Full text of Federal Reserve Bulletin : August 1943
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FEDERAL RESERVE
BULLETIN
AUGUST 1943
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
^CONTENTS:
Review of the Month—Third War Loan Drive.
707-711
Ownership of Bank Deposits
713-716
Revision of Statistics of Bank Debits. . .
717
Postwar International Monetary Stabilization.
718-718
British White Paper on War Finance.. .
72.9-740
Current Events.
741
National Summary of Business Conditions .
741-743
Financial, Industrial, Commercial Statistics, U. S. (See p. 745 for list of tables)..
745-790
International Financial Statistics (Sec p. 791 for list of tables)
791-803
Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council
804
Senior Officers of Federal Reserve Banks; Managing Officers of Branches. ..
805
Map of Federal Reserve Districts
806
Federal Reserve Publications (See inside of back cover)
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FEDERAL RESERVE BULLETIN
VOLUME
August
NUMBER 8
THIRD WAR LOAN DRIVE
On July IJL the Secretary of the Treasury
announced that the goal set for the Third
War Loan drive, which is scheduled to
begin on September 9, is 15 billion dollars.
This is the largest financing program in the
history of the world. The entire amount
is to be sold outside of commercial banks,
that is, to individuals, corporations, insurance companies, and other nonbanking
investors. In the first and second war loan
drives commercial banks were included.
Shortly after the drive terminates a separate
offering of securities will be made to the
banks.
This change of program is in keeping
with the policy of financing the war to as
large an extent as possible outside of the
banking system. Emphasis on sales of
securities to individuals is for the purpose of
absorbing funds that might otherwise be
used to bid up prices of the diminishing
supply of consumer goods. Subscriptions
by others than commercial banks were 8
billion dollars in the first war loan drive in
December and 13 billions in the second war
loan drive in April. The proposed 15
billions of nonbank funds for the third
drive consequently represents a substantial
increase from the record of the previous
drives.
On July z6 the President of the" United
States issued the following proclamation
calling upon the people of the country to
aid and support the drive:
Recognizing the fact that in carrying the war
into enemy territory, we shall need greater
AUGUST 1943
amounts of money than any nation has ever
asked from its citizens in all history, I, FRANKLIN D. ROOSEVELT, President of the United
States of America, do officially proclaim that on
Thursday, the ninth of September, 1943, the
Third War Loan shall be launched.
As Commander-in-Chief, I hereby invoke
every citizen to give all possible aid and support
to this Third War Loan drive, not only so that
our financial goal may be reached, but to encourage and inspire those of our husbands and
fathers and sons who are under fire on a dozen
fronts all over the world. It is my earnest hope
that every American will realize that in buying
War Bonds in this Third War Loan he has an
opportunity to express voluntarily and under
the guidance of his conscience, the extent to
which he will "back the attack."
The American people supported well the first
and second War Loan drives and in fact did even
more than was asked of them. Our need for
money now is greater than ever, and will continue to grow until the very day that Victory
is won; so we must ask far more sacrifice, far
more cooperation than ever before.
In Witness Whereof, I have hereunto set my
hand and caused the seal of the United States
of America to be affixed.
Done at the City of Washington, this twentysixth day of July, in the year of
(SEAL)
our Lord nineteen hundred and
forty-three, and of the Independence of the United States of
America the one hundred and
sixty-eighth.
FRANKLIN D. ROOSEVELT
By the President:
CORDELL HULL
Secretary of State
707
REVIEW OF THE MONTH
including the press, the radio, theaters,
posters,
and circulars. Under the program
The types of securities to be offered in
of
separating
commercial bank and nonthe drive in September are essentially the
same as those sold in the Second War Loan bank borrowing, the largest possible
drive and are designed to meet the require- amounts of securities will be sold to nonments of all classes of nonbank investors. bank investors during the periodic drives
The new issues to be offered in the drive through intensified sales campaigns. Adare x>^ per cent bonds of December 1964-69, ditional amounts needed by the Treasury
x per cent bonds of September 1951-53, and can then be borrowed from commercial
Y% of 1 per cent certificates of indebtedness.banks between drives.
SECURITIES OFFERED
In addition, savings bonds of Series E, F,
and G and Treasury savings notes of Series
C, which are continually on sale, will be
included in the drive.
A provision requiring 30 days' notice for
redemption of Series C Treasury savings
notes has been eliminated, and the notes can
now be redeemed at any time after six
months from the date of issue. Subscriptions for all of the issues included in the
drive will be allotted in full. The bonds
and certificates will be dated September 15.
The bonds will be issued in denominations
from $500 to $1,000,000 in either registered
or coupon form, while the certificates will
be issued in denominations of $1,000 to
$1,000,000 and only in coupon form. Commercial banks will not be permitted to
acquire the x>2 per cent bonds until ten
years after the date of issue.
ORGANIZATION FOR THE DRIVE
The raising of the 15 billion dollars will
be handled by the new War Finance Comr
rnittees of each State, and the securities will
be sold principally by hundreds of thousands of volunteer salesmen. Since a major
consideration is to increase the number of
people who are buying war bonds, the sales
organization will concentrate on house-tohouse selling. In addition, as in the case of
the April drive, many forms of publicity
will be used as part of the sales campaign,
708
SALE OF WAR BONDS TO INDIVIDUALS
The Treasury has raised its goal for the
sale of war bonds to individuals during the
last half of 1943 to 18 billion dollars. This
goal is more than double the 7 billion
dollars sold in the first six months of the
year. A goal has not been set for the fiscal
year as a whole because of uncertainty surrounding additional taxes for next year.
Sales at the expected rate for the last half
of this year, however, would amount to 36
billion dollars on a full year basis, which
when added to estimated tax receipts under
present legislation would be about twothirds of total estimated Treasury expenditures, including net expenditures by Government agencies as well as regular budget
accounts. A large part of the remaining
one-third of expenditures would be raised
through non-inflationary borrowing from
nonbank investors. Under this program,
it appears that borrowing by the Government from banking sources can be held to
much less than the proportion for the first
half of 1943, when increases in Government
security holdings of commercial banks and
Federal Reserve Banks represented approximately 40 per cent of the increase in the
debt. The intensified effort to sell securities
to nonbank investors does not, however,
lessen the need for increased taxes, since the
Government's war program will be larger
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
in the coming fiscal year than in the past
and the dangers of inflationary developments are still present.
FUNDS AVAILABLE
WAR
1943
FISCAL YEARS
FOR PURCHASE OF
BONDS
In setting a higher goal for its next drive
the Treasury is aware both of the increasing
volume of war expenditures and the consequent rise in the amount of funds that will
be available for the purchase of Government securities. War production is generating incomes roughly equal in amount to
that production. While the Government is
spending far more than it is receiving in
taxes and is faced with a deficit, the people
of the country are receiving more income
than they spend, because goods available
for purchase are diminishing. It is the
resultant surplus of income that the Government is proposing to channel back into the
war effort.
It is recognized that the increase in surplus income (or savings) will not be equally
distributed among different groups or different individuals. Some individuals—those
living on fixed incomes, pensions, annuities
and so on—are much less able to increase
their savings, while others, whose incomes
have advanced rapidly—and they represent
a large proportion of the people—are saving
far in excess of the national average.
According to estimates supplied by the
Treasury, shown in the accompanying
chart, the value of all goods produced and
of services rendered in the country will have
increased from 93 billion dollars in the
fiscal year 1939-1940 to an estimated 196
billion in the fiscal year 1943-1944. Most
of this increase is accounted for by Federal
Government expenditures for war activities,
which will amount to about 100 billion
dollars in this fiscal year. Since 1941 there
AUGUST
GROSS NATIONAL PRODUCT
1942
1943
1940
1941
1944
Figures for fiscal years 1940 through 1942 are from Bureau of Foreign
and Domestic Commerce, Department of Commerce; figures for fiscal
years 1943 and 1944 are estimates by Division of Research and Statistics,
Treasury Department.
has been a decline in the production of private capital goods, while the available
supply of consumers' goods and services
has increased in total dollar value. It
is estimated that in the fiscal year 1944,
under existing tax legislation, a little
more than one-third of Government expenditures, or about 38 billion dollars, will
be covered by taxes and the remaining
two-thirds, or about 70 billion dollars, by
borrowing. The amount that needs to be
borrowed corresponds closely to the amount
of corporate and individual surplus or savings that will be available after payment of
taxes and purchasing the available supply
of goods and services.
The fundamental task of war finance is to
transfer this excess income from private to
public use; to draw back into the Treasury
out of the income created by our everexpanding national production an amount
equal to what the Government is spending.
The best way to do this is by increasing
taxes and the sale of War Bonds. To the
extent that these two methods of rechannelling excess funds are used, pressure for an
inflationary advance in prices of civilian
goods can be avoided,.
7O9
REVIEW OF THE MONTH
OFFERINGS TO BANKS
The Treasury announced that shortly
after the September drive terminates, a 2. per
cent bond and a % of 1 per cent certificate
of indebtedness will be offered for subscription by commercial banks for their own
account. In order to confine all sales in the
drive to nonbank sources, commercial banks
are requested not to buy in the market, and
the market is requested not to trade in, the
2. per cent bonds and J/g of 1 per cent certificates offered in the drive until the books for
bank subscriptions are closed. This innovation will discourage speculative purchases of securities in the drive for resale
largely to commercial banks.
Late in June the Treasury offered for
public subscription lyi per cent 4-year
notes. Allotments of these notes, for
which payment was made on July i2_,
amounted to about 1.7 billion dollars.
Commercial banks were the largest purchasers of the notes.
The Treasury refunded the 1.6 billion
dollars of certificates of indebtedness maturing August 1 by offering in exchange
new % of 1 per cent certificates to mature
in one year. An additional yoo million
dollars of the new issue was offered to commercial banks only for their own account.
The restriction of the cash offering to commercial banks is in line with the policy of
excluding commercial banks from the offerings in the drives. Cash subscriptions
were limited to 100 per cent of the subscribing bank's capital, surplus, and undivided profits, or 5 per cent of total deposits, whichever is larger.
EXCESS RESERVES
Excess reserves of member banks, which
remained at an average level of about 1.5
billion dollars during June declined during
710
July and at the end of the month were
about 1.1 billion dollars. Continued substantial increases in the amount of currency
in circulation and in the volume of required
reserves and wide fluctuations in Treasury
deposits at Reserve Banks were largely offset in their effects on excess reserves by
purchases, and occasionally resales, of Treasury bills by the Federal Reserve Banks.
Member banks, particularly in New York
City and Chicago and to an increasing extent
in many other cities as well, now follow the
practice of adjusting their reserve positions
by selling Treasury bills to the Reserve
Banks when they need additional reserves
and repurchasing bills when they have surplus funds. During June and July there
was a net increase of 2..$ billion dollars in
Reserve Bank holdings of Treasury bills,
with rather wide daily fluctuations at
times during the period.
During the forthcoming drive, excess reserves of member banks may be expected
to increase substantially. A considerable
part of the payments for securities will result in shifts from deposits that require
reserves to war loan deposits, which are exempt from reserve requirements. Required
reserves consequently will decline sharply
during the drive; thus releasing reserve
funds, which may be held as excess reserves
or used to repurchase Treasury bills from
the Reserve Banks. This increase in available funds, however, will be only temporary, for as the Treasury reduces its
balances and the proceeds are credited to
accounts of the public, reserve requirements
will again increase.
Banks following a full investment policy
may use the temporary increase in reserve
funds to purchase short-term securities.
Treasury bills provide the most flexible
medium for the investment of temporary
funds. As a consequence, there will probFEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
ably be an increase in commercial bank
demand for Treasury bills, both those currently offered and those previously sold to
the Federal Reserve Banks under option,
CHANGE IN
OWNERSHIP OF GOVERNMENT
SECURITIES
Since last November, when the first war
loan drive began, the Treasury has raised
funds through periodic offerings of bonds
and certificates and through a regular
weekly increase in the volume of Treasury
bills outstanding. As shown in the chart,
these various issues have been purchased in
d i f f e r e n t proportions by banks and other
investors.
Treasury bills, which have a maturity of
three months, have been sold at a discount
OWNERSHIP OF GOVERNMENT SECURITIES
END OF MONTH FIGURES
•IIUOMS OF DOLLARS
20
6ILU0NS OF DOLLARS
20 70
BILLS
70
BONDS
TOTAL
OUTSTANDING
10
10 60
60
TOTAL
/ ^
ou rSTANDING/
COMMERCIAL
^
B A N f C S ^ ^
F. R. BANKSy,'
<£*""*OTHER
0 E
0 50
20
CERTIFICATES
TOTAL
^0-m
50
'
/
20
OUTSTANDING F
10
1
40
40
10
i
COMMERCIAL
BANKS
OTHERf
30
r»S 1 OTHER/
30
— / " " F . R. BANKS
0
^
20
NOTES
TOTAL
OUTSTANDING
10
—
20 20
"COMMERCIAL
BANKS
20
10
10 10
^ . R . BANKS
0
0 A b=c
M J J A S O N D J F M A M J J A S O N O
1942
1943
0 A M1 JI J1 AI Sl OI Nl D J ! F iM !A iM IJ iJ lA Sl OI Ni Ol
1942
1943
Figures for commercial banks are as reported in monthly surveys by Treasury Department for about 5,700 banks; those fur the end of
June are estimated. Figures for "other" holders are obtained by deduction and include holdings of commercial banks not covered by the
Treasury survey.
AUGUST 1943
REVIEW OF THE MONTH
rate of about % of i per cent, the rate at Reserve Bank holdings of certificates in
which Reserve Banks stand ready to buy recent months have been small in amount.
There was little change in the volume of
such bills, and they have been bought
largely by commercial banks and the Treasury notes outstanding or in the disFederal Reserve Banks. The amount of the tribution of these holdings between Noweekly offerings of these bills has gradually vember of last year and June. The new
increased from 150 million dollars early in issue of notes sold in July, were mostly
194.x to 1,000 million dollars in recent bought by commercial banks.
The amount of Treasury bonds outstandweeks. At the end of June there were 11.
billion dollars of such bills outstanding, of ing increased by about 14 billion dollars
which commercial banks held about 7 from the end of last November to the end
billion and Federal Reserve Banks 3.8 of June. New bond offerings consisted of
billion. In June and July commercial banks x>2 per cent bonds maturing in about
reduced their holdings of bills through sales twenty-five years and not available for bank
to Federal Reserve Banks for the purpose of purchase, and of 1% per cent and 2. per cent
obtaining needed reserves. As a conse- bonds maturing in less than ten years and
quence the increase in Reserve Bank hold- available for purchase by banks as well as
ings exceeded the additions to the total by others. Banks, besides purchasing the
new offerings available to them, have also
amount of bills outstanding.
The amount of certificates outstanding increased their holdings of outstanding
has increased since last November by 9.4 issues of Treasury bonds, including some
billion dollars, over half of which were maturing after ten years. From November
absorbed by commercial banks. The cer- to the end of June commercial banks intificates have a maturity of one year and creased their total bond holdings by about
bear an interest rate of % of 1 per cent. 7 billion dollars, holdings of other investors
Attracted by their short maturities and increased by about 8 billion, while holdings
ready marketability, corporations have also of Federal Reserve Banks declined by a bilinvested a substantial amount of liquid lion. Commercial banks further increased
funds in these certificates.
Increases in their holdings of bonds during July.
711
FEDERAL RESERVE BULLETIN
OWNERSHIP OF BANK DEPOSITS
Demand deposits at commercial banks in- nature of the survey, should be considered only
creased at an unprecedented rate in 1942. and the rough indications of probable amounts of perfirst quarter of 1943, and the total of business and sonal deposits and of deposits owned by various
personal deposits reached a new high figure of broad business groups.
53 billion dollars at the end of that period.
NATURE OF REPORTS
Information about the ownership of these deposits has been obtained through a recent
These estimates were based on reports received
exploratory survey made by the Federal Reserve from a sample of 689 banks, which held about 40
System.
per cent of all demand deposits of individuals,
Tentative estimates based upon sample reports partnerships, and corporations in the United
received from about 700 banks indicate that States on March 31, 1943. About 70 per cent of
somewhat more than two-thirds of demand de- deposits at reporting banks were classified as to
posits of individuals, partnerships, and corpora- ownership; the accounts so classified were the
tions at all commercial banks in the country larger ones, including all those above limits
belong to businesses and that less than a third varying from $5,000 to $100,000 at most banks,
are personal. In total it appears that incor- although a few banks used higher or lower
porated and unincorporated business deposits, limits. The bulk of the dollar volume of deincluding those of financial institutions and posits classified was at large- and medium-sized
agencies other than banks as well as those of banks, where the sample was relatively much
concerns engaged in manufacturing, construc- more complete than for small banks. The
tion, trade, services, etc., were in the neighbor- broad estimates for deposit ownership at all
hood of 35 billion dollars, while personal de- banks make allowance for the greater proportion
mand deposits, including those of farmers, were of personal deposits among the accounts not
around 15 billion dollars. It should be ob- classified and among nonreporting banks than
served, however, that in addition individuals among reported classified deposits. These allowheld predominant proportions of the 2.9 billion ances, however, in the absence of actual figures
dollars of savings and other time deposits at can only be approximated, and the estimated
commercial and mutual savings banks and of the figures here given are necessarily tentative. 1
15 billion dollars of currency in circulation
outside banks at the end of March.
PLANS FOR REGULAR COLLECTION OF DATA
It has been estimated that of the total increase
Because of the importance of information
of 15 billion dollars in demand deposits over the about who owns the rapidly growing volume of
fifteen months ending March 31, 1943, perhaps
1
results of the survey may be compared with estimates of sav5 to 6 billion dollars occurred in the accounts of ings The
of individuals and unincorporated businesses made quarterly by
the Securities and Exchange Commission. These broad estimates of
manufacturing, mining, and construction busi- savings are subdivided and one item shows changes in holdings of curdemand deposits, and time deposits of individuals and unincornesses and another 5 or 6 billion in accounts of rency,
porated businesses. They are derived by deducting from changes in
total domestic deposits and currency estimates of changes in corporaall other businesses—financial and nonfinancial. tion cash holdings, which in turn are derived from current reports of a
of corporations. In addition to the inclusion of currency and
This estimated increase in business deposits—a sample
time deposits in the SEC figures, there are a number of important differences
the two sets of figures. The principal difference is
growth of about 50 per cent—accounts for two- that in thebetween
SEC figures deposits of unincorporated businesses are combined
with
those
of
whereas in the Federal Reserve figures
thirds to three-fourths of the increase in total those of corporate individuals,
and noncorporate businesses are shown together.
This
difference,
together
with
the
that foreign deposits (which are
demand deposits, and indicates that the growth largely business deposits) and bothfact
interbank and intercustomer float
are
excluded
from
the
SEC
figures
of
corporate
cash but are included
of personal deposits (including those of farmers) in the Federal Reserve figures, explains in part the
large difference between
the
Federal
Reserve
estimates
of
business
deposits and the SEC
was probably around 3 or 4 billion dollars over estimates of corporate deposits. Some other elements
accounting for
the differences are the inclusion of trust funds of banks in the Federal
the period, an increase of about one-third. Reserve
figures of business deposits and the separate reporting of nonprofit associations in the Federal Reserve figures. Further study is
These estimates, because of the exploratory being
made of data that may help to account for the differences.
AUGUST 1943
713
OWNERSHIP OF BANK DEPOSITS
bank deposits and what shifts have occurred in
this ownership, the Board and the Federal Reserve Banks have decided to obtain regular
semiannual statistics of this nature. Reports
are to be obtained on a purely voluntary basis for
a sample of member banks as of the end of July
and January; they are expected to cover a somewhat larger number of banks and to include
more medium-sized banks than the preliminary
March survey. Most banks are being asked to
classify as to ownership a larger proportion of
their deposits; in general banks will be asked to
classify all accounts of $10,000 or more, although
some larger banks will use higher minimum
limits. In addition, a special survey is being
made as of the end of July of a substantial number of small banks to obtain more complete
information than was received in the March
survey on how their deposit distribution differs
from that of the larger banks. More comprehensive and uniform results from reporting banks
and the wider coverage will provide the basis
for more accurate estimates as to the distribution
of all bank deposits than were possible from the
March survey.
OWNERSHIP OF BANK DEPOSITS AT REPORTING
BANKS MARCH 31,
1943
Of the estimated 53.1 billion dollars of demand
deposits of individuals, partnerships, and corporations at all commercial banks on March 31,
1943, the 689 banks covered by the survey held
2.0.8 billion, of which 14.4 billion were classified
as to ownership. Slightly over half of all personal and business deposits at these banks were
classified as belonging to nonfinancial businesses
and ix per cent as belonging to financial businesses, while amounts of large deposits classified
as personal were small. About 31 per cent of
the total were not classified. The actual
amounts reported in each group are shown in
Table 1, which also indicates the relative size of
the sample as compared with all commercial
banks.
Table 1 summarizes figures reported by a
smaller number of banks giying a more detailed
breakdown of business deposits by broad types
of business. These figures indicate that nearly
two-thirds of the deposits in the classified
"large" nonfinancial business accounts belonged
to concerns engaged in manufacturing, mining,
TABLE 1. DEMAND DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS AT 689 BANKS,
BY TYPES OF DEPOSITORS1
March 31, 1943
Amount j Percent'
outstand-1 age of
ing(In total dei millions posits at
I
of
reporting
I dollars)
banks
Classified "large" deposits:2
Nonfinancial businesses
Financial businesses
Nonprofit associations, clubs, churches, etc...
Personal (including farmers)
Total classified
Unclassified deposits
Total deposits at reporting banks
Deposits at nonreporting banks e
Deposits at all commercial banks e
10,818
2,401
327
882
52.0
11.5
1.6
4.2
14,430
6,380
....
69.3
30.7
20,810
100.0
32,290 !...
53,100
1
Including approximately 400 branches in San Francisco Federal
Reserve
District.
2
Lower classification limit varied from $3,000 to $1,000,000; most
banks
used
from $5,000 to $100,000, and 8 used over $100,000.
e
Estimated.
and construction, with public utilities and trade
each accounting for about an eighth of the group
total. Among the financial accounts, those of
insurance companies comprise the most important group.
TABLE 2.
DISTRIBUTION OF "LARGE" BUSINESS DEPOSITS
BY TYPES OF BUSINESS1
March 31, 1943
Amounts
outstand- Percenting (In
age of
millions
group
of
totals
dollars)
Nonfinancial businesses
Manufacturing, mining, and construction....
Public utilities, transportation, and communication
Retail and wholesale trade and dealers in commodities . . . . .
All other., ...,
Financial businesses.
Insurance companies
Investment trusts and investment companies
Security brokers and dealers
Trust funds of banks
..
All other
8,738
100.0
5,571
63.8
1,253
14.3
1,112
802
12.7
9.2
1,581
100.0
782
49.5
136
90
230
343
8.6
5.7
14.5
21.7
1
Includes only demand deposits in accounts above certain minima,
varying from $3,000 to $1,000,000; most banks used from $5,000 to
$100,000 and a few used over $100,000. Financial business breakdown
based on reports from 159 banks; nonfinancial business from 572 banks.
FEDERAL RESERVE BULLETIN
OWNERSHIP OF BANK DEPOSITS
DISTRIBUTION OF DEPOSITS AT DIFFERENT
SIZED BANKS
Table 3 indicates that business deposits comprise a substantial proportion of demand deposits in banks of all sizes, although the proportion
is greater for large banks than for smaller ones.
The amount of unclassified deposits was much
greater in the small banks than in the large ones,
even though lower minimum limits were used
in the former than in the latter. The very large
banks, which mostly classified accounts of over
$100,000, reported a classification for about
three-fourths of all their demand deposits of the
type covered, while the smallest banks classified
slightly less than half of their deposits. These
differences in proportion of unclassified deposits
reflect the greater relative importance of small
personal accounts at the smaller banks than at
the larger ones.
Detailed classification of business accounts,
TABLE 3. PERCENTAGE DISTRIBUTION OE DEPOSITS IN
SELECTED BANKS BY TYPES OF OWNERS IN VARIOUS
SIZE GROUPS OF BANKS
March 31, 1943
Banks with deposits of—
reported by most banks but not shown in the
table, indicates that deposits of establishments
engaged in trade and in miscellaneous services
are relatively much more important at the small
banks than at the large ones. Deposits of manufacturing and mining concerns, of insurance
companies, and of other financial businesses are
relatively more important at the large banks.
CHANGES IN DEPOSITS BY TYPES OP OWNERS
Table 4 shows for 533 banks, which reported
back data, the dollar and percentage increase in
each type of account between December 31, 1941
and March 31, 1943. Of the total increase in
deposits at reporting banks over the period, over
three-fourths was in reported large nonfinancial
business accounts, primarily those of manufacturing, mining, and construction concerns, with
another 7 per cent in financial businesses. Making allowance for a division of the unclassified
deposits, it seems certain that well over 90 per
cent of the total increase in deposits at reporting
banks occurred in business accounts—financial
TABLE 4. CHANGES IN "LARGE" DEMAND DEPOSITS OF
INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS AT 533 REPORTING BANKS1
December 31, 1941-March 31, 1943
[Amounts in millions of dollars]
Over $50 to $10 to Under
$250
$250
$50
$10
million million million million
(13
(64
(175
(350
banks) banks) banks) banks)
Classified "large" deposits:
Nonfinancial b u s i n e s s e s . . . .
Financial businesses
Nonprofit
associations,
churches, etc
Personal (including farmers)
....
....
58.2
13.3
49.6
12.0
50.4
8.3
33.3
4.3
1.4
3.7
1.7
4.3
2.0
5.7
1.9
7.2
67.6
66.4
46.7
23.4 j 32.4
33.6
53.3
76.6
Unclassified "small" deposits
Total deposits of individuals,
partnerships, and corporaI 100.0 I 100.0 j 100.0 I 100.0
tions
NOTE.—Size of bank, as well as distribution of deposits, based on
demand deposits of individuals, partnerships, and corporations. In
large banks classified deposits generally include all accounts of over
$100,000 each, while in smaller banks minimum limit is mostly between
$5,000 and $25,000. Branches of banks in the San Francisco District
are classified separately according to size of branch rather than according to size of bank as a whole. These branches comprise a large proportion of the banks with deposits of under $10,000,000 each. This
group contains few very small banks. Reporting banks in the two
largest size groups held over half of the estimated total of such deposits
at all commercial banks of those sizes, and the sample of banks with
such deposits of between 10 and 50 million dollars had about a fourth
of the estimated total for that group; in the smallest size group the
sample was about 6 per cent. Number of banks in two smaller size
groups is approximate because exact number of branches included
is uncertain.
Increase or
decrease
DeMarch cember
31,
31,
Am-
Percentage
1943
1941
I 6,265
3,972
2,293
57.7
3,108
761
588
502
1,905
639
377
350
1,203
122
211 i
152
63.2
19.1
56.0
43.4
1,515
1,306
209
16.0
203
-2
-7
54.0
-2.2
-10.6
5.6
4.1
2,510
42.6
clubs,
Total classified deposits.
AUGUST 1943
Amount
outstanding
Nonfinancial businesses 2 ...
Manufacturing,
construction
Public utilities
Trade
All o t h e r . . . . .
mining,
and
Financial businesses 3 .
Insurance companies.
Investment trusts, etc
Security brokers and dealers .
Trust funds of b a n k s . . . . .
Allother
Nonprofit
associations,
clubs,
churches, etc
Personal (including farmers).
Total classified deposits..
579
90
59
95
152
376
92 !
163
459
163
451
8,402
5,892
66 i
90 I
146 i
!
1.8
1
2
Includes only classified "large" accounts at reporting banks.
Total exceeds sum of subgroups because only 478 banks reported
subgroups.
3
Total exceeds sum of subgroups because only 58 banks reported
subgroups.
715
OWNERSHIP OF BANK DEPOSITS
and nonfinancial. The broad estimates given
earlier in this statement show that at all commercial banks the increase in business deposits
accounts for a somewhat smaller proportion of
the total increase, reflecting the larger volume of
personal deposits at nonreporting banks.
The largest dollar and percentage increases
were in manufacturing, mining, and construction
businesses; large percentage increases were also
shown in deposits of insurance companies and
wholesale and retail trade concerns. When
allowance is made for overstatement of the increase inherent in the classification of only large
deposits (i.e. for the shift of accounts from below
to above the minimum size classified) and for
distribution of unclassified accounts, it appears
that deposits of nonfinancial business concerns
increased by about 50 per cent, compared with
an increase of about a third in personal accounts.
The very large increases in cash holdings in
manufacturing, mining, construction, and trade
reflect various factors, including increased working capital needs associated with the unprecedented volume of war production, liquidation of
716
inventories, and the accumulation of uninvested
reserve funds, depreciation allowances, accrued
tax liabilities, and retained earnings. They also
reflect the building up of liquid funds preparatory to the Treasury war loan drive, which came
in April shortly after the date of the survey.
Much of the increase in business deposits occurred in the last three months of the fifteenmonth period, and a large portion of the deposits
then accumulated were utilized to purchase
Government securities during the war loan drive.
Insurance companies, which held exceptionally
large deposits at the end of March, utilized a
large portion of these to purchase securities
during the drive. In addition, purchases of new
securities by other corporations were substantial.
During the drive, bank deposits of individuals,
partnerships, and corporations declined by 5
billion dollars or more. Subsequently these
deposits have risen above pre-drive level as
funds borrowed from the public and from the
banks during the drive have been expended by
the Treasury.
FEDERAL RESERVE BULLETIN
REVISION OF STATISTICS OF BANK DEBITS
Beginning with the month of May 1942., when
the collection of bank debits statistics was
changed from a weekly to a monthly basis, a
number of banks in previously reporting centers
and 60 new reporting centers were added.
However, in the statistics heretofore published
in the BULLETIN the figures for the additional
banks and new reporting centers have been excluded because comparisons with the preceding
year have not been available.
In the Board's release of bank debits figures
for July 1943 the figures for the additional banks
are included for the first time, and figures for the
new reporting centers are also included in the
summary for the first time, with year ago comparisons. The monthly figures shown in the
table on page 756 of this issue of the BULLETIN
have also been revised beginning with May 1942.;
the total figure for the year 1941 has not been
revised because figures on the new basis are
available for only the last eight months of the
year. A comparison of the old and new series
for the past twelve months is shown in the
table in the next column.
The total bank debits of all reporting centers
are nearly 6 per cent higher on the revised basis,
In New York City the additional banks have
increased the bank debits on the revised basis
nearly 8 per cent. For the national series of
140 other centers, available since 1919, the
AUGUST 1943
TOTAL DEBITS TO DEPOSIT ACCOUNTS EXCEPT
INTERBANK ACCOUNTS JULY 1942-JUNE 1943,
INCLUSIVE
[In millions of dollars]
New York City
140 other centers
Other reporting centers1
Total
1
Old Series
New Series
..............
248,584
378,783
57,874
267,881
384,582
72,533
......
685,245
724,998
133 in old series and 193 in new series.
revision results in an increase of less than 2. per
cent. In the other reporting centers (formerly
133 and now 193) the new series is approximately X5 per cent higher than the old series.
The effect of the additional reporting banks
has been considerable in certain individual
cities. For example, the increase in Topeka
has been around 55 per cent, Atlanta 14 per cent,
and Chicago 7 per cent. In the district summaries the Dallas and Minneapolis Districts
were most affected by the added banks and
reporting centers, which resulted in increases in
bank debits of approximately 10 per cent; in the
New York and Atlanta Districts the increases
were approximately 8 per cent.
Accompanying the Board's July 1943 release
are tables showing back figures from May 1941
on the revised basis for (1) the 2.1 cities in which
newly reporting banks were added, and (V)
district and national totals.
717
POSTWAR INTERNATIONAL MONETARY STABILIZATION
On July 12, 1943, the Canadian Minister of Finance, the Hon. J. L. Us ley, tabled in the Canadian
House of Commons a document containing general
observations of Canadian experts on plans for -postwar
monetary organisation and tentative draft proposals
of these experts for an International Exchange Union.
As explained in the general observations, the proposals
of the Canadian experts, like the British and American plans,1 are provisional and tentative in character.
Mr. IIs ley, in presenting the Canadian plan to the
House of Commons, stated that' 'the document does not
necessarily represent the vieivs of this Government by
which, indeed, it has not as yet been considered, and
involves no commitment ivhatsoever as to the attitude
which may later be taken by the Government when
formal internatonal discussions are held to deal with
the problem in question.''
The text of this document
is given below, with certain minor modifications in the
headings.
GENERAL OBSERVATIONS OF CANADIAN EXPERTS
ON PLANS FOR POSTWAR MONETARY
ORGANIZATION
1. Officials of the Canadian Government have
had an opportunity of examining the United
States Treasury Department Preliminary Draft
Outline of a Proposal for a United and Associated
Nations Stabilization Fund, and have received
explanations of this proposal from American
officials. A similar procedure was followed in
connection with the paper containing proposals
by British experts for an International Clearing
Union. The discussions with both British and
American officials have been entirely exploratory
and the Canadian Government has not been
committed to any course of action as a result of
these conversations. The American and British
experts, for their part, have laid stress on the
fact that their proposals are tentative in character, and have made it clear to representatives of
the Canadian Government (as well as to those of
other Governments) that they would welcome
critical comment and constructive suggestions.
Canadian experts who have been studying the
British and the American proposals are, therefore, led to make certain observations of a general character and to submit an alternative plan.
1
521.
For texts of these plans, see the BULLETIN for June 1943, pp. 501-
718
Like the British and the American plans, the
proposals of the Canadian experts are provisional
and tentative in character; they incorporate
important features of both the American and the
British plans and add to them certain new
elements.
2.. The main objectives of the American and
the British proposals appear to be identical,
namely, the establishment of an international
monetary mechanism which will aid in the
restoration and development of healthy international trade after the war, which will achieve
a high degree of exchange stability, and which
will not conflict with the desire of countries to
carry out such policies as they may think appropriate to achieve, so far as possible, economic
stability at a high level of employment and
incomes. To aid in the achievement of these
objectives, the British and American experts
have proposed the establishment of a new international monetary institution. Their proposals
are large in conception, but no larger than the
problem itself. There is every reason to improve
the structure and operation of the monetary
mechanism on the basis of experience. But
there is no reason why proposals should be based
exclusively on the limited, and on the whole,
bad experience of the past two decades. Unless
dependable exchange and credit relations between countries can be achieved before the
stresses and strains of the postwar period begin,
there is little likelihood that irreparable damage
can be avoided.
3. If plans for international monetary organization are to be successful, other problems—by
no means less difficult or less important—will
also have to be faced and solved by joint international action. It would, indeed, be dangerous
to attach too much importance to monetary
organization of and by itself, if this resulted in
neglect of other problems which may be even
more important and difficult, or in a misguided
faith that with a new form of monetary organization the other problems would solve themselves. In the international field alone (to say
nothing of the innumerable domestic problems
involved in the profound changes in the structure of production and employment which have
taken place in all belligerent and many nonbelligerent countries due to the exigencies of the
war) it will be necessary to attack frontally such
problems as commercial policy, international
investment, the instability of primary product
FEDERAL RESERVE BULLETIN
POSTWAR INTERNATIONAL MONETARY STABILIZATION
prices—to name but a few. No international
monetary organization, however perfect in form,
could long survive economic distortions resulting from bilateralist trade practices, continued
refusal of creditor countries to accept imports in
payment of the service on their foreign investment or to invest their current account surplus
abroad, or enormous fluctuations in food and
raw material prices such as characterized the
years between the two wars. But the fact that
there are many problems to be faced cannot be
used as an excuse for facing none. A start must
be made somewhere, and for the reasons given
in paragraph 5, the problem of international
monetary organization is a logical and fruitful
starting-place.
4. The establishment of an international
monetary organization is no substitute for the
measures of international relief and rehabilitation which will be required as the war draws to
its conclusion and afterwards; and in the view of
the Canadian experts any monetary organization
which is set up should not be called upon to
finance transactions of this nature. Some continuing and stable arrangements regarding international long-term investment are also clearly
essential if equilibrium is to be achieved and
maintained. Nor should it be thought that the
proposed international monetary institution is
merely an instrument of the transition period
from war to peace. True, it has special importance in this period but it should be designed as
a permanent institution and not as a stop-gap to
function during a relatively short period of time.
5. An important, perhaps the most important,
feature of the British and the American proposals
is the provision in both plans for the extension
of credit between countries. The two plans
differ as regards the precise techniques to be used
in extending credit and as regards the amounts
which may be involved; but both plans provide
that foreign credits are to be available under
certain conditions to countries having need of
them, and that they shall be made available
through an international monetary organization
rather than through bilateral arrangements
between pairs of countries. The provision for
credit extension is nothing more nor less than a
straightforward and realistic recognition of the
fact that at the end of the war a large number of
countries, whose import requirements will be
considerable, will not have immediately available a sufficient reserve of foreign assets to
enable them to expose themselves to the risk of
participation in a world economic system. An
interval will be needed to give time for adjustment and reorganization. If the penury in
AUGUST 1943
foreign means of payment of certain important
countries is to be allowed to fix the pattern of
postwar trading and domestic policies, then all
can look forward to penury—no country, rich or
poor, will escape the impoverishment resulting
from the throttling of international trade which
will result.
6. It is useful to consider what would happen
if no action were taken to set up international
machinery of the general character suggested by
the experts of the United States and the United
Kingdom. Theoretically, one alternative would
be immediate cash settlement for all international transactions. But how can cash be
produced for purchases abroad? Only by selling
goods or services abroad, or by disposing of
acceptable foreign assets such as securities and
gold. The facts regarding the distribution of
the world's monetary gold reserves and the
changes which have taken place in the course of
the war in various countries' holdings of foreign
securities are too well known to require elaboration. Broadly speaking, and allowing for
certain exceptions and time-lags, a cash basis for
the settlement of international transactions
would mean that any country's capacity to
export would be limited to the amount of its own
currency it made available to foreign countries
through its imports and other current payments
abroad—in other words, trade would in effect be
reduced to barter. In point of fact, however,
there is no possibility that countries would for
long allow themselves to be confined in such a
strait jacket. Faced with the problem of an
unsalable surplus of export goods and with consequent domestic unemployment, they would
refuse to accept the penalty of disorganization
of export trade if that penalty could be avoided,
even temporarily, by the extension of credit.
Countries would embark on bilateral credit
arrangements, no doubt linked with deals relating to the purchase and sale of goods; and as
soon as certain countries began to adopt this
course others would find that they had to follow
suit to protect their trade interests. It is difficult to imagine a more fruitful source of international dissension than a competitive trade and
credit extension programme of this character.
The Canadian experts believe it to be true,
therefore, that the Stabilization Fund or Clearing
Union plans do not involve a decision as to
whether foreign credits shall be extended or
withheld. In some form or other, credit will in
fact be extended; and the decision which has to
be taken relates primarily to the method employed. For the reasons given above, interna-
POSTWAR INTERNATIONAL MONETARY STABILIZATION
tional arrangements are greatly to be preferred
to bilateral deals.
7. This leads to the question, how much
credit should be made available through the
international monetary mechanism? A vital
feature of any plan of this sort is the provision it
makes for the borrowing power of each participant and for the contribution to the resources of
the organization by the participating countries
through the provision of capital, the accumulation of balances or through loans. Some
concern has been expressed in regard to the size
of the commitment which may be assumed by
prospective creditors. It is probable that Canada will be a creditor country on current account,
and the Canadian experts have therefore given
careful thought to this aspect of the arrangements.
8. There is one preliminary observation which
should be made in this connection. It would
be a distortion of the realities of the situation for
any country, or its citizens, to regard the willingness to provide resources to an international
organization of the general character proposed
by the British and the American experts as an
act of generosity which is performed for the sake
of foreign countries. Resources are provided to
the organization first, because all have a stake
in recreating a functioning international economic system and secondly, because for each
individual country the realistic alternatives in
the form of trade disorganization are costlier
than the provision of resources. Moreover,
and most important of all, the resources provided are not given away; they are fully secured
by the organization's holdings of gold and
national currencies. It can only lead to confusion of thought to regard participation in such
plans as these as in any way similar in character
to participation in international relief schemes,
important and necessary though the latter may
be.
9. It seems apparent that, in one way or another, substantial unregulated movements of
capital between countries will be prevented. In
these circumstances, countries will, by and large,
lose or gain foreign exchange to the extent, but
only to the extent, of the unbalance in their
current account transactions with the rest of the
world. If a country is building up a substantial
credit position, it will know that this situation
is produced because it is selling more goods and
services abroad than it is buying abroad. If it
is dissatisfied with this position, if it wishes to
reduce its credit balance, it has through participation in the proposed organization lost no
single one of the courses of action ever open to it.
7x0
True, it is by no means easy for a country, acting
alone, to solve problems of unbalance. But as
a last resort a country can find a solution by
unilateral action. It can do the only things it
ever could do in these circumstances; it can buy
more abroad—goods, services or investments;
or it can sell less abroad. It is therefore quite
wrong to assume that countries participating in
the proposed institution would, because of this
participation, be left without control over their
international commitments. It may be, and no
doubt is, useful to erect danger signals at various
stations along the road followed by both debtors
and creditors. Such signals are useful reminders.
But there is nothing to prevent either creditor or
debtor from taking remedial action at any time.
10. If the foregoing is a correct analysis of the
situation—and it would appear to be a simple
statement of fact—creditors need not be unduly
concerned about the possible size of their investment in the Fund, knowing that the ultimate
actual size of their stake can be determined by
their own course of action from day to day and
from year to year. Nevertheless, even the
appearance of an unlimited commitment is probably undesirable and in the tentative proposals
of Canadian experts, a limit is placed on the
obligation of each participant to provide resources to the institution. But there is less real
danger to the interests of creditor countries in
the establishment of a Fund or a Union whose
potential resources are unnecessarily large (and
may in consequence never be entirely used) than
there is in the establishment of an institution
whose resources are obviously too small. The
interests of all will best be served by providing a
fair degree of latitude, a satisfactory breathingspace—to debtors and creditors alike. If its
objectives are to be achieved, the resources must
be large enough to permit time for basic readjustments to be accomplished; they must be such
that the organization will command general confidence in its own stability. For if this is not
the case, what will happen? It will be believed
that certain currencies are likely to become
"scarce" currencies—a belief which will be
reinforced by the reduction in the institution's
holdings of that particular currency. Countries
which are likely to require a "scarce" currency
will hasten to make their purchases which are
payable in that currency. As the holdings of
the "scarce" currency are used up, as discussions
and arguments commence regarding an enlargement of the quota or some other form of extension of credit, grave misgivings in regard to the
international situation will arise. The position
will be very much akin to that of a bank whose
FEDERAL RESERVE BULLETIN
POSTWAR INTERNATIONAL MONETARY STABILIZATION
cash reserves are feared to be insufficient. There information regarding the currents of internawill be a run on that currency in the institution; tional financial transactions and the causes of
and if the currency concerned is an important disequilibrium than has ever been available
one, the international effects will be very serious before. It will be in a position to offer informed
indeed. No form of international monetary and disinterested advice to its members. It may
organization can continuously compensate for be hoped that the quality of the advice offered
chronic maladjustments in the current account will be such that it will carry great weight.
balance of payments of the countries which may But no member state should be asked to bind
be concerned, but it would be most unwise to set itself in all circumstances to follow the advice
up machinery which stood a fair chance of facing given by the organization. Moreover, if a
country feels at any time that its national intera crisis at a comparatively early date.
I I . To avoid misunderstanding it should be ests are being jeopardized by the actions of the
emphasized that it would be extremely danger- organization, and is willing to sacrifice the
ous to use short-term credits as a device Co cover advantages of continued membership, it should
up basically unsound positions. This would be be free to withdraw, after making provision to
no less disastrous in the international than in liquidate its obligations to the organization or,
the domestic field, and any monetary system if the country is a creditor, it should have rewhich made such an attempt on a large scale turned to it its original contribution to the
would inevitably break down. A chronic resources of the organization. The proposals
unbalance in current account balances of inter- here advanced are put forward in the belief that
national payments which is not matched by a soundly conceived international agreement
voluntary long-term capital movements—lend- can give greater scope for national policies
ing abroad by creditor countries, and borrowing than can exist outside it.
abroad by debtor countries—is symptomatic of a
13. To sum up these general observations, it
deep-seated maladjustment which has to be is suggested that:
dealt with if equilibrium is to be restored. No
(a) An international agreement for the estabdebtor country can live beyond its resources
lishment of an international monetary
indefinitely; and no creditor country can perorganization which involves the extensistently refuse to lend its surplus abroad or make
sion of credit is essential if international
other adjustments to its creditor position withcooperation in the postwar world is to be
out ripping the international fabric. But time
achieved.
is required for adjustments to be made and for
(b) Such machinery will deal with only one of
remedial measures to have their effects, and the
the numerous problems which must be
contention of this paper is that the time allowed
faced, but it is a logical and convenient
must be adequate. More time may be purchased
starting place for joint international
at a smaller real cost than less time.
action.
ix. There is one final observation of a general
(c) The credit made available through the
character which should be made. The new
international
monetary
organization
international monetary institution which it is
should be adequate to deal with that porproposed to establish will be neither omniscient
tion of current account surpluses and
nor omnipotent. Its aim will be to promote
deficits which is not met by relief and
conditions in which member countries are free to
other concerted international action in
carry out sound economic policies for the welthe years immediately after the war; it
fare of their own people and in which they will
should be sufficient to provide a firm basis
not be induced or forced, for lack of organized
on which multilateral world trade can be
cooperation, to pursue policies which impoverre-established after the war; and it should
ish themselves and contribute to the impoverishprovide time to countries which find their
ment of the world. The organization should be
international accounts unbalanced to take
international and not supernational. Nations
the necessary corrective measures to adshould enter into the proposed agreement for
just their position.
common purposes and advantages, realizing
(d) The extension of credit is not a cure-all;
that without such agreement the common purit merely provides time for adjustments;
poses cannot be achieved. In their national
and unless unbalanced positions (except
policies, countries should be limited only by
those accompanying long-term capital
their own will in entering and remaining in the
movements) are brought into equilibrium,
organization. If the proposed institution funcany arrangements made will break down.
tions well, it will have at its disposal more
(e) No country participating in the arrangeAUGUST 1943
72-1
POSTWAR INTERNATIONAL MONETARY STABILIZATION
ments loses control over the size of its
international commitments, since it can
determine their size by its own action, if
it wishes to do so.
(f) No country participating in the arrangements loses control over its domestic
economic policies.
TENTATIVE DRAFT PROPOSALS OP CANADIAN
EXPERTS FOR AN INTERNATIONAL
EXCHANGE UNION*
I. Purposes of the Union
i. To provide for stability of exchange rates
and to provide an orderly method for their determination.
x. To provide a convenient clearing mechanism to settle balances in international payments.
3. To provide to all countries access to foreign
exchange resources in order to reduce the danger
that economic and commercial policies in the
period immediately after the war will be largely
determined by a shortage of foreign exchange
and to enable countries thereafter to be guided
in their economic and commercial policies by
long-run considerations when faced with a
temporary reduction of foreign markets.
4. To aid in the achievement of international
equilibrium by measures designed to prevent
excessive short-term borrowing through the
Union or the excessive accumulation of uninvested foreign surpluses.
5. To contribute to the re-establishment and
development of a multilateral trading system
and to the elimination of discriminatory trading
and currency practices.
II. Resources of the Union
Member countries shall agree to make the
following resources available to the Union:
1. A capital subscription to the amount of the
quota assigned to each member country, the
aggregate of such quotas to be 8,000 million
dollars.
(a) Determination of quotas
The quota for each member country shall
be determined by a formula which will
give due regard to factors such as international trade, national income, and holdings of gold and foreign exchange convertible into gold. A special assessment may
* It might be preferable to refer to the proposed organization as the
International Exchange Fund. However, to avoid any possible misunderstanding which might arise through the use of the term Fund to
describe both the association of members and the resources of the institution, the term Union has been used throughout this document to
describe the organization itself.
be levied in any case where this formula
would be inappropriate.
(b) Payment of capital subscriptions
The capital subscription of each member
country shall be paid up in full on or before the date set by the Governing Board
of the Union on which the Union's operations are to begin. Each member country
shall pay in at least 15 per cent of its quota
in gold and the balance in national currency; a country may substitute gold for
national currency in meeting its quota
requirements. The Union may make
such arrangements as it deems appropriate
to provide a period of time within which
countries having less than 300 million
dollars in gold or foreign exchange convertible into gold in official exchange
reserves may pay up their gold contribution in full, the equivalent in national
currency to be paid in the interval. Notwithstanding the provisions of subsequent
paragraphs, the Union shall sell foreign
exchange to such member countries for
the purpose of acquiring gold to pay their
capital subscriptions.
(c) Change in quotas
The Board may from time to time change
the quotas of particular member countries,
provided, however, that in voting on
proposals to increase quotas the voting
strength of each member shall be increased
or decreased to take account of the
Union's net sales or purchases of the currency of each member country in accordance with the weighted voting formula
set out in IX, 3, below. No increase
shall, however, be made in the quota of
any country without the consent of the
representative of the country concerned.
x. Loans to the Union, as required, in amounts
not exceeding 50 per cent of the quota of each
member country.
(a) Conditions of borrowing
The terms and conditions of loans made
by member countries to the Union under
the provisions of paragraph II, x, shall be
set out in the rules and regulations of the
Union. The Union's authority to borrow
domestic currency from member countries
in amounts up to 50 per cent of their
quotas shall be a revolving authority.
The union shall not exercise its right to
borrow until it has used its available gold
resources to acquire additional supplies of
the currency in question. Subject to the
provisions of the preceding sentence, the
FEDERAL RESERVE BULLETIN
POSTWAR INTERNATIONAL MONETARY STABILIZATION
Union must exercise its right to borrow
when its holdings of the currency of any
member country have been reduced to 10
per cent of the quota of that member
country. When the Union exercises its
right under the provisions of paragraph
II, x, to borrow additional supplies of the
currency of any member country it shall
have the duty to attempt to improve its
position in the currency concerned by
acquiring the currency or gold from the
holdings of other member countries for
payment in their national currencies or in
other foreign exchange they need.
(b) Conditions of repayment
The Union shall have the right to repay
loans contracted under the provisions of
paragraph II, x, at any time. The member
country making the loan shall have the
right to demand repayment in gold to the
extent of the Union's gold holdings at
any time and shall also have the right to
demand repayment in its national currency provided that such repayment does
not reduce the Union's holdings of that
currency below 50 per cent of the quota of
the member country. Member countries
shall agree to give 30 days' notice of
demand for repayment of loans made to
the Union under the provisions of the
present article.
III. Monetary Unit of the Union
1. The monetary unit of the Union shall be an
international unit of such name as may be
agreed (hereafter referred to as the Unit) and it
shall consist of 137 \ grains of fine gold. The
accounts of the Union shall be kept and published in terms of the Unit.
x. The value of the Unit in terms of gold shall
not be changed without the approval of fourfifths of member votes.
3. Member countries shall agree with the
Union the initial values of their currencies in
terms of gold or the Unit and, except as provided
in paragraph IV,i, below, shall undertake not to
alter these values without the approval of the
Union.
4. Deposits in terms of the Unit may be accepted by the Union from member countries upon
the delivery of gold to the Union. Such Unit
deposits shall be transferable to other.member
countries. They shall be redeemable in gold and
the Union shall maintain at all times a 100 per
cent reserve in gold against all Unit deposits.
AUGUST 1943
IV. Exchange Rates
1. The Union shall fix, on the basis of exchange rates initially agreed between it and each
member country, the rates at which it will buy
and sell one member's currency for another's,
and the rates in local currencies at which it will
buy and sell gold. The spread between the
Union's buying and selling rates for member currencies and for gold shall not exceed 1 per cent.
Except as provided in paragraph IV, 2., below,
member countries shall agree not to change the
initially agreed exchange rates without the
approval of the Union and any country which
alters the value of its currency without the consent of the Union shall be declared in default of
its obligations and become subject to the penalties provided in XI, 1, below.
x. Notwithstanding the provisions of paragraph IV, 1, above, any member country which
is a net purchaser of foreign exchange from the
Union (arising from other than capital account
transactions) to the extent of at least 50 per cent
of its quota and has so been on the average of the
preceding 12. months shall be entitled to depreciate its exchange to the maximum extent of 5
per cent; provided, however, that the provisions
of this paragraph shall not apply to any country
which holds independent official reserves of gold
and foreign currencies freely convertible into
gold in amounts exceeding 50 per cent of its
quota. No country shall be entitled to repeat
the exchange depreciation provided for in this
paragraph without the specific approval of the
Union.
In the course of conversation in Washington
the Canadian experts expressed the view that it
might be desirable to provide for a somewhat
greater permissive range of depreciation in exchange rates with somewhat different safeguards
than those incorporated in paragraph IV, 2.
The following is a draft of a paragraph which
might be substituted for paragraph IV, 2., of
the text:
"Notwithstanding the provisions of paragraph IV, 1, above, any member country which
has had an adverse balance of payments on current account during a two year period of such
magnitude that it has utilized, to cover this
deficit, 50 per cent of its independent gold and
foreign exchange reserves and is, in addition, a
net purchaser of foreign exchange from the
Union to the extent of 50 per cent of its quota
shall be entitled to depreciate its exchange rate
to the maximum extent of 10 per cent. The
provisions of this paragraph shall only be applicable once in respect of each member country
72-3
POSTWAR INTERNATIONAL MONETARY STABILIZATION
unless the specific approval of the Union has been
obtained. Any member country intending to
depreciate its exchange rate under the provisions
of this paragraph shall inform the management
of the Union in advance and shall afford it an
opportunity to make such observations as it
deems appropriate before taking such action."
3. No change in the value of currencies of
member countries shall be permitted to alter the
value of the assets of the Union in terms of gold
or the Unit. Thus if the Union approves a
reduction in the value of the currency of a
member country, or if a country depreciates its
exchange under the provisions of the preceding
paragraph, or if a significant depreciation in the
value of the currency of a member, as determined
by quotations on the exchange markets of other
member countries, has in tact occurred, that
country must on request deliver to the Union an
amount of its local currency equal to the decrease in the value of that currency held by the
Union. Likewise, if the currency of a particular
country should appreciate, the Union must return to that country an amount in the currency
of that country or in gold equal to the resulting
increase in the value of the Union's holdings.
V. Operations of the Union—Provisions of
Special Applicability to Deficit Countries
1. The Union shall have the power to sell to
the Treasury of any member country (or exchange fund or central bank acting as its agent
for the purpose) at the rate of exchange established by the Union, currency of any country
which the Union holds, subject to the following
provisions:
(a) Without special permission, no country
shall be a net purchaser of foreign exchange from the Union except for the
purpose of meeting an adverse balance of
payments on current account and the
Union may at any time limit the amounts
of foreign exchange to be sold to any
member country which is permitting significant exports of capital while having an
adverse balance of payments on current
account.
(i) A county shall be regarded as a net purchaser of foreign exchange if as a result of
the Union's purchases and sales of currencies the Union's holdings of its currency rise
above the amount originally provided to
the Union by way of capital subscription.
(it) The Union may require any member
country to furnish at periodic intervals
statistics of its balance of international
payments on current account and on capi-
72-4
tal account and statistics of gold and
foreign exchange holdings, public and
private. Each such member country shall
agree to furnish officers of the Union with
detailed explanations of the basis on
which such statistics are computed. If
at any time the Governing Board has
reason to believe that an outflow of
capital from any member country is
resulting directly or indirectly in net
purchases of foreign exchange by that
country from the Union, it shall have the
right to require a control of outward
capital movements as a condition of
making additional sales of foreign exchange to such country. Without limiting the generality of the foregoing, the
Union shall normally require any member
country which has been a net purchaser
of foreign exchange to the extent of 2.5
per cent of its quota to impose restrictions
on outward capital movements if none
exist.
Qiii) In considering applications from countries
which have been net purchasers of foreign
exchange from the Union for the special
permission referred to in paragraph V, 1,
Qa), to purchase foreign exchange for
purposes other than the meeting of an
adverse balance of payments on current
account, the Governing Board shall give
careful attention to applications for
foreign exchange to facilitate the adjustment of foreign debts where this is deemed
to be desirable from the point of view of
the general economic situation and shall
also give special attention to applications
for foreign exchange by member countries
not in default on their foreign obligations
for the purpose of maintaining contractual principal payments on foreign
debt.
(b) In order to promote the most effective
utilization of existing stocks of gold and
foreign exchange, no member country
shall have the right to be a net purchaser
of foreign exchange from the Union so
long as that country's holdings of gold
and foreign currencies freely convertible
into gold (including private as well as
official holdings) exceed its quota.
In interpreting this provision the Governing Board shall give special consideration to the position of certain Asiatic
countries where gold has long been used
as private treasure.
FEDERAL RESERVE BULLETIN
POSTWAR INTERNATIONAL MONETARY STABILIZATION
(c) In general, the Union shall have the power
to sell foreign exchange for domestic
currency to member countries up to zoo
per cent of the quota of each such member
country. Net sales of foreign exchange
shall not exceed 50 per cent of the quota
of each member country during the first
year and the cumulative net sales shall
not exceed 100 per cent, 150 per cent, or
zoo per cent during the first two, three,
and four years of the operation of the
Union.
On special vote of the Governing
Board, in which voting strength shall be
weighted to allow for the Union's net
purchases and sales of each member
country's currency in accordance with the
provisions described in paragraph IX, 3,
below, the Union may purchase any
currency in excess of these limits provided
that (a) the country whose currency is
being acquired by the Union agrees to
adopt and carry out measures recommended by the Union to correct the disequilibrium in its balance of payments, or
(b) it is the view of the Governing Board
that the country's prospective balance o^
payments is such as to warrant the
expectation that the excess currency
holdings of the Union can be disposed of
in a reasonable time.
(d) In order to promote the most effective
utilization of existing stocks of gold and
foreign exchange the Union may, as a
condition of making further sales of
foreign exchange to any member country
which would bring its net purchases to
an amount in excess of 50 per cent of its
quota, require such country to sell to the
Union, for domestic currency, appropriate amounts of any reserves it (or its
residents) may hold of gold or foreign
exchange acceptable to the Union.
