Full text of Federal Reserve Bulletin : July 1943
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FEDERAL RESERVE
BULLETIN
JULY 1943
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
Review of the Month—Treasury Finance and the Money Market. .
587—593
Law Department:
Consumer Credit:
Suspension of License
594~595
Advances to Life Insurance Agents
595—596
Foreign Funds Control—Report of Property in Foreign Countries. .
59^~59^
Geographical Distribution of Bank Deposits. . .
599~6°3
Retail Credit Survey—1941
604-608
United Nations Conference on Food and Agriculture
609-61Z
Annual Report of the Central Bank of the Argentine Republic. .
613-62.2.
Current Events
:
613
National Summary of Business Conditions
614-62.5
Financial, Industrial, Commercial Statistics, U. S. (See p. 6x7 for list of tables)..
6x7-689
International Financial Statistics (See p. 691 for list of tables)
691-703
Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council
704
Senior Officers of Federal Reserve Banks; Managing Officers of Branches. . .
705
Map of Federal Reserve Districts
706
Federal Reserve Publications QSee inside of back cover)
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FEDERAL RESERVE BULLETIN
July 1943
VOLUME
NUMBER 7
TREASURY FINANCE AND THE
MONEY MARKET
During the first half of 1943 the growth of they repurchased the bills. Reserve Bank
the public debt was at a less rapid rate than holdings of Treasury bills have increased
in the latter half of 1942.. Government ex- substantially in the past six months, while
penditures for war purposes continued to their holdings of bonds and notes have been
increase, but the growth was not so large as reduced, as sales were made to meet a conduring 1942., while tax receipts were larger. tinued market demand for the higher rate
Bank purchases of Government obligations issues.
were smaller than in the last six months of
Estimates for the latter half of this year
last year, while purchases by other investors indicate the likelihood of a further increase
continued in about the same volume.
in war expenditures and in the deficit. ExExpenditures by the Treasury from funds penditures by the Treasury from accumupreviously borrowed and held in war loan lated balances and new borrowings from
accounts, together with current purchases banks will cause a further substantial rise in
of securities by banks, were reflected in a bank deposits and required reserves, and the
continuous growth of bank deposits of demand for currency will continue to exerbusinesses and individuals. Currency, the cise a drain on available reserves. At the
other means of payment held by the public, end of June member banks held about 1.2.
also continued to increase. Nevertheless, billion dollars of excess reserves and also
the total demands on bank reserves, to meet large amounts of Treasury bills that can be
both additional reserve requirements and sold to obtain additional reserves. Somecurrency withdrawals, were not as large as what over half of the excess reserves were
in the second half of 1942., and United States held by country banks and the remainder by
Government security purchases by the Fed- banks in leading cities other than New
eral Reserve Banks were on a much smaller York and Chicago. Banks in the money
centers and in other leading cities held most
scale.
Banks in the money centers, principally of the Treasury bills, although a large and
New York and Chicago, have in recent growing amount of such bills is held by
months followed the practice of maintain- others. While the banks' needs for reserves
ing reserves close to requirements. When will increase somewhat further in any case,
additional reserves were needed, they sold the amount of this growth will be reduced
Treasury bills to the Federal Reserve Banks, to the extent that new Government security
with an option to repurchase, and when issues will be taken up by individuals and
they had more reserves than were required, business corporations rather than by banks.
JULY 1943
587
REVIEW OF THE MONTH
cally all of the increase was in income taxes,
Rapid further expansion in Government including the Victory Tax. The excess of
expenditures and a substantial, but dimin- expenditures over receipts was about the
ishing, increase in the deficit were the out- same in the last six months as in the prestanding budgetary developments in the fis- ceding six months, although for the fiscal
cal year that ended on June 30. As shown year as a whole it increased substantially
in the chart, monthly budget expenditures over the preceding year, from ux, to 58 bilfor war activities increased from about 4 lion dollars, including net expenditures of
billion dollars in June 1942. to 6 billion in Government agencies as well as regular
November and to 7 billion in June 1943. budget accounts.
The level of war expenditures in June, 7
The total for the six months ending June
billion dollars, compared with a monthly
TREASURY RECEIPTS AND
EXPENDITURES
WAR EXPENDITURES OF U. S. GOVERNMENT
TREASURY RECEIPTS, EXPENDITURES, AND DEBT
[In billions of dollars]
BILL
8
J
7
5
/
4
3
2
J
/
1
JanuJuly- January- Decem- aryber
June
June
1943
1942
Receipts:
Income and Victory Taxes
Other*
11
3
5
3
Net receipts*..
Expenditures:
War activities in budget
Other budget expenditures
Government corporations and agencies. .
15
8
9
40
3
1
32
3
1
18
3
3
44
36
24
30
-1
28
+8
15
-1
29
36
14
Total...
Excess of expenditures
Change in Treasury balance....
Increase in debt
1942
6
2
* Excluding that part of social security and employment taxes
appropriated directly to the Federal old-age and survivors insurance
trust fund.
0
1943 was 40 billion dollars, compared with
3X billion dollars in the second half of 1942There was some further increase in interest
payments, which was more than offset by
a decline in all other budget expenditures.
Total budget expenditures in the entire
fiscal year amounted to 78 billion dollars,
compared with ^2. billion in the preceding
year.
There was also a substantial increase in
budget receipts, reflecting both the higher
level of national income and the various
provisions of the Revenue Act of 1942..
Net receipts increased from 13 billion dollars in the fiscal year I94X to 2.2. billion dollars in the fiscal year just closed. Practi588
average of about 8 billion dollars indicated
in the Budget Message of January for the
fiscal year 1943-44. Total budget expenditures for that year were estimated at 104
billion dollars. Although receipts were
expected to increase further next year, the
Treasury's borrowing requirements for the
fiscal year were estimated at 76 billion dollars, which may be reduced by 4-5 billion
dollars by changing the timing of the collection of existing liabilities as a result of
the provisions of the recent pay-as-you-go
tax legislation. The deficit in coming
months will probably be larger by more
than a billion dollars per month than it was
in the past year.
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
THE PUBLIC DEBT
Public debt increased by 64 billion dollars
in the fiscal year just ended, compared with
13 billion in the previous fiscal year. Of
this amount 58 billion dollars was used to
meet the Treasury's requirements and the
remaining 6 billion increased the general
fund balance. The addition to the debt in
the second half of the fiscal year was smaller
than that in the first half, when the Treasury balance was increased. Borrowing
requirements for coming months will be
close to the high level reached in the first
half of the past fiscal year.
The most important development during
the fiscal year from the point of view of
financing the deficit was the inauguration
of periodic war loan drives, of which there
were two, one in December and one in
April. These drives were a forcible way of
focusing the attention of the public on the
heavy cost of the war and on the vital importance of a wide participation by everyone in its financing. One-half of the new
securities issued during the fiscal year were
sold during these drives.
Another important development was the
decision by the Treasury to limit the new
securities available for commercial banks to
issues having maturities of no more than 10
years. The purpose of this policy is to confine the necessary large increase in commercial bank holdings of Government securities
to short-term and intermediate issues,
which are preferable investments for institutions with large liabilities payable on
demand. This policy should be an important factor in strengthening the banking
system for postwar readjustments.
In order to meet the needs of commercial
banks and of other investors, such as corporations, which are not free to tie up their
funds for long periods of time, a large
JULY 1943
amount of short-term securities was offered
by the Treasury. The outstanding amount
of certificates was increased by 13 billion
dollars and of bills by 9 billion, and a special series of dual-purpose tax-savings notes
was offered. Treasury bonds accounted for
19 billion dollars of the increase, of which
8 billion was in xj^ per cent 2.0-2.5 year
bonds not available to commercial banks.
Sales of savings bonds increased during the
year, and the outstanding amount rose by
11 billion dollars, compared with an increase of 6 billion in the preceding fiscal
year. The remainder of the increase in the
debt was accounted for largely by sales of
marketable Treasury notes, of tax notes,
and of special issues to social security and
other Government accounts.
OWNERSHIP OF THE DEBT
In the Government's current financing
policy the most important objective is to
place the largest possible amount of securities with nonbanking investors and particularly with individuals who purchase the
securities from current income. This policy is a significant contribution to the Government's fight against inflation.
During the past fiscal year, individuals,
private trust funds, partnerships, and corporations, other than banks and insurance
companies, added %/\ billion dollars to their
holdings of Government securities, compared with 11 billion dollars in the previous
fiscal year and only a little over a billion
dollars in the fiscal year 1940-41. When
to this total are added the increased holdings of insurance companies, mutual savings
banks, and Government agencies, the
amount of debt absorbed by nonbanking
investors was about 33 billion dollars, or
over half of the increase in the total debt.
Purchases by nonfinancial corporations,
which in previous months had built up
589
REVIEW OF THE MONTH
large cash balances from retained earnings
and unused reserve funds, were especially
large during the April war loan drive.
Commercial bank holdings increased by 2.5
billion dollars during the past 12. months,
compared with 6 billion dollars in the previous fiscal year, and Federal Reserve holdings increased by 5 billion. In the second
half of the fiscal year the increase in total
commercial bank and Federal Reserve holdings was about 11 billion dollars, 40 per
cent of the total increase in the debt,
compared with 18 billion, over 50 per cent
of the total in the preceding six months.
It is an important development in the period
that banks decreased their purchases, while
other investors bought about the same
amount in both periods, increasing their
proportion of total amount offered.
Among individuals, private trust funds,
partnerships, and corporations, the largest
increases in holdings, aside from savings
bonds and tax notes, were in certificates,
which probably went largely to corporations, and in bonds, which probably went
largely to individuals and private trust
funds. Insurance companies and mutual
savings banks showed increases principally
in long-term bonds. The largest increases
at commercial banks were in certificates,
5-10 year bonds, and bills.
FEDERAL RESERVE OPEN-MARKET
OPERATIONS
Federal Reserve transactions in Government securities during the past fiscal year
were for the purpose of facilitating the
financing of the war. In order to provide
banks with additional reserves to serve as a
basis for purchases of Government securities, the System added to its total holdings
and, for the purpose of maintaining different
types of securities in a reasonable relation590
ship to each other, it bought and sold
individual issues.
The largest increase in Reserve Bank
holdings of Government securities, particularly during recent months, has been in
Treasury bills. The bills were purchased
mostly from member banks with an option
retained by the selling banks to repurchase
them at the same rate. Both buying and
selling transactions in Treasury bills by the
Reserve Banks have been large in recent
months and have primarily reflected adjustments in the reserve positions of member
banks; banks sold bills to the Reserve Banks
when they needed additional reserves and
repurchased the bills when they had excess
reserves. Most of these purchases and sales
have occurred in the money centers—
principally New York and Chicago, where
member bank reserves have been maintained
close to legal requirements—but similar
transactions have taken place in all Federal
Reserve districts.
In the last few months of 1942-, the Reserve Banks purchased substantial amounts
of Treasury bonds and notes largely to support the market at times of Treasury financing . Since the beginning of 1943, however,
there has been a strong demand in the
market for bonds and notes, and the System
account has steadily reduced its holdings of
such securities.
Since early in 1942- new issues of bills and
certificates have been greatly expanded,
while excess reserves of the money market
banks, previously the principal market for
such issues, have declined. Other banks,
however, have bought increasing amounts
of bills and all groups of banks have increased their holdings of Treasury bonds
and certificates. Bill purchases by the Reserve Banks have supplied banks with additional funds that have been used to purchase
various types of Government securities.
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
Changes since the beginning of 1942. in such issues, and yields have declined apholdings of various types of Government proximately to previous low levels reached
securities by Federal Reserve Banks and in November 1941.
by weekly reporting member banks in
CHANGES I N BANK RESERVES
New York and in other leading cities are
Excess reserves of member banks, which
shown in the chart.
continued
close to 1.3 billion dollars during
HOLDINGS OF U S. GOVERNMENT SECURITIES
BY TYPES OF SECURITIES
the latter half of the calendar year 1942.,
4
MEMBER BANKS
have declined in recent months and in June
FEDERAL RESERVE BANKS
IN OTHER LEADING CITIES
averaged about 1.5 billion. The decrease
resulted
principally from a continued expan2
BomsJ
/ X
sion in currency in circulation, the effect of
which was only partially offset by the in0
/
crease in Reserve Bank holdings of Government
securities. Required reserves, which
N. Y. CITY MEMBER BANKS
expanded sharply at the end of 1941, largely
30NDSl^V
as the result of additions to United States
/
Government deposits at the time of the
4
December war loan drive, declined in April
OTES
of this year, when under new legislation
i_ NOTES^/
Treasury war loan deposits at banks were
JATESl J
J«L V / n |
2
exempted from reserve requirements. SubBILLS
sequently they increased somewhat, but as
0
yet are not as large as they were earlier this
1943
1943
1942
year.
Bond and note holdings at Federal Reserve Banks and note holdings
at member banks include guaranteed issues. Special Treasury certifiAs a result of the exemption of war loan
cates held by Reserve Banks not included. Latest figures are for week
ending June 23, 1943.
deposits from reserve requirements, the timLargely as a result of transactions by the ing of the effect of Treasury financing on the
Reserve System, the Government securities banks' reserve requirements has been fundamarket was relatively stable throughout mentally altered, although in the long run
the past fiscal year. The average rate on the net result is not much changed. Fornew issues of Treasury bills remained close merly when banks purchased new securities
to the buying rate of % of i per cent. and paid for them by credit to the TreasLonger-term securities fluctuated to some ury's war loan account, bank deposits and
extent, but the general level of yields was required reserves immediately increased
maintained. The yield on long-term tax- correspondingly. Under the present arable bonds ranged between a high of x.36 rangements, these purchases have no immeper cent in December and a low of 1.^9 per diate effect on required reserves, because war
cent in June. The range of fluctuations in loan accounts are no longer subject to
long-term partially tax-exempt bonds was reserve requirements, while payments
larger, but the yield on these issues is of through war loan account for purchases of
only minor significance to the financing of securities by customers, who reimburse the
the war, since only taxable securities are banks by drawing on their deposits, cause
currently offered by the Treasury. Re- a decline in deposits subject to reserve recently there has been a strong demand for quirements and, therefore, a decrease in the
BILLIONS OF DOLLARS
WEDNESDAY
FIGURES
BILLIONS OF DOLLARS
BILLS J
BONDS
J
J
r
I
flERTIF CATES /
CERTIFI
BILL 3
JULY 1943
59 1
REVIEW OF THE MONTH
amount of required reserves. Subsequently,
as the Treasury draws upon its war loan
accounts to meet expenditures, there are
increases in bank deposits subject to reserve
requirements and consequently in the
amount of reserves required. The effect of
these operations is illustrated in the chart,
which shows variations in total, required,
and excess reserves of member banks, by
weeks for 194Z and 1943.
excess reserves principally through sales of
bills to the Reserve Banks with repurchase
options. In this way member bank reserve
needs are almost automatically supplied,
with the initiative being taken by the
member banks rather than by the Federal
Reserve System. Many member banks hold
Treasury bills in order to be in a better
position to meet possible reserve needs at
times of withdrawal of war loan accounts.
MEMBER BANK RESERVES
ALL MEMBER BANKS
CHANGES I N RESERVES BY CLASSES OF BANKS
BILLIONS OF DOLLARS
WEEKLY AVERAGES OF DAILY FIGURES
16
At New York City and Chicago banks
excess reserves have been negligible in
amount since the early part of this year.
As shown in the chart, both required
MEMBER BANK RESERVES BY CLASSES OF BANKS
BILLIONS OF DOLL/
Required and excess reserves are partly estimated. Latest figures
are for week ending June 18, 1943.
As a result of these changes, banks now
find themselves with additional available
reserves during war loan drives, whereas
formerly excess reserves were reduced at
such times. Between drives required reserves gradually increase and eventually rise
to about the level they would have reached
during the drive, if no change had been
made in the law. Currently required reserves are increasing as the Treasury draws
on its war loan account. This is being met
at banks having excess reserves by a reduction in this excess and at banks with no
Figures for country banks are estimated from semimonthly data.
Figures for June are preliminary. Latest figures are for week ending
June 18, 1943.
reserves and total reserves have declined.
These banks have maintained reserves close
to requirements by active sales and purchases of Treasury bills through the Reserve
Banks' option accounts.
At reserve city banks there has been a
gradual decline in excess reserves, reflecting
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
earlier in the year a growth in required
reserves and more recently a decline in total
reserves held. At these banks as a group
excess reserves amount to about 16 per cent
of required reserves, varying from around
5 per cent in the Boston, New York, and
Minneapolis Districts to around 2.^ per cent
in the Cleveland, Richmond, and Dallas
Districts.
At country banks total reserve balances
have not changed much this year; required reserves increased until April, when
JULY 1943
they were reduced by shifts from nonexempt to exempt deposits, but have since
increased again and by the latter part of
June were close to the previous maximum. Excess reserves of these banks,
except for a temporary increase in April and
early May, have not departed much from
the general level maintained for the past
two years and amount to about 40 per cent
of required reserves. Relatively the largest
amounts are held in the Cleveland, Kansas
City, and Dallas Districts.
593
LAW DEPARTMENT
Administrative interpretations of banking latvs, new regulations issued by
the Board of Governors, and other similar material.
Consumer Credit
Suspension of License
Because of failure to comply with the provisions of Regulation W with respect to credit
sales of clothing, the Board of Governors on
June X4, 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
Louis H. Mitchell who operates clothing stores
in three Midwestern cities. All of the terms
of the Board's Order were agreed to by the
Registrant, who has given his assurance that he
will hereafter comply with all the provisions of
the Regulation. The text of the Order is as
follows:
ORDER SUSPENDING LICENSE
Louis H. Mitchell, having appeared 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 opportunity for hearing before the Board and consented to the
issuance of this Order for the suspension of his
license, and having agreed that:
1. He was at all times mentioned herein and
now is engaged in the business of making instalment sales and charge sales of listed articles
through stores which he owns and operates
under the following trade names in the following places:
Mitchell Clothing Company, 615 North
Seventh Street, St. Louis, Missouri
Mitchell Clothing Company, 115 Collinsville
Avenue, East St. Louis, Illinois
Mitchell Clothing Company, 1316 Nineteenth
Street, Granite City, Illinois
594
Mayer's Clothing Company, 6zz Delmar
Boulevard, St. Louis, Missouri
Mayer's Clothing Company, 111 Collinsville
Avenue, East St. Louis, Illinois
2.. He 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. Before and after October 6, 1941, and
continuing through May 17, 1943, he pursued
a course of dealing in contravention of Regulation W and negligently failed to comply
with same. Such negligent violations include (a) using charge accounts as a means of
circumventing the down payment requirements of the Regulation, (b) improper and
inadequate preparation and delivery of Statements of Transaction, (c) accepting insufficient down payment on instalment sales, (d)
granting longer terms than permissible on
instalment sales, (e) selling listed articles in
defaulted charge accounts, and (f) selling
listed articles in accounts which purported to
be charge accounts but were in fact instalment
accounts; and
The said Louis H. Mitchell having further
agreed that during the period of suspension of
his license under this Order he will close all of
the aforesaid stores and discontinue all sales
including those for cash; that upon resumption
of business following the termination of this
suspension period, he will conform his business
to the requirements of the Regulation; and that
he will not in any manner in his future solicitations or advertisements for business indicate or
imply that he will grant terms which would be
in contravention of the Regulation:
Accordingly, the Board having considered
the consent, representations, and agreements of
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
the party named, and under authority of section
5(b) 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 Louis H.
Mitchell, issued pursuant to the Board's
Regulation W be and the same is hereby suspended for the period commencing at n i o i
a.m. on July 4, 1943, and ending at i2.:oi a.m.
July iz, 1943, unless said period 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, (b) the receipt of any
payments through the mails or through the
normal and usual collection facilities which
have heretofore been maintained off the
premises of said stores, and (c) the making
of payments of any obligations, including
obligations to employees for salaries or wages.
z. Any terms used in this Order that are
defined in Regulation W shall have the meaning therein given them.
By order of the Board of Governors of the
Federal Reserve System this 2.4th day of June,
1943.
(SEAL)
(Signed) Chester Morrill
Secretary,
Advances to Life Insurance Agents
Several inquiries have been received as to
whether the Board's Regulation W, entitled
"Consumer Credit," is applicable to advances
made by life insurance companies and general
agencies thereof to their agents. The answer is
that in some classes of cases the Regulation does
apply and in others it does not.
The general rule is that the Regulation does
apply whenever such advances constitute loans
within the meaning of the Regulation, unless the
loan is exempted by one of the provisions of
section 8, and whenever the company or agency
making the advance is ' 'engaged in the business"
of making such loans.
While advances of money are usually loans,
companies or general agencies sometimes make
JULY 1943
advances to agents (as for example during a
limited period while the agent is new and his
earnings from commissions are small) in circumstances which negative the presumption
that the advances are loans. In such circumstances, the agent receives certain payments as
compensation for endeavoring to sell insurance,
the company or general agency having the right
to reimburse itself, if at all, only by deductions
from such commissions as would otherwise have
been paid to the agent by reason of the successful
conclusion of sales. The agent is under no
personal obligation, express or implied, to repay
the advances, and interest is not charged. The
arrangement, in effect, gives the agent a guaranteed minimum rate of compensation. In such
cases, it may be said that the advance is not a
loan. It will be noted that this interpretation
applies only to those cases where the advance is
made by the person from whom the expected
commission would have been received. Furthermore, in order that there may be no question
as to the facts in such cases, the Registrant
should have all the terms of the agreement
stated in writing and should preserve the writing
in his files.
Even though the advance does not meet the
conditions specified in the previous paragraph
and so is to be considered a loan, it is possible
that it may be exempt under section 8(j) which
provides that the Regulation shall not apply to
a loan for business purposes to a business enterprise which is not for the purpose of purchasing
a listed article. One class of cases that would
fall within this exemption is illustrated by a
loan by an insurance company to its general
agent to enable him to pay office rent, salaries,
and other office expenses. The exemption
would not apply, however, if the money is to be
used by the agent to pay his ordinary living
expenses.
In view of the fact that the Regulation does
not apply to a loan unless made by a person who
is "engaged in the business" of making extensions of credit, the Regulation would not in any
event be applicable to advances made by companies or general agencies which do not make
such advances except in isolated instances.
595
LAW DEPARTMENT
Whether or not such advances are mere isolated
transactions is, of course, a question to be decided on the facts of the particular case, and the
fact that a company or agency may have an
established procedure for handling such advances would be one of the facts to be considered.
If it is determined on the basis of the foregoing
explanation that the company or agency is ' 'engaged in the business" of making instalment
loans subject to Regulation W, registration of
the company or agency on Form F. R. 5 63-a is
required under the provisions of Section 3(a) of
the Regulation.
Foreign Funds Control
Report of Property in Foreign Countries
The Treasury Department on June 1, 1943,
issued Special Regulation No. 1 requiring reports
of all property in foreign countries in which any
person subject to the jurisdiction of the United
States had an interest on May 31, 1943, and issued Public Circular No. 2.2. containing instructions for the preparation of such reports on
Form TFR-500 before August 31, 1943. Copies
of the Regulation, the Circular and the Form
may be obtained from any Federal Reserve Bank,
the Governor of any territory or possession of
the United States, any United States consul, or
the Secretary of the Treasury, Washington, D. C.
The text of the Regulation is as follows:
Treasury Department
Foreign Funds Control
June 1, 1943
SPECIAL REGULATION N O . I
Requiring Reports on Form TFR-joo by Persons Subject to the
Jurisdiction of the United States with Respect to Property in
Any Foreign Country*
Section
137.1
Persons required to report.
A report
on
Form TFR-500 is hereby required to be filed by (a) every
person subject to the jurisdiction of the United States having
at the close of business on May 31, 1943, any interest whatsoever, direct or indirect, in any property in a foreign country
* Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; Sec. 2,
48 Stat. 1; 54 Stat. 179; Public No. 354, 77th Congress, 55 Stat. 838;
Sec. 3, Public No. 831, 77th Congress; Ex. Order 8389, April 10, 1940,
as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26,
1941, Ex. Order 8963, December 9, 1941, and Ex. Order 8998, December
26, 1941; Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as
amended June 14, 1941 and July 26, 1941.
596
on such date and by (b) every person subject to the jurisdiction of the United States with whom any foreign organization
was allied on such date.
Section 137.2. Property to be reported.
(a) Report shall be made with respect to all property
in a foreign country at the close of business on May 31,
1943, in which on said date the person reporting or any
foreign organization then allied with him had any
interest whatsoever, direct or indirect.
(b) Property damaged, destroyed, or seized at any
time between January 1, 1938, and May 31, 1943, as a
result of war or a "scorched-earth" policy carried on by
any country, or through any confiscatory action or
duress by a country which on May 31, 1943, was at
war with the United States or was occupied by a country
at war with the United States, shall be reported if
otherwise reportable, provided that no person shall
report any property sold or otherwise disposed of or
seized, confiscated, destroyed, or lost before such person
became subject to the jurisdiction of the United States.
(c) Property shall be deemed to have been in a foreign
country at the close of business on May 31, 1943, if ( 0
in case of tangible property, it was located in a foreign
country; (2.) in case of other property, it was issued or
created by, or constituted an obligation of, or was
asserted to constitute an obligation of a foreign country
or a person within a foreign country, regardless of where
any evidence thereof was located; and (3) without
limitation upon the foregoing, in case of currency and
coin, securities, and negotiable instruments for the
payment of money issued or created by the United States,
or any agency or person therein, the property or evidence
thereof, as the case may be, was located in a foreign
country.
(d) In ascertaining whether property was located in a
particular foreign country at the close of business on
May 31, 1943, all foreign countries shall be deemed to
have the national boundaries existing on January 1,
1938, without regard to prior or subsequent invasion, or
other similar act.
Section 137.3 Exemptions.
(a) Except as provided below, no report on Form
TFR-500 is required (1) from any person whose property
in all foreign countries had an aggregate value less than
$10,000, or (2.) from any other person respecting property
in any one foreign country if the total value of all his
property in such country was less than $1,000. These
exemptions shall not apply to foreign bonds payable by
their terms in United States dollars, whether or not alternately payable in another currency, or to interests in
allied foreign organizations, patent license agreements,
trademark license agreements, franchises and concessions,
and such contracts as may be specified by the Secretary
of the Treasury, all of which shall be reported regardless of the value thereof.
(b) Reports are not required from (1) any citizen of
the United States in enemy or enemy-occupied territory,
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
or (2.) any member of the armed forces of the United
States serving outside the continental United States,
regardless of the amount or kind of property otherwise
reportable by any such person.
(c) Any person entitled to the benefits of an exemption
may nevertheless file a report on Form TFR-500 if he so
desires.
Section 137.4 Filing.
(a) Reports by persons within the United States
shall be filed on or before August 31, 1943, with the
Federal Reserve Bank of the District or with the Governor of the territory or possession of the United States
in which the person filing the report resides or has a
principal place of business or principal office or agency
or, if such person has no legal residence or principal
place of business or principal office or agency in a
Federal Reserve District or a territory or possession of
the United States, then with the Federal Reserve Bank of
New York or the Federal Reserve Bank of San Francisco.
(b) Reports by persons outside the United States who
are subject to the jurisdiction of the United States shall
be filed on or before September 30, 1943, with the
United States Consul of the District wherein such
person is then present.
(c) A report received by the proper Federal Reserve
Bank, Governor, or Consul, in a correctly addressed and
stamped envelope bearing a postmark of a time prior
to midnight of the date upon which the report is due,
shall be deemed to have been duly filed.
Section 137.5. Other matters.
(a) Reports on Form TFR-500 shall furnish all the
information called for in such form and in any instructions relating thereto issued pursuant to this Regulation.
Each report shall be filed in duplicate, under oath. All
spaces in the report must be properly filled in. Reports
not in proper form, or lacking in essential details, shall
not be deemed to have been filed in compliance with the
Orders and this Regulation.
(b) The Secretary of the Treasury reserves the power,
in his discretion, to grant extensions of time or exemptions with respect to the filing of any or all reports
required by this Regulation and also to make exclusions
from the exemptions provided by this Regulation.
(c) Nothing in this Regulation shall be deemed to
authorize any transaction involving trade or communication with an enemy national within the meaning of
General Ruling No. 11, as amended, issued pursuant to
sections 3(a) and 5(b) of the Trading with the Enemy
Act, as amended, and the Orders and Regulations issued
thereunder.
(d) Form TFR-500 and any circular of instructions
relating thereto may be obtained from any Federal Reserve Bank, the Governor of any territory or possession
of the United States, any American Consul, or the Secretary of the Treasury, Washington, D. C.
(e) Reports on Form TFR-500 shall be filed regardless
JULY
1943
of whether a report on Form TFR-300 has previously
been filed in respect of any property to be reported.
Section 137.6. Definitions. For the purpose of this Regulation and all forms and instructions or rulings issued hereunder, the following definitions are prescribed.
(a) "Person" shall include an individual, partnership,
association, corporation, or other organization.
(b) "Person subject to the jurisdiction of the United
States" shall mean: (1) any citizen of the United States,
whether in the United States or in a foreign country;
(2.) any corporation or other organization created or organized under the laws of the United States or any state,
territory, district, or possession thereof; (3) any individual resident in the United States on May 31, 1943,
including any individual continuously within the United
States for three months next preceding that date, whether
or not claiming to be resident; (4) any person not otherwise subject to the jurisdiction of the United States, to
the extent that on May 31, 1943, such person had any
branch, office, or representative within the United States.
(c) "Person within a foreign country" as to any
particular foreign country shall include, but not by way
of limitation: (1) any individual resident in such foreign
country, including a citizen of any other foreign country
or of the United States; (2.) any corporation or other
organization organized under the laws of such foreign
country; (3) any branch or office within such foreign
country of a corporation or other organization organized
under the laws of any other foreign country or of the
United States; and (4) except when inappropriate, the
government of the country and any subdivision, agency,
or instrumentality thereof.
(d) "United States" shall mean the United States and
any territory or possession of the United States, except
the Philippine Islands and Guam.
(e) "Foreign country" shall be deemed to include,
but not by way of limitation, the Philippine Islands
and Guam.
(f) "Foreign organization" shall mean any partnership, corporation, association, business trust, or other
organization, created, organized, existing, or operating
under the laws of or in a foreign country and shall include any foreign branch or office of an organization
subject to the jurisdiction of the United States.
(g) "Allied foreign organization," or "foreign organization allied with a person," shall mean any foreign
organization which was controlled by, or a substantial
part of the stock, shares, bonds, debentures, notes,
drafts, certificates, or other securities or obligations of
which, or other ownership interest in which, was owned
or controlled by, directly or indirectly, a person subject
to the jurisdiction of the United States, or by such a
person in conjunction with one or more of his affiliates
subject to the jurisdiction of the United States. Without limitation of the foregoing, the term shall in any
event include (1) any foreign organization of which
2.5 per cent or more of the outstanding voting stock,
597
LAW DEPARTMENT
shares, or other voting securities or comparable ownership interest therein, was owned or controlled, directly
or indirectly, by such a person, or by such a person in
conjunction with such affiliate or affiliates, and (2.) any
foreign partnership of which such a person was a partner,
whether general, special, limited, or otherwise. The
Secretary of the Treasury reserves the power to determine, in any case, that any person was or shall be deemed
to have been an "allied foreign organization" within
the meaning of this definition.
(h) "Affiliate" shall mean (1) in relation to any
corporation or other organization issuing stock or similar
securities, any person who, directly or indirectly, owned,
controlled, or held with power to Vote, ten per cent or
more of the outstanding voting securities thereof, and
(2.) as to any other organization, any person who owned
or controlled ten per cent or more of the comparable
ownership rights therein. Any corporation or other
organization of which a person was an affiliate also shall
be deemed to have been an affiliate of such person, and
all persons who were affiliates of the same person shall
598
likewise be deemed to have been affiliates of each other.
Notwithstanding the foregoing, persons shall not be
deemed to have been affiliates of each other by reason
only of their ownership or control of interests in or
obligations of a foreign organization.
Section 137.7. Penalties. Section 5(b) of the Act of
October 6, 1917, as amended, provides in part:
* * * Whoever willfully violates any of the provisions of this subdivision or of any license, order, rule
or regulation issued thereunder, shall, upon conviction,
be fined not more than $10,000, or, if a natural person,
may be imprisoned for not more than ten years, or, both;
and any officer, director, or agent of any corporation who
knowingly participates in such violation may be punished by a like fine, imprisonment, or both."
Section 137.8.
Amendment, modification or revocation.
This
Regulation and any forms, instructions, or rulings issued
hereunder may be amended, modified, or revoked at any time.
RANDOLPH PAUL,
Acting Secretary of the Treasury.
FEDERAL RESERVE BULLETIN
GEOGRAPHICAL DISTRIBUTION OF BANK DEPOSITS
Information on bank deposits by counties,
tabulated by the Treasury Department for
December 31, 1942., provided the first comprehensive and precise data of this nature ever
compiled. The figures, which cover deposits of
individuals, partnerships, and corporations, and
exclude interbank balances and deposits of
governments, show the distribution of cash
balances of businesses and individuals throughout the country. Data were also compiled as to
changes in these balances during 1942., a year of
exceptional expansion in bank deposits. In
order to facilitate analysis of these data, a table
showing the distribution by Federal Reserve
districts and States and three maps showing the
distribution by counties have been prepared from
them and are shown herewith. 1 The maps
show:
(1) Total volume of deposits of individuals,
partnerships, and corporations, by counties,
December 31, 1941.
(Y) Percentage increase or decrease in deposits
of individuals, partnerships, and corporations,
during 1942., by counties.
(3) Per capita volume of deposits of individuals, partnerships, and corporations, by
counties, December 31, 1942..
The first map shows substantial concentration
of deposits in the North Atlantic States, in the
industrial counties of the Middle West, and in
the rich agricultural counties of California.
Other large concentrations of deposits appear in
various financial, trading, and industrial centers.
Since the largest size interval starts at 30 million
dollars per county, the map does not indicate
adequately the degree of concentration of
deposits in the large financial centers where the
amounts are frequently many times this minimum. Also because the counties average larger
in size in the Western States than in the Eastern
the density appears comparatively greater in the
1
In all the maps the data for counties contained in metropolitan
areas as defined by the Bureau of the Census were combined; otherwise all counties are shown individually.
JULY 1943
West than would be true if counties were of
equal size.
Percentage changes in bank deposits by counties during 1942., given on the second map,
generally show the largest proportionate increases in counties with relatively small amounts
of deposits and the smallest increases in areas
with the largest volume of deposits. In dollar
volume, however, increases in the latter areas
were much greater than in those areas showing
large percentage additions to deposits.
The largest percentage increases occurred in
the tier of States running from southeastern New
Mexico and the panhandle of Texas up through
Oklahoma, Kansas, Nebraska, and the Dakotas.
Large increases also appear on the coast of North
Carolina, in Arizona and Utah, and scattered
through the Southern and Western States. The
large increases in western Kansas and some of
the surrounding territory, which was known
as "dust bowl" country, may have been associated with the ample rainfall in the year 1942.
combined with greatly increased prices of agricultural products. Large percentage increases
in deposits in other areas appear to be associated
with special local factors such as the establishment of shipyards, war plants, camps, etc. It
is striking that the smallest percentage increases
in deposits were typical of all the Northeastern
States and of most of the counties in the East
North Central States, where, however, the
dollar amounts of increases were substantial.
The per capita volume of bank deposits shows,
as would be expected, the largest average holdings in Massachusetts, Connecticut, and certain
counties in New York, New Jersey, and Pennsylvania. Per capita holdings are in general high
in all counties or groups of counties containing
financial centers. Otherwise many of the large
per capita concentrations appear to be associated
with thinly populated counties in the Western
States where a few large deposits may sharply
influence the averages. Some of these counties
may be identified as range country.
599
O
O
TOTAL VOLUME OF BANK DEPOSITS BY COUNTIES
DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND
CORPORATIONS,
DECEMBER 31, 1942
o
w
o
0
2
3
o
w
iz!
0
w
o
1
i
w
F
I
F
I
2
I UNDER I MILLION
I TO 3 MILLIONS
I 3 TO 6 MILLIONS
I 6 TO 10 MILLIONS
! 10 TO 30 MILLIONS
I OVER 30 MILLIONS
CHANGES IN BANK DEPOSITS DURING 1942 BY COUNTIES
PERCENTAGE INCREASE OR DECREASE IN DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS,
DECEMBER 31, 1941 TO DECEMBER 31, 1942
0
0
I
a
1
3
o
0
@
o
C/5
I I LESS THAN ^30 PER CENT (INCLUDING 15DECREASES!
EM * 30 PER CENT TO • 40
ZZ2 * 40 PER CENT TO + 50
1 • 50 PER CENT TO + 75
• • 75 PER CENT AND OVER
ON
O
PER CAPITA VOLUME OF BANK DEPOSITS BY COUNTIES
DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS,
DECEMBER 31, 1942
0
w
o
o
5
w
o
>
o
o
3
o
d
w
W3
CZD UNDER 150 DOLLARS
MM 150 TO 300 DOLLARS
H i 300 TO 450 DOLLARS
! 450 TO 600 DOLLARS
600 DOLLARS AND OVER
s
GEOGRAPHICAL DISTRIBUTION OF BANK DEPOSITS
DISTRIBUTION OF DEPOSITS BY FEDERAL RESERVE DISTRICTS AND STATES
DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS
[Dollar amounts, except per capita, in thousands]
Amount outstanding Dec. 31, 1942
Area
Total amount
outstanding
Dec. 31, 1941
Increase in total from 1941
to 1942
Per capita
amount
of deposits
Dec. 31, 1942
Amou*nt of
increase
Percentage
increase
63,688,467
10,629,495
16.7
567
6,464,328
22,881,019
4,094,163
4,791,549
2,973,319
1,963,131
7,992,214
2,130,711
1,390,255
1,760,798
1,572,086
5,674,894
599,062
1,133,072
408,268
792,472
693,599
717,492
2,034,089
589,829
374,793
723,702
609,384
1,953,733
9.3
5.0
10.0
16.5
23.3
36.5
25.5
27.7
27.0
41.1
38.8
34.4
1,446
586
478
293
211
506
270
338
333
282
663
7,463,259
381,625
299,756
184,473
4,344,535
595,254
1,657,616
6,825,483
334,401
286,042
172,797
4,004,218
529,226
1,498,799
637,776
47,224
13,714
11,676
340,317
66,028
158,817
9.3
14.1
4.8
6.8
8.5
12.5
10.6
464
627
536
1,017
826
939
11,010,317
7,524,675
1,257,507
2,228,135
29,750,979
21,567,024
2,422,828
5,761,127
28,125,021
20,683,505
2,161,173
5,280,343
1,625,958
883,519
261,655
480,784
5.8
4.3
12.1
9.1
1,109
1,675
573
593
9,189,285
2,153,271
857,373
3,939,364
1,539,016
700,261
4,072,702
1,224,729
377,443
1,102,849
849,543
518,138
13,261,987
3,378,000
1,234,816
5,042,213
2,388,559
1,218,399
10,672,451
2,771,186
951,703
4,234,937
1,740,848
973,777
2,589,536
606,814
283,113
807,276
647,711
244,622
24.3
21.9
29.7
19.1
37.2
25.1
490
487
355
632
431
388
West North Central—total.
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
3,646,410
702,298
598,506
1,263,411
126,883
111,109
371,711
472,492
1,150,179
353,409
258,570
318,169
36,350
33,269
65,981
84,431
4,796,589
1,055,707
857,076
1,581,580
163,233
144,378
437,692
556,923
3,656,155
881,749
665,255
1,258,301
105,590
94,882
282,870
367,508
1,140,434
173,958
191,821
323,279
57,643
49,496
154,822
189,415
31.2
19.7
28.8
25.7
54.6
52.2
54.7
51.5
369
395
351
424
275
246
352
324
South Atlantic—total
Delaware
Maryland
District of Columbia
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
3,622,663
205,395
548,012
540,099
495,054
222,047
477,466
206,101
501,114
427,375
1,558,193
85,623
455,404
195,090
299,056
119,885
134,044
38,624
135,194
95,273
5,180,856
291,018
1,003,416
735,189
794,110
341,932
611,510
244,725
636,308
522,648
4,141,688
269,805
864,218
616,736
636,769
298,292
444,585
171,612
455,681
383,990
1,039,168
21,213
139,198
118,453
157,341
43,640
166,925
73,113
180,627
138,658
25.1
7.9
16.1
19.2
24.7
14.6
37.5
42.6
39.6
36.1
288
1,056
529
895
284
184
177
129
208
269
East South Central—total.
Kentucky
Tennessee
Alabama
Mississippi
1,566,681
483,496
484,224
371,828
227,133
501,057
124,498
183,411
121,731
71,417
2,067,738
607,994
667,635
493,559
298,550
1,561,942
480,783
511,381
355,866
213,912
505,796
127,211
156,254
137,693
84,638
32.4
26.5
30.6
38.7
39.6
193
221
229
171
140
West South Central—total.
Arkansas
Louisiana
Oklahoma
Texas
2,861,327
254,740
460,977
407,788
1,737,822
433,441
49,899
115,751
65,288
202,503
3,294,768
304,639
576,728
473,076
1,940,325
2,399,182
209,622
431,670
358,925
1,398,965
895,586
95,017
145,058
114,151
541,360
37.3
45.3
33.6
31.8
38.7
253
155
238
218
301
Mountain—total.
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
1,065,736
161,156
117,880
63,080
344,641
77,659
108,910
146,832
45,578
350,175
41,546
36,020
22,118
99,902
16,777
34,798
77,281
21,733
1,415,911
202,702
153,900
85,198
444,543
94,436
143,708
224,113
67,311
986,280
146,339
100,804
65,595
327,218
59,507
91,779
150,774
44,264
429,631
56,363
53,096
19,603
117,325
34,929
51,929
73,339
23,047
43.6
38.5
52.7
29.9
35.9
58.7
56.6
48.6
52.1
352
389
323
367
408
181
290
405
526
Pacific—total .
Washington.. ..
Oregon..
California
4,197,130
694,641
397,832
3,104,657
2,888,745
323,539
165,714
2,399,492
7,085,875
1,018,180
563,546
5,504,149
5,320,265
684,611
378,920
1,765,610
333,569
184,626
1,247,415
33.2
48.7
48.7
29.3
709
581
529
766
Demand
Time
Total
47,777,658
26,540,304
74,317,962
2,753,518
15,125,484
2,654,019
3,640,727
2,454,651
2,063,993
7,199,709
2,103,880
1,196,184
2,068,875
1,932,233
4,584,385
4,309,872
8,888,607
1,848,412
1,943,294
1,212,267
616,630
2,826,594
616,660
568,864
415,625
249,237
3,044,242
7,063,390
24,014,091
4,502,431
5,584,021
3,666,918
2,680,623
10,026,303
2,720,540
1,765,048
2,484,500
2,181,470
7,628,627
2,887,764
129,268
68,136
46,636
1,767,898
248,768
627,058
4,575,495
252,357
231,620
137,837
2,576,637
346,486
1,030,558
18,740,662
14,042,349
1,165,321
3,532,992
East North Central—total.
Ohio
Indiana
Illinois
Michigan
Wisconsin
United States—total
By Federal Reserve districts
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas.....
San Francisco
By States and census areas
New England—total
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
Middle Atlantic—total
New York
New Jersey
Pennsylvania
JULY 1943
4,256,734
603
RETAIL CREDIT SURVEY—1942
According to the Retail Credit Survey,1 credit
sales in 1942. amounted to about 15 billion dollars, or about zz per cent less than in 1941.
Cash sales, however, increased by 6 billion dollars so that total sales in 1942., 56 billion dollars,
were 4 per cent above 1941. Almost all of the
decline in credit sales was in instalment sales,
since transactions based on charge-account credit
declined only slightly. In the following table
and chart the distribution of sales by type for
the years 1939-1941 is shown.
declined in some lines and increased in others
but were generally a smaller proportion of total
sales. The greater relative reductions in chargeaccount sales appear to have been in those lines
covered by Regulation W.
RETAIL SALES
ESTIMATED RETAIL SALES, BY TYPE OF TRANSACTION
Type of transaction
I n l 3illions of dollars
Percentage of total
sales
1939
1940
1941
1942 1939 1940 1941 1942
27.2
Cash
Charge account. . . 9.9
Instalment
4.9
29.3
10.7
5.8
34.9
12.5
6.8
41.1
12.3
2.8
65
23
12
64
23
13
64
23
13
73
22
5
42.0
45.8
54.2
56.2
100
100
100
100
Total
NOTE.—Estimates of total retail sales compiled by the Bureau of
Foreign and Domestic Commerce, United States Department of Commerce. Sales by type of transaction are based on data from the Census
of American Business for 1939, projected by the Retail Credit Survey
for subsequent years with appropriate allowances in cash sales to
adjust for bias in the Survey sample.
At the top of the next page there is shown a
table of sales by type of payment for the major
lines covered in the Survey as well as a percentage distribution of the sales. It is immediately evident that the vast changes in the
distribution of sales among various types of
trade outlets were accompanied by substantial
variations in the credit structure of sales. The
most striking characteristic of retail trade in
194Z was the very considerable increase in cash
sales. Instalment sales, which declined generally, have usually been most important in the
durable-goods lines where the greatest total sales
decreases were reported. Charge-account sales
1
The Retail Credit Survey, which was formerly conducted by the
Bureau of Foreign and Domestic Commerce of the Department of
Commerce, was transferred to the Board of Governors of the Federal
Reserve System as a part of the program for centralizing the collection
and analysis of consumer credit statistics. The canvass for the 1942
Survey, the first conducted by the Federal Reserve System, was carried
out by the Federal Reserve Banks, and the analysis of the results was
made in the Division of Research and Statistics of the Board of
Governors. This article presents a general summary of the analysis.
604
CHARGE-ACCOUNT SALES AND RECEIVABLES
Charge-account sales were subjected to regulation in May 1942. by Amendment 4 to Regulation W. It was required that neither chargeaccount nor instalment credit for listed articles
should be granted customers who had any unpaid balances due on charge accounts on the
10th of the second month following the month
of purchase for any commodity. At department
stores, for which monthly figures are available,
it appears that this regulation made a sharp
difference in the use of charge-account credit.
Prior to May 1941 there had been a slight increase in the proportion of business done on a
cash basis but not a very substantial one. In
May 1941 and also in June, there was an immediate falling off of charge-account sales,
even though July 10 was the first date on which
the penalties of the regulation were effective.
FEDERAL RESERVE BULLETIN
RETAIL CREDIT SURVEYSALES BY TYPE OF TRANSACTION AND BY KIND OF BUSINESS
Percentage of total sales
Percentage change, 1941 to 1942
Kind of business
Number
of stores
reporting
Total
sales
Cash
sales
Chargeaccount
sales
Instalment
sales
Cash sales
Chargeaccount sales
1941
1942
1941
1942
39
32
66
55
47
39
70
44
56
65
34*
39
49
57
30*
10
12
31
15
19
43
12
25
23
14
33
21
-17
-36
-23
91
87
62
58
Department stores
Men's clothing stores
Women's specialty stores
Shoe stores
465
218
170
166
+14
+12
+14
+27
+31
+38
+40
+36
Furniture stores
Household appliance stores
Jewelry stores
574
393
162
-6
-33
+48
+7
+63
Lumber and building material dealers. . . .
Heating and plumbing equipment dealers.
Hardware stores
377
135
218
+7
+7
+17
+7
+29
30
9
36
Automobile dealers
Automobile tire and accessory stores
147
525
-73
-24
-74
+14
-42
-25
-84
-52
45
20
44
30
14
56
31
55
2,070
128
232
+25
+27
+15
+29
+29
+25
+6
+27*
+ 12
-13
82
17
25
85
17
27
18
83*
74
15
83*
72
Grocery stores
Milk dealers
Coal, fuel oil, and wood dealers
+15
-1
+1
-3
+1
+11*
+5
-14
+3
+6
0
+1
-18
-17
+20
Instalment
sales
1942
78
63
46
71
4836
1
5
41
24
25
15
* Includes a negligible amount of instalment sales.
Part of this change may have been in anticipation of the necessity of cleaning up long-overdue charge accounts and some of it may have
been in response to the seventh point of the
President's anti-inflationary program announced
in April 194Z. In July, when the first formal
"freeze" date arrived, there was an appreciable retardation of charge-account sales. During
following months charge-account sales appear
to have been further checked though not so
much as during the summer months. By the
middle of the fall, charge-account sales at department stores were approaching former levels.
The expedited collection of charge accounts,
of course, substantially reduced the receivables
of this type and, even though sales have returned nearly to former levels, receivables have
remained relatively low. During recent months
both charge-account sales and charge accounts
receivable have tended to stabilize in their new
relationship and to follow much the same
course as total sales. Department store chargeaccount receivables and sales and the average
number of days charge accounts were outstanding for 1941 and 1941 are shown in the chart.
The monthly figures for furniture stores now
collected by the Reserve System are not as complete as those for department stores but appear
to reflect about the same pattern.
In the other lines of trade covered by the ReJULY 1943
tail Credit Survey, only annual figures are available. The comparisons between the annual
data for 1941 and 1942. are shown in the first
table on the next page.
DEPARTMENT STORES
CHARGE-ACCOUNT SALES AND RECEIVABLES
INDEX
1941 AVERAGE • 100
160
160
140
120
140
Ik
«L» / l
100
80
60
INDEX
120
100
V / ' •"
"\.y RECEIVABLES
AVERAGE REPAYMENT PERIOD
80
60
NUMBER OF DAYS
On this broad basis of fact precise conclusions
can not be drawn but it appears that the general
course of charge-account sales in other lines was
about the same as that for department stores.
Except where there were big decreases in total
sales, such as for automobile dealers, automobile
tire and accessory stores, and household appliance stores, charge-account sales in 1941 were
605
RETAIL CREDIT SURVEY
generally about the same or somewhat above
1941 levels. Charge accounts receivable, however, declined in all trade lines except milk
dealers where sales of this type had increased
substantially. Taken as a proportion of chargeaccount sales, charge accounts receivable in all
lines declined substantially—in other words,
collections were expedited. As would be expected, the greatest increases in the rate of collections were in those trade lines subject to
CHARGE ACCOUNTS RECEIVABLE
Kind of business
Percentage
change,
1941 to 1942
Department stores
Men's clothing stores
Women's specialty stores
Shoe stores
-23
-30
-21
-20*
Furniture stores
Household appliance stores
Jewelry stores
-12
-41
-20
Lumber and building material dealers
Heating and plumbing equipment dealers.
Hardware stores
-27
-11
-28
Automobile dealers
Automobile tire and accessory stores.
-47
Grocery stores
Milk dealers
Coal, fuel oil, and wood dealers.
-6
+2*
-3
* Includes a negligible amount of instalment credit.
** Data not significant.
Regulation W. The proportion of charge
accounts receivable at the end of the year to
such sales during the year for 1941 and 194Z with
trade lines grouped as "regulated" and "unregulated," is shown in the next table. Since
the regulation applies to specific articles, and
not to dealers, a precise classification of retail
outlets along these lines is not exactly accurate
but the one here shown is meaningful for the
purpose of general comparison.
These data, together with other available
evidence, indicate that the regulation was a substantial factor in hastening collections and reducing charge accounts receivable. Not only
did retailers apply the discipline attaching to a
"frozen" account to listed articles as they are
required to do by the regulation, but many of
them made the discipline applicable to all articles they sold. In addition, some retailers,
though not in any substantive way affected by
the regulation, used it to spur their collections.
606
1942.
PERCENTAGE OF CHARGE ACCOUNTS RECEIVABLE AT
END OF YEAR TO ANNUAL CHARGE-ACCOUNT
SALES
Kind of business
1941
Per1942 centage
1942
change*
"Regulated" trade lines:
Household appliance stores
Men's clothing stores
Automobile tire and accessory stores..
Hardware stores
Shoe stores
Department stores
Jewelry stores
Women's specialty stores
Furniture stores
19**
14**
25
32
25
18
19
25
19
15
-32
-29
-29
-28
-28
-24
-23
-22
-16
"Unregulated" trade lines:
Milk dealers
Coal, fuel oil, and wood dealers
Grocery stores
8**
15
15
6**
13
13
-20
-14
-12
Mixed trade lines:***
Lumber and building material dealers
Heating and plumbing equipment dealers.
18
15
12
13
-31
-12
26
27
17
16
18
19
12
11
* Percentage change computed on unrounded figures.
** Includes a negligible amount of instalment business.
*** Subject to regulation only in part because of special exceptions such as sales for resale, etc.
The May 1942. amendment to Regulation W,
in addition to covering charge accounts, stiffened considerably the terms prevailing on instalment transactions. This might have tended
to encourage some shift from instalment selling
to charge-account selling. The figures show
that charge-account sales in some lines increased
while instalment sales decreased. In most
cases, however, charge-account sales were a
relatively smaller proportion of total sales in
194Z than in 1941. It may be concluded, therefore, that there was not a sizeable shift of this
sort.
INSTALMENT SALES AND RECEIVABLES
Instalment sales in all trade lines except
women's specialty stores declined from 1941 to
194Z and in most cases the reduction was substantial. Among automobile dealers, automobile tire and accessory stores, and household
appliance stores—where the sources of customary merchandise almost dried up and where
severe rationing was applied—there were great
decreases. In other lines where total sales and
charge-account sales increased, there were nevertheless declines in instalment transactions. Endof-year instalment accounts receivable showed
considerable declines in all lines of trade except women's specialty where there had been an
expansion in instalment sales during 1942-.
These data are shown in the next table.
FEDERAL RESERVE BULLETIN
RETAIL CREDIT SURVEY
INSTALMENT ACCOUNTS RECEIVABLE
Percentage
change,
1941 to 1942
Kind of business
Department stores. . ..
Men's clothing stores
Women's specialty stores.
....
-39
-42
+7
Furniture stores
Household appliance stores....
Jewelry stores
-34
-47
-43
Lumber and building material dealers.
Heating and plumbing equipment dealers...
Hardware stores
-28
-33
-52
Automobile dealers
Automobile tire and accessory stores
*
-68
Coal, fuel oil, and wood dealers
-46
* Data not significant because of volume of paper sold.
Since Regulation W covered almost all commodities in which there was any substantial
dollar volume of instalment business after the
May amendment, a comparison of "regulated"
and "unregulated" sales is not feasible. Since,
however, in many lines sales for cash or on
charge-account credit increased while instalment sales decreased, it may be concluded that
the regulation had a substantial effect in reducing instalment transactions.
The influence of the regulation on instalment
receivables stemmed not only from curbing sales
on this basis but also from reducing the amount
of credit extension by increasing down payments
and by abbreviating the period of repayment.
The figures collected by the Retail Credit Survey
do not permit a close appraisal of the separate
influences of these factors. One of the statistical impediments in making such an appraisal
is the possible variation in the proportion of
paper sold and retained between the two years
1941 and 1942.. In so far as the data permit
generalization, however, it appears that down
payments may have had more to do with reducing credit receivables than maturity restrictions.2
2
The statistical basis of this approximation is as follows: An
estimated figure for down payments was subtracted from instalment
sales in each of the two years, the residual being an estimated amount
of credit extended (without allowance for carrying charge). Down
payments for 1941 were taken as an average between terms reported
in the 1938 Retail Credit Survey and those specified by the original
draft of Regulation W. Down payments in 1942 were those provided
by Amendment 4 to Regulation W. This approximation of "credit
extended" was compared with year-end receivables, which ratio showed
little change from 1941 to 1942, indicating little reduction in maturities.
But it is known that the increases in down payments were substantial,
which leads to the conclusion drawn in the text. No adjustment was
made for changing proportions of paper sold and retained but because
the foregoing comparison showed wide margins, sizeable shifts in the
proportion of paper sold would riot vitiate the conclusions as drawn in
the text.
JULY 1943
1942.
Such a conclusion is reasonable when it is recognized that in most lines except automobiles and
household appliances the maturities prior to
Regulation W had been largely within the
twelve-month limit which was applied by the
regulation. Furthermore, the general opinioa
of well-informed persons engaged in retailcredit granting seems to be that the down-payment provisions have been more of a deterrent;
to instalment sales than the maturity provisions..
Everything considered, this, prong of the regulation appears to have been the more important
factor in the compression of outstanding instalment receivables.
CASH SALES
The increase in cash sales was evident in
every trade line, except automobiles, and in
most geographic areas. It was largest in those
areas where employment and income have increased most. By trade lines, the greatest
gains in cash business appear to have been in
jewelry, furniture, and apparel stores in the
order named. Percentage increases of cash sales
for selected trade lines in several cities are shown
in the table below.
The vigorous growth of cash sales was characteristic not only of those cities where 194Z sales
were well above 1941 levels, but also of those
PERCENTAGE CHANGE IN CASH
SALES FOR SELECTED
CITIES AND LINES OF TRADE, 1941 TO 1942
City
Department
stores
Men's Women's Furniclothing specialty
ture
stores
stores
stores
Boston
New York
Philadelphia
Cleveland
Pittsburgh
Baltimore
+22
+14
+39
+34
+26
+52
Atlanta
Chicago
Detroit
Milwaukee
St. Louis
Minneapolis
+43
+21
+36
+33
+25
+35
"+32"
+42
+29
+30
Kansas City
Dallas (area)
Houston (area)
Los Angeles
San Francisco (area). .
Seattle
+45
+46
+44
+28
+50
+65
+55
+36
+46
+53
+60
+81
+13
+17
'.'.'.
.'.
+25'
+31
+84
-\-33
+35
+22
+49
+46 '
+44
•••+23"
+60
+54
+66
+24
+26
+79
+25
+62
+27
+24
+72
+57
+42
+83
+100"
"+3l"
+90
Jewelry
stores
•+5"
"+43"
"+32"
+106
+49
+31
+175"
NOTE.—Where figures are not shown, adequate samples were not
reported.
607
RETAIL CREDIT SURVEY
1942.
largely on a cash basis. In addition, the reporting stores were concentrated in somewhat larger
cities where credit practices are not necessarily
the same as those in medium-sized and smaller
towns. Furthermore, the aggregate data for
a few lines as, for example, grocery, and automobile tire and accessory groups, include an
overweighting of chain stores in which credit
practices are not typical of those at independent
stores. Notwithstanding these limitations, the
Survey is of value in indicating the direction
of change and other important credit developLIMITATIONS OF THE DATA
ments.
Reports for about 6,000 respondents are inWhen broken down into Federal Reserve
cluded in the 194Z Retail Credit Survey but since
districts, size groups, and city aggregates, a
some of these were outlets of chain organizations
considerable margin of error must be allowed
which could not be included in the regional or
for in the analysis. Nevertheless, most of the
size analyses, the more detailed statistics were
conclusions to be drawn from this Survey would
based on a sample of nearly 5,000 respondents.
be true even with a large allowance for variaThe following table shows the percentage of
tions in the underlying data.
sales of the reporting sample to the estimated
During 1942. there were a number of important
total retail sales for that line in 1941.
changes in the character of business conducted
by the various trade groups and in the nature
SAMPLE COVERAGE OF THE 1942 RETAIL CREDIT SURVEY
of credit transactions which are not reflected
Percentage
in the reported statistics. In several trade lines,
of sample
Kind of business
to total*
such as automobile dealers, automobile tire
51
Department stores. .
and accessory stores, and household appliance
17
Furniture stores
14
Milk dealers
..
stores,
new lines of merchandise were added in
11
Heating and plumbing equipment dealers.
11
Men's clothing stores. .
an effort to offset loss of sales in the major lines
10
Women's specialty stores
which had formerly furnished the bulk of busi10
Automobile tire and accessory stores
9
Coal, fuel oil, and wood dealers
ness at these outlets. In some lines, it may be
Lumber and building material dealers
Household appliance stores
presumed that during the period of heavy inJewelry stores
ventory
accumulation in 1941 and early 1941, a
Hardware stores
Shoe stores
substantial
volume of the instalment paper acAutomobile dealers
Grocery stores
quired through sales to consumers was sold in
order to free working capital. In the latter
* Total dollar volume of sales of all stores for which data were used
in this Survey as a percentage of estimated national volume for these
part of 1942., however, when inventories were
trade lines in 1942.
dwindling, there is some evidence that a larger
It is evident that samples of some of the lines proportion of the instalment paper created was
are adequate for analysis of national figures retained. Another factor of possible consewhile others are clearly too thin. This Survey quence was the "trading up" by many buyers;
was based entirely on reports of credit-granting that is, the movement of buyers into higher
stores; therefore, the figures tend to understate price lines. All of these factors may have inthe proportion of cash business and may not be fluenced the structure of retail credit substanrepresentative of credit practices in stores more tially.
cities in which 1941 trade levels were already
high in comparison with previous years. For
milk dealers where the choice between cash or
credit as a sales vehicle is more a matter of customer convenience than in most other lines,
cash sales grew in absolute amount but not in
relation to total sales. Otherwise it appears
that the increases in cash sales were more in the
"luxury" trades than in those dealing with basic
necessities.
608
FEDERAL RESERVE BULLETIN
THE UNITED NATIONS CONFERENCE ON FOOD AND
AGRICULTURE
At the invitation of the United States Government',
delegates from forty-four nations met at Hot Springs,
Virginia, between May 18 and June 5 to discuss
-problems of food and agriculture and long range programs for raising standards of nutrition throughout
the world. Officially represented at the Conference
were the Governments of Australia, Belgium, Bolivia,
Brazil, Canada, Chile, China, Colombia, Costa Rica,
Cuba, Chechoslovakia, Dominican Republic, Ecuador,
Egypt, El Salvador, Ethiopia; the French Representatives; the Governments of Great Britain, Greece,
Guatemala, Haiti, Honduras, Iceland, India, Iran,
Iraq, Liberia, Luxembourg, Mexico, Netherlands,
New Zealand, Nicaragua, Norway, Panama, Paraguay, Peru, Philippine Commonwealth, Poland,
Union of South Africa, Union of Soviet Socialist
Republics, United States of America, Uruguay,
Venezuela, and Yugoslavia.
The following summary of the results of the parley
was issued by the Secretary General of the Conference.
The Conference met to consider the goal of
freedom from want in relation to food and
agriculture. In its resolutions and its reports,
the Conference has recognized that freedom
from want means a secure, an adequate, and a
suitable supply of food for every man.
All men on earth are consumers of food.
More than two-thirds of them are also producers of it. These two aspects of gaining subsistence from the soil can not be separated. Men
can not eat more foods and more healthful foods
unless these foods can be obtained from the land
or the sea in sufficient quantities. If more and
better food is to be available for all people,
producers must know what they are called upon
to do. They must equally be assured that their
labors will earn them an adequate livelihood.
The work of the Conference emphasized the
fundamental interdependence of the consumer
and the producer. It recognized that the food
policy and the agricultural policy of the nations
must be considered together: it recommended
JULY 1943
that a permanent body should be established to
deal with the varied problems of food and agriculture, not in isolation but together.
The work of the Conference also showed that
the types of food most generally required to
improve people's diets and health are in many
cases those produced by methods of farming
best calculated to maintain the productivity of
the soil and to increase and make more stable
the returns to agricultural producers. In short,
better nutrition means better farming.
The Conference declared that the goal of
freedom from want can be reached. It did not,
however, seek to conceal the fact that it will
be first necessary to win freedom from hunger.
In the immediate future, the first duty of the
United Nations will be to win complete victory
in arms: as their armies liberate territories
from tyranny their goal will be to bring food
for the starving. The need to reach freedom
from hunger before seeking freedom from want
was understood, and resolutions were adopted
on this subject. These covered both the planning of agricultural production and the adoption of measures to prevent violent fluctuations
in prices resulting from the shortages of the
transition period.
Many delegates informed the Conference
about the state of health in their respective
countries. It was made clear that there was a
close connection between many prevalent diseases and deficiency in diets. It was established
that malnutrition was a leading cause for the
high level of child mortality. It was apparent
that in all countries there are large sections of
the population who do not get adequate and
suitable food for health; in many countries the
majority of the people are in this situation.
The Conference has not attempted to lay
down ideal standards of nutrition for all peoples. It has recognized that while the ultimate objective must be a world in which all
people are fed in full accordance with the
609
UNITED NATIONS CONFERENCE ON FOOD AND AGRICULTURE
requirements of good health, it will be necessary
as a practical measure to concentrate on intermediate goals which can be progressively
raised as conditions improve. These intermediate goals must differ from region to region
according to climate, taste, social habits, and
other circumstances. These goals are therefore
primarily a matter for individual governments
to determine.
One of the most important recommendations
of the Conference is that the governments and
authorities represented should declare to their
own people and to one another their intention
to secure more and better food for the people.
Various measures which might be taken for this
purpose were discussed in Section I of the Conference. These included education, special provision for particular classes of the population,
and the improvement of the quality of food
available.
The Conference recognized that a great increase would be needed in the production of food
if progress is to be made toward freedom from
want. Section II discussed how this increase
could be brought about. It was recognized,
however, that to a varying extent in different
countries and at different times there would be
insufficient food of kinds required for health.
It might therefore be necessary to take measures
to see that special groups of the population, such
as young children and pregnant women, who
most need these foods, obtain at least their
minimum requirements, even if this means
reducing the supplies for the rest of the population below what they would otherwise consume.
In Section II, the Conference considered how
agricultural production could be increased and
adapted to yield the supplies most needed by
consumers. It began its work with the assumption, which was confirmed by the conclusions of
Section I, that more production was needed if
the people of the world were to have sufficient
food for adequate nutrition and that both new
and existing production would have to be adjusted to secure more of those "protective"
foods which are most necessary for good health.
Before discussing methods by which these
6iO
changes could be brought about, the Section
examined the short-term position immediately
after the liberation of occupied territories. It
was generally agreed that this period will be
one of shortage, the exact incidence and extent
of these shortages being governed by the circumstances in which various territories are
liberated from the enemy. During this period
the first call will be to reach freedom from
hunger in areas devastated by the war. Until
these lands themselves are able to produce a
harvest, the most urgent demand will be for
cereals and other foods which maintain human
energy and satisfy hunger.
The Conference agreed that while shortages
lasted there should be coordinated action by
governments both to secure increased production
and to prevent speculative and violent fluctuations in prices.
The conditions of shortage existing at the end
of hostilities will be exceptional and it should
not be too long before the production of the
basic energy foods is sufficiently restored to
provide for freedom from hunger. When that
state is reached it will be necessary to increase
wherever possible the emphasis on production
of foods containing first-class protein and other
protective qualities necessary to good health,
according to the standards considered by Section I of the Conference.
There is danger that the heavy demand for
energy foods which will arise from the immediate period of shortage may lead, as the shortages are overcome, to overproduction of these
foods unless governments act with foresight in
guiding producers to alter their production
programs in accordance with the long-term requirements. The actual programs must be
drawn up to suit the particular circumstances
of each country, but the Conference agreed
upon broad general principles which should
serve as a guide in making these programs in
all countries. These principles cover not only
the adjustment of production to fit the longterm requirements of a better diet but also
improvements in the general efficiency of production. The Conference also recommended
FEDERAL RESERVE BULLETIN
UNITED NATIONS CONFERENCE ON FOOD AND AGRICULTURE
certain particular measures of more general
application for carrying them out.
In addition, the Conference recommended
measures for new agricultural development.
It was the opinion of the Conference that some
parts of the world which at present are unproductive could be brought into agricultural
production if the appropriate measures were
applied. At the same time, it was recognized
that, in some areas of rich potentialities, development is impeded by overcrowding of farmers
on the land. While something can be done to
increase the productivity of these areas by improving methods of farming, by drainage and
similar measures, it was recognized that in some
cases the development of industry to provide
employment for agricultural populations or
emigration to other areas were the only measures likely to offer any significant contribution
to a solution of the problem.
The Conference recognized that it is useless
to produce food unless men and nations have
the means to acquire it for consumption. Freedom from want can not be achieved unless there
is a balanced and world-wide expansion of
economic activity.
The deliberations of the Conference in Section III, which was set up to investigate the
improvement of distribution, clearly showed
that consumers would not be in a position to
buy the food they needed, and producers of
food could not be assured of adequate returns,
unless progress was made through national and
international action to raise the general level
of employment in all countries. Moreover, as
discussions in Section I emphasized, poverty
is the first cause of malnutrition and hunger.
The work of Section III established the close
interdependence between the level of employment in all countries, the character and extent
of industrial development, the management of
currencies, the direction of national and international investment, and the policy adopted by
the nations toward foreign trade. The Conference was not called upon to conduct a detailed
investigation into the policies which should be
adopted by the governments of the world in
JULY 1943
order to promote an expansion of economic
activity; but it declared that freedom from
want of food could not be fully achieved without such an expansion and urgently recommended the governments and authorities represented to take action individually, and in
concert, in order to secure this objective.
Having drawn attention to the fundamental
importance, in the approach to freedom from
want of food, of policies to expand and quicken
economic activity, the Conference discussed the
place and functions which might be given,
within the framework of such policies, to international arrangements for the control of basic
staple foodstuffs entering international trade.
There was agreement that the objects of any
such arrangements must be to eliminate excessive short-term movements in the prices of food
and agricultural commodities, to mitigate general inflationary or deflationary movements,
and to facilitate adjustments in production
which may be necessary to prevent economic
dislocation. The Conference agreed that any
such arrangements should include the effective
representation of consumers as well as producers. It was not possible for the Conference,
in the time available, to discuss future international commodity arrangements in detail.
Discussion in Section III was directed to general
questions of principle affecting the operation
of such arrangements as might later be made.
The two questions to which most attention was
paid were:
(a) The place which buffer stocks should
occupy in these arrangements; and
(b) How far it would be necessary to achieve
the desired objectives to include within the
general arrangements agreements for the regulation of production.
The Conference agreed that further international discussion of these questions ought to
take place with a view to the establishment of
broad principles to govern the formulation and
operation of future commodity arrangements.
There was general agreement that, whatever
the nature of the arrangements eventually
made for individual commodities, machinery
611
UNITED NATIONS CONFERENCE ON FOOD AND AGRICULTURE
would be needed for coordinating their operations in the light of the broad principles to be
agreed upon.
It became clear at a comparatively early
stage of the Conference that there was general
agreement that the nations represented at the
Conference should establish a permanent organization in the field of food and agriculture. It
was also generally agreed that this organization should act as a center of information and
advice on both agricultural and nutrition questions and that it should maintain a service of
international statistics. The Conference did
not, however, attempt to lay down in detail
what the scope and functions of such an organization should be or its relation to other
national or international bodies. It was agreed
that these questions would have to be worked
out in detail between representatives of the
participating governments. Accordingly, the
Conference recommended the establishment in
Washington of an Interim Commission, one of
the functions of which would be to draw up for
6iz
submission to the governments and authorities
represented a detailed plan for the permanent
organization.
The United Nations Conference on Food and
Agriculture has shown that the governments and
authorities represented are agreed upon the
necessity of their taking action individually and
in concert to achieve freedom from want of food.
The reports and recommendations of the Conference indicate further agreement on the methods
to be followed. The Conference has accordingly recommended that the governments and
authorities represented should recognize their
obligation to their own people and to one
another to raise the levels of nutrition and the
standards of living of their citizens, to improve
the efficiency of agricultural production, and to
cooperate one with another for the achievement
of these ends. The Conference resolved that the
Interim Commission to be established in Washington should prepare such a declaration or
agreement in this sense for the consideration of
the governments and authorities represented.
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE CENTRAL BANK OF
THE ARGENTINE REPUBLIC
The annual report of the Central Bank of the
Argentine Republic for its eighth financial
period, covering the year ending December 31,
1941, was submitted by the Board of Directors
to the Meeting of Shareholding Banks in March
1943. The report is signed by Dr. Ernesto
Bosch, who is again serving as President after
being reappointed by the National Government
upon the completion of his earlier term on
April 30, 1942.. Sections of the first two chapters of the official English text of the report are
given herewith; some tables and charts have
been omitted and the headings have been
adapted to the shorter presentation. The report
contains in addition chapters on the importation of essential articles from the United States,
the security market, various activities of the
Bank, and the financial results of its operations
during the year.
The report places considerable emphasis upon
the inflationary effect of the accumulation of
gold and foreign exchange by the Central Bank
during 1942. and points out that one of the causes
for this accumulation was the influx of shortterm foreign capital. It is indicated in the
report that the Central Bank was undertaking a
special study of these foreign funds. It is
therefore of interest to note that on April 2.0,
1943, a decree was issued by the Argentine
Government empowering the Ministry of Finance to control all movements of funds into
and out of the country. The decree provides
that new money may enter the country only if it
can be proved that it is to be used for "productive purposes;" the importation of floating
funds seeking temporary refuge ("hot money")
will not be permitted. The Minister of Finance
explained in a public statement that the measure
would place no obstacle to the inflow of foreign
funds for permanent investment.
EXPANSION OF THE MEDIA OF PAYMENT
the increase has tended to remain idle in the
banks, thereby easing the pressure exercised on
the price level by the plethora of circulating
media. This decline in the velocity of circulation is very clearly shown by the movement in
the current accounts of the public (excluding
Government accounts). Whereas deposits in
current accounts increased 50 per cent between
1939 and 1942., payments made with those deposits only rose by 2.4 per cent by virtue of the
fact that the velocity of circulation, or in other
words the intensity with which the media of
payment are used, decreased by 17 per cent.
