Full text of Federal Reserve Bulletin : August 1944

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FEDERAL RESERVE




BULLETIN
AUGUST 1944

BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON

EDITORIAL COMMITTEE
ELLIOTT TBURSTON

E. A. GOLDENWEISER

CARL E. PARRY

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

CONTENTS
PAGE

Review of the Month—War Finance and Banking .

743-751

Law Department:
Consumer Credit—Partial Payments in Charge Account. . .

753

Contract Settlement Act of 1944

753-766

Foreign Funds Control—Treasury Department Releases

766-768

Current Events

,

_ ,

Bretton Woods Agreement

s

769
,

769

National Summary of Business Conditions

770-771

Financial, Industrial, Commercial Statistics, U. S. (Sec p. 773 for list of tables)...

773-8x1

International Financial Statistics (Sec p. 823 for list of tables)

813-835

Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council

836

Senior Officers of Federal Reserve Banks; Managing Officers of Branches

837

Map of Federal Reserve Districts

838

Federal Reserve Publications (See inside of back cover)

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FEDERAL RESERVE BULLETIN
August 1944

VOLUME 30

NUMBER

WAR FINANCE AND BANKING
In the Fifth War Loan Drive the Treasury
raised i i billion dollars of new funds, compared with a goal of 16 billion. These
funds, together with a billion dollars obtained from special sales of securities to
banks and Government agencies and trust
funds not included in the drive and with
amounts to be obtained from current sales
of savings bonds and notes, appear to be
sufficient to take care of the Treasury's cash
needs until late this year. The total
amount raised in this drive exceeds that of
any of the previous war loan drives. Sales
to individuals increased, but sales to corporations continued to dominate and were
a larger proportion of the total than in
previous drives. The continued large sales
to corporations reflect in part the policy
being followed by many corporations of
investing in Government securities a large
portion of their growing liquid assets.
Purchases of outstanding issues by banks
and bank loans to finance subscriptions
appear to have been larger than in previous
drives. The financing of purchases through
these means, after being particularly large
in the Third Drive, declined in the Fourth,
but increased again in the Fifth Drive.
These differences appear to reflect in large
part the types of issues offered—in the
Fourth Drive there were fewer issues
eligible for subsequent purchase by commercial banks than in the other two.
Substantial portions of the loans made by
banks during previous drives were subseAUGUST 1944




quently liquidated, and thus did not involve
a permanent addition to bank credit. The
securities purchased by banks during drives
continue to be held by the banking system,
that is, by commercial banks and Federal
Reserve Banks, but between drives Treasury
bills are gradually shifted to Reserve
Banks in order to provide additional reserves. Since last October there have
been only limited offerings of securities
that banks may purchase by direct subscription and nearly all increases in bank
holdings have occurred through market
purchases of outstanding securities during
drives.
It should be emphasized that, while bank
credit was used to a larger extent in the last
drive than in the Fourth Drive, the amount
of funds raised from individual and corporate savings during the last drive was the
largest on record. During drives banks
have more funds with which to purchase
securities than at other times. This results
from the fact that war loan accounts are
exempt from reserve requirements, and as
bank customers use their deposits to purchase Government securities their deposits,
which are subject to reserve requirements,
are transferred to the reserve-free war loan
accounts. Consequently, the banks' own
required reserves temporarily decline, and
reserves are released. Banks use some of
these available funds to buy securities in the
market or to repurchase Treasury bills previously sold to the Reserve Banks under
743

REVIEW OF THE MONTH

The increase of I . I billion dollars in sales
to individuals, partnerships, and personal
trusts during the Fifth Drive as compared
with the Fourth was in the newly-included
I
/ € P e r c e n t 3-year notes and in z per cent
8-10 year bonds. The combined total of
subscriptions by this group of purchasers
for these two issues exceeded their subscriptions for z per cent bonds during the
Third Drive; during the Fourth Drive no
issues of these maturities were offered.
Following the Third Drive, a considerable
THE FIFTH WAR LOAN DRIVE
part of the z per cent bonds sold was
Sales of securities by the Treasury to
ultimately purchased and held by commernonbank investors during the last three
cial banks, resulting in the same amount of
drives, classified by groups of purchasers
expansion in bank credit as if these particuand types of issues are shown in the followlar securities had been sold to commercial
ing table:
banks in the first instance. Sales of 3
billion dollars of Series E savings bonds,
WAR LOAN DRIVE SALES
which are sold largely to individuals in the
[In billions of dollars]
middle- and lower-income groups and
Fifth Fourth Third
which can not be resold to the banking
By classes of nonbank investors:
system, were slightly smaller than such
Individuals, partnerships, and personal
6.4
5.3
5.4
trust accounts
sales during the Fourth Drive.
2.8
2.1
2.6
Insurance companies

repurchase options, and some are held as excess reserves. In the Fifth Drive there was
as usual a substantial decline in required
reserves, but the increase in excess reserves
was larger than in the Fourth Drive.
There was a particularly large increase in
excess reserves at country banks and at some
city banks—presumably banks which did
not fully utilize available funds to purchase
securities from customers or in the market.

Mutual savings banks
Corporations and associations
Dealers and brokers
State and local governments
Total 1 ..

By issues to nonbank investors:
Series E savings bonds
Series F and G savings bonds
Savings notes
Certificates
Treasury notes
Intermediate-term Treasury bonds
2\ per cent Treasury bonds

1.5
8.2
.5
1.3

1.3
6.7
.4
.8

1.5
7.0
.9
.8

20.6

16.7

18.9

3.0
.8
2.6
4.8
1.9
5.2
2.3

3.2
1.0
2.2
5.0

2.5
.8
2.5
4.1

3.3
1.9

5.3
3.8

1
Totals and figures by issues include subscriptions by U. S. Government agencies and trust accounts not shown separately, which amounted
to 712 million dollars in the Third Drive, to 49 million in the Fourth
Drive, and to 32 million in the Fifth Drive.

Sales in the Fifth Drive to individuals,
partnerships, and personal trusts exceeded
the goal of 6 billion dollars and also exceeded sales to this group during previous
drives. From the point of view of avoiding
inflation, sales of securities to individuals
are most important since they constitute
the group most likely to use their increased
income in bidding up the prices of goods
and services.

744




Sales to other groups of nonbank investors showed much the same pattern as in
previous drives. Sales to insurance companies, aided by a provision permitting deferred payments as late as September 30,
reached a new record of z.8 billion dollars
and were concentrated largely in the longterm 1J/2 per cent bonds. Insurance companies have generally concentrated their
drive purchases in the long-term bonds,
since they expect to hold investments for a
long period and can take advantage of the
highest rate of interest. Sales to mutual
savings banks totaled 1.5 billion dollars,
and as is generally the case were concentrated in the intermediate-term securities,
which in the Fifth Drive were z per cent
bonds. Sales to dealers and brokers totaled
about 500 million dollars and were concentrated largely in certificates, notes, and z
FEDERAL RESERVE BULLETIN

REVIEW OF THE MONTH

per cent bonds. Sales to corporations and ment accounts and about 760 million of 2.
associations reached a new high level of and T-Yz per cent and savings bonds to com8.2. billion dollars. Since corporations mercial banks. At the time of the Fourth
wish to keep their funds in liquid form in Drive, sales to Treasury investment accounts
order to have them readily available for totaled 350 million dollars and to commerfuture use in connection with reconversion, cial banks about 6xo million. The sales
plant expansion, inventory increases, and to commercial banks were limited by a
other needs in the early postwar period, formula based on time deposits and were
their largest purchases were as usual in made for the purpose of enabling comshort-term certificates and savings notes, mercial banks, many of which hold a large
but they also purchased substantial amounts proportion of time to total deposits, better
of 3-year notes and intermediate-term bonds. to compete with mutual savings banks and
By types of issues, the largest sales were other savings institutions, which are per5.x billion dollars of 2. per cent bonds. mitted to purchase the higher-rate securities.
This amount approximated sales of 2. per
Beginning May 11 the Treasury has sold
cent bonds during the Third Drive and was each week 1.2. billion dollars of Treasury
considerably in excess of the amount of i.l/i bills, an increase of zoo million over current
per cent bonds sold during the Fourth weekly maturities. By the end of July it
Drive. Sales of certificates totaled 4.8 had raised z.4 billion dollars of additional
billion dollars, thereby nearly equaling funds through this source. This increase
the amount sold during the Fourth Drive. in bills outstanding was fully absorbed by
Sales, of 2-}/2 per cent bonds totaled z.3 an increase in Reserve Bank holdings until
billion dollars, which is more than during the drive period when member banks had
the Fourth Drive, when the shorter-term available excess reserves and added to their
7-}4r per cent issue was offered, but consider- bill holdings.
ably less than during the previous drives.
BANKING DEVELOPMENTS DURING DRIVE
Sales of the newly-included 1% per cent
notes totaled 1.9 billion dollars. Sales
Bank credit has expanded during each
of savings notes, which had declined during of the last three drives notwithstanding the
the Fourth Drive, increased again and fact that banks were not directly included
exceeded the Third Drive record. Sales of in the drives. To some extent this has
Series F and G savings bonds were below reflected bank purchases of outstanding
the Fourth Drive total, probably reflecting securities sold by investors to enable them
the fact that during the Fourth Drive, to subscribe for the new issues. These
which was shortly after the beginning of shifts are partly in response to pressures for
the calendar year, many investors pur- attaining local quotas and partly in rechased the full annual limit of $100,000 of sponse to demands of commercial banks for
these bonds.
additional securities in order to employ
temporarily available funds. In addition
OTHER SALES OF SECURITIES
to selling securities to banks, many purIn addition to the xo.6 billion dollars of chasers borrow from banks in order to buy
securities sold as a part of the Fifth Drive, securities during the drive; these loans are
the Treasury also sold about 590 million generally paid off in subsequent months
of 2.3^2 P e r cent bonds to Treasury invest- either out of current income or through
AUGUST 1944




745

REVIEW OF THE MONTH

liquidation of the securities. Some of the
bank purchases during drives represent repurchase of Treasury bills from the Reserve
Banks and increased subscriptions for current issues of bills.
Fluctuations in holdings of Government
securities, security loans, and deposits of
member banks in leading cities since the
beginning of 194.x are shown in the following chart.
WEEKLY REPORTING MEMBER BANKS
WEDNESDAY FtGURES

. JL. //-——Ji. 7 DEMAND DEPOSITS
/- rJ
ADJUSTED

194?

1943

1944

Latest figures are for July 19.

During the Fifth Drive holdings of Government securities and loans on securities
by weekly reporting banks showed much
greater increases than during previous
drives. In June there was an increase of
750 million dollars in loans on Government
securities to brokers and dealers, to finance
dealers' purchases of securities. This was
followed by a decline of 350 million dollars
in the first three weeks of July. Commercial banks, in addition, made large loans
on Government securities to others than
brokers and dealers. These loans increased
between June 14 and July 5 by 1.3 billion
dollars, compared with increases of 600

746




million during the Fourth Drive and of less
than 800 million in the Third Drive.
Many of these loans were made in anticipation of future income and on a short-term
or amortization basis; in accordance with
the joint statement adopted by banking
supervisory authorities in November 1942.,
such loans are not subject to criticism. It
seems likely, however, that a considerable
amount of the loans made during the recent
drive were obtained with the view to subsequent sale of the securities. Such loans are
in contravention of the request made by
the Treasury before the drive. It seems
also that in some cases subscriptions have
been made by nonbank purchasers with an
understanding that banks would subsequently take over the securities. This is
contrary to the objective of the drive which
is to sell securities to nonbank purchasers
who intend to hold them as investments.
Purchases of Government securities by
commercial banks during the Fifth Drive
were reflected in an increase of 4.9 billion
dollars in holdings by reporting member
banks in leading cities between June 7 and
July ix, and there was a further increase of
500 million in the following week. This
compares with an increase of about 3 billion
dollars at reporting banks during the Fourth
Drive.
Holdings of bills by reporting banks
increased during the drive period by 1.3
billion dollars, reflecting subscriptions for
new bill issues. As shown in the chart,
holdings of certificates by reporting banks
increased by 2-3 billion dollars, and there
were smaller increases in notes and bonds.
Most of the additions, therefore, were in
short-term bills and certificates indicating
the maintenance of a high degree of liquidity in the banking system. Since the
increase in funds that enabled some of the
banks to make these purchases is only
FEDERAL RESERVE BULLETIN

REVIEW OF THE MONTH

temporary in character, many banks will
need to liquidate a part of their holdings in
coming months. For the commercial banks
as a group, however, the subsequent liquidation which will need to be made to the
Reserve Banks to provide additional reserves will be considerably less than the
recent expansion in holdings.
HOLDINGS OF U S. GOVERNMENT SECURITIES
MEMBER BANKS IN LEADING CITIES AND FEDERAL RESERVE BANKS
EDNESDAY FIGURES

certificates, and the loan increase was
largely in loans on Government securities.
Weekly reporting banks outside of New
York City and Chicago increased their
loans by about 700 million dollars, practically all of which was in loans on Government securities, and their holdings of
Government securities by 2.-5 billion, of
which 1.8 billion was in bills and certificates. Current figures are not available
for loans and investments of country banks,
but it appears from figures for June 30 that
increases in both loans and investments at
country banks during the drive were much
smaller than those at city banks.
EFFECT ON BANK RESERVES

1942

1943

1944

1942

1943

1944

Latest figures are for week ended July 19.

New York City banks increased their
holdings of Government securities by 1.7
billion dollars and their loans by 1.3 billion.
Of their increase in Government security
holdings, 1.2. billion dollars was in certificates and bills. The increased loans
were principally for purchasing or carrying
Government securities. Weekly reporting
banks in Chicago increased their holdings
of Government securities by about 700
million dollars and their loans by about xoo
million. Again, the increase in Government securities was principally in bills and
AUGUST 1944




For some banks, particularly the large
city banks, funds were made available for
the increase in bank loans and investments
by the decline in required reserves resulting
from the shift of deposits. During the
Fifth Drive, war loan deposit accounts,
against which banks are not required to
hold reserves, increased by nearly 16 billion
dollars. Because of the coincident increase in bank loans and investments, other
deposits at banks did not decline by anything like the same amount; other deposits
at member banks declined by around 6
billion dollars, resulting in a decrease of
1.1 billion in required reserves. During
the drive there was a further increase in
currency in circulation, but the growth
slackened to a rate of 2.50 million dollars
a month as compared with an average
growth of 400 million a month during the
past year. This would indicate that some
outstanding currency may have been used
for the purchase of securities during the
drive.
Some of the reserve funds released by the
decline in required reserves were used by
banks to obtain additional currency, to pay

747

REVIEW OF THE MONTH

off borrowings, and to repurchase Treasury
bills from the Reserve Banks, and as a consequence total reserve balances of member
banks declined by about 800 million dollars during the drive. The increase in
bank loans and investments not only increased deposits and curtailed the decline
in required reserves but also resulted in
some redistribution of reserves among
banks. Many banks permitted excess reserves to accumulate and, as shown in the
EXCESS RESERVES OF MEMBER BANKS
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

and these banks as a group showed an increase in excess reserves from about X5o
million dollars early in June to about 400
million the second week of July. The
latter amount equaled 9 per cent of required
reserves for these banks. At country banks
reserves held showed little change, while
required reserves declined by nearly 300
million dollars. As a result, excess reserves at country banks rose to a billion
dollars, or about 40 per cent of requirements. Excess reserves of these banks had
previously been that large only for a short
time last year during the Second Drive.
FEDERAL RESERVE OPERATIONS

1942

1943

Latest figures are for week ended July 21.

chart, the total for all member banks
doubled during the drive to a figure of
about 1.4 billion dollars.
As the result of the increase in loans and
investments at New York and Chicago
banks and an accompanying drain of funds
from these cities during the drive, reserves
of these banks continued close to their requirements. At reserve city banks, where
loans and investments were also substantially increased, reserve balances declined
but not by as much as required reserves,
748




Federal Reserve holdings of Government
securities, which during the four-month
period between the end of the Fourth and
the beginning of the Fifth Drive increased
by 4 billion dollars, declined somewhat in
the first half of July. Purchases in the
interdrive period were made for the purpose of supplying member banks with
reserves needed to meet increases of 1.7
billion dollars in currency in circulation
and of about 1.5 billion in member bank
required reserves and a decline in the
country's monetary gold stock. As shown
in the chart on page 747, most of the
increase occurred in holdings of Treasury
bills and the remainder largely in certificates. System purchases of bills increased
most sharply after May 11 when the
Treasury increased its weekly bill offerings
from 1.0 to 1.2. billion dollars; these purchases, which were made largely in the
market, supplied additional reserves to
member banks, and bills held under repurchase option agreements showed little
further increase. In recent months a number of member banks, mostly city banks,
have obtained needed reserves by borrowing from the Federal Reserve Banks, and
FEDERAL RESERVE BULLETIN

REVIEW OF THE MONTH

bills discounted at Reserve Banks rose to
Z40 million dollars early in June; this is
the largest amount borrowed at any time
since June 1933.
During the period of the drive required
reserves declined sharply; some part of the
reserves released was absorbed by an increase in money in circulation, a part by a
decline in Reserve Bank holdings of Government securities, and there was some increase in excess reserves. Reserve Bank
security holdings increased to a peak of 15.2.
billion dollars late in June and then declined to 14.6 billion in July. All of the
decrease occurred in Treasury bills held
under repurchase option, reflecting in large
part maturities of existing holdings in the
absence of additional offerings to the Reserve Banks. Other holdings of Treasury
bills by the Reserve Banks continued to increase but at a much slower rate, as member
banks increased their subscriptions for the
weekly offerings of bills. Bills discounted
declined by about zoo million dollars from
the high level reached early in June.
In coming months, as required reserves
again increase and the currency demand
continues, country banks and a number of
reserve city banks will be able to meet
their requirements by permitting excess
reserves to decline without seeking additional reserves. At the same time, many
large city banks will need to liquidate securities or to borrow to maintain their reserves at the required level. All banks in
this position no doubt have adequate shortterm securities that can be liquidated without difficulty and also have collateral for
borrowing. Member banks may borrow
from the Reserve Banks on short-term
Government securities at a discount rate of
Y2 per cent.
Unless there should be a further expansion
in bank loans and investments, which is
AUGUST 1944




not likely on any substantial scale in the
next few months, member bank needs for
reserves to meet the growth in requirements
and the currency demand may amount to
as much as 4 billion dollars during the next
four months, as during the last inter drive
period. This is a much larger amount
than could be supplied from the existing
widely scattered excess reserves of 1.4 billion dollars, and as a result Federal Reserve
Bank holdings of Government securities
may be expected to continue to increase at a
rate close to that of recent months and
there may also be an increase in borrowings.
Substantial changes in the volume of Treasury expenditures or in the demand for currency would correspondingly alter this
projection.
FOUR YEARS OF DEFENSE AND WAR
FINANCING

At the close of the fiscal year on June 30,
four years had elapsed since the beginning
of the national defense program. During
the fiscal year that ended on June 30, 1940,
the last on a peacetime basis, national defense expenditures totaled 1.7 billion dollars. During the fiscal year just ended,
war expenditures totaled 90 billion dollars.
Total expenditures during the four-year
period increased from 9 to 95 billion dollars.
Interest on the debt increased during this
period, while other budget expenditures
declined, reflecting largely the practical
elimination of unemployment relief as the
country reached a full employment basis.
Treasury receipts also increased as a result of both the growth in national income
and additional revenue legislation that increased rates, lowered exemptions, and
added new taxes. During the 1940 fiscal
year receipts totaled 5.4 billion dollars;
during the last fiscal year they totaled
44 billion dollars. The largest increase

749

REVIEW OF THE MONTH

occurred in income tax collections, which
rose from 2. billion to 35 billion dollars.
The latter figure includes xo billion dollars
of income taxes collected from individuals
and 15 billion from corporations. Miscellaneous internal revenue increased from
x«3 to 5.3 billion dollars, and there was
some increase in social security taxes, reflecting increased employment, and a large
increase in other receipts, principally as a
result of the renegotiation of war contracts.
TREASURY RECEIPTS AND EXPENDITURES
[In billions of dollars]
?

iscal years ending June 30

1940

1941

1942

1943

1944

1.7
1.0

6.7
1.1

28.3
1.3

75.1
1.8

89.7
2.6

6.3
-.1

5.3
.6

5.1
-.6

4.3
-1.6

4.1
-1.2

Total expenditures
Receipts

8.9
5.4

13.7
7.6

34.1
12.8

79.6
22.3

95.2
44.1

Excess of expenditures...
Increase in interest-bearing direct and guaranteed debt

3.5

6.1

21.3

57.3

51.1

2.5

6.9

21.8

63.0

61.6

1

War expenditures
Interest
Other budget expenditures
2
Trust accounts, etc.

OWNERSHIP

1
Including war expenditures by the Reconstruction Finance Cor"
poration, which are included by Treasury reports in trust accounts*
etc.
2
Including transactions in checking accounts other than war expenditures by the Reconstruction Finance Corporation, but excluding
changes in interest-bearing guaranteed debt.
NOTE.—Difference between excess of expenditures and increase in
interest-bearing direct and guaranteed debt represents changes in
general fund balance and in noninterest-bearing debt.

The excess of expenditures, resulting
from the budget deficit and other transactions, increased from 3.5 billion dollars in
the fiscal year 1940 to 57 billion in 1943
and was 51 billion in the fiscal year that
just closed. Because of the increased
amount of transactions, the Treasury is
keeping a larger working balance than it
kept before the beginning of the national
defense program. The general fund balance increased from 2. to zo billion dollars,
reflecting both this policy and the fact that
the last fiscal year closed during a war loan
drive. In meeting the deficit and increasing the Treasury's cash balance, the interest-bearing direct and guaranteed debt
750




increased during the past four years by 153
billion dollars, from 48 to zoi billion.
Of this increase, 42 billion dollars was in
bills and certificates, which are held chiefly
by commercial banks, the Federal Reserve
Banks, and corporations. Treasury notes,
all of which mature within five years, increased by 11 billion dollars and Treasury
bonds by 53 billion. Most of the Treasury
bonds issued during this period have been
2. per cent issues, callable in no more than
eight and maturing in no more than ten
years, and long-term x j ^ P e r c e n t bonds
that commercial banks are not permitted
to purchase or to hold for a period of years,
except for very limited subscriptions based
on time deposits. Savings bonds increased
by 3Z billion dollars and savings notes by
10 billion. Special issues sold to Government agencies and trust funds also increased
by 10 billion dollars.
OF

THE

PUBLIC

DEBT

The Government's objective in financing
this huge increase in debt has been to sell
the largest practicable amount outside of
the banking system, having due regard to
the needs of an expanding economy for an
increased money supply. Changes in the
ownership of the debt by principal holders
since 1940 are shown in the following table:
OWNERSHIP OF THE PUBLIC DEBT
[In billions of dollars]
Increase in fiscal years ending
June 30

Outstanding on

June 30,

1941

1942

1943

1944

1944

investors,
&*

3.6

15.0

32.3

37.9

117.7

Government agencies
and trust funds
Mutual savings banks
Insurance companies
Other investors

1.4
.3
.5
1.4

2.1
.5
1.9
10.5

3.7
1.4
3.9
23.3 .•

4.8
2.0
4.0
27.1

19.1
7.3
16.8
74.5

Banking system, total.

3.3

6.8

30.6

23.7

83,4

Commercial banks...
Federal Reserve
Banks

3.5

6.3

26.0

16.0

68.5

-.3

.5

4.6

7.7

14.9

Total interest-bearing
direct and guaranteed debt

6.9

21.8

63.0

61.6

201.1

Nonbank
total

FEDERAL RESERVE BULLETIN

REVIEW OF THE MONTH

In this period mutual savings banks, in- Government securities in the past four
surance companies, and Government agen- years. This increase in bank holdings has
cies and trust funds have invested practi- provided the basis for a doubling of the
cally all available funds in Government volume of bank deposits and currency. A
securities, including not only new funds larger money supply has been needed with
obtained but also amounts received from the growing volume of business, increased
liquidation of other assets. As the growth incomes, and wide dislocations that have
in the debt accelerated, bank participation occurred in established practices and ways
increased, but in the past year reliance upon of living. The increase in bank deposits
banks has diminished. As growing in- and currency, therefore, represents in part
comes in excess of expenditures resulted in the needs of businesses and individuals for
a growth of business and individual savings, cash, but to a great extent it represents
these groups rapidly increased their pur- their preference for cash as a means of holdchases of Government securities. In the ing their liquid assets and their savings.
fiscal year 194Z-43 nearly half of the in- Success of the controls over prices, as well
crease in the debt was represented by as the various pressures exerted in war loan
additions to Government security holdings drives, have an influence in diminishing
of commercial banks and Federal Reserve these preferences. To the extent that nonBanks, but in the past year this proportion bank investors purchase Government sedeclined to 38 per cent.
curities rather than hold deposits or currency
the amount of securities that banks
Of the total debt of zoi billion dollars
need
to
purchase is reduced.
outstanding, Government agencies and trust
Purchases of securities by commercial
funds now hold about 10 per cent, commercial banks and the Federal Reserve Banks banks and the accompanying expansion of
together about 40 per cent, and half is deposits and currency increased the reserve
held by various groups of other investors. needs of these banks. The growth in deInsurance companies and mutual savings posits resulted in larger amounts of required
banks hold iz per cent of the total, and reserves, and in order to obtain currency
business corporations have a larger amount. banks had to draw upon their reserve balA relatively small amount is owned by ances at the Federal Reserve Banks. In
State and local governments. Individuals, June 1940 banks had excess reserves of 7
partnerships, and personal trusts as a group billion dollars, an amount more than suffiappear to hold somewhat more than zo cient to meet the increase of 4 billion in
per cent of total, or over 40 billion dollars. required reserves since that time. Currency
More than three-fourths of this amount is in circulation expanded by nearly 15 billion
held in the form of savings bonds that are dollars in the period. In order to supply
the needed reserves the Federal Reserve
generally redeemable on demand.
Banks have made large purchases of GovEFFECT ON THE BANKING SYSTEM
ernment securities, increasing their holdAlthough purchases of Government se- ings from z to 15 billion dollars.
curities by various groups of nonbank inIn order to assure an orderly market and
vestors have been very large, the banking to diminish speculative fluctuations in
system has nevertheless been called upon to prices of Government securities that might
add 64 billion dollars to its holdings of interfere with Treasury financing, the
AUGUST 1944




751

REVIEW OF THE MONTH

Federal Reserve System, in conjunction with
supplying reserves, has maintained yields
on the various types of Government securities at substantially the levels prevailing
early in 194Z. By maintaining the established pattern of rates, the System has provided the Treasury with a stable market and
reasonable rates in selling an unprecedented
amount of securities. In 1941, the Federal
Reserve maintained the pattern by purchasing large amounts of newly-issued
bonds and notes. During 1943, however,
as investors became aware that a pattern of
rates would be maintained, the market
demand was so great that despite large
offerings of new securities by the Treasury,
the System reduced its holdings of notes
and bonds by almost as large an amount
as the 1942. increase. During the first half
of 1944, the System's holdings of notes and
bonds showed only a relatively small increase. During 1943 and the first half of
1944 reserves were supplied to banks principally by Federal Reserve purchases of
Treasury bills, which the System stood
ready to buy at an established buying rate
with an option to resell to the seller at his
request.
THE N E W FISCAL YEAR

Rapid expansion of Government expenditures and also of receipts, which has characterized the war period, has apparently
come to an end. In absence of some drastic




change in the war situation, it may be expected that both expenditures and receipts
will continue during coming months at
close to the level of recent months, with a
corresponding deficit. In view of the currently large Treasury cash balance, borrowing needs should be somewhat smaller in
the fiscal year now beginning than in the
one just ended—probably about 50 billion
dollars on the present basis of spending,
as compared with 6x billion last year.
With an early end of any phase of the war
this amount would be reduced.
National income will also presumably
continue at close to the existing level, if
prices do not rise. The excess of income,
after paying taxes, over available supplies
of consumers' goods and services will
likewise remain large. Liquid funds of
businesses and individuals will continue
to increase and, in view of their already
large cash holdings and the leveling off of
national income, there will not be a corresponding increase in cash needs. These
groups, therefore, should have even larger
amounts available for the purchase of
Government securities than they have used
for that purpose in the past.
Federal Reserve policy will continue to
be directed toward maintaining stability
in the Government security market and
assuring that member banks have adequate
reserves to enable them to participate to the
extent necessary in financing the war.

FEDERAL RESERVE BULLETIN

LAW DEPARTMENT
Administrative interpretations of banking laws, new regulations issued by
the Board of Governors, and other similar material.

Consumer Credit
Partial Payments in Charge Account
The Board has previously, ruled that it was
not objectionable, under Regulation W, for a
customer making a purchase in a charge account
to choose to make occasional payments before
the due date, but it was pointed out that if
there is an understanding, agreement, or other
arrangement indicating that partial payments
are to be made so that the transaction would
involve "instalment credit," the transaction
would have to comply with section 4 of the
regulation covering instalment sales".
The Board has been asked for a clarification of
this ruling as applied to the following case: A
Registrant makes a sale on credit under an agreement which does not expressly provide for
instalment payments by the customer. The
customer has previously made partial, divided,
or serial payments in his account, or, regardless
of previous practice, indicates an intention to
do so in this instance. However, there is no
bilateral understanding between the customer
and the Registrant that the customer is required to make payment in such manner; and
the transaction is otherwise in conformity with
the applicable provisions of the regulation covering "charge sales," particularly in that a date
for full payment has in good faith been specified
that is within the maximum maturity for a
"charge sale."
The question is whether this transaction
must be classified as an "instalment sale" and
consequently treated as required by section 4.
The Board has ruled that, in this case, the transaction need not be treated as an "instalment
sale."

Contract Settlement Act of 1944
The President of the United States on July 1,
1944, approved an Act of Congress known as the
AUGUST 1944




"Contract Settlement Act of 1944" to provide
for the settlement of claims arising from terminated war contracts. The text of the Act is as
follows:
[PUBLIC LAW 395—78TH CONGRESS]
[CHAPTER 358—ID SESSION]

[S. 1718]
AN ACT
To provide for the settlement of claims arising from
terminated war contracts, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled^
OBJECTIVES OF THE ACT

SECTION I . The Congress hereby declares that the objectives of this Act are—
(a) to facilitate maximum war production during the
war, and to expedite reconversion from war production to
civilian production as war conditions permit;
(b) to assure to prime contractors and subcontractors,
small and large, speedy and equitable final settlement of
claims under terminated war contracts, and adequate interim financing until such final settlement;
(c) to assure uniformity among Government agencies in
basic policies and administration with respect to such
termination settlements and interim financing;
(d) to facilitate the efficient use of materials, manpower, and facilities for war and civilian purposes by providing prime contractors and subcontractors with notice
of termination of their war contracts as far in advance of
the cessation of work thereunder as is feasible and consistent with the national security;
(e) to assure the expeditious removal from the plants of
prime contractors and subcontractors of termination inventory not to be retained or sold by the contractor;
(f) to use all practicable methods compatible with the
foregoing objectives to prevent improper payments and to
detect and prosecute fraud.
SURVEILLANCE BY CONGRESS

SEC. 2.. (a) To assist the Congress in appraising the administration of this Act and in developing such amendments
or related legislation as may further be necessary to accomplish the objectives of the Act, the appropriate committees
of the Senate and the House of Representatives shall study
each report submitted to the Congress under this Act and
shall otherwise maintain continuous surveillance of the
operations of the Government agencies under the Act.

753

LAW

DEPARTMENT

(b) In January, April, July, and October of each year, the
Director shall submit to the Senate and House of Representatives a quarterly progress report on the exercise of his duties
and authority under this Act, the status of contract terminations, termination settlements, and interim financing and such
other pertinent information on the administration of the Act
as will enable the Congress to evaluate its administration and
the need for amendments and related legislation.
DEFINITIONS

SEC. 3. As used in this Act—
(a) The term "prime contract" means any contract, agreement, or purchase order heretofore or hereafter entered into by
a contracting agency and connected with or related to the
prosecution of the war; and the term "prime contractor"
means any holder of one or more prime contracts.
(b) The term "subcontract" means any contract, agreement, or purchase order heretofore or hereafter entered into
to perform any work, or to make or furnish any material to
the extent that such work or material is required for the
performance of any one or more prime contracts or of any one
or more other subcontracts; and the term "subcontractor"
means any holder of one or more subcontracts.
(c) The term "war contract" means a prime contract or a
subcontract; and the term "war contractor" means any holder
of one or more war contracts.
(d) The terms "termination", "terminate", and "terminated" refer to the termination or cancelation, in whole or
in part, of work under a prime contract for the convenience
or at the option of the Government (except for default of the
prime contractor) or of work under a subcontract for any
reason except the default of the subcontractor.
(e) The term "material" includes any article, commodity,
machinery, equipment, accessory, part, component, assembly,
work in process, maintenance, repair, and operating supplies,
and any product of any kind.
(f) The term "Government agency" means any executive
department of the Government, or any administrative unit
or subdivision thereof, any independent agency or any corporation owned or controlled by the United States in the
executive branch of the Government, and includes any contracting agency.
(g) The term "contracting agency" means any Government agency which has been or hereafter may be authorized
to make contracts pursuant to section zoi of the First War
Powers Act, 1941, and includes the Reconstruction Finance
Corporation and any corporation organized pursuant to the
Reconstruction Finance Corporation Act (47 Stat. 5), as
amended, the Smaller War Plants Corporation, and the War
Production Board.
(h) The term "termination claim" means any claim or
demand by a war contractor for fair compensation for the
termination of any war contract and any other claim under a
terminated war contract, which regulations prescribed under
this Act authorize to be asserted and settled in connection
with any termination settlement.

754




(i) The term "interim financing" includes advance payments, partial payments, loans, discounts, advances, and commitments in connection therewith, and guaranties of loans,
discounts, advances, and commitments in connection therewith and any other type of financing made in contemplation
of or related to termination of war contracts.
(j) The term "Director" means the Director of Contract
Settlement.
(k) The term "person" means any individual, corporation, partnership, firm, association, trust, estate, or other
entity.
(1) The term "termination inventory" means any materials (including a proper part of any common materials),
properly allocable to the terminated portion of a war contract, except any machinery or equipment subject to a separate contract specifically governing the use or disposition
thereof.
(m) The term "final and conclusive", as applied to any
settlement, finding, or decision, means that such settlement,
finding, or decision shall not be reopened, annulled, modified,
set aside, or disregarded by any officer, employee, or agent of
the United States or in any suit, action, or proceeding except
as provided in this Act.
DIRECTOR OF CONTRACT SETTLEMENT

SEC. 4. (a) There is hereby established the Office of Contract Settlement which shall be headed by the Director of
Contract Settlement. The Director shall be appointed by the
President, by and with the advice and consent of the Senate,
and shall receive compensation at the rate of $11,000 per year,
and shall serve for a term of two years.
(b) In order to insure uniform and efficient administration
of the provisions of this Act, the Director, subject to such
provisions, by general orders or general regulations—
(1) shall prescribe policies, principles, methods, procedures, and standards to govern the exercise of the authority and discretion and the performance of the duties
and functions of all Government agencies under this Act;
and
(2.) may require or restrict the exercise of any such authority and discretion, or the performance of any such
duty or function, to such extent as he deems necessary to
carry out the provisions of this Act.
(c) The exercise of any authority or discretion and the performance of any duty or function, conferred or imposed on any
Government agency by this Act, shall be subject to such
orders and regulations prescribed by the Director pursuant to
subsection (b) of this section. Each Government agency
shall carry out such orders and regulations of the Director
expeditiously, and shall issue such regulations with respect
to its operations and procedures as may be necessary to carry
out the policies, principles, methods, procedures, and standards prescribed by the Director. Any Government agency
may issue such further regulations not inconsistent with the
general orders or regulations of the Director as it deems necessary or desirable to carry out the provisions of this Act.
FEDERAL RESERVE BULLETIN

LAW

DEPARTMENT

(d) The Director may, within the limits of funds which
may be made available, employ and fix the compensation of
necessary personnel in accordance with the provisions of the
civil-service laws and the Classification Act of 19x3 and make
expenditures for supplies, facilities, and services necessary for
the performance of his functions under this Act. Without
regard to the provisions of the civil-service laws and the
Classification Act of 192.3, he may appoint a Deputy Director
and may employ certified public accountants, qualified cost accountants, industrial engineers, appraisers, and other experts,
and fix their compensation, and contract with certified public
accounting firms and qualified firms of engineers in the discharge of the duties imposed upon him and in furtherance of
the objectives and policies of this Act. The Director shall
perform the duties imposed upon him through the personnel
and facilities of the contracting agencies and other established
Government agencies, to the extent that this does not interfere with the function of the Director to insure uniform and
efficient administration of the provisions of this Act.
(e) All orders and regulations prescribed by the Director
or any Government agency under this Act shall be published
in the Federal Register.
CONTRACT SETTLEMENT ADVISORY BOARD

SEC. 5. There is hereby created a Contract Settlement Advisory Board, with which the Director shall advise and consult. The Board shall be composed of the Director, who
shall act as its Chairman, and of the Secretary of War, the
Secretary of the Navy, the Secretary of the Treasury, the
Chairman of the Maritime Commission, the Administrator
of the Foreign Economic Administration, the chairman of
the board of directors of the Reconstruction Finance Corporation, the Chairman of the War Production Board, the chairman of the board of directors of the Smaller War Plants Corporation, and the Attorney General or any alternate or representative designated by any of them. The Director shall
request other Government agencies to participate in the
deliberations of the Board whenever matters specially affecting them are under consideration.
SEC. 6. (a) It is the policy of the Government, and it shall
be the responsibility of the contracting agencies and the Director, to provide war contractors with speedy and fair compensation for the termination of any war contract, in accordance with and subject to the provisions of this Act, giving
priority to contractors whose facilities are privately owned
or privately operated. Such fair compensation for the termination of subcontracts shall be based on the same principles
as compensation for the termination of prime contracts.
(b) Each contracting agency shall establish methods and
standards, suitable to the conditions of various war contrac. tors, for determining fair compensation for the termination of
war contracts on the basis of actual, standard, average, or
estimated costs, or of a percentage of the contract price based
on the estimated percentage of completion of work under the
terminated contract, or on any other equitable basis, as it
deems appropriate. To the extent that such methods and
standards require accounting, they shall be adapted, so far
AUGUST 1944




as practicable, to the accounting systems used by war contractors, if consistent with recognized commercial accounting
practice.
(c) Any contracting agency may settle all or any part of
any termination claim under any war contract by agreement
with the war contractor, or by determination of the amount
due on the claim or part thereof without such agreement, or
by any combination of these methods. Where any such
settlement is made by agreement, the settlement shall be
final and conclusive, except (1) to the extent otherwise agreed
in the settlement; (V) for fraud; (3) upon renegotiation to
eliminate excessive profits under the Renegotiation Act,
unless exempt or exempted under that Act; or (4) by mutual
agreement before or after payment. Where any such settlement is made by determination without agreement, it shall
likewise be final and conclusive, subject to the same exceptions as if made by agreement, unless the war contractor
appeals or brings suit in accordance with section 13 of this
Act: Provided, That no settlement agreement hereunder involving payment to a war contractor of an amount in excess
of $50,000 (or such lesser amount as the Director may from
time to time determine) shall become binding upon the
Government until the agreement has been reviewed and approved by a settlement review board of three or more members established by the contracting agency in the bureau,
division, regional or district office, or other unit of the contracting agency authorized to make such settlement, or in the
event of disapproval by the settlement review board, unless
approved by the head of such bureau, division, regional or
district office, or other unit. Failure of the settlement review
board to act upon any settlement within thirty days after its
submission to the board shall operate as approval by the
board. The sole function of settlement review boards shall
be to determine the over-all reasonableness of proposed
settlement agreements from the point of view of protecting
the interests of the Government. In determining, for purposes of this subsection, whether review of any settlement
agreement is required because of the amounts involved, no
deduction shall be made on account of credits for property
chargeable to the Government or for advance or partial payments, but amounts payable under such settlement agreement
for completed articles or work at the contract price and for
the discharge of the termination claims of subcontractors
shall be deducted.
(d) Except as hereinafter provided, the methods and
standards established under subsection (b) of this section for
determining fair compensation for termination claims which
are not settled by agreement shall be designed to compensate
the war contractor fairly for the termination of the war contract, taking into account—
(1) the direct and indirect manufacturing, selling and
distribution, administrative and other costs and expenses
incurred by the war contractor which are reasonably necessary for the performance of the war contract and properly
allocable to the terminated portion thereof under recognized commercial accounting practices; and

755

LAW DEPARTMENT
(2.) reasonable costs and expenses of settling termination claims of subcontractors related to the terminated
portion of the war contract; and
(3) reasonable accounting, legal, clerical, and other
costs and expenses incident to termination and settlement
of the terminated war contract; and
(4) reasonable costs and expenses of removing, preserving, storing and disposing of termination inventories;
and
(5) such allowance for profit on the preparations made
and work done for the terminated portion of the war contract as is reasonable under the circumstances; and
(6) interest on the termination claim in accordance with
subsection (f) of this section; and
(7) the contract price and all amounts otherwise paid or
payable under the contract.
The following shall not be included as elements of cost:
(i) Losses on other contracts, or from sales or exchanges
of capital assets, fees and other expenses in connection
with reorganization or recapitalization, antitrust or Federal income-tax litigation, or prosecution of Federal
income-tax claims or other claims against the Government
(except as provided in paragraph (3) above); losses on
investments; provisions for contingencies; and premiums
on life insurance where the contractor is the beneficiary.
(it) The expense of conversion of the contractor's facilities to uses other than the performance of the contract.
(iii) Expenses due to the negligence or willful failure of
the contractor to discontinue with reasonable promptness
the incurring of expenses after the effective date of the
termination notice.
(iv) Costs incurred in respect to facilities, materials, or
services purchased or work done in excess of the reasonable
quantitative requirements of the entire contract.
The failure specifically to mention in this subsection any
item of cost is not intended to imply that it should be allowed
or disallowed. The Director may interpret the provisions of
this subsection (d) and may provide for the inclusion or
exclusion of other costs in accordance with recognized commercial accounting practice.
Where the small size of claims or the nature of production
or performance or other factors make it impracticable to
apply the principles stated in this subsection (d) to any class
of settlements which are subject to this subsection (d), the
contracting agencies may establish alternative methods and
standards for determining fair compensation for that class
of termination claims. The aggregate amount of compensation allowed in accordance with this subsection (excluding
amounts allowed under paragraphs (3) and (4) above) shall
not exceed the total contract price reduced by the amount of
payments otherwise made or to be made under the contract.
(e) In order to carry out the objectives of this Act, termination claims shall be settled by agreement to the maximum
extent feasible and the methods and standards established
under subsection (b) of this section shall be designed to facilitate such settlements. To the extent that he deems it prac-

7S6




ticable to do so without impeding expeditious settlements,
the Director shall require the contracting agencies to take
into account the factors enumerated in subsection (d) above
in establishing methods and standards for determining fair
compensation in the settlement of termination claims by
agreement.
(f) Each contracting agency shall allow and pay interest
on the amount due and unpaid from time to time on any
termination claim under a prime contract at the rate of 2.\
per centum per annum for the period beginning thirty days
after the date fixed for termination and ending with the
date of final payment, except that (1) if the prime contractor
unreasonably delays the settlement of his claim, interest shall
not accrue for the period of such delay, (2.) if interest for the
period after termination on any advance payment or loan,
made or guaranteed by the Government, has been waived
for the benefit of the contractor, the amount of the interest
so waived allocable to the terminated contract or the terminated part of the contract shall be deducted from the interest
otherwise payable hereunder, and (3) if after delivery of
findings by a contracting agency, the contractor appeals or
sues as provided in section 13, interest shall not accrue after
the thirtieth day following the delivery of the findings on any
amount allowed by such findings, unless such amount is increased upon such appeal or suit. In approving, ratifying,
authorizing, or making termination settlements with subcontractors, each contracting agency shall allow interest on
the termination claim of the subcontractor on the same basis
and subject to the same conditions as are applicable to a prime
contractor.
(g) Where any war contract does not provide for or provides against such fair compensation for its termination, the
contracting agency, either before or after its termination,
shall amend such war contract by agreement with the war
contractor, or shall authorize, approve, or ratify an amendment of such war contract by the parties thereto, to provide
for such fair compensation.
SEC. 7. (a) Where, in connection with the settlement of
any termination claim by a contracting agency, any war contractor makes settlements of the termination claims of his
subcontractors, the contracting agency shall limit or omit
its review of such settlements with subcontractors to the
maximum extent compatible with the public interest. Any
contracting agency (1) may approve, ratify, or authorize such
settlements with subcontractors upon such evidence, terms,
and conditions as it deems proper; (2.) shall vary the scope
and intensity of its review of such settlements according to
the reliability of the war contractor, the size, number, and
complexity of such claims, and other relevant factors; and (3)
shall authorize war contractors to make such settlements
with subcontractors without review by the contracting
agency, whenever the reliability of the war contractor, the
amount or nature of the claims, or other reasons appear to
the contracting agency to justify such action. Any such
settlement of a subcontract approved, ratified, or authorized
by a contracting agency shall be final and conclusive as to the
FEDERAL RESERVE BULLETIN

LAW DEPARTMENT
amount due to the same extent as a settlement under subsection (c) of section 6 of this Act, and no war contractor
shall be liable to the United States on account of any amounts
paid thereon except for his own fraud.
(b) Whenever any contracting agency is satisfied of the
inability of a war contractor to meet his obligations it shall
exercise supervision or control over payments to the war
contractor on account of termination claims of subcontractors
of such war contractor to such extent and in such manner as
it deems necessary or desirable for the purpose of assuring the
receipt of the benefit of such payments by the subcontractors.
(c) The Director shall prescribe policies and methods for
the settlement as a group, or otherwise, by any contracting
agency of some or all of the termination claims of a war contractor under war contracts with one or more ( i ) bureaus or
divisions within a contracting agency, ( i ) contracting agencies, or (3) prime contractors and subcontractors, to the
extent he deems such action necessary or desirable for expeditious and equitable settlement of such claims. After consulting with the contracting agencies concerned, the Director
may provide for assigning any war contractor to a contracting
agency for such settlement, and such agency shall have
authority to settle, on behalf of any other contracting agency,
some or all of the termination claims of such war contractor.
(d) Any contracting agency may settle directly termination claims of subcontractors to the extent that it deems such
action necessary or desirable for the expeditious and equitable
settlement of such claims. In making such termination
settlements any contracting agency may discharge the claim
of the subcontractor by payment or may purchase such claim,
and may agree to assume, or indemnify the subcontractor
against, any claims by any person in connection with such
claim or the termination settlement. Any contracting
agency undertaking to settle the termination claim of any
subcontractor shall deliver to the subcontractor and the war
contractor liable to him written notice stating its acceptance
of responsibility for settling his claim and the conditions
applicable thereto, which may include the release, or assignment to the contracting agency, of his claim against the war
contractor liable to him; upon consent thereto by the subcontractor, the Government shall become liable for the
settlement of his claims upon the conditions specified in the
notice.
(e) Any contracting agency may make settlements with
subcontractors in accordance with any of the provisions of
this Act without regard to any limitation on the amount payable by the Government to the prime contractor.
(f) If any contracting agency determines that in the circumstances of a particular case equity and good conscience
require fair compensation for the termination of a war contract to be paid to a subcontractor who has been deprived of
and cannot otherwise reasonably secure such fair compensation, the contracting agency concerned may pay such compensation to him although such compensation already has
been included and paid as part of a settlement with another
war contractor.

AUGUST 1944




INTERIM FINANCING

SEC. 8. (a) It is the policy of the Government, and it shall
be the responsibility of the contracting agencies and the Director, in accordance with and subject to the provisions of
this Act, to provide war contractors having any termination
claim or claims, pending their settlement, with adequate
interim financing, within thirty days after proper application
therefor.
(b) Each contracting agency shall, to the greatest extent
it deems practicable, make available interim financing
through loans and discounts, and commitments and guaranties in connection therewith, in contemplation of or related
to termination of war contracts. Where interim financing
is made by advance payments or partial payments, it shall,
insofar as practicable, consist of the following:
(1) An amount equal to 100 per centum of the amount
payable, at the contract price, on account of acceptable items
completed prior to the termination date under the terms of
the contract, or completed thereafter with the approval of
the contracting agency; plus
(2.) An amount equal to 90 per centum of the cost of raw
materials, purchased parts, supplies, direct labor, and manufacturing overhead allocable to the terminated portion of the
war contract; plus
(3) A reasonable percentage of other allowable costs, including administrative overhead, allocable to the terminated
portion of the war contract not included in the foregoing;
plus
(4) Such additional amounts, if any, as the contracting
agency deems necessary to provide the war contractor with
adequate interim financing.
(5) In lieu of the costs referred to in clauses (1) and (3)
of this subsection, where a detailed ascertainment of such
costs is not suitable to the conditions of any war contractor
and is apt to cause delay in the obtaining of interim financing
by him, that portion of such interim financing shall be equal
to an amount not greater than 90 per centum of the estimated
costs which are allocable to the terminated part or parts of
the war contract or group of war contracts, and are ascertained in accordance with such methods and standards as
the Director shall prescribe.
(6) There shall be deducted from the amount of such
interim financing any unliquidated balances of advance and
partial payments theretofore made to such war contractor,
which are allocable to the terminated war contract or the
terminated part of the war contract.
(c) The Director shall prescribe (1) the types of estimates,
certificates, or other evidence to be required to support such
interim financing; (V) the terms and conditions upon which
such interim financing shall be made including the use of
standard forms for agreements with respect to such interim
financing to the extent practicable; (3) the classes of cases in
which such interim financing shall be refused; and (4) such
methods of supervision and control over such interim financing as he deems necessary or desirable to assure adequate and

757

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DEPARTMENT

speedy interim financing to subcontractors of the war
contractor.
(d) In case of an overstatement by any war contractor of
the amount due on his termination claim or claims in connection with any interim financing under this Act, such contractor shall pay to the United States, as a penalty, an amount
equal to 6 per centum of the amount of the overstatement, but
the Director may suspend or modify any such penalty if in his
opinion the imposition thereof would be inequitable. Any
penalty may be deducted from any amounts due the war contractor upon such termination claim or claims, or otherwise,
or may be collected from the war contractor by suit. The
obligation to pay any penalty imposed and to repay any
interim financing made or assumed by the United States under
this Act shall constitute a debt due to the United States
within the meaning of Revised Statutes, section 3466 (31
U.S.C., sec. 191).
(e) Any contracting agency may allow any advance payments, previously made or authorized by it in connection
with the performance of a war contract, to be used for payments and expenses related to the termination settlement of
such contract, upon such terms and conditions as it deems
necessary or appropriate to protect the interest of the
Government.
(f) No interim financing shall be made by any contracting
agency under this Act unless the terms of such financing
provide for the liquidation by the war contractor of all loans,
discounts, advance payments, or partial payments thereunder
not later than the time of final payment of the amount due
on the settlement of the termination claim or claims of the
war contractor involved or such time thereafter as the contracting agency deems necessary for the liquidation of such
interim financing in an orderly manner.
(g) Any contracting agency may settle, upon such terms
and conditions as it deems proper, any claim or obligation
due by or to the Government arising from or related to any
interim financing made, acquired, or authorized by it. Any
interim financing made, acquired, or authorized by any contracting agency before the effective date of this Act shall be
valid to the extent it would be authorized under the provisions of this Act if made after its effective date.
SEC. 9. (a) Any contracting agency may make advance or
partial payments to any war contractor on account of any
termination claim or claims, and may authorize, approve,
or ratify any such advance or partial payments by any war
contractor to his subcontractors, upon such conditions as it
deems necessary to insure compliance with the provisions of
subsection (b) of this section. Each contracting agency shall
make final payments from time to time on partial settlements
or on settlements fixing a minimum amount due before complete settlement, or as tentative payments before any settlement of the claim or claims.
(V) Where any such advance or partial payment is made
to any war contractor by any contracting agency or by
another war contractor under this section, except a final payment on a partial settlement, any amount in excess of the

758




amount finally determined to be due on the termination claim
shall be treated as a loan from the Government to the war
contractor receiving it, and shall be payable upon demand
together with a penalty computed at the rate of 6 per centum
per annum, for the period from the date such excess advance
or partial payment is received to the date on which such
excess is repaid or extinguished. Where the advance or
partial payment was made by a war contractor and authorized, approved, or ratified by any contracting agency, the war
contractor making it shall not be liable for any such excess
payment in the absence of fraud on his part and shall receive
payment or credit from the Government for the amount of
such excess payment.
SEC. 10. (a) Any contracting agency is authorized—
(1) to enter into contracts with any Federal Reserve
bank, or other public or private financing institution,
guaranteeing such financing institution against loss of
principal or interest on loans, discounts, or advances or
on commitments in connection therewith, which such
financing institution may make to any war contractor
or to any person who is or has been engaged in performing
any operation deemed by such contracting agency to be
connected with or related to war production, for the purpose of financing such war contractor or other person in
connection with or in contemplation of the termination of
one or more such war contracts or operations; and
(2.) to make, enter into contracts to make, or to participate with any Government agency, any Federal Reserve
bank or public or private financing institution in making
loans, discounts, or advances, or commitments in connec• tion therewith, for the purpose of financing any such war
contractor or other person in connection with or in contemplation of the termination of such war contracts or
operations.
Ob) Any such loan, discount, advance, guaranty, or commitment in connection therewith may be secured by assignment of, or covenants to assign, some or all of the rights of
such war contractor or other person in connection with the
termination of such war contracts or operations, or in such
other manner as the contracting agency may prescribe.
(c) Subject to such regulations as the Board of Governors
of the Federal Reserve System may prescribe with the approval of the Director, any Federal Reserve bank is authorized
to act, on behalf of the contracting agencies, as fiscal agent
of the United States in carrying out the purposes of this Act.
(d) This section shall not limit or affect any authority of
any contracting agency, under any other statute, to make
loans, discounts, or advances, or commitments in connection
therewith or guaranties thereof.
ADVANCE NOTICE

SEC. 11. (a) In order to facilitate the efficient use of materials, manpower, and facilities for war and civilian purposes,
each contracting agency—
(1) shall provide its prime contractors with notice of
termination of their prime contracts as far in advance of
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the cessation of work thereunder as is feasible and consistent with the national security without permitting
unneeded production or performance;
(x) shall establish procedures whereby prime contractors shall provide affected subcontractors with immediate
notice of termination; and
(3) shall permit the continuation of some or all of the
work under a terminated prime contract whenever the
agency deems that such continuation will benefit the
Government or is necessary to avoid substantial injury
to the plant or property.
(b) Whenever a contracting agency hereafter directs a
prime contractor to cease or suspend all or a substantial part
of the work under a prime contract, without terminating the
contract, then, unless the contract provides otherwise, (1)
the contracting agency shall compensate the contractor for
reasonable costs and expenses resulting from such cessation
or suspension, and (2.) if the cessation or suspension extends
for thirty days or more, the contractor may elect to treat it
as a termination by delivering written notice of his election
so to do to the contracting agency, at any time before the
contracting agency directs the prime contractor to resume
work under the contract.
(c) The Director shall have no authority under this Act
to regulate or control the classes of contracts to be terminated
by the contracting agencies.
REMOVAL AND STORAGE OF MATERIALS

SEC. 12.. (a) It is the policy of the Government, upon the
termination of any war contract, to assure the expeditious
removal from the plant of the war contractor of the termination inventory not to be retained or sold by the war contractor.
(b) Any war contractor may submit to the contracting
agency concerned or to any other Government agency designated by the Director, one or more statements showing the
materials which such war contractor claims to be termination
inventory under one or more war contracts and desires to
have removed by the Government. Such statements shall
be prepared in such form and detail, shall be submitted in
such manner, through the prime contractor or otherwise, and
shall be supported by such certificates or other data, as may
be prescribed under this Act.
(c) Within sixty days after the submission of any such
statement by a war contractor, or such shorter period as may
be prescribed under this Act, or within such longer period as
the war contractor may agree, the Government agency concerned (1) shall arrange, upon such terms and conditions as
may be agreed, for the storage by the war contractor on his
own premises or elsewhere of all such claimed termination
inventory which the war contractor does not retain or dispose
of, except any part which may be determined not to be
allocable to the terminated war contract or contracts, or
(2.) shall remove from the plant or plants of the war contractor all of such claimed termination inventory not retained, disposed of, or stored by the war contractor or deterAUGUST 1944




mined not to be allocable to the terminated war contract
or contracts.
(d) Upon the failure of the Government so to arrange for
storage by the war contractor or to remove any termination
inventory within the period specified under subsection (c) of
this section, the war contractor, subject to regulations prescribed under this Act, may remove some or all of such
termination inventory from his plant or plants and may store
it on his own premises or elsewhere for the account and at the
risk and expense of the Government, using reasonable care for
its transportation and preservation. If any war contractor
intends so to remove any claimed termination inventory, he
shall deliver to the Government agency concerned written
notice of the date fixed for removal and a statement showing
the quantities and condition of the materials so to be removed, certified on behalf of the war contractor to have been
prepared in accordance with a concurrent physical inventory
of such materials. Such notice and statement shall be delivered at least twenty days in advance of the date fixed for
removal and may be delivered before or after the expiration of
the period specified under subsection (c) of this section. If
the Government agency fails to check such materials, at or
before the time of their removal by the war contractor, a
certificate of the war contractor specifying the materials
shown on such statement which were so removed, and filed
with the Government agency concerned within thirty days
after the date fixed for removal, shall constitute prima facie
evidence against the United States as to the quantities and
condition of the materials so removed, and the fact of their
removal.
(e) Notwithstanding any other provisions of law, but
subject to subsection (h) of this section, the contracting
agency concerned or the Director, or any Government agency
designated by him, on behalf of the United States, may, by
the exercise of any contract rights or otherwise, acquire and
take possession of any termination inventory of any war
contractor, and any materials removed by the Government
or stored for its account under subsections (c) and (d) of this
section, whether or not such materials are finally determined
not to constitute termination inventory. With respect to
any such materials, the Government shall be liable to any war
contractor concerned only for their return to such war contractor or for their disposal value at the time of their removal
or for the proceeds realized by the Government from their
disposal, at the election of the Government agency concerned,
unless the Government agency and the war contractor agree
or have agreed on a different basis. Any amount so paid or
payable to a war contractor for materials allocable to a
terminated war contract shall be credited against the termination claim under such contract but shall not otherwise
affect the amount due on the claim, unless the Government
agency concerned and the war contractor agree or have
agreed otherwise. Any materials to which the Director
takes title under this section shall be delivered for disposal
to any appropriate Government agency authorized to make
such disposal.

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(f) No contracting agency shall postpone or delay any
termination settlement beyond the period specified in sub*
section (c) of this section for the purpose of awaiting disposal
by the war contractor or the Government of any termination
inventory reported in accordance with subsection (b) of this
section.
(g) Whenever any war contractor no longer requires, for
the performance of any war contract, any Government-owned
machinery, tools, or equipment installed in his plant for the
performance of one or more war contracts, the Government
agency concerned, upon written demand by the war contractor, and within sixty days after such demand or such other
period as may be prescribed under this Act, and upon such
conditions as may be so prescribed, shall remove or provide
for the removal of such machinery, tools, or equipment from
such plant, unless the Government agency concerned and the
war contractor, by facilities contract or otherwise, have made
or make other provisions for the retention, storage, maintenance, or disposition of such machinery, tools or equipment.
The Government agency concerned may waive or release on
behalf of the United States any obligation of the war contractor with respect to such machinery, tools, or equipment
upon such terms and conditions as the agency deems appropriate. Upon the failure of the Government so to remove
or provide for removal of any such machinery, tools, or
equipment, the war contractor, subject to regulations prescribed under this Act, may remove all or part of such
machinery, tools, or equipment from his plant and may
store it on his own premises or elsewhere, for the account
and at the risk and expense of the Government, using reasonable care for its transportation and preservation.
(h) Nothing in this Act shall limit or affect the authority
of the War Department, Navy Department, or Maritime Commission, respectively, to take over any termination inventories and to retain them for their use for any purpose or to
dispose of such termination inventories for the purpose of
war production, or to authorize any war contractor to retain
or dispose of such termination inventories for the purpose of
war production.
(i) Nothing in this section shall be construed to prevent
the removal and storage of any termination inventory by any
war contractor, at his own risk, at any time after termination
of any war contract to which it is allocable.

