingMilwaukeeGreen Bay

St. LouisFort SmithLittle Rock....QuincyEvansvilleLouisvilleSt. LouisSpringfieldMemphis

tinneapolis

Kansas CityDenverHutchinsonTopekaWichitaJoplin ,Kansas City...St. JosephOmahaOklahoma CityTulsa

Feb .1944

- 1 0

-10-20+5-5-3-10+14+1

-7

0-5+7+4+7-6-2+15+3+5+2

Jan.1944

+6+17+11+7

+17-4

r - 3+11

+8+6+6

+10+10+17+4+2

+14+6

-4-15

Twomos.1944

- 2+2+1+3

- 1 1 S<

+7+2+7

+14

+8+7+5

+21+19+8+6

+41+13

- 30

+502

- 1 0+ 12+6+2

—26+7

0

+20

+8+7

+12- 1

0+14+4

+10- 1

DallasShreveportDallasFort WorthHoustonSan Antonio

>an FranciscoPhoenixTucsonBakersfieldFresnoLong BeachLos AngelesOakland and

BerkeleySacramentoSan DiegoSan FranciscoSan JoseSanta RosaStocktonVallejo and NapaBoise and

NampaPortlandSalt Lake City..BellinghamEverettSeattleSpokaneTacomaYakima

Feb.1944

+1+11+7+5+4

- 1 4

-3- 6- 2+3

+27+6- 1

- 5- 7- 6- 3- 2+1- 5- 9

+8- 9- 1+6+4- 6- 9

- 1 2+27

Jan.1944

+12+24+17+13+9+9

+9+11+8

+22+24+10

r+\3

+5+5

0+5

+11+12+12

' +21

+9+4- 2

+16+7

+17+3+3

+31

Twomos.1944

+6+ 17+11+9+6

+3+2+3

+12+26+8+6

0- 1—3+ 1+5+0+3

+S

-i- 1 1+5+4—3—5

+29

r Revised.* Data notyet available.



DEPARTMENT STORE STATISTICS—ContinuedSALES AND STOCKS, BY MAJOR DEPARTMENTS

DepartmentNumberof storesreporting

350

350

348327331

309291299282319326342320242259

318228301276172

311228236288

188284218217

282116

329217314269

291

21320416512254

134

Sales during month (value)

Percentage change

Jan. 1944from

Jan. 1943

+6

+6

+12+7

+26

+22+27+26+7

+16+9+4

+17_4- 1 7

- 8- 1 8

- 5+19- 2 4

^- 3- 6

+22

- 5 9- 7

+12- 1 6

+26+34

+14+5

+13+13

+11

+2+5- 5- 6

+20- 3

Jan. 1944from

Dec. 1943

- 5 0

- 5 1

- 4 7+9

- 1 8

- 4 3- 4 9- 4 9- 3 0- 7 3+14- 5 7- 7 2- 2 8- 4 0

- 7 0- 3 9- 8 0- 6 8- 6 2

- 2 8- 1 8- 2 0- 2 8

- 1 5- 1 2- 5 9- 3 4

+17+34

- 6 5- 3 4- 6 6- 7 4

- 7 5

- 4 4- 4 5- 6 6- 2 5

- 6- 2 2

Jan. 1943from

Dec. 1942

- 5 1

- 5 2

- 4 7+21- 2 2

- 4 5- 5 1- 5 4- 2 6- 7 4+11- 5 5- 7 4—32- 1 5

- 6 8- 2 6- 7 9- 7 0- 6 3

- 3 0- 2 2- 1 7- 4 0

- 3 5+6

- 6 1- 4 3

+17+30

- 6 7- 3 5- 6 7- 7 5

- 8 0

- 4 6- 4 5- 6 7- 2 2

- 4- 4 6

Stocks at end of month (value)

Percentage change

Jan. 1944from

Jan. 1943

+2

+1

+22+38+44

+60+60+31+44+7

- 1 9- 2 3- 1 5+10+27

- 1 1- 2 0- 1 3+11+3

- 2 0- 1 2- 4 2- 1 5

- 6 9- 1 5- 2 3

- 6

- 1- 2 4

+17+27+17+10

+7

+4+19

- 3- 1 7

- 4+11

Jan. 1944from

Dec. 1943

+1

+2

+3- 1 0+15

+8+14+9+2+8- 1

- 1 0+10+2

- 1 1

0- 7+2+7

0

+1+1+8

+14

- 6- 3- 1- 1

+8+11

- 1- 2+3- 4

- 4

- 10

- 4+3+2- 8

Jan. 1943from

Dec. 1942

- 3

- 3

+1- 5

+19

+10+6- 2+2

0- 5

0- 9+1- 9

- 8- 1 2

- 6- 6- 4

- 6- 3- 3

2

- 7- 1 6

- 4- 5

+4+10

- 3- 6

0- 3

1

- 1+4- 4- 7- 1

0

Ratio of stocksto sales

January

1944

3.0

3.1

2.41.81.6

2.62.62.52.32.42.42.32.84.42.4

4.64.64.34.47.6

3.84.74.03.9

4.12.14.85.5

2.72.1

3.44.03.24.3

3.7

2.82.34.23.02.64.2

1943

3.1

3.2

2.21.41.4

2.02.12.41.72.53.23.13.83.91.6

4.74.74.74.75.6

4.55.26.55.6

5.42.37.14.9

3.43.7

3.43.33.14.4

3.8

2.72.14.13.43.33.7

GRAND TOTAL—entire store

MAIN STORE—total

Women's apparel and accessoriesWomen's and misses' coats and suitsWomen's and misses' dressesBlouses, skirts, sportswear, sweaters, knit

apparelJuniors' and girls' wearInfants' wearAprons, housedresses, uniformsWomen's underwear, slips, negligeesCorsets, brassieresHosiery (women's and children's)Gloves (women's and children's)Shoes (women's and children's)Furs

Men's and boys* wearMen's clothingMen's furnishings, hats, capsBoys' clothing and furnishingsMen's and boys' shoes and slippers

Home furnishingsFurniture, beds, mattresses, springsDomestic floor coveringsDraperies, curtains, upholsteryMajor appliances (refrigerators, washers, stoves,

etc.)Domestics, blankets, linens, etcChina and glassware.Housewares

Piece goods (dress and coat yard goods, allmaterials)

Cotton wash goods

Small waresNotionsToilet articles, drug sundries, prescriptionsJewelry and silverware

Miscellaneous

BASEMENT STORE-totalWomen's apparel and accessoriesMen's and boys' clothing and furnishingsHome furnishingsPiece goodsShoes

NOTE.—Group totals include sales in departments not shown separately. Figures for basement store are not strictly comparable with those for mainstore owing chiefly to inclusion in basement of fewer departments and somewhat different types of merchandise. The ratio of stocks to sales is obtainedby dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the e:in terms of sales for that month.

SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS

Year and month

1942—December...



Index numbers, without seasonal adjustment, 1941 average = 100

Sales during month

Total

10011611912811712096107131147166217

106109

Cash

262

123139146159145150125138167187210

r290

140141

Instal-ment

r62706675615653647084

r93r99

5357

Chargeaccount

829899103961007282104115130159

7984

Accounts receivableat end of month

Instal-ment

64

Chargeaccount

585551494542393838 '404448

4441

83r 7 9

777875766463748190

109

8272

Collections duringmonth

Instal-ment

Chargeaccount

968991857972706767758182

7772

1421091051061051001038584

104116121

143107

i end of the month

Percentage of total sales

Cashsales

595859606060626261616164

6463

Instal-mentsales

Charge-account

sales

34

363736353636333334343432

3233

r Revised.NOTE.—These data are based on reports from a smaller group of department stores than that included in the monthly index of sales shown on the

preceding page.

APRIL 1944 391


CONSUMER CREDIT STATISTICSTOTAL CONSUMER CREDIT, BY MAJOR PARTS

[Estimated amounts outstanding. In millions of dollars]

End of monfehor year

192919301931193219331934193519361937193819391940194119421943

1943Jan.FebMar.AprMayJuneJulyAugSeptOctNovDec

1944TanFeb

Totalconsumer

credit1

7,0896,3415,1773,8463,7174,1595,1486,3967,0546,6187,5188,7679,499

r6,1655,166

r5,715r5,505r5,368r5,261r5,102r5,094r4,881r4,810r4,911r5,014r5,1205,166

^4,826^4,674

Instalment credit

Totalinstalment

credit1

3,1672,7062,2141,5151,5811,8462,5993,4663,9193,5394,3515,4345,921

r2,9321,939

r2,672r2,479r2,338r2,244r2,139r2,O751,9931,9391,917r l ,891rl ,8821,939

pl,836PI,785

Sale credit

Total

2,5152,0321,595

9991,1221,3171,8052,4362,7522,3132,7923,4503,7471,494

816

1,3141,1901,0711,020

955896838807786777778816

p745P7O7

Automotive

1,318928637322459576940

1,2891,384

9701,2671,7291,942

482175

404351287260235208196190186181177175

^169P167

Other

1,1971,104

958677663741865

1,1471,3681,3431,5251,7211,8051,012

641

910839784760720688642617600596601641

P576p540

Loans1 2

652674619516459529794

1,0301,1671,2261,5591,9842,174

r l ,4381,123

1,358r l ,289r l ,2671,224'"1,184r l ,1791,155r l ,132rl,131rl,114rl ,1041,123

pl,091PI,078

Single-payment

loans3

1,5771,4511,051

726588659785991

1,1191,0691,0891,1231 2041,0721,034

j .oss1,038L 0311,0291,0271,014

994996

1 0381,0731,0841,034

P996P967

Chargeaccounts

1.7401,6111,3811,114L,0811,203L,2921,4191,459L,4871,5441,6501,7641,5131,498

L 3331,3331 343

,3311,2751 MR1,2221,1981 2751,3661,4661,498

PI,294PI,218

Service credit

596573531491467451472520557523534560610648695

652655656657661667672677681684688695

p700P7O4

P Preliminary. r Revised.1 Est imates for repair and modernization credit have been revised for the period from the end of 1941 to date . These revisions are preliminary and

subject to change.2 Includes repair and modernization loans.3 An estimated total of noninsNOTE.—Nat ional estimates of c

and Domestic Commerce, United S , . . _, ̂ „description of sources of da ta and methods of estimation. Later estimates, comparable with those formerly published by the Department of Commerce,were made at the Board of Governors of the Federal Reserve System.

CONSUMER INSTALMENT SALE CREDIT, EXCLUDINGAUTOMOTIVE

[Estimated amounts outstanding. In millions of dollars]

End of monthor year

192919301931193219331934193519361937193819391940194119421943

1943

JanFeb. ..MarApr.MayJuneTulvJ. *AugSeptOctNovDec

1944JanFeb

Total,xcludingauto-

motive

1,1971,104

958677663741865

1,1471,3681,3431,5251,7211,8051,012

641

910839784760720688642617600596601641

P576P540

Depart-mentstoresand

mail-orderhouses

160155138103119146186256314302377439469254174

228210196190178168155149148151160174

P158P147

Furni-ture

stores

583539454313299314336406469485536599619391271

359338322319308301286279272269266271

P248P236

House-hold

appli-ance

stores

26522218512111913117125530726627330231313029

11610391817264554842373229

P24P21

Jewelrystores

5647453029354056687093

1101207766

645651504847454444454866

P55P51

Allotherretailstores

13314113611097

115132174210220246271284160101

14313212412011410810197949495

101

P91P85

p Preliminary.

CONSUMER INSTALMENT LOANS[Estimated amounts outstanding. In millions of dollars]

End ofmonth or

year

192919301931193219331934193519361937193819391940194119421943

1943

JanFebMarAprMayTuneJulyAugSeptOctNov.Dec

1944JanFeb

Tota l 1

652674619516459529794

1,0301,1671,2261,5591,9842,174

r l ,438r l ,123

r l ,358r l ,289r l ,2671,224r l ,184r l ,179r l ,155r l ,132r l ,131r l ,114r l ,1041,123

PI,091PI,078

Com-mercialbanks2

43453931293971

130215248380586687370

r273

345319312299290287283278277273270

r273

r267266

Smallloan

com-panies

263287289257232246267301350346435505535424372

403387387378366371363357358354355372

360356

Indus-trial

bankingcom-

panies

219218184143121125156191221230257288298202165

193185184179174174170168169167165165

161161

Credit

unions

323129272732446693

113147189217141110

132126127122118118114112113111109110

106105

Miscel-laneouslenders

95937858506079

1021251179699

1029186

898887878586858485848486

P85P84

Repairand

modern-izationloans1

27 "177240163172244317335

r210117

1961 8 41 7 01 5 91 5 11 4 31401 3 31291251 2 1117

PI 12P106

P Preliminary. r Revised.1 See footnote 1 for table above.2 These figures for amounts outstanding include only personal instalment

cash loans and retail automotive direct loans, which are shown on the fol-lowing page, and a small amount of other retail direct loans (11 milliondollars a t the end of February 1944), which are not shown separately.



CONSUMER CREDIT STATISTICS—Continued

CONSUMER INSTALMENT CREDITS OF COMMERCIALBANKS, BY TYPE OF CREDIT

[Estimates. In millions of dollars]

Month or vear

Outstanding at end ofperiod:19391940194119421943

1943—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember. . . .OctoberNovember . . . .December


Volume extended durin;month:

1943—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember. . . .OctoberNovember . . . .December


Total

1,0201,3401,588

787469

726662619580551529515498489480470469

459448

Automotiveretail

Pur- Directchased loans

21030039613654

11610187776965605857575554

5151

16023030312282

11110095918985828282828282

8181

9913121213131414131314

1414

Otherretail,pur-

chasedand

direct

Repairand

mod-erniza-

tionloans

15021027914367

1361211081009384807470676667

6964

1489101112989111213

13

22026024615486

1441351251171111051039895928986

8278

Per-sonalinstal-mentcashloans

280340364232180

219205204195189190190186185182178180

176174

445568777765

262539282735303033292832

2729

NOTE.—For descriptive material and back figures, see BULLETIN forOctober 1942, pp. 992-994.