The decline in velocity of circulation has
therefore had the effect of partially neutralizing
the consequences of the increase in the volume
of media of payment. A brief explanation is
desirable at this point. The rise in prices began
with imported goods, which rose from the outbreak of war onwards, the increase being accentuated locally in many cases by the pressure of
demand which in its turn was induced by the
expansion in purchasing power, more especially
in those cases in which supplies were subject
The media of payment, formed by the money
which circulates in the hands of the public and
by the current account deposits in the banks
which, when put in motion by means of cheques,
fulfill the same function, have again risen in
1942., this time by 2.0 per cent, following on a
2.8 per cent increase in 1941.
INCREASE IN MEDIA OF PAYMENT
[In millions of pesos]
December 31
Currency in the
hands of the
public
Deposits in current accounts
Total media
of payment
1938
1939
1940
1941
1942
983
1,029
1,127
1,328
1,514
1,501
1,682
1,653
2,219
2,733
2,484
2,711
2,780
3,547
4,247
The media of payment have therefore increased very considerably but the intensity of
their use has diminished appreciably. Part of
NOTE.—For earlier reports, see BULLETIN for September 1942,
July 1940, December 1939, August 1938, September 1937, and July 1936.
JULY 1943
613
ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC
to restrictions. This strong demand, on the
other hand, stimulated an increase in industrial
production as already mentioned. The rise
in prices was thus an incentive to greater production and to the increasing use of substitutes
for raw materials, fuel and manufactured goods.
The abundance' of media of payment and the
lower yield from bonds were in the same way
very important factors in the revival in building
and in the considerable increase in real estate
dealings. The mutual interdependence between
media of payment and the volume of business
is thus made clearly manifest: business was
stimulated by higher prices due to the increase
in media of payment and the increased volume
of business in its turn called for greater quantities of circulating media. Due to the way in
which transactions were carried out in the local
and foreign markets, it is almost impossible to
determine to what extent the rise in prices
abroad was accentuated locally by the expansion in purchasing power. But it can be asserted that, if the velocity of circulation of
deposits had not diminished, the effects of the
expansion in media of payment would have
been much more severe.
Briefly, the increase in the media of payment
has followed the course outlined below: a) in
part it has caused increases in the volume of
transactions which, in their turn, have called
for a larger supply of those same media of payment; F) in part it has been rendered necessary
by the rise in both import and export prices
due to external factors; c) another part has
accentuated the rise in prices locally, and cf) the
rest has remained idle in the banks.
The decline in the velocity of circulation
points to the fact that the volume of purchasing
power is excessive. Consequently, if it continues to grow while the upward tendency of
the volume of business is either checked or
about to be checked due to industrial production
having approached the limit of its present
capacity, without any prospects of immediate
expansion, there is the danger that the local
accentuation of the rise in prices abroad will
become more pronounced.
Elsewhere in this Report the important part
played by credit expansion in the creation of
media of payment, chiefly due to the financing
of the crops and other Government requirements
has been stressed. However, together with
this factor which has its origin within the
country, another factor of external origin has
played an active part. Thus in 1942. media of
payment amounting to 48x million pesos were
created through bank credit, while a further
614
465 million pesos had their origin in the inflow
of an equivalent amount of gold and foreign
exchange derived from the heavy favorable
balance shown by our international accounts,
or say a total of 947 million pesos. But, on
the other hand, part of those media of payment
were converted into savings and time deposits
and thereby ceased to have the character of circulating media. The net growth in media of
payment during 1942. is thus reduced to 700
million pesos. The course of these events and
the way in which the credit expansion in loans
to the public, the financing of the crops and the
other Government requirements developed can
be followed in the accompanying table.
FACTORS IN THE MONETARY SITUATION
[Increases or decreases ( —) in millions of pesos]
Items*
1939
1940
1941
1942
Media of payment:
Deposits in current accounts
Currency in the hands of the public....
227
181
46
69
-29
98
767
566201
700
514
186
- 4 4 1,051
34
593
15 - 1 4 8
505
-9
192
947
482
69
242
165
Origin of the media of payment:
261
113
Internal factors:
-128
Net loans to the public
213
Financing of crops
Other Government requirements
23
Subsidiary currency and replacement of
bank notes
5
28
44
6
External factors:
Gold
Free currencies
Blocked pounds
Other blocked foreign exchange
148 -78
171 - 1 6 0
31
-47
11
56
13
-5
458
268
176
53
-39
465
416
-65
175
-61
Media of payment absorbed:
T i m e deposits
Exchange F u n d
22 - 8 6
— 13 - 4 8
35 - 3 8
265
125
140
257
296
-39
It can be clearly seen that the origin of the
expansion in loans is to be found almost entirely
under the two last mentioned headings. Net
loans made by the banks to the public have not
shown an upward tendency. After a decrease
of 148 million pesos in 1941, they rose by only
69 millions in 1942.; in this increase loans to
Government employees made under a recent
law have exerted some influence. However
praiseworthy the object pursued by these operations may be it would be desirable in the present
circumstances to proceed with great caution in
view of the magnitude of Government requirements.
The conduct of the banks in regard to loans
to the public has been prudent and it is to be
hoped that it will continue so despite the considerable increase in their cash holdings. The
satisfactory volume of their profits on the
present amount of business enables them to
maintain those enhanced holdings without the
need to exert pressure on the market in search of
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC
commercial banks, as mentioned below. These
sums, of course, do not figure in the statements
of the Central Bank.
The sum of 2.95 million pesos has been accumulated in blocked pounds of which 33 million
CREATION OF MEDIA OF PAYMENT AGAINST GOLD
pesos are held by the commercial banks, despite
AND FOREIGN EXCHANGE
the fact that 113 million pesos have been used
Returning now to the main question, it may in the 1repatriation of public and private sebe noted that the creation of media of payment curities. Notwithstanding the fact that the
through the purchase of gold and foreign ex- value of the blocked sterling is duly guaranteed
change by the banks accounts for an amount by the British Government under a gold clause,
similar to that originated by credit expansion. the volume which the balance is assuming
As explained in the Annual Report for 1938, the renders it advisable that a solution be sought
procedure is as follows: when the banks pur- for this problem, as already stated in the prechase exchange from exporters or from those vious Annual Report. It should be remembered
who remit funds from abroad, they credit the that the blocked pounds are purchased in the
peso equivalent of such purchases to the cor- same way as free currencies ana that peso funds
responding current accounts, in the same way which go to swell the volume of media of payas in the case of loan operations. Subsequently ment are thereby created. To use these pounds
they sell that exchange to the Central Bank, for the repatriation of foreign indebtedness this
which credits the amount to their cash ac- operation must be reversed, that is to say the
counts. Bank deposits with the Central Bank pesos so created must be returned to the Central
are thus increased, and this institution is Bank for cancellation against delivery cf the
obliged to pay them at any time by issuing notes. corresponding pounds. It is therefore essential
The Central Bank, if that exchange is composed that the National Treasury should have at its
of free currencies, converts it immediately into disposal the amount in pesos required to purgold in the New York market, retaining only chase the pounds to be used in buying the cora part of it in dollars to meet current require- responding bonds in London. Such funds can
not be obtained at the present time through the
ments.
Gold holdings as at December 31 last amount issue of bonds inasmuch as the local market is
to the equivalent of 1,997 million pesos. To barely able to cover a part of the heavy requirethis must be added the equivalent of 54 million ments of the Government. Therefore, addipesos in dollars and other free currencies held tional bond issues to repatriate foreign indebtedby the Central Bank. Thus the total holdings ness are not to be thought of. Outside loans,
of gold and free currencies amount to ^,051 the National Treasury has no other sound
million pesos. In addition, the Central Bank means of obtaining the funds except by resorting
holds a total of 2.G1. million pesos in blocked to taxation, although another alternative exists
pounds in London and 5 million pesos in other which might be considered. Instead of creating
currencies subject to clearing agreements. All pesos against all the sterling derived from our
these items make up a grand total of 2.,3i8 exports to Great Britain, a moderate proportion
million pesos, from which must be deducted 86 of the value thereof could be paid for directly
million pesos owed to Brazil, settlement of in sterling without being first converted into
which remains pending. In this way the net Argentine currency. That proportion of the
total of gold and foreign exchange is reduced value of the commodities sold and exported
would be credited to the account of the proto 2.,z.-7,x million pesos.
Of this amount, x,oio million pesos corre- ducers in pounds and would be retained by them
spond to the net gold and foreign exchange on deposit or used for the purchase of Argentine
holdings which figure in the Central Bank state- sterling bonds which the National Treasury
ments. Of the balance, 109 million pesos be- could convert into peso bonds, the negotiation
long to the Exchange Fund and 113 million of which would be subject to the restrictions
pesos serve as backing to an equivalent amount deemed necessary in view of the absorptive
in Gold and Foreign Exchange Holding Cer- capacity of the market. This is merely a sugtificates issued by the Central Bank for the gestion which the Bank feels it its duty to make
purpose of absorbing surplus bank funds. because it refers to a monetary question which
Furthermore, there was 113 million pesos in concerns the Bank. In any case it would have
free and blocked currencies which had not yet
1
These figures are reckoned at the rates at which each operation
been transferred to the Central Bank by the was effected
and are not strictly speaking comparable.
employment for such funds. The Central Bank
hopes to continue to count on their proved
spirit of cooperation to prevent an increase in
loans as long as the present situation lasts.
JULY 1943
615
ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC
to be the object of careful study and of the corresponding consultations, not only from the
point of view of its practicability but also with
regard to the moment when it could be applied
without disturbing the development of productive activities. Its adoption would eliminate
part of the pounds from the monetary system,
and at the same time diminish the creation of
media of payment. It would also help to ease
the pressure exerted by purchasing power on
the general price level.
It would be very regrettable if this country,
in order to avoid the effort inevitably entailed,
should let pass this very favorable opportunity
of repatriating part of its foreign indebtedness,
in both Government and private securities.
It is now desirable to consider the figures
from another standpoint so as to obtain a better
picture of our monetary position. The considerable increase in gold and foreign exchange
holdings has been reflected in an equivalent
increase in the liabilities of the Central Bank,
comprising: notes issued, deposits by the banks
in their cash accounts with the Central Bank,
Government deposits and other deposits, the
last named being comparatively unimportant.
From May 31, 1935—the date on which the
Central Bank commenced its operations—to
December 31, 1942., gold and foreign exchange
holdings have increased by 861 million pesos,
whereas notes and other liabilities have risen
690 million pesos, 171 millions less, this despite
the fact that at the end of 1942. the Central
Bank had created other funds to the value of 51
million pesos, of which 41 millions are accounted for by advances to the National Government. The explanation is simple. Part of the
liabilities thus increased by gold and foreign
exchange purchases and by the operations just
mentioned were absorbed as follows: 83 million
pesos by the Exchange Fund and 139 million
pesos by Holding and Consolidated Bonds Certificates placed by the Central Bank with the
other banks, which makes a total of 1x2. million
pesos. It should be pointed out, however, that
this sum absorbed may again become a liability
of the Central Bank.
The significance of these figures is not without
importance. The increase in notes and other
liabilities of the Central Bank is backed by the
increase in gold and foreign exchange. The
increase in gold holdings, 696 million pesos,
is somewhat greater than that in notes, 660
million pesos. In so far as the ratio of gold and
foreign exchange holdings to notes is concerned, it stood at 137 per cent at the end of
1942., while the ratio of such holdings to the
616
total liabilities of the Central Bank, including
absorbed funds to place the calculation on a
stricter basis, stood at 79 per cent.2
Practically the whole of the funds created by
the Central Bank have been, therefore, created
against gold and foreign exchange as just noted.
The Central Bank has not needed, therefore, to
make use of the power which the law has placed
in its hands for the issue of notes, or of bank funds
convertible into notes, against the rediscount
of commercial paper. The rediscounting operations previously effected by the Bank, and now
entirely liquidated, have been rather of an
experimental character. Instead of creating
additional funds to supply the banks with cash,
the Central Bank has had to absorb surplus
funds continually in order to check the tendency towards credit expansion which is always
latent when cash holdings are plentiful. The
rapid and considerable increase in gold and
foreign exchange holdings during the second
half of 1936 and the first six months of 1937 was
barely reflected in a comparatively slight rise
in the notes and liabilities of the Central Bank,
due to the intensive absorption of bank funds
by means of certificates, which at one time
reached a maximum of 654 million pesos, apart
from 2.07 million pesos absorbed by the Exchange Fund. Attention should also be given
to the manner in which the sharp shrinkage in
gold and foreign exchange holdings during the
second half of 1937 and in 1938 also failed to
affect notes and liabilities to an appreciable
extent, due to the fact that a great deal of the
cash formerly absorbed was returned to the
banks.
THE ABSORPTION POLICY AND TREASURY
REQUIREMENTS.
From 1941 onwards gold and foreign exchange holdings again increase in a -measure
which brings to mind the events of 1936 and
1937. But, contrary to what occurred during
that first experience, the curve representing
notes and liabilities rises parallel to that of
gold and foreign exchange. Conditions are
different and require a different policy. A new
factor has appeared in the monetary situation,
namely the necessity of financing through the
banks that part of Government requirements
2 These percentages differ from those given at the foot of the statements of the Bank by reason of the fact that in the reckoning thereof,
neither the gold and foreign exchange absorbed by the Exchange Fund
and the Gold Holding Certificates on the one hand, nor the funds
cancelled under those headings, on the other, are taken into account,
in accordance with the provisions of the Regulatory Decree of the
Central Bank Law regarding the manner in which the ratio of the
guarantee of notes and liabilities is to be computed.
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC
which could not be covered by placing securities
on the market. Thus, the Banco de la Nacion
Argentina for purchasing the crops, and the
other banks for other Treasury requirements,
have had to mobilize their cash resources.
Meanwhile, as already mentioned, they have
maintained their loans to the public at a prudent
level, thereby achieving the purpose formerly
pursued by the policy of absorbing funds.
The remedy for the situation with which we
are now confronted does not lie so much in
monetary policy as in financial policy. Action
must first be taken in this latter sphere so that
monetary policy may be effectively applied.
The Central Bank is now in a better technical
position than before to carry out its absorption
policy. As explained in the Annual Report
for 1938, the certificates issued up to now by the
Central Bank enabled it to absorb and neutralize
bank funds and thus forestall an immoderate
expansion of credit. But, as they could only
be placed with the banks, it was not possible to
intervene amongst the public with this class of
certificates, in order to reduce, in case of necessity, the volume of media of payment, that is to
say the amount of purchasing power at the disposal of the public, simultaneously neutralizing
the corresponding volume of bank funds. For
this purpose it was essential to establish a
market for short-term paper, which previously
was negotiated exclusively among the banks.
Such a market is now developing and the Central
Bank is in a position to resort to it at any time
to place its absorption paper. With this end
in view it has obtained from the National
Government the alteration of Article 2.^ of the
Regulatory Decree of the Central Bank Law
which restricted the placing of Certificates of
Participation in Consolidated National Treasury
Bonds to the banks.
Nevertheless, the proper moment must be
chosen for the inauguration of this policy.
To check the expansion in bank credit—apart
from the indispensable financial measures striking at the root of the disequilibrium—it is
highly desirable that the Treasury should resort
to the stock market to the maximum extent
compatible with its stability. There are funds
available for investment which seek employment in short or medium-term paper rather than
in long-term bonds. The obstacle which prevented the placing of all the Treasury Bills
which the market asked for has been removed
by the latest Budget Law and as it has been
decided to offer medium-term Treasury Bonds
for public subscription, it will be possible to
meet fully the requirements of the financial
JULY 1943
market, thus giving it the elasticity which it
formerly lacked. The greater the volume of
this class of paper placed among the public, the
less the Treasury will have*to resort to bank
credit. This explains the monetary as well as
financial importance of these operations. It
will be understood therefore why the Central
Bank, notwithstanding the authority granted
to it, has deemed it advisable to give preference
to such operations over those involving its own
absorption paper. Otherwise, the Treasury
would have to make more use of bank credit,
and purchasing power would continue to expand, in the measure in which the placing with
the public of Central Bank Certificates might
prevent that of an equivalent volume of Government paper. The absorption of media of payment would thus be immediately offset by a
further expansion.
The dangers of credit expansion lie, as already mentioned elsewhere in this Report, in its
effects on the price level and through this in its
disturbing effects on the economy and on the
life of the community. But those dangers have
not affected the banking system which still has
considerable possibilities for expansion without
perturbing the banking institutions. Their
cash holdings are abundant and their liquidity
is very satisfactory. Whatever proportion of
the frozen assets which existed in 1935, due to a
state of affairs of long standing which had been
aggravated by the world-wide depression, had
not been eliminated by the large scale consolidation operations undertaken in that year, has
been gradually written off in subsequent years.
This has been rendered possible by the satisfactory profits accruing from banking business.
Notwithstanding such profits, the Central
Bank has not ceased to counsel moderation in
the distribution of dividends so that reserves
might be further strengthened. Despite the
writing off of losses, reserves now amount to
146 million pesos as against 88 millions at the
end of 1935.
The present capacity for expansion of the
banking system, which it is now desirable to
hold in check, is due, to put it in a few words,
to the fact that a substantial proportion of the
funds created by the Central Bank against gold
and foreign exchange have been carried by the
flow of circulation into the cash holdings of the
banks. Between the end of 1939 and the end
of 1942., the funds thus created by the Central
Bank increased by 758 million pesos3 in the
3
Excluding 10 minion pesos in absorbed funds and 41 million pesos
corresponding to the issue of new notes to replace those not presented
for exchange in accordance with Law 12,160, as explained in the Appendix, on p. 621.
617
ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC
form of notes and other liabilities. Of this
increase, rather more than half went to swell
the note circulation in the hands of the public;
the remainder went to strengthen the cash
resources of the banking system in the form of
notes and of bank deposits with the Central
Bank.
The total cash holdings of the banks in the
last three years under review thus increased by
383 million pesos,4 despite the expansion in
credit, and reached 1,111 million pesos at the
end of 1941. This figure is equivalent to 2.1
per cent of the joint total deposits held by the
banks, that is to say practically double the
minimum percentage required by the Banking
Law. This is without including the 139 million
pesos in Central Bank Certificates which the
banks also had available.
Where these facts assume their greatest significance is in the case of the Banco de la Nacion
Argentina, which so far has borne almost alone
the burden of the huge operation of financing
the purchase of the crops. Three years ago,
only 177 million pesos had been used for that
purpose; at the end of 1942. indebtedness under
that heading amounted to 956 million pesos.5
Nevertheless, the cash holdings of that institution, far from having declined, rose during that
period by 159 million pesos, of which 32. millions
correspond to liquidations of Central Bank
Certificates.
This explains why the Banco de la Nacion
Argentina has been able to lend this most important aid to the national economy practically
with its own resources, comprising both those
already forming part of its cash holdings and
those which returned thereto after completing
their circulatory function, without ever having
to resort to rediscounting as authorized by law.
THE BALANCE OF PAYMENTS
In 1942., our accounts with other countries
again showed a substantial favorable balance
amounting to 503 million pesos6 resulting not
only from our foreign trade but also from the
influx of foreign capital.
Our foreign trade showed a favorable balance
of 636 million pesos which is considerably in
excess of the figure for 1941, the increase being
due to a rise in the value of exports. The net
4
Including 14 million pesos of other deposits in the Central Bank
which
were transferred to the cash accounts of the banks.
5
The Government's total debt to the banks on account of the
financing
of the crops amounted at that date to 1,006 million pesos.
6
Figures shown in the balance of payments are worked out on the
basis of spot and forward exchange operations converted into pesos at
the official buying rate, equivalent to 13.50 pesos per pound sterling
or 335.82 pesos per one hundred dollars.
618
surplus derived from the movement of capital
ana from sundry other remittances and from
freight and shipping expenses amounted to 415
million pesos. These surpluses provided an
ample supply of foreign exchange with which
to meet the requirements of the financial services payable abroad, viz., public debt, Government expenditure and remittances by private
and public utility companies, which totalled
504 million pesos; this represents a 2.0 per cent
increase as compared with 1941. A further
135 million pesos were used for the repatriation
of public and private securities, and the balance
served to increase the gold and foreign exchange holdings of this country.
The figures to which reference has been made
in the foregoing cover the whole of our international accounts which, as is known, include
some closed compartments. Quite a considerable part of foreign exchange operations are,
in fact, effected through clearing accounts or
in blocked funds, and it is impossible to use
the favorable balances resulting from business
with some of the countries for operations concerning others, whether or not the latter countries have placed restrictions on dealings in
foreign exchange. For this reason it is interesting to determine the origin of the favorable
balance shown by our international accounts
in 194Z.
In operations in free currencies, foreign trade
produced a favorable balance of 2.79 million
pesos while the net imports of capital and other
funds from abroad amounted to 347 million
pesos, so that the total surplus was 6x6 million
pesos. This surplus enabled the liabilities to
be covered, leaving a balance of 340 million
pesos.
Of the net funds received from abroad, those
corresponding to freights reached a considerable
figure for the first time, due largely to the State
Merchant Fleet, the operations of which showed
extremely satisfactory financial results. 7
Revenue from freight consists of funds which
remain in the country permanently. This does
not apply to the favorable balances shown by
the movement of capital and other remittances
from abroad, to the extent that these are funds
which only seek temporary investment. It is
impossible to say what part of the net surplus
for i94x was represented by such funds, partly
in view of the nature of such investments and
partly because the information available regarding the movement of capital in this section
7
Reserves and profits accumulated by the State Merchant Fleet
amount to about 50 per cent of the purchase price of the ships composing the same.
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC
of our accounts with other countries is not 1941. This increase was due entirely to a rise
sufficiently ample to reveal the exact nature of in the value of exports, since the value of imsuch funds, nor the purposes for which they are ports remained almost stationary. This inin
intended. In order to make up for this lack of xrease took place despite a noticeable drop
8
information as far as possible, the Central Bank the volume of both imports and exports, due
has made enquiries regarding the foreign capital to the shortage of shipping and the restrictions
invested in the country, and the information imposed by certain countries with which our
obtained is now being analyzed. Moreover, trade is particularly active. The average price
the Bank continually collects other data con- per ton of the goods we buy and sell thus incerning this problem. In view of this, it is creased by approximately 40 per cent. There
hoped that it will be possible in future to give were two factors which brought about this
BALANCE OF PAYMENTS OF THE ARGENTINE REPUBLIC, 1940, 1941 AND 1942
[In millions of pesos at official buying rate]
19422
1940
19411
Grand
total3
Free
currencies
Currencies subject to clearing
agreements
British
Empire
Brazil
Spain
749
688
102
102
23
20
162
H62
24
14
-60
-1
Assets 4
Exports
Balance on capital movements and other funds from
abroad
Government investments
Freights and port expenses
Sundry
....
1,610
1,439
2,003
1,533
2,114
1,699
1,236
889
79
16
35
41
325
235
235
Liabilities
...
Imports
Public debt services
Government expenditure (including armaments)
Financial services of private enterprises and public
utilities
1,669
1,272
153
22
1,506
1,086
138
15
222
267
327
148
170
Balance
Net private gold imports
Repatriation of public debt
Repatriation of private indebtedness
Converted into free currencies
Adjustment7 of commercial indebtedness and sundry
balances
..
-59
-2
-32
497
-1
-21
547
-4
-103
-32
365
-4
-48
247
28
5
95
35
45
Net balance
-65
480
503
340
207
55'"
90
Ill"
69
1,567
1,063 •
153
24
86"
26
871
610
92
21
25
36
502
5270
59
3
-53
-32
0
3" "
2
8
-2
8""
9
-43
4
1
NOTE.—The data in this table are taken from two tables in the original report which show, respectively, the balance of payments with all
foreign countries in the years 1939 to 1942, and the distribution of these payments in the latter year between free currencies and those subject
to clearing
agreements.
1
Adjusted figures.
2
Provisional figures, subject to adjustment.
3
Includes negligible amounts corresponding to other countries with which we have a system of clearing accounts.
* Figures taken from Argentine official statistics and adjusted taking into account differences in prices for certain products. Includes shipment expenses in order to convert them into F.O.B. values.
5 Imports of liquid fuel produced in countries outside the British Empire and paid for with blocked pounds are added.
6
F.O.B. value of Brazilian exports to Argentina in accordance with the terms of the Agreement.
7
Residual item originated by the increase or decrease in the value of imports not yet paid for, by fluctuations in foreign exchange sold in
advance on future exports, and by differences or errors which can not be determined in the foreign trade figures.
more accurate information regarding this part
of our balance of payments.
As regards the accounts which were subject
to clearing agreements, those with the British
Empire showed a favorable balance of 107
million pesos whilst those with Brazil closed
with an unfavorable balance of 43 millions.
TREND OF OUR FOREIGN TRADE
As stated above, our foreign trade showed a
favorable balance in 1942., which was nearly
xoo million pesos more than that obtained in
JULY 1943
increase: rising prices and changes in the nature
of the goods involved. The rise in prices was
the factor determining the increase in the average value of imported goods, in which important reductions in volume were confined only
to a few products of a low value per unit (fuel
and iron), whilst there was no fundamental
change in the volume and types of goods imported under the remaining headings. As
regards exports, on the other hand, which were
8
Exports decreased by 940,000 tons and imports by 1,960,000 tons,
i.e. they were down 15 per cent and 30 per cent as compared with 1941.
619
ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC
also influenced, although to a lesser degree,
by the increase in prices, the nature of the goods
shipped changed considerably, apart from a rise
in the volume of meat exported to the British
Empire and the United States. Certain manufactured goods, which until a short time ago
were not exported and which are generally of a
far greater value per unit than the goods which
we have heretofore sold abroad, now represent
a considerable proportion of the value of our
exports.
Moreover the situation brought about by the
war did not only affect the volume and value of
our foreign trade: there have also been considerable changes in the respective shares of the
various countries. In 1942., the value of exports reached pre-war figures, despite the fact
that volumes fell approximately Z5 per cent.
Between 1939 and 1942., the value of our sales
to the United States—which takes 30 per cent
of our exports at present—, to South America,
and to Sweden was doubled, thereby almost
completely offsetting the reduction in shipments to the European continent which occurred
at the same time. As regards our exports to
the British Empire, the increase therein was on a
considerably smaller scale. Nevertheless, it
took 40 per cent of our exports in 1942.. In the
case of the United States, a substantial part of
the increase in sales concerned commodities
traditionally exported by this country—meat,
hides, dairy products and tanning extracts; the
same applies to Sweden which took grain, wool,
fats and oils. On the other hand, the increased
shipments to South American countries consisted
to a great extent of finished goods manufactured
in this country, such as piece goods, medicinal
products, oils and many other products of
minor importance. As regards imports, the
position was different. If a comparison is
made with pre-war periods, it will be noted
that the total value has fallen, although much
less so than the volume owing to a considerable
rise in prices. There were, of course, substantial reductions in the trade with countries of
the European continent. Imports from the
British Empire decreased likewise, although to
a lesser degree. On the other hand, our imports from Sweden, the United States and the
other American countries showed rises, which
were, however, far from offsetting the aforementioned losses. Increased purchases in those
countries largely involved goods with which
they had not supplied us in the past, viz., coal,
chemicals, rubber, yarn, timber, copper and
other products of minor importance.
62.0
EXCHANGE OPERATIONS
In view of the removal of the last remaining
restrictions governing foreign currencies, which
at that time only affected a very small number
of nonessential articles, imports are now being
effected freely through the various markets,
the respective percentages in 194Z being: 55 per
cent at 15 pesos per pound sterling; 37 per cent
at 17 pesos per pound sterling; 6 per cent through
the Trade Promotion Corporation and 2. per
cent by means of public calls for tenders.
The system of exchange tenders has lost all
importance and the respective rate of exchange
has remained unchanged. Nor were there any
fluctuations in the other rates quoted on the
official market during the year.
The free market functioned under conditions
similar to those prevailing during the previous
year. Despite the substantial surplus produced
by this market, there was no necessity for the
Central Bank to intervene for the purpose of
absorbing excess amounts, since many firms
which were entitled to buy foreign exchange in
the official market preferred to resort to the
free market in order to take advantage of more
favorable rates of exchange. Dollar quotations
in the free market oscillated around the official
selling rate of 412. pesos per hundred dollars,
the lowest point being 419 pesos, and the highest 4x6 per hundred dollars.
Exchange operations conducted by the Trade
Promotion Corporation resulted in a surplus
of zxo million pesos in i94x as compared with
113 million in 1941. The difficulties arising
from the present situation—shortage of transport and control of imports in many consuming
countries—have hampered the Corporation in
achieving the purposes for which it was formed.
For this reason, the Corporation is now concentrating its efforts on the study of the possibilities of new markets and on industrial research work with a view to its future activities.
In view of the provisions of the Central Bank
Law which fix the maximum proportion of
foreign exchange which the Bank may hold
without converting it into gold, the Bank has
converted its foreign exchange holdings into
gold as far as possible. Purchases were effected
mainly in the United States and, as a result
thereof, the value of the gold deposits in safe
custody for our account with the Federal Reserve Bank of New York increased by 416
million pesos during 1942.. Gold purchases
involving an equivalent of 4.6 million pesos
were also effected in this country. The total
holdings of gold available, including purchases
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC
made in 1941 and gold received from the former
Conversion Fund, are equivalent to 1,997 million pesos.
In accordance with Recommendation VI made
at the Meeting of Foreign Ministers held in Rio
de Janeiro in January 1941, delegates of the
Central Banks met in Washington for a series
of conferences commencing on June 30. After
the National Government had decided that
Argentina should participate in the Washington
Conference, the Central Bank appointed delegates who cooperated in the examination of
problems relating to economic and financial
control, in accordance with the instructions
given by the National Government. The Conference approved eight recommendations directed towards the adoption of a uniform proce-
dure in all American countries for the purpose
of supervising the movements of funds and
securities to and from countries outside the
Western Hemisphere. These recommendations
gave shape to the various questions covered by
Recommendation V, made at Rio de Janeiro
and approved by the Argentine delegation,
with the reservation, made known at that time,
that the supervision of the foreign and local
activities of firms or companies likely in any
way to affect the welfare of any of the American
countries, or Continental solidarity or defence,
would be extended to firms or companies
directed or controlled by foreigners, or from
belligerent countries outside the American
Continent.
BALANCE SHEET OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC
DECEMBER 31, 1942 AND 1941
[In thousands of pesos]
Assets
Gold at home
Gold and foreign exchange abroad
Foreign exchange bought forward
Subsidiary currency
Noninterest bearing Government Bond
Consolidated National Treasury Bonds 1
National securities (Art. 34, Law 12.155)
Temporary advances to National Government
(Art. 44, Law 12,155)!
Bank premises
All other assets
Total assets...
Ratio of total gold and foreign exchange to:
Notes in circulation
Notes in circulation and demand liabilities
(Art. 39, Law 12,155)i
Dec. 31,
1942
Dec. 31,
1941
Liabilities
Notes in circulation
Bank deposits
National Government deposits
—
8,617 Other deposits
112,884
118,884 Foreign exchange, temporary credit accounts.
393,532 Foreign exchange sold forward
392,338
58,840 Capital
72,978
General reserve fund
Special reserve for Consolidated Bonds
40,974
(2)
Special reserve for contingencies
(2)
Contingency
and enlargement of premises re13,062
54,944
serve
Certificates
of
participation in Consolidated
2,771,382 2,141,436
Treasury Bonds
Profit
and
loss
account
[Per
cent!
[Per cent]
All other liabilities
111.73
123.54
Total liabilities
75.85
78.51
1,075,502
1,020,866
1,075,106
466,768
6,628
Dec. 31,
1942
Dec. 31,
1941
1,626,799
764,209
134,681
33,849
86,589
1,379,970
560,574
55,729
27,372
20,000
8,703
32,520
2,500
6,628
20,000
7,301
22,641
2,500
3,000
1,500
26,500
13,483
18,549
30,000
7,905
19,316
2,771,382
2,141,436
1 For Law 12,155 see BULLETIN for July 1935, pp. 449-454.
2
Entered at the nominal figure of 1 peso.
APPENDIX
EXPLANATION OF THE METHOD USED IN DETERMINING
MONETARY FIGURES
The figures regarding currency and banking given in this
Report do not coincide with those published in the Statistical
Supplement to the Economic Review of this Bank. During
a general revision of the banking statistics which is now
being carried out—the complete results of which will be
announced in due course—certain adjustments have been
made which allow of a better interpretation of the facts.
The nature of the items referring to the monetary situation
(table on page 614) which are commented upon in this Report is as follows:
Ordinary deposits. Includes sight deposits by the public and by Governments and Government Departments with
the commercial banks and with the Central Bank. Judicial
JULY 1943
deposits are excluded as, in view of their limited mobility,
they have been considered as absorbed media of payment,
together with time deposits.
Currency in the hands of the public. The currency
held by the banks has been deducted from the currency in
circulation, adjusted to allow for replacement of lost notes
as explained below. This item includes the money deposited
by banks of the interior in their minimum cash holding
accounts with the Central Bank and with branches of the
Banco de la Nacion Argentina in localities where no clearing
house exists.
Net loans to the public. This figure is obtained by
deducting from the total loans and gross investments of the
banks their capital, reserves and undistributed profits. From
the monetary point of view there is no variation in media of
payment when the banks re-invest newly accrued profits.
6m
A N N U A L REPORT OF T H E CENTRAL B A N K OF T H E A R G E N T I N E
Financing of crops. Includes the total debt to the
Banco de la Nacion (Treasury Bonds and unfunded debt)
adjusted approximately to allow for operations effected by its
branches and not yet definitively recorded in its books. This
item also includes 50 million pesos of Treasury Bonds repaid
to the Banco de la Nacion last December by placing a similar
volume of Treasury Bonds with another local bank.
Other Government requirements. Includes the following items: Treasury Bills, Treasury Bonds, national bonds
and other loans made by the commercial banks to national,
provincial and municipal governments, and also the loans
made by the Central Bank to the National Government.
Issue of subsidiary currency and replacement of lost
notes. Includes the increases in the subsidiary currency issue.
This item also includes the new notes put into circulation
and delivered to the Instituto Movilizador to replace those
belonging to issues made prior to the establishment of the
Central Bank and not presented for exchange owing to their
having been lost. This exchange was begun in 1939 in
accordance with Law 11,160.* The replacement of lost
notes does not alter the book figures because, on the one hand,
the amount of the notes lost is deducted from the total in
circulation, while, on the other, the total in circulation is
increased by the amount of the new notes issued to replace
those lost. But the media of payment have increased. Two
equal figures—one of them corresponding to a period prior
to that operation and the other subsequent to it—do not
mean, essentially, an identical amount of media of payment,
* For Law 12,160, see BULLETIN, July 1935, pp. 456-458.
REPUBLIC
for whereas the former is dilated, the latter is real; there is
consequently an increase in media of payment equivalent to
the amount of the notes issued to replace those lost. Hence
the need for taking this circumstance into consideration when
determining the origin and destination of the media of payment.
In so far as the subsidiary currency is concerned, new issues
only cause an increase in the media of payment equivalent to
one half of the amount issued, since the system of issue provides that one half of the new issues shall be handed over to
the National Government and therefore represents an increase
in the media of payment. The other half is used to write
off a corresponding proportion of the non-interest bearing
Government Bond and is only put into circulation in exchange for Central Bank notes. In other words it replaces
already existing media of payment.
Time deposits. Includes time, judicial and savings bank
deposits.
Discrepancies in figures regarding increases in media of payment. Some minor deficiencies which still exist
in the statistics, and operations between the Central Bank
and the commercial banks not yet recorded in their books,
account for the fact that if the operations which entail an
absorption of media of payment are deducted from the total
volume of operations which entail the creation of such media,
the result obtained does not coincide exactly with the increase revealed by a comparison of the figures regarding
media of payment (notes and ordinary deposits).
FEDERAL RESERVE BULLETIN
CURRENT EVENTS
Federal Reserve Meetings
A meeting of the Federal Open Market Committee was held on June 2.8, 1943.
On June 2.5 and x6 a meeting of the Conference of Presidents of the Federal Reserve Banks
was held, and on June 2.9, 1943, the Presidents
of the Reserve Banks met with the Board of
Governors.
Appointment of Branch Director
The Board of Governors of the Federal Reserve System on June 7, 1943 announced the
appointment of Mr. George W. Stocking, Professor of Economics, University of Texas, Austin, Texas, as a director of the San Antonio
Branch of the Federal Reserve Bank of Dallas
for the unexpired portion of the term ending
December 31, 1945.
Checks on All Iowa Banks Now Cleared at Par
On June 2.5, the Federal Reserve Bank of
Chicago advised banks in its District that, beginning July 3, it would receive checks on all
Iowa banks for collection and credit at par, in
accordance with its current time schedules.
This announcement followed the passage recently, by the General Assembly of the State of
Iowa, of an act providing for the clearing at
par of checks drawn on all banks organized under
the laws of that State.
There are approximately 650 banks in Iowa,
all of which are now on the Federal Reserve
Par List. At the end of 1942., there were i n
JULY
1943
nonmember banks in Iowa not on the Par List,
while 385 nonmember banks and 158 member
banks were on the Par List.
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 May 16, 1943 to June 15, 1943,
inclusive:
Connecticut
Darien—The Home Bank and Trust Company
of Darien
New York
Springville—The Farmers Bank of Springville,
Erie County, N. Y.
Ohio
Liberty Center—The Liberty State Savings Bank
Lindsey—The Lindsey Banking Company
Stony Ridge—The Farmers Savings Bank Company
Oklahoma
Temple—First State Bank in Temple
Pennsylvania
Parkesburg—Farmers Bank of Parkesburg
Texas
Alto—Continental State Bank
NATIONAL SUMMARY OF BUSINESS CONDITIONS
Compiled June ig and released for -publication June 2}. Figures shown on
charts may differ from preliminary figures used in text.
Industrial activity and retail trade were maintained in large volume during May and the early
part of June. Retail prices, particularly foods,
increased further in May.
PRODUCTION
Total volume of industrial production, as
measured by the Board's seasonally adjusted
index, remained in May at the level reached in
April. Activity in munitions industries continued to rise, while production of some industrial materials and foods declined slightly.
Aircraft factories established a new record in
producing 7,000 planes in May.
In most nondurable goods industries there
were small increases or little change in activity.
Meat production, however, reached a record
high level for May, reflecting a sharp advance
in hog slaughtering. Seasonally adjusted output of other manufactured foods continued to
decline. Newsprint consumption showed little
change, and publishers' stocks declined further
to a 50-day supply on May 31. Consumption
for the first five months of 1943 was only 5 per
cent below the same period in 1941, whereas
a reduction of 10 per cent had been planned.
The temporary stoppage of work in the coal
mines at the beginning of May brought production of bituminous coal and anthracite down
somewhat for the month. Iron ore shipments
on the Great Lakes continued to lag in May behind the corresponding month of 1942..
The value of contracts awarded for construction continued to decline in May, according to
reports of the F. W. Dodge Corporation. Total
awards were about 65 per cent smaller than in
May a year ago.
DISTRIBUTION
During May the value of sales at department
stores decreased more than seasonally, and the
Board's adjusted index declined 5 per cent.
Sales, however, were about 15 per cent above a
year ago, and during the first five months of this
year showed an increase of 13 per cent over last
year. In general, the greatest percentage increases in sales have occurred in the Western
and Southern sections of the country where increases in income payments have been sharper
than elsewhere.
Freight carloadings advanced seasonally in
May but declined sharply in the first week in
WHOLESALE PRICES
INDUSTRIAL PRODUCTION
1938
Federal Reserve indexes. Groups areex pressed in terms of points
in the total index. Monthly figures, latest shown are for May.
62.4
1939
1940
194!
1942
1943
Bureau of Labor Statistics' indexes. Weekly figures, latest shown
are for week ending June 19.
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
half of June. As the Treasury expended funds
out of war loan accounts which require no
reserves, the volume of deposits subject to
reserve requirements increased and the level of
required reserves rose by 600 million dollars in
COMMODITY PRICES
the four weeks ending June 16, while continued
Prices of farm products, particularly fruits
growth of money in circulation resulted in a
and vegetables, advanced during May and the
drain on bank reserves of 400 million dollars.
early part of June, while wholesale prices of
These reserve needs were met in part by Treasury
most other commodities showed little change.
expenditures from balances at the Reserve Banks
Retail food prices showed further advances
and in part by Federal Reserve purchases of
from the middle of April to the middle of May.
Treasury bills. Reserve Banks continued to
On June 10 maximum prices for butter were rereduce their holdings of Treasury bonds and
duced by 10 per cent and on the xist of the month
notes in response to a market demand for these
retail prices of meats were similarly reduced,
issues.
with Federal subsidy payments being made to
During the four weeks ending June 16, Treasprocessors.
ury bill holdings at member banks in 101 leading
AGRICULTURE
cities fluctuated widely, reflecting primarily
Prospects for major crops, according to the sales and repurchases on option account by
Department of Agriculture, declined during New York City banks in adjusting their reserve
May while output of livestock products con- positions. Holdings of bonds and notes detinued in large volume, as compared with clined somewhat while certificate holdings
earlier years. Indications are that acreage of increased. Loans to brokers and dealers in
crops may not be much below last year but that securities declined sharply during the period, as
yields per acre will be reduced from the un- repayments were made on funds advanced for
purchasing or carrying Government securities
usually high level of last season.
during the April War Loan Drive. Commercial
BANK CREDIT
loans continued to decline.
Government security prices advanced during
Excess reserves at all member banks declined
from 2. billion dollars in early May to 1.5 May following the close of the Second War Loan
billion in the latter part of the month and re- Drive, but in the early part of June there were
mained at that general level through the first small declines.
June, as coal shipments dropped 75 per cent
from their previous level, and then recovered
in the second week of June as coal production
was resumed.
MEMBER BANKS IN LEADING CITIES
1939
1940
1941
1942
YIELDS ON U. S. GOVERNMENT SECURITIES
1943
Demand deposits (adjusted) exclude U. S. Government and interbank deposits and collection items. Government securities include
direct and guaranteed issues. Wednesday figures, latest shown are
for June 23.
JULY
1943
Averages of daily yields on notes and bonds and average discount
on bills offered. Bills are tax-exempt prior to March 1941, taxable
thereafter. Weekly figures, latest shown are for week ending June 26.
62.5
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
Member bank reserves, Reserve Bank credit, and related items
62.9
Federal Reserve Bank discount rates; rates on time deposits, reserve
requirements, margin requirements
630
Federal Reserve Bank statistics
631-635
Guaranteed war production loans
63 5
Deposits and reserves of member banks. .
636
Money in circulation
637
Gold stock; Postal Savings System; bank suspensions; bank debits...
638
All banks in the United States, number, deposits, loans and investments
639
Condition of all member banks
640-641
Weekly reporting member banks
64Z-645
Commercial paper, bankers' acceptances, and brokers' balances... s
646
Money rates and bond yields
647
Security markets
648-649
Corporate profits
650
Treasury finance
651-653
Government corporations and credit agencies
654
Business indexes
65 5-663
Department store statistics
664-665
Consumer credit statistics
666-66j
Wholesale prices
66S
Employment in nonagricultural establishments.. .
669
Current statistics for Federal Reserve chart book
670-671
Member bank earnings, 1942.
672.-680
Statistics for all banks in the United States.
681-685
Changes in number of banking offices in the United States
686
Banks and branches—Number in operation on Dec. 31, 1941 and
687-688
Group banks—Number and deposits and number of branches and
additional offices, Dec. 31, 1942..
689
Tables on the following pages include the principal available statistics of current significance relating
to financial and business developments in the United States. The data relating to the Federal Reserve
Banks and the member banks of the Federal Reserve System are derived from regular reports made to the
Board; index numbers of production are compiled by the Board on the basis of material collected by other
agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government
credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned;
data on money and security markets and commodity prices and other series on business activity are obtained largely from other sources. Back figures may in most cases be obtained from earlier BULLETINS
and from Annual Reports of the Board of Governors for 1937 and earlier years.
JULY
1943
MEMBER BANK RESERVES AND RELATED ITEMS
BILLIONS OF DOLLARS
WEDNESDAY
BILLIONS OF DOLLARS
FIGURES
24
24
TREASURY CASH AND DEPOSITS
16
16
12
12
1937
1938
1939
1940
1941
1942
1943
Latest figures for June 23. See p. 629.
6z8
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
U. S. Government
securities
Date
Bills
discounted
Treasury
bills
Total
and
certificates
All
other
Gold
stock
Treasury
currency
outstanding
Money
in circulation
Treasury deTreasposits
ury
with
cash
Federal
holdReings
serve
Banks
Nonmember deposits
Member
bank reserve
balances
Other
Federal
Reserve
accounts
Total
Excess 2
All
other 1
Total
2,252
2,246
2,297
3,234
3,026
2,977
134
151
150
372
373
387
2,393
2,432
2,614
6,487
6,758
6,681
22,696
22,679
22,706
22,618
22,511
22,451
3,272
3,281
3,296
3,975
4,002
4,041
11,507
11,645
11,898
16,148
16,448
16,815
2,172
2,178
2,191
2,217
2,231
2,252
244
197
317
8
276
433
1,318
1,428
1,407
1,164
1,296
1,336
291
295
294
287
303
312
12,827
12,649
12,510
13,255
12,717
12,024
3,147
2,951
2,667
1,884
1,949
1,730
183
2,936
3,427
3,541
2,244
2,265
2,306
2,983
3,028
2,681
102
105
138
260
378
394
2,355
2,468
2,634
6,191
6,846
6,647
22,687
22,691
22,714
22,576
22,473
22,426
3,277
3,289
3,305
3,989
4,012
4,069
11,566
11,767
12,074
16,250
16,660
17,114
2,190
2,182
2,192
2,224
2,235
2,257
289
201
261
55
557
62
1,405
1,345
1,429
1,166
1,369
1,366
296
295
293
303
306
313
12,575
12,658
12,405
12,759
12,204
12,031
3,073
2,791
2,486
1,518
2,315
1,728
Monthly averages of
daily figures:
1942—Mar
Apr
May
1943—Mar
Apr
May
6
7
7
10
14
18
2,252
2,275
2,457
6,105
6,372
6,276
End of month figures:
1942—Mar. 31
Apr. 30
May 30
1943—Mar. 31
Apr. 30
May 31
9
7
7
13
13
31
2,244
2,357
2,489
5,919
6,455
6,222
5
5
4
5
3,303
3,387
3,448
3,389
928
1,012
1,073
1,011
2,374
2,375
2,375
2,378
137
120
163
131
3,446
3,512
3,615
3,525
22,739
22,742
22,744
22,747
3,328
3,332
3,333
3,337
12,794
12,870
12,956
13,057
2,204
2,206
2,206
2,219
285
174
240
176
1,333
1,331
1,344
1,338
295
296
294
293
12,602
12,709
12,653
12,526
2,246
2,381
2,103
2,342
9
13
10
9
8
3,388
3,502
3,573
3,395
3,567
996
1,100
1,212
1,025
1,161
2,392
2,403
2,361
2,370
2,407
144
188
274
178
199
3,542
3,703
3,857
3,581
3,774
22,756
22,745
22,747
22,750
22,754
3,341
3,343
3,346
3,349
3,353
13,250
13,389
13,440
13,519
13,703
2,216
2,205
2,206
2,200
2,222
146
214
6
485
661
1,318
1,290
1,239
1,292
1,407
291
290
299
298
296
12,418
12,402
12,760
11,886
11,592
2,262
2,348
3,039
2,034
1,690
8
11
7
9
3,592
3,809
4,225
4,441
1,104
1,101
1,111
1,137
2,488
2,708
3,114
3,304
184
222
261
127
3,784
4,042
4,494
4,578
22,756
22,758
22,745
22,739
3,356
3,359
3,363
3,366
13,830
13,932
13,995
14,082
2,235
2,228
2,238
2,249
393
123
521
372
1,342
1,283
1,254
1,448
295
291
290
286
11,801
12,303
12,304
12,246
2,291
2,713
2,352
2,158
Nov. 4
Nov. 11
Nov. 18
Nov. 25
11
10
8
10
4,551
4,658
4,695
4,843
1,064
1,113
1,091
1,117
3,486
3,545
3,603
3,725
119
256
343
229
4,680
4,925
5,045
5,083
22,739
22,741
22,741
22,742
3,369
3,373
3,375
3,377
14,312
14,408
14,465
14,648
2,260
2,234
2,249
2,239
361
234
300
68
1,363
1,391
1,252
1,233
283
278
274
267
12,211
12,493
12,622
12,746
2,118
2,402
2,489
2,518
Dec.
Dec.
Dec.
Dec.
Dec.
2
9
16
23
30
9
9
9
10
5
5,140
5,546
5,537
5,627
5,989
1,217
1,495
1,460
1,515
1,856
3,923
4,051
4,077
4,112
4,133
311
258
508
655
435
5,460
5,813
6,055
6,292
6,428
22,743
22,743
22,744
22,735
22,726
3,381
3,383
3,440
3,569
3,628
14,848
14,986
15,092
15,329
15,407
2,243
2,192
2,184
2,182
2,194
94
60
13
497
811
1,300
1,183
1,163
1,191
1,315
259
252
269
268
266
12,840
13, 267
13,517
13,129
12,788
2,504
2,804
2,637
2,192
1,656
1943—Jan. 6
Jan. 13
Jan. 20
Jan. 27
4
7
10
10
6,032
5,975
5,818
5,729
1,895
1,841
1,701
1,690
4,138
4,134
4,117
4,039
341
292
367
252
6,378
6,274
6,195
5,992
22,712
22,712
22,703
22,692
3,660
3,697
3,747
3,793
15,393
15,322
15,354
15,438
2,192
2,190
2,196
2,199
273
329
374
122
1,172
1,308
1,311
1,181
256
255
255
258
13,464
13, 279
13, 156
13,278
2,326
2,149
1,998
2,094
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
Wednesday figures:
1942—Aug. 5
Aug. 12
Aug. 19
Aug. 26
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.
2
9
16
23
30
7
14
21
28
29
161
2,871
3,346
3,299
•
•
•
•
—
Feb.
Feb.
Feb.
Feb.
3
10
17
24
Mar.
Mar.
Mar.
Mar.
Mar.
3
10
17
24
31
12
9
10
10
13
5,800
6,090
6,266
5,950
5,919
2,287
2,747
3,102
2,883
2,936
3,513
3,343
3,165
3,067
2,983
319
291
422
320
260
6,130
6,390
6,699
6,280
6,191
22,643
22,644
22,610
22,595
22,576
3,953
3,971
3,979
3,984
3,989
16,154
16,205
16,115
16,065
16,250
2,212
2,218
2,224
2,218
2,224
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
May
May
May
5
12
19
26...
15
25
10
21
6,531
6,172
6,038
6,181
3,617
3,341
3,260
3,463
2,914
2,831
2,778
2,717
304
328
386
291
6,850
6,526
6,434
6,493
22,473
22,454
22,455
22,425
4,014
4,033
4,051
4,072
16,683
16,741
16,795
16,902
2,245
2,252
2,264
2,267
722
630
379
345
1,468
1,272
1,307
1,323
310
312
313
314
11,909
11,805
11,882
11,838
2,128
1,733
1,638
1,498
June
June
June
June
2
9
16
23
21
13 *
11
19
6,217
6,636
6,626
6,748
3,539
3,995
4,218
4,393
2,677
2,641
2,408
2,355
297
349
451
427
6.535
6,998
7,083
7,194
22,427
22,407
22,407,
22,387
4,075
4,078
4,080
4,079
17,196
17,237
17,189
17,154
2,272
2,277
2,278
2,268
6
175
6
294
1,192
1,312
1,258
1,386
315
316
332
335
12,057
12,165
12,511
12,223
1.634
1.514
1,632
1,299
.
J Includes industrial advances shown separately in subsequent tables.
2
End of month and Wednesday figures estimated.
NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article, together
with available back figures, may be obtained upon request. Back figures are also shown in Annual Report for 1937 (tables 3 and 4) and for excess reserves
in BULLETIN for August 1935, pp. 499-500.
JULY 1943
62.9
FEDERAL RESERVE BANK DISCOUNT RATES
[In effect June 30. Per cent per annum]
Discounts for and advances to member banks
Federal Reserve Bank
Advances secured by
Government obligations maturing or
callable in one year
or less (Sec. 13)
Advances secured by
Government obligations
maturing or callable
beyond one year and Other secured advances
[Sec. 10(b)]
discounts of and
advances secured by
eligible paper 1
(Sees. 13 and 13a)
Rate
Rate
Effective
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
i Oct.
1
Oct.
Oct.
Oct.
Oct.
Oct.
Boston
New Y o r k . . . .
Philadelphia. . .
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas.
San Francisco..
27, 1942
30, 1942
17, 1942
27, 1942
28, 1942
15, 1942
17, 1942
27, 1942
30, 1942
27, 1942
17, 1942
28, 1942
Effective
Sept.
Aug.
Mar.
Apr.
Mar.
Mar.
Feb.
Mar.
Mar.
Apr.
Mar.
Apr.
Rate
To nonmember banks
Rate
Effective
Oct.
Oct.
Oct.
Sept.
Oct.
Oct.
Aug.
Mar.
Oct.
Oct.
Oct.
Oct.
1, 1939
25, 1939
21, 1942
11, 1942
14, 1942
21, 1942
28, 1942
14, 1942
28, 1942
11, 1942
21, 1942
4, 1942
Advances to individuals, partnerships,
or corporations other than member banks
secured by direct obligations of the U. S.
(last par. Sec. 13)
Effective
Sept.
Aug.
Mar.
Apr.
Mar.
Sept.
Sept.
Sept.
Mar.
Sept.
Sept.
Apr.
27, 1942
30, 1942
17, 1942
12, 1942
28, 1942
15, 1942
29, 1942
14, 1942
30, 1942
27, 1942
17, 1942
28, 1942
To others
Effective
Rate
1, 1939
2
25, 1939
2Y2
21, 1942 I 2
11, 1942 ! 2
14, 1942
2Y2
16, 1939 ! 2
1, 1939
16, 1939
28, 1942
16, 1939
16, 1939
4, 1942
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
27,
30,
17,
27,
28,
15,
17,
27,
30,
27,
17,
28,
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1
Rates shown also apply to advances secured by obligations of Federal Intermediate Credit Banks maturing within 6 months.
NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal Intermediate Credit Banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act
(except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months respectively);
and 4 months for advances under Section 10 (b). The maximum maturity for advances to individuals, partnerships, or corporations] made under the last
paragraph of Section 13 is 90 days.
FEDERAL RESERVE BANK BUYING RATES ON BILLS
[Per cent per annum]
Maturity
Treasury bills1
Bankers' acceptances :2
1- 90 days
91-120 days
121-180 days
Previous
rate
Rate on
June 30
In effect beginning—
%
Apr. 30, 1942
l
Oct. 20, 1933
do
do
A
%
FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b
OF THE FEDERAL RESERVE ACT
Maturities not exceeding five years
[In effect June 30. Per cent per annum]
To industrial or
commercial
businesses
1
1
1 Established rate at which Federal Reserve Banks stand ready to buy
all Treasury bills offered.
2 Minimum buying rates on prime bankers' acceptances.
Discounts or
purchases
Federal Reserve
Bank
On
advances
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
223^
26
24
22
20
Reserve Country
city
banks
banks
10
15
17^
20
k
Time
deposits
(all
member
banks)
3
6
14
5
12
6
20
14
6
20
14
6
20
14
20
6
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.
17J4
MARGIN REQUIREMENTS*
[ Per cent of market value ]
Prescribed by Board of Governors of the Federal
Reserve System in accordance with Securities
Exchange Act of 1934
For extensions of credit by brokers and dealers on
listed securities, under Regulation T
For short sales, under Regulation T
For loans by banks on stocks, under Regulation U...,
Apr. 1,
1936- Effective
Oct. 31, Nov. 1,
1937
1937
55
•8
40
50
40
1 Regulations T and U limit the amount of credit that may be extended on
a security by prescribing a maximum loan value, which is a specified
percentage of its market value at the time of the extension; the "margin
requirements" shown in this table are the difference between the market
value
(100%) and the maximum loan value.
2
Requirement under Regulation
T was the margin "customarily required" by the broker. 3 Regulation U became effective May 1, 1936.
NOTE.—Regulations T and U also provide special margin requirements on
"omnibus" accounts and loans to brokers and dealers.
63O
To financing institutions
On
On
On com commitportion
ments for which On re- mitments
institu- maining
portion
tion is
obligated
Boston
New York
Philadelphia..
Cleveland
2H-5
2H-5
2H-5
2^-5
(3)
Richmond
Atlanta
Chicago
St. Louis
2^-5
2H-5
2^-5
2H-5
8
Minneapolis...
Kansas City..
Dallas
San Francisco.
2H-5
2H-5
Y2-I
VA
(3)
1
2
3
4
Including loans made in participation with financing institutions.
Rate charged borrower less commitment rate.
Rate charged borrower.
May charge same rate as charged borrower by financing institution, if
lower.
6
Financing institution is charged }/i per cent on undisbursed portion of
loan under commitment.
MAXIMUM RATES O N TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q
[Per cent per annum]
Nov. 1,1933Jan.31,1935
Savings deposits
Postal savings deposits...
Other deposits payable:
In 6 months or more....
In 90 days to 6 months.
In less than 90 days....
Feb. 1, 1935Dec. 31,1935
Effective
Jan.1,1936
V/2
2H
2Y2
2H
2
1
NOTE.—Maximum rates that may be paid by insured nonmember banks
as established by the F. D. I. C , effective Feb. 1, 1936, are the
same as those in effect for member banks. Under Regulation Q the rate
payable by a member bank may not in any event exceed the maximum
rate payable by State banks or trust companies on like deposits under
the laws of the State in which the member bank is located.
FEDERAL RESERVE BULLETIN
PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
End of month
1943
1943
June 23
June 16
June 9
June 2
May 26
May 19
May 12
May 5
May 31
1942
Apr. 30
May 31
Assets
Gold certificates on hand and
20,171,715 20,189,054 20,191, 816 20,212,817 20,205,417 20,234,915 20 ,234,912 20,255,915 20,209,415 20,257,915 20,506,128
due from U. S. Treasury
51,556
44,846
47,187
53,251
52,835
46,950
51,557
45,298
54,760
51,308
15,539
Redemption fund—F. R. notes..
343, i
365,092
352,111
366,689
370,297
354,831
353,078
353,263
349,591
383,774
277,477
Other cash
20,610,249 20,608,994 10,592,715 10,607,461
Total reserves.
Bills discounted:
For member banks
j
Fornonmember banks, etc.
18,938
Total bills discounted.... [
18,938
Industrial advances
I
U.S. Government securities:
Direct:
Bonds
Notes
Certificates:
Special series
Other
Bills:
Under repurchase option
Other
Guaranteed
12,690
20,644,853 20,636,693 20,655,213 20,614,050 20,656,476 20,799,144
15,043
30,718
13,163
25,170
15,043
30,718
13,163
7,065
13,333
13,773
13,010
12,668
10,798
12,873
21,178
21,383
10,083
25,170
10,798
12,873
21,178
21,383
10,083
12,947
13,316
12,999
13,051
13,047
6,565
500
1,493,132 1,530,332 1,680,432 1,706,632 1,738,382 1,790,451 1,831,051 1,907,351 1,708,132 2,016,551 1,606,332
925,300
917,200
933,800
946,600
918,800
808,400
954,700
824,100
907,200
956,700
692,500
659,000
1,098,200 1,099,200 1,099,200 1,099,200 1,099,200 1,099,200 1,099,200 1,066,150 1,099,200
997,375
26,650
2,213,012 1,500,010 1,836,104 1,433,722 1,452,732 1,199,029 1,232,596 1,436,326 1,530,645 1,377,028
911,353
961,592 1,009,389 1,114,214
1,081,767
960,048 1,059,263 1,006,213
911,353] 1,052,573
53,616
53,616
53,616
53,616
52,116!
53,616
53,616
53,616
54,491
53,616
156,409
6,775
Total U.S. Government
securities, direct andj
guaranteed
j 6,748,127 6,626,306 6,635,815 6,216,583 6,180,583 6,037,688 6,172,452 6,530,857 6,221,746 6,454,718 2,488,666
Other Reserve Bank credit out-j
standing
'
277,751
373,474
413,951
283,907
314,711
290,308
439,083
336,036
381,217
365,317
127,438
Total Reserve Bank
credit outstanding... 7,193,706 7,089,134 6,998,040 6,534,667 6,492,768 6,434,292
6,849,981
6,646,691 6,845,866 2,633,967
Liabilities
F.R. notes in actual circulation. 13,634,794 3,656,314 13,679,669 13,622,833 13,355,968 13,254,742
13,158,375
13,539,465 13,127,755 9,071,307
Deposits:
Member bank—reserve ac12,223,242 2,511,446 12,165,037 12,056,525 11,838,425 11,882,033 11,805,329 11,909,223 12,031,166 12,204,316 12,404,790
count
U. S. Treasurer—general
293,726
6,120
344,899
175,329
379,051
630,214
721,867
61,523
account
5,997
260,981
556,867
958,816
967,582
929,59:
1,081,567 1,030,807 1,015,177
902,319
994,295
961,761
Foreign
899,756
944,944
363,933
377,860
296,684
224,429
473,490
404,132
Other deposits
369;700
304,590
226,880
469,704
483,610
13,903,125 13,775,130 13,652,22' 13,254,656 13,506,073 13,568,539 13,707,562 14,098,875 13,458,582 14,130,643 14,094,325
Total deposits
Ratio of total reserves to deposit
and F.R. note liabilitiescombined (per cent)
76.8
77.0
75.8
MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
Total
Within
15 days
16 to 30
days
31 to 60
days
61 to 90
days
91 days
lO 0
months
Bills discounted:
May 26
June 2
June 9
June 16
June 23..
...
...
Industrial advances:
May 26
June 2
June 9
June 16
June 23
LJ. S. Government securities, direct
and guaranteed:
May 26
June 2
June 9
June 16
June 23
JULY 1943
6 months
to
1 year
lyear
to
2 years
2 years
to
5 years
21,383
21,178
12,873
10,798
18,938
19,293
14,390
5,785
6,510
17,923
1,775
1,050
4,423
3,663
190
40
163
315
325
325
275
5,575
2,350
300
500
13,051
12,999
13,316
12,947
12,690
10,356
10,221
10,588
10,261
10,315
33
41
61
451
31
218
175
596
153
582
629
473
365
364
426
694
350
317
231
377
634
619
603
654
584
650
625
617
611
386
154
151
136
136
135
6,180,583
6,216,583
6,635,815
6,626,306
6,748,127
174,476
525,382
674,469
1,080,702
630,581
617,108
539,684
676,302
618,253
465,573
1,016,632 904,847
1,064,746 646,273
1,144,735 754,371
920,710 727,643
1,268,707 1,094,659
526,122
689,050
670,690
858,350
921,859
567,200
417,100
417,100
434,800
433,100
335,000
332,000
329,600
248,600
240,600
886,221
887,871
883,271
792,171
785,171
Over
5 years
1,152,977
1,114,477
1,085,277
945,077
907,877
631
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:
May 26
June 2
June 9
June 16
June 23
20,205,417 ,205,333
20,212,817 1,225,066
20,191,816 1,221,847
20,189,054 1,188,202
20,171,715 1,238,326
Redemption Fund—
Federal Reserve notes:
May 26
June 2
June 9
June 16
June 23
Total reserves:
May 26
June 2
June 9
June 16
June 23
Boston
New
York
Philadelphia
Cleveland
Richmond
5,564,694
5,454,230
5,268,316
5,421,113
5,521,723
1,264,398
1,242,033
1,249,973
1,262,495
1,234,174
1,866,579
1,864,619
1,908,587
1,903,100
1,891,128
1,079,679
1,086,137
1,091,724
1,056,700
1,050,840
St.
Louis
Minne
apolis
Kansas
City
910, 382
948,434
951,549
921, 720
918,987
3 ,661,845
3,738,463
3,761,897
3 ,744,986
3,639,670
599,i
621,167
619,888
591,844
578,312
,691
470 ,891
479 ,102
453 ,360
451 ,505
764,274 595,216 2,228,653
763,409 610,268 2,188,100
7 7 7 , '014 611^308
'" 2,250,611
763,969 594,035 2,287,530
755,678 576,448 2,314,924
52,835
51,556
51,308
53,251
54,760
2,882
2,829
2,773
5,726
5,666
1,378
1,166
1,958
1,771
1,44,
6,197
6,087
5,981
5,888
5,777
710
642
569
514
433
8,336
7,720
7,142
6,644
8,013
3,683
3,626
3,569
3,522
4,452
856
783
705
645
560
20,711
20,687
20,668
20,649
20,625
271
266
259
250
243
370,29:
343,088
349,591
366,689
383,774
32,043
29,747
30,099
34,175
37,919
85,638
80,752
81,835
86,743
88,277
22,839
21,869
23,832
25,355
26,439
33,099
31,211
27,642
28,910
27,644
33,816
29,830
31,384
30,944
33,490
18,110
14,537
15,704
15,039
19,338
40,171
38,85,
42,209
44,967
47,798
13,518
12,249
12,327
13,321:
13,621
8,145
8,002
7,753
7,803
9,618
20,628,549 1,240,258 5.,651,710
20,607,461 1,257,64: 5,536,148
20,592,71 1,254,719 5,352,109
20,608,994 1,228,103 5,509,62'
20,610,249 1,281,911 5,611,443
1,293,434
1,269,989
1,279,786
1,293,738
1,266,390
1,900,388
1,896,472
1,936,798
1,932,524
1,919,205
1,121,831
1,123,
1,130,250
1,094,288
1,092,343
Bills discounted:
Secured by U. S. Govern
ment obligations, direct and guaranteed:
May 26
June 2
June 9
June 16
June 23
San
Francisco
Chicago
Atlanta
932,175 3,702,872
966,59' 3,778,099
970,82: 3,804,811
940,281 3,790,598
942,77 3,688,028
633,902 473 ,'107
654,103 479,,159
652,88. 487,114
625,814 461 ,413
612,558 461 ,366
Dallas
550
537
518
505
6,759
6,725
6,694
6,678
6,618
19,596 10,763
18,532 9,358
18,409 9,514
18,608 10,621
19,557 11,476
52,559
48,148
48,883
50,203
48,597
502
488
472
459
443
784,372 606,529 2,287,971
782, 429 620,163 2,242,973
795,895 621,340!2,306,188
,16112,344,411
783,
775,678 588,41112,370,139
21,383
21,178
12,873
10,798
18,938
1,165
1,215
1,135
2,135
1,180
10,418
5,458
6,298
6,698
8,543
4,580
4,535
1,800
300
245
500
200
500
3,550
9,300
2,600
100
7,100
200
50
50
50
50
1,050
225
225
825 ...
1,450]...
280i...
30
30
Total bills discounted:
May 26
June 2
June 9
June 16
June 23
21,383
21,178
12,873
10,798
18,938
1,165
1,215
1,135
2,135
1,180
10,418
5,458
6,298
6,698
8,543
4,580
4,535
1,800
300
245
500
200
500
3,550
9,300
2,600
100
7,100
200
50
50
50
50
1,050
225
225
825
1,450
280
30
30
Industrial advances:
May 26
June 2
June 9
June 16
June 23
13,051
12,999
13,316
12,947
12,690
1,735
1,732
1,726
1,701
1,695
605
605
590
590
590
4,789
4,796
5,17
4,824
4,674
960
978
946
980
488
431
421
421
420
270
257
261
249
237
,768,998
,737,248
,711,048
560,948
523,748
128,955
126,647
124,739
113,757
111,055
437,792
430,674
424,400
382,929
374,697
133,421
131,148
129,206
117,174
114,528
169,550
166,557
164,060
149,375
145,
111,038
108,891
107,204
98,680
96,142
90,751
88,952
87,559
80,852
78,720
232,303
227,814
224,283
206,443
201,136
84,240
82,700
81,446
74,459
72,651
52,787
51,846
51,066
46,552
45,449
84,535
83,020
81,768
74,587
72,811
70,558
69,268
68,216|
62,372
60,857
173,068
169,731
167,101
153,768
149,824
26
2
9
16....
23....
948,300
940,200
930,200
847,100
831,400
69,128
68,541
67,814
61,743
60,595
234,68.
233,084
230,723
208,601
204,445
71,521
70,976
70,241
63,717
62,490
90,889
90,142
89,192
81,117
79,595
59,523
58.934
58,280
53,387
52,458
48.648
48,141
47,602
43,694
42,952
124,532
123,292
121,930
111,692
109,746
45,158
44,758
44,275
40,378
39,640
28,299
28,061
27,763
25,269
24,798
45,317
44,930
44,454
40,478
39,728
37,824!
37,485|
37,082
33,824|
33,205
92,776
91,856
90,844
83,200
81,748
Certificates:
May 26
June 2
June 9
June 16.. ..
June 23....
1,099,200
1,099,200
1,099,200
1,758,200
1,098,200
80,128
80,133
80,134
128,125
80,039
272,030
272,498
272,640
430,524
270,052
82,904
82,981
83,004
131,851
82,542
105,353
105,385
105,395
168,196
105,135
68,996
111,316
69,295
56,390
56,282
56,249
91,252
56,736
144,346
144,144
144,082
232,874
144,964
52,344
52,326
52,322
83,898
52,362
32,800
32,804
32,806
52,428
32,758
52,527
52,529
52,528
84,010
52,475
43,843
43,827
43,823
70,280
43,860
107,539
107,393
107,348
173,446
107,982
Bills:
Under repurchase
option:
May 26
June 2
June 9
June 16
June 23
1,452,732
1,433,722
1,836,104
1,500,010
2,213,012
26,995 879,915
22,359 873,958
26,885 ,224,018
30,660 960,263
18,445 ,374,918
29,580
47,860
57,660
50,230
98,580
6,000
4,325
4,800
4,196
13,271
9,555
19,567
22,758
30,351
37,581
3,400
6,100
7,570
9,470
19,500
227,201
183,303
209,118
181,458
321,623
540
11,345
28,125 3,970
21,525 3,180
12,630 7,850
25,715 14,680
66,860
118,790
93,510
63,300
72,110
Other bills discounted:
May 26
June 2
June 9
June 16
June 23
U. S. Government securities, direct and guaranteed:
Bonds:
May 26
June 2
June 9
June 16
June 23
Notes:
May
June
June
June
June
63x
325
4,025
4,021
4,021
4,021
4,021
187,591 3,750
124,680
685
162,645 2,435
145,077 4,525
195,289 21,300
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Boston
Total
Other bills:
May 26
June 2
June 9
June 16
June 23
911,353
1,006,213
1,059,263
960,048
1,081,767
66,435
73,354
77,222
69,965
78,
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
225,542
249,446
262,734
235,517
266,012
68,736
75,961
79,988
72,067
81,308
101,565
91,872
103,564
57,205
63,069
66,367
60,692
68,255
46,753
51,521
54,206
49,728
55, r
119,678
131,950
138,847
126,971
142,794
43,399
47,900
50,421
45,795
51,578
27,195
30,029
31,614
28,632
32,266
43,551
48,085
50,620
45,874
51,691
36,350
40,120
42,231
38,362
43,205
89,161
98,308
103,448
94,573
106,366
87,348
96,470
U. S. Government securi
ties, direct and guaran
teed—Total:
May 26
June 2
June 9
June 16
June 23
6,180,583
6,216,583
6,635,815
6,626,306
6,748,127
371,641 2,049,964
371, 034 2 ,059,660
376,794 2,414,515
404,250 2,217,834
348,976 2,490,124
386,162
408,926
420,099
435,039
439,448
459,140
462,879
465,012
494,756
447,443
306,317
319,359
323,478
354,426
323,731
245,942
250,996
253,186
274,996
253,794
848,060
810,503
838,260
859,438
920,263
412,732
352,364
391,
389,607
4 1 1 ,520
"-
144,831
143,425
,684
157,406
156,571
237,275
256,689
250,895
257,579
242,420
189,115
194 ,670
194,532
,688
195,807
529,404
586,078
562,251
568,287
518,030
Total bills and securities:
May 26
June 2
June 9
June 16
June 23
6,215,017
6,250,760
6,662,004
6,650,051
6,779,755
374,541
373,981
379,655
408,086
351,851
2,060,987
2,065,723
2,421,403
2,225,122
2,499,257
395,531
418,257
427,076
440,163
444,36'
460,140
463,89'
465,998
495,776
448,375
306,930
319,915
324,024
354,872
324,326
246,712
251,453
253,447
275,245
254,356
848,629
810,572
838,325
859,503
920,328
416,282
361,664
393,709
389,707
418,620
145,080
143,474
145,732
157,454
156,619
237,367
256,781
250,987
257,659
243,500
189,359
194,914
195,376
214,156
196,105
533,459
590,129
566,272
572,308
522,051
Due from foreign banks:
May 26
June 2
June 9
June 16
June 23
137
13'
13'
13'
13'
Federal Reserve notes of
other Banks:
May 26
June 2
June 9
June 16
June 23
55,18C
50,02
57,732
66,95:
68,39.
1,242
923
1,348
1,620
1,679
8,580
7,643
10,116
12,01
8,515
1,957
2,021
2,211
2,360
2,712
2,236
2,173
2,578
3,671
4,006
4,815
4,514
4,378
5,951
6,793
6,434
4,787
5,590
5,816
7,171
5,
4,834
7,232
8,714
9,227
4,460
3,191
4,534
5,331
5,195
1,074
1,669
1,975
2,593
2,993
7,025
5,620
6,737
6,137
6,317
2,028
2,859
2,650
3,109
2,832
9,441
9.793
8,383
9,631
10,955
1,423,87C
1,535,68?
l,432,40i
2,018,50'
1,697,69'
120,855
125,426
123,674
165,145
130,927
312,60'
341,686
311,906
465,153
381,480
79,163
86,536
73,553
131,11
92,726
166,093
166,26'
133,599
230,414
177,17
95,957
105,153
94,087
146,031
138,87.
