Full text of Federal Reserve Bulletin : December 1943
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FEDERAL RESERVE
BULLETIN
DECEMBER 1943
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
=CONTENT§=
Review of the Month—The Money and Banking System in Wartime...
. 1137-1146
Fourth War Loan Drive...
. 1147-1148
Current Events...
I;E
49
Size of War Production Loans..
XI
49
National Summary of Business Conditions...
1150-1151
Financial, Industrial, Commercial Statistics, U. S. (See p. 1153 for list of tables). .
1153-1198
International Financial Statistics (See p. 1199 for list of tables)
1199-1x11
Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council..
Senior Officers of Federal Reserve Banks; Managing Officers of Branches. .
Map of Federal Reserve Districts...
1114
Index to Volume Z9. .
. 1x15-1134
Federal Reserve Publications (See inside of back cover)
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FEDERAL RESERVE BULLETIN
VOLUME 19
December 1943
NUMBER 12
THE MONEY AND BANKING SYSTEM IN
WARTIME
During the first two years of this country's active participation in the war, the
debt of the Federal Government has increased by about 105 billion dollars.
About 56 billion of this increase has been
acquired by private investors and Government agencies, and the remaining 49 billion
has gone into holdings of the commercial
and the Federal Reserve Banks. This increase in bank holdings has been the major
factor in a 45 billion dollar expansion in the
money supply, that is, bank deposits and
currency in circulation. Including Government securities, which in the view of most
holders are nearly equivalent to cash, as
well as deposits and currency, total liquid
assets held by business concerns and individuals have increased by nearly 100 billion
dollars in the past two years and are now
exceptionally large.
All countries at war have met some part
of their fiscal needs by monetary expansion.
Some expansion is probably desirable since
the extreme necessities of war mean that
economic activity must be expanded and
with it the need for money also grows.
The expansion of the money supply should
be great enough to facilitate all possible
growth of production, but experience has
shown that excessive monetary expansion
is common in war. It is difficult for any
free economy to restrict its expenditures to
the limited supplies of goods available in
wartime and through taxes and savings
DECEMBER 1943
divert enough of its income to the war effort
to avoid rising prices.
The Treasury has planned its debt issues
with a view to keeping bank purchases
and therefore monetary expansion at a minimum. Through the emphasis on nonbank
investors in the war loan drives, much has
been accomplished during the past year.
It is possible that during the next year less
reliance will need to be placed on selling
securities to banks. War expenditures,
which had grown rapidly to a high level,
are expected to show little further increase;
tax receipts will rise somewhat further;
and the organization for increasing security
sales to nonbank investors has become well
established.
Expansion in the supply of money that
has occurred in recent years, besides having
an important bearing on general economic
prospects, has special significance for the
banking system. The great growth in deposits has been accompanied by a shift in
the distribution of banking funds, with the
result that some banks and some areas have
expanded more rapidly than others. The
increase in deposits in relation to capital
funds raises questions regarding conventional standards frequently used by supervisory agencies in judging the soundness and
security of banks. Bank loans have declined as businesses and individuals accumulated funds in excess of needs, and
Government securities of various types have
1137
REVIEW OF THE MONTH
become the principal earning asset of banks.
These changes have had a bearing on earnings—total earning assets have increased,
but those providing the largest yields have
declined. The changes are unevenly distributed among banks with the result that
some banks have larger earnings, while
others have shown a decline.
Many of the effects on banking of wartime monetary expansion are likely to be
lasting. Unless the Government debt is
retired rapidly after the war, deposits will
stay at or near the present high level, and
Government securities are likely to continue as the dominant earning asset of
banks. There may, however, be new and
different shifts in the location of deposits as
the pattern of economic activity changes to
fit peacetime needs. Many of the changes
in our banking system and in other banking
systems during the last war became more
or less permanent. In a similar way the
present period is not necessarily just a
temporary aberration of banking affairs but
probably one of important transitions.
This scale of advance in deposits and currency, while very rapid, is not out of proportion with the rate of expansion of our
productive economy, measured in dollar
terms. The total of demand deposits and
currency has grown during the war period
in about the same proportion as the total
value of all goods and services produced,
as represented by estimates of gross national product. The fact that the money
supply, narrowly defined as demand deposits and currency, has gone up at the same
rate as gross national product does not
necessarily mean that the available supply
of money is no greater than is needed for
current uses. Gross national product is
an evaluation of production at current
prices and, as such, reflects a considerable
element of price advance. Gross national
product and money supply might show a
parallel movement, even though inflation
were occurring. It is likely, moreover,
that cash holdings at the beginning of the
BANK DEPOSITS AND CURRENCY
GROWTH IN DEPOSITS AND CURRENCY
Of the total growth in deposits and currency during the past two years, about 17
billion dollars has occurred in United States
Government.deposits, 17 billion in demand
deposits adjusted, 4 billion in time deposits, and 8 billion in currency. Changes
in holdings of Government securities by
major groups of investors and in bank deposits and currency are shown on the accompanying chart. The demand deposit
figures shown in the chart include State and
local government deposits but are adjusted
to exclude interbank deposits and items in
process of collection; the time deposit
figures include deposits at mutual savings
banks and in the Postal Savings System,
as well as those at commercial banks.
1138
1930
1932
1934
1936
1938
1940
1942
NOTE.—Figures are partly estimated. Deposits are for all banks
in the United States. Demand deposits adjusted exclude U. S. Government and interbank deposits and items in process of collection. Time
deposits include deposits in the Postal Savings System and in mutual
savings banks. Figures for October 18, 1943 are preliminary.
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
war were in excess of normal working
needs. They were larger relative to total
value of production of goods and services
than in other periods of high economic activity. Consideration should also be given
to the fact that a large part of the public's
increased holdings of Government securities
are in the form of short-term or demand
obligations, which are almost as liquid as
bank deposits.
Under the special circumstances now prevailing business concerns and individuals
may desire to keep on hand larger cash
balances than they would ordinarily want
to hold. Increased tax liabilities, for example, have caused many business concerns
to hold large amounts of cash or of shortterm securities for discharging these liabilities as they become due. In time of war,
moreover, the future is especially uncertain; businessmen and wage earners alike
realize that when the war ceases there will
be vast readjustments of production and
employment, possibly to lower levels.
The timing of these changes, as well as their
nature and magnitude, are all unknown.
As a consequence there is a tendency to
maintain substantial cash balances and reserves for use in contingencies. With these
reserves people are more willing to undertake the greater risks involved in achieving maximum productive effort. Such reserves also provide a cushion to ameliorate
the effects of possible postwar declines in
income and employment.
It now appears that the country is approaching the peak of its productive effort,
but business and individual accumulations
of liquid assets are likely to continue close
to the present rate. The Government's war
expenditures have reached a high level in
recent months and are scheduled to show
only a moderate further increase. Production of civilian goods will be little if
DECEMBER 1943
any larger. The excess of business and
individual incomes over current expenditures will continue as long as Government
expenditures exceed tax receipts. The extent to which this unspent income goes to
swell cash holdings will depend primarily
on the extent to which nonbank investors
use their excess to purchase additional
Government securities. With continuing
accumulations of funds and less growth in
needs for working cash, nonbank investors
should be in a position to purchase larger
amounts of Government securities than
they have taken in the past. Should the
banking system, however, take the same
proportion of Government security offerings as it has been taking, the growth in
the money supply is likely to be at a more
rapid rate than the expansion in the physical volume of economic activity.
OWNERSHIP OF U.S. GOVT SECURITIES
90
80
/
60
50
30
-*•
20
COMMERCIAL 1
AND E" R. BANKS
10
i
—
—m
"
4T
10
^
ERAL AGEh
FED) TRUST F JC1ES
JNDS
AN
i«—-
0
J
/
PR VATE HOLDERS
* " * " * ~ * "
NOTE.—Figures represent breakdown of total interest-bearing debt
for: end of June, 1929-1935; June and December, 1936-1941; end of
month, 1942 to date. December figures beginning 1936, and monthly
figures beginning 1942, for certain classes of holders are partly estimated. Holdings by Federal agencies and trust funds include special
and public issues. Private holders include mutual savings banks, insurance companies, trust funds (other than Federal), and all other corporations, partnerships, and individuals. Figures for October are preliminary.
1139
REVIEW OF THE MONTH
DISTRIBUTION OF DEPOSIT GROWTH
Most of the wartime increase in bank
deposits of the public has been in demand
deposits. The major portion of the growth
in demand deposits has been in business accounts; there has been some growth in personal demand accounts, and individuals'
holdings also account for most of the
growth in time deposits and currency. A
large portion of the total increase in demand deposits and the largest percentage
growth have occurred in banks in mediumsized and small cities and towns. At these
banks personal deposits of individuals, including those of farmers, are relatively more
important than at large city banks; they
comprise about half of the total at small
banks compared with one-fourth or less of the
total at medium-sized and large banks. It
may be concluded that the growth in
demand deposits has been widely distributed, being shared by small and large
business units, by depositors engaged in
manufacturing and mining, in commerce
and trade, and in agriculture, and by urban
and rural communities in all sections of the
country.
The accompanying chart shows changes
in demand deposits at three broad groups
of banks—New York City banks, other
reserve city member banks (covering 61
cities including Chicago), and all other
commercial banks (including "country"
member banks and all nonmember banks).
This chart shows that the growth in demand deposits since 1940 has been much
smaller at New York City banks than at
the other groups, in contrast to the late
thirties when New York City banks showed
the largest increases. At the reserve city
and country bank groups demand deposits
are now almost two and a half times their
early 1939 levels and over 50 per cent
1140
larger than at the end of 1941. The largest
growth has been at banks in the southern
and western districts, particularly in the
smaller cities and towns, where demand deposits are generally 75 per cent or more
larger than at the end of 1941. The
smallest increases have been in the northeastern area of the country and particularly
at the city banks in that area.
DEMAND DEPOSITS ADJUSTED
ALL COMMERCIAL BANKS
BILLIONS OF DOLLARS
CALL REPORT DATES
YOTK L,ity oanKs inciuae, ana ngures ior n.n utnerrsanKS exciuae,
one large bank admitted to membership in the Federal Reserve System
in April 1942. Demand deposits adjusted exclude U. S. Government
and interbank deposits and items in process of collection.
Since the beginning of 1942., the pattern
of Treasury receipts and expenditures has
been a dominant element influencing the distribution of deposits as well as the total
growth. In 1941 there was a fairly steady
growth of deposits, but within the past
year, as shown in the next chart, which
gives weekly figures of deposits at banks in
leading cities, the war loan drives have resulted in wide shifts in deposits between
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
Government and private accounts. During
the first drive in December 194.x and also
during the second drive in April and May
of this year, U. S. Government war loan
accounts were increased by purchases of
securities for the account of both banks and
their customers. Purchases for bank accounts were not made during the third drive
but followed in October.
Purchases for customers resulted in a
decline in other deposits at the banks during
the drives. Between drives, as the Treasury
drew upon its war loan deposits to meet
expenditures, other deposits at banks increased. For the period as a whole, adjusted demand deposits have increased, and
they will show a further growth in the
near future as the Treasury draws upon the
exceptionally large balances it now holds.
There has also been some increase in time
deposits during the past year, following
several years with little change.
During 1942. only a small part of the
growth in deposits occurred at banks in
New York. These banks drew upon excess
reserves to increase their holdings of
Government securities, but their deposits
showed little growth. Funds collected by
the Treasury in the New York market in
the form of taxes and from the sale of new
issues were greater than Treasury expenditures in that area. Furthermore, there appears to have been no net flow of private
funds to New York. During the early
phases of the great expansion in war production, there probably was a tendency to
keep funds in banks near actual productive
activity, rather than in money market
banks where the head offices of the companies were located. This is indicated by
the exceptionally large growth in deposits
in areas known to be active in war production. Furthermore, rapid growth in agriDECEMBER 1943
cultural income has been accompanied by
increased deposits in farming areas.
During 1943, however, deposits in New
York City have shown wide fluctuations
with some tendency to increase. From the
end of 1941 to November 17, 1943, demand
deposits adjusted at New York City reporting banks increased by 1.3 billion
dollars, compared with an increase of only
700 million dollars in 1942.. Treasury collection of taxes and sales of new securities
have continued to take more money from
the New York market than was returned
by Treasury expenditures, but during the
first eight months of the year there was
some flow of funds on commercial and
financial accounts into the New York market. The flow of funds into New York
may result in part from heavy net purchases
of Government securities in the open market
by banks and by others from outside the
city. These securities were in general supDEPOSITS
REPORTING MEMBER BANKS
BILLIONS OF DOLLARS
1942
WEDNESDAY
1943
FIGURES
1942
BILLIONS OF DOLLARS
1943
NOTE.—Weekly reporting member banks in 101 leading cities.
Demand deposits adjusted exclude U. S. Government and interbank
deposits and items in process of collection. Latest figures are for
Nov. 17.
1141
REVIEW OF THE MONTH
prewar bond issues, secure longer maturities than are available to them by subscription.
At the time of our entry into the war,
about one-seventh of bank holdings of U. S.
Government securities matured in one year
or less; now, this proportion is over 40 per
cent. This has been mainly the result of
the kind of securities offered by the Treasury
for purchase by banks. Commercial banks
reporting monthly to the Treasury added
about 18 billions of dollars of Government
securities to their holdings in 1942.; seBANK PURCHASES OF GOVERNMENT
curities maturing in less than one year acSECURITIES
counted for about 50 per cent of the increase;
those maturing in less than five
Member bank holdings of United States
Government securities have increased from years for about 65 per cent; and nearly all
about 40 per cent of their total earning had maturities of less than 10 years.
In 1942-, the maturity pattern of the seassets in 1940 to over 70 per cent at present.
Of considerable importance is the maturity curities added and retained by banks appears
distribution of these holdings. From the to have followed roughly the distribution of
standpoint of the banks, short-term issues securities banks obtained by subscription.
give lower yields but provide greater In the first half of that year banks subliquidity than long-term issues, while from stantially increased their holdings of bonds
the standpoint of the Treasury short-term and certificates, reflecting principally purissues, although less costly, necessitate chases of new issues.
In the second half of 194Z banks made the
more frequent refunding than longer-term
securities. Long-term issues also present to largest net addition to Government porttheir holders greater possibilities of capital folios of any half-year period to date. In
gain or loss because of future changes in general the additional securities were acquired by subscription to Treasury offerings
security prices.
Until recently the policy of the Treasury and the banks did not retain all of the
was generally to offer most issues of se- securities so acquired. Although holdings
curities for sale to any buyers. In recent increased, there were substantial sales of
years, however, there have been issues bills, certificates, and also some notes,
which banks were not permitted to pur- to the market or to the Federal Reserve
chase or to own except under certain condi- System Account. On the other hand,
tions. The aim has been to limit bank pur- banks purchased from the market a small
chases f to securities of relatively short amount of bonds in addition to those acmaturity. Since early in 1942-, all of the quired by subscription.
securities for which banks were permitted
During the first half of 1943 banks made
to subscribe have had maturities of ten a net addition to their U. S. Government
years or less. Banks may, however, by security portfolios by open-market purpurchasing in the open market outstanding chases as well as by subscription. Banks
plied by banks, dealers, and insurance companies, which in turn increased their holdings by purchases of new issues. To a
considerable extent, however, the flow of
funds to New York has probably represented the accumulation of business balances
in that market. Working balances in the
areas of production may have become ample
for current operations and sums in excess of
such needs may have been placed on deposit
in money-market banks pending investment
or other use.
1142.
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
reporting to the Treasury increased their
holdings of Treasury bonds in this period
by 4.8 billion dollars, of which about 1.
billion were obtained by direct allotment
on subscriptions for new offerings and the
remainder were purchased in the market.
Most of the bonds purchased were due or
callable in 10 years or less, but a few were
of longer maturity.
COMMERCIAL BANK HOLDINGS OF GOVERNMENT SECURITIES
BY TYPES OF SECURITIES
BILLIONS OF DOLLARS
END OF MONTH FIGURES
BILLIONS OF DOLLARS
last June city banks have reduced their
holdings of bills and have increased their
holdings of certificates, notes, and bonds,
which provide higher yields. The accompanying chart shows changes in banks'
holdings by types of securities and by maturities of bonds.
As a net result of these transactions and
of the approach to maturity of outstanding
issues, commercial bank holdings of
Treasury bonds maturing in more than 10
years showed practically no change during
the xz months ending October 31. Holdings of bonds maturing in 5 to 10 years
increased by over 10 billion, and those of
shorter bonds by 5 billion dollars. In the
same period the reporting banks added
about 3 billion to their holdings of notes
and of guaranteed issues, all of which mature or are callable within five years, and
increased their holdings of bills and certificates, which mature within one year, by
about 18 billion dollars.
CHANGES IN BANK LOANS
1942
1943
1942
NOTE.—Based on end of month reports received by the Treasury
from approximately 5,800 commercial banks.
Figures are on a par-value basis.
October 1943 figures are preliminary.
In the third quarter of 1943, banks added
to their portfolios of notes and certificates
through subscription for new issues and in
addition purchased certificates and bonds in
the market. A part of these securities were
acquired just preceding and during the Third
War Loan Drive, when securities were offered by individuals and concerns who were
taking profits on holdings or were freeing
cash in order to subscribe to issues in the
Third War Loan Drive.
In October additional bonds and certificates were obtained by subscription. Since
DECEMBER 1943
As would be expected, the net effect of
curtailed civilian production, increased
money supply, and the financing by the
Government of much plant expansion and
of some inventories for war production has
been a decrease in the demand for bank
credit. The decline in bank loans which
began in early 1942. continued through June
of this year. Commercial loans for nonwar
purposes continued to decline and there was
some slackening in the increase in loans for
war purposes. Since June of this year, however, there have been sharp increases both
in commercial loans and in security loans.
Total loans at all commercial banks were
about 17.7 billion dollars in June 1943, after
declining about 4 billion from their high
level in early 1942.. Commercial and industrial loans, which amounted to about 7
1143
REVIEW OF THE MONTH
billion on June 30, 1943, accounted for
close to x-5 billion of the total decrease.
Between mid-1940 and early 1942. there had
been a growth in commercial loans at all
commercial banks of about 3 billion dollars,
which rested primarily upon the rapidly
expanding level of production and trade as
the defense program was developing. After
reaching a peak during the first half of 1942.,
the volume declined; outstanding loans
for nonwar purposes apparently declined
steadily and the rate of increase in loans for
war purposes slackened markedly.
Loans at all commercial banks to finance
production of war goods are estimated to
have increased from 1.4 billion dollars at the
end of 1941 to around 3J billion by June 30,
1943. These estimates for 1942. are based
on semiannual surveys on war lending
among the larger banks of the country conducted by the American Bankers' Association and on the System's survey of commercial loans at member banks in 1942.. If
the war loans as here estimated are deducted from total loans, it appears that nonwar loans declined by more than 3 billion
dollars in 1942. and by another billion or
more in the first half of 1943.
Since June 1943, however, an up-turn in
commercial loans and open-market paper at
weekly reporting member banks in 101
leading cities has erased nearly half of the
decline which occurred at those banks between early I94X and mid-1943. The total
of commercial loans and open-market paper
at these banks is now within about one
billion dollars of the 1941 peak of 7.5
billion. The relative decline from the loan
peak was similar in New York City and
outside, but the recent increase has been
substantially more rapid at reporting banks
outside New York than in New York City.
Loans made by banks outside New York
City have accounted for roughly two-thirds
of the total dollar increase since June.
1144
The increase in commercial loans since
June of this year appears to reflect a sharper
increase in the rate of borrowing for nonwar than for war purposes. Close to half
the total increase between June and late
November at reporting member banks occurred during the month of September.
Part of the unusual rise in that month may
have reflected borrowing either directly to
finance security purchases during the Third
War Loan Drive or to restore working
capital balances depleted by security purchases. Regulation V, and more recently
"VT" loans, guaranteed by the War Department, Navy Department, and the Maritime Commission, increased by about 900
million dollars during the first nine months
of 1943 to 1.7 billion outstanding on
September 30, but the increase was less
than 300 million dollars during the last
three months of the period, when total commercial loans at reporting banks expanded
by about 700 million. This would indicate
an increase in loans not related to war
production needs.
In New York City, loans to brokers and
dealers in securities have increased substantially at the time of each war loan drive,
and have subsequently declined. They
have gradually attained an average level
considerably above that of mid-i94x. This
has been due largely to increases in loans
made to brokers and dealers for purchasing
and carrying Government securities. These
loans have been reported separately by
banks in New York City since March 1943.
At that time they were close to 2.00 million
dollars, but they rose above a billion dollars
in both the Second and Third War Loan
Drive. By the latter part of November,
they had declined to around 600 million
dollars. Loans to brokers and dealers for
handling securities other than Governments have also increased, rising from a
level of around Z75 million early in 1943 to
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
around 500 million recently. Other loans
for purchasing or carrying securities at
banks in 101 cities increased to about 600
million dollars during the Second War
Loan Drive and rose during the third drive
to a peak of 1.1 billion. By the end of
November they had declined by over 300
million dollars.
All other loans at banks have declined
generally since the end of 1941. The greatest absolute, as well as the greatest proportionate decline, 70 per cent, has been in
consumer instalment loans, which dropped
1.1 billion to 480 million outstanding in
October.
BANK EARNINGS
The large growth in holdings of Government securities, combined with the decline
in loan volume, has produced widely
different effects on the earnings of individual banks. In i94x the earnings of central
reserve and reserve city banks increased,
while those of country banks declined.
In the first half of 1943 earnings at all classes
of banks increased, but the biggest gain
was at the money market central reserve
city banks. These variations can be explained largely by differences in the spread
between loan rates and investment yields.
At large banks loan rates have not been
so much higher than the rates on investments, and the increase in holdings of
Government securities has more than offset
the effect on earnings of the decline in
loans. At smaller banks, loan rates are
generally much higher than rates on
Government securities. Many of these
banks, therefore, while showing an increase in the total volume of earning assets
have nevertheless suffered a decline in earnings. It is likely that many banks have
had no increase in earnings, or possibly a
decline, even though earnings of banks as
a whole have increased.
DECEMBER
1943
A further factor in the earnings situation
is that a large part of the decline in loans
has been in types of loans, such as consumer
credit, that produced high returns, whereas
the new loans made have been to a considerable extent war loans with relatively
lower rates. The average rate of return
on loans in 1942. and the first half of 1943
was well below earlier levels.
BANK
RESERVES AND FEDERAL
POLICY
RESERVE
During the war period, the major problem of the Federal Reserve System has been
to keep the volume of bank reserves and
the yields on Treasury issues consonant
with the requirements of war finance. The
expansion in currency and the substantial
growth of deposits have made it necessary
for the System to supply a large volume of
reserve funds to the market. The currency
demand has been particularly important
in creating a need for reserves since its
effect is to absorb reserve funds on a dollarfor-dollar basis, whereas deposit growth
requires the replenishment of reserve balances only on a fractional basis.
Since die end of 1941 the currency growth
has amounted to 8 billion dollars and the
amount of required reserves, notwithstanding some reduction in the proportions
required against deposits, has increased by
2. billions. These needs have been met
principally by an increase of 8 billion
dollars in Reserve Bank holdings of Government securities and a decline of 2. billion
in excess reserves. The volume of excess
reserves of all member banks is now close
to a billion dollars and most of this is at
country banks.
The elimination of reserve requirements
against war loan balances in April of this
year has removed the need for special reserve action during war loan drives but
1145
REVIEW OF THE MONTH
it has also had the effect of causing wide
variations in required and excess reserves.
Before this legislation, when war loan balances were subject to the same requirements
as other deposits, the wide-scale shifting
of accounts that characterized a period of
Treasury financing and the increase in
deposits resulting from bank purchases of
Government securities required the maintenance of ample and enlarged excess reserves so as to avoid random and unexpected
pinches at individual banks or in selected
areas. The effect of the present provision
is actually to release reserves at the time
of a war loan drive. During the September drive, banks were so well provided
with excess reserves that they made substantial purchases of Government securities
in the open market.
Although banks should have adequate
reserves to meet wartime needs, the maintenance of a very large volume of excess
reserves no longer seems necessary. The
buying rate on bills established by the System, combined with the option to repurchase, works in the direction of giving
banks great facility in the easy and precise
management of their reserve funds. The
fact that the broad level of prices of other
Government securities is being maintained
also endows these securities with a high
degree of liquidity. Under these circumstances, excess reserves no longer have the
special significance that has been attached
to them in recent years.
Many banks, in fact, have resumed the
long dormant practice of investing all
available funds and thus of holding no
excess reserves. Since early this year,
almost all of the money market banks in
New York and Chicago have been on a full
investment basis and certain other banks
have also come to this position. In
1146
general, however, most banks still continue to carry some volume of excess
reserves and there appear to be a few that
have the clear policy of not allowing their
excess reserves to fall below certain fixed
levels.
Banks in New York City and Chicago,
which together held a billion and a quarter
dollars of excess reserves at the end of 1941,
have held practically no excess reserves
since early this year. At reserve city banks
excess reserves, which remained above a billion dollars during most of i94x, have declined steadily in recent months and are
now around 300 million dollars, or about 7
per cent of requirements. Country banks
have gained reserve funds as their requirements have grown and have generally
maintained excess reserves of around 800
million. The ratio of excess to required
reserves for these banks is still above 30
per cent.
Another aspect of Federal Reserve policy
has been the maintenance of prices of Government securities at levels which facilitate
current Treasury financing. In general the
pattern of interest rates that became established in the prewar period, when banks
held a large volume of excess reserves, has
been maintained. This has required at
times the purchase of certain securities and
at other times their sale. The general
result of these operations and of those to
supply reserves has been that the Reserve
Banks have purchased from member banks
short-term, low-rate securities—Treasury
bills and certificates—and during this year
have actually sold notes and bonds.
Under existing Federal Reserve policies,
therefore, the large amounts of certificates,
as well as of bills, now held by banks
provide the means for obtaining at low
rates any amount of additional reserves
that banks may need.
FEDERAL RESERVE BULLETIN
FOURTH WAR LOAN DRIVE
On November 2.7. Secretary Morgerithau issued
the following statement announcing that the
Fourth War Loan Drive would start January 18,
and would run until February 15, 1944:
"The goal has been set at 14 billion dollars.
Five and one-half billion dollars of this amount
is to be raised directly from individuals.
* 'The State War Finance Committees will have
the task of raising this 14 billion dollars. These
committees are being strengthened and expanded
to meet the necessity of increasing the number
of people who are buying War Bonds. Millions
of volunteer salesmen are now ready to carry
this campaign for funds to every individual
investor in homes and in plants throughout the
nation.
"The major emphasis throughout the entire
period of the drive—January 18 to February
15—will be placed on the quota of 5.5 billion
dollars for individuals. During the period
from January 18 to February 1 only sales to
individuals will be reported by the Treasury.
The reporting of sales to individuals will be
supplemented starting February 1 with reports
of sales to other nonbanking investors—the
quota for which is 8.5 billion dollars. This
will not preclude the acceptance of subscriptions from other nonbanking investors at any
time during the drive.
"All subscriptions for Savings Bonds and
Savings Notes received at the Federal Reserve
Banks or at the Treasury of the United States
between January 1 and February Z9, 1944,
will be credited to the drive.
"The goal and the type of securities to be
offered were determined by the Treasury after
consultation with the chairmen of the State
War Finance Committees, officials of the
Federal Reserve System, the American Bankers
Association, and other investment authorities.
' 'The securities to be sold under the direction
of the War Finance Committees will consist of:
Series E Savings Bonds
Series F and G Savings Bonds
DECEMBER
1943
Series C Savings Notes
2. }/2 per cent Bonds of 1965-70
2. x/± P e r c e n t Bonds of 1956-59
% per cent Certificates of Indebtedness
"In view of the fact that many commercial
banks accept time deposits and perform in their
own communities the same functions as those
performed by other savings institutions, the
Treasury will permit such commercial banks
to make a limited investment of their time
deposits only in the 2. x/i per cent and 2. }/& per
cent Bonds under a formula to be announced
later.
"The 2.3/2 per cent Bond will be dated February 1, 1944, due March 15, 1970, callable
March 15, 1965, and will be issued in coupon
or registered form at the option of the buyers,
in denominations from $500 to $1,000,000.
Commercial banks, which are defined for this
purpose as banks accepting demand deposits,
will not be permitted to own these bonds until
February 1, 1954, except for the limited investment of time deposits.
' 'The i.}/i per cent Bond will be dated February
1, 1944, due September 15, 1959, callable September 15, 1956, and will be issued in coupon or
registered form at the option of the buyers, in
denominations of $500 to $1,000,000. Commercial banks, which are defined for this purpose as banks accepting demand deposits, will
not be permitted to own these bonds until
September 15, 1946, except for the limited investment of time deposits.
"The Y% P e r c e n t Certificate of Indebtedness
will be dated February 1, 1944, due February
1, 1945, and will be issued in denominations of
$1,000 to $1,000,000 and in coupon form only.
"The Treasury will request that, until after
February 15, 1944, commercial banks not buy
the % per cent Certificates of Indebtedness
offered, and that the market not trade in any
of the marketable securities offered in the drive.
' 'To avoid unnecessary transfers of funds from
one locality to another, the Treasury requests
1147
FOURTH WAR LOAN DRIVE
that all subscriptions by corporations and firms purchase of Government securities. The Treasbe entered and paid for through the banking ury is in favor of the banks making loans to
institutions where funds are located. This facilitate permanent investment in Government
request is made to prevent disturbance to the securities provided such loans are made in
money market and the banking situation. The accord with the joint statement issued by the
Treasury will undertake to see that statistical National and State Bank Supervisory Authoricredit is given to any locality for such subscrip- ties on November 2.3, 1942.."
tions that the corporations and firms may request; except subscriptions from insurance comOn November 2.2., the Secretary of the Treasury
panies will be credited to the State of the home announced an offering of certificates of Decemoffice as in the past.
ber 1944 in exchange for the 3.8 billion dollars
"In order to help in achieving its objective of certificates that matured on December 1.
of selling as many securities as possible outside The new issue carried a coupon rate of ]/g of
of the banking system, the Treasury requests one per cent. A total of 3.5 billion dollars of
the cooperation of all banking institutions in the maturing certificates were exchanged for
declining to make speculative loans for the the new issue.
1-148
FEDERAL RESERVE BULLETIN
CURRENT EVENTS
Admissions of State Banks to Membership in the
Federal Reserve System
The following State banks were admitted to
membership in the Federal Reserve System
during the period October 16, 1943, to November 15, 1943, inclusive:
Lake View—Farmers State Bank
Renwick—Renwick Savings Bank
New York
Hempstead—Hempstead Bank
Northport—Northport Trust Company
Texas
Houston—Heights State Bank
California
Napa—Napa Bank of Commerce
Illinois
Bloomington—American State Bank of Bloomington, Illinois
Iowa
Columbus Junction—Columbus Junction State
Bank
Des Moines—Capital City State Bank
Conference of Chairmen
The Chairmen of the Federal Reserve Banks
met with the Board of Governors in Washington
on November 8, 1943.
Federal Advisory Council
A meeting of the Federal Advisory Council
was held in Washington on November 14-15,
and the Council met with the Board of Governors on November 15, 1943.
SIZE OF WAR PRODUCTION LOANS
A recent analysis of Regulation V war production loans authorized by the War Department,
Navy Department, and Maritime Commission
through September 1943 shows that about onefifth of the number of guaranteed loans authorized were for amounts of $X5,000 or less and that
over half of them were for $100,000 or less. Less
than one-eighth were for more than $1,000,000.
The percentage distribution of the loans authorized, according to size of loan, is as follows:
Amount of loan
Per cent of t o t a l
number of loans
Cumulative
percentage
distribution
Up t o $5,000
$5,001-$10,000
$10,001-$25,000
$25,001-$50,000
$50,001-$100,000
$100,001-$250,000
$250,001-$500,000
$500,001-$1,000,000
$l,000,001-$5,000,000
$5,000,001-$10,000,000
$10,000,001-$25,000,000
$25,OOO,OO1-$5O,OOO,OOO
Over $50,000,000
3.6
5.1
11.9
13.7
16.7
16.9
12.4
7.9
9.0
1.4
.8
.3
.3
3.6
8.7
20.6
34.3
51.0
67.9
80.3
88.2
97.2
98.6
99.4
99.7
100.0
A classification of Regulation V loans authorized according to size of the borrowers as
DECEMBER 1943
distinguished from the size of the loans shows
that about Z5 per cent of the borrowers had
assets under $50,000, and that 68 per cent had
assets of less than $500,000. Only 6 per cent of
the borrowers had assets of $5,000,000 or more.
The following table gives a distribution of the
number of borrowers by size of total assets:
Assets of borrower
Under $50,000
$50,000 to $500,000
$500,000 to $5,000,000
$5,000,000 a n d over
N o information
Total
Number of
borrowers
Per cent
of total
number
Cumulative
percentage
distribution
^01
1,417
814
198
15
24.7
43.6
25.1
6.1
.5
24.7
68.3
93.4
99.5
100.0
2
3,245
1
Includes 171 borrowers, for whom asset size is not available, with
loans under $50,000.
2
Includes 113 borrowers, for whom asset size is not available, with
loans of $50,000 to $100,000, inclusive.
In the above table a borrower is counted only
once regardless of the number of loans made to
him.
Current data on guaranteed loans under
Regulation V are shown in the table on page
1149
NATIONAL SUMMARY OF BUSINESS CONDITIONS
Compiled November 22 and released for publication November 26. Figures shown on
charts may differ from preliminary figures used in text.
ber production declined somewhat more than
usual at this season and the prospective supply
situation remains critical notwithstanding reduced demand for lumber for building purposes.
Output of stone, clay, and glass products as a
INDUSTRIAL PRODUCTION
whole showed little change and was at about
The total volume of industrial production the level of a year ago. Cement production in
continued to increase slightly in October and October was down 40 per cent from last year but
the Board's seasonally adjusted index was at 145 production of other stone, clay, and glass prodper cent of the 1935-39 average, as compared ucts, like glass containers and asbestos and
with 140 in July and 2.1s/ in January. War pro- abrasive products, was considerably higher than
duction in the machinery and transportation last year.
Output of most nondurable goods showed
equipment industries showed a further rise,
reflecting largely a new high level of production little change from September to October. Food
of aircraft, aircraft engines, and parts. The total manufacturing as a whole continued in large
number of planes accepted during the month was volume, allowing for seasonal changes, although
8,361, or 11 per cent more than the average in the butter and cheese production declined. Output
third quarter. Deliveries of cargo vessels from of butter was 11 per cent below last year in
merchant shipyards continued at an annual rate October and declined further in the early part of
November. Meatpacking, however, was at an
of 2.0,000,000 deadweight tons.
exceptionally high level in October and conINDUSTRIAL PRODUCTION
tinued to increase sharply in the first three weeks
of November. There was also a rise in produc240
tion of wheat flour and other manufactured foods
in
October. Output of textile and leather
220
220
products
remained at the somewhat reduced rate
200
200
of recent months, while production of rubber
180
products and industrial chemicals increased.
Coal
production declined 6 per cent in October
and dropped sharply further during the first
week of November, but increased in the middle
120
120
of November.
100
100
\
The value of construction contracts awarded
in October, according to reports of the F. W.
Dodge Corporation, continued at the low level
Federal Reserve index. Monthly figures, latest shown is for
October.
of other recent months. Total awards this year
have been 60 per cent smaller than in the correSteel mills operated during October at the
sponding period of 1942., when they were at the
highest monthly rate during the war period.
highest level of the war period.
Production of nonferrous metals also continued
DISTRIBUTION
to rise. Announcement of permission to use
aluminum in additional types of war products
Department store sales in October and the first
and some essential industrial products followed half of November were 10 per cent larger in dolrapidly increasing output of this metal. Lum- lar volume than in the same period last year,
Industrial activity was maintained in record
volume in October and the early part of November. Value of department store sales continued
at an exceptionally high level.
HCAL VOLUME SEASONALLY ADJUSTED, 19
y
1150
//
/
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
and, allowing for seasonal changes, sales were
somewhat higher than in the third quarter of
this year. Total consumer expenditures for
commodities and services in the third quarter
were at about the peak level prevailing in the
first half of this year and were substantially
larger than a year ago.
Carloadings of railway freight in October
were slightly less than in September, reflecting
chiefly declines in shipments of coal and ore.
Loadings of grain increased sharply to a level
2.0 per cent greater than in October 194X5 and
livestock shipments were the highest in recent
years.
COMMODITY PRICES
Grain prices advanced in the early part of
November, while prices of livestock declined as
livestock marketings expanded sharply. Prices
of certain industrial raw materials, such as
cotton, wool, and nonferrous metal scrap, have
also declined somewhat since the middle of October, reflecting larger supplies and uncertainties
as to the extent of demands for these materials
in war production.
The total cost of living which had declined
1.4 per cent during the summer, according to the
Bureau of Labor Statistics, rose .8 per cent
from mid-August to mid-October. There were
increases in prices of food, clothing, and a
number of miscellaneous items.
BANK CREDIT
The average level of excess reserves at all
member banks was around i. i billion dollars in
mid-November, reflecting some decline from the
comparable October period. During the four
weeks ending November 17 reserve funds were
supplied to member banks by an increase of
over 900 million dollars in the Government
security portfolio of the Reserve Banks; increased holdings consisted largely of bills purchased under option and in part of certificates.
The effect of these security purchases on excess
reserves was more than offset, however, by a
currency demand of 540 million dollars and a
continued increase in required reserves as
Treasury disbursements transferred funds from
reserve-exempt war loan accounts to private
deposits.
Following substantial bank purchases of
special Treasury offerings in mid-October,
Government security holdings at reporting
member banks in 101 leading cities declined
somewhat over the following month. The
principal decrease was in holdings of bills at
banks outside New York. Commercial loans
while decreasing during the past two weeks,
showed a net gain for the four-week period,
while loans on securities, which rose to a high
level during the Third War Loan Drive, declined
substantially.
COST OF LIVING
PER
CE NT,
1933-39-100
MEMBER BANK RESERVES AND RELATED ITEMS
PER
160
150
A
140
130
i
s
140
j
130
120
FOODS
' S " ^
'If
no
LL ITEMS
100
90
90
80
1937
1938
1939
1940
1941
1942
1943
Bureau of Labor Statistics' indexes. Last month in each calendar
buarter through September 1940, monthly thereafter. Mid-month
figures, latest shown are for October.
DECEMBER 1943
Wednesday figures, latest shown are for Nov. 24.
1151
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
PAGE
Member bank reserves, Reserve Batik credit, and related items
Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements
Federal Reserve Bank statistics
Guaranteed war production loans
Deposits and reserves of member banks
Money in circulation
Gold stock; Postal Savings System; bank suspensions; bank debits.
All banks in the United States, number, deposits, loans and
investments
Condition of all member banks
Weekly reporting member banks.
Commercial paper, bankers' acceptances, and brokers' balances ...
Money rates and bond yields
Security markets
Corporate profits
Treasury
finance
Government corporations and credit agencies
Business indexes
Department store statistics
Consumer credit statistics
Wholesale prices
Employment in nonagricultural establishments
November crop report, by Federal Reserve districts
Current statistics for Federal Reserve chart book
Changes in number of banking offices in the United S t a t e s . . . .
115 5
1156
1157-1161
1161
1162.
1163
1164
1165
1166-1167
1168-1171
nyz
1173
1174-1175
1176
1177-1179
1180
1181-1189
1190-1191
1191-1193
1194
1195
1195
1196-1197
1198
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
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 scries on business activity are obtained largely from other sources. Back figures may in most cases be obtained from earlier BULLETINS
and from Annual Reports of the Board of Governors for 1937 and earlier years.
DECEMBER 1943
I3:
53
MEMBER
BANK RESERVES AND RELATED ITEMS
BILLIONS OF DOLLARS
WEDNESDAY FIGURES
BILLIONS OF DOLLARS
24
TREASURY CASH AND DEPOSITS
MEMBER BANK
RESERVE BALANCES
1937
1938
1939
1940
1941
1942
1943
Wednesday figures, latest shown are for Nov. 24. See p. 1155.
1154
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
U. S. Government
securities
Bills
dis:ounted
Total
and
certificates
Monthly averages of
daily figures:
1942—Aug
Sept...
Oct
1943—Aug
Sept
Oct
5
11
9
27
41
15
3,370
3,488
4,013
8,440
9,214
9,072
993
1,097
1,130
6,238
6,981
6,845
End of month figures:
1942—Aug. 31
Sept. 30....
Oct. 31
1943—Aug. 31
Sept. 30....
Oct. 30
11
59
12
26
3,426
3,567
4,667
9,088
8,919
9,354
Wednesday figures:
1943—Jan. 6
Jan. 13
Jan. 20
Jan.27
4
7
10
10
Feb.3
Feb. 10
Feb. 17
Feb. 24
Mar.
Mar.
Mar.
Mar.
Mar.
All
Treas-
Gold
stock
Treasury
currency
outstanding
TreasOther
ury deFedposits NonMoney Treaseral
ury
memwith
in cir- cash
Reber
deFederal
culaholdserve
posits
Retion
ings
acserve
counts
Banks
other*
Total
2,377
2,391
2,883
2,202
2,233
2,226
185
224
268
413
478
464
3,561
3,722
4,290
8,880
9,732
9,551
22,745
22,750
22,752
22,305
22,209
22,145
3,332
3,346
3,361
4,093
4,093
4,100
12,939
13,441
13,951
18,196
18,729
19,001
2,208
2,208
2,233
2,277
2,266
2,280
240
254
350
316
336
559
1,333
1,321
1,345
1,562
1,504
1,581
1,037
1,161
1,207
6,861
6,698
7,111
2,390
2,407
3,459
2,227
2,221
2,242
131
199
282
319
453
443
3,565
3,774
4,959
9,466
9,384
9,823
22,756
22,754
22,740
22,243
22,175
22,116
3,340
3,353
3,368
4,087
4,096
4,101
13,200
13,703
14.210
18,529
18,844
19,250
2,217
2,222
2,261
2,271
2,267
2,288
246
661
252
249
706
400
6,032
5,975
5,818
5,729
1,895
1,841
1,701
1,690
4,138
4,134
4,117
4,039
341
292
367
252
6,378
6,274
6,195
5,992
22,712
22,712
22,703
22,692
3,660
3,697
3,747
3,793
15,393
15,322
15,354
15,438
2,192
2,190
2,196
2,199
9
13
9
11
5,475
5,719
5,795
5,931
1,588
1,939
2,083
2,275
3,887
3,780
3,712
3,656
283
250
410
281
5,766
5,983
6,214
6,223
22,663
22,642
22,642
22,643
3,846
3,885
3,915
3,925
15,666
15,798
15,845
15,952
3
10.. ..
17
24
31. ...
12
9
10
10
13
5,800
6,090
6,266
5,950
5,919
2,287
2,747
3,102
2,883
2,936
3,513
3,343
3,165
3,067
2,983
319
291
422
320
260
6,130
6,390
6,699
6,280
6,191
22,643
22,644
22,610
22,595
22,576
3,953
3,971
3,979
3,984
3,989
Apr.
Apr.
Apr.
Apr.
7
14
21
28
13
12
11
26
6,549
6,705
6,329
6,347
3,516
3,660
3,302
3,320
3,033
3,045
3,027
3,027
286
387
375
283
6,848 22,541
7,104 22,501
6,715 22,482
6,655 22,472
May
May
May
May
5
12
19
26
15
25
10
21
6,531
6,172
6,038
6,181
3,617
3,341
3,260
3,463
2,914
2,831
2,778
2,717
304
328
386
291
6,850
6,526
6,434
6,493
21
13
11
19
5
6,217
6,636
6,626
6,748
7,202
3,539
3,995
4,218
4,393
4,907
2,677
2,641
2,408
2,355
2,295
297
349
451
427
369
July 7...
July 14..
July 21..
July 28..
34
10
9
13
7,676
7,645
7,577
7,951
2,228
2,226
2,199
2,199
Aug. 4...
Aug. 11..
Aug. 18..
Aug. 25..
18
24
18
40
8, 165
8, 317
8, 156
8, 777
5,448
5,419
5,378
5,752
5,967
6,119
5,957
6,572
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
Oct.
Oct.
Oct.
Oct.
6...
13..
20..
27..
13
18
11
13
Nov.
Nov.
Nov.
Nov.
3...
10..
17..
24..
39
22
34
48
Member
bank reserve
balances
Total
Excess 2
295
294
290
331
334
339
12,623
12,299
12,234
12,597
12,864
12,035
2,248
2,300
2,328
1,136
1,417
1,264
1,368
1,407
1,326
1,561
1,636
1,674
292
296
283
339
335
341
12,338
11,592
12,735
12,855
11,864
12,086
2,143
1,690
2,644
1,123
1,684
1,102
273
329
374
122
1,172
1,308
1,311
1,181
256
255
255
258
13,464
13, 279
13,156
13,278
2,326
2,149
1,998
2,094
2,200
2,209
2,221
2,223
49
280
188
258
1,156
1,213
1,158
1,171
262
264
268
270
12,942
12,747
13,093
12,917
1,700
1,640
1,992
,788
16,154
16,205
16,115
16,065
16,250
2,212
2,218
2,224
2,218
2,224
14
5
6
6
55
1,141
1,179
1,129
1,185
1,166
271
276
297
301
303
12,935
13,122
13,516
13,084
12,759
1,786
1,877
2,126
1,632
1,518
3,994
4,002
4,008
4,009
16,353
16,424
16,500
16,593
2,229
2,235
2,236
2,234
213
128
471
443
1,175
1,376
1,372
1,410
302
300
307
307
13,110
13,144
12,318
12,149
1,976
2,147
2,293
2,224
22,473
22,454
22,455
22,425
4,014
4,033
4,051
4,072
16,683
16,741
16,795
16,902
2,245
2,252
2,264
2,267
722
630
379
345
1,468
1,272
1,307
1,323
310
312
313
314
11,909
11,805
11,882
11,838
2,128
1,733
1,638
1,498
6,535
6,998
7,088
7,194
7,576
22,427
22,407
22,407
22,387
22,388
4,075
4,078
4,080
4,079
4,077
17,196
17,237
17,189
17,154
17,421
2,272
2,277
2,278
2,268
2,268
6
175
6
294
455
1,192
1,312
1,258
1,386
1,483
315
316
332
335
328
12,057
12,165
12,511
12,223
12,085
1,634
1,514
1,632
1,299
1,212
407
495
447
453
8,117
8,150
8,033
8,418
22,388
22,362
22,347
22,334
4,085
4,086
4,084
4,090
17,607
17,658
17,706
17,799
2,278
2,267
2,271
2,272
773
616
293
559
1,492
1,466
1,544
1,571
332
331
331
331
1,229
1,310
1,188
1,020
2,199
2,199
2,199
2,205
400
377
412
320
8,582
8,718
8,586
9,137
22,335
22,306
22,291
22,292
4,093
4,091
4,092
4,098
18,014
18,101
18,214
18,303
2,281
2,281
2,279
2,282
398
295
99
304
1,650
1,651
1,388
1,605
332
331
329
331
12,108
12,260
12,319
12,309
12,336
12,456
12,660
12,702
1,030
1,199
1,288
1,106
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
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
426
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
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
All
other
r
1
2
Revised.
Includes industrial advances shown separately in subsequent tables.
End of month and Wednesday figures estimated.
NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article, together
with available back figures, may be obtained upon request. Back figures are also shown in Annual Report for 1937 (tables 3 and 4) and for excess reserves
in BULLETIN for August 1935, pp. 499-500.
DECEMBER
1943
"55
FEDERAL RESERVE BANK DISCOUNT RATES
fin effect November 30. Per cent per annum]
Discounts for and advances to member banks
Federal Reserve Bank
Advances secured by
Government obligations maturing or
callable in one year
or less (Sec. 13)
Effective
Rate
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...
27,
30,
17,
27,
28,
15,
17,
27,
30,
27,
17,
28,
Advances to individuals, partnerships,
or corporations other than member banks
secured by direct obligations of the U. S.
(last par. Sec. 13)
Advances secured by
Government obligations
maturing or callable
beyond one year and Other secured advances
[Sec. 10(b)]
discounts of and
advances secured by
eligible paper „1
(Sees. 13 and 13a)
Effective
Rate
Sept.
Aug.
Mar.
Apr.
Mar.
Mar.
Feb.
Mar.
Mar.
Apr.
Mar.
Apr.
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1,
25,
21,
11,
14,
21,
28,
14,
28,
11,
21,
4,
1939
1939
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
Rate
\y&
\y^
\y^
1^2
\.}/2,
i/^
iy2
i^
Effective
Oct.
Oct.
Oct.
Sept.
Oct.
Oct.
Aug.
Mar.
Oct.
Oct.
Oct.
Oct.
To others
To nonmember banks
Rate
27, 1942
30, 1942
17, 1942
12, 1942
28, 1942
15, 1942
29, 1942
14, 1942
30, 1942
27, 1942
17, 1942
28, 1942
1
1
1
1
1
1
1
1
1
1
1
1
Effective
Sept.
Aug.
Mar.
Apr.
Mar.
Sept.
Sept.
Sept.
Mar.
Sept.
Sept.
Apr.
Effective
Rate
1, 1939
25, 1939
21, 1942
11, 1942
14, 1942
16, 1939
1, 1939
16, 1939
28, 1942
16, 1939
16, 1939
4, 1942
2
iy2
2
2
2y%
2
2
2
2V£
2
2
2%
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
27, 1942
30, 1942
17, 1942
27, 1942
28, 1942
15, 1942
17, 1942
27, 1942
30, 1942
27, 1942
17, 1942
28, 1942
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 4months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or corporations made under the last
paragraph of Section 13 is 90 days.
FEDERAL RESERVE BANK BUYING RATES ON BILLS
[Per cent per annum ]
Maturity
Treasury bills1
Bankers' acceptances :2
1- 90 days
91-120 days
121-180 days
Previous
rate
Rate on
November 30
In effect beginning-
%
Apr. 30, 1942
%
Oct. 20, 1933
do..
do
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
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
22M
26
22^
26
24
22
20
Reserve Country
city
banks
banks
10
15
17^
20
17^
20
20
20
20
103^
12M
14
12
14
14
14
14
Time
deposits
(all
member
banks)
k
6
5
6
6
6
6
Prescribed by Board of Governors of the Federal
Reserve System in accordance with Securities
Exchange Act of 1934
For extensions of credit Jby broker's jand dealers on
listed securities, under Regulation T.
or short sales,. under Regulation
T.
Foi
„
For loans by banks on stocks, under Regulation U..
1
Apr. 1,
1936Oct.«31,
1937
3,(*)
55
Effective
Nov. I,
1937
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.
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.
II56
To financing institutions
Discounts or
purchases
Federal Reserve
Bank
On
advances 1
Boston
New York
Philadelphia
Cleveland
1
Gross demand deposits minus demand balances with domestic banks
(except private banks and American branches of foreign banks) and cash
items in process of collection.
MARGIN REQUIREMENTS
[ Per cent of market value ]
To industrial or
commercial
businesses
1
1
IK
1 Established rate at which Federal Reserve Banks stand ready to buy
all Treasury bills offered. Effective Aug. 3, 1942, purchases of such bills,
if desired by the seller, were made on condition that the Reserve Bank,
upon request before maturity, would sell back bills of like amount and
maturity at the same rate of discount. Since May 15, 1943, all purchases
have been made subject to repurchase option.
2 Minimum buying rates on prime bankers' acceptances.
Net demand deposits 1
FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b
OF THE FEDERAL RESERVE ACT
Maturities not exceeding five years
[In effect November 30. Per cent per annum]
On
On
On comcommitportion
ments for which On re- mitments
institu- maining
portion
tion is
obligated
2H-5
2^-5
2M-5
;t
Richmond
Atlanta
Chicago
St. Louis
()
2H-5
Minneapolis
Kansas City
Dallas
San Francisco
()
23^-5
1
2
Including loans made in participation with financing institutions.
Rate charged borrower less commitment rate.
34 Rate charged borrower.
May charge same rate as charged borrower by financing institution, if
lower.
5
Financing institution is charged Vi per cent on undisbursed portion of
loan under commitment.
MAXIMUM RATES ON 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 1
Nov. 1,1933Jan.31,1935
Savings deposits
Postal savings deposits...
Other deposits payable:
In 6 months or more
In 90 days to 6 months.
In less than 90 days....
Feb. 1, 1935Dec. 31, 1935
Effective
Jan. 1,1936
23/2
NOTE.—Maximum rates that may be paid by insured nonmember banks
as established by the F. D. I. C , effective Feb. 1, 1936, are the
same as those in effect for member banks. Under Regulation Q the rate
payable by a member bank may not in any event exceed the maximum
rate payable by State banks or trust companies on like deposits under
the laws of the State in which the member bank is located.
FEDERAL RESERVE BULLETIN
PRINCIPAL ASSETS A N D LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
End of month
Wednesday figures
1943
Nov. 24
Nov. 17
Nov. 10
Nov. 3 1 Oct. 27
Oct. 20
Oct. 13
Oct. 6
1942
October September October
Assets
Gold certificates on hand and
due from U. S. Treasury
19,784,215 19,803,215 19,804,715 19,831,715 19,851,715 19.,843,71519, 874,965 19,897,715 19,832,-214 .9,879,714 20,554,127
131,290
112,899
114,410
114,059
15,101
114,884
112,035
123,280
128,399
127,950
Redemption fund—F.R. notes..
130,406
330,570 321,825
333,061
318,748
328,791
243,806
314,718
328,857
318,672
300,509
Other cash
310,149
20,224,770 20,249,837 20,233,623 20,261,317 20,292,607 20,295,786 20,307,772 20,341,184 20,268,449 20,344,065 20,813,034
Total reserves.
Bills discounted:
For member banks
For nonmember banks, e t c . . .
47,610
33,735
22,380
38,625
13,305
10,525
16,309
2,000
12,599
25,545
11,760
50
5,970
5,000
Total bills discounted...
47,610
33,735
22,380
38,625
13,305
10,525
18,309
12,599
25,545
11,810
10,970
Industrial advances
U.S. Government securities:
Direct:
Bonds
Notes
Certificates
Bills:
Under repurchase option
Other
Guaranteed..
11,676
12,055
11,577
11,751
12,006
11,872
11,954
11,914
12,070
11,902
14,312
1,508,232 1,508,232 1,508,232 1,505,582 1,505,582 1,501,082 1,500,432 1,500,432 1,505,582 1,500,432 2,144,890
687,400 1,297,359
687,400 685,900
685,900 685,900 685,900 685,900 687,400 687,400
690,900
726,201
1,843,550 1,771,250 1,694,200 1,591,050 1,571,250 1,498,050 1,379,150 1,359,150 1,565,350 1,347,250
5,088,207 4,638,506 4,755,683 4,487,544 4,335,653 4,040,245 4,338,010 4,704,410 4,395,534 4,247,874
1,169,500 1,167,600 1,161,100 1,151,100 1,148,875 1,148,925 1,123,451 1,102,834 1,151,100 1,102,834
33,116
50,481
33,116
33,116
43,621
38,685
59,829
54,671
60,329
63,486
95,864
385,066
17,126
Total U.S. Government
securities, direct and
guaranteed
10,363,875 9,831,817 9,864,944 9,475,847 9,290,881 8,914,387 9,061,559 9,387,342 9,353,947 8,918,906 4,666,506
Other Reserve Bank credit outstanding
443,574
267,449
362,869 430,992
441,407
269,815
369,111
494,359
308,763
369,417
332,265
Total Reserve Bank
credit outstanding.. 10,792,272 10,371,966 10,231,166 9,834,986 9,685,609 9,380,358 9,361,637 9,774,724 9,822,554 9,384,025
Liabilities
F.R. notes in actual circulation. 16,131,382 15,974,140 15,918,225 15,759,852 15,521,441 15,444,578 15,386,575 15,308,854 15,663,158 15,266,277
Deposits:
Member bank—reserve account
12,401,91' 12,263,244 12,198,177 12,068,938 12,004,862 12,002,207 12,021,123 11,903,29' 12,085,663 11,864,260 12,735,009
U. S. Treasurer—general
705,933
251,651
479,209
379,732 1,013,378 399,821
account
334,386
369,026
529,704
530,417
406,625
1,398,404 1,363,373 1,348,971 1,299,815 1,317,889 1,261,808 1,254,286 1,241,929 1,331,252 1,220,733
414,969
343,216
391,312
367,973 341,349
340,814 350,490
174,758
366,801
366,990
Foreign
Other deposits
Total deposits
948,544
377,724
14,620,344 14,383,732 14,283,164 14,071,112 14,193,804 13,969,190 14,021,942 14,549,916 14,159,952 14,205,895 14,312,928
Ratio of total reserves to d_
posit and F.R. note liabilities
combined (per cent)
65.8
66.7
67.0
69.0
67.9
68.0
69.1
69.0
81.5
MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
Total
Within
15 days
16 to 30
days
31 to 60
days
61 to 90
days
91 days
to 6
months
6 months
to
1 year
1 year
to
2 years
2 years
to
5 years
Bills discounted:
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
13,305
38,625
22,380
33,735
47,610
11,365
35,510
18,090
29,705
43,330
240
425
610
325
815
1,250
2,140
2,080
2,455
2,165
450
550
1,600
1,250
1,300
Industrial advances:
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
12,006
11,751
11,577
12,055
11,676
9,770
9,636
9,539
10,587
10,226
107
755
743
166
154
658
147
82
92
91
334
39
58
29
38
526
502
503
503
498
234
293
292
302
294
266
273
273
270
269
111
106
107
106
106
732,507 1,338,893 2,143,144 1,640,234
1,197,144 1,373,856 1,735,011 1,862,283
800,086 1,961,745 1,753,547 1,939,855
1,773,272
922,741 1,791,246 1,866,797
1,923,307
854,125 2,024,877 2,009,848
457,000
535,500
600,350
666,900
717,700
952,200
734,100
763,600
764,600
784,600
211,400
211,400
211,400
211,400
211,400
701,071
701,071
702,971
702,971
702,971
U. S. Government securities, direct
and guaranteed:
Oct. 27
Nov. 3
Nov. 10
Nov. 17
N o v . 24
DECEMBER
1943
9,290,881
9,475,847
9,864,944
9,831,817
10,363,875
Over
5 years
1,114,432
1,125,482
1,131,390
1,131,890
1,135,047
1157
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total
Boston
New
York
Assets
Gold certificates on
hand and due from
U. S. Treasury:
19 851,715 1,064, 437 5,307,529
Oct. 27
19 831,715 1,075, 464 5,192,981
Nov. 3
19 804,715 1,062, 153 5,119,555
Nov. 10
19 803,215 1 031,931 5,146,920
Nov. 17
19 784,215 1,019, 953 5,135,904
Nov. 24
Philadelphia
1,098,938
1,164,460
1,154,091
1,145,381
1,121,666
Cleveland
Richmond
Atlanta
St.
Louis
Chica go
,712, 405 ,098,643 980,050 3 ,790, 342
122 L,101,120 974,840 3 ,795, 779
461 1 ,099,651 999,389 3 ,784, 826
292 1 ,089,675 1,003,813 3 ,714, 478
549 1 ,084,000 1,022,982 3 ,723, 254
L,655,
1 ,670,
1 ,687,
1 ,736,
Minne- Kansas
apolis
City
673,631 463,264
646,584 457,657
670,713 462,626
689,005 439,245
688,493 439,029
732,413
762,175
789,708
792,935
782,929
Dallas
San
Francisco
556,774 2,373,289
586,375 2,419,158
591,065 2,400,477
595,282 2,467,258
595,564 2,433,892
Redemption fund—
Federal Reserve notes:
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
112,035
114,884
128,399
127,950
130,406
17 830
17 735
17, 639
17 548
17, 478
10,986
10,636
20,089
19,763
19,484
15,400
15,728
15,562
15,900
15,775
10, 764
10 647
10, 532
10, 428
10, 347
13,326
15,327
16,470
15,570
16,854
10,410
10,298
11,967
11,862
11,785
796
1, 674
1, 545
1, 432
1, 345
20,051
20,014
19,970
19,935
19,909
2,545
2,533
2,518
3,007
2,998
5,544
5,515
5,483
5,460
5,442
3,066
3,539
3,506
3,982
3,962
1,317
1,238
3,118
3,063
5,027
Other cash:
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
328,857
314,718
300,509
318,672
310,149
31, 783
30 773
27 384
26 715
26 297
79,214
75,766
74,966
77,674
73,948
24,586
22,892
22,139
23,846
23,810
22, 330
24 270
22 132
23 260
21, 306
22,510
20,035
19,995
18,999
20,085
19,306
17,874
17,286
17,773
20,069
43, 123
41, 347
38, 443
47, 505
39, 545
11,937
11,446
11,525
12,611
12,641
8,319
9,205
8,266
9,349
9,289
16,496
14,970
14,217
14,143
14,361
10,084
9,367
9,661
9,743
10,345
39,169
36,773
34,495
37,054
38,453
20, 292,607
20, 261,317
20, 233,623
20, 249,837
20 224,770
1,114, 050
1,123, 972
1,107, 176
1,076, 194
1,063, 728
5,397,729
5,279,383
5,214,610
5,244,357
5,229,336
1,138,924 1 ,745, 499
1,203,080 [ ,690, 039
1,191,792 1 ,703, 125
1,185,127 1 720, 980
1,161,251 1 ,768, 202
1 ,134,479
1 ,136,482
1 ,136,116
I 124 244
1 ,120,939
705,619 474,128
678,044 469,395
702,208 473,410
721,551 451,601
721,043 451,316
754,453
782,660
809,408
812,538
802,732
13,305
38,625
22,380
33,735
47,610
1 455
725
550
1 400
615
5,960
18,960
11,175
8,795
22,020
1,665
1,155
9,360
4,080
13,305
38,625
22,380
33,735
47,610
1 455
725
550
1 400
615
5,960
18,960
11,175
8,795
22,020
12,006
11,751
11,577
12,055
11,676
1
1
1
1
1
434
430
429
429
427
Total reserves:
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Bills discounted:
Secured by U. S.
Government obligations, direct and
guaranteed:
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
845
555
985
400
305
315
6,200
1,200
3,450
4,375
450
1,665
1,155
9,360
4,080
555
985
400
305
315
152
152
152
152
152
4,571
4,437
4,341
4,761
4,385
152 042
153 437
153 304
152 ,750
152 484
100,182
93,433
101,760
107,040
112,246
135,417
132,887
133,408
133,353
133,528
1,009,766 3 ,834, 261
1,003,012 3 ,838, 800
1,028,642 3 ,824, 814
1 033,448 3 ,763, 415
1,054,836 3 ,764, 144
2,040
7,840
4,800
3,500
8,800
2,000
2,200
3,000
3,850
6,300
6,200
1,200
3,450
4,375
2,040
7,840
4,800
3,500
8,800
2,000
2,200
3,000
3,850
6,300
595
458
390
390
390
240
240
239
238
238
215
215
215
227
226
221 248
232,029
231 385
230 252
229 570
130,220
135,749
135,299
134,589
134,142
109,194
113,646
113,168
112,506
112,067
170
160
162
162
163
878
886
213
612
271
76
71
71
71
72
50
50
50 " " 3 , 0 0 0
50
1,000
569,924 2,413,775
599,281 2,457,169
604,232 2,438,090
609,007 2,507', 375
609,871 2,477,372
25
25
25
25
30
25
25
25
"30
Other bills discounted:
Oct 27
'..
Nov. 3
Nov 10
Nov 17
Nov. 24
Total bills discounted
Oct. 27
Nov. 3
Nov!
10.'...........
Nov. 17
Nov. 24
Industrial advances:
Oct. 27
Nov. 3
Nov. 10
Nov 17
Nov. 24
U. S. Government securities, direct anc
guaranteed:
Bonds:
1 546,703
Oct. 27
1 557,753
Nov. 3
1 ,565,561
Nov. 10
1 ,566,061
Nov. 17
1 569,218
Nov. 24
Notes:
Oct.
Nov.
Nov.
