Full text of Federal Reserve Bulletin : April 1943
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FEDERAL RESERVE
BULLETIN
APRIL 1943
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
-CONTENTS—
PAGE
Review of the Month—Further Shift to War Economy. .
287-2.9:1
Second War Loan Drive
293-194
Work in Evacuees' Interests by Federal Reserve Bank of San Francisco. .,
295
Government Corporations and Credit Agencies .. .
296-297
Increase in Department Store Sales and Orders...
298-299
Revised Reports of Bank Loans. . ,
300-301
Current Events
302
National Summary of Business Conditions
3°3~3O4
Financial, Industrial, Commercial Statistics, U. S. (See p. 305 for list of tables) ..
305-351
International Financial Statistics (See p. 353 for list of tables)
353—365
Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council
366
Senior Officers of Federal Reserve Banks; Managing Officers of Branches. . .
367
Map of Federal Reserve Districts
368
Federal Reserve Publications (see inside of back cover)
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FEDERAL RESERVE BULLETIN
VOLUME 19
April 1943
NUMBER 4
FURTHER SHIFT TO WAR ECONOMY
During the first quarter of 1943, transition
LABOR SUPPLY PROBLEMS
of the country's economy to a war basis,
In the first quarter of this year some of
already further advanced than at any time the men going into the armed forces came
during the first world war, continued at a from classrooms and the number drawn
rapid rate. Over a million men were added from industry and agriculture was much less
to the armed forces, making a total of than a million. Nevertheless, these withabout 8 million; production of the imple- drawals, coming at a time when there was
ments of war increased considerably; and no longer an unemployed labor surplus
output of raw materials used for war rose on which to draw and when demands for
further. Over 10,000 airplanes were pro- war workers were still increasing, necesduced in the first two months of the year sitated further additions to the labor force
and at merchant shipyards deliveries in the and further curtailment of output of goods
first quarter totaled over 3^ million tons. and services for civilians.
Nevertheless, shipping continued to be a
As labor shortage problems became more
factor limiting the movement of troops and difficult to meet, the War Manpower Comsupplies abroad. War expenditures rose mission ordered the lengthening of hours
to 7 billion in March, up a billion dollars of work outside agriculture to 48 per week,
from December.
and altered deferment policies to take fewer
Civilian purchases of durable goods were men from farms and also to encourage those
sharply curtailed, but retail sales of con- in a few selected nonessential industries to
sumers' nondurable goods continued at a seek other employment. In most war inhigh level during the first quarter of the dustries hours of work were already at
year. Retailers were ordering heavily for least 48 per week, so that the order affected
future needs but were receiving smaller mainly other industries, which for the most
amounts of goods than a year ago, and part have been producing civilian goods
retail inventories declined from the high and operating on a work-week of 40 to
levels of last summer and fall. Inventories 44 hours. The order is to go into effect
of consumers' goods in the hands of whole- gradually, starting with war centers, as
salers and manufacturers, which had already circumstances in particular areas and inbeen considerably reduced in 1941, con- dustries may demand and permit,
Decisions of the War Labor Board
tinued downward.
APRIL 1943
REVIEW OF THE MONTH
continued to reflect the war-time policy of
discouraging further wage-rate increases
now except in special cases where necessary
to promote the war effort, to raise substandard rates, or to correct serious inequities. It was recognized that proposed
general wage increases would contribute to
increasing production costs as well as to
raising consumer incomes, and would hinder the stabilization of commodity prices
and of the cost of living. Farm wage rates,
however, which were at low levels relative
to those in industry, continued free of control as did rates paid by employers of not
more than eight workers.
Toward the end of the quarter there was
considerable discussion of the prospect for
withdrawal to the armed forces during the
rest of this year of at least three million
additional workers; of the extent to which
these workers might be replaced by women
and others not now in the labor market;
and of possible methods by which output
per worker might be maintained or increased notwithstanding employment of
many untrained workers. Crucial questions before the country were those relative
to the effectiveness of compulsory as against
voluntary methods of recruiting and allocating labor and of minimizing absences
from work.
other lines production for civilians is still
as high as or higher than in the period
I
935~I939At factories and mines, where a large
part of war production is concentrated,
output for civilians has declined about twofifths since the summer of 1941 and about a
fourth since the period 1935-1939- War
production was a negligible factor in
industrial production before 1939 while by
March of this year, when the Board's
index was estimated at 2.05 per cent of the
193 5-193 9 average, war production accounted for nearly two-thirds of the total.
This is shown on the chart.
INDUSTRIAL PRODUCTION
ADJUSTED FOR SEASONAL VARIATION
I935-3
/
180
TOTAL
r
160
140
WAR
J
120
^77
CIVILIAN
100
80
/
^
60
A
40
/
1936
1937
1940
1941
1942
1943
PRODUCTION FOR CIVILIANS
It appeared likely, in view of the program
for increasing the armed forces and war
production, that output of goods and services for civilians would be curtailed
further. Currently, civilian output is
lower than in the five-year period before
the war started, and considerably below
the level of the autumn of 1941. Output
of some types of products, especially metal
products, has been drastically curtailed
since the outbreak of the war, but in some
288
A considerable part of the decline in
industrial output for civilians has reflected
the diversion to war purposes of materials
previously going into output of producer's
goods, but there have also been important
reductions in output of final products
for consumers. In the construction industry activity for some time has been almost
exclusively on war projects, including new
plants for war production as well as
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
cantonments, airfields, and other military
projects.
Output of farm products for civilians is
close to the level of the 1935—1939 period.
Total agricultural production is up but
shipments of agricultural products for the
armed forces and lend-lease have been
substantial. Imports of agricultural products have declined.
Farmers are planning to increase acreage
of most major crops this year, according to
March 1 reports, and total prospective
plantings, other than of cotton and winter
wheat, are larger than last year by 10
million acres or 4 per cent. Seedings of
winter wheat last fall were slightly smaller
than a year earlier, while cotton plantings
will be permitted to exceed the 1943 acreage
allotments by 10 per cent. Largest percentage gains are indicated for high protein
and oil bearing crops and some of the other
crops which have risen in importance as a
result of the war program. If weather
conditions should happen to be as unusually
favorable as last year and if difficulties
encountered in harvesting and in other parts
of the farm program should not be too
great, total crop production would be as
large as last year and considerably larger
than in the 1935-1939 period. The only
1943 crop estimate made so far is the
December winter wheat estimate of 62.5
million bushels, which would be 11 per cent
less than the 194Z bumper crop.
A large part of the increase in acreage
from 1942. is in feed crops, where acreage
intentions of farmers are close to the
Federal goals set to support the increasing
number of livestock on farms. Acreage
intentions for food crops essential to
supplement war diets average 10 per cent
higher than last year as compared with
Federal goals xo per cent above last year.
APRIL
1943
Prospects are for a continued growth in
output of livestock products this year but,
owing to military requirements, supplies
available for civilians may be considerably
curtailed from peak levels reached early in
1942..
Transportation of goods destined for
civilian use is in smaller volume than
before the war, reflecting mostly the varied
reductions in civilian output in industry,
construction, and agriculture. Elsewhere
in the economy the situation is uneven.
There has been increased activity in some
lines, for example, in the entertainment
field, while in others, such as automobile
sales and services, operations have been
sharply curtailed.
Recently the labor supply situation has
come to be an increasingly important factor
limiting civilian output and the prospect
is that the pressure on civilian activities
generally from this source will increase.
The effects of this will be felt particularly
in nonessential industries and in certain
service lines where pay is relatively low
and transfer to higher paid jobs fairly easy.
Furthermore, most of the restrictions imposed on civilian output at earlier stages
of the war program primarily to conserve
metals and other materials and to utilize
existing industrial and transport equipment
for war purposes continue in effect; and in
some instances these restrictions are being
strengthened. During the first quarter,
however, there was an increase in the
allocation of steel for manufacture of agricultural implements and in the amount of
wool allowed for use in production of cloth
for civilian use; and toward the end of the
quarter there was some indication that
output of a number of work clothing and
household items would be somewhat increased.
289
REVIEW OF THE MONTH
SUPPLIES AVAILABLE TO CONSUMERS
During the first part of 1943, as in the
latter part of 1942., consumers were still
able to buy somewhat more goods than
were currently being produced for them
because they were able to draw upon stocks
previously accumulated in the hands of
producers and distributors. This was particularly true of metal products, but was
not limited to them. Supplies of certain
essential civilian items like shoes, canned
foods, meats, fats, and oils were reduced to
such an extent, mostly as a consequence of
large military requirements, that with
civilian demand at a high level, rationing
plans for these goods were put into effect
beginning in February and March.
In the middle of February, consumer
buying of textile and apparel items was
heavy in anticipation of possible shortages.
At department stores, where such items
account for two-thirds of total business,
sales in February were a third larger, in
value terms, than a year ago. In view of
the rise in prices, the increase in physical
volume was considerably smaller than the
rise in dollar amount, but the extent of this
difference is difficult to measure in a period
like the present when changes in real prices
are obscured by modifications of quality.
Additional information about changes in
sales at department stores is given in an
article on page 2.y% of this BULLETIN.
SUPPLIES, INCOMES, AND PRICES
Upward pressure on prices has continued
to be exerted by further reductions in supplies and increases in income payments.
Indexes of living costs showed small
increases from December to February,
although wholesale prices of farm products
continued to advance sharply. Income
payments to individuals, shown in the
2.90
chart, reached an estimated annual rate of
more than 134 billion dollars in March, as
compared with 130 billion in December and
an average of 67 billion in the 193 5-193 9
period. Tax payments rose in the first
quarter, and savings—nonspending—apparently increased further.
INCOME PAYMENTS TO INDIVIDUALS
ANNUAL RATES, SEASONALLY ADJUSTED
BILLIONS OF DOLLARS
NOTE.—Increased agricultural income represents the largest part
of the rise shown since 1939 in "other payments." "Salaries and
wages" include military pay. Data based on Department of Commerce estimates. Monthly figures raised to annual rates; latest shown
are Federal Reserve's estimates for March.
The large volume of savings reflected to
some extent inability to buy goods which
were no longer available. Rationing of
important commodities like meats and
canned goods may serve to limit somewhat
the further upward pressure of rising money
incomes on prices of such commodities, but
rationing does not affect directly the factors
making for increased costs of production
and distribution. Pressure of higher incomes on prices of such commodities as are
not rationed may be expected to continue
except as taxes and savings may increase.
Meanwhile price and wage controls are
important in limiting increases in costs as
well as in incomes.
Proposals for collection of income taxes
currently at the source were under discussion in Congress during the first quarter
of the year, while consideration of the
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
President's request for 16 billion dollars
of additional taxes and savings was temporarily deferred. Meanwhile, in the April
drive to raise 13 billion dollars, the Treasury
is striving to obtain as much as possible
from sources other than banks in order to
divert current income into the war effort
and to avoid adding to the existing money
supply. The December drive raised 8 billion dollars from nonbanking sources, and
this amount has been set as a minimum
goal for the present campaign. The
amount to be obtained from commercial
banks is limited to 5 billion dollars, about
the same as was obtained in the December
drive. Every effort will be made this
month to reach a larger number of nonbank
buyers. It is particularly important that
the maximum possible amount should be
subscribed from current income, thus reducing amounts available for spending on the
limited supplies of goods available. A
description of the issues to be offered and
the selling organization for the Second War
Loan Drive is given in another article in
this BULLETIN.
ing many more men than before. It is
furnishing military equipment for its own
forces and to some extent for its Allies,
whereas in 1918 a large part of the equipment used by American forces was furnished
by Britain and France. Much more equipment is required this time, moreover, as
warfare is much more highly mechanized.
Shipping requirements are a great deal
larger for many reasons, including the
greater distances involved in military operations. Merchant ships are being constructed in much greater volume; the
tonnage completed in the first quarter of
this year was more than the total built in
all of 1918. Navy building is on a much
greater scale and production of aircraft, now
employing over 2. million persons, directly
or indirectly, was extremely small in 1918.
Additions to facilities for producing materials as well as finished products have
been at a rate far beyond anything known
before in this country.
These achievements raise the question
as to how it has been possible to carry on
such a war program without more reduction
WAR ECONOMY
in use of consumers' goods. As has been
While aggregate civilian consumption is indicated, consumers have been using goods
not far below the pre-war period, especially they already owned themselves and have
taking into account consumer use of houses, been drawing on stocks held by retailers,
automobiles and other durable and semi- wholesalers, and producers. Also, the
durable goods which consumers had when reduction in output of finished products for
controls were established, the economy consumers has been less than the reduction
currently is on a war basis to an extent far in total output for civilians because there
beyond any previous period. Eight million has been especially sharp curtailment in
men, or approximately an eighth of the
output of capital equipment for nonwar
total labor force, are in the armed forces,
uses. As a result of these various factors
as compared with 4 million or a tenth
the reduction in living standards has been
at the peak in 1918. Nearly half of the
considerably less than the decline in procurrent national output of goods and
services is for war purposes; in the autumn duction for civilians. War production,
of 1918 the corresponding figure was less meanwhile, has increased much more than
than one-third. The United States is train- output for civilians has declined.
APRIL 1943
z9i
REVIEW OF THE MONTH
SOURCES OF W A R POWER
lion more. The average number of hours
worked in industry was down to around
38 per week in 1939 and could be increased
substantially—currently they are around 44
—while in 1914 average hours were probably at least 50 per week in most lines and
could not be increased to advantage. Employment on civilian projects has been reduced considerably more this time, as whole
industries have been converted to the war
program. Altogether it is clear that transition of the economy to a war basis has gone
considerably further than at any time in
Clearly the carrying on of a very large
war program has been made possible to a
large extent by drawing on many different
types of resources on an entirely new scale.
The advanced state of the industrial and
administrative arts and the availability of
modern capital equipment have been basic
factors making possible very great expansion of total output. Also of importance
was the vast supply of unutilized labor
resources when war production started.
In 1939 there were many more unemployed
to draw on than in 1914—perhaps 8 mil- 1918.
FEDERAL RESERVE BULLETIN
SECOND WAR LOAN DRIVE
On March 12. Secretary Morgenthau announced that the Treasury will borrow during
the month of April 13 billion dollars in the
Second War Loan drive, which will begin on
April ix and continue for several weeks. This
amount will be raised through the continuing
sale of savings bonds, tax savings notes, and
Treasury bills, together with offerings of three
new issues designed for every class and type of
investor. The Secretary stated that of the total
amount 8 billion dollars will come from nonbanking investors and the balance, including the
increased weekly offerings of Treasury bills,
from banking sources.
The types and terms of securities offered in
the current drive are designed especially to give
all classes of nonbanking investors, from the
smallest wage earner to the largest institution,
an opportunity to participate in the financing
of the war by investing their current income and
savings in securities of the Government. The
greater the participation by investors other than
banks, the less will be the inflationary pressure
which results when Government securities are
sold to commercial banks. It is particularly
important that the maximum possible amount
should be subscribed from current income.
Some of the issues included in the drive are
offered only to investors other than commercial
banks; types of securities for which commercial
banks may subscribe and the amounts which
will be allotted on their subscriptions are defined
and limited.
TERMS OF OFFERINGS
In addition to the continuing sale of savings
bonds, tax savings notes, and Treasury bills,
three new issues are offered for the coming drive.
These issues are 2.3^ per cent bonds of 1964-69,
2. per cent bonds of September 1950-5X5 and J^
of 1 per cent certificates maturing on April 1,
1944. Nonbank subscriptions for all of the new
issues will be allotted in full. The 2.1^ P e r
cent bonds, together with the savings bonds and
APRIL
1943
most of the tax savings notes, will be sold only
to investors other than commercial banks.
Such banks will not be permitted to acquire the
1.Y2 per cent bonds until ten years after the
date of issue. These bonds will be issued in
coupon or registered form at the option of the
buyers. The 2. per cent bonds and the % of 1
per cent certificates will be available to commercial banks as well as to other investors, but
allotments to banks will be limited to about 2.
billion dollars for each issue. Subscriptions
by commercial banks in amounts up to $100,000
will be allotted in full, while larger subscriptions will be allotted on a percentage basis.
Subscription books for all the new issues will
be opened to nonbank subscribers on April ix
and will remain open for several weeks. For
commercial banks, subscription books for certificates will be open on April iz, 13, and 14,
and for the 2. per cent bonds on April 2.8, Z9,
and 30. On individual subscriptions for $1,000
or less, no accrued interest will be charged on
the two bond issues during the period of the
drive, but accrued interest from April 15 will be
collected on all subscriptions in excess of that
amount entered after that date.
In addition to the new securities offered in
the April drive, the Treasury will offer on April
2.0 a J/g of 1 per cent one-year certificate dated
May 1 in exchange for an issue of certificates
amounting to 1,506 million dollars and Commodity Credit Corporation notes in the amount
of 2.8^ million maturing on May 1. The Treasury announcement stated that this exchange
offering should not be considered as a precedent
for future refunding operations of the Treasury.
UNITED STATES TREASURY WAR FINANCE
COMMITTEE
Early in March the Treasury organized a
United States Treasury War Finance Committee
to handle the Second War Loan drive and to
promote the widest possible distribution of
Government securities. The new committee
2-93
SECOND WAR LOAN DRIVE
welded the War Savings Staff, which had been
selling War Savings bonds, and the Victory Fund
Committees, which had been selling market
issues, Series F and G savings bonds, and tax
notes, into a single and unified organization for
the sale of all Government securities. The
new organization is headed by W. M. Robbins,
who is on leave of absence from the General
Foods Corporation where he has been the vicepresident responsible for selling and marketing
activities. As Chairman of the War Finance
Committee, Mr. Robbins functions with the
operating title of. National Director of Sales
and reports to Secretary Morgenthau through
Under Secretary Bell. Mr. Robbins will have
an advisory committee in the formulation and
execution of plans for the sale of Government
securities, on which will serve Harold N.
Graves, Assistant to the Secretary in charge of
the War Savings Staff, George Buffington,
Assistant to the Secretary in charge of the Victory Fund Committees, and Stuart Peabody in
charge of advertising and publicity. Mr. Pea-
2-94
body, who was director of advertising for the
Borden Company, joined the War Finance
organization on March n .
The Presidents of the twelve Federal Reserve
Banks are in charge of district organizations
and have full authority and responsibility to
direct the drive in their respective districts.
Committees similar to the one in Washington
have been set up in each district and serve in an
advisory capacity to the Presidents of the Federal Reserve Banks. These committees are
composed of representatives of the War Savings
Organizations and of the Victory Fund Committees. The functions of the two groups have been
integrated in every productive way for the April
campaign. The entire basket of Treasury securities, including Series E bonds, will be sold by
all forces taking part in the drive. The new
organization has expanded its personnel considerably in each district. Several hundred
thousand persons, nearly all of whom are unpaid
volunteers, are now enlisted in this selling
campaign.
FEDERAL RESERVE BULLETIN
WORK IN EVACUEES9 INTERESTS
BY FEDERAL RESERVE BANK OF SAN FRANCISCO
As stated in the Federal Reserve BULLETIN
for April 1942. (pages 32.1-32.1), the Secretary
of the Treasury after conferring with the Board
of Governors, delegated to the Federal Reserve
Bank of San Francisco, as fiscal agent of the
United States, the duty of assisting Japanese,
(jerman, and Italian aliens and persons of Japanese ancestry in their evacuation from military
areas under order of the Western Defense Command. The work entailed in discharge of these
duties has now been practically completed and
the Reserve Bank's duties have been transferred
to the War Relocation Authority.
Representatives of the Board of Governors,
the Treasury Department, and the War Department arrived in San Francisco March 7, 1941 to
to confer with officials of the Reserve Bank,
representatives of other civilian agencies, and
the military authorities of the Western Defense
Command and Fourth Army. The War Relocation Authority was established March 18 to
provide for relocation, maintenance, and supervision of evacuees. The function of the Reserve
Bank was to assist evacuees in disposing of
property holdings; protect them from fraud,
forced sales, and unscrupulous creditor*; and
arrange for orderly liquidation of business and
property interests. Many types of business
and property were involved, not including
agricultural property and equipment, however,
which came under the jurisdiction of the Farm
Security Administration. The services of the
Reserve Bank were continually available to
evacuees; however, they were not compelled to
make use of them and were encouraged at all
times to make such other arrangements as they
might desire with respect to their properties.
The Evacuee Property Department of the
Reserve Bank was under the general supervision
of a Vice President and direct supervision of an
Assistant Cashier at the Head Office, and under
APRIL
1943
the supervision of the Managing Director and
Assistant Manager at the branches. Offices
outside the Bank's buildings were established
in San Francisco, Los Angeles, Portland, and
Seattle. Forty-nine field offices were established
elsewhere. Operations were at their peak in
May 1942., at which time 184 persons were engaged directly in the Evacuee Property Department, while many other members of the Bank's
staff were indirectly or occasionally engaged.
A total of 10,600 individual cases were handled.
Problems of much complexity, including many
which would ordinarily end in litigation, were
settled through negotiation and compromise.
These settlements were often facilitated by the
fact that the Bank held in reserve the "freezing"
power provided by Special Regulation No. 1,*
but in no case was it necessary actually to make
use of this power.
More than 108,000 persons were evacuated.
The problems involved personal relations, professions, and a wide range of properties: houses,
apartments, bakeries, beauty parlors, canneries,
churches, cleaning and dyeing establishments,
dry goods concerns, florist shops, garages,
hotels, laundries, markets, newspapers, novelty
stores, nurseries, packing concerns, and restaurants. Problems involving termination of
tenancy commitments, settlement of contract
obligations, including instalment sales contracts
and realty purchase obligations, the realization
of equities, and the collection of moneys owing
to evacuees, were general.
Throughout the evacuation, the Reserve
Bank received valuable counsel and assistance
from organizations of the Japanese, from other
civilian agencies, from the military authorities,
and from local civic organizations and the press.
* For the text of this special regulation, see page 308 of April 1942
BULLETIN.
195
GOVERNMENT CORPORATIONS
AND CREDIT AGENCIES IN 1942
Government corporations and credit agencies
engaged in various phases of the war program
showed a rapid expansion of assets in 1942..
Holdings of commodities by the Commodity
Credit Corporation increased as did loans by the
Reconstruction Finance Corporation to private
businesses engaged in war activities. Liquidation of farm and home mortgage loans by
Government credit agencies continued during
1941. Other outstanding loans, including shortterm agricultural credits, of Government corporations and credit agencies showed relatively
minor changes for the year.
TOTAL ASSETS OF WAR CORPORATIONS
AND U.S. MARITIME COMMISSION
)NS
OF DOLLARS
END
OF
MONTH
FIGURES
LLIOWS OT DOLLARS
4.5
4.0
/
/
I
/
/
1
t
1
IS
1
/
3.5
3.0
2.0
assets of the war corporations increased by 3.5
billion dollars in 1942., most of which appears
in the table as property held for sale and accounts and other receivables. Commitments
outstanding at these agencies at the end of 1942.
were large. Total assets of the United States*
Maritime Commission increased by x.8 billion
dollars in 1941. This increase was due largely
to payments to shipbuilders for completed ships
and ships under construction under both longrange and emergency construction programs.
The growth in activities of the war corporations
and the United States Maritime Commission
since the beginning of the defense program in
1940 is shown by the chart.
Holdings of United States Government securities by the Government corporations and credit
agencies increased further in 1942., reflecting
additions to holdings by the Federal land banks,
the Federal Deposit Insurance Corporation, and
the Federal home loan banks. An increase of
300 million dollars in business property was due
to an expansion in holdings by the Tennessee
Valley Authority and the War Shipping Administration. Property held for sale by the Com-
1.5
.
US MARITIME
/
COMMISSION ,<rf
LOANS BY GOVERNMENT CORPORATIONS AND CREDIT
AGENCIES, OTHER THAN INTERAGENCY LOANS
[In millions of dollars]
^
ATIONS
Corporation or agency
Total assets, exclusive of interagency items, of
all corporations and agencies increased by 7.1
billion dollars to a total of xi-7 billion at the
end of the year. About 6.3 billion dollars of
this increase was due to an expansion in assets
of the war corporations and the United States
Maritime Commission and reflects largely the
financing of construction, equipment, and expansion of industrial plants for war production,
purchases of strategic and critical materials,
and the building of ships and shipways. Total
Change
DeDecember cember during
31, 1942 31, 1941 1942
1,557
Reconstruction Finance Corporation
Home mortgage and housing agencies:
Home Owners' Loan Corporation
1,568
Federal home loan banks
129
94
RFC Mortgage Company
211
Federal National Mortgage Association..
Federal Public Housing Authority
366
Farm mortgage loans:
1,603
Federal land banks
;
507
Federal Farm Mortgage Corporation....
Other farm credit loans:
238
Federal intermediate credit banks
Banks for cooperatives
145
242
Commodity Credit Corporation
Farm Credit Administration
237
446
Farm Security Administration
1,433
+124
1,777
219
72
207
367
-209
-90
+22
1,764
597
-161
-90
235
113
233
250
467
+32
+9
-13
-21
346
122
316
323
139
291
+23
-17
+25
8,127
8,487
-360
Rural Electrification Administration
Fxnort-ImDort Bank
Other
Total
+4
-1
+3
FEDERAL RESERVE BULLETIN
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
modity Credit Corporation increased by 610
million dollars during the year. This increase
resulted largely from purchases of 1941 wheat
loans from banks and other lending institutions
last spring and of commodities for lend-lease
purposes, offset in part by reductions in holdings
of corn and cotton.
As a partial offset to the large outlays by the
agencies engaged in war programs, a number of
other corporations continued to liquidate their
loans at a relatively rapid rate. This liquidation
was facilitated in 1942. by the rise in national
income. Home mortgage loans by the Home
Owners' Loan Corporation declined by xio
million dollars and foreclosed property held for
sale also declined. Outstanding loans held by
the Corporation, which had amounted to almost
3.0 billion dollars at their peak in 1936, had
been reduced to 1.6 billion by the end of 1942..
The property for sale account was 2.30 million
dollars at the end of i94x compared with 560
million at the peak in 1939. Farm mortgage
loans held by the Federal land banks and the
Federal Farm Mortgage Corporation declined by
z^o million dollars to a total of x , n o million at
the end of 1942., of which 1,600 million were first
mortgage loans made by the Federal land banks.
At the peak in 1936 mortgage loans held by
these agencies amounted to z.9 billion dollars.
The following chart shows outstanding loans
HOME AND FARM MORTGAGE
GOVERNMENT
CREDIT
LOANS
AGENCIES
3.5
3.5
....•—,
.</
*
3.0
FEDERAL LAND BANKS AND
FEDERAL FARM MORTGAGE
" * s < ^ j . ^ CORPORATION
2.5
HOME OWNER
L OAN CO RPORAT
/
2.0
1.5
1.0
y
.5
0
APRIL
1 1
1
1943
CLUDING P ROPERTY
OR
SALE
3.0
of these agencies over the period of rapid increase during the depression and of the subsequent decrease.
A total of about 2. billion dollars of guaranteed
obligations of various agencies which matured
or became callable in i94x were refunded into
direct securities or were paid off in cash. This
was in line with the Treasury policy inaugurated
in October 1941 of replacing guaranteed debt
with direct securities. During the year there
was a reduction of 870 million dollars of bonds
of the Home Owners' Loan Corporation, 910
million in Reconstruction Finance Corporation
notes, and 340 million in Federal Farm Mortgage
Corporation bonds. As a result of this procedure and the growth in net assets during the
year the proprietary interests of the United
States Government in the corporations and
agencies increased by 6.5 billion dollars to a
total of 10.9 billion at the end of the year.
UNITED STATES GOVERNMENT CORPORATIONS AND
CREDIT AGENCIES
[In millions of dollars]
Item
Assets, other than inter agency items
Loans
Preferred stock, etc
Cash
Securities:
U. S. Government direct and guaranteed.
Other Government agencies*
Accounts and other receivables:
War corporations
Other agencies
Business property
Property held for sale:
War corporations
.
Commodity Credit Corporation
Home Owners' Loan Corporation
Other agencies
Other assets:
U. S. Maritime Commission
Other agencies
Change
DeDecember cember during
31, 1942 31, 1941 1942
8,127
620
553
8,487
680
496
-360
-60
1,272
33
999
46
+273
-13
490
595
1,020
49
525
714
+441
+70
+306
3,469
1,363
227
128
703 +2,766
749
+614
288
-61
151
-23
3,530
288
672 +2,858
101
+187
21,715
14,660 +7,055
4,301
1,414
6,324 -2,023
1,392
+22
1,200
1,531
1,899
70 +1,130
489 +1,042
1,490
+409
Total liabilities
Excess of assets over liabilities
10,345
11,370
9,765
+580
4,895 +6,475
U. S. Government interest
Privately owned interest
10,931
439
4,464 +6,467
431
+8
Total assets
Liabilities, other than interagency items
Bonds, notes, and debentures:
Fully guaranteed by United States
Otherl
Other liabilities:
War corporations
U. S. Maritime Commission
Other agencies
+57
1
Excluding Federal land bank bonds held by the Federal Farm
Mortgage Corporation.
2-97
INCREASE IN DEPARTMENT STORE SALES AND ORDERS
Department store sales in February were
unusually large for this time of year—33 per
cent greater than in February last year—and
the Board's seasonally adjusted index of value
of sales rose to a new high level of 167 per cent
of the I92-3-X5 average. Previous peaks were
143 in January and 138 in November and January
1941. The large sales in February reflected a
new buying wave that began early in the month
and centered chiefly in clothing items. Sales
at apparel shops, principally those specializing
in women's clothing, also were exceptionally
large in February. Physical volume of sales
did not increase as much compared with a year
ago as value of sales, since prices are substanDEPARTMENT STORE SALES, STOCKS, AND ORDERS
Based on data for 296 independent department stores. Figures for
•stocks and orders are as of the end of the month; those for sales and
receipts are monthly totals. The "Receipts" series is derived from
sales and changes in stocks and represents approximately the new
merchandise received by the stores in each month. The data shown
are not adjusted for seasonal variation. Latest figures shown are for
February.
198
tially higher this year. Weekly figures for
March indicate a decline in sales from the
February level, whereas a substantial increase is
customary.
Outstanding orders for merchandise at department stores rose further in February to a new
peak level, as is shown in the accompanying
chart. The unusually large volume of orders at
the end of February probably reflected both
orders placed as a result of the large sales and
a tendency for stores to place orders for merchandise further ahead than ordinarily in
anticipation of delays that might result from
shortages of goods and transportation difficulties. It is possible that some portion of the
goods on order will not be delivered. Orders
outstanding at the end of February amounted to
about two and a half months' sales at the
January-February rate—more than double the
more usual relationship in years when sales
in those months were relatively smaller.
Stocks on hand at the end of February were
somewhat smaller than a month earlier, although usually there is an increase at this time
of year. During the latter part of 1941 and the
early part of 1942- stocks had increased sharply,
notwithstanding a high level of sales. By the
end of May 1941 stocks had reached an exceptionally high level. This was maintained until
the autumn and Christmas season when sales
expanded sharply, receipts of new merchandise
by the stores increased less than seasonally,
and stocks therefore declined. At the end of
February stocks amounted to about two and
three-quarters months' sales at the JanuaryFebruary rate as compared with a customary
ratio for this time of year of about three and a
half months' sales. Consideration of plans for
control of inventories and the announcement of
a control program to be inaugurated at the
beginning of the second quarter of 1943 undoubtedly played a part in the reduction in
inventories that has occurred since last summer.
The unusually large sales volume in recent
months and inability to secure many items,
FEDERAL RESERVE BULLETIN
INCREASE I N DEPARTMENT STORE SALES AND ORDERS
particularly consumers' durable goods, however,
have been more important factors.
REGIONAL CHANGES
All parts of the country reported sharp increase in sales in February. Taking January and
February together, however, sales in the northeastern part of the country were not much larger
than a year ago while those in the southern and
western regions showed particularly marked increases, as is indicated in Table I showing data
by Federal Reserve districts. The table also
brings out the fact that since 1940 sales increases
have been greatest in middle western, western,
and southern regions where the combination of
activity generated by exceedingly favorable agricultural conditions and by the bringing into
operation of large new munitions plants has
resulted in marked increases in income.
Stocks and outstanding orders have also
increased generally since 1940 as is shown in
Table II. In all districts orders have risen much
more than sales, reflecting a variety of circumstances, such as transportation difficulties,
lengthening delivery dates, fears of merchandise
shortages, and the like. Increases in stocks
have not been so large as sales increases and,
consequently, the ratio of stocks to sales has
declined from the more usual relationships
prevailing in 1940. As is shown in the table,
only in the Boston and New York districts did
stocks on February 2.8 approximate the 1940
relationship. In all other districts the ratios of
stocks to sales showed considerable declines, the
most pronounced occurring in the Richmond,
Kansas City, Dallas, and San Francisco districts
where sales have increased the most. In general
where sales have shown the largest increases,
ratios of stocks to sales are smallest.
TABLE II
DEPARTMENT STORE STOCKS AND OUTSTANDING ORDERS
TABLE I
DEPARTMENT STORE SALES
By Federal Reserve Districts
By Federal Reserve Districts
January-February averages
Federal Reserve
district
Index numbers
January-February 1940 = 100
1943
1942
Percentage
increase
1942-1943
Federal Reserve
district
1941
Percentage
increase Feb.
29, 1940-Feb.
28,1943
Ratio of
stocks end of
Feb. to J a n Feb. average
sales
Ratio of
orders end of
Feb. to Jan.Feb.average
sales
Stocks
Orders
1943
1940
1943
1940
33
39
40
29
201
166
280
265
3.0
3.1
2.9
2.7
3.3
3.2
3.6
3.5
1.6
1.9
2.0
2,2
0.8
1.0
0.9
1.0
Boston
New York
Philadelphia
Cleveland
148
142
159
168
143
138
152
150
110
108
111
111
3
2
5
12
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
191
171
159
177
162
131
143
150
116
111
110
114
18
31
12
18
Richmond
Atlanta
Chicago
St. Louis
42
20
35
38
341
284
343
234
2.7
2.1
2.5
2.7
3.6
2.8
3.1
3.4
2.4
2.4
2.3
2.3
0.9
1.1
0.9
1.2
Minneapolis
Kansas City
Dallas
San Francisco
154
193
193
182
131
138
134
144
104
110
112
110
17
39
45
27
Minneapolis
Kansas City
Dallas
San Francisco
16
18
23
27
184
329
304
540
2.7
2.3
2.1
2.5
3.4
3.7
3.4
3.6
2.3
2.4
2.4
4.0
1.2
1.1
1.2
1.1
165
143
110
15
33
298
2.7
3.4
2.4
1.0
United States
APRIL 1943
United States ...
199
REVISED REPORTS OF BANK LOANS
In order to lighten the task of reporting and
to improve the classification of statistical information obtained from banks, the Comptroller
of the Currency, the Federal Deposit Insurance
Corporation, and the Board of Governors of the
Federal Reserve System, with the cooperation
of the National Association of Supervisors of
State Banks, have made some revisions in the
banks' periodic condition reports. The revised
report form, which reduces the volume of
information required from banks, was used for
the first time for the December 31, 1942. call. 1
The principal changes were a revision of the
classification of loans and a considerable reduction in the amount of detail reported in the
classification of investments.
Changes in the loan classification are: (1)
the omission of separate figures for various types
of open-market paper and their inclusion in
commercial and industrial loans; (z) the addition
of a separate category for loans on agricultural
commodities covered directly or indirectly by
purchase agreements with the Commodity Credit
Corporation, and the reporting of other agricultural loans as another item; and (3) the addition of items for four separate classes of
consumer loans, formerly included (with some
exceptions) in "all other loans" in the loan
schedule of the call report, but reported separately on somewhat different basis in another
schedule.
The table shows the amount of loans outstanding in each of the new categories on
December 31, 1942., and wherever possible the
corresponding figure for June 30, 1942.. The
regrouping necessary to obtain reasonable comparability is indicated. Complete call report
figures by classes of banks as of December 31,
1941, are shown in tables on pages 350-351 of
this BULLETIN, and principal items for that and
earlier dates are given in the regular BULLETIN
tables on pages 318-319.
1
A short form of call report has been used on spring and autumn
calls since June 1939.
300
Previously loans to producers of agricultural
commodities covered by Commodity Credit
Corporation agreements to purchase the loans
upon request of the financing institutions were
included in agricultural loans, while a small
portion, made to non-farmers and covered only
indirectly by Commodity Credit Corporation
purchase agreements, probably were classified
as commercial and industrial loans. Since an
increasing amount of these loans is of the type
that might have been reported with commercial
loans, the revision of the form eliminates a
possible source of confusion in reporting and
analyzing the figures. Further, the revision
segregates all agricultural loans covered by
Commodity Credit Corporation agreements from
other agricultural loans.
Consumer credit figures obtained in the
December report differ in several respects from
those previously reported on a separate schedule
(Schedule A-i) and discussed on pages 995-996
of the October 1941 BULLETIN.
(1) Instalment loans are now reported on a
gross basis whereas previously they were reported net, that is, excluding deposits accumulated at the lending bank specifically
for repayment of the loan.
(2.) Most of the consumer loans formerly
reported on Schedule A-i were included on the
face of the regular loan schedule as "other
loans." However, a few instalment loans on
tractors and other farm equipment from Schedule A-i were reported in the regular loan
schedule as agricultural loans; similarly some
Schedule A-i instalment loans on beauty parlor equipment, restaurant air-conditioning
equipment, and the like, were shown in the
regular schedule as commercial and industrial
loans. Under the new arrangement in order
to avoid duplication, these loans, though on
an instalment basis, are reported only in the
agricultural or commercial categories and are
no longer included with consumer loans.
FEDERAL RESERVE BULLETIN
REVISED REPORTS OF BANK LOANS
(3) Partially as a result of these changed
instructions for reporting, many banks in
December made a more careful classification
of their consumer loans, particularly of single
payment loans to individuals where the
December figure appears to show an increase
over June 30. Available evidence indicates
that this apparent increase was the result of
more careful reporting of these loans by
banks, rather than an actual increase.
(4) The number of consumer credit items
reported was reduced. The consumer loans
formerly reported on Schedule A-i as "direct
retail automotive loans" and "purchased
automotive paper" were combined in a single
item for the December report as "retail automotive instalment paper." "Other retail
instalment paper purchased," "other direct
retail instalment loans," and "repair and
modernization loans" were also combined in
a single item.
For these reasons adjustments, based on
estimates, would be necessary to make earlier
figures comparable with those reported for
December 31, 1942.. However, monthly estimates of consumer loans at all commercial
banks, compiled from data reported on a net
basis by a sample of reporting banks, provide a
series comparable over time. These figures,
together with other consumer credit statistics,
are published regularly in the BULLETIN; see
pages 344-345 of this issue.
The items omitted in the new breakdown of
investments, shown on page 351, are the detailed
classification by issuing agencies of securities
guaranteed by the United States Government,
APRIL 1943
the classification by maturities of obligations
of States and political subdivisions, and the
classification by types of issuers and maturities
of other securities. Totals for these various
groups continue to be reported. Also omitted
from the report were the detailed classification
of time deposits of individuals into savings
accounts, certificates of deposit, and other
categories, and some details regarding real
estate owned.
MEMBER BANK LOANS
[In millions of dollars]
Commercial and industrial loans1
Open-market paper2
Loans secured by agricultural commodities, covered by purchase agreements of Commodity
Credit Corporation
Other agricultural loans, including those secured
by livestock but excluding those secured by real
estate
Loans to brokers and dealers in securities
Other loans for purchasing or carrying securities...
Real estate loans:
Secured by farm land and improvements
Secured by residential properties
Secured by other properties
,
Loans to banks
All other loans, including overdrafts—Total
Consumer loans to individuals:
Retail automobile instalment paper
Other retail instalment paper, and repair and
modernization loans
Personal instalment cash loans
Single payment loans to individuals
Other
Total loans and discounts.
16,928
1
Includes open-market paper in December, reported separately in
June. Includes in June a small volume of loans indirectly covered by
Commodity Credit Corporation purchase agreements, reported in the
third item in December; also includes in June some consumer loans,
reported
separately in December.
2
Not reported separately in December.
3
Probably includes between 50 million and 100 million dollars of
loansjto producers of agricultural commodities, covered by Commodity
Credit Corporation purchase agreements, reported in the third
item4 in December.
Includes consumer loans reported on gross basis in both June and
December. However, in June some consumer loans (particularly
retail instalment paper purchased) probably were included in commercial5 and industrial loans.
Consumer loans reported on net basis in June 1942, not comparable
with gross figures reported beginning December 1942. Net figures
for June 30 shown on p. 996 of October 1942 BULLETIN.
301
CURRENT EVENTS
Meetings in Washington
A meeting of the Presidents of the Federal
Reserve Banks was held in Washington on
March i, and on March 2. the Presidents met
with the Board of Governors.
On the latter date a meeting of the Federal
Open Market Committee was held at which
Marriner S. Eccles was reelected as Chairman
of the Committee and Allan Sproul as Vice
Chairman. The representative members of the
Committee elected by the Federal Reserve Banks
for the period of one year beginning March 1,
1943, are W. W. Paddock, Allan Sproul, M. J.
Fleming, W. S. McLarin, and William A. Day,
Presidents of the Federal Reserve Banks of
Boston, New York, Cleveland, Atlanta, and
San Francisco, respectively. The members of
the executive committee are Marriner S. Eccles,
Chairman; Allan Sproul, Vice Chairman; Ronald
Ransom, R. M. Evans, and W. W. Paddock.
Deaths of Directors
Max W. Babb, Chairman of the Allis-Chalmers Manufacturing Company, Milwaukee,
Wisconsin, who had served as a Class B director
of the Federal Reserve Bank of Chicago since
April 15, 1930, died on March 13, 1943.
Howard Gray, New Market, Alabama, who
had served as a director of the Birmingham
Branch of the Federal Reserve Bank of Atlanta
since June 2., 1937, died on March 15, 1943.
Announcement of Changes at the Cincinnati and
Pittsburgh Branches
The Federal Reserve Bank of Cleveland has
announced that in recognition of the growing
importance of its branches and the intention of
increasing the scope of their activities and
responsibilities, the by-laws have been amended
to provide that the chief executive officers of the
branches, heretofore designated as Managing
Directors, be Vice Presidents of the Federal
Reserve Bank of Cleveland. The amendment
to the by-laws provides the same arrangement
at the Head Office where the chief executive
officer is not a member of the board of directors,
and permits the appointment of an additional
3Oi
representative of the public on each branch
board.
Under this arrangement Messrs. B. J. Lazar
and J. W. Kossin, who had been serving as
Managing Directors of the Cincinnati and
Pittsburgh Branches, respectively, were elected
Vice Presidents of the Federal Reserve Bank of
Cleveland. On March 2.5, 1943, the appointment was announced of Mr. Frederick V. Geier,
President of The Cincinnati Milling Machine
Company, Cincinnati, Ohio, as a director of the
Cincinnati Branch for the period ending December 31, 1943, to fill the unexpired term of
Mr. B. J. Lazar on the branch board.
Admissions of State Banks to Membership
The following State banks were admitted to
membership in the Federal Reserve System during the period February 16, 1943, to March 15,
1943, inclusive:
Athens, Alabama—Limestone County Bank
Holgate, Ohio—The Holgate State Bank
Newman, Illinois—First State Bank of Newman
Federal Reserve Chart Book I
The Board now has available for distribution a
completely revised edition of Federal Reserve
Chart Book I on Bank Credit, Money Rates, and
Business. Old charts have been materially revised, some charts have been discontinued, and
new charts have been added. The charts include
all information available as of March 2., 1943.
Chart Book I, which will again be of briefcase size, contains about 50 charts on bank
credit, Treasury finance, money rates, security
markets, and business conditions. Many of the
charts cover the period from 1919 to date and
some cover the period from 1914 to date. The
charts contain space for data for 1943 and 1944
with lightly printed grids to aid in keeping them
up to date. The book includes a list of sources
for back figures and an index.
The Federal Reserve BULLETIN will continue
regularly to include a table of data for bringing
the charts up to date; see pages 347-348 of this
issue. The price of the book is 50 cents; in
quantities of ten or more, 45 cents.
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
Compiled March 22 and released for publication March 26. Figures shoivn on
charts may differ from preliminary figures used in text.
Industrial activity continued to advance in
February and the early part of March. Retail
sales of merchandise, particularly clothing,
were exceptionally large in February but declined somewhat in March. Wholesale prices,
particularly of farm products, advanced further.
PRODUCTION
Total industrial output continued to increase
in February and the Board's adjusted index rose
to 103 per cent of the 193 5-1939 average as compared with 199 in January. Larger output at
coal mines, steel mills, and armament plants was
chiefly responsible for the rise in the index.
February deliveries of finished munitions, including a record of 130 merchant ships, considerably exceeded the previous month.
Activity at steel mills reached the peak set
last October. Operations averaged 98 per cent
of the mills' capacity, which has been increased
since that time to a figure above 90 million
tons of ingots annually.
Lumber production, which declined in January owing largely to unfavorable weather, increased in February somewhat more than is
usual at this season.
INDUSTRIAL
DEPARTMENT STORE SALES AND STOCKS
PRODUCTION
220
200
/
180
/
160
-
/1
140
-
, /
120
100
1937
1938
1939
1940
1941
1942
1943
..
Federal Reserve index. Monthly figures, latest shown is for
February.
APRIL 1943
Output of textile products remained at the
high level of other recent months. Cotton
consumption was slightly lower than the corresponding month of the previous year, while
rayon and wool consumption were somewhat
higher than last year. Shoe production, unchanged from January, was close to the level set
by the War Production Board order which limits
output of shoes for civilians in the six months
beginning March 1 to the number produced in
the last half of 1941. Meatpacking declined
less than seasonally after a reduction in January,
while output of most other foods was lower.
Coal output rose sharply in February with the
general adoption of the six-day work week in
the mines. Operations in the anthracite mines
increased to the high level of last summer while
output of bituminous coal was the highest in
many years.
The value of construction contracts awarded
in February was about the same as in January
according to reports of the F. W. Dodge Corporation. Total Federal awards for war construction remained at a level about one-third
as large as during last summer. Federal awards
for housing continued to decline in February.
|40
I
1937
1938
1939
1940
1941
1942
1943
Federal Reserve indexes. Monthly figures latest shown are for
February.
303
NATIONAL SUMMARY OF BUSINESS CONDITIONS
DISTRIBUTION
Department store sales increased considerably
in February and the Board's seasonally adjusted
index rose to a new high level of 167 per cent of
the 192.3-2.5 average. Previous peaks had been
143 in January and 138 in January and November 1942.. The increase in February reflected
a new buying wave that began early in the
month and centered chiefly in clothing items.
In the first half of March the buying wave subsided somewhat and sales declined from the
high level reached during February.
Freight carloadings showed more than a
seasonal rise in February and the first two weeks
of March and the Board's adjusted index averaged 4 per cent higher than in January.
COMMODITY PRICES
Prices of a number of commodities advanced
further in February and in the early part of
March. Farm products continued to show
the largest increases and prices received by
farmers in the middle of March are estimated
to be about 30 per cent above a year ago.
Fruit and vegetable prices are considerably
higher now than during the same season last
year. Prices of bread grains and grains used for
livestock feeding have advanced sharply in
recent months and livestock prices have also
risen further.
In retail markets the largest advances have
continued to be in food prices. In the latter
part of February maximum levels were established for leading fresh vegetables following
WHOLESALE PRICES
sharp price increases resulting in part from the
restrictions on retail sales of canned and dried
vegetables and fruits.
BANK CREDIT
Excess reserves of member banks remained
generally above z billion dollars during the
first two weeks of March, compared with an
average of about i.8 billion during the latter
part of February. During the four weeks ending March 17 total Reserve Bank holdings of
Government securities showed an increase of
470 million dollars. Purchases of special Treasury one-day certificates moderated the effect of
large scale shifts of funds over the tax payment
period. These purchases began early in March
and on March 17 the certificate outstanding was
980 million dollars. Holdings of other Government securities declined by 510 millions. Reflecting the payment of taxes in cash, money in
circulation rose less rapidly early in March and
declined slightly around the middle of the
month. The gain in reserve funds occurred
mainly at banks outside the central reserve
cities; at New York City and Chicago banks
reserves remained close to requirements.
In the four-week period ending March 17
member banks in 101 leading cities increased
their holdings of Government securities by 9x0
million dollars. Prices of Government securities continued steady.
Demand deposits at banks in leading cities
increased sharply over the four-week period.
Interbank deposits also increased, indicating
accumulation of funds by country banks.
MEMBER BANK RESERVES AND RELATED ITEMS
40
20
/
110
FARIV
PRODUCTS zf-
00
OTHER*
^
80
*
- > v v
- J
ALL COMMODITIES
60
*
OTHER THAN FARM PROOU
CTS AND FOODS.
50
1938
Bureau of Labor Statistics' indexes. Weekly figures, latest shown
are for week ending March 20.
3°4
1939
1940
1941
1942
1943
Wednesday figures, latest shown are for March 24.
FEDERAL RESERVE BULLETIN
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
PAGE
Member bank reserves, Reserve Bank credit, and related items
Federal Reserve Bank discount rates; rates on time deposits, reserve
requirements, margin requirements
Federal Reserve Bank statistics
Guaranteed w a r production loans
Reserve position of member banks; deposits in larger and smaller
centers
Money in circulation
Gold stock; Postal Savings System; bank suspensions; bank d e b i t s . . .
All banks in t h e United States, number, deposits, loans and investments
Condition of all member banks
,
Weekly reporting member banks
Commercial paper, bankers' acceptances, and brokers' b a l a n c e s . . . ,
Money rates and bond yields
Security markets
Corporate profits
...,,,...
..,
Treasury
finance
Government corporations and credit agencies
Business indexes
Department store statistics
Consumer credit statistics
Wholesale prices
Current statistics for Federal Reserve chart book
All member banks—Assets and liabilities on Dec. 31, 1942. by classes
of banks
All member banks—Classification of loans and United States Government direct obligations
307
308
?> 9~'b'L'h
313
o
314
315
316
317
318-319
310-313
314
315
316-32.7
318
3 2.9—3 3 1
331
333—341
342.-343
344-345
346
347-348
350
351
Tables on the following pages include the principal available statistics of current significance relating
to financial and business developments in the United States. The data relating to the Federal Reserve
Banks and the member banks of the Federal Reserve System are derived from regular reports made to the
Board; index numbers of production are compiled by the Board on the basis of material collected by other
agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government
credit agencies are obtained principally from statements of the Treasury, or or the agencies concerned;
data on money and security markets and commodity prices and other series on business activity are obtained largely from other sources. Back figures may in most cases be obtained from earlier BULLETINS
and from Annual Reports of the Board of Governors for 1937 and earlier years.
APRIL 1943
305
MEMBER BANK RESERVES AND RELATED ITEMS
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
WEDNESDAY FIGURES
24
24
MONEY IN CIRCULATION
y
TREASURY CASH AND DEPOSITS
0
t
16
12
12
1937
1938
1939
1940
1941
1942
1943
Latest figures for March 24. See page 307.
3O6
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
]Reserve
Bank credit outstanding
U. S. Government
securities
Date
Bills
disounted
Total
Monthly averages of
daily figures:
1941—Dec.
1942—Jan
Feb
Dec
1943—Jan
Feb
4
4
9
8
11
2 219
2,251
2,249
5,549
5,953
5,753
End of month figures:
1941—Dec. 31
1942—Jan. 31
Feb. 27
Dec. 31
1943—Jan. 30
Feb. 27
3
4
5
6
14
16
2,254
2,243
2,262
6,189
5,969
5,871
8
8
5
6
Wednesday figures:
1942—May 6
May 13
May 20
May 27
5
'reasury
bills
and
ertificates
All
oth'er
All
other1
Total
Gold
stock
Treasury
currency
outstanding
Treasury deMoney Treasposits
ury
in cir- cash
with
culaFederal
holdtion
Reings
serve
Banks
Nonmemaer deposits
Member
bank reserve
balances
Other
Federal
Reserve
accounts
Total
Excess2
2,209
2,244
2,249
4,064
4,102
3,740
180
148
136
478
360
330
2,404
2,402
2,389
6,035
6,321
6,094
22,759
22,741
22,729
22,740
22,706
22,648
3,239
3,252
3,263
3,472
3,724
3,897
10,985
11,105
11,328
15,119
15,399
15,837
2,189
2,209
2,189
2,199
2,192
2,211
592
467
377
307
310
212
1,531
1,389
1,292
1,210
1,250
1,177
292
291
288
261
256
270
12,812
12,936
12,908
13,152
13,344
12,933
3,390
3,446
3,309
2,376
2,132
1,712
2^051
2,007
2,264
2,244
2,243
2,262
4,138
3,962
3,607
104
123
144
484
356
410
2,361
2,369
2,412
6,679
6,339
6,296
22,737
22,747
22,705
22,726
22,683
22,644
3,247
3,259
3,268
3,648
3,830
3,946
11,160
11,175
11,485
15,410
15,590
16,088
2,215
2,196
2,172
2,191
2,199
2,221
867
361
567
799
4
131
1,360
1,428
1,255
1,278
1,171
1,111
291
289
287
256
258
269
12,450
12,927
12,619
13,117
13,630
13,067
3,085
3,347
2,969
1,988
2,387
1,925
2,436
2,484
2,445
2,489
137
185
145
183
2,299
2,299
2,299
2,306
128
119
128
89
2,572
2,612
2,578
2,584
22,703
22,706
22,709
22,712
3,291
3,294
3,299
3,302
11,845
11,861
11,888
11,971
2,193
2,191
2,188
2,197
376
158
304
239
1,413
1,440
1,427
1,430
295
295
293
293
12,444
12,667
12,486
12,467
2,691
2,925
2,565
2,535
10
7
1,485
1,852
2,013
10
June
June
June
June
3
10
17
24
6
6
5
5
2,53^
2,568
2,579
2,583
226
252
257
254
2,306
2,316
2,322
2,329
185
135
220
110
2,723
2,708
2,803
2,698
22,715
22,717
22,729
22,735
3,306
3,310
3,311
3,313
12,141
12,176
12,208
12,231
2,188
2,213
2,189
2,191
110
92
160
139
1,358
1,333
1,277
1,358
293
293
304
303
12,653
12,629
12,706
12.523
2,783
2,782
2,791
2.648
July
July
July
July
July
1
8
15
22
29
3
3
4
5
5
2,728
2,909
3,038
3,047
3,110
391
553
673
679
743
2,337
2,356
2,365
2,367
2,367
142
157
185
144
122
2,873
3,069
3,227
3,196
3,237
22,739
22,740
22,742
22,745
22,746
3,314
3,315
3,319
3,321
3,322
12,416
12,489
12,502
12,546
12,647
2,195
2,190
2,201
2,223
2,224
485
548
946
298
183
1,341
1,353
1,302
1,347
1,411
297
297
295
295
296
12,192
12,246
12,042
12,551
12,545
2,259
2,322
2,065
2,296
2,196
Aug. 5
Aug. 12
Aug. 19
Aug. 26
5
5
4
5
3,303
3,387
3,448
3,389
928
1,012
1,073
1,011
2,374
2,375
2,375
2,378
137
120
163
131
3,446
3,512
3,615
3,525
22,739
22,742
22,744
22,747
3,328
3,332
3,333
3,337
12,794
12,870
12,956
13,057
2,204
2,206
2,206
2,219
285
174
240
176
1,333
1,331
1,344
1,338
295
296
294
293
12,602
12,709
12,653
12,526
2,246
2,381
2,103
2,342
9
13
10
9
8
3,388
3,502
3,573
3,395
3,567
1,100
1,212
1,025
1,161
2,392
2,403
2,361
2,370
2,407
144
188
274
178
199
3,542
3,703
3,857
3,581
3,774
22,756
22,745
22,747
22,750
22,754
3,341
3,343
3,346
3,349
3,353
13,250
13,389
13,440
13,519
13,703
2,216
2,205
2,206
2,200
2,222
146
214
6
485
661
1,318
1,290
1,239
1,292
1,407
291
290
299
298
296
12,418
12,402
12,760
11,886
11,592
2,262
2,348
3.039
2,034
1,690
7
14
21
28
8
11
9
3,592
3,809
4,225
4,441
1,104
1,101
1,111
1,137
2,488
2,708
3,114
3,304
184
222
261
127
3,784
4,042
4,494
4,578
22,756
22,758
22,745
22,739
3,356
3,359
3,363
3,366
13,830
13,932
13,995
14,082
2,235
2,228
2,238
2,249
393
123
521
372
1,342
1,283
1,254
1,448
295
291
290
286
11,801
12,303
12,304
12,246
2,291
2,713
2,352
2,158
Nov. 4
Nov. 11
Nov. 18....
