Full text of Federal Reserve Bulletin : January 1944
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RESERVE
BULLETIN
JANUARY 1944
BOARD OF GOVERNORS
OF THE FEDERAL &ESERVE SYSTEM
WASHINGTON
=CONTENTS=
PAGE
Review of the Month—War Production and Consumer Supplies
Law Department
Revision of Regulation N
Consumer Credit—Suspension of License
...
Analysis of Individual Accounts as Payment of Interest.. ..
Final Settlement of Terminated Contracts
Wartime Tax Effort in the United States, the United Kingdom, and Canada...
Financing the War and the Postwar Readjustment
Postwar International Investment
New Monetary and Banking Measures in Paraguay
Current Events:
National Summary of Business Conditions
Financial, Industrial, Commercial Statistics, U. S. (See p. 57 for list of tables). .
International Financial Statistics (See p. 103 for list of tables)
Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council
..
Senior Officers of Federal Reserve Banks; Managing Officers of Branches
Map of Federal Reserve Districts
Federal Reserve Publications (See inside of back cover)
I-IO
11-12.
iz-13
i3~*4
15
16-2.7
xS-^6
37~4 I
^"S1
S2-^
54—55
57-102.
103-115
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FEDERAL RESERVE BULLETIN
VOLUME 3 0
January 1944
NUMBER -
WAR PRODUCTION AND CONSUMER SUPPLIES
Expansion of economic activity, after
having proceeded at a rapid rate since early
in 1941, slackened somewhat during 1943.
Raw materials for war production were obtained in greater supply than in previous
years and additional productive facilities
were completed, but the increase in output
of military and civilian goods was limited
by the reduction in the labor force incidental to the further large additions to
the armed services. The available resources
of materials, facilities, and manpower were
more fully utilized than in 1942-, and in
recent months over-all production has been
near the practical maximum potential.
The entire increase in the total value of
commodities and services produced in 1943
over 194Z was accounted for by expenditures
for war production, which represented
close to one-half of the estimated 187
billion dollars of gross national product.
The rate of Government expenditures
showed little further increase after the
second quarter of the year, as parts of the
war program were curtailed or for other
reasons did not reach earlier schedules.
Notwithstanding the enormous increase
in volume of war production, the output of civilian goods and services, even
after some decline from the I94X level, was
still in larger volume than in any peacetime
year. Supplies of many durable goods were
smaller, while food, clothing, and various
services were available in larger amounts
than in prewar years.
Income of individuals expanded further
and, notwithstanding greatly increased
taxes, showed a widening margin above
consumer expenditures, as is shown on the
chart. This large surplus of spending
power and the exceptional accumulation of
individual savings held in the form of
liquid assets increased the difficulties of
enforcing rationing, price, and manpower
controls.
INDIVIDUAL INCOMES, EXPENDITURES, AND TAXES
SEASONALLY
LLIONS OF O C U
1942
1943
Department of Commerce data; figures for fourth quarter 1943 estimated. Taxes include Federal, State, and local taxes paid by individuals.
Price increases, nevertheless, were smaller
in 1943 than in 1941 and 1941. Federal
policies initiated in the latter part of 1942.
to stabilize prices, wages, and salaries
REVIEW OF THE MONTH
affecting the cost of living were broadlyapplied in 1943 and were strengthened by
an Executive Order in April to "hold the
line" on both prices and wages. An indication of the effectiveness of these policies is
the fact that the cost of living which, according to the official index, reached 12.5 per
cent of the 1935-39 average in May was 1x4
in November. By the end of the year, however, stabilization measures for prices and
wages were subjected to increased pressures,
and consideration was being given to modifications in policy and to new safeguards
that might be needed to prevent interference with the war program, to assure
equitable distribution of the limited supplies of goods and services, and to minimize .
inflationary price advances.
Although further curtailment will be
made in various parts of the war production
program and some additional materials
will be released for civilian use, schedules
call for some increase in total war expenditures and for further drains on available
manpower during the next few months.
The margin between individual incomes,
after payment of taxes, and available supplies of civilian goods will continue wide,
thus adding to the already large volume of
liquid assets held by the public. Under
these circumstances pressures on supplies
and prices of civilian goods and services
are likely to continue heavy.
WAR AND CIVILIAN PRODUCTION
By November 1943 total output at factories and mines, where most of war
production is concentrated, had doubled
since the beginning of the defense program,
and the Board's seasonally adjusted index
of industrial production stood at ±47 per
cent of the 1935-39 average. During 1941
and 1942. the index rose about 2.6 per cent
each year, while in 1943 the advance
amounted to about 11 per cent, with more
than half of the total rise occurring in the
first four months of the year. After the
early part of the year output for war, which
had already reached an exceptionally high
level, increased at a slower rate and output
of manufactures and minerals for civilian
use showed little change. War production,
including munitions and supplies for the
armed forces and for lend-lease export,
accounted for an estimated two-thirds of
total industrial output in 1943, as shown
in the chart, and in the latter part of the
year the proportion was somewhat higher.
Industrial output for civilian use, including materials and producers' equipment as
well as a number of finished consumer
goods, in 1943 was approximately 80 per
cent of the 1935-39 average, also shown
on the chart. The 1943 output of these
products was 40 per cent less than the peak
reached in the middle of 1941. This decline
in volume of nonwar production at factories
and mines is much greater than the decrease
in the volume of all finished goods and
services available for civilians, owing in
part to savings effected in the use of materials and equipment, in part to a reduction
in inventories, and in part to increased
output in many nonindustrial lines.
The further shift of industrial activity in
1943 to output of war products is shown on
the chart by the continued increase in output of planes and ships and other munitions and war supplies. Probably about
one-half of industrial output for war in 1943
was accounted for by the output of planes,
ships, combat vehicles, and ordnance.
This activity was largely concentrated in
the machinery, transportation equipment,
and rubber industries and in the explosives
and ammunition plants in the chemical
industry.
For the most part production of muniFEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
tions by these industries had required considerable conversion of old plants and largescale expansion of plant and equipment,
often of specialized character. This large
concentration of activity with the accompanying changes in facilities, employment
opportunities, location of workers, and
incomes has taken several years to develop
under urgent circumstances. The problem
of speedy readaptation in peacetime of these
resources will be extraordinary and involve
widespread economic changes.
INDUSTRIAL PRODUCTION
ANNUtL AVERAGES, 1938-39 AVEtUOE FOR TOTAL*100
war products; and the supplies and equipment for the armed services and lend-lease
export, such as manufactured foods and textile, paper, petroleum, and leather products.
These materials and products generally are
not specialized for war uses and as soon as
war needs end they can readily be utilized for
peacetime purposes. Capacity to produce
many of these supplies has been greatly
expanded since 1939 and the full utilization of this capacity in the years ahead
will require that peacetime markets be
expanded and maintained considerably
above prewar levels.
By the fourth quarter of 1943 production
rates for a number of war products, such
as tanks and other types of ground ordnance, were either close to or had passed
their peaks. On the other hand, output of
aircraft was scheduled to show further
large increases in 1944. The huge expansion of facilities for the production of synthetic rubber and aviation gasoline was
nearing completion at the end of 1943, and
in the case of rubber the larger output
expected in 1944 will be available for war
and the most essential civilian uses.
SHIFTS IN WAR PRODUCTION
The figures on physical volume of production for war and civilian
purposes are based on estimates for the various stages of manufacturing
and mining. Plane and ship production is based on the Board's indexes
of activity in the aircraft and shipbuilding industries—for the latter
both in private and Government yards. Part of the production of the
components
for planes and ships, such as aircraft engines, is included in
1
other munitions and war supplies."
The remaining portion of the industrial
production for war, shown on the chart,
is war supplies. These are the industrial
materials, like metals and fuels, which are
used in producing munitions; the cement
and the lumber to construct war plants and
training camps; the machinery to produce
JANUARY 1944
Locomotive plants in 1943 were largely
reconverted to their peacetime product
owing in part to a shift in requirements on
the part of our Allies from tanks to locomotives. In the rubber products industry
there were also shifts under way from
munitions to automobile tire production.
The rapidly increased output in newly constructed explosives and small arms ammunition plants was in excess of needs
and resulted in extensive curtailment of
operations at these plants beginning in the
second quarter. Curtailment of ammuni-
3
REVIEW OF THE MONTH
tion and explosive production offset further
increases in output of industrial chemicals,
and as a result the Board's index of chemical
production showed little change after June
1943 when it stood at 400 per cent of the
1935-39 average. In August the Quartermaster Corps requested that the woolen
and worsted industry defer deliveries on
large Army orders until early 1944.
Within the machinery industry a number
of plants which had completed their
machine tool and equipment orders accepted munitions contracts, while some war
contracts held by agricultural implement
manufacturers were canceled, and increased production of farm equipment was
permitted. The Board's index of production for the machinery group showed little
change from April to August. In the
following three months output advanced
five per cent, reflecting increases in production of electrical machinery and other
machinery including aircraft engines.
As a result of the leveling off in the production of heavy war products, including
merchant ships, the reduction in construction activity, further increases in metal
production, better controls over consumption, and cutbacks in parts of the war
program, the metal supply situation was
by the latter part of 1943 no longer a
limiting factor on production of war goods.
CONSTRUCTION
Expenditures for all kinds of construction
in 1943 were about 5.8 billion dollars below
the record outlays of 13.5 billion in 1942-,
but were still considerably larger than in
the prewar year 193 9. Allowing for the rise
in construction costs, which began at the
end of 1940 and continued during 1943,
physical volume of construction did not
increase as much as expenditures during
this period.
NEW CONSTRUCTION ACTIVITY IN THE UNITED STATES
1943
1942
1939
tin millions of dollars]
Total new construction..
7,748
13,549
6,06!
Military and naval. .
Industrial
Private
Public
2,743
2,191
102
2,089
5,206
3,900
315
3,585
119
466
452
14
Residential, nonfarm...
Private
Public
1,484
804
680
2,060
1,460
600
2,122
All other.
1,330
2,383
3,354
497
3C2
195
515
458
57
2,046
76
[In thousands of units]
Number of residential units
Private
Public
N O T E . — D a t a on
D a t a on residential
they do n o t include
tories a n d trailers in
344
182
162
a c t i v i t y from U . S. D e p a r t m e n t of Commerce.
u n i t s s t a r t e d from B u r e a u of L a b o r Statistics;
m a n y a c c o m m o d a t i o n s p r o v i d e d by new dormi1942 a n d 1943.
The reduction in construction expenditures in 1943 reflected the fact that projects
essential to the war program had been
largely completed, while other construction was prohibited because of the shortage
of materials and manpower. Construction
expenditures for both military installations
and industrial plants declined about 45 per
cent from 1941 to 1943. Value of industrial
plant construction in 1943, however, was
still much greater than in 1939, as the table
shows. Value of residential construction
declined more than one-fourth in 1943, and
fewer than half as many units were built
as in 1941, the peak year of the war period
for new housing construction.
From the beginning of 1940 to the end of
1943, 10.5 billion dollars has been spent on
the construction of military installations
within the United States, 9.x billion on the
construction of industrial plant, exclusive of
equipment, and 9.5 billion on housing.
Although the usefulness of many of the
military installations will end with the
war, this is not true of all of the airfields,
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
roads, bridges, harbor facilities, and warehouses which have been built or expanded.
Industrial Capacity.—In addition to the
9.Z billion dollars which has been spent
since 1939 on the construction of industrial
plants, about 13 billion has been invested
in machinery and equipment. The magnitude of this wartime expansion may be
judged from the fact that, at the end of
1939, total plant and equipment of all
manufacturing concerns in the United States
had a book value of about zo billion dollars
and an estimated reproduction cost of 50
to 60 billion.
Of the total wartime industrial expansion of zz billion dollars, about 8 billion
has been privately financed and 14 billion
has been financed by the Federal Government, which is scheduled to spend about
2. billion dollars more before the war
program is completed." Nine billion dollars of public funds has been invested in
specialized war facilities for the production
of aircraft, shipbuilding, and ordnance
supplies. The remaining 5 billion dollars
of public funds has been invested in additional capacity for the production of
industrial materials, such as iron and steel
and nonferrous metals, and for the production of machinery, chemicals, and
petroleum products. In privately-owned
plant and equipment most of the expansion
has been in the durable goods industries,
although relatively large expansions have
also occurred in some nondurable industries
—especially chemical plants and petroleum
refineries.
Housing.—Construction of housing for
civilians during 1943 has been limited to
that needed for essential workers migrating
to war production areas. As far as possible, suclr workers are housed in existing
structures; where new construction has
been necessary, private capital has been
JANUARY 1944
encouraged to build.
Privately-financed
building accounted for half of the residential building in 1943.
To encourage private capital to build war
housing, the Federal Housing Administration was authorized in 1941, by Title
VI of the National Housing Act, to insure
mortgages that are not a sufficiently sound
risk to be insured under the regular Federal
Housing Administration program.
The
housing started under Title VI insurance
has increased steadily from about 16 per
cent of all privately-built houses in the
first quarter-of 1942. to almost 80 per cent
in the third quarter of 1943 and totaled
about 1.3 billion dollars in the two years.
Because of the uncertainty of the future
usefulness of housing built for war workers
and the large savings in the use of critical
materials which can be realized in temporary construction, an increasing proportion of publicly-financed housing has been
of this type. About 90 per cent of the
publicly-financed family housing units built
in the latter part of 1943 were temporary.
CHANGES IN MANPOWER SUPPLY
Prior to 1943, major attention in the war
program was centered on the expansion of
industrial and military facilities and the
elimination of bottlenecks in raw material supplies. Manpower, while critically
short in some areas and in particular skills,
was not a primary factor limiting over-all
production. Wage differentials favorable
for the movement of workers into war
industries were the main factors utilized to
mobilize manpower. By the beginning of
1943, however, the large pool of unemployed, characteristic of the 1930's, had
disappeared and during the year general
shortages of labor became increasingly
5
REVIEW OV THE MONTH
important factors determining production
levels in numerous areas and industries.
By early December the War Manpower
Commission had classified 193 areas as
localities of current acute manpower shortage or anticipated shortage within six
months .
Manpower controls became progressively
tighter and more direct throughout the
year. Wage and price stabilization policies
designed to "hold the line" restricted the
use of increased wage differentials as a
method of channeling workers into the
most essential jobs, and nonwage methods
of manpower control were utilized to an
increasing extent. Employment stabilization programs were extended throughout
the country and in especially critical
areas, such as the West Coast, strong measures were placed in operation to direct
available workers to the most essential jobs,
reduce needless turnover, eliminate hoarding
of labor, and utilize more fully manpower
supplies available.
The armed forces increased their net
strength almost 4 million during 1943, but
did not reach the total of 10.8 million
previously scheduled for the end of the
year. With nearly one out of every two
men in the age group 18 to 37 in the services, it was necessary by the end of the
year to induct pre-Pearl Harbor fathers in
all parts of the country.
In industries directly related to war production, employment continued to rise,
although at a slower rate than in 1942..
Largely because of inability to obtain personnel, employment declined further in
trade, in some service lines, and in industrial
activities not directly associated with war
programs. Employment in construction
declined sharply and at the year end was
down about two-thirds from its 194Z high.
Employees in nonagricultural establishments as a whole, as shown in the chart,
declined somewhat from the end of 1942- to
the end of 1943. Employment in agriculture approximated the level of recent
years and, although special measures were
required to obtain needed labor, production losses attributable to manpower shortages were small.
EMPLOYEES IN NONAGRICULTURAL
ESTABLISHMENTS
ADJUSTED FOR SEASONAL VARIATION
N ^
TOTAL^
ALL OTHER^,.,
^-^^MANUFAC rURlNG
AND Mt MING
60V ERNMENT
1941
Bureau of Labor Statistics estimates, adjusted for seasonal variation by Federal Reserve; excludes proprietors of unincorporated businesses, self-employed persons, domestics employed in private homes,
public emergency employees, and personnel in the armed forces.
Latest figures shown are for November 1943.
By the end of 1943, the major shifts in
manpower required for war production and
armed service had been completed and the
methods of manpower control were fairly
well established. Cutbacks and changes in
war production programs may create an
easier manpower situation in some industries and areas but war industries as a whole
will continue to increase their employment
in the period ahead. According to present
plans, increases in the net strength of the
armed forces will taper off in 1944 with the
Army going on a replacement basis fairly
FEDERAL RESERVE
BULLETIN
REVIEW OF THE MONTH
early in the year and the Navy doing likewise around the middle of the year.
CONSUMER INCOMES
Income payments to individuals increased
less rapidly during 1943 than in 1942. but
by the end of 1943 they were at a level
which was more than double the 1939
average. Although wage rates and salaries
were under Federal controls, average wage
payments continued to rise, owing in part
to a further shift of workers into the
armament industries, in which longer hours
of work at higher hourly rates combined
to raise weekly wages substantially above
the nonwar industries. Also, increases in
hourly rates were allowed for substandard
industries and for other types of adjustments not in conflict with the stabilization
program. In addition, increased hours of
work in mining and other nonmanufacturing lines resulted in higher average
wage payments in 1943.
Manufacturing pay rolls, under the pressure of war production, had increased by
October 1943 to 333 per cent of the 1939
average, according to the Bureau of Labor
Statistics index, and constituted a much
larger share of total wages and salaries
than in any other previous period. The
number of factory wage earners was 70
per cent larger than in 1939 and average
weekly earnings per worker were about $45
in October 1943, compared with an average
of $2.4 in 1939. Factory employees in 1943
were working one-fifth longer hours than
in 1939.
Net income of farm operators continued
to rise sharply in 1943. Prices of farm
products increased further in the early
part of the year and for the year as a whole
averaged 2.0 per cent higher than in 1942.;
larger agricultural production and marketings in 1943 also increased the value of gross
JANUARY 1944
farm income.
Production expenses increased but not enough to offset the growth
in gross farm income, and net income for
1943 has been estimated by the U. S. Department of Agriculture at 1^.5 billion
dollars as compared with 10.2. billion in
1942. and 4.5 billion in 1939. The number
of persons dependent on income received
from agriculture has decreased during
the war.
In addition to the large increases in
manufacturing pay rolls and in net incomes
of farm operators since 1939, the rise in
Government pay rolls has been an important source of the increase in total income
payments to individuals. Government pay
rolls, about half of which were for payments to the armed forces, accounted for
approximately 15 per cent of total income
payments in 1943. The important extent
to which incomes were being supplied
directly by expenditures under the war program is indicated also by estimates that
about three-fourths of all manufacturing
pay rolls in 1943 were being met by
Government-owned plants and privatelyowned plants holding Government contracts or supplying parts and materials for
production on those contracts.
All other income payments to individuals, including principally interest, dividends, rents and royalties, and withdrawals
of profits of individuals and partnerships,
have increased less rapidly than those previously mentioned. In the third quarter of
1943 they were about 50 per cent above the
1939 average.
REGIONAL SHIFTS IN INCOMES
Shifts in consumer incomes in
parts of the country continued
1943, accentuating further the
which have developed during the
indicating that the problems of
different
large in
changes
war and
readjust-
REVIEW OF THE MONTH
expenditures, according to U. S. Department of Commerce estimates, were 91
billion dollars as compared with 8x billion
in 1941 and 62. billion in 1939. More than
two-thirds of the rise in expenditures since
1939 and practically all of the rise since
1941 was accounted for by higher prices.
Expenditures for services continued to
rise during 1943 reflecting further increases
in prices for services, a number of which
are not under Federal maximum price
controls. Actual services available to
consumers were curtailed by manpower
shortages. An important exception to the
general rise in prices of services was the
continued effective control over housing
rentals. While rental rates in 1943 were
only 4 per cent higher than in 1939, according to the Bureau of Labor Statistics cost
of living index, actual rent payments by
many consumers had increased considerably
more than that amount. Numerous people
before the war were paying quite nominal
CHANGES IN DEPARTMENT STORE SALES AND BANK
DEPOSITS
amounts for rent.
With the shift of
[Percentage increases]
workers to urban centers and from low-cost
t
Department store Deposits a t member
communities to overcrowded, high-cost
sales
banks
Federal Reserve district
areas, outlays for rent as well as for many
1942 to
1939 to
1942 to
1939 to
1943
1943
1943
1943
other services and goods have increased
7
41
Boston
27
68
greatly.
5
34
17
New York
64
44
19
Philadelphia
49
Total consumer expenditures for goods
S
27
57
Cleveland
77
increased
7 billion dollars from 1^1. to
10
29
72
Richmond
105
26
43
82
Atlanta
114
1943,
as
the
decline in output of goods for
7
31
47
Chicago
90
13
29
St Louis
65
78
consumers was offset by a further rise in
13
44
Minneapolis
37
70
25
75
Kansas City
45
retail prices and by a reduction in inven92
37
93
43
Dallas
105
18
43
84
San Francisco....
97
tories of most durable goods and also of
11
Total
56
28
78
such nondurables as apparel and liquor.
N O T E . — C h a n g e s in department store sales are computed from annual
The
value of merchandise held by wholetotals, with 1943 estimated: those for bank deposits represent adjusted
demand a n d time deposits, excluding U. S. Government and interbank
salers
and retailers in November 1943 was
deposits, on June 30 call report dates.
about one-fifth below the peak levels reached
CONSUMER EXPENDITURES
in the first half of 1942.. Considering the
Consumer expenditures during 1943 were increases in unit prices which have occurred
maintained at the exceptionally high level since that time, it is evident that there has
reached at the beginning of the year. Total been a considerable reduction in the physiment in the postwar period will be considerably greater in some regions than in
others. A rough indication of these shifts
in income is provided by data on purchases
at department stores and on bank deposits,
shown in the table. In general during the
past year and since 1939, department store
sales and bank deposits have shown the
greatest increases in the southern, southwestern, and western regions and the smallest in the northeastern section, with the
middlewestern districts near the average for
the country. In the districts showing the
largest expansion of activity and incomes,
there have been substantial installations of
many new industrial facilities, principally
for the manufacture of ships, aircraft, and
other munitions, and establishment of large
military camps and training centers. Also,
incomes in these areas have been influenced
by sharply increased prices and production
of agricultural products.
8
FEDERAL RESERVE BULLETIN
REVIEW OP THE MONTH
cal volume of retail and wholesale inventories.
Durable Goods.—Expenditures for durable
goods during 1943 remained at the reduced
levels reached early in 194Z following sharp
increases in 1940 and 1941. Sales of jewelry
and a few other types of durable goods were
larger in 1943, offsetting further decreases in
sales of most other durable items like automobiles, radios, and appliances, the production of which had been discontinued or
sharply limited early in 1942-. Activity at
furniture factories was maintained at a high
level in 1943 but a number of the mills had
shifted to war work. In order to conserve
lumber for more essential uses, various restrictions were placed on production of
furniture items by a Federal order in
December. With supplies of metals increasing beyond military requirements, consideration was being given to larger allotments in the first quarter of 1944 for production of certain durable goods for civilians, but the volume indicated was quite
small, except for the. production of farm
implements.
'Nondurable Goods.—Consumer expenditures for nondurable goods increased 7
billion dollars or about 15 per cent from
1942. to 1943, in spite of market shortages
of various items, rationing of shoes and
numerous foods, and general price controls.
Fluctuations in supplies of nondurable consumer goods were large and varied in 1943
as compared with 194X5 especially if account
is taken of the volume available to civilians
after military and lend-lease requirements
were filled.
Food production was somewhat larger
in 1943 than in 1941 and about one-third
greater than in the years 1935 to 1939.
The civilian part of the population was
slightly smaller than in the 1935-39 period;
and the U. S. Department of Agriculture
JANUARY 1944
estimates that military and lend-lease needs
were one-fourth of the total food production in 1943. These data indicate that per
capita food consumption of civilians in
1943 was still somewhat higher than for
the 1935-39 average when food production
was limited by the droughts of 1934 and
1936. Per capita food needs of the civilian
part of the population, however, have
risen in recent years owing to increased
employment and longer hours of work
and, with increased civilian incomes, prices
of foods in wholesale and retail markets
continued to rise sharply in the early part
of 1943.
In order to assure a more equitable distribution of food supplies, rationing was
extended to processed fruits and vegetables,
meats, butter, cheese, and fats, and retail
price controls for foods were broadened.
In June maximum prices for meats and
butter were reduced by paying Federal
subsidies to processors. Selective subsidy
programs had already been in effect to encourage metal production by high-cost
mines, to prevent increases in retail prices
of fuels and sugar by paying certain higher
transportation charges, and to limit prices
of leading canned vegetables by compensating processors for higher raw material and
labor charges. Congressional action during the summer, however, limited subsidy
payments such as those on meats and butter
to the period ending December 31 and
placed restrictions on the use of additional
Federal funds for such programs. In December payments were authorized until
February 17, 1944.
Production of such nondurable goods as
textile, leather, and paper products for
consumer uses was generally reduced during
1943. Restrictions on apparel wool consumption for civilian use were lifted in the
latter part of the year and raw cotton
REVIEW
OF THE
MONTH
supplies were also in ample volume, but been selected as the basis for stabilizing
declining employment in textile mills and prices, wages, and salaries by the Act of
the apparel industries limited output of October 2., 1942.. Food prices declined 4
clothing, especially low-priced items. Con- per cent during the summer owing in part
sumer demand for clothing, especially to seasonal declines in prices of fresh fruits
women's apparel, remained at an excep- and vegetables. After the middle of Autionally high level throughout the year. gust food prices showed little change.
Production of leather shoes for civilians Prices of new fall and winter clothing were
totaled 172. million pairs in the first 10 higher and prices of miscellaneous goods
months of 1943 as compared with 314 mil- and services continued to rise. The total
lion during the same period in 1941. cost of living index, which had declined
Owing to a reduction in supplies of hides, 1.4 per cent during the summer, rose .6
leather production by October had been per cent from mid-August to mid-Novemreduced to the 1939 level. Supplies of ber. In the latter month, according to
hides increased at the end of the year, reflectCOST OF LIVING
ing larger cattle, calf, and sheep slaughter.
Wood pulp production during 1943 was
considerably smaller than in the early part
of 1941 owing to a shortage of labor in the
logging industry. Insufficient supplies of
pulp have led to limitation orders on paper
production and newsprint consumption to
conserve supplies for essential uses.
1*36.39 AVERAGE-100
INCREASES IN RETAIL PRICES
The reduction in supplies of goods and
services available to civilians and larger
consumer incomes increased the pressure
on prices in 1943. Retail food prices increased sharply until May and in that
month living costs in urban centers, according to the Bureau of Labor Statistics
index shown on the chart, were 4 per cent
higher than at the beginning of the year.
The reduction in meat and butter prices in
June was taken as a part of the Federal
program to reduce the cost of living to the
level which existed on September 15, 1941.
Relationships in effect on that date had
10
120
1937
1938
1939
1940
1941
1942
1943
Bureau of Labor Statistics indexes. Latest figures shown are for
Nov. 15, 1943.
the Bureau of Labor Statistics index, living
costs were 5 per cent above the level of
September 194Z and 2.5 per cent higher than
in 1939.
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
Administrative interpretations of banking laws, new regulations issued by
the Board of Governors, and other similar material.
Revision of Regulation N
There is set forth below the text of the revision
of Regulation N entitled "Relations with Foreign Banks and Bankers," governing such relations by Federal Reserve Banks, which was
adopted by the Board of Governors of the
Federal Reserve System effective January i, 1944.
REGULATION N
Revised Effective January 1, 1944
RELATIONS WITH FOREIGN BANKS
AND BANKERS
SECTION I .
AUTHORITY
Pursuant to the authority conferred upon it
by section 14 of the Federal Reserve Act, as
amended, and by other provisions of law, the
Board of Governors of the Federal Reserve System prescribes the following regulations governing relationships and transactions between
Federal Reserve Banks and foreign banks or
bankers or groups of foreign banks or bankers or
a foreign State as defined in section 2.5(b) of the
Federal Reserve Act.
SECTION 2.. INFORMATION TO DE FURNISHED TO
THE BOARD
In order that the Board of Governors of the
Federal Reserve System may perform its statutory duty of exercising special supervision over
all relationships and transactions of any kind
entered into by any Federal Reserve Bank with
any foreign bank or banker or with any group of
foreign banks or bankers or with any foreign
State, each Federal Reserve Bank shall promptly
submit to the Board of Governors of the Federal
Reserve System in writing full information
concerning all existing relationships and transactions of any kind heretofore entered into by
such Federal Reserve Bank with any foreign
JANUARY
1944
bank or banker or with any group of foreign
banks or bankers or with any foreign State and
copies of all written agreements between it and
any foreign bank or banker or any group of foreign banks or bankers or any foreign State which
are now in force, unless copies have heretofore
been furnished to the Board. Each Federal
Reserve Bank shall also keep the Board of Governors of the Federal Reserve System promptly
and fully advised of all transactions with any
foreign bank or banker or with any group of
foreign banks or bankers or with any foreign
State, except transactions of a routine character.
SECTION 3 . CONFERENCES AND NEGOTIATIONS WITH
FOREIGN BANKS, BANKERS OR STATES
(a) Without first obtaining the permission of
the Board of Governors of the Federal Reserve
System, no officer or other representative of any
Federal Reserve Bank shall conduct negotiations
of any kind with the officers or representatives
of any foreign bank or banker or any group of
foreign banks or bankers or any foreign State,
except communications in the ordinary course of
business in connection with transactions pursuant to agreements previously approved by the
Board of Governors of the Federal Reserve
System. Any request for the Board's permission
to conduct any such negotiations shall be submitted in writing and shall include a full statement of the occasion and objects of the proposed
negotiations.
(b) The Board of Governors of the Federal
Reserve System reserves the right, in its discretion, to be represented by such representatives as
it may designate in any negotiations between
any officer or other representative of any Federal
Reserve Bank and any officers or representatives
of any foreign bank or banker or any group of
foreign banks or bankers or any foreign State;
II
LAW DEPARTMENT
and the Board shall be given reasonable notice
in advance of the time and place of any such
negotiations; and may itself designate the time
and place of any such negotiations.
(c) A full report of all such conferences or
negotiations and all understandings or agreements arrived at or transactions agreed upon and
all other material facts appertaining to such
conferences or negotiations shall be filed with
the Board of Governors of the Federal Reserve
System in writing by a duly authorized officer of
each Federal Reserve Bank which shall have
participated in such conferences or negotiations,
including copies of all correspondence appertaining thereto.
SECTION 4 . AGREEMENTS WITH FOREIGN BANKS,
BANKERS, OR STATES, AND PARTICIPATION IN
FOREIGN ACCOUNTS
(a) No Federal Reserve Bank shall enter into
any agreement, contract, or understanding with
any foreign bank or banker or with any group of
foreign banks or bankers or with any foreign
State without first obtaining the permission of
the Board of Governors of the Federal Reserve
System.
(b) When any Federal Reserve Bank, with the
approval of the Board of Governors of the Federal Reserve System, has opened an account for
any foreign bank or banker or group of foreign
banks or bankers or for any foreign State, or has
entered into any agreement, contract, or understanding with reference to opening or maintaining such an account, or with reference to any
other matter or matters, any other Federal Reserve Bank may participate in such account, or in
such agreement, contract, or understanding, and
in operations and transactions performed therein
or pursuant thereto, with the approval of the
Board of Governors of the Federal Reserve
System.
SECTION 5. AMENDMENTS
The Board of Governors of the Federal Reserve System reserves the right, in its discretion,
to alter, amend or repeal these regulations and
to prescribe such additional regulations, con-
ditions, and limitations as it may deem desirable
respecting relationships and transactions of any
kind entered into by any Federal Reserve Bank
with any foreign bank or banker or with any
group of foreign banks or bankers or with any
foreign State.
Consumer Credit
Suspension of License
Because of failure to comply with the provisions of Regulation W, the Board of Governors
on December 2.9, 1943, acting under authority of
section 5(b) of the Act of October 6, 1917, as
amended, and the President's Executive Order
No. 8843, ordered suspended for one week the
license of the Consumers Home Equipment Co.,
which sells merchandise on an instalment basis
through house to house canvassing salesmen
operating from its head office and branches
located in a number of States. All of the terms
of the Board's Order were agreed to by the
Registrant, which has given its assurance that
it will hereafter comply with all the provisions
of the Regulation. The text of the Order is
as follows:
ORDER SUSPENDING LICENSE
Consumers Home Equipment Co., having
appeared by its president, A. B. Chereton, in
connection with alleged violations of Regulation W of the Board of Governors of the Federal
Reserve System (hereinafter
called
the
"Board"), and having waived notice and op-,
portunity for hearing before the Board and consented to the issuance of this Order for the suspension of its license, and having agreed that:
1. It was at all times mentioned herein and
now is engaged in the business of making
instalment sales of listed articles through
salesmen, with offices, stores or branches
located at—
Flint, Michigan (13x7 South Saginaw Street)
Grand Rapids, Michigan (111 South Division
Street)
Chicago, Illinois (1412. South Michigan
Avenue)
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
Detroit, Michigan (4801-19 Woodward
Avenue)
Indianapolis, Indiana (401 North Capital
Avenue)
Cleveland, Ohio (12.62. Ontario Street)
Cincinnati, Ohio ( n o West Seventh Street)
Columbus, Ohio (495 North High Street)
Louisville, Kentucky (1x4 West Walnut
Street)
Pittsburgh, Pennsylvania (1912. Murray
Avenue)
Altoona, Pennsylvania (1716—nth Avenue)
Buffalo, New York (715 Main Street)
Erie, Pennsylvania (14th and Peach Streets)
1. It duly filed the Registration Statement
required by the Board's Regulation W and
was at all times mentioned herein and now is
subject to such Regulation;
3. Prior to December 1, 1943, it failed to
comply with Regulation W in a number of
instances; and
Said Consumers Home Equipment Co. having
further agreed that during the period of suspension of its license under this Order it will
close all of its offices, stores and branches,
including but not limited to those listed above,
and that, upon resumption of business following
the termination of this suspension period, it
will conform its business to the requirements
of the Regulation :
The Board, having considered the consent,
representations and agreements of the party
named, and under authority of section 5OO of
the Act of October 6, 1917, as amended, and
the Executive Order of the President No. 8843,
hereby orders:
1. That the license of said Consumers Home
Equipment Co. issued pursuant to the Board's
Regulation W be and the same is hereby
suspended for the period commencing at 6
A.M. on January 2, 1944 and ending at 6
A.M. on January 9, 1944, unless said Order
is sooner terminated by the Board. Provided, that this Order during the suspension
period shall not prohibit (a) the carrying
on of regular office and accounting work,
JANUARY
1944
(b) the receipt of any payments through the
mails or through the normal and usual collection facilities which have heretofore been
maintained, and (c) the making of payments
on any obligations, including obligations to
employees for salaries or wages;
2. Any terms used in this Order that arc
defined in Regulation W shall have the
meaning therein given them.
By order of the Board of Governors of the
Federal Reserve System, this 29th day of December 1943.
(SEAL)
(Signed) S. R. Carpenter
Assistant Secretary.
Analysis of Individual Accounts as
Payment of Interest
A member bank recently requested the Board
of Governors of the Federal Reserve System to
consider whether the bank's practice of analyzing individual accounts constitutes a "payment
of interest" on demand deposits.
It appeared that the bank, in analyzing the
accounts of depositors, uses a form known as
"Monthly Account Analysis." Use of the form
involves the assessment against the account of
theoretical costs for certain services performed
in connection with the account as follows:
Checks paid at five cents each, transit items at
three cents each, clearinghouse items at one cent
each, deposits at five cents each, list checks at
three cents each, return items at ten cents each,
and overdrafts at fifty cents each. The total of
these charges is designated in the analysis as
"Account Maintenance One Month" and to this
total there is added 15 per cent. At the same
time, the theoretical earning value of the account for the month is estimated by deducting
from the average daily collected balance an
amount equal to the 18 per cent required reserves and treating the so-called "Net Earning
Balance" as though the bank had it invested at
a rate of 1 per cent a year. If the cost of services,
estimated in the above manner, exceeds the
theoretical earnings on the account, the differ-
LAW DEPARTMENT
ence is set up as "Cost of Services in Excess of
Earnings." Apparently, the customer may be
charged this amount for the services rendered by
the bank. It is assumed, however, that in no
case, as a result of the analysis, is any payment
made to the customer or any credit given which
increases the amount of his deposit balance.
The question raised by the correspondence
involves the basic distinction between payments
of "compensation for the use of funds" and
charges made for keeping balances and performing
other services for a customer. There is no Federal law or regulation which prohibits a bank
from imposing so-called "service charges"
against a depositor—nor for that matter which
requires it to receive deposits at all. Its relations with a customer and the service charges
which may be imposed are matters of contract
between the bank and the customer.
It is not unusual for the management of a bank
to formulate some method of internal accounting designed to enable the management to
analyze individual deposit accounts and determine the terms and conditions under which it
will keep and service such accounts for depositors. It is common for a bank using an account
analysis also to use as one of the factors in making the analysis its estimate of the return it can
obtain by investing the funds which the customer has deposited with it. Likewise, it is
common for such a bank to include in its analysis
estimated factors of cost in servicing the account. In some cases the result is that the customer is charged by the bank for keeping and
servicing the account. But the Board'does not
understand that in any case is a -payment made
to or for the account of the customer as "compensation for the use of funds." As the Board
understands the facts, no payments are made at
all. The analysis is simply an internal arrangement to enable the bank to determine
whether it should make a charge. Under these
circumstances, the Board was of the opinion
that, under the facts of the specific case, the
use of the "Monthly Account Analysis" is not
a "payment of interest" and, accordingly, does
not violate section 19 of the Federal Reserve Act
or the provisions of the Board's Regulation Q.
FEDERAL RESERVE BULLETIN
FINAL SETTLEMENT OF TERMINATED CONTRACTS
The following resolution was adopted unanimously by the Federal Advisory Council and
submitted to the Board of Governors at a joint
meeting on November 1.5, 1943. The Board
concurs in the resolution.
1
The larger part of the productive capacity of
the country is now engaged in the production of
war goods. When the war ends the task of
converting this gigantic war economy to a peace
economy will be a stupendous one, both for the
Government and for business.
"Already some war contracts are being canceled. When peace comes a large percentage of
contracts then outstanding will no doubt be
canceled. Speedy and equitable settlement of
these contracts will be essential if we are to
avoid a disastrous business depression and mass
unemployment. Millions of men discharged
from military service and millions more now engaged in war plants will be looking for new
jobs—and they will expect them promptly. If
we delay in the transition from war to peace, if
business is hampered one bit more than is unavoidable in its reconversion and in providing
new jobs, mass unemployment and social distress
will result, relief rolls will mount and the State
and Federal treasuries will be subjected to the
necessity of making huge grants for the relief of
the unemployed.
"This must not and need not happen.
"Many factors are involved but the settlement
of terminated war contracts is one of the most
important.
/ T h e Federal Advisory Council believes:
' X 1 ) That war contracts which are terminated
must be settled and settled promptly and finally
by negotiated agreements between the contractor and the procuring agency of the Government which negotiated the original contract.
"(Y) That settlements so negotiated should be
JANUARY
1944
final and not subject to review by any other
agency except for frau3. Any amounts that
might conceivably be saved the Government
through a post-audit will fade into insignificance
in comparison with grants for relief that will be
necessitated by resulting delay, uncertainty, and
unemployment.
"(3) That if settlements of terminated contracts when negotiated by the procuring agencies
are not final, or if they are made subject to subsequent audit, credit for working capital needed
for reconversion after the war may, in many
cases, be unavailable until the settlement does
become final and the basis of credit thereby becomes ascertainable. This applies particularly
to those contractors whose capital is relatively
small.
1
'(4) That Congress should relieve contracting
officers who negotiate settlements from personal
responsibility, except for fraud.
"(5) That Congress should enact legislation
providing more adequate means of interim
financing of contractors whose contracts have
been canceled when for unavoidable reasons
there is delay in final settlement and payment.
"(6) That appropriate .plans should be made
in advance for the prompt removal of surplus
Government materiel and facilities for plants
whose contracts are terminated.
1
'In the opinion of the Federal Advisory Council, unless appropriate steps are taken by the
Congress and the various Government agencies
to relieve the minds of thousands of contractors
large and small and to assure business that, when
terminated, contracts will be settled fairly,
quickly and finally, there is danger that war
production will be hampered now and that
peace production will be perilously delayed
after the war.
4
T h e Federal Advisory Council believes that
these are risks that need not be taken."
THE WARTIME TAX EFFORT IN THE UNITED STATES, THE
UNITED KINGDOM, AND CANADA*
by
R. A. MUSGRAVE and H. L. SELIGMAN
Division of Research and
The role of finance in a war economy is
secondary to the task of obtaining the maximum
output of war materials. The limits of production are set by the availability of resources
and the people's willingness to forego civilian
consumption; they are not set by the Government's ability to meet the bill. If the necessary funds can not be obtained through taxation
or borrowing from the people, they can always
be obtained through borrowing from the banks.
Yet, the methods of war finance are of vital importance; they bear directly upon war production, they largely determine the distribution
of the economic burden of the war, and they
shape the economic conditions after the war.
While it is not feasible, politically or economically, to cover the entire cost of the war
by taxation, it is generally agreed that taxation
should cover as large a share as possible without
imposing gross inequities and impairing productive incentive. If an all-out tax effort is made,
war finance is a powerful means of adjusting
incomes to available civilian supplies; if extensive reliance is placed on free market borrowing,
particularly on borrowing from the banks, war
finance turns into a source of aggravated inflationary pressures. Equally important, an
all-out tax effort during the war reduces the
financial difficulties of the postwar period.
There is thus good reason for appraising the
financial performance of a nation at war in terms
of its tax effort.
This paper is designed to obtain some perspective on the tax effort of the United States by
comparing it with that of the United Kingdom
and Canada. The findings are as follows:
1. The present over-all level of taxation is
highest in the United Kingdom and lowest in
the United States. The increase in the general
* Presented in part as an address before the National Tax Conference, Chicago, November 22, 1943.
Statistics
level of taxation over the prewar level was substantially greater in Canada and the United
Kingdom than in the United States.
2.. In the United Kingdom, the relative importance of excise and income taxes remained
about the same, while in the United States and,
to a lesser extent, in Canada the relative importance of income taxes increased while that
of excise taxes decreased.
3. Personal income taxes in the United Kingdom and in Canada are much higher than in the
United States. This picture remains basically
the same, although it is modified somewhat, if
the comparison is drawn between taxes net of
refunds and if adjustments are made for differences in the treatment of dividend incomes.
The dollar increase in tax liabilities, moreover,
was by far the steepest in Canada. British
liabilities, although much higher before the
war, increased more than did those in the
United States.
4. Corporation profits after tax rose substantially above their prewar level in the United
States and remained practically unchanged in
the United Kingdom. It appears that the
profit picture for Canada falls somewhere be1
tween that for the United States and that for
the United Kingdom.
5. The level of sales and excise taxes is substantially higher in the United Kingdom and
Canada than in the United States.
In assessing these conclusions, it must be recalled that taxation is but a part of total war
finance. It is the volume of Government expenditures, not the volume of taxes that indicates the share in total output devoted to war
purposes. The adjustment of civilian incomes
to available civilian supplies comes about as
the result of changes in the rate of savings and
in prices as well as through additional taxes.
A more complete analysis of all financial sources
NOTE.—Views expressed in signed articles published in the BULLETIN are those of the-writers and not necessarily those of the Board of Governors
of the Federal Reserve System.
16
FEDERAL RESERVE BULLETIN
THE WARTIME TAX EFFORT
of war production, however, falls outside the
limits of this article which is concerned with
taxation only.
15 times as large as those in Canada tells nothing
about relative tax efforts.
Equally misleading is a comparison in terms
of dollars of per capita tax payments, since per
THE OVER-ALL PICTURE
capita payments can not reveal the degree to
Before comparing the tax effort of the three which taxpayers have had to lower their standcountries, brief consideration may be given to
their respective needs for taxation. The ques- GOVERNMENT EXPENDITURES, TAXES, AND NATIONAL INCOME
UNITED STATES, UNITED KINGDOM, AND CANADA
tion as to how adequate a given tax effort is
can not be answered satisfactorily without an
extensive analysis of the entire war economy
of the country in question, including its fiscal,
price, and production policies. A rough picture may be obtained, however, by comparing 40
the shares in the total output of the three
countries which are absorbed by the Govern- 20
ment for war purposes. A comparison of this 0
kind involves considerable difficulties.1 The
GOVERNMENT SHARE IN GROSS NATIONAL PRODUCT
60
picture provided in Chart I, however, suffices
to show that for the last fiscal year for which 40
estimates are available (1943 for the United 20
Kingdom and Canada and 1944 for the United
0
States)2 approximately one-half of the output
TAXES AS PERCENTAGE OF NATIONAL INCOME
of each country was purchased by Government 60 I
war expenditures, the share being perhaps
40
somewhat larger for the United Kingdom and
somewhat smaller for Canada. Taking this
20
share as a general measure of the magnitude of
0
the fiscal task to be performed, we may con1940 (Ml t*42 1943 »44 t*3» 1940 *94I 1*42 l»43 1139 1940 1*41 I94S 1943
UNITED STATES
UNITED KINGDOM
CANADA
clude that the severity of tax effort needed
was of about the same order for the three
rds of living or the amount of income, abcountries.
olutely or percentagewise, which they retain
The tax effort of three countries differing as
after
payment of taxes.3
greatly in economic capacity as the United
To obtain a significant comparison, tax colStates, the United Kingdom, and Canada can not
lections
must be measured relative to other
be compared in terms of dollars of tax collection.
economic
dimensions of the respective countries.4
The fact that receipts in the United States are
A first step is to compare the extent to which
1
war
expenditures have been met by taxation.
The difficulties involved, due to lack of statistical information and
M * CCNT
CENTRAL QOVtRhMtNT
..ill.iilLiil
ALL LEVEL! Of•OVtRHMEHT
Illllllllllllll
differences of definition, are such that it seemed preferable merely to
indicate general magnitudes in Chart I and to omit the underlying
figures from Table I. The percentages shown in the Chart give real
central Government expenditures at home as a percentage of the gross
national product. Real Government expenditures at home represent
central Government expenditures shown in Table I adjusted to a gross
national product basis (Department of Commerce definition). The
adjustment involves mainly the deduction of transfer payments, the
addition of Government investment abroad not included in the budget
figures, and the deduction of Government disinvestment abroad. In
order to obtain resources available for current private use, Government
expenditures thus derived would have to be deducted from the gross
national product increased by private disinvestment abroad. This
further adjustment was not required for the present purpose o{ obtaining real Government expenditures at home.
' . .,«
Fiscal years for the United Kingdom and Canada run from April 1
through March 31; for the United States, from July 1 through June 30.
JANUARY 1944
3
Per capita tax payments in the United States are $371 for the fiscal
year 1944, as against $256 in the United Kingdom and S211 in Canada
for the fiscal year 1943. But at the same time, per capita incomes in
the three countries are SI,151, $609, and S57O respectively. Per capita
taxes as a percentage of per capita incomes (equal to the over-all
tax to income ratio discussed below) are thus 42 per cent in the United
Kingdom, 36 per cent in Canada, and 32 per cent in the United States.
Surely, this latter comparison is more significant* than the former.
* A tax comparison of this kind has certain limitations, arising from
basic differences in the economies under comparison, such as differences
in purchasing power and income distribution, as well as from differences
in taxation techniques. Some of these differences, however, do not
greatly affect the over-all picture, or can be adjusted for. Those remaining should be kept in mind in interpreting the conclusions.
THE WARTIME TAX EFFORT
Since war expenditures make up 90 per cent or
more of wartime, budgets and can not readily be
distinguished from other outlays, taxes have
been computed as a percentage of total Government expenditures. Taxes and expenditures
of the central governments only are included in
this comparison, and budget expenditures are
adjusted to include certain extra-budgetary
items. Taking the aggregate of the fiscal years
1941 to 1943 for the United Kingdom and
and Canadian dollar figures are converted into
U. S. dollars at the official exchange rates. 5
The ratio of taxes to expenditures, however,
has only limited significance, since the effort
required to cover a given portion of expenditures by taxation depends on the size of expenditures and taxes relative to the income of the
economy as a whole.
The war has exploded traditional economic
magnitudes of all kinds, but most dramatic has
TABLE I
NATIONAL INCOME, TAXES AND GOVERNMENT EXPENDITURES
(Fiscal year)
1938-39
1939-40
1940-11
1941-42
1942-43
1943-44
157,000
50,600
40,800
98,000
(Millions of U.S. dollars)
United
1.
2.
3.
4.
States
National income
Total taxes—central and local
Central Government taxes
Central Government expenditures.,
United
5.
6.
7.
8.
Kingdom
National income
Total taxes—central and local
Central Government taxes
Central Government expenditures..
22,100
5,800
4,800
5,600
Canada
9. National income
10. Total taxes—central and local
11. Central Government taxes.
12. Central Government expenditures.,
4,300
900
450 .
550
74,100
14,400
5,700
9,300
84,500
16,900
7,700
13,900
106,400
23,000
13,400
34,300
135,100
32,400
22,700
79,800
21,700
5,800
4,900
8,100
24,200
7,700
6,800
16,100
27,000
10,600
9,700
20,600
29,500
12,400
11,500
23,600
4,200
900
450
650
4,800
1,200
700
1,150
5,700
1,800
1,250
2,400t
6; 600
2,400
2,000
4,100
(Per cent)
Central Government taxes as percentage of expenditures
. 13. United States
14. United Kingdom
15. Canada
61 .
60
69
55
42
61
39
47
521
28
49
49
42
86
82
Total taxes as percentage of national income
16. United States.
17. United Kingdom
18. Canada
19
27
21
20
32
25
22
39
32 .
24
42
36
32
26
21
i Includes 700 million dollar loan to the United Kingdom not included in the Budget. If this item is excluded, the tax to expenditure ratio
becomes 71.
For explanation of items see note at end of article, p. 26.
Canada, and the fiscal years 1941 to 1944 for
the United States, we find Canada covering 51
per cent of its expenditures by taxation, followed by the United Kingdom with 46 per cent
and the United States with 36 per cent. Looking at the most recent fiscal year available,
we find the United Kingdom and Canada in
the lead with 49 per cent followed by the
United States f with 42. per cent. A more detailed picture is given in Chart I and Table L
Here, as throughout this study, pound sterling
18
been the vast expansion in output—particularly
in the United States,* but also in Canada and the
United Kingdom. The gross national product
in current prices has more than doubled over its
1939-40 level in the United States; that of Canada
6
Conversion at the official exchange rate is far from satisfactory.
For purposes of a tax comparison, foreign currency should be converted
into United States dollars at rates reflecting the relationship between
the dollar's purchasing power to the American taxpayer and the purchasing power of the foreign monetary unit to the foreign taxpayer.
But in absence of such a "true" conversion rate, which can hardly be
estimated under prevailing conditions, the exchange rate has to be
used. With respect to the countries here under consideration, the
resulting distortion is not likely to be serious.
FEDERAL RESERVE BULLETIN
THE WARTIME TAX EFFORT
has increased by 70 per cent, and that of the
United Kingdom by 40 per cent. In part this
reflected a rise in prices, but the increase in
terms of constant prices was still very great.
This factor alone would have resulted in an
enormous increase in tax receipts even though
no changes in tax rates had been made. But in
addition, tax rates in all three countries have
been increased sharply and new levies have been
imposed. The result, also shown in Chart I
and Table I, was that all three countries experienced a substantial increase in the portion
of national income absorbed by taxes.6 State
and local, as well as Federal taxes, are included
in this comparison; The United Kingdom,
maintaining the lead throughout, took up 42.
per cent (fiscal year 1943) of its national income
in taxes as compared to 36 per cent for Canada
(fiscal year 1943) and an estimated 32. per cent
for the United States (fiscal year 1944).
Apart from the level of taxation reached, the
question must be raised how sharp the increase
has been in the three countries. As may be
expected, the percentage increase in tax collections was greatest where the tax base or the
national income increased most, that is in the
United States, and it was least where the increase in the tax base was smallest, that is in
the United Kingdom. In measuring the wartime
tax effort, however, it is not the percentage
increase in taxes that is significant but the
changes in the ratio of taxes to income. The
percentage increase in taxes may be a reflection,
wholly or in part, of the buoyancy of an increased level of income, while the effect of an
increased base is largely eliminated when tax
to income ratios are compared.7
Canada and the United States, which prior
to the war collected about 2.0 per cent of their
• To avoid confusion, this follows the customary practice of comparing tax collections with national income, although, in'some respects,
it wouldh seem
preferable to draw the comparison with the national prod» , ^ e o v e r -all picture is about the same under either approach.
7
With an increasing base, the yield of certain taxes, particularly
taxes on net income, increases at a rate faster than the increase in the
base, while other taxes, especially property taxes, increase at a slower
ltte' i ? n t h e b a s i s °* Preliminary estimates, it seems likely that had
there been no change in tax rates, taxes as percentage of national income would have remained about constant for the United States and
Canada and would have shown some slight increase for the United
Kingdom.
national income in taxes, (central and local)
increased this ratio to 36 and 31 per cent respectively, while the United Kingdom, which
started the war with the higher ratio of 16 per
cent, achieved an increase to 41 per cent. The
increase in this ratio above its prewar level, as
measured in percentage terms, is thus highest
for Canada and about equal for the United
Kingdom and the United States. It should be
noted, however, that the prewar level of taxation in the United Kingdom was by far the highest and that additional increases in the tax to
income ratio become the more burdensome the
higher the level already reached.
To summarize the over-all picture: With respect to the present over-all level of taxation,
it is clearly highest in the United Kingdom and
lowest in the United States. With respect to
the increase in the level of taxation, Canada and
the United Kingdom can not easily be rated, but
they are both substantially ahead of the United
States.
CHANGES IN THE TAX STRUCTURE
The enormous increase in total tax yields—
from 15 to 50 billion dollars in the United States,
6 to i i billion dollars in the United Kingdom,
and 1 to z.5 billion dollars in Canada—was
accompanied by equally drastic changes in the
composition of the tax structure of the three
countries. To trace the pattern of this change,
taxes may be divided into four groups; namely,
taxes on individual net income, taxes on business
net income, excise taxes (i.e., a variety of taxes
on business gross income or cost items), and
property taxes.
The distribution of the total tax yield (excluding the yield from property taxes)8 remained
rather stable in the United Kingdom where
receipts from the individual income tax and
from excise taxes expanded at about the same
uct
JANUARY
1344
8
While receipts from property taxes are included in the over-all
figures, they require no special attention in this connection, since they
have been a dormant element in wartime taxation. Currently, they
supply about 9 per cent of total tax receipts in all three countries.
British property tax rates are considerably lower than those in the
United States but the British house owner loses part of what he saves
in property taxes since the rental value of an owner-occupied home is
counted as income under the personal income tax.
THE WARTIME TAX EFFORT
CHART 2
TAX RECEIPTS BY SOURCES
CENTRAL AND LOCAL GOVERNMENTS
FISCAL YEARS
250
14.6
UNITED KINGDOM
200
I 1.7
150
8.8
100
5.9
50
0
2.9
0
300
28
CANADA
250
2.3
200
18
150
1.4
100
.9
50
5
0
0
1939
1940
1941 .
1942
1943
rate. As a percentage of the total, they both
declined as the result of the introduction of corporate taxation in the form of an excess profits
tax. In the United States, the share contrib-
uted by the individual income, tax rose from
one-fifth to nearly one-half, while that of excise
taxes declined from two-thirds to one^fifth.
As in the United Kingdom, the share contributed by taxes on corporate income increased
with the imposition of an excess profits tax.
In Canada, the changes in the tax structure were
in the same direction as in the United States,
but the share of excises decreased less and that
of individual income taxes increased less. These
developments are shown in more detail on Chart
II and Table II.
To some extent the varying emphasis upon
different tax sources reflects differences in the
budgetary situation before the war and in economic developments during the war, but it also
reflects conscious differences in wartime tax
policies. The United Kingdom, having entered the war with high income and excise
taxes found it necessary to expand its tax frontiers in all directions with the result that the
relative shares contributed to the total budget
by personal income and excise taxes underwent
little change. In the United States, receipts
from taxes on individual and business incomes
greatly increased relative to excise taxes, reflecting, in part, the large increase in individual
TABLE II
CHANGES IN THE TAX STRUCTURE
[Millions of U. S. dollars]
United States
Canada
United Kingdom
(Fiscal years)
1944
1939
1943
1939
1943
1 706
1.281
2,686
20 753
14,283
5,798
2 552
105
2,172
5,030
1,523
4,848
122
56
87
290
547
743
689
5,673
40,834
4,829
11,523
433
1,978
319
155
3,822
4,460
450
400
4,500
4,450
1,015
863
46
41
173
246
19
9
215
224
8,756
9,800
1,015
863
507
468
2,025
1,436
6,508
4,460
21,203
14,683
10,298
4,450
2,552
105
2,172
1,015
5,030
1,523
4,848
985
103
128
463
246
14,429
50,634
5,844
12,386
940
1940
Central Government
1. Individual income taxes
2. Corporate income taxes
3 Excise taxes
4. Property taxes
Total
State and local governments
1. Individual mcome taxes
2. Corporate income taxes
3. Excise taxes
4. Property taxes
Total .
All levels of Government
1. Individual income taxes
2. Corporate income taxes
3. Excise taxes
4. Property taxes
Total
'.
1
566
752
904
224
2,446
For explanation of items see note at end of article, p. 27.
FEDERAL RESERVE BULLETIN
THE WARTIME TAX EFFORT
incomes and corporate profits and thus the large
expansion in the tax base. Also, it reflects a
situation in which the over-all level of taxation
was still relatively low so that primary reliance
on income taxes constituted a sound policy.9
Despite a much sharper increase in rates, the
relative share of income taxes in Canada increased less than in the United States, due to a
smaller expansion in the base and a greater
expansion in other tax sources.
TAXES ON INDIVIDUAL INCOMES
Receipts from taxes on individual incomes
increased drastically in all three countries; tenfold in the United States, fivefold in Canada,
and double in the United Kingdom. They
supplied over one-half of the total increase in
tax receipts in the United States as against 38
lion to over 40 million, and in Canada from
2JDO,OOO to over 2. million—thus revolutionizing
the very character of the income tax.
1. Personal income tax liabilities at various
levels of incomes may be compared in terms of
effective rates, that is, tax liabilities expressed
as a percentage of net income before exemptions.
The effective rates applicable to a married taxpayer with two dependents are shown in Chart
III. Table III shows dollar liabilities at selected
income levels, applicable to a single taxpayer
and to a married taxpayer with two dependents.
TABLE I I I
INCOME TAX LIABILITIES AT SELECTED INCOME LEVELS
[In U. S. dollars]
Net
income
before
exemptions
1. United States
Total
Refund
2. United Kingdom
Total
Refund
3. Canada
Total
Refund
S 190
628
2,180
5,229
12,069
36,318
82,531
$ 80
160
400
727
727
727
111
5 275
1,747
4,698
11,336
34,985
£0,198
$ 138
600
1,091
1,091
1,091
1,091
Single, no dependents
$ 1,000
2,000
5,000
10,000
20,000
'50,000
100,000
PERSONAL INCOME TAXES
UNITED STATES, UNITED KINGDOM,AND CANADA
m
MARRIED TAXPAYER - T W O DEPENDENTS
$ 107
345
1,172
2,973
8,014
28,797
70,516
S 189
024
1,975
4,620
11,340
36,550
84,200
S 48
106
205
240
240
240
240
Married, two dependents
80
UN TE D KIN6D0K
y
60
50
20
*
40
30
7~y
I///
/Hi/
20
CAN* DA
AFTEP R EFU
10
I1 1
IktOME BtFOIC
s
CXEHPTIOMS (MATIO ICALC)
s
per cent in the United Kingdom and 31 per cent
in Canada. The number of income taxpayers
in the United States increased from about 4 mil9
The following analysis of the degree to which various tax
ax sources
have been
drawn
throw
light
the
- —
r.,*» upon
-*+^,IJM.Iwill
>? 111
iiiivrvvsome
cvjiii^
i i ^ n on
t v**
i " vquestion
* «
- - - I\l
1 • 1
income taxation in the United States has now reached a level at which
a change in emphasis is called for.
*
JANUARY 1944
S 304
1,655
4,300
11,020
36,250
83,900
$114
225
260
260
260
260
50
/
N'T
13
58
754
2,333
7,042
27,184
68,634
For explanation of items see note at end of article, p. 27.
AKO NEW YORK
UNITED
AFTER !EF|JNDS//
'
10
60
5
/ UNITED STATES
V
CANADA/ />
40
30
W /
7
70
S 1,000
2,000
5,000
10,000
20,000
50,000
100,000
|
1
Vfc
v
For the United States the net victory tax and
the New York State income tax are included
together wTith the Federal income tax. 10
The comparison shows that British and Canadian rates (inclusive of refunds) are substantially
higher except for the very lowest income group.
Due to the flat exemption under the victory
tax, which does not allow for differences in
dependency status, large families with incomes
of less than about $1,500 pay a somewhat
heavier tax here than in the two other countries.11 But from there on, both British and
10
The Canadian Provinces relinquished their privilege of imposing
income taxes for the duration of the war. Therefore, while Dominion
receipts from the individual income tax increased tenfold, the over-all
increase
was fivefold as stated above.
11
The lowest income groups in the United Kingdom and Canada,
however, are subject to heavier social security taxes than those in the
United States.
2.1
THE WARTIME TAX EFFORT
Canadian rates climb rapidly above United
States' rates. A family with an income of
$1,000, for instance, pays $58 in the United
States as against $304 in the United Kingdom and
$175 in Canada. Moving up the income scale,
the spread between effective rates here and in
the two other countries widens rapidly, and
reaches a maximum between $10,000 and
$10,000. At the $5,000 level a single American
taxpayer contributes $1,171 as against $1,975 in
the United Kingdom and $1,180 in Canada.
A family with an income of $10,000, while
paying a tax of over $11,000 in the United
Kingdom and Canada, pays but $7,041 in the
United States. Although widest over the
middle income ranges, the spread between the
rates here and in the United Kingdom or Canada
remains. substantial to well above the $15,000
income level. Over the higher income ranges,
United States' rates approach, but do not reach,
those payable in the United Kingdom and
Canada.
The general picture remains the same if we
compare tax liabilities net of refunds. (See,
again, Chart III and Table III.) In the United
States the refundable part of the victory tax
has been discontinued. In the United Kingdom,
refunds are very significant for the lowest income groups, but are small relative to total
liabilities for other incomes, the maximum
refund being $160. In Canada refunds form a
substantial part of total liabilities for incomes
up to $20,000 or more, the maximum refund
being in excess of $1,000. In part, the Canadian
refunds may be claimed currently against
certain types of savings. Comparing tax liabilities net of refunds, British and Canadian
rates remain well above those of the United
States. Canadian rates, while about level with
British rates in a comparison of gross liabilities,
fall short of British rates if net liabilities are
compared.12
1. The comparison of effective rates in the preceding section shows the British and Canadian
u
For a more detailed comparison of income tax rates, see the Federal Reserve BULLETIN for December 1942.
12.
liabilities to be very much heavier. It must be
noted, however, that certain differences in the tax
treatment of various types of incomes are neglected
in a simple rate comparison. These differences
may be particularly important for the higher income levels. Tax-exempt securities, for instance, furnish a very significant part of large
investment incomes in the United States; in the
United Kingdom and Canada they are much
more limited. Joint returns are mandatory in
the United Kingdom, but not here and in Canada. Rental values of" owner-occupied homes
are counted as part of taxable income in the
United Kingdom but not in the two other
countries. Capital gains are taxed and losses
are allowed in the United States; in the United
Kingdom and in Canada both are largely disregarded. The net result of these differences is
difficult to determine, but it is unlikely that the
"hidden burden," as a whole, is heavier for the
United States than for the United Kingdom or
Canada.
However, the most important difference tending to understate income tax liabilities in the
United States and Canada, relative to British
liabilities, may be corrected for. This relates to
the treatment of dividend income. In the United
States corporation net income is taxed (at a rate
of 40 per cent) under the corporation net income
tax, and when distributed individends, it is taxed
again under the personal income tax. In
Canada, similarly, a separate tax is imposed on
corporations (at a total rate of 30 per cent)
which may not be offset against the tax on individual incomes.13 In the United Kingdom,
the corporation income tax is merely a device
for collecting personal income taxes on corporate net incomes at the source. Corporate
net income is taxed at a rate equal to the standard rate of the personal income tax, but the individual stockholder is not required to pay the
standard rate again on income received in the
form of dividends.
To obtain a fair comparison between tax
13
This 30 per cent rate is composed of an 18 per cent normal rate
and an additional 12 per cent collected under the excess profits tax but
assessed on the entire net income.
FEDERAL RESERVE BULLETIN
THE WARTIME TAX EFFORT
liabilities in the three countries, liabilities applicable in the United States and Canada have
been adjusted to allow for the double taxation
of dividend income. The adjustment is shown
in Table IV.14 The tax liabilities and relative
burdens for the United Kingdom remain unchanged, but those of the United States and
Canada are increased. The increase is most
significant in Canada, raising its rates above
those of the United Kingdom for the great
majority of taxpayers. Before adjusting for the
the additional burden of corporate taxation is
largest, yet the correction still leaves the rates
in the United States below those in the two
other countries.
3. After comparing the present level of income
tax liabilities in the three countries, it is of
further interest to compare the increase in income
tax liabilities during the war years. An abrupt
increase in liabilities would impose a greater
hardship on the taxpayer than a gradual increase, so that the country having a low tax
level prior to the war, is handicapped in reaching a high level of wartime taxation.
TABLE IV
A comparison between present (unadjusted)
TAXATION OF PERSONAL INCOME
income tax liabilities and prewar liabilities at
Individual Income Tax and Corporation Income Tax
Combined1
selected income levels is given in Table V. It
tin U. S. dollars]
shows that the increase in tax liabilities in CanMarried, no dependents
ada and in the United Kingdom was substanCorporation
Net income
Adjusted net
tax
subject to
Personal
Total tax
income
tially
greater, for all income levels, than the
personal
income tax
allocated to
(2 + 3)
income tax
dividends
increase
in the United States. Income taxes
(5)
(2)
(1)
(4)
(3)
in
Canada
rose spectacularly from a prewar level
United States
generally
similar
to that in the United States to
$
476
$ 3,000
385
s 91
$ 2,909
$
724
2, 201
10,000
9,276
2,925
a
wartime
level
as
high as that of the United
2, 790
25,000
22,210
11,143
8, 353
7, 360
21, 703
50,000
42,640
29,063
Kingdom.
(The
Canadian
prewar liabilities
18, 240
52, 621
100,000
81,760
70,861
500,000
118, 200
381,800
330, 164
448,364
include Dominion and Province of Ontario taxes
United Kingdom
and the New York State tax is included in the
$
962
$ 3,000
United States* liability for both periods.)
S
962
4,491
10,000
4,491
14,976
Income taxes in the United Kingdom rose more
25,000
14,976
36,374
50,000
36,374
83,962
moderately than Canadian rates, reflecting the
100,000
83,962
473,962
500,000
473,962
already high level of income taxation before the
Canada
war. Nevertheless, British liabilities increased
$
970
$ 3,000
$
902
$
68
$ 2,932
more sharply than did liabilities in the United
543
10,000
9,457
4,577
5,120
25,000
2,093
22,907
13,831
15,924
States,
notwithstanding our much lower level
50,000
5,520
44,480
30,588
36,108
100,000
13,680
86,320
66,875
80,555
of
prewar
taxation. In the United States, a
500,000
88,650
411,350
376,658
465,308
married
taxpayer
with two dependents receivFor explanation of items see note at end of article, p. 27.
ing a $1,000 income was without income tax
corporate tax, the rates in Canada fall very close liabilities before the war and now pays $58.
to the rates in the United Kingdom for incomes In Canada, the same taxpayer paid no tax before
the war and now pays $175, or almost five times
up to almost $15,000, but drop behind fairly
as much as the American. In the United Kingrapidly thereafter. With the adjustments for
dom he paid $13 before the war and now pays
the corporation tax, however, the Canadian
$304. A $10,000 taxpayer in the United States
rates are the highest up to the $50,000 income
had his liability increased from $659 to $^,333,
level when they start to fall behind the rates or by less than $1,700. A similarly situated
for the United Kingdom. For the United States, taxpayer in the United Kingdom, having paid
$1,854 in the prewar year now pays $4,300,
14
For explanation of adjustment see note to Table IV.
JANUARY 1944
'
THE WARTIME TAX EFFORT
that is, an increase of $2_,446. In Canada,
finally, the same taxpayer now pays $4,698 as
compared to $666 in the prewar year, that is,
an increase of $4,032..