Nov.
Nov.
27
3
10
17
24
845
450
50
50
50
50
31,000
^ 666
25
124
144
136
184
184
30
30
30
30
30
16
16
16
15
15
4,625
4,625
4,625
4,625
4,625
68,570
78,945
79,150
79,048
79,087
60,191
61,109
61,091
60,895
60,814
101,110
94,778
94,788
94,509
94,404
94,465
96,760
96,420
95,898
95,567
203,186
204,094
203,575
202,609
202,038
054
099
327
480
145
30,519
34,887
34,803
34,748
34,947
26,790
27,005
26,863
26,768
26,872
45,001
41,884
41,680
41,543
41,715
42,044
42,760
42,397
42,154
42,229
90,433
90,193
89,515
89,062
89,276
4
4
4
4
4
688,400
688,400
688,400
688,400
693,400
67
67
67
67
67
670
807
410
145
379
44,588
41,290
44,745
47,052
49,599
60,271
58,725
58,661
58,618
59,003
98
102
101
101
101
472
538
744
213
441
57,958
59,990
59,493
59,162
59,274
48,600
50,222
49,762
49,455
49,520
224
236
250
260
269
762
989
397
422
703
132,286
138,651
146,417
152,221
157,594
110,929
116,075
122,468
127,246
131,661
173 589
164 323
175 541
183, 918
191, 812
69,657
80,633
85,656
89,406
92,912
61,146
62,413
66,111
68,874
71,443
102,713
96,807
102,579
106,891
110,907
95,967
98,830
104,340
108,463
112,273
206,410
208,456
220,300
229,156
237,359
918
496
380
504
37 768
73,688
70,395
87,742
85,088
96,520
29,902
40,814
33,734
25,474
13,700
581 597
632 700
693, 598
733, 254
844 170
217,642
229,634
218,134
184,189
203,697
36,330
40,835
31,575
44,540
48,575
61,978
72,316
65,897
49,223
62,994
29,892
16,502
19,881
17,541
21,916
171,663
175,823
217,663
184,993
242,256
Certificates:
Oct. 27
Nov. 3.
Nov. 10
Nov. 17
Nov. 24
1
1
1
1
1
571,250
591,050
694,200
771,250
843,550
154
156
165
172
179
455
718
900
764
144
101,771
95,426
110,122
121,065
131,868
137,565
135,729
144,369
150,824
156,874
Bills:
Under repurchase
option •
Oct.
Nov. 273
Nov. 10
Nov. 17
Nov. 24
4
4
4
4
5
335,653
487,544
755,683
638,506
088,207
111
101
123
132
148
136
015
761
470
446
2,709,055
2,833,979
2,964,793
2,917,736
3,110,421
250,852
221,035
239,525
218,494
257,744
1158
61
52
59
45
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars ]
Total
Other bills:
Oct . 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
New
York
Boston
Philadelphia
Cleveland
Richmond
44 ,710
45 ,157
45 ,309
45 ,401
45 ,323
75,103
70,036
70,300
70,462
70,357
70, 167
71, 501
71, 510
71, 498
71, 224
150,924
150,815
150,981
151,058
150,574
490 878
505, 096
529, 296
531, 405
547, 502
379, 733 129, 045
404, 735 [ 147, 895
403,063 222, 984
398, 561 [ 272, 502
390, 469 1 393, 080
437, 321
482, 436
476, 445
446, 327
469, 585
229 ,167
236 ,519
230 ,949
246 ,478
253 ,027
385,905
375,821
375,244
362,628
380,377
332, 535
326, 353
334, 548
335, 554
343, 209
822,616
829,381
882,034
856,878
921,503
771, 891
796, 952
815, 303
809, 754
810, 280
491, 568
511, 536
530, 735
535, 093
552, 115
381, 988 129, 049
412, 790 [ 147, 899
408, 078 [ 222, 988
402, 288 272, 506
399, 495 1 393, 084
439, 321
484, 636
479, 445
450, 177
475, 885
229 ,291
236 ,713
231 ,135
246 ,712
253 ,261
385,935
375,851
375,274
365,658
381,407
332, 551
326, 369
334, 589
335, 594
343, 249
827,241
834,006
886,684
861,503
926,158
13
13
13
13
13
6
6
6
6
6
17
17
17
17
17
3
3
3
3
3
2
2
2
2
2
4
4
4
4
4
4
4
4
4
4
11
11
11
11
11
74, 414
69, 042
75, 470
79, 805
83, 654
100, 586
98, 197
98, 942
99, 424
99, 515
164, 341
171, 457
171, 607
171, 668
171, 093
96, 726
100, 311
100, 345
100 345
99, 972
9, 290,881
9, 475,847
9, 864,944
9, 831,817
10, 363,875
598, 239
592, 359
624, 073
639, 014
661, 096
3 ; 030, 010
3, 133, 170
3» 296, 890
3, 272, 698
487, 788
684, 691
646, 573
674, 905
660, 713
706, 664
770, 741
795, 509
814, 513
809, 059
809, 575
Total bills and securities :
Oct. 27
9, 316,192
9, 526,223
Nov. 3
9, 898,901
Nov. 10
9, 877,607
Nov. 17
10,423,161
Nov. 24
601, 128
594, 514
626, 052
641, 843
663, 138
3 036, 122
3) 152, 282
3> 308, 217
3> 281, 645
3, 509, 960
690, 107
652, 675
680, 401
674, 834
715, 129
3
*55
155
155
*55
*55
13
13
13
13
13
81, 108
83, 978
83, 931
83, 880
83, 521
foreign banks:
27
3
10
17
24
136
136
136
136
136
Federal Reserve notes
of other banks:
Oct. 27
Nov. 3 .
Nov. 10
Nov. 17
Nov. 24
78,791
68,339
69,404
69,409
67,534
1
1
1
1
1
967
825
710
811
818
15
10
12
12
12
205
928
284
149
341
2
2
2
2
3
213
255
124
646
012
3
4
4
3
3
907
013
484
895
492
13
11
12
10
10
350
437
085
617
011
6
6
5
5
5
531
002
120
683
968
711,960
604,614
554,346
000,028
621,943
143
147
131
164
120
983
031
045
020
392
328
300
307
434
339
751
288
760
632
095
90
83
90
124
85
803
775
619
300
759
199
173
145
197
153
329
729
184
174
956
114
111
109
129
114
323
305
547
086
715
103
98
103
122
97
332
896
452
030
236
Bank premises:
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
38,417
38,374
38,375
38,374
38,349
2
2
2
2
2
680
675
675
675
675
9
9
9
9
9
658
640
640
640
640
4
4
4
4
4
636
636
636
636
636
4
4
4
4
4
232
232
233
232
223
2
2
2
2
2
953
953
953
953
943
1
1
1
1
1
661
661
661
661
660
Other assets:
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
59,210
60,283
61,720
62,196
63,119
4
5
4
5
5
847
156
992
083
348
7
6
7
7
7
132
933
568
642
908
4
4
4
4
4
555
460
616
565
676
8
8
8
8
9
273
633
816
979
070
4
4
4
4
4
395
442
621
682
785
3
3
3
3
3
652
509
134
120
335
1,931
1,950
1,974
1,996
1,974
251
894
201
121
476
2 ,733
2 ,677
2 ,681
2 ,745
2 ,749
144
611
158
027
236
1 ,761 074
1 ,778 161
1 ,796 0 6 3
1 ,806,681
1 ,805 514
1,507
1,526
1,550
1,569
1,563
852
880
886
888
888
Uncollected items:
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24 .
1
1
1
2
1
3
3
3
5
5
5
5
5
548
476
537
317
178
5
5
5
6
5
066
209
598
162
428
1 ,497
• ,314
,443
,375
,292
7,580
6,778
6,224
5,650
5,039
3
2
2
3
2
070
994
712
530
858
9,857
7,108
8,083
7,574
8,097
243 935
253 758
230 215
300 189
250,850
97
69
74
92
75
200
457
296
528
523
41 ,802
3' ,150
40,301
48,431
40-744
114,826
90,732
102,828
113,170
110,855
61
55
58
73
62
613
377
292
002
601
172,063
183,116
160,807
201,466
170,217
2
2
2
2
2
869
869
869
869
870
2
2
2
2
2
076
072
072
072
072
,287
,285
,285
,285
,285
2,749
2,743
2,743
2,743
2,743
987
979
979
979
979
2,629
2,629
2,629
2,629
2,623
760
881
916
972
970
6
6
6
6
6
713
696
705
760
708
2
2
3
3
3
599
965
026
062
125
2.244
2,251
i2,350
A2,293
\2,316
3,579
3,628
3,580
3,632
3,673
633
666
771
690
723
7,480
7,572
7,759
7,836
7,817
043
247
874
087
170
5 ,224
5 ,257
5 ,295
5 ,353
5 ,424
392
515
145
073
851
1,251
1,242
1 266
1,275
1,283
884
386
648
555
079
75 1.251
749\110
749,926
752,699
75 1,216
289 2 ,951
356 2 ,974
856 3 ,008
384 3 025
191 3 ,048
334
972
151
536
321
661 ,563
675 ,515
681 ,802
683 ,049
686 ,305
364,378
367,680
370,756
372 292
373,683
558,856
572,395
576,378
577,116
579,703
374
391
394
393
392
516
027
520
203
617
1 ,764,001
1 ,809,811
1 ,832,121
1,836,101
1 ,868,572
469 ,835
487 ,770
494 ,368
504 ,744
507 ,128
1 ,315,280
1 ,343,708
1,355,585
1 ,392,914
1 ,407,199-
7
7
7
7
7
Total assets:
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
31
31
31
32
32
497,313
559,286
856,505
297,587
439,012
1,868
1,875
1,873
1,891
1,857
658 8
176 8
65c 3
629 8
102 9
794
759
860
990
108
Liabilities
Federal Reserve notes
in actu al circulation
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
15
15
15
15
16
521,441
759,852
918,225
974,140
131,382
1,074
1,080
1,091
1,095
1,107
633
622
098
241
522
415 243
467 474
500 ,274
516 715
565 165
1,065 707
1,074 219
1,085 ,818
1,087 ,480
1,100 ,175
1 ,396 ,005
1 ,404 ,728
1 ,418 ,881
1 ,423 304
1 ,436 ,585
1 ,042 ,916
1 ,061 ,053
1 ,071 ,570
1 ,075 ,719
1 ,084 ,543
Deposits
Member bank—reserve account:
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
12
12
12
12
12
004,862
068,938
198,177
263,244
401,917
597 054
603 ,551
594 005
625 ,341
605 ,421
3 ,988 ,294
4 ,004 ,455
4 ,044 ,920
4 ,009 ,014
4 ,083 ,975
603 ,721
609 ,702
616 ,883
615 ,671
611 ,601
948 ,854
920 ,607
930 ,092
961 ,506
958 ,995
517 ,013
514 ,689
524 ,599
519 ,850
515 ,519
473 313
482 463
486 677
497 ,465
503 768
1 ,842 ,359
1 ,845 ,885
1,871 092
1,845 ,264
1 ,908 210
421 ,872
420 ,395
429 ,425
432 ,926
435 ,207
278,825
281,526
282,815
284,749
284,156
548,442
554,187
567,716
573,800
580,738
529,704
334,386
369,026
406,625
479,209
27 ,526
21 ,809
32 ,539
22 ,278
19 ,036
133 ,297
72 ,773
66 ,885
153 ,507
201 ,193
29 ,297
21 ,820
28 ,452
23 ,162
24 ,015
60 ,337
36 ,981
43 ,327
27 ,860
44 ,900
24 ,743
18 ,081
26 ,153
18 ,921
23 ,984
37 717
20 ,843
27 ,457
19 092
25 395
35 ,730
43 ,347
23 ,442
44 ,968
50 ,468
33 ,529
22 ,693
33 ,458
17 ,832
33 ,642
32,387
24,664
23,486
13,478
15,032
30,674
13,004
28,122
14,817
14,183
U. S. Treasurer—
general account:
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
1
3
3
3
3
3
San
Francisco
Dallas
50, 933
58, 337
58, 702
58, 936
58, 942
112, 936
113, 382
113, 698
113, 885
113, 643
Due from
Oct.
Nov.
Nov.
Nov.
Nov.
Minne- Kansas
City
apolis
St.
Louis
126, 927
118, 887
120, 305
121, 238
121, 682
1, 148,875
1, 151,100
1, 161,100
1 167,600
1, 169,500
U. S. Government securities, direct and
guaranteed—Total:
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Chicago
Atlanta
3
3
3
3
3
1,269,126 971 782 3 ,433,056
1,262,396 988 670 3 ,491,611
1,300,061 1,004 579 3 ,504,063
1,303,395 1,025 806 3 ,588,394
1,306,453 1,023 285 3 ,592,295
29
14
13
15
20
815
311
440
152
030
54,652
24,060
22,265
35,558
7,331
After deducting $81,000 participations of other Federal Reserve Banks.
DECEMBER
1943
1159
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars ]
Total
Foreign:
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
1,317,
1,299,815
1,348,971
1,363,373
1,398,404
Other deposits:
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
341,349
367,973
366,990
350,490
340,814
Total deposits:
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
14,193,804
14,071,112
14,283,164
14,383,732
14,620,344
Deferred
items:
Oct.
Nov.
Nov.
Nov.
Nov.
Boston
NewYork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minne- Kansas
apolis
City
Dallas
San
Francisco
30,228 1X592,797
28,904 583,364
30,850 ^00,354
30,373 x^98,966
33,295 609,474
115,184
113,971
118,981
121,680
125,262
111,546
110,371
115,224
117,837
121,306
52,136
51,587
53,855
55,076
56,697
42,436
41,989
43,835
44,829
46,149
147,920
146,362
152,797
156,262
160,863
36,374
35,991
37,573
38,425
39,556
26,674
26,393
27,553
28,178
29,008
33,949
33,591
35,068
35,863
36,919
36,374
35,991
37,573
38,425
39,556
92,271
91,301
95,308
97,459
100,319
252,694
253,156
264,864
255,500
250,592
4,237
5., 695
7,707
4,803
3,458'
8,667
9,420
10,288
9,542
7,568
6,185
19,108
6,896
4,935
6,335
4,104
4,936
4,058
2,'
2,444
5,326
4,184
3,200
5,036
4,916
9,159
13,190
10,109
10,715
9,145
8,356
8,445
8,225
8,008
8,792
2,282
2,254
3,669
2,410
2,097
2,854
4,340
4,196
4,181
2,715
33,310
37,283
39,053
37,913
38,724
658, 983 4,967,082
660, 226 4 ,913,748
662, 119 4 ,977,023
682,559 5,016,987
661,780 5,145,234
752,439
751,188
772,023
765,316
764,336
1,129,404
1,077,379
1,098,931
1,116,745
1,132,769
600,077
603,465
611,503
598,782
602,535
557,
,031,335
550,231 2,039,778
562,027 2,050,531
564, 266 2,051,530
577, 756 2,124,457
500,934 346,242
492, 269 341,028
510, 565 342,079
499, 898 334,41
517, 550 336,988
615,347
603,036
634,575
626,890
633.937
5381878
542,412
549,577
562,502
569,429
1,495,513
1,496,352
1,512,211
1,563,844
1,553,573
4,175
5,962
4,725
4,567
4,028
availability
27
3
10
17
24
1,342,679
1,295,987
1,222,217
1,505,805
1,252,968
104,857
104,518
90,583
83,820
57,817
262,213
229,974
234,249
307,617
248,995
73,783
86,697
77,446
104,451
70,963
166,856
155,243
122,979
164,532
139,363
98,411
94,648
93,888
113,077
99,262
80,904
79,736
86,045
100,149
81,198
185,735
187,571
181,378
220,741
196,842
74,810
60,424
60,070
78,444
65,004
29,110
29,146
25,801
34,685
29,186
80,734
73,117
75,248
85,533
78,938
44,628
41,751
47,111
56,667
47,720
140,638
153,162
127,419
156,089
137,680
7,645
7,428
7,781
8,251
8,290
597
619
646
769
687
2,409
2,515
2,782
2,950
3,050
726
633
719
643
719
697
619
658
657
656
535
239
311
268
293
281
261
257
567
281
852
947
937
932
1,019
310
278
299
248
285
207
17.
193
195
228
300
322
306
323
292
243
316
184
217
249
506
489
482
531
Other liabilities, including accrued dividends:
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov.-24
Total liabilities:
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
31,065,569
31,134,379
31,431,387
31,871,928
32,012,984
,839,070 8,646,947 1,892,655 2,692,962 1,741,939 1,491,044 5,169,256 1,237,617 739,937 1,255,237 958,265 3,400,640
,845,985 8,613,711 1,912, 737 2,637,' "" ,759,405 1,510,584 5 ,203,268 1,228,486 738 ,027 1,248,870 975,1,506 3 ,459,831
, 8 4 4 , 446
• • ' 8:,714, 328 1,936, 006 2 ,641,449 1,777,272 1,535, 185 5,240,997 1,252,
,829 1,286,507 991 , 392 3,472,240
,862,389 8,844,269 1,957, 890 2,705,238 ,787,846 1,553,366 5 ,298,739 1,261,639 741,585 1,289,862 1,012,!,589 3,556,516
,827,'806 8,962,444 1,936,193 2,709,373 1,786,633 1,547, 426 5,370,'"
639 1,269,144 740,085 1,292,870 1,010,015 3,,560,356
Capital Accounts
Capital paid in:
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
150,352
150,358
150,343
150,422
150,504
9,553
9,556
9,532
9,532
9,529
55,755
55,765
55,768
55,776
55,796
11,680
11,669
11,670
11,670
11,676
15,515
15,516
15,517
15,520
15,522
6,074
6,074
6,075
6,077
6,078
5,419
5,418
5,418
5,422
5,422
16,669
16,670
16,674
16,722
16,731
4,674
4,673
4,673
4,676
4,677
3,221
3,222
3,223
3,224
3,228
4,963
4,964
4,964
4,970
4,976
4,557
4,559
4,557
4,557
4,593
12,272
12,272
12,272
12,276
12,276
Surplus (section 7):
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
160,411
160,411
160,411
160,411
160,411
11,160
11,160
11,160
11,160
11,160
58,001
58,001
58,001
58,001
58,001
15,670
15,670
15,670
15,670
15,670
14,767
14,767
14,767
14,767
14,767
5,236
5,236
5,236
5,236
5,236
5,725
5,725
5,725
5,725
5,725
22,925
22,925
22,925
22,925
22,925
4,966
4,966
4,966
4,966
4,966
3,221
3,221
3,221
3,221
3,221
3,613
3,613
3,613
3,613
3,613
4,083
4,083
4,083
4,083
4,083
11,044
11,044
11,044
11,044
11,044
Surplus (section 13b):
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24..
26,829
26,829
26,829
26,829
26,829
2,874
2,874
2,874
2,874
2,874
7,070
7,070
7,070
7,070
7,070
4,393
4,393
4,393
4,393
4,393
1,007
1,007
1,007
1,007
1,007
3,244
3,244
3,244
3,244
3,244
717
717
717
717
717
1,429
1,429
1,429
1,429
1,429
530
530
530
530
530
1,000
1,000
1,000
1,000
1,000
1,137
1,137
1,137
1,137
1,137
1,307
1,307
1,307
1,307
1,307
2,121
2,121
2,121
2,121
2,121
Other capital accounts:
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
94,152
87,309
87,535
87,997
88,284
6,001
5,601
5,641
5,674
5,733
26,879
24,962
24,967
25,004
25,024
6,853
6,425
6,462
6,498
6,544
1,893
;,352
1,418
1,495
1,567
4,581
4,202
4,236
4,278
4,323
4,138
3,803
3,829
3,857
3,""
14,113
13,223
13,120
13,258
13,127
4,097
3,731
3,743
3,744
3,762
3,872
3,640
3,653
3,669
3,682
4,176
3,812
3,840
3,813
3,857
3,570
3,215
3,240
3,270
3,287
6,979
6,343
6,386
6,437
6,498
Total liabilities and
capital accounts:
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
31,497,313
31,559,286
31,856,505
32,297,58'
32,439,012
Commitments to make
industrial advances:
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
10,020
9,833
9,913
9,506
9,732
1,868, 658 8 ,794,652
1,875, 176 8 ,759,509
1,873, 653 8,860,134
1,891, 629 8,990,120
1,857,102 9,108,335
700
700
700
700
700
1,931,251 2,733,144 1,761,074 1,507, 043 5 ,224,392
1,950,894 2,677,611 1,778,161 1,526,247 5,257,515
1,974,201 2,681,158 1,796,063 1,550, 874 5 ,295,145
1,996,121 2,745,027 ,806,681 1,569, 087 5,353,073
,424,851
1,974,476 2",749,236 1 ,805,514 1,563,
1,923
2,053
2,133
1,732
1,959
415
100
100
100
100
770
770
770
770
770
1,251
1,251,884 751
1,242,386 749
9,110
1,266,648 749,926
1,275,555
1,283,079 751,216
337
337
337
337
337
1,269,126 971, 782 3 ,433,056
1,262,396 988,670 3,491,611
1,300,061 1,004, 579 3 ,504,063
,303,395 1,025, 806 3 ,588,394
1,306,45"
13 1,023,285 3,592,295
3,000
3,000
3,000
3,000
3,000
2,866
2,864
2,864
2,858
2,857
1
After deducting $723,974,000 participations of other Federal Reserve Banks on Oct. 27; $715,975,000 on Nov. 3; $746,245,000 on Nov. 10; $763,596,000
on Nov. 17; and $785,736,000 on Nov. 24.
II6O
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE NOTES-FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Boston
Total
Federal Reserve notes:
Issued to F. R. Bank by
F. R. agent:
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Held by Federal Reserve
Bank:
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
In actual circulation: 1
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Collateral held by agent as
security for notes issued
to Bank:
Gold certificates on hand
and due from U. S.
Treasury:
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Eligible paper:
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
U. S. securities:
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Total collateral:
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
1
Philadelphia
New
York
16.108,626 ,125,963 3,523,294
16,266,732 1,130,585 3,564,723
16.414,171 129, 490 3,595,713
16,529,152 1,130,544 3,637,445
16,712,795 1,145, 250 3 ,668,735
1,099,535
1,105,071
1,117, 339
1.126.983
1,135, 739
108,051
97,249
95,439
120,730
103,570
33,828
30,852
31,521
39,503
35,564
587,185
506,880
495,946
555,012
581,413
51,330
49,963
38,392
35,303
37,728
15,521,441 1,074,
074,633 3.,415,243
15,759,852 1,080,622 3,467,474
15,918,225 1,091,098 3,500,274
15,974,140 1,095,241
' 3,516,715
16,131,382 1,107,522 3,565,165
14,332,000
14,313,000
14,142,000
14,185,000
14,185,000
Cleveland
Richmond
436,502 1,078,938
1,442,476 1 ,093,689
1,455,412 1,098.951
1,463,581 1,107,421
1,475,*
J,900 1 ,117,054
St. Minne- Kansas Dallas
Chicago Louis
apolis City
Atlanta
910,834 3,006,613 695,571 371,109 583, 473 410,130 1,866,664
922,243 3,022,437 705,135 374,651 587, 950 417,865 1,899,907
932, 080 3,057,943 710,246 378,,357 591,757 424,118 1,922,765
935,362 3,076,258 7133,891 379,609 595, 018 427,172 1,935,868
953,548 3,100,029 7199,859 380,864 603, 020 429,106 1,983,691
40,497
37,748
36,531
40,277
39,315
36,022
32,636
27,381
31,702
32,511
1,065,707 1,396,005
1.074,219 1,404,728
1,085,; 1,418,*
1,087,480 1,423,304
1,100.175 1,436,585
1,042,916
1,061,053
1,071,570
1,075,719
1,084,543
., 240,000
1,245,000
,260,000
,265,000
1.,280,000
850,000
850,000
850,000
850,000
850,000
730,
,020,
:50,000
730,000 2 ,960, 000 425,000
730,000 2,910, 000 425,000
,000
730,000 2 ,910,
730,000 2,83(1, 000 425,000
450
6,200
1,200
3,450
4,375
2,000
2,200
3,000
3,850
6,300
784,000 3 ,405,000
792,000 3 ,425,000
792,000 3,275,000
792,000 3 ,305,000
802,000 3,325,000
805,
815,000
820,
830,
840,000
10,710
29.800
17.130
29.90.r
38,44C
1,455
725
550
1,400
615
5,960
18,960
11,175
8.795
22,020
845
1,665
1,155
9.360
4,080
2,042,642
2,179,634
2,618,134
2.664,189
2,783,69;
350,000
350,000
350,000
350.000
350,000
150,000
150,000
350,000
350,000
350,000
300,000
300,000
300,000
300,000
300,000
200,000
200,000
200,000
200,000
200,000
16.385,35: 135,455 3,560,960
16,522,434 142,725 3,593,960
16,777,264 1, 142,550 3,636,175
16,879,094 143,400 3,663,795
17,007,137 152,615 3,697,020
1,105,845
1,116,665
1,121,155
1,139,360
1,144,080
1,440,000
1,445,000
1,460,000
1,465,000
1,480,000
250,000
275,000
275,000
275,000
275,000
San
Francisco
58,545
41,887
45,224
46,978
65,357
55,279
47,465
49,792
50,722
51,708
34,008
29,620
28,444
30,842
33,554
6,731
6,971
7,601
7,317
7,181
852, 289 2,951, 334 661,563 364,378
880, 356 21,974, 972 675,515 367,
370,756
886, 856 3,
,025,536 683,049 372,292
8,191 3,048,321 686,305 373,683
200,000
200,000
300,000
300,000
300,000
24,617
15,555
15,379
17,902
23,317
35,614
26,838
29,598
33,969
36,489
102,663
90,096
90,644
99,767
115,119
558,856 374,516 1,764,001
572,395 391,027 1,809,811
576,378 394,520 1,832,121
116 393,203 1,836,101
577,""
579,703 392,617 1,868,572
323,000 510 000 361,000 1,854,000
326,000 510 000 361,000 1,874,000
330,000 510 000 361,000 1,879,000
328,000 510 000 361,000 1,879,000
328,000 510,000 361,000 1,904,000
50
50
50
50
3,000
1,000
317,642 50,000 100,000 75,000
100, 000 329,634 50,000 100,000 75,000
000
318,134 50,000 100,000 75,000
200,
,189 55,000 100,000 100,000
200,
000
353,697
55,000 100,000 100,000
300,
50,000
50,000
100,000
100,000
100,000
1,100,450 930, 000 3,020,000 769,642 373,000 610 ,000 436,000 1,904,000
1,131,200 930,000 3,060,000 756, s834 376,050 610,000 436,000 1,924,000
1,126,200 1,030, 000 3 ,110,000 746 ,134 380,050 610,000 436,000 1,979,000
1,128,450 1,030, 000 3,110,
,039 383,050 613,000 461,000 1,979,000
1,129,375 1,030,000 3,130,000 784 ,997 383,050 611,000 461,000 2,004,000
Includes Federal Reserve notes held by U. S. Treasury or by a Federal Reserve Bank other than issuing Bank.
INDUSTRIAL ADVANCES BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
Date (last
Wednesday or
last day of
period)
1934
1935
1936
1937
1938
1939
1940
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
Applications
approved
AP-,
Commit- ParticiAdproved
ments
pations
but not vances
out- 2 outoutcom- 1 standing standing standing
pleted (amount) (amount) (amount)
amount)
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
11
8
3
1
2
13
8
966
548
226
369
946
659
954
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
434,638
446,319
459,296
467,733
473,399
475,468
477,681
481.288
483,608
486,098
6 672
5 882
5 164
3 732
3 045
3 ,203
2 ,883
4 ,354
2 860
305
12 ,897
13 ,717
13 ,182
13 ,188
13 ,378
13 ,044
12 ,320
12 .062
12 ,289
12 ,409
12,160
12,117
13,143
13,438
12,950
12,132
11,832
11,614
11,474
9,978
23,915
23,177
20,316
20,333
20,166
19,070
18,832
18,400
18,928
18,616
1
Includes applications approved conditionally by the Federal Reserve
Banks
and under consideration by applicant.
2
Includes industrial advances past due 3 months or more, which are not
included in industrial advances outstanding in weekly statement of condition of Federal Reserve Banks.
NOTE.—The difference between amount of applications approved and the
sum of the following four columns represents repayments of advances, and
applications for advances and commitments withdrawn or expired.
DECEMBER
1943
WAR P R O D U C T I O N LOANS GUARANTEED BY WAR DEPARTMENT, NAVY DEPARTMENT, AND MARITIME
COMMISSION T H R O U G H FEDERAL RESERVE
BANKS UNDER REGULATION V
[Amounts in thousands of dollars]
Guaranteed loans
authorized
Guaranteed loans
outstanding
Date
Total
amount
Number
Amount
1942
June 30
Sept. 30
Dec. 31
565
1,658
2,665
310,680
944,204
2,688,397
81,108
427,918
803,720
1943
Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
2,961
3,198
3,534
3,773
4,002
4,217
4,404
4,599
4,787
4,948
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
974,083
1,040,828
1,245,711
1,339,078
1,415,777
1,428,253
1,536,296
1,646,921
1,708,022
1,815,162
Portion
guaranteed
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
69,674
137,888
230,720
356,677
632,474 1,430,121
768,249
828,221
999,394
1,073,972
1,150,040
1,153,756
1,269,416
1,366,178
1,413,159
1,511,847
1,440,943
1,706,849
1,865,618
2,018,838
2,077,018
2,216,073
2,388,741
2,482,895
2,494,875
2,586,583
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.
1161
DEPOSITS A N D RESERVES OF MEMBER BANKS, OCTOBER 1943
[Averages of daily figures. In millions of dollars]
Reserves
Gross demand deposits
U.S.
Govern• ment
war loan
Interbank
Total
de-
posits
Adjusted Net dedemand mand
deposits 2 posits 3
Other
Time
deposits 4
Demand
balances
due
from
domestic
banks
Held
Required
Excess
1
All member banks
78,045
10,771
15,851
51,423
48,098
53,408
14,612
5,649
12,035
10,772
1,264
Central reserve city banks:
New York
Chicago
23,331
5,301
3,640
1,083
6,077
1,149
13,615
3,069
12,739
2,860
16,334
3,778
804
495
63
168
3,346
3,315
794
785
31
9
Reserve c i t y b a n k s — T o t a l
Boston district
New York district
Philadelphia district
Cleveland district
Richmond district
Atlanta district
Chicago district
St. Louis district
Minneapolis district
Kansas City district
Dallas district
San Francisco district
29,305
2,184
471
2,349
3,819
1,755
1,849
3,678
1,722
988
2,358
1,706
6,428
5,034
292
29
326
491
316
520
441
533
280
827
426
555
5,642
18,629
1,300
16,923
1,218
346
1,365
2,334
971
848
20,185
1,460
5,820
1,868
4,772
4,386
100
166
131
781
264
211
959
186
93
184
148
309
86
349
632
296
278
608
258
141
374
284
298
81
333
574
251
260
561
249
137
330
236
C o u n t r y banks—Total
Boston district
New York district
Philadelphia district
Cleveland district
Richmond district
Atlanta district
Chicago district
St. Louis district
Minneapolis district
Kansas City district
Dallas district
San Francisco district
20,106
1,014
2,084
80
3,229
72
1,491
12
1,718
22
' 1,631
192
1,535
170
2,594
71
1,090
133
851
64
1,263
68
1,476
103
1,145
27
2,983
592
70
555
797
387
354
690
316
207
303
252
2,548
2,364
755
440
1,228
1,028
4,754
1,075
939
4,268
1,596
1,136
4,602
2,597
52
22
70
191
115
140
293
103
65
312
234
271
1,156
1,076
16,109
1,607
2,517
1,233
1,447
1,215
1,132
2,120
15,577
1,533
2,422
1,193
1,407
1,148
1,086
2,074
803
653
1,054
1,238
964
13,110
1,423
2,195
1,015
1,146
1,024
7,492
3,551
3,123
2,285
671
954
929
898
463
317
1,636
1,114
197
305
196
284
328
319
513
234
176
380
392
229
291
545
268
312
230
206
426
157
136
182
197
174
239
413
198
214
171
152
296
116
96
115
140
133
371
1,468
2,531
1,052
975
873
501
1,119
396
640
246
250
224
233
403
124
113
125
105
124
833
673
1,070
1,268
994
354
1,624
2,636
1,175
1,237
2,519
1,191
655
705
544
746
957
767
1,770
294
339
171
100
428
386
11
5
17
58
45
18
47
9
4
44
48
80
838
52
132
70
97
59
53
130
41
39
67
57
41
1
Figures do not include certain other demand deposits of the U. S. Government with member banks and, therefore, differ from figures for U. S. Government
deposits shown in other published banking data. See also footnote 2.
2
Preceding column minus so-called "float" (total cash items in process of collection) and estimate of U. S. Government deposits other than war loan
accounts.
3
Demand deposits subject to reserve requirements; i.e., demand deposits other than war loan deposits, minus cash items in process of collection and
demand
balances due from domestic banks.
4
Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report.
MEMBER BANK RESERVE BALANCES, BY CLASS OF BANKS
[Averages of daily figures. In millions of dollars]
All
member
banks 1
Total reserves held:
1942—Sept
Oct
1943—Sept
Oct
Week ending (Friday):
1943—Sept. 24
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
Nov. 5
Nov. 12
Excess reserves:
1942—Sept
Oct
1943—Sept
Oct
Week ending (Friday):
1943—Sept. 24
Oct. I..*
Oct. 8
Oct. 15
Oct. 22
Oct. 29
Nov. 5
Nov. 12
p
1
Central reserve
city banks
New
York
Chicago
Reserve
city
banks
Counbanks
1
Federal Reserve district
944
834
858
794
4,676
4,711
5,159
4,772
2,529
2,597
3,204
3,123
3,466
3,356
3,296
3,315
3,380
3,391
3,397
3,422
814
784
775
788
798
805
806
816
5,041
4,818
4,730
4,783
4,798
4,753
4,817
4,861
3,247
3,128
3,139
3,191
3,132
3,057
3,107
3,115
2,300
2,331
1,417
1,264
302
557
32
31
73
27
1,069
924
515
386
857
823
861
838
1,508
1,349
1,329
1,373
1,280
1,065
1,126
1,098
32
37
27
34
49
23
25
18
522
440
405
391
381
288
322
324
947
863
889
936
847
747
12,299
12,234
12,864
12,035
4,150
4,093
3,643
3,346
12,568
12,085
11,941
12,078
12,108
12,006
12,127
12,214
Preliminary.
Weekly figures of excess reserves of all member banks and of country
banks are estimates.
DEPOSITS OF COUNTRY MEMBER
BANKS IN LARGE A N D
SMALL CENTERS,1 OCTOBER 1943
[Averages of daily figures. I n millions of dollars]
In places of 15,000
population and over
In places of under
15,000 population
Demand
deposits
except
interbank 2
Demand
deposits
except
interbank 2
Time
deposits
Time
deposits
Total...
12,044
4,407
7,048
3,085
Boston
New York
Philadelphia
Cleveland
1,746
2,451
884
1,036
531
1,148
431
482
258
706
595
660
140
622
498
416
Richmond
Atlanta
Chicago
St. Louis
935
994
1,556
411
226
219
667
165
504
371
967
546
237
98
447
128
369
345
575
743
135
59
63
281
417
850
799
375
204
111
38
147
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
The series published through April 1943 included interbank deposits.
The amount of such deposits for the current month at all country banks can
be derived by comparison with the first table above; banks in the small
centers held 216 million dollars during the last half of April 1943. Figures
in this table include war loan deposits, shown separately for all country
banks in table above.
FEDERAL RESERVE BULLETIN
KINDS OF MONEY IN CIRCULATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Treasury
notes
of 1890
Subsidiary
silver
Minor
coin
United
States
notes
Federal
Reserve
notes
Federal
Reserve
Bank
notes
National
bank
notes
1,704
1,731
1,751
551
565
575
225
227
228
326
327
317
11,118
11,667
12,082
18
18
188
136
136
135
1,700
1,703
1,674
1,667
1,670
1,649
1,633
1,621
1,594
1,578
567
573
583
593
600
610
619
630
641
649
226
226
228
230
232
236
239
243
246
248
312
317
316
318
324
322
322
325
320
321
12,152
12,523
12,643
13,023
13,440
13,747
14,268
14,820
15,146
15,550
362
474
534
557
574
584
599
615
622
626
135
134
134
133
133
132
131
131
130
130
Total
Gold
certificates
Silver
dollars
Silver
certificates
1942—October
November
December
14,210
14,805
15,410
59
58
58
73
74
76
1943—January
February
March. .
April
May
June
July
August
September
October
15,590
16,088
16,250
16,660
17,114
17,421
17,955
18,529
18,844
19,250
58
58
58
57
57
57
57
57
56
56
77
78
79
81
82
84
85
87
88
90
End of month
Back figures.—See Annual Report for 1937 (table 35).
PAPER CURRENCY, BY DENOMINATIONS, A N D COIN I N CIRCULATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Total
in circulation1
Total
Coin
$13
$2
$5
$10
$20
Total
$50
$100
$500
1942—October
November
December . . . .
14,210
14,805
15,410
10,629
11,122
11,576
848
867
880
764
782
801
51
53
55
1,597
1,647
1,693
3,684
3,887
4,051
3,686
3,885
4,096
3,584
3,686
3,837
940
972
1,019
1,762
1,824
1,910
274
278
287
570
575
586
9
9
9
30
28
25
3
3
3
1943—January
February
March
April
May
June
July
August
September....
October
15,590
16,088
16,250
16,660
17,114
17,421
17,955
18,529
18,844
19,250
11,665
12,065
12,121
12,428
12,789
12,960
13,334
13,715
13,891
14,135
869
877
890
904
914
929
943
960
970
987
773
786
791
804
824
834
843
858
866
872
54
56
56
58
59
61
62
64
64
65
1,678
1,718
1,713
1,741
1,785
1,793
1,836
1,878
1,887
1,902
4,107
4,279
4,280
4,391
4,526
4,565
4,719
4,853
4,893
4,962
4,183
4,349
4,391
4,531
4,681
4,778
4,931
5,102
5,211
5,347
3,928
4,026
4,129
4,232
4,326
4,462
4,622
4,816
4,951
5,118
1,047
1,079
1,104
1,131
1,159
1,195
1,237
1,293
1,327
1,366
1,962
2,013
2,069
2,128
2,186
2,259
2,347
2,453
2,535
2,636
293
298
306
312
319
329
341
353
360
373
592
599
616
621
630
648
667
687
698
713
10
11
11
15
10
10
10
9
11
11
25
25
23
26
22
21
20
22
20
20
3
3
1
1
1
2
2
2
2
3
End of month
Coin and small denomination currency 2
Large denomination currency 2
Unassorted
$1,000 $5,000 $10,000
1
Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
2
Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as
destroyed.
3
Paper currency ,only; $1 silver coins reported under coin.
Back figures.—See Annual Report for 1937 (table 36).
STOCK OF UNITED STATES MONEY, OCTOBER 30, 1943
[On basis of circulation statement of United States money. In millions of dollars]
Money held in the Treasury
Kind of money
Gold
Gold certificates
. . . .
Federal Reserve notes
Treasury currency—total
Total,
outstanding
As security
against gold
and silver
certificates
22 116
2O,003
16,196
4
4,101
20 003
514
1,520
1,843
690
257
347
642
131
324
1,520
z
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—October 30, 1943
September 30 1943
October 31, 1942
3
Treasury
cash
2
17,131
40
134
1,843
3
Z
4
Z
4
Z
4
42,412
42,114
37,760
21,846
21,930
22,542
Money held
by Federal
Reserve
Banks and
agents
Money in
circulation 1
2,815
605
322
56
15,550
3,645
2 113
3
3
For Federal
Reserve
Banks and
agents
98
2
90
27
5
3
1
(5)
263
14
4
22
15
1
1,579
649
248
321
626
130
3,743
3,807
3,535
19,250
18,844
14,210
2,288
2,267
2,261
17,131
17,195
17,754
1
Includes any paper currency held outside the continental limits of the United States; figures for other end-of-month dates shown in table above
and totals by weeks are shown in table on p. 1155.
2
Includes $1,800,000,000 Exchange Stabilization Fund, $143,755,599 balance of increment resulting from reduction in weight of the gold dollar, and
$156,039,431 held as reserve against United States notes and Treasury notes of 1890.
3 The amounts of gold and silver certificates and Treasury notes of 1890 outstanding are not included in the total of all forms of money outstanding,
-since gold and silver held as security against them are included under gold, standard silver dollars, and silver bullion.
4
Figures for total Treasury currency outstanding and for total Treasury cash by weeks and months are shown in the table on p . 1155.
5
Less than $500,000.
NOTE.—There is maintained in the Treasury—(i) as a reserve for United States notes and Treasury nftes of 1890—$156,039,431 in gold bullion;, (ii)
as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as
security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal
Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured
the redemption fund which must be deposited with frhe Treasurer of the United States, against Federal Reserve notes in actual circulation. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national
bank notes are in process of retirement.
DECEMBER
1943
1163
POSTAL SAVINGS SYSTEM
[In millions of dollars]
ANALYSIS OF CHANGES I N GOLD STOCK OF
UNITED STATES
[In millions of dollars]
Period
19342
1935
1936
1937
1938
1939
1940
1941
1942
i Gold
j [ncrease
j stock
in gold
j a t end
stock
j of period
Assets
Earmarked
DomesN e t gold gold: de- tic gold
import
crease
producor intion1
crease (—)
82.6
92.9
110.7
131.6
143.9
148.6
161.7
170.2
169.1
12.5.4
8,238
10,125
H I , 258
H2,760
14,512
17,644
21,995
22,737
22,726
4,202.5
1,887.2
1,132.5
1,502.5
1,751.5
3,132.0
4,351.2
741.8
-10.3
1942—October...
November
December.
22,740
22,743
22,726
-14.3
3.3
-17.2
-56.4
-10.8
-31.0
12.0
1943—January . .
February..
March....
April
May
22,683
22,644
22,576
22,473
22,426
22,388
22,335
22,243
22,175
22,116
-43.3
-39.3
-68.0
—103.1
-46.3
-38.9
-52.7
-92.0
-67.8
-59.3
-76.1
-63.4
-59.0
— 101.0
-45.1
-51.7
-63.7
-91.3
5 -80.6
-40.6
4.7
4.1
4.5
4.9
4.1
3.9
3.9
3.6
3.3
'3.3
—672.5
HO A
June
July
August. ..
September
October...
Jan .-Oct..
22,116
1,133,
1,739,
1,116,
1,585,
1,973,
3,574,
4,744,
982,
(4)
.2
-85.9
-200.4
-333.5
-534.4
-644.7
-407.7
-458.4
5
-610.5
7.8
6.2
p
1
Preliminary. ^ Figure carried forward.
Annual figures areestimates of the United States Mint. Monthly figures
are those published in table on p. 1201, adjusted to exclude Philippine
Islands production received in United States.
2 Figures based on rate of $20.67 a fine ounce in January 1934, and $35 a
fine ounce thereafter.
3 Includes gold in the Inactive Account amounting to 27 million dollars
on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937.
4 The net gold import figures for months subsequent to December 1941
have
not been released for publication.
fi
Gold held under earmark at Federal Reserve Banks for foreign account
amounted to 3,346.3 million dollars on Oct. 30, 1943.
NOTE.—For back figures through 1937, see Annual Report for 1937
(table 29).
End of month
Depositors'
balances 1
Total
U. S. Government
securities
Cash
in depository
banks
Total
Direct
Guaranteed
Cash
reserve
funds2
etc.
1934—June
Dec
1935—June
Dec
1936—June
Dec
1937—June
Dec
1938—June
Dec.
1939—June
Dec
1940— June
Dec
1941—June........
Dec
1942—June
1,198
1,207
1,205
1,201
1,232
1,260
1,268
1,270
1,252
1,252
1,262
1,279
1,293
1,304
1,304
1,314
1,316
1,225
1,237
1,236
1,237
1,265
1,296
1,307
1,308
1,290
1,291
1,304
1,319
1,337
1,348
1,356
1,396
1,525
695
540
385
287
203
145
136
131
115
86
68
53
43
36
30
26
24
453
597
777
853
967
1,058
1,100
1,097
1,103
1,132
1,157
1,192
1,224
1,224
1,251
1,274
1,272
418
467
630
706
800
892
933
931
936
965
1,011
1,046
L,O78
1,078
1,104
1,128
L, 146
130
147
147
167
167
167
167
167
166
146
146
146
146
146
146
126
76
100
74
98
95
93
71
80
73
73
78
74
69
88
75
95
229
1942-Nov
Dec.
1,396
1,417
1,444
1,464
17
16
1,266
1,345
1,140
1,220
126
126
161
102
1943—Jan
Feb.
Mar
Apr
May
June
July
1,445
1,468
1,493
1,517
1,546
1,577
1,620
1,660
p
l,683
"1,717
1,493
1,517
1,545
1,569
1,596
1,631
1,678
1,719
14
14
13
12
12
12
11
11
1,381
1,378
1,421
1,450
1,500
1,482
1,527
1,588
1,255
1,270
1,360
1,389
1,449
1,471
1,527
1,588
126
109
61
61
51
11
98
125
111
107
83
137
140
121
Aug
Sept
Oct
35
^ Preliminary.
Outstanding principal, represented by certificates of deposit. Does not
include
accrued interest or outstanding savings stamps.
2
Includes working cash with postmasters, 5 per cent reserve fund and
miscellaneous working funds with the Treasurer of the United States,
accrued interest on bond investments, and accounts due from late
postmasters.
Back figures.—-See BULLETIN for August 1935, pp. 501-502.
BANK SUSPENSIONS*
Total,
all
banks
Number of banks suspended:
1934
1935
1936
1937
1938
1939
1940
. .
1941
1942 .
1943—Jan.-Oct
Deposits of suspended banks
(in thousands of dollars) : 3
1934
1935
1936
1937
1938
1939
. .
1940.
1941
1942
1943—Jan.-Oct
Member
banks
National
State
Insured 2
Noninsured
Year and month
57
34
44
59
55
42
22
8
9
3
36,937
10,015
11,306
19,723
13,012
34,998
5,943
3,726
1 702
2,103
1
4
1
4
1
4
1
4
2
1
3
1
40
5,313
507
7,379
36
1,341
256
3,144
862
1,708
211
24,629
8
22
40
47
47
25
18
3
6
2
1,912
3,763
10,207
10,156
11,721
6,589
5,341
503
1 375
1,241
48
8
3
6
6
10
3
1
3
34,985
939
592
480
1,044
2,439
346
79
327
1
Represents banks which, during the periods shown, closed temporarily
or permanently on account of financial difficulties; does not include banks
whose deposit liabilities were assumed by other banks at the time of closing
(in some instances with the aid of Federal deposit Insurance Corporation
loans).
2
Federal deposit insurance became operative Jan. 1, 1934.
3
Deposits of member banks and insured nonmember banks suspended are
as of dates of suspension, and deposits of noninsured nonmember banks
are based on the latest data available at the time the suspensions were
reported.
Back figure*.—See Annual Report for 1937 (table 76).
H64
BANK DEBITS
Debits to deposit accounts except interbank accounts
[In millions of dollars]
Nonmember
banks
1929
1937
1938
1939
1940
1941
1942
1942—September
October
November
December
1943—January
February
March
April
May
June
July
August
September
October
Total,
all
reporting
centers
New
York
City
140
other
centers 1
Other
reporting
centers 2
982,531
469,463
405,929
423,932
445,863
537,343
607,071
603,089
197,836
168,778
171,382
171,582
197,724
210,961
331,938
235,206
204,745
218,298
236,952
293,925
342,430
47,504
36,421
32,406
34,252
37,329
45,694
53,679
55,701
58,334
53,773
68,822
57,972
54,872
65,782
73,661
64,246
66,894
65,347
60,614
75,759
66,270
19,919
19,823
18,512
25,897
21,437
21,112
24,062
29,193
25,737
25,464
23,976
21,221
27,913
23,990
29,990
32,131
29,489
36,077
30,723
28,437
35,261
37,683
32,602
34,959
34,954
33,359
40,452
35,614
5,791
6,380
5,772
6,848
5,812
5,323
6,459
6,784
5,908
6,472
6,417
6,034
7,393
6,666
1 National series for which bank debit figures are available beginning;
with
1919.
2
Figure for 1929 includes 128 centers; for 1937-1942 annual figures include
133 centers; monthly figures include 193 centers.
NOTE.—See p. 717 of August 1943 BULLETIN for description of revision
beginning with May 1942.
Back figures.—Annual Report for 1937, p. 157. Annual totals, beginning
with 1919, by Federal Reserve districts and for individual centers, are
available for distribution and will be furnished upon request.
FEDERAL RESERVE
BULLETIN
ALL BANKS IN THE UNITED STATES
Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks and such
private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 1934-June 1935,
private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to the Comptroller of the Currency. Under the amended provision of sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of
private banks included in the figures from June 1934 to December 1935, see Federal Reserve BULLETIN for December 1935, p. 883, and July 1936, p. 535.
Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available.
DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS1
[In millions of dollars]
NUMBER OF BANKS
Nonmember
banks
Member banks 2
Call date
Member banks 2
National
State
Mutual
savings
banks
Other
nonmember
banks
Call date
Total
Total
All
banks
Nonmember
banks
Total
National
State
Mutual
savings
banks
Other
nonmember
banks
1929—June 29
Dec. 31
25,110
24,630
8,707
8,522
7,530
7,403
1,177
1,119
611
609
15,792
15,490
1929—June 2 9 . . . .
Dec. 3 1 . . . .
53,851
55,289
32,284
33,865
19,411
20,290
12,873
13,575
8,983
8,916
12,584
12,508
1933—June 30
Dec. 30
14,519
15,011
5,606
6,011
4,897
5,154
709
857
576
579
8,337
8,421
1933—June 3 0 . . . .
Dec. 3 0 . . . .
37,997
38,505
23,338
23,771
14,772
15,386
8,566
8,385
9,713
9,708
4,946
5,026
1938—June 30
Dec. 31
15,287
15,206
6,338
6,338
5,242
5,224
1,096
1,114
563
556
8,386
8,312
1938—June 3 0 . . . .
Dec. 3 1 . . . .
52,194
54,054
34,745
36,211
22,553
23,497
12,193
12,714
10, 296
10, 365
7,153
7,478
1939—June 30
Dec. 30
15,082
15,037
6,330
6,362
5,203
5,187
1,127
1,175
553
552
8,199
8,123
1939—June 3 0 . . . .
Dec. 3 0 . . . .
55,992
58,344
38,027
39,930
24, 534
25, 661
13,493
14,269
10, 521
10, 613
7,444
7,801
1940—June 29
Dec. 3 1 . . . . . . .
14,953
14,895
6,398
6,486
5,164
5,144
1,234
1,342
551
551
8,004
7,858
1940—June 2 9 . . . .
Dec. 3 1 . . . .
60,582
65,021
42,039
46,007
26,931
29,214
15,108 310,631
10,658
16,793
37,912
8,356
1941—June 30
Dec. 31
14,855
14,825
6,556
6,619
5,130
5.117
1,426
1,502
547
545
7,752
7,661
1941—June 3 0 . . . .
Dec. 31. . .
67,173
70,792
48,076
51,192
30,684
32,672
17,392
18,520
10,641
10,525
8,456
9,075
1942—June 306
Dec. 31
14,775
14,682
6,647
6,679
5,101
5,081
1,546
1,598
544
543
7,584
7,460
1942—June 30 5 6 .
Dec. 3 1 . . . .
72,419
88,478
53,434
67,277
34,036
43,069
19,397
24,208
10,387
10,664
8,599
10,537
1943—June 30..
14,618
6,703
5,060
1,643
542
7,373
1943—June 3 0 . . .
96,329
73,465
47,434
26,031 | 11,132 I 11,733
For footnotes see table below.
For footnotes see table below.
J.OANS AND INVESTMENTS
[ In millions of dollars]
Nonmember banks
Member banks2
All banks
Mutual savings banks
Call date
Total
Loans
Investments
Total
Loans
Investments
Other nonmember banks
Total
Loans
Investments
Total
Loans
Investments
1929—June 29
Dec. 31
58,474
58,417
41,531
41,918
16,943
16,499
35,711
35,934
25,658
26,150
10,052
9,784
9,556
9,463
5,892
5,945
3,664
3,518
13,207
13,020
9,981
9,823
3,227
3,197
1933—June 30
Dec. 30
40,076
40,319
22,203
21,977
17,872
18,342
24,786
25,220
12,858
12,833
11,928
12,386
10,044
9,985
5,941
5,906
4,103
4,079
5,246
5,115
3,404
3,238
1,841
1,877
1938—June 30
Dec. 314
47,381
48,929
21,130
21,354
26,252
27,575
30,721
32,070
12,938
13,208
17,783
18,863
10,196
10,255
4,961
4,930
5,235
5,325
6,465
6,604
3,231
3,217
3,234
3,387
1939—June 30
Dec. 30
49,616
50,885
21,318
22,169
28,299
28,716
32,603
33,941
13,141
13,962
19,462
19,979
10,342
10,314
4,931
4,961
5,411
5,353
6,671
6,630
3,245
3,246
3,425
3,384
1940-June 29
Dec.31
51,335
54,188
22,341
23,741
28,995
30,448
34,451
37,126
13,969
15,321
20,482
21,805
310,188
10,248
4,926
4,959
5,262
5,289
36,696
6,815
3,445
3,461
3,251
3,353
1941—June 30
Dec.31
57,945
61,098
25,312
26,616
32,633
34,483
40,659
43,521
16,729
18,021
23,930
25,500
10,314
10,372
4,955
4,903
5,360
5,470
6,972
7,205
3,628
3,692
3,344
3,513
1942—June 305 6
Dec.31
64,009
78,137
25,081
23,915
46,800
59,263
16,928
16,088
29,872
43,175
10,353
10,746
4,819
4,698
5,534
6,048
6,856
8,128
3,333
3,128
3,522
4,999
1943—June 30
87,881
22,241
38,928
54,222
65,640
67,155
14,823
52,332
11,241
4,579
6,661
9,487
2,840
6,647
1
Prior to December 1933, member bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000 on that
date. Prior to June 1940, the nonmember bank figures on some call dates included some interbank deposits not shown separately in a few State bank
abstracts.
2
Includes, beginning June 30, 1941, two mutual savings banks in Wisconsin and one in Indiana.
3 One bank (with deposits, excluding interbank deposits, of $90,000,000 and total loans and investments of $96,000,000 on Dec. 30, 1939) which, up to
and including Dec. 30, 1939, was classified as a mutual savings bank, is now included in figures in the "Other nonmember banks" column.
4 Prior to December 1938 the figures include loans and investments indirectly representing bank premises or other real estate, now reported separately in condition reports. The amounts of such loans and investments in December 1938,, were approximately $50,000,000 and $100,000,000, respectively.
^Decreases in "Other nonmember banks" figures (and corresponding increases in member bank figures) reflect principally the admission to membership
in the Federal Reserve System of one large bank with total loans and investments aggregating 472 million dollars on June 30, 1942.
6
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 $32,642,000 and its loans and investments $25,756,000.
Backfigures.—SeeAnnual Report for 1937 (tables 48-19).
DECEMBER 1943
1165
CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS
[In millions of dollars}
Loans
Call date
Total-A11
Member Banks
1938—Dec. 31
1939—June 30
Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942—June 30
Dec. 31
1943—June 30P
Oct. 18
Commercial,
Total
loans
in-
and
investments,
Total
32,070
32,603
33,941
34,451
37,126
40,659
43,521
46,800
59,263
67,155
78,099
13,208
13,141
13,962
13,969
15,321
16,729
18,021
16,928
16,088
14,823
17,707
eluding
openmarket
paper
5,179
5,203
5,841
5,988
6,660
7,807
8,671
8,383
7,387
6,554
Investments
L1". S. Government obligation s
Loans for
purchasing
or carrying
securities
AgriReal
Con- Other
culesTo
turtate sumer loans Total
al brokloans loans
ers
To
and
deal- others
ers
712
788
730
736
865
738
972
726
973
731
790
447
642
575
594
554
934
2,853
2,716
2,855
2,828
2,944
2,957
3,062
3,069
3,273
3,228
3,609
3,365
3,692
3,494
3,203
3,501
870
3,423 1,847
801
3,351 1,540
854 1,120
775
736
700
668
652
635
598
562
538
603
220
215
188
188
190
186
169
167
193
240
121
130
133
137
130
129
123
121
117
113
1,089
18,863
19,462
19,979
20,482
21,805
23,930
25,500
29,872
43,175
52,332
60,392
Obligations
of
States
Other
and
CerGuar- politi- secutifirities
cal
ansubBills of in- Notes Bonds teed dividebtsions
edness
Direct
Total
3,389
2,720
2,223
2,543
2,594
2,631
3,007
3,546
5,409
5,251
7,208
7,786
8,398
8,261
9,091
10,481
11,729
14,485
18,948
23,545
2,340
2,831
3,144
3,121
3,486
3,839
3,832
2,685
2,540
2,487
2,448
2,554
2,692
2,888
3,013
2,984
3,090
2,934
2,965
2,876
2,818
3,192
3,131
2,959
2,873
2,970
2,867
2,871
2,840
2,664
2,476
2,337
1,142
5,072 3,857
158
168
908
5,700 4,483
6,043 4,772
797
315
421
1,092
6,815 5,486
1,245
7,527 6,044
207
577
1,526
8,715 7 268
8,823 7^265
1,623
311
402 "663 1,746
9,953 8,550
13,841 12,547 1,855 2,144 2,056
14,974 13,887 1,985 2,818 1,656
16,764 15,734
1,663
2,284
2,385
2,650
2,977
3,415
3,652
4,572
5,420
6,454
894
1,123
1,275
1 324
1^615
1,751
1^679
1,166
1,071
974
517
480
579
634
695
651
729
623
593
484
486
698
736
693
695
788
796
830
781
701
602
544
655
621
701
710
752
803
903
1,068
1,282
1,424
109
135
172
134
112
138
119
90
S3
75
141
154
162
177
188
190
182
164
166
209
164
176
179
170
167
186
188
193
188
186
172
165
808
895
890
981
984
979
956
925
954
942
939
866
866
860
868
893
836
820
858
821
785
741
982
,025
,061
,097
,146
,165
,222
,222
,252
.241
1|228
1,453
1,351
1,236
1,144
1,102
1,047
1,028
1,013
956
917
886
13,222
13,777
14,328
14,722
15,823
18,078
19,539
24,098
37,546
46,980
55,237
286
441
563
797
652
1,127
971
1,509 i, 872
4,363 6,285
6,278 9,418
New York
City1
3,262
2,988
3,296
3,014
3,384
3 778
4,'072
4,066
4,116
4,009
5,373
1,594
1 602
1^888
1,905
2^125
2,503
2^807
2,841
2,546
2,274
6
6
3
8
9
21
24
787
555
611
320
465
422
412
430
787
955
539
544
569
603
696
846
954
906
832
784
335
344
383
432
492
630
732
712
658
612
17
19
6
8
5
5
6
3
6
2
43
39
41
23
42
36
48
29
34
40
70
71
66
61
54
55
52
50
32
41
12
12
13
16
19
20
22
22
23
23
2,063
2,022
2,256
2,290
2,589
3,081
3,456
3,318
2,957
2,652
207
234
221
176
263
175
300
152
290
205
119
115
119
87
115
100
114
78
97
107
242
221
222
210
207
198
194
177
153
157
1,230
14^013
15,347
16,535
20,915
24,677
28,844
4,963
5,004
5,329
5,365
5,931
6,498
7,105
6,564
6,102
5,533
6,540
J.284
,365
,372
,436
,477
L,527
,524
,486
1,465
1,101
1,128
1,177
1 230
1^322
1,466
1,512
1,315
808
312
670
276
1,224
6,691 5,018
57
78
1,014
6,751 4,991
6,943 5,194
819
63
87
839
6,795 4,947
7,081 5,204
771
103
73
606 '
7,515 5,700
295
751
8,243 6,467
981
579 "674
9,971 8,188
14,813 13,038 1,441 2,253 1,723
19,144 17,417 2,626 3,529 1,828
22,304 20,623
2,997
740
3,010
889
3,339
972
3,052
969
3,281 1,049
3,858 1,162
4,248 1,173
5,149
806
6,810
811
8,576
857
10,113
10,109
10,224
10,257
10,826
11,446
12,518
13,130
16,419
19,164
22,072
4,444
4,605
4,768
4,987
5,309
5,607
5,890
5,393
5,038
4,497
4,771
1,186
1,235
1,314
1,361
1,453
1,593
1,676
1,512
1,226
1,017
483
531
495
546
590
555
659
562
772
623
25
22
20
17
21
17
20
16
17
17
243
229
224
208
201
195
183
169
161
164
1,353
1,402
1,477
1,544
L.644
1,739
1,823
1,834
1,797
1,750
1,154
1,186
1,238
L,3H
1,400
1,507
1,530
1,299
674
393
371
555
11
5,669 3,233
732
563
11
5,504 3,127
3,159
31
431
5,456
36
451
5,270 3,030
433
45
5,517 3,269
60
374
5,839 3,627
4,377
110
481
6,628
657
171 "355
7,737 5,502
671 1,251 1,240
11,380 9,172
14,667 12,509 1,194 2,276 1,368
17,301 15,187
1,893
1,870
1,972
1,849
2,081
2,404
2,926
3,696
5,436
7,091
8,335
8,688
9,339
9,829
31
10,'910
30
12,493
31
12^896
30
14,019
31
17,957
30
18,982
1 8 p . . . . 22,137
1938—Dec. 31
1939—Tune 30
Dec. 30
104Q—Tune 29
Dec.
1941—June
Dec.
1942—June
Dec.
1943—June
Oct.
City of
Chicago1
1938—Dec. 31
1939—June 30
Dec. 30
1940—June 29
Dec. 31
1941—June 30'.'.'.'.'.
Dec. 31
1942—June 30
Dec. 31
1943—June 30P
Oct. 18
Reserve City
Banks
1938—Dec. 31
1 9 3 9 _ j u n e 30
Dec. 30
1940—Tune 29
Dec. 31
1941—June 30
Dec. 31
1942—June 30
Dec. 31
1943—June 30P
Oct. 18
Country
Banks
1938—Dec. 31
1939—June 30
Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942—June 30
Dec. 31
1943—June 30 p
Oct. 1 8 . . . .
1,969
2,052
2,105
2,205
2 377
2^707
2,760
3,116
3,973
4,332
5,045
11,654
11,756
12,272
12,160
5
5
7
535
481
469
458
468
536
554
499
148
140
303
264
1,430
62
60
60
62
84
101
96
90
62
51
L,5O7
1,536
1,602
1,681
1,861
1,806
18
15
1,023
2,210
3,141
3,548
4,022
1,114
1,175
1,203
1,258
,307
1,483
1,430
1,858
2,789
3,167
3,693
59
185
153
254
297
417
256
357
397
473
181
637
795
291
234
176
161
145
125
153
162
391
399
597
683
725
695
710
788
861
624
574
581
v
1
Preliminary.
Central reserve city banks.
Back figures—See Annual Report for 1937 (tables 52-58).
1166
FEDERAL RESERVE BULLETIN
CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits,
except interbank
Call date
Reserves
with
Federal
Reserve
Banks
Cash
in
vault
BalDeances mand
with
dedoposits
mestic1
ad- 2
banks justed
Individuals,
partnerships,
and corporations
Time deposits,
except interbank
Interbank
deposits
U. S.
CertiIndiGovStates fied
viduals, States
U.
S.
ernand
and
and
partner- polit- ment
Govoffipolitical
ships,
ernand
ical*
subdi- cers'
and cor- subdi- Postal
visions checks ment pora- visions
Savetc.
tions
ings
Domestic
banks
Demand1
Time
6,510
7,097
8,507
8,852
9,581
9,610
9,714
9,110
10,101
9,648
132
142
144
134
135
138
133
109
82
66
Foreign
banks
Bor- Capital
rowacings counts
Total—All
Member Banks
1938—Dec.