Nov. 25
11
10
8
10
4,551
4,658
4,695
4,843
1,064
1,113
1,091
1,117
3,486
3,545
3,603
3,725
119
256
343
229
4,680
4,925
5,045
5,083
22,739
22,741
22,741
22,742
3,369
3,373
3,375
3,377
14,312
14,408
14,465
14,648
2,260
2,234
2,249
2,239
361
234
300
68
1,363
1,391
1,252
1,233
283
278
274
267
12,211
12,493
12,622
12,746
2,118
2,402
2,489
2,518
Dec.
Dec.
Dec.
Dec.
Dec.
2
9
16
23
30
9
9
9
10
5
5,140
5,546
5,537
5,627
5,989
1,217
1,495
1,460
1,515
1,856
3,923
4,051
4,077
4,112
4,133
311
258
508
655
435
5,460
5,813
6,055
6,292
6,428
22,743
22,743
22,744
22,735
22,726
3,381
3,383
3,440
3,569
3,628
14,848
14,986
15,092
15,329
15,407
2,243
2,192
2,184
2,182
2,194
94
60
13
497
811
1,300
1,183
1,163
1,191
1,315
259
252
269
268
266
12,840
13,267
13,517
13,129
12,788
2,504
2,804
2,637
2,192
1,656
1943—Jan. 6
Jan. 13
Jan. 20
Jan.27
4
7
10
10
6,032
5,975
5,818
5,729
1,895
1,841
1,701
1,690
4,138
4,134
4,117
4,039
341
292
367
252
6,378
6,274
6,195
5,992
22,712
22,712
22,703
22,692
3,660
3,697
3,747
3,793
15,393
15,322
15,354
15,438
2,192
2,190
2,196
2,199
273
329
374
122
1,172
1,308
1,311
1,181
256
255
255
258
13,464
13,279
13,156
13,278
2,326
2,149
1,998
2,094
Feb. 3
Feb.10
Feb. 17
Feb. 24
9
13
9
11
5,475
5,719
5,795
5,931
1,588
1,939
2,083
2,275
3,887
3,780
3,712
3,656
283
250
410
281
5,766
5,983
6,214
6,223
22,663
22,642
22,642
22,643
3,846 15,666
3,885 15,798
3,915 15,845
3,925 15,952
2,200
2,209
2,221
2,223
49
280
188
258
1,156
1,213
1,158
1,171
262
264
268
270
12,942
12,747
13,093
12,917
1,700
1,640
1,992
1,788
Mar.
Mar.
Mar.
Mar.
12
9
10
10
5,800
6,090
6,266
5,950
2,287
2,747
3,102
2,883
3,513
3,343
3,165
3,067
319
291
422
320
6,130
6,390
6,699
6,280
22,643
22,644
22,610
22,595
3,953
3,971
3,979
3,984
2,212
2,218
2,224
2,218
14
5
6
6
1,141
1,179
1,129
1,185
271
lit
297
301
12,935
13,122
13,516
13,084
1,786
1,877
2,126
1,632
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.
2
9
16....
23....
30....
3
10....
17
24
7
996
16,154
16,205
16,115
16,065
1
2
Includes industrial advances shown separately in subsequent tables.
End of month and Wednesday figures estimated.
NOTE.- For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article, together
with available back figures, may be obtained upon request. Back figures are also shown in Annual Report for 1937 (tables 3 and 4) and for excess reserves
in BULLETIN for August 1935, pp. 499-500.
APRIL 1943
307
FEDERAL^RESERVE B A N K D I S C O U N T RATES
[In effect March 31. Per cent per annum]
Discounts for and advances to member banks
Federal Reserve Bank
Advances secured by
Government obligations maturing or
callable in one year
or less (Sec. 13)
Effective
Rate
X
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta. ."
Chicago
St. Louis
Minneapolis
Kansas City —
Dallas...
San Francisco..
y*
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Advances secured by
Government obligations
maturing or callable
beyond one year and Other secured advances
[Sec.io(b)]
discounts of and
advances secured by
eligible paper
(Sees. 13 and 13a)1
Effective
Rate
Sept.
Aug.
Mar.
Apr.
Mar.
Mar.
Feb.
Mar.
Mar.
Apr.
Mar.
Apr.
27, 1942
30, 1942
17, 1942
27, 1942
28, 1942
15, 1942
17, 1942
27, 1942
30, 1942
27, 1942
17, 1942
28, 1942
1, 1939
25, 1939
21, 1942
11, 1942
14, 1942
21, 1942
28, 1942
14, 1942
28, 1942
11, 1942
21, 1942
4, 1942
IX
1H
1H
Oct.
Oct.
Oct.
Sept.
Oct.
Oct.
Aug.
Mar.
Oct.
Oct.
Oct.
Oct.
27,
30,
17,
12,
28,
15,
29,
14,
30,
27,
17,
28,
To others
To nonmember banks
Rate
Effective
Rate
Advances to individuals, partnerships,
or corporations other than member banks
secured by direct obligations of the U. S.
(last par. Sec. 13)
Effective
Sept.
Aug.
Mar.
Apr.
Mar.
Sept.
Sept.
Sept.
Mar.
Sept.
Sept.
Apr.
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
Effective
Rate
1, 1939
25, 1939
21, 1942
11, 1942
14, 1942
16, 1939
1, 1939
16, 1939
28, 1942
16, 1939
16, 1939
4, 1942
Oct. 27,
Oct. 30,
Oct. 17,
Oct. 27,
Oct. 28,
Oct. 15,
Oct. 17,
Oct. 27,
Oct. 30,
Oct. 27,
Oct. 17,
Oct. 28,
V2
2
2
2V*
2
2
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
paragraph of Section 13 is 90 days.
FEDERAL RESERVE BANK BUYING RATES ON BILLS
[Per cent per annum]
Maturity
Treasury billsl
Bankers' acceptances:2
1- 90 days
91-120 days
121-180 days
Rate on
Mar. 31
In effect beginning—
H
Apr. 30, 1942
Previous
rate
FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b
OF THE FEDERAL RESERVE ACT
Maturities not exceeding five years
[In effect March 31. Per cent per annum]
I
1
1
Oct. 20, 1933
Vi
do
%
do
1
1 Established rate at which Federal Reserve Banks stand ready to buy
all Treasury bills offered.
2Minimum buying rates on prime bankers' acceptances.
To industrial or
commercial
businesses
Discounts o
purchases
Federal Reserve
Bank
On
advances 1
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Net demand deposits 1
Central
reserve
city
banks
June 21, 1917-Aug. 15, 1936
Aug. 16, 1936-Feb. 28, 1937
Mar. 1, 1937-Apr. 30, 1937
May 1, 3937-Apr. 15, 1938
Apr. 16, 1938-Oct. 31, 1941
Nov. 1, 1941-Aug. 19, 1942
Aug. 20, 1942-Sept. 13, 1942
Sept. 14, 1942-Oct. 2, 1942
Effective Oct. 3, 1942.
Reserve Country
city
banks
banks
13
10
15
7
10H
26
22^
26
24
22
20
20
14
12
14
14
14
14
17M
20
20
20
20
Time
deposits
(all
member
banks)
Apr. 1,
1936- Effective
t,
Oct. 31, Nov.
1937
1937
40
50
40
1 Reg. T a n d U limit the amount of credit that may be extended on a
security by prescribing a maximum loan value, which is a specified
percentage of its market value at the time of the extension; the "margin
requirements" shown in this table are the difference between the market
value (100%) and the maximum loan value.
2
Requirement under Reg. T was the margin "customarily required"
by the broker. 3 Reg. 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.
308
On
On
On comcommitportion
ments for which On re- mitments
maining
instituportion
tion is
obligated
2H-5
X-M
X-Vi
X-Vi
23^-5
X-1X
X-lX
X-U4
XiX
2^5
(2)
I
(3)
(2)
23^-5
Xl
X-iX
341X
XrWi
X-iX
(2)
23^-5
2H5
(3)
X
-lX
H
1
2
3
4
MARGIN REQUIREMENTS^
[Per cent of market value]
For extensions of credit by brokers and dealers on
listed securities, under Regulation T
For short sales, under Regulation T
For loans by banks on stocks, under Regulation U . . . .
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas. . . . . . .
San Francisco
1
See footnote to table on p. 314 for explanation of method of computing
net demand deposits.
Prescribed by Board of Governors of the Federal
Reserve System in accordance with Securities
Exchange Act of 1934
Boston
New York
Philadelphia. .
Cleveland
To financing institutions
Including loans made in participation with financing institutions.
Rate charged borrower less commitment rate.
Rate charged borrower.
May charge same rate as charged borrower by financing institution, if
lower.
5
Financing institution is charged 34 P e r cent on undisbursed portion of
loan under commitment.
MAXIMUM RATES ON TIME DEPOSITS
iy be paid by member banks as established by
Maximum rates that may
the Board of Governors
/ernors under provisions
provision of Regulation Q
[Per cent per annum 1
Nov. 1,1933Jan. 31,1935
Feb. 1,1935Dec. 31,1935
Effective
Jan. 1,1936
Savings deposits
Postal savings deposits...
Other deposits payable:
In 6 months or m o r e —
In 90 days to 6 months.
In less than 90 d a y s . . . .
NOTE.—Maximum rates that may be paid by insured nonmember banks
as established by the F . D . I. C , effective February 1, 1936, are the
same as those in effect for member banks. Under Regulation Q the rate
payable by a member bank may not in any event exceed the maximum
rate payable by State banks or trust companies on like deposits under
the laws of the State in which the member bank is located.
FEDERAL RESERVE BULLETIN
PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
End of month
Wednesday figures
Mar. 24
Mar. 17
Mar. 10
Mar. 3
1942
1943
1943
Feb. 24
Feb. 17
Feb. 10
Feb. 3
Jan.
Feb.
Feb.
Assets
Gold certificates on hand and
due from U. S. Treasury
20,392, 664 20,406,666 20, 443,178 20,,449,179 20,441,281 20,442,282 20,443,277 20,463,780 20,439,279 20,487,782 20,502,518
40,835
36,232
36,296
32,677
40,972
35,889
34,606
35,177
Redemption fund—F. R. notes..
42,104
36,591
12,399
390,639
374,144
411,036
382,063
398,570 393,404
396,930
Other cash
397,679
369,503
383,087
331,502
Total reserves
20,832,447 20.838,140 20,853,653 20,859,555 20,859,233 20,877,148 20,871,287 20,895,887 20,858,957 20,931,495 20,846,419
Bills discounted:
For member banks
For nonmember banks, etc .
Total bills discounted....
Industrial advances
U.S. Government securities:
Direct
Bonds
Notes
Certificates
Bills
Guaranteed
7,693
2,500
7,507
2,500
6,248
2,500
9,234
2,500
7,314
4,000
5,435
4,000
9,358
4,000
4,813
4,000
11,557
4,000
9,858
4,000
4,974
10,007
10,193
8,748
11,734
11,314
9,435
13,355
8,813
15,557
13,858
4,974
12,670
12,968
13,319
13,040
13,749
13,885
14,087
13,955
13,192
12,373
8,538
2,056,951 2,124,145 2,227,369 2,310,619 2,411,145 2,452,124 2,517,462 2,582,068 2,367,102 2,637,104 1,566,386
998,200 1,071,300 1,152,800 1,195,125 1,210,125 1,212,725 1,253,554 1,190,125 1,275,254
692,500
968,000
796,375
788,875
785,875
812,875
859,665
788,875 1,317,200
1,327,275 1,795,775 1,420,875
728,004 1,475,272
689,447
1,556,045 1,306,056 1,325,876 1,497,962 1,489,450 1,287,039 1,126,393
44,691
42,191
49,476
49,476
49,476
49,476
51,476
49,476
49,976
42,191
3,600
Total U.S. Government
securities, direct and
guaranteed
5,950,462 6,266,367 6,090,111 5,799,732 5,931,071 5,795,139 5,718,931 5,474,767 5,870,850 5,968,981 2,262,486
Other Reserve Bank credit out409,182
396,492
standing
307,250
268,658
266,866 395,987
135,939
236,376
305,653
278,315
344,056
Total Reserve Bank
credit outstanding... 6,280,389 6,698,710 6,390,493 6,130,159 6,223,000 6,214,446 5,982,752 5,766.193 6,296,091 6,339,268 2,411,937
Liabilities
F.R. notes in actual circulation. 12,607,686 12,651,368 12,705,336 12,672,087 12,511,483 12,428,930 12,395,552 12,302,229 12,627,431 12,265,372 8,558,920
Deposits:
Member bank —reserve ac13,084,369 13,515,702 13,121,628 12,934,772 12,917,205 13,092,939 12,746,877 12,941,697 13,066,513 13,630,417 12,618,700
count
U. S. Treasurer—general
account
6,067
188,130
130,596
5,711
258,178
280,343
48,883
3,883
567,416
14,227
Foreign
866,617
826,581
896,820
899,682
802,332
793,547
792,213
697,822
851,281
801,531
805,906
Other deposits
262,497
284,149
282,662
285,280
361,972
378,703
557,303
289,653
356,165
368,971
407,051
Total deposits
14,275,042 14,650,883 14,305,918 14,089,933 14,345,855 14,439,566 14,240,177 14,146,099 14,307,839 14,805,216 14,441,241
Ratio of total reserves to deposit
and F.R. note liabilitiescombined (per cent)
76.3
77.5
77.2
77.9
77.7
77.7
78.4
79.0
77.4
77.3
90.6
MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
Total
Bills discounted:
Feb 24
Mar 3
Mar 10
Mar 17
Mar 24
Industrial advances:
Feb 24
Mar. 3
Mar. 10
Mar 17
Mar. 24
,.
...
.
.
16 to 30
days
31 to 60
days
61 to 90
days
91 days
to 6
months
6 months
to
lyear
lyear
to
2years
2 years
to
5 years
Over
5 years
9
11,314
11,734
8,748
10,193
7,320
8,361
1,603
3,787
1,300
765
5,808
5,263
1,956
2,466
1,227
1,130
729
138
108
11
4
2
2
13,749
13,040
13,319
12,968
8,494
8,990
8,964
8,851
455
376
288
224
121
175
174
157
1,323
502
880
654
1,045
913
919
999
1,335
1,158
1,148
1,147
788
745
766
757
5,931,071
5,799,732
6,090,111
6,266,367
220,947
210,538
788,390
1,107,542
325,753
294,933
194,434
30,424
249,891
727,689
726,203
838,886
896,138
588,902
580,949
635,854
554,371
426,150
387,150
388,800
352,100
351,900
351,900
440,700
245,085
225,585
218,700
360,100
188
181
180
179
.
U. S. Government securities, direct and
guaranteed:
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Mar 24
APRIL 1943
Within
15 days
1,187,895
1,162,970
1,107,070
832,171
1,898,891
1,811,065
1,735,315
1,631,890
309
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
klinneapolis
Kansas
City
Dallas
San
Francisco
Assets
Gold certificates on hand
and due from U. S.
Treasury:
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Mar. 24
0,441,281
!0,449,179
10,443,178
10,406,666
10,392,664
151,759
193,919
182,845
183,407
183,055
077,731
021,324
085,615
191,403
159,255
,212,469
,234,824
,232,663
,218,226
,235,728
825,201
874,913
873,207
856,857
888,439
020,114
049,617
052,389
026,452
017,299
847,565
883,940
881,262
869,724
853,528
,634,615
,550,709
1,565,476
1,561,654
,562,255
736,736
640,060
636,556
619,958
615,220
55,741
61,748
:60,091
r36,913
431,636
719,184
718,903
730,776
709,654
703,781
163,445
176,409
170,553
62,018
63,260
196,721
242,813
171,745
170,400
167,208
Redemption Fund—
Federal Reserve notes:
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Mar. 24
35,889
36,23:
40,972
40,835
42,104
2,734
2,656
2,604
2,548
2,477
1,561
1,261
1,064
1,852
1,587
5,835
5,692
5,577
5,453
5,302
663
554
485
937
852
6,968
8,325
7,694
7,006
8,114
2,476
2,402
2,355
2,306
2,241
914
779
719
652
1,565
5,045
5,004
10,985
10,962
10,934
147
120
113
107
746
711
69'
681
659
765
742
729
715
69'
8,035
7,986
7,950
7,616
7,578
382,063
374,144
369,503
390,639
397,67'
34,383
37,330
38,961
43,659
44,843
85,471
83,428
84,547
86,862
90,726
22,822
23,211
22,829
26,519
26,528
46,505
44,773
45,355
44,427
44,743
18,742
19,923
20,318
20,176
19,706
18,251
16,997
15,602
18,897
18,859
61,054
57,065
53,217
53,414
53,501
16,824
16,434
15,433
17,543
18,460
8,994
8,829
8,651
8,313
8,317
13,109 11,518
12,528 10,053
11,869 9,64r
11,662 9,834
12,736 10,818
44,390
43,573
43,072
49,333
48,442
20,859,23;?
20,859,55.
20,853,65.5
20,838,14C
20,832,44r
188,876
233,905
224,410
229,614
230,375
,164,763 ,241,126 ,872,369 ,045,824
,106,013 ,263,72 ,920,240 ,077,865
,171,226 ,261,069 ,919,04" ,080,401
,280,117 250,198 ,902,221 ,053,634
,251,568 267,558 ,934,034 ,045,119
868,29:
903,339
899,219
890,92"
874,628
,696,583
,608,553
,619,41"
,615,720
,617,321
758,605
661,498
662,974
648,463
644,614
464,88:
470,69'
468!,855
445,333
452,051
575,728
187,204
180,931
172,567
74,775
,249,146
294,372
222,767
227,349
,223,228
Bills discounted:
Secured by U. S. Government obligations, direct and guaranteed:
Feb. 24
:..
Mar. 3
Mar. 10
Mar. 17
Mar. 24
7,29C
9,21C
6.28C
5,17i
7,50:
520
1,500
50
Other bills discounted:
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Mar. 24
4,02<
2,524
2,46*
5,02;:
2,50:
Other cash:
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Mar. 24
Total reserves:
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Mar. 24
3J440
2.50C
5,530
5,220
5,935
4,905
3,650
200
200
50
100
150
790
540
40
40
40
125
125
25
1,708
1,068
1,068
1,068
1,068
380
238
238
238
238
392
252
251
172
108
108
108
108
7,238
6,288
7,003
5,973
4,718
580
438
288
338
388
1,182
792
29:
29:
27(
4,5i:
4,87(
4,83$
4,661
4,50*
1,25'
1,06*
l,09(
1,225
1,195
58.
565
564
564
51-
25:
230
733,039
732,142
743,342
721,997
717,176
125
12:
125
125
125
1,500
100
140
88
88
88
488
305
305
305
305
14C
1,58?
8*
488
305
305
30.
30.
304
190
190
190
190
120
75
75
75
75
Total bills discounted:
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Mar. 24
11,31
11,73'
8.74J
10,19,
10,00'
Industrial advances:
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Mar. 24
13,745
13,04C
13,315
12,96*
12.67C
966
964
963
963
991
2,435,86
2,335,33,
2,252,08
2,148,86
2,081,66
179,83C
172,45=
166,393
158,785
153,831
647,96;
619,73.
594,93;
566,97
549,00:
191,60:
183,46(
176,50:
168,31
163,01
229,97:
220,16
211,721
201,87.
195,51
148,77:
143,11
138,89
132,751
128,67J
109,47:
105,12:
101,691
97,105
94,102
301,567
289,80*
280,722
268,171
259,90C
116,887
112,204
108,460
103,554
100,33(
71,14
68,13.
65,57.
62,531
60,56:
115,72.
110,91<
106,91
102,00
98,80
95,61
91,71!
88,53(
84,50:
81,86
227,305
218,489
211,734
202,289
196,058
1,219,88
1,177,56
1,091,2'
1,015,67
985,4"
90,05'
86,95(
80,62'
75,05:
72,82^
324,503
312,49i
288,28^
267,98*
259,903
95,95'
92,50i
85,521
79,55^
77,16*
115,17
111,01^
102,59;
95,42(
92,55.
74,501
72,16:
67,30:
62,74:
60,91
54,822
53,005
49,277
45,90:
44,54?
151,02.
146.13C
136,025
126,752
123,03(
58,53'
56,57'
52,55
48,94:
47,50:
35,631
34,35.
31,77
29,55.
28,66!
57,95
55,93
51,80
48,21i
46, 77i
47,88.
46,24<
42,901
39,94
38,7:
113,833
110,172
102,598
95,614
92,816
Certificates:
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Mar. 24
785,87i
788,87:
1,420,87:
1,795,7
1,327,27
58,01!
58,25.
104,981
132,69/
98,083
209,05(
209,34C
375,35:
473,81
350,04:
61,81.
61,97;
in,36:
140,65(
103,93'
74,19.
74,371
133,583
168,704
124,65
48,00C
48,34<:
87,63
110,93
82,04.
35,31
35,51
64,151
81,153
59,995
97,29'
97,89
177,11
224,10*
165,71
37,71
37,902
68,425
86,53<
63,97.
22,954
23,01
41,36(
52,25:
38,61
37,33.
37,46'
67,45.
85,24^
62,995
30,84!
30,98
55,86i
70,615
52,195
73,335
73,806
133,587
169,050
125,007
Bills:
Feb.
Mar.
Mar.
Mar.
Mar.
1,489,45'
1,497,96
1,325,87'
1,306,051
1,556,04:
59,15:
49,82(
38,08.
45,86
69,14
648,88;
620,95*
517,168
430,883
566,245
69,94!
63,74.
53,12:
60,201
67,00C
46,51;
43,99:
38,337
42,36(53,395
30,401
28,215
23,760
27,504
31,792
357,925
362,301
348,58<
332,331
355,571
52,05:
117,09;
128,23(
124,79=
154,494
26,88.
21,21
16,69C
21,523
31,031
41,78.
43,05
32,26.
35,87
53,38
24,26.
23,63'
19,70
23,10.
25,96:
74,188
73,812
59,708
109,315
89,589
U. S. Government securities direct and guaranteed:
Bonds:
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Mar. 24
Notes:
Feb.
Mar.
Mar.
Mar.
Mar.
24
3
10
17
24
24
3
10
17
24
310
52C
l,50C
5(
2,50C
3.44C
57,445
50.09C
50,20?
52,295
58,434
304
190
190
190
190
1,205
364
73<
44<
36<
103
3,711
3,711
3,711
3,711
3,711
FEDERAL RESERVE BULLETIN
Federal Reserve
Banks—Continued
[In thousands of dollars]
Total
Philadelphia
New
York
Boston
:ieveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
U. S. Government securities, direct and guaranC
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Mar. 24
Total bills and securities:
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Mar. 24
5, 931,071
5, 799,732
6,090,111
6, 266,367
5, 950,462
387, 060
367, 495
390,086
412, 404
393, 879
,830,399
1,762,532
1,775,735
,739,669
1,725,199
406, 817
388, 045
423, 604
440, 815
402, 550
489,279
469,288
501,033
526,200
479,723
317,799
307,624
332,165
348,798
325,041
230,021
221,864
238,886
251,667
230,442
907,815
896,143
942,452
951,361
904,219
265,190
323,776
357,676
363,833
366,311
156,617
146,723
155,400
165,863
158,876
252,798
247,375
258,441
271,325
261,965
198,615
192,588
207,006
218,166
198,787
488,661
476,279
507,627
576,268
503,470
5, 956,134
5 824,506
6 112,178
6, 289,528
5, 973,139
388
369,
391
415
398
1,838,245
1,769,428
1,783,346
1,746,248
1,730,525
393
428
445
407
411, 908
491,715
471,148
502,414
527,720
481,192
318,681
308,422
332 862
349,470
325,763
230,558
223,840
239,364
252,143
230,897
908,406
896,537
942,835
951,738
904,603
265,317
323,858
357,758
363,915
366,393
157,074
147,149
155,757
166,198
159,221
254,119 198,889
247,809 192,817
259,250 207,235
271,844 218,395
262,404 199,016
492,676
480,180
511,528
580,169
507,371
5
5
5
5
4
4
4
4
4
2
2
2
2
2
2
2
2
2
2
6
6
6
6
6
1
1
1
1
1
Due from foreign banks:
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Mar. 24
47
47
47
47
47
Federal Reserve notes of
other banks:
Feb. 24
Mar. 3 . . .
Mar. 10..
Mar. 17
Mar. 24
546
959
099
867
310
3
3
3
3
118
18
X
Hs
M8
H&
359
730
821
444
1
1
1
1
1
1
1
1
1
1
4
4
4
4
4
663
021
363
281
457
5,756
4,206
4,708
8,587
11,538
1
1
1
2
2
074
487
478
459
197
2,108
2,317
2,464
2,948
3,271
10,413
8,393
6,900
8,400
8,538
3,693
3,791
4,407
6,119
6,860
3,560
4,494
4,245
7,928
8,683
3,176
3,149
3,736
4,968
5,433
1,022
2,103
2,696
5,685
5,780
5,123
6,653
6,567
1,111
1,268
1,561
2,412
2,258
6,620
6,624
5,635
8,605
11,115
521,463
522,253
361,165
938,965
594,956
146 927
132,079
118 554
144 931
128 100
363,819
333,485
292,025
410,700
344,539
75
81
75
108
84
932
745
750
456
914
171,836
174,481
150,241
257,867
174,108
94,437
101,227
105,373
154,058
124,347
58,475
69,912
63,017
94,417
89,612
219,949
234,488
198,513
278,247
217,929
65,026
72,036
63,306
83,289
64,815
34,834
32,267
32,786
45,045
35,893
93,591
85,419
67,548
90,376
82,002
70,108
55,465
53,541
70,956
70,224
126,529
149,649
140,511
200,623
178,473
Bank premises:
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Mar. 24..
39,179
39,111
39,111
39,111
39,092
2 717
2 712
2 ,712
2 ,712
2 712
9,805
9,787
9,787
9,787
9,787
4 743
4 ,731
4 ,731
4 ,731
4 ,719
4,308
4,308
4,308
4,308
4,298
3,034
3,034
3,034
3,034
3,034
1,722
1,719
1,719
1,719
1,719
2,911
2,906
2,906
2,906
2,907
2,104
2,101
2,101
2,101
2,101
1,307
1,305
1,305
1,305
1,305
2,796
2,790
2,790
2,790
2,790
1,047
1,039
1,039
1,039
1,041
2,685
2,679
2,679
2,679
2,679
Other assets:
Feb. 24....
Mar. 3 .
Mar. 1 0 . .
Mar. 17..
Mar. 24.
90,538
90,73
92,88
76,02
74,55
6 ,155
6 ,150
6 ,135
5 ,172
4 ,949
23,329
23,060
22,720
19,215
18,719
6 ,914
6 ,864
10 ,392
5 ,745
5 ,613
9,572
9,629
9,538
8,357
8,219
5,630
5,732
5,561
4,731
4,679
3,918
4,035
4,008
3,299
3,234
11,142
11,291
11,253
9,625
9,584
4,275
4,325
4,160
3,493
3,439
2,744
2,759
2,623
2,222
2,193
4,511
4,556
4,286
3,646
3,587
3,588
3,593
3,554
3,056
3,006
8,760
8,744
8,659
7,465
7,329
28 ,511,90
28 ,379,64
28 ,501,68
29 ,244,28
28 ,584,84
1,733 ,887
1,745 ,829
1,744 ,276
1,799 ,580
1,765 ,906
8,405,735
8,245,997
8,283,830
8,474,672
8,366,694
1,741 ,702
1,751 ,918
1,782 ,155
1,817 ,415
1,772 ,450
2 ,551,912
2 ,582,127
2 ,588,016
2 ,703,425
2 ,605,126
1,478,021
1,504,675
1,534,133
1,573,329
1,511,482
1,166,660
1,206,638
1,211,736
1,248,626
1 ,206,952
4 ,842,557
4 ,758,275
4 ,779,170
4 ,866,170
4 ,761,033
1,098,504 662,289
1,066,968 655,080
1,094,036 662,348
1,106,230 662,206
1,086,796 653,359
1,093,742 850,472 2 ,886,420
1,078,497 841,387 2 ,942,252
1,082,340 847,862 2 ,891,783
1,097,307 868,426 3 ,026,894
1,074,527 850,321 2 ,930,199
Liabilities
Federal Reserve notes in
actual circulation:
12 ,511,48
Feb. 24
12 ,672,08
Mar. 3
12 ,705,33
Mar. 10
12 ,651,36
Mar. 17
12 ,607,68
Mar. 2 4 . . .
923 ,026
927 ,39
929 ,186
926 ,083
923 ,534
2,780,128
2,799,187
2,806,176
2,797,526
2,795,683
887 ,477
894 ,168
898 ,743
897 ,228
895 ,106
1 ,171,514
1 ,176,362
1 ,180,459
1,174,100
1,174,020
801,086
812,961
815,797
810,910
809,114
566,928 2 ,496,671
600,448 2 ,508,943
602,581 2 ,514,137
598,954 2 ,503,572
593,937 2 ,489,734
524,922 314,994
536,315 318,692
537,381 320,610
537,232 320,635
535,697 320,708
437,654 260,410 1 ,346,673
448,483 275,995 1 ,373,136
449,862 273,848 1 ,376,556
447,710 272,250 1,365,168
446,299 269,689 1 ,354,165
Deposits:
Member bank—reserve
account:
Feb. 2 4 . . .
Mar. 3
Mar. 10
Mar. 17
Mar. 24
648 ,155
655 ,243
666 ,430
709 ,970
684 ,129
4,553,177
4,511,195
4,548,485
4,698,233
4,617,116
666 ,640
672 ,167
691 ,631
701 ,906
677 ,752
1,057,148
1 ,103,093
1,123,081
1 ,171,724
1,120,432
528,018
542,276
571,746
570,069
530,009
495,207
513,996
518,713
533,108
504,698
1,974,322
1,918,646
1,959,826
1,989,661
1,941,249
454,694
423,810
455,293
449,836
444,572
265,124
273,712
278,425
275,628
269,208
522,971 480,106
529,602 472,124
540,388 492,714
538,712 502,813
521,229 483,659
1,271,643
1 ,318,908
1,274,896
1,374,042
1,290,316
430
343
539
520
531
66,852
9,193
11 ,265
313
147
175
176
19,111
13,992
17,241
30,647
12,703 15,319
19,148 13,931
369
630
821
513
153
578
529
587
449
216
558
269
547
26
586
37,539
1,298
997
1,040
623
45,307
43,433
42,642
62,463
70,613
Uncollected items:
Feb. 24
Mar. 3
Mar. 10...
Mar. 1 7 . . .
Mar. 24...
1
1
1
1
1
Total assets:
Feb. 24
Mar. 3 . . .
Mar. 10...
Mar. 17... .
Mar. 24..
12 ,917,20
12 ,934,77
13 ,121,62
13 515,70
13 084,36
U. S. Treasurer—genera
account:
Feb. 2 4 . . .
Mar. 3
Mar. 10
Mar. 17
Mar. 24
258,178
14,227
4,808
6,067
5,711
1
1
1
1
159
72
17
1,028
547
548
194
566
1,448
903
188
555
521
277
612
303
485
561
215
110
566
563
* Less than $500.
1
After deducting $29,000 participations of other Federal Reserve Banks.
APRIL
1943
311
Federal Reserve Banks—Continued
[In thousands of dollars]
Total
Foreign:
Feb.24
Mar. 3
Mar. 10
Mar. 17
Mar. 24
801,531
851,281
896,820
866,617
899,682
Other deposits:
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Mar. 24
368,971
289,653
282,662
262,497
285,280
Total deposits:
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Mar. 24
Deferred availability items:
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Mar. 24
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St..
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
67,528
69,116
71,720
68,898
71,829
65,396
66,934
69,455
66,723
69,561
30,56.
31,28'
32,463
31,186
32,512
24,879
25,464
26,42.
25,384
26,46,
86,72
88.76C
92,104
88,480
92,244
201,768
123,061
124,82'
100,415
112,839
6,293
9,631
13,010
11,725
12,972
57,821
60,90;
55,650
54,911
55,638
9,409
12,513
10,120
10,238
11,810
4,666
2,710
3,191
3,238
3,344
742,538 5,225,739
717,435 5,170,057
751,726 1,199,476
751,227 1,231,299
776,508 1,248,816
782,704 1,294,179
762,729 1,246,144
581,
586,226
614,90:
612,022
574,918
1,254,644
1,216,647
1,082,897
1,529,830
1,287,713
102,75.
103,355
88,746
97,712
92,767
299,525
258,374
229,215
312,648
261,248
66,207
70,200
66,724
100,669
77,513
143,610
137,102
121,052
197,172
146,617
77,240
87,676
85,528
132,050
109,165
43,160
48,889
45,791
72,446
63,116
199,062
186,473
157,815
228,728
181,020
57,952
59,617
54,15
71,782
57,721
29,624
25,322
25,489
29,575
25,946
70,619
63,660
54,876
73,969
64,601
57,88(
53,70'
41,830
53,375
56,171
107,012
122,272
111,674
159,704
151,828
4,921
4,714
8,512
10,393
8,837
603
589
620
5,681
4,328
910
920
1,067
1,146
1,056
563
334
3,972
364
363
477
396
466
467
497
433
469
410
710
430
211
196
207
195
208
674
629
665
663
813
119
159
183
170
191
190
177
145
165
171
349
449
326
397
266
158
143
155
136
200
234
253
296
299
314
,705,973 ,515,077
,715,929 ,545,159
,745,947 ,550,793
,780,965 ,665,918
,735,711 2,567,278
,460,743
,487,332
,516,642
,555,692
,493,627
4,345,
.4,089,933
4,305,918
.4,650,883
4,275,042
Total liabilities:
24
3
10
17
24
New
York
26,351 1367,704
25,926 1^08,116
26,580 437,153
23,812 1427,019
26,142 ^ooss
Other liabilities, including
accrued dividends:
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Mar. 24
Feb.
Mar.
Mar.
Mar.
Mar.
Boston
28,116,933
27,983,381
28,102,663
28,842,474
28,179,278
5,469
5,768
4,782
8,236
6,633
680,40J 5,189,501
687,280 5,051,565
698,331 5,110,626
,706,787 8,270,064
,718,621 8,110,046
,716,883 8,147,084
,772,014 8,337,059
,738,064 8,228,044
21,325
21,826
22,64'
21,75
22,68.
15,63!
16,006
16,609
15,955
16,634
19,90;
20,371
21,135
20,30r
21,17:
21,32.
21,82i
22,64(
21,75'
22,6S<
54,196
55,652
57,876
55,339
57,675
3,470
3,171
3,159
2,735
2,757
14,01 11,08;
11,894 10,65:
10,892 10,10^
12,213 9,22i
12,108 9,80=
10,92=
2,98'
2,965
3,170
7,637
4,37(
5,08
4,14'
5,00£
4,695
39,672
41,280
39,814
41,382
45,038
541,993 2,095,160
542,619 2,011,124
548,543 2,055,115
562,288 2,081,462
534,774 2,037,278
502,741 307,164
458,077 300,558
489,382 305,692
484,000 301,330
479,929 295,924
572,94 519,73*
553,574 499,2U
564,795 519,620
562,67' 530,144
550,598 511,604
1,403,050
1,417,138
1,373,583
1,471,803
1,393,652
,152,
,791,567
,192,152 4,707,169
,197, 122 4,727,732
4,
,233,883 4,814,425
,192,035 4,708,84.
,085,734 651 ,972
,054,168 644,749
,081,103 651,936
,093,184 651,705
,073,538 642,749
1,081,569 838,186 2,856,969
1,066,166 829,091 2,912,799
1,069,859 835,453 2,862,109
1,084,750 855,905 2,996,974
1,061,764 837,664 2,899,959
Capital accounts
Capital paid in:
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Mar. 24
146,822
146,856
146,913
146,935
146,911
9,529
9,532
9,531
9,530
9,530
53,672
53,676
53,680
53,679
53,667
11,688
11,694
11,694
11,693
11,681
15,235
15,229
15,234
15,239
15,226
5,932
5,934
5,93,
5,934
5,934
5,234
5,235
5,257
5,266
5,270
16,406
16,417
16,429
16,431
16,43!
4,587
4,589
4,591
4,597
4,600
3,16.
3,164
3,165
3,165
3,165
4,788
4,788
4,789
4,794
4,793
4,476
4,486
4,495
4,493
4,493
12,112
12,112
12,115
12,114
12,120
Surplus (section 7):
Feb.24
Mar. 3
Mar. 10
Mar. 17
Mar. 24
160,411
160,411
160,411
160,411
160,41
11,160
11,160
11,160
11,160
11,160
58,001
58,001
58,001
58,001
58,001
15,670
15,670
15,670
15,670
15,670
14,767
14,767
14,767
14,767
14,767
5,236
5,236
5,236
5,236
5,236
5,725
5,121
5,725
5,725
5,725
22,925
22,925
22,925
22,925
22,925
4,966
4,966
4,966
4,966
4,966
3,221
'3,221
3,221
3,221
3,221
3,613
3,613
3,613
3,613
3,613
4,083
4,083
4,
4,083
4,083
11,044
11,044
11,044
11,044
11,044
Surplus (section 13b)
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Mar. 24
26,829
26,829
26,829
26,829
26,829
2,874
2,874
2,874
2,874
2,874
7,070
7,070
7,070
7,070
7,070
4,393
4,39;
4,393
4,393
4,393
1,007
1,007
1,007
1,007
1,007
3,244
3,244
3,244
3,244
3,244
717
71
717
717
717
1,429
1,429
1,429
1,429
1,429
530
530
530
530
530
1,000
1,000
1,000
1,000
1,000
1,137
1,137
1,137
1,137
1,137
1,30'
1,307
1,307
1,307
1,307
2,121
2,121
2,121
2,121
2,121
Other capital accounts:
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Mar. 24
60,906
62,166
64,869
67,631
71,416
3,53'
3,642
3,828
4,002
4,278
16,928
17,204
17,995
18,863
19,912
3,978
4,232
4,451
4,694
4,995
5,826
5,965
6,215
6,494
6,,
2,866
2,929
3,078
3,223
3,441
2,692
2,809
2,915
3,035
3,205
10,230
10,335
10,655
10,960
11,402
2,687
2,715
2,933
2,946
3,026
3,115
3,224
2,635
2,793
2,942
3,013
3,220
2,420
2,420
2,524
2,638
2,774
4,174
4,176
4,394
4,641
4,955
Total liabilities and capital
accounts:
28,511,901 ,733,887 8,405,735 ,741,702 ,551,912
Feb. 24
28,379,643 ,745,829 8,245,997 ,751,918 ,582,127
Mar. 3
28,501,685 ,744,276 8,283,830 ,782,155 ,588,016
Mar. 10
29,244,280 ,799,580 8,474,672 ,817,415 ,703,425
Mar. 17
Mar. 24
28,584,845 ,765,906 8,366,694 ,772,450 ,605,126
,478,021
,504,675
,534,133
,573,329
,511,482
,166,660
,206,638
,211,736
,248,626
,206,952
,842,557 ,098,504 662,289
,758,275 ,066,968 555, c,779,170 ,094,036 562,348
,866,170 106,230 562,206
,761,033 086,796 553,359
,093,742
,078,497
,082,340
,097,307
,074,527
150,472
41,387
347,862
368,426
350,321
1,886,420
,942,252
,891,783
,026,894
,930,199
1,005
1,058
1,010
1,021
1,039
113
113
110
110
110
Commitments to make industrial advances:
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Mar. 24
11,573
12,241
11,925
12,229
11,763
2,175
1,785
1,831
1,904
1,316
398
568
536
531
561
21953
3,162
1,702
1,698
1,685
1,685
1,685
1,866
2,711
2,336
2,626
2,706
4,183
4,177
4,300
4,239
4,233
1
After deducting $430,467,000 participations of other Federal Reserve Banks on Feb. 24; $440,337,000 on Mar. 3; $457,108,000 on Mar. 10; $438493,000 on Mar. 17; and $456,060,000 on Mar. 24.
312.
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE NOTES-FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Federal Reserve Notes:
Issued to F . R. Bank by
F. R. Agent:
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Mar. 24
Held by Federal Reserve
Bank:
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Mar. 24
In actual circulation: 1
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Mar. 24
Collateral held by agent as
security for notes issued to
bank:
Gold certificates on hand
and due from U. S.
Treasury:
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Mar. 24
Eligible paper:
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Mar. 24
U. S. Government securities:
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Mar. 24
Total collateral:
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Mar. 24
1
Chicago
St.
Louis
Minne- Kansas
apolis
City
Dallas
San
Francisco
620,498
631,668
644,967
647,820
650,869
2,539,564
2,551,603
2,560,806
2,570,675
2,570,298
553,401
563,174
565,400
569,008
568,169
322,630
325,050
328,058
327,823
327,595
450,678
458,867
463,110
462,847
466,891
288,582
294,950
298,919
299,443
300,070
1,430,302
1,440,409
1,457,273
1,467,260
1,469,287
34,878
27,041
33,596
34,626
37,343
53,570
31,220
42,386
48,866
56,932
42,893
42,660
46,669
67,103
80,564
28,479
26,859
28,019
31,776
32,472
7,636
6,358
7,448
7,188
6,887
13,024
10,384
13,248
15,137
20,592
28,172
18,955
25,071
27,193
30,381
83,629
67,273
80,717
102,092
115,122
1,171,514
1,176,362
1,180,459
1,174,100
1,174,020
801,086
812,961
815,797
810,910
809,114
566,928
600,448
602,581
598,954
593,937
2,496,671
2,508,943
2,514,137
2,503,572
2,489,734
524,922
536,315
537,381
537,232
535,697
314,994
318,692
320,610
320,635
320,708
437,654
448,483
449,862
447,710
446,299
260,410
275,995
273,848
272,250
269,689
1,346,673
1,373,136
1,376,556
1,365,168
,354,165
1,210,000
1,220,000
1,220,000
1,230,000
1,230,000
727,000
727,000
737,000
737,000
737,000
600,000
615,000
630,000
630,000
630,000
2,560 000
2,590',000
2,590,000
2,620,000
2,620,000
480 000
480',000
400,000
400,000
400,000
325 000
33O',OOO
330,000
330,000
330,000
450,000
460|000
460,000
470,000
470,000
293,500
301,000
305,000
306,000
306,000
,444,000
',464', 000
,484,000
,484,000
,484,000
293,500
301,000
305,000
306,000
306,000
1,444,000
1,464,000
1,484,000
1,484,000
1,484,000
System
Boston
New
York
Philadelphia
Cleveland
Richmond
13,017,248
13,118,481
13,198,766
13,231,142
13,253,160
952,264
963,730
964,815
964,879
971,897
2,906,206
2,915,797
2,920,546
2,927,868
2,937,547
909,407
919,321
926,123
926,631
923,603
1,207,752
1,213,910
1,219,356
1,221,352
1,220,477
835,964
840,002
849,393
845,536
846,457
505,765
446,394
493,430
579,774
645,474
29,238
36,333
35,629
38,796
48,363
126,078
116,610
114,370
130,342
141,864
21,930
25,153
27,380
29,403
28,497
36,238
37,548
38,897
47,252
46,457
12,511,483
12,672,087
12,705,336
12,651,368
12,607,686
923,026
927,397
929,186
926,083
923,534
2,780,128
2,799,187
2,806,176
2,797,526
2,795,683
887,477
894,168
898,743
897,228
895,106
12,740,500
12,900,000
12,869,000
12,945,000
12,953,000
916,000
928,000
928,000
928,000
936,000
2,915,000
2,935,000
2,935,000
2,960,000
2,960,000
820,000
850,000
850,000
850,000
850,000
6,375
7,045
6,060
7,505
7,340
520
1,500
50
2,500
3,440
5,530
5,220
5,935
4,905
3,650
200
200
50
100
150
125
125
25
395,000
405,000
485,000
505,000
505,000
50,000
50,000
50,000
50,000
50,000
100,000
100,000
100,000
100,000
100,000
125,000
125,000
125,000
125,000
125,000
30,000
30,000
30,000
30,000
30,000
13,141,875
13,312,045
13,360,060
13,457,505
13,465,340
966,520
979,500
978,050
980,500
989,440
852,125
852,125
862,025
862,000
862,100
630,000
645,000
660,000
660,000
660,000
2,920,530
2,940,220
2,940,935
2,964,905
2,963,650
920,200
950,200
950,050
950,100
950,150
Atlanta
100
1,210,000
1,220,000
1,220,000
1,230,000
1,230,000
5,000
5,000
5,000
5,000
5,000
85,000
95,000
175,000
195,000
195,000
2,560,000
2,590,000
2,590,000
2,620,000
2,620,000
565,000
575,000
575,000
595,000
595,000
325,000
330,000
330,000
330,000
330,000
455,000
465,000
465,000
475,000
475,000
Includes Federal Reserve notes held by U. S. Treasury or by a Federal Reserve Bank other than the issuing Bank.
INDUSTRIAL ADVANCES BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
Date (last
Wednesday or
last day of
period)
Applications
approved
Number
1934
1935
1936
1937
1938
1939
1940
1941
Tune 25
Dec. 31
984
1,993
2,280
2,406
2,653
2,781
2,908
Approved
but not
AdCommit- Particiments
pations
vances
outoutout2
pleted 1 standing standing standing
Amount (amount) (amount) (amount) (amount)
49,634
124,493
139,829
150,987
175,013
188,222
212,510
20,966
11,548
8,226
3,369
1,946
2,659
13,954
13,589
32,493
25,526
20,216
17,345
13,683
9,152
8,225
27,649
20,959
12,780
14,161
9,220
5,226
WAR PRODUCTION LOANS GUARANTEED BY WAR DEPARTMENT, NAVY DEPARTMENT, AND MARITIME
COMMISSION THROUGH FEDERAL RESERVE
BANKS UNDER REGULATION V
[Amounts in thousands of dollars]
e
1,296
8,778
7,208
7,238
12,722
10,981
6,386
Number
238,505
279,860
8,090
8,294
10,549
10,337
13,072
14,597
14,011
19,600
1942
Jan. 28
Feb. 25
Mar. 25
Apr. 29
May 27
June 24
July 29
Aug. 26
Sept. 30
Oct. 28
Nov. 30
Dec. 31
3,224
3,241
3,261
3,300
3,337
3,352
3,376
3,388
3,394
3,399
3,415
3,423
281,617
292,905
297,945
313,660
325,507
338,822
344,770
352,675
364,916
377,306
393,679
408,737
7,612
15,751
17,698
18,473
22,480
26,346
22,323
12,024
8,199
7,536
5,430
4,248
9,752
9,227
9,312
10,699
11,464
11,265
12,619
14,833
15,882
14,934
15,465
14,126
14,272
14,921
14,364
11,673
14,378
16,832
15,989
16,720
12,187
11,572
10,876
10,661
19,388
19,924
19,086
22,710
23,384
26,430
25,284
25,295
23,180
20,983
18,880
17,305
1943
Jan. 30
Feb. 27
3,432
3,440
434,638
446,319
6,672
5,882
12,897
13,717
12,160
12,117
23,915
23,177
1
Includes applications approved conditionally by the Federal Reserve
Banks and under consideration by applicant.
2
Includes industrial advances past due 3 months or more, which are not
included in industrial advances outstanding in weekly statement of condition of Federal Reserve Banks.
NOTE.—The difference between amount of applications approved and the
sum of the following four columns represents repayments of advances, and
applications for advances and commitments withdrawn or expired.
APRIL 1943
Amount
1942
May 31
3,067
3,202
Guaranteed loans Additional
amount
outstanding
available to
borrowers
under guarPortion antee agreeTotal
ments
amount guaranoutstanding
teed
Guaranteed loans
authorized
C1)
(X)
282
100,290
June 30
565
310,680
81,108
69,674
137,888
July 31
932
509,012
151,154
131,097
158,340
206,609
August 31
1,329
705,842
294,720
244,532
September 30
1,658
944,204
427,918
356,677
230,720
October 31
2,023
2,227,704
527,186
439,989
1,308,168
November 30
2,327
2,367,297
644,558
520,869
1,383,394
December 31
2,665
2,688,397
803,720
632,474
1,430,121
1943
January 31
2,961
2,999,731
February 28
3,198
3,479,672 1,040,828 828,221
r
974,083
r
768,249
r
l,440,943
1,706,849
T
Revised.
1
Not available.
NOTE.—The difference between guaranteed loans authorized and sum
of loans outstanding and amounts available to borrowers under guarantee
agreements outstanding represents amounts repaid, guarantees available
but not completed, and authorizations expired or withdrawn.
3T3
RESERVE P O S I T I O N OF MEMBER BANKS, FEBRUARY 1943
[Averages of daily figures. In millions of dollars]
Classes of banks
and districts
Gross
demand
deposits
Net
demand
de
.~ 1i
posits
Time
deposits
Reserves with
Federal Reserve
Banks
Required
Reserve city banks:
Boston district
New York district
Philadelphia district
1,756
405
1,973
1,636
358
1,780
89
147
135
333
80
364
358
92
412
25
12
47
Cleveland district
Richmond district
Atlanta district
3,095
1,431
1,505
2,662
1,230
1,223
718
248
183
576
261
256
755
327
298
179
66
42
Chicago district
St. Louis district.
Minneapolis district
2,965
1,572
760
2,438
1,357
659
824
174
85
537
282
137
647
306
145
110
24
8
Kansas City district
Dallas district
San Francisco district ..
1,954
1,479
4,879
1,502
1,122
4,260
163
135
2,281
310
232
989
366
299
1,137
56
67
148
23,774 20,228
5,181
4,357
5,141
784
Country banks:
Boston district
New York district
Philadelphia district
1,660
2,590
1,174
1,370
2,193
949
598
1,593
863
228
403
185
294
522
253
66
120
68
Cleveland district
Richmond district
Atlanta district
1,353
1,309
1,287
1,012
942
916
782
422
284
189
157
145
296
207
204
108
50
59
Chicago district
St. Louis district.
Minneapolis district
2,023
901
680
1,495
638
512
965
269
308
267
105
90
396
146
121
129
40
31
Kansas City district
Dallas district
San Francisco district..
990
1,216
873
655
809
618
162
97
370
101
119
109
147
183
150
45
63
41
16,058 12,109
6,713
2,098
2,918
820
Total
All
member
banks 1
Excess
Held
All member banks
64,485 55,804 13,114 11,221 12,933 1,712
Central reserve city banks:
762 3,901 3,999
20,129 19,277
New York
97
4,523 4,189
458
865
Chicago
10
875
Total
MEMBER BANK RESERVE BALANCES BY CLASSES OF BANK
[Averages of daily figures. In millions of dollars]
1
Gross demand deposits minus demand balances with domestic banks
(except private banks and American branches of foreign banks) and cash
items in process of collection.
NOTE.—See tables on p. 308 for percentages of deposits required to be held
as reserves.
Total reserves held:
1942—February
March
April
May
June
July
August
September
October
November
December
1943—January
February
Week ending (Friday):
1943—Feb. 5
Feb. 12
Feb. 19
Feb. 26
Mar. 5
Mar. 12
Mar. 19..
Excess reserves:
1942—February
March
April
May
Reserve
city
banks
banks 1
Coun-
New
York
Chicago
12 908
12', 827
12,649
12,510
12,624
12 409
12,'623
12,299
12,234
12,618
13,152
13,344
12,933
5,266
5,188
5,028
4,870
4,859
4,609
4,616
4,150
4,093
4,086
4,303
4,352
3,999
1,086
1,157
1,140
1,049
979
1,000
1,009
944
834
859
877
898
875
4,356
4', 279
4,293
4,325
4,448
4,447
4,574
4,676
4,711
4,990
5,122
5,190
5,141
2 199
2*204
2,188
2,265
2,338
2,353
2,423
2,529
2,597
2,684
2,850
2,905
2,918
13,143
12,834
12,984
12,931
13,062
13,344
13,554
4,202
4,002
3,973
3,9*1
3,9*6
4,002
4,031
891
875
877
877
889
898
887
5,132
5,061
5,190
5,183
5,243
5,362
5,474
2,918
2,896
2,944
2,930
2,983
3,081
3,162
3,309
3,147
2,951
2,667
2,704
2,237
2,248
2,300
2,328
2,362
2,376
2,132
1,712
1,071
962
795
546
556
269
286
302
557
455
416
337
97
204
255
262
178
89
64
60
73
27
45
35
22
10
,279
,190
,175
,171
,232
,105
,091
,069
921
,035
,020
913
784
755
740
718
772
827
799
812
857
823
827
904
860
820
1,841
1,641
1,775
1,730
p
l,864
p
2,039
"2,117
187
82
98
92
102
122
88
12
12
15
13
26
29
16
806
744
818
798
857
911
956
836
803
845
827
^880
June
July
August
September
October
November
December
1943—January
February
Week ending (Friday):
1943-Feb. 5
Feb.12
Feb.19
Feb. 26
Mar. 5
Mar. 12
Mar. 19
Central reserve
city banks
pi
P977
Q5g
p
Preliminary.
1
Weekly figures of excess reserves of all member banks and of country
banks are estimates.
DEPOSITS OF MEMBER BANKS I N LARGER AND SMALLER CENTERS
[Averages of daily figures. In millions of dollars]
Member banks in larger centers
(places over 15,000)
All member banks
Federal Reserve district
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta . . .
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
To'al
Gross demand
Time
Member banks in smaller centers
(places under 15,000)
Time
Gross demand
Time
Gross demand
Feb.