It is thus evident that not only are present
Canadian and British income taxes substantially
higher than present taxes in the United States,
but also the rates have risen much more sharply
above their prewar level in both these countries,
particularly in Canada.
come. In all three countries the income exempt
from the excess profits tax may be determined
with reference to the income received in the
base period, although there are differences in
the way the base period is defined. In the
United States the taxpayer has the option of an
alternative method, determining the credit as
a certain rate .of return on invested capital.
All three countries make provision for the expansion of capital over the base period level and
TABLE V
WARTIME INCREASE IN INCOME TAX LIABILITIES AT SELECTED INCOME LEVELS
[In U. S. dollars]
].
N e t income
before
exemptions
United States
2. United Kingdom
Liabilities
3. Canada
Liabilities
Liabilities
T
1940
T
1913
1939
1939
1943
pa~e
1943
Single, n o dependents
S 1,000
2,000
5,000
10,000
20,000
50,000
100,000
S
4
63
282
1,018
3,449 •
16,350
46,540
.
S
107
345
1,172
2,973
8,014
28,797
70,516
S
103
282
890
1,955
4,565
12,447
23,976
$
27
183
843
2,118
5,842
21,484
52,684
1 000
2,000
5,000
10,000
20,000
50,000
100,000
189
624
1,975
4,620
11,340
36,550
84,200
$
162
441
1,132
2,502
5,498
15,066
31,516
$
$
45
266
946
3,456
15,327
40,461
190
628
2,180
5,229
12,069
36,318
82.531
S
190
583
1,914
4,283
8,613
20,991
42,070
Married, two dependents
•
S
$
$
$
115
659
2,840
15,298
45,164
13
58
754
2,333
7,042
27,184
68,634
S
1.3
58
639
1,674
4,202
11,886
23,470
S
13
579
1,854
5,577
21,219
52,419
$
304
1,655
4,300
11,020
36,250
83,900
S
291
1,076
2,446
5,443
15,031
31,481
$
$
120
666
2.888
14,557
39,466
V5
1,747
4,698
11,336
34,985
80,198
$
275
1,627
4,032
8,448
20,428
40,732
For explanation of items sec note at end of article, p. 27.
TAXES ON BUSINESS INCOME
Taxes on corporate income, largely on excess
profits, increased no less drastically than did
taxes on individual income. They supplied
about 40 per cent of the increase in Canada and
in the United States, but only 2.0 per cent in the
United Kingdom. In the United Kingdom, corporation income is taxed under the excess profits
tax only, while here and in Canada an additional
tax is imposed on corporation net income at a
rate of 40 and 30 per cent respectively. The
gross rate of excess profits tax is 100 per cent in
the United Kingdom and in Canada, as against
90 per cent here, but net of postwar refunds, all
three rates are close to 80 per cent.
More important than the differences in rates
are those in the definition of excess profits in-
permit reconstruction of the base period income
in cases where incomes in that period were ab-.
normally low. The United Kingdom provides
for unlimited carry-forward and carry-back of
losses and of unused excess profits credits; in
the United States losses and credits may be
spread over five years wrhile in Canada this
period is limited to two years. Numerous
other relief provisions are provided for in each
country.
No detailed comparison of these taxes can
be undertaken here, but given the necessary
data, an over-all picture of their impact might
be obtained more simply by comparing the
course of corporation profits before and after
taxes in the three countries. A comparison of
this kind does not consider the effects of the tax
FEDERAL RESERVE BULLETIN
THE WARTIME TAX EFFORT
alone, but the joint impact of taxes, price
controls, contracting policies, etc. Clearly,
it is this joint impact which is significant. A
high excess profits yield by itself may be an
indicator of loose pricing policies rather than
of severe tax provisions, just as a low excess
profits yield may indicate stringent price policies
rather than liberal tax provisions.
For the United Kingdom and the United
States a comparison may be made of the movement of corporation profits1 after taxes. The
index of industrial profits after excess profits
tax (but before withholding taxes on dividends),
compiled by the London Economist, has remained
practically stable since 1938. The index is
based on 1,300 companies and is sufficiently
inclusive, in the words of the London Economist,
"to display conclusive evidence of the close
control of profits through the mechanism of excess profits taxation," and to show "that there
is no sign of the slightest degree of profit inflation."15 In the United States, profits after
tax increased sharply notwithstanding the introduction of the excess pFofits tax and the increase in rates under the corporation income
tax.16 With due allowance' for differences in
accounting practices, prewar profit levels and
changes in capitalization, there remains a clear
difference in the profit picture for the two
countries. Available data for Canadian profits
are less conclusive. Statistics compiled by the
Bank of Canada, covering approximately twothirds of total corporation net income, show
for the fiscal year 1941 an increase in corporate
profits after tax of about 40 per cent over the
prewar level. This was followed by a decrease of 5 per cent from the fiscal year 1941 to
1943.17 Thus it appears that the movement of
Canadian profits will fall somewhere between
that of the United States and that of the United
Kingdom.
EXCISE TAXES
The increase in excise and sales taxes is indicated by data on receipts shown in Table VI.
is £c0*°mist> London, England, September 19, 1942, p. 365.
.
°Net income of all corporations, excluding dividends received
from domestic corporations. Estimates by U. S. Treasury Department,
Division of Research and Statistics, September 10, 1943.
17
Bank of Canada, Statistical Summary, Oct.-Nov. 1943.
JANUARY
1944
These include not only sales and excise taxes
proper, but also employers' contributions to pay
roll taxes and to war damage insurance. As a
group, these taxes contributed 40 per cent to the
increase in total revenue in the United Kingdom
against 30 per cent in Canada and 10 per cent in
the United States. Here and in the United
Kingdom, two-thirds of this contribution was
derived from sales and excise taxes proper,
whereas in Canada practically the entire increase resulted from these sources.
The yield from sales and excise taxes proper
doubled in the United Kingdom and Canada
and increased by 50 per cent in the United States.
In order to measure the severity of sales and excise taxes in over-all terms, a comparison should
be drawn between such taxes paid by the consumer and total consumers' expenditures, but in
absence of such information, the ratio between
receipts from these taxes and national income
may serve as a substitute. Taking the most
recent year, this ratio is above 10 per cent for the
United Kingdom and Canada and about 5 per
cent for the United States. The indication that
the level of excises is substantially higher in the
other two countries is substantiated by a comparison of the rates applicable to various types
of commodities.
In the United Kingdom, nearly 84 per cent of
the additional yield from sales and excise taxes
proper was derived from taxes on liquor, tobacco,
and gasoline, while these same taxes yielded
about 50 per cent of the increase in the United
States and 37 per cent in Canada. The rates
on liquor and tobacco are vastly higher in the
United Kingdom than in the other two countries. The tax on a gallon of liquor, for example, is $13 in the United Kingdom as against
$7.30 in Canada and $7.50 in the United States.
(Both here and in the following examples, the
tax for Canada includes that of the Province of
Quebec and the tax for the United States includes
that of the State of New York.) The tax on a
barrel of beer in the United Kingdom is $18 as
against $7.90 in Canada and $7.93 in the United
States. The tax on a package of cigarettes
ranges from 17 to 34 cents in the United Kingdom
2-5
THE WARTIME TAX EFFORT
compared to 9 cents in the United States, while
the Dominion tax in Canada is 18 cents and the
provincial tax in Quebec is 10 per cent of the
retail price. Taxes on a gallon of gasoline are 12.
cents in the United Kingdom as against 10 cents
in Canada and 5 ^ cents in the United States.
The heavy rates on liquor and tobacco in Great
Britain are indicative of the high level of excise
taxation since these articles absorb nearly £
of its total consumers' expenditures or as much
as rent and clothing combined.
Both the United Kingdom and Canada have a
general sales tax. on the Federal level. While
the British purchase tax contributes less than
other commodities. In the United States and
Canada, this group supplies about 40 per cent of.
the total sales tax yield, but less than xo per cent
in the United Kingdom where many of the items
come under the higher rates of the purchase
tax. A rate comparison again shows the Canadian rates to be higher in most cases, particularly if allowance is made for the fact that in
many cases the Canadian excise rates apply in
addition to the 8 per cent sales tax rate. On the
whole, it is clear that the level of sales and excise taxation—as that of income taxation—is
substantially higher in the United Kingdom and
Canada than in the United States.
TABLE VI
EXCISE AND PAY ROLL TAXES—ALL LEVELS OF GOVERNMENT
[Millions of U. S. dollars]
United States
1. Employers' pay roll taxes..
1940
1944
1,314
2,396
United Kingdom
1939
254
2. War damage insurance
3. Sales and excise taxes
Alcoholic beverages
Tobacco
Gasoline
General sales tax
Others, including customs.,
Total.
4. Total ...
1943
Canada
1939
1943
48
35
41
132
207
115
97
67
244
362
278
S19
817
705
1,096
559
2,017
1,762
1,225
963
775
3,175
510
409
279
720
1,349
218
355
643
5,194
7,902
1,918
3,751
463
885
6,508
'10,298
2,172
4,848
463
903
For explanation of items see note at end of article, p. 27.
r£$ of the total sales tax yield, the Canadian sales
tax contributes over 3^. The Canadian tax is
imposed largely at the manufacturers' level at a
rate of 8 per cent; it applies to practically all
commodities excluding, however, most foods.
The British purchase tax is imposed at rates of
16% per cent, 3 3 ^ per cent and 100 per cent.
Absolute necessities and certain commodities
already bearing high taxes, such as tobacco and
liquor, are excluded, while luxuries, such as
furs and baggage, are taxed at the 100 per cent
rate. General sales taxes levied by state and
local governments in the United States are at a
very much lower rate throughout, rarely exceeding 3 per cent.
In addition, all three countries impose special
excise taxes (and custom duties) oh numerous
2.6
In conclusion it should again be noted that
the adequacy of the tax effort must be measured
for each country against its need for curtailing
inflationary pressures. Few would hold that
inflationary pressures here are less serious than
in the two other countries; yet, as we have seen,
the tax effort in the United States falls far behind
that of the United Kingdom and Canada.
NOTES TO TABLES
Table I.
Item 1. Figures for fiscal years 1939^0 through 1942-43 from the
Department of Commerce, Survey of Current Business, March 1943 and
August 1943. Figure for 1943-44 is estimated.
Item 2. Federal gross tax receipts from Treasury Bulletin and Revised Budget Estimate of August 1, 1943 adjusted to the November 28,
1943 revision. State tax receipts from Department of Commerce, State
Finances; figure for 1943^*4 is estimated. Local tax receipts estimated
on basis of Department of Commerce, Financing Federal, State and
Local Governmentst1941. For breakdown and further explanation see
Table II and notes thereto.
Item 3. See preceding note.
Item 4. Federal budget expenditures are adjusted to include extrabudgetary expenditures such as old-age benefit payments under the
Social Security Program and net outlays of Government corporations.
FEDERAL RESERVE BULLETIN
THE WARTIME TAX EFFORT
Figures for fiscal years 1939-40 through 1942-43 from Treasury Bulletin
and Daily Treasury Statement. Figure for 1943-44 from Revised Budget
Estimate of August 1,1943 adjusted to the November 28, 1943 revision.
Item 5. U. $. Department of Commerce definition. Estimated on
basis of data in British White Paper on War Finance for 1943 (Cmd.
6438) and The Economist, London, April 24, 1943, p. 519.
Item 6. Central Government tax receipts from annual financial
statements of the Chancellor of the Exchequer. Local taxes (composed entirely of rates on property) from British White Paper on War
Finance for 1943. For breakdown and further explanation see Table
II and notes thereto.
Item 7. See preceding note.
Item 8. Figures from annual financial statements of the Chancellor
of the Exchequer. Extra-budgetary expenditures estimated from data
in British While Paper on War Finance for 1943.
Item 9. U. S. Department of Commerce definition. There are no
generally accepted statistics of income for Canada. Fragmentary
statistics appear in a number of sources. Figures are estimated on
basis of data in the Financial Post, Toronto, April 17, 1943; Dominion
Bureau of Statistics, Mofithly Review of Business Statistics, April
1943 and Description of Method Used in the Monthly Computation of
National Income; Annual Report of the Bank of Canada, February 8,
1943; and Monthly Review of the Bank of Nova Scotia, June 1941.
Item 10. Central Government tax receipts from Appendix to the
Budget, 1943-^4. Provincial and municipal tax receipts from Bank of
Canada, Statistical Summary. For breakdown and further explanation see Table II and notes thereto.
Item 11. See preceding note.
Item 12. Figures from Appendix to the.Budget, 1943-44.
Table I I .
Item 1. Includes taxes on personal income, employees' contributions under social insurance programs, gift taxes, and estate or succession taxes.
Item 2. Includes taxes on corporate income and on excess profits.
The capital stock tax is included for the United States and the National
Defense Contribution for the United Kingdom. For the United States,
receipts from contract renegotiation are excluded.
Item 3. Includes sales taxes, excise taxes, custom duties, employers' contributions to social security programs, and other miscellaneous taxes. For the United Kingdom, compulsory contributions
for War Risk Insurance premiums and contributions under the business
scheme of the War Damage Act are included.
Item 4. Includes compulsory contributions under the property
scheme of the War Damage Act in the United Kingdom.
Table III.
Item 1. Includes Federal income tax under the Revenue Act of
1942, net victory tax, and New York State income tax. Maximum
earned income credit is given. Victory tax liability is computed on the
basis of a gross income, assumed to be 110 per cent of the net income
shown in the left column.
Item 2. Liabilities under prevailing rates effective for income
earned during the fiscal year 1942-43. Maximum earned income credit
is given.
Item 3. Liabilities are computed on the basis of the Income War
Tax Act of 1942. Income in excess of $30,000 is assumed to be investment income.
Table IV.
In order to make tax liabilities in the United States and Canada
comparable with those in the United Kingdom, liabilities for the
United States and Canada must be increased to allow for the taxpayer's share in the corporation income tax. The excess profits tax,
which is similar in the three countries, need not be considered here.
The adjustment involves the following steps:
1. For the United States, we begin by increasing net income for income tax purposes by the extent to which dividend income would have
been greater if there were no corporation tax. It is assumed that the
JANUARY
1944
corporation would have increased dividend distribution by the amount
of tax allocable to dividends. For this purpose, the amount of dividends (after corpoiation tax) received by individuals at various income
levels was estimated on the basis of the preliminary report, Statistics
of Income for 1941, Part I. Each dollar of dividends was regarded as
that percentage (60 per cent) of dividends before the corporation tax
which corresponds to the corporate tax rate (40 per cent) and was blown
up to 100 per cent. Net income including dividends before the corporation tax (column 1) was obtained by adding the difference between
dividends before tax and dividends after tax to net income for income
tax purposes (column 3).
The difference between dividends before tax and dividends after
taxthus derived equals the amount of corporation tax allocated to the
individual's dividends (column 2). This amount must be added to the
personal income tax (column 4) levied on personal income tax net
income (column 3) to derive the total tax liability (column 5) which
can then be charged against the total income.
2. For Canada, we begin with the same total net incomes including
dividends before corporation income tax as derived for the United
States (column 1). Also, we assume the same ratio of dividends before
corporation tax to the total income. The individual's share of the
corporation tax was then computed at 30 per cent (the Canadian rate)
of dividends before corporation tax (column 2). Subtracting this
amount from total net income, we obtain personal income tax net income (column 3). The total tax was then obtained by adding the personal income tax on that income (column 4) and the individual's share
of the corporation tax. (In computing the 4 per cent surtax on in*
vested income under the personal income tax, the ratio of earned to •
unearned income at various levels was estimated on the basis of Statistics of Income for 1941.)
No specific assumptions have been made regarding the extent to
which corporate income is distributed. If it is assumed that the
entire income is distributed, nothing need be added. If we assume that
part of the corporate income is retained forever, the corporate income
tax in the United States and in Canada, and the withholding tax in the
United Kingdom become the only tax paid. The taxoaycr in the
United Kingdom is somewhat worse off in this instance since the rate
of withholding is higher than the corporate rates in the other two
countries. If it is assumed that the retained income will be distributed
at a later date, the larger percentage of income received in the form of
dividends would then be reflected in a greater upward adjustment of
the personal income tax.
Table V.
Item 1. Liabilities under Federal and New York State Revenue
Acts applicable to income earned in calendar years 1940 and 1943.
Item 2. Liabilities under Finance Act, 1939 and Finance Act, 1942.
Item 3. Liabilities for 1939 under Dominion Income War Tax Act
as amended through first session of 1939 and Province of Ontario income
taxes for 1939. Liabilities for 1943 are for Dominion income taxes
under the Income War Tax Act as amended to June 1, 1943 only, since
the Provinces have surrendered this tax to the Dominion for the duration of the war.
Table VI.
Item 1. Employers' contributions under social insurance programs.
The United States^ program includes old-age insurance and unemployment insurance. The United Kingdom program includes old-age,
unemployment, and health insurance. Canada has only an unemployment insurance plan. Figures for the fiscal year 1944 for the
United States and for the fiscal year 1943 for the United Kingdom and
Canada are estimated.
Item 2. Includes compulsory contributions for War Risk Insurance
and for property and business schemes under the War Damage Act.
Estimated on basis of data in British White Paper on War Finance.
Item 3. Figures for the fiscal year 1944 for the United States are
estimated.
Item 4. Same as item 3 for Table II.
FINANCING THE WAR AND THE POSTWAR READJUS'
DANIEL 'W. BELL, UNDER SECRETARY OF THE TREASURY
their much higher price in human cost on the
fighting fronts. Exceptions from this rule
should be permitted only when clearly justified
by special circumstances.
There are a number of these special circumstances, and it is because of them that the Treasury Department has never recommended to
WAR FINANCE
Congress that the whole cost of the war should
It has come to be generally recognized that be paid for out of current taxation. But it is
the real cost of a war must be paid for while it these exceptions, and not the general rule, which
is being fought. This real cost consists in the need special justification; and I should like to
labor put forth and the sacrifices endured in explain to you tonight, not why the Treasury
order to produce and to use the goods of war. has recommended to Congress additional taxes,
Guns can not be fired until they and their shells which if enacted would only provide sufficient
have been made, nor can they be fired with time revenue to cover about one-half of total Federal
borrowed from tomorrow. The labor and sacri- expenditures, but rather why it has not asked
fice involved in these things must be made today for taxes to cover the full cost.
and can not be postponed.
The use of borrowing, to the extent that it is
There are, of course, some exceptions to this justified by special circumstances, makes for a
rule. A war may be fought, in small part, by smoother working of our war economy than
the use of stocks of goods accumulated before would the exclusive use of taxation. What are
it begins; and, to a much larger extent, by post- these circumstances under which borrowing is
poning the replacement of capital goods wearing thus the superior instrument of war finance?
out during its course. With these exceptions,
In the first place, the burden of a tax—or of
the whole physical cost of a war must be paid any other compulsory levy, even if it is subsefor while it is being fought.
quently reimbursable—must be levied according
What then, it may be asked, is the role of war to fixed rules. These rules can take but little
borrowing? The answer must be that war account of individual circumstances. It requires
borrowing is a method of postponing, not the considerable time for many individuals to adjust
cost itself, but the final allocation of the total their living standards and commitments to the
burden of the war to some future date, when the new and lower levels which would be dictated
costs now paid for through the sale of bonds are by all-out wartime taxation.
finally assessed in the form of taxes—at which
While some individuals are revising their
time it is inevitable that a much larger portion living standards downward, other individuals,
of them will be paid by the persons noW in the whos~e incomes have been increased by the war
armed forces than if they were assessed today..
to levels considerably above those required to
When this fact is seen in its stark reality, it is meet their
- . former
_
standards of living, *iare ready
clear that the money cost of the war should be and willing to lend a substantial proportion of
met as far as possible by taxes, and so be paid their increased incomes to the Government in
for once and for all by today's civilians at the order to insure their future security.
same time that the men in the services are paying
Ultimately, if the war should last long
I welcome the opportunity to discuss with you
this evening the problems of financing the war
and the postwar readjustment. It is because we
feel that these two problems are so closely tied
together that I have chosen to discuss some aspects of each in the same address.
* Address before the Worcester Economic Club at the Hotel Bancroft, Worcester. Massachusetts, on Thursday, December 16.1943.
enough, these adjustments m i g h t be Continued
j
1*1
*
•
i
i
r
..:««
under a steadily increasing burden of taxation
NOTE.—Views expressed in signed articles published in the BULLETIN are those of ths writers and not necessarily those of the Board of Governors
of the Federal Reserve System.
18
FEDERAL RESERVE BULLETIN
FINANCING THE WAR AND THE POSTWAR READJUSTMENT
until each person's standard of living and finan- business enterprises were taxed away, there
cial commitments had become adjusted to his would be no economic incentive to call forth
place in the war economy. This is unlikely to these exertions.
occur, except in a very long war; and, in the
The borrowing which is justified entirely by
meantime, a considerable proportion of the total the special considerations which I have just
war cost must be borrowed in order to avoid enumerated would have to take place for our
unnecessary disruption in the economy.
wartime economy to operate smoothly, no matIn the next place, the magnitude of our war ter how willing Congress might be to levy addieffort is fixed by our full gross product, rather tional taxes or the people to bear them. This
than by our net national income. This means borrowing alone would amount to a great deal
that during wartime replacements and repairs on of money by peacetime standards; but it would
plant and equipment must be postponed, as far certainly be much less than the nearly 50 bilas possible, so that the manpower and materials lion dollars a year which we should have to
which they would otherwise have absorbed can borrow even if the Treasury tax proposals were
be thrown into the war effort. Producers, as granted in full.
An additional amount of borrowing—over
well as consumers, are asked by their Government to "Use it up, Wear it out, Make it do, or and above the minimum required on economic
grounds—can also be accomplished without
Do without."
This means that during the war period, the danger of inflation to the extent that individuals
capital assets of most business firms are wearing can be induced, for patriotic reasons, to increase
out more rapidly than they are being replaced, their savings. This the Treasury is endeavoring
and the depreciation reserves set aside to offset to do by means of the pay roll savings plan and
this wear and tear are piling up in cash. At the the War Loan campaigns.
The volume of total savings required is dicsame time, the accounts receivable of these firms
tated
by the size of the deficit and may differ
are running down, which results also in piling
materially
from the sum total of savings which
up cash. These funds are all available to be lent
would
occur
from economic and patriotic
to the Government; but they are not available
motives.
At
the
present time the Federal
to be taxed since they represent capital, rather
Government
is
purchasing
about one-half of the
than income, of the firms possessing them, and
total
volume
of
goods
and
services being prorepresent very different proportions of the total
duced,
while
the
remaining
50
per cent is being
capital of different firms, depending upon the
purchased
for
private
use.
Federal
taxes, howtype of business. A policy of borrowing these
ever,
are
bringing
in
only
about
zo
per cent of
funds, rather than taxing them away, is, therethe
gross
income
generated
by
production,
leavfore, clearly indicated.
ing
about
80
per
cent
in
private
hands.
There
In the third place, the great wartime expansion in the economy requires—even at a constant is, thus, a discrepancy equivalent to about 30
price level—a great increase in the available per cent of the value of total output which
supply of currency and bank deposits; and this makes up the Federal deficit on the one hand and
increase, under our existing institutions and the corresponding necessary private savings on
under wartime conditions, can be supplied only the other hand.
To the extent that total borrowing exceeds
by an increase in Government borrowing.
Finally, it is necessary that some financial in- the aggregate amount of savings consciously
centive be supplied to individuals to work long and intentionally undertaken, we are placing
hours, and to corporations to operate with the liquid assets in the hands of persons who may
utmost efficiency. If the whole of the extra use them to put added pressure on price ceilings.
incomes resulting from the overtime pay of It is to aid in immobilizing such unstable acindividuals and the efficient management of cumulations, as well as for fiscal and equitable
JANUARY
1944
2-9
FINANCING THE WAR AND THE POSTWAR READJUSTMENT
reasons, that the Treasury considers the need
for additional taxes so urgent.
I do not desire to go into the matter of particular types of wartime taxes at any length this
evening, but I should like to make some general
observations.
First, there can be no doubt of the ability of
the people of the United States to pay taxes
much higher than those now levied. Of course,
it would be hard because war itself is hard.
But the very fact that we are threatened with
inflation is evidence of our ability to pay higher
taxes, for it means that we have more dollars to
spend than things to buy with them.
Second, the view is sometimes voiced that,
while we have exhausted our ability to pay some
kinds of taxes, such as income taxes, we have
not exhausted our ability to pay other kinds of
taxes, such as sales taxes. I can see no merit in
this view. Ability to pay resides in persons,
rather than in kinds of taxes—both income and
sales taxes must be met from the same pay envelopes; and if we have the ability to pay one,
we have the ability to pay the other.
The income tax can be adjusted, and is adjusted to the personal circumstances of those
upon whom it is levied. Exemptions are
granted commensurate with family status, so
that the tax does not fall with merciless brutality upon those with small incomes and large
families. No such adjustment mechanism is
customary or practicable for the sales tax. The
view that we have exhausted our ability to pay
additional income taxes, but still have the
ability to pay a sales tax, logically reduces itself
to the view that the principal additional ability
to pay in the economy resides in that portion of
incomes falling within the exemptions from the
individual income tax—that is, $500 for a single
person, $1,200 for a married couple, and $350
for each dependent. I can not accept this view;
and I do not believe that the advocates of the
sales tax would, if they realized the full implications of their proposal.
Third, it is often proposed that we should
place a special tax on increases in individual
incomes; that is, tax a man with an income of,
3°
say, $3,000 more heavily if he has recently come
up from $1,000 than if he had been receiving
$3,000 for some time. This proposal seems to
me to be wrong on a number of counts.
It is unfair. It seems to me that, consciously
or unconsciously, it is based in part on the feudal
concept that every man should stay in his place,
and it strikes at the root of the principle that
every man may rise according to his worth—a
principle which has given so much life and hope
to the American scene for generations past.
It is uneconomic. It would undermine the
incentive of workers to transfer to war industries located in inconvenient places and to work
long hours at hard jobs. Particularly, it would
strike at the incentive for wives to enter war
plants in order to earn incomes supplementary
to those of their husbands. It would, therefore, aggravate the labor shortage.
It would be very difficult to administer. This
would be true, not only for the Treasury, but
also for the taxpayers, as it would require the
use of forms and questionnaires far more complex
than any involved in the administration of the
individual income tax.
It seems to me that the basic problem of the
taxation of individuals in wartime is really not
very complex. Aggregate individual income is
higher, and the Government must tax a portion
of it away. There may be a great deal of dispute
as to which income brackets should be drawn
upon the most heavily, but any reasonable pattern of withdrawal can be effected by means of
the individual income tax.
I think it is a good rule when any other tax
is proposed, that you first express the distribution of its burden in terms of the individual
income tax, and then ask yourself whether you
would consider it reasonable that the burden
of the individual income tax itself should be so
altered. If the answer is "No," then the other
tax should be placed on the defensive and its
proponents made to justify it by reasons of
strong public policy. Sometimes this can be
done—for example, I believe that the luxury
excises proposed by the Treasury this year and
the spendings tax proposed last year are cases in
FEDERAL RESERVE BULLETIN
FINANCING THE WAR AND THE POSTWAR READJUSTMENT
point. The test should be rigid, however, and
the considerations of public policy should be
important before a tax is placed on the statute
books, the burden of which is distributed in a
manner other than that in which we would be
willing to distribute the burden of an increase
in the individual income tax.
I turn now to our policies with respect to wartime borrowing. These have been dominated
by the following considerations.
First, we have tried to borrow as much as
possible from investors other than commercial
banks. This principle must be stated subject to
some qualification. It would neither be possible
nor desirable to do all of our borrowing outside
of the banking system. I have already explained that one of the reasons for borrowing at
all, rather than relying exclusively upon taxation, is that an expanding wartime economy
needs—even at a constant price level—a greatly
increased amount of currency and bank deposits.
These can be obtained, under existing institutions and in wartime, only by a corresponding
increase in the Government security holdings of
commercial and Federal Reserve Banks; and a
sufficient amount of securities have to be sold
to the banks to provide this necessary circulating
medium, even if adequate markets exist for them
elsewhere.
The amount of Government securities which
would thus have to be sold to the banks in any
event is substantial; but, in practice, I must
admit that this has proved little of a problem,
since it has taken care of,itself by the fapi£
expansion of the borrowing needs of the Federal
Government and the slower development of
nonbanking sources for Federal borrowing.
For this reason, we have directed our main
effort to the sale of securities to nonbanking
investors. During the past year, we have sold
to such investors, net after all switches and
redemptions, about 40 billion dollars of Government securities, as compared with about 30
billions absorbed by the banks.
Second, we have tried to make the securities
sold to the small investor as riskless as possible.
The Treasury has considered itself the trustee
JANUARY
1944
of the inexperienced investor. It is with this
in view that the Department's appeal to small
investors has been confined to Series E bonds
which are nonnegotiable, payable on demand
and hence are guaranteed against fluctuations in
market values.
The Treasury is less concerned with the large
volume of demand obligations which is being
built up by the sale of savings bonds to small
investors than it would be with the only practicable alternative to this course. This alternative would be the sale to small investors of
marketable securities payable by the Treasury
only after the expiration of a fixed term of years.
The fixing of a definite term on securities sold
to small investors by no means insures that they
will be held by these investors for the full term.
By and large, the holders of marketable securities would sell them on the same occasions when
holders of redeemable securities would redeem
theirs. Indeed, there is one important occasion
upon which marketable securities would be
sold, but redeemable securities would not be
redeemed—that is, the fear of a decline in price,
from which the nonnegotiable securities are
immune.
Now it may appear, at first glance, that while
the Treasury should be properly concerned with
redemptions, it should not be concerned with
market sales, since it must meet the redemptions
out of its own pocket; while the market sales
will -be taken up by somebody else. This type
of reasoning would suffice for a private borrower, but it is entirely inadequate for the
Treasury since it overlooks the real problem
which the holdings of Government securities—
whether redeemable or marketable—by small
investors will present in the postwar period.
This problem is that the holders of these
securities may dispose of them and spend the
proceeds on consumers' goods at a time when
the supply of such goods will be scarce; and the
spending can result only in price rises. This
problem would exist, however, whether the
securities were payable on demand or were
negotiable and payable at the close of a fixed
term, and will be somewhat less troublesome for
31
FINANCING THE WAR AND THE POSTWAR READJUSTMENT
demand securities, because, as I have already
pointed out, the liquidation of this type of
security will never be precipitated by the fear
of a fall in the price of the security itself.
The other problems which will be caused by
holdings of Government debt by small investors
in the postwar period are minor, relative to the
major problem which I have just mentioned; and
will be less serious with demand obligations
than with negotiable obligations of fixed term.
When savings bonds are presented for redemption to the Treasury and it is necessary to refund
them, the Treasury offers the type and maturity
of new securities best suited to the market at
the time, and offers these securities for distribution through the regular channels of the Government security market.
Marketable securities, by contrast, would be
offered in small blocks, oftentimes through irregular channels where the original holders may
not receive full value, and might dribble into
the market in such a way as to keep it continually disturbed. They might not be fitted by
coupon rate, maturity, or other characteristics
for the predominant demand then existing in
the market, but they would have been cast in
whatever mold they were, once and for all, and
the market would have to make the best of it.
To the extent that the refunding of demand
obligations would have been accomplished by
the sale of securities to banks, so also would
the marketable securities find their ultimate
lodgment in banks, but only after a roundabout
journey, probably involving both loss to their
original purchasers and a higher interest cost to
the Treasury.
It seems clear, therefore, that the Treasury is
in a much.better position to refund the nonnegotiable securities than the individual would
be to refund negotiable securities through the
market.
The third of the principles governing our borrowing policy has been the maintenance of the
liquidity of the banking system. We have laid
down the policy that no securities will be offered
to commercial banks for the investment of their.
demand deposits with a maturity at time of
issuance of over 10 years. The great majority
of the securities sold to commercial banks have
had maturities far shorter than this. Indeed,
more than half of the total increase in the portfolios of commercial banks since Pearl Harbor
has been in the form of 3-month Treasury bills
and i-year certificates of indebtedness. This
concentration of sales to commercial banks in
short securities insures that our banking system
will be in a strong and liquid position to meet
the problems of the postwar period.
Finally, we have financed this war at an average rate of slightly less than 1% per cent.
This compares with an average rate of about
4 ^ per cent on the securities issued to finance
the last World War.
Interest rates have remained stable during the
wartime period and confidence in the continuation of this stability has been and is widespread
and well justified, and has caused investors to
subscribe to new issues of Government s'ecurities
in successive war loans without any sign of
holding back in anticipation of higher rates.
I think it can be fairly said of the United
States, as the late Chancellor of the Exchequer,
Sir Kingsley Wood, recently said of Great
Britain, that " . . . we have revolutionized
public opinion as to what are fair rates for Government war borrowing." I believe that this
revolution in opinion has a sound basis in underlying economic realities, and is applicable to the
coming times of peace also. I hope that the
policies of the Government will be directed to
this end.
FINANCING THE POSTWAR READJUSTMENT
I come now to the second major division of
my topic, that is, the problems of the postwar
readjustment period.
I approach this subject with some trepidation.
No postwar plan will be of any value unless we
win the war and are in a position to put it into
effect. The war is not yet in the bag. Hitler's
postwar plan is slavery, and there will not be
room for both his plan and our own.
You all remember the recipe for rabbit stew
which begins "First catch the rabbit." So it
FEDERAL RESERVE BULLETIN
FINANCING THE WAR AND THE POSTWAR READJUSTMENT
is with postwar planning. We must first win
the war; and we must not let anything, even
postwar planning, distract our minds from this
for an instant.
Immediately following the close of the war,
we will be confronted with the problem of reconversion. The period of reconversion will be
a time fraught with exceptional hazard to our
economic structure.
During normal times, most of our people are
engaged in producing goods which they and
their fellow workers can buy with their wages.
During wartime, they are largely engaged in
producing war goods which they can not purchase with their incomes, but the excess purchasing power which is thereby created is held
in check by direct controls, by personal taxation,
and by Government borrowing from individuals.
The people are willing to accept and cooperate
with these measures because of patriotism and
the all-pervading spirit of sacrifice which exists
during wartimes. During the reconversion
period, however, while the tools of production
for peace goods are being made ready, purchasing
power may outrun the goods available for
purchase, while wartime measures of control
may be relaxed if the people do not recognize the
need for continued restraint.
A price inflation is, consequently, one of the
hazards of the reconversion period. Stalking
hand-in-hand with it goes the hazard of unemployment. Normally, these two are never seen
together, since unemployment usually rises from
a lack of demand for goods and inflation from a
shortage of goods. The unemployment of the
reconversion period will be caused, however,
not by a lack of demand for the finished products, but because the plants are not yet ready
for mass reemployment, and so may go hand-inhand with inflation.
Once the period of reconversion is over and
the tremendous potentialities of the American
economy which have been demonstrated during
the war period are directed to the production of
the goods of peace, the main hazard of inflation
will be over.
The task of statesmanship in the period imJANUARY
1944
mediately following the war will be to hasten
the reconversion process while mitigating its
hardships and reducing its human costs. This
task will, of course, be easier if a termination
of the war on one front before the other should
make it possible to complete part of the reconversion process under a wartime environment.
But we must press for victory against Japan as
well as Germany without regard for the economics of reconversion.
This evening I shall discuss only three aspects
of fiscal planning for the reconversion period,
and these briefly. They are, first, the cancellation of war contracts; second, the adequacy of
corporate financial resources to carry on the
work of reconversion; and, third, the control of
individual spending during the reconversion
period.
If the war should end today on all fronts,
there would be outstanding more than 75 billion
dollars of war contracts on which deliveries had
not yet been made. Much of the material
covered by these contracts would be of no use
to the Government if it were delivered after the
immediate emergency of this war had passed.
This is because there are no goods with respect
to which obsolescence runs faster than it does
for the goods of war; so the best preparation for
future wars consists in maintaining the skills
and plant capacity necessary for the development, production, and use of new war goods
rather than in hoarding vast quantities of old
ones.
Part of the undelivered contracts would still
exist merely in blueprints in the hands of the
contractors, while part would be represented by
goods in process, some of which in turn could
be converted into peacetime goods.
In my opinion, all war contracts should be
canceled immediately upon the passing of the
military need for the goods contracted for.
This is desirable for two important reasons.
First, it avoids the tremendous waste of human
and material resources involved in making goods
which we will never use; and, second, it gives
the maximum stimulation to the men and
management released from making such goods
33
FINANCING THE WAR AND THE POSTWAR READJUSTMENT
to seek employment in the production of goods
for which there is a human need, and so hastens
the process of reconversion.
The abrupt cancellation of war contracts will
give rise to two problems. These are: First,
provision for the labor thrown out of employment; and, second, compensation for the contractors.
The first of these problems should be settled
with liberality; the second, with the utmost of
speed.
A generous treatment of the labor displaced
by contract cancellation is required, not merely
by considerations of common humanity and fair
dealing, but also by considerations of economy;
for without it, we are unlikely to secure abrupt
cancellation at all, and there is no form of relief
more expensive than the production of unneeded
tools of war. We should be sure, however, that
the treatment accorded labor displaced from war
production is of such a character that it encourages, rather than slows down, its quest for
peacetime employment.
Payments to contractors should be just in
accordance with afixedstandard of equity; that
is, they should be enough to make the contractors and their subcontractors whole for the losses
they have sustained as the result of the contractcancellations.
It is important also, that payments to contractors should be prompt. This is not primarily for the benefit of the contractors themselves—although I have no doubt that they will
appreciate it—but for the benefit of the country
as a whole. A dollar paid out in the settlement
of war contracts during the early reconversion
period may—in terms of national well-being—
be worth several dollars paid out a year or so
later. It is far more important, therefore, that
the settlements be prompt than that they be
accurate to the last dollar according to some
accounting concept, whicfy may itself be open to
question.
The settlement of war contracts along the lines
which I have just outlined will involve a heavy
outflow of funds from the Treasury in the few
months immediately following the end of the
34
war. We are prepared for this outflow, and we
feel that there will be few occasions when a disbursement of funds may be made with so little
real cost to the Government and so much benefit
to the economy.
My second point with respect to the reconversion period relates to the adequacy of corporate
financial resources to carry on the work of reconversion. The adequacy of these resources is
important, not merely or even principally from
the point of view of the corporations involved,
but from the point of view of the whole economic system.
We in the Treasury have given careful consideration to this matter, and believe that funds
for the reconversion of war industry will be
ample, provided that a prompt settlement is
made of canceled war contracts Our reasons
for believing this are as follows:
First, the wartime period has been a profitable
one for American corporations as a whole. Net
corporate profits, after taxes, have averaged
about twice as much per year during the wartime
period as they did in the years 1935 through 1939
(the base period for the FRB index of industrial
production); and, by and large, the greatest increases have gone to thosefirmswhose problems
of reconversion will be greatest. Corporate
dividend policy, furthermore, has been so conservative that most of the increase in corporate
earnings has been added to surplus.
Second, in addition to their savings from undistributed earnings, American corporations
have piled up a large volume of liquid assets as a
result of repayment of receivables, and in some
cases reduction in inventories, and the general
inability to expend depreciation and depletion
reserves which has been brought about by wartime conditions. According to the estimates of
the Federal Reserve Board, the demand deposits
of nonfinancial businesses, including unincorporated enterprises, amounted to over 30 billion
dollars at the end of last July; and, according to
Treasury estimates, the holdings of Government
securities—payable for the most part on demand
or at very short term—by nonfinancial corporations alone, amount at the present time to about
FEDERAL RESERVE BULLETIN
FINANCING THE WAR AND THE POSTWAR READJUSTMENT
10 billion dollars. Each of these figures is far
above any peacetime precedent; but, to make the
picture brighter, American business, during the
same time it has been acquiring them, has reduced the amount of both its bank loans and its
bonded debt.
Third, generous carry-back and carry-forward
provisions included in the corporation tax laws
insure that corporations suffering losses during
the reconversion period, or even earning incomes
of less than their excess profits credit, will receive substantial refunds of the taxes paid in
their prosperous years. These refunds—for the
expediting of which the Treasury has made
recommendations to the Congressional committees—will be available to carry on the work of
reconversion. In addition, there is provided in
the present law a postwar refund, irrespective
of future tax status, of 10 per cent of the excess
profits tax paid in the war period.
For the reasons given, I do not believe that the
adequacy of business funds for reconversion
purposes will present a major problem. But I
can not speak with equal assurance with respect
to the prospects for the control of individual
spending during the reconversion period—the
third postwar problem to be discussed.
Immediately following the end of the actual
fighting, we can probably expect a let-down in
the willingness of people to submit from patriotic motives to a continued reduction in their
consumption. There is likely to be a demand
for an immediate end of the direct controls; and
this demand may, to some extent, succeed. For
some time, however, while industry is being
reconverted and the war effort demobilized, there
will be only a very gradual increase in the supply
of consumers* goods. When it is considered
that there will be available to be spent currently,
in addition to the incomes being received for the
production of consumers' goods, not merely the
incomes from work in demobilizing the war
effort and reconverting private industry, but also
the large liquid resources piled up during wartime, it is easy to conjure up the specter of a
postwar inflation.
Against this must be set the powerful force of
[ANUARY
1944
human foresight and sobriety. The reconversion period is bound to be attended by considerable unemployment, and each individual will
naturally ask himself how he is going to come
out in the swirl of readjustments he sees around
him. His natural tendency will be to "play it
close to the chest" and handle his reserve funds
as carefully as possible. This human tendency
alone may maintain a high rate of saving during
the reconversion period, and so forestall the
possibility of a postwar inflation.
We hope that this will be so; but counting on
it would be as improvident as counting on an
internal smash-up in Germany to win the war.
We must consequently lay our plans to prevent a
postwar inflation from occurring, but stand
ready to adjust any such plans on short notice to
conditions as they actually develop during the
reconversion period.
What should these plans be? It seems to me
that the direct controls, such as price ceilings,
priorities, and rationing, should be kept in effect
as long as necessary; and high income taxes, as
long as possible.
Let me explain the difference between *'necessary'* and "possible" in the statement which I
have just made.
While I believe that we should keep the direct
controls as long after the war as necessary, I do
not believe that this will be very long. I feel
certain that the last of them can be done away
with as soon as the reconverted plants commence
to pour their flood of consumers' goods on the
market.
I have said, however, that the high rates of
taxation should be kept as long as possible. I
think that the case here is very different. High
personal taxes serve the anti-inflationary purpose
of absorbing surplus purchasing power; and this
may be very useful and necessary in the reconversion period. But they also serve the purpose of
helping to pay off the national debt; and this
purpose is also useful and necessary.
It seems to me, therefore, that, while the criterion with respect to the removal of the controls
should be * 'How soon can we remove them without risking inflation?"; the criterion with re-
35
FINANCING THE W A R AND THE POSTWAR READJUSTMENT
spect to wartime rates of taxation should be
"How long can we keep them without risking
unemployment?" Perhaps for a long time to
come, if the postwar period lives up to our hopes
and expectations.
But this would take me into new vistas beyond
the scope of tonight's address for I have no intention of discussing the broader phases of fiscal
policy beyond the reconversion period.
I would like to make, however, a few general
observations. The war has opened the eyes of
the American people to the tremendous productivity of industrial and agricultural America.
The shortages of peacetime goods and services
that exist now have not blinded us to the enormous potentialities for abundance inherent in
our productive mechanism. It is precisely this
unexampled capacity to produce upon which the
future prosperity and welfare of our people
ultimately depend.
To help society achieve more fully the promise
of abundance implicit in our capacity to produce;
to help maintain output and employment at a
level more nearly corresponding to our true
productive potential; and to secure this at a price
that a peaceful democracy can pay—that will
constitute the greatest task of economic statesmanship in the postwar world.
I do not believe that the glory of America
belongs only to the past. I believe that the real
promise of America belongs to the future. Between the goal of securing maximum utilization
of our resources and the goal of achieving a more
equitable distribution of wealth, there need be
no conflict. Our history has been testimony to
that fact, and our future will be the record of its
fulfillment.
FEDERAL RESERVE BULLETIN
POSTWAR INTERNATIONAL INVESTMENT
where private agencies are unable to meet
fully the legitimate needs for capital for productive purposes. The Bank would make no
loans or investments that could be secured from
private investors on reasonable terms. The
principal function of the Bank would be to
guarantee and to participate in loans made by
private investment agencies and to lend directly
from its own resources whatever additional
capital may be needed. The facilities of the
Bank would be available only for approved
governmental and business projects which
have been guaranteed by national governments.
Operating under these principles, the Bank
should be a powerful factor in encouraging the
provision of private capital for international
PRELIMINARY DRAFT OUTLINE
investment.
OF A PROPOSAL FOR
4. By making certain that capital is available
A BANK
for productive uses on reasonable terms, the
FOR RECONSTRUCTION AND
Bank can make an important" contribution to
enduring peace and prosperity. With adequate
DEVELOPMENT OF THE UNITED AND
capital, countries affected by the war can move
ASSOCIATED NATIONS
steadily toward reconstruction, and the newer
countries can undertake the economic developPREAMBLE
1. The provision of foreign capital will be one ment of which they are capable. International
of the important international economic and investment for these purposes can be a significant factor in expanding trade and in helping
financial problems of the postwar period. Many to maintain a high level of business activity
countries will require capital for reconstruc- throughout the world.
tion, for the conversion of their industries to
peacetime needs, and for the development of
I. THE PURPOSES OF THE BANK
their productive resources. Others will find
1.
To
assist in the reconstruction and dethat foreign investment provides a growing
market for their goods. Sound international velopment of member countries by cooperating
investment will be of immense benefit to the with private financial agencies in the provision
lending as well as to the borrowing countries. of capital for sound and constructive internaz. Even in the early postwar years it may be 1tional investment.
z. To provide capital for reconstruction and
hoped that a considerable part of the capital
for international investment will be provided development, under conditions which will
through private investment channels. It will amply safeguard the Bank's funds, when private
undoubtedly be necessary, however, to en- financial agencies are unable to supply the
courage private investment by assuming some capital needed for such purposes on reasonable
of the risks that will be especially large imme- terms consistent with the borrowing policies of
diately after the war and to supplement private member countries.
3. To facilitate a rapid and smooth transition
investment with capital provided through
from
a wartime economy to a peacetime economy
international cooperation. The United Nations Bank for Reconstruction and Develop- by increasing the flow of international investment is proposed as a permanent institution to ment, and thus to help avoid serious disruption
encourage and facilitate international invest- of the economic life of member countries.
4. To assist in raising the productivity of
ment for sound and productive purposes.
3. The Bank is intended to cooperate with member countries by helping to make available
private financial agencies in making available through international collaboration long-term
long-term capital for reconstruction and de- capital for the sound development of productive
velopment and to supplement such investment resources.
On November 2.3, 1943, the United States
Treasury Department made public a provisional
outline of a plan for a United Nations Bank for
Reconstruction and Development drafted by
American technical experts. The plan is drawn
up as a basis for discussion and does not represent
the official views of the Government. It has
been submitted to the Finance Ministers of the
United Nations and the countries associated
with them, for consideration and for study by
their technical staffs. The text of the plan is
given below.
JANUARY
1944
37
POSTWAR INTERNATIONAL INVESTMENT
5. To promote the long-range balanced
growth of international trade among member
countries.
II. CAPITAL STRUCTURE OF THE BANK
1. The authorized capital shall be equivalent
to about 10 billion dollars consisting of shares
having a par value equal to 100,000 dollars.
z. The shares of the Bank shall be nontransferable, nonassessable, and nontaxable. The
liability on shares shall be limited to the unpaid
portion of the subscription price.
3. Each government which is a member of
the International Stabilization Fund shall subscribe to a minimum number of shares to be
determined by formula to be agreed upon. The
formula shall take into account such relevant
data as the national income and the international trade of the member country.
Such a formula would make the subscription
of the United States approximately one-third of
the total.
4. Payments on subscriptions to the shares
of the Bank shall be made as follows:
(a) The initial payment of each member country shall be 2.0 per cent of its subscription,
some portion of which (not to exceed 2.0
per cent) shall be in gold and the remainder
in local currency. The proportions to be
paid in gold and local currency shall
be graduated according to a schedule to be
agreed upon which shall take into account
the adequacy of the gold and free foreign
exchange holdings of each member country.
(b) The member countries shall make the
initial payment within 60 days after the
date set for the operations of the Bank to
begin. The remainder of their respective
subscriptions shall be paid in such amounts
and at such times as the Board of Directorsmay determine, but not more than zo per
cent of the subscription may be called in
any one year.
(<r) Calls for further payment on subscriptions
shall be uniform on all shares, and no
calls shall be made unless funds are needed
for the operations of the Bank. The
proportion of subsequent payments to be
made in gold shall.be determined by the
schedule in II-4-a as it applies to each
member country at the time of each call.
5. A substantial part of the subscribed capital
of the Bank shall be reserved in the form of
unpaid subscriptions as a surety fund for the
securities guaranteed by the Bank or issued
by the Bank.
38
6. When the cash resources of the Bank are
substantially in excess of prospective needs, the
Board may return, subject to future call, uniform
oportions of the subscriptions. When the
cal currency holdings of the Bank exceed zo
per cent of the subscription of any member
country, the Board may arrange to repurchase
with local currency some of the shares held
by such a country.
7. Each member country agrees to repurchase
each year its local currency held by the Bank
amounting to not more than z per cent of its
paid subscription, paying for it with gold;
K
•provided, however, t h a t :
(a) This requirement may be generally suspended for any year by a three-fourths
vote of the Board.
(V) No country shall be required to repurchase
local currency in any given year in excess
of one-half of the addition to its official
holdings of gold during the preceding year.
(V) The obligation of a member country to
repurchase its local currency shall be
limited to the amount of the local currency paid on its subscription.
8. All member countries agree that all of the
local currency holdings and other assets of the
Bank located in their countries shall be free
from any special restrictions as to their use,
except' such restrictions as are consented to by
the Bank, and subject to IV-13, below.
9. The resources and the facilities of the Bank
shall be used exclusively for the benefit of
member countries.
III. THE INTERNATIONAL MONETARY UNIT
1. The monetary unit of the Bank shall be the
unit of the International Stabilization Fund
(137V7 grains of fine gold, that is, equivalent
to 10 U.S. dollars).
z. The Bank shall keep its accounts in terms
of this unit. The local currency assets of the
Bank are to be guaranteed against any depreciation in their value in terms of gold.
IV. POWERS AND OPERATIONS
1. To achieve the purposes stated in Section
I, the Bank may guarantee, participate in, or
make loans to any member country and through
the government of such country to any of its
political subdivisions or to business or industrial enterprises therein under conditions
provided below.
(a) The payment of interest' and principal is
fully guaranteed by the national government.
FEDERAL RESERVE BULLETIN
POSTWAR INTERNATIONAL INVESTMENT
(£) The borrower is otherwise unable to secure
6. The Bank shall make no loans or investthe funds from other sources, even with ments that can be placed through the usual
the national government*s guarantee of re- private investment channels on reasonable terms.
payment, under conditions which in the The Bank shall by regulation prescribe proceopinion of the Bank are reasonable.
dure for its operations .that will assure the
(c) A competent committee has made a careful application of this principle.
study of the merits of the project or the
7. The Bank shall impose no condition upon
program and, in a written report, concludes a loan as to the particular member country in
that the loan would serve directly or which the proceeds of the loan must be spent;
indirectly to raise the productivity of the provided, however, that the proceeds of a loan
borrowing country and that the prospects may not be spent in any country which is not a
are favorable to the servicing of the loan. member country without the approval of the
The majority of the committee making Bank.
the report shall consist of members of the
8. The Bank in making loans shall provide
technical staff of the Bank. The com- that:
mittee shall include an expert selected by
Qi) The foreign exchange in connection with
the country requesting the loan, who may
the project or program shall be provided
or may not be a member of the technical
by the Bank in the currencies of the counstaff of the Bank.
tries in which the proceeds of the loan
(d) The Bank shall make arrangements to
will be spent, and only with the approval
assure the use of the proceeds of any loan
of such countries.
which it guarantees, participates in, or
(F) The local currency needs in connection
makes for the purposes for which the
with the project shall be largely financed
loan was approved.
locally without the assistance of the Bank.
CO The Bank shall guarantee, participate in (V) In special circumstances, where the Bank
or make loans only at reasonable rates of
considers that the local part of any project
interest with a schedule of repayment
can not befinancedat home except on very
appropriate to the character of the project
unreasonable terms, it can lend that porand the balance of payments prospects of
tion to the borrower in local currency.
the country of the borrower.
(d) Where the developmental program will
give rise to an increased need for foreign
2.. In accordance with the provisions in IV-i,
above, the Bank may guarantee, in whole or in
exchange for purposes not directly needed
part, loans made by private investors; provided,
for that program, yet resulting from the
further:
program, the Bank will provide an appropriate part of the loan in gold or de(a) The rate of interest and other conditions
sired foreign exchange.
of the loan are reasonable.
(b) The Bank is compensated for its risk in
9. When a loan is made by the Bank, it shall
guaranteeing the loan.
. 3. The Bank may participate in loans placed credit the account of the borrower with the
through the usual investment channels, pro- amount of the loan. Payment shall be made
vided that all the conditions listed under IV-I from this account to meet arafts covering audited
above are met except that the rate of interest expenses.
10. Loans participated in or made by the Bank
may be higher than if the loans were guaranteed
shall contain the following payment provisions:
by the Bank.
4. The Bank may encourage and facilitate (a) Payment of interest on loans shall be
made in currencies acceptable to the Bank
international .investment in equity securities by
or in gold. Interest will be payable only
securing the guarantee by governments of conon amounts withdrawn.
version into foreign exchange of the current
(F) Payment on account of principal of a loan
earnings of such foreign held investments.
shall be in currencies acceptable to the
In promoting this objective the Bank may also
Bank or in gold. If the Bank and the borparticipate in such investments, but its aggrerower should so agree at the time a loan is
gate participation in such equity securities
made, payment on principal may be in gold,
shall not exceed 10 per cent of its paid-in capital.
or at the option of the borrower, in the
5. The Bank may publicly offer any securities
currency actually borrowed.
it has previously acquired. To facilitate the
(c) In the event of an acute exchange stringency
sale of such securities, the Bank may, in its
the Bank may accept local currency in
discretion, guarantee them.
JANUARY 1944
39
POSTWAR INTERNATIONAL
INVESTMENT
The Bank may act as trustee, registrar, or agent
payment of interest and principal for
in
connection with loans guaranteed, participeriods not exceeding three years. The
Bank shall arrange with the borrow- pated in, made, or placed through the Bank.
17. Except as otherwise indicated, the Bank
ing country for the repurchase of such
local currency over a period of years under shall deal only with or through:
appropriate terms that safeguard the (/) The governments of member countries,
their central banks, stabilization funds, and
value of the Bank's holdings of such
fiscal agencies,
currency.
(d) Payments of interest and principal, whether (F) The International Stabilization Fund and
any other international financial agencies
made in member currencies or in gold, must
owned predominantly by member governbe equivalent to the gold value of the
ments.
loan and of the contractual interest thereon.
The Bank may, nevertheless, with the apI I . The Bank may levy a charge against the
borrower for its expenses in investigating any proval of the member of the Board representing
loan placed, guaranteed, participated in, or made the government of the country concerned, deal
with the public or institutions of member
in whole or in part by the Bank.
ii. The Bank may guarantee, participate in, countries in the Bank's own securities orsecurities
or make loans to international governmental which it has guaranteed.
agencies for objectives consonant with the pur- 18. If the Bank shall declare any country as
poses of the Bank, provided that at least one- suspended from membership, the member govhalf of the participants in the international ernments and their agencies agree not to extend
financial assistance to that country without
agencies are members of the Bank.
13. In considering any application to guar- approval of the Bank until the country has
antee, participate in, or make a loan to a member been restored to membership.
19. The • Bank and its officers shall scrupucountry, the Bank shall give due regard to the
effect of such a loan on business and financial lously avoid interference in the political affairs
conditions in the country in which the loan is to of any member country. This provision shall
be spent and shall, accordingly, obtain the con- not limit the right of an officer of the Bank to
participate in the political life of his own
sent of the country affected.
14. At the request of the countries in which country.
The Bank shall not be influenced in its deportions of the loan are spent, the Bank will
repurchase for gold or needed foreign exchange a cisions with respect to applications for loans by
part of the local currency proceeds of the loan the political character of the government of the
expended by the borrower in those countries.
country requesting a loan.
15. With the approval of the representatives
V. MANAGEMENT
of the governments of the member countries involved, the Bank may engage in the following
1. The administration of the Bank shall be
operations:
vested in a Board of Directors composed of one
(a) It may issue, buy or sell, pledge, or discount • director and one alternate appointed by each
any of its own securities and obligations, or member government in a manner to be detersecurities and obligations taken frgm its mined by it.
portfolio, or securities which it has guarThe director and alternate shall serve for a
anteed.
period of three years, subject to the pleasure of
(b) It may borrow from member govern- their government. Directors and alternates
ments, fiscal agencies, central banks, sta- may be reappointed.
bilization funds, private financial institu1. Voting by the Board shall be as follows:
tions in member countries, or from 0 0 The director or alternate of each member
international financial agencies.
country shall be entitled to cast 1,000 votes
(V) It may buy or sell foreign exchange, after
plus one vote for each share of stock held.
consultation with the International StabiliThus, a government owning one share will
zation Fund, where such transactions are
cast 1,001 votes, while a government ownnecessary in connection with its operations.
ing 1,000 shares will cast 1,000 votes.
16. The Bank may act as agent or correspond- (b) No country shall cast more than 2.5 per cent
ent for the governments of member countries,
of the aggregate votes.
their central banks, stabilization funds and fiscal ( 0 Except where otherwise provided, decisions
agencies, and for international financial instiof the Board of Directors shall be by simple
tutions.
majority of the votes cast, each member of
40
FEDERAL RESERVE BULLETIN
POSTWAR INTERNATIONAL INVESTMENT
the Board casting the votes allotted to his
government. When deemed to be in the
best interests of the Bank, decisions of the
Board may be made, without a meeting, by
polling the directors on specific questions
submitted to them in such manner as the
Board shall by regulation provide.
3. The Board of Directors shall select a President of the Bank, who shall be the chief of the
operating staff of the Bank and ex-officio a member of the Board, and one or more vice presidents.
The President and vice presidents of the Bank
shall hold office for four years, shall be eligible
for reelection, and may be removed for cause at
any time by the Board. The staff of the Bank
shall be selected in accordance with regulations
established by the Board of Directors.
4. The Board of Directors shall appoint from
among its members, an Executive Committee of
not more than nine members. The President of
the Bank shall be an ex-officio member of the
Executive Committee.
The Executive Committee shall be continuously available at the head office of the Bank and
shall exercise the authority delegated to it by
the Board. In the absence of any member of the
Executive Committee his alternate on the Board
shall act in his place. Members of the Executive
Committee shall receive appropriate remuneration.
5. The Board of Directors shall select an
Advisory Council of seven members. The
Council shall advise with the Board and the
officers of the Bank on matters of general policy.
The Council shall meet annually and on such
other occasions as the Board may request.
The members of the Advisory Council shall
be selected from men of outstanding ability, but
not more than one member shall be selected from
the same country. They shall serve for two
years, and the term of any member may be
renewed. Members of the Council shall be paid
their expenses and a remuneration to be fixed by
the Board.
6. The Board of Directors may appoint such
other committees as it finds necessary for the
work of the Bank. It may also appoint advisory committees chosen wholly or partially
from persons not regularly employed by the
Bank.
7. The Board of Directors may authorize any
officers or committees of the Bank to exercise
any specified powers of the Board except the
JANUARY
1944
powers to guarantee, participate in, or make
loans. Delegated powers shall be exercised in
a manner consistent with the general policies
and practices of the Board.
The Board may by a three-fourths vote delegate to the Executive Committee the power to
guarantee, participate in, or make loans in such
amounts as may be fixed by the Board. In passing upon applications for loans, the Executive
Committee shall act in accordance with the
requirements specified for each type of loan.
8. A member country failing to meet its financial obligations to the Bank may be declared in
default and may be suspended from membership
during the period of its default, provided that a
majority of the member countries so decide.
While under suspension, the country shall be
denied the privileges of membership but shall
be subject to the obligations of membership.
At the end of one year the country shall be
dropped automatically from membership in the
Bank unless it has been restored to good standing
by a majority of the member countries.
If a member country elects to withdraw or is
dropped from the Bank, its shares of stock shall,
if the Bank has a surplus, be repurchased at the
price paid. If the Bank's books show a loss,
such country shall bear a proportionate share of
the loss. The Bank shall have five years in
which to liquidate its obligations 'to a member
country withdrawing or dropped from the Bank.
Any member country that withdraws or is
dropped from the International Stabilization
Fund shall lose its membership in the Bank
unless three-fourths of the member votes favor
its remaining as a member.
9. The yearly net profits shall be applied as
follows:
(a) All profits shall be distributed in proportion to shares held, except that one-fourth
of the profits shall be applied to surplus
until the surplus equals 2.0 per cent of the
subscribed capital.
(F) Profits shall be payable in a country's local
currency or in gold at the option of the
Bank.
10. The Bank shall collect and make available
to member countries and to the International
Stabilization Fund financial and economic information and reports relating to the operations of
the Bank.
Member countries shall furnish the Bank with
all information and data that would facilitate
the operations of the Bank.
41
NEW MONETARY AND BANKING MEASURES IN PARAGUAY
On October 5, 1943 the Republic of Paraguay
adopted a new law which effects several important changes in the Paraguayan monetary
system. These changes include the designation
of a new unit, the guarani, which is equivalent.
to 100 of the old paper pesos, or 31.5 United
States cents; the establishment of the new unit
on a "composite exchange standard"; and
allocation to the central bank of control over
the entire monetary issue, including coin as
well as notes.
The basic monetary law which the new measure supersedes had not been revised since its
enactment in 1885 and the Banco de la Republica
del Paraguay, a Government institution which
had its origin in a previous "Oficina de Cambios/' has been hampered in performing central
banking functions by the absence of powers
adequate to meet the problems of the present
rime.
State Department, for advisers in related fields;
and Mr. E. C. Johnson of the Farm Credit
Administration, Mr. Ormond E. Loomis of the
Federal Home Loan Bank Administration, and
Mr. George R. Taylor of the Office of Price
Administration were designated, respectively,
by their organizations as experts in agricultural
credit, mortgage credit, and price control.
The representatives of the Board were in
Asunci6n, the capital of Paraguay, during
September and October, 1943. At the invitation of the Banco de la Republica del Paraguay,
the Banco de la Republica of Colombia generously lent the services of one of its officers, Mr.
Enrique Davila, to cooperate with the representatives of the Board and to assist in setting
up new operating procedures in accordance with
banking practice in Latin America. Mr. Davila
was in Paraguay during October, November,
and December.
Preparatory work already undertaken in
Washington served as the basis for discussion
in Asunci6n of three legislative projects: a
monetary law, a central bank law, and a general
banking law. These projects were developed
in consultation with the directors and managers
of the Banco de la Republica, the Ministry of
Finance, and the managers of the commercial
banks. Dr. Carlos A. Pedretti, President of the
Banco de la Republica, exercised an active
leadership in furthering the work, and upon
completion of the monetary law he and Dr.
Rogelio Espinoza, Minister of Finance, who
also took a special interest in the program,
sponsored the measure in the Council of State.
President Higinio Morinigo promulgated the
monetary law October 5, 1943 and it went into
effect November 8, 1943. Drafts of the central
bank and general banking laws are far advanced
and it is expected that they will be ready in the
near future for submission to the Council of
State.
In view of this situation, the Government of
the Republic of Paraguay and the Directorate
of the Banco de la Republica began preparations
some time ago for a general banking and monetary reform. Mr. Harmodio Gonzalez, General
Manager of the Bank, was seat to the United
States in 1942. under the auspices of the Coordinator of Inter-American Affairs, and spent
about twelve months in all at the United. States
Treasury, the Federal Reserve Banks of New
York and of St. Louis, the Board of Governors
of the Federal Reserve System, and at other
Government agencies in Washington. After
Mr. Gonzalez' return to Paraguay, his Government asked, through the State Department,
that two representatives of the Board of
Governors be designated to advise the central
banking authorities of Paraguay in the revision
of their monetary and banking laws. In accord
with its wish to help promote sound fiscal and
monetary policies, especially as an aid to good
relations, the Board was glad to comply and
designated two members of its staff, Mr. Bray
In establishing a new unit, the guarani, the
Hammond and Mr. Robert Triffin. The Paramonetary law terminates a situation in which a
guayan Government also asked, through the
hypothetical t4gold peso" (peso oro sellado)
FEDERAL RESERVE BULLETIN
NEW MONETARY AND BANKING MEASURES IN PARAGUAY
silver moneys of the Argentine Republic.'f The
second article declared that "the gold pieces of
peso Qpeso curso legal or peso fuerte); and in which 8 grams and 645 ten-thousandths (8.0645 grams)
both were pegged to the Argentine paper peso. by weight and 900 thousandths fine shall be
The new law has also the effect of eliminating worth 5 full pesos Qpesos juertes), the fractions
the wide margin on dollar transactions which thereof having their corresponding value.*'
had followed appreciation of the Argentine
The Argentine gold peso to which this law
peso and had reached a maximum of nearly 10 refers had been established in that country by
per cent during the last year before the new law monetary law No. 1130 of November 5,
went into effect. The margins between the 1881. It was defined as having a gross weight
buying and selling rates of foreign currencies of 1.61Z9 grams, 0.900 fine, i.e. a fine gold
are now unified and those on the more important * content of 1.45161 grams. On that basis, the
currencies are quoted in the daily press in legal monetary unit of Paraguay would be
Asunci6n.x Discussion of these and other equivalent to 0.9648 pre-1934 dollars, or about
features of the law, including the mechanics 1.63 current dollars of the United States.
of the "composite exchange standard/ 1 will
Two different Paraguayan monetary units
be found in the explanatory statement which is developed from the monetary law of 1885; o n e
printed with the law in the following pages. was the paper peso, called the peso fuerte or
Besides preparing the text of the new legisla- peso curso legal (peso c/1), i.e. peso of legal
tion, the Banco de la Republica del Paraguay, in tender, and the other was the gold peso or peso
consultation with the representatives of the oro sellado (peso o/s), i.e. peso of coined gold.
No Paraguayan gold coins were ever minted,
Board and of the Banco de la Republica of Colombia, has made many changes in administrative and very few silver coins, but. paper money was
and accounting practice called for by the new issued under various regimes and constitutes
responsibilities the central bank will have under today, together with subsidiary coins, the only
the new legislation that has gone into effect or legal circulating money of the country. A
is contemplated in the near future. These series of devaluations progressively lessened the
include procedures for introducing the guarani value of the monetary unit. The last definition
into circulation in place of the old peso, of the peso curso legal, or paper peso, February
establishment of a clearinghouse in Asunci6n, 10, 1941, gave it an equivalence of — of the
and preparation for a system of bank inspection. Argentine peso and this rate has been maintained
The official statement on the monetary law up to this date by the Banco de la Republica.
and the text of the law itself, as translated from The present dollar equivalent is about 308 pesos
the original Spanish documents, are given per U. S. dollar, or 0.3x5 U. S. cents per peso.
The gold peso, or peso oro sellado, became a
below.
mere money of account, born historically of two
STATEMENT O N THE MONETARY LAW different factors: the actual circulation of Argentine currency in Paraguay and the desire
I- THE MONETARY SYSTEM OF PARAGUAY
of creditors to protect themselves against the
The basic monetary law of Paraguay dates progressive depreciation of the Paraguayan
back to July 14, 1885. The first article of that paper peso. The peso oro sellado, as indeed the
law gave legal tender quality to "the gold and peso curso legal, was originally equal to the
Argentine peso. Contracts in gold pesos were,
1
for
all intents and purposes, equivalent to conThe new rates as quoted by the Banco de la Republica on Monday,
November 8,1943 were as follows in guaranfes per unit of foreign curtracts
in Argentine currency.
rency:
Legal
Buying
Selling
This would have constituted a "gold clause"
Rate
Rate
Rate
Argentine peso
0.7700
0.7620
0.7780
if
it had not been for the devaluation of the
Cruzeiro
0.1615
0.1600
0.1631
Dollar
3.0720
3.0410
3.1030
Argentine
peso itself. In the same year 1885,
Sterling
12.3200
12.2000
12.4400
persisted as a unit of account while the unit in
actual circulation continued to be the paper
JANUARY
1944
43
NEW MONETARY AND BANKING MEASURES IN PARAGUAY
however, in which Argentine currency of gold
and silver was made legal tender in Paraguay,
Argentina suspended convertibility, and after
the banking crisis of 1890 the Argentine peso
underwent a rapid depreciation which led to
the currency reform of 1899. The Argentine
paper peso was officially fixed at 44 per cent
of the gold peso (4X.45 U. S. cents) and the
Caja de Conversion was authorized to pay out
gold in exchange for legal tender notes at the
rate of 44 centavos for one paper peso. In
practice, all domestic transactions in Argentina
were conducted in paper pesos called moneda
national (m/n), the gold peso (o/s) being used
mainly as a unit of account, especially in foreign .
trade statistics. With the outbreak of war in
1914, the convertibility in gold was again
suspended and the exportation of gold prohibited (laws of August 9 and September 30,
1914). Gold payments were resumed at the
old rate by presidential decree effective August
i i , 192.7, but were again suspended on December
11, 19x9. The paper peso fluctuated on the exchange and is now traded at about X5 U. S. cents.