1939—June
Dec.
1940—June
Dec.
1941—June
Dec.
1942—June
Dec.
1943—June
Oct.
1,087
1,022
1,019
1,142
4,240
4,674
5,506
5,751
6,185
6,293
6,246
5,770
6,147
5,578
22,293
23,587
25,681
27,877
30,429
32,678
33,754
36,966
42,570
48,957
21,119
22,448
24,604
26,397
29,576
31,429
33,061
35,646
42,139
47,863
47,749
2,386
2,532
2,321
2,529
2,724
2,940
3,066
3,230
3,318
3,522
4,104
4,975
5,915
7,072
7,057
5,857
5,105
4,762
4 388
3,473
68
61
89
88
102
136
93
88
72
92
109
112
125
119
122
131
141
103
82
52
7,168
8,012
8,899
10,235
11,062
11,619
10,761
11,711
11,899
13,543
7,273
8,281
9,030
10,283
11,357
11,895
11,282
12,014
12,501
14,001
13,149
280
288
251
258
370
319
319
271
263
249
195
472
178
147
471
306
450
273
448
404
884
897
993
973
902
786
35
26
42
39
42
41
43
43
39
39
235
235
283
242
319
262
298
220
164
173
1,688
1,666
1,739
1,898
1,941
2,205
2,215
2,379
2,557
3,002
1,597
1,565
1,676
1,782
1,905
2,109
2,152
2,292
2,588
2,981
2,901
181
197
167
199
174
213
233
226
178
202
29
22
24
17
27
33
34
24
38
36
2,354
2,735
3,118
3,759
4,027
4,125
4,060
4,254
4,940
4,848
321
318
348
334
396
385
425
357
365
395
1,940
2,210
2,485
2,679
2,741
2,793
2,590
2,279
2,202
1,892
7,214
7,654
8,176
8,774
9,581
10,480
11,117
12,515
14,849
17,403
7,034
7,331
8,002
8,372
9,468
10,142
11,127
12,199
15,061
17,276
17,468
796
917
813
956
995
170
160
190
147
228
209
286
218
385
333
1,353
1,403
1,578
1,733
1,857
1,914
2,210
2,306
2,842
2,987
322
307
363
328
452
437
526
533
542
616
1,956
2,117
2,614
2,711
3,002
3,106
3,216
3,168
3,699
3,462
6,224
6,255
6,866
6,969
7,845
8,374
9,661
10,360
13,265
15,009
5,215
5,272
5,896
5,960
6,846
7,282
8,500
9,141
11,989
13,604
14,230
3 1 . . . 8,694
3 0 . . . 10,011
3 0 . . . 11,604
2 9 . . . 13,751
3 1 . . . 13,992
3 0 . . . 12,959
3 1 . . . 12,396
30. .. 12,295
3 1 . . . 13,072
3 0 . . . 12,093
18*..
746
712
841
789
991
999
547
790
563
475
913
738
790
694
743
711
616
619
1,009
1,709
1,724
7,923
7,236
711
1,142
1,050
10,846
11,063
11,215
11,459
11,687
11,898
11,878
11,673
12,366
13,382
462
441
432
410
435
397
418
400
332
341
652
653
693
732
768
778
778
717
711
755
36
46
43
29
51
452
471
483
489
496
480
476
460
453
9
17
10
15
8
17
61
59
51
59
56
55
50
49
56
71
511
607
759
703
706
688
678
752
816
837
6
5
3
3
3
3
4
6
5
18
5,424
5,496
5,522
5,608
5,698
5,800
5,886
5,991
6,101
6,252
'"3"
1,592
1,586
1,592
1,599
1,615
1,625
1,648
1,698
11
1,727
L.774
New York
City*
1938—Dec.
1939—June
Dec.
1940—June
Dec.
1941—June
Dec.
1942—June
Dec.
1943—June
Oct.
31...
30.. .
30. ..
29...
31...
30...
31...
30...
31...
30. .
18*..
City of
Chicago6
1938—Dec. 3 1 . .
1939—June 30. ..
Dec. 3 0 . , .
1940—June 29...
Dec. 31. .
1941—June 30. ..
Dec. 31. ..
1942—June 3 0 . . .
Dec. 3 1 . . .
1943—j u n e 3 0 . . .
Oct. 18*..
1,187
1,051
l,.O62
1,021
139
84
74
67
48
32
866
863
4,186
2,820
83
60
80
79
90
95
127
201
665
506
2,687
2,992
3,542
3,840
4,032
3,948
3,595
3,284
3,209
2,939
27
29
17
23
21
""3
5
5
5
2
2
477
"
1
1
442
524
695
650
646
623
612
683
736
747
9
12
9
658
746
879
949
997
257
270
250
260
270
279
288
293
304
312
7
8
8
8
10
12
13
1,010
1,027
1,028
1,105
1,032
Reserve City
Banks
1938—Dec.
1939—June
Dec.
1940—June
Dec.
1941—June
Dec.
1942—June
Dec.
1943—June
Oct.
31...
30...
30. ..
29...
31. ..
30. ..
31...
30...
31. ..
30. . .
18*..
1,139
1,144
1,304
1,319
1,452
424
415
435
422
327
341
491
422
1,982
2,383
4,233
4,320
4,362
4,422
4,506
4,590
4,542
4,454
4,805
5,265
269
233
240
219
226
211
243
239
169
172
5,509
5,619
5,677
5,816
5,917
6,049
6,082
6,042
6,397
6,886
147
145
140
147
150
143
146
143
140
148
17
19
14
18
19
19
20
18
22
31
2,719
2,920
3,516
3,526
3,919
4,000
4,302
4,052
4,831
4,749
108
115
117
105
106
108
103
82
62
48
57
446
439
571
538
633
652
790
747
957
928
23
26
26
29
29
30
30
2
2
2
2
2
2
2
3
4
4
69
53
44
51
55
55
57
65
73
1,777
1,812
1,828
1,873
1,904
1,940
1,967
1,985
""2"
2,028
2,071
Country
Banks
1938—Dec.
1939—June
Dec.
1940—June
Dec.
1941—June
Dec.
1942—June
Dec.
1943—June
Oct.
31...
30...
30...
29...
31...
30...
31...
30...
31...
30...
18*..
1,128
1,130
1,090
1,115
1,184
1,269
1,370
1,429
1,558
1,619
154
135
172
164
187
190
239
196
272
277
143
136
154
143
151
151
225
237
1,090
1,527
44
40
35
37
33
31
31
31
32
37
27
20
17
6
5
3
3
3
3
4
3
3
7
1,798
1,828
1,851
1,876
1,909
1,956
1,982
2,014
2,042
2,094
v
1
2
3
Preliminary.
Beginning June 30,1942, excludes reciprocal bank balances which on that date aggregated $600,000,000.
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Central reserve city banks.
Backfigures—SeeAnnual Report for 1937 (tables 52-58).
DECEMBER
1943
1167
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS A N D INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollarsl
Loans
Date or month
Total
loans
and
investments
Total
Investments
U. S. Government obligations
Loans for purchasing
or carrying securities
Commercial,
industrial,
and
agricultural
Total
To brokers
and dealers
To
U.S.
others
Govt.
obligations
Realestate
loans
Total—101 Cities
1942—October
36, 787
10,300
6, 606
484
370
1943—June
July
August
September . .
October
46, 589
46 370
46 903
48 839
52 346
9,593
9,549
9,571
10,679
11,944
5, 606
5, 612
5, 718
5, 966
6, 342
1
1
1
1
998
034
026
566
912
450
399
368
621
1,054
1943—Sept.
Sept.
Sept.
Sept.
Sept.
46 739
46 902
49, 412
50, 143
50 998
9,704
9,771
10,875
11,244
11,802
5, 735
5, 765
5, 992
6, 132
6, 207
1
1
1
1
1
127
192
691
827
994
358
352
647
750
999
51
51
53
52
278
648
477
982
12,117
12,009
11,881
11,768
6, 277
6, 307
6 361
6, 424
2
1
1
1
084
984
828
750
1,126
1,082
1,029
978
1
1
1
1
52
52
51
51
642
051
989
462
11,697
11,483
11,311
11,267
6 458
6 451
6, 435
6, 423
1
1
1
1
697
601
487
571
936
836
807
717
1
1
1
1
Oct.
Oct.
Oct.
Oct.
1
8
15
22
29
6
13
20
27
Nov.
Nov.
Nov.
Nov.
3
10
17
24
New York City
1942—October
14 353
3,677
2 653
369
1943—June
July
August
September...
October
17
17
17
18
19
748
261
383
311
631
3,708
3,664
3,641
4,308
4,891
2 172
2 149
2, 168
2 244
2 378
850
885
876
1 283
1 461
17,329
17,354
18", 734
18,919
19,220
3,774
3,788
4,486
4,608
4,883
2
2
2
2
2
172
174
241
310
325
266
348
111
800
5,003
4,921
4,868
4,774
2
2
2
2
19 528
19 236
19 ,201
18 899
4,713
4,564
4,426
4,449
2
2
2
2
Outside
New York City
1942—October
22 ,434
1943—June
July
August
September...
October
28 ,841
29 ,109
29 ,520
30 ,528
32 ,715
1943—Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.
1
8
15
22
29
6
13
20
27
Nov.
Nov.
Nov.
Nov.
Oct.
Oct.
Oct.
Oct.
Nov.
Nov.
Nov.
Nov.
3
10
17
24
1
8
15.....
22
29....
6
13
20
27
3
10....
17....
24.. . .
Loans
to
banks
Other
loans
Total
Total
Certificates
of inBills
Notes
debtedness
1 217
29
1 594
26,487 23,011 2,674 2,984 3,878
1
1
1,
1
1
151
156
150
142
135
59
56
43
68
78
1
1
1
1
1
329
292
266
316
423
36,996
36,821
37,332
38,160
40,402
33,927
33,858
34,421
35,211
37,480
5,368
4,583
4,041
4,015
4,575
6,938
6,995
7,604
8,003
8,854
4,023
4,602
4,878
4,917
4,959
1, 145
1 147
1, 140
1, 141
1 135
74
54
79
56
76
1
1
1
1
1
265
261
326
338
391
37,035
37,131
38,537
38,899
39,196
34,100
34,213
35,584
35,947
36,210
3,524
3,570
4,267
4,354
4,360
7,635
7,657
8,110
8,248
8,368
137
136
135
132
59
69
114
71
1
1
1
1
434
431
414
413
39,161
39,639
41,596
41,214
36,215
36,698
38,682
38,327
4,211
4,585
4,880
4,626
129
127
128
125
79
84
76
71
1
1
1
1
398
384
378
360
40,945
40,568
40,678
40,195
38,071
37,732
37,857
37,377
4,405
4,177
4,340
3,909
Bonds
Guaranteed
01 her
se curi ties
11,470 2 ,005
3, 476
15,720
15,880
16,102
16,432
17,224
1,878
1,798
1,796
1,844
1 ,868
3, 069
2, 963
2, 911
2, 949
2, 922
4,873
4,912
4,923
4,928
4,947
16,250
16,246
16,447
16,557
16,659
1 ,818
1,828
1,837
1,860
1,876
2, 935
2, 918
2, 953
2, 952
2 986
8,417
8,407
9,318
9,274
4,955
4,964
4,960
4,958
16,752
16,862
17,650
17,632
1 ,880
1 ,880
1 ,874
1 ,837
2, 946
2, 941
2, 914
2, 887
9,270
9,190
9,163
9,183
4,935
4,917
4,920
4,892
17,632
17,618
17,623
17,603
1 ,829
1 ,830
1,811
1 ,790
2, 874
2, 836
2, 821
2, 818
1, 300
138
102
27
388
10,676
9,376
929
1,124
1,911
4,351 1 ,061
396
414
409
801
941
236
194
176
344
605
97
98
97
96
95
40
35
27
44
54
313
303
297
297
298
14,040
13,597
13,742
14,003
14,740
13,067
12,645
12,807
13,020
13,798
2,092
1,516
1,258
1,124
1,426
2,539
2,635
2,868
3,035
3,238
1,654
1,754
1,788
1,771
1,775
5,859
5,853
5,977
6,133
6,371
923
887
916
957
988
973
952
935
983
942
1
1
1
1
988
537
027
572.
397
906
449
955
556 1,037
169
165
399
426
559
96
96
96
96
96
54
32
52
30
50
295
294
301
297
297
13,555
13,566
14,248
14,311
14,337
932
12,591
917
12,600
13,263 1,249
13,325 1,292
13,319 1,229
2,910
2,923
3,129
3,108
3,103
1,752
1,766
1,784
1,775
1,777
6,065
6,053
6,151
6,176
6,219
932
941
950
974
991
964
966
985
986
1, 018
336
362
391
421
1
1
1
1
597 1,073
503
967
400
881
344
843
640
619
591
572
96
96
95
94
37
44
92
44
297
297
299
299
14,263
14,427
15,243
15,026
13,297
13,460
14,309
14,125
1,192
1,369
1,604
1,539
3,098
3,056
3,421
3,376
1,777
1,783
1,779
1,762
6,236
6,258
6,512
6,478
994
994
993
970
966
967
934
901
422
419
414
411
1 311
1 233
1 ,131
1 ,225
535
463
441
388
94
94
94
94
55
58
50
39
296
297
296
292
14,815
14,672
14,775
14,450
13,916
13,791
13,902
13,576
1,406
1,388
1,547
1,279
3,354
3,296
3,282
3,329
1,746
1,740
1,751
1,738
6,439
6,395
6,371
6,298
971
972
951
932
899
881
873
874
6,623
3 953
115
232
1 ,115
2
1 ,206
15,811 13,635 1,745
1,860
1,967
7,119
944
2, 176
5,885
5,885
5,930
6,371
7,053
3
3
3
3
3
434
463
550
722
964
148
149
150
283
451
214
205
192
277
449
1 ,054
1,058
1 053
1,046
1 040
19
21
16
24
24
1 ,016
989
969
1,019
1,125
22,956
23,224
23,590
24,157
25,662
20,860
21,213
21,614
22,191
23,682
3,276
3,067
2,783
2,891
3,149
4,400
4,360
4,736
4,968
5,616
2,369
2,848
3,090
3,146
3,184
9,860
10,027
10,125
10,299
10,853
955
911
880
887
880
2, 096
2 011
1 976
1, 966
1, 980
29 ,410
29 ,548
30 ,678
31 ,224
31 ,778
5,930
5,983
6,389
6,636
6,919
3 563
3 591
3 751
3 822
3 ,882
139
165
294
378
438
189
187
248
324
440
1,049
1 ,051
1,044
1,045
1 ,039
20
22
27
26
26
970
967
1 ,025
1,041
1,094
23,480
23,565
24,289
24,588
24,859
21,509
21,613
22,321
22,622
22,891
2,592
2,653
3,018
3,062
3,131
4,725
4,734
4,981
5,140
5,265
3,121
3,146
3,139
3,153
3,170
10,185
10,193
10,296
10,381
10,440
886
887
887
886
885
971
952
968
966
968
32 ,012
32 ,300
33 ,366
33 ,182
7,114
7,088
7,013
6,994
3 ,941
3 ,945
3 ,970
4 003.
487
481
428
406
486
463
438
406
1 ,041
1,040
1 ,040
1 ,038
22
25
22
27
1,137
1,134
1 ,115
1,114
24,898
25,212
26,353
26,188
22,918
23,238
24,373
24,202
3,019
3,216
3,276
3,087
5,319
5,351
5,897
5,898
3,178
3,181
3,181
3,196
10,516
10,604
11,138
11,154
886
886
881
867
1
1
1
1
33 ,114
32 ,815
32 ,788
32 ,563
6,984
6,919
6,885
6,818
4 ,036
4 ,032
4 ,021
4 ,012
386
368
356
346
401
373
366
329
1 ,035
1 ,033
1 ,034
1,031
24
26
26
32
1,102
1,087
1,082
1 ,068
26,130
25,896
25,903
25,745
24,155
23 941
23,955
23,801
2,999 5,916 3,189
2,789 5 894 3,177
2,793 5,881 3,169
2,630 5,854 3,154
11,193
11,223
11,252
11,305
858
858
860
858
1 975
1, 955
1 948
1 944
19
19
20
19
783
725
654
749
980
974
980
986
NOTE.—For description of figures see BULLETIN for November 1935 (pp. 711-738) or reprint, and BULLETIN for June 1937 (pp. 530-531). For back figures
see BULLETIN for November 1935 (pp. 711-738) or reprint, BULLETIN for December 1935 (p. 876), Annual Report for 1937 (tables 65-67), and corresponding
tables in previous Annual Reports.
n68
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
RESERVES A N D LIABILITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Demand deposits
except interbank
ReBalserves
with Cash ances
Fedwith
in
eral vault
doRemestic
serve
banks
Banks
Date or month
Demand
deposits
ad- 1
justed
Individuals,
partnerships,
and
corporations
Time deposits,
except interbank
States Certiand
fied
U.S.
polit- and
Govical
offiernsubcers' ment
divi- checks
sions
etc.
Interbank
deposits
IndiDomestic
vidU.S.
banks
uals, States
Govand
part- polit- ernFornerical ment
eign
ships, suband
banks
and
Postal
DediviTime
corSav- mand
pora- sions
ings
tions
Bor- Capital Bank
row- acdebings counts its 2
Total 101 Cities
1942—October
9,031
517
2,614
28,268
28,154
1,874
517
109
26
8,878
72
683
8
1943—June
July
August
September. . .
October
8,678
8,667
8,879
9,063
8,295
527
533
520
546
553
2,358
2,300
2,231
2,314
2,270
32,199 32,254
33,108. 33,159
34,250 34,159
33,418 33,629
31,062 31,459
1,806
1,807
1,830
1,775
1,656
682
681
614
734
693
6,557
5,255
4,748
7,326
12,639
5,504
5,611
5,742
5,781
5,796
119
118
119
122
118
35
40
41
48
58
8,839
8,767
8,643
8,984
8,725
51
49
48
48
49
762
777
786
783
772
48
51
42
69
58
4,117
4,133
4,158
4,171
4,190
11,874
11,473
11,092
13,501
12,042
1943—Sept.
Sept.
Sept.
Sept.
Sept.
9,203
9,562
9,609
8,637
8,306
503
520
562
563
582
2,207
2,234
2,549
2,291
2,287
35,733
36,283
32,862
31,613
30,601
35,533
36,102
33,775
31,830
30,903
1,922
1,912
1,752
1,615
1,676
738
599
984
722
625
3,072
2,802
8,747
10,176
11,833
5,792
5,816
5,792
5,755
5,749
123
123
123
121
119
45
46
49
49
51
8,770
9,047
9,477
8,870
8,757
47
48
48
49
48
798
805
784
763
766
101
81
67
38
61
4,173
4,174
4,172
4,169
4,165
11,257
8,851
18,955
14,865
13,578
4,186 12,617
4,189 9,987
4,190 13,294
4,197 12,270
1
8
15
22
29
2,084 5,074
3,983 10,032
Oct.
Oct.
Oct.
Oct.
6
13
20
27
8,200
8,267
8,321
8,392
539
574
541
559
2,208
2,293
2,314
2,265
30,322
30,742
31,366
31,817
30,395
31,652
31,718
32,069
1,682
1,622
1,621
1,699
598
809
729
635
12,203
12,204
13,470
12,680
5,770
5,784
5,802
5,829
118
117
118
117
57
58
59
59
8,725
8,835
8,718
8,620
49
48
50
48
773
760
776
781
39
50
107
37
Nov.
Nov.
Nov.
Nov.
3
10
17
24
8,354
8,472
8,521
8,689
543
547
553
549
2,233
2,236
2,297
2,156
31,774
32,039
32,649
33,201
32,039
32,226
33,124
33,434
1,834
1,749
1,713
1,731
656
778
669
739
12,110
11,401
10,610
9,870
5,859
5,882
5,902
5,913
118
117
118
118
60
61
61
63
8,771
8,753
8,902
8,561
47
45
44
44
793
784
772
792
56
43
61
64
4,211
4,218
4,222
4,222
12,493
11,955
11,739
12,097
New York City
1942—October
3,627
80
30
11,095
11,279
306
270
1,051
642
15
3,127
611
4
1,555
3,784
1943—June
July
August
September.. .
October
3,157
3,220
3,360
3,362
3 021
82
85
82
85
89
25
26
24
24
26
12,086
12,456
13,090
12,548
11 431
12,426
12,768
13,379
12,899
11 790
205
213
200
205
195
355
378
337
371
379
3,006
2,201
1,895
3,196
5,444
690
688
697
698
696
17
18
20
22
21
4
2,869
2,864
2,788
2,899
2 753
1
1
1
1
1
677
692
704
704
695
40
45
29
55
52
1,610
1,615
1,632
1,632
1 637
4,976
4,693
4,317
5,452
4 822
1943—Sept.
Sept.
Sept.
Sept.
Sept.
3,506
3,609
3,506
3,115
3,071
78
84
87
87
91
25
20
28
25
24
13,702
13,926
12,057
11,756
11,301
13,963
14,154
12,671
12,061
11,646
230
231
197
156
211
412
263
539
358
282
1,197
1,087
4,050
4,490
5,155
706
705
699
694
689
22
23
22
22
22
1
1
2
2
4
2,858
2,882
3,102
2,824
2,828
1
1
1
1
1
720
725
705
681
688
84
67
48
20
4,465
3,305
8,344
5,653
5,496
1
8
15
22
29
""2"
57
1,637
1,635
1,634
1,629
1,625
Oct.
Oct.
Oct.
Oct.
6
13
20
27
2,964
3,017
3,046
3,057
85
95
87
89
24
26
27
28
11,201
11,325
11,528
11,670
11,431
11,820
11,882
12,027
215
201
179
185
295
484
403
333
5,303
5,280
5,781
5,413
697
693
692
700
21
21
22
22
4
4
4
4
2,732
2,772
2,765
2,742
1
1
1
1
695
684
697
705
33
40
101
34
1,637
1,637
1,638
1,637
5,013
3,775
5,479
5,021
Nov.
Nov.
Nov.
Nov.
3
10
17
24
3,073
3,120
3,101
3,166
92
95
90
94
23
25
27
28
11,642
11,798
12,010
12,219
12,041
12,080
12,362
12,545
281
253
241
239
356
471
350
433
5,129
4,806
4,471
4,150
708
714
714
706
23
23
23
23
4
5
5
5
2,778
2,740
2,794
2,655
1
1
1
1
718
707
697
714
41
36
40
44
1,648
1,649
1,650
1,650
4,940
5,023
4,569
4,881
5,404
437
2,584
17,173
16,875
1,568
247
1,033 4,432
94
26
5,751
72
72
4
2,428
6,248
1943—June
July
August
September. . .
October
5,521
5,447
5,519
5,701
5,274
445
448
438
461
464
2,333
2,274
2,207
2,290
2,244
20,113
20., 652
21,160
20,870
19,631
19,828
20,391
20,780
20,730
19,669
1,601
1,594
1,630
1,570
1,461
327
303
277
363
314
3,551
3,054
2,853
4,130
7,195
4,814
4,923
5,045
5,083
5,100
102
100
99
100
97
35
40
41
46
54
5,970
5,903
5,855
6,085
5,972
50
48
47
47
48
85
85
82
79
77
8
6
13
14
6
2,507
2,518
2,526
2,539
2,553
6,898
6,780
6,775
8,049
7,220
1943—Sept.
Sept.
Sept.
Sept.
Sept.
5,697
5,953
6,103
5,522
5,235
425
436
475
476
491
2,182
2,214
2,521
2,266
2,263
22,031
22,357
20,805
19,857
19,300
21,570
21,948
21,104
19,769
19,257
1,692
1,681
1,555
1,459
1,465
326
336
445
364
343
1,875
1,715
4,697
5,686
6,678
5,086
5,111
5,093
5,061
5,060
101
100
101
99
97
44
45
47
47
47
5,912
6,165
6,375
6,046
5,929
46
47
47
48
47
78
80
79
82
78
17
14
19
18
4
2,536 6,792
2,539 5,546
2,538 10,611
2,540 9,212
2,540 8,082
Outside
New York City
1942—October
1
8
15
22
29
Oct.
Oct.
Oct.
Oct.
6
13
20
27
5,236
5,250
5,275
5,335
454
479
454
470
2,184
2,267
2,287
2,237
19,121
19,417
19,838
20,147
18,964
19,832
19,836
20,042
1,467
1,421
1,442
1,514
303
325
326
302
6,900
6,924
7,689
7,267
5,073
5,091
5,110
5,129
97
96
96
95
53
54
55
55
5,993
6,063
5,953
5,878
48
47
49
47
78
76
79
76
6
10
6
3
2,549
2,552
2,552
2,560
7,604
6,212
7,815
7,249
Nov.
Nov.
Nov.
Nov.
3
10
17
24
5,281
5,352
5,420
5,523
451
452
463
455
2,210
2,211
2,270
2,128
20,132
20,241
20,639
20,982
19,998
20,146
20,762
20,889
1,553
1,496
1,472
1,492
300
307
319
306
6,981
6,595
6,139
5,720
5,151
5,168
5,188
5,207
95
94
95
95
56
56
56
58
5,993
6,013
6,108
5,906
46
44
43
43
75
77
75
78
15
7
21
20
2,563
2,569
2,572
2,572
7,553
6,932
7,170
7,216
1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
2 Debits to demand deposit accounts except interbank and U. S. Government accounts.
DECEMBER
1943
1169
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[In millions of dollars]
Loans
Federal Reserve
district and date
(1943)
Boston (6 cities)
Oct. 27
Nov. 3
Nov. 10 . . .
Nov. 17
Nov. 24
New York (8 cities)*
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Philadelphia (4 cities)
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Cleveland (10 cities)
Oct. 27
Nov. 3
Nov. 10 .
Nov. 17
Nov. 24
Richmond (12 cities)
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Atlanta (8 cities)
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Chicago (12 cities)*
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
St. Louis (5 cities)
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Minneapolis (8 cities)
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Kansas City (12 cities)
Oct. 27
Nov. 3 . .
Nov 10
Nov. 17
Nov. 24
Dallas (9 cities)
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
San Francisco (7 cities)
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
City of Chicago*
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Total
loans
and
investments
Total
Commercial,
industrial,
and
agricultural
Investments
Loan s for
purchasing
or carrying
securities
U. S. Government obligations
Real- Loans Other
Total
to
estate
To
loans banks loans
brokTo
ers
and others
dealers
Total
CertifiOther
cates
of
Guar- secuNotes Bonds an- rities
inteed
debtedness
Bills
? 887
2,896
2,842
2,805
2,800
635
629
628
623
631
403
402
403
401
403
29
24
23
21
26
12
12
12
12
15
67
67
67
67
67
5
5
5
5
5
119
119
118
117
115
2,252
2,267
2,214
2,182
2,169
2,141
2,158
2,115
2,088
2,076
295
308
268
245
229
637
638
637
631
634
219
219
217
216
216
933
936
936
939
941
57
57
57
57
56
111
109
99
94
93
21,530
21,282
20,953
20,921
20,610
5,141
5,079
4,928
4,792
4,813
2,587
2,588
2,585
2,581
2,575
1,357
1,322
1,244
1,143
1,238
608
571
498
476
422
176
176
176
176
176
44
55
58
50
39
369
367
367
366
363
16,389
16,203
16,025
16,129
15,797
15,396
15,212
15,051
15,164
14,832
1,668
1,560
1,506
1,667
1,404
3,654
3,637
3,565
3,537
3,572
1,951
1,930
1,919
1,928
1,911
7,132
7,093
7,068
7,055
6,986
991
992
993
977
959
993
991
974
965
965
2,354
2,355
2,333
2,333
2,281
449
445
448
444
443
246
244
246
244
245
41
43
43
43
43
12
12
11
11
11
43
42
42
42
41
1
106
104
104
104
103
1,905
1,910
1,885
1,889
1,838
1,719
1,726
1,701
1,709
1,658
240
242
220
218
176
410
402
394
404
394
174
172
168
168
168
823
838
847
847
849
72
72
72
72
71
186
•184
184
180
180
4,131
4,119
4,081
4,101
4,113
947
943
912
908
905
428
432
427
427
428
129
127
112
110
110
28
28
27
26
25
170
170
170
170
170
12
11
8
8
12
180
175
168
167
160
3,184
3,176
3,169
3,193
3,208
2,936
2,929
2,923
2,948
2,962
328
315
303
330
338
595
594
595
596
591
367
370
370
370
366
1,538
1,542
1,545
1,544
1,561
108
108
110
108
106
248
247
246
245
246
1,686
1,694
1,666
1,667
1,652
300
301
292
288
282
136
136
136
133
131
10
10
5
5
5
37
37
33
33
29
50
50
50
50
50
2
2
3
3
4
65
66
65
64
63
1,386
1,393
1,374
1,379
1,370
1,330
1,337
1,319
1,324
1,315
157
163
145
147
145
275
274
277
279
272
170
170
168
170
171
683
685
684
683
682
45
45
45
45
45
56
56
55
55
55
1,597
1,594
1,590
1 573
1,557
393
397
380
376
375
187
204
204
203
208
18
16
13
11
11
64
61
51
50
42
27
27
27
27
27
1,204
1,197
1,210
1,197
1,182
1,091
1,084
1,098
1,085
1,069
85
1
97
89
85
84
86
80
61
56
305
305
307
309
300
212
208
210
210
210
442
448
454
456
453
47
47
47
49
50
113
113
112
112
113
8,041
7,972
7,903
7,885
7,816
1,520
1,522
1,525
1,516
1,499
1,066
1,075
1,081
1,080
1,069
99
93
101
96
93
95
96
86
84
79
140
139
139
139
138
1
1
1
1
1
119
118
117
116
119
6,521
6,450
6,378
6,369
6,317
5,999
5,931
5,859
5,850
5,801
847
772
697
701
640
1,595
1,602
1,601
1,585
1,586
792
793
792
786
777
2,549
2,548
2,553
2,563
2,585
216
216
216
215
213
522
519
519
519
516
1,595
1,600
1,592
1,596
1,581
423
423
419
419
415
260
262
257
258
256
7
7
6
7
6
11
10
11
10
10
65
64
64
64
64
4
3
4
4
4
76
77
77
76
75
1,172
1,177
1,173
1,177
1,166
1,060
1,066
1,062
1,066
1,055
107
103
100
102
87
248
259
258
264
264
149
150
150
149
149
521
520
520
517
521
35
34
34
34
34
112
111
111
111
111
1,039
1,036
1,030
1,020
1,015
207
205
204
203
201
121
122
121
119
117
3
2
2
3
2
10
8
8
7
7
14
14
14
14
14
1
1
1
2
3
58
58
58
58
58
832
831
826
817
814
780
781
776
767
763
120
116
113
102
93
190
191
191
191
192
111
111
111
ill
112
330
333 332
333
336
29
30
29
30
30
52
50
50
50
51
1,757
1,741
1 746
1,758
1,747
369
361
361
363
363
247
242
242
243
245
8
6
6
6
6
14
14
13
13
13
40
40
40
41
40
1
59
59
59
59
58
1,388
1.380
1,385
1,395
1,384
1,264
1,257
1,264
1,274
1,262
183
172
175
181
164
308
308
310
314
317
232
232
234
234
235
488
492
492
492
493
53
53
53 "
53
53
1,370
1,369
1,364
1 370 •
1,365
326
322
322
323
321
217
212
215
213
221
5
4
4
4
3
24
25
24
25
22
20
20
19
20
20
60
61
60
61
55
1,044
1,047
1,042
L,047
1,044
992
995
990
995
992
115
119
115
120
111
270
270
270
269
275
146
146
146
146
146
406
414
413
414
415
55
46
46
46
45
52
52
52
52
52
4,995
4,984
4,951
4,960
4,925
1,058
1,070
1,064
1,056
1,019
526
539
534
533
525
44
43
42
38
28
63
62
62
60
42
320
320
319
318
318
1
1
1
1
105
105
106
106
105
3,937
3,914
3,887
3,904
3,906
3,619
3,595
3,574
3,587
3,592
481
459
455
466
466
787
790
785
784
786
435
434
432
432
431
1,787
1,783
1,774
1,780
1,781
129
129
128
125
128
318
319
313
317
314
4,972
4,932
4,861
4,862
4,824
1,035
1,040
1,052
1,041
1,025
786
798
803
800
791
89
83
92
88
86
79
79
77
75
24
23
23
23
23
1
1
1
1
1
56
56
56
54
56
3,937
3,892
3,809
3.821
3,799
3,607
3,562
3,479
3,490
3,470
469
434
355
388
362
965
957
952
934
939
529
529
527
521
512
1,574
1,572
1,575
1*578
1,589
70
70
70
69
68
330
330
330
331
329
68
""2"
.......
i
1
1
76
124
123
121
121
122
* 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 Chicag
' *
hicago, respectively.
117O
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
RESERVES AND LIABILITIES
[In millions of dollars]
Federal Reserve
district and date
(1943)
Boston (6 cities)
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
New York (8 cities)*
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Philadelphia (4 cities)
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Cleveland (10 cities)
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Richmond (12 cities)
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Atlanta (8 cities)
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Chicago (12 cities)*
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
St. Louis (5 cities)
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Minneapolis (8 cities)
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Kansas City (12 cities)
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Dallas (9 cities)
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
San Francisco (7 cities
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
City of Chicago*
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
DeIndiBalmand vid;ash ances
with
deuals,
in
doposits partault mestic
ad- 1 nerbanks justed ships,
and
corporations
States
and
political
subdivisions
Interbank
Time deposits,
except interbank
Demand deposits,
except interbank
Reserves
with
Federal
Reserve
Banks
^
Certified U.S.
and
offi- Governcers' ment
:hecks
etc.
Individuals,
partnerships,
and
corporations
States U. S.
Govand
ernpolitment
ical
and
subdivi- Postal
Savsions
ings
deposits
Domestic
banks
Demand
Time
267
285
281
295
291
Foreign
banks
16
16
17
16
16
1
1
2
3
2
707
720
708
699
716
34
43
37
41
44
1,861
1,876
1,881
1,940
1,949
146
159
138
124
120
25
26
28
28
26
792
751
706
658
610
264
265
266
267
268
12,84< 13,051
12,849 13,105
12,97< 13,116
13,20: 13,414
13,43: 13,604
367
479
437
419
427
364
383
498
381
463
5,735
5,435
5,095
4,742
4,401
1,118
1,128
1,136
1,137
1,128
24
25
25
25
25
2,808
2,847
2,808
2,864
2,719
1,567
1,604
1,617
1,651
1,638
51
46
54
55
47
18
15
21
17
16
625
595
558
519
494
160
161
161
161
161
1
2
2
2
2
331
351
334
349
324
2,605
2,572,58^
2,68*
2,745
2,651
2,613
2,603
2,748
2,778
122
127
118
117
119
51
51
50
52
56
808
776
73:
67;
635
792
794
798
800
803
49
49
48
49
49
472
485
476
489
468
11
10
10
10
10
2
2
2
2
2
157
151
167
158
149
1,02:
1,021
1,031
1.04C
1,054
1,009
1,022
1,032
1,046
1,051
17
18
16
19
17
39!
2
2
2
2
2
385
392
405
405
387
1
38:
35'
33:
226
227
228
227
226
8
73
74
75
76
7
7
7
7
1
1
1
1
26
24
26
25
26
143
144
160
176
156
92.
92/
94(
96i
97(
902
895
924
948
946
129
139
132
138
138
6
9
334
320
302
28;?
26:
234
236
237
238
239
2
2
2
2
2
458
459
484
481
463
1
1
1
1
1
4
3
4
3
3
1,305
1,296
1,322
1,288
1,358
95
93
96
94
96
391
398
391
386
387
4,95'
4,91:
4,96:
4,99<
5,14'
4,883
4,811
4,871
4,967
5,075
394
390
378
370
379
49
49
52
56
48
1,77.
1,724
1,6*
1,518
1,414
1,146
1,149
1,148
1,153
1,166
3
3
3
3
3
1,484
1,506
1,487
1,513
1,457
5
5
5
5
5
16
14
15
15
16
270
264
274
276
281
20
19
20
20
20
133
114
115
119
108
87:
87
88<
90:
9K
928
917
935
964
960
56
57
60
61
61
10
10
12
10
10
213
214
214
215
214
528
508
519
526
512
169
163
166
168
172
11
10
10
10
10
82
94
84
86
76
58t
58C
591
60(
60*
564
552
569
587
588
83
87
75
74
75
30;
29i
27(
26C
24:
24
2322
204
124
125
126
127
127
278
293
281
283
278
3
3
2
1
1
348
357
367
369
380
21
20
20
21
21
304
285
289
296
290
1,07:
1,05.
1,08
1,11
1,12
1,084
1,069
1,102
1,143
1,140
110
108
108
107
110
166
167
168
169
169
772
773
779
785
790
5
6
5
5
5
273
285
292
296
293
22
21
21
22
22
240
234
245
249
218
97;
98(
98:
1,01
1,01
992
992
1,008
1,045
1,030
48
53
55
51
51
141
142
143
144
145
423
437
457
459
436
732
747
746
769
773
43
41
38
43
39
271
259
251
280
249
2,49t
2.51C
2,495
2,563
2,60(
2,577
2,583
2,568
2,671
2,675
113
116
120
122
128
1,245
1,251
.1,257
1,264
1,267
414
435
442
453
436
168
174
179
176
183
2,972,95<
2
3,023,12!
2,988
2,946
2,989
3,056
3,145
189
190
184
180
181
499
499
493
494
504
1,063
1,074
1,060
1,074
1,034
418
404
402
432
415
60
57
57
60
56
115
118
115
116
117
3,282
3,290
3,325
3,310
3,382
121
124
127
122
125
124
125
130
123
120
364
364
370
375
373
30
29
28
29
28
77
84
73
1,52'
1,54
1,56:
1,59!
1,59'
679
642
651
679
72
70
68
69
69
228
227
216
228
209
279
274
281
278
279
38
35
36
38
37
273
268
276
281
295
816
814
829
804
845
1,925
1,946
1,931
1,961
1,985
1,09:
1,04
1,12
1,05'
97.
91
4
4
4
4
4
260
261
261
262
26-2
646
712
719
655
693
1,769 5,335
1,781 5,278
1,782 5,416
1,782 4,924
1, 82 5,230
225
225
226
225
225
484
484
517
492
512
425
425
426
426
426
821
877
781
778
823
1
3
4
111
111
111
111
111
348
369
343
354
379
•"4'
107
108
108
108
108
323
311
312
325
325
482
484
484
485
1,884
2,125
1,781
1,915
1,827
108
108
108
108
109
429
384
319
348
358
71
71
72
72
72
235
277
226
232
238
123
123
124
124
124
471
428
374
416
439
2
2
2
2
2
100
99
100
100
100
314
307
283
317
326
22
23
23
22
23
416
415
416
419
417
980
941
884
983
947
14
12
13
13
13
314 1,086
315 1,277
1,070
1,143
1,089
5
6
6
6
6
1
1
1
1
1
11
11
11
11
11
Bor- Capital Bank
ac- deb-2
rowings counts its
"T
••y3
'"3"
"6
2
2
3
4
6
5
5
5
5
6
3
1
* 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
DECEMBER 1943
1171
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Doll.ir acceptances outstanding
Commercial
paper
outstanding 1
End of month
1942—July
August
September
October
November
to to
Co Ov
so
O
. .
209
201
179
160
143
150
156
170
188
. . .
Based on
Accepting banks
Total
outstanding
305
297
282
571
December
1943—January
February
March
April
May
June
July
August
September
October
Held by
Others
Imports
into
United
States
2
Exports
from
United
States
Total
Own
bills
156
139
123
119
116
118
119
108
97
94
90
93
77
71
64
63
61
60
42
37
33
31
29
34
38
31
26
25
26
25
92
78
66
60
57
57
8
8
6
6
6
9
120
127
130
128
136
140
139
130
117
115
95
102
101
99
105
102
102
94
84
88
60
64
62
61
65
62
64
59
50
48
35
38
39
38
40
40
38
36
33
39
24
25
29
29
31
38
36
36
33
27
57
60
69
71
79
82
81
77
12
14
12
9
8
10
12
10
69
67
9
Bills
bought
.
Dollar
exchange
Goods stc red in or
shipped Detween
poin tsin
United
States
Foreign
countries
45
41
41
40
39
38
il
11
10
12
12
14
38
41
39
38
37
36
35
33
30
29
12
12
10
11
12
12
10
11
11
10
i33
()
/3\
3
( 3)
(3)
7
(3)
1
2
3
As reported by dealers; includes some finance company paper sold in open market.
None held by Federal Reserve Banks.
Less than $500,000.
Back figures.—See AnnuaPReport for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, A N D PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. 1 Ledger balances in millions of dollars]
Credit balances
D e b i t balances
End of month
Customers'
debit
balances
(net) 1
Debit
Debit
balances in balances in
firm
partners'
investment investment
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 p a r t n e r s '
investment
and trading
accounts
investment
and trading
accounts
In capital
accounts
(net)
In firm
1936—June
December
1,267
1,395
67
64
164
164
219
249
985
1,048
276
342
86
103
24
30
14
12
420
424
1937—June
December
1,489
985
55
34
161
108
214
232
1,217
688
266
278
92
85
25
26
13
10
397
355
December
774
991
27
32
88
106
215
190
495
754
258
247
89
60
22
22
298
305
1939_j u n e
December
834
906
25
16
73
78
178
207
570
637
230
266
70
69
21
23
280
277
1940—June
December
653
677
12
12
58
99
223
204
376
427
267
281
62
54
22
22
11
5
6
7
5
5
1941—June
December
616
600
11
8
89
86
186
211
395
368
255
289
65
63
17
17
7
5
222
213
496
9
86
180
240
56
16
4
189
25O
e
25O
270
54
15
4
182
66
15
7
212
1938—June
1942—June
e
1942—October
November
December
510
e
520
543
1943—January
February
March
April
May
June
July
August
September
October
e
540
e
550
e
610
e
67O
e
740
761
e
78O
e
740
e
77O
e
780
7
9
• 154
190 " " '
160
167 "
309
e
e
6
e
310
*320
378
290
6
320
c
350
e
57O
e
550
529
e
530
6
490
e
77O
e
740
280
e
310
e
320
e
330
e
330
334
e
340
e
340
e
320
e
330
269
247
e
Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis ot reports from a small number of
large firms.
1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms'
own 2 partners.
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
NOTE .—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by
which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not
to be taken as representing the actual net capital of the reporting firms.
Back figures.See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69).
1172.
FEDERAL RESERVE BULLETIN
OPEN-MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]
Prime
commercial
paper,
4- to 6monthsl
Year,
month, or
week
1940 average
1941 average
1942 average
1942—October
November . . . .
December
1943—January
February
March
April
J
May
JT une
July
August
September
October
Week ending:
Oct. 30
Nov. 6
Nov. 13
Nov. 20
Nov. 27
Prime Stock
exbank- change
ers'
call
accept- loan
ances,
re90
newdaysl
al
.56
.54
.66
.44
.44
.44
.69
.69
.69
.44
.44
.44
.69
.69
.69
.69
.69
.69
.69
.69
.69
.69
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
%>
%
%~%
/ie
Yields on U S.
Government securities
9- to 12month
to 5certifi- 3-year
3month cates taxable
billss
of indebted- notes
ness
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.014
.103
.326
.372
.371
.363
.367
.372
.373
.373
.373
.374
.374
.375
.375
.375
1.00
1.00
1.00
1.00
1.00
.375
.376
.375
.376
.375
.76
.75
.80
.80
.76
.73
.75
.78
.78
.70
.68
.75
77
<78
5
.79
.78
.77
.77
.75
1.13
1.28
1.28
1.34
1.29
1.24
1.33
1.39
1.36
1.32
1.30
1.29
1.31
1.31
1.30
1.30
1.30
1.29
1.29
1 Monthly figures are averages of weekly prevailing rates.
2
The average rate on 90-day stock exchange time loans was 1.25 per
cent
during the entire period.
3
Rate on new issues offered within period. Tax-exempt bills prior to
March
1941; taxable bills thereafter.
4
Number of issues increased from 1 to 2 on Oct. 11 and from 2 to 3 on
Oct.
15.
5
Number of issues decreased from 2 to 1 on Nov. 1.
Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures
on Treasury bills and Treasury notes available on request.
COMMERCIAL L O A N RATES
AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS
IN PRINCIPAL CITIES
[Per cent per annum]
Total
19 cities
New
York
City
7 Other
Northern and
Eastern
cities
11 Southern and
Western
cities
1934 average 11
1935 average 1
1936 average 1
1937 average 1
1938 average
3.45
2.93
2.68
2.59
2.53
2.45
1.76
1.72
1.73
1.69
3.71
3.39
3.04
2.88
2.75
4.32
3.76
3.40
3.25
3.26
1939 average
1940 average
1941 average
1942 average
1939—March
June
September....
December
1940—March
June
September. . .
December
1941—March
June
September
December
1942—March
June
September
December
2.78
2.63
2.54
2.61
2.95
2.91
2.68
2.59
2.65
2.59
2.68
2.59
2.58
2.55
2.60
2.41
2.48
2.62
2.70
2.63
2.07
2.04
1.97
2.07
2.13
2.15
2.04
1.96
2.03
2.00
2.14
2.00
2.06
1.95
1.98
1.88
1.85
2.07
2.28
2.09
2.87
2.56
2.55
2.58
3.05
3.05
2.78
2.59
2.67
2.49
2.56
2.53
2.53
2.58
2.62
2.45
2.48
2.56
2.66
2.63
3.51
3.38
3.19
3.26
3.77
3.62
3.31
3.32
3.35
3.38
3.43
3.36
3.25
3.23
3.29
2.99
3.20
3.34
3.25
3.26
1943—March
June
September
2.76
3.00
2.48
2.36
2.70
2.05
2.76
2.98
2.71
3.24
3.38
2.73
l Prior to March 1939 figures were reported monthly on a basis not strictly
comparable with the current quarterly series.
Back figures.—See November 1939 BULLETIN, pp. 963-969 for description
and for back figures.
B O N D YIELDS 1
[Per cent per annum]
U. S.
Government 2
Year, month, or week
Partially
Taxable
taxexempt
Number of issues
Corporate (Moody's) 5
Municipal
(high
grade)
A
30
"Rao
rsaa
Industrial
Railroad
Public
utility
30
30
40
40
40
2.77
2.67
2.75
3.02
2.94
2.98
3.57
3.30
3.28
4.75
4.33
4.28
3.10
2.95
2.96
4.30
3.95
3.96
3.25
3.11
.3.11
2.22
2.20
2.26
2.72
2.71
2.72
3.31
3.31
3.32
2.80
2.79
2.81
2.95
2.94
2.96
3.24
3.24
3.23
4.24
4.25
4.28
2.94
2.93
2.94
3.92
3.93
3.96
3.07
3.06
3.07
2.32
2.32
2.33
2.32
2.30
2.29
2.27
2.28
2.30
2.30
2.27
2.22
2.21
2.20
2.13
2.07
1.97
1.91
1.92
1.88
2.70
2.68
2.70
2.68
2.65
2.63
2.58
2.57
2.59
2.60
3.27
3.23
3.20
3.19
3.16
3.14
3.11
3.10
3.11
3.11
2.79
2.77
2.76
2.76
2.74
2.72
2.69
2.69
2.69
2.70
2.93
2.89
2.88
2.88
2.87
2.85
2.82
2.81
2.82
2.83
3.20
3.17
3.14
3.14
3.13
3.11
3.09
3.08
3.10
3.10
4.16
4.08
4.01
3.96
3.91
3.88
3 81
3.81
3.83
3.82
2.90
2.88
2.87
2.87
2.86
2.84
2.80
2.79
2.82
2.82
3.86
3.78
3.73
3.69
3.64
3.61
3.56
3.55
3.56
3.55
3.05
3.02
3.00
3.01
3.00
2.98
2 95
2."96
2.96
2.96
2.31
2.32
2.32
2.33
2.33
1.86
1.86
1.88
1.90
1.95
2.59
2.59
2.61
2.61
2.61
3.11
3.11
3.13
3.13
3.13
2.70
2.69
2.71
2.71
2.72
2.82
2.82
2.84
2.84
2.86
3.10
3.10
3.11
3.11
3.12
3.81
3.82
3.84
3.84
3.83
2.82
2.81
2.84
2.85
2.86
3.55
3.55
3.56
3.56
3.56
2.96
2.97
2.98
2.98
2.99
"2.35"
1942—October
November
December
2.05
2.06
2.09
2.33
2.34
2.36
. 2.06
2.06
2.08
2.02
1.92
1.85
1.82
1.83
1.80
1.81
1.82
1.83
1.84
1.86
1.86
Week ending:
Oct. 30
Nov. 6
Nov. 13
Nov. 20
Nov. 27
Aa
2.84
2.77
2.83
15
2.50
2.10
2.36
...
Total
By groups
3.55
3.34
3.34 .
2
2.21
1.95
2.02
1943—January
February
March
April
May
June
July
August
September
October
By rating
Aaa
1940 average
1941 average
1942 average
2-6
Corporate
(highgrade)*
1
Monthly and weekly data are averages of daily
2
Average of yields on all outstanding issues due
3
Standard and Poor's Corporation.
4
U. S. Treasury Department.
&
5
120
30
figures, except for municipal bonds, which are based on Wednesday figures.
or callable in more than 12 years.
Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced
from 10 to 4 and 10 to 6 issues, respectively, and the railroad Aaa and Aa groups from 10 to 5 and 10 to 9 issues, respectively.
Back figures.—See Annual Report for 1937 (table 80) and for high-grade corporate bonds, Bulletin of the Treasury Department for July 1941, pp.
21-24. Figures for U. S. Government bonds available on request.
DECEMBER
1943
1173
SECURITY MARKETSl
Bond prices
Stock prices**
Corporate
Year, month, or week
U. S.
Government
Number of issues
Municipal
(high o
grade) 3
Highgrade
4
Medium and lower-grade
Industrial
Total
Volume
of trading?
(in thousands of
Public shares)
utility
Common (index, 1935-39 = 100)
DePublic faulted
utility
Railroad
Preferred6
Total
tndustrial
Railroad
20
20
15
402
354
20
28
1940 average
1941 average
1942 average
107.2
111.0
109.9
123.6
130.9
126.2
115.9
117.8
118.3
94.8
98.9
100.1
97.3
103.9
109.1
83.8
86.9
86.6
103.5
106.1
104.8
14.0
21.9
27.2
169.2
171.9
162.4
88
80
69
88
80
71
71
71
66
96
81
61
767
629
466
1942—October...
November.
December..
109.5
109.4
108.9
128.6
129.0
127.8
119.3
119.5
118.9
102.1
103.2
103.6
111.2
113.8
115.3
88.0
87.6
86.5
107.1
108.3
109.1
30.3
29.6
29.9
165.5
165.4
166.9
74
75
76
77
77
73
73
69
64
66
65
693
<586
818
1943—January—
February...
March
April
May
June
July
August
September.
October....
109.4
109.4
109.1
109.9
111.4
112.4
112.9
112.7
113.2
113.0
127.7
128.6
128.7
129.1
130.4
131.5
133.4
134.6
134.4
135.2
119.5
120.0
119.8
119.9
120.1
120.5
121.1
121.1
120.8
120.9
105.4
106.4
108.0
109.2
110.0
109.9
110.8
110.4
110.4
110.6
115.7
115.9
116.7
116.3
116.1
116.6
116.6
117.0
117.1
117.9
89.9
92.0
95.3
97.8
100.1
98.7
100.4
98.6
98.4
98.6
110.5
111.4
112.1
113.4
113.7
114.4
115.3
115.6
115.7
115.4
31.7
33.5
39.9
44.7
49.1
47.6
48.1
44.2
46.4
49.9
168.0
170.8
171.5
171.5
172.1
173.8
175.9
176.4
175.9
175.1
80
85
88
91
95
97
99
94
96
95
82
88
91
94
97
99
101
74
96
98
97
78
86
93
98
94
97
91
91
92
69
73
76
79
84 85
88
86
87
87
820
1,247
1,504
1,485
1,593
992
1,145
604
663
633
Week ending:
Oct. 30
Nov. 6
Nov. 1 3 . . . .
Nov. 2 0 . . . .
Nov. 2 7 . . . .
112.9
112.7
112.6
112.3
112.3
135.6
135.6
135.2
134.8
133.8
120.9
120.7
120.4
120.5
120.0
118.7
118.6
118.7
118.8
119.3
99.8
99.4
99.0
99.8
100.6
115.2
115.2
115.1
115.3
115.2
50.6
46.5
44.8
45.1
45.5
175.5
175.0
173.3
171.6
170.3
96
94
91
90
91
98
96
93
91
92
94
90
86
85
85
87
87
85
84
85
767
911
1,337
767
636
2-6
50
111.2
111.1
110.9
111.3
111.7
79
1
2
Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures.
Prices derived from average of yields on all outstanding partially tax-exempt U. S. Government bonds due or callable in more than 12 years on basis
of a 32% per cent, 16-year bond. Prices expressed in decimals.
Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
4
Prices derived from averages of median yields, as computed by Standard and Poor's Corporation.
5
Standard and Poor's Corporation.
6
Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend.
7
Average daily volume of trading in stocks on the New York Stock Exchange.
Back figures.—For United States Government bonds, see November 1940 BULLETIN.
NEW SECURITY ISSUES
[In millions of dollars]
?or new capital
Year or month
Total
(new Total
and
(dore- mestic
fund- and
ing)
for- Total
eign)
1,063
2,160
4,699
6,214
3,937
4,449
5,842
4,803
5,546
2,119
1,386
1,457
1,972
2,138
2,360
2 289
1 951
2 854
1,075
1,386
1,409
1,949
2,094
2,325
2 239
1 948
2,852
1,075
1942—October
November
December
115
100
28
31
28
31
150
41
41
1943—January
February—
March
April
May
June...
July
August
September...
October
176
102
200
158
157
203
169
145
109
201
7
7
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
720
58
90
36
44
41
31
29
20
57
708
58
87
36
44
41
31
29
20
57
For refunding
Domestic
State
and
municipal
483
Federal
agen-1
cies
64
803
855
405
150
735
712
971
931
751
518
22
157
481
924
461
26
a
17
1,272
108
342
7
9
4
47
33
10
12
10
7
7
10
5
7
3
1
4
11
Corporate
Bonds
Total and Stocks
notes
161
178
404
1,192
1,225
873
383
736
1,062
624
2
7
15
3
11
55
19
29
30
19
22
10
41
40
144
334
839
817
807
287
601
889
506
Total
(domestic
and
eign4*
Total
foreign)
120
12
352
408
67
97
135
173
48
23
44
35
50
2
1
35
69
118
343
774
3,242
4,242
1,799
2,089
3,553
2,852
2,693
1,044
283
Domestic
State
and
municipal
37
Federal
agen-1
cies
26
Corporate
219
136
365
317
987
382
191
129
195
482
435
353
281
665
181
440
312
1,864
3,387
1,209
1,267
1,733
2,026
1,557
422
12
10
31
46
44
14
44
13
66
8
2
32
73
42
67
65
69
51
59
344
698
2
87
69
87
69
110
110
9
34
66
3
11
47
7
15
4
25
4
22
8
6
13
14
8
10
33 • • • y
170
44
110
122
114
162
139
116
89
144
80
44
110
122
114
162
139
116
89
144
45
11
17
13
25
41
42
22
10
11
32
55
35
44
43
31
15
24
46
27
8
2
38
7
13
2
2
187
765
3,216
4,123
1,680
2,061
3,465
2,852
2,689
1,044
1,537
Foreign
Bonds
Total and Stocks
notes
75
45
78
66
79
55
87
312
1,782
3,187
856
1,236
1,596
1,834
1,430
411
32
81
200
352
31
137
193
126
11
60
9
26
119
119
28
88
4
90
7
2
2
11
1
10
5
27
1 Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.
2 Includes issues of noncontiguous U. S. Territories and Possessions.
Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to
revision.
Back figures.—See Annual Report for 1937 (table 78).
1174
FEDERAL RESERVE BULLETIN
NEW CORPORATE SECURITY ISSUES*
PROPOSED USES OF PROCEEDS. ALL ISSUERS
[In millions of dollars]
Proposed uses of net proceeds
Year or month
Estimated
gross
proceeds2
Estimated
net
proceeds3
New money
Plant and
equipment
Total
1934
1935
1936
1937
1938
1939
1940
1941
1942
Retirement of securities
Working
capital
397
2,332
4,572
2,310
2,155
2,164
2,677
2,667
1,062
384
2,266
4,431
2,239
2,110
2,115
2,615
2,623
1,043
57
208
858
991
681
325
569
868
474
32
111
380
574
504
170
424
661
287
26
96
478
417
177
155
145
207
187
231
1,865
3,368
1,100
1,206
1,695
1,854
1,583
396
231
1 794
3,143
911
1,119
1,637
1,726
1,483
366
1942—January
February
March
April
May
June
July
August
September
October
November
December
171
56
125
135
124
152
61
43
82
46
35
34
167
54
123
132
123
149
60
42
80
45
34
33
74
17
62
75
57
75
20
38
31
4
5
16
38
10
58
20
25
57
17
33
12
2
1
15
35
7
4
55
32
18
4
5
19
2
4
1
84
24
45
21
14
61
31
4
25
41
28
17
82
13
40
21
14
56
31
4
24
41
28
13
1943—January
February
March
April
May
ay
9
49
98
91
83
99
76
106
69
130
8
49
96
88
81
97
74
103
68
127
1
12
39
9
32
25
3
15
11
3
1
2
32
6
18
15
3
3
5
3
6
34
48
76
49
70
59
80
50
101
6
34
42
74
49
51
40
79
42
97
z
June
July
August
September
October
io "
6
3
14
10
ii""
6
Repayment
of
other debt
Preferred
stock
Bonds and
notes
Total
i
Other
purposes
84
170
154
111
215
69
174
144
138
71
226
190
87
59
128
100
30
2
11
5
23
49
36
7
26
19
28
35
9
3
16
36
51
10
8
5
2
1
3
20
4
1
4
2
3
1
7
2
8 " "
3
19
19
1
9
4
2
10
l"
1
2
8
5
22
PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS
[In millions of dollars]
Public utility
Railroad
Year or month
1934
1935
1936
1937
1938
1939
1940
1941
1942
1942—January
February
March
April
May
June
July
August
September
October
November
December
I943—January
February
March
April
May
June
July
August
September
October
Total
net
proceeds
RetireNew ment of
money securities
172
120
774
338
54
182
319
361
47
21
57
139
228
24
85
115
253
32
10
4
6
10
4
6
2
2
1
9
3
2
2
1
120
54
558
110
30
97
186
108
15
6
9
4
4
8
15
3
14
46
7
6
4
28
8
5
3
14
10
46
7
6
4
" " 28 "
Other
Industrial
RetireRetire- All
Total
All
All
Total
Retire- All Total
New ment of other
New ment of other
net
other
net
net
New ment of other
pur- 4 pro- money securipurpromoney
securipromoney
securipurties
poses ceeds
poses4 ceeds
ties
poses4 ceeds
ties
poses*
31
10
77
1
18
130
1,250
1,987
751
1,208
1,246
1,180
1,340
464
110
10
71
17
30
70
6
38
40
29
17
27
39
22
58
38
1
26
46
49
50
11
30
63
89
180
43
245
317
145
18
"*3i"
13
12
17
3
34
6
10
2
1
1
77
42
30
27
50
86
47
13
30
27
62
774
1,280
1,079
831
584
961
828
527
25
74
439
616
469
188
167
244
293
34
550
761
373
226
353
738
463
89
2
150
80
90
136
43
F56
121
146
10
83
10
40
4
13 '""5"3
50
2
4
"g"
25
29
16
17
44
40
47
115
93
70
52
2
38
6
17
3
43
13
26
62
45
55
15
2
23
4
4
2
1
14
5
17
1
6
29
"13'
16
36
47
10
8
3
12
1
" l "
8
2
59
27
17
50
40
49
14
48
1
2
33
5
11
25
3
9
3
2
1,190
1,897
611
943
1,157
922
993
292
34
20
55
38
1
24
46
41
49
3
1
3
20
122
390
71
16
102
155
94
4
3
"i
"46""
218
57
8
9
42
55
4
""ii"
152
7
7
88
9
18
19
4
20
7
1
5
104
21
3
.......
15
6
2
18
22
7
23
26
35
9
24
8
.......
'
""2"
11
6
3
22
"12"
2
3
1
1
4
2
2
1
' " l "
1
2
3
4
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.
Includes repayment of other debt and other purposes.
Source.—Data, published by Securities and Exchange Commission. For a description of data, see pp. 217-19 of the March 1942 BULLETIN.
DECEMBER 1943
1175
QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS
INDUSTRIAL CORPORATIONS
[In millions of dollars]
Profits and
dividends
Net profits,1 by industrial groups
Year or quarter
Total
Number of companies...
1939
1940
1941
1942
1939—1
2
3
4
Iron
and
steel
Machinery
Other
transportation
equipment
Automobiles
Nonferrous Other
metals
duraand
* ble
prodgoods
ucts
Oil
Foods,
produc- Indusbevering
trial
ages,
and
chemiand
refincals
tobacco
ing
Other
nondurable
goods
Miscellaneous
services
Dividends
Net
profits 1
Preferred
Common
629
47
69
15
68
77
75
49
45
30
80
74
152
152
152
1,465
1,818
2,169
1,792
146
278
325
226
115
158
193
159
223
242
274
209
102
173
227
202
119
133
153
138
70
88
113
90
151
148
159
151
98
112
174
152
186
194
207
164
134
160
187
136
122
132
159
165
847
1,028
1,144
883
90
90
92
88
564
669
705
552
284
311
320
550
13
14
35
85
20
25
26
44
64
61
12
86
23
21
20
39
25
22
30
42
8
16
23
23
31
36
44
41
14
21
26
37
36
40
45
66
28
29
32
45
24
27
29
42
173
185
167
321
21
22
21
26
114
119
125
207
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
A3
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
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
419
364
451
557
52
52
51
72
38
35
36
49
46
25
46
92
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
53
r
48
50
39
r
42
43
47
49
52
34
32
32
19
22
19
39
40
39
36
42
49
42
41
40
211
221
225
21
22
21
127
132
127
Quarterly
1940—\
2
3
4
...
1941—1
2
3
4
1942—1
2
3
4
1943—1
2
3
r
442
r
442
452
r
7
7
51
48
749
7
7
54
7
54
r
:s2
7
r
36
36
36
r
42
38
41
r
53
PUBLIC UTILITY CORPORATIONS
[ In millions of dollars ]
Railroad2
Net income1
Operating
revenue
Income
before
income
tax4
1939
1940
1941
1942
3,995
4,297
5,347
7,466
126
249
674
1,718
93
189
500
959
Quarterly
1939—1
2.. ..'
3
4
906
1,058
1,133
-38
-43
68
139
-43
-47
58
126
1940—1
2
3
4
986
1,010
1,130
1,171
-3
15
92
145
-12
3
71
127
1941—1
2
3
4
1,152
1,272
1,468
1,454
96
145
267
166
1942—1
2
3
4
1,483
1,797
2,047
2,139
1943—1
2
3
2,091
2,255
2,368
Year or quarter
Telephone3
Electric power
All roads Insolvent
roads
Dividends
Number of compani
Operating
revenue
Income
before
income
tax4
Net
income1
Dividends5
OperatNet 1
ing
revenue income
Dividends
28
28
28
28
32
32
32
126
159
186
196
692
735
799
848
159
177
202
226
137
142
133
118
116
118
115
98
1,067
1,129
1,235
1,362
191
194
178
163
175
178
172
163
21
23
21
61
175
166
167
184
46
37
34
43
39
32
30
36
19
19
19
22
259
267
266
274
44
49
47
51
42
42
43
48
-29
-33
—14
3
25
29
29
78
187
176
177
194
48
42
41
47
41
34
31
37
19
19
19
20
274
281
281
294
49
50
45
50
44
44
44
46
69
103
189
138
-5
0
23
5
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
179
389
556
594
90
199
283
387
12
37
60
64
29
35
34
98
216
202
208
221
63
53
55
56
33
25
26
35
19
19
19
19
324
336
344
358
47
48
46
8
22
44
42
39
38
513
605
653
209
239
249
52
56
55
28
49
39
229
221
225
71
62
60
34
29
29
19
18
19
366
383
389
42
44
45
40
42
43
-102
-73
23
173
r
1
2
3
Revised.