Jan.
Feb.
Jan.
Feb.
Jan.
Feb.
Jan.
3,416
23,124
3,147
4,448
2 740
2,792
9,511
2,474
1,440
2,945
2,696
5,752
64,485
3,431
23,678
3,128
4,360
2 722
2,745
9,482
2,463
1,460
2,885
2,643
5,657
687
2,502
998
1,500
670
467
2,247
442
393
325
232
2,651
680
2,468
984
1,480
663
459
2,208
439
389
324
228
2,613
3,197
12,459
2,680
3,925
2 329
2,466
14,210
1,939
1,102
2,249
2,022
5,477
3,215
12,427
2,669
3,847
2,316
2,431
14,152
1,934
1,126
2,212
2,003
5,387
561
11,189
540
1,130
451
376
1
l,403
318
207
215
191
2,525
557
11,173
530
1,112
445
369
U,372
314
206
211
187
2,489
64,654
,13,114
12,936
!34,054
133,719
19,106
X
8,965
Jan.
Feb.
Jan.
219
536
467
523
411
326
778
535
339
695
674
275
215
523
459
513
407
314
742
529
334
673
640
270
126
551
458
370
219
91
386
124
186
110
41
126
124
544
454
368
218
91
381
124
183
113
41
123
5,778
5,619
2,788
2,764
Feb.
1 Excluding central reserve city banks, for which figures for latest month are shown in table above.
3*4
FEDERAL RESERVE BULLETIN
K I N D S OF MONEY I N CIRCULATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Total
Gold
certificates
Silver
dollars
Silver
certificates
1942—January
February
March
April
May
June
July
August
September. ..
October
November
December
11,175
11, 485
11,566
11,767
12,074
12,383
12,739
13,200
13,703
14,210
14,805
15,410
61
61
60
60
60
59
59
59
59
59
58
58
61
61
62
64
65
66
67
69
71
73
74
76
1,657
1,695
1,697
1,707
1,745
1,754
1,764
1,786
1,754
1,704
1,731
1,751
1943—January
February
15,590
16,088
58
58
77
78
1,700
1,703
End of month
Treasury
notes
of 1890
Subsidiary
silver
coin
Minor
coin
United
States
notes
Federal
Reserve
notes
302
309
307
309
316
317
315
321
324
326
327
317
8,253
8,514
8,587
537
551
565
575
206
206
208
209
211
213
215
218
222
225
227
228
567
573
226
226
312
317
471
475
482
488
496
504
510
521
Federal
Reserve
Bank
notes
National
bank
notes
9,022
9,310
9,650
10,068
10,580
11,118
11,667
12,082
19
19
19
19
19
19
19
18
18
18
18
188
143
143
142
141
140
139
138
138
137
136
136
135
12,152
12,523
362
474
135
134
8,76;
Back figures.—See Annual Report for 1937 (table 35).
PAPER CURRENCY, BY DENOMINATIONS, AND C O I N I N CIRCULATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Total
in circulation 1
Total
Coin
$13
$2
$5
$10
$20
Total
$50
$100
$500
1942—January
February
March
April
May
June
July
August
September....
October
November
December
11,175
11,485
11,566
11,767
12,074
12,383
12,739
13,200
13,703
14,210
14,805
15,410
8,053
8,326
8,396
8,560
8,841
9,083
9,398
9,795
10,207
10,629
11,122
11,576
738
743
752
757
771
783
793
809
830
848
867
880
656
668
673
680
696
704
712
731
754
764
782
801
42
42
42
43
44
45
45
48
50
51
53
55
1,309
1,344
1,351
1,362
1,402
1,427
1,464
1,517
1,555
1,597
1,647
1,693
2,713
2,825
2,834
2,898
3,004
3,099
3,234
3,379
3,532
3,684
3,887
4,051
2,595
2,704
2,744
2,820
2,924
3,024
3,149
3,310
3,487
3,686
3,885
4,096
3,126
3,163
3,174
3,204
3,235
3,301
3,343
3,409
3,500
3,584
3,686
3,837
745
767
779
792
801
824
840
868
904
940
972
265
266
268
268
260
262
263
266
268
274
278
287
566
565
561
558
570
576
574
575
576
570
575
586
24
21
9
9
9
8
8
8
9
9
9
9
46
33
29
29
28
29
30
29
29
30
28
1,019
1,481
1.511
1,528
L,549
1,566
1,602
1,628
1,663
1,715
1.762
1,824
1,910
25
4
4
5
1
1
2
2
4
4
3
3
3
1943—January
February
15,590
16,088
11,665
12,065
869
877
773
786
54
56
1,678
1,718
4,107
4,279
4,183
4,349
3,928
4,026
1,047
1,079
1,962
2,013
293
298
592
599
10
11
25
25
3
3
End of month
Coin and small denomination currency 2
Large denomination currency 2
Unassorted 2
$1,000 $5,000 $10,000
1
2
Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
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 Annual Report for 1937 (table 36).
STOCK OF UNITED STATES MONEY, FEBRUARY 28, 1943
[On basis of circulation statement of United States money. In millions of dollars]
Money held in the Treasury
Kind of money
Gold
Gold certificates
Federal Reserve notes
Treasury currency—total
Standard silver dollars
Silver bullion
Silver certificates and Treasury notes of 1890
Subsidiary silver coin
Minor coin
United States notes
Federal Reserve Bank notes
National bank notes
Total
Feb 28 1943
Jan. 31, 1943
Feb. 28, 1942
Total
outstanding
As security
against gold
and silver
certificates
22,644
20,533
13,068
4
3,946
20,533
1,963
55
56
547
1,516
1,963
620
236
347
544
135
447
1,516
20
3
39,658
3
39,253
3
3
22,497
3
22,547
3
3
3
34,904
Treasury
cash
2
2,110
For Federal
Reserve
Banks and
Agents
17,660
30
3
<6»2
(5)
22,539
4
2,221
4
2,199
4
2,172
17,660
17,705
17,699
Money held
by Federal
Reserve
Banks and
Agents
2^815
490
383
Money in
circulation 1
58
12,523
3,507
2
78
"259
17
6
27
71
1
1,704
573
226
317
474
134
3,689
3,760
3,548
16,088
15,590
11,485
1
Includes any paper currency held outside the continental limits of the United States; figures for other end-of-month dates shown in table above
and 2totals by weeks are shown in table on page 307.
Includes $1,800,000,000 Exchange Stabilization Fund, $143,638,173 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,
since4 gold and silver held as security against them are included under gold, standard silver dollars, and silver bullion.
Figures for total Treasury currency outstanding and for total Treasury cash by weeks and months are shown in the table on page 307.
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 dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as
security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal
Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured
by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible
under the terms of the Federal Reserve Act, or, until June 30, 1943, of direct obligations of the United States if so authorized by a majority vote of the
Board of Governors of the Federal Reserve System. Federal Reserve Banks must maintain a reserve in gold certificates of at least 40 per cent, including
the redemption fund which must be deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national
bank notes are in process of retirement.
APRIL 1943
3*5
ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
[In millions of dollars]
Period
Gold
stock
at end
of period
Increase
in gold
Stock
8,238
10,125
311,258
312,760
14,512
17,644
21,995
22,737
22,726
4,202.5
1,887.2
1,132.5
1,502.5
1,751.5
3,132.0
4,351.2
741.8
-10.3
1942—January
February....
March
April
May
June
July
August
September.. .
October
November...
December
22,747
22,705
22,687
22,691
22,714
22,737
22,744
22,756
22,754
22,740
22,743
22,726
L943—January
February....
Jan.-Feb
19342
1935
1936
1937
1938
1939
1940
1941
1942
POSTAL SAVINGS SYSTEM
[In millions of dollars]
Earmarked
DomesNet gold gold: de- tic gold
crease
import
producor intion1
crease (—)
82.6
.2
-85.9
-200.4
-333.5
-534.4
-644.7
-407.7
-458.4
92.9
110.7
131.6
143.9
148.6
161.7
170.2
169.1
?
'126.0
10.6
-42.4
-17.3
.3.3
23.6
22.3
7.6
11.4
-1.3
-14.3
3.3
-17.2
-38.5
-109.3
—65.5
-20.1
-38.2
-14.8
-24.4
-21.8
-27.8
-56.4
-10.8
-31.0
r
10.4
r
10.4
r
11.3
r
11.4
r
11.2
r
10.5
r
12.8
r
10.2
r
11.8
r
12.0
r
7.8
r
22.683
22,644
-43.3
-39.3
5
-76.1
-63.4
5.2
22,644
-82.5
1,133.9
1,739.0
1,116.6
1,585.5
1,973.6
3,574.2
4,744.5
982.4
6.2
Assets
End of month
1934—June
Dec.
1935—June
Dec
1936—June
Dec.
1937—June
Dec
1938—June
Dec.........
1939—June
Dec.
1940-June
Dec
1941—June
Dec.
1942—Feb...
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
5
—139.5
r
Revised.
1
Annual figures are estimates of the United States Mint. Monthly figures
are those published in table on page 355, adjusted to exclude Philippine
Islands production received in United States.
2 Figures based on rate of $20.67 a fine ounce in January 1934, and $35 a
fine ounce thereafter.
3 Includes gold in the Inactive Account amounting to 27 million dollars
on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937.
4 The net gold import figures for months subsequent to December 1941
have not been released for publication.
5 Gold held under earmark at Federal Reserve Banks for foreign account
amounted to 2,813.3 million dollars on Feb. 28, 1943.
NOTE.—For back figures through 1937, see Annual Report for 1937
(table 29).
1943---Jan
Feb
Depositors'
balances 1
Cash
in depository
banks
Total
U. S. Government
securities
Total
Direct
Guaranteed
35
130
147
147
167
167
167
167
167
166
146
146
146
146
146
146
76
100
74
98
95
93
71
80
73
73
78
74
69
88
75
95
146
146
146
146
126
126
126
126
126
126
145
166
186
208
229
262
283
129
146
161
1,198
1,207
1,205
1,201
1,232
1,260
1,268
1,270
1,252
1,252
1,262
1,279
1,293
1,304
1,304
1,314
1,225
1,237
1,236
1,237
1,265
1,296
1,307
1,308
1,290
1,291
1,304
1,319
1,337
1,348
1,356
1,396
695
540
385
287
203
145
136
130
115
86
68
53
43
36
30
26
853
967
1,058
1,100
1,097
1,103
1,132
1,157
1,192
1,224
1,224
1,251
1,274
418
467
630
706
800
892
933
931
936
965
1,011
1,046
1,078
1,078
1,104
1,128
1,307
1,305
1,306
1,307
1,316
1,329
1,344
1,358
1,377
1,396
p
l,415
1.444
,463
,483
,504
,525
,554
,575
.415
1,429
1,444
25
25
25
24
24
21
20
19
18
17
1,274
1,272
1,272
1,272
1,272
1,271
1,271
1,267
1,266
1,266
1,128
1,126
1,126
1,126
1,146
1,146
1,146
1,141
1,140
1,140
453
597
777
Cash
reserve
funds
etc. 2
PI,445
p
l,469
p
1
Preliminary.
Outstanding principal, represented by certificates of deposit. Does not
include
accrued interest nor outstanding savings stamps.
2
Includes working cash with postmasters, 5-per cent reserve fund and
miscellaneous working funds with the Treasurer of the United States,
accrued interest on bond investments, and accounts due from late
postmasters.
Back figtires.—See BULLETIN for August 1935, pp. 501-502,
BANK SUSPENSIONS 1
Total,
all
banks
Number of banks suspended:
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943—Jan.-Feb
Deposits of suspended banks
(in thousands of dollars): 3
1934
1935
1936
. ..
1937
1938
1939
1940
1941
1942
1943—Jan -Feb
1
57
34
44
59
55
42
22
8
9
36,937
10,015
11,306
19,723
13,012
34,998
5,943
3,726
1,702
Nonmember
banks
Member
banks
National
State
1
4
1
4
1
4
1
4
2
1
3
40
5,313
507
7,379
36
1,341
256
3,144
1,708
211
24,629
Insured 2
Not
insured
8
22
40
47
47
25
18
3
6
48
8
3
6
6
10
3
1
3
1,912
3,763
10,207
10,156
11,721
6,589
5,341
503
1,375
34,985
939
592
480
1,044
2,439
346
79
327
I
Represents banks which, during the periods shown, closed temporarily
or permanently on account of financial difficulties; does not include banks
whose deposit liabilities were assumed by other banks at the time of closing
(in some instances with the aid of Federal Deposit Insurance Corporation
loans).
2
Federal deposit insurance became operative Jan. 1, 1934.
3
Deposits of member banks and insured nonmember banks suspended are
as of dates of suspension, and deposits of noninsured nonmember banks
are based on the latest data available at the time the suspensions were
reported.
Back Jigures.See Annual Report for 1937 (table 76).
316
BANK DEBITS
Debits to deposit accounts except interbank accounts
[In millions of dollars]
Year and month
1929
1937
1938...
1939...
1940...
1941
1942
1942—February
March
April
May
June
August
September....
October
,
November
December
1943—January
February..
Total,
all
reporting
centers
New
York
City
140
other
centers 1
133
other
reporting
centers 2
I 537,343
607,071
603,089
197,836
168,778
171,382
171,582
197,724
210,961
331,938
235,206
204,745
218,298
236,952
293,925
342,430
47,504
36,421
32,406
34,252
37,329
45,694
53,679
41,545
49,161
46,613
48,342
50,107
50,087
49,179
52,712
55,056
50,673
64,991
54,779
51,870
14,242
17,056
16,023
16,985
17,394
17,110
17,051
18,593
18,323
17,016
23,921
19,877
19,635
23,543
27,764
26,451
27,241
28,292
28,505
27,847
29,530
31,627
29,040
35,562
30,263
28,005
3,760
4,341
4,138
4,116
4,421
4,472
4,282
4,589
5,105
4,616
5,508
4,639
4,230
! 982,531
469,463
405,929
423,932
445,863
1 National series, for which bank debit figures are available beginning
with
1919.
2
Except that 1929 figure is for 128 centers only.
Back figures— Annual Report for 1937, page 157. Annual totals, beginning with 1919, by Federal Reserve districts and for individual centers, are
available for distribution and will be furnished upon request.
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES
Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks and such
private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 1934-June 1935,
private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to the Comptroller of the Currency. Under the amended provision of sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of
private banks included in the figures from June 1934 to December 1935, see Federal Reserve BULLETIN for December 1935, p. 883, and July 1936, p. 535.
Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available.
DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS 1
[In millions of dollars]
NUMBER OF BANKS
Nonmember
banks
Member banks 2
Call date
Total
Total
National
State
Mutual
savings
banks
Member banks 2
Other
nonmember
banks
Call date
All
banks
Total
National
State
Nonmember
banks
Mutual
savings
banks
Other
nonmember
banks
1929—June 29
Dec. 31
25,110
24,630
8,707
8,522
7,530
7,403
1,177
1,119
611
609
15,792
15,499
1929—June 29
Dec. 31
53,852
55,289
32,284
33,865
19,411
20,290
12,873
13,575
8,983
8,916
12,584
12,508
1933—June 30
Dec. 30
14,519
15,011
5,606
6,011
4,897
5,154
709
857
576
579
8,337
8,421
1933—June 30
Dec. 30
37,998
38,505
23,338
23,771
14,772
15,386
8,566
8,385
9,713
9,708
4,946
5,026
1938—June 30
Dec. 31
15,287
15,206
6,338
6,338
5,242
5,224
1,096
1,114
563
556
8,386
8,312
1938—June 30
Dec. 31
52,195
54,054
34,745
36,211
22,553
23,497
12,193
12,714
10,296
10,365
7,153
7,478
1939—June 30
Dec. 30
15,082
15,037
6,330
6,362
5,203
5,187
1,127
1,175
553
552
8,199
8,123
1939—June 30
Dec. 30
55,992
58,344
38,027
39,930
24,534
25, 661
13,493
14,269
10,521
10,613
7,444
7,801
1940—June 29
Dec. 31
14,953
14,895
6,398
6,486
5,164
5,144
1,234
1,342
551
551
8,004
7,858
1940—June 29
Dec. 31
60,582
65,021
42,039
46,007
26,931
29,214
15,108 310,631
10,658
16,793
37,912
8,356
1941—Apr. 4
June 30
Sept. 24
Dec. 31
14,871
14,855
14,852
14,825
6,528
6,556
6,596
6,619
5,138
5,130
5,125
5.117
1,390
1,426
1,471
1,502
550
547
546
545
7,793
7,752
7,710
7,661
1941—Apr. 4
June 30
Sept. 24
Dec. 31
65,211
67,172
68,449
70,792
46,179
48,076
49,160
51,192
29,467
30,684
31,500
32,672
16,712
17,392
17,660
18,520
10,684
10,641
10,643
10,525
8,347
8,456
8,646
9,075
1942—June 30
Dec. 31 p
14,773
14,680
6,647
6,679
5,101
5,081
1,546
1,598
544
543
7,582
7,458
1942—June 30 5
Dec. 31?
72,382
88,437
53,434
67,277
34,036
43,069
19,397
24,208
10,387
8,562
For footnotes see table below.
For footnotes see table below.
LOANS AND INVESTMENTS
[ In millions of dollars]
Member banks2
All banks
Nonmember banks
Mutual savings banks
Call date
Total
Loans
Investments
Total
Loans
Investments
Total
Other nonmember banks
Loans
Investments
Total
Loans
Investments
1929—June 29
Dec. 31
58,474
58,417
41,531
41,918
16,943
16,499
35,711
35,934
25,658
26,150
10,052
9,784
9,556
9,463
5,892
5,945
3,664
3,518
13,207
13,020
9,981
9,823
3,227
3,197
1933—June 30
Dec. 30
40,076
40,319
22,203
21,977
17,872
18,342
24,786
25,220
12,858
12,833
11,928
12,386
10,044
9,985
5,941
5,906
4,103
4,079
5,246
5,115
3,404
3,238
1,841
1,877
1938—June 30
Dec. 314
47,381
48,929
21,130
21,354
26,252
27,575
30,721
32,070
12,938
13,208
17,783
18,863
10,196
10,255
4,961
4,930
5,235
5,325
6,465
6,604
3,231
3,217
3,234
3,387
1939—June 30
Dec. 30
49,616
50,885
21,318
22,169
28,299
28,716
32,603
33,941
13,141
13,962
19,462
19,979
10,342
10,314
4,931
4,961
5,411
5,353
6,671
6,630
3,245
3,246
3,425
3,384
1940—June 29
Dec. 31
51,335
54,188
22,341
23,741
28,995
30,448
34,451
37,126
13,969
15,321
20,482
21,805
310,188
10,248
4,926
4,959
5,262
5,289
3 6,696
6,815
3,445
3,461
3,251
3,353
1941—Apr. 4
June 30
Sept. 24
Dec. 31
56,147
57,945
59,296
61,098
24,322
25,312
26,187
26,616
31,825
32,633
33,109
34,483
38,983
40,659
41,943
43,521
15,878
16,729
17,546
18,021
23,104
23,930
24,397
25,500
10,276
10,314
10,348
10,372
4,954
4,955
4,949
4.903
5,322
5,360
5,399
5,470
6,889
6,972
7,005
7,205
3,490
3,628
3,692
3,692
3,399
3,344
3,313
3,513
1942—June 30 5
Dec. 31 p
63,976
78,138
25,078
23,863
38,897
54,275
46,800
59,263
16,928
16,088
29,872
43,175
10,353
4,819
5,534
6,822
3,331
3,492
p
Preliminary.
1 Prior to December 1933, member bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000 on that
date. Prior to June 1940, the nonmember bank figures on some call dates included some interbank deposits not shown separately in a few State bank
abstracts.
2 Includes, subsequent to April 4, 1941, two mutual savings banks in Wisconsin and one in Indiana.
3 One bank (.with deposits, excluding interbank deposits, of $90,000,000 and total loans and investments of $96,000,000 on Dec. 30, 1939) which, prior
to March 1940, was classified as a mutual savings bank, is now included in figures in the "Other nonmember banks" column.
4 Prior to December 1938 the figures include loans and investments indirectly representing bank premises or other real estate, now reported separately in condition reports. The amounts of such loans and investments in December 1938, were approximately $50,000,000 and $100,000,000, respectively.
5
Decreases in "Other nonmember banks" figures (and corresponding increases in member bank figures) reflect principally the admission to membership in the Federal Reserve System of one large bank with total loans and investments aggregating 472 million dollars on June 30, 1942.
NOTE.—Beginning with the April 4, 1942 call, spring and fall figures are not being compiled for "All banks."
Back figures.—See Annual Report for 1937 (tables 48-49).
APRIL 1943
CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS
[In millions of dollars]
Loans
Call date
Total
loans
m and
investments
Total 1
Commer- Open Agricial
mar- culand
ket
turndus- paper al 2
trial 2
Investments 1
1
U. S. Government obligations
Loans for
purchasing
or carrying
r
To
>rokers
and
dealers
To
oth-
Obligations
of
States Other
certiand
Guar- politi- secuficates
rities
anof
cal
in- Notes Bonds teed
subdivdebtedsions
Direct
Real
state
oans
Dther
oans 4
Total
Total
Bills
ers
ness
Total—All
Member Banks
35,934
24,786
33,941
34,451
37,126
40,659
43,521
44,287
46,800
26,150
12,858
13,962
13,969
15,321
16,729
18,021
17,834
16,928
59,263
16,088
June 30
8,774
7,133
9,339
9,829
10,910
12,493
12,896
13,123
14,019
6,683
3,424
3,296
3,014
3,384
3,778
4,072
4,173
4,066
Dec. 31
17,957
4,116
1,757
1,287
2,105
2,205
2,377
2,707
2,760
2,806
3,116
1,448
677
569
603
696
846
954
923
906
Dec. 31 . . .
3,973
832
Reserve City
Banks
1929—Dec. 3 1 . . .
1933—June 3 0 . . . .
1939—Dec. 3 0 . . . .
1940—June 29... .
Dec. 3 1 . . . .
1941—June 30... .
Dec. 3 1 . . . .
1942—Apr. 4 . . . .
June 3 0 . . . .
12,029
8,492
12,272
12,160
13,013
14,013
15,347
15,605
16,535
9,084
4,482
5,329
5,365
5,931
6,498
7,105
6,989
6,564
Dec. 3 1 . . .
20,915
6,102
Country
Banks
1929—Dec. 3 1 . . .
1933—June 3 0 . . . .
1939—Dec. 3 0 . . . .
1940—June 2 9 . . . .
Dec. 3 1 . . . .
1941—Tune 3 0 . . . .
Dec. 3 1 . . .
1942—Apr. 4 . . . .
June 3 0 . . . .
13,375
7,873
10,224
10,257
10,826
11,446
12,518
12,753
13,130
8,936
4,275
4,768
4,987
5,309
5,607
5,890
5,749
5,393
Dec. 3 1 . . .
16,419
5,038
1929-Dec.
1933—June
1939—Dec.
1940—June
Dec.
1941—June
Dec.
1942—Apr.
June
31
30
30
29
31
30
31
4
30 . . . .
583
595
455
450
456
537
607
5*386
5,538
6,204
7,270
8,064
7^888' "495"
v
7,387
2,229
5,187
2,944
3,062
3,273
3,609
3,692
520
,049
,223
,543
,594
,631
,007
3,094
3,725
8,398
8,261
9,091
0,481
1,729
3,863
6,887
4,328
4,722
5,823
8,078
9,539
0,449
4,098
97
554
563
797
652
,127
971
,'50l"
9,784
1,928
9,979
0,482
1,805
3,930
5,500
6,453
3^203' 9,872
,509
,'872' ,546
,423
2,717
3,175
7,546
,363
,285
,409
,145
,044
188
188
190
186
169
169
157
133
137
130
129
123
2,917
1,099
469
458
468
536
554
1,112
2,551
4,772
5,486
6,044
7,268
7,265
7 381
8,550
34
330
315
421
207
577
311
23
309
166
987
797
,092
,245
,526
,623
889
926
2,385
2,650
2,977
3,415
3,652
'730'
736
865
738
972
,463
953
790
447
642
575
594
,685
,752
700
668
652
635
598
,191
,372
,957
,069
,228
,365
,494
726'
•554'
562
,089
934
538
6
3
8
,257
759
611
320
465
422
412
152
559
4,485*
, 144
,121
,486
,839
,832
,471
,685
1,393
1,744
2,692
2,888
3,013
2,984
3,090
3,173
2,934
4,528
3,297
2,959
2,873
2,970
2,867
2,871
2,831
2,840
8,948
,540
2,965
2,664
222
478
579
634
695
651
729
773
623
758
680
693
695
788
796
830
796
781
v
Dec. 31
New York
City&
1929—Dec. 31
1933—June 30
1939—Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942—Apr. 4
1^768
1,801
2,025
2,405
2,716
195
364
120
103
100
97
91
2,775
66
9
430
167
121
499
2,091
3,709
6,043
6,815
7,527
8,715
8,823
8,950
9,953
402
663
,746
4,572
^275'
,324
,615
,751
,679
,515
,166
21
787
193
117
451
3,841
2,547
,855
,144
,056
5,420
,071
593
701
251
61
41
23
42
36
48
533
251
66
61
54
55
52
21
30
13
16
19
20
22
623
267
60
62
84
101
96
19
82
176
161
145
125
153
94
97
701
710
752
803
903
"29'
"56
' 22
"90
116
384
1,203
1,258
1,307
1,483
1,430
1,490
1,858
1
149
153
254
297
417
256
'"3"
309
610
1,536
1,602
1.681
1,861
1,806
1,883
2,210
2
57
"6
8
5
5
6
357'
'Hi'
162"
1,068
172
134
112
138
119
108
90
96
87
162
177
188
190
182
207
164
96
138
170
167
186
188
193
187
188
6
34
32
23
80
3,141
2,789
397
637
391
1,282
83
166
186
664 2,775 1,538
108 1,340 1,131
119
222 1,335
210 1,372
87
115
207 1,436
100
198 1,477
114
194 1,527
3,937
1,777
1,177
1,230
1,322
1,466
1,512
1,368
2,483
5,194
4,947
5,204
5,700
6,467
6,832
8,188
25
73
63
87
103
73
295
66
131
165
681
819
839
771
606
751
"674
981
1,112
1,597
3,339
972
3,052
969
3,281 1,049
3,858 1,162
4,248 1,173
1 051
5,149
806
448
598
890
981
984
979
956
941
925
1,128
930
860
868
893
836
820
844
858
6,810
811
954
821
627
581
1,061
1,097
1,146
1,165
1,222
1,253
1,222
2,546
1,549
1,236
1,144
1,102
1,047
1,028
1.005
1,013
1,252
956
••y6
2,546
City of
Chicago^
1929—Dec. 31
1933—June 30
1939—Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942—Apr. 4
June 30
19
69
17
16
17
21
21
"365'
417
476
609
711
15
'
'J'697*
—•—~v
658
168
126
155
156
153
202
250
2^ 100
2,134
2,436
2,879
3,206
"215
3,103
t
'
2, ?57
1^151
1,187
1,267
1,377
1,431
1,314
126
' 152
"" 78
"l77
1," 524'
1,315
2,944
4,011
6,943
6,795
7,081
7,515
8,243
8,616
9,971
290
97
153
1,486
1,119
14,813 13,038 1,441
291 2,231
25 1,117
20
224
17
208
21
201
17
195
20
183
1,462
1.055
1,477
1,544
1,644
1,739
1,823
4,750
2,043
1,238
1,311
1,400
1,507
1,530
"221
176
263
175
300
201
35
163
174
187
216
245
495
546
590
555
659
198
562
16
169
1^834
77?
17
161
1,797
1,299
1,066
"579
4,439
3,598
5,456
5,270
5,517
5,839
6,628
7,004
7,737
1,267
1,469
3,159
3,030
3,269
3,627
4,377
4,746
5,502
"171
11,380
9,172
671
37
2
31
36
45
60
110
2,253 1,723
171
299
431
451
433
374
481
999
1,106
1,972
1,849
2,081
2,404
2,926
"355
"657
'3^696
"725
695
710
788
861
797
624
1,251
1,240
5,436
574
59
63
1
Classifications indicated were revised as of Dec. 31, 1938; for explanation see BULLETIN for January, 1939, pp. 22-23, and BULLETIN for April, 1939,
pp. 259-264, 332. Further revision of loan classification made December 31, 1942; for explanation see p . 300 of this BULLETIN. Beginning June 30, 1939,
detailed classifications available on June and December dates only.
2
N o t shown in call reports prior to December 1938.
3
Figures in this column prior to Dec. 31, 1938, represent all loans on securities, regardless of purpose, excepting only loans on securities to banks and
to brokers and dealers.
4
This is a residual item and includes loans to banks. Because of the revised loan classifications, figures beginning Dec. 31, 1938, are not comparable
with earlier figures.
6
Central reserve city banks.
Back figures.—See Annual Report for 1937 (tables 52-58).
318
FEDERAL RESERVE BULLETIN
CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits,
except interbank
Call date
Total—All
Member Banks
1929—Dec. 31
1933—June 30
1939—Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942—Apr. 4
June 30
Dec. 31
New York
City*
1929—Dec. 31
1933—June 30
1939—Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942—Apr. 4
June 30
Dec. 31
City of
Chicago*
1929—Dec. 31
1933—j une 30
1939—Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942—Apr. 4
June 30
Dec. 31
Reserves
with
Cash
in
Federal
vault
Reserve
Banks
2,374
2,235
11,604
13,751
13,992
12,959
12,396
12,725
12,295
13,072
558
405
841
789
991
999
1,087
884
1,022
1,019
827
846
5,915
7,072
7,057
5,857
5,105
5,236
4,762
4,388
169
232
993
1,187
1,051
1,062
1,021
1,088
973
902
Reserve City
Banks
1929—Dec. 31
1933—June 30
1939—Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942—Apr. 4
June 30
Dec. 31
3,118
3,759
4,027
4,125
4,060
4,221
4,254
4,940
Country
Banks
1929—Dec. 31
1933—June 30
1939—Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942—Apr. 4
June 30
Dec. 31
1,578
1,733
1,857
1,914
2,210
2,180
2,306
2,842
751
705
627
452
68
46
89
88
102
136
93
81
88
72
13
34
42
39
42
41
43
27
43
39
Balances
with
do-
banks 1
De-
16,647
12,089
25,681
27,877
30,429
32,678
33,754
34,670
36,966
42,570
17,526
11,830
24,604
26,397
29,576
31,429
33,061
32,602
35,646
42,139
1,335
1,087
2,321
2,529
2,724
2,940
3,066
3,285
3,230
3,318
179
101
125
119
122
131
141
4,750
4,358
8,899
10,235
11,062
11,619
10,761
11,335
11,711
11,899
5,847
4,676
9,030
10,283
11,357
11,895
11,282
11,235
12,014
12,501
128
96
251
258
370
319
319
296
271
263
1,180
461
178
147
471
306
450
154
273
448
957
912
1,041
42
87
167
199
174
213
233
203
226
178
423
349
813
956
995
103
82
133
203
283
242
319
262
298
'285
220
164
156
122
348
334
396
385
425
348
357
365
1,002
2,485
2,679
2,741
2,793
2,590
'2,705
2,279
2,202
321
203
363
328
452
437
526
429
533
542
2,614
2,711
3,002
3,106
3,216
'3,093
3,168
3,699
947
908
702
Interbank
deposits
mand
U.S.
deCertiIndiIndiGovposits viduals, States
fied
viduals, States
U.
S.
and
partner- polit- emand
justed 2 partnerGovships, political offiships,
ern- and
ical inent
and
and cor- subdi- cers'
cor- subdipostal
pora- visions checks ment pora- visions
savtions
etc.
tions
ings
2,168
2,008
5,506
5,751
6,185
6,293
6,246
'6,276
5,770
6,147
'192
Time deposits,
except interbank
870
1,739
1,898
1,941
2,205
2,215
1,919
2,379
2,557
1,676
1,782
1,905
2,109
2,152
1,886
2,292
2,588
5,229
3,764
8,176
8,774
9,581
10,480
11,117
11,689
12,515
14,849
5,547
3,708
8,002
8,372
9,468
10,142
11,127
11,105
12,199
15,061
1,139
1,144
1,313
1,304
1,319
5,711
3,054
6,866
6,969
7,845
8,374
9,661
9,726
10,360
13,265
5,091
2,576
5,896
5,960
6,846
7,282
8,500
8,376
9,141
11,989
1,090
1,115
1,184
1,269
1,370
1,473
1,429
1,558
742
555
1,681
Bor- Capital
rowacings counts
Domestic
banks
Demand 3
Time
12,267
7,803
11,215
11,459
11,687
11,898
11,878
11,520
11,673
12,366
595
300
432
410
435
397
418
395
400
332
122
788
51
59
56
55
50
49
49
56
3,517
3,057
8,507
8,852
9,581
9,610
9,714
'9,650
9,110
10,101
95
89
144
134
135
138
133
e
U8
109
82
20
332
74
67
48
32
866
967
863
1,112
33
4
43
29
51
27
29
25
17
23
18
110
1,198
1,255
3,542
3,840
4,032
3,948
3,595
'3,383
3,284
3,209
40
22
1
4,186
671
693
732
768
778
778
751
717
711
32
16
24
17
27
33
34
31
24
38
8
46
80
79
90
95
127
296
201
665
332
358
483
489
496
480
476
455
460
453
58
1
10
15
8
17
310
259
879
949
997
19
300
108
190
147
228
209
286
202
218
385
76
312
435
422
327
341
491
633
422
4,433
2,941
4,362
4,422
4,506
4,590
4,542
4,366
4,454
4,805
6,390
3,833
5,677
5,816
5,917
6,049
6,082
5,948
6,042
6,397
657
563
475
913
738
1,009
589
711
1,142
169
72
172
164
187
190
239
202
196
272
143
806
743
711
616
619
1,709
2,164
1,724
7,923
1,982
39
116
154
143
151
151
225
269
237
1,090
2
6
3
5
5
5
2
1,010
1,027
'1,253
1,028
1,105
371
208
240
219
226
211
243
224
239
169
41
388
14
18
19
19
20
18
18
22
1,604
1,315
3,516
3,526
3,919
4,000
4,302
'4,235
4,052
4,831
133
86
140
147
150
143
146
145
143
140
61
285
35
37
33
31
31
30
31
32
405
228
571
538
633
652
790
'779
747
957
Foreign
banks
698
146
759
703
706
688
678
'641
752
816
597
128
695
650
646
623
612
'576
879
191
3
3
3
3
4
14
6
5
179
8
• • • 4 "
5QQ
1,615
1,625
1,648
1,655
1,698
1.727
683
736
3
33
2
9
41
316
204
250
260
270
279
288
289
293
304
292
16
2,029
1,533
1,828
L.873
1,904
1,940
1,967
1,981
1,985
2,028
7
30
59
117
105
106
108
103
'90
82
62
64
15
53
44
51
55
55
'54
57
65
6
3
1
2
2
2
2
2
'2
3
4
7
2,105
1,582
1,592
J
8
8
8
eg
10
12
26
29
29
30
30
'28
27
20
6,709
4,837
5,522
5,608
5,698
5,800
5,886
5,930
5,991
6,101
......
""2"
367
167
3
3
3
3
4
4
3
3
2,258
1,517
1,851
1,876
1,909
1,956
1,982
2,005
2,014
2,042
c
Partly estimated.
1 Beginning June 30, 1942, excludes reciprocal bank balances which on that date aggregated $629,000,000. Prior to Dec. 31, 1935, excludes balances
with private banks to the extent that they were then reported in "Other assets." Since Oct. 25,1933, includes time balances with domestic banks which
.rlofa amounted
nmn,,r.f<.^ t^.
<tAO OOO OOOand
unH which
\wh\rh prior
nrinr to
to that
that time
time were
were reported
rennrteH in
in "Other
"Other assets."
assets."
on that date
to $69,000,000
2 Demand deposits
_eposi._ other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31, 1935, less
cash items reported on hand but not in process of collection.
3 Beginning June 30, 1942, excludes reciprocal bank balances.
4 Central reserve city banks.
Back figures.—See Annual Report for 1937 (tables 52-58).
APRIL
1943
3I9
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars]
Investments
Loans
Date or month
Total
loans
and
investments
Total
Commercial,
industrial,
and
agricultural
Open
market
paper
U . S . Govemmen-t obligations
Loans for
purchasing
or carrying
securities
Real
estate
loans
To
brokers
and
dealers
To
others
451
408
1,250
Loans
to
banks
Certificates
of inBills debt- Notes
edness
Other
securities
Other
loans
Total
35
1,904
19,239 15,542
2,335
9,243 2,717
3,697
29
30
34
1,594
1,558
1,528
26,487 23,011 2,674 2,984 3,878
27,611 24,288 3,083 3,368 4,263
29,351 26,063 3,760 3,729 4,202
11,470 2,005
11,662 1,912
12,440 1,932
3,476
3,323
3,288
3,287
3,267
Total
Bonds
Guaranteed
Total—101 Cities
1942—February....
30,570
11,331
1942—October
November...
December.. .
36,787
37,865
39,717
10,300
10,254
10,366
6,337
6,301
6,137
269
257
245
484
533
828
370
364
391
1,217
1,211
1,203
1943—January
February... .
41,383
41,475
9,826
9,724
5,955
5,870
226
227
604
624
361
350
1,191
1,180
33
56
1,456
1,417
31,557 28,270 4,226 5,012 4,113
31,751 28,484 4,255 5,049 4,080
12,999 1,920
13,192 1,908
12,985 1,937
3,313
6,860
423
1,247
1942—Dec. 30
41,469
10,321
6,065
239
850
382
1,199
53
1,533
31,148 27,835 3,786 4,958 4,169
1943—Jan.
Tan.
Jan.
Jan.
6
13
20
27
41,344
41,239
41,361
41,588
10,035
9,811
9,722
9,738
6,010
5,955
5,936
5,920
230
228
226
229
718
578
552
567
381
370
350
342
1,195
1,192
1,188
1,189
20
31
25
54
1,481
1-457
1,445
1,437
31,309
31,428
31,639
31,850
28,025
28,142
28,347
28,564
4,019
4,136
4,309
4,440
4,977
4,996
5,016
5,060
4,127
4,118
4,101
4,106
12,979
12,969
13,002
13,044
1,923
1,923
1,919
1,914
3,284
3,286
3,292
3,286
Feb.3
Feb. 10
Feb. 17
Feb. 24
41,708
41,475
41,365
41,353
9,790
9,781
9,681
9,643
5,902
5,904
5,856
5,816
229
227
225
226
637
636
616
607
358
350
347
346
1,184
1,182
1,179
1,176
46
58
50
71
1,434
1,424
1,408
1,401
31,918
31,694
31,684
31,710
28,648
28,428
28,424
28,438
4,476
4,239
4,154
4,153
5,059
5,060
5,074
5,003
4,088
4,085
4,072
4,075
13,117
13,133
13,224
13,294
1,908
1,911
1,900
1,913
3,270
3,266
3,260
3,272
Mar.
Mar.
Mar.
Mar.
41,470
41,861
42,198
42,004
9,517
9,488
9,559
9,493
5,736
5,804
5,802
5,754
227
226
225
221
585
509
572
588
342
333
335
342
1,176
1,176
1,168
1,169
57
56
74
50
1,394
1,384
1,383
1,369
31,953
32,373
32,639
32,511
28,657
29,108
29,343
29,289
4,244
4,557
4,692
4,452
5,001
5,034
4,996
5,007
4,099
4,117
4,146
4,169
13,394
13,487
13,583
13,726
1,919
1,913
1,926
1,935
3,296
3,265
3,296
3,222
12,267
3,830
2,697
79
317
149
103
32
453
8,437
6,981
413
1,447
3,642
1,479
1,456
27
28
27
388
378
368
929 1,124
10,676 9,376
11,155 9,979 1,278 1,289
11,995 10,842 1,737 1,478
1,911
1,997
1,965
4,351 1,061
4,419
996
4,657 1,005
1,300
1,176
1,153
12,864 11,703 1,976
12,607 11,460 1,851
2,074 1,890
2,010 1,821
4,768
4,794
995
984
1,161
1,147
2,012 1,948
4,831 1,002
1,172
1,911
1,894
1,885
1,872
4,815 1,005
4,778 1,001
4,742
991
4,736
982
1,165
1,162
1,164
1,153
4,756
4,749
4,815
4,855
981
986
981
989
1,149
1,145
1,146
1,147
4,921 1,003
991
4,971
998
5,001
5,057 1,001
1,172
1,152
1,187
1,129
3
10
17
24
New York City
1942—February....
1942—October
November...
December...
14,353
14,851
15,888
3,677
3,696
3,893
2,611
2,592
2,490
42
38
37
369
421
699
138
137
171
102
102
101
1943—January
February... .
16,409
16,163
3,545
3,556
2,386
2,387
42
43
486
506
161
158
99
98
32
38
339
326
1942—Dec. 30 ..
16,642
3,859
2,422
41
709
178
101
44
364
12,783 11,611 1,818
1943—Jan. 6
Jan. 13
Jan. 20
Jan. 27
16,500
16,353
16,303
16,478
3,669
3,518
3,470
3,522
2,392
2,375
2,384
2,393
41
42
42
42
591
461
434
457
178
171
152
145
100
99
99
99
19
30
24
53
348
340
335
333
12,831
12,835
12,833
12,956
11,666
11,673
11,669
11,803
1,900
1,947
1,977
2,079
2,035
2,053
2,074
2,134
Feb.3
Feb. 10
Feb. 17
Feb. 24
16,422
16,214
16,047
15,968
3,599
3,580
3,544
3,502
2,402
2,403
2,385
2,360
42
43
44
45
517
522
500
484
164
157
156
154
98
98
98
97
45
31
37
39
331
326
324
323
12,823
12,634
12,503
12,466
11,674
11,489
11,357
11,319
2,038
1,909
1,736
1,720
2,043 1,856
2,021 1,824
2,014 1,811
1,962 1,793
Mar.
Mar.
Mar.
Mar.
15,994
16,243
16,415
16,335
3,448
3,419
3,449
3,449
2,324
2,372
2,347
2,327
46
46
46
46
464
395
454
471
149
140
142
149
97
98
97
99
44
50
45
40
324
318
318
317
12,546
12,824
12,966
12,886
11,374
11,672
11,779
11,757
1,693
1,935
1,964
1,877
1,956
1,957
1,960
1,956
8,561
834
3
10
17
24
1,801
1,818
1,856
1,866
Outside
New York City
1942—February....
18,303
7,501
4,163
344
134
259
1,147
3
1,451
10,802
5,601 1,238
2,241
1942—October
November...
December...
22,434
23,014
23,829
6,623
6-558
6,473
3,726
3,709
3,647
227
219
208
115
112
129
232
227
220
1,115
1,109
1,102
2
2
7
1,206
1,180
1,160
15,811 13,635 1,745 1,860 1,967
16,456 14,309 1,805 2,079 2,266
17,356 15,221 2,023 2,251 2,237
7,119
7,243
7,783
944
916
927
2,176
2,147
2,135
1943—January
February....
24,974
25,312
6,281
6,168
3,569
3,483
184
184
118
118
200
192
1,092
1,082
1
18
1,117
1,091
18,693 16,567 2,250 2,938 2,223
19,144 17,024 2,404 3,039 2,259
8,231
8,398
925
924
2,126
2,120
888
1942—Dec. 30 ..
24,827
6,462
3,643
198
141
204
1,098
9
1,169
18,365 16,224
1,968 2,946 2,221
8,154
935
2,141
19*43—Jan. 6
Jan. 13
Tan. 20
Jan. 27
24,844
24,886
25,058
25,110
6,366
6,293
6,252
6,216
3,618
3,580
3,552
3,527
189
186
184
187
127
117
118
110
203
199
198
197
1,095
1,093
1,089
1,090
1
1
1
1
1,133
1,117
1,110
1,104
18,478
18,593
18,806
18,894
16,359
16,469
16,678
16,761
2,119
2,189
2,332
2,361
2,942
2,943
2,942
2,926
2,216
2,224
2,216
2,234
8,164
8,191
8,260
8,308
918
922
928
932
2,119
2,124
2,128
2,133
Feb.
Feb.
Feb.
Feb.
3
10
17
24
25,286
25,261
25,318
25,385
6,191
6,201
6,137
6,141
3,500
3,501
3,471
3,456
187
184
181
181
120
114
116
123
194
193
191
192
1,086
1,084
1,081
1,079
1
27
13
32
1,103
1,098
1,084
1,078
19,095
19,060
19,181
19,244
16,974
16,939
17,067
17,119
2,438
2,330
2,418
2,433
3,016
3,039
3,060
3,041
2,232
2,261
2,261
2,282
8,361
8,384
8,409
8,439
927
925
919
924
2,121
2,121
2,114
2,125
Mar.
Mar.
Mar.
Mar.
3
10
17
24
25.476
25,618
25,783
25,669
6,069
6,069
6,110
6,044
3,412
3,432
3,455
3,427
181
180
179
175
121
114
118
117
193
193
193
193
1,079
1,078
1,071
1,070
13
6
29
10
1,070
1,066
1,065
1,052
19,407
19,549
19,673
19,625
17,283
17,436
17,564
17,532
2,551
2,622
2,728
2,575
3,045
3,077
3,036
3,051
2,298
2,299
2,290
2,303
8,473
8,516
8,582
8,669
916
922
928
934
2,124
2,113
2,109
2,093
NOTE.—For description of figures see BULLETIN for November 1935 (pp. 711-738) or reprint, and BULLETIN for June 1937 (pp. 530-531). For back figures
see BULLETIN for November 1935 (pp. 711-738) or reprint, BULLETIN for December 1935 (p. 876), Annual Report for 1937 (tables 65-67) and corresponding
tables in previous Annual Reports.
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
RESERVES A N D LIABILITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Date or month
Total 101 Cities
1942—February
Reserves
with
Cash
Fedin
eral
vault
Reserve
Banks
Balances
with
do-,
mestic
banks
540
3,280
10,223
Demand
deposits
adjusted 1
24,714
Individuals,
partnerships,
and
corporations
24,343
States Certiand
fied
U.S.
politand
Govical
offiernsubcers'
ment
divi- checks
sions
etc.
Individuals,
partnerships,
and
corporations
1,460
5,010
1,799
552
Interbank
deposits
Time deposits,
except interbank
Demand deposits,
except interbank
States U . S .
Govand
ernpolitment
ical
and
subdivi- postal
savsions
ings
185
20
Domestic
banks
Demand Time
9,017
97
Foreign
banks
637
CapBorital
rowacings counts
1
Bank
debits 2
3,927
8,713
1942—October
November...
December...
9,031
9,296
9,704
517
518
548
2,614
2,711
2,741
28,268
29,361
28,749
28,154
29,236
28,840
1,874
1,912
1,782
517
553
586
2,084
2,031
4,746
5,074
5,117
5,109
109
103
100
26
25
26
8,878
9,200
9,315
72
68
65
683
697
727
8
6
4
3,983
4,004
4,014
10,032
10,192
11,773
1943—January
February
9,786
9,412
524
516
2,679
2,557
29,215
30,412
29,143
30,290
1,781
1,854
612
577
5,794
4,240
5,218
5,284
101
108
28
28
9,361
9,204
61
59
727
729
8
35
4,026
4,042
10,856
10,579
1942—Dec. 30
9,428
559
2,598
28,257
28,709
1,759
742
6,757
5,130
100
26
9,077
64
735
1
4,012
11,371
1943—Jan.
Jan.
Ian.
Jan.
6
13
20
27
9,933
9,778
9,675
9,756
537
544
498
515
2,697
2,690
2,658
2,670
28,367
28,964
29,472
30,056
28,357
29,001
29,393
29,823
1,722
1,751
1,784
1,866
661
562
530
694
6,742
5,944
5,360
5,129
5,188
5,204
5,232
5,247
100
99
103
102
26
28
28
28
9,425
9,347
9,330
9,343
63
61
60
60
732
737
725
716
1
1
16
13
4,027
4,027
4,025
4,026
12,172
10,158
10,778
10,315
Feb.
Feb.
Feb.
Feb.
3
10
17
24
9,418
9,27
9,508
9,44
494
529
500
539
2,512
2,494
2,631
2,592
29,743
30,157
30,620
31,129
29,434
29,877
30,699
31,150
1,888
1,855
1,829
1,842
598
544
587
578
5,245
4,410
3,940
3,366
5,268
5,276
5,289
5,305
112
107
106
106
28
28
28
29
9,136
9,071
9,322
9,286
61
59
59
56
740
723
731
722
12
71
17
41
4,037
4,042
4,044
4,046
12,603
9,779
10,232
9,702
Mar.
Mar.
Mar.
Mar.
3
10
17
24
9,35
9,550
9,78
9,47
502
524
544
523
2,572
2,603
2,723
2,561
31,305
32,116
32,385
32,128
31,162
31,917
32,338
31,954
1,858
1,850
1,855
1,831
668
584
668
597
2,964
2,716
2,778
2,817
5,333
5,340
5,333
5,352
105
99
97
88
29
29
29
29
9,453
9,505
9,800
9,342
56
57
58
57
734
723
743
746
29
31
66
26
4,053
4,048
4,052
4,057
12,302
9,809
12,150
11,771
320
736
699
28
3,461
572
1,538
3,466
15
18
15
3,127
3,191
3,174
611
622
650
4
4
3
1,555
1,567
1,568
3,784
3,865
4,794
5
33
1,566
1,576
4,406
4,486
New York City
1942-February...
4,95
78
84
10,430
10,627
249
1942—October
November...
December...
3,62
3,69
3,93
80
82
86
30
27
29
11,095
11,526
10,949
11,279
11,733
11,283
306
309
229
270
301
290
1,051
1,080
2,915
642
652
637
1943—January
February
3,97
3,65
78
80
28
23
11,091
11,574
11,370
11,850
216
218
349
313
3,326
2,372
656
663
19
22
3,161
3,052
651
650
3,89
86
31
10,757
11,285
245
417
3,927
628
16
3,068
657
1,561
4,713
1943—Tan.
Tan.
|an.
Jan.
6
13
20
27
4,19
3,97
3,88
3,83
80
80
74
80
28
27
30
27
10,803
10,970
11,161
11,430
11,080
11,254
11,443
11,704
227
217
213
206
381
307
270
437
3,897
3,420
3,070
2,916
650
649
659
666
17
17
20
22
3,191
3,142
3,147
3,165
659
663
644
639
10
10
1,565
1,566
1,567
1,564
5,031
4,150
4,364
4,080
Feb.
Feb.
Feb.
Feb.
3
10
17
24
3,77
3,61
3,63
3,596
76
86
75
83
23
21
24
24
11,373
11,479
11,598
11,845
11,578
11,709
11,953
12,160
229
225
211
206
324
302
321
304
2,976
2,479
2,191
1,844
671
658
659
662
21
22
22
22
3,084
3,020
3,061
3,042
660
647
653
642
10
67
16
40
1,575
1,576
1,577
1,575
5,800
4,181
4,115
3,848
Mar,
Mar.
Mar.
Mar.
3
10
17
24
3,54
3,544
3,67
3,653
76
82
79
78
28
24
29
42
12,002
12,356
12,425
12,562
12,252
12,640
12,726
12,811
214
197
226
224
377
297
323
304
1,597
1,453
1,475
1,483
660
673
675
678
21
16
16
19
3,101
3,146
3,283
3,079
652
643
662
664
27
30
63
23
1,580
1,577
1,577
1,578
4,891
3,942
4,869
4,808
Outside
New York City
1942—February....
5,268
462
3,196
14,284
13,716
1,550
232
724
4,311
157
65
1
2,389
5,247
1942—October
November.. .
December...
5,404
5,598
5,770
437
436
462
2,584
2,684
2,712
17,173
17,835
17,800
16,875
17,503
17,557
1,568
1,603
1,553
247
252
296
1,033
951
1,831
4,432
4,465
4,472
2,428
2,437
2,446
6,248
6,327
6,979
1943j—January
February
5,813
5,757
446
436
2,651
2,534
18,124
18,838
17,773
18,440
1,565
1,636
263
264
2,468
1,868
4,562
4,621
1942—Dec. 30 ..
.
20
5,556
94
85
85
26
25
26
5,751
6,009
6,141
72
68
65
72
75
77
4
2
1
82
86
28
28
6,200
6,152
61
59
76
79
3
2
2,460
2,466
6,450
6,093
97
1942—Dec. 30
5,534
473
2,567
17,500
17,424
1,514
325
2,830
4,502
84
26
6,009
64
78
1
2,451
6,658
1943—Jan.
Jan.
Tan.
Jan.
6
13
20
27
5,737
5,799
5,791
5,924
457
464
424
435
2,669
2,663
2,628
2,643
17,564
17,994
18,311
18,626
17,277
17,747
17,950
18,119
1,495
1,534
1,571
1,660
280
255
260
257
2,845
2,524
2,290
2,213
4,538
4,555
4,573
4,581
83
82
83
80
26
28
28
28
6,234
6,205
6,183
6,178
63
61
60
60
73
74
81
77
1
1
6
3
2,462
2,461
2,458
2,462
7,141
6,008
6,414
6,235
Feb.
Feb.
Feb.
Feb.
3
30
17
24
5,642
5,657
5,878
5,849
418
443
425
456
2,489
2,473
2,607
2,568
18,370
18,678
19,022
19,284
17,856
18,168
18,746
18,990
1,659
1,630
1,618
1,636
274
242
266
274
2,269
1,931
1,749
1,522
4,597
4,618
4,630
4,643
91
85
84
84
28
28
28
29
6,052
6,051
6,261
6,244
61
59
59
56
80
76
78
80
2
4
1
tl
2,462
2,466
2,467
2,471
6,803
5,598
6,117
5,854
Mar.
Mar.
Mar.
Mar.