{e) Notwithstanding the provisions of paragraph (c) above, whenever a member
country is exhausting its quota more
rapidly than is warranted in the judgment
of the Governing Board, the Board may
make such recommendations to that
country as it thinks appropriate with a
view to correcting the disequilibrium,
and may place such conditions upon
additional sales of foreign exchange to
that country as it deems to be in the
general interest of the Union.
z. A charge of 1 per cent per annum payable
in gold shall be levied against member countries
AUGUST 1943
on the amount of their currency held by the
Union in excess of the quotas of such countries.
VI. Operations of the Union—Provisions of
Special Applicability to Surplus Countries
1. In order to promote the most effective
utilization of the available and accumulating
supply of gold and foreign exchange resources of
member countries, each member country shall,
on request of the Union, sell to the Union, for its
local currency or for foreign currencies which it
needs, all gold and foreign exchange it acquires
in excess of the amounts held immediately after
joining the Union.
For the purpose of this provision, only free
foreign exchange and gold are considered.
Each member country shall agree to furnish the
Union with periodic reports of gold and foreign
exchange holdings, public and private.
z. When the Union's operations have resulted
in excess sales of the currency of any member
country to the extent of 75 per cent of the quota
of that country the Union may, in order to increase its resources of the currency in question,
attempt to arrange, in cooperation with such
agencies as may be established to promote international investment, with the member country
a programme of foreign capital investment (or
repatriation) and may sell foreign exchange to
facilitate such capital movements.
3. When the Union's holdings of the currency
of a member country are being exhausted more
rapidly than is warranted in the judgment of the
Governing Board, the Board may make a report
on the situation. Without restricting the
generality of the foregoing, whenever the
Union's operations have resulted in excess sales
of the currency of any member country to the
extent of 85 per cent of the quota of that country,
the Union has the authority and the duty to
render to the country a report embodying an
analysis of the causes of the depletion of its holdings of the currency and recommendations appropriate to restore the equilibrium of the
international balances of the country concerned.
Such recommendations may relate to monetary
and fiscal policies, exchange rate, commercial
policy, and international investment.
The Board member of the country in question
shall be a member of the Union Committee appointed to draft the report. The report shall
be sent to all member countries and, if deemed
desirable, made public.
4. The Union shall have the right at any time
to enter into arrangements with any member
country to borrow additional supplies of its
POSTWAR INTERNATIONAL MONETARY STABILIZATION
currency on such terms and conditions as may
be mutually satisfactory.
5. The Union shall have the right at any time
to enter into special arrangements with any
member country for the purpose of providing an
emergency supply of the currency of any other
member country on such terms and conditions
as may be mutually satisfactory.
6. Whenever it becomes apparent to the
Governing Board that the anticipated demand
for any currency may soon exhaust the Union's
holdings, the Governing Board shall inform the
member countries of the probable supply of this
currency and of a proposed method for its equitable distribution together with suggestions for
helping to equate the anticipated demand and
supply.
(a) The provisions of paragraph VI,6, shall
come into force only after the Union has
exercised in full its right under paragraph
II,x, to borrow additional supplies of the
currency of the member country and after
the Union has taken such further steps to
increase its supply of this currency as it
has deemed appropriate and found possible.
(b) The provisions of paragraph V,i, (c),
shall, if necessary, be restricted by the
duty of the Union to assure an appropriate distribution among various members
of any currency the Union's supply of
which is being exhausted.
(c) In rationing its sales of any scarce currency the Union shall be guided by the
principle of satisfying the most urgent
needs from the point of view of the
general international economic situation.
It shall also consider the special needs and
resources of the various countries making
the request for the scarce currency.
(d) Member countries shall agree that restrictions imposed by other member
countries on the importations of goods
from a country whose currency is being
rationed by the Union shall, for the duration of such rationing, not be regarded as
constituting an infraction of the most
favoured nation obligations of commercial treaties except in the case of
countries holding official reserves of gold
and the currencies of member countries in
amounts exceeding 50 per cent of their
quotas.*
* This proposal will clearly have to be reviewed in the light of such
general arrangements as may be made regarding international commercial policy and coordinated with those arrangements.
7. Whenever the Governing Board has, under
the provisions of the preceding paragraph, taken
steps to ration the Union's supply of the currency
of any member country, it may require the remaining member countries to prevent the sale
by their residents of each other's currencies,
including bills of exchange, in the country
whose currency is being rationed and to prevent
the purchase by their residents of the rationed
currency through the exchange markets of nonmember countries. In addition, whenever the
Board has taken steps to ration the Union's
supply of the currency of any member country, it
shall have the duty to re-examine the prevailing
exchange rates and to recommend such changes
as it may regard as appropriate to the changed
circumstances.
VII. Powers of the Union-General
1. The Union shall have the powers to take
such actions as are required to carry out the
operations enumerated in the preceding paragraphs. For greater clarity, the Union shall
have the power to buy, sell and hold gold, currencies, and government securities of member
countries; to accept deposits and to earmark
gold; to issue its own obligations and to discount or offer them for sale in member countries;
and to act as a clearing house for the settling of
international movements of funds and gold.
Member countries agree that all of the Union's
local currency holdings shall be free from any
restrictions as to their use for payments within
the country concerned.
x. When the Union's holdings of the local
currency of a member country exceed the quota of
that country the Union shall have the power to
resell to the member country, upon its request
the Union's excess holdings of its currency for
gold or acceptable foreign exchange.
3. The Union shall have the power to invest
any of its currency holdings in government
securities of the country of that currency, provided that the Board representative of the
country concerned approves.
4. The Union shall have the power to buy and
sell currencies of nonmember countries, but shall
not normally hold the currencies of nonmember
countries beyond 60 days after the date of purchase.
5. The Union shall have the power to levy
upon member countries a pro rat a share of the
expenses of operating the Union, such levy to be
made, however, only to the extent that the
earnings of the Union are inadequate to meet its
current expenses.
FEDERAL RESERVE BULLETIN
POSTWAR INTERNATIONAL MONETARY STABILIZATION
6. The Union shall make a service charge of
one-quarter per cent on all gold transactions.
7. In conducting its own operations the
Union shall have the power to deal only with or
through (a) the Treasuries, exchange funds, or
fiscal agents of governments, (b) central banks
with the consent of the member of the Board
representing the country in question, and (c)
any international banks owned predominantly
by member countries. The Union may, nevertheless, with the approval of the member of the
Board representing the country concerned, sell
its own securities directly to the public or to
institutions of member countries.
8. The Union shall have the power and the
duty to cooperate with such other institutions of
an international character as may exist or be established to deal with matters of international
concern, including but not restricted to international investment and commercial policy.
VIII. Abnormal Wartime Balances
During the first two years of operation the
Union shall have the right to purchase abnormal
wartime balances held by member countries in
other member countries for the national currency
of the country selling such balances or for foreign
exchange needed to meet current account deficits in such country's balance of international
payments, in amounts not exceeding in the aggregate 5 per cent of the quotas of all member
countries. At the end of two years of operation
the Governing Board shall propose a plan for the
gradual further liquidation, in whole or in part,
through the Union, of abnormal wartime balances lying to the credit of member countries in
other member countries and other financial
indebtedness of a similar character. If the
Governing Board feels unable to recommend
that the Union's resources be used for this
purpose it shall have the duty to propose some
other method by which the problem can be
considered.
IX. Voting Power
1. Each member country shall have 100 votes
plus one vote for the equivalent of each 100,000
Units of its quota.
1. All decisions, except where specifically
provided otherwise, shall be made by majority
of the member votes.
3. Notwithstanding the provisions of paragraph 1 above, in any vote on a proposal to
increase the quota of any member country,
member countries shall acquire one additional
vote for each 100,000 Units of their contribution
AUGUST 1943
to the resources of the Fund (by way of original
capital subscription or by way of loans made
under the provisions of paragraph 11,2.) which
has been utilized, net, on the average of the
preceding year by the Union for sale to other
member countries; and member countries shall
lose one vote for each 100,000 Units of their net
utilization of the resources of the Union on the
average of the preceding year.
X. Management
1. The administration of the Union shall be
vested in a Governing Board. Each government shall appoint a representative and an
alternate who shall serve on the Board for a
period of three years subject to the pleasure of
their government. Representatives and alternates may be reappointed.
z. The Governing Board shall select a Governor of the Union and one or more assistants.
The Governor shall become an ex officio member
of the Board and shall be chief of the operating
staff of the Board. The Governor and his assistants shall hold office for five years and shall
be eligible for re-election and may be removed for
cause at any time by the Board.
3. The Governor of the Union shall select the
operating staff in accordance with regulations
established by the Governing Board. Members
of the staff may be made available upon request
of member countries or of other institutions of an
international character for consultation in
connection with economic problems and policies.
4. The Governing Board shall appoint from
among its members an Executive Committee to
consist of not fewer than eleven members. The
Chairman of the Board shall be the Chairman of
the Executive Committee and the Governor of
the Union shall be ex officio a member of the
Executive Committee. Meetings of the Executive Committee shall be held at least once
every two months and more frequently if the
Executive Committee shall so decide.
5. The Governing Board shall hold an annual
meeting and such other meetings as it may be
desirable to convene. On request of member
countries casting one-fourth of the votes the
Chairman shall call a meeting of the Board for
the purpose of considering any matters placed
before it.
6. Net profits earned by the Union shall be
distributed in the following manner:
(a) 50 per cent to reserves until the reserves
are equal to 10 per cent of the aggregate
quotas of the Union,
72-7
POSTWAR INTERNATIONAL MONETARY STABILIZATION
(b) 50 per cent to be divided each year among
the members in proportion to their quotas.
XL Withdrawal and Expulsion from the Union
1. A country failing to meet its obligations to
the Union may be suspended provided a majority
of the member votes so decides. While under
suspension the country shall be denied the
privileges of membership but shall be subject
to the same obligations as any other member of
the Union. At the end of one year the country
shall be automatically dropped from membership unless it has been restored to good standing
by a majority of the member votes.
1. Any country which has been a net purchaser of foreign exchange from the Union may
withdraw from the Union by giving notice and
its withdrawal shall take effect one year from
the date of such notice. During the interval
between notice of withdrawal and the taking
effect of the notice such country shall be subject
to the same obligations as any other member of
the Union.
3. Any country which has not been a net
purchaser of foreign exchange from the Union
may withdraw from the Union by giving notice
and its withdrawal shall take effect 30 days from
the date of such notice. During the interval
between notice of withdrawal and the taking
effect of notice such country shall be subject to
the same obligations as any other member of the
Union; except, however, that no country which
has given notice of withdrawal shall be required
to make loans to the Union under the provisions
of paragraph II,i, above.
4. A country which is dropped or which withdraws from membership shall have returned to it
an amount in its own currency equal to its contributed quota plus other obligations of the
Union to the country and minus any sums owed
by that country to the Union. The Union shall
have 5 years in which to liquidate its obligation
to such country.
XII. Policies of Member Countries
In addition to the obligations assumed under
the preceding paragraphs, each member country
shall undertake the following:
1. To maintain by appropriate action the
exchange rates initially agreed with the Union
on the currencies of other countries and not to
alter exchange rates except under the provisions
of paragraph IV,x, above, or with the consent of
the Union and only to the extent and in the
direction approved by the Union. Exchange
rates of member countries may be permitted to
fluctuate within a range not exceeding the
spread fixed by the Union itself for its own purchases and sales of foreign exchange.
2.. To abandon, as soon as the member country
decides that conditions permit, all restrictions on
foreign exchange transactions other than those
required effectively to control capital movements
with other member countries; and not to impose
any additional restrictions, except for the
purpose of controlling capital movements,
without the approval of the Union.
The Union may make representations to member countries that conditions are favourable for
the abandonment or relaxation of foreign exchange restrictions other than those required
effectively to control capital movements and
each member country shall agree to give consideration to such representations.
3. To cooperate effectively with other member
countries when such countries, with the approval of the Union, adopt or continue controls
for the purpose of regulating international
movements of capital.
Cooperation shall include, upon recommendation by the Union, measures that can appropriately be taken
(a) not to accept or permit acquisitions of
deposits, securities, or investments by
residents of any member country imposing
restrictions on the export of capital except with the permission of the government of that country and the Union;
(b) to make available to the Union or to the
government of any member country full
information on all property in the form of
deposits, securities, and investments of the
residents of that country; and
(c) such other measures as the Union may
recommend.
4. Not to enter into any new bilateral foreign
exchange clearing arrangements nor engage in
multiple currency practices except with the
approval of the Union.
5. To give careful consideration to the views
of the Union on existing or proposed monetary
or economic policy the effect of which would be
to cause a serious disequilibrium in the balance
of payments of the country adopting such policy
or of other countries.
6. To furnish the Union with all information
it needs for its operations and to furnish such
reports as it may require in the forms and at the
times requested by the Union.
7. To adopt appropriate legislation or decrees
to carry out its undertakings to the Union and to
facilitate the activities of the Union.
FEDERAL RESERVE BULLETIN
BRITISH WHITE PAPER ON WAR FINANCE
There is given below the text of a British Government White Paper (Cmd. 6438) presented to 'Parliament on April 12 last by the Financial Secretary to the
British Treasury under the title "An Analysis of the
Sources of War Finance and an Estimate of the National Income and Expenditure in 1938, 1940, 1941,
and 1942." This document is the third of a series
initiated in 194 ij the texts of the earlier White
Papers (Cmd. 634-j and Cmd. 6261) were published in
the BULLETIN for July 1941, pages 633-638, and
June 1942, pages 539-549. These documents, which
are presented in connection with the annual budget
speech in Parliament by the Chancellor of the Exchequer, are prepared in the British Central Statistical
Office with the collaboration of the Treasury.
A. THE SOURCES OF WAR FINANCE
[In millions of pounds]
(1) Central government expenditure .
Less
(2) Overseas disinvestment
(3) Expenditure requiring domestic finance.
Less
(4) Central government revenue .
1940
1941
1942
3,339j
4,616
*5,103
-756
-797
2,583
3,819
4,471
— 1,2591—1,828
1,324
Les:
(5) Extra-budgetary funds and local authority surpluses 2
\ —186
1,991
2,128
1,138
1,771
1,897
Less
(6) Compensation received in respect
of war
risks and war damage claims3
-231
-.36
-248
-215
1,102
1,523
1,682
200
173
Less
(7) Savings and undistributed profits, including reserves against taxation
-1,080 - 1 , 3 2 3 - 1 , 5 0 9
(8) Residue (Table I, item 8) from sources indicated below
I
22|
1
PREFACE
In the preamble to the statistical material
presented in Cmd. 6347 (April 194Z), it was
stated:
"The results of more comprehensive enquiries covering overseas disinvestment and
expenditure on consumption are, unfortunately, not available in time to be included
below, and thefiguresfor these items are given
subject to this reserve. Any subsequent
modification in either of these totals will
require a corresponding change in the total of
domestic disinvestment.''
These enquiries are now substantially further
advanced, and, in addition, the main categories
of national income have been re-examined in the
light of later information. The effect of this
additional information is set out in section G.
In Table I, item 8 (domestic investment) is
the balancing figure obtained by difference, and
not (except in 1938) by direct estimation. In
Table II, item 2.8 (net personal savings) is the
balancing figure. Tables III and IV are mainly
based on actual figures taken from the Public
Accounts etc., apart from items repeated from
Tables I and II.
The calculation of the proportion of resources
absorbed by government expenditure given in
section B of Cmd. 6347 has been discontinued.
AUGUST
1943
Excluding expenditure equivalent to the Canadian contribution
of 225,000,000 pounds. This sum is also excluded from lines (2) and
2
Excluding the Exchange Equalisation Account, changes in which
are already included in overseas disinvestment.
3
See the explanation of this item in footnote (1) below.
The residue has been provided from the following sources:—
(a) Sales to public authorities of fixed capital
assets (such as sites, buildings, and stocks
of goods) previously owned privately;
(A) Sinking funds and depreciation funds of
firms and institutions;
(c) Depletion of stocks and working capital
(apart from sales under (a) above and
temporary investment under (/) below)
carried by private finance, measured by
the reduction in their value as reckoned
in the calculation of profits;
Less
(d) New investment financed out of privatelyowned funds, including investment of a
temporary nature due to the financing, out
of private funds, of work in respect of
government contracts ultimately recoverable from the Exchequer;
(e) Replacements and renewals charged on
depreciation funds;
(/) Replacements of war losses actually carried out (including new ships in private
ownership and stocks of commodities lost
and replaced within the year). 1
1
This deduction must be made because credit has been taken in the
table above for the whole pi compensation received in respect of war
risks and war damage claims, whether or not it has been applied to
replacement.
72.9
BRITISH WHITE PAPER ON WAR FINANCE
It will be seen that in comparison with the
figures for 1940 and 1941 given in Cmd. 6347,
revisions in the estimates have resulted in a very
considerable reduction in the residue and an
increase in savings and undistributed profits
including reserves against taxation. The revisions are further examined in section G.
Attention is drawn to the statement under (/)
above that the net change in stocks and working
capital is measured by the change in their value
as reckoned in the calculation of profits. While
the practice in this respect is not uniform, the
measure given here will approximate more
closely to the change in the value of stocks than
to the value of the quantitative change. In
other words, the calculation of profits takes account of changes in the value rather than in the
quantity of stocks.
Since the amount of the residue has been obtained by difference, any errors in other items in
Table I have been absorbed into it. Undue
weight should not be attached to the fall in the
residue in 1942.. It is not possible to say more
than that the residue in 1942. was of the same
order of magnitude as in 1941 and in all probability was smaller rather than larger.
B. THE COMPOSITION OF PERSONAL
EXPENDITURE ON CONSUMPTION
[In millions of pounds]
1938
1940
1941
1942
1,198 1,235 1,260 1,320
Food
452
617
750
912
Drink and tobacco
Rent, rates, and water charges .
500
524
521
520
Fuel and light
194
210
233
242
261
241
241
251
Other household goods . . .
Clothing
441
496
450
462
Travel, including privately-owned
vehicles and their running expenses . ._
296
185
202
215
468
461
469
465
(8) Other services
s
(9 ! Other goods, including the income issued in kind to H . M. Forces and
Auxiliary Services....
225
303
383
423
(1)
(2)
(3)
(4)
i'5)
(6)
(7)
10 * Personal expenditure on consumption
at market prices. .
4,035 4,282 4,509 4,800
These figures relate to expenditure on consumption met out of personal income2 and exclude, as far as possible, money spent on consumers' goods and services by businesses and
public authorities. The more comprehensive
enquiry referred to in the preamble to Cmd.
6347 has brought about a small reduction in the
aggregate figures. This is discussed further in
section G.
The composition of the nine sub-groups is as
follows:—
2
Including the expenditure on consumption of charities and other
non-profit-making bodies, as well as of individuals. No distinction
is made between purchases by civilians and purchases by members of
the Forces out of their pay and cash allowances.
73°
Food—comprises purchases of food, including
such beverages as tea, coffee, and cocoa, by
households together with the value of food used
in canteens, restaurants, and hotels after allowance for purchases not made out of personal
income.
Drink and tobacco—comprises expenditure on
beer, wine, spirits, other alcoholic beverages,
and tobacco.
Kent, rates, and water charges—includes an al-
lowance in respect of buildings occupied by
non-profit-making bodies, hotels, boarding
houses, etc., in addition to private dwelling
houses.
Fuel and light—includes coal, coke, gas, electricity, and paraffin.
Other household goods—includes furniture, furnishings, hardware, soap, cleaning materials, etc.
Clothing—includes dress materials and boots
and shoes together with an allowance for repair
work, besides all forms of men's, women's, and
children's wear.
Travel—includes travel paid for out of personal
income, and therefore the travel of members of
the Forces when at their own expense, in all
public conveyances together with the purchase
of privately-owned vehicles and running expenses incidental to their use.
Other services—includes such services as post,
telegraph and telephone, medical, undertaking,
domestic, hotel and restaurant, entertainment in
so far as they are purchased out of personal
income.
Other goods—includes all goods not appearing
above, together with the income issued in kind
to H.M. Forces and Auxiliary Services.
C. PERSONAL EXPENDITURE ON CONSUMPTION IN TERMS OF CONSTANT PRICES
Personal expenditure on consumption at
market prices and after adjustment for subsidies
and indirect taxes is estimated to have changed
as follows between 1938 and 1942.:—
[In millions of pounds]
1938
1940
1941
1942
(1) Personal expenditure on consumption
at market prices
4,035 4,282 4,509 4,800
Plus
(2) Subsidies..
70
142
15
150
4,050 4,352 4,651 4,950
Less
(3) Indirect taxes specifically on consumption
-431 -578 -770 -931
(4) Personal consumption thus adjusted.. 3,619 3,774 3,881 4,019
A new study has been made of the average
change in the retail market price of goods and
services covering approximately 90 per cent of
FEDERAL RESERVE BULLETIN
BRITISH WHITE PAPER ON WAR FINANCE
the total of civil expenditure on consumption,
that is, of the total of expenditure shown in
line ( i ) above, less the income issued in kind to
H. M. Forces and Auxiliary Services. To illustrate the method adopted, the figure for 1942.
was calculated by taking the average of the
change between 1938 and 1942. in the cost at
market prices of buying the collections of goods
and services bought in 1938 and 1941 respectively.3 Since the diversion to war purposes of
resources used in peace-time for the satisfaction
of consumers' needs has necessitated a considerable change in the structure of consumers' purchases, it might have been expected that the two
components of the final average would differ
somewhat widely. This, however, is not in
fact the case, the proportionate increase between
1938 and 1941 in the cost of purchasing each
collection being almost the same. The two
percentage changes are sufficiently close to one
another for their average to afford a reasonable
measure of market price changes applicable to
personal expenditure on consumption.
By adjusting the figures of personal expenditure on consumption for changes in the level of
prices, an indication is obtained of the movement
in the quantum of consumers' purchases. The
resulting series are as follows:—
[Per cent]
1942
increased Dy suusicnes
(3) Personal expenditure on consumption
1.00 ; 0.8
in terms of constant prices
(4) Retail prices, excluding specific indirect taxes and increased by sub-j
1.00 1.18
sidies
1.07
0.82
1.30
1.36
The figures in line (3) confirm the estimate
previously given in Cmd. 6347, where it was
stated that "the measure of the reduction in the
volume of consumption in 1941, compared with
1938, cannot be estimated more precisely than
that it probably lies within the limits of 15 and
10 per cent according to the system of weighting
which is adopted," inasmuch as the more
accurate figure now available turns out to be 18
per cent.
It is important that the price series given in
line (4) should not be confused with the Ministry of Labour's Cost of Living index, since the
3
The figures were obtained not by a direct comparison between
1938 and, say, 1942, but by linking together direct comparisons of adjacent intermediate periods. A direct comparison of 1942 with 1938
would, however, yield a figure which differed only in the third place of
decimals.
AUGUST 1943
former series covers the expenditure of all classes
of the community and includes luxuries as well
as necessaries.
In interpreting these figures it is desirable to
recognise that from slightly different points of
view it would be possible to adopt a system of
weighting which would justify an index of
quantity changes either higher or lower than the
one given here. To illustrate the position with
the example of food, an index of the nutritional
value of food consumed would show a smaller
decline than the food component of the present
index of quantities, but such an index would
make no allowance for the fact that dietary
standards are maintained in war-time with
some inevitable sacrifice of consumers' ordinary
preferences. On the other hand, an index of
quantity change which fell more than the one
given here would be obtained if it were assumed
that consumers were rigid in their peace-time
preferences, for it is unlikely that consumers
would buy the collection of goods and services
which they do at present at the relative prices
now ruling, in the absence of rationing and other
forms of control.
The series given here of personal expenditure
on consumption in terms of constant prices indicates the position of the community as a
whole, but not necessarily that of any particular
class or individual. Any measure of price
changes obtained by dividing either series of
money values by the series in terms of constant
prices, should not be used for other purposes
such as the reduction of the net national income
or the expenditure of public authorities on goods
and services to terms of constant prices. Price
movements in other sections of the economy
have been very different from those applicable to
consumers' expenditures, but it is not at present
possible to provide any numerical measure of
them.
D. PRIVATE SAVINGS
PERSONAL SAVINGS
[In millions of pounds]
1938
(1) Gross personal savings, including allowance for accrued t a x a t i o n . . . . . .
Less
(2) Death duties, etc...
807
-85
(3) Net personal savings after allowance
for death duties, etc
151
Less
(4) Increase in allowance to meet accrued
1
taxation
-17
(5) Net personal savings after allowance
for accrued taxation
1940
134
722
1941
1942
1,004 1,271
-94
-100
910 1,171
-206 -280
628
704
891
1
This item shows the excess of the liability for direct taxes accruing
on current incomes at current rates of taxation over current direct tax
payments.
73
BRITISH WHITE PAPER ON WAR FINANCE
The allowance to meet accrued income tax in
each year is the excess of tax liabilities accrued
during the year, on the assumption that there
will be no change in the rate of tax, over total
payments during the year in respect both of tax
currently due and of arrears. Thus in order to
obtain the total amount required at the end of
1942. to meet the taxation accrued and unpaid,
though not necessarily due, at that date, the
figures in row (4) must be added together;
that is to say, the aggregate at that date was
580 ( = 94+2.06+Z80) -plus the amount accrued
and unpaid at the end of 1939, plus or minus
any adjustment due to changes in the rate of
tax between the dates of earning and of assessment. The same applies to the increases in
allowances to meet accrued taxation on impersonal income shown in line (7) below.
It was stated in Cmd. 6347 that an attempt to
check the figures of personal savings by direct
methods suggested that the figures of net personal savings were not over-estimated and that
it would have been easier on such evidence to
justify a higher than a lower total. This has
been borne out by the revised estimates, which
give a considerably higher figure than before for
personal savings in 1940 and 1941. On the other
hand, it was then thought likely that a more exact estimate of expenditure on consumption
would increase rather than decrease that figure,
but, as explained above this expectation has not
been fulfilled.
(6) Gross impersonal savings, including
182
allowance for accrued taxation
Less
(7) I n c r e a s e in allowance to meet accrued
-12
taxation
($) N e t impersonal savings, after allowance for accrued taxation
170
1940
358
(3) Total deposits (net). ..
(4) Personal deposits (net) .
(5) Other deposits (net). ..
-183
175
180
190
1940
1941
1942
(9) N e t personal savings after allowance
for accrued taxation
(10) N e t impersonal savings after allowance for accrued taxation
134
628
704
891
170
175
180
190
(11) Aggregate n e t p r i v a t e savings after
allowance for accrued taxation . . . .
304
803
884 1,081
The series in line (11), i.e. the sum of lines (5)
.-and (8) above has been obtained indirectly by
deducting direct estimates of personal consumption and taxes met out of private incomes from
73 2-
1941
June
30
Dec.
1942
June
Dec.
30
(1) Total deposits held by Clear2,469 2,946 3,329 3,263 3,629
ing Banks
Less
(2) Advances to customers and
-926 -859
-800
other accounts
1941
N E T PRIVATE SAVINGS (PERSONAL AND IMPERSONAL)
[In millions of pounds]
1938
[In millions of pounds]
June
30
IMPERSONAL SAVINGS
[In millions of pounds]
1938
direct estimates of private incomes. Net impersonal savings have then been estimated separately and the remainder allocated to personal
savings. There is, however, no very precise line
between "personal" and "impersonal." Impersonal savings in the present context is intended to include not only the net undistributed
profits of companies but also the savings held in
the business accounts of traders, farmers, and
other individuals. For savings used to extend
farm equipment or to repay business mortgages
and other debts cannot reasonably be regarded as
personal. Great precision cannot be achieved in
the estimation of the last-mentioned kinds of
impersonal savings, since in these cases there is
not the line between distributed and undistributed profits that exists in the case of companies.
Any revision of the item of impersonal savings
would require an equal and opposite change in
the estimate of personal savings.
While it is still impracticable to construct a
direct estimate of personal savings by setting
down the net change in all assets held by persons,
some information can be provided on the distribution of bank deposits. The following
table, provided by the courtesy of the Clearing
Banks, shows the movement of net personal and
other accounts:—
1,507 2,087 2,522 2,463 2,856
661
692
617
704
820
890 1,426 1,830 1,759 2,036
Net personal deposits in line (4) exclude the
accounts of businesses, financial institutions,
public authorities, and also, for example, those
of individual traders, shopkeepers, farmers,
and professional men where the accounts are
known to be used for the purpose of business.
Nonresident deposits and sundry accounts are
also excluded. No attempt has been made to
adjust for the amount of bank accommodation
obtained by the discounting of bills.
The figures in line (5) have been obtained by
subtracting those in line (4) from those in line
(3). Thus line (5) includes nonresident deposits
and sundry accounts as well as the business
deposits of which it is mainly made up.
FEDERAL RESERVE BULLETIN
BRITISH WHITE PAPER ON WAR FINANCE
F. DISTRIBUTION OF PRIVATE INCOME BY
RANGES OF GROSS INCOME SHOWING
THE EFFECT OF CHANGES IN INCOME
TAX AND SURTAX, 1938-41
Financial Year 1940-41
E. PROPORTION OF PRIVATE INCOME
(PERSONAL AND IMPERSONAL)
DEVOTED TO TAXATION
[In millions of pounds]
1938
1940 1941
1942
(1) Private income (item 37 of Table I I ) . . 4,920 6,156 7,063 7,836
(2) Direct taxes, social insurance contributions of employees, War Damage Act contributions and premiums,
etc., met out of private i n c o m e . . . . .
(3) Indirect taxes and rates specifically on
consumption less subsidies
(4) Other indirect taxes, etc., met out of
private income
(5) Excess of tax liabilities over payments
Range of gross income
552
794 1,231 1,527
416
508
628
170
200
240
220
29
277
439
428
781
6) Total tax liabilities in respect of private income, i.e. (2) + (3) + (4) -f
(5)
1,167 1,779 2,538 2,956
<7) Line (6) as a percentage of line (1).
24
29
38
This table shows the proportion of the private
income devoted to direct and indirect taxation,
rates, compulsory contributions to social insurance and war risks insurance schemes, and
contributions and premiums (almost the whole
of which are compulsory) under the War Damage Act, abated by the amount of subsidies.
The figures relate not only to taxes falling on
personal incomes, but also to those which fall on
other private income, e.g. National Defence
Contribution and Excess Profits Tax.
The figures in line (4) are estimates of that
part of the sum of items 12. and 13 of Table I
which is met out of private income, i.e. which
does not appear in the expenditure by public
authorities on goods and services at market
prices. Consideration of Table IV will show
that the remaining part of these taxes and compulsory payments represents transfers within the
public authority sector and is, therefore, selffinancing. It does not have to be met out of
private income.
It is not possible to estimate accurately the
division of these taxes and compulsory payments between those to be met out of private
income and those which represent transfers
within the public authority sector. The figures
given in line (4) represent approximate orders of
magnitude, but it is unlikely that any inaccuracy
they contain perceptibly affects the percentages
in line (7).
AUGUST 1943
Proportion
Aggregate
of gross
net income
Aggre- with income income reN u m - gate
tained with
tax and
ber of gross surtax at—
taxes at—
inincomes come
19401938194019381940-41
39
41
39
41
rates rates rates rates
(In
thousands)
Private income a t the disposal of individuals—
Under 250
250-500
3,295
500-1,000 .
770
250
1,000-2,000
97
2,000-10,000
8
10,000 and over
(In millions of
pounds)
3,328
1,069
516
345
360
170
(Per cent)
3,322 3,302 99.8
1,036
984 96.9
457
411 88.6
283
245 82.0
256
197 71.1
84
48 49.4
X
99.2'
92.0
79.7
71.054.7
28.2
624
216
33.7
6,412
5,397
84.2
Aggregate
net income
Aggre- with income
! Num- gate
tax and
! ber of gross surtax at-in- I incomes I come i
j ~"
1941-42 1938- | 1941;
I 39 i 42
i
| rates | rates
Proportion
of gross
income retained with
taxes at—
Other private i n c o m e . . . . .
T o t a l private income
Financial Year 1941-42
Range of gross income
(In
thousands)
Private income a t the disposal of individuals—
Under 250
250-500
4,450
500-1,000 . . . . . . . . . . . . . 1,050
1,000-2,000 . . .
285
2,000-10,000....
97
10,000 and over..
(In millions of
pounds)
3,398
1.490
685
400
360
170
Other private income.
Total private income.
7,264
1938- I 194139
42
rates | rates
(Per cent)
I 3,392 3,307 99.8 I 97.3
1,445 1,276 97.0 I 85.6
| 613
495 89.5 1 72.3
i 328
245 82.0 ! 61.3
256
170 71.1 I 47.2
!
84;
35 49.4 20.6
200
26.3
5,728
78.9
1
Including all liabilities for National Defence Contribution and
Excess Profits Tax which are deducted together with income tax in
arriving at net income.
These tables, which relate to income received
in 1940-41 and 1941-41, show the amount of
private income at the disposal of individuals in
different ranges of gross income. The category
of other private income includes the investment
income of charities, the increase in assurance
funds, and the undistributed profits of companies
together with all liabilites for National Defence
Contribution and Excess Profits Tax. It is not
the same as impersonal income shown in Table
II which does not include the first two of the
above categories but makes allowance for the
business savings of private traders, etc., as well
as the undistributed profits of companies.
733
BRITISH WHITE PAPER ON WAR FINANCE
As in the case of income tax assessment, the
incomes of a husband and wife are reckoned as
one income. Further, in the table relating to
1940-41, for example, the aggregate net income
at 1940-41 rates is the amount which would have
resulted if all taxpayers had during that year
paid the full tax liability at 1940-41 rates on
the income actually received by them in that
year. The figures in the corresponding column
headed 1938-39 do not relate to the income of
that year, but to the income that would have
remained after tax in 1940-41, if the taxation
of 1938-39 had been in force in that year.
The whole of transfer payments other than
National Debt interest has been included in the
incomes below X5o pounds.
G. A COMPARISON WITH Cmd. 6347
As stated in the preamble, it is now possible
to give substantially more accurate estimates of
certain items as a result of additional information that has become available since la^st year.
So far as the main items are concerned, the position may be summarised as follows:—
(1) The estimates of profits and salaries are
now known to be higher than was supposed a year ago, while the estimate of
wages, etc., is slightly reduced. In the
case of salaries, the new figures are approximately 10 per cent higher than those
previously given for 1940 and 1941. In
the case of profits and interest, comparable
percentages are 5 and 12.. However, as
may be seen from Table II, item 15, paid
out profits are not greatly affected and are
even somewhat reduced. The net
national income as a whole is increased by
iy2 and 4 per cent respectively in the two
years.
(2.) The more reliable estimates of personal
expenditure on consumption now available indicate that this item was slightly
over-estimated in Cmd. 6347. The figures now available for 1940 and 1941 are
3 and 1 per cent below the corresponding
estimates given last year.
(3) Consequent upon the increase in the estimates of profits and salaries, there is an
increase in the estimates of direct tax
liabilities and therefore in the figures
given for the excess of tax liabilities over
payments.
(4) Further information on overseas disinvestment leaves the figures given in Cmd.
6347 substantially unchanged. It has not
so far been possible to provide a further
check on this figure by the direct estimation of the balance of overseas payments
on current account.
734
(5) As a consequence of the rise in income and
fall in consumption there is a substantial
decline in the residual estimate of private
net disinvestment at home. At the same
time, there is a corresponding rise in savings, including allowance for accrued
taxation, a considerable part of which is
absorbed by the increase in the estimates
of such allowance.
The extent of the revision under (5) illustrates
the precarious nature of residual figures in circumstances in which they cannot be checked
by direct estimates.
The new figures are believed to be much more
accurate on the strict definition of the meaning
of the residual figure. The reason why this is so
falls under two headings:—
(a) The previous estimate of the residual
figures was partly justified by reference to the
large amount of the accumulating sinking funds,
etc., against depreciation which represented a
net reduction in the national wealth in so far as
they could not be employed currently. The new
figures do not necessarily disturb the conclusion
that disinvestment of this kind was taking place.
It would now appear, however, that, in using this
factor to explain the residual figure previously
published, not enough allowance was made for
various expenditures incurred for war purposes,
partly for building, partly for the working capital
of government contractors, which is carried temporarily by private business finance and therefore
krecons, under the definition, as positive private
home investment, and offsets the depreciation
which is not currently made good. There is
evidence of an increase in the value of stocks and
work in progress carried under private finance.
(b) It was explained in Cmd. 6347 that a
change had been made from the procedure
adopted in Cmd. 62.61 by which sums used for
writing down stocks which have fallen in value
were deducted from business earnings. It was
also stated that such an adjustment was only
required in times of falling prices. This last
conclusion has been the subject of legitimate
criticism. It is right either to keep the statistics
entirely in money terms without adjustment for
price changes, or to adjust for falling and for
rising prices alike. Since no uniform practice is
adopted in bringing the effects of the rising
prices of stocks into profits and since no adequate statistics are available of the amounts so
brought to account, it has seemed better to revert to the procedure of Cmd. 6x6i and make no
adjustment for either contingency. It follows
that the resulting figure for disinvestment relates to the money value of stocks as reckoned
in the calculation of profits. Thus, in so far
as rising prices offset, in terms of value, a decline
FEDERAL RESERVE BULLETIN
BRITISH WHITE PAPER ON WAR FINANCE
in quantity, there is no apparent disinvestment
in terms of money, in spite of the real disinvestment which has occurred. The effect of the
rising prices at which stocks are taken into profits should be apparent both in an increased level
of profits before tax and in a decreased residual
figure for disinvestment, etc.
It is believed that the revised figures show
more accurately the effect of both these
influences.
TABLE I
ESTIMATES OF NET NATIONAL INCOME AND EXPENDITURE IN 1938, 1940, 1941, AND 1942
[In millions of pounds]
1938
1940
1941
1942
1938
1. Rent of land and buildings.
381
2. Profits and interest
1,241
3. Salaries, and the pay and allowances
(in cash and kind) of officers in
H.M. Forces and
Auxiliary
Services
1,081
4. Wages, and the pay and allowances
(in cash and kind) of other ranks
in H.M. Forces and Auxiliary
Services...„„.,.,
,, , 1,787
389
1,624
385
1,926
384
2,183
1,288
1,338
1,408
2,425
2.970
3,409
6. Personal expenditure on consump4,035
tion at market prices
7. Expenditure at home and abroad,
by public authorities, on goods
845
and services at market prices
8. Private net investment at home and
287
war losses made good
9. Private and government net invest-55
ment abroad
......
15
10. Subsidies
5. Net national income, . .
4,490
5,726
6,619
7,384
NOTES
1. This item represents the income from the ownership
of lands, houses, etc., after allowance has been made for maintenance and repair. It includes incomes from these sources
below the effective income tax exemption limit and also
when received by nonprofit-making bodies, e.g. charities,
colleges, etc.
2. Aggregate profits here are net, i.e. after current business
losses have been deducted. Also, as before, this item excludes interest on the national debt and income due to
foreigners, but includes miscellaneous government income
(such as trading profits and certain receipts from abroad).
The item includes income from profit and interest received
by persons below the income tax exemption limit or by nonprofit-making bodies and also incomes below the income tax
exemption limit belonging to persons working on their own
account. As explained in section G, the allowance for the
year 1938 in respect of sums used to write down stocks has
not been continued.
3. This item includes: (V) the untaxed allowances whether
in money or in kind (food, clothing, etc.) received by officers
in H. M. Forces and Auxiliary Services, (Jf) the whole of the
earnings of shop assistants, ( 0 small salaries below the
income tax exemption limit.
4. An allowance for income received in kind (food, clothing, etc.') by, e.g. other ranks in H. M. Forces and Auxiliary
Services and domestic servants, has been added to their cash
income and allowances. The estimate of personal expenditure on consumption at market prices (item 6) includes a
similar allowance.
5. This item is the sum of items 1 to 4 and is an estimate
of the incomes received by factors of production in, or only
temporarily absent from, the United Kingdom in the course
of producing the current output of goods and services of all
kinds. These incomes are "before tax," since all taxes, direct and indirect, falling on these incomes, whether paid
AUGUST 1943
Less
11. Indirect taxes and rates specifically
on consumption
12. Other indirect taxes, rates, etc
13. War risks insurance premiums.,
14. Net national expenditure. .
1940
1941
1942
4,282
4,509
4,800
3,059
4,194
4,608
(-22) (-200) (-173)
-756
70
-797
142
-632
150
-431
-206
-578
-205
-124
-770
-220
-239
-931
-239
-199
4,490
5,726
6,619
7,384
directly by individuals (including nonprofit-making bodies)
or through businesses or public authorities, will be paid
out of them. The item is "net" in the sense that the sums
shown in items 1 and 2 exclude that part of gross receipts
which is set aside in the calculation of net rent and profit
for the maintenance and repair or replacement of all existing
capital equipment (such as houses, machinery, or stocks)
which is being currently worn out or used up.
6. This item shows the money value of all consumption
goods and services either bought by individuals and nonprofit-making bodies or received by them as income in kind.
The figures shown here are therefore at prices which include
indirect taxes, rates, etc., and war risks insurance premiums,
which appear in the market price of these goods and services.
They exclude costs which, being met by government subsidies, do not enter into market prices.
7. This item excludes expenditure by public authorities
which does not arise from a direct demand for goods and
services. Thus it excludes (i) transfer payments, (ii) claims
paid in respect of war losses, (iii) loan repayments, payments
to sinking funds, etc., (iv) subsidies. Further, Post Office
expenditure and the expenditure of local authorities on
housing and trading services are excluded. Thus, (a) Post
Office new capital and expenditure is included in net investment at home (item 8), (£) personal expenditure on postal
services appears in personal expenditure on consumption
(item 6), and (c) business expenditure on these services is
included as a cost of production in the price of the other
goods and services enumerated in items 6, 7, and 8.
Lend-Lease assistance and expenditure equivalent to the
Canadian contribution are excluded from this item. Thus,,
in so far as goods have been received under Lend-Lease or
have been paid for out of the Canadian contribution, this
series is not a consistent measure of the value of the total
amount of goods and services currently at the disposal of
public authorities, since it includes overseas resources obtained by borrowing or disinvestment, but not those ob~
735
BRITISH WHITE PAPER ON WAR FINANCE
taincd under Lend-Lease provisions or as a result of the Canadian contribution.
8. This item is composed of (a) gross expenditure on fixed
capital and its upkeep, i.e. new investment, and replacement
and repairs (whether normal or resulting from war damage)
actually made good, provided that it is financed privately
or forms part of the capital expenditure of the Post Office
or the housing and trading services of local authorities,
minus (F) sinking funds and depreciation allowances which
have been set aside in the calculation of rent and profits in
items 1 and 2, minus (c)receipts from the sale to public authorities of existing privately-owned capital assets, such as land,
buildings, or stocks, plus (j£) the increase in stocks, excluding
(i) below, held under private finance (as valued for the calculation of profits in item 2), plus (<?) stocks replaced to make
good war losses, plus ( / ) expenses connected with the investment of savings, such as certain legal costs and stamp duties
incurred in the transfer of property, which do not enter into
the market value of other goods and services. The figure
for 1938 is affected, as compared with the estimate given in
Cmd. 6347, by the change in the basis of the valuation of
stocks referred to in the note to item 2 above.
It has been impossible to make a direct estimate of the
constituents of this item for the war years. The figures in
brackets have been obtained by subtracting the sum of items
6, 7, 9, 10, 11, 12, and 13 from item 5 and are therefore dependent on the accuracy of these estimates.
9. This item is an estimate of the net increase (or, when
negative, decrease) in the overseas assets of the United Kingdom and is equal to the United Kingdom balance of payments
on current account. Any liability incurred as a result of
Lend-Lease assistance is not taken into account in this item
.736
just as the value of the goods and services received in this
way is not included in item 7 above.
10. This item is restricted to the following classes of
payments made by the central government to meet the costs
of goods and services bought by the public: (i) agricultural
subsidies such as the beet sugar subsidy, milk subsidy, wheat
deficiency payments, and grants in respect of fertilizers,
grassland ploughing, and field drainage, (ii) losses incurred
on the commercial accounts of the Ministry of Food and the
Ministry of War Transport, and (iii) a subsidy on coal paid
by the Ministry of Fuel and Power. This item is included
here since it represents payments in respect of costs not
appearing in the market value of goods and services.
11. This and the two items following require to be deducted from the sum of items 6 to 9 (wThich equals the net
national income at market prices) since they appear in market
prices but do not appear in any of items 1 to 4. The item
includes (i) certain customs and excise duties and (ii) local
rates on dwelling houses, etc.
12. This item includes (i) compulsory contributions of
employers to social insurance, (ii) motor vehicle duties on
vehicles owned by businesses, (iii) stamp duties other than
those on the transfer of property, and (iv) customs and excise duties and local rates not included in item 11 above.
13. This item shows the premiums paid under the commodities and marine war risks insurance schemes, but not
contributions and premiums under the War Damage Act,
which are treated like direct taxes.
14. This item is the sum of items 6 to 13 and is an estimate
of expenditure on the factors of production in, or only temporarily absent from, the United Kingdom. It is, therefore,
by definition equal to item 5.
FEDERAL RESERVE BULLETIN
BRITISH WHITE PAPER ON WAR FINANCE
TABLE II
ESTIMATE OF PRIVATE INCOME AND OUTLAY IN 1938, 1940, 1941, AND 1942
[In millions of pounds]
Personal Income
1938
15. Rent of land and buildings, profits
and interest (including National
Debt interest and interest accrued
on National Savings Certificates)
received by persons
1,515
L6. Salaries, and the pay and allowances
(in cash and kind), of officers in
H.M. Forces and Auxiliary
Services
1,081
17. Wages, and the pay and allowances
(in cash and kind) of other ranks
in H.M. Forces and Auxiliary
Services
1,787
131
18. Pension payments
:...
19. Payments in respect of unemploy112
ment and the relief of poverty . ..
35
20. Health payments
21. Other transfer payments..
22. Personal income before t a x . . . . . . . . . 4,661
1940
1941
1942
1,648
1,650
1,288
1 338 1,408
2,425
2,970
3,409
64
35
15
30
33
29
18
39
11
5,626
6,228
6,896
151
1,811
178
200
1938
1940
1941
1942
23. Personal expenditure on consumption adjusted for subsidies and
specific indirect taxes, rates, etc.. 3,619 3,774 3,881 4,019
24. Excess of indirect taxes and rates
specifically on consumption over
416
508
628
781
subsidies
25. Direct tax payments other than
death duties, etc., and War
Damage Act contributions and
premiums met out of personal
385
537
715
825
income
26. Death duties and stamps on the
90
85
94
100
transfer of property
27. Excess of direct tax liabilities on
17
94
206
280
personal income over payments...
28. Net personal savings after setting
aside the excess of direct tax
(134)
(628)
(704)
(891)
liabilities over payments
29. Personal outlay
4,661
5,626
6,228
6,896
15
68
231
348
62
104
191
254
12
183
233
148
Impersonal Income
30. I m p e r s o n a l i n c o m e before
31. Impersonal income before
tax,,,,..
tax......
259
259
530 |
53(1
835
835
940
940
32. National Defence Contribution and
Excess Profits Tax payments
33. Other direct tax payments including
War Damage Act contributions
and premiums met out of impersonal income
34. Excess of direct tax liabilities on
impersonal income over payments
35. Net impersonal savings after setting
aside the excess of direct tax
liabilities over payments
170
175
180
190
36 Impersonal outlay
259
530
835
940
4,920
6,156
7,063
7,836
Private Income
37. Private income before tax (sum of
items 22 and 31)
4,920
6,156
7,063
7,836
NOTES
15. This item is composed of items 1 and 2 of Table I plus
National Debt interest received by the private sector of the
economy and accrued interest on National Savings Certificates less impersonal private income less miscellaneous income from public property, etc. (see item 81 of Table IV).
16 and 17. The same as items 3 and 4 respectively of
Table I.
18. This item is composed of noncontributory and contributory old age pensions, other contributory pensions,
supplementary pensions, and cash payments in respect of war
pensions and service grants.
19. This item is composed of unemployment insurance
benefits, unemployment allowances, and outdoor relief paid
by local authorities.
20. Cash and medical benefits under the National Health
Insurance Scheme.
21. Certain transfer payments, e.g. billeting allowances,
arising out of the war.
The sum of items 18 to 21 plus the National Debt interest
and interest accrued on National Savings Certificates, included in item 15 above, is equal to the total of transfer payments shown in item 101 of Table IV.
AUGUST 1943
38. Private outlay (sum of items 29 and
36)
22. This item is the sum of items 15 to 21 and shows the
total of disposable money income received by persons (including nonprofit-making bodies).
23. This item is equal to item 6 of Table I less item 24 of
Table II.
24. Numerically equal to item 11 of Table I less item 10 of
Table I.
25. This item includes payments of (i) income tax (other
than that paid by businesses in respect of business savings),
(ii) surtax, (iii) employees' contributions to social insurance, (iv) War Damage Act contributions and premiums,,
met out of personal income, (v) motor vehicle duties on vehicles owned by persons.
26. Together with item 25 makes up the total of direcr
tax, etc., payments met out of personal income.
27. This item shows the excess of the liability for the
direct taxes included in items 25 and 26 accruing on current
income at current rates of taxation over current direct tax
payments. It relates particularly to income tax and surtax,
since in these cases liabilities in respect of current incomes
(payable in the future) differ considerably from current payments at times when money incomes or rates of taxation are
changing.
737
BRITISH W H I T E PAPER O N W A R
28. This item represents the excess of personal money income over outgoings for consumption and liability for taxes,
compulsory contributions, etc., including death duties. It
has been obtained throughout by subtracting the sum of
items 23 to 27 from item 22; it therefore depends on the
accuracy of these items.
29. This item is the sum of items 23 to 28, which show the
various ways in which personal money income is disposed
of. Current income may be either (a) spent on consumption, (F) paid away in taxes and the like, (c) set temporarily
aside against increased liabilities to tax, or Qf) added to past
savings. Since this list is exhaustive the item is by definition
equal to item 22.
30. This item is equal to that part of the net national income before tax (item 5 of Table I above) which is neither
paid out to persons (in which case it enters, together with
transfer payments, into item 22) nor accrues to public authorities as miscellaneous income from public property, trading,
etc.
31. See preceding note.
FINANCE
32. Equal to the total payments of National Defence Contribution and Excess Profits Tax.
33. This item is composed of other direct taxes such as
income tax and War Damage Act contributions and premiums met out of impersonal private income. Together
with items 25, 26, and 32, it is equal to item 73 of Table IV.
34. This item shows the excess of the liability for the
direct taxes included in items 32 and 33 accruing on current
income at current rates of taxation over the current payments of these taxes. As explained in the note to item 27,
accruals of this kind will be payable in the future in so far
as current payments are made in respect of assessments based
on the income earned in an earlier period.
35. An estimate of impersonal private savings and intended to include not only the net undistributed profits of
companies but also the savings held in the business accounts
of traders, farmers, and other individuals.
36. The sum of items 32 to 35 and by definition equal to
item 31.
37. The sum of items 22 and 31.
38. The sum of items 29 and 36.
TABLE III
CENTRAL GOVERNMENT EXPENDITURE AND THE SOURCES FROM WHICH IT WAS FINANCED
IN 1938, 1940, 1941, A N D 1942
[In millions of pounds]
39. Central government revenue
1938
1940
1941
1942
891
1,259
1,828
2,343
49. Central government revenue
50.
51.
52.
53.
40. Net personal savings including
allowance for accrued taxes
151
41. Undistributed profits after payment
of taxes and War Damage Act
contributions and premiums but
including allowance for accrued
taxes
182
42. Surplus on extra-budgetary funds...
22
43. Local authority surplus
7
44. Compensation received in respect
of claims under the marine and
commodities war risks insurance
schemes and the War Damage
Act
Less
45. Private net investment (or plus disinvestment) at home and war
losses made good
-287
46. Private and government net investment (or plus disinvestment)
abroad
,
55
722
910
1,171
358
148
38
413
154
66
338
151
80
36
248
215
22
200
173
797
632
756
1938
1940
1941
1942
891
1,259
1,828
2,343
Unemployment Fund
-1
National Health Funds
Local Loans Fund
'"—2
Other extra-budgetary receipts including war risks insurance and
certain War Damage Act receipts,
Exchange Equalisation Account,
and redutcion in Exchequer
balance
258
54. Reconstruction Finance Corporation
loan
55. Canadian Government interest-free
loan
t
56. Receipts from capital transactions
included in miscellaneous revenue,
and appropriations in aid arising
from capital transactions
5
Less
57. Sinking funds
-11
58. Other expenditure (net). . . .
4
59. Finance through government agencies
253
24
9
5
64
8
9
74
12
10
73
-47
60. Post Office and Trustee Savings
Banks
.
1
61. National Savings Certificates including increase in accrued interest...
3
62. Defence Bonds
"62"
63. Other public issues (net)
10
64. Increase in fiduciary issue
65. Increase in Treasury bills held outside government departments and
Bank Ways and Means
—199
66. Treasury deposit receipts. . . . . . . . .
67. Tax reserve certificates
515
87
4
157
10
10
iy
13
-13
-1
543
247
206
119
214
234
168
180
552
50
213
174
1,021
150
231
134
1,026
170
130
338
279
473
17
151
155
453
10
-12
-8
130
2,080
2,788
2,760
68. Public borrowing at home..
-123
1,537
2,541
2,554
48. Central government expenditure.... 1,021
3,339
4,616
5,103
69. Central government expenditure.... 1,021
3,339
4,616
5,103
47. Central government deficit
NOTES
39. This item, the sum of items 70, 74, and 78 of Table IV,
is composed of total ordinary revenue (including throughout
the period the receipts from wireless licences but excluding
receipts under the War Damage Act, which appear in extra-
738
budgetary funds, and the Canadian contribution) -plus receipts from classes which may be appropriated in aid of Votes
corresponding to gifts, taxes, and income from property,
less receipts from the Post Office Fund, which is treated as
an extra-budgetary fund, less Post Office Vote of Credit exFEDERAL RESERVE
BULLETIN
BRITISH WHITE PAPER ON WAR FINANCE
penditure (since the Post Office is treated as part of the
private sector of the economy; see note to item 7 of Table I),
less receipts from capital transactions included in miscellaneous revenue, which are properly regarded as a part of the
finance of the deficit, less transfers between public authorities
included in miscellaneous revenue, less departmental receipts
in excess of those appropriated in aid of Votes since these
appear in miscellaneous revenue and also, so far as they are
relevant, in receipts from classes which may be appropriated
in aid of Votes corresponding to gifts, taxes, and income
from property.
40. t h e sum of items 27 and 28 of Table II.
41. t h e sum of items 34 and 35 of Table II.
42. Item 83 of Table IV with its sign changed. The current account of extra-budgetary funds as a whole has show
an excess of income over expenditure.
43. Item 84 of Table IV with its sign changed. Sec note
to item 42 above.
44. Item 97 of Table IV. The whole of the compensation
received by claimants appears here as available to finance the
deficit, since allowance is made for outgoings on war losses
made good in item 45 below.
45 and 46. Items 8 and 9 respectively of Table I.
47. The sum of items 40 to 46, which show the economic
sources from which the central government deficit is financed,
and is the same as item 82 of Table IV.
48. The sum of items 39 and 47 of this table and the same
as item 86 of Table IV.
50, 51, and 52. Net increase in these funds available for
loan to the Exchequer.
53. The net increase in government securities held by other
extra-budgetary funds including the Exchange Equalisation
Account, certain receipts in respect of war risks insurance
and the War Damage Act, and the reduction in Exchequer
balance.
56. These items are included here since they appear in
central government expenditure but not in revenue.
58. This item includes net issues under various Acts, e.g.
North Atlantic Shipping Act, 1934, Tithe Act, 1936, AngloTurkish (Armaments Credit) Agreement Act, 1938, Overseas
Trade Guarantees Act, 1939.
59. The sum of items 50 to 58, and represents the total of
sums used to finance the central government deficit which is
received from government funds and similar sources as opposed to loans from the public.
60. The increase in investments from the net deposits in
the Post Office Savings Bank and Trustee Savings Bank.
61 and 62. The net receipts after deduction of repayments.
63. Receipts from public issues, e.g. National War Bonds
and Savings Bonds, and Other Debt (net) less securities redeemed, and excluding purchases of government securities
(war or pre-war issues) by public departments.
65. The increase in bills held by the market or by Empire
Funds and in Bank Ways and Means Advances.
66. Receipts less repayments.
68. The sum of items 60 to 67, showing the amount of
public borrowing at home. The sum of item 59, and this
item shows the financial sources from which the central
government deficit is financed, and is equal to item 47.
69. The sum of items 49, 59, and 68, and equal to item 48,
TABLE IV
THE INCOME, DEFICIT, AND EXPENDITURE OF PUBLIC AUTHORITIES IN 1938, 1940, 1941, AND 1942
[in millions of pounds]
Direct taxes, War Damage
contributions, etc.
70. Central g o v e r n m e n t . . . .
71. E x t r a - b u d g e t a r y funds.
72. Local authorities
1938
1940
1941
1942
497
55
734
60
1,089
142
1,390
137
552
794
1,231
1,527
1938
1940
1941
1942
Subsidies
90. Central government
91. E x t r a - b u d g e t a r y f u n d s . . . .
92. Local authorities
15
70
142
1;.~
93.
15
70
142
150
'36'
248
215
36
248
215
Act
•
73.
Total
Payments in respect of claims under the
marine and commodities war risks
insurance schemes and the War Damage
Act
ndirect taxes, rates, war risks insurance
premiums, etc.
74. Central government
75. E x t r a - b u d g e t a r y f u n d s . . .
....
76. Local authorities
372
54
211
502
182
223
705
304
220
883
Til
214
77.
637
907
1,229
1,369
22
23
26'
26
31
48
49
65
Total
Miscellaneous
income from
public
property, trading, etc.
78. Central government...
79. Extra-budgetary funds.
80. Local authorities.
81.
Total...
•
70
"'33'
103
Deficit
82. Central government
83. Extra-budgetary funds.
84. Local authorities
85.
Total..
Total
94. Central government
95. Extra-budgetary funds.. .
96. Local authorities
97.
Total..
