Full text of Federal Reserve Bulletin : January 1943
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FEDERAL RESERVE
BULLETIN
JANUARY 1943
««***?»»*
OF THE FEDERAL. RESERVE SYSTEM
•WASHINGTON
Review of 1942.—Transition to War Economy. .
1-6
Supply and Price Situation. .
7-12.
Guaranteed War Loans
12.
New Indexes of Factory Employment and Payrolls. .
I
3~ I 4
Annual Report of the Bank for International Settlements .
I
5~4 I
Current Events
42-~43
=
National Summary of Business Conditions
44~45
Financial, Industrial, Commercial Statistics, U. S. (See p. 47 for list of tables) .
47~93
International Financial Statistics (See p. 95 for list of tables)
95-107
Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council
108
Senior Officers of Federal Reserve Banks; Managing Directors of Branches. .
109
Map of Federal Reserve Districts
no
Federal Reserve Publications (see inside of back cover)
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FEDERAL RESERVE BULLETIN
VOLUME
January
NUMBER I
REVIEW OF 1942.—TRANSITION TO WAR
ECONOMY
In 1942. the economy of the United materials as well as for manufacture of
States was in transition from a peacetime finished war products. Industrial producto a wartime basis. According to official tion as a whole, as is shown on the chart,
announcements, the armed forces, which
INDUSTRIAL PRODUCTION
had been about 2. million men when the
United States entered the war in December 220
1941, were expected to exceed 6 million at 200
200
the end of 1942.. During the year about a 180
180
million men were transported abroad in
160
expeditionary forces; additional training fa- 160
140
cilities were provided for the armed forces 140
//
V
in this country; and output of munitions 120
c
increased fourfold. Merchant ship con- 100
IV
/
\
struction was greatly increased, in an effort
V
not only to offset current shipping losses 80
60
but also to provide additional cargo space. 60
By the end of i^Ap- deliveries of completed 40
ships were at a rate of about ix million
20
tons a year as compared with a rate of one
0
million a year earlier, and a further increase
was in prospect. Supplies of munitions and
The figures on industrial production for war and civilian purposes
are based primarily on estimates for individual industries and have
been
tested by other calculations, but at best are only rough
other items made available during the year approximations.
All
December
1942 figures are estimates.
were sufficient to permit substantial increases in lend-lease shipments.
increased from 168 per cent of the 1935—
1939 average in December 1941 to an estiCONVERSION OF INDUSTRY
mated 194 in December 1942-, notwithMuch industrial equipment, including standing curtailment of production for
a large part of that in the automobile in- civilian use. In an effort to conserve scarce
dustry, was converted to war production materials for war production, considerable
and many new plants were built and essential information was gathered and
equipped. Furthermore, many additional systems of priorities improved and in some
projects were being completed, providing instances replaced by direct allocation and
additional capacity for production of scarce inventory control.
J
X
JANUARY 1943
X
FOR
O
FOR
WAR
CIVILIANS
REVIEW OF THE MONTH
In the conversion process many skilled
workers were made available for war production and many new workers, chiefly
women, were drawn into the labor force.
Toward the year-end action was being
taken by the manpower authorities to prevent undue shifting of workers from one job
to another and to keep adequate numbers of
trained workers in war industries and
certain essential civilian lines.
creased sharply, and war expenditures expanded without a corresponding rise in
taxes and savings. Thus, the upward pressure on prices was greatly increased. In
the early part of the year prices at retail as
well as at wholesale advanced rapidly, with
some of the heavy buying at that time
representing purchases in advance of needs,
for protection against possible scarcities.
To maintain orderly price conditions and
thereby to promote the war effort, action
MAINTENANCE OF CONSUMPTION
was taken in May by the Office of Price
Curtailment of output of certain goods for Administration to stabilize prices of most
civilian use, particularly metal products, goods at the highest levels reached in
was reflected to some extent in retail March. This action was taken under
markets, but only slowly in most instances. authority of the Emergency Price Control
Production of most consumer goods con- Act passed toward the end of January.
tinued at a high level, and by the time out- Maximum rent ceilings were set up for an
put was curtailed in selected lines, producers increasing number of localities as a part of
and distributors generally had on hand the effort to stabilize the cost of living.
During the period from March to Septemlarge stocks of such items. Consequently,
except for a few products, notably automo- ber most retail prices showed little change,
biles, tires, and petroleum products, con- but food prices, many of which were unsumer goods were freely available for pur- controlled at existing levels, continued to
chase during most of the year; only at the advance, as shown on the chart. Wageyear-end were scarcities appearing in retail rate increases were also substantial in this
markets for a substantial number of items, period. In October, at the request of the
including various foods. Rationing pro- President, Congress passed an amendment
grams were developed and adopted to en- to the Price Control Act providing for
sure equitable distribution of a number of stabilization of prices of commodities prescarce essential commodities. A more de- viously not under control and for stabilizatailed statement on the supply and price tion of wage levels, both with certain qualisituation appears on pages 7-12. of this fications. The same amendment provided
BULLETIN.
authority for appointment of a Director of
Economic Stabilization. In a tax measure
PRICE CONTROLS
adopted in October, the annual yield of
On the financial as well as the physical Federal taxes was increased by about 7
side, the transition to a wartime basis was billion dollars, with the bulk of the inaccelerated in 194.x. Total war appropria- creased payments coming from individuals.
tions and contract authorizations rose from In the calendar year 1941 net receipts
64 billion dollars at the end of November from Federal taxes totaled over 16 billion
1941 to 2.06 billion in June 1942. and Z38dollars. Meanwhile, individuals were savbillion in November 1942L. War orders in- ing an increasing proportion of their in-
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
comes, chiefly by buying war bonds, paying
off instalment and other debts, and accumulating currency and deposits.
Supply conditions for some commodities
became more favorable than had been anticipated earlier in the year. Domestic production of many farm products reached
record levels, and imports of some materials,
notably wool, were larger than had been
expected. As a result of all the diverse
elements in the situation, including estabCONSUMER EXPENDITURES AND RETAIL PRICES
Prices, food index of the Bureau of Labor Statistics and the Bureau's
cost-of-living index with foods excluded converted to 1939 base.
Expenditures, based on Department of Commerce seasonally adjusted
data computed on 1939 base; sales of retail food stores and eating
and drinking places totaled and subtracted from estimated total consumer expenditures providing an approximate breakdown of food and
other expenditures. Latest rigures shown for prices are for November
1942; October rigures shown for expenditures are preliminary.
lished controls for most commodities, such
price increases as occurred were small in
most markets after March. Food prices,
however, continued to advance, reflecting
increases in prices of uncontrolled items
and also in price ceilings of some controlled foods. The cost of living at the
year-end was about xo per cent higher than
in the period of virtual stability from 1939
to early 1941, 5 per cent higher than in
March 194.x and 2. per cent higher than in
September 1941.
JANUARY
1943
W A G E CONTROLS
Reflecting continued growth in demand
for labor and the transfer of workers to
the armed forces, there was a continued
upward pressure on wage rates and salary
levels. By order of the Director of Economic Stabilization, responsibility for salary level limitation was given to the
Treasury and the War Labor Board, and the
jurisdiction of the War Labor Board was
extended to all wage-scale changes for
workers not on farms, including changes
mutually agreed upon by employees and
employers. Acting under this wage control arrangement, the War Labor Board
adopted a general policy of rejecting requests involving increases of more than
the 15 per cent cost-of-living rise from
January 1941 to May 1942-. A considerable number of increases continued to
be allowed, however, for industries in
which previous raises had amounted to less
than 15 per cent; for industries where wages
were at substandard levels; and for industries where, in view of special circumstances, increases appeared essential to
promote the war effort.
In manufacturing industries, average,
hourly earnings were about 90 cents in
October, reflecting in part overtime payments in war industries, where the work
week was typically 48 hours or more. In
December 1941 the average had been 79
cents. Thus, the rise in this period was
11 cents, part of which was due to an
increase in the proportion of workers employed in the war industries, where wage
rates were relatively high and where the
amount of work at overtime rates was
unusually large.
REVIEW OF THE MONTH
FISCAL AND MONETARY DEVELOPMENTS
In fiscal affairs the period since Pearl
Harbor has been one of rapidly increasing
expenditures, and of sharply increased
borrowing, with higher tax receipts offsetting only in part the rise in outlays.
Expenditures for war purposes rose from
about 2. billion dollars in December 1941
to 6 billion in December 1942.. Further
increases in expenditures, in tax receipts,
and in borrowing were in prospect.
Bank purchases of United States Government securities continued in large volume.
Nearly half of the increase in the public
debt during 1942. was acquired by the
banking system, including commercial
banks and Federal Reserve Banks. As a
consequence the proportion of commercial
banks' loans and investments that was
in United States Government securities
increased from about two-fifths to over
half during the year. Bank deposits rose
accordingly, thus increasing required reserves and reducing excess reserves. Another drain on excess reserves came from an
accelerated increase of money in circulation,
which reflected chiefly the growth of payrolls, the rise in consumer expenditures and
retail prices, the removal of many persons
from their customary homes and bank
connections, and increased holdings of idle
currency.
As a result of these developments, member
bank reserves in excess of requirements declined sharply during the year. Most of
the decrease occurred at central reserve city
banks in New York and Chicago, where
Treasury receipts from taxes and security
sales exceeded Treasury expenditures. In
view of this situation, reserve requirements
on demand deposits at member banks in
central reserve cities were reduced by the
Board of Governors of the Federal Reserve
System, in August, September, and October,
by gradual steps from 2.6 to xo per cent.
Additional reserves were supplied to banks
through purchases of Government securities by the Federal Reserve Banks. For the
year as a whole the System's holdings
showed an increase of 3.8 billion dollars.
FURTHER TRANSITION IN
1943
While the transition of the economy from
a peacetime to a wartime basis had gone a
long way by the end of 1942-, it was not
yet complete. In a great many ways the
effects of war had only begun to be felt
and the country was facing another year
of profound readjustment in 1943.
On the physical side important shifts are
to be expected in the use of manpower, in
the production and distribution of goods,
and in consumption. Under the program
announced by the President, the armed
forces are to be built up by an additional 4
million men during 1943. Also, working
forces in war industries will be expanded
by perhaps 3 million. About half these
requirements will be met directly by drawing on students and women not ordinarily
in the labor market, and the other half of
the 7 million will be drawn from less essential jobs in industries producing or distributing goods for civilians or providing
services for civilians. The workers withdrawn from civilian activities will be replaced in part by people not previously employed or seeking jobs; also there will be
unusual incentives to increase output per
employee. Already before the end of 1942.,
however, some civilian activities were
being limited by manpower shortages and
the prospect was for further reduction in
output of civilian goods on this account as
well as on account of material shortages.
These curtailments and those that occurred
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
in 1942-, together with declines in stocks
from earlier high levels, will be reflected to
an increasing extent in reductions in the
physical volume of retail sales. A growing
number of items will be unavailable for
purchase by consumers, at least in previous
quantities, and consumers' use of durable
goods on hand will be curtailed somewhat
by shortages of gasoline, fuel oil, and the
like. A growing number of problems relating to equitable distribution of scarce
essential goods will have to be faced.
These physical readjustments, involving a
general tightening of conditions in the
civilian economy to meet the war program,
will give rise to many problems of a price
and financial nature for the people generally
and for the regulatory authorities. Shortages of workers and materials are likely to
be widespread, in industry and on farms,
with consequent pressure on the authorities
for price and wage advances. At the same
time, producers and distributors, faced with
declining business volumes, may regard
higher prices as essential to maintain earnings.
Money incomes available for spending on
goods and services or for savings, that is,
incomes after payment of taxes now in
effect, will be far in excess of those in 1942-,
while the supply of goods on which to
spend them will be much smaller. As a
result, there will be a strong upward pressure on retail prices, unless means are
found, through additional taxes and savings, to channel more of the income into the
war effort. It is not unlikely that saving
—or nonspending—will be stimulated to
some extent by the absence of some types of
goods. There was evidence of that in 1942.,
and there is likely to be more. On the
other hand, absorption of current income
into repayment of debt, on instalment or
JANUARY
1943
otherwise, has probably passed its peak.
Also, the large and expanding volume of
bank deposits and currency is available for
increased spending.
That total physical production for war
and civilian uses may continue to rise is
indicated partly by current large additions
to plant capacity, mainly for production of
finished war products but to some extent
for production of materials now scarce.
War production will expand as additional
plant capacity, materials, .and labor are
made available from one source or another.
Expansion in the production of munitions,
as distinguished from other war production,
will be facilitated after a time by the tapering off of the large program for industrial
and military construction, which will make
available more materials and workers for
munitions production. How far the expansion in war production as a whole may
be offset by declines elsewhere in the
economy will depend to a considerable
degree on the availability of workers not
previously in the labor market, and on
output per worker, which will reflect a
wide range of factors including the training
and experience of employees, the hours of
work, plant efficiency, and the over-all
organization of production in the economy.
Production for war is largely in manufacturing and mining and consequently is
reflected in a constant rise in industrial
activity. The Board's index of industrial
production, which had already advanced
from 116 per cent of the 193 5-193 9 average
in May 1940 to 168 in December 1941 and
194 in December 1942., is almost certain to
rise further in 1943 by a substantial amount.
Agricultural production was also larger
in 1942. than ever before, as a result partly
of planned increase but mainly because of
exceptionally favorable weather condi-
5
REVIEW OF THE MONTH
tions. In transportation, demands on
available facilities will become even
greater, since increases in military demands
are likely to be offset only in part by reductions in the distribution of goods to retailers
and consumers or additions to transportation facilities. By the end of 194.x distributors were already finding it increasingly
difficult to obtain goods to sell or to hire
people to sell them, and declining activity
in the field of distribution seems indicated.
The exact nature and extent of the physical and financial readjustments in 1943 will
depend in part on what further changes are
made in the war program as new conditions
develop. Recently the program has been
reshaped somewhat to place added emphasis
on requirements for such items as airplanes
and ships, and less emphasis on certain
munitions and new construction. Such
changes, aimed to balance the program in
the light of new developments and of an
improved situation with regard to military
and industrial equipment, are of a different
sort from the changes being made a year
ago when the aim, under different circumstances, was to expand output and equipment in almost every direction. But,
whatever the exact war measures taken, it
appears that the present broad program is
for a further transition to a war basis at a
rapid rate and that many of the problems of
i^4x in both physical and financial fields
will be intensified in 1943. Experience already gained may be expected to assist in
dealing with these problems and in making
the maximum use of the nation's resources
in a balanced and orderly fashion, so far as
that is possible in a war economy. Policies
in relation to price stabilization will not
only promote full utilization of the nation's
resources during the war but will also help
to facilitate postwar readjustment.
FEDERAL RESERVE BULLETIN
SUPPLY ANB PRICE SITUATION*
goods, to other products, especially foods.
In October, food purchases were about 2.5
per cent larger than a year ago and 65 per cent
larger than in 1939, as shown on the chart on
page 3. So far the actual consumption of foods
has continued to expand, but this is not expected to be the case in 1943 when supplies available to civilians will be considerably reduced as
compared with 1942. and may be about the same
as the 1935-39 average. Rising incomes, which
have increased the money available for food
purchases, together with the difficulties of
CONSUMER EXPENDITURES AND RETAIL PRICES
expanding food supplies, have been important
Partly as a result of rising consumer demand, factors contributing to the greater difficulty of
retail prices showed a further sharp rise in the controlling food prices than prices of other
early part of 194Z and a slower increase there- articles.
after. The physical volume of consumer purIn the autumn of 1941 and again in the spring
chases of some finished goods, like foods and and summer of 1942., consumer purchases of
clothing, were larger during 1942. than in 1941, commodities other than foods declined from
but in general, the unit volume of goods pur- previous peak levels, and, as stocks accumulated,
chased was probably lower, reflecting largely prices of these items were under less pressure.
a sharp drop in purchases of new durable The recent rise in expenditures for these other
goods. For some of these, like automobiles commodities and services, as shown by the
and mechanical refrigerators, only limited chart on page 3, reflects to some extent sales
sales for essential purposes have been permitted. of clothing and shoes out of unusually large
In some other lines, like radios and electrical inventories accumulated by the middle of 1942..
appliances, purchases have continued in a
FOOD PRICES
fairly large volume out of the unusually large
stocks built up in the early part of 1942.. Also,
Retail prices of foods advanced 16 per cent
sales of such important nondurable goods as
during the iz months ending in the middle of
gasoline and fuel oil are now substantially
November and at that time were 31 per cent
below a year ago and automobile tires have
above the 1935-39 average. During this first
been closely rationed since the beginning of
year after the United States entry into war
the year.
prices of foods rose, as a group, at a rate alAccompanying the curtailment in the volume most as fast as during the previous year, alof goods available for purchase this year, there though in I94X an increasing number of foods
has been an increase in the volume of funds were made subject to retail price controls.
withheld from consumption expenditures. For the most part, increases were much greater
There has also been a diversion of expenditures in commodities not subject to maximum retail
from goods to services and a considerable shift prices and most of the increases shown by
from certain types of products, mostly durable individual items occurred before they were
By the end of 1 9 ^ national income payments
to individuals were running at an annual rate
not far from 115 billion dollars. This represented a rise of about one-fifth during the
year, reflecting marked increases in production
and employment and also in prices and wage
rates. During the past year, individual tax
payments increased and savings rose considerably; nevertheless, according to the best estimates available, consumer expenditures continued to increase.
* This material is supplementary to the Review of the Month,
adding more detailed information concerning supply and price problems in the transition to a wartime economy.
JANUARY
1943
subject to direct control. About 60 per cent of
the food budget was covered by the general
SUPPLY AND PRICE SITUATION
order effective in May limiting retail prices to
the highest levels charged in March. The next
important extension of controls became effective
in October, after the amendment of the Price
Control Act, when about 30 per cent more of
the food budget was covered by maximum retail
prices. The major foods which remained uncontrolled were fresh vegetables, apples, and
fish. From October to November, prices of
uncontrolled items included in the Bureau of
Labor Statistics' index showed an average
advance of 7 per cent, only a small part of
which was seasonal.
RETAIL FOOD PRICES
1939" 100
j
LIVESTOCK PRODUCTS
^
|
100
/
-*
,
/
^ ^ -j
^
1
100
160
160
FRUITS AND VEGETABLESA
FRESH ^
A
^
-
IMPORTS x ' / ' - ' r
Federal Reserve grouping of Bureau of Labor Statistics' data shifted
to 1939 base. Dairy products, eggs, meats, and lard included in the
livestock products group; beverages, sugar, and bananas in the imports group. The canned and dried fruits and vegetables group is a
new combination. Prices of fats and oils other than lard, included
in the Bureau of Labor Statistics' index, are not shown in the above
chart. Latest figures shown are for November 1942^
Retail prices of livestock products, including
meats, poultry, and dairy products, and of fruits
and vegetables have risen more since last spring
than prices of other foods, as is shown on the
chart. Prices of these products have been
generally more difficult to control than most
other foods, owing to their peculiar supply
problems, marketing methods, and the statu8
tory limits of Federal price controls. Another
important factor contributing to the sharp advances in prices of these items has been the
huge Federal purchases for military and lendlease purposes. There have been no restrictions on buying of fresh fruits and vegetables by
processors to fill Federal specifications for canned
and dried products. In 1943 canners have been
ordered to reserve about one-half of their
pack for the Government, as compared with a
third in 194.x. Also, lend-lease requirements for
pork, lard, and manufactured dairy products
have been exceptionally large.
In order to reserve ample meat supplies for
Federal needs, restrictions have been placed on
deliveries for civilian consumption. The first
order issued on October 1 limited deliveries
during the fourth quarter to the following percentages of the same quarter last year—pork
75, beef 80, and lamb and mutton 95. In
November, beef quotas were cut further to 70
per cent, effective for the whole quarter. On
December 17, quotas for the first quarter of 1943
were announced with further reductions.
Plans are being developed for consumer
rationing of meats and cheese and canned, dried,
and frozen fruits and vegetables in the early part
of 1943. In the last quarter of 1942. individuals
were asked to restrict their consumption of meat
to i}/2 pounds per week, but actual practice has
been far from uniform as habits vary widely and
as supplies have not been evenly distributed in
different areas of the country and within particular markets. It is expected that a formal
allocation of the supplies to individuals may
provide a more equitable distribution and ease
the pressure on prices of meats.
Wholesale and retail prices of milk were
frozen in the spring of 1942. at March levels.
Prices of butter and other manufactured dairy
products directly related to milk prices showed
little change during the summer period of flush
milk production but advanced in the autumn
prior to establishment of maximum levels for
these products. In the meantime, prices paid
to farmers were also increased substantially.
In recent months, milk production has conFEDERAL RESERVE BULLETIN
SUPPLY AND PRICE SITUATION
tinued slightly higher than a year ago, notwithstanding a shortage of labor on dairy farms, as
production efforts by operators have been intensified and as the number of cows has been
somewhat larger than a year ago. Demand
from public and private sources has increased
more, however, than the supply of milk. In
addition, important geographical shifts in
population and income have increased distribution problems. Regional offices of the Office
of Price Administration have been authorized
to increase milk prices in particular localities
where the effect of price disparities on available
supply is most acute.
Retail prices of imported foods—coffee, tea,
bananas, and sugar—are currently lower than
before the issuance of the general price order
this spring. The two leading imported foods,
coffee and sugar, have been rationed, and this
has tended to stabilize demand and prices.
Also, since last summer war risk insurance rates
have been lowered and there has been other
Government action, including provision of
subsidies to stabilize transportation charges.
Prior to May, retail prices of imports had
shown a larger rise than prices of domestic
foods.
Prices of cereal products, in contrast to other
domestic foods and imports, have shown only
a small advance during the past year, as shown
in the chart. Also, except for an 8 per cent rise
in 1941, owing chiefly to an increase in bread
prices, the group has shown little change since
X
939- T° a n important degree the stability of
these prices has reflected the influence of ample
raw material supplies and of price controls;
also, demand for such products has risen relatively little. Domestic wheat stocks are the
largest on record and equivalent to two years'
requirements. Early in October flour prices
were controlled, and in recent weeks buyers
have reported difficulty in securing adequate
flour supplies because subsequent rises in wheat
prices have reduced milling margins. Also,
wheat has not been freely offered for sale,
partly because large stocks are under Federal
loan or are owned by the Government with
restrictions governing their disposal.
JANUARY
1943
1943 FOOD PRODUCTION PROGRAM
A program for maintaining or exceeding this
year's record domestic food output in 1943 was
announced in November by the Department of
Agriculture. Production in i94x was estimated
to be 10 per cent above 1941 and 10 per cent
larger than in 1939. According to the announcement, it was then anticipated that about onefourth of the total production in 1943 would
be required by our armed forces and our Allies.
Expanded production will be sought in the
most essential foods, particularly for meats,
milk, eggs, poultry, dry beans and peas, potatoes
and vegetable oil crops. Reductions are planned
in acreages of truck crops that require
extensive use of labor and transportation
facilities in relation to their food value. Although stocks of feed grains are large, some
expansion in grain acreages is planned to provide additional feedstuffs required to obtain
needed supplies of livestock products. The
production program is to be accompanied by
comprehensive price supports for most leading
crops and livestock products at around present
market levels.
Subsidy programs are in effect for loan wheat
sold to flour millers, vegetable oils and products,
cheese, and fluid milk in some markets. Any
reductions obtainable in marketing margins
by rationalizing deliveries and making other
economies would lessen the need for subsidies or increases in retail prices. To keep the
need for such adjustments at a minimum it will
also be necessary to limit prices paid primary
producers to levels required to stimulate essential
output.
CLOTHING SUPPLIES AND RETAIL PRICES
Retail prices of clothing have been fairly
stable since last spring, in contrast to rising food
prices, as the result mainly of larger supplies
held by distributors and consumers and of more
widespread Federal price controls. Usually
expenditures and price developments in clothing
products resemble those in foods more closely
than those in other important groups of consumer goods and services. Military requirements in the textile and leather industries have
SUPPLY AND PRICE SITUATION
been for war purposes. Manufacturing activity
generally has advanced further since 1941, and
imports of burlap and industrial fibers have
continued on a restricted basis, increasing industrial demands for domestic textile products.
Large war demands for nonapparel items like
parachutes, tires, and tents have been met
in addition to the demands for a great volume
of uniforms, furnishings, and shoes for the
armed forces. Moreover, lend-lease requirements for rayon yarn and cotton goods have
also been important.
Output of civilian clothing, also shown on
the chart, declined sharply this spring and
early summer from the peak levels of 1941 and
early 1942., owing partly to an accumulation of
stocks. Recently production has started to rise,
but it will now be more difficult for output to
reach the previous peak level, or a level which
would meet consumers' demand at the current
rate. Requirements for textile raw materials
and plant facilities in 1943 for industrial and
military uses will be much greater than they
PRODUCTION OF TEXTILE AND LEATHER PRODUCTS
were in 1941 and the number of workers in the
160
textile industry will probably be smaller.
The extent of the diversion of output of textile
and leather products from civilian clothing to
140
industrial and military uses is indicated in
the chart. In connection with the chart, it
TOTAL /
should be noted that the total production series
reflects manufacturing activity at all stages and
particularly the early stages of production, and
J CIVILIAN
CLOTHING
that clothing output occurs at various periods,
100
averaging about two or three months, after the
first stages of manufacture.
For the most part Federal controls over the
output of clothing, including conservation and
simplification measures, have been relatively
limited. The leading exception has been the
60
1940
1942
sharp curtailment ordered this year in worsted
Total, Federal Reserve indexes of textiles and products and leather
civilian fabric production and in wool carpet
md products combined, using value-added weights and converting to
939 base.
.
.
production. If output of these products had
been maintained at the high level reached in
1941, it would have reduced raw wool stocks
of 1941 than in 1939. This high level has been considerably and would have been far in excess
of market requirements this year. Sales of
generally maintained since that time.
An increasing proportion of the output has men's wear, particularly, have been considerbeen relatively much less than in the durable
goods industries, but the war program has
resulted in increased employment and income
generally, thereby stimulating civilian demand
for clothing. In 1941 and 1942. unit sales of
clothing averaged about one-fifth larger than
in 1939.
Textile production, which had increased from
1939 to the middle of 1941 at about the same
rate as total industrial production, has shown
little change since that time. In the 1939-1941
period, the most important advance in textile
activity was in cotton consumption, reflecting
partly large industrial demand for heavier
fabrics and also large demand for cotton textiles to be used for apparel and house furnishings. Rayon and wool textile production
also increased sharply. The rise in leather
and shoe production was on a smaller scale
and, as shown on the accompanying chart,
total activity in the textile and leather products
industries was 35 per cent higher in the middle
PER
CE NT
1 9 3 9 » 100.
SEASONALLY
ADJUSTED
PER
vv
\ 1'
V £i
-
10
\
V.
-
FEDERAL RESERVE BULLETIN
SUPPLY AND PRICE SITUATION
ably reduced by the transfer of men into the
armed forces. In general, there was a marked
decline in clothing purchases in retail markets
during the second quarter of the year, as is shown
in the chart below. Inventories mounted to a
high level in the summer but, with production
sharply curtailed, inventories held by distributors had been considerably reduced by
CLOTHING IN RETAIL STORES
Monthly figures except for stocks, which are quarterly as of January 31, April 30, July 31, and October 31. All series include apparel,
shoes, and piece goods.
Prices based on clothing group in Bureau of Labor Statistics costof-living index converted to 1939 base; monthly data prior to September 1940 estimated; sales derived from Department of Commerce
data on retail sales of apparel stores and Federal Reserve data on
sales in clothing departments of department stores; stocks based
largely on department store data. Latest figures shown are for
October 1942, sales data preliminary.
the end of October. Making allowance for
higher prices, stocks of clothing in department stores were then at about the same level
as a year earlier. Stocks of some classes of
products, particularly women's dresses and
hosiery, were lower, but men's clothing stocks
were larger.
SUPPLY AND UTILIZATION OF LABOR
In the first year of war, some 4 million men
were added to the armed forces and civilian
employment increased by 2-5 million or 5 per
cent. These calls on manpower have been met
JANUARY
1943
by employment of some 2. million previously
unemployed and by an unusual expansion of the
labor force. In civilian employment the year's
increase is entirely accounted for by additional
employment of women. Available man-hours
were also increased by lengthening the hours
of work in practically all lines of activity, and
in numerous lines the gains in output have been
enhanced by improvement in efficiency. On
the other hand, extensive employment of inexperienced workers, inadequate numbers of experienced supervisors, high rates of labor turnover,
uneven flow of materials, and labor hoarding
are factors which have tended to limit output
per worker.
Agricultural employment increased somewhat
in spite of the transfer of large numbers of men
to the armed forces and to higher paid jobs in
war industries. Labor shortages caused no
important crop losses this year but toward the
end of the year the maintenance of production
in some lines, notably dairying, became increasingly difficult.
Among nonagricultural lines, manufacturing
recorded the largest rise in employment, which
was about 1.7 million persons or 12. per cent.
There was also a large increase in the number
working for the Federal Government and employment in the transportation and public
utility industries increased somewhat. Mining
and trade had fewer employees at the end of
1942. than at the end of 1941, while construction and the finance, service, and miscellaneous
group showed little change.
Large employment gains in manufacturing
industries have been heavily concentrated in
those industries producing directly for war
purposes, particularly shipbuilding, aircraft,
machinery, chemicals, iron and steel, and nonferrous metals. Some of the industries less
essential to the prosecution of the war, such as
furniture, stone, clay, glass, textiles, and wearing apparel, reported declines in employment
over the year. In practically all manufacturing
industries the proportion of workers employed
in war production increased considerably.
SUPPLY AND PRICE SITUATION
The general manpower situation presents an
increasingly difficult national problem. Transfers into the armed forces and into war industry
are planned in about the same number as during
194Z. Meanwhile, sources of additional workers are more limited; unemployment is almost
at a minimum; the number of persons employed
in less essential civilian pursuits has already
been reduced somewhat; and most of the women
of the more employable ages, living in industrial
areas and with relatively light home duties,
have already taken jobs. Many of the new
workers recruited will be able to take only
part-time jobs. Some further curtailment in
civilian activities may be expected and output
per worker may be increased by one device or
another. The existence of difficult manpower
problems in some industries and occupations
has been recognized in action taken by various
manpower agencies, including the Selective
Service, with a view to maintaining a sufficient
supply of trained workers to meet essential
requirements, particularly in war industries
and on farms. The problems in this field will
unfold as the year goes on and the situation
will have to be reappraised as the facts with
regard to labor supply, efficiency, and the like
become more apparent.
GUARANTEED WAR LOANS
During December 319 applications for guarantees of loans amounting to 2.95 million
dollars were authorized through the Federal Reserve Banks acting under Regulation V of the
Board of Governors as fiscal agents for the War Department, Navy Department, and Maritime
Commission. To November 30 a total of 2^3x7 loans aggregating ^,367 million dollars had
been authorized for guarantee. Of the total number authorized irj per cent were for amounts
up to $2.5,000 and 59 per cent for amounts up to $100,000. Figures on guaranteed loans through
November are shown in the table on page 55.
After consulting with representatives of the War Department, Navy Department, Maritime
Commission, and the Federal Reserve Banks, the Board of Governors prescribed, effective
December 30, 1942., fees to be charged financing institutions for guarantees of war production
jOans, as follows:
Percentage
of loan
guaranteed
Guarantee fee
(Per cent
of loan rate1)
60% or less
65%
11.-1 / 2.
70%
15
IO
75%
I7-1/2.
80%
2.0
85%
90% (for loans of $150,000 or less)
90% (for loans over $150,000)
Over 90%
2,1.-1/2.
2-5
2.5-3O
3O~5O
1
Maximum rate of interest that may be charged borrowers on loans
guaranteed by War Department, Navy Department, and Maritime
Commission is 5%.
FEDERAL RESERVE
BULLETIN
NEW INDEXES OF FACTORY EMPLOYMENT
AND PAYROLLS
Indexes of factory employment and payrolls
compiled by the Bureau of Labor Statistics have
been considerably revised. New indexes without seasonal adjustment were published by that
Bureau in December 194.x. These indexes for
both employment and payrolls and new seasonally adjusted indexes for employment, compiled
by the Board of Governors, are shown below by
months for the period from January 1939
through November 194Z. Separate indexes
are given in all cases for the group of industries
producing durable goods and for those producing
nondurable goods.
For durable manufactures the new seasonal
adjustments are final, being based on detailed
adjustments by industries; for the nondurable
group the adjustment has been made on an overall basis for the group as a whole, and should
be considered as tentative until adjustments
are computed for individual industries. Seasonally adjusted indexes by groups and selected
industries will be published in the BULLETIN
at a later date.
The indexes cover wage earners working in
manufacturing establishments as defined by the
1939 Census of Manufactures and the Standard
Industrial Classification and are expressed as a
percentage of the 1939 average. The indexes
for individual industries are computed on the
basis of monthly reports received by the Bureau
of Labor Statistics and are adjusted to Census
of Manufactures data for 1939. The figures for
major industry groups, for durables and nondurables groups, and for total are adjusted by the
Bureau of Labor Statistics to agree with more
comprehensive data provided by Social Security
records. Reports of employers to the Unemployment Compensation Agencies are the principal source of information for these adjustments.
As shown in the following table, the revised
index in May 1^41. for all factory employment
was approximately 4 per cent higher relative
to 1939 than the old series. Some of the upward revision in the May 1942. employment
JANUARY
1943
relative to 1939 resulted from the adjustment
to Social Security data. The greater part, however, resulted from introduction of more reporting firms into the Bureau's current sample,
and from recombination and reweighting of
the data used.
FACTORS EMPLOYMENT
Index
Number of wage earners
(1939 = 100)
(in thousands)
Total
Old series.
Revised series .
Durable goods
Old series.
Revised series...
Nondurable goods
Old series
Revised series...
1939
Average
May 1942
May 1942
7 888
8.192
10 866
11,754
137 8
143.5
3,475
3,611
5 919
6,398
170.3
177.2
4,413
4,581
4,947
5,356
112.1
116.9
In addition to the revisions in relative levels,
the Bureau has made changes in its estimates of
aggregate employment of wage earners in manufacturing industries. The new aggregates for
1939 are about 300,000 workers, or 4 per cent
above the number of wage earners reported
in the 1939 Census of Manufactures. These
revised estimates were derived by comparing
Social Security data for the first half of 1940,
the earliest period for which satisfactory
data are available, with estimates for that
period derived from 1939 Census figures and
current Bureau of Labor Statistics data and by
applying the percentage thus obtained to 1939
Census figures. Current estimates of aggregate employment of wage earners have been
raised nearly 600,000 as a result of the adjustment to the Social Security data.
The seasonally adjusted index for durable
manufactures here shown is based on examination of each of the 71 industry series included
in durable manufactures. In 1939, 48 of these
series, including nearly all the important ones,
were adjusted for seasonal variation.
Since 1939, employment on war work, which
is non-seasonal in character in most instances,
has gained in importance continuously and at
NEW INDEXES OF FACTORY EMPLOYMENT AND PAYROLLS
an accelerated rate. Through 1941 and to a
lesser extent subsequently, seasonal fluctuations
caused by consumer habits of purchase continued
to exist. The effects of model changes in automobiles and refrigerators and other durable
goods and the effects of customary buying periods
in the spring and fall continued to operate.
Thus, the absolute numbers of workers affected
by seasonal fluctuations in durable manufactures showed little diminution until 1942.,
although the relative importance of these fluctuations decreased, as total durable employment
grew.
In contrast to 48 industry series adjusted for
seasonality in 1939, only 13 series are adjusted
currently. Three of these—jewelry, tin cans
and tinware, and stoves—are in the metals
group, the remainder being stone, clay, and glass,
lumber, or furniture industries. Still fewer
series will show seasonal movements in 1943.
Some seasonal movement will still exist, however, as the weather directly influences production and employment, as in the cases of lumber
and cement, and also as it indirectly influences
production and employment through the growing season, as for tin cans and tinware.
FACTORY EMPLOYMENT AND PAYROLLS
[1939 average = 100]
Employment
Year and month
Total
Adjusted
Durable goods
Unadjusted
Adjusted
Nondurable goods
Adjusted
100.0
115.5
151.3
100 0
107.5
130 3
1939
1940
1941
Unadjusted
Payrolls
Total
Unadjusted
Durable
goods
Nondurable
goods
Unadjusted Unadjusted Unadjusted
100.0
101.3
113.7
100.0
114.5
165.3
100 0
125ll
199.3
100.0
104! 1
132.0
1939—January
February
March
April
May
June
July
August
September
October
November
December
95.9
96.3
96.7
96.8
96.8
97.8
99.0
100.1
101.4
104.9
106.6
107.0
93.8
95.4
96.7
96.7
96.0
96.5
97.0
100.5
104.8
108.1
107.7
107.0
94.3
95.5
95.5
96.1
95.6
96.8
97.7
98.4
100.9
106.7
109.4
112.2
92.6
93.9
95.2
96.2
96.0
96.7
95.3
96.6
103.0
109.8
111.7
113.0
97.1
97.0
97.6
97.3
97.7
98.6
100.0
101.4
101.7
103.5
104.3
102.9
94.8
96.6
97.8
97.0
96.0
96.3
98.3
103.6
106.3
106.7
104.5
102.2
91.2
93.9
96.0
93.9
93.7
95.5
93.6
100.0
104.2
112.7
112.0
113.4
88.5
90.7
92.8
93.1
93.0
95.4
90.3
96.5
103.4
116.8
118.0
121.5
93.8
96.9
99.2
94.6
94.3
95.5
96.9
103.4
105.1
108.7
106.1
105.4
1940—January
February
March
104.0
104.2
103.8
102.6
102.1
102.5
103.1
107.8
112.2
114.8
116.0
117.4
111.3
109.9
108.9
108.4
109.1
110.2
112.0
116.7
119.3
123.0
127.2
130.2
110.1
109.2
109.2
108.9
109.5
110.3
109.3
113.7
120.3
125.3
129.0
131.5
101.7
100.9
99.2
97.8
97.8
98.5
99.8
101.4
102.2
103.4
104.8
106.3
99.2
100.3
99.5
97.7
96.2
96.4
98.2
103.2
105.9
106.5
105.8
106.3
107.4
107.2
107.9
105.8
105.8
107.6
106.6
115.1
122.1
126.9
127.5
134.1
114.3
112.9
114.1
113.9
May
June'*.
July
August
September
October
November
December
105.9
104.8
103.6
102.4
102.8
103.7
105.2
108.1
109.7
112.0
114.6
116.8
117^6
113.5
123.8
133.8
143.5
146.1
153.8
100.6
101.7
101.9
98.0
97.3
97.7
99.9
106.6
110.7
110.7
109.3
114.8
1941—January
February
March
April
May
June
July
August
September
October
November
December
118.5
120.5
122.2
125.1
127.9
131.1
133.9
135.6
136.4
136.9
137.0
138.1
116.5
119.3
121.6
124.6
127.1
130.2
133.3
136.2
138.9
139.0
138.4
138.3
133.4
136.3
138.8
143.2
147.5
152.1
156.9
159.1
160.7
161.6
162.4
164.2
132.3
135.6
138.8
143.6
147.8
152.2
155.5
156.8
161.1
163.3
164.2
164.5
106.7
108.0
109.1
110.8
112.4
114.5
115.7
117.0
117.3
117.5
117.0
117.6
104.1
106.4
108.0
109.7
110.7
112.8
115.7
119.9
121.4
119.8
118.1
117.6
132.1
139.5
144.7
148.8
159.4
168.2
169.4
176.1
182.0
186.8
185.0
191.0.
154.6
163.7
170.3
177.1
193.0
205.6
204.4
210.9
218.7
228.9
228.0
236.0
110.1
115.7
119.6
121.2
126.5
131.7
135.1
142.0
146.1
145.6
143.0
147.1
1942—January
February
March
April
May
June
July
August
September
October
November
December
138.8
140.2
141.6
143.0
144.5
146.1
148.5
150.1
151.7
153.5
P155.6
136.6
138.7
140.6
142.2
143.5
145.1
148.5
152.1
154.5
155.3
2>
156.6
165.6
168.2
171 2
174.1
177.3
181.4
186.1
190.4
193.3
197.0
^200.8
164.2
167.2
170.5
173.8
177.2
181.5
186.1
191.1
194.2
198.1
p
201.5
117.7
118.1
118.2
118.4
118.7
118.3
118.8
118.4
119.0
119.2
p
120.0
114.8
116.3
117.0
117.3
116.9
116.5
118.8
121.3
123.2
121.5
^121.2
195.9
202.9
209.2
214.8
221.2
226.5
234.3
245.8
252.5
260.9
^270.8
248.6
257.9
267.3
277.2
288.2
299.1
310.3
327.3
337.2
350.2
p
367.5
144.4
149.1
152.3
153.7
155.7
155.4
160.0
166.1
169.6
173.6
p
176.2
v
'
Preliminary.
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE
BANK FOR INTERNATIONAL SETTLEMENTS
number of ways Qnter alia the 14 per cent depreciation of sterling in August-September 1939
had that effect). But, under the strain of the
war effort and with the growing scarcity of
goods, the imperative necessity of augmenting
domestic resources by the greatest possible surplus of imports soon became evident. Germany
was able to use her stronger commercial and
military position on the continent of Europe
while the United Kingdom mobilised foreign
INTRODUCTION
resources and, in addition, obtained lend-lease
The present conflict has indeed become a world assistance from the spring of 1941; the two
conflagration: by the end of 1941 countries hav- countries were thus in a position to exchange
ing no less than 90 per cent of the entire popula- their initial export drive for a policy of exporttion of the world were actually involved in war, ing only the minimum needed to satisfy the
the population of neutral and nonbelligerent essential requirements of the countries with
countries making up the remainder in the pro- which trade was still maintained.
portion of 6 per cent in Latin America and 4
In other countries there has been a similar
per cent in isolated countries scattered over shift in emphasis from stimulation of exports to
other parts of the world. The wide compass increased attention to imports. This change is
which the war has thus taken has naturally had characterised by such measures as abolition of
a profound influence on all economic life:
through the interruption in commerical and import prohibitions, suspension or reduction of
financial relations, the world has been divided customs duties, a freer allocation of exchange
into a series of separate trade areas; and, through for imports of vital commodities, appreciation
the tremendous diversion of resources in men, of currencies, etc. while, in commercial negotiamaterials and machinery from civilian to mili- tions, it has become increasingly the primary
tary ends, the ordinary mechanism of economic objective of each party to cover at least the
activity has been transformed with a speed minimum requirements of the most-needed supplies. But imports for one country are exports
and to an extent never before known.
tor another and, in so far as imports are not
Mindful of the lessons of the last war, the counterbalanced by visible or invisible exports,
belligerent countries have not pursued a policy arrangements must be made for credits or other
of "business as usual". From the very begin- forms of assistance. Between nations on the
ning they instituted a measure of control simi- same side in the war, steps have been taken to
lar to that which developed only gradually dur- ensure that financial considerations do not limit
ing the years 1914-18. This does not mean, the flow of war materials and other important
however, that there have been no changes in commodities (arrangements between Germany
economic policy. Germany and the United King- and Italy, Germany and Finland, lend-lease
dom, during the first stages of the war, were assistance, the gift of 1 billion dollars by
both intent on furthering their exports in order Canada to the United Kingdom, etc.). Neutral
to pay for essential imports. Germany for countries have used the granting of credits as
some time retained her system of export subsidies a means of bargaining to obtain indispensable
and the United Kingdom favoured exports in a supplies and transport facilities. Fears that an
inflow of goods would cause unemployment or
NOTE.—The excerpts republished herewith represent about onefifth of the text of the Report. The Introduction and the Conclusion
hamper the growth of home industries belong
are quoted in full. The remaining chapters in the Report are entitled
to the past; with the great wartime demand for
as follows: II, Exchange rates, foreign trade, and commodity prices;
III, Production and movements of gold; IV, International debtorlabour, the governments have even become less
creditor relationships; V, Government finance, money and capital
markets, and the stock exchanges; VI, Central banking developments;
concerned with the need of safeguarding foreign
VII, Current activities of the bank. Selected summary passages from
markets in order to provide employment for
all except Chapter VII are given on the following pages; certain tables
and charts of special interest are shown on page 41.
their export trades; and import control, where
For earlier Reports, see BULLETIN for November 1941, October 1940,
maintained, is primarily used to select, for the
September 1939, etc.
The Twelfth Annual Report of the Bank for International Settlements, covering the year ending March
31, 1942, was presented by Mr. Thomas H. McKittrick, President of the Bank, at its annual general
meeting at Basle on June 8, 1942. Selections from
the Report, with a minimum of textual changes, are
given herewith.
JANUARY
1943
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
limited transport possibilities available, the
most important commodities among those
which can still be obtained. In general, efforts are made to compensate for the loss of
foreign supplies by a diversified home production. Thus in Latin American countries, cut
off from the continent of Europe and affected by
changes in the Pacific, industrialisation has been
vigorously pushed, but is retarded by the difficulty of obtaining the necessary machinery.
The connection between exchange control and
import policy as forced upon the Latin American
countries may be seen from the following quotation out of the annual report of the Banco Central of the Argentine Republic for the year 1941:
"Thus it was that to a considerable extent the
origin of our imports ceased to be determined
by reasons of price, quality or the individual
preferences of the consumer and they were
forcibly diverted towards those countries with
which we had an exchange balance which had
to be used up. Such exchange could not any
longer be used freely to effect payments or purchases in other countries but had to be utilised
in the country which had originated it by its
purchases. The exchange permit, as well as
being a means of restriction of imports, thus
also became a selective instrument and, in the
light of experience, it can be affirmed that this
second function was often more important than
the original one".
The rise in productive power, which began
with the industrial revolution over a century
ago, has enabled the modern state to devote an
increased proportion of the national output to
war purposes before encroaching upon the minimum needs of civilian consumption. Total
warfare, when brought to its logical conclusion,
requires the utmost mobilisation of economic
strength both by direct intervention in the field
of production and by the impact through the
budget on the distribution of resources. The
magnitude of present war efforts is reflected in
the overwhelming proportion—up to 80 per
cent in the main belligerent countries—of war
expenditure in relation to the total budget, and
also in the high proportion of the national income
now taken by the state.
Estimates of national income are not easy to
form at a time of rising prices and of rapid
change in the pattern of economic life. On the
other hand, much greater efforts have recently
been made to obtain promptly as reliable data
as possible although not all the available information is published. Indexes of production,
for example, are made public for only a limited
number of countries. There are several ways of
16
relating government expenditure to the national
income, each one appropriate for its own particular purpose; only in international comparisons
is it difficult indeed to be sure that the same
method has been applied to the different data
used. This difficulty is increased when governments receive contributions from abroad, since
in such cases the methods of compilation usually
vary considerably. The difficulties can not be
wholly overcome, but, even so, the proportions
between, for instance, government expenditure
and the amounts available for consumption are
useful in throwing light on some of the main
problems of war economics (with allowance
made for the amount of error involved in the
estimates).
According to a German estimate,1 the total
public expenditure (central and local) in Germany amounted to 100 milliard Reichsmark
for the year 1941, with private consumption at
70-75 milliard. Public and private spending
together thus reached 170-175 milliard Reichsmark, corresponding to a net national income of
110-115 milliard, an amount which, in the first
place, has to be increased by 32.-35 milliard to
account for transfers of income and for the
effect of indirect taxes on prices. To the net
national income must also be added an amount
of 15-17 milliard Reichsmark, representing contributions from abroad to the German warfinancing and to the supply of commodities for
the German economy (including credits in
clearing), and a further amount of 5-10 milliard,
being the estimated value of drafts on accumulated domestic resources (domestic disinvestment).
For the United Kingdom, figures covering
roughly the same categories of expenditure and
drafts on extraordinary sources for the calendar
year 1941 may be extracted from the White
Paper issued with the new budget in April 1942Total public expenditure (central and local)
amounted to 5,100 million pounds sterling and
personal expenditure on consumption (at market
prices) was given at 4,550 million. Eight hundred million pounds sterling were obtained as
drafts on capital from abroad (so-called "overseas disinvestment", excluding lend-lease),
while "domestic disinvestment" was estimated
at nearly 500 million.
Although the figures for these two countries
must not be strained for a detailed comparison,
it is impossible not to be struck by the similarity
of the general proportions. In both, the total
1
In an article by Dr. G. Keiser on "National Income and War
Financing", in "Bank-Archiv", February 15, 1942.
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
public expenditure is higher than the amount
available for personal consumption; in both,
the extraordinary contributions from abroad
covered about the same proportion of the public
expenditure; in Germany, domestic disinvestment is estimated at 5 to 10 per cent of the public
expenditure and, in the United Kingdom, at
nearly 10 per cent. It may be added that, in
the two countries, about one-half of the total
public expenditure (central and local) requiring
domestic finance is covered by current revenue
(mostly taxation). The conclusion would seem
to be that, under the conditions of total war
obtaining in Germany and the United Kingdom,
the mobilisation of resources has been pushed
well-nigh as far as is compatible with the limits
set by the economic and social structure. For
other countries too, the same conclusion would
hold good; but corresponding estimates of total
public and private spending from current income
and drafts on capital are not usually available.
In Italy, total public expenditure can currently
be estimated at 100 milliard lire with a net
national income calculated in Italy at 140 milliard. The Japanese capital mobilisation for
the financial year 1942.-43 is based on an estimate of the national income at 45 milliard yen,
of which the government plans to take X4 milliard. When, in January 1942., the President
of the United States submitted the budget to
Congress for the financial year i94x~43, he
estimated that the war expenditure would absorb about 50 per cent of the current national
income; total public expenditure—central and
local—in the United States would thus attain
about the same proportion to available resources
as in other countries which became belligerent
at an earlier date. Indeed there appear to be
certain necessities which, so to say, dominate
the financial and economic problems created by
a total war.
(i) Total spending of the government and for
private consumption is not kept within the
limits of the current national income but drafts
mate, namely that every war year would give
rise to accumulated replacements costing 5 milliard Reichsmark, needed correction in that,
from a certain point, wear and tear increase
geometrically. In all the belligerent countries
there are no doubt important additions to plant
and equipment in the armament sector, but such
additions are part of the specific war effort and
do not as a rule permanently increase the volume
of productive resources; for that reason the fiscal
authorities normally permit a very rapid amortisation (in the United States within five years)
of new investments in war industries. Depletion of merchandise stocks was an important
feature in the first two years of the war but,
with the prolongation of hostilities, the importance of this source is being rapidly reduced.
Borrowing abroad and the utilisation of foreign assets (whatever effect such a mobilisation
of resources may ultimately have) bring, of
course, valuable immediate aid. The United
Kingdom drew heavily on its monetary reserves
and easily realisable assets on the American market and had practically exhausted its readily
available foreign resources by the time that lendlease assistance was granted by the United
States early in 1941.
In this war few foreign loans and credits have
been arranged with private lenders. As a rule
the governments themselves furnish the funds
direct from their Treasuries or through separate
agencies; but sometimes they prefer to offer their
exporters so-called export guarantees, covering
the exchange and credit risks up to a certain
percentage, or they attach such provisions to
the clearings that exporters can confidently look
forward to payments within a certain time.
The countries benefiting from the various credit
arrangements will as a rule have no repayments
to make while the war lasts.
(ii) In the second place, it has been found im-
are unhesitatingly made on capital wealth.
as one-half of the total state expenditure by current revenue already demands a very great effort. This time taxation has been increased
much more resolutely than in the last war,
when during the earlier stages there was a
distinct reluctance to impose new taxes, the
idea apparently prevailing that the war must
be made popular at all costs. In the years
1914-18 the United Kingdom covered about 2.0
per cent of the total government expenditure
by taxation, and Germany only 13 per cent. In
the present war, income tax, together with sur-
That
this should be the case is, in a way, self-evident
if maximum effort is to be attained, all the resources that can be made available must be
brought into play. At home, drafts on capital
are effected by postponement of replacement,
maintenance and even repairs, or by depletion
of merchandise stocks. After the war all this
must naturally be made good. It has been
pointed out2 for Germany that the lowest esti2
In a speech by Dr. Liier, head of the Wirtschaftskammer Hessen,
reported in the Frankfurter Zeitung, October 22, 1941.
JANUARY
1943
possible to meet wholly by current revenue', the tremendously swollen military expenditure of countries
engaged in total warfare. To provide for as much
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS '
tax and excess profits duties, has been made the
mainstay of the revenue side of the budget; these
taxes have been raised to heights never known
before, with the double aim of procuring income
for the state and of preventing private enrichment in the midst of a public calamity. There
is, however, a dilemma involved in the imposition of very high rates, since at a certain point
these rates may too radically eliminate the
money motive and thus weaken one incentive
to increased effort and more economical production.
Another difficulty arises from the fact that the
increase in the income structure during a war
emergency is very largely among the lower income groups, which can be less easily subjected
to heavier direct taxes. Under the influence of
growing armament expenditure, national income in the United States rose from 77.1 milliard dollars in 1940 to 94.5 milliard in 1941
(approximately one-third of the rise being due
to higher prices). Of the increase amounting
to 17.4 milliard dollars, not less than 12.. 1 milliard or 70 per cent represented income gained
by employees, aggregate salaries and wages expanding as the combined result of increased employment, higher wage rates and longer hours.
In the United Kingdom, there has also been a
remarkable shift in the income structure: wages
(excluding salaries but including pay and allowances of soldiers below the rank of officers, in
the armed forces and auxiliary services) constituted, before the payment of taxes, 39 per
cent of the national income in 1938 and 48
per cent by the end of 1941. At the latter date
not less than 85 per cent of the aggregate income
retained by the public after the payment of income tax and surtax was the share of persons
with an income of 500 pounds sterling a year or
less. In Germany, where the price and wagestop policy has prevented an all-round increase
in wage rates, it has been explained officially
that, owing to increased overtime, more work
by women and payments to persons serving in
the armed forces, as well as the earnings of foreign workers, the money income of large sections
of the population has nevertheless been raised
by several milliards. For absorbing as much
as possible of this expansion in purchasing power
and providing revenue for the state, an increase
in indirect taxation has proved to be the most
practical method at the disposal of the authorities. In addition to the heavy income tax and
excess profits duties which have been imposed,
especially in the higher income brackets, excise
duties have accordingly been raised and, in a
18
number of countries, turnover taxes (usually at
an effective rate of at least 5 per cent of the retail
prices) have been introduced, providing, inter
alia, a compensation for the sharp drop in customs receipts caused by the shrinkage in international trade. The actual yields of turnover
taxes, which, of course, bring in increased
revenue as commodity prices rise, have regularly
exceeded expectations. In wartime, governments are hardly in a position to choose between
different methods of raising revenue; the
amounts needed are so tremendous that all
sources must be tapped. From the point of
view of fiscal justice, it is not sufficient to examine the incidence of individual taxes but the
combined effect of all the tax changes must be
taken into account, increased indirect taxation
being counterbalanced by the heavy direct
taxes which, from the beginning of the war,
have been imposed on higher incomes.
(iii) In the third place, the part of government expenditure not met by current revenue
has become so great t h a t -peacetime rates of voluntary saving in no way suffice to finance the deficits
in the budgets. In the United Kingdom, for
instance, the total of net savings was estimated
at n o million pounds sterling in 1938, while,
in 1941, 1,52.0 million had to be financed by
borrowing on the home market (over and above
the proceeds from extra-budgetary funds and
local-authority surpluses, and compensation in
respect of war-damage claims). During a national emergency the propensity to save is no
doubt strengthened by appeals to patriotism
and by greater prudence in personal spending,
but the amounts which can be raised through
loans placed with the public and with insurance
companies, savings banks, etc. as a rule fail to
meet the government need of borrowed funds.
With few exceptions, the public Treasuries have
been obliged to borrow at the central bank and
from the commercial banking system, although
well aware that such borrowing leads to an expansion of the amount of money balances in the
hands of the public. The problem then is how
to prevent the increased amount of money from
being spent on goods and services the supply of
which has been reduced by the war, or, in other
words, how to increase saving.
One method has been to introduce a system
of "forced" savings. In the United Kingdom, the
budget for 1941-42. provided for a reduction
in the so-called personal and earned-income allowances (deducted from income for the calculation of income tax), while the amount of
tax levied as a result of this reduction was
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
credited to the taxpayer in the post office savings bank, to be repaid sometime after the war.
In 1941-42. these post-war credits came to 60
million pounds sterling. In addition, 10 per
cent of the amount paid as excess profits tax
(levied at the rate of 100 per cent) will be returned to the taxpayer for certain purposes after
the war; in respect of taxes paid in 1940-41, the
amount thus to be returned would seem to be
about 50 million pounds sterling.
Another form of forced saving may be exemplified by the system introduced in Italy in
the spring of 1942., under which certain excess
profits must be invested in 3 per cent government
securities, blocked for the duration of the war.
In a number of countries "forced loans" have
been issued (see p. 32.); whether they actually
entailed an increase in current savings is, however, often somewhat doubtful.
Since the war began, Germany has not impdsed any form of "forced" savings but, in the
closing months of 1941, two new types of voluntary investments, provided with specific fiscal
advantages, were introduced to tie up purchasing
power: the first, a deposit in savings and other
banks, for small savers; the second, a deposit at
the Treasury, of surplus funds accumulated by
industrial and other firms as a result of postponed repairs and replacements or set free by the
reduction of stocks. Considering the loss of
revenue connected with these investments, the
extent to which they are permitted has been
made subject to definite limitations. Up to the
end of March 1941, the first type of investment
had produced 150 million Reichsmark and the
first tranche of the second type 700 million
Reichsmark—not inconsiderable amounts but, of
course, of slight fiscal importance at a time when
the current needs of the state rise to 8 milliard
Reichsmark per month, covered up to one-half
by current revenue and one-half by borrowing.
To bring about the necessary contraction in
private spending, other methods, amounting in
practice to an indirect form of securing compulsory
savings, have been applied. By a system of
rationing and sweeping restrictions on private
investments, income-earners are prevented from
utilising in full the amount of money at their
disposal. Possession of money no longer in
itself enables a person to consume goods—he
needs, in addition, a ration card or a special
permit from the authorities. Sheer inability to
spend thus gives rise to "savings": the more
comprehensive the rationing system, the more
compelling the pressure to save. In countries
where the "free sector" is still rather wide, indirect compulsion is perforce less effective in
JANUARY
1943
securing the required volume of savings. Whatever the extent of the free sector, it is usually
subjected to heavy indirect taxation. In the
United Kingdom, the budget for 1942.-43 sharply
increased the duties on beer, spirits, wines, tobacco and entertainments, and doubled the rate
of the purchase tax to 66-1/3 P e r c e n t °f t ^ le
wholesale value of a wide range of "luxury"
goods. The first general restrictions imposed
in the United States after that country had become involved in the war were applied to the
production of such durable consumers' goods as
automobiles, refrigerators, radios, etc., which
require materials directly in competition with
armaments. It was in the purchase of these
goods that, up to 1941, consumers' demands had
been most considerably expanded, following the
increase in the national income; the amount
spent on them in 1941 came to somewhat more
than 10 milliard dollars. With the exception
of certain selected household items—a small
proportion of the total—their production for
civilian use was rapidly curtailed in the winter
of 1941-41.
How much has consumption fallen since the war
began? An official of the German Institute for
Economic Research arrives at the conclusion
that the actual amount of money spent in Germany on consumption was about the same in
1941 as in 19383. But in the latter year the
population in the "Alt-Reich" was 75.4 million,
while in the present "Reich" area it amounts
to 91.7 million; moreover, the cost-of-living
index rose from 1938 to 1941 by 6.7 per cent, and
account has also to be taken of the fact that,
during a war, some deterioration in the quality
of the goods sold is unavoidable. The author
points out that the reduction in consumption
implied by these facts has been most uneven:
there has been hardly any decline in housing
accommodation or in the provisions which the
agricultural population consume from their own
output; and, for large groups of the town population (those engaged in heavy work, families
with children), consumption even under rationing is not much less than in peacetime. The
consequence is that other sections of the community are correspondingly more affected.
In the White Paper issued together with the
British budget for 1941-43, it is estimated that
the reduction in the volume of consumption in
1941, compared with 1938, "probably lies within
the limits of 15 and xo per cent". A similar
reduction is found in Sweden: an estimate by
the "Konjunkturinstitut" puts the contraction
3
In an article by Dr. W. Bauer in "Europa-Kabel", May 22, 1942.
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL
SETTLEMENTS
in the volume of private consumption from 1939 drawn upon in order to subscribe to an issue of
to 1941 at 15 to xo per cent. In European coun- government bonds, is not neutral in quite the
tries other than the three just mentioned the same way: when the government spends what
decline in consumption has as a rule been more it has borrowed, the total money income of the
pronounced, the gradual exhaustion of stocks community is increased (since the subscription
and the bad harvests both in 1940 and 1941 be- was not based on current savings); but there
ing two important factors. There is, of course, will be no increase in the total volume of money
a minimum below which the health and possi- balances; nor is the liquidity of the banking
bly the life of a people is affected; there is a system directly affected.
higher level—difficult to determine—below
( i v ) Borrowing from commercial banks, either by
which the efficiency of the workers is impaired selling them government securities or by taking up
and production consequently begins to suffer. direct credits, corresponds to no reduction in
The demands of war are great and imperative: either the spending power of the community or
in one way or another, what the governments the volume of money (cash and bank balances)
need must be taken from the public. If it is in the hands of the public. On the contrary,
taken by methods which lead to considerable spending by the government of funds borrowed
and cumulative inflation, not only is the social from commercial banks will tend to increase the
structure put to a serious strain but the war money income of the community and the total
effort itself may be hampered by disorganisation of cash and bank balances. True, bank-notes
of the whole economic and financial system. may be hoarded and bank balances may not be
The problem of restricting private spending can drawn upon, i.e. the public may save in the form
be tackled in two ways: from the goods side and of holding notes and bank balances, but the
from the money side. By the first method, the amounts thus held are not tied up, being spendgovernments seek to limit purchases by such able at any time that goods can be obtained.
measures as rationing, the importance of which Lending to the government tends to reduce the
can hardly be overrated. The other way is to liquidity of the commercial banks (their liaabsorb, by taxation and borrowing, the excess bilities increasing but not their cash). The
amount of money in the hands of the public. banks, however, count holdings of Treasury
But not all forms of government financing bills as a highly liquid asset (often rediscountachieve this purpose; some even make matters able at the central bank) and can strengthen
worse. Indeed, there is, so to say, a hierarchy their cash position by allowing some of these
among different methods of raising money from the bills to run off; besides, the central bank may
•point of view of their effectiveness in counteracting step in and provide increased cash through its
own open-market operations in order to enable
mflation.
(i) Taxation is no doubt the most effective the banks to continue their lending to the
method to restrict spending, provided that ac- government.
(v) The greatest degree of danger attaches to
count be taken of the manner in which the increase in money income is distributed among direct borrowing by the government from the central
the people: if profits are swollen, more revenue bank, thus swelling the money volume and
can ana should be raised through income and money income of the community and either exprofit taxes; on the other hand, if profits are panding the note circulation or-increasing the
kept down but wages increased, the new taxa- liquidity of the banking system. In the latter
tion must, to achieve its purpose, fall largely case, the banks, having to carry the costs of increased deposits and in many cases to pay inupon the mass of wage-earners.
( i i ) Borrowing of genuine current savings from the terest on funds deposited with them, may seek
-public, either directly or through such institutions as to acquire more revenue-producing assets and
insurance companies, savings banks, etc. also has as further increase the volume of their lending, thus
its counterpart an effective reduction in spending entering on a secondary expansion of credit.
(To counteract such a tendency, measures have
by the public.
Taxation and borrowing of genuine savings do been taken in Denmark, among other countries,
not on balance affect the money income of the to tie up more effectively the increased cash
community, or the amount of money outstand- reserves of the commercial banks.)
ing, or indeed the liquidity of the banking
The above list is not complete. For instance,
system, since the funds taken from the public governments may borrow funds arising from a
flow back when spent by the government.
net repatriation of capital. But the cases in(iii) Borrowing of funds accumulated in the past, cluded in the list illustrate the most relevant
as, e.g., when a bank balance of long standing is point: what happens to the total amount of
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
money (cash and bank balances) in the hands of
the public and to the liquidity of the banking
system as a whole? Perhaps the most practical
single distinction is between those operations
which absorb part of the money volume already
in the hands of the public—(i), (ii) and (iii)
in the above list—and those which add to that
volume—(iv) and (v) above. It may be possible theoretically to neutralise a continued expansion in money balances by a strict and wellnigh all-inclusive system of rationing, completely preventing the new money from being
spent on goods and services; but the burden of
withstanding inflation would then be thrown
entirely on measures affecting the goods side.
Those who are actually in charge of price control in different countries invariably emphasise
the necessity of attacking the problem from
both sides. Thus, the German Price Commissioner4 refers to the lack of balance between the
amount of money in the hands of the public
and the available volume of goods—some not
subject to rationing—and adds: "Since from
this lack of balance a tendency arises to offer
higher prices for all goods still available, so as
to obtain them in preference to other purchases,
the absorption of excessive purchasing power is
an element of decisive influence in price policy".
The restrictions designed to enable the state
to obtain command of the purchasing power in
the hands of the public also include measures
because it is believed that savings may thereby
be discouraged and partly on account of the adverse influence on life assurance companies and
social funds and, through the narrowing of interest margins, on the banking system. In
February 1941 an official statement was made
in Germany, intimating that there was no intention, for the time being, of seeking a general
lowering of the standard rate of 3 ^ per cent for
long-term Reich borrowing. The directors of
the Swedish Riksbank issued a memorandum
on monetary policy in November 1941; in this
they stated that a further decline in the rate of
interest should not be contemplated, nor was a
rise justified, and they indicated as desirable the
present level characterised by a yield of 3 ^ per
cent on long-term government bonds and 1 per
cent on 3-month Treasury bills. Steps have,
moreover, been taken in a number of countries
to give an increased remuneration to amounts
from small savers, sometimes with the added
advantage of tax exemption.