SEC. 13. (a) Whenever the contracting agency responsible
for settling any termination claim has not settled the claim
by agreement or has so settled only a part of the claim, (1) the
contracting agency at any time may determine the amount due
on such claim or such unsettled part, and prepare written
findings indicating the basis of the determination, and deliver
a copy of such findings to the war contractor, or (2.) if the
termination claim has been submitted in the manner and
substantially the form prescribed under this Act, the contracting agency, upon written demand by the war contractor
for such findings, shall determine the amount due on the claim
or unsettled part and prepare and deliver such findings to the

760




war contractor within ninety days after the receipt by the
agency of such demand. In preparing such findings, the
contracting agency may require the war contractor to furnish
such information and to submit to such audits as may be
reasonably necessary for that purpose. Within thirty days
after the delivery of any such findings, the contracting agency
shall pay to the war contractor at least 90 per centum of the
amount thereby determined to be due, after deducting the
amount of any outstanding interim financing applicable
thereto.
(b) Whenever any war contractor is aggrieved by the findings of a contracting agency on his claim or part thereof or
by its failure to make such findings in accordance with subsection (a) of this section, he may, at his election—
(1) appeal to the Appeal Board in accordance with subsection (d) of this section; or
(2.) bring suit against the United States for such claim
or such part thereof, in the Court of Claims or in a United
States district court, in accordance with subsection (xo) of
section 2.4 of the Judicial Code (2.8 U. S. C. 41 (xo)), except
that, if the contracting agency is the Reconstruction
Finance Corporation, or any corporation organized pursuant to the Reconstruction Finance Corporation Act (47
Stat. 5), as amended, or any corporation owned or controlled by the United States, the suit shall be brought
against such corporation in any court of competent jurisdiction in accordance with existing law.
(c) Any proceeding under subsection (b) of this section
shall be governed by the following conditions:
(1) When any contracting agency provides a procedure
within the agency for protest against such findings or for
other appeal therefrom by the war contractor, the war contractor, before proceeding under subsection (b) of this section, (i) in his discretion may resort to such procedure within
the time specified in his contract or, if no time is specified,
within thirty days after the delivery to him of the findings;
and (ii) shall resort to such procedure for protest or other
appeal to the extent required by the Director, but failure of
the contracting agency to act on any such required protest or
appeal within thirty days shall operate as a refusal by the
agency to modify its findings. Any revision of the findings
by the contracting agency, upon protest or appeal within the
agency, shall be treated as the findings of the agency for the
purpose of appeal or suit under subsection (b) of this section.
Notwithstanding any contrary provision in any war contract,
no war contractor shall be required to protest or appeal from
such findings within the contracting agency except in accordance with this paragraph.
(2.) A war contractor may initiate proceedings in accordance with subsection (b) of this section (i) within ninety
days after delivery to him of the findings by the contracting
agency, or (ii) in case of protests or appeal within the agency,
within ninety days after the determination of such protest or
appeal, or (iii) in case of failure to deliver such findings,
within one year after his demand therefor. If he does not
initiate such proceedings within the time specified, he shall
be precluded thereafter from initiating any proceedings in
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DEPARTMENT

accordance with subsection (b) of this section, and the findings of the contracting agency shall be final and conclusive,
or if no findings were made, he shall be deemed to have
waived such termination claim.
(3) Notwithstanding any contrary provision in any war
contract, the Appeal Board or court shall not be bound by
the findings of the contracting agency, but shall treat such
findings as prima facie correct, and the burden shall be on the
war contractor to establish that the amount due on his claim
or part thereof exceeds the amount allowed by the findings
of the contracting agency. Whenever the Appeal Board or
court finds that the war contractor failed to negotiate in
good faith with the contracting agency for the settlement of
his claim or part thereof before appeal or suit thereon, or
failed to furnish to the agency any information reasonably
requested by it regarding his termination claim or part
thereof, or failed to prosecute diligently any protest or
appeal required to be taken under subsection (c) (1) (ii) of
this section, the Appeal Board or court (i) may refuse to
receive in evidence any information not submitted to the
contracting agency; (ii) may deny interest on the claim or
part thereof for such period as it deems proper; or (iii) may
remand the case to the contracting agency for further proceedings upon such terms as the Appeal Board or court may
prescribe. Unless the case is remanded, the Appeal Board or
court shall enter the appropriate award or judgment on the
basis of the law and facts, and may increase or decrease the
amount allowed by the findings of the contracting agency.
(4) Any such proceedings shall not affect the authority of
the contracting agency concerned to make a settlement of the
tremination claim, or any part thereof, by agreement with
the war contractor at any time before such proceedings are
concluded.
(d) (1) The Director shall appoint an Appeal Board, composed of such number of members as he deems necessary from
time to time to hear appeals under this section. The members of the Appeal Board shall be qualified and experienced
attorneys, engineers, accountants, or persons possessing sufficient business experience or professional skill. He shall,
without regard to the provisions of the civil-service laws
and the Classification Act of 192.3, appoint and fix the compensation and term of office of the members of the Appeal
Board: Provided, That no member shall receive compensation
at a rate in excess of $10,000 per annum nor be appointed
for a term longer than two years.
(2.) Panels of one or more members may act for the Appeal
Board and shall sit from time to time in localities throughout the country, reasonably convenient for war contractors
having proceedings before them. A panel of one member
of the Appeal Board may hear any appeal whenever (i) the
amount in controversy in the appeal is $2.5,000 or less; or
(ii') the amount in controversy exceeds $2.5,000, but the war
contractor taking the appeal fails to demand a panel of three
members at the time of filing his appeal. If the war contractor is aggrieved by the decision of the Appeal Board or panel
(other than an order remanding the case to the contracting
agency under subsection (c) (3) (iii) of this section), then
AUGUST 1944




within ninety days after such decision he may bring suit on
the claim or unsettled part thereof in accordance with subsection (b) CO of this section. Such suit shall proceed as if
no appeal had been taken under subsection (b) of this section.
All costs of such suit shall be borne by the war contractor
unless the court awards such contractor an amount in excess
of that allowed by the Appeal Board or panel. Upon failure
of the war contractor so to sue within such period, the decision of the Appeal Board or panel shall be final and conclusive.
(3) The Director or, if authorized by him, the Appeal
Board shall prescribe the practice and procedure to govern
proceedings for the Appeal Board. The Appeal Board or any
panel thereof shall have power to administer oaths to witnesses and to compel by subpena the attendance of witnesses,
and the production of books, papers, documents, and other
records. All provisions of law (including penalties and provisions relating to self-incrimination) applicable with respect
to subpenas issued under the Federal Trade Commission Act
shall be applicable with respect to subpenas issued by the
Appeal Board insofar as such provisions are not inconsistent
with the provisions of this Act.
(e) The contracting agency responsible for settling any
claim and the war contractor asserting the claim, by agreement, may submit all or any part of the termination claim
to arbitration, without regard to the amount in dispute.
Such arbitration proceedings shall be governed by the provisions of the United States Arbitration Act to the same extent
as if authorized by an effective agreement in writing between
the Government and the war contractor. Any such arbitration award shall be final and conclusive upon the United
States to the same extent as a settlement under subsection (c)
of section 6, but shall not be subject to approval by any
settlement review board.
(f) Whenever any dispute exists between any war contractor and a subcontractor regarding any termination claim,
either of them, by agreement with the other, may submit the
dispute—
(1) to the Appeal Board in accordance with subsection
(d) of this section;
(2.) to a contracting agency for mediation or arbitration
whenever authorized by the agency or required by the
Director.
Any award or decision in such proceedings shall be final
and conclusive as to the parties so submitting any such dispute and shall not be questioned by the United States in
settling any related claim, in the absence of fraud or collusion.
COURT OP CLAIMS

SEC. 14. (a) For the purpose of expediting the adjudication of termination claims, the Court of Claims is authorized
to appoint not more than ten auditors and not more than
twenty commissioners in addition to those provided for by
the Act of February 2.4, 192.5 (ch. 301, 43 Stat. 964), as
amended by the Act of June 2.3, 1930 (ch. 573, 46 Stat. 799),
and the provisions of said Act shall apply to such additional
commissioners in all respects as if they had been appointed

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DEPARTMENT

thereunder without limitation as to nature of duties which
they may be called upon to perform.
(b) The Court of Claims, on motion of either of the parties, or on its own motion, may summon any and all persons
with legal capacity to be sued to appear as a party or parties
in any suit or proceeding of any nature whatsoever pending
in said court to assert and defend their interests, if any, in
such suits or proceedings, within such period of time prior
to judgment as the Court of Claims shall prescribe. If the
name and address of any such person is known or can be ascertained by reasonable diligence, and if he resides within the
jurisdiction of the United States, he shall be summoned to
appear by personal service; but if any such person resides
outside of the jurisdiction of the United States, or is unknown, or if for any other good and sufficient reason appearing to the court personal service cannot be had, he may be
summoned by publication, under such rules as the court may
adopt, together with a copy of the summons mailed by registered mail to such person's last known address. The Court of
Claims may, upon motion of the Attorney General, in any
suit or proceeding where there may be any number of persons
having possible interests therein, notify such persons to
appear to assert and defend such interests. Upon failure
so to appear, any and all claims or interests in claims of any
such person against the United States, in respect of the subject
matter of such suit or proceeding, shall forever be barred and
the court shall have jurisdiction to enter judgment pro
confesso upon any claim or contingent claim asserted on
behalf of the United States against any person who, having
been duly served with summons, fails to respond thereto, to
the same extent and with like effect as if such person had
appeared and had admitted the truth of all allegations made
on behalf of the United States. Upon appearance by any
person pursuant to any such summons or notice, the case as
to such person shall, for all purposes, be treated as if an
independent proceeding had been instituted by such person
pursuant to section 145 of the Judicial Code, as amended,
and as if such independent proceeding had then been consolidated, for purposes of trial and determination, with the
case in respect of which the summons or notice was issued,
except that the United States shall not be heard upon any
counterclaims, claims for damages or other demands whatsoever against such person, other than claims and contingent
claims for the recovery of money hereafter paid by the United
States in respect of the transaction or matter which constitutes the subject matter of such case, unless and until such
person shall assert therein a claim, or an interest in a claim,
against the United States, and the Court of Claims shall have
jurisdiction to adjudicate, as between any and all adverse
claimants, their respective several interests in any matter in
suit and to award several judgments in accordance therewith.
(c) The jurisdiction of the Court of Claims shall not be
affected by this Act except to the extent necessary to give
effect to this Act, and no person shall recover judgment on
any claim, or on any interest in any claim, in said court which
such person would not have had a right to assert in said
court if this section had not been enacted.




PERSONAL FINANCIAL LIABILITY

SEC. 15. (a) Whenever any payment is made from Government funds to any war contractor or other person as an
advance, partial or final payment on any termination claim,
or pursuant "to any loan, guaranty, or agreement for the
purchase of any loan, or any commitment in connection
therewith, entered into by the Government, no officer or
other Government agent authorizing or approving such payment or settlement, or certifying the voucher for such payment, or making the payment in accordance with a duly
certified voucher, shall be personally liable for such payment,
in the absence of fraud on his part. In settling the accounts
of any disbursing officer the General Accounting Office shall
allow any such disbursements made by him notwithstanding
any other provisions of law.
(b) For the purpose of making termination settlements or
interim financing any Government agency is authorized to
rely upon such certificates of war contractors as it deems
proper and to permit war contractors and other persons to
rely upon such certificates without financial liability in the
absence of fraud on their part.
THE GENERAL ACCOUNTING OFFICE

SEC. 16. (a) Any other provision of law notwithstanding,
the function of the General Accounting Office with respect
to any termination settlement made, authorized, ratified, or
approved by a contracting agency shall be confined to determining, after final settlement, (1) whether the settlement
payments to the war contractor were made in accordance
with the settlement, and (2.) whether the records transmitted
to it, or other information, warrant a reasonable belief that
the settlement was induced by fraud. For this purpose the
General Accounting Office shall have the authority to
examine any records maintained by any contracting agency
or by any war contractor relating to any termination
settlement.
(b) Whenever the Comptroller General is convinced that
any settlement was induced by fraud, he shall so certify,
together with all the facts relating thereto, to the Department
of Justice, to the Director, and to the contracting agency
concerned. Upon receipt of such certificate (1) the Department of Justice shall make an investigation to determine
whether such settlement was induced by fraud, and (2.) until
the Department of Justice notifies the contracting agency
that in its opinion the facts do not support the belief that
the settlement was induced by fraud, the contracting agency,
by set-off or otherwise, may withhold, from amounts owing
to the war contractor by the United States under such settlement or otherwise, the amount of the settlement, or the
portion thereof, which, in the opinion of the Comptroller
General as stated in his certificate, was affected by the fraud.
In any such case the Department of Justice shall take such
action as it deems appropriate to recover payments made to
such war contractor. The General Accounting Office shall
not suspend credit to any disbursing officer on any disbursements made by him under such settlement in the absence of
fraud on his part.
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(c) The Comptroller General may investigate the settlements completed by each contracting agency for the purpose
of reporting to the Congress from time to time ori—
( i ) whether the settlement methods and procedures employed by such agency are of a kind and type designed to
result in expeditious and fair settlements in accordance
with and subject to the provisions of this Act and the
orders and regulations of the Director;
(2.) whether such methods and procedures are followed
by such agency with care and efficiency; and
(3) whether such methods and procedures adequately
protect the interest of the Government.
If in any such report the Comptroller General shall find
that the settlement methods and procedures fail to meet the
foregoing standards, he shall make suggestions and recommendations to such agency for the improvement of such
methods and procedures and to the Congress for any additional legislation needed to carry out the policies of this Act.
At least thirty days before filing any such report with the
Congress, the Comptroller General shall deliver a copy
thereof to the agency concerned and the Director, shall forward to the Congress together with such report any comments of such agency with respect thereto.
(d) The jurisdiction of the Comptroller General of the
United States shall not be affected by this Act except to the
extent necessary to give effect to the specific provisions
thereof.
DEFECTIVE, INFORMAL, AND QUASI CONTRACTS

SEC. 17. (a) Where any person has arranged to furnish
or furnished to a contracting agency or to a war contractor
any materials, services, or facilities related to the prosecution
of the war, without a formal contract, relying in good faith
upon the apparent authority of an officer or agent of a contracting agency, written or oral instructions, or any other
request to proceed from a contracting agency, the contracting
agency shall pay such person fair compensation therefor.
(b) Whenever any formal or technical defect or omission
in any prime contract, or in any grant of authority to an
officer or agent of a contracting agency who ordered any
materials, services, and facilities might invalidate the contract or commitment, the contracting agency (1) shall not
take advantage of such defect or omission; (2.) shall amend,
confirm, or ratify such contract or commitment without consideration in order to cure such defect or omission; and (3)
shall make a fair settlement of any obligation thereby created
or incurred by such agency, whether expressed or implied,
in fact or in law, or in the nature of an implied or quasi
contract.
(c) Where a contracting agency fails to settle by agreement any claim asserted under this section, the dispute shall
be subject to the provisions of section 13 of this Act.
(d) The Director shall require each contracting agency to
formalize all such obligations and commitments within such
period as the Director deems appropriate.
AUGUST 1944




RECORDS, FORMS, AND REPORTS

SEC. 18. (a) The Director shall establish policies for
such supervision and review within the contracting agencies
of termination settlements and interim financing as he deems
necessary and appropriate to prevent and detect fraud and to
assure uniformity in administration and to provide for expeditious settlements. For this purpose he shall prescribe (1)
such records to be prepared by the contracting agencies and
by war contractors as he deems necessary in connection with
such settlements and interim financing; and (V) the records
in connection therewith to be transmitted to the General
Accounting Office. He shall seek to reduce the amount of
record keeping, reporting, and accounting in connection with
the settlement of termination claims and interim financing
to the minimum compatible with the reasonable protection
of the public interest. Each contracting agency shall prescribe forms for use by war contractors in connection with
termination settlements and interim financing to the extent
it deems necessary and feasible.
(b) The Director shall require the Government agencies
performing functions under this Act to prepare such information and reports regarding terminations of war contracts,
settlements of termination claims, and interim financing, as
he deems necessary to assist him in appraising their operations or to assist him or other Government agencies in performing their functions under this Act, and may prescribe
the terms and conditions upon which such information and
reports shall be made available to other Government agencies.
The Director may require any Government agency to furnish
such information under its control as he deems necessary for
the performance of his functions under this Act, but any
such agency, in its discretion, may furnish any such information deemed by it to affect the national security only to the
Director himself.
(c) The Director, by regulation, shall provide for making
available to any interested Government agency such advance
notice and other information on cut-backs in war production
resulting from terminations or failures to renew or extend
war contracts, as he deems necessary and appropriate.
(d) The Director shall make such investigations as he
deems necessary or desirable in connection with termination
settlements and interim financing. For this purpose he may
utilize the facilities of any existing agencies and if he determines that the facilities of existing agencies are inadequate,
he may establish a unit in the Office of Contract Settlement
to supplement and facilitate the work of existing agencies.
He shall report to the Department of Justice any information
received by him indicating any fraudulent practices, for appropriate action.
(e) Whenever any contracting agency or the Director
believes that any settlement was induced by fraud, the agency
or Director shall report the facts to the Department of Justice.
Thereupon, (1) the Department of Justice shall make an investigation to determine whether such settlement was induced by fraud, and (2.) until the Department of Justice
notifies the contracting agency that in its opinion the facts
do not support the belief that the settlement was induced

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any war contractor or Government agency, shall be suspended until three years after the termination of hostilities
in the present war as proclaimed by the President or by a
concurrent resolution of the two Houses of Congress. This
section shall apply to acts, offenses, or transactions where the
existing statute of limitations has not yet fully run, but it
shall not apply to acts, offenses, or transactions which are
already barred by provisions of existing law."
PRESERVATION OF RECORDS; PROSECUTION OF FRAUD
(c) (1) Every person who makes or causes to be made, or
SEC. 19. (a) It shall be unlawful for any person willfully presents or causes to be presented to any officer, agent, or
to secrete, mutilate, obliterate, or destroy, or cause to be employee of any Government agency any claim, bill, receipt,
voucher, statement, account, certificate, affidavit, or deposisecreted, mutilated, obliterated, or destroyed—
(i) any records of a war contractor relating to the tion, knowing the same to be false, fraudulent, or fictitious
negotiation, award, performance, payment, interim or knowing the same to contain or to be based on any false,
financing, cancelation or other termination, or settlement fraudulent, or fictitious statement or entry, or who shall
cover up or conceal any material fact, or who shall use or
of a war contract of $15,000 or more; or
(ii) any records of a war contractor and any purchaser engage in any other fraudulent trick, scheme, or device, for
relating to any disposition of termination inventory in the purpose of securing or obtaining, or aiding to secure or
which the consideration received by any war contractor obtain, for any person any benefit, payment, compensation,
allowance, loan, advance, or emolument from the United
or any Government agency is $5,000 or more,
until (1) five years after such disposition of termination in- States or any Government agency in connection with the
ventory by such war contractor or Government agency, or termination, cancelation, settlement, payment, negotiation,
(2.) five years after the final settlement of such war contract, renegotiation, performance, procurement, or award of a conor (3) five years after the termination of hostilities in the tract with the United States or with any other person, and
present war as proclaimed by the President or by a con- every person who enters into an agreement, combination, or
current resolution of the two Houses of Congress, whichever conspiracy so to do, (1) shall pay to the United States an
amount equal to 15 per centum of any amount thereby sought
applicable period is longer.
As used in this subsection, the term "records" includes, to be wrongfully secured or obtained but not actually rebut is not limited to, books, ledgers, checks and check stubs, ceived, and (V) shall forfeit and refund any such benefit,
pay-roll data, vouchers, memoranda, correspondence, inspec- payment, compensation, allowance, loan, advance, and
tion reports and certificates. Any corporation violating any emolument received as a result thereof and (3) shall in addiprovision of this subsection shall be fined not more than tion pay to the United States the sum of $1,000 for each
such act, and double the amount of any damage which the
$50,000 and any natural person violating any provision of
this subsection shall be fined not more than $10,000, or im- United States may have sustained by reason thereof, together
prisoned for not more than five years, or both: Provided, how- with the costs of suit.
ever, That the Director, by regulation, may authorize the
(2.) The several district courts of the United States, the
destruction of such records upon such terms and conditions District of Columbia, the several district courts of the Terrias he deems appropriate, which may include the making and
tories of the United States, within whose jurisdictional
retaining of photographs or microphotographs. Photo- limits the person, or persons, doing or committing such act,
graphs or microphotographs of any records made in com- or any one of them, resides or shalfbe found, shall, wheresopliance with such regulations of the Director shall have the ever such act may have been done or committed, have full
same force and effect as the originals thereof would have power and jurisdiction to hear, try, and determine such suit,
and shall be treated as originals for the purpose of admis- and such person or persons as are not inhabitants of or found
sibility in evidence.
within the district in which suit is brought may be brought
(b) The first section of the Act of August 24, 1942. (56 in by order of the court to be served personally or by pubStat. 747; title 18, U. S. C , Supp. II, sec. 590a), is amended to lication or in such other reasonable manner as the court may
read as follows:
direct.
(d) The provisions of section 35-A of the Criminal Code
"The running of any existing statute of limitations applicable to any offense against the laws of the United States (18 U. S. C , sec. 80) shall apply to any statement, repre(1) involving defrauding or attempts to defraud the United sentation, bill, receipt, voucher, roll, account, claim, certifStates or any agency thereof whether by conspiracy or not, icate, affidavit, or deposition made or used or caused to be
and in any manner, or (V) committed in connection with the made or used for any purpose under this Act or under any
negotiation, procurement, award, performance, payment for, regulations pursuant to this Act.
interim financing, cancelation or other termination or settle(e) It shall be unlawful for any person employed in any
ment, of any contract, subcontract, or purchase order which
Government agency, including commissioned officers assigned
is connected with or related to the prosecution of the present to duty in such agency, during the period such person is
war, or with any disposition of termination inventory by engaged in such employment or service, to prosecute, or to

by fraud, the contracting agency, by set-off or otherwise, may
withhold, from amounts owing to the war contractor by the
United States under such settlement or otherwise, the amount
of the settlement, or the portion thereof, which, in its
opinion, was affected by the fraud. In any such case the
Department of Justice shall take such action as it deems appropriate to recover payments made to such war contractor.

764




FEDERAL RESERVE BULLETIN

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DEPARTMENT

act as counsel, attorney, or agent for prosecuting, any claim
against the United States, or for any such person within two
years after the time when such employment or service has
ceased, to prosecute, or to act as counsel, attorney, or agent
for prosecuting, any claim against the United States involving any subject matter directly connected with which
such person was so employed or performed duty. Any person
violating any provision of this subsection shall be fined not
more than $10,000 or imprisoned for not more than one year,
or both.
GENERAL PROVISIONS

SEC. IO. (a) Each contracting agency shall have authority, notwithstanding any provisions of law other than
contained in this Act, (1) to make any contract necessary
and appropriate to carry out the provisions of this Act; (z)
to amend by agreement any existing contract, either before
or after notice of its termination, on such terms and to such
extent as it deems necessary and appropriate to carry out the
provisions of this Act; and (3) in settling any termination
claim, to agree to assume, or indemnify the war contractor
against, any claims by any person in connection with such
termination claims or settlement. This subsection shall not
limit or affect in any way any authority of any contracting
agency under the First War Powers Act, 1941, or under any
other statute.
(b) Any contracting agency may prescribe the amount
and kind of evidence required to identify any person as a war
contractor, or any contract, agreement, or purchase order
as a war contract for any of the purposes of this Act. Any
determination so made that any person is a war contractor,
or that any contract, agreement, or purchase order is a war
contract, shall be final and conclusive for any of the purposes
of this Act.
(c) There are hereby authorized to be appropriated such
sums as may be necessary for administering the provisions
of this Act.
(d) All policies and procedures relating to termination of
war contracts, termination settlements, and interim financing
prescribed by the Director of War Mobilization or any contracting agency, in effect upon the effective date of this Act,
and not inconsistent with this Act, shall remain in full force
and effect unless and until superseded by the Director in accordance with this Act, or by regulations of the contracting
agency not inconsistent with this Act or the policies prescribed by the Director.
(e) Nothing in this Act shall be deemed to impair or
modify any war contract or any term or provision of any
war contract or any assignment of any claim under a war
contract, without the consent of the parties thereto, if the
war contract, or the term, provision, or assignment thereof,
is otherwise valid.
(f) Any contracting agency may authorize or direct its
officers and employees, as a part of their official duties, to
advise, aid, and assist war contractors in preparing and presenting termination claims, in obtaining interim financing,
and in related matters, to such extent as it deems desirable.
AUGUST 1944




Such advice, aid, or assistance shall not constitute a violation
of section 109 of the Criminal Code (18 U. S. C. 198) or of
any other law, provided the officer or employee does not receive therefor benefit or compensation of any kind, directly
or indirectly, from any war contractor.
(g) The Smaller War Plants Corporation is hereby
directed—
(1) to disseminate information among small business
concerns with respect to interim financing, termination
settlements, removal and storage of termination inventories pursuant to the provisions of this Act and the regulations of the Director; and
(2.) to assist small business concerns in connection with
the securing of interim financing and the preparation of
applications for such interim financing, the effecting of
termination settlements, and the removal and storage of
termination inventories, and to make interim loans and
guaranties, in order to assure that small business concerns
receive fair and equitable treatment from prime contractors
and intermediate subcontractors in connection with the
termination of war contracts.
OTHER FUNCTIONS OF THE DIRECTOR

SEC. 11. In addition to his other functions under this
Act, the Director shall—
(a) promote the training of personnel for termination
settlement and interim financing by contracting agencies,
war contractors, and financing institutions;
(b) collaborate with the Smaller War Plants Corporation in protecting the interests of smaller war contractors
in obtaining fair and expeditious termination settlements
and interim financing;
(c) promote decentralization of the administration of
termination settlements and interim financing by fostering
delegation of authority within contracting agencies and
to war contractors, to the extent he deems necessary and
feasible; and
(d) consult with war contractors through advisory
committees or such other methods as he deems appropriate.
USE OF APPROPRIATED FUNDS

SEC. 2.2.. Any contracting agency is authorized—
(a) to use for interim financing, the payment of claims,
and for any other purposes authorized in this Act any
funds which have heretofore been appropriated or
allocated or which may hereafter be appropriated or allocated to it, or which are or may become available to it,
for such purposes or for the purposes of war production
or war procurement;
(b) to use any such funds appropriated, allocated, or
available to it for expenditures for or in behalf of any
other contracting agency for the purposes authorized in
this Act; and
(c) to determine by agreement, joint estimate, or any
other method authorized by the Director, the part of any
expenditure made pursuant to subsection (b) hereof to be

765

LAW

DEPARTMENT

paid by each contracting agency concerned and to make
transfers of funds between such contracting agencies accordingly. Transfers of funds between appropriations
carried upon the books of the Treasury shall be made by
the Secretary of the Treasury in accordance with joint
requests of the contracting agencies involved.
DELEGATION OF AUTHORITY

SEC. 2.3. (a) The Director may delegate any authority and
discretion conferred upon him by this Act to any Deputy
Director, and may delegate such authority and discretion,
upon such terms and conditions as he may prescribe, to the
head of any Government agency to the extent necessary to
the handling and solution of problems peculiar to that
agency.
(b) The head of any Government agency may delegate
any authority and discretion conferred upon him or his
agency by or pursuant to this Act to any officer, agent, or
employee of such agency or to any other Government agency,
and may authorize successive redelegations of such authority
and discretion.
(c) Any two or more Government agencies may exercise
jointly any authority and discretion conferred upon each
of them individually by or pursuant to this Act.
(d) Nothing in this Act shall prevent the Director from
exercising any authority conferred upon him by any other
statute.
APPLICABILITY

SEC. 2.4. (a) This Act shall become effective twenty days
after the date of its enactment. With the exception of the
provisions of paragraphs (b), (c), (d), and (e) of section 12.,
and of sections 6, 7, 8, 9, 10, and 13, this Act shall be applicable in the case of any terminated war contract which has
been finally settled at or before the effective date of this Act.
(b) Nothing in this Act shall limit or affect any authority
conferred by the Act of March 11, 1941 (55 Stat. 31), as
amended, or Acts supplemental thereto.
SEC. 2.5. Subject to policies prescribed by the Director, any
contracting agency may exempt from some or all of the provisions of this Act (a) any war contract made or to be performed outside the continental limits of the United States or
in Alaska, or (b) any termination inventory situated outside
of the continental limits of the United States or in Alaska, or
(c) any modification of a war contract pursuant to its terms
for the purpose of changing plans or specifications applicable
to the work without substantially reducing its extent.
SEPARABILITY OF PROVISIONS

SEC. 2.6. If any provision of this Act, or the application of
such provision to any person or circumstance, is held invalid,
the remainder of this Act or the application of such provision
to persons or circumstances other than those as to which it
is held invalid, shall not be affected thereby.

766




SHORT TITLE

SEC. 2.7. This Act may be cited as the "Contract Settlement Act of 1944".
Approved July 1, 1944.

Foreign Funds Control
Treasury Department Releases
The following releases relating to transactions in foreign exchange, etc., in addition to
those heretofore published in the Federal Reserve
BULLETIN, have been issued by the Office of the
Secretary of the Treasury under authority of the
Executive Order of April 10, 1940, as amended,
and the Regulations issued pursuant thereto:
Treasury Department
Foreign Funds Control
Amended June 30, 1944
GENERAL LICENSE N O . 32., AS AMENDED
Under Executive Order No. 8389, as Amended, Executive Order
No. 9193, Section j(Jf) of the Trading with the Enemy Act, as
Amended by the First War Powers Act, 1941, Relating to
Foreign Funds Control *

(1) A general license is hereby granted authorizing remittances by any individual through any domestic bank to
any individual who is a national of a blocked country and
who is within any foreign country, and any domestic bank is
authorized to effect such remittances, provided the following
terms and conditions are complied with:
" 0 0 Such remittances are made only for the necessary
living expenses of the payee and his household and do not
exceed $500 in any one calendar month to any one household; provided, however, that if the payee is within Portugal,
Spain, Sweden or Switzerland and such payee is a national
of any blocked country other than Portugal, Spain, Sweden
or Switzerland, the total of all remittances effected in
any calendar month under this general license may not
exceed $100 to such payee and his household, except that
additional sums not exceeding $15 in any one calendar
month may be remitted for each member of such payee's
household in addition to the payee, provided that in no
case shall a sum in excess of $100 per calendar month be
remitted to any such payee and his household;"
(b) Such remittances are not made from a blocked account other than from an account in a banking institution
within the United States in the name of, or in which the
beneficial interest is held by, the payee or members of his
household;
* Sec. 5 (b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55
Stat. 838; Ex. Order 8389, April 10, 1940, as amended by Ex. Order
8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963,
Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193,
July 6, 1942; Regulations, April 10, 1940, as amended June 14,1941,
and July 26, 1941.
FEDERAL RESERVE BULLETIN

LAW

DEPARTMENT

(c) If the payee is within any blocked country, the
remittance may be effected only:
(i) By the payment of the dollar amount of the remittance to a domestic bank for credit to a blocked
account in the name of a banking institution within
such country; or
(ii) By the acquisition of foreign exchange from a
person in the United States having a license specifically
authorizing the sale of.such exchange.
(d) If the payee is within any foreign country other
than a blocked country the remittance may be effected in
the same manner that such remittance would be effected
if the payee were not a national of a blocked country.
(2.) All individuals making such remittances and all
domestic banks effecting such remittances shall satisfy themselves that the foregoing terms and conditions are complied with.
(3) Domestic .banks through which any such remittances
originate shall execute promptly Section A of Form TFR-132.
in triplicate with respect to each such remittance. When so
executed, such copies of Form TFR-132. shall be forwarded
promptly to the domestic bank ultimately transmitting
abroad (by cable or otherwise) the payment instructions for
such remittance and the latter bank shall, upon the receipt
thereof, execute Section B of such copies of Form TFR-132.
and promptly file such executed report in triplicate with the
appropriate Federal Reserve Bank. If the domestic bank
through which any such remittance originates is also the
bank ultimately transmitting abroad the payment instructions for such remittance, then such bank shall execute both
Sections A and B of such report. No report on Form TFR-132.
shall be deemed to have been filed in compliance with this
general license unless both Sections A and B thereof have been
duly executed as herein prescribed.
(4) As used in this general license the term "household"
shall mean:
(a) those individuals sharing a common dwelling as a
family; or
(b) any individual not sharing a common dwelling with
others as a family.
HERBERT E. GASTON,

Acting Secretary of the Treasury.
Treasury Department
Foreign Funds Control
Amended June 30, 1944
GENERAL RULING N O . I I , AS AMENDED

Under Executive Order No. 8389, as Amended, Executive Order
No. 9193, Sections 3(0) and /(£) of the Trading with the Enemy
Act, as Amended by the First War Powers Act, 1941, Relating
to Foreign Funds Control.*
* Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48
Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as
amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26,
1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941;
Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as amended
June 14, 1941, and July 26, 1941.

AUGUST 1944




General Ruling No. 11 is hereby amended to read as
follows:
Regulations Relating to Trade or Communication with or by an
Enemy National.
(1) Trade and Communication with an Enemy National Prohibited. Unless authorized by a license expressly referring to
this general ruling, no person shall, directly or indirectly,
enter into, carry on, complete, perform, effect, or otherwise
engage in, any trade or communication with an enemy national, or any act or transaction which involves, directly or
indirectly, any trade or communication with an enemy
national.
( i ) Acts and Transactions by an Enemy National Prohibited.
Unless authorized by a license expressly referring to this
general ruling, no enemy national who is within the United
States shall, directly or indirectly, enter into, carry on, complete, perform, effect, or otherwise engage in, any financial,
business, trade, or other commercial act or transaction.
(3) Certain Transactions Licensed Under Section 3(0). Every
act or transaction prohibited by section 3(a) of the Trading
with the enemy Act, as amended, is hereby licensed thereunder unless such act or transaction is prohibited by paragraph (1) or paragraph (2.) hereof or otherwise prohibited
pursuant to section 5(b) of that Act and not licensed by the
Secretary of the Treasury. Attention is directed to the fact
that the General License under section 3(a) of the Act, issued
by the President on December 13, 1941, does not license any
act or transaction not authorized hereunder.
(4) Definitions. As used in this general ruling and in
any other rulings, licenses, instructions, etc.:
(a) The term "enemy national" shall mean the following:
(i) The Government of any country against which
the United States has declared war (Germany,
Italy, Japan, Bulgaria, Hungary, and Rumania)
and any agent, instrumentality, or representative of the foregoing Governments, or other
person acting therefor, wherever situated (including the accredited representatives of other
governments to the extent, and only to the extent, that they are actually representing the
interests of the Governments of Germany,
Italy, and Japan and Bulgaria, Hungary, and
Rumania);
(ii) The government of any other blocked country
having its seat within enemy territory, and any
agent, instrumentality, or representative thereof,
or other person acting therefor, actually situated
within enemy territory;
(iii) Any individual within enemy territory, except
any individual who is with the armed forces of
any of the United Nations in the course of his
service with such forces or who is accompanying
such armed forces in the course of his employment by any of the Governments of the United
Nations or organizations acting on their behalf;

76?

LAW DEPARTMENT
(iv) Any partnership, association, corporation or
(d) The term "trade or communication with an enemy
other organization to the extent that it is
national" shall mean any form of business or comactually situated within enemy territory;
mercial communication or intercourse with an enemy
(v) Any person whose name appears on The Pronational after March 18, 1941, including, without
claimed List of Certain Blocked Nationals, and
limitation, the sending, taking, obtaining, conany person to the extent that he is acting, diveying, bringing, transporting, importing, exporting,
rectly or indirectly, for the benefit or on behalf
or transmitting, or the attempt to send, take, obtain,
of any such person;-providedthat no person so
convey, bring, transport, import, export, or transmit,
acting shall be deemed to be an enemy national
(i) Any letter, writing, paper, telegram, cablegram,
if he is acting pursuant to license issued under
wireless message, telephone message, or other
the Order or expressly referring to this general
communication, whether oral or written, of a
ruling; and
financial, commercial, or business character; or
(vi) Any person to the extent that he is acting, di(ii) Any property of any nature whatsoever, including
rectly or indirectly, for the benefit or on behalf
any goods, wares, merchandise, securities, curof an enemy national (other than a member of
rency, stamps, coin, bullion, money, checks,
the armed forces of the United States captured by
drafts, proxies, powers of attorney, evidences of
the enemy) if such enemy national is within
ownership, evidences of indebtedness, evidences
any country against which the United States has
of property, or contracts;
declared war; provided that no person so acting
directly or indirectly to or from an enemy national
shall be deemed to be an enemy national if he
after March 18, 1941; provided, however, that with
is acting pursuant to license issued under the
respect to any government or person becoming an
Order or expressly referring to this general
enemy national after March 18, 1941, the date upon
ruling.
which such government or person became an enemy
(b) The term "enemy territory" shall mean the following:
national shall be substituted for the date March 18,
(i) The territory of Germany, Italy, Japan, Bulgaria,
1941.
Hungary, and Rumania; and
HERBERT E. GASTON,
(ii) The territory controlled or occupied by the
Acting Secretary of the Treasury.
military, naval, or police forces or other authority of Germany, Italy, or Japan.
Treasury Department
The territory so controlled or occupied shall
be deemed to be the territory of Albania; Austria;
Foreign Funds Control
that portion of Belgium within continental
July 12., 1944
Europe; Bulgaria; that portion of Burma occupied by Japan; that portion of China occupied
PUBLIC INTERPRETATION N O . 16
by Japan; Czechoslovakia; Danzig; that portion
of Denmark within continental Europe; Estonia; Under Executive Order No. 8389, as Amended, Executive Order
No. 9193, Sections 5(<z) and /(&) of the Trading with the
that portion of France within continental
Enemy Act, as Amended by the First War Powers Act, 1941,
Europe, including Monaco and Corsica; French
Relating to Foreign Funds Control.
Indo-China; Greece; Hong Kong; Hungary;
Latvia; Lithuania; Luxembourg; British
Subject: Application of General Ruling No. 11, as
Malaya; that portion of the Netherlands within
amended,
to Diplomatic Representatives of the Finnish
continental Europe; that portion of the NetherGovernment.
lands East Indies occupied by Japan; Norway;
Inquiry has been made as to whether diplomatic representhat portion of the Philippine Islands occupied
tatives of the Finnish Government, wherever situated, are
by Japan; Poland; Rumania; San Marino; Thailand; that portion of the Union of Soviet enemy nationals within the meaning of General Ruling No.
Socialist Republics occupied by Germany; 11, as amended.
The Treasury Department has replied in the affirmative.
Yugoslovia; Finland; and any other territory
controlled or occupied by Germany, Italy or The Finnish Government and its representatives, wherever
situated, are deemed to be acting for the Government of
Germany within the meaning of section (4)(a)(0 of General
(c) The term "The Proclaimed List of Certain Blocked
Nationals" shall mean The Proclaimed List of Certain Ruling No. 11, as amended, and therefore are enemy
Blocked Nationals, as amended and supplemented, nationals.
promulgated pursuant to the President's Proclamation
of July 17, 1941.

768




ORVIS A. SCHMIDT,

Acting Director.
FEDERAL RESERVE BULLETIN

CURRENT EVENTS
Election of Class B Director

The Federal Reserve Bank of Boston on July
6, 1944, announced the election of Mr. Roy L.
Patrick, President, Rock of Ages Corporation,
Barre, Vermont, as a Class B director of the
Bank to fill the unexpired portion of the term
ending December 31, 1946. Mr. Patrick succeeds Mr. Ralph E. Flanders who became President of the Federal Reserve Bank of Boston on
May 1, 1944.

Indiana
Chrisney—Chrisney State Bank
Pierceton—Pierceton State Bank
Shoals—The Martin County Bank
Iowa

Pocahontas—The Commercial State Bank
Montana

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, 1944 to July 15, 1944,
inclusive:
Illinois

Glendive—Exchange State Bank of G lendive

Windsor—Windsor State Bank

Laona—Laona State Bank

Oklahoma

Comanche—The Security State Bank
Wisconsin

BRETTON WOODS AGREEMENT
Copies of the Final Act of the United Nations
Monetary and Financial Conference, which met
at Bretton Woods from July i-July ix, 1944,
will be available for distribution in pamphlet
form late in August. This pamphlet will contain the full text of the Articles of Agreement
of the International Monetary Fund and the

AUGUST 1944




Articles of Agreement of the International Bank
for Reconstruction and Development and other
conclusions reached at the Conference for submission to the Governments of the nations represented there. The Board of Governors will
be glad to furnish copies to readers of the BULLETIN upon request.

NATIONAL SUMMARY OF BUSINESS CONDITIONS
Compiled July 21, and released for publication July 26. Figures shown on
charts may differ from preliminary figures used in text.
Employment and production at factories continued to decline slightly in June; output of
minerals was maintained in record volume.
Retail trade and commodity prices showed little
change in June and the early part of July.
INDUSTRIAL PRODUCTION

The Board's seasonally adjusted index of industrial production was 2.35 per cent of the
1935-39 average in June as compared with 237
in May and 243 in the first quarter.
Steel production declined 4 per cent from the
rate in May, reflecting partly manpower shortages. Output of nonferrous metals dropped 8
per cent, largely owing to the continued planned
curtailment of aluminum and magnesium production. The lifting on July 15 of some of the
restrictions on use of these metals was the
initial step in a program to prepare for limited
reconversion to peacetime output. Activity in
the machinery and transportation equipment
industries in June was maintained at the level
of the preceding month. Increasing emphasis
was reported on output of heavy artillery and
artillery shells and of tanks. Lumber production continued to decline and was approximately
10 per cent below June 1943.
Production of nondurable goods was mainINDUSTRIAL

1940

1942

1944




DISTRIBUTION

Department store sales declined more than
seasonally in June, following a considerable increase in May, and the Board's index was 175
per cent of the 1935-39 average as compared with
183 in May and an average of 177 in the first
four months of this year. Value of sales in the
first half of 1944 was 7 per cent greater than in
the first half of 1943. In the early part of July
sales were 9 per cent larger than a year ago.
Railroad freight carloadings showed little
change in June and the first three weeks of July
after allowance for seasonal movements.

PRODUCTION

1940

DEPARTMENT STORE SALES AND STOCKS

1942

1944

Federal Reserve indexes. Groups are expressed in terms of points
n the total index. Monthly figures, latest shown are for June.

770

tained in June. Meatpacking activity declined
further from the exceptionally high level in the
first quarter, but output of most other food
products continued to rise seasonally. Refinery
output of gasoline advanced further and reached
the earlier record level of December 1941. Activity in cotton textile mills and in the chemical
and rubber industries showed little change
in June.
Mine production of metals and coal was
maintained in large volume and crude petroleum
production continued to rise to new record
levels.

1937

1938

1939

1940

1941

1942

1943 1944

Federal Reserve indexes. Monthly figures, latest shown are for
June.
FEDERAL RESERVE BULLETIN

NATIONAL SUMMARY OF BUSINESS CONDITIONS
COMMODITY

PRICES

Legislation extending Federal price controls
for one year was enacted June 30; certain
restrictive provisions were relaxed, especially
those relating to prices of cotton products.
Prices of most commodities in wholesale and
retail markets have recently shown little change.
AGRICULTURE

Well over a billion bushels of wheat and
almost 3 billion bushels of corn were in prospect
on July 1. This is an improvement over June 1
prospects and aggregate crop production in 1944
may be about the same as in 1943 and larger than
any year prior to 1942..
The number of chickens raised this year was
19 per cent smaller than last year; the spring pig
crop was 14 per cent smaller and the fall crop
may be a third smaller than in 1943. Marketings of cattle, however, have been normal in
relationship to the numbers and unless marketings are increased during the rest of this year no
material reduction of the large numbers of
cattle on farms will occur.
BANK CREDIT

As payments for securities purchased during
the Fifth Drive transferred funds from private
deposits to reserve-exempt Government accounts, the average level of required reserves at
all member banks declined by close to i}4 billion
dollars. Reserve balances were reduced by
about 800 million dollars and excess reserves
MEMBER BANKS IN LEADING CITIES

rose by around 400 million. Reserve funds
were absorbed through declines in Reserve Bank
holdings of Government securities, by a moderate increase in currency, and by temporary increases in Treasury deposits at the Reserve
Banks. Over the four weeks ending July 12.,
money in circulation rose by i^o million dollars,
which is a smaller rate of growth than prevailed
in recent months, reflecting the influence of the
war loan drive.
During the Fifth Drive, between June 14 and
July 11, Government security holding at reporting member banks in 101 leading cities increased by 4.7 billion dollars. Additions to
bank holdings resulted from purchases of securities from investors who were adjusting
their positions prior to subscriptions during the
drive, from increased purchases of Treasury
bills, and from subscriptions to new securities
in limited amounts.
Loans for purchasing and carrying Government securities increased by 1.8 billion dollars
over the Fifth War Loan, an increase larger than
that of any other drive. Of the total amount
advanced by banks in 101 cities, loans to brokers
and dealers accounted for 500 million and loans
to others for 1.3 billion.
Accompanying purchases of securities during
the Fifth Drive, adjusted demand deposits declined by 4.7 billion dollars at banks in 101
cities. Government deposits at these same
banks increased by 10.5 billion dollars. The
difference reflected the effect of the increase in
bank loans and investments.
MEMBER BANK RESERVES

/

DEMAND DEPOSITS .

fr u. S. GOV*T
/> SECURITIES

</r^

[ -

-

^

U. S. GOV^ DEPOSITS

1940

1941

, _ ^ . ^ . LOANS

Al .

*~**4l>\/fyV

1942

1943

Demand deposits (adjusted) exclude U. S. Government and interbank deposits and collection items* Government securities include
direct and guaranteed issues. Wednesday figures, latest shown are
for July 19.
AUGUST

1944




Breakdown between required and excess reserves partly estimated.
Wednesday figures, latest shown are for July 26.

771

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES

PAGE

Member bank reserves, Reserve Bank credit, and related items
Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements
Federal Reserve Bank statistics
Guaranteed w a r production loans
Deposits and reserves of member banks
Money in circulation
Gold stock; bank debits and deposit turnover
Deposits and currency; Postal Savings System; bank suspensions.
All banks in the United States, by classes
All insured commercial banks in the United States, by classes.
Weekly reporting member banks
Commercial paper, bankers' acceptances, and brokers' balances....
Money rates and bond yields
Security markets
Corporate profits
Treasury
finance
Government corporations and credit agencies
Business indexes
Department store statistics
Consumer credit statistics
Wholesale prices
:
July crop report, by Federal Reserve districts
Current statistics for Federal Reserve chart book
Earnings and expenses of Federal Reserve Banks for the six months
ended June 30, 1944

775
776
777-781
781
781
783-784
784
784
786-787
788-789
790-793
794
795
796
797-798
799-801
801
803-811
813-815
816-817
818
819
810-82.1
82.2.

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
de to the
Her
ioi
c - , „
„
.
.
,
.
Government
credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned;
data on money and security markets and commodity prices and other series on business activity are obtained largely from other sources. Back figures for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics; back
figures for most other tables may be obtained from earlier BULLETINS.

AUGUST 1944




773

MEMBER

BANK RESERVES AND RELATED ITEMS
WEDNESDAY

BILLIONS OF DOLLARS

FIGURES

BILLIONS OF DOLLARS

25

MONEY IN " I
CIRCULATION /

10

1938

1939

1940

1941

1942

1943

1944

Wednesday figures, latest shown are for July 26. See p. 775.

774




FEDERAL RESERVE BULLETIN

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding

Discounts
and
advances

Date

, U. S. Government
securities

Gold
stock

Treasury
currency
outstanding

TreasOther
ury deFedMoney Treas- posits Nonury
in cirwith
memRecash
culaFederal ber de- serve
holdtion
Reposits
acings
serve
counts
Banks

All
other 1

Total

3,026
2,977
2,496
2,609
2,614
2^641

373
387
425
450
387
420

6,758
6,681
7,070
13,235
14,264
15,495

22,511
22,451
22,406
21,490
21,343
21,214

4,002
4,041
4,078
4,093
4,097
4,104

16,448
16,815
17,217
21,312
21,821
22,295

2,231
2,252
2,271
2,330
2,326
2,335

276
433
148
324
318
347

1,296
1,336
1,301
1,922
1,922
1,953

3,028
2,681
2,295
2,606
2,638
2,647

378
394
369
462
272
358

6,846
6,647
7,576
13,800
14,759
15,272

22,473
22,426
22,388
21,429
21,264
21,173

4,012
4,069
4,077
4,092
4,101
4,104

16,660
17,114
17,421
21,552
22,160
22,504

2,235
2,257
2,268
2,323
2,310
2,296

557
62
455
400
307
650

Treasury
bills
Total and
certificates

All
other

Member
bank reserve
bala nc

Total

Excess 2

303
312
326
356
355
364

12,717
12,024
12,293
12,574
12,962
13,518

1,949
1,730
1,461
892
868
1,081

1,369
1,366
1,483
2,007
1,946
1,870

306
313
328
356
355
364

12,204
12,031
12,085
12,684
13,046
12,866

2,315
1,728
1,212
773
711
1,306

Monthly averages of
daily figures:
1943—Apr..
j
May
T
June
1944—Apr.
May
June

160
155

6,372 3,345
6,276 3,299
6,631 4,135
12,711 10,102
13,716 11,103
14,920 12^ 279

End of month figures:
1943—Apr. 30
May 31
June 30
1944—Apr. 29
May 31
June 30

13
31
5
118
236
13

6,455 3,427
6,222 3,541
7,202 4,907
13,220 10,614
14,251 11,613
14,901 12,254

Wednesday figures:
1943—Sept. 1
Sept. 8
Sept. 15
Sept. 22
Sept. 29. ...

69
71
31
22
13

9,187
9,336
9,653
9,204
9,168

6,956
7,084
7,432
6,983
6,947

2,231
2,252
2,221
2,221
2,221

285
336
631
491
362

9,540
9,742
10,315
9,717
9,543

22,243
22,223
22,204
22,205
22,175

4,098
4,090
4,093
4,094
4,096

18,571
18,740
18,773
18,714
18,818

2,279
2,255
2,266
2,266
2,274

213
6
6
549
682

1,574
1,374
1,500
1,662
1,649

329
329
337
338
337

12,915
13,351
13,729
12,487
12,054

1,145
1,438
2,051
1,893
1,810

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

13
18
11
13

9,387
9,062
8,914
9,291

7,166
6,841
6,687
7,056

2,221
2,221
2,227
2,235

375
282
456
381

9,775
9,362
9,380
9,686

22,176
22,155
22,132
22,132

4,098
4,099
4,101
4,103

18,883
18,978
19,019
19,090

2,279
2,281
2,284
2,295

1,013
380
530
530

1,633
1,621
1,437
1,659

337
335
341
342

11,903
12,021
12,002
12,005

1,697
1,608
1,407
1,062

Nov.
Nov.
Nov.
Nov.

3
10
17
24

39
22
34
48

9,476
9,865
9,832
10,364

7,230
7,611
7,577
8,101

2,246
2,254
2,254
2,263

321
344
506
381

9,835
10,231
10,372
10,792

22,116
22,096
22,096
22,081

4,106
4,100
4,101
4,101

19,354
19,514
19,559
19,726

2,298
2,297
2,293
2,295

334
369
407
479

1,668
1,716
1,714
1,739

333
333
333
333

12,069
12,198
12,263
12,402

1,084
1,080
1,096
1,044

Dec.
Dec.
Dec.
Dec.
Dec.

1
8
15
22
29

53
108
90
70
101

10,447
11,016
11,014
11,551
11,615

8,169
8,720
8,748
9,260
9,313

2,278
2,296
2,266
2,291
2,302

374
417
600
837
714

10,874
11,540
11,704
12,459
12,430

22,065
22,044
22,004
22,004
22,004

4,101
4,102
4,097
4,097
4,096

19,940
20,135
20,235
20,382
20,428

2,299
2,301
2,293
2,325
2,316

275
686
379
967
764

1,630
1,664
1,622
1,864
1,908

333
331
343
344
345

12,562
12,569
12,932
12,677
12,769

1,096
918
1,238
919
1,126

1944—Jan.
Jan.
Jan.
Jan.

5
12
19
26

31
47
41
24

11,651
11,855
11,913
12,026

9,340
9,543
9,598
9,711

2,310
2,312
2,314
2,315

691
413
464
334

12,372
12,315
12,418
12,385

21,938
21,938
21,938
21,928

4,094
4,092
4,093
4,093

20,436
20,404
20,408
20,387

2,314
2,318
2,327
2,331

961
638
404
351

1,751
1,845
1,959
1,994

339
339
338
340

12,602
12,801
13,014
13,002

971
1,128
1,122
1,023

Feb 2
Feb. 9
Feb. 16
Feb. 23

24
22
32
47

11,781
11,169
11,394
11,816

9,162
8,560
8,782
9,237

2,618
2,609
2,612
2,579

327
319
534

377

12,132
11,511
11,961
12,240

21,910
21,836
21,802
21,742

4,093
4,094
4,093
4,090

20,534
20,586
20,610
20,696

2,322
2,315
2,335
2,336

175
8
360
646

1,916
1,707
1,968
1,944

342
341
340
340

12,847
12,482
12,244
12,109

1,538
1,444
1,269
1,077

Mar.
Mar.
Mar.
Mar.
Mar.

1
8
15
22
29

37
52
65
65
83

11,624
12,029
12,110
12,243
12,297

9,043
9,443
9,507
9,637
9,685

2,581
2,586
2,603
2,606
2,613

381
357
467
415
369

12,042
12,438
12,643
12,722
12,749

21,712
21,670
21,670
21,600
21,600

4,091
4,090
4,089
4,090
4,092

20,823
20,963
21,006
20,934
21,037

2,350
2,340
2,342
2,333
2,329

140
269
77
495
753

1,815
1,905
1,922
1,893
1,918

337
339
352
352
351

12,380
12,383
12,705
12,405
12,053

1,215
1,013
1,263
926
630

Apr.
Apr.
Apr.
Apr.

5....
12
19
26

44
55
87
89

12,332 9,719
12,648 10,040
12,734 10,128
12,998 10,392

2,613
2,609
2,606
2,606

389
402
508
398

12,766
13,106
13,330
13,485

21,540
21,479
21,469
21,429

4,093
4,093
4,093
4,094

21,191
21,295
21,334
21,396

2,347
2,327
2,321
2,327

426
274
204
373

1,801
1,823
1,967
2,019

356
356
362
357

12,277
12,604
12,704
12,537

859
986
927
640

May
May
May
May
May

3
10
17...
24...
31

236

10,679
10,636
11,196
11,376
i 14,251 11,613

2,613
2,613
2,613
2,613
2,638

353
328
421
309
272

13,730
13,713
14,382
14,525
14,759

21,375
21,375
21,354
21,324
21,264

4,092
4,097
4,099
4,100
4,10.1

21,614
21,725
21,846
21,911
22,160

2,334
2,333
2,298
2,333
2,310

229
214
397
389
307

1,973
1,826
1,953
1,960
1,946

357
356
355
355
355

12,690
12,729
12,986
13,000
13,046

794
771
936
764
711

June
June
June
June

7
14
21
28

240
173
172
52

! 14,609
15,001
15,180
15,081

11,972
12,362
12,539
12,434

2,638
2,639
2,641
2,647

334
431
435
291

15,183
15,606
15,786
15,423

21,212
21,211
21,201
21,193

4,101
4,104
4,107
4,107

22,255
22,333
22,293
22,421

2,330
2,332
2,339
2,314

262
154
334
561

1,934
2,028
2,000
1,978

357
359
369
369

13,358
13,715
13,758
13,081

818
,059
,213
,239

July
July
July
July

5
12
19
26..

22
45
39
37

14,738
14,816
14,556
! 14,802

12,091
12,174
12,037
12,309

2,647
2,642
2,519
2,493

325
374
403
285

15,085
15,236
14,999
15,124

21,133
21,114
21,047
20,996

4,107
4,107
4,109
4,111

22,598
21,114
22,531
22,584

2,296
2,303
2,348
2,313

219
517
360
403

1,861
1,863
1,798

364
364
364
365

12,987
12,849
12,754
12,793

,470
,563
,462
,280

14
18
14

75

85
136

. 152
. 227

..

13,292
13,249
13,808
i 13,989

1,773

1
2

Includes industrial loans shown separately in subsequent tables.
End of month and Wednesday figures estimated.
Backfigures.—SeeBanking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication.

AUGUST

1944




775

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)

Effective
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.

Boston
New York
Philadelphia
Cleveland
Richmond..
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

Effective

Rate

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.

To others

To nonmember banks

(Sees. 13 and 13a)1
Rate

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)l
discounts of and
advances secured by

Rate

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

Rate

Effective
27,
30,
17,
12,
28,
15,
29,
14,
30,
27,
17,
28,

Effective
Sept.
Aug.
Mar.
Apr.
Mar.
Sept.
Sept.
Sept.
Mar.
Sept.
Sept.
Apr.

1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942

Rate

1, 1939
25, 1939
21, 1942
11, 1942
14, 1942
16, 1939
1, 1939
16, 1939
28, 1942
16, 1939
16, 1939
4, 1942

Effective
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.

f
b
2
2
2
2

27,
30,
17,
27,
28,
15,
17,
27,
30,
27,
17,
28,

1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942

1
Rates shown also apply to advances secured by obligations of Federal Intermediate Credit Banks maturing within 6 months.
NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal Intermediate Credit Banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act
(except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months respectively);
and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or corporations made under the last
paragraph of Section 13 is 90 days.
Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443.

FEDERAL RESERVE BANK BUYING RATES O N BILLS
[Per cent per annum ]
Rate on
July 31

Maturity
Treasury bills1
Bankers' acceptances :2
1- 90 days
91-120 days
121-180 days

Previous
rate

In effect beginning—

FEDERAL RESERVE BANK RATES O N INDUSTRIAL LOANS
AND COMMITMENTS UNDER SECTION 13b
OF THE FEDERAL RESERVE ACT
Maturities not exceeding five years
[In effect July 31. Per cent per annum]
I To industrial or
commercial
businesses

Apr. 30, 1942

H
l
A
H

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

1
1

Discounts or
purchases

Federal Reserve
Bank
On,
loans 1
maturity at tiic same ictic ui UI&IAJUUI..

onn-c xi

have
been made subject to repurchase option.
2
Minimum buying rates on prime bankers' acceptances.
Back figures.—See Banking and Monetary Statistics, Table 117, pp. 443-445.
Boston
New York
Philadelphia
Cleveland

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
19H
22%
26
22^
26
24
22
20

Reserve Country
city
banks
banks
10
15
17^
20
17H
20
20
20
20

7
10H
12M
14
12
14
14
14
14

Time
deposits
(all
member
banks)
3
4H
5X
6
5
6
6
6
6

1
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.

MARGIN REQUIREMENTS 1
[ Per cent of market value ]
Prescribed by Board of Governors of the Federal
Reserve System in accordance with Securities
Exchange Act of 1934
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
1,
Oct. 31, Nov.
1937
1937
55
3

55

40
50
40

1 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.
2
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.

776



To financing institutions

Richmond
Atlanta
Chicago
St. Louis

On
On
On comcommitportion
ments for which On re- mitments
maining
instituportion
tion is
obligated
(3)
(3)
(3)
(3)

V2-IH
x
Ar^A
V2-W4.

(02)
V2-W4.