Transfer payments
98. Central government
99. E x t r a - b u d g e t a r y f u n d s . . . .
100. Local authorities
318
137
23
343
117
19
394
101
14
441
103
11
101.
478
479
509
555
102. Central government
103. Extra-budgetary funds. . .
104. Local authorities
464
14
367
2,680
13
366
3,831
12
351
4.254
13
341
845
3,059
4,194
4,608
797
151
390
3,093
166
385
4,367
361
365
4,845
331
352
1,338
3,644
5,093
5,528
Total..
Expenditure
• 130
-22
-7
2,080
-148
-38
2,788
-154
-66
2,760
-151
-80
101
1,894
2,568
2,529
105.
on goods and services
Total..
86. Central government
87. Extra-budgetary funds..
88, Local authorities . .
1.021
87
230
3,339
94
211
4,616
292
185
5,103
258
167
Total expenditure, excluding transfers to
other authorities but including payments
out of transfers from other authorities
106. Central g o v e r n m e n t . . . .
107. E x t r a - b u d g e t a r y funds.
108. Local authorities
89.
1,338
3,644
5,093
5,528
109.
Income plus deficit
Total...
AUGUST
1943
Total
7^9
BRITISH WHITE PAPER ON WAR FINANCE
NOTES
This table is a combined statement of the income, deficit
and expenditure of public authorities in the United Kingdom.
Transfers between one public authority and another, such as
Exchequer grants to local authorities, are excluded from the
income of the receiving authority and from the expenditure of
the authority making the transfer. Thus, expenditure by
local authorities from Exchequer grants is attributed to local
authorities and not to the central government as in Cmd.
6347. Reimbursements to local authorities in respect of
expenditure incurred on behalf of the central government
have, as far as possible, been shown as expenditure of the
central government.
Expenditure on goods and services is here net in the sense
that it is after deduction of goods and services sold by public
authorities to the general public, which are included either in
personal expenditure on consumption or in private investment
at home.
70. Includes income tax, after allowance for the small
amount paid by public authorities in respect of their income
from property, surtax, other Inland Revenue duties, National
Defence Contribution, and Excess Profits Tax. In contrast
with the treatment adopted in Cmd. 6347 all War Damage
Act contributions and premiums are excluded from this item
and included in the following item. Certain appropriationsin-aid or receipts appearing in miscellaneous revenue which
correspond to gifts (e.g. sundry contributions towards the cost
of the war) or direct taxes are also included. The receipts
from wireless licences are here treated as direct taxes as also
are motor vehicle duties on vehicles owned by persons.
71. Composed of employees' contributions to social insurance and War Damage Act contributions and premiums.
74. Composed of customs and excise duties, motor vehicle
duties not included in item 70 above, stamp duties other than
those on the transfer of property and appropriations-in-aid
corresponding to indirect taxes.
75. Composed of employers' contributions to social insurance and premium payments under the commodities and
marine war risks insurance schemes.
76. Composed of local rates with the exception of water
rates, which are treated as current receipts from trading
services.
78. Post Office net receipt, receipt from Crown Lands and
from Sundry Loans, certain items appearing in miscellaneous
revenue, such as contributions towards the cost of the war
received from colonial governments and peoples, and certain
appropriations-in-aid, such as receipts under the Railway
Agreement. Interest on National Debt owned by public departments, etc., is excluded.
74°
80. An estimate of the profits from trading services and
corporation estates treated in such a way that (i) central
government grants to local authority trading services, but
not transfers from rate fund accounts in aid of deficiencies, and
(ii) contributions from local authority trading services to the
rate fund account are included.
82. The excess of central government expenditure over
revenue. The sources from which this deficit is financed are
set out in Table III.
83. This item shows the decumulation of the commodities
and marine war risks insurance schemes' monies, and of
monies held by funds such as the Unemployment and National
Health Insurance Funds, and in various accounts managed by
the National Debt Commissioners, etc.
84. In ascertaining this item, capital expenditure on
housing and trading services, which appears in private net
investment (item 8 of Table I), is excluded. Subject to this,
the item is a net figure representing the excess of capital expenditure over savings represented by debt repayments, undistributed profits of trading undertakings, etc.
86. The sum of items 70,74,78, and 82; items 87 and 88 arc
obtained similarly.
90. This item has been fully described in the note to item
10 of Table I.
95. The value of claims paid under the commodities and
marine war risks insurance schemes and the War Damage Act.
98. This item includes (i) National Debt interest paid to
persons and businesses, Qi) interest accrued on National
Savings Certificates, (iii) contributory and non-contributory
old age pensions, (iv) cash payments in respect of war pensions and service grants, (v) supplementary pensions, (vi)
unemployment allowances, (vii) billeting allowances.
99. Unemployment and National Health Insurance benefits
and contributory pensions.
100. Public assistance (out-relief) in money and kind.
103. This item is composed of fees paid to agents under
the war risks insurance schemes and War Damage Act and of
contributions towards administration costs made by the
Unemployment and National Health Insurance Funds, etc.
104. This item differs from the corresponding item in
Cmd. 6347 by the inclusion of expenditure out of net transfers
from other public authorities.
105. The same as item 7.
106. This item excludes net transfers made by the central
government to extra-budgetary funds and local authorities
which, in so far as they are spent, appear in items 107 and
108. It therefore differs from item 48 (which also appears
as items 69 and 86 and item (1) of section A above) which
includes such transfers.
FEDERAL RESERVE BULLETIN
CURRENT EVENTS
Admissions of State Banks to Membership in the
Federal Reserve System
The following State banks were admitted to
membership in the Federal Reserve System
during the period June 16, 1943 to July 15, 1943,
New York
Albany—Mechanics
Albany
and Farmers* Bank of
Ohio
Chardon—The Chardon Savings Bank Company
Michigan
Saline—The Saline Savings Bank
AUGUST 1943
Utah
Roosevelt—Roosevelt State Bank
741
NATIONAL SUMMARY OF BUSINESS CONDITIONS
Compiled July 20 and released for -publication July 24. Figures shown on
charts may differ from preliminary figures used in text.
Manufacturing activity was maintained at a
high level in June while mineral production declined, reflecting mainly reduced output of coal.
In the early part of July coal production was
resumed in large volume. The value of retail
trade continued large.
INDUSTRIAL PRODUCTION
The Board's seasonally adjusted index of total
industrial production declined slightly in June
from the high level of other recent months.
Activity continued to increase at plants producing war products in the chemical, rubber, and
transportation equipment industries. These increases were more than offset by a sharp drop in
coal production and a temporary reduction in
output of coke, pig iron,and steel.
Finished aircraft production, in terms of airframe weight, was 3 per cent higher in June than
in May. Delivery of supplies for the Army
ground forces rose 1 per cent over May.
Tonnage of cargo vessels delivered from merchant shipyards was not up to the record May
level; it was, however, higher than in any other
month.
In industries manufacturing nondurable goods
INDUSTRIAL PRODUCTION
POINTS
TSICAL VOLUME SEASONALLY ADJUSTED, I 9 3 S - 3 9 - I 0 0 F
PEK OEN
output as a whole showed little change from
May to June. Activity at cotton mills declined—consumption of 917,000 bales of cotton
was 50,000 less than in June 1942-.
Output at coal mines in June was 30 per cent
below May due to the work stoppages, but early
in July both anthracite and bituminous coal
production recovered to above the levels prevailing a year ago. Crude petroleum production
was maintained in June and moved upward in
July partly in anticipation of the completion
of the pipeline from Texas to the East Coast.
Lake shipments of iron ore in June were 6 per
cent below the same month last year due to
unfavorable weather conditions.
The volume of construction contracts awarded
in June was about the same as in May. The
value of awards in June was at the lowest level
for this month since 1936, according to the
F. W. Dodge Corporation.
DISTRIBUTION
Value of consumer nondurable goods sold at
retail was in near-record volume in June and the
early part of July, while sales of durable goods,
many of which are becoming increasingly scarce,
were generally below previous peak levels.
MEMBER BANK RESERVES AND RELATED ITEMS
IN
100
220
-
1
200
180
TOTALj
160
140
A
120
100
7
J
J
NONDURABLE
MANUFACTURES
80
>
'y
40
OTHER D U R A B L E - ^ - —
X/.^'MACHINERY a
psf^*TRAIu«;pnRT :QUIP
-
20
V
MINERALS
rv
BO
1939
1941
1943
1939
1941
1943
Federal Reserve indexes. Groups are expressed in terms of points
in the total index. Monthly figures, latest shown are for June.
742
TREASURY DEPOSITS
1938
1939
1940
1941
1942
Wednesday figures, latest shown are for July 21.
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
Car loadings of revenue freight declined in
June, reflecting the drop in coal shipments.
Loadings of grain showed the usual increase at
this season and the movement of most other
commodities was maintained in large volume.
BANK CREDIT
During June and the first three weeks of July
there was an increase of about 1.4 billion dollars
in Reserve Bank holdings of United States Government securities. Continued currency outflow, and increase in required reserves due to the
COMMODITY PRICES
growth of deposits, were reflected in the inWholesale prices of most commodities showed
little change in the early part of July, following creased demand for Reserve Bank credit. The
a decline during June of i per cent in the general expansion in Reserve Bank credit was in the
index. This decline reflected chiefly reductions form of Treasury bills sold by member banks to
ordered in maximum prices of butter and meat the Federal Reserve Banks under options to reand seasonal decreases in prices of fresh fruits purchase. Holdings of bills showed wide fluctuations during the period as member banks
and vegetables.
adjusted their reserve positions through sales
AGRICULTURE
and repurchases. A large part of the Treasury
Aggregate crop production this year is ex- bills came from New York City banks where
pected to be 10 per cent smaller than last year excess reserves continued to be low. Tot a]
but 5 per cent above the average of the preceding loans and investments of New York City banks
5 years, according to the July i official report. have declined recently. Other reporting memOf the major crops, production prospects for ber banks have shown a continued growth in
grains are the lowest compared with last season, deposits and U. S. Government securities.
while there are indications of considerably larger
The quarterly report of customer rates at
harvests for dry beans and peas, flaxseed, and commercial banks for the middle of June showed
potatoes. Output of livestock products has a further rise in rates charged on loans by large
continued in larger volume than a year ago.
banks throughout the country.
CONSTRUCTION CONTRACTS AWARDED
F. W. Dodge data for 37 Eastern States, total includes State and
local Government and private nonresidential building not shown separately. Monthly figures, latest shown are for June.
AUGUST 1943
MEMBER BANK RESERVES
Breakdown between required and excess reserves partly estimated.
Wednesday figures, latest shown are for July 21.
743
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
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 war production loans
Deposits and reserves of member banks.
Money in circulation
Gold stock; Postal Savings System; bank suspensions; bank debits..
All banks in the United States, number, deposits, loans and investments
Condition of all member banks..
Weekly reporting member banks
Commercial paper, bankers' acceptances, and brokers' balances..,
Money rates and bond y i e l d s . . . . . .
Security markets. .
Corporate profits..
Treasury
finance
Government corporations and credit agencies..
Business indexes
Department store statistics..
Consumer credit statistics..
Wholesale prices
Employment in nonagricultural establishments.
July crop report, by Federal Reserve districts. .
Current statistics for Federal Reserve chart book
..
Earnings and expenses of Federal Reserve Banks for six month period ended June 30, 1943 . .
747
748
749~753
753
754
755
756
757
758—759
760-763
764
765
766-767
768
769-771
771
773~78i
78Z-783
784-785
786
787
787
788-789
790
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 or 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 gola stock, money in circulation, Treasury finance, and operations of Government
credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned;
data on money and security markets and commodity prices and other series on business activity are obtained largely from other sources. Back figures may in most cases be obtained from earlier BULLETINS
and from Annual Reports of the Board of Governors for 1937 and earlier years.
AUGUST 1943
745
MEMBER BANK RESERVES AND RELATED ITEMS
BILLIONS OF DOLLARS
WEDNESDAY FIGURES
BILLIONS OF DOLLARS
24
24
TREASURY CASH AND DEPOSITS
RESERVE BANK CREDIT
16
16
12
12
1937
746
1938
1939
1940
1941
Latestfiguresfor July 21. See p. 747.
1942
1943
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
discounted
Total
Treasury
bills
and
Gold
stock
All
other*
Total
All
other
Treasury
currency
outstanding
Money
in circulation
Treasury deTreas- posits
ury
with
cash
Federal
holdReings
serve
Banks
Nonmember deposits
Other
Federal
Reserve
accounts
Member
bank reserve
balances
Total
Excess2
:ertificates
Monthly averages of
daily figures:
1942—Apr
May
June
1943—Apr
May
June
2,275
2,457
2,580
6,372
6,276
6,631
29
161
259
3,346
3,299
4,135
2,246
2,297
2,321
3,026
2,977
2,496
151
150
176
373
387
425
2,432
2,614
2,761
6,758
6,681
7,070
22,679
22,706
22,725
22,511
22,451
22,406
3,281
3,296
3,310
4,002
4,041
4,078
11,645
11,898
12,213
16,448
16,815
17,217
2,178
2,191
2,192
2,231
2,252
2,271
End of month figures:
1942—Apr. 30
May 30
June 30
1943—Apr. 30
May 31
June 30
2,357
2,489
2,645
6,455
6,222
7,202
91
183
310
3,427
3,541
4,907
2,265
2,306
2,336
3,028
2,681
2,295
105
138
126
378
394
369
2,468
2,634
2,775
6,846
6,647
7,576
22,691
22,714
22,737
22,473
22,426
22,388
3,289
3,305
3,313
4,012
4,069
4,077
11,767
12,074
12,383
16,660
17,114
17,421
2,182
2,192
2,187
2,235
2,257
2,268
3,388
3,502
3,573
3,395
3,567
996
1,100
1,212
1,025
1,161
2,392
2,403
2,361
2,370
2,407
144
274
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
485
661
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
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
Wednesday figures:
1942—Sept. 2
Sept. 9
Sept. 16
Sept. 23
Sept. 30
Oct.
Oct.
Oct.
Oct.
7
14......
21
28
9
13
10
9
188
178
199
197
317
1,428
1,407
1,334
1,296
1,336
1,301
295
294
297
303
312
326
12,649
12,510
12,624
12,717
12,024
12,293
2,951
2,667
2,704
1,949
1,730
1,461
1,345
1,429
1,362
1,369
1,366
1,483
295
293
297
306
313
328
12,658
12,405
12,305
12,204
12,031
12,085
2,791
2,486
2,362
2,315
1,728
1,212
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
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
136
276
433
148
201
261
290
557
62
455
146
214
6
127
3,784
4,042
4,494
4,578
Nov.
Nov.
Nov.
Nov.
4
11
18
25
11
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
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.
Jan.
Jan.
Jan.
6
13
20
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
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
3,885
3,915
3,925
15,666
15,798
15,845
15,952
2,200
2,209
2,221
2,223
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.
Mar.
3
10
17
24......
31
12
9
10
10
13
5,800
6,090
6,266
5,950
5,919
2,287
2,747
3,102
2,883
2,936
3,513
3,343
3,165
3,067
2,983
319
291
422
320
260
6,130
6,390
6,699
6,280
6,191
22,643
22,644
22,610
22,595
22,576
3,953
3,971
3,979
3,984
3,989
16,154
16,205
16,115
16,065
16,250
2,212
2,218
2,224
2,218
2,224
1,141
1,179
1,129
1,185
1,166
271
276
297
301
303
12,935
13,122
13,516
13,084
12,759
1,786
1,877
2,126
1,632
1,518
Apr.
Apr.
Apr.
Apr.
7
14
21
28......
13
12
11
26
6,549
6,705
6,329
6,347
3,516
3,660
3,302
3,320
3,033
3,045
3,027
3,027
286
387
283
6,848
7,104
6,715
6,655
22,541
22,501
22,482
22,472
3,994
4,002
4,008
4,009
16,353
16,424
16,500
16,593
2,229
2,235
2,236
2,234
443
1,175
1,376
1,372
1,410
302
300
307
307
13,110
13,144
12,318
12,149
1,976
2,147
2,293
2,224
May
May
May
May
5
12
19
26
15
25
10
21
6,531
6,172
6,038
6,181
3,617
3,341
3,260
3,463
2,914
2,831
2,778
2.717
304
328
386
291
6,850
6,526
6,434
6,493
22,473
22,454
22,455
22,425
4,014
4,033
4,051
4,072
16,683
16,741
16,795
16,902
2,245
2,252
2,264
2,267
722
630
379
345
1,468
1,272
1,307
1,323
310
312
313
314
11,909
11,805
11,882
11,838
2.128
1,733
1,638
1,498
June
June
June
June
June
2
9
16
23
30
21
13
11
19
5
6,217
6,636
6,626
6,748
7,202
3,539
3,995
4,218
4,393
4,907
2,677
2,641
2,408
2,355
2,295
297
349
451
6,535
6,998
7,088
7,194
7,576
22,427
22,407
22,407
22,387
22,388
4,075
4,078
4,080
4,079
4,077
17,196
17,237
17,189
17,154
17,421
2,272
2,277
2,278
2,268
2,268
6
1,192
1,312
1,258
1,386
1,483
315
316
332
335
328
12,057
12,165
12,511
12,223
12,085
1,634
1,514
1,632
1,299
1,212
July 7
July 14
July 21
34
10
9
7,676
7,645
7,577
5,448
5,419
5,378
2,228 | 407
2,226 j 495
2,199 ! 447
5,117 I 22,388
5,150 I 22,362
5,033 ! 22,347
4,085
4,086
4,084
17,607
17,658
17,706
2,278
2,267
2,271
1,492
1,466
1,544
332
331
331
12,108
12,260
12,319
1,229
1,310
1,188
11
7
9
375
427
369
393
123
60
13
497
811
273
329
374
122
49
280
188
258
14
5
6
6
55
213
128
471
175
6
294
455
773
616
293
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.
AUGUST 1943
747
FEDERAL RESERVE BANK DISCOUNT RATES
'In effect July 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)
Rate
Boston
..............
New York
Philadelphia....
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas.. m
San Francisco.
..
Effective
Effective
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Advances to individuals, partnerships,
or corporations other than member banks
secured by direct obligations of the U. S.
(last par. Sec. 13)
Advances secured by
Government obligations
maturing or callable
beyond one year and Other secured advances
[Sec. 10(b)]
discounts of and
advances secured by
eligible paper 1
(Sees. 13 and 13a)
27, 1942
30, 1942
17, 1942
27, 1942
28, 1942
15, 1942
17, 1942
27, 1942
30, 1942
27, 1942
17, 1942
28, 1942
Sept.
Aug.
Mar.
Apr.
Mar.
Mar.
Feb.
Mar.
Mar.
Apr.
Mar.
Apr.
Rate
i Rate
Effective
Oct.
Oct.
Oct.
Sept.
Oct.
Oct.
Aug.
Mar.
Oct.
Oct.
Oct.
Oct.
1, 1939
25, 1939
21, 1942
11, 1942
14, 1942
21, 1942
28, 1942
14, 1942
28, 1942
11, 1942
21, 1942
4, 1942
27,
30,
17,
12,
28,
15,
29,
14,
30,
27,
17,
28,
To nonmember banks !
Effective
Sept. 1,
Aug. 25,
Mar. 21,
Apr. 11,
Mar. 14,
Sept. 16,
Sept. 1,
Sept. 16,
Mar. 28,
Sept. 16,
Sept. 16,
Apr. 4,
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
To others
Rate
1939
1939
1942
1942
1942
1939
1939
1939
1942
1939
1939
1942
2
2H
2
2
2Vz
2
2
2
2
2
Effective
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
27, 1942
30, 1942
17, 1942
27, 1942
28, 1942
15, 1942
17, 1942
27, 1942
30, 1942
27, 1942
17, 1942
28, 1942
mediate Credit Banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act
(except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months respectively);
and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or corporations made under the last
paragraph of Section 13 is 90 days.
FEDERAL RESERVE BANK BUYING RATESION BILLS
[Per cent per annum ]
Rate on
July 31
Maturity
Treasury bills1
Bankers' acceptances :2
1- 90 days
91-120 days
121-180 days...
In effect beginning—
Previous
rate
FEDERAL RESERVE BANK RATES O N INDUSTRIAL AD.
VANCES AND COMMITMENTS UNDER SECTION 13b
OF THE FEDERAL RESERVE ACT
Maturities not exceeding five years
[In effect July 31. Per cent per annum]
To industrial or
commercial
businesses
Apr. 30, 1942
Oct. 20, 1933
do
do
1
1
1
Established rate at which Federal Reserve Banks stand ready to buy
all2 Treasury bills offered.
Minimum buying rates on prime bankers' acceptances.
Federal Reserve
Bank
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Net demand deposits1
Central
reserve
city
banks
June 21, 1917-Aug. 15, 1936
Aug. 16, 1936-Feb. 28, 1937
Mar. 1, 1937-Apr. 30, 1937
May 1, 1937-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.
13
19^
22^
26
22%
26
24
22
20
Reserve Country
city
banks
banks
10
15
17^
20
17H
20
20
20
20
Time
deposits
(all
member
banks)
7
10K
UK
MARGIN REQUIREMENTS 1
[ 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...,
Apr. 1,
1936- Effective
Oct. 31, Nov. 1,
1937
1937
55
J2)
3
55
40
50
40
l Regulations T and 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. •
Requirement under Regulation T was the margin "customarily required" by the broker. 3 Regulation U became effective May 1, 1936.
NOTE.—Regulations T and U also provide special margin requirements on
"omnibus" accounts and loans to brokers and dealers.
748
On
On
On
On comcommitportion
advances1
ments for which On re- mitments
maining
instituportion
tion is
obligated
(3)
8
(3)
Richmond.........
Atlanta
Chicago
St. Louis
8
2H
2H-5
2H-5
V2-VA
V2-VA
X
V\ A
1
2
3
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.
Prescribed by Board of Governors of the Federal
Reserve System in accordance with Securities
Exchange Act of 1934
Discounts or
purchases
Boston
........
New York
Philadelphia
Cleveland
Minneapolis
Kansas City
D a l l a s . . .#
San Francisco
14
12
14
14
14
14
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 financir g institution, if
lower.
5
Financing institution is charged M per cent on undisbursed portion of
loan under commitment.
MAXIMUM RATES O N TIME : DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q
[Per cent per annum ]
Nov. 1,1933Jan.31,1935
Savings deposits
Postal savings deposits...
Other deposits payable:
In 6 months or more
In 90 days to 6 months.
In less than 90 days
Feb. 1,1935Dec. 31,1935
Effective
Jan. 1,1936
IY2
2H
2Y2
2H
Y2
V/2
NOTE.—Maximum rates that may be paid by insured nonmember banks
as established by the F. D. I. C , effective Feb. 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
1943
1943
July 21
July 14
July 7
June 30
June 16
June 23
June 2
June 9
June
1942
May
June
Assets
Gold certificates on hand and
1,189,014 20,191,816 20,212,817 20,170,716 20,209,415 20, 550,625
,171,
20,130,216 20,145,717 20,167, 716 20,170,716 20.
due from U. S. Treasury
51,308
51,556
54,760
53,673
52,428
55,110
53,251
Redemption fund—F.R. notes..
53,673
55,185
51,557
15,222
349,591
343,088
357,587 383,774
353,638
354,1
Other cash
366,705
342,328
353,078
357,587
263,756
Total reserves
20,536,282 20,554,907 20,565,229 20,581,976 20,610,249 20,608,970 20,592,715 20,607,461 20,581,976 20,614,050 20,829,603
Bills discounted:
For member banks
For nonmember banks, etc....
8,771
....50
10,222
.....50
33,632
Total bills discounted...
8,821
10,272
12,934
Industrial advances
.
U.S. Government securities:
Direct:
Bonds
Notes
Certificates:
Special series.......
Other
Bills:
Under repurchase option
Other
.
Guaranteed
10,798
12,873
21,178
18,938
10,798
12,873
12,690
12,947
13,316
4,990
18,938
33,632
4,990
12,597
12,676
1,792
1,500
4,990
30,718
21,178
4,990
30,718
3,292
12,999
12,676
13,010
10,473
1,444,732 1,450,132 1,452,132 1,467,732 1,493,132 1,530,332 1,680,432 1,706,632 1,467,732 1,708,132 1,616,631
773,900 808,400 824,100 907,200 917,200
720,900 .721,900 721,900
773,900
918,800
714,100
659,000
1,091,700 1,091,700 1,091,700 1,091,700 1,098,200 1,099,200 1,099,200 1,099,200 1,091,700 1,099,200
66,252
3.245,025 3,355,660 3,426,407 2,809,728 2,213,012 1,500,010 1,836,104 1,433,722 2,809,728 1,530,645
971,658 930,490 1.005,507 1,081,767 960,048 1,059,263 1,006,213 1,005,507
1,041,510
911,353
53,616
53.616
53,616
53,616
53,616
33,116
53,616
53,616
53,616
53,616
243,475
4,775
Total U.S. Goyernment
securities, direct and
guaranteed
7,576,983 7,644.666 7,676,245 7,202,183 6,748,127 6,626,306 6,635,815 6.216,583 7,202,183 6,221,746 2,645,233
Other Reserve Bank credit outstanding
482,444
336,036 283,907
355,923 381,217
394,212 355,923 413,951
438,107
434,034
115,654
Total Reserve Bank
credit outstanding. . 8,032,526 8,150,316 8,116,686 7,575,772 7,193,706 7,088,158 6,998,040 6,534,667 7,575,772 6,646,691 2,774,652
Liabilities
F.R. notes in actual circulation. 14,144,661 14.094,445 14,034,488 13,872,422 13,634,794 13,656,314 13,679,669 13,622,833 13,872,422 13,539,465 9,376,313
Deposits:
Member bank—reserve account
12,318,904 12,259,841 12,107,503 12,084,540 12,223,242 12,511,446 12,165,037 12,056,525 12,084,540 12,031,166 12,305,385
U. S. Treasurer—general
account
293,726
455,178
772,743
615,927
293,176
455,178
6,120
175,329
5,997
61,523
289,960
Foreign
1,149,948 1,094,07. 1,134,623 1,114,099 1,081,567 1,030,807 1,015,177 967.582 1,114,099
961,761
901,639
Other deposits
296,684 224,429
371,560 357,848 368,480 304,590
394,301
368,480
404,132
460,345
226,880
Total deposits..
14,156,329 14,341,401 14,372,717 14,022,297 13,903,125 13,775,130 13,652,227 13,254,656 14,022,297 13,458,582 13,957,329
Ratio of total reserves to deposit and F.R. note liabilities
combined (per cent).... .
74.8
73.8
76.7
76.4
89.3
MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
Total
Within
15 days
16 to 30
days
31 to 60
days
61 to 90
days
91 days
to 6
months
6 months
to
1 year
lyear
to
2 years
2 years
to
5 years
Bills discounted:
June 23
June 30
July 7
July 14
July 21.
18,938
4,990
33,632
10,272
8,821
17,923
4,290
29,402
7,402
7,851
190
150
1,700
2,200
150
325
350
300
340
490
500
200
2,230
330
330
Industrial advances:
June 23
June 30
July 7,
July 14
July 21
12,690
12,676
12,597
12,934
12,688
10,315
10,339
10,149
10,577
10,893
31
34
563
531
15
582
575
360
447
376
426
420
204
123
176
231
244
604
599
509
584
574
234
192
251
386
359
353
335
337
135
131
130
130
131
6,748,127
7,202,183
7,676,245
7,644,666
7,576,983
630,581
769,884
522,523
567,115
899,609
465,573
422,260
973,928
829,383
555,147
1,268,707
1,479,521
1,351,544
1,432,075
1,439,709
,094,659
,309,440
,630,084
,700,682
,782,120
921,859
920,730
965,418
884,663
676,050
433,100
426,600
426,600
426,600
426,600
240,600
239,600
239,600
239,600
239,600
785,171
751,671
699,671
699,671
698.671
U. S. Government securities, direct
and guaranteed:
June 23
June 30
July 7..
July 14
July 21.
AUGUST
1943
Over
5 years
907,877
882,477
866,877
864,877
859,477
749
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total
Philadelphia
Cleveland
,238, 326 5,,521,723
1,265, 414 5 ,178,753
1,278, 760 5 ,156,304
1,266,664 5,020,565
1,243,973 5,100,"""
212
1,234,174
1,249,205
1,237,140
1,238,822
1,259,524
1,891,128
1,893,693
1,814,322
1,824,528
1,860,169
Boston
New
York
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Assets
Gold certificates on hand
and due from U, S.
Treasury:
June 2 3 . . . . . . . . . . . . . .
June 30
July 7 . . . .
July 1 4 . . . . . . . .
July 2 1 . . . . . . . .
20,171,715
20,170,716
20,167,71
20,145,717
20,130,216
Redemption Fund—
Federal Reserve Notes:
June 23
.
.
June 30
July 7 . . . . ,
July 14..
July 2 1 . . . . .
54,76C
53,673
55,185
55,110
52,428
5,666
5,605
5,536
5,442
5,367
1,443
1,215
1,974
1,632
1,366
5,777
5,637
5,509
6,327
6,218
433
354
273
1,146
1,062
8,013
7,202
8,498
7,635
7,014
4,452
4,390
4,315
4,201
4,123
560
1,478
1,397
1,241
1,172
383,77^
357,587
342,328
354,080
353,638
37,919
29,751
27,063
27,689
28,935
88,277
86,769
81,334
85,752
85,645
26,439
23,522
24,161
24,226
24,343
27,644
27,157
23,522
25,150
24,162
33,490
31,749
32,056
37,357
33,537
19,338
16,343
17,246
16,954
18,600
47,798
46,551
43,233
42,794
43,865
13,621 9,618
12,816 9,172
12,854 9,994
12,916 10,068
13,876 9,530
1,281,911 5,611,443 1,266,390 1,919,205 1,092,343 942. 777 3.,688,028
,266,73' 1,278,364 1,921,"""
204 1,139,916 982! 190 31,732,266
1,300,
1,311,359 5,239,612 1,266,810 1',838', 1171,158,201 1,010! 728 31,695,190
1,299,795 5,107,949 1,269,375 1,850,824 1,195,977 1,054, 509 3 ,759,033
1,278,275 5,187,223 1,290,085 1,885,393 1,158,499 977, 882 3!,778,972
612,558 461 ,366
598,602 496 ,141
691,879 515 ,627
717,061 504,130
717,408 486 ,349
Other cash:
June 2 3 . . . . .
June 3 0 . . . . .
July 7 . . . . .
July 1 4 . . . . .
July 2 1 . . . . .
Total reserves:
June 23
June 3 0 . . . . . . .
July 7 . . . . . . .
July 14....
July 21.,
20,610,24'
20,581,976
20,565,229
20,554,907
20,536,282
Bills discounted:
Secured by U . S . Government obligations,
direct and guararanteed:
June 2 3 . . . . . . . . . . .
June 3 0 . . . . . . .
July 7..
July 1 4 . . . . . . . . . . .
July 2 1 . . . . . . . . . . .
1,050,840 918,987 3,639,670
1,100,965 961,457 3,684,237
1,117,647 989, 167 3,650,560
1,150, 985 1,033,354 3,714,998
1,117,948 955, 159 3,733,935
578,312 451 ,505
565,:
,736
658,456 505 ,409
683,627 493 ,862
683,039 476!,629
20,625
20,596
20,569
20,518
20,493
243
233
224
200
190
Kansas
City
Dallas
San
Francisco
755,678 576,448 2,314,924
796,141 611,612 2,377,313
834, 668 607^599 2,317,684
826, 755 606,754 2,284,803
824,197 593,106 2,282,325
487
467
446
413
396
6,618
6,072
6,040
5,983
4,175
19,557 11,476
18,220 9,943
17,676 9,015
17,043 9,473
17,798 9,820
48,597
45,594
44,174
44,658
43,527
443
424
404
372
852
775,678 588,411 2,370,139
814,785 622,022 2,428,979
852, 748
~- 617,060 2,367,898
844, 170 616,640 2,335,444
842,847 603,322 2,330,027
18,938
4,990
33,632
10,272
8,821
1,180
3,135
1,222
532
1,216
8,543
1,350
27,650
3,490
3,215
245
75
2,580
2,380
80
50;
210
Total bills discounted:
June 2 3 . . . . . . . .
June 30
July 7 . . . . . . .
July 1 4 . . . . . .
July 2 1 . . . . . . . .
18,938
4,990
33,632
10,272
8,821
1,180
3,135
1,222
532
1,216
8,543
1,350
27,650
3,490
3,215
245
75
2,580
2,380
80
40
55
55
505
210
75
3,125
325
Industrial advances:
June 2 3 . . . . . . . . . .
June 3 0 . . . . . . . . . .
July 7
July 1 4 . . . . . . . . . .
July 2 1 . . . . . . . . . .
12,690
12,676
12,597
12,934
12,688
1,695
1,695
1,695
1,695
1,464
590
588
588
588
588
4,674
4,688
4,496
4,942
5,019
892
889
1,002
907
815
420
418
419
408
408
237
237
237
235
235
,523,748
,498,348
,482,748
,480,748
,475,348
111,055
109,186
120,298
120,029
119,477
374,697
366,569
252,958
254,127
254,819
114,528
112,309
122,772
122,584
122,113
145,878
143,316
175,251
174,745
173,818
96,142
94,931
97,470
97,201
96,697
78,720
77,839
88,044
87,708
87,155
201,136
198,599
206,126
205,540
204,461
72,651
71,510
47,617
47,745
47,778
45,449
44,676
50,726
50,603
50,360
72,811
71,593
73,286
73,167
72,876
60,857
59,905
75,771
75,500
75,046
149,824
147,915
172,429
171,799
170,748
831,400
796,900
744,900
744,900
723,400
60,595
58,071
60,435
60,382
58,582
204,445
194,961
127,081
127,840
124,944
62,490
59,731
61,678
61,667
59,875
79,595
76,223
88,042
87,906
85,227
52,458
50,489
48,967
48,897
47,413
42,952
41,399
44,231
44,122
42,734
109,746
105,625
103,553
103,398
100,253
39,640
38,033
23,922
24,019
23,427
24,798
23,761
25,484
25,456
24,693
39,728
38,077
36,817
36,807
35,733
33,205
31,861
38,066
37,981
36,797
81,748
78,669
86,624
86,425
83,722
1,098,200
1,091,700
1,091,700
1,091,700
1,091,700
80,039
79,555
88,572
88,491
88,407
270,052
267,085
186,247
187,360
188,557
82,542
81,829
90,391
90,375
90,357
105,135
104,418
129,031
128,833
128,621
69,295
69,168
71,763
71,662
71,554
56,736
56,714
64,823
64,663
64,491
144,964
144,698
151,762
151,536
151,290
52,362
52,103
35,060
35,202
35,352
32,758
32,552
37,350
37,309
37,263
52,475
52,162
53,960
53,941
53,928
43,860
43,647
55,787
55,666
55,532
107,982
107,769
126,954
126,662
126,348
2,213,012
2,809,728
3,426,407
3,355,660
3,245,025
18,445 1,374,918
47,591 1,744,484
47,611 2,291,006
29,088 2,344,636
21,561 2,280,703
98,580
124,583
141,075
122,507
108,482
13,271
26,656
45,881
47,200
29,681
37,581
41,531
49,196
31,756
31,866
19,500
24,500
18,190
11,336
10,296
321,623
385,235
383,870
344,141
365,730
195,289
238,833
239,598
216,176
219,821
21,300
13,725
17,915
15,700
12,300i
25,715
35,365
26,600
24,155
20,855
14,680
72,110
23,435 103,790
19,445 146,020
18,745 150,220
14,8001 128,930
175
7,100
100
2,000
50
1,550
75
3,125
325
1,050
50
50
150
2,150
280
25
1,050
50
50
150
2,150
280
25
Other bills discounted:
June 2 3 . . .
June 3 0 . . . .
July 7
July 1 4 . . . . . .
July 2 1 . . . .
U. S. Goyernment securities, direct and guaranteed:
Bonds:
June 2 3 . . . . .
June 30
July 7
July 14
July 2 1 . . . . . . . . . . : .
Notes:
June 23.
June 30.
July 7.
July 14.
July 21.
Bills:
Under repurchase
option:
June 2 3 . . .
.
June 3 0 . . . . . . . . . .
July 7..
July 14
July 2 1 . . . . . . . .
75°
175
7,100
100
2,000
50
1,550
325
200
4,021
4,000
4,000
4,000
4,000
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Total
Other bills:
June 23
June 30
July 7
July 14....
July 21
1,081,767
1,005,507
930,490
971,658
1,041,510
U. S. Government securities, direct and guaranteed—Total:
June 23
June 30
July 7
July 14
July 21
Boston
78,842
73,272
75,492
78,763
84,344
Philadelphia
New
York
Cleveland
Richmond
Atlanta
Chicago
266,012
245,996
158,742
166,757
179,888
81,308
75,368
77,045
80,439
86,205
103,564
96,176
109,977
114,666
122,705
68,255
63,706
61,167
63,782
68,263
55,886
52,236
55,252
57,553
61,526
142,794
133,275
129,353
134,874
144,338
6,748,127
7,202,183
7,676,245
7,644,666
7,576,983
348,
!,976 2 ,490,124
367,675 2,,819,095
392,408 ,016,034
,720
376,753
372,371 3,028,911
439,448
453,820
492,961
477,572
467,032
447,443
446,789
548,182
553,350
540,052
323,731
319,825
328,563
313,298
315,793
253,794
252,688
270,540
265,382
266,202
920,263
967,432
974,664
939,489
966,072
Total bills and securities:
6,779,755
June 23
7,219,849
June 30
7,722,474
July 7
7,667,872
July 14
7,598,492
July 21
351,851 2,499,257
372, 505 2,821,033
395,325 3,044,272
3 7 8 980
, " 3 ,084,798
375,
,032,714
444,367
458,583
500,037
484,894
472,131
448,375
447,733
549,239
554,762
541,077
324,326
320,243
329,057
316,831
316,526
254,356
252,925
270,777
265,617
266,437
920,328
967,497
974,729
939,554
966,137
St.
Louis
Minneapolis
Kansas
City
San
Pallas Francisco
43,205
40,201
47,550
49,543
52,978
106,366
99,263
108,207
112,734
120,538
411,520 156 ,571
448,468 144,695
376,079 163,308
354,472 162,273
360,106 160,167
242,420 195,807
245,241 199,049
236,653 236,, 619
236,082 237 ,435
234,838 235 ,153
518,030
537,406
640,234
647,840
630,286
418,620 156,619
448,568 144,943
378,079 163,355
354,522 162,359
361,656 160,,288
243,500 196,105
245,321 199, 092
236,733 236 ,637
236,262 237 ,453
237,018 235 ,171
522,051
541,406
644,234
651,840
634,286
51,578
47,989
29,882
31,330
33,728
32,266
29,981
31,833
33,205
35,551
51,691
48,044
45,990
48,012
51,446
Due from foreign banks:
June 23
June 30
July 7
July 14
July 21
137
13
134
134
134
Federal Reserve notes of
other banks:
June 23
June 30
July 7
July 14
July 21
68,395
65,548
56,959
61,702
62,673
1,679
1,314
1,040
1,405
1,070
8,515
11,161
6,910
9,637
11,415
2,712
2,400
2,014
2,263
2,304
4,006
3,368
3,001
2,
2,517
6,793
7,402
6,213
5,411
5,944
7,171
6,277
5,046
6,181
5,474
9,227
7,451
6,641
7,102
6,837
5,195
4,051
3,895
5,036
3,834
2,993
1,342
1,849
1,712
2,280
6,317
6,149
6,357
7,224
6,552
2,832
2,244
2,674
2,813
2,467
10,955
12,389
11,319
10,430
11,979
1,697,697
1,631,018
1,613,759
1,849,860
1,625,876
130,927
138,303
137,402
151,095
143,895
381,480
362,668
355,603
443,893
356,060
92,726
94,523
88,934
100,230
85,474
177,177
205,504
158,626
222,566
170,969
138,875
114,865
131,893
125,184
105,925
99,540
96,456
73,431
101,874
90,700
239,216
229,531
234,254
273,498
235,638
70,905
67,258
80,514
81,677
72,158
34,460
29,807
34,103
35,943
35,838
88,238
80,744
88,032
87,97,9
80,617
64,255
50,456
55,864
57,921
58,954
179,898
160,903
175,103
168,000
189,648
Bank premises:
June 23
June 30
July 7 . . . .
July 1 4 . . . .
July 2 1 . . . .
38,999
38,961
38,955
38,711
38,711
2,698
2,694
2,694
2,694
2,694
9,732
9,713
9,713
9,713
9,713
4,696
4,684
4,684
4,684
4,684
4,270
4,270
4,270
4,270
4,261
3,197
3,221
3,221
2,977
2,982
1,677
1,675
1,675
1,675
1,675
2,890
2,885
2,885
2,885
2,890
2,091
2,087
2,087
2,087
2,086
1,297
1,295
1,295
1,295
1,295
2,773
2,773
2,767
2,767
2,767
1,018
1,010
1,010
1,010
1,010
2,660
2,654
2,654
2,654
2,654
Other assets:
June 2 3 . . . .
June 30
July 7 . . . .
July 1 4 . . . .
July 2 1 . . . .
58,176
61,632
62,827
61,968
62,240
3,875
3,942
6,151
4,456
4,504
13,785
14,132
11,105
11,568
11,683
3,918
4,402
4,459
4,462
4,504
6,604
7,106
7,989
8,022
8,118|
3,693
3,824
3,920
4,091
4,054
2,957
3,041
3,399
3,430
3,372
7,679
8,944
8,487
8,526
8,670
2,755
2,904
2,113
2,130
2,152
1,963
1,
2,213
2,123
2,190
2,694
2,846
2,949
3,004
2,962
2,470
2,511
3,060
3,032
3,179
5,783
5,992
6,982
7,124
6,852
Uncollected items:
June 23
June 30
July 7
July 14
July 21
Total assets:
June 23
June 30
July 7
July 14
July 21..
29,253,408
29,599,121
30,060,337
30,235,154
29,924,408
56
11
11
10
10
10
}56
J54
J54
,772,
,819,
,853,
,838,
,805,
944 8.,524,,268 1,814,822 ,559, 650 1,569,',233 1,308, 483 4 ,867, 385
531 8.,485,500 1,842,969 ,589, 198 1,589,477 1 ,342,
,948,591
974 8,667,269 ,866,951 2,561,255 1,632,511 1,365, 061 4 ,922,203
428 8,!, 667,612 ,865,921
2,642,945 1,650,477 ,433,291 4,990,615
1
492 8,,608,862 1,859,'""
1,593,936 1 ,345, 545 4,999,161
195 ',612,348
2
!
Liabilities
Federal Reserve notes in
actual circulation:
June 23. .
.113,634,794 980, 355 3 ,011,771
June 30
13,872,422 988, 605 3 ,070,948
July 7 . . . .
,110,252
14,034,488 1,002,
July 14....
14,094,445 1,006, 551 3,117,521
July 2 1 . . . .
14,144,661 1,012, 275 3,131,738
962,121 1,241,806
972, 165 1,252,992
982,883 1,268,905
989,447 1,278,962
992,291 1,287,535
Deposits:
Member bank—reserve
account:
June 23
June 30
July 7
July 14
July 21...
638,834 1,044,265
632,351 999,696
636,785 983,758
632, 500 1,010,301
641, 257 1,015,919
12,223,242
12,084,540
12,107,503
12,259,841
12,318,904
U. S. Treasurer- -General
account:
June 23...
June 30...
July 7...
July 14...
July 21...
1
293,726
455,178
772,743
615,927
293,176
636, 577 4,092,789
638, 057 4,067,972!
637, 447 4 ,102,531
665, 569 4,128,413
036,265 4,193,019
1,286
16,815
60,028
24,421
18,789
286,728
146,737
278,085|
179,0481
75,6661
;,700 1,119, 204 855,095 3,091,497
1,112
1,123
,518 1,152, 622 877,339 3,152,334
,158,570 718.,444 1,189, 590 916,309 3,208,200
3,175,502
1,162,516 707,564 1,181,410_ 918,873
...
1,159,297 688,242 1,172,767 904,107
3,175,456
i
455
27,327
39,365
27,470
13,754
508
45,022
40,635
56,106
31,478
878,963
895,642
902,460
912,389
909,728
i
691,363 2,673,191
722,247 2,696,235
729,706 2,727,324
728,680 2,744,105
726,407 2,760,287
572, 900 337,880
584, 340 339,560
589,317 341,170
590, 972 340,948
592, 350 341,195
484, 318 307,675 1,492,451
495, 559 323,330 1,530,799
501,482 327 002 1,551,215
351 1,558,194
502,
505,185 322 431 1,563,239
510,921
500,749
529,691
519,761
502,724
483,720 1,842,368
480,127 1,806,219
494,187 1,751,532
504,' 296 1,794,734
476, 806 1,838,010
420,334
400,466
411,972
420,474
426,833
250,853
250,605
261,893
263,116
265,905
527,322 455,219 1,320,040
536,308 459,
',130 1,312,860
533,304 467 ,851 1,296,552
541,712 480, 908 1,298,057
535,561 474, 683 1,311,922
585
27,932
29,573
23,113
20,918)
507
18,765
46,295
34,
13,444
520
20,097
23,549
37,173
16,338
564 j
8,826
38,059
78,113
17,5061
359
89,229
76,828
63,764
41,433
535
568
14,049 9,741
37,705 29,488
27,240 23,578
14,525 15,605
1,111
30,638
73,133
41,012
13,720
After deducting $81,000 participations of other Federal Reserve Banks on June 23 and June 30; $80,000 on July 7; July 14 and July 21.
AUGUST
1943
751
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars ]
Total
Foreign:
June
June
July
July
July
23
30
7
14
21
1,081,567
1,114,099
1,134,623
1,094,07:
1,149,948
Other deposits:
June 23
June 30
July 7
July 14
July 21
304,590
368,480
357,848
371,560
394,301
Total deposits:
June 23
June 30
July 7
July 14
July 21
13,903,12.
14,022,297
14,372,717
14,341,401
14,156,329
Deferred availability
items:
^ une 23
'. une 30
uly 7
'uly 14
;uly 21
New
$™L
26,246 1
29,245 531,289
26,952 *540,287
28,832 1 520,001
34,047 541,826
5,083
6,882
7,980
8,025
7,730
203 551
263,638
250,540
267,263
296,139
669, 192 5,098,883
690,999 5,009,636
732,407 5,171,443
726,847 5,094,725
696,831 5,106,650
Philadelphia
Richmond
Cleveland
Atlanta
Chicago
St.
Louis
28,23.'
28,968
29,691
28,53f
30,040
Kansas
City
Minneapolis
89,401
91,732
94,022
90,351
95,126
86,578
88,835
91,053
87,498
92,122
40,466
41,520
42,557i
40,896i
43.0571
32,937
33,796
34,640
33,287
35,046
114,809
117,803
120,744
116,030
122,162
5,104
4,544
4,556
3,701
3,118
12,059
16,204
15,601
13,015
12,249
8,270
8,578
8,619
8,608
8,334
2,612
2,476
2,184
2,303
2.605
3,376
2,939
3,625
4,685
3,364
13,954 10,162
12,400 9,831
11,824 9,185
13,258 8,617
11,963 8,761
733,794 1,143,410
755,954 1,149,757
,131,047
774,
754,022 1,166,920
753,,255 1,151,768
560,177
570,944
604,416
606,438
570,453
519,833 1,960,912
525, 225 21,016,190
569,070 1,952,729
617, 999 1,979,213
531,963 21,004,969
463,105 282,225
469,766 300 444
483,060 339,146
485,377 327,545
489,754 310i,139
20, 703
21,243i
21,773!
20,923)
22,029!
I
Dallas
San
Francisco
26,350
27,037
27,712
26,630
28,037
28,232
28,968
29,691
28,532
30,040
71,798
73,663
75,501
72,561
76,416
2,097
2,059
2,148
3,211
3,789
2,521
2,327
2,155
1,948
2,132
35,801
36,602
39,431
36,926
34,117
556,337 486,507 1,428,750
579,453 500,166 ,453,763
600,869 529,185 1,484,617
598,79; 534,966 1 ,448,556
581,912 522,1,460 1,436,175
1,283,883
1,275,232
1,219,681
1,367,550
1,191,976
93,451
110,220
87,336
74,755
66,598
266,426
258,723
238,521
308,025
222,945
80,206
76,004
70,733
83,725
74,954
134,262
146,645
121,288
156,984
132,981
110,728
103,712
105,227
112,583
94,630
81,372
79,299
50,421
70,704
71,240
178,239
181,431
187,149
212,198
178,871
61,714
54,968
71,773
71,714
62,837
27,334
24,355
26,921
27,840
25,634
64,616
63,480
73,322
66,264
71,60'
8,451
4,672
7,918
5,309
5,906
951
596
2,321
623
1,099
2,469
1,040
1,587
1,836
1,762
677
734
403
446
498
718
243
347
339
390
596
337
1,508
187
139
312
138
157
168
175
955
452
572
505
607
332
248
229
198
260
235
103
133
180
169
41
529
283
454
28,830,253 ,743,949 8,,379, >,549 1 ,776, 798 2,520,196
29,174,623 790,•,420 8 ,340,347 ,804,857 2,549, 637
29,634,804 824,t,836 8 ,521.
,828, 747 2,,521, 587
29,809,302 809,•,252 8 ,522,033 1 ,827,692 2,,603, 256
29,498,275 776,327 8,463,169 1 ,820,946 2,572,623
,550, 464
1 ,570,635
1 ,613,611
1 ,631,549
1,574,998
1 ,292, 880 4,813,297 1,098,051 647,674
664,462
1,326,909 4:, 894,308
308 1,109,322
1
1,867,774 1,144,379 707,370
1,349,354 4,
,502
1,417,558 41,936,123 1,148,323 696,
1 ,329, 778 4t, 944,6321,145,139 677,148
1,105,688
1,139,021
1,175,956
1,167,808
1,159,158
Other liabilities, including accrued dividends:
June 23
June 30
July 7
July 14
July 21
Total liabilities:
June 23
June 30
July 7
July 14
July 21
Boston
47,428 138,107
40,518* 135,877
46,722 140,268
46,128 136,630
45,750 143,929
278
75
106
148
116
426
511
177
272
225
265
841,888 3,,059,819
864,089 3,,120,616
903,01 3,176,372
905,561 3,143,645
890,789 3:, 143,568
Capital Accounts
Capital paid in:
June 23
June 30
July 7
July 14
July 21
148,525
148,636
148,732
148,828
148,891
9,530
9,530
9,538
9,542
9,541
54,893
55,006
55,010
55,018
55,025
11,661
11,661
11,670
11,676
11,679
15,401
15,401
15,416
15,422
15,432
5,968
5,970
5,978;
5,988
5,990|
5,290
5,290
5,297
5,315
5,341
16,491
16,484
16,509
16,529
16,534
4,625
4,625
4,629
4,631
4,636
3,180
3,181
3,182
3,183
3,184
4,810
4,810
4,821
4,831
4,836
4,511
4,513
4,515
4,526
4,526
12,165
12,165
12,167
12,167
12,167
Surplus (section 7):
June 23
June 30
July 7
July 14
July 21
160,411
160,411
160,411
160,411
160,411
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
5,725
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
4,083
4,083
4,083
11,044
11,044
11,044
11,044
11,044
Surplus (section 13b):
June 23
June 30
—
July 7
July 14
July 21
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
4,393
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
717
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
1,307
1,307
1,307
1,307
1,307
2,121
2,121
2,121
2,121
2,121
Other capital accounts:
June 23
June 30
July 7
July 14.....
July 21
87,390
88,622
89,561
89,784
90,002
5,431
5,547
5,566
5,600
5,590
24,755
25,076
25,385
25,490
25,597
6,300
6,388
6,471
6,490
6,507
8,279
8,386
8,478
8,493
8,519
4,321
4,392
4,442
4,460
4,468
3,871
3,928
3,968
3,976
3,984
3,955
4,030
4,066
4,066
4,026
3,625
3,654
3,671
3,658
3,689
3,956
4,041
4,063
4,021
4,023
3,306
3,347
3,389
3,396
3,402
6,348
6,388
6,496
6,525
6,556
1,814,822 2,559,650
1 ,842,969 2,589,198
,866,951 2,561,255
1,865,921 2,642,945
1",859,""
195 2,,612,348
569,233
589,477
,632,511
,650, 477
,593, 936
1,308, 483
1,342, 569
1,365,061
1 ,433,291
1 ,345, 545"
Total liabilities and
capital accounts:
June 23
29,253,408 ,772,944 8,,524,268
June 30
29,599,121 ,819,531 8,485,500
July 7
30,060,337 ,853,974 8,667,
July 14
30,235,154 ,838,428 8,,667,612
29,924,408 ,805,492 8,
July 21
i,608,!,862
Commitments to make industrial advances:
June 23
June 3 0 . . . . .
July 7
July 14.
July 21
12,465
12,132
12,211
11,913
11,879
717
717
717
717
715
1,876
1,940
2,137
1,821
1,722
1,225
1,056
1,062
1,049
1,053
371
371
250
281:
353
i
13,243
13,445
13,566
13,609
13,641
4 ,867,385 1,112,127
4 ,948,591 1,123,473
4,922,203 1,158,570
4,990,615 1,162,516
4,,999,161 1,159,297
658,,700 1,119,204
675,518 1,152,622
718,444 1,189,590
707,564 1,181,410
688,242 1,172,767
1,819
1,619
1,617
3,000
3,000
3,000
3,000
3,000
i,6r
1,61
855 ,095 3,091,497
877,""
339 3,152,334
916,309 3i, 208,200
918,873 3,175,502
904,10" 3,175,456
3,386
3,359
3,358
3,358
3,349
1
After deducting $564,167,000 participations of other Federal Reserve Banks on June 23; $579,244,000 on June 30; $593,424,000 on July 7, $571,426,000
on July 14 and $599,823,000 on July 21.
751
FEDERAL RESERVE
BULLETIN
FEDERAL RESERVE NOTES-FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Total
Boston
New
York
Richmond
Cleveland
Philadelphia
Minne- Kansas Dallas
St.
City
Louis apolis
Atlanta Chicago
San
Francisco
~r
Federal Reserve notes:
Issued to F . R. Bank by
F. R. Agent:
June 23. . . . . . . . . .
June 30
July 7
July 14
July 21
Held by Federal Reserve
Bank:
June 23
June 30
July 7
July 14
July 2 1 . .
In actual circulation: 1
June 23
June 30
July 7
July 14
July 21
Collateral held by agent as
security for notes issued to
Bank:
Gold certificates on hand
and due from U. S.
Treasury:
June 2 3 . . .
June 30
July 7
July 14
July 21. .
Eligible paper:
June 2 3 . . .
June 30
July 7
July 14
July 21
U. S. securities:
June 23
June 30
July 7.
July 14...
July 21
Total collateral:
June 23
June 30
July 7
July 14
July 21
1
14,304,661
14,404,173
14,528,857
14,642,044
14,701,585
1,025,
,138 297 998,965 1,289,763
1,025,320 3,174,511 1,004,455 1 ,295,062
1,039,009 3,226,392 1,011,516 1,305,953
1,060,049 3,226,868 1',020,782 1,323,565
1,066,880 3,246,562 ,025,961 1,328,434
911,575
921,877
925,462
934,866
936,877
761, 044 2 ,768,184 604,367
765, 913 2:, 775,736
,530
769,981 2,784,563 614,110
776,321 2,800,923 618 ,591
7 7 7 736
, " ' 2,,814,269 617
126,526
103,563
116,140
109,347
114,824
36,844
32,290
28,633
31,335
33,670
47,957
42,070
37,048
44,603
40,899
32,612
26,235
23,002
22,477
27,149
69,681
43,666
40,275
47,641
51,329
13,634,794 980, 355 3,011,771
13,872,422 988,605 3,070,948
14,034,488 1,002,772 3,110,252
14.094,445 1,006,551 3,117,521
14.144,661 1,012,275 3,131.738
962,121
972,165
982,883
989,447
992,291
1,241,806
1,252,992
1,268,905
1,278,962
1,287,535
878,963
895,642
902,460
912,389
909,728
691, 363
722, 247
729, 706
728, 680
726,407
937,000 3 ,165,000
937,000 3 ,190,000
949,000 3 ,235,000
970,000 3.
,240,000
980,000 3 ,250,000
925,000
925,000
925,000
925,000
950,000
1,290,000
1,300,000
1,310,000
1,325,000
1,335,000
807,000
807,000
817,000
827,000
827,000
695,000 2, 790,000 350i,000
695,000 2, 791,000 350,000
710,1
820,000 350,000
710,1,000 2 820,
,000
710,1
1,000 2 840,000 350,000
8,543
1,350
27,650
3,490
3,215
245
175
'2,'580
2,380
80
75
3,125
325
7,100
100
2,000
50
1,550
100,000
100,000
100,000
100,000
100,000
125,000
125,000
125,000
125,000
125,000
669,867
531,751
494,369
547,599
556,924
13,800,000
13,862,000
13,996,000
14,072,000
14,175,000
44,833
36,715
36,237
53,498
54,605
18,293
4,835
33,577
9,767
7,395
1,180
3,135
1,222
532
750,289
743,833
744,598
721,176
724,821
100,000
100,000
100,000
100,000
100,000
14,568,582
14,610,668
14,774,175
14,802,943
14,907,216
,038, 180 3,173,543
,040,135 3,191,350
,050,222 3,262,650
,070,532 3,243,490
,080,000 3,253,215
1,025,245 1,290,000
1,025,i,000 1 ,300,000
1,027,,580 1 ,310,000
1,027,380 1 ,325,000
1,050,1,080 1 ,335,000
932,175
932,000
942,075
955,125
952,325
94,993
79,501
57,239
56,818
53,982
344,980
345,191
345,766
345,966
346,601
7,100
5,631
4,596
5,018
5,406
31,467
28,190
24,793
27,619
25,638
2,673,191 572,900
2,696,235 584,340
2 ,727,324 589',317
2,744,105 590,972
337,880
339,560
341,170
340,948
2,760,287 592,350 341,195
75,000
75,000
75,000
75,000
75,000
350,000
350,000
350,000
350,000
350,000
505,072 344,976 1, 612,250
513,834 350,294 1,619,450
517,333 353,927 1,634,845
522,775 355 ,483 1,655,855
523,086 357,166 1,660,025
37,301
26,964
26,925
31,132
34,735
119,799
88,651
83,630
97,661
96,786
484,318 307,675
,330
495,559 323.
