FEDERAL RESERVE
BULLETINAPRIL 1944
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
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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.
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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
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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
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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
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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.
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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
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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.
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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
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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
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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
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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
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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.
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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'
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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
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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
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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
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CURRENCY IN CIRCULATION
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
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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-
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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
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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. :-
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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.
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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.
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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-
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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
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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.
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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
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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
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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
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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
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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
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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
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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.
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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-
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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-
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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.
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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
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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
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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
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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.
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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
Foreign Funds Control
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
Foreign Funds Control
January 15, 1944
PUBLIC CIRCULAR NO. 14
Under Executive Order No. 8389, as Amended, Executive Order
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.
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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,
Acting Secretary of the Treasury.
Treasury Department
Foreign Funds Control
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-
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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,
Acting Secretary of the Treasury.
Treasury Department
Foreign Funds Control
February u , 1944
GENERAL LICENSE NO. 53, AS AMENDED
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..
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(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,
Acting Secretary of the Treasury.
Treasury Department
Foreign Funds Control
February zi , 1944
GENERAL LICENSE NO. 49, AS AMENDED
Under Executive Order No. 8589, as Amended, Executive Order
No. 9193, Section / ( £ ) of. the Trading with the Enemy Act, as
Amended by the First War Powers Act, 1941, Relating to
Foreign Funds Control*
(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,
Acting Secretary of the Treasury.
Treasury Department
Foreign Funds Control
February zi, 1944
GENERAL LICENSE NO. 5, AS AMENDED
Under Executive Order No. 8389, as Amended, Executive Order
No. 9193, Section / ( £ ) of the Trading with the Enemy Act,
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as Amended by the First War Powers Act, 1941, Relating to
Foreign Funds Control*
(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,
Acting Secretary of the Treasury.
Treasury Department
Foreign Funds Control
February 2.1, 1944
GENERAL LICENSE NO. 50, AS AMENDED
Under Executive Order No. 8389, as Amended, Executive Order
No. 9193, Section / ( £ ) of the Trading with the Enemy Act, as
Amended by the First War Powers Act, 1941, Relating to
Foreign Funds Control*
(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
(b) Which issues, confirms, or advises any letter of creditinvolving an amount in excess of $5,000; 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,
Acting Secretary of the Treasury.
Treasury Department
Foreign Funds Control
February 2.1, 1944
GENERAL LICENSE NO, 52., AS AMENDED
Under Executive Order No. 8389, as Amended, Executive Order
No. 9193, Section j(f) of the Trading with the Enemy Act,
as Amended by the First War Powers Act, 1941, Relating to
Foreign Funds Control*
(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.
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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:
(a) Through 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.
RANDOLPH PAUL,
Acting Secretary of the Treasury.
Treasury Department
Foreign Funds Control
February 2.1, 1944
GENERAL LICENSE NO. 70, AS AMENDED
Under Executive Order No. 8389, as Amended, Executive Order
No. 9193, Section / ( £ ) of the Trading with the Enemy Act,
as Amended by the First War Powers Act, 1941, Relating to
Foreign Funds Control*
(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;
(a) Through 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 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,
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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,
Acting Secretary of the Treasury.
Treasury Department
Foreign Funds Control
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 $500 entered to such account under the authorityof this general license during such quarterly period.
(3) As used in this general license, the term "normalservice charges" shall include charges in payment or re-imbursement for interest due; cable, telegraph, or telephonecharges; postage costs; custody fees; small adjustmentcharges to correct bookkeeping errors; and, but not by way oflimitation, minimum balance charges, account carryingcharges, notary and protest fees, and charges for referencebooks, photostats, credit reports, transcripts of statements,
* Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55Stat. 838; Ex. Order 8389, April 10,1940, as amended by Ex. Order 8785,
* June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9,1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1942;Regulations, April 10, 1940, as amended June 14, 1941, and July 26,1941.
registered mail insurance, stationery and supplies, check-books, and other similar items.
RANDOLPH PAUL,
Acting Secretary of the Treasury.
Treasury Department
Foreign Funds Control
March 15, 1944
AMENDMENT OF GENERAL LICENSE NO. 58
Under Executive Order No. 8389, as Amended, Executive Order
No. 919$, Section / ( £ ) of the Trading with the Enemy Act, as
Amended by the First War Powers Act, 1941, Relating to
Foreign Funds Control*
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,
Acting Secretary of the Treasury.
Treasury Department
Foreign Funds Control
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,
Acting Secretary of the Treasury.