3
10
17
24
5,809
6,006
6,110
5,819
426
442
465
445
2,544
2,579
2,694
2,519
19,303
19,760
19,960
19,566
18,910
19,277
19,612
19,143
1,644
1,653
1,629
1,607
291
287
345
293
1,367
1,263
1,303
1,334
4,673
4,667
4,658
4,674
84
83
81
69
29
29
29
29
6,352
6,359
6,517
6,263
56
57
58
57
82
80
81
82
2
1
3
3
2,473
2,471
2,475
2,479
7,411
5,867
7,281
6,963
1 Demand aeposus omer i
2 Debits to demand deposil
APRIL 1943
3
ZI
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[In millions of dollars]
Federal Reserve
district and date
(1943)
Boston (6 cities)
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Mar. 24
New York (8 cities)
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Mar. 24
Philadelphia (4 cities)
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Mar. 24
Cleveland (10 cities)
Feb. 24
Mar.3
Mar. 10
Mar. 17
Mar. 24
Richmond (12 cities)
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Mar. 24
Atlanta (8 cities)
Feb. 24
Mar.3
Mar. 10
Mar. 17
Mar. 24
Chicago (12 cities)*
Feb. 24
Mar.3
Mar. 10
Mar. 17
Mar. 24
St. Louis (5 cities)
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Mar. 24
Minneapolis (8 cities)
Feb. 24
Mar.3
Mar. 10
Mar. 17
Mar. 24
Kansas City (12 cities)
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Mar. 24
Dallas (9 cities)
Feb. 24
Mar.3
Mar. 10
Mar. 17
Mar. 24
San Francisco (7 cities)
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Mar. 24
City of Chicago*
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Mar. 24
Total
loans
and
investments
Total
Commercial,
industrial,
and
agricultural
Open
market
paper
Loans
Investments
Loans for
purchasing
or carrying
securities
U. S. Government obligations
To
brokers
and
dealers
Real Loans
estate
to
loans banks
Other
loans
Total
Total
To
others
CertiOther
ficates
of
Guar- secuBills
in- Notes Bonds an- rities
debtteed
edness
2,194
2,189
2,210
2,240
2,232
649
638
636
657
630
348
345
352
353
348
14
13
12
14
12
12
12
12
12
12
72
72
72
72
72
18
12
5
23
6
120
119
119
119
117
1,545
1,551
1,574
1,583
1,602
1,437
1,442
1,467
1,476
1,498
189
188
204
196
192
291
292
297
297
305
189
191
190
193
193
704
707
712
724
740
64
64
64
66
68
108
109
107
107
104
17,397
17,429
17,672
17,853
17,685
3,841
3,785
3,755
3,784
3,785
2,497
2,461
2,508
2,482
2,463
489
468
399
458
476
186
181
172
173
180
182
182
183
182
184
39
44
50
45
40
402
402
396
396
394
13,556
13,644
13,917
14,069
13,900
12,286
12,352
12,646
12,764
12,667
1,838
1,823
2,059
2,133
1,971
2,141
2,134
2,135
2,107
2,096
1,928
1,938
1,956
1,994
1,997
5,349
5,415
5,466
5,492
5,562
1,030
1,042
1,030
1,038
1,041
1,270
1,292
1,271
1,305
1,233
1,813
1,835
1,839
1,865
1,871
448
439
438
447
445
225
217
220
230
231
28
26
25
26
27
11
11
11
11
11
46
46
46
45
44
122
123
119
119
117
1,365
1,396
1,401
1,418
1,426
1,135
1,167
1,173
1,190
1,198
170
196
198
208
204
162
167
171
176
177
117
118
118
118
118
617
617
617
619
630
69
69
69
69
69
230
229
228
228
228
3,134
3,141
3,162
3,183
3,198
740
725
729
738
729
369
362
367
371
370
14
13
12
12
13
13
13
13
13
13
177
177
177
175
174
144
146
146
148
146
2,394
2,416
2,433
2,445
2,469
2,121
2,146
2,163
2,177
2,201
177
188
195
215
226
333
330
336
322
320
286
288
288
288
291
1,195
1,208
1,211
1,219
1,232
130
132
133
133
132
273
270
270
268
268
,301
,309
,316
,322
,328
264
263
263
260
257
129
129
127
126
123
3
3
3
3
11
11
11
11
11
51
51
52
51
50
63
62
63
62
63
1,037
1,046
1,053
1,062
1,071
970
979
987
996
1,005
123
126
130
140
148
129
133
133
132
131
131
131
131
131
131
532
534
538
538
540
55
55
55
55
55
67
67
66
66
66
,225
,224
,231
,235
,243
321
318
315
315
311
196
193
190
188
186
3
3
3
4
4
7
7
7
7
7
26
26
26
26
26
81
81
81
82
904
906
916
920
932
791
794
804
808
819
105
105
112
113
116
177
176
180
180
183
145
148
146
135
145
315
317
318
331
326
49
48
48
49
49
113
112
112
112
113
6,240
6,290
6,315
6,325
6,287
216
191
204
202
196
842
825
842
843
840
35
36
33
32
29
44
44
44
44
44
138
138
138
137
137
120
116
116
115
116
5,024
5,099
5,111
5,123
5,091
4,458
4,524
4,537
4,549
4,519
676
738
755
773
722
924
924
918
905
913
573
573
572
570
572
2,052
2,056
2,058
2,066
2,077
233
233
234
235
235
566
575
574
574
572
1,346
1,379
1,372
1,377
1,346
376
374
367
365
357
225
223
219
219
212
3
3
3
3
4
9
9
9
9
9
65
66
66
66
66
65
64
61
59
58
970
1,005
1,005
1,012
989
845
884
884
891
129
166
159
161
139
175
176
175
177
177
113
112
112
110
110
391
393
397
401
401
37
37
41
42
42
125
121
121
121
120
768
770
772
776
766
191
189
192
193
194
114
113
114
116
115
4
4
4
4
4
15
15
15
15
15
55
55
56
56
55
577
581
580
583
572
537
540
541
542
532
113
115
116
114
104
104
104
104
104
103
58
58
58
58
58
242
243
243
246
247
20
20
20
20
20
40
41
39
41
40
,342
,341
,363
,366
,360
353
353
349
352
351
230
231
228
230
229
2
2
2
2
2
8
7
7
33
33
33
33
33
65
65
64
64
64
989
988
1,014
1,014
1,009
861
860
886
887
883
184
180
189
185
178
148
149
150
150
148
153
159
162
161
163
314
317
330
336
338
62
55
55
55
56
128
128
128
127
126
,028
,033
,037
,040
,046
285
288
288
288
286
207
209
209
209
208
2
2
2
2
2
12
14
14
14
14
19
19
19
19
19
44
43
43
43
42
743
745
749
752
760
684
686
691
694
702
108
108
109
110
111
120
120
120
123
127
105
106
106
105
106
307
308
309
309
310
44
44
47
47
48
59
59
58
58
58
3,565
3,530
3,572
3,616
3,642
959
954
952
958
952
434
428
428
435
429
12
15
14
15
15
29
29
29
29
29
352
351
349
347
349
120
118
120
120
117
2,606
2,576
2,620
2,658
2,690
2,313
2,283
2,329
2,369
2,396
341
311
331
344
341
299
296
315
323
327
277
277
278
283
285
,276
,279
,288
,302
,323
120
120
117
117
120
293
293
291
289
294
4,016
4,052
4,058
4,079
3,982
803
779
788
786
778
628
611
624
623
617
29
31
28
27
25
39
39
39
39
39
24
23
23
23
23
61
58
58
58
59
3,213
3,273
3,270
.3,293
3,204
2,846
2,894
2,890
2,912
2,825
462
510
514
554
469
615
616
609
594
592
390 ,295
389 ,294
389 ,293
386 1,293
384 1,295
84
85
85
85|
85
367
379
380
381
379
* Separate figures for New York City are shown in the immediately preceding table, and for the city of Chicago in this table. The figures for the New
York and Chicago districts, as shown in this table, include New York City and Chicago, respectively.
3 xz
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
RESERVES A N D LIABILITIES
[In millions of dollars]
Time deposits,
except interbank
Demand deposits,
except interbank
Federal Reserve
district and date
(1943)
ReIndierves
DeBalwith Cash ances mand
vidFedwith
deuals,
in
doeral
posits
partvault mestic
Readnerserve
sanks usted1 ships,
and
Banks
corporations
Boston (6 cities)
Feb. 24
463
Mar. 3
470
Mar. 10
477
Mar. 17
514
Mar. 24
497
New York (8 cities)*
Feb 24
3,832
Mar. 3
3,776
Mar. 10
3,786
Mar. 17
3,919
Mar. 24
3,874
Philadelphia (4 cities)
Feb. 24
433
Mar. 3
434
Mar. 10
448
Mar. 17
453
Mar. 24
437
Cleveland (10 cities)
Feb. 24
796
Mar. 3
837
849
Mar. 10
880
Mar. 17
Mar. 24
839
Richmond (12 cities)
Feb. 24
309
315
Mar. 3
Mar. 10
344
340
Mar 17
Mar. 24
299
Atlanta (8 cities)
Feb. 24
293
306
Mar. 3
Mar 10
301
310
Mar 17
292
Mar. 24
Chicago (12 cities)*
Feb. 24
1,498
1,404
Mar. 3
Mar. 10
1,451
Mar. 17
1,465
Mar. 24
,
1,424
St. Louis (5 cities)
Feb. 24
305
Mar. 3
276
Mar. 10
'.[
301
299
Mar. 17
Mar. 24..!.'."".".'."
293
Minneapolis (8 cities)
Feb 24
162
172
Mar". 3.'.'.'.'.'.'.'.'.'.'.'.'.
Mar 10
179
Mar! 17'.'.'.'.'.'.'.'.'.'.'.'. 168
Mar. 24
164
Kansas City (12 cities
Feb. 24
362
Mar. 3
362
Mar. 10
375
Mar. 17
366
Mar. 24
353
Dallas (9 cities)
Feb. 24
290
Mar. 3
288
Mar. 10
303
Mar. 17
309
Mar. 24
293
San Francisco (7 cities
Feb. 24
702
Mar. 3
711
Mar. 10
736
Mar. 17
758
Mar. 24
707
City of Chicago*
Feb. 24
909
Mar. 3
851
Mar. 10
878
Mar. 17
859
Mar. 24
872
States Certiand
fied
U.S.
politand
Govical
offiernsubcers'
ment
divi- checks,
sions
etc.
Individuals,
partnerships,
and
corporations
Interbank
deposits
Domestic
U.S.
banks
States Govand
ernpolit- ment
Forical
eign
and
sub- postal
banks
Dedivisav- mand Time
sions
ings
66
65
65
67
62
136
131
128
138
133
1,894
1,896
1,940
1,986
1,960
1,876
1,882
1,917
1,976
1,931
97
97
98
97
105
34
28
26
30
29
168
147
133
135
136
238
238
239
239
240
114
106
113
112
109
122
132
124
136
142
12,991
13,163
13,527
13,615
13,640
13,075
13,183
13,580
13,691
13,747
478
469
458
475
395
327
405
322
359
328
1,937
1,676
1,526
1,549
1,558
1,040
1,039
1,052
1,055
1,059
37
36
31
31
21
29
27
28
29
28
116
106
108
108
102
1,573
1,576
1,607
1,616
1,602
1,567
1,572
1,596
1,606
1,568
101
101
101
103
120
11
12
13
19
14
109
100
91
100
107
166
166
166
163
164
2
2
2
2
2
367
384
382
398
387
' "i"
67
65
66
70
69
327
323
320
338
319
2,541
2,580
2,628
2,672
2,663
2,576
2,592
2,631
2,705
2,671
116
121
124
118
119
36
38
33
38
36
119
105
97
98
98
735
736
736
735
737
22
21
21
21
21
35
32
33
34
35
184
177
181
194
185
1,008
1,006
1,038
1,044
1,013
982
972
1,003
1,008
983
94
97
94
93
93
14
19
19
29
19
70
65
61
62
63
208
209
209
209
209
2
2
2
2
2
24
20
23
23
24
185
191
204
212
196
856
870
880
890
886
839
836
858
870
843
114
114
113
113
119
7
9
8
10
10
85
75
70
72
74
204
205
205
205
206
101
91
95
104
90
458
465
455
476
391
4,740
4,733
4,850
4,839
4,715
4,661
4,633
4,728
4,740
4,572
372
380
377
373
392
59
53
55
73
66
474
423
391
403
420
18
16
18
18
18
129
126
127
129
132
895
901
922
921
904
921
920
938
945
927
69
67
68
69
67
9
9
8
8
9
10
9
9
10
10
76
76
83
86
83
548
553
566
555
550
531
534
527
520
512
67
69
70
74
80
19
17
19
19
20
329
315
312
326
309
982
966
1,010
1,012
991
987
958
981
1,004
981
20
19
18
19
20
288
280
293
308
290
903
908
934
943
934
36
35
37
39
38
242
250
268
272
279
43
40
41
42
35
161
167
164
161
122
2
2
2
2
2
317
332
328
354
342
7
7
7
7
7
3,115
3,181
3,221
3,360
3,153
Bor- CapBank
row- ital
debacings counts
its 2
26
27
27
28
28
1
2
1
3
3
257
257
257
257
258
501
664
507
628
664
644
654
644
663
666
40
27
30
63
23
1,703
1,708
1,706
1,706
1,707
4 168
5', 273
4,237
5,221
5,217
1
1
7
7
6
6
6
220
221
221
221
220
401
562
436
586
519
539
556
547
571
533
16
16
16
16
16
2
2
2
2
2
413
413
413
413
414
663
853
628
817
774
6
6
6
6
6
412
422
436
442
429
5
5
5
5
5
1
1
1
1
1
107
106
103
107
107
298
358
293
359
357
3
3
3
2
2
2
2
2
1
1
498
506
520
527
501
1
1
1
1
2
3
3
3
4
4
103
103
103
103
104
293
332
279
348
334
1,023
1,024
1,024
1,023
1,027
3
3
3
3
3
7
7
7
8
8
1,625
1,633
1,614
1,660
1,584
6
6
6
6
6
14
14
14
13
13
456
458
458
457
457
1,593
1,974
1,555
1,870
1,868
60
57
53
54
57
194
195
196
196
196
1
1
1
1
1
1
104
104
104
104
104
275
343
268
332
327
7
7
23
11
8
49
44
40
45
41
113
113
113
113
113
1
1
1
1
1
69
69
69
69
69
153
220
225
203
187
119
123
125
124
124
17
19
17
17
16
73
67
63
64
65
146
146
147
147
147
1
1
1
1
1
117
117
117
117
118
351
435
339
418
395
899
905
911
937
920
74
80
81
76
75
16
21
14
20
15
74
67
62
65
65
129
129
129
129
130
7
7
7
6
7
95
95
95
95
95
262
271
285
294
291
2,198
2,153
2,214
2,292
2,270
2,236
2,175
2,247
2,336
2,299
141
140
141
140
142
41
48
46
54
47
148
138
129
131
133
1,109
1,133
1,124
1,119
1,124
28
28
28
28
28
2,874
2,889
2,956
2,907
2,812
2,882
2,876
2,937
2,901
2,798
170
175
172
167
170
33
29
26
30
24
343
303
278
284
298
463
463
463
463
463
" "i"
4
4
4
4
4
558
554
557
561
541
2
2
2
2
2
241
251
258
261
253
2
3
3
3
3
743
749
742
745
730
5
5
5
6
5
440
436
446
460
440
431
449
454
461
449
2
2
2
2
2
2
2
2
2
2
17
16
16
16
15
1,160
1,166
1,153
1,193
1,143
22
23
23
23
22
402
744
402 1,017
402
757
403 1,074
404
838
12
12
12
11
11
298
969
300 1,149
300
879
297 1,149
298 1,105
* See note on preceding page.
1
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
2
Debits to demand deposit accounts except interbank and U. S. Government accounts.
APRIL
1943
32-3
COMMERCIAL PAPER A N D BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
End of month
Held by
CommerI
cial
I paper
Total
OU
I
V 1
out{ standing 1 standing
Based on
Accepting banks
Total
Own
bills
Others
Bills
bought
Imports
into
United
States
2
Exports
from
United
States
Goods stored in or
shipped between
points in
Dollar
exchange
United
States
Foreign
countries
1941—November..
December..
387
375
194
194
144
146
93
92
51
54
50
49
116
116
14
15
48
48
12
11
1942—January
February...
March
April
May
June
July
August
September.
October....
November .
December.
381
388
384
373
354
315
305
297
282
271
261
230
197
190
183
177
174
163
156
139
123
119
116
118
154
144
146
139
133
122
119
108
97
94
90
93
103
92
89
86
82
78
77
71
64
63
61
60
52
53
57
53
51
44
42
37
33
31
29
34
43
46
37
38
41
41
38
31
26
25
26
25
116
112
103
97
101
94
92
78
66
60
57
57
17
18
17
17
16
13
6
6
6
9
51
44
45
48
43
52
45
41
41
40
39
38
11
13
16
14
13
4
11
11
10
12
12
14
1943—January
February...
220
209
120
127
95
102
60
64
35
38
24
25
57
60
12
14
38
41
12
12
1
2
3
As reported by dealers; includes some finance company paper sold in open market.
None held by Federal Reserve Banks.
Less than $500,000.
Back figures—See Annual Report for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange.
Ledger bal mces in millions of dollars]
Credit balances
Debit balances
End of month
Debit
Debit
Customers' balances in balances in
debit
firm
partners'
balances
investment investment
(net) 1
and trading and trading
accounts
accounts
EXCHANGE
Customers'
credit balances 1
Cash on
hand
and in
banks
Money
borrowed 2
Free
Other
(net)
Other credit balances
In partners'
investment
and trading and trading!
accounts
accounts i
"*%*£*
lnei;
1936—June
December
1,267
1,395
67
64
164
164
219
249
985
1,048
276
342
86
103
24
30
14
12
420
424
1937—June
December
1,489
985
55
34
161
108
214
232
1,217
688
266
278
92
85
25
26
13
10
397
355
1938—June
December
774
991
27
32
88
106
215
190
495
754
258
247
89
60
22
22
11
5
298
305
1939—June
December
834
906
25
16
73
78
178
207
570
637
230
266
70
69
21
23
280
277
1940-June
December
653
677
12
12
58
99
223
204
376
427
267
281
62
54
22
22
6
7
5
5
269
247
1941—June
December
616
600
11
8
89
86
186
211
395
368
255
289
65
63
17
17
7
5
222
213
1942—January
February
March
April
May
June
547
534
531
515
502
496
491
6
490
e
500
e
510
e
520
543
8
8
8
8
8
9
7
74
74
70
68
79
86
95
219
203
195
195
177
180
172
18
18
16
16
16
16
16
6
5
4
5
3
4
4
209
206
201
196
194
189
185
154
160
274
262
249
247
238
240
238
*240
e
240
e
250
e
250
270
72
66
67
61
59
56
57
7
308
307
306
300
300
309
307
c
300
e
310
e
310
e
320
378
54
15
4
182
c
e
July
August
September
October
November
December
1943—January
February
e
540
e
55O
290
e
320
280
c
310
e
Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of
large firms.
1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms'
own 2 partners.
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by
which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not
to be taken as representing the actual net capital of the reporting firms.
Back figures.—See BULLETIN for March 1938, p. 196, and (for data in detail) Annual.Report for 1937 (table 69).
32.4
FEDERAL RESERVE BULLETIN
OPEN-MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]
Year,
month, or
week
Prime
commercial
paper,
4- to 6monthsi
1940 average
1941 average
1942 average
1942—February ..
March
April
May
June
July
August.. ..
September.
October. .
November .
December..
1943—January...
February...
Week ending:
Feb. 27
Mar. 6
Mar. 13.. ..
Mar. 20
Mar. 27
Prime Stock
exbank- change
ers'
call
accept- loan
ances,
re90
newdaysl
al
Yields on U. S.
Government securities
9-to 12month
to 5certifi- 3-year
3month cates taxable
bills3 of indebted- notes
ness
.44
.44
.44
1.00
1.00
1.00
.014
.103
.326
.76
1.13
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.250
.212
.299
.364
.363
.368
.370
.370
.372
.371
.363
.93
.93
.98
1.03
1.15
1.20
1.25
1.27
1.28
1.28
1.34
.44
.44
1.00
1.00
.367
.372
He
1.00
1.00
1.00
1.00
1.00
.369
.371
.373
.373
.374
I
.76
.75
.80
1.29
1.24
5
• 73
.75
.75
.75
.74
1.25
1.25
1.25
6
1.39
1.39
1 Monthly figures are averages of weekly prevailing rates.
2
T h e average rate on 90-day stock exchange time loans was 1.25 per
cent during the entire period.
3
R a t e on new issues offered within period. Tax-exempt bills prior to
March 1941; taxable bills thereafter.
4
Average for A u g . 15 to 31.
8
N u m b e r of issues included decreased from 2 t o 1 on March 1.
6
Number of issues included decreased from 2 to 1 on March 15.
Back figures—See Annual Report for 1937 (tables 43 and 44). Figures
on Treasury bills and Treasury notes available on request.
COMMERCIAL LOAN RATES
AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS
IN PRINCIPAL CITIES
[Per cent per annum]
Total
19 cities
New
York
City
7 Other
Northern and
Eastern
cities
11 Southern and
Western
cities
1934 average1
1935 average^1
1936 average
1937 average1
1938 average1
3.45
2.93
2.68
2.59
2.53
2.45
1.76
1.72
1.73
1.69
3.71
3.39
3.04
2.88
2.75
4.32
3.76
3.40
3.25
3.26
1939 average
1940 average
1941 average
1942 average
1939—March
June
September
December
1940—March
June
2.78
2.63
2.54
2.61
2.95
2.91
2.68
2.59
2,65
2.59
2.68
2.59
2.58
2.55
2.60
2.41
2.48
2.62
2.70
2.63
2.07
2.04
1.97
2.07
2.13
2.15
2.04
1.96
2.03
2.00
2.14
2.00
2.06
1.95
1.98
1.88
1.85
2.07
2.28
2.09
2.87
2.56
2.55
2.58
3.05
3.05
2.78
2.59
2.67
2.49
2.56
2.53
2.53
2.58
2.62
2.45
2.48
2.56
2.66
2.63
3.51
3.38
3.19
3.26
3.77
3.62
3.31
3.32
3.35
3.38
3.43
3.36
3.25
3.23
3.29
2.99
3.20
3.34
3.25
3.26
^2.77
2.36
2.76
"3.25
September
D e c e m b e r . . . .
1941—March....
June
September
December
1942—March...
June
September
December
1943-March..
^Preliminary.
l Prior to March 1939 figures were reported monthly on a basis not strictly
comparable with the current quarterly series.
Back figures.—See November 1939 BULLETIN, pp. 963-969 for description
and for back figures.
BOND YIELDS 1
[Per cent per annum]
U. S.
Government2
Year, month, or week
Partially
Taxable
taxexempt
Corporate
(highgrade)4
By icitings
By groups
Total
Aaa
Aa
A
Baa
Industrial
Railroad
Public
utility
15
5
120
30
30
30
30
40
40
40
"2.35"
2.77
2.67
2.75
3.55
3.34
3.34
2.84
2.77
2.83
3.02
2.94
2.98
3.57
3.30
3.28
4.75
4.33
4.28
3.10
2.95
2.96
3.25
3 11
3.11
2.39
2.35
2.34
2.35
2.33
2.34
2.34
2.34
2.33
2.34
2.36
2.55
2.58
2.44
2.45
2.38
2.32
2.28
2.25
2.22
2.20
2.26
2.80
2.80
2.77
2.76
2.75
2.74
2.73
2.73
2.72
2.71
2.72
3.35
3.37
3.34
3.36
3.37
3.35
3.34
3.33
3.31
3.31
3.32
2.85
2.86
2.83
2.85
2.85
2.83
2.81
2.80
2.80
2.79
2.81
2.98
3.00
2.98
3.00
3.01
2.99
2.99
2.98
2.95
2.94
2.96
3.29
3.32
3.30
3.31
3.31
3.28
3.27
3.26
3.24
3.24
3.23
4.29
4.30
4.26
4.27
4.33
4.30
4.28
4.26
4.24
4.25
4.28
2.98
3.00
2.96
2.97
2.97
2.94
2.94
2.95
2.94
2.93
2.94
4.30
3.95
3.96
3.94
3.94
3.95
3.97
4.03
4.02
3.98
3.95
3.92
3.93
3.96
2.06
2.06
2.32
2.32
2.27
2.22
2.70
2.68
3.27
3.23
2.79
2.77
2.93
2.89
3.20
3.17
4.16
4.08
2.90
2.88
3.86
3.78
3.05
3.02
2.05
2.06
2.07
2.09
2.09
2.32
2.33
2.34
2.33
2.33
2.20
2.21
2.22
2.22
2.21
2.68
2.71
2.70
2.70
2.69
3.22
3.21
3.21
3.20
3.20
2.77
2.77
2.77
2.76
2.76
2.88
2.89
2.88
2.88
2.88
3.16
3.16
3.15
3.14
3.14
4.06
4.02
4.02
4.02
4.01
2.88
2.88
2.88
2.87
2.87
3.76
3.74
3.74
3.73
3.72
3.01
3.01
3.01
3.00
3.00
2-6
1940 average
1941 average
1942 average
2.21
1.95
2.02
1942—February
March
April
May
June
July
August
September
October
November
December
2.09
2.00
1.98
1.97
1.97
2.00
2.02
2.03
2.05
2.06
2.09
Week ending:
Feb. 27
Mar. 6
Mar. 13
Mar. 20
Mar. 27
Municipal
(high
grade) 3
2.50
2.10
2.36
Number of issues
1943—January
February
Corporate (Moody's)5
.
6
1
2
3
4
5
2
3.15
3.17
3.13
3.13
3.12
3.09
3.09
3.08
3.07
3.06
3.07
Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures.
Average of yields on all outstanding issues due or callable in more than 12 years.
Standard and Poor's Corporation.
U. S. Treasury Department.
Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced
from6 10 to 4 and 10 to 5 issues, respectively, and the railroad Aaa and Aa groups from 10 to 5 and 10 to 9 issues, respectively.
Number of issues included decreased from 4 to 3 on March 15.
Back figures—See Annual Report for 1937 (table 80) and for high-grade corporate bonds, Bulletin oj the Treasury Department for July 1941, pages
21-24. Figures for U. S. Government bonds available on request.
APRIL 1943
SECURITY MARKETSi
Bond prices
Stock prices^
Corporate
Year, month, or week
U. S. Municipal
Gov(high
ernment2 grade)3
Number of issues
4
Common (index, 1935-39 = 100)
Medium and lower-grade
Highgrade
Industrial
Total
Railroad
Public
utility
Defaulted
Preferreds
Total
Industrial
Railroad
Public
utility
Volume
of trading?
in thousands of
shares)
2-6
15
15
50
10
20
20
15
15
402
354
20
28
1940 average
1941 average.
1942 average
107.2
111.0
109.9
123.6
130.9
126.2
115.9
117.8
118.3
94.8
98.9
100.1
97.3
103.9
109.1
83.8
86.9
86.6
103.5
106.1
104.8
14.0
21.9
27.2
169.2
171.9
162.4
88
80
69
88
80
71
71
71
66
96
81
61
767
629
466
1942—February
March
April
May
108.9
110.2
110.5
110.7
110.7
110.2
109.9
109.8
109.5
109.4
108.9
122.6
122.2
124.5
124.5
125.7
126.7
127.6
128.1
128.6
129.0
127.8
117.1
116.7
117.8
117.7
118.0
118.9
118.7
119.0
119.3
119.5
118.9
99.6
98.8
99.3
98.9
98.1
98.9
99.3
100.7
102.1
103.2
103.6
106.9
106.1
107.1
107.4
107.7
108.4
108.7
109.8
111.2
113.8
115.3
87.7
88.6
88.4
87.1
83.0
83.9
85.2
86.4
88.0
87.6
86.5
104.4
101.8
102.3
102.2
103.5
104.5
104.1
105.8
107.1
108.3
109.1
25.6
27.6
26.7
26.4
24.0
25.5
27.1
29.4
30.3
29.6
29.9
165.1
159.8
154.8
156.3
159.2
162.0
164.0
164.0
165.5
165.4
166.9
70
66
63
63
66
68
68
69
74
75
76
71
67
65
65
68
71
71
72
77
77
79
68
65
61
60
59
63
65
67
73
73
69
65
61
57
57
59
58
59
60
64
66
65
404
363
336
323
316
346
321
418
693
686
818
1943—January
February
109.4
109.4
127.7
128.6
119.5
120.0
105.4
106.4
115.7
115.9
89.9
92.0
110.5
111.4
31.7
33.5
168.0
170.8
80
85
82
88
74
78
69
73
823
1,247
Week ending:
Feb. 27
Mar. 6
Mar. 13..
Mar. 20
Mar. 27
109.5
109.4
109.2
8
108.9
108.9
129.0
128.8
128.6
128.6
128.8
119.9
119.8
119.8
119.8
119.7
107.2
107.5
107.8
107.9
108.4
116.5
116.2
116.6
116.7
117.0
93.2
94.3
94.8
95.1
96.1
111.8
111.9
112.0
112.0
112.3
34.5
36.5
38.1
40.4
42.9
171.6
172.0
171.6
171.2
171.6
87
87
87
87
88
89
90
89
90
91
81
86
84
85
85
76
77
77
75
76
1,654
1,732
1,449
1,125
1,531
June
July
August
September
October
November
December
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 years on basis
of a 32% per cent, 16-year bond. Prices expressed in decimals.
Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
4
Prices derived from averages of median yields, as computed by Standard and Poor's Corporation.
5
Standard and Poor's Corporation.
6
Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend.
7
Average daily volume of trading in stocks on the New York Stock Exchange.
8
Number of issues included decreased from 4 to 3 on March 15.
Back figures.—For United States Government bonds, see November 1940 BULLETIN; for municipal bonds, see Annual Report for 1937 (table 79).
NEW SECURITY ISSUES
[In millions of dollars]
For new capital
Year or month
Total
(new
and
refunding)
Domestic
Domestic
Total
(domestic
and
foreign)
Total
State
and
municipal
Total
Bonds
and
notes
483
64
803
405
855
150
735
22
712
157
971
481
931
924
751
461
518 1,272
342
108
161
178
404
1,192
1,225
873
383
736
1,062
618
40
144
334
839
817
807
287
601
889
500
720
1,386
1,457
1,972
2,138
2,360
2,289
1,951
2,854
1,069
708
1,386
1,409
1,949
2,094
2,325
2,239
1,948
2,852
1,069
1942—February....
March
April
May
June
July
August
September ..
October
November...
December...
180
197
266
182
201
142
162
100
115
98
145
123
110
159
130
97
41
103
45
28
29
37
123
110
159
130
97
41
103
45
28
29
37
30
22
52
23
18
11
45
17
26
7
9
1943—January
February....
176
102
7
58
7
58
4
47
37
9
10
3
2
3
"ii"
17
Total
(domestic
and
foreign)
Corporate
Federal
agencies 1
1,063
2,160
4,699
6,214
3,937
4,449
5,842
4,803
5,546
2,109
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
For refunding
56
79
97
104
77
28
59
28
2
5
11
.3
11
Stocks
Total
Corporate
State
and
municipal
Federal
agencies 1
Total
Bonds
and Stocks
notes
343
774
3,242
4,242
1,799
2,089
3,553
2,852
2,693
1,040
283
765
3,216
4,123
1,680
2,061
3,465
2,852
2,689
1,040
37
136
365
382
191
129
195
482
435
181
26
317
987
353
281
665
1,537
344
698
440
219
312
1,864
3,387
1,209
1,267
1,733
2,026
1,557
418
187
312
1,782
3,187
856
1,236
1,596
1,834
1,430
410
19
37
18
62
91
6
94
10
69
8
27
57 ""2"
10
18
2
5*
9
2
57
88
107
52
105
102
59
55
87
69
108
57
88
107
52
105
102
59
55
87
69
108
11
27
8
8
15
37
3
7
12
10
9
27
21
81
39
28
32
50
18
31
46
34
19
39
19
6
62
33
6
30
44
14
65
19
39
19
6
55
33
6
30
44
13
65
3
11
170
44
80
44
45
11
27
32
8
2
8
2
120
35
69
352
408
67
97
135
173
118
12
"48"
23
44
35
50
2
1
Foreign 2
32
"si"
200
352
31
137
193
126
8
60
9
26
119
119
28
88
""4
7
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 Annual Report for 1937 (table 78).
FEDERAL RESERVE BULLETIN
NEW CORPORATE SECURITY ISSUES*
PROPOSED USES OF PROCEEDS, ALL ISSUERS
[In millions of dollars]
Proposed uses of net proceeds
Year or month
Estimated
net
proceeds 3
Estimated
gross
proceeds 2
New money
Plant and
equipment
Total
1934
1935
1936
1937
1938
1939
1940
1941
1942
Retirement of securities
Working
capital
Bonds and
notes
Total
397
2,332
4,572
2,310
2,155
2,164
2,677
2,667
1,008
384
2,266
4,431
2,239
2,110
2,115
2,615
2,623
987
57
208
858
991
681
325
569
868
441
32
111
380
574
504
170
424
661
268
26
96
478
417
177
155
145
207
173
231
1,865
3,368
1,100
1,206
1,695
1,854
1,583
380
231
1,794
3,143
911
1,119
1,637
1,726
1,483
352
1941-March
April
May
June
July
August
September
October
November
December
262
184
269
250
122
417
182
204
155
144
258
181
262
246
119
413
180
201
152
142
68
42
67
87
51
185
27
91
92
57
56
26
54
75
35
167
17
64
61
36
12
17
13
12
16
17
10
27
31
21
172
132
189
142
56
210
150
92
37
62
163
110
188
131
54
194
148
91
37
52
1942—January
February
March
April
May
June
July
August
September
October.
November
December
164
78
102
121
126
142
53
89
62
18
27
26
161
76
100
118
124
139
52
88
60
17
27
26
71
40
39
70
59
72
14
39
23
2
2
8
38
34
35
15
27
57
11
33
8
2
7'""
33
5
4
55
33
15
3
6
15
1
2
1
80
23
46
12
11
60
29
34
28
15
24
17
81
12
41
12
11
55
29
34
26
15
24
13
9
49
8
49
1
12
io"•'"
1
2
6
34
6
34
1943—January
February
Repayment
of
other debt
Preferred
stock
Other
purposes
84
170
154
111
215
69
174
144
133
71""
226
190
87
59
128
100
28
9
21
1
10
2
15
2
1
1
10
11
49)
7
26
19
28
35
14
2
6
16
12
14
3
14
22
17
11""
5
5""
2 '"
5
"l"
"5"
5
"6
9
2
15
36
53
5
8
3
1
11
1
2
12
8
4""
2
3
PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS
[In millions of dollars]
Public utility
Railroad
Year or month
Total
net
proceeds
1934
1935
1936
1937
1938
1939
1940
1941
1942
1941—March
April
May
June
July
August
September
October
November
December
172
120
774
338
54
182
319
361
47
21
57
139
228
24
85
115
253
32
120
54
558
110
30
97
186
108
15
8
2
45
58
23
3
5
2
42
25
1
28
45
51
23
24
7
21
1
28
10
4
6
10
4
6
9
2
2
1
9
3
2
2
1
• 24
1942—January
February
March
April
May
June
July
August
September
October
November
December
1943—January
February
RetireNew ment of
money securities
8
1
2
3
4
•"35"
4
6
9"
4
4
"
7
•
•
•
•
-
•
All
other
purposes 4
31
10
77
1
18
Total
New
net
money
proceeds
130
,250
L,987
751
1,208
1,246
1,180
1.340
441
11
30
63
89
180
43
245
317
135
177
82
141
113
39
307
114
79
59
62
47
18
6
12
13
138
6
11
46
3
107
34
48
11
21
69
3
68
44
3
1=;
19
18
25
8
11
10
17
2
34
7
39
3
""2"
Other
Industrial
Retire- All
Total
All
Total
All
RetireRetirement of other
net
New ment of other
net
New ment of other
securi- pur- 4 pro- money securi- purpro- money securi4
poses
ties
ceeds
poses
ceeds
ties
ties
poses 4
42
30
27
50
86
47
13
30
27
62
774
1,280
1,079
831
584
961
828
497
25
74
439
616
469
188
167
244
272
34
550
761
373
226
353
738
463
85
2
150
80
90
136
43
56
121
140
20
122
390
71
16
102
155
94
2
46'
218
57
8
9
42
55
2
1
129
1
64
1
134
97
4
26
169
106 ""2"
5
63
1
11
12
46
72
88
76
75
48
76
23
75
85
46
17
16
16
24
9
22
13
49
41
25
39
66
54
38
29
40
9
13
24
15
17
7
6
13
10
14
1
14
21
6
1
8
1
8
10
6
1
22
6
6
6
1
1
10
4
43
38
46
107
102
61
46
18
15
5
12
3
43
11
25
59
49
51
9
4
14
2
2
2
1
1
1
i
8
2
1
2
77
1,190
1,897
611
943
1,157
922
993
279
80
10
40
9
5
49
1
34
28
2
14
17
6
3
• • • 9 "
"'34. " " 3 "
14
6
12
6
6
29
3"
10
1
6
13
15
36
48
4
8
15
1
19
4
20
7
1
5
104
21
" • 7 2 "
152
7
7
88
9
18
i"
1
2
5
12
2
•
•
•
•
2
Estimates of new issues sold tor cash in the United States. Current figures subject to revision.
Gross proceeds are derived by multiplying principal amounts or number of units by offering price.
Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses.
Includes repayment of other debt and other purposes.
Source.—Data published by Securities and Exchange Commission. For a description of data, see pp. 217-19 of the March 1942 BULLETIN.
APRIL 1943
5
"
QUARTERLY EARNINGS AND DIVIDENDS OF LARGE
INDUSTRIAL CORPORATIONS
[In millions of dollars]
CORPORATIONS
Profits and
dividends
Net profits, 1 by industrial groups
Year or quarter
Total
Iron
and
steel
Machinery
Other
transportation
equipment
Automobiles
Nonferrous
metals
and
products
Other
durable
goods
Foods,
beverages,
and
tobacco
Oil
prod,
and
refining
Miscellaneous
services
Other
nondurable
goods
Industrial
chemicals
Dividends
Net
profits1
Preferred
Common
629
47
69
15
68
77
75
49
45
30
80
74
152
152
152
1,465
1,818
2,169
1,806
146
278
325
r
224
115
158
193
r
160
223
242
102
173
227
119
133
153
138
70
88
113
91
151
148
159
149
98
112
174
150
186
194
207
r
164
134
160
187
140
122
132
159
177
847
1,028
1,144
885
90
90
92
88
564
669
705
554
1939—1
2
3
4
284
311
320
550
13
14
35
85
20
25
26
44
64
61
12
86
23
21
20
39
25
22
30
42
8
16
23
23
31
36
44
41
14
21
26
37
36
40
45
66
28
29
32
45
24
27
29
42
173
185
167
321
21
22
21
26
114
119
125
207
1940—1
2
3
4
422
412
396
588
47
51
79
101
33
39
34
52
69
53
17
103
41
36
33
63
33
29
30
40
14
21
25
28
34
38
33
43
34
30
25
24
46
45
52
51
41
41
39
39
29
30
29
44
246
230
211
342
21
21
22
25
136
158
158
217
1941—1
2
3
4
510
549
560
550
86
84
81
72
44
48
46
55
79
73
60
61
53
56
56
62
39
36
38
40
23
28
30
32
36
43
44
37
29
42
56
46
49
53
52
52
44
48
49
46
29
36
46
48
286
297
284
276
22
23
23
24
150
165
170
221
1942—1...
2
3
4
423
369
467
546
52
52
51
r
70
38
35
36
r
51
46
25
46
8
55
853
8
58
(10)
36
32
34
tt
19
18
22
31
32
32
42
43
35
27
42
47
39
35
41
r
49
39
27
35
39
32
34
59
53
204
174
218
289
21
23
21
23
134
136
126
158
Number of companies
1939
1940
1941.
1942
274
(10)
(10)
Quarterly
(10)
PUBLIC UTILITY CORPORATIONS
[In millions of dollars]
Railroad2
Year or quarter
Operating
revenue
Income
before
income
tax 4
Net income1
All roads Insolvent
roads6
Dividends
Net
income1
Dividends 5
Operating
revenue
Net
income1
Dividends
28
28
28
28
32
32
32
159
177
202
228
137
142
133
120
116
118
115
1,067
1,129
1,235
1,365
191
194
178
161
175
178
172
163
—4
21
23
21
61
175
166
167
184
46
37
34
43
39
32
30
36
19
19
19
22
259
267
266
274
44
49
47
51
42
42
43
48
-29
-33
-14
3
25
29
29
78
187
176
177
194
48
42
41
47
41
34
31
37
19
19
19
20
274
281
281
294
49
50
45
50
44
44
44
46
69
101
190
142
-4
2
25
1
22
36
31
97
201
191
196
211
59
48
46
50
43
33
25
34
18
24
18
19
295
308
311
321
43
44
.45
46
44
45
44
40
90
199
283
387
12
37
60
64
29
35
34
98
216
202
208
224
63
S3
57
56
33
25
28
35
19
19
19
19
324
336
344
360
47
48
46
20
44
42
39
38
126
249
672
1,718
93
189
502
959
898
906
1,058
1,133
-38
-43
68
139
-43
-47
58
126
(7)
(7)
(7)
986
1,010
1,130
1,171
—3
15
92
145
-12
3
71
127
1941—1
2
3
4
1,152
1,272
1,468
1,454
94
144
267
167
1942—1
2
3
4
1,483
1.797
2,047
2,139
179
389
556
594
1940—1
2
3
4
Income
before
income
692
735
799
850
-102
-73
24
173
3,995
4,297
5,347
7,466
I939—1
2
3
4
Operating
revenue
126
159
186
196
Number of c o m p a n i e s . . . .
1939
1940
1941
1942...
Telephone3
Electric power
Quarterly
....
r
9
T
Revised.
" N e t profits" and "net income" refer to income after all charges and taxes, and^before dividends.
Class I line-haul railroads.
3
Series revised to reflect operations more accurately. The group now 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.
4
After 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 Includes roads in receivership or trusteeship a t beginning of the y e a r .
7 N o t available.
8
Partly estimated.
9
Unlike other industrial groups in this table, net income of telephone companies in the first three quarters of 1942 included provision for Federal income and excess profits taxes at rates specified in the Revenue Act of 1941. Most of the increase in taxes for the year is therefore reflected in t h e fourth
quarter figure.
10
Preliminary figures for automobiles and other transportation equipment combined: fourth quarter, 1942, $128,000,000; year, 1942, $411,000,000.
Sources.—Interstate
Commerce Commission for railroads; Federal Communications Commission for telephone companies; published reports for industrial and electric power companies. Figures for the current and preceding year subject to revision. For description of data and back figures, see pages
1
2
214 to 217 of the March 1942 B U L L E T I N .
318
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT DEBT-VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury.
End of month
1940—June
Dec
1941—June
Dec
1942—Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1943—Jan
Feb
42,968
45,025
48,961
57,938
62,381
62,419
64,961
68,571
72,422
77,136
81,685
86,483
92,904
96,116
108,170
111,069
114,024
Marketable public issues
Total
interestbearing
direct
debt
Total2
42,376
44,458
48,387
57,451
61,895
61,940
64,496
68,108
71,968
76,694
81,244
85,847
92,265
95,458
107,308
110,024
112,851
34,436
35,645
37,713
41,562
43,700
43,329
45,137
47,615
50,573
53,826
57,176
60,402
65,008
66,554
76,488
77,496
78,726
Total
gross
direct
debt
1
Nonmarketable public issues
CertifiTreasury cates of Treasury
indebtedbills
notes
ness
1,302
1,310
1,603
2,002
2,002
1,652
1,953
2,257
2,508
3,663
4,168
4,619
5,126
5,721
6,627
7,423
8,232
6,383
6,178
5,698
5,997
5,591
5,571
5,571
5,571
6,689
6,689
6,689
7,958
10,095
10,095
9,863
9,863
9,863
1,507
1,507
3,096
3,096
4,705
6,211
6,211
3
7,161
10,534
3
10,741
11,161
In millions of dollars]
Treasury
bonds
Total 2
26,555
27,960
30,215
33,367
35,912
35,910
35,910
38,085
38,085
40,182
41,418
41,418
43,381
43,381
49,268
49,273
49,273
3,166
3,444
4,555
8,907
11,004
11,278
12,002
12,976
13,510
14,743
15,805
16,936
18,672
20,117
21,788
23,356
24,560
U.S.
savings Treasury
bonds tax notes
2,905
3,195
4,314
6,140
7,893
8,436
8,951
9,569
10,188
11,078
11,751
12,479
13,381
14,079
15,050
16,246
17,067
"2,47l"
2,807
2,536
2,744
3,100
3,015
3,357
3,739
4,137
4,964
5,703
6,384
6,749
7,125
Special
issues
Fully
guaranm Noninterest- teed interestbearing
bearing
debt
securities
4,775
5,370
6,120
6,982
7,190
7,333
7,358
7,518
7,885
8,125
8,262
8,509
8,585
8,787
9,032
9,172
9,565
591
566
574
487
486
480
465
462
454
442
441
637
639
657
862
1,045
1,173
5,498
5,901
6,360
6,317
5,673
5,666
5,666
5,667
4,548
4,551
4,567
4,552
4,243
4,244
4,283
4,277
4,275
1
Including amounts held by Government agencies and trust funds, which aggregated $2,878,000,000 on Jan. 31, and $2,804,000,000 (preliminary) on
Feb. 28, 1943.
2
Total marketable public issues includes Postal Savings and pre-war bonds, and total nonmarketable public issues includes adjusted service and
depositary
bonds not shown separately.
3
Including special one-day certificates of indebtedness not shown separately amounting to $422,000,000 on Nov. 30 and $202,000,000 on Jan. 31.
UNITED STATES GOVERNMENT MARKETABLE PUBLIC
SECURITIES OUTSTANDING, FEBRUARY 28, 1943
[On basis of daily statements of United States Treasury. In millions
of dollars]
Issue
Treasury bonds 1
June 15, 1943-47
Oct. 15, 1943-45
Apr. 15, 1944-46
Dec. 15, 1944-54
Sept. 15, 1945-47
Dec. 15, 1945
Mar. 15, 1946-56
June 15, 1946-48
June 15, 1946-49
Oct. 15, 1947-52
Dec. 15, 1947
Mar. 15, 1948-50
Mar. 15, 1948-51
June 15, 1948
Sept. 15, 1948
Dec. 15, 1948-50
June 15, 1949-51
Sept. 15, 1949-51
Dec. 15, 1949-51
Dec. 15, 1949-52
Dec. 15, 1949-53
Mar. 15, 1950-52
Sept. 15, 1950-52
June 15, 1951-54
Sept. 15, 1951-55
Dec. 15, 1951-53
Dec. 15, 1951-55
Mar. 15, 1952-54
June 15, 1952-55
June 15, 1953-55
June 15, 1954-56
Mar. 15, 1955-60
Mar. 15, 1956-58
Sept. 15, 1956-59
June 15, 1958-63
Dec. 15, 1960-65
June 15, 1962-67
Dec. 15, 1963-68
Sept. 15, 1967-72
Postal Savings bonds..
Conversion bonds
Panama Canal loan
Treasury notes
Mar. 15, 1943
June 15, 1943
Sept. 15, 1943
Dec. 15, 1943
Mar. 15, 1944
June 15, 1944
1
2
Amount
454
1,401
1,519
1,037
1,214
541
489
1,036
819
759
701
1,115
1,223
3,062
451
571
1,014
1,292
2,098
491
1,786
1,963
1,186
1,627
755
1,118
510
1,024
1,501
725
681
2,611
1,449
982
919
1,485
2,118
2,831
2,716
117
29
50
66
629
279
421
515
416
Issue
Treasury notes—Continued
Sept. 15, 1944
Sept. 15, 1944
Mar. 15, 1945
Mar. 15, 1945
Dec. 15, 1945
Mar. 15, 1946
Dec. 15, 1946
Cert, of indebtedness.
May 1, 1943
Aug 1 1943
Nov. 1, 1943
Dec 1 1943
Feb 1 1944
Treasury bills
Mar 3 1943
Mar 10 1943
Mar 17 1943
Mar 24 1943
Mar 31 1943
Apr 7 1943
Apr 14 1943
Apr. 21, 1943
Apr. 28, 1943
May 5
May 12
May 19
May 26
Total direct issues
Guaranteed securities
Commodity Credit Corp.
May 1, 1943
Feb. 15, 1945
Fed. Farm Mortgage Corp.
Mar. 15, 1944-64
May 15, 1944-49
Fed. Public
Housing
Authority
Feb. 1, 1944
Home Owners' Loan Corp
May 1, 1944-52
June 1, 1945-47.
Reconstruction Fin. Corp.
July 15, 1943
Apr. 15, 1944
Federal Housing Admin.
Various
Total guaranteed issue
Amount
283
635
718
1 606
531
503
3 261
1
1
2
3
2
506
609
035
800
211
503
505
601
601
603
600
602
702
702
702
708
703
701
78 ,726
289
412
95
835
UNITED STATES SAVINGS BONDS
[In millions of dollars]
Month
Amount Funds received from sales during
outmonth
standing
at end of
Series Series Series
All
month 1 series
E
F
G
1941—May
June
July
Aug
Sept.
Oct
Nov.
Dec
4,008
4,314
4,649
4,908
5,132
5,394
5 620
6,140
1942—Jan
Feb
Mar
Apr
May
Tune
July
Aug
Sept
Oct.
Nov
Dec
7,198
7,893
8,436
8,951
9,569
10,188
11.078
11,751
12,479
13 381
14,079
15,050
1943—Jan
Feb
16,246
17,067
2
37O
315
342
266
232
271
234
529
1,061
703
558
531
634
634
901
697
755
935
735
1,014
1,240
887
101
103
145
118
105
123
110
341
38
29
27
20
211
183
170
Redemptions
All
series
14
15
18
18
23
19
33
128
109
125
105
154
13
14
14
13
16
667
398
338
327
422
433
508
454
510
665
542
726
78
52
41
40
43
41
74
52
61
61
45
66
316
253
179
164
170
160
319
191
184
210
148
222
15
16
22
21
22
23
25
32
34
40
43
55
815
634
77
48
348
205
63
76
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 increases
in redemption values and redemptions of bonds during the month.
2
been sold
Includes series D not shown separately; this series has not be<
since April 1941.
114
779
755
324
571
222
4,196
Called for redemption on June 15, 1943.
Amount for January shown in March BULLETIN should be $21,000,000.
APRIL
1943
319
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[In millions of dollars]
Total
interestbearing
End of month
1940—June
December
1941—June
December
1942-June
July
August
September
October
November
December
1943—January
Held by U. S. Government aerencies
and trust funds
securities
Special
issues
Public
issues
47,874
50,360
54,747
63,768
76,517
81,245
85,811
90,399
96,509
99,702
111,591
114,301
4,775
5,370
6,120
6,982
7,885
8,125
8,262
8,509
8,585
8,787
9,032
9,172
2,295
2,250
2,362
2,547
2,726
2,741
2,884
2,900
2,922
2,922
3,207
3,195
Privately held1
Held
Federal
Reserve
Banks
Total
Member
banks
Other
commercial
banks
Mutual
savings
banks
Insurance
companies
2,466
2,184
2,184
2,254
2,645
3,153
3,426
3,567
4,667
5,399
6,189
5,969
38,338
40,556
44,081
51,985
63,261
67,226
71,239
75,423
80,335
82,594
93,163
95,965
14,722
15,823
18,078
19,539
24,098
25,930
27,600
29,750
32,020
33,380
37,546
p
39,060
1,830
1,940
2,020
2,250
2,290
2,500
2,640
2,820
3,180
3,290
*>3,75O
p
3,850
3,110
3,220
3,430
3,680
3,890
4,010
4,130
4,200
4,280
4,180
H, 560
2*4,640
6,500
6,900
7,000
8,000
8,900
9,000
9,600
9,700
9,800
9,600
11,000
11,100
Other investors
Marketable
issues
Nonmarketable
issues
9,400
9,600
9,400
10,000
11,100
11,600
12,100
12,700
13,000
12,600
p
15,200
^14,700
2,800
3 r 100
4,200
8,500
13,000
14,200
15,200
16,300
18,100
19,500
21,100
22,600
p
Preliminary estimates.
i Estimated figures for other commercial banks and mutual savings banks have been rounded to nearest 10 million dollars and for insurance companies and other investors to nearest 100 million.
Backfigures.—-SeeJuly 1941 BULLETIN, p. 664.
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED
BY T H E U N I T E D STATES*
[Public marketable securities. Par values in millions of dollars]
U.S.
U.S.
GovMuern- FedTotal ment
Comtual
eral
mercial savagenRetandcies serve banks 1 ings
ing
)anks
and ianks
trust
funds
Totals
1941—June
Dec.
1942—June
Sept
Oct
Nov
Dec
1943—Jan
Treasury bills:
1941—June
Dec.
1942—June
Sept
Oct
Nov
Dec.
1943—Jan
Certificates:
1942—June
Sept
Oct
Nov
Dec.
1943—jan
Treasury notes:
1941—June
Dec
1942—June
Sept
Oct
Nov
Dec
1943—Jan
Guaranteed securities:
1941—June
Dec
1942—June
Sept
Oct
Nov
Dec
1943—Jan
[nsurance Other
companies
19 014
20,589
24,939
30 707
33 084
34 480
38 759
40,281
10
243
657
481
383
1,010
689
1,112
1,037
1,557
2,884
3 468
4 216
4 497
5,568
23
34
28
17
18
14
10
21
10
210
91
123
126
93
26
45
459
710
590
937
1,031
1 010
1,073
1,091
3,096
6,211
6,211
7 161
10,534
10 741
11
66
504
19
22
726
16 1 187
17 1,041
19 1 317
1,971
3,978
3 782
4 389
6,470
6 594
74
92
90
99
129
136
191
271
265
114
180
157
782
1,346
1,326
1 356
2,696
2 518
5,699
5,997
6,689
7,958
10 095
10,095
9,863
9,863
45
53
76
75
79
85
92
81
820
777
714
678
1 297
1,343
1,324
1 275
2,931
3,246
3,725
4 507
5 830
5,828
5,670
5,698
191
166
138
181
204
196
167
174
259
265
266
276
295
290
282
294
1,452
1,490
1,770
2,241
2 391
2,354
2,327
2,341
6,360
6,317
4,549
4,515
4 195
4,195
268
280
28]
293
304
310
311
311
15
17
22
37
50
4,107
4,119
2,847
2,893
2 637
2,660
2 665
2,650
233
243
148
132
122
116
108
108
589 1,158
547 1,123
433
835
369
814
349
338
750
333
743
329
748
1,603
2,002
2,508
4,619
5,126
5 721
6,627
7,423
4* 196
2 360
2,547
2,723
2 877
2,993
2 918
3 202
3,189
1
2
c
11
9
Mutual
savings
banks
Insurance Other
companies
trust
funds
2 184
2,254
2,645
3 567
4,667
5 399
6,189
5,969
4,072
47,878
55,122
64,916
69,204
70,750
80,685
81,691
GovernFed- ComT o t a l ment
eral
out- agen- Remerstand- cies serve cial
ing
and Banks Danks
3 342 6 841
3,641 7,858
3,830 8,748
4 114 9,513
4,199 9,626
4 091 9 351
4,471 10,766
4,519 10,806
L0 332
10,990
12,237
14 138
14,634
14 510
17,297
16,927
Treasury bonds:
Total:
1941—June
Dec
1942—June
Sept
Oct
Nov
Dec
1943—Jan.
Maturing within 5 years:
1941—June
Dec
1942—June
Sept.
Oct
Nov
Dec
1943—Jan
Maturing in 5-10 years:
1941—June
Dec
1942—June
Sept
Oct.
Nov
Dec
1943—Jan
Maturing in 10-20 years:
1941—June
Dec
1942—June
Sept
Oct
Nov.
Dec
1943—Jan
Maturing after 20 years:
1941—June
Dec. . .
1942—June
Sept.