The gold peso continued, as a mere money
of account, to represent ~^i = X.X7X7 . * .
paper pesos, irrespective of the fluctuations
of the peso with relation to gold. About
10 years ago, Argentina finally discarded the
gold peso even as a money of account and all
statistics are now expressed uniformly in paper
pesos. In Paraguay, however, the denomination "oro sellado" still survived, not only in
private and official statistics, but even in the
writing of many contracts and in the determination of certain taxes and impositions. The
customary meaning of the peso oro sellado has
continued to be based on the Argentine law of
1899, i.e. on the relation of ^ 7 ^ = 1.2.7x7 . . .
to the Argentine peso. This made the gold peso
worth about 0.58 of a U. S. dollar, as compared
with a theoretical gold par of about 1.63
dollars.
Thus the peso oro sellado, or peso of coined
gold, now being superseded, was not a peso,
whether Argentine or Paraguayan, but a
multiple of the Argentine currency. It was
44
not gold, since its relation to gold fluctuated
with the Argentine paper money. And, finally,
it was never coined in Paraguay and it ceased
to be coined in Argentina even before its establishment as the Paraguayan currency unit by
the law of 1885. The term "oro sellado" has
generally been used to accomplish the purpose
of a foreign exchange clause protecting the
creditor against the depreciation of the Paraguayan paper peso vis-a-vis the Argentine paper
currency.
Further complications have arisen, however,
in the legal and the de facto interpretation of the
meaning of the peso oro sellado, or gold peso.
First of all, the customary interpretation of the
oro sellado came to be sanctioned by a number
of Paraguayan legal and administrative texts.
These texts have not defined the oro sellado
directly in terms of Argentine pesos, but in
terms of the, peso curso legal. The rate, however, was always determined in such a way as
to confirm the customary relationship of 1 to
X.X7X7 . . . between the gold peso and the
Argentine currency. Thus from August 1937
to February 1941 the official exchange rate on
Buenos Aires was 70 Paraguayan paper pesos
per Argentine peso and the conversion rate of
oro sellado into curso legal was 1 to 159.09. In
February 1941, the Argentine exchange was
raised to 77 and the conversion rate was simultaneously redefined as 175. Thus, in fact, the
Paraguayan gold peso remained pegged to the
Argentine peso at the rate of 159.09/70 =
J
75/77 — 2.-2.7x7 . . . Argentine pesos per Paraguayan gold peso. The important point, however, is that if the Government's right to define
the gold peso in terms of paper pesos is recognized, it would seem within the power of the
Government to maintain or to change, at will,
the customary relation of the gold peso to the
Argentine currency.
It might be maintained that the customary
relation of 1 to X.X7X7 . . . is binding upon the
Government itself, but all modern trends run
directly counter such a theory. Even the gold
clauses, which were far more rigid and precise
than the oro sellado clauses, have in most
FEDERAL RESERVE BULLETIN
NEW MONETARY AND BANKING MEASURES IN PARAGUAY
countries been set aside by legal and judicial
decisions. In Paraguay itself, the exchange
control legislation now prohibits the use of
foreign moneys or devisen in all domestic transactions and obligations and "all such transactions and contracts must be made in money of
legal tender \inoneda de cur so legal, i.e. paper
pesos]" (Art. 190 of Decree-Law No. 5017).
Secondly, if the official definition of the gold
peso were accepted as binding upon the parties
to a contract, the result was that the denomination of the contract in gold pesos afforded
protection against official, but not against
unofficial, devaluations of the paper peso in
terms of the Argentine currency. Thus the
market rate of the Argentine peso, in the days
which preceded the introduction of the exchange control legislation of February 1941,
had risen above 90. Therefore the official
Paraguayan gold peso was worth in fact not
159.09/70 = 2..2.72.7 . . . Argentine pesos, but
only 159.09/90 = 1.7677 , . . Argentine pesos.
Finally, there have existed a number of taxes
and impositions expressed in gold pesos and
payable in paper pesos at conversion rates different from the official conversion rate of 175
paper pesos per gold peso. For instance, 50
per cent of the import duties have been liquidated at a conversion rate of 79.5454 while the
other 50 per cent have been calculated at the
rate of 175. Still other rates have been used for
the payment of telephone and electricity bills.
To summarize: the gold peso has been worth,
in principle, 175 paper pesos, or z.2.72.7 . . .
Argentine pesos. The conversion rate of 1 peso
oro sellado to 2..Z72.7 , . . Argentine pesos derives
from custom and tradition, but since it is also,
in an indirect manner, sanctioned by law, it
would seem that the law could establish a
different rate if the Paraguayan authorities felt
it advisable. Differences between the official
and the market rates of exchange have in the
past produced rates of conversion different from
the traditional rate of ^.2.72.7 . . . Finally,
special conversion rates are also established by
legal and administrative texts for the liquidation of certain duties and impositions.
JANUARY
1944
II. THE MONETARY REFORM
The new monetary law attempts to clarify
the confused situation now in existence and
to reconcile the legal and the de facto status of
the Paraguayan currency.
A. Elimination of the Peso Oro Sellado
First of all, the law brings to its logical
conclusion the evolution begun by the exchange
control legislation of 1941 and unifies the currency through the final elimination of the
money of account denominated "peso oro
sellado** or gold peso. The legal and real
status of that unit is so confused as to be thoroughly incomprehensible abroad and even in
Paraguay and its juridical interpretation is so
doubtful as to give rise to lengthy and costly
litigation. Its only raison d'etre was, in the
past, to offer a monetary standard endowed with
a greater degree of stability than the paper peso.
It is questionable, however, whether the State
itself should sanction such a practice and
should in this manner throw doubts upon the
stability of its money and encourage the use
of what is, in fact, a foreign currency standard
in the writing of purely domestic contracts.
Moreover, the exchange control legislation now
in force already prohibits the use of foreign
moneys in domestic transactions and obligations and prescribes the exclusive use of the
paper peso in such transactions and obligations.
Finally, the new monetary law defines clearly
the obligation of the Banco de la Republics,
to maintain the external stability of the national currency. The present strong position
of the Bank gives every reason to believe thar
this mandate will be effectively observed.
All future prices, contracts, and obligations of
a purely domestic nature wilt be written and
liquidated in the national currency of the country. Exceptions are provided for existing contracts and obligations, which will be liquidated
in national currency at the selling rate of the
Banco de la Republica on the day of liquidation,
in accordance with article 190 of Decree-Law
5017 of February 10, 1941. Contracts which are
not of a purely domestic nature may be expressed
45
NEW MONETARY AND BANKING MEASURES IN PARAGUAY
directly in the relevant foreign currency, but the
peso oro sell ado will disappear entirely from all
legal and contractual texts.
Thus Paraguay will, after many years, reaffirm its monetary independence and sovereignty
and establish a new national currency in a clear
and precise form.
B. The Strengthening of the National
Currency Unit
The microscopic value of the present paper
peso has made it a unit totally unfit for transactions of any but the smallest import. This has
been a source of serious inconvenience and of
unnecessary costs in accounting and in all
monetary payments. The Paraguayan public,
accustomed to count in thousands and millions
of pesos, has lost respect for the old currency
unit of the country, and the use of the Argentine
currency, at least as a money of account, has been
general in all transactions of some importance.
This has injured the prestige of the national
currency both at home and abroad and has become at times a real obstacle to the development
of thrift in the country.
The need for a new basic monetary unit has
been generally recognized in the country as
imperative. The only question is whether the
new unit should be established as the equivalent of ioo paper pesos or of 10.
There is one logical answer to this question.
In practically every country in the world, the
basic monetary unit has been established as the
centuple of the smallest currency unit actually
used in transactions, the latter unit being given
the name of cither "centavo," or "centimo," or
"centisimo," or "cent," or "centime," etc.
The smallest currency unit effectively used in
Paraguay has been the peso. The basic monetary unit should thus be made equal to ioo
pesos. A rate of 10 to one would be only
a half-hearted measure. It would eliminate
none of the evils mentioned above and would
leave the Paraguayan currency the smallest
currency unit by far in all the Americas, with
the single exception of Bolivia.
It must be borne in mind that the present low
rate of some American currencies is not the result
of choice or of an organic monetary legislation,
46
but of a long history of progressive devaluations
forced upon the monetary authorities by foreign
and civil wars and by the unprecedented severity
of the economic crisis of 192.9. The official gold
parities of the American currency units with
relation to the pre-1934 U. S. dollar averaged about 59 cents and their actual parities
in December. 1919 about 58 cents. In terms of
the current dollar, this is equivalent to about one
dollar, or more than three times the value of
the new Paraguayan currency unit as defined by
the present law. A conversion on the basis of
10 to one would make the Paraguayan unit the
equivalent of only one-thirtieth the average
value of the American currency units as defined
either by their official gold parities or by their
actual market rates of exchange before the accidental devaluations brought about by the
economic crisis of 192.9.
Even if we take as a criterion the present rates
of exchange, which, as was mentioned earlier,
are not the result of conscious choice or of
organic monetary legislation but of a long series
of historical accidents, the new Paraguayan unit
would be worth little more than two-thirds of
the average value of the American currencies in
terms of the current U. S. dollar. A unit established on the basis of a conversion rate of 10
to one would be worth somewhat more than
one-thirteenth of that average. The 1885 gold
parity was about five times as great as the new
parity at the rate of 100 to one and about 50
times the parity which would result from a rate
of 10 to one.
The choice of a rate of 10 to one would have
had another paradoxical result. The division
of that new unit into 100 centimos would
remain a dead letter, since the centimo (equivalent in this case to 10 actual centavos of the
peso curso legal) would not circulate in fact in
the country. The new legislation would in
this case have created a new unit which the
country would never have occasion to use or
coin, the smallest circulating unit being not
the centimo but the 10 centimo piece.
It is sometimes argued in Paraguay that the
size of the monetary unit should be governed
by the physical or the foreign exchange resources
FEDERAL RESERVE BULLETIN
NEW MONETARY AND BANKING MEASURES IN PARAGUAY
of the country. On the contrary, one of the gold. In fact, however, this definition is in
richest countries in both respects is Venezuela, most countries a legal fiction rather than a
whose monetary unit, the bolivar (about 2.9 practical reality. Paper money has universally
U. S. cents), is appreciably below average, while taken the place of the old gold currencies and
Honduras has a monetary unit, the lempira exchange control legislation has divorced the
(50 U. S. cents), which is stronger than the national monetary systems from any real interaverage American unit.
national monetary standard. Paraguay regrets
The only real objection to a rate of 100 to one such a situation and affirms unequivocally in
is the fact that in the transitional period which article 1 of the monetary law its determination
immediately follows the reform the Paraguayan to seek, in collaboration with other nations, the
public, now used to count prices and salaries reestablishment of an international monetary
in thousands of pesos, may be somewhat con- standard.
fused by the change to a stronger unit. There
In the meantime, the monetary law attempts
will undoubtedly develop some psychological
to reconcile the legal texts with the realities of
factors tending toward an increase in prices.
the present situation and to ensure the money
But similar difficulties would have to be met
of the country the maximum degree of stability
by any monetary reform, whatever the rate of
compatible with present disturbed conditions.
equivalence it established between the old and
The law establishes two criteria in this respect:
the new currency. They are the ineluctable
the criterion of external and the criterion of
legacy of the past devaluations of the
internal monetary stability.
Paraguayan currency. A thorough educational
In the absence of an international monetary
campaign will be necessary to clarify the real
standard, external stability is defined in terms
meaning of the conversion. The new centimo
is equal in every respect to the old peso and of those foreign currencies which most affect
there would be no justification whatsoever in the balance of international payments of the
the monetary reform itself for any price increase country. As long as these currencies maintain
in Paraguay. The transition will be made the same relation vis-a-vis one another, the
easier by the coexistence for some years of guarani will remain stable with relation to all
moneys denominated in pesos and moneys and every one of them. If, however, these
denominated in the new unit established currencies display divergent movements at some
future time, the Banco de la Republica will
by the law.
The conversion to a new unit must, in order decide, in the light of the circumstances of the
to avoid confusion, be accompanied by a change moment, on the course of action which will
in the name of the currency. After mature bring the least disruption to the Paraguayan
consideration of the problem, the Paraguayan economy. The Paraguayan currency will, at
authorities have decided on the designations such time, be pegged to one or the other of the
"guarani" and "centimo." The guarani will 'main currencies influencing the balance of interbe equal to 100 pesos and the centimo to one national payments or be steered to an intermepeso. The name guarani derives from the racial diate course.
This system of a "composite exchange standorigins of the Paraguayan nation. The name
centimo will establish a clear distinction be- ard" is the best approximation available at
present to a full-fledged international monetary
tween that unit and the old centavo. "
standard. Any other arrangement would bring
C The Monetary Standard: The Composite
less, rather than more, stability to the monetary
system of the country. The immediate adoption
Exchange Standard
of a fixed relation to gold would be premature,
Practically every currency in the world is
especially
in a country which produces none
defined today in terms of a certain weight of
JANUARY
1944
47
NEW MONETARY AND BANKING MEASURES IN PARAGUAY
and owns little of that metal, at a time when weapon not only against shortages of foreign
gold is impeded from performing its traditional exchange but also at other times against the
functions as an international monetary standard. inflationary impact of an excessive inflow of
On the other hand, a direct pegging of the foreign exchange. Modifications of this charguarani to a definite foreign currency would acter will be proposed later either independently
constitute a gamble, as the economic and or in connection with the new organic law of
political developments arising from the present the Banco de la Republica.
war impart, or may impart at any moment, to
D. Unification of Monetary Responsibility
any one of the main foreign currencies to which
The new monetary law reaffirms the status of
the Paraguayan unit could attach itself, movethe
banco de la Republica as the sole bank of
ments of its own unrelated either to world
issue
in Paraguay. This is a principle unieconomic trends or to the circumstances of the
versally accepted in modern monetary theory
Paraguayan economy.
The criterion of internal price stability has and legislation.
The Banco de la Republica is made solely
been proposed by some eminent writers as an
responsible
not only for the main monetary issue
alternative to the traditional criterion of exbut
also
for
the so-called subsidiary or minor
ternal currency stability. Whatever the merits
issue.
A
distinction
between the two may
or demerits of this theory, overwhelming politihave
had
some
logic
in
the past, owing to the
cal and practical obstacles would prevent its
fact
that
most
banks
of issue were private
complete adoption in most countries and especially in Paraguay. The monetary authorities, institutions, more or less independent of the
however, are directed by article 2. of the present State. The Banco de la Republica, however, is
law to use all the means at their disposal, strictly a State institution and should be enwithin the basic framework of the external dowed with full responsibility for the whole
stability of the guarani, to combat abnormal monetary issue whatever its denominations.
movements of a monetary character in the This arrangement is clearly imposed by the logic
level of internal prices. The new organic law of the situation and by the need for modern and
of the Banco de la Republica will endow that efficient currency management.
institution with the extensive weapons of
III. CONCLUSION
control necessary to carry out this mandate.
The new organic monetary law of the Republic
The new law makes no essential change in
the exchange control system introduced in of Paraguay puts an end to a long period of
February 1941 by Decree-Law 5017 and modified monetary confusion and instability. It provides
in February 1943 by Decree-Law 17070. All the country with a modern monetary system in
independent observers agree with the Para- . full accordance with the realities of the times.
guayan monetary authorities in considering that
It will now be for the political and monetary
this legislation has been extremely beneficial authorities of the country to carry out the
to the country and to the stability of its cur- intention of the' law to give Paraguay the
rency. This does not mean that the present modern and stable currency which is the first
exchange control legislation can not be improved prerequisite of orderly economic and social
in any direction. Its present provisions bear progress in the country. Two other impending
the mark of the historical circumstances which laws, the general banking law and the organic
led to its adoption. The law should be revised law of the Banco de la Republica, will facilitate
in such a way as to make it a more flexible this task and constitute the indispensable cominstrument of monetary policy, to be used as a plement of the present monetary reform.
FEDERAL RESERVE BULLETIN
NEW MONETARY AND BANKING MEASURES IN PARAGUAY
DECREE-LAW NO. 655
ON THE ORGANIC MONETARY REGIME
OF THE REPUBLIC OF PARAGUAY
October 5, 1943,
The Bank, in addition, shall take all measures
necessary to combat abnormal fluctuations of a
monetary character in internal prices.
Article 3. All the prices, taxes, assessments,
fees,
wages, salaries, contracts and obligations,
CONSIDERING :
of
any
kind whatsoever, which are to be paid,
(1) That the public interest requires that an
collected,
or executed in the Republic, must
end be put to the long period of monetary
be
expressed
and liquidated exclusively in
confusion and instability which has been the
guaranies.
source of so much harm to the country;
Any modifying or restricting clause which
(1) That the preliminary step of this reform
imposes
payment in silver or gold metal, coined
has been accomplished with the stabilization
gold,
foreign
moneys or devisen, or any monereached as a result of the effective application of
tary
unit
other
than the guarani shall be void
Decree-Laws No. 5017 and 17070 on exchange,
and
without
legal
effect.
control;
Excepted
are:
(3) That the institution of a new monetary
a) Obligations requiring payments from Paraunit based on modern and realistic principles
guay
abroad or from abroad to Paraguay;
constitutes an indispensable prerequisite for the
b)
Remunerations
to foreigners domiciled
economic and social progress of the Nation;
outside
of
Paraguay
for
temporary services in
(4) That it is necessary to secure for the new
the
country;
unit the maximum external and internal stability
c) Obligations to institutions of public law
compatible with the present international monewhich,
in application of special laws, must be
tary situation;
paid
in
foreign
currency or exchange or in specie.
(5) That it is necessary to unify the monetary
Ankle
4.
The
Bank of the Republic of
issue and responsibility and to strengthen the
Paraguay
is
exclusively
authorized to issue notes
national monetary unit;
and
coins
in
the
national
territory, with the
(6) That it is indispensable for Paraguay to
guarantees
and
limitations
established in the
reaffirm her monetary independence and sovpertinent
legal
provisions.
ereignty;
No other institution or person, public or
The opinion of the Honorable Council of
private, may put into circulation notes, coins,
State having been heard;
or any other instruments which, in the opinion
of said bank, might circulate as money.
THE PRESIDENT OF THE REPUBLIC OF PARAGUAY
Article s- The notes and coins of the Bank
DECREES WITH FORCE OF LAW *.
shall have unlimited legal tender and cancelatory
Article 1. The "guarani" is established as force throughout the national territory.
the monetary unit of the Republic of Paraguay.
Article 6. The Bank of the Republic of
The guarani .is divided into 100 equal parts Paraguay is obliged, at the request of any person
called "centimos." Its symbol is a barred or institution, to deliver and accept without
letter " G . "
limit its own notes and coins in exchange for
Article 2. As long as international monetary foreign moneys or devisen, at the rate or rates
conditions do not permit of another solution, established by the Bank in accordance with
the Bank of the Republic of Paraguay shall Article z of this Decree-Law.
Article 7. The application of this Decree-Law
maintain the stability of the guarani with
shall
be limited by the legal provisions of
relation to the currencies which most influence
exchange
control now in effect or which may be
the balance of payments of the country, using
established
in the future for reasons of general
as the initial basis the exchange rates prevailing
interest.
at the time this Decree-Law enters into effect.
JANUARY
1944
49
NEW MONETARY AND BANKING MEASURES IN PARAGUAY
The special rates now in effect or which might
be established in the future may not differ by
more than 15 per cent in cither direction from
the rates of exchange fixed in accordance with
Article z.
Article 8. The Bank of the Republic of
Paraguay shall determine the classes, kinds,
-composition, engraving, inscriptions, and other
characteristics of the notes and coins, in agreement with the Ministry of Finance.
All printing and minting expenses shall be
at charge of said Bank.
TEMPORARY PROVISIONS
Article g. The Bank of the Republic of
Paraguay shall replace all present notes and
coins by stamped or new notes and by coins
denominated in the unit adopted by this DecreeLaw. The replacement shall be at the rate of
one guarani for each 100 pesos fuertes and one
centimo for each peso fuerte.
Article 10. Holders of notes denominated in
pesos fuertes are obligated to exchange them
before January 1, 1946, for stamped or new
guarani notes. After this date the present
unstamped peso notes shall cease to have legal
tender and shall be exchangeable at par (one
guarani for each 100 pesos fuertes and one
centimo for each peso fuerte) until December 31,
1947, at the Bank of the Republic of Paraguay
only. From January i, 1948, the unstamped
peso fuerte notes shall be demonetized.
Stamped notes must be exchanged for new
notes denominated exclusively in guaranies
between January 1, 1946, and December 31, 1947;
after this date they shall cease to have legal
tender and shall be exchangeable at par only at
the Bank of the Republic of Paraguay until
December 31, 1949; from January 1, 1950, these
notes shall be demonetized and only the notes
denominated exclusively in guaranies will remain in circulation.
Article 11. Holders of coins of the present
issue must present them for exchange at par
(one centimo for one peso fuerte) for new centimo coins from the time such an exchange
procedure is initiated until December 31, 1944;
5°
from January 1, 1945, the coins denominated
in pesos fuertes shall cease to have legal tender
and shall be exchangeable at par only by the
Bank of the Republic of Paraguay until December 31, 1945; from January 1, 1946, they shall be
completely demonetized.
Article 12. The subsidiary issue, now at
charge of the National Government by virtue
of Decree-Law No. 9408 of October 15, 1941, is
transferred to the Bank of the Republic of
Paraguay. The Government shall deliver to the
Bank a noninterest-bearing bond in the amount
of said issue.
Article 1$. The difference which is revealed,
after completion of the redemption, between
the new guarani issue and the present issue shall
be applied to the amortization of the bond
mentioned in the preceding article and the
balance shall be applied to the amortization of
the bonds of the Guaranteed Internal Debt.1
Article 14. During the periods established in
Articles 10 and 11, in which peso fuerte notes
and coins and guarani notes and coins will have
legal tender simultaneously, all prices, taxes,
assessments, fees, wages, salaries, contracts,
and obligations of any kind whatsoever which
must be paid in national money may be paid,
collected, executed or liquidated in pesos fuertes
or guaranies, without distinction, at the rate of
equivalence established in Article 9.
Article if. The use of the unit of account
called "peso oro sellado" is prohibited. All
amounts expressed in pesos oro sellado prior to
this Decree-Law in any kind of document,
obligation, assessment, or tax are converted to
guaranies at the rate of one guarani and 75 centimos for each peso oro sellado. Excepted are
those cases in which special rates have been
legally set for converting pesos oro sellado; in
such cases the equivalent in guaranies shall be
calculated by applying these special rates for
conversion into pesos fuertes and by then converting into guaranies at the rate of one guarani
for each 100 pesos fuertes.
1
Those bonds are held by the Bank of the Republic of Paraguay.
FEDERAL RESERVE BULLETIN
NEW MONETARY AND BANKING MEASURES IN PARAGUAY
Article 16. All accounting operations must be
expressed in guaranies except those relating to
the legally authorized exceptions, which may be
entered in the respective foreign currencies.
General balance sheets and profit and loss
statements shall be expressed exclusively in
guaranies. The conversion shall be made at
the rates fixed by the Bank of the Republic of
Paraguay. This Article shall apply from the
first accounting year initiated after this DecreeLaw becomes effective.
Ankle iy. Those who in any way counterfeit
the stamping of notes, authorized exclusively
to the Bank of the Republic of Paraguay, shall
be punished by a term of from four to eight
years in a penitentiary. The same penalty shall
be imposed on anyone who cooperates willfully
with the counterfeiters or their accomplices by
passing or introducing into the Republic any
notes with counterfeit stamping.
Ankle 18. The present prices now expressed
in pesos fuertes shall be converted into guaranies
and centimos at the rate of one guarani for each
JANUARY
1944
ioo pesos fuertes and of one centimo for each
peso fuertc. Any attempt to take advantage
of the application of this Decree-Law in order
to increase prices shall be punished by the
Department of Industry and Commerce of the
Ministry of Commerce and Industry with a fine
of from 50 to 5,000 guaranies. If the offense is
repeated, the same Department may order the
closing of the commercial establishment for a
period of from 15 days to three months without
prejudice to the imposition of the corresponding
fine.
Ankle 19. The present Decree-Law shall become effective 30 days after its promulgation.
Ankle 20, A report shall be made at the
first opportunity to the Honorable Chamber of
Representatives.
Article zt. This Decree-Law shall be communicated, published and made available to
the Official Register.
(Signed) HIGINIO MORINIGO M.
R. ESPINOZA
Announcement of Changes at the Denver, Oklahoma
City, and Omaha Branches
The Federal Reserve Bank of Kansas City has
announced that, in view of the enlarged functions of its three branches and the greatly increased volume of transactions being handled
by them, the officer in charge of each branch
would be a Vice President of the Federal Reserve
Bank. Pursuant to such policy, the former
Managing Director of each of the branches was
appointed a Vice President of the Federal Reserve Bank of Kansas City, effective January i,
1944, and assigned as officer in charge of the
branch.
Resignation
Mr. Walter R. Stark has resigned as Assistant
Director of the Division of Research and Statistics in order to return to the firm of LoomisSayles & Co., Boston, Massachusetts, with
which he was formerly associated.
New Appointments and Designations
On January 3, 1944, the Board of Governors
announced designations and appointments at
the Federal Reserve Banks and branches, effective as of January i, 1944. The Chairman and
Federal Reserve Agent at each Federal Reserve
Bank was reappointed for the coming year, and
the Deputy Chairmen were also reappointed
except at the Federal Reserve Banks of St.
Louis, Dallas, and San Francisco, where new
appointments were made as noted below. A
complete list of Federal Reserve Bank and
branch directors will appear in a later issue
of the
BULLETIN.
The appointments and designations of new
personnel are as follows:
Mr. Douglas W. Brooks, of Memphis, Tennessee, who has been a Class C Director of the
Federal Reserve Bank of St. Louis since January
1, 1940, was appointed Deputy Chairman for
the year 1944. Mr. Brooks is President of The
Newburger Company, Memphis, Tennessee.
Mr. William H. Stead, of St. Louis, Missouri,
was appointed a Class C Director of the Federal
Reserve Bank of St. Louis for a three-year term
beginning January 1, 1944. Mr. Stead is Dean
of the School of Business and Public Administration, Washington University, St. Louis,
Missouri.
Mr. J. R. Parten, of Houston, Texas, was
appointed a Class C Director of the Federal
Reserve Bank of Dallas for a three-year term
beginning January i, 1944, and Deputy Chairman
for the year 1944. Mr. Parten is President of
the Woodley Petroleum Company, Houston,
Texas.
Mr. Harry R. Wellman, of Berkeley, California, who has been a Class C Director of the
Federal Reserve Bank of San Francisco since
October 2.7, 1941, was appointed Deputy Chairman for the year 1944. Mr. Wellman is Director of the Giannini Foundation of Agricultural
Economics and Professor of Agricultural Economics, University of California, Berkeley,
California.
Mr. Thomas Robins, Jr., of Buffalo, New
York, was appointed a director of the Buffalo
Branch of the Federal Reserve Bank of New
York for a three-year term beginning January
1, 1944. Mr. Robins is President of the Hewitt
Rubber Corporation, Buffalo, New York.
Mr. Malcolm E. Holtz, of Great Falls, Montana, was appointed a director of the Helena
Branch of the Federal Reserve Bank of Minneapolis for a two-year term beginning January 1,
1944. Mr. Holtz is engaged in farming.
Mr. George A. Slaughter, of Wharton,
Texas, was appointed a director of the Houston
Branch of the Federal Reserve Bank of Dallas
for a three-year term beginning January 1,
1944. Mr. Slaughter is engaged in farming.
Mr. Henry A. Dixon, of Ogden, Utah, was
appointed a director of the Salt Lake City
Branch of the Federal Reserve Bank of San
Francisco for a two-year term beginning January 1, 1944. Mr. Dixon is President of Weber
College, Ogden, Utah.
FEDERAL RESERVE BULLETIN
CURRENT EVENTS
Admissions of State Banks to Membership in the
Federal Reserve System
The following State banks were admitted to
membership in the Federal Reserve System during the period November i6, 1943, to December
15, 1943, inclusive:
JJJ.
.
Kansas—Kansas State Bank
pjew
rersey
Long Branch—The Long Branch Banking Corn-
New York
Attica—The Citizens Bank
Oyster Bay—Oyster Bay Trust Company
„
Kansas
Ohio
Colby—The Farmers and Merchants State Bank
Dodge City—Fidelity State Bank
North Baltimore—The Hardy Banking CornPany
Missouri
Oklahoma
Cairo—Bank of Cairo
Kirkwood—The Kirkwood Bank
Warrenton—Commerce-Warren County Bank
Hugo—The Citizens State Bank
Nebraska
Superior—Farmers State Bank of Superior
Houston—Houston Land and Trust Company
Pecos—The Security State Bank of Pecos, Texas
JANUARY 1944
Texas
53
NATIONAL SUMMARY OF BUSINESS CONDITIONS
Compiled December 22 and released for publication December 27. Figures shown on
charts may differ from preliminary -figures used in text.
Industrial activity was maintained at a high
level in November and the early part of December. Value of rctaii sales during the Christmas
buying season has been larger than last year's
record sales.
ber continued at the level of recent months,
Activity in woolen mills showed little change
as increased production of civilian fabrics, resulting from the lifting of restrictions on the use of
wool, offset reduced output of military fabrics.
Production of manufactured food products conINDUSTRIAL PRODUCTION
tinued at a high level. Federally inspected meat
Industrial production in November was at 247 production-in November was one-fourth larger
per cent of the 1935-39 average, the same as in than a year ago. Newsprint consumption in
October and 2. points higher than in September November declined to a level 15 per cent below
according to the Board's seasonally adjusted the same month last year. Output in the rubber
index. Further increases in munitions produc- products and petroleum refining industries contion in November were offset in the total index tinued to increase.
by smaller output of coal and steel.
Coal production increased sharply in the latter
The reduction in steel output from the high part of November but for the month as a whole
October rate was small and reflected partly a de- bituminous coal output was down 9 per cent from
cline in war orders for some types of steel prod- October and anthracite 19 per cent. In the early
ucts. Activity in the machinery and transpor- part of December output of bituminous coal was
tation equipment industries continued to rise in at the highest rate in many years.
November. The Board's machinery index,
which had been stable from April to August,
DISTRIBUTION
advanced 5 per cent in the past three months as a
Notwithstanding a reduced selection of merresult of increases in output of electrical equip- chandise, department store sales in November
ment and other machinery, which includes airwere about 10 per cent greater than the large
craft engines..
volume of sales in November 1941, and in the
Total output of nondurable goods in Novem- first three weeks of December" sales were about
INDUSTRIAL PRODUCTION
"
H. VOLUME mSOMLLT AQJUtTtD, I t M - » • 100 FOP TOTAL
INCOME PAYMENTS TO INDIVIDUALS
BILLIONS OF (JOLLMS
v\
AHHUHL SATIS, SCA50HW.LY AOJUSTtft
«LL1«O W^D«.LA»
/
l£0
/
100
80
/
100
SALARIE
AND WAG
60
y
40
Eft
PAYM
xrs
40
I939
1943
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
the same as a year ago. Value of department
BANK CREDIT
store stocks at the end of October was reported
Excess reserves at all member banks fluctuated
to be 9 per cent smaller than a year ago and it is around one billion dollars in November and
estimated that, contrary to the usual seasonal December, maintaining an average level slightly
movement, stocks declined in November.
below that which prevailed during the previous
Freight carloadings were maintained in large month. During the five weeks ending December
volume in November and in the first half of iz, reserve funds were absorbed by a preholiday
December. Loadings of coal during the four rise in money in circulation of about 800 million
weeks ending December u were at the highest dollars, and required reserves continued to inrate in many years, following a sharp drop in the crease as Treasury expenditures transferred funds
first half of November. Shipments of grain and from Government accounts to private deposits.
livestock were in unusually large volume for this Needed reserves were supplied to member banks
time of year.
through an increase of 1.7 billion dollars in
Government security holdings at the Reserve
Banks. Additions to Treasury bill holdings
COMMODITY PRICES
accounted for the larger part of the increase, but
Grain prices continued to advance from mid- certificate holdings also rose substantially.
November to mid-December and reached levels
During November and the first half of Decemmore than one-fourth higher than a year ago. ber, loans and investments at reporting member*
Wholesale prices of other farm and food products banks in 101 leading cities declined by around
showed little change, while prices of various X.5 billion dollars, after increasing by 6.Z5
industrial commodities, including coal, were billion in September and October. Holdings of
all types of Government securities decreased.
increased somewhat.
The cost of living, which had increased .4 per Bill holdings, mainly because of sales to the
Reserve Banks, showed the largest decline.
cent in October, declined .2. per cent in NovemLoans for purchasing or carrying securities conber, according to the Bureau of Labor Statistics
tinued to decline over the period.
index.
MEMBER BANKS IN LEADING CITIES
MIUON* OF WXLAM
MLUtWS OF POLL*HS
MEMBER BANK RESERVES AND RELATED ITEMS
t Of P Q L L » H $
48
48
1ILLI0N3 Of DOLLAHS
20 I
1941
1939
1940
1941
1942
. 1943
Wednesday figures, latest shown are for Dec. 29.
JANUARY 1944
1942
1943
Demand d e p o t s (adjusted) exclude U. S. Government and interbank deposits and collection items. Government securities include
direct and guaranteed issues. Wednesday figures, latest shown are for
Dec. 29.
55
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
PAOB
Member bank reserves, Reserve Bank credit, and related items
Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements
Federal Reserve Bank statistics
Guaranteed war production loans
Deposits and reserves of member banks
Money in circulation..'
Gold stock; Postal Savings System; bank suspensions; bank debits.
All banks in the United States, number, deposits, loans and
investments
Condition of all member banks
Weekly reporting member banks
Commercial paper, bankers' acceptances, and brokers' balances...
Money rates and bond yields
'.
Security markets. ;
Corporate profits
Treasury
finance
Government corporations and credit agencies
Business indexes
Department store statistics
Consumer credit statistics
Wholesale prices
.
Employment in nonagricultural establishments
December crop report, by Federal Reserve districts
Current statistics for Federal Reserve chart book
59
60
61-65
65
66
67
68
69
70-71
72.-75
76
77
78-79
80
81-83
84
85-93
94~95
96-97
98
99
99
100-101
Tables on the following pages include the principal available statistics of current significance relating
to financial and business developments in tnc United States. The data relating to the Fodcral Reserve
Banks and the member banks of the Federal Reserve System arc 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
1944
MEMBER BANK RESERVES AND RELATED ITEMS
BILLIONS OF DOLLARS
WEDNESDAY FIGURES
BILLIONS OF DOLLARS
24
24
20
20
16
16
12
TREASURY CASH AND DEPOSITS
MEMBER BANK
RESERVE BALANCES
1937
1938
1939
1940
1941
1942
1943
Wednesdayfigures,latest shown are for Dec. 29. See p. 59*
FEDERAL RESERVE
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
U. S. Government
securities
Bills
dis:ounted
Date
'reas- |
Total
u
b &
and
:ertificates
All
other
All
other1
Total
Gold
stock
Treasury
currency
outstanding
TreasOther
iry deMoney Treasposits Noneral
ury
with
mem*
in cirRecash
'ederal ber de- serve
cula-,
holdReposits
tion
acings
serve
counts
Banks
Member
bank reserve
balances
Total
Monthly averages of
daily figures:
1942—Sept
Oct
Nov
1943—Sept
Oct
Nov
11
9
9
41
15
35
3,488
4,013
4,746
9,214
9,072
9,886
1,097
1,130
1,151
6,981
6,845
7,630
2,391
2,883
3,595
2,233
2,226
2,256
224
268
286
478
464
418
3,722
4,290
5,041
9,732
9,551
10,339
22,750
22,752
22,741
22,209
22,145
22,091
3,346
3,361
3,374
4,093
4,100
4,102
13,441
13,951
14,473
18,729
19,001
19,566
2,208
2,233
2,247
2,266
2,280
2,294
254
350
219
336
559
338
1,321
1,345
1,323
1,504
1,581
1,687
294
290
276
334
339
334
12,299
12,234
12.618
12,864
12,035
12,313
2,300
2,328
2,362
1,417
1,264
1,073
End of month figures:
1942—Sept. 3 0 . . . .
Oct. 31
Nov. 30...
1943—Sept. 30
Oct. 30
Nov. 3 0 . . . . .
8
11
7
12
26
52
3,567
4,667
5,399
8,919
9,354
10,348
1,161
1,207
1,570
6,698
7,112
8,071
2,407
3,459
3,829
2,221
2,242
2,277
199
282
308
453
443
363
3,774
4,959
5,714
9,384
9,823
10,763
22,754
22,740
22,743
22,175
22,116
22,065
3,353
3,368
3,381
r
4,094
4,101
4,097
13,703
14,210
14.805
18,844
19,250
19,918
2,222
2,261
2,236
2,267
2,288
2,289
661
252
6
706
400
394
1,407
1,326
1,320
1,636
1,674
1,592
296
283
263,
335
341
332
11,592
12,735
13,208
11,864
12,086
12,401
1,690
2,644
2,909
1,684
1,102
985
Wednesday figures:
1943—Feb. 3 . . .
Feb. 10...
Feb. 17...
Feb. 24...
9
13
9
11
5,475
5,719
5,795
5,931
1,588
1,939
2,083
2,275
3,887
3,780
3,712
3,656
283
250
410
281
5,766
5,983
6,214
6,223
22,663
22,642
22,642
22.643
3,846
3,885
3,915
3,925
15,666
15,798
15,845
15,952
2,200
2,209
2,221
2,223
49
280
188
258
1,156
1,213
1,158
1.171
262
264
268
270
12,942
12,747
13,093
12,917
1,700
1,640
1,992
1,788
Mar. 3 . . .
Mar. 10..
Mar. 17...
Mar. 24...
Mar. 31. .
12
9
10
10
13
5,800
6,090
6,266
5,950
5,919
2,287
2,747
3,102
2,883
2,936
3,513
3,343
3,165
3,067
2,983
319
291
422
320
260
6,130
6,390
6,699
6,280
6,191
22,643
22,644
22,610
22,595
22,576
3,953
3,971
3,979
3,984
3,989
16,154
16,205
16,115
16,065
16,250
2,212
2,218
2,224
2,218
2,224
14
5
6
6
55
1,141
1,179
1,129
1,185
1,166
271
276
297
301
303
12,935
13,122
13,516
13,084
12,759
1,786
1,877
2,126
1,632
1,518
Apr.
Apr.
Apr.
Apr.
7...
14...
21...
28...
13
12
11
26
6,549
6,705
6,329
6,347
3,516
3,660
3,302
3,320
3,033
3,045
3,027
3,027
286
387
375
283
6,848
7,104
6,715
6,655
22,541
22,501
22,482
22,472
3,994
4,002
4,008
4,009
16,353
16,424
16,500
16,593
2,229
2,235
2,236
2,234
213
128
471
443
1,175
1,376
1,372
1,410
302
300
307
307
13,110
13,144
12,318
12,149
1,976
2,147
2,293
2,224
May 5 . . .
May 12...
May 19...
May 26...
15
25
10
21
6,531
6,172
6,038
6,181
3,617
3,341
3,260
3,463
2,914
2,831
2,778
2,717
304
328
386
291
6,850
6,526
6,434
6,493
22,473
22,454
22,455
22,425
4,014
4,033
4,051
4,072
16,683
16,741
16,795
16,902
2,245
2,252
2,264
2,267
722
630
379
345
1,468
1,272
1,307
1,323
310
312
313
314
11,909
11,805
11,882
11,838
2,128
1,733
1,638
1,498
21
13
11
19
5
' 6,217
6,636
6,626
6,748
7,202
3,539
3,995
4,218
4,393
4,907
2,677
2,641
2,408
2,355
2,295
297
349
451
427
369
6,535
6,998
7,088
7,194
7,576
22,427
22,407
22,407
22,387
22,388
4,075
4,078
4,080
4,079
4,077
17,196
17,237
17,189
17,154
17,421
2,272
2,277
2,278
2,268
2,268
6
175
6
294
455
1,192
1,312
1,258
1,386
1,483
315
316
332
335
328
12,057
12,165
12,511
12,223
12,085
1,634
1,514
1,632
1,299
1,212
July 7...
July 14...
July 21...
July 28...
34
10
9
13
7,676
7,645
7,577
7,951
5,448
5,419
5,378
5,752
2,228
2,226
2,199
2,199
407
495
447
453
8,117
8,150
8,033
8,418
22,388
22,362
22,347
22,334
4,085
4,086
4,084
4,090
17,607
17,658
17,706
17,799
2,278
2,267
2,271
2,272
773
616
293
559
1,492
1,466
1.544
1,571
332
331
331
331
12,108
12,260
12,319
12,309
1,229
1,310
1,188
1,020
Aug.
Aug.
Aug.
Aug.
18
24
18
40
8,165
8,317
8,156
8,777
5,967
6,119
5,957
6,572
2,199
2,199
2,199
2,205
400
377
412
320
8,582
8,718
8,586
9,137
22,335
22,306
22,291
22,292
4,093
4,091
4,092
4,098
18,014
18,101
18,214
18,303
2,281
2,281
2,279
2,282
398
295
99
304
1,650
1,651
1,388
1,605
332
331
329
331
12,336
12,456
12,660
12,702
1,030
1,199
1,288
1,106
Sept. 1..
Sept. 8..
Sept. IS .
Sept. 22.,
Sept. 29.
69
71
31
22
13
9il87
9,336
9,653
9,204
9,168
6,956
7,084
7,432
6,983
6,947
2,231
2,252
2,221
2,221
2,221
285
336
631
491
362
9,540
9,742
10,315
9,717
9,543
22,243
22,223
22,204
22,205
22,175
4,098
4,090
4,093
4,094
4,096
18,571
18,740
18,773
18,714
18,818
2,279
2,255
2,266
2,266
2,274
213
6
6
549
682
1,574
1,374
1,500
1,662
1,649
329
329
337
338
337
12,915
13,351
13,729
12,487
12,054
1,145
1,438
2,051
1,893
1,810
Oct. 6..
Oct. 13..
Oct. 20...
Oct. 27...
13
18
11
13
9,387
9,062
8,914
9,291
7,166
6,841
6,687
7,056
2,221
2,221
2,227
2,235
375
282
456
381
9,775
9,362
9,380
9,686
22,176
22,155
22,132
22,132
4,098
4,099
4,101
4,103
18,883
18,978
19,019
19,090
2,279
2,281
2,284
2,295
1,013
380
530
530
1,633
1,621
1,437
1,659
337
335
341
342
11,903
12,021
12,002
12,005
1,697
1,608
1,407
1,062
Nov.
Nov.
Nov.
Nov.
3..
10..
17..
24..
39
22
34
48
9,476
9,865
9,832
10,364
7,230
7,611
7,577
8,101
2,246
2,254
2,254
2,263
321
344
506
381
9,835
10,231
10,372
10,792
22,116
22,096
22,096
22,081
4,106
4,100
4,101
4,101
19,354
19,514
19,559
19,726
2,298
2,297
2,293
2,295
334
369
407
479
1,668
1,716
1,714
1,739
333
333
333
333
12,069
12,198
12,263
12,402
1,084
1,080
1,096
1,044
Dec.
Dec.
Dec.
Dec.
Dec.
1...
8...
15...
22...
29...
53
108
90
70
101
10,447
11,016
11,014
11,551
11,615
8,169
8,720
8.748
9,260
9,313
2,278
2,296
2,266
2,291
2,302
374
417
600
837
714
10,874
11,540
11,704
12,459
12,430
22,065
22,044
22,004
22,004
22,004
4,101
4,102
4,097
4,097
4,096
19,940
20,135
20,235
20,382
20,428
2,299
2,301
2,293
2,325
2,316
275
686
379
967
764
1,630
1,664
1,622
1,864
1,908
333
331
343
344
345
12,562
12,569
12.932
12,677
12,769
1,096
918
1,238
919
1,126
4..
11..
18..
25..
C
c
Corrected. r Revised.
J2 Includes industrial advances shown separately in subsequent tables.
figures esumatea.
estimated.
- uEnd
i a o iofr amonth
o n t n a nand
f l Wednesday
weanesaay ngures
,
_
, _ , ,„,„
_ Leprints of article, together
ttn J( _
description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Repri
i 4) and for excess reserves
withNOTE—For
avail
h available back figures, may be obtained upon request. Back figures are also shown in Annual Report for 1937 (tables 3 and 4) J
in BULLETIN for
BULLETIN for August 1935, pp. 499-500.
JANUARY
1944
59
FEDERAL RESERVE BANK D I S C O U N T RATES
[In effect January 1. Per cent per annum]
Discounts for and advances to member banks
Federal Reserve Bank
Advances secured by
Government obligations maturing or
callable in one year
or less (Sec. 13)
Rate
Boston...
New York....
Philadelphia;.
Cleveland
Richmond
Atlanta
Chicago..;....
St. Louis
Minneapolis...
Kansas City..
Dallas
San Francisco
Effective
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
27,
30,
17,
27,
28,
15,
17,
27,
30,
27,
17,
28,
Advances secured by
Government obligations
maturing or callable
beyond one year and Other secured advances
[Sec. 10(b)l
discounts of and
advances secured by
eligible paper ,1
(Sees. 13 and 13a)
Rate
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
Rate
Effective
Effective
Oct.
Oct.
Oct.
Sept.
Oct.
Oct.
Aug.
Mar.
Oct.
Oct.
Oct.
Oct.
Sept. 1, 1939
Aug. 25, 1939
Mar. 21, 1942
Apr. 11, 1942
Mar. 14, 1942
Mar. 21, 1942
Feb. 28, 1942
Mar. 14, 1942
Mar. 28, 1942
Apr. 11, 1942
Mar. 21, 1942
Apr. 4, 1942
27,
30,
17,
12,
28,
15,
29,
14,
30,
27,
17,
28,
Advances to individuals, partnerships,
or corporations other than member banks
secured by direct obligations of the U. S.
(last par. Sec. 13)
Rate
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
Toothers
To nonmember banks
Rate
Effective
Sept.
Aug.
Mar.
Apr.
Mar.
Sept.
Sept.
Sept.
Mar.
Sept.
Sept,
Apr.
1,1939
25, 1939
21, 1942
11, 1942
14, 1942
16, 1939
1, 1939
16, 1939
28, 1942
16, 1939
16, 1939
4, 1942
Effective
Oct. 27,
Oct. 30,
Oct. 17,
Oct. 27,
Oct. 28,
Oct. 15,
Oct. 17,
Oct. 27,
Oct. 30,
Oct. 27,
Oct. 17,
Oct. 28,
f
h
2
2
F
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
2
2H
Rates shown also apply to advances secured by obligations of Federal Intermediate Credit Banks maturing within 6 months.
NOTE.—Maximum maturities for discounts and advances to member banks are: IS days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal Intermediate Credit Banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act
(except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months respectively);
and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or corporations made under the last
paragraph of Section 13 is 90 days.
1
FEDERAL RESERVE BANK RATES O N INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b
OF THE FEDERAL RESERVE ACT
Maturities not exceeding five years
(In effect January 1. Per cent per annum]
FEDERAL RESERVE BANK BUYING RATES ON ' BILLS
[Per cent per annum] Maturity
Treasury bills1
Bankers' acceptances2
1- 90 days
91-120 days
121-180 days
Rate on
January 1
In effect beginning—
H
Apr. 30, 1942
Oct. 20, 1933
do
do
Previous
rate
To industrial or
commercial
businesses
1
1
Federal Reserve
Bank
l Established rate at which Federal Reserve Banks stand ready to buy
all Treasury bills offered. Effective Aug. 3, 1942, purchases of such bills,
if desired by the seller, were made on condition that the Reserve Bank,
upon request before maturity, would sell back bills of like amount and
maturity at the same rate of discount. Since May 15, 1943, all purchases
have been made subject to repurchase option.
3 Minimum buying rates on prime bankers' acceptances.
;
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Net demand deposits1
Central
reserve
city
banks
June 21, 1917-Aug. 15, 1936
Aug. 16, 1936-Feb. 28, 1937
Mar. 1, 1937-Apr. 30, 1937
May 1, 1937-Apr. 15, 1938
Apr. 16, 1938-Oct. 31, 1941
Nov. 1, 1941-Aug. 19, 1942
Aug. 20, 1942-Sept. 13, 1942
Sept. 14, 1942-Oct. 2, 1942
Effective Oct. 3, 1942
13
19^
22%
26
22%
26
24
22
20
Reserve Country
city
banks
banks
10
15
Time
deposits
(all
member
banks)
14
12
14
14
14
14
1
Gross demand deposits minus demand balances with domestic banks
(except private banks and American branches of foreign banks) and cash
items in process of collection.
MARGIN REQUIREMENTS*
[ Per cent of market value J
Effective
Nov. l f
1937
40
50
40
1 Regulations T and U limit the amount of credit that may be extended on
a security by prescribing a maximum loan value, which is a specified
percentage of its market value at the time of the extension; the "margin
requirements" shown in this table are the difference between the market
value (100%) and the maximum loan value.
Requirement under Regulation T was the margin "customarily required" by the broker. 3 Regulation U became effective May 1, 1936.
NOTE.—Regulations T and U also provide special margin requirements on
"omnibus" accounts and loans to brokers and dealers.
So
On
.
On
On comOn 1 commitportion
mitments
advances
ments for which On remaining
institu- portion
tion is
obligated
I
Richmond.
Atlanta....
Chicago
St. Louis..,
Minneapolis...
Kansas City...
Dallas....,
San Francisco.,
7
10)-
20
20
20
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..
Discounts or
purchases
Boston
New York....
Philadelphia.
Cleveland
m
Prescribed by Board of Governors of the Federal
Reserve System in accordance with Securities
Exchange Act of 1934
To financing institutions
8
Including loans made in participation with financing institutions.
Rate charged borrower less commitment rate.
Rate charged borrower.
May charge same rate as charged borrower by financing institution,"
lower.
5
Financing institution is charged H per cent on undisbursed portion oi
loan under commitment.
1
6
MAXIMUM RATES O N TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q
[Per cent per annum ]
Nov. 1,1933Jan.31,1935
Savings deposits
Postal savings deposits...
Other deposits payable:
In 6 months or more....
In 90 days to 6 months.
In less than 90 days....
Feb. 1,1935Dcc.31,1935
Effective
Jan. 1,1936
2H
2H
2Y
NOTE.—Maximum rates that may be paid by insured nonmember banks
as established by the F. D. I. C , effective Feb 1 1936t 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
PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
(In thousands of dollars]
Wednesday figures
End of month
1943
Dec. 29
Dec. 22
Dec. 15
Dec 8
1943
Nov. 24
]Dec. 1
Nov. 17
1942
Nov. 10 November October November
Assets
Gold certificates on hand and
due from U. S. Treasury
19,614,765 19,628 ,260 19,643 ,265 19,696,015 19 738,515 19 784,215 19 803,215 19, 804,715 19,755 517 19,832,214 20, 556,110
207 ,018
Redemption fund—F.R. notes..
218,495
193 ,940
178,817
157,790
130,406
127,950
142 130
128,399
114,410
10,590
291 ,426
314,728
Other cash
299 ,478
306,988
310.149
293,124
318,672
300,509
304 075
321,825
226,392
20 ,147 988 20 ,126,704 20 ,136 ,683 20 ,167 956 20 203,299 20 224,770 20 249,837 20 233,623 20,201 728 20,268,449 20, 799,092
Total reserves
Bills discounted:
For member banks
For noamember banks, etc....
100 617
To'tal bills discounted....
100 ,612
Industrial advances
U.S. Government securities:
Direct:
Bonds
Notes
Certificates:
Special series.
Other
Bills:
. Under repurchase option
Other
Guaranteed
10
1
ns
70,045
90 ,127
107 893
52,695
47,610
33,735
22,380
51 S00
25 545
70,045
90 ,127
107 893
52,695
47,610
33,735
22,380
51 500
25,545
7,355
10
10 S58
10.530
11,506
11,676
12,055
11,577
11 471
12,070
14 900
3 855
3,500
6^0 1,547 770 1 57? 465 1,519 182 t 508,232 1 508,232 1 508,232 1 508,232 1,508 737 1,505,582 7 463,644
6(5,1 900
697 900
692 900
661 900
661 900
685,900
085,900 1 342,997
692,900
690,900
685,900
7 ,407 150 ? , 2 7 7 850 7 186 250 2 ,085 95C 1 909,650 1 843,550 1 771,250 1 694,200 1,908 150 1,565,350
422,000
705,214
104 4 866 781 4 784,013 5 088,207 4 638,506 4, 755,683 4,687 876 4,395,534
4 778 474 4 655 171 4
2 ,677 751 2 332 096 2 038 466 1 767 576 1 475,230 1 169,500 1 167,600 1, 161,100 1,475 230 1,151,100
76 105
80 154
82 014
79,504
78 565
59,829
50,481
77,055
63,486
60,329
47,385
335,484
22,126
Total U.S. Government
securities, direct and
11 614 889 11 551 391 11 013 689 11 015 954 10 447,080 10 363,875 9,831,817 9, 864,944 10,348 493 9,353,947 5, 398,850
guaranteed
Other Reserve Bank credit out369,111
494,359
351 370
332,265
430,992
362,433
406,014
293,062
589 352
826 738
standing
704, 473
Total Reserve Bank
credit outstanding... 12 430, 112 12
4 5 8 , 567 11
703, 726 11 540 391 10, 873,714 10 792,272 10 371,966 10, 231,166 10,762 836 9,822,554 5, 714,167
Liabilities
F.R. notes in actual circulation. 16 874, 807 16
8 0 8 , 728 16
636,130 16 527 744 16, 342,894 16, 131,382 15 974,140 15, 918,225 10,311, 911 15,663,158
Deposits:
Member bank—reserve account.
1? 760 189 2, 6 7 7 , 1 0 7 12, 932, 082 12 569,
U. S. Treasurer—general
685,
379,481
967,
account
7<^ 810
512 545 1, 4 8 6 , 3S9 1, 441, 750 1 447,
Foreign
776
377,
395, 352
179,913
215,
Other deposits
053 12, 561,796 12, 401,917 12, 263,244 12, 198,177 12,400,94G 12,085,663 13, 208,176
479,209
406,625
393, 534
369,026
399,821
275,216
718
872 1, 421,834 1, 398,401 1, 363,373 1, 348,971 1,401, 221 1,331,252
964
190,966
366,990
343,216
340,814
350,490
207,691
15, 440, 896 5, 508, 660 14, 933, 226 14 918, 607 14, 466,537 14, 620,344 14, 383,732 14, 283,164 14,380 007 14,159,952
Total deposits
Ratio of total reserves to deposit and F.R. note liabilities
•combined (per cent)
62.3
62.3
63.8
u. 756,463
64.1
65.6
65.8
66.7
65.8
67.0
68.0
5,854
916,279
4U3.870
534,179
79.1
MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
Total
Bills discounted:
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
'.
Industrial advances:
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
U. S. Government securities, direct
and guaranteed:
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
;...
JANUARY
1944
Within
15 days
52,695
107,893
90.127
70,045
100,612
45,340
98,623
80,582
55,150
82,972
11,506
10,530
10,558
10,393
10,138
10,060
8,549
8,580
8,477
8,253
10,447,080
11,015,954
11,013,689
11,551,391
11,614,"""
,448,473
,435,032
,269,096
,334,446
,276,217
16 to 30
days
2,690
2,575
245
695
390
886,682
954,947
930,244
997,873
973,370
31 to 60
days
61 to 90
days
1,365
6,595
6,700
6,200
5,200
3,300
100
2,600
8,000
12,050
42
30
32
583
178
1,126
1,155
1,147
569
2,071,893'
2,302,291
2,522,529
2,560,763
2,736,351
91 days i 6 months
to 6
to
months
1 year
501
112
113
114
115
lyear
to
2 years
2 years
to
5 years
281
260
258
250
253
269
268
268
264
249
103
102
102
89
90
792,500 1,113,650
2,081,395
894,100 1,165,250
2,199,387
2,102,701 1,175.000 1,143,750
2,441,835 1,149,000 1,175,750
2,270,437 1,221,000 1,235,550
211,400
211,400;
227,000
223,500
223,500
702,971
702,971
487,971
487,971
487,971
Over
5 years
1,138,116
1,150,576
1,154,798
1,180,253
1,190,493
61
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total
Assets
Gold certificates on
hand and due from
U. S. Treasury:
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
19,738,515
19,696,015
19,643,265
19,628,260
19,614,765
Boston
NewYork
Philadelphia
Cleveland -
Richmond
Atlanta
Minne- Kansas
City
apolis
Chicago
St.
Louis
682, 609 402,110
666,852 92,577
647,091 380,590
700,335
,788
678,088 19,580
752,250
716,351
701,117
694,673
659,253
,004,739 5,277,058
,005,819 5,322,022
985/912 5,436,419
5,
,011,664 5,534,548
,033,532 5,830,133
,095,646
,099,681
,050,566
,045,327
,065,639
1,589,332
1,585,537
1,531,346
1,525,927
1,475,383
,085,533
,070,531
,040,506
,063,010
,028,237
942,559
931,815
921,179
938,233
884,461
,876,020
,888,194
f, 915,675
1,841,138
1,779,679
Dallas
Francisco
542,804 446,451
525,514 452,883
522,501 453,325
511,094 403,217
483,016 ,347,751
Redemption fund—
Federal Reserve
notes:
Doc. 1
Dec. 8
Dec. IS
Dec. 22
Dec. 29
157,796
178,817
193,940
207,018
218,495
20,887
20,818
22, 702
22,615
22,525
19,163
18,939
23,488
23,158
22,844
18,103
18,481
22,046
24,394
24,238
21,237
21,161
21,029
25,933
25,817
17,907
21,217
22,175
21,273
22,294
13,678
13,598
14,255
17,156
17,055
1,231
15,140
14,981
14,878
19,758
19,876
19,846
19,805
19,772
19,738
5,186
5,177
6,158
7,645
7,633
5,413
7,389
9,356
11,331
11,308
8,435
8,413
8,387
8,362
9,83^
6,6&0
8,638
9,553
10,501
15,4+S
Other cash:
Dec. 1..
Dec. 8..
Dec. 15..
Dec. 22..
Dec. 29..
306,988
293,124
299,478
291,426
314,728
24,926
23,588
24,594
24,953
27,753
74,281
72,052
71,635
66,985
72,578
24,018
23,035
22,547
22,769
24,495
22,901
19,973
22,315
19,104
23,555
18,294
18,326
17,980
18,773
19,56!
18,245
19,607
18,334
18,712
24,469
39,085
37,665
38,570
37,290
39,392
11,857
11,678
12,144
12,519
13,631
9,378
9,091
9r785
8,453
8,659
13,788
13,943
13,665
12,973
12,920
9,39;
9,476
9,903
10t613
10,087
40,823
34,690
38,006
38,282
37,822
440,352
732,068 440,
709,612 433,848
714,558 418,053
699,143 408,675
680,460 196,882
771,451
737,683
724,138
718,977
683,481
Total reserves:
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
20,203,299 1,050,552 5,370, 502
20,167,956! 1,050,225 5,413,013
20,136,683 ,033, 20S5,
5,531,54;
20,126,704 1,059,232 5,624,691
20,147,988 1,083,"810 5,925,55,'
Bills discounted:
Secured by U. S.
Government obligations, direct and
guaranted:
Dec. 1
Dec. S
Dec. 15
Dec. 22
Dec. 29
1,137,767 1,633,470 1,121,734
1,141,197 1,626,671 1,110,074
1,095,159 1,574,690 1,080,661
1,092,490 1,570,964 1,103,056
1,114,372 1,524,555 1,070,098
974,482 3,916,336
965, 020 3,940,999
953, 768 3;,969,226
974,101 3,893,306
925,985 3,838,829
560,631 493,954
543,403 496,211
540,791 500,889
530,069 452,000
502,940 ,401,021
1,025
1,083
83
1,083
55
52,695
107,89,
90,12
70,045
100,612
1,365
5,030
5,774
8,589
2,635
17,240
84,500
58,745
25,250
60,820
7,310
5,695
11,615
1,601
1,175
680
705
1,340
1,616
640
425
1,550
3,650
4,100
340
6,800
1,000
1,000
4,000
500
52,695
107,893
90,127
70,045J
100,612
1,365
5,030
5,774
8,589
2,635
17,240
84,500
58,745
25,250
60r820
7,310
5,695
11,615
1,601
1,175
680
705
1,340
1,616
640
425
1,550
3,650
4,100
340
6,800
1,000
1,000
4,000
500
11,506!
10,530,
10,558
10,39,
10,138
1,427
344
344
342
342
152
152
152
140
126
4,217
4,405
4,40r
4,265
4,047
390
390
390
390
390
237
237
236
236
235
226
226
224
222
221
1,572,287
1,584,747
1,588,969
1,614,424
1,624,664
144,647
143,615
142,659
143,501
143,022
83,728
111,286
128,108
147,951
166,073
135,333
135,825
135,830
137,622
138,124
246,527
241,507
237,869
237,067
234,116
134,031
131,586
129,782
129,541
128,121
130,168
126,498
123,946
122,820
120,595
136,965
141,802
144,483
149,27
152,623
76,828
77,033
76,990
77,956
78,193
61,711
61,13:
60,63.
6O.S90
60,59
109,283
107,523
106,196
106,16C
105,15,
108,958
106,181
104,22£
103,491
101,823
204,105
200,759
198,243
198*137
196,224
705,900
710,900
676,900
676,900
676,900
64,941
64,424
60,773
60,169
59,589
37,591
49,921
54,574
62,033
69,193
60,760
60,930
57,863
57,702
57,548
110,682
108,338
101,332
99,398
97,542
60,175
59,028
55,28^
54,314
53,380
58,44
56t745
52,80]
51,49!
50,245
61,492
63,61
61,55C
62,59C
63,581
34,49,
34,556
32,798
32,686
32,571
27,70?
27.42J
25,831
25,53;
25,24'
49,064
48,234
45,239
44,51
43,81
48,911
•47,63:
44,401
43,392
42,423
91,635
9O05S
84*51
83,075
Certificates:
Pec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
1,909,650
2,085,950
2,186,250
2,272,850
2,407,150
175,686
189,038
196,285
202,029
211,906
101,690 164,373
146,482 178,782
176,263 '186,889
208,287 193,752
246,061 204,649
299,42C
317,89'
327,279
158,O9J
166,504
170,535
172,913
178,67'
166,35186,64
198,79
210,162
226,13C
93,31
101,396
105,929
109,75
115,85!
74,953
80,4&
83,424
85.73C
89,775
132,73i
141,52!
146,11
149,45:
155,801
132,334
139,763
143,403
145,69!
150,86;
247,S?J
26l.g!
272,<fc
278,?4
346,875
162,793
173,204
178,56.
182,373
189.83C
Bills:
Under repurchase
option:
Dec. 1
Dec. 8
Dec. 15
Dec. 22...
Dec. 29....
4,784,013
4,866,781
4,523,104
197, 489 2!, 839,003
210,903 2,884,977
185,55554 2"1,677,739
124,85! 2,655,400
99, 036 2,408,853
43,249
56,973
71,86f
104,91!
113,474
92,23
86,96C
85,45!
100,85
68,664
16,89,
25,38,
28,80i
38,90^
44,48!
783,72*
768,29$
678,682
768,69C
711.64S
183,06!
201,81
187,78!
195,33!
183,221
50,00C
61,313
57,61,
84,53,
83,67
59,224
64,384
64,679
64,02!
64,031
20,671
20,501
12,97i
511
1,000
6,500
15,850
8,300
7,900
14,500
11,500
1,000
6,500
15,850
8,300
7,900
14,500
11,500
2,000
1,000
750
7,286
14,94:
30
20
20
750
Other bills discounted:
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
Total bills discounted:
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
Industrial advances:
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
U. S. Government securities, direct and
guaranteed:
Bonds:
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
Notes:
Dec.
Dec.
Dec.
Pec.
Dec.
1.
8.
15.
22.
29..
4,655,12
4,278.424
252,974
268,303
263,199
273,161
204,399
333,754
2,000
1,000
750
7,286
14,947
1,025
1,083
83
1,083
55
30
20
20
750
4,625
4,550
4,575
4,575
4,550
183
177
18
174
178
FEDERAL RESERVE
290,7^8
219.320
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS-CW/VW
[In thousands of dollars 1
Total
Other bills:
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
Boston
New
York
1.475,23C
1,767,57(
2,038,466
2,332,096
2,627,751
135,718
160,183
183,016
207,298
231,32<
78,55<J
124,12.
164,34
213,72C
268,609
U. S. Government securities, direct and
guaranteed —To ta 1:
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
10,447,081
11,015,9511,013,68*
11,551,39:
11,614,88'
718,48
768,163
768,28 r
737,85'
744,87<
3,140,57:
3,316,79:
3,201,03
3,287,39
3,158.78'
Total bills and
securities:
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
10,511,28
11,134,37
11,114,374
11,631,82?
11,725,63'
721,273 3,157,963
773,537 3,401,443
774,405 3,259,928
746,788 3,312,78
747,856 3i,219.735
Due from foreign banks
Dec. 1
' Dec. 8
Dec. 15
Dec. 22
Dec. 29
Philadelphia
Cleveland
Richmond
231.JW
209,370
JOS,158
342,452
378,662
125,757
146,767
166,4%
187,127
207,224
122,133
141,092
159,008
177,419
195,05.1
128,510
158,lol
185,350
215, (,3V
24(»,K54
740,41'
931,18'
795,335 994,07'
818, OJJ 1,043,51X1
86l,03( 1,117,590
828,12. 1.170,60V
574,99;
597.545
615,585
054,206
(.47,21V
485,734
516,221
535,
563,554
5X9,055
932,257
995,174
,015,230
1,119,596
",171,699
575,655
599,332
619,471
658.542
647,794
492,7«J
517,45(1
319
530, .T
567,776
589,770
1.268,871
126,970
151,49.
174,25
198,799
223,403
751,946
805,435
834,05"
866,902
833,345
Atlanta
Chicago
St.
Louis
72,
85,
98,770
112,010
126,471
Minneapolis*
Kansas
City
Dallas
an
l-'rancisco
191,501
223.920
25J.. 123
2*0,210
317.374
57,'XV.
68,IS1
77,7HS
87.90
OS.010
102,537
119,928
130,23;
153,352
I3t),o7(.
102,232
118,431
133,713
149.-J97
1,277,OIK
1,318,51V
,208,867
,4oo,J(iii
,400,HIJ
459,787 272,287
,515
500,71N
, 291
5O2,27(:
528,.Ml 344,661
536.31, i 357,3o7
452,843
481,5VS
•49H.4M
517,505
538.870
413,11* •A0.fi 12
432,513 W5.954
438,725 1,018,533
•167,19S 1,065,6V5
487,253 .155.562
,277,052
,318,523
475,637 272,470
509,OIK 29H.O92
510,170 305,472
542,841 34 5, K.U
454,873
481,628
498,494
524,821
553,853
414,158
433,611
438, 823
408,293
323
•187,.r
1,407,304
1.407,348
547,813 358.235
155
11
II
11
11
11
*5S
155
l
Federal Reserve notes
of other banks:
Dec. 1
Dec. 8
Dec. 15
Dec. 22
.