Minneapolis
Kansas City
Dallas
San Francisco

(3)

1
2
3
4

Including loans made in participation with financing institutions.
Rate charged borrower less commitment rate.
Rate charged borrower.
May charge same rate as charged borrower by financing institution, if
lower.
5
Financing institution is charged XA per cent on undisbursed portion of
loan under commitment.
Back figures.—See Banking and Monetary Statistics,Table 118, pp. 446-447.
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

Feb. 1,1935Dec. 31,1935

Effective
Jan. 1,1936

Savings deposits
Postal savings deposits...
Other deposits payable:
In 6 months or more
In 90 days to 6 months.
In less than 90 days
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]
E n d of month

Wednesday figures

1944

1944

July 26

July 19

July 12

July 5

June 28

June 21

June 14

June 7

June

1943
May

June

Assets

Gold certificates on hand and
18,399,125 18,453,125 18,528,125 18,551,875 18,619,375 18,646,370 18, 663,375 18,687,125 18,599,375 18,741,125 20,170,716
due from U. S. Treasury
410,317
355,674
53,673
417,450
386,804
381,584
423,915
420,533
411,813
359,386
425,735
Redemption fund—F.R. notes.,
277,364
265,076
271,256
357,587
280,560
278,491
268,903
286,656
276,023
259,467
290,304
Other cash
19,115,164 19,163,696 19,224,681 19,240,581 19,311,748 19,311,665 19,313,862 19,305,978 19,287,056 19,361,875 20,581,976

Total reserves.
Discounts and advances:
For member banks
For nonmember banks, etc
Total discounts and
advances
Industrial loans
U. S. Government securities:
Direct:
Bills:
Under repurchase option
Other
Certificates:
Special
Other
Notes
Bonds
Guaranteed

12,530
150

236,027
600

51,398
150

171,357
150

172,552
100

238,950
600

45,125

51,548

171,507

172,652

239,550

236,627

4,990

11,176

.11,067

11,163

11,513

11,130

11,791

12,676

36,265
920

38,030
900

44,225
900

37,185

38,930

10,749

10,945

21,095
900

4,990

3,522,649 3,353,682 3,519,732 3,492,099 3,856,797 4,177,585 4,174,912 4,101,763 3,655,233 4,093,385 2,809,728
5,404,568 5,301,433 5,272,628 5,217,183 5,195,143 5,068,305 4,902,400 4,629,513 5,217,183 4,372,283 1,005,507
3,381,990 3,381,990 3,381,990 3,381,990 3,381,990 3,292,990 3,284,990 3,240,490 3,381,990 3,147,490 1,091,700
773,900
1,130,571 1,135,371 1,180,035 1,180,035 1,180,035 1,180,035 1,187,535 1,187,535 1,180,035 1,186,264
1,359,936 1,381,396 1,459,096 1,464,096 1,464,096 1,458,496 1,448,996 1,447,496 1,464,096 1,447,496 1,467,732
53,616
3,771
2,500
2,500
2.500
2,500
2,500
2,500
2,500
2,500
2,500

Total U. S. Government
securities, including
guaranteed securities. . 14,802,214 14,556,372 14,815,981 14,737,903 15,080,561 15,179,911 15,001,333 14,609,297 14,901,037 14,250,689 7,202,183
Other Reserve Bank credit out355,923
347,317
standing.
260,150
423,707
322,584
314,434
273,712
392,395
279,697
363,301
420,103
Total Reserve Bank
credit outstanding

15,123,860 14,998,642 15,235,583 15,085,477 15,422,873 15,786,288 15,605,601 15,182,561 15,272,118 14,759,257 7,575,772

Liabilities
Federal Reserve notes.
Deposits*
Member bank—reserve
account
U. S. Treasurer—general
account
Foreign
Other deposits
Total deposits

18,995,287 18,980,884 18,958,749 18,971,663 18,832,322 18,715,801 18,738,090 18,649,227 18,898,960 18,531,796 13,872,422

12,792,593 12,754,049 12,849,307 12,986,913 13,080,754 13,757,866 13,715,085 13,357,767 12,865,826 13,045,575 12,084,540
307,484
455,178
219,248
334,124
650,457
359,740
516,761
560,567
262,102
153,626
402,698
1,414,721 1,461,908 1,487,693 1,470,508 1,577,080 1,580,333 1,533,787 1,515,629 1,507,511 1,553,508 1,114,099
368,480
392,739
335,756
362,493
390,528
400,514
419,572
375,130
493,917
417,976
358,354

4,968,366 14,911,453 15,228,891 15,067,197 15,618,915 16,091,895 15,896,415 15,553,474 15,386,287 15,299,306 14,022,297

Ratio of total reserves to deposit and F.R. note liabilities
combined (per cent)

56.5

56.3

56.1

55.5

55.8

57.2

56.4

73.8

MATURITY DISTRIBUTION OF LOANS 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

Discounts and advances:
June 28
July 5
July 12
July 19
July 26

51,548
21,995
45,125
38,930
37,185

40,531
10,975
36,955
21,465
25,375

525
400
450
4,670
1,175

2 822
675
705
805
2 440

7,670
9,945
7,015
11,990
8,195

Industrial loans:
June 28
July 5
July 12
July 19
July 26

11,067
11,145
11,176
10,945
10,749

10,404
10,050
10,081
9,882
9,685

19
11
1
6
18

23
447
472
466
464

219
240
227
210
196

15 ,080,561
14 ,737,903
14 ,815,981
14 ,556,372
14 ,802,214

1,769,811
1,611,084
1,563,721
2,012,700
2,087,090

1,198,259
1,647,766
1,789,110
1,342,481
1,482,772

U. S. Government securities, including guaranteed securities:
June 28
July 5
July 12
July 19
July 26

AUGUST 1944




3,
3,
3,
3,
3,

484
720
810
905
883

554
716
228
357
563

3,
3,
3,
3,
3,

91 days
to 6
months

172
202
224
212
210

6 months
to
1 yea r

1 year
2 years

79
77
76
74
75

120
87
64
64
70

728,606 1,035, 000 1 ,704, 371
476,756
417, 250 1 ,704, 371
417, 250 1 ,704, 371
376,341
417, 250 1 ,704, 371
141,617
220,832
417, 250 1 ,704, 371

17,800
17,800
17,800
17,800
17,800

2 years
to
5 years

Over
5 years

31
31
31
31
31

1,021 ,926
1,021 ,926
1,021 ,926
964 ,762
957 ,302

1,120,234
1,120,234
1,115,234
1,050,034
1,031,234

777

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total
Assets
Gold ctfs. on hand and
due from U.S.Treas.:
June 28
July 5
July 12
July 19
July 26
Redemption fund—
F. R. notes:
June 28
July 5
July 12
July 19
July 26
Other cash:
June 28
July 5
July 12
July 19
July 26
Total reserves:
June 28
July 5
July 12
July 19
July 26
Discounts & advances:
Secured by U. S.
Govt. securities:
June 28
July 5
July 12
July 19
July 26
Other:
June 28
:...
July 5
July 12
July 19
July 26
Total discounts and
advances:
June 28
July 5
July 12
July 19
July 26
Industrial loans:
June 28
July 5
July 12
July 19
July 26
U. S. Govt. securities:
Bills:
Under repurchase
option:
June 28..
July 5.. ..
July 12
July 19
July 26
Other bills:
June 28
July 5
July 12
July 19
July 26
Certificates:
June 28
July 5
July 12
July 19
July 26
Notes:
June 28
July 5
July 12
July 19
July 26
Bonds:
June 28
July 5
July 12
July 19
July 26
Total U . S . Govt. sec,
incl. guar. sec:
June 28
July 5
July 12
July 19
July 26

18,619,375
18,551,875
18,528,12:
18,453,125
18,399,125

Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

,413,525 1,037,548 1,531,525 1,070,845 1,009,057 3,,567,665
1,136,
1,036,731 4,617,207 964,320 1,539,098 1,034,344 954, 575 3,,604,372
1,059, 6214 ,529,712 979,540 1,484,720 1,051,045 961, 748 3,629,999
1,047, 117 4.,748,043 950,835 1,464,272 999,018 925,538 3,592,642
985, 617 4,,830,996 940, 370 1,490,601 990,634 909,971 3,577,449

Minneapolis

St.
Louis

Kansas
City

710,488
675,473
692,537
649,651
614,162

390,382
372,325
374,148
354,907
359,790

721,674
732,954
719,660
702,844
687,581

Dallas

San
Francisco

482,675 2,547,628
523, 846 2,496,630
544,071 2,501,324
506,233 2;
:,512,025
494,811 2,517,143

411,813
417,450
420,533
423,915
425,735

26,191
26,098
26,015
25,898
27,796

101,306
100,982
100,484
100,119
99,764

30,397
35,218
35,589
35,457
35,291

35,911
35,791
35,658
35,563
35,428

27,411
26,728
28,040
27,318
28,413

22,759
25,117
25,899
25,758
25,622

54,726
54,616
55,872
55,736
55,589

28,794
28,748
28,713
28,663
28,612

11,309
11,289
11,527
11,514
11,495

14,577
14,541
14,514
14,479
14,442

13,078
13,051
13,019
12,978
12,941

45,354
45,271
45,203
50,432
50,342

280,560
271,256
276,023
286,656
290,304

18,328
17,092
18,757
20,613
19,714

77,602
70,425
73,131
73,042
73,254

21,497
20,119
21,072
22,261
21,995

22,931
21,116
22,328
21,427
23,414

15,394
17,456
16,619
19,350
18,443

18,303
19,941
18,583
21,318
21,238

41,581
40,030
41,005
41,317
41,619

12,929
13,262
12,738
13,024
13,367

5,644
6,010
5,854
6,304
6,467

12,097
13,440
12,581
12,805
13,272

9,301
8,496
8,500
8,956
9,182

24,953
23,869
24,855
26,239
28,339

590,367 1,113,650 1,050, 119 3,663,972
596,005 1,078,528 999, 633 3,699,018
542,706 1,095,704 1,006,230 3,726,876
521,262 1,045,686 972,614 3,689,695
549,443 1,037,490 956,831 3,674,657

752,211
717,483
733,988
691,338
656,141

407,335
389,624
391,529
372,725
377,752

748,348
760,935
746,755
730,128
715,295

505,1,054 2,,617,935
545,,393 2,,565,770
565,,590 2 ,571,382
528,,167 2!,588,696
516,934 2 ,595,824

19,311,748 1,180,882 4 ,592,433 1,089,442
19,240,581 1,079,921 4,788,614 1,019,657
19,224,681 1,104,393 4 ,703,327 1,036,201
19,163,696 1,093,628 4,921,204 1,008,553
19,115,164 1,033,127 5,004,014 997,656

2,775
1,475
1,375
1,525
1,720

50
925
925
925
925

3,000
3,000
6,000
3,300

9,100
4,000
4,000
6,200
4,820

230
230
2,230
230
330

500

2,775
1,475
1,375
1,525
1,720

50
925
925
925
925

3,000
3,000
6,000
3,300

9,100
4,000
4,000
6,200
4,820

230
230
2,230
230
330

500

250
250

4,754
4,822
4,747
4,545
4,359

360
355
355
355
355

187
187
188
187
187

40
35
35
33
33

226
248
232
206
198

25
25
25
25
25

3,945
3,945
3,970
3,970
3,970

51,522 2,414,164
,231,206
58,
50, 746 2,235,581
44,455 1,958,159
94,977 2,003,993

118,624
97,684
112,979
132,154
141,056

36,930
28,891
61,891
78,006
65,526

36,570
26,243
16,002
27,136
38,132

32,747
31,480
31,134
24,638
32,574

864,150
764,283
699,088
710,594
744,591

46,157
42,030
53,466
68,061
100,761

38,210
34,640
37,260
41,625
27,025

21,340
17,188
23,778
40,485
47,245

19,683
13,908
12,687
22,884
18,834

176,700
145,790
185,120
205,485
207,935

5,195,143
5,217,183
5,272,628
5,301,433
5,404,568

396,769 1,158,922
395,134 1,095,384
399,323 1,108,101
401,525 1,112,140
409,315 1,135,467

421,788
429,019
433,552
435,969
444,412

581,399
583,495
589,511
593,077
604,323

338,063
344,157
347,661
349,852
356,415

295,817
320,293
323,381
325,736
331,581

559,013
580,777
587,028
590,086
601,691

241,455
251,969
254,594
256,080
260,981

158,649
154,888
156,565
157,368
160,472

273,296
272,347
275,179
276,798
282,086

244,805
235,509
237,938
239,376
243,919

525,167
554,211
559,795
563,426
573,906

3,381,990
3,381,990
3,381,990
3,381,990
3,381,990

258,295
256,142
256,134
256,147
256,142

754,444
710,075
710,764
709,481
710,536

274,581
278,106
278,094
278,116
278,095

378,484
378,244
378,124
378,347
378,166

220,079
223,103
223,000
223,186
223,031

192,570
207,625
207,425
207,803
207,489

363,916
376,483
376,536
376,438
376,518

157,182
163,333
163,300
163,368
163,315

103,276
100,406
100,421
100,384
100,415

177,920
176,544
176,510
176,578
176,522

159,364
152,668
152,623
152,709
152,635

341,879
359,261
359,059
359,433
359,126

1,182,535
1,182,535
1,182,535
1,137,871
1,133,071

90,314
89,562
89,559
86,181
85,813

263,798
248,281
248,523
238,704
238,051

96,009
97,242
97,236
93,574
93,171

132,340
132,256
132,215
127,295
126,697

76,951
78,007
77,973
75,090
74,723

67,335
72,598
72,527
69,914
69,516

127,244
131,640
131,658
126,653
126,145

54,961
57,112
57,100
54,964
54,715

36,112
35,107
35,114
33,777
33,643

62,208
61,731
61,716
59,410
59,139

55,723
53,381
53,364
51,378
51,138

119,540
125,618
125,550
120,931
120,320

1,464,096
1,464,096
1,459,096
1,381,396
1,359,936

111,817
110,886
110,505
104,626
102,995

326,608
307,397
306,645
289,791
285,714

118,868
120,395
119,977
113,601
111,826

163,850
163,746
163,136
154,538
152,064

95,273
96,581
96,208
91,161
89,684

83,367
89,884
89,489
84,877
83,435

157,541
162,983
162,449
153,759
151,402

68,047
70,710
70,454
66,727
65,670

44,711
43,466
43,326
41,005
40,379

77,020
76,429
76,150
72,125
70,980

68,991
66,091
65,845
62,374
61,377

148,003
155,528
154,912
146,812
144,410

908,717 4,917,936 1,029,870
910,480 ,592,343 1,022,446
906,267 4,609,614 1,041,
892,934 ,308,275 1,053,414
1,068,560
949,242 4,373,761
;

1,293,003
1 286,632

766,936
768,091
760,844
766,425
781,985

671,836 2,071,864
721,880 2,016,166
723,956 1,956,759
712,968 1,957,530
724,595 2,000,347

567,802
585,154
598,914
609,200
645,442

380,958
368,507
372,686
374,159
361,934

611,784
604,239
613,333
625,396
635,972

548, 566
521,557
522,457
528,721
527,903

1,311,289
1,340,408
1,384,436
1,396,087
1,405,697

51,548
21,995
45,125
38,930
37,185

5,835
2,225
3,870
3,670
2,275

31,205
9,125
28,375
17,585
19,615

1,553
1,015
1,100
2,545
4,200

300

51,548
21,995
45,125
38,930
37,185

5,835
2,225
3,870
3,670
2,275

31,205
9,125
28,375
17,585
19,615

1,553
1,015
1,100
2,545
4,200

300

11,067
11,145
11,176
10,945
10,749

1,439
1,439
1,535

91
89
89
89
89

3,856,797
3,492,099
3,519,732
3,353,682
3,522,649

15,080,561
14,737,903
14,815,981
14,556,372
14,802,214

778




1,535
1,533

250
250

,324,877
1,331,263
1,326,776

FEDERAL RESERVE BULLETIN

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

Total

Total loans and sec:
June 28
July 5
July 12
July 19
July 26...
D u e from foreign banks:
June 28
July 5
July 12
July 19 . ...
July 26
Federal Reserve notes
of other banks:
une 28
uly 5
uly 12
uly 19
uly 26
Uncollected items:
June 28
July 5
July 12
July 19
July 26
Bank premises:
June 28
July 5
July 12
July 19
July 26
Other assets:
une 28...
uly 5
uly 12
uly 19
uly 26
Total assets:
June 28
July 5
July 12
July 19
July 2o...
Liabilities
Federal Reserve notes:
June 28
July 5
July 12
July 19
July 26...
Deposits:
M e m b e r bank—reserve account:
June 28....
July 5
July 12...
July 19...
July 26..
U . S . Treasurergeneral account:
June 28...
July 5
July 12
July 19...
July 26...
Foreign:
June 28....
July 5....
July 12
July 19...
July 26...
Other deposits:
June 28...
July 5
July 12
July 19
July 26...
Total d i3*""^' *^ •
une 28.
uly 5.
j
uly 12...
July 19
July 26
Deferred availability
item s.
une 28..
uly 5
uly 12
uly 19
uly 26

15,143,176
14,771,043
14,872,282
14 606 247
14,850, 148

915,991
914, 144
911, 672
898, 139
953,050

136
136
136
136
136

10
10
10
10
10

86 128
76,814
91, 100
93,969
89,398

New
York

Philadelphia

949, 232 036, 177
601, 557 [ 028 283
638,078 047, 685
325,949 060, 504
393,465 [ 077, 119

Richmond

293,663
286,987
325,482
331 868
327, 131

769,898
769, 753
762,407
768, 137
783,892

671,926
722,840
724,916
713,926
725,553

071,864
019, 166
959, 759
963, 530
003, 647

576,902
589, 154
602,914
615,400
650,262

381, 184
368, 755
372,918
374,365
362, 132

Atlanta

Chicago

Dallas

San
Francisco

612,039
604,494
615,588
625,651
636,327

548,566
521, 557
522,
528, 721
527,903

315, 734
344, 353
388,406
400,057
409,667

Minne- Kansas
City
apolis]

St.
Louis

Cleveland

I49
I49
I49
I49
149

12
12
12
12
12

12
12
12
12
12

6
6
6
6
6

4
4
4
4
4

17
17
17
17
17

4
4
4
4
4

3
3
3
3
3

4
4
4
4
4

4
4
4
4
4

11
11
11
11
11

1,649
1,611
1,630
1,969
1,850

14,812
11.491
16,461
18,133
15,385

2,899
2,976
3,305
3,310
3,140

3,037
3,781
3,866
3,373
3,549

10,430
8,958
11,248
10,356
10,957

7,537
6,254
7,485
9,006
7,197

9,545
8,617
9,865
9,817
9,399

5,926
5,763
6,570
6,577
5,625

2,769
3,581
3,883
4,345
4,773

6,567
4,854
7,187
6,571
7,149

3,030
2,350
2,984
3,626
3,550

17,927
16,578
16,616
16,886
16,824

1,709, 758
1,564,089
1,810,313
1,864,847
1,621,251

134, 559
114,440
142, 241
143,383
113,421

350,373
292,946
377, 775
393, 665
329,626

103,466
102, 894
110,647
106,950
96,849

200,623
169,229
185,292
219,057
159 757

125,279
115,032
128,910
132,287
115,594

92,690
96,875
102,342
96, 118
86 365

282,649
242,874
296,218
277, 111
272,302

63,515
67,782
74,656
78,321
65,915

34,433 ' 57,
220
38,044
88,013
40,940
98,065
40 096
97,490
36 248
79,602

60,933
59,889
70,635
70,728
71,110

204,018
176,071
182, 592
209,641
194,462

34,739
34,704
34,705
34,704
34,665

1,638
1,638
1,638
1,638
1,638

9,022
9,002
9,002
9,002
9,002

3,528
3,528
3,528
3,528
3,516

4 158
4, 158
4 158
4 158
4 148

2,894
2,894
2,894
2,894
2,887

1 632
1 632
1 632
1 632
1 629

2,912
2,912
2,912
2,912
2,912

2,043
2,042
2 043
2,042
2 041

1 266
1 266
1 266
1 266
1 266

2,706
2,70Q
2,700
2,700
2,700

955
947
947
947
947

1,985
1,985
1,985
1,985
1 979

59,355
61,136
63,083
63,438
64 601

4 209
4 '380
4 452
4 524
4 582

12,543
12,080
12,701
12,499
13,087

4 575
4 477
4 647
4 682
4 765

6 974
7 145
7 325
7 519
7 500

4,314
4,407
4,543
4,469
4 570

3 331
3 678
3 771
3 754
3 816

6,440
7 094
7 476
7,540
7 837

3 071
3 100
3 149
3 172
3 239

1 857
1 912
1 883
1 942
1 892

3,075
3,293
3,363
3,315
3 247

2 694
2 665
2 715
2 868
2 972

6 272
6 905
7 058
7 154
7 094

3t,345
35,748
3t,096
35,827
35,775

040 2,238,938 9 928 464 2 240 099 3,098
503 2,116 144 9 715 739 2,161 827 3,067
300 2,166 036 9 757 393 2,206 025 3,068
037 2,143 291 9,680 501 2,187 539 3,087
363 2,107 678 9 764 628 2,183 057 3,051

U ,832 322 1,240
IS,971 663 1,249
lfc,958 749 1,246
18,980 884 1,241
IS,995,287 1,240

k ,080
12,986
\i ,849
\i ,754
1-.792

754
913
307
049
593

560,56
219 24
516 76
359 74
402 698

887 4,207 036 1,257 423 1,663
662 4,249 664 1,265 855 1,673
324 4,231 765 1,265 430 1,678
698 4 237 024 1, 265093 1,680
631 4 247 707 1,266 328 1,685

629 745 4,322
608 849 4,266
625 343 4,145
621 683 4,113
610 579 4,197
94 012
18 670
28 109
17 744
22 572

08
50
69
90
72

107 218
101 061
103 091
100 322
97,569

400 51
390 52
375 13
335 75
358 35

5 28
4 523
4,486
3,650
4,156

,577
,470
,487
,461
1,414

I.

15,618 91
15,067 19
15,228 89
14,911 ,45
14,968,36
1,430 ,19
1,249 ,79
1,447 ,14
1,472 ,58
1,347 ,67

642 063 1,022
643 003 1,044
642 458 1,004
631 178 1,018
635 476 1,015

959 1,121
293 1,132
662 1,165
859 1,135
324 1,123

471 1,827
578 1,830
712 ,846
835 1,797
396 1,781

239 6 037 399 1,403
916 5 979 698 1,385
380 6 003 123 1,423
054 5 950 622 1,396
395 5 970 771 1,383

318 1,224
044 1,231
892 1,233
301 1,234
713 1,230

863 1,092
106 1,099
814 1,096
760 1,092
277 1,088

799 3 486 678
519 3 506 239
798 3 508 713
177 3 515 313
956 3 524 019

797 650
804 385
804 604
802 941
800 014

418 932
420 716
420 571
419 947
420 592

691 211
695 693
697 272
697 423
697 703

466 448 2,285
472 877 2,302
470 344 2,304
466 999 2,327
464 802 2,328

077
903
222
208
545

553 020 2 003 975
562 346 1 993 887
573 616 1 951 306
540 611 1 975 594
526 474 1 964 959

442 964
440 623
455 451
437 622
445 506

291 813
285 887
285 591
283 947
281 301

594 057
604 067
589 763
600 846
601 454

526 900 1,498
529 944 1,458
561 703 1,466
536 116 1,472
526 885 1,469

003
126
348
551
042

672
328
324
854
227

236 4 163 882
805 4,111 673
332 4,168 050
061 4,224 430
420 4,225 861

351
046
583
933
086

553 659
550 052
547 626
521 760
518 824

62 224
610
25 897
23 225
25 700

57 005
17 192
48 983
34 552
41 481

47 220
7 429
30 784
14 795
23 606

29 449
21 276
24,946
16,010
23,765

70 282
42 972
76 236
22 584
35 711

26 603
13 463
28 565
16 787
10 969

37 188
15 052
25 454
13,742
8,965

5 115
22 529
29 722
21 121
13 988

15 172
15 786
16 205
15 238
13 576

17 528
28 230
62,107
65,261
75 383

034
785
220
925
922

140 562
132 408
134 151
131 432
126 48f

135 978
128 090
129 776
127 147
122,362

61 114
57 569
58 326
57 145
54 994

48,891
46,055
46,661
45,716
43,995

189 454
178 463
180 812
177 148
170 481

47 363
44 616
45 203
44,287
42,620

33,613
31,663
32,079
31,429
30,247

44 308
41 737
42 286
41 430
39 871

44 308
41 737
42 287
41,430
39,871

119,237
112 324
113 801
111,497
107,303

279 793
289 696
272 784
242 567
255 780

12,598
7,679
8,313
9,241
9,122

7,158
6,926
10,837
8,208
8,423

6 032
7 223
3 953
2 681
4 226

11,411
8,590
4,969
4,504
7,217

7 207
6,539
7,045
5,704
12,993

17,827
11,769
11,694
14,153
10,840

7,665
5,241
4,974
3,143
3,001

3 656
2,616
3,961
2,379
1,949

4,293
3,947
5,545
4,437
4,204

37,593
35,779
36,569
35,089
36,443

857,447 1,222,492
783 700 1,196 ,254
810 819 1,194,179
795,076 1,188 ,840
796,784 1,187 ,352

668 025
622 273
640 689
596 381
601 650

642,771 2,270,918
638,267 2,221 ,861
650,192 2 215,399
606,841 2,181 ,030
601,451 2,184,144

534.757
510,471
540,913
512,849
509,935

370,279
337,843
348,098
332,261
323,514

647,136
670 949
665 732
665,776
657 262

590,673
591,414
625,740
597,221
584,536

1,672 ,361
1,634,459
1,678,825
1,684,398
1,688,171

55,681
55,170
62,433
65,672
57,764

27,192
32,268
31,337
30,072
27,434

76,267
82 363
95,212
87 379
74,085

49,088
53,665
54,312
55,827
58,976

171,395
139,487
150,105
177,828
174,007

98 769
16 039
119 753
98 681
106 982
2

605
554
559
2
552
2
538
2

2

836,256 5,305
733,103 5,126
761,029 5,097
743,399 5,007
734,876 5,098
130,34
102,36
127,61
126,98
100,78

204
083
519
208
007

828 847 1,429
803 185 1,464
812 422 1,473
794 742 1,465
784 066 1,444

834 2,026
317 1,979
841 2,005
249 1,963
540 1,955

800
603
276
381
691

259,228
184,359
272 754
280 332
262 057

85,060
72,260
89,641
87,142
79,568

169,278
154,665
152,216
174,377
134,607

112,756
105,521
110 446
111 827
102,513

73,830
75,398
81,587
80,577
73,130

220,080
192,268
219,486
194,573
202,750

I

1

After deducting $87,000 participations of other Federal Reserve Banks.
After deducting $971,710,000 participations of other Federal Reserve Banks on June 28; $915,343,000 on July 5; $927 389,000 on July 12; $908 598 000 on
July 19; and $874,403,000 on July 26.
2

AUGUST

1944




779

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

Other liabilities, including accrued div.:

June

28

5
July
T 1
12
July
19
July
July 26
Total liabilitiesJune 28
July 5

35,
35,
35,
35,
35,

July

12
July 19
July 26

Capital

12,208
6,979
7,484
6,786
7,546

1,184
674
651
711
780

893,642
295,630
642,272
371,711
318,874

2,208,669
2,085,806
2,135,623
2,112,790
2,077,071

158,160
158.740
158,922
159,110
159,182

9,910
9,922
9,936
9,942
9,947

57,
58,
58
58
58

849
085
098
115
123

11,
12
12
12
12

188,097
188,097
188,097
188,097
188,097

13,206
13,206
13,206
13,206
13,206

70
70
70
70
70,

012
012
012!
012
012

17 859
17 8591
17 859
17.859
17. 859

26,965
26,965
26,965
26,965
26,965

2,874
2,874
2,874
2,874
2,874

78,176
79,071
80,044
81,154
82,245

4,279
4,336
4,397
4,479
4,580

3, 590
1, 805
2, 032
1, 806
1, 959
9
9
9
9
9

888
462
507
480
526

1, 182
672
749!
769
791

2, 200, 818 3
2, 122, 277 3
2, 166, 397 3
? 147, 79l|3
2, 143, 206 3

775. 654
562, 431
603, 827
526, 543
610, 414

Richmond

Cleveland

Atlanta

434
245
270
253
284

056,
024,
026,
044,
008,

270
635
036
287
463

2, 006,
1, 959,
1 985,
1, 943,
1, 934,

16,
16
16
16
16

156
180
209
216
224

6
6
6
6
6

Chicago

885
713!
703
277|
6161

St.
Louis

1, 452
923
894
971
1, 022

Kansas
City

Minneapolis

535
216
235
222
281

297
177
186
187
219

527
402
529
374
273

408
189
232
251
294
1, 106,617
1 m5,145
1 150,628
1 120,298
1 106 ,608

078 1 810, 285 5, 979,
145 il 813, 897 5, 921,
219 1 829, 280 5, 944,
221J1 779, 872 5, 891,
724 1, 764, 153 5, 911,

128 1, 388,
291 1, 370,
492 1, 408,
887|1, 381,
935 1, 367,

623
242
185
684
994

816,
791,
800,
782,
771,

700
004
192
467
759

1.415, 141
1, 449, 407
1, 458, 745
1, 450, 952
1, 429, 323

331
341
347
374
376

5,
5,
5,
5,
5,

661
685
709
711
713

18,
18,
18,
18
18,

666
704
726
825
830

4,
4
4
4
4

833
837
857
867
868

3,
3,
3,
3
3,

427
429
451
454
458

5,
5,
5
5
5

130
139
146
153
155

5 236
5.236
5 236
5 236
5 236

5,
5,
5,
5,
5

725
725
725
725
725

26
26
26
26
26

490
490
490
490
490

6
6
6
6
6

330
330
330
330
330

3
3
3
3
3

669
669
669
669
669

4
4
4
4
4

749
749
749
749
749

1
1
1
1
1

429
429
429
429
429

530
530
530
530
530

1
1
1
1
1

000
000
000
000
000

819|
860
917!
997
055

11
11
11
11
12

686
784
986
991
087

356
389
422
443
505

4
4
4
4
4

051
083
110
152
180

San
Francisco

Dallas

826
501
496
485
501
129,
077,
133,
189,
191,

659
350
648
919
224

AL,989
LL997
5,005
5,005
5,012

13
13
13
13
13

347
350
362
364
370

554
554
554
554
554

4,831
4,831
4,831
4,831
4,831

14
14
14
14
14

159
159
159
159
159

1
1
1
1
1

137
137
137
137
137

1,307
L,3O7
L,3O7
1,307
L,3O7

2
2
2
2
2

129
129
129
129
129

3
4
4
4
4

997
056
080
063
155

3,492
3.525!
3,561
3,620
3,662

4
4
4
4
4

588
685
752
859
979

4,
4,
4,
4,
4,

Accounts

Capital paid in:
June 28
July 5
12
Tuly
T 1
19

July
July 26
Surplus (section 7):

Surplus (section 1,3b):
June 28
5
July
T 1
12
July
July 19
July 26
Other capital accounts:
28
5
12
July 19,
July 26

861
071
076
084
106

I

28
5
12
July 19
July 26

June
July
July

June
July
July

Philadelphia

New
York

Boston

WEEKS-Continued

,

Total liabilities and
capital accounts:
June 28
July 5
July 12
July 19
July 26
Commitments to make
industrial loans:
June 28
July 5
July 12
July 19
July 26

36
35
36
35
35

345,040
748,503
096,300
827,037
775,363

7 0921
77 092
7, 092
7 092
7 092

4
4
4
4
4

857
119
364
739
987!

5
5
5
5
5

17
18
18
18
18

2,238,938 9 928
2,116,144 9 715
2,166,036 9 ,757
2,143,291 9 ,680
2,107,678 9 ,764

4,199
3,965
3,915
4,101
3,648

464 2 240
739 2 161
393 2 206
501 2 ,187
628 2 183
8
8
8
8
8

375
375
275
275
275

16 0261
16,026
16 026
16 026
16 026

421
421
421
42lj
4211
i
140
199
272
384
465
099
827
025
539
057

1
1
1
1
1

007
007
007
007
007

3
3
3
3
3

2901
290j
290
290
290

9
9
9
9
9

375
469
563
713
820

.5
5
5
5
5

536
566
620
714
770

3 ,098
3 ,067
3 ,068
3 ,087
3 ,051

834
317
,841
,249
,540

1 ,682
1 ,590
1 ,665
1 ,854
2 ,005

42
42
42!
50
50

4
4
4
4
5

2 026 471 1 827
1,979 ,578 1,830
2 ,005 ,71211 ,846
1 ,963 ,835 1 ,797
1 ,955 ,396 1 ,781

239 6
916|5
380 6
054 5
395 5

3
3
3
3
3

037 399 1 403 672
979 698 1 385 328
003 123 1 ,423 ,324
950 622 1 ,396 ,854
970 ,771 1 , 383 ,227

1 ,132
991
991
988
959

828 847
803 185
812 422
794 ,742
784 ,066

1
i

1 429 959
1 464 ,293
1 ,473 ,662
1 ,465 ,859
1 ,444 ,324

1,121,23614 163 882
1 ,132,805 4 111 673
1 ,165,332 4 ,168 ,050
1 ,135,061 4 ,224 ,430
1 ,123,420 4 ,225 ,861

48
481
48!.
4S
4?

912
911
886
878
303

FEDERAL RESERVE NOTES-FEDERAL RESERVE AGENTS1 ACCOUNTS, BY WEEKS
[In thousands of dollars]
Total
Federal Reserve notes outstanding (issued to Bank):
June 28
July 5
July 12
July 19
July 26
Collateral held against notes
outstanding:
Gold certificates:
June 28
July 5
July 12
July 19
July 26
Eligible paper:
June 28
July 5
July 12
July 19
July 26
U. S. Govt. securities:
June 28
July 5
July 12
July 19
July 26
Total collateral:
June 28
July 5
July 12
July 19
July 26

780




.9,501,413
.9,549,378
.9,616,036
.9,671,449
.9,703,192

Boston

New
York

,277,15' 4,387,242
,411,343
,274,
,284, 641 4 ,416,902
,287,451 4,416,967
,283, 675
' " 4,,423,899

Philadelphia

1,291,199
1,295,056
1,301,070
1,305,024
1,300,912

Cleveland

Richmond

1,711,882 1,261,979
1,712,713 1,261,494
1,719,08611,269,423
1,721,462 1,271,351
1,727,117 1,271,324

Atlanta

Chicago

145,963 3,563,665
145,259 3 ,577,601
149,346 3 ,583,626
146,166 3 ,582,758
152,674 * 598,716

St.
Minne- Kansas
Louis apolis City Dallas

San

Francisco

834,338 428,828 715,825 496,522 2,386,813
832,975 428,942
" '" 714
714,834|499,996 2,394,331
843,8521430,
716,9421499,193 2,401,802
841,025 429,663 721
721,348|498,618J2,449,616
840,480 430, 315 725,126J499,61112,449,343

i
11,873,000
11,768,000
11,842,000
12,187,000
12,155,000

000
000
000
000
000

2 ,395,000
2 ,420,000
2 ,470,000
2 ,770,000
2 ,770,000

695, 000
600, 000
605, 000
610, 000
610,000

5,835
2,225
3,870
3,670
2,275

31,205
9,125
28,375
17,585
19,615

1,553
1,015
1,100
2,545
4,200

7,771,157
8,042,030
8,203,466
7,918,061
7,950,761

500,000 2,000,000
500,000 2,000,000
600,000 2,000,000
600,000 1,700,000
600,000 1,700,000

600,000
700,000
700,000
700,000
700,000

19,694,855
19,828,100
20,086,416
20,136,816
20,138,72

1,284,835 4,426,205
1,281,225 4,429,125
1,389,870 4,498,375
1,379,670 4,487,585
1,343,275 4,489,615

1,296,553
1,301,015
1,306, 100
1,312,545
1,314, 200

50,698
18,070
40,950
31,755
32,960

779,
779,
786,
776,
741,

1,013,000
1,018,000
1,025,000
1,025,000
1,028,000

775,000
775,000
775,000
775,000
775,000

725,000 2,500,000 375,000 206,000 430,(
0,000 256,000 1,724,000
685,000 2,500,000 375,OOOi206,000 430,(
0,000 256,000 1,724,000
660,000 2,520,000 375,000J216,000 430,000 256,000 11,724,000
660,000 2,520,000 375,000 216,000 430,000 256,000 1,774,000
660,000 2,520,000 375,000 216,000 430,000 256,000 1,774,000
1 ""

2,775
1,475
1,375
1,525
1,720

700,000
700,000
700,000
700,000
700,000

500,000
500,000
525,000
525,000
525,000

1,713, 000 1,277,775
1,718,000 1,276,475
1 ,725,000 1,301,375
1,725,000 1,301,525
1 ,728,000 1,301,720

9,100
4,000
4,000
6,200
4,820
425,000
475,000
500,000
500,000
500,000

230
230
2,230
230
330

100,000 471 157 225,000 300,000 250,000
100,000 492 030 225,000 300,000 250,000
, 100,000 503,466
225,000300,000
300 250,000
" " 225,000
100,000 518,061 225,000 300,000 250,000
100,000 550,761 225,000 300,000j250,000

700,000
800,000
800,000
800,000
800,000

1,000 3,,600, 000 855,257 431,000 730,230 506 ,00012,424,000
150,
160,
1,000 3:,600, 000 871,030 431,000 730,230 506 ,00012,524,000
,620
160,000 3,620,000
882,466 44l|000 732^230 506 ,000,2,524,000
,620,
160,
,000 2,574,000
,620,
160,000 3,620,000
930,581 441,000 730,330 506 ,000 2,574,000

FEDERAL RESERVE BULLETIN

INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
Date (last
Wednesday or
last day of
period)
1934
1935
1936
1937
1938
1939
1940
1941

1942
June 24
Dec. 31
1943
Jan. 30
Feb. 27
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 30
Nov. 30
Dec. 31
1944
Jan. 31
Feb. 29
Mar. 31
Apr. 29
May 31
June 30

APParticiproved
Loans Commitpations
but not
out- 2 ments
outoutcom- standing
pleted1 (amount) standing standing
(amount) (amount)
Amount (amount)

Applications
approved
Number
984
1,993
2,280
2,406
2,653
2,781
2,908
3,202

49,634
124,493
139,829
150,987
175,013
188,222
212,510
279,860

20,966
11,548
8,226
3,369
1,946
2,659
13,954
8,294

13,589
32,493
25,526
20,216
17,345
13,683
9,152
10,337

8,225
27,649
20,959
12,780
14,161
9,220
5,226
14,597

1,296
8,778
7,208
7,238
12,722
10,981
6,386
19,600

3,352
3,423

338,822
408,737

26,346
4,248

11,265
14,126

16,832
10,661

26,430
17,305

3,432
3,440
3,443
3,447
3,448
3,452
3,455
3,458
3,460
3,464
3,466
3,471

434,638
446,319
459,296
467,733
473,399
475,468
477,681
481,288
483,608
486,098
488,422
491,342

6,672
5,882
5,164
3,732
3,045
3,203
2,883
4,354
2,860
305
401
926

12,897
13,717
13,182
13,188
13,378
13,044
12,258
12,000
12,227
12,409
11,811
10,532

12,160
12,117
13,143
13,438
12,950
12,132
11,832
11,614
11,474
9,978
9,920
9,270

23,915
23,177
20,316
20,333
20,166
19,070
18,832
18,400
18,928
18,616
18,621
17,930

3,475
3,478
3,481
3,482
3,483
3,483

495,738
497,875
503,330
505,726
508,170
510,857

1,808
835
1,408
276
208
45

10,369
10,198
11,774
12,250
12,073
11,366

10,146
10,292
9,069
8,744
3,956
4,048

18.247
18,531
18,267
17,137
11,321
11,063

MEMBER BANK RESERVE BALANCES, BY CLASS OF BANKS
[Averages of daily figures. In millions of dollarsl
Central reserve
city 1aanks
New
York

Chicago

Reserve
city
banks

Guaranteed loans
authorized

12,024
12,293
12,962
13,518

1942
June 30
Sept. 30
Dec. 31

565
1,658
2,665

310,680
944,204
2,688,397

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

2,961
3,198
3,534
3,773
4.002
4,217
4,404
4,599
4,787
4,948
5,123
5,347

2,999,731
3,479,172
3,725,241
4,058,731
4,554,278
4,718,818
4,900,905
5,153,941
5,452,498
5,546,555
6,234,047
6,563,048

768,249 1,440,943
974,083
828,221 1,706,849
1,040,828
999,394 1,865,618
1,245,711
1,339,078 1 ,073,972 2,018,818
1,415,777 ,150,040 2,076,998
1,428,253 1,153,756 2,216,053
1,536,296 i,269,416 2,388,721
1,646,921 1,366,178 2,482,875
1,708,022 1,413,159 2,494,855
1,815,162 1,511,847 2,586,563
1.798,272 1,495,910 2,798,283
1,914,040 ,601,518 3,146,286

1944
Jan. 3 1 . . . '
Feb. 29
Mar. 31
Apr. 30
May 31
June 30

5,565
5,720
5,904
6,079
6,283
6,433

6,989,682
7,172,719
7,466,762
7,647,180
7,797,400
8,046,672

2,020,294 1 ,691,802 rr3,278,822
2,030,547 ,700,400 r 3,451,581
2,009,511 ,680,046 r 3,615,963
1,990,996 ,666,185 3,684,568
2,033,579 ,706,421 r 3,795,558
2,064,318 ,735,777 3,810,797

785

2,973
2,993
3,256
3,444

13,172
13,460
13,704
13,742
13,255
13,003
12,927
12,841

3,790
3,869
3,932
3,949
3,702
3,526
3,505
3,516

862
877
901
891
847
842
842
835

5,233
5,332
5,428
5,406
5,221
5,128
5,112
5,097

3,287
3,382
3,443
3,496
3,485
3,507
3,467
3,394

1,730
1,461

49
22
12
20

14

738
589
257
312

930
843
594
746

13
10
14
23
38
27
21
14

5
6
8
5

246
274
307
316
393
433
405
353

588
650
696
791

868

1,081
852
940

1,024
1,135
1,305
1,385
1,358
2*1,258

7
6
3

' io
12
2

4,894
4,983
5,152
5,339

875
916
920

69,674
137,888
356,577
230,720
632,474 1,430,121

DEPOSITS OF COUNTRY MEMBER
BANKS IN LARGE A N D
SMALL CENTERS,1 JUNE 1944
[Averages of daily figures. In millions of dollars]

Federal Reserve district

816
848
876

81,108
427,918
803,720

r
Revised.
NOTE .—The difference between guaranteed loans authorized and sum
of loans outstanding and amounts available to borrowers under guarantee
agreements outstanding represents amounts repaid, guarantees available
but not completed, and authorizations expired or withdrawn.

1

3,373
3,501
3,706
3,859

Portion
guaranteed

Amount

Total reserves held:
1943—May
June
1944—May
June
Week ending (Friday):
1944—June 2
June 9
June 16
June 23
June 30
July 7
July 14
July 21
Excess reserves:
1943—May
June
1944—May
June
Week ending (Friday):
1944—June 2
June 9
June 16
June 23
June 30
July 7
July 14
July 21

Total
amount

Additional
amount
available to
borrowers
under guarantee agreements
outstanding

Number

Counbanks

Guaranteed loans
outstanding

Date

1
Includes applications approved conditionally by the Federal Reserve
Banks
and under consideration by applicant.
2
Includes industrial loans past due 3 months or more, which are not included in industrial loans 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 loans and commitments withdrawn or expired.

All
member
banks 1

WAR PRODUCTION LOANS GUARANTEED BY WAR DEPARTMENT, NAVY DEPARTMENT, AND MARITIME
COMMISSION THROUGH FEDERAL RESERVE
BANKS UNDER REGULATION V
[Amounts in thousands of dollars!

In places of 15,000
population and over

In places of under
15,000 population

Demand
deposits
except
interbank2

Demand
deposits
except
interbank2

Time
deposits

Time
deposits

TotaJ

12,534

5,097

7,673

3,551

Boston
New York .
Philadelphia
Cleveland

1,740
2,463
910
1,106

590
1,303
472
555

260
726
627
729

157
715
551
481

957
1,109
1,626
445

259
272
810
194

534
441
1,083
612

268
116
529
152

390
369
627
792

161
67
73
341

439
947
884
391

242
125
39
174

Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

. .
*

1
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
Includes war loan deposits, shown separately for all country banks
in the table on the following page.

^889

p
1

Preliminary.
Weekly figures of excess reserves of all member banks and of country
banks are estimates.

AUGUST 1944




781

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

Gross demand deposits
Class of bank and
Federal Reserve district

Total

Interbank

U.S.
Government
war loan
deposits1

Net demand

Other

Demand
deposits
adjusted2 posits 3

Time
deposits4

Demand
balances
due
from
domestic
banks

Held

Required

Excess

949

First half of June 1944

All member banks
Central reserve city banks:

76,398

10,503

5,506

60,389

57,135

62,532

16,823

5,257

13,514

12,566

21,875
5,032

3,657
1,039

1,858
407

16,360
3,586

15,463
3,383

19,080
4,222

918
538

61
201

3,884
881

3,871
877

Reserve city banks

28,633
2,026
476
2,252
3,742
1,628
1,729
3,731
1,573
907
2,275
1,731
6,564

4,792
313
26
312
491
274
463
437
517
248
788
423
499

1,968
194
25
166
274
128
94
271
130
78
112
78
418

21,873
1,519
425
1,774
2,977
1,225
1,171
3,023
926
581
1,375
1,229
5,647

20,264
1,438
400
1,680
2,788
1,143
1,062
2,841
826
526
1,236
1,133
5,191

23,392
1,703
406
1,927
3,099
1,307
1,395
3,004
1,248
716
1,770
1,361
5,453

6,746
116
190
147
869
291
252
1,134
209
103
215
185
3,035

1,716
49
20
64
183
114
135
281
97
59
259
200
257

5,352
356
95
403
715
304
318
699
270
152
400
320
1,320

5,083
348
93
394
672
279
294
669
262
149
367
283
1,273

13
4
268
9
2
8
43
25
24
30
8
3
33
36
47

Country banks

20,857
2,034
3,186
1,514
1,823
1,628
1,717
2,733
1,173
883
1,373
1,592
1,202

1,015
98
74
13
21
165
192
71
130
60
67
101
24

1,273
172
252
109
119
85
96
184
48
42
50
62
53

18,569
1,764
2,860
1,393
1,682
1,379
1,430
2,478
994
781
1,256
1,429
1,125

18,025
1,691
2,754
1,352
1,640
1,317
1,383
2,433
963
762
1,240
1,397
1,094

15,838
1,627
2,581
1,189
1,389
1,204
1,261
2,041
874
664
963
1,121
926

8,621
746
2,014
1,019
1,032
525
387
1,333
346
402
192
HI
513

3,279
167
255
179
275
288
329
469
223
160
351
385
198

3,398
313
555
283
346
247
246
464
180
150
201
224
189

2,735
273
482
228
256
200
200
366
143
117
146
164
160

663
41
73
55
90
47
46
98
37
33
54
60
28

New York
Chicago

•

Boston
New York.
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas.....
San Francisco

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas.....
San Francisco

Second half of June 1944

All member banks ..
Central reserve city banks:

79,782

10,956

9,657

59,169

55,495

61,056

16,906

5,530

13,522

12,308

1,214

23,091
5,246

3,896
1,100

3,145
667

16,051
3,479

14,909
3,256

18,761
4,185

910
540

61
172

3,834
871

3,807
869

27
2

Reserve city banks .

29,836
2,169
487
2,339
3,909
1,715
1,806
3,875
1,666
963
2,364
1,767
6,776

4,924
335
26
331
513
282
478
453
482
246
811
434
532

3,503
354
43
301
514
243
179
495
210
156
201
154
653

21,409
1,480
417
1,707
2,882
1,190
1,149
2,927
974
561
1,353
1,179
5,591

19,679
1,384
391
1,594
2,665
1,102
1,037
2,735
863
503
1,195
1,085
5,126

22,817
1,668
397
1,852
2,985
1,266
1,371
2,894
1,246
687
1,727
1,315
5,409

6,781
116
191
146
871
292
254
1,139
211
104
216
185
3,057

1,832
52
20
74
195
122
147
300
101
62
282
209
268

5,326
358
94
394
698
310
314
689
272
149
400
310
1,337

4,970
341
91
379
649
271
289
647
262
144
358
274
1,265

356
17
3
15
49
39
25
42
10
5
42
36
72

Country banks

21,609
2,165
3,340
1,586
1,891
1,684
1,773
2,829
1,202
896
1,393
1,633
1,217

1,036
101
74
12
22
165
199
72
130
62
67
102
29

2,342
343
442
194
216
171
180
319
94
82
96
119
86

18,230
1,721
2,824
1,380
1,653
1,348
1,393
2,438
978
752
1,230
1,412
1,102

17,652
1,637
2,705
1,334
1,608
1,280
1,348
2,391
949
733
1,215
1,382
1,071

15,293
1,541
2,500
1,157
1,343
1,149
1,219
1,970
856
634
927
1,089
907

8,675
749
2,024
1,026
1,041
529
388
1,344
347
404
193
113
517

3,464
202
286
192
289
306
342
499
226
163
361
401
198

3,491
321
593
288
359
246
251
482
179
150
203
228
189

2,662
261
472
224
251
193
194
356
141
113
141
159
158

829
61
122
64
108
54
57
126
39
37
62
69
31

New York
Chicago

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis .t
Minneapolis
Kansas City
Dallas
San Francisco

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis . ;
Minneapolis
Kansas City
Dallas. ...t
San Francisco

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 otrjier published banking data. See also footnote 2.
2
Preceding column minus so-called "float" (total cash items in process of collection) and estimate of U. S. Government deposits other than war loan
accounts.
3
Demand deposits subject to reserve requirements; i.e., demand deposits other than war loan deposits, minus cash items in process of collection and
demand
balances due from domestic banks.
4
Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report.

7 8z




FEDERAL RESERVE BULLETIN

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Total
in circula-1
tion

Total

1933
1934
1935
1936
1937
1938
1939
1940
1941
1942

5,519
5,536
5,882
6,543
6,550
6,856
7,598
8,732
11,160
15,410

4,167
4,292
4,518
5,021
5,015
5,147
5,553
6,247
8,120
11,576

1943—January. .
February.
March....
April
May
June
July
August. ..
September
October...
November,
December.
1944—January ..
February..
Ma*rch
April
May
June

15,590
16,088
16,250
16,660
17,114
17,421
17,955
18,529
18,844
19,250
19,918
20,449
20,529
20,824
21,115
21,552
22,160
22,504

11,665
12,065
12,121
12,428
12,789
12,960
13,334
13,715
13,891
14,135
14,598
14,871
14,817
15,004
15,100
15,342
15,731
15,925

End of year and
month

Coin and small denomination currency 2

Large denomination currency 2

Unassorted

$1 3

$2

$5

$10

$20

Total

$50

$100

$500

442
452
478
517
537
550
590
648
751

402
423
460
499
505
524
559
610
695
801

33
32
33
35
33
34
36
39
44
55

719
771
815
906
905
946
1,019
1,129
1,355
1,693

1,229
1,288
1,373
1,563
1,560
1,611
1,772
2,021
2,731
4,051

1,342
1,326
1,359
1,501
1,475
1,481
1,576
1,800
2,545
4,096

1,360
1,254
1,369
1,530
1,542
1,714
2,048
2,489
3,044
3,837

364
337
358
399
387
409
460
538
724
1,019

618
577
627
707
710
770
919
1,112
1,433
1,910

125
112
122
135
139
160
191
227
261
287

237
216
239
265
288
327
425
523
556
586

5
7
7
6
17
20
30
24
9

10
7
16
18
12
32
32
60
46
25

10
5
8
7
5
2
4
4
3

869
877
890
904
914
929
943
960
970
987
1,006
1,019
1,013
1,018
1,029
1,039
1,055
1,065

773
786
791
804
824
834
843
858
866
872

54
56
56
58
59
61
62
64
64
65
68
70
69
70
70
70
72
72

1,678
1,718
1,713
1,741
1,785
1,793
1,836
1,878
1,887
1,902
1,950
1,973
1,940
1,952
1,951
1,964
2,003
2,010

4,107
4,279
4,280
4,391
4,526
4,565
4,719
4,853
4,893
4,962
5,127
5,194 '
5,174
5,255
5,265
5,344
5,498
5,544

4,183
4,349
4,391
4,531
4,681
4,778
4,931
5,102
5,211
5,347
5,561
5,705
5,742
5,832
5,905
6,040
6,198
6,326

3,928
4,026
4,129
4,232
4,326
4,462
4,622
4,816
4,951
5,118
5,323
5,580
5,715
5,823
6,017
6,212
6,431
6,581

1,047
1,079
1,104
1,131
1,159
1,195
1,237
1,293
1,327
1,366
1,416
1,481
1,509
1,534
1,576
1,618
1,668
1,699

1,962
2,013
2,069
2,128
2,186
2,259
2,347
2,453
2,535
2,636
2,761
2,912
2,992
3,054
3,152
3,270
3,371
3,458

293
298
306
312
319
329
341
353
360
373
388
407
418
426
444
456
473
481

592
599
616
621
630
648
667
687
698
713
729
749
767
777
814
836
887
912

10
11
11
15
10
10
10
9
11
11
10
9
9
9
9
9
9
9

25
25
23
26
22
21
20
22
20
20
19
22
21
22
22
23
23
22

3
3
1
1
1
2
2
2
2
3
2
2
3
3
1
1
2
2

Coin

877
881
885
903
906

$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 Banking and Monetary Statistics, Table 112, pp. 415-416.

UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS
[On basis of circulation statement of United States money. In millions of dollars]
Money in circulation1

Money held in the Treasury
Total outstanding
June 30,
1944

Gold
Gold certificates
Federal Reserve notes
Treasury currency—total,
Standard silver dollars
Silver bullion
Silver certificates and Treasury notes of 1890
Subsidiary silver coin
Minor coin
United States notes
Federal Reserve Bank notes
National bank notes
Total—June 30, 1944
May 31, 1944
June 30, 1943

,

As security
against
Treasury
gold and
cash
silver
certificates
2

21,173
19,064
19,528
3
4,104

19,064
* 1,815

59
126

494
1,520
'1,815
734
277
347
605
127

295
1,520

94

(4)
\)
()

20,879
20,971
22,199

3

For
Federal
Reserve
Banks
and
agents

Money
held by
Federal
Reserve
Banks and
agents

June 30,
1944

May 31,
1944

June 30,
1943

719
277

"54'
18,750
3,700

54
18,395
3,711

57'
13,747
3,618

2

103

102

2,110

16,194

226
14
4
22
7
1

20 "
9

2
1

(5)
2,296
2,310
2,268

2,815 "

16,194
16,281
17,409

3,812
3,693
3,770

1,589'
700
263
322
597
126

1,603
693
260
324
603
126

84
1,650"
610
236
322
584
132

22,504
22,160
17,421

1

Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States; totals for
other end-of-month dates shown in table above, totals by weeks in table on p. 775, and seasonally adjusted figures in table on p. 784.
2
Includes $1,800,000,000 Exchange Stabilization Fund, $143,886,546 balance of increment resulting from reduction in weight of the gold dollar,
and $156,039,431 held as reserve against United States notes and Treasury notes of 1890.
3 To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not
included in total Treasury currency outstanding.
4
Because some of the types of money shown are held as collateral or8reserves against other types, a grand total of all types has no special significance
and is not shown. See note for explanation of these duplications.
Less than $500,000.
NOTE.—There are maintained in the Treasury—(i) as a reserve for United State;
as security for Treasury notes of 1890—an equal dollar amount in standard silver d<
,
^
security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal I.
. .. ..
tificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal
Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured
by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible
under the terms of the Federal Reserve Act, or, until June 30, 1945, of direct obligations of the United States if so authorized by a majority vote of the
Board of Governors of the Federal Reserve System. Federal Reserve Banks must maintain a reserve in gold certificates of at least 40 per cent, including
the redemption fund which must be deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates
pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in
gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement.

AUGUST 1944




783

ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
[In millions of dollars]

MONEY I N CIRCULATION W I T H ADJUSTMENT FOR
SEASONAL VARIATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]

Date

End'of year figures:
1938
1939
1940
1941
1942
1943

Amountunadjusted
for seasonal
variation

Amountadjusted for
seasonal
variation

Change in
seasonally
adjusted
series 1
+306
-j-742
+1,134
+2,428
+4,250
+5,039

6,856
7,598
8,732
11,160
15,410
20,449

Monthly averages of daily
figures:
1943—July
August
September
October
November
December
1944—January
February
March
April
May
June
July

17,681
18,196
18,729
19,001
19,566
20,243
20,428
20,635
20,964
21,312
21,821
22,295
22,581

17,716
18,287
18,767
19,001
19,507
19,944
20,367
20,635
21,027
21.484
21,975
22,407
22,626

+412
+571
+480
+234
+506
+437
+423
+268
+392
+457
+491
+432
+219

Wednesday figures:
1944—May 31
June 7
14
21
28
July5
12
19
26

22,112
22,255
22,333
22,293
22,421
22,598
22,561
22,531
22,584

22,201
22,300
22,445
22,473
22,556
22,530
22,606
22,667
22,812

+46
+99
+145
+28
+83
-26

+76
+61
+145

1
For end of year figures, represents change computed on absolute
amounts in first column.
NOTE.—For discussion of seasonal adjustment factors and for back
figures on comparable basis see September 1943 BULLETIN, pp. 822-826.
Because of an apparent recent change in the seasonal pattern around the
year end, adjustment factors have been revised somewhat for dates affected, beginning with December 1942; seasonally adjusted figures for
money in circulation, as shown in Banking and Monetary Statistics, Table
111, p. 414, and described on p. 405, are based on an older series of adjustment factors.

Gold
stock
at end
of period

Increase
in gold
stock

8,238
10,125

12,760
14,512
17,644
21,995
22,737
22,726
21,938

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
-788.5

1943—June
July
August
September...
October
November ...
December....
1944—January
February... .
March
April
May
June

22,388
22,335
22,243
22,175
22,116
22,065
21,938
21,918
21.712
21,600
21.429
21,264
21,173

-38.9
-52.7
-92.0
-67.8
-59.3
-51 0
-127.0
-19.6
-206.6
—111.7
-170.7
—165.5
-90.7

Jan.-June...

21,173

-764.7

Period

19342
1935
1936
1937..
1938
1939
1940
1941
1942
1943

3
11,258
3

Earmarked
DomesNet gold gold: de- tic gold
crease
import
producor intion1
crease (—)
1,133.9
1,739.0
1,116.6
1,585.5
1,973.6
3,574.2
4,744.5
982.4

8

82.6
.2
-85.9
-200.4
-333.5
-534.4
—644.7
-407.7
-458.4
-803.6

92.9
110.7
131.6
143.9
148.6
161.7
170.2
169.1
125.4
r
48.3

-51.7
-63.7
-91.3
-80.6
-40.6
-44.1
-87.0
-27.6
11.5
-48.7
-70.5
-59 3 . 1
-6.4

r
4.0
r
4.0
r
3.7
r
3.4
r
3.9
r
3.4
r

5

-234.9

3.6
3.1
3.4
2.9
2.9
2.9

H.9
p

18.1

p
1

Preliminary. r Revised. ^ Figure carried forward.
Annual figures are estimates of the United States Mint. Monthly
figures are those published in table on p. 825, 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
on4 Dec. 31, 1936, and 1,228 million on Dec. 31, 1937.
The net gold import figures for months subsequent to December 1941
have
not been released for publication.
5
Gold held under earmark at Federal Reserve Banks for foreign account
amounted to 3,712.3 million dollars on June 30, 1944.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 156,
pp. 536-538, and for description of statistics see pp. 522-523 in the same
publication.

BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]

Debits to total deposit accounts except
interbank accounts
Year and month

1935
1936
1937
1938
1939
1940
1941

1942—old series 3 3
1942—new series ...
1943
1943—June
July
August
September
October
November
December
1944—January
February
March
April
May
June

Other
140 other1 reporting
centers
centers 2

Total, all
reporting
centers

New
York1
City

402,718
461,889
469,463
405,929
423,932
445,863
537,343
607,071
641,778
792,937

184,006
208,936
197,836
168,778
171,382
171,582
197,724
210,961
226,865
296,368

190,165
219,670
235,206
204,745
218,298
236,952
293,925
342,430
347,837
419,413

28,547
33,283
36,421
32,406
34,252
37,329
45,694
53,679
67,074
77,155

66,894
65,347
60,614
75,758
66,266
65,025
76,499
71,894
70,709
76,077
66,707
67,276
83,866

25,464
23,976
21,221
27,913
23,990
23,327
28,936
27,031
21,592
29,644
25,297
24,708
33,563

34,959
34,954
33,359
40,452
35,614
35,215
40,155
37,950
36,490
39,399
34,933
36,067
42,613

6,472
6,417
6,034
7,393
6,663
6,483
7,409
6,914
6,627
7,034
6,478
6,502
7,689

Annual rate of
turnover of total
deposits except
interbank

Debits to demand
deposit accounts
except interbank
and Government

Annual rate of
turnover of demand
deposits except
interbank and
Government

333 other
reporting
centers

New
York
City

100 other
leading
cities

New
York
City

100 other
leading
cities

16.1
16.5

13.1
11.7

178,498
204,831
193,143
164,945
167,939
167,373
193,729
200,337
258,398

175,902
202,267
215,090
186,140
200,636
217,744
270,439
308,913
369,396

31.5
31.4
29.5
25.1
21.0
17.1
17.3
18.0
20.5

22.7
22.4
22.4
19.9
19.4
18.6
19.4
18.4
17.4

16.7
16.2
14.3
18.2
14.3
15.2
17.8
17.3
17.7
16.5
16.0
15.5
19.7

11.5
11.4
10.6
13.0
10.5
11.1
11.8
11.5 •
11.3
10.8
10.6
10.4
11.8

22,022
21,261
18,500
24,377
20,923
20,759
24,446
24,994
22,887
25,650
21,284
20,927
28,988

30,620
30,750
29,130
35,850
31,390
30,738
34,751
33,749
31,566
33,937
30,482
31,105
38,024

20.5
19.2
16.0
22.7
20.5
21.1
21.8
22.9
24.0
22.8
19.7
17.9
24.3

16.8
16.4
15.2
19.6
17.4
17.8
17,7
17.9
18.5
17.4
16.4
15.5
18.7

New
York
City

* National series for which bank debit figures are available beginning with 1919.
Annu figures for 1935-1942 (old series) include 133 centers; annual figures for 1942 (new series) and 1943, and monthly figures, includei 1193 centers.
Annual
3
See p. 717 of August 1943 BULLETIN for description of revision beginning with May 1942; deposits and debits of new series for first four months of
1942 partly estimated"
NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported since 1942 for 334 reporting centers; the deposits, from which
rates of turnover have been computed, have likewise been reported by most banks and have been estimated for others. Debits to demand deposit
accounts, except interbank and United States Government, and the deposits from which rates of turnover have been computed have been reported by member banks in 101 leading cities since 1935; yearly turnover rates in this series differ slightly from those shown in Banking and Monetary Statistics, Table
55, p. 254, due to differences in method of computation.
2

784



FEDERAL RESERVE

BULLETIN

DEPOSITS AND CURRENCY—ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS
[Figures partly estimated. In millions of dollars]

End of month

Total
deposits
adjusted
and
currency
outside
banks

Total
deposits
adjusted

Demand
deposits
adjusted 1

United
States
Government
deposits2

Time deposits

Total

Commercial
banks 3 4

Mutual
savings
banks 4

Postal
Savings8
System

Currency
outside
banks

1929—June
,.
December
1933—June
December
1934—June
December
1935—June..
December
1936—June
December
1937—June
December,
1938—June
December c
1939—June
December
1940—June
December
1941—June
December
1942—June
December

55,171
54,713

51,532
51,156

22,540
22,809

381
158

28,611
28,189

19,557
19,192

8,905
8,838

149
159

3,639
3,557

41,680
42,548
45,961
47,985
49,881
52,182
55,052.
57,351
57,258
56,639
56,565
58,955
60,943
64,099
66,952
70,761
74,153
78,231
81,963
99,701

36,919
37,766
41,302
43,330
45,098
47,265
49,830
51,835
51,769
51.001
51i148
53,180
54,938
57,698
60.253
63,436
65,949
68,616
71,027
85,755

14,411
15,035
16,694
18,459
20,433
22,115
23,780
25,483
25,198
23,959
24,313
25,986
27,355
29,793
31,962
34,945
37,317
38,992
41,870
48,922

852
1,016
1,733
1,715
811
909
1,142
991
666
824
599
889
792
846
828
753
753
1,895
1,837
8,402

21,656
21,715
22,875
23,156
23,854
24,241
24,908
25,361
25,905
26,218
26,236
26,305
26,791
27,059
27,463
27,738
27,879
27,729
27,320
28,431

10,849
11,019
11,988
12,213
12,820
13,170
13,706
14,046
14,513
14,779
14,776
14,776
15,097
15,258
15,540
15,777
15,928
15,884
15,610
16,352

9,621
9,488
9,691
9,738
9,830
9,871
9,971
10,056
10,125
10,170
10,209
10,278
10,433
10,523
10,631
10,658
10,648
10,532
10,395
10,664

1,186
1,208
1,196
1,205
1,204
1,200
1,231
1,259
1,267
1,269
1,251
1,251
1,261
1,278
1,292
1,303
1,303
1,313
1,315
1,415

4,761
4,782
4,659
4,655
4,783
4,917
5,222
5,516
5,489
5,638
5,417
5,775
6,005
6,401
6,699
7,325
8,204
9,615
10,936
13,946

1943—June
July
August
September
October
November
December
1944—January?2
February *
March?
April?
May?

110,161
112,900
114,500
119,800
123,700
123,500
122,812
125,200
128,500
127,800
127,400
127,800

94,347
96,500
97,600
102,600
106,100
105,200
103,975
106,300
109,300
108,300
107,500
107,300

56,039
58,600
61,600
54,800
56,400
59,600
60,815
62,500
58,100
59,600
62,100
65,100

8,048
7,100
4,700
16,300
17,900
13,300
10,424
10,700
17,600
14,700
10,900
7,100

30,260
30,800
31,300
31,500
31,800
32,300
32,736
33,100
33,600
34,000
34,500
35,100

17,543
18,000
18,300
18,400
18,600
18,900
19,213
19,500
19,800
20,100
20,500
20,900

11,141
11,200
11,300
11,400
11,500
11,600
11,737
11,800
11,900
12,000
12,100
12,200

1,576
1,600
1,700
1,700
1,700
1,800
1,786
1,800
1,900
1,900
1,900
2,000

15,814
16,400
16,900
17,200
17,600
18,300
18,837
18,900
19,200
19,500
19,900
20,500

71,853
75,000
78,500
72,000
74,000
77,900
79,652
81,400
77,300
79,100
82,000
85,600

? Preliminary.
J1 Includes demand deposits, other than interbank and United States Government, less cash items in process of collection.
Beginning with December 1938, includes United States Treasurer's lime deposits, open account.
3
Excludes interbank time deposits and postal savings redeposited in banks.
4
Beginning with June 1941, the commercial bank figures exclude and the mutual savings bank figures include three member mutual savings banks.
5
Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions.
NOTE.—Except on call dates, figures are rounded to nearest 100 million dollars. See Banking and Monetary Statistics, p. 11, for description and
Table 9, pp. 34-35, for back figures.
POSTAL SAVINGS SYSTEM
BANK SUSPENSIONS^
[In millions of dollars]
Nonmember
Member
banks
banks
Total,
Assets
all
banks
InNonNaU. iS. Government
tional State sured2 insured
Cash
Cash
securities
End of month
rein deNumber of banks suspended:
Total posiserve
1
Guar- funds
8
48
1934
57
tory
Di2
Total
4
1935
22
8
34
anetc.
aanks
rect
1
3
44
40
1936
teed
6
4
59
2
47
1937
6
55
1
47
1
1938
1934—Dec
1,207 1,237
540
597
130
467
10
42
4
25
3
1939
1935—Dec
,201 1,237
287
853
706
147
3
22
1
18
1940
1936—Dec
,260 1,296
1
145
892
93
167
8
4
3
1,058
1941
,270 1,308
1937—Dec
131
931
9
80
167
6
1,097
3
1942
,252 1,291
1938—Dec
86
73
965
166
1,132
2
4
2
1943
,279 1,319
1939—Dec
74
53
146
1,192 1,046
1
1944—»Jan - J u n e
1
,304 1,348
1940-Deo
36
88
146
1,224 1,078
,314 1,396
1941—Dec
95
26
146
1,274 1,128
Deposits of suspended banks3
,417 1,464
1942—Dec
102
16
126
1,345 1,220
(in thousands of dollars):
40
1934
1,912 34,985
36,937
11
1943—July
,620 1,678
140
1,527 1,527
5,313
3,763
939
10,015
1935.
Aug
,660 1,719
121
11
1,588 1,588
507
10,207
11,306
592
1936
,683 1,739
97
Sept
10
1,631 1,631
19,723
7,379
i,708 10,156
480
1937.
,716 1,773
117
Oct
10
1,646 1,646
36
211 11,721
1,044
1938
13,012
,752 1,812
125
Nov
10
1,678 1,678
1,341 24,629
6,589
2,439
1939
34,998
,788 1,843
118
Dec
10
1,716 1,716
256
5,341
346
5,943
1940.
. . .
3,144
3,726
503
79
1941
1944—Jan
9
162
,833 1,891
1,719 1,719
1,702
1942
1,375
327
Feb
,867 1,926
135
9
1,783 1,783
6,223
4,982
1,241
132
,906 1,964
9
Mar
1,823 1,823
1944—Jan.-June
405
405
,947 2,008
129
9
Apr
1,870 1,870
1
Represents banks which, during the periods shown, closed temporarily
132
,994 2,053
May
9
1,912 1,912
or permanently on account of financial difficulties; does not include banks
?2,033
June
whose deposit liabilities were assumed by other banks at the time of closing
(in some instances with the aid of Federal Deposit Insurance Corporation
1
? Preliminary. Outstanding principal, represented by certificates of
loans).
2
deposit.
Does not include accrued interest or outstanding savings stamps.
Federal deposit insurance became operative Jan. 1, 1934.
2
3
Includes working cash with postmasters, 5 per cent reserve fund and
Deposits of member banks and insured nonmember banks suspended are
miscellaneous working funds with Treasurer of United States, accrued as of dates of suspension, and deposits of noninsured nonmember banks
interest on bond investments, and accounts due from late postmasters.
are based on the latest data available at the time the suspensions were
Back figures.—See Banking and Monetary Statistics, p. 519; for descrip- reported.
tion, see p. 508 in the same publication.
Back figures—See Banking and Monetary Statistics, pp. 283-292; for
description, see pp. 281-282 in the same publication.
AUGUST

1944




785

ALL BANKS IN THE UNITED STATES, BY CLASSES*
LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Loans and investments

Deposits

Investments
Class of banks, and call dates
Total

Loans
Total

All b a n k s :
1934—June 30
1937—June 30
1940—June 29
December
1941—June 30
December
1942—June 30
December
1943—June 30
December

U.S.
Government
obligations

Other
Other
securities

Total 1

Inter-1
bank

Number
of banks
Demand

Time

42,552
49,565
51,336
54,170
57,946
61,101
64,009
78,137
87,881
96,971

21,306
22,410
22,340
23,751
25,311
26,616
25,081
23,915
22,241
23,596

21,246
27,155
28,996
30,419
32,635
34,485
38,928
54,222
65,640
73,375

11,278
16,954
19,666
20,983
23,521
25,488
30,301
45,932
57,748
65,941

9,968
10,201
9,330
9,436
9,114
8,997
8,627
8,290
7,892
7,434

46,435
59,222
70,770
75,963
78,120
81,780
82,706
99,796
107,224
117,659

4,560
6,332
10,188
10,941
10,948
10,989
10,287
11,318
10,895
11,012

19,527
28,118
34,336
38,518
40,530
44,316
46,357
61,395
67,554
75,574

22,348
24,773
26,246
26,504
26,641
26,476
26,062
27,083
28,775
31,073

15,929
15,539
14,955
14,895
14,855
14,825
14,775
14,682
14,618
14,579

All commercial b a n k s :
1934—June 30
1937—June 30
1940—June 29
December 31
1941—June 30
December 31
1942—June 30
December 31
1943—June 30
December 31

32,742
39,472
41,148
43,922
47,625
50,722
53,649
67,391
76,633
85,103

15,700
17,432
17,414
18,792
20,353
21,711
20,259
19,217
17,660
19,117

17,042
22,040
23,734
25,130
27,272
29,011
33,390
48,174
58,974
65,986

10,307
14,563
16,553
17,759
20,095
21,788
26,410
41,373
52,458
59,845

6,735
7,477
7,181
7,371
7,177
7,223
6,980
6,801
6,516
6,141

36,744
49,097
60,139
65,305
67,472
71,248
72,311
89,132
96,083
105,923

4,560
6,332
10,188
10,941
10,948
10,989
10,287
11,318
10,895
11,012

19,527
28,118
34,336
38,518
40,530
44,316
46,357
61,395
67,554
75,574

12,657
14,648
15,615
15,846
15,993
15,944
15,667
16,419
17,634
19,337

15,353
14,976
14,404
14,344
14,305
14,277
14,228
14,136
14,073
14,034

All insured commercial b a n k s :
1934—June 30
1937—June 30
1940—June 29
December 31
1941—June 30
December 31
1942—June 303
December 31
1943—June 30
December 31

31,688
38,218
39,830
42,556
46,186
49,288
52,642
66,240
75,270
83,507

15,190
17,041
17,011
18,394
19,909
21,258
19,920
18,903
17,390
18,841

16,498
21,177
22,819
24,161
26,276
28,030
32,722
47,336
57,880
64,666

10,005
13,964
15,900
17,063
19,370
21,046
25,934
40,705
51,534
58,683

6,493
7,213
6,919
7,098
6,907
6,984
6,789
6,631
6,347
5,983

35,833
47,824
58,418
63,461
65,608
69,411
71,150
87,803
94,563
104,094

4,435
6,146
9,795
10,539
10,545
10,654
10,076
11,144
10,681
10,705

19,013
27,240
33,272
37,333
39,320
43,061
45,664
60,504
66,509
74,309

12,385
14,438
15,351
15,589
15,742
15,697
15,410
16,154
17,374
19,081

13,939
13,883
13,479
13,438
13,422
13,426
13,399
13,343
13,298
13,270

All member b a n k s :
1934—June 30
1937—June 30
1940—June 29
December 31
1941—June 302
December 31
1942—June 303
December 31
1943—June 30
December 31

27,175
32,739
34,451
37,126
40,659
43,521
46,800
59,263
67,155
74,258

12,523
14,285
13,969
15,321
16,729
18,021
16,928
16,088
14,823
16,288

14,652
18,454
20,482
21,805
23,930
25,500
29,872
43,175
52,332
57,970

9,413
12,689
14,722
15,823
18,078
19,539
24,098
37,546
46,980
52,948

5,239
5,765
5,761
5,982
5,852
5,961
5,774
5,629
5,352
5,022

31,012
41,490
51,729
56,430
58,512
61,717
63,404
78,277
84,016
92,262

4,355
6,051
9,690
10,423
10,436
10,525
9,971
11,000
10,552
10,555

16,976
24,230
30,111
33,829
35,725
38,846
41,311
54,523
59,670
66,438

9,681
11,210
11,928
12,178
12,350
12,347
12,122
12,754
13,794
15,268

6,375
6,357
6,398
6,486
6,556
6,619
6,647
6,679
6,703
6,738

All n a t i o n a l b a n k s :
1934—June 30
1937—June 30
1940—June 29
December 31
1941—June 30
December 31
1942—June 30
December 31
1943—June 30
December 31

17,011
20,893
22,038
23,648
25,818
27,571
29,464
37,576
42,805
47,499

7,681
8,796
9,156
10,004
10,897
11,725
10,""
10,183
9,173
10,116

9,331
12,097
12,882
13,644
14,922
15,845
18,584
27,393
33,632
37,382

5,847
8,206
9,094
9,735
11,111
12,039
14,878
23,744
30,102
34,065

3,484
3,891
3,787
3,908
3,811
3,80b
3,706
3,648
3,529
3,318

19,896
26,716
33,014
35,787
37,273
39,458
40,534
50,468
54,589
59,961

2,767
3,790
6,083
6,574
6,589
6,786
6,497
7,400
7,155
7,159

10,356
15,162
18,702
20,885
22,302
24,350
25,861
34,499
38,205
42,605

6,772
7,764
8,228
8,329
8,382
8,322
8,176
8,570
9,229
10,196

5,417
5,293
5,164
5,144
5,130
5,117
5,101
5,081
5,060
5,040

S t a t e member b a n k s :
1934—June 30
1937—June 30
1940—June 29
December 31
1941—June 302
December 31
1942—June 303
December 31
1943—June 30
December 31

10,163
11,845
12,413
13,478
14,840
15,950
17,336
21,687
24,350
26,759

4,842
5,488
4,813
5,316
5,832
6,295
6,048
5,905
5,649
6,171

5,321
6,357
7,600
8,162
9,008
9,65'
11,288
15,783
18,701
20,588

3,566
4,483r
5,62
6,088
6,96:
7,500
9,220
13,80!'
16,878
18,883

1,755
1,874
1,973
2,074
2,041
2,155
2,068
1,980
1,823
1,705

11,116
14,774
18,715
20,642
21,238
22,25'
22,871
27,808
29,427
32,302

1,588
2,261
3,608
3,849
3,847
3,739
3,474
3,600
3,396
3,397

6,620
9,068
11,409
12,944
13,423
14,495
15,451
20,024
21,465
23,833

2,908
3,446
3,699
3,849
3,969
4,025
3,946
4,184
4,566
5,07:"

958
1,064
1,234
1,342
1,426
1,502
1,546
1,598
1,643
1,698

31
31
31
31

* These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Comptroller of the
Currency
and the Federal Deposit Insurance Corporation for national banks and insured banks respectively.
1
Beginning June 30, 1942, excludes reciprocal bank balances which on that date aggregated 600 million dollars at all member banks and 614 million
dollars
at
all insured commercial banks.
2
Beginning June 30, 1941, member bank figures and insured mutual savings bank figures both include 3 member mutual savings banks with total deposits of 8 million dollars in June 1941, which became members of the Federal Reserve System during 1941. These banks are not included in "commercial
banks"
and are included only once in "all banks."
3
Decreases in "noninsured nonmember commercial banks" and "all nonmember commercial banks" figures (with corresponding increases in member bank and all insured commercial bank figures) reflect principally the admission to membership in the Federal Reserve System of one large bank with
total4 loans and investments aggregating 472 million dollars on June 30, 1942.
Beginning June 30, 1942, includes Bank of North Dakota, a nonmember bank not previously included in these statistics; on Dec. 31, 1941, its deposits, excluding interbank deposits, were 33 million dollars and its loans and investments 26 million dollars.
Backfigures.—SeeBanking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication.