"Net profits" and "net income" refer to income after all charges and taxes and before dividends.
Class I line-haul railroads.
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
Not
available.
7
Partly estimated.
Unlike other industrial groups in this table, deductions for Federal income and excess profits taxes in the first three quarters of 1942 were at rates
specified in the Revenue Act of 1941. Most of the increase in taxes for the year is therefore reflected in the fourth quarter figure.
Sources.—Interstate Commerce Commission for railroads; Federal Communications Commission for telephone companies; published reports for industrial and electric power companies. Figures for the current and preceding year subject to revision, 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.
I 176
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT D E B T - V O L U M E AND K I N D OF SECURITIES
[On basis ot daily statements of United States Treasury.
Total
gross
direct
debt
End of month
Total
interestbearing
direct
debt
Marketable public issues1
Total2
1940—June
Dec
1941—June
Dec
1942—June
42,968
45,025
48,961
57,938
72,422
42,376
44,458
48,387
57,451
71,968
34,436
35,645
37,713
41,562
50,573
1942—Oct
Nov
Dec.
1943—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
92,904
96,116
108,170
111,069
114,024
115,507
129,849
135,913
136,696
141,524
144,059
158,349
165,047
92,265
95,458
107,308
110,024
112,851
114,287
128,643
134,675
135,380
140,238
142,721
157,053
163,589
65,008
66,554
76,488
77,496
78,726
79,662
91,392
95,382
95,310
98,613
99,935
111,426
115,944
1
CertifiTreasury cates of
indebtedbills
ness
Treasury
bonds
Total 2
U.S.
savings
bonds
3,096
6,383
6,178
5,698
5,997
6,689
26,555
27,960
30,215
33,367
38.085
3,166
3,444
4,555
8,907
13,510
2,905
3,195
4,314
6,140
10,188
6,211
7,161
10,534
10,741
11,161
11,161
16,154
16,561
16,561
16,561
17,497
21,136
23,199
10,095
10,095
9,863
9,863
9,863
9,797
9,797
9,797
9,168
11,875
11,875
11,596
11,596
43,381
43,381
49,268
49,273
49,273
49,273
55,201
57,975
57,520
57,520
57,520
65,444
67,889
18,672
20,117
21,788
23,356
24,560
24,622
27,456
29,095
29,200
30,169
30,879
33,910
35,776
13,381
14,079
15,050
16,246
17,067
17,891
19,267
20,507
21,256
22,030
22,694
24,478
26,056
1,302
1,310
1,603 •
2,002
2,508
5,126
5,721
6,627
7,423
8,232
9,234
10,044
10,853
11,864
12,460
12,846
13,054
13,064
Treasury
notes
3
3
In millions of dollars]
Nonmarketable public issues
Noninterestbearing
debt
2,47i
3,015
4,775
5,370
6,120
6,982
7,885
591
566
574
487
454
5,498
5,901
6,360
6,317
4,548
4,964
5,703
6,384
6,749
7,125
6,346
7,783
8,163
7,495
7,678
7,703
8,851
9,109
8,585
8,787
9,032
9,172
9,565
10,004
9,795
10,198
10,871
11,456
11,907
11,717
11,868
639
657
862
1,045
1,173
1,219
1,206
1,238
1,316
1,286
1,338
1,296
1,458
4,243
4,244
4,283
4,277
4,275
4,350
4,363
4,082
4,092
3,782
3,934
3,964
4,113
Treasury
tax and
savings
notes
"
Fully
guaranteed inter estbearing
securities
Special
issues
Including amounts held by Government agencies and trust funds, which aggregated $3,748,000,000 on Sept. 30 and $3,752,000,000 (preliminary) on
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.
3
Including special short-term certificates of indebtedness not shown separately amounting to $422,000,000 on Nov. 30 and $202,000,000 on Jan. 31.
U N I T E D STATES GOVERNMENT MARKETABLE PUBLIC
SECURITIES O U T S T A N D I N G , OCTOBER 3 1 , 1943
[On basis of daily statements of United States Treasury. In millions
of dollars]
Issue
Amount
4, 1943
12, 1943
18, 1943
26, 1943
2, 1943
9, 1943
16, 1943
23, 1943
30, 1943
6,1944
13, 1944
20, 1944
27, 1944
1,006
995
1,005
1,002
1,002
1,005
1,009
1,018
1,003
1,007
1,005
1,001
1,008
Cert, of indebtedness.
Nov. 1, 1943
Dec. 1, 1943
Feb. 1, 1944
Apr. 1, 1944
May 1, 1944
Aug. 1, 1944
Sept. 1, 1944
Oct. 1,, 1944
Treasury notes
96
3,800
2,211
5,251
1,655
2,545
4,122
3,519
421
515
416
283
635
718
1,606
531
503
3,261
2,707
Dec. 15, 1943
Mar. 15, 1944
June 15, 1944
Sept. 15, 1944
Sept. 15, 1944
Mar. 15, 1945
Mar. 15, 1945
Dec. 15, 1945
Mar. 15, ly4o
Dec. 15, 1946
Sept. 15,1947
Treasury bonds
Apr. 15, 1944-46
Dec. 15, 1944-54
Sept. 15, 1945-47
Dec. 15, 1945
Mar. 15, 1946-56
June 15, 1946-48
June 15, 1946-49
Oct. 15, 1947-52
Dec. 15, 1947
Mar. 15, 1948-50
Mar. 15, 1948-51
June 15, 1948
Sept. 15, 1948
Dec. 15, 1948-50
DECEMBER
Amount
Month
Treasury bonds—Com.
Treasury bills
Nov.
Nov.
Nov.
Nov.
Dec.
Dec.
Dec.
Dec.
Dec.
Jan.
Jan.
Jan.
Jan.
Issue
U N I T E D STATES SAVINGS BONDS
[In millions of dollars]
1943
1,519
1,037
1,214
541
489
1,036
819
759
701
1,115
1.223
3,062
451
571
June 15, 1949-51
Sept. 15, 1949-51
Dec. 15, 1949-51
Dec. 15, 1949-52
Dec. 15, 1949-53
Mar. 15, 1950-52
Sept. 15, 1950-52
Sept. 15, 1950-52
June 15, 1951-54
Sept. 15, 1951-53
Sept. 15, 1951-55
Dec. 15, 1951-53
Dec. 15, 1951-55
Mar. 15, 1952-54
June 15, 1952-55
June 15, 1953-55
June 15, 1954-56
Mar. 15, 1955-60
Mar. 15, 1956-58
Sept. 15, 1956-59
June 15, 1958-63
Dec. 15, 1960-65
June 15, 1962-67
Dec. 15, 1963-68
June 15, 1964-69
Dec. 15, 1964-69
Sept. 15, 1967-72
1,014
1,292
2,098
491
1,786
1,963
1,186
4,939
1,627
7,960
755
1,118
510
1,024
1,501
725
681
2,611
1,449
982
919
1,485
2,118
2,831
3,762
3,808
2,716
117
Postal Savings bonds
29
Conversion bonds
50
Panama Canal loan
Total direct issues.. . . 115,944
G u a r a n t e e d securities
Commodity Credit Corp.
Feb. 15, 1945
Fed. Farm Mortgage Corp
Mar. 15, 1944-64
May 15, 1944-49
..
Fed.
Public
Housing
Authority
Feb. 1, 1944
Home Owners' Loan Corp
May 1, 1944-52
June 1, 1945-47 #
Reconstruction Fin. Corp
Apr. 15, 1944
Jan. 1, 1945 .^
_. .
Federal Housing Admin.
Various
Total guaranteed issue
Funds received from sales during
month
Series
E
Series
F
1942—July
Aug
Sept
Oct
Nov
Dec
11,078
11,751
12,479
13,381
14,079
15,050
508
454
510
665
542
726
74
52
61
61
45
66
1943-Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
16,246
17,067
17,891
19,267
20,507
21,256
22,030
22,694
24,478
26,056
815
634
720
1,007
995
696
683
661
1,400
1,340
77
48
44
110
86
35
38
28
139
93
Maturity
Series
'Series
Series
Series
Series
Series
Series
Series
Series
Series
Series
Series
Series
Series
Series
Series
Series
Series
412
95
835
114
779
755
571
340
Amount
outstanding
a t end of
month 1
A—1945
B—1946
C—1947
C—1948
D—1949
D—1950
D—1951
D—1951
E—1951
E—1952
E—1953
F—1953.
G—1953
F—1954
G—1954
F—1955
G—1955
unclassified
Redemptions
Date of issue
1935
From Mar.
From Tan. 1, 1936
From J a n . 1, 1937
From J a n . 1, 1938
From J a n . 1, 1939
From JJa n . 1, 1940
From J a n . 1 to Feb. 28, 1941
F
From Mar 1 to Apr. 30, 1941
F
From May 1, 1941
From J a n . 1, 1942
From J a n . 1, 1943
From May 1, 1941
From May 1, 1941
From J a n . 1, 1942
From J a n . 1, 1942
From Jan. 1, 1943
From J a n . 1, 1943
Total
1
At current redemption values exce
Series G, which is stated at par.
22
3,923
1177
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT A N D FULLY GUARANTEED
[In millions of dollars]
. Total
interestbearing
securities
End of month
47,874
50,360
54,747
63,768
76,517
111,591
117,126
118,637
133,006
138,757
139,472
144,020
146,655
161,018
1940—June
December
1941—June
December
1942—June .
December
1943—February
March
April
May
June
July
August
September
Held by U. S. Government agencies
and trust funds
Privately held1
Held
Federal
Special
issues
4,775
5,370
6,120
6,982
7,885
9,032
9,565
10,004
9,795
10,198
10,871
11,456
11,907
11,717
Public
issues
2,295
2,250
2,362
2,547
2,726
3,207
3,126
3,130
3,557
3,562
3,440
3,401
3,425
4,073
Reserve
Banks
Total
2,466
2,184
2,184
2,254
2,645
6,189
5,871
5,919
6,455
6,222
7,202
8,187
9,088
8,919
38,338
40,556
44,081
51,985
63,261
93,163
98,564
99,584
113,199
118,775
117,959
120,976
122,235
136,309
Commercial
banks
16,550
17,760
20,100
21,790
26,390
41,340
43,540
44,160
48,920
52,840
52,460
54,800
56,000
59,200
Other investors
Insurance
companies
Mutual
savings
banks
Marketable
issues
Nonmarketable
issues
9,400
9,600
9,400
10,000
11,100
15,200
15,300
16,000
19,900
19,700
19,000
18,800
18,400
24,100
2,800
3,100
4,200
8,500
13,000
21,100
23,800
23,900
26,600
28,300
28,400
29,300
30,000
32,900
6,500
6,900
7,000
8,000
8,900
11,000
11,200
10,900
12,600
12,700
12,800
12,800
12,700
14,200
3,110
3,220
3,430
3,700
3,890
4,560
4,710
4,630
5,180
5,240
5,290
5,300
5,100
5,900
1 Figures for commercial banks and mutual savings banks have been rounded to nearest 10 million dollars and: for insurance companies and other
investors to nearest 100 million.
Back figures.—See July 1941 BULLETIN, p. 664.
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED
BY THE UNITED STATES*
[Public marketable securities. Par values in millions of dollars]
End of month
Total: 2
1942—June
Dec
1943-:Apr
May
June
July
Aug
Sept
Treasury bills:
1942—June
Dec
1943—Apr
May
June
July
Aug
Sept
Certificates:
1942—June
Dec
1943—Apr
May
June
July
Aug
Sept
Treasury notes:
1942—June
Dec
1943—Apr,
May
June
July
Aug
Sept
Guaranteed securities:
1942—June
1943—Apr.'.'".'.'.'".'.".'.
May
June
July
Aug
Sept
U.S.
GovernTotal ment
out- agenstand- cies
ing
and
trust
funds
FedMueral Com- tual InsurRe- mercial1 sav- ance
com- Other
serve banks ings panies
bank
Banks
2,645
6,189
6,455
6,222
7,202
8,187
9,088
8,919
24,939
38,759
45,723
49,159
48,665
50,464
51,429
54,457
3,830
4,471
5,053
5,117
5,161
5,222
5,016
5,811
243
12
11
11
11
2
2,442
3,815
4,896
5,701
5,351
1,557
4,497
6,415
7,017
6,502
5,939
5,233
6,448
28
10
14
14
21
31
122
9
3,096
10,534
16,154
16,561
16,561
16,561
17,497
21,136
11
17
35
49
51
37
38
40
66 1,971
1,041 6,470
997 9,197
1,099 9,759
1,092 9,823
1,092 9,890
1,160 11,000
1,347 11,936
74
129
168
178
184
189
183
169
6,689
9,863
9,797
9,797
9,168
11,875
11,875
11,596
76 714
92 1,324
65 957
66 919
61 774
53 721
56 721
57 687
55,122
80,685
95,680
99,390
99,333
102,324
103,796
115,313
2,508
6,627
10,044
10,853
11,864
12,460
12,846
13,054
4,549
4,196
4,288
4,008
4,023
3,711
3,861
3,888
2,723
3,202
3,550
3,556
3,434
3,339
3,417
4,065
1,010
"ii
9 2,430
281
311
350
327
231
209
292
318
3,725
5,670
5,825
5,813
5,500
7,506
7,533
7,603
138
167
163
160
155
258
244
198
2,847
2.665
2,754
2,552
2,602
2,392
2,481
2,556
148
108
83
77
76
64
49
42
End of month
Treasury bonds:
Total:
1942—June
Dec
»
1943—Apr
May
12,557 22,554
June
12,427 22,419
July
13,950 28,111
Aug
Sept.
91
590
Maturing within 5 years
26 1,073
1942—June
Dec
4 1,173
1943—Apr
22 1,345
154 1,361
May
198 1,386
June
245 1,534
July
3 1,242
Aug
Sept
191
782
Maturing in 5-10 years:
180 2,696
1942—June
257 5,500
Dec
263 5,213
1943—Apr
305 5,106
May
331 5,022
June
315 4,801
July
Au
271 7,373
S
Sept
266 1,770
Maturing in 10-20 years:
283 2,327
1942—June
286 2,501
Dec
287 2,552
1943—Apr
276 2,402
May
364 2,974
June
362 2,959
July
288 2,762
Aug
. Sept
433
835
Maturing after 20 years
333
743
1942—June
317
731
Dec
309
689
1943—Apr
309
751
May
298
714
June
293
713
July
287
651
Aug
Sept
8,748 12,237
10,766 17,297
12,328 22,570
12,422 22.914
12,486 22,38^
U.S.
GovernTotal ment
out- agenstand- cies
ing
and
trust
funds
38,085
49,268
55,201
57,975
57,520
57,520
57,520
65,444
2,321
2,739
3,059
3,068
3,045
2,996
2,986
3,614
Federal
Reserve
Banks
Commercial
banks
Mutual
savings
banks
Insurance Other
companies
1,617
2,777
2,017
1,708
1,468
1,445
1,473
1,500
14,828
19,445
21,520
24,006
24,226
24,723
25,168
25,900
3,442
4,055
4,624
4,687
4,725
4,680
4,418
5,393
7,766 8,110
9,944 10,308
11,464 12 ,517
11,539 12,967
11,442 12,615
11,365 12,312
11,211 12,264
13,100 15,936
3,915
5,830
5,830
5,830
9,474
9,474
9,474
9,925
336
754
735
754
867
854
851
853
1,599
2,565
2,806
2,773
5,122
5,171
5,272
5,831
224
253
190
186
298
294
266
226
581
726
599
597
991
984
927
860
1,173
1,531
1,500
1,519
2,195
2,170
2,156
2,151
9,436
17,080
19,448
22,019
17,921
17,921
17,921
21,883
846
1,574
1,349
1,093
776
768
796
974
4,959
9,353
10,032
12,423
10,107
10,373
10,585
10,606
750
1,129
1,430
1,435
1,308
1,265
1,094
1,838
1,347
2,101
2,693
2,731
2,326
2,296
2,290
2,919
1,536
2,920
3,943
4,335
3,401
3,219
3,154
5,541
18,731
16,295
16,295
16,295
17,214
17,214
17,214
17,214
2,168
2,165
1,656
1,623
1,645
1,598
1,587
1,584
7,009
6,240
7,122
7,202
7,611
7,745
7,839
7,949
1,957
1,580
1,381
1,376
1,405
1,402
1,348
1,315
3,510
2,778
2,604
2,584
2,896
2,883
2,809
2,794
4,086
3,531
3,530
3,507
3,657
3,585
3,636
3,576
6,002
10,065
13,629
13,831
12,912
12,912
12,912
16,422
593
1,258
1,021
1,286
1,333
1,561
1,305
1,603
1,221
1,385
1,216
1,434
1,222 ' 1,474
1,702
1,514
512
1,095
1,626
1,691
1,713
1,720
1,711
2,014
2,326
4,339
5,566
5,626
5,229
5,204
5,188
6,524
1,315
2,323
3,544
3,605
3,366
3,338
3,317
4,667
for certain dates are shown in the table above.
1 On Sept. 30, 1943, commercial banks reporting to the Treasury held $22,228,000,000 of United States Government securities due or callable within
one year out of a total of $41,891,000,000 outstanding.
2 Including $196,000,000 of Postal Savings and prewar bonds not shown separately below.
1178
FEDERAL RESERVE BULLETIN
SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On basis of daily statements of United States Treasury. In millions of dollars]
Other
Other
Miscellaneous Social
inter- security
nal
reve- taxes
1
nue
Fiscal year ending:
June 1942
June 1943
7,960
16,094
3 847
4,553
1 194
1,508
666
1,230
13 668
23,385
12 799
22,282
1942—October
..
November. .
December
1943—January
February
March
April
May
June
July
August
September
October
206
199
1,972
306
380
4 732
1,000
940
3,803
1,236
1,016
4,091
746
350
337
630
365
352
374
346
359
353
512
729
344
464
48
248
50
52
343
50
50
282
57
48
310
53
46
45
45
50
100
115
51
159
160
356
234
403
285
256
648
830
2,702
824
1,190
5 207
1,555
1,742
4,569
2,048
3,005
5,448
2,069
607
601
2,701
788
955
5 206
1,514
1,480
4,569
2,007
2,721
5,447
2,030
Income taxes 1
Period
Withheld 2
19
548
674
557
Trans-
Total
receipts
Inter- War fers to
Total
est
budget Defiactivi- trust
Other expendon
accit
ties counts,
debt
itures
Net
ceipts 3
etc.
1 260 26 011
1,808 72,109
381
435
5 481
6 042
5,825
5 947
5,770
6 744
6,974
7,092
7,469
6,432
7,232
6,952
6,989
56
3
25
35
2
1
38
1
1
344
15
2
36
70
28
353
54
35
262
89
42
609
68
46
311
131
Other
Net expenditures
accounts
330
701
?Q7
•
Fiscal year ending:
June 1942
June 1943
1942—October
November
December
1943—January
February
March
April
Mav
June
July
August
September. ..
October
1
2
3
4
Investments
Expenditures
ing accounts of
Government
agencies
Receipts
337
312
347
366
300
247
269
324
269
300
32 397 19 598
78 179 55* 897
5 937
6 363
6 500
6 372
6,119
7 354
7,466
7,435
8,327
7,112
7,617
7,535
7,456
5 331
5 761
3 799
5 584
5,164
2 147
5,952
5,955
3,758
5,105
4,896
2,087
5,426
—3 506
+358 23 461
—1 861 +6 515 64 274
+594 6 420
— 1 814 3 212
+7 461 12 054
—2 819 2 899
- 2 , ' 3 3 1 2,954
— 1 213 1 483
+48 +8! 438 14,342
—39
+70 6 064
—496
+736
—794
— 135
-122
—549
—206 - 3 , 1 8 0
784
-635
-912
4,828
2
,
2
3
1
+131
2,534
- 4 1 0 +11,794 14,291
- 1 3 2 +1,139 6,697
Balance in
general fund
Assets
Period
Net
receipts
745
W7
General und of the Treasury (end of period)
Details of trust accounts, etc.
Social Security
A
Change
in
Ingen- crease
eral
in
fund
gross
baldebt
ance
Trust
accounts
etc. 4
Ex-,
penditures
Investments
Deposits
in
Federal
Reserve
Banks
Total
Deposits
in
special
depositaries
Other
assets
Total
liabilities
Total
Working
balance
2,327
2,810
2,350
1,705
614
456
3,625
863
1,130
221
655
533
147
3,443
10,149
603
1,038
1, 679
7, 667
1 ,162
1 ,444
452
643
2,991
9,507
2,229
8,744
126
471
75
110
498
36
111
539
169
245
596
32
109
49
170
350
43
230
272
35
258
428
179
292
296
50
38
34
33
35
35
36
33
31
31
29
30
30
29
583
-449
548
186
370
300
96
65
99
74
52
82
92
81
152
315
101
116
139
26
32
37
47
40
53
58
57
119
252
75
72
86
21
13
5,313
3,557
11,032
8,200
5,895
4,758
13,112
13,152
10,149
9,127
6,845
18,734
19,838
619
512
1,516
465
623
643
1,215
651
1,038
979
1,076
1,538
1,095
3, 373
1, 695
8, 166
6, 367
3, 892
9 694
10 485
11 117
7, 667
6 790
4, 362
15, 676
17, 280
1 ,321
! ,350
1 ,350
: ,368
: ,381
,421
1 ,412
1 ,383
1 ,444
• ,358
1 ,406
: ,519
] ,462
416
475
489
477
503
579
495
465
643
532
481
576
541
4,896
3,082
10,543
7,724
5,392
4,179
12,617
12,687
9,507
8,595
6,364
18,158
19,297
4,134
2,320
9,780
6,961
4,630
3,416
11,854
11,924
8,744
7,832
5,601
17,395
18,534
2,194
17
356
-82
726
148
146
199
8
-3
7
12
—41
30
9
21
14
16
•
Details on collection basis given in table below.
Withheld by employers (Current Tax Payment Act of 1943).
Total receipts less social security employment taxes, which are appropriated directly to the Federal old-age and survivors insurance trust fund.
Excess of receipts (+) or expenditures (—).
INTERNAL REVENUE COLLECTIONS
[On basis of reports of collections. In millions of dollars]
Miscellaneous internal revenue
Income taxes
Period
Fiscal year ending:
June 1942
8,007
June 1943
16,299
1942—October
November....
December....
1943—January
February
March
April
May
June
July
August
September
October
1
Current
corporation
Back
taxes
Excess
profits
taxes
Other
profits
taxes
Total
Capital
stock
tax
686
2,764
4,137
460
557
1,618
5,064
57
84
3,838
4,571
282
329
19
19
556
48
167
1,951 ""2"
362
298
103
381
5
1,800
333
527
438
56
1,964
6
1,065
3
109
67
753
37
95
1,026
73
89
970
142
111
877
181
27
24
36
69
55
79
73
74
41
33
44
103
50
58
7
644
136
113
1,791
200
103
1,203
186
162
1,228
337
73
2
11
5
4
21
1
3
348
478
496
379
331
379
345
373
329
652
595
394
421
Current VicTotal individ- tory
tax
ual
220
185
2,000
296
434
4,868
1,008
753
4,026
1,231
814
4,192
1,644
3,108
5,771
7
10
3
15
9
185
143
' 136
188
35
20
Estate Alcoholic Toand
beverage bacco
gift
taxes
taxes
taxes
Stamp
taxes
Manufacturers'
and
retailers'
excise
taxes
Miscellaneous
taxes
433
447
1,048
1,423
781
924
42
45
852
670
401
732
35
27
30
47
29
62
40
46
29
48
25
28
41
119
104
129
137
128
121
113
109
115
125
129
117
122
83
79
81
81
68
80
3
3
3
4
4
4
5
5
5
4
5
4
4
66
47
64
68
51
47
49
60
39
59
56
53
59
42
32
46
42
50
65
64
80
61
193
103
77
71
80
87
90
86
90
71
86
Correction of December 1942 collection.
DECEMBER
1943
1179
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
sale
Other
assets
Fully
guaranteed
by
U.S.
Other1
U. S. PriGovern- vately
owned
ment
Other
liabili- interest interest
ties
13,277
14,660
17,962
8,106
8,487
8,379
698
680
648
376
496
403
925
999
1,097
18
46
57
598
574
774
636
714
859
1,497
1,891
3,512
423
773
2,233
6,370
6,324
4,568
1,443
1,392
1,442
1,604
2,049
3,265
3,436
4,464
8,249
424
431
438
20,534
1942—October
November. . . 20,992
December. . . 21,715
22,643
1943—January
February.. . . 23,437
March
24,151
24,706
April.:
24,805
May
26,708
June
25,555
July
August
26,435
September... 26,284
8,159
8,158
8,127
8,086
8,022
8,003
8,092
7,949
7,685
7,615
7,580
622
621
620
605
565
562
560
557
556
524
498
497
581
563
553
605
590
597
536
504
515
538
539
501
1,219
1,222
1,272
1,284
1,375
1,424
1,510
1,549
1,565
1,638
1,691
1,722
60
52
33
32
27
26
24
24
22
16
11
1,088
1,069
1,085
1,205
1,440
1,303
1,464
1,514
1,788
1,514
1,450
1,487
976
1,001
1,020
1,041
1,359
1,408
1,428
1,475
1,674
1,561
1,966
1,470
4,710
4,701
5,187
5,638
5,883
6,074
6,081
6,167
6,310
6,750
7,019
7,234
3,119
3,605
3,818
4,147
4,176
4,754
5,011
5,066
5,343
5,399
5,681
5,809
4,265
4,264
4,301
4,291
4,332
4,365
4,372
4,092
4,101
3,936
4,046
4,081
1,413
1,404
1,414
1,413
1,383
1,375
1,366
1,340
1,333
1,276
1,271
1,274
4,185
4,601
4,630
4,829
5,076
5,109
5,648
5,746
6,022
5,757
5,972
5,560
10,230
10,281
10,931
11,671
12,206
12,860
12,880
13,188
14,812
14,146
14,706
14,929
442
443
439
439
440
441
440
440
440
441
440
441
1941—June
December
1942—June
7,557
7
LOANS, OTHER THAN INTERAGENCY LOANS
Home mortgage and
housing
agencies3
End of month
ReconstrucTotal tion Home Feder- RFC
loans* Fial
Mortnance Owners' Home gage
Corp.
Loan Loan
Corp. banks
Company
Farm mortgage loans
Other farm credit loans
Fed.
Fed. Feder- Fed.
NaFarm
tional Public
al
MortHousMortland
gage
ing
gage
banks Corp.
Assoc. Auth.
Rural ExElecFed.
trifica- portIm- Other
inter- Banks Com- Farm Farm tion port
medi- for co- modity Credit Secu- AdBank
ate opera- Credit Adrity
min.
credit tives Corp. min. Admin.
banks
1941—June
December
1942—June
8,106
8,487
8,379
1,082
1,433
1,473
1,870
1,777
1,676
170
219
193
65
72
82
194
207
216
316
367
384
1,818
1,764
1,706
630
597
562
255
235
289
74
113
101
244
233
231
263
250
258
461
467
460
289
323
342
114
139
113
261
291
293
1942—October
November. .
December ..
1943—January. . . .
February...
March.. . . . .
April
May
June
July
August
September...
8,159
8,158
8,127
8,086
8,022
8,003
8,092
7,949
7,685
7,615
7,580
7,557
1,533
1,566
1,557
1,554
1,527
1,530
1,512
1,487
1,483
1,459
1,463
1,460
1,603
1,587
1,568
1,548
1,532
1,507
1,480
1,460
1,441
1,419
1,400
1,383
131
122
129
113
96
79
87
79
90
92
81
130
91
93
94
96
96
97
97
98
98
97
100
99
214
213
211
210
209
206
204
202
73
71
69
67
377
372
366
379
378
381
371
374
317
317
317
317
1,645
1,625
1,603
1,579
1,564
1,540
1,520
1,502
1,489
1,472
1,452
1,431
528
518
507
496
490
483
475
468
463
455
447
437
248
238
238
237
248
266
280
287
296
296
284
269
130
140
145
132
121
111
106
102
102
107
111
148
188
214
242
258
270
276
408
304
228
225
225
222
244
241
237
237
240
244
245
246
245
244
242
237
453
448
446
446
454
463
457
454
447
443
441
433
344
345
346
345
345
345
344
344
344
344
344
345
119
119
122
122
121
121
122
126
129
132
136
136
311
317
316
334
331
354
384
416
440
442
468
443
SELECTED ASSET ITEMS, OTHER T H A N INTERAGENCY ITEMS
Loans by Reconstruction
Finance Corporation
End of month
Total
Loans Loans
to fito
nancial railinstiroads
tutions
Recon- Home
Fed. land
struc- Owners'
banks and
Other
tion
Loan
Other Fed. Farm
Finance CorpoMortgage
Corp.
ration
Corp.
1941—June
1,082
December... 1,433
1942—June
1,473
193
165
144
480
473
472
409
795
857
429
401
378
183
175
167
86
1U4
103
1942—October
November. ..
December. ..
1943—January
February.. ..
March
, April
May
June
July
August......
September...
153
169
167
161
159
155
153
150
148
145
141
138
472
471
460
463
449
444
437
434
426
423
423
423
908
926
930
930
919
931
922
903
909
891
899
899
368
367
366
364
361
359
358
355
354
351
346
345
152
152
152
140
110
109
109
109
108
80
64
64
102
102
102
101
94
94
93
93
94
93
88
88
1,533
1,566
1,557
1,554
1,527
1,530
1,512
1,487
1,48>
1,459
1,463
1,460
Accounts and other
receivables
Preferred stock held
v
v
Property held for sale
ReconCommodity struction
Finance
Credit
Other
Corpo- Corp. and
war corration
porations
War
corporations
ComHome
modity Owners'
Credit Loan
Corpo- Corporation
ration
Other
219
219
225
79
34
96
68
80
151
232
241
302
257
703
2,041
753
749
1,063
319
288
262
168
151
141
225
213
207
203
205
195
197
192
193
192
193
187
80
65
57
129
103
75
209
187
350
210
177
196
490
497
531
519
659
677
700
763
800
825
790
832
293
294
290
354
473
356
358
372
445
287
290
272
2,921
3,221
3,469
3,793
3,928
4,041
4,442
4,703
4,963
5,241
5,528
5,784
1,415
1,109
1,363
1,495
1,614
1,700
1,316
1,153
1,045
1,223
1,220
1,196
238
231
227
223
219
216
212
203
191
182
169
152
136
140
128
127
122
117
111
108
111
104
102
102
1
2
3
Excluding Federal land bank bonds held by the Federal Farm Mortgage Corporation.
Excluding investments in preferred stock, the amount of which is shown in the lower section of this table.
Excluding loans by Federal savings and loan associations, which are privately owned institutions under the supervision of the Federal Home Loan
Bank Administration. Loans by these institutions amounted to 1,896 million dollars on Sept. 30, 1943.
n8o
FEDERAL RESERVE BULLETIN
BUSINESS INDEXES
[The terms "adjusted" and "unadjusted " refer to adjustment of monthly figures for seasonal variation]
Year and
month
Income
payments
value) 1
1935-39
= 100
Adjusted
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
Construction
contracts
awarded (value) 3
1923-25 = 100
Industrial production
(physical volume) 2*
1935-39 = 100
Manufactures
Total
Nonagricultural
depart- Wholement
Freight
sale
Cost ol
carload- store
com- living 4
sales
ings*
modity 935-39
4
rolls
(val4
1935-39
= 100
939 = — 100 ue)* 5 prices
1926
100
1923-25 = 100
= 100
Factory
Minerals
Total
Residential
Unad- UnadAdAdAdAdi us ted' justed justed justed justed justed
All
other
Durable
Nondurable
Adusted
Adjusted
Adjusted
Adjusted
72
75
58
73
88
82
90
96
95
99
110
91
75
58
69
75
87
103
113
89
109
125
162
199
84
93
53
81
103
95
107
114
107
117
132
98
67
41
54
65
83
108
122
78
109
139
201
279
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
44
30
44
68
81
95
124
121
117
126
87
50
37
13
11
12
21
37
41
45
60
72
89
82
79
90
65
88
86
94
120
135
139
142
142
125
84
40
37
48
50
70
74
80
81
89
149
235
lO6!o'
98.1
88.3
77.6
78.6
86.3
90.1
96.8
102.7
95.1
100.0
104.2
115.6
124.2
AdUnadiusted justed
' M2J)
109 1
92.3
70.6
68.9
78.7
87 1
101.3
107.7
98.5
105.5
113.8
137.3
171.9
Employment4
1939 = 100
Factory
Adjusted
Adjusted
Unadjusted
Unadjusted
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
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
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
120
129
110
121
142
139
146
152
147
148
152
131
105
78
82
89
92
107
111
89
101
109
130
138
78
94
87
88
98
99
103
106
107
108
111
102
92
69
67
75
79
88
92
85
90
94
110
124
138.6
154.4
97.6
96.7
100.6
98.1
103.5
100.0
95.4
96.7
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
78.6
87.3
98.8
1940
May
June
July
August
September . . .
October
November
December
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....
1943
January
February
March
April
May.
June
July
August
September.. .
October
November.. .
112.4
112.5
113.1
114.1
115.6
117.1
117.7
120.6
118
123
123
126
129
132
136
140
118
123
121
126
134
137
138
139
125
134
136
145
151
156
159
166
113
115
115
114
116
119
123
126
118
119
118
113
117
114
119
119
64
74
85
90
93
95
111
115
64
69
77
82
82
85
87
90
65
77
91
98
101
103
130
136
101.9
102.6
103.3
104.6
105.3
106.5
108.1
109.7
102.8
103.7
105.2
108.1
109.7
112.0
114.6
116.8
102.1
102.5
103.1
107.8
112.2
114.8
116.0
117.4
105.8
107.6
106.6
115.1
122.1
126.9
127.5
134.1
105
109
109
112
114
111
116
117
89
91
92
98
97
94
100
101
78.4
77.5
77.7
77.4
78.0
78.7
79.6
80.0
100 ^4
100.2
100.1
100.7
121.3
123.5
125.4
128.2
133.7
138.9
140.3
143.2
144.4
146.3
147.5
153.9
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
134
103
99
94
103
101
117
139
152
161
145
138
123
84
76
74
80
88
101
115
112
105
87
74
69
117
118
109
i21
111
129
158
184
206
192
189
167
110.3
111.5
111.7
111.8
113.6
115.3
117.1
118.4
118.9
119.2
119.8
120.3
118.8
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
101
103
103
104
105
104
115
134
116
105
116
111
80.8
80.6
81.5
83.2
84.9
87.1
88.8
90.3
91.8
92.4
92.5
93.6
100.8
100.8
101.2
102.2
102.9
104.6
105.3
106.2
108.1
109.3
110.2
110.5
155.2
157.1
159.1
163.4
165.4
169.6
172.8
176.2
178.4
183.0
189.2
193.4
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
118
128
125
128
158
193
206
182
179
185
198
175
82
100
95
82
76
76
74
65
70
83
90
91
147
151
149
165
226
288
313
278
268
269
286
243
120.4
120.8
121.0
121.2
121.9
122.5
124.5
125.8
126.5
127.6
128.8
130.5
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
138
126
124
117
108
104
121
130
123
128
138
125
96.0
96.7
97.6
98.7
98.8
98.6
98.7
99.2
99.6
100.0
100.3
101.0
112.0
112.9
114.3
115.1
116.0
116.4
117.0
117.5
117.8
119.0
119.8
120.4
196.5
200.6
204.4
207.3
208.7
211.3
213.1
215.5
P
215.7
227
232
235
237
238
236
r
240
242
244
^245
e
244
223
229
232
235
239
238
241
r
245
248
?248
*244
336
344
351
356
359
358
r
361
365
369
171
174
174
175
176
177
176
177
178
^179
e
178
125
131
133
131
129
117
134
135
138
145
102
85
63
52
45
60
59
65
*>51
79
56
42
33
31
32
36
35
35
P36
198
140
119
87
68
55
80
79
89
?63
130.4
130.5
129.9
129.3
128.4
128.9
128.6
r
127.9
126.9
^127.6
165.8
167.4
168.1
168.4
167.9
169.0
169.7
169.7
168.4
164.8
166.4
167.6
167.7
167.2
168.8
169.8
170.9
170.2
290.9
297.5
304.5
309.7
313.5
317.1
r
S15.6
r
322.4
328.3
135
139
138
136
135
127
141
140
140
137
e
140
143
168
136
128
125
129
142
142
132
140
101.9
102.5
103.4
103.7
104.1
103.8
103.2
103.1
103.1
103.0
e
102.9
120.7
121.0
122.8
124.1
125.1
124.8
r
123.9
r
123.4
123.9
124.4
*>372
e
372
e
125
mo.i
mo.5
100.5
* Average per working day. p Preliminary. r Revised. e Estimated. c Corrected, i Department of Commerce series on value of payments
to individuals.
2
For indexes by groups or industries, see p p . 1182-1185.
3
Based on F . W. Dodge Corporation data; for description, see p . 358 of BULLETIN for July 1931; by groups, see p . 1188 of this BULLETIN.
4
The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and cost of living are compiled by or based on data of the Bureau
of Labor Statistics. Figures prior to 1939 for factory employment and payrolls and nonagricultural employment are adjusted for level through 1937; the
1938 figures and the 1939 base period averages applied to earlier data are preliminary. Figures since 1939 are adjusted to Social Security data. Nonagricultural employment covers employees only and excludes personnel in the armed forces. Factory employment, adjusted , revised beginning 1941.
6
For sales comparisons by cities and by departments see pp. 1190-1191 of this BULLETIN.
Back figures in B U L L E T I N — F o r industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984; for factory
employment and pay rolls, October 1938, pp. 839-866, February 1941, p . 166, and January 1943, p . 13; for department store sales, October 1938, p . 918, and
January 1941, p . 65.
DECEMBER 1943
1181
INDUSTRIAL PRODUCTION, BY INDUSTRIES
{Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors. 1935-39 average = 100]
1942
1943
Industry
Sept. O c t . N o v .
D e c Jan.
Feb. Mar. Apr. M a y June
July Aug. Sept. I Oct
P
245
Industrial Production—Total.
208
215
220
223
227
232
235
237
238
236
'240
242
244
Manufactures—Total
222
230
236
240
245
250
253
256
258
258
259
261
263
299
311
319
328
336
344
351
356
359
358
361
365
369
199
207
204
200
204
208
210
209
208
203
209
213
214
194
219
179
503
199
229
186
536
201
224
182
527
197
221
179
523
198
226
182
542
200
231
185
560
202
233
188
559
198
235
186
580
196
233
184
584
202
235
184
598
205
239
189
593
202
241
190
607
365
380
392
407
417
436
441
443
191
229
180
577
441- r440
539
567
600
630
651
692
718
728
743
172
177
185
191
198
206
211
215
223
230
239
242
250
252
256
257
266
264
r
284
P
213
111
237
241
241
253
255
262
270
275
r
295
p
227
234
240
243
254
252
257
255
264
260
r
27O
280
Lumber and Products..
130
133
132
130
123
127
130
133
128
128
130
129
p
Lumber
Furniture..
Stone, Clay, and Glass Products.
126
138
127
145
126
142
122
146
113
142
117
147
119
149
121
149
118
148
118
149
p
180
178
175
175
175
118
148
173
119
151
173
126
147
175
173
168
p
162
49
202
114
132
203
327
159
53
196
112
125
194
321
P187
p
326
Durable Manufactures
Iron and Steel
Pig iron
Steel
Open hearth.
Electric
Machinery
r
190
227
177
583
265
P
454
441
Manufacturing Arsenals and Depots1.
Transportation Equipment
Automobiles
;
(Aircraft; Railroad cars; Locomotives;
Shipbuilding—Private and Government)1
Nonferrous Metals and Products.
Smeltingg and refining..
g
(Copper smelting; Lead refining;1 Zinc smelting;
Aluminum; Magnesium; Tin)
Fabricating
(Copper products; Lead shipments; Zinc shipments; Aluminum products;
Magnesium products; Tin consumption)1
167
671
r
756
766
767 P774
232
nn
r
220
273
278
281
289
302
127
ns
169
Glass products
Plate glass
Glass containers
Cement
Clay products
Gypsum and plaster products
Abrasive and asbestos products..
Other stone and clay products1 ..
130
35
164
173
143
176
241
129
33
163
174
143
186
258
135
35
170
172
144
192
270
136
35
172
171
144
191
293
150
35
191
171
148
193
301
149
36
189
166
144
196
305
146
35
185
154
142
202
308
153
39
194
135
142
204
313
159
43
200
130
136
203
320
158
41
199
127
139
204
325
162
45
203
119
132
198
r
326
Nondurable Manufactures ..
161
165
168
169
171
174
174
175
176
177
176
178
P179
157
159
159
157
158
162
158
157
159
155
148
145
150
p
148
171
170
150
172
174
150
171
177
148
163
178
149
171
180
152
171
181
149
166
181
147
166
181
149
169
185
146
160
183
139
153
183
136
147
177
141
156
181
155
34
198
172
175
168
179
160
44
210
179
182
175
179
161
43
212
179
182
175
180
163
44
218
180
184
175
185
154
29
208
172
176
167
177
166
39
230
184
190
177
187
163
40
228
181
187
172
182
157
38
214
173
179
165
177
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
205
172
177
163
168
116
119
117
117
123
123
117
119
114
112
122
137
96
76
143
112
126
143
94
81
147
115
125
139
94
81
163
111
126
141
93
84
154
110
130
141
95
89
185
118
127
139
93
89
170
119
120
128
92
93
160
115
111
131
91
90
166
117
122
132
92
90
164
115
114
122
86
86
162
114
111
116
85
84
169
112
137
137
140
143
141
141
142
141
141
141
107
111
118
120
134
126
118
109
97
102
103
148
103
149
153
175
162
190
134
127
143
152
101
141
151
188
145
157
133
125
144
164
101
136
145
216
149
171
123
122
152
145
103
135
143
176
156
189
119
108
151
103
144
137
107
145
141
108
147
145
P137
106
147
149
103
145
150
106
150
161
104
154
171
96
150
157
95
150
154
143
168
123
79
121
154
183
131
76
115
"m
187
112
62
111
162
216
111
60
123
159
222
96
63
119
186
260
110
73
140
119
109
154
^228
130
131
161
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.,
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
Preliminary.
n8z
1
183
127
74
107
11.0
106
r
109
80
82
174
r
114
151
156
185
p
no
105
107
81
88
164
113
r
144
169
47
212
107
P
146
144
110
P
U9
p
m
^221
^140
P174
Series included in total and group indexes but not available for publication separately.
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
{Adjustedfor Seasonal Variation)
[Index numbers of the Board of Governors. 1935-39 average == 100]
1942
1943
Industry
Sept. Oct. Nov.
Dec. Jan. Feb.
Mar. Apr. May June
July Aug. Sept. Oct.
Manufactured Food Products—Continued
Other manufactured foods
Processed fruits and vegetables
Confectionery
Other food products
Alcoholic Beverages
Malt liquor
Whiskey.
Other distilled spirits
Rectified liquors
U2
120
P
U3
p
150
p
p
141
114
134
149
142
126
123
150
106
106
111
135
113
0
21
139
127
0
22
144
111
0
23
144
131
0
40
157
164
0
77
156
155
132
123
124
134
136
134
139
103
160
86
104
144
85
102
149
78
99
166
84
96
169
92
101
165
87
100
173
93
141
141
142
140
135
r
143
143
139
153
107
98
206
146
137
143
131
131
172
129
92
139
148
103
94
203
140
138
150
129
126
174
127
90
138
150
101
93
204
144
136
150
130
124
167
125
88
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
r
141
153
115
93
214
139
r
139
151
134
126
r
169
130
90
140
150
112
93
211
134
138
155
122
125
174
126
88
115
116
112
113
112
112
111
r
U5
111
103
104
101
97
101
102
102
105
103
97
157
156
158
165
166
171
173
177
182
r
201 P205
155
110
138
114
110
155
104
137
113
99
157
99
137
111
104
164
102
143
114
117
166
99
137
118
118
171
101
144
114
121
180
109
138
120
126
185
109
145
121
118
r
196
116
153
123
107
205
122 ^122
156
123
115
166
156
503
166
156
501
157
152
318
370
382
399
162
153
453
r
402
170
159
523
344
i<59
158
543
361
169
159
519
330
166
157
485
355
169
158
551
298
166
155
527
314
174
104
137
116
122
166
157
481
389
403
171
161
538
395
122
117
188
292
122
116
190
304
125
121
187
310
126
123
196
319
125
125
196
332
127
127
200
332
126
124
204
341
129
124
210
350
130
122
214
356
135
123
213
366
139
120
222
r
371
140
122
223
382
137 P\36
123 p123
221 pp223
383 390
180
191
200
212
215
218
222
222
224
230
229
227
231 P235
125
131
129
117
134
136
123
121
142
138
123
125
145
139
122
123
147
144
122
135
152
144
121
137
151
143
121
139
149
145
122
145
150
144
124
153
148
144
121
152
148
142
119
144
148
138
123
121
111
105
121
112
104
96
147
39
35
238
130
13
63
226
144
0
62
159
131
0
42
159
122
0
42
159
142
0
63
161
133
0
35
157
124
0
31
141
135
140
138
146
132
128
129
114
159
92
121
163
97
117
163
94
154
160
94
103
159
93
101
153
88
93
159
89
132
138
137
133
135
140
133
164
110
127
218
155
128
131
118
115
174
125
106
139
167
114
137
218
157
134
136
130
131
170
128
107
137
161
107
141
208
151
133
137
129
127
174
123
102
132
149
107
127
192
140
130
134
124
120
175
120
100
135
148
103
96
201
140
133
137
129
125
175
125
92
108
117
116
111
101
104
106
151
154
149
109
137
112
107
166
155
526
153
111
137
113
112
r
123
150
90
1
Industrial A Icohol from Beverage Plants
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)..
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 .
.
.
Byproduct coke
Beehive coke
Chemical Products
Paints
Soap
Rayon
Industrial chemicals
Explosives and ammunition1
Other chemical products*
Rubber Products
.. .
87
193
131
132
143
126
117
158
127
91
193
148
83
p
110
96
169
158
532
p
394
Minerals—Total
131
129
130
127
131
133
135
138
Fuels .
129
127
130
126
124
131
133
131
129
115
136
137
140 P136
146
150
129
120
140
145
117
121
148
154
124
121
136
143
105
121
136
145
102
118
151
157
129
121
154
161
128
122
146
151
129
124
139
143
124
125
97
103
74
124
150
155
129
128
148
153
128
131
150
155 2*144
129 P\27
136 ^134
145
140
133
133
130
131
131
130
129
128
128
123
125
p
189
227
184
218
181
211
187
223
185
223
189
223
188
223
186
223
187
223
188
223
184
223
188
223
P
85
88
78
82
65
74
53
75
47
76
44
77
45
77
189
223
43
75
42
77
37
83
34
87
28
80
Coal
Bituminous coal
Crude petroleum
.
Metals
Metals other than gold and silver
Iron ore
(Conner* Lead* Zinc)1
Gold
Silver
125
223
r
p
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.
DECEMBER
1943
1183
INDUSTRIAL PRODUCTION, BY INDUSTRIES
{Without Seasonal Adjustment)
[Index numbers of the Board of Governors. 1935-39 average = 100]
Industry
Sept.
Industrial Production—Total.
213
Manufactures—Total..
Durable Manufactures
Iron and Steel
Pig iron
Steel
Open hearth.,
Electric
Machinery
Oct. Nov. Dec,
Jan.
Feb. Mar. Apr. May June
218
223
229
220
221
232
235
239
238
July Aug. Sept. Oct
241
r
p
245
248
260
263
267 P268
r
r
r
227
233
236
239
242
247
251
255
258
259
300
312
319
327
334
M2
350
356
360
359
367
370
199
207
204
200
204
208
210
209
208
201
203
209
213
194
219
179
503
199
229
186
536
201
224
182
527
197
221
179
523
198
226
182
542
200
231
185
560
202
233
188
559
198
235
186
580
196
233
184
584
190
227
177
583
191
229
180
577
202
235
184
598
205
239
189
593
365
380
392
407
417
426
436
440
441
539
567
600
630
651
671
692
718
172
177
185
191
198
203
204
223
230
239
243
250
252
256
362
441
r
728
743
T
206
211
215
257
266
264
248
202
241
190
607
P454
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 1Zinc smelting;
Aluminum; Magnesium; Tin)
Fabricating
;
(Copper products; Lead shipments; Zinc ship-1
ments; Aluminum products;Tin consumption)
214
222
238
242
227
234
240
243
Lumber and Products
139
140
130
120
Lumber
Furniture..
139
138
137
145
123
142
106
146
756
r
766
767 P774
232
234
P237
284
220
r
266
r
r
P289
276
r
r
P302
262
r
r
273
253
255
262
271
275
252
257
255
264
260
112
119
123
130
136
135
135
137
136 P132
96
142
104
147
110
149
120
149
130
147
128
148
128
148
130
151
129
149
241
r
279
27O
295
280
171
176
175
169
170
166
168
172
180
177
173
179
174 P175
Glass products
Plate glass
Glass containers
Cement
Clay products
Gypsum and plaster products
Abrasive and asbestos products1
Other stone and clay products
133
35
167
200
148
180
241
133
33
168
202
151
190
258
136
35
171
186
150
194
270
127
35
160
156
149
194
293
147
35
187
139
139
187
301
145
36
184
126
137
188
305
146
35
185
126
136
196
308
153
39
194
128
138
202
313
169
43
214
137
136
205
320
157
41
197
136
137
208
325
156
45
195
131
132
198
r
326
168
49
210
129
135
204
327
162
53
200
130
129
198
Nondurable Manufactures.
167
168
168
168
168
171
171
173
175
177
177
180
184
162
158
157
159
155
148
145
150 P151
Stone, Clay, and Glass
Products..
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
r
157
159
159
157
158
148
171
170
150
172
174
150
171
177
148
163
178
149
171
180
152
171
181
149
166
181
147
166
181
149
169
185
146
160
183
139
153
183
136
147
177
141
156
181
'155
34
198
172
175
168
179
'160
44
210
179
182
175
179
161
43
212
179
182
175
180
163
44
218
180
184
175
185
154
29
208
172
176
167
177
166
39
230
184
190
177
187
163
40
228
181
187
172
182
157
38
214
173
179
165
177
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
205
172
177
163
168
174
47
218
124
P127
P191
#326
156
185
Products..
115
123
126
117
118
118
113
110
110
109 P110
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Sheep and lamb leathers
Shoes
120
134
94
77
140
112
127
145
96
81
147
115
130
144
97
79
172
111
125
141
91
85
146
110
130
144
93
89
172
118
137
151
98
93
188
119
119
128
90
93
155
115
121
131
88
93
162
117
122
132
177
115
112
117
88
86
160
114
105
109
84
83
157
112
105
105
84
80
180
104
105
80
89
161
113
163
147
141
139
131
127
128
128
135
141
152
158
167
P156
116
118
119
118
134
127
116
105
93
98
102
109
121
P12A
156
99
152
141
198
147
150
144
140
153
126
87
127
123
152
146
147
144
142
150
107
77
102
104
130
166
200
128
131
152
95
81
97
110
98
186
249
119
101
148
106
167
161
P153
91
153
142
120
107
151
PI 63
P180
140
144
173
Leather and
Manufactured
Food Products.
Wheat flour
Cane sugar meltings 1
Manufactured dairy products.,
Butter
Cheese
Canned and dried m i l k . . . .
Ice cream
Meat packing
Pork and lard
Beef
Veal
Lamb and mutton
r
Revised.
* Preliminary.
119
p
POO
86
107
111
94
119
127
98
132
142
108
153
168
171 ^203
146
133
194 213
208 223
'171
221
126
73
128
147
180
121
67
117
140
171
115
69
105
136
170
105
61
108
162
216
111
62
126
158
222
94
63
111
127
189
198
170
229
111
73
134
5
PI 74
* Series included in total and group indexes but not available for publication separately.
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
{Without Seasonal Adjustment)
[Index numbers of the Board of Governors. 1935-39 average = 100]
1943
1942
Industry
Sept. Oct. Nov. Dec. Jan.
Feb. Mar. Apr. May June July
Aug. Sept
Oct.
Manufactured Food Products—Continued
Other manufactured foods
Processed fruits and vegetables
Confectionery
Other food products
Alcoholic
Beverages...
Malt liquor
Whiskey...
...
Other distilled spirits
Rectified liquors
Industrial
Tobacco
172
285
156
145
154
157
163
152
149
39
48
238
142
95
137
155
133
79
141
145
130
76
140
142
129
67
135
144
128
75
127
142
130
79
117
146
134
91
107
149
146
148
110
152
161
213
133
153
^174 ^160
259 ^158
PI 69
153 P158'
90
110
105
107
106
127
126
122
138 P132
111
0
130
159
105
0
46
159
100
0
27
159
128
0
38
161
123
0
23
157
130
0
19
141
129
0
13
139
161
0
13
144
159
0
13
144
150
0
21
157
166
0
105
156
234'
123
125
103
140
,
145
112
145
154
121
13
164
226
144
Alcohol from Beverage Plants1
Products...
.....
Other tobacco products
Paper and Paper
141
137
132
122
123
170
98
140
169
104
117
167
97
154
147
83
103
159
91
101
144
85
132
138
137
132
135
140
133
162
98
127
218
155
128
131
118
115
174
125
106
139
165
106
137
218
157
135
136
130
131
171
128
107
137
162
114
141
208
151
133
137
129
127
174
123
103
132
149
108
127
192
140
129
134
124
120
170
120
98
135
149
107
96
201
140
133
137
129
125
173
125
92
109
120
121
114
111
102
109
115
108
144
Cigars
Cigarettes
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)
Printing and Publishing ..
Newsprint consumption
138
140
141
144
103
149
86
104
144
86
99
175
96
177
89
101
176
93
100
179
99
141
141
142
134
r
142
143
140
154
111
98
206
146
138
143
131
131
179
129
92
139
150
110
94
203
140
138
150
129
126
174
127
90
139
152
112
93
204
144
137
150
130
124
168
125
89
140
155
113
92
211
147
137
150
133
122
168
130
90
132
140
r
99
87
193
131
131
143
126
117
152
127
89
r
140
148
99
93
211
134
138
155
122
125
174
126
115
114
116
114
97
101
107
106
HI
140
151
101
93
214
139
139
151
134
126
169
130
89
104
148
83
p
109
113
93
101
101
Printing paper (same as shown under Paper)
Petroleum and Coal
Products..
Petroleum refining
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products1
Coke
Byproduct coke
Beehive coke
Chemical
Products...
Paints
Soap
Rayon
Industrial chemicals.
Explosives and ammunition1
151
154
157
156
158
165
166
171
173
177
r
193
201
149
109
137
112
106
153
111
137
113
112
155
110
138
114
113
155
104
137
112
102
157
99
137
108
106
164
102
143
113
123
166
99
137
117
120
171
101
144
118
124
174
104
137
121
124
180
109
138
120
119
196
116
153
121
102
205
122 2*122
156
123
114
166
155
526
166
155
527
166
156
503
166
156
501
166
157
485
169
158
543
169
158
551
169
159
519
166
157
481
157
152
318
162
153
453
299
317
346
354
362
372
384
389
121
121
188
292
122
121
190
304
126
123
196
319
123
123
196
332
125
125
200
332
126
124
204
341
130
122
210
350
134
119
214
356
139
120
213
366
137
119
222
r
371
222
224
230
229
119
119
125
127
127
132
121
140
124
122
187
310
170
159
523
p
205
169
158
532
171
161
538
399
395 P397
139
123
223
382
128
221
383
P136
P129
P223
Other chemical products1
Rubber Products.....
180
191
200
Minerals—Total
137
134
132
129
127
146
150
129
120
140
145
117
121
148
154
124
121
184
176
143
249
358
239
335
192
229
.
Fuels....
Coal
Bituminous coal
Anthracite
Crude petroleum
Metals....
Metals other than gold and silver
Iron ore
(Copper; Lead; Zinc) 1
Gold
Silver
97
215
136
143
105
121
227
231 P235
140
143
r
H38
124
131
133
131
129
115
136
137
140 P136
136
145
102
118
151
157
129
121
154
161
128
122
146
151
129
124
139
143
124
125
97
103
74
124
150
155
129
128
148
153
128
131
150 PUl
155 P144
129 ?127
136 P 134
90
90
105
148
159
163
161
161 PJ49
114
73
121
77
121
79
147
132
223
298
243
341
250
365
249
363
247
351
"37
76
"34
80
"32
86
"31
78
P226
r
p
1
Revised.
Preliminary.
Series included in total and group indexes but not available for publication separately.
^ i l - r j ooerscorolptlon a n d b a c k fiSures' s e e BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940,
pp. 753-771 and 825-882.
DECEMBER
1943
1185
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES
{Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939 = 100]
Factory employment
Industry and group
1942
Total
Durable goods
Nondurable goods.
1943
Sept.
Oct.
June
159.6
202.5
125.9
160.7
206.7
124.5
168.8
228.5
121.7
July
r
Aug.
Sept.
Oct.
July
Aug. Sept.
170.2 170.5
230.7 232.3
122.6 121.8
254.8 261.8
342.0 352.4
169.5 173.3
270.9
366.2
177.7
317.1
441.6
195.4
173.6
132
271
110
128
123
195
164
202
260
289
174.3
251.5
197
409
152
198
141
280
213
290
391
461
255.4
200
420
149
195
144
298
209
297
390
464
264.1
201
435
139
210
167
308
227
318
431
490
304.6
224
497
162
249
199
363
299
362
494
547
299.6
224
478
173
242
198
361
297
356
456
r
542
308.1
230
484
187
251
211
351
305
373
r
483
r
551
276.7 279.8
283.9
343.9
368.6
382.7
463.9
r
r
237.2
352.6
352
202
183
541
150
352.3
355
198
164
511
157
371.5
372
213
187
531
176
428.0
435
248
265
647
r
r
173.4
134
279
103
128
117
198
162
195
263
172.9
133
280
111
128
119
195
164
196
261
r
295
173.3
133
278
117
128
121
197
165
202
259
r
292
Electrical Machinery
226.3
235.3
271.1
r
275.5
r
236.7
243
162
136
319
153
r
236.<
r
244
167
139
316
155
r
Refrigerators
Aug.
1943
June
170.9
230.4
124.0
r
164.9
136
265
99
119
107
179
135
190
244
287
217.3
222
149
115
281
115
Oct.
r
163.5
137
261
111
119
99
171
135
183
236
280
213.0
218
145
114
280
107
1942
Sept.
169.8
r
229.7
r
122.6
Iron and Steel and Products
Blast furnaces, steel works, etc
Steel castings
Tin cans a n d other tinware
Hardware
Stoves and heating equipment
Steam, hot-water.heating apparatus...
Stamped a n d enameled ware
S t r u c t u r a l and ornamental metal work
Forgings
Screw machine products
Machinery, except Electrical
Machin ery and machine shop products
Tractors
Agricultural, excluding tractors
Pumps
Factory pay rolls
236.8
r
246
173
142
321
159
236.2
245
177
145
323
161
r
315.6
r
439.7
r
194.2
462.8
420.1
r
426
254
256
630
r
26O
255
r
322.4 328.3
r
448.5 461.3
199.1 198.3
475.3
423.9
r
430
263
r
267
657
r
274
312.8'
233
476
178
254
218
362
313
372
489
549
487.7
435. Z
446
270
283
678
183.4
185.2
218.0
225.2
235.
181.8
169
124
125
183.9
-268.5
194
221
171
273.3
203
223
159
282.
215
228
165
288
2,790.6 1,811.3
2,945.8
314.3
324.2
305.1
338.7
325.0
321.1
325.4 336.8
286
295
299
305
r
236
226
236
242
r
r
204
203
210
223
115.1
92
114
114.6 111.0
92
89
112
108
110.2
199.1
164
174
192.2
158
168
198.
163
175
200.8
164
181
193.3
156
179
206.0
169
183
197.7
162
176
109.1
105
109.8
106
110.4 108.6
105
107
108.8
159.8
154
158.1
154
168.
165
181.1
174
178.6
172
185.5
179
183.2
177
125.2
117
124
109
137
122.5
127
102 %
91
129
122.1
127
101
90
128
121.8 119.8
128
128
96
100
85
88
128
129
119.1
169.6
152
168
154
173
168.4
147
169
152
173
178.
164
167
155
184
189.6
185
146
138
190
184.4
182
145
135
179
192.3
193
148
137
190
188.5
194
140
128
187
111.2
128
82
120
78
115
103
90
111.5
128
83
119
78
116
105
91
107.8
123
80
113
74
110
103
91
106.5
122
79
111
73
108
100
87
105.2
121
79
108
72
106
99
103.6
119
78
107
71
102
97
83
103.8
166.3
202
127
198
99
167
138
126
166.8
208
127
196
93
159
143
131
173.0
211
131
198
103
177
153
138
178.7
211
135
207
108
184
r
157
144
173.0
207
131
198
102
174
153
r
139
173.2
204
134
198
r
107
177
154
r
135
172.0
205
132
195
105
172
152
131
Apparel and Other Finished Textiles
Men's clothing, n.e.c
Shirts, collars, and nightwear
Women's clothing, n.e.c
Millinery
,
115.0
113
94
92
92
114.5
111
94
93
86
108.0
106
86
88
70
105.6
104
84
84
76
105.7 104.1
103
101
82
80
86
85
80
82
104.5
151.4
146
137
120
115
147.4
143
130
116
121
157.0
148
142
127
103
161.7
159
138
131
155.8
151
131
125
98
164.1
154
130
138
122
163.4
154
128
136
114
Leather and Leather Products.
Leather
Boots and shoes
102.8
102
92
103.0
102
91
96.0
98
8S
95.0
96
85
147.8
138
135
143.1
135
131
Food and Kindred Products
Slaughtering and meat packing
Flour
Baking
Sugar, beet
Conf ec tionery
Bev erages, nonalcoholic
M a l t liquors
<
Canning and preserving
141.6
147
104
114
95
122
121
123
240
128.6
145
105
115
239
130
117
120
142
111.5
132
113
109
46
105
134
130
188.2
202
184
153
74
155
182
193
r
322
185.1
191
180
155
100
165
172
187
303
Tobacco Manufactures
Cigarettes
Cigars
105.2
123
99
106.4
126
95.7
118
85
95.1
121
82
r
151.1
187
129
155.0
182
140
Paper and Allied Products..
Paper and pulp
Paper goods, n.e.c
Paper boxes
111.9
110
118
104
113.1
110
120
107
119.0
109
130
122
118.9
109
129
123
181.9
175
183
180
176.6
168
178
178
Transportation
Equipment,
except
Autos..
1,104.0 1,156.5 1,441.6
1,452.61,451.7 1,453.0,471.0
l
1,920., 2,053.3 \,116.
Automobiles
Nonferrous Metals and Products
Primary smelting and refining
Clocks and watches
Lighting equipment
138.2
142.3
167.9
172.6
170.3
139
128
103
171.2
143
127
104
180.9
167
124
116
180.6
169
122
r
119
Lumber and Timber Basic Products
Sawmills
Planing and plywood mills
129.9
105
123
127.2
103
121
114.8
92
113
Furniture
112.0
107
112.3
108
Stone, Clay, and Glass Products
Glass
%
Cement....
Brick, tile, and terra c o t t a . . . .
Pottery and related products.
125..
119
127
111
134
Textile-Mill and Fiber Products
Cotton goods except small wares
Silk and rayoh goods
Woolen and worsted manufactures...