81,041
73,182
85,982
111,350
99,540
195,674
279,407
201,845
290,999
239,216
68,363
64,
66,678
85,016
70,905
31,047
30,588
34,610
41,099
34,460
79,693
81,389
88,937
99,200
88,238
52,238
55,687
61,103
68,378
64,255
141,139
125,685
156,431
184,607
179,898
Bank premises:
May 26
June 2
June 9
June 16
June 23
38,87
38,825
38,822
38,01
38,995
2,703
2,698
2,698
2,698
2,698
9,750
9,732
9,732
9,73
9,732
4,696
4,695
4,695
4,696
4,696
4,279
4,279
4,279
4,279
4,270
3,017
3,017
3,017
3,204
3,197
1,678
1,678
1,678
678
1,677
2,896
2,890
2,890
2,890
2,890
2,094
2,091
2,091
2,091
2,091
1,300
1,297
1,297
1,297
1,297
2,778
2,773
2,773
2,773
2,773
1,026
1,018
1,018
1,018
1,018
2,660
2,660
2,660
2,660
2,660
Other assets:
May 26
June 2
June 9
June 16
June 23
72,59
72,807
76,090
58,613
58,17
4,729
4,877
4,771
3,791
3,875
17,442
17,369
17,543
13,944
13,785
5,504
5,015
8,074
3,
3,918
8,370
8,470
8,480
6,794
6,604
4,581
4,530
4,701
3,653
3,693
3,556
3,624
3,750
2,987
2,957
9,384
9,510
9,494
7,910
7,679
3,375
3,457
3,473
2,711
2,755
2,399
2,421
2,418
2,015
1,963
3,406
3,529
3,412
2,748
2,694
3,071
3,111
3,098
2,433
2,470
6,774
6,894
6,876
5,764
5,783
8,061,184 1,780,290
,978,409 1,786,518
8 ,122,865 1,795,408
8,235,653 1.875,948
29,253,40* 1,772,944 8,524,268 1,814,822
2,541,510
2,541,562
2,551,745
2,673,471
2,559,650
,537,133
,560,818
,560,463
,608, 005
,569,233
1 ,271, 598
1,301,
1,321,274
1,336, 362
1,308, 483
4 ,765,349
,885,318
4,864, 614
4,960,631
4 ,867,385
Uncollected items:
May 26
June 2
June 9
June 16
June 23
Total assets:
M a y 26
June 2
June 9
June 16.. ..
June 23....
1108
U08
156
156
156
4
4
11
11
11
28,434,221
28,555,709
28,859,911
29,441,270
1,744,331
1,765,550
1,766,868
1,809,446
Liabilities
Federal Reserve notes in
actual circulation:
13,355,968
May 26
13,622,833
June 2
13,679,669
June 9
June 16
13,656,31
June 23
13,634,794
963,867
980,600
985,833
983,869
980,355
2,944,654
2,999,751
3,011,461
3,016,904
3,011,771
944,923
960,829
962,255
963,964
962,121
1,224,316
1,234,641
1,242,332
1,242,120
1,241,806
857,228
876,896
882,322
879,144
878,963
663,.
696, (
1,966
696,1
691,
,640,789
,671,785
2 ,684,407
,675,688
,673,191
Deposits:
Member bank—reserve
account:
May 26
Tune 2
June 9
June 16
June 23
11,838,425
12,056,525
12,165,03
12,511,446
12,223,242
613,
621,281
622,200
641,145
636,577
,931,123
4,007,382
4,052,511
4,146,374
4,092,789
628,05'
630,688
630,419
659,604
638,834
1,030,062
1,046,004
1,053,402
1,111,761
1,044,265
505,779
522,703
520,092
539,483
510,921
475,709
500,193
492,340
499, 199
483,720
1,768,822
1,813,029
1,819,973
1
,757
1,842,368
344,
6,120
175,329
5,997
293,726
6,112
187
4,290
16
1,286
95,606
1,28'
32,324
543
286,728
12,929
216
4,
236
455
32,740
278
14,567
567
508
21,717
127
6,101
19,525
229
16,857
596
564
35,611
646
34,592
687
359
U. S. Treasurer—general
account:
May 26
June 2
June 9
June 16
June 23
566
520
1,128,477 654,007 1,114,642
1,089,190 658,608 1 ,132,522
1,123,371 673,148 1,148,745
1,110,
5,873 1,151,55'
1,112,
8,700 1,119,204
854,252 2 ,981,448
877
2,978,138
884
3,046,821
,119,392
855 095 3,091,497
561,228 333,975
575,064 336,745
574,
,465
573,522 338,853
572,
473,273
485,206
486,
484.732
484,318
293,908 1,454,458
311 ,923 1,492,719
,187 1,501,015
309,555 1,491,864
307 ,675 1,492,451
432,
405,596
427,576
409,646
420,334
526, 407 463,638 1,223,720
533, 977 475,975 1,245,518
543,
,839 1,281,372
547, 392 486,167 1,330,143
55,219 1,320,040
527,
,606
254 ,179
245 847
256 ,775
250,853
28,730 17,876
1,243
165
8,638 22,847
585
544
585
507
11,558 14,930
206
1,017
6,897 13,674
593
531
568
535
47,565
519
9,655
533
1,111
* Less than $500.
1
After deducting $29,000 participations of other Federal Reserve Banks on May 26 and June 2, and $81,000 on June 9, June 16, and June 23.
JULY 1943
633
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Total
Foreign:
May
June
June
June
June
Boston
Philadelphia
New
York
Cleveland
Richmond
Atlanta
Chicago
958,816
967,582
1,015,177
1,030,807
1,081,567
29,274
26,197
26,502
26,257
26,246
1451,773
1459,141
1463,088
1478,948
1515,815
79,165
79,920
87,089
87,099
89,401
76,665
77,396
84,339
84,348
86,578
35,833
36,174
39,419
39,424
40,466
29,166
29,444
32,086
32,089
32,937
101,665
102,634
111,841
111,853
114,809
Other deposits:
May 26
June 2
June 9
June 16
June 23
363,933
224,429
296,684
226,880
304,590
4,871
4,887
4,822
5,667
5,083
258,195
115,349
201,840
128,789
203,551
8,161
8,659
5,387
5,603
5,104
10,244
13,190
9.860
10,652
12,059
9,797
10,791
8,914
8,273
8,270
4,088
2,557
1,831
2,158
2,612
2,916
3,114
2,600
3,276
3,376
Total deposits:
May 26
June 2
June 9
June 16.
June 23.
13,506,073
13,254,656
13,652,227
13,775,130
13,903,125
653,765
652,552
657,814
673,085
669,192
4,736,697
4,583,159
4,749,763
4,754,654
5,098,883
728,312
719,483
727,782
752,542
733,794
1,149,711
1,136,868
1,162,168
1,207,328
1,143,410
573,126
569,795
574,526
587,746
560,177
528,488
532,423
543,114
534,042
519,833
1,909,014
1,919,423
1,969,006
1,999,573
1,960,912
26
2
9
16
23
24,999
25,238
27,502
27,505
28,232
Minneapolis
Kansas
City
San
Francisco
Dallas
18,333
18,508
20,168
20,170
20,703
23,333
23,555
25,668
25,671
26,350
24,999
25,238
27,502
27,505
28,232
63,611
64,137
69,973
69,938
71,798
12,731 10,064
13,241 10,428
13,759 9,297
11,754 8,909
13,954 10,162
3,763
2,650
2,069
2,577
2,097
2,332
2,775
2,755
3,499
2,521
36,771
36,788
33,550
35,723
35,801
565,061
561,199
578,100
576,171
556,337
505,899
504,194
519,770
517,764
486,507
1,371,667
1,346,962
1,394,550
1,436,337
1,428,750
499,454
444,240
477,475
449,490
463,105
284,879
284,358
298,159
286,398
282,225
!
Deferred availability
items:
May 26.
June 2..
June 9......
June 16...
June 23
Other liabilities, including
accrued dividends:
May 26
June 2
June 9
June 16
June 23
Total liabilities:
May 26.....
June 2
June 9
June 16
June 23
St.
Louis
1,146,256
1,251,919
1,096,506
1,579,561
1,283,883
97,168
102,743
93,531
122,526
93,451
235,459
250,794
216,180
317,292
266,426
68,199
67,815
63,767
120,876
80,206
127,817
130,316
107,287
183,922
134,262
87,729
95,040
84,296
121,878
110,728
64,050
56,486
63,377
90,390
81,372
161,014
239,499
156,288
230,552
178,239
53,640
55,667
56,592
73,344
61,714
24,038
26,339
25,296
29,408
27,334
62,684
72,235
70,394
76,742
64,616
8,004
7,176
10,788
7,827
8,451
808
873
795
1,915
1,944
2,191
2,280
2,469
1,196
665
604
687
690
718
514
481
627
506
596
275
256
280
265
312
904
866
984
799
955
291
277
320
303
332
161
170
204
187
235
311
481
295
451
417
28,016,301
28,136,584
28,439,190
29,018,832
28,830,253
1,022
951
1,715,608 7,918,725
1,736,768 7,835,648
1,737,973 7,979,595
1,780,502 8,091,130
1,743,949 8,379,549
594
3,692
605
677
1,742,630 2,502,509
1,748,721 2,502,429
1,757,496 2,512,474
1,837,987 2,634,060
1,776,798 2,520,196
1,518,597 1,256,162 4,711,721
1,542,212 1,285,839 4,831,573
1,541,771 1,305,737 4,810,685
1,589,274 1,320,796 4,906,612
1,550,464 1,292,880 4,813,297
1,114,613 643,053
1,075,248 647,612
1,109,356 662,124
1,096,659 654,846
1,098,051 647,674
I
40,848
48,3621
40,273
53,519
47,428
123,610
106,623
119,225
159,112
138,107
537:
180!
427
450
228
278
491
511
506
207
1,101,329 841,192 2,950,162
1,119,121 864,659 2,946,754
1,135,246 871,437 3,015,296
1,138,096 881,066 3,087,804
1,105,688 841,888 3,059.819
Capital accounts
Capital paid in:
May 26
June 2
June 9
June 16
June 23
147,380
147,376
147,356
148,457
148,525
9,520
9,520
9,520
9,523
9,530
53,909
53,909
53,910
54,891
54,893
11,679
11,678
11,661
11,661
11,661
15,313
15,308
15,310
15,400
15,401
5,961
5,962
5,962
5,965
5,968
5,285
5,285
5,274
5,278
5,290
16,473
16,474
16,474
16,482
16,491
4,629
4,629
4,624
4,625
4,625
3,178
3,178
3,180
3,180
3,180
4,800
4,800
4,807
4,807
4,810
4,495
4,495
4,495
4,511
4,511
12,138
12,138
12,139
12.134
12,165
Surplus (section 7):
May 26
June 2..
June 9
June 16
June 23..
160,411
160,411
160,411
160,411
160,411
11,160
11,160
11,160
11,160
11,160
58,001
58,001
58,001
58,001
58,001
15,670
15,670
15,670
15,670
15,670
14,767
14,767
14,767
14,767
14,767
5,236
5,236
5,236
5,236
5,236
5,725
5,725
5,725
5,725
5,725
22,925
22,925
22,925
22,925
22,925
4,966
4,966
4,966
4,966
4,966
3,221
3,221
3,221
3,221
3,221
3,613
3,613
3,613
3,613
3,613
4,083
4,083
4,083
4,083
4,083
11,044
11,044
11,044
11,044
11,044
Surplus (section 13b):
May 26
June 2
June 9
June 16
..
June 23.
...
26,829
26,829
26,829
26,829
26,829
2,874
2,874
2,874
2,874
2,874
7,070
7,070
7,070
7,070
7,070
4,393
4,393
4,393
4,393
4,393
1,007
1,007
1,007
1,007
1,007
3,244
3,244
3,244
3,244
3,244
717
717
717
717
717
1,429
1,429
1,429
1,429
1,429
530
530
530
530
530
1,000
1,000
1,000
1,000
1,000
1,137
1,137
1,137
1,137
1,137
1,307
1,307
1,307
1,307
1,307
2,121
2,121
2,121
2,121
2,121
Other capital accounts:
May 26
Tune 2.
June 9 .
June 16.
June 23.
83,300
84,509
86,125
86,741
87,390
5,169
5,228
5,341
5,387
5,431
23,479
23,781
24,289
24,561
24,755
5,918
6,056
6,188
6,237
6,300
7,914
8,051
8,187
8,237
8,279
4,095
4,164
4,250
4,286
4,321
3,709
3,757
3,821
3,846
3,871
12,801
12,917
13,101
13,183
13,243
3,739
3,817
3,895
3,893
3,955
3,555
3,597
3,623
3,626
3,625
3,763
3,851
3,942
3,904
3,956
3,175
3,209
3,267
3,292
3,306
5,983
6,081
6,221
6,289
6,348
1.114,642 854.252
1,132.522 877,753
1,148,745 884,589
1,151.557 894,259
1,119,204 855,095
2,981,448
2,978,138
3,046.821
3,119,392
3,091,497
Total liabilities and capital
accounts:
May 26
28,434,221 1,744,331 8,061,184 1,780,290 2,541,510
June 2.
28,555,709 1,765,550 7,978,409 1,786,518 2,541,562
June 9.
28,859,911 1,766.868 8,122,865 1,795.408 2,551,745
Tune 16.
29,441,270 1,809,446 8,235,653 1,875,948 2,673,471
June 23
29,253,408 1,772,944 8,524,268 1,814,822 2,559,650
Commitments to make industrial advances:
May 26..
June 2.
June 9..
June 16.
June 23.
12,885
12,876
12,349
12,512
12,465
717
717
717
717
717
10
10
10
10
10
2,007
1,971
1,592
1,957
1,876
350
350
380
310
371
1,537,133 1,271,598 4,765,349 1,128,477 654,007
1,560,818 1,301,323 4,885,318|l,089,190 658,608
1.560,463 1,321,274 4,864,614 1,123,371 673,148
1,608,005 1,336,362 4,960,631 1,110,673 665,873
1,569,233 1,308,483 4,867,385 1,112,127 658,700
1.207
1,247
1,201
1,220
1,225
78
78
61
61
61 j.
1.824
1,819
1,819
1.819
1,819
3,030
3,023
3,023
3,000
3,000 '.'
.J
I
3.662
3.661
3,546
3.418
3J386
1
After deducting $501,963,000 participations of other Federal Reserve Banks on May 26; $506,457,000 on June 2; $550,031,000 on June 9; $550, 281,000
on June 16; and $564,167,000 on June 23.
634
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:
May 26
June 2
June 9
June 16
June 23
Held by Federal Reserve
Bank:
May 26
June 2
June 9
June 16
June 23
In actual circulation: 1
May 26
June 2
June 9
June 16
June 23
Collateral held by agent as
security for notes issued to
Bank:
Gold certificates on hand
and due from U. S.
Treasury
May 26
June 2
June 9
June 16
June 23
Eligible paper:
May 26
.
June 2
June 9
June 16
June 23
U. S. securities:
May 26
June 2
June 9
Tune 16
June 23.
Total collateral
May 26
June 2
June o
June 16
June 23
1
Philadelphia
RichSt. I Minne- Kansas Dallas
City
mond Atlanta Chicago Louis apolis
Total
Boston
New
York
13,903,006
14,053,556
14,161,54:
14,258,348
14,304,661
999, 605
,002, 903
1,018,
1,027, 010
1,025, 188
31,047,485
31,094,005
,118,136
31,133,215
31,138,297
547,038
430,723
481,876
602,034
669,867
35,738
22,303
32,226
43,141
44,833
102,831
94,254
106,675
116,311
126,526
27,148
28,005
30,497
32,223
36,844
47,575
47,957
35,047
19,760
22,570
31,090
32,612
13,355,968
13,622,833
13,679,669
13,656,314
13,634,794
963,867 2,944,654
980,600 2,999,751
9 8 5 , •833
• • 3,011,461
983,
,016,904
980,355 3,012,771
944,923
960,829
962,255
963,964
962,121
1,224,316
1,234,641
1,242,332
1,242,120
1,241,806
13,423,000
13,556,000
13,652,000
13,740,000
13,800,000
966,000 3,060,000
966,000 3,105,000
979,000 3,145,000
937,000 3,145,000
937,000 3,165,000
875,
!,000 1,270,000
900,000 1,280,000
,280,000
900,
,290,000
900,
925,000 1,290,000
20,088
20,683
12,008
9,308
18,293
1,165
1,215
1,135
2,135
1,180
747,591
664,680
702,645
685,077
750,289
50,000
50,000
50,000
100,000
100,000
14,190,679
14,241,363
14,366,653
14,434,385
14,568,582
10,418
5,458
6,298
6,698
8,543
Cleveland
972,071 258,712 892,275 728,184 2,684,488 595 ,401
988,834 ,272,077 896,656 733,233 2,711,965 603 ,709
992,752 ,275,497 904,892 737,711 2,739,072 603,111
996,187 289,695 910,234 742,508 2,762,134 604
'" ,072
998,965 ,289,763 911,575 761,044 2,768,184 604 ,367
34,396
37,436
33,165
4,580
4,535
1,800
300
245
64,835
36,559
38,745
46,409
69,681
492,699 333,030
500,377 338,724
503,836 339 ,914
505,175 339 ,703
505,072 344 ,976
,558,594
,567,533
,584,127
,601,325
,612,250
39,122
26,801
28,727
30,148
37,301
104.136
74,814
83,112
109,461
119,799
34,173
28,645
28,142
30,550
31,467
6,487
6,795
5,973
8,237
7,100
857,228
876,896
882,322
879,144
878,963
663, 349 2,640,789 561 ,228
696,674 2,671,785 575 ,064
,684,407 574,969
696,099 2,675,688 573,522
691, 363 2,673,191 572,900
333,975
336,745
338,465
338,853
337,880
473,273 2931,908 1 ,454,458
485,206 311,923 1,492,719
486,457 311,187 1,501,015
484,732 309,,555 1,491,864
484,318 307 ,675 1,492,451
787,000
787,000
797,000
797,000
807,000
675,000 2,730,000 300,000
685,000 2,760,000 300,000
685,000 2,760,000 300,000
695,000 2,790,000 350,000
695,000 2,790,000 350,000
345,000
345,000
345,000
350.000
350,000
490,000 341,000 1,584,000
4,000 1,584,000
500,000 344
7,000 1,604,000
510,000 347
510 000 3477,000 1,629,000
2,000 1,629,000
510,000 352
3,550
9,300
2,600
100
7,100!
125
125
125
25
175
125,000
125,000
125,000
125,000
125,000
60,000
60,000
60,000
60,000
75,000
017,165 3,070,418 979, 580 1 ,270,000 912,125
,017,215 3,110,458 1,004,535 1,280,000 912,125
030,135 3,151,298 1,001,800 1,280,000 922,125
039,135 3,151,698 1,000,
,290,000 922.025
038,180|3,173,543 1,025,245 1,290,000 932,175
735,000
745, 000
745, 000
755, 000
770,
100,000
100,000
100,000
100,000
100,000
43,699
40,180
54,665
86,446
94,993
340,462
343,540
344,438
347,090
344,980
San
Francisco
19,426
15,171
17,379
20,443
20,754
50
50
50
50
1,050
200
5,000
5,000
5,000
5,000
5,000
407,591
324,680
362.645
295,077
345,289
2,730,000 711
633
345,200
345,000
345,000
645,177 350,000
,790,000 702,389 350,000
2 ,760,000
2 ,760,
2 ,790,000
495,050 341,000 1,584,000
505,050 344,000 1,584,000
515,050 347,000 1,604,000
515,050 347,000 1,629,000
516,050 352,000 1,629,000
Includes Federal Reserve notes held by U. S. Treasury or by a Federal Reserve Bank other than the issuing Bank.
INDUSTRIAL ADVANCES BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
Date (last
Wednesday or
last day of
period)
ApAdCommit- Participroved
ments
vances
pations
but not
outoutoutcom2
1 standing standing
standing
pleted
Amount (amount) (amount) (amount) (amount)
Applications
approved
Number
1934
1935
1936
1937
1938
1939
1940
984
1,993
2,280
2,406
2,653
2,781
2,908
49,634
124,493
139,829
150,987
175,013
188,222
212,510
20,966
11,548
8,226
3,369
1,946
2,659
13,954
13,589
32,493
25,526
20,216
17,345
13,683
9,152
8,225
27,649
20,959
12,780
14,161
9,220
5,226
1,296
8,778
7,208
7,238
12,722
10,981
6,386
1941
June 25
Dec. 31
3,067
3,202
238,505
279,860
8,090
8,294
10,549
10,337
13,072
14,597
14,011
19,600
1942
Mar. 25
June 24
Sept. 30
Dec. 31
3,261
3,352
3,394
3,423
297,945
338,822
364,916
408,737
17,698
26,346
8,199
4,248
9,312
11,265
15,882
14,126
14,364
16,832
12,187
10,661
19,086
26,430
23,180
17,305
1943
Jan.30.
Feb. 27
Mar. 31 .
Apr. 30.
May 31
3,432
3,440
3,443
3,447
3,448
12,897
13,717
13,182
13,188
13,378
12,160
12,117
13,143
13,438
12,950
23,915
23,177
20,316
20,333
20,166
434,638
446,319
459,296
467,733
473,399
1
6,672
5,882
5,164
3,732
3,045
Includes applications approved conditionally by the Federal Reserve
Banks
and under consideration by applicant.
2
Includes industrial advances past due 3 months or more, which are not
included in industrial advances outstanding in weekly statement of condition of Federal Reserve Banks.
NOTE.—The difference between amount of applications approved and the
sum of the following four columns represents repayments of advances, and
applications for advances and commitments withdrawn or expired.
JULY 1943
WAR PRODUCTION LOANS GUARANTEED BY WAR DEPARTMENT, NAVY DEPARTMENT, AND MARITIME
COMMISSION THROUGH FEDERAL RESERVE
BANKS UNDER REGULATION V
[Amounts in thousands of dollars]
Guaranteed loans
authorized
Guaranteed loans
outstanding
Date
1942
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
Number
Amount
282
565
932
1,329
1,658
2,023
2,327
2,665
100,290
310,680
509,012
705,842
944,204
2,227,704
2,367,297
2,688,397
2,961
3,198
3,534
3,773
4,002
2,999,731
3,479,172
3,725,241
4,058,731
4,554,278
Total
81,108
151,154
294,720
427,918
527,186
644,558
803,720
Portion
guaranteed
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
C1)
69,674
137,888
131,097
158,340
244,532
206,609
356,677
230,720
439,989 1,308,168
520,869 1,383,394
632,474 1,430,121
1943
Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31.
974,083
768,249 1,440,943
828,221 1,706,849
1,040,828
999,394 r l,865,618
1,245,711
r
r
l,339,078 l,073,972 r 2,018,838
1.415.777 1,150,040 2,077,018
r
Revised.
1
Not available.
N O T E . — T h e 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.
635
DEPOSITS AND RESERVES OF MEMBER BANKS, MAY 1943
[Averages of daily figures. In millions of dollars]
Reserves
Gross demand deposits
Adjusted
demand
U.S.
Total
Interbank
Government
war loan
posits
d e
Net demand
Time
deposits 4
Other
. "2
posits^
posits"
45,720
50,916
13,488
5
Demand
balances
due
from
domestic
banks
Held
Required
Excess
5,853
12,024
10,294
1,730
1
70,342
10,847
10,649
48,847
21,857
4,826
3,749
1,091
4,501
753
13,607
2,982
16,391
3,716
771
461
63
172
3,373
785
3,324
771
49
14
Reserve c i t y b a n k s — T o t a l .
Boston district
New York district
Philadelphia district
Cleveland district
Richmond district
Atlanta district
Chicago district
St. Louis district
Minneapolis district
Kansas City district
Dallas district
San Francisco d i s t r i c t . . . .
26,130
5,022
3,436
396
65
356
457
226
220
416
208
151
173
181
589
19,172
1,482
315
1,693
2,579
1,150
1,170
2,311
1,180
553
1,492
1,059
4,187
2,097
331
29
357
510
314
517
431
551
236
794
432
520
17,672
1,282
330
1,534
2,483
1,035
927
2,390
832
439
1,145
968
4,308
5,358
2,009
424
2,247
3,450
1,575
1,664
3,237
1,591
825
2,111
1,581
5,417
93
151
130
751
251
193
873
177
85
167
139
2,348
55
22
98
246
129
179
346
110
74
317
267
253
4,894
326
77
399
734
308
289
610
265
125
364
286
1,112
4,156
302
72
346
561
245
246
515
247
116
308
220
978
738
24
5
52
173
63
43
96
18
9
56
66
133
Country banks—Total
Boston district
New York district
Philadelphia district
Cleveland district
Richmond district
Atlanta district
Chicago district
St. Louis district
Minneapolis district
Kansas City district
Dallas district
San Francisco district.
17,529
1,845
2,854
1,294
1,523
1,427
1,426
2,214
955
713
1,067
1,266
944
984
81
73
12
26
184
178
68
123
55
62
101
22
1,959
250
463
150
164
136
156
241
80
80
71
14,585
1,514
2,319
1,132
1,333
1,108
1,092
1,905
751
579
934
1,068
852
11,638
1,325
1,989
910
1,025
918
893
1,463
622
463
642
755
632
6,898
624
1,621
880
826
429
292
1,001
272
310
161
96
386
3,522
207
313
201
298
326
351
472
231
157
348
393
225
2,973
290
517
254
316
213
203
393
149
122
173
190
153
2,043
223
376
180
193
154
143
265
103
83
100
111
112
930
67
141
74
123
59
61
128
46
39
74
AH member banks
Central reserve city banks
New York
Chicago
:nt with member banks and, therefore, differ from figures for U. S. Gov-
" u e m a n a deposits suDject to reserve requirements; i.e., aemana aeposits otner tnan war loan deposits, minus cash items in process oi coll
demand balances due from domestic banks.
4
Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report
MEMBER BANK RESERVE BALANCES, BY CLASS OF BANKS
[Average of daily figures. In millions of dollars]
All
member
banks
Central reserve
city banks
Reserve
city
banks
DEPOSITS OF COUNTRY MEMBER
BANKS IN LARGE AND
SMALL CENTERS,1 MAY 1943
[Average of daily figures. In millions of dollars]
In places of 15,000
and over population
Counbanks 1
Federal Reserve district
Total reserves held:
1942—April
May
1943—April
May
Week ending (Friday):
1943—April 30
May 7
May 14
May 21
May 28
June 4
June 11
June 18
Excess reserves:
1942—April
May
1943—April
May
Week ending (Friday):
1943—April 30
May 7
May 14
May 21
May 28
June 4
June 11
June 18
v
1
12,649
12,510
12,717
12,024
5,028
4,870
3,657
3,373
1,140
1,049
814
785
4,293
4,325
5,191
4,894
2,188
2,265
3,054
2,973
12,229
12,098
12,017
12,044
11,932
12,046
12,202
12,496
3,393
3,329
3,341
3,413
3,387
3,421
3,472
3,538
811
779
773
790
789
793
812
826
5,018
4,862
4,878
4,904
4,892
4,905
4,965
5,080
3,006
3,128
3,025
2,937
2,864
2,925
2,953
3,052
2,951
2,667
1,949
1,730
795
546
51
49
262
178
29
14
1,175
1,171
886
738
718
772
983
930
1,987
1,984
1,809
1,691
1,616
PI,517
p
l,453
p
l,576
50
43
57
72
23
27
18
30
45
20
11
11
8
13
7
7
887
793
757
721
771
653
624
647
1,006
1,128
985
887
814
P
825
p
803
^892
Preliminary.
Weekly figures of excess reserves of all member banks and of country
banks as estimates.
636
In places of under
15,000 population
Demand
deposits
except
interbank 2
Time
deposits
Demand
deposits
except
interbank 2
Time
deposits
Total...
10,551
4,047
5,994
2,851
Boston
New York
Philadelphia
Cleveland
1,537
2,179
779
924
493
1,053
412
445
226
603
503
573
131
568
468
381
Richmond
Atlanta
Chicago
St. Louis
809
893
1,337
356
207
200
601
148
435
355
809
476
222
91
399
124
311
292
504
631
122
52
57
255
348
713
662
292
188
108
39
131
Minneapolis
Kansas City
Dallas.....
San Francisco
1
Includes any banks in outlying sections of reserve cities which have
been given permission to carry the same reserves as country banks. All
reserve cities have a population of more than 15,000.
2
The series published through April 1943 included interbank deposits.
The amount of such deposits for the current month at all country banks can
be derived by comparison with the first table above; banks in the small
centers held 216 million dollars during the last half of April 1943. Figures
in this^table include war loan deposits, shown separately for all country
banks in table above.
FEDERAL RESERVE BULLETIN
KINDS OF MONEY IN CIRCULATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Total
Gold
certificates
Silver
dollars
1942—April
May
June
July
August
September
October
November
December
11,767
12,074
12,383
12,739
13,200
13,703
14,210
14,805
15,410
60
60
59
59
59
59
59
58
58
64
65
66
67
69
71
73
74
76
1943—January
February
March
April
May
15,590
16,088
16,250
16,660
17,114
58
58
58
57
57
77
78
79
81
82
End of month
Treas-
Subsidiary
silver
coin
Minor
coin
United
States
notes
Federal
Reserve
notes
1,707
1,745
1,754
1,764
1,786
1,754
1,704
1,731
1,751
496
504
510
521
537
551
565
575
209
211
213
215
218
222
225
227
228
309
316
317
315
321
324
326
327
317
8,769
9,02 2
9,310
9,650
10,068
10,580
11,118
11,667
12,082
19
19
19
19
18
18
18
18
188
141
140
139
138
138
137
136
136
135
1,700
1,703
1,674
1,667
1,670
567
573
583
593
600
226
226
228
230
232
312
317
316
318
324
12,152
12,523
12,643
13,023
13,440
362
474
534
557
574
135
134
134
133
133
notes
of 1890
cates
Federal
Reserve
Bank
notes
National
bank
notes
Back figures.—See Annual Report for 1937](table 35).
PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Total
in circula-1
tion
Total
Coin
$1 3
$2
$5
$10
$20
Total
1942—April
May
June
July
August
September....
October
November
December
11,767
12,074
12,383
12,739
13,200
13,703
14,210
14,805
15,410
8,560
8,841
9,083
9,398
9,795
10,207
10,629
11,122
11,576
757
771
783
793
809
830
848
867
880
680
696
704
712
731
754
764
782
801
43
44
45
45
48
50
51
53
55
1,362
1,402
1,427
1,464
1,517
1,555
1,597
1,647
1,693
2,898
3,004
3,099
3,234
3,379
3,532
3,684
3,887
4,051
2,820
2,924
3,024
3,149
3,310
3,487
3,686
3,885
4,096
3,204
3,235
3,301
3,343
3,409
3,500
3,584
3,686
3,837
1943—January
February
March
April
May
15,590
16,088
16,250
16,660
17,114
11,665
12,065
12,121
12,428
12,789
869
877
890
904
914
773
786
791
804
824
54
56
56
58
59
1,678
1,718
1,713
1 741
1,785
4,107
4,279
4,280
4,391
4,526
4,183
4,349
4,391
4,531
4,681
3,928
4,026
4,129
4,232
4,326
End of month
Coin and small denomination currency 2
Large denomination currency 2
$1,000 $5,000 $10,000
Unassorted 2
$100
$500
1,019
1,549
1,566
1,602
1,628
1,663
1,715
1,762
1,824
1,910
268
260
262
263
266
268
274
278
287
558
570
576
574
575
576
570
575
586
9
9
8
8
8
9
9
9
9
29
28
29
30
29
29
30
28
25
1
1
2
2
4
4
3
3
3
1,047
1,079
1,104
1,131
1,159
1,962
2,013
2,069
2,128
2,186
293
298
306
312
319
592
599
616
621
630
10
11
11
15
10
25
25
23
26
22
3
3
1
1
1
$50
792
801
824
840
868
904
940
972
1
2
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.
3
Paper currency only; $1 silver coins reported under coin.
Back figures.—See Annual Report for 1937 (table 36).
STOCK OF UNITED STATES MONEY, MAY 31, 1943
[On basis of circulation statement of United States money. In millions of dollars]
Money held in the Treasury
Total
outstanding
Kind of money
Gold
Gold certificates
Federal Reserve notes
Treasury currency—total
v
Standard silver dollars
Silver bullion
Silver certificates and Treasury notes of 1890
Subsidiary silver coin
Minor coin
United States notes
Federal Reserve Bank notes
National bank notes
As security
against gold
and silver
certificates
1^928*
49
99
543
1,519
1,926
654
243
347
630
134
409
1,519
50
z
rn
.
3
22, 246
22,307
Z
22,555
s
35,458
JULY 1943
r
A
nr\r\
_
1
_1 _ 11
J.
*
_J
1
1
-!1
,J~11
,
4
2,257
4
2,235
4
2,036
Money held
by Federal
Reserve
Banks and
agents
Money in
circulation1
2,815
487
57
13,440
3,616
354
(|)
3
40,471
3
40,131
3
_j
17,446
41
5
" .Less man ;&ouu,uuu.
NOTE.—There is maintained in the Treasury—(i) as a reserve for United States not
C
2,108
20 318
....
Total—May 31, 1943...
Apr 30 1943
May 31, 1942
2
22,426
20,318
13 975
4
4,069
z
...
Treasury
cash
For Federal
Reserve
Banks and
agents
17,446
17,488
17,706
2
82
256
13
6
21
55
1
1,672
600
232
324
574
133
3,655
3,749
3,486
17,114
16,660
12,074
ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
[In millions of dollars]
Period
19342
1935
1936
1937
1938
1939
1940
1941
1942
..
Gold
stock
at end
of period
Increase
in gold
stock
POSTAL SAVINGS SYSTEM
[In millions of dollars]
Assets
Earmarked
DomesNet gold gold: de- tic gold
crease
producimport
or intion 1
crease (—)
82.6
.2
-85.9
-200.4
-333.5
—534.4
-644.7
-407.7
-458.4
92.9
110.7
131.6
143.9
148.6
161.7
170.2
169.1
126.0
23.6
22.3
7.6
11.4
-1.3
-14.3
3.3
-17.2
-38.2
-14.8
-24.4
-21.8
-27.8
-56.4
-10.8
-31.0
11.2
10.5
12.8
10.2
11.8
12.0
7.8
6.2
22,683
22,644
22,576
22,473
22,426
-43.3
-39.3
-68.0
—103.1
-46.3
-76.1
—63.4
-59.0
-101.0
5
—45.1
4.7
4.1
4.5
4.9
'4.9
22,426
-299.9
-344.6
P23.1
8,238
10,125
311,258
312,760
14,512
17,644
21,995
22,737
22,726
4,202.5
1,887.2
1,132.5
1,502.5
1,751.5
3,132.0
4,351.2
741.8
-10.3
1942—May
June
July
August
September...
October
November...
December....
22,714
22,737
22,744
22,756
22,754
22,740
22,743
22,726
1943—January
February....
March
April
May
Jan.-May....
1,133.9
1,739.0
1,116.6
1,585.5
1,973.6
3,574.2
4,744.5
982.4
(4)
5
p
1
Preliminary, f Figure carried forward.
Annual figures are estimates of the.United States Mint. Monthly figures
are those published in table on p. 693, adjusted to exclude Philippine
Islands production received in United States.
2 Figures based on rate of $20.67 a fine ounce in January 1934, and $35 a
fine ounce thereafter.
3 Includes gold in the Inactive Account amounting to 27 million dollars
on4 Dec. 31, 1936, and 1,228 million on Dec. 31, 1937.
The net gold import figures for months subsequent to December 1941
have not been released for publication.
6 Gold held under earmark at Federal'Reserve Banks for foreign account
amounted to 3,018.4 million dollars on May 31, 1943.
NOTE.—For back figures through 1937, see Annual Report for 1937
(table 29).
End of month
Depositors'
balances 1 Total
U. S. Government
securities
Cash
in depository
banks
Total
Direct
Guaranteed
Cash
reserve
funds
etc. 2
1934—June
Dec
1935—June
Dec.
1936—June
Dec
1937—June
Dec
1938—June
Dec
1939—June
Dec
1940—June
Dec.
1941—June
Dec
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
1,225
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
695
540
385
287
203
145
136
130
115
86
68
53
43
36
30
26
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
418
467
630
706
800
892
933
931
.936
965
1,011
1,046
1,078
1,078
1,104
1,128
35
130
147
147
167
167
167
167
167
166
146
146
146
146
146
146
76
100
74
98
95
93
71
80
73
73
78
74
69
88
75
95
1942—May
June
July
Aug
Sept
Oct
Nov
Dec
1,307
1,316
1,329
1,344
1,358
1,377
1,396
1,417
1,504
1,525
1,554
1,575
1,415
1,429
1,444
1,464
24
24
21
20
19
18
17
16
1,272
1,272
1,271
1,271
1,267
1,266
1,266
1,345
1,126
1,146
1,146
1,146
1,141
1,140
1,140
1,220
146
126
126
126
126
126
126
126
208
229
262
283
129
146
161
102
1943—Jan
Feb
Mar
Apr
May
1,445
1,468
1,493
p
l,517
PI,545
1,493
1,517
1,545
14
14
13
1,381
1,378
1,421
1,255
1,270
1,360
126
109
61
98
125
111
J Preliminary.
Outstanding principal, represented by certificates of deposit. Does not
include
accrued interest nor outstanding savings stamps.
2
Includes working cash with postmasters, 5 per cent reserve fund and
miscellaneous working funds with the Treasurer of the United States,
accrued interest on bond investments, and accounts due from late
postmasters.
Back figures—See BULLETIN for August 1935, pp. 501-502.
BANK SUSPENSIONS^
Total,
all
banks
Number of banks suspended:
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943—Jan.-May
Deposits of suspended banks
(in thousands of dollars) ; 3
1934
1935
. . .
1936
1937
1938
1939
1940
1941
1942
1943—Jan.-May
57
34
44
59
55
42
22
8
9
3
36 937
10,015
11,306
19,723
13,012
34,998
5,943
3,726
1,702
2,103
Member
banks
National
1
4
1
4
1
4
1
4
Nonmember
banks
State
2
1
3
r
40
5,313
507
7,379
36
1,341
256
3,144
862
i,708
211
24,629
Insured 2
Noninsurec
8
22
40
47
47
25
18
3
6
2
48
g
3
6
6
10
3
1
3
1,912
3,763
10,207
10,156
11,721
6,589
5,341
503
1,375
1,241
34,985
939
592
480
1,044
2,439
346
79
327
1
Represents banks which, during the periods shown, closed temporarily
or permanently on account of financial difficulties; does not include banks
whose deposit liabilities were assumed by other banks at the time of closing
(in some instances with the aid of Federal Deposit Insurance Corporation
loans).
2
Federal deposit insurance became operative Jan. 1, 1934.
3
Deposits of member banks and insured nonmember banks suspended are
as of dates of suspension, and deposits of noninsured nonmember banks
are based on the latest data available at the time the suspensions were
reported.
Back figures.—See Annual Report for 1937 (table 76).
638
BANK DEBITS
Debits to deposit accounts except interbank accounts
[In millions of dollars]
Year and month
1929
1937
1938
1939
1940
1941
1942.
1942—April
May
June
July
August
September
October
November
December
1943—January
February
March
April
May
......
Total,
all
reporting
centers
New
York
City
982,531
469,463
405,929
423,932
445,863
537,343
607,071
46,613
48,342
50,107
50,087
49,179
52,712
55,056
50,673
64,991
54,779
51,875
62,228
r
69,757
60.707
140
other
centers 1
133
other
reporting
centers 2
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
16,023
16,985
17,394
17,110
17,051
18,593
18,323
17,016
23,921
19,877
19,635
22,373
27,174
23,916
26,451
27,241
28,292
28,505
27,847
29,530
31,627
29,040
35,562
30,263
28,005
34,707
r
37,152
32,115
4,138
4,116
4,421
4,472
4,282
4,589
5,105
4,616
5,508
4,639
4,235
5,148
r
5,431
4,675
r
Revised.
1 National series, for which bank debit figures are available beginning
with
1919.
2
Except that 1929 figure is for 128 centers only.
Back figures.—Annual Report for 1937, p. 157. Annual totals, beginning
with 1919, by Federal Reserve districts and for individual centers, are
available for distribution and will be furnished upon request.
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES
rency. Under the amended provision of sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of
private banks included in the figures from June 1934 to December 1935, see Federal Reserve BULLETIN for December 1935, p. 883, and July 1936, p. 535.
Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available.
DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS 1
[In millions of dollarsl
NUMBER OF BANKS
Nonmember
banks
Member banks 2
Call date
State
Mutual
savings
banks
Other
nonmember
banks
Total
Total
National
Member banks 2
All
banks
Call date
Nonmember
banks
Total
National
State
Mutual
savings
banks
Other
nonmember
banks
1929—June 29
Dec. 31
25,110
24,630
8,707
8,522
7,530
7,403
1,177
1,119
611
609
15,792
15,499
1929—June 29..
Dec. 31..
53,852
55,289
32,284
33,865
19,411
20,290
12,873
13,575
8,983
8,916
12,584
12,508
1933—June 30
Dec. 30
14,519
15,011
5,606
6,011
4,897
5,154
709
857
576
579
8,337
8,421
1933—June 30..
Dec. 30..
37,998
38,505
23,338
23,771
14,772
15,386
8,566
8,385
9,713
9,708
4,946
5,026
1938—June 30
Dec. 31
15,287
15,206
6,338
6,338
5,242
5,224
1,096
1,114
563
556
8,386
8,312
1938—June 30..
Dec. 31..
52,195
54,054
34,745
36,211
22,553
23,497
12,193
12,714
10, 296
10, 365
7,153
7,478
1939—June 30
Dec. 30
15,082
15,037
6,330
6,362
5,203
5,187
1,127
1,175
553
552
8,199
8,123
1939—June 30..
Dec. 30..
55,992
58,344
38,027
39,930
24, 534
25, 661
13,493
14,269
10, 521
10,613
7,444
7,801
1940—June 29
Dec. 31
14,953
14,895
6,398
6,486
5,164
5,144
1,234
1,342
551
551
8,004
7,858
1940—June 29..
Dec. 31..
60,582
65,021
42,039
46,007
26,931
29,214
15,108 310,631
16,793 10,658
37,912
8,356
1941—June 30
Dec. 31
14,855
14,825
6,556
6,619
5,130
5.117
1,426
1,502
547
545
7,752
7,661
1941—•June 30..
Dec. 31. .
67,172
70,792
48,076
51,192
30,684
32,672
17,392
18,520
10,641
10,525
8,456
9,075
1942—June 30
Dec. 31
14,773
14,680
6,647
6,679
5,101
5,081
1,546
1,598
544
543
7,582
7,458
1942—June 30 5 .
Dec. 3 1 . .
72,382
88,436
53,434
67,276
34,036
43,069
19,397
24,208
10,387
10,664
8,562
10,494
For footnotes see table below.
For footnotes see table below.
LOANS AND INVESTMENTS
[ In millions of dollars]
Member banks2
All banks
Nonmember banks
Mutual savings banks
Call date
Total
Loans
Investments
Total
Loans
Investments
Total
Other nonmember banks
Loans
Investments
Total
Loans
Investments
1929—June 29
Dec. 31
58,474
58,417
41,531
41,918
16,943
16,499
35,711
35,934
25,658
26,150
10,052
9,784
9,556
9,463
5,892
5,945
3,664
3,518
13,207
13,020
9,981
9,823
3,227
3,197
1933—June 30
Dec. 30
40,076
40,319
22,203
21,977
17,872
18,342
24,786
25,220
12,858
12,833
11,928
12,386
10,044
9,985
5,941
5,906
4,103
4,079
5,246
5,115
3,404
3,238
1,841
1,877
1938—June 30
Dec. 314
47,381
48,929
21,130
21,354
26,252
27,575
30,721
32,070
12,938
13,208
17,783
18,863
10,196
10,255
4,961
4,930
5,235
5,325
6,465
6,604
3,231
3,217
3,234
3,387
1939-June 30
Dec. 30
49,616
50,885
21,318
22,169
28,299
28,716
32,603
33,941
13,141
13,962
19,462
19,979
10,342
10,314
4,931
4,961
5,411
5,353
6,671
6,630
3,245
3,246
3,425
3,384
1940-June 29
Dec. 31
51,335
54,188
22,341
23,741
28,995
30,448
34,451
37,126
13,969
15,321
20,482
21,805
310,188
10,248
4,926
4,959
5,262
5,289
36,696
6,815
3,445
3,461
3,251
3,353
1941—June 30
Dec. 31
57,945
61,098
25,312
26,616
32,633
34,483
40,659
43,521
16,729
18,021
23,930
25,500
10,314
10,372
4,955
4,903
5,360
5,470
6,972
7,205
3,628
3,692
3,344
3,513
1942—June 30 5
Dec. 31
63,976
78,097
25,078
23,913
38,897
54,185
46,800
59,263
16,928
16,088
29,872
43,175
10,353
10,746
4,819
4,698
5,534
6,048
6,822
8,088
3,331
3,126
3,492
4,962
1 Prior to December 1933, member bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000 on that
date. Prior to June 1940, the nonmember bank figures on some call dates included some interbank deposits not shown separately in a few State bank
abstracts.
2
Includes, beginning June 30, 1941, two mutual savings banks in Wisconsin and one in Indiana.
3 One bank (with deposits, excluding interbank deposits, of $90,000,000 and total loans and investments of $96,000,000 on Dec. 30, 1939) which, up to
and including Dec. 30, 1939, was classified as a mutual savings bank, is now included in figures in the "Other nonmember banks" column.
4 Prior to December 1938 the figures include loans and investments indirectly representing bank premises or other real estate, now reported separately in condition reports. The amounts of such loans and investments in December 1938 were approximately $50,000,000 and $100,000,000 respectively.
^Decreases in "Other nonmember banks" figures (and corresponding increases in member bank figures) reflect principally the admission to membership in the Federal Reserve System of one large bank with total loans and investments aggregating 472 million dollars on June 30 1942
Back figures.—See Annual Report for 1937 (tables 48-49).
JULY 1943
639
CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS
[In mi' lions of dollars]
Loans
Call date
Total
loans
and
investments
1
Investments 1
U. S. Government obligations
Loans for
purchasing
or carrying
securities
Total 1
Commer- Open- AgriReal
cial mar- culesOther Total
To
and
ket turtate- loans 4
2
al
induspaper
brokloans
To
ers
trial 2
othand
ers'*
dealers
Total—All
Member Banks
1929—Dec. 31
1933—June 30
1939—Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942—Apr. 4
June 30 . . . .
35,934
24,786
33,941
34,451
37,126
40,659
43,521
44,287
46,800
26,150
12,858
13,962 "^386*
13,969 5,538
15,321 6,204
16,729 7,270
18,021 8,064
17,834
16,928 7,888
Dec. 31
59,263
16,088
New York
City*
1929—Dec. 31
1933—June 30
1939—Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942—Apr. 4
June 30
8,774
7,133
9,339
9,829
10,910
12,493
12,896
13,123
14,019
6,683
3,424
3,296
3,014
3,384
3,778
4,072
4,173
4,066
Dec. 31
17,957
4,116
City of
Chicago^
1929—Dec. 31
1933—June 30
1939—Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942—Apr. 4
June 30
1,757
1,287
2,105
2,205
2,377
2,707
2,760
2,806
3,116
1,448
677
569
603
696
846
954
923
906
Dec. 31
3,973
832
12,029
8,492
12,272
12,160
13,013
14,013
15,347
15,605
16,535
9,084
4,482
5,329
5,365
5,931
6,498
7,105
6,989
6,564
Dec. 31
20,915
6,102
Country
Banks
1929—Dec. 31
1933—June 30
1939—Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942—Apr. 4
June 30
13,375
7,873
10,224
10,257
10,826
11,446
12,518
12,753
13,130
8,936
4,275
4,768
4,987
5,309
5,607
5,890
5,749
5,393
583
595
455
450
456
537
607
495
"730'
736
865
738
972
726
y
Reserve City
Banks
1929—Dec. 31
1933—June 30
1939—Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942—Apr. 4
June 30
7,387
2,775
16,419
5,038
2,965
2,664
2,385
2,650
2,977
3,415
3,652
1J46'
1^275
1,324
1,615
1,751
1,679
1,515
4,572" 1,166
222
478
579
634
695
651
729
773
623
758
680
693
695
788
796
830
796
781
13,841 12,547 1,855 2,144 2,056
5,420 1,071
593
701
96
87
162
177
188
190
182
207
164
96
138
170
167
186
188
193
187
188
166
186
1,128
806
448
598
890
981
984
979
956
941
925
811
954
821
627
581
2,546
1,549
1,236
1,144
1,102
1,047
1,028
1.005
1,013
956
9
430
167
121
499
21
787
193
117
451
19
251
8
5
5
6
61
41
23
42
36
48
533
251
66
61
54
55
52
21
69
17
16
17
21
21
30
13
16
19
20
22
623
267
60
62
84
101
96
3
29
50
22
6
34
32
23
••y6
15
""6
y
2^100'
2,134
2,436
2,879
3,206
2,717 43,175 37,546 4,363 6,285 5,409 18,948 2,540
6
3
8
658
168
126
155
156
153
202
250
3,103 "215'>
22l"
176
263
175
300
664
108
119
87
115
100
114
469
458
468
536
554
2,091
3,709
6,043
6,815
7,527
8,715
8,823
8,950
9,953
309
610
34
1,112
330
2,551
315
4,772
421
5,486
207
6,044
577
7,268
311
7,265
7,381
8,550 "402'
116
384
23
309
166
987
797
1,092
1,245
1,526
1,623
663
1
149
153
254
297
417
256
2
57
397
19
82
176
161
145
125
153
90
181
162
1^068'
80
3,141
2,789
637
391
1,282
83
2,775 1,538
1,340 1,131
222 1,335
210 1,372
207 1,436
198 1,477
194 1,527
3,937
1,777
1,177
1,230
1,322
1,466
1,512
2,944
4,011
6,943
6,795
7,081
7,515
8,243
8,616
9,971
25
1,368
165
66
73
681
131
2,483
63
819
5,194
87
839
4,947
103
771
5,204
73
606
5,700
295
751
6,467
6,832
8,188 "579' "674" "981'
1,112
1,597
3,339
3,052
3,281
3,858
4,248
6,810
177
i,524
1,315
153
1,486
1,119 14,813 13,038 1,441 2,253 1,723
M51
1,187
1,267
1,377
1,431
201
35
163
174
187
216
245
495
546
590
555
659
291
25
20
17
21
17
20
l',3U
198
"562"
16
772
17
2,231 1,462
1,117 1,055
224 1,477
208 1,544
201 1,644
195 1,739
183 1,823
4,750
2,043
1,238
1,311
1,400
1,507
1,530
169
1,834
1,299
161
1,797 1,066
Y
1,226
94
97
701
710
752
803
903
172
134
112
138
119
108
90
97
2,957
926
1,203
1,258
1,307
1,483
1,430
1,490
1,858 "357"
i52 " ' 7 8 '
y
889
1,536
1,602
1.681
1,861
1,806
1,883
2,210
290
S
V
Dec. 31
1,257 2,145
759 1,044
4,528
3,297
2,959
2,873
2,970
2,867
2,871
2,831
2,840
2,917
1,099
66
697
3,423
1,393
1,744
2,692
2,888
3,013
2,984
3,090
3,173
2,934
169
157
133
137
130
129
123
2,546
V
538
934
3,094
520
2,049 3,725
2,223 8,398
2,543 8,261
2,594 9,091
2,631 10 481
3,007 11,729
3,144'
3,121
3,486
3,839
3,832
3,471
3,546' 14,485' 2,685
188
188
190
186
169
y
365
417
476
609
711
97
2,463 7,685 3,191 12,229 9,784 3,863
152
554
953 3,752 2,372
5,187 11,928 6,887
559
700 2,957
563
790
2,944 19,979 14,328
668 3,069 3,062 20,482 14,722
797
447
652 3,228 3,273 21,805 15,823
652
642
635 3,365 3,609 23,930 18,078 1,127
575
598 3,494 3,692 25,500 19,539
594
971
26,453 20,449
562 3,501 '3,203' 29,872 24,098 1,509 1,872'
554
611
320
465
422
412
195
364
120
103
100
97
91
1,768
1,801
2,025
2,405
2,716
V
1,089
Obligations
of
States
Other
and
CertiGuar- politi- secuficates
anof
cal
Total
rities
in- Notes Bonds teed
Bills
subdebtdiviedsions
ness
Direct
4,439
3,598
5,456
5,270
5,517
5,839
6,628
7,004
7,737
1,267
1,469
3,159
3,030
3,269
3,627
4,377
4,746
5,502
11,380
9,172
37
2
31
36
45
60
110
171
671
59
63
171
5,U9
"972
969
1,049
1,162
1,173
1,051
999
299
431
451
433
374
481
1,106
1,972 "725"
695
1,849
710
2,081
788
2,404
861
2,926
657
3,696
797
624
1,061
1,097
1,146
1,165
1,222
1,253
1,222
1,251 1,240
5,436
574
1,252
355
930
860
868
893
836
820
844
858
1
Classifications indicated were revised as of Dec. 31, 1938; for explanation see BULLETIN for January 1939, pp. 22-23, and BULLETIN for April 1939,
pp. 259-264, 332. Further revision of loan classification made Dec. 31, 1942; for explanation see p. 300 of the BULLETIN for April 1943. Beginning June
30, 1939,
detailed classifications available on June and December dates only.
2
Not shown in call reports prior to December 1938.
3
Figures in this column prior to Dec. 31, 1938, represent all loans on securities, regardless of purpose, excepting only loans on securities to banks and
to brokers
and dealers.
4
This is a residual item and includes loans to banks. Because of the revised loan classifications, figures beginning Dec. 31, 1938, are not comparable
with5 earlier figures.
Central reserve city banks.
Back figures—See Annual Report for 1937 (tables 52-58).
64O
FEDERAL RESERVE BULLETIN
CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES
[In mi llions of dollars 1
Time deposits,
except interbank
Demand deposits,
except interbank
Call date
Total—A11
Member Banks
1929-Dec. 31
1933—June 30
1939-Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942—Apr. 4
Reserves
with
Federal
Reserve
Banks
Cash
in
vault
Balances
with
domestic
banks 1
Demand
deCertiIndiposits viduals, States
fied
adand
partner- and
justed 2 ships, political offi-
Individuals,
U . S . partnerGov- ships,
and cor- subdi- cers' ment and corporapora- visions checks
etc.
tions
tions
2,374
2,235
11,604
13,751
13,992
12,959
12,396
12,725
12,295
13,072
558
405
841
789
991
999
1,087
884
1,022
1,019
2,168
2,008
5,506
5,751
6,185
6,293
6,246
e
6,276
5,770
6,147
16,647
12,089
25,681
27,877
30,429
32,678
33,754
34,670
36,966
42,570
17,526
11,830
24,604
26,397
29,576
31,429
33,061
32,602
35,646
42,139
1,335
1,087
2,321
2,529
2,724
2,940
3,066
3,285
3,230
3,318
1,681
827
846
5,915
7,072
7,057
5,'857
5,105
5,236
4,762
4,388
68
46
89
88
102
136
93
81
88
72
179
101
125
119
122
131
141
6
192
103
82
4,750
4,358
8,899
10,235
11,062
11,619
10,761
11,335
11,711
11,899
5,847
4,676
9,030
10,283
11,357
11,895
11,282
11,235
12,014
12,501
128
96
251
258
370
319
319
296
271
263
1,180
461
178
147
471
306
450
154
273
448
4,186
671
693
732
768
778
778
751
717
711
Chicago*
1929-Dec. 31
1933—June 30
1939—Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942—Apr. 4
June 30
Dec. 31
169
232
993
1,187
1,051
1,062
1,021
1,088
973
902
13
34.
42
39
42
41
43
27
43
39
133
203
283
242
319
262
298
C
285
220
164
957
912
1,739
1,898
1,941
2,205
2,215
1,919
2,379
2,557
1,041
1,676
1,782
1,905
2,109
2,152
1,886
2,292
2,588
42
87
167
199
174
213
233
203
226
178
32
16
24
17
27
33
34
31
24
38
8
46
80
79
90
95
127
296
201
665
Reserve City
Banks
1929—Dec. 31
1933—June 30
1939—Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942—Apr. 4
June 30
Dec. 31
751
705
3,118
3,759
4,027
4,125
4,060
4,221
4,254
4,940
156
122
348
334
396
385
425
348
357
365
947
1,002
2,485
2,679
2,741
2,793
2,590
e
2,7O5
2,279
2,202
5,229
3,764
8,176
8,774
9,581
10,480
11,117
11,689
12,515
14,849
5,547
3,708
8,002
8,372
9,468
10,142
11,127
11,105
12,199
15,061
423
349
813
956
995
300
108
190
147
228
209
286
202
218
385
76
312
435
422
327
341
491
633
422
Country
Banks
1929—Dec. 31
1933—June 30
1939—Dec. 30
1940 - J u n e 29
Dec. 31
1941—June 30
Dec. 31
1942—Apr. 4
June 30
Dec. 31
627
452
1,578
1,733
1,857
1,914
2,210
2,180
2,306
2,842
321
203
363
328
452
437
526
429
533
542
908
702
2,614
2,711
3,002
3,106
3,216
e
3,093
3,168
3,699
5,711
3,054
6,866
6,969
7,845
8,374
9,661
9,726
5,091
2,576
5,896
5,960
6,846
7,282
8,500
8,376
9,141
11,989
June 30
Dec. 31
657
563
475
913
738
1,009
589
711
1,142
143
806
743
711
616
619
1,709
2,164
1,724
7,923
States
and
polit-
Interbank
deposits
U.S.
Government
Domestic
banks
subdi- Postal
Devisions Sav- mand
3
ings
Borrowings
Capital
accounts
6,709
4,837
5,522
5,608
5,698
5,800
5,886
5,930
5,991
6,101
Foreign
banks
Time
12,267
7,803
11,215
11,459
11,687
11,898
11,878
11,520
11,673
12,366
595
300
432
410
435
397
418
395
400
332
122
788
51
59
56
55
50
49
49
56
3,517
3,057
8,507
8,852
9,581
9,610
9,714
e
9,650
9,110
10,101
95
89
144
134
135
138
133
C
118
109
82 ,
698
146
759
703
706
688
678
e
641
752
816
879
191
3
3
3
3
4
14
6
1,112
33
4
43
29
51
27
29
25
17
23
18
110
1,198
1,255
3,542
3,840
4,032
3,948
3,595
e
3,383
3,284
3,209
40
22
1
597
128
695
650
646
623
612
e
576
683
179
8
332
358
483
489
496
480
476
455
460
453
58
1
10
15
8
17
2
6
3
5
5
5
19
2
310
259
879
949
997
1,010
1,027
e
l,253
1,028
1,105
4,433
2,941
4,362
4,422
4,506
4,590
4,542
4,366
4,454
4,805
371
208
240
219
226
211
243
224
239
169
41
388
14
18
19
19
20
18
18
22
1,604
1,315
3,516
3,526
3,919
4,000
4,302
e
4,235
4,052
4,831
30
59
117
105
106
108
103
e
90
82
62
64
15
53
44
51
55
55
6
54
57
65
6,390
3,833
5,677
5,816
5,917
6,049
6,082
5,948
6,042
6,397
133
86
140
147
150
143
146
145
143
140
61
285
35
37
33
31
31
30
31
32
405
228
571
538
633
652
790
e
779
747
957
6
26
29
29
30
30
C
28
27
20
3
1
2
2
2
2
2
e
2
3
4
5
New York
City*
1929—Dec. 31
1933—June 30
1939—Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942—Apr. 4
June 30
Dec. 31
20
332
74
67
48
32
866
967
863
""4"
3
736
2,105
1,582
1,592
1,599
1,615
1^625
1,648
1,655
1,698
1,727
City of
10,360
13,265
870
1,139
1,144
1,313
1,304
1,319
742
555
1,090
1,115
1,184
1,269
1,370
1,473
1,429
1,558
169
72
172
164
187
190
239
202
196
272
1,982
39
116
154
143
151
151
225
269
237
1,090
33
2
9
7
41
316
204
250
26C
270
279
288
289
293
304
292
16
2,029
1,533
1,828
1,873
1,904
1,940
1,967
1,981
1,985
2,028
8
8
8
eg
10
12
7
6
""2"
367
167
3
3
3
3
4
4
3
3
2,258
1,517
1,851
1,876
1,909
1,956
1,982
2,005
2,014
2,042
* Partly estimated.
1 Beginning June 30, 1942, excludes reciprocal bank balances which on that date aggregated $600,000,000 (revised). Prior to Dec. 31, 1935, excludes
balances with private banks to the extent that they were then reported in "Other assets." Since Oct. 25,1933, includes time balances with domestic
banks which on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets."
2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31, 1935, less
cash items reported on hand but not in process of collection.
3 Beginning June 30, 1942, excludes reciprocal bank balances.
4 Central reserve city banks.
Back figures.—See Annual Report for 1937 (tables 52-58).
JULY 1943
641
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars]
Investments
Loans
Total
loans
and
invest- Total
ments
Date or month
Loans for purchasing
Com- or carrying securities
mercial,
Real- Loans Other
indus- To brokers
and dealers
to
estate
trial,
banks loans
loans
and
To
agriU.S. others
culGovt.
tural Total obligations
U. S. Government obligations
Total
Certi
Other
ficates
Guar- secuof
inrities
Total Bills debt- Notes Bonds anteed
edness
Total—101 Cities
1942—May.
31,493
10,996
7,025
481
402
1,245
27
1,816
20,497 16,859 1,170
678
2,344
1943—January
February....
March
April
May
41,383
41,475
41,784
43,449
46,958
9,826
9,724
9,502
10,013
10,261
604
6,183
624
6,097
574
5,981
5,822 1,153
5,757 1,334
360
350
339
422
565
1,191
1,180
1,170
1,160
1,154
33
56
58
88
91
1,455
1,417
1,380
1,368
1,360
31,557
31,751
32,282
33,436
36,697
4,226
4,255
4,340
r
4,418
5,334
5,012
5,049
5,006
r
5,508
6,821
4,113
4,080
4,146
4,199
4,189
5,912
28,270
28,484
29,021
30,217
33,609
9,998 2,669
12,999
13,192
13,602
14,123
15,437
3,638
1,920
1,908
1,927
1,969
1,828
3,287
3,267
3,261
3,219
3,088
13,821 1,940
3,229
41,391
9,456
617
344
1,162
54
1,367
31,935 28,706 3,755 4,993 4,197
Apr.
Apr.
Apr.
Apr.
7
14
21
28
41,646
42,250
44,127
45,772
9,435
9,564
10,414
10,637
665
5,825
814
5,806
5,805 1,482
5,850 1,652
343
354
487
504
1,160
1,160
1,159
1,161
83
82
105
83
1,359
1,348
1,376
1,387
32,211
32,686
33,713
35,135
28,998
29,475
30,487
31,909
3,911
4,149
4,773
r
4,840
4,220
4,192
4,195
r
4,188
13,913
14,040
14,182
r
14,357
1,947
1,954
1,984
1,992
3,213
3,211
3,226
3,226
May
May
May
May
5. .
12
19. .
26.
46,108
47,289
47,368
47,068
10,674
10,394
10,074
9,901
5,808
5,767
5,745
5,707
1,586
1,394
1,198
1,156
617
585
553
506
1,156
1,155
1,153
1,152
121
118
75
49
1,386
1,375
1,350
1,331
35,434
36,895
37,294
37,167
32,331
33,799
34,215
34,093
r
4,947 rr6,708 rr4,186
r
5,343 r6,814 r4,180
r
r
l4,655
r
15,628
r
15,726 1,825
15,739 1,818
1,835
1,834
3,103
3,096
3,079
3,074
June 2
June 9
June 16.
June 23.
47,182
46,808
. 46,965
46,147
9,788
9,590
9,649
9,454
5,662 1,046
5,637
983
5,625 1,019
5,565 927
491
465
438
432
1,150
1,150
1,144
1,153
94
33
95
46
1,345
1,322
1,328
1,331
37,394
37,218
37,316
36,693
34,317
34,141
34,251
33,631
New York City
1942—May
12,696
3,756
2,682
148
103
24
436
8,940
1943—January
February....
March
April
May.
16,409
16,163
16,230
17,025
18,272
3,545
3,556
3,441
3,906
4,156
2,428
486
2,430
506
2,379
456
2,298
965
2,248 1,132
"622"
718
161
158
146
195
314
99
98
98
98
98
32
38
44
36
49
339
326
318
314
315
12,864
12,607
12,789
13,119
14,116
1943-Mar. 31.. .. 16,164
1943-Mar. 31
363
5,007
5,140
5,353
r
6,532
5,583 6,880 4,201
5,463 6,883 4,190
5,636
5,346
5,804
5,195
6,883
6,910
6,923
6,965
4,188
4,179
3,954
3,906
15,760
15,814
15,683
15,687
1,850
1,892
1,887
1,878
3,077
3,077
3,065
3,062
7,559
358
329
1,431
3,996
1,445
1,381
11,703
11,460
11,635
12,007
13,130
1,976
1,851
1,814
1,641
2,019
2,074
2,010
1,966
2,175
2,500
1,890
1,821
1,845
1,888
1,858
995
4,768
984
4,794
5,010 1,000
5,285 1,018
935
5,818
1,161
1,147
1,154
1,112
986
3,440
2,340
497
194
151
98
39
315
12,724 11,593 1,601 2,004 1,883
5,100 1,005
1,131
Apr.
Apr.
Apr.
Apr.
7
14
21
28.
16,196
16,340
17,524
18,038
3,443
3,554
4,246
4,380
2,302
536
2,301
665
2,286 1,262
2,301 1,396
217
328
910
1,031
151
152
234
242
98
98
98
99
41
26'
49
27
315
312
317
315
12,753
12,786
13,278
13,658
11,632
11,667
12,172
12,557
1,599
1,459
1,786
1,720
1,948
2,052
2,152
2,549
1,912
1,898
1,877
1,863
5,165
5,248
5,332
5,396
1,008
1,010
1,025
1,029
1,121
1,119
1,106
1,101
May
May
May
May
18,144
5.
12.. . 18,472
19
18,330
26.
18,142
4,422
4,245
4,015
3,942
2,272 1,330
2,252 1,188
2,243 1,020
2,225
991
941
788
584
560
337
327
312
281
98
99
98
98
69
63
26
35
316
316
316
312
13,722
14,227
14,315
14,200
12,727
13,235
13,334
13,222
1,816
2,045
2,152
2,062
2,507
2,484
2,500
2,509
1,869
1,868
1,874
1,822
5,582
5,890
5,878
5,922
953
948
930
907
995
992
981
978
June
June
June
June
2.
9.
16. .
23..
18,240
17,879
17,950
17,406
3,850
3,718
3,741
3,591
2,213
2,197
2,171
2,140
888
835
879
790
450
397
410
332
273
252
222
218
98
98
97
97
66
25
59
26
312
311
313
320
14,390
14,161
14,209
13,815
13,416
13,188
13,245
12,844
2,273
2,011
2,373
1,999
2,500
2,507
2,517
2,570
1,813
1,791
1,594
1,558
5,924
5,937
5.834
5,804
906
942
927
913
974
973
964
971
Outside
New York City
1942—May
18,797
7,240
4,343
118
254
1,142
3
1,380
11,557
9,300
812
349
913
6,002 1,224
2,257
1943—January
24,974
February.... 25,312
March
25,554
April
26,424
May
28,686
6,281
6,168
6,061
6,107
6,105
3,755
3,667
3,602
3,524
3,509
118
118
118
188
202
199
192
193
227
251
1,092
1,082
1,072
1,062
1,056
1
18
14
52
42
1,116
1,091
1,062
1,054
1,045
18,693
19,144
19,493
20,317
22,581
16,567
17,024
17,386
18,210
20,479
2,250
2,404
2,526
r
2,777
3,315
2,938
3,039
3,040
r
3,333
4,321
2,223
2,259
2,301
2,311
2,331
8,231
8,398
8,592
8,838
9,619
925
924
927
951
893
2,126
2,120
2,107
2,107
2,102
1943—Mar. 31. .
25,227
6,016
3,572
120
193
1,064
15
1,052
19,211 17,113 2,154 2,989 2,314
8,721
935
2,098
Apr. 7
Apr. 14
Apr. 21
Apr. 2 8 . .
25,450
25,910
26,603
27,734
5,992
6,010
6,168
6,257
3,523
3,505
3,519
3,549
129
149
220
256
192
202
253
262
1,062
1,062
1,061
1,062
42
56
56
56
1,044
1,036
1,059
1,072
19,458
19,900
20,435
21,477
17,366
17,808
18,315
19,352
2,312
2,690
2,987
r
3,120
2,308
2,294
2,318
r
2,325
8,748
8,792
8,850
r
8,961
939
944
959
963
2,092
2,092
2,120
2,125
May
May
May
May
5. .
27,964
12.. . 28,817
19
29,038
26. .
28,926
6,252
6,149
6,059
5,959
3,536
3,515
3,502
3,482
256
206
178
165
280
258
241
225
1,058
1,056
1,055
1,054
52
55
49
14
1,070
1,059
1,034
1,019
21,712
22,668
22,979
22,967
19,604
20,564
20,881
20,871
r
3,131 r4,201 r2,317
r
3,298 rr4,330 rr2,312
r
r
9,073
r
9,738
r
9,848
9,817
882
886
895
911
2,108
2,104
2,098
2,096
Tune
June
June
June
2.
28,942
9.
28,929
16. . . 29,015
23
28,741
5,938
5,872
5,908
5,863
3,449
3,440
3,454
3,425
158
148
140
137
218
213
216
214
1,052
1,052
1,047
1,056
28
8
36
20
1,03*3
1,011
1,015
1,011
23,004
23,057
23,107
22,878
20,901
20,953
21,006
20,787
9,836
9,877
9,849
9,883
944
950
960
965
2,103
2,104
2,101
2,091
3,059
3,088
3,201
r
3,983
3,431 4,380 2,327
3,401 4,374 2,368
3,363
3,335
3,431
3,196
4,383
4,403
4,406
4,395
2,375
2,388
2,360
2,348
" Revised.
NOTE.—For description of figures see BULLETIN for November 1935 (pp. 711-738) or reprint, and BULLETIN for June 1937 (pp. 530-531). For back figures
see BULLETIN for November 1935 (pp. 711-738) or reprint, BULLETIN for December 1935 (p. 876), Annual Report for 1937 (tables 65-67), and correspondini
tables in previous Annual Reports.
64Z
FEDERAL RESERVE BULLETIN
WEEKLY R E P O R T I N G MEMBER BANKS—NEW Y O R K CITY A N D OUTSIDE
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Time deposits,
except interbank
Demand deposits,
except interbank
Reserves
with Cash
Fedin
eral
vault
Reserve
Banks
Date or month
Balances
Demand
Individuals,
partnerships,
and
corporations
with
dedo-,
posits
mestic
adbanks justed 1
States Certiand
fied
U.S.
politand
Govical
offiernsubcers'
ment
divi- checks
sions
etc.
Individuals,
partnerships,
and
corporations
Interbank
deposits
Domestic
.S.
Cap- Bank
banks
States U
BorGovitai
and
debrowernacpolit- ment
For- ings counts
its*
ical
eign
and
sub- 'ostal
banks
Dedivimand Time
sions Savings
Total 101 Cities
1942—May
9,711
514
3,335
25,250
24,582
2,068
521
1,510
4,921
189
20
8,806
88
660
4
3,947
9,688
1943—January
February
March
April
May.
9,786
9,412
9,476
9,020
8,381
524
516
519
522
520
2,679
2,557
2,589
2,594
2,516
29,215
30,412
31,956
31,591
30,354
29,143
30,290
31,837
31,659
30,377
1,781
1,854
1,861
1,855
1,783
612
577
626
706
721
5,794
4,240
2,708
4,271
8,748
5,218
5,284
5,344
5,382
5,419
101
108
96
107
117
28
28
29
30
31
9,361
9,204
9,448
9,372
8,897
61
59
57
55
54
727
729
739
728
738
8
35
51
83
86
4,026
4,042
4,054
4,067
4,095
10,856
10,579
11,716
13,372
12,544
1943-Mar. 3 1 . .
..
9,224
500
2,488
31,848
31,815
1,913
614
2,266
5,361
89
29
9,139
56
750
102
4,059
12,550
Apr.
Apr.
Apr.
Apr.
7
14
21
28.
9,544
9,285
8,642
8,608
490
526
516
556
2,482
2,618
2,658
2,618
32,955
32,996
30,313
30,098
32,725
33,427
30,370
30,112
1,899
1,850
1,782
1,890
670
749
715
692
1,408
1,639
5,995
8,044
5,396
5,384
5,367
5,381
96
99
117
115
29
30
30
31
9,439
9,708
9,248
9,092
56
55
55
56
725
726
727
733
79
58
110
84
4,066
4,067
4,069
4,067
11,553
13,214
16,763
11,957
May
May
May
May
5. .