Oct
Nov
Dec
1943—Jan
30,215
33,367
38 085
41,418
43 381
43 381
49,268
49,273
2 015
2,182
2 321
2 456
2 554
2 468
2,739
2 736
1,359 10,851
1,462 12,174
1 617 14,828
1,713 16,433
2 145 17 357
2 464 17,377
2,777 19,445
2.637 19,760
2,895
3,197
3 442
3,693
3 765
3 666
4,055
4 080
5 983
6,836
7 766
8,474
8 591
8 515
9,944
9 981
7,112
7,517
8 110
8,649
8 969
8 891
10,308
10 079
3,508
3,461
3,915
5,129
5 129
5 129
5,830
5,830
291
289
336
472
528
610
754
757
1,370
1,398
1,599
2,137
2,100
2,071
2,565
2,577
197
191
224
274
264
254
253
248
526
531
581
781
771
748
726
726
1,124
1,053
1,173
1,464
1 465
1 445
1,531
1,521
7,585
7,584
9,436
11,506
14,229
14,229
17,080
17,081
776
757
846
916
1 284
1,439
1,574
1,251
3,367
3,452
4,959
6,446
7,717
7,676
9,353
9,536
718
685
750
932
1 110
1,084
1,129
1,145
1,236
1,257
1,347
1,458
1 710
1,736
2,101
2,124
1,489
1,432
1,536
1,756
2,409
2,293
2,920
2,737
16,719
17 253
18,731
17,545
16,786
16,786
16,295
16,295
2 091
2 116
2,168
2,061
2 124
2,133
2,165
2,090
5,549
6 044
7,009
6,596
6,310
6,377
6,240
6,364
1,856
1 856
1,957
1,854
1 756
1 712
1,580
1,555
3 191
3 309
3,510
3,163
3 037
2 990
2,778
2,756
4,036
3 924
4,086
3,871
3 558
3,581
3,531
3,529
2,404
5,070
6,002
7 238
7,238
7,238
10,065
10,069
219
482
593
721
764
750
1,021
1,004
566
126
1 282
462
512
1,258
1 253
631
1 231
634
1,255
618
1,286 1,095
1,284 1,131
1,029
1 737
2,326
3 073
3 072
3,042
4,339
4,356
465
1 107
1,315
1 560
1 539
1,574
2,323
2,293
* 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 " o t h e r " include holdings of non-reporting banks and insurance companies as well as of other investors. Estimates of total
holdings (including relatively small amounts of nonmarketable issues) of all banks, by kinds, and of all insurance companies for certain dates are shown
in the table above.
1 On J a n . 31, 1943, commercial banks reporting to the Treasury held $13,729,000,000 of United States Government securities due or callable within
one year out of a total of $22,145,000,000 outstanding.
2 Including $196,000,000 of Postal Savings and pre-war bonds not shown separately below.
33°
FEDERAL RESERVE BULLETIN
SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On basis of daily statements of United States Treasury. In millions of dollars]
Period
Income
taxes1
Fiscal vear ending:
June 1941
June 1942
3,470
7,960
1942 —February
March
April
May
3,083
Tune
Tulv
283
335
216
2,086
273
155
.'"v
August
September. ..
October
November....
December
1943—January
February
2,126
206
199
1,972
306
380
Miscellaneous
internal
reve-1
nue
Social
secur Other
ity
taxes
932
2,967
3,847 1,194
340
364
305
270
298
416
362
309
350
337
630
365
352
900
666
58
52
49
56
67
52
48
49
45
45
50
100
115
257
49
43
222
42
53
232
43
48
248
50
52
343
Total
receipts
Net
receipts2
8,269
13,668
7,607
12,799
1,111
1,260
6 ,301
26 ,011
331
381
4,968
4,745
12
205
77
19
390
35
9
22
48
7
2 ,208
2 ,809
3 ,238
3 ,560
3 ,829
4 ,498
4 ,884
224
70
28
353
54
35
5 ,384
5 ,481
i ,042
,825
i
,947
i
,770
400
385
390
375
310
378
305
317
330
291
297
337
312
937
758
3,548
3,547
2,494
2,492
794
797
747
587
2,528
2,527
2,702
2,701
732
764
648
830
824
1,190
695
563
607
601
788
955
1
249
19
5
56
3
25
35
2
Period
Net
receipts
Fiscal year ending:
June 1941
June 1942
1942—February
March
April
May
June
July
August
September... .
October
November.. . .
December... .
1943—January
February
1
2
3
ExInvest- pendiments tures
1,958
2,327
1,200
1,705
741
614
383
31
112
422
136
212
433
30
126
471
177
139
15
196
297
117
184
214
49
170
350
43
230
59
67
59
54
51
53
52
45
38
34
33
35
35
75
110
498
Net expenditures
in checking accounts of
ReGovernceipt 3
ment
agencies
218
3,625
35
75
189
430
1,417
78
262
25
583
-449
548
186
370
-148
12,711 -5,103
32,397 -19,59* -3,506
2,629
3,421
3,753
3,953
4,530
5,160
5,215
5,931
5,937
6,363
6,500
6,372
6,119
+742
+358
5,994
23,461
+114
+612
-1,871
-69
-234
+12(
-126
-642
-3,058
-39
-257
-3,391
+179
- 2 , 0 3 ' -1,635
4
+296
-4,4L
-54
-134
—4,62?
-245 +1,148
-3,40^
-496
+594
-5,33
-f-736 -1,814
- 5 , 7 6(
-794 +7,461
-3,79
-135 -2,819
-5,58
-122 -2,331
-5,16
2,369
39
2,542
3,609
3,852
4,714
4,549
4,798
6,420
3,212
12,054
2,899
2,954
General Fund of the Treasury (end of period)
Details of trust accounts, etc.
Social Security
accounts
Change
Total
in
InTrust
Gen- crease
budaceral
in
get ex- Deficit*
pendigross
etc.s' Fund
tures
baldebt
ance
TransInter- War fers to
est
activi- trust Other
on
acties
debt
counts,
etc.
Other
Investments
Balance in
General Fund
Assets
Expenditures
Total
De-
De-
posits
in
Federal
Reserve
Banks
posits
in
special
depositaries
680
863
138
221
490
533
2,812
3,443
1 ,024
603
50
84
73
53
110
192
62
83
96
6f
%
74
52
5
9
9
13
69
124
24
37
26
32
37
47
4C
44
59
39
40
48
36
28
37
21
13
3,867
3,857
3,216
3,198
3,443
3,782
3,695
4,688
5,313
3,557
11,032
8,200
5,895
748
525
522
382
603
553
569
8
-3
1,021
619
512
1 ,516
465
623
661
Other
assets
Total
liabilities
Total
Working
balance
1,679
1,127
1,162
179
452
2,633
2,991
1,885
2,229
2,054
2,231
1,579
1,666
1,679
2,014
1,880
2,411
3,373
1,695
8,166
6,367
3,892
1,064
1,101
1,115
1,150
1,162
1,215
1,246
1,256
1,321
1,350
1,350
1,368
1,381
305
365
365
386
452
494
541
386
416
475
489
477
503
3,562
3,493
2,851
2,812
2,991
3,288
3,154
4,302
4,896
3,082
10,543
7,724
5,392
2,802
2,732
2,089
2,050
2,229
2,525
2,392
3,540
4,134
2,320
9,780
6,961
4,630
Details on collection basis given in table below.
Total receipts less social security employment taxes, which are appropriated directly to the Federal old-age and survivors insurance trust fund.
Excess of receipts ( + ) or expenditures ( - ) .
INTERNAL REVENUE COLLECTIONS
[On basis of reports of collections. In millions of dollars]
Income taxes
Period
Current Current
indivi- corpodual
ration
Miscellaneous internal revenue
Back
taxes
Excess
profits
taxes
Other
profits
taxes
Total
Capital
stock
tax
167
282
Fiscal year ending
June 1941
June 1942
3,471
8,007
1,314
3,108
1,649
2,764
306
460
164
1,618
37
57
2,955
3,838
1942—February....
• March
April
May
June
July
August
September..
October
November...
December...
1943—January
February....
337
3,073
295
205
2,131
222
164
2,123
220
185
2,000
296
434
210
1,457
132
12
715
53
32
662
19
19
556
48
167
48
832
44
84
766
83
53
781
109
67
753
37
95
51
56
73
33
55
29
26
23
27
24
36
69
55
25
717
44
68
584
53
49
641
58
73
644
136
113
2
11
3
7
11
2
3
17
7
2
11
5
4
324
355
294
277
284
459
340
315
348
478
496
379
331
APRIL 1943
185
143
Estate Alcoholic Toand
bacco
gift beverage
taxes
taxes
taxes
407
433
820
1,048
36
105
43
25
25
46
30
28
35
27
30
47
29
78
85
81
84
86
114
123
111
119
104
129
137
128
698
781
60
62
63
66
71
74
74
77
83
79
81
81
68
Manufacturers' MiscelStamp
and
taxes retailers' laneous
taxes
excise
taxes
39
42
3
3
3
3
3
3
3
3
3
3
3
4
4
617
852
81
64
70
63
56
62
60
56
66
47
64
68
51
207
401
66
36
33
35
42
160
51
39
42
32
46
42
50
33 :
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
[Based on compilation by United States Treasury Department.
In millions of dollars]
PRINCIPAL ASSETS AND LIABILITIES
Liabilities, other than
interagency items
Assets, other than interagency items
Bonds, notes,
and deb entures
Securities
End of month
Loans
Total
Preferred
stock,
etc.
Cash
U.S.
Govt.
direct
and
guaranteed
Other
Govt.
agencies 1
Accounts
and
other
receivables
Business
property
Property
held
for
Other
assets
sale
Fully
guaranteed
by
Other 1
u. s.
PriGovern- vately
ment
owned
Other
liabili- interest interest
ties
U.S.
1941—June
December
13,277
14,660
8,106
8,487
698
680
376
496
925
999
18
46
598
574
636
714
1,497
1,891
423
773
6,370
6,324
1,443
1,392
1,604
2,049
3,436
4,464
424
431
L942— January
February....
March
April
May
June
July
August
September...
October
November.. .
December. ..
1943—January
14,908
15,224
15,750
16,656
17,343
17,962
18,482
19,401
19,974
20,534
20,992
21,715
22,643
8,388
8,396
8,407
8,567
8,356
8,379
8,307
8,233
8,190
8,159
8,158
8,127
8,086
675
663
658
650
649
648
642
626
623
622
621
620
605
560
582
621
645
732
403
407
609
625
581
563
553
605
1,027
1,058
1,060
1,076
1,088
1,097
1,113
1,144
1,197
1,219
1,222
1,272
1,284
52
53
54
54
55
57
58
57
56
60
52
33
32
604
600
632
621
733
774
773
853
1,065
1,088
1,069
1,085
1,205
751
782
792
815
833
859
879
924
952
976
1,001
1,020
1,041
1,964
2,017
2,262
2,717
3,067
3,512
3,808
4,177
4,287
4,710
4,701
5,187
5,638
887
1,073
1,264
1,511
1,830
2,233
2,495
2,778
2,979
3,119
3,605
3,818
4,147
5,705
5,697
5,690
5,688
5,687
4,568
4,581
4,592
4,574
4,265
4,264
4,301
4,291
1,402
1,396
1,433
1,431
1,440
1.442
1,443
1,445
1,434
1,413
1,404
1,414
1,413
2,111
2,325
2,497
2,656
2,950
3,265
3,457
3,691
4,154
4,185
4,601
4,630
4,829
5,256
5,372
5,694
6,444
6,828
8,249
8,562
9,234
9,373
10,230
10,281
10,931
11,671
432
434
435
436
437
438
438
439
439
442
443
439
439
LOANS, OTHER THAN INTERAGENCY LOANS
Farm mortgage loans
Home mortgage and housing
agencies 3
End of month
Total
loans 2
Reconstruction Home FederRFC
Fial
OwnMortnance
ers'
Home gage
Corp. Loan
ComLoan
Corp. banks pany
Other farm credit loans
Fed.
Fed. Feder- Fed.
NaFarm
tional Public
al
MortHousMortland
gage
ing
gage
banks Corp.
Assoc. Auth.
Rural
ExElecFed.
trifica- portIminter- Banks Com- Farm Farm
tion
port
medi- for co- modity Credit Secur- AdBank
ate
opera- Credit
Ad- ity Ad- min.
credit
tives Corp. min.
min.
banks
Other
1941—June
December
8,106
8,487
1,082
1,433
1,870
1,777
170
219
65
72
194
207
316
367
1,818
1,764
630
597
255
235
74
113
244
233
263
250
461
467
289
323
114
139
261
291
1942—January
February....
March
April
May.
Tune
July
August
September...
October
November...
December . . .
1943—January
8,388
8,396
8,407
8,567
8,356
8,379
8,307
8,233
8,190
8,159
8,158
8,127
8,086
1,417
1,464
1,470
1,469
1,468
1,473
1,479
1,496
1,527
1,533
1,566
1,557
1,554
1,758
1,742
1,724
1,709
1,692
1,676
1,657
1,640
1,622
1,603
1,587
1,568
1,548
206
197
192
185
181
193
174
160
145
131
122
129
113
74
75
75
77
79
82
83
85
88
91
93
94
96
210
211
213
215
216
216
215
215
215
214
213
211
210
388
352
379
371
365
384
388
357
360
377
372
366
379
1,753
1,746
1,731
1,721
1,715
1,706
1,692
1,679
1,663
1,645
1,625
1,603
1,579
590
586
580
575
567
562
554
547
539
528
518
507
496
238
251
267
280
282
289
291
287
270
248
238
238
237
111
110
106
102
99
101
104
104
112
130
140
145
132
240
230
218
393
230
231
201
181
173
188
214
242
258
249
253
258
260
258
258
256
254
250
244
241
237
237
398
420
436
450
456
460
458
457
456
453
448
446
446
327
330
334
336
340
342
343
344
344
344
345
346
345
140
141
137
137
112
113
115
117
117
119
119
122
122
289
288
287
287
296
293
297
310
309
311
317
316
334
SELECTED ASSET ITEMS, OTHER THAN INTERAGENCY ITEMS
Loans by Reconstruction
Finance Corporation
End of month
Total
Loans Loans
to fito
nancial
railinstitutions roads
Other
Accounts and other
receivables
Preferred stock held
Recon- Home
Fed. land
struc- Owners'
banks and
tion
Loan
Fed.
Farm
Other
Finance CorpoMortgage
Corp.
ration
Corp.
Property held for sale
ReconCommodity struction
Credit Finance Other
Corpo- Corp. and
war corration
porations
War
corporations
ComHome
modity Owners'
Credit Loan
Corpo- Corporation
ration
Other
1941—June
December. ..
1,082
1,433
193
165
480
473
409
795
429
401
183
175
86
104
219
219
79
34
68
80
232
241
257
703
753
749
319
288
168
151
1942—January
February....
March
April
May
June
July
August
September...
October
November.. .
December. . .
1943—January
1,417
1,464
1,470
1,469
1,468
1,473
1,479
1,496
1,527
1,533
1,566
1,557
1,554
150
151
149
149
146
144
143
144
153
153
169
167
161
472
473
475
477
473
472
472
472
473
472
471
460
463
795
840
846
843
849
857
864
880
901
908
926
930
930
398
393
388
381
379
378
377
372
369
368
367
366
364
173
167
167
167
167
167
162
153
152
152
152
152
140
104
103
103
102
103
103
103
101
102
102
102
102
101
216
220
216
221
222
225
226
231
226
225
213
207
203
65
55
80
40
83
96
107
35
61
80
65
57
129
76
74
82
90
121
151
144
238
484
490
497
531
519
247
251
254
270
307
302
296
349
294
293
294
290
354
789
934
1,224
1,460
1,690
2,041
2,285
2,561
2,619
2,921
3,221
3,469
3,793
740
654
612
843
972
1,068
1,126
1,226
1,286
1,415
1,109
1,363
1,495
286
284
280
276
270
262
258
252
244
238
231
227
223
149
145
146
138
135
141
139
138
138
136
140
128
127
1
Excluding Federal land bank bonds held by the Federal Farm Mortgage Corporation.
Excluding investments in preferred stock, the amount of which is shown in the lower section of this table.
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 $1,844,000,000 on Jan. 31, 1943.
2
3
33z
FEDERAL RESERVE BULLETIN
BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Income
payments
(value)J
1935-39
= 100
Year and
month
Ma nufact ures
Total
Durable
Ad-
justed
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
Nondurable
Minerals
Total
Residential
All
other
Employment 4
1939 = 100
Nonagricultural
Factory
DepartFac- Freight- ment Wholesale Cost of4
store
car
tory
com- living
sales modity
load19354
rolls
4
(valings*
39 =
1939 = 1935-39 ue)* 5 prices
100
1926
100
= 100 1923-25 = 100
= 100
AdUnad- AdAdAdAdUnad- UnadAdAdAdAdjusted justed justed justed justed justed justed justed justed justed justed justed
71
justed
Adjusted
Unadjusted
Unadjusted
106.8 106.2
107.2 127.1
82.0
82.1
90.8
88.0
103.9 111.6
96.5 104.1
99.9 109.7
101.8 113.1
99.6 111.0
99.7 112.3
106.1 119.8
92.5
96.9
78.2
73.5
66.4
50.7
73.5
54.4
85.8
70.0
91.4
80.4
99.1
93.0
108.7 111.2
91.0
85.1
100.0 100.0
107.5 114.5
132.1 167.5
152.3 ''242.3
120
129
110
121
142
139
146
152
147
148
152
131
105
78
82
89
92
107
111
89
101
109
130
138
78
94
87
88
98
99
103
106
107
108
111
102
92
69
67
75
79
88
92
85
90
94
110
124
138.6
154.4
97.6
96.7
100.6
98.1
103.5
100.0
95.4
96.7
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
78.6
87.3
98.8
124.5
143.2
127.7
119.7
121.9
122.2
125.4
126.4
124.0
122.6
122.5
119.4
108.7
97.6
92.4
95.7
98.1
99.1
102.7
100.8
99.4
100.2
105.2
116.5
99^'
Ad-
72
75
58
73
88
82
90
96
95
99
110
91
75
58
69
75
87
103
113
89
108
123
156
181
84
93
53
81
103
95
107
114
107
117
132
98
67
41
54
65
83
108
122
78
109
138
193
250
62
60
57
67
72
69
76
79
83
85
93
84
79
70
79
81
90
100
106
95
108
113
135
141
83
66
71
98
89
92
100
100
99
107
93
80
67
76
80
86
99
112
97
106
117
125
129
63
63
56
79
84
94
122
129
129
135
117
92
63
28
25
32
37
55
59
64
72
81
122
166
44
30
44
68
81
95
124
121
117
126
87
50
37
13
11
12
21
37
41
45
60
72
89
82
79
90
65
88
86
94
120
135
139
142
142
125
84
40
37
48
50
70
74
80
81
89
149
235
106^0'
98.1
88.3
77.6
78.6
86.3
90.1
96.8
102.7
95.1
100.0
104.2
115.6
124.2
121
124
125
126
126
122
129
134
138
115
117
117
119
120
114
76
83
86
68
61
60
82
101
107
102.5
103.1
103.4
104.9
106.6
107.0
108.1
107.7
107.0
112.7
112.0
113.4
114
114
110
92
93
95
79.4
79.2
79.2
122
116
113
113
117
122
122
124
127
131
134
138
117
114
112
112
117
122
120
124
132
136
136
136
135
123
118
116
124
133
136
143
151
155
157
164
113
110
107
107
110
114
113
112
112
116
120
124
120
115
118
120
118
119
118
113
117
114
119
119
75
63
62
64
64
74
85
90
93
95
111
115
53
56
57
62
64
69
77
82
82
85
87
90
93
68
66
66
65
91
98
101
103
130
136
102.4
101.9
102.0
101.1
101.9
102.6
103.3
104.6
105.3
106.5
108.1
109.7
105.9
104.8
103.5
102.4
102.8
103.7
105.2
108.1
109.7
112.0
114.6
116.8
104.0
104.2
103.8
102.6
102.1
102.5
103.1
107.8
112.2
114.8
116.0
117.4
107.4
107.2
107.9
105.8
105.8
107.6
106.6
115.1
122.1
126.9
127.5
134.1
111
105
100
103
106
111
110
112
112
110
116
119
92
90
89
89
89
91
92
98
97
94
100
101
79.4
78.7
78.4
78.6
78.4
77.5
77.7
77.4
78.0
78.7
79.6
80.0
100^4
100.2
100.1
100.7
140
143
147
144
154
159
160
160
161
164
167
167
136
140
145
144
155
160
159
163
167
168
167
164
170
175
179
180
191
196
200
200
202
208
209
213
123
126
128
131
135
139
138
139
138
139
143
141
120
119
126
96
121
127
126
128
132
134
133
134
103
99
94
103
101
117
139
152
161
145
138
123
84
76
74
80
88
101
115
112
105
87
74
69
117
118
109
121
111
129
158
184
206
192
189
167
110.3
111.5
111.7
111.8
113.6
115.3
117.1
118.4
118.9
119.2
119.8
120.3
118.9
121.3
123.3
126.3
129.5
133.0
136.1
137.8
138.7
139.7
139.9
141.0
116.9
120.0
122.7
125.8
128.6
132.0
135.5
138.4
141.2
141.8
141.3
141.1
132.6
140.3
145.9
150.2
161.3
170.5
172.0
178.8
184.8
190.2
188.6
195.1
122
124
126
112
135
139
138
139
130
127
135
137
101
103
103
104
105
104
115
134
116
105
116
111
80.8
80.6
81.5
83.2
84.9
87.1
88.8
90.3
91.8
92.4
92.5
93.6
100.8
100.8
101.2
102.2
102.9
104.6
105.3
106.2
108.1
109.3
110.2
110.5
165
221
225
230
234
239
244
249
258
264
143
142
139
139
138
136
138
140
142
144
147
148
133
118
128
125
128
158
193
206
182
179
185
198
175
82
100
95
82
76
76
74
65
70
83
90
91
147
151
149
165
226
288
313
278
268
269
286
243
120.4
120.8
121.0
121.2
121.9
122.5
124.5
125.8
126.5
127.6
128.8
130.5
142.2
143.7
145.3
147.1
149.1
150.9
153.4
155.1
156.9
158.9
160.9
r
164.4
139.8
142.3
144.3
146.3
148.0
149.9
153.4
157.1
159.6
160.7
161.9
r
164.5
200.7
208.2
215.1
221.4
228.7
234.5
242.7
254.8
261.8
270.9
280.4
r
287.9
140
139
136
143
143
141
142
143
136
133
134
134
138
126
124
117
108
104
121
130
123
128
138
125
96.0
96.7
97.6
98.7
98.8
98.6
98.7
99.2
99.6
100.0
100.3
101.0
112.0
112.9
114.3
115.1
116.0
116.4
117.0
117.5
117.8
119.0
119.8
120.4
198
130.4
167.3 165.0
168.1 ^166 6
291.2
135
141
143
167
^101.9
p
e102.5
103.4
120.6
120.9
122.9
109.1
92.3
70.6
68.9
78.7
87.1
101.3
107.7
98.5
105.5
113.8
137.3
171.9
.
Construction
contracts
awarded (value) 3
1923-25 = 100
Industrial production
(physical volume) 2 *
1935-39 = 100
1939
r
October
109.0
r
November
109.7
December.. . . 110.8
1940
January....
February
March
April
May
June....
July
August..
September . . . .
October.
November
December..
1941
January
February
March
April
May
June
July
r
110.4
110.7
r
110.4
r
110.8
r
112.4
r
112.5
r
113.1
r
114.1
r
115.6
r
117.1
117.7
r
120.6
r
121.3
r
123.5
r
125.4
r
128.2
r
133.7
r
138.9
r
140.3
r
143.2
r
144.4
r
146.3
r
147.5
r
,
August
September
October
November
December
153.9
1942
January
February
March
April
May
June
July
August
September
October
November
December
r
155.5
r
157.4
r
159.3
r
163.3
r
165.4
r
169.5
r
172.6
r
176.O
r
177.9
r
182.8
r
189.4
r
r
*>196.5
r
172
173
174
176
178
183
r
187
191
194
197
193.7
1943
January
February... .
March
171
172
199
203
p
e
205
r
167
168
172
175
177
180
187
192
194
195
193
r
274
279
285
194
291
Pi
e 98
201
^298
e
304
149
2>148
e
149
r
r
r
133
126
125
126
127
126
130
131
129
130
128
126
p
el32
130
p
145
105
P
79
61
77
p
140
p
6
137
99.8
ioo!s
v
2
3
4
Preliminary. * Average per working day. r Revised. e Estimated. x Department of Commerce series on value of payments to individuals
For indexes by groups or industries, see pp. 334-337; for description, see BULLETIN for September 1941, pp. 878-881, and for August 1940, pp. 753-771Based on F. W. Dodge Corporation data; for'description, see p. 358 of BULLETIN for July 1931; by groups, see p. 340 of this BULLETIN.
The unadjusted indexes of employment and payrolls, 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 payrolls and nonagricultural employment are adjusted for level through 1937; the
1938 figures and the 1939 base period averages applied to earlier data are preliminary. Figures since 1939 are adjusted to Social Security data. Factory
employment
and payrqlls for 1941 and 1942 are revised. Nonagricultural employment covers employees only and excludes personnel in the armed forces.
5
For sales comparisons by cities and by departments see pp. 342-343 of this BULLETIN.
Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882 and Sept. 1941, pp. 933-937; for factory employment and payrolls,
October 1938, pp. 839-866, February 1941, p. 166, and January 1943, p. 13; for department store sales, October 1938, p. 918, and January 1941, p. 65; for
freight-car loadings, June 1941, pp. 529-533.
APRIL
1943
333
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors. 1935-39 average = 100]
1943
1942
Industry
Industrial Production—Total
Manufactures—Total
'
Durable
,..,..... . . .
Nondurable1
Iron and Steel
Pig iron
Steel
Open hearth and Bessemer
Electric
Machinery.
Government Arsenals
Transportation
and Quartermaster
Jan.
Feb.
171
172
178
Mar.
June July
Aug.
176
178
183
183
184
188
193
244
136
249
139
239
138
138
258
140
264
142
199
200
198
196
197
190
218
177
507
Apr.
May
172
173
174
179
180
182
221
143
225
142
230
234
139
192
194
200
r
Sept.
Jan.
Feb.
197
199
P203
209
212
P215
Oct.
Nov.
187
191
194
196
202
206
274
144
279
147
285
148
291
149
199
207
203
200
203
207
194
219
179
503
199
229
186
536
199
224
182
527
197
221
179
523
197
225
181
539
200
230
184
559
r
r
Dec.
P
298
189
209
176
449
189
211
178
448
192
218
182
477
192
219
181
487
192
219
182
488
194
216
178
489
192
216
175
506
250
259
268
273
279
287
289
299
306
316
327
338
347
P354
305
314
330
350
372
396
425
458
478
507
525
548
564
p
118
105
105
104
107
112
116
124
129
135
146
150
P\5S
186
188
191
202
200
ViQ9
Depots
Equipment
Automobile bodies, parts, and assembly
Railroad cars
Locomotives
Shipbuilding
Private yards
Government yards
r
r
141
r
r
586
191
187
181
177
180
Nonferrous metal^ smelting
Copper smelting ..
Zinc smelting
Lead production
Copper deliveries
153
140
184
131
235
157
141
189
140
224
157
147
184
134
208
161
155
185
132
195
163
161
184
Zinc shipments
Tin consumption
152
151
148
145
146
143
144
134
132
130
131
133
129
125
129
128
127
124
P128
138
153
143
147
128
147
127
142
124
143
127
139
130
137
125
136
119
136
123
141
122
140
119
116
141
p
163
p
Nonferrous
Metals
and
Products...
Lumber and Products
Lumber . .
Furniture
Stone, Clay, and Glass
Products..
193
192
197
205
144
165
158
158
154
155
147
140
145
152
152
153
167
160
184
68
162
152
178
161
133
187
167
119
176
171
92
163
180
43
177
87
153
30
184
43
169
90
145
32
182
47
172
104
178
35
163
38
162
37
169
39
165
171
39
208
38
156
153
157
154
154
156
156
158
156
157
144
169
169
146
172
170
147
172
174
148
171
177
145
163
178
147
171
180
154
27
206
173
173
177
155
34
198
175
168
179
156
43
205
178
171
175
161
43
212
182
175
180
163
r
44
218
184
175
185
153
29
207
175
166
176
148
Cement
Unglazed brick ..
Glass containers
Polished plate glass
Textiles
and Products
158
Textile fabrics
Cotton consumption
Rayon deliveries
Wool textiles
Carpet wool consumption
Apparel wool consumption
Woolen yarn
Worsted yarn
Woolen and worsted cloth
Leather and Products
..
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers.
Shoes
Manufactured
Food Products
Wheat flour
Cane sugar meltings
Manufactured dairy products
Ice cream
Butter
Cheese
Canned and dried milk
r
1
. .
156
37
152
148
177
170
143
169
169
145
166
168
148
70
196
161
143
167
153
34
203
173
164
177
150
5
201
172
168
179
151
46
194
165
166
172
160
43
208
175
176
184
125
124
130
126
121
116
113
111
117
r
117
117
121
131
148
86
119
127
127
140
93
121
124
127
140
92
120
122
131
147
93
116
130
129
148
94
105
124
122
143
88
94
120
119
144
89
79
115
117
141
95
70
110
115
136
96
76
108
120
143
118
139
94
81
116
118
139
r
93
84
116
122
143
95
91
120
139
139
136
136
134
138
143
143
P14Q
p
108
110
101
98
105
102
106
105
149
155
105
188
199
146
150
107
177
198
145
147
108
177
198
150
160
110
180
187
142
145
111
178
178
138
145
105
168
168
143
154
108
169
164
143
153
108
165
172
102
156
167
100
145
168
147
174
174
143
169
175
161
78
202
163
173
183
153
79
191
165
148
172
128
r
r94
115
r
l 60
169
146
175
169
148
169
180
120
199
40
p
157
171
180
P119
p
146
151
P158
P159
101
108
115
126
129
130
*>140
P139
136
*>140
^141
PU2
98
141
156
103
138
169
107
148
166
110
148
p
p
157
p
Revised.
Preliminary.
* Included in total and group indexes but not available for publication separately,
Beginning in January 1942 includes industrial alcohol produced in the alcoholic beverage industry. Figures not availiable for publication separately.
334
FEDERAL RESERVE BULLETIN
Industrial Production, by Industries {Adjustedfor
Seasonal Variation)—Continued
[Index numbers of the Board of Governors. 1935-39 average = 100]
1943
1942
Industry
Jan.
Manufactured Food Products—Continued
Meat packing
Pork and lard
Beef
Veal
L a m b and mutton
Other manufactured foods .
.
Feb. Mar.
Apr.
May June
July Aug. Sept. Oct.
Nov.
Dec.
Jan.
Feb.
153
180
134
76
117
PI 63
148
165
138
96
113
140
141
151
139
96
113
142
144
161
132
98
128
138
142
156
134
96
119
137
140
163
121
94
105
136
153
177
137
103
104
140
146
168
130
103
116
147
153
174
136
113
127
146
159
187
129
127
137
155
145
157
133
129
141
152
147
167
122
128
156
159
158
193
119
107
156
165
145
170
126
76
122
167
.... 137
130
119
HI
111
104
122
135
139
126
122
111
105
117
77
250
243
124
74
75
242
120
62
44
201
117
63
53
153
116
55
80
158
104
63
61
163
118
96
83
183
133
82
71
223
147
49
35
238
134
14
62
226
146
131
122
62
159
37
159
42
159
134
130
125
127
120
122
126
130
133
141
136
160
140
131
129
149
99
126
144
93
121
137
94
120
140
97
108
137
89
112
136
94
109
146
89
112
152
88
107
159
91
116
166
102
98
167
98
200
166
94
127
162
94
116
153
86
153
151
152
148
143
134
125
131
132
135
135
132
131
159
181
135
153
221
177
C
156
168
151
107
151
166
147
157
180
131
154
224
173
154
167
144
110
146
168
147
158
189
138
155
239
181
154
168
150
106
140
164
151
154
183
129
148
236
174
149
157
146
109
135
169
152
147
184
120
147
245
173
142
141
147
104
124
175
150
135
177
116
129
228
173
129
120
138
103
110
178
139
125
164
113
127
211
157
119
109
132
103
109
148
127
132
169
117
125
221
161
126
123
125
108
113
161
132
133
162
112
126
211
154
128
131
125
106
117
166
125
137
162
114
137
208
153
134
136
130
107
130
163
128
137
159
111
141
200
149
134
137
133
100
129
174
123
133
152
104
131
195
143
130
134
127
97
121
175
120
132
147
103
96
199
139
129
137
127
92
124
144
125
128
125
121
117
112
104
106
111
109
116
118
114
113
104
103
103
98
100
97
103
108
101
102
110
106
102
Petroleum and Coal Products
133
129
122
118
116
115
118
121
122
123
123
119
117
Petroleum refining
Gasoline
Fuel oil
Lubricating oil
Kerosene
Coke
Byproduct coke
Beehive coke
129
129
127
133
124
161
152
490
124
121
129
131
123
162
152
510
116
112
122
131
112
162
152
504
111
104
123
126
106
162
152
514
109
103
122
122
100
163
153
508
108
101
123
123
103
164
153
539
111
105
127
117
105
163
153
502
114
109
130
117
106
165
155
505
116
109
137
112
107
166
155
523
117
111
137
113
112
166
155
524
117
110
138
114
110
166
156
500
112
104
137
113
99
166
156
498
109
99
137
111
104
166
157
485
156
161
161
165
167
272
174
173
174
182
192
200
207
28
28
27
26
26
27
25
25
130
131
129
130
128
126
Alcoholic Beverages ......
Malt liquor
Whiskey
Other distilled spirits
Rectified spirits
....
Tobacco Products ..
Cigars
Cigarettes
Manufactured tobacco and snuff
Paper and Paper Products1 .
Paper and pulp
Pulp
Groundwood pulp ..
Soda pulp
Sulphate pulp.
Sulphite pulp
Paper
Paperboard
Fine paper ....
Newsprint production
Printing paper
Tissue and absorbent paper .
Wrapping paper
Printing and Publishing^
Newsprint consumption
Chemicals
143
93
99
2*102
169
158
543
209
Rubber Products
Rubber consumption
Tires and tubes
Pneumatic tires
Inner tubes
Minerals—Total ...
33
32
33
r
133
Fuels
Bituminous coal
Anthracite
Crude petroleum
Metals
Metals other than gold and silver
Iron ore shipments
Zinc
Gold
Silver
133
131
144
104
129
r
179
210
161
131
138
r
101
105
181
214
158
140
146
r
107
101
146
149
r
125
126
127
122
140
116
115
121
121
121
121
126
129
127
130
126
124
P131
150
122
109
147
115
111
144
117
113
141
122
112
140
118
121
150
129
120
145
117
121
154
124
121
143
105
121
145
102
118
^157
138
189
232
P140
P194
234
*
*
130
141
121
127
r
r
126
r
153
184
219
162
134
*
106
r
152
184
217
164
132
*
109
r
157
r
159
193
232
174
199
236
*
106
*
104
126
r
155
r
152
r
145
r
139
133
r
r
r
197
241
*
196
239
*
189
227
183
218
*
181
211
98
*
99
*
88
82
74
137
187
223
*
r
^121
73
r
1
2
p
c
Revised.
Preliminary.
Corrected.
* Included in total and group indexes but not available for publication separately.
Includes also paperboard container production held constant, on a seasonally adjusted basis, at 128 since July 1940 when figures were last reported.
Includes also printing paper production shown under "Paper."
NOTE.—For description and back figures see BULLETIN for September 1941, pages 878-881 and 933-937, and August 1940, pages 753-771 and 825-882.
APRIL 1943
335
INDUSTRIAL PRODUCTION, BY INDUSTRIES
{Without Seasonal Adjustment)
[Index numbers of the Board of Governors. 1935-39 average = 100]
1942
1943
Industry
Jan.
Industrial Production—Total.
r
165
Feb. Mar.
167
168
Apr. M a y
172
175
June July
177
180
Aug. Sept. Oct. Nov.
187
192
194
r
195
Dec.
Jan. Feb.
193 j 194
p
198
r
Manufactures—Total
173
175
177
181
183
185
189
196
202
205
206
Durable
Nondurable1..
216
137
228
137
246
136
251
139
260
144
266
150
275
148
279
147
283 287
145 | 143
200
234
138
199
240
137
192
221
138
194
200
198
196
197
199
207
203
200
203
189
209
176
449
189
211
178
448
192
218
182
477
192
219
181
487
192
219
182
488
194
216
178
489
192
216
175
506
190
218
177
507
194
219
179
503
199
229
186
536
199
224
182
527
197
221
179
523
197
225
181
539
200
230
184
559
273
279
287
289
299
306
316
327
338
347
P354
350
372
425
458
478
507
525
548 564
P586
129
135
Iron and Steel..
Pig iron
Steel
Open hearth and Bessemer..
Electric
Machinery...
250
207 | 208 P211
Government Arsenals and Quartermaster Depots..
Transportation Equipment
Aircraft
Automobile bodies, parts, and assembly.
Railroad cars
,
Locomotives
Shipbuilding
Private yards
Government yards
Nonferrous Metals and Products
Nonferrous metal smelting..
Copper smelting
Zinc smelting
Lead production
Copper deliveries
Lead shipments
Zinc shipments
Tin consumption
Lumber and Products..
Lumber
Furniture.
Stone, Clay, and Glass Products..
Cement
Unglazed brick
Glass containers
Polished plate glass..
Textiles and Products
Textile fabrics
;
Cotton consumption
Rayon deliveries
Silk deliveries
Wool textiles
Carpet wool consumption..
Apparel wool consumption.
Woolen yarn
Worsted yarn
Woolen and worsted cloth..
Leather and Products.
Leather tanning
Cattle hide leathers....
Calf and kip leathers..
Goat and kid leathers..
Shoes
Manufactured Food Products.,
Wheat flour
Cane sugar meltings
Manufactured dairy products..
Ice cream
Butter
Cheese
Canned and dried milk....
305
314
330
118
105
105
191
187
181
153
140
184
131
235
157
141
189
140
224
156
147
184
131
208
152
151
148
122
128
129
112
142
118
147
132
120
147
138
107
112
116
124
177
180
186
188
191 r193
162
155
185
135
195
164
161
184
205
145
146
135
138
140
135
135 i
125
131
143
138
139
141
137
139
136
134
136
131 |
141 !
118 101
140 144
163
158
151
160
163
163
127
142
140
132
83
164
47
141
90
176
43
161
116
176
43
178
118
190
35
183
115
171
37
186
111
151
32
195
104
167
30
158
156
153
157
156
152
154
148
169
180
147
174
174
143
169
175
148
177
170
146
175
169
143
169
169
145
166
168
161
78
202
163
173
183
153
79
191
165
148
172
148
70
196
161
143
167
153
34
203
173
164
177
150
5
201
172
168
179
151
46
194
165
166
172
132
129
131
149
84
119
120
r
131
124
131
147
90
119
131
r
126
r
121
123
130
109
98
92
96
109
88
92
142
187
124
113
96
157
194
152
154
109
189
211
193
197
143
242
257
139
155
98
r
126
127
127
r
141
91
119
130
124
121
109
100
78
84
135
178
r
192
r
197
r
202 \ 200 P199
108
P114
r
P99
n
141
137
97
165
68
125
r
146 150
145
90
102
123
139
95
210
232
147
241
249
P135
138
202
186
156
167 171
37 | 39
156 ' 158
159
39
13a
187'
38
154
166
38
156
156
157
144
169
169
146
172
170
147
172
174
148
171
177
145
163
178
147
171
180
160
43
208
175
176
184
154
27
206
173
173
177
155
34
198
175
168
179
156
43
205
178
171
175
161
43
212
182
175
180
163
r
44
218
184
175
185
153
29
207
175
166
176
r
113
r
r
113
r
ll6
114
139
200
r
118
r
136
90
94
157
115
134
r
114
r
78
115
134
100
r
69
117
134
94
77
112
156
165 P182
105
106
207
259
132
205
200
192 PU3
248
119 101
185
158
177
154
116
117
115
121
r
145
96
81
r
121
r
115
111
144
97
79
P157 P150
118
119
r
184
40
171
180
114
119
119
141
91
85
110
123
I 144
I 93
I 91
I 117
PU7
j P142
P137
P150
121 i 130
P124
129
P102
134
134
78
106
109
82 I 86
101
107
117
126
94
119
r
p
Revised.
Preliminary. m
*1 Included in total and group indexes but not available for publication separately.
Beginning in January 1942 includes industrial alcohol produced in the alcoholic beverage industry. Figures not available for publication separately.
336
FEDERAL RESERVE BULLETIN
Industrial Production, by Industries {Without Seasonal
Adjustment)—Continued
[Index numbers of the Board of Governors. 1935-39 average = 100]
1942
Industry
Jan.
May June
July
Aug. Sept. Oct. Nov
Feb. Mar.
Apr.
135
151
125
84
113
124
131
145
120
93
124
121
134
148
125
95
115
121
140
163
121
98
108
123
149
172
134
104
99
133
138
151
131
102
110
157
132
131
137
114
125
173
147
150
144
140
153
200
146
147
144
142
150
171
166
200
128
131
152
160
117
113
113
120
116
133
140
140
123
103
109
96
45
208
112
77
29
191
124
69
32
136
136
54
48
139
134
50
36
130
148
53
39
183
152
45
34
223
149
39
48
238
121
13
164
226
Dec.
Jan.
Feb.
186
249
119
101
148
158
171
221
126
73
128
147
147
180
121
67
117
P
142
94
90
Manufactured Food Products—Continued
Meat packing
Pork and lard
Beef.
Veal
Lamb and mutton
Other manufactured foods
173
214
138
93
118
123
Alcoholic Beverages...
Malt liquor
Whiskey
Other distilled spirits
Rectified spirits
96
102
163
177
Tobacco Products
27
159
117
123
132
131
135
144
141
137
132
122
109
136
92
111
127
96
114
130
96
107
142
89
120
150
96
113
153
91
115
160
89
123
170
140
169
104
117
167
97
154
147
83
103
159
91
101
1*4
85
151
153
155
151
144
133
122
130
134
138
134
129
130
159
183
140
153
223
177
155
168
152
107
151
161
147
160
186
137
158
230
179
156
167
155
108
151
175
147
161
194
148
160
243
185
156
168
160
106
145
166
151
157
187
144
152
236
178
152
157
159
109
140
172
152
149
186
133
147
245
173
143
141
151
105
127
173
150
134
174
118
127
226
169
128
120
135
104
108
177
139
121
156
100
119
207
150
115
109
120
101
102
140
127
130
166
100
125
221
161
125
123
118
105
110
161
132
132
159
98
127
211
154
128
131
118
106
116
172
125
138
164
106
137
212
156
134
136
130
107
131
169
128
137
159
114
141
200
151
133
137
129
103
127
172
123
131
147
108
127
185
139
129
134
124
98
120
168
120
132
U8
107
96
201
139
129
137
128
92
124
139
125
125
126
126
123
115
103
103
109
120
121
114
111
102
107
105
104
98
90
102
109
133
129
122
118
117
115
117
121
122
128
129
127
129
126
161
152
490
124
121
129
129
129
162
152
510
116
112
122
130
115
162
152
504
111
104
123
131
108
162
152
514
110
103
122
127
101
163
153
508
108
101
123
123
97
164
153
539
110
105
127
115
97
163
153
502
114
109
130
116
101
165
155
505
116
109
137
112
106
166
155
523
117
111
137
113
112
166
155
524
117
110
138
114
113
166
156
500
112
104
137
112
102
166
156
498
155
161
166
168
166
166
167
170
176
186
194
201
33
32
33
28
28
27
26
26
27
25
25
27
Paper and pulp
Pulp
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
Paperboard
Fine paper
Newsprint production
Printing paper
Tissue and absorbent paper
Wrapping paper
Printing and Publishing2...
Newsprint consumption
Chemicals
"46
159
121
Paper and Paper Products1...
Petroleum refining
Gasoline.. •
Fuel oil
Lubricating oil
Kerosene
Coke
Byproduct coke
Beehive coke
130
159
104
146
96
Cigars
Cigarettes
Manufactured tobacco and snuff
Petroleum and Coal Products
105
r
143
92'
97
98
116
123
109
99
137
108
106
166
157
485
167
158
543
Rubber Products
Rubber consumption
Tires and tubes
Pneumatic tires
Inner tubes
137
r
117
p
Minerals—Total
125
Fuels
131
130
122
121
121
121
121
126
129
127
130
126
124
P131
Bituminous coal
Anthracite
Crude petroleum
Metals
144
104
129
141
121
127
140
116
115
150
122
109
147
115
111
144
117
113
141
122
112
140
118
121
150
129
120
145
117
121
154
124
121
143
105
121
145
102
118
p
157
^129
124
118
r
155
Metals other than gold and silver...
Iron ore shipments
r
Sf
:::::::::::::::::::::::::
Zinc
Gold
Silver
126
110
131
r
190
132
r
195
195
237
169
135
259
372
174
266
382
110
105
100
131
r
192
264
393
136
r
194
r
184
134
T
176
264
388
249
358
239
335
97
89
82
132
120
T
143
192
229
r
83
74
93
19
80
123
r
p
Revised.
Preliminary.
* Included in total and group indexes but not available for publication separately.
Includes also paperboard container production which has been carried forward on the basis of seasonal changes since July 1940 when figures were last
1
2
Includes also printing paper production shown under "Paper."
NOTE.—For description and back figures, see BULLETIN for September 1941, pages 878-881 and 933-937, and August 1940, pages 753-771 and 825-882.
APRIL 1943
337
FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES
{Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939 = 100]
Factory employment
Industry and group
Annual
Annual
Feb.
Total
Durable goods
Nondurable goods
Factory payrolls
Nov. Dec.
Jan. Feb.
1941
1943
Jan.
1942
r
144.2
135.9
184.9
130.1
138.8
126.1
152.3
143.3
149.6
181.8
190.1
161.1
138.5
248.2
112.5
125.5
105.0
167.3
136.5
173.4
228.6
264.5
155.0
140
227
136
135
109
163
139
155
211
241
Electrical Machinery
172.0
214.1
194.0 243.0 250.3 255.1 260.3
Machinery, except Electrical
Machinery and machine shop products
Tractors
Agricultural excluding tractors
Pum ps
164.5
163.1
132.4
135.5
180.7
136.2
205.5
207.9
144.5
124.3
265.4
108.2
190.1
189
140
133
233
113
376.6
941.3
667.8 1,202.8 1,259.2 1,302.2 1,358.0
526.0 1,694.1
141.7
126.3
108.1 147.1 r152.5 156.7 161.0
150.3
127.2
134.1
138.2
166.4
134.9
130.0
109.
160.0
127
129
121
127.3
110.3
124.1
119.2
118.
Refrigerators
Automobiles
Nonferrous Metals and Products
Primary smelting and refining
Clocks and watches
Lighting equipment
Lumber and Timber Basic Products
Sawmills
Planing and plywood mills
Furniture and Lumber Products
Furniture
Nov. Dec.
132.1 . 152.3 142.3 161.9 164.5 165.0 166.6 167.5 242.3 200. 208. 280.4
153.8 191.5 172.3 210.4 215.5 218.1 222.0 202.3 321.3 255.9 265.8 382.8
115.0 121.4 118.6 123.8 124.3 123.1 123.0 133.5 165.0 146.8 151.9 180.3
Iron and Steel and Products
Blast furnaces, steel works, etc
Steel castings
Tin cans and other tin-ware
Hardware
Stoves and heating equipment
Steam, hot-water heating apparatus...
Stamped and enameled ware
Structural and ornamental metal work
Forgings
Screw machine products
Transportation Equipment, except Autos..
Feb.
165.7
133
269
91
117
110
183
136
190
247
286
169.1
134
273
89
118
113
187
139
192
252
287
221.0
226
151
106
285
123
225.1
230
156
110
285
131
170.7 172.
134
276
88
119
113
189
143
190
255
288
227.5 231.0
232
154
114
293
138
183.3
171.5
246.4
152.3
182.2
148.4
202.2
174.2
186.2
250.6
257.3
244.3
194.6
391.4
147.1
204.2
147.0
279.0
210.7
268.0
386.2
440.2
224.6
336.1
279.2 288.0 402.8
219.8
217.7
151.1
171.9
258.8
159.7
337.9
282.0
278
169
173
389
295.9
289
181
178
417
138
149
335.6
195.
182.7
500.3
155.8
211.0
182
326
179
196
123
254
192
208
328
353
219.8
187
344
163
203
136
255
196
222
339
374
Jan.
r
287.9
r
291.2
278.
205
453
134
215
179
327
247
324
476
516
283.5
209
464
130
215
181
313
256
309
478
519
391.6
186.5
270.1
204
446
128
211
170
319
231
314
442
507
399.9
185.0
415.5 427.4
r
381.5
382
212
172
556
191
392.9
395
223
181
583
205
400.2
402
225
196
581
181.9
145
177
166.9
131
167
165.9
160
180.0
205.5
178.1 180.9
152
127
107
189.5
150.6
179.3
175.3
259.1
191.1
217.5
167.3
129.4
105.3
120.5
l76.7
151
127
r
108
129.4 r125.1 122.5
106
101
98
120
121
119
224
2,348.0
2,406.0
255.1
188.0 167.1 261.4
277.9
223.0 228.7 292.2 r303.2 307.2
166
238
233
228
167
188
232
237
232
197
174
189
182
197
166
116.3 111.2
93
115
150 A
130.7
142.0
181.0
148.9
160.2
154.5 163.5 188.7
127
153
135
141
174
145
115.5
110.8
121.2 110.5
118
106
107
110.2 111.0
106
144.2
145.0
161.5
156.1
151.9 159.9 165.0
151
158
158
170.6
164
r
173.5
r
146
128
105
Stone, Clay, and Glass Products
Glass
Cement
Brick, tile, and terra cotta
Pottery and related products
126.4
125.4
115.4
122.9
132.7
126.7
121.1
122.0
113.6
135.9
126.7
126
114
114
138
125.3
117
123
106
138
Textile-Mill and Fiber Products
Cotton goods except small wares
Silk and rayon goods
Woolen and worsted manufactures...
Hosiery
Knitted underwear
Dyeing and finishing textiles
Carpets and rugs, wool
112.2
120.7
91.2
124.2
92.8
111.6
109.0
112.8
112.7
127.8
85.2
120.9
80.8
116.8
105.3
92.8
113.3
127
85
120
86
115
108
103
111.7
128
83
118
78
116
107
92
Apparel and Other Finished Textiles
Men's clothing, n.e.c
Shirts, collars, and nightwear
Women's clothing, n.e.c
Millinery
114.
114.4
102.1
101.4
95.0
Leather and Leather Products
Leather
Boots and shoes
r
T
r
,042.41,144.62,275.9
125.4
118
121
104
137
123.2 122.9
119
115
98
135
147.3
147.1
132.2
144.6
150.1
168.1
156.2
155.3
150.1
174.3
153.3
155
135
138
153
159.9
160
136
142
175
179.2
161
169
152
188
112.5
129
83
119
78
117
109
93
112.7 112.7
131
82
118
77
116
108
93
136.2
153.9
109.3
159.8
98.7
132.2
123.3
136.1
163.7
198.4
126.0
189.2
97.5
166.3
143.1
128.6
151.2
181
112
180
96
149
132
127
153.7
186
119
169
99
153
138
131
175.4
213
131
201
105
179
158
139
180.8
218
134
208
107
184
166
145
181-8
222
134
208
106
185
162
145
115.2
113.3
97.3
93.6
85.7
119.6 112.3 112.2 112.0 113.3
108
108
108
117
93
92
90
102
91
91
91
101
72
73
83
106
132.9
135.1
124.1
115.2
95.6
149.0
147.4
137.8
119.0
93.5
133.4
139
127
107
81
155.1
150
135
134
120
152.7
145
143
123
76
154.0
146
144
124
76
155.9
149
136
125
103
108.1
107.5
99.3
107.6
107.0
97.2
110.7 104.7 104.9 103.1 102.6
113
104
106
105
92
93
94
101
130.3
124.4
122.1
150.7
145.6
139.3
142.3 151.3 153.4
141
145
153
134
143
137
Food and Kindred Products
Slaughtering and meatpacking
Flour
Baking
Sugar, beet
Confectionery
Beverages, nonalcoholic
Malt liquors
Canning and preserving
110.1
119.4
98.
102.8
94.9
110.7
119.1
104.6
106.8
117.2
142.9
101.9
108.4
100.3
112.9
113.4
114.2
111.3
106.4
136
101
103
38
109
105
104
74
109.5
120.7
127.1
106.7
111.2
105.7
123.7
126.4
113.7
130.4
146.5
170.5
130.2
131.6
134.7
144.8
127.1
136.2
164.4
130.0
170
119
118
72
131
114
111
96
160.5
181
148
144
r
379
182
128
137
r
163
r
Tobacco Manufactures
Cigarettes
Cigars
100.6
102.9
101.7
102.1
112.3
99.1
101.4 106.8
103
129
103
97
106.3 102.4 100.0
130
125
96
91
115.9
119.1
116.
136.7
148.7
132.0
123.6 122.7 157.4
133
125
179
120
125
146
r
159.6
182
148
147-0
170
133
163.5
161
166
154
r
168.5
164
173
162
167.6
162
175
160
Paper and Allied Products
Paper and pulp
Paper goods, n.e.c
Paper boxes
121.5
146
105
114
253
130
114
116
r
101
155
108
114
219
129
114
113
r
85
112.
154
111
112
82
120
112
112
71
126.3
152
121
119
51
129
112
114
101
r
181.2 178.5
166
168
156
150
150
138
188
185
159.5 156-1
154
158
141
145
165.< 155-6
214
203
155
169
149
144
r
300
110
r
184
164
128
124
136
133
138
117
r
FEDERAL RESERVE BULLETIN
Factory Employment and Payrolls—Continued
[Index numbers of the Bureau of Labor Statistics, 1939 = 100]
Factory employment
Industry and group
Factory payrolls
Annual
1941
Annual
1943
1942
Feb.
Nov.
Jan.
Dec.
Feb.
1942
1941
1943
Jan. j Feb. Nov.
Dec.
Jan.