If there is some limit to the fall of interest rates
for government borrowing it is natural that restrictions should be placed on other borrowers,
who might take undue advantage of temporary
wartime conditions to convert outstanding
debts. This falls within the province of the
capital-issue control; in Germany a number of
conversions have been allowed to reduce the rate
on mortgage bonds and the loans of local
taken to reserve for the government the bulk of loanable authorities to a 4 per cent basis; in England cerfunds in the money and capital markets. In war- tain conversions by local authorities and public
time the government becomes the main—almost utility undertakings have been permitted, generthe sole—borrower; it holds, in fact, a monopoly ally to 3 ^ per cent. Similar conversions (as
position, export of capital being prevented by a rule involving no new money) have been alexchange restrictions and the domestic credit lowed elsewhere but generally within wellmachinery being controlled, not necessarily by defined limits; in Holland in March 194Z perdetailed orders but by an understanding on cer- mission to convert mortgage-bank bonds to x
tain general principles with banks and other rate below 3 ^ per cent was officially refused.
credit institutions. Thanks to its monopoly But, in spite of these reactions, money is still
position and with the aid of the central bank, cheap as judged by earlier standards and seems
the government is able to fix, within certain likely to stay so while the war lasts.
limits, the rates applicable to its own borrowWith regard to the future, both the British
ing. At a time when public debts are piling Chancellor of the Exchequer and the President
up to unprecedented heights, it is naturally in of the German Reichsbank have said that cheap
the interests of each nation that money should money will continue to be the official policy
continue to be cheap. The cost of raising new when the war is over. But it is obvious that,
money on government account (at short and with the great demand for capital which may be
long term in the present proportions) is under expected when that time comes, in order to carry
3 per cent in Germany and under 2. per cent in out the tasks of reconstruction (including the
the United Kingdom and the United States. repair and replacement of plant and the replenBut, notwithstanding the obvious fiscal interest ishment of stocks in industry and commerce),
of the state, there has been some reaction re- conditions may arise which will make the uncently against too low interest rates, partly interrupted reign of cheap money more difficult
to maintain. Special steps may have to be
4
taken to ensure a large volume of savings even
In an article published in "Der Vierjahresplan", March 15, 1942.
JANUARY
1943
XI
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
after the war—which means, inter alia, that for
some time the public as a whole must not expect
to be able to use for its immediate needs the
purchasing power piled up during the war.
Technically, the post-war situation will be the
easier for the goverment to handle, the more the
purchasing power now engendered is tied up at
long term instead of being "saved" in the form
of bank-notes and bank deposits. It is natural,
therefore, that, with interest rates already very
low, governments should turn their attention to
lengthening the maturity dates of their borrowing rather than seek to borrow even more
cheaply. Maturity dates on long-term government loans have been lengthened during the
past year in the United States, England and
Germany, and the "iron savings" in the last
country have also the object of tying up small
savings more effectively than is the case with
savings-bank and other deposits.
The rate of interest, however, is not merely
the price paid for loanable funds. It has a
wider role as a capitalisation factor in determining the value of capital assets and, under normal
conditions, as one of the factors which influence
the direction of production. For the time
being, net industrial and other profits are kept
down by heavy taxation, and production is arranged to suit the supreme needs of the state.
But it is perhaps not altogether feasible to eliminate all those influences which ordinarily
help to establish a proper balance in a country's
economy. For the government to press down
interest rates or to hold them at an exceptionally
low level, the commercial banks must as a rule
acquire large blocks of government securities;
and, to make such acquisitions possible, they
must be provided with plentiful cash balances.
If care is not taken, this liquidity may easily
become excessive from a monetary point of view,
provoking a diversion of funds to other purposes. A clash betwenfiscaland monetary considerations may indeed arise even in highly controlled markets, since wherever an outlet is still
possible the weight of money may make itself
felt in all its force.
Thus in a number of countries the mounting
volume of liquid funds has sought an outlet in
the purchase of capital assets, particularly
shares, the prices of which have sometimes risen
to such levels that the authorities have seen fit
to intervene. The measures then taken are explained by a determination to prevent a flight
from the currency. At a time of growing tension between increased supplies of money and
reduced supplies of goods, when the public must
be induced to buy government securities or at
XX
least to leave its money unspent with banks and
other credit institutions, confidence in the currency becomes a question of-primeimportance.
In the
final analysis, this confidence can be sustained
only if the new money issued to the public will
in the future retain its power to purchase goods
and services without any too substantial impairment. Price policy and monetary policy thus
go hand in hand. Psychologically, the task of
maintaining confidence is now rather more difficult than in the last war, since even in 1919 it
was still generally believed that all the main
currencies would regain their pre-war parities,
the long era of monetary stability before 1914
having made people forget what inflation was
and what its effects might be. For this reason,
among others, a much more drastic supervision
of prices has now become necessary.
While in the sphere of public finance and
money and capital markets a great similarity is
found between conditions and methods in
various countries, a glance at the graph of movements in wholesale prices and the table on the
cost of living will show that, in regard to
commodity-prices,there is a marked difference between the virtual stability in Germany and the
considerable increases which have taken place
in most other countries. To illustrate the main
points which have arisen, some account must be
given of the developments in a few countries.
Already in 1936 Germany had introduced a
"price-stop" system, by which an increase in
prices above the level prevailing on October
17 of that year, without the approval of the
Price Commissioner, was forbidden. At the
beginning of the war the prohibition was extended to wages and in 1940 to profits also.
Leaving aside the many technical problems
which arise, the basic principle is that all elements which go to make up the prices of finished
articles shall be subject to control. The Price
Commissioner has explained that prices have
only very rarely been increased for the purpose
of stimulating production; a rise has been
authorised only when conditioned by increases
in costs which could not be avoided by the producers and would then, as a rule have to be
borne by the consumers; government subsidies
to keep prices down have, however, been
granted in a certain measure where the support
given would help to free the consumers from
anxiety and thus eliminate far-reaching repercussions on the whole price structure.
Prices being prevented from rising, the necessary contraction in civilian consumption is effected by rationing and similar measures; and
the transfer of labour from one occupation to
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
Indexes of Wholesale Prices
January-June 1939 = 100
160 -
160
140 -
140
120 -
120
100
100
1939
200
194-0
-
194-1
194-2
200
Switzerland/^
180
180
160
160
-
140
140
-
120
120
Country
100
100
1940
194-1
19^2
160
160
-
'United King Jom 140
140
Canada^^
120
- 120
100
100
1939
194-0
PERCENTAGE INCREASE IN COST OF LIVING
JUNE 1939-DECEMBER 1941
-
^Spain
1939
another, since it is not brought about by wage
differentiatials, has to be ensured largely by
official orders, the right of the individual worker
to move freely from one employment to another
being strictly circumscribed. It follows that
the success of the German system depends less
on the ordinary functions of the cost and price
structure than on sound and comprehensive
official direction, the efficiency of the control,
and the cooperation and discipline shown by
the business world and the general public.
In some respects the task of holding down
prices has been rather easier in Germany than
in other countries. Firstly, price control was
in operation before the war started; secondly,
Germany had already developed the home production of many substitutes for goods previously
imported and had adapted her domestic prices
to the costs of this production (it being the
characteristic of substitutes not that they are
necessarily inferior to the ordinary commodity
but that more effort is needed to procure them;
if they can be procured as advantageously as
the ordinary product they cease to be substitutes);" thirdly, the exchange value of the
Reichsmark in clearings and payments agreements in the thirties had been kept at the gold
parity with a price level which, calculated over
the official exchange rates, was higher than in
other countries. This made Germany somewhat less susceptible to the price rise in other
European countries. (Elsewhere, it was usually
discovered only after some time that, in order
to secure imports, it is advantageous to have a
currency with a high exchange value—hence
the recent tendency in several countries to appreciate their currencies.) But, even with
these various advantages, the German resistance
to price rises would not have had its high degree
of effectiveness had not the control been extended to wages and profits and applied with
unremitting vigour.
194-1
194-2
Germany
United States
Argentine
New Zealand
Australia
India
Japan
United Kingdom
Portugal
Sweden
Switzerland
Hungary
Norway
Denmark
Bulgaria
Roumania
* To August 1941.
JANUARY
1943
Per cent
+5
+11
+11
+12
+12
+21
+21
+28
+33
+34
+34
+39
+43
+51
+60
+145*
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
In other countries, where substantial price
increases have occurred—often contrary to the
efforts of the authorities, not to mention the
interests of the consumers—the effect has been,
however, that at least to some extent the normal
functions of the cost and price system have
continued to operate. From 1939 to 1941 the
cost of living in Sweden rose by 30-35 per cent
and the money income of the public by nearly
10 per cent, the margin between the increase in
the cost of living and the increase in the money
income roughly corresponding to the decline
in the supply of consumers' goods, and thus
providing, so to say, a natural balance between
supply and demand. In Switzerland, a government commission appointed to advise on price
and wage problems gave as its opinion in August
1941 that ''in a wage policy applied with discrimination and not as a stereotyped process, the
national economy possesses a useful instrument
for the direction of production". Wages of
Swiss industrial workers have advanced on an
average by one-half of the rise in the cost of
living, according to the principle that no compensation can be given for that part of the increase in living costs which is due to a greater
scarcity of goods and services (since the effects
of such a scarcity must be shared by all). The
rise in pay being more pronounced in some occupations than in others, wage changes have no
doubt helped to attract workers to expanding
industries. It has been found, however, that
each upward adjustment of wages has in its
turn an influence on prices. Moreover, when
changes m remuneration are permitted,, each
particular group, whether as producers or as consumers, is naturally anxious to ensure that it will
not be left behind. The diversity of interests is
often most clearly brought to the fore in the
determination of prices of agricultural products;
when these prices are allowed to rise, the cost of
living is immediately affected, and this leads to
a demand for higher wages by industrial workers
and others.
The effects of the British price policy may be
shown by a comparison between movements in
the first two years of the present and the last
war.
While the rise in wholesale prices was about
the same during the first two years of both wars,
retail prices of food have this time been kept
down by regulation and by extensive government subsidies, costing the Exchequer 12.5 million pounds sterling in 1941. This policy has
been adopted in order to make it possible to
moderate the rise in wage rates and thus to resist an upward tendency in the whole cost and
price structure. There is no hard and fast prohibition against wage increases, but official
participation in wage negotiations has become
the rule and, in some branches, as, e.g., agriculture, the wage rates have been determined by
official bodies.
Except for a sudden rise by 5 per cent at the
outbreak of war, there was little change in the
level of wholesale prices in the United States up
to the end of 1940; and there was hardly any
increase at all, up to that date, in the cost of
living. But in 1941 wholesale prices advanced
by 17 per cent and living costs by 10 per cent.
Simultaneously, hourly wage rates in the manufacturing industries were raised by about 15 per
cent and, because of longer hours, overtime
rates, promotions, etc., the average pay envelope
contained zo per cent more than in the previous
year. Farmers, as a group, had an even larger
gain, increasing their income by not less than
40 per cent. A record expansion in the output
of consumers' goods provided the counterpart
of the increase in purchasing power, but already
in the latter half of 1941 the production of durable consumers' goods (especially automobiles)
began to be restricted in favour of the armament
programme. To slow down price increases,
especially on materials vital to armament production, a Price Commission was instituted in
May 1940, but its powers were limited; it was
only by the Emergency Price Control Act
adopted in January 194Z that the Price Administrator was empowered to establish "ceilings"
for any commodity and for housing accommodation within the defence areas. But agricultural
commodities were still accorded special treatment, the farmers insisting on higher prices to
compensate them for past losses in the lean
years of agricultural depression. As government spending increased, absorbing between
one-quarter and one-half of the national income,
it was felt that the established price control
would not be sufficient. In April 194Z the
President in a message to Congress, recommended the adoption of a seven-point programme including,- inter alia, provisions for
stabilisation of the remuneration received by
individuals and stabilisation of agricultural
prices. The responsibility for the stabilisation
of wages devolves upon the National War Labor
Board, the Chairman of which has announced
that the Board will not freeze wages but "will
not allow them to get out of hand". Demands
for wage increases will be dealt with more
strictly, but the Board will continue to adjust
inequalities and pursue a policy of raising substandard wages.
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
The countries have thus gone different ways
in rinding the relationship between movements
in living costs and in wages, but there is no
doubt a growing tendency to stabilise a certain
level of remuneration, ensuring the satisfaction
of minimum needs by an extended system of
rationing at regulated prices. In Switzerland
and a few other countries, among them Italy,
compensation for higher living costs has been
granted not by a uniform increase in wage rates
but by a more flexible system, according to
which the lower and some of the middle wage
groups have been given special consideration,
while for higher income groups the adjustments
have been on a smaller scale. The extent of the
compensation has also been made in a large
measure proportionate to the family burden.
In other countries too, the granting of family
allowances seems to have made headway under
the strain of war conditions.
Rationing serves a triple purpose: (i) to ensure
an equitable distribution of foodstuffs and other
essential commodities; (ii) to counteract a rise
in prices by cutting down demand and (iii) to
reduce spending and thus increase savings. As
regards the prices of rationed goods, the authorities are often in a difficult dilemma: on the one
hand, retail prices must be within the means of
those for whom the goods are destined; on the
other hand, wholesale prices must not be so low
as to discourage production. Up to a point,
subsidies may be used to pay the producers
without raising the price for the consumers, but
subsidising has its limits. Although no belligerent country can rely solely on the price
system to secure the reallocation of resources
necessary for the pursuit of the war, it would
obviously be dangerous to allow the price relationship to develop in such a way as would
tend to retard the changes to be effected.
Government control over prices and the distribution of essential commodities is not equally
effective in all countries. Under the strain of
the war, the industrial population has less to
offer in return for agricultural products, which
may induce farmers to hold back supplies, as was
indeed the tendency in some areas during the
later stages of the 1914-18 war and the following
inflation period. For a system of rationing to
function satisfactorily, it is imperative that the
rationed goods should be available in the right
places and in the allocated quantities and that
these goods, together with those obtainable in
the legally free markets, should suffice for the
most elementary needs of the consumers. When
these conditions are not fulfilled, it becomes almost impossible to prevent a resurgence of the
JANUARY
1943
black markets, socially and otherwise so dangerous. In some countries there are already price
levels, so to say, "on two floors": one official,
at the prices prescribed by the control, and one
illegal, in the black market. The actual prices
paid in the latter—often two or three times as
high as the official prices—not only reflect the
exceptional shortage of the goods dealt in and
the excessive purchasing power in the hands of
the public but also contain a risk premium on
account of the illegality of the transactions.
Because of this premium, black-market prices
are undoubtedly too high to represent what
would be a "natural" price level, supposing
there were no control.
When the war is over and goods gradually become available in increased quantities, the question will arise which price level is to be decisive
for the future. There will be everywhere a reduced supply of goods for some time to come,
together with an abundance of cash and deposits
that can be turned into cash. One of the problems
will be to prevent the pent-up purchasing power
from causing a post-war inflation, lifting prices
well above the level reached while the war
lasted. It is usually taken for granted that
government control over prices, the distribution of essential goods, etc. must be maintained
for some time after the war. But the influence
of control is mostly in the nature of "brakes",
and in the transformation from war to peacetime economy it is most important that productive forces should be allowed to exert their full
dynamic influence, not least in order to cope
with the problem of unemployment. Government action to sustain the volume of national
income by a policy of public works and by other
means is being planned in many countries as
part of the post-war programme. It is realised
that such works must be correctly timed to fit
into the trend of post-war business (held back,
should there be a "boom", but expanded in case
of a marked decline in activity). It is also
recognised that changes in the channels of trade
when the war is over may necessitate cost adjustments from exceptionally high levels reached
during the war, in order to bring goods within
the consumers' reach and to restore the export
trade. As a rule the countries which have been
most successful in reviving industrial activity
and getting rid of unemployment have been
those which combined a policy of suitably-timed
financial expansion with a policy of cost adjustment and in that way managed to establish a
true balance within their own national economies and in relation to other countries. Great
importance is attached to mobility of labour and
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
i exibility generally in industry, without which
it will be hard indeed to transfer workers from
war production to peacetime occupations and
to employ those who return from war service.
The governments will have to concern themselves with these matters; the problem is perhaps
not so much to decide to what extent they
should intervene as to fix the main purpose of
their intervention: to aid in the transition to a
balanced peacetime order instead of simply protecting vested interests, whether of capital or
labour.
The acuity of the post-war difficulties will
depend on many circumstances which can not yet
be foretold, such as the length of the war, the
destruction still to come, etc.; but in some respects thefinancialpolicies now pursued should
make the solution of a certain group of post-war
problems somewhat easier than was the case
after the last great war. The task of restoring
a proper balance between government revenue
and expenditure may, for instance, prove less
difficult this time: once specific war expenditure
has disappeared there should be sufficient budget
revenue to meet current requirements, thanks
to the more effective taxation imposed during
the present war. Another important difference
is that much more drastic steps have been taken
this time to prevent borrowing for speculative
purchases of real estate, acquisition of shares, etc.
There can be little room now for the unbridled
speculation which characterized the later stages
of the 1914-18 war and the post-war boom period.
The banks and business men generally have not
forgotten the losses which followed an expansion that could not be sustained when the war
•was over. They have continued the policy,
begun during the depression in the thirties, of
strengthening their liquid positions, thus being
better prepared to meet the trials of a possible
post-war slump. Official support for this development is usually given by more generous
provision for tax-exempt allocations to industrial depreciation funds.
It is perhaps permissible to hope that, in
laying the foundations for a durable peace, a
more general attempt will be made to avoid a
repetition of those major monetary and economic
^errors which proved so harmful after the last
war, it being borne in mind that mistakes may
not show their effects all at once but, like a time
bomb, produce disaster suddenly at a later date.
Modern production provides the technical means
for fairly rapid reparation of the merely material
destruction caused by the war. But the attainment of a higher general welfare presupposes in
the first place a rebuilding of the economic or-
ganization distorted and disrupted by the war—
a task made more complex than in the past by
the growing interdependence of political, social
and economic factors.
EXCHANGE RATES
In the year under review there has been a
certain consolidation within each of the large
currency areas into which—with few exceptions—the world has become divided. Signs of
this consolidation are: a greater consistency of
rates and cross rates on the continent of Europe
as between the Reichsmark and the so-called
free currencies; maintenance of free transfers
within the sterling area; the granting of stabilisation and other credits by the United States
in aid of currencies closely linked to the dollar,
and exemption of all countries in the western
hemisphere from the freezing of foreign assets;
the extension of the yen bloc, together with
increased settlements in yen balances (and no
longer in dollars and sterling) within the area
dominated by Japan. Another large area of the
world is served by the rouble of the U. S. S. R.
The separation between the different currency
areas is made more distinct by the obstacles to
trade resulting from the war: there is little interchange of goods between the different groups
other than the sterling area and the dollar countries, between which exchange stability has
been maintained through the pegging of the
sterling-dollar rate.
The coherence of monetary conditions within
each area must not, however, be exaggerated
for, even if exchange rates are kept stable
through clearings, special accounts, monetary
credits and in other ways, each currency has
still, as a rule, its own individuality, with its
own credit structure and volume of means of
payment. The internal value (the purchasing
power) of each separate currency is liable to
change under the influence of reduced supplies
of goods and an increased supply of money—in
some countries more, in others less, according to
the strength of the forces at work, the efficiency
of price control, etc. As a result of such
changes, it is inevitable that now and then the
exchange rates, kept stable by the control, get
out of line with the true value of the respective
currencies. While the war lasts there is an
evident disinclination to make corrections which
would involve reductions in exchange value:
each government, fighting inflation, is anxious
to avoid any alterations which could be interpreted as signs of an avowed depreciation of its
currency. In fact, the tendency is to move in
the opposite direction: to appreciate the curFEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
rency. The contradiction between fixed exchange rates and often rapidly shifting basic
conditions may be disguised for the time being
by control measures, credits and other expedients, but it undoubtedly gives rise to problems
which sooner or later will cry out for solution.
In this respect it will make little difference
whether the particular countries apply extensive
government intervention or restore a greater
measure of freedom to their economies, since in
any case a correspondence must ultimately be
attained between the external and internal value
of the various currencies. To the process of
readjustment, all countries—large and small—•
will have to make their contribution in one
form or another, in order to re-establish a structure of appropriate exchange rates for the future.
It is often said—and with considerable justification—that the level of costs, and particularly
of wages, should be accepted as the best indication of the real exchange value of a currency. In
a modern economy the amount paid out as wages
generally represents one-half—sometimes even
more—of the total national income and is thus
the main element in the volume of buying power
in the hands of the public. In addition, there
is a growing inflexibility of wages, now more
than ever fixed by trade union agreements and
other regulations. Before 1914 it could probably still be taken for granted that in most
countries wages would move fairly rapidly in
response to a change in business conditions; if
the trend of affairs went against a country and
the discount rate had to be increased, the reaction on the labour market was likely to be in the
direction of a downward adjustment of wages.
No similar response to alterations in the discount
rate can be expected at present and its effectiveness as a means of restoring monetary equilibrium has thus been in a large measure impaired.
A growing understanding of the insufficiency
of some of the older methods of ensuring a
monetary balance has sometimes led to the conclusion that the only way of preventing a perpetuation of monetary disequilibria on foreign
account is to admit relatively frequent adjustments in exchange rates. The striving for exexchange stability, as known in the past, would
thus be replaced by a policy of flexible rates.
There will in all probability be cases of major
maladjustments in which the correction will
have to be made by a depreciation of the currency; reductions of wages by anything like 20
or 30 per cent might well expose the social fabric
to too great a strain and too heavily increase
the burden of public and private indebtedness.
Should the same view be taken of maladjustJANUARY
1943
ments which would demand a reduction of costs
by, say, only 10 per cent? Such maladjustments
may, indeed, also have most pernicious effects:
they may be the cause of much unemployment,
lead to a drain in the balance of payments and
provoke the introduction of protective measures
interfering with the currents of trade. As long
as business is booming in the world generally,
the unbalanced position of a particular country
may not seem a serious handicap; the test comes
in the strain of a general depression. For these
reasons it is important that relatively limited
maladjustments should also be speedily and
effectively corrected; but should the correction
be made through an alteration in exchange
rates or through cost adjustments?
Perhaps no general rule can be laid down;
there are arguments on both sides and much
depends upon what is feasible in any particular
country. Alterations in rates of exchange are
undoubtedly disturbing to confidence at home
and cause irritation abroad. Either the buyer
or the seller of capital goods, for which payments are usually spread over a number of years,
would have to face uncertainty as to the price
in his own currency whenever there was a prospect of varying exchange rates. (In practice
the possibilities of covering forward amounts
due under such long-term contracts are very
limited.) The investment trades—so important
in the business cycle—would thus be particularly
handicapped in their international activities.
Moreover, a unilateral exchange policy, if it
were pursued with little regard to the interests
of other countries, would undoubtedly provoke
measures of retaliation harmful in their effects
not only to the country which altered the exchange value of its currency but to the development of world trade generally. A particular
country which adopts a policy of flexible exchange rates is likely to find that—apart from
exceptional circumstances, such as the present
war period—the tendency will nearly always be
to lower but hardly ever to raise the exchange
value of the currency; depreciation may provide
what appears to be an easy way out of temporary
difficulties but has the disadvantage that it does
not subject the various branches of the economic
life to a process of rationalisation, which may
be painful but which in the end leads to an
increase in the volume of production and thus
in the standard of living.
From many points of view it would be preferable if, in the event of a minor maladjustment,
the necessary correction could be made by an
adaptation of costs. But monetary authorities
alone have no longer the means to give effect to
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL
a policy of cost adjustments. To be successful
they must be assisted by direct action on the
part of the main ecdnomic groups in the country,
including the labour organisations. Cooperation of labour or resistance by labour may make
all the difference with regard to the monetary
policy that can be pursued. Nowadays, labour
representatives often demand that they should
have an opportunity to participate in the formation of monetary policy. These demands may
be regarded as part of a general tendency to associate persons having an intimate knowledge of
various economic branches (and not only of
financial affairs) with the direction of monetary
policy. It is, however, recognised that persons
thus brought in must not regard themselves as
representatives of particular interests; having
been appointed members of a monetary authority, they must help to frame the best policy
from a general point of view. That being so,
occasions may arise on which they will have to
face and press for at least temporary sacrifices by
the groups with which they are in special
contact.
The complexity of organised interests in a
modern society makes it harder in some ways
to apply a sound monetary policy; that does not
mean that the problems are insoluble but merely
that new forms of securing adjustment must be
found. Undoubtedly, the attitude of labour
plays an increasingly important part in determining the lines of policy which can be successfully pursued; and, as always, greater power
involves greater responsibility.
COMMODITY PRICES
The gradual elimination of external influences on
the domestic price level and the reinforcement of -price
control, which characterised developments in
Japan, are the outcome of tendencies which,
with variations in detail, are found all over the
world. In the first stages of the war, a number
of factors came into operation which exerted an
influence more or less general in character.
Notable among these factors were increased
costs of transport, especially by sea, the interruption of the normal currents of trade by the
blockade and counter-blockade (with effects
both in Europe and in overseas countries, where
surplus stocks accumulated), the depreciation of
the currencies of the sterling area by 14 per cent,
and the adjustment of prices on the continent of
Europe to the German price level. Some of
these factors are still at work; others have, so
to say, spent their force: adjustment of prices
to the new exchange value of sterling has alz8
SETTLEMENTS
ready been completed, and so has adjustment
to the German price level. Instead of these
processes which embraced many countries, the
decisive influence is now increasingly exercised
by domestic conditions in individual countries,
especially the extent to which governments are
able to reduce private spending and thus absorb
purchasing power, to make room for the tremendous military outlay of a total war. The
success with which these tasks are handled is
not the same everywhere; and the consequence is
a diversity of developments, reflected in the
movements of prices shown in the indexes published for the various countries. This does
not mean, however, that no similarity is to be
found. Since the problems with which the
nations have to cope are, in their essence, identical, it is not surprising to find that, in many
respects, very much the same measures are taken,
with largely similar results.
The reduced influence of foreign factors has
made each country more the master of its own
fate in the realm of prices; and this greater independence has been used in many places to put
a more effective brake on the upward surge of
the cost and price structure. Hence a slowing
down of the price increases in a great number of
countries from the middle of 1941. Experience
has shown that price control, to be effective,
must not be piecemeal: in particular, attention
must be given to costs, i.e. the remuneration paid
to the different factors of production. That
means that governments must occupy themselves
with difficult questions of profits and wages.
Although it is impossible to escape a general
reduction in the standard of living, governments
find themselves forced to provide, by rationing
and by some compensation for the increase in
the cost of living, that intolerable hardships are
avoided and the burdens equitably distributed.
The cost of living has been rising for many
reasons. One factor recurring in a great number of countries is concern about the daily bread,
leading to an increase in agricultural prices in
order to stimulate output. Farmers themselves
after years of depression, have seen an opportunity to obtain a higher remuneration for their
efforts and have, in the emergency, been able to
exert an influence of considerable weight.
With the exception of Germany, where the
wheat price had already been raised before the
war, substantial increases have been made.
Since higher prices have beenfixedfor other agricultural products also, the result is that, notwithstanding government subsidies, the group
"foodstuffs" in the cost-of-living indexes is
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
generally one which registers a marked increase
—sometimes even the highest increase of all.
Other groups which often show a particularly
high increase are "clothing" and "fuel". In
these cases the rise in price is usually connected
with reduced imports, for instance, of cotton,
wool and petrol from overseas or coal from the
European suppliers.
There is one group in the cost-of-living indexes
which, uniformly for almost all countries, shows
very little change: practically everywhere rents
have been prevented from rising. In one or
two countries they have even been lowered,
since cheaper mortgage rates are considered to
have diminished the cost for the owners, who
have been ordered to pass on the benefit to their
tenants. At the same time, building activity
for private purposes has been severely cut down
—in some countries even prohibited. There is
no room in a total war for private investments
unconnected with the armament programme.
As a result, an abnormal scarcity of housing
accommodation is beginning to make itself felt
and will presumably become increasingly acute
the longer the war lasts.
A result of all this fixing of prices—some
high, some low—will certainly be that at the
end of the war the cost and price structure will
show a pattern little suited to peacetime requirements. It will certainly not be easy to
rectify the many dislocations which will then
appear; the adjustments that become necessary
will only too often entail an immediate disadvantage for some sections of the community.
Still, there can be little doubt that the restoration of a fundamental balance in the cost and
price structure is a necessary condition for a
healthy expansion in production; and such a
balance is just as much needed when the state
concerns itself actively with the management of
economic affairs. Efforts will no doubt be made
to prevent a deflationary drop in prices after the
war; but a greater stability in the general price
level must not be taken to mean that substantial
adjustments in relative prices may be avoided.
GOLD
In the past, gold reserves provided a useful
basis for the financing of rapidly rising government expenditure in time of war. But with the
development of modern credit systems it has
been possible to employ methods on the domestic
markets which do not require the possession of
metal reserves (not even, it would seem, to maintain confidence in the currency). In relation
to foreign markets, however, gold has continued
JANUARY
1943
to serve as a reliable means of payment, being
still universally accepted by monetary authorities at a more or less fixed price (in spite
of the currency changes in the thirties).
In the present war, gold has again been used
on a large scale for foreign payments (especially
to the United States) but once more it has been
found that other resources are also required.
Foreign assets have been mobilised and foreign
credits have been arranged. For a number of
reasons the forms now used differ from those
employed in the last war. Private lending is
now almost nil; facilities made available
through the clearings, lend-lease aid and stabilisation loans all have in common the provision of
credit through official agencies. Well-nigh the
whole world being divided into two belligerent
camps, a series of arrangements have been concluded which are designed to ensure that
financial considerations shall not limit the aid
given within each group. That being the case,
gold movements have been relegated to a secondary place; indeed, the total amounts involved
in the various arrangements for mutual assistance already attain figures which exceed the
total value of the world's monetary gold reserves. Not money but the volume of production and the possibilities of transport set the
limit for the movements of materials between
allied countries.
In these circumstances, the question has been
raised whether for the time being gold production serves a useful purpose. Would it not be
preferable to divert the man-power and other
resources now engaged in the production of gold
to other tasks? To some extent such a diversion
is brought about almost automatically by the
mobilisation of men for military service, by
increased costs of production and by the difficulty of obtaining machinery and other materials. It has been suggested that the price of
gold be lowered in order to discourage gold production by rendering it less profitable; but the
suggestion has not been adopted, on the grounds
that such measures would disturb existing
monetary arrangements, impair monetary confidence and upset the financial stability of certain
of the gold-producing countries. In so far as it
is considered desirable to curtail production (and
the situation is not the same in all countries),
the cut can be effected by more direct methods,
such as restriction of the allocation of machinery
and other supplies.
The assistance now rendered by various
powers to each other is to facilitate the winning
of the war. In the immediate post-war period
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
also it may be found useful to continue some
form of assistance since all countries will be
interested in the re-establishment of orderly conditions and a speedy recovery of peacetime production and international trade. One of the
tasks will be to provide for adequate monetary
reserves to make it possible for the various countries at least to loosen, if not to discard, the
straitjacket of restrictions and controls into
which the trade of the world has been forced.
The war will leave behind a dangerously high
volume of purchasing power in the different
markets and so many other maladjustments that
a strong foreign reserve position will have to be
built up before freedom of movement can be
restored. To judge from pronouncements by
authoritative persons in practically all countries,
gold may be expected to retain its function as an
appropriate medium for the settlement of balances on foreign account, and will thus continue
to be held, together with foreign currencies, in
reserve for such payments. Trade can never
be made to balance from day to day; some elasticity is required; and the methods by which
elasticity can be provided are not many. Every
monetary system presupposes a certain discipline, and the kind of discipline required is very
much the same whether or not gold is chosen as
a basis. Dynamic forces within a monetary
system are also needed; and the current increase
in gold supply constituted, at least before 1914,
an important dynamic element in the world's
monetary and credit system.
The present maldistribution of gold (a result
partly of American developments and partly of
disturbed conditions in Europe over a number of
years) will in many ways affect the monetary
problems to be solved when the war is over.
One possibility is that more or less clearly defined
groups of countries will continue to carry on trade
and foreign exchange relations on a clearing basis,
although with such relaxations as peacetime
conditions will allow. Gold would then presumably play a minor role—at least within the
groups. There may, however, be another tendency, followed by a greater or smaller number
of countries, towards a system of free exchange
transactions supported by adequate reserves and
with gold as the maintstay of these reserves.
The successful establishment of such a system
will depend upon the fulfilment of many different conditions—among them the availability
of sufficient gold from current production or
from already accumulated gold holdings. The
task of reconstruction will then consist in the
creation of a situation in which the different
countries can replenish and retain their mone30
tary reserves. Outside assistance by reconstruction loans or through stabilisation credits
will no doubt be exceedingly useful in helping to
fill a gap in budget accounts and balances of payments and to reconstitute monetary reserves more
quickly than would be possible by purely national action. But such assistance will be a
mere palliative, bringing temporary relief only
while the borrowed funds last, unless steps are
taken to secure in the various countries and in
their relations with each other a fundamental
balance in budgets, cost and price structures,
exchange rates and international payments. In
a number of countries there is unmistakably a
growing insistence on the importance of "equilibrium", "balance", and "proper parities", and
this tendency may be taken to signify a better
understanding of the conditions that must be
fulfilled for at least a moderate success to be
achieved in the functioning of the world's
economic and monetary systems. Trade depends so largely on monetary arrangements that
little progress can be made in the exchange of
commodities and the readaptation of production
to peacetime needs without providing for an
elastic and smoothly functioning monetary relationship between the different countries.
INTERNATIONAL DEBTOR-CREDITOR RELATIONSHIPS
The first world war turned the United States
from a debtor to a creditor country and impaired
the international position of the European belligerents. The second world war is turning
Canada and India and perhaps other overseas
countries into creditors on international account, while in 1941 Germany accumulated
debts on clearing account of over 5,000 million
Reichsmark and England's foreign disinvest-5
ment was as high as 800 million pounds sterling.
Although these sums provide sustenance to the
belligerents in their war efforts, the magnitude
of thefiguresgives some measure of the changes
which have occurred in the international capital
structure.
What the exact situation will be when the
war is over it is, of course, impossible to say at
the present time, but it is evident that such
fundamental shifts in debtor-creditor relationships must give rise to important changes in
the currents of trade. Immediately after the
war, the first needs of European and other
15-17 milliard Reichsmark in 1941 (see page 16)
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
Clearing Claims
(and assimilated accounts).
the equivalent in Reichsmarks (at clearing rates) of advances
made in domestic currencies to home exporters and other
clearing creditors by certain European central banks (including
some other items of a similar nature).
Monthly, in millions of R M .
5000
5000
4500
4500
4000
4000
3500
3500
3000
3000
2500
2500
of international debtor-creditor relationships,
or which, by the nature of their production,
are the principal suppliers of foodstuffs and raw
materials. In their own interests, they have
every reason to abstain from measures which
unduly burden the international balances of
payments.
For "principal suppliers" is a reciprocal term
—it implies obligations as well as privileges,
dependence as well as profits. The post-war
welfare of the world demands that the large
shifts in the international capital structure
brought about by the war should be matched by
broad adjustments of the future pattern of international trade in a way and to a degree which
was not achieved in the interregnum between
the two world wars of our time.
GOVERNMENT
FINANCE,
MONEY
AND
CAPITAL
MARKETS
Although receipts from taxation have generally risen in the past year, government borrowing continued to be the dominating factor in the
money and capital markets of the world. The
financing of actual war expenditure in the belligerent countries not only, absorbed all the
current savings but also led to some expansion
in the volume of bank credit; in neutral countries
defence expenditure took a lower proportion of
500
the total budgetary outlay, but there also it
constituted a heavy burden and accounted for
the bulk of market borrowing; and, although
F M A M J
J A S O N O J
F M A M J
military expenditure was practically eliminated
194!
1942
«.55«.
1940
from the budgets of the occupied countries in
EDITOK'S NOTE.—This chart presents an incomplete picture since
Europe, its place was taken by the considerable
clearing claims of several countries against Germany are not
represented for lack of regular figures. The text of the Report presents
official financing for the payment of occupation
certain evidence concerning the claims of France, Slovakia, Greece,
costs and advances to domestic exporters and
Switzerland, Sweden, Bohemia and Moravia; those of France are much
the largest, being estimated at 1,500 million Reichsmark in June 1942.
other creditors in the clearings with Germany.
No estimate is available for Germany clearing debts to Italy.
Conditions on the money markets show some
variations.
In Germany and the United Kingcountries will be for the reconstitution of stocks dom, the markets
very liquid; the same
and replacement of plant and for the repair and is true of certain remained
European
countries (notably
reconstruction of damage due to the war. In Denmark, Sweden and Switzerland),
where the
order to provide for these needs and at the same public's demand for cash, as shown by
the extime for the changes on capital account, some pansion in the note issue, has not been considercountries will, no doubt, find it imperative to
Before the United States entered the war,
increase their exports. Whether or not they able.
official
of control tightened up the
will succeed in doing so will depend partly on markets measures
in New York; and more stringent contheir own endeavours but partly also on the ditions appeared
some European countries,
closely-connected trends of commercial policy where expansion in
central-bank credit for
and general business conditions. An export official account wasoffollowed
a parallel indrive by the countries most in need has ob- crease in the note circulation by
(as was the case
viously more chance of success if the volume of in Belgium and Holland). Most
international trade is expanding than if it is have shown themselves concerned governments
to lengthen
contracting. Much will depend upon the will- the maturities of their borrowing and
tie up
ingness of those countries to receive imports savings rather than to borrow more to
cheaply;
which have improved their position in the field
2000
2000
1500
1500
1000
1000
5 0 N D
JANUARY 1943
31
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
rates at long and at short term have thus gen- to close up loopholes and to tie up loose money,
erally ceased to fall and in several countries the some element of compulsion has crept into the
policy of the authorities has avowedly been to lending of surplus funds to the governments.
stabilise them around existing levels. But on
In Germany participation in the new form of
the stock exchanges of Continental Europe the "iron savings" is voluntary, although, once the
rise in quotations has, in many cases, brought worker has indicated his rate of saving, he is
share yields down to abnormally low rates.
bound to it for at least three months and his
Although much has been written on the savings are tied up until a year after the end of
sources of war financing and the various related the war. Further, amounts surrendered by
problems which have to be faced alike by all industrial enterprises in virtue of the new regubelligerents, questions regarding the technique lations regarding "profit skimming" are to be
of borrowing appear to have been comparatively accumulated in a profits surrender account, the
REICH RECEIPTS FROM TAXATION AND BORROWING 1
AUGUST 1 9 3 9 - M A R C H 1942
[In millions of Reichsmark]
Internal debt increases or decreases
Quarter
Taxation
revenue
Short-term
Reichsbank
working
credit
Treasury
bills
1939 Aug.-Sept
Oet.-Dec
1940 Jan.-March
4,430
6,335
5,840
-336
567
-470
2,392
3,628
4,383
1940 April-June
July-Sept
Oct.-Dec
1941 Jan.-March
6,067
7,351
6,987
6,816
370
-59
-46
-400
1941 April-June
July-Sept
Oct.-Dec
1942 Jan.-March
7,176
8,606
8,082
8,394
Financial years
1940-1941
1941-1942
Calendar years
1940
1941
August 1939-March 1942*
Total debt outstanding
at
end of 19412
"Sundry
loans"
Long and middle-term
Taxcertificates
Treasury
certificates
1,750
803
Liquidity
loans
Rentenbank
loan
Total borrowing
Gross
Net (less
amortisations)
Total
receipts
from
taxation
and borrowing
750'
278
1,082
2,232
400
274
117
4,484
6,354
7,012
4,467
6,127
6,183
8,897
12,462
12,023
3,726
635
4,738
875
4,509
5,421 """411"
2,000
2,383
2,717
3,787
1,766
1,798
2,597
1,373
.
75
8,572
9,735
9,837
10,592
8,085
9,577
9,772
10,155
14,152
16,928
16,759
16,971
719
-140
134
-445
5,420
6,700
6,982
5,909
664
1,168
764
751
3,479
3,000
3,797
3,844
1,333
2,825
2,553
2,809
"l50"
11,680
13,553
14,230
13,019
11,503
13,293
14,0613
12,815
18,679
21,899
22,143
21,209
27,221
32,258
-135
268
18,394
25,011
10,887
14,120
7,534
9,520
135
215
64,810
83,930
-205
313
-106
17,356
24,523
53,808
'2,553"
7,850
14,063
25,757
8,393
8,084
20,646
252
65
1,141
38,736
52,482
35,156
50,055
109,068
37,5893
51.672
26,245
30,680
76,083
1,921
3,347
1,510
3,007
5,268
33,617
49,012
106,0383
59,862
79,691
182.121
895
55,214
4,520
3,541
32,865
23,151
991
60"
65
128,506
1
The statistics on taxation are those published officially, except for the two-months period August-September 1939, which is an estimate based
on the official figure of 6,179 million Reichsmark for the July-September quarter. The figures on quarterly borrowing up to December 1941 are
based
on a table given in the weekly report of the Deutsches Institut fiir Wirtschaftsforschung for March 31, 1942.
2
The grand total of 128,506 million Reichsmark includes, in addition to the amounts given separately in the table, the following principal
items: the pre-April-1924 internal debt of 2,670 million, the pre-1931 foreign debt of 1,233 million and certain bonds issued in compensation (i.e.
without
cash proceeds) of 1,726 million Reichsmark.
3
In addition, in the January-March quarter of 1942, 710 million Reichsmark was received from "business-investment" and "commodity-stocksreplenishment" deposits.
* EDITOR'S NOTE.—These totals represent the addition of figures for two periods, August 1939-December 1941 and January-March 1942, as
given in the original table.
neglected. In the first place it is necessary to
distinguish between loans to which subscriptions are entirely voluntary and forced loans,
the conditions of which may involve varying
degrees of compulsion for the subscriber. Generally, the difficulties placed in the way of
current spending in wartime, the smaller supply
of goods for consumption and their rationing
have forced individuals to "save" simply because they can not spend; and, as other borrowers
are largely excluded, the government benefits
directly or indirectly by this saving. Recently,
utilisation of which will be decided upon by the
Reich Minister of Finance after the end of the
war; the amount surrendered may, to the extent
of 50 per cent, be restored, or a respite for its
payment be granted, to the entrepreneur if he is
able xo prove that he needs these resources for
reasons of war economy, or owing to special
economic difficulties (3)^ per cent interest being
paid on amounts thus restored). Since the
budget of 1941, in England a system of "forced"
savings has been coupled with the broadening of
direct taxation: before the war just under one
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
million workers paid 2.}/^ million pounds sterling
in income tax while in 1941-4Z income tax had
been extended to 5 ^ million workers, who
contributed 1x5 million; but of this amount
some 60 million was treated as credits, i.e. was
credited to the taxpayer in a savings account to
be repaid after the war. Similarly, although the
Excess Profits Tax on companies is now levied
at 100 per cent, 2.0 per cent of this is to be returned to the taxpayer after the war, subject
only to its not being used for dividends or for the
issue of bonus shares. Measures taken in May
1942. introduce somewhat similar principles in
Italy: all excess profits due to the war, i.e. the
difference between present and normal profits,
less the amount already paid in extra taxation
and a smaller amount representing a fraction of
the ordinary profit, are to be compulsorily invested in a special type of 3 per cent nine-year
Treasury certificate registered in the name of the
owner, which will not be transferable before the
end of the war. The employment of the sums in
question wili be decided upon when the war is
over, preference being given to payments for
plant for reconstruction purposes and to the
reconstitution of stocks. A further measure
provides that, upon the establishment of new
share companies or capital increases of existing
companies, at least xo per cent of the subscribed
or new capital must in future be invested in
non-transferable 3 per cent Treasury certificates;
in the case of bonus issues, an amount equivalent
to 50 per cent of the nominal value must be so
invested within one month.
From the examples given it will be seen that
in Germany, England and Italy compulsory
loans to the government for the duration of the
war are closely related to taxation on the excess
profits of companies. In Italy subscriptions to
government bonds also are linked to the acquisition of new cash resources from share issues.
Smaller forced savings in England are based on
the rate of income tax, and some such criterion
as regards subscriptions is not unusual, the
amount of the compulsory subscription being
related to current taxation or income. In New
Zealand contributions to the compulsory loan
of September 1940 were to equal income tax
paid in 1938-39 in excess of certain given
amounts. The forced loans which, following
the precedent of the war of 1914-18, have been
threatened in Holland (but not issued since the
threat was sufficient to make "voluntary" loans
successful) were based upon the amounts paid
as tax on net fortunes.
During 1941 forced government loans were made
in Bulgaria, Roumania, Slovakia, and Turkey;
JANUARY
1943
and early in 1942., in Croatia and Greece. The
standards upon which the compulsory subscriptions have been based show great variety. A
favourite form is a proportion of the reserve
funds (or other assets) of share companies
(Bulgaria, Roumania, Turkey and Croatia).
The liquid funds of the banks are also a temptation to governments in need and may be forced
into government securities either indirectly (as
in Slovakia, where the banks have to make
deposits with an institution to "support" the
government securities' market) or directly (as
in Greece, where part of the banks' cash reserves
have been taken over and they are forced to reconstitute their liquidity position through the
issue of Kassenscheine). The greatest variety,
however, has been shown in Roumania, where
forced subscriptions to the Unification loan were
based inter alia on one year's taxation (for
property-owners and industrialists), on one
month's salary (for officials) and on the area of
land (for peasants).
In some countries where no forced loan has
been issued, certain funds may be invested almost automatically in government securities:
this is true in general of extra-budgetary funds,
unemployment relief and social insurance etc.
And the laws limiting dividends are often supplemented by provisions requiring the investment
in government securities of funds which, but
for the dividend limitation, would be available
for distribution. Further, a certain atmosphere
of compulsion may exist through the various
forms of "direction" and "guidance" given to
institutions by official quarters as regards investments. In Holland a decree published in May
i94x prescribes that institutional investors (savings banks, insurance companies, social funds
etc.) must restrict their investments in mortgages in order to invest larger amounts in
government loans; and in other countries the
central bank has powers to ensure the "cooperation" of the commercial banks in taking up
government issues (as in Japan).
Turning now to the issue of voluntary loans,
it is interesting to observe how the technique of
"tap issues" has progressed in Germany and
England, in contrast to the "war loan" technique of the United States and Italy and, indeed,
most other countries. In the United States, for
example, there are no tap issues of marketable
securities; long and middle-term issues of
Treasury bonds and Treasury notes are made for
specific amounts, generally on the regular
financing dates in March, June, September
and December. The total to be issued is fixed
33
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
beforehand and the lists closed when this amount
has been subscribed; the success of the issue depends largely on market conditions, which, in
wartime particularly, may be temporarily disturbed by passing events.6
In Germany and England, however, government long or middle-term borrowing is continuous. In Germany all market issues since the
war have been in the form of Treasury certificates
which may be purchased at any time. Each
year a new loan has been made, in 1940 at 4 per
cent, in 1941 at 3 ^ per cent; a number of
tranches of each loan are issued, generally for a
month or two at a time, and the issue price and
maturity dates are varied (the issue price being
generally raised while the term of the certificates
has been lengthened from 5 to xo years).
JAPANESE BUDGET ACCOUNTS AND ESTIMATES 1
1936-37 TO 1941-42
[In millions of yen]
Financial
year to
end of
March
Revenue3
Expenditure2
Deficit
War
Other
Total
Taxation
1936-37
1,078
1,204
2,282
1,051
712
1,763
519
1937-38
1938-39
1939-40
1940-41
3,777
6,017
6,234
7,764
1,471
1,804
2,330
3,270
5,248
7,821
8,564
11,034
1,431
1,984
2,495
3,164
878
925
1,177
1,046
2,309
2,909
3,672
4,210
2,939
4,912
4,892
6,824
1941-42
8,130
4,075
12,205
3,691
1,300
4,991
7,214
Other
Total
1
Based on data given in the Mitsubishi Monthly Circular for April
1941: closed accounts up to 1939-40, estimates (including supplementary) for 1940-41 and estimates for 1941-42.
2
Combined budgets. War expenditure in the table comprises the
Temporary War Expenditure (China Incident) Account and also includes defence expenditure in the general (ordinary) budget.
3
General budget.
EDITOR'S NOTE.—Two additional columns in the original table,
omitted here, show the annual totals of the internal bonded debt ana
the increases in the successive financial years.
One "war loan" in the old style was issued in
England in March 1940, but since then all issues
have been of middle-term National War bonds
placed on tap for six months or so at a time;
issues have all been made at par with a uniform
rate of interest of 1^/2 per cent, while the maximum maturity has been lengthened from 7 to 9 ^
years. But whereas issues in Germany have
been continuous and the Reichsbank has exercised supervision over the government bond
market, buying and selling from time to time
(as have the Federal Reserve Banks in the United
States) to maintain uniformly regular condi6
EDITOR'S NOTE.—Substantial amounts of! funds, however,
have been raised in the United States through sale of nonmarketable
" t a p " issues—i.e. savings bonds and tax notes. In the 12 months
ending April 1942, 8 billion dollars was obtained through such issues,
which is almost as much as the amount obtained through sale of marketable issues in the same period.
34
tions, the continuity of the issues in England
was broken for two months (mid-August to
mid-October) in 1941 when no new issue was on
tap. During this period a breathing-space was
allowed, the weight of money on the market
increased, old issues were well supported and
the new loan eagerly awaited. This form of
market control, combined with fixed minimum
prices for government bonds and open-market
operations with Treasury bills, is preferred in
England to the direct purchase of long-term
government securities by the Bank of England
to support the market.
An interesting combination of " t a p " and
"war loan" technique has developed in
Australia (and more recently in New Zealand).
In order to mop up money as it becomes available, subscriptions to the next war loan are
invited before the terms of the loan are announced: interest is paid on these advance
subscriptions at the rate specified when the
prospectus is published; if investors are dissatisfied with the terms they may withdraw
their subscriptions—but, in this case, they receive no interest.
In addition to the technique of issue, the
actual form the security takes is not without importance. Long-term government loans in England have in the past been issued in three forms:
bearer bonds, transferable by the passing of
possession of the security; registered stock, the
certificate for which is nominal and transferable by deed; and inscribed stock, represented by
no tangible security but only by an entry in the
books of the Bank of England. Inscribed stock,
the transfer of which requires the personal attendance of the investor, or his representative,
at the Bank of England, was generally less
popular than the bearer bond or registered stock
and in wartime appears to have been little used,
although government issues made provision for
this form of investment. In October 1941, for
the first time, the new tranche of 1J/2 per cent
National War bonds was issued only in bearer or
registered form, and the gradual disappearance
of inscribed stock appears to be foreshadowed.
This wartime evolution is of interest since it
is the opposite of what has happened in Germany. The "noiseless" government financing
through institutions in that country has led to
the development of government borrowing by
book entries, without the actual issue of bonds
or other securities. The first step was taken
as early as 1938, when subscribers to the third
issue of 43^ per cent Treasury certificates were
offered, in addition to the usual choice between
bearer bonds and nominal stock, the possibility
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
of collective deposit at a Wertpapiersammelbank
(an institution specialising in stock-exchangesecurity deposit business). Since the bulk of the
deposits remained there until redeemed, the issue
of individual securities was superfluous and the
Reich introduced global certificates.
The next step was made in 1940 from collective deposit to collective administration by
dispensing with the global certificate; the Wertpapiersammelbank thus ceased to be a depositary
and became an administrator of claims. Legally
the Wertpapiersammelbank was the creditor of
the Reich and had sole right of disposal of the
claim, becoming trustee for the banks which
were its principals, while they, in their turn,
were trustees for their customers. Under this
system all transfers, interest payments and loan
redemptions are made by book entries. As
amortisation by repurchase on the market or
by drawing individual securities is unsuitable
for collective administration, the Reich changed
its technique, redemptions being made by drawings in small groups. A further considerable
step was taken with the decree of December 31,
1940, which made collective-administration
components good delivery on the stock exchange
(a measure of great importance as regards marketable Treasury certificates although not much
affecting the non-marketable Liquidity loans).
And a far-reaching measure of rationalisation
was decided upon in March 1942., when it was
announced that the Reichsbank would take
over and centralise the entire collective-security
deposit and administration business previously
done by the Berliner Kassenverein and the ten
other Wertpapiersammelbanken in the country.
In May 1942., the shares of the Berliner Kassenverein were exchanged partly for shares of the
Reichbank and partly for Reich securities.
The progress made by the new system may be
realised from the following figures: in 1938
only 10 per cent of the eligible issues were entered in the debt register; in 1940 the percentage
was 64 (90 per cent for Liquidity loans and 36
per cent for Treasury certificates); in 1941 the
percentage was 97 for Liquidity loans and
rose from less than 60 for the first tranche of
Treasury certificates to 80 for the fourth tranche.
In the war of 1914-18 the issue of 97 milliard
Reichsmark war loans necessitated the issue of
64 million separate bonds and 1,300 million
interest coupons; with issues of some 34 milliard
Reichsmark in 1940-41 this would have meant
about 13 million bonds; actually only 3.2. million
bonds were put in circulation, a saving of nearly
2.0 million bonds and the annual manipulation of
40 million interest coupons. There is thus an
JANUARY
1943
immense saving of labour and material for the
Reich Debt Administration, while it is maintained that the individual investor gains in
convenience, in punctual collection of dividends,
in security against loss and in costs of safe
custody.
ITALIAN BUDGET ACCOUNTS AND ESTIMATES
1934-35 T O 1942-43
[In milliards of lire]
Expenditure
Year
ending June
Military Other
1934-35
1935-36
1936-37
1937-38
1938-39
1939-40
1940-41 (estimate)
1941-42
"
1942-43
"
5.2
12.6
16.6
13.3
15.0
27.7
*
*
15.6
20.4
24.4
25.4
24.8
32.7
Ordinary Deficit
Total* revenue
20.8
33.1
40.9
38.6
39.9
60.4
94.9
96.0
108.8
18.8
20.4
24.7
27.5
27.6
32.4
29.0
31.1
35.4
2.0
12.7
16.2
11.2
12.3
28.0
65.9
64.9
73.4
* For 1941-42 and 1942-43 military expenditure probably amounts
to about 60 milliard lire.
NOTE.—Ordinary and extraordinary expenditures are combined in
the table. Of the military expenditure for 1934-35 to 1939-40, 47.7
milliard lire was classed as ordinary and 42.8 milliard as extraordinary. Of the "other" expenditure for the same period, 24.3 milliard
lire was extraordinary (making the total extraordinary expenditure 67.0
milliard) and includes the outgoings of the important Ministry for
Italian Africa. "Other" expenditure also covers 6.9 milliard lire for
interest service on the debt in 1939 and 8.0 milliard in 1940; budget
estimates place the interest service at 10.0 milliard for 1941-42 and
13.9 milliard for 1942-43. The rise in ordinary revenue reflects the increases of taxation up to the war, and further increases have since been
made.
EDITOR'S NOTE.—This table combines data given in the original
in two tables entitled respectively Italian Budget Accounts and Italian
Budget Estimates.
With all their various techniques of issue and
different forms of security holding in the principal belligerent and some other countries, it
has been possible, in striking contrast to the
last war, gradually to improve the terms of borrowing for the government, or, in other words,
slowly to change the terms of government loans
to the disadvantage of the subscriber, who thus
has no incentive to wait in the hope of higher
rates.
The level of interest rates during the war determines the permanent cost of the new longterm debt and the current cost of the floating
debt. If interest rates rise after the war, the
cost of renewing and consolidating the floating debt will also increase. The "burden" of
the public debt will depend, however, not only
upon interest rates but upon prices both now and
after the war (and, indeed, upon all the factors
affecting the national income) and also, of
course, on the size of the debts. The internal
public debt in England, which was 6,300 million
pounds sterling in 1931, had reached nearly
13,000 million in March 1942.; the internal
(jpost-ic^) public debt of Germany was 4
milliard Reichsmark at the end of 1932., 30
35
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
milliard in August 1939 and 12.1 milliard in
December 1941. The total internal debt of
Japan, which was under 10 milliard yen in 1936
(before the outbreak of hostilities with China),
had risen to 36 milliard at the end of 1941; the
United States Federal debt was under 2.0 milliard
dollars in 1932., nearly 43 milliard in June 1940
(the beginning of the defence programme), and
58 milliard in December 1941. But in the
United States the public debt at the end of 1941
was still well below the equivalent of one year's
national income; for Germany and Japan they
were about equal; the Italian public debt was
more than one year's income and less than two,
while the English public debt was already
double the annual national income.
Since interest rates have generally fallen the
service of the debt has not risen in the same proportions as the debt itself, but the debt service,
at present, absorbs one-tenth of taxation revenue
in the United States, rather over one-tenth in
Germany, about one-sixth in England and onethird in Italy and Japan. In his budget message
to Congress in January 194X5 the President of the
United States said that the Federal debt would
increase to n o milliard dollars by June 1943
and that this growth of the debt would require
an increase in the annual interest service from
1 milliard in 1940 to above 2..^ milliard in 1943.
"Such an increase in interest requirements", he
said, "will prevent us for some time after the
war from lowering taxes to the extent otherwise
possible".
To illustrate the development of the revenue
from taxation in recent years the graph which
Taxation Receipts
in Germany, the United States and England.
500|
1
Total receipts as a percentage of 1933.
,
1
1
1
1
1
450
,
,500
450
Quarterly figures on basis of 1933 equals 100. A moving average
of four quarters has been taken (to eliminate seasonal movements)
centered on the fourth quarter, which thus gives the average for the
year.
36
follows has been prepared. It shows the steady
increase of German taxation receipts since 1933
and the sharp rise of revenue in the United
States and England in more recent years. In
1941 taxation in Germany produced 4 ^ times
as much as in 1933; in the United S t a t e s ' 3 ^
times and in England z*^ times. The years
1932.-33 were in most countries the lowest point
of the great depression and in all countries the
proceeds of taxation increased with the expansion of business activity. The lower rise shown
for England, however, is due to the relatively
stable revenue from taxation in that country and
to the choice of 1933 as base year: from 1919 to
1933 English receipts from taxation actually
rose by 2. per cent whereas they fell in Germany
by Z5 per cent and in the United States by 38
per cent.
The movements of government revenue in the
United States are typical of the elasticity in. the
economy of that country; taxation receipts
declined after the boom of 1937, but from the end
of 1939 there has been a mighty increase. Price
movements are of course important for their
effect on the revenue from taxation and in this
connection the rise in wholesale prices in England by some 50 per cent since the outbreak of
the war should be remembered.
In conclusion: a further year of war has not
produced any essentially new problems of
government financing; but the strain has been
intensified by the rise in the proportion of military expenditure to total national resources and
by the more comprehensive financial operations
which consequently have become necessary.
While financial considerations are not allowed
to hamper the war effort, it is increasingly
realised that recourse to inappropriate methods
may be a source of much immediate and future
trouble. Hence, increasing stress is laid on the
fact that the problem of withstanding inflation
should be attacked not only from the goods side
but also from the money side, not only by price
control and its auxiliary, the rationing system,
but also by measures designed to absorb excess
purchasing power. There has been a certain
shift from a one-sided insistence on the advantages of cheap money to greater emphasis on the
desirability of stability in the credit structure
and the need to tic up temporary "savings" so
as to prevent their eventual release from adding
to the excess of purchasing power at a time
when this would be likely to complicate the
already sufficiently difficult post-war monetary
problems.
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
CENTRAL BANKING DEVELOPMENTS
Index of Note Circulation.
Base: January-June 1939 =^ 100.
Note circulations are, indeed, rising everywhere
as the following graphs illustrate. The end-ofmonth note circulation in thirteen European
and seven overseas countries has been calculated
as an index on the base of the average circulation
in the first half of 1939 (equal to 100) and the
monthly figures plotted as graphs. Without
exception the circulations have risen, the increase up to the end of 1941 ranging in importance from 24 per cent in the Argentine to 371 per
cent in Bulgaria.7
Only the central banks' note circulations are
shown in the graphs (except the United States,
for which the "money in circulation" has been
taken), but it is considered that these curves
give a reasonably correct indication of the total
circulation of currency in the countries. Coin
has generally increased roughly in the same proportions as the note issues. In a few countries
new central-bank notes have been issued to supplement or replace coin (e.g. in Switzerland);
in others coin has replaced small central-bank
notes previously issued (e.g. Hungary); elsewhere small government notes have been issued
to supplement or replace the coinage (e.g.
Rentenbank notes in Germany and silver certificates in Holland): but allowance for these
changes would not appreciably alter the picture.
Already before the war, note circulations had
risen generally throughout the world. A number of reasons for this have been given in earlier
Annual Reports: "Higher amounts paid as
wages and spent on consumption goods, larger
amounts carried as cash by the individual or
held as reserves by commercial banks an$ other
institutions, and an increase of hoarding, affected perhaps by the low rates paid on deposits,
are among the most important general factors".
And, as the war approached, the direct or indirect financing of the governments by the central banks and the demands for liquidity by the
public both increased.
In wartime several further reasons for the
expansion of the note circulations must, be
added: the increase of pay rolls as a result of
higher wages in the armament industries, prolonged working hours and the mobilisation
of fresh labour forces require more currency,
while soldiers are usually paid in notes, and
family allowances give rise to many small payments; cash holdings of individual households
have probably further increased and the velocity
nil
7
EDITOR'S NOTE.—An additional chart in the original shows comparable indexes for the note circulation in Bulgaria and Finland, which
rose within the same period to 471 and 334, respectively.
JANUARY
1943
/V°555a.
.lull,
1939
.
.
.
i Argentine ,
i I I i ) 1 i i 11 i 1 i i i i , j 11 I i
1940
1941
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL
of circulation is generally slowed down in trade
and business circles by transport difficulties and
the curtailment of banking facilities (owing to
shortage of personnel and other causes).
In some countries there are special factors.
Between mid-August 1939 and the end of December 1941, the note circulation of the Reichsbank
rose from 8.7 milliard Reichsmark to 19.3
milliard; in the same period new territories,
with a population of 1 3 ^ million, were incorporated into the Reich, accounting, it is
estimated, for about 2. milliard Reichsmark of
the increase; in addition, there are more than 2.
million foreign workers in Germany, Reichsmark means of payment may be hoarded in some
of the occupied areas, although it is difficult to
estimate to what extent; in both Belgium and
Serbia the German military commanders have
issued decrees against the hoarding of money,
particularly in safe deposit at banks (on the
lines of provisions already in force in Germany).
Other countries besides Germany have issued
notes in newly-attached territories during the
war. The National Bank of Hungary had a
circulation of 1,984 million pengo at the end of
1941, of which 2.15 million pengo owed its
origin to the withdrawal of Roumanian currency
and 191 million pengo replaced old Yugoslav
currency. The National Bank of Bulgaria has
issued its own notes against the withdrawal of
Roumanian, Yugoslav and Greek currencies to
an amount not clearly shown in the weekly return (but reliably estimated at "not much more
than 1 milliard Leva" out of a total circulation
of 1 3 ^ milliard Leva at the end of 1941).
Roumanian currency exchanged in these countries has been deducted from the circulation
shown by the National Bank of Roumania but
this bank has issued its own currency against
roubles in the reoccupied provinces and in
Transnistria.
The rise in the note circulation of the Bank
of France in 1941 was principally due to the increase of special advances to cover the costs of
occupation, but in certain other continental
European countries the dominant influence was
the financing of the clearings by or through the
medium of central-bank credit.
In England, in addition to other factors,
evasion of taxation on commercial operations
and an increase of "black market" dealings
have been mentioned as partly responsible for
the recent rise of the note circulation; and similar reasons doubtless hold good for a number of
continental European countries also.
In all countries the increase of the note circulation is in some measure due to the imperfec38
SETTLEMENTS
tions of the "circuit" which takes money spent
by the government round the monetary and
banking system and back to the government as
savings invested directly in Treasury securities or
through bank deposits and in other ways. The
Governor of the Banca d'ltalia mentioned this
subject at the general meeting of the Bank on
March 30, 1942.. A summary of what he said
is as follows: The limitation of consumption,
price control and the stop upon real investments
were, with taxation, the means employed by
the governments of all countries to direct surplus purchasing power to the public coffers.
In no country, however, had the so-called capital circuit become absolutely watertight, partly
because the means could not be employed with
complete consistency, partly for psychological
reasons, partly because the factors governing the
circuit were not all perfectly known and calculable with mathematical accuracy, and partly
because the steady expansion of public expenditure tended to increase the time lag between
outlay and reabsorption of funds. Owing to
this increasing time lag, it was inevitable that
part of the government expenditure should be
financed by recourse to the central bank—hence
the continued rapid rate of expansion of the
note circulation in all countries in the second
year of the war.
But bank-notes are only part of the total circulating media and, to obtain a more comprehensive picture of developments, it is necessary
to consider the growth of bank deposits, particularly those at the big commercial banks.
As monthly statistics of bank deposits are not
now available for some countries, the following
table has been based on figures in the end-ofyear balance sheets of the big banks.
The annual increases of the note issue may
differ slightly from those shown in the graph,
since the following table gives end-of-year percentages only for comparison with the similar
figures for bank deposits.