786




FEDERAL RESERVE BULLETIN

ALL BANKS IN THE UNITED STATES, BY CLASSES—Continued
LOANS, INVESTMENTS, DEPOSITS, A N D NUMBER OF BANKS
[Amounts in millions of dollars]
Deposits

Loans and investments
Investments
Class of banks, and call dates
Total

All nonmember commercial banks:
1934—June 30
1937—June 30
1940—June 29
December 31
1941—June 30
December 31
1942—June 30 34
December 31
1943—June 30
December 31

Loans

Total

U. S.
Government
obligations

Other
Other
securitie:

Total 1

Inter-1
bank

Number
of banks
Demand

Time

5,567
6,733
6,697
6,796
6,973
7,208
6,856
8,135
9,486
10,855

3,177
3,147
3,445
3,471
3,627
3,693
3,334
3,132
2,840
2,832

2,390
3,586
3,252
3,325
3,346
3,515
3,522
5,003
6,647
8,022

895
1,874
1,831
1,936
2,018
2,251
2,314
3,829
5,482
6,902

1,495
1,712
1,421
1,389
1,328
1,264
1,208
1,174
1,165
1,120

5,732
7,607
8,410
8,875
8,969
9,539
8,915
10,864
12,076
13,671

205
281
498
518
512
464
316
318
343
457

2,551
3,888
4,225
4,689
4,805
5,470
5,046
6,872
7,884
9,135

2,976
3,438
3,687
3,668
3,651
3,605
3,553
3,674
3,849
4,079

8,978
8,619
8,006
7,858
7,752
7,661
7,584
7,460
7,373
7,299

Insured nonmember commercial
banks:
1934—June 30
1937—June 30
1940—June 29
December 31
1941—June 30
December 31
1942—June 30
December 31
1943—June 30
December 31

4,513
5,479
5,379
5,429
5,534
5,774
5,849
6,984
8,123
9,258

2,667
2,756
3,042
3,074
3,183
3,241
2,995
2,818
2,570
2,556

1,846
2,723
2,337
2,356
2,350
2,533
2,854
4,166
5,553
6,702

592
1,275
1,178
1,240
1,293
1,509
1,837
3,162
4,557
5,739

1,254
1,448
1,159
1,116
1,057
1,025
1,017
1,004
996
962

4,821
6,334
6,689
7,032
7,104
7,702
7,754
9,535
10,557
11,842

80
96
104
116
110
129
105
145
129
149

2,037
3,010
3,161
3,504
3,595
4,215
4,353
5,981
6,839
7,870

2,704
3,228
3,423
3,411
3,400
3,358
3,296
3,409
3,589
3,823

7,564
7,526
7,081
6,952
6,869
6,810
6,755
6,667
6,598
6,535

Noninsured nonmember commercial
banks:
1934—June 30
1937—June 30
1940—June 29
December 31
1941—June 30
December 31
1942—June 30 3 4
December 31
1943—June 30
December 31

1,054
1,254
1,318
1,367
1,439
1,434
1,007
1,151
1,363
1,596

510
391
403
397
444
452
339
314
270
276

544
863
915
969
996
982
668
837
1,094
1,320

303
599
653
696
725
742
477
667
925
1,162

241
264
262
273
271
239
191
170
169
158

911
1,273
1,721
1,843
1,865
1,837
1,161
1,329
1,519
1,829

125
185
394
402
402
335
211
173
214
307

514
878
1,064
1,185
1,210
1,255
693
891
1,045
1,265

272
210
264
257
251
247
257
265
260
256

1,414
1,093
925
906
883
851
829
793
775
764

9,810
10,093
10,188
10,248
10,321
10,379
10,360
10,746
11,248
11,868

5,606
4,978
4,926
4,959
4,958
4,905
4,822
4,698
4,581
4,479

4,204
5,115
5,262
5,289
5,363
5,474
5,538
6,048
6,666
7,389

971
2,391
3,113
3,224
3,426
3,700
3,891
4,559
5,290
6,096

3,233
2,724
2,149
2,065
1,937
1,647
1,489
1,376
1,293

9,691
10,125
10,631
10,658
10,648
10,532
10,395
10,664
11,141
11,737

9,691
10,125
10,631
10,658
10,648
10,532
10,395
10,664
11,141
11,737

576
563
551
551
550
548
547
546
545
545

Insured mutual savings banks:
1934—June 30
1937—June 30
1940—June 29
December 31
1941—June 302
December 31
1942—June 30
December 31
1943—June 30
December 31

1,022
969
1,317
1,655
1,655
1,69;
1,800
2,007
2,704
7,525

576
470
598
637
641
642
692
740
1,013
3,073

446
499
719
1,018
1,015
1,050
1,108
1,267
1,691
4,452

120
252
420
548
569
629
686
861
1,264
3,844

325
247
299
470
446
421
422
405
427
608

1,040
1,002
1,428
1,818
1,803
1,789
1,864
2,048
2,739
7,534

1,040
1,002
1,428
1,818
1,803
1,789
1,864
2,048
2,739
7,534

66
56
51
53
53
52
53
56
61
184

Noninsured mutual savings banks:
1934—June 30
1937—June 30
1940—June 29
December 31
1941—June 30
December 31
1942—June 30
December 31
1943—June 30
December 31

8,788
9,124
8,871
8,593
8,666
8,686
8,560
8,739
8,544
4,343

5,030
4,508
4,328
4,322
4,317
4,263
4,130
3,958
3,568
1,405

3,758
4,616
4,543
4,271
4,348
4,424
4,430
4,781
4,975
2,937

851
2,139
2,693
2,676
2,857
3,071
3,205
3,698
4,026
2,252

2,908
2,477
1,850
1,595
1,491
1,353
1,225
1,084
949
685

8,651
9,123
9,203
8,840
8,845
8,743
8,531
8,616
8,402
4,203

8,651
9,123
9,203
8,840
8,845
8,743
8,531
8,616
8,402
4,203

510
507
500
498
497
496
494
490
484
361

All mutual savings banks:
1934—June 30
1937—June 30
1940—June 29
December 31
1941—June 302
December 31
1942—June 30
December 31
1943—June 30
December 31

1,774

For footnotes see opposite page.

AUGUST 1944




787

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES*
LOANS AND INVESTMENTS
[In millions of dollars]

•
Investments 1

Loans 1

Class of banks,
and call dates

All insured commercial banks:
1934—June
1937—June
1940—June
1941—June
1942—June
1943—June
Dec.

30 . . .
30....
29...
30....
30....
30....
31....

Member banks,
total
1934—June 3 0 . . . .
1937—June
1940—June
1941—June
1942—June
1943—June
Dec.
1944—Apr.
June

30....
29...
302...
30....
30....
31...
13
3&>. .

Total
loans
and
invest-1 Total 1
ments

Loans for
Compurchasing
or carrying
mercial,
Agri- securities Real- ConinOther1 Total
esculcludTo
tate sumer
tur-1
ing
loans loans
loans
brokal
openTo
ers
mar1
and othket 1
ers
dealpaper
ers

31,688
38,218
39,830
46,186
52,642
75,270
83,507

15 190
17 041
17 011
19 909
19 920
17 390
18 ,841

27,175
32,739
34,451
40,659
46,800
67,155
74,258
78,027
83,564

12 ,523
14 ,285
13 ,969 " 5 988'
16 729
7 807
16 ,928 8 383
14 ,823 6 554
16 ,288 7 421
16 ,135
18 ,079

6
8
8
6
7

502
342
867
887
777

16, 498
1,329 3,714 3, 462
6,684
21, 177
8 , ' ^44
1,566 3,150 3, 583
464
742 4, 281
1484
3,840
22,819
592
703 4, 629
26 276
1,167
4,476
569
620 4, 770
32 722
1,164
3,928
4,
896
671
547 1,937
1,316 1,134
57 880
922 4, 437 1,868
918 64 666
1,505 1,414

1,290 3,309 2, 357
1,536 2,829 2, 505
447
575
554

668
635
562
603
839

3, 069
3, 365
3, 501
3, 351
3, 274

320
422
430
955

3
9
24
24 1,054

882
824
188
186
167
240
323

156
149
137
129
121
113
107

60
51
23
36
29
40
102

188
145
61
55
50
41
52

21
13
16
20
22
23
22

232 1,200
158 1,032
87
210
100
198
78
177
107
157
217
267

1, 124
1, 164
1, 372
1, 477
1, 524
1, 465
1, 420

"736
738
726
854

1,120
1,023 1,398

5, 568
114

U. S. Government obligations

Total

Obligations
of
Direct
States Other
and secuCerGuar- politi- rities
tifiancal
Bills of in- Notes Bonds teed subdividebtsions
edness

10, 005
13, 964
15, 900
19, 370
25, 934
51, 534
58, 683

794
656
827
805
1, 135
1, 536
978
6, 557 10, 315
4, 636 13 218

298
3, 047 5, 210
4, 637 6, 386 2 ,115
2, 699 9, 026 3 ,370
2, 758 11, 397 4 ,080
3, 732 15, 812 2 ,874
5, 716 26, 286 2 ,661
7, 672 30, 656 2 ,501

2 280
2, 684
3 482
3 551
3 493
3 440
3 287

4, 213
4, 530
3, 436
3, 356
3, 295
2, 907
2, 696

9, 413
12 689
14 722
18, 078
24, 098
46 980
52 948
56 771
60 322

791
637
821
797
1, 127
1, 509 i 872
6, 278 9 418
4, 360 12 071

2, 871
4, 361
2, 543
2, 631
3, 546
5, 251
6, 906

1
2
2
2
2
2
2
2
2

851
150
888
984
934
876
729
818
831

3, 388
3, 615
2, 873
2, 867
2, 840
2, 476
2, 294
2 303
2, 332

265 3 210
607
347
730 3 630
543
815 5 486
421
715 7 268
577
953 8 550
402
663
974 13 887 1, 985 2 818
566 14 563 1, 328 3 409
211 15 175
190 16 157

1 084
1, 426
1, 092
1, 526
1, 746
1, 656
1 829

425
344
634
651
623
484
444
487
456

630
755
695
796
781
602
558
548
577

76
94
134
138
90
75
74

114
173
177
190
164
209
158
186
204

115
121
167
188
188
172
155
163
169

632
752
981
979
925
942
913
933
963

1 046
981
868
836
858
785
726
737
736

14 652
18 454
482
930
872
332
970
61 892
65 485

20
3,062
23
3,609
29
3,203
801 52
1,540
848 57
1,484

i

4 838
5 689
8 261
10 481
14 485
23, 545
27 265

276
1 ,819
3 ,121
3 ,839
2 ,685
2 ,487
2 ,345

New York City*
1934—J u n e
1937—June
1940—June
1941—June
1942—June
1943—June
Dec.
1944—Apr.
June

30....
30....
29...
30....
30...
30....
31....
13
30P...

7,666
9,006
9,829
12,493
14,019
18,982
19,994
20,805
22,669

3 ,401
4 ,276
3 ,014
3 ,778
4 ,066
4 ,009
4 ,428
4 ,594
5 ,479

Chicago*
1934—June
1937—June
1940—June
1941—June
1942—June
1943—June
Dec.
1944—Apr.
June

30
30....
29....
30....
30....
30....
31....
13
30*\..

1 445
1,969
2,205
2,707
3,116
4,332
4,554
4,727
5,124

556
675
603
846
906
784

Reserve city banks:
1934—June 3 0 . . . .
1937—June 3 0 . . . .
1940—June 2 9 . . . .
1941—June 3 0 . . .
1942—June 3 0 . . . .
1943—June 3 0 . . . .
Dec. 3 1 . . . .
1944—Apr. 13 p

9,609
11,629
12,160
14,013
16,535
24,677
27,521
28,676
June 30 ... 30,947

938

1,295
905'

"i2 503

2 841
2 274
2 515

432'
630
712
612
763

1 ,004
962
1 ,064

6

8

5
3
2
6

4 ,394
4 ,994
5 ,365 "2 290' " ' i76
175
6 ,498 3 081
6 ,564 3 318
152
205
5 ,533 2 652
6 ,201 3 058
279
5 997
6 ,761

1 425
2,008
158
536
199
264
252

4
4
6
8
9
140 14
153 15
16
17

286
165
62
101
90

889
295
602
861
210
548
550
765
060

1
1
1
1
3
3
3
3

1, 540
5 214
6 635
2, 639
6 795
1, 230
1, 166
7 515
1, 315
9,971
670
276 19 144
658
301 21 321
22 680
24 186

3
4
4
5
8
17
19
21
22

51
45

15
14

1
1
1
2
3
3
3
4

661
001
258
483
858
167
238
417
688

64
30
254
417
357
473
199

59

181
795
877

194
366
161
125
162
399
484

1
1
2
3
4
6
7

015
157
454
207
650 1 ,324
415 1 ,751
572 1 ,166
454
974
014
984

268
511
710
803
1 068
1 424
1 602

535
103
178 1 148
1 777
902
195
947
87
839
700
73
606
188
579
981
674
417 2 626 3 529 1 828
682 1, 802
691 2 497
009
488

2
2
3
3
5
8
9

088
19
295
635
052
969
858 1 ,162
149
806
576
857
943
749

53
16
446
52
792
36
451
60
374
171
355
657
194 2 276 1 368
032 3 094 2 096

1
1
1
2
3

25
635
695
788
624
581
538

Country banks:
1934—June
1937—June
1940—June
1941—June
1942—June
1943—June
Dec.
1944—Apr.
June

30....
8,456
3 0 . . . . 10,134
2 9 . . . . 10,257
3 0 . . . . 11,446
3 0 . . . . 13,130
3 0 . . . . 19,164
3 1 . . . 22,188
1 3 .p. . . 23,819
3 0 . . . 24,824

4 ,172
4 ,340
4 ,987
5 ,607
5 ,393
4 ,497
4 ,654
4 ,582
4 ,775

1
1
1
1
1

361
593
512
017
084

546
555
562
623
713

4 283 2
59 1,039 1 056
2, )18
2, 301
5 794 3
828 l[ 179
33
1, 311
5 270 3
208 1, 544
17
5 839 3
1, 507
17
195 1, 739
16
169 1, 834 - 1, 299
7 737 5
17
164 1, 750
555
371 14 667 12
528
25
381 17 534 15
197 1, 725
19 238 17
20 049 17

007
155
030
627
502
509 1
465 1
170
989

467
676
849
404
696
7 091
8 705

1
1
1
1
1
1
1

681
880
097
165
222
241
214
212
209

4
595
759
l ' 144
1, 047
1, 013
917
855
855
850
..'

Insured nonmember commercial banks:

1934—June 30.... 4,513
2 ,667
1 ? L16
1 ,846
4
40
592
405 1 105
20
175
372
21
824
429
1937—June 30.... 5,479
2 ,756
1, 329
1 275
30
321 1 078
2 723
6
276
697
296
534
914
3 ,042
17
74 1 212
2 ,337 1 178
778
156
8
765
249
595
563
1940—June 29.... 5,379
512' "*448
534
429
18
3 ,183
68 1 267
865
2 ,350 1 293
8
127
918
241
489
568
1941—June 30.... 5,534
485
439
15
2 ,995
57 1 273
726
2 ,854 1 837
27
106
185 1 329
189
561
456
1942—June 30.... 5,849
14
2 ,570
68 1 199
463
333
278
896
465 2 744
174
565
431
1943—June 30.... 8,123
3971 96 5 ,553 4 557
356
482
16
2 ,556
82 1 165
276 1 ,147
766 3 ,395
156
559
403
Dec. 3 1 . . . 9,258
385|
70 6 ,702 5 ,739
p
Preliminary.
* 1 aese figures do not include data for banks in possessions of the United States and therefore differ from those published by the Federal Deposit
Insurance
Corporation.
1
Classifications of loans and investments were revised as of Dec. 31, 1938, and consequently figures for some items prior to December 1938 are not
comparable with subsequent figures. For explanation see Banking and Monetary Statistics, pp. 64 and 69.
2 Beginning June 30, 1941, member bank figures include three member mutual savings banks with total deposits of 8 million dollars in June 1941, which
became members of the Federal Reserve System during 1941. These banks are not included in "all insured commercial banks."
3 Central reserve city banks.

788



FEDERAL RESERVE BULLETIN

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES—Continued
RESERVES AND LIABILITIES
[In millions of dollars]

Time deposits

Demand deposits

Class of banks,
and call dates

Reserves
with
Federal
Reserve
Banks

All insured commercial banks:
1934—June
1937—June
1940— une
1941— une
1942— une
1943— une
Dec.

30....
30.. ..

3,819
6,897
13,751
12,959
12,295
12,092
3 1 . . . . 12,834

29
30
30....
30....

Cash
in
vault

623
844
984

1,242
1,290
1,448
1,445

BalDeances mand
with
dedoposits
mestic4
ad- 5
banks justed

Interbank
deposits

ForDomestic4 eign

U. S.
Government

U.S.
Certi- IndiIndiGov- States viduals,
States fied viduals,
ernand partner- Borand
and partner- Inter- ment
row- acpolitpolitical offiships,
ships, ings counts
and ical and
subdi- cers' and cor- bank Postal
corsubdivisions checks poraSav- visions poraetc.
tions
tions
ings

3,661
4,495
7,538
8,296
8,102
8,431
8,445

16,211
24,340
30,944
36,167
41,216
55,271
59,921

156
4,144
1,708
618
651
5,379
699
756
8,937
682
666
9,700
748
9,200
1,771
9,768 . 834 7,699
893
9,743
9,950

2,024
3,165
3,098
3,534
3,865
4,261
4,352

2,760
3,207
5,751
6,293
5,770
5,578
5,450
5,266

14,261
21,401
27,877
32,678
36,966
48,957
52,642
53,255

4,070
5,298
8,852
9,610
9,110
9,648
9,603
9,263

155
615
696
681
746
832
891
937

1,598
2,577
2,529
2,940
3,230
3,522
3,602
3,613

1,050
1,573
1,058

1,592
2,014
3,840
3,948
3,284
2,939
2,867
2,792

135
575
646
618
679
744
810

2,820
3,395
4,026

167
368
258
319
271
249
252
201

154
427
147
306
273
404
710
396

391
536
949

2
6
7

47
41
79
95
201
506
713
866

174
208
199
213
226
202
174
155

15
22
17
33
24
36
44
30

635
212
422
341
422

526
934
956

117
163
147
209
218
333
475
344

4,361
6,840
8,372
10,142
12,199
17,276
18,790
18,879
18,368

106
110
109
109
84
49
41
39

85
139
164
190
196
277
344
288

3,150
5,089
5,960
7,282
9,141
13,604
15,561
15,677
15,607

29
51
46
54
55
83
96

1,532
2,350
2,500
2,900
3,616
5,554
6,518

400
802
521
792
766

1,132
1,669

14,881
22,623
28,897
34,328
39,262
53,416
58,338

134
149
159
163
128
78
68

661
132
74
65
56
74
124

384
346
502
475
All
All
395

11,340
13,929
14,775
15,203
14,883
16,887
18,561

79
35
14
11
12
24
46

6,244
6,395
6,606
6,772
6,943
7,228
7,453

13,349
20,272
26,397
31,429
35,646
47,863
51,820
52,126
50,755

130
137
142
145
114
71
62
60

585
100
59
55
49
71
120
113

333
292
410
397
400
341
327
347

8,763
10,818
11,459
11,898
11,673
13,382
14,822
15,645

40
17
3
3
6
18
39
100

5,105
5,339
5,608
5,800
5,991
6,252
6,475
6,627

4,894
6,934
10,283
11,895
12,014
14,001
14,373
14,482
13,740

8
12
5
6
4
4
4
6

69

12
17
29
27
17
21
26
23

944

1

Member banks,
total

1934— une
1937— une
1940— une
1941— une
1942— une
1943—June
Dec.
1944—Apr.

30
3,819
30
6,897
29
13,751
30
12,959
3 0 . . . . 12,295
3 0 . . . . 12,093
3 1 . . . . 12,835
1 3 . . . . 12,497
June 30^

473
629
789
999

1,022
1,142
1,132
1,265

1,658
628
711
619

1,724
7,236
9,444
11,468

372
752
475
738
711

New York City:*
1934—June
1937—June
1940—June
1941—June
1942—June
1943—June
Dec.
1944—Apr.
June

30....
30....
29....
30
30....
30....
31....
13....
30^

Chicago:3
1934—June
1937—June
1940—June
1941—June
1942—June
1943—June
Dec.
1944—Apr.

30....
30
29
30.. .
30....
30
31....
13 .

June 30^...

1,417
2,749
7,072
5,857
4,762
3,473
3,596
3,530

64
60
88
136
88
92
92
111

97
105
119
131
103
52
61

57

4,800
6,733
10,235
11,619
11,711
13,543
13,899
13,989

436
596

973
786
821
796

40
27
39
41
43
39
38
40

162
156
242
262
220
173
158
182

1,077
1,509
1,898
2,205
2,379
3,002
3,050
3,019

1,010
1,028
1,032

1,011

8
10
13
14
14

1,197
2,215
3,759
4,125
4,254
4,848
5,116
4,998

154
212
334
385
357
395
391
442

1,397
1,392
2,679
2,793
2,279
1,892
1,758
1,784

4,593
7,132
8,774
10,480
12,515
17,403
18,654
18,996

1,785
2,339
3,526
4,000
4,052
4,749
4,770
4,531

16
33
41
53
55
71
63
62

769

215
330
328
437
533
616
611
671

1,104
1,554
2,711
3,106
3,168
3,462
3,474
3,242

3,792
6,027
6,969
8,374
10,360
15,009
17,039
17,251

303
409
538
652
747
928
994
929

1
2
2
2
3
4

5
6

1,527
1,962
2,601

1,067
1,115
1,269
1,429
1,619
1,727
1,761

150
214
194
242
268
307
313

1,288
1,788
2,004
2,333
2,853
2,996

901

1,949
2,939
3,066
3,488
4,250
6 314
7,279

74
81
84
90
89
120
141

2
3
3
1
2
2
2

50
23
45
47
47
463
506

426
586
570
594
635
740
750

1,187
1*062

972

855

802
306
67
32
863

1,409
1,782
2,109
2,292
2,981
3,097
3,088
3,040

5
6
1

649
767 ' " 3 "
732
778
"3"
717
11
755
29
816
68
846

228
245
260
279
293
312
326
329

1
1

361
452
489
480
460
477
505
514

259
35
18
19
18
31
56
55

234
190
219
211
239
172
151
167

3,366
4,140
4,422
4,590
4,454
5,265
5,902
6,237

15
15
29
30
27
17
17
15

256
64
37
31
31
37
56
52

87
85
147
143
143
148
149
156

4,388
5,459
5,816
6,049
6,042
6,886
7,599
8,048

36
13
3
3
3

4
11
17
18
14

76
32
15
10
7
4
4

51
54
92

2,576
3,112
3,316
3,312
3,218
3,514
3,750

39
18
10
8
6
6
6

5
5
2
2

15
17

1,632
1,598
1,599
1,625
1,698
1,774
1,862
1,891

Reserve city banks:
1934—June
1937—June
1940—June
1941—June
1942—June
1943—June
Dec.
1944—Apr.
June

30....
30....
29....
30....
30....
30....
31....
13....
30*\ ..

2,383
3,373
3,975

1,139
1,304
1,452
1,448
1,496

3
2

• • 4 "

1,633
1,723
1,873
1,940
1,985
2,071
2,135
2,186

Country banks:
1934—June
1937—June
1940—June
1941—June
1942—June
1943—June
Dec.
1944—Apr.
June

30
30....
29....
30....
30....
30....
31...
13....
30P

1,337
1,733
1,914
2,306
2,987
3,303
3,173

174
69
143
151
237

731

7

10
28

1,612
1,774
1,876
1,956
2,014
2,094
2,153
2,221

Insured nonmember com-

mercial b a n k s :
1934—June 3 0 . . . .
1937—June 30
1940—June 29
1941—June 3 0 . . . .
1942—June 30
1943—June 30
Dec. 3 1 . . . .

7

6

77
71
71
68

1,139
1,057
998
973
952
977
979

4
Beginning June 30, 1942, excludes reciprocal bank balances, which on that date aggregated 600 million dollars at all member banks and 614 million
dollars
at all insured commercial banks.
5
Demand deposits other than interbank and U. S. Government less cash items reported as in process of collection.
For other footnotes, see opposite page.
Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103, and 108-113.

AUGUST 1944




789

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars]
]Loans

Date or month

Total
loans
and
invest- Total
ments

Investments

For purchasing
or carrying securities
Commercial, To brokers
indus- and dealers To others Real- Loans Other
estate to
trial,
loans
and
loans banks
agri- U. S. Other U. S. Other
Govt. secul- Govt.
tural ob- curi- ob- curiliga- ties liga- ties
tions
tions

U. S. Government obligations

Total

CerOther
tificates
Guar- secuBills of in- Notes Bonds an- rities
debtteed
edness

33,927
38,682
38,487
37,999
37,338
38,008

5,368
3,924
3,544
3,167
2,553
2,491

Total

Total—101 Cities
1943—June

46,589

9,593

1,151

59

1,329

1944—Feb
Mar
Apr
May
June

53,139
52,698
51,437
50,366
51,656

11,625
11,338
10,553
10,186
10,746

6,412 1,070
6,367 1,015
680
6,156
632
5,958
5,938 904

600
618
619
582
606

807
656
451
300
529

319
303
295
306
311

1,094
1,084
1,077
1,073
1,072

87
76
71
54
48

1,236
1,219
1,204
1,281
1,338

600
616
553
570
570

334
303
299
287
279

295
306
307
310
310

1,074
1,074
1,072
1,072
1,073

62
57
55
39
55

1,203 40,418 37,613 2,773 8,968
1,203 40,444 37,635 2,818 8,963
1,340 40,083 37,232 2,441 8,938
1,333 40,051 37,184 2,433 8,886
1,326 39,907 37,029 2,299 8,886
1,325
1,329
1,336
1,363

5,606

998

450

36,996
41,514
41,360
40,884
40,180
40,910

6,938 4,023
8,905 5,640
8,956 6,639
8,963 7,193
8,928 7,107
9,329 7,164

15,720 1,878

3,069

18,454 1,759
18,242 1,106
650
18,026
632
18,118
615
18,409

2,832
2,873
2,885
2,842
2,902

7,126
7,110
7,110
7,094
7,094

18,105
18,104
18,111
18,138
18,134

641
640
632
633
616

2,805
2,809
2,851
2,867
2,878

8,834
8,911
9,231
10,341

7,097
7,111
7,185
7,262

18,203
18,275
18,416
18,743

608
605
619
629

2,850
2,897
2,904
2,955

1,343 43,979 41,048 3,549 10,755
1,345 44,880 41,917 3,623 11,098
1,352 45,305 42,424 3,907 11,093
1,332 45,338 42,460 3,821 11,135

7,302
7,421
7,504
7,503

18,814
19,153
19,300
19,378

628
622
620
623

2,931
2,963
2,881
2,878

May
May
May
May
May

3
10
17
24
31

50,674
50,611
50,319
50,240
49,988

10,256
10,167
10,236
10,189
10,081

6,035
6,015
5,990
5,906
5,846

June
June
June
June

7
14
21
28

50,032
50,405
51,152
55,036

10,155
10,249
10,416
12,164

696
5,870
736
5,913
812
5,939
6,027 1,380

565
272
265
576
285
623
652 1,295

303
309
311
321

1,071
1,072
1,072
1,073

53
49
38
53

July 5
July 12
July 19
July 26

56,262
57,211
57,304
57,065

12,283
12,331
11,999
11,727

6,037 1,159
6,040 1,242
6,068 1,019
880
6,088

664
653
636
609

344
332
326
346

1,069
1,070
1,072
1,070

92
74
127
84

New York City
1943—June

17,748

3,708

2,172

396

454

97

40

313 14,040 13,067 2,092 2,539 1,654

5,859

923

973

1944—Feb
Mar
Apr
May
June

19,650
19,352
18,778
18,178
18,672

4,817
4,655
4,130
3,938
4,293

2,470
2,478
2,400
2,311
2,306

835
779
490
486
719

459
484
483
443
460

485
376
231
124
214

132
115
116
125
128

89
87
85
83
81

63
58
51
43
33

284
278
274
323
352

14,833
14,697
14,648
14,240
14,379

13,906 1,228 3,216 1,932
13,744 1,118 3,285 2,484
13,710 1,178 3,367 2,740
867 3,337 2,637
13,351
670 3,405 2,651
13,460

6,586
6,352
6,213
6,306
6,553

944
505
212
204
181

927
953
938
889
919

209
207
204
206
193

864
865
903
909
904

180
174
182
188

897
917
919
945

653
593
620
672
622

1,575
1,575
1,399
1,318
236

39,877
40,156
40,736
42,872

37,027
37,259
37,832
39,917

2,285
2,357
2,381
2,942

May
May
May
May
May

3
10
17
24
31

18,355
18,297
18,161
18,108
17,972

3,949
3,933
3,964
3,952
3,893

2,351
2,348
2,326
2,279
2,250

479
448
480
532
494

455
478
423
430
429

144
127
123
115
111

116
127
127
128
127

84
84
83
83
82

44
47
44
30
49

276
274
358
355
351

14,406
14,364
14,197
14,156
14,079

13,542 1,011 3,386 2,668
987 3,375 2,646
13,499
813 3,337 2,626
13,294
780 3,293 2,630
13,247
744 3,294 2,614
13,175

June
June
June
June

7
14
21
28

18,004
18,168
18,455
20,061

3,979
4,057
4,164
4,971

568
2,279
610
2,300
681
2,311
2,337 1,016

432
439
466
502

110
107
119
520

122
128
129
130

82
82
81
80

36
41
26
30

350
350
351
356

14,025
14,111
14,291
15,090

13,128
13,194
13,372
14,145

648
665
582
786

3,255
3,269
3,359
3,738

2,613
2,611
2,666
2,711

6,268
6,284
6,314
6,338
6,330
6,432
6,475
6,583
6,722

July 5
July 12
July 19
July 26

20,717
21,092
21,111
20,905

5,049
5,239
5,081
4,874

2,316
2,293
2,303
2,323

510
503
505
473

695
850
804
759

131
136
133
148

80
81
81
80

68
57
121
74

350
342
357
349

15,668
15,853
16,030
16,031

14,726
14,872
15,092
15,097

1,136
1,071
1,358
1,299

3,966
4,039
3,979
4,012

2,733
2,758
2,735
2,739

6,704
6,806
6,823
6,848

187
198
197
199

942
981
938
934

899
977

111

668

Outside
New York City
1943—June

28,841

5,885

3,434

1,054

19

1,016

3,942
3,889
3,756
3,647
3,632

235
236
190
146
185

141
134
136
139
146

322
280
220
176
315

187 1,005
188
997
992
179
990
181
183
991

24
18
20
11
15

952
941
930
958
986

4,399
5,689
5,671
5,596
5,591
5,924

2,369
3,708
4,155
4,453
4,470
4,513

2,096

6,808
6,683
6,423
6,248
6,453

3,276
2,696
2,426
1,989
1,686
1,821

955

33,489
33,346
32,659
32,188
32,984

22,956 20,860
26,681 24,776
26,663 24,743
26,236 24,289
25,940 23,987
26,531 24,548

9,861

1944—Feb
Mar
Apr
May
June

11,868
11,890
11,813
11,812
11,856

815
601
438
428
434

1,905
1,920
1,947
1,953
1,983

148

214

May
May
May
May
May

3
10
17
24
31

32,319
32,314
32,158
32,132
32,016

6,307
6,234
6,272
6,237
6,188

3,684
3,667
3,664
3,627
3,596

174
145
140
140
128

145
138
130
140
141

190
176
176
172
168

179
179
180
182
183

990
990
989
989
991

18
10
11
9
6

927
929
982
978
975

26,012
26,080
25,886
25,895
25,828

24,071
24,136
23,938
23,937
23,854

1,762
1,831
1,628
1,653
1,555

5,582
5,588
5,601
5,593
5,592

4,458
4,464
4,484
4,464
4,480

11,837
11,820
11,797
11,800
11,804

432
433
428
427
423

1,941
1,944
1,948
1,958
1,974

June
June
June
June

7
14
21
28

32,028
32,237
32,697
34,975

6,176
6,192
6,252
7,193

3,591
3,613
3,628
3,690

128
126
131
364

133
137
157
150

162
158
166
775

181
181
182
191

989
990
991
993

17
8
12
23

975
979
985
1,007

25,852
26,015
26,445
27,782

23,899
24,065
24,460
25,772

1,637
1,692
1,799
2,156

5,579
5,642
5,872
6,603

4,484
4,500
4,519
4,551

11,771
11,800
11,833
12,021

428
431
437
441

1,953
1,980
1,985
2,010

July 5
July 12
July 19
July 26

35,545
36,119
36,193
36,160

7,234
7,092
6,918
6,853

3,721
3,747
3,765
3,765

260
265
242
212

154
150
131
136

880
725
595
559

213
196
193
198

989
989
991
990

24
17
6
10

993
1,003
995
983

28,311
29,027
29,275
29,307

26,322
27,045
27,332
27,363

2,413
2,552
2,549
2,522

6,789
7,059
7,114
7,123

4,569
4,663
4,769
4,764

12,110
12,347
12,477
12,530

441
424
423
424

1,989
1,982
1,943
1,944

Back figures.—See Banking and Monetary Statistics, pp. 127-227.

79°



FEDERAL RESERVE BULLETIN

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Demand deposits
except interbank

Date or month

Reserves
BalDewith Cash ances mand
Fedwith
dein
eral vault
doposits
Remestic
ad- 1
serve
banks justed
Banks

Individuals,
partnerships,
and
corporations

Time deposits,
except interbank

States Certiand
fied U.S.
polit- and
Govical
offiernsub- cers'
divi- checks ment
sions
etc.

Interbank
deposits

IndividU.S.
banks
Bor- Capuals, States
Govital Bank
and
row- acdeb-2
part- politernForings
nercounts its
eign
ical ment
ships, suband
banks
and
Dedivi- Postal
cor- sions
Sav- mand Time
poraings
tions

Total 101 Cities
1943—June

8,678

527

2,358

32,199

32,254

1,806

682

6,557

5,504

119

35

8,839

51

762

1944—Feb
Mar
Apr
May
June

8,500
8,521
8,659
8,934
9,313

542
535
547
543
575

2,251
2,108
2,034
2,031
2,179

31,747
32,814
33,853
35,424
35,886

32,094
33,049
33,936
35,289
35,969

1,671
1,707
1,848
1,993
1,911

738 12,356
889 10,829
779 8,651
684 6,070
798 6,622

6,184
6,266
6,370
6,519
6,636

126
126
128
129
125

59
58
56
48
47

8,706
8,365
8,102
8,053
8,688

41
41
40
39
38

817 58
847 69
869 83
891 139
877 146

2,005
1,963
1,947
2,004
2,044

780
642
645
684
667

7,196
6,692
6,056
5,472
4,934

6,445
6,491
6,527
6,556
6,575

129
128
131
129
130

48
48
48
48
48

7,914
8,054
8,165
8,026
8,108

40
40
40
38
38

890
894
891
885
896

48

4,117 52,642
4,309
4,327
4,356
4,388
4,405

54,453
59,587
51,766
52,031
67,012

May
May
May
May
May

3
10
17
24
31

8,767
8,792
8,992
9,056
9,060

533
551
547
559
526

1,957
1,999
2,050
2,033
2,118

34,649
34,932
35,362
35,969
36,208

34,357
34,784
35,440
35,670
36,194

June
June
June
June

7..
14
21
28

9,282
9,526
9,493
8,952

539
588
580
595

2,059
2,189
2,202
2,267

36,879
37,229
36,426
33,008

36,659 1,952
37,579 1,902
36,457 2,033
33,180 1,755

620 4,149
751 4,263
913 5,486
907 12,589

6,623
6,639
6,639
6,643

127
127
126
119

47
47
47
48

8,409
8,713
8,872
8,759

38
38
38
37

882 210
877 152
882 159
867 65

4,406
4,402
4,411
4,403

8,826
8,719
8,686
8,761

548
586
561
556

2,373
2,425
2,287
2,280

32,561
32,481
32,945
33,503

32,668
33,041
33,313
33,748

1,696
1,650
1,609
1,680

892
981
774
712

13,917
14,755
14,472
13,989

6,663
6,685
6,720
6,751

117
118
118
119

46
46
46
45

9,051
9,231
8,825
8,617

36
37
37
36

881 76
878 64
886 148
894 79

4,420 14,051
4,424 14,491
4,417 13,940
4,422 12,596

New York City
1943—June

3,157

82

25

12,086

12,426

205

355

3,006

690

17

2,869

1

677

40

1.610

22,022

1944—Feb
Mar
Apr
May
June

3,073
3,167
3,257
3,347
3,484

87
86
89
90
93

24
35
32
32
25

11,596
12,148
12,611
13,202
13,436

11,971
12,561
12,965
13,484
13,806

166
174
187
237
191

414
546
457
362
441

5,226
4,498
3,552
2,443
2,563

746
759
769
784
793

25
20
19
18
17

6
6
6
6
6

2,750
2,658
2,609
2,590
2,831

1
1
1
1
1

734
768
787
807
792

41
42
56
49
73

L,7O5
1,708
1,716
1,728
1,732

22,887
25,650
21,284
20,927
28,989

3
10
17
24
31

3,286
3,291
3,374
3,400
3,384

87
93
86
91
91

30
23
24
25
58

12,877
13,000
13,135
13,412
13,586

13,065
13,299
13,434
13,656
13,968

274
235
229
221
226

425
333
342
387
325

2,919
2,700
2,440
2,195
1,960

775
780
785
790
791

18
18
18
18
19

6
6
6
6
6

2,589
2,601
2,656
2,555
2,547

1
1
1
1
1

807 13
809 42
808 51
800 101
810 36

1,725
1,727
1,727
1,726
L, 735

5,372
4,492
4,779
4,530
4,440

June 7
June 14. . . .
June 21
June 28.

3,503
3,568
3,573
3,291

89
96
90
97

26
27
25
25

13,905
13,985
13,715
12,141

14,170
14,428
14,137
12,489

196
197
197
176

315
389
525
534

1,630
1,626
1,996
4,998

799
799
792
783

19
19
17
15

6
6
6

7

2,654
2,818
2,947
2,903

1
1
1
1

795
793
797
783

96
66
82
49

L,733
L.732
1,734
L,728

4,786
5,297
6,822
9,517

July 5
July 12
July 19
July 26

3,230
3,134
3,116
3,221

95
95
88
88

25
26
26
27

11,863
11,768
11,949
12,197

12,182
12,221
12,368
12,608

144
151
140
147

483
616
419
382

5,715
6,067
5,934
5,739

785
783
792
798

15
14
14
15

7
7
7
7

3,031
3,084
2,920
2,825

1
1
1
1

796 62
797 32
802 123
810 56

1,734
1,735
1,734
1,732

6,417
6,373
6,002
5,487

Outside
New York City
1943—June

5,521

445

2,333

20,113

19,828

1,601

327

3,551

4,814

102

35

5,970

50

85

8

1944—Feb
Mar
Apr
May
June

5,427
5,354
5,402
5,587
5,829

455
449
458
453
482

2,227
2,073
2,002
1,999
2,154

20,151
20,666
21,242
22,222
22,450

20,123
20,488
20,971
21,805
22,163

1,505
1,533
1,661
1,756
1,720

324
343
322
322
357

7,130
6,331
5,099
3,627
4,059

5,438
5,507
5,601
5,735
5,843

101
106
109
111
108

53
52
50
42
41

5,956
5,707
5,493
5,463
5,857

40
40
39
38
37

83
79
82
84
85

17
27
27
90
73

2,604
2,619
2,640
2,660
2,673

31,566
33,937
30,482
31,104
38,023
7,779
6,584
7,328
6,882
6,421

July 5
July 12
July 19
July 26

May
May
May
May
May

1
2

75
110
123
200
188

4,377 13,151
4,384 11,076
4,386 12,107
4,390 11,412
4,403 10,861
11,582
12,676
16,093
21,041

2,507 30,620

May
May
May
May
May

3
10
17
24
31 .

5,481
5,501
5,618
5,656
5,676

446
458
461
468
435

1,927
1,976
2,026
2,008
2,060

21,772
21,932
22,227
22,557
22,622

21,292
21,485
22,006
22,014
22,226

1,731
1,728
1,718
1,783
1,818

355
309
303
297
342

4,277
3,992
3,616
3,277
2,974

5,670
5,711
5,742
5,766
5,784

111
110
113
111
111

42
42
42
42
42

5,325
5,453
5,509
5,471
5,561

39
39
39
37
37

83 62
85 68
83 72
85 99
86 152

2,652
2,657
2,659
2,664
2,668

June
June
June
June

7
14
21
28

5,779
5,958
5,920
5,661

450
492
490
498

2,033
2,162
2,177
2,242

22,974
23,244
22,711
20,867

22,489
23,151
22,320
20,691

1,756
1,705
1,836
1,579

305
362
388
373

2,519
2,637
3,490
7,591

5,824
5,840
5,847
5,860

108
108
109
104

41
41
41
41

5,755
5,895
5,925
5,856

37
37
37
36

87 114
84 86
85 77
84 16

2,673 6,796
2,670 7,379
2,677 9,271
2,675 11,524

July 5
July 12
July 19
July 26

5,596
5,585
5,570
5,540

453
491
473
468

2,348
2,399
2,261
2,253

20,698
20,713
20,996
21,306

20,486
20,820
20,945
21,140

1,552
1,499
1,469
1,533

409
365
355
330

8,202
8,688
8,538
8,250

5,878
5,902
5,928
5,953

102
104
104
104

39
39
39
38

6,020
6,147
5,905
5,792

35
36
36
35

85
81
84
84

2,686
2,689
2,683
2,690

14
32
25
23

7,634
8,118
7,938
7,109

Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts.

AUGUST 1944




791

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[ In millions of dollars]
Investments

Loans

Total
loans
Federal Reserve and
indistrict and date
vestments

Boston
iune28
uly 5
uly 12
uly 19
uly 26
NewlYork*
*une28
uly 5
July 12
July 19
luly 26
Ph'Madelphia
June28
July 5
July 12
July 19
July 26.
Cleveland
evelan
June28
July 5
July 12
July 19
July 26
Richmond
June29
July 5
July 12
July 19
July 26
Atlanta
June 28
July 5
July 12
July 19
July 26
Chicago*
June 28
July 5
July 12
July 19
July 26
St. Louis
June 28
July 5
July 12
July 19
July 26
Minneapolis
June 28
July 5
July 12
July 19
July 26
Kansas City
June 28
July 5
July 12
July 19
July 26
Dallas
June 28
July 5
July 12
July 19
July 26
San Francisco
June 28
July 5
July 12
July 19
July 26
City of Chicago*

July 19..
July 26..

Commercial,
indusTotal trial,
and
agricultural

For purchasing or carrying securities
To brokers
and dealers

To others

U.S.
U.S.
Govt. Other Govt. Other
obli- secur- obli- securities ga- ities
tions

U . S . Government obligations

Real- Loans Other
Total
estate
to
loans banks loans
Total

CertifiOther
cates
secuof
Guar- rities
Bills in- Notes Bonds andebtteed
edness

3,037
3,089
3,136
3,162
3,131

684
678
682
673
669

411
411
412
415
414

39
32
35
29
25

18
18
19
17
19

13
15
14
13
11

20
20
20
20
20

62
62
63
63
62

3
5
4
2
5

118
115
115
114
113

2,353
2,411
2,454
2,489
2,462

2,255
2,312
2,355
2,391
2,365

276
294
309
319
271

616
632
649
667
672

358
359
361
357
359

990
1,012
1,021
1,033
1,048

15
15
15
15
15

98
99
99
98
97

21,915
22,579
23,003
23,000
22,804

5,337
5,420
5,615
5,455
5,237

2,498
2,477
2,455
2,465
2,485

1,025
910
989
792
672

506
515
507
508
477

548
725
884
834
789

153
154
159
156
171

158
158
158
158
157

31
69
58
122
75

418
412
405
420
411

16,578
17,159
17,388
17,545
17,567

15,556
16,144
16,334
16,534
16,560

855
1,210
1,158
1,424
1,378

4,066
4,285
4,370
4,297
4,335

2,996
3,027
3,059
3,051
3,056

7,427
7,409
7,523
7,539
7,566

212
213
224
223
225

022
015
054
011
007

2,347
2,431
2,450
2,428
2,416

441
448
457
440
439

239
242
245
242
241

9
9

36
36
36
36
36

10
2
2

103
102
104
103
103

1,906
1,983
1,993
1,988
1,977

1,732
1,810
1,820
1,818
1,808

179
213
212
203
194

373
397
400
402
398

227
230
233
234
234

898
916
920
925
928

55
54
55
54
54

174
173
173
170
169

4,540
4,487
4,489
4,513
4,552

1,029
917
887

397
392
392
396
401

,723
,772
,829
,841
,838

331
351
349
328
319

113
112
113
112
111

,692
,712
,673
1,712
1,736

418
438
346
314
311

8,418
8,621
8,873
8,827
8,801

37
37
38
33
33

19
22
15
13
13

124
124
109
110
105

164
164
164
164
164

136
132
134
132
129

3,511
3,570
3,602
3,624
3,663

3,273
3,336
3,369
3,392
3,428

271
299
290
286
310

793
817
846
855
858

517
519
518
519
518

1,647
1,656
1,670
1,688
1,697

45
45
45
44
45

238
234
233
232
235

4
4
5
4
4

93
109
103
85
77

50
50
51
51
50

58
58
57
58
59

1,392
1,421
1,480
1,513
1,519

1,335
1,365
1,424
1,458
1,463

81
92
115
119
120

300
312
318
329
331

235
236
254
257
263

703
709
721
737
733

16
16
16
16
16

57
56
56
55
56

169
172
163
164
164

142
159
71
42
39

26
26
26
26
26

67
65
71
70
69

1,274
1,274
1,327
1,398
1,425

1,164
1,164
1,216
1,288
1,311

73
77
80
81
93

299
297
312
338
347

274
274
288
312
313

494
492
512
533
534

24
24
24
24
24

110
110
111
110
114

1,565
1,587
1,631
1,592
1,581

985
997
1,015
1,018
1,018

138
163
183
158
150

134
132
132
133
133

133
132
129
127
127

6,853
7,034
7,242
7,235
7,220

6,294
6,486
6,709
6,723
6,710

510
611
670
708

1,815
1,892
2,016
1,975
1,955

1,070
1,070
1,076
1,095
1,096

2,807
2,821
2,871
2,869
2,876

92
92
76
76
76

559
548
533
512
510

,639
,660
,690
,694
,686

411
428
421
409
409

206
211
215
219
221

45
56
44
31
28

64
64
64
64
65

81
81
80
81

1,228
1,232
1,269
1,285
1,277

1,118
1,122
1,160
1,177
1,169

67
67
81
69
51

295
297
314
328
332

226
226
228
230
230

509
511
516
529
535

21
21
21
21
21

110
110
109
108
108

,064
,089
,113
,114
,119

200
206
199
193
188

99
103
103
103
99

21
21
20
14
14

23
23
23
23
23

44
46
43
46
45

864
883
914
921
931

798
813
843
853
863

31
42
57
62
70

228
239
241
239
240

145
137
144
151
151

382
383
389
390
391

12
12
12
11
11

66
70
71
68
68

,852
,885
,892

334
349
350
344
345

198
203
210
214
218

29
40
32
23
21

38
38
37
38
38

58
55
58
56
56

1,470
1,503
1,53."
1,548
1,541

1,342
1,375
1,407
1,420
1,414

120
130
130
132
125

332
351
359
365
369

289
291
297
297
297

566
568
586
589
586

35
35
35
37
37

128
128
128
128
127

,479
,525
,547
,565
,572

370
389
373
364
360

240
245
250
252
249

44
58
39
29
27

20
20
20
20
20

47
47
45
44
42

1,109
1,136
1,174
1,201
1,212

1,065
1,092
1,130
1,157
1,168

87
99
103
120
125

312
324
333
346
348

208
209
214
210
215

433
435
458
461
460

25
25
22
20
20

44
44
44
44
44

5,378
5,445
5,523
5,556
5,524

1,044
1,072
1,021
998
980

472
472
467
468
467

90
104
67
52
51

298
296
296
296
296

101
98
103
102
97

4,334
4,373
4,50:
4,558
4,544

3,985
4,029
4,150
4,213
4,201

392
415
418
384
377

912
912
940
952
950

717
724
749
791
771

1,887
1,902
1,966
2,007
2,024

77
76
77
79
79

349
344
352
345
343

5,079
5,231
5,424
5,386
5,359

1,071
1,
1,117
1,084
1,

723
732
744
747
751

90
104
120
100
99

23
23
23
23
23

4,008
4,148
4,307
4,302
4,277

3,632
3,782
3,956
3,971
3,948

291
367
394
444
43'

1,040
1,109
1,224
1,186
1,166

595
594
599
614
614

1,675
1,681
1,708
1,696
1,701

31
31
31
31
30

376
366
351
331
329

163
62
60
61
64

* 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.




FEDERAL RESERVE BULLETIN

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued
RESERVES A N D LIABILITIES
[In millions of dollars]
Demand deposits,
except interbank

Federal Reserve
district and date

Boston (6 cities)
June 28 .
July 5
July 12
July 19
July 26
New York (8 cities)*
June 28
July 5
July 12 .
July 19
July 26
Philadelphia (4 cities)
June 28
July 5
July 12
July 19
July 26
Cleveland (10 cities)
June 28
July 5
July 12
July 19
July 26
Richmond (12 cities)
June 28
July 5
July 12
July 19
July 26
Atlanta (8 cities)
June 28
July 5
July 12
July 19
July 26
Chicago (12 cities)*
June 28
July 5
July 12
July 19
July 26
St. Louis (5 cities)
June 28
July 5
July 12
July 19
July 26
Minneapolis (8 cities)
June 28
July 5
July 12
July 19
July 26
Kansas City (12 cities)
June 28
July 5
July 12
Julv 19
July 26
Dallas (9 cities)
June 28
July 5
July 12
July 19
July 26
San Francisco (7 cities)
June 28
Julv 5
July 12
July 19
July 26
Citv of Chicago*
June 28
July 5
July 12
July 1 9 . . . . . . . . . . . .
July 26

ReBalDeIndiserves
with Cash ances mand
vidwith
Feddeuals,
posits
eral
do-,
partvault
mestic
adRener1
serve
banks justed ships,
Banks
and
corporations

430
408
416
421
413

59
56
61
58
58

130
136
138
117
118

1,888
1,869
1,900
1,947
1,944

3,525
3,467
3,361
3,343
3,448

130
127
130
121
120

116
121
113
110
105

13,373
13,066
12,976
13,152
13,416

382
380
376
369
376

30
27
30
29
28

84
96
87
75
77

698
726
693
701
700

76
68
75
73
71

293
285
291
273
262

States Certiand
fied
politand
offiical
cers'
subdivi- checks
etc.
sions

Time deposits,
except interbank

U.S.
Government

Individuals,
partnerships,
and
corporations

Interbank
deposits

.S.
States U
Govand
ernpolit- ment
ical
and
subdivi- Postal
Savsions
ings

3
3
3
3
3

Domestic
banks

Demand

110
108
99
101
102

33
32
36
32
24

909
961
987
962
933

300
301
303
304
305

13,550
13,228
13,280
13,439
13,677

386
335
342
310
330

562
517
646
448
409

5,335
6,090
6,450
6,307
6,100

1,253
1,257
1,256
1,267
1,275

18
17
16
16
17

9
9
9
9
9

2,967
3,099
3 153
2^985
2,888

1,542
1,563
1,560
1,554
1,569

1,606
1,613
1,626
1,608
1,621

45
42
45
41
44

19
17
17
16
19

580
639
643
625
606

171
171
172
172
172

6
6
9
9
9

1
1
1
1
1

344
356
361
341
340

234
234
241
228
230

2,714
2,709
2,674
2,727
2,799

2,747
2,728
2,736
2,771
2,832

119
118
122
126
128

62
60
49
43
42

987
945
959
942
915

891
895
898
902
905

49
48
48
48
48

41
34
37
35
36

184
205
193
185
193

1,045
1,037
1,054
1,034
1,077

1,047
1,027
1,056
1,027
1,059

77
86
74
77
83

21
26
22
20
18

460
507
541
558
515

253
253
254
255
256

2
2
2
2
2

311
296
317
298
286

28
25
28
27
27

155
196
237
194
164

1,026
1,014
1,006
1,021
1,024

968
965
986
984
977

149
135
127
126
133

12
19
11
13
9

354
376
403
394
384

278
279
281
282
284

1,385
1,377
1,341
1,375
1,363

103
97
102
98
96

401
406
407
389
409

5,171
5,152
5,088
5,154
5,251

5 052
5^002
5,030
5,040
5,131

420
434
418
407
429

72
87
77
76
60

1,767
1,959
2,196
2,155
2,083

1,309
1,315
1,320
1,326
1,333

272
262
273
264
273

21
19
21
20
20

111
122
123
121
120

883
851
865
879
899

912
889
919
927
931

62
60
60
59
61

16
14
10
11
13

316
356
366
355
340

242
243
244
245
246

168
160
159
157
157

12
10
11
11
11

97
98
93
86
84

588
583
585
598
610

566
563
573
576
591

70
73
71
70
68

10
9
9
9
12

281
300
322
317
307

144
145
146
146
146

376
378
369
376
377

24
22
24
23
23

279
281
308
289
286

1,095
1,064
1,088
1,110
1,127

1,100
1,078
1,123
1,135
1,133

118
121
115
115
122

17
17
16
15
16

306
347
364
353
340

194
195*
196
198
199

300
295
326
300
296

25
22
23
23
24

225
222
231
230
231

1,027
1,013
1,041
1,053
1,070

1,047
1,032
1,077
1,077
1,092

45
47
47
49
49

16
21
18
21
22

294
330
350
344
333

812
792
797
809
810

46
41
44
43
42

251
256
254
263
263

2,656
2,640
2,644
2,716
2,717

2,719
2,694
2,743
2,797
2,781

151
137
130
128
131

70
73
70
70
68

864
851
836
851
849

43
44
44
41
42

184
182
193
183
186

3,095
3,078
3,023
3,063
3,122

3,085
3,028
3,048
3,058
3,107

204
223
214
199
209

38
53
45
37
27

1,866
1*849
1 892
l[932
1,923

Time

290
290
297
278
270
4
4
4
4
4

Foreign
banks

Bor- Cap- Bank
ital
rowdebacings counts its 2

16
17
15
16
16

3
2
3
4
2

785
798
799
804
812

49
62
52
133
66

6
6
6
7
7

264
264
264
264
265

1 243
683
679
655
633

1,867
1,873
1 874
1^873
1,870

10,066
6,908
6 710
6^459
5,796

229
230
230
230
230

954
520
558
582
506

440
441
441
441
441

1,777
871
975
881
790

.

' T
'"i"
3

498
512
518
499
488

8
8
8
8
8

4
4
4
4
5

7
7
7
7
7

340
357
363
349
339

6
5
5
5
5

2
1
2
1
1

116
115
115
115
115

577
372
389
354
341

2
3
3
3
3

5
4
4
4
3

429
463
463
437
426

5
4
4
4
4

110
111
111
110
111

464
352
368
360
330

3
3
3
3
3

4
4
4
4
4

t, 543
1,560
1,605
1,540
1,491

5
5
5
5
5

488
503
521

1
1
5
5
5
5
5

4
4

17
18
17
17
17

3
3
3

515
516
516
513
515

2,951
2^048
2,344
2,218
1,920

50"2

1
1
1
1
1

9
4
4
6
5

112
112
113
112
113

486
366
365
361
337

253
255
250
233
233

6
6
5
6
6

76
76
76
76
77

327
219
248
223
211

1
1
1
1
1

3
3
3
3
3

763
803
8U
795
781

172
172
173
174
175

12
12
11
11
11

2
2
2
2
2

436
449
465
449
447

1,000
1,107
1,174
1,160
1,133

1,436
1,437
1,442
1,449
1,455

26
25
25
25
25

9
8
8
8
8

408
404
423
412
412

1,072
1,220
1,418
1,393
1,346

554
557
558
560
561

5
5
5
5
5

9
9
9
9
9

1,101
1,111
1,156
1,102
1,068

"

130
129
130
130
130

539
410
457
470
448

1
2
2
2
1

109
107
107
107
108

407
311
319
365
311

24
24
23
24
24

435
446
447
446
447

1,250
991
1,079
1,012
973

15
15
14
14
14

338
339
339
335
337

1,784
1,262
1,504
1,354
1,119

2

* See note on preceding page.
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Debits to demand deposit accounts except interbank and U. S. Government accounts,

1
2

AUGUST

1944




793

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding

End of month

Held by

Commercial
paper
Total
out- 1
outstanding standing

Accepting banks
Total

1943—March
April
May
June
July
August
September
October
November
December
1944—January
February
March
April
May
June

201
179
160
143
150

Own
bills

Others

Bills
bought

2

Exports
from
United
States

Imports
into
United
States

90

62
61
65
62
64
59
50
48
53
52

39
38
40
40
38
36
33
39
35
38

29
29
31
38
36
36
33
27
23
27

69
71
79
82
81
77
69
67
59
66

12
9
8
10
12
10
7
9
11
11

94
106
100
96
90
87

55
57
52
51
49
44

38
49
48
45
41
43

27
29
30
29
24
25

71
83
79
77
71
74

12
12
12
12
10
11

170
188
203202

130
128
136
140
139
130
117
115
111
117

101
99
105
102
102
94
84

209
214
195
172
151
137

120
135
129
126
113
112

156

Based on

Dollar
exchange

Goods stored in or
shipped between
points in
United
States

Foreign
countries

39
38
37
36
35
33
30
29
31
30

10
11
12
12
10
11
11
10
9
9

29
32
31
30
28
24

9
8
7
7
4
3

(3)
(3)

8

1
2
3

As reported by dealers; includes some finance company paper sold in open market.
None held by Federal Reserve Banks.
Less than $500,000.
Back figures.—Sec Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars!
Credit balances

Debit balances
Debit

End of month

Debit

Customers' balances in balances in
debit
firm
partners'
balances
investment investment
(net) 1
and trading and trading

accounts

accounts

Customers'
credit balances 1

Cash on
hand
and in
banks

Money
borrowed 2

Other credit balances

Free

Other
(net)

In firm
In p a r t n e r s '
i n v e s t m e n t investment
and trading and trading
accounts
accounts

In capital
accounts
(net)

1936—June
December

1,267
1,395

67
64

164
164

219
249

985
1,048

276
342

86
103

24
30

14
12

420
424

1937—j une
December

1,489
985

55
34

161
108

214
232

1,217
688

266
278

92
85

25
26

13
10

397
355

1938—June
December

774
991

27
32

88
106

215
190

258
247

89
60

22
22

11

298
305

1939—June
December

834
906

25
16

73
78

178
207

495
754
570
637

230
2b6

70
69

21
23

280
277

1940—June
December

653
677

12
12

58
99

223
204

267
281

62
54

22
22

1941—June
December

616
600

11
8

89
86

186
211

376
427
395
368

6
7
5
5

255
289

65
63

17
17

7
5

269
247
222
213

496
543

9
7
9

86
154
190

180
160

309
378

240
270

56
54

16
IS

4
4

189
182

529

334
*340

66

15

7

212

354

65

14

5

198

37O
e
37O
6
380
c
390
e
400
424

95

15

11

216

1942—June
December

. . . .