Hosiery
Knitted underwear
Dyeing and finishing textiles
Carpets and rugs, wool
and Lumber Products
Furniture
r
119.3
134
114
110
48
104
142
134
r
120
177
180.9
168
r
125
r
120
2,768.0
r
93.6
92
84
90.8
89
82
89.6
146.3
137
135
145.6
138
135
149.2
146
135
150.8
149
134
145.9
142
131
129.9
135
115
109
51
106
144
135
184
129.2
132
117
109
74
108
139
133
185
122.8
161.6
173
134
139
93
144
144
158
266
173.2
173
138
141
119
155
138
153
373
164 A
177
150
144
294
178
133
144
226
167.4
201
171
152
66
159
166
182
r
137
H75.9
r
204
170
153
68
149
178
190
r
201
r
94.8 94.7
125
125
79
79
95.1
144.3
171
130
144.1
167
132
153.7
172
145
149.3
159
148
153.5
182
138
117.8
147.1
150
142
130
147.0
149
143
132
158.9
159
157
147
180.9
173
187
180
176.3
169
181
174
r
r
118.1
109
127
122
117.2
108
125
121
r
r
r
Revised.
NOTE.—Figures for October 1943 are preliminary. Indexes for major groups and totals have been adjusted to final d a t a for 1941 and preliminary
d a t a for the second quarter of 1942 made available by t h e 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.
n86
FEDERAL
RESERVE
BULLETIN
FACTORY EMPLOYMENT A N D PAY ROLLS, BY
INDUSTRIES-Continued
(Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics 1939 = 100]
Factory pay rolls
Factory employment
Industry and group
1942
Sept.
Printing and Publishing
Newspaper periodicals
Book and job
1943
June
Oct.
July
100.9 101.8
96
98
103
102
97
98
Sept.
July
119.0
113
111
118.9 156.4
140
166
160.5
144
173
160.8 187.5
175
146
180
163
190.3
180
175
160.3
165
150
141
161.2
169
144
141
164., 184.4
173
192
175
189.9
179
206
177
201.9
190
209
191
264.0
257
260
241
256.1
253
247
228
166.4
178
165..
178
167.0 217.3
195
121
227.4 236.3 298.2 291.4
264
209
200
271
133
120
114
143
119.3 118.5
111
108
116
123
119.1
113
113
Rubber Products
Rubber tires and inner tubes
Rubber boots and shoes
Rubber goods, other
135.3
131
138
125
139.9
137
136
129
156.4
157
150
141
158.9
162
149
141
Miscellaneous Industries
Photographic apparatus
Games, toys, and dolls
147.6
141
80
150.7 166.3
145
172
76
84
166.4
177
85
r
r
Aug.
127.0
112
133
116.3 126.4
112
109
131
119
119.7
113
112
120.8
110
125
100.7
95
102
111.2
108
110
June
257.0 255.4 255.9 326.4
107
129
105
170
165
169
109
143
109
169
222
171
87
92
134
100
149
105
Products of Petroleum and Coal
Petroleum refining
Coke and byproducts
102.5 110.2
106
111
Oct.
258.6
107
170
109
168
79
95
r
233.4
103
142
107
159
154
103
Revised.
Aug.
102.9
94
106
225.1
103
139
107
159
127
103
r
Oct.
103.'
94
107
Chemical and Allied Products
P a i n t s , varnishes, and colors
Drugs, medicines, and insecticides
Rayon and allied products
Chemicals, n.e.c
Cottonseed oil
Fertilizers
257.7
106
167
109
166
83
102
1943
1942
Aug. Sept.
338.5 351.4 432.5 "435.7
161
158
129
131
234
232
173
184
169
146
145
167
222
274
277
231
142
133
179
246
189
165
164, 195
Sept.
128.8
113
135
128.9
115
133
435.8
160
239
168
281
150
198
438.4
156
241
170
286
249
214
197.1
185
185
195.0
182
187
258.4
254
25O
232
273.4
277
247
238
294.5
269
l45
297.1
271
142
r
r
r
r
FACTORY EMPLOYMENT
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors, 1939 =
Group and year
Total
.1941
1942
1943
..1941
1942
1943
.1941
1942
1943
Durable....
Nondurable....
100]
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
118.8
141.6
165.8
133.7
170.1
218.6
107.1
119.1
124.1
120.9
143.2
167.4
137.2
172.9
222.1
108.1
119.8
124.3
122.9
144.8
168.1
140.0
176.2
224.7
109.5
120.0
123.5
126.3
147.0
168.4
144.8
180.0
225.8
111.7
121.0
123.2
129.8
148.7
167.9
149.5
184.1
225.9
114.2
120.8
122.2
133.3
150.8
169.0
154.6
188.7
228.3
116.5
121.0
122.3
136.6
153.2
169.7
159.7
193.6
229.4
118.5
121.4
122.6
137.8
155.8
169.7
162.1
198.7
230.0
118.6
122.1
122.2
138.8
157.4
168.4
164.0
202.1
230.3
118.9
122.2
119.6
139.5
159.6
^170.1
165.7
206.5
^232.1
118.9
122.6
139.9
161.5
140.6
164.2
166.4
210.2
168.2
215.5
119.0
123.2
118.9
123.7
ni\ ?,
p
Preliminary
NOTE.—Revised indexes based on new Bureau of Labor Statistics data released in February 1943.
For back figures see p . 14 of January 1943 B U L -
LETIN.
HOURS AND EARNINGS OF WAGE EARNERS I N MANUFACTURING INDUSTRIES
[Compiled by the Bureau of Labor Statistics]
Average hourly earnings (cents per hour)
Average hours worked per week
Industry and group
Aug.
All Manufacturing
43.0
Durable Goods
45.3
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
Sept.
42.4
May
June
July
1943
1942
1943
Aug.
r
Sept.
Aug.
Sept.
May
June
July
Aug.
95.3
95.9
96.3
96.5
106.0
45.2 45.1
44.4
45.1
44.7
87.0
89.2
46.9
46.0
46.8
46.5
96.9
99.7
105.0
105.4
106.0
43.7
46.4
49.4
43.0
46.0
48.0
46.4
47.3
49.7
46.4
47.0
49.4
45.5
46.2
48.1
46.7
46.9
48.8
46.1
46.7
48.9
95.1
91.2
97.7
98.0
94.9
99.4
102.6
96.5
105.6
103.1
97.0
105.9
103.5
r
97.O
r
106.3
47.3
45.1
44.8
41.8
41.4
40.1
46.7
44.1
44.1
41.0
41.0
39.3
47.5
46.3
47.1
43.8
44.6
42.9
47.1
46.2
46.9
44.4
44.6
43.1
46.8
46.0
46.1
r
42.7
43.6
41.8
47.0
47.1
46.6
r
45.2
44.6
43.5
47.3
45.9
46.8
43.5
44.6
42.3
112.4
116.9
93.3
67.7
66.1
78.6
116.1
118.5
95.6
68.2
67.5
79.9
118.5
123.1
101.4
73.7
73.4
84.3
118.9
123.6
101.1
74.1
74.1
84.4
r
40.2
39.7
42.8
42.7
T
r
42.5
42.2
73.0
74.3
79.6
80.3
41.5
38.1
39.8
44.9
41.0
45.7
40.1
45.6
44.9
46.0
46.5
r
40.9
r
37.1
r
39.1
r
r
37.8
r
41.3
41.0
37.4
39.2
43.3
41.4
44.5
40.4
45.7
45.2
44.8
45.6
61.6
63.4
68.3
71.8
59.3
75.7
94.9
87.6
105.4
93.3
78.7
63.4
64.5
70.2
71.5
59.7
76.7
96.0
88.1
108.8
94.5
81.8
66.4
69.3
74.7
79.7
62.9
79.4
99.8
90.9
112.2
100.5
88.2
66 A
69.9
74.9
80.2
64.5
79.8
100.6
92.2
112.8
102.4
88.1
40.3
36.2
38.4
41.3
39.5
41.2
38.0
43.1
39.5
42.3
43.7
39.4
34.9
36.7
41.8
38.6
40.8
38.2
42.7
39.5
41.6
43.6
41.9
38.4
40.1
44.6
40.2
45.6
39.9
45.7
44.5
45.4
46.4
42.2
44.3
42.1
44.6
40.2
45.3
44.9
44.1
45.6
40.0
43.6
41.1
45.6
40.7
45.7
46.1
r
44.2
45.8
r
Sept.
103.7
r
97.4
106.4
106.4
99.4
109.5
119.9
121.9
lr0 l . 7
74.6
75.0
85.3
125.2
126.5
104.5
76.8
77.0
87.3
81.1
82.3.
66.5
72.7
75.0
r
79.9
80.4
65.1
65.8
79.7
80.4
99.7 100.2
r
93.0 r 92.8
113.9 r 113.8
101.9 101.5
88.1
88.6
67.S
74.2:
76.2.
79.9
67.1
81.1
103.5
93.9
115.5
105.7
90.7
119.4
124.3
101.5
73.8
74.5
84.9
r
r
r
r
80.6
66 A
r
70.5
r
74.4
r
r
r
Revised.
NOTE.—Revised data based on the classification of the 1939 Census of Manufactures.
Back figures are available from the Bureau of Labor Statistics.
(Table of "Estimated Employment in Nonagricultural Establishments by Industry Division" appears on p. 1195.)
DECEMBER 1943
1187
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]
1942
August
September .•
October
November
December
316.8
433.6
610.8
498.7
673.5
1,190.3
943.8
721.0
723.2
780.4
654.2
708.7
Year
8,255.1
January
February
March
April
May
June
July
Nonresidential building
Residential
building
Total
Month
1943
1942
350.7
393.5
339.7
303.4
234.4
229.6
183 7
413.8
175.1
213.5
102.8
168.0
219.3
162.1
148.0
185.5
127.4
100.6
126.7
161.2
156.7
159.7
1943
1943
110.8
93.3
71.8
79.4
63.3
61.5
71 8
67.5
54.1
69.7
75.4
84.5
112.7
145.1
178.0
271.8
303.5
261.1
377.8
240.3
106.7
70.6
73.1
87.7
63.8
40.7
24.2
53.7
31.9
234.8
31.1
34.5
2,227.5
1,817.7
CONSTRUCTION CONTRACTS AWARDED, BY O W N E R S H I P
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in millions of dollars]
Total
Commercial
Factories
1942
1942
17.7
21.8
36.8
30.9
23.8
46.2
34.7
21.3
6.1
18.9
14.1
30.0
Other
Educational
1943
1942
1943
1942
1943
1942
1943
7.2
22.7
25.2
6.6
9.3
6.9
5.3
7.4
5.1
11.2
9.1
9.2
10.7
12.4
10.1
15.4
26.6
17.1
6.2
10.6
11.6
8.9
5.6
4.2
4.5
5.9
5.3
7.9
4.8
21.0
54.2
71.6
46.5
86.0
234.9
124.3
107.7
76.8
103.3
124.1
168.6
68.2
72.7
51.5
43.0
36.5
26.3
19.9
26.4
29.0
28.9
90.9
95.9
159.7
101.7
227.7
436.4
327.3
213.2
129.6
246.2
241.0
271.0
85.8
113.0
123.0
127.7
95.8
73.3
50.0
73.4
50.1
63.5
4.2
5.85.7
147.9
302.2
2,540.6
1,219.1
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]
Private ownership
Public ownership
Public works
and p ublic
utili ties
1943
1942
Federal Reserve district
Month
1941
January
February
March
April . . . .
Mav
June
July
August
September
October
November....
December
1942
1943
305
317
270
434
480
611
407
499
549
674
539 1,190
577
944
760
721
623
723
606
780
459
654
432
709
351
394
340
303
234
230
184
414
175
6,007 8,255
Year
1942
1943
1941
1942
1943
124
198
105
310
269
473
184
355
267
569
314 1,105
348
876
520
633
403
661
371
710
298
592
288
664
316
364
304
253
192
183
122
351
120
181
166
211
223
281
225
229
240
220
235
161
144
119
123
138
144
105
85
68
88
62
71
62
45
35
30
36
50
42
46
61
62
56
1941
October
Boston
New York
Philadelphia....
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis....
Kansas C i t y . . . .
Dallas
Total (11 districts)
September
October
11,473
30,091
15,179
19,271
37,243
20,620
31,650
8,588
2,376
13,290
23,748
14,884
18,558
9,781
18,542
32,593
15,758
30,539
10,976
2,970
10,168
10,346
13,720
33,660
31,703
61,631
81,821
145,203
101,075
43,506
14,396
121,395
132,286
213,529-
175,115
780,396
2,515 1,109
3,492 7,146
NOTE.—Data for most recent month preliminary.
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollars]
Title I Loans
Total
Property
improvement
320
557
495
694
954
1,026
1,186
1,137
224
246
60
160
208
251
262
141
1942—Oct
Nov
Dec
99
92
97
11
10
9
1943—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
80
64
73
59
72
78
84
90
88
85
7
5
6
7
7
8
7
10
12
8
Year or month
1935
1936
1937
1938
1939
1940
1941
1942
.
. .
..
Small
home
construction
Mortgages on
1- to 4family
houses
(Title
II)
Rental
War
and
group housing
housing (Title
VI)
(Title
II)
25
26
21
1=
94
309
424
473
669
736
877
691
2
2
11
48
51
13
13
6
13
284
1
1
\
44
39
39
*
42
43
49
n
31
20
19
16
18
19
21
20
20
20
*
42
39
47
37
47
51
56
60
55
57
* 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.
n88
INSURED FHA HOME MORTGAGES (TITLE II) HELD IN
PORTFOLIO, BY CLASS OF INSTITUTION
[In millions of dollars]
End of month
Total
SavCom- Muings Insur- Fedtual
ance
mereral
and
savcom- agen- Other2
cial
loan
8
ing.
banks banks associ- panies cies*
ations
1936—Dec..
1937—Dec..
1938—Dec..
771
1,199
228
430
634
27
38
56
110
149
41
118
212
5
32
77
27
53
90
1939—June.
Dec.
1,478
1,793
759
902
50
71
167
192
271
342
137
153
94
133
1940—Mar.
June.
Sept.
Dec.
1,949
2,075
2,232
2,409
971
1,026
1,093
1,162
90
100
111
130
201
208
216
224
392
432
480
542
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.
3,700
1,700
252
284
1,071
235
158
365
1
The RFC Mortgage Company, the Federal National Mortgage A«ssociation, the Federal Deposit Insurance Corporation, and the United States
Housing
Corporation.
2
Including mortgage companies, finance companies, industrial banks,
endowed institutions, private and State benefit funds, etc.
NOTE.—Figures represent gross amount of mortgages held, excluding
terminated mortgages and cases in transit to or being audited at the Federal Housing Administration.
FEDERAL RESERVE BULLETIN
MERCHANDISE EXPORTS AND I M P O R T S
[In millions of dollars]
Merchandise imports2
Merchandise exports1
Excess of exports
Month
1939
1940
1941
1942
213
219
268
370
347
351
325
303
357
184
480
628
231
249
236
323
324
350
387
385
330
717
536
648
230
250
317
351
365
460
650
703
289
295
425
732
332
344
666
801
292
328
492
787
368
322
653
873
January-September 2,185
3,027
3,336
5,575
January
February
March
April
May
June
Tulv
August
September
...
....
October
December
1939
1940
1941
1942
1943
1939
1940
1941
1942
1943
178
158
190
242
200
217
229
234
268
254
254
272
**228
2*249
35
61
77
128
147
134
96
69
89
228
226
355
2>502
P992
l,085
2*1,003
186
202
179
212
211
211
287
297
280
235
191
215
2>255
2>281
2*295
45
47
57
111
112
138
100
88
50
482
345
433
2*725
2*803
2*708
169
176
232
221
278
282
213
186
P m
61
74
84
130
87
178
437
517
182
195
262
196
107
101
162
536
p950
2>89O
2*953
215
207
304
200
117
137
362
602
235
224
281
168
57
104
211
619
247
253
344
359
121
69
309
514
1,621
1,942
2,417
2,015
564
1,086
919
3,559
1943
^730
p
p
l,251
PI,205
2*1,233
**9,197
2>315
2>280
2*2,438
P742
2*6,759
p
Preliminary'
Including both domestic and foreign merchandise,
.
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.
1
2
REVENUES, EXPENSES, A N D INCOME OF CLASS I
RAILROADS
[In millions of dollars!
FREIGHT CARLOADINGS, BY GLASSES
[Index numbers; 1935-39 average=100]
For-
Total
Annual
1939
1940
1941
1942
Live- est Ore
stock prod-
Coal Coke
Total
railway
operating
revenues
Mis- Mercel- chanlane- dise
ous l.c.l.
101
109
130
138
111
123
135
102
137
168
181
107
101
112
121
96
96
91
104
100
114
139
155
110
147
183
206
101
110
136
146
1942—August
September
October...
November.
December.
140
140
140
136
135
136
142
138
139
132
182
186
184
186
184
119
124
139
126
139
106
102
110
114
117
165
154
149
140
137
206
203
190
190
189
150
150
150
145
144
1943—January...
February..
March
April
May
June
July
August...
September.
October...
135
139
138
136
135
127
141
140
140
137
135
145
144
133
132
100
146
145
152
140
184
178
187
186
181
166
184
191
195
195
138
145
142
140
140
137
143
147
137
167
102
113
117
118
112
113
113
117
114
U9
130
135
133
138
138
140
150
148
139
137
202
193
193
163
163
192
202
208
209
196
144
146
145
145
143
142
146
145
143
140
1942—August....
September
October...
November.
December.
144
152
150
140
126
136
142
138
139
132
175
184
180
186
193
129
139
139
123
130
101
135
169
144
113
173
167
158
138
122
304
260
206
59
152
162
163
150
135
1943—January...
February..
March
April
May
June
July
August
September.
October...
124
130
130
132
137
132
146
145
151
147
135
145
144
133
132
100
146
145
152
140
193
189
189
183
179
162
178
183
193
191
138
142
131
124
123
140
172
158
153
167
98
90
92
105
101
86
97
111
151
183
117
129
133
138
143
145
150
156
150
144
50
48
56
106
269
297
323
312
314
274
132
137
138
143
145
146
147
147
154
153
97
96
100
69
SEASONALLY
ADJUSTED
Annual
1939..
1940..
1941..
1942.,
3,995
4,297
5,347
7,466
Net
railway
operating
income
Net
income
3,406
3,614
4,348
5,985
589
682
998
1,481
93
189
500
959
539
534
533
563
554
130
128
128
159
155
SS
82
81
121
110
577
591
616
623
624
629
653
663
655
134
153
124
144
159
120
108
115
82
92
111
82
101
118
78
68
75
V
548
543
561
541
532
136
155
185
149
171
105
136
111
137
566
557
627
622
631
638
671
676
666
105
106
130
127
128
110
121
125
110
63
62
85
83
86
71
82
84
Total
railway
expenses
SEASONALLY
ADJUSTED
57
55 1942—August
September..
56
October.. ..
58
November..
59
December...
57
1943—January.
61
February...
61
March
62
April
62
May
63
June
64
July
63
August
63
September..
64
UNADJUSTED
57
669
663
661
722
708
710
744
740
767
783
749
761
779
738
r
UNADJUSTED
57 1942—August
September.
58
October....
59
November..
56
December .
55
58 1943—January
February...
62
March
63
April
62
May
63
June
63
July
64
August
66
September..
66
684
698
746
690
703
671
664
756
749
759
747
791
800
777
r
r
p
Revised.
Preliminary.
NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for
June 1941. Based on daily average loadings. Basic data compiled by Associa- NOTE.—Descriptive material and back figures may be obtained!
tion of American Railroads. Total index compiled by combining indexes for classes from the Division of Research and Statistics. Basic data compiled
with weights derived from revenue data of the Interstate Commerce Commission. by the Interstate Commerce Commission.
DECEMBER
1943
1189
DEPARTMENT STORE STATISTICS
[Based on value figures]
MONTHLY INDEXES OF SALES AND STOCKS
WEEKLY INDEX OF SALES
[Daily average sales; .end-of-month stocks. 1923-25 average = 100]
[Weeks ending on dates shown. 1935-39 average =» 100]
Unadjusted
Seasonally adjusted
1940
1941
1942
1943
1940
1941
1942
Without seasonal adjustment
1943
May
SALES
January
,
February . . . .
March.
April
May
June
July
August
September...
October
November....
December
101
103
103
104
105
104
115
134
116
105
116
111
92
90
89
89
89
91
92
98
97
94
100
101
138
126
124
117
108
104
121
130
123
128
138
125
143
168
136
128
125
129
142
142
132
140
Year.
71
71
86
86
89
87
64
77
105
101
114
179
79
82
93
106
105
100
79
106
125
112
133
197
108
99
118
115
108
100
83
103
133
137
157
222
94
110
124
64
69
75
76
75
73
74
84
95
108
110
87
85
97
111
123
130
130
128
132
130
128
122
95
82
118
111
132
121
133
125
124
98
112
143
150
June
July
Aug.
STOCKS
January
February
March
April
May
June
July
August
September
October
November
December
95
102
109
118
127
136
142
138
125
r
114
105
101
102
93
91
87
90
98
110
114
110
Year.
69
92
89
93
90
92
93
99
110
114
?116
Sept.
Oct.
Nov.
Dec.
r
p
Revised.
Preliminary.
Back figures.—Sales, see BULLETIN for August 1936, p. 631, and subsequent issues. Stocks, see BULLETIN for March 1938, p. 232, and subsequent
issues.
1941
1940
4 . . . . ..108
1 1 . . . . ..114
99
18
97
25
1!.'.'.' . . 90
120
8....
15..!. . !l07
22.... . . 92
2 9 . . . . . . 89
6 . . . . . . 67
1 3 . . . . . . 78
2 0 . . . . . . 72
2 7 . . . . . . 69
3 . . . . . . 81
1 0 . . . . . 79
1 7 . . . . . . 81
2 4 . . . . . . 92
3 1 . . . .118
7.... .109
1 4 . . . . ..123
2 1 . . . . ..117
28.... .120
5 . . . . ..125
12.... . 1 1 5
19... .123
26.... .121
2 . . . . ..117
9 . . . . .122
16.... .130
2 3 . . . . .116
3 0 . . . . ..147
7 . . . . .197
1 4 . . . . ..232
2 1 . . . . ..258
28..
.124
1942
.124
.128
.110
117
.109
.127
June 7
u!.::. .120
21
.107
28
. 109
. 86
July 5
12
. 93
19
. 89
26
. 87
Aug. 2 : . . . . .102
9
.116
16
.113
23
.119
.152
30
.122
Sept. 6
13
.133
.131
20
.148
27
Oct. 4
.169
.130
11
18
.131
.130
25
.138
Nov. 1
.139
8
.148
15
.128
22
.169
29
.215
Dec. 6
13
.236
20
.277
.174
27. .
May
3
10
17
24
31
May
2
9
16
23
30
.134
.136
.115
.114
95
135
June 6
13
.117
20
.116
27
.100
. 84
July 4
11
.102
18
. 93
25
92
. 96
Aug. 1
.110
8
1 5 . . ' . . . .113
22
.116
2 9 . . . . .132
Sept. 5 . . . . .153
12
.129
19
.137
26
.155
.173
Oct. 3
10
.159
17
.152
24
.153
.158
31
.166
Nov. 7
14. .
.167
.166
21
.166
28
Dec. 5
.236
12
.274
19
.303
26.
.199
May
June
1943
1 . . . . .127
8 . . . . .152
1 5 . . . . .133
22..
137
29..!! .136
5
.137
12..!. .151
19.... .148
26.... .118
July 3 . . . . .116
10.... .101
1 7 . . . .111
24.... .109
3 1 . . . . .107
Aug. 7 . . . . .117
Sept.
Oct.
Nov.
Dec.
1 4 . . . . .118
2 1 . . . . .132
2 8 . . . . .133
4 . . . . .154
1 1 . . . . .142
1 8 . . . . .161
2 5 . . . . .158
2 . . . . r 161
9 . . . . .173
1 6 . . . . .171
2 3 . . . .171
3 0 . . . .174
5 . . . . .183
1 3 . . . . .191
2 0 . . . . .201
27....
4. . . .
11. . . .
18. . . .
25. . ..
Backfigures.—SeeBULLETIN for April 1941, p. 311, and subsequent issues.
SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
[Percentage change from corresponding period of preceding year]
Oct. Sept. |Ten
1943 1943 mos.
Oct. Sept. Ten
mos.
1943 1943
1943
United States..
Boston
New Haven
Portland
Boston
Springfield
Providence
NewYork
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
+5
-3
+1
0
0
-4
—4
+/
-14
-4
-9
-1
-6
-1
-5
+5
+6 +18 +15
+12 +10
-3
-4
+12 +16 +28
+7
+6
+2
+4 +18 +7
-2
-^6
+2
-8
+2
+10 +7
+10 +11
+4
1943
+8 +13
0 +6 Cleveland—Cont.
+4 +1 Youngstown
Erie
+ 8 +24
0 +6
Pittsburgh
—2 +6
Wheeling
+5
-1
Richmond
+5 +6 Washington
Q
+4
+13 '+15
+9 r+13
+3 +3
+8 '+12
+11 r+14
+5 +12
+5
+2
+3
+7
-12
+6
+ 6 +15
+16 +24
+5 +11
+6
+3
+10
+12
+6
+17
+10
+6
+9
+11
+9
+9
+15
+11
+5
+26
+14
Oct.
1943
Baltimore
Winston-Salem...
Charleston, S. C.
Greenville, S. C .
Lynchburg
Norfolk
Richmond
Charleston.W.Va.
Clarksburg
Huntington
Atlanta
Birmingham
Montgomery
Jacksonville
Miami
Tampa
Atlanta
Macon
Baton Rouge
New Orleans
Jackson
Chattanooga....
Knoxville
Nashville
Chicago
Chicago
+6
+6 +13
Chicago—Cont.
Peoria
Fort Wayne
Indianapolis
Des Moines
Sioux City
Detroit
Flint
Grand Rapids...
Lansing
Milwaukee
+4 +12 +11
+3 +8 +4
+21 +18 +13
0 +12 +12
9
+9 +6
- 6 +10 +11
+9 +27 +22
+9 +19 +28
+14 +37 +37
+17 +27 +23 St. Louis
0 +5 +13
Fort Smith
+13 +20 +22
Little Rock
+2 +9 +11
Quincy
+5 +11 +9
Evansville
+6 +6 +12
Louisville
St. Louis
+24 +35 +50
Springfield
+9 +24 +18
Memphis
+31 +30 +29
+23 +31 +42
+27 +34 +26 Minneapolis
+29 +37 +42
City
+24 +27 +34 Kansas
Denver
+21 +28 +39
Hutchinson
+18 + 18 +34
Topeka.
+28 +29 +24 Wichita
+16 +22 +25
Joplin
+18 +33 +23
Kansas City
+42 +45 +28
St. Joseph
+29 +43 +36
Omaha
+1 +2 +9 Oklahoma City,
+2 +9 +8 Tulsa
+9
-1
+11
+10
+13
+17
-4
+1
+4
+10
+12
+6
+5
+2
+1
+14
+10
+4
+12
+8
+14
+7
+15
+9
+6
+19
+17
+34
+23
Sept. T e n
1943
+7
0
+20
+7
+26
-16
1943
Dallas
Shreveport
Dallas
Fort Worth
+18 Houston
+28 San Antonio
+8
+5
+23
+4
+12 **+20 San Francisco
+11
+16 Phoenix
r
-5
+ 3 Tucson ..
+2 +10 Bakersfield
Fresno
+14 +14 Long Beach
+38 +29 Los Angeles
+17 +28 Oakland and
+14 +15
Berkeley
+15 +33 Sacramento
+6 +14 San Diego
+10
+7 San Francisco....
+40 +27 San Jose
+27 +27 Santa Rosa
Stockton
+11 +14
Vallejo and Napa
Boise and
+13 +26
Nampa
+4 +22 Portland
+28
SaltLake City..
+11
+26 +31 Bellingham
+23 +32 Everett
+9 +10 Seattle
+11 +21 Spokane
+19 +29 Tacoma
+6 +24 Yakima
+39 +49
+20 +27
Oct. Sept.
1943 1943
+28
+19
+38
+39
+26
+21
+31
+19
+41
+33
+30
+25
+11
+5
+20
+30
+30
+18
+21
+19
+41
+23
+26
+10
+13
+3
+8
+3
+1
+6
+2
4-5
r
+7
+7
+6 +13
+5 +13
+17 +23
+28 +31
+21 +21
Ten
mos.
1943
+38
+17
+46
+43
+33
+35
+21
+27
+46
+36
+28
+24
+21
+17
+16
+16
+21
+19
+21
+33
+40
+37
'•+22
+3 +15 +30
+13
+5
+2 +7 + 14
+1 •*+19
*
+1 r 7 +23
+8 —8 +12
+18 +14
+23
r
Revised.
* Data notyet available.
** Nine months 1943.
[I9O
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS, BY MAJOR DEPARTMENTS
Number
of stores
reporting
Department
Sales during month (value)
Stocks at end of month (value)
Ratio of stocks
to sales
Percentage cha]ige
Percentage change
September
Sept. 1943 Sept. 1943 Sept. 1942 Sept. 1943 Sept. 1943 Sept. 1942
from
from
from
from
from
from
Sept. 1942 Aug. 1943 Aug. 1942 Sept. 1942 Aug. 1943 Aug. 1942
1943
1942
353
+10
+24
+24
-11
+4
-1
3.0
3.7
353
+12
+24
+23
-12
-1
3.1
3.9
351
328
335
+17
+23
+17
+28
+41
+27
+29
+25
+47
+11
+54
+47
+4
+4
+1
+12
-2
-6
2.4
2.5
1.4
2.6
2.0
1.2
312
299
303
284
321
330
345
325
240
260
+27
+27
+29
+27
+20
+38
+31
+25
+46
+53
+36
+24
+12
+11
+16
+30
+128
+55
+14
+23
+16
+145
+46
-10
-33
-10
-24
-13
-30
+42
2.1
1.9
1.6
2.9
3.1
2.6
3.0
4.2
3.2
4.2
1.8
1.8
2.4
2.3
4.2
4.3
3.0
6.4
3.6
3.6
Men's and boys* wear
Men's clothing
Men's furnishings, hats, caps
Boys' clothing and furnishings
Men's and boys' shoes and slippers
321
230
303
279
171
+6
+50
+54
+36
+69
+48
+43
+39
+28
+85
+41
-21
-24
-20
-18
-16
+11
ii
+3
-4
-1
4.5
5.4
5.0
2.6
6.3
6.0
7.2
6.7
3.7
6.3
Home furnishings
315
230
237
291
+9
-33
-26
-45
-26
+2
-4
-4
-4
0
3.7
3.4
3.2
3.3
5.3
4.2
6.8
5.4
-10
-3
-1
-5
3.4
3.0
5.8
4.2
4.2
5.0
8.0
4.9
-2
-2
+5
+8
+7
+5
+3
+9
+4
+5
+4
+1
+2
+2
+2
2.8
2.4
4.0
3.9
3.9
3.9
3.7
4.4
4.6
4.0
4.4
3.9
5.4
2.9
2.4
4.2
3.0
3.1
5.0
3.0
2.2
4.6
4.2
3.7
3.4
GRAND TOTAL—entire store.
MAIN STORE—total
Women's apparel and accessories
Women's and misses* coats and suits
Women's and misses' dresses
Blouses, skirts, sportswear, sweaters,
apparel
Juniors' and girls' wear
Infants' wear
Aprons, housedresses, uniforms
Women's underwear, slips, negligees
Corsets, brassieres
Hosiery (women's and children's)
Gloves (women's and children's)
Shoes (women's and children's)
Furs
knit
Furniture, beds, mattresses, springs
Domestic floor coverings
Draperies, curtains, upholstery
Major appliances (refrigerators, washers, stoves,
etc.)
Domestics, blankets, linens, etc
China and glassware
Housewares
+5
-10
+17
0
+23
0
+7
+17
-15
-12
-19
-1
-2
-10
+11
-4
-13
+17
+20
+20
+32
+16
+34
-16
+32
188
287
220
220
-67
-18
+12
+15
+6
+7
+14
+14
+2
+18
+25
-72
-31
-23
-31
287
122
+32
+37
+19
-12
+26
-7
-8
-15
332
222
316
275
+17
+9
+15
+13
+21
+20
+14
+17
+25
+30
+21
+25
+6
Miscellaneous
298
+12
+17
+14
-19
BASEMENT STORE-total
215
202
165
123
53
134
-3
+24
+23
+40
+19
+28
+26
+47
+20
+18
+38
-6
Piece goods (dress and coat yard goods, all
materials)
Cotton wash goods
Small wares
Notions
Toilet articles, drug sundries, prescriptions
Jewelry and silverware
Women's apparel and accessories......
Men's and boys' clothing and furnishings...
Home furnishings
Piece goods
Shoes
-20
+3
-2
+21
-36
+8
+32
-1
-4
2
+14
-17
-30
0
-5
+16
+3
-11
-3
-6
+16
+13
+4
-1
-3
-1
+2
+8
-1
+3
+7
+6
0
+5
0
-7
-2
-4
+1
+1
+2
0
-2
-7
+5
-5
0
-1
+2
+1
+3
-2
-2
-2
-3
-6
-3
5.0
NOTE.—Group totals include sales in departments not shown separately. Figures for basement store are not strictly comparable with those for main
store owing chiefly to inclusion in basement of fewer departments and somewhat different types of merchandise. The ratio of stocks to sales is obtained
by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month
in terms of sales for that month.
SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS
Percentage of total sales
Index numbers, without seasonal adjustment, 1941 average = 100
Total
1942—-August
September
October
November
December
1943—January
February
March
April
May
June
July
August
September
October
Accounts receivable
at end of month
Sales during month
Year and month
121
137
135
r
100
116
120
129
117
122
97
109
133
149
Cash
118
141
164
162
263
r
123
140
147
161
146
152
127
140
169
189
Instalment
74
78
93
89
112
r
63
70
67
76
61
57
54
64
70
85
Charge
account
Instalment
82
106
115
114
166
66
63
62
62
64
82
99
100
104
97
101
73
83
105
116
58
55
51
49
45
42
39
38
38
40
r
Collections during
month
Cash
sales
Instalment
Chargeaccount
sales
Charge
account
Instalment
Charge
account
64
76
82
84
109
92
90
99
96
103
80
83
106
113
116
58
56
57
58
61
36
38
37
36
34
83
78
77
78
75
76
64
63
74
81
96
89
91
85
79
72
70
67
67
75
142
109
105
106
105
100
103
85
84
104
59
58
59
60
60
60
62
62
61
61
36
37
36
35
36
36
33
33
34
34
r
r
Revised.
NOTE.—These data- are based on reports from a smaller group of department stores than that included in the monthly index of sales shown on the
preceding page.
DECEMBER 1943
1191
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
. ..
Total
instalment
credit
Singlepayment
loans 2
Sale credit
Loans
Automotive
Total
1
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
6,155
3,167
2,706
2,214
1,515
1,581
1,846
2,599
3,466
3,919
3,539
4,351
5,434
5,921
2,922
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
1,318
928
637
322
459
576
940
1,289
1,384
970
1,267
1,729
1,942
482
1,197
1,104
958
677
663
741
865
1,147
1,368
1,343
1,525
1,721
1,805
1,012
652
674
619
516
459
529
794
1,030
1,167
1,226
1,559
1,984
2,174
1,428
1,577
1,451
1,051
726
588
659
785
991
1,119
1,069
1,089
1,123
1,204
1,072
1,749
1,611
1,381
1,114
1,081
1,203
1,292
1,419
1,459
1,487
1,544
1,650
1,764
1,513
596
573
531
491
467
451
472
520
6,557
6,403
6,169
6,155
3,504
3,255
3,054
2,922
1,862
1,704
1,571
1,494
769
664
573
482
1,093
1,040
998
1,012
1,642
1,551
1,483
1,428
1,095
1,088
1,085
1,072
1,320
1,419
1,386
1,513
638
641
644
648
5,703
5,491
5,353
5,243
5,079
5,065
4,844
4,770
P
4,862
P4,956
2,660
2,465
2,323
2,226
2,116
2,046
1,956
1,899
p
l,868
Pi,831
1,314
1,190
1,071
1,020
955
896
838
807
P785
P775
404
351
287
260
235
208
196
190
P186
P181
910
839
784
760
720
688
642
617
P599
P
594
1,346
1,275
1,252
1,206
1,161
1,150
1,118
1,092
PI,083
Pi,056
1,058
1,038
1.031
1,029
1,027
1,014
994
996
PI,038
PI,076
1,333
1,333
1,343
1,331
1,275
1,338
1,222
1,198
PI,275
PI,366
652
655
656
657
661
667
672
677
P
681
^683
557
523
534
560
610
648
1942
Sept
Oct
Nov
Dec
1943
Jan
Feb
Mar
Apr.
May
• •• •
June
Tuly
Aug
Sept
Oct
P Preliminary.
1
Includes repair and modernization loans.
2
An estimated total of noninstalment consumer loans; i.e., single-payment loans of commercial banks and loans by pawnbrokers.
and Domi
descriptio
were made at the Board of Governors of the Federal Reserve System.
CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOTIVE
[Estimated amounts outstanding. In millions of dollars
CONSUMER INSTALMENT LOANS
[Estimated amounts outstanding.
j
End of month
or year
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
Department
Total,
stores
xcluding
and
automailmotive
order
houses
Furniture
stores
Household
appliance
stores
Jewelry
stores
All
other
retail
stores
1,197
1,104
958
677
663
741
865
1,147
1,368
1,343
1,525
1,721
1,805
1,012
160
155
138
103
119
146
186
256
314
302
377
439
469
254
583
539
454
313
299
314
336
406
469
485
536
599
619
391
265
222
185
121
119
131
171
255
307
266
273
302
313
130
56
47
45
30
29
35
40
56
68
70
93
110
120
77
133
141
136
110
97
115
132
174
210
220
246
271
284
160
1,093
1,040
998
1,012
261
253
247
254
428
408
392
391
169
154
141
130
63
61
61
77
172
164
157
160
910
839
784
760
720
688
642
617
P599
P594
228
210
196
190
178
168
155
149
P148
P151
359
338
322
319
308
301
286
279
116
103
91
81
72
64
55
48
P42
P37
64
56
51
50
48
47
45
44
P43
P44
143
132
124
120
114
108
101
97
P94
P94
1942
Sept
Oct
Nov
Dec
1943
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
nn
P268
p
Preliminary.
End of
month or
year
1929
1930
1931
1932
1933
1934
1935 .
1936
1937
1938
1939
1940
1941
1942
.
1942
Sept.
Oct
Nov
Dec.
Total
Commercial
banks 1
Small
loan
companies
In millions of dollars]
Industrial
janking Credit
unions
companies
Repair
Misceland
laneous modernlenders ization
loans
652
674
619
516
459
529
794
1,030
1,167
1 226
1,559
1,984
2,174
1,428
43
45
39
31
29
39
71
130
215
248
380
586
687
370
263
287
289
257
232
246
267
301
350
346
435
505
535
424
219
218
184
143
121
125
156
191
221
230
257
288
298
202
32
31
29
27
27
32
44
66
93
113
147
189
217
141
95
93
78
58
50
60
79
102
125
117
96
99
102
91
"'27'
177
240
163
172
244
317
335
200
L.642
L.551
1,483
1,428
460
421
393
370
452
437
428
424
236
222
211
202
160
152
145
141
94
92
91
91
240
227
215
200
1,346
1,275
1,252
.206
1,161
1,150
1,118
-1,092
Pi, 083
Pi,056
345
319
312
299
290
287
283
278
r
277
272
403
387
387
378
366
371
363
357
358
354
193
185
184
179
174
174
170
168
r
169
167
132
126
127
122
118
118
114
112
113
111
89
88
87
87
85
86
85
84
P85
P84
184
170
155
141
128
114
103
93
P81
P68
1943
Jan
Feb.
Mar
Apr.
May
June
July
Aug
Sept
Oct
r
P Preliminary.
Revised.
1
These figures for amounts outstanding include only personal instalment
cash loans and retail automotive direct loans, which are shown on the following page, and a small amount of other retail direct loans (9 million
dollars at the end of October 1943), which are not shown separately.
FEDERAL RESERVE BULLETIN
CONSUMER CREDIT STATISTICS—Continued
CONSUMER INSTALMENT LOANS MADE BY PRINCIPAL
LENDING INSTITUTIONS
[Estimates of volume made in period. ]n millions of dollars]
CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
PerOther lepair
and
sonal
retail,
modinstalpur:hased erniza- ment
tion
cash
Pur- Direct
and
hased loans direct loans loans
Automotive
retail
Month or year
Total
Outstanding at end of
period:
1939
1940
1941
1942
1,020
1,340
1,588
787
210
300
396
136
160
230
303
122
150
210
279
143
220
260
246
154
280
340
364
232
1942—-September
October
November
December
998
922
860
787
203
190
166
136
167
148
136
122
175
159
151
143
176
168
165
154
277
257
242
232
1943—January
February
March
April
May
June
July
August
September
October
726
662
619
580
551
529
515
498
r
489
479
116
101
87
111
100
95
91
89
85
82
82
r
82
82
136
121
108
100
93
84
80
74
r
70
67
144
135
125
117
111
105
103
98
95
92
219
205
204
195
189
190
190
186
185
181
77
69
65
60
58
57
57
Volume extended during
month:
1942—September
October
November
December
82
77
64
69
14
11
7
6
13
11
o
10
1943—January
February
March....
April
May
June
July
August..
September
October..
59
52
74
64
65
77
67
68
72
68
6
6
8
9
9
9
8
9
9
8
9
9
13
12
12
13
13
14
14
13
Small loan
companies
Industrial
banking
companies
Credit
unions
705
463
503
498
376
304
384
423
563
619
604
763
927
983
798
413
380
340
250
202
234
288
354
409
417
489
536
558
408
42
41
38
34
33
42
67
105
148
179
257
320
343
215
April
May
June
July
August
September
October
November
December
71
61
64
58
52
49
44
37
43
72
58
68
63
60
60
59
59
82
37
34
36
34
33
31
30
25
31
19
18
20
18
16
16
14
14
18
1943
January
February
March
April
May
June
July
August
September
October
36
35
53
41
40
50
44
45
r
47
43
45
50
86
62
58
80
62
64
70
67
25
26
38
31
29
35
30
29
32
28
11
13
22
15
14
19
15
15
r
18
16
1929
1930
1931
1932..
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1942
35
32
27
32
26
25
39
28
27
35
30
30
33
29
9
10
11
12
9
8
9
11
Commercial
banks1
Month or year
r
1
Revised.
These figures for loans made include only personal instalment cash
loans and retail automotive direct loans, which are shown elsewhere on
this page, and a small amount of other retail direct loans (one million
dollars in October 1943), which are not shown separately.
r
Revised.
NOTE.—For descriptive material and back figures, see BULLETIN for
October 1942, pp. 992-994.
RATIO OF COLLECTIONS T O ACCOUNTS RECEIVABLE*
FURNITURE STORE STATISTICS
Item
Percentage
change from
corresponding
month of
preceding year
Percentage
change from
preceding
month
Oct. Sept. Aug.
1943 1943 1943
Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account
Accounts receivable, at end of
month:
Total
Instalment
+10
+ 14
r+l
+4
+8
+15
+3
0
0
-1
-1
Collections during month:
Total
Instalment
+5
+6
Inventories, end of month, at
retail value
-2
r
r
0
-5
e
-2
Month
+8
+2
-+15
+4
+20
+3
+2
+3
0
-36
-34
-19
-22
-24
Furniture
stores
Household appliance
stores
Jewelry
stores
1942
July
August
September
October
November
December
23
24
25
29
29
31
14
16
16
18
17
18
13
13
14
15
15
15
22
25
26
30
31
45
1943
January
February
March
April
May
June
July
August
September
October
28
28
31
31
30
29
30
32
33
36
17
17
19
20
22
21
22
22
21
22
16
16
18
18
20
21
21
21
r
21
22
31
30
30
31
33
33
34
r
34
33
37
Sept. Aug.
1943 1943
?
-4
-4
Department
stores
-14 I -12
-18 I -17
r
-23
Department
stores
60
59
60
65
r
60
61
62
63
63
62
62
62
62
65
r
Revised.
1
Ratio of collections during month to accounts receivable at beginning
of month.
Revised.
DECEMBER
r
+2
+3
+5
Oct.
1943
Charge
accounts
Instalment accounts
1943
1193
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics. 1926 =100]
Other commodities
All
commodities
Farm
products
Foods
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
78.6
87.3
98.8
104.9
88.3
64.8
48.2
51.4
65.3
78.8
80.9
86.4
68.5
65.3
67.7
82.4
105.9
99.9
90.5
74.6
61.0
60.5
70.5
83.7
82.1
85.5
73.6
70.4
71.3
82.7
99.6
91.6
85.2
75.0
70.2
71.2
78.4
77.9
79.6
85.3
81.7
81.3
83.0
89.0
95.5
109.1
100.0
86.1
72.9
80.9
86.6
89.6
95.4
104.6
92.8
95.6
100.8
108.3
117.7
90.4
80.3
66.3
54.9
64.8
72.9
70.9
71.5
76.3
66.7
69.7
73.8
84.8
96.9
83.0
78.5
67.5
70.3
66.3
73.3
73.5
76.2
77.6
76.5
73.1
71.7
76.2
78.5
100.5
92.1
84.5
80.2
79.8
86.9
86.4
87.0
95.7
95.7
94.4
95.8
99.4
103.8
95.4
89.9
79.2
71.4
77.0
86.2
85.3
86.7
95.2
90.3
90.5
94.8
103.2
110.2
94.0
88.7
79.3
73.9
72.1
75.3
79.0
78.7
82.6
77.0
76.0
77.0
84.6
97.1
94.3
92.7
84.9
75.1
75.8
81.5
80.6
81.7
89.7
86.8
86.3
88.5
94.3
102.4
82.6
77.7
69.8
64.4
62.5
69.7
68.3
70.5
77.8
73.3
74.8
77.3
82.0
89.7
1942—July
August
September
October
November
December
98.7
99.2
99.6
100.0
100.3
101.0
105.3
106.1
107.8
109.0
110.5
113.8
99.2
100.8
102.4
103.4
103.5
104.3
95.7
95.6
95.5
95.5
95.8
95.9
118.2
118.2
118.1
117.8
117.8
117.8
97.1
97.3
97 1
97.1
97.1
97.2
79.0
79.0
79.0
79.0
79.1
79.2
103.8
103.8
103.8
103.8
103.8
103.8
110.3
110.3
110.4
110.4
110.1
110.0
96.7
96.2
96.2
96.2
99.5
99.5
102.8
102.7
102.5
102.5
102.5
102.5
89.8
88.9
88.8
88.6
90.1
90.5
1943—January
February
March
April
May
June
July
August
September
October
101.9
102.5
103.4
103.7
104.1
103.8
103.2
103.1
103.1
103.0
117.0
119.0
122.8
123.9
125.7
126.2
125.0
123.5
'123.1
122.2
105.2
105.8
107.4
108.4
110.5
109.6
107.2
105.8
105.0
105.1
96.0
96.2
96.5
96.6
96.7
96.8
96.9
97.1
97.2
97.3
117.8
117.8
117.8
117.8
117.8
117.8
117.8
117.8
117.8
117.8
97.3
97.3
97.3
97.4
97.4
97.4
97.4
97.4
97.5
97.6
79.3
79.8
80.3
80.6
80.8
81.0
81.0
80.9
81.0
81.0
103.8
103.8
103.8
103.8
103.8
103.8
103.7
103.7
103.7
103.7
109.8
110.2
110.4
110.3
110.5
110.6
110.7
112.2
112.5
112.7
100.2
100.3
100.0
100.1
100.2
100.0
100.1
100.2
100.3
100.4
102.5
102.6
102.6
102.6
102.7
102.8
102.6
102.6
102.6
102.6
90.7
90.9
91.4
91.6
91.9
91.8
92.3
92.6
93.0
93.1
125.0
122.9
123.8
124.0
123.3
123.2
123.6
123.8
123.6
122.7
122.8
122.7
122.2
122.8
122.1
121.2
121.2
106.6
105.1
105.8
105.5
104.7
104.8
104.5
104.9
105.0
104.9
104.7
104.8
105.0
105.7
105.5
105.6
105.8
97.2
97.3
97.3
97.3
97.3
97.4
97.4
97.4
97.5
97.5
97.5
97.5
97.5
97.5
97.5
97.5
97.5
118.4
118.4
118.4
118.4
118.4
118.4
118.4
118.4
118.4
118.4
118.4
118.4
118.4
118.4
118.4
118.4
116.9
96.9
96.9
96.9
97.0
97.0
97.0
97.0
97.0
97.0
97.0
97.1
97.1
97.2
97.2
97.2
97.2
97.2
81.6
81.7
81.7
81.8
81.7
81.7
81.6
81.6
"81.7
81.8
81.8
81.8
81.6
81.6
81.6
81.6
81.7
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
103.8
111.9
112.1
112.1
112.1
112.2
112.5
112.5
112.5
112.5
112.5
112.5
112.6
112.8
113.0
113.0
113.0
113.0
100.1
100.2
100.2
100.2
100.2
100.2
100.2
100.2
100.3
100.3
100.3
100.3
100.4
100.4
100.4
100.4
100.4
104.2
104.2
104.2
104.2
104.2
104.2
104.2
104.2
104.2
104.2
104.2
104.2
104.2
104.2
104.2
104.2
104.2
92.2
92.4
92.4
92.4
92.4
92.6
92.6
92.6
93.1
93.1
92.9
92.9
92.9
92.9
93.0
93.0
93.0
Year, month, or week
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
.
Week ending
1943—August 7
August 14
August 21
August 28
September 4
September 11
September 18
September 25
October 2
October 9
October 16
October 23
October 30
November 6
November 13
November 20
November 27:
Subgroups
1942
Oct.
Farm Products:
Grains
Livestock and poultry
Other farm products
Foods:
Dairy products
Cereal products
:
Fruits and vegetables
Meats
Other foods
Hides and Leather Products:
Shoes
Hides and skins
Leather
Other leather products
Textile Products:
Clothing
Cotton goods
Hosiery and underwear
Silk
Rayon
Woolen and worsted goods
Other textile products
.Fuel and Lighting Materials:
Anthracite
Bituminous coal
Coke
Electricity
«Gas
_
Petroleum products
Total
Hides and Textile Fuel and Metals Building
lighting and metal
leather
products products materials products material
1943
July
Aug.
Miscellaneous
Subgroups
Sept.
Oct.
91.5
123.4
104.4
116.0
127.6
124.8
116.8
129.5
120.8
119.7
130.2
118.8
122.5
126.1
118.9
109.2
89.3
98.2
115.5
95.4
108.9
93.8
138.0
105.9
97.1
108.9
93.8
125.6
106.0
98.0
108.9
94.4
116.7
106.0
99.0
109.1
94.7
115.1
106.2
99.6
126.4
116.0
.101.3
115.2
126.4
116.0
101.3
115.2
126.4
116.0
101.3
115.2
126.4
116.0
101.3
115.2
126.4
116.0
101.3
115.2
107.0
112.4
70.5
107.0
112.6
70.5
107.0
112.7
70.5
107.0
112.9
-70.5
107.0
112.9
71.4
30.3
111.7
97.4
30.3
112.5
98.7
30.3
112.5
98.7
30.3
112.5
98.7
30.3
112.5
99.2
85.7
111.0
122.1
61.9
79.2
60.6
89.6
116.5
122.4
59.0
77.6
62.8
89.6
116.5
122.4
89.9
116.4
122.4
89.9
116.4
122.4
63.2
63.5
'76^3
63.0
ChemiHousecals and furnishallied
ing
goods
products
Metals and Metal Products:
Agricultural implements...
Farm machinery
Iron and steel
Motor vehicles
Nonferrous metals
Plumbing and heating
Building Materials:
Brick and tile
Cement
Lumber
Paint and paint materials..
Plumbing and heating
Structural steel
Other building materials...
Chemicals and Allied Products:
Chemicals
Drugs and Pharmaceuticals
Fertilizer materials
Mixed fertilizers
Oils and fats
Housefurnishing Goods:
Furnishings
Furniture
Miscellaneous:
Auto tires and tubes
Cattle feed
Paper and pulp
Rubber, crude
Other miscellaneous
Oct.
July
Aug.
Sept.
Oct.
96.9
98.0
97.2
112.8
86.0
94.1
96.9
98.0
97.1
112.8
86.0
90.4
96.9
98.0
97.1
112.8
86.0
90.4
96.9
98.1
97.1
112.8
86.0
c
90.2
96.9
98.1
97.1
112.8
86.0
90.2
98.7
94.2
133.3
101.0
94.1
107.3
103.3
99.0
93.6
137.1
102.0
90.4
107.3
101.3
99.0
93.6
142.0
102.8
90.4
107.3
101.4
99.0
93.6
142.7
102.6
90.2
107.3
102.0
99.0
93.6
143.1
102.8
90.2
107.3
102.2
96.2
128.8
78.3
82.8
101.5
96.4
165.2
79.3
85.8
102.0
96.5
165.2
80.1
85.8
102.0
96.5
165.2
80.6
85.8
102.0
96.4
165.2
81.3
85.8
102.0
107.3
97.4
107.1
98.1
107.1
98.1
107.1
98.1
107.1
98.1
73.0
123.8
98.8
46.3
92.4
73.0
149.7
104.3
46.2
96.3
73.0
155.7
104.3
46.2
96.3
73.0
159.6
105.6
46.2
96.3
73.0
159.6
105.6
46.2
96.4
c
Corrected.
Back figures.—Bureau of Labor Statistics, Department of Labor.
1194
FEDERAL RESERVE BULLETIN
ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Thousands of persons]
Transportation and
public
utilities
Trade
Finance,
service,
and miscellaneous
Federal,
State, and
local government
1,902
1,889
2,004
3,466
3,508
3,535
6,619
6,673
6,635
4,324
4,333
±',331
5,601
5,690
5,'766
870
873
864
858
842
842
835
825
817
808
1,843
1,748
1,564
1,363
1,213
1,123
1.065
1,023
957
913
3,549
3,545
3,551
3,572
3,577
3,610
3,630
3,645
3,641
3,622.
6,513
6,458
6,424
6,433
6,357
6,373
6,388
6,335
6,248
6,352
4,350
4,356
4,347
4,331
4,302
4,297
4,300
4,282
4,258
4,300
5,734
5,866
5,863
5,896
5,933
5,961
r
5,919
r
5,812
5,798
5,791
15,313
15,434
15,684
902
894
885
2,028
1,896
1,674
3,539
3,520
3,502
6,697
6,771
7,107
4,327
4,295
4,'279
5,672
5,723
5,'811
15,743
15,851
15,958
15,956
15,911
16,056
16,136
16,245
16,179
16,206
867
867
861
850
837
835
830
823
825
818
1,470
1,386
1,357
1,328
1,299
1,277
1,218
1,162
1,066
976
3,463
3,456
3,475
3,552
3,587
3,653
3,683
3,695
3,708
3,701
6,371
6,291
6,328
6,423
6,331
6,371
6,290
6,218
6,285
6,425
4,259
4,270
4,281
4,337
4,349
4,355
4,359
4,331
4,334
4,299
5,689
5,'837
5,855
5,890
5,948
5,937
5,848
r
5,771
5,854
5,861
Total
Manufacturing
Mining
Construction*
1942—October
November
December
37,962
38,325
38,842
15,162
15,349
15,687
888
883
884
1943—January
February
March
April
May
June
July
August
September
October
38,791
38,821
38,656
38,478
38,222
38,345
r
38,261
r
38,067
37,748
37,956
15,932
15,975
16,043
16,025
15,998
16,139
r
16,124
r
16,l45
16,029
16,170
1942—October
November
December
38,478
38,533
38,942
1943—January
February
March
April
May
June
July
August
September
October
37,862
37,958
38,115
38,336
38,262
38,484
38,364
r
38,245
38,251
38,286
Year and month
SEASONALLY ADJUSTED
UNADJUSTED
'
* Includes contract construction and Federal force account construction. r Revised.
NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. Estimates exclude proprietors of unincorporated businesses, self-employed persons,
domestics employed in private homes, public emergency employees (WPA, NYA, and CCC), and personnel in the armed forces. Figures for October
1943 are preliminary. Revised seasonally adjusted estimates for months prior to November 1941 are shown on p. 1156 of the November 1942 BULLETIN.
NOVEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS
[Based on estimates of the Department of Agriculture, by States, as of November 1, 1943. In thousands of units]
Corn
Cotton
Federal Reserve district
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
...
Production
1942
Estimate
Nov. 1, 1943
Bales
Bales
1,460
2,533
1,335
2,523
" " 2
13,922
588"
3,745
576
;
1 9 3
" ' "
311""
3,593
487
12,824
Total
3
11,442
Oats
Federal Reserve district
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
. .
Total
Production
1942
Winter wheat
Production
1942
Estimate
Nov. 1, 1943
Bushels
8,024
32,053
50,041
230,248
133,387
177,796
1,266,052
392,856
360,806
420,741
93,887
9,263
Bushels
7,645
26,598
44,275
212,113
135,325
174,886
1,304,660
367,016
354,359
349,625
100,217
8,933
3,175,154
3,085,652
Production
1942
Estimate
Nov. 1, 1943
Bushels
Bushels
8,266"
13,944
40,608
26,208
7,381
35,045
23,358
42,573
365,641
49,053
91,176
"5^265"'
12,460
28,633
20,801
6,102
32,837
28,695
24,814
277,006
36,386
60,858
703,253
533,857
Tobacco
Tame hay
Estimate
Nov. 1,1943
Production
1942
Estimate
Nov. 1,1943
Production
1942
Spring wheat
Production
1942
Estimate
Nov. 1, 1943
Bushels
40
80
128
52
Bushels
42
48
142
49
1,316
20
250,295
5,442
107
20,594
978
16
249,234
5,201
116
46,133
278,074
301,959
White potatoes
Estimate
Nov. 1, 1943
Production
1942
Bushels
6,605
34,615
16,387
62,694
26,359
22,052
523,027
76,402
390,377
149,083
15,181
35,948
Bushels
5,585
11,184
10,665
37,460
26,229
21,575
426,650
65,861
331,506
156,561
19,880
35,536
Tons
3,489
6T 227
2,392
5,613
4,658
4,203
20,962
9,327
11,949
8,943
1,989
12,493
Tons
3,431
6,308
2,422
5,379
4,429
3,984
18,080
7,901
11,384
7,648
1,768
13,138
Pounds
27,343
1,636
46,016
107,635
808,552
143,263
29,670
242,243
2,472
3,607
Pounds
26,838
996
38,850
113,244
759,965
156,955
29,209
268,184
2,414
4,218
Bushels
50,889
32,627
19,348
16,159
24,784
15,920
36,285
13,436
45,785
37,817
6,068
72,032
1,358,730
1,148,692
92,245
85,872
1,412,437
1,400,873
371,150
Estimate
Nov. 1, 1943
Bushels
81,431
37,205
21,108
16,696
29,726 ,
19,238
44,985
13,552
59,869
39,285
7,539
98,458
469,092
1
2
Includes 21,000 bales grown in miscellaneous territory.
Includes 19,000 bales grown in miscellaneous territory.
NOTE.—Figures for spring wheat, oats, and tame hay estimates for Oct. 1; for winter wheat for Aug. 1. No estimates made for Nov. 1.
DECEMBER
1943
1195
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK*
ON BANK CREDIT, MONEY RATES, AND BUSINESS
Chart
book
page
1943
Oct.
27
1943
Nov. Nov. I Nov. Nov
3
10 I 17
24
In billions of dollars
WEEKLY FIGURES i
In billions of dollars
MONTHLY FIGURES
RESERVES AND CURRENCY
RESERVES AND CURRENCY
Reserve Bank credit:
U. S- Govt. securities, total
Bonds
Notes
Certificates
Bills
Bills discounted
Gold stock
Money in circulation
Nonmember deposits
Treasury deposits
Member bank reserves
Excess reservese
Excess reserves (weekly average), total 6
New York City
Chicago .m
Reserve city banks
Country banks e
Reserve bank credit
5
8.88
9.73
9.55
2, 4 9.29 9.48 9.86 9.83 10.36 Gold stock
5
22.14
22.30
22.21
4
1.57
Money
in
circulation
5
1.55 1.56 1.57 1.57
19.00
18.20
18.73
4
.69 Treasury cash
.69
.69
.69
.69
5
2.28
2.28
2.27
4
5
.32
.34
1.57 1.59 1.69 1.77 1.84 Treasury deposits
.56
4
5,8
5.48 5.64 5.92 5.81 6.26 Reserve balances
12.04
12.60
12.86
2
.05 Required reserves
.01
.04
.02
.03
8
10.77
11.46
11.45
2 22.13 22.12 22.10 22.10 22.08 Excess reserves, total
8, 9
1.26
1.14
1.42
2 19.09 19.35 19.51 19.56 19.73
New York City
9
.02
.03
.03
2
Chicago
9
.01
.01
.01
1.66 1.67 1.72 1.71 1.74
2
.48
.53
.37
.41
.33
Reserve city banks
9
.39
.39
.52
3 12.00 12.07 12.20 12.26 12.40
Country banks
9
.84
.72
.86
3
10
1.06 1.08 1.08 1.10 1.04 Money in circulation, total
19.25
18.53
18.84
3 1.07 PI. 13
Bills
of
$50
and
over
10
5.12
4.82
4.95
3
.02
.02
.03 n.io
$10 and $20 bills
10
10.31
9.96
10.10
3
.01
.01
.01
Coins, $1, $2, and $5 bills
10
3.83
3.76
3.79
3
.29
.32
.32
CONSUMER CREDIT
3
.75 *\77 P. 75
Consumer credit, total
18
4.77
2*4.96
P4.86
Single-payment loans
18
Pi. 08
1.00
PI. 04
Charge accounts
18
PI.37
MEMBER BANKS IN LEADING CITIES
1.20
PI. 28
Service
credit
18
P. 68
.68
P.68
Loans and investments
14 52.98 52.64 52.05 51.99 51.46
Instalment credit, total
18, 19
PI. 83
1.90
PI.87
Demand deposits adjusted
14 31.82 31.77 32.04 32.65 33.20
Instalment
loans
19
PI.
06
1.09
U. S. Govt. obligations
14 38.33 38.07 37.73 37.86 37.38
Instalment sale credit, total
19
.81
P. 78
P'.79
Total loans
14 11.77 11.70 11.48 11.31 11.27
Automotive
19
P.18
.19
P
.
19
Commercial loans, total
15
6.42 6.46 6.45 6.44 6.42
Other
19
.62
P.59
New York City
15
2.42 2.42 2.42 2.41 2.41
100 cities outside New York
15
TREASURY FINANCE
4.00 4.04 4.03 4.02 4.01
Brokers' loans—New York City
15
1.23
1.34 1.31 1.23 1.13
U. S. Govt. obligations outstandU. S. Govt. obligations:
total interest-bearing
20 146.65 161.02 167.70
New York City, total
15 14.13 13.92 13.79 13.90 13.58 ing,
Bonds (marketable Treasury)..
20
67.89
57.52
65.44
Bonds
..#
17
6.48 6.44 6.40 6.37 6.30
Notes, cert., and bills, total . . .
20
47.86
42.22
45.79
Notes and guar. securities
17
2.67
2.73 2.72 2.71 2.70
Notes
21
11.60
11.88
11.60
Certificates
17
3.38 3.35 3.30 3.28 3.33
Certificates
21
23.20
17.50
21.14
1.28
Bills
17
1.54 1.41 1.39 1.55
13.06
Bills
21
12.85
13.05
100 cities outside New York, total..
15 24.20 24.16 23.94 23.96 23.80
35.78
Savings bonds, tax notes, etc..