The first two sections of the table show that,
with minor exceptions (of which Denmark is the
most interesting;, note circulations in 1941 rose
more rapidly than commercial-bank deposits—a
reversal of the position in 1940 for the United
States, England and Germany, but the continuation of a longer trend, as is indicated in the third
section of the table. The changed relationship
between note circulations during the period from
19Z9 to 1941 is very remarkable; but, in comparing the various columns of the table, it must
be remembered that some countries (e.g. Germany and Switzerland) had a considerable
volume of foreign deposits in 19x9 and also
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
tries on the same side of the barrier. Thus,
contrasting with the element of isolation, an
active element of collaboration is present. In
planning for the future, this element of collaboration is regarded as essential by all parties,
not least in the field of economic and monetary
relationships. This is not surprising: little
demonstration is needed—indeed, war conditions provide the evidence—that no single
country can become wholly self-sufficient, each
being of necessity part of a wider economy.
But a difference in conception exists whether
this wider economy should be on a world basis
or whether collaboration should, in the first
place, be worked out in separate, politically defined areas, with arrangements for trade between
these areas as larger entities. Nevertheless, it
COMPARATIVE EVOLUTION OF NOTE CIRCULATIONS AND
is common ground that a greater degree of
DEPOSITS WITH THE BIG COMMERCIAL BANKS*
economic
collaboration must be achieved than,
T3
for instance, was realised in the period between
End of
the two wars, marked as it was by so many
year
£
•8*5 V C
O
•gi/a
measures taken for the sake of narrow national
S3
in
u
p
ends, irrespective of their repercussions on the
1 O
NOTE CIRCULATIONS—percentage increases on year
general welfare.
The conception that better economic collab5
46
18
12 6
14
1938
9
2
8
1939
11
8
48 29 36
13 36 94 34
17
oration is a necessity in the modern world, so
1940
15
13
19 28 46
34 24 37
4
11
often stressed in official declarations, has un1941
28
22
36
22
36 14 32
15
3
mistakably taken root in the minds of a wider
BANK DEPOSITS—percentage increases or decreases (—) on*year
public, in spite of the nationalism engendered
11
1 4
12 -1
13
-4
1938
8
7 —5
by the war. This same public is certainly aware
1939
14
7
15
9
25 -15 10 -2
5 -3
that difficulties beset the creation of a system
1940
16
15
33 15 47
31
5 33 -1
3
1941
5
18
25 30
24
24 20
12
13
2
based on collaboration, but it feels instinctively
that a way can and must be found to estabish
BANK DEPOSITS as percentage of NOTE CIRCULATION at end of year
effective cooperation without impairing the
82 258 303 366 512
228 87 48
1929
457 434
vital interests of individual countries.
115 101 32
75 265 375 265 214
300 402
1937
The problems are many and various. It is
1938
67 260 415 262 178
89 92 30
308 386
not easy to define the monetary and commercial
1939
50 210 210 204 147
77 28
69
316 383
1940
28
49 178 203 195 136
77 69
318 391
obligations to which a country should subscribe
1941
28
45 188 172 192 135
71
260 379
in order to fit its policy into the general eco* Excepting the United States, for which the 101 weekly reporting
nomic scheme. Institutions competent to deal
member banks have been taken (as most comparable with the big
European commercial banks with many branches), the statistics are
with particular sets of problems will be needed,
confined to the outstanding big banks in each country as follows:
United Kingdom, the "big five" banks; Germany, five Berlin Grossbut undertakings must also be given by the
banken; Italy, three banks "of national importance"; France, four
various countries setting some limit to their
large "societes de credit"; Holland, four biggest banks; Denmark,
three biggest banks; Finland, three biggest banks; Sweden, four biggest
power to alter, unilaterally and without regard
banks; and Switzerland, seven Grossbanken.
These big banks account for about 30 per cent of all commercialto the interests of their neighbours, the exchange
bank deposits in Germany; about 50 per cent in Denmark, France and
value of their currencies or the main lines of
Holland; some 60-70 per cent in the United States, United Kingdom,
and Sweden; and 90 per cent in Finland.
their commercial practice. Collaboration, if it
is to be real, must mean some adaptation of
CONCLUSION
national policies to the requirements of a comA great war has a double aspect: on the one mon
development, and this implies readiness
hand, severance of relations with enemies and, to make
only adjustments but positive conon the other, a closer association among coun- tributionsnot
to joint endeavours. Merely to subscribe to general principles or to concentrate on
This was particularly true in the United States last year.
Deposits with weekly reporting member banks (of which those of New
concessions
to be made by others will be of
York banks amount to nearly one-half) rose by only 5 per cent in 1941,
these banks being considerably affected by the fall of excess reserves,
little avail. An individual country may feel
while deposits at all other member banks increased by over 20 per cent
keenly the sacrifice involved in some of the
on the year.
my
gdo
es
that the deposits at the big banks taken have
not in all countries the same relationship to
total commercial-bank deposits (and, indeed, in
any single country this relationship is liable to
change).8 Nevertheless, in spite of the decline
since 1919 (and even since 1937), it is beyond
doubt that commercial-bank deposits in the
Anglo-Saxon countries have a dominating importance as circulating media; while in continental Europe bank-notes are generally of more
importance than deposits. As an example: in
England deposits at the big banks are nearly
four times as high as the amount of bank-notes;
in France deposits with the four big banks are
less than 30 per cent and with all the banks less
than 60 per cent of the note circulation.
8
JANUARY 1943
39
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
measures to be adopted, but the result of the
alignment should be to ensure a higher degree
of lasting welfare for each country than it would
be able to attain by itself. Experience has
proved that the policy, only too often adopted
before this war, of protecting the immediate
interests of a particular economy by creating
hindrances to trade, leads to such disturbances
in the world generally that even the country
applying the policy fails to attain the ends envisaged. During the war, with the growing
scarcity of supplies, each country is naturally
40
anxious to encourage imports, but the methods
employed are largely unsuited to. conditions of
normal peaceful intercourse. The new lines to
be struck—different in so many respects both
from those tried before and from those applied
during the war—must be inspired by the belief
that, with modern potentialities of production,
the prosperity of a single nation need not and,
indeed, can not be won at the expense of others,
and that it is therefore short-sighted to embark
upon a policy without regard to the effects it
will produce in other countries.
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
FRENCH BUDGET ACCOUNTS
BELGIAN BUDGET AND OFFICIAL FINANCING
[In milliards of Belgian francs]
[In milliards of French francs]
1941
(realised
during
year)
Calendar years
Calendar years
1942
(estimates)
Ordinary budget expenditure
receipts
100
72
deficit
Extraordinary budget expenditure
Costs of occupation
28
25
130
119H
Total deficit
Financing of clearing account with Germany
Other Treasury charges
183
12
8
178
(25)
(10)
Total Treasury credit financing
203
(213)
Borrowing from Bank of France: 1
ordinary advances
special advances
Other credit financing2
5
67
131
*
Expenditure 1
Revenue
1940
1941
16.9
7.6
20.3
15.5
105^
80
Excess of expenditure
Occupation costs
9.3
4.5
4.8
16.3
33
Total budget deficit
Clearing account etc
13.8
3.2
21.1
8.5
Total to be officially financed by borrowing....
17.0
29.6
9.3
5.6
""o.'s"'
14.3
4.7
5.4
3.5
15.4
27.9
1
2
From December 26, 1940 to December 24, 1941.
Difference between total credit financing and the amount borrowed
from Bank of France.
Method of credit financing:2
from central bank
from market: short term
middle term
long term
Total official credit financing
1
All expenditure except costs of occupation.
2
As shown by public debt returns and statements of the National
Bank and Bank of Issue. The total to be officially financed and the
actual amount borrowed are not exactly the same for various technical
reasons (movement of Treasury balances, differences in date of returns,
etc.) but the figures give a close indication.
DUTCH OFFICIAL CREDIT
France:
the payment of occupation costs
and its financing.*
FINANCING
[In millions of florins]
Calendar years
Weekly, in Fr.fcs milliards.
1940
Central bank—
direct
clearing claims etc
168
107
total
•:•:•:•:•:
Total of
'•:•:'•:•:•: special advances
"
ofthe
Bank of France
on account ofthe
costs of occupation
1941
Market borrowing—
short-term
middle- and long-term
total
Total official credit financing
DANISH BUDGETS 1 AND OFFICIAL
(-248)
945
275
697
496
448
900
875
944
1,775
1,219
2,472
FINANCING
[In millions of Danish kroner]
Years ending March 31
.standing to the credit ofthe _
v^Reichskreditkassen
Revenue
Expenditure
Surplus
* The line showing the aggregate of amounts paid on account of the
costs of occupation has been drawn assuming regular payments at the
rate of 400 million French francs a day from June 25,1940 (first payment
August 25, 1940), reduced to 300 million French francs from May 11,
1941. The special advances for the payment of occupation costs and
the amount remaining undrawn on the account of the Reichskreditkassen have been taken from.the weekly returns of the Bank of France.
The amount financed directly by the Treasury is the excess which the
aggregate of amounts paid shows above the special advances.
The amount actually utilised is the difference between the aggregate
paid and the sum remaining undrawn on the account of the Reichskreditkassen. That the amount financed by the Treasury runs for
short periods below zero in the early months reflects the fact that the
special advances from the Bank of France exceeded the amount payable
on account of occupation costs, this being probably due to initial
expenses incidental to the withdrawal of Reichskreditkassenscheine.
JANUARY
1943
1939-40 1940-41 1941-42
621
611
9
Clearing account
Payments to occupying authorities, etc. 2 . .
900
843
918
905
57
13
498
514
4763
4143
Total official credit financing
(-9)
955
877
Financed—from central bank4
in other ways
83
(-92)
932
23
737
139
1
Closed budgets 1939-40 and 1940-41; estimates for 1941-42
(including supplementary).
2
The increase of "sundry debtors" at Danmarks Nationalbank.
3
Including proportions of the "adjustment account" at the
Nationalbank.
4
The increase of the items "clearing accounts" and "sundry
debtors" plus the "adjustment account" and the movement of the
government's current account (or overdraft) at the Nationalbank.
41
CURRENT EVENTS
Increased Number of Special Depositaries
Death of Class C Director
The following is the text of a Treasury Press
Release, December TL, 1942.:
Secretary Morgenthau announced today that
Special Depositaries of the Treasury numbered
5,2.60 on December 19, and that they are qualified to hold $9,354,919,664 of Government deposits.
These figures compare with 3,2.53 depositaries
eligible to hold an aggregate of $6,118,913,514
on last October 31, the increase being due to a
special effort to increase these depositaries, conducted by the Treasury in cooperation with the
Federal Reserve System.
In order to keep the funds raised by sale of
Government securities in the communities where
raised until actually needed to meet Federal
payments, the Secretary asked the Federal Reserve Banks to circularize the banks in their
districts with a view to having them qualify
for use of the "War Loan Accounts" as Special
Depositaries. Those taking advantage of this
method of participating in Treasury financing
are thus able to retain the proceeds of the sales
of securities subscribed for their own account
and those of their customers until called by the
Treasury.
The number of Special Depositaries, with the
amounts they were qualified to hold on October
31 and as of December 19, are given by Federal
Reserve Districts in the table that follows:
Clarence Roberts, Editor of The FarmerStockman, Oklahoma City, Oklahoma, w h o had
served as a Class C Director of the Federal Reserve Bank of Kansas City since January 1, 1940,
died on December 4, 1942..
Mr. Roberts also served as a director of the
Oklahoma City Branch from August 2.0, 1937
to December x i , 1939.
Districts
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta;
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Totals
No.
169
500
299
191
173
295
458
181
235
439
230
83
October 31
Amount
% 292,080,000
3,243,320,139
324,510,150
325,120,000
181,509,500
197,260,350
732,010,550
169,577,800
79,284,200
173,393,025
194,087,000
316,760,800
No.
250
656
431
426
334
402
566
273
949
585
289
99
December 19
Amount
$ 461,116,485
4,317,176,624
407,812,235
557,784,985
321,232,485
282,021,835
1,059,188,285
241,862,735
748,033,950
232,733,760
310,428,485
415,537,800
3,253
$6,228,913,514
5,260
$9,354,929,664
Federal Reserve Meeting
A meeting of the Federal Open Market Committee was held in Washington on December 14,
Death of Branch Director
E. B. Maupin, Cashier, Peoples National
Bank, Shelbyville, Tennessee, w h o had served
as a director of the Nashville Branch of the
Federal Reserve Bank of Atlanta since his appointment by the Reserve Bank for the term
beginning January 14, 1939, died on November
2-5 >
Appointment of Branch Director
The Federal Reserve Bank of Atlanta on
December 11, 1942., elected B. L. Sadler, President, First National Bank, Harriman, Tennessee,
a director of the Nashville Branch of the Federal
Reserve Bank of Atlanta for the unexpired portion of the term ending December 31, 1944, to
fill the vacancy caused by the death of Mr.
Maupin.
Transfer of Intra-District Territory
Effective January i, 1943, Brewster County,
Texas, was transferred from the territory served
by the San Antonio Branch of the Federal Reserve Bank of Dallas to the territory served by
the El Paso Branch.
Use of Federal Reserve Bank Notes
As a part of the program of the Government
to conserve both labor and materials during the
war period, the Board of Governors, after consultation with the Treasury Department, has
authorized the Federal Reserve Banks to utilize
at this time the existing stock of currency
FEDERAL RESERVE BULLETIN
CURRENT EVENTS
printed in the early Thirties known as "Federal
Reserve Bank notes''. The stock of these notes,
which is in $5, $10, $io, $50, and $100 denominations, amounts to approximately 660 million
dollars. By making available for use, as
needed, this stock of unissued paper currency,
which is identical with Federal Reserve Bank
notes now in circulation, it is estimated that
more than $300,000 will be saved in the cost of
printing new currency. In terms of labor and
materials, there would be a saving of 1x5,000
man hours in printing alone, and of 45 tons of
paper in addition to a substantial saving of
nylon and ink.
ing the period November 16, 1942., to December
15, 1942., inclusive:
Indiana
French Lick—The French Lick State Bank
Washington—The Citizens Loan and Trust
Company
Ohio
Tiro—The Farmers & Citizens Bank
Whitehouse—The Whitehouse State Savings
Bank
Pennsylvania
Pittsburgh—William Penn Bank of Commerce
Admissions of State Banks to Membership
in the Federal Reserve* System
Virginia
The following State banks were admitted to
membership in the Federal Reserve System dur-
Danville—Danville Loan and Savings Bank
Waverly—The Bank of Waverly, Incorporated
JANUARY
1943
43
NATIONAL SUMMARY OF BUSINESS CONDITIONS
Compiled December 18 and released for publication December 22. Figures shown on
charts may differ from preliminary figures used in text.
Aggregate industrial production in November
was maintained close to the October level, reflecting a continued growth of output in war
industries and a seasonal decline in production
of civilian goods .• Distribution of commodities
to consumers rose further in November and the
first half of December, reducing somewhat the
large volume of stocks on hand. Retail food
prices continued to advance.
PRODUCTION
Maintenance of industrial production in
November when the seasonal tendency is downward was reflected in a rise of the Board's
seasonally adjusted index from 189 to 191 per
cent of the 1935-1939 average. This rise was
largely accounted for by a further advance in
output of durable manufactures. Nondurable
manufactures declined seasonally, while output
of minerals showed less than the usual seasonal
decrease. In all groups of products the proportion of output for war purposes was considerably larger than a year ago.
INDUSTRIAL
TOTAL INDUSTRIAL
150
//
-\ —
—
—
J
u
—
140
DEPARTMENT STORE SALES AND STOCKS
PRODUCTION
PRODUCTION
180
160
The increase reported for durable manufactures
from October to November was in finished
munitions and industrial equipment for new
plants which will be completed in large number
over the next few months. Steel production,
at 98 per cent of capacity in November and the
first three weeks of December, was down slightly
from the October peak, but the reduction appeared temporary as the scrap supply situation
had been relieved and as further progress was
being made on construction of additional iron
and steel capacity. Supplies of iron ore on hand
are regarded as sufficient for operations at capacity until movement of ore down the lakes is
resumed in the spring. Shipments from Upper
Lake ports this year total 92. million tons, and
were 15 per cent above the record established
in 1941.
At cotton textile mills activity was maintained at a high level in November and at shoe
factories production declined less than is usual
at this season. Output of manufactured foodstuffs showed a seasonal decline.
140
130
V
100
/
80
SALES
_ 5 Zx
"*—.
0
MINERALS
~T"-
v^—Wj
1936
1938
1
v
1940
i
11942
OTHER
1936
1938
1942
Federal Reserve monthly index of physical volume of production,
adjusted for seasonal variation, 1935-39 average = 100. Subgroups
shown are expressed in terms of points in the total index. Latest
figures shown are for November 1942.
44
1936
110
90
80
j
70
^
i 60
NONDURABLE
1940
120
100
/
STOCKS
20
JfA
/I
120
V/T
1939
1940
1942
i 5O
Federal Reserve monthly indexes of value of sales and stocks, adjusted for seasonal variation, 1923-25 average = 100. Latest figures
shown are for November 1942.
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
Construction contract awards in November a level 16 per cent higher than in November,
were 10 per cent below the level of the three 1941. Prices of such fresh foods as are unconpreceding months, according to data of the F. W. trolled—fruits, vegetables, and fish—showed
Dodge Corporation, but were still about 40 the largest advances from October to November,
per cent higher than in November of last year. but price increases in controlled items conAs in other recent months, publicly financed tributed about two-fifths of the total rise.
work accounted for over 90 per cent of all
BANK CREDIT
awards.
During the period of large-scale Treasury
DISTRIBUTION
financing in December, total excess reserves of
Distribution of commodities to consumers member banks were generally above 2.5 billion
increased further in November and December dollars. Substantial purchases of Government
with active Christmas buying. At department securities for the Federal Reserve System offset
stores, variety stores, and mail-order houses the effect of drains on reserves by the continued
serving rural areas, sales in November expanded heavy currency outflow and further increases
more than seasonally. In the first half of in required reserves resulting from a rapid growth
December department stores sales continued to in bank deposits.
rise sharply and were considerably larger than
Reserve Bank holdings of Government securia year ago.
ties showed an increase of 850 million dollars
Freight-car loadings in November declined in the four weeks and reached a total of 5.5
about 7 per cent from their peak levels in Sep- billion on December 16.
tember and October but on a seasonally adjusted
At reporting member banks in 101 leading
basis rose slightly over the October level. Coal cities holdings of United States Government
loadings rose somewhat although a decline is securities increased by 800 million dollars in
usual in November. Shipments of other com- the four weeks ending December 9. Treasury
bills accounted for practically the entire inmodities declined seasonally.
crease, with almost two-thirds of the amount
COMMODITY PRICES
going to New York City banks. In the week
Grain prices advanced from the middle of ending December 16, bond holdings rose sharply
November to the middle of December, while as banks received their allotments of the new
most other wholesale commodity prices showed 1 % per cent bonds subscribed on November 307December 2.; allotments of this issue to all bankslittle change.
Retail food prices increased further by 1 per totaled 2. billion dollars, representing 85 per
cent in the five weeks ending November 17 to cent of subscriptions.
MEMBER BANK RESERVES AND RELATED ITEMS
COST OF LIVING
FACTORS SUPPLYING RESERVE FUNDS
/
J
TREASURY
T
RESERY E BANK CREDI r
1937
1938
1939
1940
1941
1942
Bureau of Labor Statistics' indexes, 1935-39 average = 100. Fifteenth of month figures. Last month in each calendar quarter through
September 1940, monthly thereafter. Latest figures shown are for
November 1942.
JANUARY
1943
Wednesday figures. Latest figures shown are for December 23,
1942.
45
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
Member bank reserves, Reserve Bank credit, and related i t e m s . . . .
49
Federal Reserve Bank discount rates; rates on time deposits, reserve
requirements, margin requirements
...
50
Federal Reserve Bank statistics . .
51—55
Guaranteed war production loans
55
Reserve position of member banks; deposits in larger and smaller
centers
....
56
Money in circulation. .
57
Gold stock and gold movements; bank suspensions; bank debits
58
All banks in the United States, number, deposits, loans and investments
....
59
Condition of all member banks .
. 60-61
Weekly reporting member banks . . .
62.-65
Commercial paper, bankers' acceptances, and brokers' balances. .
66
Money rates and bond yields .
67
Security markets .
68
Corporate profits
69-70
Treasury
finance.
71-73
Governmental corporations and credit agencies. .
74
Business indexes .
, 7 5 -85
Department store statistics .
86-87
Consumer credit statistics .
88-89
Wholesale prices . .
..
90
Current statistics for Federal Reserve chart book .
9 I - 93
December crop report, by Federal Reserve districts.
93
Tables on the following pages include the principal available statistics of current significance relating
to financial and business developments in the United States. The data relating to the Federal Reserve
Banks and the member banks of the Federal Reserve System are derived from regular reports made to the
Board; index numbers of production are compiled by the Board on the basis of material collected by other
agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government
credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned;
data on money and security markets and commodity prices and other series on business activity arc 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.
JANUARY 1943
47
MEMBER BANK RESERVES AND RELATED ITEMS
WEDNESDAY
BILLIONS OF DOLLARS
FIGURES
BILLIONS OF DOLLARS
24
24
TREASURY CASH AND DEPOSITS
NONMEMBER JJEPOSITS^
1936
1937
1938
^
1939
1940
1941
1942
10
10
8
REQU RED RESERVE
6
'— - Lv
r
v
6
-
\
A
^ / E X C E S S RESERVES
2
8
-
Mv^
4
If
0
1936
48
1937
1938
1939
1940
Latestfiguresfor December 23. See page 49.
1941
1942
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve 1Bank credit outstanding
U. S. Government
securities
Date
Bills
discounted
Monthly averages of
daily figures:
1941—Sept
Oct.
Nov
1942—Sept.
Oct
Nov.
End of month figures:
1941—Sept. 30
- Oct 31
Nov. 29
1942—Sept. 30
Oct. 31
Nov. 30
Wednesday figures:
1942—Feb. 4
Feb. 11
Feb. 18
Feb. 25
Total
Treasury
bills
and
certificates
Gold
stock
All
other 1
Total
All
other
Treasury
currency
outstanding
Money
in circulation
Treasury deTreas- posits
ury
with
cash
Federal
holdReings
serve
Banks
Nonmember deposits
Member
bank reserve
balances
Other
Federal
Reserve
accounts
Total
Excess 2
12
8
6
11
9
9
2,184
2,184
2,184
2,184
2,184
2,184
3,488 'MOO' 2,388
4,013 1,130 2,883
4,746 1,151 3,595
101
130
121
224
268
285
2,297
2,322
2,311
3,722
4,290
5,041
22,740
22,779
22,786
22,750
22,752
22,741
3,188
3,208
3,225
3,346
3,361
3,374
10,061
10,270
10,496
13,441
13,951
14,473
2,379
2,220
2,194
2,208
2,233
2,247
476
525
669
254
349
219
1,836
1,905
1,774
1,321
1,345
1,323
289
292
290
294
290
275
13,184
13,097
12,900
12,299
12,234
12,618
5,116
5,001
3,611
2,300
2,328
2,362
11
6
6
8
11
7
2,184
2,184
2,184
3,567
4,667
5,399
2,184
2,184
2,184
2,407
3,459
3,829
69
119
122
199
282
308
2,264
2,309
2,312
3,774
4,959
5,714
22,761
22,800
22,785
22,754
22,740
22,743
3,198
3,219
3,231
3,353
3,368
3,381
10,163
10,364
10,640
13,703
14,210
14,805
2,281
2,207
2,188
2,222
2,261
2,236
423
987
429
661
252
6
1,838
1,899
1,644
1,407
1,326
1,320
292
290
288
296
283
263
13,227
12,580
13,140
11,592
12,735
13,208
5,169
4,557
3,828
1,690
2,644
2,909
4
3
3
4
2,243
2,243
2,250
2,262
2,243
2,243
2,250
2,262
70
86
151
125
2,316
2,331
2,404
2,392
22,738
22,741
22,712
22,715
3,259
3,263
3,264
3,266
11,231
11,319
11,339
11,422
2,201
2,194
2,181
2,189
376
319
264
798
1,367
1,310
1,251
1,154
289
288
288
288
12,849
12,905
13,058
12,521
3,326
3,357
3,460
2,878
2,262
2,253
2,249
2,244
134
88
96
76
2,402
2,347
2,351
2,326
22,705
22,709
22,686
22,684
3,269
3,271
3,273
3,274
11,518
11,520
11,474
11,462
2,180
2,176
2,168
2,175
287
60
59
472
1,270
1,317
1,373
1,352
286
286
297
296
12,835
12,968
12,939
12,527
3,208
3,266
3,161
2,847
86
134
152
100
86
2,339
2,384
2,415
2,400
2,443
22,672
22,675
22,678
22,686
22,689
3,277
3,279
3,280
3,284
3,286
11,593
11,610
11,624
11,642
11,723
2,187
2,177
2,166
2,189
2,186
362
190
301
243
128
1,354
1,350
1,485
1,531
1,421
295
295
295
296
297
12,496
12,715
12,502
12,470
12,662
2,999
3,169
2,886
2,752
2,815
M61
1,207
1,570
Mar.
Mar.
Mar.
Mar.
4
11
18
25
6
6
6
6
2,262
2,253
2,249
2,244
Apr.
Apr.
Apr.
Apr.
Apr.
1
8
15
22
29
9
7
9
4
7
2,244
2,243
2,254
2,296
2,350
" io
48
89
2,244
2,243
2,244
2,247
2,261
May
May
May
May
6
13
20
27
8
8
5
6
2,436
2,484
2,445
2,489
137
185
145
183
2,299
2,299
2,299
2,306
128
119
128
89
2,572
2,612
2,578
2,584
22,703
22,706
22,709
22,712
3,291
3,294
3,299
3,302
11,845
11,861
11,888
11,971
2,193
2,191
2,188
2,197
376
158
304
239
1,413
1,440
1,427
1,430
295
295
293
293
12,444
12,667
12,486
12,467
2,691
2,925
2,565
2,535
June 3
June 10
June 17
June 24
6
6
5
5
2,532
2,568
2,579
2,583
226
252
257
254
2,306
2,316
2,322
2,329
185
135
220
110
2,723
2,708
2,803
2,698
22,715
22,717
22,729
22,735
3,306
3,310
3,311
3,313
12,141
12,176
12,208
12,231
2,188
2,213
2,189
2,191
110
92
160
139
1,358
1,333
1,277
1,358
293
293
304
303
12,653
12,629
12,706
12.523
2,783
2,782
2,791
2,648
July
July
July
July
July
1
8
15
22
29
3
3
4
5
5
2,728
2,909
3,038
3,047
3,110
391
553
673
679
743
2,337
2,356
2,365
2,367
2,367
142
157
185
144
122
2,873
3,069
3,227
3,196
3,237
22,739
22,740
22,742
22,745
22,746
3,314
3,315
3,319
3,321
3,322
12,416
12,489
12,502
12,546
12,647
2,195
2,190
2,201
2,223
2,224
485
548
946
298
183
1,341
1,353
1,302
1,347
1,411
297
297
295
295
296
12,192
12,246
12,042
12,551
12,545
2,259
2,322
2,065
2,296
2,196
Aug.
Aug.
Aug.
Aug.
5
12
19
26
5
5
4
5
3,303
3,387
3,448
3,389
928
1,012
1,073
1,011
2,374
2,375
2,375
2,378
137
120
163
131
3,446
3,512
3,615
3,525
22,739
22,742
22,744
22,747
3,328
3,332
3,333
3,337
12,794
12,870
12,956
13,057
2,204
2,206
2,206
2,219
285
174
240
176
1,333
1,331
1,344
1,338
295
296
294
293
12,602
12,709
12,653
12,526
2,246
2,381
2,103
2,342
Sept.
Sept.
Sept.
Sept.
Sept.
2
9
16
23
30....
9
13
10
9
8
3,388
3,502
3,573
3,395
3,567
996
1,100
1,212
1,025
1,161
2,392
2,403
2,361
2,370
2,407
144
188
274
178
199
3,542
3,703
3,857
3,581
3,774
22,756
22,745
22,747
22,750
22,754
3,341
3,343
3,346
3,349
3,353
13,250
13,389
13,440
13,519
13,703
2,216
2,205
2,206
2,200
2,222
146
214
6
485
661
1,318
1,290
1,239
1,292
1,407
291
290
299
298
296
12,418
12,402
12,760
11,886
11,592
2,262
2,348
3.039
2,034
1,690
8
11
7
9
3,592
3,809
4,225
4,441
1,104
1,101
1,111
1,137
2,488
2,708
3,114
3,304
184
222
261
127
3,784
4,042
4,494
4,578
22,756
22,758
22,745
22,739
3,356
3,359
3,363
3,366
13,830
13,932
13,995
14,082
2,235
2,228
2,238
2,249
393
123
521
372
1,342
1,283
1,254
1,448
295
291
290
286
11,801
12,303
12,304
12,246
2,291
2,713
2,352
2,158
Nov. 4
Nov. 11
Nov. 18
Nov. 25
11
10
8
10
4,551
4,658
4,695
4,843
1,064
1,113
1,091
1,117
3,486
3,545
3,603
3,725
119
256
343
229
4,680
4,925
5,045
5,083
22,739
22,741
22,741
22,742
3,369
3,373
3,375
3,377
14,312
14,408
14,465
14,648
2,260
2,234
2,249
2,239
361
234
300
68
1,363
1,391
1,252
1,233
283
278
274
267
12,211
12,493
12,622
12,746
2,118
2,402
2,489
2,518
Dec.
Dec.
Dec.
Dec.
9
9
9
10
5,140
5,546
5,537
5,627
1,217
1,495
1,460
1,515
3,923
4,051
4,077
4,112
311
258
508
655
5,460
5,813
6,055
6,292
22,743
22,743
22,744
22,735
3,381
3,383
3,440
3,569
14,848
14,986
15,092
15,329
2,243
2,192
2,184
2,182
94
60
13
497
1,300
1,183
1,163
1,191
259
252
269
268
12,840
13,267
13,517
13,129
2,504
2,804
2,637
2,192
Oct.
Oct.
Oct.
Oct.
7
14
21
28
2
9
16
23
1
2
Includes industrial advances shown separately in subsequent tables.
End of month and Wednesday figures estimated.
NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article, together
with available back figures, may be obtained upon request. Back figures are also shown in Annual Report for 1937 (tables 3 and 4) and for excess reserves
in BULLETIN for August 1935, pp. 499-500.
JANUARY 1943
49
FEDERAL RESERVE BANK DISCOUNT RATES
[In effect December 31,1942. Per cent per annum]
Discounts for and advances to member banks
Federal Reserve Bank
Advances secured by
Advances secured by
Government secuGovernment securities other
rities,
and discounts of Other secured'advances
maturing or callable and advances
by [maturities not exceedwithin one year (ma- eligible papersecured
(maturi- ing 4 mos.—Sec. 10(b)]
turities not exceeding
ties not exceeding 90 1
90 days—Sec. 13)
days—Sec. 13 and 13a)
Rate
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas.. m
San Francisco
Effective
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Effective
Rate
Sept. 1,
Aug. 25,
Mar. 21,
Apr. 11,
Mar. 14,
Mar. 21,
Feb. 28,
Mar. 14,
Mar. 28,
Apr. 11,
Mar. 21,
Apr. 4,
27, 1942
30, 1942
17, 1942
27,
28,
15,
17,
27,
30,
27,
17,
28,
1942
1942
1942
1942
1942
1942
1942
1942
1942
Oct.
Oct.
Oct.
Sept.
Oct.
Oct.
Aug.
Mar.
Oct.
Oct.
Oct.
Oct.
1939
1939
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
To others
To nonmember banks
Rate
Effective
Rate
Advances to individuals, partnerships, or corporations other than member banks secured
by direct obligations of the U. S. (maturities
not exceeding 90 days—last par. Sec. 13)
Effective
Sept. 1,
Aug. 25,
Mar. 21,
Apr. 11,
Mar. 14,
Sept. 16,
Sept. 1,
Sept. 16,
Mar. 28,
Sept. 16,
Sept. 16,
Apr. 4,
27, 1942
30, 1942
17, 1942
12, 1942
28, 1942
15, 1942
29, 1942
14, 1942
30, 1942
27, 1942
17, 1942
28, 1942
Effective
Rate
1939
1939
1942
1942
1942
1939
1939
1939
1942
1939
1939
1942
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
2
&V
2
2
27,
30,
17,
27,
28,
15,
17,
27,
30,
27,
17,
28,
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1
Discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding six months and nine months, respectively.
Rates shown also apply to advances with maturities not exceeding 15 days secured by obligations of Federal Intermediate Credit Banks maturing within
six months.
FEDERAL RESERVE BANK RATES O N INDUSTRIAL ADFEDERAL RESERVE B A N K BUYING RATES O N BILLS
VANCES A N D COMMITMENTS UNDER SECTION 13b
[Per cent per annum]
OF THE FEDERAL RESERVE ACT
Maturity
Treasury billsl
Bankers' acceptances :2
1- 90 days
91-120 days
121-180 days
In effect beginning—
y8
Apr. 30, 1942
Oct. 20, 1933
do
do
i
MEMBER B A N K RESERVE REQUIREMENTS
[Per cent of deposits!
Net demand deposits 1
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
193^
22M
26
22%
26
24
22
20
Reserve Country
city
banks
banks
10
15
17H
20
17H
20
20
20
20
Time
deposits
(all
member
banks)
7
IOH
12M
14
12
14
14
14
14
f
6
6
6
6
1
See footnote to table on p. 56 for explanation of method of computing
net demand deposits.
MARGIN REQUIREMENTS*
[Per cent of market value]
Prescribed by Board of Governors of the Federal
Reserve System in accordance with Securities
Exchange Act of 1934
For extensions of credit by brokers and dealers on
listed securities, under Regulation T
For short sales, under Regulation T
For loans by banks on stocks, under Regulation U...'.
To financing institutions
Discounts or
purchases
Federal Reserve
Bank
On
advances
Boston
New York
Philadelphia
Cleveland
On
On
On comcommitportion
ments for which On re- mitments
maining
instituportion
tion is
obligated
<«)
^-1>I
5
/4-lM
$rVA
03
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
()
2^-5
2H-5
Vrvk
2H-5
Yz-VA
V2-IH
1
2
"I
2^-5
()
Yr^A
y*-vA
5l
A-VA
86
(3)
Including loans made in participation with financing institutions.
Rate charged borrower less commitment rate.
^4 R
Rate charged
hd
bborrower.
May charge same rate as charged borrower by financing institution, if
lower.
B
per cent on undisbursed portion of
Financing institution is charged
loan under commitment.
MAXIMUM RATES ON TIME DEPOSITS
Apr. 1,
1936- Effective
1,
Oct. 31, Nov.
1937
1937
J
40
50
40
1 Reg. T a n d U limit the amount of credit that may be extended on a
security by prescribing a maximum loan value, which is a specified
percentage of its market value at the time of the extension; the "margin
requirements" shown in this table are the difference between the market
value (100%) and the maximum loan value.
2
Requirement under Reg. T was the margin "customarily required"
by the broker. 3 Reg. U became effective May 1, 1936.
NOTE.—Regulations T and U also provide special margin requirements on
"omnibus" accounts and loans to brokers and dealers.
5°
To industrial or
commercial
businesses
1
1
1^
1 Established rate at which Federal Reserve Banks stand ready to buy
all Treasury bills offered.
2Minimum buying rates on prime bankers' acceptances.
Central
reserve
city
banks
Maturities not exceeding five years
[In effect December 31. Per cent per annum]
Previous
rate
Rate on
Dec. 31
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q
[Per cent per annum ]
Nov. 1, 1933-
Feb. 1,1935Dec. 31,1935
Effective
Jan.1,1936
3
6
2y2
2Y2
3
3
3
2y2
Jan. 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
23>^
2y2
2
1
NOTE.—Maximum rates that may be paid by insured nonmember banks
as established by the F. D. I. C , effective February 1, 1936, are the
same as those in effect for member banks. Under Regulation Q the rate
payable by a member bank may not in any event exceed the maximum
rate payable by State banks or trust companies on like deposits under
the laws of the State in which the member bank is located.
FEDERAL RESERVE BULLETIN
PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
End of month
1942
Dec. 23
Dec. 16
Dec. 9
Dec. 2
Nov. 25
Nov. 18
Nov. 11
Nov. 4
1941
Oct.
Nov.
Nov.
Assets
Gold certificates on hand and
,553,019
20,539,652 20,561,280 3,554,614 20,554,613 20,554,616 10,548,614 20,562,615 !0,554,126 20,556,110 20.554,127 20,55.
due from U. S. Treasury
21,321
15,101
17,164
18,090
15,496
Redemption fund—F. R. notes..
18,820
16,590
31,722
17,880
14,003
15,081
295,563
243,806
Other cash
239,540
231,166
235,894
226,392
253,331
324,388
242,067
231,862
232.746
Total reserves
20,895,762 20,878,164 20,811,318 20,803,869 20,809,330 20,808,561 20,808,480 20,801,953 20,799,092 20,813,034 20,821,846
Bills discounted:
For member banks
For nonmember banks, etc.
Total bills discounted....
Industrial advances
U.S. Government securities:
Direct
Bonds
Notes
Certificates
Bills
Guaranteed
5,494
5,000
4,478
5,000
3,753
5,000
4,005
5,000
5,215
5,000
2,960
5,000
5,460
5,000
5,540
5,000
5,970
5,000
3,855
3,500
10,494
9,478
8,753
9,005
10,215
7,960
10,460
10,540
7,355
10,970
14,093
14,513
15,227
14,977
15,212
15,551
15,396
14,994
14,900
14,312
9,825
2,762,789 2,729,722 2,677,508 2,553,756 2,367,665 2,264,830 2,210,919 2,160,512 2,463,644 2,144,890 1,402,200
777,300
1,315,952 1,315,952 1,346,752 1,346,752 1,335,493 1,316,457 1,311,857 1,308,859 1,342,997 1,297,359
918,521
949,041
781,724
735,900
955,982
726,201
715,400
672,466
634,448 1,187,214
511,014
576,038
558,990
435,367
381,572 376,005
440,571
429,911
480,930
382,869
26,978
31,414
33,184
22,266
22,126
22,126
22,126
17,126
4,600
17,126
22,126
Total U .S. Government
securities, direct and
guaranteed
5,626,897 5,537,143 5,545,797 5,139,865 4,842,756 4,694,818 4,657,939 4,550,856 5,398,850 4,666,506 2,184,100
Other Reserve Bank credit outstanding
242,723
293,062
296,010
267,449
112,539
493,394
640,853
214,405
326,709
103,681
240,720
Total Reserve Bank
credit outstanding... 6,292,337 6,054,528 5,812,500 5,459,857 5,082,588 5,045,038 4,924,515 4,680,071 5,714,167 4,959,237 2,312,332
Liabilities ^
F.R. notes in actual circulation. 12,154,906 12,019,103 11,902,213 11,807,878 11,616,263 11,447,369 11,379,876 11,302,299 11,756,463 11,220,315 7,669,255
Deposits:
Member
bank —reserve
account
13,128,945 13,517,087 13,266,842 12,839,660 12,745,566 12,621,976 12,492,747 12,210,595 13,208,176 12,735,009 13,139,701
IJ. S. Treasurer—general
60,054
497,054
94,281
429,454
13,117
account
68,419
299,631
5,854
251,651
233,675
360,777
796,846
916,586 907,123 913,006
801,819
Foreign
795,042
948,544 1,014,985
894,211
916,279
914,157
383,272 325,486
377,724
361,070
385,785
Other deposits
338,861
468,981
629,316
396,427
403,870
476,901
Total deposits
14,817,468 14.693,093 14,509,527 14,233,799 14,046,594 14,173,474 14,117,480 13,934,564 14,534,179 14,312,928 15,213,456
Ratio of total reserves to deposit
and F.R. note liabilities combined (per cent)
77.5
81.1
81.2
81.6
82.4
79.1
81.5
91.0
MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVEBANKS
[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
3,760
5 855!
6,591
7.503
2,545
177
1,145
1,100
1,075
598
55
274
1,625
1,436
1,638
1,570
690
49
47
6 months
to
1 year
1 year
to
2 years
Bills discounted:
Dec 2
Dec 9
Dec. 16
Dec. 23
9,005
8 753
9,478 j
10,494
Industrial advances:
Dec 2
Dec 9
Dec. 16
Dec. 23
14,977
15,227
14,513
14,093
8,575
8,586
10,128
9,897
346
419
524
454
432
339
189
328
2,238
2,392
422
313
596
654
439
398
1,247
1,097
1,279
1,281
892
1,057
884
1,009
5,139,865
5,545,797
5,537,143
5 626 897
62,265
90,592
108,865
79 376
80,669
70,120
62,282
135,956
189,406
598,332
595,808
558,569
454,002
103,520
139,485
163,565
161,875
281,414
238,245
255,495
471,074
556,008
543,997
550,938
295,575
295,575
241,575
241,575
U. S. Government securities, direct
and guaranteed:
Dec. 2
Dec. 9
Dec. 16
Dec. 23
JANUARY 1943
2 years
to
5 years
Over
5 years
651
683
648
413
1,284,564
1,356,936
1,385,120
1,392,807
2,140,435
2,193,300
2,221,766
2,248,666
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total
Boston
New
York
Richmond
St.
Louis
Minneapolis
Philadelphia
Cleveland
,168,505
1,173,213
,134,502
1,128,848
1,791,416
,766,971
1,694,564
1,652,163
960,915
950,453
931,963
929,348
736,734
747,122
743,658
720,317
3,603,564
3,682,515
3,671,097
,604,533
1,179
1,103
1,012
2,719
2,313
5,267
6,704
239
207
1,000
1,930
1,799
1,743
1,677
1,535
287
273
256
3,220
251
245
237
218
13,512
15,010
20,547
25,415
24,105
23,984
34,265
33,140
15,434
16,949
20,302
17,828
7,263
7,853
7,914
7,752
Chicago
Atlanta
Kansas
City
San
Dallas Francisco
A ssets
Gold certificates on hand
and due from U. S.
Treasury:
Dec. 2
Dec. 9
Dec. 16
Dec. 23
20,554,613 186,513 6,847,466
20,554,614 182,454 6,807,710
20,561,280 187,489 6,960,010
20,539,652 ,129,681 ,180,994
Redemption Fund—
Federal Reserve notes:
Dec. 2
Dec. 9
Dec. 16
Dec. 23
Other cash:
Dec. 2
Dec. 9
Dec. 16
Dec. 23
Total reserves:
Dec. 2
Dec. 9
Dec. 16
Dec. 23
691,535 433 ,495
691,660 430 ,415
680,393 439 ,155
682,671428 ,975
669,633 500, 550
653,652 502,700
645,987 501 ,107
658, 060 484j340
1,964,287
1,965,749
1,971,355
1,939,722
435
423
409
377
431
422
411
381
7,362
7,324
7,290
7,195
7,740
8,627
8,053
7,718
12,284
13,460
14,402
16,490
33,907
34,427
37,920
37,274
18,090
17,164
21,321
31,722
1,436
1,395
1,345
1,253
1,474
1,290
1,057
1,771
5,874
478
426
1,360
1,264
231,166
239,540
295,563
324,388
20,190
20,960
23,196
35,711
50,928
51,630
52,247
65,137
11,843
12,894
25,345
20,654
19,252
17,932
36,052
39,240
14,708
15,814
15,320
18,029
,208,139 6,899,868
,204,809 6,860,630
,212,030 7,013,314
,166,645 7,247,902
1,181,527
1,187,210
1,160,859
1,155,376
1,811,146
1,785,329
1,731,976
1,692,667
978,342
968,580
952,550
954,081
3,135
3,020
3,445
4,360
620
305
370
490
140
140
150
250
2,125
2,125
2,125
2,125
480
480
480
480
460
494
494
494
220
220
220
220
175
175
175
175
610
610
610
610
150
150
150
150
110
110
110
110
145
179
179
177
145
145
145
145
380
380
380
380
195
195
195
195
110
110
110
110
185
204
327
325
145
145
182
145
380
380
380
380
381
379
377
363
2,072
2,241
1,662
1,380
132
131
131
31
4,035
4,035
4,035
4,034
126,088 104,691
131,965 109,326
134,710 111,575
136,404 112 ,972
270,034
279,053
284,482
287,977
20,803,869
20,811,318
20,878,164
20,895,762
Bills discounted:
Secured by U. S. Government obligations, direct and guaranteed:
Dec. 2
Dec. 9
Dec. 16
Dec. 23
4,005
3,685
4,410
5,428
Other bills discounted:
Dec. 2
Dec. 9
Dec. 16
Dec. 23
5,000
5,068
5,068
5,066
125
200
120
750,485 3,629,468
762,
,708,242
765,205 3,707,039
747,662 3,639,208
707,256 441 ,009
708,882 438 ,513
700,951 447 ,306
703,719 436 ,945
677,808 513, 265 2,005,556
662,702 516,582 2,007,500
654,449 515,920 2,016,565
666,155 501,211 1,984,191
40
25
148
148
37
Total bills discounted:
Dec. 2
Dec. 9
Dec. 16
Dec. 23
9,005
8,753
9,478
10,494
125
200
120
5,260
5,145
5,570
6,485
1,100
785
850
970
600
634
644
744
245
245
235
235
175
175
175
175
610
610
610
610
Industrial advances:
Dec. 2
Dec. 9
Dec. 16
Dec. 23
14,977
15,227
14,513
14,093
462
470
447
447
621
621
621
621
5,051
5,114
5,068
5,027
797
827
828
819
720
694
694
694
532
537
481
504
113
117
108
112
2,559,437
2,684,67
2,741,124
2,775,71
195,600
204,483
208,712
211,332
644,794
683,563
698,690
707,667
193,54
204,314
208,745
211,409
224,659
237,972
243,217
246,339
170,346
176,147
179,58!
181,795
122,046
126,948
129,505
131,117
316,559
330,126
336,868
341,074
122,572
128,191
130,845
132,487
68,501
72,586
74,188
75,138
1,363,33'
1,366,56'
1,335,964
1,336,214
104,18'
104,090
101,723
101,733
343,464
347,950
340,52A
340,668
103,094
104,001
101,740
101,770
119,669
121,133
118,540
118,585
90,737
89,666
87,52'
87,518
65,013
64,620
63,119
63,116
168,623
168,042
164,180
164,192
65,292
65,250
63,771
63,780
36,490
36,945
36,155
36,174
67,162
67,176
65,656
65,664
55,768
55,649
54,377
54,383
143,838
142,042
138,649
138,631
Certificates:
Dec. 2
Dec. 9
Dec. 16
Dec. 23
781,724
918,52
949,04
955,982
59,742
69,961
72,261
72,785
196,938
233,871
241,903
243,728
59,115
69,903
72,272
72,811
68,617
81,419
84,208
84,842
52,028
60,266
62,177
62,612
37 276
43,433
44,837
45,158
96,686
112,948
116,631
117,469
37,437
43,858
45,302
45,630
20,922
24,834
25,686
25,878
38,511
45,150
46,640
46,979
31,976
37,404
38,630
38,908
82,476
95,474
98,494
99,182
Bills:
Dec.
Dec.
Dec.
Dec.
435,36'
576,038
511,014
558,990
25,591
37,256
36,524
34,422
140,739
170,420
137,646
173,173
33,045
39,756
37,196
34,727
30,468
47,842
42,787
41,901
22,287
32,093
31,827
31,381
18,508
26,129
25,063
23,558
65,917
77,647
59,750
89,823
19,376
33,416
29,907
26,779
10,962
16,225
12,983
12,125
17,197
24,243
25,773
24,151
13,697
19,919
19,525
18,230
37,580
51,092
52,033
48,720
385,120 1,325,935
415,790 1,435,804
419,220 1,418,766
420,272 1,465,236
388,80:
417,97'
419,95;
420,71:
443,413
488,366
488,752
491,667
335,398
358,172
361,118
363,306
242,843
261,130
262,524
262,949
647,785
688,763
677,429
712,558
248,958 206 ,132
268,534 222 ,298
272,779 224,107
273,198 224,493
533,928
567,661
573,658
574,510
U. S. Government securities, direct and guaranteed:
Bonds:
Dec. 2
Dec. 9
Dec. 16
Dec. 23
Notes:
Dec.
Dec.
Dec.
Dec.
2
9
16
23
2
9
16
23
U. S. Government securities, direct and guaranteed: Total
Dec. 2
Dec. 9
Dec. 16
Dec. 23
5,139,
5,545,79:
5,537,14;
5,626,89
244,67' 136,875
270,715 150,590
269,825 149,012
268,676 149,315
FEDERAL RESERVE
BULLETIN
Federal Reserve Banks—Continued
[In thousands of dollars]
Total
Total bills and securities:
Dec. 2
Dec. 9
Dec. 16
Dec. 23
5,163,847
5,569,77"
5,561,134
5,651,484
Boston
385,582
416,385
419,867
420,839
Due from foreign banks:
Dec. 2
Dec. 9
Dec. 16
Dec. 23
Philadelphia
New
York
,331,816
,441,570
,424,957
,472,342
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Fran-
394,952 444,810 336,363
423,873 489,827 359,111
425,871 490,224 362,047
426,714 493,230 364,235
243,550
261,842
263,180
263,628
648,508
689,490
678,147
713,280
244,933
270,971
270,081
268,932
.37,366
.51,079
.49,499
49,788
251,215
270,979
274,768
274,903
206,409
222,574
224,420
224,669
538,343
572,076
578,073
578,924
J18
18
118
Federal Reserve notes of
other banks:
Dec. 2
Dec. 9
Dec. 16
Dec. 23
37,57:
39,94=
48,97i
51,54=
1,061
856
1,194
1,228
3,779
3,442
3,918
4,375
1,431
1,575
1,755
1,142
1,853
2,425
2,591
3,194
8,796
7,993
10,140
10,679
3,934
3,780
5,157
4,663
3,626
4,258
5,211
6,454
2,926
2,863
3,426
4,147
1,049
1,239
2,039
1,511
3,701
4,588
5,492
5,275
1,367
1,809
1,801
1,494
4,049
5,117
6,246
7,383
1,495,331,309,993
1,829,804
1,744,14'
135,17.
121,509
160,757
164,264
315,785
262,284
400,421
374,54'
95,518
72,091
126,544
100,353
184,605
170,815
247,852
210,501
124,014
117,467
137,843
123,238
57,503
54,069
89,890
85,744
222,134
156,876
242,182
241,201
70,253
56,866
89,661
89,026
37,372
33,278
42,141
38,467
60,738
56,909
71,912
81,465
55,248
54,638
64,052
63,812
136,990
153,191
156,549
171,529
40,06:
40,063
40,05?
40,022
2,726
2,726
2,726
2,726
10,305
10,305
10,305
10,305
4,791
4,791
4,785
4,766
4,336
4,335
4,335
4,325
3,051
3,051
3,053
3,053
1,940
1,939
1,939
1,939
2,922
2,925
2,925
2,925
2,113
2,113
2,113
2,113
1,312
1,312
1,312
1,312
1,060
1,060
1,060
1,060
2,698
2,698
2,698
2,691
Other assets:
Dec. 2
Dec. 9
Dec. 16
Dec. 23
89,75:
100,42<
81.90C
84,91
6,414
7,013
5,734
5,
21,955
24,441
20,328
21,188
6,769
9,344
6,191
6,269
8,657
9,490
8,100
8,098
5,974
6,505
5,386
5,57:
4,134
4,756
3,693
3,868
11,142
12,17
10,113
10,576
4,183
4,554
3,759
3,933
2,551
2,784
2,355
2,500
3,671
3,974
3,372
3,552
9,853
10,578
8,896
9,322
Total assets:
Dec. 2
Dec. 9
Dec. 16
Dec. 23
27,630,4827,871,57
28,440,07:
28,467,91
,739,099
,753,30:
,802,31:
,761,588
8,583,526
8,602,690
8,873,261
9,130,677
,684,993
,698,889
,726,010
,694,625
Liabilities
Reserve notes in
circulation:
11,807,87:
2
11,902,21'
9
12,019,103
16
12,154,906
23
858,14
867,47<
875,355
885,197
2,720,377
2,735,268
2,765,360
2,802,31
827,628 1,092,162
838,675 1,108,966
847,227 1,122,250
852,36? 1,138,61
761,796
766,095
776,694
785,038
526,115 2,343,148
527,701 2,364,615
544,878 2,381,196
541,964 2,409,707
497,504 290 ,585
501,762 293,266
506,076 295,575
510,254 300!
\254
418,576 245,096 1,226,750
419,896 243,207 1,235,286
422,004 241,48' 1,240,997
426,601 244,51! 1,258,084
710,02:
731,932
754,496
716,546
4,704,929
4,907,556
5,133,62.
4,902,81
668, 204 1,044,76:
675,96 l,052,54C
669,06C 1,026,130
968,334
652,87i
537,282
538,955
520,646
528,12'
447,684
477,222
482,97(
475,30?
425,390 266,,165
444,706 265,539
444,215 272,944
453,902 267,347
487,666 452,973 1,255,112
496,919 479,163 1,288,172
495,337 482,417 1,312,564
516,969 472,039 1 ,285,970
54:
544
556
523
53S
24'
Uncollected items:
Dec. 2
Dec. 9
Dec. 16
Dec. 23
Bank premises:
Dec. 2
Dec. 9
Dec. 16
Dec. 23
Federal
actual
Dec.
Dec.
Dec.
Dec.
Deposits:
Member bank—reserve
account:
Dec. 2
Dec. 9
Dec. 16
Dec. 23
12,839,661
13,266,84:
13,517,08'
13,128,94!
2,455,411 1,456,542
2,462,225 1,462,709
2,485,082 1,471,021
2,412,019 1,460,860
,061,548 4,517,806 1,031,665 620,659 1,000,720 81,021 2,697,493
,088,727 4,573,969 1,046,250 628,205 1,002,805 800,638 2,751,164
,129,066 4,645,623 1,069,992 644,652 1,013,403 810,626 2,769,031
,107,506 4 ,613,650 1,071,871 630,523 1,034,757 95,799 2,754,044
1,839,47
1,908,171,922,671,888,71'
U. S. Treasurer—genera!
account:
Dec. 2
Dec. 9
Dec. 16
Dec. 23
94,28
60,05'
13,11
497,05-
Foreign:
Dec.
Dec.
Dec.
Dec.
2
9
16...
23....
916,586
796,846
801,815
795,04:
23,48,
23,25'
23,445
24,505
2
486,54:
2
359,88:
2
363,59;
2
67,84:
69,04'
69,22<
69,181
65,01'
66.17C
66,340
66,306
31,094
31,64'
31,72:
31,71
24,734
25,1725,23,
25,22.
86,21.
87,74,
87,97
87,92:
Other deposits:
Dec. 2
Dec. 9
Dec. 1 6 . . . .
Dec. 2 3 . . . .
383,2
385,78.
361,0'
396,42
5,04;
6,03(
7,43
7,25i
202,60/
199,886
181,214
207,26?
5,
14,392
9,36C
13,336
72,793
58,756
61,893
73,59C
10,54;
11,15:
10,401
11,41'
3,45
5,283,713,50;
Total deposits:
Dec. 2
Dec. 9
Dec. 16
Dec. 23
14,233,79"
14,509,52:
14,693,09;
14,817,46*
739,13
761,74
785,60;
748,84i
5,481,11=
5,521,229
5,678,704
5,954,835
742,25:
759,77J
748,21/
736,266
1,183,32:
1,177,851
l,154,90J
1,108,76;
579,461
582,29:
563,33,
571,78C
1,199,37
1,067,31
1,336,45
1,103,34
114,98(
97,16'
114,43;
100,56i
247.98C
211,84C
294,437
238,68:
79,674
62,994
95,006
70,380
143,93:
139,30:
171,78'
128,42:
98,261
97,22<
113,83i
86,831
Deferred
Dec.
Dec.
Dec.
Dec.
availability items
2
9
16
23
87,03*
53,90(
27i
488,81'
355,93!
4,449
4,818
3,973
4,150
498
501
7,242
783
503
865
560
1,175
125
33
574
278
1,933
860
1,182
1,043
21,20C
21,57"
21,63:
21,62:
15,547
15,823
15,864
15,856
20,494
20,858
20,91:
20,90:
20,494
20,858
20,91:
20,90:
53,929
54,806
54,957
54,957
5,219,25:
14,29:
7,92
12,994
12,211
12,02
14,20'
11,095
17,229
11,296
12,05:
8,054
4,57i
4,035
2,248
4,76=
4,26?
3,93C
40,818
42,746
41,470
40,743
476,40?
507,926
512,493
505,42-
1,931,78
2,006,096
2,025,521
1,985,16:
460,14.
479,084
478,10'
490,24:
293,305
299 ,09:
307,346
296,03"
516,71
523,21?
520,84"
541,293
478,35'
504,621
507,832
496,103
1,351,792
1,386,584
1,410,173
1,382,713
44,52'
38,46:
57,132
45,525
192,746
152,974
188,447
168,104
61,59.
52,92:
73,354
58,900
26,68C
25,73:
31,613
24,07<
53,215
47,522
58,358
54.64C
45,534
40,72i
49,096
43,017
90,234
100,445
88,959
84,186
56C
1,38.
2,
•"
* Less than $500.
1
After deducting $29,000 participations of other Federal Reserve Banks.
2
After deducting $429,092,000 participations of other Federal Reserve Banks on Dec. 2; $436,628,000 on Dec, 9; $437,607,000 on Dec. 16; and $437,736,000
on Dec. 23.
JANUARY 1943
53
Federal Reserve Banks—Continued
[In thousands of dollars]
Total
Other liabilities, including
accrued dividends:
Dec. 2
Dec. 9
Dec. 16
Dec. 23
Total liabilities:
Dec. 2
Dec. 9
Dec. 16
Dec. 23
6,000
8,473
6,526
6,595
27,247,048
27,487,530
28,055,179
28,082,310
Boston
652
693
684
New
York
1,601
1,756
1,845
1,788
,451,073
,712,
,470,093
,727,
,776,084 8,740,346
,735, 297 8,997,616
Philadelphia
364
2,314
401
429
Cleveland
Richmond
561
631
613
634
429
457
454
442
1,649, 918 2,419,988
1,663,761 2,426,762
1,690,851 2,449,558
,659, 443 2 ,376,435
1,439,945
1,446,074
1,454,321
1,444,098
Atlanta
303
418
327
328
Chicago
643
746
676
779
1,047,,353 4:,468,319
,510 4 ,524,431
1,074,5
1,114,830 4 ,595,839
1,093,241 4,563,757
St.
Louis
Minneapolis
150
167
154
176
160
190
161
169
1,019,404 610
1,033,958 618
1,057,698 634,
1,059,564 620,
Kansas
City
Dallas
491
387
437
448
226
257
360
296
San
Francisco
420
457
414
418
988,999S769,213'2,669,196
991,023 788.8102,722,772
1,001,646 798,775)2,740,543
1,022,982 783,933 2,725,401
Capital accounts
Capital paid in:
Dec. 2
Dec. 9
Dec. 16
Dec. 23
145,453
145,474
145,849
145,999
9,480
9,484
9,484
9,486
53,496
53,494
53,648
53,650
11,751
11,753
11,754
11,747
14,852
14,853
14,870
14,878
5,851
5,851
5,863
5,174
5,177
5,181
5,187
16,069
16,069
16,252
16,306
4,525
4,530
4,531
4,533
3,072
3,073
3,074
3,075
4,712
4,720
4,721
4,722
4,451
4,450
4,450
4,452
12,020
12,020
12,021
12,081
Surplus
Dec.
Dec.
Dec.
Dec.
157,502
157,502
157,502
157,502
10,949
10,949
10,949
10,949
56,651
56,651
56,651
56,651
15,171
15,171
15,171
15,171
14,346
14,346
14,346
14,346
5,236
5,236
5,236
5,236
5,725
5,725
5,725
5,725
22,925
22,925
22,925
22,925
4,966
4,966
4,966
4,966
3,152
3,152
3,152
3,152
3,613
3,613
3,613
3,613
3,976;
3,976j
3,976;
3,976j
10,792
10,792
10,792
10, 792
26,781
26,781
26,781
26,781
2,874
2,874
2,874
2,874
7,070
7,070
7,070
7,070
4,393
4,393
4,393
4,393
1,007
1,007
1,007
1,007
3,244
3,244
3,244
3,244
713
713
713
713
1,429
1,429
1,429
1,429
530
530
530
530
1,000
1,000
1,000
1,000
1,137
1,137
1,137
1,137
1,263!
1,263!
1,263:
1,263!
2,121
2,121
2,121
2,121
53,699
54,285
54,767
55,327
2,880
2,914
2,920
2,982
15,236
15,382
15,546
15,690
3,759
3,811
3,841
3,871
5,218
5,257
5,301
5,353
2,266
2,304
2,3571
2,400
2,584
2,602
2,617
2,640
9,064
9,115
9,178
9,233
2,240
2,266
2,267
2,278
2,711
2,724
2,738
2,753
2,259
2,312
2,286
2,303
2,118!
2,139j
2,162,
2,1751
3,364
3,459
3,554
3,649
Total liabilities and capital
accounts:
Dec. 2
27,630,483
Dec. 9
27,871,572
28,440,078
Dec. 16
28,467,919
Dec. 23
,739, 099
,753,
,802,311
,761, 588
8 ,583,526
,602,
8,873,261
9 ,130,677
1,684,
,698,889
1,726,010
1,694,
,455,411
2,462, 225
2,485,082
,412,
233
225
155
153
318
318
318
284
1,491
1,452
1,532
1,497
455
441
421
391
(section 7):
2
9
16
23
Surplus (section 13b):
Dec. 2
Dec. 9
Dec. 16
Dec. 23
\.
Other capital accounts:
Dec. 2
Dec. 9
Dec. 16
Dec. 23
Commitments to make industrial advances:
Dec. 2
Dec. 9
Dec. 16
Dec. 23
54
10,769
10,38:
10,708
10,850
1,456,542 1,061,548 4,517, 806
1,462,709
1,727 4 ,573, 969
1,471,021 1,129, 066 4 ,645. 623
,460, 860 1 ,107 506 4 ,613 ,650
1,210
1,209
1,108
1,108
135
135
135
135
1,031,665 620,659
1,046,250 628,205
1,069,9921644,652
1 ,071,871630,523
1,668
1,667
1,667
1,687
1,000,720 781,021 2,697,493
1,002,805|800,63812,751,164
1,013,403|810,626|2,769,031
1,034,757 795,799 2,754,044
1,006
837
|
1,6961.
4,159
4,003
3,956
3,899
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Federal Reserve Notes:
Issued to F. R. Bank by
F. R. Agent:
Dec. 2
Dec. 9
Dec. 16. .
Dec. 23
Held by Federal Reserve
Bank:
Dec. 2 . . .
Dec. 9
Dec. 16
Dec 23
In actual circulation: 1
Dec. 2
Dec. 9
Dec. 16
Dec. 23
Collateral held by agent as
security for notes issued to
bank:
Gold certificates on hand
and due from U. S.
Treasury:
Dec. 2
Dec. 9
Dec 16
Dec. 23
Eligible paper:
Dec. 2
Dec. 9
Dec. 16
Dec. 23
U. S. Gov't. securities:
Dec. 2
Dec. 9
Dec. 16
Dec. 23
Total collateral:
Dec. 2
Dec. 9
Dec. 16
Dec. 2 3 . . .
1
Total
Boston
12 ,266 ,487
12 ,411 ,726
12 ,492 ,51
12 ,607 ,792
899,330
905,582
904,721
905,488
458 ,609
509 ,513
473 ,408
452 ,886
41,189
38,106
29,362
20,291
11 ,807 ,878
11 ,902 ,213
12 ,019 ,103
12 ,154 ,906
858,141
867,476
875,359
885,197
12
12
12
12
336
421
455
398
000
000
000
000
3
3
4
5
865
579
257
210
90
90
195
355
New
York
2,829,935 856,052
2,863,998 867,041
2,867,558 868,258
2,903,491 871,138
109,558
128,730
102,198
101,180
Cleveland
Richmond Atlanta
1,126,197 789,335
1,140,735 794,144
1,160,523 809,272
1,171,422 816,375
34,035
31,769
38,273
32,811
28,424
28,366
21,031
18,770
554,161
563,927
577,328
577,539
Chicago
St.
Louis
2,389,116 528,457
2,419,897 533,193
2,430,305 535,353
2,457,397 537,180
Minne- Kansas
apolis
City
Dallas
San
Francisco
297,457
300,561
301,118
306,047
430,997
435,956
438,612
441,509
266,041
269,653
270,873
273,631
1,299,409
1,317,039
1,328,590
1,346,575
30,953
31,431
29,277
26,926
6,872
7,295
5,543
5,793
12,421
16,060
16,608
14,908
20,945
26,446
29,386
29,114
72,659
81,753
87,593
88,491
27,539
28,049
32,578
31,337
28,046
36,226
32,450
35,575
1,092,162 761,796
1,108,966 766,095
1,122,250 776,694
1,138,611 785,038
526,115
527,701
544,878
541,964
2,343,
,504
2,364,615 501,762
2,381,196 506,076
2,409,707 510 ,'254
290,585
293,266
295,575
300,254
418,576
419,896
422,004
426,601
245,096
243,207
241,487
244,517
1,226,750
1,235,286
1,240,997
1,258,084
912,000 ,865,000 860,000 1,130,000 762,000
917,000 2,865,000 870,000 1,150,000 747 ,000
912,000 2,890,000 870,000 1,170,000 737 ,000
888,000- 2,915,000 795,000 1,180,000 727 ,000
560,000
570,000
560,000
550,000
2,410,000 500,000
2,440,000 500,000
2,470,000 480,000
2,470,000 480,000
100,000
305,000
305,000
310,000
440,000
440,000
440,000
440,000
273,000
273,000
277,000
279,000
1,324,000
1,344,000
1,344,000
1,364,000
273,000
273,000
277,000
279,000
1,324,000
1,344,000
1,344,000
1,364,000
2,720,377 827,628
2,735,268 838,675
2,765,360 847,227
2,802,311 852,368
125
200
120
000
000
000
000 20,000
2, 429, 865
2, 514, 579
2, 654, 257
2, 758, 210
Philadelphia
3,135
3,020
3,445
4,360
620
305
370
490
25
25
15
15
100,000
50,000
50,000
100,000
125,000
912,000
38,135 560,620
517,125
)8,020 570,305
)12,2OO 2,893,445 !7O,37O
)08,120 ,919,360 595,490
1,130,
1,150,000
1,170,000
1,180,000
45,968
55,282
49,109
47,690
45
45
45
45
40
59
182
180
40,000
40,000
75,000
75,000
20,000
30,000
5,000
512,025 560,000 2,410,000 540,045 300,000
'97,025 570,000 2,440,000 540,045 305,000
837,015 180,000 2,470,000 555,045 305,000
852,015 80,000 2,470,000 555,045 310,000
440,040
440,059
440,182
445,180
Includes Federal Reserve notes held by U. S. Treasury or by a Federal Reserve Bank other than the issuing Bank.