12
19
26
8,284
8,333
8,419
8,489
510
527
508
533
2,542
2,567
2,491
2,461
29,528
30,051
30,652
31,185
29,423
30,293
30,719
31,072
1,761
1,767
1,766
1,837
856
682
740
608
8,496
9,342
8,861
8,294
5,381
5,406
5,435
5,454
116
118
117
117
31
31
31
31
9,112
8,935
8,869
8,673
52
54
54
55
724
734
742
751
92
134
71
46
4,088
4,092
4,099
4,100
14,669
11,597
12,304
11,607
June 2.
June 9.
June 16.
J une 23.
8,570
8,694
8,894
8,677
504
538
558
531
2,410
2,335
2,441
2,308
31,386
32,061
32,787
32,472
31,395
31,890
33,064
32,383
1,838
1,794
1,793
1,756
668
625
740
677
7,981
7,029
6,358
5,764
5,480
5,485
5,494
5,529
121
117
117
119
32
34
34
35
8,826
8,823
9,106
8,773
53
53
51
50
755
763
760
765
82
21
82
41
4,112
4,119
4,120
4,118
11,211
10,847
12,493
12,083
1942—May.
4,482
80
84
10,347
10,459
296
288
998
656
20
3,224
592
1
1,546
3,898
1943 —January
February
March
April
May.
3,973
3,655
3,610
3,271
3,038
78
80
78
80
80
28
23
38
31
30
11,091
11,574
12,444
12,219
11,387
11,370
11,850
12,748
12,556
11,670
216
218
217
217
222
349
313
319
390
455
3,326
2,372
1,436
2,083
4,130
656
663
673
674
672
19
22
18
19
18
3,161
3,052
3,101
3,096
2,904
"i"
651
650
657
646
655
5
33
39
79
74
1,566
1,576
1,578
1,581
1,596
4,406
4,486
4,687
5,792
5,522
New York City
1943—Mar. 31
1
1
3,638
76
68
12,875
13,311
226
293
1,170
681
19
2,894
1
666
50
1,579
4,924
Apr.
Apr.
Apr.
Apr.
7 ..
14
21
28.
3,594
3,352
3,031
3,107
78
84
77
84
40
27
26
31
13,090
13,017
11,421
11,346
13,316
13,497
11,736
11,675
222
223
194
230
393
386
410
371
699
583
3,165
3,886
687
677
658
675
19
19
20
19
3,096
3,222
3,044
3,024
1
1
1
1
645
645
644
648
78
56
104
76
1,581
1,581
1,582
1,578
5,035
5,530
7,870
4,733
May
May
May
May
5. .
12.
19.
26.
2,973
3,027
3,085
3,068
78
82
77
83
23
24
27
47
11,140
11,250
11,450
11,708
11,342
11,617
11,764
11,958
230
219
219
221
565
418
486
349
4,124
4,385
4,143
3,867
668
668
677
677
17
19
19
19
2,968
2,937
2,924
2,785
1
1
1
1
641
652
659
668
88
116
66
24
1,592
1,593
1,601
1,600
6,638
5 266
5,250
4,933
June 2.
June 9.
June 16.
June 23.
3,089
3,169
3,204
3,176
79
84
86
79
32
21
26
23
11,850
12,070
12,251
12,105
12,184
12,331
12,628
12,395
212
195
194
194
341
356
386
343
3,709
3,232
2,915
2,617
688
687
692
705
18
16
16
17
2,841
2,850
2,988
2,872
1
1
1
1
669
677
677
678
66
15
79
32
1,605
1,611
1,615
1,609
4,764
4,691
5,297
4,978
Outside
New York City
1942—May.
5,229
434
3,251
14,903
14,123
1,772
233
512
4,265
169
20
5,582
88
68
3
2,401
5,790
1943—January
February
March
April
May.
5,813
5,757
5,866
5,749
5,343
446
436
441
442
440
2,651
2,534
2,551
2,563
2,486
18,124
18,838
19,512
19,372
18,967
17,773
18,440
19,089
19,103
18,707
1,565
1,636
1,644
1,638
1,561
263
264
307
316
266
2,468
1,868
1,272
2,188
4,618
4,562
4,621
4,671
4,708
4,747
82
86
78
88
99
28
28
29
30
31
6,200
6,152
6,347
6,276
5,993
61
59
56
54
53
76
79
82
82
83
3
2
12
4
12
2,460
2,466
2,476
2,486
2,499
6,450
6,093
7,029
7,580
7,022
1943—Mar. 31
5,586
18,973
18,504
1,687
321
1,096
4,680
70
29
6,245
55
84
52
2,480
7,626
4,709
4,707
4,709
4,706
77
80
97
96
29
30
30
31
6,343
6,486
6,204
6,068
55
54
54
55
80
81
83
85
1
2
6
8
2,485
2,486
2,487
2,489
6,518
7,684
8,893
424
2,420
Apr.
Apr.
Apr.
Apr.
7
14
21
28.
5,950
5,933
5,61
5,50
412
442
439
472
2,442
2,591
2,632
2,587
19,865
19,979
18,892
18,752
19,409
19,930
18,634
18,437
1,677
1,627
1,588
1,660
277
363
305
321
709
1,056
2,830
4,158
May
May
May
May
5
12..
19
26.
5,31
5,306
5,334
5,42
432
445
431
450
2,519
2,543
2,464
2,414
18,388
18,801
19,202
19,477
18,081
18,676
18,955
19,114
1,531
1,548
1,547
1,616
291
264
254
259
4,372
4,957
4,718
4,427
4,713
4,738
4,758
4,777
99
99
98
98
31
31
31
31
6,144
5,998
5,945
5,888
51
53
53
54
83
82
83
83
4
18
5
22
2,496
2,499
2,498
2,500
8,031
6,331
7,054
6,674
June
June
June
June
2.
9.
16.
23.
5,48
5,525
5,69(
5,50
425
454
472
452
2,378
2,314
2,415
2,285
19,536
19,991
20,536
20,367
19,211
19,559
20,436
19,988
1,626
1,599
1,599
1,562
327
269
354
334
4,272
3,797
3,443
3,147
4,792
4,798
4,802
4,824
103
101
101
102
32
34
34
35
5,985
5,973
6,118
5,901
52
52
50
49
86
86
83
87
16
6
3
9
2,507
2,508
2,505
2,509
6,447
6,156
7,196
7,105
7,224
1
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
2 Debits to demand deposit accounts except interbank and U. S. Government accounts.
JULY
1943
643
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[In millions of dollars]
Loans
Federal Reserve
district and date
(1943)
Boston (6 cities)
May 26
June 2
June 9
June 16
June 23
New York (8 cities)*
May 26
June 2
June 9
June 16
June 23
Philadelphia (4 cities)
May 26
June 2
June 9
June 16
June 23
Cleveland (10 cities)
May 26
June 2
June 9
June 16
June 23
Richmond (12 cities)
May 26
Tune 2
June 9
June 16
June 23
Atlanta (8 cities)
May 26
Tune 2
June 9
June 16
June 23
Chicago (12 cities)*
May 26
June 2
June 9
June 16
June 23
St. Louis (5 cities)
May 26
June 2
June 9
June 16
June 23
Minneapolis (8 cities)
May 26
June 2
June 9
June 16
June 23
Kansas City (12 cities)
May 26
June 2
June 9
June 16
June 23
Dallas (9 cities)
May 26
June 2
June 9
June 16
June 23
San Francisco (7 cities)
May 26
June 2
June 9
June 16
June 23
City of Chicago*
May 26
June 2
June 9
June 16
June 23
Total
loans
and
investments
Total
Commercial,
industrial,
and
agricultural
Investments
Loans for
purchasing
or carrying
secur'H*151
U. S. Government obligations
Real- Loans Other
to
estate
Total
To
loans banks loans
brokers
To
and others
dealers
2,581
2,578
2,561
2,554
2,535
600
597
594
608
589
384
379
377
375
372
18
20
21
17
21
12
12
12
12
12
69
69
70
69
69
19,715
19,798
19,448
19,503
18,947
4,272
4,179
4,046
4,071
3,919
2,363
2,351
2,334
2,311
2,278
994
891
838
882
793
314
305
284
253
249
182
182
182
181
180
2,139
2,126
2,117
2,136
2,091
445
438
439
443
435
239
236
234
236
233
35
33
32
34
31
11
11
11
11
11
44
44
44
45
44
"5"
5
5
3,616
3,636
3,644
3,661
3,668 1
745
741
728
731
731
378
374
377
373
373
25
25
19
16
16
14
14
13
16
16
173
173
172
168
168
1,488
1,488
1,487
1,474
1,461
249
245
241
242
240
118
117
115
115
113
7
4
3
3
3
12
12
11
12
11
51
51
51
51
52
1,394
1,394
1,397
1,399
1,389
294
291
285
285
286
177
175
171
172
170
4
4
4
5
4
10
9
9
9
9
26
26
26
25
7,056
7,069
7,063
7,110
6,980
1,228
1,228
1,209
1,220
1,211
873
865
865
873
864
43
43
39
40
38
1,401
1,414
1,390
1,422
1,397
343
343
342
343
342
204
202
204
205
204
861
864
876
867
849
179
177
177
177
175
1,513
1,498
1,502
1,509
1,501
1
1
Total
Certificates
of
Bills
in- Notes Bonds
debtedness
Guaranteed
Other
securities
116
116
114
115
115
1,981
1,981
1,967
1,946
1,946
1,873
1,872
1,858
1,835
1,833
318
312
282
275
270
440
439
437
444
444
187
187
185
177
176
858
863
882
867
870
70
71
72
72
73
108
109
109
111
113
35
66
25
59
26
384
384
383
385
393
15,443
15,619
15,402
15,432
15,028
14,366
14,546
14,330
14,369
13,958
2,246
2,443
2,191
2,543
2,164
2,714
2,705
2,712
2,715
2,766
1,957
1,950
1,930
1,734
1,694
6,507
6,506
6,519
6,414
6,385
942
942
978
963
949
1,077
1,073
1 072
1 063
1,070
2
114
114
113
112
111
1,694
1,688
1,678
1,693
1,656
1,487
1,48C
1.47C
1,486
1,449
294
283
264
279
240
303
302
305
308
307
118
120
124
120
122
699
702
700
702
707
73
73
77
77
73
207
208
208
207
207
146
146
147
149
145
2,871
2,895
2,916
2,930
2,937
2,610
2,633
2,651
2,667
2,673
364
380
397
414
418
435
435
433
435
436
332
346
348
340
339
1,350
1,343
1,344
1,349
1,351
129
129
129
129
129
261
262
265
263
264
61
61
61
61
61
1,239
1,243
1,246
1,232
1,221
1,174
1,176
1,180
1,166
1,155
185
174
170
163
151
217
232
237
242
247
137
128
128
126
126
587
593
596
587
583
48
49
49
48
48
65
67
66
66
66
1,100
1,103
1,112
1,114
1,103
988
990
999
27
77
76
74
74
76
990
135
133
141
147
137
261
255
255
252
251
132
134
134
143
143
409
417
418
406
405
51
51
51
53
54
112
113
113
113
113
63
60
58
59
58
135
134
134
134
141
114
113
113
114
110
5,828
5,841
5,854
5,890
5,769
5,241
5,252
5,264
5,302
5,187
880
889
897
941
824
1,258
1,261
1,260
1,259
1,240
592
586
586
580
579
2,293
2,291
2,293
2,294
2,308
218
225
228
228
236
587
589
590
588
582
4
4
4
4
4
10
9
9
9
9
66
66
66
66
66
59
60
59
59
59
1,058
1,071
1,048
1,079
1,055
937
950
927
958
934
127
136
114
149
122
221
222
218
218
219
112
112
115
110
109
441
446
446
447
450
36
34
34
34
34
121
121
121
121
121
109
107
107
107
106
2
1
2
1
1
5
5
5
5
5
14
14
14
14
14
47
48
47
48
47
682
687
699
690
674
641
645
658
648
632
124
127
134
131
115
129
129
128
127
127
60
61
62
58
57
301
301
306
304
306
27
27
28
28
27
41
42
41
42
42
317
315
314
319
321
212
209
210
213
213
3
3
3
4
3
8
8
8
8
8
33
33
33
34
36
61
62
60
60
61
1,196
1,183
1,188
1,190
1,180
1,064
1,052
1,057
1,059
1,055
199
178
180
183
173
217
221
221
219
226
175
175
176
176
176
415
420
423
423
422
58
58
57
58
58
132
131
131
131
125
1,186
1,196
1,202
1,193
1,187
284
285
284
280
280
204
204
204
202
200
2
2
2
2
2
16
16
16
15
16
19
19
19
19
19
43
44
43
42
43
902
911
918
913
907
846
855
863
858
852
123
127
128
125
119
199
201
210
209
209
109
109
108
106
106
365
366
367
360
359
50
52
50
58
59
56
56
55
55
55
4,118
4,121
4,121
4,137
4,142
945
949
931
930
925
446
443
439
443
439
19
16
16
11
11
31
30
29
29
28
340
339
339
338
337
109
121
108
109
110
3,173
3,172
3,190
3,207
3,217
2,866
2,866
2,884
2,902
2,913
468
454
448
454
462
489
481
494
495
493
279
280
283
284
279
1,514
1,512
',530
1,541
116
139
139
139
138
307
306
306
305
304
4,472
4,443
4,451
4,467
4,349
797
802
784
792
780
630
626
626
632
624
37
37
33
34
32
51
48
47
47
47
13
13
13
23
23
56
55
55
56
54
3,675
3,641
3,667
3,675
3,569
3,282
3,246
3,^71
3,281
3,181
567
544
570
579
481
818
817
817
817
797
404
401
402
400
399
1,424
1,418
1,416
1,419
1,430
69
66
66
66
74
393
395
396
394
388
20
9
9
9"
13
i1
"13"
2
2
2
2
2
2
"13"
1,001
520
* Separate figures for New York City are shown in the immediately preceding table, and for the city of Chicago in this table. The figures for the New
York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively.
644
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
RESERVES A N D LIABILITIES
[ In millions of dollars ]
Federal Reserve
district and date
(1943)
Boston (6 cities)
May 26
June 2
June 9
June 16
June 23
New York (8 cities)*
May 26
June 2
June 9
June 16
June 23
Philadelphia (4 cities)
May 26
June 2
June 9
June 16
June 23
Cleveland (10 cities)
May 26
June 2
June 9
June 16
June 23
Richmond (12 cities)
May 26
June 2
June 9
June 23
Atlanta (8 cities)
May 26
Tune 2
June 9
June 16
June 23
Chicago (12 cities)*
May 26
June 2
Tune 9
June 16
June 23
St. Louis (5 cities)
May 26
June 2
June 9
June 16
June 23
Minneapolis (8 cities)
May 26
June 2
June 9
June 16
June 23
Kansas City (12 cities)
May 26
Tune 2.-.
June 9
June 16
June 23
Dallas (9 cities)
Mav 26
Tune 2
Tune 9
June 16
June 23
San Francisco (7 cities
May 26
June 2
June 9
Tune 16
June 23
City of Chicago*
May 26
June 2
June 9
June 16
June 23
ReDeIndiBalserves
vidwith Cash ances mand
with
deuals,
Fedin
doposits
parteral
vault mestic
adnerRe1
serve
banks usted ships,
and
Sanks
corporations
Interbank
deposits
Time deposits,
except interbank
Demand deposits,
except interbank
States Certiand
fied
U.S.
politand
Govoffiical
erncers'
subment
divi- checks
0
etc.
sions
Individuals,
partnerships,
and
corporations
U.S.
States Govand
ernpolit- ment
ical
and
subdivi- Postal
Savsions
ings
Domestic
banks
ForDemand
Time
434
435
435
436
450
56
55
58
60
56
120
124
115
131
119
1,890
1,905
1,947
1,972
1,986
1,864
1,890
1,922
1,975
1,972
104
105
105
104
90
23
28
24
28
29
517
492
429
390
351
246
247
248
248
249
1
1
1
1
1
2
2
2
2
2
296
305
302
322
323
3,278
3,317
3,371
3,435
3,387
115
108
117
120
112
140
133
112
123
116
12,821
12,977
13,206
13,422
13,251
12,895
13,142
13,300
13,647
13,380
437
418
390
386
380
374
389
379
414
376
4,107
3,940
3,437
3,100
2,787
1,067
1,079
1,079
1,085
1,099
21
20
18
18
19
7
7
7
7
7
2,853
2,912
2,918
3,059
2,942
400
398
398
422
400
28
28
29
30
28
95
91
83
86
83
1,589
1,577
1,624
1,673
1,645
1,562
1,574
1,605
1,694
1 623
118
105
107
105
105
11
14
13
21
1&
371
356
311
279
254
161
162
159
158
158
2
2
2
2
2
360
365
353
380
360
•• j ' "
766
775
786
823
760
67
63
68
74
69
265
267
251
266
260
2,597
2,615
2^ 684
2,767
2,744
2,633
2,645
2' 688
2,837
2,764
118
116
114
113
112
34
40
38
64
39
457
441
396
356
328
752
750
749
750
753
48
53
51
51
51
488
509
496
521
501
14
14
14
14
13
284
291
290
305
288
35
33
35
36
35
179
168
170
186
171
1,017
1,010
1,041
1,060
1,051
997
982
1,003
1,028
M09
80
99
99
97
98
17
22
17
28
23
245
235
208
188
174
213
214
214
214
215
2
2
2
2
2
6
6
7
7
7
380
387
386
404
384
282
294
291
286
280
25
22
24
23
25
186
189
192
187
170
906
923
932
946
943
854
874
888
918
.894
130
128
127
125
128
8
8
7
10
12
216
206
184
166
152
214
215
216
216
218
2
2
2
2
2
4
4
4
4
4
1,282
1,306
1,318
1,350
1 325
97
93
100
104
97
479
454
421
438
415
4,863
4,860
4,945
5,082
5,024
4,781
4,776
4,821
5,031
4,902
365
374
360
361
373
48
51
54
73
76
1,100
1,070
943
854
790
1,057
1,063
1,065
1,065
1 070
3
3
3
3
2
290
257
280
258
274
19
18
19
19
19
108
115
117
119
116
758
754
815
849
860
784
786
840
886
880
60
61
59
62
63
9
15
9
9
9
206
198
178
157
141
199
200
200
201
201
1
1
143
152
146
151
151
10
9
10
10
10
87
88
82
84
78
520
537
549
562
551
490
503
510
522
506
78
82
81
96
91
7
7
7
8
7
166
158
139
126
114
113
114
114
114
115
353
360
369
366
346
21
19
20
20
21
290
288
295
304
279
1,011
997
1,028
1^058
l',030
987
981
1,010
1 061
l',022
125
121
120
118
114
18
20
17
16
16
173
166
148
136
123
151
151
152
152
152
279
285
283
293
271
22
19
21
21
21
269
249
252
263
246
939
935
948
974
952
934
939
947
990
958
56
62
60
58
53
17
28
16
17
20
182
173
155
140
129
698
700
727
769
745
38
37
37
41
38
243
244
245
254
255
2,274
2,296
2,342
2,422
2,435
2,291
2,303
2,356
2,475
2,473
166
167
172
168
149
42
46
44
52
52
740
793
814
826
827
42
42
44
44
43
211
192
172
174
169
2,941
2,948
3,026
3,077
3,054
2,956
2,955
3,000
3 079
3,022
170
175
176
181
189
20
27
26
35
33
Borrowings
Capital Bank
debac2
counts its
eign
banks
27
28
29
26
28
2
2
1
3
1
260
260
261
259
259
618
570
623
683
641
669
671
678
678
680
26
66
15
79
32
1,729
1,735
1,741
1,744
1,739
5,258
5,114
5,003
5,637
5,341
6
7
6
6
4
4
2
222
223
223
223
222
487
479
441
507
523
2
2
2
2
2
418
419
418
419
420
760
750
659
926
857
8
7
7
7
7
2
1
2
1
L
108
109
109
109
110
310
310
321
352
349
461
467
482
482
464
2
2
2
1
1
3
3
3
3
105
105
105
105
105
321
301
314
307
350
8
8
8
8
g
1,435
1,479
1,500
1,540
1,471
6
6
6
6
14
15
14
15
15
11
1
465
467
467
467
467
1,722
1,661
1,577
1,936
1,848
1
1
2
2
3
558
549
519
518
500
1
1
3
9
3
104
104
104
105
105
403
468
301
312
316
1
\
1
1
238
240
247
245
242
2
2
2
2
2
69
69
69
70
70
193
158
211
201
205
1
1
I
\
1
1
2
2
2
2
732
741
748
742
727
6
5
5
5
5
119
119
119
120
121
374
380
349
425
413
133
133
I34
134
135
7
7
8
8
9
1
1
1
1
1
421
427
438
438
423
2
2
2
2
2
96
97
97
98
99
290
257
241
294
310
554
546
501
466
421
1,148
1 152
l'l55
1,157
1,164
29
29
29
29
29
24
24
25
25
25
405
405
406
401
401
871
763
807
913
930
722
700
612
552
505
469
470
470
471
472
""i"
451
445
434
455
436
2
2
2
2
2
5
5
5
5
4
1
1
12
12
12
11
11
1,026
1,053
1,073
1,103
1,050
••y
1
1
2
1
1
1
12
13
13
13
13
10
304 1,013
305
969
933
306
305 1,129
305 1,095
' bee
See note on preceding page.
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Debits to demand deposit accounts except interbank and U. S. Government accounts.
1
2
JULY 1943
645
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
Commercial
paper
outstanding 1
End of month
Held by
Based on
Accepting banks
Total
outstanding
Imports
into
United
States
2
Total
Own
bills
Others
Bills
bought
Exports
from
United
States
1942—February
March
April
May
June
July
August
September
October
November
December
388
384
373
354
315
305
297
282
271
261
230
190
183
177
174
163
156
139
123
119
116
118
144
146
139
133
122
119
108
97
94
90
93
92
89
86
82
78
77
71
64
63
61
60
53
57
53
51
44
42
37
33
31
29
34
46
37
38
41
41
38
31
26
25
26
25
112
103
97
101
94
92
78
66
60
57
57
18
17
17
16
13
1943—January
February
March
April
May
220
209
201
179
160
120
127
130
128
136
95
102
101
99
105
60
64
62
61
65
35
38
39
38
40
24
25
29
29
31
57
60
69
71
79
12
14
12
9
Dollar
exchange
Goods stored in or
shipped between
points in
United
States
Foreign
countries
44
45
48
43
52
45
41
41
40
39
38
13
16
14
13
4
11
11
10
12
12
14
38
41
39
38
37
12
12
10
11
12
6
6
6
9
1
As reported by dealers; includes some finance company paper sold in open market.
None held by Federal Reserve Banks.
Less than $500,000.
Back figures.—See Annual Report for 1937 (table 70).
2
3
CUSTOMERS1 DEBIT BALANCES, MONEY BORROWED, A N D PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange.
Ledger balances in millions of dollars!
Credit balances
D e b i t balances
End of month
Customers'
debit
balances
(net)1
Debit
Debit
balances in balances in
partners'
firm
investment investment
and trading and trading
accounts
accounts
Customers'
credit balances 1
Cash on
hand
and in
banks
Money
borrowed 2
Free
Other
(net)
Other credit balances
In partners'
In firm
investment investment
and trading and trading
accounts
accounts
In capital
accounts
(net)
1936-June
December
1,267
1,395
67
64
164
164
219
249
985
1,048
276
342
86
103
24
30
14
12
420
424
1937—June
December
1,489
985
55
34
161
108
214
232
1,217
688
266
278
92
85
25
26
13
10
397
355
1938—June
December
774
991
27
32
88
106
215
190
495
754
258
247
89
60
22
22
11
5
298
305
1939—June
December
834
906
25
16
73
78
178
207
570
637
230
266
70
69
21
23
6
7
280
277
1940—June
December
653
677
12
12
58
99
223
204
376
427
267
281
62
54
22
22
5
5
269
247
1941—June
December
616
600
11
8
89
86
186
211
395
368
255
289
65
63
17
17
7
5
222
213
515
502
496
491
e
490
e
500
e
510
e
520
543
8
8
9
7
68
79
86
95
195
177
180
172
16
16
16
16
5
3
4
4
196
194
189
185
154
160
247
238
240
238
e
240
e
240
e
250
e
250
270
61
59
56
57
7
300
300
309
307
e
300
c
310
e
310
e
320
378
54
15
4
182
e
e
1942—April
May
June
July
August
September
October
November
December
1943—January
February
March
April
May
6
540
e
55O
e
610
e
670
e
760
290
e
320
e
35O
r
570
e
550
280
e
310
e
340
e
350
e
350
r
Revised.
Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of
large firms.
1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms'
own partners.
2
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by
which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not
to be taken as representing the actual net capital of the reporting firms.
Back figures.—See BULLETIN for March 1938, p . 196, and (for data in detail) Annual Report for 1937 (table 69).
e
646
FEDERAL RESERVE BULLETIN
OPEN-MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]
Year,
month, or
week
Prime
Prime
bankcomers'
mercial acceptpaper, ances,
4- to 690
monthsl daysl
Stock
exchange
11
call
loan
renewa l
Yields on U S.
Government securities
9-to 12month
to 53certifi- 3-year
month
cates taxable
of inbills*
debted- notes
ness
1940 average
1941 average
1942 average
.56
.54
.66
.44
.44
.44
1.00
1.00
1.00
.014
.103
.326
^76
1.13
1942—May
.63
.69
.69
.69
.69
.69
.69
.69
.44
.44
.44
.44
.44
.44
.44
.44
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.364
.363
.368
.370
.370
.372
.371
.363
" 4 !80
.76
.75
.80
.80
1.03
1.15
1.20
1.25
1.27
1.28
1.28
1.34
.69
.69
.69
.69
.69
.44
.44
.44
.44
.44
1.00
1.00
1.00
1.00
1.00
.367
.372
.373
.373
.373
.76
.73
.75
.78
.78
1.29
1.24
1.33
1.39
1.36
%
1.00
1.00
1.00
1.00
1.00
.374
.374
.374
.374
.374
.74
.73
.71
.72
.67
1.33
1.32
1.33
1.33
1.32
June
July
August
September....
October
November . . . .
December
1943—January
February
March
April
May
Week ending:
May 29
5
A-H
Vs-H
5
A-H
5
A-H
June 5
June 12
June 19
June 26
%
1 Monthly figures are averages of weekly prevailing rates.
2
The average rate on 90-day stock exchange time loans was 1.25 per
cent during the entire period.
3
Rate on new issues offered within period. Tax-exempt bills prior to
March 1941; taxable bills thereafter.
4
Average for Aug. 15 to 31.
Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures
on Treasury bills and Treasury notes available on request.
COMMERCIAL LOAN RATES
AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS
IN P R I N C I P A L C I T I E S
[Per cent per annum]
1934
1935
1936
1937
1938
average 1
average 1
average 1
average 1
average 1
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..
Total
19 cities
New
York
City
7 Other
Northern and
Eastern
cities
11 Southern and
Western
cities
3.45
2.93
2.68
2.59
2.53
2.45
1.76
1.72
1.73
1.69
3.71
3.39
3.04
2.88
2.75
4.32
3.76
3.40
3.25
3.26
2.78
2.63
2.54
2.61
2.95
2.91
2.68
2.59
2.65
2.59
2.68
2.59
2.58
2.55
2.60
2.41
2.48
2.62
2.70
2.63
2.07
2.04
1.97
2.07
2.13
2.15
2.04
1.96
2.03
2.00
2.14
2.00
2.06
1.95
1.98
1.88
1.85
2.07
2.28
2.09
2.87
2.56
2.55
2.58
3.05
3.05
2.78
2.59
2.67
2.49
2.56
2.53
2.53
2.58
2.62
2.45
2.48
2.56
2.66
2.63
3.51
3.38
3.19
3.26
3.77
3.62
3.31
3.32
3.35
3.38
3.43
3.36
3.25
3.23
3.29
2.99
3.20
3.34
3.25
3.26
2.76
2.36
2.76
3.24
l Prior to March 1939 figures were reported monthly on a basis not strictly
comparable with the current quarterly series.
Back figures.—See November 1939 BULLETIN, pp. 963-969 for description
and for back figures.
B O N D YIELDS 1
[Per cent per annum]
U. S.
Government 2
Year, month, or week
Partially I
taxTaxable
exempt I
Corporate (Moody's) 5
Municipal
(high
grade) 3
Corporate
(highgrade) 4
Aaa
Industrial
Railroad
|
Public
utility
30
30
30
30
40
40
40
2.77
2.67
2.75
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 .45
2 .38
2 .32
2.28
2 .25
2,.22
2.20
2,.26
2.76
2.75
2.74
2.73
2.73
2.72
2.71
2.72
3.36
3.37
3.35
3.34
3.33
3.31
3.31
3.32
2.85
2.85
2.83
2.81
2.80
2.80
2.79
2.81
3.00
3.01
2.99
2.99
2.98
2.95
2.94
2.96
3.31
3.31
3.28
3.27
3.26
3.24
3.24
3.23
4.27
4.33
4.30
4.28
4.26
4.24
4.25
4.28
2.97
2.97
2.94
2.94
2.95
2.94
2.93
2.94
3.97
4.03
4.02
3.98
3.95
3.92
3.93
3.96
3.13
3.12
3.09
3.09
3.08
3.07
3.06
3.07
2.32
2.32
2.33
2.32
2.30
2,.27
2..22
2.,21
2.,20
2.,13
2.70
2.68
2.70
2.68
2.65
3.27
3.23
3.20
3.19
3.16
2.79
2.77
2.76
2.76
2.74
2.93
2.89
2.88
2.88
2.87
3.20
3.17
3.14
3.14
3.13
4.16
4.08
4.01
3.96
3.91
2.90
2.88
2.87
2.87
2.86
3.86
3.78
3.73
3.69
3.64
3.05
3.02
3.00
3.01
3.00
2.29
2.29
2.30
2.28
2.28
2. 10
2. 09
2. 09
2. 07
2. 05
2.65
2.64
2.64
2.63
2.62
3.16
3.15
3.15
3.14
3.14
2.74
2.73
2.73
2.72
2.72
2.86
2.86
2.85
2.85
2.84
3.12
3.12
3.11
3.11
3.11
3.90
3.89
3.89
3.89
3.88
2.86
2.86
2.85
2.83
2.83
3.62
3.61
3.62
3.61
3.61
2.99
2.99
2.98
2.98
2.98
1940 average..
1941 average..
1942 average..
2.21
1.95
2.02
2.35
2 .50
2 .10
2 .36
1942—May
July
August
September.
October
November..
December..
1.97
1.97
2.00
2.02
2.03
2.05
2.06
2.09
2.35
2.33
2.34
2.34
2.34
2.33
2.34
2.36
1943—January
February...
March
April
May
2.06
2.06
2.08
2.02
1.92
Week ending:
May 29. . . .
June 5
June 12
June 19. . . .
June 26. .
1.88
1.87
1.86
1.85
1.83
"I
Baa
Aa
120
—
3.55
3.34
3.34
Number of issues.
June
By groups
By ratings
Total
1
Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures.
Average of yields on all outstanding issues due or callable in more than 12 years.
3
Standard and Poor's Corporation.
4
U. S. Treasury Department.
6
Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced
from 10 to 4 and 10 to 5 issues, respectively, and the railroad Aaa and Aa groups from 10 to 5 and 10 to 9 issues, respectively.
Back figures.—See Annual Report for 1937 (table 80) and for high-grade corporate bonds, Bulletin of the Treasury Department for July 1941, pp.
21-24. Figures for U. S. Government bonds available on request.
2
JULY 1943
647
SECURITY MARKETSi
Bond prices
Stock prices^
Corporate 4
Year, month, or week
U . S . Municipal
Government2 grade) 3
Common (index, 1935-39 = 100)
Medium and lower-grade
Highgrade
Total
Industrial
Railroad.
DePublic faulted
utility
Preferreds
Number of issues
Total
Industrial
Railroad
402
354
20
28
71
71
66
96
81
61
767
629
466
60
59
63
65
67
73
73
69
57
59
58
59
60
64
66
65
323
316
346
321
418
693
686
818
69
73
76
79
84
820
1,247
1,504
1,485
1,593
85
85
84
84
1,173
1,304
975
920
865
107.2
111.0
109.9
123.6
130.9
126.2
115.9
117.8
118.3
94.8
98.9
100.1
97.3
103.9
109.1
83.8
86.9
86.6
103.5
106.1
104.8
14.0
21.9
27.2
169.2
171.9
162.4
80
69
1942—May
June
July
August
September
October
November
December
110.7
110.7
110.2
109.9
109.8
109.5
109.4
108.9
124.5
125.7
126.7
127.6
128.1
128.6
129.0
127.8
117.7
118.0
118.9
118.7
119.0
119.3
119.5
118.9
98.9
98.1
98.9
99.3
100.7
102.1
103.2
103.6
107.4
107.7
108.4
108.7
109.8
111.2
113.8
115.3
87.1
83.0
83.9
85.2
86.4
88.0
87.6
86.5
102.2
103.5
104.5
104.1
105.8
107.1
108.3
109.1
26.4
24.0
25.5
27.1
29.4
30.3
29.6
29.9
156.3
159.2
162.0
164.0
164.0
165.5
165.4
166.9
63
66
68
68
69
74
75
76
71
71
72
77
77
79
1943—January
February
March
April
May
109.4
109.4
109.1
109.9
111.4
127.7
128.6
128.7
129.1
130.4
119.5
120.0
119.8
119.9
120.1
105.4
106.4
108.0
109.2
110.0
115.7
115.9
116.7
116.3
116.1
89.9
92.0
95.3
97.8
100.1
110.5
111.4
112.1
113.4
113.7
31.7
33.5
39.9
44.7
49.1
168.0
170.8
171.5
171.5
172.1
91
95
82
88
91
94
97
74
78
86
93
Week ending:
May 29
June 5
June 12
June 19
June 26
112.0
112.1
112.3
112.4
112.7
130.9
131.1
131.1
131.5
131.9
120.2
120.3
120.3
120.4
120.6
110.3
110.3
109.8
109.4
109.9
116.4
116.7
116.6
116.3
116.7
100.3
100.0
98.6
97.8
98.4
114.1
114.2
114.3
114.2
114.6
49.5
49.0
172.4
173.3
173.3
173.3
174.2
96
97
97
96
96
98
100
99
98
97
95
92
92
1940 average
1941 average
1942 average
:
{
47.7
46.4
47.2
Public
utility
Volume
of trading7
(in thousands of
shares)
I
1
2
Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures.
Prices derived from average of yields on all outstanding partially tax-exempt U. S. Government bonds due or callable in more than 12 years on basis
of a32% per cent, 16-year bond. Prices expressed in decimals.
Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
4
Prices derived from averages of median yields, as computed by Standard and Poor's Corporation.
5
Standard
and Poor's Corporation.
6
Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend.
7
Average daily volume of trading in stocks on the New York Stock Exchange.
Back figures.—For United States Government bonds, see November 1940 BULLETIN; for municipal bonds, see Annual Report for 1937 (table 79).
N E W S E C U R I T Y ISSUES
[In millions of dollars]
] r or new capital
Year or month
Total
(new Total
and
(dore- mestic
fund- and
Total
ing)
foreign)
State
and
municipal
Corporate
Federal
agencies
Total
Bonds
and
notes
483
64
803
405
855
150
735
22
157
712
971
481
931
924
751
461
518 1,272
342
108
161
178
404
1,192
1,225
873
383
736
1,062
618
40
144
334
839
817
807
287
601
889
500
120
35
69
352
408
67
97
135
173
118
104
77
28
59
28
2
5
11
94
69
27
57
18
10
8
720
1,386
1,457
1,972
2 138
2,360
2,289
1,951
2 854
1,069
708
1,386
1,409
1,949
2 094
2,325
2,239
1,948
2 852
1,069
June . . . .
July
August
September .
October....
November..
December..
182
201
142
162
100
115
98
145
130
97
41
103
45
28
29
37
130
97
41
103
45
28
29
37
23
18
11
45
17
26
7
9
1943—January
February...
March
April
May.
176
102
200
160
157
7
58
90
38
44
7
58
87
r
36
44
4
47
33
10
12
1942—May
Domestic
Domestic
1,063
2,160
4,699
6,214
3,937
4,449
5,842
4,803
5 546
2,109
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
For refunding
3
2
3
17
17
•y
3
3
11
55
r
19
29
5
9
Stocks
Total
(doFor- mestic
and
eign*
foreign)
12
48
23
44
35
50
2
1
""i"
10
2
""2"
3
11
47 • • • y
r
4
15
4
25
"2
r
2
Total
Corporate
State
and
municipal
Federal
agencies 1
Total
Bonds
and Stocks
notes
343
774
3,242
4,242
1,799
2,089
3,553
2,852
2,693
1,040
283
765
3,216
4,123
1,680
2,061
3,465
2,852
2,689
1,040
37
136
365
382
191
129
195
482
435
181
26
317
987
353
281
665
1,537
344
698
440
219
312
1,864
3,387
1,209
1,267
1,733
2,026
1,557
418
187
312
1,782
3,187
856
1,236
1,596
1,834
1,430
410
52
105
102
59
55
87
69
108
52
105
102
59
55
87
69
108
8
15
37
3
7
12
10
9
39
28
32
50
1831
46
34
6
62
33
6
30
44
14
65
6
55
33
6
30
44
13
65
170
44
110
122
114
80
44
110
122
114
45
11
17
13
25
27
32
55
35
44
8
2
38
75
45
8
2
32
73
42
Foreign2
32
60
9
81
200
352
31
137
193
126
8
26
119
119
28
88
4
•y
90
•••y
2
2
T
Revised.
1 Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.
2 Includes issues of noncontiguous U. S. Territories and Possessions.
Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to
revision.
Back figures—Set Annual Report for 1937 (table 78).
648
FEDERAL RESERVE BULLETIN
NEW CORPORATE SECURITY ISSUES*
PROPOSED USES OF PROCEEDS, ALL ISSUERS
[In millions of dollars]
Proposed uses of net proceeds
Estimated
net
proceeds3
Estimated
gross
proceeds 2
Year or month
Plant and
equipment
Total
1934
1935
1936
1937
1938
1939
1940
1941
1942
Retirement of securities
New money
Working
capital
Total
Bonds and
notes
Preferred
stock
Repayment
of
other debt
397
2,332
4,572
2,310
2,155
2,164
2,677
2,667
1,008
384
2,266
4,431
2,239
2,110
2,115
2,615
2,623
987
57
208
858
991
681
325
569
868
441
32
111
380
574
504
170
424
661
268
26
96
478
417
177
155
145
207
173
231
1,865
3,368
1,100
1,206
1,695
1,854
1,583
380
231
1,794
3,143
911
1,119
1,637
1,726
1,483
352
71
226
190
87
59
128
100
28
84
170
154
111
215
69
174
144
133
1941—June
July
August
September
October
November
December
250
122
417
182
204
155
144
246
119
413
180
201
152
142
87
51
185
27
91
92
57
75
35
167
17
64
61
36
12
16
17
10
27
31
21
142
56
210
150
92
37
62
131
54
194
148
91
37
52
10
2
15
2
1
1
10
16
12
14
3
14
22
17
1942—January
February
March
April.
May
June
July
August
September
October
November
December
164
78
102
121
126
142
53
89
62
18
27
26
161
76
100
118
124
139
52
88
60
17
27
26
71
40
39
70
59
72
14
39
23
2
2
8
38
34
35
15
27
57
11
33
8
2
33
5
4
55
33
15
3
6
15
1
2
1
80
23
46
12
11
60
29
34
28
15
24
17
80
12
41
12
11
55
29
34
26
15
24
13
1943—January
February.
March
April
May
9
49
98
91
83
8
49
96
88
81
1
12
39
9
32
1
2
32
6
18
6
34
48
76
49
6
34
42
74
49
7
10
6
3
14
11
5
5""
2
Other
purposes
11
23
49
36
7
26
19
28.
35.
11
5
5
6
9
2
15
36
53
5
8
3
1
11
1
2
12"
8
4
2
3
1
7
2
8
3
PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS
[In millions of dollars]
Public utility
Railroad
Total
net
proceeds
Year or month
RetireNew ment of
money securities
172
120
774
338
54
182
319
361
47
21
57
139
228
24
85
115
253
32
120
54
558
110
30
97
186
108
15
1941—June
July
August
September
October
November
December
58
23
24
42
25
1
28
51
23
24
7
21
1
28
7
1942—January
February
March
April
10
4
6
10
4
6
9
2
2
1
9
3
2
2
1
4
4
... " " 8
15
3
14
8
5
3
14
1934
1935
1936
1937
1938
1939
1940
1941
1942
35
4
31
10
77
1
"is"
All Total
RetireTotal
RetireAll
Total
RetireAll
New ment of other
net
net
New ment of other
net
New ment of other
pro- money securi- purpro- money securi- pur- 4 pro- money securi- purposes* ceeds
ties
ties
ceeds
ties
poses
ceeds
poses4
130
1,250
1,987
751
1,208
1,246
1,180
1,340
441
11
30
63
89
180
43
245
317
135
77
1,190
1,897
611
943
1,157
922
993
279
42
30
27
50
86
47
13
30
27
62
774
1,280
1,079
831
584
961
828
497
25
74
439
616
469
188
167
244
272
34
550
761
373
226
353
738
463
85
2
150
80
90
136
43
56
121
140
20
122
390
71
16
102
155
94
2
"46"
218
57
8
9
42
55
2
113
39
307
114
79
59
62
12
13
138
6
11
46
3
97
26
169
106
63
11
46
4
75
48
76
23
75
85
46
24
9
22
13
49
41
25
38
29
40
9
13
24
15
13
10
14
1
14
21
6
10
6
1
22
6
6
6
1
1
10
4
107
34
48
11
18
25
8
11
10
17
2
34
7
80
10
40
9
1
6
3
43
11
25
59
49
51
9
4
14
2
2
2
1
5
49
1
34
28
2
14
17
43
38
46
107
102
61
46
18
15
5
12
3
1
1
34
20
55
38
3
1
3
8
2
59
27
17
1
2
33
5
11
12
7
21
May
June
July
August
September
October
. . . .
November
December
1943—January
February .
March
April
May
All
other
PurV
poses4t
6
9
10
Other
Industrial
69
3
68
44
3
15
19
39
22
58
38
3
2
1
1
2
5
1
12
9
14'
6
12
6
6
29
13
15
36
48
4
8
15
1
" " 72 "
152
7
7
88
9
18
1
19
4
20
7
1
5
104
21
2
5
""H"
2
5
3
10
1
6
2
18
22
7
8
4
1
2
3
4
Estimates of new issues sold tor cash in the United States. Current figures subject to revision.
Gross proceeds are derived by multiplying principal amounts or number of units by offering price.
Estimated net proceeds are equal to estimated gross proceeds less cost of notation, i.e., compensation to underwriters, agents, etc., and expenses.
Includes repayment of other debt and other purposes.
Source.—Data published by Securities and Exchange Commission. For a description of data, see pp. 217-19 of the March 1942 BULLETIN.
JULY 1943
649
QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS
INDUSTRIAL CORPORATIONS
[In millions of dollars]
Profits anc1
dividends
Net profits,1 by industrial groups
Year or quarter
Total
Number of companies
Iron
and
steel
Machinery
Nonferrous
metals
and
products
Other
transportation
equipment
Automobiles
Other
durable
goods
Foods,
beverages,
and
tobacco
Oil
prod,
and
refining
Other
nondurable
goods
Industrial
chemicals
Miscellaneous
services
Dividends
Net
profits1
Preferred
Common
629
47
69
«
68
77
75
49
45
30
80
74
152
152
152
1,465
1,818
2.169
1,792
146
278
325
226
115
158
193
159
223
242
274
209
102
173
227
202
119
133
153
138
70
88
113
90
151
148
159
151
98
112
174
152
186
194
207
164
134
16t)
187
136
122
132
159
165
847
1,028
1,144
883
90
90
92
88
564
669
705
554
284
311
320
550
13
14
35
85
20
25
26
44
64
61
12
86
23
21
20
39
25
22
30
42
8
16
23
23
31
36
44
41
14
21
26
37
36
40
45
66
28
29
32
45
24
27
29
42
173
185
167
321
21
22
21
26
114
119
125
207
422
412
396
588
47
51
79
101
33
39
34
52
69
53
17
103
41
36
33
63
33
29
30
40
14
21
25
28
34
38
33
43
34
30
25
24
46
45
52
51
41
41
39
39
29
30
29
44
246
230
211
342
21
21
22
25
136
158
158
217
1941—1
2
3
4
510
549
560
550
86
84
81
72
44
48
46
55
79
73
60
61
53
56
56
62
39
36
38
40
23
28
30
32
36
43
44
37
29
42
56
46
49
53
52
52
44
48
49
46
29
36
46
48
286
297
284
276
22
23
23
24
150
165
170
221
1942—1
2
3
4
419
364
451
557
52
52
51
72
38
35
36
49
46
25
46
92
36
32
34
36
19
18
22
30
32
32
42
44
35
27
42
49
39
35
41
48
39
27
35
35
32
34
52
47
204
174
211
294
21
23
21
23
134
136
126
158
1943—1
437
51
39
45
37
18
41
37
41
36
37
213
21
127
1939
1940
1941
1942
Quarterly
1939—1
2
3
4
1940—1
2
3
4
.
.. .
I7518
7
7
4
49
54
7
55
PUBLIC UTILITYGCORPORATIONS
[In millions of dollars]
Railroad 2
Year or quarter
Operating
revenue
Income
before
income
Net income
All roads Insolvent
roads
Dividends
Operating
revenue
Income
before
income
Dividends 5
Operating
revenue
Net
income1
Dividends
28
28
32
32
32
137
142
133
r
118
116
118
115
98
1,067
1,129
1,235
1,362
191
194
178
163
175
178
172
163
46
37
34
43
39
32
30
36
19
19
19
22
259
267
266
274
44
49
47
51
42
42
43
48
187
176
177
194
48
42
41
47
41
34
31
37
19
19
19
20
274
281
281
294
49
50
45
50
44
44
44
46
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
12
37
60
64
29
35
34
98
216
202
208
221
33
25
26
35
19
19
19
19
324
336
344
358
47
48
46
8
22
44
42
39
38
52
28
230
36 •
19
366
42
40
3,995
4,297
5,347
7,466
126
249
674
1,718
93
189
500
959
-102
-73
23
173
126
159
186
196
692
735
799
r
848
159
177
202r
226
1939—1
2
3
4
898
906
1,058
1,133
-38
-43
68
139
-43
-47
58
126
8(6)
—4
21
23
21
61
175
166
167
184
1940—1
2
i
4
986
1,010
1,130
1,171
—3
15
92
145
-12
3
71
127
-29
-33
-14
3
25
29
29
78
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
1942—1
2
3
4
1.483
1,797
2,047
2,139
179
389
556
594
90
199
283
387
1943—1.
2,091
513
209
Quarterly
Net
income 1
28
28
N u m b e r of companies
1939
1940
1941
1942
Telephone 3
Electric power
1
r
63
53
55
56
73
r
r
Revised.
" N e t profits" and " n e t income" refer to income after all charges and taxes and before dividends.
Class I line-haul railroads.
3
Series excludes American Telephone and Telegraph Company, -the greater p a r t of whose income consists of dividends received on stock-holdings
in the 32 companies. Dividend payments shown here include amounts paid to parent companies, as well as to the public.
4
After all charges and taxes except Federal income and excess profits taxes.
5 ^
Quarterly dividend d a t a are not available fori all
i " companies in the group a n d , therefore, do not add to the yearly t o t a l s shown.
6
N o t available.
1
2
7
Partly estimated.
8
Unlike other industrial groups in this table, deductions for Federal income and excess profits taxes in the first three quarters of 1942 were at rates
specified in the Revenue Act of 1941. Most of the increase in taxes for the year is therefore reflected in the fourth quarter figure.
Sources.—Interstate Commerce Commission for railroads; Federal Communications Commission for telephone companies; published reports for industrial and electric power companies. Figures for the current and preceding year subject to revision. For description of data and back figures, see pp.
214-217 of the March 1942 BULLETIN.
65O
FEDERAL RESERVE
BULLETIN
UNITED STATES GOVERNMENT DEBT—VOLUME AND K I N D OF SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars]
Marketable public issues1
Total
gross
direct
debt
Total
interestbearing
direct
debt
1940—June
Dec
1941—June
Dec
42,968
45,025
48,961
57,938
42,376
44,458
48,387
57,451
34,436
35,645
37,713
41,562
1,302
1,310
1,603
2,002
1942—May
June
July
Aug
Sept
Oct
Nov
Dec
1943—Jan
Feb
Mar
Apr.
May.
68,571
72,422
77,136
81,685
86,483
92,904
96,116
108,170
111,069
114,024
115,507
129,849
135,913
68,108
71,968
76,694
81,244
85,847
92,265
95,458
107,308
110,024
112,851
114,287
128,643
134,675
47,615
50,573
53,826
57,176
60,402
65,008
66,554
76,488
77,496
78,726
79,662
91,392
95,382
2,257
2,508
3,663
4,168
4,619
5,126
5,721
6,627
7,423
8,232
9,234
10,044
10,853
End of month
Total2
Nonmarketable public issues
CertifiTreasury cates of Treasury Treasury
indebtednotes
bills
bonds
ness
6,383
6,178
5,698
5,997
26,555
27,960
30,215
33,367
5,571
6,689
6,689
6,689
7,958
10,095
10,095
9,863
9,863
9,863
9,797
9,797
9,797
38,085
38,085
40,182
41,418
41,418
43,381
43,381
49,268
49,273
49,273
49,273
55,201
57,975
Total 2
U.S.
savings
bonds
3,166
3,444
4,555
8,907
2,905
3,195
4,314
6,140
Treasury
tax notes
Fully
guaran. NonSpecial inte rest- teed interestissues bearing
bearing
debt
securities
4,775
5,370
6,120
6,982
591
566
574
487
5,498
5,901
6,360
6,317
"2,'47i"
5,667
462
7,518
3,100
9,569
12,976
4,548
454
7,885
3,015
10,188
13,510
4,551
442
8,125
3,357
11,078
14,743
4,567
441
8,262
3,739
11,751
15,805
4,552
637
8,509
4,137
12,479
16,936
4,243
639
8,585
4,964
13,381
18,672
4,244
657
8,787
5,703
14,079
20,117
4,283
862
9,032
6,384
15,050
21,788
4,277
1,045
9,172
6,749
16,246
23,356
4,275
1,173
9,565
7,125
17,067
24,560
4,350
1,219
10,004
6,346
17,891
24,622
4,363
1,206
9,795
7,783
19,267
27,456
4,082
.
1,238
10,198
8.163
20,507
29,095
1
Including amounts held by Government agencies and trust funds, which aggregated $3,201,000,000 on April 30, and $3,206,000,000 (preliminary) or
May, 31, 1943.
2
Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service anc
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.
1,507
3,096
3,096
4,705
6,211
6,211
3
7,161
10,534
3
10,741
11,161
11,161
16,154
16,561
UNITED STATES GOVERNMENT MARKETABLE PUBLIC
SECURITIES OUTSTANDING, MAY 31, 1943
[On basis of daily statements of United States Treasury. In millions
of dollars]
Issue
Amount
Treasury bills
June 2, 1943...
June 9, 1943
June 16, 1943
June 23, 1943
June 30, 1943
July 7, 1943
July 14, 1943
July 21, 1943
July 28, 1943
Aug. 4, 1943
Aug. 12, 1943
Aug. 19, 1943
Aug. 26, 1943...
Cert, of indebtedness.
Aug. 1, 1943
Nov. 1, 1943
Dec. 1, 1943
Feb. 1, 1944
Apr. 1, 1944
May 1, 1944
Treasury notes
June 15, 1943
Sept. 15, 1943
Dec. 15, 1943
Mar. 15, 1944
June 15, 1944
Sept. 15, 1944
Sept. 15, 1944
Mar. 15, 1945
Mar. 15, 1945
Dec. 15, 1945
Mar. 15, 1946
Dec. 15, 1946.
Treasury bonds
Amount
Month
Treasury bonds—Cont'd
701
705
802
802
805
805
804
905
902
902
907
908
905
1,609
2,035
3,800
2,211
5,251
1,655
629
2~9
421
515
416
283
635
718
1,606
531
503
3.261
454
June 15, 1943-471.
Oct. 15, 1943-45 ....
1,401
Apr. 15, 1944-46.
1.519
Dec. 15, 1944-54..
1.037
1,214
Sept. 15, 1945-47
541
Dec. 15, 1945.. .
Mar. 15, 1946-56..
489
June 15, 1946-48...
1.036
819
June 15, 1946-49
Oct. 15, 1947-52
759
701
Dec. 15, 1947
Mar. 15, 1948-50
1,115
Mar. 15, 1948-51
1,223
June 15, 1948
3,062
1
Called for redemption on June
JULY 1943
Issue
UNITED STATES SAVINGS BONDS
[In millions of dollars]
Sept. 15, 1948
Dec. 15, 1948-50
June 15, 1949-51
Sept. 15, 1949-51
Dec. 15, 1949-51
Dec. 15, 1949-52
Dec. 15, 1949-53
Mar. 15, 1950-52
Sept. 15, 1950-52
Sept. 15, 1950-52
June 15, 1951-54
Sept. 15, 1951-55
Dec. 15, 1951-53
Dec. 15, 1951-55
Mar. 15, 1952-54
Tune 15, 1952-55
June 15, 1953-55
June 15, 1954-56
Mar. 15, 1955-60
Mar. 15, 1956-58
Sept. 15, 1956-59
Tune 15, 1958-63
Dec. 15, 1960-65
June 15, 1962-67
Dec. 15, 1963-68
Tune 15, 1964-69
"Sept. 15, 1967-72
Postal Savings bonds...
Conversion bonds
Panama Canal loan..
451
571
1,014
1,292
2,098
491
1,786
1,963
1,186
4,939
1,627
755
1,118
510
1,024
1,501
725
681
1942—Apr
May
Amount Funds received from sales during
outmonth
standing
at end of
All
Series Series Series
month 1 series
G
F
E
Aug
Sept..
Oct
Nov
Dec
8,951
9,569
10,188
11,078
11,751
12,479
13,381
14,079
15,050
1943—Jan
Feb..
Mar.
Apr
May
16,246
17,067
17,891
19.267
20,507
June
July
1,485
2,118
2,831
3,762
2,716
327
422
433
508
454
510
665
542
726
40
43
41
74
52
61
61
45
66
164
170
160
319
191
184
210
148
222
21
22
23
25
32
34
40
43
55
1,240
815
634
720
77
48
44
110
86
348
205
180
353
254
63
76
131
103
104
1,014
887
944
1,470
1,335
1,007
995
117
29
50
D ate of issue
Maturity
Series A—1945
Series B—1946
Series C—1947
Series C—1948
Series D—1945
Series D—195C
Series D—1951
Series D—1951
Series E—1951
Series E—1952
Series E—1953
Series F—1953
Series G—1953
Series F—1954
Series G—1954
Series F—1955
Series G—195 =
Series unclassified
All
series
531
634
634
901
697
755
935
735
2,611
1,449
982
919
Redemptions
From
From
From
From
From
From
From
From
From
From
From
From
From
From
From
From
From
Ma r. 1, 1935
Jan . 1, 1936
Jan . 1, 1937
Jan . 1, 1938
Jan . 1, 1939
Jan . 1. 1940
Jan . l'to Feb. 28, 1941
Mar. 1 to Apr. 30, 1941
May 1, 1941
Jan . 1, 1942
Jan . 1, 1943
May 1, 1941
May 1, 1941
Jan . 1, 1942
Jan . 1, 1942
Jan . 1, 1943
Jan . 1, 1943
Amount
outstanding
May 31,1943
174
311
404
485
798
990
332
113
95,382""
Total direct issues..
Guaranteed securities
1,270
Commodity Credit Corp.
5,701
412
Feb. 15, 1945
3,633
Fed. Farm Mortgage Corp.
225
95
Mar. 15, 1944-64
1,244
835
May 15, 1944-49
641
Fed. Public
Housing
2,467
Authority
343
Feb. 1, 1944...
114
1,271
Home Owners' Loan Corp.
106
779
May 1, 1944-52
755
June 1, 1945-47
Total.
20,507
Reconstruction Fin. Corp.
July 15, 1943
324
1
Apr. 15, 1944
571
At current redemption values except Series G, which is stated at par.
100
Jan. 1, 1945.
Difference between "Funds received" and month to month changes in
Federal Housing Admin.
"Amounts outstanding" represents the difference between accrued increases
23
Various
in redemption values and redemptions of bonds during the month.
Total guaranteed issues 4,008
15, 1943.
651
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[In millions of dollars]
Total
interestbearing
securities
End of month
1940—June
December
1941—June
December
1942—June
September
October
November
December
1943—January
February
March
April
47,874
50,360
54,747
63, 768
76,517
90,399
96,509
99,702
111,591
114,301
117,126
118,637
133,006
Held by U. S. Government agencies
and trust funds
Special
issues
Public
issues
4,775
5,370
6,120
6,982
7,885
8,509
8,585
8,787
9,032
9,172
9,565
10,004
9,795
2,295
2,250
2,362
2,547
2,726
2,900
2,922
2,922
3,207
3,195
3,126
3,130
3,557
Privately held1
Held
by
Federal
Reserve
Banks
2,466
2,184
2,184
2,254
2,645
3,567
4,667
5,399
6,189
5,969
5,871
5,919
6,455
Total
38,338
40,556
44,081
51,985
63,261
75,423
80,335
82,594
93,163
95,965
98,564
99,584
113,119
Commercial
banks
Mutual
savings
banks
Insurance
companies
16,550
17,760
20,100
21,790
26,390
32,590
35,240
36,700
41,340
42,970
43,450
44,090
48,740
3,110
3,220
3,430
3,700
3,890
4,200
4,280
4,180
4,560
4,630
4,710
4,630
5,170
6,500
6,900
7,000
8,000
8,900
9,700
9,800
9,600
11,000
11,100
11,200
10,900
12,600
Other investors
Marketable
issues
Nonmarketable
issues
9,400
9,600
9,400
10,000
11,100
12,600
12,900
12,600
15,200
14,700
15,400
16,100
20,100
2,800
3,100
4,200
8,500
13,000
16,300
18,100
19,500
21,100
22,600
23,800
23,900
26,600
l Figures for commercial banks and mutual savings banks have been rounded to nearest 10 million dollars and for insurance companies and other
investors to nearest 100 million.
Back figures.—See July 1941 BULLETIN, p. 664.
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED
BY THE UNITED STATES*
[Public marketable securities. Par values in millions of dollars]
U.S.
GovernTotal ment
out- agenstand- cies
ing
and
trust
funds
Total: 2
1942—June
Oct
Nov
Dec
1943—Jan
Feb
Mar
Apr
Treasury bills:
1942—June
Nov
Dec
1943—Jan
Feb
Mar
Apr
Certificates:
1942—June
Oct
Nov
Dec
1943—Jan
Feb
Mar
Apr
Treasury notes:
1942—June
55,122
69,204
70,750
80,685
81,691
82,921
83,934
95,680
6,689
10,095
Nov'.!.'.'.'.'.'.'.!! 10,095
Dec.
9,863
1943—Jan
9,863
Feb
9,863
Mar
9,797
Apr
9,797
Guaranteed securities:
1942—June
4,549
4,195
Nov!!.'.'.'.'.'.!!! 4,195
Dec
4,196
1943—Jan
4,196
4,196
Feb
4,272
Mar
4,288
Apr
U.S.
Govern- Fed- Com- Mu- InsurTotal ment
tual
out- agen- eral
merance
Restand- cies serve
cial sav- com- Other
ings
ing
and Banks banks banks panies
trust
funds
Insurance Other
companies
2,645
4,667
5,399
6,189
5,969
5,871
5,919
6,455
24,939
33,084
34,480
38,759
40,281
40,649
41,317
45,723
243
481
383
1,010
689
1,475
2,087
2,430
1,557
3,468
4,216
4,497
5,568
5,302
5,069
6,415
28
18
14
10
21
24
65
14
66 1,971
726 3,782
1,187 4,389
1,041 6,470
1,317 6,594
789 6,837
29
19 850 6,845
997 9,197
35
74
90
99
129
136
206
183
168
191
265
114
180
157
261
266
257
782
,326
,356
2,696
2,518
3,039
2,99
5,500
2,7.23
2,993
2,918
3,202
3,189
3,119
3,124
3,550
2,508
5,126
5,721
6,627
7,423
8,232
9,234
10,044
3,096
6,211
7,161
10,534
10,741
11,161
11,161
16,154
FedMueral
Com- tual
Re- mercial1 savserve banks ings
Banks
banks
3,830 8,748 12,237
4,199 9,626 14,634
4,091 9,351 14,510
4,471 10,766 17,297
4519 10,806 16,9277
4,519
< 17,784
4,589 10,,909
4,511 10,667 18,395
57
5,053 12,328 22,570
590
91
126 1,031
93 ,010
26 ,073
45 ,091
63 ,355
157 ,837
4 ,173
76
79
85
92
81
86
67
65
714
1,297
1,343
1,324
1,275
1,190
957
957
3,725
5,830
5,828
5,670
5,698
5,699
5,850
5,825
138
204
196
167
174
183
182
163
266
295
290
283
294
298
297
286
1,770
2,391
2,354
2,327
2,341
2,407
2,444
2,501
281
304
310
311
311
294
332
350
5
17
22
37
50
49
42
54
2,847
2,637
2,660
2,665
2,650
2,664
2,712
2,754
148
122
116
108
108
107
102
83
433
349
338
333
329
329
328
317
835
766
750
743
748
753
756
731
Treasury bonds:
Total:
1942—June
2,321 1,617 14,828 3,442 7,766 8,110
38,
43,381 2,554 2,145 17,357 3,765 8,591 8,969
Nov.!.'.'.'.'.!!!!!! 43,381 2,468 2,464 17,377 3,666 8,515 8,891
49,268 2,739 2,777 19,445 4,055 9,944 10,308
Dec
49,273 2,736 2,637 19,760 4,080 9,981 10,079
1943—Jan
49,273 2,665 2,367 20,136 4,067 9,958 10,081
Feb
49,27. 2,652 1,984 20,829 3,979 9,618 10,212
Mar
55,201 3,059 2,017 21,520 4,624 11,464 12,517
Apr
Maturing within 5 years:
3,915
1,599
581 1,173
336
224
1942—June
5,129
528
264
771 1,465
Oct
2,100
5,129
610
748 1,445
254
Nov
2,071
5,830
754
726 1,531
Dec
253
2,565
5,830
757
1943—Jan
248
726 1,521
2,577
5,830
665
715 1,526
235
Feb
2,686
5,830
664 1,532
222
672
Mar
2,737
5,830
735
190
599 1,500
Apr
2,806
Maturing in 5-10 years:
4,959
750 1,347 1,536
1942—June
846
9,436
14,229
1,284
7,717 1,110 1,710 2,409
Nov!.'.'.'.'.!!!!!!! 14,229
1,439
7,676 1,084 1,736 2,293
Dec
17,080
1,574
9,353 1,129 2,101 2,920
1943—Jan
17,080
1,521
9,536 1,145 2,142 2,737
Feb
17,080
1,420
9,505 1,165 2,236 2,758
Mar
17,080
1,317
9,672 1,113 2,189 2,789
Apr
19,448
1,349
10,032 1,430 2,693 3,943
Maturing in 10-20 years:
18,731
2,168
7,009 1,957 3,510 4,086
1942—June
Oct
:
16,786
2,124
6,310 1,756 3,037 3,558
Nov
16,786
2,133
6,377 1,712 2,990 3,581
Dec
16,295
2,165
6,240 1,580 2,778 3,531
1943—Jan
16,295
2,090
6,364 1,555 2,756 3,529
Feb
16,295
1,948
6,635 1,538 2,651 3,520
Mar
16,295
1,680
6,955 1,500 2,613 3,545
Apr
16,295
1,656
7,122 1,381 2,604 3,530
Maturing after 20 years:
6,002
593
1942—June
1,258
512 2,326 1,315
Oct
764
634 3,072 1,539
7,238
1,231
Nov
750
618 3,042 1,574
7,238
1,255
Dec
10,065
1,021
1,286 1,095 4,339 2,323
1943—Jan
1,284 1,131 4,356 2,293
10,069
1,004
Feb
998
10,069
1,310 1,131 4,354 2,275
Mar
965
10,069
1,463 1,141 4,153 2,346
Apr
13,629
1,333
1,561 1,626 5,566 3,544
* Figures include only holdings by institutions or agencies from which reports are received; the number reporting, varies slightly from month to month.
Figures in column headed "other" include holdings of nonreporting banks and insurance companies as well as of other investors. Estimates of total
holdings (including relatively small amounts of nonmarketable issues) of all banks, by kinds, and of all insurance companies for certain dates are shown
in the table above.
1 On Apr. 30, 1943, commercial banks reporting to the Treasury held $18,746,000,000 of United States Government securities due or callable within
one year out of a total of $32,928,000,000 outstanding.
2 Including $196,000,000 of Postal Savings and prewar bonds not shown separately below."
FEDERAL RESERVE BULLETIN
SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, A N D RELATED ITEMS
[On basis of daily statements of United States Treasury. In millions of dollars]
Period
Miscellaneous
i nternal
revenue 1
Income
taxes 1
Social
secu- Other
rity
taxes
Total
receipts
Net
receipts 2
Transfers to
War
activi- trust
t ies counts,
etc.
Interest
d°ebt
Fiscal year ending:
June 1941
June 1942
3,470
7,960
932
2,967
3,847 1,194
900
666
8,269
13,668
7,607
12,799
1,111
1,260
1942—May
June
July
August
September
October....
November
December
1943—January
February
March
April
May
216
2,086
273
155
2,126
206
199
1,972
306
380
4,732
1,000
940
222
270
42
298
416
53
362
232
309 « 43
350
48
248
337
630
50
365
52
352
343
374
50
50
346
359
282
56
67
52
48
49
45
45
50
100
115
51
159
160
764
2,494
794
797
2,528
648
830
2,702
824
1,190
5,207
1,555
1,742
563
2,492
747
587
2,527
607
601
2,701
788
955
5,206
1,514
1,480
19
390
35
7
224
70
28
353
54
35
262
89
42
Period
Net
receipts
ExInvest- pendiments
tures
Net expenditures
in checking accounts of
Government
agencies
Deficit
EC-
etc/
Change
in
General
Fund
balance
Increase
in
gross
debt
12,711
32,397
5,103
—148
19,598 - 3 , 5 0 6
+742
+358
5,994
23,461
375
310
378
305
317
330
291
297
337
312
347
366
300
3,953
4,530
5,160
5,215
5,931
5,937
6,363
6,500
6,372
6,119
7,354
7,466
7,435
3,391
-257
2,037 - 1 , 6 3 5
4,413
-4
4,628
-54
3,404
-245
5,331
-496
5,761
+736
3,799
-794
5,584
-135
5,164
-122
2,147
-549
5,952
+48
5,955
-39
-39
+179
+296
-134
+1,148
+594
-1,814
+7,461
-2,819
-2,331
-1,213
+8,438
+70
3,609
3,852
4,714
4,549
4.79S
6,420
3,212
12,054
2,899
2,954
1,483
14,342
6,064
General Fund of the Treasury (end of period)
Balance in
General Fund
Assets
Other
Receipts
Trust
4,968
4,745
3 ,560 . . . . . . .
3 ,829
4 ,498
249
4 ,884
19
5
5 ,384
56
5 ,481
£ ,042
3
: ,825
25
c ,947
35
i
2
,770
1
t ,744
38
6,974
,092
1
Details of trust accounts, etc.
Social Security
accounts
Other
331
381
6 ,301
26 ,011
Total
budget expenditures
Investments
Expenditures
Deposits
in
Federal
Reserve
Banks
Total
Deposits
in
special
depositaries
Other
assets
Total
liabilities
Total
Working
balance
Fiscal year ending:
June 1941
June 1942
1,958
2,327
1,200
1,705
741
614
218
3,625
680
863
138
221
490
533
2,812
3,443
1 024
603
661
1,679
1,127
1,162
179
452
2,633
2,991
1,885
2,229
1942—May
June
July
August
September....
October
November....
December....
1943—January
February
March
April
May
422
136
212
433
30
126
471
75
110
498
36
111
539
196
297
117
184
214
49
170
350
43
230
272
35
258
54
51
53
52
45
38
34
33
35
35
36
33
31
430
1,417
78
262
25
583
-449
548
186
370
300
17
356
53
110
192
62
83
96
65
99
74
52
82
92
81
13
69
124
24
37
26
32
37
47
40
53
58
57
40
48
36
28
37
21
13
3,198
3,443
3,782
3,695
4,688
5,313
3,557
11,032
8,200
5,895
4,758
13,112
13,152
382
603
553
569
1 021
619
512
1 ,516
465
623
643
1,215
651
1,666
1,679
2,014
1,880
2,411
3,373
1,695
8,166
6,367
3,892
2,694
10,485
11,117
1,150
1,162
1,215
1,246
1,256
1,321
1,350
1,350
1,368
1,381
1,421
1,412
1,383
386
452
494
541
386
416
475
489
477
503
579
495
465
2,812
2,991
3,288
3,154
4,302
4,896
3,082
10,543
7,724
5,392
4,179
12,617
12,687
2,050
2,229
2,525
2,392
3,540
4,134
2,320
9,780
6,961
4,630
3,416
11,854
11,924
1
2
3
8"
-3
7
12
-41
Details on collection basis given in table below.
Total receipts less social security employment taxes, which are appropriated directly to the Federal old-age and survivors insurance trust fund.
Excess of receipts (+) or expenditures (—).
INTERNAL REVENUE COLLECTIONS
[On basis of reports of collections. In millions of dollars]
Income taxes
Period
Total
Current
individual
Victory
tax
Current
corporation
Back
taxes
Excessl
profits
taxes
Other
profits
taxes
Total
Capital
stock
tax
306
460
164
1,618
37
57
2,955
3,838
167
282
68
584
53
49
641
58
73
644
136
113
1,791
200
103
7
11
2
3
17
7
2
11
5
4
21
1
3
277
284
459
340
315
348
478
496
379
331
379
345
373
Fiscal year ending:
June 1941
June 1942
3,471
8,007
1,314
3,108
1,649
2,764
1942—May
June
July
August
September
October
November....
December....
1943—January
February
March
April
May
205
2,131
222
164
2,123
220
185
2,000
296
434
4,868
1,008
753
12
715
53
32
662
19
19
556
48
167
1,951 ""2"
298
362
381
103
84
766
83
53
781
109
67
753
37
95
1,026
73
89
1
Miscellaneous internal revenue
33
55
29
26
23
27 .
24
36
69
55
79
73
74
i
185
143
Estate Alcoholic
Toand
beverage bacco
gift
taxes
taxes
taxes
Stamp
taxes
Manufacturers'
and
retailers'
excise
taxes
Miscellaneous
taxes
407
433
820
1,048
698
781
39
42
617
852
207
401
25
25
46
30
....28
35
27
30
47
29
62
40
46
84
86
114
123
111
119
104
129
137
128
121
113
109
66
71
74
74
77
83
79
81
81
68
80
77
71
3
3
3
3
3
3
3
3
4
4
4
5
5
63
56
62
60
56
66
47
64
68
51
47
49
60
35
42
160
51
39
4232
46
42
50
65
64
80
Correction of December 1942 collection
JULY 1943
653
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
[Based on compilation by United States Treasury Department. In millions of dollars]
PRINCIPAL ASSETS AND LIABILITIES
Liabilities, other than
Assets, other than interagency items
interagency items
Securities
End of month
Total
Loans
Preferred
stock,
etc.
Ac-
U. b.
Govt.
direct
Other
Govt.
and
agenguaran- cies 1
teed
Cash
counts
and
other
receivables
Business
property
Property
held
for
Bonds, notes,
and deb^Titurps
Other
assets
Fully
guaranteed
Other1
PriU.S.
Govern- vately
ment
owned
Other
liabili- interest interest
ties
by
U.S.
1941—June
13,277
December.... 14,660
8,106
8,487
698
680
376
496
925
999
18
46
598
574
636
714
1,497
1,891
423
773
6,370
6,324
1,443
1,392
1,604
2,049
3,436
4,464
424
431
16,656
17,343
17,962
18,482
19,401
19,974
20,534
20,992
21,715
22,643
23,437
24,151
24,706
8,567
8,356
8,379
8,307
8,233
8,190
8,159
8,158
8,127
8,086
8,022
8,003
8,092
650
649
648
642
626
623
622
621
620
605
565
562
560
645
732
403
407
609
625
581
563
553
605
590
597
536
1,076
1,088
1,097
1,113
1,144
1,197
1,219
1,222
1,272
1,284
1,375
1,424
1,510
54
55
57
58
57
56
60
52
33
32
27
26
24
621
733
774
773
853
815
833
859
879
924
952
976
2,717
3,067
3,512
3,808
4,177
4,287
4,710
4,701
5,187
5,638
5,883
6,074
6,081
1,511
1,830
2,233
2,495
2,778
2,979
3,119
3,605
3,818
4,147
4,176
4,754
5,011
5,688
5,687
4,568
4,581
4,592
4,574
4,265
4,264
4,301
4,291
4,332
4,365
4,372
1,431
1,440
1,442
1,443
1,445
1,434
1,413
1,404
1,414
1,413
1,383
1,375
1.366
2,656
2,950
3,265
3,457
3,691
4,154
4,185
4,601
4,630
4,829
5,076
5,109
5,648
6,444
6,828
8,249
8,562
9,234
9,373
10,230
10,281
10,931
11,671
12,206
12,860
12,880
436
437
438
438
439
439
442
443
439
439
440
441
440
1942—April
May
June
July
August
September...