Printing and Publishing
Newspapers and periodicals
Book and job
104.1
102.0
105.3
101.3
98.4
101.7
103.6
100
105
103.1 r104.3
99
100
105
106
102.2
96
105
102.7
111.3
106.1
113.9
115.4
106
122
112.9 122.4
106
111
116
128
r
126.5
113
r
133
121.8
107
130
Chemical and Allied Products
Paints, varnishes, and colors
Drugs, medicines, and insecticides
Rayon and allied products
Chemicals, n.e.c
Cottonseed oil
Fertilizers
144.3
114.0
115.2
109.3
140.4
106.2
106.6
210.7
107.9
137.5
107.0
158.3
104.9
114.7
181.4
115
134
108
154
113
145
240.3 243.7
103
103
152
149
106
105
r
160
160
143
151
109
104
248.0
103
154
106
163
138
115
250.4
174.4 308.9 231.7
129.7 135.1 136
126.0 167.2 148
128.2 142.4 141
166.3 219.2 199
124.0 147.0 137
127.9 168.7 142
245.4 365.3
140
135
153
190
140
141
236
200
r
243
141
164
184
383.4
139
197
149
r
241
235
173
391.2
137
203
149
249
222
185
Products of Petroleum and Coal
Petroleum refining
Coke and by-products
113.5
102.8
120.3
118.8
108.5
122.1
116.2
107
120
117.8
107
120
117.4
107
119
116.0
106
119
115.3
126.3
113.2
139.2
152.7
138.4
158.6
138.4
127
150
144.3
132
154
165.4
151
163
165.1
152
161
163.7
150
168
Rubber Products
Rubber tires and inner tubes
Rubber boots and shoes
Rubber goods, other
129.0
121.9
129.4
133.9
128.5
121.3
129.9
123.3
120.6
106
129
126
143.8
142
140
131
149.0
147
145
135
151.6
150
148
138
152.3
150.1
140.0
162.8
159.4
176.8
163.3
186.2
174.6
149.1
131
167
163
149.8 r213.3
130
205
165
222
166
196
228.6
220
238
209
234.6
227
241
213
Miscellaneous Industries
Photographic apparatus
Games, toys, and dolls
132.6
119.3
123.8
147.2
137.8
99.6
141.4
131
116
151.7
148
80
156.0
151
79
155.9
152
75
158.6
156.0 216.0
143.4 194.1
133.5 136.3
176.0
175
113
186.6 247.6
223
177
143
129
262.2
230
134
265.9
233
124
r
114.2
107.4
115.9
FACTORY EMPLOYMENT
{Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors, 1939 = 100]
1942
Group and year
Total
Durable
Nondurable
1943
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Tan.
Feb
142.2
170.6
119.8
143.7
173.3
120.4
145.3
176.5
120.6
147.1
180.2
121.0
149.1
184.2
121.4
150.9
188.9
121.0
153.4
193.9
121.4
155.1
198.5
120.9
156.9
201.6
121.6
158.9
205.6
122.0
160.9
209.6
122.5
164.4
215.4
124.3
167.3
219.3
126.3
223. 0
124. 9
168 1
NOTE.—Figures for February 1943 are preliminary. Revised indexes based on new Bureau of Labor Statistics data released in February 1943. For
back figures see page 14 of January 1943 BULLETIN and page 259 of March 1943 BULLETIN.
HOURS AND EARNINGS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES
[Compiled by the Bureau of Labor Statistics]
Average hourly earnings (cents per hour)
Avera ge hours worked per week
Industry and group
1941
Dec.
1943
1941
Dec.
Jan.
Dec.
1942
Jan.
Sept.
Oct.
Nov.
1942
1943
Jan.
Sept.
Oct.
Nov.
Dec.
Jan.
All Manufacturing
41.1
41.7
42.4
43.6
44.0
44.4
44.2 78.3
80.1
89.2
89.3
90.5
90.7
Durable Goods
42.5
43.8
44.6
45.8
46.1
r
46A
45.9
86.9
89.0
99.7
99.0
100.5
100.4
101.5
42.1
44.6
47.4
37.4
42.1
45.6
48.5
43.0
43.0
46.0
48.0
44.1
44.3
46.7
49.5
45.2
44.8
47.0
49.5
45.5
r
45.2
47.0
49.7
45.5
45.0
47.1
49.7
45.7
88.0
85.0
89.1
113.4
89.1
86.8
90.7
115.8
98.0
94.9
99.4
118.5
97.9
93.6
99.7
117.2
98.4
94.2
100.3
120.2
r
98.6
94.4
101.1
r
ll9.8
99.8
95.0
102.1
122.2
46.1
43.4
34.7
41.3
39.7
48.1 46.7
43.8 44.1
38.4 41.0
39.9 •41.0
38.4 39.3
47.1
45.4
42.5
42.8
41.3
47.7
46.0
41.7
42.8
41.4
r
47.5
46.1
47.0
45.8
39.9
42.7
41.7
100.6
83.4
58.5
62.1
74.2
104.4
85.1
58.9
62.3
74.0
116.1
95.6
68.2
67.5
r
79.9
113.2
95.6
69.4
68.4
81.2
116.3
95.9
68.5
r
68.5
81.0
114.2
97.6
r
67.6
r
68.9
81.0
113.8
99.2
67.8
69.5
81.7
Iron and Steel and Products
Electrical Machinery
Machinery Except Electrical
Automobiles
Transportation Equipment Except
Automobiles
Nonferrous 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 Manufacturers
Food and Kindred Products
Tobacco Manufactures
Paper and Allied Products
Printing, Publishing, and Allied Industries
Chemicals and Allied Products
Products of Petroleum and Coal
Rubber Products
:
Miscellaneous Industries
39.6
39.2
39.7
40.8
39.6
35.4
38.7
40.7
39.1
42.7
39.9
41.7
38.5
39.0
42.7
39.3
34.6
38.8
40.8
37.9
42.1
38.7
41.5
37.9
39.4
42.6
39.4
34.9
36.7
41.8
38.6
40.8
38.2
42.7
39.5
41.6
43.6
40.4
37.1
38.9
41.6
40.4
43.4
38.5
43.6
40.5
42.7
44.8
r
r
4K4
43.7
41.8
r
91.8
41.3
42.1
41.8
68.0
68.8
74.3
75.1
75.6
76.2
76.8
40.8
37.0
39.0
42.4
40.6
44.0
39.5
43.9
41.8
43.4
45.3
41.5
37.4
40.3
r
43.9
41.2
44.9
r
40.2
r
44.8
41.9
r
44.5
46.3
41.3
37.1
40.3
43.2
39.4
44,2
40.0
44.5
41.6
44.4
45.8
56.8
60.2
64.4
68.7
53.6
69.5
92.8
79.6
101.9
86.3
69.5
57.1
61.2
64.4
70.2
55.5
71.0
92.0
80.2
102.3
87.8
71.4
63.4
64.5
70.2
71.5
59.7
76.7
96.0
88.1
108.8
94.5
81.8
63.9
65.2
70.8
74.4
60.2
77.1
97.3
86.6
108.1
94.7
81.1
64.2
64.8
71.3
75.1
61.1
77.2
97.6
86.7
109.3
95.5
82.9
64.4
r
64.9
71.9
r
76.1
61.3
r
77.1
98.0
r
87.8
109.2
96.6
r
83.1
64.9
66.0
71.7
76.7
61.1
77.4
97.6
88.5
110.3
97.2
84.8
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. 349.)
APRIL
1943
339
CONSTRUCTION CONTRACTS AWARDED, BY TYPES 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]
January
February
March. ..
April
May
June
July.
August
September
October
November
December
.
...
1
Factories
1942
1943
1942
1943
1942
1943
316.8
433.6
610.8
498.7
673.5
1,190.3
943.8
721.0
723.2
780.4
654.2
708.7
350.7
393.5
102.8
168.0
219.3
162.1
148.0
185.5
127.4
100.6
126.7
161.2
156.7
159.7
110.8
93.3
75.4
84.5
112.7
145.1
178.0
271.8
303.5
261.1
377.8
240.3
106.7
70.6
73.1
87.7
8,255.1
Year .
Nonresidential building
Residential
building
Total
Month
Commercial
Educational*
1942
1943
1942
1943
1942
1943
1942
1943
7.2
22.7
9.1
9.2
10.7
12.4
10 1
15.4
26.6
17.1
5.6
4.2
68.2
72.7
90.9
95.9
159.7
101.7
227 7
436 4
327 3
213 2
129 6
246 2
241 0
271.0
85.8
113.0
17.7
21.8
36.8
30.9
23.8
46.2
34.7
21.3
2,227.5
1,817.7
Public works
and public
utilitiesi
Oth« rl
6.1
6.2
18.9
14.1
30.0
10.6
11.6
8.9
21.0
54.2
71.6
46.5
86 0
234 9
124 3
107.7
76.8
103 3
124.1
168.6
302.2
147.9
1,219.1
2,540.6
N e t strictly comparable with data for years before 1938 due to changes in classification.
CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP
CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in millions of dollars]
[Figures for 37 States east of the Rocky Mountains, as reported by the FW. Dodge Corporation. Value of contracts in thousands of dollars]
Public ownership 1 Private ownership 1
Total
1943
1941
January
February
March
April..
May..
June.
July
August
September....
October
...
November....
December. ...
Year. .
1942
1943
305
317
434
270
480
611
499
407
674
549
539 1,190
944
577
760
721
623
723
606
780
654
459
709
432
351
6,007 8,255
1941
1942
1943
198
124
105
310
269
473
184
355
569
267
314 1,105
876
348
520
633
403
661
371
710
298
592
664
288
316
1941 1942
181
166
211
223
281
225
229
240
220
235
161
144
119
123
138
144
105
85
68
88
62
71
62
45
1943
35
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
Total (11 districts)
2,515 1,109
3,492 7,146
January
February
38,764
32,907
25,292
16,404
59,639
52,961
28,048
13,433
1,932
44,756
79,381
14,146
28,992
13,843
20,811
42,327
59,423
36,217
34,998
3,457
17,526
78,921
29,091
50,301
26,653
32,821
80,772
27,928
72,876
49,545
6,597
13,992
42,981
393,517
350,661
433,557
February^
p
1
1942
Federal Reserve district
Month
Preliminary.
Data for years prior to 1932 not available.
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION'
[In millions of dollars]
Mortgages c
Title 1 Loans
Year or month
1935
1936
1937
1938
1939
1940
1941
1942
Total
:
. 57
495
694
954
1,026
1,186
1,137
Small
home
construction
1- to 4family
houses
(Title
224
246
60
160
208
251
262
141
"li"
25
26
21
15
94
309
424
473
669
736
877
691
1
2
2
2
2
1
1
*
1
1
1
71
68
55
60
66
63
52
48
44
39
39
*
*
31
20
Property
improvement
1942—Feb
Mar
Apr
May
93
93
June
July
83
92
96
97
Aug
Sept
Oct
Nov
Dec
89
95
99
92
97
12
10
13
15
13
11
10
10
11
10
9
1943—Tan.
Feb.
80
64
7
5
ID
Rental
War
group housing
housing (Title
VI)
(Title
ID
2
2
11
48
51
13
13
6
1
1
1
*
2
*
*
*
13
284
8
12
11
14
16
21
25
37
42
43
49
42
39
* Less than $500,000.
.
1 Figures represent gross insurance written during the period and do not
take account of principal repayments on previously insured loans.
340
INSURED FHA HOME MORTGAGES (TITLE II) HELD
IN
PORTFOLIO, BY CLASSES OF INSTITUTIONS 1
[In"millions of dollars]
End of month
1936—Dec..
1937—Dec..
1938—Dec..
ComTotal mercial
banks
Mutual
sav-
b^if
Savings Insur- Fedance
and
3
eral
com- agen- Other
loan
associ- panies cies 2
ations
1,199
228
430
634
8
27
38
56
110
149
41
118
212
5
32
77
27
53
90
1939—June.
Dec.
1,478
1,793
759
902
50
71
167
192
271
342
137
153
94
133
1940—Mar..
June. .
Sept..
Dec.. .
1,949
2,075
2,232
2,409
971
1,026
1,093
1,162
90
100
111
130
201
208
216
224
392
432
480
542
190
201
171
182
124
127
141
150
1941-Mar..
June. .
Sept...
Dec...
2,598
2,755
2,942
3,107
1,246
1,318
1,400
1,465
146
157
171
186
230
237
246
254
606
668
722
210
220
225
234
160
154
178
179
1942—Mar...
June..
Dec...
3,307
3,491
3,620
1,549
1,623
1,669
201
219
236
264
272
276
237
243
245
200
195
163
365
771
789.
856
940
,032
* Gross amount of mortgages held, excluding terminated mortgages and
cases
in transit to or being audited at the Federal Housing Administration.
2
The RFC Mortgage Company, the Federal National Mortgage Associaion, the Federal Deposit Insurance Corporation, and the United States
Housing
Corporation.
3
Including mortgage companies, finance companies, industrial banks,
endowed institutions, private and State benefit funds, etc.
FEDERAL RESERVE BULLETIN
MERCHANDISE E X P O R T S A N D I M P O R T S
[In millions of dollars]
1
Merch andise imports2
Merchandise exports
Excess of exports
Month
1938
1939
1940
1941
1942
1938
1939
1940
1941
1942
1938
1939
1940
1941
1942
January
February
March
289
262
275
213
219
268
370
347
351
325
303
357
479
478
611
171
163
173
178
158
190
242
200
217
229
234
268
254
254
272
118
99
102
35
61
77
128
147
134
96
69
89
226
225
339
April
May
June
274
257
233
231
249
236
323
324
350
387
385
330
695
525
618
160
148
146
186
202
179
212
211
211
287
297
280
234
191
215
115
109
87
45
47
57
111
112
138
100
88
50
461
335
403
July
August
September
228
231
246
230
250
289
317
351
295
365
460
425
P
?62 7
694
?718
141
166
168
169
176
182
232
221
195
278
282
262
P214
?184
^196
87
65
79
61
74
107
84
130
101
87
178
162
P412
*510
*>522
October
November
December
278
252
269
332
292
368
344
328
322
3666
492
653
p
776
p
75O
P
853
178
176
171
215
235
247
207
224
253
304
281
344
PI 99
*>174
P356
100
76
98
117
57
121
137
104
69
3362
211
309
^577
p
576
P497
Jan.-Dec.
3,094
3,177
4,021
5,147
2*7,826
1,960
2,318
2,625
3,345
^2,743
1,134
859
1,396
1,802
*>5,083
p
Preliminary.
Including both domestic and foreign merchandise.
General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Figure overstated due to inclusion in October export statistics of an unusually large volume of shipments actually exported in earlier months.
Source.—Department of Commerce.
Back figures. See BULLETIN for February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18.
1
2
3
REVENUES, EXPENSES, A N D INCOME OF CLASS I
RAILROADS
[In millions of dollars]
FREIGHT-CAR L O A D I N G S , BY CLASSES
[Index numbers; 1935-39 average= 100]
Forest
Total Coal Coke Grain Livestock products
MiseelJrc laneous
Merchandise
l.c.l.
Total
railway
expenses
Net
railway
operating
income
Net
income
SEASONALLY
SEASONALLY ADJUSTED*
ADJUSTED
137
1941—December..
111
167
124
101
145
246
149
100 1941—December...
1942—-January
February
March
April
May
June
July
August
September. . .
October
November
December
140
139
136
143
143
141
142
143
136
133
134
134
119
116
122
160
164
160
155
154
135
121
125
116
154
150
168
200
197
199
205
208
188
180
176
177
140
131
119
117
115
113
95
106
126
130
126
143
99
95
97
101
98
103
90
106
102
110
114
117
156
159
149
159
155
159
172
165
154
149
140
137
186
187
282
289
289
183
180
176
174
221
221
210
152
151
143
141
142
144
149
152
146
144
144
146
97 1942—January
February...
100
March
92
April
80
May
62
June
60
July
57
August
57
September..
55
October
56
November..
58
December .
59
1943—January
February
135
141
119
127
161
154
157
170
102
113
130
135
202
193
149
153
57 1943—January..
61
UNADJUSTED
128
125
182]
113
97
129
69
138
96 1942—January.. .
129
129
129
136
138
139
142
144
152
150
140
126
136
132
125
135
139
135
132
136
142
138
139
132
184
184
175
176
181
179
177
175
184
180
186
193
123
110
102
100
99
111
138
129
139
139
123
130
124
130
135
145
193
189
138
142
. .
June
July
August
September. . .
October
November
December
1943—January
February
495
519
542
584
618
627
643
669
663
661
722
708
411
r
415
420
446
471
487
500
519
539
535
533
563
554
95
76
77
90
89
81
76
100
135
169
144
113
February...
March
April...
May
June
July
August
September..
October
November..
December ..
141
153
149
159
161
165
173
173
167
158
138
122
46
47
73
218
303
318
325
308
304
260
206
59
134
135
139
142
144
145
148
152
162
163
150
135
93
96
92
81
62
60
57
57
57
58
59
56 1943—January..
117
129
50
48
132
137
55
58
75
r
80
99
96
113
131
128
124
130
128
128
159
155
r
35
40
58
52
70
88
84
79
85
82
81
120
109
134
1941—December...
UNADJUSTED
1941—December.
1942—January
February.
March
April
May
486
400
481
462
540
573
601
624
665
684
698
746
690
703
671
r
79
r
414
396
448
470
491
505
532
549
543
561
541
532
67
66
92
102
110
119
133
135
155
185
149
171
566
105
55
26
24
47
58
64
78
90
89
105
136
111
137
r
Revised.
•Derived from Interstate Commerce Commission data.
NOTE.—Descriptive material and back figures may be obtained
NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for from the Division of Research and Statistics.
June 1941. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes
with weights derived from revenue data of the Interstate Commerce Commission.
APRIL 1943
341
DEPARTMENT STORE STATISTICS
Based o n v a l u e
figures
MONTHLY INDEXES OF SALES A N D STOCKS
WEEKLY INDEX OF SALES
[Daily average sales; end-of-month stocks. 1923-25 average = 100]
Seasonally adjusted
1941
1940
1942
1943
[Weeks ending on d a t e s shown.
Unadjusted
1940
1941
1942
1943
SALES
January
February
March
April
May
June
July
August.
September
October
November
December
92
90
89
89
89
91
92
98
97
94
100
101
101
103
103
104
105
104
115
134
116
105
116
111
138
126
124
117
108
104
121
130
123
128
138
125
143
167
Year
STOCKS
January
February
March
April
May
June
Tulv
August.
September
October
November
December
69
71
70
68
68
67
68
69
70
71
72
71
71
73
73
73
74
76
82
87
91
97
95
92
r
95
102
109
118
127
136
140
137
124
114
105
r
100
P105
Year
1935-39 a v e r a g e = 100]
Without season al adjustment
71
71
86
86
89
87
64
77
105
101
114
179
79
82
93
106
105
100
79
106
125
112
133
197
108
99
118
115
108
100
83
103
133
137
157
222
94
110
124
61
68
71
71
70
64
61
66
73
79
83
66
64
69
75
76
75
73
74
84
95
108
110
87
r
85
98
111
122
130
129
126
131
129
127
121
r
94
69
82
117
111
132
P91
2>90
r
Revised.
p
Preliminary.
Back figures.—Sales, see B U L L E T I N for August 1936, p . 631, a n d subseq u e n t issues. Stocks, see B U L L E T I N for M a r c h 1938, p . 232, a n d s u b s e q u e n t
issues.
1939
Sept 16
23
30
Oct. 7
14
21
28
Nov. 4
11
18
25
Dec.
2
9
16
23
30
.112
.107
.120
.123
.112
.116
.114
.123
.116
.115
.107
.139
. . . . .188
. . . . .235
. . . .242
. . . . . 79
1940
6..
13
20
27
Feb.
3
10
17
24
Mar. 2
9
16....
23....
30....
Apr. 6
13...
20
27
Jan.
82
86
..83
. .79
..86
..80
..82
..82
. .95
. 98
. 99
.113
. 88
.112
. 97
. 99
. 98
1940
Sept 1 4 . . . ..123
2 1 . . . ..117
2 8 . . . ..120
Oct. 5 . . . ..125
1 2 . . . ..115
1 9 . . . ..123
2 6 . . . ..121
Nov. 2 . . . . 1 1 7
9 . . . .122
1 6 . . . ..130
2 3 . . . ..116
3 0 . . . ..147
Dec. 7 . . . . 1 9 7
14. .. ..232
2 1 . . . ..258
28. . . ..124
1941
4
85
1 1 . . . . ...99
18
90
25
89
Feb. 1 . . . . ...94
8 . . . . ...95
1 5 . . . . ...97
22
88
Mar 1.. .. ..101
8 . . . .. 97
1 5 . . . ..105
2 2 . . . . ..111
29...
.117
Apr. 5 . . . ..131
12... ..136
19... . 1 1 7
26... . .114
Jan.
1941
1942
Sept 13. . . ..133
Sept 1 2 . . . .129
19. . . . .137
2 6 . . . . .155
Oct. 3 . . . . .173
1 0 . . . . .159
1 7 . . . .152
2 4 . . . . .153
3 1 . . . . .158
Nov. 1.... .166
1 4 . . . . .167
2 1 . . . . .166
2 8 . . . . .166
Dec. 5 . . . . .236
1 2 . . . . .274
1 9 . . . 303
2 6 . . . . .199
2 0 . . . ..131
2 7 . . . ..148
4 . . . ..169
1 1 . . . ..130
18. .. ..131
2 5 . . . ..130
Nov. 1 . . . ..138
8 . . . ..139
15. .. ..148
2 2 . . . ..128
29... .169
Dec. 6 . . . ..215
1 3 . . . ..236
2 0 . . . ..277
2 7 . . . ..174
Oct.
1942
3
107
1 0 . . . . ..130
17.... .131
24
. .119
31.'.'.'. . .121
Feb. 7 . . . . ..114
1 4 . . . ..116
2 1 . . . . .110
2 8 . . . . ..119
Mar 1.... . 1 2 5
1 4 . . . ..131
2 1 . . . . ..140
2 8 . . . . ..147
Apr. 4 . . . . . .160
11...
.120
18 . . . . 1 3 5
25. .
.129
Jan.
1943
.112
2.
9
.138
16. .. .132
23
119
30.'.'..' .121
Feb.
6. . .136
1 3 . . . . .168
20.. . .146
27. . . .150
Mar. 6 . . . .142
1 3 . . . . .134
2 0 . . . . .137
27....
Apr. 3 . . . .
10. . .
17...
24. ..
Jan.
Back figures.—See B U L L E T I N for April 1941, p . 311, and subsequent issues.
SALES BY FEDERAL RESERVE DISTRICTS A N D BY CITIES
[Percentage change from corresponding period of preceding year]
United States..
Boston
New Haven
Portland
Boston
Springfield
Providence
Feb. Jan.
1943 1943
Two
+33
+21
+15
+3
-3
0
-10
-24
Feb. Jan.
1943 1943
mos.
1943
-14
Cleveland
Erie
(cont.)
Pittsburgh
+64 +20 +39
Wheeling
+25 - 1 3 +3
0 +14
+34
+11 - 6 +2 Richmond
+17 -9
+10 rr -17
+7 -12
+2
New York
Bridgeport
Newark
Albany
Binghamton...
Buffalo
Elmira
>.
Niagara F a l l s . .
New York City
Poughkeepsie..
Rochester
Syracuse
+31 +5 +17
+30 - 2 +13
+17 - 7
+5
+47 +29 +36
+20 - 9
+3
+13 - 1 1 - 1
+16 - 8 +2 Atlanta^
Birmingham
+22 - 5 +7
Philadelphia
Trenton
Lancaster
Philadelphia...
Reading
Wilkes-Barre...
York
+5
+18 -7
+36 +2 +19
1
2
+34
+8
+19 - 5
+7
+20 - 8
+6
+27 - 5 +10
+23 - 6
+8
Cleveland
Akron
Cincinnati
Cleveland
Columbus
Toledo
Youngstown...
+29 -3 +12
+40 +11 +25
+34 - 1 +14
+29 - 9
+8
+56 +19 +35 Chicago
Chicago
+40 - 3 +17
Peoria
+33 - 3 +14
r
-12
-26
-3
-19
Montgomery
Jacksonville
Miami
Tampa
Atlanta
Macon
Baton Rouge
New Orleans
Jackson
Chattanooga
Knoxville
Nashville
0 +14
+30
+15
+31
+38
Washington
+23
+51
Baltimore
Winston-Salem... +27
Charleston, S. C +44
Lynchburg
+45
Norfolk
+40
Richmond
+51
Charleston.W.Va, +21
Clarksburg
+27
Huntington
+37
+50
+29
+56
+68
+30
+56
+74
+88
+100
+39
+56
+42
+49
+57
Two
mos.
1943
n
-9
r
+4
+9
+1 +18
+8
+2 +23
+8 +17
Feb. Jan.
1943 1943
Chicago (cont.)
Fort W a y n e . . . .
Indianapolis...
Des Moines....
Sioux City
Detroit
Flint
Grand Rapids..
Lansing
Milwaukee
+29 +32
+11 +26
- 1 +18 St. Louis
Fort Smith
+11 +30
-5
-17
<
+5
+3
+16
Little Rock
Quincy.
Evansville
Louisville
St. Louis
Springfield....
Memphis
+13 +31
+2 +16
+24 +40
+33 +50
+3 +17 Minneapolis..
+22 +39
+15 +43 Kansas City
Denver
+33 +59
Hutchinson
+34 +65
Topeka
+16 +27
0 +27
Wichita
Joplin
+22
+5
+7 +27 Kansas City
+ 19 +38 St. Joseph
+31 - 5 +12
+31 — 10 +8
+14 - 1 0 +2
Two
mos.
1943
Dallas
+23
+13
Shreveport... .
+55
+28
Dallas
+32
+13
Fort Worth
+58 +13 +34
Houston
+31
+14
San Antonio
+29| +42
7
—4 +9 San Francisco
&
+26 - 4 +10
Phoenix
+28 - 5 +10
Tucson
+39
+75
+98
+26
+82
+35
+27,
+32
+55
+44
+59
+59
+69
+61
+66
+35
+55
+46
+65
Omaha
Oklahoma City. +861
+42
Tulsa
0 +18
+25
+26
-1
+32
r
+8
-9
+48
+62
+12
+56
+21
+7
+7 +19
+8 +29
- 5 +17
+23
+22
+201
+24
+39
+24
+12
-2
+46
+20
+39
+39
+42
+42
+52
+13
+39
+27
+28
+65
+30
Baker sfield
Fresno
Long Beach
Los Angeles
Oakland and
Berkeley
Sacramento
San Diego
San Francisco
San Jose
Santa Rosa
Stockton
Vallejo and Napa
Boise and
Nampa
Portland
Salt Lake C i t y . .
Bellingham
Everett
Seattle
Spokane
Tacoma
Walla Walla
Yakima
Feb. Jan.
1943 1943
Two
mos.
1943
+74
+29
+74
+70
+73
+92
+45
+38
+35
+69
+19\
-13
+21
+18
+6
+31
+45
+6
+43{ r+12\ +27
+67, +21 +43
+74 +31 +51
+65 +17 +40
+35, +3 +17
+46 +28 +36
+35 +51 +18
+46|
+38
+40
+52,
+14 +29
+10|
+23
r
+9\ +23
.
+211
+36
+ | +21
+21
+451 +111 +27
+84 +38! +60
+103 +24! +59
+39 +41! +40
+46 r +9 +27
+35 +45
+28! +4 +16
+16
+23( +
+43j
0!
. .
+43
0 +20
+56 r +29j +42
+39| +12| +25
+59 +38i +48
+27 +11 +14
Revised.
342-
FEDERAL RESERVE BULLETIN
Department Store Statistics—Continued
SALES A N D STOCKS, BY MAJOR DEPARTMENTS
Sales during month (value)
Stocks a t end of month (value)
Ratio of stocks
to sales
Percentage change
Percentage change
Jan.
Number
of stores
reporting
Department
Jan.1943 J a n . 1943 Jan. 1942 Jan.1943
from
from
from
from
J a n . 1942 Dec. 1942 Dec. 1941 Jan.1942
J a n . 1943 J a n . 1942
from
from
D e c . 1942 Dec. 1941
1943
1942
GRAND TOTAL—entire store
345
0
-51
-45
+8
-3
-3
3.1
2.9
MAIN STORE—total
345
0
-52
-45
+7
-4
-3
3.2
3.0
Women's apparel and accessories
Women's and misses' coats and suits
Women's and misses' dresses
Blouses, skirts, sportswear, sweaters,
apparel,
Juniors' and girls' wear . .
.
Infants' wear
Aprons, housedresses, uniforms
Women's underwear, slips, negligees
Corsets, brassieres
Hosiery (women's and children's)
Gloves (women's and children's)
Shoes (women's and children's)
Furs
341
321
327
+13
+11
-47
-43
+21
+46
+12
+53
+1
2.2
1.4
2.2
1.0
+18
-23
-27
1.4
+26
+30
+32
+13
+2
-46
-51
-55
-26
-74
-43
-53
-55
-25
-69
+17
+9
+5
1.4
303
286
294
272
306
323
326
313
229
254
+11
+24
+27
+1
+16
-5
-8
-2
+11
-55
-74
—31
-14
+73
-59
2.0
2.0
2.4
1.7
2.5
3.1
3.1
3.8
2.0
+6
+20
-4
-4
-4
-6
-13
-17
-4
-6
+4
3.9
1.6
4.4
1.8
312
221
293
265
156
-13
-28
-1
-7
4.7
4.6
4.7
3.4
2.4
4.2
4.7
310
219
233
286
-17
-9
-13
193
277
207
217
279
115
knit
. .
Men's and boys' wear
Men's
Men's
Boys'
Men's
clothing
furnishings, hats, caps
clothing and furnishings
and boys' shoes and slippers
. .
.
....
Home furnishings
Furniture, beds mattresses springs
Domestic floor coverings
Draperies, curtains, upholstery
Major appliances (refrigerators, washers, stoves,
etc.)
Domestics, blankets, linens, etc
China and glassware
Housewares
Piece goods (dress and coat yard goods, all
materials)
Cotton wash goods
Small wares
-38
+17
+21
Notions. .. •
Toilet articles, drug sundries, prescriptions
Jewelry and silverware
Miscellaneous
290
BASEMENT STORE—total
Women's apparel and accessories
Men's and boys' clothing and furnishings
Home furnishings
Piece goods
Shoes
221
197
156
128
60
125
-67
-24
-79
-70
-63
-59
-29
-22
-18
-40
-12
-13
+10
-71
-22
-6
-11
-35
+23
+63
-61
-42
-58
-39
+14
+17
+25
+27
+6
-7
+3
+8
-76
-67
-55
-36
+7
+26
+2
323
213
307
278
-73
-30
+25
+44
-63
-28
-57
-77
-67
-36
-66
-5
-7
+19
-75
+9
+2
+8
-9
-7
+9
Q
+2
-8
-12
-6
—2
0
+2
-4
-54
-5
+3
+16
+17
+2
+17
+5
-4
-47
-41
4.8
5.7
5.3
4.4
5.2
6.4
5.5
3.6
4.9
4.8
5.3
+8
-24
-3
+1
5.4
2.3
7.0
4.9
3.4
1.5
6.4
4.2
3.3
+3
+1
-6
-17
-5
+17
+3
+3
2.1
3.1
1.7
2.6
1.3
3.1
5.0
-3
-6
-3
-3
-2
+17
+8
-47
6
-67
-22
-13
-4
-2
-1
-7
+7
-9
-18
-9
+17
+34
+10
+20
+30
+16
+17
+28
+5
+9
0
-6
0
-9
+6
+4
+7
-43
-43
-62
-10
+1
+3
+45
-80
-79
-6
+3
3.4
+9
+13
3.4
3.6
—4
-6
0
-3
3.4
3.4
-2
3.3
2.6
3.1
-4
-5
-1
+2
2.7
5.4
4.3
-1
+3
-2
-2
2
4.4
3.6
-5
-4
-2
+4
2.3
1.7
3.2
2.6
2.7
3.3
2.7
2.0
4.1
3.3
3.1
3.7
+1
-3
-8
NOTE.—Group totals include sales in departments not shown separately. Figures for basement store are not strictly comparable with those for main
store owing chiefly to inclusion in basement of fewer departments and somewhat different types of merchandise. The ratio of stocks to sales is obtained
by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month
in terms of sales for that month.
SALES, BY TYPE OF TRANSACTION
Without seasonal adjustment
Percentage of total S£des
[ndex numbers; January 1941 = 100
Year and month
Total
1942
January
February
March
April
May
June
July
August
.
. .
SeDtember
October
November
December
138
116
151
149
134
131
110
135
165
184
186
r
287
Cash
1943
138
1942
142
119
155
154
149
153
133
161
193
220
223
r
362
Other credit
Instalment
1943
169
1942
r
118
118
148
131
92
76
70
101
107
123
124
156
Instalment
1942
1943
1942
1943
137
113
148
147
126
117
91
112
145
156
157
r
229
113
50
49
50
50
53
56
59
58
56
57
58
61
59
1943
88
Cash
r
Other credit
1942
1943
1942
1943
7
5
43
42
42
43
41
39
36
36
38
37
36
34
36
9
8
7
6
5
5
6
6
6
6
5
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. Also, the indexes shown here are based on total monthly sales whereas those on the preceding page are based on daily average sales.
APRIL 1943
343
CONSUMER CREDIT STATISTICS
TOTAL CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding. In millions of dollars]
Instalment credit
Total
consumer
credit
End of month
or year
7,089
6,341
5,177
3,846
3,717
4,159
5,148
6,396
7,054
6,618
7,518
8,767
r
9,499
6,156
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
Sale credit
Total
instalment
credit
Loans
Automotive
Total
1
Single
payment
loans2
Charge
accounts
1,577
1,451
1,051
726
588
1,749
1,611
1,381
1,114
1,081
1,203
L,292
L,419
,459
,487
,544
.650
r
l,764
1,513
520
557
523
534
560
r
610
648
3,167
2 706
2,214
1,515
1 581
1,846
2,599
3,466
3,919
3,539
4,351
5,434
5,921
2,923
2,515
2 032
1,595
999
1 122
1,317
1,805
2,436
2,752
2,313
2,792
3,450
3,747
1,495
1,318
928
637
322
459
576
940
1,289
1,384
970
1,267
1,729
1,942
482
1,197
1,104
958
677
663
741
865
1,147
1,368
1,343
1,525
1,721
1,805
1,013
5 609
5,335
5,108
4,886
r
4 611
r
4,327
r
4,036
3,748
3,504
3,255
r
3 054
2,923
3,509
3,299
3,103
2,919
r
2,7O5
r
2,474
r
2,247
2,032
1,862
1,704
r
l,571
1,495
1,812
1,668
1,513
1,369
1,239
1,120
1,004
874
769
664
573
482
1.697
*>2,662
e
2,489
*>1,316
e
l,217
?404
e
351
652
674
619
516
459
529
794
659
785
r
9,147
8,77O
8,594
r
8,364
r
7,952
r
7,5l3
r
7,OO7
r
6,719
r
6,557
r
6,403
r
6 169
6,156
r
r
June
July
Aug
Sept
Oct
Nov
Dec
1943
P
Jan
Feb.
r
r
5,691
5,505
e
596
573
531
491
467
451
472
1,030
1,167
1,226
1,559
1,984
2,174
1,428
991
1,119
1,069
1,089
1,123
1,204
1,072
,631
1,590
,550
r ,466
r ,354
r ,243
,158
: ,093
1r,040
998
1,013
2,100
2,036
2,005
1,967
r
l,906
r
l,853
1,789
1,716
1,642
1,551
1,483
1,428
1,202
1,193
1,186
1,171
1,151
1,125
1,112
1,102
1,095
1,088
1,085
1,072
r
l,721
r
l, 623
r
l,677
r
l,682
r
l,561
r
l,430
r
l,225
r
l,232
r
l,320
r
l,4l9
r
r
615
r
619
r
623
r
625
r
629
r
631
r
634
r
637
r
638
r
64l
r
P912
e
866
PI,346
c
l,272
p
l,058
e
p
l,320
e
p
65l
e
1942
Tan
Feb
Mar
Apr.
May
Service credit
Other
l,386
1,513
l,042
644
648
l,320
654
r
Revised. p Preliminary. e Estimated.
Includes repair and modernization loans.
An estimated total
of non-instalment
consumer
loans;
i.e., single• payment
loans of
commercial
banks and loans by pawnbrokers.
NOTE.—N ••
•
. . .
, , . - .,
w
««„„.,
, « . . . . .~.~
,,
., T
and Dorr
1
2
were made at the Board of Governors of the Federal Reserve System.
CONSUMER INSTALMENT LOANS
CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOTIVE
[Estimated amounts outstanding. In millions of dollars]
Department
Total
stores
End of month excluding
and
autoor year
mailmotive
order
houses
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
Furniture
stores
1,197
1,104
958
677
663
741
865
1,147
1.368
1,343
1,525
1,721
1,805
1,013
160
155
138
103
119
146
186
256
314
302
377
439
469
254
583
539
454
313
299
314
336
406
469
485
536
599
619
391
1,697
L,631
r 1,590
L,55O
r L,466
r 1,354
r 1,243
1,158
1,093
.040
" r 998
1,013
438
416
406
396
367
332
300
277
261
253
247
254
590
573
567
561
543
512
475
449
428
408
392
391
....
Household
appliance
stores
Jewelry
stores
265
222
185
121
119
131
171
255
307
266
273
302
313
56
47
45
30
29
35
40
56
68
70
93
110
120
r
78
r
130
All
other
retail
stores
133
141
136
110
97
115
132
174
210
220
246
271
284
160
1942
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1943
Jan
?912
r
Revised.
p
?228
Preliminary,
344
^358
294
285
272
258
r
240
r
218
r
201
183
169
154
r
141
130
r
p
116
108
100
95
91
85
79
71
67
63
61
61
r
78
r
267
257
250
244
231
213
196
182
172
164
157
160
[Estimated amounts outstanding. In millions o#f dollars]
End of
month or
year
1929
1930
1931
1932
1933
1934
1935
1936
1937 .
1938
1939
1940
1941
1942
Industrial
banking Credit
comcomunions
panies panies
Small
loan
Repair
Misceland
laneous modernlenders ization
loans
Total
Commercial
banks 1
652
674
619
516
459
529
794
1,030
1,167
1,226
1,559
1,984
2,174
1,428
43
45
39
31
29
39
71
130
215
248
380
586
687
370
263
287
289
257
232
246
267
301
350
346
435
505
535
424
219
218
184
143
121
125
156
191
221
230
257
288
298
202
32
31
29,
27
27
32
44
66
93
113
147
189
217
141
95
93
78
58
50
60
79
102
125
117
96
99
102
91
27
177
240
163
172
244
317
335
200
2,100
2,036
2.005
1,967
r 1,906
r 1,853
1,789
L, 716
1,642
L, 551
L,483
1,428
652
618
601
586
564
546
521
491
460
421
393
370
527
521
521
517
504
493
481
466
452
437
428
424
290
285
282
277
268
261
253
246
236
222
211
202
205
198
196
190
184
179
173
166
160
152
145
141
101
101
101
100
99
98
97
95
94
92
91
91
325
313
304
297
r
287
r
276
264
252
240
227
215
200
345
403
193
132
89
1942
Jan.
Feb
Mar.
Apr
May
June
July
Aug
Sept
Oct.
Nov
Dec
1943
Jan
V 1,346
'
p
184
r
1
*>66
3>144
Revised. v Preliminary.
These figures for amounts outstanding include only personal instalment
cash loans and retail automotive direct loans, which are shown on the following page and a small amount of other retail direct loans (14 million
dollars at the end of January 1943), which are not shown separately.
FEDERAL RESERVE BULLETIN
Consumer Credit Statistics—Continued
CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Other Repair
retail, and
pur- modchased ernizaPur- Direct and
tion
chased loans direct loans
Automotive
retail
Month or year
Outstanding
period:
1939
1940
1941
1942
at
end
Total
Personal
instal
ment
cash
loans
of
1942—January
February
March
April
May
June
July
August
September
October
November
December
1943—January
Volume extended during
month:
1942—January
February
March
April
May
June
July
August
September
October
November
December
1943—January
1,020
1,340
1,588
787
210
300
396
136
160
230
303
122
150
210
279
143
220
260
246
154
280
340
364
232
1,511
1,434
1,403
1,338
1,273
1,211
1,139
1,072
998
922
860
787
367
338
331
308
283
265
242
227
203
190
166
136
280
258
245
235
224
211
196
182
167
148
136
122
275
268
267
254
243
223
208
189
175
159
151
143
234
225
221
207
201
196
187
182
176
168
165
154
355
345
339
334
322
316
306
292
277
257
242
232
726
116
111
136
144
219
148
115
138
125
110
102
95
93
82
39
23
27
19
17
15
16
23
14
11
27
21
23
28
25
16
13
11
12
14
14
15
5
7
56
45
9
10
9
9
9
9
8
9
7
6
48
41
46
41
36
35
32
27
32
14
4
26
64
69
7
6
21
19
22
20
18
16
16
14
13
11
9
10
59
6
9
77
57
NOTE.—For descriptive material and back figures, see Bulletin for October
1942, pp. 992-994.
December
1942
January
-45
-54
+32
+56
-8
+35
+55
-46
-42
+25
+25
-15
-11
-12
Accounts receivable, at end of month:
Total
Instalment
-9
-8
+1
-37
-37
-34
-34
Collections during month:
Total
Instalment
... .
-6
-9
+3
0
—5
-6
+2
+1
Inventories, end of month, at retail
value
-2
-9
+4
....
0
Small loan
companies
Industrial
banking
companies
Credit
unions
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
463
503
498
376
304
384
423
563
619
604
763
927
983
798
413
380
340
250
202
234
288
354
409
417
489
536
558
408
42
41
38
34
33
42
67
105
148
179
257
320
343
215
1941
September... .
October
November
December
69
76
82
104
38
43
41
45
24
25
23
25
80
66
80
71
61
64
58
52
49
44
37
43
66
65
86
72
58
68
63
60
60
59
59
82
40
35
42
37
34
36
34
33
31
30
25
31
18
19
25
19
18
20
18
16
16
14
14
18
36
45
25
11
M o n t h or year
Commercial
banks1
1942
January
February
March
April
May
June
July
August
September....
October
November....
December
1943
January
1
These figures for loans made include only personal instalment cash
loans and retail automotive direct loans, which are shown elsewhere on
this page, and a small amount of other retail direct loans (one million
dollars in January 1943), which are not shown separately.
Percentage
change from
corresponding
month of
preceding year
January
1943
Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge Account
[Estimates of volume made in period. In millions of dollars]
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE1
FURNITURE STORE STATISTICS
Percentage
change from
preceding
month
CONSUMER INSTALMENT LOANS MADE BY PRINCIPAL
LENDING INSTITUTIONS
1943
December
1942
Month
1941
Movember
December
0
+7
Charge
accounts
Instalment accounts
Department
stores
Furniture
stores
Household appliance
stores
Jewelry
stores
Department
stores
19
20
12
11
11
12
18
23
49
46
20
19
22
21
22
22
23
24
25
29
29
31
12
11
13
13
13
14
14
16
16
18
17
18
12
12
13
13
13
13
13
13
14
15
15
r
15
19
18
19
19
20
22
22
25
26
30
31
45
50
45
46
47
50
56
60
59
60
65
63
65
28
17
15
30
61
1942
January
February
March
April
May
June
July
August
September
October
November
December
r
r
1943
January
r
Revised.
1
Ratio of collections during month to accounts receivable at beginning
of month.
APRIL
1943
.345
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics.
1926 =100]
Other commodities
All
commodities
Farm
products
Foods
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
78.6
87.3
104.9
88.3
64.8
48.2
51.4
65.3
78.8
80.9
86.4
68.5
65.3
67.7
82.4
105.9
99.9
90.5
74.6
61.0
60.5
70.5
83.7
82.1
85.5
73.6
70.4
71.3
82.7
99.6
91.6
85.2
75.0
70.2
71.2
78.4
77.9
79.6
85.3
81.7
81.3
83.0
89.0
P
95.5
109.1
100.0
86.1
72.9
80.9
86.6
89.6
95.4
104.6
92.8
95.6
100.8
108.3
117.7
90.4
80.3
66.3
54.9
64.8
72.9
70.9
71.5
76.3
66.7
69.7
73.8
84.8
96.9
83.0
78.5
67.5
70.3
66.3
73.3
73.5
76.2
77.6
76.5
73.1
71.7
76.2
78.5
100.5
92.1
84.5
80.2
79.8
86.9
86.4
87.0
95.7
95.7
94.4
95.8
99.4
^103.8
96.0
96.7
97.6
98.7
98.8
98.6
98.7
99.2
99.6
100.0
100.3
101.0
100.8
101.3
102.8
104.5
104.4
104.4
105.3
106.1
107.8
109.0
110.5
113.8
93.7
94.6
96.1
98.7
98 9
99.3
99.2
100.8
102.4
103.4
103.5
104.3
94.6
94.9
95.2
95.6
95.7
95.6
95.7
95.6
95.5
95.5
95.8
95.9
114.9
115.3
116.7
119.2
118.8
118.2
118.2
118.2
118.1
117.8
117.8
117.8
93.6
95.2
96.6
97.7
98.0
97.6
97.1
97.3
97 1
97.1
97.1
97.2
78.2
78.0
77.7
77.7
78.0
78.4
79.0
79.0
79.0
79.0
79.1
79.2
1943—January
February
P101.9
*102.5
117.0
119.0
105.2
105.8
^96.0
P96.2
117.8
117.8
97.3
97.3
Week ending
1942—December 5. .
December 12.
December 19.
December 26.
1943—January 2
January 9
January 1 6 . . .
January 23
January 30
February 6
February 13..
February 20..
February 27..
March 6
March 13
March 20
March 27
100.1
100.5
100.7
101.2
P101.2
p
101.4
P101.6
p
101.7
P101.8
P102.0
P102A
P102.4
P102.7
2*102.9
2*103.2
p
103.0
P103.3
110.6
112.0
113.3
115.2
115.4
116.1
116.6
117.2
117.7
118.2
118.6
:
120.0
121.2
122.0
123.5
122.4
124.2
103.3
104.0
104.2
104.6
104.2
104.4
104.8
104.7
105.0
105.1
105.5
105.7
106.0
106.4
107.0
107.1
107.6
96.1
96.2
96.2
96.2
P96.2
P96.2
^96.3
P96.3
P96.3
P96A
P96A
P96.4
P96.5
P96.6
P
96.6
P96.6
P96.6
118.4
118.4
118.4
118.4
118.4
118.4
118.4
118.4
118.4
118.4
118.4
118.4
118.4
118.4
118.4
118.4
118.4
96.6
96.6
96.6
96.6
96.7
96.7
96.7
96.8
96.8
96.8
96.8
96.8
96.8
96.8
96.8
96.8
96.8
Year, month, or week
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1942—January
February
March
April
May
June
July
August
September . . .
October
November. . . .
December
Total
Hides and
Textile
leather
products products
Foods:
m
Dairy products
Cereal products
Fruits and vegetables
Meats
Other foods
Hides and Leather Products:
Shoes
Hides and skins
Leather
Other leather products
Textile Products:
Clothing
Cotton goods
Hosiery and underwear
Silk
Rayon
Woolen and worsted goods
Other textile products
Fuel and Lighting Materials:
Anthracite
Bituminous coal
Coke
Electricity
Gas
Petroleum products
Housefurnishing goods
Miscellaneous
95.4
89.9
79.2
71.4
77.0
86.2
85.3
86.7
95.2
90.3
90.5
94.8
103.2
110.2
94.0
88.7
79.3
73.9
72.1
75.3
79.0
78.7
82.6
77.0
76.0
77.0
84.6
97.1
94.3
92.7
84.9
75.1
75.8
81.5
80.6
81.7
89.7
86.8
86.3
88.5
94.3
102.4
82.6
77.7
69.8
64.4
62.5
69.7
68.3
70.5
77.8
73.3
74.8
77.3
82.0
89.7
103.5
103.6
103.8
103.8
103.9
103.9
103.8
103.8
103.8
103.8
103.8
103.8
109.3
110.1
110.5
110.2
110.1
110.1
110.3
110.3
110.4
110.4
110.1
110.0
96.0
97.0
97.1
97.1
97.3
97.2
96.7
96.2
96.2
96.2
99.5
99.5
102.4
102.5
102.6
102.8
102.9
102.9
102.8
102.7
102.5
102.5
102.5
102.5
89.3
89.3
89.7
90.3
90.5
90.2
89.8
88.9
88.8
88.6
90.1
90.5
79.3
79.8
^103.8
^103.8
109.8
110.2
100.2
100.3
102.5
102.6
90.7
90.9
79.8
80.0
79.9
79.9
79.9
80.0
80.1
80.1
80.1
80.4
80.4
80.5
80.7
80.9
80.7
80.8
80.8
103.9
103.9
103.9
103.9
H03.9
P103.9
P1Q3.9
H03.9
^103.9
^103.9
P103.9
*103.9
p
103.9
P103.9
P103.9
P103.9
p
103.9
110.0
110.0
110.0
110.0
110.0
110.0
110.0
110.0
110.1
110.1
110.1
99.6
99.5
99.5
99.5
99.5
99.5
99.5
99.5
99.5
99.5
100.0
100.3
100.3
99.9
100.0
100.0
100.0
104.
104.
104.
104.
104.
104.
104.
104.
104.
104.
104.
104.
104.1
104.1
104.2
104.2
104.2
90.0
90.3
90.4
90.4
90.4
90.4
90.5
90.5
90.5
90.5
90.6
90.7
90.9
91.0
91.2
91.2
91.2
no.o
no.o
110.1
110.4
110.4
110.4
1943
1942
1942
j
1943
Subgroups
Subgroups
Farm Products:
Grains
Livestock and poultry
Other farm products
Chemicals and
allied
products
Fuel and
Metals
uilding
lighting and metal Building
aterials
materials products mat
Feb.
Nov.
Dec.
Jan.
Feb.
95.3
109.3
97.4
92.8
121.3
108.0
100.7
123.9
110.4
107.3
129.2
111.5
108.6
132.8
112.6
95.0
91.1
85.2
104.0
89.4
111.2
89.5
102.0
112.0
95.9
111.8
89.3
104.3
113.6
95.9
113.4
90.6
102.6
115.5
96.2
113.3
92.2
108.5
115.5
94.5
121.8
115.5
101.4
113.5
126.4
116.0
101.3
115.2
126.4
116.0
101.3
115.2
126.4
116.0
101.3
115.2
126.4
116.0
101.3
115.2
105.3
111.4
69.6
107.0
112.4
70.5
107.0
112.4
70.5
107.0
112.5
70.5
107.0
112.6
70.5
30^3 "30!3* "30.3
104.3 111.7 112.1
98.1
97.6
97.7
30^3
112.4
97.7
30^3
112.4
97.7
86.2
112.4
122.1
88.5
112.5
122.1
89.7
113.9
122.3
85.3
108.4
122.1
67.6
77.0
58.9
85.7
111.4
122.1
62.3
78.4
60.7
"76!T "l3.2
60.7
60.8
"61^'
Metals and Metal Products:
Agricultural implements...
Farm machinery
Iron and steel
Motor vehicles
Nonferrous metals
Plumbing and heating
Building Materials:
Brick and tile
Cement
Lumber
Paint and paint materials..
Plumbing and heating
Structural steel
Other building materials...
Chemicals and Allied Products:
Chemicals
Drugs and Pharmaceuticals
Fertilizer materials
Mixed fertilizers
Oils and fats
IIousefurnisiting Goods:
Furnishings
Furniture
Miscellaneous:
Auto tires and tubes
Cattle feed
Paper and pulp
Rubber, crude
Other miscellaneous
Feb.
Nov.
Dec.
Jan.
Feb.
96.9
98.0
97.0
112.4
85.6
97.9
96.9
98.0
97.2
112.8
86.0
93.2
96.9
98.0
97.2
112.8
86.0
90.4
96.9
98.0
97.2
96.9
98.0
86!o
90.4
97.0
93.4
132.7
99.9
97.9
107.3
103.5
98.6
94.2
133.1
100.7
93.2
107.3
102.9
98.7
94.2
133.3
100.3
90.4
107.3
103.0
98.7
94.2
133.3
100.6
90.4
107.3
102.2
98.6
94.2
134.6
101.2
90.4
107.3
102.2
96.3
126.5
79.3
82.7
108.2
96.2
165.4
78.6
82.8
101.5
96.1
165.4
79.0
82.8
101.5
96.9
165.4
79.0
85.3
101.5
96.9
165.5
79.0
85.8
101.5
107.4
97.4
107.3
97.4
107.3
97.4
107.3
97.4
107.3
97.7
71.0
132.8
102.9
46.3
92.9
73.0
132.1
98.8
46.3
95.1
73.0
142.1
99.0
46.3
94.9
73.0
142.8
100.1
46.3
94.9
73.0
142.1
101.1
46.3
94.9
o
97 2
'
86*. 0
90.4
Back figures.—For monthly and annual indexes of groups, see Annual Report for 1937 (table 86); for indexes of subgroups, see Annual Report for 1937
(table 87).
r
c
^ Preliminary.
Revised.
Corrected.
346
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK
Revised Edition of Chart Book*
Chart
book
page
1943
Feb.
24
WEEKLY F I G U R E S i
Mar. Mar. Mar. Mar.
3
10
17
24
In billions of dollars
2, 4
4
4
4
4
4
2
2
2
2
2
3
3
3
3
3
3
3
5.93
2.44
1.22
1.49
.79
5.80
2.34
1.18
1.50
"!6i
.01
.26
.01
.79
6.09
2.25
1.09
1.33
6.27
2.15
1.02
1.31
.82
.98
.01
.79
.63
.01
22.64 22.64 22.64 22.61
15.95 16.15 16.21 16.12
.01
.01
1.17 1.14 1.18 1.13
12.92 12.94 13.12 13.52
1.79 p 1.79 1.88 P 2.13
1.73 1.86 ^2.04 2A2
.09
.01
.80
.83
.10
.03
.86
*\88
5.95
2.08
.99
1.56
.82
.51
.01
22.60
16.07
.01
1.18
13.08
1.63
.12
.09
.02
.03
.96
.91
P.98 PI. 06
Jan.
14
14
14
14
15
15
15
15
41.35 41.47 41.86 42.20 42.00
31.13 31.31 32.12 32.39 32.13
28.44 28.66 29.11 29.34 29.29
9.64 9.52 9.49 9.56 9.49
5.82 5.74 5.80 5.80 5.75
2.36 2.32 2.37 2.35 2.33
3.46 3.41 3.43 3.46 3.43
15
17
17
17
17
15
17
17
17
17
11.32 11.37 11.67 11.78 11.76
4.86 4.92 4.97 5.00 5.06
2.78 2.80 2.81 2.85 2.87
1.72 1.69 1.94 1.96 1.