INDUSTRIAL ADVANCES BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
Applications
Date (last
approved
Wednesday or
last day of
period)
Number Amount
1934
1935
1936
1937
1938
1939
1940
1941
June 25
Dec. 31
1942
Jan. 28
Feb. 25
Mar. 25
Apr. 29
May 27
June 24
July 29
Aug. 26
Sept. 30
Oct. 28
Nov. 30
984
1,993
2,280
2,406
2,653
2,781
2,908
3,067
3,202
49,634
124,493
139,829
150,987
175,013
188,222
212,510
238,505
279,860
ApAdCommit- Participroved
pations
ments
but not vances
out- 2
com- 1 standing standing standing
pleted (amount) (amount) (amount)
(amount)
20,966
11,548
8,226
3,369
1,946
2,659
13,954
8,090
8,294
13,589
32,493
25,526
20,216
17,345
13,683
9,152
10,549
10,337
8,225
27,649
20,959
12,780
14,161
9,220
5,226
13,072
14,597
1,296
8,778
7,208
7,238
12,722
10,981
6,386
14,011
19,600
WAR PRODUCTION LOANS GUARANTEED BY WAR DEPARTMENT, NAVY DEPARTMENT, AND MARITIME
COMMISSION THROUGH FEDERAL RESERVE
BANKS UNDER REGULATION V
[Amounts in thousands of dollars]
Guaranteed loans
authorized
Date
Number
May 3 1 . . .
282
100,290
C1)
June 3 0 . . .
565
310,680
81,108
932
509,012
151,154
131,097
158,340
1,329
705,842
294,720
244,532
206,609
July 3 1 . .
August 31
3,224
3,241
3,261
3,300
3,337
3,352
3,376
3,388
3,394
3,399
3,415
281,617
292,905
297,945
313,660
325,507
338,822
344,770
352,675
364,916
377,306
393,679
7,612
15,751
17,698
18,473
22,480
26,346
22,323
12,024
8,199
7,536
5,430
9,752
9,227
9,312
10,699
11,464
11,265
12,619
14,833
15,882
14,934
15,465
14,272
14,921
14,364
11,673
14,378
16,832
15,989
16,720
12,187
11,572
10,876
19,388
19,924
19,086
22,710
23,384
26,430
25,284
25,295
23,180
20,983
18,880
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.
JANUARY 1943
Amount
Guaranteed loans Additional
amount
outstanding
available to
borrowers
under guarPortion antee agreeTotal
guaranments
amount
teed
outstanding
C1)
69,674
<})
137,888
September 3 0 . .
1,658
944,204
427,918
356,677
230,720
October 31..
2,023
2,227,704
527,261
440,016
1,308,093
November 3 0 . .
2,327
2,367,297
644,569
520,846
1,383,310
1
Not available.
NOTE.—The difference between guaranteed loans authorized and sum
of loans outstanding and amounts available to borrowers under guarantee
agreements outstanding represents amounts repaid, guarantees available
but not completed, and authorizations expired or withdrawn.
RESERVE POSITION OF MEMBER BANKS, NOVEMBER, 1942
[Averages of daily figures. In millions of dollars]
Gross
demand
deposits
Classes of banks
and districts
Net
deTime
mand
de:
deposits
posits 1
Reserves with
Federal Reserve
Banks
Required
2,362
455
45
Reserve city banks:
Boston district
New York district
Philadelphia district
1,667
359
1,851
1,529
316
1,658
85
143
125
311
72
339
405
80
404
94
8
64
Cleveland district
Richmond district
Atlanta district
2,925
1,355
1,330
2,491
1,140
1,056
679
247
178
539
243
222
729
325
260
190
82
38
Chicago district
St. Louis district
Minneapolis district
2,704
1,472
728
2,165
1,233
599
764
173
83
479
257
125
604
293
150
125
36
25
Kansas City district
Dallas district
San Francisco district ...
1,785
1,364
4,410
1,328
996
3,772
158
127
2,200
275
207
886
357
279
1,104
82
72
218
21,949 18,285
4,961
3,955
4,990
1,035
Country banks:
Boston district
New York district
Philadelphia district
1,569
2,319
1,084
1,264
1,902
848
586
1,548
854
212
359
170
281
508
234
69
149
64
Cleveland district
Richmond district
Atlanta district
1,218
1,236
1,097
891
838
749
767
419
274
171
142
121
268
199
177
97
56
56
Chicago'district
St.'Louis district.
Minneapolis district
1,782
805
609
1,261
542
417
920
263
296
232
92
76
355
130
109
124
39
33
Kansas City district
Dallas district
San Francisco district...
879
1,057
772
557
675
515
163
101
349
88
101
93
130
161
131
42
60
38
14,426 10,459
6,540
1,857
2,684
827
Total
All
member t1
banks
Excess
Held
All member banks
59,413 50,604 12,716 10,256 12,618
Central reserve city banks:
18,744 17,930
749 3,631 4,086
New York
465
4,294 3,931
814
859
Chicago
Total
MEMBER BANK RESERVE BALANCES BY CLASSES OF BANK
[Averages of daily figures. In millions of dollars]
1
Gross demand deposits minus demand balances with domestic banks
(except private banks and American branches of foreign banks) and cash
items in process of collection.
NOTE.—See tables on p. 50 for percentages of deposits required to be held
as reserves.
Total reserves held:
1941—November
December
1942—January
February
March
April
May
June
July
August
September
October
November
Week ending (Friday):
1942—Nov. 6
Nov. 13
Nov. 20
Nov. 27
Dec. 4
Dec. 11
Dec. 18
Excess reserves:
1941—November
December
1942—January
February
March
April
May
June
July
August
September
October
November
Week ending (Friday):
1942—Nov. 6
Nov.
Nov.
Nov.
Dec.
Dec.
Dec.
13
20
27
4
11
18
Central reserve
city banks
Reserve
city
banks
Country 1
banks 1
1,210
1,143
1,085
1,086
1,157
1,140
1,049
979
1,000
1,009
944
834
859
4,424
4,317
4,365
4,356
4,279
4,293
4,325
4,448
4,447
4,574
4,676
4,711
4,990
2,213
2,210
2,238
2,199
2,204
2,188
2,265
2,338
2,353
2,423
2,529
2,597
2,684
4,099
3,982
4,043
4,136
4,198
4,204
4,452
868
869
854
845
854
864
896
4,793
4,938
4,987
5,064
5,127
5,131
5,183
2,656
2,685
2,758
2,684
2,802
2,873
2,839
3,611
3,390
3,446
3,309
3,147
2,951
2,667
2,704
2,237
2,248
2,300
2,328
2,362
945
989
1,083
1,071
962
795
546
556
269
286
302
557
455
367
295
225
204
255
262
178
89
64
60
73
27
45
1,456
1,303
1,330
1,279
1,190
1,175
1,171
1,232
1,105
1,091
1,069
921
1,035
844
804
809
755
740
718
772
827
799
812
857
823
827
2,226
2,244
2,374
2,434
P
2,586
p
2,610
*>2,589
463
360
428
506
496
450
536
49
52
40
38
39
45
45
900
995
1,010
1,072
1,115
1,106
1,034
814
837
897
818
*937
^1,008
P974
New
York
Chicago
12,900
12,812
12,936
12,908
12,827
12,649
12,510
12,624
12,409
12,623
12,299
12,234
12,618
5,053
5,142
5,248
5,266
5,188
5,028
4,870
4,859
4,609
4,616
4,150
4,093
4,086
12,416
12,474
12,643
12,729
12,980
13,073
13,370
p
1
Preliminary.
Weekly figures of excess reserves of all member banks and of country
banks are estimates.
DEPOSITS OF MEMBER BANKS I N LARGER A N D SMALLER CENTERS
[Averages of daily figures. In millions of dollars]
Federal Reserve district
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St Louis
Minneapolis
Kansas City
Dallas
San Francisco
.
.
Total
r
1
Gross demand
Gross demand
Time
Time
Nov.
Oct.
Oct.
Nov.
Oct.
3,236
21,422
2,935
4,144
2,590
2,426
8,780
2,277
1,337
2,664
2,420
5,182
3,136
20,733
2,840
4,027
2,491
2,280
8,491
2,161
1,237
2,530
2,244
4,836
671
2,440
979
1,446
666
452
2,150
436
379
321
228
2,549
659
2,417
982
1,445
659
444
2,115
433
373
318
226
2,511
3,029
12,194
2,507
3,684
2,206
2,165
13,811
1,801
1,039
2,067
1,834
4,930
2,937
12,126
2,426
3,581
2,127
2,034
13,630
1,711
r
965
1,963
1,718
4,615
59,413
57,007
12,716
12,580
131,266
i29,834
18,766
Nov.
Member banks in smaller centers
(places under 15,000)
Member banks in larger centers
(places over 15,000)
All member banks
r
Gross demand
Nov.
Oct.
Nov.
547
537
11,152
526
1,083
448
363
11,312
312
201
210
184
2,427
529
1,084
445
355
11,287
309
r
198
208
183
2,397
207
484
428
460
385
262
675
476
298
596
586
252
i8,681
5,109
r
Oct.
r
Time
Nov.
Oct.
199
468
415
446
364
246
641
450
r
272
567
525
220
124
538
453
363
217
89
372
125
178
110
44
122
123
535
453
361
214
89
366
124
r
175
110
43
114
4,814
2,736
r
2,706
Revised.
Excluding central reserve city banks, for which figures for latest month are shown in table above.
FEDERAL RESERVE BULLETIN
KINDS OF MONEY I N CIRCULATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
1941—October
November
December
1942—January
February.
March
April
May
Tune
July. ...
Gold
certificates
Silver
dollars
Silver
certificates
Treasury
notes
of 1890
10,364
10,640
11,160
62
61
61
57
59
60
1,715
1,737
1,733
1
1
474
481
11,175
11,485
11,566
11,767
12,074
12,383
12,739
13,200
13,703
14,210
14,805
61
61
60
60
60
59
59
59
59
59
58
61
61
62
64
1,657
1,695
1,697
1,707
1,745
1,754
1,764
1,786
1,754
1,704
1,731
Total
End of month
....
August
September
October
November
. .
65
66
67
69
71
73
74
Subsidiary
silver
coin
Minor
coin
463
205
208
209
321
313
1
1
1
1
471
475
482
488
206
206
208
209
302
309
307
309
1
1
1
1
1
1
1
496
504
510
521
537
551
565
211
213
215
218
222
225
227
316
317
315
321
324
326
327
1
Federal
Reserve
Bank
notes
National
bank
notes
7,378
7,615
8,138
20
146
8,253
8,514
8,587
8,769
9,022
9,310
9,650
10,068
10,580
11,118
11,667
19
19
19
19
United
States
notes
Federal
Reserve
notes
317
145
144
143
143
20
19
142
141
140
139
138
138
137
136
136
19
19
19
18
18
18
18
Back figures.—See Annual Report for 1937 (table 35).
PAPER CURRENCY, BY DENOMINATIONS, AND COIN I N CIRCULATION
[Outsi de Treasury and Federal Reserve Banks. In millions of dollars]
Large denomination currency2
Total
in circulation 1
Total
Coin
u
6
$2
$5
$10
$20
Total
$50
$100
$500
1941—October....... 10,364
10,640
November
11,160
December
7,537
7,769
8,120
725
738
751
663
675
695
41
43
44
1,287
1,318
1,355
2,527
2,610
2,731
2,293
2,383
2,545
2,830
2,874
3,044
658
674
724
1,316
1,343
1,433
245
248
261
539
538
556
25
24
24
47
47
46
3
4
4
1942—January
February
March
April
May
June
July
August
September....
October
November
8,053
8,326
8,396
8,560
8,841
9,083
9,398
9,795
10,207
10,629
11,122
738
743
752
757
771
783
793
809
830
848
867
656
668
673
680
696
704
712
731
754
764
782
42
42
42
43
44
45
45
48
50
51
53
1,309
1,344
1,351
1,362
1,402
1,427
1,464
1,517
1,555
1,597
1,647
2,713
2,825
2,834
2,898
3,004
3,099
3,234
3,379
3,532
3,684
3,887
2,595
2,704
2,744
2,820
2,924
3,024
3,149
3,310
3,487
3,686
3,885
3,126
3,163
3,174
3,204
3,235
3,301
3,343
3,409
3,500
3,584
3,686
745
767
779
792
801
824
840
868
904
940
972
1,481
1,511
1,528
1,549
1,566
,602
,628
,663
,715
,762
,824
265
266
268
268
260
262
263
266
268
274
278
566
565
561
558
570
576
574
575
576
570
575
24
21
9
9
9
8
8
8
9
9
9
46
33
29
29
28
29
30
29
29
30
28
4
4
5
1
1
2
2
4
4
3
3
End of month
11,175
11,485
11,566
11,767
12,074
12,383
12,739
13,200
13,703
14,210
14,805
Coin and small denomination currency 2
Unassorted 2
$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).
TREASURY CURRENCY OUTSTANDING
[Held by Treasury and Federal Reserve Banks and in circulation. In
millions of dollars]
Federal
Reserve
Bank
notes
Total
Silver
dollars
and
silver
bullion1
1941—October.... 3,219
3,231
November
December .. 3,247
2,013
2,017
2,023
482
489
497
210
212
215
347
347
347
20
20
20
148
146
146
1942—January
February...
March
April
May
June
July
August
September..
October....
November..
2,029
2,033
2,038
2,044
2,050
2,053
2,057
2,059
2,061
2,062
2,063
501
505
509
514
524
530
539
551
562
575
586
218
220
221
222
224
225
225
226
226
228
229
347
347
347
347
347
347
347
347
347
347
347
20
20
19
19
19
19
19
19
19
18
18
144
144
143
142
141
140
139
139
138
137
137
End of month
3,259
3,268
3,277
3,289
3,305
3,313
3,326
3,340
3,353
3,368
3,381
Subsidi- Minor United
States
ary
coin
notes
silver
coin
National
bank
notes
1 Includes silver held against silver certificates amounting to $1,924000,000 on Nov. 30,1942 and $1,947,000,000 on Nov. 30, 1941.
JANUARY 1943
SHIPMENTS AND RECEIPTS OF UNITED STATES PAPER
CURRENCY
[By'selected banks and financial institutions in New York City.
In millions of dollars]
Year or month
1937
1938
1939
1940
1941
;.
Shipments to
Europe
21.5
33.1
110.2
17.7
.3
Receipts
from
Europe
47.6
34.4
9.8
.7
.5
Net
shipments
lOQ.3
17.0
1941—December...
Net
receipts
26.1
1.3
.2
1942—January
February...
March
April
May
June
July
August
September..
October
November..
(i)
.1
i Less than $50,000.
Back figures.—See Annual Report for 1937 (table 38).
Description.—See BULLETIN for January 1932, pp. 7-8.
57
ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
[In millions of dollars]
Gold
stock
at end
of period
Increase
in gold
stock
8 238
10,125
3
11,258
3
12,760
14,512
17 644
21,995
22,737
4,202.5
1,887.2
1,132.5
1,502.5
1,751.5
3,132.0
4,351.2
741.8
22,800
22,785
22,737
38.8
-14.4
-48.8
July
August
September...
October
November...
22,747
22,705
22,687
22,691
22,714
22,737
22,744
22,756
22,754
22,740
22,743
10.6
-42.4
-17.3
3.3
23.6
22.3
7.6
11.4
-1.3
-14.3
3.3
Jan .-Nov....
22,743
6.8
Period
19342
1935
1936
1937
1938
1939
1940
1941
1941- -October
November
December..
v
1942-- J a n u a r y
February....
March
April
May
Tune
MOVEMENT OF GOLD TO AND FROM UNITED STATES
[ In thousands of dollars]
Earmarked
DomesNet gold gold: de- tic gold
crease
producimport
or intion1
crease (—)
133.9
739.0
116.6
585.5
973.6
574.2
4 744.5
982.4
-85.9
-200.4
-333.5
-534.4
-644.7
-407.7
92.9
110.7
131.6
143.9
148.6
161.7
170.2
169.1
40.4
50.4
52.9
-32.2
-60.9
-99.7
15.9
18.2
11.5
-38.5
-109.3
-65.5
-20.1
-38.2
-14.8
-24.4
-21.8
-27.8
-56.4
5
-10.8
14.7
10.0
11.0
11.1
10.8
10.1
12.3
9.8
11.5
11.7
82.6
1
1
1
1
1
4
.2
5
From or to—
Jan.-Dec.
Nov
Dec.
Imports
Imports
Exports
France
Portugal
Sweden
Switzerland
United Kingdom
163
U. S. S. R.
13 460
Canada
20,379
Mexico
1,273
976
Central America
West Indies and Bermuda
53
6
Argentina
1
Bolivia
Brazil
2
Chile
883
2,238
Colombia
Ecuador
234
Peru
678
Venezuela
369
British Guiana
53
Australia
3,713
New Zealand
293
British Oceania
311
British India
711
Netherlands Indies
665
China and Hong Kong..
-427.5
p
Preliminary.
1 Annual figures are estimates of the United States Mint. Monthly
figures are those published in table on page 97, adjusted to exclude Philippine Islands production received in United States.
2 Figures based on rate of $20.67 a fine ounce in January 1934 and $35 a
fine ounce thereafter.
3 Includes gold in the Inactive Account amounting to 27 million dollars
on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937.
4 The net gold import figures for months subsequent to December 1941
have not been released for publication.
5 Gold held under earmark at Federal Reserve Banks for foreign account
amounted to 2,642.8 million dollars on November 30, 1942.
NOTE.—For back figures through 1937, see Annual Report for 1937
(table 29).
24
24
Philippine Islands
South Africa
All other countries
Total
121
5,615
2 24,921
6,336
939
77
18
8
5
441
2,110
218
436
227
91
5,980
156
314
5,506
190
716
1,832
40
473
52,897
2 50,382
Imports
Exports
Exports
1
402
1,747
899
3,779
44,920
4 412,093
16,800
10,963
1
1
1
.
37
8
...
3
867
184
* 95
25
8 510
24,448
3,057
9,119
4,581
1,039
67,492
2,658
3,894
9,665
855
4,362
10
42,6841
292,893'
4,972
6
64
8 982,442
i Figures represent customs valuations which, with some exceptions,
are at rate of $35 a fine ounce.
NOTE.—Figures for months subsequent to December 1941 have not been
released for publication. For back figures for selected countries beginning
in 1934, see table on page 97.
BANK SUSPENSIONS1
Total,
all
banks
Number of banks suspended:
1934
1935
1936
1937
1938
1939
1940
1941
1942—Jan.-Nov
57
34
44
59
55
42
22
8
9
Deposits of suspended banks
(in thousands of dollars): 3
1934
1935
1936
1937
1938
1939
'1940
. . .
1941
1942—Jan .-Nov
36,937
10,015
11,306
19,723
13,012
34,998
5,943
3,726
1 702
Member
banks
National
1
4
1
4
1
4
1
4
Nonmember
banks
State
2
1
3
40
5,313
507
7,379 "i,'708"
36
211
1,341 24,629
256
3,144
Insured 2
Not
insured
8
22
40
47
47
25
18
3
6
48
g
3
6
6
10
3
1
3
1,912
3,763
10,207
10,156
11,721
6,589
5,341
503
1,375
34,985
939
592
480
1,044
2,439
346
79
327
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 January 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 figures.—See Annual Report for 1937 (table 76).
BANK DEBITS
Debits to deposit accounts except interbank accounts
[In millions of dollars]
Year and month
Total,
all
reporting
centers
New
York
City
133
140
other
other
reporting
centers1
1929
1936
1937
1938
1939
1940
1941
982,531
461,889
469,463
405,929
423,932
445,863
537,343
603,089
208,936
197,836
168,778
171,382
171,582
197,724
331,938
219,670
235,206
204,745
218,298
236,952
293,925
47,504
33,283
36,421
32,406
34,252
37,329
45,694
1941—November...
December....
1942—January
February....
March
April
May
June
July
August
September...
October
November...
45,076
56,582
48,605
41,545
49,161
46,613
48,342
50,107
50,087
49,169
52,712
r
55,056
50,673
16,077
20,598
17,247
14,242
17,056
16,023
16,985
17,394
17,110
17,051
18,593
18,323
17,016
25,087
31,133
27,028
23,543
27,764
26,451
27,241
28,292
28,505
27,837
29,530
r
31,627
29,040
3,912
4,850
4,330
3,760
4,341
4,138
4,116
4,421
4,472
4,282
4,589
5,105
4,616
r
Revised.
1 National series, for which bank debit figures are available beginning
with 1919.
2
Except that 1929 figure is for 128 centers only.
Back figures.— Annual Report for 1937, page 157. Annual totals, beginning with 1919, by Federal Reserve districts and for individual centers, are
available for distribution and will be furnished upon request.
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES
Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks and such
private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 1934-June 1935,
private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to the Comptroller of the Currency. Under the amended provision of sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of
private banks included in the figures from June 1934 to December 193S, 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
Total
\
Total
National
State
Nonmember
banks
Member banks 2
Mutual
savings
banks
Other
nonmember
banks
Call date
All
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
15,499
1929—June 29
Dec. 31
53,852
55,289
32,284
33,865
19,411
20,290
12,873
13,575
8,983
8,916
12,584
12,508
1933—June 30.
Dec. 30
14,519
15,011
5,606
6,011
4,897
5,154
709
857
576
579
8,337
8,421
1933—June 30
Dec. 30
37,998
38,505
23,338
23,771
14,772
15,386
8,566
8,385
9,713
9,708
4,946
5,026
1938—June 30
Dec. 31
15,287
15,206
6,338
6,338
5,242
5,224
1,096
1,114
563
556
8,386
8,312
1938—June 30
Dec. 31
52,195
54,054
34,745
36,211
22,553
23,497
12,193
12,714
10,296
10,365
7,153
7,478
1939—June 30
Dec. 30
15,082
15,037
6,330
6,362
5,203
5,187
1,127
1,175
553
552
8,199
8,123
1939—June 30
Dec. 30
55,992
58,344
38,027
39,930
24,534
25,661
13,493
14,269
10,521
10,613
7,444
7,801
1940—June 29
Dec. 31
14,953
14,895
6,398
6,486
5,164
5,144
1,234
1,342
551
551
8,004
7,858
1940—June 29
Dec. 31
60,582
65,021
42,039
46,007
26,931
29,214
15,108 310,631
16,793 10,658
37,912
8,356
1941—Apr. 4
June 30
Sept. 24
Dec. 31
14,871
14,855
14,852
14,825
6,528
6,556
6,596
6,619
5,138
5,130 .
5,125
5.117
1,390
1,426
1,471
1,502
550
547
546
545
7,793
7,752
7,710
7,661
1941—Apr. 4
June 30
Sept. 24
Dec. 31
65,211
67,172
68,449
70,792
46,179
48,076
49,160
51,192
29,467
30,684
31,500
32,672
16,712
17,392
17,660
18,520
10,684
10,641
10,643
10,525
8,347
8,456
8,646
9,075
1942—June 30
14,773
6,647
5,101
1,546
7,582
1942—June 30 5
72,382
53,434
34,036
19,397
r
544
r
For footnotes see table below.
r
r
l0,387
8,562
For footnotes see table below
LOANS AND INVESTMENTS
[In millions of dollars!
Member banks2
All banks
Nonmember banks
Other nonmember banks
Mutual savings banks
Call date
Total
Loans
Investments
Total
Loans
Investments
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—Apr. 4
June 30
Sept. 24
Dec. 31
56,147
57,945
59,296
61,098
24,322
25,312
26,187
26,616
31,825
32,633
33,109
34,483
38,983
40,659
41,943
43,521
15,878
16,729
17,546
18,021
23,104
23,930
24,397
25,500
10,276
10,314
10,348
10,372
4,954
4,955
4,949
4.903
5,322
5,360
5,399
5,470
6,889
6,972
7,005
7,205
3,490
3,628
3,692
3,692
3,399
3,344
3,313
3,513
1942—June 30 5
63,976
25,078
38,897
46,800
16,928
29,872
r
l0,353
r
4,8l9
r
5,534
r
6,822
r
3,331
r
3,492
r
Revised.
1 Prior to December 1933, member bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000 on that
date. Prior to June 1940, the nonmember bank figures on some call dates included some interbank deposits not shown separately in a few State bank
abstracts.
2
Includes, subsequent to April 4, 1941, two mutual savings banks in Wisconsin and one in Indiana.
3 One bank (with deposits, excluding interbank deposits, of $90,000,000 and total loans and investments of $96,000,000 on Dec. 30, 1939) which, prior
to March 1940, was classified as a mutual savings bank, is now included in figures in the "Other nonmember banks" column.
4 Prior to December 1938 the figures include loans and investments indirectly representing bank premises or other real estate, now reported separately in condition reports. The amounts of such loans and investments in December 1938, were approximately $50,000,000 and $100,000,000, respectively.
5
Decreases in "Other nonmember banks" figures (and corresponding increases in member bank figures) reflect principally the admission to membership in the Federal Reserve System of one large bank with total loans and investments aggregating 472 million dollars on June 30, 1942.
NOTE.—Beginning with the April 4, 1942 call, spring and fall figures are not being compiled for "All banks."
Bach figures—-See Annual Report for 1937 (tables 48-49).
JANUARY
1943
59
CONDITION OF ALL MEMBER BANKS^LOANS AND INVESTMENTS
[In millions of dollars]
Loans
^all date
U . S. Government obligations
Loans for
purchasing
or carrying
secur
Total
loans
and
investments
Investments1
1
To
tal 1
Commer- Agri- Open
Real
cial
cul- marestate Other4 Total
To
and
turket
loans
loans
ndus- al 2 paper brok- T o
ers
trial 2
othand
deal- ers
Total
ers
Total—All
'
Member Banks
1929—T)ec 31
[933 June 30
L939—Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942—Apr. 4
June 30 . . . .
35,934
24 786
33*941
34,451
37,126
40,659
43,521
44,287
46 ,'800
26, 150
12 858
13^ 962
13, 969
15, 321
16, 729
18, 021
17, 834
16*, 928
5,386
5,538
6,204
7,270
8,064
730
736
865
738
972
583
595
455
450
456
537
607
7,888
726
495
New York
CityS
1929 Dec 31
1933—June 30
1939—Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942—Apr. 4
June 30
8,774
7 133
9*339
9,829
10,910
12,493
12,896
13,123
14,019
6, 683
3» 424
3,' 296
3, 014
3, 384
3, 778
4, 072
4 173
4, 066
1,768
1,801
2,025
2,405
2,716
7
6
6
3
8
195
364
120
103
100
97
91
2,775
9
City of
Chicago^
1929—Dec. 31
1933—June 30
1939—Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942—Apr. 4
June 30
1,757
1,287
2,105
2,205
2,377
2,707
2,760
2,806
3,116
1, 448
677
569
603
696
846
954
923
906
Reserve City
Banks
1929—Dec. 31
1933—jUI1e 30
1939—Dec. 3 0 . . . .
1940—June 29....
Dec. 3 1 . . . .
1941—June 30....
Dec. 3 1 . . . .
1942—Apr. 4
June 30....
12,029
8 492
12,272
12,160
13,013
14,013
15,347
15,605
16,535
9
4
5
5
Country
Banks
1929—Dec. 3 1 . . . .
1933—June 30....
1939—Dec. 3 0 . . . .
1940—June 29....
Dec. 3 1 . . . .
1941—June 30....
Dec. 3 1 . . . .
1942—Apr. 4
June 30
13,375
7,873
10,224
10,257
10,826
11,446
12,518
12,753
13,130
8 ,936
4 ,275
4 ,768
4 ,987
5 ,309
5 ,607
5 ,890
5 749
5 ,393
084
482
329
365
5 931
6 498
7 105
6.989
6 ,564
2,463 7,685 3,191 12,229 9,784
5,187 1,928
953 3,752 2,372
2,944 9,979
700 2,957
790
668 3,069 3,062 20,482
447
652 3,228 3,273 21,805
642
635 3,365 3,609 23,930
575
598 3,494 3,692 25,500
594
26,453
3,501 3,203 29,872
*562'
"554"
3, 863
6, 887
4, 328
4, 722
5, 823
8, 078
9, 539
0, 449
4, 098
2,091
3,709
6,043
6,815
7,527
8,715
8,823
8,950
9,953
1, 112
2, 551
4, 772
5, 486
6, 044
7, 268
7, 265
7, 381
8 550
34
330
315
421
207
577
311
23.
309
402
663
309
610
116
384
1, 203
1 258
1 307
1, 483
1 430
1 490
1 858
1
149
153
2
57
L 257 2,145
,044
759
123
458
468
536
554
66
430
167
121
499
251
61
41
23
42
36
48
533
251
66
61
54
55
52
21
30
13
16
19
20
22
623
267
60
62
84
101
96
50
22
90
2,775 1,538
1,340 1,131
222 1,335
210 1,372
207 1,436
198 1,477
194 1,527
3,937
1,524
1,315
2,231 1,462
1,117 1.055
224 1,477
208 1,544
201 1,644
195 1,739
183 1,823
4 750
2,043
1,238
1,311
1,400
1,507
1,530
1,834
1,299
8
5
5
6
697
3
15
29
664
108
119
87
115
100
114
2,134
2,436
2,879
3,206
176
263
175
300
168
126
155
156
153
202
250
3,103
152
215
78
291
25
20
17
21
17
20
16
1,187
1,267
1,377
1,431
546
590
555
659
201
35
163
174
187
216
245
1,314
562
198
i'151 "495
2,917
1,099
*469
188
188
190
186
169
417
476
609
711
2466' "221*
169
157
133
137
130
611
320
465
422
412
19
69
17
16
17
21
21
"'365' " " 6 *
Obligations
of
States Other
Dertiand
Guar- politi- secuicates
rities
anof
cal
Bills in- Notes Bonds teed subdebtdiviedsions
ness
Direct
177
169
• 129
1,777
1,177
1,230
1,322
1,466
1,512
1,536
1,602
1.681
1,861
1,806
1,883
2,210
2,944
4,011
6,943
6,795
7,081
7,515
8,243
8,616
9,971
1
2
5
4
5
5
4,439
3,598
5,456
5,270
5,517
5,839
6,628
7 004
7,737
1 ,267
1 ,469
3 ,159
3 ,030
3 ,269
3 ,627
4 ,377
4 ,746
5 ,502
368
483
194
947
204
700
6,467
6.832
8 ,188
97
2,049
2,223
2,543
2,594
2,631
3,007
3, 094
3, 725
8, 398
8, 261
9, 091
0, 481
11, 729
1,509 1,872* 3,546
14, 485
166
987
797
1,092
1,245
1,526
1,623
889
926
2, 385
2, 650
2, 977
3, 415
3, 652
1,746
4, 572
19
82
176
161
145
125
153
94
97
701
710
752
803
903
554
563
797
652
152
559
,127
971
254 '
297
417
256
520
357
181
162
1, 068
25
73
63
87
103
73
295
66
131
165
681
819
839
771
606
751
1
1
3
3
3
3
4
112
597
339
052
281
858
248
579
674
981
5
149
171
299
431
451
433
374
481
999
1 ,106
1 ,972
1 ,849
2 ,081
2 ,404
2 ,926
657
3 ,696
37
2
59
63
31
36
45
60
110
"in
355
3444
3,121
3,486
3,839
3,832
3,471
2,685
l"275'
1,324
1,615
1,751
1,679
1 515
1,166
"in
134
112
138
119
108
90
972
969
1,049
1,162
1,173
1,051
806
"725'
695
710
788
861
797
624
1,393
1,744
2,692
2,888
3,013
2,984
3,090
3,173
2,934
4,528
3,297
2,959
2,873
2,970
2,867
2,871
2,831
2,840
222
478
579
634
695
651
729
773
623
758
680
693
695
788
796
830
796
781
96
87
162
177
188
190
182
207
164
96
138
170
167
186
188
193
187
188
448
598
890
981
984
979
956
941
925
1,128
627
581
2.546
1,549
L,236
L,144
L,102
1,047
1,028
1,005
1,013
1,061
1,097
1,146
1,165
1,222
1,253
1,222
930
860
868
893
836
820
844
858
1
Classifications indicated were revised as of Dec. 31, 1938; for explanation see BULLETIN for January, 1939, pp. 22-23, and BULLETIN for April, 1939,
pp. 259-264,
332. Beginning June 30, 1939, detailed classifications available on June and December dates only.
1
Not shown in call reports prior to December 1938.
Figures in this column prior to Dec. 31, 1938, represent all loans on securities, regardless of purpose, excepting only loans on securities to banks and
to brokers
and dealers.
4
This is a residual item and includes loans to banks. Because of the revised loan classifications, figures beginning Dec. 31, 1938, are not comparable
#
with6 earlier figures.
Central reserve city banks.
Backfigures—-SeeAnnual Report for 1937 (tables 52-58).
60
FEDERAL RESERVE
BULLETIN
CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES
[In millions of dollars]
Time deposits,
except interbank
Demand deposits,
except interbank
Re-
Call date
with
Federal
Reserve
Banks
Cash
in
vault
Balances
with
domestic
banks 1
Demand
deCertiIndiIndiposits
viduals, States
fied
ad
U . S . viduals,
" , partnerand
and
3artnerGov2
justed
ships, political offiships,
and cor- subdicers'
corment and
poravisions checks
porations
etc.
tions
Total—All
Member Banks
1929—Dec. 31
1933—June 30
1939—Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942—Apr. 4
June 30
2,374
2,235
11,604
13,751
13,992
12.959
12,396
12,725
12,295
558
405
841
789
991
999
1,087
884
1,022
2,168
2,008
5,506
5,751
6,185
6,293
6,246
e
6,276
5,770
16,647
12,089
25,681
27,877
30,429
32,678
33,754
34,670
36,966
17,526
11,830
24,604
26,397
29,576
31,429
33,061
32,602
35,646
1,335
1,087
2,321
2,529
2,724
2,940
3,066
3,285
3,230
New York
City*
1929-Dec. 31
1933—June 30
1939—Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942—Apr. 4
June 30
827
846
5,915
7,072
7,057
5,857
5,105
5,236
4,762
68
46
89
88
102
136
93
81
88
179
101
125
119
122
131
141
C
192
103
4,750
4,358
8,899
10,235
11,062
11,619
10,761
11,335
11,711
5,847
4,676
9,030
10,283
11,357
11,895
11,282
11,235
12,014
128
96
251
258
370
319
319
296
271
1,180
461
178
147
471
306
450
154
273
City of
Chicago^
1929—Dec. 31
1933—June 30
1939—Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942—Apr. 4
June 30
169
232
993
1,187
1,051
1,062
1,021
1,088
973
13
34
42
39
42
41
43
27
43
133
203
283
242
319
262
298
e
285
220
957
912
1,739
1,898
1,941
2,205
2,215
1,919
2,379
1,041
870
1,676
1,782
1,905
2,109
2,152
1,886
2,292
42
87
167
199
174
213
233
203
226
Reserve City
Banks
1929—Dec. 31
1933—June 30
1939—Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942—Apr. 4
June 30
751
705
3,118
3,759
4,027
4,125
4,060
4,221
4,254
156
122
348
334
396
385
425
348
357
947
1,002
2,485
2,679
2,741
2,793
2,590
e
2,705
2,279
5,229
3,764
8,176
8,774
9,581
10,480
11,117
11,689
12,515
5,547
3,708
8,002
8,372
9,468
10,142
11,127
11,105
12,199
627
452
1,578
1,733
1,857
1,914
2,210
2,180
2,306
321
203
363
328
452
437
526
429
533
908
702
2,614
2,711
3,002
3,106
3,216
e
3,093
3,168
5,711
3,054
6,866
6,969
7,845
8,374
9,661
9,726
10,360
5,091
2,576
5,896
5,960
6,846
7,282
8,500
8,376
9,141
Interbank
deposits
U.S.
Government
and
subdi- postal
visions savings
States
and
polit-
Domestic
banks
Demand 3
Borrowings
Capital
accounts
698
146
759
703
706
688
678
C
641
752
879
191
3
3
3
3
4
14
6
6,709
4,837
5,522
5,608
5,698
5,800
5,886
5,930
5,991
597
128
695
650
646
623
612
e
576
683
179
8
2,105
1,582
1,592
1,599
1,615
1,625
1,648
1 655
l',698
33
2
9
41
316
204
250
260
270
279
288
289
293
2,029
1,533
1,828
1,873
1,904
1,940
1,967
1,981
1,985
Foreign
banks
Time
12,267
7,803
11,215
11,459
11,687
11,898
11,878
11,520
11,673
595
300
432
410
435
397
418
395
400
122
788
51
59
56
55
50
49
49
3,517
3,057
8,507
8,852
9,581
9,610
9,714
e
9,650
9,110
20
332
74
67
48
32
866
967
863
1,112
33
4
43
29
51
27
29
25
17
18
110
1,198
1,255
3,542
3,840
4,032
3,948
3,595
*3,383
3,284
40
22
1
32
16
24
17
27
33
34
31
24
8
46
80
79
90
95
127
296
201
332
358
483
489
496
480
476
455
460
58
1
10
15
8
17
2
6
3
5
5
5
310
259
879
949
997
19
423
349
813
956
995
1,139
1,144
1,313
1,304
300
108
190
147
228
209
286
202
218
76
312
435
422
327
341
491
633
422
4,433
2,941
4,362
4,422
4,506
4,590
4,542
4,366
4,454
371
208
240
219
226
211
243
224
239
41
388
14
18
19
19
20
18
18
1,604
1,315
3,516
3,526
3,919
4,000
4,302
6
4,235
4,052
30
59
117
105
106
108
103
e
90
82
64
15
53
44
51
55
55
e
54
57
292
16
742
555
1,090
1,115
1,184
1,269
1,370
1,473
1,429
169
72
172
164
187
190
239
202
196
39
116
154
143
151
151
225
269
237
6,390
3,833
5,677
5,816
5,917
6,049
6,082
5,948
6,042
133
86
140
147
150
143
146
145
143
61
285
35
37
33
31
31
30
31
405
228
571
538
633
652
790
6
7
26
29
29
30
30
e
28
27
3
1
2
2
2
2
2
e
2
3
367
167
3
3
3
3
4
4
3
1,681
143
806
657
563
743
475
711
616
913
738
619
1,009 1,709
589 2,164
711 1,724
671
693
732
768
778
778
751
717
e
95
89
144
134
135
138
133
118
109
4
3
7
8
8
8
e
9
10
1,010
1,027
e
l 253
1,028
6
Country
Banks
1929—Dec. 31
1933—June 30
1939—Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942—Apr. 4
June 30
6
779
747
2,258
1,517
1,851
1,876
1,909
1,956
1,982
2,005
2,014
*, 1935, excludes balances
with domestic banks which
on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets."
2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31, 1935, less
cash items reported on hand but not in process of collection.
3 Beginning June 30, 1942, excludes reciprocal bank balances.
^'Central reserve city banks. e Partly estimated.
Back figures—See Annual Report for 1937 (tables 52-58).
JANUARY 1943
61
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars]
Date or month
T o t
l o a
a n
i n v e
m e n
a
n
d
s
t
C o m m e r cial,
i n d u s trial,
a n d
a g r i cult u r a l
l
s
t s
T o t a l
Total—101 Cities
1941—November... 29, 621
11, 277
1942—July
August
September...
October
November...
3
3
3
3
3
10,
10,
10
10,
10,
1942—Sept. 30
35, 954
2
4
4
6
7
Oct.
Oct.
Oct.
Oct.
7
14
21
28
Nov.
Nov.
Nov.
Nov.
4
11
18
25
3
3
3
3
7
7
7
7
Dec.
Dec.
Dec.
Dec.
2
9
16
23
3
3
3
4
8
8
9
0
3
3
3
3
9
0
8
7
8
,
,
,
,
,
5
5
7
7
9
3
8
8
6
8
3
8
7
5
975
9 0 8
714
549
,
,
,
,
1942—Sept. 30
3
3
3
3
6
6
6
6,
3
5
4
1
O t h e r
l o a n s
CertiOt her
ficate
s< 2CUin- Notes Bonds Guarri ties
Total Bills of
andebtteed
edness
T o t a l
T o
o t h e r s
425
542
431
1,259
39
1,971
18 344 14, 667
3
3
2
2
2
5
5
4
4
5
4
3
3
3
3
1
1
1
1
1
3
3
3
2
3
1
1
1
1
1
2
2
2
2
2
4
2
9
6
5
2
4
9
9
7
282
2
2
2
2
0
3
7
6
L o a n s
to
b a n k s
7
7
6
6
5
0
8
5
6
4
8
8
3
1
6
9
4
3
526
4
4
5
5
3
3
3
2
0
9
7
7
6
381
3
3
3
3
9
4
2
9
1
4
7
0
4
7
6
6
6
,
,
,
,
,
3
3
2
1
1
3
1
5
7
1
,
,
,
,
2
2
2
2
2
6
6
9
0
65
1,221
1
1
1
1
5
8
7
9
2
2
2
2
2
2
2
2
4
17
16
17
17
6
0
6
6
,
,
,
,
,
7
6
6
5
5
1
7
3
9
5
8
8
6
4
8
,
,
,
,
6
6
5
5
1
0
8
7
,
,
,
,
,
257
433
546
487
611
1
3
4
8
7
6
3
2
25,
25,
27,
27,
0
4
7
2
2
4
3
9
6
6
6,
6
3
3
2
2
1
5
8
4
4
9
9
1
2
2
2
2
6
5
5
5
0
9
8
3
6
5
4
4
4
4
9
4
3
3
3
3
7
6
6
5
0
7
4
6
1,213
1,212
L,209
,209
4
3
2
1
4
4
5
9
1
1
1
1
,
,
,
,
5
5
5
5
8
6
4
3
0
6
8
6
2
2
2
2
3
4
8
4
8
4
2
5
7
4
9
7
1
1
1
1
0
0
0
0
2
3
2
6
6
6
6
6
1
1
1
1
9
5
0
6
2
7
5
5
2
2
2
2
4
4
4
4
8
7
5
4
700
751
743
1,099
3
3
3
4
8
8
9
0
9
3
4
9
1,207
1,204
L,204
L,200
2
2
2
4
2
2
6
7
1
1
1
1
,
,
,
,
5
5
5
5
3
4
1
1
7
0
2
9
28, 092
28, 140
29, 6 0 0
2 9 774
0
4
5
3
8
13
13
13
14
14
9
3
8
5
5
7
8
8
3
1
9
0
2
8
5
4
9
3
2 552
3 , 7 8 0
3 78
3 77
3 64
3 67
3 69
4
0
9
7
6
5
5
5
6
5
2
2
2
2
2
8
8
5
1
9
4
9
1
1
2
6
4
7
4
84
392
153
106
32
461
5
5
5
4
3
4
4
3
3
4
15
15
14
13
13
1
1
1
1
1
3
3
3
2
2
4
4
3
3
3
7
6
1
2
$
4
2
7
6
2
4
7
3
9
1
1
0
0
8
7
0
0
0
0
0
3
4
4
2
2
0
3
2
7
8
1
1
9
8
7
5
1
8
8
8
7
7
7
7
479
350
733
881
,
,
,
,
8 409
313
668
939
676
155
9
9
9
10
11
3 693
2 550
47
406
142
103
54
391
10 287
9
9
8
7
5
3
0
1
9
6
1
6
3 626
3 624
3 726
3 732
2
2
2
2
6
6
6
6
0
1
1
1
0
3
9
2
4
4
4
4
4
3
2
1
3
3
4
4
2
2
1
1
3
1
7
3
1
1
1
1
4
3
3
3
0
8
7
7
1
1
1
1
3
2
2
2
24
18
23
43
3
3
3
3
9
8
8
8
2
9
6
4
1
1
1
1
9
7
7
8
9
9
8
4
0
0
0
4
3
3
3
3
862
746
625
550
2
2
2
2
6
6
5
5
0
2
8
6
6
3
0
0
4
3
3
3
0
8
8
7
5
4
3
3
4
3
7
3
8
3
0
3
1
1
1
1
4
4
3
3
0
0
8
0
102
102
102
101
41
31
22
17
3
3
3
3
8
7
7
7
5
9
5
2
11
11
11
11
2
15 ,3
15 ,8
16 ,3
5
1
5
7
3
6
8
2
3
3
3
4 ,
8
8
7
1
2
2
2
2
5
5
4
,4
3
2
6
9
8
9
7
3
3
3
3
3
5
4
7
7
5
6
6
9
8
3
2
5
4
1
1
2
1
1
1
1
6
6
7
7
6
0
1
9
1
1
1
1
1
1
1
3
3
3
3
3
7
6
6
7
3
8
7
1
11
11
12
12
438
476
077
201
1
1
1
1
4
4
4
4
2
9.
16
23
,
,
,
,
1
4
8
7
5
0
1
1
0
0
0
0
01
01
01
00
8
7
7
9
18
19,
21,
23,
24,
852
985
048
011
288
8 316
2,925
3 677
1 656 1 465 2 886 10 809
189
234
470
662
2,036
2,053
2,100
2,005
1,912
3
3,
3,
3,
3,
029 r 3, 325 11, 257
874
2
2
2,
3,
2, 552
103 1 832 2, 808
323 r2 567 r 2, 824
674 r 2 , 984 r 3, 878
083 3 , 368 4, 263
25, 593 22, 054 2 337 r3,
1,616
1
1
1
1
2
3
4
6
7
0, 445
0 341
0, 172
0, 058
4
11
18
25
Dec.
Dec.
Dec.
Dec.
6 270
R e a l
e s t a t e
l o a n s
1
1
1
1
3
3
4
4
Nov.
Nov.
Nov.
Nov.
3
4
1
0
454
391
280
337
301
6,
6,
6
6
6
T o
b r o k ers
a n d
d e a l ers
4
1
5
9
13 980
7
14
21
28
27
26
34
32
0
0,
0
0,
6, 610
p u r c h a s i n g
o r
c a r r y i n g
securities
2
9
0
3
1
1
1
1
Oct.
Oct.
Oct.
Oct.
10 361
1
1
1
1
New York City
1941—November... 12 189
1942—July
August
September...
October
November...
1
0
2
0
4
Investments
U. S. Government obligations
9
6
9
9
,
,
,
,
,
,
,
,
74
60
34
3 0
25
O p e n
m a r k e t
p a p e r
Loans
Loans for
536
627
721
811
24, 120 2, 911
24, 027 2, 832
24, 423 3, 218
24, 581 3 369
r
24,
24,
26
26
808
843
317
510
2,
2,
2,
2,
3
3
3
3
6 955
8
8
8
9
9
r
r
r
r
r
r
570
617
851
974
3,
3,
2
2,
007
002
983
945
r
3,
3,
3,
3
358
363
367
383
r
4,
r
4,
r
3
3
3
3
429
388
418
452
8 934
499
723
735
929
278
1
1
586
671
962
124
289
0
4
9
7
2
5
8
8
6
3
2,106
3, 539
11, 232
11, 141
11, 780
11, 7 2 5
2,100
2,102
1,912
1,907
3
3
3
3
,
,
,
,
5
4
4
4
2
9
4
4
3
5
2
3
668
651
664
664
1,911
1,907
1,912
1,919
3
3
3
3
,
,
,
,
3
3
3
3
5
2
1
0
9
3
0
0
634
683
919
975
1,934
1,927
1,933
1,931
3, 284
3, 297
3, 283
3 264
1 602
3 336
1,603
1 454
1
1
1
1
1
4
4
4
4
4
242
344
282
351
419
1,094
1,089
1,119
1,061
996
1 253
1 278
1 3 2 3
1 300
1 176
304
277
535
398
3,
r
3,
r
4,
r
4,
272 11,
274 11,
4, 262 11,
r 4 246 11,
4
4
4
4
414
060
390
616
376
979 1
4
4
4
4
3
241
228
196
178
639
563
518
911
997
11
11,
12
12
4 256
1,124
1 353
990
000
805
711 1
803
889
974
051
1
1
1
1
142
138
115
101
1
1
2
2
677
638
229
101
4
4
4
4
243
208
491
462
1,125
1,127
996
996
1 343
1 312
1 270
1 273
128 9
044 9
155 9
294 10
936
868
986
129
1
1
1
1
187
139
320
467
1
294
295
281
287
2
2
1
1
018
014
984
973
4
4
4
4
440
423
408
404
997
997
993
998
1
1
I
1
10
10
10
11
286
321
933
060
1 589
1 632
1 766
1 ,880
1
1
1
1
329
322
351
,376
1
1
1
1
974
971
976
959
4
4
4
4
387
390
834
842
1,007
1,006
1,006
1,003
950
4 980
1,322
2 223
1
l
l
2
879
161
,605
860
079
1
1
r
l
r
l
2
247
245
306
967
266
6
6
6
7
333
312
075
984
0
0
1
0
179
149
931
786
22,
22,
23,
23,
r
11
11,
11,
11,
8
9
9
9
736 ^l 131 1 687
1
1
1
1
1
9
7
6
6
2
6
9
5
1
1
1
1
1
1
1
1
5
5
4
4
2
5
4
1
Outside
New York City
1 9 4 1 — N o v e m b e r . . .
17 ,
1 9 4 2 — J u l y
A u g u s t
S e p t e m b e r . . .
O c t o b e r
N o v e m b e r . . .
1
2
2
2
2
1 9 4 2 — S e p t .
21 ,
O
O
O
O
c
c
c
c
t .
t .
t
t .
N
N
N
N
o
o
o
o
v
v
v
v
D
D
D
D
e
e
e
e
c
c
c
c
.
.
.
.
.
.
.
.
3 0
9
0
1
2
3
,
,
,
,
,
432
7, 4 9 7
4 058
9
5
3
4
0
6, 9 5 7
3
3
3
3
3
0
9
0
3
1
1
5
0
4
4
6
6
6
6
,830
,69
623
,558
974
6 ,66
,
,
,
,
,
3,
8
8
7
7
7
7
0
2
2
0
0
2
9
6
9
341
150
278
1,153
7
1,510
2
2
2
2
2
1
1
1
1
1
2
2
2
2
2
1
1
1
1
1
2
3
4
2
2
1
1
1
1
1
8
6
4
2
1
5
8
8
7
9
1
1
1
1
1
7
9
6
5
2
5
4
3
3
2
0
4
7
2
7
,
,
,
,
,
1
1
1
1
1
3
2
2
1
0
0
7
1
5
9
720
235
120
239
1,118
11
,
,
,
,
,
3
2
2
2
1
0
6
3
0
8
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7
8
6
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1
2
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4
5
6
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,
,
,
,
9
7
6
8
4
4
6
0
1
5
4
5
7
1
6
7 712
460
10 ,792
11 595
12 ,432
13 635
14 309
1 ,157
1 ,380
1 ,588
1,745
1 ,805
r
r
567
845
952
119
243
942
964
981
944
916
2
2
2
2
1
1
1
1
1
1 8 6
52
70
75
76
47
1,225
r
15 ,306 13 ,120 1 ,601 rl ,898 l ,638
7 001
982
2,
r
,865 l ,627
,864 n 639
,868 r2 306
,844 r2 297
6 ,989
6 ,933
7 ,289
7 263
975
975
916
911
2 18
2 ,18
2 ,17
2 17
0
3
2
0
2 254
2 ,260
2 ,278
2 ,273
7
7
7
7
,228
,228
,256
,260
914
910
919
921
2 16
2 ,14
2 ,14
2 ,13
7
7
1
5
2 ,267
2 ,257
2 ,220
2 ,219
7
7
8
8
,247
,293
,085
,133
927
921
927
928
2
2
2
2
2
2
9
3
7
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21
28
22
21
22
22
,
,
,
,
0
9
9
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7
1
3
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6
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40
1
88
3
3
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,
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7
7
7
7
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4
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8
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2
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3
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6
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3
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2
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3
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3
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,
,
,
,
2
2
1
1
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1
9
9
9
4
8
4
15
15
16
16
,369
,332
,298
,245
13 189
13 ,149
14 ,126
14 075
1 ,733
1 ,738
1 ,747
1 ,760
r
4
11
18
25
2
2
2
2
2
2
3
3
,
,
,
,
9
9
1
0
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0
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9
4
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5
5
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6
6
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5
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9
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08
3
3
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7
7
6
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8
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6
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3
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8
7
6
5
7
3
4
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6
6
6
6
,351
,306
578
,587
14 184
14 ,159
14 ,437
14 452
1 ,724
1,693
1,898
1 ,902
r
2
9
16
23
2
2
2
2
3
3
3
4
,
,
,
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2
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8
4
8
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5
6
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4
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5
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6
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3
3
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,
6
6
6
6
54
28
38
72
2
2
2
2
1
1
0
0
3
3
8
7
116
120
122
147
2
2
2
2
2
2
2
3
3
3
3
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1
1
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4
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16
16
17
17
,654
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,573
14 ,522
14 ,522
15 ,384
15 ,450
1 ,981 2 ,100
1 ,985 2 ,066
2 ,085 2 ,067
2 ,094 i 2 ,076
l
r
\
r
l
r
l
r
r
r
2
2
2
2
,064
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r
r
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r
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,
1
1
1
1
3
4
3
2
r
R e v i s e d .
N O T E . — F o r d e s c r i p t i o n of figures see B U L L E T I N for N o v e m b e r 1935 ( p p . 711-738) o r r e p r i n t , a n d B U L L E T I N for J u n e 1937 ( p p . 530-531).
F o r b a c k
figures
s e e B U L L E T I N for N o v e m b e r 1935 ( p p . 711-738) o r r e p r i n t , B U L L E T I N for D e c e m b e r 1935 (p. 876), A n n u a l R e p o r t for 1937 ( t a b l e s 65-67) a n d
c o r r e s p o n d i n g
t a b l e s in p r e v i o u s A n n u a l
R e p o r t s .
62.
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
Date or month
Reserves
with
Cash
Fedin
eral
vault
Reserve
Banks
Balances
with
domestic
banks 1
Demand
deposits
adjusted 2
Individuals,
partnerships,
and
corporations
Time deposits,
except interbank
States Certiand
fied
U.S.
politand
Govical
offiernsubcers' ment
divi- checks
sions
etc.
Individuals,
partnerships,
and
corporations
Interbank
deposits
Domestic
banks
States U . S .
Govand
ernpolitment
ical
and
subpostal
Dedivisav- mand 1 Time
sions
ings
Foreign
banks
Borrowings
Cap- Bank
ital
debacits 3
counts
Total 101 Cities
1941—November....
10,273
564
3,328
24,168
23,890
1,822
705
5,290
153
1942—July
August
September....
October
November....
9,421
9,614
9,155
9,031
9,296
494
485
493
517
518
2,820
•2,702
2,668
2,614
2,711
25,992
26,638
27,637
28,268
29,361
25,756
26,323
27,429
28,154
29,236
1,767
1,769
1,824
1,874
1,912
561
468
496
517
553
1,657
2,154
1,180
2,084
2,031
4,962
5,000
5,031
5,074
5,117
125
115
116
109
103
20
21
26
26
25
8,538
8,450
8,732
8,878
9,200
679
684
679
683
697
3,951 9,437
3,963 9,459
3,971 10,007
3,983 10,032
4,004 10,192
1942—Sept. 30
Oct.
Oct.
Oct.
Oct.
7
14
21
28
9,178
3,915
9,452
8,618
496
2,526
27,424
27,344
1,909
556
2,018
5,038
26
8,453
676
3,973 11,665
8,700
9,086
9,184
9,155
506
536
502
524
2,535
2,713
2,575
2,635
27,819
28,183
28,431
28,639
27,387
28,579
28,304
28,345
1,862
1,851
1,837
1,947
512
509
501
547
1,434
1,103
3,103
2,696
5,056
5,070
5,084
5,087
116
116
103
102
26
26
26
26
8,745
9,227
8,717
8,825
684
679
681
685
3,979 9,822
3,983 8,866
3,984 11,363
3,987 10,077
Nov.
Nov.
Nov.
Nov.
4
11
18
25
9,053
9,278
9,376
9,478
523
515
516
517
2,639
2,665
2,800
2,741
28,593
28,927
29,698
30,224
28,555
28,683
29,615
30,089
1,969
1,911
1,866
1,901
608
492
544
567
2,821
2,292
1,700
1,310
5,100
5,117
5,128
5,121
103
99
105
106
26
26
26
26
8,944
9,152
9,394
9,310
699
690
692
707
3,999 10,538
4,004 8,340
4,007 11,817
4,006 10,072
Dec.
Dec.
Dec.
Dec.
2
9
16
23
9,483
9,845
.10,106
9,660
516
556
551
556
2,768
2,733
2,834
2,771
28,852
29,011
29,120
28,504
28,733
28,765
29,350
28,644
1,867
1,793
1,766
1,723
581
513
535
562
3,092
3,388
4,857
5,636
5,102
5,098
5,107
5,108
100
100
100
100
26
26
26
26
9,389
9,334
9,420
9,354
709
712
733
743
4,018
4,014
4,014
4,011
12,794
10,107
11,760
12,911
New York City
1941—November....
4,776
85
91
10,310
10,491
313
325
342
3,650
586
1,530
3,850
1942—July....
August
• September... .
October
November....
4,203
4,221
3,763
3,627
3,698
75
73
75
80
82
41
29
31
30
27
10,552
10,583
10,935
11,095
11,526
10,801
10,780
11,159
11,279
11,733
216
206
239
306
309
322
244
251
270
301
877
1,290
595
1,051
1,080
651
647
639
642
652
3,151
3,049
3,109
3,127
3,191
610
614
608
611
622
1,541
1,547
1,551
1,555
1,567
3,694
3,717
3,893
3,784
3,865
1942—Sept. 30
3,478
76
30
10,810
11,078
312
930
634
2,997
605
1,554
4,875
Oct. 7
Oct. 14
Oct. 21
Oct. 28
3,473
3,554
3,760
3,720
78
85
77
81
27
31
30
30
10,986
11,048
11,155
11,190
11,069
11,394
11,327
11,325
298
299
291
336
261
256
270
294
654
501
1,616
1,432
637
643
644
642
15
15
16
16
3,071
3,238
3,071
3,126
612
609
609
612
1,555
1,555
1,557
1,555
3,781
3,377
4,320
3,659
Nov.
Nov.
Nov.
Nov.
4
11
18
25
3,599
3,624
3,765
3,803
84
81
78
84
28
25
26
29
11,202
11,275
11,640
11,985
11,416
11,427
11,860
12,229
357
305
288
286
348
248
295
315
1,512
1,229
902
676
646
655
657
650
18
18
18
18
3,121
3,164
3,250
3,227
625
616
615
631
1,566
1,568
1,568
1,567
4,216
3,170
4,305
3,769
Dec.
Dec.
Dec.
Dec.
2
9
16
23
3,743
3,936
4,156
3,940
79
87
87
90
28
26
28
30
11,016
11,073
11,036
10,863
11,269
11,283
11,374
11,204
245
228
218
207
288
251
227
267
2,030
2,230
2,914
3,474
647
638
641
634
14
14
15
16
3,187
3,185
3,264
3,165
635
639
656
664
1,573
1,569
1,569
1,566
5,586
3,881
4,647
5,220
Outside
New York City
1941—November....
5,497
479
3,237
13,858
13,399
1,509
256
363
4,548
129
5,528
110
2,385
5,602
1942—July
August
September . . .
October
November....
5,218
5,393
5,392
5,404
5,598
419
412
418
437
436
2,779
2,673
2,637
2,584
2,684
15,440
16,055
16,702
17,173
17,835
14,955
15,543
16,270
16,875
17,503
1,551
1,563
1,585
1,568
1,603
239
224
245
247
252
780
864
585
1,033
951
4,311
4,353
4,392
4,432
4,465
113
101
100
94
85
20
21
26
26
25
5,387
5,401
5,623
5,751
6,009
82
78
76
72
68
2,410
2,416
2,420
2,428
2,437
5,743
5,742
6,114
6,248
6,327
1942—Sept. 30
5,140
420
2,496
16,614
16,266
1,597
257
1,088
4,404
106
26
5,456
74
2,419
6,790
5,227
5,532
5,424
5,435
428
451
425
443
2,508
2,682
2,545
2,605
16,833
17,135
17,276
17,449
16,318
17,185
16,977
17,020
1,564
1,552
1,546
1,611
251
253
231
253
780
602
1,487
1,264
4,419
4,427
4,440
4,445
101
101
87
86
26
26
26
26
5,674
5,989
5,646
5,699
71
72
71
73
72
70
72
73
2,424
2,428
2,427
2,432
6,041
5,489
7,043
6,418
Nov. 4
Nov. 11
Nov. 18
Nov .25
5,454
5,654
5,611
5,675
439
434
438
433
2,611
2,640
2,774
2,712
17,391
17,652
18,058
18,239
17,139
17,256
17,755
17,860
1,612
1,606
1,578
1,615
260
244
249
252
1,309
1,063
798
634
4,454
4,462
4,471
4,471
85
81
87
26
26
26
26
5,823
5,988
6,144
6,083
70
68
68
66
74
74
77
76
2,433
2,436
2,439
2,439
6,322
5,170
7,512
6,303
Dec.
Dec.
Dec.
Dec.
5,740
5,909
5,950
5,720
437
469
464
466
2 740
2,101
2,806
2,741
17,836
17,938
18,084
17,641
17,464
17,482
17,976
17,440
1,622
1,565
1,548
1,516
293
262
308
295
1,062
1,158
1,943
2,162
4,455
4,460
4,466
4,474
86
26
26
26
26
6,202
6,149
6,156
6,189
65
66
65
65
74
73
77
79
2,445
2,445
2,445
2,445
7,208
6,226
7,113
7,691
Oct.
Oct.
Oct.
Oct.
7
14
21
28
2
9
16
23
85
84
69
70
71
72
75
10
1 Reciprocal bank balances reported gross before July 8, 1942, now reported net. The July 1 figures include $46,000,000 of such balances in New York
City and $528,000,000 at all reporting member banks.
2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
3 Debits to demand deposit accounts except interbank and U. S. Government accounts.
JANUARY 1943
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[In millions of dollars]
Federal Reserve
district and date
(1942)
Boston (6 cities)
Dec. 2
Dec. 9
Dec. 16
Dec. 23
New York (8 cities)*
Dec. 2
Dec. 9
Dec. 16
Dec. 23
Philadelphia (4 cities)
Dec. 2
Dec. 9
Dec. 16
Dec. 23
Cleveland (10 cities)
Dec. 2
Dec. 9
Dec. 16
Dec. 23
Richmond (12 cities)
Dec. 2
Dec. 9
Dec. 16.