CONSUMER INSTALMENT LOANS MADE BY PRINCIPALLENDING INSTITUTIONS

[Estimates of volume made in period. In millions of dollars]

Month or year Commercialbanks1

1929....1930....1931....1932....1933....1934....1935....1936....1937....1938....1939....1940....1941....1942....1943....

1942

JulyAugustSeptember...OctoberNovember.. .December.. .

1943JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember—October '.NovemberDecember

1944JanuaryFebruary

705524

585249443743

363553414050444547434248

4244

Small loancompanies

463503498376304384423563619604763927983798

636060595982

455086625880626470677095

5359

Industrialbanking

companies

413380340250202234288354409417489536558408364

343331302531

252638312935302932282932

2729

Creditunions

42413834334267105148179257320343215193

181616141418

111322151419151518161520

1316

1 These figures for loans made include only personal instalment cashloans and retail automotive direct loans, which are shown elsewhere onthis page, aHd a small amount of other retail direct loans (one milliondollars in February 1944), which are not shown separately.

FURNITURE STORE STATISTICS

Item

Net sales:TotalCash salesCredit sales:

InstalmentCharge account

Accounts receivable, at end ofmonth:

TotalInstalment

Collections during month:TotalInstalment

Inventories, end of month, atretail value

Percentagechange from

precedingmonth

Feb.1944

+90

+12+9

- 5- 5

*

- 7

0

Jan.1944

-42r - 4 8

-43r - 3 4

- 9- 9

- 3- 6

+1

Dec.

+15+34+8

+13

+2+2

1 - 5

- 9

Percentagechange from

correspondingmonth of

preceding year

Feb.1944

- 2+11

- 8+3

- 2 9- 2 8

- 1 2- 1 6

-20

Jan.1944

r+~16

- 1 0r+3

-29r-29

r-14r-17

r-19

Dec.1943

—7+8

- 1 5>i

- 2 9- 2 9

- 1 6- 1 8

- 2 2

r Revised.

RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE1

Month

1943JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1944JanuaryFebruary

Instalment accounts

Depart-mentstores

282831313029303233373735

3031

Furni-ture

stores

171719202221222221222322

2019

House-hold ap-pliancestores

161618182021212121222322

r2222

Jewelrystores

313030313333343433373955

3132

Chargeaccounts

Depart-mentstores

606162636362626262656663

6161

T Revised.1 Ratio of collections during month to accounts receivable at beginning

of month.

APRIL 1944 393


WHOLESALE PRICES, BY GROUPS OF COMMODITIES[Index numbers of the Bureau of Labor Statistics. 1926 =100]


192919301931193219331934193519361937193819391940194119421943



Week ending1943—December 4

December 11December 18December 25

1944—January 1January 8January 15January 22January 29February 5February 12February 19February 26March 4March 11March 18March 25

Allcom-modi-

ties

95.386.473.064.865.974.980.080.886.378.677.178.687.398.8

103.1

101.9102.5103.4103.7104.1103.8103.2103.1103.1103.0102.9103.2

103.3103.6

102.8102.9102.9102.9

103.0102.9103.0103.0103.1103.1103.1103.3103.6103.4103.4103.6103.7

Farmprod-ucts

104.988.364.848.251.465.378.880.986.468.565.367.782.4

105.9122.6

117.0119.0122.8123.9125.7126.2125.0123.5123.1122.2121.4121.8

121.8122.5

121.8122.0121.8122.0

122.1121.9122.1121.9122.6122.1121.9122.8124.2123.2123.4124.5124.6

Foods

99.990.574.661.060.570.583.782.185.573.670.471.382.799.6

106.6

105.2105.8107.4108.4110.5109.6107.2105.8105.0105.1105.8105.6

104.9104.5

105.6105.9105.7105.7

105.1104.6104.8104.6104.7104.2104.0104.1104.6104.5104.6104.6104.5

Other commodities

Total

91.685.275.070.271.278.477.979.685.381.781.383.089.095.596.9

96.096.296.596.696.796.896.997.197.297.397.497.6

97.898.0

97.697.897.897.8

97.897.897.997.998.098.098.198.298.398.398.298.298.3

Hides andleather

products

109.1100.086.172.980.986.689.695.4

104.692.895.6

100.8108.3117.7117.5

117.8117.8117.8117.8117.8117.8117.8117.8117.8117.8116.5117.0

117.2116.9

117.5117.5117.9117.9

117.9117.9117.9117.9117.8117.7117.8117.7117.5117.6117.6117.6117.5

Textileproducts

90.480.366.354.964.872.970.971.576.366.769.773.884.896.997.4

97.397.397.397.497.497.497.497.497.597.697.797.7

97.797.7

97.297.297.297.2

97.297.297.297.297.297.297.297.297.297.397.397.397.3

Fuel andlighting

materials

Metalsand metalproducts

83.078.567.570.366.373.373.576.277.676.573.171.776.278.5

79.379.880.380.680.881.081.080.981.081.081.282.1

82.383.1

82.182.482.682.6

82.682.682.782.883.183.283.583.783.783.783.683.683.6

100.592.184.580.279.886.986.487.095.795.794.495.899.4

103.8103.8

103.8103.8103.8103.8103.8103.8103.7103.7103.7103.7103.8103.8

103.7103.7

103.9103.9103.9103.9

103.9103.9103.8103.8103.8103.8103.8103.8103.8103.8103.8103.8103.8

Buildingmaterials

95.489.979.271.477.086.285.386.795.290.390.594.8

103.2110.2111.4

109.8110.2110.4110.3110.5110.6110.7112.2112.5112.7113.1113.4

113.5113.6

113.1113.4113.4113.5

113.5113.4113.4113.4113.5113.5113.7113.7113.7113.7113.7113.8114.6

Chemi-cals and

alliedproducts

94.088.779.373.972.175.379.078.782.677.076.077.084.697.1

100.3

100.2100.3100.0100.1100.2100.0100.1100.2100.3100.4100.3100.4

100.4100.4

100.4100.3100.3100.3

100.3100.3100.4100.4100.4100.4100.4100.4100.4100.4100.4100.4100.4

House-furnish-ing goods

94.392.784.975.175.881.580.681.789.786.886.388.594.3

102.4102.7

102.5102.6102.6102.6102.7102.8102.6102.6102.6102.6102.8102.8

104.5104.2

104.2104.2104.4104.4

104.4104.4104.4104.4104.4104.4104.4106.2106.2105.9105.9105.9105.9

Miscel-laneous

82.677.769.864.462.569.768.370.577.873.374.877.382.089.792.2

90.790.991.491.691.991.892.392.693.093.193.293.3

93.293.4

93.093.093.093.0

93.093.093.093.093.093.093.093.393.393.393.393.393.3

Subgroups

Farm Products:GrainsLivestock and poultryOther farm products

Foods:Dairy productsCereal productsFruits and vegetablesMeatsOther foods

Hides and Leather Products:ShoesHides and skinsLeatherOther leather products

Textile Products:ClothingCotton goodsHosiery and underwearSilkRayonWoolen and worsted goodsOther textile products

Fuel and Lighting Materials:AnthraciteBituminous coalCoke..ElectricityGasPetroleum products

Feb.

108.6132.8112.6

113.392.2

108.5115.594.5

126.4116.0101.3115.2

107.0112.670.5

'30.3112.497.7

89.7113.9122.363.075.861.2

Nov.

123.2120.5120.5

110.994.7

118.5106.399.5

126.4108.5101.3115.2

107.0112.971.7

30.3112.5100.5

90.6116.6124.158.377.063.5

Dec.

128.2119.5120.6

110.695.1

119.3105.998.5

126.4111.6101.3115.2

107.0112.971.7

30.3112.5100.5

95.0118.8124.5

77.063.5

Subgroups1943

Jan.

129.5120.8119.5

110.695.1

118.4106.096.1

126.4112.9101.3115.2

107.0112.971.7

30.3112.5100.5

95.0119.8126.2

76.763.5

Feb.

129.3123.3119.3

110.795.1

120.7106.093.5

126.4111.0101.3115.2

107.0113.470.5

30.3112.5100.5

97.8119.9130.7

Metals and Metal Products:Agricultural implements...Farm machineryIron and steelMotor vehiclesNonferrous metalsPlumbing and heating

Building Materials:Brick and tileCementLumberPaint and paint materials..Plumbing and heatingStructural steelOther building materials...

Chemicals and Allied Products:ChemicalsDrugs and PharmaceuticalsFertilizer materialsMixed fertilizersOils and fats

Housefurnishing Goods:FurnishingsFurniture

Miscellaneous:Auto tires and tubesCattle feedPaper and pulpRubber, crudeOther miscellaneous

Feb.

96.998.097.2

112.886.090.4

98.694.2

134.6101.290.4

107.3102.2

96.9165.579.085.8

101.5

107.397.7

73.0142.1101.146.394.9

Nov.

96.998.197.1

112.886.091.8

100.093.6

143.9103.291.8

107.3102.2

96.3165.281.385.8

102.0

107.198.4

73.0159.6105.846.296.5

Dec.

96.998.197.1

112.886.091.8

100.093.6

144.0103.391.8

107.3102.8

96.3165.281.386.5

102.0

107.198.4

73.0159.6106.046.296.7

1944

Jan. Feb.

97.098.197.1

112.885.991.8

100.293.6

144.1103.591.8

107.3102.8

96.3165.281.386.5

102.0

107.1102.0

73.0159.6106.046.296.7

97.098.197.1

112.885.891.8

100.193.6

144.5103.991.8

107.3102.8

96.3165.281.486.3

103.0

107.1101.4

73.0159.6106.646.296.7

Back figures.—Bureau of Labor Statistics, Department of Labor.



ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION[Thousands of persons]

Year and month Total

38,77638,61538,47238,19038,28238,26138,06737,72537,94238,17538,143

37,86037,657

37,95838,11538,33638,26238,48438,36438,24538,22738,27338,29838,485

37,25737,047

Manufac-turing

15,93016,00216,01915,96616,07616,12416,14516,03016,17116,22216,054

15,90115,806

15,85115,95815,95615,91116,05616,13616,24516,17916,20516,22916,078

15,82715,731

Mining Construc-tion*

Transpor-tation and

publicutilities

TradeFinance,service,and mis-

cellaneous

Federal,State, and

local govern-ment

SEASONALLY ADJUSTED1943—February

MarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember


UNADJUSTED1943—February

MarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember


873864858842842835825817810801813

813812

867861850837835830823825819809815

811

,748564,363213,123065,023957910865863

846796

1,3861,3571,3281,2991,2771,2181,1621,066974871773

685638

3,5453,5513,5723,5773,6103,6303,6453,6413,6263,6733,706

3,7413,729

3,4563,4753,5523,5873,6533,6833,6953,7083,7053,6873,661

3,6403,626

6,4586,4246,4336,3576,3736,3886,3356,2486,3456,4746,382

6,3956,366

6,2916,3286,4236,3316,3716,2906,2186,2856,4196,5696,832

6,2556,201

4,3564,3474,3314,3024,2974,3004,2824,2584,300

r4,3104,315

4,3294,340

4,2704,2814,3374,3494,3554,3594,3314,3344,3004,2724,271

4,2484,262

5,8665,8635,8965,9335,9615,9195,8125,7745,7805,830

r6,010

5.8355,808

5,8375,8555,8905,9485,9375,8485,7715,8305,8515,861

r6,055

5,7915,781

* Includes contractconstruction and Federal force account construction. r Revised.NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. Estimates exclude proprietors of unincorporated businesses, self-employed persons,

domestics employed in private homes, public emergency employees (WPA, NYA, and CCC), and personnel in the armed forces. Figures for February1944 are preliminary. Revised seasonally adjusted estimates for months prior to November 1941 are shown on p. 1156 of the November 1942 BULLETIN.

APRIL 1944 395


CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK*ON BANK CREDIT, MONEY RATES, AND BUSINESS

Chartbookpage

WEEKLY FIGURES i

RESERVES AND CURRENCY

Reserve Bank credit:U. S. Govt. securities, total 2, 4

Bills 4Certificates 4Notes 4Bonds 4Special certificates 4

Discounts and advances 2Gold stock 2Money in circulation 2Nonmember deposits 2Treasury deposits 2Member bank reserves 3Excess reserves* 3Excess reserves (weekly average), total* 3

New York City 3Chicago 3Reserve city banks 3Country banks6 3

MEMBER BANKS IN LEADING CITIES

Loans and investments 14Demand deposits adjusted 14U. S. Govt. obligations 14Total loans 14Commercial loans, total 15

New York City 15100 cities outside New York 15

Brokers' loans—New York City 15U. S. Govt. obligations:

New York City, total 15Bonds 17Notes and guar. securities 17Certificates 17Bills 17

100 cities outside New York, total.. 15Bonds 17Notes and guar. securities 17Certificates 17Bills 17

MONEY RATES, ETC.

Treasury bills (new issues) 25Treasury notes (taxable) 25U. S. Govt. bonds:

Partially tax-exempt4 25, 33Taxable4 25, 33

Corporate Aaa bonds 33Corporate Baa bonds 33

Stock prices (1935-39 = 100):TotalIndustrialRailroadPublic utility

Volume of trading (mill, shares) ..