* 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,
348 FEDERAL RESERVE BULLETIN
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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
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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
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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
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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
FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS[In millions of dollars]
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
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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.
FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS[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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS[In thousands of dollars]
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
356 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued[In thousands of dollars]
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued[In thousands of dollars ]
Total Boston 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:
Feb. 23Mar. 1Mar. 8Mar. 15Mar. 22
Other liabilities, in-cluding accrueddividends:
Feb. 23Mar. 1Mar. 8Mar. 15Mar. 22
Total liabilities:Feb. 23Mar. 1Mar. 8Mar. 15 •'•Mar. 22
Capital AccountsCapital paid in:
Feb. 23Mar. 1Mar. 8Mar. 15Mar. 22
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:
Feb. 23Mar. 1Mar. 8Mar. 15Mar. 22
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 BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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):
Feb. 23Mar. 1Mar. 8Mar. 15Mar. 22
Collateral held by agent assecurity for notes issued toBank:
Gold certificates on handand due from U. S.Treasury:
Feb. 23Mar. 1Mar. 8Mar. 15Mar. 22
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS[Outside Treasury and Federal Reserve Banks. In millions of dollars]
End of year 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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DEPOSITS AND CURRENCY—ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS[Figures partly estimated. In millions of dollars]
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
^I^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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL BANKS IN THE UNITED STATES, BY CLASSESLOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS
[Amounts in millions of dollars]
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 311942—June 30
December 311943—June 30
December 31e
All commercial b a n k s :1934—June 301937—June 301940—June 29
December 311941—June 30
December 311942—June 30
December 311943—June 30
December 31e
All insured commercial banks1934—June 301937—June 301940—June 29
December 311941—June 30
December 311942—June 303
December 311943—June 30
All member b a n k s :1934—June 301937—June 301940—June 29
December 311941—June 302
December 311942—June 303
December 311943—June 30
December 31
All n a t i o n a l b a n k s :1934—June 301937—June 301940—June 29
December 311941—June 30
December 311942—June 30
December 311943—June 30
December 31
S ta t e member b a n k s :1934—June 301937—June 301940—June 29
December 311941—June 302
December 311942—June 303
December 311943—June 30
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.
364 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL BANKS IN THE UNITED STATES, BY CLASSES—ContinuedLOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Class of banks, and call dates
AH nonmember commercial banks:1934—June 301937—June 301940—June 29
December 311941—June 30
December 311942—June 3034
December 311943—June 30
December 31e
Insured nonmember commercialbanks:
1934—June 301937—June 301940—June 29
December 311941—June 30
December 311942—June 30
December 311943—June 30
Noninsured nonmember commercialbanks:
1934—June 301937—June 301940—June 29
December 311941—June 30
December 311942—June 3034.
December 311943—June 30
All mutual savings banks:1934—June 301937—June 301940—June 29
December 311941—June 302
December 311942—June 30
December 311943—June 30
December 3le
Insured mutual savings banks:1934—June 301937—June 301940—June 29
December 311941—June 302
December 311942—June 30
December 311943—June 30
Noninsured mutual savings banks:1934—June 301937—June 301940—June 29
December 311941—June 30
December 311942—June 30
December 311943—June 30
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
366 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
1944—Jan.Jan.Jan.Jan.
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.
1944—Jan.Jan.Jan.Jan.
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.
368 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
polit-icalsub-divi-sions
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTSLOANS AND INVESTMENTS
[In millions of dollars]
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
^otes
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.
370 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Feb. 23Mar. 1Mar. 8Mar. 15Mar. 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
Indi-vid-uals,part-ner-
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
polit-icalsub-divi-sions
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
Indi-vid-uals,part-ner-
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
polit-icalsub-divi-sions
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
1943—FebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
1944—JanuaryFebruary
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-
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OPEN-MARKET MONEY RATES IN NEW YORK CITY[Per cent per annum]
Year,month, or
week
1941 average .1942 average1943 average
1943—FebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovember . . . .December
1944—JanuaryFebruary
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
1942—MarchJuneSeptemberDecember
1943—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
1943—FebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
1944—JanuaryFebruary
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SECURITY MARKETS1
Year, month, or week
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.