Dec. 23
Atlanta (8 cities)
Dec. 2
Dec. 9
Dec. 16
Dec. 23
Chicago (12 cities)*
Dec. 2
Dec. 9
Dec. 16
Dec. 23
St. Louis (5 cities)
Dec. 2
Dec. 9
Dec. 16
Dec. 23
Minneapolis (8 cities)
Dec. 2
Dec. 9
Dec. 16
Dec. 23
Kansas City (12 cities)
Dec. 2
Dec. 9
Dec. 16
Dec. 23
Dallas (9 cities)
Dec. 2
Dec.9
Dec. 16
Dec. 23
San Francisco (1 cities)
Dec. 2
Dec. 9
Dec. 16
Dec. 23
City of Chicago*
Dec. 2
Dec.9
Dec. 16
Dec. 23
Loans
Investments
Loans for
purchasing
or carrying
securities
U. S. Government obligations
Total
Commercial,
industrial,
and
agricultural
2,003
2,019
2,061
2,089
687
687
668
679
387
383
368
379
73
74
71
70
14
16
16
17
12
13
13
13
73
73
73
73
1
1
1
1
127
127
126
126
1,316
1,332
1,393
1,410
1,203
1,221
1,284
1,303
16,499
16,561
17,146
17,672
4,172
4,194
4,131
4,525
2,681
2,671
2,607
2,636
37
36
39
39
588
634
624
955
201
195
205
214
189
188
188
187
18
17
17
39
458
453
451
455
12,327
12,367
13,015
13,147
1,051
1,088
1,746
1,882
1,676
1,672
1,724
1,737
459
457
454
455
249
248
244
245
24
24
23
22
26
26
28
29
31
30
29
30
47
47
48
47
82
82
82
82
1,217
1,215
1,270
1,282
973
970
1,027
1,040
135
134
147
154
99
97
96
96
112
112
109
102
564
564
610
623
63
63
65
65
244
245
243
242
2,881
2,886
2,946
2,944
776
773
770
783
384
386
389
397
19
19
19
19
16
15
16
21
14
14
14
14
181
180
179
178
162
159
153
154
2,105
2,113
2,176
2,161
1,839
1,841
1,905
1,891
134
124
129
116
219
216
216
213
293
290
288
285
1,060
1,076
1,137
1,142
133
135
135
135
266
272
271
270
1,174
1,166
1,214
1,223
282
281
281
283
139
138
138
140
9
9
7
7
4
4
5
4
11
11
12
12
50
50
51
51
69
69
68
69
892
885
933
940
823
816
863
871
89
99
94
91
91
85
91
90
126
126
126
121
455
454
500
517
62
52
52
52
69
69
70
69
1,083
1,086
1,118
1,138
350
349
350
355
211
212
213
215
7
7
7
7
3
3
4
4
7
7
7
27
27
27
27
94
91
90
91
733
737
768
783
621
624
653
673
S3
80
80
96
96
94
111
138
137
136
136
252
261
296
299
47
47
47
47
112
113
115
110
5,797
5,770
6,058
6,079
1,252
1,250
1,257
1,270
853
843
853
854
33
34
34
35
30
32
32
44
49
49
50
50
143
143
143
143
144
149
145
144
4,545
4,520
4,801
4,809
3,989
3,961
4,246
4,254
617
603
661
676
754
741
740
735
588
587
584
580
1,791
1,791
2,022
2,025
239
239
239
238
556
559
555
555
1,237
1,230
1,256
1,267
399
[402
403
409
241
244
245
249
10
10
10
11
3
4
3
4
9
9
9
11
65
65
65
65
69
68
68
68
838
828
853
858
716
706
732
737
113
105
94
138
137
138
138
105
105
109
108
325
324
356
357
35
35
35
36
122
122
121
121
702
693
722
730
210
209
213
216
115
115
114
115
2
1
2
2
1
1
1
2
5
5
5
5
15
15
15
15
72
72
73
74
492
484
509
514
452
444
470
475
64
64
64
64
59
58
57
57
205
205
229
231
19
19
19
19
40
40
39
39
1,177
1,179
1,252
1,244
379
379
381
380
239
240
242
242
21
20
19
19
2
3
3
3
9
9
9
9
34
34
34
33
74
73
74
74
798
800
871
864
673
675
745
737
104
102
102
101
148
142
142
144
223
227
283
282
60
60
60
59
125
125
126
127
907
905
945
943
305
306
306
313
224
224
225
227
11
11
11
13
20
20
20
20
46
47
47
48
602
599
639
630
542
539
580
572
82
82
82
83
108
106
106
106
242
244
284
281
40
40
40
40
60
60
59
58
3,251
3,277
3,387
3,391
1,024
1,017
1,015
1,015
469
453
467
466
30
30
30
30
363
362
361
361
140
150
135
134
2,227
2,260
2,372
2,376
1,926
1,958
2,066
2,075
230
254
258
262
187
188
191
191
266 1,121
265 ,128
253 ,241
265 ,234
122
123
123
123
301
302
306
301
44
43
44
45
24
24
24
24
80
83
79
76
2,966
2,947
3,133
3,141
2,613
2,588
2,778
2,786
434
426
482
496
528
515
513
510
406
404
403
399
,160
,158
,295
,296
85
85
85
353
359
355
355
Total
loans
and
investments
3,797
3,776
3,964
3,976
831
829
831
835
641
633
639
634
Open
market
paper
Real Loans Other
estate
to
Total
To
loans
banks loans
brokers
To
and others
dealers
26
29
28
38
CertiOther
ficates
secuof
Guar rities
Total Bills in- Notes Bonds anteed
debtedness
59
59
60
62
113
111
109
107
,648 1,405 2,127 4,816 1,055
,693 ,389 2,129 4,822 1,055
,837 ,418 ,118 5,315 1,058
,961 ,440 ,092 ,334 1,055
1,276
1,279
1,269
1,265
203
213
224
219
190
191
186
190
171
171
168
182
580
587
646
650
* Separate figures for New York City are shown in the immediately preceding table, and for the city of Chicago in this table. The figures for the New
York and Chicago districts, as shown in this table, include New York City and Chicago, respectively.
64
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
RESERVES A N D LIABILITIES
[In millions of dollars]
Time deposits,
except interbank
Demand deposits,
except interbank
Federal Reserve
district and date
(1942)
ReDeserves
IndiBalwith Cash ances mand
vidwith
deFeduals,
in
do-,
posits parteral vault
mestic
adRenerbanks justed 1 ships,
serve
Banks
and
corporations
Boston (6 cities)
Dec. 2
Dec. 9
Dec. 16
Dec. 23
New York (8 cities)*
Dec. 2
Dec. 9
Dec. 16
Dec. 23
Philadelphia (4 cities)
Dec 2
Dec 9
Dec 16
Dec. 23
Cleveland (10 cities)
Dec 2
Dec 9
Dec 16
Dec. 23
>
Richmond (12 cities)
Dec 2
Dec 9
Dec 16
Dec. 23
Atlanta (8 cities)
Dec. 2
. .
Dec 9
Dec. 16
. .
Dec. 23
Chicago (12 cities)*
Dec 2
Dec 9
Dec 16
Dec. 23
St. Louis (5 cities)
Dec 2
Dec 9
Dec 16
Dec. 23
Minneapolis (8 cities)
Dec 2
Dec 9
Dec. 16
Dec 23
Kansas City (12 cities)
Dec 2
Dec. 9
Dec 16
Dec. 23
Dallas (9 cities)
Dec 2
Dec 9
Dec 16
Dec. 23
San Francisco (7 cities)
Dec 2
. . .
Dec 9
D e c 16
D e c . 23
City of Chicago*
Dec 2
Dec 9
Dec 16
Dec 23
States Certified
and
.S.
and U
politGovoffiical
erncers' ment
subdivi- checks,
etc.
sions
Individuals,
partnerships,
and
corporations
Interbank
deposits
Domestic
banks
.S.
States U
Bank
Bor- CapGovand
row- ital
ernac- debpolit- ment
For- ings counts
its 2
ical
eign
and
sub- postal
banks
Dedivisav- mand Time
sions ings
229
229
230
230
1
1
1
1
1
1
1
1
339
331
336
329
2,091
2,293
3,018
3,586
1,013
1,005
1,009
1,002
22
22
26
27
7
7
7
7
3,259
3,256
3,337
3,234
14
13
19
16
95
102
155
165
155
154
154
154
2
2
2
2
124
126
120
120
34
37
39
53
70
74
125
152
687
711
712
712
19
19
18
17
908
908
919
907
81
82
83
85
20
15
22
18
56
58
90
98
203
202
202
202
2
2
2
2
758
770
782
773
747
755
786
771
102
98
98
99
10
8
7
47
52
90
100
197
198
197
197
2
3
2
2
505
475
498
480
4,429
4,436
4,469
4,319
4,272
4,289
4,391
4,246
413
378
371
353
53
53
62
56
331
379
633
711
991
972
973
978
136
139
145
151
821
834
821
814
836
851
864
854
72
65
66
60
11
9
8
9
34
36
75
90
188
188
188
188
22
21
51
56
110
110
110
110
526
545
567
536
65
67
67
68
140
140
147
150
1 750
1,772
1,761
1,739
1 714
1,730
1,760
1,716
121
118
105
103
31
27
29
28
202
271
302
3,975
4,170
4,411
4,164
112
123
121
124
143
135
162
156
12,044
12,097
12,099
11,894
12,129
12,146
12 280
12,063
442
421
422
419
319
274
256
296
444
452
446
427
28
31
31
30
114
106
122
107
1,462
1,466
1,466
1,441
1 443
1,432
1 483
1,441
116
109
102
95
799
793
771
699
65
71
73
67
315
317
314
304
2,378
. 2,384
2,371
2,247
2 393
2,368
2,416
2,268
322
322
311
313
32
34
35
34
216
224
207
192
908
913
927
917
256
283
293
277
21
23
23
23
201
197
205
197
1,375
1,450
1,452
1,398
95
102
99
107
289
301
303
303
16
19
18
18
7
178
24
24
25
25
I
1
1
1
5
5
5
5
636
640
657
666
10
372
364
369
361
1
1
1
1
545
519
512
517
5
5
5
5
2
256
256
255
255
797
578
652
718
1,701
1,697
1,697
1,694
5,961
4,177
5,005
5,649
6
6
6
6
220
220
219
219
565
461
534
571
17
17
17
17
2
1
2
2
843
406
704
405
864
405
406 1,026
449
445
417
414
6
6
6
6
1
1
106
106
106
106
384
334
358
390
2
2
2
476
484
481
484
1
1
1
1
3
3
3
3
102
101
102
102
319
286
347
385
4
4
3
3
7
7
7
7
1,593
1,579
1,590
1,611
7
7
7
7
14
14
14
14
451
452
453
453
1,869
1,654
1,900
1,942
2
2
2
2
1
1
1
1
546
541
548
556
103
103
103
103
332
292
333
367
1
1
1
1
270
265
261
261
3
3
3
3
67
67
67
67
220
225
199
212
5
116
116
116
116
384
350
397
447
1
2
2
2
95
95
95
95
296
269
314
337
21
21
22
22
395
396
396
395
777
857
867
12
13
12
12
295 1,102
296 1,016
296 1,117
171
164
170
171
9
10
9
9
107
109
106
112
522
516
519
530
487
476
487
496
86
86
86
82
8
8
7
7
338
348
350
362
18
19
19
19
333
331
335
334
913
926
945
919
912
917
962
938
103
100
99
103
15
12
16
15
37
38
84
95
141
142
142
142
1
1
1
1
1
1
1
1
667
664
680
696
281
297
304
299
18
19
18
19
292
294
312
316
829
837
851
831
821
822
856
835
78
73
68
63
15
13
18
16
47
51
93
107
123
123
124
124
6
6
6
6
1
1
1
423
427
433
437
707
720
728
711
37
38
38
38
266
266
281
272
2,038
2 060
2,109
2,080
2,071
2,071
2,146
2,109
129
137
146
141
51
45
51
41
84
82
172
174
1,065
1,064
1,066
1,069
39
38
37
865
913
898
886
43
45
44
45
198
191
195
2,720
2,725
2,730
2,629
2,677
2,682
2,720
2,619
197
182
184
183
26
30
30
30
273
308
478
545
470
450
451
453
179
1
450
459
456
454
37
2
2
2
2
6
5
5
20
20
20
20
1,158
1,156
1,146
1,163
*1 See note on preceding page.
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
2
Debits to demand deposit accounts except interbank and U. S. Government accounts.
JANUARY
1943
1
1
2
2
5
824
297 1,180
COMMERCIAL PAPER A N D BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
Commercial
paper
outstanding 1
End of month
Based on
Held by
Accepting banks
Total
outstanding
Total
Own
bills
Others
Bills
• bought
Imports
into
United
States
2
Exports
from
United
States
Dollar
exchange
Goods stored in or
shipped between
points in
United
States
Foreign
countries
1941—August
September
October
November
December
354
371
378
387
375
197
177
185
194
194
148
131
138
144
146
100
85
90
93
92
47
46
47
51
54
50
46
47
50
49
114
105
109
116
116
21
13
12
14
15
3
4
4
5
4
49
45
48
48
48
11
9
11
12
11
1942—January
.
February
March
April
May
June
July
August
•
September
October
November
381
388
384
373
354
315
305
297
282
271
261
197
190
183
177
174
163
156
139
123
119
116
154
144
146
139
133
122
119
108
97
94
90
103
92
89
86
82
78
77
71
64
63
61
52
53
57
53
51
44
42
37
33
31
29
43
46
37
38
41
41
38
31
26
25
26
116
112
103
97
101
94
92
78
66
60
57
17
18
17
17
16
13
8
8
6
6
6
3
2
2
1
1
(**)
51
44
45
48
43
52
45
41
41
40
39
11
13
16
'14
13
4
.
(3)
3
3
3
n
11
10
12
12
1
As reported by dealers; includes some finance company paper sold in open market.
None held by Federal Reserve Banks.
Less than $500,000.
Back figures.—See Annual Report for 1937 (table 70).
2
3
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, A N D PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange.
Ledger balances in millions of dollars]
Credit balances
D e b i t balances
End of month
Debit
Debit
Customers' balances in balances in
debit
firm
partners'
balances
investment investment
(net) 1
and trading and trading
accounts
accounts
Customers'
credit balances 1
Cash on
hand
and in
banks
Money
borrowed 2
Other credit balances
Free
Other
(net)
In partners'
In firm
investment investment
and trading and trading
accounts
accounts
In capital
accounts
(net)
1936—June
December
1,267
1,395
67
64
164
164
219
249
985
1,048
276
342
86
103
24
30
14
12
420
424
1937—June
December
1,489
985
55
34
161
108
214
232
1,217
688
266
278
92
85
25
26
13
10
397
355
1938—Tune
December
774
991
27
32
88
106
215
190
495
754
258
247
89
60
22
22
11
5
298
305
1939-June
December
834
906
25
16
73
78
178
207
570
637
230
266
70
69
21
23
6
7
1940—June
December
653
677
12
12
58
99
223
204
376
427
267
281
62
54
22
22
5
5
269
247
1941—June
November
December
616
625
600
11
9
8
89
100
86
186
195
211
395
409
368
255
264
289
65
72
63
17
15
17
7
8
5
222
217
213
1942—January
February
March
April
May
June
July
•August
September
October
November
547
534
531
515
502
496
491
e
490
e
500
e
510
e
52O
8
8
8
8
8
9
7
74
74
70
68
79
86
95
219
203
195
195
177
180
172
308
307
306
300
300
309
307
e
300
e
310
e
310
e
320
274
262
249
247
238
240
238
e
240
e
240
e
260
e
270
72
66
67
61
59
56
57
18
18
16
16
16
16
16
6
5
4
5
3
4
4
209
206
201
196
194
189
185
280
277
4
e
E s t i m a t e d . C o m p l e t e r e p o r t s now collected semiannually; m o n t h l y figures for t h r e e i t e m s estimated on basis of reports from a small n u m b e r of
large firms.
1 Excluding balances with reporting firms (1) of member firms of N e w York Stock Exchange a n d o t h e r n a t i o n a l securities exchanges a n d (2) of firms'
own p a r t n e r s .
2
Includes m o n e y borrowed from b a n k s a n d also from other lenders (not including member firms of n a t i o n a l securities exchanges).
N O T E . — F o r explanation of these figures see "Statistics on Margin A c c o u n t s " in B U L L E T I N for September 1936. T h e article describes t h e method by
which t h e figures are derived a n d reported, distinguishes t h e table from a " s t a t e m e n t of financial c o n d i t i o n , " a n d explains t h a t t h e last column is n o t
to b e t a k e n as representing t h e a c t u a l n e t capital of t h e reporting firms.
Back figures.See B U L L E T I N for March 1938, p . 196, a n d (for d a t a in detail) Annual R e p o r t for 1937 (table 69).
66
FEDERAL RESERVE BULLETIN
OPEN-MARKET MONEY RATES IN NEW YORK. CITY
[Per cent per annum]
Year,
month, or
week
Stock
Prime
Prime bankexcomchange
ers'
mercial acceptcall
paper,
loan
4- to 6- ances,
re90
monthsl dayal
newa l
1939 average
1940 average
1941 average
1941—Nov
Dec
1942—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Week ending:
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Yields on U. S. _
Government securities
9- to 12
monthcertifi- 3- to 53year
month
cates
bills3
of in- taxable
debted- notes
ness
.59
.56
.54
.44
.44
.44
1.00
1.00
1.00
.023
.014
.103
"!76"
.50
.56
.44
.44
1.00
1.00
.242
.298
.90
1.02
.56
.63
.63
.63
.63
.69
.69
.69
.69
.69
.69
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.214
.250
.212
.299
.364
.363
.368
.370
.370
.372
.371
"<80"
.76
.75
.80
.96
.93
.93
.98
1.03
1.15
1.20
1.25
1.27
1.28
1.28
1.00
1.00
1.00
1.00
.367
.364
.363
.365
.79
.79
.78
6
.82
KM
5
A-H
5
1.28
1.28
1.36
1.39
1 Monthly figures are averages of weekly prevailing rates.
2
The average rate on 90-day stock exchange time loans was 1.25 per
cent
during the entire period.
3
Rate on new issues offered within period. Tax-exempt bills prior to
March
1941; taxable bills thereafter.
4
Average for August 15 to 31.
\6 Number of issues included reduced from 3 to 2 on December 15.
Number of issues included increased from 1 to 2 on December 21.
Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures
for Treasury bills and Treasury notes available on request.
COMMERCIAL LOAN RATES
AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS
IN PRINCIPAL CITIES
[Per cent per annum]
1934 average 1
1935 average 1
1936 averagf
1937 averagi
1938 averag"
1939 averag(
1940 averag<
1941 average
Monthly figures1
1938—November
December
1939—January
February
Quarterly figures
1939—March
June
September
December
1940—March
June
September
December
1941—March
June
September
December
1942—March
Total
19 cities
New
York
City
7 Other
Northern and
Eastern
cities
11 Southern and
Western
cities
3.45
2.93
2.68
2.59
2.53
2.78
2.63
2.54
2.45
1.76
1.72
1.73
1.69
2.07
2.04
1.97
3.71
3.39
3.04
2.88
2.75
2.87
2.56
2.55
4.32
3.76
3.40
3.25
3.26
3.51
3.38
3.19
2.49
2.60
2.64
2.52
1.70
1.70
1.73
1.70
2.68
2.95
2.97
2.69
3.20
3.23
3.32
3.26
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
2.13
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
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
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
B O N D YIELDS 1
[Per cent per annum]
Corporate (Moody's)5
U.S.
Government2
Year, month, or week
Partially
taxTaxable
exempt
Number of issues
Municipal3
Highgrade
corporate 4
By groups
By ratings
Total
Aaa
Aa
A
Baa
Industrial
Railroad
Public'
utility
15
5
120
30
30
30
30
40
40
40
2.76
2.50
2.10
2.92
2.77
2.67
3.77
3.55
3.34
3.01
2.84
2.77
3.22
3.02
2.94
3.89
3.57
3.30
4.96
4.75
4.33
3.30
3.10
2.95
4.53
4.30
3.95
3.48
3.25
3.11
2.22
2.37
1.90
2.25
2.57
2.68
3.26
3.35
2.72
2.80
2.86
2.95
3.19
3.27
4.28
4.38
2.85
2.94
3.91
3.99
3.04
3.12
2.01
2.09
2.00
1.98
1.97
1.97
2.00
2.02
2.03
2.05
2.06
2.37
2.39
2.35
2.34
2.35
2.33
2.34
2.34
2.34
2.33
2.34
2.33
2.55
2.58
2.44
2.45
2.38
2.32
2.28
2.25
2.22
2.20
2.76
2.80
2.80
2.77
2.76
2.75
2.74
2.73
2.73
2.72
2.71
3.35
3.35
3.37
3.34
3.36
3.37
3.35
3.34
3.33
3.31
3.31
2.83
2.85
2.86
2.83
2.85
2.85
2.83
2.81
2.80
2.80
2.79
2.96
2.98
3.00
2.98
3.00
3.01
2.99
2.99
2.98
2.95
2.94
3.30
3.29
3.32
3.30
3.31
3.31
3.28
3.27
3.26
3.24
3.24
4.29
4.29
4.30
4.26
4.27
4.33
4.30
4.28
4.26
4.24
4.25
2.97
2.98
3.00
2.96
2.97
2.97
2.94
2.94
2.95
2.94
2.93
3.93
3.94
3.94
3.95
3.97
4.03
4.02
3.98
3.95
3.92
3.93
3.13
3.15
3.17
3.13
3.13
3.12
3.09
3.09
3.08
3.07
3.06
2.09
2.09
2.09
2.08
2.36
2.36
2.36
2.36
2.22
2.25
2.28
2.28
2.72
2.73
2.73
2.72
3.32
3.33
3.33
3.32
2.81
2.81
2.82
2.81
2.96
2.96
2.96
2.96
3.23
3.23
3.23
3.23
4.28
4.29
4.29
4.26
2.94
2.94
2.94
2.94
3.96
3.97
3.97
3.95
3.07
3.07
3.08
3.07
2-6
1939 average
1940 average
1941 average
2.36
2.21
1.95
1941—November
December
1.85
1.96
1942—January
February
March
April
May
June
July
August
September
October
November
Week ending:
Dec. 5
Dec 12
Dec. 19
Dec. 26
1
2
3
2
Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures.
Average of yields on all outstanding issues due or callable in more than 12 years.
Standard and Poor's Corporation.
j5 U. S. Treasury Department.
Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced
from 10 to 4 and 10 to 5 issues respectively, and the railroad Aaa and Aa groups from 10 to 5 and 10 to 9 issues respectively.
Backfigures.—SeeAnnual Report for 1937 (table 80) and for high-grade corporate bonds. Bulletin of the Treasury Department for July 1941, pages
21-24. Figures for U. S. Government bonds available on request.
JANUARY 1943
SECURITY MARKETSi
Bond prices
Stock
Corporate
Year, month, or
week
U.S.
Government2
Municipal3
4
Preferred5
D e -
Total
Public f a u l t e d
utility
Railroad
Industrial
6
(index, 1935-39 =
Common
Medium and lower-grade
Highgrade
prices
100)
Total
Industrial
Railroad
Public
utility
V o l u m e
of trading?
(in thousands of
shares)
2-6
15
15
50
10
20
20
15
15
402
354
20
28
1939 average
1940 average
1941 average
105.2
107.2
111.0
116.3
121.2
129.0
113.8
115.9
117.8
89.5
94.8
98.9
91.2
97.3
103.9
78.1
83.8
86.9
99.3
103.5
106.1
13.8
14.0
21.9
167.5
169.2
171.9
94
88
80
95
88
80
75
71
71
99
96
81
1 9 4 1 — N o v e m b e r
D e c e m b e r
112.4
110.7
133.4
125.9
119.2
117.5
99.4
97.4
105.9
105.0
84.9
82.4
107.4
104.7
24.8
21.9
170.5
168.7
77
72
79
74
68
61
75
66
1 9 4 2 — J a n u a r y
F e b r u a r y
M a r c h
April
M a y
110.1
108.9
110.2
110.5
110.7
110.7
110.2
109.9
109.8
109.5
109.4
124.4
120.1
119.7
122.1
122.1
123.3
124.4
125.4
125.9
126.5
126.9
117.5
117.1
116.7
117.8
117.7
118.0
118.9
118.7
119.0
119.3
119.5
99.2
99.6
98.8
99.3
98.9
98.1
98.9
99.3
100.7
102.1
103.2
106.7
106.9
106.1
107.1
107.4
107.7
108.4
108.7
109.8
111.2
113.8
86.9
87.7
88.6
88.4
87.1
83.0
83.9
85.2
86.4
88.0
87.6
104.1
104.4
101.8
102.3
102.2
103.5
104.5
104.1
105.8
107.1
108.3
24.1
25.6
27.6
26.4
24.0
25.5
27.1
29.4
30.3
29.6
166.3
165.1
159.8
154.8
156.3
159.2
162.0
164.0
164.0
165.5
165.4
73
70
66
63
63
66
68
68
69
74
75
74
71
67
65
65
68
71
71
72
77
77
69
68
65
61
60
59
63
65
67
73
73
66
65
61
57
57
59
58
59
60
64
66
565
404
363
336
323
316
346
321
418
693
686
108.9
108.9
108.9
109.1
126.5
125.9
125.3
125.3
118.9
118.9
118.8
118.8
114.4
115.1
115.4
115.8
8
8
8
8
108.6
108.7
108.9
109.6
2
2
3
2
1
1
1
1
75
75
76
77
77
77
78
80
70
68
69
70
66
65
65
65
552
608
936
830
Number
of issues
June
July
August
September
October
November
Week ending:
Dec. 5
Dec. 12
Dec. 19
Dec. 26
103.1
103.3
103.6
104.0
6
6
6
6
.
.
.
.
5
0
5
7
26.7
9
9
0
9
.
.
.
.
5
8
3
9
6
6
6
6
7
7
7
6
.
.
.
.
1
1
1
7
977
767
629
792
1,542
1
M o n t h l y a n d w e e k l y d a t a a r e a v e r a g e s o f d a i l yf i g u r e s ,e x c e p t f o r m u n i c i p a l b o n d s a n d f o r s t o c k s , w h i c h a r e b a s e d o n W e d n e s d a y f i g u r e s .
Prices derived from average of yieldson alloutstanding partiallytax-exempt U. S. Government bonds due or callablein more than 12 years on
x > fa 2 % p e r c e n t , 1 6 y e a r b o n d .
For description see November
1940 BULLETIN, pp. 1179-1180. Prices expressed in decimals.
3
P r i c e s d e r i v e d f r o m a v e r a g e y i e l d s , a s c o m p u t e d b y S t a n d a r d a n d P o o r ' sC o r p o r a t i o n .
Prices derived from averages of median yields,as computed by Standard and Poor's Corporation.
s
Prices derived from averages of median yields on noncallable high-grade stocks on basis of a$7 annual dividend.
6
S t a n d a r d a n d P o o r ' s C o r p o r a t i o n .
7
A v e r a g e d a i l yv o l u m e o f t r a d i n gi n s t o c k so n t h e N e w Y o r k S t o c k E x c h a n g e .
Back figures.—For United States Government bonds, see November 1940 BULLETIN; for municipal bonds, see Annual Report for 1937 (table 79).
2
basis
NEW SECURITY ISSUES
[In millions of dollars]
For new
Year or
month
Total
(new
a n d
refunding)
Total
State
a n d
m u nicipal
1,751
1,063
2,160
4,699
6,214
3,937
4,449
5,842
4,803
5,539
1,197
720
1,386
1,457
1,972
2,138
2,360
2,289
1,951
2,848
1,165
708
1,386
1,409
1,949
2,094
2,325
2,239
1,948
2,847
762
483
803
855
735
712
971
931
751
516
1 9 4 1 — N o v e m b e r .2. 3 8
241
D e c e m b e r . . .
111
138
110
138
21
42
1 9 4 2 — J a n u a r y
February....
M a r c h
April
M a y
182
'123
109
158
128
96
41
103
45
28
29
182
123
109
158
128
96
41
103
45
28
29
83
30
22
51
22
18
11
44
17
26
7
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
..
333
180
197
262
180
201
June
142
July
162
A u g u s t
S e p t e m b e r .. 1 0 0
October
115
98
N o v e m b e r . . .
Total
B o n d s
a n d
notes
77
64
405
150
22
157
481
924
461
1,272
325
161
178
404
1,192
1,225
873
383
736
1,059
305
40
144
334
839
817
807
287
601
889
20
120
35
69
352
408
67
97
135
170
89
77
83
62
87
56
79
97
103
77
28
59
28
2
5
32
37
61
91
94
69
27
57
18
11
37
9
10
3
2
3
17
Total
(domestic
a n d
foreign)
Corporate
F e d eral
agencies1
20
refunding
D o m e s t i c
D o m e s t i c
Total
(domestic
a n d
foreign)
For
capital
5
Stocks
32
12
Total
State
a n d
m u nicipal
Federal
agencies1
B o n d s
Total a n d
notes
Foreign2
Stocks
554
343
774
3,242
4,242
1,799
2,089
3,553
2,852
2,691
498
283
765
3,216
4,123
1,680
2,061
3,465
2,852
2,687
87
37
136
365
382
191
129
195
482
433
93
26
317
987
353
281
665
1,537
344
698
319
219
312
1,864
3,387
1,209
1,267
1,733
2,026
1,557
315
187
312
1,782
3,187
856
1,236
1,596
1,834
1,430
81
200
352
31
137
193
126
6
15
127
102
127
102
53
18
32
25
42
59
29
57
13
2
55
19
18
6
9
8
151
57
88
104
52
105
101
59
55
87
69
151
57
88
104
52
105
101
59
55
87
69
35
11
27
5
8
15
36
3
7
12
10
34
27
21
81
39
28
32
50
18
31
46
83
19
39
19
6
62
33
6
30
44
14
82
19
39
19
6
55
33
6
30
44
13
2
10
2
48
23
44
35
50
2
1
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.
revision.
Back figures.—See Annual Report for 1937 (table 78).
68
Corporate
4
32
56
60
9
26
119
119
28
88
""i"
1
Monthly figures subject
to
FEDERAL RESERVE BULLETIN
NEW CORPORATE SECURITY ISSUES*
PROPOSED USES OF PROCEEDS, ALL ISSUERS
[In millions of dollars]
Proposed uses of net proceeds
Year or month
Estimated
net
proceeds 3
Estimated
gross
proceeds 2
New money
Plant and
equipment
Total
1934
1935
1936
1937
1938
1939
1940
1941
Retirement of securities
Working
capital
Total
Bonds and
notes
Preferred
stock
Repayment
of
other debt
530
2,698
4,781
2,374
2,324
2,177
2,786
2,705
515
2,629
4,637
2,303
2,279
2,128
2,723
2,661
57
243
858
1,046
779
325
604
868
32
111
380
574
504
170
424
661
26
131
478
472
275
155
180
207
362
2,193
3,575
1,106
1,254
1,708
1,927
1,620
362
2,121
3,349
916
1,167
1,650
1,798
1,520
71
226
190
87
59
128
100
84
170
154
111
239
69
174
144
269
211
262
184
269
250
122
417
182
239
155
144
264
208
258
182
262
246
119
413
180
236
152
142
48
53
68
42
67
87
51
185
27
91
92
57
44
25
56
26
54
75
35
167
17
64
61
36
4
28
12
17
13
12
16
17
10
27
31
21
208
137
172
132
189
142
56
210
150
126
37
62
183
134
163
111
188
131
54
194
148
125
37
52
26
2
9
21
1
10
2
15
2
1
1
10
6
17
14
2
6
16
12
14
3
14
22
17
164
78
102
121
126
142
53
89
62
18
27
161
76
100
118
124
139
52
88
60
17
27
71
40
39
70
59
72
14
39
23
2
2
38
34
35
15
27
57
11
33
8
2
33
5
4
80
23
46
12
11
60
29
34
28
15
24
80
12
41
12
11
55
29
34
26
15
24
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
55
33
15
3
6
15
1
2
Other
purposes
23
49
39
7
26
19
28
1
1
3
5
1
5
5
"6
9
2
15
36
53
5
8
3
1
"ll"
5
5
2
11
1
2
12
g
PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS
[In millions of dollars]
Year or month
1934
1935
1936
1937
1938
1939
1940
1941
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
Total
net
proceeds
RetireNew ment of
money securities
172
120
774
338
54
182
319
361
21
57
139
228
24
85
115
253
120
54
558
110
30
97
186
108
32
71
8
2
45
58
23
24
42
25
1
28
27
21
3
5
50
5
2
45
51
23
24
7
21
1
28
10
4
6
10
4
6
•y
2
2
1
9
1
2
3
4
3 "
2
2
1
Industrial
Public utility
Railroad
7
35
4
6
9
All
other
purposes 4
31
10
77
1
is
Total
net
proceeds
Other
All
Retire- All
Total
RetireTotal
Retire- All
New ment of other
net
net
New ment of other
New ment of other
money securi- pur- 4 pro- money securi- purpro- money securipurposes
ties
ties
ceeds
poses* ceeds
ties
poses 4
11
130
1,250
1,987
751
1,208
1,246
1,180
1,340
30
63
89
180
43
245
317
77
1,190
1,897
611
943
1,157
922
993
42
30
27
50
86
47
13
30
62
774
1,280
1,079
831
584
961
828
25
74
439
616
469
188
167
244
34
550
761
'373
226
353
738
463
2
150
80
90
136
43
56
121
151
485
597
135
185
115
263
132
110
58
177
82
141
113
39
307
114
79
59
62
15
2
47
18
6
12
13
138
6
11
46
3
93
55
129
64
134
97
26
169
106
63
11
46
2
1
1
1
1
4
120
43
72
88
76
75
48
76
23
75
85
46
6
7
17
16
16
24
9
22
13
49
41
25
109
27
39
66
54
38
29
40
9
13
24
15
5
10
17
7
6
13
10
14
1
14
21
6
2
35
1
9
107
34
48
11
21
69
3
68
44
3
15
18
25
8
11
10
17
2
34
80
10
40
9
5
49
1
34
28
2
14
6
3
43
38
46
107
102
61
46
18
15
5
12
43
11
25
59
49
51
9
4
14
2
2
7
2
5
1
12
14"
6
12
6
6
29
13
15
36
48
4
8
15
1
si
218
112
106
9
78
55
"23"
1
8
10
6
1
57
6
6
6
1
1
10
4
1
1
1
1
131
399
359
13
56
101
81
56
19
4
20
10
24
5
104
21
1
4
1
7
1
1
2
5
" • • 4 7 "
2
•
•
•
•
.......
3
10
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.—Securities and Exchange Commission. For description of data and back figures, see pp. 217-19 of the March 1942 BULLETIN.
JANUARY 1943
—
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
Iron,
and
steel
Machinery
Nonferrous
metals
and
products
Other
transportation
equipment
Automobiles
Other
durable
goods
Foods,
beverages,
and
tobacco
Oil
prod,
and
refining
Industrial
chemicals
Other
nondurable
goods
Miscellaneous
services
Dividends
Net
profits
Preferred
Common
629
47
69
15
68
77
75
49
45
30
80
74
152
152
152
1,465
1,818
2,169"
146
278
325
115
158
193
223
242
274
102
173
227
119
133
153
70
88
113
151
148
159
98
112
174
186
194
207
134
160
187
122
132
159
847
1,028
1,144
90
90
92
564
669
705
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
43
34
30
25
24
46
45
52
51
41
41
39
39
29
30
29
44
246
230
211
342
21
21
22
25
136
158
158
217
1941—1
2
3
4
510
549
560
550
86
84
81
72
44
48
46
55
79
73
60
61
53
56
56
62
39
36
38
40
23
28
30
32
36
43
44
37
29
42
56
46
49
53
52
52
44
48
49
46
29
36
46
48
286
297
284
276
22
23
23
24
150
165
170
221
1942—1
2
3
423
369
460
52
52
50
38
35
38
46
25
46
855
853
8
61
36
32
34
19
18
21
*32
32
41
35
27
41
39
35
43
39
27
32
32
34
52
204
174
215
21
23
21
134
136
127
Number of c o m p a n i e s . . . .
1939
1940
1941
Quarterly
1939—1
2
3
4
1940—1
2
3
4
...
PUBLIC UTILITY CORPORATIONS
[In millions of dollars]
Year or quarter
Operating
revenue
Income
before
income
tax4
1
Net income
All roads Insolvent
roads6
Dividends
126
-102
Operating
revenue
Income
before
income
tax4
Net
income1
Dividends5
Operating
revenue
Net
income1
28
28
28
28
32
32
32
692
159
137
177
202
142
133
1,067
1,129
1,235
191
735
799
116
118
115
194
178
175
178
172
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
44
44
44
46
3,995
4,297
5,347
249
672
93
189
502
898
906
1,058
1,133
—38
—43
68
139
-43
-47
58
126
(^)
—4
21
23
21
61
1940—1
2
3
4
986
1,010
1,130
1 171
-3
15
92
145
-12
3
71
127
-29
-33
—14
3
25
29
29
78
187
176
177
194
48
42
41
47
41
34
31
37
19
19
19
20
274
281
281
294
49
50
45
50
1941—1
2
3
4
1,152
1,272
1,468
1,454
94
144
267
167
69
101
190
142
—4
2
25
1
22
36
31
97
201
191
196
211
59
48
46
50
43
33
25
34
18
24
18
19
295
308
311
321
43
44
45
46
1942—1
2
3
1,483
1,797
2,047
179
389
556
90
199
283
12
37
60
29
35
34
216
202
208
63
53
54
33
19
19
19
324
336
344
1939—i
2
3
4
-73
24
Quarterly
..
(7)
Dividends
126
159
186
Number of companies...
1939
1940
1941
Telephone3
Electric power
Railroad2
25
28
9
47
48
46
r
44
45
44
40
44
42
39
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 revised to reflect operations more accurately. The group now excludes American Telephone and Telegraph Company, the greater part of
whose income consists of dividends received on stock-holdings in the 32 companies. Dividend payments shown here include amounts paid to parent companies,
as well as to the public.
4
After all charges and taxes except Federal income and excess profits taxes.
5
Quarterly dividend data are not available for all companies in the group and, therefore, do not add to the yearly totals shown.
6 Includes roads in receivership or trusteeship at beginning of the year.
7 Not available.
9
Unlike other industrial groups in this table, net income of telephone companies in the first three quarters of 1942 included provision for Federal income and excess profits taxes at rates specified in the Revenue Act of 1941.
.
.
.
Sources.—Interstate Commerce Commission for railroads; Federal Communications Commission for telephone companies; published reports for industrial and electric power companies. Figures for the current and preceding year subject to revision. For description of data and back figures, see pages
214 to 217 of the March 1942 BULLETIN.
7°
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT DEBT-VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars]
End of month
Total
gross
direct
debt
Total
interestbearing
direct
debt
Marketable public issues1
Total2
Nonmarketable public issues
CertifiTreasury cates of Treasury Treasury
bonds
indebtednotes
bills
ness
U.S.
savings Treasury
bonds tax notes
Total 2
Fully
guaranteed interestbearing
securities
Special
issues
Noninterest
bearing
debt
3,770
4,231
4,775
5,370
6,120
554
497
591
566
574
5,450
5,621
5,498
5,901
6,360
1939—June
Dec
1940—June
Dec
1941—June
40,440
41,942
42,968
45,025
48,961
39,886
41,445
42,376
44,458
48,387
33,965
34,735
34,436
35,645
37,713
1,308
1,455
1,302
1,310
1,603
7,243
6,203
6,383
6,178
5,698
25,218
26,881
26,555
27,960
30,215
2,151
2,480
3,166
3,444
4,555
1,868
2,209
2,905
3,195
4,314
1941—Nov......
Dec.........
55,040
57,938
39,677
41,562
1,703
2,002
6,012
5,997
31,765
33,367
8,052
8,907
5,620
6,140
2,136
2,471
6,806
6,982
504
487
6,316
6,317
1942—Jan.......
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
60,012
62,381
62,419
64,961
68,571
72,422
77,136
81,685
86,483
92,904
3
96,116
54,536
57,451
59,531
61,895
61,940
64,496
68,108
71,968
76,694
81,244
85,847
92,265
3
95,458
42,271
43,700
43,329
45,137
47,615
50,573
53,826
57,176
60,402
65,008
66,132
2,101
2,002
1,652 ,
1,953 " i , ' 5 O 7 "
2,257
1,507
2,508
3,096
3,663
3,096
4,168
4,705
4,619
6,211
5,126
6,211
5,721
6,739
5,591
5,591
5,571
5,571
5,571
6,689
6,689
6,689
7,958
10,095
10,095
34,383
35,912
35,910
35,910
38,085
38,085
40,182
41,418
41,418
43,381
43,381
10,196
11,004
11,278
12,002
12,976
13,510
14,743
15,805
16,936
18,672
20,117
7,198
7,893
8,436
8,951
9,569
10,188
11,078
11,751
12,479
13,381
14,079
2,697
2,807
2,536
2,744
3,100
3,015
3,357
3,739
4,137
4,964
5,703
7,063
7,190
7,333
7,358
7,518
7,885
8,125
8,262
8,509
8,585
8,787
481
486
480
465
462
454
442
441
637
639
657
5,673
5,673
5,666
5,666
5,667
4,548
4,551
4,567
4,552
4,243
4,244
1
Including amounts held by Government agencies and trust funds, which aggregated $2,609,000,000 on October 31, and $2,610,000,000 (preliminary) on
November,
30, 1942.
2
Total marketable public issues includes Postal savings and pre-war bonds, and total nonmarketable public issues includes adjusted service and
depositary
bonds
not shown separately.
3
Including $422,000,000 of special one-day certificates of indebtedness not shown separately.
UNITED STATES GOVERNMENT MARKETABLE PUBLIC
SECURITIES OUTSTANDING, NOVEMBER 30, 1942
[On basis of daily statements of United States Treasury. In millions
of dollars]
Issue
Amount
Treasury bonds
June 15, 1943-47
Oct. 15, 1943-45
Apr. 15, 1944-46
Dec. 15, 1944-54
Sept. 15, 1945-47
Dec. 15, 1945
Mar. 15, 1946-56
June 15, 1946-48
June 15, 1946-49..
Oct. 15, 1947-52
Dec. 15, 1947.. .
Mar. 15, 1948-50
Mar. 15, 1948-51
Sept. 15, 1948
Dec. 15, 1948-50
June 15, 1949-51
Sept. 15, 1949-51
Dec. 15, 1949-51
Dec. 15, 1949-52
Dec. 15, 1949-53
Mar. 15, 1950-52..:....
Sept. 15, 1950-52
June 15, 1951-54
Sept. 15, 1951-55
Dec. 15, 1951-53..
Dec. 15, 1951-55
Mar. 15, 1952-54
June 15, 1952-55
June 15, 1953-55
June 15, 1954-56
Mar. 15, 1955-60....
Mar. 15, 1956-58
Sept. 15, 1956-59 . ...
June 15, 1958-63
Dec. 15, 1960-65
June 15, 1962-67
Sept. 15, 1967-72
Postal Savings bonds..
Conversion bonds .
Panama Canal loan
Treasury notes
Dec. 15, 1942 .
Mar. 15, 1943
June 15, 1943
Sept. 15, 1943
Dec. 15, 1943
Mar. 15, 1944
June 15, 1944
JANUARY
1943
Issue
UNITED STATES SAVINGS BONDS
[In millions of dollars]
Amount
Treasury notes—Continued
454
Sept. 15, 1944
1,401
Sept. 15, 1944
1,519
Mar. 15, 1945
1,037
Mar. 15, 1945
1,214
Dec. 15, 1945
541
Mar. 15, 1946
489
Dec. 15, 1946
1,036 Cert, of indebtedness.
819
Feb. 1, 1943
759
May 1, 1943
701
Aug. 1, 1943
1,115
Nov. 1, 1943
1,223
Treasury
bills
451
Dec. 2, 1942
571
Dec.
9,
1942
1,014
Dec. 16, 1942
1,292
Dec. 23, 1942
2,098
Dec. 30, 1942
491
Jan. 6, 1943
1,786
Jan. 13, 1943
1,963
Jan.'20, 1943
1,186
Jan. 27, 1943
1,627
Feb. 3, 1943
755
Feb. 10, 1943
1,118
Feb. 17, 1943
510
Feb. 24, 1943
1,024
Total direct issues . . .
1,501
725 Guaranteed securities
681
Commodity Credit Corp.
2,611
May 1, 1943
1,449
Feb. 15, 1945
982
Fed.
Farm Mortgage Corp.
919
Mar. 15, 1944-64
1,485
May
15, 1944-49
2,118
Home Owners' Loan Corp,
2,716
May
1,
1944-52
117
June 1, 1945-47
29
Reconstruction
Fin. Corp.
50
July 15, 1943
Apr.
15,
1944
232
Fed. Public
Housing
66
Authority
629
Feb. 1, 1944
279
Federal Housing Admin.
421
Various
515
416
Total guaranteed issue;
283
635
718
1,606
531
503
3,261
1,588
1,506
1,609
2,035
351
351
402
402
401
400
400
505
505
500
501
502
501
66432
289
412
Amount Funds received from sales during
month
outstanding
at end of
Series Series
A n
month 1
- 2 Series
F
G
E
series'5
Month
Redemptions
All
series
1941—May
June
July
Aug
Sept
Oct
Nov
Dec
4,008
4,314
4,649
4,908
5,132
5,394
5,620
6,140
370
315
342
266
232
271
234
529
101
103
145
118
105
123
110
341
38
29
27
20
18
23
19
33
211
183
170
128
109
125
105
154
14
15
18
13
14
14
13
16
1942—Jan
Feb
Mar.
Apr
May
June
July
Aug
Sept
Oct
Nov
7,198
7,893
8,436
8,951
9,569
10,188
11,078
11,751
12,479
13,381
14,079
1,061
667
398
338
327
422
433
508
454
510
665
542
78
52
41
40
43
41
74
52
61
61
45
316
253
179
164
170
160
319
191
184
210
148
15
16
22
21
22
23
25
32
34
40
43
,
703
558
531
634
634
901
697
755
935
735
1
At current redemption values except Series G, which is stated at par.
Difference between "Funds received" and month to month changes in
''Amounts outstanding" represents the difference between accrued increases
in redemption values and redemptions of bonds during the month.
2
Includes figures for series A-D not shown separately; these series have
not been issued since April 1941.
95
835
779
755
324
571
114
21
4,195
71
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[In millions of dollars]
Total
interestbearing
securities
End of month
1938—June
~>ecember
19^-June
December
1940—June
December
1941—June
December
1942—Junep
July
August**
September**
October?
Privately held1
Held by Federal
agencies and
[trust funds
Special
issues
Public
issues
2,676
3,156
3,770
4,231
4,775
5,370
6,120
6,982
7,885
8,125
8,262
8,509
8,585
2,101
2,177
2,116
2,300
2,295
2,250
2,362
2,547
2,726
2,741
2,884
2,900
2,922
41,428
43,891
45,336
47,067
47,874
50,360
54,747
63,768
76,517
81,245
85,811
90,399
96,509
Held
by
Federal
Reserve
Banks
2,564
2,564
2,551
2,484
2,466
2,184
2,184
2,254
2,645
3,153
3,426
3,567
4,667
Total
Member
banks
Other
commercial
banks
Mutual
savings
banks
Insurance
companies
34,087
35,994
36,899
38,052
38,338
40,556
44,081
51,985
63,261
67,226
71,239
75,423
80,335
12,343
1,700
13,222
1,850
13,777
1,920
14,328
1,970
1,830
14,722
1,940
15,823
2,020
18,078
2,250
19,539
2,290
24,098
28,500
30,200
32,500
35,400
2,690
2,880
3,040
3,100
3,110
3,220
3,430
3,700
3,890
4,000
4,100
4,200
4,300
5,500
5,700
5,900
6,300
6,500
6,800
6,900
7,900
8,800
8,900
9,500
9,600
9,700
Other investors
Marketable
issues
Nonmarketable
issues
10,500
10,700
10,400
10,200
9,300
9,600
9,400
10,000
11,100
11,500
12,000
12,700
12,700
1,400
1,600
1,900
2,200
2,900
3,200
4,300
8,600
13,100
14,300
15,400
16,400
18,200
p
Preliminary estimates.
l Estimated figures for "other commercial banks and mutual savings banks have been rounded to nearest 10 million dollars and for insurance companies and other investors to nearest 100 millions.
Back figures.—See July 1941 BULLETIN, p. 664.
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED
BY THE UNITED STATES*
[Public marketable securities. Par values in millions of dollars]
U.S.
GovernTotal ment
out- agenstand- cies
ing
and
trust
funds
Total 2
1941—June
Dec
1942—May
June
July
Aug
Sept
Oct
Treasury bills:
1941—June
Dec
1942—May
June
July
Aug
Sept
Oct
Certificates:
1942—May
June
July
Aug
Sept
Oct
Treasury notes:
1941—June
Dec
1942—May
June
July
Aug
Sept
Oct
Guaranteed securities:
1941—June
Dec
1942—May
June
July
Aug
Sept
Oct
44,072
47,878
53,282
55,122
58,340
61,691
64,916
69,204
FedMuCom- tual Insureral
Re- mercial1 sav- ance Other
serve banks ings comBanks
banks panies
2,360
2,547
2,713
2,723
2,737
2,881
2,877
2,993
2,184
2,254
2,489
2,645
3,153
3,426
3,567
4,667
1
1,603
2,002
2,257
2,508
3,663
4,168
4,619
5,126
1
1
2
1,507
3,096
3,096
4,705
6,211
6,211
8
11
11
20
19
22
5,699
5,997
5,571
6,689
6,689
6,689
7,958
10,095
45
53
56
76
76
79
75
79
6,360
6,317
5,667
4,549
4,514
4,515
4,515
4,195
268
280
291
281
284
292
293
304
6,841 10,332
7,858 10,990
8,695 12,060
8,748 12,237
8,807 12,861
9,419 13,360
9,513 14,138
9,626 14,634
19,014
20,589
23,554
24,939
26,848
28,548
30,707
33,084
3,342
3,641
3,770
3,830
3,933
4,057
4,114
4,199
156
243
566
696
657
481
1,112
1,037
1,350
1,557
2,263
2,648
2,884
3,468
23
34
19
28
28
25
17
18
10
210
54
91
88
78
123
126
27
869
66
218
341
504
726
1,971
1,921
3,008
3,978
3,782
38
74
57
78
92
90
129
191
171
184
271
265
1,074
1,346
1,326
820
2,931
3,246
2,902
3,725
3,682
3,602
4,507
5,830
191
166
116
138
139
139
181
204
259
265
240
266
266
265
276
295
1,452
1,490
1,565
1,770
1,803
1,880
2,241
2,391
4,107
4,119
3,698
2,847
2,837
2,902
2,893
2,637
233
243
183
148
140
134
132
122
589
547
457
433
419
1,158
1,123
1,031
io
777
693
714
722
725
678
1,297
5
5
7
5
5
5
15
17
371
369
349
459
710
678
590
718
721
937
1,031
436
782
718
835
829
810
814
766
Total
outstanding
Treasury bonds:
Total:
1941—June
Dec
1942—May
June
July
Aug
Sept
m Oct....
Maturing within 5 years:
1941—June
Dec
1942—May
June
July
Aug
Sept
Oct
Maturing in 5-10 years:
1941—June
Dec
1942—May
June
July
Aug
Sept
# Oct
Maturing in 10-20 years:
1941—June
Dec
1942—May
June
July
Aug
Sept
Oct
Maturing after 20 years:
1941—June
Dec
1942—May
June
July
Aug
Sept
Oct
30,215
33,367
38,085
38,085
40,182
41,418
41,418
43,381
U.S.
GovMuern- Fedtual
ment eral Commer- savagen- Recial
cies serve banks ings
banks
and Banks
trust
funds
Insurance Other
companies
2,015 ,359 10,851
2,182 ,462 12,174
2,325 ,606 14,725
2,321 ,617 14,828
2,331 ,643 16,135
2,456 ,660 16,376
2,456 ,713 16,433
2,554 2,145 17,357
2,895
3,197
3,413
3,442
3,569
3,682
3,693
3,765
5,983
6,836
7,815
7,766
7,862
8,520
8,474
8,591
7,112
7,517
8,200
8,110
8,642
8,725
8,649
8,969
1,370
1,398
1,437
1,599
1,617
1,627
2,137
2,100
197
191
170
224
220
217
274
264
526
531
526
581
570
566
781
771
,124
,053
,037
,173
,173
,174
,464
,465
3,508
3,461
3,461
3,915
3,915
3,915
5,129
5,129
291
289
289
336
336
330
472
528
7,585
7,584
9,890
9,436
11,534
11,534
11,506
14,229
776
757
871
846
873
883
916
1,284
3,367
718
3,452
685
5,060
795
4,959
750
6,214
887
6,344
886
6,446
932
7,717 1,110
1,236 ,489
1,257 ,432
1,433 ,735
1,347 ,536
1,477 ,084
1,468 ,954
1,458 ,756
1,710 2,409
16,719
17,253
18,731
18,731
18,731
18,731
17,545
16,786
2,091
2,116
2,178
2,168
2,180
2,182
2,061
2,124
5,549
6,044
6,979
7,009
7,043
7,146
6,596
6,310
1,856
1,856
1,941
1,957
1,949
1,948
1,854
1,756
3,191
3,309
3,541
3,510
3,488
3,427
3,163
3,037
4,036
3,924
4,095
4,086
4,069
4,025
3,871
3,558
2,404
5,070
6,002
6,002
6,002
7,238
7,238
7,238
219
482
597
593
587
721
721
764
566
1,282
1,250
1,258
1,259
1,260
1,253
1,231
126
462
509
512
513
630
631
634
1,029
1,737
2,317
2,327
2,328
3,058
3,370
3,072
465
1,107
1,331
1,315
1,315
1,570
1,560
1,539
in the
table above.
1
On October 31,1942, commercial banks reporting to the Treasury held $8,842,000,000 of United States Government securities due or callable within
one year
out of a total of $15,129,000,000 outstanding.
2
Including $196,000,000 of postal savings and pre-war bonds not shown separately below.
72.
FEDERAL RESERVE BULLETIN
SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On basis of daily statements of United States Treasury. In millions of dollarsl
Income
taxes1
Period
Fiscal vear ending:
June 1941
J u n e 1942
1941—Nov.
Dec
1942—Jan
Feb.
Mar.
Apr
May
...
June
July
Aug
Sept
Oct
Nov
3,470
7,960
. Miscella- Social
neous
inter- secur- Other
ity
nal
reve-1 taxes
nue
932
2,967
3,847 1,194
900
666
181
41
53
257
49
43
222
42
53
232
43
48
248
47
53
59
58
52
49
56
67
52
48
49
45
45
66
767
133
283
3,083
335
216
2,086
273
155
2,126
206
199
436
353
369
340
364
305
270
298
416
362
309
350
337
Total
receipts
Net
re-
ceipts 2
Change in
TransTotal
Inter- War fers to
Trust
budest activi- trust Other get ex- Deficits acGeneral
counts
on
acpendiGross
ties counts
Fund
etc.3
debt
tures
debt
baletc.
ance
8,269
13,668
7,607
12,799
1,111
1,260
6,301
26,011
331
381
4,968
4,745
730
564
1,212
'578
758
3,547
695
563
2,492
747
587
2,527
607
601
15
232
32
12
205
,448
; 850
?!iO4
•• 9
10
384
450
451
400
385
390
375
310
r
378
r
305
317
330
291
1,214
614
937
3,548
732
764
2,494
794
797
2,528
648
830
42
9
22
48
2| 208
2,809
3,238
3,560
3,829
r
4,498
r
4,884
5,384
5,481
6,042
77
19
390
35
7
224
70
28
1
249
19
5
56
3
Details of trust accounts, etc.
Social Security
accounts
Period
Net
receipts
Fiscal year ending:
J u n e 1941
J u n e 1942
1941—Nov
Dec
1942—Jan
Feb
Mar
Apr
May
June
July
A
Aug
Sept
Oct
Nov
r
1
2
3
ExInvest- pendiments tures
1,958
2,327
1,200
1,705
741
614
359
63
144
383
31
112
422
136
212
433
30
126
471
148
215
50
177
139
15
196
297
117
184
214
49
170
40
49
64
59
67
59
54
51
53
52
45
38
34
Net expenditures
in checking accounts of
GovernRement
ceipts
agencies
218
3,625
659
140
681
35
75
189
430
1,417
78
262
25
583
-449
-148
12,711 - 5 , 1 0 3
32,397 - 1 9 , 5 9 8 - 3 , 5 0 6
1,858
2,542
2,'628
2,629
3,421
3,753
3,953
4,530
5,160
5,215
5,931
5,937
6,363
— 1,294
— 1,329
—2,'050
— 1,871
+742 +5,994
+358 +23,461
322
+1,241
—610
+114
+612
+1,456
+2,898
+2 073
+2',369
+39
+2,542
+3,609
+3,852
+4,714
+4,549
+4,798
+6,420
+3,212
—484
—633
+126
—234
—69
-3,058
— 126
—642
-3,391
-257
—39
-2,037 -1,635
+179
-4,413
-4
+296
—4,628
—54
— 134
—3,404
—245 +1,148
-5,331
-496
+594
-5,761
+736 - 1 , 8 1 4
General Fund of the Treasury (end of period)
Other
Balance in
General Fund
Assets
ExInvest- pendiments tures
Total
Deposits
in
Federal
Reserve
Banks
Deposits
in
special
deposi-
Total
Other
assets
liabilities
Total
Working
balance
taries
680
863
138
221
490
533
2,812
3,443
1, 024
603
661
1,679
1,127
1,162
179
452
2,633
2,991
1,885
2,229
45
54
57
50
84
73
53
110
192
62
83
96
65
1
-5
9
5
9
9
13
69
124
24
37
26
32
41
47
30
44
59
39
40
48
36
28
37
21
13
2,544
3,816
3,232
3,867
3,857
3,216
3,198
3,443
3,782
3,695
4,688
5,313
3,557
543
966
391
748
525
522
382
603
553
569
1 021
619
512
947
1,756
1,750
2,054
2,231
1,579
1,666
1,679
2,014
1,880
2,411
3,373
1,695
1,054
1,094
1,090
1,064
1,101
1,115
1,150
1,162
1,215
1,246
1,256
1,321
1,350
225
256
282
305
365
365
386
452
494
541
386
416
475
2,319
3,560
2,950
3,562
3,493
2,851
2,812
2,991
3,288
3,154
4,302
4,896
3,082
1,562
2,802
2,191
2,802
2,732
2,089
2,050
2,229
2,525
2,392
3,540
4,134
2,320
Revised.
Details on collection basis given in table below.
Total receipts less social security employment taxes which are appropriated directly to the Federal old-age and survivors insurance trust fund.
Excess of receipts (+) or expenditures (—).
INTERNAL REVENUE COLLECTIONS
[On basis of reports of collections. In millions of dollarsl
Income taxes
Period
Total
Current Current
indivi- corporation
dual
Miscellaneous internal revenue
Back
taxes
Excessprofits
taxes
Other
profits
taxes
Total
Capital
stock
tax
Estate Alcoholic Toand
bacco
gift beverage
taxes
taxes
taxes
Fiscal year ending:
June 1941
June 1942
3,471
8,007
1,314
3,108
1,649
2,764
306
460
164
1,618
37
57
2,955
3,838
167
282
407
433
820
1,048
698
781
1941—Nov
Dec
1942—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
66
769
143
337
3,073
295
205
2,131
222
164
2,123
220
185
10
241
38
210
1,457
132
12
715
53
32
662
19
19
33
426
23
48
832
44
84
766
83
53
781
109
67
16
26
61
51
56
73
33
55
29
26
23
27
24
7
69
18
25
717
44
68
584
53
49
641
58
73
1
6
3
2
11
3
7
11
2
3
17
7
2
361
352
370
324
355
294
277
284
459
340
315
348
478
76
50
3
1
31
24
37
36
105
43
25
25
46
30
28
35
27
90
93
101
78
85
81
84
86
114
123
111
119
104
62
58
70
60
62
63
66
71
74
74
77
83
79
JANUARY 1943
i"
185
Manufacturers' MiscelStamp
and
taxes retailers' laneous
taxes
excise
taxes
39
42
3
4
5
3
3
3
3
3
3
3
3
3
3
617
852
207
401
72
93
103
81
64
70
63
56
62
60
56
66
47
2630
52
66
36
33
35
42
160
51
39
42
32
73
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
[Based on compilation by United States Treasury Department. In million of dollars.]
PRINCIPAL ASSETS AND LIABILITIES OF GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
Liabilities, other than
Assets, other than interagency items
interagency items
End of month
1941—June
Total
assets
other
than
interagency
Loans
Preferred
stock,
etc.
Cash
Securities
Accounts
U.S.
and
Govt.
direct Other1 other
receivand
guaranables
teed
Business
property
Property
held
for
sale
Bonds, notes,
and debentures
Other
assets
Fully
guaranteed
Other*
PriU.S.
Govern- vately
ment
owned
Other
liabili- interest interest
ties
by
U.S.
13,277
8,106
698
376
925
18
598
636
1,497
423
6,370
1,443
1,604
3,436
424
14,452
14,580
14,660
14,908
15,224
15,750
. . . . . . . 16,656
17,343
June
17,962
July
18,482
Aug
19,401
Sept
19,974
Oct
20,534
8,368
8,337
8,487
8,388
8,396
8,407
8,567
8,356
8,379
8,307
8,233
8,190
8,159
665
664
680
675
663
658
650
649
648
642
626
623
622
489
502
496
560
582
621
645
732
403
407
609
625
581
1,016
1,021
999
1,027
1,058
1,060
1,076
1,088
1,097
1,113
1,144
1,197
1,219
20
26
46
52
53
54
54
55
57
58
57
56
60
810
751
574
604
600
632
621
733
774
773
853
689
698
714
751
782
792
815
833
859
879
924
952
976
1,805
1,879
1,891
1,964
2,017
2,262
2,717
3,067
3,512
3,808
4,177
4,287
4,710
590
702
773
887
6,938
6,324
6,324
5,705
5,697
5,690
5,688
5,687
4,568
4,581
4,592
4,574
4,265
1,416
1,393
1,392
1,402
1,396
1,433
1,431
1,440
1,442
1,443
1,445
1,434
1,413
1,952
1,974
2,049
2,111
2,372
2,497
2,656
2,950
3,265
3,457
3,691
4,154
4,185
3,718
4,459
4,464
5,256
5,372
5,694
6,444
6,828
8,249
8,562
9,234
9,373
10,230
428
430
431
432
434
435
436
437
438
438
439
439
442
1941—Oct
Nov
Dec.
1942—Jan,
Feb
Mar
Apr.
May
1,065
1,088
1,073
1,264
1,511
1,830
2,233
2,495
2,778
2,979
3,119
LOANS BY GOVERNMENT CORPORATIONS AND CREDIT AGENCIES, OTHER THAN INTERAGENCY LOANS
: End of month
Home mortgage and
housing
Farm
agencies 3
gage
ReconstrucFed.
Total2 tion Home Feder- RFC
Fed.
Fed.
Na- Public
loans
Fial
Mort- tional
Farm
nance OwnHousHome
Mortgage
ers'
Corp. Loan Loan Com- Morting
gage
gage Auth.
Corp.
Corp. banks pany Assoc.
mortloans
Other farm credit loans
Rural ExElecFed.
trifica- portImFeder- inter- Banks Com- Farm Farm tion
port
medi- for co- modity Credit Secur- Ad- Bank
al
ate opera- Credit Ad- ity Ad- min.
land
banks credit tives Corp. min. min.
banks
1941—June
8,106
1,082
1,870
170
65
194
316
630
1,818
255
1941—Oct
Nov
Dec
1942—Jan
Feb..
Mar
Apr
May
June
July
Aug
Sept
Oct
8,368
8,337
8,487
8,388
8,396
8,407
8,567
8,356
8,379
8,307
8,233
8,190
8,159
1,393
1,368
1,433
1,417
1,464
1,470
1,469
1,468
1,473
1,479
1,496
,527
,533
1,809
1,794
1,777
1,758
1,742
1,724
1,709
1,692
1,676
1,657
1,640
1,622
,603
184
187
219
206
197
192
18.5
181
193
174
160
145
131
73
72
72
74
75
75
77
79
82
83
85
88
91
203
205
207
210
211
214
215
216
216
215
215
215
214
328
329
367
388
352
379
371
365
384
388
357
360
377
610
604
597
590
586
580
575
567
562
554
547
539
528
1,786
1,776
1,764
1,753
1,746
1,731
1,721
1,715
1,706
1,692
1,679
1,663
1,645
236
230
235
238
251
267
280
282
289
291
287
270
248
74
101
109
113
111
110
106
102
99
101
104
104
112
130
Other
244
263
461
289
114
261
174
198
233
240
230
218
393
230
231
201
181
173
188
253
252
250
249
253
258
260
258
258
256
254
250
244
466
464
467
398
420
436
450
456'
460
458
457
456
453
315
319
323
327
330
334
336
340
342
343
344
344
344
143
138
139
140
141
137
137
112
113
115
117
117
119
294
293
291
289
288
286
287
296
293
297
310
309
311
SELECTED ASSET ITEMS OF GOVERNMENT CORPORATIONS AND CREDIT AGENCIES, OTHER
THAN INTERAGENCY ITEMS
Loans by Reconstruction
Finance Corporation
End of month
Total
1941—June
1,082
1941—Oct
Nov.
Dec
1942—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
1,393
1,368
1,433
1,417
1,464
1,470
1,469
1,468
1,473
1,479
1,496
1,527
1,533
Accounts and other
receivables
Preferred stock held
Property held for sale
ReconLoans Loans
Recon- Home
Fed. land ComCom- Home
War
to fistruc- Owners'
banks and modity struction
modity Owners'
Finance
to
nancial
Other
tion
Loan Other Fed. Farm Credit
Other Corpo- Credit Loan
Other ]
railinstiFinance CorpoMortgage Corpo- Corp. and
rations Corpo- CorpoCorp. ration
tutions roads
ration war corCorp.
ration ration
porations
193
175
172
165
150
151
149
149
146
144
143
144
153
153
480
409
458
458
473
472
473
475
477
473
472
472
472
473
472
760
738
795
795
840
846
843
849
857
864
880
901
908
429
183
405
404
401
398
393
388
381
379
378
377
372
369
368
175
175
175
173
167
167
167
167
167
162
153
152
152
86
85
85
104
104
103
103
102
103
103
103
101
102
102
219
79
68
232
257
753
319
168
228
220
219
216
220
216
221
222
225
226
231
226
225
219
150
34
65
55
80
40
83
96
107
35
61
80
135
144
80
228
237
241
247
251
254
270
307
302
296
349
294
293
536
622
703
789
934
814
812
749
740
654
612
298
292
288
286
284
280
276
270
262
258
252
244
238
157
153
151
149
145
146
138
135
141
139
138
138
136
76
74
82
90
121
151
144
238
484
490
1,224
1,460
1,690
2,041
2,285
2,561
2,619
2,921
8f3
972
1,068
1,126
1,226
1,286
1,415
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 Board. Loans by these institutions amounted to $1,863,000,000 on October 31, 1942.