501,482 327,002
502,325 324 ,351
505,185 322,431
1,492,451
1,530,799
1,551,215
1,558,194
1,563.239
20,754
18,275
15,851
20,450
17,901
510,000 352,000 1,629,000
510,000 358,000 1,649,000
520,000 361,000 1,649,000
520,000 361,000 1,674,000
520,000 364,000 1,699,000
200
5,000
345,289
338,833
339,598
316,176
319,821
770,
1,000 2 ,790,000
770,
,791,000
785,000 2,820,000
820,
785,
i,000 2 840,000
785,
1,050
50
50
150
2,150
5,000
5,000
5,000
5,000
702,389 350,000 516,050 352 ,000
688,933 350,200 515,050 358,000
691,598 350,000 525,050 361 ,000
,226 350,040 525,150 361,000
671,371 350,075 527,150 364,000
1,629,000
1,649,000
1,649,000
1,674,000
1,699,000
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)
1934
1935
1936
1937
1938
1939
1940
APAd- Commit- Participroved
pations
ments
but not vances
outoutoutcom- 1
2
standing
standing
standing
pleted
Amount (amount) (amount) (amount) (amount)
Applications
approved
Number
984
1,993
2,280
2,406
2,653
2,781
2,908
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
12,780
14 161
9 220
5 226
1,296
8,778
7,208
7,238
12,722
10,981
6,386
3,067
3,202
238,505
279,860
8,090
8,294
10 549
10 337
13 072
14 597
14,011
19,600
3,261
3,352
3,394
3,423
297,945
338,822
364,916
408,737
17,698
26,346
8,199
4,248
9 312
11 265
15 882
14 126
14 364
16 832
12 187
10 661
19,086
26,430
23,180
17,305
3,432 i 434,638
3,440 ! 446,319
3,443
459,296
3,447
467,733
3,448
473,399
3,452
475,468
6,672
12 897
13 717
13 182
13 188
13 378
13,044
12 160
12,117
13 143
13 438
12 950
12,132
23,915
23,177
20,316
20,333
20,166
19,070
20,959
1941
5,882
5,164
3,732
3,045
3,203
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.
AUGUST 1943
WAR PRODUCTION LOANS GUARANTEED BY WAR DEPARTMENT, NAVY DEPARTMENT, AND MARITIME
- COMMISSION THROUGH FEDERAL RESERVE
BANKS UNDER REGULATION V
[Amounts in thousands of dollars]
Guaranteed loans
authorized
Guaranteed loans
outstanding
Date
Number
Amount
1942
May 3 1 . . . .
June 3 0 . . . .
July 3 1 . . . .
Aug. 31 . . .
Sept. 3 0 . . .
Oct. 3 1 . . . .
Nov. 3 0 . . . .
Dec. 3 1 . . .
282
565
932
1,329
1,658
2,023
2,327
2,665
100,290
310,680
509,012
705,842
944,204
2,227,704
2,367,297
2,688,397
1943
Jan. 31 . . . .
Feb. 2 8 . . . .
Mar. 31 . . .
Apr. 3 0 . . . .
May 3 1 . . . .
June 3 0 . . . .
2,961
3,198
3,534
3,773
4,002
4,217
2,999,731
3,479,172
3,725,241
4,058,731
4,554,278
4,718,818
Total
amount
()
81,108
151,154
294,720
427,918
527,186
644,558
803,720
Portion
guaranteed
i1)
69,674
137,888
131,097
158,340
244,532
206,609
356,677
230,720
439,989 1,308,168
520,869 1,383,394
632,474 1,430,121
768,249 1,440,943
974,083
828,221 1,706,849
1,040,828
1,245,711
999,394 1,865,618
1,339,078 1,073,972 2,018,838
1,415,777 1,150,040 2,077,018
1,428,253 1,153,756 2,216,073
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.
753
DEPOSITS AND RESERVES OF MEMBER BANKS, JUNE 1943
[Averages of daily figures. In millions of dollars]
Gross demand deposits
Total
All member banks
Central reserve city banks
U.S. ,
Government
war loan Other
deposits1
Interbank
70,493
10,869
8,182
51,442
21,352
4,831
3,734
1,077
3,305
573
Reserve city banks—Total
Boston district.
New York district
Philadelphia district
Cleveland district
Richmond district
Atlanta district
Chicago district
St. Louis district
Minneapolis district
Kansas City district
Dallas district
San Francisco district
26,424
1,982
430
2,217
3,532
1,580
1,658
3,350
1,569
840
2,126
1,585
5,553
5,066
377
30
348
512
315
506
442
545
236
779
440
538
2,677
287
51
261
350
177
168
340
164
113
138
142
485
14,313
3,182
18,680
1.319
349
1,609
Country banks^-Total
Boston district
New York district
Philadelphia district
Cleveland district
Richmond district
Atlanta district
Chicago district
St. Louis district
Minneapolis district
Kansas City district
Dallas district
San Francisco district
17,886
1,872
2,896
1,327
1,573
1,458
1,437
2,271
971
735
1,089
1,292
965
992
90
77
12
21
182
179
75
124
56
61
91
24
1,627
191
384
128
136
111
127
207
71
New York
Chicago
Adjusted Net dedemand mand
de- d
deposits2 posits
Held
Required
Excess
13,702
5,716
12,293
10,831
1,461
17,157
3,905
794
465
90
167
3,501
816
3,479
809
22
7
20,336
5,443
94
154
128
755
253
197
887
179
85
170
141
2,398
1,974
51
23
82
230
120
173
330
109
58
303
240
255
4,983
338
80
386
740
312
291
621
263
133
374
288
1,159
4,394
319
76
363
600
257
257
555
251
129
326
234
1,026
589
7,000
634
3,485
200
298
193
298
325
347
478
229
163
347
385
224
2,993
297
519
255
325
217
204
404
149
122
164
186
152
2,150
236
396
190
205
162
149
278
107
88
104
118
116
843
1,569
333
1,777
2,774
1,211
1,224
2,508
1,203
619
1,579
1,126
4,413
1,088
983
2,568
859
492
1,209
1,003
4,530
15,268
1,591
2,435
1,187
1,416
1,165
1,131
1,989
12,354
1,416
2,125
972
1,103
974
939
1,550
649
491
671
800
662
776
612
965
1,119
882
59
Reserves
53,752
48,376
2,670
67
62
83
Time
posits 4
Demand
balances
due
from
domestic
banks
1,648
892
841
435
295
1,016
275
318
162
97
389
18
5
22
140
55
34
66
11
4
47
54
132
61
122
65
120
54
55
126
42
34
60
68
36
1
Figures do not include certain other demand deposits of the U. S. Government with member banks and, therefore, differ from figures for U. S. Government
deposits shown in other published banking data. See also footnote 2.
2
Preceding column minus so-called "float" (total cash items in process of collection) and estimate of U. S. Government deposits other than war loan
accounts;
figures not available this month by classes of banks and districts.
3
Demand deposits subject to reserve requirements; i.e., demand deposits other than war loan deposits, minus cash items in process of collection and
demand
balances due from domestic banks.
4
Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report.
MEMBER BANK RESERVE BALANCES, BY CLASS OF BANKS
[Average of daily figures. In millions of dollars]
All
member
banks
Central reserve
city banks
Reserve
city
banks
DEPOSITS OF COUNTRY MEMBER
BANKS IN LARGE AND
SMALL CENTERS,1 JUNE 1943
[Average of daily figures. In millions of dollars^
Counbanks 1
Federal Reserve district
Total reserves held:
1942—May..........
June.
1943—May..
June.
Week ending (Friday):
1943—June 4
June 11
June 18
June 25
July 2
July 9
July 16
July 23
Excess reserves:
1942—May
June
1943—May.....
June
Week ending (Friday):
1943—June 4 . . . . . . .
une 11
. une 18..
une 25.
]uly 2
uly 9
July 16
July 23....
p
1
12,510
12,624
12,024
12,293
4,870
4,859
3,373
3,501
1,049
979
785
816
4,325
4,448
4,894
4,983
2,265
2,338
2,973
2,993
12,046
12,202
12,496
12,382
12,211
12,289
12,505
3,421
3,472
3,538
3,530
3,520
3,526
3,573
793
812
826
823
820
818
832
4,905
4,965
5,080
5,005
4,900
4,901
5,005
2,925
2,953
3,052
3,024
2,970
3,043
3,094
2,667
2,704
1,730
1,461
546
556
49
22
178
89
14
7
1,171
1,232
738
589
772
827
930
843
1,517
1,453
1,576
1,544
* 1
l,377
"1,493
27
18
30
24
25
21
37
13
7
7
6
13
10
13
653
624
647
556
479
472
519
825
803
892
958
p
800
^874
P925
Preliminary.
Weekly figures of excess reserves of all member banks an d of country
banks as estimates.
754
In places of 15,000
and over population
In places of unde
15,000 population
Demand
deposits
except
interbank 2
Demand 1
deposits
rp.
Time
deposits
Inter21 1 d e P° s i t
bank
Total...
10,722
4,100
6,172
Boston
New York
Philadelphia
Cleveland
1,551
2,197
502
1,068
416
450
231
621
521
596
132
580
475
391
357
211
201
610
151
446
359
830
490
223
94
406
124
323
300
515
633
125
54
58
254
357
727
686
308
192
109
39
135
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco...
794
955
830
899
1,366
2,900
Includes any banks in outlying sections of reserve cities which have
been given permission to carry the same reserves as country banks. All
reserve
cities have a population of more than 15,000.
2
The series published through April 1943 included interbank deposits.
The amount of such deposits for the current month at all country banks can
be derived by comparison with the first table above; banks in the small
centers held 216 million dollars during the last half of April 1943. Figures
in this table include war loan deposits, shown separately for all country
banks in table above.
FEDERAL RESERVE BULLETIN
K I N D S OF MONEY I N CIRCULATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
End of month
Total
Gold
certificates
Silver
dollars
Silver
certificates
Treasury
notes
of 1890
Subsidiary
silver
Minor
coin
United
States
notes
Federal
Reserve
notes
Federal
Reserve
Bank
notes
National
bank
notes
1942—May........
June.......
July.......
August.....
September.
October....
November..
December..
12,074
12,383
12,739
13,200
13,703
14,210
14,805
15,410
60
59
59
59
59
59
58
58
65
66
67
69
71
73
74
76
1,745
1,754
1,764
1,786
1,754
1,704
1,731
1,751
496
504
510
521
537
551
565
575
211
213
215
218
222
225
227
228
316
317
315
321
324
326
327
317
9,022
9,310
9,650
10,068
10,580
11,118
11,667
12,082
19
19
19
18
18
18
18
188
140
139
138
138
137
136
136
135
1943—January....
February...
March
April..
May.......
June.......
15,590
16,088
16,250
16,660
17,114
17,421
58
58
58
57
57
57
77
78
79
81
82
84
1,700
1,703
1,674
1,667
1,670
1,649
567
573
583
593
600
610
226
226
228
230
232
236
312
317
316
318
324
322
12,152
12,523
12,643
13,023
13,440
13,747
362
474
534
557
574
584
135
134
134
133
133
132
Back figures.—See Annual Report for 1937 (table 35).
PAPER CURRENCY, BY D E N O M I N A T I O N S , A N D C O I N I N CIRCULATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Total
in circulation1
Total
Coin
1942—May. . . . . . . . .
June........
July.......
August
September...
October
November... .
December
12,074
12,383
12,739
13,200
13,703
14,210
14,805
15,410
8,841
9,083
9,398
9,795
10,207
10,629
11,122
11,576
771
783
793
809
830
848
867
880
1943—January...
February..
March...
April.
April.
May.
May..
June....
15,590
16,088
16,250
16,660
17,114
17,421
11,665
12,065
12,121
12,428
12,789
12,960
869
877
890
904
914
929
End of month
Coin and small denomination currency 2
Large denomination currency 2
Unassorted2
$10
$20
Total
$50
$100
$500
,402
,427
,464
,517
,555
,597
,647
,693
3,004
3,099
3,234
3,379
3,532
3,684
3,887
4,051
2,924
3,024
3,149
3,310
3,487
3,686
3,885
4,096
3,235
3,301
3,343
3,409
3,500
3,584
3,686
3,837
801
824
840
868
904
940
972
1,019
1,566
1,602
1,628
1,663
1,715
1,762
1,824
1,910
260
262
263
266
268
274
278
287
570
576
574
575
576
570
575
586
9
9
9
9
28
29
30
29
29
30
28
25
,678
,718
,713
,741
785
,793
4,107
4,279
4,280
4,391
4,526
4,565
4,183
4,349
4,391
4,531
4,681
4,778
3,928
4,026
4,129
4,232
4,326
4,462
1,047
1,079
1,104
1,131
1,159
1,195
1,962
2,013
2,069
2,128
2,186
2,259
293
298
306
312
319
329
592
599
616
621
630
648
10
11
11
15
10
10
25
25
23
26
22
21
$2
$5
696
704
712
731
754
764
782
801
44
45
45
48
50
51
53
55
773
786
791
804
824
834
54
56
56
58
59
61
$1,000 $5,000 $10,000
1
Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
2
Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as
destroyed.
3
Paper currency only; $1 silver coins reported under coin.
Back figures— See Annual Report for 1937 (table 36).
S T O C K O F U N I T E D STATES M O N E Y , J U N E 30, 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..
Total
outstanding
22,388
20,282
14,404
4
4,077
3
20,282
Treasury
cash
2
17,409
60
101
Money held
by Federal
Reserve
Banks and
agents
Money in
circulation 1
2,815
597
358
57
13,747
3,618
268
13
5
21
48
1
1,650
610
236
322
584
132
3,770
3,655
3,520
17,421
17,114
.12,383
84
55
1,520
37
4
3
1
1
3
3
3
3
4
3
3
4
40,868
40,471
! F 35,841
For Federal
Reserve
Banks and
agents
2,106
1,918
539
1,520
* 1,918
660
245
347
633
133
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—June 30, 1943.
May 31, 1943.
June 30, 1942....
As security
against gold
and silver
certificates
22,246
22,246
22,596
4
2,268
2,257
2,187
17,409
17,446
17,750
1
Includes any paper currency held outside the continental limits of the United States; figures for other end-of-month dates shown in table abov e
and totals by weeks are shown in table on p. 747.
. ,
, ,
,, , „
m
2
Includes $1,800,000,000 Exchange Stabilization Fund, $143,710,673 balance of increment resulting from reduction m weight of the gold dollar, and
$156,039,431 held as reserve against United States notes and Treasury notes of 1890.
3 The amounts of gold and silver certificates and Treasury notes of 1890 outstanding are not included in the total of all forms of money outstanding,
since gold and silver held as security against them are included under gold, standard silver dollars, and silver bullion.
b y the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible
under the terms of the Federal Reserve Act, or, until June 30, 1945, of direct obligations of the United States if so authorized by a majority vote of the
Board of Governors of the Federal Reserve System. Federal Reserve Banks must maintain a reserve in gold certificates of a t least 40 per cent, including
the redemption fund which must be deposited with the Treasurer of the United States, against Federal Reserve notes m actual circulation.
bold 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.
AUGUST 1943
755
POSTAL SAVINGS SYSTEM
[In millions of dollars]
ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
[In millions of dollars]
Gold
stock
a t end
of period
Period
19342
1935
1936
1937 . .
1938
1939
1940
1941
1942
Increase
in gold
stock
N e t gold
import
Earmarked
gold: decrease
or increase (—)
1,133.9
1,739.0
1,116.6
1,585.5
1,973.6
3,574.2
4,744.5
982.4
(*)
Assets
Domestic gold
productioni
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
r
125.4
8,238
10,125
3
11 258
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—June
July
August
September...
October
November...
December
22,737
22,744
22,756
22,754
22,740
22,743
22,726
22.3
7.6
11.4
-1.3
-14.3
3.3
—17.2
—14.8
-24.4
-21.8
-27.8
-56.4
—10.8
—31.0
10.5
12.8
10.2
11.8
12.0
7.8
6.2
1943—January
February....
March
April
May .
22.683
22,644
22,576
22,473
22,426
22,388
-43.3
-39.3
-68.0
—103.1
—46.3
-38.9
-76.1
-63.4
-59.0
-101.0
—45.1
5
—51.7
4.7
4.1
4.5
4.9
4.1
'4.1
22,388
-338.7
-396.3
"26.3
.
June
Jan .-June
p
1
5
r
Preliminary.
Revised. ^ Figure carried forward.
Annual figures areestimates of the United States Mint. Monthly figures
are those published in table on p. 793, 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 3,070.1 million dollars on June 30, 1943.
NOTE.—For back figures through 1937, see Annual Report for 1937
(table 29).
End of month
Total
Total,
all
banks
National
Insured 2
Deposits of suspended banks
(in thousands of dollars): 3
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943—Jan.-June
57
34
44
59
55
42
22
8
9
3
36,937
10,015
11,306
19,723
13,012
34,998
5,943
3,726
1,702
2,103
1
4
1
4
1
4
1
4
2
1
3
1
40
5,313
507
7,379
36
1,341
256
3,144
862
1,708
211
24,629
8
22
40
47
47
25
18
3
6
2
1,912
3,763
10,207
10,156
11,721
6,589
5,341
503
1,375
1,241
34,985
939
592
480
1,044
2,439
346
79
327
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).
* Federal deposit insurance became operative Jan. 1, 1934.
.Deposits oi 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 figures,—See Annual Report for 1937 (table 76).
756
etc
418
467
630
706
800
892
933
931
936
965
1,011
1,046
1,078
1,078
1,104
1,128
1,146
35
130
147
147
167
167
167
167
167
166
146
146
146
146
146
146
126
76
100
74
98
95
93
71
80
73
73
78
74
69
88
75
95
229
,329
,344
,358
,377
1,396
1,417
1,554
1,575
1,415
1,429
1,444
1,464
21
20
19
18
17
16
1,271
1,271
1,267
1,266
1,266
1,345
1,146
1,146
1,141
1,140
1,140
1,220
126
126
126
126
126
126
262
283
129
146
161
102
1,445
1,468
1,493
1,517
1,546
p
l,576
1,493
1,517
1,545
1,569
1,596
14
14
13
12
12
1,381
1,378
1,421
1,450
1,500
1,255
1,270
1,360
1,389
1,449
126
109
61
61
51
98
125
111
107
83
BANK DEBITS
Debits to deposit accounts except interbank accounts
[In millions of dollars!
Noninsured
48
g
3
6
6
10
3
1
3
reserve
funds
2
453
597
777
853
967
1,058
1,100
1,097
1,103
1,132
1,157
1,192
1,224
1,224
1,251
1,274
1,272
Year and month
Number of banks suspended:
1934
1935
1936
1937. . . .
1938.
1939
1940
1941
1942
1943- Jan .-June
Guaranteed
J Preliminary.
1
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 reserye fund and
miscellaneous working funds with the Treasurer of the United States,
accrued interest on bond investments, and accounts due from late
postmasters.
Back figures.—See BULLETIN for August 1935, pp. 501-502.
Nonmember
banks
State
Total
Direct
Cash
695
540
385
287
203
145
136
131
115
86
68
53
43
36
30
26
24
1942—June'.'.'.".'.'..
June.
U.S. Government
securities
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
1,525
1942—July
Aug
Sept
Oct
Nov
Dec
1943—Jan...
Feb...
Mar..
Apr...
May..
Cash
in depository
banks
198
,207
,205
,201
,232
,260
,268
,270
,252
,252
,262
,279
,293
,304
,304
,314
,316
1934—June
Dec
1935—June
Dec
1936—June.......
Dec
1937—June
Dec
1938—June
Dec
1939—June
Dec
1940—June
Dec
1941—June
BANK SUSPENSIONS^
Member
banks
Depositors'
bal-
1929
1937
1938
1939
1940
1941
1942
1942—Mayr
Juner
Julyr
August7"
September7"
October7"
November 7 "....
December7"
1943—January r
February r
March7"
April r
May7"
June
Total,
all
reporting
centers
New
York
City
140
Other
other
reporting
centers 1 centers 8
982,531
469,463
405,929
423,932
445,863
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
51,000
52,848
52,975
51,989
55,701
58,334
53,773
68,822
57,972
54,872
65,782
73,661
64,246
66,894
18,172
18,601
18,401
18,324
19,919
19,823
18,512
25,897
21,437
21,112
24,062
29,193
25,737
25,464
27,683
28,751
28,968
28,286
29,990
32,131
29,489
36,077
30,723
28,437
35,261
37,683
32,602
34,959
5,145
5,496
5,605
5,379
5,791
6,380
5,772
6,848
5,812
5,323
6,459
6,784
5,908
6,472
with 1919.
2
Figure for 1929 includes 128 centers; for 1937-1942 annual figures include
133 centers; monthly figures beginning with May 1942 include 193 centers
(see p. 717 of this BULLETIN).
Back figures.—Annual Report for 1937, p. 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 Eanking 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 DEPOSITS1
NUMBER OF BANKS
[In millions of dollars]
Member banks
Call date
Nonmember
banks
2
Total
Total
Mutual
savings
banks
Na- j State
tional j
Nonmember
banks
]V1 ember banks 2
All
banks
Other
nonmember
banks
Call date
1929—June 29Dec. 31
53,852
55,289
i Mutual
savings
banks
Other
non-
National
State
32,284
33,865
19,411
20,290
12,873
13,575
8,983
8,916
12,584
12,508
Total
ber
banks
_________
1929—June 29
Dec.-31.......
1933—June 30..
Dec. 30..
25,110
24,630
8,707
8,522
7,530
7,403
1,177
1,119
611
609
15,792
15,499
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. 3 1 . . . . . . .
1939—June 30...
Dec. 30...
15,287
15,206
6,338
6,338
5,242
5,224
1,096
1,114
563
556
8,386
8 3-2
1938—June 30...
Dec. 3 1 . . .
52,195
54,054
34,745
36,211
22,553
23,497
12,193
12,714
10, 296
10, 365
7,153
7,478
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
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. 3 1 . . .
60,582
65,021
42,039
46,007
26,931
29,214
15,108 310,631
16,793 10,658
37,912
8,356
14,855
14,825
14,773
14,680
6,556
6,619
5,130
5.117
1,426
1,502
547
545
7,752
7,661
1941—June 30...
Dec. 31. .
67,172
70,792
48,076
51,192
30,684
32,672
17,392
18,520
10,641
10,525
8,456
9,075
6,647
6,679
5,101
5,081
1,546
1,598 |
544
543
7,582
7,458
1942—June 30 5 .
Dec. 3 1 . . .
72,382
88,436
53,434
67,276
34,036
43,069
19,397
24,208
10,387
10,664
8.562
10,494
1940—June 29.
Dec. 31..
1941—June 3 0 . . . . . . .
Dec. 3 1 . . . . . . .
1942—June 30 ,
Dec. 31.
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
Loans
1^^S"
Other nonmember banks
Total
Loans
Investments
1929—June 2 9 . . . . . . . .
Dec. 31
58,474
58,417
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
1933—June 30
Dec. 30
40,076
40,319
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
1938—June 3 0 . . . . . . . .
Dec. 314
47,381
48,929
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
1939—June 30
Dec. 30
49,616
50,885
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
1940—June 29
Dec. 31.
51,335
54,188
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
1941—June 30
Dec. 31.
57,945
61,098
32,633
34,483
40,659
43,521
16,729
18,021
4,955
4,903
5,360
5,470
3,344
3,513
63,976
78,097
38,897
54,185
46,800
59,263
16,928
16,088
23,930
25,500
29,872
43,175
10,314
10,372
5
10,353
10,746
4,819
4,698
5,534
6,048
3,492
4,962
1942—June 30
Dec. 3 1 . . . . . . . .
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, beginning June 30, 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, up to
and including Dec. 30, 1939, 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.
^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.
Backfigures.—SeeAnnual Report for 1937 (tables 48-49).
AUGUST 1943
757
CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS
[In millions of dollars]
Loans
Call date
Total
loans
t and
investments
1
Investments1
Loan s for |
purer] asing
or car rying
secur ities
Total 1
1J. S. G overnment ob
35,934
24,786
33,941
34,451
37,126
40,659
43,521
46,800
26,150
12,858
13,962
13,969
15,321
16,729
18,021
16,928
Dec. 3 1 . . . . . 59,263
1943—June 30p
67,150
16,088
14,822
5," 386'
5,538
6,204
7,270
8,064
7,888
7,387
583
595
455
450
456
537
607
730
736
865
738
972
726
495
> 1,089
Obligations
of
States
Other
and
CertiGuar- politi- secuficates
anof
Total
cal
rities
Bills
in- Notes Bonds teed
subdebtdiviedsions
ness
Direct
ComAgrimercial upcumar- culTo
and
ket turinduspaper al 2 brok- T o
2
ers
trial
othand
ers^
deal-
Reales- Other Total
tate loans 4
loans
ers
Total—All
Member Banks
1929—Dec. 3 1 . . . . .
1933—June 30
1939—Dec. 30
1940—June 29.....
Dec. 31
1941—June 30
Dec. 31
1942—June 30 . . . .
97
2,463 7,685 3,191 12,229 9,784 5,863
152
953 3,752 2,372 5,187 11,928 6,887
554
559
563
790
700 2,957 2,944 19,979 14,328
668 3,069 3,062 20,482 1/1,722
797
447
652
642
652 3,228 3,273 21,805 15,823
575
635 3,365 3,609 23,930 18,078 1,127
594
598 3,494 3,692 25,500 19,539
971
554
562 3,501 3,203 29,872 2^1,098 1,509 i,872*
538
3,423
1,257 2,145
759 1,044
934
igations
520 3,094
2,049 3,725
2,223 8,398
2,543 8,261
2,594 9,091
2,631 10 481
3,007 11,729
3,546 14,485
3,144
3,121
3,486
3,839
3,832
2,685
1,393
1,744
2,692
2,888
3,013
2,984
3,090
2,934
4,528
3,297
2,959
2,873
2,970
2,867
2,871
2,840
2,717 43,175 3' L546 4,363 6,285 5,409 18,948 2,540
52,328 46.975
2,965
2,877
2,664
2,476
222
478
579
634
695
651
729
623
758
680
693
695
788
796
830
781
593
484
701
602
96
87
162
177
188
190
182
164
96
138
170
167
186
188
193
188
New York
City&
1929—Dec. 3 1 . . . . .
1933—June 30
1939—Dec. 30
1940—June 29
Dec. 31
1941—June 30.....
Dec. 31
1942—June 30
8,774
7,133
9,339
9,829
10,910
12,493
12,896
14,019
Dec. 31
1943—June 3QP
17,957
18,982
6,683
3,424
3,296
3,014
3,384
3,778
4,072
4,066
1^768'
1,801
2,025
2,405
2,716
2,775
v
4,116 >
2,546
4,009
City of
Chicago^
1929—Dec. 31
1933—June 30
1939—Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 3 1 . . . . .
1942—June 3 0 . . . . .
1,757
1,287
2,105
2,205
2,377
2,707
2,760
3,116
1,448
Dec. 3 1 . . . . .
1943—June 3QP....
3,973
4,315
832
781
Reserve City
Banks
1929—Dec. 31 ...
1933—June 30
1939—Dec. 30
1940—June 29
Dec. 31
1941—June 30.....
Dec. 3 1 . . . . .
1942—June 3 0 . . . . .
Dec. 31 ...
1943—June 30*\...
12,029
8,492
12,272
12,160
13,013
14,013
15,347
16,535
20,915
24,703
9,084
4,482
5,329
5,365
5,931
6,498
7,105
6,564
6,102
5,538
Country
Banks
1929—Dec. 3 1 . . . . .
1933—June 30.....
1939—Dec. 3 0 . . . . .
1940—June 29
Dec. 3 1 . . . . .
1941—June 3 0 . . . . .
Dec. 3 1 . . . . .
1942-June 3 0 . . . . .
Dec. 31 ...
1943—June 30*\...
13,375
7,873
10,224
10,257
10,826
11,446
12,518
13,130
16,419
19,149
8,936
4,275
4,768
4,987
5,309
5,607
5,890
5,393
677
569
603
696
846
954
906
5,038
4,494
'365'
417
476
609
711
697
v
658
2400
2,134
2,436
2,879
3,206
3,103
195
364
120
103
100
97
91
19
69
17
16
17
21
21
15
1,226
169
157
133
137
130
129
123
121
21
787
193
117
451
8
5
5
6
3
251
61
41
23
42
36
48
29
533
251
66
61
54
55
52
50
21
30
13
16
19
20
22
22
623
267
60
62
84
101
96
90
6
34
32
23
2,775 1,538
1,340 1,131
222 1,335
210 1,372
207 1,436
198 1,477
194 1,527
177 1,524
""6
168
126
155
156
153
202
250
215
s
201
35
163
174
187
216
245
198
176
263
175
300
152
664
108
119
87
115
100
114
78
290
97
495
546
590
555
659
562
291
25
20
17
21
17
20
16
772
17
22i
1,486
153
2,231 1,462
1,117 1,055
224 1,477
208 1,544
201 1,644
195 1,739
183 1,823
169 1,834
34
330
315
421
207
577
311
402
23
309
166
987
797
1,092
1,245
1,526
1,623
' 663' 1,746
13,841 12,547 1,855 2,144 2,056
14,974 13 887
309
610
1,536
1,602
1.681
1,861
1,806
2,210
80
3,141
3,534
2,789
3,155
397
3 937
1^777
1,177
1,230
1,322
1,466
1,512
1,315
2,944
4,011
6,943
6,795
7,081
7,515
8,243
9,971
,368
2^483
5,194
1,947
5,204
5,700
5,467
3,188
25
73
63
87
103
73
295
579
149
153
254
297
417
256
357
2
57
4,750
2,043
1,238
1,311
1,400
1,507
1,530
1,299
4,439
3,598
5,456
5,270
5,517
5,839
6,628
7,737
1,267
1,469
3,159
3,030
3,269
3,627
1,377
5,502
37
2
31
36
45
60
110
171
11,380 M 7 2
14,655 12', 497
671
889
926
2,385
2,650
2,977
3,415
3,652
4,572
1,275
1,324
1,615
1,751
1,679
1,166
5,420 1,071
"m
19
82
176
161
145
125
153
162
1,068
112
138
119
90
637
391
1,282
83
166
208
186
170
66
131
165
681
819
839
771
606
751
981
1,112
1,597
972
3,339
969
3,052
3,281 1,049
3,858 1,162
4,248 1,173
806
5,149
448
598
890
981
984
979
956
925
1 128
'930
6,810
811
954
943
821
786
1,106
1,972 "725'
695
1,849
710
2,081
2,404
788
2,926
861
3,696
624
627
581
1,061
1,097
1,146
1,165
1,222
1,222
2,546
1,549
1,236
1,144
1,102
1,047
1,028
1,013
5,436
1,252
1,241
956
917
"674"
1,119 14,813 13,038 1,441 2,253 1,723
19,166 17 4.36
1,797 1,066
161
1,112
2.551
4J772
5,486
6.044
f.268
7.265
5,550
116
384
1,203
L.258
L,3O7
L,483
1,430
1,858
y
2,957
1,151
1,187
1,267
1,377
1,431
1,314
6
3
8
9
188
188
190
186
169
167
•••y
6
66
>
2 917 2,091
1*099 3,709
469 6,043
458 6,815
468 7,527
536 8,715
554 8,823
499 9,953
611
320
465
422
412
430
59
63
"355"
171
299
431
451
433
374
481
657
1,251 1,240
94
97
701
710
752
803
903
"in
134
999
574
860
868
893
836
820
858
i
p
1
Preliminary.
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 Dec. 31, 1942; for explanation see p. 300 of the BULLETIN for April 1943. Beginning Tune
30, 1939, detailed classifications available on June and December dates only.
• Not 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.
This is a residual item and includes loans to banks. Because of the revised loan classifications, figures beginning Dec. 31, 1938, are not comDarable
with6 earlier figures.
Central reserve city banks.
Back figures—See Annual Report for 1937 (tables 52-58).
758
FEDERAL RESERVE
BULLETIN
CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES
[In millions of dollars]
Time deposits,
except interbank
Demand deposits,
except interbank
Re-
Call date
with
Federal
Re-
serve
Banks
Total—All
Member Banks
1929—Dec. 31
1933—June 30
1939—Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942—June 30
Dec. 31 p
1943—June 30
2,374
2,235
11,604
13,751
13,992
12,959
12,396
12,295
13,072
New York
City*
1929—Dec. 31
1933—June 30
1939—Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942—June 30
Dec. 31
1943—June 30**
City of
Chicago*
1929—Dec. 31
1933—June 30
1939—Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942—June 3C
Dec. 31
1943—June 30 p
Reserve City
Banks
1929—Dec. 31
1933—June 30
1939—Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942—June 30
Dec. 31
1943—June 30p
Cash
in
vault
558
405
841
789
991
999
1,087
1,022
1,019
827
846
5,915
7,072
7,057
5,857
5,105
4,762
4,388
169
232
993
1,187
1,051
1,062
1,021
973
902
751
705
3,118
3,759
4,027
4,125
4,060
4,254
4,940
Country
Banks
1929—Dec. 31
627
452
1933—June 30
1939—Dec. 30 i 1,578
1940—June 29 ! 1,733
Dec. 31
1,857
1941—June 30
1,914
Dec. 31
2,210
1942—June 30
2,306
Dec. 31
2,842
1943—June 30^
DeBalances mand
with
deIndi- States U.S.
Domestic
CertiIndiGovdoposits viduals, States fied
viduals, and
banks
U.S.
ernmestic1
ad- 2 partner- and
partnerand
Gov- ships, polit- ment
banks justed
ships, political offiern- and cor- subdi- Postal
and cor- subdi- cers'
pora- visions checks ment pora- visions
Sav- mand3 Time
etc.
tions
tions
ings
2,168 16,647
2,008 • 12,089
5,506 25,681
5,751 27,877
6,185 30,429
6,293 32,678
6,246 33,754
5,770 36,966
6,147 42,570
17,526
11,830
24,604
26,397
29,576
31,429
33,061
35,646
42,139
47 859
1,335
1,087
2,321
2,529
2,724
2,940
3,066
3,230
3,318
1,681
657
563
475
913
738
1,009
711
1,142
143
806
743
711
616
619
1,709
1,724
7,923
595
300
432
410
435
397
418
400
332
122
788
51
59
56
55
50
49
56
3,517
3,057
8,507
8,852
9,581
9,610
9,714
9,110
10,101
95
89
144
134
135
138
133
109
82
698
146
759
703
706
688
678
752
816
879
191
3
3
3
3
4
6
5
6,709
4,837
5,522
5,608
5,698
5,800
5,886
5,991
6,101
1,112
33
4
43
29
51
27
29
17
23
18
110
1,198
1,255
3,542
3,840
4,032
3,948
3,595
3,284
3,209
40
22
1
597
128
695
650
646
623
612
683
736
179
8
2,105
1,582
1,592
1,599
1,615
1,625
1,648
1,698
1,727
2
6
3
5
5
5
310
259
879
949
997
19
33
2
9
41
316
204
250
260
270
279
288
293
304
179
101
125
119
122
131
141
103
82
4,750
4,358
8,899
10,235
11,062
11,619
10,761
11,711
11,899
5,847
4,676
9,030
10,283
11,357
11,895
11,282
12,014
12,501
14,001
128
96
251
258
370
319
319
271
263
1,180
461
178
147
471
306
450
273
448
4,186
671
693
732
768
778
778
717
711
13
34
42
39
42
41
43
43
39
133
203
283
242
319
262
298
220
164
957
912
1,041
1,739
1,898
1,941
2,205
2,215
2,379
2,557
1,676
1,782
1,905
2,109
2,152
2,292
2,588
2,970
42
87
167
199
174
213
233
226
178
32
16
24
17
27
33
34
24
38
8
46
80
79
90
95
127
201
665
332
358
483
489
496
480
476
460
453
58
1
10
15
8
17
156
122
348
334
396
385
425
357
365
1,002
2,485
2,679
2,741
2,793
2,590
2,279
2,202
5,229
3,764
8,176
8,774
9,581
10,480
11,117
12,515
14,849
5,547
3,708
8,002
8,372
9,468
10,142
11,127
12 199
15,061
17 291
423
349
813
956
995
300
108
190
147
228
209
286
218
385
76
312
435
422
327
341
491
422
4,433
2,941
4,362
4,422
4,506
4,590
4,542
4,454
4,805
5,711
3,054
6,866
6,969
7,845
8,374
9,661
10,360
13,265
5,091
2,576
5,896
5,960
6,846
7,282
8,500
9,141
11,989
13,598
6,390
3,833
5,677
5,816
5,917
6,049
6,082
6,042
6,397
526
533
542
947
908
702
2,614
2,711
3,002
3,106
3,216
3,168
3,699
870
1,139
1,144
1,304
1,319
742
555
1,090
1,115
1,184
1,269
1,370
1,429
1,558
169
72
172
164
187
190
239
196
272
20
332
74
67
48
32
866
863
1,982
39
116
154
143
151
151
225
237
1,090
Foreign
banks
Bor- Capital
acrowings counts
12,267
7,803
11,215
11,459
11,687
11,898
11,878
11,673
12,366
68
46
89
88
102
136
93
88
72
321
203
363
328
452
437
Interbank
cleposits
3
7
8
8
8
10
12
2
1,010
1,027
1,028
1,105
371
208
240
219
226
211
243
239
169
41
388
14
18
19
19
20
18
22
1,604
1,315
3,516
3,526
3,919
4,000
4,302
4 052
4,831
30
59
117
105
106
108
103
82
62
64
15
53
44
51
55
55
57
65
292
16
2
2,029
1,533
1,828
1,873
1,904
1,940
1,967
1,985
2,028
133
86
140
147
150
143
61
285
35
37
33
31
6
146
143
140
31
31
32
405
228
571
538
633
652
790
747
957
26
29
29
30
30
3
1
2
2
2
2
2
3
4
367
167
3
3
3
3
4
3
3
2,258
1,517
1,851
1,876
1,909
1,956
1,982
2,014
2,042
7
27
20
p
Preliminary.
1 Beginning June 30, 1942, excludes reciprocal bank balances which on that date aggregated $600,000,000 (revised). 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 on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets."
2 Demand deposits 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).
AUGUST 1943
759
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS A N D INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars]
Investments
Loans
Date or month
Total
loans
and
investments
Total
Loans for purchasing
Com- or carrying securities
mercial,
Real- Loans Other
indus- To brokers
to
and dealers
estate
trial,
loans banks loans
and
To
agriU.S.
culGovt. others
tural Total obligations
Total—101 Cities
1942—June . . . . .
31,670
10,811
6,903
1943—February...
March
April
May
June
41,475
41,784
43,449
46,958
46,589
9,724
9,502
10,013
10,261
9,593
624
6,097
574
5,981
5,822 1,153
5,757 1,334
998
5,606
1943—Apr. 28
471
1,766
1,240
350
339
422
565
450
,180
,170
,160
,154
,151
U. S. Government obligations
Total
Total
Certificates
inBills of
debt- Note
edness
20,859 17,324 1,360
GuarBonds anteed
10,336 2,203
672 2,753
Other
securities
3,535
56
58
88
91
59
,417
,380
,368
,360
,329
31,751
32,282
33,436
36,697
36,996
4,080
4,146
4,199
4,189
4,023
13,192
13,602
14,123
15,437
15,720
,908 3,267
,927 3,261
,969 3,219
,828 3,088
878 3,069
28,484
29,021
30,217
33,609
33,927
4,255
4,340
4,418
5,334
5,368
5,049
5,006
5,508
6,821
6,938
45,772
10,637
5,850 1,652
504
161
83
,387
35,135 31,909 4,840 6,532 4,188
14,357
992
3,226
May
May
May
May
5
12
19
26
46,108
47,289
47,368
47,068
10,674
10,394
10,074
9,901
5,808
5,767
5,745
5,707
1,586
1,394
1,198
1,156
617
585
553
506
156
155
153
152
121
118
75
49
,386
,375
,350
,331
35,434
36,895
37,294
37,167
32,331
33,799
34,215
34,093
4,947
5,343
5,583
5,463
4,186
4,180
4,201
4,190
14,655
15,628
15,726
15,739
835
834
825
818
3,103
3,096
3,079
3,074
June
June
June
June
June
2
9
16
23
30
47,182
46,808
46,965
46,147
45,843
9,788
9,590
9,649
9,454
9,485
5,662 1,046
983
5,637
5,625 1,019
927
5,565
5,542 1,014
491
465
438
432
424
150
150
144
153
158
94
33
95
46
28
,345
,322
,328
,331
,319
37,394
37,218
37,316
36,693
36,358
34,317
34,141
34,251
33,631
33,295
5,636
5,346
5,804
5,195
4,860
15,760
15,814
15,683
15,657
15,685
850
892
887
878
881
3,077
3,077
3,065
3,062
3,063
July 7
July 14
July 21
45,563
46,822
46,612
9,593
9,675
9,449
5,565 1,092
5,638 1,102
5,618
948
420
405
394
148
160
159
57
70
48
1,311
1,300
1,282
15,775
15,859
15,900
892
878
697
2,983
2,982
2,956
New York City
1942—June
12,625
3,718
2,659
355
151
103
26
424
8,907
7,584
391
297
1,605
4,090 1,201
1,323
1943—February...
March
April
May
June
16,163
16,230
17,025
18,272
17,748
3,556
3,441
3,906
4,156
3,708
2,430
506
2,379
456
2,298
965
2,248 1,132
2,172
850
622
718
396
158
146
195
314
236
98
98
98
98
97
38
44
36
49
40
326
318
314
315
313
12,607
12,789
13,119
14,116
14,040
11,460
11,635
12,007
13,130
13,067
1,851
1,814
1,641
2,019
2,092
2,010
1,966
2,175
2,500
2,539
,821
,845
,888
,858
,654
984
4,794
5,010 1,000
5,285 1,018
5,818
935
5,859
923
1,147
1,154
1,112
986
973
1,101
1943—Apr. 28.
May
May
May
May
5.
12.
19.
26.
July 7
July 14
July 21
6,708
6,814
6,880
6,883
r
6,883
6,910
6,923
6,986
6,991
r
4,188
4,179
3,954
3,915
3,878
35,970 32,987 4,463 6,985 3,872
37,147 34,165 4,627 6,982 4,819
37,163 34,207 4,762 6,985 4,863
r
18,038
4,380
2,301 1,396
1,031
242
99
27
315
13,658 12,557 1,720 2,549
,863
5,396 1,029
18,144
18,472
18,330
18,142
4,422
4,245
4,015
3,942
2,272 1,330
2,252 1,188
2,243 1,020
2,225
941
788
584
560
337
327
312
281
98
99
98
98
69
63
26
35
316
316
316
312
13,722
14,227
14,315
14,200
12,727
13,235
13,334
13,222
1,816
2,045
2,152
2,062
2,507
2,484
2,500
2,509
,869
,868
,874
,822
5,582
5,890
5,878
5,922
953
948
930
907
995
992
981
978
18,240
17,879
17,950
17,406
17,263
3,850
3,718
3,741
3,591
3,639
2,213
2,197
2,171
2,140
2,139
835
879
790
857
450
397
410
332
391
273
252
222
218
214
98
98
97
97
97
66
25
59
26
23
312
311
313
320
309
14,390
14,161
14,209
13,815
13,624
13,416
13,188
13,245
12,844
12,642
2,273
2,011
2,373
1,999
1,803
2,500
2,507
2,517
2,570
2,600
,813
,791
,594
,558
,516
5,924
5,937
5,834
5,804
5,798
906
942
927
913
925
974
973
964
971
982
17,011
17,476
17,304
3,744
3,761
3,565
2,147
2,165
2,143
946
949
806
481
430
333
207
194
191
97
98
98
37
51
26
310
304
301
13,267 12,323 1,432 2,609 1,543
13,715 12,748 1,519 2,626 1,837
13,739 12,783 1,633 2,642 1,826
5,803
5,833
5,855
936
933
827
944
967
956
Outside
New York City
1942—June
19,045
7,093
4,244
116
251
1,137
1,342
11,952
9,740
969
375
1,148
6,246 1,002
2,212
1943—February...
March
April
May
June
25,312
25,554
26,424
28,686
28,841
6,168
6,061
6,107
6,105
5,885
3,667
3,602
3,524
3,509
3,434
118
118
188
202
148
192
193
227
251
214
,082
,072
,062
,056
,054
18
14
52
42
19
,091
,062
,054
,045
,016
19,144
19,493
20,317
22,581
22,956
17,024
17,386
18,210
20,479
20,860
2,404
2,526
2,777
3,315
3,276
3,039
3,040
3,333
4,321
4,400
2,259
2,301
2,311
2,331
2,369
8,398
8,592
8,838
9,619
9,860
924
927
951
893
955
2,120
2,107
2,107
2,102
2,096
1943—Apr. 28. . . .
27,734
6,257
3,549
256
262
,062
56
,072
21,477 19,352 3,120 3,983 2,325
8,961
963
2,125
May
May
May
May
27,964
28,817
29,038
28,926
6,252
6,149
6,059
5,959
3,536
3,515
3,502
3,482
256
206
178
165
280
258
241
225
,058
,056
,055
,054
52
55
49
14
,070
,059
,034
,019
21,712
22,668
22,979
22,967
19,604
20,564
20,881
20,871
3,131
3,298
3,431
3,401
4,201
4,330
4,380
4,374
2,317
2,312
2,327
2,368
9,073
9,738
9,848
9,817
882
886
895
911
2,108
2,104
2,098
2,096
28,942
28,929
29,015
28,741
28,580
5,938
5,872
5,908
5,863
5,846
3,449
3,440
3,454
3,425
3,403
158
148
140
137
157
218
213
216
214
210
,052
,052
,047
,056
,061
28
8
36
20
5
,033
,011
,015
,011
,010
23,004
23,057
23,107
22,878
22,734
20,901
20,953
21,006
20,787
20,653
3,363
3,335
3,431
3,196
3,057
4,383
4,403
4,406
'4,416
4,391
2,375
2,388
2,360
r
2,357
2,362
9,836
9,877
9,849
r
9,853
9,887
944
950
960
965
956
2,103
2,104
2,101
2,091
2,081
28,552
29,346
29,308
5,849
5,914
5,884
3,418
3,473
3,475
146
153
142
213
211
203
,051
,062
,061
20
19
22
1,001
996
981
22,703 20,664 3,031 4,376 2,329
23,432 21,417 3,108 4,356 2,982
23,424 21,424 3,129 4,343 3,037
9,972
10,026
10,045
956
945
870
2,039
2,015
2,000
5. . . .
12. . . .
19. . ..
26. . . .
July 7
July 14.....
July 21
r
Revised.
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
"
*~
' 1937 (tables
"
5 ((p. 876), Annual
Report' for
65-67), and corresponding
tables in previous Annual Reports.
76O
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Demand deposits,
except interbank
Date or month
Reserves
BalDewith Cash ances mand
Fedwith
dein
eral vault
posits
doRemestic
ad- 1
serve
banks justed
Banks
Individuals,
partnerships,
and
corporations
!
Interbank
deposits
Time deposits,
except interbank
IndiDomestic
vidU.S.
banks
States Certiuals, States
Govfied
and
and
U.S. part- polit- ernpolit- and
ForGov- neroffiical
ical ment
eign
ern- ships, suband
cers' ment
subbanks
and
Postal De- Time
divi- checks
divicorSav- mand
etc.
sions
pora- sions ings
tions
Bor- Capital Bank
debrow- acings counts
Total 101 Cities
1942—June
9,759
510
3,398
25,878
25,393
1,905
485
846
4,924
20
9,080
87
667
3,949
9,348
1943—February....
March
April
May
June
9,412
9,476
9,020
8,381
8,678
516
519
522
520
527
2,557
2,589
2,594
2,516
2,358
30,412
31,956
31,591
30,354
32,199
30,290
31,837
31,659
30,377
32,254
1,854
1,861
1,855
1,783
1,806
577
626
706
721
682
4,240
2,708
4,271
8,748
6,557
5,284
5,344
5,382
5,419
5,504
108
96
107
117
119
28
29
30
31
35
9,204
9,448
9,372
8,897
8,839
59
57
55
54
51
729
739
728
738
762
4,042
4,054
4,067
4,095
4,117
10,579
11,716
13,372
12,544
11,874
1943—Apr. 28
8,608
2,618
30,098
30,112
1,890
692
8,044
5,381
115
31
9,092
56
733
4,067 11,957
8,284
8,333
8,419
8,489
510
527
508
533
2,542
2,567
2,491
2,461
29,528
30,051
30,652
31,185
29,423
30,293
30,719
31,072
1,761
1,767
1,766
1,837
856
682
740
608
8,496
9,342
8,861
8,294
5,381
5,406
5,435
5,454
116
118
117
117
31
31
31
31
9,112
8,935
8,869
8,673
52
54
54
55
724
734
742
751
4,088
4,092
4,099
4,100
14,669
11,597
12,304
11,607
8,570
8,694
8,894
8,677
8,556
504
538
558
531
503
2,410
2,335
2,441
2,308
2,297
31,386
32,061
32,787
32,472
32,289
31,395
31,890
33,064
32,383
32,536
1,838
1,794
1,793
1,756
1,852
668
625
740
677
699
7,981
7,029
6,358
5,764
5,652
5,480
5,485
5,494
5,529
5,530
121
117
117
119
119
32
34
34
35
39
8,826
8,823
9,106
8,773
8,666
53
53
51
50
50
755
763
760
765
772
4,112
4,119
4,120
4,118
4,115
11,211
10,847
12,493
12,083
12,734
8,529
8,683
8,740
514
552
528
2,272
2,382
2,307
32,325
32,883
33,386
32,330 1,781
33,236 1,790
33,381i 1,811
706
748
578
4,924
5,973
5,345
5,564
5,586
5,616
116
119
117
40
40
40
8,908
8,868
8,748
50
50
49
782
772
773
10,902
12,067
11,657
4,128
New York City
1942—June
4,438
79
10,621
10,797
238
256
506
647
18
3,280
599
1,548
3,618
1943—February...
March
April
May
June
3,655
3,610
3,271
3,038
3,157
11,574
12,444
12,219'
11,387
12,086
11,850
12,748
12,556
11,670
12,426
218
217
217
222
205
313
319
390
455
355
2,372
1,436
2,083
4,130
3,006
663
673
674
672
690
22
18
19
18
17
3,052
3,101
3,096
2,904
2,869
650
657
646
655
677
1,576
1,578
1,581
1,596
1,610
4,486
4,687
5,792
5,522
4,976
3,107
11,346
11,675
230
371
3,886
675
19
3,024
1
2,973
3,027
3,085
3,068
11,140
11,250
11,450
11,708
11,342
11,617
11,764
11,958
230
219
219
221
565
418
486
349
4,124
4,385
4,143
3,867
668
668
677
677
17
19
19
19
2,968
2,937
2,924
2,785
1
May
May
May
May
5
12
19
26
July 7
July 14
July 21
1943—Apr. 28
May
May
May
May
5....
12
19....
26
July 7
July 14
July 21
......
"l
1
1
1
1
1
1
1,578
4,733
641
652
659
668
1,592
1,593
1,601
1,600
6,638
5,266
5,250
4,933
669
677
677
678
683
1,605
1,611
1,615
1,609
1,610
4,764
4,691
5,297
4,978
5,150
3,089
3,169
3,204
3,176
3,149
11,850
12,070
12,251
12,105
12,156
12,184
12,331
12,628
12,395
12,591
212
195
194
194
232
341
356
386
343
349
3,709
3,232
2,915
2,617
2,556
688
687
692
705
679
18
16
16
17
18
2,841
2,850
2,988
2,872
2,794
1
1
1
1
3,191
3,187
3,250
12,151
12,297
12,557
12,453
12,713
12,837
174
227
228
384
442
280
2,208
2,472
2,188
687
684
690
18
18
17
2,874
2,931
2,866
1
1
1
692
1,612
1,613
1,613
4,588
5,108
4,528
1
Outside
New York City
1942—June
5,321
3,321
15,257
14,596
1,667
229
340
4,277
148
20
5,800
87
68
2,401
5,730
1943—February...
March
April
May
June
5,757
5,866
5,749
5,343
5,521
436
441
442
440
445
2,534
2,551
2,563
2,486
2,333
18,838
19,512
19,372
18,967
20,113
18,440
19,089
19,103
18,707
19,828
1,636
1,644
1,638
1,561
1,601
264
307
316
266
327
1,868
1,272
2,188
4,618
3,551
4,621
4,671
4,708
4,747
4,814
86
78
88
99
102
28
29
30
31
35
6,152
6,347
6,276
5,993
5,970
59
56
54
53
50
79
82
82
83
85
2,466
2,476
2,486
2,499
2,507
6,093
7,029
7,580
7,022
6,898
1943—Apr. 28 . ..
5,501
472
2,587
18,752
18,437
1,660
321
4,158
4,706
96
31
6,068
55
85
2,489
7,224
May
May
May
May
5.
12.
19.
26.
..
..
..
..
5,311
5,306
5,334
5,421
432
445
431
450
2,519
2,543
2,464
2,414
18,388
18,801
19,202
19,477
18,081
18,676
18,955
19,114
1,531
1,548
1,547
1,616
291
264
254
259
4,372
4,957
4,718
4,427
4,713
4,738
4,758
4,777
99
99
98
31
31
31
31
6,144
5,998
5,945
5,888
51
53
S3
54
83
82
83
83
2,496
2,499
2,498
2,500
8,031
6,331
7,054
6,674
June
June
June
June
June
2...
9. ..
16. . .
23...
30....
5,481
5,525
5,690
5,501
5,407
425
454
472
452
423
2,378
2,314
2,415
2,285
2,272
19,536
19,991
20,536
20,367
20,133
19,211
19,559
20,436
19,988
19,945
1,626
1,599
1,599
1,562
1,620
327
269
354
334
350
4,272
3,797
3,443
3,147
3,096
4,792
4,798
4,802
4,824
4,851
103
32
34
34
35
39
5,985
5,973
6,118
5,901
5,872
52
52
50
49
49
86
86
83
87
89
2,507
2,508
2,505
2,509
2,505
6,447
6,156
7,196
7,105
7,584
July 7 . . . .
July 14....
July 2 1 . . .
5,338
5,496
5,490
429
463
447
2,248
2,356
2,276
20,174
20,586
20,829
19,877
20,523
20,544
1,607
1,563
1,583
322
306
298
2,716
3,501
3,157
4,877
4,902
4,926
40
40
40
6,034
5,937
5,882
49
49
48
90
84
85
2,519
2,516
2,515
6,314
6,959
7,129
roi
101
102
101
98
101
100
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.
AUGUST
1943
761
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[In millions of dollars
Loans
Federal Reserve
district and date
(1943)
Boston (6 cities)
June 23
June 30
July 7
July 14
July 21
New York (8 cities)*
June 23..
June 30
July 7
July 14...
July 21
Philadelphia (4 cities)
June 23
June 30.
July 7
July 1 4 . . .
July 21
Cleveland (10 cities)
June 23
June 30
July 7 . . . . . .
July 14
July 21..
Richmond (12 cities)
June 23
June 30
July 7 . . .
July 14
July 21
Atlanta (8 cities)
June 23.
June 30
July 7
July 14
July 21
Chicago (12 cities)*
June 23
June 30
July 7
July 14...
July 21
St. Louis (5 cities)
June 23
June 30
July 7
July 1 4 . . . .
July 21
Minneapolis (8 cities)
June 23
June 30
July 7 . . . . .
July 1 4 . . .
July 21
Kansas City (12 cities)
June 23
June 30
July 7
July 14
July 21
Dallas (9 cities)
une 23
. une 3 0 . . .
. u l y 7.
uly 1 4 . . .
uly 21
San Francisco (7 cities)
June 23
June 30
July 7
July 1 4 . . . .
July 21
City of Chicago*
June 23
June 30
July 7
July 1 4 . . . .
July 21..