1.96 1.96 1.96 1.96 1.96
17.12 17.28 17.44 17.56 17.53
8.44 8.47 8.52 8.58 8.67
3.21 3.21 3.22 3.22 3.24
2.43 2.55 2.62 2.73 2.58
3.04 3.05 3.08 3.04 3.05
.48
.46
.40
.45
.47
Per cent per annum
25
25
25, 33
25, 33
33
33
.369
.373 .374
.371 .373
1.25 1.25
1 .25 4 1 .39 1.39
2.05
2.32
2.77
4.06
2.06
2.33
2.77
4.02
2.07
2 .34
2 .77
4 .02
4
2.09
2 .33
2 .76
4 .02
2.09
2.33
2.76
4.01
In billions of dollars
Reserve bank credit
rold stock
Money in circulation
Treasury cash
Treasury deposits
Reserve balances
Required reserves
Excess reserves, total
New York City
Chicago
Reserve city banks
Country banks
Money in circulation, total
Bills of $50 and over
$10 and $20 bills
Coins, $1, $2, and $5 bills
5
5
5
5
5
5, 8
8
8, 9
9
9
9
9
10
10
10
10
6.03
22.74
15.12
2.20
.31
13.15
10.78
2.38
.42
.04
1.02
.90
15.41
3.84
8.15
3.43
18
18
18
18
18, 19
19
19
19
19
6.16
1.07
1.51
.65
2.92
1.43
1.50
.48
1.01
20
20
20
21
21
21
20
21
21
20
6.32
22.71
15.40
2.19
.31
13.34
11.21
2.13
.34
.02
.91
.86
15.59
3.93
8.29
3.38
6.09
22.65
15.84
2.21
.21
12.93
11.22
1.71
.10
.01
.78
.82
16.09
4.03
8.63
3.44
Consumer credit, total
Single payment loans
Charge accounts
Service credit
Instalment credit, total
Instalment loans
Instalment sale credit, total
Automotive
Other
p
e
p
e
5.69
1.06
PI .32
?2.66
PI .35
PI.32
P.40
P.91
5.51
1.04
1.32
e
.65
e
2.49
•1.27
e
1.22
€
.35
'.87
111.59
49.27
27.02
9.86
6.63
10.53
21.79
15.05
6.38
9.03
114.30
49.27
28.03
9.86
7.42
10.74
23.36
16.25
6.75
9.17
117.13
49.27
29.26
9.86
8.23
11.16
24.56
17.07
7.12
9.57
12.24
6.19
41.30
12.37
5.97
P42.91
12.67
5.87
51.86
H.57
11.00
2*36.30
p
15.20
P53.06
p
4.64
11.10
p
37.3O
p
14.7O
TREASURY FINANCE
U. S. Govt. obligations outstanding, total interest-bearing 2
Bonds (marketable Treasury)
Notes, cert., and bills, t o t a l . . . .
Notes
Bills
Certificates
Savings bonds, tax notes, etc. 8
Savings bonds
Tax notes
Special issues
Holdings of U . S . Govt. obligations:
Fed. agencies and trust funds
Federal Reserve Banks
Commercial banks
Private holders other than
commercial banks, total
Mutual savings banks
Insurance companies
Other investors, total
Marketable issues
22
22
22
22
23
23
23
23
p
p
87.2
89.8
85.2
75.1
1.13
87.8
90.5
85.1
75.5
1.5;
35
35
35
35
35
86.5
89.1
81.4
75.9
1.65
50
50
97.7 98.2 99.1 99.3
3,893 3,947 3,945 3,947 3,928
86.9
89.2
84.4
76.5
1.45
BUSINESS CONDITIONS
Steel production (per cent of capacity) 5 .
Electric power prod. (mill. kw. hrs.) 6 - ..
Freight-car loadings (thous. cars): 6
Total
Miscellaneous
Department store sales (1935-39 = 100) 6 ..
F.H.A. home mortgages, new construction (thous.) 6
Wholesale prices (1926 = 100):
Total
Farm products
Other than farm and food
51 782.9 748.9 769.0
51 374.4 349.5 360.9
134
52 150
142
annum
MONEY RATES, ETC.
9
87.3
89.6
86.1
76.6
1.73
e
P.65
Per cent per
In unit indicated
Stock prices (1935-39 = 100):
Total
Industrial
Railroad
Public utility
Volume of trading (mill, shares)
Feb.
CONSUMER CREDIT
MONEY RATES, ETC.
Treasury bills (new issues)
Treasury notes (taxable)
U. S. Govt. bonds:
Partially tax exempt.
Taxable
Corporate Aaa bonds
Corporate Baa bonds
1943
RESERVES AND CURRENCY
MEMBER BANKS IN LEADING CITIES
Loans and investments
Demand deposits adjusted
U. S. Govt. obligations
Total loans
Commercial loans, total
New York City
100 cities outside New York
Brokers' loans—New York City . . . .
U. S. Govt. obligations:
New York City, total
Bonds
Notes and guar. securities . . .
Bills
Certificates
100 cities outside New York, total.
Bonds
Notes and guar. securities
Bills
Certificates
Dec.
MONTHLY FIGURES
RESERVES AND CURRENCY
Reserve bank credit:
U. S. Govt. securities, total 2
Bonds
Notes
Bills
Certificates
Special certificates
Bills discounted
Gold stock
Money in circulation
Treasury deposits
Nonmember deposits
Member bank reserves
Excess reserves e
Excess reserves—total e3
New York City
Chicago
Reserve city banks
Country banks e
1942
Chart
book
page
F. R. Bank discount rate, N . Y. ..
27
Treasury bills (new issues)
27
Treasury notes (taxable)
27
Commercial paper
29
U. S. Govt. bonds:
Partially tax exemp t
33
Taxable
33
!orporate Aaa bonds
29, 33
Corporate Baa bonds
33
.50
.363
1.34
.69
.50
.367
1.29
.69
.50
.372
1.24
.69
2.09
2.36
2.81
4.28
2.06
2.32
2.79
4.16
2.06
2.32
2.77
4.08
In unit indicated
768.1 787.4
367. 6 373 .8
Stock prices (1935-39 = 100):
137 143
Total
Industrial
52
2.71 3.15
Railroad
Public utility
63 102.7 102.9 103.2 103.0 103.3 Volume of trading (mill, shares)...
63 121.2 122.0 123.5 122.4 124.2 Brokers' balances (mill, dollars):
63 96.5 96.6 96.6
96.6 96.6
Credit extended customers...
Money borrowed
Customers' free credit balances.
35
35
35
35
35
75.9
78.5
69.3
65.2
.82
37
37
37
543
378
270
84.8
87.7
77.5
73.3
1.25
79.7
82.3
73.7
69.3
.82
e
e
e
e
540
290
280
e
550
320
e
p
Estimated.
Preliminary.
Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period.
3
Includes guaranteed issues not shown separately.
Averages of daily figures for the week ending Friday.
4
Number of issues included decreased on March 15.
5
New series (beginning January 4, 1943) based on increased capacity; figures available for 1943 but not plotted on the chart are: Jan. 6, 95.8: J a n . 13,
1
2
ge 185) and March (page 267).
_,
. „ ^^d depositary bonds not shown separately.
On advances secured by Government securities maturing or callable within one year.
* Current figures are for revised edition of the Chart Book announced on page 302. Copies may be obtained at a price of 50 cents each.
9
APRIL
1943
347
Current Statistics for Federal Reserve Chart Book—Continued
Revised Hdition of Chart Book
Chart
book
page
Dec.
MONTHLY FIGURES (cont.)
Jan.
Feb.
In millions of dollars
BUSINESS CONDITIONS
Income payments, total 1
Salaries and wages
Other
Cash farm income, total
Crops
Livestock and products
Govt. payments
Residential contracts awarded, total 1 ..
Public
Private, total
1- and 2-family dwellings
Other
Construction contracts awarded.
Total
Residential
Other
Exports and imports:
Exports
Imports
Excess of exports
Excluding lend-lease exports..
38
38
38
39
39
39
39
53
53
53
53
53
10,843 n1,000
7,584 P7,737
3,259 P3,263
1,571
1,361
656
479
843
782
72
100
167
118
129
89
38
29
33
22
6
7
^1,210
P37O
*761
P79
100
72
28
22
5
594
146
448
2*318
55
55
55
61
61
61
61
717
167
550
e
1
4
6
8
Jan.
Dec.
Feb.
In unit indicated
BUSINESS CONDITIONS (cont.)
Freight-car loadings: 1 3
Total (1935-39 = 100)
Coal
Miscellaneous
All other
Department store sales (1923-25 = 100)1.
Department store stocks (1923-25 = 100)1
Wholesale prices, total (1926 = 100)4 . .
Farm products
Other than farm and food
Cost of living, all items (1935-39 = 100)
Rent
Clothing
Food
134
24.8
80.2
28.8
125
100
101.0
113.8
95.9
120.4
108.0
125.9
132.7
141
27.1
83.8
29.6
167
135
25.2
81.4
28.5
143
105
101.9
117.0
96.0
120.6
102.5
119.0
96.2
120.9
125^9
133.0
125^9
133.6
1942
853.2
P
356.3
p
496.9
JulySept.
1
Total (1935-39 = 100)3 4
. 41, 42
Durable manufactures
41
Iron and steel
42
Machinery, etc
42
Other durable
42
Nondurable manufactures
41
Textiles and leather
42
Paper and printing
42
Foods, liquor, and tobacco.
42
Other nondurable
42
Minerals
41, 42
Primary products (1935-39 = 100):
Steel
43
Cement
43
Lumber
43
Crude petroleum
43
Coal
43
Cotton consumption
43
Wool yarn
43
Leather
43
Paper
43
Meats and dairy products
43
Other manufactured foods
43
Labor force and employment (mill,
persons):
Labor force
44
Employment, total
44
Nonagricultural
44
Agricultural
44
Male
44
Female
44
Nonagricultural employment, total
(mill, persons)
45
Manufacturing and mining
45
Trade
45
Government
45
Transportation and utilities
45
Construction
45
Factory employment (1939 = 100)
47
Factory payrolls (1939 = 100)
47
Average weekly earnings (dollars)
48
Average hourly earnings (cents)
48
Average hours worked (per week)
48
New orders, shipments, and inventories
(1939 = 100):
New orders, total
49
Durable
49
Nondurable
49
Shipments, total
49
Durable
49
Nondurable
49
Inventories, total
49
Durable
49
Nondurable
49
MONTHLY FIGURES (cont.)
1943
P
In unit indicated
Industrial production:
Chart
book
page
197
108
22
70
16
69
20
11
21
17
19
199
110
22
72
16
70
20
11
21
17
19
P203
PU3
23
P
221
165
119
121
136
163
180
118
130
149
165
225
169
116
118
136
171
171
122
129
143
167
230
53.4
51.9
43.0
8.9
37.0
14.9
38.8
16.6
6.6
5.8
3.5
2.0
164.5
287.9
40.27
90.7
44.4
224
292
175
240
320
178
178
210
149
52.4
51.0
42.3
8.7
36.3
14.7
m
m
171
38.8
16.8 2*16.9
6.5
5.7
3.5
1.8
n.7
165.0
291.2
40.58
91.8
44.2
P m
p
2S3
^157
P
226
^303
p
166
p
P m
211
PU9
In millions of dollars
QUARTERLY FIGURES
Budget receipts and expenditures:
Expenditures, total
War activities
Net receipts
Internal revenue collections, total
Corporate income taxes
Individual income taxes
Misc. internal revenue
Corporate security issues:
Net proceeds
New money, total 5
Industrial
Railroad
Public utility
16,307
14, 766
3,861
3,622
1,735
774
1,114
200
76
27
6
43
18,800 19,845
17,348 18,460
3,909 6,950
3,727
1,789
616
1,323
70
13
6
4
3
Per cent per annum
Bank rates on customers' loans:
Total, 19 cities
New York City
Other Northern and Eastern cities.
Southern and Western cities
29
31
31
31
2.70
2.28
2.66
3.25
2.63
2.09
2.63
3.26
^2.77
2.36
2.76
P
3.25
Apr. 4, June 30, Dec. 31,
1942
1942
1942
^147
p
52.3
50.9
42.1
8.8
35.9
15.0
Jan.Mar.
Oct.Dec.
In billions of dollars
CALL DATE FIGURES
ALL BANKS IN THE U. S.
Total deposits and currency
Demand deposits adjusted
Time deposits
Currency outside banks
,
MEMBER BANKS
Loans and investments, total
U. S. Govt. obligations
Other securities
State and local obligations..
Other domestic securities...
Foreign securities
Loans, total 8
Commercial loans
Real estate loans
Street loans (brokers'loans).
Holdings of U. S. Govt. securities:
By classes of banks:
New York City
Chicago
Reserve city banks
Country banks
By kinds of securities:
Bonds
Notes
Bills
Certificates
Guaranteed
p
80 .p0
40.00
27.20
10.40
81.93
41.84
27.31
10.94
P13.95
44.29
20.45
6.00
3.17
(66)
()
17.83
(6)
(66)
()
46.80
24.10
5.77
2.93
2.69
.15
16.93
9.11
3.50
.43
59.26
37.55
5.63
2.97
7
2.66
(7)
16.09
8.48
3.42
.79
7.38
1.49
6.83
4.75
8.55
1.86
8.19
5.50
12.55
2.79
13.04
9.17
(6)
(66)
(6)
(6)
()
14.49
3.55
1.51
1.87
2.69
18.95
5.41
4.36
6.29
2.54
99.74
p
Estimated.
Preliminary.
2
3
Adjusted for seasonal variation.
Three-month
moving average, adjusted for seasonal variation.
In points in total index.
5
Estimate for March is shown on page 333.
Total includes
industrial group "other" not shown separately on chart.
7
Figures available for June and December dates only.
Beginning December 31,1942, foreign securities are included with other domestic securities.
Total loans includes other security loans and all other loans not shown separately on the chart.
348
FEDERAL RESERVE BULLETIN
ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS BY INDUSTRY DIVISION
[Thousands of persons]
Transportation and
public
utilities
Trade
Finance,
service,
and miscellaneous
1,991
1,886
1,826
1,791
1,768
1,851
1,916
1,959
1,902
1,889
2,004
3,351
3,366
3,408
3,435
3,446
3,471
3,490
3,482
3,466
3,508
3,535
6,862
6,812
6,690
6,695
6,610
6,609
6,607
6,523
6,619
6.673
6,635
4,263
4,260
4,257
4,257
4,266
4,296
4,317
4,313
4,324
4,333
4,331
4,719
4,803
4,863
4,943
5,060
5,255
5,366
5,462
5,601
5,690
5,766
870
877
1,843
1,663
3,549
3,530
6,513
6,507
4,350
4,360
5,734
5,878
13,693
13,859
14,019
14,133
14,302
14,641
14,980
15,233
15,313
15,434
15,684
947
933
929
928
921
923
918
910
902
894
885
1,594
1,625
1,771
1,909
1,991
2,108
2,181
2,185
2,028
1,896
1,674
3,270
3,295
3,389
3,442
3,485
3,519
3,533
3,542
3,539
3,520
3,502
6,686
6,711
6,679
6,667
6,606
6,504
6,496
6,561
6,697
6,771
7,107
4,180
4,194
4,265
4,309
4,324
4,355
4,371
4,397
4,327
4,295
4,279
4,692
4,794
4,856
4,958
5,037
5,184
5,323
5,520
5,672
5,723
5,811
15,743
15,898
867
871
1,470
1,319
3,463
3,444
6,371
6,338
4,259
4,274
5,689
5,851
Total
Manufac
turing
1942—February
March
April
May
June
July
August
September
October
November
December
35,953
36,002
36,063
36,274
36,461
37,051
37,433
37,645
37,962
38,325
38,842
13,814
13,939
14,081
14,220
14,382
14,640
14,819
15,006
15,162
15,349
15,687
953
936
938
933
929
929
918
900
888
883
1943—January
February
38,792
38,839
15,933
16,024
1942—February
March
April
May
June
July
August
September
October
November
December
35,062
35,411
35,908
36,346
36,666
37,234
37,802
38,348
38,478
38,533
38,942
1943—January
February
37,862
37,995
Year and month
SEASONALLY ADJUSTED
UNADJUSTED
APEIL
1943
Mining
nstruction*
Federal,
State, and
local govern
ment
349
ALL MEMBER BANKS-ASSETS AND LIABILITIES ON DECEMBER 31, 1942 BY CLASSES OF BANKS
[Amounts in thousands of dollars]
Central reserve city
member banks*
Reserve
city
member
banks1
Country
member1
banks
member
banks
All
All national
member
banks
All State
member
banks
166,131
165,222
20,554
3,973,408
902,216
39,087
6,102,034
12,226,637
811,223
954,088
691,111
129,622
20,914,715
4,940,388
365,419
5,038,496
8,598,309
574,088
1,252,066
874,186
81,487
16,418,632
2,841,753
541,626
16,088,324
35,006,436
2,539,753
2,965,179
2,286,693
376,946
59,263,331
13,072,358
1,018,612
10,183,351
22,195,181
1,548,901
2,017,376
1,437,294
193,757
37,575,860
8,204,834
721,246
5,904,973
12,811,255
990,852
947,803
849,399
183,189
21,687,471
4,867,524
297,366
162,417
1,464
389
2,178,762
22,838
2,679
3,662,118
36,819
1,520
4,644,976
49,467
9,605
246,622
18,267
1,228
1,915,566
319,341
53,007
554,392
367,697
62,792
6,084,146
62,371
12,953
362
4,029,855
904,130
134,846
2,553,839
578,656
61,039
1,439,170
12,904
3,348
362
1,476,016
325,474
73,807
617
1,356
11,126
5,741
61,580
13,818
48,617
31,672
20,324
3,003
22,396
23,726
92,935
40,507
126,287
73,887
51,340
23,285
74,604
42,188
41,595
17,222
51,683
31,699
24,127,442
5,363,938
30,868,402
24,556,798
84,916,580
54,590,939
30,325,641
21,340,195
12,501,442
4,186,231
262,619
3,208,852
732,836
4,585,096
2,587,969
664,671
177,637
1,105,295
11,862
23,640,987
15,060,803
1,982,419
1,319,254
4,830,532
63,182
15,869,419
11,989,022
1,090,108
1,558,479
956,627
3,559
65,435,697
42,139,236
7,923,429
3,317,989
10,101,306
811,439
41,841,026
26,669,426
4,745,829
2,414,381
6,943,223
398,873
23,594,671
15,469,810
3,177,600
903,608
3,158,083
412,566
448,215
737,844
711,239
37,662
455,278
452,878
2,250
New York
ASSETS
4,115,544
Loans (including overdrafts)
11,475,702
United States Government direct obligations
1,070,979
Obligations guaranteed by United States Government
592,894
Obligations of States and political subdivisions
556,174
Other bonds, notes, and debentures
145,283
Corporate stocks (including Federal Reserve Bank stock)...
17,956,576
Total loans and investments
4,388,001
Reserve with Federal Reserve Banks
72,480
Cash in vault
m
Demand balances with banks in United States (except2 pri80,849
vate banks and_ American branches of foreign banks)
1,250
Other balances with banks in United States
8,365
Balances with banks in foreign countries
362
Due from own foreign branches
1,313,275
Cash items in process of collection
198,825
Bank premises owned and furniture and fixtures
17,819
Other real estate owned
Investments and other assets indirectly representing bank
10,414
premises or other real estate
22,330
Customers' liability on acceptances
44,148
Income accrued but not yet collected
12,748
Other assets
Total a s s e t s . . . .
LIABILITIES
Demand deposits—Total 2
Individuals, partnerships, and corporations
United States Government
States and political subdivisions
Banks in United States 2
Banks in foreign countries
Certified and officers' checks, cash letters of credit and
travelers' checks, etc
Time deposits—Total
.
Individuals, partnerships, and corporations
United States Government
Postal savings
States and political subdivisions
Banks in United States
Banks in foreign
countries
2
Total deposits
Due to own foreign branches
.•••.:-.
Bills payable, rediscounts, and other liabilities for borrowed
money
Acceptances outstanding
Dividends declared but not yet payable
Income collected but not yet earned
Expenses accrued and unpaid
Other liabilities
Total liabilities
23,134
160
3,311
22,078,039
215,398
Chicago
832,250
2,705,788
83,463
'.
150
5,040,374
271,624
384,797
5,058,710 6,589,142
4,804,933
6,396,873
20,270
25,155
1,447
7,119
168,605
140,044
61,955
19,951
1,500
28,699,697 22 ^458,561
1,554
669,294
1,142,298
473,004
12,840,974 8,627,436 4,213,538
8,259,153 4,106,770
12,365,923
35,565
47,675
12,110
8,566
7,247
1,319
267,935
331,933
63,998
53,486
82,066
28,580
4,050
4,811
761
78,276,671 50,468,462 27,808,209
189,596
216,952
27,356
26,050
16,957
7,472
28,662
27,445
1,568
982
1,825
12,491
3,029
2,007
15,557
12,036
23,459
53,265
32,746
2,800
3,000
7,511
13,758
22,332
7,152
4,807
46,175
37,486
46,514
116,750
70,372
3,516
25,999
22,776
30,114
75,036
46,082
1,291
20,176
14,710
16,400
41,714
24,290
22,400,023
5,060,269
28,840,321
22,515,114
78,815,727
50,861,581
27,954,146
567,834
865,987
240,625
52,973
101,300
126,590
36,735
39,044
783,148
803,513
278,562
162,858
926,392
702,981
290,871
121,440
2,378,674
2,499,071
846,793
376,315
1,499,882
1,435,949
540,071
253,456
878,792
1,063,122
306,722
122,859
CAPITAL ACCOUNTS
Capital
Surplus
Undivided profits
Reserves for contingencies and other capital accounts
Total capital accounts
Total liabilities and capital accounts...
1,727,419
303,669
2,028,081
2,041,684
6,100,853
3,729,358
2,371,495
24,127,442
5,363,938
30,868,402
24,556,798
84,916,580
54,590,939
30,325,641
567,834
197
8,718
101,300
ioo.'ooo"
19,946,071
11,899,001
43,415
37
4,176,458
2,556,646
32,550
13
928,027
14,507
110,781
14,681
788,058
155,808
20,556
11,655,409
13,264,733
60,334
6,275
2,380,309
36,121
196,938
16,831
2,130,419
285,127
22,706
55,325,653
42,569,668
513,171
6,679
1,501,041
558,919
21,617
783,148
21,417
76,139
2,150
879,268
36,121
63,143
4,694
775,310
107,239
8,621
20,682,385
15,370,406
164,207
1,598
MEMORANDA
Par or face value of capital—Total
Capital notes and debentures
First preferred stock
Second preferred stock
Common stock
Retirable value of capital: First preferred stock
Second preferred stock
Net demand deposits subject to reserve
Demand deposits-adjusted^
Reciprocal bank balances
Number of banks
1,300
1,300
683,442
106,402
2,150
19,547,715
14,849,288
376,872
354
133,795
12,137
1,355,109
177,888
14,085
34,643,268
27,199,262
348,964
5,081
1
Member banks are classed according to the reserves which they are required to carry. Some banks classedas "country banks" are in outlying
sections of reserve cities or central reserve cities, and some banks classed as "reserve city banks" are in the outlying sections of central reserve cities.
Figures for each class of banks include assets and liabilities of their domestic branches, whether located within or outside the cities in which the parent
banks
are located.
2
Excludes reciprocal bank balances, shown as a memorandum item.
3
Demand deposits other than interbank and United States Government, less cash items reported as in process of collection.
35°
FEDERAL RESERVE BULLETIN
ALL MEMBER BANKS-CLASSIFICATION OF LOANS AND UNITED STATES GOVERNMENT DIRECT OBLIGATIONS
[In thousands of dollars]
By classes of banks, December 31, 1942
Central reserve city
member banks 1
New York
Loans—Total
Commercial and industrial loans, including open m a r k e t
paper
Loans on agricultural commodities covered b y purchase
agreements of Commodity Credit Corporation
Other agricultural loans
Loans to brokers and dealers in securities
O t h e r loans for purchasing or carrying securities
R e a l estate loans: On farm land
On residential property
On other properties
Loans to banks
Consumer loans to individuals:
Retail automobile instalment paper
Other retail a n d repair-modernization instal. loans .
Personal instalment cash loans
Single-payment loans to individuals
All other loans (including overdrafts)
United States Government direct obligations—Total .
Treasury bills
T r e a s u r y certificates of indebtedness
Treasury notes
United States savings bonds
Other bonds maturing in 5 years or less
Other bonds maturing in 5 to 10 years
Bonds m a t u r i n g in 10 to 20 years
Bonds m a t u r i n g after 20 years
Chicago
Reserve
city
member
banks1
Country
member
banks*
All
member
banks
All
national
member
banks
All State
member
banks
4,115,544
832,250
6,102,034
5,038,496
16,088,324
10,183,351
5,904,973
2,546,454
657,765
2,957,136
1,225,530
7,386,885
4,742,709
2,644,176
20,649
90
787,374
192,519
60
65,460
51,794
21,133
3,971
2,523
33,634
31,615
284
14,841
7,492
2
162,487
127,524
96,585
153,086
66,060
1,116,779
303,069
3,546
338,745
432,782
16,860
160,933
199,166
1,260,599
337,558
1,703
525,852
562,919
934,453
538,153
265,570
2,457,679
699,913
26,384
443,072
466,702
302,878
295,031
196,935
1,570,788
411,006
10,095
82,780
96,217
631,575
243,122
68,635
886,891
288,907
16,289
7,872
45,548
37,166
212,740
126,685
11,475,702
1,854,983
2,144,006
2,056,453
267
1,229,603
2,635,678
1,454,531
100,181
5,197
14,435
9,098
33,659
17,734
2,705,788
396,547
636,938
390,592
865
86,941
530,709
483,326
179,870
108,555
126,335
93,315
479,581
307,976
12,226,637
1,440,825
2,253,147
1,722,555
8,510
823,060
3,251,624
2,349,266
377,650
89,801
91,367
145,297
347,206
390,949
8,598,309
670,954
1,251,233
1,240,221
142,222
531,954
2,660,757
1,640,807
460,161
211,425
277,685
284,876
1,073,186
843,344
35,006,436
4,363,309
6,285,324
5,409,821
151,864
2,671,558
9,078,768
5,927,930
1,117,862
159,922
197,924
193,954
560,339
631,996
22,195,181
2,826,020
4,050,715
3,387,047
115,624
1,433,708
5,710,632
3,863,267
808,168
51,503
79,761
90,922
512,847
211,348
12,811,255
1,537,289
2,234,609
2,022,774
36,240
1,237,850
3,368,136
2,064,663
309,694
All member banks on selected call dates
1937
Dec. 31
13,957,823
Loans—Total
Commercial a n d industrial loans, including open m a r k e t
paper 2
._
Loans on agricultural commodities covered by purchase
agreements of Commodity Credit Corporation
I 500,058
Other agricultural loans
950,202
Loans to brokers and dealers in securities
Other loans for purchasing or carrying securities 3
2,752,420
Real estate loans: On farm land
264,924
On residential property
On other properties
}2,282,503
Loans to banks
_
69,943
Consumer loans to individuals:
Retail automobile instalment paper
1
Other retail and repair-modernization instal. loans ..
7,137,773
Personal instalment cash loans
Single payment loans to individuals
All other loans (including overdrafts) 4
United States Government direct obligations—Total... 10,574,143
Treasury bills
661,772
Treasury certificates of indebtedness
4," 277,041
Treasury notes
United States savings bonds
Other bonds m a t u r i n g in 5 years or less
1-5,635,330
Other bonds maturing in 5 to 10 years
Bonds maturing in 10 to 20 years
Bonds m a t u r i n g after 20 years
J
1
2
3
4
1938
Dec. 31
1939
Dec. 30
1940
Dec. 31
1941
Dec. 31
1942
June 30
1942
Dec. 31
13,207,760
13,961,820
15,320,598
18,020,904
16,928,316
16,088,324
5,178,739
5,840,746
6,659,572
8,671,114
8,382,635
7,386,885
j 525,852
\ 562,919
934,453
538,153
265,570
2,457,679
699,913
26,384
711,771
973,351
774,956
278,092
fl,720,434
\ 717,390
124,785
729,539
790,316
700,351
288,696
1,883,553
784,476
56,350
865,091
642,448
652,121
299,188
2,118,475
810,344
43,106
972,321
594,193
597,684
294,962
2,396,116
802,831
39,023
725,589
554,047
562,415
292,063
2,441,386
767,490
28,873
2,728,242
2,887,793
3,230,253
3,652,660
3,173,818
10,882,288
285,789
11,184,195
562,737
12,337,408
651,986
15,706,687
970,898
3,388,961
"2, 223,' 277'
773,492
3,017,960
3,657,326
949,403
2," 594^ 269
1,367,488
2,885,694
4,344,955
493,016
3^007^044
21,412,952
1,508,974
1,872,130
3,546,373
/ 143,862
\l,651,464
4,947,976
6,621,102
1,121,071
726,907
2,453,098
2,887,835
[1,139,698
1,424,556
3,503,734
5,634,165
1,166,290
211,425
277,685
284,876
1,073,186
843,344
5,006,436
4,363,309
6,285,324
5,409,821
151,864
2,671,558
9,078,768
5,927,930
1,117,862
For footnote see preceding page.
N o t reported separately where no figures are shown.
Figures prior to Dec. 31,1938 represent all loans on securities, regardless of purpose, excepting only loans to banks and to brokers and dealers.
This is a residual item and, because of revised loan classifications beginning Dec. 31,1938 and Dec. 31, 1942, the residual amounts are n o t comparable.
APRIL 1943
351
INTERNATIONAL FINANCIAL STATISTICS
PAGE
Gold reserves of central banks and governments...
354
Gold production. .
355
Gold movements...
355
Net capital movements to United States since January 2., 1935
356
Central banks....
...
357-360
Money rates in foreign countries...
361
Commercial banks...
361
Foreign exchange rates
3 63
Price movements:
Wholesale prices
364
Retail food prices and cost of living...
365
Security prices. . . ,
365
Tables on the following pages include the principal available statistics of current significance relating
to gold, international capital transactions of the United States, and financial developments abroad.
The data are compiled for the most part from regularly published sources such as central and commercial
bank statements and official statistical bulletins; some data are reported to the Board directly. Figures
on international capital transactions of the United States are collected by the Federal Reserve Banks
from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12., 1934. Backfiguresmay in most cases be obtained from earlier BULLETINS and from
Annual Reports of the Board of Governors for 1937 and earlier years.
APRIL 1943
353
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
United
States
Argentina
Belgium
1936—Dec...
1937—Dec...
1938—Dec...
1939—Dec...
1940—Dec...
1941—Dec...
11,258
12,760
14,512
17,644
21,995
22,737
501
469
431
466
1353
354
632
597
581
609
2 734
734
25
32
32
40
51
70
275
274
274
274
274
274
20
24
24
24
24
24
1942—Mar..
Apr...
May..
June..
July .
Aug..
Sept..
Oct...
Nov..
Dec...
1943—Jan...
Feb...
22,687
22,691
22,714
22,737
22,744
22,756
22,754
22,740
22,743
22,726
22,683
22,644
354
355
355
355
354
354
354
354
354
354
734
734
734
735
735
735
735
735
735
735
74
74
76
78
79
81
82
113
114
115
120
274
274
274
274
274
274
274
274
274
274
274
24
24
24
24
End of month
Hungary
Iran
(Persia)
1936—Dec...
1937—Dec...
1938—Dec...
1939—Dec...
1940—Dec...
1941—Dec...
25
25
37
24
24
24
25
25
26
26
26
26
1942—Mar..
Apr...
May..
June..
July..
Aug..
Sept..
Oct...
Nov..
Dec...
1943—Jan...
Feb. .
24
24
24
24
24
24
24
24
26
26
26
End of month
End of month
Sweden
Switzerland
Brazil British
India
Italy
Japan
208
210
193
144
120
463
261
164
164
164
6
Turkey
164
United
Kingdom
Bulgaria
Java
Mexico
60
79
80
90
140
235
46
24
29
32
47
47
4216
30
31
30
32
33
34
34
36
37
39
70
90
Uruguay
Venezuela
I Greece
Canada
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
Nether-
Yugoslavia
B.I.S.
Other
countries 7
Government gold reserves1 not included
in previous figures
End of month
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Mar.
Apr..
May.
June.
July.
Aug.
Sept.
Oct..
Nov.
Dec.
1943—Jan..
Feb..
240
244
321
308
160
223
277
280
308
309
311
316
321
326
331
335
340
342
657
650
701
549
502
665
784
796
795
795
800
800
801
^805
P813
^824
p
S32
26
29
29
29
88
92
100
107
111
110
111
111
111
116
116
114
2,584
2,689
2,690
81
77
74
69
68
90
100
97
97
97
97
97
97
95
94
92
59
52
52
52
»29
41
52
56
56
56
56
56
60
64
64
68
48
51
57
59
82
4
83
11
5
14
7
12
12
14
15
15
19
21
19
20
183
185
142
153
145
142
142
143
143
145
146
146
146
147
147
149
149
149
p
Preliminary.
1 Beginning April 1940, reports on certain Argentine gold reserves no longer available.
2 Change from previous December due largely to inclusion of gold formerly not reported.
3 On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Control Board. Gold reported since t h a t time is gold held by Minister of Finance.
4 Figures relate to last official report dates for the respective countries, as follows: G r e e c e Mar. 31, 1941; Java—Jan. 31, 1942; Norway—Mar. 30, 1940; Poland—July 31, 1939; Yugoslavia
- F e b . 28, 1941.
5
Figures for December 1936 and December 1937 are those officially reported on Aug. 1,
1936, and Apr.30, 1938, respectively.
6
Figure for February 1941; beginning Mar. 29,1941, goldfreserves no longer reported separately.
7 These countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian
i Congo, Bolivia, China, Danzig through Aug. 31, 1939, Ecuador, El Salvador, Estonia, Finland,
Guatemala, Iceland, Latvia, Lithuania, Morocco, and Thailand (Siam). Figures for certain
of these countries have been carried forward from last previous official report.
8 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British
Exchange Equalization Account during 1939.
9 Beginning December 1940, figures refer to gold reserves of new Central Bank only.
NOTE.—For description of table and back figures see BULLETIN for September 1940, pp.
925-934 and pp. 1000-1007; details regarding special internal gold transfers affecting the reported
figures through April 1940 appear on p. 926 in that issue.
354
1936—Dec
1937—June . . .
Dec
1938—Mar....
June. . .
United United
BelFrances gium
States Kingdom
169
93
115
81
3 934
4 1,395
1,489
•' • 4 4 "
80
Dec. . . .
154
1939—Mar. . . .
May....
June... " " 8 5 "
164
Sept....
156
Dec
145
1940—Mar. . . .
86
June...
105
Sept....
48
Dec. . . .
88
1941—Mar. . . .
89
June...
24
Sept....
25
Dec
12
1942-Mar
8
June...
7
Sept....
"4759
1,732
"33i"
559
477
62
44
""17'
17
17
'"'292'
"'17'
5 151
""I?'
1 Reported a t infrequent intervals or on delayed basis: U. S.—Exchange Stabilization Fund
(Special A/c N o . 1); U. K.—Exchange Equalization Account; France—Exchange Stabilization
Fund and Rentes Fund; Belgium—Treasury.
2 For complete monthly series from October 1938May 1939, see BULLETIN for February 1941,
p. 170.
3 Figure for end of Mar. 1937, first date reported.
J Figure for end of September.
5
Figure for September 1.
NOTE.—For details regarding special gold
transfers in 1939-40 between the British E. E. A.
and the Bank of England, and between the French
E. S. F . and the Bank of France, see BULLETIN
for September 1940, p . 926.
FEDERAL RESERVE
BULLETIN
GOLD PRODUCTION
OUTSIDE U. S. S. R.
[In thousands of dollars]
Year or month
1934
1935
1936
1937
1938
1939
1940
1941
1942
Estimated
world
production
outside 1
U.S.S.R.
Total
South
Africa
823,003
882,533
971,514
1,041,576
1,136,360
1,208,705
1,297,349
1,288,945
708,453
752,847
833,895
893,384
958,770
1,020,297
1,094,264
1,088,882
2*943,984
366,795
377,090
396,768
410,710
425,649
448,753
491,628
504,268
494,439
104,370
90,335
100,485
1
r
88,955
r
76,01O
r
85,388
r
80,283
r
80,96O
r
78,81O
r
83,214:
r
77,21O
r
42,556
39,651
42,618
41,491
42,539
42,005
42,784
41,454
40,559
41,023
39,144
38,616
37,687
1942— Jan...
Feb..
Mar..
Apr...
May .
June.
July.
Aug..
Sept..
Oct...
Nov..
Dec.
1943—Jan...
C)
76,50O
^78,131
^70,294
?68,227
P
65,378
Production reported monthly
North and South America
Africa
Rho- I West I Belgian United I n
A RU*- • «l Colom-1
desia 1 Africa2 | Congo3 StateS4 | Canada 51 Mexico 6 | b i a |
$1 = 15 A grains of gold T90 fine; i.e., an ounce of fine gold
24,264
6, 549 108,191 104,023 23,135
12,153
25,477
13,625
7, 159 126,325 114,971 23,858
28,053
16,295
7, 386 152,509 131,181 26,465
28,296
143,367 29,591
8, 018 168,159
20,784
28,532
8, 470 178,143 165,379 32,306
24,670
28,009
8, 759 196,391 178,303 29,426
28,564
29,155
32,163 38, 862 210,109 185,890 30,878
p
27,765
26,555
32,414
^29,330
2,282
2,186
2,275
2,320
2,288
2,210
2,226
2,253
2,175
2,161
2,089
'2,089
'2,089
2.695
2,625
2,625
2,555
2,520
2,450
2,450
2,345
2,310
2,275
2,240
'2,240
'2,240
209,175
130,933
186,568
168,008
15,339
10,391
11,316
11,415
11,164
10,504
14,198
13,147
15,372
14,728
14,881
14,852
14,864
14,100
13,212
13,365
12,693
12,597
11,708
r
12,754
10,163
11,837
12,013
r
7,828
r
6,209
5,179
27,969
7,809
6
3,790
563
3,457
6
2,075
1,573
1,916
1,865
1,719
1,579
2,006
1,730
1,710
1.659
1,614
1,433
'1,433
Other
I Nicara- Austra-1 British
I gua 7
lia8 I India 9
8,350
9,251
9,018
9,544
10,290
11,376
11,999
9,259
P
6,235
1 166 30,559
868 31,240
807 40,118
848 46,982
1, 557 54,264
3, 506 56,182
5, 429 55,878
7. 525 51,039
8, 273 ^42,560
11,223
11,468
11,663
11,607
11,284
11,078
10,157
9,940
8,960
558
537
596
540
570
611
647
531
441
401
772
3,850
647
3,430
663
3,675
644
3,815
694
3,745
609
3,325
827
3,990
747
3,360
442
3,185
650 P4,165
714 p 3,045
p
862 '3,045
860 P ' 3 , 0 4 5
840
1,260
875
910
840
665
665
595
630
420
525
735
'735
'401
'401
'401
Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes
irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production
as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million.
v
Preliminary. T Revised.
'1 Figure carried forward.
Annual figures through 1940 are estimates of U. S. Mint. Annual figure for 1941 and monthly figures are based on estimates of American Bureau
of Metal Statistics given in thousands of fine ounces; this series discontinued by A.B.M.S. with estimate for March 1942.
2 Beginning April 1941, figures are those reported by American Bureau of Metal Statistics.
3
Beginning May 1940, monthly figures no longer reported. Annual figure for 1940 estimated at three times production for first four months of the year.
4
Includes Philippine Islands production received in United States. Annual figures are estimates of United States Mint. Monthly figures represent
estimates of the American Bureau of Metal Statistics, those for 1942 having been revised by adding to each monthly figure $357,131 so that aggregate for
1942 is equal to preliminary estimate for the year compiled by Bureau of Mint in cooperation with Bureau of Mines.
56 Figures for Canada beginning 1941 are subject to official revision.
Figure for 1942 represents three months production only; beginning April 1942, figures no longer reported.
7
Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production.
8
Beginning
December 1941, figures are those reported by American Bureau of Metal Statistics for total Australia.
9
Beginning May 1940, figures are those reported by American Bureau of Metal Statistics.
NOTE.—For explanation of table and sources see BULLETIN for February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; and April 1933, pp. 233-235.
For annual figures of world production back to 1873 (including Russia-U.S.S.R.), see Annual Report of Director of Mint for 1941, pp. 103-104, and 1936,
pp. 108-109.
GOLD MOVEMENTS
UNITED STATES
[In thousands of dollars at approximately $35 a fine ounce]
Net imports from or net exports (—) t o :
Year or
month
19341
1935
1936
1937
1938
1939
1940
1941
Total
net
imports
United
Kingdom
France
Belgium
1, 131, 994 499 870
1, 739, 019 315 727
1, 116, 584 174 093
1, 585, 503 891 531
1, 973, 569 1,208 728
3, 574, 151 1,826 403
4, 744, 472 633 083
3 779
982 378
260, 223
934, 243
573, 671
- 1 3 , 710
81, 135
3, 798
241, 778
1
8 902 94 348
3 227 185
3 351 71 006
2
90 859
6 461
6
15 488 163 049 60 146
165 122 341 618 28 715
977 63 260 161 489
1
1 747
37
1 ,218
817
21
2
474
542
79
250
55
121
163
1
1 ,746
1941
Jan
Feb
\£ a r
Apr
May
Tune
July
Aug
Sept
Oct
234
108
118
171
34
30
37
242
609
567
992
830
712
041
36-973
Nov
Dec.'.'.".'.'.'." 1
65 702
40 440
50 ,374
52 ,896
Netherlands
Switzerland
Sweden
1
Colom- Philippine
Canada Mexico
bia
Islands
270
667
966
482
472
610
880
791
16,944
10,899
11,911
18,397
10,557
23,239
23,999
24,448
1 147
814
866
1 147
969
800
1 080
843
495
1,020
6 336
1 ,273
3,168
86,829 30
12 402
968
95,171 13
7 511
72,648 39
54 452
111,480 38
1 363
76,315 36
86 987 612,949 33
90 320 2,622,330 29
899 412,056 16
563
337
46,876
81,529
95,619
20,216
16,306
17,514
19,224
10,842
42,562
16,072
24,917
20,377
11
2,232
2,934
2,794
7
2,128
2,230
2,488
2,107
2,110
2,238
Australia
South
Africa
1,029
12
12,038
65
15,335
3,498
8
21,513 23,280
181
25,427 34,713
401
27,880 39,162
35,636 74,250 22,862
38,627 103,777 184,756
42,678 67,492 292,893
3,185
2,772
3,984
3,587
3,384
2,114
4,970
5,098
3,107
3,141
1,830
5,506
11,136 149,735
96
6,738
6,262
2,788
4,720 132,261
4,194
3,594
69
4,593
88
5,199
137
6,742
2,064
3,694
200
6,151
40
5,980
190
3,713
Japan British
India
4 76,820
246, 464
168, 740
165, 605
111, 739
9, 444
75,268
77,892
50,762
16,159
50,956
49,989
9,665
6, 085
4,501
3, 046
313
131
1,995
"2,327'
711
All
other
countries
32,304
46,989
39,735
29,998
2
67,975
3
102,404
4
388,468
5
100,485
6,062
15,093
2,951
6,793
3,589
5,009
3,811
6
9,008
6
11,041
«9,365
R 9,039
18,726
6
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. f
$26,178,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,802,000 from Chile, $10,775,000
from5 Brazil, $10,416,000 from Spain, $10,247,000 from Peru, and $28,935,000 from other countries.
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.
APRIL
1943
355
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935
[In millions of dollars]
From Jan. 2, 1935, through—
Total
Increase in foreign banking
funds in U. S.
Total
Official1
Other
Decrease
in U. S.
banking
funds
abroad
Foreign
securities:
Return
of U. S.
funds
Domestic
securities:
Inflow of
foreign
funds
Inflow in
brokerage
balances
1935—Dec. (Jan. 1, 1936)
1936—Dec. 30
1937—Dec. 29
1,412.5
2,608.4
3,410.3
603.3
930.5
1,168.5
9.8
81.1
243.9
593.5
849.4
924.6
361.4
431.5
449.1
125.2
316.2
583.2
316.7
917.4
1,162.0
6.0
12.9
47.5
1938—Mar. 30
June 29
Sept. 28
Dec. (Jan. 4, 1939)
3,207.2
3,045.8
3,472.0
3,844.5
949.8
786.2
1,180.2
1,425.4
149.9
125.9
187.0
238.5
799.9
660.4
993.2
1,186.9
434.4
403.3
477.2
510.1
618.5
643.1
625.0
641.8
1,150.4
1,155.3
1,125.4
1,219.7
54.2
57.8
64.1
47.6
1939—Mar. 29
June 28
Sept. 27
Dec. (Jan. 3, 1940)
4,197.6
4,659.2
5,035.3
5,021.2
1,747.6
2,111.8
2,479.5
2,430.8
311.4
425.3
552.1
542.5
1,436.2
1,686.5
1,927.3
1,888.3
550.5
607.5
618.4
650.4
646.7
664.5
676.9
725.7
1,188.9
1,201.4
1,177.3
1,133.7
63.9
74.0
83.1
80.6
1940—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1941)
5,115.9
5,440.7
5,748.1
5,727.6
2,539.0
2,830.1
3,092.8
3,159.0
539.1
922.3
1,112.3
1,200.8
1,999.9
1,907.8
1,980.5
1,958.3
631.6
684.1
773.6
775.1
761.6
785.6
793.1
803.8
1,095.0
1,042.1
987.0
888.7
88.7
98.9
101.6
100.9
1941—Mar. (Apr. 2)
June (July 2)
Sept.(Oct. 1)
Dec. 31
5,526.5
5,575.4
5,510.3
5,230.7
3,148.8
3,193.3
3,139.5
2,856.2
1,307.7
1,375.1
1,321.7
1,053.7
1,841.0
1,818.2
1,817.7
1,802.6
767.4
818.6
805.3
791.3
812.7
834.1
841.1
855.5
701.8
631.2
623.5
626.7
95.9
98.2
100.9
100.9
1942—Jan.
Jan.
Jan.
Jan.
7
14
21
28
5,225.3
5,199.1
5,178.5
5,163.7
2,841.7
2,816.9
2,787.7
2,771.6
1,052.6
1,012.3
980.3
977.6
1,789.1
1,804.6
1,807.4
1,793.9
798.5
796.5
803.0
801.6
856.2
856.7
857.8
857.5
627.6
627.0
627.9
631.0
101.4
102.0
102.0
102.0
Feb.4
Feb. 11
Feb. 18
Feb. 25
5,098.2
5,081.6
5,035.7
5,069.0
2,703.5
2,687.5
2,646.2
2,675.5
936.7
926.4
866.1
879.4
1,766.8
1,761.1
1,780.2
1,796.0
803.5
802.9
806.8
809.2
858.8
859.1
855.9
856.2
630.2
630.0
624.5
626.2
102.1
102.2
102.4
102.0
Mar. 4
Mar. 11
Mar. 18
Mar. 25
Apr. 1
5,105.8
5,112.1
5,070.3
5,051.7
5,082.4
2,706.1
2,714.6
2,672.5
2,654.4
2,684.0
941.0
955.6
917.8
908.1
932.0
1,765.1
1,759.0
1,754.7
1,746.3
1,752.0
814.6
815.8
817.5
817.2
819.7
855.4
852.7
851.6
851.4
849.6
627.0
626.6
625.6
625.0
624.9
102.6
102.4
103.1
103.7
104.3
Apr.
Apr.
Apr.
Apr.
8
15
22
29
5,079.5
5,300.8
5,317.1
5,309.6
2,675.1
2,893.6
2,912.9
2,906.1
918.2
1,132.1
1,129.7
1,106.7
1,756.9
1,761.6
1,783.2
1,799.4
827.3
830.1
829.1
829.8
847.2
845.3
844.4
843.2
625.2
627.1
626.6
626.6
104.7
104.6
104.1
103.9
May 6
May 13
May 20
May 27
June 3
5,375.2
5,358.6
5,358.4
5,384.8
5,413.4
2,971.0
2,951.4
2,948.5
2,974.7
2,996.8
1,160.1
1,140.1
1,153.3
1,153.5
1,144.0
1,811.0
1,811.3
1,795.2
1,821.2
1,852.8
831.2
834.3
836.4
836.5
839.8
841.9
841.4
841.7
840.9
843.2
627.2
626.5
626.9
627.3
629.0
104.0
105.0
104.8
105.4
104.6
June
June
June
June
10
17
242
30
5,456.4
5,497.8
5,515.3
5,495.3
3,039.1
3,077.9
3,095.9
3,075.9
1,193.0
1,210.3
1,220.0
1,211.7
1,846.0
1,867.6
1,875.9
1,864.2
841.7
842.8
843.7
842.3
840.9
840.7
839.1
838.8
630.0
631.1
631.6
632.0
104.8
105.2
105.0
106.2
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
5,542.6
5,599.9
5,654.9
5,694.7
5,761.6
5,835.0
3,121.4
3,184.8
3,212.6
3,204.2
3,250.2
3
3,320.3
1,242.7
1,293.1
1,339.1
1,341.1
1,366.1
s
l,412.0
1,878.7
1,891.7
1,873.5
1,863.2
1,884.1
3
l,908.3
854.9
839.9
858.2
890.0
901.6
3
888.8
829.3
828.6
830.5
842.1
844.8
848.2
633.3
642.7
646.1
654.3
661.0
673.3
103.7
103.9
107.5
104.1
104.1
3
104.4
1
This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York; beginning
Sept. 28, 1938, also funds held at commercial banks in New York City by central ibanks maintaining accounts at the Federal Reserve Bank of
New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to
government names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States by
foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic
and 2consular establishments, etc.).
Reported figures for capital movement through July 1 have been adjusted to represent the movement through June 30 on the basis of certain significant movements known to have occurred on July 1. Subsequent figures are based upon new monthly statistical series. For further explanation, see BULLETIN
for January 1943, p. 98.
3
Amounts outstanding on December 31, in millions of dollars: total foreign banking funds in United States, 3,987.5, including official funds, 2,026.5, and
other funds, 1,961.0; United States banking funds abroad, 246.7; and brokerage balances (net due "foreigners") 27.2.
NOTE.—Statistics reported by banks, bankers, brokers, and dealers. Data by countries and geographic areas through December 1941, have been published in earlier BULLETINS for all types of capital movement in the above table (except columns 3 and 4), and for outstanding short-term liabilities to
and claims on "foreigners" as reported by banks and brokers. For description of the statistics, see BULLETIN for January 1943, p. 98; April 1939,
pp. 284-296; and May 1937, pp. 394-431.
356
FEDERAL RESERVE BULLETIN
CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)
Assets of issue
department
Gold1
Assets of banking department
Coin
Notes
Discounts
and advances
.2
.6
.6
.8
1.0
.5
.6
.6
1.0
.9
.3
26.3
38.8
31.6
23.6
58.7
47.1
35.5
46.3
41.1
51.7
25.6
13.3
28.5
22.3
49.0
27.3
18.5
16.8
7.6
8.5
17.5
9.2
28.5
4.3
4.0
6.4
84.9
104.7
133.0
120.1
101.4
98.2
94.7
155.6
135.5
90.7
176.1
199.1
267.8
.4
.7
1.2
1.3
1.2
1.2
1.4
1.4
1.1
.9
25.2
59.1
41.6
34.2
56.1
51.7
42.2
29.1
10.2
26.8
5.1
7.5
6.6
5.5
7.1
6.7
2.4
2.5
2.7
3.5
42.2
32.8
4.4
5.1
Cash reserves
Other
assets2
1929-Dec. 25.
1930—Dec. 31.
1931—Dec. 30.
1932—Dec. 28.
1933—Dec. 27.
1934—Dec. 26.
1935—Dec. 25.
1936—Dec. 30.
1937—Dec. 29.
1938—Dec. 28
1939—Dec. 27.
1940—Dec. 25.
1941—Dec. 31.
145.8
147.6
120.7
119.8
190.7
192.3
200.1
313.7
326.4
326.4
4
.2
.2
.2
260.0
260.0
275.0
275.0
260.0
260.0
260.0
200.0
220.0
230.0
580.0
5
630.0
5 780.0
1942—Mar. 25.
Apr. 29.
May 27.
June 24.
July 29.
Aug. 26.
Sept. 30.
Oct. 28..
Nov. 25.
Dec. 30.
.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
780.0
830.0
830.0
830.0
5
880.0
880.0
880.0
880.0
880.0
5
950.0
1943—Jan. 27..
Feb. 24.
.2
.2
950.0
950.0
6
Liabilities of banking department
Note
circulation3
Deposits
Bankers'
Public
Other
Other
liabilities
379.6
368.8
364.2
371.2
392.0
405.2
424.5
467.4
505.3
504.7
554.6
616.9
751.7
71.0
132.4
126.4
102.4
101.2
89.1
72.1
. 150.6
120.6
101.0
117.3
135.7
219.9
6.6
7.7
8.9
22.2
9.9
12.1
12.1
11.4
15.9
29.7
12.5
11.2
35.8
36.2
40.3
33.8
36.5
36.4
37.1
39.2
36.6
36.8
42.0
51.2
54.1
17.9
18.018.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
17.9
17.9
17.9
204.8
138.4
170.5
165.8
146.9
158.4
169.6
178.6
206.6
267.9
755.1
771.2
788.6
796.0
824.1
828.6
838.0
851.2
870.0
923.4
156.8
122.6
146.6
133.6
136.9
146.0
135.7
141.1
148.8
223.4
9.3
14.0
7.6
8.0
8.7
7.3
10.3
3.8
7.7
9.0
51.4
51.4
47.8
47.3
47.8
46.8
51.5
48.9
46.3
48.8
18.1
17.7
17.8
17.8
17.9
18.0
18.1
17.7
17.8
17.9
208.0
218.5
908.1
917.4
175.9
178.2
4.7
7.1
56.6
53.9
17.9'
18.0
Securities
Liabilities
Assets
Bank of C a n a d a
(Figures in millions of
Canadian dollars)
Gold
Sterling
and United
States
dollars
Dominion and provincial government
securities
Deposits
Other
assets
Dominion
government
Other
99.7
135.7
165.3
175.3
232.8
359.9
496.0
181.6
187.0
196.0
200.6
217.0
217.7
232.0
17.9
18.8
11.1
16.7
46.3
10.9
73.8
.8
2.1
3.5
3.1
17.9
9.5
6.0
7.7
13.4
14.4
9.3
13.3
28.5
35.1
19.7
19.1
12.9
26.2
36.7
14.7
22.1
21.7
17.8
31.3
508.9
516.7
528.6
541.2
563.8
592.6
625.4
657.6
666.3
693.6
241.9
214.7
186.0
221.3
271.6
225.4
246.0
304.6
273.2
259.9
118.8
104.5
96.7
31.3
26.0
15.5
18.5
19.3
24.6
51.6
6.1
7.3
23.4
26.7
15.7
28.1
24.7
12.2
13.8
19.1
16.3
22.0
20.1
22.4
33.0
24.1
21.6
25.3
25.2
24.0
17.6
18.5
677.6
691.7
237.7
258.5
14.8
21.5
61.3
15.3
Other
4.2
9.1
14.9
28.4
64.3
38.4
200.9
30.9
61.3
82.3
144.6
181.9
448 4
391.8
83.4
99.0
91.6
40.9
49.9
127.3
216.7
8.6
8.2
21.7
5.2
5.5
12.4
33.5
1942—Mar. 31
Apr. 30
May 30
June 30
July 31
Aug. 31
Sept 30
Oct. 31
Nov. 30
Dec. 31
276.3
209.5
187.4
.9
33.7
1.0
.8
.5
.5
.5
386.6
413.1
430.8
493.7
501.0
518.7
628.7
797 5
780.6
807.2
209.4
223.5
223.8
322.1
338.8
351.3
284.7
199.3
204.2
209.2
1943-Jan. 30
Feb. 27
.3
.3
768.0
722.2
231.8
263.8
180.5
179.4
179.8
185.9
225.7
(8)
Other
liabilities
Chartered
banks
Shortterm6
1935—Dec. 31
1936—Dec. 31
1937—Dec. 31
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
Note
circulation?