Dec. 29
985,237
1,000,534
1,023,128
1,070,290
1.160,802
65,990
69,264
72,62'
76,264
82,686
1,596
1,503
1,325
1,598
1,394
9,962
10,880
11,802
11,990
13,296
.2,055
2,011
2,163
2,249
2,749
3,616
3,597
3,516
4,148
4,294
7,836
10,395
9,386
10,228
10,022
7.152
7,127
7,201
7,367
7,014
7,510
7,317
8,720
8,358
9,269
5,316
5,100
4,900
5,418
6,990
2,419
2.160
2,023
2,565
3,394
5,237
4,236
4,599
4,884
3,316
2,099
3, 70S
2,930
3,559
9,975
12,179
13,286
14,523
15,234
1,736,308
1,639,868
2,203,62
2,449,221
2,198,458
128,576
138,102
166,992
179,543
158,775
379,453
339,617
451,490
488,412
495,016
95,868
87,515
133,411
137,002
124,295
194,770
151,723
232,433
239,241
275,619
122,446
117,925
156,823
200,592
154,326
98,300
113,301
137,089
169,243
124,871
271,378
236,23V
350,670
361,039
355,952
74,£69
84,337
103,925
111,057
95.55V
38,761
41,747
52,565
59,157
34,33V
100,996
109,204
118,203
151,829
99,840
50,37V
57,111
74,228
88,886
67,721
174,509
163,047
225,792
263,220
212,145
Bank premises:
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
38,287
38,287
38,288
38,353
38,320
2,671
2,671
2,671
2,671
2,666
9,622
9,622
9,622
9,622
9,622
4,624
4,624
4,624
4,624
4,612
4,223
4,223
4,223
4,214
4,214
2,943
2,943
2,943
2,936
2,936
2,864
2,865
2,865
2,955
2,948
2,009
2,068
2,06V
2,069
2,065
1,283
1,283
1,283
1,283
1,280
2,737
2t 737
2,737
2,737
2,737
971
971
971
971
971
2,023
2,623
2,023
2,016
2.0U)
Other assets:
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
63,394
67,826
56,086
57,586
58,840
5,100
6,191
4,075
4,218
4,351
6,624
7,757
7,737
8,248
9,115
4,758
6,378
4,119
4,175
4,298
9,673
9,733
7,979
8,100
8,286
4,746
4,803
3,982
4,120
4,295
6,105
6,432
5,457
5,671
5,667
3,144
3,138
2,620
2,700
2,722
2,418
2,389
2,065
2,133
2,163
4,224
4,249
3,457
3,546
3,000
4,144
4,092
3,544
3,615
7,876
8,093
7,219
7,245
6,909
Total assets:
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
12,618,695
33,117,714
33,621,817
34,380,093
54,252,O6r
,909,771
,972,232
,982,679
,994,053
,998,855
934,181
182,387
272,176
,455,799
,672,394
,997,031
,047,173
,073,546
,107,455
,083,684
,778,022
,791,134
,868,084
,946,276
,988.680
,835,366 ,578,938
,845,478 ,609,131
72 1,639,871
,873,27"
,979,480 1,723,962
,889,477 ,653,148
5,481, 262 1, 2 9 3 , 1 % 757,708 1,339,522
5.512.J392 1,313,336 80,121 1,339,741
5,605,826 1,338,251 81,463 1,351,632
5,678,71(1 1,363,231 819,050 1, 406, 98
5.620,030 .335,612 96.
..295 1,348. 980
,039,60*
1,041,891
1,062,06V
1,094,774
1 .060,108
3,674,185
3t682.f>98
J.772.91S
J.MJ9.9O5
3.79S.798
Liabilities
Federal Reserve notes
in actual circulation:
Dec. 1
6,342,894 ,120,555
Dec. 8
6,527,744 ,133,606
Dec. 15
; • ' " ' 6,636,130 ,142,347
Dec. 22
] 6,808,728 ,154,544
Dec. 29
6,874,807 ,156,482
604,531
641,530
679,905
,736,738
,750,965
108,311
121,949
134,633
148,938
,151,438
,447,677
,46S,011
,481,624
,503,568
,501,229
,103,297
,120,499
,125,791
,139,984
,141,806
914,115
925.62S
928,471
939,202
948.462
3,009,716
3,104,745
3,123,971
3,149,468
,157,038
3,
679,431
707,714
714,105
721,055
723,319
375,951
380,339
381,741
383,7(#
381,616
593,310
598,73'
59S.914
003,515
610,324
408,491
410,21V
407,00;
408,287
412.761
1,897,50ft
1,914.737
1,917,021
1.919,001
.936.307
,150,367
,144,016
,280,142
,209,051
,301,343
628,924
623,864
639,139
614,253
626,930
976,995
957.404
,017,202
999,272
,021,890
516,814
518,197
522,579
511,130
510,S6S
502,652
510,503
516,836
511,609
506,614
935,614
,943,098
975,820
929,018
,894,007
438,?9i
438,657
456.721
437,810
443.650
285,354
289,920
299,57S
289,736
295.485
588,714
577,479
596,669
571,918
573,516
507,678
511,80'
525,196
519,145
499,099
1.429,229
1,424,058
1.406.9S9
1.44S.5OS
l,43\00l
24,054
15,811
5^, 788 256,601
130,681
20,100
149,664
50,722
4.0,926 215,095
11,866
41,747
26, 764
68,224
28,365
25,507
67,240
22,270
82,404
83.147
26,941
27,151
23,770
109,421
45.354
14,927
30,107
19,174
SI,276
41,571
47,253
63,403
24,266
123,732
81.573
23.684 17,903
32,664 28,764
19,024 14.246
55,106 54,978
27,674 32.044
19,207
30,267
18,356
75.865
41.093
20,409
19.OSV
18,555
48,397
44.298
27.594
34,897
42,275
67,599
82.070
Uncollectcd items:
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
Deposits:
Member bank—reserve account:
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
.2,561,796
2,569,053
2,932,082
2,677,107
2,769,189
U. S. T r e a s u r e r general account:
Dec. 1
Dec. 8
Dec. 1 5 . . ; . . . .
Dec. 22
Dec. 29
275,216
685,718
379,481
967,388
763,810
1
600,561
630,020
634,911
635,597
658,786
After deducting $81,000 participations of other Federal Reserve Bants.
JANUARY 1944
4,582
4,571
3,832
3,815
3,844
5r
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars ]
Total
Foreign:
Dec.
Dec.
Die
Dec.
Doc.
1.
8
15
22
29
1,421,834
1,447,872
1.441,751,
1,486,3s',
1.512.545
32,427
34,278
35,679
34,4631
37,531
Philadelphia
New
York
Boston
!
126,542
127,790
128,108
131,963
135,443
626,O47
642,674
6J3,23fi
!
655,947
^58,048
J
1
Cleveland
Richmond
Atlanta
122,5461
123,755
124,063
127,796'
131,166]
57,277!
.57,842
57,986
59,731
61,306
46,621
47,081
47,198
48,618
49,900
8,291
8,914
9,278
9,666
13,563
6,272
4,279
4,106
4,605
1,841
3,777
3,611
4,478i
3,628
7,994
Chicago
162,507
164,110
164,518
169,4691
173,937
Other deposits:
Doc. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
207,601
215,964,
179,913
377.77C
395,352
4,156
3,761
3,919
3,742
4,110
101,708
103,6021
82,054
272,388
286,790
Total deposits:
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
14,466,5371
14,918,60
14,933,226|
5,503,660
15,440,896]
652,955
721,847
694,609'
724,524
741,3531
,902,176
,146,893
,126,113
,287,050.
,461,276
771,087
811,410
798,016
825,458
797,838
,133,339
,157,313
,172,813
,219,138
,249,766
607,304
607,469
608,441
684,8871
619,369
567,977
591,302
587,686
645,131
606,079!
,151,768
,174,746
,169,676!
,228,368
,153,811!
1,374,011
1,233,990
1,614,405
1,622,619
1,494,121
105,895
86,444
115,290|
84,457
70,369
78,589
278,807
73,318
244,955
316,118 101,695
93,763,
281,487
309,366] 95,008
156,400
125,003
172,720
182,506
196,393
105,571
98,210|
119,694
135,175!
108,761
80,684
76,074
107,439
123,342
82,122
204,293
177,539]
256,564'
244,625
'252,354
8,390)
10,0951
9,291,
9,535
10,156
785!
711
755
775
8281
727
828
866
910
1,054
294
354
346|
349
414|
1,958,701 2,738,143
2,008,787 2,751,155
2,035,103 2,828,023
2,068,976 2,906,122
2,045,154 2,948,442
,816,466
,826,532
,854,272)
,960,395
,870,350
,563,172
,593,331
,624,019
,708,058
,637,191
,426,828
,458,083
,551,281
,623,636
,564,392
Deferred
items:
Dec.
Dec.
Dec.
Dec
Dec.
3,755
18,009
4,005!
11,018
7,100]
6,394
4,135
5,072
6,149
4,294
St.
Louis
Minne- Kansas
apolis
City
Dallas
San
Francisco
29,305
29,594
29,667
30,560
31,366
37,297
37,665
37,758
38,894
39,920
39,961
40,355
40,455
41,673
42,771
101,343
102,373
102,627
105,602
108,386
10,847 9,170
9,992 9,112
10,409 8,960
9,961 10,600
11,389 10,120
6,202
2,955
1,692
1,497
1,266
4,712:
3,947!
2,993)
2,650
2,574
42,407
43,647
42,947
41,872
44,311
513,3861 341,732
521,668 357,390
526,609 352,451
544,550 385,874
525,484 369,0151
651,420
648,366
654,475
688,174
656,395
572,820
575,198
587,499
611,865
588,742
600,573
,605,005
,654,838
,663,641
,671,768
28,657
30,982
35,835
38,512
31,118
80,794]
78,626
84,185
100,979
68,054
44,789
42,878
53,287
60,789
50,725
143,558
130,322
168,385
193,734
157,540
39,961
40,355
40,455
41,673
42,771
availability
1
8
15
22
29
Other liabilities, includ
ing accrued dividends:
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
Total liabilities:
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
32,191,832!
32,690,436
33,193,052
33,949,542
133,819,9SQ
2,718
2,999
3,174
3,041
3,045
88O,19O|8,788,232
1,942,608 9,036,377
1,953,001 |9,125,310
1,961,300 9,308,316
1,969,032 9,524,652
714;
2,110
759
817
870
396)
327
423
383
5281
1,051
1,053
1,070
1,175
1,189
65,974
69,639
83,193
83,250
72,311
213
235
241
278
2771
368
3201
392]
433
410]
,279,108 746,553
,299,310]768,946
,324,238'770,268
,349,163 108,432J
,321,488] '85,056
,325,892
,326,049
,337,966|
,393,101
,335,183
314
289
331
3081
344!
214
232
281.
366!
365
596
637
653
700
832
,026,314 3,642,233
,028,557 3,650,701
,048,674 3,740,897
,081,307)3,777,736
,052,593 3,766,447
Capital Accounts
Capital paid in:
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
150,773
150,846
151,772,
153,187;
153,93S
9,769
9,771
9,771
9,789)
9,797
55,781
55,8001
56,563
57,129
57,331
11,696
11,704!
11,704
11,686
11,686
15,524
15,557
15,556
15,568
15,573
6,078
6,079;
6,090
6,121
6,124|
5,430
5,424
5,433
5,438
5,453
16,738
16,741
16,859
17,516
17,877
4,677
4,679
4,686i
4,693)
4,'"
3,2291
3,231
3,232
3,235
3,236
4,978
4,981
4,980j
5,006
5,033
4,596
4,601
4,619
4,653
4,657
12,277
12,278
12,279
12,353
12,473
Surplus (section 7):
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
160,411
160,411
160,411
160,411
160,411
11,160
11.160J
11,160
11,1601
11,160
58,001
58,001
58,001
58,001
58,001
15,670
15,670
15,670
15,670
15,6/0
14,767
14,767
14,767
14,767
14,767i
5,236
5,236
5,236
5,236
5,236
5,725
5,725
5,725
5,725|
5,725
22,925
22,925
22,925
22,925
22,925
4,966
4,966
4,966
4,966
4,966
3,221
3,221
3,221
3,22li
3,221
3,613
3,613
3,613
3,613
3,613
4,083
4,083
4,083
4,083'
4,083
11,044
11,044
11,044
11,044
11,044
717
717
717
717
717
1,429
1,429
1,429
1,429
1,429
530]
530|
530
530
530
1,000
1,000
l,000;
1,000
1,000
1,137
1,137
1,13'
1,13'
1,137
1,307
1,307
1,307
1,307
1,307
2,121
2,121
2,121
2,121
2,121
3,894|
3,934
3,977
4,024
4,062
13,342
13,214
13,332!
13,204
13,407
3,825
3,851
3,831
3,879
3,930
3,705
3,723,
3,742
3,762
3,782'
3,902
3,961
3,936]
3,941
4,020
3,303
3,343
3,386
3,424
3,46?
6,510
6,554
6,607
6,651
6,713
1,339,522 1,039,60;
1,339,741 1,041,89:
1,351,632 ,062,"069
1,406,798 1,094,77'
1,348,986 11,066,108
3,674,185
3,682,698
3,772,948
3,809,905
3,798,798
Surplus (section 13b):
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
26,829
26.829!
26,829
26,829
26,829
2,874
2,874
2,874
2,S74
2,874
7,070
7,070
7,070
7,070
7,070
4,393
4,393
4,393
4,393
4,393
1,007
1,007
1,007
1,007
1,007
3,244
3,244
3,244
3,244
3,244
Other capital accounts:
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec.29
88,850
89,192
89,753
90,124
90,909
5,778
5,819
5,873
5,930
5,992|
25,097
25,139
25,232
25,283
25,340
6,571
6,019]
6,676
6,730
6,781'
8,581
8,648'
8,731i
8,812
8,891
4,3421
4,387
4,430
4,484
4,523
Total liabilities and
capital accounts:
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
32,61S,695
33,117,714
33,621,817
34,380,09,
34,252,06!
Commitments to make
industrial advances:
Dec. 1
Dec. 8
Dec, 15
Dec. 22
Dec. 29
9,88'
8,73:
8,865
1,891
9.43J
'1,909,771 8,934,181
1,972,232 9,182,3S7
1,982,679 9,272,176
1,994,053 9,455,799
1,998,855 9,672,394
700
2,114
1,589
1,745
1,779
1,998
5 f t
on
1,997,031 2,778,022 835,366 1,578,938] 5,481,262 1,293,1061757,,708
2,047,173 2,791,134' 845,478 1,609,131 5,512,392| 1,313,336 780;,12
2,073,546 2,868,084 ,873,272 1,639,871 5,605,820 1,338,251 781,463
2,107,455 12,946,276 ,979,480 1,723,962 5,678,710 1,363,231 |819,65C
2,CS3,6S4 2,988,680 ,889,477 1,653,148 5,620,030 1,335,612 796,295
° °
100!
100
100
100
100
770
770
77C
77C
770
337
337
33'
33
33
3,00C
3,00C
3.00C
3.00C
3.00C
2,857
2,930
2,904
2,S99
2,524
ral Reserve Banks on Dec. 1; $802,662,000 on Dec. 8; $805,099,000 on Dec. 15; $829,268,000
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. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
Held by Federal Reserve
Bank:
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
^
,
In actual circulation;*
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
Collateral held by agent as
security for notes issued
to Bank:
Gold certificates on hand
and due from U. S.
Treasury:
Dec. 1
Dec. 8
Dec. 15
Dec. 22
.
Dec. 29
1..
Eligible paper: .
Dec. 1
Dec. 8
Dec. 15
..."
Dec. 22
Dec. 29
;
U. S. securities:
Dec. 1
Dec. 8
""'
Dec. 15 .
Dec. 22
;..;;;;;
Dec. 29
Total collateral:
Dec. 1..
Dec. 8..
Dec. 15
""
Dec. 22
!
Dec. 29....
1
Total
Boston
New
York
16,846,040
17,031,082
17,237,786
17,409,779
17,498,108
1,144, 730
1,161, 155
1,179, 251
1,191, 228
1,203, 996
3,,719,830
3 ,746,923
3 ,797,667
3 ,855,087
3 ,871, 709'
503,146
503,338
601,656
601,051
623,301
24,175
27,549
36,904
36,684
47,514
115,299
105,393
117,762
118,349
120,744
30,306
33,022
34,712
30,982
34,011
33,761
34,950
51,188
43,822
52,002
29,007
29,311
31,673
28,789
41,669
1,120,555 3,604,531
1,133,606 3",,641,
641 i 530
1,142,347 3 ,679,905
,736,738
1,154,
1,156,482 3.,750,965
1,108,311
1,121,949
,134,633
1,148,938
1,151,438
,447,677
,468,011
,481,624
,503,568
,501,229
,103,297
,120,499
,125,791
,139,984
,141,806
1,085,000
1,105,000
1,135,000
1,050,000
1,055,000
850,000
800,000
800,000
800,000
800,000
16,342,894
16,527,744
16,636,130
16,808,728
16,874,807
Philadelphia
Cleveland
Richmond
1,138,617 1,481,,438 1,132,304
1,154,971 1,502,961 1,149,810
,169,345 1.532,812 1 ,157,464
,179,920 1,547,390 ,168,773
,185,449
1,553,231 1,183,475
1
13,815,000
13,869,000
13,836,000
13,676,000
13,526,000
752,000
776,000
746,000
746,000
761,000
3(,385,000
3(.415,000
31,465,000
3(,515,000
3(.540,000
790,000
805,000
745,000
"
705,000
715,000
44,190
105,075
87,684
62,326
92,167
1,365
5,030
5,774
8,589
2,635
17,240
84,500
58,745
25,250
60,820
7,310
5,695
11,615
1,601
1,175
3,258,067
3,401,813
3,662,789
3t975f338
4,188,220
400,000
400,000
450,000
450,000
450,000
350,000
350,000
350,000
350,000
350,000
350,000
350,000
425,000
475,000
475,000
400,000
400,000
400,000
500,000
500,000
300,000
375,000
375,000
400,000
400,000
,153,365 3, 752, 240
,181,030 3, 849, 500
,201,,774 3 873,745
"
,204,,
:,589 3 890, 250
,213,f635 3 950,820
1,147, 310
1,160, 695
1,181, 615
1,181,601
1,191,—
175
1,485. 000
1,505 000
1,535, 000
1,550, 000
1,555, ooo
1,150,425
1 ,176,550
1,178,650
1,204,100
i ,200, 340
17,117,257
17,375,888
17,586,473
17,713,664
17,806,387
Atlanta
San
Francisco
SL Minne- Kansas Dallas
Chicago Inputs
apolis City
,118,
962,066 3,118,322
728,310 381,406 612 t351 434,348
967,802 3,,157,266 738,029 385,,676 il7.464 435.878
978.863 3,,192,876 751, 412 389,
',396 620,351 443,420
994,556 3,217.100 754, 404 391,566 627,601 444,065
999,354 3,219,843 759, 619 392,472 633,052 448,146
47,951
42,174
50,392
55,354
50,892
48,606
52,521
68,905
67,632
62,805
28,876
30,315
37,307
33,349
36,270
5,455
5,337
7,655
7,798
7,826
1,992,318
2,013,147
2,024,929
2,038,089
2,047,762
25,857
25,629
35,813
35,778
35,385
94,812
98,410
107.908
118,428
111,455
914,115 3,069,716 699,,434 375,951 593,310 468,,491
925,628 31,104,745 '07,714 380.1,339 .98,737 410,,249
928,471 3,123,971 14,105
381 ,741 598,914 407 ,607
939,202 3 ,149,468 rr21,055 383,768 603,515 408,,287
948,462 3,157,038 23f349 384,646 610,324 412,761
,897,506
,914,737
,917,021
,919,661
,936,307
288,000 520,000 286,000
288,000 4801,000 286,000
270,000 450i.OOO 286,000
245,000 420 ,000 286/000
675,000 2,860,000 400.000 245,000 420,000 261,000
,874,000
,899,000
,874,000
,874,000
,794,000
700,000 2,,860,000
700,000 2.,890,000
700,000 2,940,000
675,000 2,960,000
425,000
425,000
425,000
400,000
15,850
8,300
7,900
14,500
11,500
425
1,550
3,650
4,100
340
300,000
300,000
300,000
350,000
350,000
19,041
18,727
21,437
24,086
22,728
2,000
1,000 7,286
750 14,947
300,000 333,,067 100,000
300,000 351,813 100,000
300,000 3S7, 789 125; 000
300,000 395,338 150,000
400,000 383,220 150,000
100,000
150,000
200,000
230,000
230,000
175,000
175,000
175,000
175,000
200,000
150,000
150,000
175,000
200,000
300,000
1,000,000 3,160,000
. . I 773,917388,000 622,000 461,000 2,024.000
1,000, 000 3,190,000 785,113 388,000 630,000
. . . 461 0 0 0 2,049,000
2,049,000
1,000,000 3 ,240, 000 820,689 395,000 650,000 461,000
, 838 396,000 657,
,000 2,074,000
1,025,000 3,260,000
000 2,094,000
395,750 664,,947 461,000
/ " - 3 ,260,000 809,
1, 0 2 51,000
794,720
Includes Federal Reserve notes held by U. S. Treasury or by a Federal Reserve Bank other than issuing Bank.
INDUSTRIAL ADVANCES BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
Date (last
Wednesday or
last day of
period)
AP
CommitAdproved vances
ments
but not
outout*
com- 1 standing* standinjlg
pleted
Number Amount (amount) (amount) (amouniit)
Applications
approved
984
Participations
outstanding
(amount)
1,993
2,280
2,406
2,653
2,781
2,908
3,202
49,634
124,493
139,829
150,987
175,013
188,222
212,510
279,860
20,966
11,548
8,226
3,369
1,946
2,659
13,954
8,294
13,589
32,493
25,526
20,216
17,345
13,683
9,152
10,337
8,225
27,649
20,959
12,780
14,161
9,220
5,226
14,597
1,296
8,778
7,208
7,238
12,722
10,981
6,386
19,600
3,352
3,423
338,822
408,737
26,346
4,248
11,265
14,126
16,832
10,661
26,430
17,305
3,432
3,440
3,443
3,447
3,448
3,452
3,455
3,458
3,460
3,464
3,466
434,638
446,319
459,296
467,733
473,399
475,468
477,681
481,288
483,608
486,098
483,422
6,672
5,882
5,164
3,732
3,045
3,203
2,883
4,354
2,860
305
401
12,897
13,717
.13,182
13,188
13,378
13,044
12,320.
12,062
12,289
12,409
11,811
12,160
12,117
13,143
13,438
12,950
12,132
11,832
11,614
11,474
9,978
9,920
23,915
23,177
20,316
20,333
20,166
19,070
18,832
18,400
18,928
18,616
18,621
'ved conditionally by the Federal Reserve
inclu
a dvances
I
T
i
d
S
t
W
,
PasatPdueC3nmonths or more, which are not
included
tion of Fe
Federal R e s e a r v a B n C e S 0 U t s t a n d i n S i n w e e k l v statement of condiNOTE.—
um of the fo?W;
? c e b e t w e e n amount of applications approved and the
d
es and
^cations io^l^L^^JtHl^^
RY
3ffiEf5!?i!f L ^S -
W A R P R O D U C T I O N L O A N S G U A R A N T E E D BY W A R DEPARTMENT, NAVY DEPARTMENT, AND MARITIME
C O M M I S S I O N T H R O U G H FEDERAL RESERVE
BANKS UNDER REGULATION V
[Amounts in thousands of dollars]
Guaranteed loans
authorized
Guaranteed loans
outstanding
Date
Total
amount
Portion
guaranteed
Additional
amount
available to
borrowers
under guarantee agree*
ments
outstanding
Number
Amount
1942
June 30
Sept. 30
Dec. 31
565
1,658
2,665
310,680
944,204
2,688,397
81,108
427,918
803,720
69,674
137,888
356,677
230,720
632,474 1,430,121
1943
Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 3 1 . . . . '
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
2,961
3,193
3,534
3,773
4,002
4,217
4,404
4,599
4,787
4,948
5,123
2,999,731
3,479,172
3,725,241
4,058,731
4,554,278
4,718,818
4,900,905
5,153,941
5,452,498
5,546,555
6,234,047
974,083
: ,040,828
,245,711
,339,078
,415,777
,428,253
L,536,296
,646,921
1,708,022
L,815,162
1,798,275
1 768,249 1,440,943
828,221
999,394
1,073,972
,150,040
L,153,756
1,269,416
1,366,178
1,413,159
1,511,847
1,495,910
1,706,849
1,865,618
2,018,838
2,077,018
2,216,073
2,388,741
2,482,895
2,494,875
2,586,583
2,798,300
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.
DEPOSITS AND RESERVES OF MEMBER BANKS, NOVEMBER 1943
[Averages of daily figures. In millions of dollars]
Reserves
Gross demand deposits
Total
\ l l m e nit) o r l u n i k s
,,•«..
Central reserve city banks:
Reserve d t v lyinks—Totil
Iloston district
.
Nrw York district
Philidclphia district
Cleveland district
Atlanta district
Chicaco district
.
'Minneapolis district
Kansas City district
I)illa<; district
San Francisco district
Country
franks—Total
Iloston district
.
.....
....
....
.
....
•.
New York district
Philadelphia district
Cleveland district .
Richmond district
Atlanta district
...
Chicago district . . . .
St Louis district
.....
Minneapolis district .-.,...
Kansas Citv district
..
Dallas district
San Francisco district
U.S.
Government
war loan
deposits1
Interbank
Adjusted
demand
deposits 3
Other
N e t demand
deposits'*
Demand
Time balances
due
d e4- from
posits domestic
banks
Required
Held
Excess
78tM5
10,799
13,611
53,975
50,557
55,928
14,885
5,593
12,313
11,241
1,073
22.9SO
5,295
3,625
1,063
5,075
1,010
14,280
3,222
13,337
3,012
16,918
3,907
821
498
3,453
820
5,067
297
29
317
490
312
522
446
549
273
827
439
566
4,873
19,555
1,361
384
1,564
2,636
1,092
1,024
2,630
922
532
1,283
1,091
5,034
17,822
1,276
359
1,456
2,432
1,010
896
2,444
808
471
1,128
1,000
4,541
21,139
1,523
369
1,707
2,732
1,215
1,282
2,607
1,257
687
1,663
1,213
' 4,884
5,944
104
169
131
790
267
216
980
188
94
188
154
2,663
4,916
320
87
361
641
289
292
618
273
146
385
297
1,209
3,433
811
4,584
20
8
29 495<
2,144
479
2.358
3 799
1,732
1,847
3,676
1 74^
987
2,38(
1,750
6,598
60
170
1,834
52
20
68
193
110
144
290
105
58
296
232
267
20,616
2,103
3,263
1 516
1,742
1 662
1,599
2,672
1 125
897
1 309
1 539
1,188
1,044
85
73
11
20
197
172
74
137
67
71
106
29
16,919
2,653
341
1,677
2,617
572
1,275
230
1,503
* 219
1,270
195
1,212
214
365 • 2,233
877
111
724
106
111
1,127
1,355
79
1,050
109
16,385
1,604
2,517
1,235
1,463
1,204
1,166
2,189
13,964
1,509
2,307
1,069
1,205
1,090
1,025
1,758
746
596
805
1,032
822
7,622
3,529
186
287
181
280
323
328
509
240
177
383
406
230
3,124
297
529
262
311
230
208
429
159
137
183
203
175
486
66
477
672
328
302
600
274
182
269
219
998
846
704
1,111
1,324
1,020
680
1,791
937
916
469
328
1,143
299
348
102
436
•311
84
349
594
259
269
580
263
143
344
252
1,137
2,412
252
430
206
224
181
163
315
122
104
123
151
141
332
9
3
12
47
30
23
38
10
3
41
45
72
712
46
99
56
87
50
45
114
36
32
60
53
34
1
Figures do not include certain other demand deposits of the U. S. Government with member banks and, therefore, differ from figures for U. S. Government
deposits shown in other published banking data. See also footnote 2.
2
Preceding column minus so-called "float" (total cash items in process of collection) and estimate of U. S. Government deposits other than war loan
accounts.
3
Demand deposits subject to reserve requirements; i.e., demand deposits other than war loan deposits, minus cash items in process of collection and
demand
balances due from domestic banks.
4
Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report.
MEMBER BANK RESERVE BALANCES. BY CLASS OF BANKS
[Averages of daily figures. In millions,of dollars]
All
member
banks 1
Total reserves held:
1942—Oct.
Nov. ...
j943_O ct
Nov
Week ending (Friday):
1943-Nov. 5
Nov. 12
Nov. 19
Nov. 26
Dec. 3
Dec. 10
Dec. 17
Dec. 24
Excess reserves:
1942—Oct
Nov. . . .
1943—Oct
Nov
Week ending (Friday):
1943—Nov. 5
Nov. 12
Nov. 19
Nov. 26
Dec. 3
Dec. 10
Dec. 17
Dec. 24
Central reserve
city banks
Reserve
city
banks
New Chicago
York
Coun-
baiks1
Federal Reserve district
12,23-1
12.618
12,035
12,313
4.093
4,086
3 346
3,453
834
859
794
820
4,711
4,990
4,772
4,916
2,597
2,684
3,123
3,124
12,127
12,214
12,347
12,395
12,541
12,636
12,830
12 838
3,397
3,422
3,451
3.492
3,528
3,564
3,621
3,632
806
816
815
827
838
844
852
840
4,817
4,861
4,936
4,971
5,030
5,053
5,124
5,103
3,107
3,115
3,145
3,105
3,144
3,175
3,234
3,263
2,331
7 X(O
,264
,073
557
455
31
20
924
1,035
386
332
823
827
838
712
,131
,103
,120
,031
p ,042
*9S0
V ,019
p L,O22
25
18
20
22
16
12
31
31
27
45
(
8
9
11
6
c
8
322
324
340
319
33(
289
294
281
777
750
754
682
"685
"670
*>686
*>705
t
t
6
p
Preliminary7.
1
Weekly figures of excess reserves of all member banks and of country
banks are estimates.
66
DEPOSITS OF COUNTRY MEMBER
BANKS I N LARGE AND
SMALL CENTERS. 1 NOVEMBER 1943
[Averages of daily figures. In millions of dollars]
Total
In places of 15,000
population and over
In places of under
15,000 population
Demand
deposits
except
interbank2
Demand
deposits
except
interbank2
Time
deposits
Time
deposits
12,267
4,489
7,305
3,133
Boston
New York
Philadelphia...
Cleveland
1,755
2,474
901
1,046
538
1,162
435
492
263
716
604
676
141
62S
502
424
Richmond
Atlanta
Chicago
St. Louis
948
1,036
1,588
422
230
228
685
168
517
391
1,010
566
240
100
458
131
391
355
588
764
139
60
64
28]
439
883
845
396
210
113
3%
149
Minneapolis...
Kansas City...
Dallas
San Francisco.
1
Includes .any banks in outlying sections of reserve cities which have
been given permission to carry the same reserves as country banks. AH
reserve
cities have a population of more than 15,000.
z
The series published through April 1943 included interbank deposits.
The amount of such deposits for the current month at all country banks can
be derived by comparison with the first table above; banks in the small
centers held 216 million dollars during the last half of April 1943. Figures
in thistable include war loan deposits, shown separately for all country
banks m table above.
FEDERAL RESERVE
BULLETIN
KINDS OF MONEY IN CIRCULATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Treasury
notes
of 1890
Subsidiary
silver
coin
Minor
coin
United
States'
notes
Federal
Reserve
notes
Federal
Reserve
Bank
notes
National
bank
notes
1,731
1,751
565
575
227
228
327
317
11,667
12t082
136
135
1,700
1,703
1,674
1,667
1,670
1,649
1,633
1,621
1,594
1,578
1,571
567
573
583
593
600
610
619
630
641
649
662
226
226
228
230
232
236
239
243
246
248
251
312
317
316
318
324
322
322
325
320
321
324
12,152
12,523
12,643
13,023
13,440
13,747
14,268
14,820
15,146
15,550
16,205
18
188
362
474
534
557
574
584
599
615
622
626
627
Total
Gold
certificates
Silver
dollars
Silver
certificates
1942—November.
December
14,805
15,410
58
58
74
76
1943—January..
February .
March
April
May
June
July
August....
September,
October...
November
15,590
16,088
16,250
16,660
17,114
17,421
17,955
18,529
18,844
19,250
19,918
58
58
58
57
57
57
57
57
56
56
55
77
78
79
81
82
84
85
87
88
90
92
End of month
135
134
134
133
133
132
131
131
130
130
129
Backfizures.—See Annual Report for 1937 (table 35).
PAPER CURRENCY, BY DENOMINATIONS, A N D COIN I N CIRCULATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Total
in circula-1
tion
Total
Coin
$1 3
$2
$5
$10
1942-November...
December..
14,805
15,410
11,122
11,576
867
880
782
801
53
55
1,647
1,693
1943—January
February....
March
April
May
June....
July
August
September
October
November
15,590
16,088
16,250
16,660
17,114
17,421
17,955
18,529
18,844
19,250
19,918
11,665 869
12,065 877
12,121
890
12,428 904
12,789 914
12,960 929
13,334 943
13,715 960
13,891 970
14,135
987
14,598 [1,006
773
786
791
804
824
834
843
858
866
872
886
54
56
56
58
59
61
62
64
64
65
68
1,678
1,718
1,713
1,741
1,785
1,793
1,836
1,878
1,887
1,902
1,950
End of month
—
' .
Large denomination currency 2
Coin and smairdenomination currency2
ii
ii
[
;
;
$20
Total
$50 I $100 I 5500 I $1,000 I $5,000 ISIO.OOO
3,887
4,051
3,885
4,096
3,686
3,837
972
1,019
1,824
1,910
278
287
575
586
9
9
28
25
4,107
4,279
4,280
4,391
4,526
4,565
4,719
4,853
4,893
4,962
5,127
4,183
4,349
4,391
4,531
4,681
4,778
4,931
5,102
5,211
5,347
5,561
3,928
4,026
4,129
4,232
4,326
4,462
4,622
4,816
4,951
5,118
5,323
1,047
1,079
1,104
1,131
1,159
1,195
1,237
1,293
1,327
1,366
1,416
1,962
2,013
2,069
2,128
2,186
2,259
2,347
.^,453
2,535
2,636
2,761
293
298
306
312
319
329
341
353
360
373
388
592
599
616
621
630
648
667
637
69S
713
729
10
11
11
15
10
10
10
9
11
11
10
25
25
23
26
22
21
20
22
20
20
19
i
!
I
I!
:
!
Unassorted
:
I Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
* Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as
destroyed.
Paper currency,.only; $1 silver coins'reported under coin.
Hackfigures.—SeeAnnual Report for 1937 (table 36).
STOCK OF UNITED STATES MONEY, NOVEMBER 30, 1943
[On basis of circulation statement of United States money. In millions of dollars]
Money held in the Treasury
Kind of money
Gold..
Gold certificates:::::::;;;;
federal
Reserve notes
x reas
ury currency—total
* ^
T
Total
outstanding
As security
against gold
and silver
certificates
22,065
19t953
16,816
4
4,097
19,953
504
520
826
696
260
347
640
130
306
1,520
Z
\\\Y.\\\\\\\\\\\'\\\\\\\\\\\\\\
]
r
n o i
Total-November 30, 1943..
October 30, 1943..
November 30, 1942.,
'
3
42
42
3
38
3
978
412
309
Treasury
cash
2
2,112
42
135
1,836
Money held
by Federal
Reserve
Banks and
agents
For Federal
Reserve
Banks and
agents
17,082
UJ79
21,846
Z
22,557
2,815
570
304
55
16,205
3,658
254
12
3
20
12
1
1,572
662
251
324
627
129
3,689
3,743
3,511
19,918
19,250
14,805
92
104
22
5
3
Z
4
2,289
4
2,288
4
2,236
Money in
circulation1
17,082
17,131
17,757
any paper currency held outside the continental limits of the United State*: figures for other end-of-month dates shown in table above
ffift^iS^
0?
F« n d. $143,772,279 balance ^increment resulting from reduction in weight of the go.d dol.ar,
F-^^^^
d
cl
and
£orms of money outstanding>
MM! JSftS8£ *
securityfor^ t \ a ^ u r y n o t e s o f 1890—an equal dollar amount in standard sJver dollars ( t n e s e n o i r a a r e u c i b
amount of such silver cergficales; and (i^Usl 1115 3l t*y 7fo ^tificates-silver
in bullion and ^ t B x f x d t ^ ^ ^ ^ ^ ^ ^ ^ ^
Federal
such gold certincates.
Reseu-e notes ire S f +atlO
Jf &t
Sol(2U certificates-gold
bullion
of
a
value
at
™*
J
^
J
^
S
S
t
Federal
Reserve
Bank.
Federal
Reserve notes are secured
n i t e d S tat
a n d a firSt
a
^ the de£3t wfth FPH i^
°
r f-?
H™ E? » S r i S ?r of ffold^cefetes and such discounted or purchased paper as is eligible
jnder the termTof £ v ™ } Re,S?fve agen A ts o f a h k e a P T 0 U n t ?n g ? i ? c ^ 5 ^ o S £ a f f o M ^ theUnitcd States if so authorized by a majority vote of the
?oard of C ^ r n l ^ ^
in gold certificates of at least 40 per cent, me uding
JANUARY 1944
POSTAL SAVINGS SYSTEM
{In millions of dollars]
ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
[In millions of dollars]
Period
Gold
stock
at end
of period
82.6
1,133.9
1,739.0
1,116.6
1,585.5
1,973.6
3,574.2
4,744.5
982.4
8,238
10,125
•11,258
M2.760
14,512
17,644
21,995
22,737
22,726
4,202.5
1,887.2
1,132.5
1,502.5
1,751.5
3,132.0
4,351.2
741.8
-10.3
1942—November.,.
December....
22,743
22,726
3.3
-17.2
-10.8
-31.0
1943—January
February.. ..
March
April
June
fulv
August
September...
October
November ..
22.683
22,644
22,576
22,473
22 426
22,358
22 335
22,243
22,175
22,116
22,065
-43.3
-39.3
-68.0
-103.1
—46.3
-38.9
-52.7
-92.0
-67.8
-59.3
-51.0
-76.1
-63.4
-59.0
-101.0
-45.1
-51.7
-63.7
-91.3
-80.6
-40.6
5
-44.1
Jan.-Nov. ,
22,065
-661.5
fi
1934a
1935
1936
1937
1933
I939
1940
1941
1942
Miy
Assets
Earmarked DomesIncrease Net gold gold: de- tic gold
in gold
produccrease
import
stock
tion 1
or increase (—)
.2
-85.9
-200.4
-333.5
-534.4
-644.7
-407.7
-458.4
(*)
-716.6
92.9
110.7
131.6
143.9
148.6
161.7
170.2
169.1
125.4
7.8
6.2
4.7
4.1
4.5
4.9
4.1
3.9
3.9
3.6
3.3
3.8
/3.8
P44.7
p
1
Preliminary. ' Figure carried forward.
Annual figures are estimates of the United States Mint. Monthly figures
arc those published in table on p. 105, 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.
s Includes gold in the Inactive Account amounting to 27 million dollars
on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937.
* The net gold import figures for months subsequent to December 1941
have not been released for publication.
5 Gold held under earmark at Federal Reserve Banks for foreign account
amounted to 3,390.4 million dollars on Nov. 30, 1943.
NOTE.—For back figures through 1937, see Annual Report for 1937
(table 29).
End of month
Total,
all
banks
National
State
1,198
1,207
1,205
1,201
1,232
1,260
1,268
1,270
1,252
1,252
1,262
1,279
1,293
1,304
1,304
1,314
1,316
1,417
1,225
1,237
1,236
1,237
1,265
1,296
1,307
1,308
1,290
1,291
1,304
1,319
1,337
1,348
1,356
1,396
1,525
1,464
695
540
,385
287
203
145
136
131
115
86
68
53
43
36
30
26
24
16
453
597
777
853
967
1,058
1,100
1,097
1,103
1,132
1,157
1,192
1,224
1,224
1,251
1,274
1,272
1,345
418
467
630
706
800
892
933
931
936
965
1,011
1,046
1,078
1,078
1,104
1,128
1,146
1,220
35
130
147
147
167
167
167
167
167
166
146
146
146
146
146
146
126
126
76
100
74
98
95
93
71
80
73
73
78
74
69
S3
75
95
229
102
1943—Jan
Feb..
Mar
Apr.
May
June
July
Aug
Sept
Oct
Nov
1,445
1,468
1,493
1,517
1,546
1,577
1,620
1,660
1,683
^1,717
"1,753
1,493
1,517
1,545
1,569
1,596
1,631
1,678
1,719
1,739
14
14
13
12
12
12
11
11
10
1,381
1,378
1,421
1,450
1,500
1,482
1,527
1,588
1,631
1,255
1,270
1,360
1,389
1,449
1,471
1,527
1,588
1,631
126
109
61
61
51
11
98
125
111
107
83
137
140
121
97
p
Preliminary.
t
1
Outstanding principal, represented by certificates pf deposit. Does not
include accrued interest or outstanding savings s t a m p s .
2
Includes working cash with postmasters, 5 per cent reserve fund and
miscellaneous working funds with the Treasurer of t h e United States,
accrued interest on bond investments, a n d accounts d u e from late
postmasters.
Back figures.—See B U L L E T I N for August 1935, p p . 501-502.
1937
193S
1939
1940
1941
1942
1913—Jan.- Nov
Noninsured
48
8
3
6
6
10
3
1
3
36,937
10,015
11,306
j 19,723
I 13,012
34,998
5,943
3,726
! 1,702
! 2,103
40
5,313
507
7,379
36
1.341
256
3,144
862
1,912
3,763
1,708
211
24,629
10,207
10,156
11,721
6,589
5,341
503
1,375
1,241
34,985
939
592
480
1,044
2,439
346
79
327
Represents banks which, during the periods shown, closed temporarily
or permanently on account of financial difficulties; does not include banks
whose deposit liabilities were assumed by other banks at the time of closing
(in some instances with the aid of Federal Deposit Insurance Corporation
loans).
• Federal deposit insurance became operative Jan. 1, 1934.
3
Deposits ot 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).
68
Total,
all
reporting
centers
New
York
City
1929...
1537...
1938...
1939...
1940...
1941...
1942...
982,531
469,463
405,929
423,932
445,863
537,343
607,071
603,089
197,836
168,778
171,382
171,582
197,724
210,961
331,938
235,206
204,745
218,298
236,952
293,925
342,430
47,504
36,421
32,406
34,252
37,329
45,694
53,679
1942—October
November..
December...
1943—January
February...
March
April
May
June
July
August
September.
October....
November..
58,334
53,773
68,822
57,972
54,872
65,782
73,661
64,246
66,894
65,347
60,614
75,759
r
66,266
65,025
19,823
18,512
25,897
21,437
21,112
24,062
29,193
25,737
25,464
23,976
21,221
27,913
23,990
23,327
32,131
29,489
36,077
30,723
28,437
35,261
37,683
32,602
34,959
34,954
33,359
40,452
35,614
35,215
6,380
5 772
6,848
5,812
5323
6459
6,784
5,908
6,472
6417
6,034
7,393
'6,663
6483
Year and month
Number of banks suspended:
1934
1935
1936
1937
1938
1939
1940
:....
1941
1942
1943—Jan.-Nov
Deposits of suspended banks3
(m thousands of dollars) :
1934
1935
BANK DEBITS
Debits to deposit accounts except interbank accounts
[In millions of dollars]
Nonmember
banks
Insured3
U. S. Government
fash
Cash
securities
rein deserve
posiGuarfunds
tory
Dianbanks Total rect
teed
1934-June
Dec
1935-June
Dec
1936—June...
Dec
1937—June
Dec
1938—June
Dec
1939-June
Dec
1940—June
Dec
1941—June
Dec
1942—June
Dec
BANK SUSPENSIONS'
Member
banks
Depositors'
balances1 Total
Other
140
reporting3
other
centers 1 centers
T
Revised.
1 National series for which bank debit figures are available
2
Figure for 1929 includes 128 centers; for 1937-1942 annual figures indud«
133 centers; monthly figures include 193 centers.
. •„„
NOTE.—See p. 717 of August 1943 BULLETIN for description of revise11
beginning with May 1942.
'^c^osuuesh'^nniiai
Report for 1 9 3 7
»P- 157-
Annualtotals beginn
'
Sf
with 1919 by Federal Reserve districts and for individual centers, ^ c
available for distribution and will be furnished upon request.
FEDERAL RESERVE
ALL BANKS IN THE UNITED STATES
p
g
,
tted condition repoTte to iSc C^mroller oUhe
rency. Under the amended provision of sec. 21 a) private banks no longer report to the Comptroller of the Currency! F o r ^ S a t f v S f i r a r
private banks included in the figures from June 1934 to December 1935, see Federal Reserve BULLETIN for December
1935,
p. 883 and July^936 D
c
Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available.
*00> p* oo<3' a n a J u i y i y j 0 ' p*
DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS 1
[In millions of dollars]
NUMBER OP BANKS
Nonmember
banks
Member banks*
Call date
National
State
Mutual
savings
banks
Other
nonmember
banks
Call date
Total
Total
Member banks'
Nonmember
banks
Total
National
State
Other
Mutual nonsavings membanks
ber
banks
32,284
12,873
13,575
S.983
8,916
12,584
12,508
8^566
8,385
9,713
9,708
4,946
5,026
All
banks
1929-Tune29
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
53,851
55,289
33,&65
1933-Tune 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
37,997
38,505
23,338
23,771
19,411
20,290
14,772
15,386
1938—Tune 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
52,194
54,054
34,745
36,211
22,553
23,497
12,193
12,714
10, 296
10, 365
7,153
7,478
1939-June3O
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
1940-Tune29
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
1941-Tune 30
Dec. 31
14,855
14,825
6,556
6,619
5,130
5.117
1,426
1,502
547
545
1941—June 30
Dec. 31 .
67,173
70,792
48,076
51,192
30,684
32,672
17,392
18,520
10,641
10,525
7,444
7,801
37,912
8,356
8,456
9,075
1942—June 30
Dec. 31
72,419
88,478"
53,434
67,277
34,036
43,069
19,397
24,208
10,387
10,664
8,599
10,537
1943—June 30
96,329
73,465
47,434
26,031
11,132
11,733
1942-June 30
Dec. 31
14,775
14,682
6,647
6,679
5,101
5,081
1,546
1,598
544
543
7,752
7,661
7,584
7,460
1943-June30
.14,618
6,703
5,060
1,643
542
7,373
6
For footnotes see table below.
,
66
.
...
For footnotes see table below.
LOANS AND INVESTMENTS
[ In millions of dollars]
AH banks
Nonmember banks
Member banks^
Mutual savings banks
Call date
Total
Loans
Investments
Total
Loans
Investments
Other nonmember banks
Total
Loans
Investments
Total
Loans
Investments
June29..
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-Tune 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
Jime 30..
Dec. 3H.,
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
"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
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
3,425
3,384
3,251
3,353
57,945
61,098
25,312
32,633
34,483
16,729
18,021
23,930
25.500
10,314
10,372
4,955
4,903
3,344
3.513
25,081
23,915
38,928
54,222
16,928
16,083
29,872
43,175
10,353
10,746
4,819
4.698
5,534
6,048
6,972
7,205
6,856
8,128
3,628
3,692
64,009
78,137
40,659
43,521
46,800
59,263
5,360
26,616
3,333
3,128
3.522
4,999
87,881
22,241
65,640
67,155
14,823
52,332
11,241
4,579
6,661
9,487
2,840
6,647
19
s
«-Tune 30 <*
Dec. 3 i . . . ;
1943-JUne30
- I S S S S ^ K 2Atf^ttiti$8Stt&
tivefy.
condltl
fi^Jafeg-.
5,470
of mm.T -.Dec 30 1939) which, up to
° n reports. The amounts of such loans and investments in December 1938 were approximately $50,000,000 and $100,000,000, respec-
to memn»,;V v w < u ^ c s crve system ot one large bank with total loans anu investment ae&^s*""^.""' *»• «-••.
-»—"'"•-. ,
Jl De 30 1 42
int £ i J ' ? - deludes Bank of North Dakota a nonmember bank not previously included in these statistics; on Dec. 31, 1941, its deposits,
ueroank deposits, were $32,642,000 and its loans and investments $25,756,000.
i £ « ™ , - c ^ - - 1 Report for 1937 (tables 48-49).
1944
CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS
[In millions of dollarsi
Investments
Loans
Call date
Tot.
loan
and
inves
ment
Tota
Lon
mcr
cial
indue
ing
open
mar
ket
pape
U. S. Government obligations
Loans for
purchasin
or carryin
securities
AKr
cul
tur
al
To
brok
To
ers
anc othe
deal
Rea
estat
loan
Consumer Othe
loans loan
Total
Total
Bill
ers
Total-A11
Member Banks
1938—Dec. 3 1 . . .
1939—June 3 0 . . .
Dec. 30...
1940—June 2 9 . . .
Dec. 3 1 . . .
1941—June 3 0 . . .
Dec. 3 1 . . .
1942—June 3 0 . . .
Dec. 31
1943—June 30
Oct. 18
32,07
32,60
33,94
34,451
37,126
40.659
43,521
46,800
59,263
67,155
78,112
13,208
13,141
13,962
13,969
15,321
16,729
18,021
16,928
16,088
14,823
17,716
5,179
5,203
5,84
5,988
6,66(
7,80"
8,671
8,383
7,387
6,554
New York
City1
1938—Dec. 31
1939—June 30
Dec. 30
1940— Tune 29
Dec. 31
1941—June 3 0 . . . . .
Dec. 31
1942—June 30
Dec. 31
1943—June 30
Oct. 18
8,335'
8,688
9,339
9,829
10,910
12,493
12,896
14,019
17,957
18,982
22,137
3,262
2,9S8
3,296
3,014
3.384
3,778
4,072
4,066
4,116
4,009
5,373
1,594
1,602
1,888
1,905
2,125
2,503
2,807
2,841
2,546
2,274
City of
Chicago1
1938—Dec. 31 ...
1939—June 30
Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1912—June 30
Dec. 31
1943—June 30
Oct. 18
1,969
2,052
2,105
2,205
2,377
2,707
2,760
3,116
3,973
4,332
5,045
539
544
569
603
696
846
954
906
832
784
335
344
383
432
492
630
732
1,023
Reserve City
Banks
1938—Dec. 31
1939—June 30
Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942-June30
Dec. 31
1943—June 30
Oct. 18
1,654
1,756
2,272
2,160
3,013
4,013
5,347
6,535
0,915
4,677
S.S26
4.963
5,004
5,329
5,365
5,931
6,498
7,105
6,564
6,102
5,533
6,539
2,063
2 Ml
2,256
2,290
2,589
3,081
3,456
3,318
2,957
2,652
Country
Banks
1938—Dec. 3 1 . . . .
1939—Junc 30
Dec. 30
1910—June 29
Dec. 31
1941—June 30
Dec. 31
1942—June 30
Dec. 31
1943—June 30
Oct. 18
0,113
0,109
0,224
0,257
0,826
1,446
2,518
3,130
6,419
9,164
2,103
4,444
4,605
4,768
4,987
5,309
5,607
5,890
5,393
5,038
4,497
4,780
1,186
1,235
1,314
1,361
1,453
1,593
1,676
1,512
1,226
1,017
712
658
612
71
78
73
73
86
7;
97
726
2,853
2,71
2,82
2,855
2,957
2,944
3,069
3,062
3,228
3,273
3,365
3,609
3,494
3,692
3,501
3,203
870
3,423 1,847
SOI
3,351 1,540
1,089
97
731
790
447
642
575
594
554
934
854 1,120
736
700
668
652
635
598
562
538
603
21
24
787
555
611
320
465
422
412
430
787
955
220
215
188
188
190
186
169
167
193
240
121
130
133
137
130
129
123
121
117
113
535
481
469
458
468
536
554
499
148
303
264
140
17
19
6
3
5
5
6
3
6
43
39
41
23
42
36
48
29
34
12
12
62
60
60
2
40
70
71
66
61
54
55
52
50
32
41
207
234
221
176
263
175
300
152
290
205
119
115
119
87
115
100
242
221
222
210
207
198
483
531
495
546
590
555
659
562
772
623
77J
13
16
19
20
22
22
23
23
(32
84
101
96
90
62
51
18
15
18,863
19,462
19,979
20,482
21.S05
23,930
25,500
29,872
43,175
52,332
60,397
13,222
13,777
14,328
14,722
15,823
18,078
19,539
24,098
37,546
46,980
55,255
3,38
2,72
2,22
2,543
2,594
2,631
3,007
3,546
6,285 5,409
9,418 5,251
7,208
7,786
8,398
8,26
9,09
10,481
11,729
14,485
18,948
23,545
2,340
•2,831
3,144
3,121
3,486
3,839
3,832
2,685
2,540
2,487
5,072 3,857
15
1,142
16
908
5,700 4,483
797
31
6,043 4,772
421
6,815 5,486
1,092
207
7,527 5,044
1,245
8,715 7,268
577
1,526
311
8,823 7,265
1,623
9,953 S.55O 402 ' 663 1,746
13,841 12^547 1,855 2,144 2,056
14,974 13,887 1,985 2,81,8 1,656
16,764 15.734
1,663
2,284
2,385
2,650
2,977
3,415
3,652
4,5*2
5,420
6,454
1,430
1,507
1,536
1,602
1,681
1,861
1,806
2,210
3,141
3,548
4,022
1,114
1,175
1,203
1,258
,307
,483
L,430
,858
1,789
J.167
5,693
• 107
194
177
153
157
,230
,284
,335
,372
,436
,477
,527
,524
,486
,465
1,101
1,128
1,177
1,230
1,322
1,466
1,512
1,315
312
808
670 276
6,691 5,018
6,751 *1,991
6,943 5,194
6,795 1,947
7,081 5,204
7,515 5,700
8,243 5,467
9,971 {5,188
4,813 i;t,038
9,144 I*F,417
2,287 2(),616
25
22
20
17
21
17
20
16
17
17
243
229
224
208
201
195
183
169
t61
164
,353
,402
,477
.544
,644
,739
,823
,834
,797
,750
1,1 =4
1,18 6
1,2: 81
1,31 0
1,4C 7
1.5C 0
1,53 9
1,2? 393
674
371
555
5,669
,233
5,504
,127
5,456 5,159
5,270
,030
5,517 5,269
5,839
,627
6,628 L ,377
7,737
,502
1,380 1 M72
4,667 ii ,5091
7,323 l. ,212
114
78
97
Obli
gation
of
State
and Other
Cer
Guar- politi secutifirities
cal
ancate
teed subof in Notes Bonds
dividebt
sions
edness
Direct
L
'
(
28
44
56
79
65
1,12
97
1,50
4,36
6,27
tm
59
185
153
254
297
417
256
357
397
473
isi
637
795
57
291
234
176
161
145
125
153
162
391
399
L,224
1,014
655
621
701
710
752
803
903
1,068
1,282
1,124
2,448
2,554
2,692
2,888
3,013
2,984
3,090
2,934
2,965
2,876
2,818
3,192
3,131
2,959
2,873
2,970
2,867
2,871
2,840
2,664
2,476
2,324
894
317
1,123
1,275
1,324
1,615
1,751
1,679
1,166
1,071
480
579
634
695
698
736
693
695
974
109
135
172
134
112
138
119
90
83
75
295
751
579
674
981
,441 2,253 1,723
,626 3,529 1,828
2 997 740
389
3*010
3,339
972
3^052
969
njo
3 281 iX, U-iy
3 858
1 162
4^248 I,'l73
5,149
806
6,'glO
811
8,576
857
11
11
31
36
45
60
110
171
671
,194
1,893
l,8'0
1,97?
1,849
2,081
2,404
2,926
3,696
5,436
7,091
78
63
87
819
839
103
73
606
771
"311
,251
,276
732
563
431
451
433
374
481
657
,240
,368
597
683
725
695
710
788
S61
624
574
581
1
Central resenre city bzinks.
Backfigures—SeeAnnual "Report for 1937 (tables 52-58).
788
,651
796
830
781
701
602
544
141
154
162
176
179
170
167
186
188
193
188
186
172
16S
729
623
593
484
486
177
188
190
182
164
166
209
164
808
895
890
981
984
979
866
866
860
S6H
S9S
836
820
956
925
954
942
938
858
821
785
733
982
,025
,061
,097
,146
,165
,222
,222
,252
.241
,229
,453
351
,236
,144
102
047
023
,013
9S6
911
882
——
FEDERAL RESERVE
CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits,
except interbank
Reserves
with
Federal
Reserve
Banks
Call date
Total—All
Member Banks
1938-Dec. 31..
1939—June 30..
Dec. 30..
1940—June 29..
Dec. 31..
1941—June 30..
Dec. 31..
1942—June 30..
Dec. 31..
1943—June 30..
Oct. 18..
Nav York
City*
1938-Dec.31...
1939-June30...
Dec. 30..
1940—June 29...
Dec. 31...
1941-June30...
Dec. 31...
1942—June 30...
Dec. 31...
1943—June 30...
Oct. 18 ...
Cash
in
vault
BalDeances mand
with
dedoposits
mestic1
ad- 2
bants justed
Time deposits,
except interbank
IndiCertiIndi- States U.S.
Govviduals, States fied
S. viduals,
ernand
partner- and
and U.
partner- politGovment
ships, political offiships,
and
,and cor- subdi- cers' ern- and cor-! ical
pora[checks ment pora- subdi-| Postal
Savvisions
tions
etc.
tions
ings
22,293 21,119
23,587 22,448
25,681 24,604
27,877 26,397
30,429 29,576
32,678 31,429
33,754 33,061
36,966 35,646
42,570 42,139
48,957 47,863
48,612 47,849
8,694
10,011
11,604
13,751
13,992
12,959
12,396
12,295
13,072
12,093
12,128
746
712
841
789
991
999
1,087
1,022
1,019
1,142
1,150
4,240
4,674
5,506
5,751
6,185
6,293
6,246
5,770
6,147
5,578
5,789
4,104
4,975
5,915
7,072
7,057
5,857
5,105
4,762
4,388
3,473
3,426
68
61
89
88
102
136
93
88
72
92
100
109
112
125
119
122
131
141
103
82
52
71
7,168
8,012
8,899
10,235
11,062
11,619
10,761
11,711
11,899
13,543
12,750
7,273
8,281
9,030
10,283
11,357
11,895
11,282
12,014
12,501
14,001
13,149
280
288
251
258
370
319
319
271
263
249
215
235
235
283
242
319
262
220
164
173
170
1,688
1,666
1,739
1,898
1,941
2,205
2,215
2,379
2,557
3,002
2,885
1,597
1,565
1,676
1,782
1,905
2,109
2,152
2,292
2,588
2,981
2,901
2,386
2,532
2,321
2,529
2,724
2,940
3,066
3,230
3,318
3,522
3,206
Interbank
deposits
Domestic
banks
Demand1
Time
6,510
7,097
8,507
8,852
9,581
9,610
9,714
9,110
10,101
9,648
9,806
132
142
144
134
135
138
133
109
82
66
62
547
790
790
694
563
743
475
711
913
616
738
619
1,009 1,709
711 1,724
1,142 7,923
1,050 7,236
1,065 17,542
10,846
11,063
11,215
11,459
11,687
11,898
11,878
11,673
12,366
13,382
14,176
462
441
432
410
435
397
418
400
332
341
316
139
84
74
67
48
32
866
863
4,186
2,820
6,566
652
653
693
732
768
778
778
717
711
755
768
36
46
43
29
51
27
29
17
23
21
26
2,687
2,992
3,542
3,840
4,032
3,948
3,595
3,284
3,209
2,939
2,914
181
197
167
199
174
213
233
226
178
202
187
83
60
80
79
90
95.
127
201
665
506
1,241
452
471
483
489
496
480
476
460
453
477
497
9
17
10
15
8
17
658
746
879
949
997
1,010
1,027
1,028
1,105
1,032
1,104
195
472
178
147
471
306
450
273
448
404
438
61
59
51
59
56
55
50
49
56
71
109
Foreign
banks
511
607
759
703
706
688
678
752
816
837
838
442
524
695
650
646
623
612
683
736
747
760
Bor- Capital
rowings
6
3
3
3
3
4
6
5
18
150
5,424
5,496
5,522
5,608
~5,698
5,800
5,886
5,991
6,101
6,252
6,389
11
120
1,592
1,586
1,592
1,599
1,615
1,625
1,648
1,698
1^727
1,774
1,808
Chicago3
1M8-Dcc. 31...
I939-June30...
Dec. 30..
1940—June 29..
Dec. 31...
1941-June 30..
Dec. 31..
1942-June30..;
Je30.:
Oct. 18 ...
Reserve City
Banks
31..
»»•*££::•
oa. is..;
Country
Banks
31
SSS:
Oct. i s . ; ;
884
897
993
1,187
1,051
1,062
1,021
973
902
786
785
•298
2,354
2,735
3,118
3,759
4,027
4,125
4,060
4,254
4,940
4,848
4,800
321
318
348
334
396
385
425
357
365
395
393
1,940
2,210
2,485
2,679
2,741
2,793
2,590
2,279
2,202
1,892
1,930
7,214
7,654
8,176
8,774
9,581
10,480
11,117
12,515
14,849
17,403
17,251
7,034
7,331'
8,002
8,372
9,468
10,142
11,127
12,199
15,061
17,276
17,462
796
917
813
956
995
1,139
1,144
1,304
1,319
1,452
1,214
170
424
160
415
190
435
147
422
228
327
209
341
286
491
218
422
385 1,982
333 2,383
329 6,223
4,233
4,320
4,362
.4,422
4,506
4,590
4,542
4,454
4,805
5,265
5,605
269
233
240
219
226
211
243
239
169
172
144
17
19
14
18
19
19
20
18
22
31
51
2,719
2,920
3,516
3,526
3,919
4,000
4,302
4,052
4,831
4,749
4,843
108
115
117
105
106
108
103
82
62
48
45
1,353
1,403
1,578
1,733
1,857
1,914
2,210
2,306
2,842
2,987
3,116
322
307
363
328
452
437
526
533
542
616
619
1,956
2,117
2,614
2,711
3,002
3,106
3,216
3,168
3,699
3,462
3,618
6,224
6,255
6,866
6T969
7,845
8,374
9,661
10,360
13,265
15,009
15,726
5,215
5,272
5,896
5,960
6,846
7,282
8,500
9,141
11,989
13,604
14,336
1,128
1,130
1,090
1,115
1,184
1,269
1,370
1,429
1,558
1,619
1,590
143
154
136
135
154
172
143
164
151
187
151
190
225
239
237
196
272 1,090
277 1,527
271 3,512
5,509
5,619
5,677
5,816
5,917
6,049
6,082
6,042
6,397
6,886
7,306
147
145
140
147
150
143
146
143
140
148
146
44
40
35
37
33
31
31
31
32
37
51
446
439
571
538
633
652
790
747
957
928
945
23
26
26
29
29
30
30
27
20
17
16
2
SSJSSfS J u n ^ 30» 1942» ^eludes reciprocal bank balances which on that date aggregated $600,000,000.
3 p ^ i de P°sits other than interbank and U S Government, less cash items reported as in process of collection.
Central reserve city banks.
* '
"""
*Jinual Report for 1937 (tables 52-58).
JANUARY
257
270
250
260
270
279
283
293
304
312
317
1944
1,777
1,812
1,828
1,873
1,904
1,940
1,967
1,985
2,028
2,071
2,112
57
69
53
44
51
55
55
57
65
73
60
6
5
3
3
3
3
4
3
3
7
25
1,798
1,828
1,851
1,8761,909
1,956
1,932
2,014
2,042
2,094
2,151
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
(Monthly data are averages of Wednesday figures. In millions of dollarsl
Investments
Loans
Date or month
Total—101
Total
loans
and
invest- Total
ments
Loans for purchasing
Com- or carrying securities
mercial,
Real- .Loans Other
indus- To brokers
Total
estate
to
and dealers
trial,
loans
Total
and
banks loans
To
agriU.S.
others
culGovt.
tural Total obligations|
Cities
U. S. Government obligations
Certi
Other
jcatesj
Guar- secuin- Notes Bonds anrities
Bills of
debtteed
edness
11,662
1,912
1942—November..
37,865
10,254
6,558
533
364
1,211
30
1,558
27,611 24,288 3,083 3,368 4,263
1943—Juty
August
September .
October....
November..
46,370
46,903
48,839
52,346
52,036
9,549,
9,571
10,679
11,944
11,440
5,612
5,718
5,966
6,342
6,442
1,034
1,026
1,566
1,912
1,589
399
368
621
1,054
824
1,156
1,150
1,142
1,135
1,127
56
43
68
78
78
1,292
1,266
1,316
1,423
1,380
36,821
37,332
38,160
40,402
40,596
33,858
34,421
35,211
37,480
37,759
4,583
4,041
4,015
4,575
4,2
6,995
7,604
8,003
8,854
9,201
4,602
r
4,864
r
4,898
r
4t940
4,897
1943-Oct. 6
Oct. 13. . . .
Oct. 20
Oct. 27
51,278
51,648
53,477
52,982
12,117
12,009
11,881
11,768
6,277
6,307
6,361
6,424
2,084
1,984
1,828
1,750
1,126
1,082
1,029
978
1,137
1,136
1,135
1,132
59
69
114
71
1,434
1,431
1,414
1,413
39,161
39,639
41,596
41,214
36,215'
36,698
38,682
38,327
4,211
4,585
4,880
4,626
8,417
8,407
9,318
9,274
r
4,936
4,945
4,941
r
4,939
16,771
16,881
17,669
17,651
,880
,880
,874
,837
2,946
2,941
2,914
2,887
3....
10....
17....
24....
52,642
52,051
51,989
51,462
11,697
11,483
11,311
11,267
6,458
6,451
6,435
6,423
1,697
1,601
1,487
1,571
936
836
807
717
1,129
1,127
1,128
1,125
79
84
76
71
1,398 40,945 38,071
1,384 40,568 37,732
1,378 40,678 37,857
1,360 40,195 37,377
4,405
4,177
4,340
3,909
9,270
9,190
9,163
9,183
r
4,916
4,898
4,901
"*4,873
17,651
17,637
17,642
17,622
1,829
1,830
1,811
1,790
2,874
2,836
2,821
2,818
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29.....
51,166
50,535
50,509
49,950
49,734
11,025!
10,926'
10,992
10,997
10,839
6,379
6,395
6,410
6,486
6,437
1,447
1,411
1,450
1,393
1,328
635
575
547
531
556
1,125
1,123
1,123
1,108
1,108
89
83
121
111
63
4,864
4,857
4,766
4,733
4,720
17,618
17,597
17,627
17,6361
17,643
1,776
1,757
1,757
1,758
1,758
2,800
2,786
2,795
2,784
2,786
New York City
1942—November..
14,851
2,630
421
137
102
28
378
11,155
4,419
996
1,176
1943-July
August
SeptemberOctober. . . .
November..
17,261
17,383
18,311
19,631
19,216
3,664
3,641
4,308
4,891
4,538
2,149
2,168
2,244
2,378
2,417
885
876
1,283
1,461
1,225
414
409
801
941
728
194
176
344
605
457
98
97
96
95
94
35
27
44
54
50
303
297
297
298
295
13,597
13,742
14,003
14,740
14,678
12,645
12,807
13,020
13,798
13,796
516
258
124
426
405
2,635
2,868
3,035
3,238
3,315
1,754
1,788
1,771
1.775
1,744
5,853
5,977
6,1331
6,371
6,376
887
916
957
988
956
952
935
983
942
1943-Oct. 6
Oct. 13
Oct. 20
Oct. 27
19,266
19,348
20,111
19,800
5,003
4,921
4,868
4,774
2,336
2,362
2,391
2,421
1,597
1,503
1,400
1,344
,073
967
881
843
640
619
591
572
96
96
95
94
37
44
92
44
297
297
299
299
14,263
14,427
15,243
15,026
13,297
13,460
14,309
14,125
19; 3,098
3,056
604 3,421
539 3,376
1,777
1,783
1,779
1,762
6,236
6,258
6,512
6,478
994
994
993
970
966
967
934
901
19,528
19,236
19,201
18,899
4,713
4,564
4,426
4,449
2,422
2,419
2,414
2,411
1,311
1,233
1,131
1,225
783
725
654
749
535
463
441
388
94
94
94
94
55
58
50
39
296
297
296
292
14,815
14,672
14,775
14,450
13,916
13,791
13,902
13,576
406
,388
,54'
,279
3,354
3,296
3,282
3,329
,746
,740
,751
,738
6,439
6,395
6,371
6,298
971
972
951
932
899
881
873
874
18,785
18,493
18,457
18,251
18,214
4,287
4,230
4,30:
4,294
4,184
2,402
2,413
2,403
2,433
2,418
1,123
1,094
1,134
1,095
1,038
667
649
637
646
607
319
284
263
252
287
95
94
94
93
93
54
53
111
101
53
294
292
296
315
295
14,498
14,263
14,156
13,957
14,030
\3,635
13,402
13,278
13,079
13,15
391
,234
,237
,116,
,179
3,301
3,273
3,200
3,123
3,115
,734
,734
,678
,659
,653
6,292
6,264
6,254
6,266
6,287
917
897
909
915
917
863
861
878
878
879
1942—November..