October
November...
December. ..
1943—January
February....
March
April..
1,065
1,088
1,069
1,085
1,205
1,440
1,303
1.464
1,001
1,020
1,041
1,359
1,408
1,428
LOANS, OTHER THAN INTERAGENCY LOANS
Farm mortgage loans
ReconstrucFed.
Fed.
Total
tion Home Feder- RFC
Fed. Feder- Fed. interNa- Public
Filoans2
al
Farm
OwnMortmedial
nance ers'
Mort- ate
gage tional Hous- land
Corp. Loan Home
ing banks gage credit
Loan Com- Mortgage Auth.
Corp. banks
Corp. banks pany Assoc.
Home mortgage and
housing
agencies 3
End of month
8,106
1941—June
December.... 8,487
1,082
1,433
1,870
1,777
170
219
8,567
8,356
8,379
8,307
8,233
8,190
8,159
8,158
8,127
8,086
8,022
8,003
8,092
1,469
1,468
1,473
1,479
1,496
1,527
1,533
1,566
1,557
1,554
1,527
1,530
1,512
1,709
1,692
1,676
1,657
1,640
1,622
1,603
,587
,568
,548
,532
: ,507
1,480
185
181
193
174
160
145
131
122
129
113
96
79
87
1942—April
May
June
July
August
September...
October
November...
December...
1943—January
February—
March
April
65
72
77
79
82
83
85
88
91
93
94
96
96
97
97
194
207
215
216
216
215
215
215
214
213
211
210
209
206
204
Other farm credit loans
Banks
for cooperatives
Rural ExElectrifica - portIm- Other
Com- Farm Farm tion
port
modity Credit Secu- AdBank
Credit Adrity
min.
Corp. min. Admin.
316
367
1,818
1,764
630
597
255
235
74
113
244
233
263
250
461
467
289
323
114
139
261
291
371
365
384
388
357
360
377
372
366
379
378
381
371
1,721
1,715
L,706
1,692
,679
,663
,645
,625
,603
,579
,564
: ,540
1,520
575
567
562
554
547
539
528
518
507
496
490
483
475
280
282
289
291
287
270
248
238
238
237
248
266
280
102
99
101
104
104
112
130
140
145
132
121
111
106
393
230
231
201
181
173
188
214
242
258
270
276
408
260
258
258
256
254
250
244
241
237
237
240
244
245
450
456
460
458
457
456
453
448
446
446
454
463
457
336
340
342
343
344
344
344
345
346
345
345
345
344
137
112
113
115
117
117
119
119
122
122
121
121
122
287
296
293
297
310
309
311
317
316
334
331
354
384
SELECTED ASSET ITEMS, OTHER T H A N INTERAGENCY ITEMS
Loans by Reconstruction
Finance Corporation
End of month
Total
Accounts and other
receivables
Preferred stock held
ReconCom- Home
Loans Loans
Fed. land ComRecon- Home
banks and modity struction
War modity Owners'
to fistruc- Owners'
Finance
to
Loan Other Fed. Farm Credit Corp. and Other corpo- Credit Loan
tion
nancial rail- Other
Other
Mortgage Corpo- war corFinance Corporations Corpo- CorpoinstiCorp.
Corp. ration
ration porations
ration ration
tutions roads
1,082
1941—June
December... 1,433
193
165
480
473
409
795
429
401
183
175
86
104
219
219
1,469
1,468
1,473
1,479
1,496
1,527
1,533
1,566
1,557
1,554
1,527
1,530
1,512
149
146
144
143
144
153
153
169
167
161
159
155
153
477
473
472
472
472
473
472
471
460
463
449
444
437
843
849
857
864
880
901
908
926
930
930
919
931
922
381
379
378
377
372
369
368
367
366
364
361
359
358
167
167
167
162
153
152
152
152
152
140
110
109
109
102
103
103
103
101
102
102
102
102
101
94
94
93
221
222
225
226
231
226
225
213
207
203
205
195
197
1942—April
May
June
July
August
September...
October
November...
December. ..
1943—January
February
March
April
Property held for sale
79
34
40
83
96
107
35
61
80
65
57
129
103
75
209
68
80
232
241
257
703
753
749
90
121
151
144
238
484
490
497
531
519
659
677
700
270
307
302
296
349
294
293
294
290
354
473
356
358
1,460
1,690
2,041
2,285
2,561
2,619
2,921
3,221
3,469
3,793
3,928
4,041
4,442
843
972
L.068
1,126
1,226
1,286
1,415
1,109
1,363
1,495
1,614
1,700
1,316
319
288
276
270
262
258
252
244
238
231
227
223
219
216
212
168
151
138
135
141
139
138
138
136
140
128
127
122
117
111
1
2
3
Excluding Federal land bank bonds held by the Federal Farm Mortgage Corporation.
Excluding investments in preferred stock, the amount of which is shown in the lower section of this table.
Excluding loans by Federal savings and loan associations, which are privately owned institutions under the supervision of the Federal Home Loan
Bank Administration. Loans by these institutions amounted to 1,847 million dollars on Apr. 30, 1943.
654
FEDERAL RESERVE BULLETIN
BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Income
payments
(value) i
1935-39
= 100
Year and
month
Manufactures
Total
1919
1920
1921
1922
1923
1924
1925...
1926...
1927...
1928...
1929...
1930
1931...
1932
1933
1934
1935
1936
1937
1938
1939...
1940...
1941....
1942
Adjusted
Unadjusted
Minerals
Nondurable
Durable
Adjusted
Construction
contracts
awarded (value)3
1923-25 = 100
Industrial production
(physical volume) 2 *
1935-39 = 100
Total
Residential
Nonagricultural
Factory
DepartFac- Freight ment Wholesale
of
tory carload- store
com- Cost
living 4
pay,4
sales modity
ings*
rolls 1935-39 (val-5 prices 4 1935-39
1939 = = 100 ue)*
= 100
100
1923-25 =1926
100
= 100
AdUnad- UnadAdAdAdAdAdAdAdAdjusted justed justed justed justed justed justed justed justed justed justed
72
75
58
73
88
82
90
96
95
99
110
91
75
58
69
75
87
103
113
89
108
123
156
181
84
93
53
81
103
95
107
114
107
117
132
98
67
41
54
65
83
108
122
78
109
138
193
250
62
60
57
67
72
69
76
79
83
85
93
84
79
70
79
81
90
100
106
95
108
113
135
141
122
116
113
113
117
122
122
124
127
131
134
138
117
114
112
112
117
122
120
124
132
136
136
136
135
123
118
116
124
133
136
143
151
155
157
164
140
143
147
144
154
159
160
160
161
164
167
167
136
140
145
144
155
160
159
163
167
168
167
164
171
172
172
173
174
176
178
183
187
191
195
197
199
202
202
203
p
203
e
203
71
80
86
99
112
97
106
117
125
129
63
63
56
79
8.4
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
113
110
107
107
110
114
113
112
112
116
120
124
120
115
118
120
118
119
118
113
117
114
119
119
75
63
62
64
64
74
85
90
93
95
111
115
53
56
170
175
179
180
191
196
200
200
202
208
209
213
123
126
128
131
135
139
138
139
138
139
143
141
120
119
126
96
121
127
126
128
132
134
133
134
103
99
94
103
101
117
139
152
161
145
138
123
165
167
168
172
175
177
180
187
193
195
195
194
221
225
230
234
239
244
249
258
265
275
279
285
143
142
139
139
138
136
138
140
142
144
148
149
133
133
126
125
126
127
126
130
131
129
130
127
194
197
199
201
p
2O3
e
204
291
295
298
300
?300
e
302
149
150
147
125
131
133
131
^129
e
127
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
All
other
Employment4
1939 = 100
83
66
71
98
89
92
100
100
99
107
93
80
67
76
79
90
65
88
86
94
120
135
139
142
142
125
84
40
justed
Unad- Unadjusted justed
138.6 124.5
154.4 143.2
97.6 127.7
96.7 119.7
100.6 121.9
98.1 122.2
103.5 125.4
100.0 126.4
95.4 124.0
96 7 122.6
95!3 122.5
86.4 119.4
73.0 108.7
64.8
97.6
65.9
92 A
74.9
95.7
80.0
98.1
80.8
99.1
86.3 102.7
78.6 100.8
77.1
99.4
78.6 100.2
87.3 105.2
98.8 116.5
Ad-
106.8
107.2
82.1
90.8
103.9
96.5
99.9
101.8
99.6
99.7
106.1
92.5
78.2
66.4
73.5
85.8
91.4
99.1
108.7
91.0
100.0
107.5
132.1
152.3
106.2
127.1
82.0
88.0
111.6
104.1
109.7
113.1
111.0
112.3
119.8
96.9
73.5
50.7
54.4
70.0
80.4
93.0
111.2
85.1
100.0
114.5
167.5
242.3
120
129
110
121
142
139
146
152
147
148
152
131
105
78
82
89
92
107
111
89
101
109
130
138
78
94
87
88
98
99
103
106
107
108
111
102
92
69
67
75
79
88
92
85
90
94
110
124
48
50
70
74
80
81
89
149
235
106.6
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
93
68
66
66
65
77
91
98
101
103
130
136
102.4
101.9
102.0
101.1
101.9
102.6
103.3
104.6
105.3
106.5
108.1
109.7
105.9
104.8
103.5
102.4
102.8
103.7
105.2
108.1
109.7
112.0
114.6
116.8
104.0
104.2
103.8
102.6
102.1
102.5
103.1
107.8
112.2
114.8
116.0
117.4
107.4
107.2
107.9
105.8
105.8
107.6
106.6
115.1
122.1
126.9
127.5
134.1
111
105
100
103
106
111
110
112
112
110
116
119
92
90
89
89
89
91
92
98
97
94
100
101
79.4
78.7
78.4
78.6
78.4
77.5
77.7
77.4
78.0
78.7
79.6
80.0
KXL5'
80
88
101
115
112
105
87
74
69
117
118
109
121
111
129
158
184
206
192
189
167
110.3
111.5
111.7
111.8
113.6
115.3
117.1
118.4
118.9
119.2
119.8
120.3
118.9
121.3
123.3
126.3
129.5
133.0
136.1
137.8
138.7
139.7
139.9
141.0
116.9
120.0
122.7
125.8
128.6
132.0
135.5
138.4
141.2
141.8
141.3
141.1
132.6
140.3
145.9
150.2
161.3
170.5
172.0
178.8
184.8
190.2
188.6
195.1
122
124
126
112
135
139
138
139
130
127
135
137
101
103
103
104
105
104
115
134
116
105
116
111
80.8
80.6
81.5
83.2
84 9
87.1
88.8
90.3
91.8
92.4
92.5
93.6
100.8
100.8
101.2
102.2
102.9
104.6
105.3
106.2
108.1
109.3
110.2
110.5
118
128
125
128
158
193
206
182
179
185
198
175
82
100
95
82
76
76
74
65
70
83
90
91
147
151
149
165
226
288
313
278
268
269
286
243
120.4
120.8
121.0
121.2
121.9
122.5
124.5
125.8
126.5
127.6
128.8
130.5
142.2
143.7
145.3
147.1
149.1
150.9
153.4
155.1
156.9
158.9
160.9
164.4
139.8
142.3
144.3
146.3
148.0
149.9
153.4
157.1
159.6
160.7
161.9
164.5
200.7
208.2
215.1
221.4
228.7
234.5
242.7
254.8
261.8
270.9
280.4
287.9
140
139
137
143
143
141
142
143
136
133
134
134
138
126
124
117
108
104
121
130
123
128
138
125
96.0
96.7
97.6
98.7
98.8
98.6
98.7
99.2
99.6
100.0
100.3
101.0
112.0
112.9
114.3
115.1
116.0
116.4
117.0
117.5
117.8
119.0
119.8
120.4
145
102
85
63
*>51
79
56
42
33
P30
198
140
119
87
130.4 r 167.1 164.8
130.5 167.9 166.4
130.1 168.6 167.6
129.5 168.4 167.5
^128.4 ^168.1 P167.1
290.9
297.5
304.5
309.4
135
141
136
141
141
143
168
136
128
125
101.9
102.5
103.4
103.7
104.1
e
104.0
120.7
121.0
122.8
124.1
125,1
37
1940
January
110.4
February
. 110.7
110.4
March
April
110.8
112.4
May
112.5
June
113.1
July
114.1
August
115.6
September
117.1
October..
117.7
November
120.6
December.
1941
121.3
January
123.5
February
125.4
March
April
128.2
May
133.7
June.. . . . . . . . 138.9
July
140.3
143.2
August
144.4
September
146.3
October
147.5
November
December... . 153.9
1942
155.5
January
157.4
February
159.3
March
163.3
April
165.4
May
June
169.5
July
172.6
176.0
August
177.9
September
182.8
October
189.4
November
December. . . 193.7
1943
196.7
January
201.0
February
204.9
March
p
April
206.9
May
June....
147
i>W
C
147
r
57
62
64
69
77
82
82
85
87
90
84
76
74
e
*>67
e
131
99^8
100A
100.2
100.1
100.7
l
J Preliminary. * Average per working day. Revised.
Estimated. Department of Commerce series on value of payments to individuals.
For indexes by groups or industries, see pp. 656-659; for description, see BULLETIN for September 1941, pp. 878-881, and for August 1940, pp. 753-771.
*4 Based on F. W. Dodge Corporation data; ^description, see p. 358 of BULLETIN for July 1931; by groups, see p. 662 of this BULLETIN.
The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and cost of living are compiled by or based on data of the Bureau
abor Statistics. Figures prior to 1939 for factory employment and pay rolls and nonagricultural employment are adjusted for level through 1937; the
of Laboi
2
-£ A*«*W A / I
AVts-]
4-lxsv
Ift^ft
l^ A n n
wt A « «
A JJ
A-_A..
A A
.A*«
A
I » • * . 1 « A .J
A- A
A.—.-.11A..
Jl ~. 4- ~.
«. . . A
- ~ - _ — 1 t ...,-. ^ _
_
_ _ -
\_A*1 _ - - .
U
_ _
_1
4 f\1f\
J*
A
J
A
f * _ ? _ T
O _
* A
_1
A.
X ^
A
Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882 and September 1941, pp. 933-937; for factory employment and pay
rolls, October 1938, pp. 839-866, February 1941, p. 166, and January 1943, p. 13; for department store sales, October 1938, p. 918, and January 1941, p. 65;
for freight car loadings, June 1941, pp. 529-533.
JULY 1943
655
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Adjusted for Seasonal Variation)
[Index n u m b e r s of t h e B o a r d of G o v e r n o r s .
1935-39 a v e r a g e = 100]
1942
1943
Industry
June
202
203
215
215
215
279
148
285
149
291
149
295
r
150
298
147
300
147
P300
^147
203
200
204
208
210
209
208
199
224
182
527
197
221
179
523
197
226
182
542
201
231
185
560
202
233
188
559
197
235
186
580
1Q6
233
184
584
320
329
340
348
352
359
362
479
507
525
547
559
572
583
592
P598
124
129
135
141
146
151
155
158
159
P160
197
202
200
199
192
194
P194
258
140
265
142
275
144
198
196
197
199
207
194
216
178
489
192
216
175
506
190
218
177
507
194
219
179
503
199
229
186
536
279
287
289
299
310
350
372
396
425
458
104
107
112
116
234
139
239
138
244
136
199
200
192
219
181
487
192
219
182
488
273
Transportation
202
212
249
138
188
••
199
203
175
184
and Quartermaster
197
210
191
176
183
Arsenals
195
207
187
197
174
182
Government
Mar.
193
173
Manufactures—Total „
Machinery
Feb.
183
Industrial Production—Total
Pig iron
.
. .
Steel
...
Open hearth and Bessemer
Electric
Jan.
Oct.
May
Durable 1
Nondurable
Dec.
Sept.
July Aug.
Apr.
Nov.
Apr. May
p
216
Depots
Equipment.
Aircraft
Automobile bodies, parts, and assembly
Railroad cars
Locomotives
Shipbuilding
Government yards
Products
177
180
186
188
191
193
192
Nonferrous metal smelting
Copper smelting
Zinc smelting
Lead production
Copper deliveries
Lead shipments
Zinc shipments
Tin consumption
161
155
185
132
195
163
161
184
*
*
•
*
*
205
#
145
146
132
130
131
133
129
125
129
128
127
124
129
124
124
P1?Z
127
142
124
143
127
139
130
137
125
136
119
136
123
141
122
139
119
144
116
139
121
144
114
144
115
143
P
154
155
147
140
145
152
152
153
148
163
155
149
144
167
119
176
43
172
104
178
35
171
92
163
37
169
90
145
32
177
87
153
30
182
184
180
165
169
156
146
134
'163'
38
162
37
'169'
39
171
39
" 208
38
199
40
197
39
194
42
200
47
157
156
152
154
154
156
156
158
156
157
160
157
155
P157
148
177
170
146
175
169
143
169
169
145
166
168
144
169
169
146
172
170
147
172
174
148
171
177
145
163
178
147
171
180
150
171
181
Ul
166
181
145
166
r
181
169
P185
153
34
203
173
164
177
150
5
201
172
168
179
151
46
194
165
166
172
160
43
208
175
176
184
154
27
206
173
173
177
155
34
198
175
168
179
156
43
205
178
171
175
161
43
212
182
175
180
163
44
218
184
175
185
154
29
208
176
167
177
166
39
230
190
177
187
163
r
40
228
187
172
r
182
156
38
214
179
165
177
130
126
121
116
113
111
117
117
117
122
118
r
112
115
P114
131
147
93
116
130
129
148
94
105
124
122
143
88
94
120
119
144
89
79
115
117
141
95
70
110
115
136
96
76
108
120
143
94
82
115
118
139
94
81
116
118
139
93
84
116
122
142
95
89
122
118
136
93
89
118
113
r
127
92
93
115
131
92
90
116
^114
136
134
138
143
143
V148
P146
158
P157
98
105
102
106
105
101
108
115
126
129
130
126
121
117
150
160
110
180
187
142
145
111
178
178
138
145
105
168
168
143
154
108
169
164
143
153
108
165
172
*>140
P139
^136
*>140
*141
*>142
P141
*140
P1S8
102
156
167
100
145
168
98
141
156
103
138
169
107
148
166
110
148
166
110
148
159
109
146
158
103
143
TV'nwferrous Metals
and
Lumber and Products.
...
Lumber
Stone Clay and Glass Products..
Unglazed brick
Glass containers
Polished plate glass
Textiles
and
Products
Textile fabrics
. . . .
Cotton consumption
Rayon deliveries
Silk deliveries
Wool textiles
Carpet wool consumption
Apparel wool consumption
Woolen yarn
Worsted yarn
Woolen and worsted cloth
Leather
and Products
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Shoes
Manufactured
Food Products
Wheat flour
Cane sugar meltings
Manufactured dairy products
Ice cream
Butter
Cheese
Canned and dried milk
r
1
..
. . .
p
152
V
r
r
r
P152
p
150
14l
P14R
v
Revised.
Preliminary.
* Included in total and group indexes but not available for publication separately.
Beginning in January 1942 includes industrial alcohol produced in the alcoholic beverage industry. Figures not available for publication separately.
656
FEDERAL RESERVE
BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
{Adjustedfor Seasonal Variation)
[Index numbers of the Board of Governors. 1935-39 average = 100]
1942
1943
Industry
Apr.
Manufactured Food Products—Continued
Meat packing ....
Pork and lard
Beef
Veal
L a m b and mutton
Other manufactured foods ...
Malt liquor
Whiskey
Other distilled spirits
Rectified spirits
153
177
137
103
104
140
111
127
116
55
80
158
120
120
140
97
108
137
89
148
143
134
125
154
183
129
148
236
174
149
157
146
109
135
169
152
147
184
120
147
245
173
142
141
147
104
124
175
150
135
177
116
129
228
173
129
120
138
103
110
178
139
125
164
113
127
211
157
119
109
132
103
109
148
127
117
112
104
106
98
100
97
103
118
116
115
109
103
122
122
100
163
153
508
117
63
53
153
Tobacco Products ..
Cigars
Cigarettes
Manufactured tobacco and snuff
Paper and Paper Products^ .
Paper and pulp
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
Paperboard
Fine paper
Newsprint production
Printing paper
Tissue and absorbent paper
Wrapping paper
Printing and Publishing2
Newsprint consumption....
Petroleum and Coal Products
Petroleum refining
Gasoline
Fuel oil
Lubricating oil
Kerosene
coke
By-product coke
Beehive coke
Chemicals
140
163
121
94
105
136
142
156
134
96
119
137
111
A Icoholic Beverages
May June July Aug. Sept. Oct.
111
104
; ; 123
126
106
162
;..;:;;:
152
514
165
Nov.
Dec.
Jan.
104
146
168
130
103
116
147
122
135
139
104
63
61
163
118
96
83
183
133
82
71
223
147
49
35
238
122
126
130
133
141
136
160
140
112
136
94
109
146
89
112
152
88
107
159
91
116
166
102
98
167
98
200
166
94
127
162
94
131
132
135
135
132
133
132
169
117
125
221
161
126
123
125
108
113
161
132
133
162
112
126
211
154
128
131
125
106
117
166
125
137
162
114
137
208
153
134
136
130
107
130
163
128
137
159
111
141
200
149
134
137
133
100
129
174
123
133
152
104
131
195
143
130
134
127
97
121
175
120
135
147
103
96
199
140
133
137
127
92
124
177
125
111
109
116
118
114
113
108
101
102
110
106
102
118
121
122
123
123
119
108
101
123
123
103
164
153
539
111
105
127
117
105
163
153
502
114
109
130
117
106
165
155
505
116
109
137
112
107
166
155
523
117
111
137
113
112
166
155
524
117
110
138
114
110
166
156
500
167
172
174
173
179
187
153
174
136
113
127
146
159
187
129
127
137
153
Mar. Apr. May
143
179
113
61
111
156
153
180
134
76
117
161
154
189
127
73
108
156
105
123
112
103
122
146
133
123
42
159
63
161
35
157
31
141
131
131
133
120
116
153
86
101
159
87
108
160
87
105
139
85
135
135
134
137
149
107
95
200
142
135
143
123
93
127
170
129
137
146
103
91
199
137
136
150
120
90
122
170
127
136
148
100
84
204
141
134
150
119
89
119
163
125
113
110
110 Pill
99
97
100
117
120
118
120
112
104
137
113
99
166
156
498
109
99
137
111
104
166
157
485
113
102
143
114
117
169
158
543
197
205
210
213
211
217 P220
147
167
122
128
156
159
158
193
119
107
156
165 '
145
170
126
76
122
165
126
122
111
134
14
62
226
146
131
62
159
37
159
145
157
133
129
141
152
Feb.
110
99
137
118
118
169
158
r
551
162
216
111
60
123
151
"150*
"89*
102
113
101 pm
144
114
121
169 P166
159
519 P482
Rubber Products
Tires and tubes
Pneumatic tires
\\m
25
Minerals—Total .
125
126
127
126
130
131
129
130
127
125
131 133
131 ri 29
Fuels
121
121
121
121
126
129
127
130
126
124
131
133
131 P128
150
122
109
147
115
111
144
117
113
141
122
112
140
118
121
150
129
120
145
117
121
154
124
121
143
105
121
145
102
118
157
129
121
161
128
122
151
129
124
152
157
159
155
152
145
139
133
132
132
133
133
133 P137
184
217
164
193
232
174
199
236
197
241
196
239
189
227
183
218
181
211
187
223
189
232
194
234
193
235
194
235
109
106
104
98
99
88
82
74
73
73
72
67
Bituminous coal
Anthracite
Crude petroleum
Metals
Metals other than gold and silver
Iron ore shipments
Copper
Lead
Zinc
Gold
Silver
PI 43
^124
P200
242
v
' Revised.
Preliminary.
* Included in total and group indexes but not available for publication separately.
Includes also paperboard container production held constant, on a seasonally adjusted basis, at 128 since July 1940 when figures were last reported.
Includes also printing paper production shown under "Paper."
NOTE.—For description and back figures see BULLETIN for September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882.
JULY
1943
657
INDUSTRIAL PRODUCTION, BY INDUSTRIES
{Without Seasonal Adjustment)
[Index numbers of the Board of Governors. 1935-39 average = 100]
1942
1943
Industry
Apr.
May
June
Industrial Production—Total
172
175
Manufactures—Total
181
183
Durable
Nondurable1..
234
138
240
137
199
192
219
181
487
Machinery..
Transportation Equipment..
July
Aug.
Sept.
177
180
187
185
189
196
246 1 251
139
136
200
198
192
219
182
488
194
216
178
489
273
279
350
Oct.
Nov.
193
195
195
194
203
205
206
207
260
144
267
151
276
148
279 \ 283
147
146
196
197
199
207
203
192
216
175
506
190
218
177
507
194
219
179
503
199
229
186
536
199
224
182
527
287
289
299
310
320
372
, 396
425
458
479
104
107
112
116
124
177
180
186
188
162
155
185
135
195
164
161
184
205
145
146
132
135
138
127
142
131
143
138
139
Stone, Clay, and Glass Products.
151
163
Cement
Unglazed brick
Glass containers
Polished plate glass....
161
116
176
43
178
118
190
35
157
148
177
170
Iron and Steel.
Pig iron
Steel
Open hearth and Bessemer
Electric
...
...
Aircraft
...
Automobile bodies, parts, and assembly..
Railroad cars
Locomotives
Shipbuilding
Private yards
Government yards...
Nonjerrous Metals and Products...
Nonferrous metal smelting
Copper smelting
Zinc smelting
Lead production..
Copper deliveries
Lead shipments
Zinc shipments
Tin consumption
Lumber and Products...
Lumber'.
Furniture
...
•
Textiles and Products.
Textile fabrics
Cotton consumption
Rayon deliveries
Silk deliveries
...
Wool textiles
Carpet wool consumption
Apparel wool consumption
Woolen yarn
Worsted yarn
Woolen and worsted cloth
Leather and Products.
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Shoes
Manufactured
Food
Products...
Wheat flour
Cane sugar meltings
Manufactured dairy products
Ice cream
Butter
Cheese
Canned and dried milk
....
Dec.
Jan.
Feb.
Mar.
Apr.
May
194
197
199
201
"20.?
208
211
212
214
^216
287
143
292
146
296
144
300 i "302
145 "147
200
204
208
210
209
20H
197
221
179
523
197
226
182
542
201
231
185
560
202
233
188
559
197
235
186
580
196
233
184
584
329
340
348
352
359
362
1*363
507
525
547
559
572
583
592
129
135
141
146
151
155
158
159
"160
191
193
192
197
202
200
199
192
194
PI 94
140
138
135
135
125
116
107
114
119
125
P127
141
137
139
136
134
136
131
141
118
139
101
144
91
139
99
144
106
144-
115
143
"120
"141
158
151
160
163
163
157
139
138
132
133
141
183
115
171
37
186
111
151
32
195
104
167
30
200
202
186
156
139
126
126
128
166
38
167
37
171
39
159
39
i87
38
184"
40
185
39
194
42
214
47
156
152
154
154
156
156
158
156
157
160
157
155
P157
146
175
169
143
169
169
145
166
168
144
169
169
146
172
170
147
172
174
148
171
177
145
163
178
147
171
180
150
171
181
147
166
181
145
166
181
169
"185
153
34
203
173
164
177
150
5
201
172
168
179
151
46
194
165
166
172
160
43
208
175
176
184
154
27
206
173
173
177
155
34
198
175
168
179
156
43
205
178
171
175
161
43
212
182
175
180
163
44
218
184
175
185
154
29
208
176
167
177
166
39
230
190
177
187
r
163
r
40
'228
172
182
156
38
214
179
165
177
131
124
116
114
115
112
117
115
114
120
123
114
115
PI 13
131
147
90
119
131
126
145
90
102
123
118
136
90
94
114
113
134
88
78
115
113
134
100
69
117
114
134
94
77
112
121
145
96
81
115
121
144
97
79
111
119
141
91
85
110
122
144
93
89
118
128
151
98
93
119
113
r
128
90
93
r
115
115
131
89
93
116
"114
123
130
139
156
165
P181
P156
P151
P150
P140
P135
P134
P135
1*142
92
96
*
193
197
143
242
257
95
105
*
207
259
132
205
200
106
116
118
119
121
129
106
"143
"109
"88
P102
"141
"188
101
158
154
88
134
134
82
101
117
86
107
126
94
119
141
123
*
PI 19
'98'
132
156
114
192
248
119
185
177
130
*
^89
108
153
179
133
194
152
154
109
189
211
210
232
147
241
249
78
106
109
r
r
p
Revised.
Preliminary.
*1 Included in total andgroup indexes but not available for publication separately.
Beginning in January 1942, includes industrial alcohol produced in the alcoholic beverage industry. Figures not available for publication separately.
658
FEDERAL RESERVE
BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
{Without Seasonal Adjustment)
[Index numbers of the Board of Governors.. 1935-39 average = 1001
1942
1943
Industry
Apr. M a y June July
Aug. Sept. Oct. Nov.
Dec,Jan.
Feb. Mar. ' Apr. May
Manufactured Food Products—Continued
Meat packing
Pork and lard
Beef
Veal
Lamb and mutton
Other manufactured foods
Alcoholic Beverages...
Malt liquor
Whiskey
Other distilled spirits..
Rectified spirits
Tobacco Products...
Cigars
Cigarettes
Manufactured tobacco and snuff
Paper and Paper Products1...
Paper and pulp
Pulp
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp,
Paper
Paperboard
Fine paper
Newsprint production
Printing paper
Tissue and absorbent paper
Wrapping paper
Printing and Publishing2...
Newsprint consumption...
Petroleum and Coal Products. .
Petroleum refining
Gasoline
Fuel oil
Lubricating oil
Kerosene
Coke
By-product coke
Beehive coke
Chemicals
134
148
125
95
115
121
140
163
121
98
108
123
149
172
134
104
99
133
138
151
131
102
110
157
132
131
137
114
125
173
147
150
144
140
153
198
146
147
144
142
150
170
166
200
128
131
152
161
113
120
116
133
140
140
123
103
94
124
69
32
136
136
54
48
139
134
50
36
130
148
53
39
183
152
45
34
223
149
39
48
238
121
13
164
226
111
105
130'
159
46
159
119
123
132
135
144
149
141
137
114
130
96
107
142
89
120
150
96
113
153
91
115
160
89
123
170
140
169
104
117
167
97
151
144
133
122
130
134
138
157
187
144
152
236
178
152
157
159
109
140
172
152
149
186
133
147
245
173
143
141
151
105
127
173
150
134
174
118
127
226
169
128
120
135
104
108
177
139
121
156
100
119
207
150
115
109
120
101
102
140
127
130
166
100
125
221
161
125
123
118
105
110
161
132
132
159
98
127
211
154
128
131
118
106
116
172
125
138
164
106
137
212
156
134
136
130
107
131
169
128
123
115
103
96
103
109
120
98
90
95
105
147
180
121
67
117
140
140
171
115
69
105
138
136
170
105
61
108
137
90
110
105
107
100
128
123
130
27
159
38
161
23
157
19
141
123
125
123
154
147
83
103
159
91
101
144
85
93
148
89
103
149
104
144
86
134
129
132
137
137
136
137
159
114
141
200
151
133
137
129
103
127
172
123
131
147
108
127
185
139
129
134
124
98
120
168
120
135
149
107
96
201
140
132
137
128
92
124
172
125
140
154
111
98
206
146
138
143
r
131
92
r
131
177
129
139
150
110
94
203
140
138
150
129
90
126
172
127
138
151
112
86'
204(
144
136
150
130
89
124
166
125
121
114
111
115
114
116
P114
97
98
107
106
120
121
186
249
119
101
148
158
171
221
126
73
128
145
162
216
111
62
126
150
"90
118
117
115
117
121
122
123
111
104
123
131
108
162
152
514
110
103
122
127
101
163
153
508
108
101
123
123
97
164
153
539
110
105
127
115
97
163
153
502
114
109
130
116
101
165
155
505
116
109
137
112
106
166
155
523
117
111
137
113
112
166
155
524
117
110
138
114
113
166
156
500
112
104
137
112
102
166
156
498
109
99
137
108
106
166
157
485
113
102
143
113
123
169
158
543
110
99
137
117
120
169
158
551
114
101
144
118
124
169
159
519
H66
^157
P482
168
166
166
167
170
181
192
199
206
209
213
216
220
P219
P132
119
Rubber Products..
Rubber consumption
Tires and tubes
Pneumatic tires
Inner tubes
Minerals—Total..
Fuels
Bituminous coal
Anthracite
Crude petroleum
Metals
Metals other than gold and silver
Iron ore shipments
Copper
Lead
Zinc
Gold
Silver
25
25
27
126
131
132
131
136
134
132
116
122
124
125
121
121
121
121
126
129
127
130
126
124
131
133
131
P128
150
122
109
147
115
111
144
117
113
141
122
112
140
118
121
150
129
120
145
117
121
154
124
121
143
105
121
145
102
118
157
129
121
161
128
122
151
129
124
PU3
?124
p
122
155
190
195
192
194
184
176
143
69
195
237
169
135
259
372
174
266
382
264
393
264
388
249
358
239
335
192
229
85
85
114
60
137
119
P156
P237
321
110
97
105 100
97
75
73
89
82
73
73
69
Revised.
^Preliminary.
* Included in total and group indexes but not available for publication separately.
Includes also paperboard container production which has been carried forward on the basis of seasonal changes since July 1940 when figures were last
reported*
2
Includes also printing paper production shown under "Paper."
NOTE.—For description and back figures, see BULLETIN for September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882.
r
JULY 1943
659
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939 = 100]
Factory employment
Industry and group
1942
Apr.
Total
Durable goods
Nondurable goods
Iron and Steel and Products
Blast furnaces, steel works, etc
Steel castings
Tin cans a n d other tinware
Hardware
Stoves and heating equipment
Steam, h o t - w a t e r heating apparatus...
Stamped a n d enameled ware
S t r u c t u r a l and ornamental metal work
Forgings
Screw machine products
1943
Jan.
May
146.3 148.0 164.8
180.0 184.1
218.1
119.8 119.6
122.9
158.3 159 3 170.7
141
134
141*
238
116
132
106
161
137
165
220
251
Factory pay rolls
240
112
127
102
159
135
167
223
260
276
88
119
113
189
143
r
194
255
288
Mar.
Feb.
r
166.4 r167.6
221.5 r 224.3
123.0 1 2 2 . 8
r
r
173.0
135
279
90
122
113
193
149
198
259
293
r
174.1
135
281
91
124
115
194
154
r
198
263
292
1943
1942
Apr.
May
Mar.
Apr.
May
Jan.
167.5
167.1
225.
120.9
215.1
276.
155.4
221.
287.
157.
228.
300.
159.
290 S > r297.l > r304.£ '
399.8 r 410.( > r 421.( \
r
186.
184.
190.
172.2
226.
190*
355
149
210
139
261
201
233
348
390
230.
188*
368
144
208
143
263
199
242
365
405
236.
192*
375
140
204
136
262
203
248
372
424
225.3
122.0
173.6
135
284
93
125
114
195
158
198
264
290
Mar.
Feb.
r
283.
209*
464
130
215
181
313
256
r
326
478
519
r
291.
297
215'
495
138
r
232
190
339
278
r
350
503
545
in
476
135
r
227
184
336
263
r
343
495
533
Apr.
309.4
430.2
191.4
300.8
217'
504
143
239
189
358
293
351
505
544
Electrical Machinery
200.5 201.7
255.1
260.8
267.4
268.4
269.3
296.3
303.6
310.0
427.4
441.6
453.7
454.7
Machinery,
198.3 200.2
227.5
232
154
114
293
138
230.8
236
155
120
299
145
233.3
239
r
157
124
307
149
234.1
241
158
126
312
150
234.6
307.8
301
184
190
453
154
315.4
311
181
194
479
153
325.8
321
190
199
497
128
400.2
402
225
196
581
220
410.0
413
239
215
602
237
417.7
422
r
239
228
614
250
422.3
429
242
238
633
244
except Electrical
Machinery and machine shop products
Tractors
Agricultural, excluding tractors
Pumps
Refrigerators
Transportation
Equipment,
except
Autos..
198
138
137
257
111
202
139...
135
263
92
787.4 847.1
106.5 114.3
1,302.2 1,343.1 1,378.1 1,399.3 1,416.8
,237.0 1,370.7 1,481.3
,406.0 2,486.5 2,583.3 2,692.9
162.3
163.3
167.4
169.8
282.2
283.9
286.7
178.8
156
124
112
179.2
160
123
112
178.8
237.5
170
205
165
240.7
170
212
158
245.9
175
221
154
305.8
239
239
184
308.6
245
240
187
312.1
252
238
190
318.5
268
236
196
113.8
90
114
114.0
91
113
114.1
91
113
112.7
165.6
137
145
170.6
141
149
177.8
148
152
166.9
131
167
173.7
139
167
179.4
144
171
186.2
151
170
110.2
106
111.0
107
111.0
107
109.8
106
108.7
161.7
157
161.2
153
162.7
157
165.9
160
171.8
166
175.2
170
177.8
172
128.8 128.2
123.2
119
115
98
135
122.4
121
109
94
135
122.0
123
105
92
136
122.0
124
104
91
134
121.5
162.2
159
142
146
165.3
159
146
151
174
168.9
161
152
154
174
178.5
168
150
138
185
179.2
174
139
138
186
181.9
176
137
137
189
185.3
180
141
137
193
Textile-Mill and Fiber Products
Cotton goods except small wares
Silk a n d rayon goods
Woolen a n d worsted manufactures
Hosiery
K n i t t e d underwear
Dyeing a n d finishing textiles
Carpets a n d rugs, wool
114.0 113.5
111.3
111.1
r
127
82
117
108.3
155.1
160.6
196
128
184
94
166
137
117
179.6
216
134
208
106
185
162
145
r
181.1
217
132
207
108
184
166
148
r
r
r
122
171
97
161
140
125
157.8
190
127
177
94
167
145
116
l82.4
217
134
208
111
184
165
150
181.2
217
134
205
108
185
162
147
Apparel and Other Finished Textiles
M e n ' s clothing, n.e.c
Shirts, collars, and nightwear
W o m e n ' s clothing, n.e.c
Millinery
120.6 118.3
161.5
158
138
137
131
156.8
156
144
128
105
150.9
157
142
118
71
155.9
150
130
125
103
r
167.5
159
134
r
137
136
r
l77.5
169
136
r
148
144
174.8
169
139
144
123
Leather and Leather Products
Leather
Boots a n d shoes
111.3 109.8
156.7
147
149
154.8
146
146
151.7
146
141
158.9
154
147
r
157.4
154
143
r
158.1
152
144
155.9
151
141
Food and Kindred Products
Slaughtering a n d meatpacking
Flour
Baking
Sugar, beet
Confectionery
Beverages, nonalcoholic
M a l t liquors
Canning a n d preserving
104.5 106.0
r
Automobiles
Nonferrous Metals and Products
P r i m a r y smelting a n d refining
Clocks a n d watches
Lighting equipment
Lumber and Timber Basic Products
Sawmills
Planing a n d plywood mills
Furniture
and Lumber Products
Furniture
Stone, Clay, and Glass Products
Glass
Cement
Brick, tile, a n d terra cotta
P o t t e r y and related products
Tobacco Manufactures
Cigarettes
Cigars
Paper and Allied Products
Paper a n d pulp
P a p e r goods, n.e.c
Paper boxes
156.7
161.6 162.9
128
132
109
128
134
106
130.6 131.0
107
119
107
119
118.1 117.2
112
125
120
119
137
128
87
121
83
119
109
90
119
101
100
99
111
102
133
98
103
41
106
107
110
69
99.7
101
102
122.7
120
124
115
111
123
123
119
136
159.5
178.1
154
127
108
179.6
155
129
r
110
116.3
92
115
r
111.5
r
128
82
117
161.4
r
177
183.2
277.9
116
108
93
116
108
94
114
107
94
109.6
126
81
115
75
112
104
93
112.0
108
90
91
83
113.7
110
r
89
93
94
114.4
111
r
88
93
96
112.6
110
88
92
91
108.9
104.1
105
93
103.3
104
92
101.9
103
r
91
99.8
100
89
97.2
109.5
147
113
109
48
117
112
115
67
107.7
138
114
110
38
117
116
118
r
60
106.5
129
113
107
40
110
121
121
67
107.0
71
112.9
154
111
112
82
121
112
112
71
125.3
149
115
119
52
135
114
122
86
126.5
151
113
119
56
128
120
128
92
131.5
158
116
124
62
121
126
145
95
155.6
203
169
144
110
164
124
134
115
150.7
185
169
142
r
70
164
126
144
113
151.3
180
172
146
57
167
r
133
147
99
150.3
170
165
143
59
161
142
149
114
97.2
100
98
102.4
126
91
100.2
121
90
99.9
119
91
98.6
119
89
97.2
119.4
111
129
124.7
125
128
124.6
129
125
147.8
172
133
138.5
144
136
r
143.3
148
143
146.5
155
145
120.5
119
123
111
116.6
110
129
114
117.8
109
132
117
118.0
109
131
119
117.7
108
129
120
117.4
156.9
159
147
140
154.3
156
147
138
152.7
155
148
135
167.6
162
175
160
171.3
165
178
167
173.1
166
179
172
175.5
12?
128
* 88
82
118
123
81
118
105
86
77
117
99
97
83
109
100
137
97
104
45
99
111
117
r
77
77
187
r
r
r
r
167
182
176
FEDERAL RESERVE BULLETIN
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES-Co»//»«^
(Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939 = 100]
Factory pay rolls
Factory employment
Industry and group
1942
Apr.
Feb.
Printing and Publishing
Newspaper periodicals
Book and job
100.9 100.0
99
99
100
98
102.2 103.0
96
95
105
107
Chemical and A. Hied Products
Paints, varnishes, and colors
Drugs, medicines, and insecticides....
Rayon and allied products
Chemicals, n.e c.
Cottonseed oil
Fertilizers
199.7
113
133
107
158
86
147
248.0
103
154
106
160
138
115
Products of Petroleum and Coal
Petroleum refining
Coke and by-products
118.4 118.7
108
109
122
121
Rubber Products
Rubber tires and inner tubes
Rubber boots and shoes
Rubber goods, other
117.0
107
126
115
Miscellaneous Industries
Photographic apparatus
Games, toys, and dolls
147.7 149.0
131
133
122
122
r
1942
1943
Jan.
May
204.1
111
133
108
159
73
119
116.9
109
120
113
Apr.
Mar.
May
282.1
140
159
140
211
110
214
115.6 116.0
108
109
116
117
117.2
145.4
133
153
144.9 147.1
132
133
151
154
162.8 rr 164.9
151
149
168
169
153.8
153
146
140
153.8
153
147
140
154.5
156.5
136
171
172
149.9
135
159
155
234.6
111
241
212
162.1 163.8
162
162
81
82
165.2
195.8
176
158
206.1 213.2
178
186
161
161
116.0 115.2
106
106
119
118
151.6
150
148
137
152.8
151
150
139
r
r
121.8 121.6
'107 r 107
129
128
263.4
142
157
141
207
127
209
r
r
r
295.6
140
161
141
218
89
176
157.6
143
170
158
391.2
137
203
149
247
219
185
Apr.
Mar.
r
256.8
254.8 258.3
103
102
159
160
107
107
162
162
117
108
159
155
157.0 159.5
152
157
79
75
1943
Feb.
Jan.
May
111.8 111.0
106
107
112
110
100.3
251.9
104
156
106
161
128
138
Apr.
112.5
106
113
101.8 100.6
96
95
101
105
r
Mar.
121.9
110
124
122.4
108
128
r
r
422.0
147
225
157
259
177
292
409.7
141
220
154
255
181
265
400.9
140
212
151
250
198
224
167.7 173.9
162
155
170
170
246.2
240
239
225
238.3
229
241
220
263.1 270.6
241
231
134
124
r
248.1
240
244
228
281.4 287.6
252
250
141
140
Revised.
FACTORY EMPLOYMENT
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors, 1939 = 100]
1942
1943
Group and year
Apr.
Total
Durable
Nondurable
147.1
180.2
121.0
May
149.1
184.2
121.4
June
150.9
188.9
121.0
Aug.
July
153.4
193.9
121.4
155.1
198.5
120.9
Sept.
156.9
201.6
121.6
Oct.
158.9
205.6
122.0
Nov.
160.9
209.6
122.5
Dec.
164.4
215.4
124.3
Jan.
167.1
219.3
126.0
Feb.
Mar.
Apr.
May
r
167.9
r
r
168.6
r
225.1
r
168.4
225.7
123.2
168.1
225.8
122.7
222.5
'124.9
124.1
r
Revised.
NOTE.—Figures for May 1943 are preliminary. Revised indexes based on new Bureau of Labor Statistics data released in February 1943. For
back figures see p. 14 of January 1943 BULLETIN and p . 259 of March 1943 BULLETIN.
HOURS AND EARNINGS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES
[Compiled by the Bureau of Labor Statistics]
Average hourly earnings (cents per hour)
Average hours worked per week
Industry and group
1942
Mar.
All Manufacturing
..
Durable Goods
Iron and Steel and Products
Electrical Machinery
Machinery Except Electrical
Automobiles
Transportation Equipment Except
Automobiles
Nonferrous Metals and Products
Lumber and Timber Basic Products
Furniture and Finished Lumber Products.
Stone, Clay, and Glass Products
Nondurable Goods
Textiles—Mill and Fiber Products
Apparel and other Finished Products . . .
Leather a n d Manufactures
Food and Kindred Products
Tobacco Manufactures
Paper and Allied Products
Prin ting, Publishing, and Allied Industries
Chemicals and Allied Products
Products of Petroleum and Coal
Rubber Products
Miscellaneous Industries
Apr.
1942
1943
Dec.
Jan.
Feb.
42.7
42.7
44.4
44.2
44.5
45.0
44.9
46.1
45.9
46.2
43.5
46.0
49.7
44.5
43.1
45.9
49.3
44.7
45.3
47.0
49.6
45.5
45.0
47.0
49.6
45.7
r
47.9
44.1
40.0
41.1
40.3-
48.1
44.2
40.1
41.2
40.2
47.5
46.1
41.3
43.7
41.8
46.9
46.0
39.8
42.8
41.7
46.7
45.9
41.9
43.6
r
41.8
40.1
40.0
42.1
41.8
40.1
37.5
40.0
40.7
36.6
42.3
38.0
42.1
39.0
40.8
43.2
40.1
37.3
39.3
40.4
37.6
41.7
38.3
42.5
38.7
40.1
43.6
41.5
37.4
40.3
43.9
41.2
44.9
40.2
44.7
41.8
44.5
46.1
41.3
37.4
40.3
43.2
39.6
44.2
39.8
44.5
41.1
44.4
45.7
Mar.
Apr.
Mar.
Apr.
r
1943
Dec.
Jan.
Mar.
Feb.
Apr.
44.7
45.0
81.1
52.2
90.7
91.9
92.4
93.4
94.4
46.4
46.7
89.9
91.2
100.4
101.7
102.0
103.0
103.9
46.1
47.1
49.6
45.7
46.2
46.7
49.6
45.9
90.4
87.5
91.9
115.4
91.5
88.4
93.1
114.6
98.6
94.3
101.1
119.8
99.8
95.1
102.2
122.2
r
99.9
r
94.8
103.0
121.1
100.8
r
95.2
103.8
121.7
101.9
95.9
104.7
121.5
r
r 46.7
47.6
47.0
43.1
44.4
42.8
104.3
86.9
60.5
63.6
75.2
105.3
88.1
61.8
64.7
75.8
114.2
97.6
67.9
68.9
81.0
114.4
98.5
68.1
69.6
81.9
115.2
98.6
68.7
70.6
82.2
116.5
r
98.9
70.0
71.5
r
82.8
117.4
99.8
71.5
72.2
S3.3
42.0
r
42.3
42.4
69.6
70.3
76.2
76.8
41.5
r
38.2
40.2
r
42.9
r
38.5
44.5
r
39.5
r
44.6
r
42.4
44.6
46.0
r
41.6
r
38.7
r
40.4
43.4
r
39.2
44.9
r
39.8
r
45.0
r
42.6
45.1
46.5
41.7
38.6
40.1
43.2
40.3
45.3
39.6
45.3
43.1
45.1
46 A
57.3
62.8
65.8
70.7
54.3
71.6
96.1
81.0
102.4
89.0
73.5
58.0
62.4
67.1
71.5
56.1
71.9
94.0
82.3
102.2
89.6
75^6
64.4
64.9
71.9
76.1
61.3
77.1
98.0
87.8
109.2
96.6
82.7
65.2
65.5
72.1
76.9
61.3
77.4
97.3
88.6
110.5
97.1
83.8
45.8
46.9
49.6
46.0
r
46.5
42.4
43.9
r
42.3
r
Revised.
NOTE.—Revised data based on the classification of the 1939 Census of Manufactures.
r
r
77.3
78.2
79.0
65.4
r
67.3
r
72.O
77.1
60.3
78.1
r
97.1
r
89.0
r
109.2
97.7
84.6
65.8
70.0
72.9
77.7
61.3
78.2
r
98.2
89.2
r
109.5
99.2
85!6
66.1
70.2
73.9
78.7
61.9
78.9
99.0
90.0
111.4
99.9
86^7
Back figures are available from the Bureau of Labor Statistics.
(Table of "Estimated Employment in Nonagricultural Establishments by Industry Division" appears on p. 669.)
JULY 1943
661
CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars]
Nonresidential building
Residential
building
Total
Month
Factories
January
February
March
April
May
June
July
August
September
October
November
December
Year . .
1942
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
1943
1942
1943
1942
1943
350.7
393.5
339.7
303.4
102.8
168.0
219.3
162.1
148.0
185.5
127.4
100.6
126.7
161.2
156.7
159.7
110.8
93.3
71.8
79.4
75.4
84.5
112.7
145.1
178.0
271.8
303.5
261.1
377.8
240.3
106.7
70.6
73.1
87.7
63.8
40.7
8,255.1
I
2,227.5
1,817.7
Public works
and public
utilities
Commercial
Educational
1942
1943
1942
1943
1942
1943
1942
1943
7.2
22.7
25.2
6.6
9.1
9.2
10.7
12.4
10.1
15.4
26.6
17.1
6.2
10.6
11.6
8.9
5.6
4.2
4.5
5.9
21.0
54.2
71.6
46.5
86 0
234.9
124.3
107.7
76.8
103.3
124.1
168.6
68.2
72.7
51.5
43.0
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
17.7
21.8
36.8
30.9
23.8
46.2
34.7
21.3
6.1
18.9
14.1
30.0
302.2
Other
1,219.1
147.9
2,540.6
CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP
CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT
[Figures for 37 States east of the Rocky Mountains, as reported bv the
F. W. Dodge Corporation . Value of contracts in millions 3f dollars]
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation.""Value of contracts in thousands of dollars]
Year
1942
Federal Reserve district
1941
January
February
March
April
May
June
July
August
September
October
November
December....
1943
Private ownership
Public ownership
Total
Month
1942
1943
305
317
270
434
480
611
407
499
549
674
539 1,190
577
944
760
721
723
623
606
780
459
654
432
709
351
394
340
303
234
6,007 8,255
1942
1943
1941
1942
1943
124
198
105
310
269
473
184
355
569
267
314 1,105
348
876
520
633
403
661
371
710
298
592
288
664
316
364
304
253
192
181
166
211
223
281
225
229
240
220
235
161
144
119
123
138
144
105
85
68
88
62
71
62
45
35
30
36
50
42
1941
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
Total (11 districts)
May
April
May
16,244
14,012
8,659
26,067
27,547
38,700
31,402
12,862
8,304
24,097
6,532
7,567
26,518
17,572
26,446
37,278
41,248
42,072
36,411
5,591
25,285
37,383
32,564
83,087
26,198
59,491
69,201
81,808
97,950
44,994
14,212
66,439
97,573
234,426
303,371
673,517
2,515 1,109
3,492 7,146
NOTE.—Data for most recent month preliminary.
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollars]
Title I Loans
Year or month
1935
1936
1937
1938
1939
1940
1941
1942
Total
Property
improvement
Small
home
construction
Mortgages on
1- to 4- Rental
and
War
family
group housing
houses housing (Title
(Title
(Title
VI)
ID
II)
2
2
11
48
51
13
13
6
1
*
2
*
320
557
495
694
954
1,026
l! 186
1,137
224
246
60
160
208
251
262
141
13
25
26
21
15
94
309
424
473
669
736
877
691
1942—May
Tune
jJ u ljy .
.
Aug.
Sept
Oct
Nov.
Dec. .'.".'.'.'.".".'
92
96
97
89
95
99
92
97
15
13
11
10
10
11
10
9
2
2
1
1
*
1
1
1
60
66
63
52
48
44
39
39
1943—Jan
Feb
Mar
Apr
May
80
64
73
59
72
7
5
6
7
7
*
*
1
31
20
19
16
18
*
*
*
284
14
16
21
25
37
42
43
49
42
39
47
37
47
* Less than $500,000.
.
.
NOTE .—Figures represent gross insurance written during the period and do
not take account of principal repayments on previously insured loans.
661
INSURED FHA HOME MORTGAGES (TITLE II) HELD I N
PORTFOLIO, BY CLASS OF INSTITUTION
[In millions of dollars]
SavMuings Insur- Fedtual
ance
eral
and
savcom- agen- Other2
loan
ings
panies ciesl
associbanks
ations
Total
Commercial
banks
1936—Dec.
1937—Dec
1938—Dec.
365
771
1,199
228
430
634
8
27
38
56
110
149
41
118
212
5
32
77
27
53
90
1939—June
Dec
1,478
1,793
759
902
50
71
167
192
271
342
137
153
94
133
1940—Mar
June
Sept
Dec
1,949
2,075
2,232
2,409
971
1,026
1,093
1,162
90
100
111
130
201
208
216
224
392
432
480
542
171
182
190
201
124
127
141
150
1941—Mar
June
Sept
Dec
2,598
2,755
2,942
3,107
1,246
1,318
1,400
1,465
146
157
171
186
230
237
246
254
606
668
722
789
210
220
225
234
160
154
178
179
1942—Mar
June
Dec
3,307
3,491
3,620
1,549
1,623
1,669
201
219
236
264
272
276
856
940
1,032
237
243
245
200
195
163
End of month
1
The RFC Mortgage Company, the Federal National Mortgage Association, the Federal Deposit Insurance Corporation, and the United States
Housing Corporation.
2
Including mortgage companies, finance companies, industrial banks,
endowed institutions, private and State benefit funds, etc.
NOTE.—Figures represent gross amount of mortgages held, excluding
terminated mortgages and cases in transit to or being audited a t the Federal Housing Administration.
FEDERAL RESERVE BULLETIN
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise imports2
Merchandise exports1
Excess of exports
Month
1940
1939
r
1941
1942
1941
1942
1943
1939
1940
1941
p
228
^234
?248
35
61
77
128
147
134
2*266
45
47
57
r
1942
1943
96
69
89
228
227
356
*>470
P442
^678
111
112
138
100
88
50
483
345
433
178
158
190
242
200
217
229
234
268
717
536
648
186
202
179
212
211
211
287
297
280
234
191
215
365
460
425
650
704
732
169
176
182
232
221
195
278
282
262
P214
PI 84
P196
61
74
107
84
130
101
87
178
162
436
520
536
344
328
322
666
492
653
802
787
873
215
235
247
207
224
253
304
281
344
P\ 99
117
57
121
137
104
69
362
211
309
602
613
517
1,391
1,372
713
871
1,017
1,013
217
520
354
1,293
213
219
268
370
347
351
325
303
357
481
480
628
April
May
June
231
249
236
323
324
350
387
385
330
July
August
September
230
250
289
317
351
295
October
November
December
332
292
368
930
p
1
2
3
1940
r
253
r
January
February
M arch
January-April.
1939
1943
*>699
p
677
^92 7
^1,136
2,306
253
272
^174
*>356
P977
3^870
r
Preliminary.
Revised.
Including both domestic and foreign merchandise.
General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Figure overstated owing to inclusion in April export statistics of shipments valued at 160 million dollars actually exported in first three months of 1943.
Source.—Department of Commerce.
Back figures.—See BULLETIN for April 1940, p. 347; February
^3,438 1937, p. 152; July 1933, p. 431; and January 1931, p. 18.
^2,461
REVENUES, EXPENSES, AND INCOME OF CLASS I
RAILROADS
[In millions of dollars]
FREIGHT CARLOADINGS, BY CLASSES
[Index numbers; 1935-39 average=100]
ForLive- est
Total Coal Coke Grain stock
products
Annual
1939..
1940..
1941..
1942..
98
111
123
135
101
109
130
138
102
137
168
181
107
101
112
121
96
96
91
104
100
114
139
155
MiseelOre laneous
110
147
183
206
101
110
136
146
Merchandise
l.c.l.
97
96
100
69
Total
railway
operating
revenues
Annual
1939
1940
1941
1942
3,995
4,297
5,347
7,466
Total
railway
expenses
Net
railway
operating
income
Net
income
3,406
3,614
4,348
5,985
589
682
998
1,481
447
472
487
500
519
539
535
533
563
554
94
'112
131
128
124
130
128
128
159
155
577
591
616
623
134
153
124
144
92
111
82
450
471
491
505
532
549
543
561
541
532
91
102
110
119
133
135
155
185
149
171
r
45
58
64
78
90
89
105
136
111
137
566
557
627
622
105
106
130
127
63
62
85
93
189
500
959
SEASONALLY
ADJUSTED
SEASONALLY
ADJUSTED
122
160
163
160
155
154
135
121
125
116
168
200
197
199
205
208
188
180
176
177
119
117
115
113
95
106
126
130
126
143
97
101
98
103
90
106
102
110
114
117
149
160
155
159
172
165
154
149
140
137
292
289
289
183
180
176
174
221
221
210
143
141
142
144
149
152
146
144
144
146
.942—March
April
May
June
July
August
September.
October
November...
December ...
542
584
618
627
643
669
663
661
722
708
135
141
136
141
141
119
127
140
158
156
161
154
182
208
195
157
170
152
145
144
102
113
117
118
112
130
135
133
138
138
202
193
216
r
209
209
149
153
141
142
143
1943--January....
February...
March
April
May
710
744
740
767
1942—March
April
May
June
July
August
September.
October...
November..
December..
129
136
138
139
142
144
152
150
140
126
125
135
139
135
132
136
142
138
139
132
175
176
181
179
177
175
184
180
186
193
102
100
99
111
138
129
139
139
123
130
77
90
88
81
76
100
135
169
144
113
149
160
161
165
173
173
167
158
138
122
76
218
303
318
325
308
304
260
206
59
139
142
144
145
148
152
162
163
150
135
1942—March
April
May
June
July
August
September..
October
November...
December ..
540
573
601
624
665
684
698
746
690
703
1943—January...
February...
March
April
May
124
130
130
132
137
135
145
144
133
132
193
189
189
183
179
138
142
131
124
123
98
90
92
105
101
117
129
133
138
143
50
48
56
106
269
132
137
138
143
145
1943—January.
February.
March
April
May
671
664
756
749
1942—March
April
May
June
July
August
September.
October...
November..
December..
137
143
143
141
142
143
136
133
134
134
1943—January
February...
March
April
May
r
UNADJUSTED
r
r
51
71
88
85
79
85
82
81
121
110
UNADJUSTED
r
r
r
r
Revised. p Preliminary.
Revised.
NOTE.—Descriptive material and back figures may be obtained
NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for
June 1941. Based on daily average loadings. Basic data compiled by Associa- from the Division of Research and Statistics. Basic data compiled
tion of American Railroads. Total index compiled by combining indexes for classes by the Interstate Commerce Commission.
with weights derived from revenue data of the Interstate Commerce Commission.
JULY 1943
663
DEPARTMENT STORE STATISTICS
Based on value figures
MONTHLY INDEXES OF SALES AND STOCKS
WEEKLY I N D E X OF SALES
[Weeks ending on dates shown. 1935-39 average = 100]
[Daily average sales; end-of-month stocks. 1923-25 average = 100]
Sea isonally adjusted
1941
1940
SALES
January
February
March
April
May.
June.
July
August
September
October
November
December
1942
Without seasonal adjustment
Unadjusted
1943
1940
1941
1942
1939
1943
Dec.
92
90
89
89
89
91
92
98
97
94
100
101
101
103
103
104
105
104
115
134
116
105
116
111
138
126
124
117
108
104
121
130
123
128
138
125
'143
168
136
128
125
105
101
114
179
79
82
93
106
105
100
79
106
125
112
133
197
108
99
118
115
108
100
83
103
133
137
157
222
94
110
124
71
71
86
86
89
87
64
77
Year .
111
132
121
133
125
Jan.
Feb.
Mar.
STOCKS
January
February
March
April
May
June
July
August
Sep tember
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
r
126
136
140
137
124
114
105
100
102
93
91
87
J>89
Year
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
r
129
129
126
131
129
127
121
94
69
82
117
91
89
92
90
Apr.
May
June
r
Revised.
P Preliminary.
Back figures.—Sales, see B U L L E T I N for A u g u s t 1936, p . 631, a n d subseq u e n t issues. Stocks, see B U L L E T I N for M a r c h 1938, p . 232, a n d s u b s e q u e n t
issues.
July
Aug.
9
16
23
30
1941
1940
Dec. 7 . . . . ..197
. . . ..188
. . . ..235
. . . .242
. . . . . 79
1 4 . . . . ..232
2 1 . . . . ..258
2 8 . . . . .124
1940
6 . . . . ...82
13
86
2 0 . . . . ...83
2 7 . . . . ...79
3 . . . . . .86
10.... . .80
17.... . .82
24...'. . .82
2 . . . . . .95
9 . . . .. 98
1 6 . . . .. 99
2 3 . . . ..113
3 0 . . . .. 88
6 . . . .112
13... . . 97
20... .. 99
27... .. 98
4. . . . ..108
1 1 . . . . .114
18. . ...99
...97
25..
1 . . . .. 90
8 . . . . ..120
1 5 . . . . ..107
2 2 . . . . .. 92
2 9 . . . . .. 89
6 . . . . .. .67
1 3 . . . . . . . . 78
20.... ....72
2 7 . . . . . . . . 69
2.... ...81
Dec. 6
13
20
27
1941
.215
.236
.277
.174
Dec.
.107
130
.131
.119
.121
.114
.116
.110
.119
.125
.131
.140
.147
.160
.120
.135
.129
.134
.136
.115
.114
. 95
.135
.117
.116
.100
. 84
.102
. 93
. 92
.. 96
Jan.
1942
Jan. 4 . . .. . . . 8 5
Jan. 3
11
...99
1 8 . . . . ...90
2 5 . . . . ...89
Feb. 1. . . . . . 9 4
8 . . . ...95
1 5 . . . . ...97
22. . . . . 8 8
Mar 1
..101
8 . . . . .. 97
1 5 . . . ..105
2 2 . . . . ..111
2 9 . . . ..117
Apr. 5 . . . . ..131
1 2 . . . . ..136
1 9 . . . . ..117
2 6 . . . . ..114
May 3 . . . . . .124
1 0 . . . . . .128
17..
.110
24. . . .117
31. . . .109
June 7. . . ..127
14. . . ..120
21. . . ..107
28.. . . .109
July 5. . . .. 86
12. . .. 93
1 9 . . . . . 89
26. . .. 87
Aug . 2 . . . . 102
10
17
24
31
Feb. 7
14
21
28
Mar.
7....
14....
21... .
28....
Apr. 4 . . . .
11 . . .
18...
25....
May 2. ..
9.
16....
23....
30....
June 6 . . . .
13...
20....
27....
July 4 . . . .
11....
18....
25....
Aug. 1 . . .
1942
5...
12...
19...
26...
..236
..274
. 303
..199
1943
Feb.
Mar.
Apr.
May
June
July
2. .. .112
9. .. 138
1 6 . . . ..132
2 3 . . . . 119
30. .. .121
6
.136
13.
.168
20.
.146
27.
.150
6 . . . ..142
13. . . 1 3 4
20. ..137
27.. ..143
3..
149
10.
153
1 7 . . . . 154
2 4 . . . . 166
r
1
127
8.
152
15.
133
22..
137
2 9 . . . . .136
5 . . . ..137
12... .151
19.. ..148
26...
3. ..
10. .
17. .
24..
31. .
Back figures.—See BULLETIN for April 1941, p . 311, and subsequent issues.
SALES B Y FEDERAL RESERVE DISTRICTS A N D B Y CITIES
[Percentage change from corresponding period of preceding year]
Five
May Apr. mos.
1943 1943 1943
United States..
Boston
New Haven
Portland
Boston
Springfield
Providence
New York
Bridgeport
Newark
Albany
Binghamton
Buffalo
Elmira
Niagara Falls..
New York City
Poughkeepsie...
Rochester
Schenectady. . . .
Syracuse
+18
+14
+10
+31
+14
+12
+14
+16
+15
+7
+40
+13
+15
+13
+12
+8
+2
+5
-4
Philadelphia
Treaton
Lancaster
Philadelphia....
Reading
Wilkes-Barre...
York
+8
+2
+19
+17
+6
+20
+13
+5
+10
+6
+14
+9
+21
+5
+9
+14
+10
+12
Cleveland
Akron
Cincinnati
Cleveland
Columbus
Toledo
+13
+22
+13
+16
+30
+17
p
-10
+10
+11
-10
•+45
+10
+1
+7
+18
+10
+13
+25
+28
+12
+16
+19
+23
+6
+12
+11
+30
+15
Pive
May Apr. mos.
1943 1943 1943
+14
+9 Cleveland (cont.)
- 2 Youngstown
+40 Erie
+8 Pittsburgh
+11 Wheeling
+8
Richmond
Washington
Baltimore
Winston-Salem...
- 1
Charleston, S. C
-12
+11 Greenville, S. C .
+11 Lynchburg
Norfolk
- 2
+34 Richmond
+7 Charleston.W.Va,
+1 Clarksburg
+7 Huntington
+5
+5 Atlanta
+9 Birmingham
+6
+18
+6
+7
+9
+9
+11
+8
+19
+10
+4
Montgomery
Jacksonville
Miami
Tampa
Atlanta
Macon..
Baton Rouge
New Orleans
Jackson
Chattanooga
Knoxville
Nashville
+29 Chicago.
+14
Chicago
+22
+10
+3
+5
+18
+9
+22
+36
+52
+38
+32
+27
+24
+14
+8
+19
+13
+16
+3
+11
+16
+8
+18
+35
+40
+41
+25
+14
+29
+13
+6
+15
May Apr.
1943 1943
Chicago (cont.)
Peoria
Fort Wayne....
Indianapolis...
+6 Des Moines
Sioux City
+14 Detroit
+7 Flint
+16 Grand Rapids..
+20 Lansing
+36 Milwaukee
+13
+13
+1
+40
+21 St. Louis
+17 Fort Smith
ft
Little R o c k . . . .
Quincy.
Evansville
Louisville
St. Louis
Springfield
Memphis
+2
+12
+34 '+31 +2,
+23 +24 + 15
+24 +22 +28
+44 +57 +47
+44 +29 +20 Minneapolis
+52 +41 +40
+42 +33 +35 Kansas City
+39 +30 +42 Denver
+25 +50 +42 Hutch inson
+27 r +24 +231 Topeka
+28 +18 +22 Wichita
+26 +22 +19 Joplin
+24 +15 +17 Kansas C i t y . . .
+35 +42 +35 St. Joseph
Omaha
+11 +12 +9 Oklahoma City
+8 Tulsa
+11 +9
Five
mos.
1943
JMay Apr.
1943
Dallas
Shreveport
Dallas
Fort Worth..
+18 Houston
+24 San Antonio
—4
+91
+26
+22
+31
+4
+8
+17
+12
+25
+24
+26
+12
+16
+10
+3
—4
+16 +13
+19
+10
+35
+23
+43
+20
+11
+33
+34
+15
+36
+31
+21
+48
+17
+3
+25
+40
+6
+23
+9
+20 San Francisco
+9 Phoenix
+2 Tucson
+9 Baker sfield
+14
+29
+40
+13
+47
+16
+4
+23
+30
+21 +22
+15
"+31
+25
+36
+34
+28
+32
+32
+37
+37
+38
+5
+27
+27
+29
+55
+24
+31
+28
+35
+39
+36
+8
+23
+34
+26
+53
+28
+5
+27
+31
+36
+57
r
+30
Fresno
Long Beach
Los Angeles
Oakland and
Berkeley
Sacramento
San Diego
San Francisco....
San Jose
Santa R o s a . . . . . .
Stockton
Vallejo and Napa
Boise and
Nampa...
Portland....
Salt Lake C i t y . .
Bellingham.
Everett
Seattle
Spokane
Tacoma
Walla Walla
Yakima
Iy4o
+42 +42
+16 + 15
+50 +52
+37 +54
+40 +32
+40 +36
+30 +27
+36 r +31
+44 +48
+27 +33
+33 +21
+32 r +30
+34 +U
+21 +27
+24 +15
+28 +25
+27 +26
+27 +13
+27 +31
+38 r +33
+35 +43
+43 +46
+28 +31
+19 ' + 4 3
+25 +12
+33 r +17
+29 +23
+46 r +38
+17 +22
+38 +43
+24 +19
Five
mos.
1943
+40
+11
+44
+44
+32
+47
+26
+33
+48
+35
+21
+30
+21
+24
+21
+24
+28
+21
+25
+45
+44
+44
+29
+38
+14
+19
+24
+41
+22
+46
+22
Revised.
664
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS—Continued
SALES A N D STOCKS, BY MAJOR DEPARTMENTS
Number
of stores
reporting
Department
Sales during month (value)
Stocks at end of month (value)
Ratio of stocks
to sales
Percentage change
Percentage change
April
Apr. 1943 Apr. 1943 Apr. 1942 Apr. 1943 Apr. 1943 Apr. 1942
from
from
from
from
from
from
Apr. 1942 Mar. 1943 Mar. 1942 Apr. 1942 M a r . 1943 Mar. 1942
1943
1942
GRAND TOTAL—entire store
348
+17
+6
-2
-26
-2
+10
2.4
3.9
MAIN STORE—total
348
+18
+5
-3
-26
t
+10
2.6
4.1
Women's apparel and accessories
Women's and misses' coats and suits
Women's and misses' dresses
Blouses, skirts, sportswear, sweaters,
apparel
Juniors' and girls' wear
Infants' wear
Aprons, housedresses, uniforms
Women's underwear, slips, negligees
Corsets, brassieres
Hosiery (women's and children's)
Gloves (women's and children's)
Shoes (women's and children's)
Furs
346
325
330
+32
+32
+16
+6
-7
-30
-20
-11
+7
-2
-9
+9
-13
+8
+7
1.7
0.8
1.2
2.8
1.3
1.3
306
292
297
281
317
325
339
318
235
253
+23
+63
+61
+1
0
-27
-5
+8
+24
+10
-5
-1
-3
+27
+9
-13
-13
-34
-20
-34
-28
-34
-35
-14
+11
+16
+17
+ 16
+11
+1
+4
+4
1.9
1.1
1.5
1.8
2.4
2.6
2.2
1.8
2.9
3.3
2.7
2.0
3.8
2.3
4.5
4.1
4.0
4.2
3.9
7.0
3.6
4.1
4.2
1.9
5.6
5.8
5.4
6.5
4.7
7.0
knit
+2
+7
+18
+13
+27
+16
+20
+46
+15
+46
+ 19
+16
+111
+9
+9
-12
-1
-38
0
-49
+4
+1
-9
-6
+8
-4
-4
-16
-3
+2
-3
+8
Men's and boys' wear
Men's clothing
Men's furnishings, hats, caps
Boys' clothing and furnishings
Men's and boys' shoes and slippers
315
223
296
269
165
+19
+56
+17
-23
-1
+4
-26
-20
-29
-32
-21
+2
+15
+20
+15
+10
+10
Home furnishings
Furniture, beds, mattresses, springs
Domestic floor coverings
Draperies, curtains, upholstery
Major appliances (refrigerators, washers, stoves,
etc.)
Domestics, blankets, linens, etc
China and glassware
Housewares
309
228
236
284
-10
-9
+1
+3
+2
+11
+10
+19
+13
+15
+16
+24
-32
-28
—34
-22
-3
—4
-8
-4
+8
+5
+7
4.0
3.8
3.9
3.3
5.3
4.8
6.0
4.7
199
282
219
218
-65
+51
-20
+2
+28
-70
-31
-20
-34
-7
+ 14
+2
-12
-2
+13
-18
+12
+8
+8
2.1
4.4
6.8
3.7
2.4
7.3
8.6
4.4
Piece goods (dress and coat yard goods, all
materials)
Cotton wash goods
280
115
+19
+15
—21
-10
— 11
+13
—20
-22
+8
+5
2.9
2.4
4.4
3.6
Small wares
Notions
Toilet articles, drug sundries, prescriptions
Jewelry and silverware
327
213
313
282
+26
+11
+21
+32
o
—22
—25
-20
-22
+4
+5
+3
+2
+5
3.4
2.8
3.3
3.6
5.4
4.1
5.1
6.2
Miscellaneous
292
+27
BASEMENT STORE—total
Women's apparel and accessories
Men's and boys' clothing and furnishings
Home furnishings
Piece goods
Shoes
212
199
160
117
53
129
+12
+21
+12
+4
+11
+67
•?