74
FEDERAL RESERVE BULLETIN
BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Year and
month
ncome
payments 1
(value)
935-39
= 100
Manufactures
Total
Durable
Adjusted
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
122.9
109.1
92.3
70.6
1939
August
September
October
November
December
106.1
107.3
109.3
109.9
111.3
1940
January
February
March
April
May
June
July
August
September
October
November
December
Construction
contracts
awarded (value)3
1923-25 = 100
Industrial production
(physical volume) 2 *
1935-39 = 100
Adjusted
Unadjusted
Nondurable
Minerals
84
93
53
81
103
95
107
114
107
117
132
98
67
41
54
65
83
108
122
78
109
138
193
62
60
57
67
72
69
76
79
83
85
93
84
79
70
79
81
90
100
106
95
108
113
135
71
83
66
71
98
89
92
100
100
99
107
93
80
67
76
80
86
99
112
97
106
117
125
106
114
121
124
125
106
119
126
126
122
108
118
130
134
138
108
111
115
117
117
92
114
119
120
114
110.7
110.7
110.3
110.6
112.0
112.1
112.8
113.9
115.5
117.2
117.7
121.3
122
116
113
113
116
122
122
124
127
131
134
139
117
114
112
112
117
122
120
124
132
136
136
136
134
123
118
116
124
133
136
143
151
155
157
164
113
110
107
107
110
114
113
112
112
117
120
124
119
115
118
119
118
119
120
115
117
114
118
119
1941
January
February
March
April
May
June
July
August
September....
October
November....
December....
123.4
125.4
127.2
129.4
133.6
137.0
138.9
141.1
143.1
145.4
146.5
154.7
141
144
147
144
155
160
160
161
161
164
167
168
136
140
145
144
155
160
159
163
167
168
167
164
171
176
180
180
190
195
199
200
202
208
209
214
123
126
128
131
135
139
138
139
137
139
144
141
i942
January
February
March
April
May
June
July
August
September....
October
November
December
156.1
157.4
157.8
160.9
161.9
165.8
168.7
171.6
172.8
p
175.5
172
172
172
174
175
176
179
183
186
189
,166
167
168
172
175
177
180
187
192
194
?192
e
190
224
227
231
234
239
244
249
257
263
272
^277
e
281
143
142
139
139
138
136
138
140
141
143
P144
e
145
p
2
3
4
Residential
All
other
AdAdAdAdAdAdAdusted justed justed justed justed justed justed
72
75
58
73
88
82
90
96
95
99
110
91
75
58
69
75
87
103
113
89
108
123
156
78.7
87.1
101.3
107.7
98.5
105.5
113.8
137.0
Total
Factory
employment 4
1923-25 = 100
63
63
56
79
84
94
122
129
129
135
117
92
63
28
25
32
37
55
59
64
72
81
122
44
30
44
68
81
95
124
121
117
126
87
50
37
13
11
12
21
37
41
45
60
72
79
90
65
88
86
94
120
135
139
142
142
125
84
40
37
48
50
70
74
80
81
89
149
DepartFreight- ment
store
car
sales
load(valings*
.923-25 .935-39 ue)* 5
= 100 1923-25
= 100
= 100
Factory
Unadjusted
Unadjusted
Adjusted
106.7
107.1
82.0
90.7
103.8
96.4
99.8
101.7
99.5
99.7
106.0
92.4
78.1
66.3
73.4
85.7
91.3
99.0
108.6
90.9
99.9
107.5
127.7
98.0
117.2
75.6
81.2
102.9
96.0
101.1
104.2
102.4
103.5
110.4
89.4
67.8
46.7
50.1
64.5
74.1
85.8
102.5
78.5
92.2
105.4
148.8
Wholesale
of
com- Cost
living M4
modity4 1935-39
prices
100
1926
= 100
Adjusted
Unadjusted
Unadjusted
120
129
110
121
142
139
146
152
147
148
152
131
105
78
82
89
92
107
111
89
101
109
130
78
94
87
88
98
99
103
106
107
108
111
102
92
69
67
75
79
88
92
85
90
94
110
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
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
78
76
82
101
107
99.0
100.8
104.8
107.0
108.2
99.5
103. T
107.3
107.5
107.8
91.2
95.4
103.2
103.2
105.4
101
111
114
114
110
90
92
93
95
75.0
79.1
79.4
79.2
79.2
75
63
62
64
64
74
85
90
93
95
111
115
93
68
66
66
65
77
91
98
101
103
130
136
107.6
105.8
104.0
102.8
102.8
103.9
105.1
107.4
108.9
111.4
114.2
116.6
105.0
105.0
104.4
103.2
102.5
103.1
103.2
107.4
111.4
113.8
114.7
116.2
99.8
99.3
99.8
97.9
97.8
99.5
98.2
105.5
111.6
116.2
116.4
122.4
111
105
100
103
106
HI
110
112
112
110
116
119
92
90
89
89
89
91
92
98
97
94
100
101
79.4
78.7
78.4
78.6
78.4
77.5
77.7
77.4
78.0
78.7
79.6
80.0
'KHL5*
119
119
126
96
126
133
131
133
131
131
131
132
103
99
94
103
101
117
139
152
161
145
138
123
117
118
109
121
111
129
158
184
206
192
189
167
118.3
118.6
119.4
122.0
124.9
128.7
133.3
133.3
132.3
132.8
134.4
134.9
115.5
117.8
119.9
122.6
124.9
127.9
130.6
133.1
135.2
135.4
134.8
134.2
120.7
126.8
131.2
134.7
144.1
152.2
152.7
158.1
162.6
167.0
165.4
169.9
122
124
126
112
135
139
138
139
130
127
135
137
101
103
103
104
105
104
115
134
116
105
116
111
80.8
80.6
81.5
83.2
84.9
87.1
88.8
90.3
91.8
92.4
92.5
93.6
100.8
100.8
101.2
102.2
102.9
104.6
105.3
106.2
108.1
109.3
110.2
110.5
131
129
127
130
129
133
132
133
130
126
118
128
125
128
158
193
206
182
179
185
P1S0
147
151
149
165
226
288
313
278
268
269
P259
135.7
135.1
134.7
136.0
137.7
140.1
143.9
145.0
*>145.0
132.5
133.8
135.1
136.6
137.8
139.4
142.4
145.9
2*148.2
173.5
178.3
182.9
188.0
193.5
198.2
204.6
214.7
140
139
136
143
143
141
142
143
136
133
134
138
126
124
117
108
104
121
130
123
128
138
96.0
96.7
97.6
98.7
98.8
98.6
98.7
99.2
99.6
P100.0
^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
101
115
112
105
87
74
69
82
100
95
82
76
76
74
65
70
83
100.6
99.8
100.4
100.2
100.1
100.7
Preliminary. * Average per working day. r Revised. e Estimated. 1 Department of Commerce series on value of payments to individuals.
For indexes by groups or industries, see pp. 76-79; for description, see BULLETIN for September 1941, pp. 878-881, and for August 1940, pp. 753-771.
Based on F.« W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 84.
The unadjusted indexes of employment and payrolls, wholesale commodity prices, and cost of living are compiled by or based on data of the Bureau
of Labor Statistics. The Bureau has comprehensively revised its series on employment and payrolls. Indexes on the old basis are not available since
September.
New indexes are shown on page 14.
£
For sales comparisons by cities and by departments see pp. 86-87 of this BULLETIN.
Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882 and Sept. 1941, pp. 933-937; for factory employment and payrolls
October 1938, pp. 838-866, October 1939, pp. 879-887, and February 1941, p. 166; for department store sales, October 1938, p. 918, andjjanuary 1941, p. 65;
for freight-car loadings, June 1941, pp. 529-533.
JANUARY 1943
INDUSTRIAL PRODUCTION, BY INDUSTRIES
{Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.
1935-39 average = 100]
1941
1942
Industry
Oct.
Nov.
Dec, Jan.
Feb. Mar. Apr. May June
July Aug. Sept. Oct. Nov
Industrial Production—Total
164
167
168
172
172
172
174
173
176
179
183
186
P
Manufactures—Total
no
173
174
179
180
180
181
183
184
188
192
196
p
208
139
209
144
214
141
224
143
227
142
231
139
234
139
239
138
244
136
257
140
263
141
P
272
p
192
192
191
192
194
200
199
200
197
249
138
196
197
199
207
184
207
179
409
184
207
177
420
190
205
176
411
189
209
176
449
189
211
178
448
192
218
182
477
192
219
181
487
191
219
182
488
193
216
178
489
192
216
175
506
190
218
177
507
194
219
179
503
199
229
186
536
232
230
243
250
259
268
273
279
287
289
299
306
314
278
305
314
330
350
372
396
425
458
481
120
118
105
105
112
116
124
2
2
2
Durable
Nondurable1
Iron and Steel ...
--.-,.
Pig iron
Steel
Open hearth and Bessemer
Electric
189
201
143
P192
p
203
nn
p
144
203
199
224
182
p 527
320
Machinery
Government Arsenals and Quartermaster Depots
Transportation
Equipment
Aircraft
Automobile bodies, parts, and assembly
Automobile factory sales
Railroad cars
Locomotives
Shipbuilding
Private yards
Government yards
Nonferrous Metals and Products
Nonferrous metal smelting
Copper smelting
Zinc smelting.
Lead production
Copper deliveries
Lead shipments
Zinc shipments
Tin consumption
Lumber and Products
Lumber
Furniture
Stone, Clay, and Glass Products
Cement
Unglazed brick
Glass containers
Polished plate glass
Textiles and Products
Textile fabrics
Cotton consumption
Rayon deliveries
Silk deliveries
Wool textiles.
Carpet wool consumption
Apparel wool consumption
Woolen yarn
Worsted yarn
Woolen and worsted cloth
Leather and Products
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Shoes
Manufactured
Food Products
Wheat flour
Cane sugar meltings
Manufactured dairy products
Ice cream
Butter
Cheese
#
Canned and dried milk
269
276
1,290
146
110
278
335
1,340
142
123
264
338
634
645
185
190
193
191
187
147
137
177
119
217
150
139
179
127
226
151
141
182
122
230
153
140
184
131
235
157
141
189
140
224
143
153
147
155
145
171
152
135
135
138
129
146
128
148
132
149
158
162
159
145
167
102
104
107
2
(2)
180
177
182
157
147
184
134
208
161
155
185
132
195
163
161
184
205
151
148
145
146
143
144
134
133
134
138
153
143
147
128
145
127
146
124
152
167
199
189
169
152
144
164
153
169
105
191
152
165
67
249
160
184
65
236
152
178
49
188
133
187
41
161
119
176
43
150
156
154
158
156
153
143
161
172
10
164
133
199
157
185
164
148
167
179
15
166
133
200
156
184
170
146
155
179
148
169
180
147
174
174
143
169
175
178
164
209
159
195
182
161
78
202
163
173
183
153
79
191
165
148
172
125
134
128
127
129
138
107
121
123
134
145
108
123
134
123
135
89
117
131
130
148
86
119
125
134
141
137
101
112
148
158
106
158
197
103
139
147
146
r
103
r
l72
224
2
2
p
501
p
515
136
(2)
?
188
189
189
190
133
136
127
123
125
127
143
125
132
119
130
145
123
131
137
130
148
134
147
146
104
178
35
145
92
163
37
150
90
145
49
160
87
153
36
167
174
178
163
38
169
34
157
156
152
154
154
156
162
32
156
P156
148
177
170
146
175
169
143
169
169
145
166
168
144
169
169
146
172
170
147
172
r
174
171
177
148
70
196
161
143
167
153
34
203
173
164
177
150
5
201
172
168
179
151
46
194
165
166
172
160
43
208
175
176
184
154
27
206
173
173
177
155
34
198
r
175
168
179
157
43
205
178
171
175
121
127
126
126
117
108
105
116
127
139
93
120
117
127
139
96
120
116
130
147
91
115
124
128
147
95
104
125
122
142
88
94
129
117
143
80
79
118
115
139
95
70
103
114
135
r
96
76
99
121
143
100
81
112
140
140
136
136
134
138
143
143
P149
109
108
110
101
98
106
105
101
108
115
155
154
104
176
240
154
155
106
172
234
150
150
107
182
220
146
147
108
192
198
151
160
110
195
187
142
154
108
159
164
143
153
108
163
172
102
153
167
100
142
168
139
188
102
105
r
142
145
111
183
178
r
138
145
105
157
168
r
139
p
146
P130
p
139
p
152
p
126
129
p
143
r
Revised. / P r e l i m i n a r y .
* Included in total and group indexes b u t not available for publication separately.
Beginning in January 1942 includes industrial alcohol produced in the alcoholic beverage industry. Figures n o t available for publication separately.
2
Beginning in December 1941 this series dropped from the index of industrial production and its weight transferred to the automobile bodies, parts,
and assembly series, which is more representative of production by the automobile industry.
1
76
FEDERAL RESERVE BULLETIN
Industrial Production, by Industries {Adjustedfor Seasonal Variation)—Continued
[Index numbers of the Board of Governors.'
1935-39 average = 100]
1942
1941
Industry
Oct.
Manufactured Food Products—Continued
Meat packing
Pork and lard
.
Beef
Veal .
L a m b and mutton
Other manufactured foods
Alcoholic Beverages
Malt liquor
Whiskey
Other distilled spirits
Rectified spirits
Cigars
Cigarettes
Manufactured tobacco and snuff
Dec.
Jan.
Feb.
Mar.
Apr.
Aug.
Sept. Oct.
May
June
July
146
168
130
103
116
147
153
174
136
113
127
146
159
187
129
127
137
154
145
157
133
129
141
152
133
148
123
108
103
135
135
148
124
114
111
144
142
161
127
98
117
137
148
165
138
96
113
140
141
151
139
96
113
142
144
161
132
98
128
138
142
156
134
96
119
137
140
163
121
94
105
136
153
177
137
103
104
140
, .... 129
109
116
139
133
116
109
111
104
127
142
138
128
117
62
44
201
114
63
53
153
115
55
80
158
104
63
61
163
119
96
83
218
130
82
99
285
147
49
45
r
224
147
14
67
174
. .
Tobacco Products
Nov.
Nov.
145
163
122
135
156
129
107
178
138
110
81
139
120
123
91
121
102
120
77
250
243
128
74
75
r
242
128
132
129
132
130
125
127
122
122
121
130
133
145
140
112
144
104
115
149
106
139
136
95
129
144
99
126
144
93
121
137
94
120
140
97
108
140
89
112
136
94
109
136
89
112
152
88
107
159
91
116
172
102
98
174
98
146
153
155
154
149
150
148
145
134
127
131
130
134
151
r
174
130
145
r
215
r
167
147
158
147
110
r
150
140
138
160
185
141
167
225
178
156
167
160
110
161
153
140
162
179
129
153
225
171
160
186
157
106
145
152
147
161
181
135
153
221
177
158
175
151
107
151
166
147
155
180
131
154
224
173
151
163
144
110
146
168
142
156
189
138
155
239
181
151
162
150
106
140
164
148
153
183
129
148
236
174
148
154
146
109
135
169
151
149
184
120
147
245
173
143
144
147
104
124
175
153
136
177
116
129
228
173
129
120
138
103
110
178
142
127
164
113
127
211
157
122
115
132
103
109
148
132
132
169
117
125
221
161
126
121
125
lr8
113
161
134
131
162
112
126
211
154
126
123
125
106
117
166
125
135
162
115
137
208
153
131
128
130
107
130
170
125
127
136
130
128
125
121
117
112
104
106
111
109
116
105
111
115
104
103
103
98
100
97
103
108
101
102
133
135
139
135
131
126
119
117
114
117
120
120
121
129
131
129
129
121
154
145
462
133
134
129
137
123
153
145
r
433
135
139
130
132
126
160
151
474
131
134
123
133
120
161
152
472
126
125
128
131
128
161
152
493
120
117
124
131
113
160
151
476
112
106
126
126
106
162
152
494
109
103
122
122
101
164
154
511
107
99
125
123
99
164
154
509
109
102
129
117
103
163
153
502
113
106
133
117
106
165
155
505
113
106
136
112
109
166
155
523
115
108
136
113
112
166
155
524
149
152
156
161
161
165
167
172
174
173
173
180
p
137
103
104
94
103
104
102
67
67
64
33
32
33
28
28
27
131
131
132
131
129
129
133
132
133
130
126
p
129
129
128
125
122
126
125
128
128
129
128
123
p
131
120
128
127
101
132
130
92
132
129
89
132
120
110
128
146
113
114
178
114
107
173
105
108
168
127
113
160
156
112
152
160
118
144
134
120
130
110
122
2*133
2*121
2*126
.
146
147
r
l52
151
142
p
Iron ore shipments
Copper
Lead
Zinc
Gold
182
151
119
134
130
108
202
152
127
131
116
106
r
Paper and Paper Products^ . ..
Paper and pulp
Pulp..
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
Paperboard
. .
Fine paper
Newsprint production
Printing paper
Tissue and absorbent paper
Wrapping paper
Printing and Publishing*
Newsprint consumption
Petroleum and Coal Products
Petroleum refining
Gasoline .
Fuel oil
Lubricating oil
Kerosene
Coke
Byproduct coke
Beehive coke
Chemicals
.
148
137
ioo
110
^109
166
156
501
181
134
Rubber Products
Rubber consumption
Tires and tubes
Pneumatic tires
Inner tubes
Minerals—Total
128
Fuels
Bituminous coal
Anthracite
.
Crude petroleum
Metals
r
r
p
.
....
r
152
205
157
122
138
125
105
r
150
r
209
161
131
138
113
105
r
153
r
214
158
140
146
118
101
26 .. 25
25
26
27
27
127
130
r
r
220
162
134
106
r
216
164
132
109
r
158
r
r
r
236
*
*
r
r
r
l56
r
232
174
*
106
r
r
104
155
245
*
98
151
238
•
*
99
146
227
r
2l8
130
128
141
210
•
*
88
Revised
Preliminary.
* Included in total and group indexes but not available for publication separately.
Includes also paperboard container production held constant, on a seasonally adjusted basis, at 128 since July 1940 when figures were last reported.
2
Includes also printing paper production shown under "Paper."
NOTE.—For description and back figures see BULLETIN for September 1941, pages 878-881 and 933-937, and August 1940, pages 753-771 and 825-882.
1
JANUARY 1943
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
1935-39 average = 100]
1941
1942
Industry
Oct.
Nov.
Dec Jan.
Feb. Mar.
Apr.
May
June July
Aug. Sept.
Oct.
Nov.
Industrial Production—Total
168
167
164
166
167
168
172
175
177
180
187
192
194
p
Manufactures—Total
173
173
171
173
175
177
181
183
185
189
196
202}
204
*>203
210
143
209
144
211
138
216
137
221
138
228
137
234
138
240
137
246
136
251
139
260
144
266
150
275
147
P277
PU3
192
192
191
192
194
199
200
197
196
197
199
207
203
184
207
179
409
184
207
177
420
190
205
176
411
189
209
176
449
189
211
178
448
192
218
182
477
192
219
181
487
191
219
182
488
193
216
178
489
192
216
175
506
190
218
177
507
194
219
179
503
199
229
186
536
199
224
182
527
232
230
243
250
259
268
273
279
287
289
299
306
278
305
314
330
350
372
396
425
458
481
502
P515
120
118
105
105
(2)
104
(2)
107
112
116
124
(2)
131
188
189
189
190
Durable
192
Nondurablei
Iron and Steel
Pig iron
Steel
Open hearth and Bessemer
Electric
^
Machinery
Government Arsenals and Quartermaster Depots
Transportation
Equipment
Aircraft. ;
.
Automobile bodies, parts, and assembly
Automobile factory sales
Railroad cars
Locomotives
Shipbuilding
Private yards
..,
Government yards.
,
Nonferrous Metals and Products
Nonferrous metal smelting
Copper smelting
Zinc smelting
Lead production
Copper deliveries
Lead shipments
Zinc shipments
Tin consumption
,
,
,
Lumber and Products
Lumber
Furniture
276
1,340
142
123
264
338
634
645
185
190
192
191
187
180
177
182
147
137
177
119
217
151
139
179
128
226
153
140
184
131
235
152
156
147
184
131
208
*
148
164
161
184
147
155
157
141
189
140
224
*
151
162
155
185
135
195
143
151
152
141
182
124
230
*
145
165
145
146
145
134
128
122
128
129
132
135
138
140
138
135
135
138
159
124
154
131
138
139
141
137
139
136
134
137
131
142
158
151
160
183
115
171
37
186
111
151
32
195
104
167
30
200
202
186
166
38
167
37
171
39
152
154
154
156
156
146
172
170
147
172
r
174
155
34
198
175
168
179
157
43
205
178
171
175
113
155
112
142
118
147
120
147
2
127
142
187
143
175
Stone, Clay, and Glass Products.
Cement
Unglazed brick
Glass containers
Polished plate glass
Textiles and Products'.
r
269
1,290
146
110
278
335
169
147
138
132
140
151
2
163
p
157
163
,
,
185
170
172
117
171
166
170
120
153
137
153
137
97
165
68
132
83
164
47
141
90
176
43
161
116
176
43
..,...«..,
,.
150
156
154
158
156
153
157
.178
118
.190
35
156
Textile fabrics
.#
Cotton consumption...
Rayon deliveries
Silk deliveries
Wool textiles
Carpet wool consumption
Apparel wool consumption
Woolen yarn
Worsted yarn
Woolen and worsted cloth
.,
,.
143
161
172
10
164
133
199
157
185
164
148
167
179
15
166
133
200
156
184
170
146
155
179
148
169
180
147
174
174
143
169
175
148
177
170
146
175
169
143
169
169
145
166
168
144
169
169
178
164
209
159
195
182
161
78
202
163
173
183
153
79
191
165
148
172
148
70
196
161
143
167
153
34
203
173
164
177
150
5
201
172
168
179
151
46
194
165
166
172
160
43
208
175
176
184
154
27
206
173
173
177
127
123
116
124
131
128
131
124
115
114'
115
129
140
103
120
125
135
151
102
119
116
125
137
91
119
110
131
149
84
119
120
138
155
98
125
126
127
140
91
119
129
130
147
90
119
131
125
144
90
102
122
118
135
90
94
114
112
133
88
78
114
112
132
100
68
117
143
139
130
124
121
121
123
130
139
156
110
10P
117
114
93
148
158
107
114
100
88
r
81
104
109
109
92
96
95
105
98
80
82
123
166
99
78
85
124
178
124
113
96
157
194
152
154
109
189
211
193
197
143
242
257
232
147
241
249
207
r
259
132
205
200
,
Leather and Products
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Shoes
Manufactured
P1S9
2
Food Products
Wheat flour
Cane sugar meltings
Manufactured dairy products
Ice cream
Butter
Cheese
Canned and dried milk
,
r
m
156
92
142
187
r
r
112
117
113
r
133
r
94
77
111
121
144
96
81
114
165
P181
P157
106
116
118
192
r
248
119
185
177
ioi
r
p
156
171
177
*107
nn
119
r
158
154
134
134
78
106
r
p
Revised.
Preliminary.
* Included in total andgroup indexes but not available for publication separately.
1
Beginning in January 1942 includes industrial alcohol produced in the alcoholic beverage industry. Figures not available for publication separately.
1
Beginning in December 1941 this series dropped from the index of industrial production and its weight transferred to the automobile bodies, parts,
and assembly series, which is more representative of production by the automobile industry.
FEDERAL RESERVE BULLETIN
Industrial Production, by Industries {Without Seasonal Adjustment)—Continued
[Index numbers of the Board of Governors. 1935-39 average = 100]
1942
1941
Industry
Oct.
Manufactured Food
Nov. Dec. Jan.
Feb. Mar.
Apr.
May
June July Aug. Sept. Oct.
Nov.
Products—Continued
Alcoholic Beverages
....
Malt liquor
Whiskey
Other distilled spirits
Rectified spirits
Printing and Publishing2 .
r
141
124
152
45
47
223
149
39
62
r
238
121
13
177
226
131
135
144
149
141
113
153
91
115
160
89
123
170
98
140
169
104
117
167
97
133
122
130
134
139
134
174
118
127
226
169
128
120
135
104
108
177
139
121
156
100
119
207
150
116
109
120
101
102
140
128
130
166
100
125
221
161
125
123
118
105
110
161
133
132
159
98
127
211
154
128
131
r
ii8
106
116
172
126
139
162
107
137
212
156
135
136
130
107
131
176
129
165
208
127
93
111
131
173
214
138
93
118
123
135
151
125
84
113
124
131
145
120
93
124
121
134
148
125
95
115
121
140
163
121
98
108
123
149
172
134
104
99
133
138
151
131
102
110
157
132
131
137
114
125
173
r
138
118
106
112
117
113
113
120
116
133
140
106
r
101
472
180
90
101
292
190
96
104
150
135
96
102
163
177
109
96
45
r
208
112
77
29
191
124
69
32
136
136
54
48
139
134
50
36
130
148
53
39
183
133
134
110
126
121
117
119
123
132
135
141
106
137
143
105
107
121
83
104
146
96
109
136
92
111
127
96
114
130
96
107
142
89
120
150
96
r
152
152
146
151
153
155
151
144
155
r
175
121
145
r
220
r
171
152
167
147
110
151
145
143
159
186
144
167
225
179
155
167
155
113
160
151
140
154
174
134
148
214
166
151
166
154
107
144
146
143
159
183
140
153
223
177
155
168
152
107
151
161
147
160
186
137
158
230
179
156
167
155
108
151
175
147
161
194
148
160
243
185
156
168
160
106
145
166
151
157
187
144
152
236
178
152
157
159
109
140
172
152
149
186
133
147
245
173
143
141
151
105
127
173
150
r
Cigars
Cigarettes
Manufactured tobacco and snufi
Paper and pulp
Pulp
G r o u n d w o o d pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
Paperboard
Fine paper
Newsprint production
Printing paper
Tissue and absorbent paper
Wrapping paper
146
147
144
142
150
170
152
178
130
116
108
146
Tobacco Products
Paper and Paper Products1
147
150
144
140
153
199
134
139
134
119
109
151
Meat packing.
Pork and lard
Beef. .
Veal
L a m b and mutton
Other manufactured foods
164
196
128
137
151
^148
137
103
132
138
131
125
126
126
123
115
103
96
102
109
120
&122
Newsprint consumption
....
112
117
117
99
102
107
105
104
98
90
95
102
109
115
Petroleum and Coal Products
....
135
136
138
132
129
122
118
117
115
117
121
122
123
132
134
130
129
121
154
145
462
134
135
130
137
126
153
145
r
433
111
104
123
131
108
162
152
494
168
110
103
122
127
101
164
154
511
108
101
123
123
97
164
154
509
25
25
*
*
*
*
*
*
*
*
*
*
130
132
131
136
137
135
121
121
121
126
129
127
v
150
129
120
145
117
121
Petroleum refining
Gasoline
Fuel oil
Lubricating oil
Kerosene
Coke
Byproduct coke
Beehive coke
....
Chemicals
153
Rubber Products
134
Rubber consumption
Tires and tubes
Pneumatic tires
Inner tubes
151
137
103
104
94
103
104
102
139
135
124
116
134 128
129
112
121
136
122
129
127
132
130
129
129
131
115
129
126
127
160
161
161
160
152
151
152
151
476
474 472 493
153 155 161 166
67
67
64
Minerals~mTo tat
126
Fuels
.
Bituminous coal
Anthracite
Crude petroleum
. .
Metals
Iron ore shipments
Copper
..
Lead
Zinc
Gold
Silver
...
132
131
146
127
127
145
103
128
181
161
281
156
119
134
152
107
231
157
128
131
132
106
33
32
33
125
28
28
27
125
26
26
27
27
118
125
166
110
105
127
115
97
163
153
502
166 167
116
109
137
112
106
166
155
523
170 175
114
109
130
116
101
165
155
505
131
130
131
144
98
129
144
104
129
141
121
127
122
140
116
115
121
150
122
109
147
115
111
144
117
113
141
122
112
140
118
121
98
91
92
96
153
189
194
194
193
236
169
135
*
*
110
371
174
*
381
j.60
140
146
106
103
23
165
131
*
110
404
*
*
*
*
97
387
*
*
*
*
97
159
124
138
130
105
158
131
138
107
106
*
105
*
*
*
100
117
111
137
113
112
166
155
524
184
mo
166
156
501
P183
*
*
*
P
133
130
185
180
P152
^124
^123
p
151
357
*
*
*
89
334
*
*
*
*
229
*
*
*
*
r
r
p
Revised.
Preliminary.
* Included in total and group indexes but not available for publication separately.
Includes also paperboard container production which has been carried forward on the basis of seasonal changes since July 1940 when figures were last
1
2
Includes also printing paper production shown under "Paper."
NOTE.—For description and back figures, see BULLETIN for September 1941, pages 878-881 and 933-937, and August 1940, pages 753-771 and 825-882.
JANUARY 1943
79
FACTORY EMPLOYMENT, BY INDUSTRIES
{Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1937.
1923-25 average = 100]
1942
Industry and group
Jan.
Feb. Mar.
Apr.
May
June
July
Aug.
Sept.
135.1 134.7
146.8 146.9
123.8 123.1
136.0
149.2
123.3
137.7
151.7
124.3
140.1
156.3
124.7
143.9
162.1
126.6
145.0
165.7
125.2
145.0
167.2
123.8
134.7 134.2
148
149
170
170
99
98
134
129
123
128
94
91
88
81
207
200
123
122
95
90
113
116
122
115
153
154
160
152
134.1
151
172
98
127
129
90
78
200
119
86
116
110
154
147
135.5 136.3
153
153
176
177
94
91
129
132
132
138
93
96
74
65
203
205
120
124
85
92
117
119
105
101
155
153
153
159
135.3
151
177
91
127
137
99
63
209
126
83
121
99
155
158
133.7
149
182
91
123
138
98
62
206
127
80
122
96
151
152
Aug.
Sept.
Oct. Nov
Dec.
133.3
141.5
125.5
132.3
141.3
123.8
132.8
142.3
123.8
134.4
143.7
125.6
135.7
134.9
146.7
144.3
125.2
126.0
Iron and Steel and Products
Blast furnaces, steel works, etc
Bolts, n u t s , washers, and rivets
Cast-iron pipe
Cutlery and edge tools
Forgings
Hardware
Plumbers' supplies
Stamped and enameled ware
Steam and hot-water heating
Stoves
Structural and ornamental metal work
Tin cans and tinware
Tools
Wirework
140.2
150
173
94
130
112
116
103
231
126
115
107
132
146
198
139.7
149
172
97
128
113
117
100
231
125
109
106
132
147
214
138.2
148
170
98
129
115
115
98
225
125
105
107
127
145
203
138.3
148
169
101
130
115
113
98
225
123
104
107
138
146
201
138.9
149
170
100
134
117
104
98
220
125
108
107
141
148
199
139.0
150
171
98
136
119
99
96
216
127
110
108
147
152
184
Machinery
Agricultural implements
Cash registers, etc
Electrical machinery
Engines, turbines, etc
Foundry and machine-shop products.
Machine tools
Radios and phonographs
Textile machinery
Typewriters
178.1
182
170
178.4
181
173
180.2
180
175
182.3
172
177
185.2
167
178
189.4 193.1 197.0 200.4 202.7 206.9 212.3
161
161
160
162
166
169
157
176
178
177
186
185
177
174
218.6 219.7
173
168
181
181
147
*
183
110
158
171
179
110
160
194
109
159
206
109
159
196
104
94
193
104
90
Transportation Equipment
Aircraft..
Automobiles 2
;
Cars, electric- and steam-railroad.
Locomotives
Shipbuilding
193.1
*
139
195.4
*
128
204.7
*
129
209.6
*
127
205.8
*
111
155
153
*
*
235
220
110
109
152
157
211.0 216.2
*
96
172
187
108
157
314.4
*
99
329.1
Nonferrous Metals and Products
Aluminumi
Brass, bronze, and copper
Clocks and watches
Jewelry
Lighting equipment
Silverware and platedjware
Smelting and refining
147.9
144. i
143.1
142.2
143.4 147.1 146.7 146.8 145. • 146.5
121
119
118
87
105
110
110
119
85
103
114
105
119
84
100
110
106
114
82
99
108
112
106
83
100
112
114
102
82
102
110
110
100
78
102
Lumber and Products . . .
Furniture
Lumber, millwork..
Lumber, sawmills..
78.4
107
76
68
77.3
103
75
68
76.4
101
76
67
76.9
104
75
67
78.1
105
75
68
79.2
106
75
70
Stone, Clay, and Glass Products.
Brick, tile, and terra c o t t a . .
Cement
Glass
Marble, granite, and slate...
Pottery
98.4
74
78
130
42
123
117.1
109.6
91
115
110
143
79
144
83
88
161
67
108
128.8
120
176
122
137
98.7 98.9
74
73
79
79
130
131
43
45
122
121
114.7 112.9
107.2 105.4
91
90
112
112
110
108
140
135
77
78
135
133
78
77
88
87
158
147
61
60
112
109
126.6 124.7
119
120
171
165
123
112
134
127
100.9
76
82
133
45
121
113.3
105.1
90
111
109
130
78
132
78
87
147
61
110
126.9
125
167
122
121
105.0
81
88
135
48
125
112.0
104.1
85
110
107
131
73
132
78
90
149
59
106
125.1
123
161
112
115
79
135
77
134
68
132
101.6
77
85
132
45
121
113.2
104.4
90
110
109
133
76
133
81
86
147
60
107
128.2
128
169
115
113
68
135
72
145
103.1
100
97
95
96
Totali
Durable goodsi
Nondurable goodsl ,
Textiles and Products
Fabrics
Carpets and rugs
Cotton goods
Cotton small wares
Dyeing and finishing textiles .
H a t s , fur-felt
Hosiery
Knitted outerwear
Knitted underwear
Knitted cloth
Silk and rayon goods
Woolen and worsted goods . . .
Wearing apparel
Clothing, men's
Clothing, women's
Corsets and allied garments . .
Men's furnishings
Millinery
Shirts and collars
Leather and Manufactures
Boots and shoes
Leather
.
97.9
94
96
98.0
75
131
99.6
96
97
104.2
101
136.
149
169
100
133
122
94
92
208
124
101
112
141
153
169
157
*
250
109
147
160
161
165
249
110
126
223
109
115
195
108
104
220^.7 230.9
*
81
79
168
*
199
107
100
246.2 268.4 295.2
*
*
89
83
96
•
103
148.0
750..!?
151.3
149.0
116
98
86
65
100
115
96
93
72
101
109
89
92
67
100
105
80
83
66
97
113
106
88
66
102
117
104
87
65
101
77.9 75.4
104
103
73
72
68
66
73.8
101
70
64
73.2
100
70
64
72.4
97
70
63
72.7
95
72
64
71.2
91
72
63
69.4
88
72
61
100.1
78
87
126
43
121
110.0
102.2
81
110
107
130
71
130
79
86
150
59
99
122.8
118
162
116
113
96.9
75
83
124
41
116
109.4
102.6
75
110
106
132
70
127
79
86
151
61
102
120.0
118
156
113
111
94.7
71
80
124
39
115
110.9
104.8
70
112
107
133
68
125
82
85
155
63
109
119.7
119
154
112
111
90.9 90.8
67
65
77
78
122
119
32
37
115
119
112.3 112.2
105.5 107.2
70
67
117
114
115
110
132
133
68
60
122
123
81
87
156
155
69
68
108
108
122.7 118.5
122
126
150
156
110
111
112
111
89.9
63
79
118
36
119
111.4
106.2
69
119
117
134
54
120
78
89
146
61
104
118.2
114
155
107
120
78
133
74
129
70
129
64
130
55
129
91.0
65
79
118
36
125
114.6
108.1
71
119
118
138
64
123
80
92
153
66
108
124.0
116
171
100
121
69
134
89.5
62
80
119
36
118
108.2
103.5
70
116
114
133
48
116
71
87
144
57
105
114.1
113
148
103
113
65
123
100.0
97
94
100.1
98
94
95.3
92
92
91.2
88
90
96.3
92
95
111
109
97
77
101
97.4
93
96
98.1
95
95
70
129
90.5
87
90
* Included in t o t a l and group indexes but not available for publication separately.
1 Indexes adjusted to Census of Manufactures through 1939. For back figures see BULLETIN for February 1941, p. 166, and for June 1941, p . 569.
1
Seasonal adjustment factors for all months changed to a constant of 100 beginning with July 1942.
NOTE.—Basic data from which these indexes are constructed have been comprehensively revised by the Bureau of Labor Statistics. October indexes
are not available and September 1942 indexes are preliminary. Seasonally adjusted indexes for durable goods and preliminary indexes for nondurable
goods and total employment are shown on page 14. Seasonally adjusted indexes for individual industries and groups will appear in a later issue of the
BULLETIN.
8o
FEDERAL RESERVE BULLETIN
Factory Employment {Adjusted)—Continued
[Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1937. 1923-25 average=100]
1941
Industry and group
Aug.
Food and Kindred Products
Baking
Beverages
Butter
Canning and preserving
Confectionery
Flour
Ice cream
Slaughtering and meat packing
Sugar, beet
Sugar refining, cane
Feb.
Mar.
Apr.
Oct.
Nov.
Dec.
Jan.
July
Aug.
Sept.
140.9
138.8 140.7
147.0
147.5
148.4
147.6 144.4
142.3 143.7
143.8 149.2
150.4
152
298
104
169
100
151
295
102
157
91
79
78
125
98
103
152
311
106
201
96
78
83
127
98
98
152
316
106
188
95
79
83
133
141
101
153
310
105
183
94
80
82
139
168
97
152
310
105
189
93
80
82
138
115
90
151
304
115
150
94
79
82
138
102
94
153
288
115
154
89
81
79
146
100
85
162
308
114
157
103
80
78
152
97
79
152.2
163
313
114
178
90
77
79
124
76
93
Tobacco Manufactures
Tobacco and snuff
Cigars and cigarettes . .
1942
Sept.
152
303
102
164
90
78
83
126
91
103
152
304
109
168
94
79
81
137
107
93
May
151
310
116
157
91
79
79
141
104
93
June
159
293
114
165
99
80
78
151
106
83
151
121
76
64.4
62.0
64.1
65.0
66.5
69.2
66.7
66.1
65.8
63.6
64.1
64.8
64.7
53
66
54
63
54
65
54
66
56
68
54
71
53
69
52
68
52
68
52
65
52
66
53
66
53
66
55
66
Paper and Printing
Boxes, paper
Paper and pulp
Book and job printing
Newspaper and periodical printing ...
125.1
124.4 124.9
124.8
125.9
125.2
123.4 122.0
121.3 119.5
118.5 117.3
116.1
143
128
106
118
141
128
105
117
139
129
107
116
140
129
107
120
142
130
107
116
139
130
103
115
133
130
101
113
126
126
99
112
119
120
100
113
Chemicals, Petroleum, and Coal Products
Petroleum refining
Other than petroleum refining
Chemicals
Cottonseed oil, cake, and meal
Druggists' preparations
Explosives
Fertilizers
Paints and varnishes
Rayon and allied products
Soap
146.3
145.7 147.1
148.2
149.2
151.8
154.7 155.9
157.4 159.1
128
129
130
131
132
152.9
154.1
157.1
160.5 161.7
Rubber Products
Rubber boots and shoes
Rubber tires and inner tubes
Rubber goods, other
138
128
108
1,17
127
127
150.9
179 •
150.3 151.7
129
101
138
180
88
141
181
95
141
184
93
144
124
148
328
99
124
145
324
96
115
144
323
94
118
144
320
94
116
144
320
95
113.3
111.6 110.1
110.1
109.4
79
87
200
75
87
196
80
86
187
78
85
189
78
86
189
187
93
146
190
93
152
120
145
313
94
99.6
73
75
175
136
130
101
114
132
192
94
152
195
90
153
139
142
308
92
111
141
309
91
'98.3
76
73
173
97.5
75
73
170
129
128
98
113
133
163.5 165.5
122
122
101
113
161.7 162 A
163,0
133
134
133
168.7 169.5
170.1
194
97
157
195
99
162
197
92
164
193
105
170
193
91
166
97
137
317
91
116
131
318
88
138
127
324
86
134
126
311
83
135
128
306
83
93.7
75
73
156
94.5
76
75
154
98.1 103.4
74
78
162
79
83
168
106.4
75
86
176
114.4
116
119
98
112
161.2
132
168.1
190
91
164
*
124
127
308
83
107.4
77
88
174
* Included in total and group indexes but not available separately.
ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS BY INDUSTRY DIVISION
[Thousands of persons]
Finance,
service,
and miscellaneous
Federal,
State, and
local government
7,043
7,017
4,266
4,273
4,503
4,540
3,365
3,351
3,366
3,408
3,435
3,446
3,471
3,490
3,482
3,466
3,502
6,907
6,862
6,812
6,690
6,695
6,610
6,609
6,607
6,523
6,619
6,676
4,271
4,263
4,260
4,257
4,257
4,266
4,296
4,317
4,313
4,324
4,333
4,605
4,719
4,803
4,863
4,943
5,060
5,255
5,366
5,462
5,601
5,680
2,091
1,880
3,382
3,344
7,146
7,511
4,229
4,227
4,535
4,584
1,662
1,594
1,625
1,771
1,909
1,991
2,108
2,181
2,185
2,028
1,810
3,288
3,270
3,295
3,389
3,442
3,485
3,519
3,533
3,542
3,539
3,517
6,756
6,686
6,711
6,679
6,667
6,606
6,504
6,496
6,561
6,697
6,773
4,179
4,180
4,194
4,265
4,309
4,324
4,355
4,371
4,397
4,327
4,295
4,558
4,692
4,794
4,856
4,958
5,037
5,184
5,323
5,520
5,672
•5,713
Total1
Manufacturing 1
Mining
Construction*
Transportation and
public
utilities
1941—November
December
35,647
35,802
13,443
13,555
969
973
2,054
2,067
3,369
3,377
1942—January
February
March
April
35,816
35,952
36,001
36,153
36,274
36,459
37,053
37 435
37,648
37,964
38,232
13,654
13 813
13,938
14,171
14,220
14,380
14,642
14 821
15,009
15,164
15,354
970
2,044
1,991
1,886
1,826
1,791
1,768
1,851
1,916
1,959
1,902
1,803
35,926
36,088
13,563
13,566
980
34,876
35,062
35,411
35,998
36,346
36,666
37,234
37,802
38,348
38,478
38,437
13,468
13,693
13,859
14,109
14,133
14,302
14,641
14,980
15,233
15,313
15,436
965
947
Year and~month
Trade
SEASONALLY ADJUSTED
Mav
June
July
August
September
October
November
UNADJUSTED
1941—November
December
1942—January
February
March
May
June
Tulv
August
September
October
November
. .
. . .
953
936
938
933
929
929
918
900
888
884
976
933
929
928
921
923
918
910
902
893
*1 Includes contract construction and Federal force account construction.
Seasonal adjustments for manufacturing have been revised back to November 1941 to agree with the new adjustments made in the manufacturing
wage earner series The new seasonally adjusted estimates for manufacturing and total are shown in this table.
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 November 1942 are preliminary. Seasonally adjusted estimates for back months are shown on page 1156 of the November 1942 BULLETIN.
JANUARY 1943
^
I
FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES
{Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1937. 1923-25 average = 100]
Factory employment
Industry and group
1
Total
Durable goods1
Nondurable goods1
Factory payrolls
1942
1941
1942
1941
Aug.
Sept.
May
June
July
Aug. Sept.
133.1
138.7
127.7
135.2 137.8
142.1 154.0
128.7 122.4
139.4
157.5
122.2
142.4
161.2
124.6
145.9
165.4
127.2
Aug.
158.1
177.6
136.3
Sept.
May
162.6 193.5
183.3 235.6
139.5 146.4
June
July
198.2 204.6
244.2 252.7
146.7 150.8
Aug. Sept
214.7
266.7
156.6
220.5
274.9
159.6
Iron and Steel and Products
Blast furnaces, steel works, etc
Bolts, nuts, washers, and rivets
Cast-iron pipe
Cutlery and edge tools
Forgings
Hardware
Plumbers' supplies
Stamped and enameled ware
Steam and hot-water heating
Stoves
Structural and ornamental metal work
Tin cans and tinware
Tools
Wirework
139.9
149
171
96
127
111
113
103
225
125
117
110
145
143
190
140.5
149
171
98
128
113
116
99
228
127
116
110
145
144
208
135.0
152
174
98
128
130
91
78
204
120
89
116
108
154
152
135.5
152
176
96
128
132
93
74
203
120
87
118
108
155
155
135.0 134.8
152
151
175
176
94
94
126
125
134
135
95
97
65
63
199
203
120
125
89
85
121
125
107
108
152
152
156
151
172.0
183
257
112
148
170
146
107
286
148
127
125
185
190
248
170.6
178
246
116
150
176
149
106
291
155
128
124
188
197
272
183.9
197
292
133
175
237
139
91
308
174
105
149
141
241
241
186.1
198
291
136
174
242
145
91
314
172
107
155
144
245
249
188.2
202
291
132
170
241
151
79
306
173
113
159
147
234
251
192.1 194.3
203
207
317
317
127
135
176
178
249
248
155
159
80
82
315
322
197
185
111
108
177
175
153
153
232
237
241
247
Machinery
Agricultural implements
Cash registers, etc
Electrical machinery
Engines, turbines, etc
Foundry and machine-shop products.
Machine tools
Radios and phonographs
Textile machinery
Typewriters
177.0
172
170
179.3 204.4
167
171
179
173
207.9
167
186
211.8
165
185
217.1
163
181
244.5
228
223
249.6 335.5
231
259
230
293
346.0
263
294
351.1
255
295
367.1
260
289
146
147
*
213
109
158
165
*
191
108
103
167
*
197
107
99
171
171
186
250
260
234
136
222
283
159
163
284
159
161
250
*
293
158
149
261
223
103
90
188
*
254
141
233
243
211
104
93
313
157
147
340
160
138
Transportation Equipment
Aircraft
Automobiles
Cars, electric- and steam-railroad —
Locomotives
Shipbuilding
172.0
191.1 255.3
*
124
311.2
*
99
326.4
*
103
224.4
*
139
252.9 408.6
*
*
159
136
435.1
*
142
475.3
*
148
519.1
*
158
555.3
*
162
Nonferrous Metals and Products
Aluminumi
Brass, bronze, and copper
Clocks and watches
Jewelry
Lighting equipment
Silverware and plated ware
Smelting and refining
145.5
146.4 145.9 146.1
146.6
149.0
150.0 182.6
213.6
218.3
223.1
232.0
236.3
118
118
112
85
104
111
120
119
86
103
109
90
88
64
100
106
89
87
66
99
106
87
83
67
97
156
113
119
94
118
185.6
355
271
149
121
138
104
118
176
108
102
81
130
178
103
103
82
134
180
99
111
81
136
171
103
111
89
135
173
105
101
85
133
Lumber and Products
Furniture
Lumber, millwork
Lumber, sawmills
81.0
108
78
71
80.4
108
76
70
Stone, Clay, and Glass Products
Brick, tile, and terra cotta
Cement
Glass
Marble, granite, and slate
Pottery...
101.3
79
84
130
45
119
101.8
79
84
130
46
121
Textiles and Products
Fabrics
Carpets and rugs
Cotton goods
Cotton small wares
Dyeing and finishing textiles
Hats, fur-felt
Hosiery
Knitted outerwear
Knitted underwear
Knitted cloth
Silk and rayon goods
Woolen and worsted goods
Wearing apparel
Clothing, men's
Clothing, women's
Corsets and allied garments...Men's furnishings
Millinery
Shirts and collars
115.4
106.9
91
110
106
136
82
142
81
86
161
68
109
129.6
123
176
119
128
115.5
106.3
91
110
108
136
79
136
83
88
161
63
111
131.3
124
178
123
131
80
134
85
136
202
108
156
163
*
196
109
116
114
96
87
66
101
271.1 292.2
•
91
96
112
91
85
65
100
375.1
246308
73.4
95
71
65
73.4
93
73
66
73.6
92
74
66
72.1
92
74
64
92.3
116
75
80
90.8 90.3
118
115
73
71
78
79
93.6
112
75
85
92.7
110
77
83
97.0
113
83
87
93.7
111
80
83
94.1
70
84
121
39
117
92.1
69
85
116
38
116
92.5
68
85
118
38
115
92.3
66
85
119
38
117
104.2
77
94
155
36
124
105.4
76
94
161
37
125
105.6
72
95
167
28
135
104.7
73
101
156
33
133
101.0 105.5
72
73
101
105
146
157
33
33
127
134
103.6
71
105
152
33
133
111.8 108.8
104.7 104.4
67
70
114
115
110
112
133
128
58
65
122
120
81
78
89
89
155
152
64
106
122.8 113.8
122
118
161
140
113
109
112
111
66
51
131
128
108.2
104.1
70
115
113
128
63
118
77
88
151
63
106
112.6
115
141
109.6
103.4
69
114
113
127
56
119
76
87
146
62
105
118.9
118
155
105
112
70
128
108.8
102.5
70
114
112
129
49
117
75
86
147
59
104
118.2
117
154
103
110
119.3
114.4
93
126
123
133
91
154
77
91
157
64
119
121.7
114
154
139
144
123.4
118.'
97
130
128
136
80
151
81
96
157
62
129
126.3
114
162
151
156
128.3
128.7
76
153
158
148
59
149
86
110
171
71
132
119.6
122
141
151
140
73
125
75
141
123.1 124.3 131.1
129.0 129.9 133.4
81
80
82
151
153
158
167
163
170
145
143
148
63
67
60
146
148
157
81
82
81
110
111
111
166
166
165
70
71
70
144
134
142
104.1 105.7 118.7
108
112
114
120
110
143
124
143
135
139
140
144
41
37
73
151
152
154
128.9
132.1
85
161
170
151
48
147
79
105
164
69
136
114.7
111
137
138
135
76
146
73.3
96
70
65
71
82
124
34
119
97
111
53
128
84
147
45
158
* Included in total and group indexes but not available for publication separately.
1
Indexes adjusted to Census of Manufactures through 1939. For back figures see BULLETIN for February 1941 p . 166.
FEDERAL RESERVE BULLETIN
Factory Employment and Payrolls—Continued
[Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1937. 1923-25 average = 100]
Factory employment
Industry and group
Factory payrolls
1941
1941
1942
July
Aug.
Sept.
Aug.
96.2
94
91
94.1
92
91.4
88
89
104.7
101
109
112.6 109.7
107
103
123
122
167.4
163
339
122
282
93
81
93
150
81
81
179.3
165
335
119
165.5
155
430
105
325
101
81
84
143
68
100
160.3
166
445
119
121
97
88
82
170
67
90
Aug.
Sept.
Leather and Manufactures.
Boots and shoes
Leather
101.1
98
95
98.9
95
97
96
94
97.1
94
93
Food and Kindred Products
Baking
Beverages
Butter
Canning and preserving
Confectionery
Flour
Ice cream
Slaughtering and meat packing
Sugar, beet
Sugar refining, cane
159.3
153
328
111
304
91
78
95
122
163.2
154
315
106
326
102
81
84
124
91
104
135.7
151
317
118
107
83
77
87
138
50
93
141.9
154
313
125
135
79
79
94
146
52
87
156.7
160
328
124
216
85
81
96
151
62
63.9
54
65
62.7
51
64
63.8
51
65
64.5
52
66
66.3
52
68
66.9
54
69
70.0
68
70
73.3
71
73
Tobacco Manufactures
Tobacco and snuff
Cigars and cigarettes
64
95
65.8
52
May
June
86
368
100
82
86
149
112
77
Sept.
May
June
July
Aug.
Sept.
110.2 107.4 110.5
103
102
106
124
117
117
170.1
175
424
129
158
99
92
91
184
71
186.5
182
468
131
274
103
98
96
188
79
196.7
187
489
132
350
116
104
92
186
101
85
209.3
190
471
128
489
126
109
87
186
133
94
77.5
78.3
75
79
84.1
78
85
83.7
80
84
76
78
Paper and Printing
Boxes, paper
Paper and pulp
Book and job printing
Newspaper and periodical printing...
123.9
142
128
106
115
124.9
145
128
105
117
119.1
127
128
98
113
117.2
123
126
97
112
115.6
119
122
99
110
115.0
118
120
99
111
114.7
119
119
98
112
130.9
182
163
99
110
131.9
169
171
95
114
130.5
164
169
93
114
128.3
159
162
96
112
129.9
163
165
96
113
130.3
165
164
95
115
Chemicals, Petroleum, and Coal Products.
Petroleum refining
Other than petroleum refining
Chemicals.
Cottonseed oil, cake, and meal
Druggists' preparations
Explosives
Fertilizers
Paints and varnishes
Rayon and allied products
Soap
143.1
128
146.7
180
71
136
*
90
145
329
97
147.6
129
152.3
182
114
143
157.8
132
164.0
194
68
157
157.6
134
163.4
197
57
158
126
136
312
87
102
132
315
85
159.9
135
166.0
194
64
163
*
98
126
307
82
233.4
187
247.8
314
68
206
*
118
162
393
122
237.4
190
252.2
309
72
212
*
121
163
400
126
246.0
199
260.6
307
147
224
*
137
164
403
134
111. 8
79
87
193
97.2
71
78
161
101.9
76
83
164
105.1
75
86
170
226.8
179
241.4
303
70
206
*
148
176
393
130
132.4
102
113
211
228.8
182
243.3
308
62
203
*
122
170
398
129
Rubber Products
Rubber boots and shoes
Rubber tires and inner tubes
Rubber goods, other
163.4
134
170.6
193
118
167
*
110
126
311
85
107.4
79
88
171
181.5
159
188.4
247
65
165
110
144
327
158.4
134
164.4
196
61
161
*
94
126
309
82
137.6
99
119
219
147.0
103
131
223
154.0
112
135
237
157.6
120
141
232
111.5
77
87
193
94.6
n
75
156
91
172
368
135
138.8
102
116
228
* Included in total and group indexes but not available separately.
HOURS!AND EARNINGS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES
[Compiled by the Bureau of Labor Statisticsl
Average hourly earnings (cents per hour)
Average hours worked per week
Industry and group
1941
Sept. Oct.
All Manufacturing
Durable Goods
Iron and Steel and Products
Electrical Machinery
Machinery Except Electrical
Automobiles
Transportation Equipment Except
Automobiles
Nonferrous Metals and Products
Lumber and Timber Basic Products
Furniture and Finished Lumber Products.
Stone, Clay, and Glass Products
Nondurable Goods
Textiles and Products
Fabrics
Wearing Apparel
Leather and Manufacturers
Food and Kindred Products
Tobacco Manufactures
Paper and Allied Products
Printing, Publishing, and Allied Industries..
Chemicals and Allied Products
Products of Petroleum and Coal
Rubber Products
40.9
41.1
June July
42.6
Aug.
1942
1941
1942
Sept.
Oct.
Sept.
Oct.
June
July
Aug.
Sept.
Oct.
86.4
88.5
88.6
42.4
42.8
42.3
43.6
75.8
77.0
84.0
85.0
44.6
45.7
84.3
85.3
93.3
94.6
96.6
99.5
98.8
87.5
87.7
93.7
94.3
91.6
98.0
116.5
96.7
92.6
99.7
116.8
99.7
96.3
101.3
118.8
99.0
94.6
101.8
117.2
' 82.1 '
82.2
92.0
110.5
95.4
67.6
68.1
79.8
114.2
97.9
68.2
69.5
81.0
111.4
97.9
69.5
70.4
82.3
42.3
42.9
45.1
44.7
45.2
40.7
41.5
42.6
42.0
46.0
48.1
43.2
42.8
46.1
48.6
44.5
42.1
45.7
47.2
43.7
43.4
46.4
48.6
44.9
43 1
42.7
44^6
38^2
39.2'
38.6'
47.3
44.5
41.0
41.6
37.7
47.1
45.0
41.7
41.5
38.7
46.6
44.3
41.0
41.0
37.9
47.1
45.3
42.5
43.1
39.8
73.6
74.4
78.0
107.5
93.5
65.6
67.3
78.7
39.5
39.1
39.6
39.6
39.9
39.5
40.6
66.8
68.0
72.7
73.2
73.8
74.9
75.7
38.3
39.1
36.7
38.0
41.6
38.3
37.6
38.8
35.4
37.7
40.9
38.7
38.6
40.2
35.1
38.1
41.5
38.5
41.7
39.1
41.5
39.3
40.4
36.8
38.8
41.9
40.4
43.3
38.5
42.5
40.5
42.7
60.3
59.5
61.6
68.5
74.3
57.5
41.2
37.8
39.4
34.6
36.6
42.0
38.6
40.8
38.2
41.7
39.5
41.5
58.1
56.6
61.1
63.5
67.9
52.7
40^7
38.8
40.3
35.9
38.2
41.5
39.4
41.4
38.0
41.9
39.5
42.2
56.9
55.1
60.2
63.0
65.7
52.5
38^5
38.2
39.8
34.7
38.1
41.9
38.5
40.4
37.9
41.6
39.4
41.4
61.1
60.4
62.8
68.7
73.5
57.5
75.2
95.1
88.1
89.4
104.1
92.6 ' 93.3
62.7
61.9
64.2
68.7
73.2
58.7
75.8
95.2
89.3
105.4
93.6
64.1
63.6
65.2
70.5
72.8
59.1
76.6
96.0
89.7
108.8
94.8
64.7
64.2
65.8
71.1
75.7
59.6
77.1
97.2
88.0
108.1
94.8
77.6 ' ' 79.4 '
85.9 '
86.5
NOTE .—Figures for July 1942 and subsequent months are revised data, prepared by the Bureau of Labor Statistics. The industry groups on the revised
basis are based on the classification of the 1939 Census of Manufacturers. Figures for earlier months are not strictly comparable, but have been shown for
those groups and totals for which the comparability with late months is very close.
JANUARY
1943
CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF C O N S T R U C T I O N
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars]
Month
1942
1941
305.2
316.8
270.4
433.6
610.8
479.9
498.7
406.7
673.5
548.7
539.1 1,190.3
577.4
943.8
721.0
760.2
723.2
623.3
780.4
606.3
458.6
431.6
January...
February
March
April
Mav
June
July
August
September
October
November
December
6 007 5
Year
1
Nonresidential building
Residential
building
1942
1941
1942
111.3
116.5
147.9
166.5
201.3
205.6
205.0
231.5
175.7
171.8
116.5
104.3
102.8
168.0
219.3
162.1
148.0
185.5
127.4
100.6
126.7
161.2
55.9
37.8
121.8
66.2
81.1
102.3
109.8
135.7
113.5
118.6
122.7
116.1
75.4
84.5
112.7
145.1
178.0
271.8
303.5
261.1
377.8
240.3
1941
1,181.5
1 953.8
26.9
20.9
33.1
36.2
50.8
35.7
37.2
69.8
51.9
48.6
29.3
30.7
1942
1941
11.6
17.7
21.8
36.8
30.9
23.8
46.2
34.7
21.3
7.9
10.4
11.2
17.1
13.5
19.1
11.7
6.1
8.2
18.9
13.9
7.3
8.8
471.2
1942
9.1
9.2
10.7
12.4
10.1
15.4
26.6
17.1
6.2
10.6
Otherl
1941
24.2
23.5
36.1
29.7
53.5
49.0
54.5
69.4
44.7
88.5
33.6
15.3
1942
1941
1942
21.0
54.2
71.6
46.5
86.0
234.9
124.3
107.7
76.8
103.3
75.1
63.9
130.6
96.9
144.9
133.0
151.7
242.0
229.3
165.0
149.2
156.3
90.9
95.9
159.7
101.7
227.7
436.4
327.3
213.2
129.6
246.2
1,738.0
522.1
140 9
Not strictly comparable with data for years before 1938 due to changes in classification.
C O N S T R U C T I O N CONTRACTS AWARDED, BY O W N E R S H I P
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in millions of dollars]
CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS
[Figures for 37 States east of the Rocky Mountains, as reported by the F.
W. Dodge Corporation. Value of contracts in thousands of dollars]
Public ownership 1 Private ownership 1
Total
1942
1940
January
February
March
April
May
June
July
August
September
October
November
December
Year
196
201
272
301
329
325
399
415
348
383
380
456
1941
1942
317
305
434
270
611
480
499
407
674
549
539 1,190
944
577
721
760
723
623
780
606
654
459
432
4,004 6,007
1940
93
82
95
103
112
147
205
195
144
175
195
258
1941
1942
1941 1942
1940
124
198
105
310
269
473
184
355
267
569
314 1,105
348
876
520
633
403
661
371
710
298
592
288
104
119
177
197
217
177
194
220
204
209
186
198
1,802 3,492
181
166
211
223
281
225
229
240
220
235
161
144
119
123
138
144
105
85
68
88
62
71
62
November
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
Total (11 districts)
2,202 2,515
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION!
[In millions of dollars]
Title I Loans
Year or month
Total
Property
improvement
320
557
495
694
954
1,026
1,186
224
246
60
160
208
251
262
1941—Nov
Dec
1942—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Small
home
construction
1- to 4family
houses
(Title
ID
Rental
War
and
group housing
housing (Title
VI)
(Title
II)
13
25
26
21
2
2
11
48
51
13
13
107
112
24
18
1
2
77
88
2
111
93
93
83
92
96
97
89
95
99
92
16
12
10
13
15
13
11
10
10
11
10
2
1
2
2
2
2
1
1
*
1
1
87
71
68
55
60
66
63
52
48
44
39
*
" "i"'
I
I
*
2
13
4
5
7
8
12
11
14
16
21
25
37
42
43
1 Figures represent gross insurance written during the period and do not
take account of principal repayments on previously insured loans.
84
November
18,181
65,808
64,008
93,398
92,653
97,469
53,984
59,165
11,500
44,822
53,196
33,660
30,600
62,574
81,713
147,344
104,875
43,130
11,700
122,179
128,901
29,931
64,845
27,802
36,245
58,153
56,922
66,410
23,394
25,308
41,146
28,464
654,184
780,396
458,620
INSURED FHA HOME MORTGAGES (TITLE II) HELD
IN
PORTFOLIO, BY CLASSES OF INSTITUTIONS 1
[In millions of dollars]
Mortgages on
94
309
424
473
669
736
877
* Less than $500,000.
October
r
13,72O
r
^Revised.
Data for years prior to 1932 not available.
1935
1936
1937
1938
1939
1940
1941 . .
1941
Federal Reserve district
Month
1
Educational!
Commercial
Factories
1941
Public works
andp ublic
utili tiesl
SavMuings Insur- Fedtual
and
3
ance eral
savloan
com- agen- Other
in*
associ- panies cies 2
ations
Total
Commercial
banks
1936—Dec
1937—Dec
1938—Dec
365
771
1,199
228
430
634
8
27
38
56
110
149
41
118
212
5
32
77
27
53
90
1939—June
Dec
1940—Mar
June
Sept
Dec
1,478
1,793
759
902
50
71
167
192
271
342
137
153
94
133
1,949
2,075
2,232
2,409
971
1,026
1,093
1,162
90
100
111
130
201
208
216
224
392
432
480
542
171
182
190
201
124
127
141
150
1941—Mar
June
Sept
Dec
2,598
2,755
2,942
3,107
1,246
1,318
1,400
1,465
146
157
171
186
230
237
246
254
606
668
722
789
210
220
225
234
160
154
178
179
1942—Mar
June
3,307
3,491
1,549
1,623
201
219
264
272
856
940
237
243
200
195
End of month
1
Gr
2
The RFC Mortgage Company, the Federal National Mortgage Association, the Federal Deposit Insurance Corporation, and the United States
Housing
Corporation.
3
Including mortgage companies, finance companies, industrial banks,
endowed institutions, private and State benefit funds, etc.
FEDERAL RESERVE BULLETIN
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports 1
Merchandise imports 2
Excess of exports
Month
1938
1939
1940
1941
1942
1938
1939
1940
1941
1942
1938
1939
1940
1941
1942
289
262
275
213
219
268
370
347
351
325
303
357
479
478
611
171
163
173
178
158
190
242
200
217
229
234
268
254
254
272
118
99
102
35
61
77
128
147
134
96
69
89
226
225
339
April
May
June
274
257
233
231
249
236
323
324
350
387
385
330
695
160
148
146
186
202
179
212
211
211
287
297
280
234
P191
*>619
115
109
87
45
47
57
111
112
138
100
88
50
461
P335
P399
July
August
September
228
231
246
230
250
289
317
351
295
365
460
425
^702
P718
141
166
168
169
176
182
232
221
195
278
282
262
87
65
79
61
74
107
84
130
101
87
178
162
P518
P522
October
November
December
278
252
269
332
292
368
344
328
322
3666
492
653
P785
178
176
171
215
235
247
207
224
253
304
281
344
PI 99
^168
100
76
98
117
57
121
137
104
69
3362
211
309
Jan.-Nov
2,825
2,809
3,699
4,494
7,019
1,789
2,071
2,372
3,001
^2,385
1,036
738
1,327
1,493
January
February
March
. .
p
*>618
p
1
2
3
Preliminary.
Including both domestic and foreign merchandise.
General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Figure overstated due to inclusion in October export statistics of an unusually large volume of shipments actually exported in earlier months.
Source.—Department of Commerce.
Back figures.—See BULLETIN for February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18.
REVENUES, EXPENSES, AND INCOME OF CLASS I
RAILROADS
[In millions of dollars]
FREIGHT-CAR LOADINGS, BY CLASSES
[Index numbers; 1935-39 average= 100]
Total
ForLive- est
Coal Coke Grain stock products
Ore
Miscellaneous
Merchan
dise
l.c.l.
SEASONALLY
ADJUSTED
Total
railway
expenses
464
453
476
486
379
403
403
410
r
85
50
73
76
42
10
33
37
495
519
542
584
618
627
643
669
663
661
413
420
446
471
487
500
519
539
535
533
82
99
96
113
131
128
124
130
128
128
40
58
52
70
88
84
79
85
82
1941—September
October
November
December
489
518
457
480
385
424
388
399
104
94
69
81
r
1942—January
February
March
April
May
June
July
August
September
October
481
462
540
573
601
624
665
684
698
746
412
396
448
470
491
505
532
549
543
561
69
66
92
102
110
119
133
135
155
185
26
24
47
58
64
78
90
89
105
Net
income
SEASONALLY ADJUSTED*
95
1941—September
October
November
December
93
101
140
146
145
204
204
246
133
144
149
99
100
142
131
119
117
115
113
95
106
126
130
126
99
95
97
101
98
103
90
106
102
110
114
156
159
149
159
155
159
172
165
154
149
140
186
187
282
289
289
183
180
176
174
r
221
221
152
151
143
141
142
144
149
152
146
144
144
97 1942—January
100
February...