20
30.88
33.91
Bonds
..;
17 11.15 11.19 11.22 11.25 11.31
26.06
Savings
bonds
21
22.69
24.48
Notes and guar. securities
17
4.06 4.05 4.04 4.03 4.01
9.11
Tax notes
21
7.70
8.85
Certificates
17
5.90 5.92 5.89 5.88 5.85
11.87
Special issues
20
11.91
11.72
Bills
17 3.09 3.00 2.79 2.79 2.63 Holdings
of U.S. Govt. obligations:
15.33
15.95
Fed. agencies and trust funds
22
15.79
Per cent per annum
9.35
Federal Reserve Banks
22
9.09
8.92
Commercial
banks
22
56.00
59.20
MONEY RATES ETC.
Private holders other than
.375 3.76 .375 .376 .375
Treasury bills (new issues)
25
66.24
commercial banks, total
22
77.11
1.30 1.30 1.30 1.29 1.29
Treasury notes (taxable)
25
Mutual savings banks
23
5.10
5.90
U. S. Govt. bonds:
Insurance
companies
23
12.70
14.20
1.82 1.83 1.84 1.86 1.86
Partially tax-exempt
25, 33
Other
investors,
total
23
48.40
57.00
2.31 2.32 2.32 2.33 2.33
Taxable
25, 33
Marketable issues
23
18.40
24.10
2.70 2.69 2.71 2.71 2.72
Corporate Aaa bonds
33
3.81 3.82 3.84 3.84 3.
Corporate Baa bonds
33
Per cent per annum
MONEY RATES, ETC.
In unit indicated
F. R. Bank discount rate, N . Y . . . .
27
.50
.50
.50
Stock prices (1935-39 = 100):
Treasury bills (new issues)
27
.375
.375
.375
95.7 94.0 91.2 89.6 90.7 Treasury notes (taxable)
Total
35
27
1.31
1.31
1.29
97.5 95.8 92.9 90.9 92.3 Commercial paper
Industrial
35
29
.69
.69
.69
93.5 90.2 85.6 85.4 84.8 U. S. Govt. bonds:
Railroad
35
87.2 86.8 84.7 84.4 84.6
Public utility
35
Partially tax-exempt
33
1.80
1.83
1.81
.91 1.34
.64
.77
.77
Volume of trading (mill, shares)
35
Taxable
33
2.30
2.30
2.28
Corporate Aaa bonds
29, 33
2.70
2.69
2.69
Corporate Baa bonds
33
3.82
3.83
3.81
BUSINESS CONDITIONS
Steel production (per cent of capacity)..
Electric power prod. (mill. kw. h r s . ) —
Freight car loadings (thous. cars):
Total
Miscellaneous
Department store sales (1935-39 = 100)...
F.H.A. home mortgages,
new construction (thous.) 2
Wholesale prices (1926 = 100):
Total
Farm products
Other than farm and food
50
50
51
51
52
100.6
44.53
883.7
409.2
174
100.0 98.2 97.8
44.14 44.83 45.13
99.1
754.7 847.7 882.3
396.2 393.6 400.0
201
183
191
52
63
63
63
102.8 102.9 102.8 102.6 102.6
122.2 122.8 122.1 121.2 121.2
97.5 97.5 97.5 97.5 97.5
In unit indicated
Stock prices (1935-39 = 100):
Total
Industrial
Railroad
Public utility
Volume of trading (mill, s h a r e s ) . . .
Brokers' balances (mill, dollars) :.
Credit extended customers
Money borrowed
Customers' free credit balances.
35
35
35
35
35
37
37
37
e
780
e
740
e
330
e
1
2
p
r
c
Estimated.
Preliminary.
Revised.
Corrected.
Figures for other than Wednesday
dates are shown under the Wednesday included in the weekly period.
3
Publication discontinued.
Adjusted for seasonal variation.
4 Revised back figures: January, P - 3 2 . 7 ; February, P - 4 3 . 2 ; March, P - 3 4 . 0 ; April, P - 5 0 . 1 ; May, P - 4 4 . 1 ; June, P - 8 3 . 7 ; July, P - 7 0 . 8 .
* Copies of the Chart Book may be obtained at a price of 50 cents each.
II96
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued
Chart
book
page
Aug.
Sept.
Oct.
Aug. | Sept. |
In unit indicated
MONTHLY FIGURES—Cont.
12,064
8,513
3,551
1,850
12,075
P8.602
P3.473
1,992
922
850
1,006
*>2,293
PI,019
PI,245
78
57
P2g
r
929
242
244
^245
138.5
96.9
23.0
r
18.6
^83.0
18.8
11.8
19.4
32.9
20.5
139.9
97.7
23.5
18.7
83.5'
19.3
11.6
19.9
32.6
21.0
P141.2
P98.8
23.6
»18.8
235
239
112
118
150
136
241
BUSINESS CONDITIONS—Cont.
Exports and imports (mill, dollars):
Exports
Imports
Excess of exports
Excluding Lend-Lease exports 4
Wholesale prices, total (1926 = 100)....
Farm products
Other than farm and food
Cost of living, all items (1935-39 = 100)
Food
Clothing
Rent
Oct.
In unit indicated
MONTHLY FIGURES—Gont.
BUSINESS CONDITIONS
Income payments (mill, dollars), total: 3
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: 3
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 3
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 at 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
Residential contracts (mill, dollars): 3
Total
53
Public
53
Private, total
53
1- and 2-family dwellings
53
Other
....
53
Construction contracts (3-mo. moving
av., mill, dollars): 3
Total
55
Residential
55
Other
55
t
Freight carloadings: 3
Total (1935-39 = 100). „
57
Groups (points in total index)
Miscellaneous
57
Coal
57
All other
57
Department stores (1923-25 = 100) : 3
Sales
59
Stocks
59
1943
Chart
book
1943
61
61
61
61
63
63
63
65
65
65
65
1,204.7 Pi,233.1
p
314.7
P280.5
p
890.0
P952.6
P-98.8 P-49.5
103.1
103.1
C
123.5
123.1
97.1
97.2
123.4
123.9
137.2
137.4
129.6
132.5
108.0
108.0
103.0
122.2
97.3
124.4
138.2
133.0
1943
*>83.7
P19.5
2*11.5
*20.1
P32.7
2*20.5
Jan.Mar.
Apr.June
JulySept.
In millions of dollars
114
119
148
131
147
168
r
106
138
105
161
142
164
142
139
r
P115
P141
P134
156
'P167'
P143
54.9
53.9
41.9
12.0
37.0
16.9
53.3
52.5
41.2
35.8
16.7
52.6
51.9
41.2
10.7
35.5
16.4
38.1
r
l7.0
37.7
16.8
^38.0
P17.0
6.3
6.2
P6A
5.8
3.6
1.0
5.8
3.6
1.0
P5.8
P3.6
322.4
170.9
328.3
170.2
43.52
96.5
45.1
44.39
99.3
44.7
242
328
179
258
354
183
177
213
145
P248
P342
P180
P
261
P356
P187
PI 78
P215
?146
68
24
44
29
57
17
r
r
156
172
107
11.3
v.9
40
25
15
244
265
24
24
24
24
24
24
24
19,845 23,228
18,460
21,535
6,950
6,686
3,364
2,234
1,088
7,563
153
51
35
12
3
36
36
36
36
36
6,834
2 781
3,007
1,046
266
66
41
17
1
22,264
20,616
10,176
7,877
2,806
3,431
1,640
245
29
14
10
4
Per cent per annum
Bank rates on customers' loans:
Total, 19 cities
New York City
Other Northern and Eastern cities
Southern and Western cities
2.76
2.36
2.76
3.24
29
31
31
31
3.00
2.70
2.98
3.38
2.48
2.05
2.71
2.73
Dec. 31, June 30, Oct. 18
1943
1943
1942
hio.'s'
In billions of dollars
CALL DATE FIGURES
Total deposits and currency
Demand deposits adjusted
Time deposits
Currency outside banks
67
29
38
31
7
P209
65
64
P66
202
P144
140
137
78.4
32.2
28.9
76.9
29.7
30.3
142
132
114
110
11
11
11
11
r
r
r
99.71
48.92
28.44
13.95
110.16
56.04
30.26
15.81
PI 24.30
P55. 80
P31. 70
P17. 40
MEMBER BANKS
179
140
Budget receipts and expenditures:
Expenditures, total
War activities
N e t 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
ALL BANKS IN THE U . S.
15
79.5
30.9
30.1
QUARTERLY FIGURES
140
104
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 b a n k s —
By kinds of securities:
Bonds
Notes
Certificates
Bills
Guaranteed
12
12
12
13
13
13
12
13
13
13
59.26
37.55
5.63
2.97
2.66
16.09
8.48
3.42
.79
67.16
46.98
5.35
2.88
16
16
16
16
12.55
2.79
13.04
9.17
13.89
3.17
17.42
12.51
16
16
16
16
16
18.95
5.41
6.29
4.36
2.54
23.55
5.25
9.42
6.28
2.49
2.48
P78 00
P55 14
P5 16
P2.82
P2.34
P17.71
14.82
7.41
3.35
.96
P15 .73
.69
P20 .62
.09
ns
For footnotes see preceding page.
DECEMBER
1943
1197
CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES
[Figures for last date shown are preliminary]
Nonmember banks
Member banks
Total
National
State
Other than mutual
savings and
private banks
Insured
Number of Banks (Head Offices)
December 31, 1933
December 31, 1934
December 31, 1941
December 31, 1942
September 30, 1943
Mutual
savings
Private1
1,108
800
741
721
579
579
545
543
4
542
241
52
Noninsured
2
15,029
16,063
14,825
14,680
14,600
5,154
5,462
5,117
5,081
5,051
2,911
3,133
3,699
3,739
3,868
1,121
1,243
1,565
1,592
1,695
960
981
1,015
1,023
1,044
932
935
942
46
46
45
125
126
135
137
4
136
5
5
6
6
6
6
1,729
2,139
695
1,000
780
264
127
815
11
34
115
21
1
5
+32
+1
+2
+21
+1
+8
+2
857
980
l,502
3
1,598
3
1,665
3
8,341
7,693
6,809
6,666
6,572
5
49
Number of Branches and Additional Offices
December 31, 1933
December 31, 1934
December 31, 1941
December 31, 1942
September 30, 1943, total
In head-office cities
Outside head-office cities
2
7OO
778
6
Analysis of Bank Changes January I—September 30, 1943
Increases in number of banks:
Primary organizations (new banks)7
Unclassified
....
Decreases in number of banks:
Suspensions
Consolidations and absorptions
Voluntary liquidations 8
Unclassified
+3
-3
-67
-44
-1
-25
-5
-7
-2
-2
-27
-24
-1
Inter-class bank changes:
Conversions—
National into State
State into national
Private into State
Federal Reserve membership9—
Admissions of State banks
Withdrawals of State banks
Federal deposit insurance °—
Admissions of State banks
Withdrawals of State banks
+5
-5
+5
-3
+1
+78
-2
-77
+1
-1
+1
+11
Net increase or decrease in number of banks—
-80
-30
+67
-94
Increases in number of branches:
De novo branches
Banks converted into branches
+20
+18
+2
+5
+3
+9
+11
+4
Decrease in number of branches:
Branches discontinued
-37
-20
-2
-1
11
Analysis of Branch Changes January I—September 30,1943
Inter-class branch changes:
From national to State
From State member to .national
From State member to nonmember
From nonmember to State member
-1
+2
-2
-1
Branches and additional offices established at military reservations...
Net increase or decrease in number of branches...
+3
+1
+5
+r
-5
+128
+103
+16
+2
+9
+129
+103
+21
+7
From noninsured to insured nonmember
+1
<
1
The figures for December 1934 include 140 private banks which reported to the Comptroller of the Cuft-ency under the provisions of Section 21 (a)
of the Banking Act of 1933. Under the provisions of the Banking Act of 1935, private banks no longer report to the Comptroller of the Currency; accordingly, only such private banks as report to State banking departments are in the figures shown for subsequent years.
2
Federal deposit insurance did not become operative until Jan. 1, 1934.
3
Includes 3 mutual savings banks.
4
Number of banks comprises 179 insured and 363 noninsured; number of branches comprises 95 insured and 41 noninsured. Thefiguresbeginning with
1939 exclude 1 bank with 4 branches which prior to 1939 was classified as an insured mutual savings bank but is now included with "Nonmember banks
other than mutual savings and private banks."
6
Number of banks comprises 1 insured and 48 noninsured: all branches were noninsured.
6
Separate figures not available for branches of insured and noninsured banks.
7
Exclusive of new banks organized to succeed operating banks.
8
Exclusive
of liquidation incident to the succession, conversion, and absorption of banks.
9
Exclusive of conversions of national banks into State bank members, or vice versa, as such conversions do not affect Federal Reserve membership.
10
Exclusive of conversions of member banks into insured nonmember banks, or vice versa, as such conversions do not affect Federal Deposit Insurance
Corporation
membership.
n
This analysis covers all branches and other additional offices at which deposits are received, checks paid, or money lent. Offices established at
#
military reservations (shown separately) include "banking facilities" provided through arrangements made by the Treasury Department with banks designated as depositories and financial agents of the Government. Four of these banking facilities are in each case operated by two national banks, each
bank having separate tellers windows; each of these facilities is counted as one banking office only.
Back figures—-See Annual Report for 1942 (Tables 17 and 18).
1198
FEDERAL RESERVE BULLETIN
INTERNATIONAL FINANCIAL STATISTICS
PAGE
Gold reserves of central banks and governments...,
1100
Gold production ..
IZOI
Gold movements. .
12.01
Net capital movements to United States since January i , 1935...
1202.
Central banks
. . . 1103-1x06
Money rates in foreign countries. . .
1x07
Commercial banks. ..
1208
Foreign exchange rates . .
I2
-°9
Price movements:
Wholesale prices . . .
mo
Retail food prices and cost of living. .
12.11
Security prices. ..
1111
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 arc compiled for the most part from regularly 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 arc collected by the Federal Reserve Banks
from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12., 1934. Backfiguresmay in most cases be obtained from earlier BULLETINS and from
Annual Reports of the Board of Governors for 1937 and earlier years.
DECEMBER 1943
I][
99
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of month
United
States
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
12,760
14,512
17,644
21,995
22,737
1942—Nov.
Dec.
1943—Jan..
Feb..
Mar..
Apr..
May.
June.
July.
Aug..
Sept.
Oct..
22,743
22,726
22,683
22,644
22,576
22,473
22,426
22,388
22,335
22,243
22,175
22,116
End of month
Hungary
1937—Dec...
1938—Dec...
1939—Dec...
1940—Dec...
1941—Dec...
25
37
24
24
24
1942—Nov...
Dec.
1943—Jan...
Feb...
Mar...
Apr...
May..
June..
July..
Aug...
Sept..
Oct...
24
24
24
24
24
24
24
24
24
24
End of month
Sweden
Argentina
431
466
*353
354
354
354
354
354
354
355
354
354
353
353
Iran
^Persia)
25
26
26
26
26
Belgium
2
Brazil
British
India
Canada
Chile
CzechoCoslolombia
vakia
France
Germany-
274
274
274
274
274
24
24
24
24
24
184
192
214
37
5
30
30
30
30
30
16
24
21
17
16
92
83
56
58
61
53
53
53
52
44
55
55
55
52
52
2,564
2,430
2,709
2,000
2,000
735
735
734
734
734
734
734
734
734
734
114
115
120
121
127
143
153
166
182
274
274
274
274
274
274
274
274
274
274
274
25
25
25
6
6
7
6
6
5
5
6
7
7
6
36
36
38
42
46
47
48
49
50
54
24
25
27
28
30
42
43
45
51
53
55
56
61
61
61
61
61
61
61
61
6161
44
44
44
44
44
44
44
44
44
44
52
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
Norway
Peru
Poland
Portugal
Ruma-
82
94
94
4 84
21
20
20
20
21
69
69
69
59
59
120
133
152
158
182
189
220
249
367
366
59
59
59
59
59
59
59
59
59
239
241
241
242
246
252
261
262
271
610
634
572
523
537
558
571
583
611
628
Italy
I Japan
210
193
144
120
261
164
164
164
6
164
Turkey
United
Kingdom
Nether- New
lands Zealand
Java
Mexico
90
140
235
24
29
32
47
47
933
998
692
617
575
23
23
23
23
23
37
39
70
90
110
126
125
126
125
174
200
200
510
506
501
497
496
496
496
496
522
522
23
23
23
23
23
23
23
23
23
216
Uruguay
Venezuela
244
321
308
160
223
650
701
549
502
665
29
29
29
88
92
2,689
2,690
9
1
1
1
74
69
68
90
100
52
52
52
io29
41
1942—Nov
Dec
1943—Jan
Feb
Mar
Apr
May.......
June
July
Aug
Sept
Oct
331
335
340
342
344
344
346
347
368
371
374
813
824
832
842
851
859
866
867
876
880
^887
117
114
124
124
124
145
158
158
158
161
1
1
1
1
1
1
1
1
1
1
1
1
92
89
89
89
89
89
96
101
64
68
68
70
72
76
80
80
80
84
84
84
Yugoslavia
51
57
59
82
4
83
B.I.S.
83
85
4 84
25
25
25
25
25
25
26
26
26
26
26
26
Other
countries 8
5
14
7
12
12
185
142
153
145
142
21
21
22
24
25
25
25
26
26
26
152
160
160
U
182
182
184
185
185
12
192
192
192
192
v
Preliminary.
*
1 Beginning April 1940, reports on certain Argentine gold reserves no longer available.
2 Change from previous December due largely to inclusion of gold formerly not reported.
3 On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Control Board. Gold reported since that time is gold held by Minister of Finance.
4 Figures relate to last official report dates for the respective countries, as follows: Greece—
Mar. 31, 1941; Java—Jan. 31, 1942; Norway—Mar. 30, 1940; Poland—July 31,1939; Yugoslavia
—Feb. 28, 1941.
5
Figure for December 1937 is t h a t officially reported on Apr. 30, 1938.
6
Figure for February 1941; beginning Mar. 29,1941, gold reserves no longer reported separately.
7
Increase over reserves reported at end of 1941 and 1942 due primarily to inclusion for first time
of gold held for Foreign Exchange Institute.
8
These countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian Congo,
Bolivia, China, Costa Rica beginning July 1943, Danzig through Aug. 31,1939, Ecuador, El Salvador,
Estonia, Finland, Guatemala, Iceland, Ireland beginning February 1943, Latvia, Lithuania, Morocco,
and Thailand (Siam). Figures for certain of these countries have been carried forward from last
previous official report.
9
Gold holdings of Bank of England reduced to nominal amount by gold transfers to British
Exchange Equalization Account during 1939.
10
Beginning December 1940, figures refer to gold reserves of new Central Bank only.
11
Beginning February 1943, figure also includes gold reserves of new Central Bank of Ireland.
12
Beginning July 1943, figure also includes gold reserves of National Bank of Costa Rica.
NOTE.—For description of table and back^ figures see BULLETIN for September 1940, pp.
925-934 and pp. 1000-1007; details regarding special internal gold transfers affecting the reported
figures through April 1940 appear on p. 926 in that issue.
Egypt
32
32
40
51
70
1937—Dec
1938—Dec
1939—Dec
1940—Dec
1941—Dec
I ZOO
Denmark
597
581
609
734
734
4
Switzerland
Bulgaria
28
29
29
29
29
Greece
24
27
28
4,
28
28
29
South
Africa
Spain
5
525
42
42
768'
G o v e r n m e n t gold reserves 1 n o t i n c l u d e d
i n p r e v i o u s figures
End of month United
States
United
Kingdom
1937—June . . .
Dec
1938—Mar....
3 934
4 1,395
1,489
June.. .
Dec . . .
1939—Mar. . . .
May
June...
Sept....
Dec
1940—Mar. . . .
June...
Sept....
Dec . . .
1941—Mar. . . .
June...
Sept....
Dec...
1942—Mar.
June...
Sept....
Dec
1943—Mar.. .
June...
169
44
80
154
85
164
156
145
86
105
48
88
89
24
25
12
8
7
12
14
11
"4 759
1,732
France2
Bel-
115
81
331
559
477
62
44
' ^876
292
1 Reported at infrequent intervals or on delayed basis: U. S.—Exchange Stabilization Fund
(Special A/c No. 1); U. K.—Exchange Equalization Account; France—Exchange Stabilization
Fund and Rentes Fund; Belgium—Treasury.
2 For complete monthly series from October 1938May 1939, see BULLETIN for February 1941,
p. 1703 Figure for end of March 1937, first date reported.
4 Figure for end of September.
Reported figure for total British gold reserves on
Aug. 31, 1939, less reported holdings of Bank of England on that date.
6
Figure for Sent. 1, 1941.
NOTE.—For details regarding special gold
transfers in 1939-40 between the British E. E. A.
and the Bank of England, and between the French
E. S. F. and the Bank of France, see BULLETIN
for September 1940, p. 926.
FEDERAL RESERVE BULLETIN
GOLD P R O D U C T I O N
OUTSIDE U. S. S. R.
[In thousands of dollars]
Year or month
1934...
1935...
1936...
1937...
1938...
1939...
1940...
1941...
1942...
Estimated
world
production
outside
U.S.S.R.1
823,003
882,533
971,514
1,041,576
1,136,360
1,208,705
1,297,349
1,288,945
Production reported monthly
Nortn and South America
1
West I Belgian
Africa2 | CongoS
708,453
752,847
833,895
893,384
958,770
1,020,297
1,094,264
1,089,395
968,112
366,795
377,090
396,768
410,710
425,649
448,753
491,628
504,268
494,439
76,813
78,269
70,386
68,374
64,862
63,904
61,871
63,551
2*63,019
^62,139
^61,694
p
60,302
2*59,432
40,559
41,023
39,144
38,616
37,687
38,835
35,489
37,604
38,367
37,424
37,962
37,297
36,783
1942—Sept
Oct
Nov
Dec
1943—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
$1 = 15jpi grains of gold fn fine; i.e., an ounce of fine gold = $35
108,191 104,023 23,135 12,045
24,264
12,153
6, 549
114,971 23,858 11,515
126,325
13,625
7, 159
25,477
131,181 26,465
152,509
28,053
16,295
7, 386
13,632
29,591 15,478
168,159 143,367
20,784
28,296
8, 018
178,143 165,379 32,306 18,225
24,670
28,532
8, 470
196,391 178,303 29,426
28,009
28,564
19,951
8, 759
185,890 30,878 22,117
210,109
29,155
32,163 3 8, 862
187,081
27,969 22,961
209,175
32,414
27,765
130,963
29,225
26,641
169,446 6 30,000
20,882
2,180
2,162
2,095
2,149
1,985
1,902
1,987
2,004
1,987
PI,953
^1,906
'**l,906
'^1,906
2,310
2,275
2,240
2,135
2,135
1,855
1,610
1,645
1,645
1,645
1,540
1,540
'1,540
11,839
12,015
7,831
6,212
4,654
4,121
4,520
4,891
4,065
3,945
3,945
3,634
3,306
1,710
1,659
1,614
1,433
2,055
1,380
1,661
1,648
1,599
1,540
1,763
'1,763
'1,763
13,325
13,479
12,801
12,704
11,708
11,459
12,169
11,309
10,975
11,442
10,246
10,268
9,898
8 ,350
9 ,251
9 ,018
9 ,544
10 ,290
11 ,376
11 ,999
9 ,259
6 ,409
441
401
432
544
440
450
558
548
566
455
'455
'455
'455
Other
Nicara- Austra-1 British
7
8
gua
lia
I India 9
1,166
8,623
30,559
31,240
40,118
46, 982
54,264
56, 182
55, 878
51,039
42,525
11,223
11,468
11,663
11,607
11,284
11,078
10,157
9,940
8,960
634
669
659
906
672
647
622
646
700
724
622
430
770
3,185
4,165
3,045
2,940
2,827
2,555
2,450
2,450
2*2,380
p
2,275
^2,485
2*2,275
'2*2,275
630
420
525
735
700
700
805
805
735
735
770
735
735
868
807
848
1,557
3,506
5,429
7.525
try. ' Figi
Annua^figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on estimates of American Bureau of Metal Statistics.
2 Beginning April 1941, figures are those reported by American Bureau of Metal Statistics.
3 Beginning May 1940, monthly figures no longer reported. Annual figure for 1940 estimated at three times production for first four months of the year.
4
Includes Philippine Islands production received in United States. Annual figures are estimates of United States Mint. Monthly figures represent
estimates of the American Bureau of Metal Statistics, those for 1942 having been revised by adding to each monthly figure $359,634 so that aggregate for
1942 is equal to annual estimate for the year compiled by Bureau of Mint in cooperation with Bureau of Mines.
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; and April 1933, pp. 233-235.
For annual figures of world production back to 1873 (including Russia-U.S.S.R.), see Annual Report of Director of Mint for 1942, pp. 103-104, and 1936,
pp. 108-109.
1
GOLD MOVEMENTS
UNITED STATES
[In thousands of dollars at approximately $35 a fine ounce]
Net imports from or net exports (—) t o :
Year or
month
19341
1935
1936
1937
1938
1939
1940
1941
Total
net
imports
United
Kingdom
Belgium
France
Netherlands
Switzerland
Sweden
8,902 94,348
1,131,994 499,870 260,223
3 227,185
1,739,019 315,727 934,243
174,093 573,671
3,351
2
71,006
1,116,584
90,859
6,461
6
1,585,503 891,531 -13,710
15,488 163,049 60,146
1,973,569 1,208,728 81,135
3,798 165,122 341,618 28,715
3,574,151 1,826,403
633,083 241,778
977 63,260 161,489
4,744,472
1
3,779
1
982,378
1,747
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
474
542
79
250
55
121
163
1
1,746
1
PhilipColompine
Canada Mexico
bia
Islands
86,829
12,402
95,171
968
72,648
7,511
111,480
54,452
76,315
1,363
612,949
86,987
90,320 2,622,330
899 412,056
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
46,876
81,529
95,619
20,216
16,306
17,514
19,224
10,842
42,562
16,072
24,917
20,377
1,147
814
866
1,147
969
800
1,080
843
495
1,020
6,336
1,273
3,168
11
2,232
2,934
2,794
7
2,128
2,230
2,488
2,107
2,110
2,238
563
337
Australia
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
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
Japan
British
India
4 76,820
75,268
77,892
'246,464 50,762
168,740 16,159
165,605 50,956
111,739 49,989
9,444 9,665
6,085
4,501
3,046
313
""m
1,995
2,327
711
All
other
countries
32,304
46,989
39, 735
29, 998
2
67, 975
3
102, 404
4
388,468
6
100,485
6,062
15,093
2,951
6,793
3,589
5,009
3,811
69,008
611,041
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 a t 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
C UI
° 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.
DECEMBER
1943
I1OI
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935
[I millions
illi
[In
off ddollars]
From Jan. 2, 1935, through—
Increase in foreign banking
funds in U. S.
Total
Total
1935—Dec. (Jan. 1, 1936)
1936—Dec. 30
1937—Dec. 29
1,412.5
2,608.4
3,410.3
Official
603.3
930.5
1,168.5
1
9.8
81.1
243.9
Other
Decrease
in U. S.
banking
funds
abroad
Foreign
securities:
Return
of U. S.
funds
Domestic
securities:
Inflow of
foreign
funds
361.4
431.5
449.1
125.2
316.2
55W 7
316.7
917.4
i iM a
593.5
849.4
924.6
.
Inflow in
brokerage
balances
6.0
12.9
AT
5
CENTRAL BANKS—Contmued
Liabilities
Assets
I
Bank of France
(Figures in millions
of francs)
Domestic bills
Gold 1
Foreign
exchange
2
Open
market 2 Special
Other
72,317
142,507
41,400
64,580
4,525
4,038
4,599
6,509
5,368
180,999
183,758
193,376
198,868
210,965
63,850
67,500
66,900
68,700
68,250
19,607
19,818
20,352
20,457
21,749
323,494
334,370
348,935
364,768
382,774
768
717
696
677
770
35,371
31,100
25,726
19,769
16,857
33,298
32,142
35,007
35,181
29,935
4,111
5,293
3,807
3,547
4,461
5,061
7,533
6,108
6,686
r
6,200
r
5,573
6,456
216,334
230,911
230,740
248,320
260,919
r
260,927
271,371
62,600
57,800
69,250
57,650
56,900
63,550
61,150
20,698
21,458
20,181
21,072
21,768
21,042
21,472
387,748
397,319
405,416
413,567
419,530
426,974
440,291
725
1,521
698
713
734
837
754
9,051
9,521
8,429
8,749
10,166
14,670
11,170
30,654
32,886
33,776
34,186
37,750
29,574
31,864
4,705
4,299
5,556
4,058
5,177
6,669
4,267
108
105
23
26
6
1
84,598
84,598
84,598
84,598
84,598
37
37
37
37
37
1943—Jan. 28.
Feb. 25
Mar. 25
Apr. 29
May 27
June 24
July 29.
84,598
84,598
84,598
84,598
84,598
84,598
84,598
37
37
37
37
r
37
r
37
38
Liabilities
Assets
Reichsbank
(Figures in millions of
reichsmarks)
Reserves of gold and
foreign exchange
Total
reserves
Gold
2,283
2,216
984
Other
17,698
31,909
20,627
34,673
63,900
69,500
43,448
43,103
42,938
r
42,884
42,930
42,998
43,261
1942—Aug. 27
Sept. 24
Oct. 29
Nov. 26
Dec. 31
C.A.R. 4
7,850
1,812
11,698
2,241
22,183
1,989
20,072
2,041
13,414
1,940
15,359
1,907
8,716
2,113
13,655
2,557
19,326
3,160
25,595 , 2,718
14,751
2,925
27,202
3,586
25,272
3,894
4
69
212
169
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
Government
Other
liabilities
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
43,427
43,869
44,239
44,562
43,661
25,942
26,179
21,111
4,484
1,158
963
1,328
1,460
911
821
112
42
38
Other 2
Note
circulation
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
1,379
652
1,797
2,345
661
12
41,668
53,578
68,863
83,017
77,098
82,124
66,296
60,359
58,933
87,265
5
97,267
5
84,616
84,598
For occupation
costs 3
Deposits
Other
assets
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
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
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
Advances to
Government
Securities
Bills (and
checks),
including
Treasury
bills
Security
loans
2,848
2,572
4,242
2,806
3,226
4,066
4,552
5,510
6,131
8,244
11,392
15,419
21,656
251
256
245
176
183
146
84
74
60
45
30
38
32
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
755
652
755
540
640
984
1,032
1,012
1,059
1,527
2,018
2,561
3,649
736
822
1,338
1,313
836
1,001
923
953
970
1,091
1,378
1,396
1,493
Other
Other
assets
Note
circulation
259
445
349
221
106
557
804
32
107
92
102
161
398
322
319
315
303
286
298
393
357
283
656
638
1,065
1,114
735
827
853
765
861
1,621
2,498
2,066
2,311
Eligible
as note
cover
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
2,687
2,685
1,156
920
396
1942—Oct. 31
Nov. 30
Dec. 31
77
77
76
24,641
25,449
29,283
13
13
25
63
71
87
201
210
210
2,117
2,146
1,664
22,600
23,052
24,375
2,887
3,241
5,292
1,624
1,673
1,680
1943—Jan. 30
Feb. 27
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
77
77
77
77
77
77
77
77
77
26,270
26,758
27,869
28,603
29,592
30,890
32,317
34,570
35,010
22
21
18
18
16
29
34
17
22
51
49
41
1
17
1
1
1
1
185
180
85
78
121
67
100
107
105
2,477
2,370
2,345
2,319
2,268
2,178
2,003
1,569
2,436
23,664
24,266
24,697
25,442
25,922
26,650
27,597
29,029
30,099
3,892
3,820
4,340
4,226
4,606
4,881
5,199
5,456
5,601
1,526
1,369
1,397
1,427
1,563
1,711
1,735
1,857
1,951
r
1
72
76
76
78
78
77
806
386
79
82
66
71
71
71
71
71
Revised.
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 July 8,1943, advances of 291,000 million
francs
were authorized to meet the costs of the German army of occupation.
4
Central Administration of the Reichskreditkassen.
5
In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank of France;
in week
ending Mar. 7,1940,30,000 million francs of gold transferred from Bank of France to Stabilization Fund.
6
Gold not shown separately in weekly Reichsbank statement after June 15,1939.
NOTE.—For further explanation of tables see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463.
CENTRAL BARKS—Continued
Central Bank
(Figures as of last report
date of month)
Central Bank of the Argentine Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchange.
Negotiable Government bonds...
Rediscounted paper
Other assets
Note circulation
Deposits—Member bank
Government
Other
Foreign exchange sold forward
Other liabilities
Commonwealth Bank of Australia
(thousands of pounds):
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 (mil
lions 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
,
National Bank of Bohemia and Moravia (millions of koruny):
Gold.
Foreign exchange
Discounts
Loans
Other assets
Note circulation
Demand deposits
Other liabilities
Central Bank of Bolivia (thousands
of bolivianos):
Gold at home and abroad
Foreign exchange
Loans and discounts
Securities—Government
Other
Other assets
Note circulation
Deposits
Other liabilities
National Bank of Bulgaria 2
Central Bank of Chile (millions of
pesos):
Gold
Discounts for member banks
Loans to Government
Other loans and discounts
Other assets.
Note circulation
,
Deposits—Bank
,..,
Other
Other liabilities
Bank of the Republic of Colombia
(thousands of pesos):
Gold
Foreign exchange
Loans and discounts
Government loans and securities...
Other assets
Note circulation
Deposits
Other liabilities
1943
Oct.
Sept.
1942
Aug.
Oct.
1,072
1,694
347
1,075
798
366
245
1,705
933
519
91
236
1,520
793
45
19
110
38,266
120,152
7,009
47,199
20,066
226,510
172,635
150,012
29,829
37,641
93,417
118,459
v
5,349
7,749
45,913 45,434
22,796
21,431
209,925 139,664
167,317 156,402
146,762 114,106
4,331
8,651
3,818
101
730
703
15,704
1,017
1,308
305
4,337
4,538
4,590
87
749
430
12,841
876
789
223
1,515
1,142
1,515
736
862
24^103
19,002
3,504
5,021
14,737
11,803
3,575
2,472
767
554,951
554,505 395,:,208
371,693
367,041 420,050
356,560
333,494 305
""",389
530,958
544,
,012
40,662
40,641 41,234
81,873
78,266 61,956
1,025,574 1,023,372 773
^ ,746
814,023
795,386 779,•,525
97,100
173,579
99,-301
98,425
95,525
88,560
86,715
3,527
3,918
57,100
55,684
27,571
28,039
111,292 108,869
115,075 112,817
48,816 481,196
261
122
743
872
941
2,078
381
206
272
174
201
729
909
293
1,654
245
136
272
92,679
83,678
6,199
55,684
30,660
108,488
115,684
44,729
39,566
57,641
14,685
60,436
32,675
90,57:
72,602
41,829
Central Bank
(Figures as of last report
date of month)
National Bank of Denmark (millions
of kroner):
Gold.
Foreign exchange
Clearing accounts (net)
Loans and discounts
Securities
Govt. compensation account3
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Central Bank of Ecuador (thousands of sucres):
Gold
Foreign exchange (net)
Loans and discounts
Other assets
Note circulation
Demand deposits
Other liabilities
National Bank of Egypt 5 (thousands
of pounds):
Gold
Foreign exchange
Loans and discounts
British, Egyptian, and other Government securities
Other assets
Note circulation
•..
Deposits—Government
Other
Other liabilities
Central Reserve Bank of El Salvador (thousands of colones):
Gold
Foreign exchange
Loans and discounts
Government debt and securities..
Other assets
Note circulation
Deposits
Other liabilities2
Bank of Finland
Bank of Greece 2
National Bank of Hungary (millions
of pengo):
Gold
Foreign exchange reserve
Discounts
Loans—To Treasury
To foreign countries
Other
Other assets
Note circulation
Demand deposits
Consolidated foreign credits of 1931.
Other liabilities
Reserve Bank of India (millions of
rupees):
Issue department:
Gold at home and abroad. ..
Sterling securities
Indian Govt. securities
Rupee coin
Note circulation
Banking department:
Notes of issue department...
Balances abroad
Treasury bills discounted
Loans to Government
Other assets
Deposits
Other liabilities
Central Bank
of Ireland (thousands
of pounds) :6
Gold^
Sterling funds
Note circulation
..
2
Bank of Japan
Bank of J a v a 2
1943
Oct.
Sept.
1942
Aug.
97
20
1,607
32
55
125
1,989
1,165
755
1,679
326
Oct.
98
17
1,045
42
77
125
1,243
915
468
1,025
237
(Apr.) 4
148,323 98,154
104,071 85,897
82,753 88,005
56,211 43,063
182,832 158,714
179,395 123,819
29,130 32,586
6,241
12,406
2,661
6,251
5,106
4,078
189,976 131,095
5,577
6,834
85,854 73,920
41,545 20,458
75,284 46,031
14,177 12,954
26,661
25,551
829
6,834
589
32,430
22,048
5,986
24,206
8,670
1,189
7,014
559
24,305
11,581
5,753
100
3
2,793
671
761
13
1,166
3,737
591
15
1,165
100
1
1,904
760
422
33
612
2,638
598
21
575
444
6,188
884
149
7,546
444
3,258
1,324
218
5,147
98
944
3
105
1,177
158
117
967
11
11
107
1,048
164
2,646
22,309
24,955
2,646
21,413
24,059
444
6,418
734
149
7,597
148
1,082
90
973
161
ETIN tor Uctober 1943, p . liwy; or ureece (iviarcn iy4i; a n a j a p a n (,septemDer i y * i j , see BULLETIN ior iviarcn lyiz, p p . / s i - z « z ; a n a oi j a v a (January iy^
se BULLETIN for March 1943, p. 278.
3
4
5
6
Represents Bank's claim on the Government for the Bank'sforeign exchange losses resulting from the revaluation of the krone on Jan. 23, 1942.
Latest month for which report is available for this institution.
Items for issue and banking departments consolidated.
The Central Bank of Ireland began operations on Feb. 1, 1943. The text of the Central Bank Act is given in the BULLETIN for February 1943, pp.
22-127.
DECEMBER 1943
1105
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
Oct.
Sept.
Bank of Mexico (thousands of pesos):
Metallic reserve 1
"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 Norway1
Bank of the Republic of Paraguay (millions of pesos):
Gold
Foreign exchange
Loans and discounts
Government loans and securities...
Other assets
.,
Note circulation
Demand deposits—Government
Other
Other liabilities
Central Reserve Bank of Peru (thousands of soles):
Gold and foreign exchange
Discounts..,
Government loans
Other assets
Note circulation
Deposits
Other liabilities
Bank of Portugal (millions of
escudos):
Gold4
Other reserves (net)
Nonreserve exchange
Loans and discounts
Government debt
Other assets
Note circulation
Other sight liabilities
Other liabilities
National Bank of Rumania (millions
of lei):
Gold
Special exchange accounts
Loans and discounts
Special loans (in liquidation)
Government debt
Other assets
Note circulation
,
Demand deposits
Other liabilities
South African Reserve Bank (thousands of pounds):
Gold
Foreign bills
Other bills and loans
Other assets
Note circulation
;....
Deposits...
."
Other liabilities
r
Central Bank
1943
2,802
25,810
37,636
10,323
3,092
33,636
42,920
3,108
20
2,333
106
1,924
2,107
2,531
563
1,905
1,490
Aug
Oct.
1943
(Figures as of last report
date of month)
Oct.
Bank of Spain (millions of pesetas):
Gold
403,457 247,045
Silver
Government loans and securities..
1,165,347 708,305
Other loans and discounts
133,265 112,530
Other assets
52,449 44,819
Note circulation
999,127 664,666
Deposits—Government
614,701 323,516
Other
140,690 124,517
Other liabilities
Bank of Sweden (millions of kronor)
Gold
932
918
Foreign assets (net)
2
6
Swedish Govt. securities and ad2,652 1,439
vances to National Debt Office5.
251
4
Other domestic bills and advances.
158
141
Other
assets
236
79
Note circulation
2,905 2,764
Demand deposits—Government...
390
Other
405 ' 177
Other liabilities
110
67 Swiss
National Bank (millions of
francs):
Gold
2,802 2,802
Foreign exchange
26,988 25,827
Loans and discounts
Other assets..
37,835 26,967
Note circulation
10,320 4,455
Other sight liabilities
2,707 2,472
Other liabilities
33,340 27,590
Central
Bank of the Republic of
44,224 31,791
3,087 3,143 Turkey (thousands of pounds) :
Gold
Foreign clearing accounts
Loans and discounts
Securities
20
Other assets
2,254
Note circulation
105
Deposits—Gold
1,998
Other
1,993
Other liabilities
2,531
Bank of the Republic of Uruguay
620
(thousands of pesos):
1,878
1,341
Issue department:
Gold and silver
Note circulation
(July)3
Banking department:
139,682 115,322
Gold and silver
9,087 11,817
Notes and coin
313,844 248,,923
22,249 24,741
Advances to State and to
i,034
322,399 270,
government bodies
140,967 107,463
Other loans and discounts....
21,496 23,307
Other assets
Deposits
(May) ;
Other liabilities
1,381 Central Bank of Venezuela (thou1,398
3,509 2,839 sands of bolivares):
6,762 5,587
Gold
251
227
Foreign exchange (net)
1,025 1,028
Credits to national banks
1,035 1,035
Other assets
5,502 5,033
Note circulation—Central Bank..
7,560 6,199
National banks..
890
893
Deposits
Other liabilities
;
(July)
National Bank of the Kingdom of
51,098 44,071 Yugoslavia 2
32,917 27,574 Bank for International Settlements
42,486 36,273 (thousands of Swiss gold francs 7 ):
391
264
Gold in bars
20,759 21,231
Cash on hand and on current ac56,202 45,333
count with banks
127,083 107,714
Sight funds at interest
49,337 42,721
Rediscountable bills and accept27,306 24,438
ances (at cost)
76,191
11,715
603
85,827
45,704
124,136
4,496
70,614
1,043
183
65,923
37,339
95,792
4,632
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
Sept.
1942
Aug.
Oct.
(June) 3
749
627
15,766
3,350
2,250
15,192
3,250
3,532
768
824
588
3,896
77
a
(6)
6 1
2,873
1,233
6
719
559
1,050
91
866
2,133
361
313
612
817
575
1,010
91
827
2,045
358
286
630
667
1,146
1,863
436
383
409
3,838
92
r
275
330
2,805
1,455
275
3,807
82
201
319
2,692
1,444
273
3,484
87
71
289
2,429
1,225
277
201,696 45,624
66,287 48,565
657,763 554,553
194,672 189,978
23,660 22,662
722,802 580,043
79,358 79,358
165,399 36,299
176,516 65,683
(June) 3
90,197
119,715
90,875
.08,334
73,266
29,182
63,345
42,654
37,987 40,584
100,394 99,792
162,490 .03,022
155,756 .29,036
247,563 !20,361
157,864
36,665
31,230
12,925
!24,638
27,398
80,288
6,360
257,864
34,312
31,230
13,443
230,365
27,976
70,642
7,865
257,864 96,064
29,519 12,866
31,230 35,230
17,847 11,153
238,410 .66,935
28,971 40,978
62,856 41,080
6,319
6,222
80,067
80,067
62,932
18,044
15,773
23,172
15,718
34,850
15,705
151,399
21,395
197,657
37
40,802
15,320
2,494
229,001
196,755
150,131 42,505
21,394 21,010
194,679 200,856
72
38
41,521 33,703
15,701
2,610
15,483
5,636
229,001 229,001
196,365 194,106
Revised.
1 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
for March 1942,pp.281-282.
Latest month for which report is available for this institution.
Valued at average cost beginning October 1940.
Includes small amount of non-Government bonds.
Figure not available.
7
2
3
4
5
6
See BULLETIN for December 1936, p. 1025.
I2.O6
FEDERAL RESERVE BULLETIN
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum ]
Central bank of—
Date effective
United
King- France Germany
dom
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
2
3
Belrjium
4
2
Netherlands
3
Sweden
2%
Switzerland
2
2
"2H"
"iy2"
"2""
4
6
5
h
4
2%
"3""
3
2H
"4
3
2%
4
Date
effective
5% Mar. 21, 1940
3% Mar. 1, 1936
Jan. 25, 1940
Albania
Argentina
Belgium
Bohemia and
Moravia....
Rate
Nov.
30
Central
bank of—
Date
effective
Japan
3.29
Java
3
Latvia
5
Lithuania. .. 6
Mexico
4^
Apr.
Jan.
Feb.
July
June
7,
14,
17,
15,
4,
1936
1937
1940
1939
1942
Oct.
1, 1940
Nov
Bolivia
6
Nov
British India..
3
Dec.
Bulgaria
5
Mar.
Canada
Chile
3-4% Dec.
July
Colombia
4
8, 1940
28, 1935
1, 1940
11, 1935
16, 1936
18, 1933
Netherlands
New Zealand
Norway
Peru
Portugal....
2%
June 27, 1941
iy2
3
5
3
July
May
Aug.
Apr.
26,
13,
1,
8,
Denmark
Ecuador
El Salvador...
Estonia
Finland
Sept.
June
Dec.
May
Nov.
12, 1940
2, 1941
1, 1938
29,1941
26, 1936
1, 1938
1941
1940
1940
1943
4
7
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
±%
m
Mar.
Apr.
Mar.
Oct.
May
17, 1941
9, 1940
1, 1942
22, 1940
18, 1936
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
3
2
"3MT
France
Germany
Greece
Hungary
Italy. .
sy2
6
3
4%
3
TVTiiv 90
June 27
In effect Nov. 30,
1943
Rate
Nov.
30
Central
bank of—
2%
s%
2
2
2%
NOTE.—Changes since Oct. 31: none
3
OPEN-MARKET RATES
[ Per cent per annum]
United Kingdom
Month
Bankers'
icceptances
3 months
Treasury
bills
3 months
1929—Sept..
1930—Sept..
1931—Sept..
1932—Sept..
1933—Sept..
1934—Sept..
1935—Sept..
1936—Sept..
1937—Sept..
1938—Sept..
1939—Sept..
1940—Sept..
1941—Sept..
1942—Sept..
5.59
2.07
4.74
4.39
1.68
4.04
.67
.58
.55
.55
.91
3.51
.03
.03
.03
5.63
2.05
4.57
.55
.31
.61
.55
.53
.50
.86
3.23
1.03
1.011.00
1942—Oct...
Nov..
Dec...
1943—Jan...
Feb...
Mar..
Apr...
May..
June.
July..
Aug..,
Sept..
.03
.03
.03
.03
.03
.03
.03
1.03
1.03
1.03
1.03
1.03
1.00
1.00
1.01
1.01
1.00
1.00
1.01
1.00
1.00
1.00
1.00
1.00
1.04
1.00
1.00
1.08
1.10
.90
1.03
1.07
1.06
1.04
1.11
1.07
.67
.44
.73
Bankers'
Day-to-day allowance
money
on deposits
.63
.78
.75
.75
.75
.75
2.72
1.00
1.00
1.05
Germany
Private
discount
rate
D ay-to-day
money
7.18
3.30
7.99
4.25
3.88
3.81
3.02
3.00
2.88
2.88
2.75
2.25
2.13
2.13
7.86
3.78
9.15
5.55
5.00
4.71
3.21
3.01
3.07
2.59
2.51
2.03
1.94
1.83
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
1.80
1.75
1.96
1.84
Netherlands
Private
discount
rate
Money
for
1 month
5.36
5.32
1.84
1.21
1.00
1.00
1.00
5.65
1.29
.50
.70
3.66
2.68
2.25
1.96
1.30
.37
.77
.61
5.48
1.23
.14
.32
2.94
2.25
1.88
Sweden
Loans
up to 3
months
3%-5%
S-9%
3%~5\
3-5V
3-5%
3-53J
3-53^
3-5K
3.38
1.50
1.80
1.50
1.50
1.50
2.40
1.98
1.00
1.00
1.25
1.50
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
NOTE.—For figures for other countries and references to explanation of tables see BULLETIN for September 1940, p. 1018.
DECEMBER
1943
11O7
COMMERCIAL BANKS
(11 London clearing banks.
Figures in millions of
pounds sterling)
1935—December
1937—December
19 38 December
1939—December
1940—December
1941—December
...
1942—October
November
December
1943—Tanuarv
February
March
April
May
June
..
J U ly
August
September
Liabilities
Assets
United Kingdom 1
Cash
reserves
Money at
Loans to
call and Bills dis- Treasury
deposit 2 Securities customers
counted receipts
short
notice
244
244
243
274
324
366
195
163
160
174
159
141
322
300
250
334
265
171
350
367
390
379
373
377
375
377
387
375
383
389
136
135
142
146
271
241
198
197
148
173
128
154
236
244
232
209
- 154
139
142
158
165
160
156
148
660
635
635
609
771
999
314
758
890
984
971
1,015
924
823
1,108
1,117
1,120
1,112
1,109
L,132
1,137
,150
1,159
1,162
1,162
1,160
744
804
896
935
933
884
964
' 924
859
900
957
1,045
Deposits
Other
assets
785
774
794
773
775
789
767
769
758
753
739
741
Demand 3
249
256
263
290
293
324
2,315
2,330
2,254
2,441
2,800
3,329
1,288
1,284
1,256
1,398
1,770
2,168
1,012
1,026
997
1,043
1,030
1,161
245
252
269
256
250
253
263
269
325
271
272
283
268
268
305
279
285
293
3,424
3,472
3,629
3,577
3,525
3,542
3,545
3,566
3,630
3,628
3,670
3,737
2,261
2,287
2,429
2,369
2,324
2,362
2,350
2,380
2,432
2,428
2,456
2,504
1,163
1,185
1,200
1,207
1,201
1,180
1,195
1,185
1,199
1,200
1,214
1,233
232
234
236
237
237
235
235
234
238
245
244
248
Assets
Canada
Entirely in Canada
(10 chartered banks. End of
month figures in millions
of Canadian dollars)
Cash
reserves
Security
loans
1936—December
1937—December
1938—December
1939—December
1940—December
1941—December
240
255
263
292
323
356
114
76
65
53
40
32
1942—October
November
December
1943—January
February
March
April '
May
June
July
August
September
413
395
387
347
357
377
400
442
421
25
29
31
29
29
24
25
33
42
....
406
434
36
35
427
34
Other
loans
and discounts
1,088
1,108
1,169
1,078
1,236
1,168
1,100
1,044
1,003
971
1,224
1,214
1,194
1,121
1.045
Other
assets
Note
circulation
Deposits payable in Canada
excluding interbank deposits
Total
(4 large banks. End of month
figures in millions
of francs)
Cash
reserves
Due from
banks
Bills discounted
1936—December
1937—December
1938—December
1939—December 4
1940—December
3,100
3,403
3,756
4,599
6,258
2,975
4,116
4,060
3,765
3,546
17,582
18 249
21,435
29,546
44,243
1941—May
June
July
August
September
October
November
December
1942—January
February
March
April
May
June
July
August
December**
5,740
5,905
6,021
5,613
5,952
6,205
5,997
6 589
6,054
6,321
6,166
6,085
5,928
6,061
6,200
6,224
7,810
3,522
3,558
3,474
3,487
3,451
3,488
3,509
3,476
3,385
3,367
3,122
3,153
3,236
3,211
3,221
3,272
3,458
r
5,229
58,255
57,503
59,856
60,721
59,854
60,9'2
61 897
62,679
62,308
63,506
64,463
67 539
68,897
70,427
71,963
73,917
....
.. .
Demand
Other
liabilities
Time
161
102
166
132
159
168
1,384
1,411
1,463
1,646
1,531
1,759
554
575
535
612
570
653
103
96
88
85
80
71
2,303
2,335
2,500
2,774
2,805
3,105
755
752
840
1,033
1,163
1,436
1.548
L.583
1,660
1,741
1,641
1,669
837
850
843
963
846
962
194
194
231
242
239
223
218
212
204
2,379
2,304
2,293
2,302
2,380
2,689
2,818
2,728
2,687
2,652
2,681
2,881
602
618
657
582
589
599
660
632
665
68
64
60
58
679
46
3,604
3,680
3,657
3,494
3,533
3,816
3,984
4,152
4,101
3,959
3,978
4,085
1,895
2,050
1,984
1,772
1,738
1,927
2,058
2,419
2,319
2,133
2,062
2,096
1,709
1,630
1,673
1,723
1,796
1,890
1,926
1,732
1,782
1,826
L,916
1,989
1.018
1,032
1,049
,050
,048
,044
,056
1,068
1,084
,094
,131
,133
185
242
198
57
54
52
50
49
48
46
626
641
Liabilities
Assets
France
Time3
Liabilities
Security
loans
abroad
and net Securities
due from
foreign
banks
791
862
940
Other
liabilities
Total
Deposits
Other
assets
Total
Demand
7,631
7,624
7,592
7,546
7,984
1,957
2,134
1,940
2,440
1,999
28,484
. 30,348
33,578
42,443
58,890
27,955
29,748
33,042
41,872
58,413
8,129
8,410
7,897
7,741
8,010
9,202
8,150
8,280
8,807
9,301
9,674
9,570
9,496
10,185
10,259
10,265
10,625
1,588
1.674
1,828
1,736
1,764
1,873
1,994
2,033
1,279
1,237
1,297
1,371
1,421
1.550
1,784
1.842
2,622
70,321
72,589
71,456
73,094
74,397
75,108
74,946
76,675
77,415
77,759
78,777
79,430
82,239
84,405
86,180
87.753
91 ,549
69,379
71,607
70,476
72,111
73,425
74,156
74,018
75,764
76,514
76,873
78,382
79,051
81,879
84,044
85,835
87,423
91,225
Own
Time
ances
529
600
Other
liabilities
537
571
477
473
661
721
844
535
4,289
4,517
4,484
4,609
4,604
941
982
980
984
972
952
928
912
477
497
479
438
402
415
446
413
901
388
4,409
4,716
4,788
4,900
5,099
5,098
5,201
5,187
4,401
4,398
4,691
4,910
5,037
5,150
5,318
5,429
6,422
887
395
379
361
362
377
298
302
344
349
346
330
392
383
324
462
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 Re
~
"
- - - - - - - 4
5
Figures for three banks only. Data for Credit In
Figures for September—November incomplete.
NOTE.—For other back figures and explanation of tables, and for figures for German commercial banks, see BULLETIN for June 1941, p. 596; August
1939, p. 699; June 1935, pp. 388-390; and October 1933, pp. 641-646.
I2.O8
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
Official
Special
Export
Australia
(pound)
Official
Free
10.1452
5.0833
5.1240
5.1697
5.1716
5.1727
5.1668
2
5.1664
4.0000
4.0000
4.0000
4.0000
2
4. 0000
34.094
36.571
29.751
29.606
21.360
11.879
6.000
2
5.313
Neth-
New
67.383
67.715
64.481
55.045
55.009
53.335
2
53.128
402.46
391.26
398.92
396.91
392.35
354.82
306.38
322.54
322.78
89.640
90.037
89.923
90.199
90.137
90.099
90.585
90.638
90.150
89.426
1943—Jan
Feb
Mar
Apr
May
June :
July
Aug
Sept
Oct
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
23.704
23.704
23.704
24.332
25.188
25.188
25.188
25 188
25.147
75.125
322.80 321.50
322.80 321.50
322.80
322.80
322.80
322.80
322.80
322.80
322.80 1.
2.2277
2.1627
2.1903
2.1811
2.1567
1.9948
1.8710
2
2.0101
6.0600
6.0593
6.5688
6.6013
6.1141
4.0460
2.8781
2.5103
2
2.0827
39.375
40.258
40.297
40.204
40.164
40.061
40.021
2
39.968
6*. 1983
.9402
.9386
.9289
.9055
.8958
.8153
2
.6715
1.2852
1.2951
1.2958
1.2846
21.2424
38.716
48.217
31.711
30.694
30.457
27.454
22.958
2
24.592
Hungary
(pengo)
Italy
(lira)
Japan
(yen)
29.575
29.602
29.558
19.779
19.727
19.238
18.475
2
19.770
8.5617
8.2471
7.2916
5.2607
5.2605
5.1959
5.0407
2
5.0703
29.715
28.707
29.022
28.791
28.451
25.963
23.436
2
23.439
1943—Jan.
Feb
Mar.
Apr
May
June
July
Aug
Sept.
Oct
57.222
57 220
57.233
57.280
57 280
57.280
57.278
57.277
57.277
57.277.
Year or month
Norway Poland
(krone) (zloty)
25.316
24.627
24.974
24.840
24.566
23.226
2
22.709
27.742
27.778
27.760
27.750
22.122
19.303
18.546
20.538
20.569
20.573
20.573
20.573
20.574
20 580
20.580
20.577
20.575
20.578
20.580
i
18.846
18.882
18.875
18.923
18.860
2
18.835
Straits
Settle- Sweden Switzerland
(krona) (franc)
(pound) (peseta) ments
(dollar)
Portu- Ruma- S o u t h S p a i n
gal
nia Africa
(escudo)
4.6089
4.4575
4.5130
4.4792
4.4267
4.0375
3.7110
2
4.0023
(leu)
1.0006
.9277
.7382
.7294
.7325
.7111
2
.6896
498.29
484.66
491.65
489.62
484.16
440.17
397.99
398.00
398.00
13.615
13.678
12.314
6.053
5.600
10.630
9.322
2
9.130
59.005
57.173
58.258
57.973
56.917
51.736
46.979
47.133
2
46.919
25.982
25.271
25.626
25.487
25.197
23.991
23.802
2
23.829
32.366
32.497
30.189
22.938
22.871
22.525
22.676
2
23.210
United Kingdom
(pound)
2
Mexico erlands Zea(peso) (guild- land
(pound)
er)
20.573
20.573
57.030
57.177
1942—Nov.
Dec
1934
1935
1936
1937
1938
1939
1940
1941
1942
90!909
90.909
101.006
99.493
99.913
100.004
99.419
96.018
85.141
87.345
88.379
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
321.50
321.50
22.500
21.883
22.189
22.069
21.825
20.346
2
19.308
Official
30.122
6.0586 5.1316
30.122
6.0586 5.1292
6.0586 5.1275
30.122
6.0586 5.1275
30.122
30.123
6.0587 5.1276
30.122
6.0586 5.1275
30.122
6.0586 5.1275
30.122
6.0586 5.1275
6.0586 5.1275
30.122
6 0586 ' 5 1275 30,122
FinGerl a n d F r a n c e m a n y Greece Hong
Kong
(mark- (franc) (reichs- (drachma)
(dollar)
mark)
ka)
322.80
322.80
8.4268
8.2947
8.5681
8.6437
5.8438
6.0027
6.0562
6.0575
6.0584
^
1
Uruguay
(peso)
Noncontrolled
Official
Free
Controlled
403^50
403.50
503.93
490.18
497.09
494.40
488.94
443.54
383.00
403.18
403.50
79.956
80.251
79.874
79.072
64.370 2
62.011 36.789
65.830 37.601
65.830 43.380
65.830. 52.723
1942—Nov
Dec
398.00
398.00
403.50
403.50
403.50
403.50
65.830
65.830
52.733
52.734
1943—Tan
Feb.
Mar.
Apr. .
May
June
July
398.00
398.00
398.00
398.00
398.00
398 00
398.00
398 00
398.00
398.00
403.50
403.50
403.50
403.50
403 50
403.50
403.50
403.50
403.50
403 50
403.50
403.50
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
52.754
52.803
52.805
52.749
52.710
52.829
52.866
52.871
52.929
52.978
Aug
Sept
Oct
China
Free
Official
88.087
87.883
23.704
23.704
23.287
18.424
16.917
16.876
16.894
16.852
2
16.880
, C h i l e (peso)
(yuan
ShangExport hai)
90.909
90.909
29.773
29.773
4.2424
4.1642
4.0078
3.4930
3.4674
2
3.4252
Free
C a n a d a (dollar)
30.122
30.122
1942—Nov
Dec
61.780
56.011
57.083
56.726
55.953
57.061
57.085
57.004
,..,..,
. . . .. 57.052
Bulgaria
(lev)
5.1526
5.1520
400.95
388.86
395.94
393.94
389.55
353.38
305.16
321.27
321.50
1934
1935
1936
1937
1938
1939
1940
1941
1942
Official
British
India
rupee)
5^248
5.0214
5.0705
5.1427
33.579
32.659
33 137
32.959
32.597
30.850
'2322!80'
29.773 2
29.773 ' 23i704' 322.80
322.80
29.773
23.704
Colom- Czecho- ! Denbia Slovakia mark
(peso) (koruna) (krone)
Brazil
(cruzeiro1)
37.879
36.964
37.523
37.326
36.592
33.279
30.155
30.137
30.122
1934
1935
1936
1937
1938
1939
1940
1941
1942
Year or month
Belgium
(belga)
322.78
322.78
322.78
323.30
324.42
324.42
324.42
324.42
324.42
324.42
324.42
324.42
Yugoslavia
(dinar)
2.2719
2.2837
2.2965
2.3060
2.3115
2.2716
2.2463
2
2.2397
1
2
Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis."
Average of daily rates for that part of the year during which quotations were certified.
NOTE.—Developments affecting averages during 1943:
Certified rates discontinued: Australia and United Kingdom, free rates, after Feb. 1.
Changes in nominal status (noted only if affecting quotations for at least five days a month): none.
For further information concerning the bases and nominal status of exchange quotations, and concerning suspensions of quotations prior to 1943.
see BULLETIN for February 1943, p. 201; March 1942, p. 285; February 1941, p. 183; February 1940, p. 178; September 1939, p. 831; March 1939, p. 236; and
March 1938, p. 244.
DECEMBER
1943
1x09
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
Year or month
United
States
United
Kingdom
Canada
France
Germany
Japan
Italy
(October
(1926=100) (1926=100) (1930=100) (1913 = 100) (1913=100) (1928 = 100) (1900=100)
1926
100
100
U24
695
134
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
86
73
65
66
75
80
81
86
79
77
79
87
99
87
72
67
67
72
72
75
85
79
75
83
90
96
100
88
86
86
88
89
94
109
101
103
137
153
159
554
500
427
398
376
338
411
581
653
2
681
125
111
97
93
98
102
104
106
106
107
110
112
114
100
100
101
102
103
103
104
104
104
103
103
103
103
97
97
97
97
98
99
99
99
100
100
100
101
160
161
161
162
162
162
163
163
163
164
162
163
1942-October...
November
December.
1943—January.. .
February..
March
April
May
June
July
August. ..
September
. October...
85
75
70
63
62
68
76
89
95
99
116
132
115
115
115
116
116
116
116
116
116
r
116
117
116
Netherlands
Sweden
(1926-30
= 100)
(1935 = 100)
Switzerland
(July 1914
= 100)
237
106
U26
144
181
153
161
180
178
186
198
238
251
278
311
329
90
76
65
63
63
62
64
76
72
74
i 103
l 94
i 92
i 90
i 96
100
102
114
111
115
146
172
189
126
110
96
91
90
90
96
111
107
111
143
184
210
193
195
195
196
197
197
197
197
197
196
195
P195
212
214
215
215
217
217
218
218
218
218
218
nsi
PS65
p
Preliminary. r Revised.
1 Approximate figure, derived from old index (1913=100).
2 Average based on figures for 8 months; no data available since August 1939, when figure was 674.
3 Average based on figures for 5 months; no data available since May 1940, when figure was 89.
(
Sources— See BULLETIN for January'1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678.