1943—Tune
July
August
September
October
November
December
1944—January
February
March
April
May
June

761
78O
740
e
820
6
830
e
780
788
e

167

e

e

530
490
e
77O
e
74O
e
600
557

e

188"

"

181

e

e

780
e
800
e
820
e
780
e
79O
887

5

253""

196"

560
c
650
c
630
e
600
e
55O
618

e
320
«330

e

e

Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of
large firms.
l Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms'
own partners.
_ -o

F

,

„

to be taken as representing the actual net capital of the reporting firms.
Back figures—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data in detail
at semiannual dates prior to 1942.

704




FEDERAL RESERVE BULLETIN

OPEN-MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]
Stock
Prime
exPrime
bank- change
comers'
call
mercial acceptloan
paper,
re4- to 6- ances,
90
newmonthsl day
si
a l

Year,
month, or
week

1941 average
1942 average
1943 average

.54
.66
.69

1943—June
July
August
September
October
November . . . .
December

.69
.69
.69
.69
.69
.69
.69

1944—January
February
March
April
May
June

.69
.69
.69
.69
.75
.75

Week ending:
July 1
July 8
July 15
July 22
July 29

Yields on U . S .
Government securities
9- to 12month 3-to 5certifi3year
cates taxable
month
bills 3
of innotes
debtedness

1.00
1.00
1.00

.103
.326
.373

.75

.76
L.13
1.31

.44
.44
.44
.44
.44
.44
.44

1.00
1.00
1.00
1.00
1.00
1.00
1.00

.374
.374
.375
.375
.375
.375
.375

.70
.68
.75
.77
.78
.11
.11

L.32
1.30
L.29
L.31
L.31
L.29
L.30

.44
.44
.44
.44
.44
.44

1.00
1.00
1.00
1.00
1.00
1.00

.374
.375
.375
.375
.375
.375

.78
.78
.80
.78
.11
.79

L.30
L.32
L.36
L.36
L.35
L.34

8 I
8 8

1.00
1.00
1.00
1.00
1.00

.375
.374
.375
.375
.375

4
.79
,.78
.78
.77
.76

L34
L.32
L.31
.31
L.31

.44
.44
.44

COMMERCIAL LOAN RATES
AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS
IN PRINCIPAL CITIES
[Per cent per annum]

4

| Monthly figures are averages of weekly prevailing rates.
z
T h e average rate on 90-day stock exchange time loans was 1.25 per
cent during the entire period.
3
Rate on new issues offered within period. Tax-exempt bills prior to
March 1941; taxable bills thereafter.
4
Number of issues decreased from 2 to 1 on July 1 and increased to 2 on
July 10.
Back figures.—See Banking and Monetary Statistics, Tables 120-123, pp.
448-462; for description, see pp. 424-426.

Total
19 cities

New
York
City

7 Other
Northern and
Eastern
cities

11 Southern and
Western
cities

average 1
average 1
average 1
average 1

2.93
2.68
2.59
2.53

1.76
1.72
1.73
1.69

3.39
3.04
2.88
2.75

3.76
3.40
3.25
3.26

1939 average
1940 average
1941 average
1942 average
1943 average
1939—December..
1940—March
June
September.
December..
1941—March
June
September..
December..
1942-March
June
September..
December..
1943—March
June
September..
December...

2.78
2.63
2.54
2.61
2.72
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
2.30
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
2.80
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
3.13
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
2.48
2.65

2.36
2.70
2.05
2.10

2.76
2.98
2.71
2.76

3.24
3.38
2.73
3.17

1944—March
June

2.63
2.63

2.10
2.23

2.75
2.54

1935
1936
1937
1938

r

3.12
3.18

r
Revised.
l Prior to March 1939 figures were reported monthly on a basis not strictly
comparable with the current quarterly series.
Back figures.—See Banking and Monetary Statistics, Tables 124-125, p p .
463-464; for description, see pp. 426-427.

B O N D YIELDS

l

[Per cent per annum]
U. S. Government
Year, month,
or week

Long-term
partially
tax-

exempt
Number of issues

1-5

1941 average
1942 average
1943 average

2.05
>.O9
'. .98

Corporate (Moody's) 4

Taxable
7 to 9 15 years
and
years
over

Municipal
(high n
grade) 2

Corporate
(high
grade) 3

Aaa

1-6

15

5

1.93
1.96

2^46
2.47

2.10
2.36
2.06

2.67
2.75
2.64

3.34
3.34
3.16

1 .91
; .91
.92
.90
.90
.94
L.95

1.93
1.92
1.95
1.97
1.98
2.00
2.00

2.45
2.45
2.46
2.48
2.48
2.48
2.49

2.07
1.97
1.91
1.92
1.88
1.90
2.00

2.63
2.58
2.57
2.59
2.60
2.61
2.63

3.14
3.11
3.10
3.11
3.11
3.13
3.14

1944—January
February
March
April
May

L.95
L.93
L.91
L.94
L.94
L.91

1.99
1.96
1.95
1.95
1.95
1.95

2.49
2.49
2.48
2.48
2.49
2.49

1.92
1.85
1.84
1.85
1.86
1.87

2.65
2.65
2.64
2.61
2.58
2.58

Week ending:
July 1
July 8
July 15
July 22
July 29

L.89
L.89
L.88
L.89
.90

1.95
1.95
1.95
1.95
1.95

2.49
2.49
2.49
2.49
2.49

1.86
1.86
1.84
1.82
1.82

2.59
2.59
2.60
2.59
2.60

1943—June
July
August
September
October
November
December

June

'..

1-5

6

By groups

By rating

Total

120

Aa

A

Baa

Industrial

Railroad

Public
utility

30

30

30

30

40

40

40

2.77
2.83
2.73

2.94
2.98
2.86

3.30
3.28
3.13

4.33
4.28
3.91

2.95
2.96
2.85

3.95
3.96
3.64

3.11
3.11
2.99

2.72
2.69
2.69
2.69
2.70
2.71
2.74

2.85
2.82
2.81
2.82
2.83
2.84
2.87

3.11
3.09
3.08
3.10
3.10
3.11
3.13

3.88
3.81
3.81
3.83
3.82
3.83
3.82

2.84
2.80
2.79
2.82
2.82
2.85
2.86

3.61
3.56
3.55
3.56
3.55
3.56
3.56

2.9&
2.95
2.96
2.96
2.96
2.98
3.00

3.11
3.10
3.09
3.08
3.06
3.05

2.72
2.74
2.74
2.74
2.73
2.73

2.83
2.83
2.82
• 2.82
2.81
2.81

3.11
3.10
3.10
3.09
3.07
3.07

3.76
3.72
3.70
3.68
3.63
3.59

2.83
2.83
2.83
2.83
2.81
2.79

3.51
3.49
3.48
3.45
3.41
3.40

2.99
2.98
2.97
2.97
2.97
2.96

3.04
3.04
3.04
3.03
3.04

2.72
2.72
2.72
2.72
2.72

2.81
2.80
2.80
2.80
2.81

3.06
3.05
3.05
3.05
3.05

3.58
3.57
3.57
3.57
3.56

2.78
2.78
2.78
2.78
2.80

3.39
3.38
3.37
3.37
3.36

2.96
2.96
2.95
2.95
2.94

•

1

Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures.
Standard and Poor's Corporation.
U. S. Treasury Department.
4
Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced
from 10 to 5 and 10 to 6 issues, respectively, and the railroad Aaa group from 10 to 5 issues.
6
Number of issues included increased from 4 to 5 on July 10.
Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474.
2

3

AUGUST 1944




795

SECURITY MARKETS 1
Stock prices^

Bond prices
Corporate
Year, month, or week.

U.S.
Government

Number of issues..

Municipal
(high, Highgrade)** grade

4

Medium- and lower-grade
Total

15

Indusnus
trial

Railroad

50

Volume
of trading7
(in thousands of
Public shares)
utility

Common (index, 1935-39 = 100)
DePublic faulted
utility

Preferreds

Total

Industrial

Railroad

402

354

20

28
81
61
82

629
466
1,032

20

20

100.72
100.50

130.9
126.2
131.8

117.8
118.3
120.3

98.9
100.1
109.5

103.9
109.1
117.0

86.9
86.6
97.6

106.1
104.8
114.0

21.9
27.2
44.0

171.9
162.4
172.7

69
92

71
94

71
66
89

1943—June
July
August
September..
October....
November..
December..

100.79
100.75
100.53
100.35
100.39
100.24
100.19

131.5
133.4
134.6
134.4
135.2
134.9
132.8

120.5
121.1
121.1
120.8
120.9
120.4
120.0

109.9
110.8
110.4
110.4
110.6
111.3
112.1

116.6
116.6
117.0
117.1
117.9
118.9
119.4

98.7
100.4
98.6
98.4
98.6
99.8
101.7

114.4
115.3
115.6
115.7
115.4
115.2
115.1

47.6
48.1
44.2
46.4
49.9
45.4
46.9

173.8
175.9
176.4
175.9
175.1
172.6
169.1

97
99
94
96
95
91
92

99
101
96
98
97
93
94

94
97
91
91
92
87
86

85
88
86
87
87
85
85

992
1,145
604
663
633
886
807

1944—January...
February.
March
April
May
June

100.18
100.14
100.26
100.26
100.19
100.16

134.4
135.8
136.0
135.8
135.6
135.5

120.5
120.4
120.5
120.7
120.9
120.9

113.2
113.6
113.7
114.4
114.7
114.5

119\8
119.3
119.8
121.0
121.5
121.5

104.1
105.7
105.3
105.5
106.5
106.2

115.5
115.8
115.9
116.6
116.0
115.9

52.8
58.1
60.1
59.0
58.9
61.2

171.2
172.7
173.4
173.8
173.2
175.8

95
94
97
95
97
102

96
96
98
97
99
104

91
96
99
97
99
101

87
87
88
87
88
90

788
807
1,124
659
730
1,598

Week ending:
July 1 . . . .
July 8 . . . .
July 15....
July 22....
July 29....

100.15
100.15
100.19
100.23
100.20

135.6
135.6
136.0
136.4
136.4

121.0
121.3
121.3
121.4
121.3

114.2
114.4
114.8
114.9
114.8

121.2
120.8
121.2
121.3
121.0

105.6
106.2
106.8
107.2
107.2

116.0
116.3
116.4
116.3
116.3

61.8
61.8
62.5
61.5
59.7

176.8
177.3
178.1
178.1
176.8

103
105
106
104
102

106
107
108
107
104

103
104
107
106
104

91
92
92
91
91

1,839
1,783
1,386
1,391
769

1941 average..
1942 average..
1943 average..

1-6

1
2
3
4
5
6
7

Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures.
Average of taxable bonds due or callable in 15 years and over.
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.
Standard and Poor's Corporation.
Prices derived from averages of median yields on noncallable high-grade stocks"on~basis of a $7 annual dividend.
Average daily volume of trading in stocks on the New York Stock Exchange.
Back figures— See Banking and Monetary Statistics, Tables 130,133, 134, and 136, pp. 475,479,482, and 486, respectively.
NEW SECURITY ISSUES
[In millions of dollars]
For refunding

For new capital

Year or month

1934
1935
1936
1937
1938
1939
1940
1941
1942
1943

. .

1943—June
July
August
September ..
October
November ..
December...
1944—January
February
March
April
May
June

Total
(new Total
and
(doremestic
fund- and
ing)
for- Total
eign)
2,160
4,699
6,214
3,937
4,449
5,842
4,803
5,546
2,114
r
2,174

1,386
1,457
1,972
2,138
2,360
2,289
1,951
2,854
1,075
r
642

1,386
1,409
1,949
2,094
2,325
2,239
1,948
2,852
1,075
r
640

203
169
145
140
201
357
163

41
31
29
r
5i
57
165
33

41
31
29
r
51
57
165
33

240
r
220
178
235
418
213

103
r
73
58
80
53
42

93
r
73
58
80
53
42

r

Domestic
State
and
municipal

Corporate

Federal
agen-1
cies

Total

405
803
150
855
22
735
157
712
481
971
924
931
751 461
518 1,272
108
342
r
90
176

178
404
1,192
1,225
873
383
736
1,062
624
374

144
334
839
817
807
287
601
889
506
282

35
69
352
408
67
97
135
173
118
92

1
4

30
19
22
10
41
121
14

22
6
14
10
33
87
8

8
13
8
7
34
6

38
63
45
73
33
15

15
59
28
21
14
11

22
4
17
52
19
5

10
7
7

r

10
5
21
10

11
23
10

24

31

13
7
21
23

""i"

eign 2

Bonds
and Stocks
notes

"is"

23
44
35
50
2
1

""i"

10

Total
(domestic
and
Total
foreign)

Domestic
State
and
municipal

Federal
agen-1
cies

Corporate
Bonds
Total and Stocks
notes

774
3,242
4,242
1,799
2,089
3 t 553
2,852
2,693
1,039
1,532

765
3,216
4,123
1,680
2,061
3,465
2,852
2,689
1,039
1,442

136
365
382
191
129
195
482
435
181
259

317
987
353
281
665
1,537
344
698
440
497

312
1,864
3,387
1,209
1,267
1,733
2,026
1,557
418
685

312
1,782
3,187
856
1,236
1,596
1,834
1,430
407
603

162
139
116
89
144
192
130

162
139
116
89
144
192
130

41
42
22
10
11
15
8

43
31
15
24
46
107
39

78
66
79
55
87
70
83

67
65
69
51
59
58
77

11
1
10
5
27
12
7

137
146
120
155
365
170

137
146
120
149
356
170

14
26
12
10
139
8

"'25'
30
31
33
83

123
96
78
108
184
79

62
93
59
53
169
76

61
3
19
55
15
3

'si "

200
352
31
137
193
126
11
82

Foreign2

9
26
119
119
28
88
4
90

" 6
9

r
Revised.
* Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.
Includes issues of noncoatiguous U. S. Territories and Possessions.
Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to
revision.
Back figures.—See Banking and Monetary Statistics, Table 137, p . 487.
2

796




FEDERAL RESERVE BULLETIN

NEW CORPORATE SECURITY ISSUES 1
PROPOSED USES OF PROCEEDS, ALL ISSUERS
[In millions of dollars]
Proposed uses of net proceeds
Year or month

Estimated
gross
proceeds2

Estimated
net
proceeds3

New money
Total

1934
1935
1936
1937
1938
1939
1940
1941
1942
1943.

Retirement of securities
Working
capital

Plant and
equipment

Repayment
of
other debt

Other
purposes

71
226
190
87
59
128
100
30
70

84
170
154
111
215
69
174
144
138
54

11
23
49
36
7
26
19
28
35
28

2

4

20

Total

Bonds and
notes

Preferred
stock

397
2,332
4,572
2,310
2,155
2,164
2,677
2,667
1,062
1,112

384
2,266
4,431
2,239
2,110
2,115
2,615
2,623
1,043
1,089

57
208
858
991
681
325
569
868
474
285

32
111
380
574
504
170
424
661
287
156

26
96
478
417
177
155
145
207
187
129

231
1,865
3,368
1,100
1,206
1,695
1,854
1,583
396
721

231
1,794
3,143
911
1,119
1,637
1,726
1,483
366
651

1942—September
October.
November
December

82
46
35
34

80
45
34
33

31
4
5
16

12
2
1
15

19
2
4
1

25
41
28
17

24
41
28
13

1943—January
February
March
April
May
June
July
August
September
October
November
December

9
49
98
91
83
99
76
106
69
130
200
103

8
49
96
88
81
97
74
103
68
127
197
100

1
12
39
9
32
25
3
15
11
3
122
14

6
34
48
76
49
70
59
80
50
101
69
79

6
34
42
74
49
51
40
79
42
97
64
75

7
2

2
3
1
3

6
91
3

1
2
32
6
18
15
3
3
5
3
31
10

19
19
1
9
4
5
4

2
8
5
22
6
3

1944—January
February
March
April
May
June

154
97
203
155
148
163

150
95
199
150
146
160

34
49
48
53
23
23

23
18
32
24
17
8

11
31
16
28
6
15

114
33
147
93
120
117

54
32
129
55
115
103

60
1
18
38
5
13

2
4
3
1
3
18

io""
6
3
14
10

n""

1

4
8*'"
2
10

i"
i

"s"
l
8
1
3

f"

PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS
[In millions of dollars]
Railroad
Year or month

1934
1935
1936
1937
1938
1939
1940 .
1941
1942
1943
1942—September
October.
November
December
1943—January
February
March
April
May
June
July
August
September
October
November
December
[944— January
February
March
April
May..
June...
1
2
3

Other

Industrial

Public utility

Total
All
RetireRetire- All
Total
Total
Retire- All
Total
Retire- All
net
New ment of other
New ment of other
net
net
New ment of other
New ment of other
net
pro- money securi- purpro- money securi- pur- 4 pro- money securi- pur- 4 pro- money securi- purties
ties poses* ceeds
poses ceeds
ties
poses*
ceeds
ties
poses ceeds
130
1,250
1,987
751
1,208
1,246
1,180
1,340
464
439

11
30
63
89
180
43
245
317
145
8

77
1,190
1,897
611
943
1,157
922
993
292
414

42
30
27
50
86
47
13
30
27
17

62
774
1,280
1,079
831
584
961
828
527
468

25
74
439
616
469
188
167
244
293
219

40
29
17

6

9

i

25
29
16

4

27

10

17

38
6
17
3

23
4
4
2

8
15
3

8
5
3

39
22
58

34
20
55

8
2
59
27

1
2
33
5

14

14

2
1
1

172
120
774
338
54
182
319
361
47
159

21
57
139
228
24
85
115
253
32
46

1
9

1

4

46
7
6
4
28
26
3

120
54
558
110
30
97
186
108
15
113
9

6
4
3
3

10

31
10
77
1
18

38

46
7
' " 28
23

1
26
46 . . . . . .
49
50
37
75

8
9
29

8
9
29

61
30
140

2
45

2
4

28
58
24

41

6

3
1
3

34
550
761
373
226
353
738
463
89
187
3
12
1

2
150
80
90
136
43
56
121
146
62

20
122
390
71
16
102
155
94
4
23

46
218
57
8
9
42
55
4
12

6

2
8

2
11
6
3
22
6
3

12

7

25
3
9
3
2
119
7

61
30
134

81
55
28

26
40
14

53
3
11

2
12
4

"2"

28
58
23

118
85
58

49
19
17

65
62
22

3
4
19

4
1
33

"5 "

1

11

21

7

3

1

50
40
49
14
48
134
19

1
24
46
41
49
37
70

17

19
4
7
1
5
104

15

18
22
7
23
26
35
9
24
9
9

38

72
152
7
7
88
9
18

4

2
3
1
1
3

2

2

1
3

""2"
3
1
2

1

31

Estimates of new issues sold for cash in the United States. Current figures subject to Revision.
Gross proceeds are derived by multiplying principal amounts or number of units by offering price.
.
Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses.

Source.—Securities and Exchange Commissionf^compilations of back figures, see Banking and Monetary Statistics (Table 138, p. 491), a publication of
the Board of Governors.

AUGUST 1944




797

QUARTERLY EARNINGS A N D DIVIDENDS OF LARGE CORPORATIONS
INDUSTRIAL CORPORATIONS
[In millions of dollars]
Profits and
dividends

Net profits, 1 by industrial groups

Year or quarter
Total

Iron
and
steel

Machinery

Other
transportation
equipment

Automobiles

Nonferrous
metals
and
products

Other
durable
goods

Oil
Foods,
bever- produc- Industrial
ing
ages,
chemiand
and
cals
refintobacco
ing

Other
nondurable
goods

Miscellaneous
services

Dividends
Net,
profits1

Preferred

Com-

629

47

69

15

68

77

75

49

45

74

152

152

152

1,465
1,818
2.169
1.792
1,823

146
278
325
226
205

115
158
193
159
168

223
242
274
209
201

102
173
227
202
203

119
133
153
138
128

70
88
113
90
83

151
148
159
151
163

98
112
174
152
185

186
194
207
164
169

134
160
187
136
144

122
132
159
165
173

847
1,028
1,144
883
902

90
90
92

564
669
705
552
555

1940—1
2
3
4

422
412
396
588

47
51
79
101

33
39
34
52

69
53
17
103

41
36
33
63

33
29
30
40

14
21
25
28

34
38
33
43

34
30
25
24

46
45
52
51

41
41
39
39

29
30
29
44

246
230
211
342

21
21
22
25

136
158
158
217

1941—1
2
3
4

510
549
560
550

86
84
81
72

44
48
46
55

79
73
60
61

53
56
56
62

39
36
38
40

23
28
30
32

36
43
44
37

29
42
56
46

49
53
52
52

44
48
49
46

29
36
46
48

286
297
284
276

22
23
23
24

150
165
170
221

1942—1
2
3
4

419
364
451
557

52
52
51
72

38
35
36
49

46
25
46
92

651
48

«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
20
23

134
135
125
158

1943—1
2
3
4

437
441
464
481

53
48
51
53

39
42
41
46

47
49
52
53

654
652
651
6
46

34
32
31
32

19
22
20
23

39
40
42
42

36
42
49
58

42
41
41
46

36
35
37
36

39
38
49
47

208
221
227
245

21
22
21
23

127
132
127
169

1944—1

460

48

41

54

6

23

38

38

219

20

141

Number of companies..
1939
1940
1941
1942
1943
Quarterly

6

649

57

PUBLIC UTILITY CORPORATIONS
[In millions of dollars]
Railroad 2
Year or quarter

Operating
revenue

Income
before
income
tax4

Telephone3

Electric power

Net income

1

All roads Insolvent
roads

Dividends

Operating
revenue

Income
before
income
tax*

. Net
income1

Dividends5

Operating
revenue

Net
income1

Dividends

28

28

28

28

32

32

32

3,995
4,297
5,347
7,466
9,054

126
249
674
1,658
2,209

93
189
500
902
874

-102
-73
23
147
187

126
159
186
202
216

692
735
799
848
912

159
177
202
226
250

137
142
133
118
123

116
118
115
98
99

1,067
1,129
1,235
1,362
1,537

191
194
178
163
180

175
178
172
163
166

986
1,010
1,130
1,171

-3
15
92
145

-12
3
71
127

-29
-33
-14
3

25
29
29
78

187
176
177
194

48
42
41
47

41
34
31
37

19
19
19
20

274
281
281
294

49
50
45
50

44
44
44
46

1941—1
2
3
4

1,152
1,272
1,468
1,454

96
145
267
166

69
103
189
138

-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

1942—1
2
3
4

1,483
1,797
2,047
2,139

178
390
556
534

90
198
286
327

12
37
60
38

24
46
30
101

216
202
208
221

63
53
55
56

33
25
26
35

19
19
19
19

324
337
342
359

41
41
39
43

44
42
39
38

1943—1
2
3
4...

2,091
2,255
2,368
2,340

513
605
653
438

209
239
249
177

52
56
55
25

28
49
39
100

229,
221
225
237

71
62
60
58

34
29
29
31

19
18
19
20

366
383
389
400

42
44
45
48

40
42
43
41

1944—1. .

2,273

458

148

27

31

248

74

33

18

400

42

42

Number of companies
1939
1940
1941
1942
1943
1940—l
2
3
4

Quarterly

1

" N e t profits" and " n e t income" refer to income after all charges and taxes and before dividends.
2
Class I line-haul railroads.
3
Series excludes American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock holdings
in the 32 companies. Dividend payments shown here include amounts paid to parent companies, as well as to the public.
4
After all charges and taxes except Federal income and excess profits taxes.
5
Quarterly dividend data are not available for all companies in the group and, therefore, do not add to the yearly totals shown.
6
Partly estimated.
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, especially for war producers whose contracts are
under renegotiation. For description of data and back figures, see pp. 214-217 of the March 1942 BULLETIN.

798




FEDERAL RESERVE BULLETIN

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars ]
Marketable public issues1

Total
gross
direct
debt

Total
interestbearing
direct
debt

Totaiz

1940-June
Dec
1941—June
Dec
1942—June
Dec

42,968
45,025
48,961
57,938
72,422
108,170

42,376
44,458
48,387
57,451
71,968
107,308

34,436
35,645
37,713
41,562
50,573
76,488

1,302
1,310
1,603
2,002
2,508
6,627

1943—June
July
Aug
Sept
Oct
Nov
Dec

136,696
141,524
144,059
158,349
165,047
166,158
165,877

135,380
140,238
142,721
157,053
163,589
164,781
164,508

95,310
98,613
99,935
111,426
115,944
115,909
115,230

1944—Jan
Feb
Mar
Apr
May
June

170,659
183,107
184,715
184,967
186,366
201,003

167,043
181,709
183,348
183,413
184,874
199,543

115,259
126,171
128,080
127,440
128,029
140,401

End of month

eW

I Tune]^^^

^

Government a

Nonmarketable public Issues

CertifiTreasury cates of Treasury Treasury
indebtedbills
notes
bonds
ness

Total 2

U.S.
savings
bonds

3,096
10,534

6,383
6,178
5,698
5,997
6,689
9,863

26,555
27,960
30,215
33,367
38,085
49,268

3,166
3,444
4,555
8,907
13,510
21,788

2,905
3,195
4,314
6,140
10,188
15,050

11,864
12,460
12,846
13,054
13,064
13,074
13,072

16,561
16,561
17,497
21,136
23,199
23,103
22,843

9,168
11,875
11,875
11,596
11,596
11,596
11,175

57,520
57,520
57,520
65,444
67,889
67,940
67,944

29,200
30,169
30,879
33,910
35,776
36,595
36,574

13,101
13,112
13,147
13,150
13,766
14,734

22,843
25,680
25,680
25,306
25,266
28,822

11,175
13,302
16,244
16,263
16,265
17,405

67,944
73,882
72,813
72,526
72,537
79,244

38,911
42,370
41,762
42,275
42,724
44,855

Sencies

a n d t r u s t funds

»

which

Treasury
tax and
savings
notes

Fully
. NonguaraninterestSpecial
teed inissues bearing
terestdebt
bearing
securities

2,471
3,015
6,384

4,775
5,370
6,120
6.982
7,885
9,032

591
566
574
487
454
862

5,498
5,901
6,360
6,317
4,548
4,283

21,256
22,030
22,694
24,478
26,056
26,697
27,363

7,495
7,678
7,703
8,851
9,109
9,278
8,586

10,871
11,456
11,907
11,717
11,868
12,278
12,703

1,316
1,286
1,338
1,296
1,458
1,377
1,370

4,092
3,782
3,934
3,964
4,113
4,154
4,225

28,901
31,515
31,974
32,497
32,987
34,606

9,384
10,220
9,116
9,092
9,050
9,557

12,873
13,168
13,507
13,697
14,122
14,287

3,616
1,398
1,367
1,554
1,492
1,460

4,269
4,227
2,258
2,258
1,529
1,516

3

aggregated $4,054,000,000 on May31,1944, and $4,658,000,000 (preliminary)

2

Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service and
depositary bonds not shown separately.
^Including prepayments amounting to $2 193,000,000 on securities dated Feb. 1, 1944, sold in the Fourth War Loan Drive beginning Jan. 18, 1944
Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512.
UNITED STATES GOVERNMENT MARKETABLE PUBLIC
UNITED STATES SAVINGS BONDS
SECURITIES OUTSTANDING, JUNE 30, 1944
[In millions of dollars]
(On basis of daily statements of United States Treasury. In millions
of dollars]
Amount Funds received from sales during Redempmonth
tions
outIssue and coupon rate Amount
Issue and coupon rate
Amount
Month
standing
at
end
of
All
Series Series Series
All
Treasury bills 1
Treasury bonds—Cont.
month
series
E
F
G
series
July 6, 1944....
1,008
.2
June 15, 1949-51..
1,014
July 13, 1944....
1,015
2
Sept. 15, 1949-51..
1,292
July 20, 1944....
1,013
.. .2
Dec. 15, 1949-51...
2,098
1943—Apr...
19,267
1,470
1,007
110
353
103
1,016
491
July 27, 1944....
Dec. 15, 1949-52....
May..
1,335
995
86
254
20,507
104
1,017
2/'2
Dec. 15, 1949-53
1,786
Aug. 3,1944...
June..
876
696
35
144
21,256
141
L,2O7
Mar. 15, 1950-52
1,963
... X.1
Aug. 10, 1944...
July..
890
683
38
169
138
22,030
1,206
Sept. 15, 1950-52...
Aug. 17, 1944...
2 A 1,186
Aug...
802
661
28
112
22,694
152
1,214
...2
Sept. 15, 1950 52.
4,939
Aug. 24, 1944...
Sept...
1,927
1,400
139
387
155
24,478
,215
• 2%
June 15, 1951-54.
1,627
Aug. 31, 1944...
Oct...
1,340
1,708
93
275
26,056
144
7,986
L,2O3
Sept. 7, 1944...
..2
Sept. 15, 1951-53..
Nov...
798
665
23
109
170
26,697
1,201
Sept. 15, 1951-55.
755
Sept. 14, 1944...
.. 3
Dec.
853
728
24
101
207
27,363
1,212
• 2H
Dec. 15, 1951-53...
1,118
Sept. 21, 1944...
510
1,208
...2
Dec. 15, 1951-55
Sept. 28, 1944..
1944—Jan...,
28,901
1,085
1,698
127
487
188
Mar. 15, 1952-54
1,024
• 2H
Feb...
2,102
157
522
2,782
185
31,515
....2
June 15, 1952-54
4,207
Cert, of indebtedness
Mar...
709
576
23
110
268
31,974
June 15, 1952-55
2,545
• • • A8
.2%
1,501
Aug. 1, 1944
Apr...
739
606
19
114
237
32,497
725
4,122
June 15, 1953-55. .. . . .. .2
Sept. 1, 1944...
May..
624
15
111
751
279
32,987
681
3,519
June 15, 1954-56.
Oct. 1, 1944....
• Vk
• 2H
June.
1,350
1,842
115
248
34,606
377
3,540
• Vk
Mar. 15, 1955-60. .. ..2%
2,611
Dec. 1, 1944....
5,048
- • • V%
Mar. 15, 1956-58. .. • 2%
1,449
Feb. 1, 1945
982
4,877
• 2%
Sept. 15, 1956-59..
Apr. 1, 1945....
Maturities and amounts outstanding, June 30, 1944
1,615
•2%
Sept. 15, 1956-59.
3,823
May 1, 1945
919
3,557
June 15, 1958-63.
June 1, 1945...
•2%
•2%
All
Dec. 15, 1960-65.
1,485
Series
Series
Series
Series
Year of maturity
June 15, 1962-67
2,118
• 2V2
Treasury notes
series
F
A-D
G
E
283
• 2lA
Dec. 15, 1963-68.
2,831
Sept. 15, 1944... .. ..1
635
2]/2
June 15, 1964-69.
3,762
Sept. 15, 1944...
2,127
Mar. 1, 1945... ...90
Dec. 15, 1964-69.
3,838
• 2V2
1945...
179
179
2iy
718
Mar. 15, 1945. .. • • • M
Mar. 15, 1965-70.
4,789
1946
319
319
1,606
Mar. 15, 1945... i}/i
Sept. 15, 1967-72
2,716
1947
406
406
531 Postal Savings bonds.2^
117
Dec. 15, 1945.... '.'.'..%
488
1948
488
503 Conversion bonds. :.. 3
29
Mar. 15, 1946...
800
1949
800
3,261 Panama Canal loan .. 3
50
Dec. 15, 1945.
i/ij
990
1950
990
1,286
Mar. 15, 1947..
443
1,241
Total
direct
issues..
uoTioT
1951
1,684
2,707
Sept. 15, 1947 . .. 1H
5,351
1952
5,351
3,748
Sept. 15, 1948. .
8,906
1953
219
10,343
Guaranteed securities
1,217
5,467
1954
618
8,486
2,401
Commodity Credit Corp.
Treasury bonds
710
1955
3,260
2,550
Feb.
15,
1945
V/
412
%
1,037
..4
Dec. 15, 1944-54
449
2,141
1,692
1956
Home
Owners'
Loan
Corp
1,214
Sept. 15, 1945-47
160
Unclassified.
June 1, 1945r47
1)4
755
541
Dec. 15, 1945 . ..
Federal
Housing
Admin.
489
Mar. 15, 1946-56
Various
34,606
3,625
20,965
1,996
Total. .
7,861
24
June 15, 1946-48 . . .3 1,036
June 15, 1946-49
819
Total guaranteed issues 1,190
Oct. 15, 1947-52
759
2
701
Dec. 15, 1947. . .
2
1,115
Mar. 15, 1948-50
Mar. 15, 1948-51 V.2K 1.223
3,062
June 15, 1948..
451
Sept. 15, 1948. .. • -2H
571
Dec. 15, 1948-50
•

"

•

•

•

•

%

•

%

•

•

2

%

%

1
Sold on discount basis, See table on Open-Market Money Rates,
p. 795.

AUGUST 1944




799

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[In millions of dollars]
Held by U. S. Government agencies
and trust funds

Total
interestbearing
securities

End of month

•
Special
issues
6,120
6,982
7,885
9,032
10,871
11,717
11,868
12,278
12,703
12,873
13,168
13,507
13,697
14,122

54,747
63,768
76,517
111,591
139,472
161,018
167,701
168,935
168,732
171,312
185,936
185,606
185,670
186,403

1941-June
December..
1942-June
December..
1943-June
September.
October...,.
November..
December.
1944—January....
February...
March
April. . . . .
May

Public
issues
2,362
2,547
2,726
3,207
3,44G
4,073
4,125
4,157
4,231
4,279
4,616
4,598
4,649
4,243

Privately held1
Held
by
Federal
Reserve
Banks

2,184
2,254
2,645
6,189
7,202
8,919
9,354
10,348
11,543
12,073
11,632
12,115
13,220
14,251

Total

44,081
51,985
63,261
93,163
117,959
136,309
142,354
142,152
140,255
142,087
156,520
155,386
154,104
153,787

Commercial
banks
20,095
21,788
26,410
41,373
52,458
58,500
61,900
61,300
59,845
61,800
64,900
64,100
63,800
63,200

Other investors

Insurance
companies

Mutual
savings
banks
3,426
3,700
3,891
4,559
5,290
5,900
6,000
6,000
6,096
5,700
6,700
6,800
6,800
6,700

7,000
8,000
8,900
11,000
12,800
14,200
14,400
14,500
14,700
14,200
15,700
15,900
15,900
16,000

Marketable
issues

Nonmarketable
issues

9,400
10,000
11,100
15,100
19,000
24,800
25,400
24,900
24,100
22,800
28,200
28,300
26,800
26,700

4,200
8,500
13,000
21,100
28,400
32,900
34,700
35,500
35,500
37,600
41,000
40,300
40,800
41,200

1 Figures for insurance companies and other investors have been rounded to nearest 100 million dollars for all d a t e s , and figures for commercial banks
and mutual savings banks have been rounded to nearest 100 million for all dates except June a n d December for which call report d a t a are available.
Back figures.—See Banking and Monetary Statistics, Table 149, p . 512.

SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED
BY THE UNITED STATES*
[Public marketable securities. Par values in millions of dollars]

Total
outstanding

End of month

U.S.
Govern- Fedment eral

MutCom- ual
agen- Re- mercial1 savcies serve banks
ings
and Banks
banks

Insurance Other
companies

End of month

trust
funds
Total: 2
1942—Dec
1943_june
Dec.
1944—Jan
Feb
Mar
Apr.
May
Treasury bills:
1942—Dec.
19*43—June
Dec
1944—Jan
Feb.
Mar
Apr.
May
Certificates:
1942—Dec
1943—June
Dec
1944—Jan
Feb
Mar
Apr
May

#> e

:

Treasury notes:
1942—Dec.
1943—June
Dec
1944—Jan.
Feb
Mar
Apr
May

Guaranteed securities:
1942—Dec.
1943—June
Dec
1944—Jan
Feb.

Mar
Apr
May

.

80.685
99,218
118,813
118,842
129,640
129,623
128,944
129,218

3,202
3,319
3,787
3,776
4 037
4,'050
4,050
4,056

6,189
7,202
11,543
12,073
11 632
12*115
13,220
14,251

38,759
48,665
55,549
57,174
60,029
59,358
59,117
58,634

4,471
5,161
5,962
5,579
6,488
6,626
6,670
6,593

10,766
12,486
14,386
13,932
15,437
15,577
15,620
15,649

6,627
11,864
13,072
13,101
13,112
13,147
13,150
13,766

11
11
20
21
6
8
12
24

1,010
3,815
6,768
6 941
6*354
6,532
7*641
8,466

4,497
6,502
4,716
4,904
5,484
4,606
4 137
3,627

10
21
12
11
5
8
9
10

26
154
72
15

10,534
16,561
22,843
22,843
25,680
25,680
25,306
25,266

17
51
50
40
69
73
84
82

1,041
1,092
2,467
2,787
2 696
2*970
2,973
3,147

6,470
9,823
12,701
13,352
13,049
12,944
12,979
12,950

129
184
208
128
159
163
171
210

180
305
367
299
382
485
518
557

2,696
5,106
7,050
6,236
9,325
9,044
8,581
8,320

9,863
9 168
11,175
11,175
13,302
16,244
16,263
16,265

92
61
66
66
69
74
76
69

1,324 5,670
774 5,500
665 7,389
665 7,372
882 9,046
1,159 11,402
1,156 11,486
1,186 11,499

167
155
197
171
175
244
271
274

283
276
275
258
259
293
300
301

2,327
2,402
2,583
2,642
2,870
3,072
2,974
2,935

4 196
3,908
3,583
'3,583
3,469
1,544
1,503
1,190

311
116
4
3
3
3
3
3

108
76
38
34
30
12
12
10

333
309
283
223
193
84
81
64

743
751
709

37
54
83
88
88
4
4
4

2,665
2,602
2,466
2,529
2,459
1,033
999
944

17,297
22,385
27,586
26,307
32,017
31,898
30,267
30,035

1,073
1,361
1,484
1,209
1,263
10 1,983
3 1,347
8 1,630

707

696
408
404
166

Treasury bonds:
Total:
1942—Dec
1943—June
Dec
1944—Jan.

Feb
Mar

Apr
May
Maturing within 5 years:
1942—Dec
1943—June
Dec
1944—Jan
Feb
Mar
Apr
May
Maturing in 5-10 years:
1942—Dec
1943—June
Dec
1944—Jan. .
Feb
Mar
Apr
May
Maturing in 10-20 years:
1942—Dec.
1943—June
Dec
1944—Jan
Feb
Mar.
Apr
May
Maturing after 20 years:
1942—Dec. . .
1943—June
Dec
1944 j a n
Feb.
Mar.
Apr
May

U.S.
GovernTotal ment
out- agenstand- cies
ing
and
trust
funds

49,268
57,520
67,944
67,944
73,882
72,813
72,526
72,537

Federal
Reserve
Banks

2,739
3,045
3,614
3,611
3,854
3,858
3,842
3,846

Com- Mut- Insurual
mer- sav- ance Other
cial ings combanks banks panies

2,777 19,445 4,055 9,944 10,308

1 468 24,226
1,559 28,264
1,592 29,001
1,613 29',976
1,450 29,357
1,445 29,501
1,447 29,601

4,725
5,506
5,235
6*118
6,199
6,207
6,088

11,442
13,389
13,138
14,603
14,704
14,718
14,718

n',718

5J31
5,231

4*414
4,299
4,265

253
298
211
197
197
172
179
183

726
991
828
770
683
638
624
629

1,531
2,195
1 775
1*755
1,807
1 *649
1,452
1,480

1,129
1,308
2,030
1,848
1,774
2,125
2 124
2,051

2,101
2,326
3,254
3,141
3*070
3,160
3,098
3,089

2,920
3,401
5,934
5 749
5 *522
5,640
5,505
5*453

12,615
15,'613
15 368

17,245
16*,814
16,838

5,830
9,474
8,524
8,524
8,524
7,328
7,005
7,005

754
867
<365
371
604
454
449
149

17,080
17,921
28,360
28,360
28,360
29,384
29,384
29,384

1,574
1,495
1,485
1,447
1,<198

9,353
10,107
15,642
16,139
16',545
16,961
17,161
17,294

16,295
17,214
14,310
14,310
18,035
17,079
17,099
17,109

2, 165
1, 545
1, 270
1, 257
1, 335
1, 269
1, 252
1, 256

6,240
7*611
6,051
6,186
6,575
6,352
6,389
6,384

1,580
1,405
1,219
1,201
2,145
1 901
1,919
1,891

2,778
2,'896
2,571
2,519
3,172
3,101
3,154
3,162

3 531
3,'657
3,203
3,144
4,809
4',453
4*383
4,412

10,065
12,912
16,751
16,750
18,963
19,022
19,037
19,039

1, 021
1, 221
1, 745
1 790
2, 383
2, W7

1,286
1,385
1,526
1 543
1*623
1*627
1,646
l*.66O

1,095
1.713
2,046
1,990
2,001
2,002
1,983
1*963

4,339
5,229
6,737
6 711
7,678
7',804
7 844
7*835

2,323
3,366
4,699
4,718
5,575
5,'495
5 476
5*493

776

1 i195
j i 196

2 OS?

2, 088

2 565
5,122
5,044

* Figures include only holdings by institutions or agencies from which reports are received. D a t a for commercial banks, mutual savings banks, and the
residual " o t h e r " are not entirely comparable from month to month. Since June 1943, the coverage by the survey of commercial banks has been expanded.
Figures in column headed " o t h e r " include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total
holdings (including relatively small amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table
above.
1 Including stock savings banks. On May31,1944, commercial banks reporting to the Treasury held $20,750,000,000 of United States Government
securities due or callable within one year out of a total of $46,112,000,000 outstanding.
2
Including $196,000,000 of Postal Savings and prewar bonds not shown separately below.

800




FEDERAL RESERVE BULLETIN

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On basis of daily statements of United States Treasury. In millions of dollars]
MisIncome taxes 1 cellaOther
neous Social
reinter- security ceipts
nal
With-2 Other reve-1 taxes
nue
held

Period

Fiscal year ending:
June 1942
7,960
June 1943
16,094
June 1944
8,393 26,262
1943—June
July
.. 19
548
August
September... 674
October .. :. 557
November ... 1,010
December.... 713
1944—January
February
March
April
May
June

3,803
1,236
1,016
4,091

746
449

Total
receipts

ceipts 3

1,230
3,711

13,668
23,385
45,408

12,799
22,282
44.149

• 344
464
363
386

48
310
53
46
292
60

356
234
403
285
256
255
251

4,569
2,048
3,005
5,448
2,069
2,370
5,737

4,569
2,007
2,721
5,447
2,030
2,099
5,736

412
344
375
421
520
422

49
373
69
39
337
75

590
290
220
183
232
511

2,779
2,754
6,576
3,119
3,256
6,249

2,747
2,503
6,573
3,087
2,950
6,247

3,847
4,553
5,291

1,153

574

610

750
560

5.161
1,915
1,063
4,495

1,104

746

57

353
512
729

4,327

1,137

1,194
1,508
1,751

666

Net

TransInter- War fers to Other Total
ex- budget Defiest activi- trust
acpendi- expend- cit
on
ties counts,
tures itures
debt
etc.

1,260 26,011
1,808 72,109
2,609 87,039

381
435
556

4,745
3,827
3,540

609
68
46
311
131
47
497

7,469
6,432
7,232
6,952
6,989
7,541
6,718

1
344
15
2
36
2
2

247
269
324
269
300
248
236

87
56
449
117
52
747

7,138
7,518
7,726
7,346
7,879
7,567

37
5

308
283
343
355
334
271

Details of trust accounts, etc.
Social Security
accounts
Period
Net
receipts
Fiscal year ending:
June 1942
June 1943.......
June 1944
1943—June
July
August
September. ..
October
November
December....

ExInvest- pendiments tures

2,327 ! 1,705 I
2,810 | 2,350 '
3,202 j 2,816
169
245
596
32
109
562
87

428
179 !
292 |
296
50
277
308
83 1
350
172
51
269
489

Net expenditures
l checking accounts of
Government
agencies

7

40
26
40

Trust
accounts,
etc. 4

Change
in
Ingen- crease
eral
in
fund
gross
baldebt
ance

32,397 19,598
78,179 55,897
93,744 49,595

-3,506
+358
— 1,861 +6,515
-4,051 +10,662

23,461
64,274
64,307

8,327
7,112
7,617
7,535
7,456
7,839
7,452

3,758
5,105
4,896
2,087
5,426
5,740
1,716

—206 —3,180
-635
-912
+131 -2,231
-410 +11,794
-132 +1,139
+290 -4,338
-667 -2,664

4,828
2,534
14,291
6,697
1,112
-281

7,570
7,862
8,525
7,859
8,292
8,625

4,823
5,359
1,952
4,772
5,342
2,378

-14

-55

-173
-2,205
+193
+185
-613

+6,916
-2,549
-4,327
-3,757
+11,646

784

4,781
12,448
1,608

252

1,399
14,637

General fund of the Treasury (end of period)
Balance in
general fund

Assets

Other

Receipts

Investments

Expenditures

Total

Deposits
in
Federal
Reserve
Banks

Deposits
in
special
depositaries

614
456
380

3,625
2,194
4,403

863
1,117
1,851

221
655
1,313

533
133
192

3,443
10,149
20,775

603
1,038
1,442

1,679
7,667
18,007

31
29
30
30
29
29
30

-82
726
148
146
199
-64
427

152
315
101
116
139
75
114

119
252
75
72
86
96
81

30
9
21
14
16
8
22

10,149
9,127
6,845
18,734
19,838
15,492
12,878

1,038
979
1,076
1,538
1,095
1,245
1,408

7,667
6,790
4,362
15,676
17,280
12,770
9,942

Total
[liabilities

Other
assets

,358
,406
,519
,462
1,477
1,528

Worki g
balance

Total

452
643
607

2,991
9,507
20,169

2,229
8,744
19,406

643
532
481
576
541
534
584

9,507
8,595
6,364
18,158
19,297
14,958
12,294

8,744
7,832
5,601
17,395
18,534
14,196
11,532

12,239
102
12,873
1,098
634
1,461
11,476
164
81
10,314
165
1944—-January
19,155
514
33
59
19,726
1,460
18,392
331
121
1,172
17,095
571
February
35
16,606
46
35
102
2,002
17,270
1,424
15,844
94
1,540
14,306
664
March
35
12,279
110
75
34
87
12,896
1,396
11,517
202
954
10,546
617
April
-127
584
103
148
8,522
34
9,144
1,436
7,759
179
942
6,766
622
May
24
213
231
20,169
34
88
20,775
1,327
19,406
231
1,442
18,007
607
June.... ^ _
215
1
Details on collection basis given in table below.
2
Withheld by employers (Current Tax Payment Act of 1943).
3
Total receipts less social security employment taxes, which are appropriated directly to the Federal old-age and survivors insurance trust fund.
4
Excess of receipts (+) or expenditures ( —).
Back figures,—See Banking and Monetary Statistics, Tables 150-151, pp. 513-516.
INTERNAL REVENUE COLLECTIONS
[On basis of reports of collections. In millions of dollars!
Income taxes
Period
Total

Fiscal year ending:
June 1942
June 1943
June 1944
1943—June
July
August
September ....
October
November....
December

Current With- Vicindi- held1 tory
tax
vidual

Current
corporation

8,007 3,108
'"686
16,299 5,771
785
33,028 10,254 '^038
4,026
1,231

1,800

4,192
1,644
1,471
4,591

1
74 1,006
47 1,087
14
2,158

814

1944—January
1,584
2,477
February
March
5,358
April
2,809
2,289
May
June
4,568
1
Withheld by employers

AUGUST 1944



527
55

1,963

1

629
396
221 1,844
70
804
309 1,545
38
1,245

1,833
1,427

5
333
438
6
3
2
1
1
1

Miscellaneous internal revenue

Back
taxes

Excess
profits
taxes

2,764
4,137
4,763

460
557
705

1,618
5,064
9,345

970
142
111
877
181
84

41
33
44
103
35
32
49

1,203

1,012
16
64
994
152
86

184
41
63
43
28
49

1,044
(Current Tax Payment Act of 1943).

Other
profits
taxes

57
84
137

186
162

10

1,228

11

337
204

16

1,352
352
300

2 370
370
312

2,174

28
12
1C
19

Total

Capi- Estate
tal
and
stock
gift
tax
taxes

ManufacAlcoturers'
Misholic Toand
cellabever- bacco Stamp
taxes
retailers'
neous
age
taxes
excise
taxes
taxes
taxes

282
329
381

433
447
511

1,048
1,423
1,619

329
652 " " 136
595
188
394
35
All
20
376
388

29
48
25
28
41
34
36

115
125
129
117
122
117
120

382
339
401
424
483
499

52
38
60
56
42
50

108
108
124
169
182
196

3,838
4,571
5,353

1

781
924
988

42
45
51

852
670
729

80

5
4
5
4
4
4
4

39
59
56
53
59
56
64

61
193
103
71
86

4
4
5

68
63
59

5
4

51
77

4

64

72
58
76
70
97
102

87
90
86
90
93
87

77
67
77
72
81
81

401
732

1,075

70
76

801

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
(Based on compilation by United States Treasury Department. In millions of dollars]
PRINCIPAL ASSETS AND LIABILITIES
Liabilities, other than
Assets, other than interagency items
interagency items
Bonds, notes,
and debentures

Securities
End of month
Total

Loans

Preferred
stock,
etc.

Cash

U.S.
Govt. Other
direct Govt.
and
agenguaran- cies 1
teed

Accounts
and
other
receivables

Business
property

Property
held
for

Other
assets

sale

Fully
guaranteed
by

u. s. PriGovern- vately
ment owned
liabili- interest interest
ties
Othei

Other1

U.S.

17,962
1942—June
December. .. 21,715

8,379
8,127

648
620

403
553

1,097
1,272

57
33

774
1,085

859
1,020

3,512
5,187

2,233
3,818

1943—June
July

1,674
1,561
1,966
1,470
1,602
1,611
1,624

6,310
6,750
7,019
7,234
7,115
7,309
7,512

5,343
5,399
5,681
5,809
6,395
6,622
7,191

4,101
3,936
4,046
4,081
4,125
4,180
4,239

1,333
,276
,271
,274
,285
,308
,342

6,022
5,757
5,972
5,560
5,867
5,788
5,874

14,812
14,146
14,706
14,929
15,501
16,073
16,732

440
441
440
441
440
439
438

1,645
1,658
1,677
1,671
1,685

7,588
7,753
7,829
7,985
8,042

7,899
7,817
8,170
8,527
9,007

4,277
4,226
2,273
2,274
1,672

,332
,322
,326
,302
,427

5,247
4,956
4,950
5,589
5,623

18,216
18,853
21,280
21,484
21,996

435
435
433
435
435

August
September...
October
November...
December

26,708
25,555
26,435
26,284
27,218
27,788
28,625

7,685
7,615
7,580
7,557
7,487
7,459
7,444

556
524
498
497
493
492
486

515
538
539
501
486
493
524

1.565
1,638
1,691
1,722
1,784
1,833
1,895

22
16
11
6
6
23

7

1.788
L,514
1,450
1,487
L,850
1,963
1,926

1944—January
February....
March
April
May

29,508
29,791
30,263
31,083
31,153

7,410
7,411
7,366
7,304
7,220

470
452
442
439
436

580
516
526
518
628

1,942
2,099
2,090
2,161
1,750

23
23
23
23
6

1,951
2,062
2,140
2,455
2,379

4,568
4,301

1.442
L, 414

3,265
4,630

8,249
10,931

438
439

LOANS, OTHER THAN INTERAGENCY LOANS

End of month

Home mortgage and
housing
Farm mortagencies3
gage loans
ReconstrucTotal tion Home Feder- RFC Fed. Fed.
Fed.
FiNa- Public Feder- Farm
al
Mort- tional
nance Ownal
ers'
Mortgage
HousHome
Corp. Loan Loan Com- Mortland
gage
ing banks
gage Auth.
Corp. banks pany Assoc.
Corp.

Other farm credit loans

Banks
for cooperatives

Rural ExElectrifica- portIm- Other
Com- F a r m Farm tion
port
modity Credit SecuAdBank
Adrity
Credit
min.
min. Admin.
Corp

1942—June
December..

8,379
8,127

1,473
1,557

,676
,568

193
129

82
94

216
211

384
366

1,706
1,603

562
507

101
145

231
242

258
237

460
446

342
346

113
122

293
316

1943—June
July
August
September..
October....
November..
December..

7,685
7,615
7,580
7,557
7,487
7,459
7,444

1,483
1,459
1,463
1,460
,432
,427
,413

,441
,419
,400
,383
,366
,354
1,338

90
92
81
130
127
116
110

98
97
100
99
100
99
101

73
71
69
67
66
65
65

317
317
317
317
317
318
318

1,489
1,472
1,452
1,431
1,406
1,381
1,358

463
455
447
437
423
412
403

102
107
111
148
189
215
235

228
225
225
222
228
278
330

245
244
242
237
232
229
226

447
443
441
433
427
421
416

344
344
344
345
345
345
347

129
132
136
136
140
136
136

440
442
468
443
438
423
405

1944—January....
February...
March
April
May

7,410
7,411
7,366
7,304
7,220

,393
,393
,379
,355
,348

1,318
1,300
1,279
1,260
1,240

115
114
99
83
72

103
107
110
110
112

64
63
62
61
61

319
319
319
320
318

1,332
1,315
1,290
1,274
1,258

394
389
381
376
370

238
221
197
171
152

378
409
408
400
391

224
227
231
233
233

416
417
419
408
400

347
348
349
350
350

141
142
142
217
220

386
394
400
384
398

SELECTED ASSET ITEMS, OTHER THAN INTERAGENCY ITEMS
Loans by Reconstruction
Finance Corporation
End of month
Total

Accounts and other
receivables

Preferred stock held

Property held for sale

ReconLoans Loans
ComRecon- Home
Fed. land ComHome
to fistruc- Owners'
banks and modity struction
War modity Owners'
to
Finance
nancial rail- Other
tion
Loan
Other Fed. Farm Credit C o r p . a n d Other corpo- Credit Loan
Other
instiFinance CorpoMortgage Corporations Corpo- Corpowar cortutions roads
Corp.
ration
ration
ration
Corp.
ration
porations

1942—June
1,473
December. .. 1,557

144
167

472
460

857
930

378
366

167
152

103
102

225
207

96
57

151
531

302
290

2,041
3,469

1,068
1,363

262
227

141
128

1943—June
July
August
September...
October
November...
December ...

1,483
1,459
1,463
1,460
1,432
1,427
1,413

148
145
141
138
136
134
131

426
423
423
423
406
405
398

909
891
899
899
890
888
884

354
351
346
345
343
341
338

108
80
64
64
63
63
63

94
93
88
88
87
88
85

193
192
193
187
186
174
168

350
210
177
196
489
533
488

800
825
790
832
778
734
728

445
287
290
111
397
522
542

4,963
5,241
5,528
5,784
6,016
6,231
6,423

1,045
1,223
1,220
1,196
865
873
897

191
182
169
152
136
111
96

111
104
102
102
98
94
96

1944—January
February
March
April
May

1,393
1,393
1,379
1,355
1,348

129
127
113
104
99

396
395
392
384
381

868
871
874
867
868

334
329
325
322
319

54
47
47
47
47

82
76
70
70
70

161
160
153
153
148

575
553
607
615
587

702
665
656
652
622

513
684
724
1,035
1,022

6,582
6,789
6,915
7,094
7,184

827
795
757
741
720

85
76
66
57
47

94
93
91
93
91

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 Loa
Bank Administration. Loans by these institutions are reported quarterly and amounted to 1,927 million dollars on Mar. 31, 1944.

8oz




FEDERAL RESERVE BULLETIN

BUSINESS INDEXES
[The terms " a d j u s t e d " a n d "unadjusted " refer to adjustment of monthly figures for seasonal variation]

Income
payments
(value) 1
1935-39
= 100

Year and
month

Adjusted
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
'.
1929
1930.'.'.'.'.'.'.'.'.'.'.
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1911.'.'.'.'.'..'..'.'.
1942
19A3...........

122 9
109.1
92.3
70.6
68.9
78 7
87.1
101.3
107* 7
98.5
105.4
113.5
138!o
173.6
21ll7

1940
October
November
December

116.2
117.3
119.9

1941
January
February
March
April
May
June
July
August
September
October
November
December
1942
January
February
March
April
May
June
July
August
September
October
November
December

Construction
contracts
awarded (value)
1923-25 = 100

Industrial production
(physical volume) 2 *
1935-39 = 100
Manufactures
Total

Adjusted

Employment*
1939 = 100

Minerals

Total

Residential

All
other

AdUnad- UnadAdAdjusted justed justed justed justed

Durable

Nondurable

Unad- Adjusted justed

Adjusted

Adjusted

Adjusted

Adjusted

Adjusted

Unadjusted

Unadjusted

106.0
98.1
88.3
77.6
78.6
86.3
90.1
96.8
102.7
95.1
100.0
104.7
117.5
126.7
130.7

120
129
110
121
142
139
146
152
147
148
152
131
105
% 78
82
89
92
107
111
89
101
109
130
138
137

83
99
92
94
105
105
110
113
114
115
117
108
97
75
73
83
88
100
107
99
106
114
133
149
168

138.6
154.4
97.6
96.7
100:6
98.1
103.5
100.0
95.4
96.7
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
78.6
87.3
98.8
103.1

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
123.6

103
130
136

107.0 112.0
108.7 114.6
110.0 116.8

114.8
116.0
117.4

126.9
127.5
134.1

111
116
117

114
120
120

78.7
79.6
80.0

100.2
100.1
100.7

84
76
74
80
88
101
115
112
105
87
74
69

117
118
109
121
111
129
158
184
206
192
189
167

110.8
111.9
113.4
113.5
116.2
117.8
119.5
120.6
121.2
121.5
121.9
121.5

118.8
120.9
122.9
126.3
129.8
133.3
136.6
137.8
138.8
139.5
139.9
140.6

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

120
122
127
112
129
131
132
136
134
134
137
138

118
122
124
128
132
131
138
157
140
128
138
136

80.8
80.6
81.5
83.2
84.9
87.1
88.8
90.3
91.8
92.4
92.5
93.6

100.8
100.8
101.2
102.2
102.9
104.6
105.3
106.2
108.1
109.3
110.2
110.5

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

122.1
122.5
123.2
124.3
125.1
125.9
127.1
128.6
129.1
130.0
130.5
131.4

141.6
143.2
144.8
147.0
148.7
150.8
153.2
155.8
157.4
159.6
161.5
164.2

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
138
138
138
136
134
137
140
140
140
136
135

158
145
150
143
135
134
145
152
150
158
159
157

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

125
131
133
131
129
117
134
135
138
136
133
137

145
102
85
63
52
45
60
59
65
49
60
' 61

79
56
42
33
31
32
36
35
35
34
37
35

198
140
119
87
68
55
80
79
89
61
78
81

131.6
131.6
132.0
131.4
130.9
131.0
131.4
130.9
130.1
130.1
130.2
130.1

165.8
167.4
168.1
168.4
167.9
169.0
169.7
169.6
168.3
170.1
170.9
169.1

164.8
166.4
167.6
167.7
167.2
168.8
169.8
170.8
170.1
170.5
171.0
169.4

290.9
297.5
304.5
309.7
313.5
317.1
315.6
322.2
328.0
332.6
336.5
328.2

135
139
138
136
135
127
141
140
140
137
139
144

164
192
163
159
158
167
171
165
162
173
181
165

101.9
102.5
103.4
103.7
104.1
103.8
103.2
103.1
103.1
103.0
102.9
103.2

120.7
121.0
122.8
124.1
125.1
124.8
123.9
123.4
123.9
124.4
124.2
124.4

139
142
139
140
143
^143

55
45
40
36
33

29
21
17
17
16

76
64
59
52
46

130.0 167.8 166.9
129.6 166.9 165.9
128.7 r 164.1 r 163.6
128.1 161.5 160.8
127.4 159.6 159.0
2*127.0 ^158.6 P158.4

327.9
327.6
324.4
318.2
318.3

145
143
140
138
138
139
e
143

174
175
185
r
172
r
181
175

103.3
103.6
103.8
103.9
104.0
104.3
p
104.3

124.2
123.8
123.8
r
124.6
r
125.1
125.4

62
60
57
67
72
69
76
79
83
85
93
84
79
70
79
81
90
100
106
95
109
115
142
158

71
83
66
71
98
89
92
100
100
99
107
93
80
67
76
80
86
99
112
97
106
117
125
129

63
63
56
79
84
94
122
129
129
135
117
92
63
28
25
32
37
55
59
64
72
81
122
166
68

44
30
44
68
81
95
124
121
117
126
87
50
37
13
11
12
21
37
41
45
60
72
89
82
40

79
90
65
88
86
94
120
135
139
142
142
125
84
40
37
48
50
70
74
80
81
89
149
235
92

132
136
140

137
138
139

156
159
166

119
123
126

114
119
119

95
111
115

85
87
90

121.3
124.1
126.2
129.3
134.6
139.9
142.0
144.8
145.3
146.8
148.1
153.7

143
147
152
149
160
164
166
167
169
172
174
176

139
144
149
149
160
165
165
170
174,
176
175
173

172
178
184
186
198
203
208
209
212
219
220
225

127
131
133
137
142
144
144
146
146
148
151
150

120
119
126
96
121
127
126
128
132
134
133
133

103
99
94
103
101
117
139
152
161
145
138
123

156.2
158.7
160.7
164.7
166.9
171.2
174 2
178.1
181.1
185.8
191.4
194.9

181
183
186
189
191
193
197
204
208
215
220
223

177
180
182
187
192
195
199
207
213
218
220
221

235
241
250
257
264
272
278
290
299
311
319
328

152
153
153
154
153
152
154
158
161
165
168
169

133
133
126
125
126
127
126
130
131
129
130
127

July
August
September....
October
N o v e m b e r . . ..
December

197.7
202.4
206.0
208.3
209.3
212.1
213.4
215.2
215.2
217.5
220.8
222.9

227
232
235
237
239
237
240
242
244
247
247
241

224
229
232
236
239
238
241
245
248
249
247
239

337
344
351
356
359
358
360
365
368
374
376
365

171
174
174
175
176
177
177
178
179
179
180
174

1944
January
February
March
April
May
. ..

226.4
231.1
230.2
229.4
p
230.7

243
244
241
239
237

240
240
238
237
237
P
236

369
367
364
361
357
V
353

176
177
175
r
171
169
P169

June
July

Adjusted

106.2
127.1
82.0
88.0
111.6
104.1
109.7
113.1
111.0
112.3
119.8
96.9
73.5
50.7
54.4
70.0
80.4
93.0
111.2
85.1
100.0
114.5
167.5
242.3
316.4

84
93
53
81
103
95
107
114
107
117
132
98
67
41
54
65
83
108
122
78
109
139
201
279

June

Factory

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
132.1
152.3
168.7

72
75
58
73
88
82
90
96
95
99
110
91
75
58
69
75
87
103
113
89
109
125
162
199

1943
January
February
March
April
May

Nonagricultural

Depart- Wholement
sale
Freight
Cost of
com- living4
carload- store
sales
4
modity
ings*
rolls 1935-39
(val- prices 4 1935-39
= 100
1939 =
ue)* 5
1926
= 100 1935-39
100
= 100
= 100

Factory

m

r

e
* Average per working day. p Preliminary. r Revised.
Estimated. 1 Department of Commerce series on value of payments to individuals.
2
3 For indexes by groups or industries, see pp. 804-807.
Based on F . W. Dodge Corporation d a t a ; for description, see p . 358 of BULLETIN for July 1931; by groups, see p . 811 of this B U L L E T I N .
4
T h e unadjusted indexes of employment and pay rolls, wholesale commodity prices, and cost of living a r e compiled by or based on data of t h e Bureau
of Labor Statistics. Figures prior to 1939 for factory employment and pay rolls and nonagricultural employment are adjusted for level through 1937; t h e
1938 figures and the 1939 base period averages applied to earlier data are preliminary. Figures since 1939 are adjusted to Social Security d a t a . N o n agricultural employment covers employees only and excludes personnel in the armed forces.
5
For indexes by Federal Reserve districts a n d other d e p a r t m e n t store data, see p p . 813-815.
Back figures in BULLETIN.—For industrial production, August 1940, p p . 825-882, September 1941, p p . 933-937, a n d October 1943, pp.
p . 958-984;; for factoryy
employment and pay rolls, October 1938, pp. 839-866, February 1941, p . 166, and J a n u a r y 1943, p . 13; for d e p a r t m e n t store sales, J u n e 1944
1944, p p . 549561
549-561.