BUSINESS CONDITIONS

Steel production (per cent of capacity) . .Electric power prod. (mill. kw. h r s . ) . . .Freight carloadings (thous. cars):

TotalMiscellaneous

Department store sales (1935-39 = 100)...F.H.A. home mortgages, new construc-

tion (thous.)8

Wholesale prices (1926 = 100):TotalFarm productsOther than farm and food

1944

Feb. Mar. Mar. Mar. Mar.23 1 8 15 22

In billions of dollars

1162

1

21201

121

533138116231

1362312411452

8256679068

057470946511089801

2672

2790766741479432

8360.86.27.11.92.96.57.81.58

11.626.352.70.89

1.69

;0421.7120.821.81.14

12.381.22P\ #oi.01

.27P. 13

53.2932.3338.9011.546.392.483.921.29

13.956.572.843.291.2424.9511.974.625.762.60

1262

1

2120

0372738970

056796

1.91

121

n

p

5232381162

2738010101

2773

907852533747

3.901

13623124

41

715687.26.03.81

12.01452

.59

.72

.50

12.116211

66851644

072ll67211

121PI

p

523338116231

1363312411452

01920871260902

3078

8945604340.499030

81.21.16.30.15.80.87.79.68.46

12.246.752.1.161.44

21.6020.9,

1.89.50

12.41.93

52.4032.8638.3311.186.372.483.891.17

13.686.223.053.241.17

24.6111.784.915.642.32

Per cent per annum

.3751.32

1.902.492.743.73

il223

375.33

.89

.49

.74

.72

.3751.33

1.90-2.492.743.71

.37531.38

1.912.492.743.71

i1223

37..3<

.9,Ai.7..7(

In unit indicated

94.996.199.887.3.90

97.74,445

782.5366.7134

103.6124.298.3

95.096.297.788.2.75

97.54,465

788.3376.0

144

103.4123.298.3

96.898.497.088.91.19

98.84,426

781.5373.0

148

103.4123.498.2

97.999.799.588.51.39

99.14,400

786.4377.1

160

103.6124.598.2

97. i99..

101.:88.i1.2-

99.24,409

778. <372.'

16'

103.124.98.^

Chartbookpage

MONTHLY FIGURESRESERVES AND CURRENCY

Reserve Bank credit 5Gold stock 5Money in circulation 5Treasury cash 5Treasury deposits 5Reserve balances 5, 8Required reserves 8Excess reserves, total 8, 9

New York City 9Chicago 9Reserve city banks 9Country banks 9

Money in circulation, total 10Bills of $50 and over 10|10 and #20 bills 10Coins, | 1 , $2, and $S bills 10

ALL BANKS IN U. S.

Total deposits and currency 11Demand deposits adjusted 11Time deposits. 11Currency outside banks 11

CONSUMER CREDIT

Consumer credit, total6 18Single-payment loans 18Charge accounts 18Service credit 18Instalment credit, total6 18, 19

Instalment loans6 19Instalment sale credit, total 19

Automotive 19Other 19

TREASURY FINANCE

U. S. Govt. obligations outstand-ing, total interest-bearing 20

Bonds (marketable Treasury) . . 20Notes, cert., and bills, t o t a l . . . 20

Notes 21Certificates 21Bills 21

Savings bonds, tax notes, etc.. 20Savings bonds 21Tax notes 21

Special issues 20Holdings of U .S . Govt. obligations:

Fed. agencies and trust funds 22Federal Reserve Banks 22Commercial banks 22Private holders other than

commercial banks, total 22Mutual savings banks 23Insurance companies 23Other investors, total 23

Marketable issues 23

MONEY RATES, ETC.

F. R. Bank discount rate, N. Y... . 27Treasury bills (new issues) 27Treasury notes (taxable) 27Commercial paper 29U. S. Govt. bonds:

Partially tax-exempt4 33Taxable4 33

Corporate Aaa bonds 29, 33Corporate Baa bonds 33

= 100):Stock prices (1935-39 =TotalIndustrialRailroadPublic utility

Volume of trading (mill, shares)...Brokers' balances (mill, dollars):

Credit extended customersMoney borrowedCustomers' free credit balances .

1943

Dec.

1944

Jan. Feb.


11.9122.0220.242.31.67

12.7511.701.05.03.01.30.71

20.455.5810.903.97

122.80P60.70P32.80*18.90

5.171.031.50.70

1.941.12.82.18.64

168.7367.9447.0911.1722.8413.0736.5727.368.5912.70

16.9311.5460.80

79.506.1014.7058.7023.20

12.3721.9320.432.32.48

12.9411.821.11.02(2).34.75

20.535.7110.923.90

^123.90*61.20P33.10P18.90

p4.83^1,00P\ ,29p.70

P1.84P\ 09*\75P.17P.5S

171.3167.9447.1211.1722.8413.1038.9128.909.3812.87

17.1512.0762.80

79.305.7014.2059.4021.80

11.9621.8020.632.33

.3412.3511.191.16

.02(2).34.79

20.825.82

11.093.92

P.70P1.79^1.08

P. 71P.17P.54

185.9473.8852.0913.3025.6813.1142.3731.5210.2213.17

^17.6811.63

Per cent

.50.3751.30.69

1.952.492.743.82

per annum

.50.3741.30.69

1.952.492.723.76

.50.3751.32.69

1.932.492.743.72

In unit indicated

91.893.685.685.2.81

788557354

94.696.491.086.7.79

e78Oe560e370

94.495.896.186.9

.81e800e650e37O

For footnotes see following page.



CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued

Chartbookpage

MONTHLY FIGURES—Cont.BUSINESS CONDITIONS

Income payments (mill, dollars), total:7 38Salaries and wages 38Other 38

Cash farm income (mill, dollars), total. 39Livestock and products 39Crops 39Govt. payments 39

Industrial production:7

Total (1935739 = 100) 41, 42Groups (points in total index)

Durable manufactures 41Machinery, etc 42Iron and steel 42Other durable 42

Nondurable manufactures 41Textiles and leather 42Paper and printing 42Foods, liquor, and tobacco 42Other nondurable 42

Minerals 41,42Primary products (1935-39 = 100):

Steel 43Cement 43Lumber 43Coal 43Crude petroleum 43Cotton consumption 43Wool yarn 43Paper 43Leather. . . 43Meats and dairy products 43Other manufactured foods 43

Labor force and employment (mill.persons):8

Labor force 44Employment, total 44

Nonagricultural 44Agricultural 44Male 44Female 44

Nonagricultural employment (mill.persons), total7 45

Manufacturing and mining 45Trade 45Government 45Transportation and utilities 45Construction 45

Factory employment and pay rolls(1939 = 100):

Pay rolls 47Employment ; 47

Hours and earnings at factories:Weekly earnings (dollars) 48Hourly earnings (cents) 48Hours worked (per week) 48

New orders, shipments, and inventories(1939 = 100):

New orders, total 49Durable 49Nondurable 49

Shipments, total 49Durable 49Nondurable 49

Inventories, total 49Durable 49Nondurable 49

Residential contracts (mill, dollars):7

Total 53Public 53Private, total 53

1- and 2-family dwellings 53Other 53

Construction contracts (3-mo. movingav., mill, dollars):7

Total 55Residential 55Other 55

1943

Dec. Jan. | Feb.

In unit indicated

12,5828,9593,6231,74196772549

241r138.6r97.722.0

r18.9r81.518.410.9

r20.9r31.320.9

222101131147136142159129r97156153

38.116.96.46.03.70.9

r328.2r169.4r44.5899.5

r44.8

241325180276380194179213149

7429453510

24965184

12,735^9,0152*3,7201,60593260469

243

139.697.922.918.882.119.211.020.731.221.2

23186125153137

c150172132103158155

37.916.76.45.83.70.8

327.2166.7

45.15100.145.1

2*2372*317Pi 782*260^364pm2*1812*2162*151

491633276

22453171

1,412912422

78

2*243

2*139.62*97.62*23.32*18.72*82.0P19.32*10.92*21.02*30.8P21.5

23688

2*1232*1582*137

151

1732*156

2*37.72*16.6

2*6.42*5.82*3.72*0.8

2*165.7

2*1762*35

2*141

Chartbookpage

MONTHLY FIGURES-Cont.BUSINESS CONDITIONS—Cont.

Freight car loadings:7

Total (1935-39 = 100) 57Groups (points in total index)

Miscellaneous 57Coal 57All other 57

Department stores (1923-25 = 100) :7

Sales 59Stocks 59

Exports and imports (mill, dollars):Exports 61Imports 61Excess of exports 61

Excluding Lend-Lease exports 61Wholesale prices, total (1926 = 100)... 63

Farm products 63Other than farm and food 63

Cost of living, all items (1935-39 = 100) 65Food 65Clothing 65Rent 65

QUARTERLY FIGURESBudget receipts and expenditures:

Expenditures, total 24War activities 24

Net receipts 24Internal revenue collections, total 24

Corporate income taxes 24Individual income taxes 24Misc. internal revenue 24

Corporate security issues:Net proceeds 36New money, total 36

Industrial 36Railroad 36Public utility 36

Bank rates on customers' loans:Total, 19 cities 29New York City ; . . . 31Other Northern and Eastern cities 31Southern and Western cities 31

CALL DATE FIGURESMEMBER BANKS

Loans and investments, total 12U. S. Govt. obligations 12Other securities 12

State and local obligations 13Other domestic securities 13Foreign securities 13

Loans, total 12Commercial loans 13Real-estate loans 13Street loans (brokers' loans) 13

Holdings of U .S . Govt. securities:By classes of banks:

New York City 16Chicago 16Reserve city banks 16Country banks 16

By kinds of securities:Bonds 16Notes 16Certificates 16Bills 16Guaranteed 16

2*1,241.2*275.62*965.62*59.9103.2121.897.6

124.4137.1134.6108.1

1943

Dec.

1944

Jan. Feb.

In unit indicated

144

80.931.331.3

13197

2 2*1

July-Sept.1943

145

81.31.930.9

r153105

,083.92*309.62*774.3

"103.3121.897.8124.1136.1134.5

Oct.-Dec.1943

143

80.731.830.1

1512*105

103.6122.598.0123.7134.5134.8

Jan.-Mar.1944

In millions of dollars

22,20,10,7,2,3,1,

264616176877806431640

2452914104

22,74721,2489,8668,890

r3,295r4,4101,185

42413912871

Per cent per annum

2.482.052.712.73

June 30,1943

2.652.102.763.17

Oct. 18,1943

P2.632.10 4

2*2.723.12

Dec. 31,1943


67.1646.985.352.882.4814.827.413.35.96

13.893.1717.4212.51

23.555.259.426.282.49

78.1155.255.142.822.3217.72(9)(9)(9)

15.733.6920.6215.21

(9)

v)(9\(9)(9)

74.2652.955.022.732.29

16.298.443.271.05

14.563.24

19.6815.47

27.276.91

12.074.362.33

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 Number of issues included increased from 1 to 2 on Mar. 15.4 Effective Mar. 15, 1944, the yield averages of long-term Treasury bonds, both taxable and partially tax-exempt, were revised to include all

bonds not due or callable for 15 years. Revised figures for earlier dates may be found on p. 373.5 Publication discontinued. 6 Includes preliminary revisions for repair and modernization credit.7 Adjusted for seasonal variation. 8 Series in process of revision. 9 Figures available for June and December dates only.* Copies of the Chart Book may be obtained at a price of 50 cents each.

APRIL 1944 397


INTERNATIONAL FINANCIAL STATISTICS

PAGE

Gold reserves of central banks and governments... 400

Gold production . . 401

Gold movements = , . . . . 401

Net capital movements to United States since January 2., 1935.., 402.

Central banks , 403-406

Money rates in foreign countries . . 407

Commercial banks 408

Foreign exchange ra tes . . . 409

Price movements:

Wholesale prices 410

Retail food prices and cost of living . . . 411

Security prices... . . . 411

Tables on the following pages include the principal available statistics of current significance relatingto 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 commercialbank statements and official statistical bulletins; some data are reported to the Board directly. Figureson international capital transactions of the United States are collected by the Federal Reserve Banksfrom banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regula-tion of November 12., 1934. Back figures for all except price tables, together with descriptive text,may be obtained from the Board's publication, Banking and Monetary Statistics.

APRIL 1944 399


GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTSt [In millions of dollars]

End of month

1938—Dec.1939—Dec1940—Dec...1941—Dec1942—Dec

1943—MarApr.MayJuneJulyAugSeptOctNovDec

1944—JanFeb

End of month

1938—Dec1939—Dec1940—Dec1941—Dec1942—Dec

1943—MarAprMayJuneJulyAugSeptOctNovDec

1944—JanFeb

End of month

1938—Dec1939—Dec1940—Dec...1941—Dec1942—Dec

1943—MarAprMay..JuneJulyAugSeptOctNovDec

1944—JanFeb

UnitedStates

14,51217,64421,99522,73722,726

22,57622,47322,42622,38822,33522,24322,17522,11622,06521,93821,91821,712

Hun-gary

3724242424

24242424242424242424

Swe-den

321308160223335

344344346347368371374378384387

p401

Ar-gen-tina1

431466353354

2658

354355354354353353353353354359

Iran(Persia)

26262626

734

595959

Switzer-land

701549502665824

851859866867876880887900903964

p973p984

Bel-gium

581609

2 734734735

734734734734734734734734734734

Italy

193144120

Tur-key

29298892

114

124145158158158161161161161161

p Preliminary.1 Figures through March 1940 and figure f

Central Bank held at home, gold of the CentralStabilization Fund.

2 Change from previous December due larg3 On May 1, 1940, gold belonging to Bank

4 Figures relateJan. 31, 1943; GreJuly 31, 1939; Yugo

5 Figure for IJ Figure for Fe7 Beginning De? Increase over

of gold held for Fo9 These countri

Bolivia, China, CosEstonia, Finland, Gand Thailand (Sianprevious official rep

10 Gold holdingExchange Equaliza

11 Beginning De12 Beginning Ju

NOTE.—For baand for a descripti(the reported data,

j to last official report dateece—Mar. 31, 1941; Java-slavia—Feb. 28, 1941.)ecember 1938 is that ofEcsruary 1941; beginning Maicember 1942, inc udes goldreserves reported at end ofreign Exchange Institute,esare: Albania, Algeria, Aita Rica beginning July 1943uatemala, Iceland, Irelandi). Figures for certain ofort.s of Bank of England redution Account during 1939.cember 1940, figures refer 1y 1943, figure also includes

ck figures, see Banking at>n of figures, including detasee pp. 522-535 in the same

Brazil

32405170

115

127143153166182202223243254254

Japan

164164164

6164

UnitedKing-dom

2,690

11L

BritishIndia

274274274274274

274274274274274274274274274274

Java

8090

140235

4216

Uru-guay

696890

10089

898996

101101103

P108

Bul-garia

2424242425

425

Mexico

2932474739

110126125126125174200200202203205229

Vene-zuela

52

"294168

7276808080848484848989

100

Canada

192

56

655677657567

Nether-lands

998692617575506

496.496496496

^500P500

^500

Yugo-slavia

575982

483

Chile

3030303036

46474849505454545151

NewZealand

2323232323

2323232323232323232323

B.I.S.