-1
-20
-41
+9
+11
o
+2
-2
+9
+12
+9
+8
+69
+19
+2
+2
+1
_3
+16
-6
-14
+10
-18
+4
+16
-16
+27
+5
-3
-2
-3
+2
-10
+2
0
-1
0
+10
+11
+11
+10
-30
+3
+12
2.9
5.3
—26
-24
-30
—34
-10
-16
—5
-8
-4
—6
+11
+11
+12
2.0
1.4
3.0
2.9
3.4
3.7
3.1
2.2
4.8
4.2
4^2
3.7
+12
0
+9
+9
+8
NOTE.—Group
sales in
shown separately.
lyuxc.—UIDUJJ totals
iuiai» include
mtiuuc aaics
in departments
ucjjaiuiicuis not
uui MIUWU
scpai ct Lciy . Figures
riguics for
iur basement
uasciiicni store
SLUIC are
a.ic not
iiui strictly comparable with those for main
store owing chiefly to inclusion in basement of fewer departments and somewhat different types of merchandise. The ratio of stocks to sales is obtained
by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month
in terms of sales for that month.
SALES, ACCOUNTS RECEIVABLE, A N D COLLECTIONS
[ndex numbers, without seasonal adjustment, 1941 average = 100
Accounts receivable
at end of month
Sales during month
Year and month
Total
1942—March
April
May
June
July
August
September
October
November
December
111
109
r
98
95
79
98
120
133
135
208
1943—January
February
March .
April
May
100
116
120
129
117
Percentage of tota 1 sales
Collections during
month
Cash
saies
Instalment
sales
Chargeaccount
sales
104
107
116
120
109
81
83
106
113
116
50
50
53
56
59
58
56
57
58
61
8
7
6
5
5
6
6
6
6
5
42
43
41
39
36
36
38
37
36
34
142
109
105
r
59
58
59
60
60
5
5
5
5
4
36
37
36
35
36
Cash
Instalment
Charge
account
Instalment
Charge
account
Instalment
Charge
account
113
113
111
97
117
140
160
162
263
107
95
66
54
50
73
76
89
89
112
108
108
r
93
84
66
81
105
113
114
166
97
94
86
77
70
67
63
62
62
64
106
107
99
83
64
64
76
83
84
109
114
112
111
104
94
92
90
99
96
103
123
140
147
161
146
63
70
67
'76
61
82
99
100
104
97
58
55
51
49
45
83
78
77
78
75
96
89
93
r
85
79
r
109
106
105
r
Revised.
NOTE.—These data are based on reports from a smaller group of department stores than that included in the monthly index of sales shown on the
preceding page.
JULY 1943
665
CONSUMER CREDIT STATISTICS
TOTAL CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding. In millions of dollars]
Instalment credit
Total
consumer
credit
End of month
or year
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
Sale credit
Total
instalment
credit
Automotive
Total
Loans1
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
6,156
3,167
2,706
2,214
1,515
1,581
1,846
2,599
3,466
3,919
3,539
4,351
5,434
5,921
2,923
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
1,495
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
1,013
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
557
523
534
560
610
648
8,364
7,952
7,513
7,007
6,719
6,557
6,403
6,169
6,156
4,886
4,611
4,327
4,036
3,748
3,504
3,255
3,054
2,923
2,919
2,705
2,474
2,247
2,032
1,862
1,704
1,571
1,495
1,369
1,239
1,120
1,004
874
769
664
573
482
1,550
1,466
1,354
1,243
1,158
1,093
1,040
998
1,013
1,967
1,906
1,853
1,789
1,716
1,642
1,551
1,483
1,428
1,171
1,151
1,125
1,112
1,102
1,095
1,088
1,085
1,072
1,682
1,561
1,430
1,225
1,232
1,320
1,419
1,386
1,513
625
629
631
634
637
638
641
644
648
r
5,702
r
r
2,660
r
r
l,314
r
404
351
287
P260
r
910
r
1,346
1,275
1,252
PI,206
PI,161
1,058
1,038
1,031
p
l,029
PI,034
1,333
1,333
1,343
PI,331
p
l,275
651
654
654
P655
P655
,.
1942
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1943
Jan
Feb
Mar
Apr
May
5,491
5,352
P
5,241
2*5,081
l,191
1,072
Pi,020
P956
2,466
2,324
P
2,226
P2.117
840"
785
*760
*721
Preliminary.
Revised.
1
Includes repair and modernization loans.
2A
t i d
l f
i l
:rce,
CONSUMER INSTALMENT LOANS
CONSUMER INSTALMENT SALE CREDIT.EXCLUDING
AUTOMOTIVE
[Estimated amounts outstanding. 11 millions of dollars]
Department
Total,
End of month excluding stores
and
autoor year
mailmotive
order
houses
1,197
1,104
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
958
677
663
741
865
1,147
1,368
1,343
1,525
1,721
1,805
1,013
160
155
138
103
119
146
186
256
314
302
377
439
469
254
Furniture
stores
Household
appliance
stores
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
Jewelry
stores
56
47
45
30
29
35
40
56
68
70
93
110
120
78
All
other
retail
stores
133
141
136
110
97
115
132
174
210
220
246
271
284
160
1942
1,550
1,466
1,354
1,243
1,158
1,093
1,040
Apr
May
June
Tulv
Aug
Sept
Oct
Nov
Dec
J
K
• *
998
1,013
396
367
332
300
277
261
253
247
254
561
543
512
475
449
428
408
392
391
228
210
196
359
338
322
258
240
218
201
183
169
154
141
130
91
85
79
71
67
63
61
61
78
244
231
213
196
182
172
164
157
160
64
57
52
143
132
124
1943
r
910
r
Jan
Feb
Mar.
Apr
May
p
r
840
785
P76O
P721
P189
P178
Preliminary.
Revised.
666
P319
P308
r
116
103
91
P81
P72
r
P51
P49
P120
P114
[Estimated amounts outstanding. In millions of dollars]
End of
month or
year
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1942
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1943
Jan
Feb
Mar.
Apr.
May
Total
Commercial1
banks
Repair
Small Industrial
and
loan
Credit Miscelbanking
laneous moderncom- unions lenders ization
companies panies
loans
32
31
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
1,967
1,906
1,853
1,789
1,716
1,642
1,551
1,483
1,428
586
564
546
521
491
460
421
393
370
517
504
493
481
466
452
437
428
424
111
268
261
253
246
236
222
211
202
190
184
179
173
166
160
152
145
141
100
99
98
1,346
1,275
p 1,252
l 206
PI, 161
345
319
312
299
290
403
387
387
378
366
193
185
184
179
174
132
126
127
122
119
89
88
87
87
652
674
619
516
459
529
794
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
97
95
94
92
91
91
P85
27*
177
240
163
172
244
317
335
200
297
287
276
264
252
240
227
215
200
184
170
155
P141
P127
P1 Preliminary.
These figures for amounts outstanding include only personal instalment
cash loans and retail automotive direct loans, which are shown on the following page and a small amount of other retail direct loans (13 million
dollars at the end of May 1943), which are not shown separately.
FEDERAL RESERVE BULLETIN
CONSUMER CREDIT STATISTICS—Continued
CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
j
Month or year
Automotive
retail
Total
Pur- Direct
chased loans
Outstanding a t end of
period:
1939
1940
1941
1942
1942—April
May
June
July
August
September
October
November
December
1943—January
February
March
April
May
Volume extended during
month:
1942—April
May
June
July
August
September
October
November
December
1943—January
February
March
April
May
Other Repair
retail,
and
purmodchased ernizaand
tion
direct loans
Personal
instalment
cash
loans
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
1,338
1,273
1,211
1,139
1,072
998
922
860
787
308
283
265
242
227
203
190
166
136
235
224
211
196
182
167
148
136
122
254
243
223
208
189
175
159
151
143
207
201
196
187
182
176
168
165
154
334
322
316
306
292
277
257
242
232
726
662
619
580
p
551
116
101
87
70
111
100
95
91
88
136
121
108
100
93
144
135
125
117
111 ..
219
205
204
195
189
125
110
102
95
93
82
77
64
69
19
17
15
16
23
14
11
7
6
20
18
16
16
14
13
11
9
10
28
25
16
13
11
12
14
14
15
10
9
9
9
9
8
9
6
48
41
46
41
36
35
32
27
32
59
52
74
64
^65
6
6
8
9
9
9
9
13
12
12
14
8
9
10
11
4
4
5
5
6
26
25
39
28
27
r
r
77
7
r
p
Revised.
Preliminary.
NOTE.—For descriptive material and back figures, see BULLETIN for
October 1942, pp. 992-994.
CONSUMER INSTALMENT LOANS MADE BY PRINCIPAL
LENDING INSTITUTIONS
[Estimates of volume made in period. In millions of dollars]
Month or year
Item
May
Apr.
1943
Mar.
1943
May
1943
Apr.
1943
Mar.
1943
+4
+8
+12
+11
+13
+42
r +2
+50
-6
+1
+2
+14
+8
+18
+13
+20
+18
Accounts receivable, at end of
month:
Total
Instalment
-2
-4
-1
-1
-4
-5
-40
-40
Collections during month:
Total
Instalment
+4
+4
-1
-3
+7
+7
-7
-9
Inventories, end of month, at
retail value
-5
-3
+5
-17
r
Revised.
JULY 1943
Credit
unions
705
463
503
498
376
304
384
423
563
619
604
763
927
983
798
413
380
340
250
202
234
288
354
409
417
489
536
558
408
42
41
38
34
33
42
67
105
148
179
257
320
343
215
82
104
41
45
23
25
80
66
80
71
61
64
58
52
49
44
37
43
66
65
86
72
58
68
63
60
60
59
59
82
40
35
42
37
34
36
34
33
31
30
25
31
18
19
25
19
18
20
18
16
16
14
14
18
36
35
53
41
HO
45
50
25
26
38
31
29
11
13
22
15
14
1941
November
December
1942
January
February
March
April
May
June
July
August
September....
October
November....
December
1943
January
February
March
April
May
62
58
v
Preliminary.
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 May 1943), which are not shown separately.
Percentage
change from
corresponding
month of
preceding year
+8
+16
Industrial
banking
companies
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE1
1943
Net sales:
Total
Cash sales . . . .
Credit sales:
Instalment
Charge account
Small loan
companies
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
FURNITURE STORE STATISTICS
Percentage
change from
preceding
month
Commercial
banks 1
r
-5
+53
-19
+6
+11
r_ 4 1
-40
-40
-41
r
-5
-9
-3
-6
-10
-4
Charge
accounts
Instalment accounts
Month
Department
stores
Furniture
stores
Household appliance
stores
Jewelry
stores
Department
stores
1942
February
March
April
May
Tune
July
August
September
October
November
December
19
22
21
22
22
23
24
25
29
29
31
11
13
13
13
14
14
16
16
18
17
18
12
13
13
13
13
13
13
14
15
15
15
18
19
19
20
22
22
25
26
30
31
45
45
46
47
50
56
60
59
60
65
63
65
1943
January
February
March
April
May
28
28
31
31
30
17
17
19
20
22
31
29
30
r
31
33
61
61
62
63
63
r
16
16
18
r
18
20
r
r
r
1
Revised.
Ratio of collections during month to accounts receivable at beginning
of month.
667
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics. 1926 =100]
Other commodities
All
commodities
Farm
products
Foods
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
78.6
87.3
98.8
104.9
88.3
64.8
48.2
51.4
65.3
78.8
80.9
86.4
68.5
65.3
67.7
82.4
105.9
99.9
90.5
74.6
61.0
60.5
70.5
83.7
82.1
85.5
73.6
70.4
71.3
82.7
99.6
91.6
85.2
75.0
70.2
71.2
78.4
77.9
79.6
85.3
81.7
81.3
83.0
89.0
95.5
109.1
100.0
86.1
72.9
80.9
86.6
89.6
95.4
104.6
92.8
95.6
100.8
108.3
117.7
90.4
80.3
66.3
54.9
64.8
72.9
70.9
71.5
76.3
66.7
69.7
73.8
84.8
96.9
83.0
78.5
67.5
70.3
66.3
73.3
73.5
76.2
77.6
76.5
73.1
71.7
76.2
78.5
100.5
92.1
84.5
80.2
79.8
86.9
86.4
87.0
95.7
95.7
94.4
95.8
99.4
103.8
95.4
89.9
79.2
71.4
77.0
86.2
85.3
86.7
95.2
90.3
90.5
94.8
103.2
110.2
94.0
88.7
79.3
73.9
72.1
75.3
79.0
78.7
82.6
77.0
76.0
77.0
84.6
97.1
94.3
92.7
84.9
75.1
75.8
81.5
80.6
81.7
89.7
86.8
86.3
88.5
94.3
102.4
82.6
77.7
69.8
64.4
62.5
69.7
68.3
70.5
77.8
73.3
74.8
77.3
82.0
89.7
1942—January
February..
March
April
May
Tune
July
August
September
October...
November.
December.
96.0
96.7
97.6
98.7
98.8
98.6
98.7
99.2
99.6
100.0
100.3
101.0
100.8
101.3
102.8
104.5
104.4
104.4
105.3
106.1
107.8
109.0
110.5
113.8
93.7
94.6
96.1
98.7
98.9
99.3
99.2
100.8
102.4
103.4
103.5
104.3
94.6
94.9
95.2
95.6
95.7
95.6
95.7
95.6
95.5
95.5
95.8
95.9
114.9
115.3
116.7
119.2
118.8
118.2
118.2
118.2
118.1
117.8
117.8
117.8
93.6
95.2
96.6
97.7
98.0
97.6
97.1
97.3
97 1
97.1
97.1
97.2
78.2
78.0
77.7
77.7
78.0
78.4
79.0
79.0
79.0
79.0
79.1
79.2
103.5
103.6
103.8
103.8
103.9
103.9
103.8
103.8
103.8
103.8
103.8
103.8
109.3
110.1
110.5
110.2
110.1
110.1
110.3
110.3
110.4
110.4
110.1
110.0
96.0
97.0
97.1
97.1
97.3
97.2
96.7
96.2
96.2
96.2
99.5
99.5
102.4
102.5
102.6
102.8
102.9
102.9
102.8
102.7
102.5
102.5
102.5
102.5
89.3
89.3
89.7
90.3
90.5
90.2
89.8
88.9
88.8
88.6
90.1
90.5
1943—January. . .
February..
March
April
May
101.9
102.5
103.4
103.7
104.1
117.0
119.0
122.8
123.9
125.7
105.2
105.8
107.4
108.4
110.5
96.0
96.2
96.5
96.6
96.7
117.8
117.8
117.8
117.8
117.8
97.3
97.3
97.3
97.4
97.4
79.3
79.8
80.3
80.6
103.8
103.8
103.8
103.8
103.8
109.8
110.2
110.4
110.3
110.5
100.2
100.3
100.0
100.1
100.2
102.5
102.6
102.6
102.6
102.7
90.7
90.9
91.4
91.6
91.9
Week ending
1943—Mar. 20...
Mar. 27...
Apr. 3
Apr. 1 0 . . .
Apr. 17....
Apr. 24...
May 1
May 8
May 15....
May 22.. .
May 29...
June 5
June 1 2 . . .
June 19....
June 26....
103.0
103.3
103.4
103.5
103.5
103.4
103.5
103.7
103.8
103.8
104.0
103.9
104.0
103.5
103.1
122.4
124.2
124.7
124.3
124.4
123.9
124.3
124.8
125.7
125.8
126.7
126.3
127.6
127.0
126.2
107.1
107.6
107.8
107.9
r
108.4
108.5
108.7
109.4
110.2
110.3
110.7
110.6
110.9
109.0
108.0
96.6
96.6
96.7
96.7
96.8
96.8
96.9
96.9
96.9
96.9
96.9
96.9
96.9
96.9
96.9
118.4
118.4
118.4
118.4
118.4
118.4
118.4
118.4
118.4
118.4
118.4
118.4
118.4
118.4
118.4
96.8
96.8
96.8
96.9
96.9
96.9
96.9
96.9
96.9
96.9
96.9
96.9
96.9
96.9
96.9
80.8
80.8
80.8
81.1
81.1
81.1
81.5
81.6
81.5
81.3
81.3
81.4
81.4
81.4
81.4
103.9
103.9
103.9'
103.9
103.9
103.9
103.9
103.9
103.9
103.9
103.9
103.9
103.9
103.9
103.9
110.4
110.4
110.4
110.3
110.3
110.2
110.3
110.4
110.4
110.3
110.3
110.4
110.4
110.4
110.4
100.0
100.0
100.1
100.1
100.1
100.1
100.1
100.2
100.2
100.2
100.2
100.2
100.2
100.2
100.2
104.2
104.2
104.2
104.2
104.2
104.2
104.2
104.2
104.2
104.2
104.2
104.2
104.3
104.3
104.3
91.2
91.2
91.2
91.3
91.4
91.4
91.4
91.4
91.4
91.7
91.7
91.7
91.7
91.8
91.6
Year, month, or week
1929
1930
1931
1932
1933....
1934
1935
1936
1937
1938
1939
1940
1941
1942
Total
Hides and Textile Fuel and Metals Building
lightin
ghting and metal materials
leather
ati
products
products products m aterials
1943
Foods:
m
Dairy products
Cereal products
Fruits and vegetables
Meats
Other foods
Hides and Leather Products:
Shoes
Hides and skins
Leather
Other leather products
Textile Products:
Clothing
Cotton goods
Hosiery and underwear....
Silk
Rayon. :
Woolen and worsted goods
Other textile products
Fuel and Lighting Materials:
Anthracite
Bituminous coal
Coke
Electricity
Gas
Petroleum products
May
Feb.
Mar.
Apr.
May
92.2
117.6
99.0
108.6
132.8
112.6
112.2
135.7
117.1
112.5
134.0
120.0
113.1
130.5
125.2
93.5
89.0
96.7
114.8
90.6
113.3
92.2
108.5
115.5
94.5
113.2
93.5
115.6
115.5
96.3
113.3
93.7
123.2
115.8
96.0
113.1
93.6
137.7
115.9
96.4
126.6
121.4
101.3
115.2
126.4
116.0
101.3
115.2
126.4
116.0
101.3
115.2
126.4
116.0
101.3
115.2
126.4
116.0
101.3
115.2
109.6
112.9
71.9
107.0
112.6
70.5
107.0
112.6
70.5
107.0
112.6
70.5
107.0
112.6
70.5
30.3
111.0
98.3
'30^3
112.4
97.7
30^3
112.4
97.5
"30.3
112.5
98.7
'30.3
112.5
98.7
85.3
108.5
122.1
63.8
79.9
59.1
89.7
113.9
122.3
63.0
75.8
61.2
89.8
115.2
122.4
60.2
75.6
61.5
115.6
122.4
89.7
116.1
122.4
76.4
62.0
62.5
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
Housefurnishing Goods:
Furnishings.
Furniture
Miscellaneous:
Auto tires and tubes
Cattle feed
Paper and pulp
Rubber, crude
Other miscellaneous
Miscellaneous
1943
Subgroups
Subgroups
Farm Products:
Grains
Livestock and poultry
Other farm products
ChemiHousecals and furnishallied
ing
goods
products
May
Feb.
Mar.
Apr.
May
96.9
98.0
97.2
112.8
85.6
98.5
96.9
98.0
97.2
112.8
86.0
90.4
96.9
98.0
97.2
112.8
86.0
90.4
96.9
98.0
97.2
112.8
86.0
90.4
96.9
98.0
97.2
112.8
86.0
90.4
98.0
94.2
131.5
100.6
98.5
107.3
103.8
98.6
94.2
134.6
101.2
90.4
107.3
102.2
98.7
94.2
134.6
102.2
90.4
107.3
102.0
98.7
94.2
134.7
102.5
90.4
107.3
101.6
98.9
93.9
135.6
102.2
90.4
107.3
101.6
96.5
129.1
79.0
82.8
108.6
96.9
165.5
79.0
85.8
101.5
96.4
165.0
79.0
85.8
101.5
96.4
165.1
80.0
85.8
101.5
96.4
165.1
80.0
85.8
102.0
108.1
97.5
107.3
97.7
107.3
97.7
107.3
97.7
107.3
98.0
73.0
140.4
102.8
46.3
93.5
73.0
142.1
101.1
46.3
94.9
73.0
148.2
102.7
46.3
94.9
73.0
150.9
102.9
46.2
95.1
73.0
150.6
104.3
46.2
95.2
Back figures.—Bureau of Labor Statistics, Department of Labor.
668
FEDERAL RESERVE BULLETIN
ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Thousands of persons]
Transportation and
public
utilities
Trade
Finance,
service,
and miscellaneous
Federal,
State, and
local government
1,791
1,768
1,851
1,916
1,959
1,902
1,889
2,004
3,435
3,446
3,471
3,490
3,482
3,466
3,508
3,535
6,695
6,610
6,609
6,607
6,523
6,619
6,673
6,635
4,257
4,266
4,296
4,317
4,313
4,324
4,333
4,331
4,943
5,060
5,255
5,366
5,462
5,601
5,690
5,766
870
873
864
858
847
1,843
1,748
1,564
1,363
1,182
3,549
3,545
3,551
3,572
3,576
6,513
6,458
6,424
6,433
6,347
4,350
4,356
4,347
4,331
4,297
5,734
5,866
5,932
5,942
5,947
14,133
14,302
14,641
14,980
15,233
15,313
15,434
15,684
928
921
923
918
910
902
894
885
1,909
1,991
2,108
2,181
2,185
2,028
1,896
1,674
3,442
3,485
3,519
3,533
3,542
3,539
3,520
3,502
6,667
6,606
6,504
6,496
6,561
6,697
6,771
7,107
4,309
4,324
4,355
4,371
4,397
4,327
4,295
4,279
4,958
5,037
5,184
5,323
5,520
5,672
5,723
5,811
15,743
15,851
15,958
15,956
15,913
867
867
861
850
842
1,470
1,386
1 357
1,328
1,266
3,463
3,456
3,475
3,552
3,586
6,371
6,291
6,328
6,423
6,320
4,259
4,270
4,281
4,337
4,344
5,689
5,837
5,924
5,936
5,963
Total
Manufacturing
Mining
Construction*
1942—May
June
July
August
September
October
November
December
36,274
36,461
37,051
37,433
37,645
37,962
38,325
38,842
14,220
14,382
14,640
14,819
15,006
15,162
15,349
15,687
933
929
929
918
900
888
883
884
1943—January
February
March
April
May
38,791
38,821
38,725
38,523
38,195
15,932
15,975
16,043
16,024
15,999
36,346
36,666
37,234
37,802
38,348
38,478
38,533
38,942
37,862
37,958
38,184
38,382
38,234
Year and month
SEASONALLY ADJUSTED
UNADJUSTED
May
June
July
August
September
October
November
December
1943—Januarv
February
March
April
May
* Includes contract construction and Federal force account construction.
NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. Estimates exclude proprietors of unincorporated businesses, self-employed persons,
domestics employed in private homes, public emergency employees (WPA, NYA, and CCC), and personnel in the armed forces. Figures for May 1943
are preliminary. Revised seasonally adjusted estimates for months prior to November 1941 are shown on p. 1156 of the November 1942 BULLETIN.
JULY 1943
669
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK*
O N BANK CREDIT, MONEY RATES, AND BUSINESS
Chart
book
page
WEEKLY FIGURES^
RESERVES AND CURRENCY
1943
Chart
book
May June June June June
26
2
9
16
23
In billions of dollars
MONTHLY FIGURES
1943
In billions of dollars
RESERVES AND CURRENCY
Reserve bank credit:
U. S. Govt. securities, total
Bonds
Notes
Certificates
Bills
Special certificates
Bills discounted
Gold stock
Money in circulation.
Nonmember deposits
Treasury deposits
Member bank reserves
Excess reserves' 3
Excess reserves (weekly average),total 6 .
New York City
Chicago
Reserve city banks
Country banks e
Reserve bank credit
5
6.76
6.49
6.68
2, 4 6.18 6.22 6.64 6.63 6.75 Gold stock
5 22.62
22.45
22.51
1.77 1.74 1.71 1.56 1.52 Money in circulation
4
5 16.15
16.81
16.45
.94
.85
.93
.95
.83
4
Treasury cash
5
2.25
2.23
2.22
4
1.10 1.10 1.10 1.10 1.10 Treasury deposits
5
.28
.01
.43
2.36 2.44 2.90 2.46 3.29 Reserve balances
4
5,
8
12.02
12.72
13.26
.66
4
Required
reserves
8
10.29
10.77
11.37
2 "!02 ' "^02
!6l .01
Excess reserves, total
8, 9
1.73
1.95
1.88
2 22.43 22.43 22.41 22.41 22.39
New York City.
9
.05
.10
.05
2 16.90 17.20 17.24 17.19 17.15
Chicago
9
.03
.03
.01
1.32 1.19 1.31 1.26 1.39
2
Reserve
city
banks
9
.89
.85
.74
.06
.18
.06
.35
.29
2
Country banks
9
.98
.90
.93
3 11.84 12.06 12.17 12.51 12.22 Money in circulation, total
10 16.25
17.11
16.66
1.50 1.63 1.51 1.63 1.30
3
Bills of $50 and over
10
4.33
4.23
4.13
3
1.62 PI. 52 PI. 45 PI.58
$10 and |20 bills
10
9.21
8.92
8.67
.03
.02
.03
.02
3
Coins, $1, $2, and $5 bills
10
3.58
3.51
3.45
.01
.01
.01
.01
3
.65
.62
CONSUMER CREDIT
.65
.77
3
.89
.81 P. 83 P . 80
3
Consumer credit, total
18
P5.24
5.35
P5.08
Single-payment loans
18
PI. 03
PI.03
1.03
MEMBER BANKS I N LEADING CITIES
Charge accounts
18
PI. 28
^1.33
1.34
Loans and investments
14 47.07 47.18 46.81 46.97 46.15
Service credit.
18
.65
P. 66
P.66
Demand deposits adjusted
14 31.19 31.39 32.06 32.79 32.47
Instalment credit, total
18, 19 2.32
P2.12
P2.23
U. S. Govt. obligations
14 34.09 34.32 34.14 34.25 33.63
Instalment loans
19
PI.
16
PI.21
1.25
Total loans
14
9.90 9.79 9.59 9.65 9.45
Instalment sale credit, total
19
P. 96
PI.02
1.07
2
Commercial loans, total
15
5.57
5.51
5.66
5.64
5.63
Automotive
19
.29
P.
24
P.26
New York City 2
15
2.18 2.21 2.20 2.17 2.14
Other
19
P.72
.79
P.76
100 cities outside New York 2
15
3.34 3.45 3.44 3.45 3.43
TREASURY
FINANCE
.84
.88
.99
.89
.79
Brokers' loans—New York City
15
U. S. Govt. obligations:
U. S. Govt. obligations outstandNew York City, total
15 13.22 13.42 13.19 13.25 12.84 ing, total interest-bearing
20 118.64
133.01
138.76
Bonds
...
17
5.92 5.92 5.94 5.83 5.80
Bonds (marketable Treasury) ..
20 49.27
57.97
55.20
Notes and guar. securities : . . . .
17
2.73 2.72 2.73 2.52 2.47
Notes, cert., and bills, total....
20 30.19
37.21
36.00
Certificates
17
2.51 2.50 2.51 2.52 2.57
Notes
21
9.80
9.80
9.80
Bills
17
2.06 2.27 2.01 2.37 2.00
Certificates
21 11.16
16.56
16.15
100 cities outside New York, total..
15 20.87 20.90 20.95 21.01 20.79
Bills
21
10.85
9.23
10.04
Bonds
17
9.82 9.84 9.88 9.85 9.
Savings bonds, tax notes, etc..
20 24.62
v;
29.09
27.46
Notes and guar. securities
17
Savings bonds
21 17.89
3.28 3.32 3.34 3.32 3.31
20.51
19.27
Certificates
17
Tax notes
21
4.37 4.38 4.40 4.41 4.40
8.16
6.35
7.78
Bills
17
3.40 3.36 3.34 3.43 3.20
Special issues
20 10.00
10.20
9.79
Holdings of U.S. Govt. obligations:
Fed. agencies and trust funds
22
13.35
13.13
P13.72
Per cent per annum
Federal Reserve Banks
22
6.22
5.92
6.46
MONEY RATES, ETC.
Commercial banks
22
44.09
48.74
374
374
374 .374
.374
Private holders other than
Treasury bills (new issues)
25
1.33 i .32 i .33 i .33 1.32
commercial banks, total
22
55.49
64.46
Treasury notes (taxable)
25
Mutual savings banks
23
4.63
5.17
U. S. Govt. bonds:
1 .87 ! .86 1 .85 1.83
1.88
Insurance companies
23
10.90
12.60
Partially tax-exempt
25, 33
Other investors, total
23 40.00
46.70
Taxable
25, 33 2.29 2 .29 2 .30 2 .28 2.28
Marketable issues....
23
2.74 2 .73 2.73 2 .72 2.72
16.10
20.10
Corporate Aaa bonds
33
3.90 3 .89 3 .89 3 .89 3.
Corporate Baa bonds
33
Per cent per annum
In unit indicated
«
MONEY RATES, ETC.
F. R. Bank discount rate, N . Y..
27
.50
.50
.50
Stock prices (1935-39 = 100):
27
373
.373
.373
96.0 97.3 96.9 95.5 95.7 Treasury bills (new issues)
Total
35
27
Treasury
notes
(taxable)
.39
1.33
1.36
99.7
99.4
98.2
98.1
98.4
Industrial
35
i .69
29
.69
.69
98.2 97.4 95.0 92.0 92.3 Commercial paper
Railroad
35
84.3 85.0 85.1 83.7 83.6 U. S. Govt. bonds:
Public utility
35
2 .02
2.08
.98
Partially tax-exempt
33
1.92
.92
1.17 1.30
.87
Volume of trading (mill, shares)
35
2.33
Taxable
33
2 .32
2.30
BUSINESS CONDITIONS
2 .76
2.76
Corporate Aaa bonds
2.74
29, 33
4.01
Corporate
Baa
bonds
3.91
33
3
.96
98.4
97.5
99.3
97.8
97.6
Steel production (per cent of capacity)..
50
Electric power prod. (mill. kw. hrs.)....
50 3,990 3,926 4,040 4,098 4,120
Freight car loadings (thous. cars):
In unit indicated
Total
51 852.5 667.6 854.5 868.2 760.8
Miscellaneous
51 382.8 357.1 381.4 386.6 390.0 Stock prices (1935-39 = 100):
151 148
137
118
136
Department store sales (1935-39 = 100)...
52
Total
35
F.H.A. home mortgages,
new construcIndustrial
35
tion (thous.) 3
52
Railroad
35
Wholesale prices (1926 = 100):
Public utility
35
Total
63 104.0 103.9 104.0 103.5 103.1 Volume of trading (mill, shares)...
35
Farm products
63 126.7 126.3 127.6 127.0 126.2 Brokers' balances (mill, dollars):
e
96.9 96.9 96.9 96.9 96.9
Other than farm and food
63
Credit extended customers....
37
760
e
Money borrowed
37
550
e
Customers'free credit balances.
37
350
e
1
2
3
5
p
r
Estimated.
Preliminary.
Revised.
Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period.
Beginning with June 2,1943, includes
open-market paper no longer reported separately.
4
Publication discontinued.
Adjusted for seasonal variation.
Figures available for June and December dates only.
* Copies of the Chart Book may be obtained at a price of 50 cents each.
67O
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued
Chart
book
page
MONTHLY F I G U R E S
(cont.)
1943
Mar.
Apr.
May
In unit indicated
BUSINESS CONDITIONS
Income payments (mill, dollars), total 4
38
Salaries and wages
38
Other
38
Cash farm income (mill, dollars),total..
39
Livestock and products
39
Crops
39
Govt. payments
39
Industrial production: 4
Total (1935-39 = 100)
41, 42
Groups (points in total index)
Durable manufactures
41
Machinery, etc
42
Iron and steel
42
Other durable
42
Nondurable manufactures
41
Textiles and leather
42
Paper and printing
42
Foods, liquor, and tobacco
42
Other nondurable
42
Minerals
41,42
Primary products (1935-39 = 100):
Steel
43
Cement
43
Lumber
43
Coal
43
Crude petroleum
43
Cotton consumption
43
Wool yarn
43
Paper
43
Leather
43
Meats and dairy products
43
Other manufactured foods
43
Labor force and employment (mill,
persons):
Labor force
44
Employment, total
44
Nonagricultural
44
Agricultural
44
Male
44
Female
44
Nonagricultural employment (mill.
persons), total 4
45
Manufacturing and mining
45
Trade
45
Government
45
Transportation and utilities
45
Construction
45
Factory employment and pay rolls
(1939 = 100):
Pay rolls
47
Employment
47
Hours and earnings a t factories:
Weekly earnings (dollars)
48
Hourly earnings (cents)
48
Hours worked (per week)
48
New orders. shipments,and inventories
(1939 = 100):
New orders, total
49
Durable
49
Nondurable
49
Shipments, total
49
Durable
49
Nondurable
49
Inventories, total
49
Durable
49
Nondurable
49
Residential contracts (mill, dollars): 4
Total
53
Public
53
Private, total
53
1- and 2-family dwellings
53
Other
53
Construction contracts (3-mo. moving
av., mill, dollars): 4
Total
55
Residential
55
Other
55
m
Freight carloadings: 4
Total (1935-39 = 100).. .#
57
Groups (points in total index)
Miscellaneous
57
Coal
57
All other
57
Department stores (1923-25 = 100) : 4
Sales
59
Stocks
59
11,470
7,983
3,487
1,402
p
ll,582
^8,104
*>3,478
1,387
900
410
92
955
367
65
202
113.1
74.6
23.1
15.3
69.0
20.2
11.3
20.2
17.3
20.2
52.0
51.0
42.0
p
l,433
P996
P397
203
113.7 PI14.0
75.4
P75.9
23.0
22.8
15.2
P15.2
68.9
^69.0
20.1
P20.2
11.3
P11.3
19.9
P19.5
17.7
P17.9
20.0
P19.6
235
134
115
146
124
166
173
134
115
142
156
233
146
114
154
122
166
181
136
113
148
156
52.1
51.2
41.6
Chart
book
page
MONTHLY FIGURES (cont.)
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
Mar.
*>150
P151
53.0
52.1
41.3
10.8
36.2
15.9
9.0
9.6
35.8
15.2
36.0
15.2
38.7
16.9
38.5
16.9
6.4
5.9
3.6
1.6
6.4
5.9
3.6
1.4
P38.2
p
16.8
P6.3
P5.9
P3.6
H.2
304.5
167.6
309.4
167.5
P167.1
41.75
93.4
44.7
42.48
94.4
45.0
May
In unit indicated
61
61
61
61
63
63
63
65
65
65
65
P926.9
P248.5
^678.4
'-33.4
103.4
122.8
96.5
122.8
137.4
127.6
108.0
p
l,135.7
*>265.9
?869.9
103^7
123.9
96.6
124.1
140.6
127.8
1942
JulySept.
104.1
125.7
96.7
125.1
143.0
127.8
1943
Oct.Dec.
Jan.Mar.
In millions of dollars
233
P139
P122
169
Apr.
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
16,307
14,766
3,861
3,622
1,735
774
1,114
18,800
17,348
3,909
3,727
1,789
36
36
36
36
36
200
76
27
6
43
70
13
6
4
3
616
1,323
19,845
18,460
6,950
6,686
3,364
2,234
1,088
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
2.70
2.28
2.66
3.25
29
31
31
31
2.63
2.09
2.63
3.26
2.76
2.36
2.76
3.24
Apr. 4, June 30, Dec. 31,
1942
1942
1942
In billions of dollars
CALL DATE FIGURES
ALL BANKS I N THE U . S.
250
350
176
249
330
185
175
211
144
P250
2>338
P184
P
253
P338
p
186
^175
P213
68
43
24
18
6
66
46
20
19
1
347
78
269
258
61
197
136
141
77.4
29.7
29.4
136
91
Total deposits and currency
Demand deposits adjusted
Time deposits
Currency outside banks
81.93
41.84
27.31
10.94
99.67
48.85
28.40
13.95
12
12
12
13
13
13
12
13
13
13
44.29
20.45
6.00
3.17
46.80
24.10
5.77
2.93
2.69
.43
59.26
37.55
5.63
2.97
2.66
16.09
8.48
3.42
.79
16
16
16
16
7.38
1.49
6.83
4.75
8.55
1.86
8.19
5.50
12.55
2.79
13.04
9.17
16
16
16
16
16
(5)
(5)
(5)
(5)
14.49
3.55
1.87
1.51
2.69
18.95
5.41
6.29
4.36
2.54
e
e
MEMBER BANKS
142
r
e
80.00
40.00
27.20
e
10.40
11
11
11
11
P208
P56
77.8
33.7
29.4
78.3
33.2
29.1
128
87
125
Pgo
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
(5)
(5)
17.83
(5)
(5)
V)
3.47
.15
16.93
9.11
3.50
For footnotes see preceding page.
JULY 1943
671
MEMBER BANK EARNINGS, 1942
ALL MEMBER B A N K S , B Y CLASSES
[Amounts in thousands of dollars]
All
national
member
banks
All member banks 1
Item
Central reserve
All
city member banks
State
member
banks New York Chicago
Reserve j Country
city
member j member
banks
Year 1942
1941
1,295,856 1,323,049 1,416,866 1,486,734
Earnings
539,673
445,281
444,145
431,233
Interest and dividends on securities
639,721
665,152
560,460
595,411
Interest and discount on loans
68,177
54,441
64,869
59,262
Service charges on deposit accounts
9,040
Service charges and fees on loans
37,799
31,999
33,292
36,271
Other charges, commissions, fees, e t c . . . .
91,009
93,116
92,320
91,925
Trust department
113,802
110,649
111,531
101,92'
Other current earnings
959,702
352,896
431,218
46,373
5,625
24,046
32,977
66,567
527,032
186,777
208,503
21,804
3,415
12,225
58,948
35,360
302,697
138,403
94,304
8,247
2,229
5,341
33,197
20,976
76,261
37,649
22,851
884
585
1,465
8,344
4,483
550,657
188,688
248,862
25,308
3,621
13,185
32,463
38,530
557,119
174,933
273,704
33,738
2,605
16,280
17,921
37,938
405,343
83,076
Expenses
Salaries—officers
Salaries and wages—others
Directors' and committee members' fees
Interest on time deposits
Interest on borrowed money
Taxes
Other current expenses
894,755
150,144
237,788
7,538
159,094
165
85,430
254,596
921,021
155,466
244,834
7,690
147,470
124
100,402
265,035
987,917 1,035,652
163,264
169,912
262,639
290,62.
8,169
8,539
139,930
128,289
124
110
128,967
148,790
284,824
289,387
668,600
111,561
178,903
5,,
89,376
64
99,659
183,228
367,052
58,351
111,722
2,730
38,913
46
49,131
106,159
192,970
27,290
66,997
983
3,159
41
29,790
64,710
49,744
6,472
14,963
116
4,776
8,295
15,122
387,595
53,074
120,142
1,707
47,350
8
59,240
106,074
N e t current earnings ..
401,101
402,028
428,949
451,08:
291,102
159,980
109,727
26,517
163,062
151,776
Recoveries, profits o n securities, e t c . . .
Recoveries on securities
Profits on securities
Recoveries on loans
All other
326,555
56,103
189,741
54,617
26,094
302,750
63,819
159,141
55,294
24,496
278,339
63,989
128,956
58,905
26,489
188,466
48,301
59,91
55,903
24,351
121,495
36,162
30,465
40,592
14,276
66,971
12,139
29,446
15,311
10,075
40,796
10,154
15,685
12,392
2,565
10,533
3,009
3,378
3,204
942
70,799
18,43'
25,812
17,132
9,418
66,338
16,701
15,036
23,175
11,426
Losses and charge-offs
On securities
On loans
All other
380,179
179,566
108,13"
92,476
355,669
163,958
90,408
101,303
317,525
137,731
83,590
96,204
256,484
102,691
64,77C
89,023
169,955
73,074
43,018
53,863
86,529
29,617
21,752
35,160
48,439
19,923
11,237
17,279
10,507
7,152
1,945
1,410
91,010
34,498
24,213
32,299
106,528
41,118
27,375
38,035
N e t profits
347,477
349,109
389,763
383,064
242,642
140,422
102,084
26,543
142,851
111,586
Cash dividends declared
On preferred stock 2
On common stock
207,026
13,679
193,347
210,480
12,728
197,752
210,618
12,745
197,873
203,007
11,090
191,917
127,531
6,681
120,856
75,470
4,409
71,061
66,013
878
65,135
10,759
53
10,706
71,303
4,473
66,830
54,932
5,686
49,246
Loans
United States Government obligations
Other securities
Real-estate assets
Cash assets
13,366,000 14,298,000 16,699,000 17,218,000
13,698,000 14,823,000 17,753,000 25,408,000
5,693,000 5,799,000 5,994,000 5,842,000
1,384,000 1,303,000 1,229,000 1,167,000
17,674,000 21,484,000 23 ,062,000 22,705,000
11,084,000
15,849,000
3,749,000
712,000
14,954,000
6,134,000
9,559,000
2,093,000
455,000
7,751,000
Total assets
52,129,000 58,025,000 65,044,000 72,610,000 46,498,000 26,112,000 20,862,000 4,681,000 26,213,000 20,855,000
Time deposits
Total deposits
Total capital accounts
11,685,000 12,055,000 12,458,000 12,413,000 8,360,000 4,053,000
767,000
462,000 4,866,000 6,318,000
46,135,000 51,919,000 58,717,000 66;,103,000 42,459,000 23,644,000 18,879,000 4,368,000 24,075,000 18,781,000
5,488,000 5,597,000 5,798,000 5,977,000 3,676,000 2,301,000 1,682,000
293,000 1,990,000 2,011,000
Number of officers
Number of employees
Number of b a n k s . .
34,172
158,137
35,369
163,783
36,476
176,466
6,362
6,486
6,619
35,604
182,023
25,49:
114,570
10,109
67,453
5,081
1,598
88,523
5,733
73,004
61
51,465
103,481
4,107,000
904,000 6,690,000 5,517,000
8,935,000 1,892,000 8,631,000 5,949,000
1,456,000
368,000 1,779,000 2,238,000
230,000
450,000
467,000
21,000
6,043,000 1,480,000 8,562,000 6,621,000
2,376
34,869
546
8,13!
8,093
72,470
24,589
66,552
354
6,275
1 Figures for 1942 and 1941 are for all member banks at the end of the year submitting reports of earnings, expenses and dividends, plus the national
banks which reported for the first half of the year only. Prior years' figures represent the totals of the two semiannual reports, including all banks reporting for
either or both six-month periods.
2
Includes interest on capital notes and debentures.
NOTE.—The figures of assets, deposits, and capital accounts are averages of the amounts reported for each call date in the current year and the final
call date in the preceding year. ^ The number of officers and employees and number of banks are as of the end of the year.
Real-estate assets are comprised of banking house and equipment, other real estate owned, and items indirectly representing bank premises or other
real estate. Cash assets are comprised of cash, balances with other banks (including reserve balances), and cash items in process of collection. Total
capital accounts are comprised of the aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, and other capital reserves.
FEDERAL RESERVE BULLETIN
MEMBER BANK EARNINGS, 1942—Continued
ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS
[Amounts in thousands of dollars]
Federal Reserve district
Item
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St..
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
199,151
Earnings
Interest and dividends on
securities
Interest and discount on
loans
Service charges on deposit
accounts
Service charges and fees on
loans
Other charges, commissions,
fees, etc
Trust department
Other current earnings
88,896
421,723
107,768
130,107
68,501
64,408
200,569
53,398
39,617
58,623
53,973
28,201
180,399
44,032
51,206
22,450
19,144
82,416
17,338
11,836
15,034
13,171
54,446.
38,644
147,429
41,903
53,696
32,726
29,993
77,359
25,862
18,550
31,280
29,922
112,3571
4,448
15,908
3,184
5,358
3,724
3,602
10,266
2,311
1,883
4,093
3,287
10,113;
341
2,903
351
618
280
252
1,843
254
303
213
141
1,343
7,817
8,102
7,136
37,824
30,124
1,069
9,722
7,507
1,966
7,565
9,698
2,302
3,168
3,851
3,756
2,203
5,458
5,686
11,215
11,784
2,769
1,742
3,122
3,469
1,187
2,389
1,620
1,651
4,732
Expenses
Salaries—officers
Salaries and wages—others..
Directors' and committee
members' fees
Interest on time deposits . ..
Interest on borrowed money
Taxes
Other current expenses
62,736
10,828
17,111
279,246
42,495
88,845
71,831
11,336
18,869
90,643
13,554
23,321
49,675
8,813
12,216
45,542
7,746
11,217
140,860
22,246
39,625
38,834
7,411
9,303
28,886
6,128
6,590
42,897
9,883
10,000
1,829
889
4,734
40,165
8,913
9,227
144,337
20,559
44,301
733
7,254
5
8,584
18,221
2,117
18,221
64
38,445
89,059
1,176
10,584
12
10,426
19,428
758
14,749
2
15,479
22,780
527
8,237
1
7,040
12,841
372
5,103
8
7,200
13,896
908
20,586
1
18,380
39,114
375
4,777
4
6,122
10,842
333
4,326
3
3,671
7,835
383
3,593
2
6,536
12,500
364
2,340
5
7,913
11,403
493
28,519
3
18,994
31.46&
N e t current earnings
26,160
142,477
35,937
39,464
18,826
18,866
59,709
14,564
10,731
15,726
13,808
54,81*
Recoveries, profits o n s e curities, etc
Recoveries on s e c u r i t i e s . . . .
Profits on securities.'
Recoveries on loans
All other
10,350
2,303
2,705
3,578
1,764
56,278
13,341
20,738
16,965
5,234
14,609
6,233
4,781
2,196
1,399
24,805
5,672
11,816
4,829
2,488
7,334
2,405
1,678
2,066
1,185
6,239
1,686
1,852
1,804
897
24,902
6,862
6,312
7,612
4,116
7,133
1,533
2,187
2,075
1,338
5,885
1,753
624
2,233
1,275
7,782
1,980
1,104
3,644
1,054
5,533
741
1,000
2,832
960
17,616
3,792
5,114
6,069
2,641
Losses a n d charge-offs
On securities
On loans
All other
16,394
5,781
5,689
4,924
Id,Tib
28,566
20.,412
27,298
32,556
13,529
7,932
11,095
25,835
12,980
5,025
7,830
9,816
4,501
1,616
3,699
10,299
3,353
2,969
3,977
25,875
13,834
4,118
7,923
8,070
3,692
1,807
2,571
5,548
2,470
1,189
1,
7,651
3,215
1,865
2,571
7,293
1,731
2,326
3,236
30,871
9,039
9,822
12,010
N e t profits
20,116
122,479
17,990
38,434
16,344
14,806
58,736
13,627
11,068
15,857
12,048
41,559
Gash dividends declared
On preferred stock 2
On common stock
12,744
521
12,223
75,520
3,361
72,159
15,865
820
15,045
20,979
1,187
19,792
6,555
307
6,248
4,361
130
4,231
6,876
181
6,695
7,196
236
6,960
23,715
2,158
21,557
Loans
1,154,000 5,282,000 1,050,000 1,325,000 756,000 701,000 2,141,000
United States Government ob1,252,000 101,553,000 1 ,280,000 1,960,000 991,000 729,000 3,893,000
ligations
261,000 1,929,000 547,000 536,000 175,000 240,000
Other securities
921,000
77,000
358,000 133,000 116,000
Real-estate assets
63,000
89,000
60,000
1,208,000
7,158,000 1 ,237,000 1,782,000 1,130,000 1,071,000 3,481,000
Cash assets
678,000
454,000
729,000
757,000
226,000
34,000
923,000
497,000 626,000 552,000 2,320,000
111,000 213,000 158,000 523,000
22,000
29,000
46,000 140,000
518,000 1 ,122,000 1,065,000 2.
,010,000
Total assets
,
Time deposits
Total deposits
Total capital accounts
Number of officers
Number of employees
Number of banks
14,283
1,273
13,010
8,124
362
7,762
6,789
554
6,235
1,541
3,326*
6,942:
10,426
625,000 2,323,000
3,972,000 25,401,000 4,267,000 5,734,000 3,125,000 2,812,000 10,556,000 2,623,000 1,607,000 2,724,000 2,450,000 7,340,000
641,000 2,409,000 1,002,000 1,440,000 637,000 437,000 2,059,000 429,000 367,000 309,000 230,000 2,451,000
3,537,000 22,,972,000 3,764,000 5,106,000 2,868,000 2,591,000 9,820,000 2,426,000 1,469, 000 2,,511,000 2., 256,
,781,000
404,000 2,113,000 482,000 603,000 246,000 207,000
698,000 188,000 129,000 208,000 187,000 512,000
2,000
11,275
5,935
49,886
2,720
12,063
348
799
652
3,02:
14,53.
2,144
8,592
1,749
8,367
4,539
25,279
2,009
7,054
1,786
4,958
2,897
7,620
2,473
6,961
4,330
25,435
274
For footnotes see p. 672.
JULY 1943
673
MEMBER B A N K EARNINGS, 1942—Continued
RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS
[Amounts in thousands of dollars]
Federal Reserve district
Item
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
Earnings
Interest and dividends on
securities....
Interest and discount on loans .
Service charges on deposit accounts
Service charges and fees on
loans
Other charges, commissions,
fees, etc
Trust department
Other current earnings
34,614
12,922
45,859
73,833
29,490
31,637
57,017
27,558
14,257
29,902
24,850
168,718
10,117
14,852
3,934
20,955
14,075
31,584
26,412
12,123
10,907
9,179
14,620
23,081
22,342
9,587
12,383
4,758
6,155
8,852
14,549
6,838
12,806
47,680
94,306
972
2,518
1,501
1,347
4,661
757
587
1,655
1,004
8,391
159
387
84
175
796
172
81
58
35
1,355
346
6,763
2,589
1,009
6,063
5,860
1,032
1,940
1,903
1,592
1,452
1,615
993
962
721
392
1,432
2,964
22,620
29,657
3,948
10,283
49,781
5,991
15,104
20,691
3,191
6,128
41,866
5,312
13,744
19,929
3,052
5,729
9,899
1,402
3,184
21,725
3,403
6,126
590
706
2,871
18,584
2,929
4,847
2,499
6,155
8,332
Expenses
Salaries—officers
Salaries and wages—others
Directors' and committee
members' fees
Interest on time deposits
Interest on borrowed money...
Taxes
Other current expenses
1,
1,488
3,020
21,743
3,003
5,786
2,022
1,096
3,019
121,730
16,117
38,878
204
903
1
4,810
9,508
195
5,682
167
2,335
213
6,394
111
1,181
73
1,091
302
23,966
9,468
13,341
44
712
1
1,536
3,020
3,685
7,219
4,074
5,570
16^250
26,217
962
228
719
3,910
3,826
3,552
7,135
5,455
953
91
183
496
1,810
9,370
114
774
"3,706
7,339
1,174
3,198
47
1,082
4
898
2,967
11,994
3,552
16,202
24,052
3,032
5,.
8,799
2,464
196
782
1,196
290
1,818
102
1,252
327
137
7,152
3,298
418
17,864
3,707
10,119
2,510
1,528
Losses and charge-offs
On securities
On loans
All other
4,796
772
2,639
1,385
4,063
1,068
1,935
1,060
10,712
5,043
2,311
3,358
Net profits
9,662
1,307
Cash dividends declared
On preferred stock 2
On common stock
6,843
36
6,807
Net current earnings.
Recoveries, profits on securities, etc
Recoveries on securities
Profits on securities
Recoveries on loans
All other
Loans
United States Government obligations
Other securities
Real-estate assets
Cash assets
136
1,669
1
3,909
7,239
' '4,'415
11,788
101
1,561
1
3,457
6,028
9,894
15,151
7,629
4,358
8,177
6,266
46,988
3,941
1,854
904
591
592
2,778
396
1,089
1,009
284
6,106
1,963
1,355
1,136
1,652
3,842
845
1,189
1,258
550
2,656
870
126
796
864
4,447
1,645
871
1,433
498
2,649
559
705
1,057
328
15,082
3,002
4,787
5,016
2,277
15,004
7,559
3,085
4,360
4,918
2,934
333
1,651
4,989
982
1,849
2,158
6,024
1,983
694
3,347
3,843
1,595
1,027
1,221
2,250
1,308
256
686
4,301
2,474
3,136
830
757
1,549
26,974
7,950
8,721
10,303
12,642
26,912
7,822
7,683
15,233
7,628
4,764
8,323
5,779
35,096
666
142
524
8,797
88
8,709
9,215
772
8,443
3,897
152
3,745
3,562
387
3,175
4,697
572
4,125
3,856
109
3,747
1,855
38
1,817
3,157
103
3,054
3,570
123
3,447
21,188
1,951
19,237
580,000
136,000
464,000
799,000
304,000
399,000
598,000
410,000
205,000
445,000
342,000 2,006,000
537,000
62,000.
28,000
581,000
184,000
36,000
21,000
132,000
661,000 1,407,000
234,000 258,000
68,000
48,000
707,000 1,156,000
594,000
65,000
32,000
570,000
395,000 1,230,000
112,000 241,000
27,000
32,000
532,000 1,139,000
498,000
116,000
18,000
549,000
251,000
27,000
9,000
241,000
441,000
127,000
17,000
724,000
363,000 2',069,000
53,000 451,000
29,000 120,000
579,000 1 ,651,000
Total assets
1,801,000
Time deposits
Total deposits
Total capital accounts
81,000
1,602,000
179,000
Number of officers
Number of employees..
439
4,459
Number of b a n k s . . .
2,633
803
513,000 2,129,000 3,700,000 1,571,000 1,477,000 3,245,000 1,595,000
144,000 153,000 696,000 236,000 174,000 723,000 170,000
,047,(
,489,000
,458,(
,367,(
468,000 1,921,000 3,294,1
43,000 192,000 386,000 107,000 100,000 187,000 99,000
170
667
1,478
456
4,032
36
444
4,078
791
5,666
441
3,992
23
606
1,221
735,000 1,758,000 1,368,000 6,319,000
81,000 151,000 129, 000 21,128,000
675,000 1,637,(
,270, 000 55,844,000
93,000 433,000
54,000 117,000
192
2,047
530
4,159
415
3,189
50
36
3,106
21,399
* Not including central reserve city bank
For other footnotes see p. 672.
674
FEDERAL RESERVE
BULLETIN
MEMBER BANK EARNINGS, 1942—Continued
COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS
[Amounts in thousands of dollars]
Federal Reserve district
Item
Philadelphia
New
York
Boston
Richmond
Cleveland
Atlanta
Chicago
St.
Louis
Kansas
City
Minneapolis
San
Francisco
Dallas
Earnings
Interest and dividends on
securities
Interest and discount on loans.
Service charges on deposit accounts
Service charges and fees on
loans
Other charges, commissions,
fees, etc
Trust department
Other current earnings
54,282
106,104
61,909
56,274
39,011
32,771
67,291
25,840
25,360
28,721
29,123
30,433
18,084
23,792
38,062
47,670
23,077
27,828
19,622
27,284
10,327
21,819
9,965
15,373
21,686
32,166
7,751
13,479
7,078
12,395
6,182
16,731
6,333
17,116
6, 766
18,051
3,486
6,708
2,212
2,840
2,223
2,255
4,721
1,554
1,296
2,438
2,283
1,722
113
583
192
231
196
77
462
82
222
155
106
186
624
3,907
4,276
1,612
4,131
7,338
723
2,959
4,918
957
1,502
3,838
1,270
1,228
1,948
1,948
1,177
2,476
1,228
1,239
827
787
2,438
2,199
1,775
4,282
1,507
1,668
1,768
1,863
2,094
Expenses
Salaries—officers
Salaries and wages—others
Directors' and committee
members' fees
Interest on time deposits
Interest on borrowed money ...
Taxes
Other current expenses
40,116
7,276
9,976
76,906
14,031
18,650
42,174
7,388
8,586
40,862
7,563
8,217
28,984
5,622
6,088
23,799
4,743
5,431
49,250
10,462
10,918
18,905
4,359
3,574
18,987
4,726
3,406
21,172
6,480
3,874
21,581
5,984
4,380
22,607
4,442
5,423
619
1,087
13,980
972
563
360
236
579
274
289
272
291
191
6,480
9,681
9,067
5,902
3,434
9,416
3,216
3,614
2,412
1,249
4,553
4,878
10,882
7,757
21,382
5,616
9,920
6,011
9,439
4,008
7,003
3,291
6,657
5,670
12,204
2,665
4,814
2,135
4,815
2,851
5,281
3,839
5,833
2,744
5,251
Net current earnings.
14,166
29,198
19,735
15,412
10,027
8,972
18,041
6,935
6,373
7,549
7,542
7,826
7,886
2,107
1,923
2,382
1,474
13,664
3,085
3,801
4,246
2,532
7,457
2,935
2,148
1,393
6,941
1,965
1,697
2,319
3,393
3,461
1,290
3,229
3,335
2,884
2,534
1,437
2,211
1,775
1,053
981
960
593
8,263
1,890
1,579
3,272
1,522
3,291
763
795
613
411
556
632
364
Losses and charge-offs
On securities
On loans
All other
11,598
5,009
3,050
3,539
23,774
7,575
7,240
8,959
21,844
8,486
5,621
7,737
10,831
5,421
1,940
3,470
4,898
1,567
1,283
2,048
5,310
2,371
1,120
1,819
9,344
4,699
1,479
3,166
4,227
2,097
3,298
1,162
3,350
4,157
741
901
1,350
1,203
1,259
1,350
1,569
1,687
3,897
1,089
1,101
1,707
Net profits
10,454
19,088
5,348
11,522
8,522
7,123
16,960
5,999
6,304
7,534
6,269
6,463
5,901
8,841
2,341
6,500
7,068
5,068
4,227
3,227
5,523
2,699
2,506
3,719
3,626
732
501
210
167
562
198
92
78
113
207
6,336
4,567
4,017
3,060
4,961
2,501
2,414
3,641
3,513
2,320
575,000 1,039,000
586,000
526,000
451,000
302,000
639,000
268,000
249,000
283,000
283,000
317,000
715,000 1,433,000
199,000 437,000
49,000 107,000
627,000 983,000
618,000
314,000
85,000
530,000
552,000
278,000
48,000
626,000
397,000
110,000
30,000
560,000
334,000
129,000
27,000
539,000
771,000
313,000
41,000
862,000
259,000
110,000
16,000
374,000
246,000
84,000
13,000
277,000
185,000
86,000
12,000
399,000
189,000
105,000
17,000
486,000
251,000
72,000
20,000
358,000
Total assets ..
2,171,000 4,026,000 2,138,000 2,033,000 1,554,000 1,334,000 2,630,000 1,028,000
872,000
966,000 1,082,000 1,020,000
Time deposits
Total deposits
Total capital accounts
560,000 1,498,000 850,000 744,000 402,000 263,000 874,000
1,935,000 3,624,000 1,843,000 1,811,000 1,410,000 1,224,000 2,406,000
225,000 388,000 289,000 217,000 139,000 107,000 218,000
259,000
937,000
89,000
286,000
794,000
75,000
158,000
873,000
91,000
101,000
985,000
94,000
323,000
937,000
79,000
Recoveries, profits on securities, etc.
Recoveries on securities
Profits on securities
Recoveries on loans
All other
Cash dividends declared
On preferred stock2
On common stock....
Loans
United States Government obligations
Other securities
Real-estate assets
Cash assets
Number of officers
Number of employees..
Number of banks...
5
485
5,416
19
11
2
1
551
774
1,475
715
7
1
290
3
688
998
817
788
780
225
2
883
498
933
219
2
335
233
183
5
182
295
3
790
327
2,527
1,561
6,816
3,389
12,934
2,278
6,175
2,355
6,055
1,688
4,560
1,305
4,289
3,202
8,481
1,568
3,062
1,594
2,911
2,367
3,461
2,058
3,772
1,224
4,036
337
751
628
651
424
297
844
427
445
694
534
243
For footnotes see p. 672.
JULY 1943
675
MEMBER BANK EARNINGS, 1942—Continued
ALL MEMBER BANKS, BY SIZE OF BANK
[Amounts in thousands of dollars]
Size group—total deposits (in thousands of dollars)
Item
Total 1
250 and
under
250-500
500-750
7501,000
1,0002,000
2,0005,000
5,00010,000
10,00050,000
Over
50,000
Earnings
Interest and dividends on securities
Interest and discount on loans
Service charges on deposit accounts
Service charges and fees on loans
Other charges, commissions, fees, etc—
Trust department
Other current earnings
1,483,305
539,061
639,235
68,119
9,037
36,232
. 89,764
101,857
696
121
490
27
5
32
7,055
1,547
4,525
331
28
355
2
267
14,911
3,504
9,229
779
62
708
16
613
17,860
4,552
10,626
931
86
856
23
786
71,456
19,845
40,617
4,084
362
2,854
275
3,419
131,655
40,356
68,245
8,823
679
4,275
1,846
7,431
108,436
34,579
51,810
7,699
644
2,964
3,156
7,584
232,883
73,541
105,097
16,334
1,510
5,925
12,322
18,154
898,353
361,016
348,596
29,111
5,661
18,263
72,124
63,582
Expenses
Salaries—officers
Salaries and wages—others
Directors' and committee members' fees..
Interest on time deposits
Interest on borrowed money
Taxes
Other current expenses
1,032,819
169,273
289,861
8,518
128,202
106
148,454
288,405
522
233
33
6
55
2
63
130
5,370
1,952
431
112
942
2
650
1,281
1,685
11,246
3,627
1,202
243
2,245
2
1,339
2,
13,253
3,979
1,560
284
2,734
2
1,636
3,058
52,739
13,832
7,946
1,042
11,242
10
6,515
12,152
96,466
21,345
19,095
1,709
19,518
16
11,875
22,908
79,755
14,600
18,861
1,010
14,547
8
10,022
20,707
171,457
28,754
46,757
1,588
24,133
26
22,706
47,493
602,011
80,951
193,976
2,524
52,786
38
93,648
178,088
3,665
4,607
18,717
35,189
28,681
61,426
296,342
1,423
284
226
704
209
1,842
413
309
843
277
7,503
1,861
1,243
2,979
1,420
14,485
3,582
3,071
5,221
2,611
12,738
3,415
3,197
3,962
2,164
29,854
8,863
7,310
9,553
4,128
119,580
29,688
44,396
32,094
13,402
2,256
643
755
858
2,778
998
841
939
12,455
4,828
3,222
4,405
24,096
9,189
6,195
8,712
22,019
8,612
5,537
7,870
42,257
17,265
10,517
14,475
149,126
60,696
37,185
51,245
Net current earnings...
450,486
Recoveries, profits on securities, etc....
Recoveries on securities
Profits on securities
Recoveries on loans
All other
188,334
48,260
59,875
55,868
24,331
104
12
8
76
8
Losses and charge-offs...
On securities
On loans
All other
256,218
102,514
64,729
88,975
150
25
79
46
805
14:
115
436
112
1,081
258
398
425
Net profits
382,602
128
1,409
2,832
3,671
13,765
25,578
19,400
49,023
266,796
Cash dividends declared.
On preferred stock2
On common stock
202,531
11,
191,449
723
64
659
1,479
87
1,392
1,822
92
1,730
7,332
537
6,795
12,762
1,134
11,628
9,843
1,250
8,593
22,374
2,090
20,284
146,126
5,823
140,303
Loans
U. S. Government obligations....
Other securities
Real-estate assets
Cash assets
16,079,186
37,518,621
5,625,592
1,131,350
24,267,506
6,122
3,654
1,191
363
69,238
56,635
20,341
3,764
88,017
144,83'
134,636
45,849
7,497
185,512
168,547
181,345
60,915
9,878
225,585
Total assets...
84,863,102
20,324
238,141
518,589
646,981 2,752,969 5,372,691 4,633,388 11,467,729 59,212,290
Time deposits
Total deposits
Total capital accounts
12,835,280
78,241,949
6,082,573
2,733
16,610
3,696
58,705
207,121
30,585
141,548
460,163
57,878
184,408 828,173 1,694,110 1,402,630 2,517,594 6,005,379
579,764 2,482,520 4,879,72'1 4 ,214,674 10,604,151 54,797,225
66,401 267,025 483,733 406,473
829,089 3,937,693
35,481
181,501
165
76
1,180
715
1,
1,558
N u m b e r of officers
N u m b e r of employees
N u m b e r of banks i n c l u d e d . . .
6,660
1,87'
1,849
683,205 1,167,
949,430 2,148,897 10,741,028
824,926 1,808,658 1,678,989 4,581,368 28 ,248,410
278,630 570,784 467,916
795,613 3,384,353
93,624
91,952
44,328
673,103
206,841
919,531 1,725,530 1,436,467 3,705,930 15,971,949
5,539
7,642
6,555
14,904
1,741
1,56!
3,385
13,516
5,015
31,517
9,898
109,724
201
1
z
Totals are for all banks which submitted reports covering t h e entire year, except 4 t r u s t companies a n d 3 n a t i o n a l b a n k s having no deposits.
Includes interest on capital notes and debentures.
N O T E . — T h e figures of assets, deposits, c a p i t a l a c c o u n t s , n u m b e r of officers a n d employees, a n d n u m b e r of b a n k s a r e a s of t h e e n d of t h e y e a r .
n o t e on p . 672 regarding t h e composition of real-estate a s s e t s , cash a s s e t s , a n d t o t a l c a p i t a l accounts.
676
See
FEDERAL RESERVE BULLETIN
MEMBER BANK EARNINGS, 1942—Continued
NATIONAL BANKS, BY SIZE OF BANK
[Amounts in thousands of dollars]
Size group—total deposits (in thousands of dollars)
Item
Total 1
Earnings
Interest and dividends on securities
Interest and discount on loans
Service charges on deposit accounts
Service charges and fees on loans
Other charges, commissions, fees, etc
Trust department
Other current earnings
250 and
under
5,435
1,235
3,457
247
23
271
1,0002,000
2,0005,000
5,00010,000
10,00050,000
Over
50,000
13,862
3,729
8,057
726
70
641
22
617
56,381
16,357
31,399
3,225
249
2,252
191
2,708
101,141
32,592
51,175
6,828
449
3,266
1,196
5,635
79,969
26,590
37,490
5,725
450
2,267
2,049
5,398
151,062
50,914
67,032
10,804
971
3,757
5,671
11,913
539,413
218,380
225,156
18,173
3,363
11,013
202
11,076
2,740
6,716
574
44
533
8
461
48
107
4,129
1,508
328
85
717
2
499
990
8,302
2,698
902
181
1,588
2
1,014
1,917
10,229
3,084
1,219
224
2,078
1
1,251
2,372
41,431
10,841
6,346
838
8,760
7
5,156
9,483
73,845
16,379
14,637
1,343
14,786
13
9,182
17,505
58,781
10,768
13,909
763
10,573
5
7,415
15,348
110,455
18,574
29,748
1,063
15,028
17
14,902
31,123
360,332
47,366
111,677
1,302
35,709
15
60,113
104,150
564
101
394
21
5
24
Expenses
Salaries—officers
Salaries and wages—others
Directors' and committee members' fees...
Interest on time deposits
Interest on borrowed money
Taxes
Other current expenses
1,000
420
193
27
6
37
2
23,764
39,564
N e t current e a r n i n g s .
290,979
144
1,306
2,774
3,633
14,950
27,296
21,188
40,607
179,081
Recoveries, profits o n securities, etc
Recoveries on securities
Profits on securities
Recoveries on loans
All other
121,404
80
10
8
61
618
103
97
332
86
1,115
217
192
562
144
1,392
327
240
625
200
5,925
1,530
1,036
2,385
974
11,181
2,788
2,451
4,109
1,833
9,282
2,358
2,325
3,146
1,453
20,174
6,528
4,318
6,883
2,445
71,637
22,287
19,775
22,464
Losses a n d charge-offs
On securities
On loans
All other
169,707
72,893
42,
53,830
133
25
68
40
909
226
330
353
1,852
2,249
806
676
767
10,391
4,168
2,662
3,561
19,144
7,535
4,798
6,811
15,775
6,204
4,087
5,484
28,083
12,753
6,131
9,199
91,171
40,620
23,613
26,938
N e t profits
242,676
91
1,015
2,037
2,776
10,484
19,333
14,695
32,698
159,547
Cash dividends declared
On preferred stock
On common stock
127,486
6,67
120,809
573
55
518
1,157
76
1,081
1,450
75
1,375
5,928
41
5,513
10,238
811
9,427
7,298
850
6,448
14,591
1,253
13,338
86,196
3,138
83,058
528,885 882,489 683,869 1 ,381,92!
658,012 1,426,500 1,283,
,121,007
223,899 450,983 357,181 550,105
35,623
71,241
65,763 124,116
721,326 1,362,06' 1,108,701 2,663,140
6,408,337
16,953,436
1,962,154
376,599
9,938,296
36,148
30,442
40,567
14,247
556
619
677
7,111
Loans
U. S. Government obligations
Other securities
Real-estate assets
Cash assets
10,177,885
23,727,799
3,646,325
690,640
16,173,631
5,015
2,
1,078
31(
7,12-
53,976
42,376
16,43'
3,043
65,180
105,682
99,065
35,706
5,83
135,238
127,710
141,318
48,782
8,099
172,559
Total assets
54,556,29!
16,433
181,114
381,722
499,046 2,169,673 4,197,879 3,504,382 7,857,702 35,748,341
Time deposits
Total deposits
Total capital accounts
8,622,978
50,438,498
3,725,100
1,929
13,377
3,041
43,922
156,634
24,249
100,349
336,545
44,784
139,390 647,514 ,279,143 1,014,793 1,572,058 3,823,880
445,108 1,951,456 3,810,513 3,193,782 7,300,50:' 33,230,581
53,323 215,523 380,708 302,230 535,401 2,165,841
25,460
114,470
135
62
895
537
1,380
1,154
Number of officers
Number of employees
Number of banks included...
5,071
1,459
1,434
4,329
6,060
5,105
11,431
1,364
1,228
2,535
10,001
458
3,246
20,155
6,376
63,636
363
See footnotes on p. 676
JULY 1943
677
MEMBER BANK EARNINGS, 19'42—Continued
STATE MEMBER BANKS, BY SIZE OF BANK
[Amounts in thousands of dollars]
Size group—total deposits (in thousands of dollars)
Item
Total
1
250 and
under
Earnings
Interest and dividends on securities
Interest and discount on loans
Service charges on deposit accounts
Service charges and fees on loans
Other charges, commissions, fees, etc
Trust department
Other current earnings..
524,402
186,423
208,359
21,796
3,413
12,208
56,863
35,340
Expenses
Salaries—officers
Salaries and wages—others
Directors' and committee members' fees
Interest on time deposits
Interest on borrowed money
364,895
57,862
111,068
2,713
38,926
X £IX6S
132
20
96
6
'"'8
""l
102
40
6
1,620
500-750
3,835
7501,000
3,998
312
764
823
1,068
2,513
2,569
84
5
84
2
65
205
18
175
8
152
205
16
215
1
169
1,241
2,944
3,024
444
103
27
225
929
300
62
657
48,874
105,410
23
15
151
291
"325
671
895
341
60
656
1
385
686
42
Other current expenses
250-500
18
5,00010,000
2,0005,000
1,0002,000
15,075
3,488
9,218
859
113
602
84
711
30,514
7,764
17,070
1,995
230
1,009
650
10,00050,000
28,467
7,989
14,320
1,974
194
697
81,821
22,627
38,065
5,530
539
2,168
6,651
6,241
Over
50,000
358,940
142,636
123,440
10,938
2,298
7,250
48,360
24,018
1,796
1,107
2,186
11,308
2,991
1,600
22,621
4,966
4,458
20,974
3,832
4,952
61,002
10,180
17,009
2,482
4,732
3,974
9,105
241,679
33,585
82,299
1,222
17,077
1,359
2,669
2,693
5,403
2,607
5,359
7,804
16,370
33,535
73,938
204
3
366
3
247
3
525
9
23
159,507
30
379
891
974
3,767
7,893
7,493
20,819
117,261
Recoveries, profits on securities, etc.
Recoveries on securities
Profits on securities...
Recoveries on loans
All other
66,930
12,112
29,433
15,301
10,084
24
2
187
39
18
104
26
308
67
34
142
65
450
86
69
218
77
1,578
3,304
331
207
594
446
794
620
3,456
1,057
1,112
778
872
816
711
9,680
2,335
2,992
2,670
1,683
47,943
7,401
24,621
9,630
6,291
Losses and charge-off s
On securities
On loans
All other
86,511
29,621
21,745
35,145
17
404
87
136
181
529
192
165
172
2,064
6
172
32
68
72
660
560
844
4,952
1,654
1,397
1,901
6,244
2,408
1,450
2,386
14,174
4,512
4,386
5,276
57,955
20,076
13,572
24,307
139,926
37
394
795
895
3,281
6,245
4,705
16,325
107,249
75,045
4,405
70,640
15
150
9
141
322
11
311
372
17
355
1,404
2,524
2,545
7,783
122
323
400
837
1,282
2,201
2,145
6,946
59,930
2,685
57,245
5,901,301
. . . . 13,790,822
. . . . 1,979,267
440,710
8,093,875
1,107
15,262
14,259
3,904
1,861
22,837
39,155
35,571
10,143
1,660
50,274
40,837
40,027
12,133
1,779
53,026
154,320
166,914
54,731
8,705
198,205
285,393
382,158
119,801
22,383
363,463
Total assets.