AUGUST

1944




803

INDUSTRIAL PRODUCTION, BY INDUSTRIES
{Adjustedfor Seasonal Variation)
{Index numbers of the Board of Governors. 1935-39 average = 100]
1944

1943
Industry
July Aug. Sept. Oct. N o v . D e cJan.

Feb. Mar. Apr. M a y June

May

June

Industrial Production—Total.

239

237

240

242

244

247

247

241

243

244

241

Manufactures—Total

258

258

259

261

263

266

268

260

262

262

259

359

358

360

365

368

374

376

365

369

367

208

201

204

210

214

215

210

200

208

196
233
184
584

190
227
177
583

202
236
185
598

205
239
190
593

202
242
191
607

200
236
186
592

198
222
178
536

202
231
186
554

443

441

191
230
181
577
440

445

451

458

463

453

729

743

754

762

(164

780

786

763

Durable Manufactures
Iron and Steel
Pig iron
Steel
Open hearth
Electric
Machinery

239

237

p

2S6

253

p

364

361

357

^353

212

214

213

210

204

207
236
188
578

206
238
191
570

206
236
192
549

203
234
188
559

198
225
183
526

461

458

453

445

440

P439

754

746

734

r

730

728

P721

r

232

229

279

r

235
251

Manufacturing Arsenals and Depots1.
Transportation Equipment
Automobiles
(Aircraft; Railroad cars; Locomotives;
Shipbuilding—Private and Government)1

240

244

238

233

289

277

285

285

287

292

308

307

297

299

297

289

280

283

211

215

220

232

239

247

264

262

256

264

277

286

270

276

278

279

294

303

262

257

247

258

270

279

282

266

Lumber and Products

133

128

128

130

129

128

136

137

133

131

129

126

124

P118

Lumber
Furniture.
Stone, Clay, and Glass Products...

126
147

118
148

119
152

118
149

115
152

127
152

131
150

125

122
150

119
149

118
142

115

2*106

168

167

165

161

P166

172
58
212
88
131
198
312

175
59
216
83
131
194
308

183
59
227
78
125
183
297

173
66
210
76
122
180
300

187
65
230

Nonferrous Metals and Products.
Smelting and refining
;
#
(Copper smelting; Lead refining;1 Zinc smelting;
Aluminum; Magnesium; Tin)
Fabricating
;
(Copper products; Lead shipments; Zinc shipments; Aluminum products;
Magnesium prod2
ucts; Tin consumption)

p

252

281

175

175

118
148
173

173

168

171

168

169

Glass products
Plate glass
Glass containers
Cement
Clay products
Gypsum and plaster products
Abrasive and asbestos products
Other stone and clay products1

159
43
200
130
136
203
320

158
41
199
127
139
204
325

162
45
203
119
132
198
326

162
49
202
114
132
203
327

159
53
196
112
125
194
321

169
47
212
107
124
194
326

165
54
204
98
124
196
329

169
55
209
101
122
192
319

Nondurable Manufactures ..

176

177

177

178

179

179

180

174

176

177

175

171

169

159

155

148

145

150

152

152

143

149

152

151

151

147

P146

149
169
185
158'
32
222
177
181
171
177

146
160
183

139
153
183

136
147
177

141
156
181

143
156
186

142
153
191

133
142
189

142
151
187

141
150
191

141
151
196

137
142
195

140
196

160
30
226
181
186
174
179

24
207
164
168
159
164

"iso"

151
29
206
172
178
163
169

154
37
201
173
175
171
172

154
39
205
172
176
166
171

U2
36
186
159
161
156
160

140
150
186
154'
42
210
173
176
168
170

159'
42
219
177
181
171
178

46
216
171
174
167
172

'153
51
213
167
171
163
r
168

152
53
212
167
169
164
166

110

110

105

102

108

111

112

122
132
92
90
164
115

114
122
86
86
162
114

111
116
85
84
169
112

106
109
80
82
174
114

105
107
81
88
164
114

104
102
76
95
173
114

98
101
67
90
146
109

97
98
68
83

162
105

103
107
70
83
166
112

105
110
76
84
161
114

107
113
79
86
155
116

117
125
r
88
79
168
116

110
118
86
86
136
114

?! 18

143

144

146

145

146

146

153

151

154

158

159

157

154

P153

102

103

110

111

117

128

128

139

125

114

114

106
150
161

104
154
171

96
150
157

95
150
154

^146
87
144
137

2*135'

103
145
150

143
132

86
147
131

162
216
111
60
123

159
222
96
63
119

186
260
110
73
140

182
241
119
109
154

178
221
130
131
161

168
193
135
151
173

185
221
145
150
166

173
206
139
121
158

168

Textiles and Products
Textile fabrics
Cotton consumption
Rayon deliveries
Nylon and silk consumption 1 ...
Wool textiles
Carpet wool consumption...
Apparel wool consumption.
Woolen and worsted yarn...
Woolen yarn
Worsted yarn
Woolen and worsted cloth..
Leather and Products

Manufactured Food Products
Wheat flour
Cane sugar meltings1
Manufactured dairy products.
Butter
Cheese
;•••••.
Canned and dried milk
Ice cream
Meat packing
Pork and lard
Beef
Veal
Lamb and mutton
Revised.

p

Preliminary.

804




33
210
168
176
158
166

118

Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Sheep and lamb leathers
Shoes

r

148

1

171
54
213
86
129
203
319

p

126
149
132

90
146
139

187
234
144
104
135

215' '202'
291
270
149
143
94
96
112
110

•)6

152
156

r

J>291

P114

r

37
92
155
169

93
151
173

198
266
136
107
109

180
239
124
100
113

173
225
121
117
125

Series included in total and group indexes but not available for publication separately.

FEDERAL RESERVE BULLETIN

INDUSTRIAL PRODUCTION, BY INDUSTRIES—G>»//»//^
{Adjustedfor Seasonal Variation)
[Index numbers of the Board of Governors. 1935-39 average = 100]
1944

1943
Industry
Aug. Sept. Oct.

Nov. Dec. Jan. Feb. Mar. Apr. May

June

May June

July

147
130
152
151

146
130
.144
150

145
126
134
152

144
128
123
152

144
127
120
152

146
135
120
153

150
135
123
159

153
142
134
159

156
140
134
163

157
140
138
165

160
155
147
164

158
150
154
161

145
n54

Beverages.

96

106

106

111

135

130

141

143

131

126

137

123

116

Malt liquor
Whiskey...
Other distilled spirits.,
Rectified liquors

113
0
21
139

127
0
22
144

w
0
23
144

131
0
40
157

164
0
77
156

155
0
90
158

169
0
62
178

172
0
42
189

160
0
46
162

148
0
40
182

167
0
33
173

146
0
39
172

135
0
34
174

140
0
31
177

123

124

134

136

134

139

148

143

125

119

123

126

124

121

104
144
85

102
149
78

99
166

96
169
92

101
165
87

100
173
93

101
186
100

90
181
99

86
155
87

92
145
79

91
154
73

89
161
73

89
154
80

151
79

142

140

135

143

143

140

140

132

136

138

137

138

142

140
154
104
92
211
147
137
150
133
122
168
130
89

136
143
106
84
184
142
135
152
123
122
176
118
91

133
141
111
87
193
131
132
143
126
117
158
127
91

141
153
115
93
21*4
139
139
151
135
126
169
130
90

140
150
112
93
211
134
138
155
124
125
174
126

138
153
112
93
213
141
135
148
127
124
163
128
83

137
147
103
93
212
131
136
151
126
122
160
130
86

131
142
107
103
196
127
129
135
116
122
163
127
83

134
147
106
96
213
130
132
144
119
119
156
129
79

135
151
110
98
217
133
133
148
121
119
151
133
74

134
150
108
93
209
137
132
147
120
117
154
128
77

134
151
110
97
213
136
131
152
117
119
156
120
73

137
151
108
92
217
135
135
159
115
115
159
127
76

Printing and Publishing

112

112

111

115

111

110

106

105

104

102

100

101

Newsprint consumption
Printing paper (same as shown under Paper).
Petroleum and Coal Products

102

102

105

103

97

96

90

85

83

84

173

277

182

193

202

207

213

219

226

230

234

174
104
137
116
122

180
109
138
120
126

185
109
145
121
118

196
116
153
123
107

206
122
156
123
115

212
122
151
134
113

221
123
159
137
117

226
123
159
120
120

234
125
159
128
132

238
128
161
126
124

243
129
163
130
130

166
157
481

157
152
318

162
153
453

170
159
523

171
161
538

169
158
535

163
155
459

172
161
519

174
164
496

176
166
503

174
165
487

389

399

402

395

397

390

365

364

359

341

130
122
214
356

135
123
213
366

139
120
222
371

137
123
221
383

138
120
225
396

140
129
223
398

137
131
226
394

140
133
226
405

140
134
229
406

140
133
233
405

Manufactured Food Products—Continued
Other manufactured foods
Processed fruits and vegetables.
Confectionery
Other food products
Alcoholic

P154

160

Industrial Alcohol from Beverage Plants1
Tobacco Products
Cigars
Cigarettes
Other tobacco products
Paper and Paper Products....
Paper and pulp
Pulp
Groundwood pulp
„
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
Paperboard
Fine paper
Printing paper
Tissue and absorbent paper
Wrapping paper
Newsprint
Paperboard containers (same as Paperboard).

Petroleum refining
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products1.
Coke
By-product coke
Beehive coke
Chemical Products.
Paints
Soap
Rayon
Industrial chemicals
Explosives and ammunition1.
Other chemical products1

140
124
223
382

156

2>100

231

236

242
129
161
120
125

246
130
162
118
126

167
463

175
166
470

323

325 i>324

138
137
232
408

137
137
235
410

r

r
r

P

137

172
164
463

Rubber Products

224

230

229

227

231

234

241

240

242

244

242

231

230

Minerals—Total

129

117

134

135

138

136

133

137

139

142

139

140

143

138

140

142

145

141

143

146 ?>146

150
155
129
139

154
159
134
142

122

121

184

182

Fuels
Coal.......
Bituminous coal.,
Anthracite
Crude petroleum
Metals
Metals other than gold and silver
Iron ore
(Copper; Lead; Zinc)1
Gold
Silver

129

115

136

137

140

139
143
124
125

97
103
74
124

150
155
129
128

148
153
128
131

150
155
129
136

141
144
127
137

125
131
102
139

147
156
114
136

153
161
119
137

158
162
143
139

148
155
123
138

129

128

128

123

124

123

124

124

124

127

126

186
^223

187

188

184

188

187
P223

187
P223

186

185

190

189

r

p

143

P152
P158
P144

r
p
1
Revised
Preliminary.
Series included in total and group indexes but not available for publication separately.
NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940,
pp. 753-771 and 825-882.

AUGUST

1944




805

INDUSTRIAL PRODUCTION, BY INDUSTRIES
{Without Seasonal Adjustment)
[Index numbers of the Board of Governors. 1935-39 average = 100]
1943

1944

Industry
May
Industrial

Production—Total....

Manufactures—

Total

Durable Manufactures
Iron and Steel
Pig iron
Steel
Open hearth
Electric
Machinery

June

July Aug. Sept. Oct. Nov.

Dec,Jan.

Feb. Mar. Apr. M a y June
P

239

238

241

245

248

249

247

239

240

240

238

237

237

258

259

260

264

267

269

268

258

259

259

257

255

253

360

359

361

366

370

375

376

364

367

366

363

361 358

208

201

204

210

214

215

210

200

208

212

214

210

204

196
233
184
584

190
227
177
583

191
230
181
577

202
236
185
598

205
239
190
593

202
242
191
607

200
236
186
592

198
222
178
536

202
231
186
554

207
236
188
578

206
238
191
570

206
236
192
549

203
234

198
225
183
526

443

441

440

445

451

458

46.

453

461

458

453

445

440

729 743

754

762

764

780

786

76.

754

746

734

r

730

728

p

233

r

229

p

236

559
P

439

1

Manufacturing Arsenals and Depots .
Transportation Equipment .
Automobiles
_
;
(Aircraft; Railroad cars; Locomotives;
Shipbuilding—Private and Government)1
Nonferrous Metals and Products .
Smelting and refining
(Copper smelting, Lead refining, Zinc 1 smelting; Aluminum; Magnesium; Tiri
Fabricating
_
;
(Copper products; Lead shipments; Zinc shipments; Aluminum products;1 Magnesium
products; Tin consumption)

220

232

239

264

255

264

277

270

277

279

294

303

270

211

215

238

232

248

240

289

278

285

287

292

309

307

297

297

289

279

282

266

280

280

283

293 281

721

2Tl

262

257

247

Lumber and Products

136

135

135

137

136

133

133

126

121

122

124

125 126

Lumber
Furniture
Stone, Clay, and Glass Products .

130
147

128
148

128
148

130
152

129
149

124
152

124
152

114
150

107

107
150

110
149

116
142

180

177

173

179

174

178

161

163

Glass products
Plate glass .
Glass containers
Cement
Clay products
Gypsum and plaster products
Abrasive and asbestos products1
Other stone and clay products

169
43
214
137
136
205
320

157
41
197
136
137
208
325

156
45
195
131
132
198
326

168
49
210
129
135
204
327

162
53
200
130
129
198
321

174
47
218
124
131
199
326

166
54
206
106
129
198
329

158
55
195
92
126
196
319

167
58
205
67
125
191
312

175
59
216
68
126
188
308

183
59
227
74
122
r
181
297

184 186
66
65
225
79 228
121 P123
182 z>180
300 ^297

Nondurable Manufactures ..

175

178

178

181

184

183

181

172

172

173

171

r

168

159

155

148

145

150

152

152

143

149

152

151

151 147

149
169
185

146
160
183

139
153
183

136
147
177

141
156
181

143
156
186

142
153
191

133
142
189

140
150
186

142
151
187

141
150
191

141
151
196

137
142

158
32
222
177
181
171
177

160
30
226
181
186
174
179

146
24
207
164
168
159
164

150
33
210
168
176
158
166

151
29
206
172
178
163
169

154
37
201
173
175
171
172

154
39
205
172
176
166
171

142
36
186
159
161
156
160

154
42
210
173
176
168
170

159 " 155
42
46
51
219 216
213
177
171
167
181
174 r 171
171
167 163
178 172 r168

152
53

113

110

110

110

110

108

112

122
132

112
117

105
105

103
105

177 i
115

160
114

105
109
84
83
157
112

180
114

161
114

104
103
78
95
173
114

101
105
69
87
155
109

96
98
66
83
154
105

103
109
69
83
154
112

113
119
79
88
177
114

106
113
77
86
150
116

125
85
81
165
116

137

144 155

164

165

156

154

147

145

143

142

143 147

102

109

121

129

126

139

127

111

106

^103
67
107
95

68
106
101

73
110
107

79
120
125

87
137
153

168 "206
181
259
150
147
160
172
166
180

205
271
139
113
155

225
307
147
97
143

207
285
137
83
113

187
251
130
90
108

148
164

119
141
165

p

124

PU2
p

166

161

Textiles and Products .
Textile fabrics
Cotton consumption
Rayon deliveries
Nylon and silk consumption1
Wool textiles
Carpet wool consumption
Apparel wool consumption
Woolen and worsted yarn
Woolen yarn
Worsted yarn
Woolen and worsted cloth
Leather and Products
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Sheep and lamb leathers
Shoes
Manufactured Food Products
Wheat flour
Cane sugar meltings1
Manufactured dairy products
Butter
Cheese
Canned and dried milk
Ice cream ...
Meat packing
Pork and lard
Beef
Veal .,
Lamb and mutton
r

Revised.

p

p

133
194

203
146
213

P206
127
189
198

106
167
161

^153
91
153
142

162
216
111
62
126

158!
222
94
63
111

170
229
111
73
134

' 154
185
120
107
151

160
175
140
144
173

75
130
111

168
54
208
70
121
196
319

169

H70
p

146
140
196

169
164
166

116 112

P

113

110
118
83
84
147
114 PI 18
P

153

^104

PU3 ^186'
94 121
161 203
240
183
242
105
105

180
239
124
104
115

172
225
118
117
116

Preliminary. * Series included in total and group indexes but not available for publication separately.

806




FEDERAL RESERVE BULLETIN

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
{Without Seasonal Adjustment)
[Index numbers of the Board of Governors. 1935-39 average = 100]
1944

1943
Industry
May

June July

Aug.

Sept. Oct.

^"ov.

Jan. Feb. | Mar. Apr.

Dec.

May June

Manufactured Food Products—Continued
Other manufactured foods
Processed fruits and vegetables
Confectionery
Other food products
Alcoholic Beverages ..
M a l t liquor
Whiskey
O t h e r distilled spirits
Rectified liquors

140 PU\ PUS
92 94 P]QO
128 ^118 p\n
154 157

137
100
107
152

151
164
110
155

168
243
133
155

172
249
155
155

163
174
157
161

156
125
145
166

149
111
135
162

143
91
138
157

142
89
139
157

106

127

126

122

138

132

119

120

111

115 128

127 127

143

133
0
24
182

155
0
21
173

153 154
0
0
23 21
172 174

177
0
19
177

13
139

13
144

13
144

21
157

o

166
0
105
156

144
0
234
158

130
0
130
178

137
0
47
189

131
0
30
162

129
...

142
85
137
157

133
84
117

o

161

o

159

o

150

Industrial A Icohol from Beverage Plants1 ..
Tobacco Products ..

123

128

138

140

141

144

151

132

124

114

117

120 124

126

Cigars
Cigarettes
Other tobacco products

104
144
86

102
156
80

99
175
84

96
177
89

101
176
93

100
179
99

101
190
103

90
167
87

86
155
85

92
136
77

92
143
73

89 89
150 154
73 81

89
158
80

Paper and Paper Products ..

142

140

134

143

143

140

140

131

136

139

137

138 142

140
155
113
92
211
147
137
150
133
122
168
130
90

137
143
107
84
184
142
136
152
123
122
180
118
92

132
140
99
87
193
131
131
143
126
117
152
127
89

140
151
101
93
214
139
139
151
135
126
169
130
89

140
148
99
93
211
134
138
155
124
125
174
126
88

138
152
104
93
213
141
135
148
127
124
165
128
83

138
148
109
93
212
131
136
151
126
122
160
130
87

130
142
108
103
196
127
128
135
116
122
158
127
82

134
148
111
96
213
130
131
144
119
119
154
129
79

136
151
115
98
217
133
134
148
121
119
157
133
74

134
150
115
93
209
137
132
147
120
117
154
128
77

134
153
121
97
213
136
132
152
117
119
157
120
75

114

111

104

no

112

112

110

108

101

101

101

104 100 P100

106

101

91

93

98

101

98

93

83

83

86

173

177

182

193 202

207

213

219

226

230 234

174
104
137
121
124

180
109
138
120
119

185
109
145
120
110

196
116
153
121
102

206
122
156
123
114

212
122
151
134
113

221
123
159
137
120

226
123
159
118
124

234
125
159
124
134

238
128
161
124
130

166
157
481

157
152
318

162
153
453

170
159
523

171 " ' 169
161 158
538 535

163
155
459

172 "l74
161 164
519 496

176 "l74
166 165
503 487

389

396

398

400

396

400

392

367

362

360

343 r325

324 p321

134
119
214
356

139
120
213
366

137
119
222
371

139
126
223
382

135
128
221
383

138
126
225
396

138
130
223
398

137
131
226
394

137
131
226
405

139
133
229
406

140
133
233
405

142
132
235
410

Paper and pulp
....
Pulp
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
Paperboard
Fine paper
Printing paper
Tissue and absorbent paper
Wrapping paper
Newsprint
Paperboard containers (same as Paperboard)
Printing and Publishing ..
Newsprint consumption
Printing paper (same as shown under Paper).
Petroleum and Coal Products
Petroleum refining
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products1
Coke
By-product coke
Beehive coke
Chemical Products ..
Paints
Soap
Rayon
Industrial chemicals
1
Explosives and ammunition
Other chemical products1

243
129
163
128
132

89

137
152
117
92
217
135
135
159
115
115
159
127
77

84

156

80

84

233 237
r

242
129
161
125
127

r

246
130 P137
162
123
127

176 175' "172
167 166 164
463 470 463

140
134
232
408

^142
P132
P237
P410

Rubber Products ..

224

230

229

227

231

234

241

240

242

244

242 231 230 P231

Minerals—Total .

132

121

140

140 143

140

132

132

133

136

133 138 146 p147

Fuels .
Coal
Bituminous coal
Anthracite
Crude petroleum
Metals ..
Metals other than gold and silver
Iron ore
(Copper; Lead; Zinc)1
Gold
Silver

129

115

136

137

140

138

134

140

142

145

141

143 146 P146

139
143
124
125

97
103
74
124

150
155
129
128

148
153
128
13

150
155
129
136

141
144
127
137

125
131
102
139

147
156
114
136

153
161
119
137

158
162
143
139

148
155
123
138

150
155
129
139

148

159

16.

16

160

14)

11

8

82

85

86

r

22
29

24o
34

250
36

249
36

247
351

22
310

17
18

12
83

113
70

119
72

120
76

r

3
7

34
80

31
7C

3
7

3
8

2
7

29
74

3 ""'3
8
7

2 ""2
74
7

U2

154 P\S2
159 P
134 128
142 P\ 44
145 V149

168 226
188 313
25
73

r
Revised. p Preliminary. x Series included in total and group indexes but not available for publication separately.
NOTE.—For description and back figures, see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp.
753-771 and 825-882.

AUGUST

1944




807

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES
{Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939 = 100]
Factory pay rolls

Factory employment
Industry and group

1943
May

Total
Durable goods
Nondurable goods

June

167.2 168.8
225.9 228.5
121.0 121.7

Iron and Steel and Products
Blast furnaces, steel works, etc
Steel castings
Tin cans and other tinware
Hardware
Stoves and heating equipment
Steam, hot-water heating apparatus....
Stamped and enameled ware
Structural and ornamental metal work.
Forgings
Screw machine products

Feb.

Mar.

Electrical Machinery

268.3
235.2
243
158
129
315

Furniture and Lumber Products
Furniture

271.1

Apr. M a y

June

Apr.

May

June

165.9 r163.6
160.8 159.0 158.4 309.7 313.5 317.1
228.2 224.9 220.9 218.4 216.6 430.4 437.1 441.6
116.9 115.4 113.4 112.2 112.5 191.7 192.6 195.4

173., 173.4 172.9 170.6
135
126
128
134
279
266
261
279
98
111
112
104
125
134
132
128
115
136
134
117
196
194
190
198
160
163
163
162
r
196
215
195
262
263
257
263
294
285
298
283

Machinery, except Electrical
Machin ery and machine shop products.
Tractors
Agricultural, excluding tractors
Pumps

1944

1943

1944

290.4

167.8
125
256
114
131
133
188
160
r
212
250
278
285.2

289

167.0
124
251
118
128
134
187
159
214
243
275

167.,

282.1 279.4

Feb.

Mar.

Apr.

May

327.6 324.4 318.
459.
454.8 r447.9
196.9 191.4
198.

318.3
445.7
193.7

308.0
221

308.6
221
461
196
260
253
354
313
435
473
536

301.7
217
500
149
239
189
360
293
355
505
544

30 3.
222
495
156
242
194
359
299
356
501
553

304.6 318.4
225
224
487
497
186
166
266
249
253
199
366
363
329
299
r
419
362
528
494
562
547

314.1
222
478
186
271
254
357
326
r
424
515
550

454.7

458.9

463.9

512.7

513.2

463

189
266
248
352
313
'415
487
538
r

502.0

501.0

438.0 432., 424.3 420.4
.429
441
447
432
298
301
300
298
331
333
321
333
732
769
742
703
r
r
276
269
Refrigerators
151
250
153
283
244
255
269
122.2 1,394.3 1,370.1
,346.2 1.
,819.12,798.0
,315.0
Transportation Equipment, except Autos... 1,412.0 ,441.6
1
1
,692.9 ,736.7 ,768.0 ,854.5
,784.3
335.4 r330.0
183.6 180.1 176.6 173.6 170.7
Automobiles
164.0 167.9
341.0
322.6
286.7 297.1 305.
178.1 180.9 180.0 176.2 171.5 169.1 168.2 318.5 322.0 325.0 335.7 328.4 318.3 314.8
Nonferrous Metals and Products
200
207
346
352
206
196
185
190
356
371
329
357
342
Primary smelting and refining
124
121
234
250
124
122
122
124
253
253
236
236
253
Clocks and watches
128
115
122
205
218
116
123
223
124
229
198
204
222
Lighting equipment
Lumber and Timber Basic Products
114.0 114.8 103.3 102.8 101.4 101.2 102.0 186.2 196.1 200.8 182.0 182.9 184.5 186.9
Sawmills
92
82
91
81
81
80
160
149
147
164
146
152
151
Planing and plywood mills
105
113
112
100
102
176
171
105
174
170
181
170
173
236.7
243
162
136
319

234.1 230
239
244
192
191
166
162
345
347
154
156

226.1
235
191
164
r
340
151

223.7
234
191
162
333
150

108.6
105

109.1
105

107.3 p106.0
104
103

r

103.7
100

Stone, Clay, and Glass Products
Glass
Cement
Brick, tile, and terra cotta
Pottery and related products

121.5
125
103
90
132

122.5
127
102
91
129

116.6
132
74
80
127

115.5
133
72
78
127

Textile-Mill and Fiber Products
Cotton goods except small wares
Silk and rayon goods
Woolen and worsted manufactures....
Hosiery
Knitted underwear
Dyeing and finishing textiles
Carpets and rugs, wool

108.3
124
80
114
74
111
103
91

107.8
123
80
113
74
110
103
91

101.8
116
78
107
70
99
97
82

Apparel and Other Finished Textiles
Men's clothing, n.e.c
Shirts, collars, and nightwear
Women's clothing, n.e.c
Millinery

109.6
107
86
89
80

108.0
106
86
88
70

97.0
99
86

96.0
98
85

Food and Kindred Products
Slaughtering and meat packing
Flour
Baking
Sugar, beet
Confectionery
Beverages, nonalcoholic
Malt liquors
#
Canning and preserving

106.9
128
111
107
42
107
125
124
68

Tobacco Manufactures
Cigarettes
Cigars
Paper and Allied Products
Paper and pulp
Paper goods, n.e.c
Paper boxes

•
•
•
•

Leather and Leather Products
Leather
Boots and shoes

,

223.2

422.3 427.2
433
429
245
243
247
238
645
633

428.0
435
248
265
647

102.3
98

103.0

177.9
172

178.9
172

181.1
174

187.9
184

188.2 r182.0
175
183

183.6
175

114.3
133
72
76
126

112.9
131
71
75
125

113.1

185.. 187.7
183
181
145
141
136
138
191
193

189.6
185
146
138
190

188.9
208
106
124
188

189.4
211
104
121
193

187.3
209
108
117
193

187.7
208
109
119
193

100.7
115
78
106
69
98
96
81

98.7
113
76
104
67
95
94
80

97.2
111
75
102
67
94
93
79

96.4

181.2
217
135
205
108
185
160
147

180.7
216
135
205
108
184
157
147

178.7
211
135
207
108
184
157
144

174.3
202
139
199
110
175
154
137

173.9
202
138
200
109
174
155
135

170.0
201
135
193
103
169
152
131

171.2
202
136
193
106
167
152
132

102.7
100
78
84
86

102.3
99
78
85
86

99.3
98
77
82
80

97.0
97
76
79
77

96.8

174.1
170
139
144
123

164.3
163
136
131
97

161.7
159
138
131
80

175.4
163
133
148
141

178.5
167
137
153
141

161.3
158
130
132
109

162.5
166
134
128
102

89.8
87
81

90.1
87
81

89.4
86
80

88.4
86
80

155.9 153.0
151
150
141
137

150.8
149
134

153.5
147
138

111.5
132
113
109
46
105
134
130
81

111. 4 110.1
140
134
120
117
112
112
36
35
119
119
123
125
131
132
70
67

110.1
130
113
111
40
116
127
134
73

110.5
128
112
110
42
114
131
139
73

150.3
170
165
143
59
161
140
156
114

158.5
191
164
148
60
158
149
165
117

167.4
201
171
152
66
159
166
182
137

151.6 153.1 152.3
145
147
145
139
138
138
176.6 174.4 173.8
227
206
212
191
181
184
161
160
163
57
52
187
191
183
152
160
156
182
192
186
133
140
127

96.3
118
86

95.7
118
85

93.6
129
75

89.5
118
75

89.5
123
73

88.3
121
71

146.8
157
144

144.4
155
141

149.3
159
148

154.9
180
142

117.7
108
126
121

119.0
109
128
122

117.7
108
127
120

117.0
107
127
119

115.4
106
126
116

114.2
105
124
115

175.5
167
182
176

178.0
170
183
179

180.9 185.9
176
173
195
189
180
183

113.4

114.0

179.9
217
180
164
61
183
170
202
141

146.6
160
143

142.8
164
133

152.9
182
138

186.4
176
198
183

183.6
175
195
177

184.7
177
195
177

r

Revised.
NOTE.—Figures for June 1944 are preliminary. Indexes for major groups and totals have been adjusted to final data for 1941 and preliminary
data for the second quarter of 1942 made available by the Bureau of Employment Security of the Federal Security Agency. Back data and data for industries not here shown are obtainable from the Bureau of Labor Statistics. Underlying figures are for pay roll period ending nearest middle of month
and cover wage earners only.

808




FEDERAL RESERVE BULLETIN

FACTORY EMPLOYMENT AND PAY ROLLS, BY

INDUSTRIES-Contmued

(Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939 = 100]
Factory pay rolls

Factory employment
Industry and group

1944

1943

June

May

Printing and Publishing
Newspaper periodicals
Book and job

Mar.

Feb.

Apr.

100.4

101.8

103.1

102.5

96
101

96
103

93
108

93
107

Chemical and Allied Products
Paints, varnishes, and colors . . .
Drugs, medicines, and insecticide;
Rayon and allied products
Chemicals, n.e.c
Cottonseed oil
Fertilizers

256.4

257.7

228.2

103
161
108
163
93
133

106
167
109
166
83
102

106
187
108
175
125
141

Products of Petroleum and Coal
Petroleum refining
Coke and by-products

117.3

118.5

110
115

111
116

Rubber Products
Rubber tires and inner tubes...
Rubber boots and shoes
Rubber goods, other

153.9
154
147
139

Miscellaneous Industries
Photographic apparatus
Games, toys, and dolls
r

,

June

May

101.3
?

100.3

93
105

93
104

216.8

208.8

205.6

106
190
108
173
113
148

106
189
108
173
102
139

106
186
107
173
88
120

119.8

120.2

121.1

122.8

115
107

116
106

118
105

120
106

156.4

167.1

165.7

161.4

159.7

157
150
141

174
144
148

173
144
146

169
136
143

167
140
141

166.0

166.3

160.3

158.8

157.0

155.1

163
84

172
84

172
86

170
85

169
84

169
83

r

1944

1943

r

101.1

202.9

125.0

160.4

154.9

Apr.

May

June

Mar.

Feb.

Apr.

May

121.7

123.0

126.4

134.7

135.2

133.7

135.0

110
124

111
126

112
131

113
147

114
147

114
144

116
145

423.6

425.2

432.5

390.4

372.5

359.1

360.2

147
225
157
262
177
299

155
228
163
265
151
253

161
234
167
274
140
195

162
274
169
296
241
274

164
276
172
294
215
305

164
268
171
295
194
286

167
271
174
297
170
269

173.9

182.3

187.5

201.6

204.1

163
172

171
180

175
180

192
182

196
180

248.1

250.9

264.0

293.0

240
244
228

244
248
229

257
260
241

296
253
261

290.3

297.1

298.2

301.9

301.3

252
141

257
149

271
143

279
161

280
160

r
206.6
r

212.6

200

179

205
183

294.3

278.8

280.8

299
255
258

280
243
249

283
249
248

296.7

295.8

271
160

274
160

r

Revised.
FACTORY EMPLOYMENT

(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors, 1939 = > 100]
1944

1943
Group
May

167.9
225.9
122.2

Total
Durable
Nondurable.

June
169.0
228.3
122.3

July

Aug.

Sept.

169.6
230.0
121.9

169.7
229.4
122.6

Oct.

168.3
230.0
119.6

r
Preliminary.
Revised.
NOTE .—Indexes based on Bureau of Labor Statistics data.

170.1
232.2
121.1

Nov.

Dec.

170.9
234.0
121.2

169.1
232.8
118.9

Jan.
167.8
230.3
118.4

Feb.

Mar.

166.9
228.8
118.1

r

Apr.

164.1
225.3
116.0

r

161.5
221.0
114.5

May

159.6
218.4
113.3

June
p
158.6
P

216.4
P113.0

p

For back figures see p. 14 of January 1943 BULLETIN, and p . 1187 of December 1943

BULLETIN.

HOURS AND EARNINGS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES
[Compiled by the Bureau of Labor Statistics]
Average hourly earnings (cents per hour)

Average hours worked per week
Industry and group

1944

1943
Apr.

Ma.V

Jan .

Mar.

Feb

r

All Manufacturing

45.0

45. 2

45. 2

45.3

Durable Goods

46. 8

46. 9

46. 6

46. 7

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 Industrie;
Chemicals and Allied Products
Products of Petroleum and Coal
Rubber Products
Miscellaneous Industries

46. 2
47 0
49 8
47
45
46
43
44
42

46. 4
47 3
49 7

46 9
46 9
49 4

47. 1
46 8
49 1

5
3
1
8
6

46 7
46 9

46
46
47
42
44
43

9
3
0
9
2
3
7

5
9
8
1
5

47
46
47
43
44

7

42.9

41 2
43 4
42 6

47.0

42 5

42

s

43 .0

43

41 .7
39 .0
40 .2

41 .9
38 .4
40 .1
44 .6
40 .2

41.5

41 8
38 7
41 2
45 5
41 .3
45 .6
40 .7
45 .7
46 .5
45 .7
46 .2

43.3
40.0

45 .3

39.8

45 .5
43 .5
45 .1
46 .4

45.6

39 .9
45 .7
44 .5
45 .4
46 .4

38 .2

40.5

45 .8
42 .1
45 .2
40 .7
45 .7

45.6

45 .2
46 .0




Apr.

May

Jan.

Mar.

Feb.

Apr.

45. 0

45.4

94.4

95.3

100.2 100.3 100.6 101.3

46.7

46. 6

46.8

104.0

105.0

109.9

46.9
46.7
r
49.1
47.0
46.3
46.9
43.2
r
44.5
43.6

r

r

46 5
46 2
48 8

46.8

1
4
6
2

47 5
46.2

47
46
46
43
r
43
43

r

7
2

43.2

42.5

41.9
38.9
41.4
r
45.3
40.9
45.8
r
40.8
45.8
r
46.6
r
45.6
46.3

41 2
37 3
41 1
44 8
39 .0
45 .5
r
40 6
45 .6
46 .3

44.7

45 .9

46 3
48 8

46
43
44
43

6
4
4
7

43

41.6
38 2
41 2
45 8
42 .0
46 .0
40 .9
46 .0
47 .0
45 .1
46 .2

May

r

45.3

r
Revised.
NOTE.—Data based on the classification of the 1939 Census of Manufactures.

AUGUST 1944

1944

1943
May

Api

110.0

r

r

101.9
96.1
104.7

102.6
96.5
105.6

106.9
100.3
110.7

106.9
100.5
110.7

117.4
121.5
100.1
71.5
72.2
83.3

118.5
123.1
101.4
73.7
73.4
84.3

124.0
125.5
103.8
77.1
78.9
88.1

124.7
125.7
104.0
77.0
79.2
87.9

79.0

79.6

83.8

66.0
70.4
73.9
78.8
62.0
79.0
98.8
90.1
111.1
99.8
87.0

66.4
69.3
74.7
79.7
62.9
79.4
99.8
90.9
112.2
100.5
88.2

68.2
75.9
77.4
83.9
67.5
82.4
104.4
93.9
116.2
106.6
92.9

110.3

r

111.0

107.0
101.0
r
111.0

107.7
101.5
111.5

125.1

r
126.1
r

r
126.1
r

104.4
77.1
r
79.7
S8.2

126.4
104.5
78.8
r
79.9
r
89.1

84.2

84.6

85.0

85.8

68.6
77.8
77.8
83.8
67.8
82.9
104.4
93.5
115.9
107.2
93.8

69.0
78.9
78.2
83.9
67.9
83.4
r
104.9
93.8
r
116.3
108.6
94.2

70.1
77.0
79.0
r
84.5
69.1
83.7
r
105.9
94.4
r
117.5
r
107.5
94.7

71.0
77.2
80.1
85.4
69.8
84.2
107.2
95.5
117.6
108.9
95.1

Back figures are available from the Bureau of Labor Statistics.

809

ESTIMATED EMPLOYMENT IN NONAGRIGULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Thousands of persons]

Construction'

Transportation and
public
utilities

Trade

845
916
947
970
891

1,753
1,722
2,236
2,078
1,259

2,912
3,013
3,248
3,433
3,619

6,618
6,906
7,378
7,263
7,030

4,160
4,310
4,438
4,447
4,115

3,988
4,136
4,446
5,203
5,890

10,528
10,439
10,395
10,402
10,458
10,570
10,776
11,017
11,181
11,409
11,589

921
916
908
907
908
912
914
918
920
925
926

1,465
1,496
1,561
1,641
1,736
1,756
1,723
1,758
1,825
1,971
2,135

2,994
2,990
2,976
2,996
2,998
3,009
3,015
3,025
3,041
3,054
3,076

6,789
6,821
6,822
6,847
6,865
6,895
6,936
6,951
7,005
7,043
7,076

4,240
4,264
4,281
4,293
4,300
4,312
4,328
4,341
4,357
4,395
4,393

4,103
4,094
4,104
4,118
4,112
4,136
4,148
4,159
4,156
4,196
4,202

33,638
33,973
34,406
34,441
35,269
35,758
36,277
36,597
36,774
36,892
36,991
36,864

11,720
11,934
12,174
12,456
12,776
13,032
13,342
13,473
13,580
13,642
13,752
13,748

938
935
943
643
949
970
981
997
1,000
1,003
1,004
1,002

2,243
2,256
2,260
2,133
2,176
2,239
2,256
2,258
2,327
2,295
2,248
2,115

3,072
3,082
3,131
3,161
3,224
3,254
3,292
3,330
3,331
3,355
3,369
3,367

7,065
7,123
7,192
7,266
7,302
7,388
7,495
7,579
7,548
7,537
7,526
7,487

4,366
4,374
4,397
4,438
4,441
4,441
4,442
4,458
4,454
4,472
4,479
4,493

4,234
4,269
4,309
4,344
4,401
4,434
4,469
4,502
4,534
4,588
4,613
4,652

1942—January
February
March
April
May
June
July
August
September
October
November
December

37,057
37,195
37,391
37,724
37,981
38,204
38,581
39,042
39,171
39,452
39,597
39,898

13,879
14,041
14,255
14,463
14,649
14,865
15,143
15,442
15,644
15,798
16,048
16,333

996
981
976
982
982
981
982
973
962
954
944
933

2,102
2,090
2,055
2,054
2,048
2,057
2,077
2,101
2,077
2,136
2,095
2,041

3,372
3,357
3,382
3,402
3,419
3,419
3,433
3,448
3,448
3,484
3,503
3,525

7,481
7,414
7,331
7,319
7,280
7,206
7,210
7,222
7,227
7,224
7,132
7,136

4,520
4,491
4,523
4,541
4,521
4,532
4,520
4,518
4,382
4,330
4,255
4,229

4,707
4,821
4,869
4,963
5,082
5,144
5,216
5,338
5,431
5,526
5,620
5,701

1943—January
February
March
April
May
June
July
August
September
October
November
December

39,934
39,935
40,066
39,891
39,740
39,775
39,876
39,737
39,475
39,486
39,526
39,479

16,506
16,682
16,831
16,858
16,837
16,908
17,059
17,097
17,051
17,108
17,152
16,995

927
924
915
908
893
893
888
878
876
869
859
863

1,899
1,734
1,604
1,476
1,358
1,263
1,164
1,082
1,020
936
891
864

3,540
3,556
3,574
3,588
3,597
3,620
3,634
3,639
3,633
3,671
3,683
3,687

7,133
7,064
7,110
7,006
6,988
7,017
7,061
7,015
7,006
7,006
7,000
6,962

4,146
4,146
4,121
4,110
4,102
4,112
4,127
4,110
4,079
4,078
4,119
4,127

5,783
5,829
5,911
5,945
5,965
5,962
5,943
5,916
5,810
5,818
5,822
5,981

1944—January
February
March
April
May
June

39,454
39,352
39,079
r
38,868
38,675
38,550

16,910
16,819
16,592
r
16,394
16,240
16,109

862
862
852
848
841
839

830
786
737
r
719
675
681

3,720
3,780
3,780
r
3,763
3,771
3,759

7,096
7,043
7,046
r
6,982
6,996
6,992

4,170
4,173
4,171
r
4,257
4,250
4,277

5,866
5,889
5,901
5,905
5,902
5,893

1943—May
June
July
August
September
October
November
December

39,674
39,859
39,921
39,860
39,678
39,718
39,847
40,197

16,753
16,908
17,059
17,182
17,136
17,194
17,238
17,080

882
880
873
863
867

1,385
1,288
1,222
1,169
1,091
1,002
918
829

3,597
3,656
3,689
3,694
3,688
3,689
3,683
3,669

6,953
6,982
6,920
6,875
6,936
7,076
7,245
7,554

4,102
4,174
4,230
4,172
4,079
4,037
4,078
4,127

5,995
5,962
5,913
5,886
5,868
5,847
5,822
6,071

1944—January.
February
March
April
May
June

38,965
38,840
38,681
r
38,692
38,598
38,627

16,825
16,735
16,509
r
16,312
16,159
16,109

858
858
852
844
837
835

3,664
3,704
3,723
3,744
3,771
3,797

6,919
6,867
6,919
r
6,968
6,961
6,957

4,128
4,131
4,129
r
4,236
4,250
4,341

5,807
5,830
5,871
5,905
5,932
5,893

Total

Manufac
turing

30,353
31,784
35,668
38,447
39,728

10,078
10,780
12,974
15,051
116,924

1940—February
March
April
May
June
July
August
September
October
November
December

31,040
31,020
31,047
31,204
31,377
31,590
31,840
32,169
32,485
32,993
33,397

1941—January
February
March
April
May
June
July
August
September
October
November
December.

Year and month

1939
1940
1941
1942
1943

Mining

Finance,
service,
and misce]
laneous

Federal,
State, and
local
government

SEASONALLY ADJUSTED

UNADJUSTED

764
715
678
683
688
695

r

r

* Includes Contract Construction and Federal Force Account Construction. r Revised.
NOTE.—Revised seasonally adjusted estimates of the Board of Governors based on revised Bureau of Labor Statistics data released in May 1944. Estimates include all full- and part-time wage and salary workers in nonagricultural establishments employed during the pay period ending nearest the 15th
of the month. Proprietors, self-employed persons, domestic servants, and personnel of the armed forces are excluded. June 1944 figures are preliminary.
For back seasonally adjusted estimates, see BULLETIN for June 1944, p. 600. Back unadjusted data are available from the Bureau of Labor Statistics.

8io




FEDERAL RESERVE

BULLETIN

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars]

Factories

January
February
March
April
May
June
July
August
September
October
November
December
Year
1

^

Residential
building

Total
Month

Nonresidential building
Commercial

Educational

1943

1944

1943

1944

1943

1944

1943

1944

1943

350.7
393.5
339.7
303.4
234.4
229.6
183.7
413.8
175.1
213.5
184.4
252.2

159.2
137.2
176.4
179.3
144.2
163.9

110.8
93.3
71.8
79.4
63.3
61.5
71.8
67.5
54.1
69.7
58.4
66.2

41.0
24.9
35.2
37.8
34.5
30.6

73.1
87.7
63.8
40.7
24.2
53.7
31.9
234.8
31.1
34.5
29.0

34.0
29.9
48.7
33.0
27.1
24.4

4.1
4.5
7.4
6.1
5.8
8.7

en n

7.2
22.7
25.2
6.6
9.3
6.9
5.3
7.4
5.1
11.2
7.9
6.0

5.6
4.2
4.5
5.9
5.3
7.9
4.8
4.2
5.8
5.7
3.3
5.1

766.2

120.7

3,274.0

!

867.8

1944
,

8 7

4.4
5.4
3.8
10.5

Public works
and public
utilities

Other
1943

1944

1943

1944

68.2
72.7
51.5
43.0
36.5
26.3
19.9
26.4
29.0
28.9
26.9
45.7

21.1
23.1
19.5
25.0
17.1
18.9

85.8
113.0
123.0
127.7
95.8
73.3
50.0
73.4
50.1
63.5
59.0
67.4

50.3
55.1
61.3
72.0
55.8
70.7

981.9

474.9

62.4

Negative because of revision of a prior month's entry.

CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation . Value of contracts in millions of dollars]

Total

Public ownership

Private ownership

1942
January
February....
March.......
April
May

June

July
August
September...
October
November. ..
December ...

317
434
611
499
674

1,190

944
721
723
780
654
709

1943

1944
159
137
176
179
144

351
394
340
303
234
230
184
414
175
214
184
252

1942

1943

198
310
473
355
569

1,105

876
633
661
710
592
664

316
364
304
253
192
183
122
351
120
157
135
198

7,146 2,695

.. 8,255 3,274

1944

1942

1943

119
123
138
144
105
85
68
88
62
71
62
45

35
30
36
50
42
46
61
62
56
56
50
54

1,109

579

122
109
133
133
98

1944
37
28
43
46
46

Title I Loans
Year or month

1935
1936
1937
1938
1939
1940
1941
1942
1943

Property
improvement

Total

320
557
495
694
954

1,026
1,186
1,137

942

78
84

1943—June
July
Aug
Sept
Get
Nov
Dec

90
88
85
92
77

1944—Jan...
Feb...
Mar.
Apr
May.

June..

224
246
60
160
208
251
262
141
96

8
7

10
12
8
10
9

Small
home
construction

13

25
26
21
15
1




June

May

June

4,927
22,002
12,921
11,938
27,904
18,694
24.647
8,997
5,377
16,370
10,089

6,991
11,603
10,282
14,611
21,631
20,399
27,673
5,317
3,134
12,622
9,939

7,313
23,256
10,215
23,534
36,961
40,423
38,310
10,172
6,748
18,978
13,689

163,866

144,202

229,599

INSURED FHA HOME MORTGAGES (TITLE II) HELD I N
PORTFOLIO, BY CLASS OF I N S T I T U T I O N
[In millions of dollars]

Mortgages on
1- to 4- Rental
and
War
family group
housing
houses housing
(Title
(Title (Title
VI)
II)
II)
94
309
424
473
669
736
877
691
243

2
2
11
48
51
13
13
6

End of month

13

284
601

19
21

51
56

20
20
20
21
18

60

55
57

60
50

75
79

6
16

19
' 14

50
50

62
67
69
63

6
9
9
9

13
13
18
18

44
45
42
36

Total

Savings Insur- FedCom- Mutual
ance
eral
merand
savcom- agen- Other2
cial
loan
banks banks associ- panies cies 1
ations

1,199

228
430
634

77

27
53
90

1939—June
Dec
1940—Mar.
June
Sept
Dec

1,478
1,793

759
902

50
71

167
192

271
342

137
153

94
133

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

1943—June
Dec

3,700
3,626

1,700
1,705

252
256

284
292

1,071
1,134

235
79

158
159

1936—Dec
1937—Dec
1938—Dec

* 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.

1944

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
Total (11 districts) ..

LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[ID millions of dollars]

AUGUST

1943

1944
Federal Reserve district

Month

Year..

CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in thousands of dollars]

365
771

8
27
38

56
110
149

41
118
212

5
32

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.

MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise imports 2

Merchandise exports 1

Excess of exports

Month
1944

1940

1941

1942

1943

1944

1940

1941

1942

1943

1944

730
719
989

PI,091
PI,085
PI,158

242
200
217

229
234
268

254
254
272

229
234
249

P300
P313
P359

128
147
134

96
69
89

228
226
355

502
485
739

P791
P773
P799

979
1,085
l,002

PI,192
PI,421

212
211
211

287
297
280

235
191
215

258
281
P295

P359
P386

111
112
138

100
88

50

482
345
433

722
804
P7O7

p

l,261
Pi,202
Pi,235

232
221
195

278
282
262

213
186
196

P302
P316
P286

84
130
101

87
178
162

437
517
536

P960
P887
P949

801
787
873

Pi,195
p
l,O72
p
l,244

207
224
253

304
281
344

200
168
358

P329
P
3U
P278

137
104
69

362
211
309

602
619
515

P866
P761
P
966

2,841

4,502

1,083

1,315

1,205

1,251

632

442

1,636

3,251

1940

1941

1942

January
February
March

370
347
351

325
303
357

481
480
628

April
May
June

323
324
350

387
385
330

717
536
648

July
August
September

317
351
295

365
460
425

650
703
732

October
November
December

344
328
322

666
492
653

1,715

1,757

January-May

1943

r

p

^5,947

PI,717

p

P832
l 036

p

4,230

r

P1 Preliminary.
Revised.
Including both domestic and foreign merchandise,
2
General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Source.—Department of Commerce.
Back figures.—See BULLETIN for April 1940, p. 347; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18.

FREIGHT CARLOADINGS, BY CLASSES
[Index numbers; 1935-39 average=100]

Total

Forest
Coal Coke Grain Livestock products

Annual
1939
1940
1941
1942
1943

101
109
130
138
137

98
111
123
135
138

102
137
168
181
186

107
101
112
120

96
96
91
104

146

117

100
114
139
155
141

Ore

110
147
183
206
192

REVENUES, EXPENSES, AND INCOME OF CLASS I
RAILROADS
[In millions of dollars]
Miscel- chanlane- dise
ous l.c.1.
101
110
136
146
145

97
96
100
69
63

Total
railway
operating
revenues
Annual
1939..
1940..
1941..
1942..
1943.

Total
r&ilw&v
expenses

Net
railway
operating
income

m Net
incon

3,995
4,297
5,347
7,466
9,055

3,406
3,614
4,348
5,982
7,693

1,484
1,362

93
189
500
904
874

737
746
753
756
763
768
767
769
769
782

628
630
639
642
648
653
651
654
662
680

109
116
114
115
115
114
116
115
107
102

66
73
73
73
74
74
75
76
69
67

778

662
671

116
103
r

r79
r
66
r
53
r
54
P53

589
682
998

SEASONALLY
ADJUSTED1

SEASONALLY
ADJUSTED

1943—April
May
June
July
August
September
October
November
December

136
135
127
141
140
140
137
139
144

133
133
100
146
145
152
140
127
147

186
181
166
184
191
195
195
186
192

140
140
137
143
147
137
167
161
153

118
113
113
113
117
114
119
132
122

1944—January
February
March
April
May
June

145
143
140
138
138
139

150
149
140
141
147
148

185
180
185
190
190
194

159
148
136
123
128
135

121
135
131
120
118
121

r

150
148
139
137
150
154

163
163
192
202
208
209
191
191
209

145
144
142
146
145
143
140
147
148

1943—March....
April
May
June
July
August..
September..
October...
November..
December.

147
146
141
141
140
148

203
193
174
195
195
187

149
147
149
146
144
143

1944—January..
February...
March
April
May

138
138

139

r

r
775
r

782
780
779

r

r

r
690
r

92
r
91
91

689
688

UNADJUSTED

UNADJUSTED

1943—April
May
June
July
August
September
October
November....:
December... .

132
137
132
146
145
151
147
142
133

133
133
100
146
145
152
140
127
147

183
179
162
178
183
193
191
186
202

124
123
140
172
158
153
167
157
144

105
102
86
97
111
151
183
166
118

138
143
145
150
156
150
144
147
138

106
269
297
323
312
314
274
193
65

143
145
146
147
147
154
153
153
139

1944—January
February
March
April
May
June

133
133
132
135
141
144

150
149
140
141
147
148

194
191
187
186
188
191

159
145
125
108
113
137

116
108
103
107
106
100

133
140
141
141
146
154

51
48
51
168
281
291

136
138
142
144
145
147

1943—March
April
May..
June
July...
August..
September..
October....
November..
December ..

756
749
759
747
791
800
777
796
762
782

1944—January..
February...
March
April
May

741
735

797

760
804

r

625
620

630
638
671
676
666
683
666
705
658
651
705
672
706

r

121
125
110
113
96
77

87
86
86
71
82
84
70
76
63
35

83
84
93
88
99

45
46
54
48
P59

131
129

129
110

r

r
P Preliminary.
Revised.
1
Includes redistribution of wage accruals in 1943.
Revised
NOTE.—Descriptive material and back figures may be obtained
NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for from the Division of Research and Statistics. Basic data compiled
June 1941. Based on daily average loadings. Basic data compiled by Associa- by the Interstate Commerce Commission.
tion of American Railroads. Total index compiled by combining indexes for classes
with weights derived from revenue data of the Interstate Commerce Commission.
r




FEDERAL RESERVE BULLETIN

DEPARTMENT STORE STATISTICS
[Based on value figures]
MONTHLY INDEXES OF SALES
[1935-39 average = 100]
Federal Reserve district
Year and month

United
States

1919
1920
1921
1922
1923
1924....
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936.....
1937
1938
1939
1940
1941
1942
1943

Boston

New
York

Phila- Clevedelphia land

RichMinne- Kansas Dallas
St
mond Atlanta Chicago Louis apolis
City

99
92
94
105
105
110
113
114
115
117
108
97
75
73
83
88
100
107
99
106
114
133
149
168

95
110
108
112
119
121
123
127
128
126
128
123
114
90
84
90
92
100
104
100
104
108
126
140
148

84
100
96
99
106
110
116
120
123
124
129
126
116
91
86
91
93
101
106
99
101
106
119
127
134

106
126
120
122
135
134
135
138
133
127
128
118
105
83
80
88
91
102
107
96
104
111
129
143
151

84
106
94
95
108
106
109
110
110
110
116
105
93
68
69
81
86
101
111
96
106
114
138
153
167

73
81
78
75
85
87
92
96
95
95
96
92
86
68
68
81
87
98
105
101
109
120
144
170
194

88
105
90
85
94
91
95
99
100
100
98
91
79
60
65
78
84
97
105
103
113
123
145
162
204

80
83
98
96
102
106
108
114
116
101
88
67
68
79
86
100
109
98
107
116
135
149
161

105
103
115
114
120
121
119
120
122
110
97
76
72
83
85
97
106
102
111
119
143
158
179

113
126
117
112
120
119
124
119
117
110
110
105
98
79
76
85
90
99
104
101
106
109
122
133
149

1942—June
July
August
September
October
November
December

134
145
152
150
158
159
157

128
136
136
140
144
144
149

111
126
132
126
131
130
130

132
137
148
141
142
143
147

136
144
156
149
157
161
158

155
177
174
169
179
187
173

147
155
161
164
177
178
177

132
145
150
148
160
158
156

143
154
165
152
176
173
163

1943—January
February
March
April
May
June
July
August
September
October
November
December

164
192
163
159
158
167
171
165
162
173
181
165

143
161
151
146
146
145
147
143
139
145
158
148

132
148
137
127
130
131
133
134
132
136
144
130

145
173
150
148
148
r
151
154
143
148
153
160
144

167
196
166
152
157
164
171
164
158
170
178
166

186
231
184
186
182
197
200
187
193
191
215
187

190
218
185
181
196
209
221
201
210
222
220
208

166
192
157
155
146
157
168
161
151
169
174
154

174
175
185
r
172
r
181
175

148
148
162
157
164
151

135
137
157
r
138
149
142

158
157
173
162
168
160

165
166
183
166
181
166

208
209
212
199
211
203

224
225
225
222
233
237

1942—-June
July
August
September
October
November
December

124
107
127
161
170
187
261

121
94
105
152
160
169
256

103
84
96
133
149
161
229

119
95
114
144
161
181
263

129
106
136
162
167
189
254

140
124
144
182
200
220
306

1943—January
February
March
April
May
June
July
August
September.
October
November
December

129
155
144
164
155
155
126
139
173
186
214
272

116
125
130
155
145
138
102
110
152
161
184
255

109
123
115
129
r
123
122
89
98
140
156
181
226

112
137
135
151
142
r
136
106
112
151
173
201
256

133
157
146
163
156
155
126
143
168
182
214
262

136
176
166
190
181

1944—January...
February
March
April
May

137
142
170
r
172
r
178
162

119
115
144
161
162
144

112
114
138
136
r
14l
132

122
124
162
159
r
161
144

132
133
167
172
179
157

San
Francisco

119
124
123
125
119
117
111
96
74
73
85
89
99
107
100
105
110
127
149
184

93
112
92
86
91
94
98
103
101
103
104
96
81
61
62
76
80
97
105
106
112
117
138
157
212

67
80
75
78
91
93
99
106
107
110
112
104
94
71
68
77
86
100
106
100
109
117
139
169
200

119
127
133
136
138
140
135

131
142
148
157
166
176
159

145
153
157
161
174
173
177

149
166
172
176
183
185
187

167
218
168
157
164
184
185
177
171
188
197
172

144
182
142
147
138
144
148
149
147
148
166
146

194
214
168
173
163
187
183
174
179
194
203
174

184
246
185
195
191
220
220
208
211
231
227
215

188
217
197
190
192
200
199
198
189
211
212
206

r
172
r
162
r

173
'165
r
167
163

182
194
195
173
197
189

160
176
159
157
158
151

207
203
193
181
r
192
192

206
241
247
232
228
245

208
209
218
201
216
210

124
116
143
171
186
208
287

130
107
126
163
165
181
256

129
114
142
167
182
197
263

119
101
118
154
157
162
208

121
112
139
173
174
190
259

122
112
138
177
188
204
287

137
138
158
184
191
220
296

141
155
208
212
252
332

152
188
171
196
192
175
166
179
218
233
257
336

126
155
140
160
149
154
124
136
166
174
200
253

137
172
153
172
164
166
137
152
188
194
224
277

108
127
124
151
139
144
117
132
166
168
192
224

143
169
156
177
165
172
145
163
196
203
219
283

158
204
168
193
191
183
160
183
232
250
269
343

150
184
171
188
181
184
165
180
197
219
254
324

152
159
203
193
210
182

179
194
219
228
228
199

r
131
r
l31
r
159
r
l66
r

149
153
185
183
197
170

119
122
140
159
160
151

153
160
182
183
r
194
177

177
200
227
228
228
203

166
178
197
192
203
193

SEASONALLY
ADJUSTED

1944—January
February
March
April
May
June

r

r

r

UNADJUSTED

June

170
160

r

r
Revised.
NOTE.—For description and monthly indexes for back years, see pp. 542-561 of BULLETIN for June 1944.

AUGUST 1944




813

DEPARTMENT STORE STATISTICS—Continued
SALES, STOCKS, AND OUTSTANDING ORDERS
[As reported by 296 department stores in various Federal Reserve districts]

WEEKLY INDEX OF SALES
[Weeks ending on dates shown. 1935-39 average = 100]

Index of stocks 1
(1935-39 average
= 100)

Amount
(In millions of dollars)

Without seasonal adjustmen

Sales
Stocks
(total
(end of
for
month)
month)

Outstanding
orders
(end of
month)

28
Seasonally
adjusted

Unadjusted

1939 average
1940 average
1941 average
1942 average
1943 average

128
136
156
178
203

344
353
419
598
505

108
194
263
530

1942—Sept
Oct
Nov
Dec

188
210
212
323

661
651
624
480

222
251
254
254

183
168
155
147

190
187
179
138

1943—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct.
Nov
Dec

157
181
187
200
182
188
150
165
205
229
259
337

466
453
472
462
471
475
501
559
580
592
575
465

347
398
441
461
563
671
689
624
568
550
560
487

150
136
133
128
r
132
143
160
167
160
152
143
142

134
130
135
133
r
135
136
144
160
166
170
165
133

1944—Jan
Feb
Mar
Apr
May
June

166
170
226
205
220
199

477
512
524
524
524
516

525
526
488
475
521
592

153
154
147
145
r
147
155

137
147
150
150
r
151
148

99
101
120
172
145

r
1

Revised.
The former index on a 1923-25 average base, recomputed on a 1935-39
average base.
Back figures.—Division of Research and Statistics.

1942

1941

1940

Dec. 21

.258
124

Dec. 20

27

4....
85
11
99
18. . . . 90
2 5 . . . . . 89
94
Feb. 1
8 . . . . ..95
15
. .97
22
88
29
.101
Mar. 8
. 97
1 5 . . . . .105
2 2 . . . . .111
29
.117
.131
Apr. 5
12
.136
19
.117
26
.114
.124
May 3 . . .
10. . . . .128
17. . . . .110
24
.117
.109
31
.127
7
June
14
.120
2 1 . . . .107
2 8 . . . . .109
. 86
July 5
12
. 93
19
. 89
26
. 87
Aug. 2. . . . .102
9 . . . . .116
1 6 . . . . .113
2 3 . . . . .119
30. .
.152

Dec 19
26

1942

1941

Jan.

277
174

1943
303
199

.2S9
2 5 . . . . .245

Dec. 18.

1943

Jan.

3 . . . . . .107
10
130
17 . . . .131
24
.119
31
.121
.114
Feb. 7
14
116
21
.110
28
119
Mar. 7
.125
14
.131
21
.140
28
.147
Apr. 4
.160
11
.120
18
.135
25
.129
May 2
.134
9
.136
16
.115
23
114
30
. 95
.135
June 6
13
.117
20
.116
.100
27
July 4
. 84
11
.102
18
. 93
25
. 92
Aug. 1
. 96
8
.110
15
.113
22
.116
2 9 . . . . .132

Jan.

2
112
9
138
16 . . . ' . 132
23
119
30
121
Feb. 6
136
168
13
20.
. . 146
27
150
M a r 6 . . ' . . . . ' 142
13
134
20
137
27
143
149
Apr. 3
10
153
17
154
24
166
May 1
127
8
152
15
133
22
137
29
136
5
137
June
12
151
19
148
118
26
116
July 3
10
101
111
17
24
109
31
107
Aug. 7
117
14
118
21
132
28
133

1944

Jan.

1 . . . . .105
.134
8.
1 5 . . . . .137
2 2 . . . . .136
130
29
Feb. 5 . . . !l38
.132
12
19
.133
134
26
Mar. 4 . . . . . .144
11. . . . .148
1 8 . . . . .160
2 5 . . . . .167
Apr. 1 . . . .196
8 . . . . .188
1 5 . . . . .137
2 2 . . . . .148
2 9 . . . . .150
May
6 . . . . .165
1 3 . . . . .175
20
.158
27'.'.'.'. .151
June 3 . . . . .147
1 0 . . . . .154
1 7 . . . . .152
2 4 . . . . .135
July 1 . . . . .130
8 . . . . .104
1 5 . . . . .127
2 2 . . . . .121
2 9 . . . . .119
Aug. 5
12
19....
26...

NOTE.—This index is based on reports from a smaller group of stores than
t h a t included in the monthly index.
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]
Six
June May mos.
1944 1944 1944

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...
Reading
Wilkes-Barre..
York
Cleveland

Akron
Cincinnati
Cleveland
Columbus
Toledo
Youngstown...

+5 +18
+4 +14

+7
+4

+1 +10
- 3 +10
+5 +19
-1
+9
+6 +14
+9 +19
- 7 +1
0 +14

+6

-1

+5

-1

+6
-2

+6

+8
-7
-1

+5

+9 +12 +7
+ 3 +14 +6
+12 +19 +9
- 1 +10
+1
+12 +23 +11
+13 +19 +15
+2 +19 +6
-3

+5

-3

+9 +24 +14
- 4 +13 + 4
+5 +18 +8
- 2 +12
+7
r
+5 +15 +8
+2 +18 +6
+4 +14 +6
+18 rr +29 +18
+10 +l5
+9
+1 +19 +4
-2
- 3 +13
0 +22
+6
0
— 1 +17
+ 3 +27 +11
+4 +23 +9
+6 +23 +9

Six
mos.
1944

Cleveland—Cont.

Erie
Pittsburgh
Wheeling
Richmond
Washington
Baltimore
Winston-Salem...
Charleston, S. C.
Greenville, S. C .
Lynchburg
Norfolk
Richmond
Charleston.W.Va,
Clarksburg
Huntington
Atlanta^
Birmingham
Mobile
Montgomery
Jacksonville
Miami
Tampa
Atlanta
Macon
Baton Rouge
New Orleans
Jackson
Chattanooga.. ..
Knoxville
Nashville
Chicago
Chicago
Peoria

Chicago—Cont.