147

121221

2525252626262627274545

Co,lombia

2421171625

3042434551535556585976

Nor-way

9494

4 84

Othercoun-tries9

142153145142160

182184185185

12192192192192193193193193

or December 1942 include, in addition to gold of theBank held abroad and gold belonging to the Argentine

ely to inclusion of gold formerly not reported,of Canada transferred to Foreign Exchange Con-

?old held by Minister of Finance.s for the respective countries, as follows: Bulgaria—- J a n . 31, 1942; Norway—Mar. 30, 1940; P o l a n d -ally reported on Apr. 30, 1938.-. 29,1941, gold reserves no longer reported separately,reserves abroad, formerly not reported.1941 and 1942 due primarily to inclusion for first time

jstralia, Austria through Mar. 7,1938, Belgian Congo,, Danzig through Aug. 31,1939,Ecuador, El Salvador,beginning February 1943, Latvia, Lithuania, Morocco,these countries have been carried forward from last

ced to nominal amount by gold transfers to British

to gold reserves of new Central Bank only,gold reserves of National Bank of Costa Rica.

id Monetary Statistics, Tables 156-160, pp. 536-555,tils regarding special internal gold transfers affecting1 publication.

Czecho-slo-

vakia

8356586161

61616161616161616161

Peru

2020202125

252526262626262631313131

Den-mark

5353524444

444444444444444444

Poland

854 84

Egypt

5555525252

525252525252525252

Portu-gal

6969595959

5959595959595960

France

2,4302,7092,0002,0002,000

2,0002,0002,0002,0002,0002,0002,0002,0002,0002 000

Ruma-nia

133152158182241

246252261262271282289302

Ger-many

2929292929

SouthAfrica

220249367366634

537558571583611628644667685706

P716

Greece

272828

428

Spain

5525

• • " 4 2 "42

868

85

Government gold reserves1 not includedin previous figures

End of month

1937—

1938-

1939-

1940-

1941-

1942-

1943-

-June ...Dec.-Mar.June . . .Dec. . . .-Mar. ...MayJ u n e . . .Sept. . . .Dec

-Mar. ...J u n e . . .Sept . . . .Dec. . . .

-Mar. ...J u n e . . .Sept . . . .Dec

-Mar . . . .J u n e . . .Sept . . . .Dec

-Mar . . . .JuneSept. . . .

UnitedStates

169

4480

154

8516415614586

10548888924251287

1214117

UnitedKing-dom

3 9344 1,395

1,489

4 7591,732

"'6876'

292

6151

France2

331559477

Bel-gium

11581

6244

17

17

17

17

l Reported at infrequent intervals or on de-layed basis: U. S.—Exchange Stabilization Fund(Special A/c No. 1); U. K.—Exchange Equali-zation Account; France—Exchange StabilizationFund and Rentes Fund; Belgium—Treasury.

2 For complete monthly series from October 1938-May 1939, see BULLETIN for February 1941,p. 170.

3 Figure for end of March 1937, first date reported.4 Figure for end of September.

Reported figure for total British gold reserves onAug. 31,1939, less reported holdings of Bank of Eng-land on that date.

6 Figure for Sept. 1,1941.

NOTE.—For details regarding special goldtransfers in 1939-40 between the British E. E. A.and the Bank of England, and between the FrenchE. S. F . and the Bank of France, see BULLETINfor September 1940, p. 926.



GOLD PRODUCTIONOUTSIDE U. S. S. R.[In thousands of dollars]

Year or month

Estimatedworld

productionoutside

U.S.S.R.1

Production reported monthly

Totalreportedmonthly

AfricaSouthAfrica

North and South America

Rho- I West I Belgian United I ranaria5|M<>xiro6| C o l o m " Idesia I Africa^ | CongoS States* | Canada & [Mexico | b i a [INicara-I gua7

OtherAustra-1 British

lia8 I India^

1934193519361937193819391940194119421943

823,003882,533971,514

1,041,5761,136.3601,208,7051,297,3491,288,945

1943-FebMarAprMayJuneJulyAugSeptOctNovDec

1944—Jan

708,453752,847833,895893,384958,770

1,020,2971,094,2641,089,395

968,112^737,553

63,90461,87163,54862,984

'62,10761,590

•60,189^60,060^59,927^58,288^58,224^57,231

366,795377,090396,768410,710425,649448,753491,628504,268494,439448,153

38,83535,48937,60438,36737,42437,96237,29736,78337,16236,88936,65336,169

$1 = i525i grains of gold f

24,264 12,15325,477 13,62528,053 16,29528,296 20,78428,532 24,67028,009 28,56429,155 32,16327,765 32,41426,641 29,225

p23,002 19,740

1.9021,9872,0041,9871,9561,9071,8621,920

PI ,893pl,788/1,811'PI,811

1,8551,6101,6451,6451,6451,5401,5401,5401,5401,5401,505

'1,505

6,5497,1597,3868,0188,4708,759

3 8,862

fine; i.e.,108,191126,325152,509168,159178,143196,391210,109209,175130,96347,783

4,1214,5204,8914,0653,9453,9453,6343,3063,8143,3663,5203,085

an ounce104,023114,971131,181143,367165,379178,303185,890187,081169,446127,829

11,45912,16911,30910,97511,44210,24610,2689,8779,8029,373

r9,2019,023

of fine gold = $3512,04511,51513,63215,47818,22519,95122,11722,96120,88219,789

1,3801,6611,6451,5991,5401,7631,7041,6591,6721,5121,6001,581

2323

136858

26,4652932293077

630,

591306426878969000

8,3509,2519,0189,54410,29011,37611,9999,2596,409

p6081

450558548566455454549598511450501'501

1,166868807848

1,5573,5065,4297,5258,6237,699

647622646700724622430770628605633756

30,55931,24040,11846, 98254, 26456, 18255, 87851, 03942,525

P28,657

2,5552,4502,4502,3452,2402,3802,170

P2,870p2,170^2,100'P2.100'P2,100

11,22311,46811,66311,60711,28411,07810,1579,9408,9608,820

700805805735735770735735735665700

'700

figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on2 Beginning April 1941, figures are those reported by American Bureau of Metal Statistics.3 Beginning May 1940 monthly figures no longer repoted Annual figure for 1940 e s t i t d

percentage changes,estimating annual

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 through 1942 are estimates of United States Mint. Annual figure

for 1943 and monthly figures are estimates of the American Bureau of Metal Statistics.5 Figures for Canada beginning 1943 are subject to official revision.6 Beginning April 1942, figures no longer reported. Annual figure for 1942 is rough estimate based on reported production of $7,809,000 in first three

months of year.1 Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production.° Beginning December 1941, figures are those reported by American Bureau of Metal Statistics for total Australia.a Beginning May 1940, figures are those reported by American Bureau of Metal Statistics.NOTE.—For explanation of tables and sources, see BULLETIN for February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; April 1933? pp. 233-245;

and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the1910-1941, see Banking and Monetary Statistics, pp. 542-543.

GOLD MOVEMENTS

UNITED STATES[In thousands of dollars at approximately $35 a fine ounce]

period

Year ormonth

19341

1935193619371938193919401941

1941JanFebMarAprMayJuneJulyAugSeptOctNovDec

Totalnet

imports

1,131,9941,739,0191,116,5841,585,5031,973,5693,574,1514,744,472

982,378

234,242108,609118,567171,99234,83030,7137,0436,97365,7040,44050,37452,89

Net imports from or net exports (—) to:

UnitedKing-dom

499,870315,727174,093891,531

1,208,7281,826,403

633,0833,779

371,218

817212

47454279

25055

121163

France

260,223934,243573,671

-13,71081,1353,798

241,7781

1

Bel-gium

8,9023

3,35190,85915,488

165,122977

1

Nether-lands

94,348227,18571,0066,461

163,049341,61863,260

Swe-den

26

60,14628,715

161,4891,747

1,746

1

Switz-erland

12,402968

7,51154,4521,363

86,98790,320

899

563337

Canada

86,82995,17172,648

111,48076,315

612,9492,622,330

412,056

46,87681,52995,61920,21616,30617,51419,22410,84242,56216,07224,91720,377

Mexico

30,27013,66739,96638,48236,47233,61029,88016,791

1,147814866

1,147969800

1,080843495

1,0206,3361,273

Colom-bia

16,94410,89911,91118,39710,55723,23923,99924,448

3,16811

2,2322,9342,794

72,1282,2302,4882,1072,1102,238

Philip-pine

Islands

12,03815,33521,51325,42727,88035,63638,62742,678

3,1852,7723,9843,5873,3842,1144,9705,0983,1073,1411,8305,506

Aus-tralia

1,0293,498

23,28034,71339,16274,250

103,77767,492

11,1366,7386,2624,7204,1944,5935,1996,7422,0646,1515,9803,713

SouthAfrica

12658

181401

22,862184,756292,893

149,73596

2,788132,261

3,5946988

1373,694

20040

190

Japan

4

246,464168,740165,605111,739

9,444

6,085

3,046313

BritishIndia

76,82075,26877,89250,76216,1595O',95649,9899,665

4,501

131

1,995

2,327

711

Allothercoun-tries

32,30446,98939,73529,998

267,9753102, 4044388,4686100,485

6,062615,093

2,9516,7933,5895,0093,811

69,008611,04169,36569,039

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, $10,775,000from 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.

APRIL 1944 401


NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935[In millions of dollars!

From Jan. 2, 1935, through—

1935—Dec. (Jan. 1, 1936)1936—Dec. 301937—Dec. 29

1938—Mar. 30June 29Sept. 28Dec. (Jan. 4, 1939)...

1939—Mar. 29June 28Sept. 27Dec. (Jan. 3, 1940)..

1940—Mar. (Apr. 3)June (July 3)Sept. (Oct. 2)Dec. ( Jan. 1, 1941).

1941- -Mar . (Apr. 2 ) . . .June (July 2). .Sept. (Oct. 1)..Dec. 31

1942—Jan. 7. .Jun. 14..Jan. 21 . . .Jan. 28. . .

Feb . 4 . .Feb . 11 . .Feb. 18..Feb . 25. .

Mar. 4 . . . .Mar . 1 1 . . .Mar . 18 . . . .Mar . 2 5 . . . .Apr. 1 . . . .

Apr. 8 . . . .Apr. 1 5 . . . .Apr. 2 2 . . . .Apr. 2 9 . . . .

May 6. ..May 13. ..May 20. ..May 27 . ..June 3

June 10June 17June 24J u n e 3 0 2

Tuly 31Aug. 31Sept. 30Oct. 31Nov. 30Dec . 31

1943—Jan. 3 0 . . . .Feb . 2 7 . . . .Mar . 3 1 . . . .Apr. 3 0 . . . .May 2 9 . . .June 3 0 . . .July 3 1 . . . .Aug. 3 1 . . .Sept. 30 . . .Oct. 3 0 . . .Nov. 30. ..Dec. 3 1 . . .

Total

1,412.52,608.43,410.3

3,207.23,045.83,472.03,844.5

4,197.64,659.25,035.35,021.2

5,115.95,440.75,748.15,727.6

5,526.55,575.45,510.35,230.7

5,225.35,199.15,178.55,163.7

5,098.25,081.65,035.75,069.0

5,105.85,112.15,070.35,051.75,082.4

5,079.55,300.85,317.15,309.6

5,375.25,358.65,358.45,384.85,413.4

5,456.45,497.85,515.35,495.3

5,542.65,599.95,654.95,694.75,761.65,835.0

5,907.76,014.96,147.16,212.36,282.66,506.46,556.06,726.36,771.36,904.67,073.67,118.6

Increase in foreign bankingfunds in U. S.