23,014
6,55?
3,928
112
227
1,109
1,180
16,45i
14,309) 1,805 2,079 2,266
7,243|
916
2,147
1943-July
August
September.
October....
November.,
29,109
29,520
30,528
32.715
32,820
5,88:
5.93C
6,37
7,05.'
6,90;
3,463
3,550
3,722
3,964
4,025
149
150
283
451
364
205
192
277
449
367
1,058
1,053
1,046
1,040
1,033
21
16
24
24
28
989
.969
1,019
1,125
1,085
3,067
2,783
2,891
3,149
2,803
32,012
32,300
33,366
33,182
4,360 2,848
10,027
4,736 r 3,076 1 0 , 1 3 9
4,968 r 3,127 1 0 , 3 1 8
5;66|3il65 10,872
5,886 3,153 11,26:
7,117, OSS
7,01.
6,99-3
3,941
3,945
3,970
4,003
911
880
887
880
859
2,0U
1976
1,966
1,980
1,955
1943—Oct. 6
Oct. 13
Oct. 2 0 . . . .
Oct. 27
Nov. 3 . . . .
Nov. 10....
Nov. 17....
Nov. 24....
23,22411 21,213
23.59C 21,61'
24,15' 22,19:
25,66: 23,682||
25,918 23,963]
487
481
428
406
486
463
438
406
1,041
1,040
1,040
1,038
22
25
22
27
1,137
1,134
1,115
1,114
24,895
25,21
26,35:
26, m
22,911
23,23!
24,37.
24,20;
6,98-1
886
886
881
867
6,91'
6,88:
6.81J
4,036
4,032
4,021
4,012
386
368
356
346
5,319 r 3,159 10,535
5,351 r3,162 10,623
5,897 r3,162 1 1 , 1 5 7
5,898 r3,177 1 1 , 1 7 3
1,974
1,980
1,986
33,114
32,815
32,78S
32,563
3,019
3,216
3,276
3,
401
373
366
329
1,035
1,033
1,034
1,031
24
26
26
32
1,102
1,087
1,082
1,068
26.13C
25,89i
25,
25,74.
24,15.
23,94:
23,95,
23,80:
32,381
32,042
32,052
31,699
31,520
2,999
2,789
2,79.
2,630
6,73?
6,69(
6,69
6,70.
6,65
5,916
5,894
5,881
5,854|
3,977
3,982
4,007
4,048
4,019
324
317
316
298
290
316
291
284
279
269
1,030
1,029
1,029
1,015
1,015
35
30
10
10
10
1,056
1,047
1,045
1,053
1,052
25,64;
25,34f
25,36:
24,996
24,86;
23,7Oi
23,42
23,444|!
23,09C
22,95£
2,52'
2.32C
2,37?
2,08!
5,864
5,785
5,757
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
3...
10
17...
24....
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
1,350 40,141 37,341 3,918 9,165
1,339 39,609 36,823 3,554 9,058
1,341 39,517 36,722 3,615 8,957
1,368 38,953 36,169 3,198 8,844
1,347 38,895 36,109 3,238 8,750
r
r
r
r
9,979 1,278 1,289 1,997
•
15,880i
'16,116
16,451
r
17,243
17,638
3,323
,798 2,963
,796 2,911
,844 2,949
,868 2,922
,815 2,837
•
Outside
New York City
Dec. 1
Dec. S
Dec. 15
Dec. 22
Dec. 29
r
Revised.
2,05s
r
3,l70
'3,158
*3,150
F
3,135
11,212
11,242
11,271
11,324
858
858
860
858
1,975
1,955
1,948
1,944
3,130
3,123
3,088
5,721 3,074
5,635 3,067
11,326
11,333
11,373
11,370
11,356
859
860
848
843
841
1,937
1,925
1,9W
1,906
1 907
NOTE.—For description of figures s
see BULLETIN /or November 1935 (pp.;
tables in previous Annual Reports.
^^^
FEDERAL RESERVE BUIXBTD'
WEEKLY REPORTING MEMBER BANKS-NEW YORK CITY AND OUTSIDE
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures. In millions of dollarsj
Demand deposits,
except interbank
Reserves
DeBalwith Cash ances mand
Fedwith
dein
eral vault
doposits
Remestic
ad- 1
serve
banks justed
Banks
Date or month
9,296
518
2,711
29,361
29,236
1,912
553
1943—July
August
September..
October
November...
8,667
8,879
9,063
8,295
8,509
533
520
546
553
548
2,300
2,231
2,314
2,270
2,230
33,108
34,250
33,418
31,062
32*416
33,159
34,159
33,629
31,459
32,706
,807
,830
,775
,656
,757
681
614
734
693
710
1943-Oct.
Oct.
Oct.
. Oct.
6
13
20
27
8,200
8,267
8,321
8,392
539
574
541
559
2,208
2,293
2,314
2,265
30,322
30,742
31,366
31,817
30,395
31,652
31,718
32,069
,682
,622
,621
,699
Nov.
Nov.
Nov.
Nov.
3
10
17
24
8,354
8,472
8,521
8,689
543
547
553
549
2,233
2,236
2,297
2,156
31,774
32,039
32,6-19
33,201
32,039
32,226
33,124
33,434
Dec.
Dec.
Dec.
Dec.
Dec.
1
8
15
22
29.
8,785
8,789
8,983
8,788
8,776
545
575
593
610
601
2,194
2,155
2,284
2,171
2,163
33,651
34,075
34,750
34,185
33,895
11,526
New York City
1942-November...
3,698
Interbank
deposits
IndiIndiDomestic
vidvidU.S.
CertiBorBank
banks
uals, States
uals, States
Govand
fied
and
row- acdebpart- polit- and
U.S. part- poiiternings
Forits'
nerGov- nerment
counts
offieig n
ships, ical
ships,
ernand
.
L
cers'
subsubbanks
and
and
Postal Dedivi- checks ment
corcor- divi- Sav- mand Time
etc.
pora*
pora- sions ings
tioas
tions
Total lOt Cities
1942—November..
;
Time deposits,
except interbank
2,031 5,117
103
25
9,200
697
4,004
10,192
5,255
4,748
7,326
12,639
10,998
5,611
5,742
5,781
5,796
5,889
118
119
122
118
118
40
41
48
58
61
8,767
8,643
8,984
8,725
8,747
777
786
783
772
785
4,133
4,158
4,171
4,190
4,218
11,470
11,092
13,501
12,042
12,074
598
809
729
635
12,203
12,204
13,470
12,680
5,770
5,784
5,802
5,829
118
117
118
117
57
58
59
59
8,725
8,835
8,718
8,620
773
760
776
781
4,186
4,189
4,190
4,197
12,617
9,987
13,294
12,270
,834
,749
,713
,731
656
778
669
739
12,110
11,401
10,610
9,870
5,859
5,882
5,902
5,913
118
117
118
118
60
61
61
63
8,771
8,753
8,902
8,561
793
784
772
792
4,211
4,218
4,222
4,222
12,493
11,955
11,739
12,110
33,970
34,147
35,287
34,521
34,297
,766
,717
,708
,716
1,696
951
721
920
831
912
9,068
7,921
7,280
7,088
7,231
5,929
5,957
5,982
6,003
6,037
114
119
117
116
118
63
64
64
64
64
8,710
8,668
8,843
8,667
8,549
792
801
782
809
824
4,236
4,240
4.255
4,243
4,249
11,808
11,624
13,267
14,036
12,183
11,733
309
301
1,080
652
18
3,191
622
1,567
3,865
2,201
1,895
3,196
5,444
4,639
6S8
697
698
696
710
18
20
22
21
23
2,864
2.788
2,899
2,753
2,742
692
704
704
695
709
,615
,632
,632
,637
,649
4,693
4,317
5,452
4,822
4,853
1943—July
August
September..
• October
November...
3,220
3,360
3,362
3,021
3,115
12,456
13,090
12,548
11,431
11,917
12,768
13,379
12,899
11,790
12,257
213
200
205
195
254
378
337
371
379
402
1943-Oct.
Oct.
Oct.
Oct.
6......
13
20
27
2,964
3,017
3,046
3,057
11,201
11,325
11,528
11,670
11,431
11,820
11,882
12,027
215
201
179
185
295
484
403
333
5,303
5,280
5,781
5,413
697
693
692
700
21
21
22
22
2,732
2,772
2,765
2,742
695
684
697
705
,637
,637
,638
,637
5,013
3,775
5,479
5,021
Nov.
Nov.
Nov.
Nov.
3
10
17
24
3,073
3,120
3,101
3,166
92
95
90
94
11,642
11,798
12,010
12,219
12,041
12,080
12,362
12,545
281
253
241
239
356
471
350
433
5,129
4,806
4,471
4,150
708
714
714
706
23
23
23
23
2,778
2,740
2,794
2,655
718
707
697
714
,648
,6-19
,650
,650
4,940
5,023
4,569
4,881
Dec.
Dec.
Dec.
Dec.
Dec.
1
8
15. ...
22
29
3,210
3,198
3,323
3,242
3,275
88
97
100
105
99
12,387
12,557
12,809
12,641
12,566
12,823
12,834
13,235
12,991
12,964
236
216
212
194
194
585
394
503
442
510
3,794
3,309
3,023
2,946
2,992
712
719
730
732
737
20
20
20
20
21
2,759
2,702
2,794
2,739
2,764
713
724
704
729
740
,656
,659
1.66S
1,668
4,770
4,690
5,544
5,814
4,974
Outside
New York City
1942-November...
1943-July
August
September..
October
November...
1943-Oct. 6
Oct. 13
Oct. 20
,676
5,598
436
2,684
17,835
17,503
1,603
252
85
25
6,009
75
2,437
6,327
5,447
5,519
5,701
5,274
5,394
448
438
461
464
455
2,274
2,207
2,290
2,244
2,204
20,652
21,160
20,870
19,631
20,499
20,391
20,780
20,730
19,669
20,449
1,594
,630
,570
,461
,503
303
277
363
314
308
3,054
2,853
4,130
7,195
6,359
4,923
5,045
5,083
5,100
5,179
100
99
100
97
95
40
41
46
54
56
5,903
5,855
6,085
5,972
6,005
85
82
79
77
76
2,518
2,526
2,539
2,553
2,569
6,780
6,775
8,049
7,220
7,221
454
479
454
470
2,184
2,267
2,287
2,237
19,121
19,417
19,838
20,147
18,964
19,832
19,836
20,042
,467
,421
,442
,514
303
325
326
302
6,900
6,924
7,689
7,267
5,073
5,091
5,110
5,129
97
96
96
95
53
54
55
55
5,993
6,063
5t953
5,878
78
76
79
76
2,549
2,552
2,552
2,560
7,604
6,212
7,815
7,249
951 4,465
Oct. 27
5,236
5,250
5,275
5,335
Nov.
Nov.
Nov.
Nov.
3....
10
17
24
5,281
5,352
5,420
5,523
451
452
463
455
2,210
2,211
2,270
2,128
20,132
20,241
20,639
20,982
19,998
20,146
20,762
20,889
,553
,496
,472
,492
300
307
319
306
6,981
6,595
6,139
5,720
5,151
5,168
5,188
5,207
95
94
95
95
56
56
56
5$
5,993
6,013
6,108
5,906
75
77
75
2,563
2,569
2,572
2,572
Dec.
Dec.
Dec.
Dec.
Dec.
1
8
15
22
29
5,575
5,591
5,660
5,546
5,501
457
478
493
505
502
2,169
2,129
2,252
2,141
2,129
21,264
21,518
21,941
21,544
21,329
21,147
21,313
22,052
21,530
21,333
,530
,501
,496
,522
,502
366
327
417
3S9
402
5,274
4,612
4,257
4,142
4,239
5,217
5,238
5,252
5,271
5,300
94
99
97
96
97
58
59
59
59
59
5,951
5,966
6,049
5,928
5,785
79
77
78
80
84
2,580
2,581
2,579
2,575
2,581
r
7,553
6,932
7,170
7,229
7,038
6,934
7,723
8,222
7,209
r
Revised.
1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Debits to demand deposit accounts except interbank and U. S. Government accounts.
2
JANUARY 1944
73
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[ In millions of dollars]
Investments
Loans
Federal Reserve
district and date
(1943)
Boston (6 cities)
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
Xev York ($ cities)*....
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
Philadelphia (4 cities)
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
Cleveland (10 cities)
Dec. 1
Dec. 8
Dec. 15
Dec.22
Dec. 29
Richmond (12 cities)
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
Atlanta (S cities)
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
ChictKo (12 cities)*
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
St. louts (5 cities)
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
Minneapolis (8 cities)
Dec. 1
Dec. 8.
Dec. 15
Dec. 22
Dec. 29
Total
loans
and
investments
U. S. Government obligations
Loans for
purchasing
or carrying
securities
RealOther Total
to
estate
l
To
loans
banks
brokers
To
and others
dealers
Total
Certificates
of
Bills
in- .
debtedness
Other
otes
GuarBonds anteed
29
23
25
22
22
14
14
14
14
14
67
67
67
67
67
5
5
2
2
2
116
114
114
115
115
2,125
2,076
2,046
2,048
2,027
2,036
1,989
1,961
1,963
1,944
196
172
169
174
164
630
608
601
598
588
216
215
208
208
208
941
941
930
930
930
53
53
53
53
54
89
87
85
85
62i
404
405
408
407
402
4,645
4,591
4,658
4.649
4,537
2,564
2,575
2,563
2,599
2,575
1,134
1,108
1,146
1,105
1,049
352
317
296
286
321
177
176
176
174
174
54
53
111
101
53
364
362
366
384
365
15,823
15,560!
15,475;
15,264
15,355
14,869
14,609
14,508
14,296
14,386
1,491
1,313
1,343
1,205
1,289
3,544
3,511
3,438
3,366
3,355
1,905
1,905
1,849
1,830
1,823
6,984
6,956
6,942
6,953
6,974
945
924
936
942
945
954
951
967
968
969
2,276
2.235
2.233
2.179
2.187
440
441
449
452
451
241
242
250
255
255
43
43
44
41
41
11
11
11
11
10
41
41
41
41
40
104
103
103
104
105
1,836
1,794
1,784
1,727
1,736
1,657
1,617
1,607
1,551
1,561
177
152
169
136
150
392
376
345
323
319
168
167
163
159
156
849
851
859
862
865
71
71
71
71
71
179
177
177
176
175
4.103
4.082
4.074
4,057|
.4.009
894
879
856
S61
851
422
417
418
425
422
101
99
96
95
25
24
22
22
IS
170
169
169
168
167
154
154
151
151
156
3,209
3,203
3,218
3,196
3,158
2,964
2,958
2,973
2,95"
2,914
326
315
313
282
244
604
60'
620
632
632
36:
368
36'
366
365
1,561
1,564
1,574
1,573
1,574
106
104
99
99
99
245
245
245
244
244
1.633
1,621
1.618
1.591
1,585
278
276
276
280
280
130
131
134
138
138
28
27
24
24
24
50
50
50
49
50
63
62
61
62
61
1,355
1,345
1,342
1,311
1,305
1,299
1,289
1,286
1,255
1,249
139
135
132
109
118
268
266
266
263
252
171
170
169
.168
168
676
673
674
672
670
45
45
45
A3
41
56
56
56
56
56
1,552
1,552
1.54ft|
1,527
1.4S9
363
361
366
367
365
209
211
216
219
221
33
30
29
28
27
27
28
29
28
29
83
81
81
82
79
1,189
1,19
1,180
1,160
1,124
1,07'
1,076
1,067
1,04"
1,01
59
59!
55
42
33
295
294
290
282
258
209
208
206
20:
200
461
465
467
473
471
50
50
4'
49
4!
115
115
113
113
113
7,81"
7.68
7.6SS
7,56<J
7,571
1,475
1,474
1.471,469
1,454
1,053
1,053
1,055
1,072
1,061
78
138
138
138
13'
137
116
116
117
116
116
6,336
74
61
58
5,824
5,702
5,710
5,596
5,61;
659
579
592
484
508
1,58'
1,546
1,538
1,53
1,518
776
772
762
762
76!
2,590
2,589
2,606
2,609
2,608
215
216
212
210
212
512
506
505
504
503
1,54
1,53:
41
41
41
41
253
254
258
259
258
10
10
10
1
13
64
64
64
64
64
74
73
71
72
71
1,15!
1,14'
1,14!
1,12
1,111
1,04
1,03!
1,031
1,01,
l,00i
78
70
68
51
47
261
261
261
261
148
148
145
143
143
521
521
522
524
520
34
35
. 34
34
34
112
112
111
111
111
1,00;
1,002
999'
973'
964j
196
19
19
19:
19;
115
116
116
117
116
76C
751
753
730
722
89
81
79
50
44
19:
18!
18
19C
18
95
96
96
9i
. 9i
355
360
360
365
366
29
29
29
2!
29
51
52
52
1.73$'
1.733
1,737!
1.721
1.676
35
354
358
356
35
241
240
244
24:
241
159
150
148
136
116
31
322
325
323
3U
234
234
229
229
22C
492
495
499
497
493
1,360
1,360
1.358
1,345
1,338
32
32;
4.889
4.855!
4.891
4.859JI
4.844
2,760
2,704
2.676
2.675
2,649
20,46$
20,151
20.133
19.9131
19.892
Kansas City (12 cities)
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
Dallas (9 cities)
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29..
,;....;..
San Francisco (7 cities)
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec.29..
Citv
Total
Commercial,
industrial,
and
agricultural
635
628
630
62
1.56!
I'.SS-
10
10
10
9
T
4,808
4.724
4.7121
4.63J
4,613
6,21.
6,10C
5!
57
56
55
54
81
4C
41
4C
4C
4C
58
51
5!
5'
5'
1,38
1,37!
1,375
i»36<
1,322
1,25
1,25'
1,254
1,238
1,198
20
20
20
20
2C
s;
3232\
33.
220
221
223
223
224
57
57
59
59
1,035
l,03«
1,03
l.OU
l,00i
9898<
98.
96<
951
106
105
102
91
93
27
271
28:
27!
27i
146
146
145
144
144
412
41
409
407
398
99
994
99
98<
527
530
525
530
524
31:
31!
31
306
306
104
103
106
111
109
3,871
3,86
3,89!
3,863,85!
3,561
3,55,
3,59(
3,56:
3,55:
439
423
445
438
432
79-
429
42*
42i
4:
,77,77
,78:
,77
,77'
of Chicago*
D~ec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
6,2or
1.00;
1,001.00
99-
779
778
776
790
786
H
sc
23
23
2
2,
8
i
"|
74
4y
2
5
77;
77;
3,80;
3,721
3,7
3,63:
3,62!
3,625
80
so;
79!
79:
3.48C . 359 9'
3,403
323
90'
3,396
317
90:
3,319
238
90
3,311
3,3\0
232
232 896
896
•4:
511
50!
49^
49;
49!
,596
,596
1,611
1,61.
1,61,
124
125
125
127
124
53
•52
51
50
51
310
308
308
302
-307
323
317
316
316
315
this table. Thefiguresfor the
74
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
RESERVES AND LIABILITIES
[In millions of dollars! . '
Demand deposits,
except interbank
ReBalDejserves
Indiwith Cash ances mand vidwith
deFeduals,
in
do- posits parteral vault
mestic ad- 1 nerRebanks lusted ships,
serve
Banks
and
corporations
Federal Reserve
district and date
(1943)
Boston (6 Cities)
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
Ncu> York (8 cities)*
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
Philadelphia (4 cities)
Dec. 1
Dec. 8
Dec. 15-.
Dec. 22
r
Dec, 29
Cleveland {10 cities)
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
Richmond (12 Cities)
Dec. 1
Dec. 8
Dec. 15
!
Dec. 22
Dec. 29
Atlanta (8 cities)
Dec. 1
Dec. 8
;;
Dec. 15
Dec. 22
Dec. 29
Chicago {12 cities)*"
Dec. 1..
Dec. 8 . . ! " "
Dec. 15 . . . .
Dec. 22...
Dec. 29 ['_'"
St. Louis (5 cities)
Dec. 1...
Dec. 8...
Dec. 15
Dec. 22....
l f V ^ . 29....;;;:;; ••
Dec! 8.
Dec. IS.
pec.22.
,>..;:;:;;;
wsas City (12 cities)
Dec!
Dec.
Dec.
Dec.
D M™
M
8:;;;
15....
22..
29
(9 ci'
j
Dec! 8
Dec. i s ! !
Dec. 22..
cities)
Dec! 8
Dec. is.;;—••
8<*. 2 2 . . . ; • "
Dec. 29.
Q of Chicago*
IndividStates Certiuals,
and
fied U.S. partpolit- and Gov- nerical
offisub- cers' ern- ships,
and
divi- :hecks ment corsions etc.
porations
413
432
433
435
452
60
63
65
67
66
112
110
126
122
125
1,999
2,030
2,050
2,048
2,025
1,970
1,994
2,039:
2,033
2,016
119
108|
105
103
100
3,455
3,442
3,553
3,477
3,500
12
133
13'
143
136
123
11
138
13
155
13,622
13,797
14,081
13,911
13,843
13,906
13,926
14,375
14,103
14,08"
425
396
392
381
378
8!
1,640
1,66C
1,685
1,63!"
1,635
1,688
l,70C
1,746
l,68f
1,674
2.80C
2,830
2,901
2,862
2,809
380
386
388
3771
377;
2!
3
3:
32
32
698
679
727
707
718
77
•
7 '
8
Dec. 1 5 . . .
S e c - 22. ..:;;;
Dec. 29.
262
263
260
259
260
623
594
650
671
619
2,826
2,767
2,859|
2,800
2,831
716'
725
706
730
742
1,789
1,792
1,809
1,801
1,802
5,131
5,031
5,902
6,219
5,320
6
6
6
226!
227
226
226
226
452
524
597
622
509
336
329
335
331
328
2,844
2,84'
2,95!
2,90:
2,88!
11
112
115
112
115
578]
• 500
465
455'
466
805
808
8091
812
819
486
475
491
478
478
427
426
427,
426
427
773
748
892
987
888
75
75
75
80
78
285
250
230
225
228
226J
7-
226
226
227
228
81
8|
388
397
404
387
379
112]
112'
112
112
112
339
330
375
406
345 .
241
211
195
190
191
239]
239
239
241
242
l,04i
1,069
1,09
1,07:
1,064
290
287
285
283
278
24
25
26
28
28
16;
15!
13.
14!
982
1,005
1,010
984
974 !
94;
968
9995C
94,
1,362
1,366
l,382i
1,349
1,305
92
99|
103
105
103
39:
388
40
392]
383
5,221
5,263
5,342
5,213
5,172
5,15*
5,339
5,200
5,169
389
374
358
357
353
278i
282
294
279|
280
19
. 20|
20!
22
917
937
955
930
921
961
977
1,015
980
982
61
68
63
62
59
618
632
646
6261
591
607
625!
602!
601
5,13;
140
134
134
139|
138
19!
171
27;
251
20
10
,316
,155
,071
,045
,080
8
81
B\
81
Si
1,175
1,181
1,185
1,187
466
471
470!
460'
439]
4
3i
4
4
4
108
108
108:
107
107
316
315
352
403
320
1,480
1.469
1.501
1,468
1,423
15
16
\l
491
492
489
4891
491
IS
1
1
1
1
1
1,950
1,848
2,106
2,137
1,943
109]
109
109
109
109
355
320
379
412
328
72
248
239
244
273
223
124l
125
125
125
126
408
402
431
517
451
282
288
326
379
304
2241
196]
180
176
177
214
215
216
216
218
508
515
522
518
511
81
78
78|
78J
173]
151
138;
134
136
127
128
128
128
129
273|
2761
280
272
257
1,143
1,148
1,204
1,158
1,118
112
105,
1081
116
116
19'
224
198
182
177
181
170
171;
171|
171
172j
779
791
778
781
741 .
1,042
1,051
1,097
1,076]
1,045
58
63
59
50
53
15!
15!
22|
24
24
197
174
161
158
161
147
148j
14*
149;
150,
426!
446
450]
437
426
100
9;
101
101
101
68
799,
701
647
618
627
.266
,2721
275i
icrv
,280
.288
458
450
465
438
427
416
931
417
985
417 1,013
415 1,010
933
415
853
744
691
674
697
5051
508!
514?
516
513
20
Ill
113
115
109
169
173
1761
173|
172
10
10
10
11
74
71
77
75
'74
383
376
378|
367
374
21
22
22
22;
23
283
279
283
278
265
2941
293|
3021
295 S
28O|
20
22
22
23
25\
218!
227j
238!
22Qi
219
1,133
1,131
1,170'
1,132
1.110
1,034
1.045
1,071
1,O4SJ
1,035
787.
795|
788j
776
762
44
41
43
42
45
271
263 i
288,'
263
258
2,635
2,669
2,741
2,724:
2,680]
2,701
2,702
2,799
2,754
2,717
141
154
173
178
164
847
847
866
837
817
38
177!
185
183
174.
165!
3.151
3,194
3,215
3,129;
3,101
3.156
3,174
3,254
3,153
3,149
189
•183,
176
178
165]
44
42
17
18
18
18
18
161
162
163
164
165
1,050
1,076
1,098;
1,068
1,064
Sr
22
284
282
288
297
309
448!
389
357
348
364
627
422
534
472
553
13
11!
Ll
Del! 8.'!!
269
270
270
271
272
54
47
48
60
64
13!
141
15!
14'
130
i
Domestic
banks
.S.
States U
Bor- CapBank
Govand
row- ital
ernac- debpolit- ment
For- ings counts]
its*
ical
eign
and
sub- Postal
banks
De- Time
divi- Savsions ings mand
,135
,143]
.156
,159
,167
36
37
37
39
40
627
560
487
447
436]
443
281
27
31
31
36
Interbank
deposits
4,023
~3,509
3,207
3,126
3,17
2761
278
277!
270'
278
is:
Time deposits,
except interbank ,
40!
27|
33\
i
9
26
29i
26!
26|
2b\
18;
18]
5,
5
5
5
6
5
5
5
1,047
1.037
1,057
1,034
997:
322
323
320
320
321
1,130
1,158
1,274
1,246
1,162
^
^
interbank and U. S. Government, less cash items reported as in process of collection,
and deposit accounts except interbank and U. £ Government accounts.
JANUARY
1944
75
COMMERCIAL PAPER AND BANKERS1 ACCEPTANCES
[In millions of dollars]
OUTSTANDING
Dollar acceptances outstanding
Commer
cial
paper
outstanding
End of month
Held by
Based on
Accepting banks
Total
outstanding
Others
2
Imports
into
United
States
Exports
from
United
States
Total
Own
bills
Bills
bought
31
26
25
26
25
78
66
60
57
57
8
6
6
6
9
24
25
29
29
31
38
36
36
33
27
23
57
60
69
71
79
82
81
77
69
67
59
12
14
12
9
8
10
12
10
7
9
11
1942—August....
September
October...
November
December
297
282
271
261
230
139
123
119
116
US
108
97
94
90
93
71
64
. 63
60
37
S3
31
29
34
1943—January...
February..
March
April
May
June
July
August....
September.
October...
November.
220
209
201
179
160
143
150
156
170
188
202
120
127
130
12S
136
140
139
130
117
115
111
95
102
101
99
105
102
102
94
84
60
64
62
61
65
62
64
59
50
48
53
35
38
39
38
40
40
38
36
33
39
35
61
Dollar
exchange
Goods stored in or
shipped between
points in
United
States
Foreign
countries
1(3)
41
41
40
39
38
11
10
12
12
14
(3)
38
41
39
3$
37
36
35
33
30
29
31
12
12
10
11
12
12
10
11
11
10
9
1
3
8
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;i937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, A N D P R I N C I P A L RELATED ITEMS O F S T O C K EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollarsl
Debit balances
Credit balances
Debit
Debit
;ustomers' balances in balances in
debit
partners'
firm
balances
investment investment
let)1
and trading and trading
accounts
accounts
End of month
Customers*
credit balances 1
Cash on
hand
and in
banks
Money
borrowed 2
Free
Other
(net)
Other credit balances
In partners' In firm
In capital
investment nvestment
and trading and trading accounts
(net)
accounts
accounts
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..
1938-June
1,469
985
55
34
161
108
214
232
1,217
688
266
278
92
85
25
26
13
10
397
355
774
991
27
32
88
106
215
190
495
754
258
247
89
60
22
22
11
5
305
834
906
25
16
73
78
178
207
570
637
230
266
70
69
21
23
6
7
277
653
677
12
12
53
99
223
204
376
427
267
281
62
54
22
22
5
269
247
616
600
11
8
86
186
211
395
368
255
289
65
63
17
17
7
5
222
213
86
180
309
240
56
16
189
160
•320
378
«250
270
54
15
182
*290
e
320
e
350
"570
e
55O
529
e
530
"490
*77O
*74O
e
600
«280
*310
e
320
e
330
e
330
334
e
34O
e
340
e
320
*330
c
340
iber.
1939—Tune
December 1940-June
December
1941—June
December
1942—June
496
1942—November.
December..
e
1943—January
February
March
April
May
June
July
August
September
October
November
e
'
firm's*^'
52O
543
154
540
"550
'610
*67O
e
74O
761
e
78O
e
74O
*77O
*780
c
74O
C
°mplete ^
^
n
190
°
Wc o l l e c t e d s
167
212
66
e*ni-annually; monthly figures for t h r e e items e s t i m a t e d on b a s i s of r e p o r t s from a s m a l l
E l u d i n g balances with reporting firms (1) of member firms of New York Stock Exchange a n d other national securities exchanges
a n d (2) of &*
b
own partners.
Back
figures.—See
B U L L E T I N for March 1938, p . 196, and (for d a t a in detail) Annual Report for 1937 (table 69).
FEDERAL RESERVE
OPEN-MARKET MONEY RATES I N NEW YORK CITY
{Per cent per annum]
I
Year,
month, or
week
Prime
Prime
bankcomers'
mercial
paper, acceptances,
4- to 690
monthsl
days!
Stock
exchange
call
loan
renewa l
Yields on U . S .
Government securities
9-to 12
month
3certifi- 3-to 5year
month
cates
billsS
of in- taxable
,
notes
debtedness
1940 a v e r a g e . . . .
1941 a v e r a g e . . . .
1942 average
.56
.54
.66
.44
.44
.44
1.00
1.00
1.00
.014
.103
.326
1942—November
December.
.69
.69
.44
.44
1.00
1.00
.371
.363
.80
.80
1.34
1.34
1943—January...
February..
March....
April
May
June
July
August —
September.
October...
November
.69
.69
.69
.69
.69
.69
.69
.69
69
69
69
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.367
.372
.373
.373
.373
.374
.374
.375
.375
.375
.375
.76
.73
.75
.78
.78
.70
.68
.75
.77
.77
1.29
1.24
1.33
1.39
1.36
1.32
1.30
1.29
1.31
1.31
1.29
1.00
1.00
1.00
1.00.
1.00
.375
.375
.375
.375
.375
.75
.78
.77
.77
.76
1.29
1.29
1.29
51.31
1.31
Week ending:
Nov. 27 . . .
Dec. 4 ..
Dec. U . . .
Dec. 18 . . .
Dec. 25 . . . .
COMMERCIAL LOAN RATES
AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS
IN PRINCIPAL CITIES
[Per cent per annum 1
.76
1.13
4
i Monthly figures are averages of weekly prevailing rates.
l h e average rate on'90-day stock exchange time loans was 1.25 per
cent during the entire period.
M u ?* o n n e w i s s u e s o f f e r e d within period. Tax-exempt bills prior to
March 1941; taxable bills thereafter.
55
L e r o f i s s u e s decreased from 3 to 2 on Nov. 1.
Number of issues decreased from 2 to 1 on Dec. 15.
Back figures.-7$ee Annual Report for 1937 (tables 43 and 44). Figures
on ireasury bills and Treasury notes available on request.
Total
19 cities
New
York
. City
7 Other
Northern and
Eastern
cities
average 1 ....
average1....
average 1 ....
average 1 ....
average 1 ....
3.45
2.93
2.68
2.59
2.53
2.45
1.76
1.72
1.73
1.69
3.71
3,39
3.04
2.83
2.75
1939 average
1940 average
1941 average
1942 average
1939—March
June
September.
December.
1940—March....
June
September.
December.
1941-March
June
September.
December.
1942-March
June
September.
December..
1943—March
June
September.
2.78
2.63
2.54
2.61
2.95
2.91
2.68
2.59
2.65
2.59
2.68
2.59
2.58
2.55
2.60
2.41
2.48
2.62
2.70
2.63
2.07
2.04
1.97
2.07
2.13
2.15
2.04
1.96
2.03
2.00
2.14
2.00
2.06
1.95
1.98
1.83
1.85
2.07
2.28
2.09
2.87
2.56
2.55
2.58
3.05
3.05
2.78
2.59
2.67
2.49
2.56
2.53
2.53
2.58
2.62
2.45
2.48
2.56
2.66
2.63
2.76
3.00
2.48
2.36
2.70
2.05
2.76
2.98
2.71
1934
1935
1936
1937
1938
i Prior to March 1939 figures were reported monthly on a basis not strictly
comparable with the current quarterly series.
Back figures.—See November 1939 BULLETIN, pp. 963-969 for description
and for back figures.
B O N D YIELDS *
[Per cent per annum]
U.S.
Government2
Year, month, or week
Partially
taxTaxable
exempt
Number of issues
" » « ^rage
941 average
1942 average
November
December
1943-Jaimary.
February
March...
April
M
ay
June
July
;;;
August..
September..
October . . . .
November....'
Week ending*
Nov. 27..
Dec. 4.
Decii.;;:;"
Dec. 1 8 . . . . . " "
Dec. 25..
"'
8
3
Corporate (Moody's) 6
Municipal
grade} 3
Corporate
(highgrade) 4
By rating
By groups
Total
Aaa
Aa
Baa
Industrial
Railroad
Public
utility
2-6
15
120
30
30
30
30
40
40
40
2.21
1.95
2.02
2.35
2.50
2.10
2.36
2.77
2.67
2.75
3.55
3.34
3.34
2.84
2.77
2.83
3.02
2.94
2.98
3.57
3.30
3.28
4,75
4,33
4.28
3.10
2.95
2.96
4.30
3.95
3.96
3.25
3 11
3.11
2.06
2.09
2.34
2.36
2.20
2.26
2.71
2.72
3.31
3.32
2.79
2.81
2.94
2.96
3.24
3.23
4.25
4.28
2.93
2.94
3.93
3.96
3.06
3.07
2.06
2.06
2.08
2.02
1.92
1.85
1.82
1.83
1.80
1.81
1.85
2.32
2.32
2.33
2.32
2.30
2.29
2.27
2.28
2.30
2.30
2.32
2.27
2.22
2.21
2.20
2.13
2.07
1.97
1.91
1,92
1.88
1.90
2.70
2.68
2.70
2.68
2.65
2.63
2.58
2.57
2.59
2.60
2.61
3.27
3.23
3.20
3.19
3.16
3.14
3.11
3.10
3.11
3.11
3.13
2.79
2.77
2.76
2.76
2.74
2.72
2.69
2.69
2.69
2.70
2.71
2.93
2.89
2.88
2.88
2.87
2.85
2.82
2.81
2.82
2.83
2.84
3.20
3.17
3.14 "
3.14
3.13
3.11
3.09
3.08
3.10
3.10
3.11
4.16
4.08
4.01
3.96
3.91
3.88
3.81
3.81
3.83
3.82
3.83
2.90
2.88
2.87
2.87
2.86
2.84
2.80
2.79
2.82
2.82
2.85
3.86
3.78
3.73
3.69
3.64
3.61
3.56
3.55
3.56
3.55
3.56
3.05
3.02
3.00'
3.01
3.00
2.98
2.95
2.96
2.96
2.96
2.98
1.86
1.S6
2.33
2.34
2.34
2.34
2.34
1.95
2.00
2.02
2.01
2.00
2.61
2.62
2.62
2.63
2.64
3.13
3.15
3.15
3.14
3.14 .
2.72
2.74
2.74
2,74
2.74
2.86
2.88
2.87
2.87
2.86
3.12
3.13
3.13
3.13
3.12
3.83
3.84
3.84
3.83
3.81
2.86
2.87
2.87
2.86
2.85
3.56
3.57
3.57
3.57
3.56
2.99
3.00
3.00
3.00
3.00
1.87
1.86
AverS'?*5 n < 1 - l iS e k l y d S t a a r e averages of daily figures, except for municipal bonds, which are based on Wednesday figures.
S t a n d a r d a / d p S , ? " C 0 u t s t £ * n d i n S i s s u e s d u e o r callable in more than 12 years.
* M<w? T ' r C ? S U r y D e D a r t m e ^
from 10 tn7A S < ? ^ s t o r s Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced
W i n i S ? ! c t 0 J i s s u e 1 s ' respectively, and the railroad Aaa and Aa groups from 10 to 5 and 10 to 9 issues, respectively.
21-24. F i e S £ ? f
i ? £ n n u a l Report for 1937 (table 80) and for high-grade corporate bonds, Bulletin of the Treasury Department for July 1941, p p .
6
I0t u s
- - Government bonds available on request.
JANUARY 1944
77
SECURITY MARKETSi
Stock prices^
Bond prices
Volume
Common (index, 1935-39 =* 100) of trad7
Corporate4
U . S . Municipal
Gov(high 3
ernment* grade)
Year, month, or week
Railroad
DePublic faulted
utility
Total
Industrial
Railroad
Public
utility
15
15
50
10
20
20
15
15
402
354
20
28
115.9
117.8
118.3
94.8
98.9
100.1
97.3
103.9
109.1
83.8
86.9
86.6
103.5
106.1
104.8
14.0
21.9
27.2
88
80
69
88
80
71
71
71
66
' 96
81
61
767
629
466
109.4
10S.9
129.0
127.8
119.5
118.9
103.2
103.6
113.8
115.3
87.6
86.5
108.3
109.1
29.6
29.9
169.2
171.9
162.4
165.4
166.9
75
76
77
79
69
73
66
686
81S
109.4
109.4
109.1
109.9
111.4
112.4
112.9
112.7
113.2
113.0
112.4
127.7
128.6
128.7
129.1
130.4
131.5
133.4
134.6
134.4
135.2
134.9
119.5
120.0
119.8
119.9
120.1
120.5
121.1
121.1
120.8
120.9
120.4
105.4
106.4
108.0
109.2
110.0
109.9
110.8
110.4
110.4
110.6
111.3
115.7
115.9
116.7
116.3
116.1
116.6
116.6
117.0
117.1
117.9
118.9
89.9
92.0
95.3
97.8
100.1
98.7
100.4
98.6
98.4
98.6
99.8
110.5
111.4
112.1
113.4
113.7
114.4
115.3
115.6
115.7
115.4
115.2
31.7
33.5
39.9
44.7
49.1
47.6
48.1
44.2
46.4
49.9
45.4
168.0
170.8
171.5
171.5
172.1
173.8
175.9
176.4
175.9
175.1
172.6
80
85
82
88
74
73
69
73
88
91
95
97
99
94
96
91
94
97
99
101
96
98
86
93
98
94
97
91
91
76
79
84
95
91
97
93
92
87
87
85
820
1,247
1,504
1,485
1,593
992 .
1,145
604
663
633
886
; 112.3
112.3
112.3
112.1
112.3
133.8
132.8
132.4
132.6
132.8
120.0
119.8
119.9
119.9
120.1
111.7
111.5
112.0
112.2
112.2
119.3
119.2
119.5
119.4
119.2
100.6
100.3
101.3
102.0
102.2
115.2
114.9
115.1
115.1
115.1
45.5
45.1
46.2
46.9
47.7
170.3
169.1
169.5
168.7
168.3
91
90
93
92
93
92
91
94
94
95
85
83
86
86
87
85
85
86
85
86
......
December
1943 January
February
March
May
Tune
j u ?v
September
October
November
...
Industrial
123.6
130.9
126.2
.
Week ending:
Nov. 27
Dec 4
Dec. 11
Dec 18
Dec. 25
Total
ing
in thou*
sands of
shares)
2-6
1040 iiVCr3.CC
1042—November
Highgrade
Preferjeds
107.2
1U.0
109.9
Number of issues
1042 over&ce
Medium and lower-grade
65
85
88
86
87
636
685
958
111
, -633
J Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures.
2
Prices derived from average of yields on all outstanding partially tax-exempt U. S. Government bonds due or callable in more than 12 years on basis
of a 2% per cent, 16-year bond. Prices expressed in decimals.
J4 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
Prices derived from averages of median yields, as computed by Standard and Poor's Corporation.
5
Standard and Poor's Corporation.
•7 Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend.
Average daily volume of trading in stocks on the New York Stock Exchange.
Backfigura.—For United States Government bonds, see November 1940 BULLETIN.
NEW SECURITY ISSUES
[In millions of dollars]
Year or month
Total
(new Total
and
(dore- mestic
fund- and
ing)
fpr- Total
etgn)
1,063
2,160
4,699
6.211
3,937
4,449
5,842
4,803
5,546
2,119
720
1,336
1,457
1,972
2,138
2,360
2,289
1.951
2,854
1,075
703
1,3S6
1,409
1,949
2,094
2,325
2,239
1,948
2,852
1,075
1942—November.
December
100
150
31
41
1943—January.
February.
March...
April.. .
May....
June
July
August
September.
October...
November.
176
102
200
158
157
203
169
145
109
201
357
7
58
90
36
44
41
31
29
20
57
165
31
41
7
58
87
36
44
41
31
29
20
57
165
1933...
1934...
1935...
1936...
1937...
1938...
1939...
1940...
1941...
1942...
State
and
municipal
For new capital
For refunding
Domestic
Domestic
Federal
483
64
803 405
855
150
735
22
'712
157
971 481
931 924
•751 461
518 1,272
342
103
7
9
4
47
33
10
12
10
7
7
10
5
21
17
17
Total
(doCorporate
For- 2 mestic
eign
and
for- Total
Bonds
eign)
Total and Stocks
notes
161
178
404
1,192
1,225
873
383
Federal
agen-
Corporate
Total
Bonds
and Stocks
notes
624
40
144
334
839
817
807
287
601
889
506
7
15
7
13
69
110
69
110
14
66
13
66
3
11
55
19
29
30
19
22
10
41
121
3
11
47
15
25
22
6
14
10
33
87
170
44
110
122
114
162
139
116
89
144
192
44
110
122
114
162
139
116
89
144
192
8
2
38
75
45
78
66
79
55
87
70
8
2
32
73
42
67
65
69
51
59
58
736
1,062
120
35
69
352
403 A
67*
97
135
173
113
48
23
44
35
50
2
1
Foreign*
343
774
3,242
4,242
1,799
2,089
3,553
2,852
2,693
1,044
283
765
3,216
4,123
1,680
2,061
3,465
2,852
2,689
1,044
219
312
1,864
3,387
1,209
1,267
1,733
2,026
1,557
422
187
312
1,782
3,187
856
1,236
1,596
1,834
1,430
411
32
81
200
352
31
137
193
126
11
9
26
119
119
28
1 Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U S Treaaurv
a Includes issues of noncontiguous U. S. Territories and Possessions
*b*"tras oi u. a. ireasury.
F r d m e S t k iSSUeS> Commercial
and
is1on'"'~"
°
°
ft»™to
Chronicle;
for
foreign
issues,
U. S. Department
rtmentofof Commerce. Monthly figures dtobjert*
revision.
Back figures.—See Annual Report for 1937 (table 78).
78
FEDERAL RESERVE
NEW CORPORATE SECURITY ISSUES*
PROPOSED USES OF PROCEEDS, ALL ISSUERS
{In millions of dollars]
Proposed uses of net proceeds
Year or month
Estimated
gross
proceeds'
Estimated
net
proceeds8
New money
Plant and
equipment
Total
1931
1935
1936
1937
1938
1939
1940
1941
1942
397
2,332
4,572
2,310
2,155
2,164
2,677
2,667
1,062
1942—January
February
March
April
May
June
July
August
September
October
November
December
1943—January
February
March
April
May
June
July
August
September
October
November
171
56
125 "
135
124
152
61
43
82
46
35
34 '
9
49
v 98
91
83
99
76
106
'69
130
200
Retirement of securities
Working
capital
Bonds and
notes
Preferred
stock
231
1,865
3,368
1,100
1,206
1,695
1,854
1,583
396
231
1,794
3,143
911
1.119
1,637
1,726
1.483
366
71
226
190
87
59
128
100
30
Total
384
2,266
4,431
2,239
2,110
2,115
2,615
2,623
1,043
57
208
858
991
681
325
569
868
474
32
111
380
574
504
170
424
661
287
26
96
478
417
177
155
145
207
187
167
54
123
132
123
149
60
42
80
45
34
33
74
17
62
75
57
75
20
38
31
4
5
16
38
10
58
20
25
57
17
33
12
2
1
15
35
7
4
55
32
18
4
5
19
2
4
1
84
24
45
21
14
61
31
4
25
41
28
17
82
13
40
21
14
56
31
4
24
41
28
13
8
49
96
88
81
97
74
103
68
127
197
1
12
39
9
32
25
3
15
11
3
122
1
6
34
48
76
49
70
59
80
50
101
69
6
34
42
74
49
51
40
79
42
10
6
3
14
10
.
2 i
32
6
18
15
3
3
5
3
31
12
6
91,
2
11
5
Repayment
of
other debt
Other
purposes
84
170
.154
111
215
69
174
144
138
11
23
49
36
7
26
19
28
35
9
11
16
36
51
10
8
5
2
1
3
4
20
1
4
7
2
'
19
19
64
8
2
10
2
1
2
8
5
22
6
9
4
5
*>7
2
3
1
3
PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS
[In millions of dollars)
Public utility
Railroad
Year or month
1934
1935...
19
«-January..
February
March
Apni
:::;;
Mav
June
July....
August
September....
Ortnhup
November..
December
l943
RetireAll
Total
Total
RetireAll Total
Retire- All
Total
Retire- All
New ment of other
New ment of other
net
net
New ment of other
New ment of other
net
net
pro- money securi- purpro- money securi- purpro- money securi- pur- 4 pro- money securi- purposes*
poses ceeds
ties
poses* ceeds
ties
ties
ceeds
poses* ceeds
ties
172
120
774
1937
1938...
1939...
1940...
1941...
1942.
—January..
Februarv
March
$C:
June....
-My...•....".'•••
August. .
September..
October..
•"'
November..
Other
Industrial
338
54
182
319
361
47
21
57
139
228
24
85
115
253
32
10
4
6
10
4
6
9
2
2
1
9
3
2
2
1
4
4
8
15
3
14
46
7
6
4
28
26
8
5
3
14
120
54
558
31
10
77
1
30
97'
186
108
15
IS
no
6
9
""'6 "
4
10
46
7
130
1,250
1,987
751
1,208
1,246
1,180
1,340
464
110
10
71
17
30
70
6
38
40
29
17
27
39
22
58
38
1
26
46
49
50
37
11
30
63
89
180
43
245
317
145
77
1,190
1,897
611
943
1,157
922
993
292
42
30
27
. 50
86
47
13
30
27
18
83
10
40
4
13
50
2
4
25
29
16
17
10
ii
13
12
17
3
34
6
1
10
2
1
1
5
3
9
a
20
55
38
1
24
46
41
49
37
1
3
1
4
62
774
1,280
1,079
831
584
961
828
527
25
74
439
616
469
188
167
244
293
34
550
761
373
226
353
738
463
89
44
40
47
115
93
70
52
2
38
6
17
3
43
13
26
62
45
55
15
2
23
4
4
2
1
14
5
17
1
6
29
1
8
2
2
59 . 33
5
27
11
17
25
50
3
40
9
49
3
14
2
48
119
134
2
150
80
90
136
43
-.56
121
146
"li"
16
36
47
10
8
20
122
390
71
16
102
155
94
4
46
218
57
8
9
42
55
4
3
3
1
1
12
7
72
152
7
7
£8
9
IS
19
4
20
7
1
5
104
21
15
3
12
1
1
6
2
IS
22
7
23
26
35
9
24
9
8
2
11
6
3
22
6
2
3
1
1
4
2
2
1
28
""3"
23
2
Of e w l s s u e s
fc
3
^ f o r cash in the United States. Currentfiguressubject to revision. m
3 ^ross proceeds are derived by multiplying principal amounts or number of units by offering price.
netproceeds are
4 fncl rf
equal to estimated gross proceeds less cost offlotation,i.e., compensation to underwriters, agents, etc., and expenses.
^.-Data"l^mA^Q's^^^E^^CammMm.
For a description of data, see pp. 217-19 of the March 1942 BULLETIN,
JANUARY
1944
4
......
79
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
Other
Nontrans- ferrous
porta- metals
tion
and
equip- prodment
ucts
Other
durable
goods
Oil
Foods, producIndusbevertrial
ing
ages,
chemiand
. and
cals
refintobacco ing
Other
nondurable
goods
Miscellaneous
services
Dividends
Iron
and
steel
Machinery
68
77
75
49
45
30
80
74
152
152
152
1,465
1,818
2,169
1,792
146
278
325
226
115
158
193
159
223
242
274
209
102
173
227
202
119
133
153
138
70
98
112
174
152
186
207
164
134
160
187
136
122
132
159
165
847
1,028
1,144
883
90
90
92
564
113
90
151
148
159
151
4
284
311
320
550
13
14
35
85
20
25
26
44
64
61
12
86
23
21
20
39
25
22
30
42
S
16
• 23
23
31
36
44
41
14
21
26
37
36
40
45
66
28
29
32
45
24
27
29
42
173
185
167
321
21
22
21
26
114
119
. 125
207
1940—1
2
3
4
422
412
396
588
47
51
79
101
33
39
34
52
69
53
17
103
41
36
33
63
33
29
30
40
14
21
25
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
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
1942-1
2
3
4
419
364
451
557
52
52
51
72
3$
35
.36
49
46
25
46
92
J51
J48
J49
7
36
32
34
36
19
18
22
30
32
32
42
44
35
27
42
49
39
35
41
48
39
27
35
35
32
34
52
47
204
174
211
294
21
23
20
23
134
135
125
158
1943—1
2
3
442
442
452
53
48
50
39
42
43
47
49
52
?54
52
34
32
32
19
22
19
39
40
39
36
42
49
42
41
40
36
36
36
42
38
41
211
221
225
21
22
21
132
127
Total
Number of companies,
1939
1940
1941
1942
1939-1
629
Automobiles
69
Net
profits1
Pre- Comferred
Quarterly
3'.'.'.'.\'.'.'.'.y.'.'.y.
n
54
I53
7
705
552
221
PUBLIC UTILITY CORPORATIONS
[In millions of dollars]
Railroad2
Year or quarter
Operating
revenue
Income
before
income
tax4
Net income
Dividends
3,995
4,297
5,347
7,466
126
249
674
1,718
93
189
500
959
898
-102
-73
23
173
Operating
revenue
Income
before
income
tax4
Net
income1
Dividends6
Operating
revenue
Net ,1
come
Dividends
28
2S
28
23
32
32
126
159
186
196
692
735
799
848
159
177
202
226
137
142
133
118
116
118
115
98
1,067
1,129
1,235
1,362
191
194
178
163
21
23
21
61
175
166
167
184
46
37
34
43
39
32
30
36
19
19
19
22
259
267
266
274
44
49
47
51
42
42
43
48
Number of companies.
1939.
1940.
1941.
1942.
Telephone*
Electric power
1
175
178
172
163
Quarterly
1939—1.
2..
3..
4..
906
1,058
1.133
-38
-43
68
139
-43
-47
58
126
1940—1.
2.
3.
4.
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
to
41
34
31
37
19
19
19
20
274
281
281
294
49
50
45
50
44
44
44
46
1941—1..
2..
3..
4..
1,152
1,272
1,468
1.454
96
145
267
166
69
103
189
138
-5
0
23
5
28
36
34
87
201
191
196
211
59
48
46
50
43
33
25
34
18
24
18
19
295
308
311
321
43
44
45
46
44
45
44
40
1942—1.
2.
3.
4.
1,483
1,797
2,047
2,139
179
389
556
594
90
199
283
387
12
37
60
61
29
35
34
98
216
202
208
221
63
53
55
56
33
25
26
35
19
19
19
19
324
336
344
358
47
48
1943—1..
2..
3..
2,091
2,255
2.3<>S
513
605
653
209
239
249
52
56
55
28
49
39
229
221
225
71
. 62
60
34
29
29
19
18
19
366
383
389
"Net profits'' and "net income" refer to income after all charges and taxes and before dividends.
Class I hne-haul railroads.
r
r-\~''~'"t—\
*
rT—
-—^o-^t-* yl - v u ^ m i ; , the
t u t greater
^i^dLCi ptiiL
ui
consists of d i v i d e n d s
in t be
h V32"companies.
™™^eS ™
^ — ' ~^™J£^J^
P$.S™*™
partcompanies,
of wnuse
whose income
income
Dividend
payments shown
here include amounts paid
to parent
as well conas to the public
8
44
42
22
42
44
45
40
42
43
2J
rr ee cc ee ii v e d o n s t o c k - " 0
4
After all charges and taxes except Federal income and excess profits taxes
puouc.
yearlytoltotals shown.
« Sofivaflabk 1116116 d a U aTC n O t a v a i l a b l e f ° r a U c o m P a n i e s 'm ^ e group and, therefore, do not add to the Eyearly
7
Partly estimated.
8
a t rates
Unlike other industrial groups in this table, deductions for Federal income and excess profits taxes in the i
of 1942 were
specified in the Revenue Act of 1941. Most of the increase in taxes for the year is therefore reflected in the f
8o
FEDERAL RESERVE
UNITED STATES GOVERNMENT DEBT—VOLUME AND K I N D OF SECURITIES
tOn basis of daily statements of United States Treasury. In millions of dollars I
End of month
1940—June.
Dec.
1941—June.
Dec.
1942—June.
1942-Nov.
Dec.
1943-Jan..
Feb..
Mar..
Apr.
May.
June.
July.
Aug..
Sept.,
Oct..
Nov..
Marketable public issues1
Total
gross
direct
debt
Total
interestbearing
direct
debt
Totals
42,968
45,025
48,961
57,938
72,422
42,376
44,458
48,387
57,451
71,968
34,436
35,645
37,713
41,562
50,573
96,116
108,170
111,069
114,024
115,507
129,849
135,913
136,696
141,524
144,059
158,349
165,047
166,158
95,458
107,308
110,024
112,851
114,287
128,643
134,675
135,380
140,238
142,721
157,053
163,589
164,781
66,554
76,488
77,496
78,726
79,662
91,392
95,382
95,310
98,613
99,935
111,426
115,944
115,909
Konmarketable public issues
CertifiTreasury cates of Treasury Treasury
bills
indebtednotes
bonds
ness
1,302
1,310
1,603
2,002
2,508
5,721
6,627
7,423
8,232
9,234
10,044
10,853
11,864
12,460
12,846
13,054
13,064
13,074
Total 2
U.S.
savings
bonds
Treasury
tax and
savings
notes
3,096
6,383
6,178
5,698
5,997
6,689
26,555
27,960
30,215
33,367
38.085
3,166
3,444
4,555
8,907
13,510
2,905
3,195
4,314
6,140
10,188
7,161
10,534
10,741
11,161
11,161
16,154
16,561
16,561
16,561
17,497
21,136
23,199
23,103
10,095
9,863
9,863
9,863
9,797
9,797
9,797
9,168
11,875
11,875
11,596
11,596
11,596
43,381
49,268
49,273
49,273
49,273
55,201
57,975
57,520
57,520
57,520
65,444
67,889
67,940
20,117
21,788
23,356
24,560
24,622
27,456
29,095
29,200
30,169
30,879
33,910
35,776
36,595
14,079
15,050
16,246
17,067
17,891
19,267
20,507
21,256
22,030
22,694
24,478
26,056
26,697
3
3
Fully
NonguaranSpecial interest- teed inissues bearing
terestdebt
bearing
securities
2,471
3,015
4,775
5,370
6,120
6.982
7,885
591
566
574
487
454
5,498
5,901
6,360
6,317
4,548
5,703
6,384
6,749
7,125
6,346
7,783
8,163
7,495
7,678
7,703
8,851
9,109
9,278
8,787
9,032
9,172
9,565
10,004
9,795
10,198
10,871
11,456
11,907
11,717
11,868
12,278
862
,045
,173
,219
,206
,238
,316
,286
,338
,296
,458
,377
657
4,244
4,283
4,277
4,275
4,350
4,363
4,082
4,092
3,782
3,934
3,964
4,113
4,154
including amounts held by Government agencies and trust funds, which aggregated $3,766,000,000 on Oct. 31 and $3,760,000,000 (preliminary) on
2
Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service and
depositary bonds not shown separately.
3
Including special short-term certificates of indebtedness not shown separately amounting to $422,000,000 on Nov. 30 and $202,000,000 on Jan. 31.
UNITED STATES GOVERNMENT MARKETABLE PUBLIC
SECURITIES OUTSTANDING,NOVEMBER 3 0 , 1943
(On basis of daily statements of United States Treasury. In millions
of dollarsl
Issue
Amount
Treasury bills
Dec. 2, 1943
Dec. 9, 1943
Dec 16, 1943
Dec 23, 1943
Dec 30, 1943
Jan. 6, 1944
Jan. 13, 1944
Jan. 20, 1944
Jan. 27, 1944
Feb. 3, 1944.......;
Feb. 10, 1944
Feb. 17, 1944...
Feb. 24, 1944
1,002
1,005
1,009
1,018
1,003
1,007
1,005
1,001
1,008
1,003
1,005
1,001
1,009
Cert, of indebtedness
Dec 1, 1943
Feb. 1, 1944
Apr. 1, 1944
May 1, 1944
Aug. 1, 1944
Sept.l, 1944
Oct. 1, 1944
Treasury notes
Dec. is, 1943
Mar. 15, 1944
June 15, 1944
Sept. 15, 1944...
Sept. 15, 1944
Mar. 15, 1945
JJar. 15, 1945
'.['
Prec. 15, 1945
Mar. 15t 1946.
p e c 15, 1946....
Sept. 15,1947
"
Treasury bonds 1
Apr. 15, 1944^t6 .
p e c 15, 1944-54...."
Sept. 15, 1945-47 ...'.
pec. 15,1945
Mar. 15, 1946-56.
June 15, 1946-48...
June 15, 1946-19... .
Oct. 15, 1947-52
Dec. 15, 1947.....""
Mar. 15, 1948-50.. "
Mar. 15, 1948-51. •" *
June 15, 1948
Sept. 15, 1948.'.*.'. ""*
Dec 15, 1948-50..'"
1
3,800
2,211
5,251
1,655
2,545
4,122
3,519
421
515
416
283
635
718
1,606
531
503
3,261
2,707
1,519
1,037
1,214
541
489
1,036
819
759
701
1,115
1,223
3,062
451
571
Issue
Amount
Treasury bonds—Cont.
1,014
June 15, 1949-51
1,292
Sept. 15, 1949-51
2,098
Dec. 15, 1949-51
491
Dec. 15, 1949-52
1,786
Dec. 15, 1949-53
1,963
Mar. 15, 1950-52
1,186
Sept. 15, 1950-52
4,939
Sept. 15, 1950-52
1,627
June 15,1951-54
7,983
Sept. 15, 1951-53
755
Sept. 15, 1951-55
1,118
D e c 15, 1951-53
510
Dec. 15, 1951-55
1,024
Mar. 15, 1952-54
1,501
June 15, 1952-55
725
June 15, 1953-55
681
June 15, 1954-56
2,611
Mar. 15, 1955-60
1,449
Mar. 15, 1956-58
982
Sept. 15, 1956-59
919
June 15, 1958-63
1,485
Dec. 15, 1960-65
2,118
June 15, 1962-67.
2,831
Dec. 15, 1963-68
3,762
June 15, 1964-69
3,837
Dec. 15,'1964-69
2,716
Sept. 15, 1967-72
117
Postal Savings b o n d s . . . •
29
Conversion bonds
50_
P a n a m a Canal loan
115,909
Total direct issues
Guaranteed securities
Commodity Credit Corp.
Feb. 15, 1945..
Fed. Farm Mortgage Corp.
Mar. 15, 1944-64
May 15, 1944-49
Fed. Public Housing
Authority
Feb. 1, 1944
Home Owners* Loan Corp.
May 1, 1944-52
June 1, 1945-47
Reconstruction Fin. Corp.
Apr. 15, 1944
Jan. 1, 1945
Federal Housing Admm.
Various
Total guaranteed issues
UNITED STATES SAVINGS BONDS
[In millions of dollars]
Month
1942—Aug
Sept
Oct
Nov
Dec
11,751
12,479
13,381
14,079
15,050
1943—Jan.
Feb
Mar
Apr
May
June.......
July
16,246
17,067
17,891
19,267
20,507
21,256
22,030
22,694
24,478
26,056
26,697
Sept
Oct
Nov
Maturity
Series A—194!
Series B—194C
Series C—194'r
Series C—194£I
Series D—1949
Series D—1950
Series D—195 I
Series D—195 I
Scries E—195
Series E—195;;
Series E—195.
Series F—195;i
Series G—1953
Series F—195-1
Series G—1954
Series F—195!
Series G—1955
Series unclassified
412
95
835
114
779
755
571
376
22_
3,959
Amount
outstanding
at end of
month 1
Total
Funds received from sales during
month
All
series
697
755
935
735
1,014
1,240
887
944
1,470
1,335
Redemptions
Series
£
Series
F
Scries
G
All
series
454
510
665
542
726
52
61
61
45
66
191
184
210
148
222
32
34
40
43
55
815
77
634
720
48
44
348
205
180
353
254
144
169
112
387
275
109
63
76
131
103
104
141
138
152
155
144
170
1,007
110
876
890
802
995
696
683
661
1,927
1,708
1,400
1,340
798
665
86
35
38
28
139
93
23
Date of issue
]From Mar. 1, 1935
From Jan. 1, 1936
From Jan. 1, 1937
From
Jan. 1, 1938
?
t
rom Jan. 1, 1939
From Jan. 1, 1940
From Jan. 1 to Feb. 28, 1941
From Mar. 1 to Apr. 30.1941
From May 1, 1941
From Jan. 1, 1942
From Jan. 1, 1943
From May 1, 1941
From May 1,1941
From Jan. 1, 1942
From Jan. 1, 1942
From Jan. 1, 1943
From Jan. 1, 1943
Amount
outstanding
Nov. 30,1943
176
314
405
487
799
990 i
332
113
1,255
5,520
8,502
222
1,232
631
2,437
696
2,460
128
26,697
1
At current redemption values except Series G, which is stated at par.
Difference between "Funds received" and month to month changes in
"Amounts outstanding" represents the difference between accrued increases
in redemption values and redemptions of bonds during the month*
Called as of Dec. 13,1943, for redemption Apr. 15,1944,
JANUARY
1944
8i
OWNERSHIP OF UNITED STATES GOVERNMBNT SECURITIES, DIRECT A N D FULLY GUARANTEED
[In millions of dollars]
Total
interest'
bearing
securities
Knd of month
1940-lune
December..
1941-june
December..
1942- Tune
December..
1943-March
Held by U. S. Government agencies
and trust funds
Special
issues
Public
issues
4,775
5,370
6,120
2,295
2,250
2,362
2,547
2,726
3,207
3,130
3,557
3,562
3,440
3,401
3,425
4,073
4,125
47,874
50,360
54,747
63,768
6,982
76.517
111,591
9,032
118,637
133.006
April
May
June
July
August
September..
October
133,757
139.472
144.020
146,655
161.018
167,701
7.SS5
10,004
9,795
10,198
10,871
11.456
11,907
11.717
11.86S
Privately held1
Held
Federal
Reserve
Banks
Total
2,466
2,184
2,184
2,254
2,645
6,189
5,919
6,455
6,222
7,202
8,187
9,088
8,919
9,354
38,338
40,556
44,081
51,985
63,261
93,163
99,584
113,199
118,775
117,959
120,976
122,235
136,309
142,354
Com-,
mercial
banks
Mutual
savings
banks
16,550
17,760
20,100
21,790
26,390
41,340
44,160
48,920
52,840
52,460
54,800
56,000
59,200
62,600
3,110
3,220
3,430
3,700
3,890
4,560
4,630
5,180
5,240
5,290
5,300
5,100
5,900
6,000
Other investors
Insurance
companies
Marketable
issues
Nonmarketable
issues
9,400
9,600
9,400
10,000
11,100
15,200
16,000
19,900
19,700
19,000
18,800
18,400
24,100
24,700
2,800
3,100
4,200
8,500
13,000
21,100
23,900
26.600
28,300
28,400
29,300
30,000
32,900
34,700
6,500
6,900
. 7,000
8,000
8,900
11,000
10,900
12,600
12,700
12.800
12,800
12,700
14,200
14,400
1 Figures for commercial banks and mutual savings banks have been rounded to nearest 10 million dollars and for insurance companies and other
investors to nearest 100 million.
Back fiturts.—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!
j
serve I banks1
Banks
55,122 2,723' 2,645
80,685 3,202 6.185
! 3,556! (,,212
Treasury bonds:
Total:
1942-June
Dec
1943-May
June
uiy
ug
Sept
Oct
Maturing within 5 years:
1942—June
Dec
1943-May
'.',
June
juiy
;
Aug
Sept
Oct
Maturing in 5-10 years*
1942—June..........'.
Oct
Guaranteed securities
1942—June
Dec.
1943-May
June
July
Aug
Sept..
Oct.
4,023
3,711
3.J561
J.8SK
3,923
May";;';\\\"
June
[
juiy
;
Aug....
Sept
"'*'
Oct
Maturing in 10-20 years: '
1942—June
'..
Dec
1943—May
[[
June
!!".*""
j u y : : : :
Aug
Sept
Oct....
Maturing after 20 years':''
1942—June..
Dec
1943-May
"[[]
June
j i : ; : : ;
Aug
Sept
Oct
38,085
49,268
57,975
57,520
57,520
57,520
65,444
67,889
3,915
5,830
5,830
9,474
9,474
9,474
9,925
8,524
1,599
2,565
2,773
5,122
5,171
5,272
5,831
5,074
9,436
17,080
22,019
17,921
17,921
17,921
21,883
25,430
4,959
9,353
12,423
10,107
10,373
10,585
10,606
13,153
18,731
16,295
16,295
17,214
17,214
17,214
17,214
17,214
7,009
6,240
7,202
7,611
7,745
7,839
7,949
8,015
,258
,286
,603
,385
,434
,474
,514
1,538
T
d
?
VaHes
^ghtly from month to month
FEDERAL RESERVE BULLET""'
SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, A N D RELATED ITEMS
[On basis of daily statements of United States Treasury. In millions of dollars]
Period
MisIncome taxes 1 cellaneous Social
inter- security
nal
taxes
reveWith:th1
1
Other
nue
1H2
held
Fiscal year ending:
June 1942
June 1943
1942-November...
December
1943—January
February
March
April
May.........
June
July
19
August..."
548
September...
674
October
557
November ... 1,010
TransInter- War fers to
Total
Net
est
trust Other budget Defireon activU.
acexpend- cit
ceipts 3 debt
ties counts,
itures
etc.
Other
Total
receipts
13,668 12,799
23,385 -22,282
7,960
16,094
3,847
4,553
1,194
1,508
666
1,230
199
1,972
306
380
4,732
1,000
940
3,803
1,236
1,016
4,091
746
449
337
630
365
352
374
346
359
353
512
729
344
464
363
248
50
52
343
50
50
282
57
48
310
53
46
292
45
50
100
115
51
159
160
356
234
403
285
256
255
830
2,702
824
1,190
5,207
1,555
1,742
4,569
2,048
3,005
5,448
2,069
2,370
1,260 26,011
1,808 72,109
381
435
4,745
3,827
28 6,042
353 '5,825
54 5,947
35 5,770
262 6,744
89 6,974
42 7,092
609 7,469
68 6,432
46 7,232
311 6,952
131 6,989
47 7,541
3
25
35
2
1
38
1
1
344
15
2
36
2
291
297
337
312
347
366
300
247
269
324
269
300
248
601
2,701
788
955
5,206
1,514
1/480
4,569
2,007
2,721
5,447
2,030
2,099
Period
Net
receipts
Fiscal year ending;
June 1942
June 1943
1942-November..,
December...
1943-January
February....
March
May
';
June
juiy
:::
August
September..