Total
loans
and
investments
Total
Commercial,
indus-
trial,
and
agricultural
Investments
Loans for
purchasing
or carrying
securities
U. S. Government obligations
Real- Loans
estate
to
To
loans banks
brokers
To
and others
dealers
2,535
2,511
2,513
2,546
2,560
589
596
610
616
612
372
381
392
394
393
21
19
20
24
23
12
12
12
12
12
69
69
69
69
69
18,947
18,783
18,517
19,036
18,865
3,919
3,967
4,069
4,086
3,890
2,278
2,278
2,284
2,303
2,282
793
860
949
952
809
249
245
237
224
221
180
181
181
181
181
2,091
2,068
2,062
2,104
2,095
435
427
431
432
426
233
229
230
231
231
31
31
30
30
31
11
11
11
11
11
44
45
45
45
44
3,668
3,639
3,634
3,696
3,693
731
715
719
734
728
373
366
367
372
369
16
15
14
20
14
16
16
13
15
14
168
169
171
172
171
,461
,456
,443
,493
,494
240
240
239
236
232
113
111
111
110
109
3
4
4
4
3
11
12
11
12
11
,389
,370
1,370
1,478
1,477
286
287
284
287
283
170
171
171
172
169
4
4
6
6
6
6,980
6,964
6,986
7,132
7,079
1,211
1,208
1,210
1,226
1,228
864
856
863
880
883
1,397
1,396
1,387
1,441
1,435
342
341
339
343
343
849
855
854
879
872
Total
CertifiOther
cates
secuof
Guar- rities
Bills
in- Notes Bonds andebtteed
edness
270
237
224
216
235
""{"1
1
r
465
464
465
467
476
r
185
186
186
218
222
r
840
842
842
845
847
73
72
72
72
56
113
114
114
112
112
949
961
971
964
852
,070
,081
,039
,061
,051
26
23
37
51
26
13,958
13,735
13,409
13,
13,924
2,164
1,949
1,578
1,670
1,791
2,766
2,795
2,809
2,827
2,839
1,694
1,652
1,680
2,026
2,018
6,385
6,378
6,371
6,402
6,424
5
1,449
1,433
1,426
1,469
1,467
240
225
209
211
211
307
304
304
298
297
122
122
124
170
171
707
703
710
711
711
2,673
2,665
2,659
2,706
2,710
418
398
376
367
374
436
438
437
438
428
339 1,351
339 1,361
297 1,420
349 1,424
354 1,435
52
52
52
51
51
1,155
1,150
1,143
1,197
1,202
151
151
141
156
156
247
238
219
219
220
126
127
130
165
165
9
9
10
10
10
27
27
27
27
27
990
971
973
1,078
1,081
137
126
124
164
167
251
247
253
252
252
38
46
45
41
40
58
53
52
53
53
141
143
142
142
142
5,187
5,180
5,217
5,365
5,321
824
815
851
874
839
204
201
199
202
205
4
4
4
5
5
9
9
9
10
9
66
66
66
66
66
175
176
179
180
178
106
108
106
108
106
1
2
2
2
1
5
5
4
4
4
14
14
14
14
15
1,501
1,493
1,510
1,558
1,570
321
325
326
334
338
213
212
213
220
226
3
3
3
4
3
1,187
1,174
1,179
1,232
1,231
280
281
276
279
276
200
201
202
199
201
2
2
1
1
1
16
16
13
17
14
19
19
19
19
19
4,142
4,134
4,108
4,227
4,241
925
922
911
922
915
439
428
427
447
444
11
24
1#
13
12
28
28
40
29
27
337
336
320
332
332
4,349
4,344
4,358
4,422
4,385
780
780
784
798
801
624
621
629
644
646
32
40
39
35
35
47
41
40
42
42
23
23
23
23
24
""5"
5
13
4
8
8
17
264
259
256
256
255
583
584
603
607
612
48
50
50
50
49
66
66
61
60
60
143
140
140
201
203
405
404
402
408
408
54
54
54
53
51
113
112
113
113
113
1,240
1,237
1,232
1,221
1,216
579
579
581
701
713
2,308
2,313
2,320
2,336
2,339
236
236
233
233
214
582
576
559
541
530
122
112
106
114
114
219
216
217
220
216
109
109
109
143
146
450
462
464
469
469
34
37
36
36
32
121
119
116
116
115
115
121
116
115
109
127
126
127
127
127
57
56
56
83
84
306
306
307
307
307
27
28
28
27
27
42
42
41
40
40
173
162
178
178
180
226
225
224
226
219
176
173
173
210
228
422
423
425
428
428
58
58
57
56
52
125
127
127
126
125
119
107
117
125
127
209
208
208
201
209
106
106
105
157
152
359
358
359
359
358
59
58
59
56
55
55
56
55
55
54
2,913
2,909
2,900
3,006
3,027
462
457
443
437
459
493
493
490
486
486
279 1,541
289 1,546
291 1,552
396 1,563
407 1,562
138
124
124
124
113
304
303
297
299
299
3,181
3,182
3,207
3,276
3,246
481
479
507
524
490
797
799
798
789
787
399
400
400
450
456
74
1,430
1,430
74
1,428
74
1,439 j 74
1,443
70
388
382
367
348
338
2
4
4
4
1,055
1,041
1,057
1,098
1,107
1
207
208
205
203
202
129
129
129
128
119
1
1
1
36
37
42
42
42
73
74
79
79
77 I
r
Revised.
* 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.
762,
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
RESERVES AND LIABILITIES
I In millions of dollars]
Demand deposits,
except interbank
Federal Reserve
district and date
(1943)
Reserves
BalDeIndiwith Cash ances mand
vidFedwith
deuals,
in
eral
posits
dopartvault mestic
Readner1
serve
banks justed ships,
Banks
and
corporations
Boston (6 cities)
J u n e 23
June 3 0 . . . . . . . .
July 7 . . . . . . . . . . . . .
July 1 4 . . . . . . . . . . . . .
July 2 1 . .
New York (8 cities)*
June 23....
June 3 0 . . . . . . . . . . . . .
July 7 . . . . . . . .
July 1 4 . . . . . . . . . . . . .
July 2 1 . . . . . .
Philadelphia
(4 cities)
June 2 3 . . . . . . . . . . .
June 3 0 . . . . . . . . . . .
July 7 . . . . . . .
J u l y 14
.......
J u l y 21
Cleveland (10 cities)
June 2 3 . . . . . . . . . .
June 3 0 . . . . . . . . . . .
July 7 . . . . . . . . . . .
July 1 4 . . . . . . . . . . .
J u l y 21
Richmond (12 cities)
June 2 3 . . . . . . . . . . .
June 3 0 . . . . . . . . . . .
July 7 . . . . . . . . . . . . . |
July 14...
.....I
J u l y 21
1
Atlanta (8 cities)
June 2 3 . . .
J u n e 30
July 7 . . . . . . . . .
J u l y 14
J u l y 21.
licago (12 cities)*
Chia
June 2 3 . . . . . . . . . . . . .
June30.... . . . . . . . . .
July 7 . . . . . . . .
July 1 4 . . . . . . . . . . . . .
J u l y 21
St. Louis (5 cities)
June 23....
J u n e 30
....
July 7 . . . . .
July 1 4 . . . . . . . . . . . . .
July 2 1 . . . . . . .
Minneapolis
(8 cities)
June 2 3 . . . . . . .
J u n e 30
July 7 . . . . . . . . . . . . .
July 14.....
J u l y 21
Kansas City (12 cities)
June 23.....
J u n e 30
July 7..
July 1 4 . . . . . . .
J u l y 21
Dallas (9 cities)
June23
...
J u n e 30
July 7 . . . . . . . . . . . . .
July 1 4 . . . . .
J u l y 21
San Francisco(7 cities)
J u n e 23
June 30...
July 7 . . . .
July 1 4 . . . . . . . . . . . . .
J u l y 21
....
City of Chicago*
June23...
...
Tune 3 0 . . . . . . .
July 7 . . . . .
July 1 4 . . . . ,
J u l y 21
.........I
Time deposits,
except interbank
States Certiand
fied
politand U . S .
Govical
offiernsubcers' ment
divi- checks
sions
etc.,
Individuals,
partnerships,
and
corporations
450
444
443
470
436
56
53
55
59
59
119
125
120
117
117
1,986
1,975
1,994
2,014
2,039
1,972
1,969
1,980
2,009
2,021
90
106
96
98
100
29
27
29
28
32
351
337
291
345
308
249
250
252
253
254
3,387
3,364
3,399
3,397
3,455
112
110
117
124
115
116
120
121
134
131
13,251
13,289
13,278
13,445
13,712
13,380
13,587
13,434
13,719
13,847
380
421
352
404
407
376
384
411
476
308
2,787
2,720
2,351
2,663
2,359
1,099
1,076
1,086
1,085
1,093
400
391
391
394
403
28
25
27
28
27
83
83
81
88
80
1,645
1,613
1,636
1,653
1,675
1,623
1,643
1,628
1,659
1,662
105
98
100
98
100
18
20
22
18
19
254
249
214
262
233
760
717
702
732
752
69
64
64
69
67
260
241
246
253
247
2,744
2,662
2,667
2,717
2,764
2,764
2,704
2,692
2,790
2,803
112
113
111
112
116
39
44
40
38
38
288
279
294
293
278
35
32
34
36
34
171
159
162
177
166
1,051
1,034
1,045
1,055
1,059
1,009
1,006
1,009
1,030
1,016
98
103
99
101
106
280
277
283
291
271
25
22
23
26
25
170
173
168
191
169
943
928
939
971
971
894
889
899
936
940
1,325
1,290
1,244
1,285
1,325
97
90
92
97
94
415
426
392
424
401
5,024
4i>7
4,972
5,074
5,13.
274
257
266
270
281
19
18
18
19
18
116
117
114
116
116
151
150
157
160
162
10
10
9
10
9
346
357
359
362
360
States U . S .
Govand
ernpolitment
ical
and
subdivi- Postal
Savsions
ings
Interbank
deposits
Domestic
banks
Demand
Foreign
banks
Bank
Bor- Capdebrow- ital
acings counts its2-
Time
323
320
343
332
325
29
25
26
259
258
259
259
258
641
721
621
675
687
19
20
20
20
19
2,942
2,863
2,950
3,007
2,940
685
694
690
690
739
741
742
,743
,743
5,341
5,585
4,909
5,481
4,855
158
158
159
159
159
2
2
2
2
2
360
364
366
356
356
6
7
6
6
6
222
222
223
223
223
523
554
439'
5211
480>
328
324
284
349
317
753
757
760
764
767
51
50
50
50
50
501
491
506
496
486
2
2
2
2
2
420
419
420
420
420
857
927
692
778
874
23
23
24
21
20
174
171
150
211
189
215
216
217
218
219
2
2
2
2
2
384
372
387
384
375
1
1
1
1
1
110
109
108
108
108
349
343
306
308
338
128
135
121
123
115
12
13
8
10
9
152
148
133
245
219
218
219
220
222
223
2
2
2
3
3
464
464
464
464
446
4
4
4
105
105
105
105
104
350
349
451
322
336
4,902
4,894
4,858
5,038
5,024
373
390
419
381
396
76
71
63
54
51
790
793
694
839
751
1,070
1,077
1,083
1,089
1,095
2
2
2
2
2
1,471
1,464
1,505
1,479
1,460
467
469
470
466
467
1,848
2,094
1,595
1,875
1,851
860
861
859
887
911
872
887
928
928
63
64
62
62
63
9
17
13
10
9
141
136
118
164
146
201
202
204
205
206
1
1
1
1
1
500
493
505
493
489
105
105
105
105
105
316
338
272
304
326
78
87
87
84
97
551
56:
569
583
590
506
522
521
533
538
91
95
104
104
97
7
9
114
110
95
117
106
115
115
116
117
118
242
243
260
250
259
70
70
70
70
70
205
210
194
216
217
21
20
19
21
20
279
292
288
300
300
1,030
1,051
1,050
1,076
1,079
1,022
1,049
1,054
1,080
1,082
114
117
111
114
120
16
17
18
17
17
123
121
107
149
136
152
153
154
155
156
727
724
751
747
764
121
120
120
120
120
413
376
359
411
437
271
283
283
295
285
21
20
20
21
20
246
228
226
239
241
952
935
958
988
1,000
958
948
960
999
996
53
60
59
59
60
20
19
16
16
20
129
124!
Ill'
156;
139
135
136
135
135
136
9
9
8
9
9
423
426
420
424
418
2
2
2
1
1
99
97
98
98
310
289
252
267
299
745
747
708
734
732
38
39
36
42
40
255
246
267
259
242
2,435
2,397
2,358:
2,420!
2,451
2,473
2,453
2,408
2,515
2,524
149
150
147
134
131
52
55
54
52
48
421
419
376
473
442
1,164
1,171
1,178
1,184
1,190
29
29
28
28
28
436
442
451
436
430
25
25
25
25
25
401
400
411
412
412
930
948
812
909
957
827
788
762
801
826
43
40
41
41
40
169
176
171
176
176
3,054
3,026
3,038
3,079
3,136
3,022
3,006
2,988
3,073
3,109 !
189
202
242
207
206
33
36
34
25
26
505
509
440
521
465
472
476
476
477
479
1,050
1,032
1.073
1,059
1,043
13
13
13
14
13
1,095
307 1,229
929
308
304 1,161
304
* See n o t e on preceding page.
D e m a n d deposits other t h a n i n t e r b a n k a n d U . S. G o v e r n m e n t , less cash items reported a s m process of collection.
D e b i t s to demand deposit a c c o u n t s except i n t e r b a n k a n d U . S, G o v e r n m e n t a c c o u n t s .
1
2
AUGUST
1943
763
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
Commercial
paper
outstanding 1
End of month
Based on
Held by
Accepting banks
Total
outstanding
Total
Own
bills
Dollar
exchange
Othe
Bills
bought
1942—March
April
May
June
July
August
September.
October... .
November .
December .
384
373
354
315
305
297
282
271
261
230
183
177
174
163
156
139
123
119
116
118
146
139
133
122
119
108
97
94
90
93
89
86
82
78
77
71
64
63
61
60
57
53
51
44
42
37
33
31
29
34
37
38
41
41
38
31
26
25
26
25
1943—January
February...
March
April
May. .
June
220
209
201
179
160
143
120
127
130
128
136
140
95
102
101
99
105
102
60
64
62
61
65
62
35
38
39
38
40
40
24
25
29
29
31
38
Goods stored in or
shipped between
points in
1
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).
2
3
CUSTOMERS' DEBIT BALANCES, MONEY _BORRO WED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange.
Ledger balances in millions of dollars]
Credit balances
Debit balances
Debit
Debit
Customers' balances in balances in
debit
firm
partners'
balances
investment investment
(net) 1
and trading and trading
accounts
accounts
End of month
Customers'
credit balances 1
Cash on
hand
and in
banks
Money
orrowed 2
Free
Othe r credit bala nces
In partners'
investment
and trading
accounts
investment
and trading
accounts
In capital
accounts
(net)
86
103
24
30
14
12
420
424
Other
(net)
In firm
1,267
1,395
67
64
164
164
219
249
985
1,048
276 342 *
1,489
985
55
34
161
108
214
232
1,217
688
266
278
92
85
25
26
13
10
397
355
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
6
7
280
277
1940—June
December
653
677
12
12
58
99
223
204
376
427
267
281
62
54
22
22
5
5
269
247
1941—June
December
616
600
11
8
89
86
186
211
395
368
255
289
65
63
17
7
17
222
213
1942—June
July
August
September
October
November
December
496
491
490
e
500
e
510
e
520
543
9
7
86
95
180
172
16
16
4
4
189
185
154
160
240
238
240
c
240
e
250
e
250
270
56
57
7
309
307
«300
c
310
e
310
«320
378
54
15
4
182
e
"280
e
310
r
320
r
330
r
330
334
66"
15
7
212
1936—June
December
1937_j u n e
December
1938-June
December
1943—January
February
March
April
May
. .
e
... .
June
e
540
8
550
e
670
740
761
r
9
190
167
290
e
320
e
350
e
57O
e
55O
529
e
r
Revised.
* 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).
764
FEDERAL RESERVE
BULLETIN
OPEN-MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]
Year,
month, or
week
Yields on U . S.
Goven lment sec•urities
Stock
Prime
Prime
exbankcomchange
ers'
mercial
call
paper, acceptloan
4- to 6- ances,
re90
monthsl
newday si
als2
1940 average
1941 average
1942 average
1942-June
July
August
September.. . .
October
November . . . .
December
1943—January
February
March. .
April
May .
June
Week ending:
June 26
July 3
July 10
July 17
July 24
9- to 12month
3certifi- 3- to 5year
month
cates
bills3
of in- taxable
notes
debtedness
.56
.54
.66
.44
.44
.44
1.00
LOO
.00
.014
.103
.326
.69
.69
.69
.69
.69
.69
.69
.44
.44
.44
.44
.44
.44
.44
LOO
.00
LOO
LOO
.00
LOO
.00
.363
.368
.370
.370
.372
.371
.363
.69
.69
.69
.69
.69
.69
.44
.44
.44
.44
.44
.44
.00
.00
.00
.00
00
.'oo
.367
.372
.373
.373
.373
.374
1.00
1.00
1.00
1.00
1.00
.374
.375
.374
.374
.374
1/
%
H-H
\
***
4
.76
1.13
.80
.76
.75
.80
.80
1.15
1.20
1.25
1.27
1.28
1.28
1.34
.76
.73
.75
.78
^78
JO
1.29
1.24
1.33
1.39
1 36
U32
.67
5.68
.68
.69
.69
1.32
1.29
1.28
6
1.32
1.31
J Monthly figures are averages of weekly prevailing rates.
* The average rate on 90-day stock exchange time loans was 1.25 per
cent during the entire period. "
3
Rate on new issues offered within period. Tax-exempt bills prior to
March 1941; taxable bills thereafter.
J Average for Aug. 15 to 31.
° Number of issues included decreased from 2 to 1 on July 1.
6
Number of issues included increased from 1 to 2 on July 12.
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]
7 Other 1
North- ! 11 Southern and
ern and
Western
Eastern
cities
cities
Total
19 cities
New
York
City
average 1
average 1
average 1
average 1
average 1
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 a v e r a g e . . . . .
1941 average
1942 average
1939—March
June
September..
December..
1940—March
June
September.
December..
1941—March
June
September..
December..
1942—March
June
September..
December...
1943—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
2.76
3.00
2.36
2.70
2.76
2.98
3.24
3.38
1934
1935
1936
1937
1938
1 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.
B O N D YIELDS l
[Per cent per annum]
U. S.
Government2
Year, month, or week
Corporate (Moody's) 6
Municipal
Partially
grade)
taxTaxable'
exempt
3
Corporate
(highgrade) 4
By groups
By ratings
Total
Aaa
Aa
A
Baa
Industrial
Railroad
Public
utility
15
5
120
30
30
30
30
40
40
40
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
4.30
2.35
2.50
2.10
2.36
3.95
3.96
3.25
3 11
3.11
1.97
2.00
2.02
2.03
2.05
2.06
2.09
2.33
2.34
2.34
2.34
2.33
2.34
2.36
2.38
2.32
2.28
2.25
2.22
2.20
2.26
2.75
2.74
2.73
2.73
2.72
2.71
2.72
3.37
3.35
3.34
3.33
3.31
3.31
3.32
2.85
2.83
2.81
2.80
2.80
2.79
2.81
3.01
2.99
2.99
2.98
2.95
2.94
2.96
3.31
3.28
3.27
3.26
3.24
3.24
3.23
4.33
4.30
4.28
4.26
4.24
4.25
4.28
2.97
2.94
2.94
2.95
2.94
2.93
2.94
4.03
4.02
3.98
3.95
3.92
3.93
3.96
3.12
3.09
3.09
3.08
3.07
3.06
3.07
1943—January
February
March
April
May
June
2.06
2.06
2.08
2.02
1.92
1.85
2.32
2.32
2.33
2.32
2.30
2.29
2.27
2.22
2.21
2.20
2.13
2.07
2.70
2.68
2.70
2.68
2.65
2.63
3.27
3.23
3.20
3.19
3.16
3.14
2.79
2.77
2.76
2.76
2.74
2.72
2.93
2.89
2.88
2.88
2.87
2.85
3.20
3.17
3.14
3.14
3.13
3.11
4.16
4.08
4.01
3.96
3.91
3.88
2.90
2.88
2.87
2.87
2.86
2.84
3.86
3.78
3.73
3.69
3.64
3.61
3.05
3.02
3.00
3.01
3.00
Week ending:
June 26
July 3
July 10
July 17
July 24
1.83
1.81
1.80
1.81
1.83
2.28
2.27
2.26
2.27
2.28
2.05
2.04
2.03
1.97
1.96
2.62
2.61
2.59
2.58
2.56
3.14
3.13
3.12
3.11
3.10
2.72
2.71
2.70
2.69
2.69
2.84
2.84
2.83
2.82
2.81
3.11
3.10
3.10
3.10
3.09
3.88
3.86
3.84
3.81
3.80
2.83
2.82
2.81
2.80
2.79
3.61
3.60
3.59
3.57
3.55
2.98
2.97
2.96
2.95
2.95
Number of issues
2-6
1940 average
1941 average
1942 average
2.21
1.95
2.02
1942- -June
July........
August
September.
October....
November..
December..
1
2
3
2.9a
Monthly and weekly data are averages of daily figures, except for municipal bonds, which arc based on Wednesday figures.
Average of yields on all outstanding issues due or callable in more than 12 years.
Standard and Poor's Corporation.
5
Moody's C Investors P !ervice, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced
from 10 to 4 and 10 to 5 issues, respectively, and the railroad Aaa and Aa groups from 10 to 5 and 10 to 9 issues, respectively.
Back figures—See Annual Report for 1937 (table 80) and for high-grade corporate bonds, Bulletin of the Treasury Department for July 1941, pp.
21-24. Figures for U. S. Government bonds available on request.
AUGUST 1943
765
SECURITY MARKETSi
Stock prices6
Bond prices
Corporate4
Year, month, or week
U. S. Municipal
GovernHigh3
ment2 grade) grade
Number of issues
Medium and lower-grade
Total
Industrial
Railroad
DePublic faulted
utility
Preferrede
Total
Industrial
402
354
2-6
15
20
20
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
80
69
1942—June
July
August
September
October
November
December
110.7
110.2
109.9
109.8
109.5
109.4
108.9
125.7
126.7
127.6
128.1
128.6
129.0
127.8
118.0
118.9
118.7
119.0
119.3
119.5
118.9
98.1
98.9
99.3
100.7
102.1
103.2
103.6
107.7
108.4
108.7
109.8
111.2
113.8
115.3
83.0
83.9
85.2
86.4
88.0
87.6
86.5
103.5
104.5
104.1
105.8
107.1
108.3
109.1
24.0
25.5
27.1
29.4
30.3
29.6
29.9
159.2
162.0
164.0
164.0
165.5
165.4
166.9
66
68
68
69
74
75
76
1943—January
February
March
April
May
June
109.4
109.4
109.1
109.9
111.4
112.4
127.7
128.6
128.7
129.1
130.4
131.5
119.5
120.0
119.8
119.9
120.1
120.5
105.4
106.4
108.0
109.2
110.0
109.9
115.7
115.9
116.7
116.3
116.1
116.6
89.9
92.0
95.3
97.8
100.1
98.7
110.5
111.4
112.1
113.4
113.7
114.4
31.7
33.5
39.9
44.7
49.1
47.6
168.0
170.8
171.5
171.5
172.1
173.8
85
88
91
95
97
112.7
113.0
113.2
113.0
112.7
131.9
132.1
132.3
133.4
133.6
120.6
120.8
120.9
121.1
121.1
109.9
110.5
110.5
110.9
111.1
116.7
117.0
116.6
116.4
116.7
98 .4
99 .6
100 .1
101 .0
101 .1
114 .6
114 .8
115 .0
115 .2
115 .6
47. 2
48. 5
48. 8
48. 8
48. 7
174.2
175.0
175.0
175.9
176.4
....
Week ending:
June 26
July 3
July 10
July 17
July 24
Volume
of trading?
(in thouof
Public sands
shares)
utility
Common (index, 1935-39 = 100)
15
96
98
101
100
Railroad
20
28
71
71
66
96
81
61
767
629
466
68
71
71
72
77
77
79
59
63
65
67
73
73
69
59
58
59
60
64
66
65
316
346
321
418
693
686
818
82
88
91
94
97
99
74
78
86
93
98
94
69
73
76
79
84
85
820
1,247
1,504
1,485
1,593
992
101
101
104
102
92
95
95
100
98
84
86
87
89
89
865
977
946
1,257
873
1
2
Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures.
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 a32% 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.
* 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
aily volu
volume of tradingg in stocks on the New York
ag daily
Y k Stock
ok194Exchange.
g
Bk figures
fiF.—For Un
Uitd Stt G
bd
Nb
0 B
f
i i l bd
Al
Back
ited 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 refunding
?ov new capital
Year or m o n t h
Total
(new Total
and
(dore- mestic
fund- and
Total
ing)
foreign)
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1 063
2,160
. . . . 4,699
6,214
3,937
4,449
5,842
4,803
5,546
r
2 119
720
1,386
1,457
1,972
2,138
2,360
2,289
1,951
2,854
r
l 075
708
1,386
1,409
1,949
2,094
2,325
2,239
1,948
2,852
r
l 075
Domestic
Domestic
State
and
municipal
Federal
agencies 1
483
64
803
405
150
855
735
22
712
157
971
481
931
924
751
461
518 1,272
342
108
1942—June . ...
July
August
September ..
October
November...
December...
201
142
162
100
115
r
100
r
150
97
41
103
45
28
r
3l
r
4l
97
41
103
45
28
r
31
r41
18
11
45
17
26
7
9
1943—January
February....
March
April...
May
June
176
102
200
r
158
157
203
7
58
90
r
36
44
41
7
58
87
36
44
41
4
47
33
10
12
10
2
3
17
17
7
3
1
Corporate
For- 2
eign
Total
Bonds
and
notes
161
178
404
1,192
1,225
873
383
736
1,062
r
624
40
144
334
839
817
807
287
601
889
r
506
408
67
97
135
173
118
77
28
59
28
2
r7
15
69
27
57
18
2
10
7
r
13
3
11
55
19
29
30
3
11
47
15
25
22
Stocks
120
35
69
12
48*'
23
44
35
50
2
1
3S9
8
r
2
7
4
4
8
r
2
Total
(domestic
and
foreign)
Total
Corporate
State
and
municipal
Federal
agencies 1
Total
Bonds
and Stocks
notes
219
312
1,864
3,387
1,209
1,267
1,733
2,026
1,557
r
422
187
312
1,782
3,187
856
1,236
1,596
1,834
1,430
r
411
343
774
3 242
4,242
1 799
2,089
3,553
2,852
2,693
r
l 044
283
765
3,216
4,123
1,680
2,061
3,465
2,852
2,689
r
1,044
37
136
365
382
191
129
195
482
435
181
26
317
987
353
281
665
1,537
344
698
440
105
102
59
55
87
69
r
110
105
102
59
55
87
69
r
110
15
37
3
7
12
10
9
28
32
50
18
31
46
34
170
44
110
122
114
162
80
44
110
122
114
162
45
11
17
13
25
41
27
32
55
35
44
43
|
62
33
6
30
44
14
r
66
55
33
30
44
13
r
66
8
2
38
75
45
78
8
2
32
73
42
67
Foreign 2
32
81
200
352
31
137
193
126
r
ll
60
9
26
119
119
28
88
4
7
90
7
2
2
11
r
Revised.
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
xevision.
Back figures.—See Annual Report for 1937 (table 78).
766
FEDERAL RESERVE BULLETIN
NEW CORPORATE SECURITY ISSUES*
PROPOSED USES OF PROCEEDS, ALL ISSUERS
[In millions of dollars]
1
Year or month
Estimated
gross
proceeds 2
Proposed uses of net proceeds
Estimated
net
proceeds 3
New money
Total
1934
1935
1936.
....
1937
1938 . . .
1939
1940
1941.. . . . . . . . . . .
1942. ,
......
Retirement of securities
Working
capital
Plant and
equipment
Repayment
of
Preferred
stock
Bonds and
notes
Total
other debt
Other
purposes
23
49
36
7
26
19
28
35
397
2,332
4,572
2,310
2,155
2,164
2,677
2,667
r
l,062
384
2,266
4,431
2,239
2,110
2,115
2,615
2,623
r
l,043
57
208
858
991
681
325
569
868
r
474
32
111
380
574
504
170
424
661
r
287
26
96
478
417
177
155
145
207
r
187
231
1,865
3,368
1,100
1,206
1,695
1,854
1,583
r
396
231
1,794
3,143
911
1,119
1,637
1,726
1,483
r
366
71
226
190
87
59
128
100
r
30
84
170
154
111
215
69
174
144
r
138
122
417
182
204
155
144
119
413
180
201
152
142
51
185
27
91
92
57
35
167
17
64
61
36
16
17
10
27
31
21
56
210
150
92
37
62
54
194
148
91
37
52
2
15
2
1
1
10
12
14
3
14
22
17
r
74
r
17
r
62
r
75
r
57
r
75
r
20
r
38
r
31
r
4
r
5
r
16
38
r
10
r
58
r
20
r
25
57
r
17
33
r
12
2
r
l
r
15
r
r
r
1
12
39
9
32
25
io
1941-July . . . . . . . . . .
August
September
October
November..
December
r
1942—January........
February . .
March.........
April
May...........
June
July...........
August.
September.....
October.......
November.
December......
171
r
56
r
125
r
135
r
124
r
152
r
61
r
43
r
82
r
46
r
35
r
34
1943—January........
February.......
March.........
April. . . . .
May.....
June...........
9
49
98
91
83
99
r
167
r
54
r
123
r
132
r
123
r
149
r
60
r
42
r
80
r
45
r
34
r
33
8
49
96
88
81
97
r
2
4
1
84
r
24
r
45
r
21
r
14
r
61
r
31
r
4
r
25
r
4l
r
28
17
1
2
32
5
18
15
6
34
48
76
49
70
35
r
7
4
55
r
32
r
18
r
4
r
5
r
r
6
3
14
10
82
r
13
r
40
r
21
r
14
r
56
r
31
r
4
r
24
r
4l
r
28
13
2
11
5
5
6
9
r
3
r
16
36
r
51
r
10
8
r
r
4
5
2
r
4
6
34
42
74
49
51
5
11
4
r
r
20
l
2
3
1
3
7
2
3
8
2
19
PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS
lln millions of dollars]
Railroad
Year or month
1934.......
1935. .
1936
1937 .
1938
1939 .
.....
1940............
1941
1942
.. . . .
Total
net
proceeds
Public utility
All
RetireNew ment of other
money securi- purposes 4
ties
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
1941—July....
August
September
October
November.......
December...
23
24
42
25
1
28
23
24
7
21
1
28
35
4
1942—January...
February
March
April
May..
June.
July.........
August
September......
October
November
December.......
10
4
6
10
4
6
1943—Tanuary
February
March..........
April...........
May
. .
June............
9
2
2
1
9
3
2
2
1
4
8
15
3
14
46
8
5
3
14
18
6
10
""46"
All
RetireNew ment of other
money securi- purposes*
ties
Total
net
proceeds
Total
RetireAll
RetireNew ment of
net
New ment of other
pro- money securimoney securi- purties
poses 4 ceeds
ties
130
1,250
1,987
751
1,208
1,246
1,180
1.340
r
464
11
30
63
89
180
43
245
317
r
145
77
1,190
1,897
611
943
1,157
922
993
r
292
42
30
27
50
86
47
13
30
27
62
774
1,280
1,079
831
584
961
828
r
527
25
74
439
616
469
188
167
244
r
293
34
550
761
373
226
353
738
463
r
89
2
150
80
90
136
43
56
121
r
146
20
122
390
71
16
102
155
94
39
307
114
79
59
62
13
138
6
11
46
3
26
169
106
63
11
46
2
5
1
12
48
76
23
75
85
46
9
22
13
49
41
25
29
40
9
13
24
15
10
14
1
14
21
6
10
6
1
22
6
6
5
1
1
10
4
110
r
10
r
71
r
17
r
30
r
70
r
6
r
38
r
40
r
29
r
l7
r
27
18
44
r
40
r
47
r
115
r
93
r
70
r
52
r
2
r
38
r
6
r
17
3
43
r
13
r
26
r
62
r
45
r
55
r
r
2
r
23
r
4
r
4
2
8
2
59
27
17
50
1
2
33
5
11
25
r
9
4
31
10
77
1
Total
net
proceeds
Other
Industrial
39
22
58
38
1
r
31
13
r
12
17
r
3
34
r
6
r
r
10
2
1
1
r
83
10
40
r
4
r
13
r
50
r2
r
4
r
25
r
29
r
16
17
34
20
55
38
1
r
r
5
3
9
3
1
3
r
l
14
r
5
r
17
6
29
r
13
16
36
r
47
r
10
8
3
12
1
72
152
7
7
88
9
18
19
4
20
7
1
5
104
21
-
5
3
r
r
r
3
46
218
57
8
9
42
55
r
4
All
other
Purposes
1
1
12
7
15
r
l
6
2
18
22
7
23
8
""i"
4
r
Revised. Figures for 1942 recently revised by the Securities and Exchange Commission.
Estimates of new issues sold tor cash in the United States. Current ngures subject to revision.
Gross proceeds are derived by multiplying principal amounts or number of units by offering price.
3
Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses.
4
Includes repayment of other debt and other purposes.
Source.—Data published by Securities and Exchange Commission. For a description of data, see pp. 217-19 of the March 1942 BULLETIN,
1
2
AUGUST 1943
767
QUARTERLY EARNINGS A N D DIVIDENDS OF LARGE C O R P O R A T I O N S
INDUSTRIAL CORPORATIONS
[In millions of dollars]
Profits and
dividends
Net profits, 1 by industrial groups
Year or quarter
Total
Iron
and
steel
Machinery
Automobiles
Other
transportation
equipment
Nonferrous
metals
and
products
629
47
69
15
68
1,465
1,818
2,169
1,792
146
278
325
236
115
158
193
159
223
242
274
209
102
173
227
202
119
133
153
138
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
1940—1
2
3
4
422
412
396
588
47
51
79
101
33
39
34
52
69
53
17
103
1941—1
2
3
4
510
549
560
550
86
84
81
72
44
48
46
55
79
73
60
61
1942—1
2
3
4
419
364
451
557
52
52
51
72
38
35
36
49
46
25
46
92
1943—1
437
51
39
45
Number of companies...
1939
1940
1941
1942
Other
durable
goods
Foods,
beverages,
and
:obacco
Oil
products
and
refining
Other
nondurable
goods
Industrial
chemicals
Miscellaneous
services
Dividends
Net
profits1
75
49
45
30
80
74
152
70
113
90
151
148
159
151
98
112
174
152
186
194
207
164
134
160
187
136
122
132
159
165
847
1,028
1,144
883
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
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
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
251
J48
49
7
54
36
32
34
36
19
18
22
30
32
32
42
44
35
27
42
49
39
35
41
48
39
27
35
35
32
34
52
47
204
174
211
294
21
23
21
23
134
136
126
158
18
41
37
•
Quarterly
7
7
55
36
213
127
PUBLIC UTILITY CORPORATIONS
[In millions of dollars]
Railroad 2
Net income1
Operating
revenue
Income
before
income
tax 4
3,995
4.297
5,347
7.466
126
249
674
1,718
93
189
500
959
1939—1
2
3
4
898
906
1,058
1,133
-38
-43
68
139
-43
-47
58
126
(6)
-4
1940—1
2
3
4
986
L.010
1,130
1,171
-3
15
92
145
-12
3
71
127
-29
-33
-14
3
1941—1
2
3
4
,152
L,272
1,468
1,454
96
145
267
166
69
103
189
138
1942—1
2
3
4
1,483
1,797
2,047
2,139
179
389
556
594
1943—1
2,091
513
Year or quarter
Dividends
Insolvent
All roads
roads
Operating
revenue
Income
before
income
tax 4
m Net
income 1
Dividends 5
Operating
revenue
Net
income*
Dividends
28
28
28
28
32
32
32
126
159
186
196
692
735
799
848
159
177
202
226
137
142
133
118
116
118
115
98
1,067
1,129
1,235
1,362
191
194
178
163
175
178
172
163
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
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
-5
0
23
5
28
36
34
87
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
221
63
53
55
56
33
25
26
35
19
19
19
19
324
336
344
358
47
48
46
8
22
44
42
39
38
209
52
28
73
36
19
3bt>
42
40
Number of companies...
1939
1940
1941
1942
Telephone 3
Electric power
-102
-73
23
173
Quarterly
,
r
Revised.
" N e t profits" and " n e t income" refer to income after all charges and taxes and before dividends.
Class I line-haul railroads.
3
Series excludes American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock-holdings
in the 32 companies. Dividend payments shown here include amounts paid to parent companies, as well as to the public.
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.
J Not available.
8
Unlike other industrial groups in this table, deductions for Federal income and excess profits taxes in the first three quarters of 1942 were a t rates
specified in the Revenue Act of 1941. Most of the increase in taxes for the year is therefore reflected in the fourth quarter figure.
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 p p .
214-217 of the March 1942 BULLETIN.
1
2
768
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT DEBT-VOLUME AND K I N D OF SECURITIES
lOn basis of daily statements of United States Treasury. In millions of dollars]
End of month
1940—June
Dec
1941—June
Dec
1942—June
Marketable public issues 1
Total
gross
direct
debt
Total
interestbearing
direct
debt
Totals
42
45
48
57
72
42,376
44,458
48,387
57,451
71,968
34 436
35, 645
37 713
41, 562
50, 573
968
025
961
938
422
CertifiTreasury cates of Treasury
indebtednotes
bills
ness
1,302
1,310
1,603
2,002
2,508
3,096
6,383
6,178
5,698
5,997
6,689
Nonmarketable public issues
Treasury
bonds
Total 2
U.S.
savings
bonds
26,555
27,960
30,215
33,367
38.085
3,166
3,444
4,555
8,907
13,510
2,905
3,195
4,314
6,140
10,188
Treasury
tax notes
2.471
3,015
77 136
Special
issues
Fully
. Non- guaraninte rest- teed interestbearing
bearing
debt
securities
5,498
4,775
591
5,901
566
5,370
6,360
574
6,120
6,317
487
6,982
4,548
454
7,885
8,125
442
4,551
441
4,567
8,262
4,552
637
8,509
4,243
639
8,585
4,244
657
8,787
4,283
862
9,032
4,277
9,172
1,045
4,275
9,565
1,173
4,350
10,004
1,219
4,363
9,795
1,206
4,082
10,198
1,238
4,092
10,871
1,316
$3,198,000,000 (preliminary) on
76,694
53, 826
3,096
6,689
3,663
40,182
14,743
3,357
11,078
57, 176
4,705
6,689
4,168
41,418
15,805
81,244
3,739
11,751
60, 402
6,211
7,958
41,418
16,936
4,619
4,137
12,479
85,847
65, 008
6,211
10,095
43,381
18,672
92,265
5,126
4,964
13,381
3
7,161
10,095
66, 554
43,381
20,117
5,721
5,703
14,079
95,458
10,534
9,863
49,268
21,788
6,384
76, 488
15,050
6,627
107,308
3
10,741
9,863
49,273
23,356
6,749
77, 496
16,246
110,024
7,423
11,161
9,863
49,273
24,560
7,125
78, 726
17,067
8,232
114,
112,851
11,161
9,797
49,273
24,622
6,346
79, 662
17,891
9,234
115,
114,287
16,154
9,797
55,201
27,456
7,783
19,267
10,044
129,
128,643
91, 392
16,561
9,797
57,975
29,095
8,163
20,507
95, 382
135,
134,675
10,853
16,561
9,168
57,520
29,200
7,495
21,256
95, 310
11,864
136,
135,380
1
Including amounts held by Government agencies and trust funds, which aggregated $3,229,000,000 on May 31, and
June2 30, 1943.
Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service and
depositary
bonds not shown separately.
3
Including special short-term certificates of indebtedness not shown separately amounting to $422,000,000 on Nov. 30 and $202,000,000 on Jan. 31.
1942-July
Aug
Sept
Oct
Nov
Dec
1943—Jan
Feb
Mar
Apr
May
June
81
86
92
96
108
111
685
483
904
116
170
069
024
507
849
913
696
UNITED STATES GOVERNMENT MARKETABLE PUBLIC
SECURITIES OUTSTANDING, JUNE 30, 1943
[On basis of daily statements of United States Treasury. In millions
of dollars]
Issue
Amount
Treasury bills
July 7, 1943
July 14, 1943
July 21, 1943
July 28, 1943
Aug. 4, 1943
Aug. 12, 1943
Aug. 19, 1943
Aug. 26, 1943
Sept. 2, 1943
Sept. 9, 1943
Sept. 16, 1943
Sept. 23, 1943
Sept. 30, 1943
805
804
905
902
902
907
908
905
906
909
1,000
1,006
1,006
Cert, of indebtedness.
Aug. 1, 1943
Nov. 1, 1943
Dec. 1, 1943
Feb. 1, 1944
Apr. 1, 1944
May 1, 1944
Treasury notes
Sept. 15, 1943
Dec. 15, 1943
Mar. 15, 1944
June 15, 1944
Sept. 15, 1944
Sept. 15, 1944
Mar. 15, 1945
Mar. 15, 1945
Dec 15, 1945
Mar. 15, 1946
Dec. 15, 1946
Treasury bonds
Oct. 15, 1943-451
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
1
1,609
2,035
3,800
2,211
5,251
1,655
279
421
515
416
283
635
718
1,606
531
503
3,261
1,401
1,519
1,037
1,214
541
489
1,036
819
759
701
1,115
1,223
3,062
451
Issue
Amount
Treasury bonds—Cont.
571
Dec. 15, 1948-50
June 15, 1949-51
1,014
Sept. 15, 1949-51
1,292
Dec. 15, 1949-51
2,098
491
Dec. 15, 1949-52
Dec. 15, 1949-53
1,786
Mar. 15, 1950-52
1,963
Sept. 15, 1950-52
1,186
Sept. 15, 1950-52
4,939
June 15, 1951-54
.-.. ..
1,627
755
Sept. 15, 1951-55
Dec. 15, 1951-53
1,118
510
Dec. 15, 1951-55
Mar. 15, 1952-54
1,024
June 15, 1952-55
1,501
June 15, 1953-55
725
681
June 15, 1954-56
Mar. 15, 1955-60
2,611
1,449
Mar. 15, 1956-58
982
Sept. 15, 1956-59
June 15, 1958-63
919
Dec. 15, 1960-65
1,485
June 15, 1962-67
2,118
Dec. 15, 1963-68
2,831
3,762
June 15, 1964-69
2,716
Sept. 15, 1967-72
117
Postal Savings bonds
29
Conversion bonds
50
Panama Canal loan
Total direct issues
95,310
Guaranteed securities
Commodity Credit Corp.
Feb. 15, 1945
412
Fed. Farm Mortgage Corp.
Mar. 15, 1944-64
95
May 15, 1944-49
835
Fed. Public Housing
Authority
Feb. 1, 1944
114
Home Owners' Loan Corp.
779
May 1, 1944-52
June 1, 1945-47 _
755
Reconstruction Fin. Corp.
324
July 15, 1943
571
Apr. 15, 1944
Jan. 1, 1945
115
Federal Housing Admin.
23
Various
Total guaranteed issues 4,023
UNITED STATES SAVINGS BONDS
[In millions of dollars]
Month
Amount
outstanding
at end of
month1
1942—Apr
May
June
July
Aug
Sept.
Oct.. ..
Nov
Dec
8,951
9,569
10,188
11,078
11,751
12,479
13,381
14,079
15,050
1943—Jan
Feb
Mar
Apr.
May
June
16,246
17,067
17,891
19,267
20,507
21,256
Maturity
Series
Series
Series
Series
Series
Series
Series
Series
Series
Series
Series
Series
Series
Series
Series
Series
Series
Series
A—1945
B—1946
C—1947
C—1948
D—1949
D—1950
D—1951
D—1951
E—1951
E—1952
E—1953
F—1953
G—1953
F—1954
G—1954
F—1955
G—1955
unclassified
Total. .
Funds received from sales during
month
All
series
531
634
634
901
697
755
935
735
1,014
1,240
887
944
1,470
1,335
875
Redemptions
Series
E
Series
F
Series
G
All
series
327
422
433
508
454
510
665
542
726
40
43
41
74
52
61
61
45
66
164
170
160
319
191
184
210
148
222
21
22
23
25
32
34
40
43
55
815
634
720
1, 007
995
696
77
48
44
110
86
35
348
205
180
353
254
144
6376
131
103
104
141
Date of is sue
From Mai . 1, 1935
From Jan . 1 1936
From Jan . 1 1937
From J a n 1 1938
From J a n 1 1939
From J a n 1, 1940
From Jan 1 to Feb. 28, 1941
From Mar . 1 to Apr. 30. 1941
From May 1 1941
From Jan 1, 1942
From J a n 1. 1943
From May 1 1941
From MajT 1 1941
From Jan 1, 1942
From Jan 1, 1942
From Jan 1, 1943
From Jan 1, 1943
Amount
outstanding
June 30,1943
174
312
404
486
799
990
331
113
1,269
5,654
4,256
225
1,242
639
2,462
378
1,415
108
21,256
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.
Called for redemption on Oct. 15, 1943.
AUGUST 1943
769
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[In millions of dollars]
Total
interestbearing
securities
End of month
1940—June
December
1941—June
December
1942-June
October
November
December
1943—January. .
Februa y
Februar;
March
April
May
47,874
50,360
54,747
63,768
76,517
96,509
99,702
111,591
114,301
117,126
118,637
133,006
138,757
Held by U. S. Government agencies
and trust funds
Special
issues
Public
issues
4,775
5,370
6,120
6,982
7,885
8,585
8,787
9,032
9,172
9,565
10,004
9,795
10,198
2,295
2,250
2,362
2,547
2,726
2,922
2,922
3,207
3,195
3,126
3,130
3,557
3,562
Privately held1
Held
Fe
Reserve
Banks
Total
Commercial
banks
Mutual
savings
banks
2,466
• 2,184
2,184
2,254
2,645
4,667
5,399
6,189
5,969
5,871
5,919
6,455
6,222
38,338
40,556
44,081
51,985
63,261
80,335
82,594
93,163
95,965
98,564
99,584
113,199
118,775
16,550
17,760
20,100
21,790
26,390
35,240
36,700
41,340
42,970
43,450
44,090
48,740
p
52,400
3,110
3,220
3,430
3,700
3,890
4,280
4,180
4,560
4,630
4,710
4,630
5,170
5,240
Other investors
Insurance
companies
6,500
6,900
7,000
8,000
8,900
9,800
9,600
11,000
11,100
11,200
10,900
12,600
12,700
Marketable
issues
Nonmarketable
issues
9,400
9,600
9,400
10,000
11,100
12,900
12,600
15,200
14,700
15,400
16,100
20,100
p
20,100
2,800
3,100
4,200
8,500
13,000
18,100
19,500
21,100
22,600
23,800
23,900
26,600
28,300
p
. Preliminary.
l Figures for 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.
Back figures,—See July 1941 BULLETIN, p. 664.
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED
BY THE UNITED^STATES*
[Public marketable securities. Par values in millions of dollars]
U.S.
GovernTotal ment
stand- agencies
ing
and
trust
funds
Total: 2
1942—June
Nov
Dec
1943—Jan
Feb
Mar
Apr
May
Treasury bills:
1942—June
Nov
Dec
1943—Jan
Feb
Mar
Apr
May
Certificates:
1942—June
Nov.
Dec
1943—Jan
* Feb
Mar
Apr
May
Treasury notes:
1942—June
Nov
Dec
1943—Jan
Feb
Mar
Apr
May
Guaranteed securities:
1942—June
Nov
Dec.
1943—jan
Feb'
Mar
Apr.
May
U.S.
FedMuCom- tual
eral
Re- mercial1 savserve banks ings
Banks
banks
Govern- Fed- Com- MuTotal ment
eral
tual
out- agen- Remer- savstand- cies serve cial ings
ing
and Banks b a n k s banks
Insurance Other
companies
Insurance Other
companies
trust
funds
55,122
70,750
80,685
81,691
82,921
83,934
95,680
99,390
2,723
2,918
3,202
3,189
3,119
3 124
3,550
3,556
2,508
5,721
6,627
7,423
8,232
9,234
10,044
10,853
5
11
9
12
19
9
12
3,096
7,161
10,534
10,741
11,161
11,161
16,154
16,561
11
16
17
19
29
19
35
49
1,099
6,689
10,095
9,863
9,863
9,863
9,797
9,797
9,797
76
85
92
81
86
1 343
1,324
1,275
1,190
67
65
66
4,549
4,195
4,196
4,196
4,196
4,272
4,288
4,008
281
310
311
311
294
332
350
327
2,645
5,399
6,189
5,969
5,871
5,919
6,455
6,222
243
383
24,939
34,480
38,759
40,281
40,649
41 317
45,723
49,159
1,557
3,830 8,748 12,237
4,091 9,351 14,510
4,471 10,766 17,297
4,519 10,806 16,927
4,589 10,909 17,784
4,511 10 667 18,395
5,053 12,328 22,570
5,117 12,422 22,914
4 216
4 497
5,568
5 302
5,069
6,415
7,017
28
14
10
21
24
65
14
14
91
93
26
45
63
157
4
22
1 010
1 073
1,091
1 355
1,837
1,173
1,345
1,971
4,389
6,470
6 594
6,837
6 845
9,197
9,759
74
99
129
136
206
183
168
178
191
114
180
157
261
266
257
263
1,356
2,696
2 518
3,039
2 997
5,500
5,213
957
957
919
3,725
5 828
5,670
5 698
5,699
5,850
5 825
5 813
138
196
167
174
183
182
163
160
266
290
283
294
298
297
286
287
1,770
2 354
2,327
2 341
2,407
2,444
2 501
2,552
5
22
37
50
49
42
54
54
2,847
2 660
2 665
2 650
2 664
2,712
2 754
2,552
148
116
108
108
107
102
83
433
338
333
329
329
328
317
309
835
750
743
748
753
756
731
689
1,010
689
1 475
2,087
2,430
2,442
66
1,187
1,041
1,317
789
850
997
714
77
590
782
Treasury bonds:
Total:
1942—June. . . . . . . . .
Nov
Dec.
1943—Jan...
Feb.
Mar.
Apr... . . . . . . . . .
May..........
.
Maturing within 5 years:
1942—June
Nov.
Dec
1943—jan
Feb
Mar
Apr
May
Maturing in 5-10 years:
1942—June
Nov
Dec.
1943—Jan
Feb.
Mar
Apr
May
Maturing in 10-20 years:
1942—June
Nov
Dec.
1943—Jan
Feb
Mar.
Apr.
May
Maturing after 20 years:
1942—June
Nov.
Dec
1943—Jan.
Feb.. . .
Mar
Apr
May
38,085
43,381
49,268
49,273
49,273
49,273
55,201
57,975
2,321
2 468
2,739
2,736
2 665
2,652
3,059
3,068
1,617 14,828
2,464 17 377
2,777 19,445
2,637 19,760
2,367 20,136
1,984 20,829
2,017 21,520
1,708 24,006
3,442
3 666
4,055
4,080
4 067
3,979
4,624
4,687
7,766
8 515
9,944
9,981
9 958
9,618
11,464
11,539
8 110
8 891
10 308
10,079
10 081
10 212
12,517
12,967
224
254
253
248
235
222
190
186
581
748
726
726
715
664
599
597
1 173
1,445
1,531
1 521
1,526
1,532
1,500
1,519
3,915
5,129
5,830
5 830
5,830
5,830
5,830
5,830
336
610
754
665
672
735
754
1,599
2,071
2,565
2 577
2,686
2,737
2,806
2,773
9,436
14,229
17,080
17,080
17,080
17,080
19,448
22,019
846
1, 439
1, 574
1, 521
1, 420
1, 317
1, 349
1, 393
4,959
7,676
9,353
9,536
9,505
9,672
10,032
12,423
1,084
1,129
1,145
1,165
1,113
1,430
1,435
750
1,347
1,736
2 101
2,142
2,236
2,189
2,693
2,731
1,536
2,293
2 920
2,737
2 758
2,789
3,943
4,335
18,731
16,786
16 295
16,295
16,295
16 295
16 295
16,295
2,
2,
2,
2,
L68
133
L65
090
948
1, 680
1, 556
1, 523
7,009
6,377
6,240
6,364
6,635
6 955
7,122
7,202
1,957
1,712
1 580
1,555
1,538
1 500
1,381
1,376
3 510
2,990
2 778
2,756
2,651
2 613
2 604
2,584
4 086
3,581
3 531
3,529
3,520
3 545
3 530
3,507
6 002
7,238
10 065
10 069
10 069
10,069
13,629
13,831
593
750
1, 021
1, 304
598
<?65
1, 333
1, 305
258
1,255
I 286
284
,310
,463
J S61
,603
1 095
1 131
1 131
1,141
1,626
1,691
512
618
2 326
3 042
4 339
4 356
4 354
4 153
5,566
5,626
1 315
1 574
2 323
2 293
2 275
2 346
3 544
3,605
757
* Figures include only holdings by institutions or agencies from which reports are received; the number reporting varies slightly from month to month.
Figures in column headed "other" include holdings of nonreporting 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.
lOn May 31, 1943, commercial banks reporting to the Treasury held $19,644,000,000 of United States Government securities due or callable within
one5 year
yei out of a total of $35,468,000,000 outstanding.
2 Including $196,000,000 of Postal Savings and prewar bonds not shown separately below.
770
FEDERAL RESERVE BULLETIN
SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, A N D RELATED ITEMS
[On basis of daily statements of United States Treasury. In millions of dollars]
Period
Income
taxes1
Fiscal year ending:
June 1942
June 1943
7,960
16,094
1942—June
July
August
September...
October
November...
December...
1943—January
February
March.......
April
May....
June
2,086
273
155
2,126
206
199
1,972
306
380
4,732
1,000
940
3,803
Miscellaneous
internal
reve-1
nue
Social
secu- Other
rity
taxes
3,847 1,194
4,553 1,508
42
298
53
416
362
232
309
43
350
48
337
248
630
50
365
52
352
343
374
50
346
50
359
282
353
57
666
,230
67
52
48
49
45
45
50
100
115
51
159
160
356
Total
receipts
TransInter- War fers to
Net
est
reactivi- trust
Other
acceipts2 debt
ties counts,
etc.
13,668
23,385
2,494
794
797
2,528
648
830
2,702
824
1,190
5,207
1,555
1,742
4,569
12,799
22,282
2,492
747
587
2,527
607
601
2,701
788
955
5,206
1,514
1,480
4,569
1,260
1,808
26,011
72,109
3,829
4,498
4,884
5,384
5,481
6,042
5,825
5,947
5,770
6,744
6,974
7,092
7,469
390
35
7
224
70
28
353
54
35
262
89
42
609
381
435
4,745
3,827
32,397
78,179
1
249
19
5
56
3
25
35
2
1
38
1
1
310
378
305
317
.330
291
297
337
312
347
366
300
247
4,530
5,160
5,215
5,931
5,937
6,363
6,500
6,372
6,119
7,354
7,466
7,435
8,327
Details of trust accounts, etc
Social Security
accounts
Period
Net
receipts
ExInvest- pendiments tures
Fiscal year ending:
June 1942
June 1943.......
2,327
2,810
1,705
2,350
1942—June.....
July
August.
September....
October...
November....
December....
1943—January.....
February
March........
April.
May.
June.
136
212
433
30
126
471
75
110
498
36
111
539
169
297
117
184
214
49
170
350
43
230
272
35
258
428
1
2
3
614
456
51
53
52
45
38
34
33
35
35
36
33
31
31
Net expenditures
in checking accounts of
GovernRement
ceipts
agencies
Total
Trust
budgacet ex- Deficit counts,
pendietc.s
tures
19,598
55,897
Change)
in
General
Fund
balance
Increase
in
gross
debt
-3,506
+358! 23,461
-1,861.1 +6.515J 64,274
2,037 -1,635! +179;
4,413!
+296!
4,628|
-134|
3,404
+1,1481
5,331
-496
+5941
5,761
+736 -1,814
3,799
-794 +7,461?
5,584
-135 -2,819;
5,164
-122 -2,331!
2,147
-549 -1,213
5,952
+48 +8,438
5,955
-39
+70
3,758
-206
-3,180
3,852
4,714
4,549
4,798
6,420
3,212
12,054
2,899
2,954
1,483
14,342
6.064
784
ii
General Fund of the Treasury (end of period)
Other
Balance in
General Fund
Assets
ExInvest- pendiments
tures
Total
Deposits
in
Federal
Reserve
Banks
Deposits
in
special
depositaries
Other
assets
1,679
7,667
1,679
2,014
1,880
2,411
3,373
1,695
8,166
6,367
3,892
2,694
10,485
11,117
7,667
,162
,444
,162
,215
,246
,256
L,321
,350
,350
,368
1,381
L.421
1,412
L.383
,444
3,625
2,194
863
1,130
221
655
533
147
3,443
10,149
603
1,038
1,417
78
262
25
583
-449
548
186
370
300
17
356
-82
110
192
62
83
96
65
99
74
52
82
92
81
152
69
124
24
37
26
32
37
47
40
53
58
57
119
48
36
28
37
21
13
3,443
3,782
3,695
4,688
5,313
3,557
11,032
8,200
5,895
4,758
13,112
13,152
10,149
603
553
569
1,021
619
512
1,516
465
623
643
1,215
651
1,038
8"
7
12
-41
30
Total
liabilities
452
643
452
494
541
386
416
475
489
477
503
579
495
465
643
Total
Working
balance
2,991
9,507
2,991
3,288
3,154
4,302
4,896
3,082
10,543
7,724
5,392
4,179
12,617
12,687
9,507
2,229
8,744
2,229
2,525
2,392
3,540
4,134
2,320
9,780
6,961
4,630
3,416
11,854
11,924
8.744
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]
Miscellaneous internal revenue
Income taxes
Period
Current VicTotal individ- tory
tax
ual
Current
corporation
fiscal year ending:
June 1942
8,007
June 1943..
16,299
3,108
5,771 "686
2,764
4,137
1942—June..
July...
August.......
September....
October
November
December....
1943—January
February
March
April.
May
June
715
53
32
662
19
19
556
48
167
1,951 ""2"
298
362
381
103
5
1,800
766
83
53
781
109
67
753
37
95
1,026
73
89
970
1
2,131
222
164
2,123
220
185
2,000
296
434
4,868
1,008
753
4,027
Back
taxes
Excess
profits
taxes
Other
profits
taxes
460
557
55
29
26
23
27
24
36
69
55
79
73
74
41
1,618
5,064
57
84
3,838
4,571
584
53
49
641
58
73
644
136
113
1,791
200
103
1,203
11
2
3
17
7
2
11
5
4
21
1
3
7
284
459
340
315
348
478
496
379
331
379
345
373
329
Total
ToCapital Estate
and Alcoholic bacco
stock
gift beverage
taxes
tax
taxes
taxes
282
329
i
185
143
Manufacturers'
MisStamp
and
cellataxes retailers' neous
excise
taxes
taxes
433
447
1,048
1,423
781
924
42
45
852
670
401
732
25
46
30
....28
35
27
30
47
29
62
40
46
29
86
114
123
111
119
104
129
137
128
121
113
109
115
71
74
74
77
83
79
81
81
68
80
3
3
3
3
3
3
3
4
4
4
5
5
5
56
62
60
56
66
47
64
68
51
47
49
60
39
42
160
51
39
42
32
46
42
50
65
64
80
61
77
71
80
Correction of December 1942 collection.
771
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
[Based on compilation by United States Treasury Department. In millions of dollars]
PRINCIPAL ASSETS AND LIABILITIES
Liabilities, other than
iAssets, other than interagency items>
interagency items
Secui•ities
End of month
Loans
Total
ferred
stock,
etc.
Cash
U.S.