374 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NEW CORPORATE SECURITY ISSUES1
PROPOSED USES OF PROCEEDS, ALL ISSUERS[In millions of dollars]
Year or month
19341935.193619371938...19391940194119421943
1942—May.JuneJulyAugustSeptemberOctoberNovemberDecember
1943—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
1944—JanuaryFebruary
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
1944—JanuaryFebruary
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 "
Retire-ment ofsecuri-
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
Retire-ment ofsecuri-
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
Retire-ment ofsecuri-
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONSINDUSTRIAL CORPORATIONS
[In millions of dollars]
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.
376 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
1943—JuneSeptOctNovDec
1944—JanGuaranteed securities:
1942—JuneDec
1943—JuneSeptOctNovDec
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
1943—JuneSeptOctNovDec
1944—JanMaturing within 5 years
1942—JuneDec
1943—JuneSeptOctNovDec
1944—JanMaturing in 5-10 years:
1942—JuneDec
1943—JuneSeptOctNovDec
1944—JanMaturing in 10-20 years:
1942—JuneDec
1943—JuneSeptOctNovDec
1944—JanMaturing after 20 years:
1942—JuneDec
1943—JuneSeptOctNovDec
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS[On basis of daily statements of United States Treasury. In millions of dollars)
Period
Fiscal year ending:June 1942June 1943
1943—FebruaryMarchAprilMayT
JuneJulyAugustSeptember.. . .October... : . .NovemberDecember
1944—-JanuaryFebruary
Period
Fiscal year ending:June 1942June 1943
1943—FebruaryMarchAprilMayJuneJulyAugustSeptember. ..OctoberNovemberDecember
1944—JanuaryFebruary
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
Fiscal year ending:June 1942June 1943
1943—FebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
1944—JanuaryFebruary
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES[Based on compilation by United States Treasury Department. In millions of dollars]
PRINCIPAL ASSETS AND LIABILITIES
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.
380 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BUSINESS INDEXES[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued{Adjustedfor Seasonal Variation)
[Index numbers of the Board of Governors. 1935-39 average = 100]
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDUSTRIAL PRODUCTION, BY INDUSTRIES{Without Seasonal Adjustment)
[Index numbers of the Board of Governors. 1935-39 average = 100]
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.
384 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued{Without Seasonal Adjustment)
[Index numbers of the Board of Governors. 1935-39 average - 100]
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES{Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939 = 100]
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,
386 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars]
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
[In millions of dollars]
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.
388 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
[In millions of dollars]
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.
1944—January...February..
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
390 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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...
1943—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
1944—JanuaryFebruary
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
1944—JanuaryFebruary
Volume extended durin;month:
1943—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember. . . .OctoberNovember . . . .December
1944—JanuaryFebruary
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
WHOLESALE PRICES, BY GROUPS OF COMMODITIES[Index numbers of the Bureau of Labor Statistics. 1926 =100]
Year, month, or week
192919301931193219331934193519361937193819391940194119421943
1943—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
1944—JanuaryFebruary
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.
394 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
1944—JanuaryFebruary
UNADJUSTED1943—February
MarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
1944—JanuaryFebruary
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
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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.
In billions of dollars
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.
396 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
In billions of dollars
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
400 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935[In millions of dollars!
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.
401 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
404 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CENTRAL BANKS—Continued
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
Central Bank(Figures as of last report
date of month)
National Bank of Denmark (millionsof kroner):
GoldForeign exchangeClearing accounts (net)Loans and discountsSecuritiesGovt. compensation account^Other assetsNote circulationDeposits—Government
OtherOther liabilities
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CENTRAL BANKS—Continued
Central Bank(Figures as of last report
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
OtherOther liabilities
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
Central Bank(Figures as of last report
date of month)
Bank of Spain (millions of pesetas):GoldSilverGovernment loans and securities...Other loans and discountsOther assets ,Note circulationDeposits—Government
OtherOther liabilities
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...
OtherOther liabilities
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
OtherOther liabilities
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
408 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FOREIGN EXCHANGE RATES[Averages of certified noon buying rates in New York for cable transfers.
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRICE MOVEMENTS IN PRINCIPAL COUNTRIESWHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
Year or month
1926.
1932 .1933...1934193519361937193819391940194119421943
1943—FebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
1944—JanuaryFebruary
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.
1944—January...February..
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—ContinuedRETAIL FOOD PRICES
[Index numbers]
Year or month
19331934193519361937193819391940194119421943
1943—February .March. ..AprilMayJuneJulyAugust. . .SeptemberOctober...November.December.
1944—January...February..
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
1944—JanuaryFebruary
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
FEDERAL RESERVE BULLETIN
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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
Federal ReserveBank of
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*
Federal ReserveBank of
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
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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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