October
November..,
ExInvest- pendiments tures
Net expenditures
in checking accounts of
GovernReceipts
ment
agencies
Invest*
ments
1,705
2,350
614
456
3,625
2,194
863
1,117
221
655
471
75
110
498
36
111
539
169
245
596
32
109
562
170
350
43
230
272
35
258
428
179
292
296
50
277
34
33
35
35
36
33
31
31
29
30
30
29
29
-449
548
186
370
300
17
356
r
32
37
47
40
53
58
57
119
252
75
72
86
96
-82
726
148
146
199
-64
5,761
3,799
5,584
5,164
2,147
5,952
5,955
3,758
5,105
4,896
2f087
5,426
5,740
'
-3,506
-1,861
+358 23,461
+6,515 64,274
+736 - 1 , 8 1 4
3,212
- 7 9 4 +7,461 12,054
-135 -2,819
2,899
- 1 2 2 - 2 , 3 3 1 2,954
-549 -1,213
1,483
+48 +8,438 14,342
-39
+70 6,064
-206 -3,180
784
- 9 1 2 4,828
-635
2
,
2
3
1
2,534
+131
- 4 1 0 4-11,794 14,291
- 1 3 2 +1,139 6,697
+290 - 4 , 3 3 8 1,112
Balance in
general fund
Assets
Other
2,327
2,810
52
99
74
52
82
92
81
152
315
101
116
139
75
6,363
6,500
6,372
6,119
7,354
7,466
7,435
8,327
7,112
7,617
7,535*
7,456
7,839
Change
in
Ingen- crease
eral
in
fund
gross
baldebt
ance
General fund of the Treasury (end of period)
Details of trust accounts, etc.
Social Security
accounts
32,397 19,598
78,179 55,897
Trust
accounts
etc. 4
Expenditures
r
533
133
S
-3
7
12
-41
30
9
21
14
16
8
Total
liabilities
Deposits
in
Federal
Reserve
Banks
Deposits
in
special
depositaries
3,443
10,149
603
1,038'
1,679
7,667
,162
,444
452
643
2,991
9,507
2,229
8,744
3,557
11,032
8,200
.5,895
4,758
13,112
13,152
10,149
9,127
512
1,516
465
623
• 643
1,215
651
1,038
979
1,076
1,538
1,095
1,245
1,695
8,166
. 6,367
3,892
2,694
10,485
11,117
7,667
6,790
4,362
15,676
17,280
12,770
,350
,350
,368
,381
,421
,412
,383
,444
1,358
1,406
1,519
1,462
475
489
477
503
579
495
465
643
532
481
576
541
534
3,082
10,543
7,724
5,392
4,179
12,617
12,687
9,507
8,595
6,364
18,158
19,297
14,958
2,320
9,780
6,961
4,630
3,416
11,854
11,924
8,744
7,832
5,601
17,395
18,534
14,196
Total
6,845
18,734
19,838
15,492
Other
assets
1,477
Working
Total
bat
j Revised.
ollection
2Withh
wn?j?Ids ,SV
Ti
basis
g^en in
in taDie
table Deiow.
below.
given
! ^ ^ ^ S S S » S l ( S u r i S e^plc^Tnftaxes1, wMdfare appropriated directly to the Federal old-age and survivors insurance trust fund.
INTERNAL REVENUE COLLECTIONS
[On basis of reports of collections. In millions of dollars]
Miscellaneous internal revenue
Income taxes
Period
Total
Current With- Victory
indi- h
tax
vidual
Current
corporation
Back
taxes
Excess
profits
taxes
Other
profits
taxes
Total
ManufacAlcoturers'
MisCapi- Estate holic Toand
cellaand bever- bacco Stamp
tal
retailers'
neous
gift
stock
taxes taxes
age
excise
taxes
taxes
tax
taxes
taxes
F
»scal year ending:
June 1942
June 1943
March...;;;;
June.*. ;;;;;••*
£ u Sust...
September';*
October
Novemb'''
8,007
16,299
185
2,000
296
434
4,868
l.OOS
753
4,026
1,231
814
4,192
1,644
1,471
3,108
.5,771
19
556
48
167
1,951
367
103
1,800
527
55
1
1,963
1
59 1,006
32 1,087
686
2,764
4,137
460
557
1(618
5,064
3,838
4,571
2
298
381
5
333
438
6
3
2
67
753
37
95
1,026
73
89
970
142
111
877
• 181
84
24
36
69
55
79
73
74
41
33
44
103
50
47
73
644
136
113
1,791
200
103
1,203
186
162
1,228
337
204
478
496
379
331
379
345
373
329
652
595
394
421
376
irrent Tax Payment Act of 1943).
282
329
r
182
143
136
188
35
20
433
447
r
30
30
47
29
62
r
37
46
29
48
25
28
41
34
1,048
1,423
781
924
852
670
104
129
137
128
121
113
109
115
125
129
117
122
117
79
81
81
68
80
77
71
80
87
90
86
90
93
47
64
68
51
47
49
60
39
59
56
53
59
56
401
732 •
32
46
42
50
65
64
80
61
193
103
71
86
70
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
{Based on compilation by United States Treasury Department. In millions of dollars]
PRINCIPAL ASSETS AND LIABILITIES
Liabilities, other than
interagency items
Assets, other than inter agency items
Bonds, notes,
and debentures
Securities
End of month
Total
Loans
Preferred
stock,
etc.
U.S.
Govt. Other
direct Govt.
agenand
guaran- cies 1
teed
Cash
Accounts
and
other
receivables
Business
property
Property
held
for
sale
Other
assets
Fully
guaranteed
by
U.S.
Other 1
U.S.
PriGovern- vately
ment
owned
Other
liabili- interest interest
ties
13.277
1941—June
December.... 14.660
17,962
1942-June
8,106
S.487
8,379
698
680
648
376
496
403
925
999
U097
18
46
57
598
574
774
636
714
859
1,497
1,891
3,512
423
773
2,233
6,370
6,324
4,568
1,443
1,392
1,442
1,604
2,049
3,265
3,436
4,464
8,249
' 424
431
43S
1942—November. ..
December. .
1943—January
February.. ..
March
April
May
June
July
August.:
September...
October
8,158
3,127
8,036
8.022
8,003
8.092
7,949
7.685
7,615
7.5S0
7,557
7,487
621
620
605
565
562
560
557
556
524
498
497
493
563
553
605
590
597
536
504
515
538
539
501
486
,222
1,272
,284
,375
1,424
,510
,549
,565
,638
,691
.722
,784
52
33
32
27
26
24
24
22
16
11
7
6
,069
,085
1,205
,440
,303
,464
,514
1,788
.514
,450
,487
1,850
1,001
1,020
L,041
1,359
1,408
1,428
1,475
1,674
1,561
1,966
1,470
1,602
4,701
5,187
5,638
5,883
6,074
6,081
6,167
6,310
6,750
7,019
7,234
7,115
3,605
3,818
4,147
4,176
4,754
5,011
5,066
5,343
5,399
5,681
5,809
6,395
4,264
4,301
4,291
4.332
4,365
4,372
4.092
4,101
3,936
4,046
4,OS1
4,125
1,404
1,414
1,413
1,383
1,375.
1,366
1,340
1,333
1,276
1,271
1,274
1,285
4,601
4,630
4,829
5,076
5,109
5,648
5.746
6,022
5,757
5,972
5,560
5,867
10,281
10,931
11,671
12,206
12,860
12,880
13,188
14,812
14,146
14,706
14,929
15,501
443
439
439
440
441
440
440
440
441
440
441
440
20,992
21.715
22.643
23.437
24,151
24,706
24.805
26,703
25.555
26.435
26.284
27.2JS
LOANS, OTHER THAN INTERAGENCY LOANS
End of month
Total1
loans
Reconstruction
Finance
Corp.
Farm mortgage loans
Home mortgage and
housing
agencies3
Home
Owners'
Loan
Corp.
Other farm credit loans
Fed.
Fed. Feder- Fed. interFeder- RFC Fed.
Na- Public
Farm medi- Banks
al
Mort- tional
for coal
MortHousHome gage Mortate operaland gage
ing banks
Loan Com- gage
credit tives
Corp.
Auth.
banks pany Assoc.
banks
Rural
ExElectrifica- portOther
ImCom- Farm Farm tion
port
modity Credit Secu- AdBank
min.
rity
Credit AdCorp. min. Admin.
8,106
1941—June
December.... 8,487
8,379
1942—June
1,032
1,433
1,473
1,870
,777
,676
170
219
193
65
72
82
194
207
216
316
367
384
,818
,764
,706
630
597
562
23.5
289
74
113
101
244
233
231
263
250
258
461
467
460
289
323
342
114
139
113
261
291
293
8,153
8.127
8,086
8.022
8,003
8,092
7,949
7.6S5
7,615
7,580
7,557
7,487
1,566
1,557
1,554
1,527
1,530
1,512
1,487
1.4S3
1,459
1,463
1.460
1,432
,587
,568
,548
,532
,507
.480
1,460
1,441
,419
,400
,383
,366
122
129
113
96
79
87
79
90
92
81
130
127
93
94
96
96
97
97
98
98
97
100
99
100
213
211
210
209
206
204
202
73
71
69
67
66
372
366
379
378
381
371
374
317
317
317
317
317
,625
1,603
1,579
1,564
1,540
1,520
1,502
1,489
1,472
1,452
1,431
1,406
518
507
496
490
483
475
468
463
455
447
437
423
238
238
237
248
266
280
287
296
296
284
269
251
140
145
132
121
111
106
. 102
102
107
111
148
189
214
242
258
270
276
408
304
228
225
225
222
228
241
237
237
240
244
245
246
245
244
242
237
232
448
446
446
454
463
457
454
447
443
441
433
427
345
346
345
345
345
344
344
344
344
344
345
345
119
122
122
121
121
122
126
129
132
136
136
140
317
316
334
331
354
384
416
440
442
468
443
438
1942—November. ..
December . .
1943—January
February —
March
April
May
June
July
August
September...
October
255
SELECTED ASSET ITEMS* OTHER THAN INTERAGENCY ITEMS
Loans by Reconstruction
Finance Corporation
End of month
Total
Accounts and other
receivables
Preferred stock held
ReconLoans Loans
Recon- Home
Fed. land Com- struction
Com- Home
to fistruc- Owners'
Danks and modity Finance
War modity Owners'
to
nancial rail- Other
tion
Loan Other Fed. Farm Credit
Other corpo- Credit Loan
instiFinance CorpoMortgage Corpo- Corp.and
rations Corpo- Corpowar cortutions roads
Corp. ration
ration
Corp.
ration porations
ration
1,082
1941-June
December. .. 1,433
1942-June
1,473
193
165
144
480
473
472
409
795
857
429
401
378
183
175
167
86
1U4
103
219
219
225
34
96
1942—November. ..
December. ..
1943—January... ..
February.. ..
March
April.
May
June
July
August
September...
October
169
167
161
159
155
153
150
148
145
141
138
136
471
460
463
449
444
437
434
426
423
423
423
406
926
930
930
919
931
922
903
909
891
899
899
890
367
366
364
361
359
358
355
354
351
346
345
343
152
152
140
102
102
101
94
94
93
93
94
93
88
88
87
213
207
203
205
195
197
192
193
192
193
187
186
65
57
129
103
75
209
187
350
210
177
196
489
1,566
1,557
1,554
1,527
1,530
1,512
1,487
1,483
1.459
1,463
1,460
1,432
Property held for sale
no
109
109
109
108
80
64
64
63
79
Other
68
80
151
232
241
302
257
703
2,041
753
749
1,068
319
288
262
168
151
141
497
531
519
659
677
700
763
800
825
790
832 •
294
290
354
473
356
358
372
445
287
290
272
397
3,221
3,469
3,793
3,928
4,041
4,442
4,703
4,963
5,241
5,528
5,784
6,016
1,109
1,363
1,495
1,614
1,700
1,316
1,153
1,045
1,223
1,220
1,196
865
231
227
223
219
216
212
203
191
182
169
152
136
140
128
127
122
117
778
lit
10S
in
104
102
102
9S
1
Excluding Federal land bant bonds held by the Federal Farm Mortgage Corporation.
*a 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 J
Bank Administration. Loans by these institutions amounted to 1,909 million dollars on Oct. 31,1943
84
FEDERAL RESERVE BULLET111
BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variationj
Year and
month
Income
payments
(value)
1935-39
= 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
1W1
1942
122.9
109.1
92.3
70.6
68.9
78.7
87.1
101.3
107.7
98.5
105.5
113.8
137.3
171.9
1940
June
July
August
September .
October....
November..
December..
112.5
113.1
114.1
115.6
117.1
117.7
120.6
121.3
123.5
125.4
128.2
133.7
138.9
140.3
143.2
144.4
146.3
147.5
153.9
1941
January
fe:::
June...
July
August
September..
October....
November..
December..
1942
T
January....
June...
Au
gust....
September..
October....
November
December.'.'
T 1943
Ia™ary....
Jebruary.
f:::
June.
July... ; ; "
August.. "
September.
November.'
December
Nondurable
Minerals
Total
Residential
All
other
[Employment4
1939 = 100
Nonagri*
cultural
Factory
DepartFac- Freight ment Wholesale
tory carload-| store
istof
com- Cost
livin
living4
sales modity
ings* (val1935-39
1935-39 ue)* 5 prices 4 -» 100
1939
= 100 1923-25 1926
100
= 100 =* 100
Ad- Unad- UnadAdAdAdAdAdAdAd- Unad- . Ad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed
63
106.8
107.2
82.1
90.8
103.9
96.5
99.9
101.8
99.6
99.7
106.1
92.5
78.2
66.4
73.5
85.8
91.4
99.1
108.7
91.0
100.0
107.5
137.1
152.3
106.2
127.1
82.0
88.0
111.6
104.1
109.7
113.1
111.0
112.3
119.8
96.9
73.5
50.7
54.4
70.0
80.4
93.0
111.2
85.1
100.0
114.5
167.5
242.3
120
129
110
121
142
139
146
152
147
148
152
131
105
78
82
89
92
107
111
103.7
105.2
108.1
109.7
112.0
114.6
116.8
102.5
103.1
107.8
112.2
114.8
116.0
117.4
110.3
111.5
111.7
111.8
113.6
115.3
117.1
118.4
118.9
119.2
119.8
120.3
118.8
120.9
122.9
126.3
129.8
133.3
136.6
137.8
138.8
139.5
139.9
140.6
147
151
149
165
226
288
313
278
268
269
286
243
120.4
120.8
121.0
121.2
121.9
122.5
124.5
125.8
126.5
127.6
128.8
r
130.2
141.6
143.2
144.8
147.0
148.7
150.8
153.2
155.8
157.4
159.6
161.5
164.2
198
140
119
87
68
55
80
79
89
61
130.4
130.5
129.9
129.3
128.4
128.9
128.6,
127.9
126.8
127.5
128.1
72
75
58
73
88
82
90
96
95
99
110
91
75
58
69
75
87
103
113
89
109
125
162
199
84
93
53
81
103
95
107
114
107
117
132
98
67
41
54
65
83
108
122
78
109
139
201
279
62
60
57
67
72
69
76
79
83
85
93
84 79
70
79
81
90
100
106
95
109
115
142
158
71
83
66
71
98
89
92
100
100
99
107
93
80
67
76
80
86
99
112
97
106
117
125
129
63
56
79
84
94
122
129
129
135
117
92
63
28
25
32
37
55
59
64
72
81
122
166
44
30
44
68
81
95
124
121
117
126
87
50
37
13
11
12
21
37
41
45
60
72
89
82
79
90
65
88
86
94
120
135
139
142
142
125
84
40
37
48
50
70
74
80
81
89
149
235
106.0
98.1
88.3
77.6
78.6
86.3
90.1
96.8
102.7
95.1
100.0
104.2
115.6
124.2
123
123
126
129
132
136
140
123
121
126
134
137
138
139
134
136
145
151
156
159
166
115
115
114
116
119
123
126
119
118
113
117
114
119
119
74
85
90
93
95
111
115
69
77
82
82
85
87
90
77
91
98
101
103
130
136
102.6
103.3
104.6
105.3
106.5
108.1
109.7
143
147
152
149
160
164
166
167
169
172
174
176
139
144
149
149
160
165
165
170
174
176
175
173
172
178
184
186
198
203
208
209
212
219
220
225
127
131
133
137
142
144
144
146
146
148
151
150
120
119
126
96
121
127
126
128
132
134
133
134
103
99
94
103
101
117
139
152
161
145
138
123
84
76
74
80
88
101
115
112
105
87
74
69
117
118
109
121
111
129
158
184
206
192
189
167
177
180
182
187
192
195
199
207
213
218
220
221
235
241
250
257
264
272
278
290
299
311
319
328
152
153
153
154
153
152
154
158
161
165
168
169
133
133
126
125
126
127
126
130
131
129
130
127
118
128
125
128
158
193
206
182
179
185
198
175
82
100
95
82
76
76
74
65
70
83
90
91
223
229
232
235
239
238
241
245
248
249
P247
336
344
351
356
359
358
361
365
r
370
376
p
378
171
174
174
175
176
177
176
177
r
177
178
P179
125
131
133
131
129
117
134
135
138
136
"132
145
102
85
63
52
45
60
59
65
49
79
56
42
33
31
32
36
35
35
34
155.2
181
157.1
183
159.1
186
163.4
189
165.4
191
169.6
193
172.8 . 197
176.2
204
178.4
208
183.0
215
189.2
220
193.4 223
196.5
200.6
204.4
207.3
208.7
211.3
213.1
215.5
"215.6
218.0
P
221.4
Construction
contracts
awarded (value) 3
1923-25 = 100
Industrial production
(physical volume)**
1935-39 « 100
227
232
235
237
238
236
240
242
r
245
247
p
247
;
|
|
wooing day. P r e l i m i n a r y .
|
'Revised.
I
[
I
Adjusted
Unad- Unadjusted justed
89
101
109
130
138
78
94
87
88
98
99
103
106
107
108
111
102
92
69
67
75
79
88
92
85
90
94
110
124
138.6
154.4
97.6
96.7
100.6
98.1
103.5
100.0
95.4
96.7
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
78.6
87.3
98.8
124.5
143.2
127.7
119.7
121.9
122.2
125.4
126.4
124.0
122.6
122.5
119.4
108.7
97.6
92.4
95.7
98.1
99.1
102.7
100.8
99.4
100.2
105.2
116.5
107.6
106.6
115.1
122.1
126.9
127.5
134.1
109
109
112
114
111
116
117
91
92
98
97
94
100
101
77.5
77.7
77.4
78.0
78.7
79.6
80.0
100.5
116.9
120.0
122.7
125.8
128.6
132.0
135.5
138.4
141.2
141.8
141.3
141.1
132.6
140.3
145.9
150.2
161.3
170.5
172.0
178.8
184.8
190.2
188.6
195.1
120
122
127
112
129
131
132
136
134
134
137
138
101
103
103
104
105
104
115
134
116
105
116
111
80.8
80.6
81.5
83.2
84.9
87.1
88.8
90.3
91.8
92.4
92.5
93.6
100.8
100.8
101.2
102.2
102.9
104.6
105.3
106.2
108.1
109.3
110.2
110.5
139.8
142.3
144.3
146.3
148.0
149.9
153.4
157.1
159.6
160.7
161.9
164.5
200.7
208.2
215.1
221.4
228.7
234.5
242.7'
254.8
261.8
270.9
2S0.4
287.9
140
138
138
138
136
134
137
140
140
140
136
135
138
126
124
117
108
104
121
130
123
128
138
125
96.0
96.7
97.6
98.7
98.8
98.6
98.7
99.2
99.6
100.0
100.3
101.0
112.0
112.9
114.3
115.1
116.0
116.4
117.0
117.5
117.8
119.0
119.8
120.4
1351 I!
139,
138
136!
135
127
141
140
140
137
139
143
168
136
128
125
129
142
142
132
140
158
101.9
102.5
103.4
103.7
104.1
103.8
103.2
103.1
103.1
103.0
102.9
e
103.1
120.7
121.0
122.8
124.1
125.1
124.8
123.9
123.4
123.9
124.4
124.1
165.8 164.8 290.9
167.4 166.4 297.5
168.1 167.6 304.5
168.4 167.7 309.7
167.9 167.2 313.5
169.0 168.8 317.1
169.7 169.8 r 315.6
r
169.6 '170.8 322.2
r
168.3 170.1 328.3
170.0 170.4 333.4
P17O.7 1*170.7
100.4
100.2
10O.1
100.7
;
• Estimated. 'Corrected, i Department of Commerce series on value of payments
rporationdataVfor description, see P-358ofBuL^TiNtorjuiyiw^^
of t h e B u r e a u
/employment and pay rolls, wholesale commodity pricesf^ « * ™ ^ S S p w S n t are adjusted for level through 1937; the
mor to 1939 for factory employment and W ^ ^ ' ^ ^ ^ V ^ ^ U B U J
to Social Security data. Non-
h
M^^aStember 1941, pp. 933-937, and October 1943,pp. 958-984; for factory
^ d & ^ m l p ^ i f i o t department store sales, October 1938, p. 918, and
INDUSTRIAL PRODUCTION, BY INDUSTRIES
{Adjustedfor Seasonal Variation)
[Index numbers of the Board of Governors. 1935-39 average « 100]
1943
1942
Industry
Industrial
Production—Total...
Manufactures—Total
Durable Manufactures
Iron and Steel
Pig iron
Steel
Open hearth.
Electric
Machinery
Oct. Nov. Dec an.
eb. M a r . A p r . M a y June
July
215
220
223
227
232
235
237
236
240
242
r
247
230
236
240
245
250
253
256
258
258
259
261
T
266
311
319
328
336
344
351
356
359
358
361
365
37O
376
207
204
200
204
208
210
200
208
201
203
209
213
214
199
229
186
536
201
224
182
527
197
221
179
523
198
226
182
542
200
231
185
560
202
233
188
559
198
235
186
196
233
184
584
190
227
177
583
191
229
180
577
202
235
184
598
205
239
189
593
202
241
190
607
380
392
407
417
426
436
441
443
441
440
A u g . Sept. Oct. Nov.
245
264
r
r
r
r
458
449
443
Manufacturing Arsenals and Depots1.
Automobiles
771
763
r
232
215
••; •;••••••
r
T
743
Transportation Equipment
240
(Aircraft; Railroad cars; Locomotives;
Shipbuilding—Private and Government) 1
266
230
Nonferrous Metals atid Products.,
264
262
270
r
128
128
118
148
118
148
175
175
159
43
200
130
136
203
320
158
41
199
127
139
204
325
175
278
264
260
Lumber and Products..
133
Lumber
Furniture..
Stone, Clay, and Glass Products.
126
147
240
243
254
252
257
285
292
130
129
118
119
151
118
149
115 i>123
4
152
173
173
168
171
162
45
203
119
132
198
-326
162
49
202
114
132
203
327
159
53
196
112
125
169
47
212
107
124
19
326
177
176
177
177
157
155
148
145
150
152
147
166
181
146
160
183
139
153
183
136
147
177
141
156
181
142
..-•
156
'186
>
151
29
»706
172
255
Glass products
Plate glass
Glass containers
Cement
Clay products
Gypsum and plaster products
Abrasive and asbestos products...
Other stone and clay products1...
Nondurable Manufactures ...
174
Textiles and Products
Textile fabrics
Cotton consumption.
Rayon deliveries.
Nylon and silk consumption 1
Wool textiles
Carpet wool consumption....
Apparel wool consumption...
Woolen and worsted yarn....
Woolen yarn
Worsted yarn
Woolen and worsted cloth...,
Calf and kip leathers.....
Goat and kid leathers
Sheep a n d lamb leathers.,
Shoes
Manufactured Food Products.
Wheat flour
Cane sugar meltings 1
Manufactured dairy products..
Butter
Cheese
Canned and dried milk
Ice cream
Meat packing
~ • and
ndlard
Pork
Beef
Veal
Lamb and mutton.
r
Revised.
p
Preliminary.
86
321
161
43
212
179
182
175
180
163
4
218
180
184
175
185
29
208
172
176
167
177
166
39
230
184
190
17!
187
163
40
228
18
is:
17:
18:
157
38
214
173
179
165
177
158
32
222
177
181
171
177
160
30
226
181
186
174
179
146
24
207
164
168
159
164
150
33
210
168
176
158
166
117.
117
123
123
1L
119
118
114
112
111
163
''169
110
126
14
94
81
14'
115
125
139
94
81
163
11
126
14
9;
84
15
11C
13C
14J
9!
8!
*8i
111
12
13!
9;
8!
120
128
9
9
160
11
111
131
90
166
117
122
132
92
90
164
115
114
122
86
86
162
114
111
116
85
84
169
112
106
109
80
82
174
114
105
107
81
S3
164
114
137
14L
14.
14,
14,
141
141
141
144
144
12C
134
126
109
•97
102
103
110
13
131
103
144
137
P134
107
14;
14:
96
150
157
95
150
154
14168
123
79
121
154
183
131
182
241
119
109
154
178
221
130
131
161
Leather and Products.
Leather tanning
Cattle hide leathers
288
'294
275
234
r
279
270
Smelting and refining
#
(Copper smelting; Lead refining;1 Zinc smelting;
Aluminum; Magnesium; Tin)
Fabricating
•
#
(Copper products; Lead shipments; Zinc shipments; Aluminum products;
Magnesium
products; Tin consumption)1
r
273
266
is:
101
141
15
18S
14,
is;
133
125
144
164
10
13
145
21
14!
171
is:
W
17
156
189
11
108
15
106
147
149
103
145
150
106
150
161
P143
104
154
171
147
187
112
62
162
216
111
60
123
159
222
96
63
119
186
260
110
73
140
HI
* Series included in total and group indexes b u t n o t available for publication s e p a r a t e l y . -
nn
178 nl9
152
37
201
173
175
171
168
109 V0
103
102
77
95
173
113
142
111
117
J>146
r
FEDERAL RESERVE
168
193
135
151
173
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
{Adjustedfor Seasonal Variation)
[Index numbers of the Board of Governors. 1935-39 average - 100]
1942
1943
Industry
Oct. I Nov. Dec. Jan.
Feb.
Mar.
Apr.
144
121
137
151
143
121
139
149
145
122
145
150
144
124
153
148
May June July I Aufi.
Sept. Oct.
Nov.
Manufactured Food Products—Continued
Other manufactured foods.
Processed fruits and vegetables..
Confectionery
Other food products
Alcoholic Beverages
Malt liquor.,
Whiskey
Other distilled spirits..
Rectified liquors
138
123
125
145
139
122
123
147
123
121
105
121
112
130
13
63
226
144
0
62
159
131
0
42
159
122
0
42
isy
142
0
63
161
133
0
35
157
140
138
146
132
128
121
163
97
117
163
94
154
160
94
103
159
93
101
153
88
US
137
133
135
139
167
114
137
218
157
134
136
130
131
170
128
107
137
161
107
141
208
151
133
137
129
127
174
123
102
132
149
107
127
192
140
130
134
124
120
175
120
100
135
148
103
96
201
140
133
137.
129
125
175
125
92
w
116
111
104
106
103
154
157
156
144
122
135
152
144
121
152
148
142
119
144
148
141
114
134
149
104
96
106
106
124
0
31
141
113
0
21
139
127
0
22
144
127
0
23
144
131
0
40
157
129
132
123
124
134
136
134
146
93
159
89
103
160
86
104
144
85
102
149
78
99
166
84
96
169
92
101
165
87
101
186
KX)
140
141
141
142
140
135
143
143
139
153
107
98
206
146
137
143
131
131
172
129
92
139
148
103
94
203
140
138
150
129
126
174
127
90
138
150
101
93
204
144
136
150
130
124
167
125
88
140
154
104
92
211
147
137
150
133
122
168
130
S9
136
143
106
84
184
142
135
152
123
122
176
118
91
133
141
111
87
193
131
132
143
126
117
158
127
91
141
153
115
93
214
139
139
151
r
135
126
169
130
00
140
150
M2
<)i
211
134
138
155
r
124
125
174
126
£8
115
116
112
113
112
112
HI
US
104
101
91
101
102
102
105
103
•158
165
166
171
173
177
182
193
r
164
102
143
114
117
174
104
137
116
122
180
109
138
120
126
185
109
145
121
118
196
116
153
123
107
r
99
137
118
118
171
101
144
114
121
£57
170
159
523
161
538
142
126
123
150
138
120
120
'•121
mi
HIS
mo
130
141
155
(1
90
15S
169
0
62
17.S
Industrial Alcohol from Beverage Plants1.
Tobacco Products..-.
Cigars
Cigarettes
Other tobacco products,.
Paper and Paper Products
Paper and pulp
\ .;
Pulp
Groundwood pulp
'
Soda pulp
Sulphate pulp
Sulphite pulp
Paper.'
Papcrboard
Fine paper..'
Printing paper
Tissue and absorbent paper
Wrapping paper
Newsprint
Paperboard containers (same as Papcrboard).
Printing and Publishing
"
Newsprint consumption
Printing paper (same as shown under Paper)
Petroleum and Coal Products
P e t r o l e u m refining
Gasoline.
Fuel oil
'...'.'.'.'.'.'.'.'.'.['.'.'"
L u b r i c a t i n g oil
Kerosene
'.".['.'.'.
Other petroleum products^
Coke.
B y p r o d u c t coke .'.'.'..'..'..
Beehive coke
'.'""'
....[.[[......./....
! ! . . . ! ,
.../..[[']...".
Chemical Products..
Paints/
Soap
Rayon.....
Industrial chemicals''.'.'.'.""
Explosives and ammunition*,
utner chemical products1
Rubber Products
^
JANUARY
1944
206
122
156
123
115
1*206
P2\l
122
151
134
113
155
110
138
114
110
155
104
137
113
99
"io6*
155
527
166'
156
503
156
501
166'
157
485
169
158
543
158
551
169'
159
519
166*
157
481
152
31S
\tl
153
453
330
344
355
361
370
3S2
389
3Q9
402
r
314-
404
395
398
127
127
200
332
126
124
204
341
129
124
210
350
130
122
214
356
135
123
213
366
139
120
222
371
140
f
124
223
382
137
123
221
383
138
120
225
396
129
Metals other than gold and silver.
Iron ore..
202
125
121
187
310
126
123
196
319
125
125
196
332
H22
169 ' H 6 3
158 I "155
200
212
215
218
222
222
224
230
229
227
231
234
130
127
125
131
133
131
129
117
134
135
13S
136
J>227
»M01
"132
124
131
133
131
129
115
136
137
140
13$
150
155
129
136
141
J44
127
137
*M 25
124
123
V{77
1SS
223
187
223
mi
127
130
126
140
145
117
121
148
154
124
121
136
143
105
121
136
145
102
118
151
157
129
121
154
161
128
122
146
151
129
124
139
143
124
125
97
103
74
124
150
155
129
128
148
153
128
131
140
133
133
. 130
131
131
130
129
128
128
123
184
223
"28
' 184
218
181
211
187
223
185
223
189
223
188
223
189
223
186
223
187
223
188
223
"78
82
"65'
74
"5i
"•471
76
'*44'
77
"45'
"43"
75
"42
77
"37
83
"34
87
75
7107
96
153
111
137
113
112
191
Coal..
Bituminous coal
Anthracite
.'
Crude petroleum
Mttals.,
no
97
157
99
137
111
104
122
116
190
304
Minerals—Total.
Fuels....
151
T
"27
. 67
INDUSTRIAL PRODUCTION, BY INDUSTRIES
Without Seasonal Adjustment)
{Index numbers of the Board of Governors. 1935-39 average « 100]
1943
1942
Industry
Oct. Nov. Dec. Jan. Feb. Alar. Apr. M a y June
July Aug. Sept. Oct. Nov.
'241
Industrial Production—Total.
218
220
221
223
229
232
235
239
238
241
245
248
249
Manufactures—Total
233
236
239
242
247
251
255
258
259
260
263
267
269
312
319
327
334
342
350
356
360
359
362
367
372
377
207
204
200
204
210
209
208
201
203
209
213
214
m
199
229
186
536
201
224
182
527
197
221
179
523
198
226
182
542
202
233
18S
559
198
235
186
580
196
233
184
584
190
227
177
583
191
229
180
577
202
235
184
598
205
239
189
593
202
241
190
607
200
235
449
458
Durable Manufactures
Iron and Steel
Viz iron
Steel
Open hearth.
Electric
Machinery
200
231
185
560
380
392
407
417
426
436
441
443
441
440
r
567
600
630
651
671
692
718
728
743
756
r
177
135
191
198
203
204
206
211
215
230
239
243
250
252
256
257
266
111
238
141
241
253
255
262
234
240
243
254
252
257
140
130
120
112
119
137
145
106
146
96
142
176
123
142
175
169
133
33
168
202
151
190
258
136
35
171
186
150
194
270
111
35
160
156
149
194
293
168
443
r
r
m
591
Manufacturing Arsenals and Depots1 . .
Transportation Equipment
Automobiles
•,
(Aircraft; Railroad cars; Locomotives;
Shipbuilding
—Private and Government)1
Nonferrous Metals and Products.
Smelting and refining
(Copper smelting, Lead refining 1Zinc smelting,
Aluminum; Magnesium; Tin)
Fabricating
;
(Copper products; Lead shipments; Zinc shipments; Aluminum products;Tin consumption)*
Lumber and Products.
Lumber...
Furniture..
Stone, Clay, and Glass Products
Glass products
Plate glass..
Glass containers
Cement
Clay products
Gypsum and plaster products....
Abrasive and asbestos products..
Other stone and clay products 1 ..
763
r
220
232
r
264
266
273
r
271
275
276
279
255
264
260
262
270
123
130
136
135
135
104
147
110
149
120
149
130
147
128
148
170
166
168
172
180
147
35
187
139
139
187
301
145
36
184
126
137
18.8
305
146
35
185
126
136
196
308
153
39
194
128
138
202
313
169
43
214
137
136
205
320
16S
168
171
171
173
159
157
158
162
158
150
171
177
148
163
178
149
171
180
152
171
181
160
44
210
179
182
175
179
161
43
212
179
'182
175
180
163
44
218
180
184
175
185
154
29
208
172
176
167
177
120
119
116
127
145
96
81
147
115
130
144
97
79
172
111
125
141
91
85
146
110
147
141
Nondurable Manufactures...
Textiles and Products
Textile fabrics
Cotton consumption
Rayon deliveries
#.
Nylon and silk consumption1
Wool textiles
Carpet wool consumption
Apparel wool consumption....
Woolen and worsted yarn
Woolen yarn
Worsted yarn
Woolen and worsted cloth
Leather and Products.
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Sheep and Iamb leathers..
Shoes
.Manufactured Food Products.
us
Wheat flour
Cane sugar meltings1
Manufactured dairy products..
Butter
Cheese
Canned and dried milk
Ice cream
M e a t packing
Pork and lard
Reef
Veal
L a m b and mutton
r
Revise<I.
* Preliminary.
l
771
240
288
285
292 *33O3
137
136
133 mi
128
148
130
151
129
149
177
173
179
174
124
152
178 mi
157
41
197
136
137
208
325
156
45
195
131
132
198
326
168
49
210
129
135
204
327
162
53
200
130
129
198
321
174 166
54
47
218 206
124 105
131 P131
199 P196
326
175
177
177
180
182
181
157
159
155
148
145
150
152
nn
149
166
181
147
166
181
149
169
185
146
160
183
139
153
183
136
147
177
141
156
181
142
156
r
186
is
166
39
230
184
190
177
187
163
40
228
181
187
172
182
157
38
214
173
179
165
177
158
32
222
177
181
171
177
160
30
226
181
186
174
179
146
24
207
164
168
159
164
150
33
210
168
176
158
166
151
29
r
206
172
r
178
163
r
169
152
37
201
173
175
171
168
123
126
117
118
118
113
110
110
T
110
130
144
93
89
172
118
137
151
98
93
188
119
119
128
90
93
155
115
121
131
88
93
162
117
105
105
84
80
180
114
r
104
103
78
95
173
113
139
131
127
128
128
119
118
134
127
116
105
107
77
102
104
130
166
200
128
131
152
95
81
97
110
98
186
249
119
101
148
86
107
111
P99
94
119
127
^115
98
132
142
171
221
126
73
128
140
171
115
69
105
108
153
168
136
170
105
61
108
122
132
r
r
110
103
105
80
89
161
'114
191
177
115
112
117
88
86
160
114
105
109
84
83
157
112
135
141
152
98
102
109
121
124
127
189
198
P179
106
167
161
P1S3
91
153
142
P120
75
130
111
61
107
168
181
147
172
ISO
"206
259
150
160
166
133
194
208
162
216
111
62
126
^203
146
213
223
158
222
94
63
111
170
229
111
73
134
151 V14S
r
159
154
185
120
107
151
160
175
140
144
173
Series included in total and group indexes but not available for publication separately.
FEDERAL RESERVE
i
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
{Without Seasonal Adjustment)
[Index numbers of the Board of Governors. 1935-39 average « 100}
1942
1943
Industry
Manufactured Food
Other manufactured foods./
Processed fruits and vegetables.,
Confectionery
Other food products
Alcoholic Beverages
Malt liquor
Whiskey
Other distilled spirits..
Rectified liquors
Industrial Alcohol from Beverage
Cigars
*
Cigarettes....
Other tobacco products.,
Products...
Paper and pulp
Pulp..
Groundwood pulp
•....'.".".".!'."".!!!
...I./.......]
Soda pulp
Sulphate pulp
".
Sulphite pulp..
Paper
.'.'."."."!.".".'."!
Paperboard.
Fine paper
Printing paper
'..'.'.'.'.'..
Tissue and absorbent paper
'.
Wrapping paper.
Newsprint
Taperboard containers (same as Paperboard)'
Printing and Publishing .
Newsprint consumption.
Printing paper (same as shown'under Paper) '.
Petroleum and Coal
Products..
Petroleum refining
Gasoline
*""
Fuel o n . ; ;
Lubricating oil;.";;
""
Kerosene
;;
etroleUT
Cnlr
" P
n products!;
Byproduct coke ' . . '
Beehive coke
Chmical Products
Rayon.*.'.' " " '
Industrial chemicals;'.'.
fces
ut
Nov.
Dec
154
157
163
152
145
112
145
154
142
95
137
155
123
103
121
13
164
226
111
0
130
159
149
141
140
169
104
117
167
97
138
139
165
106
137
218
157
135
136
130
131
171
128
107
120
'
?n<J ammunition^; .*•[ ] \
Qer chemical products!
X^hr Products
Aug. Sept. Oct. Nov,
Coal
Bituminous coal
Anthracite
e petroleum.
133
79
141
145
130
76
140
142
129
67
135
144
128
75
127
142
130
79
117
146
134
91
107
149
146
148
110
152
94
90
110
105
107
106
127
105
0
46
159
100
0
27
159
128
0
38
161
123
0
23
157
130
0
19
141
129
0
13
139
161
0
13
144
137
132
122
123
125
123
154
147
83
103
159
91
101
144
85
93
148
89
103
149
86
104
144
86
137
132
135
140
141
141
137
162
114
141
208
151
133
137
129
127
174
123
103
132
149
108
127
192
140
129
134
124
120
170
120
98
135
149
107
96
201
140
133
137
129
125
173
125
92
140
154
111
98
206
146
138
143
131
131
179
129
92
139
150
110
94
203
140
138
150
129
126
174
127
90
139
152
112
93
204
144
137
150
130
124
168
125
89
121
114
HI
115
114
116
107
161
214
133
153
165
259
155
153
126
122
138
132
119
159
0
13
144
150
0
21
157
166
0
105
156
144
0
234
158
130
0
130
178
128
138
140
141
144
151
102
156
80
99
175
84
96
177
89
101
176
93
100
179
99
101
190
103
142
140
134
r
l43
143
141
140
155
113
92
211
147
137
150
133
122
168
130
90
137
143
107
84
184
142
136
152
123
122
180
118
92
132
140
99
87
193
131
131
143
126
117
152
127
140
151
101
9S
214
139
139
151
r
135
126
169
130
89
140
148
99
93
211
134
138
155
r
124
125
174
126
88
139
152
104
93
213
141
137
148
127
123
178
128
83
114
HI
104
106
101
91
93
r
r
U0
PISS H09
112
112
98
101
202
109
115
108
91
154
157
156
158
165
166
173
177
182
193
T
153
111
137
113
112
155
110
138
114
113
155
104
137
112
102
157
99
137
108
106
164
102
143
113
123
166
99
137
117
120
174
104
137
121
124
180
109
138
120
119
185
109
145
120
110
196
116
153
121
102
r
166
155
527
166
156
503
166
156
501
166
157
485
169
158
543
169
158
551
169
159
519
166
157
481
157
152
.318
162
153
453
317
331
346
354
362
372
384
389
396
398
r
134
119
214
356
139
120
213
366
137
119
222
371
139
r
126
223
382
9&
101
130
122
210
350
151
87
mi
98
206
mo
206
122
156
123
114
211
122
151
134
113
P217
170
159
523
171
161
538
169
158
535
400
395
400
*>393
135
128
221
383
138
126
225
396
13
P129
J>227
mi
122
121
190
304
124
122
187
310
126
123
196
319
123
123
196
332
125
125
200
332
126
124
204
341
in
200
212
215
218
222
222
224
230
229
227
127
127
132
121
140
140
143
115
136
137
140
138
97
103
74
124
150
155
129
128
148
153
128
131
150
155
129
136
141
144
127
137
159
149
P119
247
351
228
310
P177
PI 99
."..*...*.* ."•".'."
134
132
119
119
125
127
130
126
124
131
133
131
129
140
145
117
121
148
154
124
121
136
143
105
121
136
145
102
118
151
157
129
121
154
161
128
122
146
151
129
124
139
143
124
125
176
239
335
*
Jan. Feb. Mar. Apr. M a y June July
Plants1.
Tobacco Products
Paper and Paper
Oct
Products—Continued
143
192
229
79
93
19
114
73
90
90
105
148
159
163
161
121
77
121
79
147
132
223
298
243
341
250
365
249
363
231
r
234
140
p
131
P133
P102
eries
£oTE.!V or drJr r ^l i j nDm a r y J - La C k1 S figures>
included
in total and group indexes but not available for publication separately.
See B u u E
3-771 and 825^88?
- " N for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940,
75
1944
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES
(Without Seasonal Adjustment)
(Index numbers of the Bureau of Labor Statistics, 1939 =» 100]
Factory pay rolls
Factory employment
Industry and
Total.
Durable good*
Nondurable goods
Iron tint Steel and Products
l!l.i»t furnace*, steel works, etc
Steel castings
Tin cans and other tinware
Hardware
(
Stove* iind heating equipment
Steam, hot-water.healing apparatus...
Stamped and enameled ware.
Structural and ornamental metal work
ForkinK* . ,
Screw machine products
Electrical Machinery
Oct.
160.
161.9 169.
210.4 229.
123.8 122.
r
241
287
165.\ 172.
133
133
2(>9 280
91
111
117
128
110
119
183
195
136
16-1
190
196
247
261
289
295
173.
133
278
117
128
121
197
r
l66
202
259
292
235.
243.01 275. 276.
164
t.M
110
107
17*
US
]W
217.
Machinery, except Electrical
, 222
Machinery and machine shop products 14*
Tray tor*
I 115
Agricultural, excluding tractors
! 281
Pumps
5
Refrigerators
Transportation Equipment, except Autos , 1,154.
Automobiles
226
151
106
285
123
147..
Nonlerrous Metals atht Products
Primary smelting and refining
Clocks and watches
Lighting equipment
17!.
14.*
127
101
Lumber and Timber Basic Products
Sawmills
Pinning and plywood mills
Furniture ami Lumber Products
Stone, Clay, and Class Products
Glass
Cement
Brick, tile, and terracotta
Pottery and related products
Textile-Milt
Apparel and Other Finished Textiles
Men's clothing, n.e.c.
Shirts, collars and night wear
Women's clothing, n.e.c
Millinery
Leather an^i Leather Products
Leather
Hoots and shoes
Food and Kindred Products
1,452.
174.\ 175.
131
269
106
131
128
197
168
204
261
289
382.
40?. 8] 462.8\
371.5
372
381.5
382
212
172
556
159
161
1,451.7 '1,449.,
,457.6 ,465.1
187.6
191.2
193.3
156
179
206.0]
169
183
176
164
1S2
110.4
158.1
154
168.2
165
165.0
158
178.6
172
185.5
179
183.2]
177
191.0
184
U9.3\
129
94
83
128
119.2
168.4
147
169
152
173
178.9;
164
167
155
184
179.2]
161
169
152
188
184.4]
182
145
135
179
m.s\
194.0
202
141
130
194
103.8
119
78
108
71
103
97
83
103.9
166.81
208
127
196
93
159
143
131
173.0\
211
131
198
103
177
152
138
175.4
213
131
201
105
179
158
139
173.0
207
131
198
102
174
153
139
104.6}
102
80
86
77
103.9]
147.4]
143
130
116
121
157.0]
148
152.7
145
143
123
76
155.8]
151
131
125
98
153.4]
153
137
145.9] 147.8]
138
142
135
131
m
95.1
121
82
Paper and Allied
113.1
110
120
107
114.\
109
124
111
11S.9\
109
129
123
r
129.0
132
117
109
74
108
r
140
133
185
94.8] T94.
125 f 126
79
79
109
127
122
117.2
108
125
r
I20
2,944.4 \Z ,944.1
188.7
153
174
m
128.4]
135
115
109
51
106
144
135
r
l75
r
2t805.5
198.3\
163
175
m.s\
121.5
274
r
192.2
158
16S
' 122.1.
127
128
101
100
90
88
123
129
128.fi'
145
105
263
267
368.5
125.3
117
123
106
133
90.8
89
82 .
441.4
447
279
288
694
296
338.2
301
242
227
124
too
137
93.6\
92
84
494 J
435.2
r
44l
270
r
284
678
2S8
336.8]
305
242
223
12$..
117
95.0\
96
85
487.7
657
,790.6
314.3
475.3
423.9
430
338.,
109.4\
106
104.\
104
93
190
,275.9"
178
254
219
362
r
3l5
372
489
549
r
324.,
325.4]
299
236
210
110.4\ 108.6
105
107
103.0]
102
91
176
',116.3
319.8
234
483
175
266
232
363
331
384
514
561
321.1
295
226
203
109. S
106
83
113
78
116
107
92
112.3
108
94
91
72
157
,053.3
312 A
233
476
261.
292.2
228
232
183
110.5
106
83
119
78
116
105
91
114.3
111
94
93
86
213
187
531
420 J
426
254
256
630
260
470.3
199.6
235.1
282.:
215
228
165
112..
I OS
119.8
128
96
85
128
106,,
105.2! 103.6
122
121
119
79
79
78
111
107
ioa
73
71
72
10S
102
106
100
97
99
87
83
86
105.6] 105.7\ 104.1
104
101
103
84
80
82
84
85
86
76
80
82
352.3
35$
198
164
511
333.4
46i.;
198.;
225.,
273.3
203
223
159
109.9
104.S\
129
97
318
287.41 368.6
110.2
88
109
106.4]
126
93
464
239.5
111.0
89
108
130
297
390
308.
230
484
187
251
211
351
r
306
373
483
551
299.6
224
478
173
242
198
361
297
356
456
542
Oct.
328.i
r
448.2
199.0
237.
246
180
148
326
166
114.6
92
112
115
308
227
322.2
r
283.4
115.1
92
114
U9
167
298
Sept.
r
279.8
125.1
101
121
105
114
253
431
492
270.1
204
446
128
211
170
319
231
314
442
507
264.1
201
435
139
210
144
209
Nov.
236.2
245
177
145
323
127.,
IDJ
121
146
255.4,
200
420
149
195
Oct.
236.1
246
173
142
321
186.0
Tobacco Manufactures
Paper and pulp
Paper goods, n.e.c
Paper boxes
173.6
132
271
110
128
r
124
195
r
165
202
260
289
1S4.3
170
124
130
114
Ub
101
Products.,
170.' 170.7] 261., 270.9] 280.4 325.6
232.: 234.
352.41 366.2 382.8 439.7
121.
120.
173.3J 177.7 180.3 194.2
170.
130,
r
183.4
IS 1.8
169
124
125
130
117
120
142
Cigarettes
Cigars
r
177.5
ISO. 9
168
125
120
HtJi
Aug.
Sept.
173.1
146
J2S
106
U9.3]
134
114
110
48
104
142
134
120
Slaughtering and meat packing
Flour
Baking
Sugar, beet
Confectionery
Beverages, nonalcoholic
Malt liquors
Canning and preserving
170..
230.'
"123.;
1943
July
Oct. Nov. Sept.
172.6
ISO.
169
122
119
and Fiber Products
Cotton goods except small wares....
Silk and rayon pood.*
Woolen ana worsted manufactures..
Hosiery
Knitted underwear.
Dyeing and finishing textiles
Carpets and rugs, wool
236. i
244
167
139
316
155
,202.,
142.
Furniture
July A u g .
Nov.
206.'
124.
1942
1943
1442
90.5
88
81
122.3]
132
91.0\ 145.6
138
135
118.1
120
112
167
116
133
133
12S
1
142
127
103
140.2]
146
135
173.2] 164.4] 160.5
I
r
192.3,
194
148
137
190
173.2
204
134
t98
107
177
r
152
135
164.1]
154
13l
133
122
r
r
187.8
r
197.7]
162
r
193
140
128
187
172.0]
205
132
195
105
172
r
15l
131
174J
205
136
198
109
177
152
136,
163.4]
154
130
136
114
164.1
158
134
132
106
143.1]
143.1
135
130
r
135
131
r
184.8
r
182.2
201
193
159
206
173
138
141
119
155
138
153
373 '
181
177
150 j 148
144
144
379
294
182
178
128
133
144 | 137
226 ' 163
175.9,
204
.170
153
68
149
178
190
201
157.4]
179
146
153.5
182
138
151.1
187
129
r
154.1
180
140
160.2
191
141
163.S\
161
166
154
176.3
169
181
174
181.9
175
183
180
176.6
168
178
r
177
183.0
174
95.5
123
78
96.6
144.1
167
132
153.7
172
145
118.2]
108
127
123
U9.3\
147.0]
149
143
132
158.9]
159
157
147
203
184
153
74
155
182
193
r
316
192
180
155
100
r
164
172
187
r
304
178
161
1S4
225
]»
1S5
'Revised.
9°
FEDERAL RESERVE BULLETIN
FACTORY EMPLOYMENT AND PAY ROLLS, BY lNDUSTRlUS-Continuett
{Without Seasonal Adjustment)
[Index numbers of the Bureau cf Labor Statistics 1939 — 100J
Factory employment
Industry and group
1942
Oct.
Factory pay rolls
1943
Nov.
Sept.
Oct.
Printing and Publishing
Newspaper periodicals
Book and job
100.9\
98
102
103.1
99
105
103.4\ 102.9\ 100.7
94
94
95
107
106
102
Chemical and Allied Products
Paints , varnishes, and colors
Drugs, medicines, and insecticides
Kayon and allied products
Chemicals, n.e.c
Cottonseed oil
Fertilizers
233.
103
142
107
159
154
103
240.3,
103
149
105
160
151
104
258.6} 257.0] 255.4\ 256.4
107
107
106
105
170
170
172
169
109
109
110
109
169
168
173
171
87
79
145
134
100
95
107
105
250.9
Products of Petroleum and Coal
Petroleum refining
Coke and byproducts
119.3\ 117.8
107
10S
120
123
119J
113
113
119J\
113
112
119.01 160.5
144
173
Rubber Products
139.9,
137
136
129
143.8\
142
140
131
1S8.9\
162
149
141
160.3\ 161.2 161.3\ 163.6] 189.9]
165
169
166
179
150
144
143
206
r
140
141
144
177
150,7
145
76
151.7
148
80
166 A\
177
B5
166.4] 165.1
178
178
r
86
84
Rubber tires and inner tubes
Rubber boots and shoes
Rubber goods, other
Miscellaneous Industries
Photographic apparatus
Games, toys, and dolls
r
1943
1942
July I Aug. I Sept. | Oct. I Nov.
102.3
95
105
119.0\ U9.3\
113
113
110
111
103.91 111.2
108
110
116.3
109
119
338.5
129
173
Nov.
July
351.4] 365.3 435.7
131
135
158
184
190
232
145
141
169
231
236
277
246
243
133
164
164
189
146
222
179
165
Aug. I Sept. | Oct.
122.4 127.0
111
112
128
133
128.S
113
135
r
128.9
115
133
131.0
114
138
435.8] 438.4, 43S.4
160
160
156
r
236
242
251
168
170
169
281
286
290
150
249
282
198
214
160.8\ 165.4\ 190.3
146
151
180
163
165
175
197 A
185
185
201.9]
190
209
191
258.4]
254
250
232
273.4]
277
247
r
239
278.0
279
244
248
294.5
269
145
297.1
271
142
301.3
278
158
213.3
205
222
196
256 J
253
247
228
166.0\ 167.3\ 227.4\ 236.31 247.6 291.4
176
200
209
223
264
88
114
120
129
133
195.0\ 197.7
186
182
184
1S7
Revised.
FACTORY EMPLOYMENT
{Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors, 1939 = 100]
1942
Group and year
Oct.
Total
Durable
Nondurable
159.6
206.5
122.6
Nov.
1943
Bee.
161.5
210.2
123.2
Jan.
165.8
218.6
124.1
164.2
215.5
123.7
Feb.
Mar.
167.4
222.1
124.3
168.1
224.7
123.5
April
168.4
225.8
123.2
May
167.9
225.9
122.2
June
169.0
228.3
122.3
July
Aug.
Sept.
Oct.
Nov.
169.7
229.4
122.6
r
r
168.3
r
170.0
232.0
121.1
''170.7
"233.8
r
169.6
230.0
121.9
230.2
119.6
nzo.v
^Revised. P Preliminary
™OrE4 e v i s e d i n d e xes based on new Bureau of Labor Statistics data released in February 1943. For back figures see p. 14 of January 1943 But*
IN, and p. 1187 of December 1943 BULLETIN.
HOURS A N D EARNINGS OF WAGE EARNERS I N MANUFACTURING INDUSTRIES
[Compiled by the Bureau of Labor Statistics]
^ _ ^ ^
Average hourly earnings (cents per hour)
Average hours worked per week
Industry and group
Sept.
T" t i l e f-MiU and Fiber Products
tea sasssa? ***"
°us
Industries','/.'.'.'.'.'.'.'.[]
June
July
Aug.
Sept. .Oct.
Sept.
Oct.
June
July
Aug.
96.5
43.6
45.1
44.4
45.1
44.7
45.4
89.2
89.3
95.9
96J
44.6
45.8
46.8
46.0
46.8
46.5
47.3
99.7
99.0
105.4
106.0 106.0
43.0
46.0
48.0
44.3
46.7
49.5
46,4
47.0
49.4
45.5
"46.2
48.1
46.1
46.7
48.6
47.1
47.0
49.7
98.0
94.9
99.4
97.9
93.6
99.7
103.1
97.0
105.9
103.5
97.0
106.3
103.7
97.4
106.4
46.7
44.1
44.1
41.0
41.0
39.3
47.1
45.2
45.4
42.5
42.8
41.3
47.1
46.2
46.9
44.4
44.6
43.1
46.8
46.0
46.1
42.7
43.6
41.8
47.0
47;1
46.6
45.2
44.6
r
43.4
47.2
45.9
46.8
43.5
r
43.6
42.3
47.6
47.6
47.0
44.2
44.9
43.8
116.1
118,5
95.6
68.2
67.5
79.9
113.2
117.2
95.6
69.4
68.5
81.2
118.9
123.6
101.1
74.1
74.1
84.4
119.4
124.3
101.5
73.8
74.5
84.9
119.9
121.9
101.7
74.6
75.0
r
85.4
39.7
40.8
42.7
42.2
T
42.6
42.2
42 J
74.3
75.1
80.3
80.6
39.4
34.9
36.7
41.8
38.6
40.8
38.2
42.7
39.5
41.6
43.6
40.4
37.1
38.9
41.6
40.4
43.4
38.5
43.6
40.5
42.7
44.8
'41.5
38.1
39.8
44.9
41.0
45.7
40.1
45.6
44.9
46.0
46.5
40.9
37.1
39.1
44.3
42.1
44.6
40.2
45.3
44.9
44.1
45.6
41.3
37.8
40.0
r
44.1
41.1
45.6
r
40.6
r
45.6
r
46.2
r
44.3
45.8
41.0
37.4
39.2
r
43.2
r
41.3
r
44.6
40.4
45.7
r
45.3
r
44.9
45.6
41.6
37.8
39.5
44.0
42.6
45.7
40.2
46.0
46.0
45.4
46.1
63.4
64.5
70.2
71.5
59.7
76.7
96.0
88.1
108.8
94.5
81.8
63.9
65.2
70.8
74.4
60.2
77.1
97.3
S6.6
108.1
94.7
81.1
66A
69.9
74.9
80.2
64.5
79.8
100.6
92.2
112.8
102.4
88.1
66.4
70.5
74.4
79.9
65.1
79.7
99.7
93.0
113.9
101.9
8S.1
42.4
Nondurable Goods
Oct.
1943
1942
1943
1942
r
46.6
46.9
48.8
r
r
Sept.
Oct.
r
99.4
98.9
109.8
108.8
106.5
99.4
105.7
98.9
108.5
r
M09.3
125.2
126.5
104.6
76.8
r
77.1
87.3
123.1
125.9
103.1
77.4
77.6
87.0
81.1
82.3
S2.4
66.5
72.7
75.0
SO.4
65.8
80.4
100.2
92.8
r
113.7
101.5
r
88.5
67.5
74.3
'76.5
r
80.1
r
67.O
81.1
103.5
93.9
115.5
105.7
90.7
67.5
73.7
76.5
81.5
67.0
81.1
103.4
93.2
115.3
105.9
90.8
r
r
Revised.
(T1 i i
VISC
data based on the
classification of the 1939 Census of Manufactures. Back figures arc available from the Bureau of Labor Statistics.
estimated Employment in Nonagricultural Establishments by Industry Division" appears on p. 99.)
JANU ARY
1944
CONSTRUCTION CONTRACTS AWARDED. BY TYPE OF C O N S T R U C T I O N
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars]
Nonresidential building
Residential
building
Total
Month
316.8
433.6
610.8
498.7
673.5
1,190.3
943.8
721.0
723.2
780,4
654.2
708.7
March
April
May
July
October
November
December
Year
1942
1943
1942
1943
102.8
168.0
219.3
162 1
148.0
185.5
127.4
100.6
126.7
161.2
156.7
159.7
350.7
393.5
339.7
303.4
234.4
229.6
183.7
413.8
175.1
213.5
110.8
93.3
71.8
79.4
63.3
61.5
71.8
67.5
54.1
69.7
1,817.7
8,255.1
1942
75.4
84.5
112.7
145.1
178.0
271.8
303.5
261.1
377.8
240.3
106.7
70.6
1943
73.1
87.7
63.8
40.7
24.2
53.7
31.9
234.8
31.1
34.5
2,227.5
CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP
IFigures for 37 States east of t h e Rocky Mountains, as reported b y the
F. W. Dodge Corporation . Value of contracts in millions of dollars]
Total
Public ownership
January
February
April
May
June
August
September....
October
November....
December....
1942
1943
305
317
270
434
480
611
407
499
549
674
539 1,190
577
944
760
721
623
723
606
780
459
654
432
709
351
394
340
303
234
230
184
414
175
214
184
6,007 8,255
1941
1942
1943
124
198
105
310
269
473
184
355
267
569
314 1,105
348
876
520
633
403
661
371
710
298
592
288
664
316
364
304
253
192
183
J22
351
120
157
135
1941
1942
181 , 119
166 123
211 138
223 144
281 105
85
225
68
229
88
240
62
220
71
235
62
161
45
144
6.1
5.1
18.9
14.1
30.0
11.2
9.1
9.2
5.6
10.7
12.4
10.1
15.4
26.6
17.1
6.6
9.3
6.9
5.3
7.4
6.2
10.6
11.6
8.9
71.6
7.9
5.8 J
5.7
....
1943
1942
1943
68.2
90.9
95.9
159.7
101.7
227.7
436.4
327.3
213.2
129.6
246.2
241.0
.271.0
85.8
113,0
123.0
127.7
95.8
73.3
50.0
73.4
50.1
63.5
72.7
51.5
43.0
36.5
26.3
19.9
26.4
29.0
28.9
46.5
86.0
234.9
124.3
107.7
4.8
4.2
147.9
302.2
1942
21.0
54.2
4.2
4.5
5.9
5.3
76.8
103.3
124.1
168.6
2,540.6
1,219.1
CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT
(Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in thousands of dollars]
1942
1943
35
30
36
50
42
46
61
62
56
56
50
Year or month
Total
Property
improvement
Small
home
construction
1- to 4family
houses
(Title
ID
Rental
and
War
group housing
housing (Title
(Title
VI)
ID
13
25
26
21
15
94
309
424
473
669
736
877
691
92
97
10
9
1
1
39
39
43
49
31
20
19
16
18
19
. 21
20
20
20
21
42
39
47
37
47
51
56
60
55
57
60
10
12
8
10
New York
Philadelphia
Cleveland
Richmond
Atlanta .
9,288
12 379
12,024
29 707
43,810
22,335
27,353
1,282
2,685
16,270
7,266
10,936
30 t 628
15,000
19,706
37,243
20 976
32,001
8 f 218
2,154
13,320
23,347
16,223
67,766
68,481
87,180
93,525
97,330
50,703
61,235
11,686
44,941
55,114
St, Louis
Minneapolis
Kansas City
Dallas
...
•
.....
184,399
213,529
654,184
INSURED FHA HOME MORTGAGES (TITLE II) HELD IN
PORTFOLIO, BY CLASS OF INSTITUTION
[In millions of dollars]
Mortgages on
224
246
60
160
208
251
262
141
64
73
59
72
78
84
90
88
85
92
November
2,515 1,109
320
557
495
694
95i
1,026
1,186
1,137
7
5
6
7
7
8
October
November
Total (11 districts)
3,492 7,146
Title I Loans
1943—Jan..
Feb.
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
7.2
22.7
25.2
1943
1943
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollars]
1942—Nov.
Dec.
17.7
21.8
36.8
30.9
23.8
46.2
34.7
21.3
1942
Federal Reserve district
1941
1935
1936
1937
1938
1939
1940
1941
1942
1943
Private ownership
Month
Year
1942
Other
Educational
Commercial
Factories
Public works
and pu Slic
utiliti es
2
2
11
48
51
13
13
6
13
284
* Less than $500,000.
NOTE.—Figures represent gross insurance written during the period and do
lot take account of principal repayments on previously insured loans.
End of month
SavCom- Muings Insur- Fedtual
mereral Other*
and
ance
Total
savcial
com- agenloan
ings associ- panies
banks banks
cies!
ations
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
1939-June
Dec
1940—Mar
June
Sept
Dec
1*478
1,793
759
902
50
71
167
192
271
342
137
153
133
1,949
2,075
2,232
2,409
971
,026
,093
,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
,246
,318
,400
,465
146
157
171
186
230
237
246
254
606
668
722
789
210
220
225
234
160
154
17S
179
1942—Mar
June
Dec
3,307
3,491
3,620
,549
,623
,669
201
219
236
264
272
276
856
940
1,032
237
243
245
200
195
163
1943—June
3,700
1,700
252
284
1,071
235
158
27
53
90
1
The RFC Mortgage Company, the Federal National Mortgage Association, the Federal Deposit Insurance Corporation, and the United States
Housing
Corporation.
2
Including mortgag
eral Housing Administration.
op.
FEDERAL RESERVE BULLETIN
MERCHANDISE E X P O R T S A N D I M P O R T S
[In millions of dollars]
Merchandise exports 1
imports 2
Merchandise
Excess of exports
Month
1939
1940
1941
1942
213
219
268
370
347
351
325
303
357
481
480
628
April
May
June
231
249
236
323
324
350
387
385
330
717
536
648
July
August
September
October
November
December
230
250
289
317
351
295
365
460
425
650
703
732
332
292
368
344
328
322
666
492
653
801
787
873
January-November 2,809
3,699
4,494
7,163
January
February
March
•:...
1943
1939
1940
1941
1942
1943
1939
1940
1941
1942
1943
178
158
190
242
200
217
229
234
268
254
254
272
P22B
*234
J>249
35
61
77
128
147
134
96
69
228
226
355
486
P739
186
202
179
212
211
211
287
297
280
235
191
215
p
255
P281
P295
45
47
57
111
112
138
100
88
50
482
345
433
169
176
182
232
221
195
278
282
262
213
186
196
0
P315
P280
61
74
107
84
130
101
87
178
162
437
517
536
215
235
247
207
224
253
304
281
344
200
168
359
"329
P318
117
57
121
137
104
69
362
211
309
602
619
514
2,071
2,372
3,001
2,383
3,084
738
1,327
£1.493
4,780
P73O
*7
p
,085
l,002
p
l,251
p
l,204
*1
I,036
p
P725
P803
P953
p
8,330
J1 Preliminary.
Including both domestic and foreign merchandise.
General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Source.—Department of Commerce.
Backfigures.—SeeBULLETIN for April 1940, p. 347; 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 C A R L O A D I N G S , BY CLASSES
[Index numbers; 1935-39 average=100]
Total
Coal
ForLive- est
Coke Grain
stock products
Total
railway
operating
revenues
Mis. Mercel- chanOre lanedise
ous
l.C.l.
Annual
Annual
1939..
1940..
1941..
1942.,
101
109
130
138
98
111
123
135
102
137
168
181
107
101
112
121
96
96
91
104
100
114
139
155
110
147
183
206
101
110
136
146
97
96
100
69
1942-September.
October....
November..
December..
140
140
136
135
142
138
139
132
186
184
186
184
124
139
126
139
102
110
114
117
154
149
140
137
203
190
190
189
150
150
145
144
55
56
58
59
1943—January
February...,
March..
135
139
138
136
135
327
141
140
140
137
139
135
145
144
133
132
100
146
145
152
140
127
184
178
187
186
181
166
184
191
195
195
186
138
145
142
140
140
137
143
147
137
167
161
102
113
117
118
112
113
113
117
114
119
132
130
135
133
138
138
140
150
148
139
137
150
202
193
193
163
163
192
202
208
209
r
191
191
144
146
145
145
143
142
146
145
143
140
147
57
61
61
62
62
63
64
63
63
64
67
142
138
139
132
184
180
186
193
139
139
r
124
130
135
169
r
143
113
167
158
138
122
304
260
206
59
162
163
150
135
135
145
144
133
132
100
146
145
152
140
127
193
189
189
183
179
162
178
183
193
191
186
138
142
131
124
123
140
172
158
153
167
157
98
90
92
105
101
86
97
111
151
183
166
117
129
133
138
143
145
150
156
150
144
147
50
48
56
106
269
297
323
312
314
274
193
132
137
138
143
145
146
147
147
154
153
153
SEASONALLY
ADJUSTED
1
jy
:::
August
September..,
October
November.,,
1939.
1940,
1941
1942,
Total
railway
expenses
Net
railway
operating
income
Net
income
3,995
4,297
5,347
7,466
3,406
3,614
4,348
5,985
589
682
998
1,481
93
189
500
959
663
661
SEASONALLY
ADJUSTED
1942—September..
October.. ..
November..
December..
722
708
534
533
563
554
128
128
159
155
82
81
121
110
1943—January....
February...
March
April
May
June
July
August
September.,
October
710
744
740
767
783
749
761
779
738
731
577
591
616
623
624
629
653
663
655
658
134
153
124
144
159
120
108
115
82
73
92
111
82
101
118
78
68
75
r
41
33
1942—September..
October
November...
December ..,
698
746
690
703
543
561
541
532
155
185
149
171
106
136
111
137
.943—January....
- February...
March
April
May
June
July
August
September..
October
671
664
756
749
759
747
791
800
777
796
566
557
627
622
631
638
671
676
666
683
105
106
130
127
128
110
121
125
110
113
63
62
85
83
86
71
82
84
70
77
UNADJUSTED
^-September..
October...
November...
December...
Januaiy
February
March...!"
A
.prii
."
May...
i u ? c -*••"•"
July
August...
September.
October...
November.*
'Revised.
UNADJUSTED
r
p
Revised
Preliminary.
,
, . ,
NOTE -Descriptive material and back t figures may be obtained
June°194i £L
data, sec pp. 529-533 of the
ron? the Division of Research and Statistics. BaSlc data compiled
«on o Am J r
ladings. Basic data compiled by Associa- by the Interstate Commerce Commission.
\vith weiehS A* ? J , ds. Total index compiled by combining indexes for classes
tats derived from revenue data of the Interstate Commerce Commission.