Govt. Other
direct Govt.
and
agenguaran- cies1
teed
Accounts
and
other
receivables
erty
Property
held
for
sale
Business
prop-
Bonds, notes,
and debentures
Other
assets
Fully
guaranteed
by
Other1
PriU. S.
Govern- 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
,392
1,604
2,049
3,436
4,464
424
431
1942—May
June
July ..
•'"*•'
August
September...
October
November...
December...
1943—January
February
March
April
May
17,343
17,962
18,482
19,401
19,974
20.5C4
20,992
21,715
22,643
23,437
24,151
24,706
24,805
8,356
8,379
8,307
8,233
8,190
8,159
8,158
8,127
8,086
8,022
8,003
8,092
7,949
649
648
642
626
623
622
621
620
605
565
562
560
732
403
407
609
625
581
563
553
605
590
1,088
1,097
1,113
1,144
55
57
58
57
56
60
52
33
32
557
504
733
774
773
853
1,065
1,088
1,069
1,085
1,205
1,440
1,303
1,464
1,514
833
859
879
924
952
976
1,001
1,020
1,041
1,359
1,408
1,428
1,475
3,067
3,512
3,808
4,177
4,287
4,710
4,701
5,187
5,638
5,883
6,074
6,081
6,167
1,830
2,233
2,495
2,778
2,979
3,119
3,605
3,818
4,147
4,176
4,754
5,011
5,066
5,687
4,568
4,581
4,592
4,574
4,265
4,264
4,301
4,291
4,332
4,365
4,372
4,092
,440
,442
,443
,445
,434
,413
,404
L,414
1,413
1,383
1,375
1,366
1,340
2,950
3,265
3,457
3,691
4,154
4,185
4,601
4,630
4,829
5,076
5,109
5,648
5,746
6,828
8,249
8,562
9,234
9,373
10,230
10,281
10,931
11,671
12,206
12,860
12,880
13,188
437
438
438
439
439
442
443
439
439
440
441
440
440
1,197
1,219
1,222
1,272
1,284
1,375
1,424
1,510
1,549
597
536
27
26
24
24
LOANS, OTHER THAN INTERAGENCY LOANS
Home mortgage and
housing
agencies3
Total2
loans
End of month
Farm mortgage loans
ReconstrucFed.
Fed.
tion Home Feder- RFC
Fed, Feder- Fed. interNa- Public
Fial
OwnFarm
Mortmedial
nance ers' Home gage tional Housate
Corp. Loan Loan Com- Mortland Mortgage
ing banks
gage Auth.
Corp. banks pany Assoc.
Corp. credit
banks
Other farm credit loans
Banks
for cooperatives
Rural ExElectrifica- portIm- Other
Com- Farm Farm
tion port
modity Credit SecuAdBank
Adrity
Credit
min.
Corp. min. Admin.
8,106
1941—June
December.... 8,487
1 ,082
1 ,433
1,870
1,777
219
65
72
194
207
316
367
1 ,818
1 ,764
630
597
255
235
113
244
233
263
250
461
467
289
323
114
139
261
291
8,356
8,379
8,307
8,233
8,190
8,159
8,158
8,127
8,086
8,022
8,003
8,092
7,949
,468
,473
L,479
,496
L,527
L,533
1,566
1,557
1,554
1,527
L,530
1,512
1,487
1,692
1,676
1,657
1,640
1,622
1,603
1,587
1,568
1,548
1,532
1,507
1,480
1,460
181
193
174
160
145
131
122
129
113
96
79
87
79
79
82
83
85
88
91
93
94
96
96
97
97
98
216
216
215
215
215
214
213
211
210
209
206
204
202
365
384
388
357
360
377
372
366
379
378
381
371
374
1 ,715
1 ,706
1 ,692
1 ,679
: ,663
1,645
L,625
L,603
L.579
L,564
L.540
1,520
1,502
567
562
554
547
539
528
518
507
496
490
483
475
468
282
289
291
287
270
248
238
238
237
248
266
280
287
99
101
104
104
112
130
140
145
132
121
111
106
102
230
231
201
181
173
188
214
242
258
270
276
408
304
258
258
256
254
250
244
241
237
237
240
244
245
246
456
460
458
457
456
453
448
446
446
454
463
457
454
340
342
343
344
344
344
345
346
345
345
345
344
344
112
113
115
117
117
119
119
122
122
121
121
122
126
296
293
297
310
309
311
317
316
334
331
354
384
416
1942—May
June
July
August
September...
October
November...
December ...
1943—January
February....
March.
April
May
170
74
SELECTED ASSET ITEMS, OTHER THAN INTERAGENCY ITEMS
Loans by Reconstruction
Finance Corporation
End of month
Total
193
165
480
473
1942—May
June
July
August
September.
October
November.
December.
1943—January
February..
March
April
May
146
144
143
144
153
153
169
167
161
159
155
153
473
472
472
472
473
472
471
460
463
449
444
437
434
..
..
..
..
Property held for sale
ReconLoans
Recon- Home
Com- Home
Fed. land Comto fi- Loans
struc- Owners'
banks and modity struction
War modity Owners'
nancial
to
Other
tion
Loan Other Fed. Farm Credit Finance Other corpo- Credit Loan
Other
railinstiFinance CorpoC*r\rr\ Ck-nA
Mortgage Corpo- uorp.ana
rations Corpo- CorpoTail
tutions roads
Corp. ration
Corp.
ration war corration
ration
•porations
1,082
1941—June
December. .. 1,433
1,468
1,473
1,479
1,496
1,527
1,533
1,566
1,557
1,554
1,527
1,530
1,512
1,487
Accounts and other
receivables
Preferred stock held
150
409
795
429
401
183
175
86
104
219
219
79
34
68
80
232
241
257
703
753
749
319
288
168
151
849
857
379
378
377
372
369
368
367
366
364
361
359
358
355
167
167
162
153
152
152
152
152
140
110
109
109
109
103
103
103
101
102
102
102
102
101
94
94
93
93
222
225
226
231
226
225
213
207
203
205
195
197
192
S3
96
107
35
61
80
65
57
129
103
121
151
144
238
484
490
497
531
519
659
677
700
763
307
302
296
349
294
293
294
290
354
473
356
358
372
1,690
2,041
2,285
2,561
2,619
2,921
3,221
3,469
3,793
3,928
4,041
4,442
4,703
972
1,068
1,126
1,226
1,286
1,415
1,109
1,363
1,495
1,614
1,700
1,316
1,153
270
262
258
252
244
238
231
227
223
219
216
212
203
135
141
139
138
138
136
140
128
127
122
117
111
108
- 864
880
901
908
926
930
930
919
931
922
903
75
209
187
1
2
3
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 1,850 million dollars on May 31, 1943.
77^
FEDERAL RESERVE BULLETIN
BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Year and
month
Income
payments
(value)»
1935-39
= 100
Manufactures
Total
Durable
Adjusted
1919
1920
1921
1922
1923
1924
1925
1926
.1927
1928
1929
122.9
1930
109.1
1931
92.3
1932
70.6
1933
68.9
1934
78.7
1935
87.1
1936
101.3
1937
107.7
1938
1939
105.5
1940
113.8
1941
137.3
1 9 4 2 . . . . . . . . . 171.9
1940
J a n u a r y . . . . . . . 110.4
February
110.7
March....
110.4
April
110.8
112.4
May
112.5
June
113.1
July
114.1
August
115.6
September
O c t o b e r . . . . . . . 117.1
November..... 117.7
December, ... 120.6
1941
J a n u a r y . . . . . . . 121.3
February...... 123.5
125.4
March
128.2
April
133.7
May
138.9
June
140.3
July
143.2
August
144.4
September
146.3
October
147.5
November
153.9
December.....
1942
January
155.5
157.4
February
159.3
March
163.3
April
165.4
May
169.5
June
172.6
July
176.0
August
177.9
September
182.8
October
189.4
November
193.7
December
1943
January
196.7
February
201.0
March
204.9
April
208.0
^210.0
May
June
July
Construction
contracts
awarded (value) 3
1923-25 = 100
Industrial production
(physical volume) 8 *
1935-39 = 100
Nondurable
Minerals
Total
Residential
All
other
Employment 4
1939 = 100
Nonagricultural
Factory
Factory
1939
100
Ad- Unad- AdAd- Unad- UnadAdAdAdAdAdAdjusted justed justed justed justed justed justed justed justed justed justed justed
106.8
107.2
82.1
90.8
103.9
96.5
99.9
101.8
99.6
99.7
106.1
92.5
78.2
66.4
73.5
85.8
91.4
99.1
108.7
91.0
100.0
107.5
137.1
152.3
Depart- Wholesale
Freight ment
of
com- Cost
carload- store
living 4
sales modity
ings*
4 1935-39
(val1935-39 ue)*6 prices - 100
= 100 1923-25 1926
= 100 = 100
Unad- Unadjusted justed
Adjusted
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
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
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
80.6
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
139.8
142.3
144.3
146.3
148.0
149.9
153.4
157.1
159.6
160.7
161.9
164.5
200.7
208.2
215.1
221.4
228.7
234.5
242.7
254.8
261.8
270.9
280.4
287.9
140
139
137
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
130.4 167.1 164.8
130.5 167.9 166.4
"129.9 168.6 P167.6
129.3 '168.5 167.6
128.4 168.2 167.2
P128.4 P169.2 P168.2
290.9
297.5
304.5
p
309.6
313.4
135
141
136
141
141
133
143
168
136
128
125
129
101.9
102.5
103.4
103.7
104.1
103.8
120.7
121.0
122.8
124.1
125.1
124.8
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
71
83
66
71
98
89
92
100
1*00
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
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
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
77
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
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
171
172
172
173
174
176
178
183
187
191
195
197
165
167
168
172
175
177
180
187
193
195
195
194
221
225
230
234
239
244
249
258
265
275
279
285
143
142
139
139
138
136
138
140
142
144
148
149
133
133
126
125
126
127
126
130
131
129
130
127
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
164.4
199
202
202
203
203
p
201
194
197
199
201
204
P203
291
295
298
r
301
303
P302
149
150
147
147
147
P147
125
131
133
131
130
145
102
85
63
52
79
56
42
33
31
P32
198
140
119
87
68
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
99.8
100.5
!
Preliminary. * Average per working day. r Revised. e Estimated. 1 Department of Commerce series on value of payments to individuals.
For indexes by groups or industries, see pp. 774-777; for description, see BULLETIN for September 1941, pp. 878-881, aiuHor AH*™^ iQdn nn. 753-771
BULLETIN for July 1931; by groups, see p. 780 of this BULLETIN.
Based on F.W. Dodge Corporation data; forjdescription, see
E p. 358 of""*
4 -p^
of Laboi
1938
figi.
..__. r
..„
employment
and pay rolls for 1941 and 1942
. .
w
5
For sales comparisons by cities and by departments see pp. 782-783 of this BULLETIN.
Back figures tw BULLETIN.-For industrial production. August 1940, pp. 825-882 and September 1941, pp. 933-937; for factory employment and pay
rolls, October 1938, pp. 839-866, February 1941, p. 166, and January 1943, p. 13; for department store sales, October 1938, p. 918, and January 1941, p. 65;
for freight car loadings, June 1941, pp. 529-533.
p
2
3
AUGUST
1943
773
INDUSTRIAL PRODUCTION, BY INDUSTRIES
{Adjustedfor Seasonal Variation)
[Index numbers of the Board of Governors.
1935-39 average = 100]
1942
1943
Industry
May
June July
Aug.
Sept.
Oct.
Nov.
Industrial Production—Total
174
176
178
183
187
191
195
Manufactures—Total
183
184
188
193
197
203
207
239
138
244
136
249
138
258
140
265
142
275
144
279
148
200
198
196
197
199
207
203
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
279
287
289
299
310
320
372
396
425
458
479
107
112
116
124
180
186
188
Durable
Nondurable1
Iron and Steel
Pig iron .
.
Steel
Open hearth and Bessemer
Electric
Machinery.
Dec.
Jan.
Feb.
Mar.
May
203
203
P201
216
217
P216
199
202
202
212
215
215
r
285
149
291
149
295
^150
298
147
r
200
204
208
197
221
179
523
197
226
182
542
201
231
185
560
329
340
348
507
525
547
129
135
141
191
193
192
129
125
129
197
'-210
June
Apr.
301
147
303
147
p
302
^147
210
209
208
201
202
233
188
559
197
235
186
580
196
233
184
584
190
227
177
583
352
359
362
365
P366
559
572
583
597
606
P614
146
151
155
158
159
162
P164
197
202
200
199
192
194
194
128
127
124
129
124
r
125
126
117
143
P\\3
PU3
PU2
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
*
205
146
131
133
127
139
130
137
125
136
119
136
155
147
140
145
172
104
178
35
171
92
163
37
169
90
145
32
177
87
153
30
156
152
154
154
146
175
169
143
169
169
145
166
168
144
169
169
150
5
201
172
168
179
151
46
194
165
166
172
160
43
208
175
176
184
126
121
129
148
94
105
124
Food Products
Wheat flour
Cane sugar meltings
Manufactured dairy products.
Ice cream
.. . .
—
Lumber
Furniture
Stone Clay and Glass
Products.
Cement
Unglazed brick
Glass containers
Polished nlate 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
Butter.
Cheese
Canned and dried milk
r
1
P194
163
161
184
124
143
Lumber and Products
r
130
119
144
116
139
121
144
114
144
115
144
153
148
163
155
149
144
145
180
165
169
156
146
134
131
162
37
169
39
171
39
208
38
199
40
197
39
194
42
200
47
46
156
156
158
156
157
160
157
155
157
P153
146
172
170
147
172
17A
148
171
177
145
163
178
147
171
180
150
171
181
147
166
181
145
166
181
147
169
185
160
P183
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
44
218
184
175
185
154
29
208
176
167
177
166
39
230
190
177
187
163
40
228
187
172
182
157
38
214
179
165
177
158
32
222
181
171
176
116
113
111
117
117
117
122
118
112
ll6
115
122
143
88
94
120
119
144
89
79
115
117
141
95
70
110
115
136
96
76
108
120
143
94
82
115
118
139
94
81
116
118
139
93
84
116
122
142
95
89
122
118
136
93
89
118
115
113
131
127
r
92 ! 91
93 r 90
111
117
134
138
143
143
P148
P158
P157
P155
P152
P150
P148
105
102
106
105
101
108
115
126
129
130
126
121
117
142
145
111
178
178
138
145
105
168
168
143
154
108
169
164
143
153
108
165
172
*140
P139
P136
*14O
102
156
167
100
145
168
98
141
156
103
138
169
123
141
122
139
152
152
182
184
163
38
p
146
PU1
107
148
166
PI 42
110
148
166
141
110
148
159
r
P140
109
146
158
P116
117
134
92
90
115
P\31
103
143
155
V
147
118
138
104
148
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 available for publication sepa.rately.
774
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
{Adjustedfor Seasonal Variation)
[Index numbers of the Board of Governors. 1935-39 average = 100]
1943
L942
Industry
May
Manufactured
Food
Products—Continued
M e a t packing
Pork and lard
Beef
*
Veal
L a m b and m u t t o n
Other manufactured f o o d s . . . .
Alcoholic
Beverages
..
Malt liquor
Other distilled spirits
Rectified spirits
Tobacco
Products
Cigars
Cigarettes
Manufactured
t o b a c c o a n d snuff.
. . .
Products1
June July
Aug.
Sept.
Jan.
Oct.
Nov.
Dec.
145
157
133
129
141
152
147
167
122
128
156
159
158
193
119
107
156
165
145
170
126
76
122
165
122
111
146
131
37
159
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
153
122
135
139
126
147
134
62
159
Feb.
Mar. Apr.
May
June
162
216
111
60
123
151
P15&
2*220
153
180
134
76
117
161
154
189
127
73
108
156
143
179
113
61
111
156
105
123
112
103
94
122
146
133
123
111
42
159
63
161
35
157
31
141
21
139
2*58
Pj22
^150
111
104
116
55
80
158
104
63
61
163
118
83
183
71
223
35
238
62
226
120
122
126
130
133
141
136
160
140
131
131
133
120
118
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
101
159
87
108
160
87
105
139
85
96
142
78
133
125
143
134
125
131
132
135
135
132
133
135
135
134
136
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
135
147
103
96
199
140
133
137
127
92
124
177
125
137
149
107
95
200
142
135
143
123
93
127
170
129
137
146
103
91
199
137
136
150
120
90
122
170
127
136
149
100
r
90
204
141
134
150
119
89
119
163
125
139
154
102
92
211
147
136
150
129
89
119
169
130
Publishing2.
112
104
106
111
109
116
118
114
113
113
110
no
111
P110
Newsprint consumption.
100
97
103
108
101
102
110
106
102
99
97
100
102
100
116
115
118
121
122
123
123
119
117
120
118
120
121
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
113
102
143
114
117
169
158
543
110
99
137
118
118
169
158
551
113
101
144
114
121
169
159
519
114
104
137
116
122
166
157
r
481
"l57'
152
323
167
172
174
173
179
187
197
205
210
213
211
218
221
P22S
Minerals—Total .
126
127
126
130
131
129
130
127
125
131
133
131
130
PI 17
Fuels
121
121
121
126
129
127
130
126
124
131
133
131
129
P114
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
129
121
161
128
122
151
129
124
143
124
125
^123
P137
Paper and Paper
Paper and pulp
Pulp
. .
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
Paperboard
Fine p a p e r .
Newsprint p r o d u c t i o n . . . .
Printing paper
Tissue and absorbent paper
Wrapping paper
....
Printing
and
Petroleum
and Coal
Products
Petroleum refining
Gasoline
Fuel oil
Lubricating oil
Kerosene
Coke
By-product coke
Beehive coke
...
Chemicals
r
152
^106'
Rubber Products
Rubber consumption
Tires and tubes
Pneumatic tires
Inner tubes
....
Bituminous coal
Anthracite
Crude petroleum
Metals
Metals other than gold and silver
Iron ore shipments
Copper
Lead
Zinc
Gold
Silver
...
....
157
159
155
152
145
139
133
132
132
133
133
133
134
193
232
174
199
236
197
241
196
239
189
227
183
218
181
211
187
223
189
232
194
234
193
235
194
235
197
242
106
104
98
99
88
82
74
73
73
72
r
72
^103
70
p
j" Revised.
Preliminary.
* 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, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882.
1
1
AUGUST
1943
775
INDUSTRIAL PRODUCTION, BY INDUSTRIES
{Without Seasonal Adjustment)
[Index numbers of the Board of Governors. 1935-39 average = 100]
1942
1943
Industry
May
Industrial
Production—Total
Manufactures—Total
Durable
175
...
..
. . . .
Nondurable*.
Iron and Steel
Pig iron
Steel
Open hearth and Bessemer
Electric
....
Machinery
jovernment
Arsenals
Transportation
and Quartermaster
Equipment...
Metals
and
Products...
Nonferrous metal smelting
Copper smelting
Zinc smelting
Lead production
Copper deliveries
Lead shipments
Zinc shipments
Lumber
Stone,
Clay,
and Glass
Products...
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
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
187
193
195
195
194
194
197
199
Apr. M a y
June
201
204
p
215
217
P217
r
203
183
185
189
196
203
205
206
207
208
211
212
240
137
246
136
251
139
260
144
267
151
276
148
279
147
283
146
287
143
292
146
296
144
300
145
304
147
200
198
196
197
199
207
203
200
204
208
210
209
208
201
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
226
182
542
201
231
185
560
202
233
188
559
197
235
186
580
196
233
184
584
190
227
177
583
279
287
289
299
310
320
329
340
348
352
359
362
365
372
396
425
458
479
507
525
547
559
572
583
597
606
P
107
112
116
124
129
135
141
146
151
155
158
159
162
P164
180
186
188
191
193
192
197
202
200
199
192
194
194
p
135
138
140
138
135
135
125
116
107
114
119
125
131
p
131
143
138
139
141
137
139
136
134
136
131
141
118
139
101
144
91
139
99
144
106
144
115
r
144
125
143
P
123
^143
163
158
151
160
163
163
157
139
138
132
133
141
154
p
178
118
190
35
183
115
171
37
186
111
151
32
195
104
167
30
200
202
186
156
139
126
126
128
137
166
38
167
37
171
39
159
39
187
38
184
40
185
39
194
42
214
47
156
152
154
154
156
156
•158
156
157
160
157
155
157
146
175
169
143
169
169
145
166
168
144
169
169
146
172
170
147
172
174
148
171
177
145
163
178
147
171
180
150
171
181
147
166
181
145
166
181
147
169
185
150
5
201
172
168
179
151
46
194
165
166
172
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
44
218
184
175
185
154
29
208
176
167
177
166
39
230
190
177
187
163
40
228
187
172
182
157
38
214
179
165
177
158
32
222
181
171
176
"
p
303
147
p
r
614
194
205
...
....
Cement
..
Unglazed brick
Glass containers
Polished plate g l a s s . . . . . . .
180
Sept.
164
161
184
and Products
Lumber
Furniture
177
Aug.
Depots
Aircraft
Automobile bodies, parts, and assembly
Railroad cars
Locomotives
Shipbuilding
Private yards
Government yards
Nonferrous
June July
146
r
124
116
114
115
112
117
115
114
120
123
114
116
114
126
145
90
102
123
118
136
90
94
114
113
134
88
78
115
113
134
100
69
117
114
134
94
77
112
121
145
96
81
115
121
144
97
79
111
119
141
91
85
110
122
144
93
89
118
128
151
98
93
119
113
128
90
93
115
115
131
r
88
93
r
117
114
132
88
88
115
130
139
156
165
96
95
105
106
116
193
197
143
242
257
210
232
147
241
249
207
259
132
205
200
192
248
119
185
177
1*143
p
181
101
158
154
p
156
118
"88'
134
134
p
151
p
150
p
p
140
134
p
135
p
142
130
153
46
p
153
160
p
113
P113
p
148
119
121
130
129
123
114
106
111
P91
*88
P89
^102
PI 19
2*141
*>187
P210
78
106
109
82
101
117
86
107
126
94
119
141
98
132
156
"lO8'
153
179
133
194
224
146
213
r
p
Revised.
Preliminary.
*1 Included in total andgroupindexes but notavailable for publication separately.
Beginning in January 1942, includes industrial alcohol produced in the alcoholic beverage industry. Figures not available for publication separately.
776
FEDERAL RESERVE
BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Co«tf«*<^
(Without Seasonal Adjustment)
[Index numbers of t h e Board of Governors.
1935-39 average = 100]
1942
1943
Industry
Manufactured
Food
May
June
July
140
163
121
98
108
123
149
172
134
104
99
133
138
151
131
102
110
157
132
131
137
114
125
173
133
Alcoholic Beverages
.,
M a l t liquor
Whiskey...
Other distilled spirits.
Rectified s p i r i t s . . . . . . . . . . .
120
136
54
48
......
Tobacco Products.
I 139
.|
Cigars
Cigarettes
Manufactured tobacco a n d snuff. . .
Products1,
Paper a n d pulp.
Pulp
Groundwood pulp.
Soda pulp
Sulphate, p u l p . . . . . . . . . . . .
.
Sulphite p u l p . . . . . . . . . . . . . . . . . .
Paper
...
Paperboard,....
..........
Fine paper.
Newsprint production.
Printing paper
Tissue a n d absorbent p a p e r . . . .
Jan.
Feb.
Mar.
147
150
144
140
153
198
146
147
144
142
150
170
166
200
128
131
152
161
186
249
119
101
148
158
171
221
126
73
128
145
147
180
121
67
117
140
140
171
115
69
105
138
136
170
105
61
108
137
162
216
111
62
126
138
140
140
123
103
94
90
110
105
107
106
148
53
39
183
152
45
34
223
149
39
48
238
121
13
164
226
111
105
100
128
123
130
129
130
159
46
159
27
159
38
161
23
157
19
141
13
139
131
135
144
149
141
132
122
123
125
113
153
91
115
160
89
123
170
98
140
169
104
117
167
97
154
147
83
103
159
91
101
144
85
93
148
89
103
149
86
104
144
144
133
122
130
134
138
134
129
132
137
137
136
137
149
186
133
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
135
149
107
96
201
140
132
137
128
92
124
172
125
140
154
111
98
206
146
138
143
131
92
131
177
129
138
139
150 r152
112
110
r
93
94
204
203
144
140
136
138
150
150
130
129
90 . _.
126 j 124
172 166
127 125
140
155
113
92
211
147
137
150
133
90
122
167
130
103
109 \
120 121
114
HI
115
114
116
114
109
115
108
97
101
107
106
. 142
147 I
245
173
143 I
141
151
105
127
173
150
115
Petroleum
Dec.
120
150
96
and Publishing2*,
Newsprint consumption
and Coal
Products
Petroleum refining
Gasoline.......
Fuel oil
Lubricating oil
Kerosene...
Coke
...
By-product coke
Beehive coke.
Chemicals
Rubber Products
134
50
36
130
123
• i 107
Wrapping p a p e r . . .
Printing
Nov.
June
Products—Continued
Meat p a c k i n g . . . . . . . . . . . . . . . . . .
Pork a n d l a r d . . . . . . . . . . . . . .
Beef
Veal
Lamb and mutton
......
Other manufactured foods......
Paper and Paper
Apr.
May
Aug. Sept. Oct.
103
98
90
104
117 115
117
121
122 123
123
119
116
120
118
121
121
108
110
101
103
123
122
123
127
101 i 97
164
163
153
153
539
508
110
105
127
115
97
163
153
502
114
109
130
116
101
165
155
505
116
117
109 I 111
137 j 137
1 1 2 I 113
106 ! 112
166 I 166
155
155
524 |
523
117
110
138
114
113
166
156
500
112
104
137
112.
102
166
156
109
99
137
108
106
166
157
485
113
102
143
113
123
169
158
543
110
99
137
117
120
169
158
551
114
101
144
118
124
169
159
519
114
104
137
121
124
166
157
r
481
166 167
170
181
199 206
209
213
216
116
122
124
131
133
157
129
121
161
128
122
166 \
102
192 j
?)
154
P213
P95
P
U2
102
156
80
152
p
109
101
157
152
323
r
221
,.
Rubber consumption.
Tires a n d t u b e s . . . . .
Pneumatic t i r e s . . .
Inner t u b e s . , .
Minerals—Total.
Fuels
Bituminous c o a l . . . .
Anthracite
Crude petroleum. .
Metals
131
132
131
136
137
134
132
119
121
121
121
126
129
127
130
126
124
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
190
195
192
194
184
143
79
259
372
174
266 I 264
382 i 393
264
388
249
358
239
335
192
229
69
125
133
121
129
P
151
129
124
143
124
125
p
114
60
234
321
131
114
l03
P
73
PI 23
p
H9
85
P
164
"°359
Metals other than gold a n d silver.
Iron ore shipments.
Copper
Lead
Zinc
r
100 ! 97 I 97
89 ! 82
105
75
73
73
73
74
71
Gold
Silver
r
p
Revised.
Preliminary.
* Included in total and group indexes but not available for publication separately.
1
Includes also paperboard container production which has been carried forward on the basis of seasonal changes since July 1940 when figures were last
lorted.
2
Includes also printing paper production shown under "Paper."
NOTE.—For description and back figures, see BULLETIN for September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882.
AUGUST
1943
777
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of t h e Bureau of Labor Statistics, 1939 = 100]
Factory employment
Industry and group
1942
1943
May
June
148.0
184.1
119.6
149.9
Iron and Steel and Products
Blast furnaces, steel works, etc
Steel castings
T i n cans a n d other tinware
Hardware
Stoves a n d heating equipment
Steam, h o t - w a t e r heating a p p a r a t u s . . .
Stamped a n d enameled ware
S t r u c t u r a l and ornamental metal work
Forgings
Screw m a c h i n e products.
159.3
141
240
112
127
102
159
135
167
223
260
161.3
141
Electrical
Total
Durable goods
Nondurable goods
Machinery...
Machinery, except Electrical
Machin ery and machine shop products.
Tractors
Agricultural, excluding tractors
Pumps
Refrigerators
Factory pay rolls
188.9
119.2
Feb.
Mar.
166.4 167.6
221.5
123.0|
r
224.3
122.9
Apr.
May
June
Apr.
May
167.2
168.2
225.6 225.9
122.0 120.8
227 A
121.5
221.4
287.2
157.0
225.7 234.5
300.0 312.1
159.0 158.7
230.5
188
199
242
365
405
236.,
192
375
140
204
136
262
203
248
372
424
241.5
193
383
142
203
139
260
207
258
380
446
291.,
212
476
135
227
184
336
263
343
495
533
297.6
215
492
138
232
190
r
341
278
350
503
545
301.7
217
500
143
239
189
r
360
293
r
355
505
544
303.6
310.0
317.2
441.6
453.7
454.7
458.9
325.8 337.9 410.0
335
321
413
197
190
239
195
199
215
526
602
497
132
128
237
,430.
1,430.4
1,370.7 1,481.3 1,585.5
2,486.5
165.7 169.8 183.2 193.4
282.2
180.6 240.7 245.9 253.0 308.6
170
183
175
245
224
212
221
240
156
154
158
187
417.7
422
239
228
614
422.3
429
242
238
633
427.2
434
244
248
645
250
244
250
r
167.6
r
269
173.0 174.1 r174.4
135
135
135
281
279
284
91
90
93
124
122
125
115
113
114
r
r
195
193
196
154
149
158
198
198
198
263
259
264
292
293
290
173.2
135
279
96
125
115
196
160
196
266
290
201.7
203.6
260. i 267.4 268.4
268.3 269.8,
200.2
202
139...
135
263
92
204.0
207
143
131
274
90
246
112
125
100
158
135
171
226
230.8 233.3 234.1 235.2
236
239
241
243
155
158
159
157
120
126
129
124
299
312
315
307
149
150
151
145
Transportation Equipment, except
Autos... 847.1 909.1
,378.1 1',399.3 ,412.0
1
1,343.1
Automobiles
114.3 120.6
161.4 162.3 164.0
159.5
Nonferrous Metals and Products
162.9 164.9
179.6 178.8 179.2 178.8
P r i m a r y smelting a n d refining..
128
155
163
156
130
160
Clocks a n d watches
129
134
121
124
132
123
r
Lighting equipment
110
106
115
112
113
103
Lumber and Timber Basic Products
Sawmills
Planing a n d plywood mills
131.0
107
119
132.0
108
119
113.8
90
114
114.0
91
113
Furniture
117.2
111
116.2
110
111.0
107
111.0 109.8
106
107
Stone, Clay, and Glass Products
Glass
Cement
Brick, tile, a n d terra cotta
P o t t e r y a n d related products
128.2
123
123
119
136
128.1
121
125
118
134
Textile-Mill and Fiber Products
Cotton goods except small wares
Silk a n d rayon goods
Woolen a n d worsted m a n u f a c t u r e s . . . .
Hosiery
K n i t t e d underwear
Dyeing a n d finishing textiles
Carpets a n d rugs, wool.^
173.0
368
144
208
143
263
236.6
June
Feb.
Mar. | Apr. May
297.5 304.5 r309.6
410.6 421.0 r 430.4
186.9 r190. 1 9 1 . 5
315.4
311
181
194
479
153
r
r
r
313.4
437.0
192.5
303.5
222
503
150
242
194
359
299
356
501
553
,583.32,692.9 2,736.7
283.9 286.7
312.1 318.5
252
268
238
236
r
r
198
192
297.1
322.0
272
234
205
114.0 114.5
91
112
170.6
141
149
177.8
148
152
190.2
159
160
173.7
139
167
179.4
144
171
186.2
151
170
196.1
160
176
108.6
105
108.3
161.2
153
162.7
157
161.3
153
171.8
166
175.2
170
177. <
172
178.7
172
122.4 122.0 r122.3
121
124
123
r
109
104
106
r
r
94
92
93
135
136
134
121.5
125
103
90
132
122.
165.3
159
146
151
174
168.9
161
152
154
174
167.6
151
161
155
171
179.2 181.9 r 185.3
176
181
174
137
141
139
r
r
136
138
138
189
193
186
187.7
183
145
138
191
113.5 113.4
128
129
88
88
123
123
81
79
118
119
105
102
89
111.5
128
82
117
77
116
108
94
111.1
127
82
117
77
114
107
94
109.6
126
81
115
75
112
104
93
108.3 107.4
124
80
114
74
111
103
91
157.1 160.6
190
196
127
128
177
184
94
94
167
166
145
137
116
117
161.1 181.1
196
217
128
132
187
207
93
108
167
184
132
166
124
148
182.4
217
134
208
111
184
165
150
181.2
217
134
205
108
185
162
147
180.7
216
134
205
108
184
159
147
Apparel and Other Finished
Textiles....
M e n ' s clothing, n.e.c
Shirts, collars, a n d nightwear
W o m e n ' s clothing, n.e.c
Millinery
118.3
117
99
97
83
114.'
Ill
r
9O
93
96
112.6
110
r
89
92
91
109.3 108.1
107
86
89
156.c
156
144
128
105
150.9
157
142
118
71
132.9 167.5
144
159
136
134
92
137
59
136
177.5 r 174.8
169
170
136
139
144
148
123
144
164.3
163
136
131
97
Leather and Leather Products
Leather
Boots a n d shoes
109.8 108.6
109
107
100
113.7
110
r 89
93
94
103.3
104
92
101.9
103
91
99.8
100
96.0
154.c
146
146
151.7
146
141
148.3
144
137
158.1
152
144
155.9
151
141
153.0
150
137
Food and Kindred Products
Slaughtering a n d meatpacking
Flour
Baking
Sugar, beet
Confectionery
Beverages, nonalcoholic
M a l t liquors
Canning a n d preserving
106.0
137
97
104
45
99
111
117
71
110.8
144
100
106
95
112
115
89
109.5 107.7 106.5
147
129
138
113
113
114
109
107
110
48
40
38
117
110
117
r
r
112
119
115
115
121
118
67
60
67
106.9 111.3
128
111
107
40
107
125
124
126.5
151
113
119
56
128
120
128
92
131.5 139.7
158
172
116
122
124
130
62
66
121
123
126
129
145
136
124
95
150.7 151.3 150.3
170
180
185
172
165
169
146
143
142
59
70
57
164
167
161
r
r
126
131
140
r
144
147
156
113
99
114
158.5
191
163
148
58
158
149
165
117
Tobacco Manufactures
Cigarettes
Cigars
97.2
100
98
99.0
103
100
100.2
121
90
99.9 r 98.6
120
120
89
91
95.1
114
86
124.7
125
128
124.6 132.0 138.5 143.3 146.5
r
r
r
141
129
146
l49
157
r
125
129
136
144
143
144.3
155
141
Paper and Allied
Products...
Paper and pulp
Paper goods, n.e.c
Paper boxes
120.5
119
123
111
117.7
117
121
107
117.8
109
132
117
118.0
109
131
119
and Lumber
Furniture
Products.
110.6
113
97
84
65
46
114.1
91
113
117.,
108
129
120
97.0
99
86
68
95.2
117.: ..118.6
108
128
121
154.3 152.
156
155
147
148
138 I 135
149.4
153
143
131
157.4
154
143
171.3
165
178
167
173.1
166
179
172
175.5
167
182
176
178.0
170
181
179
r
Revised.
NOTE.--Figures for June 1943 are preliminary. Indexes for major groups and totals have been revised for 1941 and 1942 and are adjusted to final
Social Security data through 1941 and to preliminary data for 1942. Back data and data for industries not here shown are obtainable from the Bureau
of Labor Statistics. Underlying figures are for pay roll period ending nearest middle of month and cover wage earners only.
77°
FEDERAL RESERVE BULLETIN
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES- Continued
{Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939 = 100]
Factory employment
Industry and group
1943
I May
June
Mar.
Printing and Publishing...
Newspaper periodicals ...
Book and job
100.0
99
98
Chemical and Allied Products
Paints, varnishes, and colors
Drugs, medicines, and insecticides.
Rayon and allied products
Chemicals, n.e.c
Cottonseed oil
Fertilizers
204.1 208.3
111
108
133
134
108
108
159
161
73
61
119
96
99.0
98
97
Apr.
1942
May
June
Apr.
May
1943
June
Feb.
Mar
121.6
107
129
T
103.0 ! 101.8 100.6
95 I 95
96
107 i 105
101
100.4 101.5
96
101
111.I
106
112
111.0
107
110
254.8 258.3
255.8 257.5
103
161
106
163
93
130
140
159
140
211
110
214
295.6 306.1 400.9
140
134
140
161
159
212
141
142
151
218
221
250
89
79
198
176
145
224
251.9
104
156
106
161
128
138
103
159
107
162
117
159
Products of Petroleum and Coal
Petroleum refining
Coke and by-products . .
118.7 120.7 115.2
109
106
110
121
124
118
Rubber Products
Rubber tires and inner tubes
Rubber boots and shoes
Rubber goods, other..
116.9 120.7 152.8
109
114 I 151
120
116
150
113
116
139
Miscellaneous
Industries.
Photographic apparatus. .
Games, toys, and dolls
149.0 147.6
136
133
122
117
r
Factory pay rolls
r
102
160
107
162
108
155
115.6 116.0
107 r108
117
116
153.8 153.8
153
146
140
153
147
140
r
162.8 r164.5
159.5
157
79
162
81
162
82
110.2
107
108
117.3 117.8
110
115
144. i 147.1 150.0
133
135
132
154
151
157
164.9
151
169
153.9 155.8
154
147
139
149.9
135
159
155
238.3
229
241
220
165.6
163
84
206.1 213.2
178
186
158
161
166.6
157.6 164.5
143
151
170
165
158
164
122
108
128
Apr.
May
r
121.8
in
126
110
124
409.7 422.0
141
220
154
255
181
265
424.2
155
228
147
225
157
259
177
292
160
262
151
244
r
166 .8
r
154
r
169
246 .2
240
239
225
182.3
171
178
r
163
r
169
248.1
250.9
244
248
229
24Q
244
228
283 .3 r289.3
r
210.1 270.6
192
241
159
134
250
140
295.1
257
149
252
141
Revised.
FACTORY EMPLOYMENT
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors, 1939 = 100]
1942
1943
Group and year
Total
Durable
Nondurable.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
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
167.1
219.3
126.0
167.9
222.5
124.9
168.6
225.1
124.1
r
Apr.
May
June
168.5
225.7
123.2
168.2
226.0
122.7
169.2
227.4
123.4
r
Revised.
NOTE.—Figures for June 1943 are preliminary. Revised indexes based on new Bureau, of Labor Statistics data released in February 1943.
back figures see p. 14 of January 1943 BULLETIN and p. 259 of March 1943 BULLETIN.
For
HOURS AND EARNINGS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES
[Compiled by the Bureau of Labor Statistics]
Average hourly earnings (cents per hour)
Average hours worked per week
Industry and group
All Manufacturing
.
Durable Goods
Iron and Steel and Products
Electrical Machinery
Machinery Except Electrical
Transportation Equipment Except
Automobiles
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 Manufactures
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
Apr.
May
Jan.
42 7
42 9
44 2
44 5
44 9
45 2
45 9
46 2
43.1
45.9
49.3
43.5
46.2
49.5
45.0
47.0
49.6
45.8
46.9
49.6
48.1
44.7
44.2
40.1
41.2
40.2
48.0
44.3
44.2
40.8
41.5.
40.5
46.9
45.7
46.0
39.8
42.8
41.7
46.7
46.0
45.9
41.9
43.6
41.8
Feb.
1943
1942
1943
1942
Mar.
Feb.
Apr.
Apr.
May
Apr.
May
44 7
45 0
45 2
82 2
83 5
91 9
92.4
46.4
r
46.8
47 0
91 2
92.5
101.7
102.0
103.0
103.9
105.0
46.1
47.1
49.7
r
46.1
r
47.0
49.8
46.5
47.3
49.8
91.5
88.4
93.1
92.3
89.2
94.9
99.8
95.1
102.2
99.9
94.8
103.0
100.8
r
95.4
103.8
101.9
r
96.0
104.7
102.7
96.4
105.5
46.8
45.7
46.6
42.4
43.9
r
42.1
47.6
45.9
47.0
43.1
44.4
r
42.7
47.5
46.3
47.2
43.8
44.5
42.9
105.3
114.6
88.1
61.8
64.7
75.8
106.3
116.3
89.3
63.2
65.2
76.2
114.4
122.2
98.5
68.1
69.6
81.9
115.2
121.1
98.6
68.7
70.6
82.2
116.4
121.7
r
99.0
70.0
71.5
82.8
117.4
121.5
99.8
71.5
72.2
83.3
118.5.
123.1
101.2
73.6
73.4
84.4
79.0
79.6
Mar.
r
r
r
r
Jan.
40.0
40.1
41.8
42.0
42.3
42.4
42.7
70.3
71.2
76.8
77.3
40.1
37.3
39.3
40.4
37.6
41.7
38.3
42.5
38.7
40.1
43.6
40.3
36.8
38.6
40.9
37.7
41.6
38.1
42.7
39.1
41.4
44.0
41.3
37.4
40.3
43.2
39.6
44.2
39.8
44.5
41.1
44.4
45.7
41.5
38.2
40.2
42.9
38.5
44.5
39.5
44.6
42.4
44.6
46.0
41.6
r
38.8
40.4
43.4
r
39.5
44.9
39.8
45.0
42.6
45.1
r
46.6
41.7
r
38.7
r
40.2
r
43.3
r
40.5
45.3
39.6
r
45
4
r
43.5
45.1
46.4
41.8
38.1
40.2
44.7
40.7
45.6
39.7
45.5
44.5
45.4
46.4
58.0
62.4
67.1
71.5
56.1
71.9
94.0
82.3
102.2
89.6
75.6
58.9
62.0
67.5
72.5
57.1
72.7
94.6
84.6
102.1
91.2
76.8
65.2
65.5
72.1
76.9
61.3
77.4
97.3
88.6
110.5
97.1
83.8
65.4
67.3
72.0
77.1
60.3
78.1
97.1
89.0
109.2
97.7
84.6
r
Revised.
NOTE.—Revised data based on the classification of the 1939 Census of Manufactures.
93.4 94.4
r
78.2
r
65.7
70.0
72.9
77.7
61.3
78.2
98.2
89.2
r
109.1
99.2
r
85.5
May
95.3
r
66.0
66.4
r
70.3
69.2
73.9
74.7
r
78.8
79.7
r
62.0
62.9
r
79.O
79.4
99.0 100.2
*
90.9
90.0
r
lr l l 1 112.2
99.8 100.5
r
86.6
87.6
Back figures are available from the Bureau of Labor Statistics.
(Table of "Estimated Employment in Nonagricultural Establishments by Industry Division" appears on p. 787.)
AUGUST
1943
779
C O N S T R U C T I O N CONTRACTS AWARDED, BY TYPE OF C O N S T R U C T I O N
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars]
Month
1942
January. .
February
March
April
May
June
July
August
September
October
November
December
.
,,.,
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
Year
Nonresidential building
Residential
building
Total
Factories
1943
1942
1943
1942
1943
350.7
393.5
339.7
303.4
234.4
229.6
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
71.8
79.4
63.3
61.5
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
63.8
40.7
24.2
53.7
2,227.5
1,817.7
8,255.1
C O N S T R U C T I O N CONTRACTS AWARDED, BY O W N E R S H I P
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in millions of dollars]
Educational
1942
1943
1942
1943
1942
1943
1942
1943
7.2
22.7
25.2
6.6
9.3
6.9
9.1
9.2
10.7
12.4
10.1
15.4
26.6
17.1
5.6
4.2
4.5
5.9
5.3
7.9
68.2
72.7
51.5
43.0
36.5
26.3
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
123.0
127.7
95.8
73.3
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
17.7
21.8
36.8
30.9
23.8
46.2
34.7
21.3
2,540.6
C O N S T R U C T I O N C O N T R A C T S AWARDED, BY D I S T R I C T
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in thousands of dollars]
1943
1942
Federal Reserve district
Month
1941
1942
1943
1941
1942
1943
198
310
473
355
569
316
364
304
253
192
1941 1942 1 194
... .
305
270
480
407
549
January......
February.....
March........
April
May
June
July
August.......
September....
October
November....
December,...
Year.
317
434
611
499
674
351
394
340
303
234
124
105
269
184
267
181
166
211
223
281
119
123
138
144
105
539 1,190
944
577
314 1,105
348
876
225
229
85
68
520
403
371
298
288
240
220
235
161
144
88
62
71
62
45
6,007 8,255
3,492 7,146
760
623
606
459
432
721
723
780
654
709
633
661
710
592
664
35
30
36
50
42
Title I Loans
Year or month
Total
Prop- | Small
erty i home
conimprove- struction
ment
320
557
495
694
954
1,026
1,186
1,137
224
246
60
160
208
251
262
141
1942—June
July
Aug
Sept
Oct
Nov
Dec
96
97
89
95
99
92
97
13
11
10
10
11
10
9
1943—Jan.......
Feb
Mar
Apr
May . . . . .
June . . . . .
80
64
73
59
72
78
7
5
6
7
7
8
,
Total (11 districts)
June
May
June
7,313
23,256
10,215
23,534
36,961
40,423
38,310
10,172
6,748
18,978
13,689
16,339
13,917
8,175
26,271
27,546
39,065
31,042
13,705
8,128
24,690
25,548
74,247
131,414
42,881
110,077
161,621
173,585
125,338
101,687
124,690
54,141
90,583
229,599
234,426
1,190,264
INSURED FHA HOME MORTGAGES (TITLE II) HELD IN
PORTFOLIO, BY CLASS OF I N S T I T U T I O N
[In millions of dollarsl
Mortgages on
1- to 4tamily
louses
(Title
ID
Rental
and
War
group housing
housing (Title
(Title
VI)
II)
13
25
26
21
15
94
309
424
473
669
736
877
691
2
2
11
48
51
13
13
6
13
284
2
1
1
*
1
1
1
66
63
52
48
44
39
39
*
2
*
16
21
25
31
20
19
16
18
19
*
*
37
42
43
49
42
39
47
37
47
51
* Less than $500,000.
NOTE.—Figures represent gross insurance written during the period and do
not take account of principal repayments on previously insured loans.
780
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago.
St. Louis
Minneapolis
Kansas Citv
Dallas.....:
2,515 1,109
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollarsl
1935
1936
1937
1938
1939
1940
1941
1942
Other
Commercial
Private ownersh
Public ownership
Total
Public works
and public
utilities
End of month
1936—Dec
1937—Dec
1938—Dec
1939—June
Dec
Total
365
771
Commercial
banks
SavMuings Insur- Fedtual
ance
and
eral
savcom- agen- Others
loan
ings associ- panies ciesl
banks ations
8
27
38
56
110
149
41
118
212
5
32
1,199
228
430
634
77
27
53
90
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
171
182
190
201
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
789
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
856
940
1,032
237
243
245
200
195
163
1
The RFC Mortgage Company, the Federal National Mortgage Association, the Federal Deposit Insurance Corporation, and the United States
Housing
Corporation.
2
Including mortgage companies, finance companies, industrial banks,
endowed institutions, private and State benefit funds, etc.
NOTE.—Figures represent gross amount of mortgages held, excluding
terminated mortgages and cases in transit to or being audited at the Federal Housing Administration.
FEDERAL RESERVE BULLETIN
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports1
Merchandise imports 2
Excess of exports
Month
1939
1940
1941
1942
229
234
268
186
202
179
212
211
211
287
297
280
r
650
704
732
169
176
182
232
221
195
278
282
262
666
492
653
802
787
873
215
235
247
207
224
253
1,757
2,841
916
1,083
481
480
628
April.
May
June..,
231
249
236
323
324
350
387
385
330
717
536
648
July..........
August
September
230
250
289
317
351
295
365
460
425
October......
November....
December
332
292
368
344
328
322
January-May.
1,180
1,715
Preliminary.
1942
242
200
217
325
303
357
11
2
3
1941
178
158
190
213
370
219 I 347
268
351
r
1940
r
254
r
January
February
March
p
1943
^696
3^1,123
p
l,0o9
^4,485
1943
1939
1940
1941
1942
35
61
77
128
147
134
96
69
89
45
47
57
111
112
138
100
88
50
r
213
186
196
61
74
107
84
130
101
87
178
162
437
518
536
304
281
344
200
168
359
117
57
121
137
104
69
362
211
309
602
619
514
1,315
1,205
264
632
442
1,636
254
272
235
191
215
P234
P281
1943
228
P467
P435
*>679
r
226
r
355
482
345
433
p
3,236
Revised.
Including both domestic and foreign merchandise.
General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Figure overstated owing to inclusion in April export statistics of shipments valued at 160 million dollars actually exported in first thrree months of 1943.
Source.—Department of Commerce.
Backfigures.—See BULLETIN for April 1940, p. 347; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18.
FREIGHT CARLOADINGS, BY CLASSES
[Index numbers; 1935-39 average=100]
REVENUES, EXPENSES, AND INCOME OF CLASS I
RAILROADS
[In millions of dollars]
ForMiscelest
Total Coal Coke Grain Livestock prod- Ore laneous
Annual
1939.......
1940
1941
1942.
101
109
130
138
98
111
123
135
102
137
168
181
107
101
112
121
96
96
91
104
100
114
139
155
110
147
183
206
289
289
183
180
176
174
221
221
210
Merchandise
l.c.l.
Total
railway
operating
revenues
Annual
1939.
1940..
1941..
1942.
Total
railway
expenses
Net
railway
operating
income
Net
income
93
189
500
959
3,995
4,297
5,347
7,466
3,406
3,614
4,348
5,985
589
682
998
1,481
141
142
144
149
152
146
144
144
146
1942—April.......
May..
June
July
August
September..
October.. ..
November..
December .
584
618
627
643.
669
663
661
722
708
472
487
500
519
539
535
533
563
554
112
131
128
124
130
128
128
159
155
70
88
85
79
85
82
81
121
110
710
744
740
767
783
577
591
616
623
624
134
153
124
144
159
92
111
82
101
r
101
110
136
146
97
96
100
69
SEASONALLY
SEASONALLY
ADJUSTED
ADJUSTED
r
1942—April......
May.......
June......
July . . . . .
August....
September
October...
November.
December
143
143
141
142
143
136
133
134
134
160
163
161
155
154
135
121
125
116
200
197
r
198
205
208
188
180
176
177
117
115
113
95
106
126
130
126
143
101
98
103
90
106
102
110
114
117
160
155
160
172
165
154
149
140
137
1943—January...
February..
March.
April,..
May,,
June. .
135
141
136
141
141
133
119
127
140
158
156
119
161
154
182
208
195
180
157
170
152
145
144
143
102
113
117
118
112
110
130
135
133
138
138
140
202
193
216
209
209
171
149
153
141
142
143
144
1943—January
February...
March......
April.
May . . . . . . .
June
1942—April......
May
June......
July. .
August...
September
October...
November.
December.
136
138
139
142
144
152
150
140
126
135
139
135
132
136
142
138
139
132
176
181
178
177
175
184
180
186
193
100
99
111
138
129
139
139
123
130
90
88
81
76
100
135
169
144
113
160
161
166
173
173
167
158
138
122
218
303
318
325
308
304
260
206
59
142
144
145
148
152
162
163
150
135
1942 -April
May
June
July
August
September..
October
November...
December ..
573
601
624
665
684
698
746
690
703
471
491
505
532
549
543
561
541
532
102
110
119
133
135
155
185
149
171
57
64
78
90
89
105
136
111
137
1943—January...
February..
March.
April..
May.,.,...
June.....
124
130
130
132
137
132
135
145
144
133
132
100
193
189
189
183
179
162
138
142
131
124
123
140
98
90
92
105
101
86
117
129
133
138
143
145
50
48
56
106
269
297
132
137
138
143
145
146
55 j 1943—January....
58 |
February...
62
March
April.
May.
671
664
756
749
759
566
557
627
622
631
105
106
130
127
128
63
62
85
83
UNADJUSTED
UNADJUSTED
June
r
Revised. p Preliminary.
Revised.
NOTE.—Descriptive material and back figures may be obtained
NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for
June 1941. Based on daily average loadings. Basic data compiled by Associa- from the Division of Research and Statistics. Basic data compiled
tion of American Railroads. Total index compiled by combining indexes for classes by the Interstate Commerce Commission.
with weights derived from revenue data of the Interstate Commerce Commission.
r
AUGUST
1943
781
DEPARTMENT STORE STATISTICS
Based on value figures
MONTHLY INDEXES OF SALES AND STOCKS
W E E K L Y I N D E X O F SALES
[Weeks ending on dates shown. 1935-39 average = 100]
[Daily average sales; end-of-month stocks. 1923-25 average = 100]
Unadjusted
Seasonally adjusted
1940
1941
1942
1943
1940
1941 ; 1942 1943
1940
Jan.
SALES
January
February
March
April
May
June
July
August
September...
October
November...
December ...
W i t h o u t season al adjustment
101
103
103
104
105
104
115
134
116
105
116
111
92
90
89
89
89
91
92
98
97
94
100
101
138
126
124
117
108
104
121
130
123
128
138
125
143
168
136
128
125
129
Year.. .
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
103133
137
157
222
94
95
102
109
118
r
127
136
r
141
137
r
125
r
115
105
r
101
Year
102
93
91
87
r
90
p
100
69
Feb.
Mar.
Apr.
124
STOCKS
January
February
March
April
May
June
July
August
September. ..
October
November
December...
111
132
121
133
125
124
64
69
75
76
75
73
74
84
95
108
110
87
85
97
111
123
r
130
r
130
126
r
132
r
130
r
128
r
122
r
95
82
117
r
92
89
93
90
r
92
^95
May
r
June
July
Aug.
r
Revised.
P Preliminary.
Back figures.—Sales, see BULLETIN for August 1936, p. 631, and subsequent issues. Stocks, see BULLETIN for March 1938, p. 232, and subsequent
ssues.
Sept
6 . . . . ...82
13
86
.83
20..
27
.79
.86
3.
10.
80
17...
82
24.
82
2..
.95
9
98
1 6 . . . . .. 99
23. .. .113
30..
88
6... .112
13...
97
2 0 . . . . . 99
2 7 . . . . . 98
4.. .. .108
11..
.114
18. . . . 9 9
25....
.97
. 90
1...
8 . . . . ..120
1 5 . . . . ..107
2 2 . . . . .. 92
2 9 . . . . .. 89
..67
6
13
...78
...72
20
...69
27
..81
3...
79
10...
81
17.
92
24. .
118
31.
7.
.109
1941
1942
4 . . . . . ..85
11
99
1 8 . . . . ...90
2 5 . . . . ...89
Feb. 1.
94
8....
.95
15...
. .97
22...
.88
Mar. 1.
..101
8 . . . .. 97
15... ..105
22.... . Ill
29...
.117
.131
Apr. 5
12.... .136
1 9 . . . ..117
2 6 . . . . .114
May 3 . . . .124
10...
.128
1 7 . . . . ..110
24.... .117
31. . . ..109
June 7 . . . ..127
14. . . ..120
21. . . .107
28. . . ..109
J u l y 5 . . . . .. 86
12. .. . . 93
89
19...
87
26...
Aug. 2 . . . . 102
9...
.116
.113
16. .
23. .- . .119
30.
.152
Sept. 6.
.122
Jan.
Jan.
3 . . . . . . 107
10
130
17... ...131
24... ...119
.121
31..
Feb. 7.
.114
14..
.116
21..
..110
28.
...119
Mar. 7 . . .
125
14..
.131
2 1 . . . .. 140
28... . . . 147
Apr. 4 . . . .. 160
1 1 . . . ...120
18... . . . 135
2 5 . . . . .129
May 2 . . ..134
9 . . . . .136
16.. ...115
23.. ...114
30... . . . 9 5
June 6... ...135
1 3 . . . ...117
20... ...116
27... ...100
July 4 . . . .. 84
11. .. .102
18. ..
93
25. ..
92
Aug. 1.. . . 96
8 . . . . .110
15..
.113
22. . . .116
29.
.132
Sept. 5. .
.153
1943
Jan.
Feb.
2....
9
.112
138
16"!! !l32
23.... 119
3 0 . . . .121
.136
6
13. .. .168
20. . .146
27. .. .150
.142
Mar. 6.
13!.!! !l34
20.... .137
Apr.
May
June
July
Aug.
2 7 . . . . .143
3 . . . . .149
1 0 . . . .153
1 7 . . . .154
2 4 . . . . .166
1 . . . .127
8. .. .152
15..
.133
22... .137
2 9 . . . . .136
5 . . . . .137
12.. .. .151
1 9 . . . . .148
2 6 . . . . .118
3. .. . r 116
10.. . r 101
17.
.111
2 4 . . . . .109
31.
7.
14.
21.
28.
Sept. 4.
Back figures.—See BULLETIN for April 1941, p. 311, and subsequent issues.
SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
[Percentage change from corresponding period of preceding year]
June May
Sjune M a y
|1943 1943
United States..
Boston
New Haven
Portland
Boston
Springfield
Providence
New York
Bridgeport
Newark
Albany
Binghamton....
Buffalo
Elmira
Niagara Falls..
New York City
Poughkeepsie..
Rochester
Schenectady...
Syracuse
Utica
Philadelphia...
Trenton
Lancaster
Philadelphia...
jReading
Wilkes-Barre...
York
Cleveland
Akron
#
Cincinnati
Cleveland
Columbus
Toledo
+24
+15
+8
+34
+14
+14
+15
+18
+4
+14
+8
+29
+20
-3
+34
+19
+15
+21
+16
+15
+25
+15
+20
+26
+15
+14
+18
+1
+20
+29
+21
+20
+3;
+27
+18
+14
+10
+31
+14
+12
+14
r
+15
+10 Cleveland (cont.)
0
Youngstown
+39
Erie
+9
Pittsburgh
+12
Wheeling
+9
Richmond
+7
Washington
Baltimore
Winston-Salem...
Charleston, S. C.
Greenville, S. C .
Lynchburg
Norfolk
Richmond
Charleston.W.Va.
Clarksburg
Huntington
+7 +1
+2 - 9
+ 19 +13
+17 +13
+6 - 2
;+27 +35
+8
+5
+4
-4-10! +9
+6i +7
+ 1 4 | +10 Atlanta
+16j +13 Birmingham
Montgomery
+9 +8 Jacksonville
+21 +19
Miami..