Total

603.3930.5

1,168.5

949.8786.2

1,180.21,425.4

1,747.62,111.82,479.52,430.8

2,539.02,830.13,092.83,159.0

3,148.83,193.33,139.52,856.2

2,841.72,816.92,787.72,771.6

2,703.52,687.52,646.22,675.5

2,706.12,714.62,672.52,654.42,684.0

2,675.12,893.62,912.92,906.1

2,971.02,951.42,948.52,974.72,996.8

3,039.13,077.93,095.93,075.9

3,121.43,184.83,212.63,204.23,250.23,320.3

3,471.13,590.13,643.43,690.53,769.64,002.64,056.44,107.94,130.64,284.44,435.7

h, 496.3

Official1

9.881.1

243.9

149.9125.9187.0238.5

311.4425.3552.1542.5

539.1922.3

1,112.31,200.8

1,307.71,375.11,321.71,053.7

1,052.61,012.3

980.3977.6

936.7926.4866.1879.4

941.0955.6917.8908.1932.0

918.21,132.1,129.7,106.7

,160.1,140.1,153.3,153.5,144.0

,193.0,210.3,220.0,211.7

,242.7,293.1,339.1,341.1,366.1,412.0

,536.6,671.8

1,723.11,801.81,871.62,071.42,103.42,122.62,190.92,312.92,450.0

32,461.5

Other

593.5849.4924.6

799.9660.4993.2

1,186.9

1,436.21,686.51,927.31,888.3

1,999.91,907.81,980.51,958.3

1,841.01,818.21,817.71,802.6

1,789.11,804.61,807.41,793.9

1,766.81,761.11,780.21,796.0

1,765.11,759.01,754.71,746.31,752.0

1,756.91,761.61,783.21,799.4

1,811.01,811.31,795.21,821.21,852.8

1,846.01,867.61,875.91,864.2

1,878.71,891.71,873.51,863.21,884.11,908.3

1,934.51,918.31,920.31,888.61,898.01,931.21,953.01,985.31,939.71,971.51,985.7

32,034.8

Decreasein U. S.banking

fundsabroad

361.4431.5449.1

434.4403.3477.2510.1

550.5607.5618.4650.4

631.6684.1773.6775.1

767.4818.6805.3791.3

798.5796.5803.0801.6

803.5802.9806.8809.2

814.6815.8817.5817.2819.7

827.3830.1829.1829.8

831.2834.3836.4836.5839.8

841.7842.8843.7842.3

854.9839.9858.2890.0901.6888.8

890.5898.7909.9905.1896.9901.9909.4888.6870.5

-882.63877.6

Foreignsecurities:

Returnof U. S.

funds

125.2316.2583.2

618.5643.1625.0641.8

646.7664.5676.9725.7

761.6785.6793.1803.8

812.7834.1841.1855.5

856.2856.7857.8857.5

858.8859.1855.9856.2

855.4852.7851.6851.4849.6

847.2845.3844.4843.2

841.9841.4841.7840.9843.2

840.9840.7839.1838.8

829.3828.6830.5842.1844.8848.2

761.3751.9810.5809.5807.0806.8792.9907.8929.3928.3929.8925.9

Domesticsecurities:Inflow offoreignfunds

316.7917.4

1,162.0

1,150.4,155.3,125.4,219.7

,188.9,201.4,177.3

1,133.7

1,095.01,042.1

987.0888.7

701.8631.2623.5626.7

627.6627.0627.9631.0

630.2630.0624.5626.2

627.0626.6625.6625.0624.9

625.2627.1626.6626.6

627.2626.5626.9627.3629.0

630.0631.1631.6632.0

633.3642.7646.1654.3661.0673.3

678.5676.0685.9692.9692.5687.9692.3687.0708.1707.4710.1701.1

Inflow inbrokeragebalances

6.012.947.5

54.257.864.147.6

63.974.083.180.6

88.798.9

101.6100.9

95.998.2

100.9100.9

101.4102.0102.0102.0

102.1102.2102.4102.0

102.6102.4103.1103.7104.3

104.7104.6104.1103.9

104.0105.0104.8105.4104.6

104.8105.2105.0106.2

103.7103.9107.5104.1104.1104.4

107.0106.4108.6109.5108.5112.1112.6114.3114.8114.1115.4

3H7.8

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; beginningSept. 28, 1938, also funds held at commercial banks in New York City by central bank's maintaining accounts at the Federal Reserve Bank ofNew York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank togovernment names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States byforeign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomaticand 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 signifi-it movements known to have occurred on July 1. Sub ' " ' ' ., , . . ^ ..i ___.-._ -r. ..*.._.,. 1.........

LETIN for January 1943, p. 98.

cant movements known to have occurred on July 1. Subsequent figures are based upon new monthly statistical series. For further explanation, see BUL-3 Amounts outstanding on Dec. 31, in millions of dollars: total foreign banking funds in United States 5,153.7, including official funds, 3,099.1, and

other funds, 2,054.6; United States banking funds abroad, 257.9; and brokerage balances (net due "foreigners") 40.9.NOTE.—Statistics reported by banks, bankers, brokers, and dealers. Data by countries and geographic areas through December 1941, have been pub-

lished in earlier BULLETINS for all types of capital movement in the above table (except columns 3 and 4), and for outstanding short-term liabilities toand claims on "foreigners" as reported by banks and brokers. For back figures, see Banking and Monetary Statistics, Tables 161-163, pp. 574-^37, andfor full description of statistics see pp. 558-560 in same publication.



CENTRAL BANKS

Bank of England

(Figures in millions ofpounds sterling)

1929—Dec. 251930—Dec. 311931—Dec. 301932—Dec. 281933—Dec. 271934—Dec. 261935—Dec. 251936—Dec. 301937—Dec. 291938—Dec. 28 . .1939—Dec. 27 . . . .1940—Dec. 251941—Dec. 311942—Dec. 30

1943—Mar. 31Apr. 28May 26June 30July 28Aug. 25Sept. 29Oct 27Nov. 24Dec. 29

1944—Jan. 26Feb. 23

Assets of issuedepartment

Gold1

145 8147.6120.7119.8190.7192.3200.1313.7326.4326.4

4.2.2.2.2

.2

.2

.2

.2

.2

.2

.2

.2

.2

.2

.2

.2

Otherassets2

260.0260.0275.0275.0260.0260.0260.0200.0220.0230.0580.0

5 630.06 780.06950.0

950.051,000.01,000.01,000.01,000.01,000.01,000.0

51,050.01,050.0

51,100.0

1,100.01,100.0

Assets of banking department

Cash reserves

Coin

.2

.6

.6

.81.0

.5

.6

.6

.8

.81.0

.9

.3

.9

1.21.0

.9

.91.31.41.71.81.7

.9

.6

.9

Notes

26.338.831.623.658.747.135.546.341.151.725.613.328.526.8

15.746.855.353.932.125.313.851.831.211.6

33.022.8

Dis-counts

and ad-vances

22.349.027.318.516.87.68.5

17.59.2

28.54.34.06.43.5

9.95.34.64.97.33.41.91.66.02.5

4.42.1

Securi-ties

84.9104.7133.0120.1101.498.294.7

155.6135.590.7

176.1199.1267.8267.9

198.4196.2185.3261.0208.4218.3238.7211.3222.1307.9

229.0255.2

Notecircula-

tion3

379.6368.8364.2371.2392.0405.2424.5467.4505.3504.7554.6616.9751.7923.4

934.5953.4945.0946.3968.1974.9986.5998.5

1,019.01,088.7

1,067.31,077.5

Liabilities of banking department

Deposits

Bankers'

71.0132.4126.4102.4101.289.172.1

150.6120.6101.0117.3135.7219.9223.4

144.3170.1174.1238.1169.9166.8173.4190.3183.2234.3

187.8200.3

Public

8.86.67.78.9

22.29.9

12.112.111.415.929.712.511.29.0

5.98.33.29.56.67.29.35.46.8

10.3

8.58.9

Other

35.836.240.333.836.536.437.139.236.636.842.051.254.148.8

56.853.151.055.354.656.655.153.153.360.4

52.753.7

Otherliabili-

ties

17.918.018.018.018.018.018.018.018.018.017.917.917.917.9

18.117.717.817.817.918.018.117.717.817.9

17.918.0

B a n k of C a n a d a

(Figures in millions ofCanadian dollars)

1935—Dec. 311936—Dec. 311937—Dec. 311938—Dec. 311939—Dec. 301940—Dec. 311941—Dec. 311942—Dec. 31

1943—Mar. 31 .Apr. 30May 31June 30July 31Aug. 31Sept. 30Oct. 30 ..Nov. 30Dec. 31

1944—Jan. 31Feb. 29

Assets

Gold

180.5179.4179.8185.9225.7

(8)

Sterlingand United

Statesdollars

4.29.1

14.9 •28.464.338.4

200.9.5

.3

.611 847.2

.537.631.068.526.5

.6

.4

.2

Dominion and provin-cial government

securities

Short-term6

30.961.382.3

144.6181.9448.4391.8807.2

752.5850.4826.1816.7800.7798.8786.7787.4797.1787.6

799.9789.2

Other

83.499.091.640.949.9

127.3216.7209.2

276.4278.0302.5313.0333.1340.8360.7434.0466.7472.8

486.8508.9

Otherassets

8.68.2

21.75.25.5

12 A33.531.3

16.234.224.920.822.129.219.022.130.647.3

25.431.3

Liabilities

Notecirculation?

99.7135.7165.3175.3232.8359.9496.0693.6

719.1744.1746.8758.4776.1796.7815.1836.6844.6874.4

860.6875.4

Deposits

Charteredbanks

181.6187.0196.0200.6217.0217.7232.0259.9

261.0284.5313.1301.1295.0308.6305.7339.2360.6340.2

360.9362.7

Dominiongovern-ment

17.918.811.116.746.310.973.851.6

21.256.546.890.148.459.736.288.966.120.5

34.840.1

Other

.82.13.53.1

17.99.56.0

19.1

24.735.534.219.213.210.311.415.616.117.8

22.331.5

Otherliabilities

7.713.414.49.3.

13.328.5:35.124.0

19.442.624.428.923.731.029.131.733.655.4

33 A19.&

1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, whenit was officially set at 168 shillings per fine ounce.

2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.3 Notes issued less amounts held in banking department.4 On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about

5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12,1939, 20 million pounds transferred from Exchange Accountto 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 poundson Dec. 2, 1942; and by 50 million pounds on Apr. 13, Oct. 6, and Dec. 8,1943.

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,

' 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.

APRIL 1944 403


Bank of France

(Figures in millionsof francs)

1929—Dec. 271930—Dec. 261931—Dec. 301932—Dec. 301933—Dec. 291934—Dec. 281935—Dec. 271936—Dec. 301937—Dec. 301938—Dec. 291939—Dec. 281940—Dec. 26.1941—Dec. 311942—Dec. 31

1943—Jan. 28.Feb. 25..Mar. 25Apr. 29May 27June 24July 29.Aug. 26Sept. 30.Oct. 28.Nov. 25

CENTRAL BANKS—Continued

Assets

Gold1

41,66853,57868,86383,01777,09882,12466,29660,35958,93387,265

597,267584,61684,59884,598

84,59884,59884,59884,59884,59884,59884,59884,59884,59884,59884,598

Foreignex-

change

25,94226,17921,1114,4841,158

9631,3281,460

911821112423837

3737373737373837373737

Domestic bills

Openmarket2

5,6125,3047,1576,8026,1225,8375,8005,6405,5807,422

11,27343,19442,11543,661

43,44843,10342,93842,88442,93042,99843,26143,10843,41244,59144,860

Special2

1,379652

1,7972,345

66112

169

108105232661

35

Other

8,6248,4297,3893,4384,7393,9719,7128,465

10,0667,8805,1493,6464,5175,368

5,0617,5336,1086,6866,2005,5736,4566,9084,9684,7996,472

Advances toGovernment

For oc-cupation

costs3

72,317142,507210,965

216,334230,911230,740248,320260,919260,927271,371288,308295,807306,689320,843

Other2

17,69831,90920,62734,67363,90069,50068,250

62,60057,80069,25057,65056,90063,55061,15053,50069,50065,50055,950

Otherassets

8,1249,510

11,27511,71211,17311,50011,70512,64211,73318,49820,09423,17922,12121,749

20,69821,45820,18121,07221,76821,04221,47221,07823,51921,00021,457

Liabilities

Notecircula-

tion

. 68,57176,43685,72585,02882,61383,41281,15089,34293,837

110,935151,322218,383270,144382,774

387,748397,319405,416413,567419,530426,974440,291448,270468,015475,868484,060

Deposits

Govern-ment

11,73712,6245,8982,3112,3223,7182,8622,0893,4615,0611,914

9841,517

770

7251,521

698713734837754743821627755

C.A.R.4

4i,40064,58016,857

9,0519,5218,4298,749

10,16614,67011,17014,67415,45012,19114,083

Other

7,85011,69822,18320,07213,41415,3598,716

13,65519,32625,59514,75127,20225,27229,935

30,65432,88633,77634,18637,75029,57431,86429,61533,19934,11131,133

Otherliabili-

ties

1,8122,2411,9892,0411,9401,9072,1132,5573,1602,7182,9253,5863,8944,461

4,7054,2995,5564,0585,1776,6694,2674,2354,3554,4174,220

Reichsbank(Figures in millions of

reichsmarks)

Assets

Reserves of gold andforeign exchange

Total Gold

Bills (andchecks),includingTreasury

bills

Securityloans

Securities

Eligibleas notecover

OtherOtherassets

Liabilities

Notecircula-

tionDeposits

Otherliabili-

ties

1929—Dec. 31..1930—Dec. 31..1931—Dec. 31..1932—Dec. 31..1933—Dec. 30..1934—Dec. 31..1935—Dec. 31..1936—Dec. 31..1937—Dec. 31..1938—Dec. 31..1939—Dec. 30..1940—Dec. 31..1941—Dec. 31..1942—Dec. 31 .

1943—Feb. 27..Mar. 31. .Apr. 30..May 31 ..June 30..July 31 .Aug. 31..Sept. 30..Oct. 30..Nov. 30..Dec. 31..

1944—Jan. 31...

2,6872,6851,156

920396848872767678787776

7777777777777777777777

77

2,2832,216

984806386798266717171717171

2,8482,5724,2422,8063,2264,0664,5525,5106,1318,244

11,39215,41921,65629,283

26,75827,86928,60329,59230,89032,31734,57035,01036,11737,87041,342

39,584

2512562451761831468474604530383225

2118181629341722176627

43

2594453492211065578043210787

4941117

92102161398322319315303286298393357283210

1808578121671001071051367965

42

656638

1,0651,114735827853765861

1,6212,4982,0662,3111,664

2,3702,3452,3192,2682,1782,0031,5692,4362,5832,7332,337

2,296

5,0444,7784,7763,5603,6453,9014,2854,9805,4938,223

11,79814,03319,32524,375

24,26624,69725,44225,92226,65027,59729,02930,09930,92231,77233,683

33,012

755652755540640984

1,0321,0121,0591,5272,0182,5613,6495,292

3,8204,3404,2264,6064,8815,1995,4565,6015,9676,9518,186

7,176

736822

1,3381,313

8361,001

923953970

1,0911,3781,3961,4931,680

1,3691,3971,4271,5631,7111,7351,8571,9512,0402,1041,980

1,855

1 Gold revalued March 1940, November 1938, July 1937, and October 1936. For further details see-BuLLETiN for May 1940, pp. 406-407; January 1939,p . 29; September 1937, p . 853; and November 1936, pp. 878-880.