F
JANUARY
d
!? C r i p ?d oa .i nl ya na dv e rbaa c ke
£ai ??r 0a
S
I944
BULLETIN for
BULI
DEPARTMENT STORE STATISTICS
[Based on value figures]
WEEKLY INDEX OF SALES
[Weeks ending on dates shown. 1935-39 average =* 100]
MONTHLY INDEXES OF SALES AND STOCKS
IDaily average sales; cnd-of-month stocks. 1923-2.5 average = 00]
Seasonally adjusted
1941
1940
1942
1943
1940
SALES
January
February . . . . . . . . .
March.
April
May
June
July.
A uc us t
October
November
December
101
103
103
104
105
104
115
134
116
105
116
92
90
89
89
89
91
92
98
97
94
100 .
101
m
Year
138
126
124
117
108
104
121
130
123
128
138
125
143
168
136
128
125
129
142
142
132
140
158
Without seasonal adjustment
Unadjusted
1941
1943
1942
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
US
115
108
100
83
103
133
137
157
222
94
110
124
61
68
71
71
70
64
61
66
73
79
83
66
64
69
75
76
75
73
74
84
95
108
110
87
85
97
111
123
130
130
128
132
130
128
122
95
69
82
118
111
132
121
133
125
124
98
112
143
150
180
13.
20.
27.
Aug. 3.
10.
17.
24.
31.
Sept. 7.
14.
21.
28.
Oct.
STOCKS
January
February
......
March
April
.....
May
June
July
Aucust
.
....
September
October
. ...
November
December
68
71
70
68
68
68
68
69
70
70
72
71
71
73
73
73
74
76
82
87
91
97
95
92
95
102
109
118
127
136
142
138
125
r
115
105
101
102
93
91
87
90
98
110
114
110
104
"97
5.
12.
19.
26.
Nov. 2.
9.
16.
23.
30.
Dec. 7.
14.
21.
28.
19
Year
r
92
89
93
90
92
93
99
110
114
116
P112
Jan.
Revised.
p
J
Preliminary.
Back jJgurM.—Sales, see BULLETIN* for August 1936, p . 631, and subsequent issues. Stocks, see BULLETIN* for March 1938, p. 232, and subsequent
ssues.
4.
11.
18.
25.
1942
1941
1940
June 1 5 . . . .
22.
29.
July 6.
..107
. . 92
. . 89
. . 67
. . 78
. . 72
. . 69
. . 81
..79
. . 81
. . 92
..118
..109
.123
..117
..120
..125
.115
..123
..121
..117
..122
..130
..116
..147
..197
..232
..258
..124
June 14
21
28.....
July 5
12
19
26
Aug. 2
9
16
23
30
Sept. 6
13
20
27
Oct. 4
11
18
25
Nov. 1
8
15
22
29
Dec. 6
13. . . .
20. . . .
27....
1942
..
..
..
..
Jan.
n
85
99
90
89
3
10....
17....
24....
.120
.107
.109
. 86
. 93
. 89
. 87
.102
.116
.113
.119
.152
.122
.133
.131
.148
.169
.130
.131
.130
.138
.139
.148
.128
.169
.215
.236
.277
.174
June 13 ...117
20... ...116
27 . . . 100
...84
...102
...93
18
...92
25
Aug. 1 . . . 9 6
...110
8
...113
15
2 2 . . . ...116
2 9 . . . ...132
...153
Sept. 5
...129
12
...137
19
. . . 155
26
...173
Oct. 3
...159
10
...152
17
...153
24
31
...158
...166
Nov. 7
...167
14
2 1 . . . . . . 166
28
...166
Dec. 5
...236
1 2 . . . ...274
1 9 . . . ...303
26. . . ...199
1943
June 12.....151
19
US
26
118
July
3
116
10
101
17.../.Ill
24
31
7
14
21
28
Sept. 4
11
18
25
Aug.
Oct.
Nov.
Jan.
2 . . . . .112
9 . . . . .138
1 6 . . . . .132
23
119
2
161
9.. . . . . 1 7 3
16..
23..
30.. ....m
5
13
20
27
Dec. 4
11
18
25
1S3
191
201
188
252
273
290
244
1944
1943
.107
.130
.131
.119
109
107
117
118
132
133
154
142
161
158
Jan.
1
8
15
22
Backfigures.—SeeBULLETIN for April 1941, p. 311, and subsequent issues-
SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
[Percentage change from corresponding period of preceding year]
Nov. Oct. n !
1943 j 1943 mos.
1943
United States.
Boston
New Haven
Portland
Boston
Springfield
Providence
New York
Bridgeport
Newark
Ajbany
Binghamton
Buffalo
Elmira
Niagara Falls..
New York City
Poughkeepsie...
Rochester
Schenectady
Syracuse
Utica
Philadelphia
Trenton
Lancaster
Philadelphia....
Reading
Wilkes-Barre...
York
Cleveland
Akron
Cincinnati
Cleveland
Columbus
Toledo
+19
+14
Nov. Oct.
1943 1943
11
11
mos.
1943
Nov. Oct. mos.
1943 1943
1943
+14
Cleveland—Cont.
Youngstown...
Erie
Pittsburgh:....
+
Wheeling
+17 - 4
Richmond
+1 +7 Washington
-14
•Baltimore
0
+ 9 - 4 Winston-Salem...
Charleston, S. C.
+23
Greenville, S. C
+ +6 +15
+11 Lynchburg
Norfolk
•+15 +27 Richmond
+2
Charleston.W.Va.
+
Clarksburg
Huntington
8
+7
+10
+4 Atlanta
+30 +10 +12 Birmingham
+14 Montgomery
+7 Jacksonville
+
+18 Miami
+27 +9 +12 Tampa
r
+ +7 Atlanta
+8 +10 Macon
Baton Rouge
+11 +12
+11 New Orleans
+5
Jackson
+18 +5 +10 Chattanooga.. ..
+16 +2 +15 Knoxville
+17
+11
+19 +6 +6 Nashville
+1
Nov. Oct.
1943 1943 1943
+1
+24
$1
it
+11
+7 +27 Chicago
+
+15 Chicago
Chicago—Cont.
Peoria
Fort Wayne....
Indianapolis...
Des Moines
+21 +15 Sioux City
+17
0 +12 Detroit
+16 - 2
+7 Flint
+15 - 6 +11 ' Grand Rapids.,
+28 +9 +22 Lansing
+29 +9 +28 Milwaukee
+39 +14 +3S
+28 +17
Louis
0
Fort Smith
+13 +22 Little Rock....
+7 +2 +10 Quincy
+9 Evansville
+12!1 +1
+13'
+< +12 Louisville....;.
+33\ +24 +30 St. Louis
+23 +9 +19 Springfield
+28 +31 +29 Memphis
+38 --23
27 Minneapolis.^
+33 --27
+27 --29
Kansas City
+39 --24
Denver
..,
+22 +21
+37 Hutchinson
+29 +18 +34
Topeka
+29 +28 +25
+22 +16 +25 Wichita
,
+32 +18 +24 Joplin
Kansas City...,
+65
+32
St.
Joseph
4-36
+36 Omaha
+16
+P Oklahoma City
+18
+9 Tulsa
+21
+16
+17
+26
+6 +14
a
ts
Dallas..
+8 Shreveport
+9
+11
+6 Dallas
+26 +11 +23 Fort Worth
+20 +10 +18 Houston
+35 +13 +29 San Antonio
+8
0 +5 San Francisco
+1 "+17
"+17 Phoenix
- 6 +17
+2 Tucson
+23 r - 4 +11 BakersBeld
+2
Fresno
+20 +4 +15 Long Beach
+30 +10 +29 Los Angeles
+16 +12 +27 Oakland and
+23 +6 +17
Berkeley
--22
+5 +31 Sacramento
--19
+15 San Diego.
--23
+8 San Francisco...
--31
+27 San Jose
—12 +14 +25 Santa Rosa
!
XI
+10
+28 +4
+25
+23
+35
+21
+30
+18
+20
+33
+23
+45
+28
+12
+8
+18
+26
+22
+29
+
+29
+15 +32
+9 +21
+10
+29
+24
+49
+23 +27
£
+15
Stockton
Vallejo and N a p
Boise a n d
Nampa
Portland
Salt Lake C i t y :
Bellingham
Everett
Seattle
Spokane
Tacoma
Yakkna
+37
+23
+52
+41
+31
+31
+20
+70
+26
+37
+3
+19
+38
r
+29
+26
+21
+17
+46
+42
+33
+34
+11 +11
r+4
+20
+30
+ 3 5 +30
+ 2 6 +18
+ 2 9 +21 +24
+15
+16
+19
+14
S
+3 +22
+17
+8 +16
+3
+16
+20
+19 +6
+23 +17
+28 +28
IS
+32
+17
+11
+11
+5
+37
"+1*+l9
+2S
+3
J
+
+2
+8
+5 f
+l
+29 +18
r
Revised.
* Data no tyet available.
**Ten months 1943.
'+16
FEDERAL RESERVE
+13
+14
In
+12
+24
DEPARTMENT STORE
STATISTICS-Contimed
SALES AND STOCKS, BY MAJOR DEPARTMENTS
Sales during month (value)
Stocks at end of month (value)
Ratio of stocks
to sales
Percentage change
Percentage change
October
Number
of stores
reporting
Department
Oct. 1943 Oct. 1943 Oct. 1942 Oct. 1943 Oct. 1943 Oct. 1942
from
from
from
from
from
from
Oct. 1942 Sept. 1943 Sept. 1942] Oct. 1942 Sept. 1943 Sept. 1942]
1943
1942
GRAND TOTAL—entire store..
352
+9
+12
+12
-9
+1
-2
2.7
3.2
MAIN STORE—total
352
+11
+11
+12
-9
+1
-2
2.8
3.4
Women's apparel a n d accessories
Women's and misses' coats and suits
Women's and misses' dresses
v
Blouses, skirts, sportswear, sweaters, knit
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
350
328
332
+15
+20
+10
+6
+8
+
i
+13
+49
+3S
-1
+23
— 14
310
29.1
301
284
320
328
344
324
241
260
+18
+30
+23
+3
+20
-2
-2
+51
+33
+38
+37
Men's a n d boys' wear
Men's clothing
Men's furnishings, hats, caps.
"......'..'".
Boys* clothing and furnishings
Men s and boys' shoes ancl slippers
320
229
303
277
172
+11
+4
+12
+22
+20
+33
+30
-7
+ 14
Home furnishings
Furniture, beds, mattresses, springs
../../......
Domestic floor coverings
Draperies, curtains, upholstery
Major appliances (refrigerators, washers, stoves,
315
230
238
290
-2
-8
+10
+4
+17
+25
Domestics! blankets, linens,' etc.."......'.'.'.'.'.'.'.'.'.'.
Uiina and glassware
Housewares
287
219
219
+20
+9
OTiSls? ( d r e s s a n d c o a t
Cotton wash goods.".'.''.'..'.'..'.'.'
2S4
+28'
+35
+5
120
+3
331
220
316
270
+21
+6
+26
+ 13
+ 17
+8
+16
+13
+8
+37
+4
-11
+19
-2
+9
+ 12
-64
Small wares
Motions.
;;;;;;;;
Toilet articles,'drug" sundries," prescriptions;'.'.'.'.
jewelry and silverware
Miscellaneous
BASEMENT S T O R E - t o t a l
U omen s apparel and accessories
Men s and boys' clothing and furnishings
nome furnishings
Piece goods
Shoes..
216
205
166
123
54
l.U
-20
-2
+3
-3
-4
+24
-35
-1
-9
+1
-2
+7 .
+1
+19
+13
+38
-6
-4
+5
+3
+12
+3
+11
+11
+18
+9
+10
+1
+3
+9
+23
+8
+ 13
+35
-5
+23
+15
+27
+25
-8
+4
+11
+2
+25
+34
-5
-9
+40
-3
-29
-6
-23
-4
+37
-2
-11
+7
2.3
1.7
1.4
2.3
-1
-4
-4
+3
+15
+12
-2
-2
-5
0
-4
-2
-8
-4
2.2
1.8
1.7
3.0
•2.9
2.6
2.6
3.0
3.4
2.8
1.7
1.7
2.3
2.2
3.5
3.8
2.5
4.7
3.5
2.8
3.8
4.1
4.1
2.6
5.6
5.3
5.7
S.6
3.9
5.9
—5
-3
-10
3.2
3.4
2.4
2.3
4.6
4.0
4.9
3.7
-10
-2
3.0
3.0
5.2
4.3
3.9
4.9
7.4
4.5
3.4
3.8
-1
2.5
2.4
3.6
3.7
3.4
4.0
+1
1
+1
-20
+2
-26
-18
-17
-12
-1
+7
-2
+1
-30
-22
-47
-29
-12
-11
-72
»9
-27
+3
+2
+4
-2
+2
+2
+2
+4
-4
-3
+1
+8
+2
-23
- -25
+3
+8
-6
-11
+ 13+11
+ 12
+6
+3
+4
+11
' +4
-17
+4
+2
3.0
-5
+13
-16
-28
-3
-1
0
-2
0
-1
-6
-6
-6
2.6
+
+42
+10
+11
+ 14
+11
+7
-2
+2
-4
-4
+5
+7
0
+1
-3
-8
-2
-4
-6
0
+5
+10
2.1
3.4
2.6
2.6
4.9
1.4
1.2
4.6
4.4
3.9
2.7
1.9
4.0
3.5
3.2
3.2
store owine ch^flE J ot ?ls Cinclude
sales in departments not shown separately. Figures for basement store are not strictly comparable with those for main
!*y
dividing stock?it t i ? S i o n * i n b ams eomne tn ht*of
fewer departments and somewhat different types of merchandise. The ratio of stocks to sales is obtained
ia
b y sales d r
terms of sales for t h t
°h
" »ns the month and hence indicates the number of months' supply on hand at the end of the month
SALES, ACCOUNTS RECEIVABLE, A N D COLLECTIONS
Percentage of total sales
Index numbers, without seasonal adjustment, 1941 average - 100
Accounts receivable ; Collections during
at'end of month ;
month
Sales during month
Year and month
^-September.,
October...
November
December..
Total
Cash
r
r
140
r
120
136
• 135
208
r
^3-January..
February.
March.. . ; '
100
116
r
ll9
r
128
117
120
r
96
r
107
r
131
r
147
166
June..
July...:;"
August..."
September.,
October...
r
162
162
r
262
123
r
139
r
146
r
159
r
H5
r
150
r
125
r
138
r
167
r
187
210
Instalment
r
r
77
92
r
90
112
63
70
r
66
r
75
61
r
56
T
53
64
70
85
93
Instalment
Charge
account
r
105
r
114
r
115
166
63
62
62
64
76
82
84
109
82
98
r99
r
103
r
96
r
100
r
72
r
82
r
104
r
115
130-
58
55
51
49
45
42
39
38
38
40
43
83
78
77
78
75
76
64
63
74
81
90
Charge
account
r
Cash
sales
I Instalment
sales
Chargeaccount
sales
Instalment
Charge
account
90
99
95
103
83
106
113
116
56
57
58
61
38
37
36
34
96
89
91
85
79
72
70
67
67
75
81
*109
105
106
105
100
103
85
84
104
116
59
58
59
60
60
60
62
62
61
61
61
36
37
36
35
36
36
33
33
34
34
34
r
RevisedT
are based on reports from a smaller group of department stores than that included in the monthly index of sales shown on the
JANUAS
I944
95
CONSUMER CREDIT STATISTICS
TOTAL CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding. In millions of dollars]
i
Instalment credit
Total
consumer
credit
End of month
or year
Sale credit
Total
instalment
credit
Total
Automotive
Loans 1
Singlepayment
loans 2
Charge
accounts
Service credit
Other
7.089
6,341
5,177
3,846
3,717
4,159
5,148
6,396
7,054
6,618
7,518
8.767
9,499
6,155
3,16T
2,706
2,214
1,515
1,581
1,846
2,599
3,466
3,919
3,539
4,351
5,434
5,921
2,922
2,515
2,032
1,595
999
1,122
1,317
1,805
2,436
2,752
2,313
2,792
3,450
3,747
1,494
1.318
928
637
322
459
576
940
1.289
1,384
970
1,267
1,729
1,942
482
1,197
1,104
958
677
663
741
865
1,147
1,368
1,343
1,525
1,721
1.805
1,012
652
674
619
516
459
529
794
1,030
1,167
1,226
1,559
1,984
2,174
1,428
1,577
1,451
1,051
726
588
659
785
991
1,119
1,069
1,089
1,123
1,204
1,072
1,749
1,611
1,381
1,114
1,081
1,203
1,292
1,419
1,459
1,487
1,544
1,650
1,764
1,513
596
573
531
491
467
451
472
520
6,403
6,169
6,155
3,255
3,054
2,922
1,704
1,571
1.494
664
573
482
1,040
998
1,012
1,551
1,483
1,428
1,088
1,085
1,072
1,419
1,386
1,513
641
644
648
5,703
5,491
5,353
5,243
5,079
5,065
4,844
4,770
4,863
"4,959
"5,070
2,660
2.465
2,323
2,226
2,116
2,046
1,956
1,899
1,869
p
l,836
*1,821
404
351
287
260
235
208
196
190
186
"181
"177
910
839
784
760
720
688
642
617
600
"595
?601
1,346
1,275
1,252
1,206
1,161
1,150
1.118
1,092
1,083
"1,060
*»!, 043
1,058
1,038
1.031
1,029
1,027
1,014
994
996
1,038
"1,073
*l,095
1,333
1,333
1,343
1,331
1,275
1,338
1,222
1,198
1,275
Pi,366
*1,466
652
655
656
657
661
667
672
677
681
"684
"688
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
557
523
534
560
610
648
1942
Oct
Nov
Dec
1943
Tan
Feb
Mar
Apr
Jlav
June
July
.....
Aug.
Sept
Oct
Xov.
1,314
1,190
1,071
1,020
955
896
838
807
786
"776 '
"778
p
Preliminary.
* Includes repair and modernization loans.
description of sources of data and methods of estimation. Later estimates, comparable with those formerly published by the "Department of Commerce,
were made at the Board of Governors of the Federal Reserve System.
CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOTIVE
[Estimated amounts outstanding. In millions of dollars]
Department
Total,
End of month excluding stores
and
autoor year
mailmotive
order
houses
Household
appliance
stores
Jewelry
stores
All
other
retail
stores
1,805
1,012
160
155
133
103
119
146
186
256
314
302
377
439
469
254
583
539
454
313
299
314
336
406
469
485
536
599
619
391
265
222
185
121
119
131
171
255
307
266
273
302
313
130
56
47
45
30
29
35
40
56
68
70
• 93
110
120
77
133
141
136
110
97
115
132
174
210
220
246
271
284
160
1,040
998
1,012
253
247
254
408
392
391
154
141
130
61
61
77
164
157
160
910
839
784
760
720
688
642
617
600
"595
"601
228
210
196
190
178
168
155
149
148
''151
"160
359
338
322
319
308
301
286
279
272
"269
"266
116
103
91
81
72
64
55
48
42
"37
"32
64
56
51
50
48
143
132
124
120
114
108
101
97
94
?>94
"95
1,197
1,104
958
677
663
741
865
1,147
1,368
1,343
1,525
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
Furniture
stores
1,721
1942
Oct
Nov
Dec
1943
Jan
Feb
Mar
May".'.'*.".
June
July
Aug
Sept
Oct
Nov
p
Preliminary.
47
45
44
44
"44
"48
CONSUMER INSTALMENT LOANS
[Estimated amounts outstanding. In millions of dollars}
End of
month or
Total
year
1929
1930
1931
1932
1933...
1934
1935
1936
1937
1938
1939
1940.
1941
1942
Repair
IndusMiscel- and
Com- Small
trial
loan
Credit
modernlaneous
mercial com- banking
banks* panies com- unions lenders ization
loans
panies
652
674
619
516
459
529
794
1,030
1,167
1,226
1,559
1,984
2,174
1,428
43
45
39
31
29
39
71
130
215
248
380
586
687
370
263
287
289
257
232
246
267
301
350
346
435
505
535
424
219
218
184
.143
121
125
156
191
221
230
257
288
298
202
32
31
29
27
27
32
44
66
93
113
147
189
217
141
95
93
78
58
50
,60
79
102
125
117
96
99
102
91
1,551
1,483
1,428
421
393
370
437
428
424
222
211
202
152
145
141
92
91
91
227
215
200
1,346
1,275
1,252
1,206
1,161
1,150
1,118
1,092
1,083
"1,060
"1,043
345
319
312
299
290
287
283
278
277
r
273
270
403
387
387
378
366
371
363
357
358
354
355
193
185
184
179
174
174
170
168
169
167
165
132
126
127
122
118
118
114
112
113
111
109
89
88
87
87
85
86
85
84
85
"84
184
170
155
141
128
114
103
93
81
P71
P60
**"*27"
177
240
163
172
244
317
335
200
1942
Oct
Nov
Dec
1943
Jan
Feb..
Mar
Apr
May
June........
July
Aug . •
Sept
Oct
Nov
m
r
f Preliminary.
Revised.
lhese figures for amounts outstanding include only personal inst
cash loans and retail automotive direct loans, whichare shown on the|W
J S 1 ? pag A anda s £ a t I amount of other retail direct loans
(9 11
i
ovember 1943), which are not shown separately.
FEDERAL RESERVE
CONSUMER CREDIT
CONSUMER
L
INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions ot dollars]
Other Repair
retail, and
modTotal
chased ernization
Pur- I Direct and
chased loans direct loans
Automotive
retail
Month or year
Personal
instalment
cash
loans
Outstanding at end of
period: .
1939
1940....'
1941
1942
CONSUMER INSTALMENT LOANS MADE BY PRINCIPAL
LENDING I N S T I T U T I O N S
[Estimates of volume made in period. In millions of dollars]
Month or year
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1,020
1,340
1,588
787
210
300
396
136
160
230
303
122
150
210
279
143
220
260
246
154
280 .
340
364
232
1942—October
November
December
922
860
787
190
166
136
148
136
122
159
151
143
168
165
154
257
242
232
1943—January
February
March
April
726
662
619
580
551
529
116
101
87
69
65
60
58
57
57
55
111
100
95
91
89
85
82
82
82
82
82
136
121
108
100
93
84
80
74
70
67
66
144
135
125
117
111
105
103
98
95
92
219
205
204
195
189
190
190
186
185
r
182
179
11
7
6
11
9
10
14
14
15
32
27
32
Mo,rch
April
May
6
6
8
9
9
9
8
9
9
8
9
9
13
12
12
13
13
14
14
13
13
14
8
9
10
11
12
9
8
9
11
12
26
25
39
28
27
35
30
30
33
29
Tnl v
,
a*y
:
June
,
July
August
,
September
,,
October
November
Volume extended during
month:
1942-October
November
December
!!
1943—January
February
March
•fe::::::::
77
515
498
489
480
471
77
64
69
59
52
74
64
65
Nov.
1943
sales:
Total
Ush sales...!;;;
Credit sales:
Instalment
Charge account.
bl
T o { a f
Percentage
change from
corresponding
month of
preceding year
'
0
+2
+1
+4
r
+9
+15
+3
-6
•
&
+8
•
-12
ti
+3
+2
+15
-4
+2
at
-1
0
0
0
-1
-30
-29
0
0
+5
+6
-5
-5
-12
-14
-2
-2
-23
o n t
Instalment.....!!!
-3
Revised!
JANUARY I 9 4 4
413
380
340
250
202
234
288
354
409
417
489
536
558
408
42
41
38
34
33
42
67
105
143
179
257
320
343
215
61
64
58
52
49
44
37
43
58
68
63
60
60
59
59
82
34
36
34
33
31
30
25
31
18
20
18
16
16
14
14
18
36
35
53
41
40
50
44
45
47
43
42
45
50
86
62
58
80
62
64
70
67
70
25
26
38
31
29
35
11
13
22
15
14
19
30
29
32
28
29
15
18
16
15
, ..
1942
May
June
July
Au trust
SeDtember
October
November
Sr^nteinb^f
^Jnv^fti hpr
IS
1
These figures for loans made include only personal instalment cash
loans and retail automotive direct loans, which are shown elsewhere on
this page, and a small amount of other retail direct loans (one million
dollars in November 1943), which are not shown separately.
r
r
-33
-32
-34
-19
-22
-14
-18
-23
-23
Charge
accounts
Instalment accounts
Month
Department
stores
Furniture
stores
Household appliance
stores
Jewelry
stores
Department
stores
1942
August
September..
October....
November..
December...
24.
25
29
29
31
16
16
18
17
18
13
14
15
15
15
25
26
30
31
45
59
60
65
64
64
1943
January
February....
March
April
May
June
July
August
September ..
October
November..
23
28
31
31
30
29
30
32
33
r
31
37
17
17
19
20
22
21
22
22
21
22
23
16
16
18
18
20
21
21
21
21
22
24
31
30
30
31
33
33
34
34
33
37
41
60
61
62
63
63
62
62
62
62
65
66
Oct. Sept.
1943
1943
Oct. Sept. Nov.
1943 1943
1943
+2 +10
+9 +14
705
463
503
498
376
304
384
423
563
619
604
763
927
983
798
RATIO OB COLLECTIONS TO ACCOUNTS RECEIVABLE*
FURNITURE STORE STATISTICS
Item
Credit
unions
1943
77
June
67
July
;;.
68
August
72
September
68
October
66
7
November
.'.Revised.
£
-~For descriptive material and back figures, see BULLETIN for
"• 1 O 1 \ pp. 992-994.
Percentage
change from
preceding
month
.
Industrial
banking
companies
Small loan
Commercial
companies
banks1
Jf Ratioof collections during month to accounts receivable at beginning
of month.
97
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
{Index numbers of the Bureau of Labor Statistics.
1926 =100]
Other commodities
AH
commodities
Farm
products
Foods
1929..
1930..
1931..
1932..
1933..
1934..
1935..
1936..
1937..
1938..
1939.,
1940..
1941.
1942.
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
78.6
87.3
98.8
104.9
88.3
64.8
48.2
51.4
65.3
78.8
80.9
86.4
68.5
65.3
67.7
82.4
105.9
99.9
90.5
74.6
61.0
60.5
70.5
83.7
82.1
85.5"
73.6
70.4
71.3
82.7
99.6
91.6
85.2
75.0
70.2
71.2
78.4
77.9
79.6
&5.3
81.7
81.3
83.0
89.0
95.5
109.1
100.0
86.1
72.9
80.9
86.6
89.6
95.4
104.6
92.8
95.6
100.8
108.3
117.7
90.4
80.3
66.3
54.9
64.8
72.9
70.9
71.5
76.3
66.7
69.7
73.8
84.8
96.9
83.0
78.5
67.5
70.3
66.3
73.3
73.5
76.2
77.6
76.5
73.1
71.7
76.2
78.5
100.5
92.1
84.5
80.2
79.8
86.9
86.4
87.0
95.7
95.7
94.4
95.8
99.4
103.8
1942—August
September . .
October
November...
December...
99.2
99.6
100.0
100.3
101.0
106.1
107.8
109.0
110.5
113.8
100.8
102.4
103.4
103.5
104.3
95.6
95.5
95.5
95.8
95.9
118.2
118.1
117.8
117.8
117.8
97.3
97.1
97.1
97.1
97.2
79.0
79.0
79.0
79.1
79.2
1943-January....
February...
March
April
May
June
July
August
September.
October....
November..
101.9
102,5
103.4
103.7
104.1
103.8
103.2
103.1
103.1
103.0
102.9
117.0
119.0
122.8
123.9
125.7
126.2
125.0
123.5
123.1
122.2
121.4
105.2
105.8
107.4
108.4
110.5
109.6
107.2
105.8"
105.0
105.1
105.8
96.0
96.2
96.5
96.6
96.7
96.8
96.9
97.1
97.2
97.3
97.4
117.8
117.8
117.8
117.8
117.8
117.8
117.8
117.8
117.8
117.8
116.5
97.3
97.3
97.3
97.4
97.4
97.4
97.4
97.4
97.5
97.6
97.7
,6
.6
.8
,9
9
102.9
123.3
123.2
123.6
123.8
123.6
122.7
122.8
122.7
122.2
122.8
122.1
121.2
121.2
121.8
122.0
121.8
122.0
104.7
104.8
104.5
104.9
105.0
104.9
104.7
104.8
105.0
105.7
105.5
105.6
105.8
105.6
105.9
105.7
105.7
97.3
97.4
97.4
97.4
97.5
97.5
97.5
97.5.
97.5
97.5
97.5
97.5
97.5
97.6
97.8
97.8
97.8
118.4
118.4
118.4
118.4
118.4
118.4
118.4
118.4
118.4
118.4
118.4
118.4
116.9
117.5
117.5
117.9
117.9
97.0
97.0
97.0
97.0
97.0
97.0
97.1
97.1
97.2
97.2
97.2
97.2
97.2
97.2
97.2
97.2
97.2
Year, month, or week
Week ending
1943-Scptemftcr4..
September 11.
September 18.
September 25.
October 2
October 9
October 16....
October 2 3 . . . .
October 30. . .
November 6 . ,
November 13.
November 20
November 27
December 4...
December 11
December 18..
December 25,
Total
1942
Hides and Textile
leather
products
products
Foods:
Miscellaneous
95.4
89.9
79.2
71.4
77.0
86.2
S5.3
86.7 ,
95.2
90.3
90.5
94.8
103.2
110.2
94.0
88.7
79.3
73.9
72.1
75.3
79.0
78.7
82.6
77.0
76.0
77.0
84.6
97.1
94.3
92,7
84.9
75.1
75.8
81.5
80.6
81.7
89.7
86.8
86.3
88.5
94.3
102.4
82.6
77.7
69.8
64.4
62.5
69.7
68.3
70.5
77.8
73.3
74.8
77.3
82.0
89.7
103.8
103.8
103.8
103.8
103.8
110.3
110.4
110.4
110.1
110.0
96.2
96.2
96.2
99.5
99.5
102.7
102.5
102.5
102.5
102.5
88.9
88.8
88.6
90.1
90.5
79.3
79.8
80.3
80.6
80.8
81.0
81.0
80.9
81.0
81.0
"81.2
103.8
103.8
103.8
103.8
103.8
103.8
103.7
103.7
103.7
103.7
103.8
109.8
110.2
110.4
110.3
110.5
110.6
110.7
112.2
112.5
112.7
113.1
100.2
100.3
100.0
100.1
100.2
100.0
100.1
100.2
100.3
100.4
100.3
102.5
102.6
102.6
102.6
102.7
102.8
102.6
102.6
102.6
102.6
102.8
90.7
90.9
91.4
91.6
91.9
91.8
92.3
92.6
93.0
93.1
93.2
81.7
81.7
81.6
81.6
81.7
81.8
81.8
81.8
81.6
81.6
81.6
81.6
81.7
82.1
82.4
82.6
82.6
103.8
103.8
103.8
103.8
103.8
103.8
103.8
103.8
103.8
103.8
103.8
103.8
103.8
103.9
103.9
103.9
103.9
112.2
112.5
112.5
112.5
112.5
112.5
112.5
112.6
112.8
113.0
113.0
113.0
113.0
113.1
113.4
113.4
113.5
100.2
100.2
100.2
100.2
100.3
100.3
100.3
100.3
100.4
100.4
100.4
10Q.4
100.4
100.4
100.3
100.3
100.3
104.2
104.2
104.2
104.2
104.2
104.2
104.2
104.2 .
104.2
104.2
104.2
104.2
104.2
104.2
104.2
104.4
104.4
92.4
92.6
92.6
92.6
93.1
93.1
92.9
92.9
92.9
92.9
93.0
93.0
93.0
,93.0
93.0
93.0
93.0
1943
1942
Subgroups
.
Nov.
.
Sept.
Oct. Nov
92.8
121.3
108.0
116.8
129.5
120.8
119.7
130.2
118.8
122.5
126.1
118.9
123.2
120.5
120.5
111.2
89.5
102.0
U2.0
95.9
108.9
93.8
125.6
106.0
98.0
108.9
94.4
116.7
106.0
99.0
109.1
94.7
115.1
106.2
99.6
110.9
94.7
118.5
106.3
99.5
126.4
116.0
101.3
115.2
126.4
116.0
101.3
115.2
126.4
116.0
101.3
115.2
126.4
116.0
101.3
115.2
126.4
108.5
101.3
115.2
107.0
112.4
70.5
107.0
112.7
70.5
107.0
112.9
70.5
107.0
112.9
71.4
107.0
112.9
71.7
30.3
111.7
97.6
30.3
112.5
98.7
30.3
112.5
98.7
30.3
112.5
99.2
30.3
112.5
100.5
85.7
111.4
122.1
62.3
78.4
60.7
89.6
116.5
122.4
57.6
76.3
63.0
89.9
116.4
122.4
58.1
77.1
63.2
S9.9 p 90.6
116.4 ^116.6
122.4 124.1
m
Dairy products
v Cereal products
Fruits and vegetables
Meats
.,
Other foods
Hides and Leather Products:
Shoes
Hides and skins
Leather
Other leather products
Textile Products:
Clothing
Cotton goods
Hosiery and underwear..
Silk
Rayon
Woolen and worsted goods.."
Other textile products.
Fuel and Lighting Materials:
Anthracite
Bituminous coal
Coke
Electricity
Gas
Petroleum products
fii**
Housefurnishing goods
1943
Subgroups
Farm Products:
Grains
Livestock and poultry
Other farm products
Chemicals and
allied
products
Metals
Fuel and
Building
lighting ind metal materials
materials products
63.5. 63.5
Metals and Metal Products:
Agricultural implements
Farm machinery
Iron and steel
Motor vehicles
Nonferrous metals
Plumbing and heating
Building Materials:
Brick and tile
Cement
Lumber
_
Paint and paint materials
Plumbing and heating
Structural steel,
Other building materials
Chemicals and Allied Products:
Chemicals."
Drugs and Pharmaceuticals
Fertilizer materials
Mixed fertilizers
Oils and fats.
Houscfurnishing Goods:
Furnishings
# Furniture
Miscellaneous:
Auto tires and tubes
Cattle feed
'.'.'.'.'. ,\
Paper and pulp
'.
Rubber, crude
Other miscellaneous
Nov.
Aug.
Sept.
Oct.
Nov.
96.9
98.0
97.2
112.8
86.0
93.2
96.9
98.0
97.1
112.8
86.0
90.4
96.9
98.1
97.1
112.8
86.0
90.2
96.9
98.1
97.1
112.8
86.0
90.2
96.9
9SA
97.1
112.8
86.0
91.8
98.6
94.2
133.1
100.7
93.2
107.3
102.9
99.0
93.6
142.0
102.8
90.4
107.3
101.4
99.0
93.6
142.7
102.6
90.2
107.3
102.0
99.0
93.6
143.1
102.8
90.2
107.3
102.2
100.0
93.6
143.9
103.2
91.8
107.3
102.2
96.2
165.4
78.6
82.8
101.5
96.5
165.2
80.1
85.8
102.0
96.4
96.5
165.2 ' 165.2
81.3
80.6
85.8
S5.8
102.0
102.0
963
165.2
81.3
85.8
102.0
107.3
97.4
107.1
98.1
107.1
98.1
107.1
98.1
107.1
98.4
73.0
132.1
98.8
46.3
95.1
73.0
155.7
104.3
46.2
96.3
73.0
159.6
105.6
46.2
96.3
73.0
159.6
105.6
46.2
96.4
73.0
159.6
105.8
46.2
96.5
cau of Labor Statistics, Department of Labor.
FEDERAL RESERVE
ESTIMATED EMPLOYMENT IN N O N AGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Thousands of persons)
Total
Manufacturing
Mining
Construction*
Transportation and
public
utilities
Trade
Finance,
service,
and miscellaneous
Federal,
State, and
local government
38,325
3S,742
15,349
15,687
883
884
1,889
1,904
3,508
3tS35
6,673
6,635
4,333
4,331
5,690
5,766
38,791
38,821
38,656
38,478
38,222
38,345
38,261
38,067
r
37,724
37,944
38,128
15,932
15,975
16,043
16,025
15,998
16,139
16,124
16,145
16,029
16,169
16,230
870
873
864
858
842
842
835
825
817
810
802
1,843
1,748
1,564
1,363
1,213
1,123
1.065
1,023
957
910
858
3,549
3,545
3,SSL
3,572
3,577
3,610
3,630
3,645
3,641
3,626
3,679
6,513
6,458
o\424
6,433
6,357
6,373
6,388
6,335
6,248
6,345
6,449
4,350
4,356
4,347
4,331
4,302
4,297
4.300
4,282
4,258
4,300
4,307
5,734
5,866
5,863
5,896
5,933
5,961
5,919
5,812
r
5,774
5,784
5,803
38 533
38 942
15,434
15,684
894
H&5
1.896
,674
3,520
3,502
6,771
7,107
4,295
4,279
5,723
5.S11
37,862
37 958
38,115
38,336
38,262
38 484
38 354
38 245
r
38,227
38,276
38,251
15,743
15,851
15,958
15,956
15 911
16 056
16 136
16,245
16,179
16,205
16,235
867
867
861
850
837
835
830
823
825
819
810
L,470
1.3S6
1,357
1,328
1,299
1,277
1,218
1,162
1.066
3,463
3,456
3,475
3,552
3,587
3,653
3,683
3,695
3,708
3,705
3,693
6,371
6,291
6,328
6,423
6,331
6,371
6,290
6,218
6,285
6,419
6,544
4,259
4,270
4,281
4,337
4,349
4,355
4,359
4,331
4,334
4,300
4,269
5,689
5,837
5,855
5,890
5,948
5,937
5,848
5,771
r
5,830
5,854
5,835
Year and month
SEASONALLY ADJUSTED
194?—November
December
••
....
1943—Tanuarv
February
March
April
May
June
July
August
September
October
November
.
r
.
UNADJUSTED
1942—November
December
1943—January
February ,
March
April
May
June.
July
August
September
October
November
974
865
_ Includes contract construction and Federal force account construction.
r
Revised.
DECEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS
[Based on estimates of the Department of Agriculture, by States, as of December 1, 1943. In thousands of units]
Production
1942
Estimate
Dec. 1, 1943
Bales
Bales
588
3,745
576
320
3,616
4sr
Bushels
8,024
32,053
49,202
229,950
133,134
177,796
1,230,298
389,390
358,690
419,831
93,887
9,26J
12,817
11,478
3,131,518
Joston
£ewYork....
Philadelphia
Cleveland
Richmond..
Atlanta
Chi*""!!
Chicago...!!!!!.^
St. Louis
Minneapolis
'"«
&Total..
Francisco
1,460
2,526
1,315,
2,537
3,922
=3,205
l
!
!!!!!!
Production
1942
Boston
Philadelphia'.
ev
£! eland...
Richmond
A t l * / "
St: Louis...
Minneapolis.!;;;;;;
Production
1942
Bushels
6,605
34,615
16,387
62,694'
26,184
22,052
513,627
76,068
390,377
149,329
15,181
36,428
1,349,547
Estimate
Dec. 1, 1943
Bushels
7,383
26,0081
43,147
214,444
133,876
179,025
1,287,286
362,072
342,268
369,806
102,083
8,761
3,076,159
Estimate
Dec. 1,1943
Bushels
5,007
10,726
9,434
36,014
25,250
21,458
418,048
65,969|
328,77
161,135
26, I T
35,936
Production
Estimate
1942
I Dec. 1, 1943
Bushels
8,235
14,018
40,608,
26,20?
7,381
34,728'
23,409
42,573
358,938
•49,053
91,299
5,098
12,066
30,115
20,538
5,958|
31,987
28,034
26,240
271.457
37,142
60,971
696,450
529,606
3,489
6,220
2,380
5,634
4,639!
4,178
' 21,045
9,430]
11,866
8,908
1,956
12,462]
Tons
3,421
6,498
2,467
5,491
4,605
4,196
18,362
. 7,927
11,332!
7,756
2,018
13,19f
Pounds
2S.5O7
1,672
42,120
107,635
805,664
144,458
29,757
242,825
2,472
92,207
87,264
1,4OS,717|
1,143,861
3,607
Production
1942
Estimate
Dec. 1, 1943
Bushels
Bushels
48
46
J2S
46
40
SO
128)
52
911
16
252,933
250,
5,
4,749
111
47,704
20,
277,726
306,692
White potatoes
Estimate
Dec. 1, 1943
Production I Estimate
1942
Dec. 1,1943
Tons
Bushels
Tobacco
Tame hay
Oats
Federal Reserve district
Spring wheat
Winter wheat
Corn
Cotton
Federal Reserve district
Production
1942
Estimate
Dec. 1, 1943
Pounds
27,508
990
S9.715
113,134
768,012
153,194
, 28,197
266,252
2,242
4,03
Bushels
51,584
32,912
19,348
16,159
25,230
15,994
36,2S5
13,436'
44,455
37,98^
5,4421
7165 r
I'ushels
83,826
,^5,542
20,846
15,730
29,^64
18,749
•52.261
13,254
58,085
39,374
7,504
100,121
1,403,211
370,489
464,656
Includes tfi'nS £ a e s g r o W n I n miscellaneous territory.
NOTE ^1942'
srown in miscellaneousis territory.
fi Tre ^
W 2 fi
^ s for all crops are as revise
.s revised in December 1943.
JANUARY
99
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK*
ON BANK CREDIT, MONEY RATES, AND BUSINESS
Chart
book
WEEKLY
Dec.
1
Dec.
8
Dec. Dec. Dec.
15
22
29
In billions of dollars
FIGURESi
MONTHLY
2, 4
4
Nntc.4
10.45
1.57
•*
Certificates
Hills
Special certificated
Hills discounted
CoM stock.,
t
Money in circulation
Nonmcmbcr deposit*
Trcisury deposit*
Member funk reserves
Ktccs.* reserves*
•
Kicrss reserve* (weekly average), total*
New York City.
C h u M K "
. , . • • • •
•
Reserve city banks
Country banks*
*
-»
4
2
2
2
2
2
3
3
3
3
*
3
3
l!«l
6.26
.05
22.07
19.94
1.63
.28
12.56
1.10
*M .04
.02
.01
.34
P. 69
MKMDKR BANKS lU LEADING CITIES
Loan* a n d investments
Demand deposits adjusted
U. S. Govt. obligations
T o t a l loans
Commercial loans, total
New York City
11X1 cities outside New York
l t w k c r V loans—New York City
U. S. Ciovt. obligations:
New York City, total
Ronds
Notes and g u a r . securities
Certificated
Hills
H)0 cities outside New York, t o t a l . .
Honds
,
Notes and Kuar. securities
Certificates
Bills
|4
14
14
14
15
15
15
15
51.17
33.65
37.34
11.03
6.38
2.40
3.98
1.12
15
17
17
17
17
15
»7
17
17
17
13.64
6.29
2.65
3.30
1.39
23.71
11.33
3.99
5.86
2.53
25
25
.375
1.29
25, 33
25,33
33
33
1.86
2.34
2.74
3.84
MONEY RATES, ETC.
Treasury bills (new issues) 2
Treasury notes (taxable)
U. S. Goyt. bonds:
Partially tax-exempt
Taxable
Corporate Aaa bonds
Corporate Baa bonds
Sept.
Oct.
Nov.
In billions 0/ dollars
FIGURES
Reserve Bank credit
5
5
11.02 11.01 11.55 11.61 Gold stock
5
1.58 1.59 1.61 1.62 Money in circulation
.68
Treasury
cash
5
.71
.68
.68
5
2.09 2.19 2.27 2.41 Treasury deposits
5, 8
0.63 6.56 6.99 6.91 Reserve balances
8
Required reserves
Excess
reserves,
total
8, 9
.07
.09
.111;
.ii
New York City.....
9
22.04 22.00 22.00 22.00
Chicago
9
20.14 20.24 20.38 20.43
Reserve city banks
9
1.66 1.62 1.86 1.91
Country banks
9
.69
.38
.97
.76
10
12.57 12.93 12.68 12.77 Money in circulation, total
Bills
of
550
and
over
10
.92
.92 1.24
1.13!
$10 and $20 bills
10
*.98 ''1.02 »'1.02
Coins, $1, ?2, and $5 bills
10
.01
.03
.03
.01
.01
.01
.29
.28
.29
CONSUMER CREDIT
i». 67
*\69 J) .71
Consumer credit, total
18
Single-payment loans
18
Charge accounts
18
Service credit
18
Instalment credit, total
18, 19
50.54 50.51 49.95 49.73,
Instalment
loans
19
33.90
34.08 34.75 34.19
Instalment sale credit, total
19
36.82 36.72 36.17 36.11
Automotive...
19
10.84
10.99
11.IK)
10.93
Other
19
6.40 6.41 6.49 6.44
2.42!
2.40
2.44
2.41
TREASURY riNANCE
3.9S 4.01 4.05 4.021
1.09 1.13 1.10 1.04 U.S. Govt. obligations outstanding, total interest-bearing
20
13.40 13.28 13.08 13.15
Bonds (marketable T r e a s u r y ) . .
20
6.26 6.25 6.27 6.29
Notes, cert., and bills, t o t a l . . .
20
2.63 2.59 2.57 2.57
Notes
21
3.27 3.20 3.12 3.12
Certificates
21
1.18
1.12
1.24
1.23
Bills
21
23.42 23.44 23.09 22.96
Savings bonds, tax notes, etc..
20
11.3fi
11.33 11.37 11.37
Savings
bonds
21
3.98 3.94 3.92 3.91
Tax notes
21
5.79 5.76 5.72 5.64
Special
issues
20
2.32 2.38 2,08 2.06 Holdings of U . S . Govt. obligations:
Fed. agencies and trust funds
22
Federal Reserve Banks
22
Per cent per annum
Commercial banks
22
Private holders other than
.375
.373
.375 .375
commercial banks, total
22
1.29 *1.31 1.31 1.31
Mutual savings banks
23
Insurance companies
23
1.86 1.87 1.86 1.87
Other investors, total
23
2.34 2.34 2.34 2.34
Marketable issues
23
2.74 2.74 2.74 2.74
3.84 3.83 3.81 3.81
In unit indicated
Stock prices (1935-39 - 100):
Total
Industrial
Railroad
Public utility
Volume of trading (mill, shares)
1943
RESERVES AND CURRENCY
S AND CURRENCY
Reserve H;inlc credit:
U. S. (lovt. securities* total
Homli
Chart
book
page
1943
35
35
35
35
35
89.7
91.2
83.2
84.5
.69
92.5
94.2
86.4
85.9
.96
92.0
94.0
86.0
84.7
.78
50
50
99.5 99.3 99.3 93.0
4,560 4,567 4,613 4,340
92.9
94.9
86.7
85.7
.63
9.73
22.21
18.73
2.27
.34
12.86
11.45
1.42
.03
.01
.52
.86
18.84
4.95
10.10
3.79
9.55
22.14
19.00
2.28
.56
12.04
10.77
1.26
.03
.01
.39
.84
19.25
5.12
10.31
3.83
27
27
27
29
33
33
29, 33
33
P5.07
P I . 10
PI .47
P.69
PI.82
P1.04
P.78
P.18
P.60
4.86
1.04
1.28
.68
1.87
1.08
.79
.19
.60
^4.96
PI.07
PI.37
*\ 68
PI .84
^1.06
161.02
05.44
45.79
11.60
21.14
13.05
33.91
24.48
8.85
11.72
167.70
67.89
47.86
11.60
23.20
13.06
35.78
26.06
9.11
11.S7
168.93
67.94
47.77
11.60
23.10
13.07
36.59
26.70
9.23
12.23
15.79
8.92
59.20
15.99
9.35
62.60
P16.40
10.35
77.11
5.90
14.20
57.00
24.10
79.75
6.00
14.40
59.40
24.70
P!I8
Per cent per annum
MONEY SATES, ETC.
F. R. Bank discount rate, N. Y . . . .
Treasury bills (new issues)
91.9 Treasury notes (taxable)
93. Commercial paper
85. U. S. Govt. bonds:
85,
Partially tax-exempt
.94
Taxable
Corporate Aaa bonds
Corporate Baa bonds
10.34
22.09
19.57
2.29
.34
12.31
11.24
1.07
.02
.01
.JJ
.71
19.92
5.32
10.69
3.91
1.31
.69
.50
.375
1.31
.69
.50
.375
1.29
1 R0
2.30
2.69
3.83
1.81
2.30
2.70
3.82
1.85
2.32
2.71
3.83
SO
BUSINESS CONDITIONS
Steel production (per cent of capacity)..
Electric power prod. (mill. kw. hrs.)
Freight carloadings (thous. cars):
Total
Miscellaneous
Dcpartment store sales (1935-39 = 100)...
F.Il.A. home mortgages, new construction (thous.)*
Wholesale prices (1926 = 100):
Total
Farm products
Other than farm and food
51
51
52
862.8 823.2 759.3 641.4
392.9 379.8 349.0 305.1
252
273
290
244
52
63
63
63
102.8 102.9 102.9 102.9
121.8 122.0 121.8 122.0
97.6 97.8 97.8 97.8
In unit indicated
81.3
Stock prices (1935-39 = 100):
Total
Industrial
Railroad
Public utility
Volume of trading (mill, shares)...
Brokers 1 balances (mill, dollars):
Credit extended customers
Money borrowed
Customers' free credit balances.
35
35
35
35
35
95.6
97.5
91.3
87.3
.66
94.8
96.6
92.0
86.8
.63
3!
31
3!
*77O
*77O
e
320
«78O
* 0
p
r
c
'Estimated.
PreliminaryRevised.
Corrected.
* Figures for other than Wednesday dates arc shown under the Wednesday included in the weekly period.
- Figure for Nov. 3 shown in December BULLETIN, p. 1196, should be corrected to read 0.376.
3
Number of issues decreased from 2 to 1 on Dec. 15.
4
s
Publication discontinued.
Adjusted for seasonal variation.
6
Figures available for June and December dates only.
* Copies of the Chart Book may be obtained at a price of 50 cents each.
IOO
FEDERAL RESERVE
9
93.0
S6.5
85.1
'740
600
f
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued
Chart
book
page
1943
Sept.
Oct. Nov.
In unit indicated
MONTHLY FIGURES-Cont.
Crops
38
||
39
g
12,069
8,602
3,467
1,992
929
1,006
57
gy
Govt. payments.
°
Industrial production:0
Total (1935-39 = 100).
41, 42
Groups (points in total index)
DuraDle manufactures
*J
Machinery, etc
:
«
Iron and steel
*2
Other durable
«
4
Nondurable manufactures
\
Textiles and leather
4Z
Paper and p r i n t i n g . . . . . . . .
42
Foods, liquor, and tobacco
42
Other nondurable
42
Minerals
41,42
Primary products (1935-39 = 100):
Steel
43
Cement
43
Lumber
43
Coal
43
Crude petroleum
4^
Cotton consumption
J*
Wool yarn
43
Paper
43
Leather
43
Meats and dairy products
43
Other manufactured foods
43
Labor force and employment (mill,
persons):
Labor force
44
Employment, total
44
Nonagricultural
:. 44
Agricultural
44
Male
:
44
Female
44
Nonagricultural 5 employment (mill.
persons), total
45
Manufacturing and mining
45
Trade
45
Government
45
Transportation and utilities
45
Construction
: . . . . 45
Factory employment and pay rolls
(1939 - 100):
Payrolls
47
Employment
47
Hours and earnings a t factories:
Weekly earnings (dollars)
48
Hourly earnings (cents)
48
Hours worked (per week)
48
New orders, shipments, and inventories
(1939 = 100):
New orders, total
49
Durable
49
Nondurable
49
Shipments, total
49
Durable
49
Nondurable
49
Inventories, total
49
Durable
;
49
..
Nondurable
49
Residential contracts (mill, dollars): 5
Total..
.
53
Public."..'."..".
\\
53
Private, total
53
1- and 2-family dwellings
53
Other
53
Construction contracts
(3-mo. moving
5
av., mill, dollars):
Total
55
Residential
55
.Other
55
5
Freight carloadings:
Total (1935-39 = 100)
57
Groups (points in total index)
Miscellaneous
57
Coal
57
..
Allother
57
5
Department stores (1923-25 » 100) :
Sales
59
Stocks
\..\\\\\\\\\\\\\\\\\\\
59
r
245
140.4
r
98.2
23.5
r
18.8
r
83.2
r
19.4
11.6
r
19.5
32.6
21.0
247
12,394
^8,830
*>3,564
P2.050
PI,066
^946
P38
P247
142.4 ^143.3
99.8 P100.8
23.6
23.0
19.0 P19.S
83.5 ^83.8
19.5 ^19.4
11.5 P11.3
19.6 P20.4
32.9
P32.7
20.7 "20.0
241
107
115
141
137
156
173
136
103
157
*>140
235
98
^123
^125
^138
153
S3.3
52.5
41.2
11.3
35.8
16.7
52.6
51.9
41.2
10.7
35.5
16.4
51.9
51.3
41.5
9.8
3S.3
16.0
37.7
16.8
6.2
5.8
3.6
1.0
37.9
17.0
6.3
5.8
3.6
0.9
*38.1
p
17.0
P6.4
^5.8
P3.7
^0.9
328.3
170.1
333.4
170.4
239
112
118
150
136
156
172
138
105
'162
r
138
r
12,204
8,695
3,509
2,282
1,008
1,245
,. 29
r
44.43|
r
99.4
44.7
247
340
179
261
356
186
178
215
146
*172
p
141
44.90
98.9
45.4
In millions of dollars
QUARTERLY FIGURES
Budget receipts and expenditures:
Expenditures, total
War activities
Net receipts
Internal revenue collections, total
Corporate income taxes
Individual income taxes
Misc. internal revenue
Corporate security issues:
Net proceeds
New money ; total
Industrial
Railroad
Public utility
24
24
24
24
24
24
24
36
36
36
36
36
19,845 23.228
18,460 21.535
6,950 7,563
6.636 6.834
3,364 2,781
2,234 3,007
1,088 1,046
22,264
20,616
10,176
7,877
2,806
3,431
1,640
266
66
41
17
1
245
29
14
10
4
153
51
35
12
3
Per cent per annum
Bank rates on customers* loans:
Total, 19 cities
New York City
Other Northern and Eastern cities
Southern and Western cities
29
31
31
31
2.76
2.36
2.76
3.24
3.00
2.70
2.98
3.38
2.48
2.05
2.71
2.73
In billions of dollars
ALL BANKS I N THE U . S .
332
"183
*'27O
P373
P191
p
179
P214
P149
,
7
265
64
202
201
63
139
PI97
?59
^138
140
137
139
76.9
29.7
30.2
80.6
27.0
31.1
140
104
158
97
Loans and investments, total
U. S. Govt. obligations.
Other securities
State and local obligations
Other domestic securities
Foreign securities
Loans, total
Commercial loans
Real estate loans
Street loans (brokers' loans)....
Holdings of U. S. Govt. securities:
By classes of banks:
New York City
Chicago
Reserve city banks
Country banks.
By kinds of securities:
Bonds
Notes
Certificates
Bills
Guaranteed
110.16
56.04
30.26
15.81
124.83
56.03
31.67
17.39
II
11
11
11
99.71
48.92
28.44
13.95
12
12
12
13
13
13
12
13
13
13
59.26
37.55
5.63
2.97
2.66
16.09
8.48
3.42"
.79
67.16
46.98
5.35
2.88
2.48
14.82
7.41
3.35
.96
78.11
55.25
5.14
2.82
2.32
17.72
12.55
2.79
13.04
9.17
13.89
3.17
17.42
12.51
15.73
3.69
20.62
15.21
18.95
5.41
6.29
4.36
2.54
23.55
5.25
9.42
6.28
2.49
0
0
MEMBER BANES
60
25
35
27
8
r
1,233.1 1,186.0 p l,036.3
P280.5, *>328.6 P317.9
"952.6 ^857.4
P-49.5
103.0
103.1
102.9
122.2
123.1
121.4
97.3|
97.4
97.2
124.1
123.91 124.4
137.3
138.2
137.4
133.0
133.0
132.5
108.0|
1943
Total deposits and currency
Demand deposits adjusted
Time deposits
Currency outside banks
67
29
38
31
132
110
61
61
61
61
63
63
63
65
65
65
65
CALL DATE FIGURES
P
246
P
r
Sept. I Oct. I Nov.
Dec. 31, June 30, Oct. 18
1943
1942
1943
57
17
40
25
15
78.4
32.2
28.9
BUSINESS CONDITIONS—Cont.
Exports and imports (mill, dollars):
Exports
Imports
Excess of exports
Excluding Lend-Lease exports
Wholesale prices, total (1926 ~ 100)....
Farm products
Other than farm and food
Cost of living, all items (1935-39 = 100)
Food
Clothing
Rent
1943
In unit indicated
MONTHLY FIGURES-Cont.
BUSINESS CONDITIONS
Income payments {mill, dollars), total: 5
Salaries and wages
Cash farm income '(mill, dollars), total.
Livestock and products
Chart
book
page
16
16
16
16
16
16
16
16
16
For footnotes see preceding page.
JANUARY 1944
IOI
INTERNATIONAL FINANCIAL STATISTICS
PAOK
Gold reserves of central banks and governments
104
Gold production
105
Gold movements
IO
Net capital movements to United States since January 1, 1935
106
Central banks
S
107-110
Money rates in foreign countries
Iir
Commercial banks
II2
Foreign exchange rates
XI
3
Wholesale prices
Ir
4
Retail food prices and cost of living
Ir
5
Security prices.
ZI
5
*
Price movements:
Tables on the following pages include the principal available statistics of
from banks, bankers, brokers, and dealers in the United St
tion of November iz, I 9 3 4 . Back figures may in most cases be obtai
Annual Reports of the Board of Governors for 19J7 and earlier years
JANUARY 1344
103
GOLD RESERVES OB CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of month
United
States
Argen- 1
tina
BeU
giura
Brazil British
India
Bul- Canada
garia
Chile
Czecho- DenCoslomark
lombia vakia
France
Egypt
1937—Dec...
1938—Dec...
1939—Dec...
1940—Dec...
1941—Dec...
1942—Dec...
12,760
14,512
17,644
21,995
22,737
22,726
469
431
466
353
354
597
581
609
2 734
734
735
32
32
40
51
70
115
274
274
274
274
274
274
24
24
24
24
24
25
184
192
214
37
5
6
30
30
30
30
30
36
16
24
21
17
16
25
92
83
56
5S
61
61
53
53
53
52
44
44
55
55
55
52
52
52
2,564
2,430
2,709
2,000
2,000
2,000
1943—Tan...
Feb...
Mar..
Apr...
May..
June.
July-Aug..
Sept..
Oct...
Nov..
22,683
22,644
22,576
22,473
22,426
22,388
22,335
22,243
22,175
22,116
22,065
354
354
354
355
354
354
353
353
353
734
734
734
734
734
734
734
734
734
120
121
127
143
153
166
182
202
223
274
274
274
274
274
274
274
274
274
274
25
7
6
6
5
5
6
7
7
6
5
7
38
42
46
47
48
49
50
54
27
28
30
42
43
45
51
53
55
56
61
61
61
61
61
61
61
61
61
44
44
44
44
44
44
44
44
44
52
52
52
52
52
52
52
52
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
Iran I
Persia) Italy
Japan
Java
210
193
144
120
261
164
164
164
e
l64
End of month
Hungary
1937—Dec...
1938—Dec...
1939—Dec...
1940—Dec...
1941-Dec...
1942—Dec...
25
37
24
24
24
24
25
26
26
26
26
7
34
1943—Tan...
Feb...
Mar..
Apr...
May..
June..
July..
Aug..,
Sept..
Oct...
Nov..
24
24
24
24
24
24
24
24
24
34
34
59
End of month
Swe- Switzer- Turden
key
land
United
Kingdom
79
80
90
140
235
4
216
Uruguay
NorNew
Mexico Nether-]
lands Zealand way
24
29
32
47
47
39
933
998
692
617
575
506
23
23
23
23
23
23
70
90
110
126
125
126
125
174
200
200
202
501
497
496
496
496
496
P500
^500
P500
23
23
23
23
23
23
23
23
23
Venezuela
Yugoslavia
B.I.S.
82
94
94
4 84
Peru
21
20
20
20
21
25
83
85
4 84
244
321
308
160
223
335
650
701
549
502
665
824
29
29
29
88
92
114
1943—Jan
Feb
Mar
Apr
May
Tune
July
Aug
Sept
Oct
Nov
340
342
344
344
346
347
368
371
374
378
384
832
842
851
859
866
867
876
880
887
900
P903
124
124
124
145
158
158
158
161
161
p
2,689
MS?
74
69
68
90
100
89
89
89
89
96
101
101
"103
P108
52
52
41
68
68
70
72
76
80
80
80
84
84
84
84
51
57
59
82
4
5
14
7
12
12
21
185
142
153
145
142
160
22
24
25
25
25
26
26
26
26
27
,160
^182
182
184
185
. 192
192
192
192
Preliminary.
Figures through March 1940 and figure for December 1942 include, in addition to gold of the
Central Bank held at home, gold of the Central Bank held abroad and gold belonging to the Argentine
Stabilization Fund.
2 Change from previous December due largely to inclusion of gold formerly not reported.
10n 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.
* Figures relate to last official report dates for the respective countries, as follows: Greece—
Mar. 31, 1941; Java—Jan. 31,1942; Norway—Mar. 30, 1940; Poland—July 31,1939; Yugoslavia
—Feb. 28,1941.
6
Figure for December 1937 is that officially reported on Apr. 30,1938.
• Figure for February 1941; beginning Mar. 29,1941, gold reserves no longer reported separately.
7
8 Beginning December 1942, includes gold reserves abroad, formerly not reported.
Increase over reserves reported at end of 1941 and 1942 due primarily to inclusion for first time
of gold
held for Foreign Exchange Institute.
9
These countries are: Albania, Algeria, Australia, Austria through Mar. 7,1938, Belgian Congo,
Bolivia, China, Costa Rica beginning July 1943, Danzig through Aug. 31,1939, Ecuador, El Salvador,
Estonia, Finland^ Guatemala, Iceland, Ireland beginning February 1943, Latvia, Lithuania,Morocco,
and Thailand (Siam). Figures for certain of these countries have been carried forward from last
previous official report.
10
Gold holdings of Bank of England reduced to nominal amount by gold transfers to British
Exchange Equalization Account during 1939.
11
Beginning December 1940, figures refer to gold reserves of new Central Bank only.
12
Beginning February 1943,figurealso includes gold reserves of new Central Bank of Ireland.
13
Beginning July 1943, figure also includes gold reserves of National Bank of Costa Rica.
NOTE.—For description of table and back figures see BULLETIN for September 1940, pp.
925-934 and pp. 1000-1007; details regarding special internal gold transfers affecting the reported
figures through April 1940 appear on p. 926 in that issue.
1
69 ,
69
69
59
59
59
120
133
152
158
182
241
189
220
249
367
366
634
59
59
59
59
59
59
59
59
241
242
246
252
261
262
271
282
572
523
537
558
571
583
611
628
644
24
27
23
28
4
28
Spain
6
525
42
42
' 868
1937—June . . .
Dec
1938—Mar....
June.
Dec. .
1939—Mar. .
May..
June.
..
Sept..
Dec...
1940—Mar. .
June.
SeptDec. .
1941—Mar. .
June.
Sept..
Dec...
1942-Mar..
June.
Sept..
Dec...
1943—Mar..
June..
BelUnited United
France* gium
States Kingdom
169
.115
81
3 934
* 1,395
1,489
44
80
154
4 759
1,732
85
164
156
145
86
105
48
88
89
24
25
12
8
7
12
14
11
B
62
44
331
559
477
876
292
1 Reported at infrequent intervals or on *
layed basis: U. S.-Exchange Stabilization W
(Special A/c No. 1); U. K.-Exchange Equg
zation Account; France—Exchange Stabilization
F d
d R t
F d
B l i T s u r y
y
p. 170.
3 Figure for end of March 1937, first date r
* Figure f r
d f
S
b
reserve «
nk of UK
nd on that date.
6
Figure for Sept. 1,1941.
NOTE.-For details regarding special
transfers in 1939-40 between the British Ev
and the Bank of England, and between t h e j
E. S F. and the Bank of France, see
for September 1940, p. 926.
IO4
28
29
29
29
29
29
Government gold reserves1 not included
in previous figures
End of month
1937-Dcc
1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec
Greece
Ruma- South
Poland PortuAfrica
gal
nia
25
25
25
25
26 '
26
26
26
26
26
31
Other
coun-9
tries
Germany
FEDERAL
RESERVE
Estimated
world
Total
Year or month production
outside ^1 reported
monthly
U.S.S.R.
1934..
1935..
1936..
1937..
1938..
1939..
1940..
1941..
1942..
823,003
882,533
971,514
,041,576
,136.360
208,705
,297,349
,288,945
1942—Oct....
Nov...
Dec...
-Jan...
1943-Jan....
Feb...
Mar..
Apr...
May...
June..
July...
Aug....
Sept...
Oct....
South
Africa
708,453
752,847
833,895
893,384
.958.770
1,020,297
1,094,264
1,089,395
968,112
366,795
377,090
396,768
410,710
425,649
448,753
491,628
504,268
494,439
78,269
70,386
68,374
64,862
63,904
61,871
63,551
2*62,984
p
62,104
"61,658
p
6O,157
P
59,297
^59,945
41,023
39,144
38,616
37,687
38,835
35,489
37,604
38,367
37,424
37,962
37,297
36,783
37,162
GOLD PRODUCTION
OUTSIDE U. S. S. R.
[In thousands of dollars]
Production reported monthly
Africa
North and South America
Other
RhoWest I Belgian
Austra-1 British
INicara7
8
chile
Africa^ | Congpa
desia
lia
I India 9
I gua
$1 - 15 ft grains of gold & fine; i.e., an ounce of fine gold = $35
24,264
12,153
6,549 108,191 104,023 23,135 12,045
126,325 114,971 23,858 11,515
25,477
13,625
7,159
152,509 131,181 26,465 13,632
28,053
7,386
16,295
168,159 143,367 29,591 15,478
8,018
28,296
20,784
178,143
8,470
28,532
24,670
165,379 32,306 18,225
8,759 196,391 178,303 29,426 19,951
28,009
28,564
29,155
32,163 3 8,862 210,109 185,890 30,878 22,117
209,175 187,081
27,765
32,414
27,969 22,961
,8
130,963 169,446
26,641
29,225
30000 20,882
169446 530,000
2,162
2,095
2,149
1,985
1,902
1,987
2,004
1,987
1,953
^1,906
*1,855
PI,925
^1,925
2,275
2,240
2,135
2,135
1,855
1,610
1,645
1,645
1,645
1,540
1,540
1,540
'1,540
12,015
7,831
6,212
4,654
4,121
4,520
4,891
4,065
3,945
3,945
3,634
3,306
3,814
13,479
12,801
12,704
11,708
11,459
12,169
11,309
10,975
11,442
10,246
10,268
9,898
9,802
1,659
1,614
1,433
2,055
1,380
1,661
1,648
1,599
1,540
1,763
1,704
PI,645
n, 645
8,350
9,251
9,018
9,544
10,290
11,376
11,999
9,259
6,409
401
432
544
440
450
55S
548
566
455
454
/454
/454
'454
1,166
868
807
848
1,557
3,506
5,429
7.525
8,623
30,559
31,240
40,118
46, 982
54, 264
56, 182
55, 878
51,039
42,525
11,223
11,468
11,663
11,607
11,284
11,078
10,157
9,940
8,960
669
4,165
659 3,045
906 2,940
672
2,827
647
2,555
622
2,450
646
2,450
700 1*2,345
724 p2,24O
622 P2.45O
430 "2,240
770 *>2,24O
628 ^ 2 , 2 4 0
420
525
735
700
700
805
805
735
735
770
735
.735
'735
Gold production in U. S. 5. R.: No regular Government statistics on gold production in U. S. S. R. are available, t>ut 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.
J Preliminary. / Figure carried forward.
Annual figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on estimates of American Bureau of Metal Statistics.
STJD
A__..,.,>„ ,
..
. . . » . • " e t a l Statistics.
1940 estimated at three times production for first four months of the year,
imates of United States Mint. Monthly figures represent
;thly figure $359,634 so that aggregate for
ming April 1942, figures no longer reported* Anniraffig^irelfor 1942 is rough estimate based on reported production of $7,809,000 in first three
Sol(? ex Ports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production.
Beginning December 1941, figures are those reported by American Bureau of Metal Statistics for total Australia.
Beginning May 1940, figures are those reported by American Bureau of Metal Statistics.
For ™ T f o r e"Pknation
of table and sources see BULLETIN for February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; and April 1933 pp. 233-235.
S
W r l d p r o d u c t i o n b a c k t o 1873
p 108^109
°
(including Russia-U.S.S.R.), see Annual Report of Director of Mint for 1942, pp. 103-104, and 1936,
8
GOLD MOVEMENTS
U N I T E D STATES
[In thousands of dollars a t approximately $35 a fine ouncel
Net imports from or net exports (—) to:
Year or
month
19341
1935. . / *
1936.