+5 +9
Tampa
+9 +9
Atlanta
+14 +10
Macon
+10 +10
Baton Rouge
+12 +11
New Orleans
Jackson
+13 +10
Chattanooga
+22 +21
Knoxville
+13 + 12
Nashville
+16 +6
+30 +30 Chicago
+17 + 16
Chicago
+30
+16
+10
+25
+23
+16
+23
+37
+51
+62
+27
+27
+30
+10
+24
+22
+22
+10
+3
+5
+18
+9
+22
+36
+52
+38
+32
+27
+24
+14
+8
+19
+42
+32
+31
+62
+471
+57j
+52!
+59|
+421
+33
+39
+30
+40
+28
+34
+23
+24
+44
+44
+52
+42
+39
+25
+27
+28
+26
+24
+35
+18\ +11
+ 161 +11
Six
mos.
1943
+15
+13
+3
+9
June
May
1943 1943
Chicago (cont.)
Peon'a
Fort Wayne
Indianapolis....
Des Moines
Sioux City
Detroit
Flint
Grand Rapids...
Lansing
Milwaukee
+16
+8
+17
+23
+39
+43
+22 \St. Louis
+19
Fort Smith..
+25
Little Rock
+7
Quincy.
+5
Evansville
+ 13
Louisville
St. Louis
+30
Springfield
+18
Memphis
+28
+50
+ 23 Minneapolis
+43
+37 Kansas City
Denver
+44
Hutchinson
+42
Topeka
+25
Wichita
+24
Joplin
+21
Kansas City...
+20
St. Joseph
+34
Omaha
Oklahoma. City
+11
+9
Tulsa
Six
mos.
1943
Six
June May mos.
1943 1943
1943
Dallas
+13
+17
+38
+27
+48
+9
+14
+35
+11
+24
+29
+41
+36
+34
+48
+28
+24
+40
+41
+26
+42
+40
+50
+47
+48
+27
+33
+59!
+34!
+73i
+40
-1
Shreveport
+8
Dallas
+26 +26
Fort Worth
+22 +20
Houston
+31 +31 San Antonio....
+4 +9
+8 +19 San Francisco
+17 +12 Phoenix
+3
Tucson
-4
+16 +12
Baker sfield
Fresno
+19 +16 Long Beach
+10 +31
Los Angeles
+35 +40
Oakland and
+23 +16
Berkeley
+43 +47
Sacramento
+20 +18
San Diego
+11 +7
San Francisco...
+33 +26
San Jose
+34 +32
Santa Rosa
Stockton
Vallejo and Nap
+21 +19
Boise and
Nampa
+31 +34
+28 +33
Portland
+35 +39
Salt Lake City.
+39 +38
Bellingham
+36 +40
Everett
+8! +9
Seattle
+23 +28
Spokane
+34 +32
Tacoma
+261 +30
Walla Walla
+53 +58
Yakima
+28 +27
0
+9
+50
+18
+69
+71
+42
+34
+42
+16
+50'
+371
+401
+40
+42
+12
+48
+47
+34
+46
+33 r+29
+44 +36
+70 +44
+54 +27
+31! +33
+34) r +32
+37i +32
+27
+34
+51
+38
+23
+31
+23
1
+27 +211
+24
+20 +28
+33 +27
+31 +27
+30 +27
+52 r +42
-4-56' +35
+57
+30
+37
+31
+31
+28
+39
+15
*
+27
+25
*
+23
+28
+23
+26
+47
+46
+43| +46
+28 +29
+19 +38
+25 j +17
+33! +21
+29 +25
+46 +41
+17 +21
+38
+24 +23
r
Revised.
* Data not yet available.
7 8z
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS, BY MAJOR DEPARTMENTS
Sales during month (value)
Number
of stores
reporting
Department
Stocks at end of month (value)
Ratio of stocks
to sales
Percentage cha nge
May
Percentage change
May 1943 May 1943 May 1942
from
from
from
May 1942 Apr. 1943 Apr. 1942
+5
+5
2.6
4.4
2.8
4.7
+4
+5
2.0
1.5
1.1
3.3
2.9
1.3
2.1
1.6
2.0
1.3
1.9
2.4
2.3
3.3
3.3
9.0
3.2
2.6
4.7
1.9
4.1
4.7
3.9
7.3
4.2
20.6
4.2
3.9
4.4
3.4
6.1
7.0
6.9
7.1
6.4
7.4
3.4
3.2
3.3
2.7
5.9
5.0
6.6
4.3
348
+20
-10
-28
348
+22
-7
-10
-28
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
346
+30
+59
+29
+37
+37
+47
+17
+33
+26
+2
+38
-15
-44
+10
-14
-53
0
-21
-18
+10
+3
+1
0
-30
-24
+32
+22
0
-13
-44
-16
-46
-9
-16
-17
+17
+17
-8
+1
-41
-9
-63
-10
-15
-37
-22
-38
-33
—40
-38
-17
+15
+13
+10
+6
+34
+48
-11
-16
-2
-23
-3
7
-1
-30
-29
-30
-34
-24
+4
knit
307
293
297
281
316
326
340
320
238
250
+6
+206
Men's and boys' wear
Men's clothing
Men's furnishings, hats, caps
Boys' clothing and furnishings
Men's and boys' shoes and slippers
314
223
296
272
166
+17
+26
+13
+24
-12
+1
-1
-43
-10
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
311
228
236
284
+7
+1
+16
+18
+10
+9
+11
+13
199
285
222
218
-55
+33
+15
-3
-27
+25
+13
+5
-29
+21
+31
+23
+29
+32
+2
+25
+19
Small wares
Notions
Toilet articles, drug sundries, prescriptions
Jewelry and silverware
281
117
327
213
313
282
+6
+7
+7
Miscellaneous
291
+19
BASEMENT STORE—total
Women's apparel and accessories
Men's and boys' clothing and furnishings..
Home furnishings
Piece goods
Shoes
212
199
160
117
53
130
+8
Piece goods (dress and coat yard goods, all
materials)
Cotton wash goods
+14
+6
+10
+19
-30
+13
-12
-16
-17
+15
+9
-18
"2
+7
-1
+7
+1
-3
0
-1
-6
0
-2
2
+8
+4
+1
-3
-5
-38
-34
-43
-26
1942
+2
+2
GRAND TOTAL—entire store.
MAIN STORE-total
327
329
1943
c
-4
+9
0
+7
+8
+2
+4
+1
+11
+8
+10
+9
+7
+5
+5
+3
+9
+1
-9
-1
+1
+1
-5
+7
+5
+5
2.5
3.5
5.9
3.3
4.2
7.2
8.8
5.3
-18
-23
0
-9
-3
-7
2.7
1.7
4.3
2.7
+2
+2
+1
+7
-21
-27
-19
-20
+5
+4
3.2
0
+3
+4
2.4
3.2
3.6
5.4
4.1
5.1
5.9
-2
-31
3.4
5.8
-8
-11
—12
-29
2.3
1.7
3.8
2.3
3.0
4.4
3.5
-44
+6
0
-13
-6
+4
+2
-73
-35
-24
-40
-26
-31
-39
-7
-16
'
+6
+7
+5
+4
+4
+5
+8
+7
+7
+8
+9
+4
+2
+3
-2
+7
-2
2.6
5.8
4.3
3.8
3.7
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, ACCOUNTS RECEIVABLE, AND COLLECTIONS
Percentage of total sales
tndex numbers, without seasonal adjustment, 1941 average = 100
.Total
1942—April
May
June
July
August
September
October
November
December
. ,.
1943—January
February
March
April
May
June
Accounts receivable
at end of month
Sales during month
Year and month
...
109
98
95
79
98
120
133
135
208
100
116
120
129
117
122
Collections during
month
Cash
sales
Instalment
sales
Chargeaccount
sales
107
116
120
109
81
83
106
113
116
50
53
56
59
58
56
57
58
61
7
6
5
5
6
6
6
6
5
43
41
39
36
36
38
37
36
34
142
109
105
106
105
100
59
58
59
60
60
60
5
5
5
36
37
36
35
36
36
Cash
Instalment
Charge
account
Instalment
Charge
account
Instalment
Charge
account
113
109
97
117
140
160
162
263
95
66
54
50
73
76
89
89
112
108
93
r
85
66
81
105
113
114
166
94
86
77
70
67
63
62
62
64
107
99
83
64
64
76
83
84
109
112
111
104
94
92
90
99
96
103
123
140
147
161
146
151
63
70
67
76
61
57
82
99
100
104
97
101
58
55
51
49
45
42
83
78
77
78
75
76
96
89
93
85
79
72
r
112
5
4
4
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.
AUGUST 1943
783
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
1929
1930 . . . . . .
1931 . . . . . .
1932
...
1933
1934
1935
1936
1937.......
1938
1939.......
1940
1941.......
1942
7,089
6,341
5,177
3,846
3,717
4,159
5,148
6,396
7,054
6,618
7,518
8,767
9,499
r
6,155
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
r
2,922
1942
May
Tune.
July
Aug
Sept
Oct........
Nov
Dec. . . . . . .
7,952
7,513
7,007
6,719
6,557
6,403
6,169
r
6,155
4,611
4,327
4,036
3,748
3,504
3,255
3,054
2,922
1943
Jan........
Feb.. . . . .
Mar........
Apr
May
June
5,702
5,490
5,351
5,241
p
5,O75
p
5,057
2,660
2,465
2,323
2,226
P
r
Sale credit
Total
instalment
credit
Loans
r
p
Automotive
Total
1
Singlepayment
loans 2
Charge
accounts
1,577
1,451
1,051
726
588
659
785
991
1,119
1,069
1,089
1,123
1,204
1,072
1,749
1,611
1,381
1,114
1,081
1,203
1,292
1,419
1,459
1,487
1,544
1,650
1,764
1,513
596
573
531
491
467
451
472
520
557
523
534
560
610
648
Service crec
Other
1,318
928
637
322
459
576
940
1,289
1,384
970
1,267
1,729
1,942
482
663
741
865
1,147
1,368
1,343
1,525
1,721
1,805
r
l,012
652
674
619
516
459
529
794
1,030
,167
,226
,559
.984
,174
,428
2,705
2,474
2,247
2,032
1,862
1,704
1,571
r
l,494
1,239
1,120
1,004
874
769
664
573
482
1,466
1,354
1,243
1,158
1,093
1,040
998
p
1.012
,906
,853
,789
,716
,642
,551
,483
,428
1,151
1,125
1,112
1,102
1,095
1,088
1,085
1,072
1,561
1,430
1,225
1,232
1,320
1,419
1,386
1,513
629
631
634
637
638
641
644
648
1,314
404
351
287
260
P235
p
208
910
839
784
,346
,275
,252
,206
,160
,146
1,058
1,038
1,031
1,029
p
l,O27
p
l,019
1,333
1,333
1,343
1,331
p
l,275
p
l,338
651
654
654
r
l,190
r
l,071
1,020
P
955
P
894
2,115
2,040
1,197
1,104
958
677
r
r
p
760
72O
655
P
658
p
660
I
p
1
2
r
Preliminary.
Revised.
Includes repair and modernization loans.
An estimated total of noninstalment consumer loans; i.e., single-payment loans of commercial banks and loans by pawnbrokers.
NOTE.—National estimates of consumer short-term credit for the period from January 1929 through August 1942 were prepared by the Bureau, of Foreign
and Domestic Commerce, United States Department of Commerce, and published in the November 1942 issue of the Survey of Current Business with a
description of sources of data and methods of estimation. Later estimates, comparable with those formerly published by the Department of Commerce,
were made at the Board of Governors of the Federal Reserve System, v
~ CONSUMER INSTALMENT LOANS
[Estimated amounts outstanding. In millions of dollars]
CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOTIVE
[Estimated amounts outstanding. In millions of dollars]
Department
Total,
End of month excluding stores
and
autoor year
mailmotive
order
houses
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942.
Furniture
stores
Household
appliance
stores
All
Jewelry
stores
other
retail
stores
1,197
1,104
958
677
663
741
865
1,147
1,368
1,343
1,525
1,721
1,805
r
l,012
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
265
222
185
121
119
131
171
255
307
266
273
302
313
130
56
47
45
30
29
35
40
56
68
70
93
110
120
r
77
133
141
136
110
97
115
132
174
210
220
246
271
284
160
1,466
1,354
1,243
1,158
1,093
1,040
998
r
l,012
367
332
300
277
261
253
247
254
543
512
475
449
428
408
392
391
240
218
201
183
169
154
141
130
85
79
71
67
63
61
61
231
213
196
182
172
164
157
160
910
228
210
196
r
190
P
178
p
l 68
359
338
322
319
p
308
P300
116
103
91
81
P
72
1942
May
June
July
Aug
Sept
Oct
Nov......
Dec.
1943
Jan...........
Feb.
Mar
Apr.
May..........
June
p
r
r
839
r
784
760
p
72O
r
686
Preliminary.
Revised,
784
P
r77
r
r
64
56
51
r
50
P
r
48
47
143
132
124
120
PM4
p
108
End of
month or
year
Total
Repair
Commercial1
banks
Credit
unions
Misceland
laneous modernlenders ization
loans
95
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
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
32
31
29
27
27
32
44
66
93
113
147
189
217
141
93
78
58
50
60
79
102
125
117
96
99
102
91
27
177
240
163
172
244
317
335
200
1942
May
June
July
Aug
Sept.
Oct
Nov
Dec
1,906
1,853
,789
,716
642
,551
L.483
,428
564
546
521
491
460
421
393
370
184
179
173
166
160
152
145
141
99
98
97
95
94
92
91
91
287
276
264
252
240
227
215
200
1943
Jan
Feb
Mar....
Apr.
May
June
1,346
1,275
1,252
1,206
p
l,160
p 1,146
132
126
127
122
r
118
118
89
88
87
87
p
85
p
86
184
170
155
141
p
127
PU3
345
319
312
299
290
287 .
403
387
387
378
366
368
r
P Preliminary.
Revised.
1
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 (12 million
dollars at the end of June 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 dollarsl
Other Repair
retail, and
pur- modchased ernizaPur- Direct and
tion
chased loans direct loans
Automotive
retail
Month or year
Outstanding a t end of
period:
1939
1940.
1941
1942
1942—May
June
July
August
September
October
November. ...
December..
1943—January
February.
March
April
May.
June. .
Volume extended during
month:
1942—May
June
,
July
,
August
September
October
November
December
Total
Personal
instalment
cash
loans
1,020
1,340
1,588
210
300
396
136
160
230
303
122
150
210
279
143
220
260
246
154
280
340
364
232
1,273
1,211
1,139
1,072
283
265
242
227
203
190
166
136
224
211
196
182
167
148
136
122
243
223
208
189
175
159
151
143
201
196
187
182
176
168
165
154
322
316
306
292
277
257
242
232
726
662
619
580
551
528
116
101
87
111
100
95
91
r
89
85
136
121
108
100
93
84
144
135
125
117
111
104
219
205
204
195
189
190
110
102
95
93
82
77
64
69
• 17
25
16
13
11
12
14
14
15
9
9
9
9
8
9
6
18
16
16
14
13
11
9
10
41
46
41
36
35
32
27
32
59
52
74
64
65
77
6
6
8
9
9
9
9
9
13
12
12
13
14
8
9
10
11
12
4
4
787
998
922
860
787
1943—January
February
March
April
May
June
r
77
69
65
15
16
23
14
11
7
7
6
5
5
6
8
26
25
39
28
27
35
r
Revised.
NOTE.—For descriptive material and back figures, see BULLETIN for
October 1942, pp. 992-994.
Item
June May
1943 1943
Net sales:
Total
Cash_ sales
Credit sales:
Instalment
Charge account
-7
r
Apr.
+21 '+14
+41 '+43
+18 r+9
+18 +16
+2
+50
-2
+2
r+
-3
-3
-2
-4
Collections during month:
Total..
Instalment
-6
+4 ! - 1
'+3
Inventories, end of month, a t
retail value
.. .
-4
Accounts receivable, a t end of
month:
Total.
Instalment
r
-4
+14
+8
- 1 -38
— 1 —39
-12
-17
-22
Commercial
banks 1
1929 . .
1930
1931
1932
1933.
.........
1934.
1935
1936.
.......
1937.
,
1938
1939
1940
1941
... . _
1942.....
1941
December
1942
January....
80
February.............
66
80
March
71
April
May
61
64
58
52
49
44
37
43
June.
July
August
September.
October
November
December
.
1943
January
February
March.
April
May
June
Industrial
banking
companies
Credit
unions
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
104
45
25
66
65
40
35
18
19
86
72.
58
68
63
60
60
59
59
82
42
37
34
36
34
33
31
30
25
31
25
19
18
20
18
16
16
14
14
18
45
25
50
86
26
38
11
13
22
35
15
14
19
Small loan
companies
36
35
53
41
40
31
29
62
58
81
50
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 June 1943), which are not shown separately.
-40
-40
-5
+6
-41
—40
-7 i -5
-9
-17
-10
Charge
accounts
Instalment accounts
Month
Department
stores
Furniture
stores
Household appliance
stores
Jewelry
stores
Department
stores
22
13
13
13
14
14
16
16
18
17
18
13
13
13
13
13
13
14
15
15
15
19
19
20
22
22
25
26
30
31
45
46
47
50
56
60
59
60
65
63
65
17
16
17
19
20
22
21
16
18
18
20
20
31
29
30
31
33
33
61
61
62
63
63
62
1942
March
April
May
June
July
August
September.
October
November
December
22
22
23
24
25
29
29
31
1943
January.
February
March
April
May
June
28
28
31
31
30
29
21
1
Ratio of collections during month to accounts receivable at beginning
of month.
Revised.
AUGUST
r
Percentage
change from
corresponding
month of
preceding year
Apr. June M a y
1943 1943
+12
+11
Month or year
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE1
FURNITURE STORE STATISTICS
Percentage
change from
preceding
month
CONSUMER INSTALMENT LOANS MADE BY PRINCIPAL
LENDING INSTITUTIONS
[Estimates of volume made in period. In millions of dollarsl
194}
785
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics. 1926 =100]
Other commodities
All
commodities
Year, month, or week.
Farm
products
Foods
Total
ChemiHouseHides and Textile Fuel and Metals Building cals
and furnishleather products lighting and metal materials
allied
materials products
products
products ing goods
Miscellaneous
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
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
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
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
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
1942—January...
February..
March
April
May
June
July
August....
September
October...
November.
December.
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
989
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
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
1943—January...
February..
March
April
May
June
101.9
102.5
103.4
103.7
104.1
103.8
117.0
119.0
122.8
123.9
125.7
126.2
105.2
105.8
107.4
108.4
110.5
109.6
96.0
96.2
96.5
96.6
96.7
96.8
117.8
117.8
117.8
117.8
117.8
117.8
97.3
97.3
97.3
97.4
97.4
97.4
79.3
79.8
80.3
80.6
80.8
81.0
103.8
103.8
103.8
103.8
103.8
103.8
109.8
110.2
110.4
110.3
110.5
110.6
100.2
100.3
100.0
100.1
100.2
100.0
102.5
102.6
102.6
102.6
102.7
102.8
90.7
90.9
91.4
91.6
91.9
91.8
Week ending
1943—Apr. 2 4 . . . .
May 1
May 8
May 15....
May 22.. .
May 29....
June 5
June 12....
June 19....
June 26....
July 3
July 10....
July 17....
July 2 4 . . .
103.4
103.5
103.7
103.8
103.8
104.0
103.9
104.0
103.5
103.1
103.0
103.0
102.9
102.9
123.9
124.3
124.8
125.7
125.8
126.7
126.3
127.6
127.0
126.2
125.9
126.0
125.0
124.8
108.5
108.7
109.4
110.2
110.3
110.7
110.6
110.9
109.0
108.0
107.6
107.3
106.5
107.0
96.8
96.9
96.9
96.9
96.9
96.9
96.9
96.9
96.9
96.9
96.9
96.9
97.0
97.1
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
96.9
96.9
96.9
96.9
96.9
96.9
96.9
96.9
96.9
96.9
96.9
96.9
96.9
96.9
81.1
81.5
81.6
81.5
81.3
81.3
81.4
81.4
81.4
81.4
81.5
81.5
81.6
81.8
103.9
103.9
103.9
103.9
103.9
103.9
103.9
103.9
103.9
103.9
103.9
103.8
103.8
103.8
110.2
110.3
110.4
110.4
110.3
110.3
110.4
110.4
110.4
110.4
110.4
110.5
110.6
110.6
100.1
100.1
100.2
100.2
100.2
100.2
100.2
100.2
100.2
100.2
100.2
100.1
100.1
100.1
104.2
104.2
104.2
104.2
104.2
104.2
104.2
104.3
104.3
104.3
104.3
104.3
104.4
104.4
91.4
91.4
91.4
91.4
91.7
91.7
91.7
91.7
91.8
91.6
91.6
91.6
91.6
92.1
1942
Subgroups
Subgroups
Farm Products:
Grains
Livestock and poultry
Other farm products
Foods:
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 underv.ear
Silk
Rayon
Woolen and worsted goods
Other textile products
Fuel and Lighting Materials:
Anthracite
Bituminous coal
Coke
Electricity
Gas
Petroleum products
Backfigures—Tureau
June
Mar.
Apr.
May
June
116.9
100.5
112.2
135.7
117.1
112.5
134.0
120.0
113.1
130.5
125.2
113.8
128.6
127.2
92.0
87.2
105.4
113.9
91.0
113.2
93.5
115.6
115.5
96.3
113.3
93.7
123.2
115.8
96.0
113.1
93.6
137.7
115.9
96.4
109.5
93.6
143.6
111.6
97.0
126.4
118.5
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
126.4
116.0
101.3
115.2
109.1
112.7
70.0
107.0
112.6
70.5
107.0
112.6
70.5
107.0
112.6
70.5
107.0
112.6
70.5
30.3
111.0
98.2
30.3
112.4
97.5
30.3
112.5
98.7
30.3
112.5
98.7
30.3
112.5
98.7
85.7
109.2
122.1
63.3
81.2
59.8
89.8
115.2
122.4
60.2
75.6
61.5
89.7
116.1
122.4
89.5
116.4
122.4
62.5
62.6
115.6
122.4
60.6
76.4
62.0
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
Eousefurnishing Goods:
Furnishings
Furniture
Miscellaneous:
Auto tires and tubes
Cattle feed
Paper and pulp
Rubber, crude
Other miscellaneous
June
Mar.
Apr.
May
June
96.9
98.0
97.2
112.8
85.6
98.5
96.9
98.0
97.2
112.8
86.0
90.4
96.9
98.0
97.2
112.8
86.0
90.4
96.9
98.0
97.2
112.8
86.0
90.4
96.9
98.0
97.3
112.8
86.0
90.4
98.1
94.2
131.7
100.3
98.5
107.3
103.8
98.7
94.2
134.6
102.2
90.4
107.3
102.0
98.7
94.2
134.7
102.5
90.4
107.3
101.6
98.9
93.9
135.6
102.2
90.4
107.3
101.6
99.0
93.6
136.3
102.0
90.4
107.3
101.7
96.5
129.1
78.4
82.8
108.5
96.4
165.0
79.0
85.8
101.5
96.4
165.1
80.0
85.8
101.5
96.4
165.1
80.0
85.8
102.0
96.4
165.2
78.6
85.8
102.0
108.1
97.4
107.3
97.7
107.3
97.7
107.3
98.0
107.3
98.1
73.0
140.0
101.6
46.3
93.3
73.0
148.2
102.7
46.3
94.9
73.0
150.9
102.9
46.2
95.1
73.0
150.6
104.3
46.2
95.2
73.0
150.6
104.3
46.2
94.9
of Labor Statistics, Department of Labor.
786
FEDERAL RESERVE BULLETIN
ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Thousands of persons]
Year and month
Total
Manufacturing
36,461
37,051
37,433
37,645
37,962
38,325
38,842
1943—January
February
March
April
May
June
38,791
38,821
1943—January
February
March
April
May
June
3,446
3,471
3,490
3,482
3,466
3,508
3,535
6,610
6,609
6,607
6,523
6,619
6,673
6,635
4,266
4,296
4,317
4,313
4,324
4,333
4,331
1,843
1,748
1,564
1,363
1,213
1,057
3,549
3,545
3,551
3,572
3,577
3,605
6,513
6,458
6,424
6,433
6,357
6,352
4,350
4,356
4,347
4,331
4,302
4,293
921
923
918
910
902
894
885
1,991
2,108
2,181
2,185
2,028
1,896
1,674
3,485
3,519
3,533
3,542
3,539
3,520
3,502
6,606
6,504
6,496
6,561
6,697
6,771
7,107
4,324
4,355
4,371
4,397
4,327
4,295
4,279
5,037
5,184
5,323
5,520
5,672
5,723
5,811
867
867
861
850
837
835
1,470
1,386
1,357
1,328
1,299
1,200
3,463
3,456
3,475
3,552
3,587
3,649
6,371
6,291
6,328
6,423
6,331
6,349
4,259
4,270
4,281
4,337
4,349
4,350
r
5,855
r
14,382
14,640
14,819
15,006
15,162
15,349
15,687
929
929
918
900
888
883
1,768
1,851
1,916
1,959
1,902
1,889
2,004
r
38,656
r
38,478
38,222
38,201
15,932
15,975
16,043
r
16,025
15,998
16,092
870
873
864
858
842
841
36,666
37,234
37,802
38,348
38,478
38,533
38,942
14,302
14,641
14,980
15,233
15,313
15,434
15,684
37,862
37,958
15,743
15,851
15,958
15,956
15,911
16,008
UNADJUSTED
1942—June
July
August
September
October
November
December
Finance,
service,
and miscellaneous
Construc-
SEASONALLY ADJUSTED
1942—June
July
August
September
October
November
December
r
38,115
r
38,336
38,262
38,328
Transportation and
public
utilities
Trade
Mining
tion*
Federal,
State, and
local govern
ment
5,060
5,255
5,366
5,462
5,601
5,690
5,766
5,734
5,866
r
5,863
r
5,896
5,933
5,961
5,689
5,837
5,890
5,948
5,937
r
Revised.
* Includes contract construction and Federal force account construction.
NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. Estimates exclude proprietors of unincorporated businesses, self-employed persons,
domestics employed in private homes, public emergency employees (WPA, NYA, and CCC), and personnel in the armed forces. Figures for June 1943
are preliminary. Revised seasonally adjusted estimates for months prior to November 1941 are shown on p. 1156 of the November 1942 BULLETIN.
JULY CROP REPORT, BY FEDERAL RESERVE DISTRICTS
[Based on estimates of the Department of Agriculture, by States, as of July 1, 1943. In thousands of units]
Boston
New York
Philadelphia
Cleveland.
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco..
. . .
Total..
Production
1942
Estimate
July 1, 1943
Production
1942
Estimate
July 1,1943
Bushels
8,024
32,053
50,041
230,248
133,387
177,796
1,266,052
392,856
360,806
420,741
93,887
9,263
Bushels
7,506
26,279
47,212
182,175
136,717
172 094
1,072,799
327,490
297,138
324,195
105,283
7,664
Bushels
40
8,346
14,072
40,660
26,208
7 381
36,361
23,378
292,868
371,083
49,160
111,770
Bushels
40
5,485
13,289
30,350
21,463
6 560
35,463
28,789
244,828
270,670
33,962
99,924
3,175,154
2,706,552
981,327
790,823
Oats
Federal Reserve district
Winter wheat
Totalwheat
Corn
Federal Reserve district
Production
1942
Estimate
July 1, 1943
Bushels
Bushels
8,266
13,944
40,608
26,208
7 381
35,045
23,358
42,573
365,641
49,053
91,176
5,439
13,143
30,299
21,463
6 560
34,436
28,773
21,096
265,768
33,868
58,345
703,253
519,190
T o b acco
Tame hay
Spring wheat
Production
1942
Estimate
July 1, 1943
Bushels
40
80
128
52
Bushels
40
46
146
51
1,316
20
250,295
5,442
107
20,594
1,027
16
223,732
4,902
94
41,579
278,074
271,633
White potatoes
Production
1942
Estimate
July 1, 1943
Production
1942
Estimate
July 1,1943
Production
1942
Estimate
July 1, 1943
Production
1942
Estimate
July 1, 1943
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Bushels
6,605
34,615
16,387
62,694
26,359
22,052
523,027
76,402
390,377
149,083
15,181
35,948
Bushels
5,488
13,771
15,394
54,755
27,362
21,642
475,446
73,032
348,062
154,504
19,838
32,961
Tons
3,489
6,227
2,392
5,613
4,658
4,203
20,962
9,327
11,949
8,943
1,989
12,493
Tons
3,388
6,212
2,528
5,722
5,058
4,343
19,057
8,559
11,331
7,633
2,019
12,633
Pounds
27,343
1,636
46,016
107,635
808,552
143,263
29,670
242,243
2,472
3,607
Pounds
28,283
860
43,680
112,605
761,335
150,708
26,493
267,154
2,129
3,363
Bushels
50,889
32,627
19,348
16,159
24,784
15,920
36,285
13,436
45,785
37,817
6 068
72,032
Bushels
62,676
35,643
22,771
16,831
30,155
19,345
39,795
13,550
47,018
39,590
7 543
100,025
Total
1,358,730
1,242,255
92,245
88,483
1,412,437
1,396,610
371,150
434,942
NOTE.—1942 figures for tobacco are as revised in July 1943.
787
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK*
ON BANK CREDIT, MONEY RATES, AND BUSINESS
Chart
book
page
1943
June June
23
30
July
7
July
14
In billions of dollars
WEEKLY FIGURES 1
Reserve bank credit:
U. S. Govt. securities, total..,
Bonds
Notes
Certificates
Bills
Special certificates
Bills discounted
Gold stock
Money in circulation
Nonmember deposits
Treasury deposits
Member bank reserves
Excess reserves*5
Excess reserves (weekly average),total e .
New York City
Chicago
Reserve city banks
Country banks e
6.75
1.52
.83
1.10
3.29
7.20
1.50
.80
1.09
3.82
7.68
1.48
.74
1.09
4.36
7.64
1.48
.74
1.09
4.33
2
.03 .01
22.39 22.36
17.61 17.66
1.49 1.47
.77 .62
12.11 12.26
1.23 1.31
PI. 38 1.49
.02
04
!oi !oi . !oi '.01
.56 .48 .47 .52
.96 P. 81 P. 87 P.92
"^02
22.39
17.15
1.39
.29
12.22
1.30
1.54
.02
22.39
17.42
1.48
.46
12.09
1.21
?1.33
02
Reserve bank credit
7.58 rold stock
1.48 Money in circulation
.72 Treasury cash
1.09 Treasury deposits
4.29 Reserve balances
Required reserves
.01 Excess reserves, total
22.35
New York City
17.71
Chicago
1.54
Reserve city banks.
.29
Country banks
12.32 Money in circulation, total
1.19
Bills of $50 and over
$10 and $20 bills
Coins, $1, $2, and $5 bills
14
14
14
14
15
15
15
15
15
17
17
17
17
15
17
17
17
17
46.15
32.47
33.63
9.45
5.57
2.14
3.43
.79
45.84
32.29
33.30
9.49
5.54
2.14
3.40
.86
45.56
32.33
32.99
9.59
5.57
2.15
3.42
.95
46.82
32.88
34.17
9.68
5.64
2.17
3.47
.95
46.61
33.39
34.21
9.45
5.62
2.14
3.48
.81
12.84 12.64 12.32 12.75 12.78
5.80 5.80 5.80 5.83 5.86
2.47 2.44 2.48 2.77 2.65
2.57 2.60 2.61 2.63 2.64
2.00 1.80 1.43 1.52 1.63
20.79 20.65 20.66 21.42 21.42
9.88 9.92 10.00 10.06 10.07
3.31 3.31 3.28 3.92 3.90
4.40 4.37 4.36 4.34 4.32
3.20 3.06 3.03 3.11 3.13
Per cent per annum
25
25
.374
1.32
.375
1.29
374 .374
.374
1.28 3i32 1.31
25, 33
25, 33
33
33
1.83
2.28
2.72
3.88
1.81
2.27
2.71
3.86
1.80
2.26
2.70
3.84
1.81
2 27
2 69
3 81
5
5
5
5
5
5, 8
8
8, 9
9
9
9
9
10
10
10
10
6.76
22.51
16.45
2.23
.28
12.72
10.77
1.95
.05
.03
.89
.98
16.66
4.23
8.92
3.51
6.68
22.45
16.81
2.25
.43
12.02
10.29
1.73
.05
.01
.74
.93
17.11
4.33
9.21
3.58
7.07
22.41
17.22
2.77
.15
12.29
10.83
1.46
.02
.01
.59
.84
17.42
5.24
1.03
1.33
.66
2.23
1.21
1.02
.26
.76
P5.08
PI.
03
p
1.28
P.66
Pl.Yl
PI.16
P. 96
P. 24
P.12
P5.06
PI. 02
PI.34
P.66
P2.04
Pi.15
P. 89
4,46
9.34
3.62
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
June
RESERVES AND CURRENCY
2, 4
4
4
4
4
4
2
2
2
2
2
3
3
3
3
3
3
3
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
Certificates
Bills
100 cities outside New York, total.
Bonds
...
Notes and guar. securities
Certificates
Bills
May
In billions of dollars
MONTHLY FIGURES
RESERVES AND CURRENCY
1943
Chart
book
page
July
21
1.83
2.28
2.69
3.
Consumer credit, total
18
Single-payment loans
18
Charge accounts
18
Service credit
18
Instalment credit, total
18, 19
Instalment loans
19
Instalment sale credit, total
19
Automotive
19
Other
19
P.21
P. 69
TREASURY FINANCE
U. S. Govt. obligations outstanding, total interest-bearing
Bonds (marketable Treasury) ..
Notes, cert., and bills, t o t a l . . . .
Notes
,
Certificates
Bills
:
Savings bonds, tax notes, etc..
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
20
20
20
21
21
21
20
21
21
20
133.01
55.20
36.00
9.80
16.15
10.04
27.46
19.27
7.78
9.79
138.76 139.47
57.97 57.52
37.21 37.59
9.17
9.80
16.56 16.56
10.85 11.86
29.09 29.20
20.51 21.26
7.50
8.16
10.20 10.87
22
22
22
13.35
6.45
48.74
P52A0
22
23
23
23
23
64.46
5.17
12.60
46.70
20.10
13.76 P14.29
7.20
6.22
p
66.38
5.24
12.70
P48.40
2>20.10
Per cent per annum
In unit indicated
Stock prices (1935-39 = 100):
Total
Industrial
Railroad
Public utility
Volume of trading (mill, shares)
35
35
35
35
35
BUSINESS CONDITIONS
Steel production (per cent of capacity)..
Electric power prod. (mill. kw. hrs.)....
Freight carloadings (thous. cars):
Total..
Miscellaneous
Department store sales (1935-39 = 100)...
F.H.A. home mortgages,
new construction (thous.) 4
Wholesale prices (1926 = 100):
Total
Farm products
Other than farm and food
50
50
MONEY RATES, ETC.
F. R. Bank discount rate, N . Y . . . .
27
27
99.6 Treasury bills (new issues)
98.2 98 4 100.9
27
100.9 100 9 103.5 101.9 Treasury notes (taxable)
Commercial paper
29
94.9 94 9 99.9
U. S. Govt. bonds:
86.0 87 0 88.6
Partially tax-exempt
33
.87
95 1.26
Taxable
".
33
Corporate Aaa bonds
29, 33
..
33
96 6 97.0
98.0 Corporate Baa bonds
97.6
4,120 4,111 3,919 4,184 4,196
95.7
98.4
92.3
83.6
.87
51 760.8 852.1 808 6 877.3
51 390.0 386.9 348 8 378.2
52 118
116
101 111
52
63 103.1 103.0 103 0 102.9
63 126.2 125.9 126.0 125.0
63 96.9 96.9 96 9 97.0
883.8
385. Stock prices (1935-39 = 100):
109
Total
Industrial
Railroad
Public utility
102.9 Volume of trading (mill, shares)...
124.8 Brokers' balances (mill, dollars):
97.
Credit extended customers....
Money borrowed
Customers' free credit balances.
.50
.373
1.39
.69
.50
.373
1.36
.69
.50
.374
1.32
.69
2.02
2.32
2.76
3.96
1.92
2.30
2.74
3.91
1.85
2.29
2.72
3.88
In unit indicated
91.3
93.7
92.8
79.1
1.49
95.2
97.2
97.5
84.0
1.59
e
670
e
57O
r
r
740
e
550
r
330
96.7
99.3
94.3
84.7
.99
761
529
330 334
p
r
* Estimated,
Preliminary.
Revised.
J2 Figures for other than Wednesday3 dates are shown under the Wednesday included in the weekly period.
Less than 5 million dollars. 5
Number of issues included increased from 1 to 2 on July 12.
4
Publication discontinued.
Adjusted for seasonal variation.
6
Figures available for June and December dates only.
* Copies of the Chart Book may be obtained at a price of 50 cents each.
788
FEDERAL RESERVE
BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued
Chart
book
page
1943
1943
Apr.
May
In unit indicated
MONTHLY FIGURES (Gont.)
BUSINESS CONDITIONS
Income payments (mill, dollars), t o t a l 5
38
Salaries and w a g e s . . . . . . . . . . . . . . .
38
Other
,
38
Cash farm income (mill, dollars),total..
39
Livestock and products
,.
39
Crops
39
Govt. p a y m e n t s . . . . .
39
Industrial production: 5
Total (1935739 = 100)
41, 42
Groups (points in total index)
Durable m a n u f a c t u r e s . . . . . . . .
41
Machinery, etc.
42
Iron and steel..
.......
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
Coal
43
Crude petroleum......
.....
43
Cotton consumption
43
Wool y a r n . . . . . . .
,,
43
Paper....
...
43
Leather
43
Meats and dairy p r o d u c t s . . . .
43
Other manufactured f o o d s . . . . .
43
Labor force and employment (mill,
persons):
Labor force
44
Employment, total. ..
44
Nonagricultural.
44
Agricultural...
44
Male....
44
Female...
44
Nonagricultural employment (mill.
persons), total 5 .
........
45
Manufacturing and mining.
45
Trade
'..
.
45
Government.
45
Transportation and u t i l i t i e s . . . . . . . .
45
Construction.. .
45
Factory employment and pay rolls
(1939 = 100):
Pay r o l l s . . .
47
Employment
47
Hours and earnings a t factories:
Weekly earnings (dollars)
....
48
Hourly earnings (cents)
.....
48
Hours worked (per week)
48
New orders. shipments,and inventories
(1939 = 100):
New orders, t o t a l . . . . . . . .
49
Durable
49
Nondurable
49
Shipments, total.
49
Durable.....
.........
49
Nondurable
49
Inventories, t o t a l . . . . . . . . . . . . . . .
49
Durable....
......
49
Nondurable.. —
49
Residential contracts (mill, dollars): 5
Total..
..
53
Public
53
Private, total
53
1- and 2-family dwellings. . . .
53
Other
53
Construction contracts (3-mo. moving
av.. mill, dollars): 5
Total
55
Residential....
55
Other
55
Freight car loadings: 5
Total (1935-39 = 100).,.
57
Groups (points in total index)
Miscellaneous.
...
57
Coal
.....
57
All other
."
57
Department stores (1923-25 = 100) : 5
Sales
.........
59
Stocks
59
11,644 "11,756
8,115 "8,214
3,529 "3,542
1,439
1,387
955
1,001
367
398
65
40
r
Apr.
June
203
203
"201
U4.0
r
75.7
23.0
r
15.3
r
69.0
20.1
11.3
19.9
17.7
20.0
114.7
76.6
22.8
15.3
68.9
20.3
11.4
19.4
17.9
19.8
"114.4
"77.2
22.1
"15.1
"69.0
"19.8
*11.3
"19.4
"18.3
"17.8
235
134
115
146
124
166
173
134
115
"142
156
233
131
117
139
125
169
177
136
117
"150
151
227
124
"113
P97
"123
160
MONTHLY FIGURES (Gont.)
BUSINESS CONDITIONS (cont.)
Exports and imports (mill, dollars):
Exports
Imports
Excess of exports
Excluding Lend-Lease exports.
Wholesale prices, total (1926 = 100)....
Farm products
Other than farm and food
Cost of living, all items (1935-39 = 100)
Food
Clothing
Rent
May*
June
In unit indicated
61
61
61
61
63
63
63
65
65
65
65
'l,123.3J"l,069.4
"257.51 p 280.9
"865.8 p 788.6
103.7
123.9
96.6
124.1
140.6
127.9
108.0
1942
Oct.Dec.
104.1
125.7
96.7
125.1
143.0
127.9
108.0
103.8
126.2
96.8
124.8
141.9
127.9
108.0
1943
Jan.Mar.
Apr.June
In millions of dollars
"15C
52.1
51.2
41.6
9.6
36.0
15.2
53.0
52.1
41.3
10.8
36.2
15.9
54.6
53.4
41.5
11.9
36.7
16.7
38.5
16.9
6.4
5.9
3.6
1.4
38.2
16.8
6.4
5.9
3.6
1.2
"38.2
"16.9
"6.4
"6.0
"3.6
"1.1
309.6
167.6
313.4
167.2
"168^2
42.48
94.4
45.0
43.08
95.3
45.2
246
330
184
253
338
186
175
214
142
"235
"317
"175
"245
"335
"175
"176
"213
"143
66
46
20
19
1
51
33
18
17
1
r
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
Industrial
Railroad
Public utility
18,800
17,348
3,909
3,727
1,789
24
24
24
24
24
24
24
616
1,323
r
36
36
36
36
36
113
r
25
r
10
4
HI
19,845 23,228
18,460 21,535
6,950 7,563
6,686 6.834
3,364 2,781
2,234 3,007
1,088
1,047
153
51
35
12
3
266
66
41
7
1
Per cent per annum
Bank rates on customers' loans:
Total, 19 cities
New York City
Other Northern and Eastern cities
Southern and Western cities.
2.63
2.09
2.63
3.26
29
31
31
31
2.76
2.36
2.76
3.24
3.00
2.70
2.98
3.38
Apr. 4, June 30, Dec. 31,
1942
1942
1942
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.
e
80.00
«40.00
e
27.20
e
10.40
81.93
41.84
27.31
10.94
99.67
48.85
28.40
13.95
12
12
12
13
13
13
12
13
13
13
44.29
20.45
6.00
3.17
(6)
(6)
17.83
(6)
(6)
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
2.66
16.09
8.48
3.42
.79
16
16
16
16
7.38
1.49
6.83
4.75
8.55
1.86
8.19
5.50
12.55
2.79
13.04
9.17
16
16
16
16
16
(6)
14.49
3.55
1.87
1.51
2.69
18.95
5.41
6.29
4.36
2.54
11
11
11
11
MEMBER BANKS
53
28
25
24
1
258
61
197
212
58
154
141
141
133
77.8
33.7
29.4
78.3
33.2
29.1
79.1
25.3
28.2
128
87
125
r
90
125
*ioc
"197
"58
"138
Loans and investments, total
U. S. Govt. obligations
Other securities
..
State and local obligations
Other domestic securities
Foreign securities
Loans, total
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
•
Certificates
Bills
Guaranteed
6
6
6
)
(c)
3.47
For footnotes see preceding page.
AUGUST
1943
789
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 1943
Total
Boston
New
York
Philadelphia
Cleveland
Richmond Atlanta
Chicago
St. Louis
Minneapolis
Kansas
City
Dallas
San Francisco
Current Earnings
$47,375
Discounted bills
Purchased bills
U. S. Government securities.
Industrial advances
Commitments to make industrial advances
All other.
$26,604
$2 832
$2,285
$1,127
$2,697
$2,199
$3,079
$331
$829
$1,029
$940
33, 550,123
2, 346,820 9, 303,670 2 481 360 3, 009,012 1 ,972,886 1 ,512,123 4, 449,827 1 ,657,677
13,663
19,627
90 701
20,408
13,258
7,426
2,104
139
162
1,225
79
1,339
4,794
540
3,190
64,682
3,362
35,258
1,617
10,300
27 550
4,575
64,035
940,494 1 ,529,766 1, 248,108 3, 098, 380
654
50, 565
7,457
3,776
78
17, 343
"6^080
75,126
"4;573
2, 564
34, 155,748
2, 374,457 9, 408,781 2 602 522 3, 068,302
949,174 1 ,613,256 1, 255,871 3, 169, 792
229,778
28,750
299,722
Total current earnings.
$3,423
1 ,993,682
1 ,527,361 4, 518,165
1 ,674,385
Current Expenses
Operating expenses:
Salaries:
Officers
Employees
R e t i r e m e n t System contributions for current service
Legal fees
Directors' fees and expenses
..
Federal Advisory Council fees and expenses
.
.
Traveling expenses (other t h a n of directors and members of Federal
Advisory Council)
Postage a n d expressage...
Telephone and telegraph
Printing, stationery, a n d supplies
Insurance on currency and security shipments.
Other insurance.
..
...
Taxes on bank premises
Depreciation on bank building
Light, h e a t , power, and water
...
Repairs and alterations to bank building
...
Rent
F u r n i t u r e and equipment.
All other
T o t a l operating expenses . . .
Less reimbursements for certain fiscal agency and other expenses.
ft
0
ft
w
<
N e t operating expenses
Assessment for expenses of Board of Governors..
Federal Reserve Currency:
Original cost
Cost of r e d e m p t i o n . .
T o t a l current expenses..
Current net earnings. .
IT1
.
1 ,238,961
20 ,152.010
1,078,648
28,118
63,131
8,919
305,623
4 679,362
414,385
1 967,268
151,667
125,200
756,818
516,300
260,210
92,151
323,089
630,647
1 026,330
270,401
61,121
112 846
77,953
52,488
1 ,094,007 4 417,712 1 212.414 2 032 493 1 ,126,364
238,359
62,964
86 772
61,874
54,446
2,562
8,039
7 000
41
5,751
4 951
4,121
4.765
4,821
5,165
718
545
704
295
550
12,798
371,322
20,961
154,134
21,156
6,717
66,000
27,916
17,506
3,366
4,018
17,281
99,817
37.151
666,258
62,472
385,763
21,672
39,511
240,370
109,980
47,969
26,538
78,796
111,197
181,258
18,369
428,032
24,085
133,277
10,035
7,937
45,718
71,638
17,786
668
9,902
23,077
84,841
31 092
553 750
47 117
281 333
12 063
9 520
65 031
56 238
33 953
10 486
69 715
60, 292
124, 561
18,509
338,311
23,415
97,410
15,823
7,835
37,525
38,565
20,615
7,423
3,225
31,068
36,124
80 932
70 299
150 734
920 826 3 190 329 1,065 226
61 809
58 053
172 753
10
4 148
6 803
4 258
431
850
705
23 376
287 396
31 798
81 523
13 041
6 469
31 335
21 274
16 641
5 330
18 794
24, 092
56, 429
49 770
805 507
41 431
268 571
14 805
10 729
99 588
34 893
31 009
12 201
73 883
209, 644
1C8, 457
23 244
194 780
32 444
103 302
4 499
7 324
26 458
22 241
16 678
9 518
8, 774
31, 112
47, 066
74 762
688
36
4
5
79 428
73 210
134,787
048 1,064 660 1,137 133 2, 202,798
250
62 901
61 548
120,919
647
2
59
7
246
5 058
6,451
7 344
992
1,850
854
425
18 790
133 284
20 019
97 941
3 334
2 480
32 827
14 423
12, 460
3 357
3 466
12, 171
66, 383
19 421
242 102
33 453
93 003
6 969
7 971
47 686
35 156
11 657
4, 005
5 682
31, 488
57, 187
22 173
196, 050
26 919
108, 787
6, 812
6, 129
16, 893
46, 538
16, 754
2, 719
7, 012
44, 592
45, 011
30,930
462,570
50,271
162,224
21,458
12,578
47,387
37,438
17,182
6,540
39,822
34,633
59,196
33 818,837
16 615,828
2 035,399 6 943,452 2 225,269 3 599, 917 1 946,496 1,674, 184 5 338, 893 1,740, 515 1,230, 742 1,811, 107 1,823, 770 3 449,093
871, 104
844,507
829, 319 2 922, 509
694, 527
904, 074 1,059, 388 1, 772,377
806,896 2 988,315 1, 005,509 1 917, 303
17 203,009
1 228,503 3 955,137
1, 219,760 1 682, 614 1 101,989
844, 865 2 416, 384
764, 382 1, 676,716
869, 411
536, 215
907, 033
1 199,761
84,681
427,406
114,517
110, 348
51,713
41, 868
146, 376
36, 163
26, 267
34, 111
35, 424
90,887
2 287,068
164,577
158,334
7,109
392,005
28,787
173., 532
10,569
163, 407
11, 300
132,089
18,385
168, 439
16, 963
332, 834
18, 605
123, 405
12, 055
47, 062
3, 301
87, 745
8, 348
75, 461
432,755
18,153
20 854,415
13, 301,333
1 478,627 4, 803,335 1, 518,378 1, 967, 669 1 304,176 1,072, 135 2 914, 199 1,041, 034
895,830 4, 605,446 1, 084,144
1, 100, 633
689,506
455, 226 1, 603, 966
633, 351
U , 002
612, 845 1,037, 237
886, 269 2, 218,511
336, 329
369, 602
576, 019
951,281
INTERNATIONAL FINANCIAL STATISTICS
PAGE
Gold reserves of central banks and governments....
792.
Gold production...
793
Gold movements...
.
793
Net capital movements to United States since January 1, 1935
Central banks
=
..
c
794
.
795-798
Money rates in foreign countries
799
Commercial banks...
800
Foreign exchange rates...
801
Price movements:
Wholesale prices
8oz
Retail food prices and cost of living
803
Security prices. .
803
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. 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.
AUGUST 1943
791
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
*353
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—July
Aug
Sept
Oct
Nov
Dec
1943—Jan
Feb
Mar
Apr
May
June
22,744
22,756
22,754
22,740
22,743
22,726
22,683
22,644
22,576
22,473
22,426
22,388
354
354
354
354
354
354
354
354
354
*>355
735
735
735
735
735
735
734
734
734
79
81
82
113
114
115
120
121
127
143
274
274
274
274
274
274
274
274
274
274
25
25
25
25
25
25
25
End of month
E n d of m o n t h
I Hungary
Iran
(Persia)
Italy
Japan
Java
208
210
193
144
120
463
261
164
164
164
6
164
60
79
80
90
140
235
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—July..
Aug..
Sept..
Oct...
Nov..
Dec...
1943—Jan...
Feb...
Mar.
Apr...
May .
June.
24
24
24
24
24
24
24
24
24
26
26
26
26
26
End of month
Sweden
Brazil British
India
Switzerland
4
Turkey
United
Kingdom
Bul-
Canada
188
184
192
Chile
Uruguay
Denmark
Egypt
19
16
24
21
17
16
91
92
83
56
58
61
54
53
53
53
52
44
55
55
55
55
52
52
2,995
2,564
2,430
2,709
2,000
2,000
31
31
36
36
36
36
38
42
46
47
48
18
19
21
23
24
25
27
28
30
42
43
61
61
61
61
61
61
61
61
61
44
44
44
44
44
44
44
44
44
52
52
52
52
52
52
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
Norway
Peru
82
94
94
4 84
20
21
20
20
20
21
46
24
29
32
47
47
491
933
998
692
617
575
23
23
23
23
23
23
33
34
34
36
37
39
70
90
110
126
125
126
526
522
518
514
510
506
501
497
496
496
23
23
23
23
23
23
23
23
23
23
23
Venezuela
Yugoslavia
B.I.S.
75
83
85
4 84
240
244
321
308
160
223
657
1942—July
Aug
Sept
Oct
Nov
Dec
1943—Jan
Feb
Mar
Apr
May
June
311
316
321
326
331
335
340
342
344
344
346
347
800
800
801
805
813
824
832
842
851
859
2*866
P&67
650
701
549
502
665
26
29
29
29
88
92
2,584
2,689
2,690
81
1
1
111
111
111
116
117
114
124
124
124
p
U5
1
1
1
1
1
1
1
1
1
1
1
1
59
52
52
52
9 29
41
77
74
69
68
90
100
97
97
95
94
92
89
?89
P8Q
P96
j
56
56
60
64
64
68
68
70
72
76
80
80
48
51
57
59
82
4
83
11
5
14
7
12
12
183
185
142
153
145
142
21
19
20
21
21
21
22
24
25
25
25
151
151
151
152
152
160
160
10
182
182
183
r
184
184
P Preliminary. r Revised.
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 tp Bank of Canada transferred to Foreign Exchange Control Board. Gold reported since that time is gold held by Minister of Finance.
4 Figures relate to last official report dates for the respective countries, as follows: Greece—
Mar. 31, 1941; Java—Jan. 31, 1942; Norway—Mar. 30, 1940; Poland—July 31, 1939; Yugoslavia
—Feb.
28, 1941.
5
Figures for December 1936 and December 1937 are those officially reported on Aug. 1,
1936, 6 and Apr. 30, 1938, respectively.
Figure for February 1941; beginning Mar. 29,1941, gold reserves no longer reported separately.
7 These countries are: Albania, Algeria, Australia, Austria through Mar. 7,1938, Belgian Congo,
Bolivia, China, Danzig through Aug. 31, 1939, Ecuador, El Salvador, Estonia, Finland, Guatemala,
Iceland, Ireland beginning February 1943, 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.
10
Beginning February 1943, figure also includes gold reserves of new Central Bank of Ireland.
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.
79z
29
68
69
69
69
59
59
114
120
133
152
158
182
203
189
220
249
367
366
59
59
59
59
59
59
59
59
59
59
215
219
225
234
239
241
241
242
246
^252
502
527
551
582
610
634
572
523
537
558
Spain
5
5
718
525
42
583
Government gold reserves1 not included
in previous figures
End of m o n t h
1936—Dec
1937—Dec
1938—Dec
1939—Dec
1940—Dec
1941—Dec
26
24
27
28
28
4
28
27
28
29
29
29
29
Ruma- South
Poland Portugal
nia
Africa
21
24
24
24
25
25
25
25
25
25
26
26
Other
coun-7
tries
Germany
France
29
30
30
30
30
30
New
Mexico Netherlands Zealand
216
Co- Czechoslolombia vakia
1937—June . . .
Dec
1938—Mar....
fc:
1939—Mar. ...
May....
June...
Dec
Sept....
1940—Mar. ...
June...
Sept....
Dec. ...
1941—Mar. . . .
June...
Sept
Dec
1942—Mar
June...
Sept....
Dec
1943—Mar....
United
States
169
44
80
154
85
164
156
145
86
105
48
88
89
24
25
12
United
Kingdom
France2
Belgium
3 934
4 1,395
1,489
4 759
1,732
5
115
81
331
559
477
62
44
17
876
17
17
292
6
17
151
17
8
7
12
14
1 Reported at infrequent intervals or on delayed basis: U. S.—Exchange Stabilization Fund
(Special A/c No. 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 March 1937, first date reported.
4 Figure for end of September.
Reported figure for total British gold reserves on
Aug. 31, 1939, less reported holdings of Bank of England
on that date.
6
Figure for Sept 1, 1941.
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 P R O D U C T I O N
OUTSIDE U. S. S. R.
[In thousands of dollars]
Production reported monthly
Other
North and South America
Austra-1
British
| Nicara1 | Colom-1
8
Chile
Canada 5 Mexico
lia
I India 9
bia
gua7
Year or month
1934.....,,....,.
1935
1936
1937
1938
,
1939.............
1940.
1941.............
1942.............
an ounce oj jine gold = $35
$1 = 15& grains of gold f0 fine; i.e.,
823,003
882,533
971,514
,041,576
,136,360
208,705
,297,349
,288,945
1942—May
June.
July.
Aug
Sept
Oct..
Nov
Dec...
1943—Jan.,
Feb
Mar...
Apr..
May.
708,453
752,847
833,895
893,384
958,770
1,020,297
1,094,264
1,089,395
r
968,082
366,795
377,090
396,768
410,710
425,649
448,753
491,628
504,268
494,439
24,264
25,477
28,053
28,296
28,532
28,009
29,155
27,765
26,611
12,153
13,625
16,295
20,784
24,670
28,564
32,163
32,414
29,225
r
81,073
r
79,235
r
83,332
r
77,378
r
76,807
r
78,266
r
70,380
r
42,539
42,005
42,784
41,454
40,559
41,023
39,144
38,616
37,687
38,835
35,489
37,604
38,367
2,288
2,210
2,226
2,253
2,175
2,160
2,089
2,146
1,984
1,901
1,985
'l,985
'1,985
2,520
2,450
2,450
2,345
2,310
2,275
2,240
2,135
2,135
1,855
1,610
1,645
'1,645
68,372
64,861
63,903
^61,866
P
63,467
p
63,070
108,191 104,023 23,135
126,325 114,971 23,858
152,509 131,181 26,465
168,159 143,367 29,591
178,143 165,379 32,306
196,391 178,303 29,426
210,109 185,890 30,878
209,175 187,081 27,969
r
130,963 169,446 6 30,000
6,549
7,159
7,386
8,018
8,470
8,759
^8,862
r
ll,167
r
10,507
r
12,756
r
10,166
r
l 1,839
r
12,015
r
7,83l
r
6,212
4,654
4,121
4,520
4,891
4,065
r
15,008
r
14,979
r
14,991
r
14,221
r
13,325
r
13,479
r
12,801
r
12,704
11,708
11,459
12,169
11,308
10,969
12,045
11,515
13,632
15,478
18,225
19,951
22,117
22,961
20,882
8,350
9,251
9,018
9,544
10,290
11,376
11,999
9,259
6,409
1,719
1,579
2,006
1,730
1,710
1,659
1,614
1,433
2,055
1,380
1,661
1,648
PI,599
570
611
647
531
441
401
432
544
440
450
'450
'450
'450
1,166
868
807
848
1,557
3,506
5,429
7.525
8,623
30,559
31,240
40,118
46, 982
54, 264
56, 182
55, 878
51,039
42,525
11,223
11,468
11,663
11,607
11,284
11,078
10,157
9,940
8,960
840
665
665
595
630
420
525
735
700
700
805
'805
'805
3,745
677
3,325
905
3,990
816
3,360
722
634
3,185
4,165
669
3,045
659
2,940
906
2,827
672
2,555
647
622 p'2,555
2,485
646
700 '^2,485
Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes
irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production
as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million.
p
Preliminary. r Revised. * Figure carried forward.