2 For explanation of this item, see BULLETIN for July 1940, p. 732.3 By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25, 1940, through Sept. 30,1943, advances of 321,000 million

francs were authorized to meet the costs of the German army of occupation.4 Central Administration of the Reichskreditkassen.5 In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank of France;

in week ending Mar. 7,1940, 30,000 million francs of gold transferred from Bank of France to Stabilization Fund.6 Gold not shown separately in weekly Reichsbank statement after June 15,1939.NOTE.—For back figures on Bank of France and Reichsbank, see Banking and Monetary Statistics, Tables 165 and 167, pp. 641-643 and pp. 645-647,

respectively; for description of statistics see pp. 562-565 in same publication.




Central Bank(Figures as of last report

date of month)

Central Bank of the Argentine Re-public (millions of pesos):

Gold reported separatelyOther gold and foreign exchange...Government securitiesRediscounted paperOther assetsMrifp pirpn la firml l U L v V^Xll-'U.XCLl'lWlJ - - . .Deposits—Member bank

GovernmentOther

Certificates of participation inGovernment securities

Other liabilitiesCommonwealth Bank of Australia

(thousands of pounds):Issue department:

Gold and English sterlingSecurities

Banking department:Coin, bullion, and cashLondon balancesLoans and discountsSecuritiesDeposits

Note circulationNational Bank of Belgium and Bank

of Issue of Brussels (millions ofbelga) y, Gold

Foreign exchangeCredits to State and public bodiesCredits to private economyReichskreditkasseOther assetsNote circulationDemand depositsPostal Checking OfficeOther liabilities

National Bank of Bohemia andMoravia (millions of koruny):

GoldForeign exchangeDiscountsLoansOther assetsNote circulationDemand depositsOther liabilities

Central Bank of Bolivia (millionsof bolivianos):

Gold at home and abroadForeign exchangeLoans and discountsSecurities—Government

OtherOther assetsNote circulationDepositsOther liabilities

National Bank of Bulgaria2

Central Bank of Chile (millionsof pesos):

GoldDiscounts for member banksLoans to GovernmentOther loans and discountsOther assetsNote circulationDeposits—Bank

OtherOther liabilities

Bank of the Republic of Colombi(thousands of pesos):

GoldForeign exchangeLoans and discountsGovernment loans and securities.Other assetsNote circulationDepositsOther liabilities

1944

Feb .

134,9586,89

2̂ 8256,' 76̂29^43

117,69129,7663,40

Jan.

41,793129,939

7,02354,31025,642

248,824181,537163,262

132,6280,35

1,7£56,8227^70

117,43131,5850,27

1943

Dec.

1,0912,026

887

1561,8861,116

448106

444160

41,793130,422

6,79860,45517,880

239,571180,840163,762

4,33110,2543,346

189713661

16,6421,0981,408

347

1,515775

1,420

34,15824,0735,8597,936

556400387528

468

1,078010

2621718986

2,26301324

103,6098,144,75

56^8727J30

125,43114,8950,37

Feb.

1,0771,090

365

' " " 2 4 61,609

799237

31

2100

32,641103,796

5,16445,35726,814

191,139172,834127,106

4,3326,3224,117

132786415

14,196867815226

1,515729882

17^56114,5083,2612,918

498431224535

4298

842812173

204168725950538

1,903308114260

49,75777,37715,46255* 21336,15398,97788,10546,882


date of month)

National Bank of Denmark (millionsof kroner):

GoldForeign exchangeClearing accounts (net)Loans and discountsSecuritiesGovt. compensation accountÔther assetsNote circulationDeposits—Government


Central Bank of Ecuador (thousandsof sucres):

GoldForeign exchange (net)Loans and discountsOther assetsNote circulationDemand depositsOther liabilities

Central Reserve Bank of El Salva-dor (thousands of colones):

GoldForeign exchangeLoans and discountsGovernment debt and securities.Other assetsNote circulationDepositsOther liabilities

Bank of Finland (millions of markka)GoldForeign assets (net)Loans and discountsDomestic securitiesOther assetsNote circulationDepositsForeign clearing accountsOther liabilities...

Bank of Greece2

National Bank of Hungary (millionsof pengo):

GoldForeign exchange reserveDiscountsLoans—To Treasury

To foreign countriesOther

Other assetsNote circulationDemand depositsConsolidated foreign credits of

1931Other liabilities

Reserve Bank of India (millions ofrupees):

Issue department:Gold at home and abroadSterling securitiesIndian Govt. securitiesRupee coinNote circulation

Banking department:Notes of issue departmentBalances abroadTreasury bills discountedLoans to GovernmentOther assetsDepositsOther liabilities

Central Bank of Ireland (thousandsof pounds) : 5

GoldSterling fundsNote circulation

B a n k of J a p a n 2

B a n k of Java 2

1944

Feb. Jan.

27,28931,908

3066,697

71842,00319,0165,899

2,64(24,79427.44C

1943

Dec.

(Nov.)3

9721

1,8413663

1252,2831,285

9071,931

342

(June)3

148,652122,09281,56064,310

200,076185,15831,380

27,22425,551

1,3366,720

84638,30617,4845,886

(Aug.)3

172- 1 , 1 0 8

15,713649

1,0249,3011,2992,2983,550

1004

3,586575

1,0358

1,4494,392

912

151,439

(Oct.)3

4446,748

583135

7,821

901,404

1001,424

175

2,64626,0528,70

Feb.

9718

1,1943981

1251,472

950588

1,215273

137,09386,38381,22752,461

172,701150,23934,225

24,20620,460

9286,765

67832,31215,0475,678

172- 5 8

15,946694667

9,796940

3,4153,269

1003

2,213721488

30824

2,958.63 L

18772:

4443,8571,825

1366,144

119913

10

92948187

2,64620,14322,789

LETIN for March 1944, p. 295; of Greece (March 1941) and Japan (September 1941), see BULLETIN for March 1942, pp. 281-282; and of Java (January 1942),see BULLETIN for March 1943, p. 278.

3 Latest month for which report is available for this institution.4 Represents Bank's claim on the Government for the Bank's foreign exchange losses resulting from the revaluation of the krone on Jan. 23, 1942.5 The Central Bank of Ireland began operations on Feb. 1, 1943. The text of the Central Bank Act is given in the BULLETIN for February 1943, pp.

122-127.

APRIL 1944 405




date of month)

Bank of Mexico (millions of pesos):Metallic reserve1

"Authorized" holdings of securi-ties, etc

Bills and discountsOther assetsNote circulationDemand liabilitiesOther liabilities

Netherlands Bank (millions ofguilders):

Gold :Silver (including subsidiary coin)..Foreign billsDiscountsLoansOther assets.Note circulationDeposits—Government


Reserve Bank of New Zealand (thou-sands of pounds):

GoldSterling exchange reserveAdvances to State or State under-

takingsInvestmentsOther assetsNote circulationDemand depositsOther liabilities

Bank of Norway2

Bank of the Republic of Paraguay(millions of pesos):

GoldForeign exchangeLoans and discounts .•-.••••Government loans and securities...Other assetsNote circulationDemand deposits—Government....

> OtherOther liabilities

Central Reserve Bank of Peru (thou-sands of soles):

Gold and foreign exchangeDiscountsGovernment loansOther assetsNote circulationDepositsOther liabilities

Bank of Portugal (millions of es-cudos):

Gold4

Other reserves (net)Nonreserve exchangeLoans and discountsGovernment debtOther assetsNote circulationOther sight liabilitiesOther liabilities

National Bank of Rumania (millionsof lei):

GoldSpecial exchange accountsLoans and discountsSpecial loans (in liquidation)Government debtOther assetsNote circulationDemand depositsOther liabilities

South African Reserve Bank (thou-sands of pounds):

GoldForeign billsOther bills and loansOther assetsNote circulationDepositsOther liabilities

Feb. Jan.

495

1,379204

581,145

835155

2,80235,830

41,31810,3242,875

36,57653,0253,547

86,90814,254

1,51094,50049,012

142,8855,275

Dec. Feb.

476

1,33417954

1,171732140

932

3,2U

13579

3,478102638142

2,80233,616

41,31410,3243,444

37,71950,341

3,441

1732,498110

1,9992,0442,599

8761,935|1,415

150,83011,328

342,81721,412

343,017158,40624,963

:Sept.)3

1,3983,8367,365233

1,0251,0726,128V"995

(Oct.)356,99232,27253,215

22220,75358,955144,93950,03127,439

85,62513,3531,470

92,68951,022136,6315,485

86713165790457127

8874

1,943120176258

3,163

" 1 5 571

2,80231,262

34,2174,4582,39330,03341,9673,131

118,66018,182

275,74625,865285,981132,74819,687

1,3943,3626,491218

1,025959

5,2917,298861

45,59325,67537,813

30620,96051,770117,51938,89425,704

63,5335,619167

83,02240,333106,4485,560


date of month)

Bank of Spain (millions of pesetas):GoldSilverGovernment loans and securities...Other loans and discountsOther assets ,Note circulationDeposits—Government


Bank of Sweden (millions of kronor):GoldForeign asets (net)Swedish Govt. securities and ad-

vances to National Debt Office5.Other domestic bills and advances.Other assetsNote circulationDemand deposits—Government...


Swiss National Bank (millions offrancs):

GoldForeign exchangeLoans and discountsOther assetsNote circulationOther sight liabilitiesOther liabilities

Central Bank of the Republic ofTurkey (thousands of pounds):

GoldForeign clearing accountsLoans and discountsSecuritiesOther assetsNote circulationDeposits—Gold


Bank of the Republic of Uruguay(thousands of pesos):

Issue department:Gold and silverNote cir<*ulation

Banking department:Gold and silverNotes and coinAdvances to State and to gov-

ernment bodiesOther loans and discountsOther assetsDeposits....._Other liabilities

Central Bank of Venezuela (thou-sands of bolivares):

GoldForeign exchange (net)Credits to national banksOther assetsNote circulation—Central Bank

National banks.DepositsOther liabilities

National Bank of the Kingdom ofYugoslavia2

Bank for International Settlements(thousands of Swiss gold francs7):

Gold in barsCash on hand and on current ac-

count with banksSight funds at interestRediscountable bills and accept-

ances (at cost)Time funds at interestSundry bills and investmentsOther assetsDemand deposits (gold)Short-term deposits (various cur-

rencies) :Central banks for own accountOther ^

Long-term deposits: Special ac-counts

Other liabilities

Feb.

4,25976

g188

2,9191,509

307,20832,80226,37012,106250,80825,21196,5915,877

Jan.

4,21175

6 116

2,9141,368

137,876

18,6636,622

105,86421,075195,450

32450,544

6,1012,739

229,001197,489

1943

Dec.

(Sept.)3927626

16,1173,0742,28215,6103,1143,500802

(Nov.)3

846609

1,17484866

2,085734136625

4,173r83

r112211

3,0481,239291

201,69895,271721,349193,01926,243805,62679,358166,739185,857

(Oct.)390,197124,571

88,61224,520

28,67593,086186,027173,166247,754

273,31440,24427,87010,721

246,01526,25873,7486,128

137,144

20,1196,977

106,27421,075194,544

29650,567

7,0152,932

229,001196,915

Feb.

753554

1,132119802

1,916653211579

3,64247345294

2,5321,522274

155,53989,866734,483193,75223,626702,58779,358

239,814175,508

90,797114,733

55,41434,995

40,602105,898138,286140,944234,252

214,60424,53431,2307,785

191,64835,49744,8696,139

73,581

30,65815,306

146,25520,938195,044

11238,728

15,0972,660

229,001196,408

r Revised.1 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.2 For last available reports from the central banks of Norway (March 1940), and Yugoslavia (February 1941), see BULLETIN for March 1942, pp. 281-282.3 Latest month for which report is available for this institution.4 Valued at average cost beginning October 1940.5 Includes small amount of non-Government bonds.6 Figure not availabL7 See BULLETIN for IDecember 1936, p. 1025.

4O6 FEDERAL RESERVE BULLETIN


MONEY RATES IN FOREIGN COUNTRIESDISCOUNT RATES OF CENTRAL BANKS

[Per cent per annum]

Date effective

In effect Oct. 2,1936

Oct. 9Oct. 16Oct. 20Nov. 26Dec. 3Jan. 28, 1937June 15July 7Aug. 4Sept. 3Nov. 13May 10, 1938May 13May 30Sept. 28Oct 27Nov. 25Jan. 4, 1939Apr. 17 . . .May 11July 6Aug. 24Aug. 29Sept. 28Oct. 26Dec. 15 . . .Jan. 25, 1940Apr. 9May 17Mar. 17, 1941May 29June 27In effect Mar. 31,

1944

Central bank of—

UnitedKing-dom

2

4

32

2

France

3

4654

3

2*

IK

IK

Ger-many

4

Bel-gium

2

4

3

3

2

2

Neth-er-

lands

3

2H

2

3

V/i

Swe-den

3

sy2

3

3

Switz-er-

land

2

"Hi"

• • * • • •

Centralbank of—

AlbaniaArgentinaBelgiumBohemia and

Moravia

BoliviaBritish India..BulgariaCanadaChileColombia

DenmarkEcuadorEl Salvador...EstoniaFinland

FranceGermanyGreeceHungaryItaly

RateMar.

31

2 2

635

3-43J

473

4

IK

63

Dateeffective

Mar. 21, 1940Mar. 1, 1936Jan. 25, 1940

Oct. 1, 1940

Nov. 8, 1940Nov. 28, 1935Dec. 1, 1940Feb. 8, 1944Dec. 16, 1936July 18, 1933

Oct. 16, 1940May 26, 1938Mar. 30, 1939Oct. 1, 1935Dec. 3, 1934

Mar. 17, 1941Apr. 9, 1940Mar. 1, 1942Oct. 22, 1940May 18, 1936

Centralbank of—

JapanJavaLatviaLithuania. ..Mexico

NetherlandsNew Zea-

landNorwayPeruPortugal. . . .

Rumania....South AfricaSpainSwedenSwitzerland.

TurkeyUnited King-

domU. S. S. R.. .Yugoslavia..

RateMar.