30,306,810
3,891
57,027
136,867
147,935
583,296 1,174,812 1,129,006 3,610,027 23,463,949
Time deposits
Total deposits
Total capital accounts
4,212,302
27,803,451
2,357,473
804
3,233
655
14,783
50,487
6,336
41,199
123,618
13,094
45,018
134,656
13,078
180,659 414,967 387,837 945,536 2,181,499
531,064 1,069,208 1,020,892 3,303,649 21,566,644
51,502 103,025 104,243 293,688 1,771,852
10,021
67,031
30
14
285
178
487
404
418
415
1,210
1,582
1,450
3,473
3,515
1,769
11,362
3,522
46,088
1,589
17
128
198
156
377
339
143
160
71
Net current earnings
Net profits .
Cash dividends declared
On preferred stock2
On common stock
Loans...
U. S. Government obligations ...
Other securities
..
Real-estate assets
Cash assets
Number of officers
Number of employees.
Number of banks included
...
15
7
ii
1
14
766
113
44
721
265,561 766,975 4,332,691
395,792 1,460,361 11,294,974
110,735 245,508 1,422,199
26,189
82,725
296,504
327,766 1,042,790 6,033,653
850
See footnotes on p. 676.
678
FEDERAL RESERVE BULLETIN
MEMBER B A N K EARNINGS,
19A2—Continued
RATIOS BY CLASSES OF BANKS AND FEDERAL RESERVE DISTRICTS
[Ratios computed from aggregates, expressed as percentages]
All member banks
Central reserve
city member
banks
All
All
national
State
member member
banks
banks
Chicago
New
York
1942
Reserve Country
city
member member
banks
banks
Year 1942
Ratios to total earnings:
Interest and dividends on securities
Interest and discount on loans.
Other current earnings..
Total earnings
Salaries and wages.
.
Interest on time deposits.
Other current expenses.
Total expenses
..
Ratios to total capital accounts:
Net current earnings
Net profits
Cash dividends declared..
Ratios to total assets:
Total earnings.
Total expenses
Net current earnings...
Net profits
Ratios to loans:
Interest and discount on loans..
Recoveries on loans..
Losses on loans
Ratios to securities:
Interest and dividends on securities.
Recoveries on securities
Profits on securities sold
Losses on securities
Other ratios:
Interest on time deposits to time deposits .
Time deposits to total deposits
Total capital accounts to loans, securities, and
real-estate assets
Loans to total assets
U. S. Government obligations to total assets
Other securities to total assets
Cash assets to total assets
34.3
45.2
20.5
100.0
31.4
49.1
19.5
100.0
31.5
30.3
70.4
30.8
13.1
28.9
72.8
9.1
9.1
3.7
8.2
7.2
3.6
7.5
5.5
2.7
2.1
1.5
.6
.5
2.7
2.0
.7
.5
34.3
43.3
22.4
100.0
32.6
45.0
22.4
100.0
31.4
47.0
21.6
100.0
36.3
43.0
20.7
100.0
36.8
44.9
18.3
100.0
35.4
39.6
25.0
100.0
29.9
12.3
26.8
69.0
30.3
11.1
28.2
69.6
30.0
9.9
29.8
69.7
31.0
8.6
30.1
69.7
30.3
9.3
30.1
69.7
7.4
1.1
6.3
8.6
30.0
69.6
31.6
63.8
30.8
65.2
7.3
6.3
3.8
7.2
6.2
3.8
7.4
6.7
3.6
• 7.5
6.4
3.4
7.9
6.6
3.5
7.0
6.1
3.3
6.5
6.1
3.9
2.5
1.7
2.3
1.6
.7
2.2
1.5
.7
2.0
1.4
2.0
1.4
.6
.6
1.4
.9
.5
49.4
30.0
20.6
100.0
45.7
31.2
23.1
100.0
32.2
28.1
31.1
.6
.6
.5
.5
2.0
1.4
.6
.5
.5
1.6
1.0
.6
.6
4.2
.4
4.2
.4
.6
3.7
.3
.4
3.9
.4
.4
3.4
.2
.4
2.3
.3
.3
2.5
.4
.2
3.7
.3
.4
5.0
.4
.5
2.3
.3
1.0
.9
2.1
.3
.8
.8
1.7
.2
.2
.3
1.8
.2
.2
.4
1.6
.1
.3
.3
1.3
.1
.2
.2
1.7
.1
.1
.3
1.8
.2
.2
.3
2.1
.2
.2
.5
1.4
25.3
1.2
23.2
4.0
.4
.5
1.9
.3
.5
.6
1.1
1.0
18.8
1.1
19.7
1.0
.4
1.0
1.0
21.2
1.2
17.1
4.1
10.6
20.2
33.6
16.1
25.6
26.3
10.9
33.9
15.5
24.6
25.5
10.0
37.0
13.9
25.7
27.3
9.2
35.5
12.0
23.7
35.0
8.0
31.3
11.7
23.8
34.1
8.0
32.2
12.6
23.5
36.6
11.4
19.7
42.8
9.2
19.3
40.4
11.3
25.5
32.9
29.7
29.0
31.6
32.7
14.2
26.5
28.5
10.7
31.7
8.0
6.8
7.9
7.0
All member banks, by Federal Reserve districts
Item
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minne- Kansas Dallas
apolis
City
San
Francisco
31.7
43.5
24.8
100.0
42.8
35.0
22.2
100.0
40.9
38.9
20.2
100.0
39.3
41.3
19.4
100.0
32.8
47.8
19.4
100.0
29.7
46.6
23.7
100.0
41.1
38.6
20.3
100.0
32.5
48.4
19.1
100.0
29.9
46.8
23.3
100.0
25.6
53.4
21.0
100.0
24.4
55.4
20.2
100.0
27.3
56.4
16.3
100.0
Salaries and wages
Interest on time deposits
Other current expenses
Total expenses
31.4
31.1
28.0
32.1
10.9
29.9
72.9
33.6
6.1
4.3
33.3
70.7
30.8
10.3
29.1
70.2
33.9
28.8
66.6
30.7
12.0
29.8
72.5
31.3
4.3
30.8
66.2
28.4
11.3
30.0
69.7
29.5
8.2
31.0
70.6
33.1
73.1
36.5
74.4
32.6
14.3
25.6
72.5
Net current earnings
Net profits
Cash dividends declared
6.5
5.0
3.2
6.7
5.8
3.6
7.5
3.7
3.3
6.5
6.4
2.4
6.6
3.3
7.7
9.1
7.2
3.3
8.6
8.4
3.0
7.2
3.5
7.7
8.3
8.6
3.4
7.6
7.6
3.3
7.4
6.4
3.8
10.7
2.2
1.5
2.5
1.7
.8
.4
2.3
1.6
2.2
1.5
.5
2.3
1.6
.7
.5
1.9
1.3
.6
.6
2.0
1.4
.6
.5
2.5
1.8
.5
1.7
1.1
.6
.5
.7
.7
2.2
1.6
.6
.6
2.2
1.6
.6
.5
2.7
1.9
.8
.6
3.3
.3
.5
2.8
.3
.4
4.0
.2
.8
4.1
.4
.4
4.3
.3
.2
4.3
.3
.4
3.6
.4
.2
3.8
.3
.3
4.1
.5
.3
4.3
.5
.3
4.8
.4
.5
4.8
.3
.4
1.9
.2
.2
.4
1.4
.1
.2
.2
2.4
.3
.3
2.1
.2
.5
.5
1.9
.2
.1
.4
2.0
1.7
.2
.2
.3
.1
.1
.3
1.8
.2
.2
.4
1.9
.3
.1
.4
1.8
.2
.1
.4
1.9
.1
.1
.2
1.9
.1
.2
.3
1.1
.8
1.1
1.0
1.3
1.2
1.0
1.1
1.2
1.2
1.0
1.2
18.1
10.5
26.6
28.2
22.2
16.9
21.0
17.7
25.0
12.3
10.2
36.1
14.7
29.1
11.7
20.8
16.0
24.6
15.3
23.1
12.4
24.2
12.0
24.9
9.9
20.3
11.1
25.8
11.9
28.3
13.0
26.8
13.5
25.5
31.6
31.5
41.5
31.7
25.9
36.9
28.9
30.9
23.0
22.5
31.6
28.2
30.0
12.8
29.0
34.2
30.4
31.1
36.2
38.1
33.0
35.2
32.2
41.2
43.5
27.4
Ratios to total earnings:
Interest and dividends on securities
Interest and discount on loans
Other current earnings
Total earnings
Ratios to total capital accounts:
Ratios to total assets:
Total earnings
Total expenses
Net current earnings
Net profits
....
Ratios to loans:
Interest and discount on loans
Recoveries on loans
Losses on loans
Ratios to securities:
Interest and dividends on securities
Recoveries on securities
Profits on securities sold
Losses on securities
Other ratios:
Interest on time deposits to time deposits.
Time deposits to total deposits
Total capital accounts to loans, securities, and real-estate assets
Loans to total assets
U. S. Government obligations to total
assets
Other securities to total assets
Cash assets to total assets
.7
6.6
7.6
9.8
.7
.7
.7
9.3
.7
5.6
7.9
8.5
8.7
8.9
32.5
72.7
8.6
6.9
7.8
6.4
8.1
4.6
9.6
7.1
NOTE.—The ratios in these tables were computed from the dollar aggregates shown in preceding tables. Many of these ratios vary substantially from
the average of individual bank ratios, which will be published in a subsequent issue, in which each bank's figures—regardless of size or amount—are weighted
equally and in general have an equally important influence on the result. In the ratios based on aggregates, presented here, the experience of those banks
in each group whose figures are largest have a much greater influence than that of the many banks with smaller figures. (For example, the 100 largest
member banks have total earnings which, combined, are approximately equal to those of all the other member banks, numbering about 6,600.) Ratios based
on aggregates show combined results for the banking system as a whole and, broadly speaking, are the more significant for purposes of general analyses of
credit and monetary problems, while averages of individual ratios are useful primarily to those interested in studying the financial results of operations
of individual banks.
JULY 1943
679
MEMBER BANK EARNINGS, 1942—Continued
RATIOS BY CLASSES OF BANKS A N D FEDERAL RESERVE DISTRICT^-Continued
[Ratios computed from aggregates, expressed as percentages]
Reserve city member banks,* by Federal Reserve districts
Item
Ratios to total earnings:
Interest and dividends on securities
Interest and discount on loans
Other current earnings
Total earnings
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
29.2
42.9
27.9
100.0
30.4
42.2
27.4
100.0
45.7
30.7
23.6
100.0
42.8
35.8
21.4
100.0
41.1
37.0
21.9
100.0
29.0
46.2
24.8
100.0
30.9
33.8
31.0
28.6
31.6
27.8
St.
Louis
Minne- Kansas Dallas
apolis
City
San
Francisco
40.5
39.2
20.3
100.0
34.8
44.9
20.3
100.0
33.4
43.2
23.4
100.0
27.5
51.5
21.0
100.0
28.3
55.9
15.8
100.0
33.4
11.2
28.8
73.4
31.9
31.3
Salaries and wages
Interest on time deposits
Other current expenses
Total expenses
2.2
8.4
2.0
7.7
7.9
5.3
32.2
65.3
30.3
72.5
31.7
64.7
31.1
67.4
30.7
70.2
35.6
68.7
Net current earnings
Net profits
Cash dividends declared
6.7
5.4
3.8
8.3
3.0
1.5
8.4
6.6
4.6
6.2
7.0
2.4
8.2
7.3
3.6
9.9
3.6
7.7
8.1
8.1
2.5
Total earnings
Total expenses
Net current earnings
Net profits
1.9
1.2
2.5
1.8
.7
.3
2.2
1.4
.8
.6
2.0
1.3
.7
.5
.7
.7
1.9
1.3
.6
.5
2.1
1.5
.6
.5
Interest and discount on loans
Recoveries on loans
Losses on loans
'
2.6
.2
.5
4.0
.2
1.4
3.0
.2
'.5
3.3
.3
A
3.6
.2
.1
Interest and dividends on securities
Recoveries on securities
Profits on securities sold
Losses on securities
1.7
1.8
.04
.6
.5
2.3
A
.3
.6
1.9
.2
.6
.5
1.8
.3
.1
.4
Interest on time deposits to time deposits
Time deposits to total deposits
Total capital accounts to loans, securities, and real-estate assets
Loans to total assets
U. S. Government obligations to total
assets
Other securities to total assets
Cash assets to total assets
1.0
5.1
.8
.6
8.0
.8
1.0
1.0
.9
30.8
21.1
16.2
12.7
23.7
14.8
32.2
11.4
26.5
13.6
21.8
15.2
21.6
10.8
19.4
10.7
27.0
8.9
9.5
18.4
29.8
35.9
31.0
11.0
33.2
38.0
37.8
26.7
37.9
Ratios to total capital accounts:
Ratios to total assets:
Ratios to loans:
Ratios to securities:
Other ratios:
.03
.1
.1
3.4
7.0
32.3
25.7
32.1
29.6
48.6
21.8
100.0
31.9
5.6
5.0
3.9
4.4
34.8
72.3
32.3
69.4
36.8
72.6
39.1
74.8
32.6
14.2
25.3
72.1
3.9
7.7
7.7
8.1
8.8
3.4
7.0
7.1
2.7
6.7
6.2
3.8
10.9
8.1
4.9
1.8
1.3
.5
.5
1.7
1.2
.5
.5
1.9
1.3
.6
.6
1.7
1.2
.5
.5
1.8
1.4
.4
.4
2.7
1.9
3.7
.3
.5
3.7
.2
.1
3.0
.3
.3
3.0
.4
.1
3.3
.3
.1
3,7
.3
.2
4.7
.3
.4
1.8
.1
.2
.2
1.6
.1
.1
.1
1.6
.1
.2
.3
1.7
.3
.04
.5
1.6
.3
.2
.4
1.6
.1
.2
.2
1.9
.1
.2
.3
.9
.9
11.4
12.0
.8
9.2
10.2
36.4
25.7
11.0
27.9
11.4
25.3
11.8
25.0
9.3
31.7
31.2
34.1
26.5
32.7
7.1
26.1
25.1
.8
7.0
4.1
7.6
7.4
7.3
3.7
7.2
3.9
31.2
36.3
36.0
35.1
34.4
32.8
41.2
42.3
1.1
Country member banks, by Federal Reserve districts
Item
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minne- Kansas
City
apolis
Dallas
San
Francisco
33.3
43.8
22.9
100.0
35.9
44.9
19.2
100.0
37.3
44.9
17.8
100.0
34.9
48.5
16.6
100.0
26.5
55.9
17.6
100.0
30.4
46.9
22.7
100.0
32.2
47.8
20.0
100.0
30.0
52.2
17.8
100.0
27.9
48.9
23.2
100.0
21.5
58.3
20.2
100.0
21.7
58.8
19.5
100.0
22.2
59.3
18.5
100.0
Salaries and wages
Interest on time deposits
Other current expenses
Total expenses
31.8
11.9
30.2
73.9
30.8
13.2
28.5
72.5
25.8
15.7
26.6
68.1
28.0
16.1
28.5
72.6
30.0
15.1
29.2
74.3
31.0
10.5
31.1
72.6
31.8
14.0
27.4
73.2
30.7
12.4
30.0
73.1
32.1
14.2
28.6
74.9
36.1
35.6
8.4
4.3
29.2
73.7
34.2
74.1
32.4
15.0
26.9
74.3
Net current earnings
Net profits
Cash dividends declared
6.3
4.6
2.6
7.5
4.9
2.3
6.8
1.9
2.4
7.1
5.3
2.3
7.2
6.1
3.0
8.4
6.7
3.0
8.3
7.8
2.5
7.8
6.7
3.0
8.5
8.4
3.3
8.3
8.3
4.1
8.0
6.7
3.9
9.9
8.2
3.2
Total earnings
Total expenses
Net current earnings
Net profits
2.5
1.8
.7
.5
2.6
1.9
2.9
2.0
.9
.3
2.8
2.0
.8
.6
2.5
1.9
.6
.5
2.5
1.8
.7
.5
2.6
1.9
2.9
2.2
.7
.7
3.0
2.2
.8
.8
2.7
2.0
.7
.6
3.0
2.2
.6
2.5
1.8
.7
.6
Interest and discount on loans
Recoveries on loans
Losses on loans
4.1
.4
.5
4.6
.4
.7
4.7
.2
1.0
5.2
.4
.4
4.8
.3
.3
5.1
.3
.4
5.0
.5
.2
5.0
.3
.3
5.0
.6
.4
5.9
.8
.4
6.0
.6
.6
5.7
.3
.3
Interest and dividends on securities
Recoveries on securities
Profits on securities sold
Losses on securities
2.0
.2
.2
.5
2.0
.2
.2
.4
2.5
.3
.2
.9
2.4
.2
.2
.7
2.0
.1
.2
.3
2.2
.3
.2
.5
2.0
.2
.1
.4
2.1
.2
.3
.6
2.1
.3
.2
.4
2.3
.1
.1
.3
2.2
.1
.1
.3
2.1
.2
.1
.3
Ratios to total earnings:
Interest and dividends on securities
Interest and discount on loans
Other current earnings
Total earnings
Ratios to total capital accounts:
Ratios to total assets:
Ratios to loans:
Ratios to securities:
Other ratios:
Interest on time deposits to time deposits
Time deposits to total deposits
Total capital accounts to loans, securities, and real-estate assets
Loans to total assets
U. S. Government obligations to total
assets
Other securities to total assets
Cash assets to total assets
.7
.5
.7
1.2
.9
1.1
1.2
1.5
1.3
1.1
1.2
1.3
1.5
1.2
28.9
41.3
46.1
41.1
28.5
21.5
36.3
27.6
36.0
18.1
10.3
1.4
34.5
14.6
26.5
12.9
25.8
18.0
27.4
15.5
25.9
14.1
29.0
13.5
22.6
12.4
24.3
13.6
26.1
12.7
28.6
16.1
29.3
15.8
26.2
12.0
31.1
32.9
35.6
10.9
24.4
28.9
14.7
24.8
27.2
13.7
30.8
25.0
9.7
25.2
10.7
36.4
9.6
8.9
9.7
40.4
29.3
11.9
32.8
17.5
7.1
36.0
31.8
41.3
44.9
24.6
7.1
35.1
9.2
28.9
25.5
28.2
19.2
* Not including central reserve city banks.
68o
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES
ALL BANK^-PRINCIPAL ASSETS AND LIABILITIES, BY DISTRIC1S
[Figures of nonmember banks are for dates indicated or nearest available dates. Amounts in millions of dollars]
Loans and Investments
Total
Federal Reserve district
Dec.
31,
1942
AU banks:1
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas.....
San Francisco
Total....
Member banks:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
Total
30,
1942
Dec.
31,
1941
Dec.
31,
1941
Dec.
30,
1942
2,804
8,811
1,379
1,672
1,105
875
2,742
906
609
838
680
2,657
2,885
9,033
1,459
1,760
1,185
1,008
2,901
1,027
737
1,013
755
2,852
23,913 25,078 26,616
Dec.
31,
1942
June
June
June
30,
1942
Dec.
31,
1941
863
\ ,174
900
,215
,052
,053
',434
,492
1,278
,808
947
557
863
1,180
905
1,219
1,055
1,055
2,438
1,495
1,282
1,825
948
560
June
30,
1942
Dec.
31,
1941
Dec.
4,707 3,760 3,322
20,489 15,323 14,340
3,330 2,544 2,391
3,787 2,928 2,509
1,311
2,316 1,528
1,062
828
1,748
7,502 5,223 4,265
1,181
966
1,784
739
617
1,212
921
724
1,485
721
593
1,197
4,629 2,967 2,615
7,744
30,163
5,143
6,251
4,086
3,314
11,938
3,180
2,209
3,018
2,663
8,728
6,919
25,059
4,488
5,455
3,328
2,490
9,640
2,477
1,609
2,248
1,961
6,708
6,743
25,283
4,486
5,208
3,190
2,365
9,024
2,415
1,580
2,113
1,886
6,498
861
1,171
894
1,203
1,052
1,051
2,427
1,476
1,274
1,785
941
545
54,185 38,897 34,483
88,436
72,382
70,792 14,680 14,773 14,825
30,
1942
6,206
23,373
3,850
4,270
2,496
1,837
7,166
1,993
1,354
1,736
1,348
5,467
78,097
63,976
61,098
3,220
21,740
3,289
4,442
2,357
2,126
8,660
2,040
1,361
1,999
1,692
6,338
2,648
17,179
2,781
3,792
1,828
1,575
6,824
1,580
983
1,455
1,248
4,906
2,362
15,911
2,718
3,470
1,730
1,479
6,047
1,499
964
1,414
1,196
4,732
59,263
46,800
43,521
4,061
7,394
1,264
844
943
445
1,361
624
486
415
189
809
3,916
6,955
1,141
808
805
361
1,142
507
366
304
153
718
3,845
7,462
1,132
799
766
358
1,119
494
390
323
153
735
1,571
3,464
297
303
310
187
549
254
229
226
86
348
1,631
3,571
324
340
360
209
604
268
190
187
88
377
1,668
3,718
341
368
376
235
658
287
233
219
92
401
2,490
3,930
967
541
633
258
812
370
257
189
104
461
2,285
3,383
818
468
444
152
537
238
175
117
65
342
18,834
17,175
17,578
7,824
8,150
8,595
11,010
9,025
2,574
8,644
1,222
1,499
984
824
2,518
880
636
929
685
2,518
Number of banks
Dec.
31,
1942
31,
1942
7,281
6,564
29,133 24,134
4,552
3,922
5,286 4,600
3,300
2,633
2,571
1,937
10,020
7,966
2,664
2,087
1,847
1,349
2,413
1,759
1,882
1,401
7,147
5,624
Nonmember banks:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
1
June
Deposits, exclusive of
interbank deposits
Investments
Loans
Dec.
31,
1941
31,
1942
1,173
5,240
1,055
1,332
745
666
2,138
638
419
651
591
2,281
1,217
5,315
1,118
1,393
809
773
2,243
741
505
794
663
2,451
1,145
2,217 1,475
16,560 11,939 10,596
1,600
2,363 1,726
3,246 2,460 2,078
1,084
921
1,684
909
705
1,490
6,690 4,686 3,804
943
758
1,414
564
460
954
805
620
1,296
656
532
1,093
4,168 2,625 2,280
3,734
22,710
3,767
5,247
2,882
2,548
10,046
2,225
1,575
2,387
2,336
7,822
3,031
18,011
3,232
4,509
2,336
1,917
8,065
1,735
1,132
1,789
1,728
5,947
2,872
17,496
3,222
4,257
2,208
1,809
7,458
1,685
1,106
1,673
1,655
5,751
348
799
652
685
460
318
925
450
454
744
570
274
347
799
656
677
450
317
913
441
454
744
572
277
347
797
659
673
447
317
899
437
452
741
573
277
16,088 16,928
18,021
43,175 29,872 25,500
67,277
53,434
51,192
6,679
6,647
6,619
2,177
3,744
791
432
390
123
461
208
157
104
61
335
4,010
7,453
1,375
1,005
1,204
766
1,892
956
634
630
327
906
3,889
7,049
1,256
946
992
573
1,574
741
477
459
232
760
3,871
7,788
1,263
951
982
556
1,566
730
473
440
231
748
513
372
242
518
592
733
1,502
1,026
820
1,041
371
271
516
375
244
538
602
736
1,521
1,051
824
1,064
375
280
516
383
246
546
608
738
1,539
1,058
830
1,084
375
283
8,983
21,159
18,949
19,599
8,001
8,126
8,206
1,003
5,180
925
1,196
674
636
1,969
626
407
703
599
2,170
Comprises all national banks in the continental United States and all nonnational banks described in footnote 1 of "State Banks" table on p. 684.
JULY 1943
681
ALL BANKS IN THE UNITED STATES—Continued
ALL BANK^-PRINCIPAL ASSETS AND LIABILITIES, BY STATES
[Figures for nonmember banks are for dates indicated or nearest available dates. Amounts in thousands of dollars]
Deposits, exclusive of
interbank deposits
Investments
Loans
Number of banks
State
Dec. 31,
1942
J u n e 30,
1942
Dec. 3 1 ,
1941
Dec. 31,
1942
J u n e 30,
1942
D e c . 31, Dec. 31,
1941
1942
J u n e 30,
1942
D e c . 31, Dec. 31, J u n e 30, D e c . 31
1941
1942
1942
1941
New England:
Maine
New Hampshire..
Vermont
Massachusetts...
Rhode Island...
Connecticut
219,456
269,462
201,559
412,469
364,095
353,196
97,059
109,430
116,769
192,369
176,201
164,076
316,025
301,708
297,963
112,605
115,378
107,655
85,542
65,055
192,764
178,080
69,440
178,853
97,781
99,442
91,949
1,722,280 1,872,623 1,909,375 2,916,926 2,308,303 2,023,305 4,829,428 4,290,828 4,165,814
291,717
187,572
199,558
651,774
574,667
429,060
331,999
554,524
165,310
735,092 1,771,347 1,598,399 1,572,906
573,493
601,449 1,050,259 843,347
531,977
98
107
81
385
35
202
98
107
81
387
35
202
98
107
81
387
35
202
Middle Atlantic:
New York
New Jersey
Pennsylvania..
7,926,525 8,042,478 8,230,237 18,875,214 14,048,099 13,196,373 27 ,399,706 22 ,656, 159 22,904,205
770,493 1,655,024 1,285,785 1,169,976 2,811,628 2,424,350 2,420,246
677,256
736,502
1,505,334 1,704,602 1,772,865 4,353,585 3,487,185 3,255,075 6,499,967 5,764,859 5,705,173
850
380
1,064
852
381
1,076
857
382
1,082
East North Central:
Ohio
Indiana
Illinois
Michigan
Wisconsin
944,815 1,037,183 1,117,984 2,115,564 1,531,009 1,232,123 3,759,606 3,233,710
447,815 1,463,447 1,182,209
799,356
540,215
342,918
375,017
306,974
1,263,978 1,388,376 1,486,129 4,334,478 3,020,284 2,475,038 6,132,021 5,016,592
1,629,613
1,140,754
900,964 2,810,175 2,192,346
499,868
542,548
565,929
761,376
554,036 486,454 1,340,624 1,126,270
312,739
344,579
355,573
3,021,330
1,105,769
4,770,021
1,975,639
1,057,599
687
503
826
436
563
693
503
829
438
565
694
504
830
440
568
West North CentralMinnesota.
Iowa
Missouri
North Dakota..
South Dakota..
Nebraska
Kansas
389,473
337,574
562,137
73,699
62,132
178,472
233,702
420,879
351,515
587,952
33,244
51,859
143,599
178,022
835,499
480,399
441,451
376,357
658,536 1,188,379
61,901
66,368
63,657
73,586
177,937
244,654
233,488
277,418
511,022
279,247
807,456
35,018
41,087
147,914
186,702
426,023 1,378,987 1,033,856 996,562
213,669 1,015,539
811,873
767,173
655,371 1,847,525 1,453,787 1,410,052
24,865
110,790
175,647
99,360
30,608
121,037
128,267
184,471
109,192
324,022
356,331
508,091
141,625
485,568
515,723
716,167
674
644
606
158
162
406
640
677
648
614
158
162
412
651
677
647
617
160
162
41&
656
South Atlantic:
Delaware
Maryland
District of Columbi
Virginia... .#
West Virginia
North Carolina ..
South Carolina
Georgia
Florida...
•.
72,578
209,140
118,524
306,349
115,758
192,586
67,609
259,259
122,221
83,450
236,671
135,248
339,659
137,188
218,063
68,440
268,538
128,698
87,868
258,555
144,649
356,867
143,965
234,546
77,089
307,680
155,772
240,599
816,909
306,889
458,759
191,009
454,550
123,695
343,716
353,805
160,719
640,514
185,252
288,941
133,285
240,464
67,741
189,971
241,158
151,301
344,796
276,494
285,429
583,315 1,178,746 1,002,897 1,005,636
158,518
563,007
473,553
450,263
229,253
940,705
782,611
719,429
104,960 409,638
367,015
341,115
209,572
763,692
559,268
531,400
50,714 303,241
215,278
209,955
148,567
765,481
570,427
542,258
195,084 651,010
499,011
474,026
44
186
22
315
180
227
148
291
172
44
186
22
314
180
227
149
290
172
44
186
22
314
180
22&
151
290
173
East South Central:
Kentucky
Tennessee
Alabama
Mississippi
198,975
264,960
134,769
81,112
227,456
260,459
146,417
73,013
257,443
308,293
158,924
84,430
382,256
452,608
317,812
146,469
228,731
255,082
184,900
94,473
176,241
195,143
134,949
81,887
535,675
605,613
420,203
251,354
401
295
216
202
402
297
217
206
404
297
218
206
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
68,681
165,648
179,835
626,940
66,298
172,909
177,403
617,853
161,980
78,491
408,642
198,664
271,783
194,850
688,846 1,093,085
100,886
257,736
177,860
655,769
353,990
261,743
76,352
246,892
212,316
711r344
520,707
530,864
159,281
607,498
455,214
489,259
537,300 2,400,070 1,768,918 1,697,690
215
144
388
830
216
145
389
835
217
146
390
835
Mountain:
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
56,396
39,630
22,922
107,989
23,567
43,732
63,781
15,607
41,919
37,337
27,279
101,475
25,168
41,343
71,886
17,958
61,249
45,508
30,470
126,612
27,817
49,364
78,544
18,062
116,405
87,082
37,106
229,589
46,311
69,851
141,446
38,719
68,495
48,461
22,910
137,411
25,244
37,147
66,724
24,217
61,574
43,371
19,600
105,901
21,892
28,283
56,971
19,044
169,591
122,019
77,677
354,090
76,873
110,182
177,050
51,167
110
46
56
141
41
12
59
12
111
50
57
143
41
12
60
12
112
50
58
144
42
12
60
12
807,598
719,749
593,647
375,419
272,934
268,422
261,577 1,088,220
302,745
371,528
220,804
641,165
449,616
415,082
182,498
113,919
117,188
136,614
1,976,332 2,110,985 2,229,163 3,337,766 2,202,321 2,031,161 6,330,251 4,986,609 4,926,845
133
72
215
135
73
219
137
73
220
23,912,661 25,078,483 26,616,020 54,184,732 38,897,194 34,482,600 88,435,654 72,382,184 70,791,626 14,680
14,773
14,825
Pacific:
Washington
Oregon
California
Total...
1
712,458
836,154
613,137
359,715
239,691
184,726
100,090
484,314
119,561
169,284
267,734
78,528
536,673
627,605
456,155
252,009
157,176
124,164
73,933
366,946
78,421
119,885
182,716
61,871
Comprises all national banks in the continental United States and all nonnational banks described in footnote 1 of "State Banks" table on p. 684.
68z
FEDERAL RESERVE
BULLETIN
ALL BANKS IN THE UNITED STATES -Continued
NATIONAL MEMBER BANKS—PRINCIPAL ASSETS AND LIABILITIES, BY STATES
[Amounts in thousands of dollars]
Loans
Deposits, exclusive of interbank
deposits
I
Investments
N u m b e r of banks
State
Dec. 31,
1942
New England:
Maine
New Hampshire
Vermont
Massachusetts.
Rhode Island
Connecticut
June 30,
1942
Dec. 31,
1941
Dec. 31, June 30,
1942
1942
Dec. 31, Dec. 31, June 30,
1942
1942
Dec. 31, Dec. 31, June 30, Dec. 31
1942
1942
1941
1941
61,273
147,822
119,639
126,947
33,754
101,342
84,452
87,994
21,588
72,620
62,165
62,692
531,143 1,900,976 1,508,083 1,404,830
43,427
135,250
180,636
146,919
408,743
180,385
499,904
414,546
35
52
40
124
12
52
35
52
40
124
12
52
35
52
40
124
12
52
1,809,421 1,911,713 1,902,809 6,631,054 4,684,176 4,368,458 8,492,627 6,715,417 6,679,893
533,302 486,645 1,218,195 1,022,872 1,023,867
713,063
248,188
282,565
302,201
767,425
866,949
919,664 2,294,819 1,783,626 1,646,083 3,345,168 2,930,700 2,885,686
418
222
676
419
223
681
422
224
685
East North Central:
Ohio
Indiana
Illinois
Michigan
Wisconsin
503,708 1,627,412 1,360,922 1,260,819
637,607
950,523
379,451
418,661
453,532
262,378
617,653
769,632
565,903
322,178
473,610
134,094
150,914
168,601
963,949 1 062,760 1,121,756 3,326,383 2,275,83. 1,832,403 4,545,872 3,677,278 3,461,717
557,172 1,613,916 1,238,540 1,065,497
236,514
740,731
247,768
251,806
995,936
299,529
584,173
437,264 335,687
682,441
547,708
119,507
135,413
140,522
241
124
339
75
98
241
124
339
76
242
124
338
78
West North Central:
Minnesota
Iowa... ;
Missouri
North Dakota
South Dakota
Nebraska
Kansas
254,728
93,207
230,064
30,729
29,449
122,621
113,927
280,893
101,081
240,510
20,165
28,411
102,449
89,381
330,369
113,823
276,558
33,028
34,603
130,493
123,237
644,884
203,968
514,689
41,606
51,533
212,035
184,792
378,765
136,436
351,989
24,357
27,268
126,948
125,844
306,453
101,535
279,064r
17,17.
19,18'
90,961
89,619
971,025
330,84!'
727,562
91,285
104,941
374,473
411,529
701,869
263,410
591,574
57,655
72,758
262,611
294,93
676,498
243,354
575,699
62,608
68,243
238,608
276,045
185
102
83
43
37
133
179
186
103
84
44
37
133
180
186
103
84
45
37
133
180
South Atlantic:
Delaware
Maryland
District of Columbia...
Virginia
West Virginia
North Carolina..
South Carolina —
Georgia
Florida
7,773
65,419
55,876
161,107
58,303
45,922
47,613
157,115
91,244
8,841
75,312
63,932
176,979
68,230
52,285
46,724
159,333
93,528
9,393
85,233
68,766
187,072
72,652
57,344
54,643
192,332
111,595
14,032
326,399
203,593
300,396
110,386
104,280
90,134
239,774
284,216
10,08:
252,909
111,607
192,479
75,211
46,95"
47,028
140,613
197,156
8,655
245,575
94,880
150,47"
60,782
37,37"
31,462
109,197
158,591
25,021
441,697
334,801
561,790
230,943
213,58f
202,028
469,370
470,022
21,795
368,175
274,000
464,849
200,324
153,592
144,259
351,044
361,904
20,951
376,718
255,480
420,336
188,627
147,782
137,973
333,840
345,267
14
63
9
130
77
44
22
50
53
14
63
9
130
77
44
22
50
53
14
63
9
130
77
44
22
51
53
East South Central:
Kentucky
Tennessee
Alabama
Mississippi
98,921
194,515
92,428
19,375
112,022
180,524
100,177
22,159
129,849
221,556
112,277
24,886
223,330
355,179
242,722
55,488
137,220
198,369
143,594
32,118
107,701
153,365
102,455
27,360
361,324
563,446
426,785
114,270
265,689
417,014
323,44"
82,348
272,700
402,046
293,916
79,343
94
69
66
24
94
70
66
24
95
70
66
24
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
36,336
118,361
146,371
520,983
35,611
115,789
148,351
516,125
41,988
138,195
163,168
579,536
102,291
295,314
240,28
974,492
66,801
176,960
158,404
582,333
48,238
142,384
191,947
133,392
149,713
459,713
344,246
329,638
139,233
508,256 416,029
383,95"
470,578 2,031,88 1,507,155 1,438,15
51
30
206
439
50
29
207
442
50
29
207
444
24,219
28,891
13,957
83,670
18,382
32,74
24,943
13,810
19,002
28,978
17,575
79,309
18,963
29,679
28,555
16,03
28,057
34,561
20,168
100,213
21,636
37,855
31,567
16,276
70.32J
73,33'
29,907
196,56C
36,64
52,25:
79,71'
34,72.
40,69
40,014
18,760
118,93'
20,92'
24,91
34,24,
22,70:
41
16
26
78
22
5
13
6
41
19
26
78
22
5
13
6
41
19
26
78
22
5
13
43
25
95
43
26
95
43
26
96
10,183,35 10,880,07 11,725,496 27,392,509 18,583,69: 15,845,35: 43,068.83C 34,036,39, 32,672,19 5,081
5,101
5,117
Middle Atlantic:
New York
New Jersey
Pennsylvania
Mountain:
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Pacific:
Washington
Oregon
California
Total...
JULY 1943
32,782
30,957
27,393
569,136
41,385
89,992
36,453
35,418
30,756
672,239
52,871
103,939
90,587
42,053
52,139
36,958
32,992
31,819
683,015 1,165,419
105,456
59,185
290,498
110,566
68,945
37,121
23,460
747,481
68,010
212,502
35,802
35,73
15,908
90,099
18,48"
16,52
28,326
17,794
129,18C
145,88.
70,20'
389,18J
89,84i
124,99.
128,75
69,94"
85,12?
98,42i
52,15
296,83i
60,05,
85,47
82,86
56,58
235,030
206,266
204,740
486,
194,06*
302,464
886,07.
646,35:
342,694
167,81581,74.
404,51:
204,151
101,526
102,929
121,599
1,392,365 1,487,07 1,561,451 2,413,98< 1,543,77' 1,397,23. 4,635,92! 3,590,20'
91,585
95,614
54,07'
285,439
58,75<
77,08:
77,15.
47,194
6
683
ALL BANKS I N THE UNITED STATES—Continued
STATE BANKS^PRINCIPAL ASSETS AND LIABILITIES, BY STATES
[Amounts in thousands of dollars]
Deposits, exclusive of
interbank deposits
Investments
Loans
Number of banks
State
Dec. 31,
1942
J u n e 30,
1942
Dec. 31,
1941
Dec. 31,
1942
J u n e 30,
1942
Dec. 31,
1941
Dec. 31,
1942
J u n e 30,
1942
D e c . 3 1 , Dec. 31, J u n e 30, Dec. 3 1 ,
1941
1942
1942
1941
New England:
Maine
New Hampshire2 3
Vermont3
Massachusetts
Rhode Island
Connecticut
64,277
72,977
74,716
178,875
150,511
140,286
264,647
237,148
233,557
130,322
214,683
213,714
213,511
139,080
78,420
140,230
76,698
77,187
67,623
45,980
43,467
120,144
115,388
116,688
52,550
64,556
67,025
1,153,144 1,200,384 1,226,360 1,751,507 1,560,822 1,492,162 2,928,452 2,782,745 2,760,984
248,290
471,138
427,748
419,274
263,989
140,373
323,604
134,701
123,925
630,845
554,707 1,271,443 1,183,853 1,164,163
469,554
490,883
759,761
441,985
63
55
41
261
23
150
63
55
41
263
23
150
63
55
41
263
23
150
Middle Atlantic:
New York
New Jersey
Pennsylvania
6,117,104 6,130,765 6,327,428 12,244,160 9,363,923 8,827,915 18,907,079 15,940,742 16,224,312
429,068
453,937
468,292
941,961
752,483
683,331 1,593,433 1,401,478 1,396,379
737,909
853,201 2,058,766 1,703,559 1,608,992 3,154,799 2,834,159 2,819,487
837,653
432
158
388
433
158
395
435
158
397
East North Central:
Ohio
Indiana
Illinois
Michigan
Wisconsin
565,364
172,880
300,029
263,354
193,232
618,522
192,004
325,616
294,780
209,166
664,452 1,165,041
206,416
325,746
364,373 1,008,095
314,123
633,677
215,051
324,112
893,402
218,037
744,451
400,023
218,349
728,415 2,132,194 1,872,788 1,760,511
693,815
564,556
539,866
185,437
642,635 1,586,149 1,339,314 1,308,304
910,142
953,806
343,792 1,196,259
186,925
658,183
542,097
509,891
446
379
487
361
465
452
379
490
362
467
452
380
492
362
470
West North Central:
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
134,745
244,367
332,073
42,970
32,683
55,851
119,775
139,986
250,434
347,442
13,079
23,448
41,150
88,641
150,030
262,534
381,978
33,340
29,054
47,444
110,251
190,615
237,483
673,690
20,295
22,053
32,619
92,626
132,257
142,811
455,467
10,661
13,819
20,966
60,858
119,570
407,962
112,134
684,697
376,307 1,119,963
84,362
7,693
11,421
79,530
133,618
18,231
52,006
304,638
331,987
548,463
862,213
41,705
55,509
93,720
220,786
320,064
523,819
834,353
48,182
52,794
85,414
209,523
489
542
523
115
125
273
461
491
545
530
114
125
279
471
491
544
533
115
125
285
476
South Atlantic:
Delaware
Maryland
District of Columbia....
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
64,805
143,721
62,648
145,242
57,455
146,664
19,996
102,144
30,977
74,609
161,359
71,316
162,680
68,958
165,778
21,716
109,205
35,170
78,475
173,322
75,883
169,795
71,313
177,202
22,446
115,348
44,177
226,567
490,510
103,296
158,363
80,623
350,270
33,561
103,942
69,589
150,637
387,605
73,645
96,462
58,074
193,507
20,713
49,358
44,002
142,646
337,740
63,638
78,776
44,178
172,200
19,252
39,370
36,493
319,775
737,049
228,206
378,915
178,695
550,110
101,213
296,111
180,988
254,699
634,722
199,553
317,762
166,691
405,676
71,019
219,383
137,107
264,478
628,918
194,783
299,093
152,488
383,618
71,982
208,418
128,759
30
123
13
185
103
183
126
241
119
30
123
13
184
103
183
127
240
119
30
123
13
184
103
184
129
239
120
East South Central:
Kentucky
Tennessee
Alabama4
Mississippi
100,054
70,445
42,341
61,737
115,434
79,935
46,240
50,854
127,594
86,737
46,647
59,544
158,926
97,429
75,090
90,981
91,511
56,713
41,306
62,355
68,540
41,778
32,494
54,527
351,134
272,708
186,352
245,445
270,984
210,591
132,710
169,661
262,975
203,567
126,287
172,011
307
226
150
178
308
227
151
182
309
227
152
182
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
32,345
47,287
33,464
105,957
30,687
57,120
29,052
101,728
36,503
60,469
31,682
109,310
59,689
113,328
31,502
118,593
34,085
80,776
19,456
73,436
28,114
62,603
20,048
66,722
162,043
251,631
99,242
368,189
119,359
186,618
73,230
261,763
113,500
191,069
71,257
259,533
164
114
182
391
166
116
182
393
167
117
183
391
32,177
10,739
8,965
24,319
5,185
10,991
38,838
1,797
22,917
8,359
9,704
22,166
6,205
11,664
43,331
1,922
33,192
10,947
10,302
26,399
6,181
11,509
46,977
1,786
46,080
13,745
7,199
33,029
9,670
17,599
61,727
3,994
27,798
8,447
4,150
18,474
4,317
12,230
32,481
1,516
25,772
7,640
3,692
15,802
3,403
11,761
28,645
1,250
110,511
38,843
29,883
95,129
29,715
44,291
138,983
8,579
72,048
25,738
21,782
70,110
18,363
34,408
99,855
5,284
78,006
26,405
23,598
68,651
18,114
33,101
99,895
3,973
69
30
30
63
19
7
46
70
31
31
65
19
7
47
6
71
31
32
66
20
7
47
6
66,668
12,393
583,967
63,682
14,259
623,909
67,715
15,015
667,712
106,841
28,834
923,780
72,955
16,653
658,547
67,509
202,145
161,247
14,685
59,420
45,105
633,926 1,694,331 1,396,402
156,941
40,152
1,386,639
90
47
120
92
47
124
94
47
124
13,729,310 14,198,410 14,890,524 26,792,223 20,313,502 18,637,242 45,366,824 38,345,789 38,119,429 9,599
9,672
9,708
Mountain:
Montana...
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Pacific: %
Washington.:
Oregon
California
Total
1
Comprises all State commercial banks, trust companies, mutual and stock savings banks, cash depositories (in South Carolina), and such private and
industrial banks as are included in abstracts issued by State banking departments.
2
The figures in the Dec. 31, 1942 columns for New Hampshire were derived by adding to the Dec. 31 figures of insured State banks the June 30, 1942
figures of noninsured banks in existence as such on both that date and Dec. 31, 1942. In six States where all State banks were insured the figures were
obtained from the Federal Deposit Insurance Corporation; in three States where all but one of the State banks were insured, the figures for insured banks
were obtained from the Federal Deposit Insurance Corporation, and for the noninsured banks from other sources.
3
See p. 507 of the May 1942 BULLETIN for notes on Dec. 31, 1941 figures for New Hampshire and Vermont.
4
The figures in the June 30, 1942 columns for Alabama include six noninsured nonmember banks as of Apr. 4, 1942.
684
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES—Continued
PRIVATE BANKS-PRINCIPAL ASSETS A N D LIABILITIES, BY STATES
[Figures in this table are also included in the table on p. 684 covering "State Banks."
Deposits, exclusive of
interbank deposits
Investments
Loans
Amounts in thousands of dollars]
Number of banks
State
Dec. 31, June 30, Dec. 31, Dec. 31, June 30, Dec. 31, Dec. 31, June 30, Dec. 31, Dec. 31, June 30, Dec. 31,
1942
1941
1942
1942
1941
1941
1942
1941
1942
1942
1942
1942
Connecticut:
District No. 1
District No. 2
Indiana:
District No 7
District No. 8
Kansas
New York
Ohio
Pennsylvania:
District No 3
District No. 4
South Carolina
Total
225
88
240
106
249
119
143
72
103
62
163
72
499
564
446
463
443
470
2
1
2
1
2
1
1,529
89
1,569
81
2,009
199
1,259
103
1,093
54
37,594
1,553
"37^157
1,940
1,812
93
1
40,642
2,007
84^488
1,843
7,404
405
1
104,577
4,874
5,798
285
1
97,586
3,907
5,301
291
1
88,044
3,622
13
1
1
5
12
13
1
1
5
12
14
1
1
5
12
5,104
1,004
953
5,918
1,266
842
4,672
1,292
938
8,672
2,159
115
8,496
1,565
108
8,443
1,476
94
17,875
4,573
1,369
15,029
3,818
1,075
13,031
3,697
888
11
4
1
11
4
1
11
4
1
48,139
49,119
51,825
99,700
85,921
77,086
142,141
128,408
115,788
51
51
52
'73,319 "'64,967
724
906
M U T U A L S A V I N G S B A N K S - P R I N C I P A L ASSETS A N D LIABILITIES, B Y STATES
[Figures k f this table are also included in the table on p. 684 covering "State Banks." Amounts in thousands of dollars]
Loans
Deposits, exclusive of
interbank deposits
Investments
Number of banks
State
Dec. 31, June 30, Dec. 31, Dec. 31, June 30,
19412
19422
1942
19422
1942
Connecticut:
District No. 1
District No. 2
Delaware
Indiana:
District No. 7
District No. 8
Maine
Maryland
Massachusetts
Minnesota
New Hampshire 1
New Jersey:
District No. 2
District No. 3
New York
Ohio
Oregon
Pennsylvania:
District No. 3
District No. 4
Rhode Island
Vermont
Washington
Wisconsin:
District No. 7
District No. 9
Total...
Dec. 31, Dec. 31,
19412
19422
June 30,
1942
Dec. 31, Dec. 31, June 30 Dec. 31
19422
19412
19412
1942
244,207
80,428
12,968
251,915
82,808
13,244
255,586
84,930
13,472
5,234
4,631
25,277
30,447
939,899
25,527
68,356
5,493
4,809
27,145
35,852
956,241
23,187
68,356
5,851
6,714
12,563
5,562
13,265
4,893
11,951
4,900
8,502
4,114
9,254
3,318
3,096
8,468
27,650 114,474 106,5!
131,073
135,978
102,498
130,592
36,916 197,379 183,550 173,370
235,241
225,644
227,675
973,112 1,308,645 1,238," " .,203,747 2,170,557 2,135,344 2,139,163
21,675
68,914
43,610 46,387
49,102
73,871
68,641
68,974 130,353 130,353 122,585
195,388
195,388
195,800
108,352 113,481 117,522 174,963 164,640 163,292
292,084
288,815
295,619
3,673
4,047
4,292
13,712
13,420
8,833
13,498
9,333
8,606
,888,61
616 2.,967, 533 3,
1,013,079 2,697,294 ,435,087 2,454,311 5,574,424 5,442,626 5,554,581
51,701
52,156
55,298
128,839
69,724
65,203
124,045
125,861
64,947
2,416
2,395
3,982
1,408
728
3,339
3,165
839
2,477
389,792
102,290
40,901
78,925
9,880
55,327
29,108
30,719
81,132
10,710
59,098
30,241
30,897
81,789
11,106
61,327
31,262
31,380
489,847
49,045
126,819
24,790
57,891
1,853
154
1,931
121
2,021
122
2,879
91
337,606
91,041
38,101
446,548
47,893
118,567
22,514
47,015
319,463
84,008
37,066
450,029
45,486
119,018
22,110
45,800
615,503
184,516
48,317
581,509
55,938
182,287
56,560
87,275
592,468
178,873
45,902
554,454
56,177
177,819
55,918
78,367
569,043
56,692
179,995
57,559
77,408
5,628
5,140
5,065
184
173
245
4,698,153 4,822,419 4,904,659 6,047,848 5,537,618 5,473,954 10,664,373 10,394,975 10,533,117
2,425
66
58
14
2
14
2
1
32
11
191
1
43
3
1
32
11
191
1
43
3
1
32
11
191
1
43
22
2
132
3
1
22
2
133
3
1
22
2
134
3
1
6
1
9
6
1
9
6
1
9
547
548
589,108
177,077
45,983
2,339
64
546!
1
2
New Hampshire's figures include 9 guaranty savings banks.
The figures in the December columns for New Hampshire are as of June 30, 1941 and 1942, respectively. The figures in the December 1941 columns
for Vermont are as of June 30, 1941.
JULY 1943
685
CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES
[Figures for 1943 are preliminary]
Member banks
Nonmember banks
Total
National
State
Other than mutual
savings and
private banks
Insured
Number of Banks {Head Offices)
December 31, 1933
December 31, 1934
December 31, 1940
December 31, 1941
December 31, 1942
March 31, 1943
857
980
2
8,341
7,693
1,108
851
6,951
6,809
800
741
6,666
6,633
736
15,029
16,063
14,895
14,825
14,680
14,642
5,154
5,462
5,144
5,117
5,081
5,070
2,911
3,133
3,666
3,699
3,739
3,779
1,723
2,056
1,121
1,243
1,539
1,565
1,592
1,627
1,002
1,015
1,023
1,024
776
248
940
932
935
939
129
810
44
46
46
46
11
35
+11
+1
+1
+6
+3
2
-1
-11
-1
—4
-1
-9
-15
-3
-3
3 1,342
l,502
3
31,598
1,6K)
Number of Branches and Additional Offices
December 31, 1933
December 31 1934
December 31, 1940
December 31, 1941
December 31, 1942
March 31, 1943, total
In head-office cities
Outside head-office cities.. .
«
Noninsured
691
936
2
960
981
7OO
6778
Mutual
savings
Private1
579
579
551
545
543
4
543
98
241
56
52
125
126
135
135
137
4
137
115
22
5
5
6
6
6
5
6
1
5
5
50
Analysis of Bank Changes Jan. I—Mar. 31, 1943
Increases in number of banks:
Primary organizations (new banks)7.
Decreases in number of banks:
Suspensions
Consolidations and absorptions
Voluntary liquidations8
Inter-class bank changes:
Conversions—
National into State
State into national
Federal Reserve membership9—
Admissions of State banks
Withdrawals of State banks
Federal deposit insurance10—
Admissions of State banks
Withdrawals of State banks
Net increase or decrease in number of banks...
....
-27
-20
-1
....
...
+1
-2
+2
....
+16
-1
-16
+1
+2
-11
+12
+7
+8
+3
+4
— 13
j
—5
-38
-1
-33
-2
—5
-1
Analysis of Branch Changes Jan. I—Mar. 31,194311
Increase in number of branches:
De novo branches
Banks converted into branches
Decreases in number of branches:
Branches discontinued
Inter-class branch changes:
From national to State
From State member to nonmember
Branches and additional offices established at military reservations
+38"
+34"
Net increase or decrease in number of branches
+40
+35
—1
+3
1
+ -
+7
+1
—7
+1
+1
+4
1
The figures for December 1934 include 140 private banks which reported to the Comptroller of the Currency under the provisions of Section 21 (a)
of the Banking Act of 1933. Under the provisions of the Banking Act of 1935, private banks no longer report to the Comptroller of the Currency and, accordingly,
only such private banks as report to State banking departments are in the figures shown for subsequent years.
2
Federal deposit insurance did not become operative until Jan. 1, 1934.
3
Includes
3 mutual savings banks.
4
Number of banks comprises 55 insured and 488 noninsured; number of branches comprises 37 insured and 100 noninsured. The figures beginning with
1939 exclude 1 bank with 4 branches which prior to 1939 was classified as an insured mutual savings bank but is now included with "Nonmember banks
other
than mutual savings and private banks."
B
Number of banks comprises 1 insured and 49 noninsured; all branches were noninsured.
6
Separate figures not available for branches of insured and noninsured banks.
7
Exclusive of new banks organized to succeed operating banks.
8
Exclusive of liquidations incident to the succession, conversion, and absorption of banks.
9
Exclusive of conversions of national banks into State bank members, or vice versa, as such conversions do not affect Federal Reserve membership.
10
Exclusive of conversions of member banks into insured nonmember banks, or vice versa, as such conversions do not affect Federal Deposit Insurance
Corporation membership.
11 This analysis covers all branches and other additional offices at which deposits are received, checks paid, or money lent. Offices established at military reservations (shown separately) include "banking facilities" provided through arrangements made by the Treasury Department with banks designated as depositories and financial agents of the Government.
Back figures—See Annual Report for 1942 (tables 17 and 18),
686
FEDERAL RESERVE BULLETIN
BANKS AND BRANCHES—NUMBER IN OPERATION ON DECEMBER 31, 1941 AND 1942
dumber of banLS maintaining branches or additional offices1
Number of banks, Dec. 31, 942
Dec . 31, 1942
State
Total
number of
banks
Dec. Total
31,
1941
State
ional memmnks ber
aanks
Na-
banks, other
than mutual
savings and
private
In-
sured
New England
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
910
98
107
81
387
35
202
Middle Atlantic
New York
New Jersey
Pennsylvania
2,321
908
98
107
81
385
35
202
2
8
9
8
1
4
10
27
355
32
43
8
191
9
72
328
166
67
95
440
120
58
262
27
9
9
9
163
132
24
7
20
5
877
241
124
339
75
98
548
150
291
108
150
1,498
58
6
13
11
18
10
8
3
3
762
185
102
83
43
37
133
179
230
24
56
81
23
14
32
430
429
405
106
101
210
245
2,294 1,316
1,082
1,064
East North Central
Ohio
Indiana
Illinois
Michigan
Wisconsin
3,036
3,015
694
504
830
440
568
687
503
826
436
563
West North Central
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
3,33
South Atlantic
1,58
4
18
2
31
18
22
15
29
17
1,58
4
18
2
31
18
22
14
29
17
462
14
63
9
130
44
22
50
53
154
4
16
8
60
26
11
6
18
5
East South Central
Kentucky
Tennessee
Alabama
Mississippi
1,12
1,11
40
29
21
20
40
29
21
20
253
94
69
66
24
West South Central
Arkansas
Louisiana
Oklahoma
Texas
1,58
1,57
21
14
39
83
21
14
38
83
Mountain
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah...!!!!!!!!!!!!!!!!
Nevada
49
11
47
11
14'
4
1
6
1
1-
Pacific
43
13
42
13
Delaware
Maryland
Dist. of Columbia
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Washington
Oregon
California
Total United States.
t
5
418
222
676
30'
850
380
674
644
60
15
16
40
64
1,926
881
23
93
5
125
72
164
87
206
106
74
1
3
13
2
11
44
18
7
17
2
768
259
210
128
171
726
51
30
206
439
119
12
8
11
88
207
41
16
26
78
22
5
13
6
77
21
14,82
14,68
5,081
Dec.
31,
1941,
total
Total
Na- State
tional member
banks banks
Nonmember
banks
Nonthan mutual member
savings and
Primu- vate
private
tual banks
sav1
Non- ings
Inin- aanks
sured
sured
23
10
11
32
4
1
2
19
3
3.
22
65
12
7
117
24
3
7
65
12
6
15
2
1
7
1
1
5
1
247
138
54
55
75
32
18
25
83
47
23
13
37
17
10
10
1
1
15"
240
136
53
51
26
12
14
210
38
43
215
39
45
28
8
6
35
17
3
147
14
35
4
' "46'
83
46
85
11
3
11
4
21
77
3
1
163
2
119
162
2
118
8
2
148
6
113
5
17
23
2
16
24
2
15
20
1
149
8
27
11
39
155
28
24
"3"
5
8
6
5
5
97
4
16
1
30
3
6
27
11
43
39
3
4
1
3
117
23
3
7
"3
""2"
1
1
22
T.
H9
275
258
368
193
404
370
34
57
37
9
1
49
183
163
43
25
95
7
mutual
savings
banks
Private
banks
59
46
5
1
85"
382
67
64
61
160
16
41
65
ber
130
17
3
32
36
2
40
315
35
52
40
124
12
52
3,290
Noninsured
Nonmem-
1
4
4
1
4
4
2
29
2
1
1
24
1
47
40
3
4
4
1
3
1
1
1
5
8
32
17
8
1
'"'46' ""46
""3" ""3"
2
6
1
1
3
66
15
21
5
25
14
4
5
3
2
5
3
1
1
47
8
15
1
23
48
14
29
3
2
13
1
1
7
1
34
13
21
23
25
12
7
7
6"
5
4
5
2
6
5
5
2
"2"
2
2
48
10
6
32
48
10
6
32
17
6
2
9
8
1
1,054
1,083
227
6
10
2
6
14
2
49
30
9
5
5
62
13
21
3
25
667
144
105
162
256
65
8
1
9
47
42
14
28
91
26
10
10
15
5
2
21
2
171
43
19
20
42
14
5
25
3
8
T
38
14
6
18
185
70
37
78
31
4
3
24
3
2
1
1,598
6,666
741
543
1
3
1
2
1
1
3
2
13
1
6
1
51
6
3
3
1
7
21
2
4
15
178
567
26
1
1
1
80
5
See following page for footnotes.
JULY 1943
687
BANKS AND BRANCHES—NUMBER IN OPERATION ON DECEMBER 31, 1941 AND 1942—Continued
Number of branches and additional offices1
Location of branches and additiona
offices except offices a t military reservations, Dec. 31, 1942
Dec. .31, 1942
Dec. 31,
1941
total
Total
National
banks
State
member
banks
Nonmember
banks other than
mutual savings
and private
Insured
Noninsured
New E n g l a n d
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
289
61
3
18
150
40
17
292
62
3
18
153
40
16
89
5
1
2
68
8
5
91
28
42
22
" 43
19
1
7
10
1
2
Middle A t l a n t i c
New York
New Jersey
Pennsylvania
937
701
124
112
942
699
126
117
262
179
35
48
503
408
60
35
98
54
27
17
1
1
East North Central...
Ohio
Indiana
Illinois
Michigan
Wisconsin
539
169
68
545
169
69
124
37
8
209
110
15
202
22
45
9
169
133
172
135
65
14
78
6
21
114
8
1
231
6
157
233
6
159
28
6
24
42
2
23
43
2
West N o r t h C e n t r a l . . .
Minnesota
Iowa
Missouri
North Dakota
South Dakota.
Nebraska
Kansas
20
10
8
Outside head-office city
Private
banks
46
2
1
9
32
2
73
55
4
14
5
2
" 3 "
1
1
198
7
153
6
22
23
1
413
12
97
30
77
96
138
25
31
3
East S o u t h Central ..
Kentucky
Tennessee
Alabama
Mississippi
145
29
52
20
44
West S o u t h C e n t r a l . . .
Arkansas
Louisiana
Oklahoma
Texas
70
15
55
In
headoffice
county
In contiguous
counties
In
noncontiguous
counties
147
6
93
30
"'117'
19
5
11
33
14
5
48
26
3
7
2
4
6
824
640
90
94
89
39
34
16
24
17
1
6
3
3
289
119
25
209
45
43
34
5
11
8
21
"ll"
58
12
8
6
155
'"125"
Offices a t
military
reservations
3
1
1
3"
2
1
1
2
"l
1
34
12
18
" " l o "
14
1
11
91
4
18
104
6
19
68
30
"u"
2
84
1
42
12
10
212
10
28
1
48
7
21
19
2
11
1
7
118
3
4
153
32
52
22
47
63
21
20
20
2
13
3
9
1
77
8
23
1
45
77
16
56
3
2
34
1
28
3
2
1
11
17
19
In
headoffice
city
"127" " " 2 5 "
96
18
2
South Atlantic
391
Delaware
14
Maryland
95
Dist. of Columbia ..
30
Virginia
70
West Virginia
" l 3 l "
North Carolina
24
South Carolina
25
Georgia
2
Florida
i
4
17
1
16
133
2
53
30
23
2
10
3
12
' 1 "
1
43
21
19
3
42
15
27
23
"23"
""35"
1
3
57
3
4
1
17
6
1
6 "
4
""33"'
16
7
57
6
19
5
27
24
2
6
4
12
23
""8 "
8
41
11
30
6
4
2
2
1
1
7
3
2
5
2
6
3
2
1
5
3
2
92
94
76
18
37
39
37
2
7
26
12
10
6
27
12
10
21
8
10
Pacific
Washington
Oregon
California
1,005
87
68
850
990
86
69
835
820
82
65
673
Total United States..
3,699
3,739
1,592
Mountain
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
24
5
1
Nonmember
mutual
savings
banks
3
" 6
6
4
122
1
" 121
1,023
46
2
4
40
935
1
1
1
"
1
1
1 "
46
137
6
17
35
38
3
12
24
'"2
12
5
4
6
4
3
1
" " 3 "
7
2
2
1
249
16
11
222
87
4
5
78
145
27
6
112
503
38
47
418
6
1
1,719
839
478
663
40
5
~ Includes 1 mutual savings bank.
Includes 2 mutual savings banks.
Back figures.—See BULLETIN for June 1942, pp. 604 and 605.
6
688
FEDERAL RESERVE BULLETIN
GROUP BANKS1—NUMBER AND DEPOSITS OF BANKS IN 35 GROUPS AND NUMBER OF BRANCHES
AND ADDITIONAL OFFICES OF GROUP BANKS, DECEMBER 31, 1942
State and geographic
division 2
State
member
banks
Nonmember
banks
Total
National
banks
New England
Maine
New Hampshire
Massachusetts
Rhode Island
31
3
4
21
3
16
8
7
3
4
11
1
l""
1
3
1
Middle A t l a n t i c
New York
Pennsylvania
60
26
34
31
5
26
19
14
5
E a s t N o r t h Central
Ohio
Wisconsin
31
18
13
25
13
12
West N o r t h C e n t r a l
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
144
90
4
7
27
11
5
84
48
4
2
17
9
4
South Atlantic
West Virginia
South Carolina
Georgia
Florida
40
4
1
19
16
25
2
1
9
13
2
1
1
9
3
East S o u t h C e n t r a l
Kentucky
Tennessee
17
6
11
13
3
10
3
3
1
West S o u t h Central
Texas
8
8
3
3
1
1
4
4
Mountain
Montana
Idaho
Wyoming
Arizona
Utah
Nevada
39
23
1
1
2
8
4
21
13
1
5
3
13
7
Pacific
Washington
Oregon
California
31
13
9
9
15
6
4
5
1
401
233
Total United States
1
4
2
Number of branches and additional offices
of group banks
Number
of group
Number of banks in groups
operating
branches
and additional
offices
Total 3
office
city
Headoffice
county
Contiguous
counties
Noncontiguous
counties
14
3
...........
88
4
61
20
3
3
I
3
Outside head-offi ce city
""57"" ""l2"'"
4
5
1
'""70
14
10
7
3
19
12
7
92
78
14
69
59
10
16
12
4
4
4
2
1
1
4
1
3
27
13
14
25
11
14
2
2
7
5
53
37
6
2
26
6
6
6
2
7
11
*"""2
3
10
2
1
2 "
7
"ll""
13
1
l""
4""'
20"
3
14
3
1
2
4
10
i
2
2
1
1
12
8
4
12
8
4
6
6
1,708,926
13 956
14,'032
1,499,381
181,557
3""
1
2,163,198
748,402
1,414,796
611,336
181,860
429,476
1,378,123
1,004,671
105,719
52,630
69,887
70,597
74,619
10
659,882
9,307
55,804
342,282
252,489
3
7
253,194
94,962
158,232
.
5
35
277,935
277,935
11
19
3
12
1
1
3
4
" " 4 " "
3
56
6
7
49
i""
5
76
7
4
65
406
2
28
376
3,023,789
91,347
269,723
2,662,719
235
48
103
450
10,532,355
3
1
1
1
2
2
15
1
2
1
3
8
9
1
1
1
1
15
7
5
3
7
2
1
4
547
10
40
497
50
118
60
841
2
2""
Deposits
of group
banks (in
thousands
of dollars) 4
2
455,972
138,525
58 275
2,135
37,597
153,770
65,670
1
The statistics include all groups of three or more banks controlled by (1) a "holding company affiliate" as denned in section 2(c) of the Banking Act
of 1933, as amended; (2) a holding company which would be a "holding company affiliate" if the Reconstruction Finance Corporation did not own preferred
stock in the subsidiary banks; and (3) what is regarded generally as a bank group even though there is technically no "holding company affiliate" as defined
in section 2(c) of the Banking Act of 1933. For further discussion of group banking and for back figures, see Federal Reserve BULLETIN for February, 1938,
pp. 92-101, June 1938, p . 450, June 1939, p . 480, May 1940, p . 457, May 1941, p . 459, and June 1942, page 603.
* Only those States are listed in which one or more group banks were reported. In some groups not all of the banks were in the same State.
d
The total column includes five offices a t military reservations (one each in Massachusetts, Georgia, and Washington, and two in California) n o t distributed in the next four columns.
4
Included in the group figures are a few comparatively large banks which dominate the group rather than being subsidiary banks. If the figures of
these banks were eliminated, the aggregate amount of deposits involved would be decreased by approximately $2,800,000,000.
JULY 1943
689
INTERNATIONAL FINANCIAL STATISTICS
PAGE
Gold reserves of central banks and governments....
692.
Gold production...
693
Gold movements...
,
Net capital movements to United States since January i , 1935
Central banks
693
694
695-698
Money rates in foreign countries
699
Commercial banks...
700
Foreign exchange rates
701
Price movements:
Wholesale prices...
70Z
Retail food prices and cost of living
703
Security prices...,
703
Tables on the following pages include the principal available statistics of current significance relating
to gold, international capital transactions of the United States, and financial developments abroad.
The data are compiled for the most part from regularly published sources such as central and commercial
bank statements and official statistical bulletins; some data are reported to the Board directly. Figures
on international capital transactions of the United States arc collected by the Federal Reserve Banks
from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 11,1934. Back figures may in most cases be obtained from earlier BULLETINS and from
Annual Reports of the Board of Governors for 1937 and earlier years.
JULY 1943
691
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
United
States
Argentina
Belgium
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
11,258
12,760
14,512
17,644
21,995
22,737
501
469
431
466
*353
354
632
597
581
609
2
734
734
25
32
32
40
51
70
275
274
274
274
274
274
20
24
24
24
24
24
1942—June.
July.
Aug..
Sept.
Oct..
Nov..
Dec.
1943—Jan..
Feb..
Mar..
Apr..
May.
22,737
22,744
22,756
22,754
22,740
22,743
22,726
22,683
22,644
22,576
22,473
22,426
355
354
354
354
354
354
354
354
354
354
735
735
735
735
735
735
735
734
734
734
78
79
81
82
113
114
115
120
121
127
143
274
274
274
274
274
274
274
274
274
274
274
24
25
25
25
25
25
25
25
End of month
Hungary
Iran
Persia)
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
25
25
37
24
24
24
25
25
26
26
26
26
1942—June
24
24
24
24
24
24
24
24
24
24
26
Sweden
Switzerland
End of month
July.
Aug.
Sept.
Oct..
Nov.
Dec.
1943—Jan..
Feb..
Mar.
Apr..
May.
End of month
Brazil British
India
Bulgaria Canada
Chile
54
53
53
53
52
44
55
55
55
55
52
52
2,995
2,564
2,430
2,709
2,000
2,000
31
31
31
36
36
36
36
38
42
46
16
18
19
21
23
24
25
27
28
30
61
61
61
61
61
61
61
61
61
61
44
44
44
44
44
44
44
44
44
44
52
52
52
52
52
52
52
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
"2,000
2,000
New
Mexico Netherlands Zealand
Nor-
Peru
82
94
94
4 84
20
21
20
20
20
21
208
210
193
144
120
463
261
164
164
164
6
164
60
79
80
90
140
235
46
24
29
32
47
47
491
933
998
692
617
575
23
23
23
23
23
23
216
32
33
34
34
36
37
39
70
90
110
126
125
528
526
522
518
514
510
506
501
497
P496
23
23
23
23
23
23
23
23
23
23
23
Venezuela
Yugoslavia
Uruguay
B.I.S.
75
83
85
4 84
21
21
24
24
24
25
25
25
25
25
25
26
Other
coun-7
tries
240
244
321
308
160
223
657
650
701
549
502
665
26
29
29
29
88
92
1942—June
July.
Aug.
Sept.
Oct..
Nov.
Dec
1943—Jan..
Feb..
Mar.
Apr..
May.
309
311
316
321
326
331
335
340
342
344
344
346
795
800
800
801
805
813
824
832
842
p
851
P859
^866
110
111
111
111
116
117
114
124
124
124
2,584
2,689
2,690
81
1
1
77
74
69
68
90
100
59
52
52
52
9 29
41
97
97
97
95
94
92
89
56
56
56
60
64
64
68
68
70
72
76
80
P89
48
51
57
59
82
4
83
11
5
14
7
12
12
183
185
142
153
145
142
19
21
19
20
21
21
21
22
24
150
151
151
151
152
152
160
160
1°182
182
r
183
183
1936—Dec
1937—June . . .
Dec.
1938—Mar....
692.
27
28
29
29
29
29
26
24
27
28
28
4
28
68
69
69
69
59
59
114
120
133
152
158
182
203
189
220
249
367
366
59
59
59
59
59
59
59
59
59
210
215
219
225
234
239
241
241
242
246
468
502
527
551
582
610
634
572
523
537
558
United
States
United
Kingdom
169
3 934
4 1,395
1,489
June...
44
Dec. . . .
80
1939—Mar. ...
154
May....
June... " " 8 5 "
164
Sept....
156
Dec
145
1940—Mar. ...
86
June...
105
Sept....
48
Dec. ...
88
1941—Mar. ...
89
June...
24
Sept....
25
Dec
12
June...
Sept....
Dec
p
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.
Greece
Spain
5
5
718
525
42
42
Government gold reserves1 not included
in previous figures
1942—Mar....
Preliminary. r Revised.
1 Beginning April 1940, reports on certain Argentine gold reserves no longer available.
2 Change from previous December due largely to inclusion of gold formerly not reported.
3 On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Control Board. Gold reported since that time is gold held by Minister of Finance.
4 Figures relate to last official report dates for the respective countries, as follows: G r e e c e Mar. 31, 1941; Java—Jan. 31, 1942; Norway—Mar. 30, 1940; Poland—July 31, 1939; Yugoslavia
—Feb. 28, 1941.
5
Figures for December 1936 and December 1937 are those officially reported on Aug. 1,.
1936, and Apr.30, 1938, respectively.
6
Figure for February 1941; beginning Mar. 29,1941, gold reserves no longer reported separately.
7 These countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian Congo,
Bolivia, China, Danzig through Aug. 31, 1939, Ecuador, El Salvador, Estonia, Finland, Guatemala,
Iceland, Ireland beginning February 1943, Latvia, Lithuania, Morocco, and Thailand (Siam).
Figures for certain of these countries have been carried forward from last previous official report.
8 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British
Exchange Equalization Account during 1939.
9 Beginning December 1940, figures refer to gold reserves of new Central Bank only.
10
Beginning February 1943, figure also includes gold reserves of new Central Bank of Ireland.
Germany
Ruma- South
Poland Portugal
Africa
End of month
1936—Dec.
1937—Dec.
1938—Dec
1939—Dec
1940—Dec.
1941—Dec.