92
March
80
April
62
May...
60
June
57
July
57
August
55
September..
56
October....
58
165
168
182
104
115
113
146
117
97
147
143
129
232
199
69
151
150
138
101
101
96
184
184
175
176
181
179
177
175
184
180
186
125
110
102
100
99
111
138
129
139
139
123
95
76
77
90
89
81
76
100
135
169
144
140
153
149
159
161
165
173
173
167
158
138
46
47
73
218
303
318
325
308
304
260
206
134
135
139
142
144
145
148
152
162
163
150
93
96
92
81
62
60
1941—October
November
December
127
135
137
121
121
111
165
159
167
97
118
124
1942—January
February
March
April
May
June
July
140
139
136
143
143
141
142
143
136
133
134
119
116
122
160
164
160
155
154
135
121
125
153
150
168
200
197
199
205
208
188
180
176
1941—October
November
December
144
141
128
138
135
125
1942—January
February
March
April
May
June
July
129
129
129
136
138
139
142
144
152
150
140
136
132
125
135
139
135
132
136
142
138
139
August
September....
October
November
Net
railway
operating
income
Total
railway
operating
revenues
97
UNADJUSTED
UNADJUSTED
August
September....
October
November
57
57
57
58
59
r
60
54
29
55
Revised.
* Derived from Interstate Commerce Commission data.
NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for
NOTE.—Descriptive material and back figures may be obtained
June 1941. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes from the Division of Research and Statistics.
with weights derived from revenue data of the Interstate Commerce Commission.
JANUARY 1943
DEPARTMENT STORE STATISTICS
MONTHLY INDEXES OF SALES AND STOCKS
{Index numbers based on value figures; 1923-25 average = 100]
Seasonally adjusted
1939
W E E K L Y I N D E X OF SALES
[Weeks ending on dates shown. 1935-39 average = 100]
Unadjusted
1941
1942
1939
1940
1941
1942
92
90
89
89
89
91
92
98
97
94
100
101
101
103
103
104
105
104
115
134
116
105
116
111
138
126
124
117
108
104
121
130
123
128
138
69
69
82
88
87
S3
60
69
97
99
106
168
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
SALES
January
February....
March
April
May
Tune
July
August
September...
October
November...,
December
Year. . . .
90
110
STOCKS
January
February
March
April
May
June
July
August
September....
October
November.
December
64
70
75
76
76
73
73
84
95
108
110
93
102
108
117
126
134
140
135
123
115
p
105
June 8 . . . . ..120
1941
June 7
.127
1 5 . . . . .107
2 2 . . . .. 92
2 9 . . . . .. 89
July 6 . . . .. 67
1 3 . . . . .. 78
2 0 . . . . .. 72
2 7 . . . . .. 69
Aug. 3 . . . . .. 81
1 0 . . . . .. 79
1 7 . . . . .. 81
24. . . .. 92
3 1 . . . . ..118
Sept 7 . . . .109
14
123
2 1 . . . .117
28. .. ..120
Oct. 5 . .. . 1 2 5
12... .115
19. .. . 1 2 3
26... .121
Nov. 2 . . . ..117
9 . . . ..122
16. .. ..130
23... .116
3 0 . . . ..147
Dec. 7 . . . . 1 9 7
14. . . ..232
2 1 . .. ..258
28. . . ..124
1 4 . . . . .120
21
.107
28
.109
. 86
July 5
12
. 93
19
. 89
26
. 87
.102
Aug. 2
9
.116
1 6 . . . . . . .113
23
.119
30
.152
Sept 6 . . .122
1 3 . . . . .133
2 0 . . . . .131
2 7 . . . . .148
Oct. 4 . . . . .169
1 1 . . . . .130
1 8 . . . . .131
2 5 . . . . .130
Nov. 1 . . . . .138
8 . . . . .139
1 5 . . . . .148
2 2 . . . . .128
2 9 . . . . .169
Dec. 6 . . . . .215
1 3 . . . . .236
2 0 . . . . .277
2 7 . . . . .174
1939
1940
83
97
111
122
129
128
126
130
128
128
2*121
June 10
17
24
July 1
8
15
22
29
Aug. 5
12
19
26
Sept 2
9
16
23
30
Oct.
7
14
21
28
NTov. 4
11
18
25
Dec. 2
9
16
23
30
1940
.105
. 98
84
. 85
. 62
. 73
. 67
. 66
. 77
. 73
. 76
. 82
.108
. 98
112
.107
.120
.123
.112
.116
.114
.123
.116
.115
.107
.139
. . . . .188
. . . . .235
. . . .242
. . . . . 79
1941
1940
Year . . .
68
Jan.
69
p
Preliminary.
Back
figures.—Department
store sales, see B U L L E T I N for August 1936,
p . 631, for October 1938, p . 918, and for J a n u a r y 1941, p . 65; d e p a r t m e n t
store stocks, see B U L L E T I N for March 1938, p . 232.
r
6
13
20
27
..82
..86
..83
..79
1942
June 6
.135
1 3 . . . . 117
20 .
116
27
.100
. 84
July 4
11
.102
18
. 93
. 92
25
Aug. 1
. 96
8
.110
15
.113
22
.116
.132
29
S e p t . 5 . . . . .153
12
.129
1 9 . . . . .137
2 6 . . . .155
Oct. 3 . . . . .173
1 0 . . . . .159
1 7 . . . .152
2 4 . . . . .153
3 1 . . . . .158
N o v . 7 . . . . .166
1 4 . . . . H67
2 1 . . . . .166
2 8 . . . . r 166
D e c . 5 . . . . .236
1 2 . . . .274
1 9 . . . .302
2 6 . . . . .199
1942
Jan. 4 . . . . . . . 8 5
Jan. 3
.107
1 0 . . . . .130
1 7 . . . . .131
2 4 . . . . .119
1 1 . . . ...99
1 8 . . . .. .90
2 5 . . . . ...89
1943
Jan. 2
9
16
23..
Revised.
SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
[Percentage change from corresponding period of preceding year]
N o v . Oct.
1942 1942
United States..
+17 +24
Boston
+13
+14
+39
+9
+23
+13
New Haven
Portland
Boston
Springfield
Providence
New York
Bridgeport
Newark
Albany
Binghamton....
Buffalo
Elmira
Niagara Falls..
New York City
Poughkeepsie...
Rochester
Syracuse
+20
+19
+36
+20
+34
+15
+7 +16
+11 +21
+4 '+12
— 10
+11
+25
+8
+36
+6
+3
+10
+10
-1
+15
+21
+10
r
+48
+18
+17
+13
+ 17
+8 +18
Philadelphia
Trenton
Lancaster
,
Philadelphia....
Reading
,
Wilkes-Barre...
York
+10
+8
+10
+11
+4
+14
Cleveland
Akron
Cincinnati
Cleveland
Columbus
Toledo
+15 +23
+32 +51
+7 +21
+20 +25
+28 +29
+20 +27
r
Revised.
+ 19
+23
+20
+21
+12
+30
11
mos.
1942
+12
+11 Cleveland ( c o n t ' d )
+12 Youngstown
+25 Erie
+10 Pittsburgh
+20 Wheeling
+13
11
Nov. Oct.
1942 1942 mos.
1942
+13 +20
+28 +34
'+7 +17
-3
+4
Richmond
+19 +25
+7 Washington
+12 +25
+23 +21
+14 Baltimore
+6 Winston-Salem... +15 +24
—8 Charleston, S. C. +47 +56
+23 +28
+7 Lynchburg
+15 Norfolk
+26 +39
+11 Richmond
+30 +34
+36 Charleston.W.Va. - 3 - 1
+17 +23
+6 Huntington
+7
+16 +27
Ulanta
+9
+8 Birmingham
+8 +30
Montgomery
+20 +17
+12 Jacksonville
+29 +46
+ 9 Miami
+3 +16
+21 +45
+17 Tampa
Atlanta
+16
+22
+14
+41 +43
+15 Macon
Baton
Rouge
+10
+25 +34
+18 +37
+19 New Orleans
Jackson
+15 +25
+11 Chattanooga
+19 +24
+9 +13
+23 Knoxville
+24 +24
+9 Nashville
+13
+13 +24
+ 15 htcago
+15 Chicago
+5 +16
Peoria
+2 +20
Chicago (cont'd)
Fort Wayne
Indianapolis...
Des Moines
Sioux City
Detroit
Flint
Grand Rapids..
Lansing
,
Milwaukee
+ 3
+40
+10 •>t. Louis
+31 Fort Smith
+18 Little Rock....
Quincy
-5
+10 Evansville
Louisville
+12 St. Louis
+19 Springfield —
+14 Memphis
+19
o Minneapolis
+17
+6 lansas City
+28 Denver
+11 Hutchinson....
+17 Topeka
+12 Wichita
+17 Joplin
+10 Kansas City...
+11 St. Joseph
Omaha
+10 Oklahoma City
Tulsa
+5
+3
+4
+21
+8
+1
+19
+20
+20
Nov. Oct.
1942 1942
.+12
+30
+13
+25
+21
+32
+8
+35
+15
+31
+27
+23
+31
+41
+25
+20
+31
+23
+15
+23
+26
+15
+42
+8
+10
+12
+31
+19
+56
+41
+25
+49
+15
+12
+18
+28
+16 +14
+36 +37
+34 +35
* +53
+52 +39
+58 +50
+33
+24
+33
+42
+28
+37
+27
+21
+47
+33
Nov. Oct.
1942
1942
Dallas
+23
+1
+19
+30
+16
+27
+11
+11
+6
+14
+12
+20
San Francisco
+37
+41
+33
+55
+33
+28
+40
+51
+70
+31
+16
+29
+28
+28
+43
+36
*
+42
+17
+8
+42
+18
+39
+28
+56
+43
+29
+43
+45
+66
+48
+47
+55
+41
+37
+54
+69
+46
+74
+54
+50
+46
+30
+36
+50
+33
+41
+59
+29
+31
+32
+19
+13
+35
+21
+24
+27
1942
+21
+17
+8
+7
+18
+5
+9
+15
Shreveport
Dallas
Fort Worth
Houston...
San Antonio
Phoenix
Tucson
Bakersfield
+12 Fresno
+36 Long Beach
+25 Los Angeles
+8 Oakland and
+21
Berkeley
+2 Sacramento
+10 San Diego
- 5 San Francisco....
+20 San Jose
Santa Rosa
+8 Stockton
Vallejo and Napa
+16 Boise and
+15
Nampa
Portland
+12 Salt Lake City..
+34 Bellingham
Everett
+18 Seattle
+6 Spokane
+15 Tacoma
+15 Walla Walla
+23
Yakima
I
*
+17
+53
+20
1942
+21
+4
+35
+8
+30
+21
+35
+18
+17
+23
+36
+55
* Not available.
86
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS
SALES AND STOCKS, BY MAJOR DEPARTMENTS
Number
of stores
reporting
Department
Sales during month (value)
Stocks at end of month (value)
Percentage change
Percentage change
Oct. 31,
Oct. 31,
Oct. 31,
Oct. 1942 Oct. 1942 Oct. 1941 1942
1941
from 1942 from
from
from
from
Sept.
30,
from
Sept.
Oct.
31,
Oct. 1941 Sept. 1942 Sept. 1941
1941
1942
30, 1941
GRAND TOTAL—entire store
356
+24
MAIN STORE—total
356
+24
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
352
331
336
+37
315
288
305.
280
313
332
337
312
237
261
+43
+35
+44
+24
+43
+16
+64
+16
+32
+167
321
227
302
272
160
+12
knit
Men's and boys' wear
Men's clothing
Men'ss furnishings,
unishings, hats, caps
B ' clothing
Boys'
lthi
andd furnishings
f i h i
Men's and boys' shoes and slippers
Home furnishings
Furniture, beds, mattresses, springs
Domestic floor coverings
Draperies, curtains, upholstery
Major appliances (refrigerators, washers, stoves,
etc.)...
Domestics, blankets, linens, etc
China and glassware
Housewares
Piece goods (dress and coat yard goods, all
materials)
Small wares
Notions
Toilet articles, drug sundries, prescriptions
Jewelry and silverware
Miscellaneous
...
BASEMENT STORE-total
Women's apparel and accessories
Men's and boys' clothing and furnishings..
Home furnishings
Piece goods
Shoes
Ratio of stocks to
sales
+«
+11
+11
+7
+24
+5
0
-2
+12
3.3
+16
-2
+12
3.4
3.6
-13
-16
-5
+6
+16
-3
-11
+11
2.3
1.4
1.2
3.0
1.8
-13
-11
+17
+9
+8
+4
+3
+27
-1
+9
+4
1.7
1.8
2.3
2.3
3.6
3.7
2.5
4.7
3.6
2.8
2.1
2.2
3.1
2.7
4.9
3.4
4.2
5.0
4.6
8.3
5.2
5.6
5.7
3.9
6.0
4.7
4.2
5.4
4.1
6.7
4.5
4.0
4.9
3.7
3.9
3.3
3.7
3.4
3.6
4.9
7.3
4.6
3.7
4.3
6.1
3.9
-6
+1
+8
+22
+8
+12
+33
+4
-4
+12
-3
+7
+17
-8
October
-17
-74
+22
+22
+22
+19
+17
+28
+23
-9
+3
+9
+15
+11
320
225
240
296
+4
+2
+4
+6
201
283
213
223
293
+24
333
223
319
286
+27
+24
+24
+39
297
+54
226
200
164
134
66
129
+22
+30
+14
+6
+19
+23
+16
+6
-4
-2
+2
+9
+3
-4
-2
-7
-9
Sj
-1
+6
+9
+5
+8
+17
+25
+8
+29
+8
+2
+11
3.4
+2
+2
+4
-3
-12
+24
+28
+27
+16
+9
+10
+2
+22
+32
-7
+2
+24
+22
+23
+37
+16
-5
-3
-9
-7
-23
-3
-36
-24
+9
+1
+9
+1
-6
+11
+1
+16
+20
+27
+27
+14
-5
3.4
3.7
+4
0
+8
0
+23
+14
+33
+20
4.3
3.5
4.6
4.4
4.5
3.4
4.4
5.4
+18
+18
+11
+25
+32
+17
+4
+1
+24
3.7
4.8
-1
+11
+13
+12
+8
+2
+8
2.7
1.9
4.0
3.4
3.3
3.2
2.7
2.3
3.7
2.8
3.4
3.8
+9
-9
0
+8
+11
+8
+5
+12
+36
+1
-14
+2
—29
-24
-5
+10
+10
+12
+10
+6
+3
+1
+13
+5
-3
-11
2
—4
-3
+23
+12
+28
+17
+6
+7
+10
.+12
+3
+2
+23
+12
+7
+14
0
-1
-5
—1
-5
NOTE.—Group totals include sales in departments not shown separately. Figures for basement store are not strictly comparable with those for main
store owing chiefly to inclusion in basement of fewer departments and somewhat different types of merchandise. The ratio of stocks to sales is obtained
by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month
in terms of sales for that month.
SALES, BY TYPE OF TRANSACTION
Index numbers; January 1941 = 100
Year and month
January
February
March
April
May
June
July
August
September
October
November
December.
Total
Cash
Instalment
Percentage of total sales
Other credit
Cash
Instalment
1941
1942
1941
1942
1941
1942
1941
1942
1941
1942
1941
100
96
120
135
134
122
101
136
156
147
138
116
151
149
134
131
110
135
164
183
100
94
118
131
130
121
102
126
147
146
142
119
155
154
149
153
133
161
192
219
100
110
127
144
138
119
114
190
164
143
121
118
148
131
92
76
70
101
107
123
100
97
121
139
137
123
97
136
164
148
136
113
148
147
126
117
91
112
145
155
49
47
47
47
47
48
49
45
45
48
50
49
50
50
53
56
59
58
56
57
8
10
9
9
9
8
10
12
9
8
Other credit
1942
1941
1942
7
43
43
44
44
44
44
41
43
46
44
43
42
42
43
41
39
36
36
38
37
9
8
7
5
5
6
6
6
6
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.
JANUARY
1943
CONSUMER CREDIT STATISTICS
TOTAL CONSUMER DEBT, BY MAJOR PARTS
[Estimated amounts outstanding. In millions of dollars]
Instalment debt
E n d of m o n t h
or year
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
Total
consumer
debt
.
.
Single
payment
loans 2
Sale debt
Total
instalment
debt
Loans
Automotive
Total
7,089
6,341
5,177
3,846
3,717
4,159
5,148
6,396
7,054
6,618
7,518
8,767
9,509
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
2,515
2,032
1,595
999
1,122
1,317
1,805
2,436
2,752
2,313
2,792
3,450
3,747
1,318
928
637
322
459
576
9,717
9,595
9,442
9,509
6,241
6,110
5,982
5,921
9,118
8,757
8 580
8,335
7,954
7,541
7,092
6,750
6,560
6,325
5,604
5,337
5,110
4,896
4,618
4,339
4,043
3,748
3,513
3,253
1
Charge
accounts
Service debt
Other
1,267
1,729
1,942
1,197
1,104
958
677
663
741
865
1,147
1,368
1,343
1,525
1,721
1,805
652
674
619
516
459
529
794
1,030
1,167
1,226
1,559
1.984
2,174
1,577
1,451
1,051
726
588
659
785
991
1,119
1,069
1,089
1,123
1,200
1,749
1,611
1,381
1,114
1,081
1 203
1,292
1,419
1,459
1,487
1,544
1,650
1,783
596
573
531
491
467
451
472
520
557
523
534
560
605
4,008
3,900
3,797
3,747
2,215
2,128
2,045
1,942
1,793
1,772
1,752
1,805
2,233
2,210
2,185
2,174
1,168
1,185
1,198
1,200
1,712
1,702
1,662
1,783
596
598
600
605
3,503
3,301
3 105
2,929
2,710
2,481
2,254
2,032
1,871
1,702
1,806
1,670
1,514
1,379
1,243
1,126
1,010
874
1,697
1,631
1,591
1,550
1,467
1,355
1,244
1,158
1,094
1,042
2,101
2,036
2,005
1,967
1,908
1,858
1,789
1,716
1,642
1,551
1,197
1.187
180
L, 166
L,145
1,119
L,108
L,098
L,091
.084
1,709
1,624
1 680
1,660
1,575
1,466
1,322
1,285
1,336
1,368
608
609
610
613
616
617
619
619
620
620
940
1,289
1,384
970
1941
Sept.
Oct
Nov
Dec
1942
Jan.
Feb
Mar.
Apr
May
June
July
Aug
Sept.
Oct
777
660
1
2
Includes repair and modernization loans.
An estimated total of non-instalment consumer loans; i.e., single payment loans of commercial banks and loans by pawnbrokers.
NOTE.—National estimates of consumer short-term debt for the period from January 1929 through August 1942 were prepared by the Bureau of Foreign
and Domestic Commerce, United States Department of Commerce, and published in the November 1942 issue of the Survey of Current Business with a
description of sources of data and methods of estimation. Later estimates, comparable with those formerly published by the Department of Commerce,
were made by the Board of Governors of the Federal Reserve System.
CONSUMER INSTALMENT SALE DEBT, EXCLUDING
AUTOMOTIVE
[Estimated amounts outstanding. In millions of dollars]
Department
Total
stores
End of m o n t h excluding
and
autoor year
mailmotive
order
houses
1929
1930
1931
1932 . . .
1933
1934
1935
1936
1937
...
1938
1939
1940
1941
Furniture
stores
Household
appliance
stores
Jewelry
stores
All
other
retail
stores
1,147
1,368
1,343
1,525
1,721
1,805
160
155
138
103
119
146
186
256
314
302
377
439
469
583
539
454
313
299
314
336
406
469
485
536
599
619
265
222
185
121
119
131
171
255
307
266
273
302
313
56
47
45
30
29
35
40
56
68
70
93
110
120
133
141
136
110
97
115
132
174
210
220
246
271
284
1,793
1,772
1,752
1,805
448
448
447
469
625
619
613
619
342
333
320
313
96
93
96
120
282
279
276
284
1,697
1,631
1,591
1,550
1,467
1,355
1,244
1,158
1,094
1,042
438
416
406
396
367
332
300
590
573
567
561
543
512
475
449
428
407
294
285
272
258
241
219
202
183
169
155
108
100
95
91
85
79
71
67
63
62
267
257
251
244
231
213
196
182
172
164
1,197
1,104
958
677
663
741
865
1941
Sept
Oct
Nov
Dec.
1942
Jan
Feb.
Mar
Apr
May
June
July
Aug
Sept
Oct
277
262
254
88
CONSUMER INSTALMENT LOANS
[Estimated amounts outstanding. In millions of dollars]
End of
month or
year
Total
Commercial
banks 1
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
652
674
619
516
459
529
794
43
45
39
31
29
39
1,030
1,167
1,226
1,559
1,984
2,174
1941
Sept
Oct
Nov
Dec.
Small Industrial
loan banking Credit
comcom- unions
panies panies
Repair
Misceland
laneous modernlenders ization
loans
95
130
215
248
380
586
687
71
263
287
289
257
232
246
267
301
350
346
435
505
535
219
218
184
143
121
125
156
191
221
230
257
288
298
32
31
29
27
27
32
44
66
93
113
147
189
217
93
78
58
50
60
79
102
125
117
96
99
102
2,233
2,210
2,185
2,174
727
712
696
687
530
527
527
535
305
303
300
298
227
224
221
217
102
101
101
102
342
343
340
335
2,101
2,036
2,005
1,967
1,908
1,858
1,789
1,716
1,642
1,551
652
618
601
586
564
546
521
491
460
421
527
521
521
517
504
493
481
466
452
437
291
285
282
277
268
261
253
246
236
222
205
198
196
190
184
179
173
166
160
152
101
101
101
100
99
98
97
325
313
304
297
289
281
264
252
240
227
'"'27'
177
240
163
172
244
317
335
1942
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept.
Oct
95
94
92
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 (16 million
dollars at the end of October 1942) which are not shown separately.
FEDERAL RESERVE BULLETIN
CONSUMER CREDIT STATISTICS
CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
[Estimates,
t n millions of dollars]
Automotive
retail
Month or year
Outstanding
period:
1939
1940
1941
at
end
Total
of
1942—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Volume extended
month:
1942—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Other Repair
Perretail,
and
sonal
mo
Pur~
.dinstal~
" chased erniza- ment
Pur- Direct
and
tion
cash
chased loans direct loans
loans
1,020
1,340
1,588
210
300
396
160
230
303
150
210
279
220
260
246
280
340
364
1,511
1,434
1,403
1,338
1,273
1,211
1,139
1,072
998
922
367
338
331
308
283
265
242
227
203
190
280
258
245
235
224
211
196
182
167
148
275
268
267
254
243
223
208
189
175
159
234
225
221
207
201
196
187
182
176
168
355
345
339
334
322
316
306
292
277
257
148
115
138
125
110
102
95
93
82
77
39
23
27
19
17
15
16
23
14
11
21
19
22
20
18
16
16
14
13
11
27
21
23
28
25
16
13
11
12
14
5
7
9
10
9
9
9
9
8
9
56
45
57
48
41
46
41
36
35
32
during
N O T E . — F o r descriptive material and back figures, see Bulletin for October
1942, pp. 992-994.
October
1942
Net sales:
Total
Cash sales
Credit sales: Instalment
Charge Account
Accounts receivable, at end of month:
Total
Instalment
Collections during month:
Total
Instalment
Inventories, end of month, a t retail
value
+17
+21
+21
+12
September
1942
+2
+8
+1
+3
Small loan
companies
Industrial
banking
companies
Credit
unions
1929
1930
1931
1932
1933 .
1934
1935 .
1936
1937
1938
1939
1940
1941
463
503
498
376
304
384
423
563
619
604
763
927
983
413
380
340
250
202
234
288
354
409
417
489
536
558
42
41
38
34
33
42
67
105
148
179
257
320
343
1941
September
October
November
December
69
76
82
104
38
43
41
45
24
25
23
25
66
65
86
72
58
68
63
60
60
59
40
35
42
37
34
36
34
33
31
30
18
19
25
19
18
20
18
16
16
14
Month or year
Commercial
banks 1
1942
January
February
March
April
May
Tune
July
August
September
October
1
These
loans and
this page,
dollars in
80
66
80
71
61
64
58
52
49
44
figures for loans made include only personal instalment cash
retail automotive direct loans which are shown elsewhere on
and a small amount of other retail direct loans (one million
October 1942) which are n o t shown separately.
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE1
FURNITURE STORE STATISTICS
Percentage
change from
preceding
month
CONSUMER INSTALMENT LOANS MADE BY PRINCIPAL
LENDING INSTITUTIONS
[Estimates of volume made in period. In millions of dollars]
Percentage
change from
corresponding
m o n t h of
preceding year
October
1942
+5
+64
-6
+11
Month
September
1942
-6
+38
-17
-4
-5
-31
-31
-29
-30
+11
+11
-4
—5
+9
+10
+4
+3
-2
-1
+15
+24
Department
stores
Furniture
stores
Household appliance
stores
Jewelry
stores
Department
stores
19
19
19
20
11
12
12
11
11
11
11
12
18
18
18
23
45
47
49
46
20
19
22
21
22
22
23
24
25
29
12
11
13
13
13
14
14
16
16
18
11
11
13
13
13
13
13
13
14
16
19
18
19
19
20
22
22
25
26
30
50
45
46
47
50
56
60
59
60
65
1941
Sept
Oct
ISTov
Dec
+2
-4
-5
Charge
accounts
Instalment accounts
Jan
Feb
Mar
Apr
May
Tune
July
Au°\
Sept
Oct
1942
1
Ratio of collections during month to accounts receivable at beginning
of month.
JANUARY
1943
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics.
1926 =1CO]
Other commodities
All
commodities
Farm
products
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941.
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
78.6
87.3
104.5
88.3
64. £
48.:
51.4\
65.3
1941—November
December
Year, month, or week
1942—January
February
March
April
May
June
July
August
September
October
November
Week ending
1942—August 22
August 29
September 5
September 12
September 19
September 26
October 3
October 10
October 17
October 24
October 31
November 7
November 14
November 21
November 28
December 5
December 12
December 19
December 26
Foods
Total
Hides and
Textile
leather
products products
Chemicals and
allied
products
Housefurnishing goods
Miscellaneous
80.9
86.4
68.5
65.3
67.' J
82.4
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
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
109.1
100.0
86.1
72.9
80.9
86.6
89.6
95.4
104.6
92.8
95.6
00.8
L08.3
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
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
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
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
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
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
82.6
77.7
69.8
64.4
62.5
69.7
68.3
70.5
77.8
73.3
74.8
92.5
93.6
90.6
94/1
89.3
90.5
93.5
93.7
L14.1
L14.8
91.1
91.8
78.8
78.4
103.3
103.3
107.5
107.8
89.8
91.3
100.6
101.1
87.3
87.6
96.0
96.7
97.6
98.7
98.8
98.6
98 7
99.2
99.6
^100.0
100.*\
101.3
102.8
104.5
104.4
104.4
105.3
106.1
107.8
109.0
110.5
93.7
94.6
96.1
98.7
98.9
99.3
99.2
100.8
102.4
103.4
103.5
94.6
94.9
95.2
95.6
95.7
95.6
95.7
95.6
95.5
L14.9
15.3
L16.7
19.2
18.8
18.2
18.2
118.2
L18.1
117.8
117.8
93.6
95.2
96.6
97.7
98.0
97.6
97.1
97.3
97 1
97.1
97.1
78.2
78.0
77.7
77.7
78.0
78.4
79.0
79.0
79.0
79.0
79.1
103.5
103.6
103.8
103.8
103.9
103.9
103.8
103.8
103.8
P103.9
P103.8
109.3
110.1
110.5
110.2
110.1
110.1
110.3
110.3
110.4
110.4
110.1
96.0
97.0
97.1
97.1
97.3
97.2
96.7
96.2
96.2
96.2
99.5
102.4
102.5
102.6
102.8
102.9
102.9
102.8
102.7
102.5
102.5
102.5
89.3
106.4I
106.C
106./
107.2
107.1
107.:
108.7
108.9
107.S)
108."
109.1
109.8
110./
110.5
110.8
110.6
112.0
113.3
100.8
100.7
101.4
101.6
102.0
102.0
103.0
103.3
103.1
103.1
103.0
102.9
103.0
103.3
103.6
103.3
104.0
104.2
104.6
118.9
118.9
119.0
119.0
118.6
118.4
118.4
118.4
118.4
118.4
118.4
118.4
118.4
118.4
118.4
118.4
118.4
118.4
118.4
96.5
96.6
96.7
96.7
96.6
96.7
96.6
96.5
96.5
96.5
96.6
96.6
96.6
96.6
96.6
96.6
96.6
96.6
96.6
79.6
79.6
79.6
79.6
79.6
79.6
79.7
79.7
79.7
79.6
79.6
79.6
79.7
79.7
79.7
79.8
80.0
79.9
79.9
103.9
103.9
103.9
103.9
103.9
103.9
P103.9
P103.9
P103.9
P103.9
^103.9
P103.9
P1Q3.9
P103.9
P103.9
p
103.9
P103.9
110.3
110.3
110.3
110.3
110.4
110.5
110.5
110.5
110.2
110.2
110.2
110.2
110.2
110.2
110.2
110.0
110.0
110.0
110.0
96.2
96.2
96.2
96.2
96.2
96.2
96.2
96.2
96.1
96.1
96.1
96.2
99.5
99.5
99.5
99.6
99.5
99.5
99.5
104.1
104.1
104.1
104.1
104.1
104.1
104.1
104.1
104.1
104.1
104.1
104.1
104.1
104.1
104.1
104.1
104.1
104.1
104.1
88.6
88.6
88.6
88.6
88.6
88.6
88.4
88.4
88.4
88.3
88.5
88.7
90.0
89.9
89.9
90.0
90.3
90.4
90.4
98.9
98.9
99.1
99.2
99.3
99.4
p
99.6
99.1
99.7
P
P
P100.1
P100.1
P100.*5
n.i \
115.2
^95.8
95.7
95.7
95.7
95.7
95.7
95.7
^95.6
P
95 7
^95.7
P96A
P
96.'l
^96.2
2*96'.2
Farm Products:
Grains
Livestock and p o u l t r y . . .
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 p r o d u c t s . .
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
P1Q3.9
1941
1942
1941
77.3
82.0
89.3
89.7
90.3
90.5
90.2
89.8
88.9
88.8
88.6
90.1
1942
i
Subgroups
Subgroups
Electricity
Gas
Petroleum products
Fuel and Metals Building
lighting and metal
materials products materials
Nov.
Aug.
Sept.
Oct
Nov.
84.3
90.6
91.7
89.8
122.6
99.9
93.6
122.1
102.2
91.5
123.4
104.4
92.8
121.3
108.0
96.3
85.9
77.9
90.8
89.0
100.2
87.8
98.0
115.2
93.1
105.5
89 t
109.2
89.3
111.2
89.5
102.0
112.0
95.9
<r
98
lie
9-L0
11 S 5
95 4
120.5
114.0
101.1
111.5
126.4
118.8
101.3
115.2
126.4
118.0
101.3
115.2
126
116
101
115
4
0
3
2
126.4
116.0
101.3
115.2
97.9
105.4
67.0
107.2
112.9
69.7
107.0
112.7
69.7
107 0
112 4
70 5
107.0
112.4
70.5
30.3
102.6
96.0
30.3
111.7
97.9
30.3
111.7
97.8
30 3
111 7
97 4
30.3
111.7
97.6
85.3
108.2
122 2
68.2
77.5
60.4
85.7
110.0
122 1
62.2
80.4
60.7
85.7
110.4
122 1
62.6
81.1
60.6
85.7
111.0
122 1
85.7
111.4
122 1
79 .2
60 .6
Metals and Metal Products:
Agricultural i m p l e m e n t s . . .
Farm machinery
Iron and steel
Motor vehicles
Nonferrous metals
Plumbing and heatinc
Building
Materials:
Brick and t i l e . . .
Cement
Lumber
Paint and paint materials..
Plumbing and heating
Structural steel
Other building m a t e r i a l s . . .
Chemicals and Allied Products:
Chemicals
Drugs and Pharmaceuticals
Fertilizer materials
Mixed fertilizers
Oils and fats. ..
Housefurnishing Goods:
Furnishiners .
Furni ture
Miscellaneous:
Auto tires and t ubes
Cattl P fPPrl
Paper and pulp.
Rubber, crude..
Other miscellane
Nov.
Aug.
Sept.
Oct.
Nov.
96.3
97.4
97.1
112.3
84.8
87.9
96.9
98.0
97.2
112.8
85.6
94.1
96.9
98.0
97.2
112.8
86.0
94.1
96 .9
98 .0
97 3
8
86 0
94 1
96.9
98.0
97.2
96.6
93.1
128.7
95.3
87.9
107.3
103.2
98.7
94.2
133.0
100.1
94.1
107.3
103.8
98.7
94.2
133.2
100.4
94.1
107.3
103.8
98
94
133
101
94
107
103
88.3
123.2
77.3
79.6
92.9
96.3
129.0
78.3
82.8
101.6
96.3
128.9
78.2
82.8
101.5
96 2
128 8
78 3
101 .5
96.2
165.4
78.6
82 8
101.5
105.2
95.8
107.9
97.4
107.4
97.4
107
97 .4
107 3
97.4
67.4
120 7
102.2
46.3
92 2
73.0
125 4
98.9
46.3
93.0
73.0
124 2
98.8
46.3
92.7
73 .0
123
98.8
46.3
92.4
73.0
132 1
98.8
46.3
95.1
7
9
3
0
1
3
3
86!o
93.2
98.6
94.2
133.1
100.7
93.2
107.3
102.9
Back figures.—For monthly and annual indexes of groups, see Annual Report for 1937 (table 86); for indexes of subgroups, see Annual Report for 1937
(table 87).
p
Preliminary.
90
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK
O N BANK CREDIT, MONEY RATES, A N D BUSINESS
Chart
book
page
1942
Nov. I Dec.
25 I 2
Reserve Bank credit, total
3
U. S. Gov't. securities, by maturities, total
5
Within 1 yr
5
Within 5 yrs
5
After 5 yrs
5
Gold stock
3
Treasury currency
3
Money in circulation
3,11
Treasury cash holdings
3
Treasury deposits
3
Nonmember deposits
3
Member bank reserves
3
Excess reserves—total e
9
New York City
9
Chicago
9
Reserve city banks
9
Country banks e
9
MEMBER BANKS
16
16
16
16
17
17
17
17
17
5.08
5.46
5.81
6.06
Nov.
Sept.
MONTHLY FIGURES
In billions of dollars
WEEKLY FIGURES i
In billions of dollars
RESERVES AND CURRENCY
RESERVES AND CURRENCY
Total, 101 cities:
Loans and investments
Balances due to domestic banks
Demand deposits adjusted
Time deposits
New York City:
Commercial loans
Brokers' loans
U. S. Gov't. obligations
100 cities outside New York:
Commercial loans
„.
U. S. Gov't. obligations
Chart
book
page
Dec. Dec. I Dec.
9
16 I 23
6.29
Reserve Bank credit, total
U. S. Gov't. securities
Bills discounted
Gold stock
Money in circulation
Treasury cash
Treasury deposits
Reserve balances
Required reserves
Excess reserves
Money in circulation, total
Coins and bills under $50
Bills of $50 and over
5.14 5.55 5.54 5.63
1.42 1.70! 1.69; 1.74
3.00 3.35J 3.32; 3.38
2.14 2.19 2.22! 2.25
22.74 22.74 22.74 22.74
3.38 3.38 3.44 3.57
14.85 14.99 15.09J 15.33
2.24 2.19 2.18 2.18
.50
.06
.01
.09
1.30 1.18 1.16 1.19
TREASURY FINANCE
12.84 13.27J 13.52 13.13
P2.59 p 2.61 P2.59 .
U. S. Government debt:
.45
.50
• 54
Direct obligations, total...
.05
.04
.051
Bonds
1.12 1.11 1.031
Notes
P. 94
P. 97
Bills
Special issues
Guaranteed obligations
37.94 38.39 38.44 39.83 40.46
9.38 9.45 9.40 9.49 9.42
MONEY RATES, ETC.
30.22 28.85 29.01 29.12 28.50
5.
5.20 5.20 5.21 5.21 F. R. Bank discount
rate, N. Y
2.56 2.54i 2.53 2.47 2.49 Treasury bills (new issues)
.33
.58
.631
.621 -95 Treasury notes (taxable)
10.13 10.29 10.321 10.93 11.06 U. S. Gov't. bonds 2
Commercial paper
3.68 3.65 3.63
Corporate Aaa bonds
14.451 14.52 14.52 15.38 15.45 Corporate Baa bonds
4.84
1.32|
2.83!
2.01|
22.741
3.38:
14.65!
2.24
c
.07i
1.23|
12.75
2.43
.51
.04
1.07
.82
.
.
2,7
7
7
2
2
2
2
2, 8
8
8
10
10
10
3.72
3.49
.01
22.75
13.44
2.21
.25
12.30
10.00
2.30
13.70
10.21
3.50
19
19
19
19
19
19
85.85
54.41
12.10
510.83
8.51
4.55
4.29
4.01
.01
22.75
13.95
2.23
.35
12.23
9.91
2.33
14.21
10.63
3.58
6
5.04
4.75
.01
22.74
14.47
2.25
.22
12.62
10.26
2.36
14.81
11.12
3.69
92.27
57.28
15.06
11.34
8.58
4.24
5
95.46
57.99
15.80
12.88
8.79
4.24
Per cent per annum
6
1.00
.370
1.27
2.03
.69
2.80
4.26
23
23
23
29
25
25, 29
29
.50
.371
1.28
2.06
.69
2.79
4.25
.50
.372
1.28
2.05
.69
2.80
4.24
In unit indicated
Per cent per annum
MONEY RATES, ETC.
Treasury bills (new i s s u e s ) . . . . . . , « . . , . ,
21
Treasury notes (taxable)
21
U. S. Gov't. bonds2
21,29
Corporate Aaa bonds
29
Corporate Baa bonds
29
.368
1.27
2.08
2.80
4.26
.364
1 .28
2 .09
2 .81
4 .29
367
1 28
2.09
2 81
4 28
363
*1 36
2.09
2 82
4 .29
.365
1.36
2.09
2.81
4.26
In unit indicated
Stock prices
(1935-39 = 100):
Total
Industrial
Railroad
Public utility
Volume of trading (mill, shares)
JANUARY 1943
31
31
31
31
31
33
33
33
, 69.4
71.6
66.7
59.5
.42
e
e
e
75.2
77.2
73.0
66.2
.69
74.2
76.5
72.7
63.7
.69
510
310
e
260
e
100.0
109.0
^95.5
P100.3
110.5
P95.S
500
310
e
240
e
99.6
107.8
95.5
p
121.4
116.8
130.9
p
e
e
520
320
27O
BUSINESS CONDITIONS
31
31
31
31
31
74.3
76.4
70.5
65.7
.60
74.6
76.8
69.8
65.7
.55
74.7
77.2
68.1
64.9
.61
75.6
78.3
68.5
64.9
.94
BUSINESS CONDITIONS
Wholesale prices:
All commodities (1926=100):
Total
Farm products
»
Others
Basic commodities
(Aug. 1939 = 100), total
12 foodstuffs
16 industrial materials
Steel production
(per cent of capacity)
Automobile production (thous. cars) 4 ..
Freight-car loadings (thous. cars):
Total
Miscellaneous
^
_
Electric power production (mill. kw.
hrs.)
Department store sales (1935-39 = 100)
F.H.A. home mortgages, new constr.
(thous.)
Stock prices
(1935-39=100):
Total
«...
Industrial
Railroad
Public utility . . . :
Volume of trading (mill, shares)...
Brokers' balances (mill, dollars):
Credit extended customers....
Money borrowed
Customers'
free
credit
balances
p
35
35
35
P100.1 P100.1 100.5 ^100.7
110.8 110.6 112.0 113.3
p
P96.1 96.2 ^96.2
36
36
36
170.1 170.4 171.2 172.0
192.5 193.0 193.9 195.4
154.9 155.1 155.8 156.1
44
44
98.3
98.6
98.4
76.7 Wholesale prices: #
All commodities (1926 = 100):
79.7
Total 7
35, 65
70.2
Farm products
35
64.8
Other 3
35
.83
Industrial commodities
(Aug. 1939 = 100):
Total
37
Finished
37
Raw and s e m i f i n i s h e d . . . .
37
'101.2
115.2 Cost of living (1935-39 = 100):
All items
39
Rent
39
Clothing
39
172.7
Food
39
196.9
156.3
e
Estimated. m p Preliminary.
* Number of issues included reduced from
1
Figures for other than Wednesday dates
included in the weekly period.
591.6 nesday
2
Partially tax-exempt issues only.
290.2
3
Other than farm products and foods.
45
45
743.5 759.6 740.3 742.9
357.3 366.6 355.6 358.9
46
46
3,766 3,884 3,938 3,976 3,675
199
302
236
166
274
117.8
108.0
125.8
126.6
121.6
P116.7
131.4
119.0
108.0
125.9
129.6
P\22A
P117.3
131.8
119.8
107.9
126.0
131.1
3 to 2 on December 15.
are shown under the Wed-
4
47
1.42
1.22
1.08
Data no longer published.
Including certificates of indebtedness.
Change from 1.00 to .50 effective October 30 on advances secured
by
Government
securities maturing or callable within one year.
1.23 PI. 53
7
Estimate for December is shown on page 90.
5
6
91
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued
1942
Chart
book
Sept.
MONTHLY FIGURES (cont.)
BUSINESS CONDITIONS (cont.)
Oct.
In unit
Industrial production :l 2 3
Total (1935-39 = 100)
41, 42
Durable manufactures
41
Iron and steel
42
Machinery, etc
42
Other durable
42
Nondurable manufactures
41
Textiles and leather
42
Paper and printing
42
Foods, liquors, and tobacco . . .
42
Other nondurable
42
Minerals
41, 42
New orders, shipments, and
inventories:
New orders, total (Jan. 1939 =100).
43
Durable
43
Nondurable
:
43
Shipments, total (1939 = 100)
43
Durable
43
Nondurable
43
Inventories, total (1939 = 100) . . . .
43
Durable
43
Nondurable
43
Freight-car loadings :i 2
Total (1935-39 = 100)3
57
Coal
57
Miscellaneous
57
Allother
57
Nov.
^189
P103
264
390
183
224
283
177
175
201
153
^271
^397
?190
P231
*>294
P1S2
PI 76
P203
^153
136
133
P192
P105
22
23
^66
15
?67
20
12
?20
^15
19
28.7
80.1
27.5
Factory employment
Factory payrolls 4 .
Average hourly earnings
(cents per hour) 4
Average hours worked
(hours per week) 4
Department store sales 1
Department store stocksi
51, 53
51, 53
#148 .2
p
220 .5
51
88 .5
51
59
59
42 .3
123
123
Wholesale prices:
Canada
Germany
Japan
Sweden
Switzerland
United Kingdom
,.
I Oct. I N o v .
65
65
65
65
65
65
P
96.0
96.8
97.1
147.1
128.4
P129.1
P129.9
In cents per unit of
foreign currency
Foreign exchange r a t e s :
Argentina (peso)
Canada (dollar)
United Kingdom (pound)
67
67
67
29.77
87.82
403.50
July
47
47
47
47
47
88 .6
49
49
49
50
50
50
50
50
50
#
128
88
40
37
3
158
111
47
38
9
735
129
606
760
153
37.6
15.9
6.5
5.5
3.5
2.0
38.0
16.1
6.6
5.6
3.5
1.9
54
54
54
9,673
6,773
2,900
^9,824
2*6,930
55
55
55
55
1,753
947
779
27
2,015
1,071
891
53
61
61
61
*718.2
P195.1
P522.S
*776.0
P199.4
P576.6
Aug.
In billions
134
26.7
78.9
28.1
Increase in U. S. gold stock: 6
Total
63
N e t capital inflow: 7
Total
62, 63
Inflow of foreign capital
62
Return of domestic c a p i t a l . . . .
62
Merchandise export surplus
63
Other factors
63
Short-term foreign liabilities and
7
assets of banks:
Due to foreigners
64
Due from foreigners
64
N e t due to foreigners
64
P152
P586
15.73
15 .73
6.01
3.89
2.01
^9.08
P. 64
6 .07
3 .92
2.03
P9.61
3.85
3 .88
.28
3 .60
^1.20
3.79
.28
.30
3.51
3.56
Apr.June
JulySept.
In billions of dollars
QUARTERLY FIGURES
Cash income and outgo of U. S. Treas.:
Cash income
Cash outgo
Excess of cash outgo
Domestic corporation security issues:
Total
New....
Refunding
18
18
18
5.55
9.04
3.49
4 .42
13 .18
8 .76
4.59
16.60
12.02
32
32
32
36
22
14
.36
.28
.09
.18
.11
.07
Per cent per annum
Bank rates on customers' loans:
Total, 19 cities
New York City
7 other Northern and Eastern
cities
11 Southern and Western c i t i e s . . . .
^785.1
^167.5
P617.5
P.05
1942
2*38.2
P892
P873
P61
of'dollars
5.95
3.82
2.03
p
8.57
138
P10S
159
112
48
39
9
Sept.
15.72
In millions of dollars
Residential contracts awarded: 1
Total
Public
Private, total
1- and 2-family dwellings
Other
Construction contracts awarded: 5
Total
Residential
Other
Nonagricultural employment 1 (mill, persons):
All establishments
Manufacturing and mining.
Trade
Government
Transportation and utilities
Construction
Income payments: 1
Total
Salaries and wages
Other
Cash farm income:
Total
Crops
Livestock and products
Gov't. payments
Exports and imports:
Exports
Imports
Excess of exports
29.77 29 .77
87.63 88 .09
403 .50 403 .50
1942
25.7
78.7
28.7
43 .6
128
115
Sept.
1926 = 100
P20
P12
P20
1923-25 = 100
4
1942
MONTHLY FIGURES (cont.)
INTERNATIONAL FINANCE
indicated
186
100
22
63
15
66
20
11
20
15
20
Chart
book
page
25
27
2.48
1.85
2 62
2 07
2.70
2.28
27
27
2.48
3.20
2.56
2.66
3.25
3 34
P Preliminary. r Revised.
1 Adjusted for seasonal variation.
2
In points in total index.
3 Estimate for December is shown on page 75.
4 Series revised by Bureau of Labor Statistics; new figures shown on
page 14.
5
Three-month moving average, adjusted for seasonal variation.
6
Cumulated from Jan. 31, 1934.
7
For explanation of revised basis for international capital movement
statistics, see footnote 2 on page 1160 of the BULLETIN for November 1942.
Beginning with the revised figures for June 1942, the cumulative figures
for net capital inflow relate to the movement through the last business day
in the month, while the figures for the outstanding short-term foreign assets and liabilities of banks relate to the position on that day as reported
in the new series.
FEDERAL
RESERVE
BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK-Continued
[In billions of dollars]
Chart
book
page
1939
Oct.
2
1940
Dec.
30
1942
1941
Mar.
26
June
29
Dec.
31
Apr.
4
June
30
Sept.
24
Dec.
31
Apr.
4
June
30
CALL R E P O R T F I G U R E S
ALL BANKS IN THE U. S.
Total deposits and currency
Demand deposits adjusted
Time deposits
Currency outside banks
Loans and investments, total
Loans
Investments
e
80.00
e
40.00
e
27.2O
e
10.40
e
62.00
e
26.30
e
12
12
12
12
13
13
13
62.87
29.09
26.81
6.19
49.95
21.63
28.32
64.10
29.79
27.06
6.40
50.89
22.17
28.72
64.88
30.54
27.28
6.23
51.14
22.19
28.95
66.96
31.96
27.47
6.70
51.34
22.34
29.00
70.75
34.94
27.74
7.32
54.19
23.74
30.45
72.43
36.10
27.90
7.78
56.15
24.32
31.83
74.15
37.32
27.88
8.20
57.95
25.31
32.63
76.09
38.68
27.90
8.56
59.30
26.19
33.11
78.25
39.00
27.73
9.62
61.10
26.62
34.48
81.93
41.84
27.31
10.94
63.98
25.08
35.70 38.90
C1)
14
14
14
14
14
C1)
19.61
19.98 20.22
20.48
21.81 23.10
23.93
24.40
25.50
26.45 29.87
10.89
2.92
2.76
11.18 11.31
3.14 3.11
2.69 2.90
2.77
.19
13.96
6.57 13.94
.61
.88
2.96
2.94
11.60
3.12
2.89
2.70
.17
13.97
6.72
.32
.80
3.07
12.34 13.50
3.49 3.49
3.01 3.21
2.80
.17
15.32
7.52
.47
.83
3.23
3.27
14.24
3.84
2.98
2.72
.15
16.73
8.55
.42
.79
3.37
3.61
14.09
4.24
3.16
15.71
3.83
3.09
2.73
.14
18.02
9.64
.41
.78
3.49
3.69
16 .98 21.41
3 .47
2.69
3 .17
2.93
(2)
2.69
.15
(2)
17 .83 16.93
(2)
9.11
.43
(2)
.69
(2)
(2)
3.50
(2)
3.20
47.07
47.87
50.36
54.75
63.77
76.52
2.30
4.23
2.48
16.30
3.10
6.30
12.40
2.30
4.77
2.47
16.55
3.11
6.50
12.20
2.25
5.37
2.18
17.76
3.22
6.80
12.80
2.36
6.12
2.18
20.10
3.43
6.90
13.70
2.55
6.98
2.25
21.79
3.70
7.90
18.60
2.73
7.88
2.65
26.39
3.89
8.80
24.20
MEMBER BANKS
Investments, total
U. S. Government obligations:
Direct
Guaranteed
State and local government obligations
Other domestic securities
Foreign securities
Loans, total
Commercial loans (incl. open-market paper)
Street loans (brokers' loans)
Other security loans 3
Real estate loans
All other loans
15
15
15
15
1
ft
ft
13.47
0
(?)
0
ft
C)
3.06
ft
8ft
SEMI-ANNUAL F I G U R E S
ft
17.55
0
8ft
OWNERSHIP OF U. S. GOVERNMENT OBLIGATIONS
Total direct and guaranteed obligations outstanding...
Amount held by:
U. S. Government agencies and trust funds:
Public issues
Special issues
Federal Reserve Banks
Commercial banks
Mutual savings banks
Insurance companies
Other investors
e
3
20
20
20
20
20
20
20
Estimated. 1 Series not shown in Chart Book. 2 Figures available for June and December dates only.
Includes only loans made for the purpose of purchasing or carrying securities.
DECEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS
[Based on estimates of the Department of Agriculture, by States, as of December 1, 1942]
[In thousands of units]
Boston
New York.
Philadelphia
Cleveland .
Richmond
Atlanta
Chicago
St Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
Estimate
Dec. 1, 1942
Production
1941
Estimate
Dec. 1, 1942
Production
1941
Estimate
Dec. 1, 1942
Production
1941
Estimate
Dec. 1, 1942
Bales
Bales
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
Bushels
Bushels
36
76
150
63
Bushels
40
80
128
52
1,466
24
236,784
7,057
108
26,654
1,316
20
250,295
5,442
107
20,594
3,175,154
272,418
278,074
596
3,139
567
598
3,836
607
Bushels
7,618
31,048
47,644
201,445
135,078
182,597
1,048,383
350,051
288,551
287,593
87,759
9,750
10,744
12,982
2,677,517
986"
1,947
1,459
2,535
13^509*
Estimate
Dec. 1,1942
Production
1941
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Bushels
6,106
26,949
18,974
63,867
23,986
21,584
472,723
71,046
265,433
138,696
41,748
29,551
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
Tons
2,802
4,593
2,027
4,960
4,037
4,042
18,301
8,233
11,530
7,862
1,911
12,438
Total
1,180,663
1,358,730
82,736
7,381
15,268
54,212
26,894
7,151
56,998
50,748
32,427
286,181
28,066
105,383
8,266
13,944
40,608
26,208
7,381
35,045
23,358
42,573
365,641
49,053
91,176
670,709
703,253
Tobacco
Tame hay
Production
1941
1
Spring wheat
Production
1941
Oats
Federal Reserve district
Winter wheat
Corn
Cotton
Federal Reserve district
Production
1941
Estimate
Dec. 1, 1942
Tons
* 3,489
6,227
2,392
5,613
4,658
4,203
20,962
9,327
11,949
8,943
1,989
12,493
Pounds
32,442
1,939
58,182
107,667
650,557
134,852
31,934
238,791
2,603
3,918
92,245
1,262,885
Estimate
Dec. 1, 1942
White potatoes
Production
1941
Estimate
Dec. 1, 1942
Pounds
29,813
1,685
49,100
103,684
821,848
142,733
29,652
232,328
2,472
3,873
Bushels
51,455
32,959
22,401
17,630
21,142
15,343
40,799
11,898
39,734
29,900
6,768
65,573
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
1,417,188
355,602
371,150
2
Includes 25,000 bales grown in miscellaneous territory.
Includes 22,000 bales grown in miscellaneous territory.
NOTE.—1941 figures for all crops except cotton are as revised in December 1942.
JANUARY 1943
93
INTERNATIONAL FINANCIAL STATISTICS
PAGE
Gold reserves of central banks and g o v e r n m e n t s . . .
96
Gold production . .
97
Gold m o v e m e n t s . . .
97
N e t capital movements t o United States since January 2, 1 9 3 5 . .
98
Central banks
99-102.
Money rates in foreign c o u n t r i e s . . .
103
Commercial b a n k s . . .
104
Foreign exchange rates . . .
105
Price movements:
Wholesale prices
106
Retail food prices and cost of l i v i n g . . .
107
Security prices
107
-
Tables on the following pages include the principal available statistics of current significance relating
to gold, international capital transactions of the United States, and financial developments abroad.
The data are compiled for the most part from regularly published sources such as central and commercial
bank statements and official statistical bulletins; some data are reported to the Board directly. Figures
on international capital transactions of the United States are collected by the Federal Reserve Banks
from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 11,1934. Back figures may in most cases be obtained from earlier BULLETINS and from
Annual Reports of the Board of Governors for 1937 and earlier years.
JANUARY 1943
95
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
United
States
Argentina
Belgium
1936—Dec...
1937—Dec...
1938—Dec...
1939—Dec.
1940—Dec...
1941—Dec...
11,258
12,760
14,512
17,644
21,995
22,737
501
469
431
466
1353
354
632
597
581
609
2 734
734
25
32
32
40
51
70
275
274
274
274
274
274
20
24
24
24
24
24
1942—Jan...
Feb...
Mar..
Apr...
May..
June..
July..
Aug..
Sept..
Oct...
Nov..
22,747
22, 705
22,687
22,691
22,714
22,737
22,744
22,756
22,754
22,740
22,743
354
354
354
355
355
355
354
354
354
734
734
734
734
734
735
735
735
71
72
74
74
76
78
79
81
274
274
274
274
274
274
274
274
274
24
24
24
24
24
24
Hungary
Iran
Persia)
1936—Dec...
1937—Dec...
1938—Dec...
1939—Dec...
1940—Dec.
1941—Dec.
25
25
37
24
24
24
25
25
26
26
26
26
1942—Jan...
Feb...
Mar...
Apr...
May..
June..
July..
Aug..
Sept..
Oct...
Nov..
24
24
24
24
24
24
24
26
26
26
26
End of month
End of month
Brazil British
India
Bulgaria
Canada
188
184
192
Chile
Co- Czechoslolombia vakia
Denmark
Egypt
France
29
30
30
30
30
30
19
16
24
21
17
16
91
92
83
56
58
61
54
53
53
53
52
44
55
55
55
55
52
52
2,995
2,564
2,430
2,709
2,000
2,000
30
30
30
30
30
31
31
31
36
18
17
15
16
16
16
18
19
21
23
24
61
61
61
61
61
61
61
61
44
44
44
44
44
44
44
44
52
52
52
52
52
52
52
52
52
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
New
Mexico Netherlands I Zealand
Italy
Japan
Java
208
210
193
144
120
463
261
164
164
164
6
164
60
79
80
90
140
235
46
24
29
32
47
47
491
933
998
692
617
575
23
23
23
23
23
23
216
42
28
30
31
30
32
33
34
34
36
37
575
575
575
537
533
528
526
522
23
23
23
23
23
23
23
23
23
23
Norway
Peru
98
82
94
94
4 84
20
21
20
20
20
21
21
21
21
21
21
21
21
24
24
24
Greece
27
28
29
29
29
29
26
24
27
28
28
4
28
Rumania
South
Africa
Spain
68
69
69
69
59
59
114
120
133
152
158
182
203
189
220
249
367
366
59
59
59
59
59
59
59
59
182
198
200
203
205
210
215
219
363
380
397
429
447
468
502
527
551
582
Poland Portugal
75
83
85
4 84
Germany
5
5
718
525
Government gold reserves1 not included
Turkey
Sweden
land
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
240
244
321
308
160
223
657
650
701
549
502
665
26
29
29
29
88
92
1942—Jan..
Feb..
Mar.
Apr..
May.
June.
July.
Aug.
Sept.
Oct..
Nov.
225
251
277
280
308
309
311
316
321
326
702
764
784
796
795
795
800
r
800
801
^805
100
100
107
111
110
111
111
End of month
r
United
Kingdom
2,584
2,689
2,690
81
1
1
Other
countries*
Uruguay
Venezuela
Yugoslavia
B.I.S.
77
74
69
68
90
100
59
52
52
52
9 29
41
48
51
57
59
11
5
14
7
12
12
183
185
142
153
145
142
97
97
97
97
97
97
97
49
52
52
56
56
56
56
56
60
64
64
12
13
14
15
15
19
21
19
142
142
142
143
143
145
146
146
146
r
147
147
4,
82
83
P Preliminary.
Revised.
1 Beginning Apr. 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: GreeceMar.5 31, 1941; Norway—Mar. 30, 1940; Poland—July 31, 1939; Yugoslavia—Feb. 28,1941.
Figures for Dec 1936 and Dec 1937 are those officially reported on Aug. 1, 1936, and Apr.30,
1938,
8,6 respectively.
Figure
for
1941; beginning Mar. 29, 1941, gold reserves no longer reported separately.
Fi
f Feb.
F
7 These
These countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian
ngo, Bolivia, China, Danzig through Aug. 31, 1939, Ecuador, El Salvador, Estonia, Finland,
Congo, Boli Iceland, Latvia, Lithuania, Morocco, and Thailand (Siam). Figures for certain
Guatemala,
Guatemala,
Iceland,
Lithuania,
()
f
i h Latvia,
b
i d f d Moocco,
f
l t an revios official report
of these countries have been carried forward from last previous official report.
8 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British
Exchange Equalization Account during 1939.
9 Beginning Dec 1940, figures refer to gold reserves of new Central Bank only.
NOTE.—For description of table and back figures see BULLETIN for September 1940, pp.
925-934 and pp. 1000-1007; details regarding special internal gold transfers affecting the reported
figures through April 1940 appear on p. 926 in that issue.
in previous figures
United
BelEnd of month United
France2 gium
States Kingdom
1936_Dec
1937—June ...
Dec
1938—Mar. ..
June.. .
Dec ...
1939—Mar. ...
May....
June...
Sept....
Dec
1940—Mar. ...
June...
Sept....
Dec. ...
1941—Mar. ...
June...
Sept....
Dec
1942—Mar
June...
169
44
80
154
85
164
156
145
86
105
48
88
89
24
25
12
8
93
115
81
3 934
4 1,395
1,489
"4759' " * 3 3 i "
1,732
559
477
62
44
17
17
17
292
17
5151
17
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 Oct. 1938May
1939,
see
BULLETIN for
February
1941,
p. 170.
3 Figure for end of Mar. 1937, first date reported.
4 Figure for end of September.
Figure for September 1.
NOTE.—For details regarding special gold
transfers in 1939-40 between the British E. E. A.
and the Bank of England, and between the French
E. S. F. and the Bank of France, see BULLETIN
for September 1940/ p. 926.
FEDERAL RESERVE BULLETIN
GOLD PRODUCTION
Year or month
1934
1935
1936
1937
1938
1939
1940
1941
Estimated
world
production
outside 1
U.S.S.R.
OUTSIDE U. S. S. R.
[In thousands of dollars]
Production reported monthly
Total
South
Africa
823,003
882,533
971,514
1,041,576
1,136,360
1,208,705
1,279,455
1,288,945
708,453
752,847
833,895
893,384
958,770
1,020,297
1,094,264
1,088,882
366,795
377,090
396,768
410,710
425,649
448,753
491,628
504,268
107,940
105,035
104,370
90,335
100.485
91,657
88,884
88,598
75,653
85,031
79,926
80,603
^78,454
p
S2,190
^76,888
^76,255
^77,168
41,807
42,436
42,556
39,651
42,618
41,491
42,539
42,005
42,784
41,454
40,559
41,023
1941—Nov..
Dec,
1942—Jan...
Feb...
Mar...
Apr...
May.,
June..
July.
Aug...
Sept..
Oct...
Africa
North and South America
Other
West Belgian United
Austra-1 British
Rhoc I ColomChile I Nicara- lia8 I India 9
Africa2 Congo3 States 4 Canada 5 Mexico
desia
bia
$1 = 15^! grains of gold fa fine; i.e., an ounce of fine gold = $35
108,191 104,023 23 135 12,045
24,264
12,153
6,549
8,350
9,251
126,325 114,971 23 858 11,515
25,477
13,625
7,159
13,632
28,053
16,295
7,386 152,509 131,181 26 465
9,018
9,544
168,159 143,367 29, 591 15,478
28,296
20,784
8,018
18,225 10,290
28,532
24,670
8,470 178,143 165,379 32, 306
19,951 11,376
28,009
28,564
8,759 196,391 178,303 29, 426
29,155
32,163 3 8,862 210,109 185,890 30, 878 22,117 11,999
209,175 186,568 27, 969 22,961
27,765
32,414
9,259
2,240
2,302
2,282
2,186
2,275
2,320
2,288
*2,211
^2,227
P
2,254
^2,175
' P 2,175
19,801
16,761
14,982
10,034
10,959
11,058
10,807
10,147
12,396
9,806
11,479
11,656
2,590
2,590
2,695
2,625
2,625
2,555
2,520
2,450
2,450
2,345
2,310
'2,310
15,499
14,746
14,198
13,147
15,372
14,728
14,881
14,852
14,864
14,100
13,092
13,365
1, 688
1, 832
3 , 790
563
3, 457
( 6)
1,726
1,749
2,075
1,573
1,916
1,865
1,719
1,579
2,006
1,730
1,710
'1,710
701
622
558
537
596
540
570
611
645
531
'531
'531
1,166
868
807
848
1,557
3,506
5,429
7,525
30,559
31,240
40,118
46,982
54,264
56,182
55,878
51,039
11,223
11,468
11,663
11,607
11,284
11,078
10,157
9,940
718
770
772
647
663
644
694
609
827
747
442
'442
4,047
4.200
3,850
3,430
3,675
3,815
3,745
3,325
'3,325
'3,325
'3,325
'3,325
840
875
840
1,260
875
910
840
665
665
595
630
'630
Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes
irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production
as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million.
v
Preliminary.
'1 Figure carried forward.
Annual figures through 1940 are estimates of U. S. Mint. Annual figure for 1941 and monthly figures are based on estimates of American Bureau
of Metal Statistics given in thousands of fine ounces; this series discontinued by A.B.M.S. with estimate for March 1942.
2 Beginning April 1941, figures are those reported by American Bureau of Metal Statistics.
3 Beginning May 1940, monthly figures no longer reported. Annual figure for 1940 estimated at three times production for first four months of the year.
4 Includes Philippine Islands production received in United States. Monthly figures for 1941 represent estimates of American Bureau of Metal
Statistics revised by deducting from each monthly figure $12,626 so that aggregate for 1941 is equal to annual estimate compiled by Bureau of Mint in
cooperation with Bureau of Mines.
56 Figures for Canada beginning January 1941 are subject to official revision.
Beginning April 1942, figures no longer reported.
7
Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production.
8
Beginning
December 1941, figures are those reported by American Bureau of Metal Statistics.
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; June 1938, p. 540; and April 1933, pp. 233-235. For annual
including Russia-U. S.S. R.), see Annual Report of Director of Mint for 1941, pp. 103-104, and 1936, pp. 108-109.
figures of world production back to 1873 (in
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
1
1934
1935
1936
1937
1938
1939
1940
1941
1940
Nov
Dec
Total
net
imports
United
Kingdom
France
Belgium
Netherlands
Switzerland
Sweden
1,131,994 499,870 260,223
8,902 94,348
1,739,019 315,727 934,243
3 227,185
1,116,584 174,093 573,671
3,351
71,006
2
1,585,503 891,531 -13,710 90,859
6,461
6
1,973,569 1,208,728 81,135 15,488 163,049 60,146
3,574,151 1,826,403
3,798 165,122 341,618 28,715
633,083 241,778
4,744,472
977 63,260 161,489
3,779
982,378
1
1
1,747
330,107
137,176
936
99
234,242
108,609
118,567
171,992
34,830
30,712
37,041
36,973
65,702
40,440
50,374
52,896
37
1,218
817
21
2
474
542
79
250
55
121
163
Canada Mexico
Colombia
Philippine
Islands
Australia
South
Africa
1,029
12
12,038
3,498
65
15,335
8
21,513 23,280
181
25,427 34,713
401
27,880 39,162
35,636 74,250 22,862
38,627 103,777 184,756
42,678 67,492 292,893
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
32,304
46,989
39,735
29,998
2
67,975
3
102,404
4
388,468
5
100,485
2,170
7,446
27,580
12,805
12,402
86,829
968
95,171
7,511
72,648
54,452
111,480
1,363
76,315
86,987 612,949
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
262,718
80,389
545
347
2,'814
3,283
3,268
14,441
14,994
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
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
6,085 4,501
6,738
96
6,262
2,788 "3,046
313
4,720 132,261
4,194
3,594
4,593
69
"131
5,199
88
6,742
137
" 1,995'
2,064
3,694
6,151
200
"2,327'
5,980
40
3,713
190
711
7
6,240
1,751
All
other
countries
12,186
13,262
1941
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1
1,746
1
563
337
6,062
15,093
2,951
6,793
3,589
5,009
3,811
6
9,008
6
11,041
«9,365
6
R 9,039
18,726
6
1
Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce.