Fort Wayne....
+3
Indianapolis...
+6
Terre Haute...
+14
Des Moines....
+6
Sioux City
+1
Detroit
+5
Flint
+12
Grand Rapids..
+11
Lansing
+19
+10
Milwaukee
+18
+16
Green Bay
+13
+6
+14 St. Louis
+6
Fort Smith
-2
Little Rock....
+10
0
+20
Quincy
+17
Evansville
+20
+15
Louisville
+11
+9
St. Louis
+8
+6
Springfield
+23
+27
Memphis
+20
+13
+22' Minneapolis
+12
+16
+9
+23 Kansas City
+18
Denver
+13
+7
Pueblo
+10
+14
Hutchinson . . .
+19
+17
Topeka
+17
+9
Wichita
+21
+12
Joplin
+47
+36
Kansas City...
+23
+12
St. Joseph
Omaha
+4 +17 +5
+5 r +16 +4
Oklahoma City
+1 +35 +11
Tulsa
+4
+9
+2
+1
+1
+8

+18
+22
+28
+16
+12
+16
+15
+18
+27
+22
+21
+24
+2
+15
+24
+27
+24
+11
+31
+24
+24
+13
+34
+20
+27
+23
+27
+33
+58
+27

+4 +22 +6
- 1 +24 +10
+1 +35
0
-1
2 2 +8
*

+

Dallas
Shreveport
Dallas
Fort Worth
Houston
San Antonio

+3 r +15 +2
+6 +15
0 San Francisco
Phoenix
+8 +31 +17
2

+9
+14
+3
+10
+3
+10
-14

+8j
+20
+11
+7
+3
-2

+8
+7
+5
+7
+1
+6
0
-1

+9;!
+2

+18
+21
+29
+24
+53
+15
+28
+9
+27
+26
+30
+24

+5
+9
+15
+9
+15
+3
+19
+2
+13
+6
+24
+15
+24 +10
+21
+7
+2
+15
+11
+23 +13
+26 +14
+34 +15
+26
+7
+18
+6
+30 +15
+22
+8
+33 +17
+22
+8

Tucson
Bakersfield
Fresno
Long Beach
Los Angeles
Oakland and
Berkeley
Sacramento
San Diego
San Francisco
San Jose
Santa Rosa
Stockton
Vallejoand Napa
Boise and
Nampa
Portland
Salt Lake City..
Bellingham
Everett
Seattle
Spokane
Tacoma
Yakima

+11
+16
+17
+8
+8
+10
+5
0
-1

+6
+18
+11
+7
+5
+7
+5
+8
+10
+16
+8
+18
+2
-5
-3
0
0
-2
-7

r

+23
+26
+36
+17
+18
+19

+15
+21
+23
+ 13
+ 14
+9

+13
+10
+14
+23
+35
+17
+16

+7
+5
+3
+15
+29
+15
+11

+13 +6
+18 +7
+11 +4
+12 +7
+15 +10
+21 +13
+18 +9
+24 +15
+15
+9
+4
+4
+9
+10
+4

-1
-1

+7
+5
+3
-2

+25 +37j +28

r

Revised.
* Data not yet available.
*• Five months 1944.

814




FEDERAL RESERVE BULLETIN

DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS, BY MAJOR DEPARTMENTS
Sales during month (value)

Stocks at end of month (value)

Ratio of stocks
to sales

Percentage change

Percentage change

May

Number
of stores
reporting

Department

May 1944 May 1944 May 1943 May 1944 | May 1944 May 1943
from
from
from
from
from
from
May 1943 Apr. 1944 Apr. 1943 May 1943 Apr. 1944 Apr. 1943
GRAND TOTAL—entire store

351

+20

MAIN S T O R E - t o t a l

351

+20

Women's apparel a n d 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

349
328
331

+26
+5
+41

309
294
303
283
318
327
342
321
241
253

+35
+35
+38
+41
+39
+30
+13
+21
+21

+16

i

-10
-8

-33
-26

+59
+36

+31
+20

-3
-32
-4
-25

-14
-46
-17
-49

320
229
303
278
173

+21
+18
+20
+37

+4

-14
0
-3
-45
-12

313
230
235
290

+10
+16
+18

188
286
218
219

+14
+18
+9

knit

Men's and boys' wear....

Men's clothing
Men's furnishings, hats, caps
Boys' clothing and furnishings.
Men's and boys' shoes and slippers

Home furnishings

Furniture, beds, mattresses, springs
Domestic floor coverings
Draperies, curtains, upholstery
Major appliances (refrigerators, washers, stoves,
etc.)
Domestics, blankets, linens, etc....
China and glassware
Housewares

Piece goods (dress and coat yard goods, all
materials)

-74

+2

-50

0

+2

2.5

2.8

+10

0

+2

2.6

2.9

+1

-17
-47

+18

+8

+15

+7

-1
-15
-10

+4

-45

+32

2.0
1.7

2.1
1.6
1.2

+40
+45
+61
+28
+40

+1

+16

+3

+6
+1

2.3
1.8
2.4
1.2
2.0
1.7
1.7
3.4
3.0

2.2
1.7
2.1
1.3
2.0
2.6
2.4
3.4
3.4
9.8

+3

+16
+16
-23
-17

+17
+19
+15
+20
+25
+19
+15
+18

+9
+8

+ 10
+12

-12
-19

+25

+7

-34

+7

3.6
3.4
3.4
2.8

-11
0

2.8
3.5
4.4
3.4

2.7
3.6
6.1
3.4

+5

-28
-9

-28

-49

-8

+12

+2
+1

-15

+4

+7

+3

+29

+12

-9

+12

+8
+4
+2

-14
-19
-20

+9

+8

-21

4.4
4.1
4.6

3.2
3.1
2.4
2.2

-3

+24
+12

+13

3.8

-3
-5
-5
-5

-1

+23
+25
+26
+14

+23
+19
+12

25.2

-2
-3
-7
-6

+30

+6
+5

+24
+29
+19
+11
+43
+25

+47
+4

3.3
4.1
3.4
6.4

+4

215
205
166
122
54
134

+8
+2

+134

+8
+4
+1

+12

BASEMENT STORE—total..
Women's apparel and accessories
Men's and boys' clothing and furnishings...
Home furnishings
Piece goods
Shoes

-2
-1
-2
-7
0
-2

-4

+16
+21
+23
+30

290

+1
2
+4

+6
+4
+1

-19

Miscellaneous

-15

1.0

-4

0

+2

—5

i

+3

+8

+24

+12
+15

Notions
Toilet articles, drug sundries, prescriptions
Jewelry and silverware..

+10

-8

+9

331
219
317
270

Small wares

-9

+28

+37
+28

1943

+7
+6

_x

285
119

Cotton wash goods

1944

+19

+7
+2

-16
-3

-3

2

+1
-3

36
6.4

0
-2

0
n

2.1
1.1

2.9
1.8

+5

+5
+1

3.7
2.8
4.1
4.2

3.4
2.5
3.3
3.8

+5
+4
+4
+7
-3
+8
+1

3.0

3.4

2.2
1.7
3.7
2.3
2.1
3.6

2.5
1.8
4.1
2.5
3.5
4.7

-3

+9
+6
+5
—2
-3

+2
-4
-3
-2

+6
+6

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, A C C O U N T S RECEIVABLE, A N D COLLECTIONS
Index numbers, without seasonal adjustment, 1941 average = 100
Sales during month

Year and month

1943—May

June
July

August
September
October
November
December

1944—January
February
March
April
May
June

Accounts receivable
at end of month

Total

Cash

117
121
96
107
131
147
166
217

145
150
125
138
167
187
210
289

106
109
144
132
141
127

140
140
182
171
180
165

r

Instalment

Charge
account

Instalment

61
55
53
64
70
84
93
99

96
100
72
82
104
115
130
159

45
42
39
38
38
40
44
48

53
57
73
59
58
50

79
84
114
104
112
99

44
41
40
38
36
34

r

r

Percentage of total sales

Collections during
month

Cash
sales

Instalment
sales

Chargeaccount
sales

Charge
account

Instalment

Charge
account

75

64
63
74
81
90
109

79
72
70
67
67
75
81
82

105
100
103
85
84
104
116
121

60
60
63
62
61
61
61
65

36
36
32
33
34
34
34
31

82
72
79
79
82
78

77
72
78
67
67
61

143
107
100
107
109
111

64
63
62
62
62
63

32
33
34
34
34
34

r77

r
Revised.
NOTE.—These data are based on reports from < smaller group of department stores than that included in the monthly index of sales shown on a
preceding page.

AUGUST 1944




815

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
1943

. .

1943
May

June
July
Aug
Sept.
Oct
Nov
Dec.

Sale credit

Total
instalment
credit

Loans
Total

Automotive

1

Singlepayment
loans 2

Charge
accounts

Service credit

Other

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
6,165
5,158

3,167
2,706
2,214
1,515
1,581
1,846
2,599
3,466
3,919
3,539
4,351
5,434
5,921
2,932
1,939

2,515
2,032
1,595
999
1,122
1,317
1,805
2,436
2,752
2,313
2,792
3,450
3,747
1,494
816

1,318
928
637
322
459
576
940
1,289
1,384
970
1,267
1,729
1,942
482
175

1,197
1,104
958
677
663
741
865
1,147
1,368
1,343
1,525
1,721
1,805
1,012
641

652
674
619
516
459
529
794
,030
,167
,226
,559
,984
>, 174
,438
,123

1,577
1,451
1,051
726
588
659
785
991
1,119
1,069
1,089
1,123
1,204
1,072
1,034

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
1,498

596
573
531
491
467
451
472
520
557
523
534
560
610
648
687

5,103
5,095
4,883
4,810
4,909
5,010
5,114
5,158

2,139
2.075
1,993
1,939
1,917
1,891
1,882
1,939

955
896
838
807
786
777
778
816

235
208
196
190
186
181
177
175

720
688
642
617
600
596
601
641

,184
,179
,155
,132
,131
,114
,104
,123

1,027
1,014
994
996
1,038
1,073
1,084
1,034

1,275
1,338
1,222
1,198
1,275
1,366
1,466
1,498

662
668
674
677
679
680
682
687

4,818
4,662
4,836
4,801
p
4,898
^4,952

1,836
1,785
1,804
L,785
V 1,801
V 1,825

745
707
696
689
^700
p
706

169
167
167
171
P181

576
540
529
518
p
519
P514

,091
078
1,108
1,096
p
l,101
Pi,119

996
962
955
966
^997
p
l,041

1,294
1,218
1,376
1,346
PI,390
PI,370

692
697
701
704
P710
P716

1944

Jan
Feb
Mar
Apr.
May
June

*>192

p
1

Preliminary.
Includes repair and modernization loans. A revision of repair and modernization estimates was shown on p. 392 of the BULLETIN for April 1944^
This_revision is preliminary and subiect to change.
.e., single-payment loans of commercial banks and loans by pawnbrokers.

CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOTIVE
[Estimated amounts outstanding. In millions of dollars]
Department
Total,
stores
E n d of month excluding
and
autoor year
mailmotive
order
houses
1,197
1,104

1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943.

160
155
138
103
119
146
186
256
314
302

958
677
663
741
865

1,147
1,368
1,343
1,525
1,721
1,805
1,012

377

439
469
254
174

641

Furniture
stores

583
539
454
313
299
314
336
406
469
485
536
599
619
391
271

Household
appliance
stores
265
222
185
121
119
131
171
255
307
266
273
302
313
130
29

Jewelry
stores

56
47
45
30
29
35
40
56
68
70
93
110
120

77

66

All
other
retail
stores

133
141
136
110
97
115
132
174
210
220
246
271
284
160
101

1943

May
June
July
Aug
Sept
Oct
Nov
Dec

720
688
642
617
600
596
601
641

178
168
155
149
148
151
160
174

308
301
286
279
272
269
266
271

72
64
55
48
42
37
32
29

48
47
45
44
44
45
48
66

114
108
101
97
94
94
95
101

576
540
529
518

158
147
144
141

248
236
231
229

24
21
19
18
P16
P15

55
51
52
48

91
85
83
82

P45
P44

P81

1944
Jan
Feb
Mar
Apr.
May
June

....

P519
p
514

P141
P137

P Preliminary.

8l6



P235
P237

CONSUMER INSTALMENT LOANS
[Estimated amounts outstanding. In millions of dollars]
End of
month or
year

1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939 .
1940
1941
1942 .
1943

Total

Repair
Small IndusComtrial Credit Misceland
loan
laneous modernmercial1 com- banking
banks panies comlenders ization2
panies
loans

652
674
619
516
459
529
794
1,030
1,167
1,226
1,559
1,984
2,174
1,438
1,123

43
45
39
31
29
39
71
130
215
248
380
586
687
370
273

263
287
289
257
232
246
267
301
350
346
435
505
535
424
372

219
218
184
143
121
125
156
191
221
230
257
288
298
202
165

32
31
29
27
27
32
44
66
93
113
147
189
217
141
110

95
93
78
58
50
60
79
102
125
117
96
99
102
91
86

1,184
1,179
1,155
1,132
1,131
1,114
1,104
1,123

290

366
371
363
357
358
354
355
372

174
174
170
16«
169
167
165
165

118
118
114
112
113
111
109
110

85
86
85
84
85
84
84
86

151
143
140
133
129
125
121
117

1,091
1,078
1,108
1,096
PI,101
PI ,119

267
266
276

360
356
369
363
362
365

161
161
164
164
165
169

106
105
109
106
105
107

85
84
86
85
P85
P85

112
106
104
99
P99
P99

""27"
177
240
163
172
244
317
335
210
117

1943

May
June
July
Aug
Sept
Oct.
Nov
Dec
1944
Jan
Feb
Mar
Apr
May
June

287
283
278
277
273
270
273

279
285
294

P Preliminary.
1
These figures foramounts 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 1944), which are not shown separately.
2
See footnote 1 for table above.

FEDERAL RESERVE BULLETIN

CONSUMER CREDIT STATISTICS—Continued
CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars!
Other Repair
retail, and
modchased ernizaPur- Direct
and
tion
chased loans direct loans
Automotive
retail

Month or year

Total

Outstanding at end of
period:
1939
1940
1941
1942
1943

1,020
1,340
1,588

Personal
instal
ment
cash
loans

787
469

210
300
396
136
54

160
230
303
122
82

150
210
279
143
67

220
260
246
154
86

280
340
364
232
180

1943—May.
June
July
August
September
October
November
December...

551
529
515
498
489
480
470
469

69
65
60
58
57
57
55
54

89
85
82
82
82
82
82
82

93
84
80
74
70
67
66
67

111
105
103
98
95
92
89
86

189
190
190
186
185
182
178
180

1944—January
February
March
April
May
June —

460
448
452
452
459
471

51
51
50
51

81
81
83
86
90
92

70
64
60
59
60
62

82
78
76
73
73
73

176
174
183
183
184
190

Volume extended during
month:
1943—May
June
July
August
September
October
November
December.
1944—January
February
March
April
May
June.

52 •
54

65

9

12

11

77
67

9
8

13
13

12
9

8

8
9
11
12
13

7
7
7

6
5

6

68
72
68
66
r
72

9
9
8

7

14
14
13
13
14

r

65
62
85

6
6
8

14
14
18

13
8
10

4
4
5

73
r 88

9
10

17
20

10
14

6
7

r
r

7

r

r

27

35
30

7

30
33
29
28
r
33
r

28

r
30
r

r

44

31
37
41

r

CONSUMER INSTALMENT LOANS MADE BY PRINCIPAL
LENDING INSTITUTIONS
[Estimates of volume made in period. In millions of dollars]
Month or year

Credit
unions

Small loan
companies

705
524

463
503
498
376
304
384
423
563
619
604
763
927
983
798
809

413
380
340
250
202
234
288
354
409
417
489
536
558
408
364

42
41
38
34
33
42
67
105
148
179
257
320
343
215
193

37
43

59
82

25
31

14
18

36
35
53
41
40
50
44
45
47
43
42
48

45
50
86
62
58
80
62
64
70
67
70
95

25
26
38
31
29
35
30
29
32
28
29
32

11
13
22
15
14
19
15
15
18
16
15
20

42
44
63
49
r
58
61

53
60
94
61
72
75

27
29
38
30

13
16
23
14

35
38

17
19

1929
1930...
1931
1932
1933 ..
1934
1935
1936
1937
1938 ..
1939
1940 .
1941
1942
1943
1942
November
December
1943
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June

Industrial
banking
companies

Commercial
banks 1

1944

r
1

Revised.
These figures for loans made include only personal instalment cash,
loans and retail automotive direct loans, which are shown elsewhere on
Revised.
this page, and a small amount of other retail direct loans (one million
NOTE.—For descriptive material and back figures, see BULLETIN for dollars in June 1944), which are not shown separately.
October 1942, pp. 992-994.
90

10

19

8

12

r

RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE*

FURNITURE STORE STATISTICS

Item

June May
1944 1944
Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account
Accounts receivable, at end of
month:
Total
Instalment

Percentage
change from
corresponding
month of
preceding year

Percentage
change from
preceding
month

-9
-11

r

+17
+18

-8
-10

r

+17
+17

Apr.
1944

+4
+3
+5

June
1944

May
1944

+3
+11 - $
r

0

-l

0
0

+3
+1

0
-1

-19
-19

r

Collections during month:
Total
Instalment

-2
-3

+9
+8

-2

-11
-11

r

Inventories, end of month, at
retail value

-2

-1

0

-17

-7

r

-13
-11

-22
-23

-25
-26

-12
-14

-15
-17

-18

-21

+3

-7

Month
Department
stores

Furniture
stores

Household appliance
stores

Jewelry
stores

Department
stores

1943
May
June
July
August
September
October
November
December

30
29
30
32
33
37
37
35

22
21
22
22
21
22
23
22

20
21
21
21
21
22
23
22

33
33
34
34
33
37
39
55

63
62
62
62
62
65
66
63

1944
January
February
March
April
May
June.

30
31
36
31
33
31

20
20
23
23
25
23

22
22
26
26
r
26
28

31
31
34
28
30
30

61
61
65
63
64
63

Apr.
1944

+5

Charge
accounts

Instalment accounts

r

Revised.
Ratio of collections during month to accounts receivable at beginning
of month.
1

Revised.

AUGUST 1944




817

WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics.

1926 =100]
Other commodities

Year, month, or week

1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941

All
commodities

Farm
prod
ucts

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
103.1

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
122.6

90. S
74 6
61 0
60. 5
70. S
83.7
82. 1
8S s
73 6
70 4
71 ^
82. 7
99. 6
106. 6

91 6
85 ?
75 0
70.2
71 .?.
78 4
77 9
79 .6
8S
81 7
81
8S 0
89 .0
9S
96 .9

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
117.5

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
97.4

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
80.8

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
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
111.4

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
100.3

94.
92. 7
84.
75.1
75.
81. S
80.6
81. 7
89. 7
86. 8
86.
88. S
94. 3
102. \
102. 7

82.6
77.7

101.9
102.5
103.4
103.7
104.1
103.8
103.2
103.1
103.1
103.0
102.9
103.2

117.0
119.0
122.8
123.9
125.7
126.2
125.0
123.5
123.1
122.2
121.4
121.8

105. 2
105. 8
107 4
108. 4
110. 5
109. 6
107. 2
105. 8
0
ms
10S 1
105. 8
105. 6

96 .0
96 .2
06 s
96 . 6
96 . 7
96 8
96 . 9
97 1
97 ?
*)7
97 . 4
97 . 6

117.8
117.8
117.8
117.8
117.8
117.8
117.8
117.8
117.8
117.8
116.5
117.0

97.3
97.3
97.3
97.4
97.4
97.4
97.4
97.4
97.5
97.6
97.7
97.7

79.3
79.8
80.3
80.6
80.8
81.0
81.0
80.9
81.0
81.0
81.2
82.1

103.8
103.8
103.8
103.8
103.8
103.8
103.7
103.7
103.7 •
103.7
103.8
103.8

109.8
110.2
110.4
110.3
110.5
110.6
110.7
112.2
112.5
112.7
113.1
113.4

100.2
100.3
100.0
100.1
100.2
100.0
100.1
100.2
100.3
100.4
100.3
100.4

102. 5
102. 6
102. 6
102. 6
102. 7
102. 8
102. 6
102. 6
102. 6
102. 6
102.8
102.8

90.7
90.9
91.4
91.6
91.9
91 8
92.3
92 6
93 0
93.1
93.2
93.3

103.3
103.6
103.8
103.9
104.0
104.3

121.8
122.5
123.6
123.2
122.9
125.0

104. 9
104. 5
104. 6
104. 9
105. 0
106.5

97 . 8
98 . 0
OH 1
98 . 4
OH <?
98 . 5

117.2
116.9
116.9
116.9
117.0
116.4

97.7
97.7
97.8
97.8
97.8
97.8

82.3
83.1
83.0
83.0
C
83.2
83.3

103.7
103.7
103.7
103.7
103.7
103.7

113.5
113.6
114.2
115.2
115.7
115.9

100.4
100.4
100.4
105.4
105.4
105.2

104.5
104.2
104.3
104. 3
104. %
104.3

93.2
93.4
93 5
93.5
93 5
93.5

103.8
103.6
103.7
103.7
103.6
103.8
103.9
103.9
104.0
103.7
103.7
104.1
103.9
103.9
103.9
103.9

124.5
122.5
123.1
123.3
122.4
123.2
123.;
123.5
125. C
122.5
123.C
125.=
124.1
124.2
124.1
124.1

105.0
104.4
104.7
105.0
104.6
104.7
104.9
105.2
105.4
104.9
104 9
106 7
106 0
105 6
106 0
105 3

9? . 5
98 . 5
98 . 5
98 . 6
98 . 6
98 . 7
98 . 7
98 . 7
98 . 7
98 7
98.7
98.7
98.7
98.6
98.7
98.7

117.6
117.6
117.6
117.6
117.6
117.6
117.7
117.7
117.7
117.7
117 7
116.8
116.8
116.8
116.8
116.8

97.3
97.3
97.3
97.3
97.3
97.3
97.3
97.3
97.3
97.3
97.3
97.3
97.3
07.3
97.4
97.4

83.6
83.7
83.7
83.7
83.7
83.9
83.9
83.7
83.7
83.7
83.8
83.8
83.8
83.8
83.9
83.9

103.8
103.8
103.8
103.8
103.8
103.8
103.8
103.8
103.8
103.8
103.8
103.8
103.8
103.8
103.8
103.8

114.7
114.6
114.7
115.0
115.0
115.6
115.6
115.7
115.8
115.8
115.9
115.9
115.8
115.8
115.9
115.9

105.4
105.4
105.4
105.4
105.4
105.4
105.4
105.3
105.3
105.3
105.3
105.3
105.4
105.2
105.2
105.2

106.0
106.0
106.0
106.0
106.0
106.0
106.0
106.0
106.0
106.0
106. 0
106. 0
106. 0
106 0
106 0
106 0

93.3
93.3
93.3
93.3
93.3
93.3
93.3
93.3
93.3
93.3
93.3
93.3
93.3
93.3
93.3
93.3

. . .

.

. . .

1943
1943 —January
February
March
April
May

'.

June
July

August
September
October
November
December

1944—January
February
March
April
May

June
Week ending:
1944—April 15
April 22
April 29
May 6
May 13
May 20
May 27
June 3
June 10
June 17
June 24
July 1
July 8
July 15
July 22
July 29

Foods
Total

Q9 Q

lides and
Textile
leather
products products

•\

June

Anthracite
Bituminous coal
Coke
Electricity
Gas
Petroleum products

Miscellaneous

69.8
64.4
62.5
69.7
68.3
70.5
77.8
73.3
74.8
77.3
82.0
89.7
92.2

•\

1944

Subgroups
Mar.

Farm Products:

Dairy products
Cereal products
Fruits and vegetables....
Meats
Other foods
Hides and Leather Products:
Shoes .
Hides and skins
Leather
Other leather products
Textile Products:
Clothing
Cotton goods
Hosiery and underwear..
Silk
Rayon
Woolen and worsted goods
Other textile products
Fuel and Lighting Materials:

ChemiHousecals and furnishallied
ing
goods
products

1943

1944

1943

Subgroups

Grains
Livestock and p o u l t r y . . .
Other farm p r o d u c t s . . . .
Foods:

Metals Building
Fuel and
lighting and metal
materials products materials

Apr.

May

113.8
128.6
127.2

129.5
125.6
119.9

129.6
123.6
120.3

129 7
122 6
1?0 4

127.2
123.0
124.7

109.5
93.6
143.6
111.6
97.0

110.5
95.1
123.3
106.0
92.7

110.2
95.2
126.5
106.2
92.2

110
05
126
106
91

0
8
6
9

110.3
94.7
137.7
106.1
93.0

126.4
116.0
101.3
115.2

126.3
111.2
101.3
115.2

126.3
111.2
101.3
115.2

126.3
111.9
101.3
115.2

126.3
108.4
101.3
115.2

107.0
112.6
70.5

107.0
113.6
70.5

107.0
113.9
70.5

107.0
113.9
70.5

107.0
113.9
70.6

30.3
112.5
98.7

30.3
112.5
100.5

30.3
112.5
100.5

SO T,
112 5
100 5

30.3
112.5
100.5

89.5
116.4
122.4
58.8
79.1
62.6

95.6
120.1
130.7
59.0
76.7
64.0

95.8
120.3
130.7

96 4
vo 47
130

95.5
120.4
130.7

"ii'.i'

78 4'
64 0,

64^0

64.0

June

June

Metals and Metal Products:
Agricultural implements...
Farm machinery
Iron and steel
Motor vehicles
Nonferrous metals
Plumbine and heatiner
Building Materials:
Brick nnrl tilp
Cement
. ..
Lumber
Paint and paint materials
Plumbing and heating
Structural steel
Other building materials
Chemicals and Allied Products:
Chemicals
Drugs and Pharmaceuticals....
Fertilizer materials
Oils and fats

Ilousefurnishing Goods:
Furnishings
Furni ture
Miscellaneous:
Auto tirpc and tnhpc
Cattle feed
Paper and pulp
Rubber, ciude
Other miscellaneous

Mar.

May

June

97.2
96.9
97.1
98.0
98.3
98.2
97.3
97.1
97.1
112.8 112.8 112.8
86 0 85 8 85 8
91.8
90.4
91.8

97.2
98.4
97-1
112 .8
85
0? 4

97.2
98.4
97 1
112.8
85 8
92.4

99 0 100 3
93.6
93.6
138.8 150.7
102.0 104.4
90.4
91.8
107.3 107.3
101.7 102.8

100 s
96 4
154.0
104.7
92.4
107.3
103.0

100 6
96.4
154.0
105.7
92.4
107.3
103.0

Apr.

100 3
93.9
153.4
104.4
91.8
107.3
102.8

96.4
96.3
96.3
165.2 165.2 220.1
78.6
81.4
81.4
85 8 86 3 86 3
10? 0 102 0 102 0

96.3
96.2
220.1 220.1
81.4
79.9
86 1 86 3
\\V 0 102 0

107.3
98.1

107.2
101.4

107 ?
101 .4

107.2
101.4

73 C 73 0 73 0
150. t 159.6 159.6
104.: 107.2 107.2
46.2
46.2
46.2
94.5
96.7
96.7

73 0
159 6
107.2
46.2
96.8

73 0
159.6
107.2
46.2
96.7

107.2
101.4

c

Corrected.
Back figures.—Bureau of Labor Statistics, Department of Labor.

818




FEDERAL RESFRVE BULLETIN

JULY CROP REPORT, BY FEDERAL RESERVE DISTRICTS
[Based on estimates of the Department 3f Agriculture, by States, as of July 1, 1944. In thousands of units]
Total wheat

Corn

Winter wheat

Spring wheat

Federal Reserve district
Production
1943

Estimate
July 1, 1944

Production
1943

Estimate
July 1, 1944

Production
1943

Estimate
July L 1944

Production
1943

Estimate
July 1, 1944

Bushels

Bushels

Bushels
48

Bushels
40

Bushels
7,383
26,008
43,147
214,444
133,876
179,025
1 287 286
362,072
342,268
369,806
102,083
8,761

Bushels
8,008
31 297
54,402
229,333
128,876
152,714
1 180 420
374,058
351,324
383,414
78,792
7,498

Bushels
48
5 144
12,194
30,161
20,538
5,958
32 898
28,050
279,173
276,206
37,253
108,675

Bushels

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

40
9,842
17,509
52,025
33,889
9,495
57,731
52,881
314,136
370,416
73,958
135,900

5,098
12,066
30,115
20,538
5,958
31,987
28,034
26,240
271,457
37,142
60,971

9,770
17,386
51,974
33,889
9,495
56,810
52,867
30,944
365,331
73,872
90,748

16
252,933
4,749
111
47,704

14
283,192
5,085
86
45,152

Total.

3,076,159

2,980,136

836,298

1,127,822

529,606

793,086

306,692

334,736

Tame hay

Oats
Federal Reserve district

Production
1943

Estimate
July 1, 1944

Production
1943

Tobacco

46

72

128
46

123
51

911

921

White potatoes

Estimate
July 1, 1944

Production
1943

Estimate
July 1, 1944

Production
1943

Estimate
July 1, 1944

Boston
New York
Philadelphia .
Cleveland
Richmond
Atlanta
Chicago
St. Louis..t
Minneapolis
Kansas City
Dallas. . .
San Francisco

Bushels
5 007
10,726
9,434
36,014
25,250
21,458
418,048
65,969
328,779
161,135
26,111
35,936

Bushels
5 848
27,093
15,711
49,693
29,467
27,380
404,667
51,595
373,534
116,551
47,945
33,752

Tons
3 421
6,498
2,467
5,491
4,605
4,196
18,362
7,927
11,332
7,756
2,018
13,191

Tons
2 111
5,699
2,316
5,269
4,485
3,932
18,636
8,443
10,147
8,458
2,051
13,376

Pounds
28 277
997
40,014
110,402
768,814
154,509
28,152
262,416
2,229
4,125

Pounds
31 698
1,171
48,762
113,758
807,113
175,884
29,686
269,447
2,332
4,643

Bushels
83 826
35,542
20,846
15,730
29,364
18,749
42,261
13,254
58,085
39,374
7,504
100,121

Bushels
68 958
35,644
22,780
14,438
18,427
14,456
33,619
9,898
48,650
34,540
5,653
92,053

Total.

1,143,867

1,183,236

87,264

85,524

1,399,935

1,484,494

464,656

399,116

NOTE.—1943 figures for tobacco are as revised in July 1944.

AUGUST 1944




819

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK*
ON BANK CREDIT, MONEY RATES, AND BUSINESS
Chart
book
page

1944

une

July
5

July
12

July
19

July
26

In billions of dollars

WEEKLY FIGURES i

2, 4
4
4
4
4
4
2
2
2
2
2
3
3
3
3
3
3
3

.39

.43
Pi. 00

.41
.92

.35
P. 89

56.26 57.21 57.30
32.56 32.48 32.95
41.05 41.92 42.42
12.28 12.33 12.00
6.04 6.04 6.0
6.03
2.32 2.29 2.30
2.34
3.69 3.72 3.75 3.77
1.41 1.48 1.28
1.52

14
14
14
14
15
15
15
15

55.04
33.01
39.92
12.16

15
17
17
17
17
15
17
17
17
17

14.14
6.72
2.90
3.74
.79
25.11
12.02
4.99
6.60
2.16

25
25

i .34

MONEY RATES, ETC.

Treasury bills (new issue)
Treasury notes (taxable)
U. S. Govt. bonds:
Partially tax-exempt
Taxable
Corporate Aaa bonds
Corporate Baa bonds

25, 33
25,33
33
33

375
l .89
2 .49
2 .72
3 .58

5
5
5
5
5
5,8
8
8, 9
9
9
9
10
10
10
10

May

June

13.24
21.49
21.31
2.33
.32
12.57
11.68
.89
.02
.01
.27
.60
21.55
6.21
11.38
3.96

14.26
21.34
21.82
2.33
• 32

12.96
12.09
.87
.01
.01
.26
.59
22.16
6.43
11.70
4.03

15.49
21.21
22.30
2.34
.35
13.52
12.44
1.08
.02
(2)
.31
.75
22.50
6.58
11.87
4.05

ALL BANKS IN U. S.

P127.40 Pi27.80
P62.10 P65.10
P34.50 2*35.10
^19.90 P20.50

Total deposits and currency
Demand deposits adjusted
Time deposits.
^urrency outside banks
CONSUMER CREDIT

57.07 Consumer credit, total 5
18
33.50
Single-payment loans
18
42.46
18
Charge
accounts
11.73
18
Service
credit
6.09
5
Instalment
credit,
total
...
18,
19
2.32
5
Instalment
loans
.
19
3.77
Instalment sale credit, total
19
1.14
Automotive
19
Other
19
15.09 15.10
14.73 14.
6.81 6.82 6.85
6.70
TREASURY FINANCE
2.9: 2.96 2.93 2.94
3.97 4.04 3.98 4.0: U. S. Govt. obligations outstand' lg, total interest-bearing
20
1.14 1.07 1.36 1.3C
Bonds (marketable Treasury)..
20
26.32 27.05 27.33 27.3(
Notes, cert., and bills, t o t a l . . .
20
12.11 12.35 12.48 12.5,
Notes
21
5.01 5.09 5.19 5.15
Certificates
21
7.11 7.1
6.79 7.06
Bills
21
2.41 2.55 2.55 2.5
Savings bonds, tax notes, etc..
20
Savings bonds
21
Tax notes
21
Per cent per annum
Special issues
20
Holdings of U.S. Govt. obligations:
Fed. agencies and trust funds
22
.37;
375
.374
.375
Federal Reserve Banks
22
1.3:
1.32
1.31
.31
Commercial
banks
22
i
Private holders other than
1.9C
l .89
1.88
1.89
commercial banks, total
22
2.49 2.49 2 .49 2.4?
Mutual savings banks
23
2.72 2.72 2 .72 2.7:
Insurance companies
23
3.57 3.57 3 .57 3.5i
Other investors, total
23
Marketable issues
23
In unit indicated

Stock prices (1935-39 = 100):
Total
Industrial
Railroad
Public utility
Volume of trading (mill, shares)

Apr.

In billions oj dollars

FIGURES

Reserve Bank credit
15.08 14.74 14.82 14.56 14.80 Gold stock
Money
in circulation
9.05 8.71 8.79 8.66 8.93
3.38 3.3S 3.38 3.38 3.38 Treasury cash
Treasury
deposits
1.18 1.18 1.18 1.14 1.13
1.46 1.46 1.46 1.38 1.36 Reserve balances
Required reserves.
, t
.04
.04 Excess reserves^total
'".05
New York City
21.19 21.13 21.11 21.05 21.00
Chicago
22.42 22.60 22.56 22.53 22.58
Reserve city banks
1.80
1.77
1.
1.86
1.98
Country banks
.36
.40
.52
.22
.56
13.08 12.99 12.85 12.75 12.79 Money in circulation, total
Bills of $50 and over
1.28
1.46
1.56
1.47
1.24
#10 and $20 bills
1.36 PI. 26
1.39
1.31
Coins, $1, $2, and $5 bills......
.02
.03
.04
201
.01
.01

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

MONTHLY

1944

RESERVES AND CURRENCY

RESERVES AND CURRENCY

Reserve Bank credit:
U. S. Govt. securities, total
Bills
Certificates
Notes
Bonds
Special certificates
Discounts and advances
Gold stock
Money in circulation
Nonmember deposits
Treasury deposits
Member bank reserves
Excess reserves6
Excess reserves (weekly average), total*
New York City
Chicago
Reserve city banks
Country banks e
*

Chart
book
page

4.80
.97
1.35
.70
1.79
1.10
.69
.17
.52

P4.90
PI.00
PI. 39

p.n
PI. 80
PI. 10
P.70
P. 18
P. 52

P4.95
PI. 04
PI.37
P.72

Pi. 83
PI. 12
P.71
P.19
P.51

186.40 201.06
72.54 79.24
55.30 60.96
16.26 17.40
25.27 28.82
13.77 14.73
42.72 44.85
32.99 34.61
9.56
9.05
14.12 14.29
18.37 P19.13
18.35
13.22
14.25 14.90
63.80 . 63.20
90.60
90.30
6.80
6.70
15.90
16.00
67.60
67.90
26.8
26.60

185.67
72.53
54.72
16.26
25.31
13.15
42.27
32.50
9.09
13.70

Per cent per annum
MONEY RATES, ETC.

103.4 104.9 105.7 104.4 102.
105.9 107.4 108.4 106.8 104.
103.4 104.3 106.8 106.4 103.
90.9 92.2 91.6 91.0 90.
1.84 1.78 1.39 1.39

F. R. Bank discount rate, N. Y....
27
Treasury bills (new issues)
27
Treasury notes (taxable)
27
Commercial paper
29
U. S. Govt. bonds:
Partially tax-exempt
33
Taxable
33
Corporate Aaa bonds
29, 33
Corporate Baa bonds
33

.50
.375
1.36
.69

.50
.375
1.35
.75

.50
.375
1.34
.75

1.94
2.48
2.74
3.68

1.94
2.49
2.73
3.63

1.91
2.49
2.73
3.59

BUSINESS CONDITIONS

Steel production (per cent of capacity).
Electric power prod. (mill. kw. hrs.) 3 ..
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 f o o d — . . . .

95.7 94.3 95.7 97.1
4,327 3,941 4,377 4,381 4,39
897.8 745.1 904.8 903.0 910.
397.6 338.7 396.2 400.7 400.
11
130
104
121
127

104.1 103.9 103.9 103.9
125.5 124.1 124.2 124.1
98.7 98.6 98.7

In unit indicated
Stock prices (1935-39 = 100):
Total
Industrial
Railroad
Public utility
Volume of trading (mill, shares)...
Brokers' balances (mill, dollars):
Credit extended customers
Money borrowed
Customers' free credit balances.

35
35
35
35
35
37
37
37

95.1
96.5
97.3
87.3
.66

97.2
99.0
99.3
87.8
.73

101.5
103.9
100.8
89.6
1.60

*780
600
c
390

*790
e
550
"400

887
618
424

e

For footnotes see following page.

8zo




FEDERAL RESERVE BULLETIN

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued
Chart
book
page

1944
Apr.

May

I June

In unit indicated

MONTHLY FIGURES-Cont.

e

12,843 *>12,914
9,015 ^9,038
3,828 p3,S76
1,470
1,546
979
1,049
423
403
68
94
239
r

137.0
r
94.8
23.5
18.7
r
80.4
r
19.7
10.8
21.0
r
28.8
21.2

r

1,559
998
507
54
P235

237

135.4 P133.8
94.1 ^93.6
23.1 ^22.4
18.1
79.4
19.0
10.8 no. 9
20.5 ^20.4
29.1 ^29.0
21.7

236
78
118
150
139
151
167
131
117
169
158

234
76
115
154
142
142
167
135
110
161
157

52.1
51.3
43.8
7.5
34.4
16.9

52.8
52.0
43.4
8.6
34.5
17.5

38.9
17.2
7.0
5.9
3.8
0.7

38.7
17.1
7.0
5.9
3.8
0.7

P144
140

54.2
53.2
43.6
9.6
35.0
18.2
P
P

38.6
16.9
^7.0
P5.9
P3.8

318.3
159.0 ^158.4

45.56
101.3
45.0

46.13
101.7
45.4

246
326
188
281
387
198
175
205
149

"258
P
3SS
p
186

34
13
21
16

147
31
117

P197
PI 74
p
204
^148

134!
29
105

AUGUST 1944




138

139

78.7
31.3
28.5

78.1
31.5
29.2

59
59

172
145

r

61
61
61
61
63
63
63
65
65
65
65

175
155

r181

W

PI,421.4
P359.4 P385.9
2*832.2 I,035.5
P-110.6
103.9
ioi.o
123.2
122.9
98.4
98.5
r
r
124.6
125.1
134.6
135.5
r
r
137,l
137.4
108.1
108.1
Jan.Mar.
1944

104.3
125.0
98.5
125.4
135.7
138.0
108.1
Apr.-

June
1944

In millions of dollars

QUARTERLY FIGURES
24
24
24
24
24
24
24

22,747
21,248
9,866
8,890
3,295
4,410
1,185

23,957
22,382
11,823
10,542
4,390
5,029
1,122

24,775
22,792
12,284
11,072
4,275
5,392
1,406

36
36
36
36
36

424
139
128
7
1

444
131
79
46
6

455
99
86
6

Per cent per annum
Bank rates on customers' loans:
Total, 19 cities
New York City
Other Northern and Eastern cities
Southern and Western cities

29
31
31
31

2.65
2.10
2.76
3.17

2.63
2.10
2.75
3.12

2.63
2.23
2.54
r
3.18

Dec. 31, Apr. 13, June 30,
1943
1944
1944

29
10
19
10
9
P132
p
28

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

p
r
Estimated.
Preliminary.
Revised.
r ,
j
• , , , • u
n
• J
Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period.
Less than 5 million dollars.
. . . . .
3
Figure for June 21, published on p. 723 of the July BULLETIN, should be corrected to read 4,325.
4
6
Publication discontinued.
Includes preliminary revisions for repair and modernization credit.
6
7
Adjusted for seasonal variation.
Figures available for June and December dates only.
• Copies of the Chart Book may be obtained at a price of 50 cents each.
1

2

138

In billions of dollars

MEMBER BANKS

p

c;

June

80.1
29.9
28.3

Oct.Dec.
1943

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

May

57

CALL DATE F I G U R E S

nn
37O

31
12
19
14

Apr.

57
57
57

nsi

318.2
160.8
r

BUSINESS CONDITIONS—Cont.
Freight car loadings: 6
Total (1935-39 = 100)
Groups (points in total index)
Miscellaneous
Coal..
All other
Department stores (1935-39 = 100) : 6
Sales
Stocks
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

1944

In unit indicated

MONTHLY FIGURES-Cont.

BUSINESS CONDITIONS

Income payments (mill, dollars), total: 6
38
Salaries and wages
38
Other
38
Cash farm income (mill, dollars), total.
39
Livestock and products
39
Crops
39
Govt. payments
39
Industrial production: 6
Total (1935-39 = 100)
41, 42
Groups (points in total index)
Durable manufactures
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 yarn
43
Paper
43
Leather
43
Meats and dairy products
43
Other manufactured foods
43
Labor force and employment (mill,
persons):
Labor force
«
44
Employment, total
44
Nonagricultural
44
Agricultural
44
Male
44
Female
44
Nonagricultural
employment (mill.
persons), total 6
45
; .#
Manufacturing and mining
45
Trade
45
Government
45
Transportation and utilities
45
Construction
45
Factory employment and pay rolls
(1939 = 100):
Pay rolls
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, total
49
Durable
49
Nondurable
49
Shipments, total
49
Durable
49
Nondurable
49
Inventories, total
49
Durable
49
Nondurable
49
6
Residential contracts (mill, dollars):
Total
53
Public
53
Private, total
53
1- and 2-family dwellings
53
Other
53
Construction contracts (3-mo. moving
av., mill, dollars): 6
Total
55
Residential
55
Other
55

Chart
book
page

12
12
12
13
13
13
12
13
13
13

74.26
52.95
5.02
2.73
2.29

16
16
16
16

14.56
3.24
19.68
15.47

16
16
16
16
16

27.27
6.91
12.07
4.36
2.35

16.29
8.44
3.27
1.05

78.03
56.77
5.12
2.82
2.30

p

16.13

^18.08

83.56
^60.32
*5.16

©7
(
(7))
15.18
3.42
21.01
17.17

^16.16
P3.69
^22.49
2*17.99

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS FOR THE SIX MONTHS ENDED JUNE 30, 1944
Total

Boston

New York

Philadelphia

$18,
3, 033,
201,
15,

427
335
235
196
285
6\ 875

$132,668
8,703,591
3,519,433
2,743

$11,539
3 156,806
256,853
83,923

45,583

3,972

35,106

$7,217
2,632,505
101,823
4,885
3,710
2,805

3, 275, 353

12,404,085

3 513,148

4, 637,313

2,752,945

Cleveland

Richmond

Atlanta

Chicago

St. Louis

Minneapolis

Kansas
City

Dallas

San
Francisco

Current Earnings
£237,656
Discounted bills
39 611,166
U. S. Govt. securities, System account
6
916,235
Other U. S. Govt. securities
182,636
Industrial advances
13,255
Commitments to make industrial advances..
271,324
All other
47 232,272

Total current earnings..

67

55

$2,275
4, 421,204

171,471
6,951
306

$2,662

$6,364

$42,390

$7,285

$2,210

$2,675

$1,944

2, 265,073

4, 233,942
1, 636,785
70

1, 891,172

1 ,229,724

2, 085,742

1 ,880,497

4, 077,575

869

166
478

46,122
2,218

272,655

99,268
3,433

8,335

64,844

9,895

2,660

83,323

4,574

478,106
62,182
8,041
3,352

2, 324,410

5, 942,005

2, 216,425

1 ,342,370

2, 255,076

1 ,937,942

4, 631,200

88,530
1,250,293

80,566
684,988

88,320
1,162,780

78,314
1,180,342

146,531
2,816,153

120,060

64,363
178
4,828

109,120

110,460

7,249
1,304

4,583
689

201,849
44
5,491
1,850

313

82,932

49,552

Current Expenses
Operating expenses:
Salaries:
1,327,935
Officers
23,399,852
Employees
Retirement System contributions for cur1,976,494
rent service
12,853
Legal fees
65,691
Directors' fees and expenses
10,360
Federal Advisory Council fees and expenses.
Traveling expenses (other than of directors
228,112
and members of Federal Advisory Council)
4,124,789
Postage and expressage
344,544
Telephone and telegraph
1,901,624
Printing, stationery, and supplies
Insurance on currency and security ship121,056
ments
120,892
Other insurance
760,197
Taxes on bank premises
534,984
Depreciation on bank building
281,554
Light, heat, power, and water
125,069
Repairs and alterations to bank building...
478,450
Rent
'
419,483
Furniture and equipment
930,021
All other
Total operating expenses..
Less i eimbursements for certain
agency and other expenses

37,163,960

Assessment for expenses of Board of
Governors
Federal Reserve currency:
Original cost
Total current expenses...
Current net earnings




275,215
4,957,373

68,999
1,380,864

103,212
2,373,305

85,072
1,281,591

76,745
1,212,316

101,333
300
5,675
950

417,118
3
5,622
636

112,235
9,415
4,572
715

176,495
2,500
7,119
636

112,810
106
4,745
315

116,753
200
7,225
350

160,266
3,778,730
333,898
107
5,236
1,185

15,448
358,390
15,302
141,616

32,913
571,504
57,067
328,293

10,074
298,452
17,586
127,743

20,913
416,037
32,120
245,826

19,150
323,271
18,052
80,855

20,190
296,014
30,441
130,857

37,076
533,319
31,986
302,844

19,334
237,691
28,762
100,808

10,989
137,854
13,156
48,761

10,982
242,255
28,362
91,873

14,540
225,344
23,846
93,526

16,503
484,658
47,864
208,622

15,885
7,368
66,000
27,916
17,407
4,255
13,943
32,054
65,075

17,571
28,787
232,953
118,475
65,762
16,631
76,749
71,041
103,404

7,911
7,723
45,718
71,638
18,280
1,871
14,520
16,797
75,460

9,531
10,719
67,156
56,238
35,411
25,888
83,672
27,085
83,128

12,016
7,844
40,946
41,581
20,991
4,570
4,318
46,507
35,303

9,433
5,641
31,181
21,274
16,333
14,205
37,606
34,677
64,977

12,454
11,507
109,295
40,481
34,538
16,809
133,473
39,392
213,593

3,575
7,426
25,732
22,241
16,077
9,479
12,564
27,487
54,390

3,159
1,446
32,580
14,423
12,534
5,358
8,531
2,086
24,626

5,880
8,979
45,994
37,442
10,941
18,053
13,517
35,023
58,342

6,039
7,219
16,322
45,859
15,528
4,695
11,060
29,338
51,407

17,602
16,233
46,320
37,416
17,752
3,255
68,497
57,996
100,316

2,286,199

7,377,117

2,290,573

3,776,991

2,140,043

2,126,418

5,796,189

2,028,645

1,151,306

1,976,416

1,919,111

4,294,952

fiscal

Net operating expenses..

Cost of redemption

76,165
1,321,117

"3,346
850

17,530,303

929,545

2,906,204

884,737

1,860,538

8,939

1,121,333

3,134,071

946,528

593,364

898,859

1,033,395

2,352,790

19,633,657

1,356,654

4,470,913

1,405,836

1,916,453

1,251,104

1,005,085

2,662,118

1,082,117

557,942

1,077,557

885,716

1,962,162

1,266,240

88,758

461,485

116,503

111,836

50,306

40,907

157,216

39,668

27,114

36,770

37,029

98,648

3,793,498
220,681

193,028
8,674

835,698
36,513

240,354
11,566

337,164
16,769

218,165
17,721

340,848
26,781

628,390
32,643

158,784
15,646

65,598
2,911

113,345
9,430

83,637
14,319

578,487
27,708

24,914,076

1,647,114

5,804,609

1,774,259

2,382,222

1,537,296

1,413,621

3,480,367

1,296,215

653,565

1,237,102

1,020,701

2,667,005

22,318,196

1,628,239

6,599,476

1,738,889

2,255,091

1,215,649

910,789

2,461,638

920,210

688,805

1,017,974

917,241

1,964,195

INTERNATIONAL FINANCIAL STATISTICS

PAOE

Gold reserves of central banks and governments

814

Gold production

815

Gold movements
Net capital movements to United States since January i , 1935
Central banks

,

815
8z6
817-830

Money rates in foreign countries ..

831

Commercial banks..

832.

Foreign exchange rates. .

833

Price movements:
Wholesale prices..

834

Retail food prices and cost of living ..

835

Security prices

835

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 partfromregularly published sources such as central and commercial
bank statements and official statistical bulletins; some data arc reported to the Board directly. Figures
on international capital transactions of the United States are collected by the Federal Reserve Banks
from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November n , 1934. Back figures for all except price tables, together with descriptive text,
may be obtained from the Board's publication, Banking and Monetary Statistics.

AUGUST 1944




813

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of month

United
States

Argentina 1

1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.

14,512
17,644
21,995
22,737
22,726

431
466
353
354

1943—July.
Aug..
Sept.
Oct..
Nov.
Dec.
1944—Jan.
Feb..
Mar.
Apr..
May.
June

22,335
22,243
22,175
22,116
22,065
21,938
21,918
21,712
21,600
21,429
21,264
21,173

353
353
353
353
354

*939
363
368
371
381
386

Hungary

Iran
Tersia)

1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec..
1942—Dec.

37
24
24
24
24

26
26
26
26
734

1943—July.
Aug..
Sept.
Oct..
Nov.
Dec.
1944—Jan..
Feb..
Mar.
Apr..
May.
June.

24
24
24
24
24
24
24
24
24
24

66
66
76
78
80
92
92

End of month

End of month

Sweden

Switzerland

Belgium

Brazil

British
India

581
609
734
734
735

32
40
51
70
115

274
274
274
274
274

734
734
734
734
734
734
734
734
734
734

182
202
223
243
254
254
254
255
255
276

274
274
274
274
274
274
274
274
274
274
274

Italy

Japan

Java

193
144
120

164
164
164
6
164

2

Turkey

90
140
235
4
216

United
Kingdom

1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec

321
308
160
223
335

701
549
502
665
824

29
29
88
92
114

2,690

1943—July
Aug
Sept
Oct
Nov
Dec
1944—Jan
Feb
Mar
Apr
May
June

368
371
374
378
384
387
399
401
421
426
430

876
880
887
900
903
964
973
984
994
1,004
p
l,010
PI,023

158
161
161
161
161
161
171
171
191

1

1
1
1

1
1
1
1
1
1
1
1
1
1

Uruguay

Czecho- Denslovakia mark

Bul-

Canada

Chile

Colombia

24
24
24
24
25

192
214
S7
5
6

30
30
30
30
36

24
21
17
16
25

83
56
58
61
61

53
53
52
44
44

55
55
52
52
52

2,430
2,709
2,000
2,000
2,000

25

7
7
6
5
7
5
6
7
5
4
6
6

50
54
54
54
51
51
51
51
56
56

51
53
55
56
58
59
76
77
79
80
82

61
61
61
61
61
61
61
61
61
61

44
44
44
44
44
44
44
44
44
44

52
52
52
52
52
52
52
52
52

2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000

4

Mexico

NetherNew
lands Zealand

29
32
47
47
39

998
692
617
575
506

23
23
23
23
23

125
174
200
200
202
203
205
229
230
227
226
224

500
500
500
500
500
500
500
500
500
500

23
23
23
23
23
23
23
23
23
23
23

Venezuela

69
68
90
100
89

52
52
29
41
68

101
103
108
111
117
121

80
84
84
84
84
89
89
100
100
100
110

Yugoslavia

57
59
82
4
83

B.I.S.

Nor- ! Peru
way
94
94
4 84

20
20
20
21
25

Poland
85
4 84

26
26
26
26
31
31
31
31
33
34
34
34

Other
countries 8

14
7
12
12
21

142
153
145
142
160

26
26
26
27
27
45
45
45
39
39
39

197
197
197
197
198
199
200
200
202
203
207
207

p

Preliminary.
1
Figures through March 1940 and figure for December 1942 and December 1943 include, in addition to gold of the Central Bank held at home, gold of the Central Bank held abroad and gold belonging to the Argentine Stabilization Fund.
2 Change from previous December due largely to inclusion of gold formerly not reported.
3 On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Control Board. Gold reported since that time is gold held by Minister of Finance.
4 Figures relate to last official report dates for the respective countries, as follows: Bulgaria—
an. 31, 1943; Greece—Mar. 31, 1941; Java—Jan. 31, 1942; Norway—Mar. 30, 1940; Poland—
uly 31, 1939; Yugoslavia—Feb. 28, 1941.
5
Figure for December 1938 is t h a t officially reported on Apr. 30,1938.
J Figure for February 1941; beginning Mar. 29,1941, gold reserves 110 longer reported separately.

J

ian Congo,
Salvador,
Boli
Estonia,,, Finland, Guatemala, Iceland, Ireland beginning February 1943, Latvia,Lithuania, Morocco,
ailand (Siam). Figures for certain of these countries have been carried forward from last
and Thai
previous official report.
9
Gold holdings of Bank of England reduced to nominal amount by gold transfers to British
Exchange Equalization Account during 1939

Egypt

France

Germany
29
29
29
29
29

Greece
27
28
4,

28

28

29

Portu- I Ruma- South
gal
nia
Africa
69
69
59
59
59

133
152
158
182
241

220
249
367
366
634

59
59
59
60
60
60
60
60

271
282
289
302
305
316
316

611
628
644
667
685
706
716
740
728
727
741

Spain
6

525
42
42

85
91

98"

Government gold reserves1 not included
in previous figures
End of month United
States

United
Kingdom

80
1938—Dec. ...
1939—Mar. ...
154
May....
June... " "*85
Sept—
164
Dec
156
1940—Mar. ...
145
June...
86
Sept....
105
Dec ...
48
1941—Mar. ...
88
89
June...

2
759
1,732

24
25
12
8
7
12
14
11
7
43
14

151

Sept....
Dec
1942—Mar....
June...
Sept....
Dec
1943—Mar....
June....
Sept....
Dec
1944—Mar.. . .

France

331
559
477

Belgium
44
17

3876'
17

292'
4

17
17
17
17
17

""ii

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 Figure for end of September.
3
Reported figure for total British gold reserves on
Aug. 31,1939, less reported holdings of Bank of England on that date.
4
Figure for Sept. 1, 1941.
NOTE.—For certain back figures and for details
regarding special internal gold transfers affecting
the British and French institutions, see Banking and
Monetary Statistics, p. 526.

NOTE.—For back figures, see Banking and Monetary Statistics, Tables 156-160, pp. 536-555,
and for a description of figures, including details regarding special internal gold transfers affecting
the reported data, see pp. 524-535 in the same publication.

814



FEDERAL RESERVE

BULLETIN

GOLD P R O D U C T I O N
OUTSIDE U. S. S. R.
[In thousands of dollars]
Year or month

1934
1935
1936
1937
1938
1939
1940
1941
1942
1943.....

Estimated
Total
production
outside 1 reported
monthly
U.S.S.R.
823,003
882,533
971,514
1,041,576
1,136,360
1,208,705
1,297,349
1,288,945

708,453
752,847
833,895
893,384
958,770
1,020,297
1,094,264
1,089,395
968,112
r
738,505
r

1943—June.
July..
Aug..
Sept..
Oct . .
Nov..
Dec. .
1944—Jan...
Feb...
Mar..
Apr. .
May..

62,192
61,675
60,275
r
60,110
r
59,946
r
58,375
r
58,312
^57,289
"54,863
"57,817
"55,657
"58,093
r
r

Production reported monthly
North and South America

Africa
South
Africa
366
377
396
410
425
448
491
504
494
448

795
090
768
710
649
753
628
268
439
153

37 424
37 962
37, 297
36,783
37 162
36 889
36, 653
36, 169
34, 100
36, 266
34, 879
36, 921

1
I

West
Africa2

Rhodesia

Belgian
Congo3

$1 = 15A
24,264
25,477
28,053
28,296
28,532
28,009
29,155
27,765
26,641
23,009

grains of gold f<j
12,153
6, 549
13,625
7, 159
7, 386
16,295
20,784
8, 018
24,670
8, 470
28,564
8, 759
32,163 3 8 , 862
32,414
29,225
19,740

1,956
1,907
1,862
1,920
1,896
1,790
1,814
"1,763
"1,709
"1,706

1,645
1,540
1,540
1,540
1,540
1,540
1,505
1,540
1,540
'1,540
'1,540
'1,540

{"1,706
'"1,706

S |

Colombia

Canada* Mexico 6

fine; i.e.,
108,191
126,325
152,509
168,159
178,143
196,391
210,109
209,175
130,963
r
48,808

Chile | N ^f-

Other
British
Austra8
lia
India9

an ounce of fine goId = $35
104,023 23 135
8,350
12,045
114,971 23 858
11,515
9,251
9,018
131,181 26,465
13,632
29 591
9,544
143,367
15,478
18,225
10,290
165,379 32 306
19,951 11,376
178,303 29 426
11,999
185,890 30 878
22,117
9,259
22,961
187,081 27, 969
20,882
6,409
169,446 6 30, 000
19,789
127,829
6,081

1 ,166
868
807
848
1 ,557
3 ,506
5 ,429
7 ,525
8 ,623
7 ,715

30,559
31,240
40, 118
46, 982
54, 264
56, 182
55, 878
51, 039
42,525
r
28,560

11,223
11,468
11,663
11,607
11,284
11,078
10,157
9,940
8,960
8,820

455
454
549
598
511
450
501
676
617
"577
'"577
'"577

724
622
430
770
628
605
633
756
651
677
665
693

2,240
2,380
2,170
2,835
2,100
2,100
2,100
"1,995
"1,855
"2,065
'"2,065
'"2,065

735
770
735
735
735
665
700
700
630
665
'665
'665

'"4,030
r
4,031
r
3,72O
r
3,392
r
3,899
r
3,452
r
3,605
3,085
3,429
2,933
2,936
2,881

11,442
10,246
10,268
9,877
9,802
9,373
9,201
9,023
8,988
9,333
8,568
8,989

1,540
1,763
1,704
1,659
1,672
1,512
1,600
1,581
"1,344
"2,056
'"2,056
'"2,056

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.
r
" Preliminary.
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 the United States Mint. Monthly figures represent
estimates of American Bureau of Metal Statistics, those for 1943 haying been revised by adding to each monthly figure $85,455 so t h a t aggregate for 1943
is equal to annual estimate for the year compiled by Bureau of Mint in cooperation with Bureau of Mines.
5 Figures for Canada beginning 1943 are subject to official revision.
6
Beginning April 1942, figures no longer reported. Annual figure for 1942 is rough estimate based on reported production of $7,809,000 in first three
months of year.
7
Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production.
8
Beginning December 1941, figures are those reported by American Bureau of Metal Statistics for total Australia.
9
Beginning May 1940, figures are those reported by American Bureau of Metal Statistics.
NOTE.—For explanation of table and sources, see BULLETIN for February 1939, p . 151; July 1938, p . 621; June 1938, p. 540; April 1933, p p . 233-235;
and Banking and Monetary Statistics, p . 524. For annual estimates compiled by the United States Mint for these and other countries in the period
1910-1941, see Banking and Monetary Statistics, pp. 542-543.

GOLD MOVEMENTS
UNITED STATES
[In thousands of dollars at approximately $35 a fine ounce]
Net imports from or net exports (—) to:
Year or
month
19341
1935
1936
1937
1938
1939
1940
1941

Total
net
imports

United
Kingdom

Belgium

France

Netherlands

AusSwe- Switz- Canada Mexico Colom- Philippine
den erland
bia
Islands tralia

1,131,994 499,870 260,223
86,829
8,902 94,348
12,402
95,171
1,739,019 315,727 934,243
3 227,185
968
174,093 573,671
72,648
3,351
1,116,584
71,006
2 7,511
111,480
90,859
1,585,503 891,531 -13,710
6,461
6 54,452
76,315
15,488 163,049 60,146
1,363
1,973,569 1,208,728 81,135
3,798 165,122 341,618 28,715 86,987 612,949
3,574,151 1,826,403
633,083 241,778
977 63,260 161,489 90,320 2,622,330
4,744,472
1
3,779
1
899 412,056
982,378
1,747

30,270
13,667
39,966
38,482
36,472
33,610
29,880
16,791

16,944
10,899
11,911
18,397
10,557
23,239
23,999
24,448

1,147
814
866
1,147
969
800
1,080
843
495
1,020
6,336
1,273

3,168
11
2,232
2,934
2,794
7
2,128
2,230
2,488
2,107
2,110
2,238

South
Africa

12
1,029
12,038
65
3,498
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

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

All
other
countries
32,304
46,989
39,735
29,998
2
67,975
3
102, 404
4
388,468
5
100,485

1941

Jan

Feb
Mar
Apr
May
June
July
Aug
Sept
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

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

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
4,720 132,261
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

6,085

4,501

3,046
313
131
1,995
2,327
711

6,062
15,093
2,951
6,793
3,589
5,009
3,811
6
9,008
6
11,041
6
9,365
6
9,039
6
18,726

6

1

Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce.
2 Includes $31,830,000 from Argentina.
3 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, $10,077,000 from Chile, and $37,555,000 from other
4 Includes $75,087,000 from Portugal, $59,072,000 from Argentina, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R.,
$26,178,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,802,000 from Chile, $10,775,000
from Brazil, $10,416,000 from Spain, $10,247,000 from Peru, and $28,935,000 from other countries.
5
Includes $44,920,000 from U.S.S.R., $10,963,000 from Central America, and $44,603,000 from other countries.
6
Includes imports from U. S. S. R. as follows: February—$11,236,000, August—$3,407,000, September—$5,652,000, October—$5,550,000, November—
$5,615,000, December—$13,460,000.
NOTE.—Figures for months subsequent to December 1941 have not been released for publication. For back figures see Banking and Monetary Statistics,
Table 158, pp. 539-541, and for description of statistics, see p. 524 in the same publication.

AUGUST 1944




8z5

NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935
[In millions of dollars]

From Jan. 2, 1935, through—

Increase in foreign banking
funds in U. S.

Total

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

259.5
616.0
899.4
1,412.5

57.7
213.8
350.7
603.3

—2.0
6.1
-4.5
9.8

59.7
207.7
355.2
593.5

155.0
312.8
388.6
361.4

31.8
43.7
40.1
125.2

-6.2
15.8
90.3
316.7

21.1
29.8
29.8
6.0

1936—Mar. (Apr. 1)
June (July 1)
Sept. 30
Dec. 30

1,511.1
1,949.2
2,283.3
2,608.4

578.4
779.0
898.5
930.5

44.4
35.9
37.4
81.1

534.0
743.1
861.1
849.4

390.3
449.0
456.2
431.5

114.4
180.5
272.2
316.2

427.6
524.1
633.3
917.4

.4
16.5
23.2
12.9

1937—Mar. 31..
June 30..
Sept. 29.
Dec. 29..

2,931.4
3,561.9
3,911.9
3,410.3

1,121.6
1,612.4
1,743.6
1,168.5

62.8
• 215.3

1,058.8
1,397.1
1,379.0
924.6

411.0
466.4
518.1
449.1

319.1
395.2
493.3
583.2

1,075.7
1,069.5
1,125.1
1,162.0

4.1
18.3
31.9
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

,436.2
,686.5
,927.3
,888.3

550.5
607.5
618.4
650.4

646.7
664.5
676.9
725.7

1,188.9
1,201.4
1,177.3
1,133.7

63.9
74.0
83.1
80.6

1940—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1941).