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United States
Canada
(1926=100)
(1926=100)
Raw and Fully and
partly
chiefly
manumanufactured factured
goods
goods
Year or month
Other
commod-
129
130
R7
75
70
70
73
73
74
81
78
75
82
90
82
89
92
100
89
88
83
85
87
92
102
97
97
133
146
158
100
87
85
87
90
90
96
112
104
106
138
156
160
113
104
91
87
96
102
105
105
106
108
111
112
115
120
103
89
88
91
92
94
96
94
95
99
100
102
150
136
118
113
116
119
121
125
126
126
129
133
134
92
93
93
93
94
96
97
98
99
100
101
101
*>103
92
93
93
93
93
93
93
93
93
93
93
94
P94
156
158
159
160
160
160
161
162
161
164
158
159
162
162
162
163
163
163
163
163
164
164
164
165
116
116
117
119
118
118
119
119
119
121
102
102
102
102
103
103
103
102
102
102
134
134
134
134
134
135
134
134
135
135
1926
100
100
100
100
100
100
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
88
65
48
51
65
79
81
86
69
65
68
82
106
91
75
61
61
71
84
82
86
74
70
71
83
100
85
75
70
71
78
78
80
85
82
81
83
89
96
82
56
48
51
59
64
69
87
74
64
67
71
82
82
62
55
57
64
66
71
84
73
67
109
111
114
117
119
123
124
126
126
125
124
C
123
122
103
104
104
105
106
107
108
111
110
107
106
105
105
96
96
96
96
96
97
97
97
97
97
97
97
97
86
37
87
88
89
91
92
93
94
96
98
98
1942-October...
November.
December.
1943—January...
February..
March....
April
May......
June......
July
August. . .
September
October...
*104
.
IndusIndustrial
products
Foods
ities
(1913 = 100)
Foods
x1 arm
products
Farm
products
Germany
United Kingdom
(1930 = 100)
75
Agricul- trial raw
tural
and semiproducts finished
products
ii9
""iO2"
136'
p
Preliminary. c Corrected.
Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159.
IilO
FEDERAL RESERVE BULLETIN
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
RETAIL FOOD PRICES
[Index numbers]
United
CanStates
ada
(1935-39 (1935-39
= 100)
= 100)
Year or month
COST OF LIVING
[Index numbers]
United
King- Ger- Nether,
lands
many
dom
(July (1913-14 (1911-13
100) = 100)
1914
= 100)
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
87
84
94
100
101
105
98
95
97
106
124
86
85
93
95
98
103
104
101
106
116
127
126
120
122
125
130
139
141
141
164
168
161
116
113
118
120
122
122
122
123
128
129
132
1942—October . . .
November.
December .
1943—January . . .
February ..
March....
April
May
June
July
August....
September..
October...
130
131
133
133
134
137
141
143
142
139
137
137
138
130
132
133
127
127
128
129
130
162
163
164
164
164
165
165
165
165
168
167
166
128
129
129
131
132
133
133
134
136
140
139
. 131
132
133
134
Switzerland
(June
1914
= 100)
119
120
124
118
120
127
130
130
2
140
125
117
115
114
120
130
130
132
146
175
200
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
204
206
208
209
210
210
210
210
211
211
211
1942-October...
November .
December.
1943-January...
February...
March
April
May
June
July
August
September..
October...
132'
^133
Year or month
United
CanStates
ada
(1935-39 (1935-39
= 100)
= 100)
;
United
Ger- NetherKinglands
dom
many
(July (1913-14 (1911-13
= 100) = 100)
1914
= 100)
98
92
96
98
99
103
101
99
100
105
117
99
94
96
96
98
101
102
102
106
112
117
144
140
141
143
147
154
156
158
184
199
200
121
118
121
123
125
125
126
126
130
133
137
119
120
120
121
121
123
124
125
125
124
123
124
124
118
119
119
117
117
117
118
118
119
119
119
119
PH9
200
200
200
199
199
199
198
199
198
200
199
198
2>199
135
135
136
137
137
138
138
139
139
142
141
Switzerland
(June
1914
= 100;
141
139
140
136
*132
137
139
140
3148
138
131
129
128
130
137
137
138
151
174
193
197
199
200
201
201
201
203
203
203
204
204
138
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
United
States
(derived
price) 1
United
Kingdom
(December
1921 = 100)
Number of issues
15
87
1926
90.1
110 0
57.4
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
84.4
91.2
98.2
105.5
109.5
1
110.2
111.1
113.8
115.9
117.8
118.3
113.2
119.7
127.5
129.9
131.2
124.6
121.3
112.3
118.3
123.8
127.3
88.6
81.3
82.1
83.5
76.3
75.1
77.3
83.9
7
84.7
2*98.7
7
100.1
Year or month
. . . .
. . . .
1942—October
November
December
1943—January
February
March
April
May
June
July
August
September
October
119.3
119.5
118.9
119 5
120 0
119.8
119.9
120.1
120.5
121 1
121.1
120.8
120.9
128 1
127.5
127.3
129 0
128 9
128.8
129.0
127.1
127.0
127 8
127.2
126.9
Germany
France
(average2
(1913 = 100)
price)
36
2
5
139
67.1
82.5
90.7
6
95.1
95.8
98.7
99.9
99.0
100.7
10p
103.0
7
103.3
Netherlands 3
8
94.8
105.3
113.4
107.8
109.1
3
101.8
105.9
90.9
8
77.9
United
States
(1935-39
= 100)
(1926=100)
United
Kingdom
France
Germany
278
300
(4)
105.6
100.0
100.0
100.0
51.2
67.0
76.6
82.9
117.5
117.5
88.2
94.2
88.1
80.0
69.4
67.9
78.6
85.7
86.3
97.0
96.3
80.8
75.9
70.8
72.5
75.3
105.2
99.6
83.3
79.7
77.2
97.4
89.7
98.3
7
120.6
U
289.7
?476
78.4
80.4
80.1
82.4
82.2
82.6
83.7
84.3
84.1
85 6
86.0
86.6
2*507
p
529
P583
402
74.2
75.2
75.9
79.7
84.8
88.2
91.3
95.2
96.7
98 5
94.4
95.6
94.8
Netherlands
(1930=100)
100
5
50.3
61.7
71.1
82.9
91.6
102.6
100.1
94.1
114.6
136.8
142.1
142.7
142.8
143.5
145.1
46
52
55
55
66
104.2
95.8
89.7
95.0
129.0
131.5
9
125.3
128.8
135.9
•143.5
156.2
155.0
1 Figures
represent calculated prices of a 4 per cent, 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds
Fi
for the series beginning 1937 and for a varying number of high-grade bonds for the series prior to that date. The yearly average for 1937 is the same for
bothh2 series. Source.—Standard
and Poor's
Source.Standard
Poors Corporation.
Since
Apr.
Si
A 1,
1 1935,
1935 the
th 139 bonds
b d included
i l d d iin the calculation of the average price have all borne interest at 4^2 per cent. The series prior to that
date3is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent.
Indexes of reciprocals of average yields. For old index, 1929-1936,1929 = 100; average yield in base year was 4.57 per cent. For new index beginning
January
1937, Jan.-Mar. 1937 = 100; average yield in base period was 3.39 per cent.
.
#
4
This number originally 329, has declined as the number of securities eligible for the index has diminished. In May 1941, it was down to 287.
5
Average
May-Dec,
only;
exchange
closed
Jan.
1-Apr.
11.
J
Average
Apr.-Dec.
only.
Average
Jan.-Mar.
on
old basis was 95.9
7
Average based on figures for 5 months; no data available June-Dec.
* Average based on figures for 7 months; no data available May-Sept.
9
10
Average
based
on
figures
for
9
months;
no
data
available
May-July.
Average
based
on
figures
for
11
months;
no
data
available
for December.
11
Average based on figures for 10 months; no data available Jan.-Feb.
Sources.-See BULLETIN for November 1937, p . 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121.
DECEMBER
1943
IZII
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 THTJRSTON, Special Assistant to the Chairman
DIVISION OF BANK OPERATIONS
OFFICE OF THE SECRETARY
CHESTER MORRILL, Secretary
LISTON P . BETHEA, Assistant
EDWARD L. SMEAD, Chief
Secretary
S. R. CARPENTER, Assistant Secretary
J. R. VAN FOSSEN, Assistant Chief
J. E. HORBETT, Assistant Chief
FRED A. NELSON, Assistant Secretary
LEGAL DIVISION
WALTER WYATT, General Counsel
J. P. DREIBELBIS, General Attorney
GEORGE B. VEST, Assistant General Attorney
B. MAGRUDER WINGIIELD, Assistant General
Attorney
DIVISION OF RESEARCH AND STATISTICS
E. A. GOLDENWEISER, Director
WOODLIEF THOMAS, Assistant Director
WALTER R. STARK, Assistant Director
DIVISION OF SECURITY LOANS
CARL E. PARRY, Chief
DIVISION OF PERSONNEL ADMINISTRATION
ROBERT F. LEONARD, Director
OFFICE OF ADMINISTRATOR FOR WAR
LOANS COMMITTEE
EDWARD L. SMEAD, Acting Administrator
GARDNER L. BOOTHE, II, Assistant Adminis-
trator
DIVISION OF EXAMINATIONS
LEO H. PAULGER, Chief
C. E. CAGLE, Assistant Chief
WILLIAM B. POLLARD, Assistant Chief
FEDERAL
OPEN MARKET COMMITTEE
MARRINER S. ECCLES, Chairman
ALLAN SPROUL, Vice Chairman
WM. A. DAY
ERNEST G. DRAPER
R. M. EVANS
M. J. FLEMING
JOHN K. M C K E E
W. S. MCLARIN, JR.
W. W. PADDOCK
RONALD RANSOM
M. S. SZYMCZAK
CHESTER MORRILL, Secretary
S. R. CARPENTER, Assistant Secretary
WALTER WYATT, General Counsel
J. P. DREIBELBIS, Assistant General Counsel
E. A. GOLDENWEISER, Economist
MALCOLM H. BRYAN, Associate Economist
KENNETH H. MACKENZIE, Associate Economist
OLIVER P. WHEELER, Associate Economist
JOHN H. WILLIAMS, Associate Economist
ROBERT G. ROUSE, Manager of System Open Market
Account
12.12.
FISCAL AGENT
O. E. FOULK, Fiscal Agent
JOSEPHINE E. LALLY, Deputy Fiscal Agent
FEDERAL
ADVISORY COUNCIL
CHAS. E. SPENCER, JR., BOSTON DISTRICT
GEORGE L. HARRISON, N E W YORK DISTRICT
Vice President
WILLIAM F. KURTZ,
PHILADELPHIA DISTRICT
B. G. HUNTINGTON,
CLEVELAND DISTRICT
ROBERT V. FLEMING,
RICHMOND DISTRICT
H. LANE YOUNG,
ATLANTA DISTRICT
EDWARD E. BROWN,
CHICAGO DISTRICT
President
RALPH C. GIFFORD,
ST. LOUIS DISTRICT
LYMAN E. WAKEFIELD, MINNEAPOLIS DISTRICT
W. DALE CLARK,
KANSAS CITY DISTRICT
NATHAN ADAMS,
DALLAS DISTRICT
GEORGE M. WALLACE,
SAN FRANCISCO DISTRICT
WALTER LICHTENSTEIN, Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, D E P U T Y CHAIRMEN, A N D SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal
Reserve
Bank of
Chairman and
Federal Reserve
Agent
Deputy Chairman
Boston.......
Albert M. Creighton
Henry S. Dennison
W. W. Paddock
William I. Myers
Allan Sproul
New Y o r k . . . Bcardsley Ruml
President
First Vice President
William Willett
Vice Presidents
K. K. Carrick
E. G. Hult
J. C. Hunter 1
Carl B. Pitman
R. M. Gidney
L. R. Rounds
T
Philadelphia.. Thomas B. McCabe
Warren F. Whittier
Alfred H. Williams
W TCrtnlr*
Walter S. Logan
J. M. Rice
Robert G. Rouse
John H. Williams
W. J. Davis
Frank J. Drinnen
F C Will
Cleveland
Geo. C. Brainard
Richmond . . . Robt. Lassitcr
R. E. Klages
M. J. Fleming
R. B. Hays
W. G. Wysor
Hugh Leach
J.S. Waldeo,Jr<
C. A. Mcllhcnny*
C. A. Sienkiewicz
Wm. H. Fletcher
J. W. Kossin
A. H. Laning 2
B. J. Lazar
K. H. MacKenzic
W. F. Taylor
J. G. Fry
R. W. Mercer
Edw. A. Wayne
L. M. Clark
Atlanta
Frank H. Ncely
J. F. Porter
W.S. McLarin,Jr,
Malcolm H. Bryan
Chicago
Simeon E. Leland
W. W. Waymack
C. S, Young
H. P. Preston
St. Louis
Wm. T. Nardin
Oscar G. Johnston
Chester C. Davis
F. Guy Hitt
Roger B. Shcpard
J. N. Peyton
0 . S. Powell
H F CnrmifF
Minneapolis.. W. C. Coffcy
Kansas City.. R. B. Caldwcll
Dallas
Jay Taylor
San Francisco Henry F. Grady
Allan M. Black1
J. H. DiUard
Charles B. Dunn
E. C. Harris
O. J. Netterstrom
Alfred T. Sihler
O. M. Attebery
Henry H. Edmistoo
C. M. Stewart
A. W. Mills1
Robert L. Mehornay
H. G. Lcedy
Henry O. Koppang
J. B. Cozzo
R. R. Gilbert
E. B. Stroud
E. W. Swanson
Sigurd Ueland
A. R. Upgren
Harry I. Ziemcr
Raymond W. Hall
D. W. Woolley*
E. B. Austin
Ira Clerk
W. J. Evans
W. O. Ford
W. D. Gentry 8
L. G. Pondrom
C. E. Earhart
St. George Holdcn
Wm. A. Day
H. N. Mangels 1
R. B. West
MANAGING OFFICERS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
New York
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Branch
Managing Director
Buffalo
Cincinnati
Pittsburgh
Baltimore
Charlotte
Birmingham
Jacksonville
Nashville
New Orleans
Detroit
Little Rock
Louisville
Memphis
R. B. Wiltse
B. J. Lazar3
J. W. Kossin3
W. R. Milford
W. T. Clements
P. L. T. Beavers
Geo. S. Vardeman, Jr.
Joel B. Fort, Jr.
E. P. Paris
E. C. Harris*
A. F. Bailey
C. A. Schacht
W. H. Glasgow
iCashicr.
DECEMBER
1943
2
Also Cashier*
Federal Reserve
Bank of
Branch
Managing Director
Minneapolis
Helena
R. E. Towle
Kansas City
Denver
Oklahoma City
Omaha
Jos. E. Olson
G. H. Pipkin
L. H. Earhart
Dallas
El Paso
Houston
San Antonio
J. L. Hermann 4
E. B. Austin 3
L. G. Pondrom 3
San Francisco...
Los Angeles
Portland
Salt Lake City
Seattle
W. N. Ambrose
D. L. Davis
W. L. Partner
C. R. Shaw
3
Vice President.
'Manager.
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
w
= g i
BOUNDARrES OF FEDERAL RESERVE DISTRICTS
—
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
^L
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
<§)
FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITIES
O
FEDERAL RESERVE BANK AGENCY
JANUARY 2. 1943
BOARD OF GOVERNORS OF THE. FEDERAL RESERVE SYSTEM
INDEX TO VOLUME 29
Pages
Absorption of exchange or collection charges:
As payment of interest on deposits, interpretation of
Regulation Q
817
Resolution signed by group of member banks
1058
Acceptances, bankers:
Buying rates
50, 146, 228, 308, 426,
528, 630, 748, 854, 988, 1072, 1156
Open market, rates on
67, 163, 245, 325, 443,
545, 647, 765, 871, 1005, 1089, 1173
Outstanding
66, 162, 244, 324, 442,
544, 646, 764, 870, 1004, 1088, 1172
Addresses:
Eccles, Marriner S., on "War Bonds, Taxes, and
Economic Stability," given on National Radio
Forum
393
Admissions of State banks to membership in Federal
Reserve System
43, 128, 221, 302, 419,
522, 623, 741, 850, 937, 1065, 1149
Agricultural loans:
Member banks, call dates
60, 156, 238, 318, 436,
538, 640, 758, 864, 998, 1082, 1166
Agriculture:
Crop reports
93, 787, 893, 1027,1111,1195
National summary of business conditions
625, 743, 848, 939, 1067
United Nations conference on
609
Albania:
Discount rate of central bank... . 103, 199, 279, 361, 477,
579, 699, 799, 909, 1041, 1129, 1207
Alexander, William A,, appointed director of Denver
Branch for unexpired term
221
Announcement of Treasury
financing
293, 707, 1147
Annual reports:
Bank for International Settlements
15
Bank of Canada
218
Central Bank of the Argentine Republic
613
Swiss National Bank
841
Argentina:
Annual report of the Central Bank of. .
.613
Central Bank of:
Condition
101, 197, 277, 359, 475,
577, 697, 797, 907, 1039, 1127, 1205
Discount rate
103, 199, 279, 361, 477,
579, 699, 799, 909, 1041, 1129, 1207
Gold reserves
96, 192, 272, 354, 470,
572, 692, 792, 902, 1034, 1122, 1200
Foreign exchange rates
105, 201, 281, 363, 479,
581, 701, 801, 911, 1043, 1131, 1209
Gold movement to and from United States
58, 154
Arthur, W. C , appointed director of Pittsburgh Branch
for unexpired term
522
Assets and liabilities:
All banks in United States. .
.. 681, 1115
All member banks:
Classes of banks, June 30, 1943
1030
December 31, 1942
350
Commercial banks in United Kingdom, Canada, and
France
104, 200, 280, 362, 478,
580, 700, 800, 910, 1042, 1130, 1208
Federal Reserve Banks:
All banks
.. .51, 147, 229, 309, 427,
529, 631, 749, 855, 989, 1073, 1157
Each bank
52, 148, 230, 310, 428,
530, 632, 750, 856, 990, 1074, 1158
Foreign central banks
99, 195, 275, 357, 473,
575, 695, 795, 905, 1037, 1125, 1203
DECEMBER
I943
Pages
Assets and liabilities—Continued.
Government corporations and credit agencies
74, 170, 252, 297, 332,
450, 552, 654, 772, 878, 1012, 1096, 1180
Insured commercial banks in United States and
possessions
570, 1031
Mutual savings banks, by States
685
National banks, by States
683
Private banks, by States
685
State banks, by States
684
Australia:
Commonwealth Bank of:
Condition
101, 197, 277, 359, 475,
577, 697, 797, 907, 1039, 1127, 1205
Foreign exchange rates
105, 201, 281, 363, 479,
581, 701, 801, 911, 1043, 1131, 1209
Gold movements.
97, 193, 273, 355, 471,
573, 693, 793, 903, 1035, 1123, 1201
Gold production
97, 193, 273, 355, 471,
573, 693, 793, 903, 1035, 1123, 1201
Babb, Max W., Class B Director of Federal Reserve Bank
of Chicago, death of
302
Bank credit:
Current statistics for Federal Reserve chart book
91,185, 267, 347, 466,
568, 670, 788, 894, 1028, 1112, 1196
National summary of business conditions
45, 141, 223, 304, 421,
524, 625, 743, 848, 939, 1067, 1150
Bank debits:
Debits to individual accounts, monthly table
58, 154, 236, 316, 434,
536, 638, 756, 862, 996, 1080, 1164
Revision of statistics of
717
Bank for International Settlements:
Annual report of
15
Condition
102, 198, 278, 360, 476,
578, 698, 798, 908, 1040, 1128, 1206
Gold reserves
96, 192, 272, 354, 470,
572, 692, 792, 902, 1034, 1122, 1200
Bank funds, changing distribution of
207
Bank loans:
All banks, call dates
60, 156, 238, 318, 436,
538, 640, 758, 864, 998, 1082, 1167
(See also Loans)
Bank premises:
All member banks, December 31, 1942
350
Federal Reserve Banks
52, 148, 230, 310, 428,
530, 632, 750, 856, 990, 1074, 1158
Bank suspensions
58, 154, 236, 316, 434,
536, 638, 756, 862, 996, 1080, 1164
Bankers' acceptances: (See Acceptances, bankers')
Bankers' balances:
Member banks on call dates
61, 157, 239, 319, 437,
539, 641, 759, 865, 999, 1083, 1167
Weekly reporting member banks:
By Federal Reserve districts. .65, 161, 243, 323, 441,
543, 645, 763, 869, 1003, 1087, 1171
New York City and outside... 63,159, 241, 321, 439,
541, 643, 761, 867, 1001, 1085, 1169
Banking funds:
Foreign, increase in United States. .98,194,274, 356, 472,
574, 694, 794, 904, 1036, 1124, 1202
Banks:
Consolidations
190, 686, 899, 1198
Government securities held by. . . .72, 168, 250, 330, 448,
550, 652, 770, 876, 1010, 1094, 1178
INDEX TO VOLUME
Pages
Banks—Continued.
Number of:
By districts
By States
Call dates
Changes in
Suspensions
Banks for cooperatives:
Loans by
681
687
59, 155, 237, 317, 435,
537, 639, 757, 863, 997, 1081, 1165
190, 686, 899, 1198
58, 154, 236, 316, 434,
536, 638, 756, 862, 996, 1080, 1164
74, 170, 252, 332, 450,
552, 654, 772, 878, 1012, 1096, 1180
Barclay, Robert D., appointed director of San Antonio
Branch for unexpired term
221
Belgian Congo:
Gold production
97, 193, 273, 355, 471,
573, 693, 793, 903, 1035, 1123, 1201
Belgium:
Budget and official
financing
41
Foreign exchange rates
:
105, 201, 281, 363, 479,
581, 701, 801, 911, 1043, 1131, 1209
Gold movements
97, 193, 273, 355, 471,
573, 693, 793, 903, 1035, 1123, 1201
National Bank of (Bank of Issue of Brussels):
Condition
101, 197, 277, 359, 475
577, 697, 797, 907, 1039, 1127, 1205
Discount rate
103, 199, 279, 361, 477,
579, 699, 799, 909, 1041, 1129, 1207
Gold reserves
96, 192, 272, 354, 470,
572, 692, 792, 902, 1034, 1122, 1200
Bills, discounted by Federal Reserve Banks:
All banks combined
49, 145, 227, 307, 425,
527, 629, 747, 853, 987, 1071, 1155
Each bank. .
52, 148, 230, 310, 428,
530, 632, 750, 856, 990, 1074, 1158
Maturity distribution
51, 147, 229, 309, 427,
529, 631, 749, 855, 989, 1073, 1157
Member and nonmember banks.. .51, 147, 229, 309, 427,
529, 631, 749, 855, 989, 1073, 1157
Board of Governors of the Federal Reserve System:
Members and officers
108, 204, 284, 366, 482,
584, 704, 804, 914, 1046, il34, 1212
Bohemia and Moravia:
National Bank of:
Condition
101, 197, 277, 359, 475
577, 697, 797, 907, 1039, 1127, 1205
Discount rate
103, 199, 279, 361, 477
579, 699, 799, 909, 1041, 1129, 1207
Bolivia:
Central Bank of:
Condition
101, 197, 277, 359, 475,
577, 697, 797, 907, 1039, 1127, 1205
Discount rate
103, 199, 279? 361, 477,
579, 699, 799, 909, 1041, 1129, 1207
Gold movements to and from United States
58, 154
Bond yields:
Government, municipal, and corporate
67, 163, 245, 325, 443,
545, 647, 765, 871, 1005, 1089, 1173
Bonds:
New security issues
68, 164, 246, 326, 444,
546, 648, 766, 872, 1006, 1090, 1174
Prices in principal countries
107, 203, 283, 365, 481,
583, 703, 803, 913, 1045, 1133, 1211
Prices in United States
68, 164, 246, 326, 444,
546, 648, 766, 872, 1006, 1090, 1174
United States savings, sales [of
71, 167, 249, 329, 447,
549, 651, 769, 875, 1009, 1093, 1177
(See also Government securities)
ni6
Pages
Borrowings:
Member banks on call dates
61, 157, 239, 319, 437,
539, 641, 759, 865, 999, 1083, 1167
Weekly reporting member banks:
By Federal Reserve districts. .65, 161, 243, 323, 441,
543, 645, 763, 869, 1003, 1087, 1171
New York City and outside... 63, 159, 241, 321, 439,
541, 643, 761, 867, 1001, 1085, 1169
Branch banks:
Federal Reserve System:
Cincinnati:
Bylaws amended to provide for Vice President as chief executive officer
302
Lazar, B. J., made Vice President at Federal
Reserve Bank of Cleveland and designated chief executive officer of Branch. .. 302
Detroit:
Bylaws, revision to eliminate position of
Managing Director
128
Chalfont, H. J., title changed to Manager
and position of Managing Director discontinued
128
Harris, E. C , appointed Vice President of
Federal Reserve Bank of Chicago and
to devote full time to branch
128
El Paso:
Bylaws amended to eliminate position of
Managing Director
221
Transfer of Brewster County, Texas," from
territory of San Antonio Branch
42
Expansion of activities of
397
Houston:
Bylaws amended to eliminate position of
Managing Director
221
Bylaws amended to eliminate position of
manager and provide for appointment of
Vice President as managing officer
937
Managing officers
109, 205, 285, 367, 483,
585, 705, 805, 915, 1047, 1135, 1213
Pittsburgh:
Bylaws amended to provide for Vice
President as chief executive officer
302
Kossin, J. W., made Vice President at
Federal Reserve Bank of Cleveland and
designated chief executive officer of
Branch
302
San Antonio:
Bylaws amended to eliminate position of
Managing Director
221
Bylaws amended to eliminate position of
Manager and provide for appointment of
Vice President as managing officer
937
Transfer of Brewster County, Texas, to
territory of El Paso Branch
42
Group banks
689
Member and nonmember banks, changes in
190, 686, 899, 1198
Number of banks maintaining branches
687
Brazil:
Foreign exchange rates
105, 201, 281, 363, 479,
581, 701, 801, 911, 1043, 1131, 1209
Gold movements to and from United S t a t e s . . . . . .58, 154
Gold reserves
96, 192, 272, 354, 470,
572, 692, 792, 902, 1034, 1122, 1200
British India: (See India, British)
British plan for postwrar international monetary stabilization
"
507
British White Paper on War Finance
729
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME
Pages
Brokers and dealers in securities:
Loans for purchasing or carrying Government obligations
496
Loans to, by member banks on call dates
60, 156, 238, 318, 436,
538, 640, 758, 864, 998, 1082, 1166
Loans to, by weeklv reporting member banks:
By Federal Reserve districts. .64, 160, 242, 322, 440,
542, 644, 762, 868, 1002, 1086, 1170
New York City and outside. .62, 158, 240, 320, 438,
540, 642, 760, 866, 1000, 1084, 1168
Brokers' balances:
Movement to United States from abroad
98, 194, 274, 356, 472,
574, 694, 794, 904, 1036, 1124, 1202
Brown, Edward E., reelected President of Federal Advisory Council
221
Budgets:
Receipts and expenditures
112
United States Government, message of President to
Congress
Ill
Bulgaria:
Foreign exchange rates
105, 201, 281, 363, 479,
581, 701, 801, 911, 1043, 1131, 1209
National Bank of:
Discount rate
103, 199, 279, 361, 477,
579, 699, 799, 909, 1041, 1129, 1207
Gold reserves
96, 192, 272, 354, 470,
572, 692, 792, 902, 1034, 1122, 1200
Business conditions:
Current statistics for Federal Reserve chart book
91, 185, 267, 347, 466,
568, 670 788, 894, 1028, 1112, 1196
National summary of..
44, 140, 222, 303, 420,
523, 624, 742, 848, 938, 1066, 1150
Business indexes:
Monthly and yearly figures, 1919-1943
75, 171, 253, 333, 451,
553, 655, 773, 879, 1013, 1097, 1181
Bylaws: {See Branch banks, Federal Reserve System)
Byrne, W. S., appointed as director of Omaha Branch for
unexpired term
221
Calkins, Robert D., appointed Class C director at Federal
Reserve Bank of New York for unexpired term
937
Canada:
Bank of:
Annual report
218
Condition
99, 195, 275, 357, 473,
575, 695, 795, 905, 1037, 1125, 1203
Discount rate
103, 199, 279, 361, 477,
579, 699, 799, 909, 1041, 1129, 1207
Gold reserves
96, 192, 272, 354, 470,
572, 692, 792, 902, 1034, 1122, 1200
Commercial banks, assets and liabilities
104, 200, 280, 362, 478,
580, 700, 800, 910, 1042, 1130, 1208
Cost of living, index numbers. . .. 107, 203, 283, 365, 481,
583, 703, 803, 913, 1045, 1133, 1211
Foreign exchange rates
105, 201, 281, 363, 479,
581, 701, 801, 911, 1043, 1131, 1209
Gold movements
,. .97, 193, 273, 355, 471,
573, 693, 793, 903, 1035, 1123, 1201
Gold production
97, 193, 273, 355, 471,
573, 693, 793, 903, 1035, 1123, 1201
Plan for postwar international monetary stabilization, proposed draft by experts
718
Retail food prices
107, 203, 283, 365, 481,
583, 703, 803, 913, 1045, 1133, 1211
Wholesale prices in
106, 202, 282, 364, 480,
582, 702, 802, 912, 1044, 1132, 1210
DECEMBER I943
.
Pages
Capital accounts:
Federal Reserve Banks
52, 148, 230, 310, 428,
530, 632, 750, 856, 990, 1074, 1158
Insured commercial banks in United States and
possessions
570, 1031
Member banks:
Call dates
61, 157, 239, 319, 437,
539, 641, 759, 865, 999, 1083, 1167
December 31, 1942
350
Weekly reporting member banks:
By Federal Reserve districts. .65, 161, 243, 323, 441,
543, 645, 763, 869, 1003, 1087, 1171
New York City and outside. .. 63, 159, 241, 321, 439,
541, 643, 761, 867, 1001, 1085, 1169
Capital movement to United States
98, 194, 274, 356, 472,
574, 694, 794, 904, 1036, 1124, 1202
Cash in vault:
Member banks
61, 157, 239, 319, 437,
539, 641, 759, 865, 999, 1083, 1167
Weekly reporting member banks:
By Federal Reserve districts. .65, 161, 243, 323, 441,
543, 645, 763, 869, 1003, 1087, 1171
New York City and outside. .. 63, 159, 241, 321, 439,
541, 643, 761, 867, 1001, 1085, 1169
Central banks:
Assets and liabilities
99, 195, 275, 357, 473,
575, 695, 795, 905, 1037, 1125, 1203
Discount rate
103, 199, 279, 361, 477,
579, 699, 799, 909, 1041, 1129, 1207
Gold reserves
96, 192, 272, 354, 470,
572, 692, 792, 902, 1034, 1122, 1200
Central reserve city banks:
Assets and liabilities on June 30, 1942. . .
. . 1030
Condition:
Call dates
60, 156, 238, 318, 436,
538, 640, 758, 864, 998, 1082, 1166
December 31, 1942
350
Deposits
56, 152, 234, 314, 432,
534, 636, 754, 860, 994, 1078, 1162
Deposits and reserves
636, 754, 860, 994, 1078, 1162
Earnings and expenses, 1942
672
Reserves
56, 152, 234, 314, 432,
534, 636, 754, 860, 994, 1078, 1162
Chairmen of Federal Reserve Banks:
List of
109, 205, 285, 367, 483,
585, 705, 805, 915, 1047, 1135, 1213
Meeting of. .
1149
Chart books:
Current figures on bank credit, money rates, and
business
91, 185, 267, 347, 466,
568, 670, 788, 894, 1028, 1112, 1196
Revised edition of Chart Book Number 1
302
Charts:
Bank deposits and currency
1139
Banking developments by groups of banks
211
Budget expenditures and receipts
113
Changes in bank deposits during 1942 by counties. 601
Clearing claims and assimilated accounts from
annual report of Bank for International Settlements
31
Clothing in retail stores
11
Commercial bank holdings of Government securities. 1143
Construction contracts awarded
420, 743, 809
Consumer credit
486
Consumer expenditures and retail prices
3
Cost of living
45, 524, 812, 1151
Currency in circulation
497
Demand deposits adjusted, all commercial banks. .. 1141
Demand deposits and currency, all banks in United
States
498
1x17
INDEX TO VOLUME
Pages
Charts—Continued.
Department store sales and stocks
44, 223, 303, 523, 938, 1066
Department store sales, stocks, and orders
298, 491
Department store sales, stocks, and receipts
811
Department stores, charge account sales and receivables
605
Deposits, reporting member banks
1141
Excess reserves of member banks
214, 374
France, the payment of occupation cost and its
financing from annual report of Bank for International Settlements
41
Government security holdings of Federal Reserve
Banks
376,1055
Gross national product
709
Holdings of United States Government securities... 591
Home and farm mortgage loans, Government credit
agencies
297
Income payments to individuals
290
Incomes and taxes of individuals
807
Index of note circulation from annual report of Bank
for International Settlements
37
Indexes of wholesale prices for foreign countries from
annual report of Bank for International Settlements
23
Industrial production
1, 44, 140, 222, 288,
303, 420, 523, 624, 742, 808, 938, 940, 1066, 1150
Instalment credit
487
Member bank reserves
524, 743
Member bank reserves, all member banks
592
Member bank reserves and related items
45, 48, 144, 223, 226, 304, 306, 421, 424,
526, 628, 742, 746, 852, 939, 986, 1070, 1151, 1154
Member bank reserves by classes of banks
592
Member banks in leading cities
421, 625, 1067
Money in circulation
822
Money in circulation and salaries and wages
498
Money in circulation by denominations
814
Monthly increase in money in circulation
822
Ownership of demand deposits, July 31, 1943
921
Ownership of Government securities
711, 1139
Per capita volume of bank deposits by counties
602
Production in the machinery and transportation
equipment industries
946
Production of chemical products
. 940
Production of manufactured food products
947
Production of nonferrous metals and products
946
Production of petroleum and rubber products
947
Production of stone, clay, and glass products
950
Production of textile and leather products
10
Retail food prices
8
Retail sales
604
Taxation receipts in Germany, United States, and
England from annual report of Bank for International Settlements
36
Total assets of war corporations and United States
Maritime Commission
296
Total volume of bank deposits by counties
600
Treasury receipts and expenditures
1051
War expenditures of United States Government.... 587
Wholesale prices
141, 304, 624
Yields on United States securities
625
Chile:
Central Bank of:
Condition
101, 197, 277, 359, 475,
577, 697, 797, 907, 1039, 1127, 1205
Discount rate.. ,
103, 199, 279, 361, 477,
579, 699, 799, 909, 1041, 1129, 1207
Gold reserves
96, 192, 272, 354, 470,
572, 692, 792, 902, 1034, 1122, 1200
IZI8
Pages
Chile—Continued.
Foreign exchange rates
105, 201, 281, 363, 479,
581, 701, 801, 911, 1043, 1131, 1209
Gold movements to and from United States
58, 154
Gold production
97, 193, 273, 355, 471,
573, 693, 793, 903, 1035, 1123, 1201
China:
Foreign exchange rates
105, 201, 281, 363, 479,
581, 701, 801, 911, 1043, 1131, 1209
Gold movements to and from United States
58, 154
Clark, John Davidson, appointed director of Omaha
Branch for unexpired term
937
Clearing and collection:
Absorption of exchange charges as payment of interest, ruling on
817
Absorption of exchange or collection charges, resolution of group of member banks
1058
Iowa, all banks now cleared at par
623
Coins, circulation of
57, 153, 235, 315, 433,
535, 637, 755, 861, 995, 1079, 1163
Colombia:
Bank of the Republic of:
Condition
101, 197, 277, 359, 475,
577, 697, 797, 907, 1039, 1127, 1205
Discount rate
103, 199, 279, 361, 477,
579, 699, 799, 909, 1041, 1129, 1207
Gold reserves
96, 192, 272, 354, 470,
572, 692, 792, 902, 1034, 1122, 1200
Foreign exchange rates
105, 201, 281, 363, 479,
581, 701, 801, 911, 1043, 1131, 1209
Gold movements
97, 193, 273, 355, 471,
573, 693, 793, 903, 1035, 1123, 1201
Gold production
97, 193, 273, 355, 471,
573, 693, 793, 903, 1035, 1123, 1201
Commercial and industrial loans:
Member banks, call dates
60,156, 238, 318, 436,
538, 640, 758, 864, 998, 1082, 1166
Commercial banks:
Assets and liabilities in United Kingdom, Canada,
and France
104, 200, 280, 362, 478,
580, 700, 800, 910, 1042, 1130, 1208
Condition of insured in United States and possessions
570, 1031
Consumer instalment loans
88, 182, 264, 344, 462,
564, 666, 784, 890, 1024, 1108, 1192
Insured home mortgages held
84, 178, 260, 340, 458,
560, 662, 780, 886, 1020, 1104, 1188
Commercial, industrial, and agricultural loans:
Weekly reporting member banks:
By Federal Reserve districts. .64, 160, 242, 322, 440,
542, 644, 762, 868, 1002, 1086, 1170
New York City and outside. .62, 158, 240, 320, 438,
540, 642, 760, 866, 1000, 1084, 1168
Commercial paper:
Member bank holdings, December 31, 1942
350
Open market, rates on
67, 163, 245, 325, 443,
545, 647, 765, 871, 1005, 1089, 1173
Outstanding
66, 162, 244, 324, 442,
544, 646, 764, 870, 1004, 1088, 1172
Commodity Credit Corporation:
Asset items
74, 170, 252, 332, 450,
Loans by
552, 654, 772, 878, 1012, 1096, 1180
74, 170, 252, 332, 450,
552, 654, 772, 878, 1012, 1096, 1180
Commodity prices:
Discussion in Review of the Month
811
National summary of business conditions. . .45, 141, 223,
304, 421, 524, 625, 743, 848, 939, 1067, 1151
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME Z9
Pages
Pages
Comptroller of the Currency:
Loan limitations of national banks, compliance of
guarantee agreements with terms as used in section
5200 of revised statutes
389
Condition statements:
All member banks:
December 31, 1942, by classes of banks
350
June 30, 1943, by classes of banks
1030
Commercial banks in United Kingdom, Canada,
and France
104, 200, 280, 362, 478,
580, 700, 800, 910, 1042, 1130, 1208
Federal Reserve Banks:
All banks combined
51, 147, 229, 309, 427,
529, 631, 749, 855, 989, 1073, 1157
Each bank
52, 148, 230, 310, 428,
530, 632, 750, 856, 990, 1074, 1158
Foreign central banks
99, 195, 275, 357, 473,
575, 695, 795, 905, 1037, 1125, 1203
Government corporations and credit agencies
74, 170, 252, 332, 450,
552, 654, 772, 878, 1012, 1096, 1180
Insured commercial banks in United States and
possessions
570, 1031
Member banks:
Call dates
60, 156, 238, 318, 436,
538, 640, 758, 864, 998, 1082, 1166
Reserves and liabilities
61, 157, 239, 319, 437,
539, 641, 759, 865, 999, 1083, 1167
Revision in periodic call report form
300
Weekly reporting member banks:
By Federal Reserve districts. .64, 160, 242, 322, 440,
542, 644, 762, 868, 1002, 1086, 1170
New York City and outside. .62, 158, 240, 320, 438,
540, 642, 760, 866, 1000, 1084, 1168
Conferences: (See Meetings)
Consolidations of banks
190, 686, 899, 1198
Construction contracts awarded:
By districts
84, 178, 260, 340, 458,
560, 662, 780, 886, 1020, 1104, 1188
By public and private ownership. .84, 178, 260, 340, 458,
560, 662, 780, 886, 1020, 1104, 1188
By types of construction
84, 178, 260, 340, 458,
560, 662, 780, 886, 1020, 1104, 1188
Index of value of
75, 171, 253, 333, 451,
553, 655, 773, 879, 1013, 1097, 1181
Consumer credit:
Add-on when old loan is in default
1058
Advances by life insurance companies to their agents,
applicability of Regulation W to
595
Amendment number 10 to Regulation W, text of... . 818
Decline in, discussed in Review of the Month
485
Instalment credits of commercial banks, by types of
credit
89, 183, 265, 345, 463,
565, 667, 785, 891, 1025, 1109, 1193
Instalment loans
88, 182, 264, 344, 462,
564, 666, 784, 890, 1024, 1108, 1192
Instalment loans made by principal lending
institutions
89, 183, 265, 345, 463,
565, 667, 785, 891, 1025, 1109, 1193
Instalment sale debt, excluding automotive
88, 182, 264, 344, 462,
564, 666, 784, 890, 1024, 1108, 1192
Loans of insured banks, December 31, 1942
417
Ratio of collections to accounts receivable
89, 183, 265, 345, 463,
565, 667, 785, 891, 1025, 1109, 1193
Statement of necessity:
Increased tax burden is not basis for
116
Option (2) as affected by
1059
Suspension of license of Louis H. Mitchell
594
Consumer credit—Continued.
Total debt, by major parts
88, 182, 264, 344, 462,
564, 666, 784, 890, 1024, 1108, 1192
Corporate bonds:
Yield on
67, 163, 245, 325, 443,
545, 647, 765, 871, 1005, 1089, 1173
Corporate security issues:
Proposed use of proceeds:
All issuers
69, 165, 247, 327, 445,
547, 649, 767, 873, 1007, 1091, 1175
Major groups of issuers
69, 165, 247, 327, 445,
547, 649, 767, 873, 1007,1091, 1175
Corporate stocks:
Holdings of all member banks, December 31, 1942. . .350
Prices in United States
68, 164, 248, 326, 444,
546, 648, 766, 872, 1006, 1090, 1174
Correspondence:
Relation between currency and bank deposits
415
Cost of living:
Chart
45,524,812
Index for principal countries
107, 203, 283, 365, 481,
583, 703, 803, 913, 1045, 1133, 1211
Index, United States, 1919-1943. .75, 171, 253, 333, 451,
553, 655, 773, 879, 1013, 1097, 1181
Country member banks:
Assets and liabilities on June 30, 1943
1030
Condition:
Call dates
60, 156, 238, 318, 436,
538, 640, 758, 864, 998, 1082, 1166
December 31, 1942
350
Deposits
56, 152, 234, 314, 432,
534, 636, 754, 860, 994, 1078, 1162
Deposits and reserves
636, 754, 860,
994, 1078, 1162
Earnings, 1942
675
Reserves
56, 152, 234, 314, 432,
534, 636, 754, 860, 994, 1078, 1162
Credit:
Agencies of United States Government, activities
in 1942
296
Consumer: (See Consumer credit)
Federal Reserve:
Chart
48, 144, 226, 306, 424,
526, 628, 746, 852, 986, 1070, 1154
End of month and Wednesday figures
49, 145, 227, 307, 425,
527, 629, 747, 853, 987, 1071, 1155
National summary of business conditions
45, 141, 223, 304, 421,
524, 625, 743, 848, 939, 1067, 1151
Credit survey, retail for 1942
606
Crop reports, by Federal Reserve districts
93, 787, 893,
1027, 1111, 1195
Currency:
Circulation
497
Kinds of money in circulation
57, 153, 235, 315, 433,
535, 637, 755, 861, 995, 1079, 1163
Relation between currency and bank deposits,
correspondence relating to
415
Stock of United States money... .235, 315, 433, 535, 637,
755, 861, 995, 1079, 1163
Treasury, outstanding
49, 145, 227, 307, 425,
527, 629, 747, 853, 987, 1071, 1155
Customers' debit balances
66, 162, 244, 324, 442,
544, 646, 764, 870, 1004, 1088, 1172
Czechoslovakia:
Foreign exchange rates
105, 201, 281, 363, 479,
581, 701, 801, 911, 1043, 1131, 1209
Gold reserves
96, 192, 272, 354, 470,
572, 692, 792, 902, 1034, 1122, 1200
DECEMBER I943
INDEX TO VOLUME Z9
Pages
Pages
Davis, Wallace M., appointed director of Louisville
Branch for unexpired term
128
Deaths:
Babb, Max W., Class B Director of Federal Reserve
Bank of Chicago
302
Gray, Howard, Director of Birmingham Branch
302
Maupin, E. B., Director of Nashville Branch
42
Roberts, Clarence, Class C Director at Federal
Reserve Bank of Kansas City
42
Debit and credit balances of stock exchange firms
66, 162, 244, 324, 442,
544, 646, 764, 870, 1004, 1088, 1172
Debits to individual accounts:
Monthly table
58, 154, 236, 316, 434,
536, 638, 756, 862, 996, 1080, 1164
Revision of statistics
717
Debt, United States Government:
Amount of
112
Volume and kind of securities. . . . 71, 167, 249, 329, 447,
549, 651, 769, 875, 1009, 1093, 1177
Denmark:
Budget and official
financing
41
Foreign exchange rates
105, 201, 281, 363, 479,
581, 701, 801, 911, 1043, 1131, 1209
National Bank of:
Condition
101, 197, 277, 359, 475,
577, 697, 797, 907, 1039, 1127, 1205
Discount rate
103, 199, 279, 361, 477,
579, 699, 799, 909, 1041, 1129, 1207
Gold reserves
96, 192, 272, 354, 470,
572, 692, 792, 902, 1034, 1122, 1200
Department stores:
Accounts receivable and collections
563, 665, 783,
889, 1023, 1107, 1191
Sales:
By Federal Reserve districts and by cities
86, 180, 262, 342, 460,
562, 664, 782, 888, 1022, 1106, 1190
By type of transaction
87, 181, 263, 343, 461
Index of value of
75, 171, 253, 333, 451,
553, 655, 773, 879, 1013, 1097, 1181
Weekly index of
86, 180, 262, 342, 460,
562, 664, 782, 888, 1022, 1106, 1190
Sales in orders, increase in
298
Sales and stocks:
By major departments
87, 181, 263, 343, 461,
563 665, 783, 889, 1023, 1107, 1191
Charts
44, 223, 303, 523, 938, 1066
Monthly index of
86, 180, 262, 342, 460,
562, 664, 782, 888, 1022, 1106, 1190
Depositaries:
Press statement of Treasury Department on increased number of
42
Deposits:
All banks in United States:
By Federal Reserve districts
681
Call dates
59, 155, 237, 317, 435,
537, 639, 757, 8.63, 997, 1081, 1165
Expansion discussed in Review of the Month.. .207, 1138
Federal Reserve Banks:
All banks combined
51, 147, 229, 309, 427,
529, 631, 749, 855, 989, 1073, 1157
Each bank
52, 148, 230, .310, 428,
530, 632, 750, 856, 990, 1074, 1158
Foreign banks, held by member banks on call dates
61, 157, 239, 319, 437,
539, 641, 759, 865, 999, 1083, 1167
Geographical distribution of
599
Deposits—Continued.
Government:
Federal Reserve Banks, each bank
52, 148, 230, 310, 428,
530, 632, 750, 856, 990, 1074, 1158
Member banks on call dates. .61, 157, 239, 319, 437,
539, 641, 759, 865, 999, 1083, 1167
Weekly reporting member banks:
By Federal Reserve districts
65, 161, 243, 323, 441,
543, 645, 763, 869, 1003, 1087, 1171
New York City and outside
63, 159, 241, 321, 439,
541, 643, 761, 867, 1001, 1085, 1169
Member banks:
Classes of banks
636, 754, 860,
994, 1078, 1162
Call dates
61, 157, 239, 319, 437,
539, 641, 759, 865, 999, 1083, 1167
Larger and smaller centers... .56, 152, 234, 314, 432,
534, 636, 754, 860, 994, 1078, 1162
Mutual savings banks, by States
'.
685, 1119
National banks, by States
683, 1117
Nonmember banks:
Chart
48, 144, 226, 306, 424,
526, 628, 746, 852, 986, 1070, 1154
In Federal Reserve Banks. . . .49, 145, 227, 307, 425,
527, 629, 747, 853, 987, 1071, 1155
Ownership of:
Discussed in Review of the Month
917
Special article on survey
713
Statistics on
930
Postal savings:
Call dates
61, 157, 239, 319, 437,
539, 641, 759, 865, 999, 1083, 1167
Depositors' balances and assets
236, 316, 434, 536, 638,
756, 862, 996, 1080, 1164
Rates on
50, 146, 228, 308, 426,
528, 630, 748, 854, 988, 1072, 1156
Private banks, by States
685, 1119
Relation between currency and bank deposits,
correspondence relating to
415
Savings:
Growth in, discussed
1053
Interest rate on
50, 146, 228, 308, 426,
528, 630, 748, 854, 988, 1072, 1156
State banks, by States
684, 1118
States and political subdivisions with member banks
on call dates
61, 157, 239, 319, 437,
539, 641, 759, 865, 999, 1083, 1167
Suspended banks.
58, 154, 236, 316, 434,
536, 638, 756, 862, 996, 1080, 1164
Time, maximum rates on
50, 146, 228, 308, 426,
528, 630, 748, 854, 988, 1072, 1156
Treasury:
Chart
48, 144, 226, 306, 424,
526, 628, 746, 852, 986, 1070, 1154
With Federal Reserve Banks. .49, 145, 227, 307, 425,
527, 629, 747, 853, 987, 1071, 1155
Weekly reporting member banks:
By Federal Reserve districts. .65, 161, 243, 323, 441,
543, 645, 763, 869, 1003, 1087, 1171
New York City and outside.. .63, 159, 241, 321, 439,
541, 643, 761, 867, 1001, 1085, 1169
Directors, Federal Reserve Banks:
Babb, Max W., Class B at Chicago, death of
302
Calkins, Robert D., appointed Class C at New York 937
Hague, Lyle L., Class C, appointed at Kansas City
for unexpired term
522
I2.ZO
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME
Pages
Pages
Directors, Federal Reserve Banks—Continued.
Heath, William C , elected Class B at Chicago for
unexpired term
522
List of
129-139
Myers, William L, designated Deputy Chairman at
New York for remainder of year
937
Roberts, Clarence, Class C at Kansas City, death of. .42
Directors, Federal Reserve branch banks:
Alexander, William A., appointed at Denver for
unexpired term
221
Arthur, W. C , appointed at Pittsburgh for unexpired term
522
Barclay, Robert D., appointed at San Antonio for
unexpired term
221
Byrne, W. S., appointed at Omaha for unexpired
term
221
Clark, John Davidson, appointed at Omaha for unexpired term
937
Davis, Wallace M., appointed at Louisville for unexpired term
128
Elkins, James A., appointed at Houston for unexpired term
221
Geier, Frederick V., appointed at Cincinnati for
unexpired term
302
Gifford, Ralph C , resignation at Louisville
128
Gray, Howard, Birmingham Branch, death of
302
Hicks, John K., appointed at El Paso for unexpired
term
419
Lee, Charles S., appointed at Jacksonville for unexpired term
522
List of
130-139
Managing Director at El Paso, bylaws amended to
eliminate position
221
Managing Director at Houston, bylaws amended to
eliminate position
221
Managing Director at San Antonio, bylaws amended
to eliminate position
221
Maupin, E. B., Nashville Branch, death of
42
McFarland, Archie J., appointed at Pittsburgh for
unexpired term
419
Sadler, B. L., elected for unexpired term at Nashville. .42
Schellberg, W. H., resignation at Omaha
221
Shaffer, John J., Jr., appointed at New Orleans for
unexpired term
419
Stocking, George W., appointed at San Antonio for
unexpired term
623
Directory:
Board of Governors of the Federal Reserve System
108, 204, 284, 366, 482,
584, 704, 804, 914, 1046, 1134, 1212
Federal Advisory Council
108, 204, 284, 366, 482,
584, 704, 804, 914, 1046, 1134, 1212
Federal Open Market Committee. 108, 204, 284, 366, 482,
584, 704, 804, 914, 1046, 1134, 1212
Federal Reserve Banks and branches
109, 205, 285, 367, 483,
585, 705, 805, 915, 1047, 1135, 1213
Discount rates:
Federal Reserve Banks
50, 146, 228, 308, 426,
528, 630, 748, 854, 988, 1072, 1156
Foreign central banks
103, 199, 279,361, 477,
579, 699, 799, 909, 1041, 1129, 1207
Dividends:
Federal Reserve Banks, 1942
188
Industrial corporations
70, 166, 248, 328, 446,
548, 650, 768, 874, 1008, 1092, 1176
Member banks, 1942
500
Public utility corporations
70, 166, 248, 328, 446,
548, 650, 768, 874, 1008, 1092, 1176
DECEMBER
I943
Earnings:
Corporations
70, 166, 248, 328, 446,
548, 650, 768, 874, 1008, 1092, 1172
Member banks:
1942
500
First half of 1943
1064
First half of year, 1942-1943
1114
Wage earners in manufacturing industries
83, 177, 259, 339, 457,
559, 661, 779, 885, 1019, 1103, 1187
Earnings and dividends:
Industrial corporations, quarterly 1939-1943
70, 166, 248, 328, 446,
548, 650, 768, 874, 1008, 1092, 1176
Public utility corporations, quarterly, 1939-1943
70, 166, 248, 328, 446,
548, 650, 768, 874, 1008, 1092, 1176
Earnings and expenses:
Federal Reserve Banks:
1942
188
Six-month period ended June 30, 1943
790
Member banks:
1942
500
Ratios by classes of banks in Federal Reserve
districts
679
National banks, 1942
672
State member banks, 1942
672
Eccles, Marriner S., address on National Radio Forum on
"War Bonds, Taxes, and Economic Stability"
393
Economic developments, discussion of recent in Review
of the Month
807
Ecuador:
Central Bank of:
Condition
101, 197, 277, 359, 475,
577, 697, 797, 907, 1039, 1127, 1205
Discount rate
103, 199, 279, 361, 477,
579, 699, 799, 909, 1041, 1129, 1207
Gold movements to and from United States
58, 154
Egypt:
National Bank of:
Condition
101, 197, 277, 359, 475,
577, 697, 797, 907, 1039, 1127, 1205
Gold reserves
96, 192, 272, 354, 470,
572, 692, 792, 902, 1034, 1122, 1200
El Salvador:
Central Reserve Bank of:
Condition
101, 197, 277, 359, 475,
577, 697, 797, 907, 1039, 1127, 1205
Discount rate
103, 199, 279, 361, 477,
579, 699, 799, 909, 1041, 1129, 1207
Elkins, James A., appointed director for Houston Branch
for unexpired term
221
Employment:
Discussion in Review of the Month—
. . . 810
Factory employment:
Adjusted for seasonal variation
80, 177, 259, 339, 457,
559, 661, 779, 885, 1019, 1103, 1187
Business index
75, 171, 253, 333, 451,
553, 655, 773, 879, 1013, 1097, 1181
Revision of index
13
Factory employment and pay rolls by industries
82, 176, 258, 338, 456,
558, 660, 778, 884, 1018, 1102, 1186
Nonagricultural, total in each classification
81, 187, 269, 349, 465,
567, 669, 787, 893, 1027, 1111, 1195
England: (See United Kingdom)
IULI
INDEX TO VOLUME
Pages
Pages
Estonia:
Discount rate of central bank.. .. 103, 199, 279, 361, 477,
579, 699, 799, 909, 1041, 1129, 1207
Evacuees, work in interest of by Federal Reserve Bank of
San Francisco. .
295
Executive officers, loans to:
Inactive officer serving as director and member of
discount committee
215
Executive orders:
Number 9336 authorizing Office of Lend Lease
Administration and War Shipping Administration
to indemnify War Department, etc
389
Expenditures of Treasury
73, 169, 251, 331, 449,
551, 653, 771, 877, 1011, 1095, 1179
Expenses: (See Earnings and expenses)
Export Import Bank:
Loans by,
74, 170, 252, 332, 450,
552, 654, 772, 878, 1012, 1096, 1180
Exports and imports: (See Imports and exports)
Factory employment: (See Employment)
Farm Credit Administration:
Loans by
74, 170, 252, 332, 450,
552, 654, 772, 878, 1012, 1096, 1180
Farm products, wholesale price indexes:
Principal countries
106, 202, 282, 364, 480,
582, 702, 802, 912, 1044, 1132, 1210
United States
90, 184, 266, 346, 464,
566, 668, 786, 892, 1026, 1111, 1195
Farm Security Administration:
Loans by
74, 170, 252, 332, 450,
552, 654, 772, 878, 1012, 1096, 1180
Federal Advisory Council:
Lichtenstein, Walter, reappointed Secretary
221
Meetings:
February 14-15
221
May 23-24
522
September 19-20
937
November 14-15
1149
Members:
Brown, Edward E., reelection as President
221
Gifford, Ralph C , appointed to represent St.
Louis District
128
Harrison, George L., reelection as Vice President. 221
List
108, 204, 284, 366, 482,
584, 704, 804, 914, 1046, 1134, 1212
Federal Farm Mortgage Corporation:
Accounts and other receivables
74, 170, 252, 332, 450,
552, 654, 772, 878, 1012, 1096, 1180
Loans by..
74, 170, 252, 332, 450,
552, 654, 772, 878, 1012, 1096, 1180
Federal Home Loan Banks:
Loans by
74, 170, 252, 332, 450,
552, 654, 772, 878, 1012, 1096, 1180
Federal Housing Administration:
Insured home mortgages held by banks and others
84, 178, 260, 340, 458,
560, 662, 780, 886, 1020, 1104, 1188
Loans insured by
84, 178, 260, 340, 458,
560, 662, 780, 886, 1020, 1104, 1188
Federal Intermediate Credit Banks:
Loans by
74, 170, 252, 332, 450,
552, 654, 772, 878, 1012, 1096, 1180
Federal Land Banks:
Loans by
74, 170, 252, 332, 450,
552, 654, 772, 878, 1012, 1096, 1180
Federal National Mortgage Association:
Loans by
74, 170, 252, 332, 450,
552, 654, 772, 878, 1012, 1096, 1180
Federal Open Market Committee:
Executive committee, members of...
.. 302
Meeting held on:
December 14, 1942
42
January 25-26
128
March 2
302
May 15
522
June 28
623
October 18
.. .1065
Members:
Day, William A., election of
302
Eccles, Marriner S., reelected Chairman
302
Fleming, M. J., election of
302
McLarin, W. S., election of
302
Paddock, W. W., election of
302
Sproul, Allan, election of
302
Reelected Vice Chairman
*. . .302
Members and officers, list
108, 204, 284, 366, 482,
584, 704, 804, 914, 1046, 1134, 1212
Federal Public Housing Authority:
Loans by
74, 170, 252, 332, 450,
552, 654, 772, 878, 1012, 1096, 1180
Federal Reserve Act:
Amendment to extend time for United States
obligations as collateral security for Federal
Reserve notes.
493
Amendments relating to war loan deposit accounts. .. 378
Federal Reserve bank notes:
Circulation
57, 153, 235, 315, 433,
535, 637, 755, 861, 995, 1079, 1163
Stock of unissued made available for use to conserve
labor and paper
42
Federal Reserve Bank of Chicago:
Staff:
Harris, E. C , appointed Vice President and to be
in charge of Detroit Branch
128
Federal Reserve Bank of San Francisco:
Regulation providing for blocking of transactions in
property of persons evacuated from military areas
on Pacific Coast, revocation of
390
Work in interest of evacuees by
295
Federal Reserve Banks:
Assets and liabilities of
51, 147, 229, 309, 427,
529, 631, 749, 855, 989, 1073, 1157
Branches:
Directors: (See Directors, Federal Reserve
branch banks)
Managing officers
109, 205, 285, 367, 483,
585, 705, 805, 915, 1047, 1135, 1213
Capital and surplus of each bank. .54, 150, 232, 312, 430,
532, 634, 752, 858, 992, 1076, 1160
Chairmen:
List of
109, 205, 285, 367, 483,
585, 705, 805, 915, 1047, 1135, 1213
Meeting
1149
Condition statement, each bank. .52, 148, 230, 310, 428,
530, 632, 750, 856, 990, 1074, 1158
Directors: (See Directors)
Earnings and expenses:
1942
188
Six-month period ending June 30, 1943
790
Government securities held by
72, 168, 250, 330, 448,
550, 652, 770, 876, 1010, 1094, 1178
Officers...
109, 205, 285, 367, 483,
585, 705, 805,515, 1047, 1135, 1213
Research and statistical departments, meeting of
heads with members of Board's staff
1065
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME
Pages
Pages
Federal Reserve Chart Book:
Current statistics on bank credit, money rates, and
business
91, 185, 267, 347, 466,
568, 670, 788, 894, 1028, 1112, 1196
Number 1, revised edition of
302
Federal Reserve districts, map of
110, 206, 286, 368, 484,
586, 706, 806, 916, 1048, 1136, 1214
Federal Reserve notes:
Amendment to Federal Reserve Act to extend period
during which direct obligations of the United
States may be used as collateral security for
493
Circulation:
All banks combined
51. 147, 229, 309, 427,
529, 631, 749, 855, 989, 1073, 1157
Each bank, condition statement
52, 148, 230, 310, 428,
530, 632, 750, 856, 990, 1074, 1158
Each bank, Federal Reserve Agents' accounts
55, 151, 233, 313, 431,
533, 635, 753, 859, 993, 1077, 1161
Outside Treasury and Federal Reserve Banks
57, 153, 235, 315, 433,
535, 637, 755, 861, 995, 1079, 1163
Collateral security for
55, 151, 233, 313, 431,
533, 635, 753, 859, 993, 1077, 1161
Federal Reserve Agents' accounts. .55,151, 233, 313,431,
533, 635, 753, 859, 993, 1077, 1161
Redemption fund:
All banks combined
51, 147, 229, 309, 427,
529, 631, 749, 855, 989, 1073, 1157
Each bank
52, 148, 230, 310, 428,
530, 632, 750, 856, 990, 1074, 1158
Federal Reserve System:
Map
110, 206, 286, 368, 484,
586, 706, 806, 916, 1048, 1136, 1214
Membership, admissions to
43, 128, 221, 302, 419,
522, 623, 741, 850, 937, 1065, 1149
Fees:
Schedule to be charged financing institutions for
guarantees of war production loans
12
Finland:
Bank of:
Discount rate
103, 199, 279, 361, 477,
579, 699, 799, 909, 1041, 1129, 1207
Foreign exchange rates..
105, 201, 281, 363, 479,
581, 701, 801, 911, 1043, 1131, 1209
Fiscal and monetary developments during year
4
Food:
Retail prices, principal countries. 107, 203, 283, 365, 481,
583, 703, 803, 913, 1045, 1133, 1211
United Nations conference on
609
Wholesale prices:
Principal countries.
106, 202, 282, 364, 480,
582, 702, 802, 912, 1044, 1132, 1210
United States
90, 184, 266, 346, 464,
566, 668, 786, 892, 1026, 1110, 1194
Foreign banking corporations:
Amendment to Regulation K . . .
. . 923
Foreign banks:
Bank of Canada, annual report of
218
Bank of Spain, report of, 1936-1941
399
Central Bank of the Argentine Republic, annual
report of
613
Central Bank of Ireland created by recent legislation. . 122
Commercial banks, condition of. . 104, 200, 280, 362, 478,
580, 700, 800, 910, 1042, 1130, 1208
Condition of central banks
99, 195, 275, 357, 473,
575, 695, 795, 905, 1037, 1125, 1203
Foreign banks—Continued.
Deposits held by member banks on call dates
61, 157, 239, 319, 437,
539, 641, 759, 865, 999, 1083, 1167
Deposits of weekly reporting member banks:
By Federal Reserve districts. .65, 161, 243, 323, 441,
543, 645, 763, 869, 1003, 1087, 1171
New York City and outside. .63, 159, 241, 321, 439,
541, 643, 761, 867, 1001, 1085, 1169
Discount rates of central banks. . 103, 199, 279, 361, 477,
579, 699, 799, 909, 1041, 1129, 1207
Gold reserves of central banks
96, 192, 272, 354, 470,
572, 692, 792, 902, 1034, 1122, 1200
Swiss National Bank, annual report of
841
Foreign deposits held by Federal Reserve Banks:
All banks combined
51, 147, 229, 309, 427,
529, 631, 749, 855, 989, 1073, 1157
Each bank..