31

3.29356

35

3343

4

245

Dateeffective

Apr. 7, 1936Jan. 14, 1937Feb. 17, 1940July 15, 1939June 4, 1942

June 27, 1941

July 26, 1941May 13, 1940Aug. 1, 1940Jan. 12, 1944

Sept. 12, 1940June 2, 1941Dec. 1, 1938May 29,1941Nov. 26, 1936

July 1, 1938

Oct. 26, 1939July 1, 1936Feb. 1, 1935

NOTE.—Changes since Feb. 29: none.

OPEN-MARKET RATES[Per cent per annum]

Month

United Kingdom

Bankers'acceptances

3 months

Treasurybills

3 monthsDay-to-day

moneyBankers'

allowanceon deposits

Germany

Privatediscount

rateDay-to-day

money

Netherlands

Privatediscount

rate

Moneyfor

1 month

Sweden

Loansup to 3months

Switzer-land

Privatediscount

rate

1929—Jan1930—Jan1931—Jan1932—Jan1933—Jan1934—Jan1935—Jan1936—Jan1937—Jan1938—Jan1939—Jan1940—Jan1941—Jan1942—Jan1943—Jan

1943—FebMarAprMayJuneJulyAugSeptOctNovDec

1944—Jan

4.324.072.255.52

.871.01

.36

.56

.56

.54

.55

.10

.03

.03

.03

.03

.03

.03

.03

.03

.03

.03

.03

.03

.03

.031.03

4.294.042.244.94

.76

.90

.26

.53

.54

.51

.531.091.011.011.01

1.001.001.011.001.001.001.001.001.001.001.011.01

3.413.621.744.20

.73

.86

.66

.75

.75

.75

.751.021.001.041.08

1.10.90

1.031.071.061.041.111.071.001.001.001.08

5.806.334.756.943.883.883.513.003.002.882.882.502.252.132.13

2.132.132.132.132.132.132.132.132.132.13

5.136.034.937.864.984.743.822.812.542.982.462.031.731.921.84

1.821.941.811.911.901.861.891.93

4.202.991.382.24

.37

.50

.592.21

.52

.13

.131.852.25

4.462.851.552.371.001.001.002.291.01

.50

.502.642.75

3.282.971.171.681.501.501.502.48

.25

.00

.00

.25

.25

.25

.25

.25

.25

.25

.25

.25

.25

.25

.25

.25

.25

N 0 T E _ F o r monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172,pp. 656-666, and for description of statistics see pp. 571-572 in same publication.

APRIL 1944 407


COMMERCIAL BANKS

United Kingdom1

(11 London clearing banks.Figures in millions of

pounds sterling)

Assets

Cashreserves

244244243274324366390

373377375377387375383389394403422

416

Money atcall and

shortnotice

195163160174159141142

154139142158165160156148151155151

157

Bills dis-counted

322300250334265171198

148173128154236244232209181184133

138

Treasury-depositreceipts2

314758896

933884964924859900957

1,0451,1351,1871,307

1,305

Securities

660635635609771999

1,120

1,1091,1321,1371,1501,1591,1621,1621,1601,1581,1671,154

1,149

Loans tocustomers

Otherassets

Liabilities

Deposits

Total Demand3 Time3

Otherliabilities

1936—December.1937—December.1938—December.1939—December.1940—December.1941—December.1942—December.

1943—February..MarchAprilMayJuneJulyAugust—SeptemberOctober...November.December.

1944—January...

890984971

1,015924823794

775789767769758753739741749732761

249256263290293324325

272283268268305279285293289283349

2,3152,3302,2542,4412,8003,3293,629

3,5253,5423,5453,5663,6303,6283,6703,7373,8133,8654,032

3,962

1,2881,2841,2561,3981,7702,1682,429

2,3242,3622,3502,3802,4322,4282,4562,5042,5562,5882,712

2,650

1,0121,026

9971,0431,030

,161,200

,201,180,195,185,199

1,2001,2141,2331,2561,2771,319

1,312

245252269256250253236

237235235234238245244248245245245

245

Assets Liabilities

Canada

(10 chartered banks. End ofmonth figures in millions

of Canadian dollars)

Entirely in Canada

Cashreserves

240255263292323356387

357377400442421406434427460496471

491

Securityloans

114766553403231

2924253342363534384448

53

Otherloans

and dis-counts

791862940

1,0881,1081,1691,168

1,0441,003

9711,2241,2141,1941,1211,0451,0381,2591,156

1,085

Securityloans

abroadand net

due fromforeignbanks

161102166132159168231

239223218212204185242198202233250

229

Securities

1,3841,4111,4631,6461,5311,7592,293

2,3802,6892,8182,7282,6872,6522,6812,8812,8702,9382,940

2,950

Otherassets

Notecircula-

tion

Deposits payable in Canadaexcluding interbank deposits

Total

2,3032,3352,5002,7742,8053,1053,657

3,5333,8163,9844,1524,1013,9593,9784,0854,1074,4544,395

4,273

Demand

755752840

1,0331,1631,4361,984

1,7381,9272,0582,4192,3192,1332,0622,0962,1462,5722,447

2,247

Time

1L,548,583,660,741

L,641,669

1,673

1,796,890

1,926,732

1,782,826,916

1,989,961

L,8831,948

2,026

Otherliabilities

1936—December.1937—December.1938—December.1939—December.1940—December.1941—December.1942—December.

1943—February..MarchA p r i l . . . . .MayJuneJulyAugust—SeptemberOctober...November.December.

1944—January...

554575535612570653657

589599660632665626641679659669744

674

103968885807160

5754525049484646454342

41

837850843963846962

1,049

1,0481,0441,0561,0681,0841,0941,1311,1331,1151,1411,172

1,167

France

(4 large banks. End of monthfigures in millions

of francs)

Assets

Cashreserves

Due frombanks

Bills dis-counted Loans Other

assets

Liabilities

Deposits

Total Demand Time

Ownaccept-ances

Otherliabilities

1936—December.1937—December.1938—December.1939—December .1940—December4

1941—December.

1942—February..MarchAprilMayJuneJulyAugustSeptember.OctoberNovember .December

1943—January...

3,1003,4033,7564,5996,2586,589

6,3216,1666,0855,9286,0616,2006,2245,9986,3316,5797,8107,538

2,9754,1164,0603,7653,5463,476

3,3673,1223,1533,2363,2113,2213,2723,3253,3203,5153,4583,672

17,58218,24921,43529,54644,24361,897

62,30863,50664,46367,53968,89770,42771,96374,01675,72273,07873,91776,928

7,6317,6247,5927,5467,9848,280

9,3019,6749,5709,49610,18510,25910,26510,15810,75110,49310,62511,054

1,9572,1341,9402,4401,9992,033

1,2371,2971,3711,4211,5501,7841,8421,9902,2692,3932,6221,525

28,48430,34833,57842,44358,89076,675

77,75978,77779,43082,23984,40586,18087,75389,46291,85689,38791,54994,996

27,95529,74833,04241,87258,41375,764

76,87378,38279,05181,87984,04485,83587,42389,15191,55289,07891,22594,665

529600537571477912

887395379361362346330312304309324331

473661721844535413

377298302344349392383370465455462451

4,2894,5174,4844,6094,6045,187

4,3984,6914,9105,0375,1505,3185,4295,6546,0716,2156,4225,270

. * Through August 1939, averages of weekly figures; beginning September 1939, end-of-month figures, representing aggregates of figures reported byindividual banks for days, varying from bank to bank, toward the end of the month.

I Represent six-month loans to the Treasury at 1H per cent, callable by the banks in emergency at a discount equal to the Bank of England rate.• Through December 1937, excludes deposits in offices outside England and Wales which are included in total.4 Figures for three banks only. Data for Credit Industriel et Commercial not available September 1940-March 1941.NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Table 168, pp. 648-655, and for description of

statistics see pp. 566-571 in same publication.



FOREIGN EXCHANGE RATES[Averages of certified noon buying rates in New York for cable transfers.

Year or month

1936..-193719381939194019411942 . .. ; .1943

1943—Mar.AprMay 'JuneJulyAugSeptOctNovDec . . .

1944—Jan...Feb

Year or month

19361937193819391940194119421943

1943—Mar. .. .AprMayj uneJulyAug. . . . .SeptOctNovDec

1944—Jan.Feb

Year or month

19361937193819391940 . .194119421943

1943—Mar.AprMayJuneTulvAugSept.OctNovDec

1944—JanFeb

Argentina(peso)

Official

33.13732.95932.59730.85029.77329.77329.77329.773

29.77329.77329.77329.77329.77329.77329.77329.77329.77329.77329.77329.773

Colom-bia

(peso)

57.08356.72655.95357.06157.08557.00457.05257.265

57.23357.28057.28057.28057.27857.27757.27757.27757.27757 27757.27757.277

Norway(krone)

24.97424.84024.56623.226

222.709

SpecialExport

223!704'23.70424.732

23.70424.33225.18825.18825.18825.18825.14725.12525.12525.12525.12525.125

Czecho-slovakia(koruna)

4.00783.49303.4674

23.4252

Poland(zloty)

18.87518.92318.860

218.835

Australia(pound)

Official

2322.80322.80322.80322.80

322.80322.80322.80322.80322.80322.80322.80322.80322.80322.80322.80322.80

Den-mark(krone)

22.18922.06921.82520.346

219.308

Portu-gal

(escudo)

4.51304.47924.42674.03753.7110

24.0023

Free

395.94393.94389.55353.38305.16321 27321.50

2321.50

Fin-land

(mark-ka)

2.19032.18112.15671.99481.8710

22.0101

Ruma-nia(leu)

.7382

.7294

.7325

.71112.6896

Bel-gium

(belga)

16.91716.87616.89416.852

216.880

France(franc)

6.11414.04602.87812.5103

22.0827

SouthAfrica(pound)

491.65489.62484.16440.17397.99398.00398.00398.00

398.00398 00398.00398 00398.00398.00398.00398.00398.00398.00398.00398.00

Brazil(cruzeiro1)

Official

8.56818.64375.84386.00276.05626 05756.05846.0586

6.05866.05866.05876.05866.05866.05866.05866.05866.05866.05866.05866.0586

Ger-many(reichs-mark)

40.29740.20440.16440.06140.021

239.968

Spain(peseta)

12.3146.0535.600

10.6309.322

29.130

Free

25.87886.1983

5^1248'5.02145.07055.14275.1280

5.12755.12755.12765.12755.12755.12755.12755.12755.12755.12755.12755.1275

Greece(drach-

ma)

.9289

.9055

.8958

.81532.6715

StraitsSettle-ments(dollar)

58.25857.97356.91751.73646.97947.133

246.919

BritishIndia

(rupee)

37.52337.32636.59233.27930.15530.13730.12230.122

30.12230.12230.12330.12230.12230.12230.12230.12230.12230.12230.12230.122

HongKong

(dollar)

31.71130.69430.45727.45422.958

224.592

Sweden(krona)

25.62625.48725.19723.99123.802

223.829

tn cents per unit of

Bui-garia(lev)

1.29581.28461.2424

Hun-gary

(pengo)

29.55819.77919.72719.23818.475

219.770

Switz-erland(franc)

30.18922.93822.87122.52522.676

223.210

foreign currency]

C a n a d a (dollar)

Official

290.90990.90990.90990.909

90.90990.90990.90990.90990.90990.90990.90990.90990.90990.90990.90990.909

Italy(lira)

7.29165.26075.26055.19595.0407

25.0703

Free

99.913100.00499.41996.01885.14187.34588.37989.978

89.92390.19990.13790.09990.58590.63890.15089.42689.42289.40489.55489.586

Japan(yen)

29.02228.79128.45125.96323.436

223.439

United Kingdom(pound)

Official

2403.50403.50403.50403.50

403.50403.50403.50403.50403.50403.50403.50403.50403.50403.50403.50403.50

Free

497.09494.40488.94443.54383.00403.18403.50

2403.50

Chi le (peso)

Official

5.12405.16975.17165.17275.1668

25.1664

Mexico(peso)

27.76027.75022.12219.30318.54620.53820.56920.577

20 57320.57420.58020.58020.57720.57520.57820.58020.58020 58220.58220.582

Export

24.666o4.00004.00004.0000

24.0000

Neth-erlands(guild-

er)

64.48155.04555.00953.335

253.128

Uruguay(peso)

Con-trolled

79.87479.07264.37062.01165.83065.83065.83065.830

65.83065.83065.83065.83065.83065.83065.83065.83065.83065.83065.83065.830

Non-con-

trolled

236.78937.60143.38052.72352.855

52.80552.74952.71052.82952.86652.87152.92952.97853.00352.96952.94652.945

China(yuanShang-

hai)

29.75129.60621.36011.8796.000

25.313

NewZea-land

(pound)

398.92396.91392.35354.82306.38322.54322.78324.20

324.42324.42324.42324.42324.42324.42324.42324.42324.42324.42324.42324.42

Yugo-slavia(dinar)

2.29652.30602.31152.27162.2463

22.2397

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 publica-

tion, and for further information concerning developments affecting the averages during 1942 and 1943 see BULLETIN for February 1943, p. 201, andFebruary 1944, p. 209. There are no developments to record for 1944.

APRIL 1944 409


PRICE MOVEMENTS IN PRINCIPAL COUNTRIESWHOLESALE PRICES—ALL COMMODITIES

[Index numbers]

Year or month

1926.

1932 .1933...1934193519361937193819391940194119421943



UnitedStates

(1926=100)

100

6566758081867977798799103

103103104104104103103103103103103103104

Canada

(1926=100)

100

6767727275857975839096100

98999999100100100101102102103103

UnitedKingdom

(1930=100)

U24

8686888994109101103137153159163

162162163163163164162163163163163164

France

(1913 = 100)

695

427398376338411581653

2 681

Germany

(1913 = 100)

134

979398102104106106107110112114

116116116116116117117116

116117117

Italy

(1928=100)

7063626876899599116132

Japan(October

(1900=100)

237

161180178186198238251278311329

P365

*>381*>382

Nether-lands(1926-30= 100)

106

65636362647672

3 88

Sweden

(1935 = 100)

U26

l 92i 90i 96100102114111115146172189196

197197197197197196195195195195195195

Switzer-land

(July 1914= 100)

144

9691909096111107111143184210

217217218218218218218220220220

* 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.