"
1937.!" 1
1938..'"
1939
'
1940..."
1941;;;
Total
net
imports
United
Kingdom
France
,131,994 499,870 260,223
,739,019 315,727 934,243
,116,584
174,093 573,671
,585,503 891,531 - 1 3 , 7 1 0
,973,569 1,208,728 81,135
3,574,151 1,826,403
3,798
4,744,472 633,083 241,778
982,378
3,779
1
Bel-
8,902
3
3,351
90,859
15,488
165,122
977
1
Netherlands
Sweden
94,348
227,185
2
71,006
6
6,461
163,049 60,146
341,618 28,715
63,260 161,489
1,747
Philip- AusSwitz- Canada Mexico Colom- pine
bia
erland
Islands tralia
86,829
12,402
95,171
968
72,648
7,511
111,480
54,452
76,315
1,363
86,987 612,949
9 0 ,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
12,038
15,335
21,513
25,427
27,880
35,636
38,627
42,678
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
3,185
2,772
3,984
3,587
3,384
2,114
4,970
5,098
3,107
3,141
1,830
5,506
1,029
3,498
23,280
34,713
39,162
74,250
103,777
67,492
South
Africa
12
65
8
181
401
22,862
184,756
292,893
Japan
British
India
246,464
168,740
165,605
111,739
9,444
76,820
75,268
77,892
50,762
16,159
50,956
49,989
9,665
6,085
4,501
1941
ar....;
Apr..
May...!
June....
July....
A
ug
Sept
Oct..
Nov.."
Dec...*"
234,242
108,609
118,567
171,992
34,830
30,712
37,041
36,973
65,702
40,440
50,3752,896
37
1,218
817
21
2
474
542
79
250
55
121
163
1,746
563
337
2,128
2,230
2,488
2,107
2,110
2,238
11,136 149,735
96
6,738
2,788
6,262
4,720 132,261
3,594
4,194
69
4,593
88
5,199
137
6,742
3,694
2,064
200
6,151
40
5,980
190
3,713
3,046
313
All
other
countries
32,304
46,989
39,735
29,998
2
3
67,975
102,404
388,468
S
1OO,485
4
. 6,062
•15,093
2,951
6,793
3,589
5,009
131
3,811
69,008
1,995
611,041
2,327 *9,365
•9,039
711 618t726
official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce.
.83?. 900. from Argentina.
^ $15(719( ooo from Italy, $10,953,000 from Norway, $10,077,000 from Chile, and $37,555,000 from other
for m'ontns subsequent to December 1941 have not been released for publication.
JANUARY
105
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935
[In millions of dollars]
From Jan. 2, 1935, through—
Total
Increase in foreign banking
funds in U. S.
Total
Official1
Other
Decrease
in U.S.
banking
funds
abroad
Foreign
securities:
Return
of U. S.
funds
Domestic
securities:
Inflow of
foreign
funds
Inflow in
brokerage
balances
1935—Dec. (Jan. 1, 1936)
1936-Dcc. 30
1937—Dec. 29
1,412.5
2,608.4
3,410.3
603.3
930.5
1,168.5
9.8
81.1
243.9
593.5
849.4
924.6
361.4
431.5
449.1
125.2
316.2
583.2
316.7
917.4
1,162.0
6.0
12.9
47.5
1938-Mar. 30
June 29
Sept. 28
Dec. (Jan. 4, 1939),
3,207.2
3,045.8
3,472.0
3,844.5
949.8
786.2
1,180.2
1,425.4
149.9
125.9
187.0
238.5
799.9
660.4
993.2
1,186.9
434.4
403.3
477.2
510.1
618.5
643.1
625.0'
641.8
1,150.4
1,155.3
1,125.4
1,219.7
54.2
57.8
64.1
47.6
1939—Mar. 29
Tune 28
.'
Sept. 27.
Dec. (Jan. 3, 1940),
4,197.6
4,659.2
5,035.3
5,021.2
1,747.6
2,111.8
2,479.5
' 2,430.8
311.4
425.3
552.1
542.5
1,436.2
1,686.5
1,927.3
1,888.3
550.5
607.5
618.4
650.4
646.7
664.5
676.9
725.7
1,188.9
1,201.4
1,177.3
1,133.7
63.9
74.0
83.1
80.6
1940—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2 ) . . , . .
Dec (Jan. 1, 1941)
5,115.9
5,440.7
5,748.1
5,727.6
2,539.0
2,830.1
3,092.8
3,159.0
539.1
922.3
1,112.3
,1,200.8
1,999.9
1,907.8
1,980.5
1,958.3
631.6
684.1
773.6
775.1
761.6
785.6
793.1
803.8
1,095,0
1,042.1
987.0
888.7
88.7
98.9
101.6
100.9
1941-Mar. (Apr. 2)
June (July 2)
Sept.(Oct. 1)
Dec. 31
5,526.5 •
5,575.4
5,510.3
5,230.7
3,148.8
3,193.3
3,139.5
2,856.2
1,307.7
1,375.1
1,321.7
1,053.7
1,841.0
1,818.2
1,817.7
1,802.6
767.4
818.6
805.3
791.3
"812.7
834.1
841.1
855.5
701.8
631.2
623.5
626.7 '
95.9
98.2
100.9
100.9
J942-Jan.
Jan.
Jan.
Jan.
7
14
21
28
5,225.3
5,199.1
5,178.5
5,163.7
2,841.7
2,816.9
2,787.7
2,771.6
1,052.6
1,012.3
980.3
977.6
1,789.1
1,804.6
1,807.4
1,793.9
798.5
796.5
803.0
801.6
856.2
856.7
857.8
857.5
627.6
627.0
627.9
631.0
101.4
102.0
102.0
102.0
Feb. 4
Feb.U
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
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. 8
Apr. 15
Apr.22.:
Apr, 29
5,079.5
5.300.&
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
627.2
626.5
626.9
627.3
, 629.0
104.0
105.0
104.8
105.4
104.6
June 10
June 17
June 242
June30
841.9
841.4
841.7
840.9
843.2
5,456.4
5,497.8
5,515.3
5,495.3
3,039.1
3,077.9
3,095.9
3,075.9
1,193.0
1,210.3
1,220.0
1,211.7
1,846.0
1,867.6
1,875.9
1,864.2
841.7
842.8
843.7
842.3
630.0
631.1
631.6
632.0
104.8
105.2
105.0
106.2
July 31
Aug. 31
Sept. 30
Oct. 31..
Nov. 30
Dec. 31
840.9
840.7
839.1
838.8
5,542.6
5,599.9
5,654.9
5,694.7
5,761.6
5,835.0
3,121.4
, 3,184.8
3,212.6
3,204.2
3,250.2
3,320.3
1,242.7
1,293.1
1,339.1
1,341.1
1,366.1
1,412.0
1,878.7
1.891.7
1,873.5
1,863.2
1,884.1
1,908.3
854.9
839.9
858.2
890.0
901.6
888.8
633.3
642.7
646.1
654.3
661.0
673.3
103.7
103.9
107.5
104.1
104.t
104.4
1943—Jan. 30
Feb. 27
Mar. 31
Apr. 30
May 29
June 30
July 31
Aug. 31
Sept. 30
829.3
828.6
830.5
842.1
844.8
848.2
5,907.7
6,014.9
6,147.1
6,212.3
6,282.6
6.506.4
6,556.0
6,726.3
6,771.3
3,471.1
3,590.1
3,643.4
3,690.5
3,769.6
4,002.6
4,056.4
4,107.9
3
4,130.6
1,536.6
1,671.8
1,723.1
1,801.8
1,871.6
2,071.4
-2,103.4
2,122.6
3
2,190.9
1,934.5
1,918.3
1,920.3
1,888.6
1,898.0
1,931.2
1,953.0
,1,985.3
3
1,939.7
889.8
890.5
898.7
909.9
905.1
896.9
901.9
,909.4
8.6
761.3
751.9
810.5
809.5
807.0
806.8
792.9
907.8
929.3
678.5
676.0
685.9
692.9
692.5
687.9
692.3
687.0
708.1
107.0
106.4
108.6
109.5
108.5
112.1
112.6
114.3
3114.8
Mar.
Mar.
Mar.
Mar.
Apr.
4
11
18
25
1
:.
t central banks and by foreign central gov
nsular establishments, etc.).
....«.
« o ..u»i UU s, iraae ana snipping missions,
rted figures for capital movement through July 1 have been adjusted to represent the movement through June 30 on the basis of certa
nents known to have occurred on July 1. Subsequent figures are based upon new monthly statistical series. For further explanation,
anuary 1943,p. 9S.
106
FEDERAL RESERVE
CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)
Assets of issue
department
Assets of banking department
Gold1
Other
assets2
145.8
147.6
120.7
119.8
190.7
192.3
200.1
260.0
260.0
275.0
275.0
260.0
260.0
260.0
200.0
220.0
230.0
580.0
5
1929—Dec. 25.
1930—Dec. 31,
1931-Dec. 30
1932-Dec. 28
1933-Dec. 27
1934-Dec. 26
1935-Dec. 25.
1936-Dec. 30.
1937-Dec. 29,
1938-Dec. 28.
1939-Dec. 27.
1940-Dec. 25.
1941-Dec. 31.
1942—Dec. 30
326.4
4
.2
.2
.2
.2
1943-Jan. 27.
Feb. 24.
Mar. 31
Apr. 28.
May 26.
June 30.
July 28.
Aug. 25.
Sept. 29
Oct. 27
Nov. 24
.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
313.7
326.4
e
6
Coin
Notes
Discounts
and advances
.2
.6
.8
1.0
.9.
.3
.9
26.3
38.8
31.6
23.6
58.7
47.1
35.5
46.3
41.1
51,7
25.6
13.3
28.5
26.8
22.3
49.0
27.3
18.5
16.8
7.6
8.5
17.5
9.2
28.5
4.3
4.0
6.4
3.5
84.9
104.7
133.0
120.1
101.4
98.2
94.7
155.6
135.5
90.7
176.1
199.1
267.8
267.9
.5
.8
1.2
1.0
.9
.9
1.3
1,4
1.7
1.8
1.7
42.2
32.8
15.7
46.8
55.3
53.9
32.1
25.3
13.8
51.8
31.2
4.4
5.1
9.9
5.3
4.6
4.9
7.3
3.4
1.9
1.6
6.0
208.0
218.5
198.4
196.2
185.3
261.0
208.4
218.3
238.7
211.3
222.1
Cash reserves
.6
.8
1.0*
.5
.6
.6
.8
630.0
780.0
950.0
950.0
950.0
950.0
5
1,000.0
1,000.0
,000.0
,000.0
,000.0
1,000.0
6
1,050.0
1,050.0
Liabilities of banking department
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
751.7
923.4
71.0
132.4
126.4
102.4
101.2
89.1
72.1
150.6
120.6
101.0
117.3
135.7
219.9
223.4
8.8
6.6
7.7
8.9
22.2
9.9
12.1
12.1
11.4
15.9
29.7
12.5
11.2
9.0
35.8
36.2
40.3
33.8
36.5
36.4
37.1
39.2
36.6
36.8
42.0
51.2
54.1
48.8
17.9
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
17.9
17.9
17.9
17.9
908.1
917.4
934.5
953.4
945.0
946.3
968.1
974.9
986.5
998.5
1,019.0
175.9
178.2
144.3
170.1
174.1
238.1
169.9
166. S
173.4
190.3
183.2
4.7
7.1
5.9
8.3
3.2
9.5
6.6
7.2
9.3
5.4
6.8
56.6
17.9
18.0
18.1
17.7
17.8
17.8
17.9
18.0
18.1
17.7
17.8
Liabilities
Assets
Bank of C a n a d a
(Figures
es in millions of
o
Canad"
adian dollars)
~Dec. 31
} 6 D eDc . :3 i :
1937-Dec. 31..
1938-Dec. 31..
93<MDec.3O..
940-Dec.31..
1941-Dec. 31
1942-Dec. 31:.
Gold
180.5
179.4
179.8
185.9
225.7
(8) .
J a n.3O...
Feb. 27..
Mar. 31..
Apr. 30..
May 31..
June 30..
July 31..
Aug. 31..
Sept. 30.,
Oct. 30..
Nov. 30
Sterling
tnd United
States
dollars
4.2
9.1
14.9
28.4
64.3
38.4
200.9
.5
.3
.3
.3
.6
11.8
47.2
.5
37.6
31.0
6S.5
26.5
53.9
56.8
53.1 .
51.0
55.3
54.6
56.6
55.1
53.1
53.3
Dominion and provincial government
securities
Deposits
Other
assets
Note
irculation*
Othe^
liabilities
Chartered
banks
Dominion
government
Other
Shortterme
Other
30.9
61.3
82.3
144.6
181.9
448.4
391.8
807.2
83.4
99.0
91.6
40.9
49.9
127.3
216.7
209.2
8.6
8.2
21.7
5.2
5.5
12.4
33.5
31.3
99.7
135.7
165.3
175.3
232.8
359.9
496.0
693.6
181.6
187.0
196.0
200.6
217.0
217.7
232.0
259.9
17.9
18.8
11.1
16.7
46.3
10.9
73.8
51.6
2.1
3.5
3.1
17.9
9.5
6.0
19.1
7.7
13.4
14.4
9.3
13.3
28.5
35.1
24.0
768.0
722.2
752.5
850.4
826.1
816.7
800.7
798.8
786.7
787.4
797.1
231.8
263.8
276.4
278.0
302.5
313.0
333.1
340.8
360.7
434.0
466.7
17.6
18.5
16.2
34.2
24.9
20.8
22.1
29.2
19.0
22.1
30.6
677.6
691.7
719.1
744.1
746.8
758.4
776.1
796.7
815.1
836.6
844.6
237.7
258.5
261.0
284.5
313.1
301.1
295.0
308.6
305.7
339.2
360.6
14.8
21.5
21.2
56.5
46.8
90.1
48.4
59.7
36.2
88.9
66.1
61.3
15.3
24.7
35.5
34.2
19.2
13.2
10.3
11.4
15.6
16.1
26.3
17.9
19.4
42.6
24.4
28.9
23.7
31.0
29.1
31.7
33.6
fluctuated until Sept. 6, 1939, when
valueti a t le al
s P*"^ ° f 8S s h i l l i n S 3 a fine o u n c e : t h e r e a t t e r a t m a r k e t p r i c e >
. ' I l i n S s P«r fine ounce.
, ,. „
1 Not
'dl
" ° Oin h e W a S - C o v e r S°' fidudary i s s u e > t h e amoaat o f w h i c h "» a k o s h o w n b y l s g u r e "
Notes iissu'dl
S l S S t a « of gSuai'legal parity) transferred from Bank to Exchange Equalization Account; on Mar 1, 1939,
1939L,about
""! from ExchanfeXcount to Bank; on July 12,1939, 20 million pounds transferred from Exchange Ac:count
transfer""
<at c u
^ ^ ^ ^ ^ t C S ^ T ^ S . ^ . ^ ^ - n and Ju.y 28.1942; by 70 miUion pounds
19
rffciSi/^!?.
y e t a t ??'
168sll
SmSf.i *
S
J
.i
:Apr-13
a
a n d O c t 6 > 1943
-
-
°"Uy items shown separately in the statements.
JANUARY
1944
IO7
CENTRAL BANKS—Continued
Liabilities
Assets
Bank of France
(Figures in millions
of francs)
Advances to
Government
Domestic bills
Gold
1
Foreign
exchange
2
Open
market 2 Special
For occupation
costs 3
Other
37
37
37
37
1943-Jan. 28
Feb. 25
Mar. 25
Apr. 29
May 27
June 24
July 29
Aug. 26.
84,593
84,598
84,598
84,598
84.598
84,598
84,598
84,598
37
37
37
37
37
37
38
37
717
696
677
770
31,100
25,726
19,769
16,857
32,142
35,007
35,181
29,935
5,293
3,807
3,547
4,461
725
1,521
698
713
734
837
754
743
9,051
9,521
8,429
8,749
10,166
14,670
11,170
14,674
30,654
32,886
33,776
34,186
37,750
29,574
31,864
29,615
4,705
4,299
5,556
4,053
5,177
6,669
4,267
4,235
4,038
4,599
6,509
5,368
183,758
193,376
198,868
210,965
67,500
66,900
68,700
68,250
19,818
20,352
20,457
21,749
334,370
348,935
364,768
382,774
5,061
7,533
6,108
6,686
6,200
5,573
6,456
6,908
216,334
230,911
230,740
248,320
260,919
260,927
271,371
288,308
62,600
57,800
69,250
57,650
56', 900
63,550
61,150
53,500
20,698
21,458
20,181
21,072
21,768
21,042
21,472
21,078
387,748
397,319
405,416
413,567
419,530
426,974
440,291
448,270
108
105
23
26
6
1
84,593
84,508
84,598
84,598
Liabilities
Assets
Rcichsbank
(Figures in millions of
reichsmarks)
Reserves of gold and
foreign exchange
Security
loans
2,848
2,572
4,242
2,806
3,226
4,066
4,552
5,510
6,131
8,244
11,392
15,419
21,656
251
256
245
176
183
146
84
74
60
45
30
38
32
Gold
1929—Dec. 31..
1930-Dec.31..
1931-Dec. 31..
1932—Dec. 31..
1933-Dec. 30..
1934—Dec. 3 1 . .
1935-Dec. 3 1 . .
1936-Dec. 3 1 . .
1937—Dec. 3 1 . .
1938—Dec. 3 1 . .
1939-Dec. 30..
1940-Dec. 3 1 . .
1941—Dec. 3 1 . .
2,687
2,685
1,156
920
396
84
88
72
2,283
2,216
984
1942—Oct. 31 .
Nov. 30..
Dec. 31 .
77
77
76
24,641
25,449
29,283
1943—Jan. 30..
Feb. 27..
Mar. 31. .
Apr. 30..
May 31 .
June 30..
July 31 .
Aug. 31,.
Sept. 30..
77
77
77
77
77
77
77
77
77
26,270
26,758
27,869
28,603
29,592
30,890
32,317
34,570
35,010
g&ss^.^t&^j\i%^i
76
76
78
78
77'
806
386
79
82
66
71
71
71.
71
71
Securities
Bills (and
checks),
including
Treasury
bills
Total
Other
41,400
64,580
72,317
142,507
43,448
43.103
42,938
42,884
42,930
42,998
43,261
43,108
1942—Sept. 24
Oct. 29
Nov. 26
Dec. 31
Other
liabilities
1,812
2,241
1,989
2,041
1,940
1,907
2,113
2,557
3,160
2,718
2,925
3,586
3,894
17,698
31,909
20,627
34,673
63,900
69,500
4
69
212
169
5,612
5,304
7,157
6,802
6,122
5,837
5.800
5,640
5,580
7,422
11,273
43,194
42,115
C.A.R.
4
7,850
11,698
22,183
20,072
13,414
15,359
8,716
13,655
19,326
25,595
14,751
27,202
25,272
11,737
12,624
5,898
2,311
2,322
3,718
2,862
2,089
3,461
5,061
1,914
984
1,517
43,869
44,239
44,562
43,661
25,942
26,179
21,111
4,484
1,158
963
1,323
1,460
911
821
112
42
38
Government
68,571
76,436
85,725
85,028
82,613
83,412
81,150
89,342
93,837
110,935
151,322
218,383
270,144
1,379*
652
1,797
2,345
661
12
41,668
53,578
68,863
83,017
77.098
82,124
66,296
60,359
58,933
87,265
6
97,267
5
84,616
84,595
Other*
Note,
circulation
8,124
9,510
11,275
11,712
11,173
11,500
11,705
12,642
11,733
18,498
20,094
23,179
22,121
8,624
8,429
7,389
3 438
4,739
3,971
9,712
8,465
10,066
7,880
5,149
3,646
4,517
1929—Dec. 27
1930—Dec. 26
1931—Dec. 30
1932-Dec. 30
1933-Dec. 29
1934—Dec. 28
1935-Dec. 27
1936-Dec. 30
1937—Dec. 30
193S-Dec. 29
1939-Dec. 28
1940-Dec. 26
1941—Dec. 31
Deposits
Other
assets
Other
Other
Other
assets
Note
circulation
259
445
349
221
106
557
804
32
107
92
102
161
39S
322
319
315
303
286
298
393
357
283
656
638
1,065
1,114
735
827
853
765
861
1,621
2,498
2,066
2,311
5,044
4,778
4,776
3,560
3(645
3,901
4,285
4,980
5,493
8,223
11,798
14,033
19,325
1,032
1,012
1,059
1,527
2,018
2,561
3,649
13
13
25
63
71
87
201
210
210
2,117
2,146
1,664
22,600
23,052
24,375
2,887
3,241
5,292
1,624
1,673
1,680
22
21
18
18
16
29
34
17
22
51
49
'41
1
17
1
1
1
1
185
180
85
78
121
67
100
107
105
2,477
2,370
2,345
2,319
2,268
2,178
2,003
1,569
2,436
23,664
24,266
24,697
25,442
25,922
26,650
27,597
29,029
30,099
3,892
3,820
4,340
4,226
4,606
4,881
5,199
5,456
5,601
1,526
1,369
1,397
1,427
1,563
1,711
1735
1,857
1,951
Eligible
as note
covet
Deposits
755
652
755
540
640
984
i&ond octoha
liabilities
736
822
1,338
1,313
836
1,001
923
953
970
1,091
1,378
1,396
1,493
nuary 1939,
For explanation of this item, see BULLETIN for July 1940, p. 732
from Aug. 25,1940, through July 8,1943, advances of 291,000 mi\&®
Central Administration of the Reichskreditkassen.
.
In each of the weeks ending Apr. 20 and Aug. 3,1939, 5,000 million francs of gold transferred from Exchange'Stabiliza^ion Fund to Bank of
in week ending Mar. 7,1940, 30,000 million francs of gold transferred from Bank of France to Stabilization F u n d n f a e - o i a D m z a " o n r u n a
° Gold not shown separately in weekly Reichsbank statement after June 15,1939.
NOTE.—For further explanation of tables see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463.
4
5
108
FEDERAL
RESERVE
CENTRAL BANKS— Continued
Nov. J Oct.
Central Bank of the Argentine R e public (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 B a n k of A u s t r a l i a
(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 B a n k of B e l g i u m a n d
Bank of I s s u1e of B r u s s e l s (millions of belga) i
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 B a n k of B o h e m i a a n d M o ravia (millions of koruny):
Gold
Foreign exchange
Discounts
Loans
Other assets
Note circulation
Demand deposits
„ Other liabilities
Central B a n k of Bolivia (thousand;
of bolivianos):
Gold at home and abroad
Foreign exchange
Loans and discounts
Securities—Government
Other
Other assets
Note circulation
Deposits
Other liabilities
National B a n k of B u l g a r i a 2
Central B a n k of C h i l e (milli<
(millions of
pesos):
Gold
Discounts for member banks
Loans to Government
Other loans and discounts
Other assets
Note circulation
Deposits—Bank
Other
Other liabilities
o
Bank of t h e R e p u b l i c of C o l o m b i a
(thousands of pesos):
Gold
Foreign exchange..
J^oans and discounts
government loans and securities."..'
Other assets...
£ote c i r c u l a t i o n . . . ' [ ' " "
Deposits. .
Other liabilitie
»<= BciiWiN for Marifi
1942
1943
Central Bank
(Figures as of last report
date of month)
40,231
123,419
Sept
Nov.
1,073
1,818
376
1,076
862
252
1,728
848
732
81
240
1,544
750
133
19
130
98
38,266
120,152
30,141
96,656
3,853
7,009
7,301
47,199, 46,508
50,177
19,104] 20,066 20,399
223,655 226,510 156,550
168,338] 172,635 157,352
155,262 150,012 117,606
4,331
9,116
3,767
116
713
637
16,132
908
1,322
319
4,338
4,868
4,602
110
742
459
13,244
841
806
227
1,515
772
1,202
1,515
729
822
26,727i
20,086
4,392
5,738
15,505s
12,574
3,080
2,917
554,951
371,693
356,560
530,958
40,662
81,873
1,025,574
814,023
97,100
(Aug.) 3
261
122
743
872
941
2,078
381
206
272
95,525
98,425
86,71.
88,560
3,918
3,527
55,684
57,100
28,039
27,571
111,292 108,869
115,075 .112,817
48,816
48,196
395,379
573,165
292,273
498,747
40,747
68,203
780,467
923,544
164,502
174
159
729
911
294
1,629
247
11
277
41,227
60,757
15,018
59,758
33,646
92,93'
76,121
41,355
Central Bank
(Figures as of last report
date of month)
1943
Nov.
Oct.
National Bank of Denmark (millions]
of kroner);
Gold
Foreign exchange
Clearing accounts (net)
Loans and discounts
Securities
Govt. compensation account4
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Central Bank of Ecuador (thousands of sucres):
Gold
Foreign exchange (net)
Loans and discounts
Other assets
Note circulation
Demand deposits
....'.
Other liabilities
National Bank of Egypt* (thousands]
of pounds):
Foreign exchange
Loans and discounts
British, Egyptian, and other Government securities
Other assets. ;
Note circulation
Deposits—Government
Other
Other liabilities
Central Reserve Bank of El Salvador (thousands of colones):
Gold...
Foreign exchange
Loans and discounts
—
Government debt and securities..
Other assets
Note circulation
Deposits
Other liabilities2
Bank of Finland
Bank of Greece 2
National Bank of Hungary (millions
of pengo):
Foreign exchange reserve
.
Discounts
Loans—To Treasury
To foreign countries
Other
Other assets
Note circulation
Demand deposits.
Consolidated foreign credits of 1931
Other liabilities
Reserve Bank of India (millions of
rupees):
Issue department:
Gold at home and abroad. ..
Sterling securities
Indian Govt. securities
Rupee coin.....
Note circulation
Banking department:
Notes of issue department...
Balances abroad
Treasury bills discounted....
Loans to Government
Other assets
Deposits
Other liabilities
C e n t r a l B a n6 k of Ireland (thousands
of pounds) :
Gold
Sterling funds
Note circulation...
B a n k of J a p a2n 2
B a n k of J a v a
1942
Sept
Nov.
•322
9S
17
1,075
49
79
125
1,308
917
464
1,111
258
(Apr.) 8
148,323
104,071
82,753
56,211
182,832
179,395
29,130
98,595
99,297
88,566
42,238
161,200
134,521
32,975
(Aug.) 1
6,241
12,406
2,661
6,251
6,271
4,929
97
20
1,658
46
56
125
2,065
1,193
8ti
1,718
189,976! 136,314
5,650
5,577
73,713
85,854
24,485
41,545
75,284 48,858
12,359
14,177
26,983
25,355
1,359|
6,781
24,208
9,510
1,501
7,009
547
25,045
11,963
5,766
787
33,844
21,4631
5,957
100
4
2,919
666
933
13
1,176
3,974
649
15
1,173
100
1
2,015
760
412
32
643
2,706
666
21
571
444
6,418
734
149
7,597
444
3,598
1,324
153,
5,404.
148
1,082
116.
8738
4
85
913
172::
105
1,177
158
2,646
24.08C
26,72;
2,646
22,309I
24,955
43/p. 278
^Z
JANUARY 1344
fe^r
^i
. 1943. Th
The textt off the
the Centra! Bank Act
Act is given in the
the B
B ^^ K
KBB- - te
te February
February 1943
1943, pp.
109
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
1942
1943
Nov. ] Oct. I Sept.
Bank of Mexico (thousands
of pesos):
Metallic reserve1
"Authorized" holdings of securities, etc
Hills and discounts
Other assets.
Note circulation
Demand liabilities
Other liabilities
Netherlands Bank (millions of guilders):
Gold
Silver (including subsidiary coin).
Foreign bills
Discounts
Loans
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Reserve Bank of New Zealand (thousands of pounds):
Oold
Sterling exchange reserve
Advances to State or State undertakings
Investments
Other assets
Note circulation
Demand deposits
Other liabilities
Bank of Norway 2
Bank of t h e Republic of Paraguay (millions of pesos):
Gold.
Foreign exchange
Loans and discounts
Government loans and securities...
Other assets
Note circulation
Demand deposits—Government...
Other
Other liabilities
Central Reserve Bank of Peru (thou
sands of soles): #
Gold and foreign exchange
Discounts
Government loans
Other assets
Note circulation
Deposits
Other liabilities
Bank of Portugal (millions of
escudos):
Gold4
Other reserves (net)
Nonreserve exchange
Loans and discounts
Government debt
Other assets.
Note circulation
Other sight liabilities
Other liabilities
National Bank of Rumania (millions
of lei):
Gold
Special exchange accounts
Loans and discounts
Special loans (in liquidation)
Government debt
Other assets
Note circulation
Demand deposits
Other liabilities
South African Reserve Bank (thousands of pounds):
Gold
Foreign bills
Other bills and loans
Other assets
Note circulation
«..„.„
Deposits
...,.„
Other liabilities
Nov.
Central Bank
(Figures as of last report
date of month)
1943
Nov. I Oct. I Sept.
ank of Spain (millions of pesetas):
Gold
Silver
Government loans and securities...
,246,424 1,206,603 r49,867
Other loans and discounts
158,536 140,457 12,9401
Other assets
,
63,596 49,074
50,479
Note circulation......
,051,004 ,023,001 .92 ,'563
Deposits—Government
694,089 657,262 55,373
Other
146,619 144,459 25,929
Other liabilities
lank of Sweden (millions of kronor):
932
Gold
846
910
Foreign assets (net)
609
1
5
Swedish Govt. securities and ad2,778 1,574
6
vances to National Debt Office . 1,174
.308
139
175
Other domestic bills and advances.
84
76
257
Other assets
866
3,041 2,920
Note circulation
2,085
100|
Demand deposits—Government!..
734
675 "242
Other
136
110
68
Other liabilities
625
Swiss National Bank (millions of
francs):
,
2,802 2,802
Gold
2,802
3,908
28,623
25,810 26,455
Foreign exchange..
91
Loans and discounts...
64
37,636 25,698
39,159
Other assets..
(6)
10,324:
10,323 4,461
Note circulation
2.922
2,912|
3,092 1,881|
Other sight liabilities..
1,189
34,418
33,636 28,460
Other liabilities.
6
46,116!
42,920 29,803 Central Bank of t h e Republic of
3,108 3,034 Turkey (thousands of pounds):
3T287
Gold
Foreign clearing accounts
Loans and discounts
20
Securities
2,333
Other assets
106
Note circulation
1,924|
Deposits—Gold
,107
Other
2; 531
Other liabilities
563
[Bank of the Republic of Uruguay
1,905
(thousands of pesos):
1,490
Issue department:
Gold and silver
(Aug.)*
Note circulation;
138,584 12.19C
Banking department:
12,172 9,2441
'Gold and silver
320,906 254.26C
Notes and coin
20,435 26.89C
Advances to State and to
321,777 1274,8121
government bodies
147,015 104,784
Other loans and discounts....
23,30^ 22,98'
Other assets
Deposits
(May) 3
Other liabilities
1,398
1.38.
ientral Bank of Venezuela (thou3,509 2,94!
sands of bolivares):
6,762 5,78 c
Gold
257,864
22;
244|
Foreign exchange (net)
42,329
' 1,025 1,02?
Credits to national banks
31,230
1,035
9981
Other assets
14,587
5,502 5,17i
Note circulation—Central Bank. 234,063
6,35
7,560
National banks. 26,814
854]
89:
Deposits
77,755
Other liabiliti
7,37
(Aug.) ;
National Bank
of t h e Kingdom of
2
53,26! 45,105 Yugoslavia
30,64i 30,06! Bank for International Settlements;
46,44 37,84'
(thousands of Swiss gold francs7):
25C
36*11
Gold in bars
20,753 21,225
Cash on hand and on current ac57,01, 45(90C
count with banks
133,71 112,30'
Sight funds at interest
50,09' 42,441
Rediscountable
bills and accept24,57: 25,76:
ances (at cost)
Time funds at interest
Sundry bills and investments
78,15! 74,041
Other assets
,
11,68
1,00,
Demand deposits> (gold) ;
72'
15
Short-term deposits (various cur86,964 70,21'
rencies):
45,23* 37,07.'
Central banks for own account
127,81 102,27i
Other
4,48? 6,07
Long-term deposits: Special accounts
Other liabilities
;
436,273
927i
626|
16,117
3,074,
2,282
15,610
3,1H|
3,500
420,066 !61,984|
824
833
601
588
1,118
95
1,003
2,142
364
526
618i
1,050
91
866
2,133
361
313|
612
1,831
3,896
77
61
35 lj
2,873
1,233!
280
3.838J
92
275
330
2,805
1,455
275
3,516
71
139
315
2,497
,267
278
66,287
657,763
194,67:
23,660
722,802
79,358
165,399
176,516
11,030
11,180
10,212
12,525
!9,843
.'9,358
.22,348
79,022
(July) 3
90,197
117,032
?O,875
39,973
73,075
31,975
19,383
19,684
36,125
96,453
161,915
153,590
245,953
J2.743
DO.492
09,693
.27,598
224,402
257,864
36,665
31,230
12,925
224,638
27,398
80,288
6,360
257,864!
34,312
31,230
13,44:
230,365
27,97<
70,64:
786
.96,064
26,620
35,230
12,748
65,104
38,248
61,055
6,254
81,494
80,06;
65,395
20,209
15,413
18,044' 33,394
1 5 , 7 7 : 15,861
151,201
21,07,
195,88!
62
50,625
151,39' ,42,742
21,39, 21,092
197,65 201,751
3
35,374
40,80
5,94!
2,49,
15,32*
2,49
229,00
197,2'
229,00
196,7:
Includes gold silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
23 For last available reports from the central banks of Norway (March 1940), and Yugoslavia (February 1941), see BULLETIN for March 1942,
Latest
month for which report is available for this institution,
4 r
Y alued at average cost beginning October 1940.
6 u i v t u u w s u i a n auiuuu i ui UUU'UUVCIUUICIIL L
Includes small amount of non-Government bonds.
Jfli?:
Figure not
-» available.
:i-ui7
See BCTLLETIN for December 1936, p. 1025.
769
1&3
419
:Aug.) 3
201,696 45,62:
1
HO
683
FFDERAL RESERVE
as
M O N E Y RATES I N FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum ]
Central bank of—
Date effective
United
GerKing- France many
dom
Belgium
3
2
In effect Oct. 2,
1936
Oct.9
Oct. 16
Oct. 20
Nov.26
Dec.3
Jan. 28, 1937
June 15
July7
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
\Iftv 90
2
4
I*.
Netherlands
3
Swe- Switzerden
land
2
2H
2H
2
4
6
5
2H
3
2H
VA
4 .
Date
effective
BH Mar. 21, 1940
Mar. 1, 1936
Jan. 25,1940
3K Oct.
6
3
5
4
4
7
3
Denmark
Ecuador
El Salvador...
Estonia
Finland
4
3
1, 1940
Central
bank of—
Rate
Dec.
31
Japan
Java
Latvia
Lithuania. ..
Mexico
3.29
3
5
6
Date
efifectiv:
Apr.
Jan.
Feb.
July
June
7,
14,
17,
15,
4,
1936
1937
1940
1939
1942
Nov 8, 1940
Nov 28, 1935
Dec. 1, 1940
Mar. 11, 1935
Dec. 16, 1936
July 18, 1933
Netherlands
New ZeaH
land
Norway
Peru
5
Portugal.... 3
l
July
May
Aug.
Apr.
26,
13,
1,
8,
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
Sept.
June
Dec.
May
Nov.
12, 1940
2, 1941
1, 1938
29,1941
26, 1936
Mar.
Apr.
Mar.
Oct.
May
17,1941
9, 1940
1, 1942
22, 1940
18, 1936
Turkey
United Kingdom
U. S. S. R...
Yugoslavia..
4
July
1, 1938
2
4
5-
Oct. 26, 1939
July 1, 1936
Feb. 1, 1935
June 27, 1941
1941
1940
1940
1943
3
3
2
3M
France
Germany
Greece
Hungary
Italy
3
2
IK
3
June 2 7 . . . .
In effect Dec. 31,
1943
Albania
Argentina
Belgium
Bohemia and
Moravia
Bolivia.
British India..
Bulgaria
Canada
Chile
Colombia
4
3
Rate
Dec.
31
Central
bank of—
m
2
3H
2
2%
6
3
NOTE.—Changes since Nov. 30: noni
1M
3
OPEN*MARKET RATES
[Per cent per annum]
Germany
United Kingdom
Netherlands
Month
1929-Oct
1930-Oct.....
Wl-Oct.
"•
iKi-oct.::::
»U-Oct..
i934-Oct
935^Oct
•
1936-Oct.
1937—Oct
1«8-Oc
1939-oc:;
*94<M3ct.
i942-~o c {;;v;;;;;;;;; :
'Nov
Dec....
-Jan
Feb...
Mar...'.
""•'•
;;;;•••
*
June...
{•ay...."::::;*
£ug
:;
Sept
Oct
Bankers'
acceptances
3 months
Treasury
bills
3 months
6.13
2.09
5.68
.82
.79
.77
.63
.56
.55
.70
.88
.03
.03
.03
6.19
2.13
5.46
.71
.73
.68
.03
.03
.03
.03
.03
.03
.03
.03
.03
.03
.03
.03
.00
.01
.01
.00
.00
.01
.00
.00
.00
.00
.00
.00
.62
.54
.53
.68
1.77
1.02
.00
.00
Bankers'
Day-to-day allowance
money
on deposits
5.45
1.65
4.36
.71
.75
.75
.75.
.75
.75
.75
1.71
1.00
1.00
1.04
1.00
1.00
1.08
1.10
.90
1.03
1.07
1.06
1.04
1.11
1.07
1.00
4*4
4
Private
discount
rate
D ay-to-day
money
Private
discount
rate
Money
. for
1 month
7.2S
4.66
8.00
3.88
3.88
3.81
3.04
2.94
2.88
2.83
2.75
2.25
2.13
2.13
8.06
5.15
9.21
4.94
5.11
4.63
3.13
2.82
2.81
2.70
2.23
.87
.76
5.15
1.59
2.76
.37
.50
t59
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
.75
.96
1.84
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13,
2.13
Sweden
Switzerland
Loans
up to 3
months
Private
discount
rate
3.3S
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
1.25
NOTE.-For fiS*es for other countries and references to explanation of tables see BULLETIN for September 1940, p. 1018.
JANUARY
1944
III
COMMERCIAL BANKS
(11 London clearing banks.
Figures in millions of
pounds sterling)
Liabilities
Assets
United Kingdom1
Cash
reserves
Money at
Treasury
call and Bills dis- deposit Securities Loans to
counted receipts2
short
customers
notice
1936—December.
1937—December.
19JS—December.
1939 —December.
1940—December.
1941—December.
244
244
243
274
324
366
195
163
160
174
159
141
322
300
250
334
265
171
1942—November.
December.
1943—January...
February..
March
April
May
Tune
July
August....
September
October...
367
390
379
373
377
375
377
387
375
383
389
394
135
142
146
154
139
142
158
165
160
156
148
151
241
198
197
148
173
128
154
236
244
232
209
181
Deposits
Other
assets
Security
loans
Other
liabilities
314
758
890
984
971
1,015
924
823
249
256
263
290
293
324
2,315
2,330
2,254
2,441
2,800
3,329
1,288
1,284
1,256
1,398
1,770
2,168
1,012
1,026
997
1,043
1,030
1,161
245
252
269
256
250
253
804
896
935
933
884
964
924
859
900
957
1,045
1,135
1,117
1,120
1,112
1,109
1,132
1,137
1,150
1,159
1,162
1(162
1,160
1,158
774
794
773
775
789
767
769
758
753
739
741
749
269
325
271
272
283
268
268
305
279
285
293
289
3,472 .
3,629
3,577
2,287
2,429
2,369
2,324
2,362
2,350
2,380
2,432
2,428
2,456
2,504
1,185
1,200
1,207
1,201
1,180
1,195
1,185
1,199
1,200
1,214
1,233
1,256
234
236
237
237
235
235
234
238
245
244
248
245
3,525 .
3,542
3,545
3,566
3,630
3,628
3,670
3,737
3,813
2,556
Liabilities
Security
loans
abroad
Other
and net Securities
loans
due from
and disforeign
counts
banks
Entirely in Canada
Cash
reserves
Time3
660
635
635
609
771
999
Assets
(10 chartered banks. End of
month figures in millions
of Canadian dollars)
Demand3
Total
Other
assets
Note
circulation
Deposits payable in Canada
excluding interbank deposits
Total
Demand
Other
liabilities.
Time
1936—December.
1937—December.
193S—December.
1939—December.
1940—December.
1941—December.
240
255
263
292
323
356
114
76
65
53
40
32
791
862
940
,083
,108
,169
161
102
166
132
159
163
1,384
1,411
1,463
1,646
1,531
1.759
554
575
535
612
570
653
103
96
88
85
80
71
2,303
2,335
2,500
2,774
2,805
3,105
755
752
840
1,033
1,163
1,436
,548
,583
,660
,741
,641
,669
837
850
S43
963
846
962
1942—November.
December.
1943—January...
February..
March
April../..
May
June
July
August
September
395
387
347
357
377
400
442
421
406
434
427
460
29
31
29
29
24
,236
,168
,100
,044
,003
971
,224
,214
,194
,121
,045
194
231
242
239
223
218
212
204
185
242
198
202
2,304
,2,293
2,302
2,380
2,689
2,818
2,728
2,687
2,652
2,681
2,881
2,870
618
657
582
589
599
660
632
665
626
641
679
659
64
60
58
57
54
52
50
49
48
46
46
45
3,680
3,657
3,494
3,533
3,816
3,984
4,152
4,101
3,959
3,978
4,085
4,107
2,050
1,984
1,772
1,738
1,927
2,058
2,419
2,319
2,133
2,062
2,096
2,146
,630
,673
,723
,796
,890
,926
,732
,782
,826
,916
,989
,961
1,032
1,049
1,050
1,048
1,044
1,056
1,068
1,084
1,094
1,131
1,133
1,115
October...
25
33
42
36
35
34
38
Assets
France
(4 targe banks. End of month
figures in millions
of francs)
1,038
Liabilities
Cash
reserves
Due from
banks
Bills discounted
1936—December. .
1937- December..
193S— December..
1939—December 4..
1940—December .
1941—December...
3,1.00
3,403
3,756
4,599
6,258
6,589
2,975
4,116
4,060
3,765
3,546
3,476
17,582
18,249
21,435
29,546
44,243
61,897
7,631
7,624
7,592
7,546
7,984
8,280
1942—January....
February..
March
April
May
Tune
July
August....
September.
October....
November.
December .
6,054
6,321
6,166
6,035
5,928
6,061
6,200
6,224
5,998
6,331
6,579
7,810
3,385
3,367
3,122
3,153
3,236
3,211
3,221
3,272
3,325
3,320
3,515
3,458
62,679
62,30S
63,506
64,463
67,539
68,897
70,427
71,963
74,016
75,722
73,078
73,917
8,807
9,301
9,674
9,570
9,496
10,185
10,259
• 10,265
10,158
10,751
10,493
10,625
Loans
Other
assets
1,957
2,134
1,940
2,440
1,999
2,033
1,279
1,237
1,297
1,371
1,421
1,550
1,784
1,842
1,990
2,269
2,393.
2,622
Deposits
Time
Own
acceptances
28,484
'30,348
33,578
42,443
58,890
76,675
27,955
29,748
33,042
41,872
58,413
75,764
529
600
537
571
477
912
473
661
721
844
535
413
4,289
4,517
.4,454
4>
4,604
5,187
77,415
77,759
78,777
79,430
82,239
84,405
86,180
87,753
89,462
91,856
89,387
91,549
76,514
76,873
78,382
79,051
81,879
84,044
85,835
87,423
89,151
91,552
89,078
91,225
901
887
395
379
361
362
346
330
312
304
309
324
388
377
298
302
344
349
392
383
370
465
455
462
4,401
4,398
4,691
4,910
5,03?
5,150
5318
5429
5,654
6,071
6,215
6,422
Total
Demand
Other
liabilities
1939 av era es
-individual
j - -J - f banks
^ ' V ' for
f 6 ^days,
' . £fromofbank
weekly
figures;
beginning
1939, end-of-month figures, representing
W
varying
to bank,
toward
the endSeptember
of the month.
presenting acerbates
aggregates of
oi figures
ugurc reported
t~
I gjP^sent six-month loans to the Treasury at IH per cent, callable by the banks in emergency at a discount equal to the Bank of England rate.
J Through December 1937, excludes deposits in offices outside England and Wales which are included in total.
•^Figures for three banks only. Data for Credit Industriel et Commercial not available September 1940-March 1941
M
NOTE.—For other back figures and explanation of tables, and for figures for German commercial banks, see BULLETIN for June 1941, p. 596;AuS8*
15, pp. 388-390; and October 1933, pp. 641-o46.
.
w * i w « i juu*
» *-^
FEDERAL RESERVE
FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency]
Argentina
Australia
(pound)
(peso)
Year or month
Official
Free
1934
1935
1936
1937........
1938
1939
1940
1941
1942
33.579
32.659
33.137
32.959
32.597
30.850
29.773
29.773
29.773
223!704"
23.704
322.80
322.80
322.80
305.16
321.27
321.50
1942-Dec...
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
23.704
23.704
23.704
23.704
24.332
25.188
25.188
25.188
25.188
25.147
25.125
25.125
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
321.50
321.50
321.50
1943-Jan...
Feb...
Mar..,
Apr...
May..
June ;
July.,
Aug..
Sept..
Oct..
JsTov...
Colombia
(peso)
Year or month
1934..
1935..
1936..
1937..
1938..
1940..
1941..
1942..
61.780
56.011
57.083
56.726
55.953
57.061
57.085
57.004
57.052
1942-Dec...
1943-Jan...
Feb...
Mar...
Apr...
May..
June..
July..
Aug..
Sept...
Oct....
Nov...
57.177
57.222
57.220
57.233
57.280
57.280
57.280
57.278
57.277
57.277
57.277
57.277
19.19..
1934.
1935.
1936
1937..
1938.
1939.
25.316
24.627
24.974
24.840
24.566
,23.226
2
22.7O9
1940
1941
lan
1942-Be
n;;;;;;
Feb....
Mar...
&*v;:;;;
„ '
•
June
July
(belga)
23.287
18.424
16.917
16.876
16.894
16.852
2
16.880
22.500
21.883
22.189
22.069
21.825
20.346
2
19.308
2.2277
2.1627
2.1903
2.1811
2.1567
1.9948
1.8710
2
2.0101
8.4268
8.2947
8.5681
8.6437
5.8438
6.0027
6.0562
6.0575
6.0584
6.0593
6.0586
6.0586
6.0586
6.0586
6.0587
6.0586
6.0586
6.0586
6.0586
6.0586
6.0586
6.5688
6.6013
6.1141
4.0460
2.8781
2.5103
2
2.0827
British
India
(rupee)
Official
FinCzecho- Denland France
slovakia mark
(mark(koruna) (krone)
(franc)
ka)
4.2424
4.1642
4.0078
3.4930
3.4674
2
3.4252
(cruzeiro 1 )
Free
2
5^248
5.0214
5.0705
5.1427
37.879
36.964
37.523
37.326
36.592
33.279
30.155
30.137
30.122
5.1520
5.1316
5.1292
5.1275
5.1275
5.1276
5.1275
5.1275
5.1275
5.1275
5.1275
5.1275
30.122
30.122
30.122
30.122
30.122
30.123
30.122
30.122
30.122
30.122
30.122
30.122
5.8788
6.1983
Bulgaria
(lev)
2
;•'•
AUJI.
sept.:::.:::;Oct.
Nov..;:;:;;;;;
18.846
18.882
18.875
18.923
18.860
2
18.835
4.6089
4.4575
4.5130
4.4792
4.4267
4.0375
3.7110
2
4.0023
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
Canada (dollar)
Official
Free
290.909
90.909
90.909
101.006
99.493
99.913
100.004
99.419
96.018
85.141
87.345
88.379
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
87.883
89.640
90.037
89.923
90.199
90.137
90.099
90.585
90.638
90.150
89.426
89.422
1.2852
1.2951
1.2958
1.2846
1.2424
Germany Greece Hong
Kong
(reichs- (drach.
ma)
(dollar)
mark)
Hungary
(pengo)
Italy
(lira)
Japan
(yen)
38.716
48.217
31.711
30.694
30.457
27.454
22.958
2
24.592
29.575
29.602
29.558
19.779
19.727
19.238
18.475
2
19.770
8.5617
8.2471
7.2916
5.2607
5.2605
5.1959
5.0407
2
5.0703
29.715
28.707
29.022
28.791
28.451
25.963
23.436
2
23.439
39.375
40.258
40.297
40.204
40.164
40.061
40.021
2
39.968
.9402
.9386
.9289
.9055
.8958
.8153
2
.6715
Straits
Norway Poland Portu- Ruma- South Spain Settle- Sweden Switzerland
gal
nia Africa
(krone) (zloty)
(krona) (franc)
(escudo) (leu) (pound) peseta) ments
(dollar)
Year or month
Alay
2
400.95
388.86
395.94
393.94
389.55
353.38
Brazil
Belgium
13.615
13.678
12.314
6.053
5.600
10.630
9.322
29.130
59.005
57.173
58.258
57.973
56.917
51.736
46.979
47.133
2
46.919
25.982
25.271
25.626
25.487
25.197
23.991
23.802
2
23.829
32.366
32.497
30.189
22.938
22.871
22.525
22.676
2
23.210
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
United Kingdom!
(pound)
Official
2
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
C h i l e (peso)
China
Export
(yuan
Shanghai)
10.1452
5.0833
5.1240
5.1697 24.0000
5.1716 4.0000
5.1727 4.0000
5.1668 4.0000
2
5.1664 24.0000
34.094
36.571
29.751
29.606
21.360
11.879
6.000
2
5.313
Official
Neth- New
Mexico erlands Zea(peso) (guild- land
er)
pound)
27.742 67.383
27.778 67.715
27.760 64.481
27.750 55.045
22.122 55.009
19.303 253.335
18.546 53.128
20.538
20.569
402.46
391.26
398.92
396.91
392.35
354.82
306.38
322.54
322.78
20.573
20.573
20.573
20.573
20.574
20.580
20.580
20.577
20.575
20.578
20.580
20.580
322.78
322.78
323.30
324.42
324.42
324.42
324.42
324.42
324.42
324.42
324.42
324.42
Uruguay
(peso)
Free
Controlled
Yugoslavia
Non- dinar)
controlled
503.93
490.18
497.09
494.40
488.94
443.54
383.00
403.18
403.50
79.956
80.251
79.874
79.072
64.370
62.011
65.830
65.830
65.830
2.2719
2.2837
2.2965
2.3060
2.3115
2
36.789 2.2716
37.601 2 2.2463
43.380 2.2397
52.723
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
52.734
52.754
52.803
52.805
52.749
52.710
52.829
52.866
52.871
52.929
52.978
53.003
^Average of ria'n' 1 ' tf, her otfaf f i d a l designation of the Brazilian currency unit was the "milreis.
NoT£.-:DeveK, nr att i e saff
5 at part of the year during which quotations were certified.
C e r S ! f. ctin S averages during 1943:
, _ . ,
r a t e s dls
c K
continued: Australia and United Kingdom, free rates, after Feb. 1.
1 ai
Fnr f,,.,»v_r . !&es in nominal Rtat,,Q (™*»J «„!„ ;t ^ar.^a
™^Jti™*Vnr at least five days ami
JANUARY I 9
"3
PRICE MOVEMENTS I N PRINCIPAL COUNTRIES
WHOLESALE PRICES-ALL COMMODITIES
[Index numbers]
United
States
1926
United
Kingdom
Japan
(October
(1926=100) (1926«10O) (1930=100) (1913=100) (1913=100) (1928 = 100) (1900=100)
Year or month
:.
Canada
87
72
67
67
72
72
75
$5
79
75
83
90
96
100
88
86
86
88
89
94
109
101
103
137
153
159
97
97
97
98
99
99
99
100
100
100
101
102
^102
161
161
162
162
162
163
163
163
164
162
163
163
163
86
73
65
66
75
80
81
86
79
77
79
87
99
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1942-November
1943—January
March
April
ALay
June
July
August
September
October
November
100
101
102
103
103
104
104
104
103 .
103
103
103
103
695
* 124
100
100
France
2
554
500
427
398
376
338
411
581
653
681
Germany
Italy
(1935 = 100)
90
76*
65
63
63
62
64
76
72
181
153
161
180
178
186
198
238
251
278
311
329
85
75
70
63
62
68
76
89
95
99
116
132
Sweden
106
237
134
125
111
97
93
98
102
104
106
106
107
110
112
114
Netherlands
(1926-30
= 100)
*>358
*358
115
115
116
116
116
116
116
116
r
117
117
116
P
U26
144
» 103
126
110
96
91
90
90
96
111
107
111
143
184
210
195
195
196
197
197
197
197
197
196
195
195
195
195
214
215
215
217
217
218
218
21S
218
21S
220
l
i
i
l
*S
365
Switzerland
(July 1914
-100)
94
92
90
96
100
102
114
111
115
146
172
189
1
p
Preliminary. r Revised.
1 Approximate figure, derived from old index (1913=100).
2 Average based on figures for 8 months; no data available since August 1939, when figure was 674.
3 Average based on figures for 5 months; no data available since May 1940, when figure was 89.
Sources.—See BULLETIN for January ,1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678.
WHOLESALE PRICES^-GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United States
(1926=100)
Year or month
1926
;
1930
1931
1932
1933
1934
1935
1936..
1937
1938
1939
1940
1941..
1942
..
1942-November.
December.
1943—January...
February..
March....
April
May
June
July
August. . .
September,
October...
November.
Other
Farm
commod- products
ities
Raw and Fully and
chiefly
partly
manumanufactured
factured
goods
goods
Farm
products
Foods
100
100
100
100
100
100
88
65
48
. 51
65
79
81
86
69
65
68
82
106
91
75
61
61
71
84
82
86
74
70
71
S3
100
85
75
70
71
78
78
80
85
82 •
81
83
89
96
82
56
48
51
59
64
69
87
74
64
67
71
82
82
62
55
57
64
66
71
84
73
67
75
82
90
87
75
70
70
73
73
' 74
81
78
75
82
89
92
100
89
88
83
85
87
92
102
97
97
133
146
158
111
114
117
119
123
124
126
126
125
124
123
122
121
104
104
105
106
107
108
111
110
107
106
105
105
106
96
96
96
96
97
97
97
97
97
97
97
97
97
93
93
93
94
96
97
98
99
100
101
101
103
93
93
93
93
93
93
93
93
93
93
94
94
158
159
160
160
160
161
162
161
164
158
159
157
157
S7
87
88
89
91
92
93
94
96
98
98
104
J>104
Germany
(1913=100)
United Kingdom
(1930=* 100)
Canada
(1926=100)
Foods
IndusIndusIndus- Agricul- trial raw trial finand semi- ished
trial
tural
products products finished products
products
—
129
130
150
100
87
85
87
90
90
96
112
104
106
138
156
160
113
104
91
87
96
102
105
105
106
108
111
112
115
120
103
150
162
162
163163
163
163
163
164
164
164
165
165
165
116
117
119
118
118
119
119
119
121
121
119
102
102
102
103
103
103
102
102
102
102
102
91
92
94
96
94
95
99
100
102
* Preliminary.
Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p . 159.
114
FEDERAL RESERVE
136
118
113
116
119
121
125
126
126
129
133
134
134
134
134
155
134
134
135
135
136
136
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
RETAIL FOOD PRICES
[Index numbers]
Year or month
1942-November..
December . .
J 943—January
February . . .
March.....
April
May
June
July........
August
September...
October....
November...
100
101
105
98
95
97
106
124
86
85
93
95
98
103
104
101
106
116
127
126
120
122
125
130
139
141"
141
164
168
161
131
133
133
134
137
141
143
142
139
137
137
138
137
132
133
127
127
128
129
130
131
132
133
134
133
p
133
163
164
164
164
165
165
165
165
168
167
166
168
P
168
COST OF LIVING
[Index numbers]
United
CanUnited
Ger- N e t h e r ,
KingStates
ada
"' d o m many l a n d s
(1935-39 (1935-39
(July (1913-14 (1911-13
= 100)
= 100)
1914
= 100) =100)
= 100)
87
84
94
1932.....
1933
1934
1935
1936
1937.
1938
1939
1940
1941
1942
,
116
113
118
120
122
122
122
123
128
129
132
Switzerland
(June
1914
= 100)
119
120
124
118
120
. 127
. 130
130
*140
125
117
115
114
120
, 130
.130
132
146
175
200
129
129
131
132
133
133
134
136
140
139
133
132
206 '
208
209210
210
210
210
211
211
211
212
United
KingGerdom
many
(1913-14
(July
= 100).
1914
= 100)
United
States
(1935-39
= 100)
Canada
(1935-39
*=100)
1932
1933
1934
1935
1936...
1937
1938...
1939
1940
1941
1942
98
92
96
98
99
103
101
99
100
105
117
99
94
96
96
98
101
102
102
106
112
117
144
140
141
143
147
154
156
158
184
199
200
121
118
121
123
125
125
126
126
130
133'
137
1942-November..
December...
1943-January
February....
March
April
May
120
120
121
121
123
124
125
125
124
123
124
124
124
119
119
117
117
117
118
118
119
119
119
119
119
P119
200
200
199
199
199
198
199
198
200
199
198
199
P199
135
136
137
137
138
138
139
139
142
141
138
138
Year or month
June
July
August
September...
October
November...
Netherlands
(1911-13
= 100)
Switzerland
(June
1914
•=100;
141
139
140
136
*132
137
139
140
3148
138
131
129
128
130
137
137
138
151
174
193
199
200
201
201
201
203
203
203
204
204
204
Revised index from March 1936 (see BULLETIN for April 1937, p.373)
373)
aS
A °° nn ^ g u r e s f ? rr 3 months; no
no data available since March 1940, when figure was 141.
* A V P SgSS EaS
on
n
figures
for 5
5
g
o
fi
f
c »
months;
May 1940, when figure was 149.
^
h no ddata available
i l b l since
i
M
BuLLETIN for
bee
May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373.
SECURITY PRICES
[Index numbers except as otherwise specified]
Common stocks
Bonds
Year or month
Number of issues
1926
1932..
1933.
:••
1934.
1935
••••••••
1936.;••'•;
1937.
1938
193?;
1940..
1941..
*•*•
1942...".'.'
1942-November
December.
191,
19
«-January...
February
March..
June....
July
*
August....
November..'
United
States
(derived
price)1
15
United
Germany
Kingdom
(December (1913 = 100) (average
price) 2
1921 = 100)
87
36
90.1
110.0
57.4
84.4
91.2
98.2
105.5
, 109.5
1
110.2
111.1
113.8
115.9
117.8
118.3
113.2
119.7
127.5
129.9
131.2
124.6
121.3
112.3
118.3
123.8
127.3
88.6
81.3
82.1
83.5
76.3
119.5
118.9
119.5
120.0
119.8
119.9
120.1
120.5
121.1
121.1
120.8
120.9
120.4
127.5
127.3
129 0
128.9
128.8
129.0
127.1
127.0
127.8
127.2
126.9
127.4
75.1
77.3
7
P
7
83.9
84.7
98.7
100.1
2
5
139
67.1
82.5
90.7
6
95.1
95.8
98.7
99.9
99.0
100.7
103.0
7
103.3
(1926=100)
United
lands 3
8
94.8
105.3
113.4
107.8
109.1
3
101.8
105.9
90.9
8
77.9
(1935-39
= 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
69.4
67.9
78.6
85.7
86.3
97.0
96.3
80.8
75.9
70.8
72.5
75.3
105.2
99.6
83.3
79.7
77.2
97.4
89.7
, 98.3
7
120.6
10
289.7
*476
75.2
75.9
79.7
84.8
88.2
91.3
95.2
96.7
98.5
94.4
95.6
94.8
91.4
80.4
80.1
82.4
82.2
82.6
83.7
84.3
84.1
85.6
86.0
86.6
86.3
"529
*583
402
5
100
• 46
50.3
61.7
71.1
82.9
91.6
102.6
100.1
94.1
114.6
136.8
142.1
104.2
95.8
89.7
9
95.0
129.0
131.5
142.8
143.5
145.1
145.3
145.1
128.8
135.9
143.5
156.2
155.0
52
55
55
66
145.1
144.9
p
535
1'Preliminary.
Figur- -
equal to the monthly average yield for 15 high-grade corporate bonds
series prior to that date. The yearly average for 1937 is the same for
u
age price have all borne interest at 4J4 per cent. The series prior to that
included in the calculation bore interest at 6 per cent,
average yield in base year was 4.57 per cent. For new index beginning
ees.—SAP T*rr*v,zs * v v * monins; no data avauaDie iuay
<*e BULLETIN for November 1937, p. 1172; July 1937, p.
JANUARY I 9 4 4
; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121
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
DIVISION OF BANK OPERATIONS
OFFICE OF T H E SECRETARY
EDWARD L. SMEAD, Chief
CHESTER MORRILL, Secretary
LISTON P. BETHEA, Assistant Secretary
S. R. CARPENTER, Assistant Secretary
FRED A. NELSON, Assistant Secretary
LEGAL DIVISION
J. R. VAN FossEN. Assistant Chief
J. E. HORBETT, Assistant Chief
DIVISION OF SECURITY LOANS
CARL E. PARRY, Chief
WALTER WYATT, General Counsel
J. P . DREIBELBIS, General Attorney
GEORGE B. VEST, Assistant General Attorney
B. MAGRUDER WINGPIELD, Assistant General
DIVISION OF PERSONNEL
TION
ADMINISTRA-
ROBERT F . LEONARD, Director
Attorney
DIVISION OF RESEARCH AND STATISTICS
E. A. GOLDENWEISER, Director
WOODLIEF THOMAS, Assistant Director
OFFICE OF ADMINISTRATOR
LOANS COMMITTEE
EDWARD L. SMEAD, Acting Administrator
GARDNER L. BOOTHE, I I , Assistant Adminis-
trator
DIVISION OF EXAMINATIONS
LEO H. PAULGER, Chief
C. 6 . CAGLE, Assistant Chief
WILLIAM B. POLLARD, Assistant Chief
FEDERAL
OPEN MARKET COMMITTEE
FISCAL AGENT
O. E. FOULK, Fiscal Agent
JOSEPHINE E. LALLY, Deputy Fiscal Agent
FEDERAL
ADVISORY COUNCIL
[December 31,1943]
MARRINER S. ECCLES, Chairman
ALLAN SPROUL, Vice
WM. A. DAY
ERNEST G. DRAPER
R. M. EVANS
M. J. FLEMING
JOHN K. MCKEE
W. S. MCLARIN, J R .
W. W. PADDOCK
RONALD RANSOM
M. S. SZYMCZAK
Chairman
CHESTER MORKILL, Secretary
S. R. CARPENTER, Assistant Secretary
WALTER WYATT, General Counsel
J. P . DREIBELBIS, Assistant General Counsel
E. A. GOLDENWEISER, Economist
MALCOLM H. BRYAN, Associate Economist
KENNETH H. MACKENZIE, Associate Economist
OLIVER P. WHEELER, Associate Economist
JOHN H . WILLIAMS, Associate Economist
ROBERT G. ROUSE, Manager of System Open Market
Account
FOR WAR
CHAS. E. SPENCER, JR., BOSTON DISTRICT
GEORGE L. HARRISON, N E W YORK DISTRICT
Vice President
WILLIAM F. KURTZ,
PHILADELPHIA DISTRICT
B. G. HUNTINGTON,
CLEVELAND DISTRICT
ROBERT V. FLEMING,
RICHMOND DISTRICT
H. LAKE YOUNG,
ATLANTA DISTRICT
EDWARD E. BROWN,
CHICAGO DISTRICT
President
RALPH C. GIFFORD,
ST. LOUIS DISTRICT
LYMAN E. WAKEFIELD, MINNEAPOLIS DISTRICT
W. DALE CLARK,
KANSAS CITY DISTRICT
NATHAN ADAMS,
DALLAS DISTRICT
GEORGE M. WALLACE, SAN FRANCISCO DISTRICT
WALTER LICHTENSTEIN, Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
Chairman1
Deputy Chairman
President
First Vice President
Vice Presidents
Boston
Albert M. Creighton
Henry S, Dennison
W. W. Paddock
William Willctt
K. K. Carnck
E. G.* Hult
J. C. Hunter2
Carl B. Pitman
New York.
Beardsley Ruml
William L Myers
Allan Sproul
L. R. Rounds
R. M. Gidncy
J. W. Jones
L. W. Knokc
Walter S. Logan
A.Phclan
J. M. Rice
Robert G. Rouse
John H. Williams
V. Willis
Philadelphia
Thomas B. McCabc
Warren F. Whittier
Alfred H. Williams
W. J. Davis
E. C, Hill
C A. McIIhcnny*
C. A. Sicnkiewicz
Cleveland
Geo. C. Brainard
R. E. Klages
M. J. Fleming
R. B. Hays
Wm. H. Fletcher
J. W. Kossin
A. H. Laning3
B. J. Lazar ,
K. H. MacKcnzic
W. F. Taylor
Richmond
Robt. Lassitcr
W. G. Wysor
Hugh Leach
J. S. Walden,Jr.
J. G. Fry
Geo. H.
R. W. Mercer
Edw. A. Wayne
Atlanta
Frank H. Neely
J. F. Porter
W. S. McLarin, Jr.
Malcolm H. Bryan
L. M. Clark
H. F. Conniff
Chicago
Simeon E. Leland
W. W. Waymack
C. S. Young
H. P. Preston
Allan M. Black4
Neil B. Dawes
J.H. Dillard
Charles B. Dunn
E. C. Harris
John K. Langum
O. J. Nctterstrom
A. L. Olson
Alfred T. Sihler
St. Louis
Wm. T. Nardin
Douglas W. Brooks
Chester C. Davis
F. Guy Hitt
O. M. Attebcry
Henry H. Edmiston
C. M. Stewart
Minneapolis
W. C Coffey
Roger B. Shepard
J. N. Peyton
O. S. Powell
A. W. Mills*
Otis R. Preston
E. W. Swanson
Sigurd Ueland
A. R. Upgren
Harry I. Zicmcr
Kansas City
R. B. Caldwcll
H. G. Leedy
Robert L. Mehornay
Henry O. Koppang
L. H. Earhart
Raymond W. Hall
C O . Hardy
Jos. E. Olson
G. H. Pipkin
D. W. Woollcy*
Dallas
Jay Taylor
J. R. Partcn
R. R. Gilbert
E. B. Stroud
E. B. Austin
R. B. Coleman
W. J. Evans
W. O. Ford
W. D. Gentry*
L. G. Pondrom
San Francisco
Henry F. Grady
Harry R. WeUman
Wm. A. Day
Ira Clerk
C. E. Earhart
W. M. Hale
H. N. Mangels*
R. B. West
Frank J. Drinnen
OFFICERS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
New York.
Buffalo
Cleveland..
Cincinnati
Pittsburgh
Baltimore
Charlotte
Birmingham
Jacksonville
Nashville
New Orleans
Detroit
Little Rock
Louisville
Memphis
Richmond.
Atlanta....
Chicago. ,
St. Louis.
1
Branch
Also Federal Reserve Agent.
i 9 44
Chief Officer
R. B. Wiltse*
Federal Reserve
Bank of
Minneapolis...
Chief Officer
Branch
Helena
R. E. Towlc*
Denver
Oklahoma City
Omaha
Jos. E. Olson5
G. H. Pipkin5
L. H. Earhart6
El Paso
Houston
San Antonio
J. L. Hermann6
E. B. Austin5
L. G. Pondrom5
Los Angeles
Portland
Salt Lake City
Seattle
W. N. Ambrose*
D. L. Davis*
W. L. Partner*
C. R. Shaw*
5
B. J. Lazar
Kansas City
J. W. Kossin5
W. R. Milford4
W. T. Clements*
P. L. T. Beavers*
Geo. S. Vardeman, Jr.4 Dallas.
Joel B. Fort, Jr.4
E. P. Paris4
E. C. Harris5
San Francisco.
A. F. Bailey*
C. A. Schacht*
W. H. Glasgow*
2 Cashier.
* Also Cashier.
4
Managing Director.
6
Vice President.
• Manager.
M
H
OO
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
g=gg BOUNDARIES OF FEDERAL RESERVE OISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
^L
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
4$)
FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITIES
O
FEDERAL RESERVE BANK AGENCY
*
JANUARY 2. 1943
. BOARD OF GOVERNORS OF THE. FEDERAL RESERVE
SYSTEM
@FedFRASER