'
26.3
17.9
1
Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when
it was
officially set at 168 shillings per fine ounce.
2
Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.
3
Notes issued less amounts held in banking department.
4
On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about
5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from Exchange Account
to Bank;
on Sept. 6,1939, 279 million pounds transferred from Bank to Exchange Account.
5
Fiduciary issue increased by 50 million pounds on June 12,1940. Apr. 30, Aug. 30, and Dec. 3, 1941, and Apr. 22 and July 28, 1942; further by 70 million
pounds on Dec. 2, 1942.
67 Securities maturing in two years or less.
Includes notes held by the chartered banks, which constitute an important part of their reserves.
8 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term government securities (see BULLETIN for July 1940,
pp. 677-678).
NOTE.—For further explanation of table for Bank of England see BULLETIN for February 1931, pp. 81-83. The headings in the table for the Bank of
Canada correspond to the items in that Bank's statements, except that the headings "Other assets" and "Other liabilities" include certain small asset
and liability items shown separately in the statements.
APRIL 1943
357
Central Banks—Continued
Liabilities
Assets
Bank of France
(Figures in millions
of francs)
Gold
Foreign
exchange
Open
market 2
41,668
53,578
68,863
83,017
77,098
82,124
66,296
60,359
58,933
87,265
97,267
84,616
25,942
26,179
21,111
4,484
1,158
963
1,328
1,460
911
821
112
42
5,612
5,304
7,157
6,802
6,122
5,837
5,800
5,640
5,580
7,422
11,273
43,194
1941—Sept. 25
Oct. 30
Nov. 27
Dec. 31
84,598
84,598
84,598
84,598
37
37
38
38
41,014
41,138
41,654
42,115
1942—Jan. 29
Feb. 26 .
Mar. 26
Apr. 30
May 28
June 25
July 30
Aug. 27
Sept. 24
84,598
84,598
84,598
84,598
84,598
84,598
84,598
84,598
84,598
38
38
38
38
38
38
38
37
37
42,071
42,043
42,314
42,651
42,804
42,699
43,743
43,427
43,869
1929—Dec.
1930—Dec.
1931—Dec.
1932—Dec.
1933—Dec.
1934—Dec.
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
27
26
30
30
29
28
27
30
30
29
28
26
Advances to
Government
Domestic bills
1
5
Special 2
Other
1,379
652
1,797
2,345
661
8,624
8,429
7,389
3,438
4,739
3,971
9,712
8,465
10,066
7,880
5,149
3,646
1
5
12
6,896
7,849
5,348
4,517
4,855
5,588
4,433
4,581
4,176
4,000
4,744
4,525
4,038
16
18
16
13
11
9
9
4
For occupation
costs 3
Deposits
Other
assets
Other 2
Note
circulation
Government
'72,317
17,698
31,909
20,627
34,673
63,900
8,124
9,510
11,275
11,712
11,173
11,500
11,705
12,642
11,733
18,498
20,094
23,179
68,571
76,436
85,725
85,028
82,613
83,412
81,150
89,342
93,837
110,935
151,322
218,383
11,737
12,624
5,898
2,311
2,322
3,718
2,862
2,089
3,461
5,061
1,914
984
123,578
129,518
129,568
142,507
64,700
60,500
68,900
69,500
20,846
23,555
21,016
22,121
248,993
255,684
260,772
270,144
1,279
1,272
1,371
1,517
149,562
149,754
156,386
162,898
168,930
174,938
180,678
180,999
183,758
64,700
67,400
67,000
68,300
66,250
62,950
57,650
63,850
67,500
20,138
20,086
20,056
21,365
19,953
19,486
20,740
19,607
19,818
273,281
278,392
282,848
291,654
296,903
304,379
315,617
323,494
334,370
1,350
1,173
852
775
755
768
726
768
717
C.A.R.4
Reichsbank
Reserves of gold and
foreign exchange
Total
reserves
1929—Dec
1930—Dec.
1931—Dec.
1932—Dec.
1933—Dec.
1934—Dec.
1935—Dec.
1936—Dec
1937—Dec.
1938—Dec
1939—Dec.
1940—Dec
31
31
31
31
30
31
31
31
31
31
30
31
...
...
...
2,687
2,685
1,156
920
396
84
88
72
76
76
78
78
Gold
2,283
2,216
984
806
386
79
82
66
71
Other
41,400
7,850
11,698
22,183
20,072
13,414
15,359
8,716
13,655
19,326
25,595
14,751
27,202
1,812
2,241
1,989
2,041
1,940
1,907
2,113
2,557
3,160
2,718
2,925
3,586
59,715
60,932
61,073
64,580
27,208
25,999
24,431
25,272
4,402
3,309
3,479
3.894
59,649
59,203
56,396
59,668
54,410
48,093
39,908
35,371
31,100
27,797
27,287
30,251
28,955
30,653
30,724
31,963
33,298
32,142
3,900
3,469
4,493
3,391
4,040
4,753
3,985
4,111
5,293
Assets
(Figures in millions of
reichsmarks)
Other
liabilities
Liabilities
Securities
Bills (and
checks),
including
Treasury
bills
Security
loans
2,848
2,572
4,242
2,806
3,226
4,066
4,552
5,510
6,131
8,244
11,392
15,419
251
256
245
176
183
146
84
74
60
45
30
38
Other
assets
Note
circulation
259
445
349
221
106
557
804
32
92
102
161
398
322
319
315
303
286
298
393
357
656
638
1,065
1,114
735
827
853
765
861
1,621
2,498
2,066
Eligible
as note
cover
Oiher
Deposits
Other
liabilities
5,044
4,778
4,776
3,560
3,645
3,901
4,285
4,980
5,493
8,223
11,798
14,033
755
652
755
540
640
984
1,032
1,012
1,059
1,527
2,018
2,561
736
822
1,338
1,313
836
1,001
923
953
970
1,091
1,378
1,396
1941—Aug. 30
Sept. 30
Oct. 31
Nov 29
Dec. 31
77
77
77
77
77
17,306
18,016
18,456
18,899
21,656
25
25
26
24
32
16
24
20
58
107
384
383
335
283
283
2,343
2,260
2,364
2,395
2,311
16,502
16,918
17,432
17,793
19,325
2,326
2,511
2,470
2,493
3,649
1,323
1,357
1,377
1,450
1,493
1942—Jan. 31
Feb 28
Mar. 31
Apr 30
May 30
77
77
77
77
77
77
20,884
21,458
21,673
21,529
22,093
22,848
23,114
23,611
28
23
23
19
19
21
17
14
151
144
72
17
16
18
21
34
288
288
227
202
204
202
205
204
1,406
1,343
1,751
2,212
2,344
2,180
2,162
2,262
18,987
19,443
19,774
20,047
20,548
20,954
21,344
21,808
2,417
2,426
2,762
2 701
2,840
2 990
2,804
2,864
1,431
1,464
1,287
1,308
1,366
1 402
1 448
1,530
June 30
July 31
Aug 31
77
77
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. 17,1942, advances of 196,000 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 on Reichsbank statement after June 15,1939.
N O T E . — F o r further explanation of tables see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463.
358
FEDERAL RESERVE BULLETIN
Central Bank f—Continued
Central Bank
(Figures as of last report
date of month)
1943
Feb.
1942
Jan.
Central Bank of the Argentine Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchange...
Negotiable Government bonds
Rediscounted paper
Other assets
Note circulation
Deposits—Member bank
Government
Other
Foreign exchange sold forward
Other liabilities
Commonwealth Bank of Australia
(thousands of pounds):
Gold and English sterling....
Securities
Banking department:
Coin, bullion, and cash
Securities
Note circulation
National Bank of Belgium a m
Bank of Issue
of Brussels (mil
lions of belga) i1
Gold
Foreign exchange
Credits to State and public bodies
Credits to private economy
Reichskreditkasse
Feb.
1,076
1,021
366
1,075
496
376
283
1,627
764
135
34
219
1,412
612
42
14
1
86
185
31,391 31,391
102,056 101,142
21,954
68,953
5,280
6,128
3,812
45 894 47 625 31 648
21 916 20,091 35,400
164 859 158,020 101,676
155,317 154,493 162,783
124,106 123,356 85,614
(Oct.) 2
4,337
4,538
4,590
86
749
12,441
876
789
Note circulation
Demand deposits
Postal Checking Office
National Bank of Bohemia and Moravia (millions of koruny):
Gold
Foreign exchange
Discounts
(Sept.) 2
1,515
753
917
Note circulation
Other liabilities
Central Bank of Bolivia (thousands
of bolivianos):
Gold at home and abroad
Foreign exchange
Loans and discounts
Securities—Government
Other
Other assets
Note circulation
Deposits
Other liabilities
National Bank of Bulgaria 4
Central Bank of Chile (millions of
pesos):
Gold
Discounts for member banks
Loans to Government
Other loans and discounts
Other assets
Note circulation
Deposits—Bank
. .
Other
Other liabilities
Bank of the Republic of Colombia
(thousands of pesos):
Gold
Foreign exchange
Loans and discounts
Government loans and securities..
Other assets
Note circulation
Dec.
4,331
1,986
4,052
167
721
556
10,119
724
759
210
111
840
" (3) '
11,404
2,015
12,828
9,416
2,843
3,699
497,407
438,353
230,625
536,565
40,623
58,537
818,299
797,779
186,032
378,555
380,991
212,494
467,562
11,193
38,724
634,773
689,937
164,809
187
276
725
959
406
1,874
279
141
259
49,757 47,339 43,756
77,377 ' 71,208 64,317
15,462 16,813 13,938
55,213 55,448 59,776
36,153 36,959 32,733
98,977 97,959 103,600
303
733
705
65
1,449
199
106
200
29,236
14,862
40,517
54,126
32,842
72,796
Central Bank
(Figures as of last report
date of month)
Bank of the Republic of Colombia— Cont.
Deposits
Other liabilities
National Bank of Denmark (millions
of kroner):
Gold
Foreign exchange
Clearing accounts (net)
Loans and discounts
.
....
Securities
Govt. compensation account 6
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Central Bank of Ecuador (thousands of sucres):
Gold
Foreign exchange (net)
Loans and discounts
Other assets
Note circulation
Demand deposits
Other liabilities
National Bank of Egypt 7 (thousands of pounds):
Gold
Foreign exchange
Loans and discounts
British, Egyptian, and other Government securities
Other assets
Note circulation
Deposits—Government
Other
. .
Other liabilities
Central Reserve Bank of El Salvador (thousands
of colones):
Gold8
Foreign exchange
Loans and discounts
Government debt and securities.
Other assets
Note circulation
Deposits
Other liabilities4
Bank of Finland
Bank of Greece4
National Bank of Hungary (millions
of pengo):
Gold
Foreign exchange reserve
Discounts
Loans—To Treasury
To foreign countries
Other
Other assets
Note circulation
Demand deposits
Consolidated foreign credits of 1931
Other liabilities
Reserve Bank of India (millions of
rupees):
Issue department:
Gold at home and abroad. ..
Sterling securities
Indian Govt. securities
Rupee coin
Note circulation
Banking department:
Notes of issue department...
Balances abroad
Treasury bills discounted
Loans to Government
Other assets
Deposits
Other liabilities
1943
1942
Feb.
Jan.
Dec.
Feb.
88,105
46,882
82,254
47,554
69,315
41,604
52,909
45,878
(Sept.) 2
98
16
5
l,040
50
80
125
847
469
1 033
98
26
853
47
77
125
926
802
150
987
213
(Oct.) 2
98,154 73,797
85 897 42 879
88,005 86,690
43,063 23,123
158,714 117.892
123,819 74,294
32,586 34,301
(Nov.) 2
6 251
6.271
4,929
6 251
4,400
2,799
136,314 102,997"
5,650
7,10673,713 51,167
24,485 18,398
48,858 41,511
12,359 12,477
24,206
10,499
1,516
6,943
554
27,853
10,072
5,793
(Sept.) 2
100
1
1,732
761
339
33
2,470
3529
(Nov ) 2
444
3,598
1,324
153
5,404
116
873
8
4
85
913
172
13,241
10,713
1,451
7,170
2 423
23,194
7,580
4,224
100
19
1,024
761
25.9
36
397
1,975
377
23
220
444
2,736
415
295
3,797
93
330
204
150
591
186
1
Separate figures for National Bank of Belgium not available. T h e Bank of Issue of Brussels was founded by the German Military Administration
on J u n e 27, 1940; it has no note issue, drawing its resources principally from advances from the National Bank and deposits by the Postal Checking Office.
2
Latest month for which report is available for this institution.
3
Figure not available.
4
For last available reports from the central banks of Bulgaria (May 1941), Finland (May 1941), and Greece (March 1941), see BULLETIN for March 1942,
pp. 280-281.
5
Represents gross claims on clearing account.
6
Represents B a n k ' s claim on the Government for the B a n k ' s foreign exchange losses resulting from the revaluation of the krone on J a n . 23, 1942.
7
Items for issue and banking d e p a r t m e n t s consolidated.
8
Gold revalued J u n e 30, 1942, a t 0.3555 gram fine gold per colon, a 20 per cent reduction in the gold value of the colon.
APRIL 1943
359
Central Banks—Continued
Central Bank
(Figures as of last report
date of month)
1943
Feb.
1942
Jan.
Dec.
Feb.
1
Bank of Japan
Bank of Java1
Bank of Mexico (thousands of pesos):
Metallic reserve2
"Authorized" holdings of securities, etc
Bills and discounts
Other assets
Note circulation
Demand liabilities
Other liabilities
Netherlands Bank (millions of guilders) :
Gold
Silver (including subsidiary coin).
Foreign bills
Discounts
Loans
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Reserve Bank of New Zealand (thousands of pounds):
Gold
Sterling exchange reserve
Advances to State or State undertakings
Investments
;
Other assets
Note circulation
Demand deposits...
Other liabilities
Bank of Norwayi
Central Reserve Bank of Peru (thousands of soles):
Gold and foreign exchange
Discounts
Government loans
Other assets
Note circulation
Deposits
Other liabilities
Bank of Portugal
(millions of
escudos):
Gold5
Other reserves (net)
Non-reserve exchange
Loans and discounts
Government debt
Other assets
Note circulation
Other sight liabilities
Other liabilities
National Bank of Rumania (millions
of. lei):
Gold
Special exchange accounts
Loans and discounts
Special loans (in liquidation)
Government debt
Other assets
Note circulation
Demand deposits
Other liabilities
South African Reserve Bank (thousands of pounds):
Gold
Foreign bills
Other bills and loans
Other assets
Note circulation
Deposits
#
Other liabilities
r
Revised.
c
r
311,776 294,803 290,523 195,64
866,594
130,548
65,163
789,693
457,412
126,976
832,808 r 811,152 517,48!
126,46' 119,418 98,607
68,082
66,068 6 6 , " ' ^
758,94' 753,189 546,252
420,374 r 408,905 236,317
140,825 r 125,816 97,251
(Sept.) 3
925
7
1,360
250
1,026
8
1,082
158
14'
213
2,139
4
2,680
180
275
61
2,802
28,752
2,802
26,574
2,
19,499
31,236
4,458
1,846
29,992
36,026
3,075
28,823
4,461
2,006
30,820
29,975
3,871
32,389
4,151
1,267
23,456
33,876
2,775
(Nov.) 3
112,190 56,488
9,244 C26,467
254,260 188,314
26,890 C1O,763
274,812 211,541
104,784 51,540
22,987 18,951
(Sept.) 3
1,380
2,720
5,356
258
1,028
1,355
4,944
5,942
1,211
1,360
1,720
3,993
309
1,028
969
4,372
4,225
782
(Aug.) 3
41,294
22,039
34,639
421
21,230
39,935
100,477
41,503
17,578
37,419
11,852
32,708
497
9,422
45,502
96,096
30,606
10,697
76,995
946
2,912
72,715
39,629
108,464
5,475
46,112
366
25
60,354
29,769
72,128
4,961
Central Bank
(Figures as of last report
date of month)
1943
Feb.
Jan.
1942
Dec.
Bank of Sweden (millions of kronor)
Gold
753
738
750
Foreign assets (net)
554
551
535
Swedish Govt. securities and advances to National Debt Office6.
1,149
1,132
1,223
Other domestic bills and advances.
104
119
144
Other assets
836
802
845
Note circulation
1,916
1,913
2,015
Demand deposits—Government. . . .
653
514
744
Other
211
392
187
Other liabilities
579
556
556
Swiss National Bank (millions of
francs):
Gold
3,642
3,599
3,565
Foreign exchange
63
63
47
Loans and discounts
345
325
4 247
4
4
Other assets
Note circulation
2,532
2,515
2,637
Other sight liabilities
1,522
1,492
1,290
Other liabilities
Central Bank of the Republic of
Turkey (thousands of pounds):
(Aug.) 3
Gold
138,639
Foreign clearing accounts
54,415
Loans and discounts
603,097
Securities
189,961
Other assets
21,063
Note circulation
615,527
Deposits—Gold
79,358
Other
144,840
Other liabilities
167,449
Bank of the Republic of Uruguay
(thousands of pesos):
Issue department:
(Nov.) 3
Gold and silver
85,583
Note circulation
109,973
Banking department:
Gold
58,458
Notes and coin
40,609
Advances to State and to
government bodies
42,743
Other loans and discounts. . . .
100,492
Other assets
109,698
Deposits
127,598
224,402
Other liabilities
Central Bank of Venezuela (thousands of bolivares):
214,604 208,424 206,879
Gold
Foreign exchange (net)
24,534 26,571 20,847
Credits to national banks
31,230 31,230 32,230
Other assets
7,785 10,690 12,462
Note circulation—
Central Bank
191,648 167,991 168,574
National banks
35,497 36,958 37,526
Deposits
44,:
65,824 60,099
Other liabilities
6,139
6,220
6,142
National Bank of the Kingdom of
Yugoslavial
Bank for International Settlements
(Sept.)3
(thousands of Swiss gold francs 7 ):
61,916
Gold in bars
Cash on hand a n d on current ac39,692
count with banks
15,644
Sight funds a t interest
Rediscountable bills a n d accept141,486
ances (at cost)
20,936
Time funds a t interest
200,434
Sundry bills a n d investments
39
Other assets
33,832
D e m a n d deposits (gold)
Short-term deposits (various currencies):
15,464
Central banks for own account.
6,938
Other
Long-term deposits: Special a c counts
229,001
Other liabilities
194,912
Feb.
553
693
|895
874
1,598
649
293
476
3,307
263
140
223
2,213
1,442
279
124,633
67,130
506,979
190,709
19,926
546,021
79,358
121,071
162,929
86,235
113,007
66,839
39,345
24,926
102,240
129,292
129,570
233,072
158,317
18,491
35,230
14,510
138,071
54,394
25,851
8,232
38,404
33,727
15,937
140,219
21,084
225,952
142
29,085
16,326
5,818
229,001
195,235
Corrected.
an (September 1941), Norway (March 1940), and Yugoslavia (February 1941), see BULLE' " "!), see BULLETIN for March 1943, p. 278.
* niLiuuca g"*u> auvti, auu.jvjn.16u uAtuangt luiimug icquncu ipocive (25 per cent) against notes and other demand liabilities.
3 Latest month for which report is available for this institution.
4
Figure not available.
5 Valued at average cost beginning October 1941.
6
Includes small amount of non-Government bonds.
7
See BULLETIN for December 1936, p. 1025.
36O
FEDERAL RESERVE BULLETIN
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Date effective
In effect Oct. 2,
1936
Oct. 9
Oct. 16
Oct. 20
Nov. 26
Dec. 3
Jan. 28, 1937
June 15
July 7
Aug. 4
Sept. 3
Nov. 13
May 10,1938
May 13
May 30
Sept. 28
Oct. 27
Nov. 25
Jan. 4, 1939
Apr 17
May 11
. . .
July 6
Aug. 24
Aug. 29
....
Sept. 28
Oct. 26
Dec 15
Jan. 25 1940
Apr. 9
May 17
Mar. 17, 1941
May 29
June 27
In effect March 31
1943
United
GerKing- France many
dom
3
2
Belgium
4
2
Netherlands
Sweden
Switzerland
2
3
2
2H
Rate
March
31
Central
bank of—
Albania
Argentina
Belgium
Bohemia and
Moravia....
2
2
Date
effective
Mar. 21, 1940
Mar. 1, 1936
Jan. 25, 1940
Rate
VI arch
31
Central
bank of—
Japan
Java
Latvia
Lithuania. ..
Mexico
Date
effective
3.29
3
5
6
Oct.
1, 1940
Nov.
Nov.
Dec.
Mar.
Dec.
July
8, 1940
28, 1935
1, 1940
11, 1935
16, 1936
18, 1933
Netherlands
New Zealand
Norway
3
Peru
5
Portugal....
Oct.
May
Mar.
Oct.
Dec.
16, 1940
26, 1938
30, 1939
1, 1935
3, 1934
Rumania
South Africa
Spain
Sweden
Switzerland.
3
3
4
3
Mar.
Apr.
Mar.
Oct.
May
17, 1941
9, 1940
1, 1942
22, 1940
18, 1936
Turkey
United Kingdom
U. S. S. R...
Yugoslavia.
Apr.
Jan.
Feb.
July
June
7,
14,
17,
15,
4,
1936
1937
1940
1939
1942
2
4
6
5
4
3
Bolivia
British India..
Bulgaria
Canada
Chile
Colombia
2
4
2H
•*
4
2
June 27, 1941
July 26,
May 13,
Aug. 1,
Sept. 3,
1941
1940
1940
1942
3
3
2
6
3
5
2H
Denmark
Ecuador
El Salvador...
Estonia
Finland
2
4
3
4
7
3
4
Sept.
June
iMar.
May
Nov.
12, 1940
2, 1941
29, 1939
29,1941
26, 1936
4
July
1, 1938
2
4
5
Oct. 26, 1939
July 1, 1936
Feb. 1, 1935
4
3
3
2
sy2
IX
6
3
3
2H
sy2
2
\x
France
Germany
Greece
Hungary
Italy
3
2
2
1
3
IK
Not officially confirmed.
NOTE.—Changes since February 28: none.
OPEN MARKET RATES
[Per cent per annum]
United Kingdom
Month
1929—Jan
1930—Jan
1931—Jan
1932—Jan
1933—Jan
1934—Jan
1935—Jan
1936—Jan
1937— an
1938—
1939— an
Bankers'
acceptances
3 months
Treasury
bills
3 months
4.32
4.07
2.25
5.52
.87
1.01
4.29
4.04
2.24
4.94
.36
.56
.56
.54
.55
.10
.03
.03
.26
.53
.54
.86
.66
.75
.75
.51
.53
1.09
1.01
1.01
.75
.75
1.02
1.00
1.04
.03
.03
.03
.03
.03
.03
.03
.03
.03
.03
.03
.03
1.00
1.00
1.01
1.00
1.00
1.00
1.00
1.00
1.00
1.00
c
1.01
1.01
1.04
1.03
1.00
1.03
1.00
1.00
1.00
1.05
1.04
1.00
c
1.00
1.08
1941—
1942—Jan
1942—Feb...
Mar...
Apr...
May..
June.
July..
Aug. .
Sept..
Oct...
Nov..
Dec...
1943—Jan...
.76
.90
Bankers'
Day-to-day allowance
money
on deposits
3.41
3.62
1.74
4.20
.73
Germany
Netherlands
Private
discount
rate
Day-to-day
money
Private
discount
rate
Money
for
1 month
5.80
6.33
4.75
6.94
3.88
C
3.88
3.51
3.00
3.00
2.88
2.88
2.50
2.25
2.13
5.13
6.03
4.93
7.86
4.98
4.74
3.82
2.81
2.54
2.98
2.46
2.03
.73
.92
4.20
2.99
1.38
2.24
.37
.50
.59
2.21
.52
.13
.13
1.85
2.25
4.46
2.85
1.55
2.37
1.00
1.00
1.00
2.29
1.01
.50
.50
2.64
2.75
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
.75
.95
.96
.71
.90
.75
.68
Sweden
Switzerland
Loans
up to 3
months
Private
discount
rate
3.28
2.97
1.17
1.68
1.50
1.50
1.50
2.48
1.25
1.00
1.00
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
c
Corrected.
NOTE.—For figures for other countries and references to explanation of tables see BULLETIN for September 1940, p. 1018.
APRIL
1943
361
COMMERCIAL BANKS
Assets
United Kingdom 1
Liabilities
Money at
Loans to
Cash
call and Bills dis- Treasury
deposit 2 Securities customers
counted receipts
reserves
short
notice
(11 London clearing banks.
Figures in millions of
pounds sterling)
1936—December.
1937—December.
1938—December.
1939—December.
1940—December.
1941—December.
244
244
243
274
324
366
195
163
160
174
159
141
322
300
250
334
265
171
1942—March
April
May
June
July
August
September
October...
November.
December.
1943—January...
347
319
326
355
342
351
349
350
367
390
379
137
136
133
147
132
133
127
136
135
142
146
163
258
291
292
273
283
277
271
241
198
197
Deposits
Other
assets
Total
Demand3
Time 3
314
758
660
635
635
609
771
999
890
984
971
1,015
924
823
249
256
263
290
293
324
2,315
2,330
2,254
2,441
2,800
3,329
1,288
1,284
1,256
1,398
1,770
2,168
1,012
1,026
997
1,043
1,030
1,161
245
252
269
256
250
253
476
450
471
543
607
634
693
744
804
896
935
1,050
1,048
1,049
1,058
1,075
1,082
1,097
1,108
1,117
1,120
1,112
853
832
822
814
807
795
785
785
774
794
773
291
278
277
289
261
257
263
263
269
325
271
3,072
3,082
3,131
3,263
3,264
3,305
3,358
3,424
3,472
3,629
3,577
2,012
2,001
2,036
2,141
2,138
2,161
2,218
2,261
2,287
2,429
2,369
1,060
1,081
1,095
1,122
1,126
1,143
1,140
1,163
1,185
1,200
1,207
244
240
238
234
232
231
233
232
234
236
237
Assets
Canada
Entirely in Canada
(10 chartered banks. End of
month figures in millions
of Canadian dollars)
Cash
reserves
Security
loans
Other
loans
and discounts
Other
liabilities
Liabilities
Security
loans
abroad
and net
due from
foreign
banks
Note
circulation
Other
assets
Deposits payable in Canada
excluding interbank deposits
Total
Demand
Other
liabilities
Time
1936—December.
1937—December.
1938—December.
1939—December.
1940—December.
1941—December.
240
255
263
292
323
356
114
76
65
53
40
32
791
862
940
,088
108
169
161
102
166
132
159
168
1,384
1,411
1,463
1,646
1,531
1,759
554
575
535
612
570
653
103
96
88
85
80
71
2,303
2,335
2,500
2,774
2,805
3,105
755
752
840
1,033
1,163
1,436
1,548
,583
,660
,741
,641
,669
837
850
843
963
846
962
1942—March
April
May
June
July
August...
September
October...
November.
December.
1943—January...
348
322
285
327
369
333
366
413
395
387
347
34
32
29
28
26
24
27
25
29
31
29
,300
,252
,215
,137
,096
,064
,050
,078
,236
,168
,100
166
178
175
181
182
183
185
194
194
231
242
1,881
1,899
1,878
1,883
1,958
2,192
2,340
2,379
2,304
2,293
2,302
624
637
601
639
614
595
594
602
618
657
582
71
72
71
72
73
71
69
68
64
60
58
3,305
3,262
3,118
3,121
3,174
3,311
3,486
3,604
3,680
3,657
3,494
1,755
,550
,537
,556
,598
,654
,700
,748
,709
,630
,673
,723
976
986
993
1,002
999
1,008
1,006
1,018
1,032
1,049
1,050
Assets
France
(End of month figures in
millions of francs)
Cash
reserves
Due from
banks
Bills discounted
1,725
1,562
1,523
1,521
1,612
1,738
1,895
2,050
1,984
1,772
Liabilities
Loans
Other
assets
Deposits
Total
Demand
Time
Own
acceptances
27, 955
29, 748
33,042
41, 872
529
600
537
571
473
661
721
844
Other
liabilities
4 large banks
1936—December
1937—December
1938—December 4
1939—December
3,100
3,403
3,756
4,599
2,975
4,116
4,060
3,765
17, 582
18, 249
21, 435
29, 546
1939—December
1940—December
1941—January
February
March
April
May
June
July
August
September
October
November
December
4,499
6,258
3,520
3,546
27,512
44,243
7,155
7,984
2,170
1,999
5,704
5,628
5,661
5,407
5,549
5,641
5,837
5,436
5,790
6,034
5,840
6,424
3,297
3,197
3,191
3,190
3,279
3,359
3,239
3,272
3,241
3,270
3,287
3,260
46,294
48,596
50,401
51,158
52,961
54,826
53,951
56,141
56,788
55,716
56,837
57,707
8,064
8,155
7,784
7,768
7,720
8,035
7,511
7,306
7,640
8,807
7,719
7,860
1,396
1,357
1,403
1,429
1,351
1,371
1,526
1,431
1,464
1,571
1,693
1,744
7,631
624
7,592
7,546
1,957
2, 134
1,940
2,440
28, 484
30, 348
33,578
42,443
4,289
4,517
4,484
4,609
3 large banks
-
60,323
62,528
63,998
64,441
66,229
68,376
67,148
68,600
69,763
70,229
70,070
71,736
59,820
62,003
63,465
63,910
65,712
67,867
66,640
68,094
69,269
69,754
69,619
71,304
1
Through August 1939, averages of weekly figures; beginning September 1939, end-of-month figures, representing aggregates of figures reported by
individual
banks for days, varying from bank to bank, toward the end of the month.
2
Represent
six-month loans to the Treasury at 1| per cent, callable by the banks in emergency at a discount equal to the Bank of England rate.
3
Through December 1937, excludes deposits in offices outside England and Wales which are included in total.
4
For figures for four banks for months January-March 1940, see BULLETIN for August 1942, p. 861.
NOTE.—For other back figures and explanation of tables, and for figures for German commercial banks, see BULLETIN for June 1941, p. 596; August
1939, p. 699; June 1935, pp. 388-390; and October 1933, pp. 641-646.
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Averages of certifiec noon buying rates in New York for cable transfers.
Year or month
Official
Special
Export
1934
1935
1936
1937
1938
1939
1940
1941
1942
33 579
32.659
33 137
32.959
32.597
30.850
29.773
29.773 '223^704'
23.704
29.773
1942—Mar
Apr
May
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
June
July
Aug
Sept
Oct
Nov
Dec
1943—Jan
Feb
Year or month
Australia
(pound)
Argentina
(peso)
Official
Brazil
Belgium
(belga)
(cruzeiro 1 )
Official
23 287
18.424
16.917
16.876
16.894
16.852
2
16.880
Free
British
India
(rupee)
8 4268
8.2947 2
8.5681 5^8788'
8.6437 6.1983
5.8438
6.0027 '5^1248'
6.0562 5.0214
6.0575 5.0705
6.0584 5.1427
37.879
36.964
37.523
37.326
36.592
33.279
30.155
30.137
30.122
Buigaria
(lev)
Canada (dollar)
Free
Official
90!909
90.909
90.909
101.006
99.493
99.913
100.004
99.419
96.018
85.141
87.345
88.379
10.1452
5.0833
5.1240
5.1697
5.1716
5.1727
5.1668
2
5.1664
34.094
36.571
29.751
29.606
21.360
11.879
6.000
2
5.313
Official
322!80
322.80
322.80
23.704
23.704
23.704
23.704
23.704
23.704
23.704
23.704
23.704
23.704
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
321.50
321.50
321.50
321.50
321.50
321.50
321.50
321.50
321.50
321.50
6.0580
6.0580
6.0580
6.0580
6.0580
6.0580
6.0580
6.0592
6.0600
6.0593
5.1369
5.1384
5.1387
5.1435
5.1450
5.1450
5.1423
5.1480
5.1526
5.1520
30.122
30.122
30.122
30.122
30.122
30.122
30.122
30.122
30.122
30.122
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
87.666
87.173
88.557
89.958
89.943
89.523
87.820
87.631
88.087
87.883
23.704
23.704
322.80
322.80
321.50
321.50
6.0586
6.0586
5.1316
5.1292
30.122
30.122
90.909
90.909
89.640
90.037
2
1.2852
1.2951
1.2958
1.2846
1.2424
2
1.2111
Chile (peso)
China
(yuan
ShangExport hai)
400 95
388.86
395.94
393.94
389.55
353.38
305.16
321.27
321.50
Colom- Czecho- Denbia slovakia mark
(peso) (koruna) (krone)
61.780
56.011
57.083
56.726
55.953
57.061
57.085
57.004
57.052
Free
]tn cents per unit of foreign currency]
2
24.6666'
4.0000
4.0000
4.0000
2
4.0000
FinGerland France many Greece Hong
Kong
(mark- (franc) (reichs- (drachma)
(dollar)
mark)
ka)
Hungary
(pengo)
Italy
(lira)
N e t h - New
J a p a n Mexico erlands Zea(yen) . (peso) (guild- land
(pound)
er)
39.375
40.258
40.297
40.204
40.164
40.061
40.021
2
39.968
29.575
29.602
29.558
19.779
19.727
19.238
18.475
2
19.770
8.5617
8.2471
7.2916
5.2607
5.2605
5.1959
5.0407
2
5.0703
29.715
28.707
29.022
28.791
28.451
25.963
23.436
2
27.742 67.383
27.778 67.715
27.760 64.481
27.750 55.045
22.122 55.009
19.303 53.335
18.546 253.128
20.538
20.569
402.46
391.26
398.92
396.91
392.35
354.82
306.38
322.54
322.78
AUK
Sept
Oct
Nov
Dec
57.001
57.049
57.005
57.037
57.059
57.186
57.064
57.023
57.030
57.177
20.571
20.574
20.567
20.568
20.567
20.568
20.573
20.573
20.573
20.573
322.78
322.79
322.78
322.78
322.78
322.78
322.78
322.78
322.78
322.78
1943—Jan
Feb.
57.222
57.220
20.573
20.573
322.78
323.30
1934
1935
1936
1937
1938
1939
1940
1941
1942
....
1942—Mar
Apr
May
June
July
Year or month
1934
1935
1936
1937
1938
1939
1940
1941
1942
....
4.2424
4.1642
4.0078
3.4930
3.4674
2
3.4252
Norway Poland
(krone) (zloty)
25.316
24.627
24.974
24.840
24.566
23.226
2
22.709
1942—Mar
Apr.
May
June
July
Aug
Sept
Oct
Nov
Dec
1943—Jan
Feb
18.846
18.882
18.875
18.923
18.860
2
18.835
22.500
21.883
22.189
22.069
21.825
20.346
2
19.308
2.2277
2.1627
2.1903
2.1811
2.1567
1.9948
1.8710
2
2.0101
6.5688
6.6013
6.1141
4.0460
2.8781
2.5103
2
2.0827
.9402
.9386
.9289
.9055
.8958
.8153
2
.6715
38.716
48.217
31.711
30.694
30.457
27.454
22.958
2
24.592
Straits
P o r t u - R u m a - South Spain SettleSweden Switznia
Africa
gal
ments (krona) erland
(peseta)
(escudo) (leu) (pound)
(franc)
(dollar)
4.6089
4.4575
4.5130
4.4792
4.4267
4.0375
3.7110
2
4.0023
1.0006
.9277
.7382
.7294
.7325
.7111
2
.6896
498.29
484.66
491.65
489.62
484.16
440.17
397.99
398.00
398.00
13.615
13.678
12.314
6.053
5.600
10.630
9.322
2
9.130
59.005
57.173
58.258
57.973
56.917
51.736
46.979
47.133
2
46.919
25.982
25.271
25.626
25.487
25.197
23.991
23.802
2
23.829
23.439
United Kingdom
(pound)
Official
Free
503.93
32.366
490.18
32.497
497.09
30.189
494.40
22.938
488.94
22.871
443.54
22.525 2
383.00
22.676
'
403!50
"
2
403.18
23.210
403.50
403.50
403.50
Uruguay
(peso)
Controlled
Yugoslavia
Non- (dinar)
controlled
2.2719
79.956
2.2837
80.251
79.874
2.2965
79.072
2.3060
64.370
2.3115
62.011 236^789' 2.2716
65.830 37.601 2.2463
65.830 43.380 2 2.2397
65.830 52.723
398.00
398.00
398.00
398 00
398.00
398.00
398 00
398.00
398.00 : . : : : ; : :
398 00
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.48
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
52.717
52.735
52.740
52.744
52.740
52.744
52.722
52.720
52.733
52.734
398.00
398.00
403.50
403.50
403.50
403.50
65.830
65.830
52.754
52.803
1
2
Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis".
Average of daily rates for that part of the year during which quotations were available.
NOTE.—Developments affecting averages during 1943:
Certified rates discontinued: Australia and United Kingdom, free rates, after February 1.
Changes in nominal status (noted only if affecting quotations for at least five days a month): none.
For further information concerning the bases and nominal status of exchange quotations, and concerning suspensions of quotations prior to 1943,
see BULLETIN for February 1943, p. 201; March 1942, p. 285; February 1941, p. 183; February 1940, p. 178; September 1939, p. 831; March 1939, p. 236; and
March 1938, p. 244.
APRIL
1943
363
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES-ALL COMMODITIES
FIndex numbers]
Year or month
United
States
Canada
United
Kingdom
(1926=100)
(1926=100)
(1930=100)
(1913=100)
(1913=100)
100
100
i 124
695
134
86
73
65
66
75
80
81
86
79
77
79
87
99
87
72
67
67
72
72
75
85
79
75
83
90
96
100
88
86
86
88
89
94
109
101
103
137
153
160
554
500
427
398
376
338
411
581
653
681
125
111
97
93
98
102
104
106
106
107
110
112
97
98
99
99
99
99
99
100
100
100
' 101
P102
p
l03
95
95
95
95
96
96
96
96
97
97
97
97
98
159
159
160
161
160
160
159
159
160
161
162
162
1926
1930..
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1942—February
March
April
May
June
Tulv
August
September
October
November
December
1943—January
February
France
2
Germany
Italy
Japan
Netherlands
Sweden
Switzerland
(1928=100)
(October
1900=100)
(1926-30
=100)
(1935=100)
(July 1914
=100)
237
106
1126
144
181
153
161
180
178
186
198
238
251
278
311
329
90
76
65
63
63
62
64
76
72
74
88
i 103
l 94
i 92
i 90
i 96
100
102
114
111
115
146
172
. 126
110
96
91
90
90
96
111
107
111
143
184
183
184
186
187
188
193
192
192
193
195
205
207
208
209
210
212
211
212
85
75
70
63
62
68
76
89
95
99
116
132
3
P3S2
113
114
114
114
114
115
P355
353
P357
P358
P
P116
v
Preliminary.
1 Approximate figure, derived from old index (1913 = 100).
2 Average based on figures for 8 months; no data available since August 1939, when figure was 674.
3 Average based on figures for 5 months; no data available since May 1940, when figure was 89.
Sources.—See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678.
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United States
Canada
United Kingdom
(1926=100)
(1926=100)
(1930=100)
Year or month
Farm
products
1926
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1942—February
March
April
May
June
July
August
September
October
November
December
1943—January
February
Foods
100
Other
Farm
commodproducts
ities
Raw and Fully and
partly
chiefly
manumanufactured factured
goods
goods
Foods
Industrial
products
Germany
(1913=100)
Agricultural
products
Industrial raw
and semifinished
products
Industrial finished
products
100
100
100
65
48
51
65
79
81
86
69
65
68
82
106
91
75
61
61
71
84
82
86
74
70
71
83
100
85
75
70
71
78
78
80
85
82
81
83
89
96
82
56
48
51
59
64
69
87
74
64
67
71
82
82
62
55
57
64
66
71
84
73
67
75
82
90
100
87
75
70
70
73
73
74
81
78
75
82
89
92
100
89
88
83
85
87
92
102
97
97
133
146
158
100
87
85
87
90
90
96
112
104
106
138
156
160
113
104
91
87
96
102
105
105
106
108
111
112
120
103
89
88
91
92
94
96
94
95
99
100
150
136
118
113
116
119
121
125
126
126
129
133
101
103
105
104
104
105
106
108
109
111
114
117
119
95
96
99
99
99
99
101
102
103
104
104
105
106
95
95
96
96
96
96
96
96
96
96
78
79
80
80
82
81
81
84
86
86
87
88
89
89
89
91
90
90
91
93
93
93
93
94
92
92
92
92
92
92
92
92
92
92
93
93
93
157
158
160
163
160
159
155
154
156
158
159
160
^160
159
159
159
159
159
161
161
161
162
162
162
163
113
113
113
115
115
116
102
102
102
102
102
102
133
133
133.
133
134
134
130
p
Preliminary.
Sources— See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p . 159.
364
FEDERAL RESERVE
BULLETIN
Price Movements—Continued
Year or month
RETAIL FOOD PRICES
COST OF LIVING
[Index numbers]
[Index numbers]
United
CanUnited
KingGer- Nether- Switzada
States
dom
many
lands erland
(1935-39 (1935-39
(July (1913-14 (1911-13 (June
1914
=100)
=100)
1914
=100)
=100)
=100)
=100)
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
87
84
94
100
101
105
98
95
97
106
124
86
85
93
95
98
103
104
101
106
116
127
126
120
122
125
130
139
141
141
164
168
161
116
113
118
120
122
122
122
123
128
129
1942—February ..
March
April
May
June
July
August
September.
October...
November.
December. .
1943—January
February...
117
119
120
122
123
125
126
127
130
131
133
133
134
123
124
124
124
126
130
130
129
130
132
133
127
127
163
162
160
160
159
160
160
160
162
163
164
164
164
130
131
132
134
136
139
119
120
124
118
120
127
130
130
2140
Year or month
United
States
(1935-39
=100)
Canada
(1935-39
=100)
United
SwitzKingGer- Nether- erland
dom
many lands
(June
(July (1913-14 (1911-13 1914
1914
=100)
=100)
=100)
= 100)
125
117
115
114
120
130
130
132
146
175
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942..
98
92
96
98
99
103
101
99
100
105
117
99
94
96
96
98
101
102
102
106
112
117
144
140
141
143
147
154
156
158
184
199
200
121
118
121
123
125
125
126
126
130
133
194
195
197
199
199
203
202
203
1942-February. .
March
April...
May
June
July
August
September .
October
.
November .
December..
1943-January....
February...
113
114
115
116
116
117
118
118
119
120
120
121
121
116
116
116
116
117
118
118
117
118
119
119
117
117
200
200
199
200
199
200
201
200
200
200
200
199
199
136
136
137
138
139
140
141
139
140
136
1132
137
139
140
3148
138
131
129
128
130
137
137
138
151
174
188
189
191
192
193
'196
195
195
2>197
PI 99
^201
p
Preliminary.
Revised index from March 1936 (see BULLETIN for April 1937, p . 373).
Average based on figures for 3 months; no data available since March 1940, when figure was 141.
3
Average based on figures for 5 months; no data available since May 1940, when figure was 149.
Sources,—See BULLETIN for May 1942, p . 451; October 1939, p. 943; and April 1937, p . 373.
1
2
SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds
Year or month
United
States
(derived
price)
United
Kingdom
(December
1921=100)
France
(1913=100)
87
36
Common stocks
Germany
(average
price) 2
2
Number of issues
15
1926
90.1
110.0
57.4
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
84.4
91.2
98.2
105.5
109.5
110.2
111.1
113.8
115.9
117.8
118.3
113.2
119.7
127.5
129.9
131.2
124.6
121.3
112.3
118.3
123.8
127.3
88.6
81.3
82.1
83.5
76.3
75.1
77.3
83.9
7
84.7
?98.7
67.1
82.5
90.7
6
95.1
95.8
98.7
99.9
99.0
100.7
i°P103.0
117.1
116.7
117.8
117.7
118.0
118.9
118.7
119.0
119.3
119.5
118.9
119.5
120.0
126.5
127.1
127.5
126.8
126.7
127.7
127.5
127.8
128.1
127.5
127.3
99.9
99.8
99.5
100.2
103.3
103.3
103.5
103.5
1942—February
March
April
May
June
July
August
September
October
November
December
1943—January
February
1
8
5
...
:
139
Netherlands 3
...
94.8
105.3
113.4
107.8
109.1
3
101.8
105.9
90.9
8
77.9
United
States
(1935-39
=100)
(1926=100)
United
Kingdom
France
Germany
278
300
(4)
105.6
100.0
100.0
100.0
51.2
67.0
76.6
82.9
117.5
117.5
88.2
94.2
88.1
80.0
69.4
67.9
78.6
85.7
86.3
97.0
96.3
80.8
75.9
70.8
72.5
75.3
105.2
99.6
83.3
79.7
77.2
97.4
89.7
98.3
7 120.6
"289.7
p
476
69.9
66.0
63.3
63.2
66.1
68.2
68.3
69.4
74.2
75.2
75.9
79.7
84.8
73.0
72.6
72.5
73.0
73.7
73.8
74.4
75.7
78.4
80.4
80.1
409
438
454
466
P455
P455
2*518
*>511
p
5O7
p
529
?583
402
5
50.3
61.7
71T1
82.9
91.6
102.6
100.1
94.1
114.6
WP136.8
Netherlands
(1930=100)
100
46
52
55
55
66
104.2
95.8
89.7
9
95.0
141.6
141.1
142.5
142.7
143.2
142.2
142.4
v
Preliminary.
1 Figures represent calculated prices of a 4 per cent, 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds
for the series beginning 1937 and for a varying number of high-grade bonds for the series prior to that date. The yearly average for 1937 is the same for
both series. Source.—Standard and Poor's Corporation.
2
Since Apr. 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest a t 4 ^ per cent. The series prior to that
date is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest a t 6 per cent.
3
Indexes of reciprocals of average yields. For old index, 1929-1936,1929 = 100; average yield in base year was 4.57 per cent. For new index beginning
January 1937, January-March 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. I n May 1941, it was down to 287.
5
6
Average M a y - D e c only; exchange closed Jan. 1-Apr. 11.
Average Apr .-Dec. only. Average Jan .-Mar. on old basis was 95.9.
8
Average based on figures for 5 months; no data available June-Dec.
Average based on figures for 7 months; no data available May-Sept.
9
10
Average based on figures for 9 months; no data available May-July.
Average based on figures for 11 months; no data available for December.
11
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 1943
365
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
MARRINER S. ECCLES, Chairman
M. S. SZYMCZAK
JOHN K. M C K E E
RONALD RANSOM,
Vice Chairman
ERNEST G. DRAPER
R. M. EVANS
LAWRENCE CLAYTON, Assistant to the Chairman
ELLIOTT THURSTON, Special Assistant to the Chairman
OFFICE OF T H E SECRETARY
DIVISION OF BANK OPERATIONS
CHESTER MORRILL, Secretary
EDWARD L. SMEAD, Chief
LISTON P. BETHEA, Assistant Secretary
J. R. VAN FOSSEN, Assistant Chief
J. E. HORBETT, Assistant Chief
S. R. CARPENTER, Assistant Secretary
FRED A. NELSON, Assistant Secretary
DIVISION OF SECURITY LOANS
LEGAL DIVISION
WALTER WYATT, General Counsel
J. P . DREIBELBIS, General Attorney
GEORGE B. VEST, Assistant General Attorney
B. MAGRUDER WINGITELD, Assistant General
Attorney
DIVISION OF RESEARCH AND STATISTICS
E. A. GOLDENWEISER, Director
WOODLIEF THOMAS, Assistant Director
WALTER R. STARK, Assistant Director
CARL E. PARRY, Chief
DIVISION OF PERSONNEL
TION
ADMINISTRA-
ROBERT F . LEONARD, Director
OFFICE OF ADMINISTRATOR
LOANS COMMITTEE
FOR WAR
EDWARD L. SMEAD, Acting Administrator
GARDNER L. BOOTHE, II, Assistant Adminis-
trator
DIVISION OF EXAMINATIONS
LEO H. PAULGER, Chief
C. E. CAGLE, Assistant Chief
WILLIAM B. POLLARD, Assistant Chief
FEDERAL
OPEN MARKET COMMITTEE
MARRINER S. ECCLES, Chairman
ALLAN SPROUL, Vice
WM. A. DAY
ERNEST G. DRAPER
R. M. EVANS
M. J. FLEMING
JOHN K. M C K E E
W. S. MCLARIN
W. W. PADDOCK
RONALD RANSOM
M. S. SZYMCZAK
Chairman
CHESTER MORRILL, Secretary
S. R. CARPENTER, Assistant Secretary
WALTER WYATT, General Counsel
J. P. DREIBELBIS, Assistant General Counsel
E. A. GOLDENWEISER, Economist
MALCOLM H. BRYAN; Associate Economist
KENNETH H. MACKENZIE, Associate Economist
OLIVER P. WHEELER, Associate Economist
JOHN H. WILLIAMS, Associate Economist
ROBERT G. ROUSE, Manager of System Open
Market Account
366
FISCAL AGENT
O. E. FOULK, Fiscal Agent
JOSEPHINE E. LALLY, Deputy Fiscal Agent
FEDERAL
ADVISORY COUNCIL
CHAS. E. SPENCER, JR., BOSTON DISTRICT
GEORGE L. HARRISON, N E W YORK DISTRICT
Vice President
WILLIAM F. KURTZ,
PHILADELPHIA DISTRICT
B . G . HUNTINGTON,
CLEVELAND DISTRICT
ROBERT V. FLEMING,
RICHMOND DISTRICT
H. LANE YOUNG,
ATLANTA DISTRICT
EDWARD E. BROWN,
CHICAGO DISTRICT
President
RALPH C. GIFFORD,
ST. LOUIS DISTRICT
LYMAN E. WAKEFIELD, MINNEAPOLIS DISTRICT
W. DALE CLARK,
KANSAS CITY DISTRICT
NATHAN ADAMS,
DALLAS DISTRICT
GEORGE M. WALLACE, SAN FRANCISCO DISTRICT
WALTER LICHTENSTEIN, Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal
Reserve
Bank of
Boston
Chairman and
Federal Reserve
Agent
A. M. Creighton. ..
Henry S. Dennison.
New Y o r k . . . Beardsley R u m l . . . .
Philadelphia..
Thomas B. McCabe..
First Vice President
Vice Presidents
W. W. Paddock.
William Willett. . .
Allan S p r o u l . . . .
L. R. Rounds
K. K. Carrick
E. G. Hult
Carl B. Pitman 1
R. M. Gidney
L. W. Knoke
Walter S. Logan
J. M. Rice
Robert G. Rouse
John H. Williams
W. J. Davis
E. C. Hill
C. A. Mcllhenny 2
C. A. Sienkiewicz
C. W. Arnold
Wm. H. Fletcher
R. B. Hays
A. H. Laning 1
K. H. MacKenzie
W. F. Taylor
J. G. Fry
Geo. H. Keesee1
R. W. Mercer
L. M. Clark
H. F. Conniff
Allan M. Black1
J. H. Dillard
Charles B. Dunn
E. C. Harris
A. J. Mulroney
Alfred T. Sihler
O. M. Attebery
C. M. Stewart
A. W. Mills1
O. R. Preston
E. W. Swanson
Arthur R. Upgren
Harry I. Ziemer
Raymond W. Hall
D. W. Woolley
R. B. Coleman
W. J. Evans
W. O. Ford
W. D. Gentry*
C. E. Earhart
W. M. Hale
H. N. Mangels 1
R. B. West
Deputy Chairman
President
Frank J. Drinnen. .
Warren F. Whitticr.. Alfred H.Williams..
Cleveland... . Geo. C. Brainard. . . . R. E. Klages.
M. J. Fleming.
F. J. Zurlinden. . .
Richmond. . . Robt. Lassiter
W. G. Wysor.
Hugh Leach.
J. S. Waldcn, J r . . . .
Atlanta
Frank H. Neely
J. F. Porter
W. S. McLarinJr.
Malcolm H. Bryan.
Chicago
Simeon E. Leland....
W. W. Waymack.
C. S. Young
H. P. Preston
St. Louis
Wm T. N a r d i n . . . .
Oscar Johnston. . .
Chester C. Davis.
F. Guy Hitt
Minneapolis..
W. C. Coffey
Roger B. Shepard.
J. N. Peyton
O.S.Powell
Kansas City.. R. B. Caldwell.
Jay Taylor....
Dallas
San Francisco Henry F. Grady
Robert L. Mehornay. H. G. Leedy..
Henry O. Koppang
J. B. Cozzo
E. B. Stroud
R. R. Gilbert.
St. George Holden... Wm. A. Day..
Ira Clerk
MANAGING OFFICERS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank of
New York:
Buffalo Branch
Cleveland :
Cincinnati Branch
Pittsburgh Branch
Richmond:
Baltimore Branch
Charlotte Branch
Atlanta:
Birmingham Branch
Jacksonville Branch
Nashville Branch
New Orleans Branch
Chicago:
Detroit Branch
St. Louis:
Little Rock Branch
Louisville Branch
Memphis Branch
1
APRIL
1943
Cashier.
Managing Director
R B. Wiltse
3
B. J. Lazar
J. W. Kossin3
W. R. Milford
W. T. Clements
P. L. T. Beavers
Geo. S. Vardeman, Jr.
Joel B. Fort, Jr.
E. P. Paris
E. C. Harris 3
A. F. Bailey
C. A. Schacht
W. H. Glasgow
2
Also Cashier.
Federal Reserve Bank of
Managing Director
Minneapolis:
Helena Branch
R. E. Towle
Kansas City:
Denver Branch
Oklahoma City B r a n c h . . . .
Omaha Branch
Jos. E. Olson
G. H. Pipkin
L. H. Earhart
Dallas:
El Paso Branch
Houston Branch
San Antonio Branch
J. L. Hermann 4
E. B. Austin4
L. G. Pondrom4
San Francisco:
Los Angeles Branch
Portland Branch
Salt Lake City Branch
Seattle Branch
W. N. Ambrose
D. L. Davis
W. L. Partner
C. R. Shaw
3
Vice President.
4
Manager.
367
ON
OO
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR
^^=
— ^
(§)
•
O
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
BOARD OF GOVERNORS OF T H E FEDERAL RESERVE SYSTEM
FEDERAL RESERVE BANK CITIES
FEDERAL RESERVE BRANCH CITIES
FEDERAL RESERVE BANK AGENCY
BRANCH TERRITORIES
JANUARY 2, 1943
BOARD Of GOVERNORS OF THE FEDERAL RESERVE SYSTEM
s
@FedFRASER