5,115.9
5,440.7
5,748.1
5,727.6

2,539.0
2,830.1
3,092.8
3,159.0

539.1
922.3
1,112.3
1,200.8

,999.9
,907.8
,980.5
,958.3

631.6
684.1
773.6
775.1

761.6
785.6
793.1
803.8

1,095.0
1,042.1
987.0
888.7

88.7
98.9
101.6
100.9

1941—Mar. (Apr. 2).
June (July 2).
Sept. (Oct. 1)..
Dec. 31

5,526.5
5,575.4
5,510.3
5,230.7

3,148.8
3,193.3
3,139.5
2,856.2

1,307.7
1,375.1
1,321.7
1,053.7

,841.0
,818.2
,817.7
,802.6

767.4
818.6
805.3
791.3

812.7
834.1
841.1
855.5

701.8
631.2
623.5
626.7

95.9
98.2
100.9
100.9

1942—Tan. 28
Feb.25
Mar. (Apr. 1) .
Apr. 29
May (June
3) .
June 302

5,163.7
5,069.0
5,082.4
5,309.6
5,413.4
5,495.3

2,771.6
2,675.5
2,684.0
2,906.1
2,996.8
3,075.9

977.6
879.4
932.0
,106.7
,144.0
,211.7

1,793.9
1,796.0
1,752.0
,799.4
,852.8
,864.2

801.6
809.2
819.7
829.8
839.8
842.3

857.5
856.2
849.6
843.2
843.2
838.8

631.0
626.2
624.9
626.6
629.0
632.0

102.0
102.0
104.3
103.9
104.6
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

,878.7
,891.7
,873.5
,863.2
,884.1
,908.3

854.9
839.9
858.2
890.0
901.6
888.8

829.3
828.6
830.5
842.1
844.8
848.2

633.3
642.7
646.1
654.3
661.0
673.3

103.7
103.9
107.5
104.1
104.1
104.4

1943—Jan. 30....
Feb. 27....
Mar. 31...
Apr. 30....
May 29. ..
June 30...

5,907.7
6,014.9
6,147.1
6,212.3
6,282.6
6,506.4

3,471.1
3,590.1
3,643.4
3,690.5
3,769.6
4,002.6

,536.6
,671.8
,723.1
,801.8
,871.6
2,071.4

,934.5
,918.3
,920.3
,888.6
,898.0
,931.2

890.5
898.7
909.9
905.1
896.9

761.3
751.9
810.5
809.5
807.0
806.8

678.5
676.0
685.9
692.9
692.5
687.9

107.0
106.4
108.6
109.5
108.5
112.1

July 31
Aug. 31
Sept. 30
Oct. 30
Nov. 30
Dec. 31

6,556.0
6,726.3
6,771.3
6,904.6
7,073.6
7,118.6

4,056.4
4,107.9
4,130.6
4,284.4
4,435.7
4,496.3

2,103.4
2,122.6
2,190.9
2,312.9
2,450.0
2,461.5

,953.0
,985.3
,939.7
,971.5
,985.7
2,034.8

901.9
909.4
888.6
870.5
882.6
877.6

792.9
907.8
929.3
928.3
929.8
925.9

692.3
687.0
708.1
707.4
710.1
701.1

112.6
114.3
114.8
114.1
115.4
117.8

.1944—Jan. 31
Feb. 29
Mar. 31
Apr. 29

7,272.9
7,418.6
7,462.9
7,464.3

870.8
843.5
868.0
873.4

931.7
924.2
904.1
905.4

695.1
698.8
685.8
686.2

1935—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1936)

•

4,658.2
4,833.2
4,885.4
4,881.0

3

364.6

243.9

2,649.3
2,815.7
2,856.0
2,780.5

3

2,009.0
2,017.5
2,029.4
2,100.6

3

3

117.0
118.9
119.6
118.3

3

1
This category made up as follows: through Sept. 21,1938, funds held by foreign central banks at the Federal Reserve Bank of New York; beginning
Sept. 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reserve Bank of
New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to
ggovernment 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
fforeign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic
and consular establishments, etc.).
2
Reported figures for capital movement through July 1 have been adjusted to represent the movement through June 30 on the basis of certain significaitnt movements known to have occurred on July 1. Subsequent figures are based upon new monthly statistical series. For further explanation, see BULCTIN
for January 1943, p. 98.
LETI:
3
Amounts outstanding on Apr. 29, in millions of dollars: total foreign banking funds in United States 5,537.9, including official funds, 3,418.1, and
other funds, 2,119.9; United States banking funds abroad, 262.1; and brokerage balances (net due "foreigners") 41.1.
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 back figures, see Banking an"'
"' ' "* Tables
~ " " 161-163, pp. 574-637,
- . . - - - and
and Monetary Statistics,
for full description of statistics see pp. 558-560 in the same publication.

8x6




FEDERAL RESERVE BULLETIN

CENTRAL BANKS

Bank of England
(Figures in millions of
pounds sterling)

Assets of issue
department

Gold1

Other2

145.8
147.6

260.0
260.0
275.0
275.0
260.0
260.0
260.0
200.0
220.0
230.0
580.0
5
630.0
5
78O.O

120.7
119.8
190.7
192.3
200.1
313.7
326.4
326.4
4
.2
.2
.2
.2

Note
circulation 3

Securities

Notes

Discounts
and advances

1.0
.9
.3
.9

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
26.8

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
3.5

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
267.9

379.6
368.8
364.2
371.2
392.0
405.2
424.5
467.4
505.3
504.7
554.6
616.9

Cash reserves
Coin

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. 3 1 . .
1942—Dec. 30..

Liabilities of banking department

Assets of banking department

.2
.6
.6
.8
1.0
.5
.6
.6

Deposits
Bankers'

Public

Other

Other
liabilities

8.8
6.6

923.4

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
223.4

35.8
36.2
40.3
33.S
36.5
36.4
37.1
39.2
36.6
36.8
42.0
51.2
54.1
48.8

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
17.9

54.6
56.6
55.1
53.1
53.3
60.4

17.9
18.0
18.1
17.7
17.8
17.9

52.7
53.7
60.2
56.9
58.2
55.6

17.9
18.0
18.1
17.7
17.8
17.9

751.7

1943—July 28.
Aug. 25.
Sept. 29 .
Oct. 27 .
Nov. 24 .
Dec. 29..

.2
.2
.2
.2
.2
.2

1,000.0
1,000.0
1,000.0
5
1,050.0
1,050.0
6
1,100.0

1.3
1.4
1.7
1.8
1.7
.9

32.1
25.3
13.8
51.8
31.2
11.6

7.3
3.4
1.9
1.6
6.0
2.5

208.4
218.3
238.7
211.3
222.1
307.9

968.1
974.9
986.5
998.5
1,019.0
1,088.7

169.9
166.8
173.4
190.3
183.2
234.3

1944—Jan. 26..
F e b . 23..
Mar. 29.
Apr. 26..
May 3 1 .
June 28

.2
.2
.2
.2
.2
.2

1,100.0
1,100.0
5
1,150.0
1,150.0
1,150.0
1,150.0

.6
.9
A
A
.7
.9

33.0
22.8
45.6
25.8
14.7
19.4

4.4
2.1
15.4
5.8
1.0
1.2

229.0
255.2
212.7
245.6
239.8
282.2

1,067.3
1,077.5
1,104.6
1,124.5
1,135.5
1,130.9

187.8
200.3
188.8
198.5
165.1
217.7

Assets

Bank of Canada
(Figures in millions of
Canadian dollars)

1935—Dec. 31
1936—Dec. 31
1937—Dec. 31
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—July 31
Aug. 31
Sept,.30
Oct. 30
Nov. .30
Dec. 31

1944—Jan. 31.
F e b . 29
Mar, . 31
Apr. 29
May 31
June 30

Gold

180.5
179.4
179.8
185.9
225.7
(8)

Sterling
and United
States
dollars

Dominion and provincial government
securities

9.0

6.6

7.2

9.3
5.4
6.8

10.3
8.5
8.9
7.1
4.5

15.0
12.5

Note
circulation7

Other
liabilities

Dominion
government

Other

99.7
135.7
165.3
175.3
232.8
359.9
496.0
693.6

181.6
187.0
196.0
200.6
217.0
217.7
232.0
259.9

17.9
18.8
11.1
16.7
46.3
10.9
73.8
51.6

.8
2.1
3.5
3.1
17.9
9.5
6.0
19.1

7.7
13.4
14.4
9.3
13.3
28.5
35.1
24.0

22.1
29.2
19.0
22.1
30.6
47.3

776.1
796.7
815.1
836.6
844.6
874.4

295.0
308.6
305.7
339.2
360.6
340.2

48.4
59.7
36.2
88.9
66.1
20.5

13.2
10.3
11.4
15.6
16.1
17.8

23.7
31.0
29.1
31.7
33.6
55.4

25.4
31.3
44.0
26.4
23.8
39.9

860.6
875.4
897.9
915.3
911.5
920.5

360.9
362.7
359.2
385.2
377.7
414.7

34.8
40.1
65.8
24.6
101.8
8.2

22.3
31.5
22.8
17.4
26.6
22.0

33.4
19.8
44.5
28.8
34.1
54.3

83.4
99.0
91.6
40.9
49.9
127.3
216.7
209.2

8.6
8.2
21.7
5.2
5.5
12.4
33.5
31.3

.6

800.7
798.8
786.7
787.4
797.1
787.6

333.1
340.8
360.7
434.0
466.7
472.8

.4
.2
.3
.2
.3
.2

799.9
789.2
788.9
777.1
879.0
803.5

486.8
508.9
557.0
567.7
548.7
576.1

.5
37.6
31.0
68.5
26.5

12.1
12.1
11.4
15.9
29.7
12.5
11.2

Chartered
banks

30.9
61.3
82.3
144.6
181.9
448.4
391.8
807.2

64.3
38.4

9.9

Deposits
Other
assets

Other

200.9
.5

8.9

22.2

Liabilities

Shorttermfi

4.2
9.1
14.9
28.4

7.7

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.
6
Fiduciary issue increased by 50 million pounds on June 12,1940, Apr. 30, Aug. 30, and Dec. 3,1941, and Apr. 22 and July 28, 1942; by 70 million pounds
on Dec. 2, 1942; and by 50 million pounds on Apr. 13, Oct. 6, and Dec. 8, 1943, and on Mar. 7,1944.
6 Securities maturing in two years or less.
7 Includes notes held by the chartered banks, which constitute an important part of their reserves.
8 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940,
pp. 677-678).
NOTE.—For back figures on Bank of England and Bank of Canada, see Banking and Monetary Statistics, Tables 164 and 166, pp. 638-640 and pp.
644-645, respectively; for description of statistics see pp. 560-564 in same publication.

AUGUST 1944




CENTRAL BANKS—Continued
Liabilitie

Assets

Bank of France
(Figures in millions
of francs)

Advances to
Government

Domestic bills
Gold

1

Foreign
exchange

Open

market 2

1929—Dec. 27..
1930—Dec. 26..
1931—Dec. 30..
1932—Dec. 30..
1933—Dec. 29..
1934—Dec. 28..
1935—Dec. 27..
1936—Dec. 30..
1937—Dec. 30..
1938—Dec. 29..
1939—Dec. 28..
1940—Dec. 26..
1941—Dec. 31..
1942—Dec. 31..

41,668
53,578
68,863
83,017
77,098
82,124
66,296
60,359
58,933
87,265
5
97,267
6
84,616
84,598
84,598

25,942
26,179
21,111
4,484
1,158
963
1,328
1,460
911
821
112
42
38
37

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
43,661

1943—Apr. 29.
M a y 27.
June 24.
July 29.
Aug. 26.
Sept. 30 .
Oct. 28.
Nov. 25 .
Dec. 30.

84,598
84,598
84,598
84,598
84,598
84,598
84,598
84,598
84,598

37
37
37
38
37
37
37
37
37

42,884
42,930
42,998
43,261
43,108
43,412
44,591
44,860
44,699

1944—Jan. 27...
Feb. 24..
Mar. 30..

84,598
84,598
84,598

37
37
37

44,870
45,018
44,359

Special 2

Other

For occupation
costs 3

Deposits
Other
assets

Other2

Note
circulation

Government

C.A.R.4

Other
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
4,461

72,317
142,507
210,965

17,698
31,909
20,627
34,673
63,900
69,500
68,250

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
21,749

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
382,774

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
770

41,400
64,580
16,857

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
29,935

35
29

6,686
6,200
5,573
6,456
6,908
4,968
4,799
6,472
7,543

248,320
260,919
260,927
271,371
288,308
295,807
306,689
320,843
326,973

57,650
56,900
63,550
61,150
53,500
69,500
65,500
55,950
64,400

21,072
21,768
21,042
21,472
21,078
23,519
21,000
21,457
21,420

413,567
419,530
426,974
440,291
448,270
468,015
475,868
484,060
500,386

713
734
837
754
743
821
627
755
578

8,749
10,166
14,670
11,170
14,674
15,450
12,191
14,083
10,724

34,186
37,750
29,574
31,864
29,615
33,199
34,111
31,133
33,137

4,058
5,177
6,669
4,267
4,235
4,355
4,417
4,220
4,872

12
3
19

8,196
8,469
8,349

343,300
351,000
351,000

56,050
60,500
69,800

21,614
20,598
21,570

506,035
514,323
530,174

825
749
786

12,365
13,905
9,063

34,339
35,359
35,100

5,112
5,887
4,608

1,379
652
1,797
2,345
661
12
169
26
6
1

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
5,368

Liabilities

Assets

Reichsbank
(Figures in millions of
reichsmarks)

Reserves of gold and
foreign exchange

Other
liabilities

Securities

Bills (and
checks),
including
Treasury
bills

Security
loans

2,848
2,572
4,242
2,806
3,226
4,066
4,552
5,510
6,131
8,244
11,392
15,419
21,656
29,283

251
256
245
176
183
146
84
74
60
45
30
38
32
25

Note
Deposits

Other
liabilities

5,044
4,778
4,776
3,560
3,645
3,901
4,285
4,980
5,493
8,223
11,798
14,033
19,325
24,375

755
652
755
540
640
984
1,032
1,012
1,059
1,527
2,018
2,551
3,649
5,292

736
822
1,338
1,313
836
1,001
923
953
970
1,091
1,378
1,396
1,493
1,680

Other
assets

circulation

32
107
87

92
102
161
398
322
319
315
303
286
298
393
357
283
210

656
638
1,065
1,114
735
827
853
765
861
1,621
2,498
2,066
2,311
1,664

Eligible
as note
cover

Other

Total
reserves

Gold

1929—Dec. 31.
1930—Dec. 31.
1931—Dec. 31.
1932—Dec. 31.
1933—Dec. 30.
1934—Dec. 31.
1935—Dec. 31.
1936—Dec. 31.
1937—Dec. 31.
1938—Dec. 31.
1939—Dec. 30.
1940—Dec. 31.
1941—Dec. 31.
1942—Dec. 31

2,687
2,685
1,156
920
396
84
88
72

2,283
2,216
984

1943—June 30.
July 31
Aug. 31.
Sept. 30
Oct. 30.
Nov. 30.
Dec. 31

77
77
77
77
77
77
77

30,890
32,317
34,570
35,010
36,117
37,870
41,342

29
34
17
22
17
66
27

1
1
1
1
1
1
1

67
100
107
105
136
79
65

2,178
2,003
1,569
2,436
2,583
2,733
2,337

26,650
27,597
29,029
30,099
30,922
31,772
33,683

4,881
5,199
5,456
5,601
5,967
6,951
8,186

1,711
1,735
1,857
1,951
2,040
2,104
1,980

1944—Jan. 31.
Feb. 29.
Mar. 31.
Apr. 29.
May 31.

77
77
77
77
77

39,584
39,269
40,379
40,909
42,159

43
26
46
38
28

1
1
1
1
1

42
66
33
31
23

2,296
2,360
2,281
2,525
2,096

33,012
33,508
33,792
34,569
35,229

7,176
6,636
7,237
7,179

1,855
1,654
1,788
1,833
1,915

76

76
78
78
77
76

806

386
79
82
66
71
71
71
71
71
71

259
445
349
221
106
557
804

7,240

1

Gold revalued March 1940, November 1938, July 1937, and October 1936. For further details see BULLETIN for May 1940, pp. 406-407; January 1939,
p. 29; September 1937, p . 853; and November 1936, pp. 878-880.
2
For explanation of this item, see BULLETIN for July 1940, p. 732.
3
By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25, 1940, through Mar. 23, 1944, advances of 381,000 million
francs were authorized to meet the costs of the German army of occupation.
4
Central Administration of the Reichskreditkassen.
5
In each of the weeks ending Apr. 20 and Aug. 3,1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank of France;
in week ending Mar. 7,1940, 30,000 million francs of gold transferred from Bank of France to Stabilization Fund.
6
Gold not shown separately in weekly Reichsbank statement after June 15,1939.
N O T E . — F o r back figures on Bank of France and Reichsbank, see Banking and Monetary Statistics, Tables 165 and 167, pp. 641-643 and pp. 645-647,
respectively; for description of statistics see pp. 562-565 in same publication.

8x8




FEDERAL RESERVE BULLETIN

CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
Central Bank of t h e Argentine R e public (millions of pesos):
Gold reported separately
Other gold and foreign exchange-..
Government securities
Rediscounted paper
Other assets .
Note circulation
Deposits—Member bank
Government
Other
Certificates of participation in
Government securities
Other liabilities
C o m m o n w e a l t h Bank of Australia
(thousands of pounds):
Issue department:
Gold and English sterling......
Securities
Banking department:
Coin, bullion, and cash
London balances
Loans and discounts
Securities
Deposits
Note circulation
National Bank of Belgium and Bank
of Issue of Brussels (millions of
belga) :*
Gold
Foreign exchange .
. . .
Credits to State and public bodies.
Credits to private economy
Reichskreditkasse
Other assets...
Note circulation
Demand deposits
Postal Checking Office.
Other liabilities
N a t i o n a l Bank of Bohemia a n d
Moravia (millions of koruny):
Gold
Foreign exchange
Discounts
Loans
Other assets
Note circulation. . „ . . . .
Demand deposits
Other liabilities
Central B a n k of Bolivia (millions
of bolivianos):
Gold at home and abroad
Foreign exchange
Loans and discounts
Securities—Government

1944

June

Apr.

June

1,173
2,229
889

1,157
2,228
889

1,074
1,506
349

162
2,032
1,253
642
122

164
2,008
1,281
628
133

251
1,692
873
429
77

235
168

221
168

109

49 293 48 043 46,793 35,141
48,602 144,867 144,879 112,477
10,600
18,928
27,636
41,943
03 244
89 512

7,583
10,285 10,142
103,220 87,358 45,310
23,745 20,953 21,976
235,559 244,799 213,959
179 823 176,643 175 692
184 512 183,262 138,356

579
363
295
630
41
82
1,160
744
86

Other
Other assets
Note circulation
Deposits
Other liabilities

National Bank of Bulgaria 2
Central Bank of Chile (millions
of pesos):
Gold
Discounts for member banks... T..
Loans to Government
Other loans and discounts
Other assets
Note circulation
Deposits—Bank
Other
Other liabilities
B a n k 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 liabilities

May

1943

146,89
109,68
2,94
56,65
29,67
137,06
139 56
69,21

144,05
107,88
2,39
56,66
30,78
129,01
145 83
66,94

4,331
11,575
3,391
186
762
704
17,857
1,140
1,568
384

508
14,760
845
851
291

1,515
774
2,578

1 515
746
944

36,845
24,833
8,030
8,848

22,611
17,450
4,311
4,055

578
432
290
632
41
99
1,136
851
85

554
377
297
545
41
69
980
807
96

273
146
719
98
1,07
2,32
44
15
28

240
44
773
939
874
2,090
363
153
263

140,68
96,85
1,38
56,85
31,29
125,65
136 13
65,28

4,331
7,835
3,270
85

717

78,122
74,893
12,456
55,925
34,374
108,495
92,190
55,084

1943

1944

Central Bank
(Figures as of last report
date of month)

June

May

National Bank of Denmark (millions
of kroner):
Gold
Foreign exchange
Clearing accounts (net)
Loans and discounts
Securities
Govt. compensation account**
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
4

Apr.

June

97
22
2,272
29
72
85
3,076
1,455
1,478
2,314
406

148,652
122,092
81,560
64,310
200,076
185,158
31,380

National Bank of Egypt (thou-

sands of pounds):
Gold.
Foreign exchange ..
Loans and discounts
British, Egyptian, and other Government securities.
Other assets
Note circulation
Deposits—Government
Other
Other liabilities.

Central Reserve Bank of El Salvador (thousands of colones):
Gold..
Foreign exchange
Loans and discounts
Government debt and securities...
Other assets
Note circulation
Deposits
Other liabilities
Bank of Finland 2
Bank of Greece 2
N a t i o n a l Bank of Hungary (millions
of pengo):
Gold
Foreign exchange reserve
Discounts
Loans—To Treasury
To foreign countries
Other
Other assets
Note circulation
Demand deposits
Consolidated foreign credits of
1931
Other liabilities . .
Reserve Bank of India (millions of
rupees):
Issue department:
Gold at home and abroad
Sterling securities
Indian Govt. securities
Rupee coin
Note circulation
Banking department:
Notes of issue department
Balances abroad
Treasury bills discounted
Loans to Government
Other assets
Deposits
Other liabilities
Central B a n k of Ireland (thousands
of pounds):
Gold
Sterling funds
Note circulation
2

97
20
1,474
35
62
125
1,825
1,058
696
1,573
311

6,241
14,148
2,343

6,241
12,856
3,700

228,803 179,006
14,480
7,222
98,563 82,363
62,820 48,866
.91,262 65,011
13,369 12,785
32,711
36,698
713
6,341
1,269
43,314
28,240
6,178

2,64
25,52
28,17

32,612
36,390
438
6,340
1,324
43,412
27,779
5,914

24,218
27,684
463
6,802
682
32,062
21,832
5,955

100
6
4,436
546
979
6
1,497
5,191
906

100
5
2,183
690
653
15
928
3,201
454

12
1,462

18
900

(Mar.)
444
7,798
58
123
8,82

444
5,545
1,197
161
7,234

12
1,66

114
872
8

13
1,67
25

121
889
226

2,64
25,79
28,43

2,646
20,518
23,164

Bank of Japan
Bank of Java2

.. _
eport from the central bank ot Bulgaria (January 1V4JJ, see BULLETIN for July 1943,
:h 1942, p. 281; and of Java (January 1942), see
LETIN for April 1944, p. 405; of Greece (March 1941) and Japan (September 1941), see BULLETIN for March
BULLETIN for March 1943, p. 278.
3

4
5

.

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.

Items for issue and banking departments consolidated.
Latest month for which report is available for this institution.

AUGUST 1944




82.9

CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
B a n k of Mexico (millions of pesos):
Metallic reserve1
"Authorized" holdings of securities, etc
Bills and discounts
Other assets
Note circulation
Demand liabilities
Other liabilities
Netherlands Bank
(millions of
guilders):
Gold
Silver (including subsidiary coin)..
Foreign bills
Discounts
Loans
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Reserve Bank of New Zealand (thousands of pounds):
Gold.
Sterling exchange reserve
Advances to State or State undertakings
Investments
Other assets
Note circulation
Demand deposits
Other liabilities...
Bank of Norway 2
Bank of the Republic of Paraguay
(millions of pesos):
Gold.
Foreign exchange
Loans a n d discounts
Government loans a n d securities...
Other assets
N o t e circulation
Demand d e p o s i t s — G o v e r n m e n t . . . .
Other
Other liabilities
Central Reserve Bank of Peru (thousands of soles):
Gold a n d foreign exchange
Discounts
Government loans
Other assets
N o t e circulation
Deposits
Other liabilities
B a n k of P o r t u g a l (millions of escudos):
Gold 4
Other reserves (net)
Nonreserve exchange
Loans a n d discounts
Government d e b t . . .
Other assets
N o t e circulation
Other sight liabilities
Other liabilities
National Bank of Rumania (millions
of lei):
Gold...
Special exchange accounts
Loans a n d discounts ;
Special loans (in liquidation)
Government d e b t
Other assets
N o t e circulation
D e m a n d deposits
Other liabilities
South African Reserve Bank (thousands of pounds):
Gold
Foreign bills
Other bills and loans
Other assets
Note circulation
Deposits
Other liabilities

1944
June

May

1943
Apr.

June

527

514

507

387

1,352
290
95
1,195
912
157

1,370
256
71
1,192
865
155

1,371
245
55
1,176
853
149

1,101
139
57
915
634
135

932
3," 910

886
4
2,292

134
84
4 021
'l08
754
176

140
256
2 596
'569
340
73

2,802
30,687

2,802
29,766

2,802
29,685

43,132
11*. 734
2,397
37,031
50,433
3,287

38,279
11'743
2,584
37,026
44,464
3,684

43,216
10*311
3,464
32,360
53,775
3,343

326
2,322
149
2,257
1617
2*550
834
2,335
951

327
2,232
145
2,224
1,615
2^467
820
2,297
958

20
2,077
111
1,829
2 166
2*331
560
c
l,778
c
l,533

(Mar.)3
157,261 136,591
11,148
10,807
358,836 305,748
27,122
21,458
357,748 311,153
171,902 142,983
20,469
24,717
(Jan.) 3
1 400
4*. 272
8,096
227
1,023
1 030
6,103
8,367
978

1 398
3*. 600
6,930
232
1,025
c
1070
5*. 679
7,607
C
969

(Jan.) 3
59,651 49,394
32,813 31,401
54,953 38,783
139
271
20,470
20,762
70,106 54,348
162,283 122,450
47,336 47,952
28,512
24,557
89,891
21,598
2,011
85,140
51,027
142,760
4,854

88,213
21,826
1,792
85,025
51,988
140,481
4,387

70,695
10,548
599
87,148
43,077
121,246
4,668

Central Bank
(Figures as of last r e p o r t
date of month)

1943

1944
June

B a n k of S p a i n (millions of pesetas):
Gold
Silver
Government loans and securities...
Other loans a n d discounts
Other assets
N o t e circulation
Deposits—Government
Other
Other liabilities
B a n k of S w e d e n (millions of k r o n o r ) :
Gold
Foreign assets (net)
Swedish G o v t . securities and advances to N a t i o n a l D e b t Office5.
Other domestic bills a n d advances.
Other assets
N o t e circulation
D e m a n d deposits—Government
Other
Other liabilities
S w i s s N a t i o n a l B a n k (millions of
francs):
Gold.
4,427
Foreign exchange
82
Loans a n d discounts
64
Other assets
N o t e circulation
3,004
Other sight liabilities
1,432
Other liabilities
Central Bank of the Republic of
T u r k e y (thousands of p o u n d s ) :
Gold
Foreign exchange a n d foreign
clearings
Loans a n d discounts
Securities
Other assets
N o t e circulation
Deposits—Gold
Other
Other liabilities
Bank of the Republic of Uruguay
(thousands of pesos) :
Issue d e p a r t m e n t :
Gold a n d silver
N o t e circulation
Banking d e p a r t m e n t :
Gold and silver
N o t e s and coin
Advances to S t a t e a n d t o government bodies
Other loans and discounts
Other assets
Deposits
Other liabilities
Central Bank of Venezuela (thousands of bolivares):
Gold
. .
338,108
Foreign exchange (net)
31*,906
Credits to national banks
26*370
Other assets
29^ 721
262,865
Note circulation—Central Bank
National banks.. 22,795
133*390
Deposits
Other liabilities
7,'056
National Bank of the Kingdom of
2
Yugoslavia
Bank for International Settlements
(thousands of Swiss gold francs):7
Gold in bars
Cash on hand and on current account with banks
Sight funds at interest
Rediscountable bills and acceptances (at cost)
Time funds at interest
Sundry bills and investments.
Other assets
Demand deposits (gold)
Short-term deposits (various currencies):
Central banks for own account
Other
Long-term deposits: Special accounts
Other liabilities

May

Apr.

June

1,074
621
16,043
2,765
2,178
16,161
1,966
4,023
530

749
627
15,766
3,350
2,250
15,192
3,250
3,532
768

949
564

940
559

766
627

1,087
74
955
2,157
532
307
632

1,140
74
967
2,158
616
272
634

1,047
85
795
1,969
563
181
606

4,372
93
69

4,343
79

3,750
62
106
346
2,642
1,351
271

162
2,962
1,428
280

2,945
1,449

(°)

(Mar.)3
238,650 197,955
96,360
748,226
190,913
18,841
868,446
85,139
138*076
201,329

64,860
659,311
193,454
18,645
736*, 297
79 ,*358
151*317
167,253

(Dec.
1943) 3
120,343 90,197
140,711 119,715
72,323
38,279

73,266
29,182

234,478
92,785
185,648
174,373
238,139

37,987
100,394
162 490
155*, 756
247,563

338,108 307,208 245,504
33,640
32,733 65,927
26*370 26,370 36,230
5,203
24,752
29'444
266,971 251,208 224,028
23,318 24,198 32,048
128*469 C 132,646 52 570
6,931
7] 897 16,206

118,873 118,180

78,499

14,674
6,699

25,065
16,247

18,180
6,945

104,870 107,168 148,381
21,395
21,075 21,075
197,306 198,483 196,757
361
147
366
28,579
28,765 39,387
7,600
2,798

6,993
2,799

16,839
2,312

229,001 229,001 229,001
199,636 199,082 198,951

c

Corrected.
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
For last available reports from the central banks of Norway (March 1940), and Yugoslavia (February 1941), see BULLETIN for March 1942, p. 282.
Latest month for which report is available for this institution.
4
Valued at average cost beginning October 1940.
5
Includes small amount of non-Government bonds.
6
Figure not available.
7
See BULLETIN for December 1936, p. 1025.

1
2

3

830




FEDERAL RESERVE

BULLETIN

MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Date effective

In effect Oct. 2,
1936
Oct. 9
Oct. 16
Oct. 20
Nov. 26
Dec. 3
Jan. 28, 1937
June 15
July 7
Aug. 4
Sept. 3
Nov. 13
May 10, 1938
May 13
May 30
Sept. 28
Oct. 27
Nov. 25
Jan. 4, 1939
Apr. 17
May 11
July 6
Aug. 24
Aug 29
Sept. 28
Oct. 26
Dec. 15...
Jan. 25, 1940
Apr. 9
May 17
Mar. 17, 1941
Mav 29
June 27
In effect July 31,
1944

United
GerKing- France many
dom
3

2

Netherlands

Belgium

4

2

Switzerland

Sweden

2

3

2H

"iy2"
"2"

4
6
5
4
• —•••
"2H"

"3

Central
bank of—

Rate
July
31

Albania
Argentina
Belgium
Bohemia and
Moravia....

2

Date
effective

Central
bank of—

Rate
July
31

Mar. 21, 1940
Mar. 1, 1936
Jan. 25, 1940

Italy
Japan
Java
Latvia
Lithuania. ..

3.29
3
5
6

May
Apr.
Jan.
Feb.
July

18,
7,
14,
17,
15,

1936
1936
1937
1940
1939

Nov. 8, 1940 Mexico
Bolivia
6
Nov. 28, 1935
British India..
3
Netherlands
Dec. 1, 1940 New Zealand 1*1
Bulgaria
5
Feb. 8, 1944 Norway
Canada
3
Chile
3 - 4 j | Dec. 16, 1936 Peru
5
July 18, 1933 P o r t u g a l . . . .
Colombia
4

June
June
July
May
Aug.
Jan.

4,
27,
26,
13,
1,
12,

1942
1941
1941
1940
1940
1944

Sept.
June
Dec.
May
Nov.

12, 1940
2, 1941
1, 1938
29,1941
26, 1936

1, 1938

2

Oct.

1, 1940

Date
effective

3

"2y2"

2X

4
7
3

Denmark
Ecuador
El Salvador...
Estonia
Finland

3

•"4""'

4

2

6
3

2

Oct.
May
Mar.
Oct.
Dec.

16, 1940
26, 1938
30, 1939
1, 1935
3, 1934

Rumania....
South Africa
Spain
Sweden
Switzerland.

3
3
4
3

Mar.
Apr.
Mar.
Oct.
Nov.

17, 1941
9, 1940
1, 1942
22, 1940
23, 1943

Turkey
United Kingdom
U . S . S. R . . .
Yugoslavia..

4

July

2
4
5

Oct. 26, 1939
July 1, 1936
Feb. 1, 1935

3

3
2

France
Germany
Greece
Hungary
Ireland

3
2

3H

"W"
2

3
3

2

"iH

NOTE.—Changes since June 30: none.
"iH

OPEN-MARKET RATES
[ Per cent per annum J
Germany

United Kingdom
Month

Bankers'
acceptances
3 months

Treasury
bills
3 months

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
1943—May

5.21
2.16
2.24
1.44

5.21
2.11
2.21
1.10

1.03
1.03
1.03
1.03

1.02
1.00
1.00
1.00

1.00
1.00
1.03
1.07

1943—June
July.
Aug
Sept
Oct
Nov
Dec
1944—Jan
Feb
Mar
Apr
May.

1.03
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

1.06
1.04
1.11
1.07
1.00
1.00
1.00
1.08
1.13
1.13
1.13
1.13

.50
.91
.59
.55
.55
.53
.73

.37
.85
.51
.54
.51
.51
.70

Bankers'
Day-to-day allowance
money
on deposits
4.67
1.93
1.87
1.29
.58
.85
.75
.75
.75
.75
.75

1
1
l

A
A
A
3^2

yj.

yi

V2.

1/
1/
1/

Yi

il
il

Vi

Netherlands

Sweden

Switzerland

Private
discount
rate

Day-to-day
money

Private
discount
rate

Money
for
1 month

Loans
up to 3
months

Private
discount
rate

7.49
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
2.13

9.32
3.62
5.38
5.91
5.24
4.72
3.17
2.76
2.69
2.66
2.46
1.98
1.78
1.71
1.91

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-6H
31^-51^

3.34
2.44
1.12
1.50
1.50
1.50
2.39
2.25
1.00
1.00
1.00
1.41
1.25
1.25
1.25

2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13

1.90
1.86
1.89
1.93

.60

2.11
1.33
3.78
2.15
.17
.13
.72

12.20
1.93

.50
.80

13.21
2.36

3-5

VA-hy^
23 / 2~5
2}/2r^A
2}/2r5

2V£-5

2^-5
2*£-5
3//2~5}/2
3-5 A
3-5H
3-5H
3-53/6
3-5*6

1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25

* Figures are for period May 1-9, inclusive.
NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172,
pp. 656-661, and for description of statistics see pp. 571-572 in same publication.

AUGUST 1944




831

COMMERCIAL BANKS
Liabilities

Assets

United Kingdom 1

Money at
Cash
call and Bills dis- Treasury
deposit Securities Loans to
counted receipts
reserves
short
notice

(11 London clearing banks.
Figures in millions of
pounds sterling)

Deposits
Demand3

Time3

314
758
896

249
256
263
290
293
324
325

2,315
2,330
2,254
2,441
2,800
3,329
3,629

1,288
1,284
1,256
1,398
1,770
2,168
2,429

1,012
1,026
997
1,043
,030
,161
,200

245
252
269
256
250
253
236

236
244
232
209
181
184
133

859
900
957
1,045
1,135
,187
,307

1,159
,162
,162
,160
,158
,167
,154

758
753
739
741
749
732
761

305
279
285
293
289
283
349

3,630
3,628
3,670
3,737
3,813
3,865
4,032

2,432
2,428
2,456
2,504
2,556
2,588
2,712

,199
,200
,214
,233
,256
,277
,319

238
245
244
248
245
245
245

138
124
113
149
174

,305
,264
,331
,314
1,310

,149
,141
,136
,1 2
,161

754
761
781
762
765

288
287
290
285
292

3,962
3,897
3,988
4,017
4,051

2,650
2,583
2,652
2,672
2,704

1,312
1,314
1,336
1,3*5
1,347

245
243
242
240
242

195
163
160
174
159
141
142

322
300
250
334
265
171
198

1943—June
July
August
September
October
November
December
1944—January
February
March
April
Mav

387
375
383
389
394
403
422

165
160
156
148
151
155
151

416
414
423
430
418

157
150
155
164
173

Liabilities

Assets
Canada

i

Entirely in Canada
Cash

Security
loans

liabilities

890
984
971
1,015
924
823
794

244
244
243
274
324
366
390

(10 chartered banks. End of
month figures in millions
of Canadian dollars)

Other

Total

660
635
635
609
771
999
1,120

1936—December
1937—December
1938—December
1939—December
1940—December
1941—December
1942—December

..

Other
assets

Other
loans
and discounts

Security
loans
abroad
and net Securities
due from
foreign
banks

Other
assets

Note
circulation

Deposits payable in Canada
excluding interbank deposits

Total

Demand

Other
liabilities

Time

1936—December.
1937—December.
1938—December.
1939—December.
1940—December.
1941—December.
1942—December.

240
255
263
292
323
356
387

114
76
65
53
40
32
31

791
862
940
1,088
1,108
1,169
1,168

161
102
166
132
159
168
231

1,384
1,411
1,463
1,646
1,531
1,759
2,293

554
575
535
612
570
653
657

103
96
88
85
80
71
60

2,303
2,335
2,500
2,774
2,805
3,105
3,657

755
752
840
1,033
1,163
1,436
1,984

1,548
1,583
1,660
1,741
1,641
1,669
1,673

837
850
843
963
846
962
1,049

1943—June
July
August....
September
October...
November.
December.
1944—January...
February..
March.....
April
May

421
406
434
427
460
496
471

42
36
35
34
38
44
48

1,214
1,194
1,121
1,045
1,038
1,259
1,156

204
185
242
198
202
233
250

2,687
2,652
2,681
2,881
2,870
2,938
2,940

665
626
641
679
659
669
744

49
48
46
46
45
43
42

4,101
3,959
3,978
4,085
4,107
4,454
4,395

2,319
2,133
2,062
2,096
2,146
2,572
2,447

1,782
1,826
1,916
1,989
1,961
1,883
1,948

1,084
1,094
1,131
1,133
1,115
1,141
1,172

491
486
468
510
525

53
52
41
42
81

1,085
1,003
982
920
1,175

229
227
210
212
275

2,950
2,994
3,156
3,390
3,374

674
664
732
669
712

41
40
39
38
37

4,273
4,216
4,368
4,506
4,850

2,247
2,093
2,143
2,253
2,756

2,026
2,124
2,225
2,254
2,094

1,167
1,170
1,182
1,J98
1,256

(4 large banks. End of month
figures in millions
of francs)

Liabilities

Assets

France

Other
assets

Deposits

Cash
reserves

Due from
banks

Bills discounted

1936—December. .
1937—December..
1938—December. .
1939—December ..
1940—December4.
1941—December...
1942—December...

3,100
3,403
3,756
4,599
6,258
6,589
7,810

2,975
4,116
4,060
3,765
3,546
3,476
3,458

17,582
18,249
21,435
29,546
44,243
61,897
73,917

7,631
7,624
7,592
7,546
7,984
8,280
10,625

1,957
2,134
1,940
2,440
1,999
2,033
2,622

28,484
30,348
33,578
42,443
58,890
76,675
91,549

1943—January
February...
March
April
May
June
July
August
September.
October...
November..

7,538
6,710
6,813
6,720
7,132
6,632
6,770
6,486
6,935
7,133
7,203

3,672
3,835
3,803
3,665
3,750
3,851
3,795
3,786
3,832
3,877
3,960

76,928
73,478
74,664
77,922
81,620
80,276
83,362
82,685
85,079
88,289
86,754

11,054
11,749
15,245
15,043
14,980
15,518
14,696
14,644
14,084
14,215
14,361

1,525
1,435
1,536
1,650
1,750
1,869
2,024
2,206
2,228
2,448
2,653

94,996
91,792
96,431
99,152
103,272
102,047
103,596
102,602
104,830
108,368
107,200

Loans

Total

Time

Own
acceptances

Other
liabilities

27,955
29,748
33,042
41,872
58,413
75,764
91,225

529
600
537
571
477
912
324

473
661
721
844
535
413
462

4,289
4,517
4,484
4,609
4,604
5,187
6,422

94,665
91,452
95,783
98,419
102,437
101,118
102,578
101,525
103,657
107,100
105,811

331
340
648
733
836
929
1,017
1,078
1,173
1,268
1,390

451
433
426
387
397
383
321
347
341
411
404

5,270
4,982
5,205
5,461
5,563
5,716
6,730
6,859
6,987
7,182
7,326

Demand

i
1

Through August 1939, averages of weekly figures; beginning September 1939, end-of-month figures, representing aggregates of figures reported by
individual banks for days, varying from bank to bank, toward the end of the month.
2 T»
_„_*. _:_ _«,»_4.u i~~~~ <..«. ti>« T-.,,.„.._.. -* n / ~~_ _«_*. ^_n«>ui« u»r *u« w«~i,,-.;», am»naQQy ^ a, discount eciual to the Bank of England rate.

statistics see ]




FEDERAL RESERVE BULLETIN

FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency]
Argentina
(peso)

Year or month

Australia
(pound)
Official

1936
1937
1938
1939
1940
1941
1942
1943

33.137
32.959
32.597
30.850
29.773
29.773
29.773
29.773

1943—July.
Aug..
Sept.
Oct..
Nov..
Dec.
1944—Jan...
Feb...
Mar..
Apr..
May..
June.

29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773

Year or month

29.in
29.773

223^704'
23.704
24.732

2322^80'
322.80
322.80
322.80

25.188
25.188
25,147
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125

322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80

Golom- Czechobia Slovakia
(peso) j(koruna)

1936...
1937...
1938...
1939...
1940...
1941...
1942...
1943...

57.083
56.726
55.953
57.061
57.085
57.004
57.052
57.265

1943—July..
Aug..
Sept..
Oct...
Nov...
Dec...
1944—Jan...
Feb...
Mar..
Apr...
May..
June.

57.278
57.277
57.277
57.277
57.277
57.277
57.277
57.277
57.277
57.277
57.277
57.277

Free
395.94
393.94
389.55
353.38
305.16
321.27
321.50
2
321.50

(r

£?•

2 .1903
2 .1811
2.1567
1 .9948
1 .8710
2
2 .0101

4.0078
3.4930
3.4674
2
3.4252

Belgium
belga)
16.917
16.876
16.894
16.852
2
16.880

Brazil
(cruzeiro1)
Official

37.523
37.326
36.592
33.279
30.155
30.137
30.122
30.122

6.0586
6.0586
6.0586
6.0586
6.0586
6.0586
6.0586
6.0586
6.0586
6.0586
6.0586
6.0587

30.122
30.122
30.122
30.122
30.122
30.122
30.122
30.122
30.122
30.122
30.122
30.122

5.1275
5.1275
5.1275
5.1275
5.1275
5.1275
5.1275
5.1275
5.1275
5.1275
5.1275
5.1275

i GerHong
F r a n c e | many Greece
(drach- Kong
(franc) (reichs- ma)
(dollar)
mark)
6.1141
4.0460
2.8781
2.5103
2
2.0827

Bulgaria
(lev)

Free

8.5681 25.8788
8.6437 6.1983
5.8438
6.0027 "5AUS
6.0562 5.0214
6.0575 5.0705
6.0584 5.1427
6.0586 5.1280

.9289
.9055
.8958
.8153
2
.6715

40.297
40.204
40.164
40.061
40.021
2
39.968

31.711
30.694
30.457
27.454
22.958
2
24.592

2

Canada (dollar)
Official

Free

Official

90.909
90.909
90.909

99.913
100.004
99.419
96.018
85.141
87.345
88.379
89.978

5.1240
5.1697
5.1716
5.1727
5.1668
2
5.1664

90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909

90.585
90.638
90.150
89.426
89.422
89.404
89.554
89.586
89.326
89.969
90.507
90.403

Italy
(lira)

Japan

7.2916
5.2607
5.2605
5.1959
5.0407
2
5.0703

29.022
28.791
28.451
25.963
23.436
2
23.439

1.2958
1.2846
1.2424

Hun-

s ar y

(pengo)
29.558
19.779
19.727
19.238
18.475
2
19.770

(yen)

Ruma-i South j g. .
JNorway Poland
gal - I nia i Africa j r S p a " \
(krone)l (zloty) (escudo)| (leu) (pound) KP e s e t a )

Straits
Settle- Sweden Switzments (krona) erland
(franc)
(dollar)

United Kingdom
(pound)
Official

Free

I
24.974
24.840
24.566
23.226
2
22.709

1936
1937
1938
1939
1940
1941
1942
1943
1943—July
Aug.. .
Sept
Oct
Nov
Dec
1944—Jan
Feb
Mar..
Apr
May
June.
1
2

T

Chile (peso)

18.875
18.923
18.860
2
18.835

4.5130
4.4792
4.4267
4.0375
3.7110
2
4.0023

.7382
.7294
.7325
.7111
2
.6896

491.65
489.62
484.16
440.17
397.99
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00

12.314
6.053
5.600
10.630
9.322
2
9.130

58.258
57.973
56.917
51.736
46.979
47.133
2
46.919

25.626
25.487
25.197
23.991
23.802
2
23.829

30.189
22.938
22.871
22.525
22.676
2
23.210

2

403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50

497.09
494.40
488.94
443.54
383.00
403.18
403.50
2
403.50

China

(yuan
! Shang*
g
Export hai)
2

4.0000
4.0000
4.0000
4.0000
2
4.0000

29.751
29.606
21.360
11.879
6.000
2
5.313

| Neth- New
Mexico jerlands Zea(peso)
(guild- land
er)) j (pound)
27.760 64.481 I 398.92
27.750 55.045 I 396.91
22.122 55.009 392.35
19.303 253.335 354.82
18.546 53.128 306.38
322.54
20.538
322.78
20.569
324.20
20.577 !
324.42
324.42
324.42
324.42
324.42
324.42
324.42
324.42
324.42
324.42
324.42
324.42

20.577
20.575
20.578
20.580
20.580
20.582
20.582
20.582
20.582
20.582
20.582
20.582

Portu

Year or month

I
British
India
(rupee)

Uruguay
(peso)
Controlled

Yugoslavia

Non- (dinar)
controlled

79.874
2.2965
79.072
2.3060
64.370 2
2.3115
62.011 36.789 2.2716
65.830 37.601 2 2.2463
65.830 43.380 2.2397
65.830 52.723 ,
65.830 52.855 j
!
65.830 52.866
65.830 52.871
65.830 52.929
65.830 52.978
65.830 53.003
65.830 52.969
65.830 52.946
65.830 52.945
65.830 52.954
65.830 52.961
65.830 52.964
65.830 52.962

Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis."
Average of daily rates for that part of the year during which quotations were certified.
,.j
NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics see pp. 572-573 in same publication, and for further information concerning developments affecting the averages during 1942 and 1943 see BULLETIN for February 1943, p. 201, and
February 1944, p. 209. There are no developments to record for 1944.

AUGUST 1944




833

PRICE MOVEMENTS I N PRINCIPAL COUNTRIES
WHOLESALE PRICES-ALL COMMODITIES
[Index numbers]
Year or month

United
States

Canada

United
! Kingdom

(1926=100) I (1926=100) | (1930=100)
1926.

100

100

1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943

65
66
75
80
81
86
79
77
79
87
99
103

67
67
72
72
75
85
79
75
83
90
96
100

89
94
109
101
103
137
153
159
163

1943—June
July
August
September
October
November
December
1944—January
February
March
April
May
June

104
103
103
103
103
103
103
103
104
104
104
104
104

100
100
100
101
102
102
103
103
103
103
103
103
P103

163
164
162
163
163
163
163
164
165
165
166
166
166

France
(1913 = 100)

U24

2

Japan
(October
(1913 = 100) (1928 = 100) (1900 = 100)
Germany

695

134

427
398
376
338
411
581
653
681

97
93
98
102
104
106
106
107
110
112
114
116

Italy

70
63
62
68
76
89
95
99
116
132

116
117
117
116
116
116
117
117
117
117
118
^118

Netherlands
(1926-30
= 100)

237

106

161
180
178
186
198
238
251
278
311
329

65
63
63
62
64
76
72
3

Switzerland
(July 1914
(1935 = 100)
= 100)
Sweden

88

p
387
p

391
*>396
P
398
H00

U26

144

i 92
i 90
i 96
100
102
114
111
115
146
172
189
196

96
91
90
90
96
111
107
111
143
184
210
218

197
196
195
195
195
195
195
195
195
195
195
197

218
218
218
220
220
220
220
221
221
223
223

?

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 C O M M O D I T I E S
[Indexes for groups included in total index above]

Year or month
Farm
products

Foods

United Kingdom
(1930=100)

Canada
1926=100)

United Stat
(1926=100)

Other
Farm
commodproducts
ities

Raw and Fully and
partly
chiefly
manumanufactured factured
goods
goods

Foods

Industrial
products

Germany
(1913 = 100)
Indus-

IndusAgricul- trial raw trial
finand semitural
ished

products

finished
products

products

1926

100

100

100

100

100

100

129

130

150

1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943

48
51
65
79
81
86
69
65
68
82
106
123

61
61
71
84
82
86

48
51
59
64
69
87
74
64
67
71
83
96

55
57
64
66
71
84

100
107

70
71
78
78
80
85
82
81
83
89
96
97

90
99

70
70
73
73
74
81
78
75
82
89
92
93

88
83
85
87
92
102
97
97
133
146
158
160

85
87
90
90
96
112
104
106
138
156
160
164

91
87
96
102
105
105
106
108
111
112
115
119

89
88
91
92
94
96
94
95
99
100
102
102

118
113
116
119
121
125
126
126
129
133
134

135

126
125
124
123
122
121
122
122
123
124
123
123
125

110
107
106
105
105
106
106
105
105
105
105
105
107

97
97
97
97
97
97
98
98
98
98
98
99
99

94
96
97
98
104
104
105
104
104
105
104
102
p
102

99
100
101
101
103
104
104
104
105
105
105
104
?104

93
93
93
94
94
94
94
94
94
94
94
94
P94

161
164
158
159
157
157
158
159
159
158
158
158
158

164
164
164
165
165
165
166
166
167
168
169
170
170

119
121
121
119
119
119
119
119
119
121
122
122

102
102
102
102
103
103
103
103
103
103
103
103

135
135
136
136
136
136
136
136
136
136
136
136

.

IQ42

Tiinp

j uly
August
September
October
November
December
1944—January
February
March
April
Mav
June

74
70
71
83

73
67
75
82

p

Preliminary.
Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p . 159.

834




FEDERAL RESERVE BULLETIN

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
RETAIL FOOD PRICES
[Index numbers]

Year or month

United
CanStates
ada
(1935-39 (1935-39
= 100)
= 100)

COST OF LIVING
[Index numbers]

United
SwitzKing- Ger- Nether- erland
dom
many lands (June
(July (1913-14 (1911-13 1914
1914
= 100)

= 100)

1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943

84
94
100
101
105
98
95
97
106
124
138

85
93
95
98
103
104
101
106
116
127
131

120
122
125
130
139
141
141
164
168
161
166

113
118
120
122
122
122
123
128
129
132
134

1943-Tune..
July..
August
September ..
October
November...
December..
1944—January
February...
March
April
May
June.

142
139
137
137
138
137
137
136
135
134
135
136
136

131
132
133
134
133
133
133
132
131
131
132
132

165
168
167
166
168
168
168
168
168
168
168
168
168

136
140
139
133
132
133
134
135
135
136
138
138
139

"131

United
CanStates
ada
(1935-39 (1935-39
=
100)
= 100)

Year or month

United
Kingdom

(July

Ger- Nethermany lands
(1913-14 (1911-13
= 100) = 100)

= 100)

= 100)

120
124
118
120
127
130
130
2140

117
115
114
120
130
130
132
146
175
200
211

1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943

92
96
98
99
103
101
99
100
105
117
124

94
96
96
98
101
102
102
106
112
117
118

140
141
143
147
154
156
158
184
199
200
199

118
121
123
125
125
126
126
130
133
137
139

211
211
211
212
212
213
213
213
214
214
215

125
1943—June..
124
July
123
August....
124
September..
124
October
124
November..
124
December..
124
1944—January
124
February...
March
124
April
125
125
May
June.
j 125

119
119
119
119
119
119
119
119
119
119
119
119

198
200
199
198
199
199
199
199
200
200
200
200
200

139
142
141
138
138
138
139
139
140
140
140
141
142

...

1914
= 100)

Switz-

erland
(June
4.
=101
100)

139
140
136

131
129
128
130
137
137
138
151
174
193
203

h32

137
139
140

3148

p

203
204
204
204
205
205
205
206
206
206
207

208

i

p
1
2
3

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.
Average based on figures for 5 months; no data available since May 1940, when figure was 149.
Sources.—See BULLETIN for May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373.
SECURITY PRICES
[Index numbers except as otherwise specified]
Common stocks

Bonds
Year or month

United
States
(derived
price)1

United
Kingdom
France Germany
(December (1913 = 100)
price) 2
1921 = 100)

Number of issues

15

1926...

90.1

110.0

57.4

91.2
98.2
105.5
109.5
HlO.2
111.1
113.8
115.9
117.8
118.3
120.3

119.7
127.5
129.9
131.2
124.6
121.3
112.3
118.3
123.8
127.3
127.8

81.3
82.1
83.5
76.3
75.1
77.3
83.9
6
84.7
*>98.7
6
100.1

120.5
121.1
121.1
120.8
120.9
120.4
120.0
120.5
120.4
120.5
120.7
120.9
120.9

127 0
127 8
127.2
126.9
127.4
127.1
127.2
127.4
127.6
127.3
127.1
127.0
127.2

1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1943—June
July
August.
September
October
Nov ember
December
1944—January
February
March
April
May
June.

87

36

2

139

82.5
90.7
595.1
95.8
98.7
99.9
99.0
100.7
103.0
6
103.3

(1926=100)

Nether-

France

Germany

(1930=100)

278

300

(4)

105.6

100.0

100.0

100.0

105.3
113.4
107.8
109.1
3
101.8
105.9
90.9
7
77.9
84.3
94.7

67.0
76.6
82.9
117.5
117.5
88.2
94.2
88.1
80.0
69.4
91.9

78.6
85.7
86.3
97.0
96.3
80.8
75.9
70.8
72.5
75.3
84.5

99.6
83.3
79.7
77.2
97.4
89.7
98.3
6
120.6
9
289.7

61.7
71.1
82.9
91.6
102.6
100.1
94.1
114.6
136.8
142.1
145.0

100.0

96.7
98.5
94.4
95.6
94.8
91.4
91.8
94.6
94.4
96.6
95.1
97.2
101.5

84 1
85.6
86.0
86.6
86.3
85.0
85.3
86.2
86.9
87.1
87.2
88.0
89.3

Netherlands3
8

United
States

(1935-39
= 100)
402

United
Kingdom

*>476

145.1
144.9
144.6
144.7
144.8
145.0
145.1
145.2
145.3
145.6
145.8
145.8

100

52
55
55
66

104.2
95.8
89.7
8
95.0
129.0
131.5
151.0
152.4
151.9
151.7
152.1
152.1
152.2
152.2

p
Preliminary.
l Figures represent calculated prices of a 4 per cent 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds
LI
_„_;:„„ beginning
K«_:
•
< AT*? and
j i*
z
.number
1 ^ of
^£ !_•—1_
—._ J
'bonds
L ~ _ ~ J « £««.
t^« prior
«,* . •*.„.
i__
niT
•is ^i
for the
series
1937
for a varying
high-grade
for i-ithe «~_
series
to 4-1*^4that A~4-^
date. TM
The yearly
average r*
for_ ^1937
the same t*—
for
both series. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the United States
see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479.
2
Since Apr. 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at 4 ^ per cent. The series prior to that
date^is
not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent.
0
Indexes of reciprocals of average yields. For old index, 1929-1936, 1929 = 100; average yield in base year was 4.57 percent. 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
6
Average
Apr .-Dec. only. Average Jan.-Mar. on old basis was 95.9.
Average based on figures for 5 months; no data available June-Dec.
7
8
Average
based
on
figures
for
7
months;
no
data
available
May-Sept.
Average
based on figures for 9 months; no data available May-July.
9
Average based on figures for 10 months; no data available Jan.-Feb.
Sources.—See BULLETIN for November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 193.5, p. 394; and February 1932, p. 121.
A

AUGUST 1944




835

BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
MARRINER S. ECCLES, Chairman
M. S. SZYMCZAK
JOHN K. M C K E E

RONALD RANSOM,

Vice Chairman

ERNEST G. DRAPER
R. M. EVANS

LAWRENCE CLAYTON, Assistant to the Chairman

ELLIOTT THURSTON, Special Assistant to the Chairman

OFFICE OF THE SECRETARY

DIVISION OF BANK OPERATIONS

CHESTER MORRILL, Secretary

EDWARD L. SMEAD, Director

LISTON P. BETHEA, Assistant Secretary

J. R. VAN FOSSEN, Assistant Director
J. E. HORBETT, Assistant Director

S. R. CARPENTER, Assistant Secretary
FRED A. NELSON, Assistant Secretary

LEGAL DIVISION
WALTER WYATT, General Counsel

J. P. DREIBELBIS, General Attorney
GEORGE B. VEST, Assistant General Attorney

DIVISION OF SECURITY LOANS
CARL E. PARRY, Director

BONNAR BROWN, Assistant Director

DIVISION OF PERSONNEL
TION

ADMINISTRA-

ROBERT F. LEONARD, Director

DIVISION OF RESEARCH AND STATISTICS
E. A. GOLDENWEISER, Director
WOODLIEF THOMAS, Assistant Director

OFFICE OF ADMINISTRATOR
LOANS COMMITTEE

FOR WAR

EDWARD L. SMEAD, Administrator

GARDNER L. BOOTHE, II, Assistant

Adminis-

trator
DIVISION OF EXAMINATIONS
LEO H. PAULGER, Director

C. E. CAGLE, Assistant Director
WILLIAM B. POLLARD, Assistant Director

FEDERAL
OPEN MARKET COMMITTEE
MARRINER S. ECCLES, Chairman
ALLAN SPROTJL, Vice Chairman
CHESTER C. DAVIS
ERNEST G. DRAPER
R. M. EVANS
HUGH LEACH
JOHN K. M C K E E
J. N. PEYTON
RONALD RANSOM
M. S. SZYMCZAK
C. S. YOUNG
CHESTER MORRILL, Secretary

S. R. CARPENTER, Assistant Secretary
WALTER WYATT, General Counsel

J. P. DREIBELBIS, Assistant General Counsel
E. A. GOLDENWEISER, Economist
HENRY H. EDMISTON, Associate Economist

E. A. KINCAID, Associate Economist
JOHN K. LANGUM, Associate Economist
ARTHUR R. UPGREN, Associate Economist
JOHN H. WILLIAMS, Associate Economist

ROBERT G. ROUSE, Manager of System Open Market
Account

836




FISCAL AGENT
O. E. FOULK, Fiscal Agent
JOSEPHINE E. LALLY, Deputy Fiscal Agent

FEDERAL
ADVISORY COUNCIL
CHAS. E. SPENCER, J R . , BOSTON DISTRICT

Vice President
JOHN C. TRAPHAGEN,

N E W YORK DISTRICT

WILLIAM F. KURTZ,

PHILADELPHIA DISTRICT

B. G. HUNTINGTON,

CLEVELAND DISTRICT

ROBERT V. FLEMING,

RICHMOND DISTRICT

KEEHN W. BERRY,

ATLANTA DISTRICT

EDWARD E. BROWN,

CHICAGO DISTRICT

President
RALPH C. GUTORD,

ST. LOUIS DISTRICT

LYMAN E. WAKEFIELD, MINNEAPOLIS DISTRICT
A. E. BRADSHAW,

KANSAS CITY DISTRICT

ED. H. WINTON,

DALLAS DISTRICT

GEORGE M. WALLACE, SAN FRANCISCO DISTRICT
WALTER LICHTENSTEIN, Secretary

FEDERAL RESERVE BULLETIN

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of

Chairman1
Deputy Chairman

President
First Vice President

Boston

Albert M. Creighton
Henry SL Dcnnison

Ralph E. Flanders
William Willctt

New York.

Beardslcy Ruml
William I. Myers

Allan Sproul

Philadelphia

Thomas B. McCabc
Warren F. Whitticr

Cleveland

Vice Presidents
E. G. Hult
J. C. Hunter2

Carl B. Pitman

R. M. Gidney

J. W. Jones
L. W. Knoke
Walter S. Logan

A. Phclan
J. M. Rice
Robert G. Rouse
John H. Williams
V. Willis

Alfred H. Williams
Frank J. Drinnen

W. J. Davis
E. C. Hill

C. A. Mcllhcnny*
C. A. Sienkicwicz

G. C. Brainard
R. E. Klagcs

M. J. Fleming
Reuben B. Hays

Wm. H. Fletcher
J. W. Kossin
A. H. Laning*

B. J. Lazar
K. H. MacKcnzie
W. F. Taylor

Richmond

Robert Lassiter
W. G. Wysor

Hugh Leach
J. S. Waldcn,Jr.

J. G. Fry
Geo. H. Keeicc2

R. W. Mercer
Edw. A. Wayne

Atlanta

Frank H. Ncely
J. F. Porter

W. S. McLarin, Jr.
Malcolm H. Bryan

V. K. Bowman
L. M. Clark

H. F. Conniff

Chicago

Simeon E. Lcland
W. W. Waymack

C. S. Young
H. P. Preston

Allan M. Black2
Neil B. Dawcf
J. H. Dillard
Charles B. Dunn

E. C. Harris
John K. Langum
O. J. Ncttcrstrom
A. L. Olson
Alfred T. Sihler

St. Louis

Wm. T. Nardin
Douglas W. Brooks

Chester C. Davis
F. Guy Hitt

O. M. Attcbcry
Henry H. Ed mis ton

Wm. E. Peterson
C. M. Stewart

Minneapolis

W. C. Coffcy
Roger B. Sbcpard

J. N. Peyton
O. S. Powell

A. W. Mills2
Otis R. Preston
E. W. Swanson

Sigurd Ucland
A. R. Upgrcn
Harry I. Zicmcr

Kansas City

Robert B. Caldwell
H. G. Lecdy
Robert L. Mchornay
Henry O. Koppang

L. H. Earhart
Raymond W. Hall
C O. Hardy

Jos. E, Olson
G. H. Pipkin
D. W. Woollcy1

Dallas

Jay Taylor
J. R. Partcn

R. R. Gilbert
E. B. Stroad

E. B. Austin
R. B. Colcman
W. J. Evans

W. O. Ford
W. D. Gentry'
L. G. Pondrom

San Francisco

Henry F. Grady
Harry R. Wcllman

Wm. A. Day
Ira Clerk

C. E. Earhart
J. M. Leisncr*

H. N. Mangels
H. F. Slade

L. R. Rounds

OFFICERS I N CHARGE OF BRANCHES OF FEDERAL RESERVE BAMtS
Federal Reserve
Bank of

Branch

New York

Buffalo

Cleveland

Cincinnati
Pittsburgh
Baltimore
Charlotte
Birmingham
Jacksonville
Nashville
New Orleans
Detroit
Little Rock
Louisville
Memphis

Richmond
Atlanta

Chicago
St. Louis

1

Also Federal Reserve Agent.

AUGUST

1944




Chief Officer
R. B. Wiltse*

Federal Reserve
Bank of

Minneapolis
B. J. Lazar6
J. W. Kossins
Kansas City
W. R. Milford*
W. T. Clements*
P. L. T. Beavers*
Geo. S. Vardcman, Jr.* Dallas
Joel B. Fort, Jr.*
E. P. Paris*
E. C. Harris*
San Francisco...
A. F. Bailey*
C. A. Schacht*
W. H. Glasgow*
2

Cashier.

3

Also Cashier.

Branch

Chief Officer

Helena

R. E. Towle*

Denver
Oklahoma City
Omaha

Jos. E. Olson*
G. H. Pipkin*
L. H. Earhart*

El Paso
Houston
Sao Antonio

J. L. Hermann6
E. B. Austin*
L. G. Pondrom5

Los Angeles
Portland
Salt Lake City
Seattle

W. N. Ambrose*
D. L. Davis*
W. L. Partner*
C. R. Shaw*

< Managing Director,

• Vice President.

6

Manager,

837

GO
OO

FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES

t




sssss BOUNDARIES OF FEDERAL RESERVE DISTRICTS
—

BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES

^f.

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

©

FEDERAL RESERVE BANK CITIES

•

FEDERAL RESERVE BRANCH CITIES

O

FEDERAL RESERVE BANK AGENCY

JANUARY 2. 1943
WARD Of GOVERNORS OF THE FEDERAL RESERVE

SrSTEM