52, 148, 230, 310, 428,
530, 632, 750, 856, 990, 1074, 1158
Foreign exchange: (See Foreign funds control)
Foreign exchange rates
105, 201, 281, 363, 479,
581, 701, 801, 911, 1043, 1131, 1209
Foreign funds control:
Licenses, circulars, interpretations, and rulings
issued by Treasury Department
119, 215, 390,
493, 819, 923, 1059
Revocation of special regulation issued by Federal
Reserve Bank of San Francisco
390
Special regulation number one of Treasury Department on
596
Amendments on report of property in foreign
countries
:
819, 1059
Forms:
Condition reports, revision discussed
300
Guarantee agreement for war loans, new standard
form
379
Fourth war loan drive
1147
France:
Bank of:
Condition
100, 196, 276, 358, 474,
576, 696, 796, 906, 1038, 1126, 1204
Discount rate
103, 199, 279, 361, 477,
579, 699, 799, 909, 1041, 1129, 1207
Gold reserves
96, 192, 272, 354, 470,
572, 692, 792, 902, 1034, 1122, 1200
Budget accounts from annual report of Bank for
International Settlements
41
Commercial banks, assets and liabilities
104, 200, 280, 362, 478,
580, 700, 800, 910, 1042, 1130, 1208
Foreign exchange rates
105, 201, 281, 363, 479,
581, 701, 801, 911, 1043, 1131, 1209
Gold movements
97, 193, 273, 355, 471,
573, 693, 793, 903, 1035, 1123, 1201
Security prices, index numbers. . .107, 203, 283, 365, 481,
583, 703, 803, 913, 1045, 1133, 1211
Wholesale prices in
106, 202, 282, 364, 480,
582, 702, 802, 912, 1044, 1132, 1210
Freight-car loadings:
Classes
85, 179, 261, 341, 459,
DECEMBER
I943
Index of...
561, 663, 781, 887, 1021, 1105, 1189
75, 171, 253, 333, 451,
553, 655, 773, 879, 1013, 1097, 1181
89, 183, 265, 345, 463,
565, 667, 785, 891, 1025, 1109, 1193
Geier, Frederick V., appointed director of Cincinnati
Branch for unexpired term
302
Geographical distribution of bank deposits
599
Furniture store statistics
INDEX TO VOLUME Z9
Pages
Pages
Germany:
Cost of living, index numbers.... 107, 203, 283, 365, 481,
583, 703, 803, 913, 1045, 1133, 1211
Foreign exchange rates
105, 201, 281, 363, 479,
581, 701, 801, 911, 1043, 1131, 1209
Open-market rates
103, 199, 279, 361, 477,
579, 699, 799, 909, 1041, 1129, 1207
Receipts from taxation and borrowing
32
Reichsbank:
Condition.
100, 196, 276, 358, 474,
576, 696, 796, 906, 1038, 1126, 1204
Discount rate
103, 199, 279, 361, 477,
579, 699, 799, 909, 1041, 1129, 1207
Gold reserves
96, 192, 272, 354, 470,
572, 692, 792, 902, 1034, 1122, 1200
Retail food prices
107, 203, 283, 365, 481,
583, 703, 803, 913, 1045, 1133, 1211
Security prices, index numbers.. . 107, 203, 283, 365, 481,
583, 703, 803, 913, 1045, 1133, 1211
Wholesale prices in
106, 202, 282, 364, 480,
582, 702, 802, 912, 1044, 1132, 1210
Gifford, Ralph C , resignation as director of Louisville
Branch and appointment as member of Federal
Advisory Council
128
Gold:
Earmarked
58, 154, 236, 316, 434,
536, 6387 756, 862, 996, 1080, 1164
Imports and exports to and from United States. .58, 154
Movements, United States
97, 193, 273, 355, 471,
573, 693, 793, 903, 1035, 1123, 1201
Production:
United States
58, 154, 236, 316, 434,
536, 638, 756, 862, 996, 1080, 1164
World
97, 193, 273, 355, 471,
573, 693, 793, 903, 1035, 1123, 1201
Reserves of central banks and governments
96, 192, 272, 354, 470,
572, 692, 792, 902, 1034, 1122, 1200
Stock:
Chart
48, 144, 226, 306, 424,
526, 628, 746, 852, 986, 1070, 1154
End-of-month and Wednesday figures
49, 145, 227, 307, 425,
527, 629, 747, 853, 987, 1071, 1155
United States, analysis of changes
58, 154, 236, 316, 434,
536, 638} 756, 862, 996, 1080, 1164
Gold certificates:
Circulation
57, 153, 235, 315, 433,
535y 637, 755, 861, 995, 1079, 1163
Federal Reserve Bank holdings:
All banks combined
.51, 147, 229, 309, 427,
529, 631, 749, 855, 989, 1073, 1157
Each bank
52, 148, 230, 310, 428,
530, 632, 750, 856, 990, 1074, 1158
Government bonds: (See Government securities)
Government corporations and credit agencies:
Assets and liabilities
74, 170, 252, 332, 450,
552, 654, 772, 878, 1012, 1096, 1180
Loans by
74,170, 252, 332, 450,
552, 654, 772, 878, 1012, 1096, 1180
1942, special article on
296
Government debt:
Amount of
112
Volume and kind of securities
71, 167, 249, 329, 447,
549, 651, 769, 875, 1009, 1093, 1177
Government employees, number of Federal, State, and
local
81, 187, 269, 349, 465,
567, 669, 787, 893, 1027, 1111, 1195
Government securities:
Bank purchases of, discussion in Review of Month. . . 1142
Bond prices
68,164, 246, 326, 444,
546, 648, 766, 872, 1006, 1090, 1174
Collateral security for Federal Reserve notes, amendment to Federal Reserve Act to extend time
493
Direct obligations, volume and kind
71, 167, 249, 329,
447,549, 651, 769,875,1009,1093,1177
Federal Reserve Bank holdings:
Each bank
52,148, 230, 310,428,
530, 632, 750, 856, 990, 1074, 1158
End-of-month and Wednesday figures... .49, 145,
227, 307, 425, 527, 629, 747, 853, 987,1071, 1155
Maturity distribution
51, 147, 229, 309, 427,
529, 631, 749, 855, 989, 1073, 1157
Holdings of all member banks:
December 31, 1942
351
Selected call dates 1937-1942
351
Investments by weekly reporting member banks:
By Federal Reserve districts. .64, 160, 242, 322, 440,
542, 644, 762, 868, 1002, 1086, 1170
New York City and outside... 62,158, 240, 320, 438,
540, 642, 760, 866, 1000, 1084, 1168
Loans for purchasing or carrying
496
Market, maintenance of stability in
1054
Member bank holdings, call dates. .60,156,238, 318,436,
538, 640, 758, 864, 998, 1082, 1166
National summary of business conditions... .44, 140, 222,
303, 420, 523, 624, 742, 848, 938, 1066,1150
Obligations of Federal agencies guaranteed by
Government
71, 167, 249, 329, 447,
549, 651, 769, 875, 1009, 1093, 1177
Obligations of Government, direct and guaranteed,
ownership of
72, 168, 250, 330, 448,
550, 652, 770, 876, 1010, 1094, 1178
Offerings for third war loan drive
708
Ownership of
72,168, 250,330,448,
550, 652, 770, 876, 1010, 1094, 1178
Discussion in Review of the Month
,. 113, 711
Savings bonds
71,167, 249, 329,447,
549, 651, 769, 875, 1009, 1093, 1177
Statement to banks on* making loans for purchase of... 816
Treasury bills: (See Treasury bills)
Treasury notes, average yield on. .. 67, 163, 245, 325,443,
545, 647, 765, 871, 1005, 1089, 1173
Yield on
67, 163, 245, 325,443,
545, 647, 765, 871, 1005, 1089, 1173
Gray, Howard, Director of Birmingham Branch, death of. . 302
Great Britain: (See United Kingdom)
Greece:
Bank of:
Discount rate
103, 199, 279, 361, 477,
579, 699, 799, 909, 1041, 1129, 1207
Gold reserves
96, 192, 272, 354, 470,
572, 692, 792, 902, 1034, 1122, 1200
Foreign exchange rates
105, 201, 281, 363, 479,
581, 701, 801, 911, 1043, 1131, 1209
Group banks:
Branches of
689
Number and deposits of
689
Guarantee agreement:
Compliance with terms as used in revised s t a t u t e s . . . . 389
Text of new Standard Form adopted
379
Guaranteed obligations: (See Government securities)
Hague, Lyle L., appointed Class C director at Federal
Reserve Bank of Kansas City for unexpired term
522
Harrison, George L., reelected Vice President of Federal
Advisory Council
221
Heath, William C , elected Class B director at Federal
Reserve Bank of Chicago for unexpired term
522
112.4
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME
Pages
Pages
Index numbers—Continued.
Hicks, John K,, appointed director of El Paso Branch for
Industrial production:
unexpired term
419
Adjusted for seasonal variation
76, 172, 254,
Home Owners Loan Corporation:
334, 452, 554, 656, 774, 880, 1014, 1098, 1182
Loans by
74, 170, 252, 332, 450,
Physical volume
75, 171, 253, 333, 451,
552, 654, 772, 878, 1012, 1096, 1180
553, 655, 773, 879, 1013, 1097, 1181
Hong Kong:
Revision of
940
Foreign exchange rates
105, 201, 281, 363, 479,
Without seasonal adjustment.. 78,174, 256, 336,454,
581, 701, 801, 911, 1043, 1131, 1209
556, 658, 776, 882, 1016, 1100, 1184
Hours and earnings of wage earners in manufacturing
industries
83,177, 259, 339, 457,
Retail food prices
107, 203, 283, 365, 481,
559, 661, 779, 885, 1019, 1103, 1187
583, 703, 803, 913, 1045, 1133, 1211
Hungary:
Security prices in principal countries.... 107, 203, 283,
Foreign exchange rates
105, 201, 281, 363, 479,
365, 481, 583, 703, 803, 913, 1045, 1133, 1211
581, 701, 801, 911, 1043, 1131, 1209
Stock prices
68, 164, 246, 326, 444,
National Bank of:
546, 648, 766, 872, 1006, 1090, 1174
Condition
101,197,277,359,475,
Wholesale prices:
577, 697, 797, 907, 1039, 1127, 1205
Commodities
75,171, 253, 333, 451,
Discount rate
103,199, 279, 361, 477,
553, 655, 773, 879, 1013, 1097, 1181
579, 699, 799, 909, 1041, 1129, 1207
Groups of commodities
90,184, 266, 346, 464,
Gold reserves
96, 192, 272, 354, 470,
566, 668, 786, 892, 1026, 1110, 1194
572, 692, 792, 902, 1034, 1122, 1200
Principal countries
106, 202, 282, 364,480,
Imports and exports:
582, 702, 802, 912, 1044, 1132, 1210
Gold movements to and from United S t a t e s . . . . 58, 97,
India, British:
154,193,273, 355,471,573,693, 793,903,1035,1123,1201
Foreign exchange rates
105, 201, 281, 363, 479,
Merchandise
85, 179, 261, 341, 459,
581, 701, 801, 911, 1043, 1131, 1209
Gold movements
97, 193, 273, 355, 471,
561, 663, 781, 887, 1021, 1105, 1189
Income:
573, 693, 793, 903, 1035, 1123, 1201
Discussion of...
...290
Gold production
97,193, 273, 355, 471,
Payments:
573, 693, 793, 903, 1035, 1123, 1201
Chart
290
Reserve Bank of:
Index of value of
75, 171, 253, 333, 451,
Condition
101, 197, 277, 359, 475,
553, 655, 773, 879, 1013, 1097, 1181
577, 697, 907, 1039, 1127, 1205
Railroads
85,179, 261, 341,459,
Discount rate
103, 199, 279, 361, 477,
561, 663, 781, 887, 1021, 1105, 1189
579, 699, 799, 909, 1041, 1129, 1207
Taxes, Internal Revenue collections... .73, 169, 251, 331,
Gold reserves
96, 192, 272, 354, 470,
449, 551, 653, 771, 877, 1011, 1095, 1179
572, 692, 792, 902, 1034, 1122, 1200
Index numbers:
Industrial advances by Federal Reserve Banks:
Bond prices
68, 164, 246, 326, 444,
All banks combined
51,147, 229, 309, 427,
546, 648, 766, 872, 1006, 1090, 1174
529, 631, 749, 855, 989, 1073, 1157
Business indexes
75,171, 253, 333, 451,
Commitments
52,148, 230, 310,428,
553, 655, 773, 879, 1013, 1097, 1181
530, 632, 750, 856, 990, 1074, 1158
Construction contracts awarded., .75, 171, 253, 333, 451,
Each bank
52,148, 230, 310,428,
553, 655, 773, 879, 1013, 1097, 1181
530, 632, 750, 856, 990, 1074, 1158.
Cost of living:
Maturity distribution
51, 147, 229, 309, 427,,
Principal countries
107, 203, 283, 365, 481,
529, 631, 749, 855, 989, 1073, 1157'
583, 703, 803, 913, 1045, 1133, 1211
Number and amount
55,151, 233, 313,431,
United States
75, 171, 253, 333, 451,
533, 635, 753, 859, 993, 1077, 1161
553, 655, 773, 879, 1013, 1097, 1181
Rates...
50, 146, 228, 308, 426,
Department stores.
528, 630, 748, 854, 988, 1072, 1156
Sales, adjusted
75, 171, 253, 333, 451,
Industrial corporations:
553, 655, 773, 879, 1013, 1097, 1181
Earnings and dividends
70,166, 248, 328,446,
Sales, weekly
86,180, 262, 342,460,
548, 650, 768, 874, 1008, 1092, 1176
562, 664, 782, 888, 1022, 1106, 1190
Industrial production:
Sales and stocks, monthly
86, 180, 262, 342, 460,
Business index
75, 171, 253, 333, 451,
562, 664, 782, 888, 1022, 1106, 1190
553, 655, 773, 879, 1013, 1097, 1181
Factory employment, business index. . . .75, 171, 253,
By industries:
333, 451, 553, 655, 773, 879, 1013, 1097, 1181
Adjusted for seasonal variation
76,172,254,
Factory employment and pay roils:
334, 452, 554, 656, 774, 880, 1014, 1098, 1182
Adjusted for seasonal variations
80,177,259,
Without seasonal adjustment.. 78,174, 256, 336,454,
339, 457, 559, 661, 779, 885, 1019, 1103, 1187
556, 658, 776, 882, 1016, 1100, 1184
Revision of
13
Charts
1, 44, 140, 222, 288,
Without seasonal adjustment. .82,176,258, 338,456,
303, 420, 523, 624, 742, 808, 938, 940, 1066, 1150
558, 660, 778, 884, 1018, 1102, 1186
Discussion in Review of the Month
808
Freight-car loadings:
Index, revision of
940
Adjusted
75, 171, 253, 333, 451,
National summary of business conditions.... 44, 140,
553, 655, 773, 879, 1013, 1097, 1181
222, 303, 420, 523, 624, 742, 848, 938, 1066, 1150
Classes
85,179, 261, 341, 459,
Industrial products:
561, 663, 781, 887, 1021, 1105, 1189
Wholesale prices indexes
106, 202, 282, 364, 480,
Income payments
75,171, 253, 333,451,
582, 702, 802, 912, 1044, 1132, 1210
553, 655, 773, 879, 1013, 1097, 1181 Instalment loans: (See Consumer credit)
DECEMBER I343
12.Z5
INDEX TO VOLUME
Pages
Pages
Insurance companies:
Advances to agents, applicability of Regulation W. . . . 595
Government securities held by
72, 168, 250, 330, 448,
550, 652, 770, 876, 1010, 1094, 1178
Insured home mortgages held
84, 178, 260, 340, 458,
560, 662, 780, 886, 1020, 1104, 1188
Interest rates:
Absorption of exchange charges as payment of interest on deposits
817
Commercial loan rates in principal cities. . . .67, 163, 245,
325, 443, 545, 647, 765, 871, 1005, 1089, 1173
Open market, in New York C i t y . . . 67,163,245,325,443,
545, 647, 765, 871, 1005, 1089, 1173
Time deposits, maximum rates on . 50,146, 228, 308, 426,
528, 630, 748, 854, 988, 1072, 1156
Internal Revenue collections
73, 169, 251, 331, 449,
551, 653, 771, 877, 1011, 1095, 1179
International capital transactions of the United States. .98,
194, 274, 356, 472, 574, 694, 794, 904, 1036, 1124, 1202
Investments:
All banks in United States:
By districts
681
GUI dates
59, 155, 237, 317, 435,
537, 639, 757, 863, 997, 1081, 1165
Member banks, call dates
60,156, 238, 318,436,
538, 640, 758, 864, 998, 1082, 1166
Weekly reporting member banks:
By Federal Reserve districts. .64, 160, 242, 322, 440,
542, 644, 762, 868, 1002, 1086, 1170
New York City and outside. .. 62,158, 240, 320,438,
540, 642, 760, 866, 1000, 1084, 1168
Iowa:
Checks on all banks now cleared at par
623
Iran:
Gold reserves
96, 192, 272, 354, 470,
572, 692, 792, 902, 1034, 1122, 1200
Ireland:
Central Bank of:
Condition
476,578, 697, 797, 907,
1039, 1127, 1205
Central bank created by recent legislation
122
Italy:
Budget accounts and estimates from annual report
of Bank for International Settlements
35
Discount rate
103, 199, 279, 361, 477,
579, 699, 799, 909, 1041, 1129, 1207
Foreign exchange rates
105, 201, 281, 363, 479,
581, 701, 801, 911, 1043, 1131, 1209
Gold reserves
96, 192, 272, 354, 470,
572, 692, 792, 902, 1034, 1122, 1200
Wholesale prices in
106, 202, 282, 364, 480,
582, 702, 802, 912, 1044, 1132, 1210
Japan:
Bank of:
Discount rate
103, 199, 279, 361, 477,
579, 699, 799, 909, 1041, 1129, 1207
Gold reserves
96, 192, 272, 354, 470,
572, 692, 792, 902, 1034, 1122, 1200
Budget accounts and estimates from annual report of
Bank for International Settlements
34
Foreign exchange rates
105, 201, 281, 363, 479,
581, 701, 801, 911, 1043, 1131, 1209
Gold movements
97, 193, 273, 355, 471,
573, 693, 793, 903, 1035, 1123, 1201
Wholesale prices in
106, 202, 282, 364, 480,
582, 702, 802, 912, 1044, 1132, 1210
Java:
Bank of:
Condition...
102, 198, 278
Java—Continued.
Bank of—Continued.
Discount rate
103, 199, 279, 361, 477,
579, 699, 799, 909, 1041, 1129, 1207
Gold reserves
96, 192, 272, 354, 470,
572, 692, 792, 902, 1034, 1122, 1200
Keynes plan for postwar international monetary stabilization
507
Labor supply and utilization of
11
Labor supply problems discussed
287
Latvia, Bank of:
Discount rate
103, 199, 279, 361, 477,
579, 699, 799, 909, 1041, 1129, 1207
Lee, Charles S., appointed director of Jacksonville Branch
for unexpired term
522
Legislation:
Amendment to Federal Reserve Act to extend time
for United States obligations as collateral for
Federal Reserve notes
493
Central Bank of Ireland created by recent law
122
Federal Reserve Act, amendment affecting war loan
deposit accounts
378
General assembly of State of Iowa, act providing for
clearing of checks at par
623
Stabilization fund, extending time within which
powers may be exercised
493
Lend Lease Administration:
Executive Order in connection with guarantee of
loans for war production purposes
389
Licenses relating to transactions in foreign exchange.... 119,
215, 391, 494,820,928,1059
Lichtenstein, Walter, reappointed Secretary of Federal
Advisory Council
221
Life insurance companies:
Advances to agents, applicability of Regulation W. .. . 595
Lists:
Directors of Federal Reserve Banks and branches. 129-139
Lithuania:
Discount rate of central bank
103, 199, 279, 361, 477,
579, 699, 799, 909, 1041, 1129, 1207
Loans:
Agricultural, member banks
60,156, 238, 318,436,
538, 640, 758, 864, 998, 1082, 1166
Bank, revised reports of
300
Broadened basis for under Regulation V, press statement released by Office of War Information
849
Brokers and dealers in securities:
By weekly reporting member banks. . . .62, 158, 240,
320, 438, 540, 642, 760, 866, 1000, 1084, 1168
Purchasing or carrying Government obligations. . 496
Changes in, discussion in Review of the month
1143
Commercial, industrial, and agricultural by weekly
reporting member banks:
By Federal Reserve districts. .64, 160, 242, 322, 440,
542, 644, 762, 868, 1002, 1086, 1170
New York City and outside. .62, 158, 240, 320, 438,
540, 642, 760, 866, 1000, 1084, 1168
Consumer, of insured banks on December 31,1942
417
Consumer instalment, made by principal lending
institutions
89, 183, 265, 345, 463,
565, 667, 785, 891, 1025, 1109, 1193
Executive officers, inactive officer serving as director
and member of discount committee
215
Federal Housing Administration, insured by
84, 178, 260, 340, 458,
560, 662, 780, 886, 1020, 1104, 1188
Government corporations and credit agencies
74, 170, 252, 296, 332,
450, 552, 654, 772, 878, 1012, 1096, 1180
12.2.6
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME
Pages
Loans—Continued.
Instalment
88, 182, 264, 344, 462,
564, 666, 784, 890, 1024, 1108, 1192
Limitations applicable to national banks, compliance
of guarantee agreements with provisions of revised statutes
389
Real estate, by weekly reporting member banks
62, 158, 240, 320, 438,
540, 642, 760, 866, 1000, 1084, 1168
War production, guaranteed by War Department,
Navy Department, and Maritime Commission
55, 151, 233, 313, 431,
533, 635, 753, 859, 993, 1077, 1161
Analysis of
1149
Loans and investments:
All banks in the United States:
By Federal Reserve districts
681, 1115
Call dates
59, 155, 237, 317, 435,
537, 639, 757, 863, 997, 1081, 1165
All member banks:
December 31, 1942
351
Selected call dates
351
Member banks:
Call dates
59, 155, 237, 317, 435,
537, 639, 757, 863, 997, 1081, 1165
Classified, on call dates
60, 156, 238, 318, 436,
538, 640, 758, 864, 998, 1082, 1166
Mutual savings banks:
By States
685, 1119
Call dates
59, 155, 237, 317, 435,
537, 639, 757, 863, 997, 1081, 1165
National banks, by States
683,1117
Nonmember banks, call dates. . . .59, 155, 237, 317, 435,
537, 639, 757, 863, 997, 1081, 1165
Private banks, by States
685, 1119
States banks, by States
684, 1118
Weekly reporting member banks:
By Federal Reserve districts. .64, 160, 242, 322, 440,
542, 644, 762, 868, 1002, 1086, 1170
New York City and outside. .62, 158, 240, 320, 438,
540, 642, 760, 866, 1000, 1084, 1168
Manufactures:
Industrial production, index of. . : .75, 171, 253, 333, 451,
553, 655, 773, 879, 1013, 1097, 1181
Manufacturing industries:
Hours and earnings of wage earners
83, 177, 259, 339, 457,
559, 661, 779, 885, 1019, 1103, 1187
Maps:
Federal Reserve System
110, 206, 286, 368, 484,
586, 706, 806, 916, 1048, 1136, 1214
Margin accounts:
Statistics of stock exchange firms. .66, 162, 244, 324, 442,
544, 646, 764, 870, 1004, 1088, 1172
Margin requirements:
Under Regulations T and U
50, 146, 228, 308, 426,
528, 630, 748, 854, 988, 1072, 1156
Maritime Commission:
War production loans guaranteed by
55, 151, 233, 431, 533,
635, 753, 859, 993, 1077, 1161
Analysis of
1149
Maturity distribution of bills and Government securities
51, 147, 229, 309, 427,
529, 631, 749, 855, 989, 1073, 1157
Maupin, E. B., director of Nashville Branch, death of
42
McFarland, Archie J., appointed director of Pittsburgh
Branch for unexpired term
419
DECEMBER
I943
Pages
Meetings:
Chairmen of Federal Reserve Banks:
Novembers
..1149
Federal Advisory Council:
February 14-15
...221
May 23-24
522
September 19-20
937
November 14-15
1149
Federal Open Market Committee:
December 14, 1942
42
January 25-26
128
March 2
302
May 15
522
June 28
623
October 18
,
1065
Presidents' Conference:
January 22-24
128
March 1-2
302
June 25-26
623
October 15-16
1065
Research and statistical departments of Federal Reserve Banks with staff of Board
1065
United Nations on food and agriculture...
609
Member banks:
Assets and liabilities on June 30, 1943
1030
Condition on December 31, 1942
350
Deposits and reserves of
636, 754, 860, 994, 1078,
1162
Earnings:
1942
....500
First half of year 1942-1943....
. . . 1114
Earnings and expenses:
1942
672
First half of 1943
1064
Loans and investments, on call dates
59, 155, 237, 317, 435,
537, 639, 757, 863, 997, 1081, 1165
Number of, on call dates
59, 155, 237, 317, 435,
537, 639, 757, 863, 997, 1081, 1165
Operating ratios, 1942
896
Reserve requirements
50, 146, 228, 308, 426,
528, 630, 748, 854, 988, 1072, 1156
Reserves, Reserve Bank credit and related items
49, 145, 227, 307, 425,
527, 629, 747, 853, 987, 1071, 1155
Membership in Federal Reserve System:
Admission of State banks
43, 128, 221, 302, 419,
522, 623, 741, 850, 937, 1066, 1149
Merchandise, exports and imports
85, 179, 261, 341, 459,
561, 663, 781, 887, 1021, 1105, 1189
Mexico:
Bank of:
Condition
102, 198, 278, 360, 476,
578, 698, 798, 908, 1040, 1128, 1206
Discount rate
103, 199, 279, 361, 477,
579, 699, 799, 909, 1041, 1129, 1207
Gold reserves
96, 192, 272, 354, 470,
572, 692, 792, 902, 1034, 1122, 1200
Foreign exchange rates
105, 201, 281, 363, 479,
581, 701, 801, 911, 1043, 1131, 1209
Gold movements
97, 193, 273, 355, 471,
573, 693, 793, 903, 1035, 1123, 1201
Gold production
97, 193, 273, 355, 471,
573, 693, 793, 903, 1035, 1123, 1201
Minerals:
Industrial production, index of. .75, 171, 253, 333, 451,
553, 655, 773, 879, 1013, 1097, 1181
Mitchell, Louis H., suspension of license for violation of
Regulation W
594
I N D E X TO
Pages
Money in circulation:
Chart
48, 144, 226, 306, 424,
498, 526, 628, 746, 814, 822, 852, 986, 1070, 1154
Discussion in Review of the Month
813
Kinds of
57, 153, 235, 315, 433,
535, 637, 755, 861, 995, 1079, 1163
New seasonal adjustment factors for
822
Stock of
235, 315, 433, 535, 637,
755, 861, 995, 1079, 1163
Total
49, 145, 227, 307, 425,
527, 629, 747, 853, 987, 1071, 1155
Money market, discussion in Review of the Month
369, 587
Money rates:
Commercial loan rates
67, 163, 245, 325, 443,
545, 647, 765, 871, 1005, 1089, 1173
Current statistics for Federal Reserve chart book
91, 185, 267, 347, 466,
568, 670, 788, 894, 1028, 1112, 1196
Foreign countries
103, 199, 279, 361, 477,
579, 699, 799, 909, 1041, 1129, 1207,
Open market, New York C i t y . . . .67, 163, 245, 325, 443,
545, 647, 765, 871, 1005, 1089, 1173
Monetary stabilization, plans for postwar international
501, 718, 827
Mortgages:
Insured Federal Housing Administration mortgages
held
84, 178, 260, 340, 458,
560, 662, 780, 886, 1020, 1104, 1188
Mutual savings banks:
Assets and liabilities by States
685, 1119
Changes in number of banks and branches
190, 686, 899, 1198
Deposits, call dates
59, 155, 237, 317, 435,
537, 639, 757, 863, 997, 1081, 1165
Government securities held b y . . . .72, 168, 250, 330, 448,
550, 652, 770, 876, 1010, 1094, 1178
Insured home mortgages held
84, 178, 260, 340, 458,
560, 662, 780, 886, 1020, 1104, 1188
Loans and investments, call dates. 59, 155, 237, 317, 435,
537, 639, 757, 863, 997, 1081, 1165
Number of, call dates
59, 155, 237, 317, 435,
537, 639, 757, 863, 997, 1081, 1165
Myers, William I., designated Deputy Chairman at Federal Reserve Bank of New York for remainder of year. .937
National bank notes:
Circulation
57, 153, 235, 315, 433,
535, 637, 755, 861, 995, 1079, 1163
National banks:
Assets and liabilities:
By States
683, 1117
June 30, 1943
1030
Changes in number of banks and branches
190, 686, 899, 1198
Condition on December 31, 1942
350
Deposits, call dates
59, 155, 237, 317, 435,
537, 639, 757, 863, 997, 1081, 1165
Earnings and expenses in 1942
672
Earnings for first half of year 1942-1943
1114
Loan limitations, reply of Comptroller of the Currency on
389
Number of:
By States
683, 1117
Call dates
59, 155, 237, 317, 435,
537, 639, 757, 863, 997, 1081, 1165
Changes in
190, 686, 899, 1198
Suspensions
58, 154, 236, 316, 434,
536, 638, 756, 862, 996, 1080, 1164
VOLUME
Pages
National Radio Forum:
Address by Marriner S. Eccles on war bonds, taxes,
and economic stability
.393
National summary of business conditions
44, 140, 222, 303, 420,
523, 624, 742, 848, 938, 1066, 1150
Navy Department:
War production loans guaranteed by
55, 151, 233, 313, 431,
533, 635, 753, 859, 993, 1077, 1161
Analysis of
\
1149
Netherlands:
Bank:
Condition
102, 198, 278, 360, 476,
578, 698, 798, 908, 1040, 1128, 1206
Discount rate
103, 199, 279, 361, 477,
579, 699, 799, 909, 1041, 1129, 1207
Gold reserves
96, 192, 272, 354, 470,
572, 692, 792, 902, 1034, 1122, 1200
Cost of living, index n u m b e r s . . . . 107, 203, 283, 365, 481,
583, 703, 803, 913, 1045, 1133, 1211
Foreign exchange rates
105, 201, 281, 363, 479,
581, 701, 801, 911, 1043, 1131, 1209
Gold movements
97, 193, 273, 355, 471,
573, 693, 793, 903, 1035, 1123, 1201
Official credit
financing
41
Open-market rates
103, 199, 279, 361, 477,
579, 699, 799, 909, 1041, 1129, 1207
Retail food prices
107, 203, 283, 365, 481,
583, 703, 803, 913, 1045, 1133, 1211
Security prices, index numbers. .107, 203, 283, 365, 481,
583, 703, 803, 913, 1045, 1133, 1211
Wholesale prices in
106, 202, 282, 364, 480,
582, 702, 802, 912, 1044, 1132, 1210
New York stock exchange:
Volume of trading on
68, 164, 246, 326, 444,
546, 648, 766, 872, 1006, 1090, 1174
New Zealand:
Foreign exchange rates
105, 201, 281, 363, 479,
581, 701, 801, 911, 1043, 1131, 1209
Gold movements to and from United States. .. .58, 154
Reserve Bank of:
Condition.
102, 198, 278. 360, 476,
578, 698, 798, 908, 1040, 1128, 1206
Discount rate
103, 199, 279, 361, 477,
579, 699, 799, 909, 1041, 1129, 1207
Gold reserves
96, 192, 272, 354, 470,
572, 692, 792, 902, 1034, 1122, 1200
Nicaragua:
Gold production
97, 193, 273, 355, 471,
573, 693, 793, 903, 1035, 1123, 1201
Nonmember banks:
Assets and liabilities.
681, 1115
Changes in number of banks and branches
190, 686, 899, 1198
Deposits:
Call dates
59, 155, 237, 317, 435,
537, 639, 757, 863, 997, 1081, 1165
Held by Federal Reserve Banks
49, 145, 227, 307, 425,
527, 629, 747, 853, 987, 1071, 1155
Loans and investments, call dates. 59, 155, 237, 317, 435,
537, 639, 757, 863, 997, 1081, 1165
Number of:
By districts
681, 1115
Call dates
59, 155, 237, 317, 435,
537, 639, 757, 863, 997, 1081, 1165
Suspensions
58, 154, 236, 316, 434,
536, 638, 756, 862, 996, 1080, 1164
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME 2.9
Norway:
Bank of:
Discount rate
Pages
103, 199, 279, 361, 477,
579, 699, 799, 909, 1041, 1129, 1207
Gold reserves
96, 192, 272, 354, 470,
572, 692, 792, 902, 1034, 1122, 1200
Foreign exchange rates
105, 201, 281, 363, 479,
581, 701, 801, 911, 1043, 1131, 1209
Obligations of Government, direct and guaranteed:
Maturities
71, 167, 249, 329, 447,
549, 651, 769, 875, 1009, 1093, 1177
Office of Price Administration:
Ration banking, general order number 3 issued by. . .116
Office of War Information:
Press statement on broadened basis for Regulation V loans
849
Open-market operations:
Review of
590
Open-market paper:
Member bank holdings, call dates. .60, 156, 238, 318, 436,
538, 640, 758, 864, 998, 1082, 1166
Weekly reporting member banks:
By Federal Reserve districts. .64, 160, 242, 322, 440,
542, 644, 762, 868, 1002, 1086, 1170
New York City and outside... 62, 158, 240, 320, 438,
540, 642, 760, 866, 1000, 1084, 1168
Open-market rates:
Foreign countries
103, 199, 279, 361, 477,
579, 699, 799, 909, 1041, 1129, 1207
New York City
67, 163, 245, 325, 443,
545, 647, 765, 871, 1005, 1089, 1173
Operating ratios of member banks, 1942
896
Ownership of bank deposits:
Article on
713
Chart
921
Detailed statistics on
'.
930
Discussion in Review of the Month
917
Paper currency:
Circulation
57, 153, 235, 315, 433,
535, 637, 755, 861, 995, 1079, 1163
Shipments and receipts
57, 153
Par list:
Iowa banks now all clearing at par...
. . . 623
Paraguay:
Bank of the Republic of:
Condition
. . . 698, 798, 908, 1040,
1128, 1206
Pay rolls, factory:
Business index of
75, 171, 253, 333, 451,
553, 655, 773, 879, 1013, 1097, 1181
By industries
82, 176, 258, 338, 456,
558, 660, 778, 884, 1018, 1102, 1186
Revision of index
13
Peru:
Central Reserve Bank of:
Condition
102, 198, 278, 360, 476,
578, 698, 798, 908, 1040, 1128, 1206
Discount rate
103, 199, 279, 361, 477,
579, 699, 799, 909, 1041, 1129, 1207
Gold reserves
96, 192, 272, 354, 470,
572, 692, 792, 902, 1034, 1122, 1200
Gold movements to and from United States
58, 154
Philippine Islands:
Gold movements
97, 193, 273, 355, 471,
573, 693, 793, 903, 1035, 1123, 1201
Poland:
Foreign exchange rates
105, 201, 281, 363, 479,
581, 701, 801, 911, 1043, 1131, 1209
Gold reserves
96, 192, 272, 354, 470,
572, 692, 792, 902, 1034, 1122, 1200
DECEMBER
I943
Pages
Portugal:
Bank of:
Condition
102, 198, 278, 360, 476,
578, 698, 798, 908, 1040, 1128, 1206
Discount rate
103, 199, 279, 361, 477,
579, 699, 799, 909, 1041, 1129, 1207
Gold reserves
.96, 192, 272, 354, 470,
572, 692, 792, 902, 1034, 1122, 1200
Foreign exchange rates
105, 201, 281, 363, 479,
581, 701, 801, 911, 1043, 1131, 1209
Gold movements to and from United States
58, 154
Postal savings deposits:
Depositors' balances and assets. .236, 316, 434, 536, 638,
756,862,996, 1080, 1164
Interest rate on
50, 146, 228, 308, 426,
528, 630, 748, 854, 988, 1072, 1156
Member banks on call dates
61, 157, 239, 319, 437,
539, 641, 759, 865, 999, 1083, 1167
Weekly reporting member banks:
By Federal Reserve districts. .64, 160, 242, 322, 440,
542, 644, 762, 868, 1002, 1086, 1170
New York City and outside... 63, 159, 241, 321, 439,
541, 643, 761, 867, 1001, 1085, 1169
Postwar international monetary stabilization, plans submitted by United States and British experts
501
Draft of plan proposed by Canadian experts
718
Revised draft released by Treasury Department
827
Presidents of Federal Reserve Banks, meetings of:
January 22-24
128
March 1-2
302
June 25-26
623
October 15-16
1065
Press statements:
Office of War Information, broadened basis for Regulation V loans
849
Treasury Department, increased number of special
depositaries
42
Treasury postwar international monetary stabilization, revised draft of plan released
827
Price controls, discussion of
2
Prices:
Discussion of
290
Food and clothing supplies
7
Retail food
107, 203, 283, 365, 481,
583, 703, 803, 913, 1045, 1133, 1211
Securities in principal countries. . 107, 203, 283, 365, 481,
583, 703, 803, 913, 1045, 1133, 1211
Wholesale commodity:
Business index
75, 171, 253, 333, 451,
553, 655, 773, 879, 1013, 1097, 1181
By groups of commodities... .90, 184, 266, 346, 464,
566, 668, 786, 892, 1026, 1110, 1194
Wholesale in principal countries, index of
106, 202, 282, 364, 480,
582, 702, 802, 912, 1044, 1132, 1210
Private banks:
Assets and liabilities, by States
685, 1119
Changes in number of banks and branches
190, 686, 899, 1198
Proclamations:
President of the United States on third war loan
drive
707
Production, industrial: (See Industrial production)
Public debt:
Amount of
112
Discussion of
589
Volume and kind of securities
71, 167, 249, 329, 447,
549, 651, 769, 875,1009,1093, 1177
INDEX TO VOLUME
Pages
Public utility corporations:
Earnings and dividends of, quarterly
70, 166, 248, 328, 446,
548, 650, 768, 874, 1008, 1092, 1176
Publications:
Federal Reserve Chart Book Number 1, revised
edition of
302
Railroad Electrification Administration:
Loans by
74, 170, 252, 332, 450,
552, 654, 772, 878, 1012, 1096, 1180
Railroads:
Revenues, expenses, and income of class one
85, 179, 261, 341, 459,
561, 663, 781, 887, 1021, 1105, 1189
Rates:
Acceptances, bankers, buying
50, 146, 228, 308, 426,
528, 630, 748, 854, 988, 1072, 1156
Bills, buying
50, 146, 228, 308, 426,
528, 630, 748, 854, 988, 1072, 1156
Commercial loan rates in principal cities
67, 163, 245, 325, 443,
545, 647, 765, 871, 1005, 1089, 1173
Discount:
Central banks
103, 199, 279, 361, 477,
579, 699, 799, 909, 1041, 1129, 1207
Federal Reserve Banks
50, 146, 228, 308, 426,
528, 630, 748, 854, 988, 1072, 1156
Foreign exchange
105, 201, 281, 363, 479,
581, 701, 801, 911, 1043, 1131, 1209
Industrial advances at Federal Reserve Banks
50, 146, 228, 308, 426,
528, 630, 748, 854, 988, 1072, 1156
Interest on customers' loans, discussion in Review of
the Month
814
Money:
Current statistics for Federal Reserve chart book
91, 185, 267, 347, 466,
568, 670, 788, 894, 1028, 1112, 1196
Open market in certain foreign countries
103, 199, 279, 361, 477,
579, 699, 799, 909, 1041, 1129, 1207
Member bank earnings, 1942
679
Open market in New York City.. .67, 163, 245, 325, 443,
545, 647, 765, 871, 1005, 1089, 1173
Postal savings deposits
50, 146, 228, 308, 426,
528, 630, 748, 854, 988, 1072, 1156
Time deposit, maximum interest on
50, 146, 228, 308, 426,
528, 630, 748, 854, 988, 1072, 1156
Ration banking:
Discussion of plan
121
General ration order number 3 issued by Office of
Price Administration
116
Ratios:
Member bank earnings, 1942
679
First half of year, 1942-1943
1114
Member bank operating, 1942
.896
Real estate:
Loans on:
All member banks, 1942 and call dates
351
Member banks, call dates. . . .60, 156, 238, 318, 436,
538, 640, 758, 864, 998, 1082, 1166
Weekly reporting member banks:
By Federal Reserve districts
64, 160, 242, 322, 440,
542, 644, 762, 868, 1002, 1086, 1170
New York City and outside
62, 158, 240, 320, 438,
540, 642, 760, 866, 1000, 1084, 1168
IX3O
Pages
Receipts of Treasury:
Summary of operations
73, 169, 251, 331, 449,
551, 653, 771, 877, 1011, 1095, 1179
Recent economic developments
807
Reconstruction Finance Corporation:
Loans by
74, 170, 252, 332, 450,
552, 654, 772, 878, 1012, 1096, 1180
Preferred stock held by
74, 170, 252, 332, 450,
552, 654, 772, 878, 1012, 1096, 1180
Reconstruction Finance Corporation Mortgage Company:
Loans by
74, 170, 252, 332, 450,
552, 654, 772, 878, 1012, 1096, 1180
Regulations:
Board of Governors:
D, Reserves of Member Banks, amendment t o . . . 378
K, amendment
923
Q, Absorption of Exchange Charges as a Payment of Interest on Deposits.
817
T, amendment number 3, text of
818
V, war production loans made under
55, 151, 233, 313, 431,
533, 635, 753, 859, 993, 1077, 1161
W, Consumer Credit:
Advances by life insurance companies to
agents, applicability to
595
Amendment number 10, text of
818
Mitchell, Louis H., suspension of license for
violation of
594
Statement of necessity:
Increased tax burden is not basis for. .. 116
Option (2) as affected by
1059
Treasury Department:
Special regulation number one on reporting with
respect to property held in any foreign country. 596
Amendments to extend time for filing
reports
*
819, 1059
Reports:
Bank loans, revised
. .300
Reserve city member banks:
Assets and liabilities on June 30, 1943. .
. . 1030
Condition:
Call dates
60, 156, 238, 318, 436,
538, 640, 758, 864, 998, 1082, 1166
December 31, 1942
350
Deposits
56, 152, 234, 314, 432,
534, 636, 754, 860, 994, 1078, 1162
Deposits and reserves
636, 754, 860,
994, 1078, 1162
Earnings and expenses, 1942
_
672
Reserves
56, 152, 234, 314, 432,
534, 636, 754, 860, 994, 1078, 1162
Reserve position of member banks
56, 152, 234, 314, 432,
534, 636, 754, 860, 994, 1078, 1162
Reserve requirements:
Member banks
50, 146, 228, 308, 426,
528, 630, 748, 854, 988, 1072, 1156
Reserves:
Amendment to Regulation D
378
Changes discussed in Review of the Month
213, 373, 591, 710, 812
Federal Reserve Banks:
All banks combined
51, 147, 229, 309, 427,
529, 631, 749, 855, 989, 1073, 1157
Each bank
52, 148, 230, 310, 428,
530, 632, 750, 856, 990, 1074, 1158
Gold, of central banks and Governments
96, 192, 272, 354, 470,
572, 692, 792, 902, 1034, 1122, 1200
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME
Pages
Reserves—Continued.
Member banks:
Account with Federal Reserve Banks
52, 148, 230, 310, 428,
530, 632, 750, 856, 990, 1074, 1158
Action of Federal Reserve System to provide for
1055
By classes of banks
636, 754, 860,
994, 1078, 1162
Chart
48, 144, 226, 306, 424,
526, 628, 746, 852, 986, 1070, 1154
Excess:
Chart
214,374
End-of-month and Wednesday figures
49, 145, 227, 307, 425,
527, 629, 747, 853, 987, 1071, 1155
In classes of banks
56, 152, 234, 314, 432,
534, 636, 754, 860, 994, 1078, 1162
Federal Reserve Banks on call dates
61, 157, 239, 319, 437,
539, 641, 759, 865, 999, 1083, 1167
Total held:
All banks, end-of-month and Wednesday
figures
49, 145, 227, 307, 425,
527, 629, 747, 853, 987, 1071, 1155
Classes of banks
56, 152, 234, 314, 432,
534, 636, 754, 860, 994, 1078, 1162
Statement to banks on investment of idle funds
816
Weekly reporting member banks:
By Federal Reserve districts. . 65, 161, 243, 323, 441,
543, 645, 763, 869, 1003, 1087, 1171
New York City and outside... 63, 159, 241, 321, 439,
541, 643, 761, 867, 1001, 1085, 1169
Retail credit survey, 1942
604
Retail food prices
107, 203, 283, 365, 481,
583, 703, 803, 913, 1045, 1133, 1211
Retail trade, recent trends in
490
Revenues, expenses, and income of class one railroads
85, 179, 261, 341, 459,
561, 663, 781, 887, 1021, 1105, 1189
Review of the Month:
Changing distribution of bank funds
207
Decline in consumer credit
485
Further shift to war economy
287
Money and banking system in wartime
1137
Ownership of bank deposits
917
Recent economic developments
807
Third war loan drive
707
Transition to war economy, review of 1942
1
Treasury finance and the money market
587
Treasury finance and the new budget
Ill
Treasury war
finance
1049
War loan drive and money market
369
Revised statutes:
Section 5200, compliance of new guarantee agreement
with terms as used in
389
Rhodesia:
Gold production
97, 193, 273, 355, 471,
573, 693, 793, 903, 1035, 1123, 1201
Roberts, Clarence, Class C director at Federal Reserve
Bank of Kansas City, death of
42
Rumania:
Foreign exchange rates
105, 201, 281, 363, 479,
581, 701, 801, 911, 1043, 1131, 1209
National Bank of:
Condition
102, 198, 278, 360, 476,
578, 698, 798, 908, 1040, 1128, 1206
Discount rate
103, 199, 279, 361, 477,
579, 699, 799, 909, 1041, 1129, 1207
DECEMBER I943
Pages
Rumania—Continued.
National Bank of—Continued.
Gold reserves
96, 192, 272, 354, 470,
572, 692, 792, 902, 1034, 1122, 1200
Sadler, B. L., elected director of Nashville Branch for
unexpired term
42
Salaries:
Federal Reserve Banks:
1942
188
Six months period ending June 30, 1943
790
Member banks
500, 672
Savings and loan associations:
Insured home mortgages held
84, 178, 260, 340, 458,
560, 662, 780, 886, 1020, 1104, 1188
Savings bonds:
Sales of
71, 167, 249, 329, 447,
549, 651, 769, 875, 1009, 1093, 1177
Savings deposits:
Interest rates on
50, 146, 228, 308, 426,
528, 630, 748, 854, 988, 1072, 1156
Savings of individuals in the United States
214, 1053
Schellberg, W. EL, resignation as director at Omaha
Branch
221
Seasonal adjustment factors for money in circulation. . . .822
Second war loan drive
293
Securities: (See also Government securities)
Domestic, inflow of foreign funds. . 98, 194, 274, 356, 472,
574, 694, 794, 904, 1036, 1124, 1202
Foreign, return of United States funds
98, 194, 274, 356, 472,
574, 694, 794, 904, 1036, 1124, 1202
Holdings of member banks. . . ' . . . . 60, 156, 238, 318, 436,
538, 640, 758, 864, 998, 1082, 1166
Loans for purchasing or carrying by member banks
60, 156, 238, 318, 436,
538, 640, 758, 864, 998, 1082, 1166
Loans on, by weekly reporting member banks
62, 158, 240, 320, 438,
540, 642, 760, 866, 1000, 1084, 1168
Securities exchange administration:
Amendment number 3 to Regulation T, text of
818
Margin requirements under Regulations T and U
50, 146, 228, 308, 426,
528, 630, 748, 854, 988, 1072, 1156
Security issues:
Corporate, proposed use of proceeds
69, 165, 247, 327, 445,
547, 649, 767, 873, 1007, 1091, 1175
Security markets:
Bond and stock prices
68, 164, 246, 326, 444,
546, 648, 766, 872, 1006, 1090, 1174
Security prices. .
107, 203, 283, 365, 481,
583, 703, 803, 913, 1045, 1133, 1211
Shaffer, John J., Jr., appointed director of New Orleans
Branch for unexpired term
419
Silver and silver certificates:
Circulation
57, 153, 235, 315, 433,
535, 637, 755, 861, 995, 1079, 1163
South Africa:
Foreign exchange rates
105, 201, 281, 363, 479,
581, 701, 801, 911, 1043, 1131, 1209
Gold movements
97, 193, 273, 355, 471,
573, 693, 793, 903, 1035, 1123, 1201
Gold production
97, 193, 273, 355, 471,
573, 693, 793, 903, 1035, 1123, 1201
Reserve Bank:
Condition
102, 198, 278, 360,.476,
578, 698, 798, 908, 1040, 1128, 1206
Discount rate
103, 199, 279, 361, 477,
579, 699, 799, 909, 1041, 1129, 1207
12.31
INDEX TO VOLUME
Pages
Pages
South Africa—Continued.
Reserve Bank—Continued.
Gold reserves
96, 192, 272, 354, 470,
572, 692, 792, 902, 1034, 1122, 1200
Spain:
Discount rate of central bank.. . . 103, 199, 279, 361, 477,
579, 699, 799, 909, 1041, 1129, 1207
Foreign exchange rates
105, 201, 281, 363, 479,
581, 701, 801, 911, 1043, 1131, 1209
Gold reserves
96, 192, 272, 354, 470,
572, 692, 792, 902, 1034, 1122, 1200
Report of Bank of, 1936-1941
399
Special articles:
Annual report of Bank for International Settlements. . 15
Annual report of the Bank of Canada
218
Annual report of the Central Bank of the Argentine
Republic
613
Annual report of Swiss National Bank
841
British White Paper on War Finance
729
Broadened basis for Regulation V loans
849
Central Bank of Ireland
122
Consumer loans of insured banks, December 31,
1942
417
Currency in circulation
497
Expansion of Federal Reserve branch activities
397
Fourth war loan drive
1147
Geographical distribution of bank deposits
599
Government corporations and credit agencies in
1942
296
Increase in department store sales and orders
298
Member bank earnings in 1942
500
Member bank earnings, first half of 1943
1064
New indexes of factory employment and pay r o l l s . . . . 13
New seasonal adjustment factors for money in circulation
822
Ownership of bank deposits
713
Postwar international monetary stabilization plan
submitted by United States and British experts.... 501
Postwar international monetary stabilization plan,
draft by Canadian experts
718
Postwar international monetary stabilization, revised draft
827
Ration banking plan
121
Report of Bank of Spain, 1936-1941
399
Retail credit survey for 1942
604
Revision of industrial production index
940
Revision of statistics of bank debits
717
Revised reports of bank loans
300
Second war loan drive
293
Size of war production loans
1149
Statistics of deposit ownership
930
Supply and price situation
,
7
Treasury bills for smaller banks.
492
United Nations conference on food and agriculture.. .609
War bonds, taxes, and economic stability, address by
Marriner S. Eccles
.393
WTork in evacuees' interests by Federal Reserve Bank
of San Francisco
295
Stabilization, postwar international monetary:
Draft of proposal of Canadian experts
718
Plans for
501
Revised draft of plan released by Treasury Department
827
Stabilization fund:
Act to extend time within which powers may be
exercised
493
State banks:
Assets and liabilities by States
684
State member banks:
Admissions to membership
43, 128, 221, 302, 419,
522, 623, 741, 850, 937, 1065, 1149
State member banks—Continued.
Assets and liabilities on June 30, 1943
1030
Branches of, changes
190, 686, 899, 1198
Condition on December 31, 1942
350
Deposits, call dates
.59, 155, 237, 317, 435,
537, 639, 757, 863, 997, 1081, 1165
Earnings and expenses for 1942
672
Earnings for first half of year, 1942-1943
1114
Number of:
Call dates
59, 155, 237, 317, 435,
537, 639, 757, 863, 997, 1081, 1165
Changes in
190, 686, 899, 1198
Suspensions
58, 154, 236, 316, 434,
536, 638, 756, 862, 996, 1080, 1164
Statement to banks, sent by Reserve Banks to banking
institutions in their districts
816
States and political subdivisions:
Deposits:
Member banks, on call dates.. 61, 157, 239, 319, 437,
539, 641, 759, 865, 999, 1083, 1167
Weekly reporting member banks:
By Federal Reserve districts
65, 161, 243, 323, 441,
543, 645, 763, 869, 1003, 1087, 1171
New York City and outside
63, 159, 241, 321, 439,
541, 643, 761, 867, 1001, 1085, 1169
Investments of member banks in obligations of
60, 156, 238, 318, 436,
538, 640, 758, 864, 998, 1082, 1166
Stock exchange:
Call loan renewals, open-market rates in New
York City
67, 163, 245, 325, 443,
545, 647, 765, 871, 1005, 1089, 1173
Customers debit balances, money borrowed and
principal related items of firms carrying margin
accounts
66, 162, 244, 324, 442,
544, 646, 764, 870, 1004, 1088, 1172
Volume of trading on New York market
68, 164, 246, 326, 444,
546, 648, 766, 872, 1006, 1090, 1174
Stocking, George W., appointed director of San Antonio
Branch for unexpired term
623
Stocks:
New security issues
68, 164, 246, 326, 444,
546, 648, 766, 872, 1006, 1090, 1174
Prices in principal countries
107, 203, 283, 365, 481,
583, 703, 803, 913, 1045, 1133, 1211
Prices in United States
68, 164, 246, 326, 444,
546, 648, 766, 872, 1006, 1090, 1174
Straits Settlements:
Foreign exchange rates
105, 201, 281, 363f 479,
581, 701, 801, 911, 1043, 1131, 1209
Supply and price situation
7
Surplus:
Federal Reserve Banks
52, 148, 230, 310, 428,
530, 632, 750, 856, 990, 1074, 1158
Member banks
350
Surveys:
Ownership of bank deposits
713, 917, 930
Retail credit—1942
604
Suspensions of banks:
Analysis of changes
190, 686, 899, 1198
Number and deposits of
58, 154, 236, 316, 434,
536, 638, 756, 862, 996, 1080, 1164
Sweden:
Bank of:
Condition
102, 198, 278, 360, 476,
578, 698, 798, 908, 1040, 1128, 1206
IZ32.
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME Z9
Pages
Pages
103, 199, 279, 361, 477,
579, 699, 799, 909, 1041, 1129, 1207
Gold reserves
96, 192, 272, 354, 470,
572, 692, 792, 902, 1034, 1122, 1200
Foreign exchange rates
105, 201, 281, 363, 479,
581, 701, 801, 911, 1043, 1131, 1209
Gold movements
97, 193, 273, 355, 471,
573, 693, 793, 903, 1035, 1123, 1201
Open-market rates
103, 199, 279, 361, 477,
579, 699, 799, 909, 1041, 1129, 1207
Wholesale prices in
106, 202, 282, 364, 480,
582, 702, 802, 912, 1044, 1132, 1210
Switzerland:
Cost of living, index numbers. . .. 107, 203, 283, 365, 481,
583, 703, 803, 913, 1045, 1133, 1211
Foreign exchange rates
105, 201, 281, 363, 479,
581, 701, 801, 911, 1043, 1131, 1209
Gold movements
97, 193, 273, 355, 471,
573, 693, 793, 903, 1035, 1123, 1201
Open-market rates
103, 199, 279, 361, 477,
579, 699, 799, 909, 1041, 1129, 1207
Retail food prices
107, 203, 283, 365, 481,
583, 703, 803, 913, 1045, 1133, 1211
Swiss National Bank:
Annual report of.
841
Condition
102, 198, 278, 360, 476,
578, 698, 798, 908, 1040, 1128, 1206
Discount rate
103, 199, 279, 361, 477,
579, 699, 799, 909, 1041, 1129, 1207
Gold reserves
96, 192, 272, 354, 470,
572, 692, 792, 902, 1034, 1122, 1200
Wholesale prices in
106, 202, 282, 364, 480,
582, 702, 802, 912, 1044, 1132, 1210
Taxes:
Income, burden resulting from, not sufficient reason
for statement of necessity under Regulation W
116
Internal Revenue collections
73, 169, 251, 331, 449,
551, 653, 771, 877, 1011, 1095, 1179
Territory:
El Paso Branch, transfer of Brewster County, Texas,
from territory of San Antonio Branch
42
Third war loan drive
707
Treasury bills:
Average rate on
67, 163, 245, 325, 443,
545, 647, 765, 871, 1005, 1089, 1173
Buying rates on
50, 146, 228, 308, 426,
528, 630, 748, 854, 988, 1072, 1156
Federal Reserve Bank holdings:
End-of-month and Wednesday figures. .49, 145, 227,
307, 425, 527, 629, 747, 853, 987, 1071, 1155
Investments in, by weekly reporting member banks
62, 158, 240, 320, 438,
540, 642, 760, 866, 1000, 1084, 1168
Maturities of
71, 167, 249, 329, 447,
549, 651, 769, 875, 1009, 1093,1177
Member bank holdings
60, 156, 238, 318, 436,
538, 640, 758, 864, 998, 1082, 1166
Sales and repurchases of
376
Smaller banks
492
Weekly reporting member banks:
By Federal Reserve districts. .64, 160, 242, 322, 440,
542, 644, 762, 868, 1002, 1086, 1170
New York City and outside. .62, 158, 240, 320, 438,
540, 642, 760, 866, 1000, 1084, 1168
Treasury currency outstanding:
End-of-month and Wednesday figures. .49, 145, 227, 307,
425, 527, 629, 747, 853, 987, 1071, 1155
Monthly table
57, 153
Treasury Department:
General licenses, circulars, and interpretations relating to foreign exchange issued by
119, 215, 390,
493, 819, 923, 1059
Press release on postwar international monetary
stabilization
827
Receipts and expenditures, review of
588, 1050
Releases relating to foreign exchange
819
Second war loan drive, terms of offerings and organization
293
Special depositaries, press statement on
42
Special regulation number one on reporting with
respect to property held in any foreign c o u n t r y . . . . 596
Amendments to extend time for filing reports
819, 1059
Treasury finance and the money market, discussion in
Review of the Month
587
Treasury finances:
Discussion in Review of the M o n t h . . .
..Ill
Receipts and expenditures:
Discussion in Review of the Month
588, 1050
Summary of
73, 169, 251, 331, 449,
551, 653, 771, 877, 1011, 1095, 1179
War finance, Review of the Month
1049
Turkey:
Central Bank of the Republic of:
Condition
102, 198, 278, 360, 476,
578, 698, 798, 908, 1040, 1128, 1206
Discount rate. . .•
103, 199, 279, 361, 477,
579, 699, 799, 909, 1041, 1129, 1207
Gold reserves
96, 192, 272, 354, 470,
572, 692, 792, 902, 1034, 1122, 1200
Union of Soviet Socialist Republics:
Discount rate
103, 199, 279, 361, 477,
579, 699, 799, 909, 1041, 1129, 1207
Gold movements to and from United States
58, 154
United Kingdom:
Bank of England:
Condition
99, 195, 275, 357, 473,
575, 695, 795, 905, 1037, 1125, 1203
Discount rate
103, 199, 279, 361, 477,
579, 699, 799, 909, 1041, 1129, 1207
Gold reserves
96, 192, 272, 354, 470,
572, 692, 792, 902, 1034, 1122, 1200
Commercial banks, assets and liabilities. . 104, 200, 280,
362, 478, 580, 700, 800, 910, 1042, 1130, 1208
Cost of living, index numbers
107, 203, 283, 365, 481,
583, 703, 803, 913, 1045, 1133, 1211
Foreign exchange rates
105, 201, 281, 363, 479,
581, 701, 801, 911, 1043, 1131, 1209
Gold movements
97, 193, 273, 355, 471,
573, 693, 793, 903, 1035, 1123, 1201
Open-market rates
103, 199, 279, 361, 477,
579, 699, 799, 909, 1041, 1129, 1207
Retail food prices
107, 203, 283, 365, 481,
583, 703, 803, 913, 1045, 1133, 1211
Security prices, index numbers. .. 107, 203, 283, 365, 481,
583, 703, 803, 913, 1045, 1133, 1211
Wholesale prices in
106, 202, 282, 364, 480,
582, 702, 802, 912, 1044, 1132, 1210
United Nations Conference on food and agriculture
609
United States:
Cost of living, index numbers
107, 203, 283, 365, 481,
583, 703, 803, 913, 1045, 1133, 1211
Gold movements
97, 193, 273, 355, 471,
573, 693, 793, 903, 1035, 1123, 1201
Gold production
97, 193, 273, 355, 471,
573, 693, 793, 903, 1035, 1123, 1201
Gold reserves
96, 192, 272, 354, 470,
572, 692, 792, 902, 1034, 1122, 1200
Sweden—Continued.
Bank of—Continued.
Discount rate of central bank
DECEMBER
I943
I2
-33
INDEX TO VOLUME
Pages
Pages
United States—Continued.
Government corporations and credit agencies, 1942. .. 296
Government securities: (See Government securities)
Retail food prices
107, 203, 283, 365, 481,
583, 703, 803, 913, 1045, 1133, 1211
Security prices, index of
107, 203, 283, 365, 481,
583, 703, 803, 913, 1045, 1133, 1211
Wholesale prices in
106, 202, 282, 364, 480,
582, 702, 802, 912, 1044, 1132, 1210
United States notes:
Circulation
57, 153, 235, 315, 433,
535, 637, 755, 861, 995, 1079, 1163
United States Treasury War Finance Committee, organization of
293
Uruguay:
Bank of the Republic of:
Condition
102, 198, 278, 360, 476,
578, 698, 798, 908, 1040, 1128, 1206
Foreign exchange rates
105, 201, 281, 363, 479,
581, 701, 801, 911, 1043, 1131, 1209
Gold reserves
96, 192, 272, 354, 470,
572, 692, 792, 902, 1034, 1122, 1200
Venezuela:
Central Bank of:
Condition
102, 198, 278, 360, 476,
578, 698, 798, 908, 1040," 1128, 1206
Gold reserves
96, 192, 272, 354, 470,
572, 692, 792, 902, 1034, 1122, 1200
Gold movements to and from United States
58, 154
Violations of Regulation W:
Mitchell, Louis H., suspension of license
594
Wage controls, discussion of
3
Wage earners in manufacturing industries, hours and
earnings of
83, 177, 259, 339, 457,
559, 661, 779, 885, 1019, 1103, 1187
War bonds, sales of various issues during 1942
209
War bonds, taxes, and economic stability, address by
Marriner S. Eccles
393
War Department:
War production loans guaranteed by. .55, 151, 233, 313,
431, 533, 635, 753, 859, 993, 1077, 1161
Analysis of
1149
War economy:
Discussion of
291
Further shift to
287
Transition to, review of 1942
1
War financeBritish White Paper on
729
Discussion in Review of the Month
208
Review of third war loan drive
1049
War loan deposit accounts:
Amendments to Federal Reserve Act affecting
378
Changed status of
369
War loan drive:
Second
293
:
Third, securities offered and organization for
707
Fourth
1147
War loans:
Analysis of war production loans
1149
Broadened basis under Regulation V, press statement
released by Office of War Information
849
Executive Order relating to guarantee of loans for
war production purposes
389
Fourth war loan drive
1147
Guaranteed by War Department, Navy Department, and Maritime Commission, number and
amount
55, 151, 233, 313, 431,
533, 635, 753, 859, 993, 1077, 1161
Guaranteed, number and amount authorized during
year
377
Organization for drive
371
Review of results of drive
369
Second war loan drive, terms of offerings and committee organization
293
Summary of and schedule of fees to be charged
financing institutions for guarantees
12
Text of new Standard Form of Agreement
379
Third war loan drive, securities offered and organization for
707
War Shipping Administration:
Executive Order in connection with guarantee of
loans for war production purposes
389
West Africa:
Gold production
97, 193, 273, 355, 471,
573, 693, 793, 903, 1035, 1123, 1201
White plan for postwar international monetary stabilization
501
Wholesale prices:
Groups of commodities
90, 184, 266, 346, 464,
566, 668, 786, 892, 1026, 1110, 1194
Principal countries
106, 202, 282, 364, 480,
582, 702, 802, 912, 1044, 1132, 1210
Yugoslavia:
Foreign exchange rates
105, 201, 281, 363, 479,
581, 701, 801, 911, 1043, 1131, 1209
National Bank of the Kingdom of:
Discount rates
103, 199, 279, 361, 477,
579, 699, 799, 909, 1041, 1129, 1207
Gold reserves
96, 192, 272, 354, 470,
572, 692, 792, 902, 1034, 1122, 1200
FEDERAL RESERVE BULLETIN
@FedFRASER