France
91
92
83
56
58
61
Java
United
Kingdom
Egypt
19
16
24
21
17
16
Japan
Turkey
Denmark
29
30
30
30
30
30
184
192
214
37
5
Italy
4
Co- Czechoslolombia
vakia
France2
4 759
1,732
5
Belgium
93
115
81
331
559
477
62
44
17
876
17
17
292
6
17
151
17
8
7
12
1 Reported at infrequent intervals or on delayed basis: U. S.—Exchange Stabilization Fund
(Special A/c No. 1); U. K.—Exchange Equalization Account; France—Exchange Stabilization
Fund and Rentes Fund; Belgium—Treasury.
2 For complete monthly series from October 1938May
1939,
see
BULLETIN for
February 1941,
p. 1703 Figure for end of March 1937,first date reported.
4 Figure for end of September.
Reported figure for total British gold reserves on
Aug. 31, 1939, less reported holdings of Bank of England
on that date.
6
Figure for Sept 1, 1941.
NOTE.—For details regarding special gold
transfers in 1939-40 between the British E. E. A.
and the Bank of England, and between the French
E. S. F. and the Bank of France, see BULLETIN
for September 1940, p. 926.
FEDERAL RESERVE
BULLETIN
Year or month
1934 .
1935
1936
1937
1938
1939
1940
1941
1942. . . .
Estimated
world
Total
production
outside 1 reported
monthlyU.S.S.R.
823,003
882,533
971,514
1,041,576
1,136,360
1,208,705
1,297,349
1,288,945
1942—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1943—Jan
Feb
Mar
Apr.. .
South
Africa
708,453
752,847
833,895
893,384
958,770
1,020,297
1,094,264
1,089,395
966,614
366,795
377,090
396,768
410,710
425,649
448,753
491,628
504,268
494,439
80,263
80,943
79,106
83,202
77,255
76,692
78,149
70,269
68,261
p
65,O7l
^64,374
P
62,337
p
63,973
41,491
42,539
42,005
42,784
41,454
40,559
41,023
39,144
38,616
37.687
38,835
35,489
37,604
GOLD P R O D U C T I O N
OUTSIDE U. S. S. R.
[In thousands of dollars]
Production reported monthly
North and South America
Africa
Rhodesia
$1 = i555i
24,264
25,477
28,053
28,296
28,532
28,009
29,155
27,765
26,611
2,320
2,288
2,210
2,226
2,253
2,175
2,160
2,089
2,146
1,984
1,901
1,985
^1,985
grains of gold : fine; i.e., an ounce of fine gold = $35
23,135
12,153
,135 12,045
6,549 108,191 104,023 23
,858 11,515
23,858
13,625
7,159 126,325 114,971 23
,465 13,632
16,295
26,465
7,386 152,509 131,181 26
20,784
29,591 15,478
8,018 168,159 143,367 29,591
24,670
,306 18,225
32,306
8,470 178,143 165,379 32
28,564
8,759 196,391 178,303 29,426
29,426 19,951
32,163 38, 862 210,109
185,890 30,878
30,878 22,117
32,414
209,175
187,081 27
27,969
,969 22,961
29,225
130,933 168,008 6630,000
30,000 20,882
2,555
2,520
2,450
2,450
2,345
2,310
2,275
2,240
2,135
2,135
1,855
1,610
•^1,610
11,415
11,164
10,504
12,754
10,163
11,837
12,013
7,828
6,209
4,654
4,121
4,520
4,891
14,728
14,881
14,852
14,864
14,100
13,212
13,365
12,693
12,597
11,708
11,459
12,169
11,308
(6)
1,865
1,719
1,579
2,006
1,730
1,710
1,659
1,614
1,433
2,055
1,380
1,661
Pi,648
Other
British
I Nicara- Austra-1
lia8 I India 9
I gua 7
8,350
9,251
9,018
9,544
10,290
11,376
11,999
9,259
6,409
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
540
570
611
647
531
441
401
432
544
'544
624
677
905
816
722
634
669
659
906
672
647
622
646
3,815
3,745
3,325
3,990
3,360
3,185
4,165
3,045
2,940
*>2,932
^2,932
/
2,932
/
2,932
910
840
665
665
595
630
420
525
735
700
700
805
/805
{544
'544
;age changes
ating annual
1
Annual figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on estimates of American Bureau of Metal Statistics.
2 Beginning April 1941, figures are those reported by American Bureau of Metal Statistics.
3 Beginning May 1940, monthly figures no longer reported. Annual figure for 1940 estimated at three times production for first four months of the year.
4
Includes Philippine Islands production received in United States. Annual figures are estimates of United States Mint. Monthly figures represent
estimates of the Amencan Bureau of Metal Statistics, those for 1942 having been revised by adding to each monthly figure $357,131 so that aggregate for
1942 is equal to preliminary estimate for the year compiled by Bureau of Mint in cooperation with Bureau of Mines.
5 Figures for Canada beginning 1942 are subject to official revision.
6
Beginning April 1942, figures no longer reported. Annual figure for 1942 is rough estimate based on reported production of $7,809,000 in first three
months of year.
7
Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production.
° Beginning December 1941, figures are those reported by Amencan Bureau of Metal Statistics for total Australia.
a
Beginning May 1940, figures are those reported by American Bureau of Metal Statistics.
NOTE.—For explanation of table and sources see BULLETIN for February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; and April 1933, pp. 233-235.
For annual figures of world production back to 1873 (including Russia-U.S.S.R.), see Annual Report of Director of Mint for 1941, pp. 103-104, and 1936.
pp. 108-109.
GOLD MOVEMENTS
U N I T E D STATES
[In thousands of dollars at approximately $35 a fine ounce]
Net imports from or net exports (—) t o :
Year or
month
19341
1935
1936
1937
1938
1939
1940
1941
Total
net
imports
United
Kingdom
Franci
Belgium
Netherlands
Sweden
499,870 260,223
8,902 94,348
1,131,994
3 227,185
1,739,019 315,727 934,243
174,093 573,671
1,116,584
3,351
71,006
2
1,585,503 891,531 -13,710 90,859
6,461
6
1,973,569 1,208,728 81,135 15,488 163,049 60,146
3,574,151 1,826,403
3,798 165,122 341,618 28,715
4,744,472
633,08. 241,778
977 63,260 161,489
982,378
3,779
1
1
1,747
Canada Mexico
Colombia
Philippine
Islands
12,402
86,829
95,171
968
72,648
7,511
54,452 111,480
76,315
1,363
86,987 612,949
90, 320 2.,622,330
899 412,056
30,270
13,667
39,966
38,482
36,472
33,610
29,880
16,791
16,944
10,899
11,911
18,397
10,557
23,239
23,999
24,448
1,029
12
12,038
3,498
65
15,335
8
21,513 23,280
25,427 34,713
181
27,880 39,162
401
35,636 74,250 22,862
38,627 103,777 184,756
42,678 67,492 292,893
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
It
843
495
1,020
6,336
1,273
3,168
11
2,232
2,934
2,794
7
2,128
2,230
2,488
2,107
2,110
2,238
Switzerland
Australia
South
Africa
British
India
All
other
countries
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
32,304
46,989
39,735
29,998
2
67,975
102,404
4
388,468
5
100,485
6,085
4,501
6,062
15,093
2,951
6,793
3,589
5,009
3,811
6
9,008
6
U f 041
®9,365
G 9,039
6
l8,726
Japan
1941
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
234,242
108,609
118,567
171,992
34,830
30,712
37,041
36,973
65, 702
40,440
50,374
52,896
37
1,218
817
21
2
474
542
79
250
55
121
163
1,746
563
337
3,185
2,772
3,984
3,587
3,384
2,114
4,970
5,098
3,107
3,141
1,830
5,506
11,136 149,735
6,738
96
6,262
2,788
4,720 132,261
4,194
3,594
4,593
69
5,199
88
6,742
137
2,064
3,694
6,151
200
5,980
40
3,713
190
3,046
313
131
i,995
2,327
6
1
Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce
2 Includes $31,830,000 from Argentina.
3 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, $10,077,000 from Chile, and $37,555,000 from other
countries.
4 Includes $75,087,000 from Portugal, $59,072,000 from Argentina, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R.,
$26,178,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,802,000 from Chile, $10,775,000
from Brazil, $10,416,000 from Spain, $10,247,000 from Peru, and $28,935,000 from other countries.
5
Includes $44,920,000 from U.S.S.R., $10,963,000 from Central America, and $44,603,000 from other countries.
6
Includes imports from U. S. S. R. as follows: February—$11,236,000, August—$3,407,000, September—$5,652,000, October—$5,550 000, November—
$5,615,000, December—$13,460,000.
NOTE.—Figures for months subsequent to December 1941 have not been released for publication.
JULY 1943
693
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935
[In millions of dollars]
Total
From Jan. 2, 1935, through—
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—j)ec 30
1937—Dec. 29
1,412.5
2,608.4
3,410.3
603.3
930.5
1,168.5
9.8
81.1
243.9
593.5
849.4
924.6
361.4
431.5
449.1
125.2
316.2
583.2
316.7
917.4
1,162.0
6.0
12.9
47.5
1938—Mar. 30
June 29
Sept. 28
Dec. (Jan. 4, 1939)
3,207.2
3,045.8
3,472.0
3,844.5
949.8
786.2
1,180.2
1,425.4
149.9
125.9
187.0
238.5
799.9
660.4
993.2
1,186.9
434.4
403.3
477.2
510.1
618.5
643.1
625.0
641.8
1,150.4
1,155.3
1,125.4
1,219.7
54.2
57.8
64.1
47.6
1939—Mar 29
June 28
Sept. 27
Dec. (Jan. 3, 1940)
4,197.6
4,659.2
5,035.3
5,021.2
1,747.6
2,111.8
2,479.5
2,430.8
311.4
425.3
552.1
542.5
1,436.2
1,686.5
1,927.3
1,888.3
550.5
607.5
618.4
650.4
646.7
664.5
676.9
725.7
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
1942—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
Feb.
Feb.
Feb.
4
11
18
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
Mar. 4
Mar. 11
Mar. 18
Mar. 25
Apr. 1
5,105.8
5,112.1
5,070.3
5,051.7
5,082.4
2,706.1
2,714.6
2,672.5
2,654.4
2,684.0
941.0
955.6
917.8
908.1
932.0
1,765.1
1,759.0
1,754.7
1,746.3
1,752.0
814.6
815.8
817.5
817.2
819.7
855.4
852.7
851.6
851.4
849.6
627.0
626.6
625.6
625.0
624.9
102.6
102.4
103.1
103.7
104.3
Apr 8
Apr. 15
Apr 22
Apr. 29
5,079.5
5,300.8
5,317.1
5,309.6
2,675.1
2,893.6
2,912.9
2,906.1
918.2
1,132.1
1,129.7
1,106.7
1,756.9
1,761.6
1,783.2
1,799.4
827.3
830.1
829.1
829 8
847.2
845.3
844.4843 2
625.2
627.1
626.6
626 6
104.7
104.6
104.1
103 9
May 6
May 13
May 20
May 27
June 3
5,375.2
5,358.6
5,358.4
5,384.8
5,413.4
2,971.0
2,951.4
2,948.5
2,974.7
2,996.8
1,160.1
1,140.1
1,153.3
1,153.5
1,144.0
1,811.0
1,811.3
1,795.2
1.821.2
1,852.8
831.2
834.3
836.4
836.5
839.8
841.9
841.4
841.7
840.9
843.2
627.2
626.5
626.9
627.3
629.0
104.0
105.0
104.8
105.4
104.6
June
June
June
June
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
840.9
840.7
839.1
838.8
630.0
631.1
631.6
632.0
104.8
105.2
105.0
106.2
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
829.3
828.6
830.5
842.1
844.8
848.2
633.3
642.7
646.1
654.3
661.0
673.3
103.7
103.9
107.5
104.1
104.1
104.4
r
5,9O7.7
r
or
3,471.1
3r
3,590.1
4
3r
l,536.6
3r
l,671.8
4
3r
l,934.5
3r
l,918.3
4
889.8
890.5
898.7
761.3
751.9
810.5
678.5
676.0
685.9
10
17
24
302
July 31
Aug 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
-
1943—Jan. 30
Feb. 27.
Mar. 31.
....
6,014.9
6,147.1
3,643.4
1,723.1
1.920.3
4
107.0
106.4
108.6
4
r
1
Revised.
This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York; beginning
Sept. 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reserve Bank of
New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to
government names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States by
foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic
and 2consular establishments, etc.).
Reported figures for capital movement through July 1 have been adjusted to represent the movement through June 30 on the basis of certain significant movements known to have occurred on July 1. Subsequent figures are based upon new monthly statistical series. For further explanation, see BULLETIN
for January 1943, p. 98.
3
Revised figures for amounts outstanding in millions of dollars: total foreign banking funds in United States—Jan. 30, 4,138.3, Feb. 27, 4,257.3; including
official funds—Jan. 30, 2,151.1, Feb. 27, 2,286.3, and other funds—Jan. 30, 1,987.2, Feb. 27, 1,971.0.
„
eporting pr<
o
NOTE.—Statistics reported by banks, bankers, brokers, and dealers. Data by countries and geographic areas through December 1941, have been published in earlier BULLETINS for all types of capital movement in the above table (except columns 3 and 4), and for outstanding short-term liabilities to
and claims on "foreigners" as reported by banks and brokers. For description of the statistics, see BULLETIN for January 1943, n 98* April 1939
pp. 284-296; and May 1937, pp. 394-431.
654
FEDERAL RESERVE BULLETIN
CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)
Assets of issue
department
Gold 1
Other
assets 2
Liabilities of banking department
Assets of banking department
Note
circulation 3
Coin
Notes
Discounts
and advances
.2
.6
.6
.8
1.0
.5
.6
.6
1.0
.9
.3
26.3
38.8
31.6
23.6
58.7
47.1
35.5
46.3
41.1
51.7
25.6
13.3
28.5
22.3
49.0
27.3
18.5
16.8
7.6
8.5
17.5
9.2
28.5
4.3
4.0
6.4
84.9
104.7
133.0
120.1
101.4
98.2
94.7
155.6
135.5
90.7
176.1
199.1
267.8
379.6
368.8
364.2
371.2
392.0
405.2
424.5
467.4
505.3
504.7
554.6
ol6.9
751.7
71.0
132.4
126.4
102.4
101.2
89.1
72.1
150.6
120.6
101.0
117.3
135.7
219.9
Cash reserves
Securities
Deposits
Bankers'
Public
Other
Other
liabilities
8.8
6.6
35.8
36.2
40.3
33.8
36.5
36.4
37.1
39.2
36.6
36.8
42.0
51.2
54.1
17.9
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
17.9
17.9
17.9
17.8
17.9
18.0
18.1
17.7
17.8
17.9
17.9
18.0
18.1
17.7
17.8
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..
145.8
147.6
120.7
119.8
190.7
192.3
326.4
326.4
4
.2
.2
.2
260.0
260.0
275.0
275.0
260.0
260.0
260.0
200.0
220.0
230.0
580.0
* 630.0
6 780.0
1942—June 24...
July 29.
Aug. 26..
Sept. 30.
Oct. 28..
Nov. 25..
Dec. 30..
.2
.2
.2
.2
.2
.2
.2
830.0
880.0
880.0
880.0
880.0
880.0
5
950.0
1.3
1.2
1.2
1.4
1.4
1.1
.9
34.2
56.1
51.7
42.2
29.1
10.2
26.8
5.5
7.1
6.7
2.4
2.5
2.7
3.5
165.8
146.9
158.4
169.6
178.6
206.6
267.9
796.0
824.1
828.6
838.0
851.2
870.0
923.4
133.6
136.9
146.0
135.7
141.1
148.8
223.4
10.3
9.0
47.3
47.8
46.8
51.5
48.9
46.3
48.8
1943—Jan. 27..
Feb. 24..
Mar. 31.
Apr. 28.
May 26..
.2
.2
.2
.2
.2
950.0
950.0
950.0
5
1,000.0
1.000.0
I
1.2
1.0
.9
42.2
32.8
15.7
46.8
55.3
4.4
5.1
9.9
208.0
218.5
198.4
196.2
185.3
908.1
917.4
934.5
953.4
945.0
175.9
178.2
144.3
170.1
174.1
4.7
7.1
5.9
8.3
3.2
56.6
53.9
56.8
53.1
51.0
200.1
313.7
6
5.3
4.6
Bank of Canada
Dominion and provincial government
securities
9.9
12.1
12.1
11.4
15.9
29.7
12.5
11.2
8.0
8.7
7.3
3.8
7.7
Deposits
Other
assets
Note
irculation7
Other
1935—Dec. 31.
1936—Dec. 31.
1937—Dec. 31.
1938—Dec. 31.
1939—Dec. 30.
1940—Dec. 31.
1941—Dec. 3 1 . . . .
8.9
22.2
Liabilities
Assets
(Fig,
'igures in millions of
Canadian dollars)
7.7
Other
liabilities
Chartered
banks
Dominion
government
Other
83.4
99.0
91.6
40.9
49.9
127.3
216.7
8.6
8.2
21.7
5.2
5.5
12.4
33.5
99.7
135.7
165.3
175.3
232.8
359.9
496.0
181.6
187.0
196.0
200.6
217.0
217.7
232.0
17.9
18.8
11.1
16.7
46.3
10.9
73.8
2.1
3.5
3.1
17.9
9.5
6.0
7.7
13.4
14.4
9.3
13.3
28.5
35.1
1942—June 3 0 . . . .
July 3 1 . . .
Aug. 3 1 . . . .
Sept. 30....
Oct. 31
Nov. 30....
Dec. 3 1 . . .
493.7
501.0
518.7
628.7
797.5
780.6
807.2
322.1
338.8
351.3
284.7
199.3
204.2
209.2
26.2
36.7
14.7
22.1
21.7
17.8
31.3
541.2
563.8
592.6
625.4
657.6
666.3
693.6
221.3
271.6
225.4
246.0
304.6
273.2
259.9
31.3
26.0
15.5
18.5
19.3
24.6
51.6
26.7
15.7
28.1
24.7
12.2
13.8
19.1
22.4
33.0
24.1
21.6
25.3
25.2
24.0
1943—Jan. 30
Feb. 27 ....
Mar. 31... .
Apr. 30
May 31
768.0
722.2
752.5
850.4
826.1
231.8
263.8
276.4
278.0
302.5
17.6
18.5
16.2
34.2
24.9
677.6
691.7
719.1
744.1
746.8
237.7
258.5
261.0
284.5
313.1
14.8
21.5
21.2
56.5
46.8
61.3
15.3
24.7
35.5
34.2
26.3
17.9*
19.4^
42.6
24.4
1
Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when
it was
officially set at 168 shillings per fine ounce.
2
Securities
and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.
3
Notes issued less amounts held in banking department.
4
On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about
5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from Exchange Account
to Bank;
on Sept. 6,1939, 279 million pounds transferred from Bank to Exchange Account.
5
Fiduciary issue increased by 50 million pounds on June 12,1940, Apr. 30, Aug. 30, and Dec. 3,1941, and Apr. 22 and July 28, 1942; by 70 million pounds
on Dec. 2, 1942; and by 50 million pounds on Apr. 13, 1943.
6 Securities maturing in two years or less.
7 Includes notes held by the chartered banks, which constitute an important part of their reserves.
8 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940,
pp. 677-678).
NOTE.—For further explanation of table for Bank of England see BULLETIN for February 1931, pp. 81-83. The headings in the table for the Bank of
Canada correspond to the items in that Bank's statements, except that the headings "Other assets" and "Other liabilities" include certain small asset
and liability items shown separately in the statements.
JULY 1943
695
CENTRAL BANKS—Continued
Liabilities
Assets
Bank of France
1929—Dec.
1930—Dec.
1931—Dec.
1932—Dec.
1933—Dec.
1934—Dec.
1935—Dec.
1936—Dec.
1937—D ec
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
27
26
30
30
29
28
27
30
30
29
28
26
31
1942—Jan. 29
Feb. 26
Mar. 26
Apr. 30
May 28
June 25
July 30
Aug. 27
Sept. 24
Oct. 29
Nov. 26
Dec. 31
Advances to
Domestic bills
(Figures in millions
of francs)
Gold 1
]
Foreign
exchange
Deposits
Other
Open
market 2
41,668
53,578
68,863
83,017
77,098
82,124
66,296
60,359
58 933
87,265
5
97,267
5
84,616
84,598
25 942
26,179
21,111
4,484
1,158
963
1 328
1 460
911
821
112
42
38
5 612
5 304
7,157
6 802
6,122
5 837
5 800
5 640
5 580
7,422
11,273
43,194
42,115
84,598
84,598
84,598
84,598
84,598
84,598
84,598
84,598
84,598
84,598
84,598
84,598
38
38
38
38
38
38
38
37
37
37
37
37
42,071
42,043
42,314
42,651
42,804
42,699
43,743
43,427
43,869
44,239
44,562
43,661
2
Special
1 379
652
1,797
2,345
661
12
16
18
16
13
11
9
9
4
69
212
169
Other
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
4,855
5,588
4,433
4,581
4,176
4,000
4,744
4,525
4,038
4,599
6,509
5,368
For occupation
costs 3
Other
2
Note
circulation
Government
72,317
142,507
17,698
31,909
20,627
34,673
63,900
69,500
8,124
9,510
11,275
11,712
11,173
11,500
11,705
12,642
11,733
18,498
20,094
23,179
22,121
68,571
76,436
85,725
85,028
82,613
83,412
81,150
89,342
93,837
110,935
151,322
218,383
270,144
11,737
12,624
5,898
2,311
2,322
3,718
2,862
2,089
3,461
5,061
1,914
984
1,517
149,562
149,754
156,386
162,898
168,930
174,938
180,678
180,999
183,758
193,376
198,868
210,965
64,700
67,400
67,000
68,300
66,250
62,950
57,650
63,850
67,500
66,900
68,700
68,250
20,138
20,086
20,056
21,365
19,953
19,486
20,740
19,607
19,818
20,352
20,457
21,749
273,281
278,392
282,848
291,654
296,903
304,379
315,617
323,494
334,370
348,935
364,768
382,774
1,350
1,173
852
775
755
768
726
768
717
696
677
770
C.A.R.
Reserves of gold and
foreign exchange
Other
liabilities
Other
41,400
64,580
7,850
11,698
22,183
20,072
13,414
15,359
8,716
13,655
19,326
25,595
14,751
27,202
25,272
1,812
2,241
1,989
2,041
1,940
1,907
2,113
2,557
3,160
2,718
2,925
3,586
3,894
59,649
59,203
56,396
59,668
54,410
48,093
39,908
35,371
31,100
25,726
19,769
16,857
27,797
27,287
30,251
28,955
30,653
30,724
31,963
33,298
32,142
35,007
35,181
29,935
3,900
3,469
4,493
3,391
4,040
4,753
3,985
4,111
5,293
3,807
3,547
4,461
Liabilities
Assets
Reichsbank
(Figures in millions of
reichsmarks)
4
Securities
Bills (and
checks),
including
Treasury
bills
Security
loans
2,848
2,572
4,242
2,806
3,226
4,066
4,552
5,510
6,131
8,244
11,392
15,419
21,656
251
256
245
176
183
146
84
74
60
45
30
38
32
Other
liabilities
Other
Other
assets
Note
circulation
656
638
1,065
1,114
735
827
853
765
861
1,621
2,498
2,066
2,311
5,044
4,778
4,776
3,560
3,645
3,901
4,285
4,980
5,493
8,223
11,798
14,033
19,325
755
652
736
822
259
445
349
221
106
557
804
32
107
92
102
161
398
322
319
315
303
286
298
393
357
283
755
540
640
984
1,032
1,012
1,059
1,527
2,018
2,561
3,649
1,338
1,313
836
1,001
923
953
970
1,091
1,378
,396
,493
Eligible
as note
cover
Deposits
Total
reserves
Gold
1929—Dec. 31.
1930—Dec. 31.
1931—Dec. 31.
1932—Dec. 31.
1933—Dec. 30.
1934—Dec. 31.
1935—Dec. 31.
1936—Dec. 31.
1937—Dec. 31.
1938—Dec. 31.
1939—Dec. 30.
1940—Dec. 31.
1941—Dec. 31.
2,687
2,685
1,156
920
396
84
88
72
76
76
78
78
77
2,283
2,216
984
806
386
79
82
66
71
71
1942—Jan. 31.
Feb. 28.
Mar. 31.
Apr. 30.
May 30.
June 30.
July 3 1 . .
Aug. 31.
Sept. 30.
Oct. 31.
Nov. 30.
Dec. 31.
77
77
77
77
77
77
77
77
77
77
77
76
20,884
21,458
21,673
21,529
22,093
22,848
23,114
23,611
23,996
24,641
25,449
29,283
28
23
23
19
19
21
17
14
21
13
13
25
151
144
72
17
16
18
21
34
68
63
71
87
288
288
227
202
204
202
205
204
204
201
210
210
1,406
1,343
1,751
2,212
2,344
2,180
2,162
2,262
2,251
2,117
2,146
1,664
18,987
19,443
19,774
20,047
20,548
20,954
21,344
21,808
22,037
22,600
23,052
24,375
2,417
2,426
2,762
2,701
2,840
2,990
2,804
2,864
2,985
2,887
3,241
5,292
,431
,464
,287
,308
,366
,402
,448
,530
,594
,624
,673
,680
1 9 4 3 - J a n . 30.
Feb. 27.
Mar. 31.
Apr. 30.
77
77
76
77
26,270
26,758
27,869
28,603
22
21
18
18
51
49
41
1
185
180
85
78
2,477
2,370
2,345
2,319
23,664
24,266
24,697
25,442
3,892
3,820
4,340
4,226
,526
,369
1,397
1,427
6
1
Gold revalued March 1940, November 1938, July 1937, and October 1936. For further details see BULLETIN for May 1940, pp. 406-407; January 1939,
p. 29; September 1937, p . 853; and November 1936, pp. 878-880.
2
For explanation of this item, see BULLETIN for July 1940, p. 732.
3
By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25, 1940, through Nov. 19, 1942, advances of 211,000 million
francs were authorized to meet the costs of the German army of occupation.
4
Central Administration of the Reichskreditkassen.
5
In each of the weeks ending Apr. 20 and Aug. 3,1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank of France;
in week ending Mar. 7,1940, 30,000 million francs of gold transferred from Bank of France to Stabilization Fund.
6
Gold not shown separately on 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.
696
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
Central B a n k of the Argentine Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchange...
Negotiable Government bonds
Rediscounted paper
Other assets
Note circulation
Deposits—Member bank
Government
Other
Foreign exchange sold forward
Other liabilities
Commonwealth Bank of Australia
(thousands of pounds):
Issue department:
Gold and English sterling
Securities
Banking department:
Coin, bullion, and cash
London balances
Loans and discounts
Securities
Deposits
Note circulation
National Bank of Belgium a n d
B a n k of Issue
of Brussels (millions of belga) i1
Gold
Foreign exchange
Credits to State and public bodies.
Credits to private economy
Reichskreditkasse
Other assets
Note circulation
Demand deposits
Postal Checking Office
Other liabilities
National
Bank of Bohemia and Moravia 3 (millions of leva):
Central Bank of Bolivia (thousands
of bolivianos):
Gold at home and abroad
Foreign exchange
Loans and discounts
Securities—Government
Other
Other assets
Note circulation
Deposits
Other liabilities
National Bank of Bulgaria (millions
of leva):
Gold
Foreign exchange.
Net foreign exchange in reserve. .
Loans and discounts
Government debt
Other assets. ;
Note circulation
Deposits. . .. ;
Other liabilities
Central Bank of Chile (millions of
pesos):
Gold
Discounts for member banks
Loans to Government
Other loans and discounts
Other assets.
Note circulation
Deposits—Bank
Other
Other liabilities
Bank of t h e Republic of Colombia
(thousands of pesos):
Gold
Foreign exchange
Loans and discounts
Government loans and securities..
Other assets..
Note circulation
Deposits
Other liabilities
5
1942
May
Apr.
Mar.
1,076
1,192
368
May
240
1,624
827
285
37
1,077
570
371
1
236
1,483
603
31
39
101
92
35,141 33,891
110,000 106,779
25,954
80,939
6,180
6,704
6,360
43,820 47,595 32,883
23,083 28,864 29,647
211,935 207,160 106,130
178,559 188,187 127,592
135,856 131,356 98,364
xvcpicaciiLS jJctuis. a u a n n uii uic vjuvciiuiicut IUI
(Feb.):
4,332
6,322
4,117
132
786
415
14,196
867
815
226
4,332
2,669
4,285
88
759
486
10,919
712
773
216
(Feb.) 2
497,723
430,657
223,904
535,592
41,445
98,065
842,170
812,156
173,060
380,252
341,315
338,219
486,364
11,222
57,158
686,885
769,998
157,646
(Jan.)2
2,558
537
14,070
794
3,331
13,118
18,940
11,336
4,131
222
150
725
952
679
2,000
335
120
273
52,653
78,701
11,331
56,223
36,280
98,524
92,503
44,162
Central Bank
(Figures as of last report
date of month)
National Bank of Denmark (millions
of kroner):
Gold
Foreign exchange
Clearing accounts (net)
Loans and discounts
Securities
Govt. compensation account 4
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Central Bank of Ecuador (thousands of sucres):
Gold
Foreign exchange (net)
Loans and discounts
Other assets
Note circulation
Demand deposits
Other liabilities
National Bank of
Egypt (thousands of pounds) :5
Gold
Foreign exchange
Loans and discounts
British, Egyptian, and other Government securities
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Central Reserve Bank of El Salvador (thousands
of colones):
Gold6
Foreign exchange
Loans and discounts
Government debt and securities..
Other assets
Note circulation
Deposits
.m
Other liabilities3
Bank of Finland
3
Bank of Greece
National Bank of Hungary (millions
of pengo) :
Foreign exchange reserve
Discounts
Loans—To Treasury
To foreign countries
2,508
Other
267
Other assets
14,491
Note circulation
683
Demand deposits
.3,333
Consolidated foreign credits of 1931.
10,640
Other liabilities
13,976 Reserve Bank of India (millions of
11,621
rupees):
6,325
Issue department:
Gold at home and a b r o a d . . . .
Sterling securities
148
Indian Govt. securities
320
Rupee coin
733
Note circulation
854
Banking department:
104
Notes of issue department
1,547
Balances abroad
227
Treasury bills discounted
169
Loans to Government
217
Other assets
Deposits
Other liabilities
28,339 Central B a n k of Ireland (thousands
31,636 of pounds) :7
25,338
Gold>
59,126
Sterling funds
32,280
Note circulation
77,268
56,336
43,116
May
Apr. Mar.
May
(Feb.) 2
97
98
18
17
1,194
958
39
54
81
35
125
125
1,472
1,041
950
830588
71
1,215
1,199'
273
231
(Dec 2
1942)
133,445 71,970
73,412 68,172
76,124 84,878
38,963 36,979
169,340 129,854
125,461 95,958
27,143 36,187
(Dec.
1942)2
6,251
6,251
8,604
5,983
4,218:
2,233.
140,090 113,437
5,853
5,839
75,347 53,650
26,551 23,290'
52,908 43,178.
11,975 11,860
24,231
24,365
561
6,775
654
32,453
18,172
5,961
2,646
20,672
23,318
24,202
21.911
766
6,824
522
32,815
15,688
5,721
15,244
12,250
468
7,211
2,257
22,886
10,554
3,991
(Feb.)2
100
3
2,213
721
488
30
824
2,958
631
18
772
100
15
1,210
760
343
35
472
2,129
383
23
400
444
4,217
1,745
145
6,436
444
2,519
1,492
278
4,607
115
873
7
2
81
880
199
126
667
"n
168
806
186
2,646
20,329
22,975
uic u
ind banking
Items for issue and
banking departments
departments consolidated.
consolidated.
une 30, 1942, at 0.3555 gram fine gold per colon, a 20 per cent reduction in the gold value of the colon.
nk of Ireland began operations on Feb. 1, 1943. The text of the Central Bank Act is given in the BULLETIN for February 1943, pp
JULY
1943
697
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
1943
May
Apr.
1942
Mar.
Bank of Japan1
Bank of Java1
Bank of Mexico (thousands
of pesos):
373,707
358,223 336,687
Metallic reserve2
"Authorized" holdings of securi1,055,014 1,019,708 938,697
ties, etc
138,005
134,204 130,644
Bills and discounts
61,038
54,365 71,389
Other assets
864,104
823,552
895,916
Note circulation
598,919
568,782 523,196
Demand liabilities
132,930
133,613 130,668
Other liabilities
Netherlands Bank (millions of guil(Feb.) 3
. ders):
887
Gold
4
Silver (including subsidiary coin).
1,943
Foreign bills
120
Discounts
176
Loans
258
Other assets
3,163
Note circulation
Deposits—Government
155
Other
Other liabilities
71
Reserve Bank of New Zealand (thousands of pounds):
2,802 2,802
Gold.
22,172 22,231
Sterling exchange reserve
Advances to State or State under38,940 32,444
takings
10,295 10,458
Investments
3,050 2,350
Other assets
31,685 30,348
Note circulation
41,809 36,757
Demand deposits
Other liabilities
3,765 3,180
Bank of Norway1
Bank of the Republic of Paraguay (millions of pesos):
gold..
roreign exchange
Loans and discounts
•Government loans and securities. ..
Other assets
Note circulation
Demand deposits—Government.. .
Other
Other liabilities
Central Reserve Bank of Peru (thousands of soles):
Gold and foreign exchange
Discounts
Government loans
Other assets
Note circulation
Depo sits
Other liabilities
Bank of Portugal (millions of
escudos) :
Gold*
Other reserves (net)
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
20
2,169
80
1,114
2,577
2,231
584
1,613
1,532
20
2,115
77
1,102
2,301
2,231
588
1,361
1,435
May
18,660
69,661
18,182 19,719
275,746 227,461
25,865 r 10,459
285,981 232,968
32 748 73,506
19,687
20,828
(Nov.
(Jan.) 3
45,551
31,277
37,699
325
5
20,96l
46,891
115,727
41,116
25,861
67,680 65,159
8,675 6,810
315
372
85,010 81,558
1942
Apr.
Mar.
43,135
114,355
4,190
39,057
109,270
5,572
33,235
72, 764
4,920
762
596
758
584
757
567
678
542
1,183
89
816
1,918
685
293
549
1,236
136
814
1,923
884
151
570
1,176
128
808
1,931
653
244
608
876
1,126
1 629
551
542
50(>
3,746
53
107
3,717
56
111
(7)
2,605
1,370
(7)
3,682
56
111
May
South African Reserve Bank (Con
tinued)
Note circulation...
213,631
Deposits
Other liabilities
576,562 Bank of Spain 1
118,844 Bank of Sweden (millions of kronor)
49,625
Gold
584,815
Foreign assets (net)
269,680
Swedish Govt. securities and ad104,167
vances to National Debt Office6.
Other domestic bills and advances.
Other assets
951
Note circulation
8
Demand deposits—Government...
1,036
Other
184
Other liabilities
165 Swiss National Bank (millions of
220
francs):
2,311
Gold.
Foreign exchange
189
Loans and discounts
Other assets
63
Note circulation
Other sight liabilities
2,802
Other liabilities
22,775 Central Bank of the Republic of
Turkey (thousands of pounds):
33,753
Gold
4,146
Foreign clearing accounts.
1,058
Loans and discounts
24,652
Securities
36,895
Other assets
2,985
Note circulation
Deposits—Gold
Other
Other liabilities
Bank of the Republic of Uruguay
(Feb.)3
1942) 3
1,383
2,948
5 783
'244
1,028
998
5,176
6,354
854
1943
Central Bank
(Figures as of last report
date of month)
2,603
1,412
(7)
(thousands of pesos):
Issue d e p a r t m e n t :
Gold a n d silver
N o t e circulation
.........
Banking department:
Gold a n d silver
Notes a n d coin
Advances t o State a n d t o
government bodies
O t h e r loans a n d d i s c o u n t s . . . .
Other assets
Deposits
Other liabilities
2,579
1,308
May
3,442
136
287
285
2,237
1,622
291
(Feb.) 3
155,539 138,417
89,866
64,700
734,483 562,295
193,752 190,578
23 626
19 513
702,'58'7 597^958
79,358
79,358
239,814 124,176
175,508 174,012
(Dec.
1942) s
90,875
112,764
92,305
112,156
55,451
36,805
66,839
4©, 195
41,135
102,301
113,316
130,584
218',425
31,289
105,646
119,104
134,538
228[536
jentral Bank of Venezuela (thousands of foolivares):
Gold
245,503 233 144 220 784' 170,677
Foreign exchange (net)
26^831
19,936
37^025
32', 091
31,230
35,230
31,230
31,230
Credits to national banks
8,003
5,232
6,210
Other assets
6,492
1 367
Note circulation—Central Sank.. 212,452 201,075 201,339 144,161
l!801
National banks.. 33,704 34,269 34,616 47,581
4 750
65,681
-Deposits
55,988
35,813
48,139
*293
6,584
Other liabilities
6,654
6,291
6,503
1,028 National Bank of the Kingdom of
1
856 Yugoslavia
4,482 Bank for International Settlements
8
4,899
714
(thousands of Swiss gold francs ):
Gold in b a r s
Cash o n hand and on current a c count with banks
38,661
Sight funds a t interest
16,354 i
Rediscountable bills a n d accept33,415
ances (at cost)
458 \
Time funds a t interest
9,324
Sundry bills a n d investments
46,671
Other assets
96,800
Demand deposits (gold)
36,185
Short-term deposits (various cur11,897
rencies) :
Central banks for own account
Other
54,255
Long-term deposits: Special a c 871
counts
35
Other liabilities
55,758
(Feb.)3
73,581
45,477
30,658
15,306
42,085
15,680
146,255
20,938
195 04^
11'
38,72$
149,392
21,026
202 267
174
29,007
15,097
2,660
16,018
5,180
229,00
196,408
229,001
196,894
c
x
Corrected.
For last available reports from the central banks of Japan fSeptember 1941), Norway (March 1940), and Yugoslavia (February 1941) see BULLETIN for March 1942, pp. 281-282; from Bank of Java (January 1942), see BULLETIN for March 1943, p. 278; and from Ba®k of Spain (December 1942), see
BULLETIN for May 1943, p. 414.
2
3
4
6
6
7
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand! labilities.
Latest month for which report is available for this institution.
Valued at average cost beginning October 1941.
Includes advances to the Government shown in the bank's statement under "Other assets" prior to Juj
Includes small amount of non-Government bonds.
Figure not available.
8
See BULLETIN for December 1936, p, 1025,
698
FEDERAL RESERVE
BULLETIN
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Date effective
United
GerKing- France many
dom
Belgium
In effect Oct. 2,
1936
Oct. 9
Oct. 16
Oct. 20
Nov. 26
Dec. 3
an. 28, 1937
une 15
uly7
\ug. 4
Sept. 3
Nov. 13
May 10, 1938
May 13
May 30
Sept. 28
Oct. 27
Nov. 25
J a n / 4 , 1939
Apr. 17
May 11
July 6
Aug. 24
Aug. 29
Sept. 28
Oct. 26
Dec. 15
Jan. 25, 1940
Apr. 9
May 17
Mar. 17, 1941
May 29
June 27
In effect June 30,
1943
Netherlands
Sweden
Switzerland
Rate
June
30
Central
bank of—
Albania
Argentina
Belgium
Bohemia and
Moravia...
2H
y2
3*
Date
effective
Mar. 21, 1940
Mar. 1, 1936
Jan. 25, 1940
Central
bank of—
Rate
Juna
30
Japan
Java
Latvia
Lithuania.
Mexico
3.29
3
5
6
Date
effective
Apr.
Jan.
Feb.
July
June
7, 1936
14, 1937
17, 1940
15, 1939
4, 1942
Oct.
1, 1940
Bolivia
British India.
Bulgaria
Canada
Chile...
Colombia....
Nov.
Nov.
Dec.
Mar.
Dec.
July
8, 1940
28, 1935
1, 1940
11, 1935
16, 1936
18, 1933
Netherlands
New Zealand
Norway....
Peru
Portugal. . .
July
May
Aug.
Apr.
26, 1941
13, 1940
1, 1940
8, 1943
Denmark....
Ecuador
El Salvador..
Estonia
Finland
Oct.
May
Mar.
Oct.
Dec.
16,
26,
30,
1,
3,
1940
1938
1939
1935
1934
Rumania.
South Africa
Spain
Sweden
Switzerland.
Sept.
June
Dec.
May
Nov.
12, 1940
2, 1941
1, 1938
29,1941
26, 1936
France
Germany
Greece
Hungary
Italy
Mar. 17, 1941
Apr. 9, 1940
Mar. 1, 1942
Oct. 22, 1940
May 18, 1936
Turkey
United Kingdom
U. S. S. R...
Yugoslavia. .
July
1, 1938
Oct. 26, 1939
July 1, 1936
Feb. 1, 1935
June 27, 1941
NOTE.—Changes since May 31: none.
OPEN-MARKET RATES
[ Per cent per annum ]
United Kingdom
Month
Germany
Netherlands
Private
discount
rate
Day-to-day
money
Private
discount
rate
Money
for
1 month
6.85
4.40
5.67
6.17
5.05
4.76
3.64
2.83
2.55
3.04
2.36
1.90
1.67
1.96
5.36
2.52
1.00
1.00
1.00
6.63
4.46
4.65
5.12
3.88
3.88
3.38
3.00
2.90
2.88
2.88
2.38
2.25
2.13
5.81
3.08
1.61
.94
1.00
1.85
3.26
1.27
1.00
.50
1.24
2.75
2.75
1.03
1.00
1.00
1.00
1.05
1.04
1.00
1.00
1.08
1.10
.90
1.03
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
1.71
1.90
1.75
1.68
1.83
1.80
1.75
1.96
1.84
Bankers'
acceptances
3 months
Treasury
bills
3 months
1929—Apr..
1930—Apr..
1931—Apr..
1932—Apr..
1933—Apr..
1934—Apr..
1935—Apr..
1936—Apr..
1937—Apr..
1938—Apr..
1939—Apr..
1940—Apr..
1941—Apr..
1942—Apr..
5.21
2.48
2.58
2.19
.59
.96
.59
.55
.55
.53
.40
.03
.03
.03
5.18
2.49
2.57
2.07
.50
.89
.51
.52
.53
.51
1.36
.03
.01
.01
4.43
2.28
2.17
1.91
.61
.88
.75
.75
.75
.75
1942-May.
June.
July.
Aug.
Sept.
Oct..
Nov..
Dec.
1943—Jan..
Feb..
Mar..
Apr..
.03
.03
.03
.03
.03
.03
.03
.03
.03
.03
.03
.03
.00
.00
.00
.00
.00
.00
.00
.01
.01
.00
.00
.01
Bankers'
Day-to-day allowance
money
on deposits
.76
1.50
1.02
.66
2.07
3.65
1.07
.19
.13
1.11
1.68
2.06
Sweden
Switzerland
Loans
up to 3
months
Private
discount
rate
3^
3-5
5-7
3K-5
23^-5
234-5
2y2~5
234-5
2H-5
3-5
3.45
2.61
1.06
1.50
1.50
.50
.80.25
.00
.00
.00
.25
.25
.25
.25
.25
.25
.25
.25
.25
.25
.25
.25
.25
1.25
1.25
NOTE.—For figures for other countries and references to explanation of tables see BULLETIN for September 1940, p. 1018.
JULY
1943
699
COMMERCIAL BANKS
Assets
United Kingdom 1
(11 London clearing banks.
Figures in millions of
pounds sterling)
Liabilities
Money at
Cash
Loans to
call and Bills dis- Treasury
depositrr Securities customers
counted receipts
reserves
.short
notice
1936—December.
1937—December.
1938—December.
1939—December.
1940—December.
1941—December.
244
244
243
274
324
366
195
163
160
174
159
141
322
300
250
334
265
171
314
758
1942—June
July
August
September
October...
November.
December.
1943—January...
February..
March
April.
355
342
351
349
350
367
390
379
373
377
375
147
132
133
127
136
135
142
146
154
139
142
292
273
283
277
271
241
198
197
148
173
128
543
607
634
693
744
804
896
935
933
884
96-4
660
635
635
609
771
999
1,058
1,075
1,082
1,097
1,108
1,117
1,120
1,112
1,109
1,132
1,137
Deposits
Total
Demand3
Time3
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
814
807
795
785
785
774
794
773
775
789
767
289
261
257
263
263
269
325
271
272
283
268
3,263
3,264
3,305
3,358
3,424
3,472
3,629
3,577
3,525
3,542
3,545
2,141
2,138
2,161
2,218
2,261
2,287
2,429
2,369
2,324
2,362
2,350
1,122
1,126
1,143
1,140
1,163
1,185
1,200
1,207
1,201
1,180
1,195
234
232
231
233
232
234
236
237
237
235
235
Assets
Canada
(10 chartered banks. End of
month figures in millions
of Canadian dollars)
Entirely in Canada
Cash
reserves
Security
loans
Other
loans
and discounts
Other
liabilities
Other
assets
Liabilities
Security
loans
abroad
and net Securities
due from
foreign
banks
Note
circulation
Other
assets
Deposits payable in Canada
excluding interbank deposits
Total
Demand
Other
liabilities
Time
1936—December.
1937—December.
1938—December.
1939—December.
1940—December.
1941—December.
240
255
263
292
323
356
114
76
65
53
40
32
791
862
940
1,088
1,108
1,169
161
102
166
132
159
168
1,384
1,411
1,463
1,646
1,531
1,759
554
575
535
612
570
653
103
96
88
85
80
71
2,303
2,335
2,500
2,774
2,805
3,105
755
752
840
1,033
1,163
1,436
1,548
1,583
,660
,741
,641
,669
837
850
843
963
846
962
1942—June
July
August
September.
October...
November.
December.
1943—January...
February..
March
April..."..
327
369
333
366
413
395
387
347
357
377
400
28
26
24
27
25
29
31
29
29
24
25
1,137
1,096
1,064
1,050
1,078
1,236
1,168
1,100
1,044
1,003
971
181
182
183
185
194
194
231
242
239
223
218
1,883
1,958
2,192
2,340
2,379
2,304
2,293
2,302
2,380
2,689
2,818
639
614
595
594
602
618
657
582
589
599
660
72
73
71
69
68
64
60
58
57
54
52
3,121
3,174
3,311
3,486
3,604
3,680
3,657
3,494
3,533
3,816
3,984
1,523
1,521
1,612
1,738
1,895
2,050
1,984
1,772
1,738
1,927
2,058
,598
,654
1,700
1,748
1,709
1,630
1,673
1,723
1,796
1,890
1,926
1,002
999
1,008
1,006
1,018
1,032
1,049
1,050
1,048
1,044
1,056
Assets
France
(End of month figures in
millions of francs)
Cash
reserves
Due from
banks
3,100
3,403
3,756
4,599
2,975
4, 116
4,060
3,765
Liabilities
Bills discounted
Loans
17,582
18, 249
21,435
29, 546
7,631
7,624
7,592
7,546
Other
assets
Deposits
Total
Demand
Time
Own
acceptances
27,955
29,748
33,042
41,872
529
600
537
571
473
661
721
844
Other
liabilities
,rge banks
1936—December
1937—December
1938—December 4
1939—December
1,957
2, 134
1,940
2,440
28,484
30,348
33,578
42,443
4, 289
4, 517
4, 484
4, 609
3 large banks
1939—December
1940—December
1941—May
June
July
August
September
October
November
December
1942—May5
June
4,499
6,258
3,520
3,546
27,512
44,243
7,155
7,984
,170
:,999
39,647
58,890
39,271
58,413
375
477
786
535
4,423
4,604
5,549
5,641
5,837
5,436
5,790
6,034
5,840
6,424
5,737
5,901
3,279
3,359
3,239
3,272
3,241
3,270
3,287
3,260
3,024
2,976
52,961
54,826
53,951
56,141
56,788
55,716
56,837
57,707
62,885
64,313
7,720
8,035
7,511
7,306
7,640
8,807
7,719
7,860
9,057
9,592
1,351
11,371
,526
1,431
66,229
68,376
67,148
68,600
69,763
70,229
70,070
71,736
76,792
78,876
65,712
67,867
66,640
68,094
69,269
69,754
69,619
71,304
76,431
78,514
516
509
508
506
495
475
451
433
361
362
454
474
460
418
388
398
432
393
331
334
4,176
4,383
4,456
4,568
4,772
4,771
4,873
4,865
4,707
4,821
L,464
1,571
1,693
1,744
1,127
1,249
1
Through August 1939, averages of weekly figures; beginning September 1939, end-of-month figures, representing aggregates of figures reported by
individual
banks for days, varying from bank to bank, toward the end of the month.
2
Represent six-month loans to the Treasury at 1% per cent, callable by the banks in emergency at a discount equal to the Bank of England rate.
3
Through
December 1937, excludes deposits in offices outside England and Wales which are included in total.
4
For figures for four banks for months January-March 1940, see BULLETIN for August 1942, p. 861.
8
No figures available January through April 1942.
NOTE.—For other back figures and explanation of tables, and for figures for German commercial banks, see BULLETIN for June 1941, p. 596; August
1939, p. 699; June 1935, pp. 388-390; and October 1933, pp. 641-646.
7OO
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Averages af certified noon buying rates in New York for cable tr insfers.
Australia
(pound)
Argentina
(peso)
Year or month
Official
Special
Export
23.287
18.424
16.917
16.876
16.894
16.852
2
16.880
Official
Free
37.879
36.964
37.523
37.326
36.592
33.279
30.155
30.137
30.122
23.704
23.704
23.704
23.704
23.704
23.704
23.704
322.80
322.80
322.80
322.80
322.80
322.80
322.80
321.50
321.50
321.50
321.50
321.50
321.50
321.50
6.0580
6.0580
6.0580
6.0580
6.0592
6.0600
6.0593
5.1435
5.1450
5.1450
5.1423
5.1480
5.1526
5.1520
23.704
23.704
23.704
24.332
25.188
322.80
322.80
322.80
322.80
322.80
321.50
321.50
6.0586
6.0586
6.0586
6.0586
6.0587
5.1316
5.1292
5.1275
5.1275
5.1276
1942—June
July
Aug
Sept
Oct
Nov
Dec
29.773
29.773
29.773
29.773
29.773
29.773
29.773
1943—Jan
29.773
29.773
29.773
29.773
29.773
2
Colom- Czecho- D e n bia slovakia m a r k
(peso) (koruna) (krone)
22.500
21.883
22.189
22.069
21.825
20.346
2
19.308
British
India
(rupee)
8.4268
8.2947 2
8.5681 5.8788
8.6437 6.1983
5.8438
6.0027 5!l248
6.0562 5.0214
6.0575 5.0705
6.0584 5.1427
322.80
322.80
322.80
33.579
32.659
33 137
32.959
32.597
30.850
29.773
29.773 '223^704'
23.704
29.773
Year or month
Free
Brazil
(cruzeiro1)
400.95
388.86
395.94
393.94
389.55
353.38
305.16
321.27
321.50
1934
1935
1936
1937
1938
1939
1940
1941
1942
Feb
Mar
Apr
May
Official
Belgium
(belga)
39.375
40.258
40.297
40.204
40.164
40.061
40.021
2
39.968
Bulgaria
(lev)
C a n a d a (dollar)
Official
Free
90!909
90.909
90.909
101.006
99.493
99.913
100.004
99.419
96.018
85.141
87.345
88.379
30.122
30.122
30.122
30.122
30.122
30.122
30.122
90.909
90.909
90.909
90.909
90.909
90.909
90.909
89.958
89.943
89.523
87.820
87.631
88.087
87.883
30.122
30.122
30.122
30.122
30.123
90.909
90.909
90.909
90.909
90.909
89.640
90.037
89.923
90.199
90.137
FinGerl a n d F r a n c e m a n y Greece Hong
Kong
(mark- (franc) (reichs- (drach(dollar)
ma)
mark)
ka)
6.5688
6.6013
6.1141
4.0460
2.8781
2.5103
2
2.0827
In cents per unit of foreign currency]
1.2852
1.2951
1.2958
1.2846
1.2424
2
1.2111
2
Hungary
(pengo)
Italy
(lira)
Japan
(yen)
29.575
29.602
29.558
19.779
19.727
19.238
18.475
2
19.770
8.5617
8.2471
7.2916
5.2607
5.2605
5.1959
5.0407
2
5.0703
29.715
28.707
29.022
28.791
28.451
25.963
23.436
2
23.439
Chile (peso)
Official
China
(yuan
ShangExport hai)
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
N e t h - New
Mexico erlands Zea(peso) (guild- land
er)
(pound)
27.742
27.778
27.760
27.750
22.122
19.303
18.546
20.538
20.569
67.383
67.715
64.481
55.045
55.009
53.335
2
53.128
402.46
391.26
398.92
396.91
392.35
354.82
306.38
322.54
322.78.
1934
1935
1936
1937
1938
1939
1940
1941
1942
61.780
56.011
57.083
56.726
55.953
57.061
57 085
57.004
57.052
1942—June
July
Aug
Sept
Oct
Nov
Dec
57.037
57.059
57.186
57.064
57.023
57.030
57.177
20.568
20.567
20.568
20.573
20.573
20.573
20.573
322.78
322.7a
322.78
322.78
322.78
322.78
322.78
1943—Jan.
Feb
Mar
Apr
May
57.222
57.220
57.233
57.280
57.280
20.573
20.573
20.573
20.574
20.580
322.78
323.30
324.42
324.42
324.42
Norway Poland
(krone) (zloty)
Year or month
25.316
24.627
24.974
24.840
24.566
23.226
2
22.709
1934
1935
1936
1937
1938
1939
1940
1941
1942
. .
4.2424
4.1642
4.0078
3.4930
3.4674
2
3.4252
.
18.846
18.882
18.875
18.923
18.860
2
18.835
2.2277
2.1627
2.1903
2.1811
2.1567
1.9948
1.8710
2
2 0101
.9402
.9386
.9289
.9055
.8958
.8153
2
.6715
38.716
48.217
31.711
30.694
30.457
27.454
22.958
2
24.592
P o r t u - R u m a - S o u t h Spain
gal
Africa
nia
(escudo) (leu) (pound) (peseta)
Straits
Settle- Sweden Switzments (krona) erland
(franc)
(dollar)
4.6089
4.4575
4.5130
4.4792
4.4267
4.0375
3.7110
2
4.0023
59.005
57.173
58.258
57.973
56.917
51.736
46.979
47.133
2
46.919
1.0006
.9277
.7382
.7294
.7325
.7111
2
.6896
498.29
484.66
491.65
489.62
484.16
440.17
397.99
398.00
398.00
13.615
13.678
12.314
6.053
5.600
10.630
9.322
29.130
25.982
25.271
25.626
25.487
25.197
23.991
23.802
2
23.829
United Kingdom
(pound)
Uruguay
(peso)
Free
Controlled
32.366
32.497
30.189
22.938
22.871
22.525 2
22.676 ' 403!50'
2
23.210
403.50
403.50
503.93
490.18
497.09
494.40
488.94
443.54
383.00
403.18
403.50
79.956
80.251
79.874
79.072
64.370
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 2.246343.380 2.2397
52.723
Official
1942—June
July
Aug.
Sept
Oct.
Nov
Dec
398.00
398.00
398.00
398.00
398.00
398.00
398.00
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
65.830
65.830
65.830
65.830
65.830
65.830
65.830
52.744
52.740
52.744
52.722
52.720
52.733
52.734
1943—Jan
Feb.
Mar. . .
Apr
398.00
398 00
398.00
398.00
403.50
403.50
403 50
403.50
403.50
403.50
65.830
65.830
65.830
65.830
65.830
52.754
52.803
52.805
52.749
52.710
May
3Q8 00
Yugoslavia
Non- (dinar)
controlled
401 W
1
2
Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis."
'Average of daily rates for that part of the year during which quotations were available.
NOTE.—Developments affecting averages during 1943:
Certified rates discontinued: Australia and United Kingdom, free rates, after Feb. 1.
Changes in nominal status (noted only if affecting quotations for at least five days a month): none.
For further information concerning the bases and nominal status of exchange quotations, and concerning suspensions of quotations prior to 1943,
see BULLETIN for February 1943, p. 201; March 1942, p. 285; February 1941, p. 183; February 1940, p. 178; September 1939, p. 831; March 1939, p. 236; and
March 1938, p. 244.
JULY 1943
7OI
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES-ALL COMMODITIES
[Index numbers]
United
Year or month
United
Kingdom
States
Canada
(1926=100) (1926=100) (1930=100)
1926
100
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
86
73
65
66
75
80
81 "
86
79
77
79
87
99
1942—May
June
July
August....
September.
October...
November..
December..
1943—January....
February...
March
April
May
France
99
99
99
99
100
100
100
101
102
103
103
104
104
100
88
86
86
94
109
101
103
137
153
159
95
96
96
96
96
97
97
97
97
98
99
99
161
160
160
159
159
160
161
161
162
162
162
163
Italy
Japan
(October
(1913=100) (1913=100) (1928=100) 1900=100)
100
87
72
67
67
72
72
75
85
79
75
83
90
96
Germany
2
695
134
554
500
427
398
376
338
411
581
653
681
125
111
97
93
98
102
104
106
106
107
110
112
114
85
75
70
63
62
68
76
89
95
99
116
132
114
114
115
115
115
115
115
115
116
116
116
116
"
Netherlands
(1926-30
=100)
Switzerland
(July 1914
(1935=100) =100)
Sweden
237
106
U26
144
181
153
161
180
178
186
198
238
251
278
311
329
90
76
65
63
63
62
64
76
72
74
3
88
»
l
i
i
i
126
110
96
91
90
90
96
111
107
111
143
184
103
94
92
90
96
100
102
114
111
115
146
172
189
187
188
193
192
192
193
195
195
196
P197
p
197
P197
P355
P353
P357
P358
P358
P358
209
210
212
211
212
212
P
214
' P215
*>217
:
p
Preliminary.
1 Approximate figure, derived from old index (1913=100).
2 Average based on figures for 8 months; no data available since August 1939, when figure was 674.
3 Average based on figures for 5 months; no data available since May 1940, when figure v as 89.
Sources.—See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678.
WHOLESALE P R I C E S - G R O U P S OF COMMODITIES
[Indexes for groups included in total index above]
United States
(1926=100)
Year or month
Other
Farm
commod- products
ities
Germany
(1913=100)
United Kingdom
(1930=100)
Canada
(1926=100)
R a w and Fully and
partly
chiefly
manumanufactured factured
goods
goods
IndusIndusIndus- Agricul- trial raw trial
trial
tural and semi- ishedfinproducts products finished products
products
Farm
products
Foods
1926
100
100
100
100
100
100
129
130
150
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
88
65
48
51
65
79
81
86
69
65
68
82
106
91
75
61
61
71
84
82
86
74
70
71
83
100
85
75
70
71
78
78
80
85
82
81
83
89
96
82
56
48
51
59
64
69
87
74
64
67
71
82
82
62
55
57
64
66
71
84
73
67
75
82
90
87
75
70
70
73
73
74
81
78
75
82
89
92
100
89
88
83
85
87
92
102
97
97
133
146
158
100
87
85
87
90
90
96
112
104
106
138
156
160
113
104
91
87
96
102
105
105
106
108
111
112
115
120
103
89
88
91
92
94
96
94
95
99
100
102
150
136
118
113
116
119
121
125
126
126
129
133
134
104
104
105
106
108
109
111
114
117
119
123
124
126
99
99
99
101
102
103
104
104
105
106
107
108
111
96
96
96
96
96
96
96
96
96
96
97
97
97
80
82
81
81
84
86
86
87
88
89
91
92
89
91
90
90
91
93
93
93
93
94
96
97
92
92
92
92
92
92
92
93
93
93
93
93
163
160
159
155
154
156
158
159
160
160
160
161
^162
159
159
160
160
161
162
162
162
163
163
163
163
H64
115
115
116
117
117
116
116
117
119
118
118
119
102
102
102
102
102
102
102
102
102
103
103
103
133
134
134
134
134
134
134
134
134
134
135
134
....
... .
1942—May
June
July
August
September
October
November
December
1943—January
February
March
April
May
Foods
p
Preliminary
Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159.
-JOT.
FEDERAL RESERVE
BULLETIN
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
RETAIL FOOD PRICES
COST OF LIVING
[Index n u m b e r s ]
[Index n u m b e r s ]
United
King- Ger- Nether, Switzdom m a n y lands erland
(June
CanUnited
States
ada
(1935-39 (1935-39
=100)
—100)
Year or m o n t h
87
84
94
100
101
105
98
95
97
106
124
86
85
93
95
98
103
104
101
106
116
127
126
120
122
125
130
139
141
141
164
168
161
1942—May
122
123
125
126
127
130
131
133
133
134
137
141
143
124
126
130
130
129
130
132
133
127
127
128
129
^130
160
159
160
160
160
162
163
164
164
164
165
165
June
July
August
September..
October... .
November..
December
1943—January
February ...
March
April
May
(1913-14 (1911-13 1914
=100) =100) =100)
(July
1914
=100)
1932
1933
1934
1935
1936
1937
1938
1839
1940.
1941
1942
Year or m o n t h
119
116
113
118
120
124
118
120
127
130
130
2140
120
122
122
122
123
128
129
132
134
136
139
136
129
128
129
129
131
132
133
133
134
United
CanStates
ada
(1935-39 (1935-39
=100)
=100)
United
King- Ger- Nether, Switzdom many lands erland
(June
(July
1914
= 100)
(1913-14 (1911-13 1914
=100) =100) =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
123
125
125
126
126
130
133
137
199
199
203
202
203
204
1942-May
116
116
117
118
118
119
120
120
121
121
123
124
125
116
117
118
118
117
118
119
119
117
117
117
118
p
118
200
199
200
201
200
200
200
200
199
199
199
198
j>199
138
139
140
139
135
135
135
136
137
137
138
138
139
June
July
August
September ..
October
November .
December. .
1943-January
February....
March
April
May
^209
141
121
118
121
125
117
115
114
120
130
130
132
146
175
139
140
136
M32
137
139
140
3148
138
131
129
128
130
137
137
138
151
174
"193
192
193
196
195
195
197
P199
?200
*>201
*>201
p
1
2
3
Preliminary.
Revised index from March 1936 (see BULLETIN for April 1937, p. 373).
Average based on figures for 3 months; no data available since March 1940, when figure was 141.
Average based on figures for 5 months; no data available since May 1940, when figure was 149.
Sources.—See BULLETIN for May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373.
SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds
Common stocks
United
States
(derived
price)1
United
Germany
France
Kingdom
(December (1913=100) (average
price) 2
1921=100)
N u m b e r of issues.
15
36
1926
90.1
110.0
57.4
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
84.4
91.2
98.2
105.5
109.5
110.2
111.1
113.8
115.9
117.8
118.3
113.2
119.7
127.5
129.9
131.2
124.6
121.3
112.3
118.3
123.8
127.3
88.6
81.3
82.1
83.5
76.3
75.1
77.3
83.9
7
84.7
*98.7
W^103.0
117.7
118.0
118.9
118.7
119.0
119.3
119.5
118.9
119.5
120.0
119.8
119.9
120.1
126.8
126.7
127.7
127.5
127.8
128.1
127.5
127.3
129.0
128.9
128.8
100.2
103.5
Year or m o n t h
1
1942—May
June
July
August
September.
October....
November.
December..
1943—January....
February...
March
April
May
87
2
139
States
(1935-39
=100)
8
5
67.1
82.5
90.7
6
95.1
95.8
98.7
99.9
99.0
100.7
(1926=100)
United
Netherlands3
United
Kingdom
402
94.8
105.3
113.4
107.8
109.1
3
101.8
105.9
90.9
»77.9
France
278
300
105.6
100.0
100.0
51.2
67.0
76.6
82.9
117.5
117.5
88.2
94.2
88.1
80.0
69.4
67.9
78.6
85.7
86.3
97.0
96.3
80.8
75.9
70.8
72.5
75.3
105.2
99.6
83.3
79.7
77.2
97.4
89.7
98.3
i 120.6
"289.7
*>476
63.2
66.1
68.2
68.3
69.4
74.2
75.2
75.9
79.7
84.8
88.2
91.3
95.2
73.0
73.7
73.8
74.4
75.7
78.4
80.4
80.1
82.4
82.2
82.6
466
P455
P455
*518
P511
p
5O7
*>529
*>583
Germany
(4)
Netherlands
(1930=100)
100
100.0
5
50.3
61.7
71.1
82.9
91.6
102.6
100.1
94.1
114.6
»»136.8
46
52
55
55
66
104.2
95.8
89.7
9
95.0
142.7
143.2
142.2
142.4
1 Figures represent calculated prices of a 4 per cent, 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds
for the series beginning 1937 and for a varying number of high-grade bonds for the series prior to that date. The yearly average for 1937 is the same for
both2 series. Source.—Standard and Poor's Corporation.
Since Apr. 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at 4 ^ per cent. The series prior to that
date3is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent.
Indexes of reciprocals of average yields. For old index, 1929-1936,1929 = 100; average yield in base year was 4.57 per cent. For new index beginning
January
1937, Jan.-Mar. 1937 = 100; average yield in base period was 3.39 per cent.
4
This
number, originally 329, has declined as the number of securities eligible for the index has diminished. In May 1941, it was dow]n to 287.
5
Averaee
May-Dec, only; exchange closed Jan. 1-Apr. 11.
J Average Apr-Dec, only. Average Jan.-Mar. on old basis w;
8
7
Average based on figures for 5 months; no data available June-Dec. 10 Average based on figures for 7 months; no data ayailable May-Sept.
9
Average based on figures for 11 months; no data available for December.
Average
based
on
figures
for
9
months;
no
data
available
May-July.
11
Average based on figures for 10 months; no data available Jan.-Feb.
Sources.—See BULLETIN for November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121
< T »
°
•
*
r>
JULY 1943
<
•
-
.1
t
A
*1
1_1_
T
T"\
R
A
1
1
H
£
T
_1
J _ _ _
'1-V.l,,
7O3
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
MARRINER S. ECCLES, Chairman
M. S. SZYMCZAK
JOHN K. M C K E E
RONALD RANSOM,
Vice Chairman
ERNEST G. DRAPER
R. M. EVANS
LAWRENCE CLAYTON, Assistant to the Chairman
ELLIOTT THURSTON, Special Assistant to the Chairman
OFFICE OF THE SECRETARY
DIVISION OF BANK OPERATIONS
CHESTER MORRILL, Secretary
EDWARD L. SMEAD, Chief
LISTON P . BETHEA, Assistant Secretary
J. R. VAN FOSSEN, Assistant Chief
J. E. HORBETT, Assistant Chief
S. R. CARPENTER, Assistant Secretary
FRED A. NELSON, Assistant Secretary
DIVISION OF SECURITY LOANS
LEGAL DIVISION
WALTER WYATT, General Counsel
J. P. DREIBELBIS, General Attorney
GEORGE B. VEST, Assistant General Attorney
B. MAGRUDER WINGFIELD, Assistant General
Attorney
DIVISION OF RESEARCH AND STATISTICS
E. A. GOLDENWEISER, Director
WOODLIEF THOMAS, Assistant Director
WALTER R. STARK, Assistant Director
DIVISION OF EXAMINATIONS
LEO H. PAULGER, Chief
C. E. CAGLE, Assistant Chief
WILLIAM B. POLLARD, Assistant Chief
FEDERAL
OPEN MARKET COMMITTEE
MARRINER S. ECCLES, Chairman
ALLAN SPROUL, Vice
WM. A. DAY
ERNEST G. DRAPER
R. M. EVANS
M. J. FLEMING
JOHN K. M C K E E
W. S. MCLARIN, J R .
W. W. PADDOCK
RONALD RANSOM
M. S. SZYMCZAK
Chairman
CHESTER MORRILL, Secretary
S. R. CARPENTER, Assistant Secretary
WALTER WYATT, General Counsel
J. P. DREIBELBIS, Assistant General Counsel
E. A. 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
704
CARL E. PARRY, Chief
DIVISION OF PERSONNEL ADMINISTRATION
ROBERT F. LEONARD, Director
OFFICE OF ADMINISTRATOR FOR WAR
LOANS COMMITTEE
EDWARD L. SMEAD, Acting Administrator
GARDNER L. BOOTHE, I I , Assistant Adminis-
trator
FISCAL AGENT
O. E. FOULK, Fiscal Agent
JOSEPHINE E. LALLY, Deputy Fiscal Agent
FEDERAL
ADVISORY COUNCIL
CHAS. E. SPENCER, JR., BOSTON DISTRICT
GEORGE L. HARRISON, N E W YORK DISTRICT
Vice President
WILLIAM F. KURTZ,
PHILADELPHIA DISTRICT
B. G. HUNTINGTON,
CLEVELAND DISTRICT
ROBERT V. FLEMING,
RICHMOND DISTRICT
H. LANE YOUNG,
ATLANTA DISTRICT
EDWARD E. BROWN,
CHICAGO DISTRICT
President
RALPH C. GIFFORD,
ST. LOUIS DISTRICT
LYMAN E. WAKEFIELD, MINNEAPOLIS DISTRICT
W. DALE CLARK,
KANSAS CITY DISTRICT
NATHAN ADAMS,
DALLAS DISTRICT
GEORGE M. WALLACE, SAN FRANCISCO DISTRICT
WALTER LICHTENSTEIN, Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Chairman and
Federal Reserve
Agdnt
Federal
Reserve
Bank of
Boston.
Deputy Chairman
Albert M. Creighton. Henry S. Dcnnison. . . W. W. Paddock.
Allan Sproul.
New York... Beardsley Ruml.
Philadelphia.. Thomas B. McCabe..
Cleveland....
President
Warren F. Whitticr.. Alfred H. Williams.
Geo. C. Brainard.... R. E. Klages
First Vice President
Vice Presidents
William Willctt. . .
K. K. Carrick
E. G. Hult
J. C. Hunter 1
Carl B. Pitman
R. M. Gidncy
L. W. Knoke
Walter S. Logan
J. M. Rice
Robert G. Rouse
John H. Williams
W. J. Davis
E. C. Hill
C. A. Mcllhennj 2
C. A. Sienkiewicz
Wm. H. Fletcher
J. W. Kossin
A. H. Laning 2
B. J. Lazar
K. H. MacKenzie
W. F. Taylor
J. G. Fry
Geo. H. Keesec1
R. W. Mercer
L. M. Clark
H. F. Conniff
Allan M. Black 1
J. H. Dillard
Charles B. Dunn
E. C. Harris
A. }. Mulroney
Alfred T. Sihier
O. M. Attebery
Henry H. Edmiston
C. M. Stewart
A. W. Mills1
Otis R. Preston
E. W. Swanson
A. R. Upgren
Harry I. Ziemer
Raymond W. Hall
D. W. Woolley2
R. B. Coleman
W. J. Evans
W. O. Ford
W. D. Gentry 2
C. E. Earhart
W. M. Hale
H. N. Mangels 1
R. B. West
L. R. Rounds.
Frank J. Drinnen..
M. J. Fleming
R. B. Hays
Richmond. . . Robt. Lassiter.
W. G. Wysor
Hugh Leach.
J. S. Waldcn,Jr....
Atlanta
Frank H . N c e l y . . ,
J. F. Porter
W.S. McLarin,Jr.
Malcolm H. Bryan.
Chicago
Simeon E. Leland.
W. W. Waymack
C. S. Young
H. P. Preston
St. Louis
Wm. T. Nardin
Oscar G. Johnston . . Chester C. Davis
F. Guy Hitt
Minneapolis..
W. C. Coffey
Roger B. Shepard. . . J. N. P e y t o n . . . .
O. S. Powell
Robert L. Mchornay. H. G. L c c d y . . . .
Henry O. Koppang
Kansas City.. R. B. Caldwell
Jay Taylor
Dallas
San Francisco Henry F. Grady
J. B. Cozzo
R.R.Gilbert...
St. George Holden... Wm. A. D a y . . . .
E. B. Stroud
Ira Clerk
MANAGING OFFICERS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
Branch
Managing Director
Federal Reserve
Bank of
Branch
Managing Director
New York
Buffalo
R. B. Wiltse
Minneapolis . . . .
Helena
R. E. Towle
Cleveland
Cincinnati
Pittsburgh
Baltimore
Charlotte
Birmingham
Jacksonville
Nashville
New Orleans
B. J. Lazar 3
J. W. Kossin3
Kansas City . . . .
Denver
Oklahoma City
Omaha
Jos. E. Olson
G. H. Pipkin
L. H. Earhart
Dallas
El Paso
Houston
San Antonio
J. L. Hermann 4
E. B. Austin 4
L. G. Pondrom 4
Detroit
Little Rock
Louisville
Memphis
E. C. Harris 3
San Francisco...
Los Angeles
Portland
Salt Lake City
Seattle
W. N. Ambrose
D. L. Davis
W. L. Partner
C. R. Shaw
Richmond
Atlanta
Chicago
St. Louis
1
JULY
1943
Cashier.
W. R. Milford
W. T. Clements
P. L. T. Beavers
Geo. S. Vardeman, Jr.
Joel B. Fort, Jr.
E. P. Paris
A. F. Bailey
C. A. Schacht
W. H. Glasgow
2
Also Cashier.
8
Vice President.
1
Manager.
7°5
"3
G
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
*~ MINNEAPOLIS^
D
Pi
I
sssss BOUNDARIES OF FEDERAL RESERVE DISTRICTS
—
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td
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
^
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
(§)
FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITIES
O
FEDERAL RESERVE BANK AGENCY
JANUARY 2. 1943
BOARD OF GOVERNORS OF THL FEDERAL RESERVE SYSTEM
@FedFRASER