2 Includes $31,830,000 from Argentina.
3 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, $10,077,000 from Chile, and $37,555,000 from other
countries.
4 Includes $75,087,000 from Portugal, $59,072,000 from Argentina, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R.,
$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: Feb.—$11,236,000, Aug.—$3,407,000, Sept.—$5,652,000, Oct.—$5,550,000, Nov.—$5,615,000, Dec.—
$13,460,000.
NOTE.—Figures for months subsequent to December 1941 have not been released for publication. For gross import and export figures and for additional countries see table on p . 58.
JANUARY 1943
97
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935
[In millions of dollars]
Increase in foreign banking
From Jan. 2, 1935, through—
*
Total
fnnrlc in TT ^
Official1
Total
Other
Decrease
in U. S.
banking
funds
abroad
Foreign
securities:
Return
of U. S.
funds
Domestic
securities:
Inflow of
foreign
funds
Inflow in
brokerage
balances
1935—Dec. (Jan. 1, 1936)
1936—Dec. 30
1937—Dec. 29
1,412.5
2,608.4
3,410.3
603.3
930.5
1,168.5
81.1
243.9
593.5
849.4
924.6
361.4
431.5
449.1
125.2
316.2
583.2
316.7
917.4
1,162.0
12.9
47.5
1938—Mar. 30
June 29
Sept. 28
Dec. (Jan. 4, 1939).
1939—Mar. 29
June 28
Sept. 27
Dec. (Jan. 3, 1940).
1940—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1941).
1941—Mar. (Apr. 2)
June (July 2)
Sept.(Oct. 1)
Dec. 31
3,207.2
3,045.8
3,472.0
3,844.5
4,197.6
4,659.2
5,035.3
5,021.2
5,115.9
5,440.7
5,748.1
5,727.6
5,526.5
5,575.4
5,510.3
5,230.7
949.8
786.2
1,180.2
1,425.4
1,747.6
2,111.8
2,479.5
2,430.8
2,539.0
2,830.1
3,092.8
3,159.0
3,148.8
3,193.3
3,139.5
2,856.2
149.9
125.9
187.0
238.5
311.4
425.3
552.1
542.5
539.1
922.3
1,112.3
1,200.8
1,307.7
1,375.1
1,321.7
1,053.7
799.9
660.4
993.2
1,186.9
1,436.2
1,686.5
1,927.3
1,888.3
1,999.9
1,907.8
1,980.5
1,958.3
1,841.0
1,818.2
1,817.7
1,802.6
434.4
403.3
477..2
510.1
550.5
607.5
618.4
650.4
631.6
684.1
773.6
775.1
767.4
818.6
805.3
791.3
618.5
643.1
625.0
641.8
646.7
664.5
676.9
725.7
761.6
785.6
793.1
803.8
812.7
834.1
841.1
855.5
1,150.4
1,155.3
1,125.4
1,219.7
1,188.9
1,201.4
1,177.3
1,133.7
1,095.0
1,042.1
987.0
888.7
701.8
631.2
623.5
626.7
54.2
57.8
64.1
47.6
63.9
74.0
83.1
80.6
88.7
98.9
101.6
100.9
95.9
98.2
100.9
100.9
1942—Feb. 4
Feb. 11
Feb. 18
Feb.25
5,098.2
5,081.6
5,035.7
5,069.0
2,703.5
2,687.5
2,646.2
2,675.5
936.7
926.4
866.1
879.4
1,766.8
1,761.1
1,780.2
1,796.0
803.5
802.9
806.8
809.2
858.8
859.1
855.9
856.2
630.2
630.0
624.5
626.2
102.1
102.2
102.4
102.0
9.8
6.0
Mar.
Mar.
Mar.
Mar.
Apr.
4....'
11
18
25
1
5,105.8
5,112.1
5,070.3
5,051.7
5,082.4
2,706.1
2,714.6
2,672.5
2,654.4
2,684.0
941.0
955.6
917.8
908.1
932.0
1,765.1
1,759.0
1,754.7
1,746.3
1,752.0
814.6
815.8
817.5
817.2
819.7
855.4
852.7
851.6
851.4
849.6
627.0
626.6
625.6
625.0
624.9
102.6
102.4
103.1
103.7
104.3
Apr.
Apr.
Apr.
Apr.
8
15
22
29
5,079.5
5,300.8
5,317.1
5,309.6
2,675.1
2,893.6
2,912.9
2,906.1
918.2
1,132.1
1,129.7
1,106.7
1,756.9
1,761.6
1,783.2
1,799.4
827.3
830.1
829.1
829.8
847.2
845.3
844.4
843.2
625.2
627.1
626.6
626.6
104.7
104.6
104.1
103.9
May 6
May 13
May 20
May 27
June 3
5,375.2
5,358.6
5,358.4
5,384.8
5,413.4
2,971.0
2,951.4
2,948.5
2,974.7
2,996.8
1,160.1
1,140.1
1,153.3
1,153.5
1,144.0
1,811.0
1,811.3
1,795.2
1,821.2
1,852.8
831.2
834.3
836.4
836.5
839.8
841.9
841.4
841.7
840.9
843.2
627.2
626.5
626.9
627.3
629.0
104.0
105.0
104.8
105.4
104.6
5,456.4
5,497.8
5,515.3
3
5,495.3
3,039.1
3,077.9
3,095.9
3 4
- 3,075.9
1,193.0
1,210.3
1,220.0
3
1,211.7
1,846.0
1,867.6
1,875.9
4
1,864.2
841.7
842.8
843.7
842.3
840.9
840.7
839.1
4
838.8
630.0
631.1
631.6
632.0
104.8
105.2
105.0
106.2
r
5r
5
1,242.7
5
1,293.1
5
[829.3
828.6
830.5
633.3
642.7
646.1
5
103.7
5
103.9
5
June
June
June
June
10. ...17
24
302
July 31
Aug. 31
Sept. 30
r
5,542.6
5,599.9
5,654.9
3,121.4
5r
3,184.8
5
3,212.6
1,339.1
5
5r
l,878.7
5r
l,891.7
5
854.9
5r
839.9
6
1,873.5
858.2
107.5
r
1
Revised on basis of amended reports received from reporting banks.
This category made up as follows: through September 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York; beginning September 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reserve Bank of
New York; beginning Julyl7, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to
government names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States by
foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic
and consular establishments, etc.).
^ The following note, similar to that published in the BULLETIN for November 1942, incorporates certain revised figures based upon amended reports
received from reporting banks.
The weekly series of capital movement statistics reported by banks, bankers, brokers, and dealers in the United States through July 1, 1942, has been
replaced by a monthly series commencing with the month of July 1942. Since the new series overlaps the old series by one day, the cumulative figures
for the period ending July 1 have been adjusted to represent the movement through June 30 only. This adjustment is incomplete, however, taking into account only certain significant movements known to have occurred on July 1 (see footnotes 3 and 4). Other factors in the capital movement on that day
are believed to have been small.
Owing to a number of changes in reporting practice, the figures for the outstanding amounts of foreign banking funds in the United States and United
States banking funds abroad as reported in the new series are not fully comparable with the series ending July 1, 1942. The amounts outstanding on
June 30, as calculated by applying to the reported figures on July 1 the adjustments described in footnotes 3 and 4, were as follows, in millions of dollars:
total foreign banking funds in United States, 3,716.0, including central bank funds in New York, 1,276.8, and other foreign banking funds in United States,
2,439.2, and United States banking funds abroad, 316.8. (Brokerage balances—net due "foreigners"—amounted to 29.1 million dollars on July 1; the
same figure is taken for June 30.) The outstanding amounts reported in the new series for June 30, 1942, were as follows, in millions of dollars: total
-f.n~.ni •»*-.
k r t « U i V / » •£,,„
A^
!«
TT»~ Z± ~A
G-*-«4-^«
o 1 4 ?
4
Z~ ^--AZ
*££
~C« 1 -C,-.
1«
1 oir
r%
l
_ii
r
i_
< C\A a
c\ .
3 TT__ li
3 O A . _ i.
1
1*
£
-J _
-.l~ — ~
3
/"irk-> n
wa:,rd in the former series from December 3, 1941, in the absence of current data. Thefigurefor United States banking funds abroad is 23.6 million dollars
smalL
taller on the new basis, owing principally to the omission of claims on "foreigners" by these Japanese and Italian institutions, the amount of which had
. _ been
1_ _ _
* ^ J _f
I _ _ i 43,
i " 1941,
\ < 4 i _ . jin
_ 1 the
_ _ . f former
_
_ _series.
? _
'
also
carried
forward3 £^from T*\
December
3
Adjusted for net disbursements of 3.5 million dollars on July 1 to domestic accounts from an official foreign account at the Federal Reserve Bank
of New
York.
4
Adjusted for two large transactions in foreign dollar bonds known to have occurred on July 1, involving the net purchase for domestic accounts of
foreign
securities valued at 12.2 million dollars and a corresponding net transfer of banking funds to foreign accounts.
5
Amounts outstanding, in millions of dollars: total foreign banking funds in United States—July 31, r3,788.6,
August 31, r3,852.0, September 30 3 879 8,
including official funds—July 31, rl,857.2, August 31, 1,907.6,
September 30, 1,953.6, and other funds—July 31, rl,931.3, August 31, rl,944 3, September 30,
r
1,926.2; United States banking funds abroad—July 31, 280.6, August 31, 295.5, September 30, 277.3; and brokerage balances (net due ''foreigners")—July
31, 26.5, August 31, 26.7, September 30, 30.3.
NOTE.—Statistics reported by banks, bankers, brokers, and dealers. Data by countries and geographic areas through December 31, 1941, have been
published in earlier BULLETINS for all types of capital movement in the above table (except columns 3 and 4), and for outstanding short-term liabilities
to and claims on "foreigners" as reported by banks and brokers. For description of the statistics, see; Bu
" pp.
- 284-296,
- - - - and May
BULLETIN for April 1939,
1937, pp. 394-431.
FEDERAL RESERVE BULLETIN
CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)
Assets of issue
department
Gold1
1929—Dec. 25
1930—Dec. 31
1931—Dec. 30
1932—Dec. 28
1933—Dec. 27
1934—Dec. 26
1935—Dec. 25
1936—Dec. 30
1937—Dec. 29
1938—Dec. 28
1939—Dec. 27
1940—Dec. 25
145.8
147.6
120.7
119.8
190.7
192.3
200.1
313.7
326.4
326.4
4
.2
.2
1941—Nov. 26
Dec. 31
1942—Jan. 28
Feb. 25
Mar. 25
Apr. 29
May 27
June 24
July 29
Aug. 26
Sept. 30
Oct. 28
Nov. 25
.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
Other
assets^
Assets of banking department
Liabilities of banking department
Coin
Notes
Discounts
and advances
.2
.6
.6
.8
1.0
.5
.6
.6
22.3
49.0
27.3
18.5
16.8
7.6
8.517.5
9.2
28.5
4.3
4.0
84.9
104.7
133.0
120.1
101.4
98.2
94.7
155.6
135.5
90.7
176.1
199.1
Cash reserves
Securities
Note
circulation3
Deposits
Bankers'
Public
Other
Other
liabilities
379.6
368.8
364.2
371.2
392.0
405.2
424.5
467.4
505.3
504.7
554.6
616.9
71.0
132.4
126.4
102.4
101.2
89.1
72.1
150.6
120.6
101.0
117.3
,135.7
6.6
7.7
8.9
22.2
9.9
12.1
12.1
11.4
15.9
29.7
12.5
35.8
36.2
40.3
33.8
36.5
36.4
37.1
39.2
36.6
36.8
42.0
51.2
17.9
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
17.9
17.9
260.0
260.0
275.0
275.0
260.0
260.0
260.0
200.0
220.0
230.0
580.0
630.0
1.0
.9
26.3
38.8
31.6
23.6
58.7
47.1
35.5
46.3
41.1
51.7
25.6
13.3
730.0
5 780.0
.6
.3
20.2
28.5
4.0
6.4
192.3
267.8
710.0
751.7
136.4
219.9
9.8
11.2
53.1
54.1
17.S
17.9
780.0
780.0
780.0
830.0
830.0
830.0
6
880.0
880.0
880.0
880.0
880.0
.4
.3
.4
37.8
30.7
25.2
59.1
41.6
34.2
56.1
51.7
42.2
29.1
10.2
8.2
4.2
5.1
7.5
6.6
5.5
7.1
6.7
2.4
2.5
2.7
184.5
182.8
204.8
138.4
170.5
165.8
146.9
158.4
169.6
178.6
206.6
742.4
749.6
755.1
771.2
788.6
796.0
824.1
828.6
838.0
851.2
870.0
145.5
136.8
156.8
122.6
146.6
133.6
136.9
146.0
135.7
141.1
148.8
10.2
11.5
9.3
14.0
7.6
8.0
8.7
7.3
10.3
3.8
7.7
57.4
51.7
51.4
51.4
47.8
47.3
47.8
46.8
51.5
48.9
46.3
17.9
18.0
18.1
17.7
17.8
17.8
17.9
18.0
18.1
17.7
17.8
5
5
.7
1.2
1.3
1.2
1.2
1.4
1.4
1.1
Liabilities
Assets
B a n k of C a n a d a
(Figures in millions of
Canadian dollars)
Gold
Sterling
and United
States
dollars
Dominion and provincial government
securities
Deposits
Other
assets
Dominion
government
Other
99.7
135.7
165.3
175.3
232.8
359.9
181.6
187.0
196.0
200.6
217.0
217.7
17.9
18.8
11.1
16.7
46.3
10.9
2.1
3.5
3.1
17.9
9.5
.8
7.7
13.4
14.4
9.3
13.3;
28.5,
20.3
33.5
463.0
496.0
247.2
232.0
53.2
73.8
7.2
6.0
20. T
35.1.
14.9
17.6
19.7
19.1
12.9
26.2
36.7
14.7
22.1
21.7
17.8
479.1
493.2
508.9
516.7
528.6
541.2
563.8
592.6
625.4
657.6
666.3
200.6
236.8
241.9
214.7
186.0
221.3
271.6
225.4
246.0
304.6
273.2
46.6
49.4
118.8
104.5
96.7
31.3
26.0
15.5
18.5
19.3
24.6
18.7
11.1
6.1
7.3
23.4
26.7
15.7
28.1
24.7
12.2
13.8
is. r
Other
42
9.1
14 9
28.4
64 3
38.4
30 9
61.3
82 3
144.6
181 9
448.4
83 4
99.0
91 6
40.9
49 9
127.3
86
8.2
21 7
5.2
55
12.4
1941—Nov. 29
Dec. 31
113.8
200.9
428 7
391.8
228 5
216.7
1942—Jan. 31
Feb. 28
Mar. 31
Apr 30
May 30
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
299.1
377.0
276.3
209.5
187.4
.9
33.7
1.0
.8
.5
.5
245.7
209.5
386.6
413.1
430.8
493.7
501.0
518.7
628.7
797.5
780.6
203.8
204.6
209.4
223.5
223.8
322.1
338.8
351.3
284.7
199.3
204.2
180.5
179.4
179 8
185.9
225 7
(8)
Other
liabilities
Chartered
banks
Shortterm6
1935—Dec. 31 . . . .
1936—Dec. 31
1937—Dec. 31
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
Note
circulation?
18.2
16.3
22.0
20.1
22.4
33.0
24.1
21.6
25.3
25.2
1
Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when
it was
officially set at 168 shillings per fine ounce.
2
Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.
3
Notes issued less amounts held in banking department.
4
On Jan. 6,1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, .1939, about
5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from Exchange Account
to Bank;
on Sept. 6,1939, 279 million pounds transferred from Bank to Exchange Account.
5
Fiduciary issue increased by 50 million pounds on June 12,1940. Apr. 30, Aug. 30, and Dec. 3, 1941, and Apr. 22 and July 28,1942.
6 Securities maturing in two years or less.
7 Includes notes held by the chartered banks, which constitute an important part of their reserves.
8 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term government securities (see BULLETIN for July 1940,
NOTE.—For further explanation of table for Bank of England see BULLETIN for February 1931, pp. 81-83. The headings in the table for the Bank of
Canada correspond to the items in that Bank's statements, except that the headings "Other assets" and "Other liabilities" include certain small asset
and liability items shown separately in the statements.
'
JANUARY 1943
99
Central Banks—Continued
Liabilities
Assets
Bank of France
(Figures in millions
of francs)
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—Oct. 31 6
Nov. 286
Dec. 266
Advances to
Government
Domestic bills
Gold
....
5
1
Foreign
exchange
Open
market 2
41,668
53,578
68,863
83,017
77,098
82,124
66,296
60,359
58,933
87,265
97,267
25,942
26,179
21,111
4,484
1,158
963
1,328
1,460
911
821
112
5,612
5,304
7,157
6,802
6,122
5,837
5,800
5,640
5,580
7,422
11,273
84,616
84,616
84,616
42
43,194
Special 2
Other
For occupation
costs 3
8,624
8,429
7,389
3,438
4,739
3,971
9,712
8,465
10,066
7,880
5,149
1,379
652
1,797
2,345
ft
(I)7
()
Deposits
Other
assets
Other 2
Note
circulation
Government
17,698
31,909
20,627
34,673
8,124
9,510
11,275
11,712
11,173
11,500
11,705
12,642
11,733
18,498
20,094
68,571
76,436
85,725
85,028
82,613
83,412
81,150
89,342
93,837
110,935
151,322
11,737
12,624
5,898
2,311
2,322
3,718
2,862
2,089
3,461
5,061
1,914
23,179
213,131
214,176
218,383
1,097
748
984
C.A.R.4
Other
liabilities
Other
7,850
11,698
22,183
20,072
13,414
15,359
8,716
13,655
19,326
25,595
14,751
3,646
56,806
64,397
72,317
65,250
61,200
63,900
117,715
117,555
123,578
129,518
129,568
142,507
69,500
67,700
64,700
60,500
68,900
69,500
22,605
21,826
20,846
23,555
21,016
22,121
242,000
244,099
248,993
255,684
260,772
270,144
1,318
1,341
1,279
1,272
1,371
1,517
149,562
149,754
156,386
162,898
168,930
174,938
180,678
64,700
67,400
67,000
68,300
66,250
62,950
57,650
20,138
20,086
20,056
21,365
19,953
19,486
20,740
273,281
278,392
282,848
291,654
296,903
304,379
315,617
1,350
1,173
852
775
755
768
726
25,075
24,941
27,202
8
60,612
60,193
59,715
60,932
61,073
64,580
33,978
29,179
27,208
25,999
24,431
25,272
3,586
3,741
3,763
4,402
3,309
3,479
3,894
59,649
59,203
56,396
59,668
54,410
48,093
39,908
27,797
27,287
30,251
28,955
30,653
30,724
31,963
3,900
3,469
4,493
3,391
4,040
4,753
3,985
38,932
39,107
41,400
661
1941—July 31.
Aug. 28
Sept. 25
Oct. 30
Nov. 27
Dec. 31.
84,598
84,598
84,598
84,598
84,598
84,598
37
37
37
37
38
38
40,776
40,720
41,014
41,138
41,654
42,115
1
5
12
6,419
6,139
6,896
7,849
5,348
4,517
1942—Jan. 29
Feb. 26
Mar. 26
Apr. 30
May 28
June 25.
July 30
84,598
84,598
84,598
84,598
84,598
84,598
84,598
38
38
38
38
38
38
38
42,071
42,043
42,314
42,651
42,804
42,699
43,743
16
18
16
13
11
9
9
4,855
5,588
4,433
4,581
4,176
4,000
4,744
Liabilities
Assets
Reichsbank
(Figures in millions of
reichsmarks)
Reserves of gold and
foreign exchange
Total
reserves
1929—Dec.
1930—Dec.
1931—Dec.
1932—Dec.
1933—Dec.
1934—Dec.
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
Gold
2,283
2,216
984
806
386
79
82
66
71
71
1,812
2,241
1,989
2,041
1,940
1,907
2,113
2,557
3,160
2,718
2,925
Securities
Bills (and
checks),
including
Treasury
bills
Security
loans
2,848
2,572
4 242
2,806
3,226
4,066
4,552
5,510
6,131
8,244
11,392
15,419
251
256
245
176
183
146
84
74
60
45
30
38
Other
assets
Note
circulation
259
445
349
221
106
557
804
32
92
102
161
398
322
319
315
303
286
298
393
357
656
638
1,065
1,114
735
827
853
765
861
1,621
2,498
2,066
Eligible
as note
cover
Other
Deposits
Other
liabilities
5,044
4,778
4,776
3,560
3,645
3,901
4,285
4,980
5,493
8,223
11,798
14,033
755
652
755
540
640
984
1,032
1,012
1,059
1,527
2,018
2,561
736
822
1,338
1,313
836
1,001
923
953
970
1.091
,378
,396
31
31
31
31
30
31
31
31
31
31
30
31
2,687
2 685
1 156
920
396
84
88
72
76
76
78
78
1941—Aug. 30
Sept. 30
Oct. 31
Nov. 29
Dec 31
77
77
77
77
77
17,306
18,016
18,456
18,899
21,656
25
25
26
24
32
16
24
20
58
107
384
383
335
283
283
2,343
2,260
2,364
2,395
2,311
16,502
16,918
17,432
17,793
19,325
2,326
2,511
2,470
2,493
3,649
,323
,357
,377
,450
,493
1942—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 30
June 30
July 31
Aug 31
77
77
20,884
21,458
21,673
21,529
22,093
22,848
23,114
23,611
28
23
23
19
19
21
17
14
151
144
72
17
16
18
21
34
288
288
227
202
204
202
205
204
1,406
1,343
1,751
2,212
2,344
2,180
2,162
2,262
18,987
19,443
19,774
20,047
20,548
20,954
21,344
21,808
2,417
2,426
2,762
2,701
2,840
2,990
2,804
2,864
,431
,464
L.287
,308
L.366
1,402
1,448
1,530
77
77
77
77
77
77
(8)
1
Gold revalued in Mar. 1940, Nov. 1938, July 1937, and Oct. 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 June 11, 1942, advances of 181,000 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
Figures taken from annual report of Bank for 1940.
7
Figure not available.
8 Gold not shown separately on 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.
IOO
FEDERAL RESERVE BULLETIN
Central Banks—Continued
Central Bank
(Figures as of last report
date of month)
Nov.
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) i1
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 4
Central Bank of Chile (millions of
pesos):
Gold
Discounts for member banks
Loans to Government
Other loans and discounts
Other assets
Note circulation
Deposits—Bank
Other
Other liabilities
Bank of the Republic of Colombia
(thousands of pesos):
Gold
Foreign exchange
Loans and discounts
Government loans and securities...
Other assets
Note circulation
1941
1942
Oct.
29,829
93,417
Sept.
Nov.
1,075
694
366
1,075
456
364
217
1,503
694
39
20
96
209
1,281
502
207
26
7
81
29,110
91,642
19,955
58,740
5,349
6,211
3,865
45,434 38,936 32,851
22,796 22,110 20,980
139 664 136 167 66,934
156,402 149,212 114,649
114,106 111,606 75,364
(Aug.) 2
4,336
3,841
4,213
56
729
544
11,988
729
777
223
4,331
1,539
3,417
144
772
9,427
468
737
(3)
2
41,227
60,757
15,018
59,758
33,646
92,931
(Aug.)
1,515
760
917
1,513
791
840
13,539
10,781
2,139
3,811
8,512
2,627
(3)
(Aug.) 2
389,214
323,185
303,788
492,816
41,234
70,157
729,079
738,071
153,244
236,576
462,543
162,186
450,729
10,199
47,852
581,384
621 023
167,679
174
201
729
909
293
1,654
245
136
272
174
145
729
935
287
1,666
252
116
235
39,566
57,641
14,685
60,436
32,675
90,575
36,692
52,921
14,958
59,989
34,141
86,442
/3\
Central Bank
(Figures as of last report
date of month)
Bank of the Republic of Colombia— Cont.
Deposits
Other liabilities
National Bank of Denmark (millions
of kroner):
Gold
Foreign exchange
Clearing accounts (net)
Loans and discounts
Securities
Gov't. compensation account^..
Other assets
...
Note circulation
Deposits—Government
Other
Other liabilities
Central Bank of Ecuador (thousands of sucres):
Gold
Foreign exchange (net)
Loans and discounts
Other assets
,
Note circulation
L
Demand deposits
Other liabilities
National Bank of Egypt 6 (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):
Gold7
Foreign exchange
Loans and discounts
Government debt and securities
Other assets
Note circulation
Deposits
Other liabilities4
Bank of Finland
Bank of Greece4
National Bank of Hungary (millions
of pengo):
Gold8
Foreign exchange reserve
Discounts
Loans—To Treasury
To foreign countries . . . .
Other
Other assets
.
Note circulation
Demand deposits
Consolidated foreign credits of 1931.
Other liabilities
147
227 Reserve B a n k of India (millions of
rupees):
738
Issue department:
512
Gold at home and a b r o a d . . . .
136
Sterling securities
1,233
196
Indian Gov't. securities
102
Rupee coin
229
Note circulation
Banking department:
Notes of issue department
29,102
Balances abroad
10,449
Treasury bills discounted
42,621
Loans to Government
54,586
Other assets
34,612
Deposits
68,009
Other liabilities
1941
1942
Nov.
Oct.
Sept.
Nov.
76,121
41,355
72,602
41,829
69,435
42,824
53,786
49,574
(Aug.) 2
98
16
1,017
52
41
125
1,154
834
408
1,020
241
98
31
801
51
175
898
791
154
896
211
(June)2
96,858 71,276
48,348 25,648
82,733 84,505
41,384 25,670
134,166 107,574
98,825 57,372
36,331 42,154
6,251
4,474
3,163
24,206
8,670
1,189
7,014
559
24,305
11,581
5,753
125,443
6,402
71,134
18,730
42,408
13,460
50,027
21,719
10,730
974
7,055
529
23,841
11,422
5,743
13,246
1,616
1,307
6,801
1,801
16,976
4,140
3,655
(Aug.) 2
100
4
1,489
760
430
33
601
2,387
457
21
553
100
17
1,121
791
140
36
449
1,899
465
26
264
(Aug.) 2
444
3,118
1,024
287
4,743
444
1,807
565
376
3,074
131
772
2
9
89
851
152
117
598
1
"""96
687
125
1
Separate figures for National Bank of Belgium not available. The Bank of Issue of Brussels was founded by the German Military Administration
on June
27, 1940; it has no note issue, drawing its resources principally from advances from the National Bank and deposits by the Postal Checking Office.
2
Latest
month for which report is available for this institution.
3
Figure not available.
4
For last available reports from the central banks of Bulgaria (May 1941), Finland (May 1941), and Greece (March 1941), see BULLETIN for March 1942,
pp. 280-281.
5
Represents Bank's claim on the Government for the Bank's foreign exchange losses resulting from the revaluation of the krone on Jan. 23, 1942.
6
Items for issue and banking departments consolidated; after March 1942, statements published only irregularly.
7
Gold
revalued June 30, 1942, at 0.3555 gram fine gold per colon, a 20 percent reduction in the gold value of the colon.
8
Gold revalued in week ending Sept. 30,1941, at 0.2175 gram fine gold per pengo, an increase in gold value of the pengo of approximately 24 per cent.
JANUARY 1943
IOI
Central Banks—Continued
Central Bank
(Figures as of last report
date of month)
1942
Nov.
Bank of Japani
Bank of Java (millions of guilders):
Gold
Foreign bills
Loans and discounts
Other assets
Note circulation
Deposits
Other liabilities
Bank of Mexico (thousands of pesos):
Metallic reserve3
"Authorized" holdings of securities, etc
Bills and discounts
Other assets
Note circulation
Demand liabilities
Other liabilities
Netherlands Bank (millions of guilders) :
Gold
^
m..m
Silver (including subsidiary coin)..
Foreign bills
Discounts
Loans
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Reserve Bank of New Zealand (thousands of pounds):
Gold
Sterling exchange reserve
Advances to State or State undertakings
Investments
Other assets
Note circulation
Demand deposits
Other liabilities
Bank of Norwayi
Central Reserve Bank of Peru (thousands of soles):
Gold and foreign exchange
Discounts
Government loans
Other assets
Note circulation
Deposits
Other, liabilities
Bank of Portugal (millions of
..escudos):
Gold5
Other reserves (net)
Non-reserve exchange
Loans and discounts
Government debt
-Other assets
Note circulation
Other sight liabilities
Other liabilities
-National Bank of Rumania (millions
of lei):
Gold
Special exchange accounts
Loans and discounts
Special loans (in liquidation)
Government debt
Other assets
Note circulation
Demand deposits
Other liabilities
South African Reserve Bank (thousands of pounds):
Gold
Foreign bills
Other bills and loans
Other assets
Oct.
1941
Sept.
Nov.
(Jan.)2
40/
24
171
140
339
366
37
430
23
95
129
269
371
36
247,045 240,373
179,540
708,305
112,530
44,819
664,666
323,516
124,517
683,859
109,898
48,214
648,358
313,136
120,851
519,296
42,597
81,620
492,454
225,695
104,903
'Aug.)2
931
5
1,304
200
151
226
2,597
1,025
8
801
1
4 165
1,988
157
65
164
2,802
25,827
2,802
26,610
2,802
11,04.
26,967
4,455
2,472
27,590
31,791
3,143
25,811
4,146
1,959
26,807
31,712
2,810
22,587
3,842
1,666
22,294
17,076
2,571
97,667 62,080
15,331 15,958
259,096 180,993
35,037
6,666
263,937 183,990
108,330 60,039
34,864 21,667
(July)2
1,374
2,352
4,846
283
1,028
1,285
4,585
5,448
1,136
g )
41,294
22,039
34,639
421
21,230
39,935
100,477
41,503
17,578
70,614
1,043
183
65,923
66,931
1,012
334
61,508
1,338
1,432
2,826
340
1,031
935
3,911
3,192
798
34,070
19,972
33,040
(*)
(0 4)
93,667
29,946
4
48,533
19,604
2
40,650
Central Bank
(Figures as of last report
date of month)
1942
Nov.
Oct.
1941
Sept.
South African Reserve Bank—Cont.
37,339 34,057
Note circulation
95,792 91,554
Deposits
4,632
4,175
Other liabilities
Bank of Sweden (millions of kronor):
707
719
Gold
550
559
Foreign assets (net)
785
667
Domestic loans and investments..
1,146
1,129
Other assets
1,832
1,863
Note circulation
934
819
Demand deposits
405
409
Other liabilities
Swiss National Bank (millions of
francs):
3,466
3,484
3,516
Gold
105
87
71
r
Foreign exchange
69
139
n
Loans and discounts
4
286
(
)
Other assets
2,340
2,497
Note circulation
1,303
1 267 2,429
Other sight liabilities
4
1,225
283
4
Other liabilities
Central Bank of the Republic of
(July) 2
Turkey (thousands of pounds):
138,603
Gold
53,041
Foreign clearing accounts
589,131
Loans and discounts
189,867
Securities
17,842
Other assets
599,527
Note circulation
79,358
Deposits—Gold
143,846
Other
165,753
Other liabilities
Bank of the Republic of Uruguay
(thousands of pesos):
June'
Issue department:
86,204
Gold and silver
113,275
Note circulation
Banking department:
66,839
Gold
39,023
Notes and coin
Advances to State and to
34,076
government bodies
104,891
Other loans and discounts....
117,021
Other assets
136,696
Deposits
225,154
Other liabilities
Central Bank of Venezuela (thousands of bolivares):
196,064 196,064 183,704
Gold.
26,620 12,866 25,071
Foreign exchange (net)
35,230 35,230 35,230
Credits to national banks
12,748 11,153 13,571
Other assets
Note circulation—
165,104 166,935 165,885
Central Bank
38,248 40,978 41,649
National banks
61,055 41,080 43,834
Deposits
6,319
6,254
6,209
Other liabilities
National Bank of the Kingdom of
Yugoslavial
Bank for International Settlements
Aug.) 2
(thousands of Swiss gold francsfi):
56,644
Gold in bars
Cash on hand and on current ac36,209
count with banks
15,643
Sight funds at interest
Rediscountable bills and accept142,611
ances (at cost)
20,939
Time funds at interest
200,466
Sundry bills and investments
42
Other assets
29,094
Demand deposits (gold)
Short-term deposits (various currencies):
15,444
Central banks for own account.
4,708
Other
Long-term deposits: Special ac229,001
counts
194,306
Other liabilities
e>
Nov.
28,488
76,321
3,980
433
875
859
919
1,551
842
692
2,606
937
135
230
2,212
1,405
290
115,404
55,815
474,471
191,570
25,916
511,484
79,358
110,021
162,312
86,235
107,592
72,924
34,082
25,150
93,210
129,770
119,987
235,149
124,304
34,862
38,997
7,479
94,067
63,943
37,339
10.292
31,959
40,950
15,626
142,162
21,004
223,364
107
26,241
21,734
4,277
229,001
193,918
r
Revised.
1 For last available reports from the central banks of Japan (September 1941), Norway (March 1940), and Yugoslavia (February 1941) see BULLETIN for March 1942, pp. 281-282.
'
2 Latest month for which report is available for this institution.
3 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
4
Figure not available.
5 Valued at average cost beginning October 1941.
6 See BULLETIN for December 1936, p. 1025.
I OX
FEDERAL RESERVE BULLETIN
MONEY RATES IN FOREIGN COUNTRIES
D I S C O U N T RATES OF CENTRAL B A N K S
[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
May 29
June 27
In effect December
31, 1942
3
2
Netherlands
Belgium
4
2
3
Switzerland
Sweden
2
2H
iy2
2
"2y2"
"iji"
2
—
•
•
•
Rate
December
31
Central
bank of—
Date
effective
Mar. 21, 1940
Mar. 1, 1936
Jan. 25, 1940
Albania
Argentina
Belgium
Bohemia and
Moravia....
sy2 Oct.
1, 1940
Rate
December
31
Central
bank of—
Date
effective
Japan
3.29
Java
3
Latvia
5
Lithuania. . . 6
Mexico
4H
Apr.
Jan.
Feb.
July
June
June 27, 1941
7, 1936
14, 1937
17, 1940
15, 1939
4, 1942
•
6
5
4
3J4
—
•
•
•
•
"2H"
Bolivia
6
British India..
3
Bulgaria
5
Canada
2y2
Chile...
3-4^
Colombia
4
Nov.
Nov.
Dec.
Mar.
Dec.
July
8, 1940
28, 1935
1, 1940
11, 1935
16, 1936
18, 1933
Netherlands
New Zealand
Norway
Peru
Portugal....
3
5
3M
July
May
Aug.
Sept.
Denmark
Ecuador
El Salvador...
Estonia
Finland
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
V/2
Sept.
June
iMar.
May
Nov.
12, 1940
2, 1941
29, 1939
29, 1941
26, 1936
Mar. 17, 1941
Apr. 9, 1940
Mar. 1, 1942
Oct. 22, 1940
May 18, 1936
Turkey
United Kingdom
U. S. S. R . . .
Yugoslavia.
4
July
1, 193a
2
4
5
Oct. 26, 1939
July 1, 1936
Feb. 1, 1935
1H
26,
13,
1,
3,
1941
1940
1940
1942
3
"3
2
•'4'
••
3
4
7
3
4^
4
• ' 3 ' " '
3
2
France
Germany
Greece
Hungary
Italy...
" 3 " "
"sy2"
"2""
3^
IK
6
3
2
4H
3
"2y2"
2
2
2H
1
Not officially confirmed.
NOTE.—Changes since November 30 : none.
3
O P E N M A R K E T RATES
[Per cent per annum
Germany
United Kingdom
Netherlands
Sweden
Switzerland
Loans
up to 3
months
Private
discount
rate
Month
Bankers'
acceptances
3 months
Treasury
bills
3 months
1929—Oct
1930—Oct
1931—Oct
1932—Oct
1933—Oct
1934—Oct
1935—Oct
1936—Oct
1937—Oct
1938—Oct
1939—Oct
1940—Oct
1941—Oct
6.13
2.09
5.68
1.88
1.03
1.03
6.19
2.13
5.46
.71
.73
.68
.62
.54
.53
.68
1.77
1.02
1.00
5.45
1.65
4.36
.71
.75
.75
.75
.75
.75
.75
1.71
1.00
1.00
1941—Nov.
Dec..'.'.'.'.'!!!!!!!
1942—Jan
Feb
Mar.......!...!!
Apr..
May
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.00
1.01
1.01
1.00
1.00
1.01
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.03
1.04
1.04
1.03
1.00
1.03
1.00
1.00
1.00
1.05
1.04
June.
July
Aug
Sept.
Oct....'.'.'.'!!!!!!
.82
.79
.77
.63
.56
.55
.70
Bankers'
Day-to-day
allowance
money
on deposits
4H-4
1
4
1^
y&
y^
y%
y*
%
y2
H
y2
V>
<A
V>
X
A
Yi
Private
discount
rate
Day-to-day
money
Private
discount
rate
Money
for
1 month
7.28
4.66
8.00
3.88
3.88
3.81
3.04
2.94
2.88
2.88
2.75
2.25
2.13
8.06
5.15
9.21
4.94
5.11
4.63
3.13
2.82
2.81
2.70
2.23
1.87
1.76
5.15
1.59
2.76
.37
.50
.59
4.70
1.87
.13
.21
1.90
2.25
1.88
4.52
1.48
3.07
1.00
1.00
1.00
5.00
2.51
.50
.50
2.24
2.75
2.25
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
J .75
.98
L.92
.75
.95
L.96
:L . 7 1
L.90
.75
ly2
A
53^-7
sy2sy2
d-iy2
sy2sy2
3-5
2y2-^y2
2y2s
23^-5
23^-5
23^-5
23^-5
33^-5 y2
3-5H
3.38
1.29
1.90
1.50
1,50
1.50
2.37
1.69
1.00
1.00
1.25
1.31
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 j:ountries and references to explanation of tables see BULLETIN for September 1940, p . 1018.
JANUARY 1943
103
COMMERCIAL BANKS
Assets
1
United Kingdom
(11 London clearing banks.
Figures in millions of
pounds sterling)
Liabilities
Money at
Cash
call and Bills dis- Treasury
deposit 2 Securities Loans to
counted receipts
reserves
short
notice
1936—December.
1937—December.
1938—December.
1939—December.
1940—December.
244
244
243
274
324
195
163
160
174
159
322
300
250
334
265
1941—November.
December.
1942—January...
February.
March
April
May
June
July
August
September
October...
332
366
330
318
347
319
326
355
342
351
349
350
127
141
118
122
137
136
133
147
132
133
127
136
246
171
157
112
163
258
291
292
273
283
277
271
Other
assets
Deposits
Total
Demand 3
Time 3
314
660
635
635
609
771
890
984
971
1,015
924
249
256
263
290
293
2,315
2,330
2,254
2,441
2,800
1,288
1,284
1,256
1,398
1,770
1,012
1,026
997
,043
,030
245
252
269
256
250
651
758
739
646
476
450
471
543
607
634
693
744
999
999
1,008
1,017
1,050
1,048
1,049
1,058
1,075
1,082
1,097
1,108
825
823
832
840
853
832
822
814
807
795
785
785
280
324
288
275
291
278
277
289
261
257
263
263
3,208
3,329
3,222
3,085
3,072
3,082
3,131
3,263
3,264
3,305
3,358
3,424
2,054
2,168
2,088
2,003
2,012
2,001
2,036
2,141
2,138
2,161
2,218
,154
,161
,134
,082
,060
,081
,095
,122
,126
,143
,140
250
253
249
243
244
240
238
234
232
231
233
232
Assets
Canada
(10 chartered banks. End of
month figures in millions
of Canadian dollars)
Entirely in Canada
Cash
reserves
Security
loans
Other
loans
and discounts
Other
liabilities
Liabilities
Security
loans
abroad
and net Securities
due from
foreign
banks
Note
circulation
Other
assets
Deposits payable in Canada^
deluding interbank deposits
Total
Demand
Time
Other
liabilities
1936—December.
1937—December.
1938—December.
1939—December.
1940—December.
240
255
263
292
323
114
76
65
53
40
791
862
940
1,088
1,108
161
102
166
132
159
1,384
1,411
1,463
1,646
1,531
554
575
535
612
570
103
96
88
85
80
2,303
2,335
2,500
2,774
2,805
755
752
840
1,033
1,163
1,548
1,583
1,660
1,741
1,641
837
850
843
963
846
1941—November
December
1942—January...
February.
March
April
May
June
July
August
September
October...
342
356
296
324
348
322
285
327
369
333
366
413
36
32
31
30
34
32
29
28
26
24
27
25
1,218
1,169
1,128
1,135
1,300
1,252
1,215
1,137
1,096
1,064
1,050
1,078
182
168
158
164
166
178
175
181
182
183
185
194
1,690
1,759
1,916
1,960
1,881
1,899
1,878
1,883
1,958
2,192
2,340
2,379
593
653
585
595
624
637
601
639
614
595
594
602
76
71
71
72
71
72
71
72
73
71
69
68
3,041
3,105
3,096
3,181
3,305
3,262
3,118
3,121
3,174
3,311
3,486
3,604
1,402
1,436
1,376
1,517
1,755
1,725
1,562
1,523
1,521
1,612
1,738
1,895
1,639
1,669
1,720
1,664
1,550
1,537
1,556
1,598
1,654
1,700
1,748
1,709
944
962
945
955
976
986
993
1,002
999
1,008
1,006
1,018
Assets
Liabilities
France
(End of month figures in
millions of francs)
Cash
reserves
Due from
banks
3,100
3,403
3,756
4,599
2,975
4,116
4,060
3,765
Bills discounted
Loans
Other
assets
17,582
18,249
21,435
29,546
7,631
7,624
7,592
7,546
1,957
2, 134
1,940
2,440
Deposits
Total
II Demand
Time
Own
acceptances
27,955
29,748
33,042
41,872
529
600
537
571
473
661
721
844
Other
liabilities
4 large banks
1936—December
1937—December
1938—December 4
1939—December
28,484
30,348
33,578
42,443
4,289
4,517
4,484
4,609
3 large banks
1939—December
1940—December
1941—January
February
March
April
May
June
July
August
September
October
November
December
4,499
6,258
3,520
3,546
27,512
44,243
7,155
7,984
2,170
1,999
39,647
58,890
39,271
58,413
375
477
786
535
4,423
4,604
704
628
661
407
549
641
837
436
790
034
840
424
3,297
3,197
3,191
3,190
3,279
3,359
3,239
3,272
3,241
3,270
3,287
r
3,260
46,294
48,596
50,401
51,158
52,961
54,826
53,951
56,141
56,788
55,716
56,837
r
57,7O7
8,064
8,155
7,784
7,768
7,720
8,035
7,511
7,306
7.640
8,807
7,719
r
7,860
1,396
1,357
1,403
1,429
1,351
1,371
1,526
1,431
1,464
1,571
1,693
r
l,744
60,323
62,528
63,998
64,441
66,229
68,376
67,148
68,600
69,763
70,229
70,070
r
71,736
59,820
62,003
63,465
63,910
65,712
67,867
66,640
68,094
69,269
69,754
69,619
r
71,304
503
525
533
531
516
509
508
506
495
475
451
433
586
599
534
467
454
474
460
418
388
398
432
393
3,846
3,805
3,909
4,044
4,176
4,383
4,456
4,568
4,772
4,771
4,873
r
4,865
I
r
1
Revised.
Through August 1939, averages of weekly figures; beginning September 1939, end-of-month figures, representing aggregates of figures reported by
individual
banks for days, varying from bank to bank, toward the end of the month.
2
Represent six-month loans to the Treasury at 1| per cent, callable by the banks in emergency at a discount equal to the Bank of England rate.
3
Through December 1937, excludes deposits in offices outside England and Wales which are included in total.
4
For figures for four banks for months January-March 1940, see BULLETIN for August 1942, p. 861.
NOTE.—For other back figures and explanation of tables, and for figures for German commercial banks, see BULLETIN for June 1941, p. 596; August
1939, p. 699; June 1935, pp. 388-390; and October 1933, pp. 641-646.
IO4
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers.
Year or month
Argentina
Australia
(peso)
(pound)
Official
1934
1935
1936
1937
1938
1939
1940
1941
33.579
32.659
33.137
32.959
32.597
30.850
29.773
29.773
1941—Dec
1942—Jan.
Feb
Mar
Apr.
May
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
June
July
Aug
Sept
Oct
Nov
Year or month
1941—Dec
1942—Jan.
Feb
Mar.
Apr.
May
June
July
Aug
Sept
Oct
Nov
Official
23.704
322.80
322.80
23.704
23.704
23.704
23.704
23.704
23.704
23.704
23.704
23.704
23.704
23.704
23.704
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
321.50
321.50
321.50
321.50
321.50
321.50
321.50
321.50
321.50
321.50
321.50
321.50
2
2
Free
400.95
388.86
395.94
393.94
389.55
353.38
305.16
321.27
Colom- Czecho- D e n bia slovakia m a r k
(peso) koruna) (krone)
61.780
56.011
57.083
56.726
55.953
57.061
57.085
57.004
1934
1935
1936
1937
1938
1939
1940
1941
Special
Export
4.2424
4.1642
4.0078
3.4930
3.4674
2
3.4252
22.500
21.883
22.189
22.069
21.825
20.346
2
19.308
Belgium
(belga)
23.287
18.424
16.917
16.876
16.894
16.852
2
16.880
Brazil
(cruzeiro1)
Official
Free
6.1983
5.1248
5.0214
5.0705
37.879
36.964
37.523
37.326
36.592
33.279
30.155
30.137
6.0576
6.0580
6.0580
6.0580
6.0580
6.0580
6.0580
6.0580
6.0580
6.0580
6.0592
6.0600
5.1331
5.1331
5.1369
5.1369
5.1384
5.1387
5.1435
5.1450
5.1450
5.1423
5.1480
5.1526
30.130
30.123
30.122
30.122
30.122
30.122
30.122
30.122
30.122
30.122
30.122
30.122
Bulgaria
(lev)
1941—Dec
1942—Jan.
Feb
Mar
Apr
May
June
July
Aug.
Sept
Oct
Nov
Canada (dollar)
Official
90^909
101.006
99.493
99.913
100.004
99.419
96.018
85.141
87.345
10.1452
5.0833
5.1240
5.1697
5.1716
5.1727
5.1668
2
5.1664
34.094
36.571
29.751
2
4.0000' 29.606
4.0000 21.360
4.0000 11.879
6.000
4.0000
2
4.0000 25.313
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
87.395
87.833
88.418
87.666
87.173
88.557
89.958
89.943
89.523
87.820
87.631
88.087
Hungary
(pengo)
Italy
(lira)
39.375
40.258
40.297
40.204
40.164
40.061
40.021
2
39.968
29.575
29.602
29.558
19.779
19.727
19.238
18.475
2
19.770
8.5617
8.2471
7.2916
5.2607
5.2605
5.1959
5.0407
2
5.0703
6.5688
6.6013
6.1141
4.0460
2.8781
2.5103
2
2.0827
.9402
.9386
.9289
.9055
.8958
.8153
2
.6715
38.716
48.217
31.711
30.694
30.457
27.454
22.958
2
24.592
Neth-
4.6089
4.4575
4.5130
4.4792
4.4267
4.0375
3.7110
2
4.0023
1.0006
.9277
.7382
.7294
.7325
.7111
2
.6896
498.29
484.66
491.65
489.62
484.16
440.17
397.99
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
13.615
13.678
12.314
6.053
5.600
10.630
9.322
59.005
57.173
58.258
57.973
56.917
51.736
46.979
47.133
47.160
47.007
46.710
25.982
25.271
25.626
25.487
25.197
23.991
23.802
2
23.829
(yen)
(peso)
29.715
28.707
29.022
28.791
28.451
25.963
23.436
2
23.439
27.742
27.778
27.760
27.750
22.122
19.303
18.546
20.538
(guild- land
(pound)
er)
67.383
67.715
64.481
55.045
55.009
53.335
2
53.128
20.560
20.564
20.562
20.571
20.574
20.567
20.568
20.567
20.568
20.573
20.573
20.573
32.366
32.497
30.189
22.938
22.871
22.525
22.676
2
23.210
New
Japan Mexico erlands Zea-
25 043
18.846
18.882
18.875
18.923
18.860
2
18.835
China
Free
Official
FinGerland France m a n y Greece Hong
Kong
(mark- (franc) (reichs- (drachma)
(dollar)
mark)
ka)
2.2277
2.1627
2.1903
2.1811
2.1567
1.9948
1.8710
2
2.0101
Chile (peso)
(yuan
ShangExport hai)
1.2852
1.2951
1.2958
1.2846
21.2424
Ruma- South Spain Straits
Settle- Sweden SwitzNorway Poland Portunia Africa
gal
erland
(krone) (zloty) (escudo) (leu) (pound) (peseta) ments (krona) (franc)
(dollar)
25.316
24.627
24.974
24.840
24.566
23.226
2
22.709
1934
1935
1936
1937
1938
1939
1940
1941
(rupee)
8.4268
8.2947
8.5681
8.6437
5.8438
6.0027
6.0562
6.0575
56.987
56.987
56.997
57.001
. . . . 57.049
57.005
57.037
57.059
57.186
57.064
57.023
57.030
Year or month
British
India
In cents per unit of foreign currency]
402.46
391.26
398.92
396.91
392.35
354.82
306.38
322.54
322.78
322.78
322.78
322.78
322.79
322.78
322.78
322.78
322.78
322.78
322.78
322.78
United Kingdom
Uruguay
(pound)
(peso)
Free
Controlled
Yugoslavia
Non- (dinar)
controlled
403!50
503.93
490.18
497.09
494.40
488.94
443.54
383.00
403.18
79.956
80.251
79.874
79.072
64.370
62.011
65.830
65.830
2.2719
2.2837
2.2965
2.3060
2.3115
2.2716
37.'601 2.2463
43.380 22.2397
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.48
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
65.830
65.830
52.783
52.571
52.785
52.717
52.735
52.740
52.744
52.740
52.744
52.722
52.720
52.733
Official
1
2
Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis".
Average of daily rates for that part of the year during which quotations were available.
NOTE.—Developments affecting averages during 1942:
No rates certified: Straits Settlements—since February 14.
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 1942,
see BULLETIN for 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.
JANUARY 1943
105
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES-ALL COMMODITIES
[Index numbers]
United
States
Year or month
United
Kingdom
Canada
France
Germany
Japan
Italy
(October
1900=100)
(1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1928=100)
100
100
1926
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
.
1941
November
December
1942
Taniiarv
554
500
427
398
376
338
411
581
653
2
100
88
86
86
88
89
94
109
101
103
137
153
125
111
97
93
98
102
104
106
106
107
110
85
75
70
63
62
68
76
89
95
99
116
132
155
112
340
156
156
159
159
160
161
160
P113
p
114
113
114
114
114
114
347
351
*352
99
99
96
96
160
159
115
100
P100
100
97
Tulv
96
97
p
103
1 94
1
92
1
90
1
96
100
102
114
111
115
146
172
126
110
96
91
90
90
96
111
107
111
143
184
90
76
65
63
63
62
64
76
72
74
3
94
94
95
95
95
95
96
May
144
181
153
161
180
178
186
198
238
251
278
311
329
94
Switzerland
(July 1914
=100)
126
1
1
94
96
97
98
99
99
99
P112
(1935=100)
106
93
681
Sweden
237
134
87
72
67
67
72
72
75
85
79
75
83
90
February
March
April
r i ciiumiiiiy .
695
124
86
73
65
66
75
80
81
86
79
77
79
87
...
September
October
November
1
Netherlands
(1926-30
=100)
88
178
198
355
179
182
183
184
186
187
188
199
202
205
207
208
209
210
353
357
P191
193
212
211
p
P
r
P
P
^212
159
160
161
p
p
i\cviacu,
1 Approximate figure, derived from old index (1913 = 100).
was 674.
,/as 89.
md October 1935, p. 678.
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United States
(1926=100)
Canada
(1926=100)
Year or month
Farm
products
1926
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1941—November.,
December..
1942—January...,.
February..
March
April
May
June
July
August
September.
October
November..
Foods
Other
Farm
commodproducts
ities
100
Germany
United K i n g d o m
(1930=100)
Raw and Fully and
partly
chiefly
manumanufactured factured
goods
goods
Foods
Industrial
products
(1913=100)
Agricultural
products
IndusIndustrial raw trial finand semiished
finished
products
products
100
100
100
129
130
150
51
65
79
81
86
69
65
68
82
91
75
61
61
71
84
82
86
74
70
71
83
85
75
70
71
78
78
80
85
82
81
83
89
82
56
48
51
59
64
69
87
74
64
67
71
82
62
55
57
64
66
71
84
73
67
75
82
87
75
70
70
73
73
74
81
78
75
82
89
100
89
88
83
85
87
92
102
97
97
133
146
100
87
85
87
90
90
96
112
104
106
138
156
113
104
91
87
96
102
105
105
106
108
111
120
103
89
88
91
92
94
96
94
95
99
150
136
118
113
116
119
121
125
126
126
129
91
95
101
101
103
105
104
104
105
106
108
109
111
89
91
94
95
96
99
99
99
99
101
102
103
104
94
94
95
95
*95
96
96
96
96
96
^96
p
96
^96
74
75
77
78
79
80
80
82
81
81
84
86
86
85
86
87
93
92
92
92
92
92
92
92
92
92
92
92
92
149
151
152
157
158
160
163
160
161
158
157
158
158
159
159
159
159
159
159
161
161
161
112
101
133
113
113
113
115
115
116
102
102
102
102
102
102
133
133
133
133
134
134
89
89
91
90
90
91
93
94
Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159.
IO6
FEDERAL RESERVE BULLETIN
Price Movements—Continued
RETAIL F O O D PRICES
[Index numbers]
United
Kingdom
COST OF LIVING
[Index numbers]
Switz-
G e r - Nethermany
lands erland
(June
(1913-14 (1911-13
1914
=100)
=100)
=100)
United
States
Canada
(1935-39
=100)
(1935-39
=100)
(July
1914
=100)
1932
1933
1934
1935
1936
1937.
1938
1939
1940
1941
87
84
94
100
101
105
98
95
97
106
86
85
93
95
98
103
104
101
106
116
126
120
122
125
130
139
141
141
164
168
116
113
118
120
122
122
122
123
128
129
1941—November
Dec ember .
1942—January . . .
February..
March
April
May
June
July
August
September.
October. .
November..
113
113
116
117
119
120
122
123
125
126
127
130
131
125
124
122
123
124
124
124
126
130
130
129
130
132
165
165
163
163
162
160
160
159
160
160
160
162
126
126
127
130
131
132
134
136
139
Year or month
119
120
124
118
120
127
130
130
2
l40
.
Year or month
United
States
Canada
(1935-39 (1935-39
=100)
=100)
98
125
117
115
114
120
130
130
132
146
175
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
188
189
191
194
195
197
199
199
203
202
1941-November
December . .
1942-January
February...
March
April
May
June
July
August
September..
October
November . .
94
96
96
98
103
101
102
102
106
112
101
99
....
99
92
96
98
99
100
105
116
116
115
116
116
116
116
117
118
118
117
118
119
110
111
112
113
114
115
116
116
117
118
118
119
120
United
Kingdom
(July
1914
=100)
Ger- Netherlands
many
(1913-14 (1911-13
=100)
=100)
141
139
140
136
X
132
137
139
140
3148
144
140
141
143
147
154
156
158
184
199
121
118
121
123
125
125
126
126
130
133
200
201
200
200
200
199
200
199
200
201
200
200
133
133
134
136
136
137
138
139
140
Switzerland
(June
1914
=100)
138
131
129
128
130
137
137
138
151
174
184
184
186
188
189
191
192
193
196
195
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]
Bonds
United
States
Year or month
United
Kingdom
France
(derived
price) 1
(December
1921=100)
(1913=100)
S umber of issues
15
87
36
1926
90.1
110.0
57.4
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
84.4
91.2
98.2
105.5
109.5
110.2
111.1
113.8
115.9
117.8
113.2
119.7
127.5
129.9
131.2
124.6
121.3
112.3
118.3
123.8
88.6
81.3
82.1
83.5
76.3
75.1
77.3
83.9
84.7
119.2
117.5
117.5
117.1
116.7
117.8
117.7
118.0
118.9
118.7
119.0
119 3
119.5
125.7
125.5
126.8
126.5
127.1
127 5
126.8
126.7
127.7
127.5
...
.
1
1941—November...
December
1942—January
February
March
April
May
June
July
August
September...
October
November
Common stocks
Germany
(average2
price)
2
139
5
67.1
82.5
90.7
6
95.1
95.8
98.7
99.9
99.0
100.7
103.1
103.2
103.3
103.3
103.5
103.5
Netherlands3
8
94.8
105.3
113.4
107.8
109.1
3
101.8
105.9
90.9
7
77.9
United
States
(1935-39
=100)
(1926=100)
United
Kingdom
France
Netherlands
Germany (1930=100)
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
67.9
78.6
85.7
86.3
97.0
96.3
80.8
75.9
70.8
72.5
105.2
99.6
83.3
79.7
77.2
97.4
89.7
98.3
77.4
71.8
72.6
69 9
66.0
63.3
63 2
66.1
68.2
68.3
69.4
74.2
75.2
76.0
74.8
76.0
73.0
72.6
72.5
73.0
73.7
73.8
74.4
402
P329
P348
*>387
p
409
H37
p
453
P
466
p
455
p
455
5
50.3
61.7
71.1
82.9
91.6
102.6
100.1
94.1
114.6
100
46
52
55
55
66
104 2
95.8
89 7
8
95.0
136.4
139.1
141.6
141.1
142.5
142.7
143.2
142.2
142.4
p
Preliminary.
*
1 Figures represent calculated prices of a 4 per cent, 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds
for the series beginning 1937 and for a varying number of high-grade bonds for the series prior to that date. The yearly average for 1937 is the same for
both2 series. Source: Standard and Poor's Corporation.
Since April 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at 4 ^ per cent. The series prior to that
date3 is 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
Jan. 4 1937, Jan.-Mar. 1937 — 100; average yield in base period was 3.39 per cent.
This number, originally 329, has declined as the number of securities eligible for inclusion in the index has diminished. In May 1941, it was down
to 287.
5
Average May-Dec, only; exchange closed Jan. 1-Apr. 11.
6
Average Apr.-Dec. only—see note 2. Average Jan.-Mar. on old basis was 95.9.
7
Average based on figures for 7 months; no data available May-September.
8
Average based on figures for 9 months; no data available May-July.
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.
JANUARY 1943
107
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
MARRINER S. ECCLES, Chairman
M. S. SZYMCZAK
JOHN K. M C K E E
RONALD RANSOM,
Vice Chairman
ERNEST G. DRAPER
R. M. EVANS
LAWRENCE CLAYTON, Assistant to the Chairman
ELLIOTT THURSTON, Special Assistant to the Chairman
OFFICE OF THE SECRETARY
CHESTER MORRILL, Secretary
LISTON P. BETHEA, Assistant Secretary
S. R. CARPENTER, Assistant Secretary
FRED A. NELSON, Assistant Secretary
LEGAL DIVISION
WALTER WYATT, General Counsel
J. P. DREIBELBIS, General Attorney
GEORGE B. VEST, Assistant General Attorney
B. MAGRUDER WINGFIELD, Assistant General
Attorney
DIVISION OF RESEARCH AND STATISTICS
E. A. GOLDENWEISER, Director
WOODLIEF THOMAS, Assistant Director
WALTER R. STARK, Assistant Director
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
ERNEST G. DRAPER
R. M. EVANS
R. R. GILBERT
H. G. LEEDY
JOHN K. M C K E E
RONALD RANSOM
M. S. SZYMCZAK
ALFRED H. WILLIAMS
C. S. YOUNG
DIVISION OF BANK OPERATIONS
EDWARD L. SMEAD, Chief
J. R. VAN FOSSEN, Assistant Chief
J. E. HORBETT, Assistant Chief
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 Administrator
FISCAL AGENT
O. E. FOULK, Fiscal Agent
JOSEPHINE E. LALLY, Deputy Fiscal Agent
FEDERAL
ADVISORY COUNCIL
CHAS. E. SPENCER, J R . , 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
S. E. RAGLAND,
ST. LOUIS DISTRICT
CHESTER MORRILL, Secretary
S. R. CARPENTER, Assistant Secretary
WALTER WYATT, General Counsel
LYMAN E. WAKEFIELD, MINNEAPOLIS DISTRICT
W. DALE CLARK,
KANSAS CITY DISTRICT
J. P. DREIBELBIS, Assistant General Counsel
NATHAN ADAMS,
DALLAS DISTRICT
E. A. GOLDENWEISER, Economist
JOHN H. WILLIAMS, Associate Economist
ROBERT G. ROUSE, Manager of System Open
Market Account
108
GEORGE M. WALLACE, SAN FRANCISCO DISTRICT
WALTER LICHTENSTEIN, Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal
Reserve
Bank of
Chairman and
Federal Reserve
Agent.
Deputy Chairman
President
Vice Presidents
First Vice President
A. M. Creighton.... Henry S. Dennison. . W. W. Paddock.... William Willett....
Boston
New York. . . Bcardsley Ruml
Edmund E. Day
Allan Sproul
L. R. Rounds.
Philadelphia.
Thomas B. McCabe.. Warren F. Whittier .. Alfred H. Williams. Frank J. Drinnen . .
Cleveland....
Geo. C. Brainard
R. E. Klages
M. J. Fleming
F. J. Zurlindcn
K. K. Carrick
E. G. Hult
Carl B. Pitman1
R. M. Gidney
Walter S. Logan
J. M. Rice
Robert G. Rouse
John H. Williams
W. J. Davis
F
C.
C.
C.
C Hill
A. Mcllhenny 2
A. Sienkiewicz
W. Arnold
R. B. Hays
K. H. MacKenzie
W. F. Taylor 2
Richmond....
Robt. Lassiter
W. G. Wysor
Hugh Leach
J . S. W a l d e n , J r . . . . J. G. Fry
R. W. Mercer
L. M. Clark
Malcolm
H.
Bryan.
Frank H. Neely
W. S. McLarin, Jr..
J. F. Porter
H. F. Conniff
Chicago
Allan M. Black1
H.
P.
Preston
Simeon E. Leland. .. W. W. Waymack.... C. S. Young
J. H. Dillard
Charles B. Dunn
A. J. Mulroney
Alfred T. Sihler
St. Louis
O. M. Attebery
Wm. T. Nardin
Oscar Johnston
Chester C. Davis... F. Guy Hitt
C. M. Stewart
A. W. Mills1
Minneapolis.. W. C. Coffey
O. S. Powell
Roger B. Shepard. . . J. N. Peyton
Atlanta
Kansas City. . R. B. Caldwell
Robert L. Mehornay. H. G. Leedy
Dallas
J. B. Cozzo
Jay Taylor
R. R. Gilbert
Arthur R. Upgrcn
Harry I. Ziemcr
Henry O. Koppang. J. W. Helm2
D. W. Woolley
R. B. Coleman
E. B. Stroud
W
San Francisco. Henry F. Grady
St. George Holdcn. . Wm. A. Day
Ira Clerk
T
T7iro«-ie
W. O. Ford1
C. E. Earhart
H. N. Mangels
R. B. West
1
2
Cashier.
Also Cashier.
MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank of—
New York:
Buffalo Branch
Cleveland:
Cincinnati Branch
Pittsburgh Branch
Richmond:
Baltimore Branch
Charlotte Branch
Atlanta:
Birmingham Branch
Jacksonville Branch
Nashville Branch
New Orleans Branch
Chicago:
Detroit Branch
St. Louis:
Little Rock Branch
Louisville Branch
Memphis Branch
JANUARY
1943
Managing Director
R. B. Wiltse
B. J. Lazar
P. A. Brown
W. R. Milford
W. T. Clements
P. L. T. Beavers
Geo. S. Vardeman, Jr.
Joel B. Fort, Jr.
E. P. Paris
H. J. Chalfont
A. F. Bailey
C. A. Schacht
W. H. Glasgow
Federal Reserve Bank of—
Minneapolis:
Helena Branch
Managing Director
. . . . R. E. Towle
Kansas City:
Denver Branch
Oklahoma City Branch
Omaha Branch
Jos. E. Olson
G. H. Pipkin
L. H. Earhart
Dallas:
El Paso Branch
Houston Branch
San Antonio Branch
J. L. Hermann
W. D. Gentry
E. B. Austin
San Francisco:
Los Angeles Branch
Portland Branch
Salt Lake City Branch
Seattle Branch
W. N. Ambrose
D. L. Davis
W. L. Partner
C. R. Shaw
109
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
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BOUNDARIES OF FEDERAL RESERVE DISTRICTS
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BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
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BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
®
FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITIES
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FEDERAL RESERVE BANK AGENCY
JUNE
I,
BOARD OF GOVERNORS OF THE. FEDERAL RESERVE
1942
SfSTEM
@FedFRASER