Year or month

WHOLESALE PRICES—GROUPS OF COMMODITIES

[Indexes for groups included in total index above]

United States(1926=100)

Farmproducts Foods

Othercommod-

ities

Canada(1926=100)

Farmproducts

Raw andpartlymanu-

facturedgoods

Fully andchieflymanu-

facturedgoods

United Kingdom(1930=100)

FoodsIndus-

trialproducts

Germany(1913=100)

Agricul-tural

products

Indus-trial rawand semi-finished

products

Indus-trial fin-ished

products

1926

193219331934193519361937193819391940194119421943

1943—February..MarchAprilMayJuneJulyAugust. . .SeptemberOctober...November.December.


48516579818669656882106123

119123124126126125124123122121122122123

100

61617184828674707183100107

106107108111110107106105105106106105105

100

707178788085828183899697

96979797979797979797989898

100

5159646987746467718296

8991929394969898104104105104

100

55576466718473 *6775829099

9496979899100101101103104104104

100

707073737481787582899293

939393939393939494949494

838587921029797133146158160

160160161162161164158159157157158159

8587909096112104106138156160164

163163163163164164164165165165166166

129

918796102105105106108111112115

118118119119119121121119

119119119

130

898891929496949599100102

103103103102102102102102

103103103

118113116119121125126126129133134

134135134134135135136136

136136136

Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159.

4IO FEDERAL RESERVE BULLETIN


PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—ContinuedRETAIL FOOD PRICES

[Index numbers]

Year or month

19331934193519361937193819391940194119421943

1943—February .March. ..AprilMayJuneJulyAugust. . .SeptemberOctober...November.December.


UnitedStates(1935-39

100)

8494100101105989597106124138

134137141143142139137137138137137136135

Can-ada

(1935-39= 100)

85939598103104101106116127131

127128129130131132133134133133133132

UnitedKing-dom(July1914

= 100)

Ger-many

(1913-14100)

120122125130139141141164168161166

164165165165165168167166168168168168

Nether,lands

(1911-13100)

113118120122122122123128129132

132133133134136140139133132133

Switz-erland

(June1914

= 100)

1201241181201271301302140

117115114120130130132146175200

210210210210211211211212212213

COST OF LIVING[Index numbers]

Year or month

193319341935193619371938193919401941..19421943

1943—February...MarchAprilMayJuneJulyAugus t . . . .September..October.. ..November..December..

1944—JanuaryFebruary...

UnitedStates(1935-39= 100)

92969899

10310199

100105117124

121123124125125124123124124124124124124

Can-ada

(1935-39= 100)

94969698

101102102106112117118

117117118118119119119119119119119119

UnitedKing-dom(July1914

= 100)

140141143147154156158184199200199

199199198199198200199198199199199199

^200

Ger-many

(1913-14= 100)

118121123125125126126130133137

137138138139139142141138138138

Nether,lands

(1911-13= 100)

139140136

*132137139140

3148

Switz-erland(June1914

= 100)

131129128130137137138151174193

^203

201201203203203204204204205205

2*205

p P re l iminary .1 Revised index from March 1936 (see B U L L E T I N for April 1937, p . 373).2 Average based on figures for 3 months ; no da t a available since March 1940, when figure was 141.3 Average based on figures for 5 months ; no d a t a available since May 1940, when figure was 149.Sources.—See B U L L E T I N for May 1942, p . 451; October 1939, p . 943; and April 1937, p . 373.

SECURITY PRICES[Index numbers except as otherwise specified]

Year or month

Number of issues

1926

1933193419351936 . .1937193819391940194119421943

1943—FebruaryMarchAprilMayJuneJuly.:AugustSeptemberOctoberNovemberDecember


Bonds

UnitedStates(derivedprice)1

15

90.1

91.298.2

105.5109.5

1 110.2111.1113.8115.9117.8118.3120.3

120.0119.8119.9120.1120.5121.1121.1120.8120.9120.4120.0120.5120.4

UnitedKingdom(December1921 = 100)

87

110.0

119.7127.5129.9131.2124.6121.3112.3118.3123.8127.3127.8

128.9128.8129.0127.1127.0127.8127.2126.9127.4127.1127.2127.4

France(1913=100)

36

57.4

81.3 '82.183.576.375.177.383.9

6 84.7*>98.7

6100.1

Germany(averageprice)2

2 139

82.590.7

8 95.195.898.799.999.0

100.7103.0

6103.3

Nether-lands3

8

105.3113.4107.8109.1

3 101.8105.990.9

7 77.9

Common stocks

UnitedStates(1935-39

= 100)

402

105.6

67.076.682.9

117.5117.588.294.288.180.069.491.9

84.888.291.395.296.798.594.495.694.891.491.894.694.4

(1926=100)

UnitedKingdom

278

100.0

78.685.786.397.096.380.875.970.872.575.384.5

82.282.683.784.384.185.686.086.686.385.085.386.2

France

300

100.0

99.683.379.777.297.489.798.3

6120.69289.7p476

Germany

( 4 )

100.0

61.771.182.991.6

102.6100.194.1

114.6136.8142.1

145.3145.1144.9145.1145.1144.9144.6144.7

145.0• 145.1

Nether-lands

(1930=100)

100

52555566

104.295.889.7

8 95.0129.0131.5

r151.4r150.0r151.8r152.5r152.4p151.9p151.7p152.1

v Preliminary. r Revised.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. Thetyearly average for 1937 is the same forboth series. Source.—Standard and Poor's Corporation; for compilations of back figures OH prices of both bonds and common stocks in the United Statessee Banking and Monetary Statistics, Table 130, p . 475, and Table 133, p . 479.

2 Since Apr. 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at 4 ^ per cent. The series prior to thatdate 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 beginningJanuary 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.

APRIL 1944 4 1 1


BOARD OF GOVERNORSOF THE FEDERAL RESERVE SYSTEM

MARRINER S. ECCLES, Chairman

M. S. SZYMCZAKJOHN K. MCKEE

RONALD RANSOM, Vice Chairman

ERNEST G. DRAPERR. M. EVANS

LAWRENCE CLAYTON, Assistant to the Chairman

ELLIOTT THURSTON, Special Assistant to the Chairman

OFFICE OF THE SECRETARYCHESTER MORRILL, SecretaryLISTON P. BETHEA, Assistant SecretaryS. R. CARPENTER, Assistant SecretaryFRED A. NELSON, Assistant Secretary

LEGAL DIVISIONWALTER WYATT, General CounselJ. P. DREIBELBIS, General AttorneyGEORGE B. VEST, Assistant General Attorney

DIVISION OF RESEARCH AND STATISTICSE. A. GOLDENWEISER, DirectorWOODLIEF THOMAS, Assistant Director

DIVISION OF EXAMINATIONSLEO H. PAULGER, DirectorC. E. CAGLE, Assistant DirectorWILLIAM B. POLLARD, Assistant Director

DIVISION OF BANK OPERATIONSEDWARD L. SMEAD, DirectorJ. R. VAN FOSSEN, Assistant DirectorJ. E. HORBETT, Assistant Director

DIVISION OF SECURITY LOANSCARL E. PARRY, Director

DIVISION OF PERSONNEL ADMINISTRA-TION

ROBERT F. LEONARD, Director

OFFICE OF ADMINISTRATOR FOR WARLOANS COMMITTEE

EDWARD L. SMEAD, AdministratorGARDNER L. BOOTHE, II, Assistant Adminis-

trator

FISCAL AGENTO. E. FOULK, Fiscal AgentJOSEPHINE E. LALLY, Deputy Fiscal Agent

FEDERALOPEN MARKET COMMITTEE

MARRINER S. ECCLES, ChairmanALLAN SPROUL, Vice ChairmanCHESTER C. DAVISERNEST G. DRAPERR. M. EVANSHUGH LEACHJOHN K. MCKEEJ. N. PEYTONRONALD RANSOMM. S. SZYMCZAKC. S. YOUNG

CHESTER MORRILL, SecretaryS. R. CARPENTER, Assistant SecretaryWALTER WYATT, General CounselJ. P. DREIBELBIS, Assistant General CounselE. A. GOLDENWEISER, EconomistHENRY H. EDMISTON, Associate EconomistE. A. KINCAID, Associate EconomistJOHN K. LANGUM, Associate EconomistARTHUR R. UPGREN, Associate EconomistJOHN H. WILLIAMS, Associate EconomistROBERT G. ROUSE, Manager of System Open Market

Account

FEDERALADVISORY COUNCIL

CHAS. E. SPENCER, JR., BOSTON DISTRICTVice President

JOHN C. TRAPHAGEN, NEW YORK DISTRICT

WILLIAM F. KURTZ^ PHILADELPHIA DISTRICT

B. G. HUNTINGTON,

ROBERT V. FLEMING,

CLEVELAND DISTRICT

RICHMOND DISTRICT

ATLANTA DISTRICT

CHICAGO DISTRICT

412.

KEEHN W. BERRY,

EDWARD E. BROWN,President

RALPH C. GIFFORD, ST. LOUIS DISTRICT

LYMAN E. WAKEFIELD, MINNEAPOLIS DISTRICT

A. E. BRADSHAW, KANSAS CITY DISTRICT

ED. H. WINTON, DALLAS DISTRICT

GEORGE M. WALLACE, SAN FRANCISCO DISTRICT

WALTER LICHTENSTEIN, Secretary



CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS

Federal ReserveBank of

Chairman1

Deputy ChairmanPresident

First Vice President Vice Presidents

Boston

New York.

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St. Louis

Minneapolis

Kansas City

Dallas

San Francisco

Albert M. CreightonHenry S#. Dennison

Beardsley RumlWilliam I. Myers

Thomas B. McCabcWarren F. Whitticr

G. C. BrainardR. E. Klagcs

Robert LassitcrW. G. Wysor

Frank H. NcclyJ. F. Porter

Simeon E. LclandW. W. Waymack

Wm. T. NardinDouglas W. Brooks

W. C. CoffcyRoger B. Shcpard

Robert B. CaldwellRobert L. Mehornay

Jay TaylorJ. R. Partcn

Henry F. GradyHarry R. Wellman

W. W. PaddockWilliam Willctt

Allan SproulL. R. Rounds

Alfred H. WilliamsFrank J. Drinnen

M. J. FlemingR. B. Hays

Hugh LeachJ. S. Waldcn, Jr.

W. S. McLarin, Jr.Malcolm H. Bryan

C. S. YoungH. P. Preston

Chester C. DavisF. Guy Hitt

J. N. PeytonO. S. Powell

H. G. LeedyHenry O. Koppang

R. R. GilbertE. B. Stroud

Wm. A. DayIra Clerk

K. K. CarrickE. G. Hult

R. M. GidneyJ. W. JonesL. W. KnokeWalter S. Logan

W. J. DavisE. C. Hill

Wm. H. FletcherJ. W. KossinA. H. Laning3

J. G. FryGeo. H. Kcescc2

L. M. Clark

Allan M. Black2

Neil B. DawesJ. H. DillardCharles B. Dunn

O. M. AttebcryHenry H. Edmiston

A. W. Mills2

Otis R. PrestonE. W. Swanson

L. H. Earhart. Raymond W. HallC. O. Hardy

E. B. AustinR. B. ColemanW. J. Evans

C. E. EarhartW. M. Hale

J. C. Hunter2

Carl B. Pitman

A. PhelanJ. M. RiceRobert G. RouseJohn H. WilliamsV. Willis

C. A. Mcllhcnny*C. A. Sienkicwicz

B. J. LazarK. H. MacKcnzieW. F. Taylor

R. W. MercerEdw. A. Wayne

H. F. Conniff

E. C. HarrisJohn K. LangumO. J. NetterstromA. L. OlsonAlfred T. Sihler

C. M. Stewart

Sigurd UelandA. R. UpgrcnHarry I. Zicmcr

Jos. E. OlsonG. H. PipkinD. W. Woolley3

W. O. FordW. D. Gentry3

L. G. Pondrom

H. N. Mangels2

R. B. West

OFFICERS IN CHARGE OF BRANCHES OF FEDERAL


New York

Cleveland

Richmond

Atlanta

ChicagoSt. Louis

Branch

Buffalo

CincinnatiPittsburghBaltimoreCharlotteBirminghamJacksonvilleNashvilleNew OrleansDetroitLittle RockLouisvilleMemphis

Chief Officer

R. B. Wiltse*

B. J. Lazar5

J. W. Kossin5

W. R. Milford*W. T. Clements*P. L. T. Beavers*Geo. S. Vardeman, Jr.*Joel B. Fort, Jr.*E. P. Paris*E. C. Harris*A. F. Bailey*C. A. Schacht*W. H. Glasgow*


Minneapolis....

Kansas City

Dallas

San Francisco...

RESERVE BANKS

Branch

Helena

DenverOklahoma CityOmaha

El PasoHoustonSan Antonio

Los AngelesPortlandSalt Lake CitySeattle

Chief Officer

R. E. Towle*

Jos. E. Olson*G. H. Pipkin5

L. H. Earhart5

J. L. Hermann6

E. B. Austin*L. G. Pondrom5

W. N. Ambrose*D. L. Davis*W. L. Partner*C. R. Shaw*

1 Also Federal Reserve Agent. 2 Cashier. 3 Also Cashier. * Managing Director. 5 Vice President. 6 Manager.

APRIL 1944 4*3


FEDERAL RESERVE SYSTEMBOUNDARIES OF FEDERAL RESERVE DISTRICTS

AND THEIR BRANCH TERRITORIES

s s = e BOUNDARIES OF FEDERAL RESERVE DISTRICTS

— BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES

^ L BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

(§) FEDERAL RESERVE BANK CITIES

• FEDERAL RESERVE BRANCH CITIES

O FEDERAL RESERVE BANK AGENCY JANUARY 2. 1943

BOARO OF GOVERNORS OF THL FEDERAL RESERVE SrSTEM

S


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