1
Annual figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on estimates of American Bureau of Metal Statistics.
2 Beginning April 1941, figures are those reported by American Bureau of Metal Statistics.
3 Beginning May 1940, monthly figures no longer reported. Annual figure for 1940 estimated at three times production for first four months of the year.
4
Includes Philippine Islands production received in United States. Annual figures are estimates of 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 $359,634 so that aggregate for
1942 is equal to annual estimate for the year compiled by Bureau of Mint in cooperation with Bureau of Mines.
56 Figures for Canada beginning 1943 are subject to official revision.
Beginning April 1942, figures no longer reported. Annual figure for 1942 is rough estimate based on reported production of $7,809,000 in first three
months
of year.
7
Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production.
° 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 :
Total
net
imports
Year or
month
19341......
1935.......
1936
1937.......
1938.......
1939......
1940.......
1941 ,
Belgium
France
Netherlands
Sweden
Switzerland
8,902 94,348
1,131,994 499,870 260,223
3 227,185
1,739,019 315,727 934,243
3,351 71,006
1,116,584 174,093 573,671
"2
1,585,503 891,531 -13,710 90,859
6,461
6
1,973,569 1,208.728 81,135 15,488 163,049 60,146
3,798 165,122 341,618 28,715
3,574,151 1,826,403
977 63,260 161,489
4,744,472 633,083 241,778
3,779
1
1
982,378
1,747
1941
Jan.......
Feb... . . .
Mar
Apr.......
May......
June,
July......
Aug..
Sept...
United
Kingdom
..
Oct.......
Nov.......
Dec...,. .
234,242
108,609
118,567
171,992
34,830
30,712
37,041
36,973
65,702
40,440
50,374
52,896
37
1,218
817
21
2
474
542
79
250
55
121
163
1
1,746
1
Philippine
Canada Mexico Colombia
Islands
86,829 30,270
12,402
95,171 13,667
968
72,648 39,966
7,511
54,452 111,480 38,482
76,315 36,472
1,363
86,987 612,949 33,610
90,320 2,622,330 29,880
899 412,056 16,791
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
1,147
814
866
1,147
969
800
1,080
843
495
1,020
6,336
1,273
16,944
10,899
11,911
18,397
10,557
23,239
23,999
24,448
3,168
11
2,232
2,934
2,794
7
2,128
2,230
2,488
2,107
2,110
2,238
Australia
South
Africa
12
1,029
12,038
3,498
65
15,335
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
2,788
6,262
132,261
4,720
3,594
4,194
69
4,593
88
5,199
137
6,742
3,694
2,064
200
6,151
40
5,980
190
3,713
Japan
British
India
4 76,820
75,268
77,892
246,464 50,762
168,740 16,159
165,605 50,956
111,739 49,989
9.444 9,665
6,085
3^046
313
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
' iii
3,811
69,008
" i,995
611,041
6
"2,327' 69,365
9,039
6
711
18,726
4,501
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
4 Includes $75,087,000 from Portugal, $59,072,000 from Argentina, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R.,
$26,178,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,802,000 from Chile, $10,775,000
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.
AUGUST
1943
793
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
Official 1
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
,188.9
,201.4
,177.3
,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
,095.0
,042.1
987.0
888.7
88.7
98.9
101.6
100.9
1941—Mar. (Apr. 2)
June (July 2)
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
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
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
,132.1
,129.7
,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
,160.1
,140.1
,153.3
,153.5
,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 10. .
June 17..
June 24.2 .
June30 .
5,456.4
5,497.8
5,515.3
5,495.3
3,039.1
3,077.9
3,095.9
3,075.9
,193.0
,2*0.3
,220.0
,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
3,320.3
,242.7
,293.1
,339.1
,341.1
,366.1
,412.0
1,878.7
1,891.7
1,873.5
1,863.2
1,884.1
1,908.3
854.9
839.9
858.2
890.0
901.6
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
104.4
-Jan. 30...
Feb. 27...
Mar. 31..
Apr. 30...
5,907.7
6,014.9
6,147.1
6,212.3
3,471.1
3,590.1
3,643.4
3
3,690.5
1,536.6
1,671.8
1,723.1
3
1,800.4
1,934.5
1,918.3
1,920.3
3
1,890.0
890.5
898.7
3
909.9
761.3
751.9
810.5
809.5
678.5
676.0
685.9
692.9
107.0
106.4
108.6
3
109.5
1942—Jan.
Jan.
Jan.
Jan.
Feb.
Feb.
Feb.
Feb.
7
14
21
28
4
11
18
25
.
.. .
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
gov
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
fore
foreign
w 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 Dn the basis of certain significant movements known to have occurred on July 1. Subsequent figures are based upon new monthly statistical series. For further explanation, see BUL-
LETIN for January 1943, p. 98.
3
Amounts outstanding on Apr. 30, in millions of dollars: total foreign banking funds in United States, 4,357.7, including official funds, 2,422.6, and other
funds, 1,935.0; United States banking funds abroad, 225.6; and brokerage balances (net due "foreigners") 32.6. Figures for "official funds" and "other
funds" not strictly comparable to the corresponding figures for preceding months, owing to a change in reporting practice. The cumulative figures have
been adjusted to exclude the unreal movements introduced into the data by this change in reporting practice.
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 Januaryr11943, p. 98; April 1939
pp. 284-296; and May 1937, pp. 394-431.
794
FEDERAL RESERVE BULLETIN
CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)
Assets of issue
department
Gold1
Coin
Notes
260.0
260.0
275.0
275.0
260.0
260.0
260.0
200.0
220.0
230.0
580.0
.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
1.2
1.2
1.4
1.4
1.1
.9
56.1
51.7
42.2
29.1
10.2
26.8
7.1
6.7
2.4
2.5
2.7
3.5
1.2
1.0
.9
.9
42.2
32.8
15.7
46.8
55.3
53.9
4.4
5.1
9.9
5.3
4.6
4.9
145.8
147.6
120.7
119.8
190.7
192.3
200.1
313.7
1942—July 29
Aug. 26
Sept. 30
Oct. 28
Nov. 25
Dec. 30
.2
.2
.2
.2
.2
.2
880.0
880.0
880.0
880.0
880.0
5
950.0
1943-Jan. 27
Feb. 24
Mar. 31
Apr. 28
May 26
June 30
.2
.2
.2
.2
.2
.2
950.0
950.0
950.0
5
1,000.0
1,000.0
1,000.0
c
Liabilities of banking department
Discounts
and advances
Other
assets 2
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
326.4
326.4
4
.2
.2
.2
Assets of banking department
5
630.0
5 780.0
5
Cash reserves
Note
circulation 3
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
1.7
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
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
17.9
17.9
17.9
146.9
158.4
169.6
178.6
206.6
267.9
824.1
828.6
838.0
851.2
870.0
923.4
136.9
146.0
135.7
141.1
148.8
223.4
8.7
7.3
10.3
3.8
7.7
9.0
47.8
46.8
51.5
48.9
46.3
48.8
17.9
18.0
18.1
17.7
17.8
17.9
208.0
218.5
198.4
196.2
185.3
261.0
908.1
917.4
934.5
953.4
945.0
946.3
175.9
178.2
144.3
170.1
174.1
238.1
4.7
7.1
•5.9
8.3
3.2
9.5
56.6
53.9
56.8
53.1
51.0
55.3
17.9
18.0
18.1
17.7
17.8
17.8
Securities
Assets
Bank of Canada
(Figures in millions of
Canadian dollars)
Gold
Sterling
md United
States
dollars
Liabilities
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
2.1
3.5
3.1
17.9
9.5
6.0
35,1
36.7
14.7
22.1
21.7
17.8
31.3
563.8
592.6
625.4
657.6
666.3
693.6
271.6
225.4
246.0
304.6
273.2
259.9
26.0
15.5
18.5
19.3
24.6
51.6
15.7
28.1
24.7
12.2
13.8
19.1
33.0?
24.1
21.6.
25.3
25.2
24.0-
17.6
18.5
16.2
34.2
24.9
20.8
677.6
691.7
719.1
744.1
746.8
758.4
237.7
258.5
261.0
284.5
313.1
301.1
14.8
21.5
21.2
56.5
46.8
90.1
61.3
15.3
24.7
35.5
34.2
19.2
26.3
17.9
19.4
42.6
24.4
28.9
Other
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—July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
501.0
518.7
628.7
797.5
780.6
807.2
338.8
351.3
284.7
199.3
204.2
209.2
1943-Jan. 30...
Feb. 27 ...
Mar. 31...
Apr. 30...
May 31...
June 30...
768.0
722.2
752.5
850.4
826.1
816.7
231.8
263.8
276.4
278.0
302.5
313.0
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?
7.7
13.4
14.4
9.3
13.3
28.5
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; by 70 million pounds
on Dec. 2, 1942; and by 50 million pounds on Apr. 13, 1943.
6 Securities maturing in two years or less.
7 Includes notes held by the chartered banks, which constitute an important part of their reserves.
8 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940,
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.
AUGUST 1943
795
CENTRAL BANKS—Continued
Assets
Bank of France
(Figures in millions
of francs)
Liabilities
Advances to
Government
Domestic bills
Gold 1
Foreign
exchange
Open
market 2
Special 2
1929—Dec. 27..
1930—Dec. 26..
1931—Dec. 3 0 . .
1932—Dec. 30..
1933—Dec. 29..
1934—Dec. 2 8 . .
1935—Dec. 27..
1936—Dec. 30..
1937—Dec. 30..
1938—Dec. 29..
1939—Dec. 28..
1940-Dec. 2 6 . .
1941—Dec. 3 1 . .
41,668
53,578
68,863
83,017
77,098
82,124
66,296
60,359
58,933
87,265
5
97,267
5
84,616
84,598
25,942
26,179
21,111
4,484
1,158
963
1,328
1,460
911
821
112
42
38
5,612
5,304
7,157
6,802
6,122
5,837
5,800
5,640
5,580
7,422
11,273
43,194
42,115
1942—Apr. 30.,
May 28..
June 25..
July 30..
Aug. 27..
Sept. 24.
Oct. 29. .
NW.26..
Dec. 3 1 . .
84,598
84,598
84,598
84,598
84,598
84,598
84,598
84,598
84,598
38
38
38
38
37
37
37
37
37
42,651
42,804
42,699
43,743
43,427
43,869
44,239
44,562
43,661
1943—Jan. 28..
Feb. 25..
Mar. 25..
84,598
84,598
84,598
37
37
37
43,448
43,103
42,938
Other
Note
circulation
Other 2
Government
72,317
142,507
17,698
31,909
20,627
34,673
63,900
69,500
8,124
9,510
11,275
11,712
11,173
11,500
11,705
12,642
11,733
18,498
20,094
23,179
22,121
68,571
76,436
85,725
85,028
82,613
83,412
81,150
89,342
93,837
110,935
151,322
218,383
270,144
11,737
12,624
5,898
2,311
2,322
3,718
2,862
2,089
3,461
5,061
1,914
984
1,517
A
69
212
169
4,581
4,176
4,000
4,744
4,525
4,038
4,599
6,509
5,368
162,898
168,930
174,938
180,678
180,999
183,758
193,376
198,868
210,965
68,300
66,250
62,950
57,650
63,850
67,500
66,900
68,700
68,250
21,365
19,953
19,486
20,740
19,607
19,818
20,352
20,457
21,749
291,654
296,903
304,379
315,617
323,494
334,370
348,935
364,768
382,774
775
755
768
726
768
717
696
677
770
108
105
23
5,061
7,533
6,108
216,334 I 62,600
230,911 | 57,800
230,740
69,250
20,698
21,458
20,181
387,748
397,319
405,416
725
1,521
698
1,379
652
1,797
2,345
661
12
13
11
9
9
8,624
8,429
7,389
3,438
4,739
3,971
9,712
8,465
10,066
7,880
5,149
3,646
4,517
For occupation
costs 3
Deposits
Other
assets
C.A.R. 4
41,400
64,580
7, 850
11, 698
22, 183
20, 072
13, 414
15, 359
8, 716
13, 655
19, 326
25 595
14 751
27 202
25 272
1,812
2,241
1,989
2,041
1,940
1,907
2,113
2,557
3,160
2,718
2,925
3,586
3,894
59,668
54,410.
48,093
39,908
35,371
31,100
25,726
19,769
16,857
28
30
30
31
33
32
35
35
29
955
653
724
963
298
142
007
181
935
3,391
4,040
4,753
3,985
4,111
5,293
3,807
3,547
4,461
30 654
32 886
33 776
4,705
4,299
5,556
Reserves of gold and
foreign exchange
1929—Dec.
1930—Dec.
1931— Dec.
1932—Dec.
1933-Dec.
1934—Dec.
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
31
31
31....
31
30
31
31
31
31
31
30
31
31
1912— June 30
July 31
Aug. 31
Sept. 30
Oct. 31
N o v . 30
Dec. 31
1943—Jan.
Feb.
Mar.
Apr.
May
30
27
31
30
31
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
21,656
251
256
245
176
183
146
84
74
60
45
30
38
32
77
77
77
77
77
77
76
22,848
23,114
23,611
23,996
24,641
25,449
29,283
77
77
c 77
26,270
26,758
27,869
28,603
29,592
Total
2,687
2,685
1,156
920
396
72
76
76
78
78
77
77
77
Gold
2,283
2,216
984
806
386
79
82
66
71
71
71
71
71
9,051
9,521
8,429
Liabilities
Assets
Reichsbank
(Figures in millions of
reichsmarks)
Other
Other
liabilities
Note
circulation
Other
liabilities
Other
Other
assets
259
445
349
221
106
557
804
32
107
92
102
161
398
322
319
315
303
286
298
393
357
283
656
638
1,065
1,114
735
827
853
765
861
1,621
2,498.
2,066
2,311
5,044
4,778
4,776
3,560
3,645
3,901
4,285
4,980
5,493
8,223
11,798
14,033
19,325
755
540
640
984
1,032
1,012
1,059
1,527
2,018
2,561
3,649
1,001
923
953
970
1,091
,378
,396
,493
21
17
14
21
13
13
25
18
21
34
68
63
71
87
202
205
204
204
201
210
210
2,180
2,162
2,262
2,251
2,117
2,146
1,664
20,954
21,344
21,808
22,037
22,600
23,052
24,375
2,990
2,804
2,864
2,985
2,887
3,241
5,292
,402
,448
,530
,594
,624
,673
,680
22
21
18
18
16
51
49
41
1
17
185
180
85
78
121
2,477
2,370
2,345
2,319
2,268
23,664
24,266
24,697
25,442
25,922
3,892
3,820
4,340
4,226
4,606
,526
,369
,397
1,427
1,563
Eligible
as note
cover
Deposits
755
652
736
822
1,338
1,313
836
c
Corrected.
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 Mar. 31, 1943, advances of 261,000 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 weekly Reichsbank statement after June 15,1939.
N O T E . — F o r further explanation of tables see BULLETIN for February 1931, p p . 81-83, and July 1935, p . 463.
1
796
FEDERAL RESERVE
BULLETIN
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
Central B a n k of t h e Argentine R e p u b l i c (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 A u s t r a l i a
(thousands of pounds) :
Issue department:
Gold and English s t e r l i n g . . . .
Securities
.
Banking department:
Coin, bullion, and cash.
London balances
Loans and discounts
Securities
Deposits
........
Note circulation.
National Bank of Belgium a n d
B a n k of Issue of Brussels (millions of belga) : 2
Gold
............
Foreign exchange,..
Credits to State and public bodies.
Credits to private e c o n o m y . . . . . .
Reichskreditkasse
Other a s s e t s . . .
Note circulation
Demand deposits
............
Postal Checking Office.
Other liabilities
National Bank of Bohemia and Moravia (millions of koruny):
Gold
Foreign exchange......
Discounts
Loans
Other assets
Note circulation.
Demand d e p o s i t s . . . . . . . . . . . . . . . .
Other liabilities
Central Bank of Bolivia (thousands
of bolivianos):
Gold at home and abroad. . . . . . . . .
Foreign e x c h a n g e . . . . . . . . . . . .
Loans and discounts
Securities—Government.......
Other.............
Other assets
Note circulation
Deposits
Other liabilities
........
National Bank of Bulgaria 8
Central Bank of Chile (millions of
pesos):
Gold
. . . . . . ..
Discounts for member banks. . . . . .
Loans to G o v e r n m e n t . . . . . . . . . . . . .
Other loans and discounts.
Other assets
...................
Note circulation.
Deposits—Bank
...............
Other...................
Other liabilities
Bank of t h e Republic of Colombia
(thousands of pesos):
Gold
Foreign exchange
Loans and discounts
Government loans and securities
Other assets
Note circulation.
Deposits
.
Other l i a b i l i t i e s . . . . . . . . . . . . . . . .
1943
June
May
Apr.
June
(Mar.) 1
1,076
1,192
368
240
1,624
827
285
37
35,1411 35,141
112,4831 110,000
26,611
85,179
7,399!
45,419!
20,548|
215,5341
176.917J
138,356
1,515 1,514
738
776
944
917
20,016
15,939
4,071
3,203
511,975
433,321
222,243
540,525
41,603
120,115
901,333
854,498
113,951
72,665
67,620
7,100
56,161
37,707!
104,702 100,748
100,409 98,924
42,177: 41,582
75,486
74,505|
3,854;
55,9251
37,519
14,603
10,409
3,679
3,722
380,859
333,398
308,147
487,000
11,216
45,247
698,384
718,315
149,168
27,160
39,474
24,056
59,463
31,919
80,616
59,116
42,340
Central Bank
(Figures as of last report
date of month)
National Bank of Denmark (millions
of kroner):
Gold.
Foreign exchange
Clearing accounts (net)
Loans and discounts
Securities
Govt. compensation account 4
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 Egypts
Central Reserve Bank of El Salvador (thousands of colones):
Gold 5
Foreign exchange
Loans and discounts
Government debt and securities .
Other assets
Note circulation
Deposits
Other liabilities
Bank of Finland
(millions of
markkaa):
Gold...
Foreign assets
Loans and discounts
Domestic securities
Other assets
Note circulation
Deposits
Foreign clearing accounts
Other liabilities
Bank of Greece 3
National Bank of Hungary (millions j
of pengo):
Foreign~exchange reserve
Discounts
Loans—To Treasury
To foreign countries...
Other
i
Other assets
I
Note circulation.
I
Demand deposits
j
Consolidated foreign credits of 1931.
Other liabilities
j
Reserve Bank of India (millions of j
rupees):
Issue department:
Gold at home and abroad . .. I
Sterling securities. . . .
.j
Indian Govt. securities . . . . j
Rupee coin
I
Note circulation
j
Banking department:
I
Notes of issue department.... j
Balances abroad
Treasury bills discounted
I
Loans to G o v e r n m e n t . . . . . . . . . j
Other assets
Deposits
Other liabilities
Central B a n k of Ireland (thousands
of pounds) : 6
Gold
Sterling funds
Note circulation
1943
June
May
24,230
25,397
401
6,821
568
31,661
19,849
5r~~
1942
Apr
June
97
19
1,305
36
61
125
1,638
1,001
1,337
643
300
98
17
979
59
36
125
1,083
844
1,174
145
233
(Feb.) 1
137,093
86,383
81,227
52,461
172,701
150,239
34,225
96,858
48,348
82,733
41,384
134,166
98,825
36,331
24,231 19,185
24,365 12,549
561
527
6,775
7,204
654
553
32,453 22,904
18,172
11,350
5,961
5,765
(Dec.
(Dec.
1942)1
1941)
171
171
763
1,227
15,873
12,225
328
377
441
9,617
1,189
7,317
2,956
1,296
1,490
3,814
4,076
m
2,646
20,515
23,161
100
4
2,116
714
578
21
919
3,015
547
18
871
100
13
1,205
761
404
35
537
2,176
400
23
454
(Mar.) 1
444
4,217
1,745
145
6,436
444
2,619
1,223
276
4,432
115
873
7
2
81
880
199
129
608
1
50
184
772
201
2,646
20,672
23,318
1
Latest month for which report is available for this institution.
2
Separate figures for National Bank of Belgium not available. The Bank of Issue of Brussels was founded by the German Military Administration
on June 27,1940; it has no note issue, drawing its resources principally from advances from the National Bank and deposits by the Postal Checking Office.
3
For last available reports from the central banks of Bulgaria (January 1943) and Egypt (December 1942), see BULLETIN for July 1943, p. 697;
and from Greece (March 1941), see BULLETIN for March 1942, p. 281.
4
Represents Bank's claim on the Government for the Bank's foreign exchange losses resulting from the revaluation of the krone on Jan. 23, 1942.
5
Gold revalued June 30,1942, at 0.3555 gram fine gold per colon, a 20 per cent reduction in the gold value of the colon.
6
The Central Bank of Ireland began operations on Feb. 1, 1943. The text of the Central Bank Act is given in the BULLETIN for February 1943, pp.
122-127.
AUGUST
1943
797
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
1943
June
Bank of Japan1
ME
1942
AF r.
June
Central Bank
1943
(Figures as of last report
date of month)
June
1942
Ma y
Apr.
June
South African Reserve Bank (Con-
tinued)
Bank of Mexico (thousands of pesos):
Note circulation
43,077
373 ,707
358 ,211 219 ,44
121,246
387 ,357
Deposits
.. ,
Metallic reserve2
"Authorized" holdings of securiOther liabilities.
4! 668
1
1,101 ,158 1,055 ,014 1,019 ,708 599 ,07 Bank of Spain
ties, etc
138,005
134 ,204 108 ,11 Bank of Sweden (millions of kronor):
Bills and discounts
. 139 ,201
61 ,038
54 ,365 57 ,754
56 ,528
766
Gold
Other assets.
895 ,916 864 ,104 607 ,209
Foreign assets (net)
Note circulation
915 ,245
627
598 ,919
568 ,782 270 ,559
634 ,184
Swedish Govt. securities and adDemand liabilities
132 ,930
133 ,613 106 ,616
134 ,815
vances to National Debt Office5. 1,047
Other liabilities
Other domestic bills and advances.
Netherlands Bank (millions of guil85
795
Other assets
ders):
886
943
i 1 969
Note circulation
Gold
Demand deposits—Government...
563
Silver (including subsidiary coin).
2 ,191
1 109
181
Other
Foreign bills
17
186
606
Other liabilities
Discounts
153
Loans
152 Swiss National Bank (millions of
207
218
francs):
Other assets
2 507
2 393
3,750
Gold
Note circulation
697
62
Foreign exchange
Deposits—Government
183
160
106
Loans and discounts
Other
(6)
72
63
Other assets
Other liabilities
Note circulation
Reserve Bank of New Zealand (thou2 642
Other sight liabilities
1,351
sands of pounds):
(6)
2 802
2 802 2 802
Other liabilities
Gold
22 172 24 723 Central Bank of the Republic of
26, 789
Sterling exchange reserve
Turkey (thousands of pounds):
Advances to State or State under42, 671
38 940 34 260
Gold
takings
10 295 4 147
10, 298
Foreign clearing accounts
Investments
'.
3 050
2, 956
1 203
Loans and discounts
Other assets
31, 812
31 685 25 529
Securities
Note circulation
41 809 38 954
50, 372
Other assets
Demand deposits
765
3,
332
3
2
652
Note
circulation
Other liabilities
Bank of Norway1
Deposits—Gold
Other
Bank of the Republic of ParaOther liabilities
guay (millions of pesos):
Gold
20
tank of the Republic of Uruguay
2 169
(thousands of pesos):
Foreign exchange
80
Issue department:
Loans and discounts
1 114
Gold and silver
Government loans and securities. .
2 577
Note circulation...
Other assets
2, 231
Banking department:
Note circulation
584
Gold and silver....
Demand deposits—Government... :
1 613
Notes and coin
Other
1
532
Advances to State and to
Other liabilities
government bodies
Central Reserve Bank of Peru (thou(Feb •) 3
Other loans and discounts. . .
sands of soles):
118 660 91, 082
Other
assets
Gold and foreign exchange
Deposits
18 182 C 12, 979
Discounts
.. • •
275 746 229, 641
Other liabilities
Government loans
25,865
Other assets
..
....
614 Central Bank of Venezuela (thousands of bolivares):
Note circulation
285 981 243' 865
Gold
132 748 79 078
Deposits
245 504
Foreign exchange (net)...
33 ,'640
Other liabilities
19 687 22! 374
(Dec.
31,230
Credits to national banks.
Bank of Portugal (millions of
1942)3
5,203
Other
assets
escudos):
4
391
224,028
1
1,
372
Note circulation—Central Bank..
Gold
3 143 2, 042
National banks.. 32,048
Other reserves (net)
52,570
6, 068 4, 820
Deposits
Nonreserve exchange
245
6,931
288
Other liabilities
Loans and discounts
1 028
1, 028 National Bank
of
the
Kingdom
of
Government debt
1
1 040
820 Yugoslavia
Other assets
Note circulation.. .^
5 481 4, 511 tank for International Settlements
6 538 5, 178
(thousands of Swiss gold francs7) :
Other sight liabilities
896
681
Gold in bars
Other liabilities
Cash on hand and on current acNational Bank of Rumania (millions
fMar • ) 3
count with banks
of lei):
46, 397 39, 660
Sight funds at interest
Gold
26, 551 18, 430
Rediscountable bills and acceptSpecial exchange accounts
37, 843 33, 299
ances (at cost)
Loans and discounts
294
434
Time funds at interest
Snecia.1 loans (in liouidation)
20, 946 21, 234
Sundry bills and investments.
Government debt
53, 425 35, 409
Other assets
Other assets
118, 963 97, 622
Demand deposits (gold)
Note circulation
40,
831 38, 577
Short-term deposits (various curDemand deposits
25, 662 12, 268
rencies):
Other liabilities
Central banks for own account.
South African Reserve Bank (thouOther. .
sands of pounds):
67, 680 56, 748
70,695|
Long-term deposits: Special acGold
1, 118
10, 5481
8, 675
counts
Foreign bills
599
315
1, 176
Other liabilities. ...
Other bills and loans. .
85, 010 54, 652
87, 148
Other assets
....
43,135
114,355
32,106
76,99?
4! 590
758
584
681
543
762
596
1 ,183
89
816
1 ,918
685
293
549
1,236 I
877
136 >
1,060
814
1,705
1,923
375
884
550
151
570
531
3 746
53
107
3,717
56
111
368
2,605
1,370
276
2 603
1 412
(6
(Feb.)3
155,539
89,866
734,483
193,752
23,626
702 587
79,'358
239 814
175!508
3,442
143
154
278
2,246
1,477
294
137,114
62,380
584,434
190,540
20,933
599,958
79,358
145,584
170,501
(Dec.
1942) 3
90,875
112,764
92,237
113,275
55,451
36,805
66,839
39,023
41,135
102,301
113,316
130,584
218,425
34,076
104,891
117,021
136,696
225,154
245, 503 233 144 170 677
26! 831 37!025 26!234
31, 230 31,230 35,230
6,210
10,228
5, 232
212,452 201,075 147,030
33, 704 34,269 46,600
55, 988 65,681 42,782
5,957
6,584
6, 654
75, 824
(Feb.)3
75,136
59,059
27, 874
15, 575
29,572
15,642
38,737
16,764
149, 034 146,629 146,983
20,936 20,935 20,987
194, 692 196,013 202,117
147
144
141
38, 953 38,989 36,013
15, 226
2, 539
16,068
2,344
15,829
6,471
229, 001 229,001 229,001
198, 362 197,669 197,476
1
For last available reports from the central banks of Japan (September 1941), Norway (March 1940), and Yugoslavia (February 1941), see BULLETIN for March 1942, pp. 281-282; from Bank of Java (January 1942), see BULLETIN for March 1943, p. 278; and from Bank of Spain (December 1942), see
BULLETIN for May 1943, p. 414.
2
3
4
5
6
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
Latest month for which report is available for this institution.
Valued at average cost beginning October 1941.
Includes small amount of non-Government bonds.
Figure not available.
7
See BULLETIN for December 1936, p. 1025.
798
FEDERAL RESERVE
BULLETIN
MONEY RATES I N FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum ]
Central bank of
Date effective
! United!
King- France Gerdom
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.r 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 July 31,
1943
Belgium
Netherlands
Swe- Switzerden
land
3
in"
4
6
5
4
3
2y2
Rate
July
31
Central
bank of—
Date
effective
Rate
Central
bank of—
July
31
Date
effective
Albania
Argentina..
Belgiun
Bohemia and
Moravia....
Mar. 21, 1940
Mar. 1, 1936
Jan. 25, 1940
Bolivia
6
British India..
3
Bulgaria
5
Canada
Chile
3-4 j
Colombia
4
Nov.
Nov.
Dec.
Mar.
Dec.
July
8, 1940
28, 1935
1, 1940
11, 1935
16, 1936
18, 1933
Netherlands
New Zealand
Norway
Peru
Portugal....
July 26, 1941
May 13, 1940
Aug. 1, 1940
Apr. 8, 1943
Denmark
Ecuador
El Salvador...
Estonia
Finland
Oct. 16, 1940
May 26, 1938
Mar. 30, 1939
Oct. 1, 1935
Dec. 3, 1934
Rumania....
South Africa
Spain
Sweden
Switzerland.
Sept.
June
Dec.
May
Nov.
12, 1940
2, 1941
1, 1938
29,1941
26, 1936
France
Germany
Greece
Hungary
Italy
Mar.
Apr.
Mar.
Oct.
May
Turkey
United Kingdom
U. S. S. R...
Yugoslavia.
July
1, 1938
Oct. 26, 1939
July 1, 1936
Feb. 1, 1935
Oct.
1, 1940
Japan
Java
Latvia
Lithuania. ..
Mexico
3.29
3
5
6
Apr.
Jan.
Feb.
July
June
7,
14,
17,
15,
4,
1936
1937
1940
1939
1942
June 27, 1941
3
4
3
VA
in
17,
9,
1,
22,
18,
1941
1940
1942
1940
1936
NOTE.—Changes since June 30: none.
VA
OPEN-MARKET RATES
[ Per cent per annum ]
United Kingdom
Month
1929—May
1930—May
1931—May
1932—May
1933—May
1934—May.
1935—May..
1936—May..
1937—May..
1938—May
1939—May
1940—May
1941—May
1942—May
" ~ " ""
Bankers'
Treasury
acceptances
bills
3 months
3 months
:...
1942—June
July
Aug
Sept
Oct
Nov
Dec
1943—Jan
Feb
Apr
May
Day-to-day
5.21
2.16
2.24
1.44
.50
191
.59
.55
.55
.53
.73
1.03
1.03
1.03
5.21
2.11
2.21
1.10
.37
.85
.51
.54
.51
.51
.70
1.02
1.00
1.00
4.67
1.93
1.87
1.29
.58
.85
.75
i.03
1.03
1.03
1.03
1 03
1 03
1.03
1 03
1 03
1 03
1 03
1.03
1.00
1 00
1.00
1 00
1 00
1 00
1 01
1 01
1 00
1 00
1 01
1.00
1.00
1 00
1.00
1.05
1 04
1 00
1.00
1 08
1 10
90
1 03
1.07
.75
.75
.75
.75
1.00
1.00
1.03
Netherlands
Germany
Bankers'
allowance
on deposits
Private
discount
rate
1
1
3^-1
3.89
4.65
4.87
3.88
3.88
3.09
2.92
2.88
2.88
2.77
2.38
2.25
2.13
7.49
^A
X
A
A
X
A
A
A
A
X
A
A
w
y2
i/
w
1/
y2
Iv>
2.13
2 13
2.13
2.13
2 13
2 13
2.13
2 13
2 13
2.13
2 13
Day-to-day
9.32
3.62
5.38
5.91
5.24
4.72
3.17
2.76
2.69
2.66
2.46
L.98
.78
.71
Sweden
Switzerland
Private
discount
rate
Money
for
1 month
Loans
up to 3
months
Private
discount
rate
5.37
2.29
1.39
5.88
2.53
1.55
1.03
1.69
1.22
2.96
1.82
1.00
4M-6M
3.34
2.44
.12
1.50
.50
L.50
2.39
2.25
L.00
.00
.00
L.41
L.25
.25
.60
2.11
1.33
3.78
2.15
x
.17
.13
.72
2.20
1.93
.50
.80
*3.21
2.36
L.90
75
L.68
L.83
L 80
I 75
L 96
JU
3-5
31^-51^
2/^-5
2J/2~43^2
23^-5
/
2/ 2~5
VA-^
2A-5
3-5A
1.25
.25
L.25
L.25
L.25
L.2S
L.25
L.25
L.25
L.25
1.25
L.25
1
Figures are for period May 1-9, inclusive.
NOTE.—For figures for other countries and references to explanation of tables see BULLETIN for September 1940, p. 1018.
AUGUST 1943
799
COMMERCIAL BANKS
(11 London clearing b a n k s .
Figures in millions of
pounds sterling)
Liabilities
Assets
1
United Kingdom
Cash
reserves
Money a t
Treasury
call a n d Bills disdeposit
counted
short
receipts
notice
Securities
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
314
758
660
635
635
609
771
999
1942—July
August
September.
October....
November..
December..
1943—January...
February...
March
April
May
342
351
349
350
367
390
379
373
377
375
377
132
133
127
136
135
142
146
154
139
142
158
273
283
277
271
241
198
197
148
173
128
154
607
634
693
744
804
896
935
933
884
964
924
L.O75
1,082
1,097
1,108
L.117
1,120
1,112
1,109
1,132
1,137
1,150
Deposits
Loans to
customers
Other
assets
890
984
971
1,015
924
823
807
795
785
785
774
794
773
775
789
767
769
Demand 3
Time 3
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
261
257
263
263
269
325
271
272
283
268
268
3,264
3,305
3,358
3,424
3,472
3,629
3,577
3,525
3,542
3,545
3,566
2,138
2,161
2,218
2,261
2,287
2,429
2,369
2,324
2,362
2,350
2,380
1,126
1,143
1,140
1,163
1,185
1,200
1,207
1,201
1,180
1,195
1,185
232
231
233
232
234
236
237
237
235
235
234
(10 chartered banks. End of
month figures in millions
of Canadian dollars')
Entirely in Canada
Cash
reserves
Security
loans
Other
loans
and discounts
1
Liabilities
Assets
Canada
Other
liabilities
Total
Security
loans
abroad
and net
due from
foreign
banks
Note
circulation
Other
Securities assets
Deposits payable in Canada
excluding interbank deposits
Total
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
1,088
1,108
1,169
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
1942-July
August
September
October...
November
December.
1943—January..,
February.,
March
April...'..
May
369
333
366
413
395
387
347
357
377
400
442
26
24
27
25
29
31
29
29
24
25
33
1,096
1,064
1,050
1,078
1,236
1,168
1,100
1,044
1,003
971
1,224
182
183
185
194
194
231
242
239
223
218
212
1,958
2,192
2,340
2,379
2,304
2,293
2,302
2,380
2,689
2,818
2,728
614
595
594
602
618
657
582
589
599
660
632
73
71
69
68
64
60
58
57
54
52
50
85
Other
liabilities
Demand
Time
2,303
2,335
2,500
2,774
2,805
3,105
755
752
840
1,033
1,163
1,436
1,548
1,583
1,660
1,741
1,641
1,669
837
850
843
963
846
962
3,174
3,311
3,486
3,604
3,680
3,657
3,494
3,533
3,816
3,984
4,152
1,521
1,612
1,738
1,895
2,050
1,984
1,772
1,738
1,927
2,058
2,419
1,654
1,700
1,748
1,709
1,630
1,673
1,723
1,796
1,890
1,926
1,732
999
1,008
1,006
1,018
1,032
1,049
1,050
1,048
1,044
1,056
1,068
Assets
.
Liabilities
France
(End of m o n t h figures in
millions of francs)
Cash
reserves
Due from
banks
1936—December.,
1937—December..
1938—December. .
1939—December 4 ,
3,100
3,403
3,756
4,599
1939—December..
1940—December.
1941—May
June
July
August
September
October
November
December
1942—May5
June
Other
assets
Deposits
Own
accept -
Other
liabilities
Bills discounted
Loans
2,975
4,116
4,060
3,765
17,582
18,249
21,435
29,546
7,631
7,624
7,592
7,546
1,957
2,134
1,940
2,440
4,499
6,258
3,520
3.546
27,512
44,243
7,155
7,984
2,170
1,999
39,647
58,890
39,271
58,413
375
477
786
535
4,423
4,604
5,549
5,641
5,837
5,436
5,790
6,034
5,840
6,424
5,737
5,901
3,279
3,359
3,239
3,272
3,241
3,270
3,287
3,260
3,024
2,976
52,961
54,826
53,951
56,141
56,788
55,716
56,837
57,707
62,885
64,313
7,720
8,035
7,511
7,306
7,640
8,807
7,719
7,860
9,057
9,592
1,351
1,371
1,526
1,431
1,464
1,571
1,693
1,744
1,127
1,249
66,229
68,376
67,148
68,600
69,763
70,229
70,070
71,736
76,792
78,876
65,712
67,867
66,640
68,094
69,269
69,754
69,619
71,304
76,431
78,514
516
509
508
506
495
475
451
433
361
362
454
474
460
418
388
398
432
393
331
334
4,176
4,383
4,456
4,568
4,772
4,771
4,873
4,865
4,707
4,821
Total
Demand
Time
27,955
29,748
33,042
41,872
529
600
537
571
4 large b a n k s
28,484
30,348
33,578
42,443
473
661
721
844
4,289
4,517
4,484
4,609
3 large banks
1
T h r o u g h August 1939, averages of weekly figures; beginning September 1939, end-of-month figures, representing aggregates of figures reported b y
individual banks for days, varying from bank t o bank, toward the end of the m o n t h .
2
R e p r e s e n t six-month loans t o t h e T r e a s u r y a t 1% per cent, callable by t h e b a n k s in emergency a t a discount equal t o t h e Bank of E n g l a n d r a t e .
3
T h r o u g h December 1937, excludes deposits in offices outside England a n d Wales which a r e included in t o t a l .
4
For figures for four b a n k s for m o n t h s J a n u a r y - M a r c h 1940, see B U L L E T I N for August 1942, p . 861.
5
N o figures available J a n u a r y through April 1942.
N O T E . — F o r other back figures a n d explanation of tables, a n d for figures for German commercial banks, see B U L L E T I N for J u n e 1941, p . 596; August
1939, p . 699; J u n e 1935, p p . 388-390; a n d October 1933, p p . 641-646.
800
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
lAverages of certified noon buying rates in New York for cable transfers.
Year or
Argentina
Australia
(peso)
(pound)
month
Official
1934
1935
1936
1937
1938
1939
1940
1941
1942.................
1942—July
Aug.
Sept
Oct.
Nov.... . .
Dec.....
1943—Jan..
Feb
Mar.
Apr.
May.
June
8.4268
8
2947
8.5681
8.6437
5.8438
6.0027
6.0562
6.0575
6.0584
(lev)
23.704
23.704
23.704
23.704
23.704
23.704
3
3
3
3
3
3
0
0
0
0
0
0
321.50
321.50
321.50
321 50
321.50
321.50
6.0
6.0
6.0
6.0
6.0
6.0
580
580
580
592
600
593
5.1
5.1
5.1
5
5.1
5.1
29.773
29.773
29.773
29.773
29.773
29.773
23.704
23.704
23 704
24.332
25.188
25.188
322
322
322
322
322
322
.80
.80
.80
.80
.80
.80
321.50
321.50
6
6
6
6
6
6
5
5
5
5
5
5
5.1316
5.1292
5.1275
5.1275
5.1276
5.1275
30.122
30.122
30 122
30.122
30.123
30.122
G e r Greece
m a n y
( r e i c h s - (drachma)
m a r k )
Hong
Kong
(dollar)
38.716
48.217
31.711
30.694
30.457
27.454
22.958
2
24.592
2
2
2
2
2
2
2
2
2
2
2
2
.
.
.
.
.
.
8
8
8
8
8
8
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
4.2424
4.1642
4.0078
3.4930
3.4674
2
3.4252
22.500
21.883
22.189
22.069
21.825
20.346
2
19.308
Finland
(markka)
2.2277
2.1627
2.1903
2.1811
2.1567
1.9948
1.8710
2
2.0101
France
(franc)
6.5688
6.6013
6.1141
4.0460
2.8781
2.5103
2
2.0827
.
.
.
.
.
.
0
0
0
0
0
0
86
86
86
86
87
86
39.375
40.258
40.297
40.204
40.164
40.061
40.021
2
39.968
5.1248
5.0214
5.0705
5.1427
37 879
36 964
37.523
37.326
36.592
33.279
30.155
30.137
30.122
30
30
30
30
30
30
5.8788
6.1983
450
450
423
1480
526
520
.9402
.9386
.9289
.9055
.8958
.8153
2
.6715
(dollar)
1
2852
1
2951
1.2958
1.2846
2 1 . 2 4 2 4
2
.122
122
.122
122
.122
.122
90!909
90.909
90.909
9
9
9
9
9
9
0
0
0
0
0
0
Chile
Free
Official
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
Official
29.773
29.773
29.773
29.773
.. 2 9 . 7 7 3
29.773
2
2
Canada
.909
909
.909
909
.909
.909
89.943
89 523
87.820
87 631
88 087
87.883
90.909
90.909
90 909
90.909
90.909
90.909
89.640
90.037
89 923
90.199
90.137
90.099
H u n g a r y
(pengo)
Italy
Japan
(lira)
(yen)
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
23.439
Mexico
(peso)
(peso)
Export
2
2
4.66o6'
4.0000
4.0000
4.0000
4.0000
China
(yuan
Shanghai)
34 094
36 571
29.751
29.606
21.360
11.879
6.000
2
5.313
Neth- New
erlands Zealand
(guild-
27.742
27.778
27.760
27.750
22.122
19.303
18.546
20.538
20.569
er)
(pound)
67.383
67.715
64.481
55.045
55.009
53.335
2
53.128
402.46
391.26
398.92
396.91
392.35
354.82
306.38
322.54
322.78
....... 5
5
5
5
5
5
7
7
7
7
7
7
.
.
.
.
.
.
059
186
064
023
030
177
20.567
20 568
20.573
20.573
20.573
20.573
322.78
322 78
322 78
322.78
322 78
322 78
5
5
5
5
5
5
7
7
7
7
7
7
.222
.220
.233
.280
.280
.280
20.573
20.573
20.573
20.574
20.580
20.580
322.78
323.30
324.42
324 42
324.42
324.42
1943—Jan
Feb..
Mar....
Apr
May
June.
...
1934
1935
1936
1937
1938
1939
1940
1941..
1942
23.287
18 424
16.917
16.876
16.894
16.852
2
16.880
(rupee)
Free
322!80
322.80
1934.................
1935
1936
1937 . . . . . . . . . . . . . . . .
1938
1939
1940
1941
1942.................
Year or
Official
Bulgaria
23i704'
23.704
Year or month
Dec.
Free
Official
British
India
400 95
388 86
395.94
393.94
389.55
353.38
305.16
321.27
321.50
. . .
..
1942 - J u l y
Aug
Sept.
Oct
33.579
32.659
33.137
32.959
32.597
30.850
29.773
29.773
29.773
Special
Export
Brazil
(cruzeiro1)
Belg i u m
(belga)
In cents per unit of foreign currency]
month
..
Norway
(krone)
25.316
24.627
24.974
24.840
24.566
23.226
2
22.709
.........
Poland Portugal
(zloty) (escudo)
18.846
18.882
18.875
18.923
18.860
2
18.835
4.6089
4.4575
4.5130
4.4792
4.4267
4.0375
3.7110
2
4.0023
Ruma- South Spain
Africa
nia
(leu) (pound) ( p e s e t a )
1
2
0006
.9277
7382
.7294
7325
.7111
.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
29.130
Straits
Settle- Sweden Switzments ( k r o n a ) erland
(franc)
(dollar)
59 005
57 173
58 258
57.973
56 917
51.736
46.979
47.133
2
46.919
25 982
2 5 2 7 1
25 626
25 487
25 197
23 991
23.802
2
23.829
32 366
32 497
30 189
22 938
22 871
22.525
22.676
2
23.210
United 1k i
Urug u a y
(pe s o )
n g d o m
(poii n d )
Free
Controlled
403.50
403.50
403.50
503
490
497
494
488
443
383
403
403
79 956
80.251
79 874
79.072
64 370
62.011
65.830
65.830
65.830
Official
2
.
.
.
.
.
93
18
09
40
94
54
00
18
50
N o n controlled
2
36.789
37.601
43.380
52.723
1942—July
A u g
Sept
Oct
N o v
D e c
3
3
3
3
3
3
98
98
98
98
98
98
.00
.00
.00
.00
00
.00
403
403
403
403
403
403
.50
.50
.50
50
50
.50
403.50
403.50
403.50
403 50
403 50
403.50
65
65
65
65
65
65
.
.
.
.
830
830
830
830
830
.830
52.740
52.744
52.722
52.720
52.733
52.734
1943—Jan
Feb
M a r
Apr
May.....
3
3
3
3
3
3
9
9
9
9
9
9
.00
.00
.00
00
.00
.00
403
403
403
403
403
403
.50
.50
50
50
.50
.50
403.50
403.50
65
65
65
65
65
65
.830
.830
830
830
.830
.830
52
52
52
52
52
52
June
8
8
8
8
8
8
Yugoslavia
(dinar)
2
2
2
2
2
2
2.2
2
2.2
2719
2837
296^
3 0 61 0
31 5
2716
463
39/
.754
.803
.805
749
.710
.829
1
Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis."
2
Average of daily rates for that part of the year during which quotations were available.
NOTE.—Developments affecting averages during 1943:
Certified rates discontinued: Australia and United Kingdom, free rates, after Feb. 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.
AUGUST 1943
801
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES-ALL COMMODITIES?
[Index numbers]
France
Year or month
(1930=100)
(1913=100)
1926
Germany
Italy
Japan
(October
(1913 = 100) (1928=100) (1900=100)
134
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
2
554
500
427
398
376
338
411
581
653
681
1942—June
July
August. ..
September
October...
November.
December.
1943—January...
February..
March....
April
May
June
125
111
97
93
98
102
104
106
106
107
110
112
114
85
75
70
63
62
68
76
89
95
99
116
132
114
115
115
115
115
115
115
116
116
116
116
116
Netherlands
(1926-30
= 100)
Sweden
(1935 = 100)
237
106
U26
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
189
3
*>355
^353
^357
P358
2>357
P
358
?358
188
193
192
192
193
195
195
196
P197
P197
P197
P197
P197
*>365
126
no
96
91
90
90
96
111
107
111
143
184
210
210
212
211
212
212
214
215
215
217
217
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 P R I C E S - G R O U P S OF COMMODITIES
[Indexes for groups included in total index above]
Year or month
Farm
products
Foods
United Kingdom
(1930=100)
Canada
(1926=100)
United States
(1926=100)
Other
Farm
commodproducts
ities
Raw and Fully and
partly
chiefly
manumanufactured factured
goods
goods
Foods
Germany
(1913 = 100)
Industrial
products
Agricultural
products
1926
100
100
100
100
100
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
88
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
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
115
1942—June
July
August
September.
October
November..
December..
1943—January
February
March
April
May
June
104
105
106
108
109
111
114
117
119
123
124
126
126
99
99
101
102
103
104
104
105
106
107
108
111
110
96
96
96
96
96
96
96
96
96
97
97
97
97
82
81
81
84
86
86
87
88
89
91
92
93
91
90
90
91
93
93
93
93
94
96
97
98
P99
92
92
92
92
92
92
93
93
93
93
93
93
P93
160
159
155
154
156
158
159
160
160
160
161
162
161
159
160
160
161
162
162
162
163
163
163
163
r
163
164
115
116
117
117
116
116
117
119
118
118
119
119
IndusIndustrial raw
finand semi- trial
ished
finished
products
products
130
150
120
103
91
92
94
96
94
95
99
100
102
150
136
118
113
116
119
121
125
126
126
129
133
134
102
102
102
102
102
102
102
102
103
103
103
102
134
134
134
134
134
134
134
134
134
135
134
134
p
Pre liminary. r Revised.
Sources.—See BULLETIN for May 1942, p . 451; March 1935, p . 180; and March 1931, p . 159.
$O2.
FEDERAL RESERVE BULLETIN
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
COST OF LIVING
[Index numbers]
RETAIL FOOD PRICES
[Index numbers]
Year or month
1
United
United
CanGer- Nether,
Kingada
States
many
lands
dom
(1935-39 (1935-39 (July (1913-14 (1911-13
= 100)
= 100)
= 100)
= 100)
1914
= 100)
87
84
94
1932
1933
1934
1935
1936
1937.
1938
1839
1940
1941
1942
100
101
105
98
95
97
106
124
1942—June
July
August....
September.
October...
November.
December .
1943—January . . .
F e b r u a r y ..
March
April.
May...
1
123
125
126
127
130
131
133
133
134
137
141
143
June
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
132
126
130
130
129
130
132
133
127
127
128
129
130
159
160
160
160
162
163
164
164
164
165
165
165
136
139
136
129
128
129
129
131
132
133
133
134
p
142
Switzerland
(June
1914
= 100)
119
120
124
118
120
127
130
130
2
140
Year or month
125
117
115
114
120
130
130
132
146
175
200
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
199
203
202
203
204
206
208
209
210
210
1942-June
Tulv
UI
*>210
J J
Canada
(1935-39
= 100)
(1935-39
= 100)
(July
1914
= 100)
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
137
116
117
118
118
119
120
120
121
121
123
124
125
125
117
118
118
117
118
119
119
117
117
117
118
118
p
119
199
200
201
200
200
200
200
199
199
199
198
199
*>198
139
140
139
135
135
135
136
137
137
138
138
139
.
August
September..
October
November ..
December. ..
1943-January
February
March
April
May
June
m
United
King- Ger- Nether- Switzerland
dom many lands (June
United
States
(1913-14 (1911-13
= 100)
= 100)
1914
= 100;
141
139
140
136
1132
137
139
140
3148
138
131
129
128
130
137
137
138
151
174
193
193
196
195
195
197
199
200
201
201
201
*>203
p
203
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.
2
SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds
Year or month
United
States
(derived
price)1
United
Kingdom
(December
1921 = 100)
France
(1913 = 100)
Number of issues
15
1926....
90.1
110.0
57.4
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
7
100.1
118.0
118.9
118.7
119.0
119.3
119.5
118.9
119.5
120.0
119.8
119.9
120.1
120.5
126.7
127.7
127.5
127.8
128.1
127.5
127.3
129.0
128.9
128.8
129.0
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1942—June
July
August
September......
October
November
December
1943—January
February
March
April
May
June
1
87
36
Common stocks
Germany
(average
price) 2
2
5
139
67.1
82.5
90.7
6
95.1
95.8
98.7
99.9
99.0
100.7
i°P103.0
7
103.3
Netherlands3
8
94.8
105.3
113.4
107.8
109.1
3
101.8
105.9
90.9
8 77.9
(1926=100)
United
States
(1935-39
= 100)
402
United
Kingdom
France
278
300
105.6
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
66.1
68.2
68.3
69.4
74.2
75.2
75.9
79.7
84.8
88.2
91.3
95.2
96.7
73.7
73.8
74.4
75.7
78.4
80.4
80.1
82.4
82.2
82.6
83.7
105.2
99.6
83.3
79.7
77.2
97.4
89.7
98.3
7 120.6
"289.7
p
476
p
455
P455
*>518
»511
p
507
*>529
*>583
Netherlands
Germany (1930=100)
(4)
100
100.0
5
50.3
61.7
71.1
82.9
91.6
102.6
100.1
94.1
114.6
136.8
142.1
46
52
55
55
66
104.2
95.8
89.7
9
95.0
143.2
142.2
142.4
141.9
142.7
142.8
143.5
145.1
1 Figures represent calculated prices of a 4 per cent, 20-year bond offering a yield equal to the monthly average yield for IS 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
both2 series. Source.—Standard and Poor's Corporation.
Since Apr. 1, 1935, the 13.9 bonds included in the calculation of the average price have all borne interest at 4>£ per cent. The series prior to that
date3is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent.
Indexes of reciprocals of average yields. For old index, 1929-1936,1929 = 100; average yield in base year was 4.57 per cent. For new index beginning
January
1937 Jan.-Mar. 1937 = 100; average yield in base period was 3.39 per cent.
4
This number originally 329, has declined as the number of securities eligible for the index has diminished. In May 1941, it was down to 287.
5
Average
May-Dec, only; exchange closed Jan. 1-Apr. 11.
J Average Apr .-Dec. only. Average Jan.-Mar. on old basis was 95.9
7
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.
AUGUST 1943
803
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
MARRINER
S. ECCLES, Chairman
M. S. SZYMCZAK
JOHN K. MCKEE
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 THE SECRETARY
CHESTER MORRILL, Secretary
LISTON P. BETHEA, Assistant Secretary
S. R. CARPENTER, Assistant Secretary
FRED A. NELSON, Assistant Secretary
DIVISION OF BANK OPERATIONS
EDWARD L. SMEAD, Chief
J. R. VAN FOSSEN, Assistant Chief
J. E. HORBETT, Assistant Chief
DIVISION OF SECURITY LOANS
LEGAL DIVISION
WALTER WYATT, General Counsel
J. P. DREIBELBIS, General Attorney
GEORGE B. VEST, Assistant General Attorney
B. MAGRUDER WINGFIELD, 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 ADMINISTRATION
ROBERT F. LEONARD, Director
OFFICE OF ADMINISTRATOR FOR WAR
LOANS COMMITTEE
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 SPROTJL, Vice
WM. A. DAY
ERNEST G. DRAPER
R. M. EVANS
M. J. FLEMING
JOHN K. M C K E E
W. S. MCLARIN, JR.
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. GOLDEN WEISER, 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
804
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,
NEW 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, D E P U T Y CHAIRMEN, A N D SENIOR OFFICERS OF FEDERAL RESERVE B A N K S
Chairman and
Federal Reserve
Agent
Federal
Reserve
Bank of
Boston,
. . . . Albert M. Creighton
Deputy Chairman
President
Henry S. Dennison
W.W. Paddock
New York.. . Beardsley Ruml
Philadelphia.. Thomas B. McCabe
First Vice President
K. K. Carrick
E. G. Hult
J. C. Hunter 1
Carl B. Pitman
R. M. Gidney
L. R. Rounds
L. W. Knoke
Walter S. Logan
J. M. Rice
Robert G. Rouse
John H. Williams
Frank J. Drinnen
W. J. Davis
E. C. Hill
C. A. Mcllhenny 2
C. A. Sienkiewicz
Wm. H. Fletcher
R. B. Hays
J. W. Kossin
A. H. Laning 2
B. J. Lazar
K. H. MacKenzie
W. F. Taylor
J. G. Fry
J . S . Walden,Jr.
Geo. H. Keesee1
R. W. Mercer
E. A. Wayne
L. M. Clark
Malcolm H. Bryan
H. F. Conniff
Allan M. Black1
H. P. Preston
J. H. Dillard
Charles B. Dunn
E. C. Harris
A. J. Mulroney
? Alfred T. Sihler
F. Guy Hitt
j O. M. Attebery
I Henry H. Edmiston
I C. M. Stewart
O. S. Powell
! A. W. Mills1
! Otis R. Preston
'• E. W. Swranson
i Sigurd Ueland
I A. R. Upgren
I Harry I. Ziemer
Henry O. Koppang | Raymond W. Hall
I D. W. Woolley2
E. B. Stroud
| R. B. Coleman
i W.J.Evans
i W. O. Ford
1 W. D. Gentry 2
Ira Clerk
C. E. Earhart
W. M. Hale
H. N. Mangels 1
R. B. West
William Willett
Allan Sproul
Warren F. Whittier
Alfred H. Williams
Cleveland....
Geo. C. Brainard
R. E. Klages
M. J. Fleming
Richmond
Robt. Lassiter
W. G. Wysor
Hugh Leach
Atlanta,,,
Frank H. Neely
J. F. Porter
W. S. McLarin, Jr.
Chicago
Simeon E. Leland
W. W. Waymack
C. S. Young
St. Louis,
Wm. T. Nardin
Oscar G. Johnston
Chester C. Davis
Minneapolis..
W. C. CorFcv
Roger B. Shepard
J. N. Peyton
Kansas City.
R. B. Caldwell
Robert L. Mehornay
H. G. Leedy
Dallas
Jay Taylor
J. B. Cozzo
R. R. Gilbert
St. George Holden
Wm. A. Dav
San Franciscoj Henry F. Grady
Vice Presidents
M A N A G I N G OFFICERS OF BRANCHES OF FEDERAL RESERVE B A N K S
Federal Reserve
Bank of
Branch
Managing Director
New York
Buffalo
R. B. Wiltse
Cleveland.
Cincinnati
Pittsburgh
Baltimore
Charlotte
Birmingham
Jacksonville
Nashville
New Orleans
Detroit
Little Rock
Louisville
Memphis
B. J. Lazar 3
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
Richmond
Atlanta
Chicago
St. Louis
Cashier.
AUGUST,
1943
2
Also Cashier.
Federal Reserve
Bank of
Branch
Managing Director
Helena
R. E. Towle
Denver
Oklahoma City
Omaha
Jos. E. Olson
G. H. Pipkin
L. H. Earhart
Dallas
El Paso
Houston
San Antonio
J. L. Hermann 4
E. B. Austin 4
L. G. Pondrom 4
San Francisco.. .
Los Angeles
Portland
Salt Lake City
Seattle
W. N. Ambrose
D. L. Davis
W. L. Partner
C. R. Shaw
Minneapolis
Kansas City.
3
..
Vice President.
4
Manager.
805
00
o
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
m
^ ^ ~
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
— —
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
^fL
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
<§)
FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITIES
O
FEDERAL RESERVE BANK AGENCY
JANUARY
2, 1943
BOARD OF GOVERNORS OF THE. FEDERAL RESERVE SYSTEM
@FedFRASER